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        <loc>https://www.hectelion.com/en/glossary/apport-cession-art-150-0-b-ter-cgi</loc>
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        <loc>https://www.hectelion.com/glossaire/apport-en-nature</loc>
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        <loc>https://www.hectelion.com/glossaire/apport-en-nature-suisse</loc>
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        <loc>https://www.hectelion.com/glossaire/apport-en-reserve-suisse</loc>
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        <loc>https://www.hectelion.com/glossaire/apport-fiscalement-qualifie-suisse</loc>
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        <loc>https://www.hectelion.com/glossaire/apport-mixte-suisse</loc>
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        <loc>https://www.hectelion.com/glossaire/apport-partiel-dactif-france</loc>
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        <loc>https://www.hectelion.com/glossaire/approche-directe</loc>
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        <loc>https://www.hectelion.com/glossaire/approche-indirecte</loc>
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        <loc>https://www.hectelion.com/glossaire/arbitrage</loc>
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    <url>
        <loc>https://www.hectelion.com/glossaire/arbitrage-ad-hoc</loc>
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    <url>
        <loc>https://www.hectelion.com/en/glossary/arbitral-award</loc>
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        <loc>https://www.hectelion.com/en/glossary/arbitral-tribunal</loc>
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        <loc>https://www.hectelion.com/en/glossary/arbitration</loc>
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        <loc>https://www.hectelion.com/en/glossary/arbitration-clause</loc>
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        <loc>https://www.hectelion.com/en/glossary/arbitration-institution</loc>
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        <loc>https://www.hectelion.com/en/glossary/arbitration-rules</loc>
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        <loc>https://www.hectelion.com/en/glossary/arbitrator</loc>
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        <loc>https://www.hectelion.com/glossaire/arbitre</loc>
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        <loc>https://www.hectelion.com/glossaire/arr---annual-recurring-revenue</loc>
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    <url>
        <loc>https://www.hectelion.com/en/glossary/arr---annual-recurring-revenue</loc>
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    <url>
        <loc>https://www.hectelion.com/en/glossary/arr-annual-recurring-revenue</loc>
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        <loc>https://www.hectelion.com/glossaire/article-1592-du-code-civil</loc>
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        <loc>https://www.hectelion.com/glossaire/article-1843-4-du-code-civil</loc>
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        <loc>https://www.hectelion.com/en/glossary/artificial-intelligence-in-business-valuation</loc>
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        <loc>https://www.hectelion.com/en/glossary/asset-and-liability-warranty</loc>
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        <loc>https://www.hectelion.com/en/glossary/asset-based-method</loc>
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        <loc>https://www.hectelion.com/glossaire/asset-deal</loc>
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    <url>
        <loc>https://www.hectelion.com/en/glossary/asset-deal</loc>
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        <loc>https://www.hectelion.com/en/glossary/asset-deal-156c0</loc>
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        <loc>https://www.hectelion.com/en/glossary/asset-misappropriation</loc>
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        <loc>https://www.hectelion.com/en/glossary/asset-warranty</loc>
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        <loc>https://www.hectelion.com/glossaire/association-suisse</loc>
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        <loc>https://www.hectelion.com/en/glossary/association-switzerland</loc>
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        <loc>https://www.hectelion.com/glossaire/assurance-w-i---warranty-and-indemnity</loc>
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        <loc>https://www.hectelion.com/en/glossary/attrition-rate</loc>
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        <loc>https://www.hectelion.com/en/glossary/background-check</loc>
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        <loc>https://www.hectelion.com/glossaire/bad-leaver</loc>
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        <loc>https://www.hectelion.com/en/glossary/bad-leaver</loc>
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        <loc>https://www.hectelion.com/en/glossary/balance-sheet-switzerland---co</loc>
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        <loc>https://www.hectelion.com/en/glossary/banking-covenants-switzerland</loc>
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        <loc>https://www.hectelion.com/en/glossary/bare-ownership-nue-propriete</loc>
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        <loc>https://www.hectelion.com/glossaire/benefice-distribuable-suisse</loc>
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        <loc>https://www.hectelion.com/glossaire/benfords-law</loc>
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        <loc>https://www.hectelion.com/en/glossary/benfords-law</loc>
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        <loc>https://www.hectelion.com/en/glossary/benfords-law-digital-analysis</loc>
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        <loc>https://www.hectelion.com/glossaire/besoin-en-fonds-de-roulement---ratios</loc>
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        <loc>https://www.hectelion.com/glossaire/besoin-en-fonds-de-roulement-bfr</loc>
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        <loc>https://www.hectelion.com/glossaire/besoin-en-fonds-de-roulement-dexploitation</loc>
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        <loc>https://www.hectelion.com/glossaire/besoin-en-fonds-de-roulement-dexploitation-normatif</loc>
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        <loc>https://www.hectelion.com/glossaire/besoin-en-fonds-de-roulement-hors-exploitation</loc>
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        <loc>https://www.hectelion.com/glossaire/besoin-en-fonds-de-roulement-negatif</loc>
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        <loc>https://www.hectelion.com/glossaire/besoin-en-fonds-de-roulement-permanent</loc>
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        <loc>https://www.hectelion.com/glossaire/beta-de-lactif-economique</loc>
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        <loc>https://www.hectelion.com/glossaire/beta-des-capitaux-propres</loc>
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        <loc>https://www.hectelion.com/glossaire/beta-v</loc>
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        <loc>https://www.hectelion.com/glossaire/board-rights</loc>
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        <loc>https://www.hectelion.com/en/glossary/bonds</loc>
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        <loc>https://www.hectelion.com/en/glossary/bonds-redeemable-in-shares</loc>
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        <loc>https://www.hectelion.com/en/glossary/bonds-with-warrants</loc>
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        <loc>https://www.hectelion.com/en/glossary/break-even-point</loc>
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        <loc>https://www.hectelion.com/glossaire/break-up-fee</loc>
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        <loc>https://www.hectelion.com/en/glossary/break-up-fee</loc>
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        <loc>https://www.hectelion.com/en/glossary/business-angel</loc>
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        <loc>https://www.hectelion.com/en/glossary/business-goodwill</loc>
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        <loc>https://www.hectelion.com/en/glossary/business-plan-valuation</loc>
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        <loc>https://www.hectelion.com/en/glossary/business-sale-france-vs-switzerland</loc>
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        <loc>https://www.hectelion.com/en/glossary/business-transfer</loc>
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        <loc>https://www.hectelion.com/en/glossary/business-valuation-france-vs-switzerland</loc>
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        <loc>https://www.hectelion.com/en/glossary/business-wealth-switzerland</loc>
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        <loc>https://www.hectelion.com/en/glossary/but-for-analysis</loc>
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        <loc>https://www.hectelion.com/glossaire/buy-in-management-buy-out-bimbo</loc>
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        <loc>https://www.hectelion.com/en/glossary/buy-in-management-buy-out-bimbo</loc>
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        <loc>https://www.hectelion.com/glossaire/buy-side-acquisition-dentreprise</loc>
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        <loc>https://www.hectelion.com/glossaire/cac---cout-dacquisition-client</loc>
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        <loc>https://www.hectelion.com/glossaire/cap-table</loc>
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        <loc>https://www.hectelion.com/glossaire/capital-conditionnel</loc>
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        <loc>https://www.hectelion.com/en/glossary/capital-contribution-reserve-switzerland</loc>
