%8//(7,12)),&,(/


$'e&,'e&(48,68,7

(VWSURPXOJXpHHWVHUDSXEOLpHDX%XOOHWLQRIILFLHOjODVXLWH
GXSUpVHQWGDKLUODORLQPRGLILDQWHWFRPSOpWDQWODORL
QVXUODVRFLpWpHQQRPFROOHFWLIODVRFLpWpHQFRPPDQGLWH
VLPSOH OD VRFLpWp HQ FRPPDQGLWH SDU DFWLRQV OD VRFLpWp j
UHVSRQVDELOLWp OLPLWpH HW OD VRFLpWp HQ SDUWLFLSDWLRQ WHOOH
TXDGRSWpHSDUOD&KDPEUHGHVUHSUpVHQWDQWVHWOD&KDPEUHGHV
FRQVHLOOHUV

)DLWj,IUDQHOHPRKDUUHP IpYULHU
3RXUFRQWUHVHLQJ

/H3UHPLHUPLQLVWUH
'5,66-(7728


/RLQ
PRGLILDQWHWFRPSOpWDQWODORLQ
VXUODVRFLpWpHQQRPFROOHFWLIODVRFLpWpHQFRPPDQGLWH
VLPSOHODVRFLpWpHQFRPPDQGLWHSDUDFWLRQV
ODVRFLpWpjUHVSRQVDELOLWpOLPLWpHHWODVRFLpWpHQSDUWLFLSDWLRQ

$UWLFOHSUHPLHU
/HVGLVSRVLWLRQVGHVDUWLFOHVH DOLQpD
 HW  H DOLQpD GH OD ORL Q  VXU OD VRFLpWp HQ QRP
FROOHFWLI OD VRFLpWp HQ FRPPDQGLWH VLPSOH OD VRFLpWp HQ
FRPPDQGLWH SDU DFWLRQV OD VRFLpWp j UHVSRQVDELOLWp OLPLWpH HW OD
VRFLpWp HQ SDUWLFLSDWLRQ SURPXOJXpH SDU OH GDKLU Q  GX
FKDRXDO   IpYULHU  VRQW PRGLILpHV HW FRPSOpWpHV
FRPPHVXLW
$UWLFOH /H FDSLWDO GH FHWWH VRFLpWp GRLW rWUH GH GL[
PLOOHGLUKDPVDXPRLQV,OHVWGLYLVp
jGL[GLUKDPV
/D UpGXFWLRQ GX FDSLWDO j XQ PRQWDQW LQIpULHXU GRLW rWUH
VXLYLH

/DVXLWHVDQVPRGLILFDWLRQ
$UWLFOH7RXVOHVDVVRFLpVGRLYHQWLQWHUYHQLU
MXVWLILDQWGXQSRXYRLUVSpFLDO
/HV VWDWXWV GRLYHQW j SHLQH GH QXOOLWp GH OD VRFLpWp rWUH
GDWpVHWLQGLTXHU







