$XWUHPpWKRGHGHPRQWDJH
,167$//$7,21'(/$+277(6286
81(5(720%e('(3/$)21'28
81($502,5(
6$87(=&(77(e7$3(6,9286),;(=/$+277($8085
,03257$17/DFKDUSHQWHGHODUHWRPEpH
GHSODIRQGGRLWrWUHHQPHVXUHGHVRXWHQLU
XQHFKDUJHGHNJOE
$XEHVRLQODKRWWHSHXWrWUHVRXWHQXHSDUODUHWRPEpH
GHSODIRQG
/DUHWRPEpHGHSODIRQGGRLWrWUHFRQVWUXLWHHQSLqFHV
GHERLVGHFPSR[FPSR
'pWHUPLQH]O·HPSODFHPHQWGHO·DSSDUHLO
3URORQJH]ODOLJQHFHQWUDOHMXVTX·DXEDVGHODUHWRPEpH
GHSODIRQGRXGHO·DUPRLUH
©$ª
©%ª
/LJQHFHQWUDOHMXVTX·DX
2XYHUWXUHSRXU
FHQWUHGXPRQWDQW
OHFRQGXLW
0RGqOHVGH
FP
FP/[FP3
FPSR
SR
SR/[SR3
0RGqOHVGH
FP
FP/[FP3
FPSR
SR
SR/[SR3
/HVYLVGHPRQWDJHGRLYHQWrWUHYLVVpHVGDQVGHV
PRQWDQWVGHFPSR[FPSRGLP©$ª
DX[HQGURLWVLQGLTXpVGDQVOHWDEOHDXFLGHVVXV
3UpYR\H]XQHRXYHUWXUHVXIILVDQWHGLP©%ªSRXULQVpUHU
OHFRQGXLWGHWUDQVLWLRQGDQVODUHWRPEpHGHSODIRQG
3UDWLTXH]XQRULILFHGHFPSR[FP
SRVRXVODUHWRPEpHGHSODIRQGRXO·DUPRLUH
SRXU\LQVpUHUOHFRQGXLWGHWUDQVLWLRQFRPPHLQGLTXp
GDQVO·LOOXVWUDWLRQ
,03257$17
3RXUXQVRXWLHQVXSSOpPHQWDLUHHW
SRXUUpGXLUHDXPLQLPXPOHVYLEUDWLRQVSHQGDQW
OHIRQFWLRQQHPHQWGHO·DSSDUHLOQRXVYRXV
UHFRPPDQGRQVIRUWHPHQWGHIL[HUpJDOHPHQWODKRWWHDX
PXUjO·DLGHGHFKHYLOOHVG·DQFUDJHSRXUPXUFUHX[
3HUFH]TXDWUHDYDQWWURXVGHPPSR
DX[HQGURLWVLQGLTXpV
² 6LODKRWWHHVWIL[pHjXQHDUPRLUHGRQWOHIRQGHVW
HQUHWUDLWLQVWDOOH]GHVFDOHVSRXUFRPEOHUO·HVSDFH
,QVWDOOH]OHVYLVGDQVOHVPRQWDQWVHQOHVODLVVDQW
GpSDVVHUGHPPSR&HMHXSHUPHWWUDGH
OHVLQVpUHUGDQVOHVIHQWHVVXUOHGHVVXVGHODKRWWH
6RXOHYH]ODKRWWHHWVXVSHQGH]ODVXUOHVYLVGH
PRQWDJH3RXVVH]ODKRWWHFRQWUHOHPXUDUULqUH
)DLWHVSDVVHUOHFkEODJHpOHFWULTXHGHODUpVLGHQFHSDU
O·RXYHUWXUHVXUODSDURLDUULqUHRXOHGHVVXVGHODKRWWH
6HUUH]OHVYLVGHPRQWDJH
0XUDUULqUH
FP
SR FP
SR
FP
SR
FP
SR
9XHGHGHVVXVSDUWLHDYDQW
0RGqOHVGHFPSR
FP
SR
FP
SR
FP
SR
FP
SR
FP
SR
FPSR
FPSR
FPSR
FP
SR
FP
SR
9XHGHGHVVXVSDUWLHDYDQW
&RQGXLW
GHWUDQVLWLRQ
-HXGHPPSR
$MRXWH]GHV
FDOHVVL
OHIRQGHVW
HQUHWUDLW
$UPRLUHRX
UHWRPEpH
GHSODIRQG
0XU
DUULqUH
%
$
$
,QVpUH]OHVYLVGDQV
OHVIHQWHVGHODKRWWHHQ
ODSRXVVDQWFRQWUHOHPXU
'LUHFWLYHVG·LQVWDOODWLRQ
FP
SR
FP
SR
FP
SR
FP
SR
FP
SR
FPSR
FPSR
FPSR
FP
SR
FP
SR
9XHGHGHVVXVSDUWLHDYDQW
0RGqOHVGHFPSR