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        <loc>https://www.hectelion.com/en/glossary/capital-contribution-reserves---ccr-switzerland</loc>
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        <loc>https://www.hectelion.com/en/glossary/capital-development</loc>
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        <loc>https://www.hectelion.com/glossaire/capital-developpement</loc>
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        <loc>https://www.hectelion.com/en/glossary/capital-gain-on-securities-disposal-france</loc>
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        <loc>https://www.hectelion.com/en/glossary/capital-gain-switzerland</loc>
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        <loc>https://www.hectelion.com/glossaire/capital-libere-suisse</loc>
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        <loc>https://www.hectelion.com/glossaire/capital-transmission</loc>
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        <loc>https://www.hectelion.com/en/glossary/capital-transmission</loc>
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        <loc>https://www.hectelion.com/glossaire/capitalisation-boursiere</loc>
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        <loc>https://www.hectelion.com/en/glossary/capitalisation-rate-cap-rate</loc>
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        <loc>https://www.hectelion.com/en/glossary/corporate-mortgage-loan-switzerland</loc>
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        <loc>https://www.hectelion.com/en/glossary/cost-of-debt</loc>
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        <loc>https://www.hectelion.com/en/glossary/data-room</loc>
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        <loc>https://www.hectelion.com/en/glossary/data-room-3f9ca</loc>
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        <loc>https://www.hectelion.com/glossaire/data-room-c69b8</loc>
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        <loc>https://www.hectelion.com/en/glossary/daubert-standard</loc>
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        <loc>https://www.hectelion.com/en/glossary/depreciation-policy</loc>
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        <loc>https://www.hectelion.com/en/glossary/dilution-9d78f</loc>
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    <url>
        <loc>https://www.hectelion.com/glossaire/ebe-ebitda</loc>
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    <url>
        <loc>https://www.hectelion.com/glossaire/ebit</loc>
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    <url>
        <loc>https://www.hectelion.com/en/glossary/ebit</loc>
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    <url>
        <loc>https://www.hectelion.com/en/glossary/ebitda</loc>
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    <url>
        <loc>https://www.hectelion.com/en/glossary/ebitda-margin</loc>
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    <url>
        <loc>https://www.hectelion.com/en/glossary/ebitda-normalisation</loc>
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    <url>
        <loc>https://www.hectelion.com/glossaire/ecart-dacquisition-negatif</loc>
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    <url>
        <loc>https://www.hectelion.com/glossaire/ecart-de-conversion</loc>
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    <url>
        <loc>https://www.hectelion.com/en/glossary/economic-profitability</loc>
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    <url>
        <loc>https://www.hectelion.com/en/glossary/economic-substance-switzerland</loc>
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    <url>
        <loc>https://www.hectelion.com/en/glossary/effective-tax-rate-switzerland</loc>
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    <url>
        <loc>https://www.hectelion.com/glossaire/effet-de-levier</loc>
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    <url>
        <loc>https://www.hectelion.com/glossaire/effet-de-levier-ee622</loc>
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    <url>
        <loc>https://www.hectelion.com/en/glossary/employee-representation</loc>
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    <url>
        <loc>https://www.hectelion.com/en/glossary/engagement-letter</loc>
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    <url>
        <loc>https://www.hectelion.com/glossaire/engagements-de-retraite</loc>
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    <url>
        <loc>https://www.hectelion.com/en/glossary/enterprise-to-equity-bridge</loc>
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    <url>
        <loc>https://www.hectelion.com/en/glossary/enterprise-value</loc>
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    <url>
        <loc>https://www.hectelion.com/en/glossary/equalisation-payment-soulte</loc>
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    <url>
        <loc>https://www.hectelion.com/glossaire/equite</loc>
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    <url>
        <loc>https://www.hectelion.com/en/glossary/equity</loc>
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    <url>
        <loc>https://www.hectelion.com/en/glossary/equity-switzerland</loc>
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    <url>
        <loc>https://www.hectelion.com/en/glossary/equity-value</loc>
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    <url>
        <loc>https://www.hectelion.com/glossaire/erreur-grossiere</loc>
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    <url>
        <loc>https://www.hectelion.com/glossaire/erreur-grossiere-a925d</loc>
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    <url>
        <loc>https://www.hectelion.com/glossaire/escompte</loc>
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    <url>
        <loc>https://www.hectelion.com/glossaire/escrow</loc>
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    <url>
        <loc>https://www.hectelion.com/en/glossary/escrow</loc>
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    <url>
        <loc>https://www.hectelion.com/glossaire/escrow-account</loc>
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    <url>
        <loc>https://www.hectelion.com/en/glossary/escrow-account</loc>
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    <url>
        <loc>https://www.hectelion.com/en/glossary/esg-due-diligence</loc>
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    <url>
        <loc>https://www.hectelion.com/glossaire/etablissement-stable-france-suisse</loc>
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    <url>
        <loc>https://www.hectelion.com/glossaire/etats-financiers</loc>
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    <url>
        <loc>https://www.hectelion.com/en/glossary/ev-ebit---ebit-multiple</loc>
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    <url>
        <loc>https://www.hectelion.com/glossaire/ev-ebit---multiple-debit</loc>
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    <url>
        <loc>https://www.hectelion.com/glossaire/ev-sales---multiple-de-chiffre-daffaires</loc>
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    <url>
        <loc>https://www.hectelion.com/en/glossary/ev-sales---revenue-multiple</loc>
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    <url>
        <loc>https://www.hectelion.com/glossaire/evaluation-amiable</loc>
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    <url>
        <loc>https://www.hectelion.com/glossaire/evaluation-de-startup</loc>
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        <loc>https://www.hectelion.com/glossaire/evaluation-dentreprise-france-vs-suisse</loc>
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    <url>
        <loc>https://www.hectelion.com/glossaire/evaluation-des-actifs-incorporels</loc>
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        <loc>https://www.hectelion.com/glossaire/ex-aequo-et-bono</loc>
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    <url>
        <loc>https://www.hectelion.com/en/glossary/ex-aequo-et-bono</loc>
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    <url>
        <loc>https://www.hectelion.com/glossaire/excedent-brut-dexploitation-avant-loyers</loc>
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        <loc>https://www.hectelion.com/glossaire/excedent-de-tresorerie-cash-non-operationnel</loc>
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        <loc>https://www.hectelion.com/en/glossary/exceptional-expenses</loc>
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        <loc>https://www.hectelion.com/en/glossary/excess-cash-non-operating</loc>
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        <loc>https://www.hectelion.com/en/glossary/excess-earnings-method</loc>
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    <url>
        <loc>https://www.hectelion.com/en/glossary/excess-profit</loc>
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        <loc>https://www.hectelion.com/en/glossary/exchange-ratio</loc>
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        <loc>https://www.hectelion.com/glossaire/exclusivite</loc>
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    <url>
        <loc>https://www.hectelion.com/en/glossary/exclusivity</loc>
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        <loc>https://www.hectelion.com/glossaire/exercice-comptable-suisse</loc>
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        <loc>https://www.hectelion.com/en/glossary/exit-multiples</loc>
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        <loc>https://www.hectelion.com/en/glossary/exit-tax-france</loc>
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        <loc>https://www.hectelion.com/glossaire/exit-tax-france</loc>
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        <loc>https://www.hectelion.com/glossaire/exoneration-cession-pme----dirigeant-en-retraite-art-150-0-d-ter</loc>
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        <loc>https://www.hectelion.com/glossaire/expert-des-parties</loc>
