You are on page 1of 16

/HPDULDJHGHOåLQQRYDWLRQHWGHODV«FXULW«

*«RV\QWK«WLTXHVSRXUOHVWHUUDVVHPHQWVHWIRQGDWLRQV


1RVJ«RV\QWK«WLTXHVU«VLVWHQWDXWHPSVâ
QRVSURPHVVHVDXVVL



+8(6.(5XQSDUWHQDLUH
TXLYRXVFRPSUHQG

1RVFRPS«WHQFHVGDQVOHGRPDLQHGHVJ«RV\QWK«WLTXHVVåDSSXLHQWVXUSOXVGHDQQ«HVGåH[S«ULHQFHDXFRXUV
GHVTXHOOHVQRXVDYRQVDFWLYHPHQWFRQWULEX«¢IDLUH«YROXHUOHVFKDQWLHUVGHWHUUDVVHPHQWVHWIRQGDWLRQV

1RWUH«TXLSHFRPSRV«HGHFRQVHLOOHUVFOLHQWVGåLQJ«QLHXUVHWGHUHVSRQVDEOHVGHSURGXFWLRQHVWHQPHVXUH
GHJ«UHUGHVSURMHWVH[WU¬PHPHQWYDUL«V1RXVQRXVIDLVRQVIRUWGHPHWWUHDXSRLQWODVROXWLRQTXLPªQHUD
GLUHFWHPHQWQRVFOLHQWV¢OåREMHFWLIUHFKHUFK«âDXVVLFRPSOH[HTXHSXLVVHSDUD°WUHODW¤FKHDXG«SDUW

1RXVVRPPHVSOHLQHPHQWFRQVFLHQWVGHVUHVSRQVDELOLW«VTXLSªVHQWVXUQRXVORUVTXåLOVåDJLWGHFRQFHYRLUGHV
J«RV\QWK«WLTXHVFDSDEOHVGHVXSSRUWHUSOXVLHXUVWRQQHVGHPDW«ULDX[&KDTXHPªWUHFDUU«GHVSURGXLWV
+8(6.(5XWLOLV«VSDUQRVFOLHQWVVXUOHXUVFKDQWLHUVGRLWU«SRQGUH¢XQLPS«UDWLIGHV«FXULW«WRWDOH

1RVFROODERUDWHXUVKDXWHPHQWTXDOLIL«VWUDYDLOOHQWHQSHUPDQHQFHVXUQRVSURGXLWVDILQGå\DSSRUWHUGHQRXYHOOHV
DP«OLRUDWLRQV/DTXDOLW«KRUVSDLUGHVJ«RV\QWK«WLTXHV+8(6.(5IDLWHQRXWUHOåREMHWGHFRQWU¶OHVSHUPDQHQWV
HIIHFWX«VDXVHLQGHQRWUHODERUDWRLUHLQWHUQHHWSDUGHVRUJDQLVPHVLQG«SHQGDQWV

1RVJ«RV\QWK«WLTXHVSHUPHWWHQWGåLPDJLQHUGHVP«WKRGHVGHFRQVWUXFWLRQ«FRORJLTXHVGåXQHGXUDELOLW«JDUDQWLH

&HVRQWWRXWHVFHVYDOHXUVTXLVRQWOHIRQGHPHQWGHQRWUHHQWUHSULVHGRQWODSKLORVRSKLHSHXW¬WUHU«VXP«HDLQVL
OåDPRXUGXWUDYDLOELHQIDLW



(1%5()

/HVJ«RV\QWK«WLTXHV+8(6.(5SRXU
OHVWHUUDVVHPHQWVHWIRQGDWLRQVVRQW
FRQIRUPHVDX[QRUPHVHWPDUTXDJHV

ì (1,62
ì (1,62
ì (1,62
ì ',1
ì &(
ì ,9*
ì HWGåDXWUHVV\VWªPHVGHFHUWLILFDWLRQ


/HVIRQGHPHQWVGHQRWUHWUDYDLO
TXDOLW«VWDELOLW«V«FXULW«

9RXVSRXYH]ELHQV½UIDLUHHQWLªUHPHQWFRQILDQFH¢QRVFRPS«WHQFHVHW¢QRWUHH[S«ULHQFH0DLVQRXV
FRPSUHQRQVWRXW¢IDLWTXHYRXVGLVLH]m/DFRQILDQFHFåHVWELHQâOHFRQWU¶OHFåHVWPLHX[}

