
HOHFWURPHQDJHUVJHFD |
%2SWLRQV$XWRVRDN7UHPSDJHPLQXWp
&HWWHIRQFWLRQGpEXWHSDUXQEUDVVDJHFRXUWHIIHFWXHHQVXLWHXQWUHPSDJHG·XQHGXUpHVSpFLILpHSXLVWHUPLQHOHUHVWHGXF\FOH DXWRPDWLTXHPHQW6XUFHUWDLQVPRGqOHVFHWWHRSWLRQHVWVLWXpHVXUOHERXWRQGHVpOHFWLRQGHVF\FOHV
([WUD5LQVH([WUDULQoDJH
/RUVTXHYRXVXWLOLVH]XQVXSSOpPHQWGHGpWHUJHQWRXGHMDYHOOLVDQWSRXUODYHUGHVYrWHPHQWVWUqVVDOHVXWLOLVH]O·RSWLRQ([WUD5LQVH([WUD ULQoDJHSRXUPLHX[pOLPLQHUOHVUpVLGXV
)DEULF6RIWHQHU$VVRXSOLVVDQW
&KRLVLVVH]FHWWHRSWLRQORUVTXHYRXVDMRXWH]XQDVVRXSOLVVDQWGDQVODODYHXVHRXSRXUVpOHFWLRQQHU3RZHU5LQVH5LQoDJHSXLVVDQW 5(0$548(1·XWLOLVH]SDVXQDVVRXSOLVVDQWTXLGLVWULEXHGHVELOOHV&HW\SHG·DVVRXSOLVVDQWQHIRQFWLRQQHSDVFRUUHFWHPHQWDYHFOHV
ODYHXVHVXOWUDSHUIRUPDQWHV
'HOD\:DVK'pODL
6XUFHUWDLQVPRGqOHVXQHSUHVVLRQUpSpWpHVXUODWRXFKH'HOD\:DVKGRQQHOHVGpODLVVXLYDQWVPLQXWHVKHXUHKHXUHVKHXUHV KHXUHVSXLVUHWRXUjO·DEVHQFHGHGpODLPLQXWH 6XUG·DXWUHVPRGqOHVODVpTXHQFHHVWODVXLYDQWHKHXUHVKHXUHVKHXUHVSXLVUHWRXUjO·DEVHQFHGHGpODLKHXUH
6XUWRXVOHVPRGqOHVXQHSUHVVLRQVXUODWRXFKH'HOD\:DVKSHQGDQWVHFRQGHVHIIHFWXHXQUHWRXUjO·DEVHQFHGHGpODLTXHOTXHVRLWOH GpODLFKRLVLSUpFpGHPPHQW
&
'
6LJQDO6LJQDO
8WLOLVH]ODWRXFKH6LJQDOSRXUFKDQJHUOHYROXPHVRQRUHGXVLJQDOGHILQGHF\FOH$SSX\H]VXUODWRXFKHMXVTX·jREWHQLUOHQLYHDXGpVLUpRX PrPHO·DEVHQFHGHVRQ
6HWWLQJV5pJODJHV
'HVUpJODJHVSHUVRQQDOLVpVSRXUOHEUDVVDJH6RLO6DOHWpODWHPSpUDWXUHGHO·HDX7HPSHWO·HVVRUDJH6SLQ(VVRUDJHSHXYHQW rWUHVpOHFWLRQQpVGHSXLVXQPLQLPXPEDVGHODFRORQQHMXVTX·jXQPD[LPXPKDXWGHODFRORQQH(QJpQpUDOO·pQHUJLHXWLOLVpH
DXJPHQWHDYHFODKDXWHXUGDQVODFRORQQH
/RDG6L]H9ROXPHGHEUDVVpH
²3RXUREWHQLUFRPPRGLWpSHUIRUPDQFHHWHIILFDFLWpRSWLPDOHVpOHFWLRQQH]3UHFLVH)LOO5HPSOLVVDJHSUpFLV&HWWHVpOHFWLRQSURFXUH DXWRPDWLTXHPHQWODTXDQWLWpG·HDXDGDSWpHDXYROXPHHWDXW\SHGHEUDVVpHSODFpHGDQVO·DSSDUHLO5(0$548(/DODYHXVHQHVHUHPSOLUD SDVG·HDXVLO·RSWLRQ3UHFLVH)LOOHVWVpOHFWLRQQpHDYHFOHFRXYHUFOHRXYHUW
²6LXQHVpOHFWLRQPDQXHOOHGXQLYHDXG·HDXHVWSUpIpUpHVpOHFWLRQQH]GH6PDOO3HWLWHj6XSHU%LHQTXHO·RSWLRQ3UHFLVH)LOOVRLWODPHLOOHXUH SRXUODSOXSDUWGHVEUDVVpHVHWOHODYDJHUpJXOLHUXQHVpOHFWLRQPDQXHOOHGXYROXPHGHEUDVVpHSHXWV·DYpUHUVRXKDLWDEOHSRXUFHUWDLQV DUWLFOHVOpJHUVHWYROXPLQHX[WHOVTXHOHVGRXLOOHWWHVRXOHVRUHLOOHUVRXQQLYHDXG·HDXVXSpULHXUHVWUHTXLV/DVpOHFWLRQPDQXHOOHGXYROXPH GHEUDVVpHHVWDXVVLUHTXLVHSRXUOHVDUWLFOHVPRXLOOpVTXLVRQWSODFpVGDQVODODYHXVHSDUH[HPSOHGHVVHUYLHWWHVRXGHVYrWHPHQWVWUHPSpV