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        <loc>https://www.hectelion.com/glossaire/expert-du-tribunal</loc>
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        <loc>https://www.hectelion.com/glossaire/expert-judiciaire</loc>
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        <loc>https://www.hectelion.com/glossaire/expert-judiciaire-en-evaluation</loc>
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        <loc>https://www.hectelion.com/glossaire/expert-reviseur-agree-suisse</loc>
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        <loc>https://www.hectelion.com/glossaire/expert-sapiteur</loc>
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        <loc>https://www.hectelion.com/en/glossary/explicit-forecast-period</loc>
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        <loc>https://www.hectelion.com/en/glossary/factoring-92375</loc>
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        <loc>https://www.hectelion.com/en/glossary/fair-value-85d31</loc>
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        <loc>https://www.hectelion.com/en/glossary/fair-value-ifrs-13</loc>
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        <loc>https://www.hectelion.com/en/glossary/fair-value-levels-1-2-3-ifrs-13</loc>
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        <loc>https://www.hectelion.com/en/glossary/fairness-opinion</loc>
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        <loc>https://www.hectelion.com/glossaire/fairness-opinion-avis-dequite</loc>
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        <loc>https://www.hectelion.com/glossaire/falsification</loc>
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        <loc>https://www.hectelion.com/en/glossary/family-holding-company</loc>
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        <loc>https://www.hectelion.com/glossaire/family-office</loc>
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        <loc>https://www.hectelion.com/glossaire/federal-corrupt-practices-act-fcpa</loc>
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        <loc>https://www.hectelion.com/en/glossary/finance-lease</loc>
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        <loc>https://www.hectelion.com/en/glossary/finance-lease-ifrs-16</loc>
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        <loc>https://www.hectelion.com/glossaire/financement-mezzanine-suisse</loc>
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        <loc>https://www.hectelion.com/en/glossary/financial-damages</loc>
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        <loc>https://www.hectelion.com/en/glossary/financial-due-diligence-methodology</loc>
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        <loc>https://www.hectelion.com/en/glossary/financial-expenses</loc>
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        <loc>https://www.hectelion.com/glossaire/financial-lease</loc>
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        <loc>https://www.hectelion.com/en/glossary/financial-profitability</loc>
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        <loc>https://www.hectelion.com/en/glossary/financial-statements</loc>
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        <loc>https://www.hectelion.com/glossaire/impot-sur-les-societes-is----france</loc>
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    <url>
        <loc>https://www.hectelion.com/glossaire/impot-sur-les-successions-suisse</loc>
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        <loc>https://www.hectelion.com/glossaire/impots-differes-actif-ias-12</loc>
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        <loc>https://www.hectelion.com/glossaire/inalienabilite</loc>
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        <loc>https://www.hectelion.com/en/glossary/inalienability-clause</loc>
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        <loc>https://www.hectelion.com/en/glossary/income-statement</loc>
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        <loc>https://www.hectelion.com/glossaire/indemnisation-post-closing</loc>
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        <loc>https://www.hectelion.com/glossaire/indemnite-compensatrice</loc>
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        <loc>https://www.hectelion.com/en/glossary/independent-business-review-ibr</loc>
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    <url>
        <loc>https://www.hectelion.com/en/glossary/independent-valuer</loc>
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    <url>
        <loc>https://www.hectelion.com/glossaire/indetermination-du-prix</loc>
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        <loc>https://www.hectelion.com/en/glossary/indication-of-interest-ioi</loc>
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    <url>
        <loc>https://www.hectelion.com/en/glossary/indicative-offer</loc>
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        <loc>https://www.hectelion.com/en/glossary/indirect-approach</loc>
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        <loc>https://www.hectelion.com/en/glossary/indirect-partial-liquidation-switzerland</loc>
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        <loc>https://www.hectelion.com/en/glossary/information-memorandum</loc>
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        <loc>https://www.hectelion.com/en/glossary/information-memorandum-be756</loc>
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        <loc>https://www.hectelion.com/glossaire/information-memorandum-info-memo</loc>
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        <loc>https://www.hectelion.com/en/glossary/inheritance-tax-switzerland</loc>
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        <loc>https://www.hectelion.com/glossaire/institution-darbitrage</loc>
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        <loc>https://www.hectelion.com/en/glossary/intangible-asset</loc>
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        <loc>https://www.hectelion.com/glossaire/integration-fiscale</loc>
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        <loc>https://www.hectelion.com/glossaire/integration-fiscale-france</loc>
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        <loc>https://www.hectelion.com/glossaire/intelligence-artificielle-ia-en-evaluation</loc>
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        <loc>https://www.hectelion.com/en/glossary/interdepartmental-commission-france</loc>
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    <url>
        <loc>https://www.hectelion.com/en/glossary/internal-rate-of-return-irr</loc>
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    <url>
        <loc>https://www.hectelion.com/en/glossary/intrinsic-value</loc>
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    <url>
        <loc>https://www.hectelion.com/glossaire/intuitu-personae</loc>
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    <url>
        <loc>https://www.hectelion.com/en/glossary/intuitu-personae</loc>
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    <url>
        <loc>https://www.hectelion.com/en/glossary/investment-ticket</loc>
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    <url>
        <loc>https://www.hectelion.com/en/glossary/irr---internal-rate-of-return</loc>
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        <loc>https://www.hectelion.com/glossaire/irr-taux-de-rentabilite-interne</loc>
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        <loc>https://www.hectelion.com/en/glossary/it-forensics</loc>
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        <loc>https://www.hectelion.com/glossaire/it-forensics-computer-forensics</loc>
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        <loc>https://www.hectelion.com/glossaire/j-curve</loc>
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        <loc>https://www.hectelion.com/en/glossary/j-curve-private-equity</loc>
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        <loc>https://www.hectelion.com/glossaire/joint-venture</loc>
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        <loc>https://www.hectelion.com/en/glossary/joint-venture</loc>
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        <loc>https://www.hectelion.com/en/glossary/judicial-administrator</loc>
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        <loc>https://www.hectelion.com/en/glossary/judicial-expert</loc>
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        <loc>https://www.hectelion.com/en/glossary/judicial-liquidation</loc>
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        <loc>https://www.hectelion.com/en/glossary/judicial-reorganization</loc>
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        <loc>https://www.hectelion.com/en/glossary/judicial-trustee</loc>
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        <loc>https://www.hectelion.com/glossaire/juste-valeur</loc>
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        <loc>https://www.hectelion.com/en/glossary/key-performance-indicator-kpi</loc>
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        <loc>https://www.hectelion.com/en/glossary/know-how</loc>
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        <loc>https://www.hectelion.com/glossaire/kpi-indicateur-cle-de-performance</loc>
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        <loc>https://www.hectelion.com/glossaire/lbo---leverage-buy-out</loc>
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        <loc>https://www.hectelion.com/en/glossary/lbo-financing-plan</loc>
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        <loc>https://www.hectelion.com/glossaire/lbo-secondaire</loc>
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        <loc>https://www.hectelion.com/glossaire/leakage</loc>
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    <url>
        <loc>https://www.hectelion.com/en/glossary/leakage</loc>
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        <loc>https://www.hectelion.com/en/glossary/legal-due-diligence</loc>
