$MXVWH]OHWKHUPRVWDWGXIRXU³)DLWHVOHYRXVPrPH
9RXVSRXYH]GpFRXYULUTXHYRWUHQRXYHDXIRXUSUpSDUHOHVDOLPHQWVGLIIpUHPPHQWGHFHOXLTX·LOUHPSODFH8WLOLVH]YRWUH
QRXYHDXIRXUSHQGDQWTXHOTXHVVHPDLQHVSRXUYRXVIDPLOLDULVH]DYHFOXL6LYRXVFUR\H]TXHYRWUHQRXYHDXIRXUHVWWURS
FKDXGRXWURSIURLGYRXVSRXYH]DMXVWHUYRXVPrPHOHWKHUPRVWDW
1·XWLOLVH]SDVGHWKHUPRPqWUHVFRPPHFHX[TX·RQWURXYHGDQVOHVpSLFHULHVSRXUYpULILHUOHUpJODJHGHWHPSpUDWXUHGH
YRWUHIRXU&HVWKHUPRPqWUHVSHXYHQWYDULHUGHjGHJUpV&jGHJUpV)
5(0$548(
FHWDMXVWHPHQWQ·DIIHFWHUDTXHOHVWHPSpUDWXUHVSRXUFXLUHHWU{WLUHWQRQSDVFHOOHVGHJULOFRQYH[LRQRX
DXWRQHWWR\DJH/·DMXVWHPHQWVHUDFRQVHUYpHQPpPRLUHDSUqVXQHSDQQHG·pOHFWULFLWp
3RXUDMXVWHUOHWKHUPRVWDW
(QIRQFH]OHVWRXFKHV
%52,/+,/2JULOOHU
jKDXWHEDVVHWHPSpUDWXUH
HW
%$.(
FXLVVRQ
HQPrPHWHPSVSHQGDQW
VHFRQGHVMXVTX·jFHTXHO·DIILFKDJH
LQGLTXH6)
(QIRQFH]ODWRXFKH
%$.(FXLVVRQ
8Q
QRPEUHjGHX[FKLIIUHVV·DIILFKHUD
(QIRQFH]
%$.(FXLVVRQ
jQRXYHDXSRXU
DOWHUQHUHQWUHDXJPHQWHUHWUpGXLUHOD
WHPSpUDWXUHGXIRXU
/DWHPSpUDWXUHGXIRXUSHXWV·DMXVWHU
MXVTX·j&)SOXVFKDXGRX²
&)SOXVIURLG(QIRQFH]OHV
WRXFKHVQXPpULTXHVGHODPrPHIDoRQ
TXHYRXVOHVOLVH]3DUH[HPSOHSRXU
FKDQJHUODWHPSpUDWXUHGXIRXUGH&
)HQIRQFH]HW
$SUqVO·DMXVWHPHQWHQIRQFH]ODWRXFKH
67$57GpPDUUHU
SRXUUHYHQLUjO·DIILFKH
GHO·KHXUH8WLOLVH]YRWUHIRXUQRUPDOHPHQW
/HW\SHGHPDUJDULQHDIIHFWHUDODSHUIRUPDQFHGHFXLVVRQ
/DSOXSDUWGHVUHFHWWHVRQWpWpGpYHORSSpHVDYHFGHVSURGXLWVjIRUWHWHQHXUHQJUDVFRPPHOHEHXUUHRXODPDUJDULQH
GHJUDV6LYRXVUpGXLVH]OHJUDVODUHFHWWHQHSURGXLUDSDVQpFHVVDLUHPHQWOHVPrPHVUpVXOWDWVTX·DYHFXQ
SURGXLWjSOXVIRUWHWHQHXUHQJUDV
'HVSUREOqPHVGHUHFHWWHSHXYHQWDSSDUDvWUHVLOHVJkWHDX[OHVWDUWHVOHVSkWLVVHULHVOHVELVFXLWVRXOHVERQERQVVRQW
IDEULTXpHVGHFHVSURGXLWV0RLQVLO\DGHPDWLqUHJUDVVHGDQVXQSURGXLWSOXVODGLIIpUHQFHVHUDUHPDUTXDEOH
/HVQRUPHVIpGpUDOHVGHVe8H[LJHQWTXHOHVSURGXLWVSRUWDQWODPHQWLRQ¶PDUJDULQH·FRQWLHQQHQWDXPRLQVGHPDWLqUH
JUDVVHSDUSRLGV/HVSURGXLWVjWDUWLQHUjIDLEOHWHQHXUHQJUDVFRQWLHQQHQWPRLQVGHJUDVHWSOXVG·HDX/HFRQWHQXpOHYp
G·KXPLGLWpGHFHVSURGXLWVjWDUWLQHUDIIHFWHODWH[WXUHHWODVDYHXUGHVSURGXLWVGHERXODQJHULHHWGHSkWLVVHULH3RXUGHPHLOOHXUV
UpVXOWDWVDYHFYRVDQFLHQQHVUHFHWWHSUpIpUpHVXWLOLVH]GHODPDUJDULQHGXEHXUUHGHVEkWRQQHWVjWDUWLQHUFRQWHQDQWDXPRLQV
G·KXLOHYpJpWDOH