1RVJ«RV\QWK«WLTXHVVRQWVRXPLV¢XQVXLYLGHWRXVOHVLQVWDQWV1RVSUHVWDWLRQVHWSURGXLWVIRQWOåREMHWGH
SURF«GXUHVFRPSOH[HVGåKRPRORJDWLRQGHFHUWLILFDWLRQHWGHVXUYHLOODQFHSDUGHVLQVWLWXWVH[WHUQHV

*U¤FH¢QRVVWUXFWXUHVGHSURGXFWLRQPRGHUQHVHWSHUIRUPDQWHVQRXVVRPPHVHQPHVXUHGHQRXVDGDSWHUGH
ID©RQUDSLGHHWIOH[LEOHDX[VRXKDLWVIRUPXO«VSDUOHFOLHQWâHQJDUDQWLVVDQWXQHTXDOLW«WRXMRXUVLUU«SURFKDEOH
/HVFDUDFW«ULVWLTXHVLQGLTX«HVSRXUOHVSURGXLWV+8(6.(5UHSRVHQWVXUGHVHVVDLVLQGH[«VVHORQOHVQRUPHV
&(HW,62
/HV\VWªPHGHJHVWLRQTXDOLW«+8(6.(5HVWFHUWLIL«VHORQODQRUPH(1,621RWUHODERUDWRLUHLQWHUQHHVWOXL
DXVVLDFFU«GLW«SDUOåRUJDQLVPHGåDFFU«GLWDWLRQRIILFLHODOOHPDQG m'HXWVFKHV$NNUHGLWLHUXQJVV\VWHP3U¾IZHVHQ
*PE+} VHORQODQRUPH(1,62

/DSURGXFWLRQHQFRXUVHVWY«ULIL«H¢ODIRLVSDUQRWUHODERUDWRLUHLQWHUQHHWSDUGHVLQVWLWXWVRIILFLHOVGHFRQWU¶OH
GHVPDW«ULDX[â\FRPSULVVHORQOHVFULWªUHVULJRXUHX[GHODQRUPH',1%HDXFRXSGHQRVSURGXLWVWHOV
TXHOHVJ«RJULOOHV)RUWUDFpRQWHQRXWUHREWHQXGåDXWUHVFHUWLILFDWVUHFRQQXV


3URMHWç7UHQWLQè
OHVJ«RJULOOHV)RUWUDFpSUHQQHQWGHODKDXWHXU

(1%5()

ì 7DOXVGHPGHKDXWHXUUHQIRUF«SDU
 J«RJULOOHV
ì *«RJULOOHV)RUWUDFpGåXQH
 U«VLVWDQFH¢ODWUDFWLRQGHN1P
 GDQVOåD[HGHODFRQWUDLQWHSULQFLSDOH
ì *«RJULOOHV)RUWUDFpGåXQH
/HSLWWRUHVTXHYLOODJHGH/DVHVGDQVODSURYLQFHLWDOLHQQHGX7UHQWLQ  U«VLVWDQFH¢ODWUDFWLRQGHN1P
HVWVLWX«DXIRQGGåXQHYDOO«HERUG«HGHYHUVDQWVHQJUDQLWâPDLVOHVLWH  GDQVOåD[HGHODFRQWUDLQWHSULQFLSDOH
YLYDLWMXVTXåHQVRXVODPHQDFHSHUPDQHQWHGåXQHFDWDVWURSKH ì +\GURVHPHQFHFRPSRV«HGåXQ
 P«ODQJHVS«FLDOGHVHPHQFHVGH
(QUDLVRQGHOå«URVLRQGHODURFKHOHVYHUVDQWVGHYHQDLHQWHQHIIHWGH  JD]RQGåHDXGåHQJUDLVHWGHOLDQW
SOXVHQSOXVLQVWDEOHVHQSDUWLFXOLHUDXGHVVXVGXODF/DVLWXDWLRQ
«WDLWHQFRUHDJJUDY«HSDUODSU«VHQFHGåXQHIDLOOHMXVWHHQFRQWUHEDV
GXYHUVDQWHQTXHVWLRQHWSDUOåLPSRUWDQFHGHODQDSSHSKU«DWLTXH¢
FHWHQGURLW/HYHUVDQWPHQD©DLWGHJOLVVHUGDQVOHODFHWGHG«FOHQFKHU
XQY«ULWDEOHUD]GHPDU«H
0XUVHWWDOXVGHVRXWªQHPHQW
3RXU\UHP«GLHUHQDXJPHQWDQWODVWDELOLW«GXYHUVDQWSOXVLHXUV UHQIRUF«VSDUGHVJ«RV\QWK«WLTXHV
FHQWDLQHVGHPLOOLHUVGHPªWUHVFXEHVGHURFKHVRQW«W«UDVVHPEO«HV
HQWHUUDVVHVDXSLHGGXYHUVDQWHWUHQIRUF«HVSDUGHVJ«RJULOOHV)RUWUDFp
U«SXW«HVSRXUOHXUU«VLVWDQFHHWOHXUERQQHWHQXHGDQVOHWHPSV&HSURMHW
GHJUDQGHDPSOHXUH[WU¬PHPHQWFRPSOH[HDSX¬WUHPHQ«¢ELHQJU¤FH¢
ODFRRS«UDWLRQHIILFDFHHQWUHOHVJ«RORJXHVHWOHVLQJ«QLHXUV+8(6.(5â
HW«JDOHPHQWJU¤FH¢ODTXDOLW«GHVJ«RJULOOHV)RUWUDFp


