$XWRPQDOHV
/D ERUQH W«O«SKRQLTXH SRXU
*HQHYRLV FDQFUHV GHV WLUV
%HUQDUG 4XLRW GLUHFWHXU SURPHW GH EHOOHV VXUSULVHV FHWWH DQQ«H SDJH
DSSHOHU OHV WD[LV HVW LQXWLOH SDJH
PLOLWDLUHV REOLJDWRLUHV SDJH
/H MRXUQDO PDOLQ GHV *HQHYRLV
0HUFUHGL MHXGL RFWREUH
',725,$/
&5 3,(55( $/%28<
$UP«H $'0,1 &+
3$6&$/ %,7=
7D[LV HW +8*
Qr ZZZ JKL FK
7UDILF GH GURJXH OH GHDO F·HVW IDFLOH
*LDQFDUOR 0DULDQL U«GDFWHXU HQ FKHI
3LHUUH 0DXGHW XQH SRVWXUH GH VXSHU SU«VLGHQW $FFRPSDJQ« SDU XQH G«O«JDWLRQ GH UHSU«VHQWDQWV GX FRPPHUFH JHQH YRLV OH FRQVHLOOHU Gö(WDW 3LHUUH 0DXGHW D UHQFRQWU« ¢ %HUQH OH RFWREUH OD PLQLVWUH (YHOLQH :LGPHU 6FKOXPSI %XW GH OD YLVLWH" 'HPDQGHU ¢ OD FKHIIH GHV ILQDQFHV I«G«UDOHV XQ UHQIRUFHPHQW VHQVLEOH GHV HIIHFWLIV GHV JDUGHV IURQWLªUH HW GX SHUVRQQHO GHV GRXDQHV ¢ *HQªYH 5LHQ TXH ©D &RQWUDLUHPHQW ¢ FH TXöRQ SRXUUDLW FURLUH OD PDQÈXYUH QH YLVDLW SDV XQLTXHPHQW ¢ DXJPHQ WHU OH PDLOODJH V«FXULWDLUH SRXU OXWWHU SOXV HIILFDFHPHQW FRQWUH OD FULPLQD OLW« WUDQVIURQWDOLªUH 1RQ QRQ QRQ (OOH DYDLW VXUWRXW SRXU EXW GH G«IHQGUH Oö«FRQRPLH JHQHYRLVH &HOOH FL HVW HQ HIIHW SORPE«H SDU OöDXJPHQWDWLRQ GX WRXULVPH GöDFKDW HQ )UDQFH YRLVLQH HQ VHORQ OH &U«GLW 6XLVVH 8QH SUREO« PDWLTXH VHQVLEOH ¢ *HQªYH R» GHV KDELWDQWV SHXYHQW DFF«GHU ¢ XQ VXSHUPDUFK« IUDQ©DLV HQ PLQXWHV GH WUDMHW YRLWXUH (Q DWWHQGDQW GH VDYRLU VL OHV FRQWU¶OHV GH PDUFKDQGL VHV SRXUURQW ¬WUH DFFUXV OD SRVWXUH G«FRPSOH[«H GH 3LHUUH 0DXGHW GDQV XQ GRVVLHU «FRQRPLTXH ODLVVH HQWUHYRLU TXH OöDWWULEXWLRQ GX SRVWH GH VXSHU SU«VLGHQW GX SURFKDLQ &RQVHLO Gö(WDW TXH WRXW OH PRQGH DWWULEXH G«M¢ ¢ )UDQ©RLV /RQJFKDPS HVW ORLQ Gö¬WUH MRX«H
3(7,7(6 $1121&(6
$GUHVVHV XWLOHV
$XWRV
(PSORL
(QVHLJQHPHQW
%HDXW«
,PPRELOLHU
9DFDQFHV
&RQWDFWV
,672&. 05.251)/$.(6
3HWLWHV DQQRQFHV
&HUWDLQHV UXHV GH OD YLOOH VRQW OLWW«UDOHPHQW VTXDWW«HV SDU OHV GHDOHUV 1RWUH UHSRUWDJH HQ LPPHUVLRQ QRFWXUQH /LUH HQ SDJH
38%
38%
*(1 9( 0$/,1 )LQDQFH 6HFUHW EDQFDLUH TXL D Y«FX SDU OD )UDQFH S«ULUDþ *QLROX /HV I«PLQLVWHV DLPHQW FKLSRWHU *HQªYH HQ SDUOH /HV PDJDVLQV VHURQW RXYHUWV OH G«FHPEUH 5«JLRQ $VVXUDQFH PDODGLH OHV IURQWDOLHUV GDQV OD UXH %X]] GH OD VHPDLQH 4XL LQFDUQHUD &KULVWLDQ 5H\ DX FLQ«PD" /öDFWX GH '«FDLOOHW 3LHUUH 0DXGHW HQTX¬WHXU WRXV D]LPXWV %RQV SODQV 7FKD±NRYVNL ¢ Oö$UHQD HW &RUQHLOOH ¢ OD &RP«GLH 6RUWH] ¢ OöÈLO 2Q VFXOSWH GHV FRXUJHV ¢ 9HUQLHU 5HQGH] YRXV IXW«V ,QVROLWH TXDUWLHU GHV *URWWHV &RQVHLO VH[R ,O «WHUQXH DSUªV OöDPRXU