6pFXULWp
)UDQoDLV
7RXMRXUVPHWWUHODKRWWH(1&,5&8,7SRXUODFXLVVRQjUpJODJHpOHYpRX
SRXUIODPEHUGHVDOLPHQWVH[FUrSHV6X]HWWHFHULVHVMXELOpHVHWF
1HWWR\HUOHYHQWLODWHXUIUpTXHPPHQW/DJUDLVVHQHGRLWSDVVDFFXPXOHU
VXUOHYHQWLODWHXURXOHVILOWUHV
8WLOLVHUXQHFDVVHUROHDSSURSULpHSRXUOHIRUPDWGHOpOpPHQWGHVXUIDFH
6LOHVFKHYHX[RXOHVYrWHPHQWVVHQIODPPHQWVHODLVVHUWRPEHUDXVROHW
URXOHULPPpGLDWHPHQWSRXUpWHLQGUHOHVIODPPHV
eWRXIIHUOHVIODPPHVGXQIHXODOLPHQWVDXWUHTXXQIHXGHJUDLVVHDYHFGX
ELFDUERQDWHGHVRXGH1HMDPDLVXWLOLVHUGHDX
$YRLUXQH[WLQFWHXUDSSURSULpjSUR[LPLWpYLVLEOHHWIDFLOHPHQWDFFHVVLEOHSUqV
GXIRXU
eWRXIIHUOHVIODPPHVG¶XQIHXG¶DOLPHQWVDXWUHTXHGHJUDLVVHDYHFGXELFDU
ERQDWHGHVRXGH1HMDPDLVXMWLOLVHUG¶HDXVXUXQIHXGHFXLVVRQ
/RUVTXHSRVVLEOHQHSDVIDLUHIRQFWLRQQHUOHV\VWqPHGHYHQWLODWLRQSHQGDQW
XQIHXGHVXUIDFH7RXWHIRLVQHSDVSDVVHUSDUGHVVXVOHIHXSRXUPHWWUH
KRUVFLUFXLWOHV\VWqPHGHYHQWLODWLRQKRUVFLUFXLW
3UpYHQWLRQGHEUOXUHV
1(3$6728&+(5$8;685)$&(628=21(6$'-$&(17(6'(
/$33$5(,/OHVVXUIDFHVSHXYHQWrWUHFKDXGHVPrPHVLHOOHVVRQWIRQFpHV
/HV]RQHVSHXYHQWDXVVLrWUHVXIILVDPPHQWFKDXGHVSRXUFDXVHUGHV
EUOXUHV3HQGDQWHWDSUqVOXWLOLVDWLRQQHSDVWRXFKHUQLODLVVHUYrWHPHQWV
WLUHSODWVRXDXWUHVPDWpULDX[LQIODPPDEOHVHQWUHUHQFRQWDFWDYHFFHVVXU
IDFHVWDQWTXHOOHVQRQWSDVUHIURLGLFHODFRPSUHQGODVXUIDFHGHFXLVVRQHW
OD]RQHIDFHjODVXUIDFHGHFXLVVRQ
1(3$6728&+(5$8;e/e0(17628685)$&(6,17e5,(85(6'8
)285OHVpOpPHQWVFKDXIIDQWVSHXYHQWrWUHWUqVFKDXGVPrPHVLOVVRQWGH
FRXOHXUIRQFpH/HVVXUIDFHVLQWpULHXUHVSHXYHQWDXVVLrWUHVXIILVDPPHQW
FKDXGHVSRXUFDXVHUGHVEUOXUHV3HQGDQWHWDSUqVOXWLOLVDWLRQQHSDV
WRXFKHUQLODLVVHUYrWHPHQWVWLUHSODWVRXDXWUHVPDWpULDX[LQIODPPDEOHV
HQWUHUHQFRQWDFWDYHFFHV]RQHVWDQWTXHOOHVQRQWSDVVXIILVDPPHQWUHIURLGL
FHODFRPSUHQGOHVpYHQWVVXUIDFHVSUqVGHVRXYHUWXUHVHWOHVSRUWHVGH
IRXUV
)DLUHDWWHQWLRQHQRXYUDQWODSRUWH6HWHQLUVXUOHF{WpRXYULUODSRUWHRXOH
WLURLUOHQWHPHQWHWOpJqUHPHQWSRXUODLVVHUODLUFKDXGHWODYDSHXUVpFKDSSHU
eORLJQHUOHYLVDJHHWVDVVXUHUTXHOHVHQIDQWVHWDQLPDX[VRQWORLQGHODSSD
UHLO8QHIRLVODYDSHXUHWODLUFKDXGpFKDSSpVFRQWLQXHUODFXLVVRQ*DUGHU
ODSRUWHIHUPpHVDXISRXUODFXLVVRQRXOHQHWWR\DJH1HSDVODLVVHUODSRUWH
RXYHUWHVDQVVXUYHLOODQFH
$9(57,66(0(17
32855e'8,5(/(5,648('(%/(6685(6(1&$6'81)(8
'(*5$,66(2%6(59(5&(48,68,7
e728))(5/(6)/$00(6DYHFXQFRXYHUFOHKHUPpWLTXHXQH
W{OHjELVFXLWVRXXQSODWHDXHQPpWDO)HUPHUOHEUOHXU$77(1
7,21¬1(3$66(%5Ó/(56LOHVIODPPHVQHVpWHLJQHQWSDV
LPPpGLDWHPHQWe9$&8(5(77e/e3+21(5$86(59,&('(6
,1&(1',(6
1(-$0$,635(1'5(81(&$66(52/((1)(8ULVTXHGH
EUOXUHV
1(3$687,/,6(5'($8LQFOXDQWXQFKLIIRQRXVHUYLHWWHKXPLGH
LOSHXWHQUpVXOWHUXQHYLROHQWHH[SORVLRQGHYDSHXU8WLOLVHUXQ
H[WLQFWHXUVHXOHPHQWVL
/RQSRVVqGHXQH[WLQFWHXUGHFODVVH$%&HWTXHORQVDLWFRP
PHQWVHQVHUYLU
/HIHXHVWSHWLWHWFRQWHQXGDQVOD]RQHRLODFRPPHQFp
/HVHUYLFHGHVLQFHQGLHVDpWpDSSHOp
/RQSHXWFRPEDWWUHOHIHXHQD\DQWOHGRVYHUVODVRUWLH$YRLUXQ
H[WLQFWHXUDSSURSULpjSUR[LPLWpYLVLEOHHWIDFLOHGDFFqVSUqVGX
IRXU