(
)
3RZHU$FWLYDWLRQGHO·DIILFKDJH
$SSX\H]VXUFHWWHWRXFKHSRXUDFWLYHUO·DIILFKDJH6LO·DIILFKDJHHVWDFWLIDSSX\H]VXUFHWWHWRXFKHSRXUPHWWUHODODYHXVHHQPRGH LQDFWLI5(0$548($SSX\HUVXU32:(5QHFRXSHSDVO·DOLPHQWDWLRQpOHFWULTXHGHODODYHXVH
6WDUW'pPDUUDJH
$SSX\H]VXU6WDUWSRXUGpEXWHUOHF\FOH5(0$548(/HFRXYHUFOHGRLWrWUHIHUPpSRXUUHPSOLUODODYHXVHHWGpPDUUDJHOHF\FOH$SSX\HU VXU6WDUWXQHDXWUHIRLVPHWWUDOHF\FOHHQ3DXVHHWOHYR\DQWGXF\FOHFOLJQRWHUD
3RXUFRQWLQXHUOHF\FOHDSSX\H]VXU6WDUWjQRXYHDXRXIHUPH]OHFRXYHUFOH6LODODYHXVHHVWHQSDXVHSHQGDQWSOXVGHKHXUHVOHF\FOH VHUDDQQXOp3RXUDUUrWHUXQF\FOHHQIRQFHUODWRXFKHSHQGDQWVHFRQGHV6LGHO·HDXGHPHXUHGDQVODODYHXVHVpOHFWLRQQH]OHF\FOH'UDLQ
6SLQ'UDLQDJHHWHVVRUDJHSRXUYLGDQJHUODFXYHHWH[SXOVHUO·HDX 6RXOHYHUOHFRXYHUFOHDUUrWHOHEUDVVDJHRXO·HVVRUDJHPDLVQHPHWSDVOHF\FOHHQSDXVH
* H:DVKVXUFHUWDLQVPRGqOHV
/RUVTXHODWRXFKHH:DVKHVWHQIRQFpHOHF\FOHSDVVHDX[UpJODJHVOHVSOXVpFRQRPHVHQpQHUJLHHWWRXVOHVYR\DQWVH0RQLWRUV·DOOXPHQW
SRXULQGLTXHUO·DFWLYDWLRQGHVUpJODJHVG·pFRQRPLHG·pQHUJLH6LYRXVFKDQJH]OHVUpJODJHVOHQRPEUHGHYR\DQWVH0RQLWRUGLPLQXHUDRX
DXJPHQWHUDSRXULQGLTXHUODGLPLQXWLRQRXO·DXJPHQWDWLRQGHVUpJODJHVpFRQHUJpWLTXHV
+'LVSOD\$IILFKDJH
/·DIILFKDJHLQGLTXHOHWHPSVjpFRXOHUDYDQWODILQGXF\FOH
5(0$548(/DGXUpHGXF\FOHGpSHQGGXWHPSVTX·LOIDXWSRXUUHPSOLUODFXYHYDULDEOHVHORQODSUHVVLRQG·HDXjYRWUHGRPLFLOH/D PLQXWHULHLQWHOOLJHQWHHQUHJLVWUHOHWHPSVTX·LOIDXWSRXUUHPSOLUODFXYHHWDMXVWHODGXUpHWRWDOHHQFRQVpTXHQFH
'HSOXVFHWDIILFKDJHIHUDGpILOHUO·pWDWGHIRQFWLRQQHPHQWGHODODYHXVH
E$/$1&,1* 'pEXWGXF\FOHGHUppTXLOLEUDJHSRXUGLVWULEXHUOHVYrWHPHQWV$UUrWHORUVTXHOHUppTXLOLEUDJHHVWWHUPLQp |
| ||
G(/$< | /RUVTXHOHODYDJHGLIIpUp'HOD\HG:DVKDGpEXWp5HPSODFpSDUODGXUpHHVWLPpHORUVTXHOHF\FOHGpPDUUH |
| |
(QG | )LQGXF\FOHDFWXHO |
| |
),// | 'XUDQWOHVSUHPLqUHVVHFRQGHVGXUHPSOLVVDJHOHWHPSVHVWLPpSRXUWHUPLQHUOHF\FOHHVWDIILFKp3RXUOHUHVWHGX | ||
WHPSVGHUHPSOLVVDJH),//DSSDUDvWMXVTX·jODILQGXUHPSOLVVDJH |
| ||
/,' | /HF\FOHV·HVWDUUrWpVXLWHjO·RXYHUWXUHGXFRXYHUFOH)HUPH]OHFRXYHUFOH |
| |
3$86( | /HF\FOHV·HVWPLVHQSDXVHVXLWHjXQHSUHVVLRQGHODWRXFKH6WDUW3DXVHHWDXUpJODJHVXU3DXVH$SSX\H]VXUOD | ||
WRXFKH6WDUWjQRXYHDXSRXUUH'pPDUUDJHOHF\FOH |
|
, ,QGLFDWRUOLJKWV9R\DQWVOXPLQHX[
&LQTYR\DQWV'(/LQGLTXHQWO·pWDWDFWXHOGXIRQFWLRQQHPHQWVHGpSODoDQWGHJDXFKHjGURLWHDYHFODSURJUHVVLRQGXF\FOH