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    <url>
        <loc>https://www.hectelion.com/en/glossary/legal-reserve-switzerland</loc>
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    <url>
        <loc>https://www.hectelion.com/en/glossary/legal-transformation-switzerland</loc>
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        <loc>https://www.hectelion.com/en/glossary/letter-of-intent-loi</loc>
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        <loc>https://www.hectelion.com/glossaire/letter-of-intent-loi</loc>
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        <loc>https://www.hectelion.com/glossaire/lettre-de-procedure-m-a</loc>
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        <loc>https://www.hectelion.com/glossaire/lettre-dintention</loc>
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    <url>
        <loc>https://www.hectelion.com/en/glossary/leveraged-buy-out-lbo</loc>
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    <url>
        <loc>https://www.hectelion.com/en/glossary/leveraged-management-buy-out-lmbo</loc>
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    <url>
        <loc>https://www.hectelion.com/en/glossary/levered-beta</loc>
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        <loc>https://www.hectelion.com/en/glossary/liabilities</loc>
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    <url>
        <loc>https://www.hectelion.com/en/glossary/licensed-audit-expert-switzerland</loc>
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        <loc>https://www.hectelion.com/en/glossary/limitation-period-swiss-co</loc>
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    <url>
        <loc>https://www.hectelion.com/en/glossary/limited-partnership-lp</loc>
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        <loc>https://www.hectelion.com/en/glossary/liquid-asset</loc>
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    <url>
        <loc>https://www.hectelion.com/glossaire/liquidation-judiciaire</loc>
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        <loc>https://www.hectelion.com/glossaire/liquidation-partielle-indirecte-suisse</loc>
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        <loc>https://www.hectelion.com/en/glossary/liquidation-preference</loc>
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    <url>
        <loc>https://www.hectelion.com/glossaire/liquidation-preference</loc>
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    <url>
        <loc>https://www.hectelion.com/en/glossary/liquidation-preference-6915c</loc>
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        <loc>https://www.hectelion.com/glossaire/liquidation-preferentielle</loc>
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        <loc>https://www.hectelion.com/glossaire/liquidation-preferentielle-participative</loc>
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    <url>
        <loc>https://www.hectelion.com/en/glossary/liquidation-value</loc>
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    <url>
        <loc>https://www.hectelion.com/en/glossary/liquidation-value-3adc1</loc>
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        <loc>https://www.hectelion.com/glossaire/liquidite</loc>
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    <url>
        <loc>https://www.hectelion.com/en/glossary/litigation</loc>
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        <loc>https://www.hectelion.com/glossaire/location-financement</loc>
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    <url>
        <loc>https://www.hectelion.com/glossaire/locked-box</loc>
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    <url>
        <loc>https://www.hectelion.com/en/glossary/locked-box</loc>
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    <url>
        <loc>https://www.hectelion.com/glossaire/locked-box-mecanisme-de-prix</loc>
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        <loc>https://www.hectelion.com/en/glossary/locked-box-price-mechanism</loc>
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        <loc>https://www.hectelion.com/glossaire/loi-de-benford</loc>
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        <loc>https://www.hectelion.com/en/glossary/lombard-loan-switzerland</loc>
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        <loc>https://www.hectelion.com/glossaire/long-stop-date</loc>
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        <loc>https://www.hectelion.com/en/glossary/long-stop-date</loc>
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        <loc>https://www.hectelion.com/en/glossary/loss-in-value</loc>
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        <loc>https://www.hectelion.com/en/glossary/loss-of-chance</loc>
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        <loc>https://www.hectelion.com/en/glossary/loss-of-profit</loc>
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        <loc>https://www.hectelion.com/en/glossary/loss-of-profit-lucrum-cessans</loc>
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        <loc>https://www.hectelion.com/glossaire/lp---limited-partnership</loc>
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        <loc>https://www.hectelion.com/glossaire/lpp---prevoyance-professionnelle-suisse</loc>
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        <loc>https://www.hectelion.com/en/glossary/ltv---lifetime-value</loc>
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        <loc>https://www.hectelion.com/glossaire/ltv---lifetime-value</loc>
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        <loc>https://www.hectelion.com/en/glossary/ltv-lifetime-value</loc>
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        <loc>https://www.hectelion.com/glossaire/lucrum-cessans</loc>
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        <loc>https://www.hectelion.com/glossaire/majorite-qualifiee</loc>
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        <loc>https://www.hectelion.com/en/glossary/majority-transaction</loc>
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        <loc>https://www.hectelion.com/en/glossary/management-buy-in-mbi</loc>
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        <loc>https://www.hectelion.com/en/glossary/management-buy-out-mbo</loc>
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        <loc>https://www.hectelion.com/glossaire/management-fee</loc>
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    <url>
        <loc>https://www.hectelion.com/en/glossary/management-fee-private-equity</loc>
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        <loc>https://www.hectelion.com/en/glossary/management-fees</loc>
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        <loc>https://www.hectelion.com/glossaire/management-package</loc>
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        <loc>https://www.hectelion.com/en/glossary/management-package</loc>
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        <loc>https://www.hectelion.com/en/glossary/management-presentation</loc>
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        <loc>https://www.hectelion.com/glossaire/management-presentation</loc>
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        <loc>https://www.hectelion.com/glossaire/mandat-ad-hoc</loc>
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        <loc>https://www.hectelion.com/glossaire/mandataire-judiciaire</loc>
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        <loc>https://www.hectelion.com/glossaire/marchand-de-valeurs-mobilieres-suisse</loc>
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        <loc>https://www.hectelion.com/glossaire/marge</loc>
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        <loc>https://www.hectelion.com/glossaire/marge-actuarielle</loc>
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        <loc>https://www.hectelion.com/glossaire/marge-brute</loc>
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        <loc>https://www.hectelion.com/glossaire/marge-commerciale</loc>
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        <loc>https://www.hectelion.com/glossaire/marge-dexploitation</loc>
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        <loc>https://www.hectelion.com/glossaire/marge-dinteret</loc>
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        <loc>https://www.hectelion.com/glossaire/marge-normative</loc>
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        <loc>https://www.hectelion.com/en/glossary/margin</loc>
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        <loc>https://www.hectelion.com/en/glossary/market-capitalization</loc>
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        <loc>https://www.hectelion.com/en/glossary/market-gearing</loc>
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        <loc>https://www.hectelion.com/en/glossary/market-risk-premium</loc>
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        <loc>https://www.hectelion.com/en/glossary/material-adverse-change-clause</loc>
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        <loc>https://www.hectelion.com/en/glossary/material-adverse-change-clause-mac</loc>
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        <loc>https://www.hectelion.com/glossaire/mbi---management-buy-in</loc>
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        <loc>https://www.hectelion.com/glossaire/mbo---management-buy-out</loc>
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        <loc>https://www.hectelion.com/glossaire/medaf</loc>
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        <loc>https://www.hectelion.com/glossaire/mediation</loc>
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        <loc>https://www.hectelion.com/glossaire/memorandum-dinformation</loc>
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        <loc>https://www.hectelion.com/en/glossary/merger</loc>
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        <loc>https://www.hectelion.com/en/glossary/merger-control</loc>
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        <loc>https://www.hectelion.com/glossaire/methode-analogique</loc>
