Issuu on Google+



!!!

GXDXPDUV

6(0$,1( 35e&e'(17(

6(0$,1( 68,9$17(

$8%287'8&217(!!!,OpWDLWXQHIRLVXQHMHXQHILOOHTXLFUR\DLWDXJUDQGDPRXUDX[VLJQHVHWDXGHVWLQXQHIHPPHTXLUrYDLW GµrWUHFRPpGLHQQHHWGpVHVSpUDLWGµ\DUULYHUXQMRXUXQMHXQHKRPPHTXLFUR\DLWHQVRQWDOHQWGHFRPSRVLWHXUPDLVQHFUR\DLWSDVEHDXFRXSHQOXL,OpWDLW XQHIRLVXQHSHWLWHILOOHTXLFUR\DLWHQ'LHX,OpWDLWXQHIRLVXQKRPPHTXLQHFUR\DLWHQULHQMXVTXµDXMRXURXQHYR\DQWHOXLGRQQDODGDWHGHVDPRUWHWTXH jVRQFRUSVGpIHQGDQWLOVHPLWj\FURLUH ²$XFLQpDYHFEpEp³OHOXQGLPDUVjK

6<1*8(6$%285!!!!$XSLHGGHVPRQWDJQHVGH.DERXOXQKpURVGHJXHUUHJvWGDQVOHFRPDVDMHXQHIHPPHjVRQFKHYHWSULHSRXU OHUDPHQHUjODYLH/DJXHUUHIUDWULFLGHGpFKLUHODYLOOHOHVFRPEDWWDQWVVRQWjOHXUSRUWH/DIHPPHGRLWIXLUDYHFVHVGHX[HQIDQWVDEDQGRQQHUVRQPDUL HWVHUpIXJLHUjO DXWUHERXWGHODYLOOHGDQVXQHPDLVRQFORVHWHQXHSDUVDWDQWH'HUHWRXUDXSUqVGHVRQpSRX[HOOHHVWIRUFpHjO DPRXUSDUXQMHXQH FRPEDWWDQW&RQWUHWRXWHDWWHQWHHOOHVHUpYqOHSUHQGFRQVFLHQFHGHVRQFRUSVOLEqUHVDSDUROHSRXUFRQILHUjVRQPDULVHVVRXYHQLUVVHVGpVLUVOHVSOXV LQWLPHV-XVTX jVHVVHFUHWVLQDYRXDEOHV/ KRPPHJLVDQWGHYLHQWDORUVPDOJUpOXLVDV\QJXpVDERXUVDSLHUUHGHSDWLHQFHFHWWHSLHUUHPDJLTXHTXH O RQSRVHGHYDQWVRLSRXUOXLVRXIIOHUWRXVVHVVHFUHWVVHVPDOKHXUVVHVVRXIIUDQFHV-XVTX jFHTX HOOHpFODWH²/HPDJQLILTXH6\QJXp6DERXUSLHUUH GHSDWLHQFH  GpQRQFHVDQVPpQDJHPHQWODGpWUHVVHGHODIHPPHDIJKDQH/HWRQHVWFUXO LPDJHpSXUpH³/HQRXYHO2EVµ

81()(00(6286,1)/8(1&(!!!!&RQWUHPDvWUHVXUOHVFKDQWLHUV1LFNHVWVXEPHUJpGHWUDYDLOHWQHSHXWUHQWUHUFKH]OXL SRXUODQXLW$SUqVDYRLUODLVVpVHVHQIDQWVjVDPqUHVDIHPPH0DEHOHVWGpSULPpHeFUDVpHSDUOHSRLGVGHVDIDPLOOHHWOHVFRQYHQWLRQVGHODVRFLpWp HOOHJOLVVHGRXFHPHQWYHUVODIROLH²8QHIHPPHVRXVLQIOXHQFHHVWGDQVO RHXYUHGH-RKQ&DVVDYHWHVXQUHSOL5HSOLVXUOHIR\HUVXUO DQ[LpWpG XQH FODVVHLOUDFRQWHO pJDUHPHQWGDQVODIROLHG XQHPqUHGHIDPLOOH  $WUDYHUVVRQSRUWUDLWDIIOHXUHFHOXLWHUULEOHG XQHFODVVHVRFLDOHFRQGDPQpH³ &ULWLNDW &LQpGpEDWOHPDUGLPDUVjKHWK GDQVOHFDGUHGHODVHPDLQHGµLQIRUPDWLRQ VXUODVDQWpPHQWDOH