(1%5()

ì 2XYUDJHGHVRXWªQHPHQWGHP
 GHKDXWUHQIRUF«SDUJ«RJULOOHV
ì 8WLOLVDWLRQGHJ«RJULOOHV
 )RUWUDFp757
 5757
ì 8WLOLVDWLRQGHJ«RWH[WLOHVWLVV«V 0XUVHWWDOXVGH
 +D7Hp*5 VRXWªQHPHQW
UHQIRUF«VSDUGHV
J«RV\QWK«WLTXHV

3URMHWç7ULHEHQ6XQNè+8(6.(5YRXV
VRXKDLWHERQQHURXWHVXUOD%

&åHVWGDQVOHVDQQ«HVVRL[DQWHTXåD«W«FRQVWUXLWHODSRUWLRQGHODQDWLRQDOH%VLWX«H¢SUR[LPLW«GHODFRPPXQH
GH7ULHEHQHQ6W\ULH $XWULFKH /DURXWHWUªVIU«TXHQW«HUHOLDQW7ULHEHQHW6XQNVå«WDLWEHDXFRXSG«JUDG«HDXILO
GHVDQQ«HV¢WHOSRLQWTXHOHVGRPPDJHVQå«WDLHQWSOXVU«SDUDEOHV/HVFRQGLWLRQVJ«RORJLTXHVVXUOHVLWH
FRQVWLWXDLHQWXQY«ULWDEOHG«IL

$SUªVGHPXOWLSOHVLQYHVWLJDWLRQVOH/DQGGH6W\ULHPD°WUHGåRXYUDJHGXSURMHWDILQDOHPHQWRSW«SRXUXQ
QRXYHDXWUDF«GHOåDXWUHF¶W«GHODYDOO«HVXUODEDVHGåXQRXYUDJHHQWHUUHDUP«HUHQIRUF«SDUXQHDUPDWXUH
J«RV\QWK«WLTXH/HVYHUVDQWVVLWX«VGHSDUWHWGåDXWUHGHODURXWHRQW«W«VWDELOLV«V¢OåDLGHGåXQQRPEUHYDULDEOH
GHFRXFKHVGHUHPEODLGHFPGå«SDLVVHXUFKDFXQHFRQVROLG«HVSDUGHVJ«RJULOOHV)RUWUDFpPLVHVHQSODFH
DYHFUHWRXUGHQDSSH

/HVRXYUDJHVGHVRXWªQHPHQWDLQVLREWHQXVPHVXUDLHQWMXVTXå¢PGHKDXWHXUPD[LPDOHHWOHVJ«RJULOOHV
XWLOLV«HVGHYDLHQWGRQFVDWLVIDLUH¢GHVH[LJHQFHVKRUVGXFRPPXQ/HVJ«RJULOOHV)RUWUDFpRQWIDLWLFLOD
GLII«UHQFHSDUOHXUWUªVJUDQGHIOH[LELOLW«¢OåXVDJHSHUPHWWDQWXQHPLVHHQÈXYUHDLV«HDYHFUHWRXUGHQDSSH
DLQVLTXHSDUOHXUFRPSRUWHPHQWHQFRQWUDLQWHG«IRUPDWLRQHWOHXUORQJ«YLW«


