XYUH]DYHFSUpFDXWLRQVO¶HPEDOODJHHWVRUWH]O¶DPSOL
FDWHXUGHSXLVVDQFH(QSOXVGHO¶DPSOL
FDWHXU
GHSXLVVDQFHOXLPrPHO
DOHPHQWOHSUpVHQWPRGHG
LQVLTXHOHFHUWL¿FDWGHJDUDQWLH&RQVHUYH]HQOLHXVUO¶RULJLQDOGHODIDFWXUHTXLGRLWPHQWLRQQHUOD
GDWHG¶DFKDWHWGHOLYUDLVRQDLQVLTXHOHFHUWL
8(6&21&(51$17/¶,167$//$7,2
pQpUDOHPHQWO¶LQVWDOODWLRQRXOHPRQWDJHHQUDFNGHVDPSOLVGHSXLVVDQFHGRLWrWUHH
HFWXpGHPDQLqUH
jDVVXUHUXQHFLUFXODWLRQFRQVWDQWHGHO¶DLUGHO¶DYDQWYHUVO¶DUULqUH/¶LQVWDOODWLRQG¶DSSDUHLOVD
LUFXODWLRQG¶DLUFRQWUDLUHGDQVXQHPrPHDUPRLUHIHUPpHQ¶HVW
RQWLQVWDOOpV GDQVXQHDUPRLUH
HUPpHYHLOOH] jFHTX¶LO\ DLWXQHYHQWLODWLRQ VX
VDQWH/DLVVH] XQ
HVSDFHG¶DXPRLQV
DXGHVVXVGHVRXvHVGHYHQWLODWLRQ
SRXUSHUPHWWUHODFLUFXODWLRQ
HO¶DLUHQWUHO¶DUULqUHGHO¶DP
XLVVDQFHHWOHIRQGGHO¶DUPRLUH9HLOOH]jODLVVHUDXPRLQV
PPG¶HV
DFHOLEUHDXGHVVXVGHO¶DUPRLUHRXGXUDFN
pUDWXUHVjO¶LQWpULHXUGH
O¶DUPRLUHSHXYHQW
DFLOHPHQWDWWHLQGUHOHV
RQFWLRQQHPHQWQ¶RXEOLH]SDVTXHODWHPSpUDWXUH
DPELDQWHPD[LPDOHGRLWDXVVL
DUHLOVLQVWDOOpVGDQVFHWWH
DUPRLUHUHSRUWH]YRXVpJDOHPHQWDX³)21&7,211(0(17685/(6(&7(85(77(03
RXU DVVXUHU XQ IRQFWLRQQPHQW VDQV
UREOqPH HW HQ WRXWH VpFXULWp QH
DV IDLUH
IRQFWLRQQHUO¶DPSOL¿FDWHXUGHSXLVVDQFHDXGHOj&
DFH DYDQW O¶XVDJH GH UDLOV G¶LQVWDOODWLRQ RX GH UDLOV DUULqUH
LVSRQLEOHVHQRSWLRQHVWREOL
DWRLUHSRXULQVWDOOHUO¶DSSDUHLOGDQVXQHDUPRLUHGHUDFN
/¶DPSOL
FDWHXUGHSXLVVDQFHGRLWrWUHSURWp
pFRQWUHG¶pYHQWXHOVpFODERXVVXUHVRXUHQYHUVHPHQWV
RQVGLUHFWVGXVROHLOOHVWHPSpUDWXUHVpOHYpHVRXO¶LQÀXHQFHGLUHFWHGHVRXUFHVGH
KDOHXUXQHKXPLGLWppOHYpHWUR
RXVVLqUHVHWGHYLEUDWLRQV
HODFRQGHQVDWLRQSHXWVH
RUPHUVXUOHVpOpPHQWVLQWHUQHVORUVTXHO¶DPSOL
FDWHXUGHSXLVVDQFHHVW
RUWpG¶XQHQGURLWIURLGjXQHQGURLWFKDXG'DQVFHFDVLOIDXWDWWHQGUH
DUHLOVHVRLW
DGDSWpjODQRXYHOOHWHPSpUDWXUHSRXUOH
DSUqVDSSUR[LPDWLYHPHQWXQHKHXUH
HUVRXGXOLTXLGHRQWSpQpWUpVGDQVOHFKkVVLVGHO¶DPSOL
pEUDQFKH]OHLPPpGLDWHPHQWGXVHFWHXUHWFRQWDFWH]XQVHUYLFHWHFKQLTXHD