6(/.,5./(9(5,7$%/(52%,1621&5862(!!!!"'HVVLQDQLPpjSDUWLUGHDQV6HONLUNXQMHXQH FRUVDLUHLQGLVFLSOLQpQDYLJXHVXUOHVPHUVGX6XGjODUHFKHUFKHGHWUpVRUV$ERUGGXQDYLUH¨/µ(VSpUDQFH©FRPPDQGpSDUOH&DSLWDLQH%XOORFN6HONLUN VHPHWXQMRXUOµpTXLSDJHjGRV/HMHXQHSLUDWHVHUHWURXYHDORUVDEDQGRQQpVXUXQHvOHGpVHUWH,OGpFRXYUHODYLHHQSOHLQHQDWXUHHWDSSUHQGjVH GpEURXLOOHUSRXUGHYHQLUXQYpULWDEOH5RELQVRQ&UXVRp&HWWHFRSURGXFWLRQDUJHQWLQRFKLORXUXJXD\HQQHVXUSUHQGSDUVRQHVWKpWLTXHEUXWDOLVWHHWXQ VFpQDULRpWUDQJHPHQWFRQVWUXLWPLQXWHV



GHUQLqUHVpDQFH 



$8%287'8&217( GH$JQqV-DRXL )UDQFHK

$YHF$JQqV-DRXL-3%DFUL ,OpWDLWXQHIRLVXQHMHXQHILOOHTXLFUR\DLWDXJUDQGDPRXUDX[VLJQHVHWDXGHVWLQXQHIHPPHTXLUrYDLWGµrWUH FRPpGLHQQHHWGpVHVSpUDLWGµ\DUULYHUXQMRXUXQMHXQHKRPPHTXLFUR\DLWHQVRQWDOHQWGHFRPSRVLWHXUPDLVQH FUR\DLWSDVEHDXFRXSHQOXL,OpWDLWXQHIRLVXQHSHWLWHILOOHTXLFUR\DLWHQ'LHX,OpWDLWXQHIRLVXQKRPPHTXLQH FUR\DLWHQULHQMXVTXµDXMRXURXQHYR\DQWHOXLGRQQDODGDWHGHVDPRUWHWTXHjVRQFRUSVGpIHQGDQWLOVHPLWj \FURLUH  ²$XFLQpDYHFEpEp³OHOXQGLPDUVjK