3URMHWç*U¸EHUVè+8(6.(5SODFH
OHU«VHDXIHUU«DOOHPDQGVXUGHERQVUDLOV

&RPPHQWIDLUHSRXUDP«QDJHUXQQÈXGIHUURYLDLUH¢XQHQGURLWR»GHVPLQHVGHFKDUERQ«WDLHQWHQFRUHHQ
H[SORLWDWLRQLO\DTXHOTXHVG«FHQQLHV¢VHXOHPHQWPVRXVODVXUIDFH"/HVLWHGHYDLW¬WUHHQRXWUHFDSDEOH
GåDFFXHLOOLUGDQVOHIXWXUVHSWYRLHVSDUDOOªOHVGRQWGHX[SRXUWUDLQV¢JUDQGHYLWHVVHFLUFXODQWMXVTXå¢NPK
$ILQGHUHOHYHUFHG«ILOD'HXWVFKH%DKQ$*DRSW«SRXUGHVJ«RJULOOHV)RUWUDFp&HOOHVFLFRQVWLWXDLHQWHQHIIHW
ODPHLOOHXUHVROXWLRQSRVVLEOHSRXUSU«YHQLUOHVULVTXHVGåHIIRQGUHPHQWV FDYLW«V RXGHWDVVHPHQWVPDMHXUVDX
QLYHDXGXQÈXGIHUURYLDLUHWRXWHQSHUPHWWDQWXQHVXUYHLOODQFHLQIRUPDWLV«HGXVLWH

/HVFDYLW«VPLVHVHQ«YLGHQFHORUVGHODUHFRQQDLVVDQFHGXVRORQW«W«FRPEO«HVSDULQMHFWLRQ/HFRUSVGX
UHPEODLDHQVXLWH«W««ULJ«SDUGHVVXVXQV\VWªPHSDUDFKXWHDQWLHIIRQGUHPHQWFRPSRV«GåXQPDWHODVGH
JUDYLHUDUP«HWGåXQEORFGHWHUUHVWDELOLV«DXFLPHQW

3RXUFHODRQDWRXWGåDERUGDP«QDJ«XQHFRXFKHGHEDVHGHPGå«SDLVVHXUWUDLW«HDXFLPHQW&HWWH
FRXFKHD«W«UHFRXYHUWHGåXQP«ODQJHPLQ«UDO HW FRPELQ«DXV\VWªPH«OHFWURQLTXHGåDOHUWH3XLVRQ
DSRV«HQFURL[GHX[FRXFKHVGHJ«RJULOOHV)RUWUDFpHQDUDPLGHSU«VHQWDQWGHVU«VLVWDQFHV¢FRXUWWHUPH
GHN1PGDQVOHVHQVGXG«URXOHPHQW&HGLVSRVLWLIGHUHQIRUFHPHQWIDLVDLWDXWRWDOPGå«SDLVVHXU


(1%5()

ì 8WLOLVDWLRQGHJ«RJULOOHV
 )RUWUDFp5$0
ì 96'0 PDW«ULDXFRPSRVLWHXWLOLV«
 FRPPHV\VWªPHGåDOHUWH
ì 8WLOLVDWLRQGHQRQWLVV«V+D7Hp)%

6\VWªPHSDUDFKXWH
DQWLHIIRQGUHPHQW

3OXVLHXUVFRXFKHVGHPDW«ULDXWUDLW«DXFLPHQWRQWHQVXLWH«W«
SRV«HVVXUOåHQVHPEOHGHOåRXYUDJH&HV«SDLVVHXUVRQW«W«
UHFRXYHUWHVGåXQQRQWLVV«GHV«SDUDWLRQ+D7Hp)%DYDQWGH
SURF«GHU¢OåDP«QDJHPHQWGåXQHFRXFKHGHQLYHOOHPHQWHWGHSURWHFWLRQ
DQWLJHOVHORQOHVSUHVFULSWLRQVGHODGLUHFWLYHDOOHPDQGH'6UHODWLYH
¢FHW\SHGåRXYUDJHVIHUURYLDLUHV