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        <loc>https://www.hectelion.com/glossaire/methode-dactualisation-des-dividendes</loc>
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        <loc>https://www.hectelion.com/glossaire/methode-dcf</loc>
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        <loc>https://www.hectelion.com/glossaire/methode-des-multiples-boursiers</loc>
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        <loc>https://www.hectelion.com/glossaire/methode-des-multiples-de-transactions</loc>
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        <loc>https://www.hectelion.com/glossaire/methode-des-praticiens-suisse</loc>
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        <loc>https://www.hectelion.com/glossaire/methode-des-surprofits</loc>
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        <loc>https://www.hectelion.com/glossaire/methode-gordon-shapiro</loc>
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        <loc>https://www.hectelion.com/glossaire/methode-patrimoniale</loc>
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        <loc>https://www.hectelion.com/glossaire/methode-venture-capital</loc>
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        <loc>https://www.hectelion.com/en/glossary/mezzanine-debt</loc>
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        <loc>https://www.hectelion.com/en/glossary/mezzanine-financing-switzerland</loc>
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        <loc>https://www.hectelion.com/en/glossary/mezzanine-warrants</loc>
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        <loc>https://www.hectelion.com/glossaire/mezzanine-warrants</loc>
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        <loc>https://www.hectelion.com/glossaire/milestone</loc>
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        <loc>https://www.hectelion.com/en/glossary/milestone</loc>
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        <loc>https://www.hectelion.com/en/glossary/minority-discount</loc>
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        <loc>https://www.hectelion.com/en/glossary/misuse-of-corporate-assets</loc>
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        <loc>https://www.hectelion.com/en/glossary/mixed-contribution-switzerland</loc>
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        <loc>https://www.hectelion.com/glossaire/moic---multiple-of-invested-capital</loc>
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        <loc>https://www.hectelion.com/glossaire/montage-financier</loc>
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        <loc>https://www.hectelion.com/glossaire/mrl-manufacturing-readiness-level</loc>
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        <loc>https://www.hectelion.com/glossaire/mrr---monthly-recurring-revenue</loc>
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        <loc>https://www.hectelion.com/en/glossary/mrr-monthly-recurring-revenue</loc>
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        <loc>https://www.hectelion.com/glossaire/multiple-ev-ebitda-sectoriel</loc>
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        <loc>https://www.hectelion.com/glossaire/multiples-de-sortie-exit-multiples</loc>
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        <loc>https://www.hectelion.com/glossaire/nantissement</loc>
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        <loc>https://www.hectelion.com/en/glossary/negative-goodwill-badwill</loc>
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        <loc>https://www.hectelion.com/en/glossary/negative-operating-assets</loc>
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        <loc>https://www.hectelion.com/en/glossary/negative-working-capital</loc>
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        <loc>https://www.hectelion.com/en/glossary/net-assets</loc>
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        <loc>https://www.hectelion.com/en/glossary/net-assets-equity</loc>
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        <loc>https://www.hectelion.com/en/glossary/net-book-value</loc>
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        <loc>https://www.hectelion.com/en/glossary/net-financial-debt</loc>
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        <loc>https://www.hectelion.com/en/glossary/net-income</loc>
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        <loc>https://www.hectelion.com/en/glossary/net-interest-margin</loc>
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        <loc>https://www.hectelion.com/glossaire/net-operating-profit-after-tax-nopat</loc>
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        <loc>https://www.hectelion.com/en/glossary/net-operating-profit-after-tax-nopat</loc>
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        <loc>https://www.hectelion.com/en/glossary/net-present-value-npv</loc>
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        <loc>https://www.hectelion.com/en/glossary/new-york-convention</loc>
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    <url>
        <loc>https://www.hectelion.com/glossaire/niveaux-1-2-3-ifrs-13</loc>
    </url>
    <url>
        <loc>https://www.hectelion.com/en/glossary/non-compete-clause</loc>
    </url>
    <url>
        <loc>https://www.hectelion.com/en/glossary/non-current-asset</loc>
    </url>
    <url>
        <loc>https://www.hectelion.com/en/glossary/non-current-liabilities</loc>
    </url>
    <url>
        <loc>https://www.hectelion.com/en/glossary/non-disclosure-agreement</loc>
    </url>
    <url>
        <loc>https://www.hectelion.com/en/glossary/non-operating-working-capital</loc>
    </url>
    <url>
        <loc>https://www.hectelion.com/en/glossary/non-participating-liquidation-preference</loc>
    </url>
    <url>
        <loc>https://www.hectelion.com/en/glossary/non-recurring-expenses</loc>
    </url>
    <url>
        <loc>https://www.hectelion.com/en/glossary/non-solicitation-clause</loc>
    </url>
    <url>
        <loc>https://www.hectelion.com/glossaire/non-valeur</loc>
    </url>
    <url>
        <loc>https://www.hectelion.com/glossaire/normalisation-de-lebitda</loc>
    </url>
    <url>
        <loc>https://www.hectelion.com/en/glossary/normalized</loc>
    </url>
    <url>
        <loc>https://www.hectelion.com/en/glossary/normalized-cash-flow</loc>
    </url>
    <url>
        <loc>https://www.hectelion.com/en/glossary/normalized-margin</loc>
    </url>
    <url>
        <loc>https://www.hectelion.com/en/glossary/normalized-operating-working-capital</loc>
    </url>
    <url>
        <loc>https://www.hectelion.com/glossaire/normatif</loc>
    </url>
    <url>
        <loc>https://www.hectelion.com/glossaire/norme-daubert</loc>
    </url>
    <url>
        <loc>https://www.hectelion.com/glossaire/normes-ifrs</loc>
    </url>
    <url>
        <loc>https://www.hectelion.com/glossaire/note-aux-parties</loc>
    </url>
    <url>
        <loc>https://www.hectelion.com/en/glossary/note-to-the-parties</loc>
    </url>
    <url>
        <loc>https://www.hectelion.com/glossaire/nouvelle-reserve-legale-suisse</loc>
    </url>
    <url>
        <loc>https://www.hectelion.com/glossaire/nrr---net-revenue-retention</loc>
    </url>
    <url>
        <loc>https://www.hectelion.com/en/glossary/nrr-net-revenue-retention</loc>
    </url>
    <url>
        <loc>https://www.hectelion.com/glossaire/nue-propriete</loc>
    </url>
    <url>
        <loc>https://www.hectelion.com/glossaire/numero-ide-suisse</loc>
    </url>
    <url>
        <loc>https://www.hectelion.com/glossaire/obligation-de-sortie-conjointe-drag-along</loc>
    </url>
    <url>
        <loc>https://www.hectelion.com/glossaire/obligation-de-tenir-un-registre-des-actions-suisse</loc>
    </url>
    <url>
        <loc>https://www.hectelion.com/glossaire/obligations</loc>
    </url>
    <url>
        <loc>https://www.hectelion.com/glossaire/obligations-a-bons-de-souscription-dactions-obsa</loc>
    </url>
    <url>
        <loc>https://www.hectelion.com/glossaire/obligations-convertibles-oc</loc>
    </url>
    <url>
        <loc>https://www.hectelion.com/glossaire/obligations-remboursables-en-actions-ora</loc>
    </url>
    <url>
        <loc>https://www.hectelion.com/glossaire/obo---owner-buy-out</loc>
    </url>
    <url>
        <loc>https://www.hectelion.com/en/glossary/observation-period</loc>
    </url>
    <url>
        <loc>https://www.hectelion.com/en/glossary/occupational-pension-scheme----lpp-switzerland</loc>
    </url>
    <url>
        <loc>https://www.hectelion.com/en/glossary/occupational-pension-scheme-switzerland</loc>
    </url>
    <url>
        <loc>https://www.hectelion.com/en/glossary/off-balance-sheet</loc>
    </url>
    <url>
        <loc>https://www.hectelion.com/glossaire/offre-ferme-binding-offer</loc>
    </url>
    <url>
        <loc>https://www.hectelion.com/glossaire/offre-indicative-ioi---indication-of-interest</loc>
    </url>
    <url>
        <loc>https://www.hectelion.com/glossaire/offre-publique-dachat-opa</loc>
    </url>
    <url>
        <loc>https://www.hectelion.com/glossaire/offre-publique-de-retrait-opr</loc>
    </url>
    <url>
        <loc>https://www.hectelion.com/glossaire/offre-publique-dechange-ope</loc>
    </url>
    <url>
        <loc>https://www.hectelion.com/glossaire/open-bid</loc>
    </url>
    <url>
        <loc>https://www.hectelion.com/en/glossary/open-bid</loc>
    </url>
    <url>
        <loc>https://www.hectelion.com/en/glossary/operating-assets</loc>
    </url>
    <url>
        <loc>https://www.hectelion.com/en/glossary/operating-cash-flow</loc>
    </url>
    <url>
        <loc>https://www.hectelion.com/en/glossary/operating-expenditures-opex</loc>
    </url>
    <url>
        <loc>https://www.hectelion.com/en/glossary/operating-expenses</loc>
    </url>
    <url>
        <loc>https://www.hectelion.com/en/glossary/operating-expenses-opex</loc>
    </url>
    <url>
        <loc>https://www.hectelion.com/en/glossary/operating-margin</loc>
    </url>
    <url>
        <loc>https://www.hectelion.com/en/glossary/operating-working-capital</loc>
    </url>
