7 2 32 / , 63 '
7RSROLVS '
$ YRWUH VHUYLFH GHSXLV
3RXU $XWR&$' L
7232/,63 ' HVW XQ PRGXOH GH FDOFXO GH GHVVLQ HW GH YLVXDOLVDWLRQ $ SDUWLU GHV SRLQWV UHOHYpV RX GHV FRQVWUXFWLRQV JpRPpWULTXHV OH PRGXOH ' SHUPHW j O
XWLOLVDWHXU GH FUpHU XQH PRGpOLVDWLRQ QXPpULTXH GX WHUUDLQ &HWWH PRGpOLVDWLRQ HVW OD EDVH GH O
pWXGH GX WHUUDLQ HW GHV GLIIpUHQWHV SRVVLELOLWpV GH UpDOLVDWLRQ GHV SURMHWV /HV IRQFWLRQV GH 7232/,63 ' VRQW G
XQH DLGH FRQVLGpUDEOH SRXU O
pWXGH GH O
LPSODQWDWLRQ GHV FDUULqUHV GHV SODWHVIRUPHV GHV EDVVLQV HW WRXW SURMHW TXL IDLW LQWHUYHQLU OD GRQQpH '
)RQFWLRQQDOLWpV
&H PRGXOH YRXV SHUPHW GH
9 5pDOLVHU XQ PDLOODJH j SDUWLU GHV SRLQWV HW GHV SROOLJQHV G
XQ WHUUDLQ 9 9 9 9
9 9 9 9 9
HQ WHQDQW FRPSWH GHV FRQWUDLQWHV HW GHV OLJQHV GH QLYHDX &H PDLOODJH SHXW rWUH WULDQJXODLUH RX UHFWDQJXODLUH 1HWWRHU OHV GHVVLQV HQ pOLPLQDQW OHV WULDQJOHV HUURQpV &DOFXOHU OHV FXEDWXUHV HQWUH GHX[ WHUUDLQV &DOFXOHU OHV YROXPHV GH GpEODLV HW GH UHPEODLV $IILFKHU OHV ]RQHV GH GpEODLV GH UHPEODLV HW OHV IURQWLqUHV HQWUH FHV GHX[ ]RQHV 9 /LPLWHU OH FDOFXO VXU XQH IURQWLqUH 9 &RQVWUXLUH GHV OLJQHV GH QLYHDX j GHV DOWLWXGHV UpJXOLqUHV 9 &RWHU OHV FRXUEHV GH QLYHDX 9 'pWHUPLQHU O
pSDLVVHXU GHV FRXUEHV PDvWUHVVHV 9 3URMHWV SDU SURILOV RX SDU SODWHIRUPH 9 &DOFXOHU OHV WDOXV 9 &DOFXOHU OHV VXSHUILFLHV ' HW ' GHV WHUUDLQV pWXGLpV 9 )XVLRQQHU OHV WHUUDLQV 9 'HVVLQHU DXWRPDWLTXHPHQW OH FRQWRXU G
XQ WHUUDLQ HW FUpHU XQ VRFOH &UpHU GHV SURILOV HQ ORQJ HW GHV SURILOV HQ WUDYHUV GH WHUUDLQV RX GH SROOLJQHV ' +DELOODJH ' FRQVWUXFWLRQ GH PXUV FUpDWLRQ GH KDLHV HW GH IRUrWV GH VPEROHV YRXV PDvWULVH] OHV ORLV GH SUREDELOLWp &RQYHUVLRQ GH SROOLJQHV '' FKHPLQHPHQW UDEDWWHPHQW GLVFUpWLVDWLRQ GHV DUFV KRPRJpQpLVDWLRQ GHV SROOLJQHV 5HFKHUFKH GH FKHPLQV VHORQ SOXVLHXUV FULWqUHV LQFOXV
JRXWWH G
HDX
&RXUEHV LVRSDTXHV HWF
7 2 32 / , 63 '
$YDQWDJHV
$YHF OH FHQWUH GH FRQWU{OH YRXV JpUH] WRXV YRV SURMHWV '
$ YRWUH VHUYLFH GHSXLV
3RXU $XWR&$' L
/HV IRQFWLRQV GH 7232/,63 ' SUHQQHQW FRPPH VRXUFHV G
LQIRUPDWLRQ GHV JURXSHV &HV JURXSHV VRQW FRPSRVpV GH SRLQWV GH WULDQJOHV HW GH OLJQHV H[WUDLWV G
HQWLWpV G
$XWR&$' RX GHV UpVXOWDWV GH FDOFXO j SDUWLU G
DXWUHV JURXSHV /HV JURXSHV VRQW LQGpSHQGDQWV GHV HQWLWpV $XWR&$' $LQVL OH WUDYDLO TXH YRXV HIIHFWXH] QH PRGLILH SDV OHV HQWLWpV $XWR&$' VRXUFHV 'H PrPH YRXV SRXYH] HIIDFHU WRXWHV YRV HQWLWpV $XWR&$' OHV JURXSHV VHURQW LQFKDQJpV &HWWH DSSURFKH YRXV DSSRUWH XQH JUDQGH VRXSOHVVH GH PDQLSXODWLRQ GHV GRQQpHV /HV PRGHOpV GH WHUUDLQ VRQW VWRFNpV VRXV XQH IRUPH FRPSUHVVpH FH TXL SHUPHW OH WUDLWHPHQW G
XQH JUDQGH TXDQWLWp GH GRQQpHV j GHV YLWHVVHV GH WUDLWHPHQW LQpJDOpHV VRXV $XWR&$'
(UJRQRPLH DGDSWpH
/D SOXSDUW GHV FRPPDQGHV ' VRQW JpUpHV SDU GHV ERvWHV GH GLDORJXHV IDFLOLWDQW O
XWLOLVDWLRQ GX ORJLFLHO HW UHQGDQW OH ORJLFLHO DFFHVVLEOH j WRXV OHV XWLOLVDWHXUV 9RXV DYH] XQH JUDQGH SRVVLELOLWp GH FKRL[ j FKDTXH IRQFWLRQ HW LO YRXV UHYLHQW GpSHQGDPPHQW GH YRV EHVRLQV GH IL[HU OH WSH GH UpVXOWDWV j REWHQLU 9RXV SRXYH] XWLOLVHU WRXWHV OHV IRQFWLRQV G
DXWR&$' FRXSOpHV DYHF OH PRGXOH ' 8Q UDSSRUW G
HUUHXU V
DIILFKH FRPPDQGH HQ FDV G
