SDV GDQV OD SDUWLH LQIpULHXUH GH OD EDUUH PDLV
TX
RQ SHXW HQFRUH IDFLOHPHQW OD WRXUQHU j OD
PDLQ
,163(&7,21 $9$17 87,/,6$7,21
$YDQW FKDTXH XWLOLVDWLRQ GH OD VFLH HIIHFWXHU OHV
pWDSHV VXLYDQWHV
x 9pULILHU OH QLYHDX GX PpODQJH GH FDUEXUDQW
x 9pULILHU OH JUDLVVDJH GX JXLGHFKDvQH
x 9pULILHU O
DIIWDJH GH OD FKDvQH
5(0$548( /
DIIWDJH GH OD FKDvQH HVW XQH
WkFKH FRPSOH[H TXL UHTXLHUW GHV RXWLOV
VSpFLDX[ 1RXV UHFRPPDQGRQV GH FRQILHU
O
DIIWDJH GH OD FKDvQH j XQ DIIWHXU GH FKDvQH
SURIHVVLRQQHO
x 9pULILHU OD WHQVLRQ GH OD FKDvQH
x ,QVSHFWHU HW QHWWR\HU OH JXLGHFKDvQH
x 9pULILHU O
DEVHQFH GH SLqFHV HQGRPPDJpHV
x 9pULILHU O
DEVHQFH GH FDSXFKRQV GHVVHUUpV
x 9pULILHU OH VHUUDJH GHV IL[DWLRQV
x 9pULILHU O
DEVHQFH GH SLqFHV GHVVHUUpHV
x 9pULILHU SRXU GpWHFWHU G
pYHQWXHOOHV IXLWHV GH
FDUEXUDQW HW G
KXLOH
5(0$548( ,O HVW QRUPDO G
REVHUYHU XQH SHWLWH
TXDQWLWp G
KXLOH VRXV OD VFLH DSUqV O
DUUrW GX
PRWHXU 1H SDV OD FRQIRQGUH j XQH IXLWH G
KXLOH GX
UpVHUYRLU
5$9,7$,//(0(17 (1 &$5%85$17 '8
027(85
$9(57,66(0(17 $YDQW GH GpPDUUHU
YHLOOHU j OLUH OHV FRQVLJQHV UHODWLYHV j OD
PDQLSXODWLRQ GX FDUEXUDQW IRXUQLHV GDQV OD
VHFWLRQ GH FH PDQXHO UHODWLYH DX[ UqJOHV GH
VpFXULWp 1H SDV HVVD\HU GH IDLUH O
DSSRLQW
GH OD VFLH HQ FDUEXUDQW VDQV DYRLU FRPSULV
OHV FRQVLJQHV UHODWLYHV j OD PDQLSXODWLRQ GX
FDUEXUDQW 'HPDQGHU O
DLGH GH TXHOTX
XQ TXL
FRPSUHQG OHV FRQVLJQHV RX DSSHOHU OD OLJQH
GH VRXWLHQ DX[ FRQVRPPDWHXUV
$9(57,66(0(17 3RXU IDLUH O
DSSRLQW
UHWLUHU OHQWHPHQW OH ERXFKRQ GX UpVHUYRLU GH
FDUEXUDQW
7HQVLRQ GH OD
FKDvQH ±
PRGqOHV j
UpJODJH
ODWpUDO
7HQVLRQ GH OD
FKDvQH ±
PRGqOHV j
UpJODJH DYDQW
'e0$55$*( (7 $55Ç7
45
0DLQWHQLU O
H[WUpPLWp GX JXLGHFKDvQH HW VHUUHU
OHV pFURXV GX JXLGHFKDvQH j O
DLGH GH O
RXWLO j
XVDJHV PXOWLSOHV
/RUV GH O
LQVWDOODWLRQ G
XQH FKDvQH QHXYH YpULILHU
IUpTXHPPHQW OD WHQVLRQ GH OD FKDvQH MXVTX
j FH
TXH OD FKDvQH VRLW URGpH 9pULILHU UpJXOLqUHPHQW OD
WHQVLRQ GH OD FKDvQH 8QH WHQVLRQ GH FKDvQH
DGpTXDWH JDUDQWLW XQH ERQQH SHUIRUPDQFH GH
FRXSH HW XQH ORQJXH GXUpH GH YLH
&HW pTXLSHPHQW HVW FRQoX SRXU IRQFWLRQQHU DYHF
GX FDUEXUDQW VDQV SORPE D\DQW XQ LQGLFH PLQLPDO
G
RFWDQH GH PpWKRGH 50 DYHF XQ
PpODQJH G
pWKDQRO MXVTX
j
YROXPH (
$YDQW O
XWLOLVDWLRQ LO IDXW PpODQJHU O
HVVHQFH DYHF
XQH KXLOH HQWLqUHPHQW V\QWKpWLTXH GH ERQQH
TXDOLWp SRXU PRWHXU j WHPSV UHIURLGL j O
DLU
FRQoXH SRXU XQ PpODQJH j
/H PpODQJH j V
REWLHQW HQ YHUVDQW RQFHV
G
KXLOH HQWLqUHPHQW V\QWKpWLTXH GDQV JDOORQ GH
FDUEXUDQW VDQV SORPE 1( 3$6 87,/,6(5 G
KXLOH
GH TXDOLWp DXWRPRELOH RX PDULQH &HV KXLOHV
HQGRPPDJHURQW OH PRWHXU
/RUV GX PpODQJH GX FDUEXUDQW VXLYUH OHV
LQVWUXFWLRQV LPSULPpHV VXU OH FRQWHQDQW 'qV TXH
O
KXLOH HVW DMRXWpH j O
HVVHQFH VHFRXHU OH
FRQWHQDQW SHQGDQW TXHOTXHV VHFRQGHV SRXU
DVVXUHU O
KRPRJpQpLWp GX PpODQJH
5HPSOLU FRPSOqWHPHQW OH UpVHUYRLU DYHF OH
PpODQJH G
HVVHQFH DSSURSULp
$YDQW GH IDLUH O
DSSRLQW GH OD VFLH WRXMRXUV OLUH HW
VXLYUH OHV UqJOHV GH VpFXULWp UHODWLYHV DX
FDUEXUDQW
3RXU TXH O
HVVHQFH XWLOLVpH VRLW IUDvFKH DFKHWHU
GHV TXDQWLWpV TXL SHXYHQW rWUH XWLOLVpHV GDQV OHV
MRXUV
'XUDQW O
HQWUHSRVDJH GX
PpODQJH GH FDUEXUDQW O
KXLOH
VH VpSDUH GH O
HVVHQFH
6HFRXHU OH UpFLSLHQW GH
FDUEXUDQW XQH IRLV SDU
VHPDLQH SRXU DVVXUHU
O
KRPRJpQpLWp GX PpODQJH
HVVHQFHKXLOH
0,6( (1 *$5'( 1H MDPDLV XWLOLVHU GX
FDUEXUDQW QRQ PpODQJp GDQV OD VFLH &HOD
SRXUUDLW RFFDVLRQQHU GHV GRPPDJHV
SHUPDQHQWV DX PRWHXU HW DQQXOHU OD JDUDQWLH
OLPLWpH
PD[LPXP SDU
&216(,/ 35$7,48(