    <url>
        <loc>https://www.hectelion.com/en/glossary/operational-due-diligence</loc>
    </url>
    <url>
        <loc>https://www.hectelion.com/glossaire/opex</loc>
    </url>
    <url>
        <loc>https://www.hectelion.com/glossaire/option-pool</loc>
    </url>
    <url>
        <loc>https://www.hectelion.com/en/glossary/option-pool</loc>
    </url>
    <url>
        <loc>https://www.hectelion.com/glossaire/options-de-souscription-ou-dachat-dactions</loc>
    </url>
    <url>
        <loc>https://www.hectelion.com/en/glossary/ordinary-audit-switzerland</loc>
    </url>
    <url>
        <loc>https://www.hectelion.com/glossaire/ordre-de-mouvement</loc>
    </url>
    <url>
        <loc>https://www.hectelion.com/glossaire/organe-de-revision-suisse</loc>
    </url>
    <url>
        <loc>https://www.hectelion.com/glossaire/organe-de-revision-suisse-4d9a6</loc>
    </url>
    <url>
        <loc>https://www.hectelion.com/en/glossary/organic-growth</loc>
    </url>
    <url>
        <loc>https://www.hectelion.com/en/glossary/owner-buy-out-obo</loc>
    </url>
    <url>
        <loc>https://www.hectelion.com/en/glossary/p-e-ratio---price-earnings-ratio</loc>
    </url>
    <url>
        <loc>https://www.hectelion.com/glossaire/pacte-dactionnaires</loc>
    </url>
    <url>
        <loc>https://www.hectelion.com/glossaire/pacte-de-preference</loc>
    </url>
    <url>
        <loc>https://www.hectelion.com/glossaire/pacte-dutreil</loc>
    </url>
    <url>
        <loc>https://www.hectelion.com/en/glossary/pacte-dutreil</loc>
    </url>
    <url>
        <loc>https://www.hectelion.com/glossaire/pacte-successoral-suisse</loc>
    </url>
    <url>
        <loc>https://www.hectelion.com/en/glossary/paid-in-capital-switzerland</loc>
    </url>
    <url>
        <loc>https://www.hectelion.com/en/glossary/parent-subsidiary-regime-france</loc>
    </url>
    <url>
        <loc>https://www.hectelion.com/en/glossary/partial-asset-contribution-france</loc>
    </url>
    <url>
        <loc>https://www.hectelion.com/en/glossary/participating-liquidation-preference</loc>
    </url>
    <url>
        <loc>https://www.hectelion.com/en/glossary/participation-exemption-switzerland</loc>
    </url>
    <url>
        <loc>https://www.hectelion.com/glossaire/participation-qualifiee-suisse</loc>
    </url>
    <url>
        <loc>https://www.hectelion.com/en/glossary/party-appointed-expert</loc>
    </url>
    <url>
        <loc>https://www.hectelion.com/glossaire/passif</loc>
    </url>
    <url>
        <loc>https://www.hectelion.com/glossaire/passif-courant</loc>
    </url>
    <url>
        <loc>https://www.hectelion.com/glossaire/passif-dimpot-differe-ias-12</loc>
    </url>
    <url>
        <loc>https://www.hectelion.com/glossaire/passif-exigible</loc>
    </url>
    <url>
        <loc>https://www.hectelion.com/glossaire/passif-non-courant</loc>
    </url>
    <url>
        <loc>https://www.hectelion.com/glossaire/pay-to-play</loc>
    </url>
    <url>
        <loc>https://www.hectelion.com/en/glossary/pay-to-play</loc>
    </url>
    <url>
        <loc>https://www.hectelion.com/en/glossary/payout-ratio</loc>
    </url>
    <url>
        <loc>https://www.hectelion.com/en/glossary/pension-obligations</loc>
    </url>
    <url>
        <loc>https://www.hectelion.com/glossaire/per---price-earning-ratio</loc>
    </url>
    <url>
        <loc>https://www.hectelion.com/en/glossary/percentage-of-completion-revenue</loc>
    </url>
    <url>
        <loc>https://www.hectelion.com/glossaire/periode-dobservation</loc>
    </url>
    <url>
        <loc>https://www.hectelion.com/glossaire/periode-suspecte</loc>
    </url>
    <url>
        <loc>https://www.hectelion.com/en/glossary/personnel-expenses</loc>
    </url>
    <url>
        <loc>https://www.hectelion.com/glossaire/perte-de-chance</loc>
    </url>
    <url>
        <loc>https://www.hectelion.com/glossaire/perte-de-dilution</loc>
    </url>
    <url>
        <loc>https://www.hectelion.com/glossaire/perte-de-valeur</loc>
    </url>
    <url>
        <loc>https://www.hectelion.com/glossaire/perte-subie-damnum-emergens</loc>
    </url>
    <url>
        <loc>https://www.hectelion.com/glossaire/phases-de-developpement-dune-startup</loc>
    </url>
    <url>
        <loc>https://www.hectelion.com/en/glossary/pik---payment-in-kind</loc>
    </url>
    <url>
        <loc>https://www.hectelion.com/glossaire/pik---payment-in-kind</loc>
    </url>
    <url>
        <loc>https://www.hectelion.com/glossaire/plan-daffaires</loc>
    </url>
    <url>
        <loc>https://www.hectelion.com/glossaire/plan-de-cession</loc>
    </url>
    <url>
        <loc>https://www.hectelion.com/glossaire/plan-de-financement</loc>
    </url>
    <url>
        <loc>https://www.hectelion.com/glossaire/plan-de-financement-lbo</loc>
    </url>
    <url>
        <loc>https://www.hectelion.com/glossaire/plan-de-restructuration</loc>
    </url>
    <url>
        <loc>https://www.hectelion.com/en/glossary/pledge</loc>
    </url>
    <url>
        <loc>https://www.hectelion.com/glossaire/plus-value-de-cession-de-titres-france</loc>
    </url>
    <url>
        <loc>https://www.hectelion.com/glossaire/point-mort</loc>
    </url>
    <url>
        <loc>https://www.hectelion.com/glossaire/politique-damortissement</loc>
    </url>
    <url>
        <loc>https://www.hectelion.com/glossaire/politique-de-distribution</loc>
    </url>
    <url>
        <loc>https://www.hectelion.com/glossaire/politique-dendettement</loc>
    </url>
    <url>
        <loc>https://www.hectelion.com/glossaire/pont-ve---capitaux-propres-bridge</loc>
    </url>
    <url>
        <loc>https://www.hectelion.com/en/glossary/post-closing-indemnification</loc>
    </url>
    <url>
        <loc>https://www.hectelion.com/glossaire/post-money-valuation</loc>
    </url>
    <url>
        <loc>https://www.hectelion.com/en/glossary/post-money-valuation</loc>
    </url>
    <url>
        <loc>https://www.hectelion.com/en/glossary/potential-acquirer</loc>
    </url>
    <url>
        <loc>https://www.hectelion.com/en/glossary/practitioners-method</loc>
    </url>
    <url>
        <loc>https://www.hectelion.com/glossaire/pre-closing-covenants</loc>
    </url>
    <url>
        <loc>https://www.hectelion.com/en/glossary/pre-closing-covenants</loc>
    </url>
    <url>
        <loc>https://www.hectelion.com/en/glossary/pre-emption-right</loc>
    </url>
    <url>
        <loc>https://www.hectelion.com/en/glossary/pre-emption-right-dps</loc>
    </url>
    <url>
        <loc>https://www.hectelion.com/en/glossary/pre-emptive-subscription-right</loc>
    </url>
    <url>
        <loc>https://www.hectelion.com/glossaire/pre-money-valuation</loc>
    </url>
    <url>
        <loc>https://www.hectelion.com/en/glossary/pre-money-valuation</loc>
    </url>
    <url>
        <loc>https://www.hectelion.com/glossaire/preferred-return</loc>
    </url>
    <url>
        <loc>https://www.hectelion.com/en/glossary/preferred-return-hurdle-rate</loc>
    </url>
    <url>
        <loc>https://www.hectelion.com/en/glossary/preferred-share</loc>
    </url>
    <url>
        <loc>https://www.hectelion.com/glossaire/prejudice-financier</loc>
    </url>
    <url>
        <loc>https://www.hectelion.com/en/glossary/prepaid-expenses</loc>
    </url>
    <url>
        <loc>https://www.hectelion.com/en/glossary/present-value</loc>
    </url>
    <url>
        <loc>https://www.hectelion.com/glossaire/pret-dactionnaire-suisse</loc>
    </url>
    <url>
        <loc>https://www.hectelion.com/glossaire/prevoyance-professionnelle---lpp-suisse</loc>
    </url>
    <url>
        <loc>https://www.hectelion.com/en/glossary/price-adjustment</loc>
    </url>
    <url>
        <loc>https://www.hectelion.com/en/glossary/price-indeterminacy</loc>
    </url>
    <url>
        <loc>https://www.hectelion.com/glossaire/price-to-book-pbr</loc>
    </url>
    <url>
        <loc>https://www.hectelion.com/en/glossary/price-to-book-ratio-p-b</loc>
    </url>
    <url>
        <loc>https://www.hectelion.com/en/glossary/price-to-earnings-ratio-per</loc>
    </url>
    <url>
        <loc>https://www.hectelion.com/glossaire/prime-de-controle</loc>
    </url>
    <url>
        <loc>https://www.hectelion.com/glossaire/prime-de-risque</loc>
    </url>
    <url>
        <loc>https://www.hectelion.com/glossaire/prime-de-risque-de-marche</loc>
    </url>
    <url>
        <loc>https://www.hectelion.com/glossaire/prime-de-risque-pays</loc>
    </url>
    <url>
        <loc>https://www.hectelion.com/glossaire/prime-de-taille</loc>
    </url>
    <url>
        <loc>https://www.hectelion.com/en/glossary/private-equity-fund</loc>
    </url>
    <url>
        <loc>https://www.hectelion.com/en/glossary/private-equity-fund-662bc</loc>
    </url>
    <url>
        <loc>https://www.hectelion.com/glossaire/prix-de-cession</loc>
    </url>
    <url>
        <loc>https://www.hectelion.com/glossaire/prix-de-transfert</loc>
    </url>
    <url>
        <loc>https://www.hectelion.com/glossaire/procedure-de-sauvegarde</loc>
    </url>
    <url>
        <loc>https://www.hectelion.com/en/glossary/proceedings-safeguard-france</loc>
    </url>
    <url>
        <loc>https://www.hectelion.com/glossaire/process-letter</loc>
    </url>
    <url>
        <loc>https://www.hectelion.com/en/glossary/process-letter</loc>
    </url>
    <url>
        <loc>https://www.hectelion.com/en/glossary/process-letter-m-a</loc>
    </url>
    <url>
        <loc>https://www.hectelion.com/en/glossary/property-tax-switzerland</loc>
    </url>
    <url>
        <loc>https://www.hectelion.com/glossaire/provisions</loc>
    </url>
    <url>
        <loc>https://www.hectelion.com/en/glossary/provisions</loc>
    </url>
    <url>
        <loc>https://www.hectelion.com/en/glossary/public-limited-company---sa-switzerland</loc>
    </url>
    <url>
        <loc>https://www.hectelion.com/en/glossary/public-squeeze-out-offer</loc>
    </url>
    <url>
        <loc>https://www.hectelion.com/en/glossary/public-tender-offer</loc>
    </url>
    <url>
        <loc>https://www.hectelion.com/en/glossary/purchase-price-allocation</loc>
    </url>
    <url>
        <loc>https://www.hectelion.com/en/glossary/pure-holding-switzerland</loc>
    </url>
    <url>
        <loc>https://www.hectelion.com/en/glossary/qualified-majority</loc>
    </url>
