4
6pFXULWp
/HIRQFWLRQQHPHQWGHODPDFKLQHGRLW
rWUHFRQWU{OpSDUODFRPPDQGH
,QGLFDWLRQV
&RPPHOHVFOLPDWLVHXUVDEVRUEHQWOD
FKDOHXUGHOHQYLURQQHPHQWHWODOLEqUHQW
GDQVODSLqFHOHVHIIHWVGXFKDXIIDJH
VHURQWLQIOXHQFpVSDUODWHPSpUDWXUH
LQWpULHXUHHWH[WpULHXUHGHODSLqFH
'pJLYUDJH
3HQGDQWOHIRQFWLRQQHPHQWGXFKDXIIDJHOH
FOLPDWLVHXUGpJLYUHUDDXWRPDWLTXHPHQWVLO\D
GXJLYUHVXUOpFKDQJHXUGHFKDOHXUGHVXQLWpV
H[WpULHXUHV
1HIDLWHVSDVWRXUQHUOHVYHQWLODWHXUVGHV
XQLWpVLQWpULHXUHVHWH[WpULHXUHVSHQGDQWOH
GpJLYUDJH$SUqVODILQGXGpJLYUDJHOH
FOLPDWLVHXUUHSUHQGDXWRPDWLTXHPHQWVRQ
IRQFWLRQQHPHQW
'LUHFWLRQGHUpJXODWLRQGXYHQW
,OHVWUHFRPPDQGpGHQHSDVIDLUH
GHVFHQGUHOHGpIOHFWHXUGHYHQWYHUVOHEDV
SHQGDQWXQHORQJXHSpULRGHDILQGpYLWHUOD
FRQGHQVDWLRQjORULILFHGHVRUWLHGDLU
SHQGDQWODUpIULJpUDWLRQRXOD
GpVKXPLGLILFDWLRQ
'HVJRXWWHVGHDXSHXYHQWDSSDUDvWUHj
ORULILFHGHVRUWLHGDLUHQPRGHUpIULJpUDWLRQ
RXGpVKXPLGLILFDWLRQ
eYLWHUTXHOHYHQWIURLGQHVRXIIOH
3HQGDQWOHIRQFWLRQQHPHQWGXFKDXIIDJH
OHYHQWLODWHXUGHVXQLWpVLQWpULHXUHVQH
WRXUQHSDVLPPpGLDWHPHQWDILQ
GHPSrFKHUOHYHQWIURLGGHVRXIIOHU
$WWHQGH]XQPRPHQW
?
9LWHVVHVGHYHQWFKDQJHDQWHV
(QPRGHUpIULJpUDWLRQDYHFOHPRGHGH
VRXIIODJHDXWRPDWLTXHODYLWHVVHGXYHQW
GLPLQXHDXWRPDWLTXHPHQWORUVTXHOD
WHPSpUDWXUHDPELDQWHV¶DSSURFKHGXSRLQW
GHFRQVLJQHSDUDPpWUp
(QPRGHFKDXIIDJHORUVTXHODWHPSpUDWXUH
DPELDQWHDWWHLQWODWHPSpUDWXUHGH
FRQVLJQHOHFRPSUHVVHXUVDUUrWHGH
IRQFWLRQQHUHWOHYHQWLODWHXUVHPHWjWRXUQHU
DXYHQWIDLEOHRXVDUUrWH/DYLWHVVHGXYHQW
FKDQJHDXWRPDWLTXHPHQWHQPRGH
GpVKXPLGLILFDWLRQ
1HWWR\H]OHILOWUHUpJXOLqUHPHQW
/HVSHUIRUPDQFHVGHUHIURLGLVVHPHQWRX
GHFKDXIIDJHVHURQWGpJUDGpHVVLOHILOWUH
HVWREVWUXpFHTXLHQWUDvQHUDXQHIRUWH
FRQVRPPDWLRQGpQHUJLHXQHSDQQHHW
ODIRUPDWLRQGH
JRXWWHVGHDX
DXPRPHQW
GXJHO
1HWRXFKH]SDVjODSULVHGHFRXUDQW
ORUVTXHOHYROHWHVWHQPRXYHPHQW1H
ULHQPHWWUHGDQVODJULOOHDXFDVRXQ
GDQJHUSRXUUDLWVXUYHQLU
/HVpOpPHQWVSRUWDQWFHV\PEROHGDYHUWLVVHPHQWFRQFHUQDQWODVpFXULWpGXSURGXLWHW
ODVpFXULWpGHVSHUVRQQHVGRLYHQWrWUHVWULFWHPHQWUHVSHFWpV
/HVDUWLFOHVDYHFFHVLJQHGLQWHUGLFWLRQIRQWUpIpUHQFHjGHVFRPSRUWHPHQWVDEVROXPHQW
LQWHUGLWV'DQVOHFDVFRQWUDLUHLOVULVTXHQWGHQGRPPDJHUODPDFKLQHRXGHPHWWUHHQ
GDQJHUODVpFXULWpSHUVRQQHOOHGHORSpUDWHXU