(QFDVGåHIIRQGUHPHQWOHV\VWªPHGåDOHUWHHQLQGLTXHVDSRVLWLRQ¢
OåLQW«ULHXUGåXQPDLOODJH/HVJ«RJULOOHV)RUWUDFpVRQWVLPXOWDQ«PHQW
DFWLY«HVHWLOVHIRUPHXQHYR½WHFRPSDFWHGDQVOHEORFVWDELOLV«DX
FLPHQW$LQVLFHV\VWªPHXQLTXHHQVRQJHQUHQHVHFRQWHQWHSDVGH
SHUPHWWUHXQHVXUYHLOODQFHLQIRUPDWLV«HGXUDEOHGHOåRXYUDJHLOLQFOXW
«JDOHPHQWXQHV«FXULVDWLRQSHUPDQHQWHGXQÈXGIHUURYLDLUH


3URMHWç0¾KOHQEHUJHU/RFKè
WHUUHHQYXHJU¤FH¢5LQJWUDFp

(1%5()

ì FRORQQHVGHVDEOHHQYHORSS«HV
 GåXQHJDLQHJ«RWH[WLOHGHW\SH
 5LQJWUDFp
ì 8WLOLVDWLRQGHJ«RJULOOHV
 )RUWUDFp5
ì 8WLOLVDWLRQGH6WDELOHQNDp
ì 8WLOLVDWLRQGH&RPWUDFp$
/åH[WHQVLRQGXVLWHGHSURGXFWLRQGXQRXYHO$LUEXV$¢+DPERXUJ  $
Q«FHVVLWDLWGHJDJQHUHQYLURQKDGHWHUUDLQVXUOåHVWUDQGHOå(OEH ì &KDQWLHUGHDQV
&RPPHQWJ«UHUXQSURMHWGåXQHWHOOHDPSOHXU"/DVROXWLRQDFRQVLVW«
HQFRORQQHVGHVDEOHHQYHORSS«HVGHJDLQHVJ«RWH[WLOHVGHW\SH
5LQJWUDFp

3RXUU«DOLVHUODIRQGDWLRQGXUHPEODLS«ULSK«ULTXHVå«WHQGDQWVXU
NPGHVLQFOXVLRQVGUDLQDQWHVHQVDEOHFRPSDFW«GH¢PGH ,QFOXVLRQVGUDLQDQWHVFRQILQ«HV
ORQJRQW«W«LQW«JU«HVDXVROPRXGåXQHSRUWDQFHH[WU¬PHPHQWOLPLW«H SDUXQJ«RV\QWK«WLTXH
3XLVXQUHQIRUFHPHQWGHEDVHGHUHPEODLFRQVWLWX«GHJ«RV\QWK«WLTXHV
&RPWUDFpD«W«SRV«VXUOHVW¬WHVGHVFRORQQHVDILQGHJDUDQWLU
GXUDEOHPHQWODVWDELOLW«GXUHPEODLS«ULSK«ULTXH

&HWWHVROXWLRQPLVHDXSRLQWSDU+8(6.(5DSHUPLVGHU«DOLVHU
GHV«FRQRPLHVFRQVLG«UDEOHVWGHSDOSODQFKHVPLOOLRQGH
PtGHVDEOHHWPLOOLRQVGHOLWUHVGHFDUEXUDQWHQPRLQVKD
VXSSO«PHQWDLUHVGHWHUUHVJDJQ«HVHWXQHGXU«HGXFKDQWLHU
UDFFRXUFLHGHSOXVGåXQDQ


(1%5()

ì 8WLOLVDWLRQGHJ«RJULOOHV
 )RUWUDFp50
ì 0LVHHQRHXYUHVXUXQWUDF«GHNP
ì &KDQWLHUGHMRXUV

5HPEODLVVXULQFOXVLRQVULJLGHV

3URMHWç3DXOLQHQDXHè+8(6.(5
FRQWULEXH¢OåHVVRUGXWUDILF¢JUDQGHYLWHVVH

$SUªVOåDEDQGRQGXSURMHWGHWUDLQPDJQ«WLTXH¢JUDQGHYLWHVVHHQWUH
+DPERXUJHW%HUOLQOD'HXWVFKH%DKQ$*DG«FLG«GåDP«OLRUHUODOLJQH
H[LVWDQWH/DSRUWLRQGHNPVLWX«HHQWUH3DXOLQHQDXHHW)ULHVDFN
FRQVWLWXDLWOHSULQFLSDOG«ILGHODWUDQFKHGHWUDYDX[6SDQGDX1HXVWDGWHQ
UDLVRQGHVRQVRXVVROPDU«FDJHX[GåXQHIDLEOHSRUWDQFH