6<1*8(6$%2853LHUUUHGH3DWLHQFH GH$WLT5DKLPL )UDQFHK92

$YHF*ROVKLIWHK)DUDKDQL $XSLHGGHVPRQWDJQHVGH.DERXOXQKpURVGHJXHUUHJvWGDQVOHFRPDVDMHXQHIHPPHjVRQFKHYHWSULHSRXU OHUDPHQHUjODYLH/DJXHUUHIUDWULFLGHGpFKLUHODYLOOHOHVFRPEDWWDQWVVRQWjOHXUSRUWH/DIHPPHGRLWIXLUDYHF VHVGHX[HQIDQWVDEDQGRQQHUVRQPDULHWVHUpIXJLHUjO DXWUHERXWGHODYLOOHGDQVXQHPDLVRQFORVHWHQXHSDU VDWDQWH'HUHWRXUDXSUqVGHVRQpSRX[HOOHHVWIRUFpHjO DPRXUSDUXQMHXQHFRPEDWWDQW&RQWUHWRXWHDWWHQWH HOOHVHUpYqOHSUHQGFRQVFLHQFHGHVRQFRUSVOLEqUHVDSDUROHSRXUFRQILHUjVRQPDULVHVVRXYHQLUVVHVGpVLUV OHVSOXVLQWLPHV-XVTX jVHVVHFUHWVLQDYRXDEOHV/ KRPPHJLVDQWGHYLHQWDORUVPDOJUpOXLVDV\QJXpVDERXU VDSLHUUHGHSDWLHQFHFHWWHSLHUUHPDJLTXHTXHO RQSRVHGHYDQWVRLSRXUOXLVRXIIOHUWRXVVHVVHFUHWVVHV PDOKHXUVVHVVRXIIUDQFHV-XVTX jFHTX HOOHpFODWH ²/HPDJQLILTXH6\QJXp6DERXUSLHUUHGHSDWLHQFH  GpQRQFHVDQVPpQDJHPHQWODGpWUHVVHGHODIHPPH DIJKDQH/HWRQHVWFUXO LPDJHpSXUpH³/HQRXYHO2EVµ





81()(00(6286,1)/8(1&( GH-RKQ&DVVDYHWHV 86$K92

$YHF*HQD5RZODQG &RQWUHPDvWUHVXUOHVFKDQWLHUV1LFNHVWVXEPHUJpGHWUDYDLOHWQHSHXWUHQWUHUFKH]OXLSRXUODQXLW$SUqVDYRLU ODLVVpVHVHQIDQWVjVDPqUHVDIHPPH0DEHOHVWGpSULPpHeFUDVpHSDUOHSRLGVGHVDIDPLOOHHWOHV FRQYHQWLRQVGHODVRFLpWpHOOHJOLVVHGRXFHPHQWYHUVODIROLH ²8QHIHPPHVRXVLQIOXHQFHHVWGDQVO RHXYUHGH-RKQ&DVVDYHWHVXQUHSOL5HSOLVXUOHIR\HUVXUO DQ[LpWp G XQHFODVVHLOUDFRQWHO pJDUHPHQWGDQVODIROLHG XQHPqUHGHIDPLOOH  $WUDYHUVVRQSRUWUDLWDIIOHXUHFHOXL WHUULEOHG XQHFODVVHVRFLDOHFRQGDPQpH³&ULWLNDW &LQpGpEDWOHPDUGLPDUVjKHWK GDQVOHFDGUHGHODVHPDLQHGµLQIRUPDWLRQ VXUODVDQWpPHQWDOH





6(/.,5./(9(5,7$%/(52%,1621&5862( GH:DOWHU7RXUQLHU 8UXJXD\K

'HVVLQDQLPpjSDUWLUGHDQV 6HONLUNXQMHXQHFRUVDLUHLQGLVFLSOLQpQDYLJXHVXUOHVPHUVGX6XGjODUHFKHUFKHGHWUpVRUV$ERUGGXQDYLUH¨ /µ(VSpUDQFH©FRPPDQGpSDUOH&DSLWDLQH%XOORFN6HONLUNVHPHWXQMRXUOµpTXLSDJHjGRV/HMHXQHSLUDWHVH UHWURXYHDORUVDEDQGRQQpVXUXQHvOHGpVHUWH,OGpFRXYUHODYLHHQSOHLQHQDWXUHHWDSSUHQGjVHGpEURXLOOHUSRXU GHYHQLUXQYpULWDEOH5RELQVRQ&UXVRp &HWWHFRSURGXFWLRQDUJHQWLQRFKLORXUXJXD\HQQHVXUSUHQGSDUVRQHVWKpWLTXHEUXWDOLVWHHWXQVFpQDULR pWUDQJHPHQWFRQVWUXLWPLQXWHV






06/03 12/03 2013