    <url>
        <loc>https://www.hectelion.com/en/glossary/qualified-participation</loc>
    </url>
    <url>
        <loc>https://www.hectelion.com/glossaire/quality-of-earnings</loc>
    </url>
    <url>
        <loc>https://www.hectelion.com/en/glossary/quality-of-earnings</loc>
    </url>
    <url>
        <loc>https://www.hectelion.com/glossaire/quantum</loc>
    </url>
    <url>
        <loc>https://www.hectelion.com/en/glossary/quantum</loc>
    </url>
    <url>
        <loc>https://www.hectelion.com/glossaire/quotite-disponible</loc>
    </url>
    <url>
        <loc>https://www.hectelion.com/glossaire/rachat-dactions-buyback</loc>
    </url>
    <url>
        <loc>https://www.hectelion.com/glossaire/rang-des-creanciers</loc>
    </url>
    <url>
        <loc>https://www.hectelion.com/glossaire/rapport-a-la-succession</loc>
    </url>
    <url>
        <loc>https://www.hectelion.com/glossaire/rapport-de-due-diligence</loc>
    </url>
    <url>
        <loc>https://www.hectelion.com/glossaire/rapport-dechange</loc>
    </url>
    <url>
        <loc>https://www.hectelion.com/glossaire/ratchet</loc>
    </url>
    <url>
        <loc>https://www.hectelion.com/en/glossary/ratchet</loc>
    </url>
    <url>
        <loc>https://www.hectelion.com/en/glossary/rebuttal</loc>
    </url>
    <url>
        <loc>https://www.hectelion.com/glossaire/recovery</loc>
    </url>
    <url>
        <loc>https://www.hectelion.com/en/glossary/recovery</loc>
    </url>
    <url>
        <loc>https://www.hectelion.com/en/glossary/red-flag-due-diligence</loc>
    </url>
    <url>
        <loc>https://www.hectelion.com/glossaire/red-flag-due-diligence</loc>
    </url>
    <url>
        <loc>https://www.hectelion.com/glossaire/redressement-judiciaire</loc>
    </url>
    <url>
        <loc>https://www.hectelion.com/glossaire/reduction-pour-participations-suisse</loc>
    </url>
    <url>
        <loc>https://www.hectelion.com/glossaire/regime-mere-fille-france</loc>
    </url>
    <url>
        <loc>https://www.hectelion.com/en/glossary/registered-share-switzerland</loc>
    </url>
    <url>
        <loc>https://www.hectelion.com/en/glossary/registration-duties</loc>
    </url>
    <url>
        <loc>https://www.hectelion.com/glossaire/registre-du-commerce-suisse</loc>
    </url>
    <url>
        <loc>https://www.hectelion.com/glossaire/reglement-darbitrage</loc>
    </url>
    <url>
        <loc>https://www.hectelion.com/glossaire/regularisation-compte-de</loc>
    </url>
    <url>
        <loc>https://www.hectelion.com/glossaire/relief-from-royalty</loc>
    </url>
    <url>
        <loc>https://www.hectelion.com/en/glossary/relief-from-royalty</loc>
    </url>
    <url>
        <loc>https://www.hectelion.com/glossaire/rentabilite-economique</loc>
    </url>
    <url>
        <loc>https://www.hectelion.com/glossaire/rentabilite-financiere</loc>
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    <url>
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        <loc>https://www.hectelion.com/en/glossary/reply</loc>
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        <loc>https://www.hectelion.com/glossaire/report-dimposition-art-150-0-b-ter</loc>
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        <loc>https://www.hectelion.com/glossaire/representation-des-salaries</loc>
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        <loc>https://www.hectelion.com/en/glossary/representations-and-warranties</loc>
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        <loc>https://www.hectelion.com/en/glossary/representations-and-warranties-54ee4</loc>
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        <loc>https://www.hectelion.com/glossaire/reprise-dentreprise</loc>
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        <loc>https://www.hectelion.com/glossaire/reserve-hereditaire-france-et-suisse</loc>
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        <loc>https://www.hectelion.com/glossaire/reserve-legale-suisse</loc>
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        <loc>https://www.hectelion.com/glossaire/resolution-amiable-suisse</loc>
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        <loc>https://www.hectelion.com/glossaire/responsabilite-des-organes-art-754-co</loc>
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        <loc>https://www.hectelion.com/glossaire/restructuration-fiscalement-neutre-suisse</loc>
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        <loc>https://www.hectelion.com/glossaire/restructuring</loc>
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        <loc>https://www.hectelion.com/en/glossary/restructuring</loc>
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        <loc>https://www.hectelion.com/en/glossary/restructuring-plan</loc>
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        <loc>https://www.hectelion.com/glossaire/resultat-etendu</loc>
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        <loc>https://www.hectelion.com/glossaire/resultat-global</loc>
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        <loc>https://www.hectelion.com/glossaire/resultat-net</loc>
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        <loc>https://www.hectelion.com/glossaire/resultat-par-action-bpa-eps</loc>
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        <loc>https://www.hectelion.com/glossaire/revolving-credit-facility</loc>
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        <loc>https://www.hectelion.com/en/glossary/revolving-credit-facility</loc>
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        <loc>https://www.hectelion.com/en/glossary/right-of-first-refusal-pre-emption-right</loc>
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        <loc>https://www.hectelion.com/en/glossary/risk-free-asset</loc>
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        <loc>https://www.hectelion.com/en/glossary/risk-premium</loc>
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        <loc>https://www.hectelion.com/en/glossary/roce---return-on-capital-employed</loc>
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        <loc>https://www.hectelion.com/glossaire/roe---rendement-des-fonds-propres</loc>
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        <loc>https://www.hectelion.com/glossaire/royalties</loc>
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        <loc>https://www.hectelion.com/en/glossary/royalties</loc>
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        <loc>https://www.hectelion.com/glossaire/ruling-fiscal-suisse</loc>
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        <loc>https://www.hectelion.com/en/glossary/runway-startup</loc>
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        <loc>https://www.hectelion.com/en/glossary/safeguard-procedure-france</loc>
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        <loc>https://www.hectelion.com/en/glossary/statutory-auditor-switzerland</loc>
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        <loc>https://www.hectelion.com/en/glossary/statutory-auditor-switzerland-5d071</loc>
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        <loc>https://www.hectelion.com/en/glossary/statutory-legal-reserve-switzerland</loc>
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        <loc>https://www.hectelion.com/en/glossary/subordinated-debt</loc>
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        <loc>https://www.hectelion.com/en/glossary/tax-due-diligence</loc>
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        <loc>https://www.hectelion.com/en/glossary/tax-neutral-contribution-switzerland</loc>
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        <loc>https://www.hectelion.com/glossaire/term-loan-a-term-loan-b</loc>
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        <loc>https://www.hectelion.com/en/glossary/term-loan-a-term-loan-b</loc>
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        <loc>https://www.hectelion.com/glossaire/term-sheet</loc>
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        <loc>https://www.hectelion.com/glossaire/ticking-fee</loc>
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        <loc>https://www.hectelion.com/glossaire/tiers-evaluateur</loc>
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        <loc>https://www.hectelion.com/en/glossary/time-based-capital-gain-allowance-france-pre-2018-shares</loc>
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    <url>
        <loc>https://www.hectelion.com/en/glossary/total-comprehensive-income</loc>
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    <url>
        <loc>https://www.hectelion.com/glossaire/tracfin</loc>
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    <url>
        <loc>https://www.hectelion.com/en/glossary/trade-receivables</loc>
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    <url>
        <loc>https://www.hectelion.com/en/glossary/trading-multiples-method</loc>
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    <url>
        <loc>https://www.hectelion.com/glossaire/transaction</loc>
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    <url>
        <loc>https://www.hectelion.com/en/glossary/transaction</loc>
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        <loc>https://www.hectelion.com/glossaire/transaction-majoritaire</loc>
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    <url>
        <loc>https://www.hectelion.com/glossaire/transaction-minoritaire</loc>
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    <url>
        <loc>https://www.hectelion.com/en/glossary/transaction-multiples-method</loc>
    </url>
    <url>
        <loc>https://www.hectelion.com/en/glossary/transfer-pricing</loc>
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    <url>
        <loc>https://www.hectelion.com/glossaire/transformation-juridique-suisse</loc>
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    <url>
        <loc>https://www.hectelion.com/en/glossary/translation-difference</loc>
    </url>
    <url>
        <loc>https://www.hectelion.com/glossaire/transmission-dentreprise</loc>
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    <url>