$SUªVDYRLUVRLJQHXVHPHQWSU«SDU«OHVXSSRUWHWOHVFRORQQHVEDOODVW«HV
H[LVWDQWHVOHQRXYHDXUHPEODLD«W««ULJ«HQFRPPHQ©DQWSDUXQH
FRXFKHGHJUDYHGHFPGå«SDLVVHXUVXLYLHGHWURLVFRXFKHVVXSHUSRV«HV
GHJ«RJULOOHV)RUWUDFpGHW\SH50HQ39$HVSDF«HV
YHUWLFDOHPHQWGHFPFKDFXQHDILQGåREWHQLUODIRUFHSRUWDQWHUHTXLVH
/HVJ«RJULOOHV)RUWUDFpRQW«W«GLVSRV«HVSHUSHQGLFXODLUHPHQW¢OåD[HGH
ODYRLHVXUXQHODUJHXUGHPHQOHVIDLVDQWVHFKHYDXFKHUVXUP
&RPPHOHVJ«RJULOOHVDYDLHQW«W«FRQIHFWLRQQ«HVVXUPHVXUHOHV
RS«UDWLRQVGHG«FRXSHRQW«W«U«GXLWHVDXPLQLPXP

/DOLJQHHVWGHSXLVFHWWHGDWHH[SORLW«HQRUPDOHPHQWHWOHVPHVXUHV
FRQILUPHQWOåHIILFDFLW«GHODVROXWLRQWHFKQLTXHGHKDXWQLYHDXPLVHDX
SRLQWSDU+8(6.(5/HVDP«QDJHPHQWVHIIHFWX«VRQWUDPHQ«¢
PLQXWHVODGXU«HGXWUDMHWHQ,&(HQWUHODJDUHFHQWUDOHGH+DPERXUJ
HWODJDUHGH%HUOLQm%DKQKRI=RR}JU¤FH¢GHVSRLQWHVGHYLWHVVH¢
NPK


1RWUHJDPPHâ
GHVSURGXLWVDX[DWRXWVLQG«QLDEOHV

4XHOTXHVRLWOHW\SHGHVRXVVRO¢UHQIRUFHU+8(6.(5YRXVSURSRVH
GHVPDW«ULDX[TXLUHSRVHQWVXUGHVG«FHQQLHVGåH[S«ULHQFHHWVXUGHV
FRPS«WHQFHVDSSURIRQGLHV

1RVJ«RV\QWK«WLTXHVRQW«W«PLVDXSRLQWHQDFFRUGDQWXQHH[WU¬PH
DWWHQWLRQ¢ODIDFLOLW«GHSRVHHW¢ODVRXSOHVVHGåXVDJHDLQVLTXåDX[
TXHVWLRQVGHORQJ«YLW«'HSXLVODFU«DWLRQGHQRWUHHQWUHSULVHLO\DSOXV
GHDQVQRXVQåDYRQVFHVV«GåRSWLPLVHUQRVSURFHVVXVGHIDEULFDWLRQ
DILQGHYRXVRIIULUGHVSURGXLWVGDQVOHVTXHOVYRXVSRXYH]DYRLUHQWLªUH
FRQILDQFH/DGXUDELOLW«HWOHUHVSHFWGHOåHQYLURQQHPHQWMRXHQWSDU
DLOOHXUVXQU¶OHFO«DXVHLQGXJURXSH+8(6.(5

1RXVQHQRXVSHUFHYRQVSDVFRPPHXQVLPSOHIRXUQLVVHXUGH
J«RV\QWK«WLTXHVPDLVSOXW¶WFRPPHXQSDUWHQDLUHTXLYRXVDFFRPSDJQH
GDQVYRVSURMHWVHWPHW¢YRWUHVHUYLFHWRXWVRQVDYRLUIDLUHHWVRQ
H[S«ULHQFHSRXU«ODERUHUXQHVROXWLRQVXUPHVXUH&åHVWHQHIIHWOD
VHXOHDSSURFKHSRVVLEOHSRXUPHQHU¢ELHQGHVSURMHWVFRPSOH[HVâ
HWSRXUG«YHORSSHUXQHJDPPHGHSURGXLWVU«XQLVVDQWDXWDQWGåDWRXWV
LQG«QLDEOHV