/DUpSDUWLWLRQGHVSDUWVHQWUHOHVDVVRFLpV

/DVXLWHVDQVPRGLILFDWLRQ

1HUVDIDU

$UWLFOH/HV SDUWV VRFLDOHV GRLYHQW rWUH VRXVFULWHV HQ

WRWDOLWp SDU OHV DVVRFLpV (OOHV GRLYHQW rWUH LQWpJUDOHPHQW
OLEpUpHV ORUVTXHOOHV UHSUpVHQWHQW GHV DSSRUWV HQ QDWXUH /HV
SDUWV UHSUpVHQWDQW GHV DSSRUWV HQ QXPpUDLUH GRLYHQW rWUH
OLEpUpHV GDX PRLQV OH TXDUW GH OHXU PRQWDQW /D OLEpUDWLRQ GX
VXUSOXV LQWHUYLHQW HQ XQH RX SOXVLHXUV IRLV VXU GpFLVLRQ GX
JpUDQWGDQVXQGpODLTXLQHSHXWH[FpGHUFLQTDQVjFRPSWHUGH
OLPPDWULFXODWLRQ GH OD VRFLpWp DX UHJLVWUH GX FRPPHUFH
7RXWHIRLVOHFDSLWDOVRFLDOGRLWrWUHLQWpJUDOHPHQWOLEpUpDYDQW
WRXWH VRXVFULSWLRQ GH QRXYHOOHV SDUWV VRFLDOHV j OLEpUHU HQ
QXPpUDLUHjSHLQHGHQXOOLWpGHORSpUDWLRQ
/RUVTXLO QD SDV pWp SURFpGp GDQV OH GpODL GH FLQT DQV
DX[ DSSHOV GH IRQGV SRXU UpDOLVHU OD OLEpUDWLRQ LQWpJUDOH GX
FDSLWDO WRXW LQWpUHVVp SHXW GHPDQGHU DX SUpVLGHQW GX WULEXQDO
GH FRPPHUFH VWDWXDQW HQ UpIpUp VRLW GHQMRLQGUH VRXV DVWUHLQWH
DXJpUDQWGHSURFpGHUjFHVDSSHOVGHIRQGVVRLWGHGpVLJQHUXQ
PDQGDWDLUHFKDUJpGHSURFpGHUjFHWWHIRUPDOLWp
/HVSDUWVVRFLDOHVQHSHXYHQWSDVUHSUpVHQWHUGHVDSSRUWV
HQLQGXVWULH

/DVXLWHVDQVPRGLILFDWLRQ
$UWLFOH/HVDFWLRQVHQUHVSRQVDELOLWp
VLO D pWp GLVVLPXOp GH VD UpYpODWLRQ 3RXU OHV pOpPHQWV LQFOXV
GDQVOHVpWDWVGHV\QWKqVHODSUHVFULSWLRQFRPPHQFHjFRXULUj
FRPSWHU GH OD GDWH GH GpS{W DX JUHIIH SUpYXH j ODUWLFOH 
FLDSUqV7RXWHIRLVORUVTXHOHIDLWHVWTXDOLILpFULPHODFWLRQVH
SUHVFULWSDUDQV
$UWLFOH H DOLQpD  $ GpIDXW SDU OH JpUDQW RX OH RX
OHV FRPPLVVDLUHV DX[ FRPSWHV  'DQV
WRXV OHV FDV OH WULEXQDO SHXW DFFRUGHU j OD VRFLpWp XQ GpODL
PD[LPDOGHXQDQSRXUUpJXODULVHUODVLWXDWLRQ

/DVXLWHVDQVPRGLILFDWLRQ
$UWLFOH $SUqV LPPDWULFXODWLRQ DX UHJLVWUH GX
FRPPHUFH OD FRQVWLWXWLRQ GH OD VRFLpWp IDLW OREMHW GXQH
SXEOLFLWp DX PR\HQ GDYLV DX %XOOHWLQ RIILFLHO HW GDQV XQ
MRXUQDOGDQQRQFHVOpJDOHVGDQVXQGpODLQHGpSDVVDQWSDVOHV
WUHQWHMRXUV
&HWDYLVFRQWLHQWOHVLQGLFDWLRQVVXLYDQWHV








OH QXPpUR GLPPDWULFXODWLRQ DX UHJLVWUH GX
FRPPHUFH
$UWLFOHHDOLQpD 3DUGpURJDWLRQDX[GLVSRVLWLRQV
jXQHSHLQHGHPSULVRQQHPHQWHWRXj
XQH DPHQGH FRPPHW OH PrPH GpOLW PRLQV GH  DQV DSUqV
OH[SLUDWLRQGHFHWWHSHLQHRXGHVDSUHVFULSWLRQ
$UWLFOH
6RQWDEURJpHVOHVGLVSRVLWLRQVGHODUWLFOHGHODORLQ
SUpFLWpHVXUODVRFLpWpHQQRPFROOHFWLIODVRFLpWpHQFRPPDQGLWH
VLPSOH OD VRFLpWp HQ FRPPDQGLWH SDU DFWLRQV OD VRFLpWp j
UHVSRQVDELOLWpOLPLWpHHWODVRFLpWpHQSDUWLFLSDWLRQ