59
3,('¬5(35,6(5(7¬%52'(5
/H3LHGj5HSULVHUHWj%URGHUHVWXWLOLVpSRXUOHVWUDYDX[GHUDFFRPPRGDJHVGHVWURXVRXGHVDFFURFVOD
EURGHULHjPDLQOLEUHFUpHUGHVPRQRJUDPPHVHWSRXUIDLUHGXFDSLWRQQDJH
35e3$5$7,21'(/$0$&+,1(
(QOHYH]OHSLHGSUHVVHXUHWOHVXSSRUWGXSLHGSUHVVHXU/LEpUH]OHVJULIIHVGHQWUDLQHPHQW
$VVXUH]YRXVTXHODLJXLOOH VRLWjVD SRVLWLRQOD SOXVKDXWH3RXU IDFLOLWHU O¶LQVWDOODWLRQGX SLHG DEDLVVH]
OHQWHPHQWODLJXLOOHMXVTXjFHTX¶HOOHVRLW j PLFKHPLQ)L[HUOH3LHGj5HSULVHUHWj%URGHUjODEDUUHGH
SUHVVLRQ$VVXUH]YRXVTXHOHEUDVDXVRPPHWGXSLHGSUHVVHXUUHSRVHVXUODWLJHGHODYLVGHODLJXLOOH
(QILOH]ODPDFKLQH5pGXLVH]OpJqUHPHQWODWHQVLRQGHILOVXSpULHXUH
,QVWDOOH]XQHQWRLODJHDXGRVGXWLVVXHQVXLYDQWOHVUHFRPPDQGDWLRQVGXIDEULFDQW,QVWDOOH]OHWLVVXGDQV
XQFHUFHDXSRXUIDFLOLWHODPDQLSXODWLRQGXWLVVXORUVGHODFRXWXUH$EDLVVH]OHSLHGSUHVVHXU&RXGUH
5(35,6$*(
6pOHFWLRQQH]OH SRLQWGURLWVXUOD PDFKLQH,QVWDOOH] OHWLVVX GDQV XQFHUFHDX5HPRQWH] OHILO GHOD FDQHWWH WHQH] HQVXLWH
IHUPHPHQWOHILOGHODFDQHWWHHWGHO¶DLJXLOOHHQVHPEOHHQGpEXWDQWODFRXWXUH
&RXGUHOD]RQH GpFKLUpHWRXWHQ GpSODoDQWOHWLVVXG¶DYDQWHWGHUULqUHDYHFXQPRXYHPHQWUpJXOLHU8QHIRLVTXH OD]RQH D pWp
FRXYHUWHGHSRLQWVJDUGHUODLJXLOOHHQEDVWRXUQHUOHWLVVXGHHWODUHIDLUHOHSURFHVVXV
&28785(¬0$,1/,%5((70212*5$00(
6pOHFWLRQQH]OHSRLQWHQ]LJ]DJUpJOHUODODUJHXUGXSRLQWjPR\HQQH,OQHVWSDVQpFHVVDLUHGHUpJOHUODORQJXHXUGHSRLQWFRPPH
FHOOHFLHVWGpWHUPLQpHSDU
OHPRXYHPHQWGXWLVVX
8WLOLVHUXQPDUTXHXUSRXUWLVVXQRQSHUPDQHQWSRXUGHVVLQHUOHPRQRJUDPPHVXUODVXUIDFHGXWLVVX
&RXGUHjXQHYLWHVVHUDSLGHWRXWHQGpSODoDQWOHWLVVXPRGpUpPHQW
/(&$3,7211$*(
6pOHFWLRQQH]OHSRLQWGURLW,OQHVWSDVQpFHVVDLUHGHUpJOHUODORQJXHXUGHSRLQWFRPPHFHOOHFLHVWGpWHUPLQpHSDUODYLWHVVHGH
FRXWXUHDLQVLTXHOHPRXYHPHQWGXWLVVX
,QVWDOOH]OHWLVVXVXSpULHXUORXDWLQHHWOHWLVVXGHVRXWLHQHQVHPEOHeSLQJOH]OHVHQVHPEOHVSRXUVpFXULVHUODFRXWXUH
&RXGUHHQVSLUDOHMRLJQDQWOHVFRXFKHVGHWLVVXHQVHPEOHWRXWHQFRXVDQW
3,(''28%/((175$v1(0(17
/H3LHG'RXEOH(QWUDvQHPHQWFRPSRUWHHQVHPEOHGHJULIIHVG¶HQWUDvQHPHQWTXLIRQFWLRQQHHQDFFRUG
DYHFOHV\VWqPHGHJULIIHGHODPDFKLQHjFRXGUHSRXUIDFLOLWHUOHGpSODFHPHQWGXWLVVX&HFLHVWLPSRUWDQW
ORUVGHODFRXWXUHGHSOXVLHXUVFRXFKHVGHWLVVXSDUWLFXOLqUHPHQWSRXUOHPDWHODVVDJH&HSLHGSUHVVHXU
HVWDXVVLLGpDOSRXUIDLUHFRQFRUGHUOHVWLVVXVGHW\SHpFRVVDLVRXjUD\XUHVHWFRXGUHOHVWLVVXVWHOTXHOH
YHORXUVRXOHFRUGXUR\SRXUOHVHPSrFKHUGHVHGpSODFHU
'HVVHUUHUODYLVGXSLHGSUHVVHXUHQOHYH]OHVXSSRUWGXSLHGDLQVLTXHOHSLHGSUHVVHXUHQVXLWHUHWLUHU
ODYLVGXSLHGSUHVVHXU
,QVWDOOHU/H3LHG'RXEOH(QWUDvQHPHQWVXUODEDUUHGXSLHGSUHVVHXUHQYRXVDVVXUDQWTXHODWLJH
V¶LQVqUHGDQVWLJHGHODYLVGHO¶DLJXLOOH
5HSODFHUODYLVGXSLHGSUHVVHXU8QHIRLVTXLOHVWFRUUHFWHPHQWLQVpUHUVXUODEDUUHGXSLHGSUHVVHXU
VpFXULVpOHHQSODFHHQUHVVHUUDQWODYLVjO¶DLGHG¶XQWRXUQHYLV
3RXUUpDOLVHUGHVFRXWXUHVGDQVOH
WLVVXGHW\SHpFRVVDLVOHYHORXUVRXOHFRUGXUR\SODFHUGHX[SLqFHVGXWLVVXOHVERQVF{WpV
HQVHPEOHVRXVOHSLHGSUHVVHXU
6pOHFWLRQQHUOHSRLQWGURLWUpJOHUODORQJXHXUGXSRLQWjPR\HQQH$EDLVVH]OHSLHGSUHVVHXUFRXVH]HQVXLWHGHKDXWHQEDV
&RXGUHGHVFRXFKHVGpGUHGRQVpFXULVHUGDERUGOHWLVVXVXSpULHXUORXDWLQHHWOHWLVVXGHVRXWLHQHQVHPEOHDYHFGHVpSLQJOHVRX
HQVXUILODQW3ODFHUWRXWHVOHVFRXFKHVGHWLVVXHQVHPEOHVRXVOHSLHGSUHVVHXU$EDLVVH]OHSLHGSUHVVHXUFRXVH]HQVXLWHOHV
FRXFKHVHQVHPEOH
1RWH]6LYRXVOHVRXKDLWH]GHVOLJQHVSHXYHQWrWUHWUDFpHVVXUOHWLVVXXWLOLVDQWXQPDUTXHXUGH WLVVXHWXQHUqJOHSRXUJXLGHUOD
FRXWXUH