/HVVLWHV+8(6.(5GDQVOHPRQGH
9RXVWURXYHUH]GHSOXVDPSOHVLQIRUPDWLRQVVXUOHVLWHZZZ+8(6.(5IU


5HQIRUFHPHQWVXUVROVPRXV 5HQIRUFHPHQWVXULQFOXVLRQVULJLGHV
ì *DUDQWLWODVWDELOLW«JOREDOHHWORFDOH ì 3HUPHWGåHVSDFHUOHVLQFOXVLRQVHWRXGåXWLOLVHU
ì 5«GXLWOHVWHPSVGHFRQVROLGDWLRQ  GHVW¬WHVGHSLHX[SOXVSHWLWHV
ì 3HUPHWGHFU«HUGHVWDOXVSOXVSHQWXV EDVH ì 3DVEHVRLQGHSU«YRLUGHSLHX[LQFOLQ«VGDQVOHV
 PRLQVODUJHYROXPHGHPDW«ULDXGHUHPEODL  ]RQHVS«ULSK«ULTXHVODW«UDOHVFDUOHV
 PRLQVLPSRUWDQW  FRQWUDLQWHVKRUL]RQWDOHVVRQWDEVRUE«HVSDUOH
ì &RPSHQVHOHVWDVVHPHQWVGLII«UHQWLHOV  UHQIRUFHPHQWJ«RV\QWK«WLTXH

,QFOXVLRQVGUDLQDQWHVFRQILQ«HV 0XUVHWWDOXVGHVRXWªQHPHQWUHQIRUF«VSDUGHV
ì *DUDQWLWOåLQW«JULW«GHVFRORQQHVGDQVGHVVROV J«RV\QWK«WLTXHV
 H[WU¬PHPHQWPRXVDILQGHSRXYRLUOHVXWLOLVHU ì3HUPHWGå«ULJHUGHVWDOXVWUªVSHQWXV
 FRPPHIRQGDWLRQGHUHPEODLV ì,QVHQVLEOHDX[WDVVHPHQWV
ì /HVFRORQQHVUHY¬WHQWXQHIRQFWLRQGH ì*UDQGHVRXSOHVVH¢OåXVDJH
 mP«JDGUDLQV}HWU«GXLVHQWFRQVLG«UDEOHPHQW ì,QVWDOODWLRQVLPSOHHWUDSLGH
 OHVWHPSVGHFRQVROLGDWLRQ ì'LII«UHQWHVYDULDQWHVSRVVLEOHVSRXUOHSDUHPHQW
ì /HVVROVPRXVVRQWG«OHVW«VFHTXLDSRXUHIIHW ì0RGHGHFRQVWUXFWLRQSHXRQ«UHX[
 GHU«GXLUHOHIOXDJH
ì /HVFRORQQHVVRQWSHUP«DEOHV

6\VWªPHSDUDFKXWHDQWLHIIRQGUHPHQW
ì 6«FXULVDWLRQWHPSRUDLUHHWSHUPDQHQWHGH
 ]RQHVVXMHWWHVDX[HIIRQGUHPHQWV FDYLW«VNDUVWí 
ì 3RVVLELOLW«GHSU«YHQLUGHVHIIRQGUHPHQWVP¬PH
 LPSRUWDQWVJU¤FH¢ODU«VLVWDQFH¢ODWUDFWLRQHW¢
 ODULJLGLW«WUªV«OHY«HVGHQRVSURGXLWV )RUWUDFp )RUWUDF 'p +D7HOLWp 5REXWHFp &RPWUDFp )RUQLWp
ì 6ROXWLRQILDEOHSOXV«FRQRPLTXHTXåXQH 'XR*ULGp 5LQJWUDFp 1D%HQWRp ,QFRPDWp +D7Hp 6RLO7DLQp HW
 V«FXULVDWLRQSDUUHQIRUFHPHQWHQE«WRQDUP« 6WDELOHQNDpVRQWGHVPDUTXHVG«SRV«HVGHODVRFL«W«+8(6.(5
6\QWKHWLF*PE+
%&RS\ULJKWE\+8(6.(56\QWKHWLF*PE+*HVFKHU

/LQNYHUVOHVLWH
ZZZKXHVNHUIU

+8(6.(5)UDQFH6$6

5XH-DFTXHV&RXODX[
*5(66:,//(5
7«O 
)D[ 
&RXUULHO LQIR +8(6.(5IU
,QWHUQHW ZZZ+8(6.(5IU

You might also like