        <loc>https://www.hectelion.com/glossaire/transmission-universelle-de-patrimoine-tup</loc>
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    <url>
        <loc>https://www.hectelion.com/glossaire/travaux-en-cours</loc>
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    <url>
        <loc>https://www.hectelion.com/glossaire/tri---taux-de-rentabilite-interne</loc>
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    <url>
        <loc>https://www.hectelion.com/glossaire/tri---taux-de-rentabilite-interne-private-equity</loc>
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    <url>
        <loc>https://www.hectelion.com/glossaire/tribunal-arbitral</loc>
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    <url>
        <loc>https://www.hectelion.com/en/glossary/trigger-threshold</loc>
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    <url>
        <loc>https://www.hectelion.com/en/glossary/trl-and-mrl-in-the-wacc</loc>
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    <url>
        <loc>https://www.hectelion.com/glossaire/trl-et-mrl-dans-le-cmpc</loc>
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    <url>
        <loc>https://www.hectelion.com/glossaire/trl-technology-readiness-level</loc>
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    <url>
        <loc>https://www.hectelion.com/en/glossary/trl-technology-readiness-level</loc>
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    <url>
        <loc>https://www.hectelion.com/en/glossary/turnaround</loc>
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    <url>
        <loc>https://www.hectelion.com/glossaire/tva-suisse</loc>
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    <url>
        <loc>https://www.hectelion.com/en/glossary/tvpi---total-value-to-paid-in</loc>
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    <url>
        <loc>https://www.hectelion.com/glossaire/tvpi---total-value-to-paid-in</loc>
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    <url>
        <loc>https://www.hectelion.com/en/glossary/uid-number-switzerland</loc>
    </url>
    <url>
        <loc>https://www.hectelion.com/glossaire/uk-bribery-act</loc>
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    <url>
        <loc>https://www.hectelion.com/en/glossary/uk-bribery-act</loc>
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    <url>
        <loc>https://www.hectelion.com/glossaire/unite-generatrice-de-tresorerie</loc>
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    <url>
        <loc>https://www.hectelion.com/en/glossary/unitranche-debt</loc>
    </url>
    <url>
        <loc>https://www.hectelion.com/en/glossary/universal-transfer-of-assets</loc>
    </url>
    <url>
        <loc>https://www.hectelion.com/en/glossary/unlevered-beta</loc>
    </url>
    <url>
        <loc>https://www.hectelion.com/en/glossary/unsecured-creditor-chirographaire</loc>
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    <url>
        <loc>https://www.hectelion.com/glossaire/up-round</loc>
    </url>
    <url>
        <loc>https://www.hectelion.com/en/glossary/up-round</loc>
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    <url>
        <loc>https://www.hectelion.com/en/glossary/usufruct-of-securities</loc>
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    <url>
        <loc>https://www.hectelion.com/glossaire/usufruit-de-titres</loc>
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    <url>
        <loc>https://www.hectelion.com/glossaire/valeur-actuelle</loc>
    </url>
    <url>
        <loc>https://www.hectelion.com/glossaire/valeur-actuelle-nette</loc>
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    <url>
        <loc>https://www.hectelion.com/glossaire/valeur-de-liquidation-liquidation-value</loc>
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    <url>
        <loc>https://www.hectelion.com/glossaire/valeur-de-marche</loc>
    </url>
    <url>
        <loc>https://www.hectelion.com/glossaire/valeur-de-rendement</loc>
    </url>
    <url>
        <loc>https://www.hectelion.com/glossaire/valeur-dentreprise</loc>
    </url>
    <url>
        <loc>https://www.hectelion.com/glossaire/valeur-des-capitaux-propres</loc>
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    <url>
        <loc>https://www.hectelion.com/glossaire/valeur-dusage</loc>
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    <url>
        <loc>https://www.hectelion.com/glossaire/valeur-dutilite-ias-36</loc>
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    <url>
        <loc>https://www.hectelion.com/glossaire/valeur-fiscale-suisse</loc>
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    <url>
        <loc>https://www.hectelion.com/glossaire/valeur-intrinseque</loc>
    </url>
    <url>
        <loc>https://www.hectelion.com/glossaire/valeur-liquidative</loc>
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    <url>
        <loc>https://www.hectelion.com/glossaire/valeur-substantielle-anc</loc>
    </url>
    <url>
        <loc>https://www.hectelion.com/glossaire/valeur-substantielle-suisse</loc>
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    <url>
        <loc>https://www.hectelion.com/glossaire/valeur-terminale</loc>
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    <url>
        <loc>https://www.hectelion.com/glossaire/valorisation-pme</loc>
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    <url>
        <loc>https://www.hectelion.com/en/glossary/valuation-of-intangible-assets</loc>
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    <url>
        <loc>https://www.hectelion.com/en/glossary/value-in-use</loc>
    </url>
    <url>
        <loc>https://www.hectelion.com/en/glossary/value-in-use-ias-36</loc>
    </url>
    <url>
        <loc>https://www.hectelion.com/en/glossary/vat-switzerland</loc>
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    <url>
        <loc>https://www.hectelion.com/glossaire/vendor-due-diligence</loc>
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    <url>
        <loc>https://www.hectelion.com/en/glossary/vendor-due-diligence</loc>
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    <url>
        <loc>https://www.hectelion.com/glossaire/vendor-loan</loc>
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    <url>
        <loc>https://www.hectelion.com/en/glossary/vendor-loan</loc>
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        <loc>https://www.hectelion.com/en/glossary/venture-capital</loc>
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    <url>
        <loc>https://www.hectelion.com/en/glossary/venture-capital-method</loc>
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    <url>
        <loc>https://www.hectelion.com/glossaire/vesting</loc>
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    <url>
        <loc>https://www.hectelion.com/en/glossary/vesting</loc>
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    <url>
        <loc>https://www.hectelion.com/en/glossary/veto-right</loc>
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    <url>
        <loc>https://www.hectelion.com/glossaire/vintage-year</loc>
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    <url>
        <loc>https://www.hectelion.com/en/glossary/vintage-year-private-equity</loc>
    </url>
    <url>
        <loc>https://www.hectelion.com/en/glossary/virtual-data-room</loc>
    </url>
    <url>
        <loc>https://www.hectelion.com/glossaire/virtual-data-room</loc>
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    <url>
        <loc>https://www.hectelion.com/glossaire/volatilite</loc>
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    <url>
        <loc>https://www.hectelion.com/en/glossary/volatility</loc>
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    <url>
        <loc>https://www.hectelion.com/en/glossary/voluntary-dissolution-switzerland</loc>
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        <loc>https://www.hectelion.com/en/glossary/w-i-insurance---warranty-and-indemnity</loc>
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    <url>
        <loc>https://www.hectelion.com/en/glossary/wage-guarantee-scheme-france</loc>
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    <url>
        <loc>https://www.hectelion.com/glossaire/wara</loc>
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    <url>
        <loc>https://www.hectelion.com/glossaire/warranty-indemnity-insurance</loc>
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    <url>
        <loc>https://www.hectelion.com/en/glossary/warranty-indemnity-insurance</loc>
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    <url>
        <loc>https://www.hectelion.com/glossaire/waterfall-distribution</loc>
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    <url>
        <loc>https://www.hectelion.com/en/glossary/waterfall-distribution</loc>
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    <url>
        <loc>https://www.hectelion.com/en/glossary/wealth-tax-switzerland</loc>
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    <url>
        <loc>https://www.hectelion.com/en/glossary/weighted-average-anti-dilution</loc>
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    <url>
        <loc>https://www.hectelion.com/en/glossary/weighted-average-cost-of-capital-wacc</loc>
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    <url>
        <loc>https://www.hectelion.com/en/glossary/weighted-average-return-on-assets</loc>
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    <url>
        <loc>https://www.hectelion.com/en/glossary/withholding-tax-on-distributions-switzerland</loc>
    </url>
    <url>
        <loc>https://www.hectelion.com/en/glossary/withholding-tax-switzerland</loc>
    </url>
    <url>
        <loc>https://www.hectelion.com/en/glossary/work-in-progress</loc>
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    <url>
        <loc>https://www.hectelion.com/en/glossary/working-capital</loc>
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    <url>
        <loc>https://www.hectelion.com/en/glossary/working-capital-ratios</loc>
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        <loc>https://www.hectelion.com/en/glossary/working-capital-requirement</loc>
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