$YDQWG·DSSHOHUOHVHUYLFH
(QFDVGHSDQQHeFRQRPLVH]GXWHPSVHWGHO·DUJHQWeWXGLH]OHWDEOHDXFLGHVVRXVYRWUHDSSHOGHVHUYLFHHVWSHXWrWUHLQXWLOH
%UXLWVQRUPDX[GHIRQFWLRQQHPHQW
9RXVSRXYH]HQWHQGUHXQFOLTXHWLVGjGHO·HDXTXL
HVWDEVRUEpHHWHVWSURMHWpHFRQWUHOHFRQGHQVDWHXUOHV
MRXUVGHSOXLHRTXDQGLO\DEHDXFRXSG·KXPLGLWp&HWWH
FDUDFWpULVWLTXHGLPLQXHO·KXPLGLWpHWDPpOLRUH
OHUHQGHPHQW
9RXVSRXYH]HQWHQGUHOHFODTXHPHQWGXWKHUPRVWDW
TXDQGOHFRPSUHVVHXUVHPHWHQPDUFKHHWV·DUUrWH
'HO·HDXV·DPDVVHGDQVOHSODWHDXGXEDVSHQGDQWOHV
SpULRGHVGHJUDQGHKXPLGLWpRXV·LOSOHXW&HWWHHDXSHXW
GpERUGHUHWFRXOHUGHO·DSSDUHLOGXF{WpH[WpULHXU
/HYHQWLODWHXUSHXWWRXUQHUPrPHTXDQGOHFRPSUHVVHXU
QHIRQFWLRQQHSDV
3UREOqPH
&DXVHVSRVVLEOHV
4XHIDLUH
/HFRQGLWLRQQHXUQHVH
/HFRQGLWLRQQHXU
$VVXUH]YRXVTXHODILFKHGXFRQGLWLRQQHXUVRLWELHQEUDQFKpH
PHWSDVHQPDUFKH
HVWGpEUDQFKp
GDQVODSULVHPXUDOH
/HIXVLEOHDVDXWp
9pULILH]ODERvWHjIXVLEOHjGLVMRQFWHXUVHWUHPSODFH]OHIXVLEOH
OHGLVMRQFWHXUHVWRXYHUW
RXUHEUDQFKH]OHGLVMRQFWHXU
,O\DXQHSDQQHGHFRXUDQW
6·LOVHSURGXLWXQHSDQQHGHFRXUDQWGpEUDQFKH]OHFRQGLWLRQQHXU
HQOHPHWWDQWHQSRVLWLRQ
2))DUUrW
4XDQGOHFRXUDQWUHYLHQW
DWWHQGH]PLQXWHVDYDQWGHUHPHWWUHHQPDUFKHOHFRQGLWLRQQHXU
SRXUpYLWHUGHGpFOHQFKHUODVXUFKDUJHGXFRPSUHVVHXU
/HPpFDQLVPHG·LQWHUUXSWLRQ
$SSX\H]VXUOHERXWRQ
5(6(7
UHPLVHHQPDUFKHVLWXpVXUODILFKH
GHFRXUDQWHVWGpFODQFKp
GXFRUGRQpOHFWULTXH
6LOHERXWRQ
5(6(7
QHUHVWHSDVHQIRQFpDUUrWH]OHFRQGLWLRQQHXU
G·DLUHWDSSHOH]XQWHFKQLFLHQTXDOLILp
/HFRQGLWLRQQHXUQH
/DFLUFXODWLRQG·DLUHVWEORTXpH
$VVXUH]YRXVTX·LOQ·\DSDVGHULGHDXGHVWRUHRXGHPHXEOH
UHIURLGLW
RXQHFKDXIIH
TXLEORTXHOHGHYDQWGXFRQGLWLRQQHXU
FHUWDLQVPRGqOHV
SDV
/HFRQWU{OHGHWHPSpUDWXUH
(QPRGH
&22/IUDLV
RX
+($7FKDOHXU
FHUWDLQVPRGqOHV
FRPPHLOGHYUDLW
Q·HVWSDVELHQUpJOp
DSSX\H]VXUODWRXFKH
'(&5($6(
²SDG
/HILOWUHjDLUHVWVDOH
1HWWR\H]OHILOWUHDXPRLQVWRXVOHVMRXUV&RQVXOWHUODVHFWLRQ
,QVWUXFWLRQVGHIRQFWLRQQHPHQW
/DFKDPEUHpWDLWFKDXGH
$SUqVDYRLUPLVHQPDUFKHOHFRQGLWLRQQHXUDWWHQGH]
TXHODFKDPEUHVHUHIURLGLVVH
/·DLUIURLGV·pFKDSSH
9pULILH]OHVJULOOHVjUHJLVWUHGHSODQFKHUHWOHVUHSULVHVG·DLUIURLG
GHODFKDPEUH
$VVXUH]YRXVTXHO·pYHQWGXFRQGLWLRQQHXUHVWjODSRVLWLRQIHUPpH
/HVVHUSHQWLQVVRQWJHOpV
&RQVXOWH]
´/HFRQGLWLRQQHXUG·DLUJqOHµ
FLGHVVRXV
/HFRQGLWLRQQHXU
/DJODFHEORTXHODFLUFXODWLRQ
5pJOH]OHVFRPPDQGHVj
+,*+)$1KDXWYHQWLODWHXU
G·DLUJqOH
G·DLUHWHPSrFKHOH
RX
+,*+&22/KDXWIUDLV
HWUpJOH]OHWKHUPRVWDWjXQH
FRQGLWLRQQHXUGH
WHPSpUDWXUHSOXVpOHYpHSRXUIDLUHIRQGUHODJODFH
UHIURLGLUODFKDPEUH
/DWpOpFRPPDQGH
/HVSLOHVQHVRQWSDVLQVpUpHV
9pULILH]ODSRVLWLRQGHVSLOHV(OOHVGRLYHQWrWUHLQVpUpHV
QHIRQFWLRQQHSDV
FRUUHFWHPHQW
FRUUHFWHPHQW
/HVSLOHVVRQWSHXWrWUH
5HPSODFHUOHVSLOHV
GpFKDUJpHV
'HO·HDXFRXOHjO·H[WpULHXU
,OIDLWWUqVFKDXGHWKXPLGH
&·HVWQRUPDO
'HO·HDXFRXOHjO·LQWpULHXU
/HFRQGLWLRQQHXUQ·HVWSDV
3RXUREWHQLUXQHERQQHpYDFXDWLRQGHO·HDXDVVXUH]YRXV
LQFOLQpYHUVO·H[WpULHXU
TXHOHFRQGLWLRQQHXUVRLWOpJqUHPHQWLQFOLQpGHO·DYDQW
GXERvWLHUYHUVO·DUULqUH
/·HDXV·DPDVVHGDQV
/·KXPLGLWpHVWH[WUDLWHGH
&·HVWQRUPDOSHQGDQWXQHSpULRGHFRXUWHGDQVGHVUpJLRQV
OHSODWHDXGXIRQG
O·DLUGHODFKDPEUHHWSDVVH
SHXKXPLGHVQRUPDOSHQGDQWGHVSpULRGHVSOXVORQJXHV
GDQVOHSODWHDXGXIRQG
GDQVGHVUpJLRQVWUqVKXPLGHV
