You are on page 1of 3

&+DRX\%76HWHU F\FOHXQLYHUVLWDLUH

([HUFLFHVGXFRXUVGHWKHUPRG\QDPLTXHQƒ0LVHjMRXUGXPDUV

&RUULJpGHVH[HUFLFHVGXFRXUVQƒ

([HUFLFH


1RQFDUFHODGpSHQGGXWDX[G
KXPLGLWpGHODEXDQGHULHO
HDXV
pYDSRUHWDQWTXHOHWDX[G
KXPLGLWpUHVWHF
HVW
jGLUHWDQWTXHODSUHVVLRQGHODYDSHXUG
HDXHVWLQIpULHXUHjODSUHVVLRQGHODYDSHXUVDWXUpH PEDUjƒ& 


ƒ&{ .G
ROHWUDFp
3>PEDU@


 OLTXLGH

VROLGH



| 
JD]



     7>.@

O
pYDSRUDWLRQ FHVVH TXDQG LO \ D GDQV OD EXDQGHULH Q6 PROHV GH YDSHXU G
HDX j OD SUHVVLRQ GH YDSHXU VDWXUpH RQ GLW
HQFRUHVDWXUDQWH 36
RQDGRQFQ6 36957DYHF9 OHYROXPHGHODEXDQGHULHTXLFRUUHVSRQGDXYROXPHGHODYDSHXUG
HDX OHYROXPHG
HDX
OLTXLGHpWDQWQpJOLJHDEOHGHYDQWOHYROXPHGHODEXDQGHULH 
$WWHQWLRQDX[XQLWpVPEDU{ K3D  3D

/HFDOFXOQRXVGRQQHQ6  u  u  | PRO

1RXVDYRQVLQLWLDOHPHQWXQWDX[G
KXPLGLWpGHF
HVWjGLUHXQHSUHVVLRQGHYDSHXUG
HDX3 u 36F
HVWjGLUH
XQQRPEUHGHPROHVGHYDSHXUG
HDXpJDOHjQ 3957 36957 u Q6 | PRO,OIDXWGRQFHQFRUHQ6 ± Q|
PROG
HDXSRXUVDWXUHUODEXDQGHULH
2U/G
HDXDSRXUPDVVHNJODPDVVHPRODLUHGHO
HDXHVWGHNJPRORQDGRQFQRWUHIODTXHG
HDXTXLSRVVqGH
 | PROG
HDXODUJHPHQWVXIILVDQWSRXUDSSRUWHUOHVPROTXLVDWXUHQWODEXDQGHULH

$LQVL LO YD UHVWHU  ±  |  PRO G


HDX OLTXLGH F
HVWjGLUH  u  |  NJ G
HDX VRLW  / G
HDX
OLTXLGH LOVXEVLVWHUDXQHIODTXHG
HDXGH/HWO
RQHVWHQSUpVHQFHG
XQpTXLOLEUHOLTXLGHYDSHXU

([HUFLFH



0+ u0+  02 | u| J

0+ oPROH
P o QHDX PROHV
P 
Ÿ /HSURGXLWHQFURL[GRQQH Q HDX | | PROHV
0 +  


2QSHXWOLUHOHGLDJUDPPHPDLVLOHVWSOXVSUpFLVG
XWLOLVHUODIRUPXOHGH'XSHUUD\FHODFRUUHVSRQGjODWHPSpUDWXUHGH
ODYDSHXUVDWXUDQWHjEDU | DWP
&+DRX\%76HWHU F\FOHXQLYHUVLWDLUH
([HUFLFHVGXFRXUVGHWKHUPRG\QDPLTXHQƒ0LVHjMRXUGXPDUV

§ W · § 3VDW · §·
    

3VDW  3 ¨ ¸ Ÿ W  ¨ 3 ¸ RURQD3VDW EDU | DWP ORUVTX


LO\DpEXOOLWLRQGRQF W  ¨ ¸ | ƒ&
©  ¹ ©  ¹ ©¹
«RQV
HQGRXWDLW



/DVRXSDSHV
RXYUHORUVTXHODSUHVVLRQjO
LQWpULHXUGHODFRFRWWHHVWEDUSOXVpOHYpHTX
jO
H[WpULHXUF
HVWjGLUHORUVTXH
3  EDUV
FH VXUSOXV GH SUHVVLRQ HVW G€ j OD SUHVVLRQ GH OD YDSHXU G
HDX TXL V
DMRXWH j OD SUHVVLRQ GH O
DLU LO V
DJLW GH SUHVVLRQV
SDUWLHOOHV 



§3 · §·
   

W  ¨ VDW ¸ SRXU3VDW EDUV2QDGRQF W  ¨ ¸ | ƒ& .


© 3 ¹ ©¹
3RXUXQH SUHVVLRQ GH GpFOHQFKHPHQW SOXV LPSRUWDQWH OD WHPSpUDWXUH GHVDOLPHQWV VHUDLW SOXVLPSRUWDQWH OHV DOLPHQWV
FXLUDLHQWSOXVYLWHPDLVSHUGUDLHQWOHXUVTXDOLWpVJXVWDWLYHV ERXLOOLH SRXUJHQVpGHQWpV RXTXLVRUWHQWGHFKH]OHGHQWLVWH



2Q D LQLWLDOHPHQW SRXU O
DLU 39  Q57 DYHF 9  YROXPH G
DLU  YROXPH FRFRWWH ± YROXPH G
HDX   ±    / Ÿ
39  u 
Q DLU  |  PRO SRXU XQH WHPSpUDWXUH GH ƒ&  .  OD SUHVVLRQ GH O
DLU YDXW
57   u 
Q ˜5 ˜7   ˜   ˜ 
3DLU |  3D VRLWPEDU 
9  


2QD3YDS 3DLU EDUV  3DŸ 3YDS  ± 3DLU  3D
3YDS 9   u 
Q YDS PLQ | | PROH Ÿ PDVVH P PLQ Q YDS PLQ u 0 +  | u | J G
HDX VRLW
57   u 
P/| òFXLOOqUHjFDIp 


/RUVTXHODVRXSDSHVHGpFOHQFKHF
HVWTXHO
RQDEDUVGHSUHVVLRQNJG
HDXSUHQGXQYROXPHGH /LOUHVWHGRQF
/GHYROXPHSRXUODYDSHXU&RPPHP/G
HDXVXIILVHQWjDWWHLQGUHOHVEDUV EDUVpWDQWIRXUQLVSDUO
DLU RQ
HQGpGXLWTXHO
HDXUHVWHGRQFHVVHQWLHOOHPHQWOLTXLGHGDQVODFRFRWWHVRLWP| NJ
(YLGHPPHQW VL RQ ODLVVH OD VRXSDSH WURS ORQJWHPSV GpFOHQFKpH WRXWH O
HDX VH VHUD pYDSRUpH HW pYDFXpH«F
HVW EU€Op
IDOODLWSDVGLVFXWHUDXWpOpSKRQH

([HUFLFH
/RUVTX
RQ RXYUH OD SRUWH GH O
DLU KXPLGH HQWUH GDQV OH FRQJpODWHXU  GDQV XQH VDOOH j  G
KXPLGLWp HW j ƒ& OD
SUHVVLRQGHYDSHXUHVWGHPEDU 2UODSUHVVLRQVDWXUDQWHGHO
HDXGDQVOHFRQJpODWHXUj±ƒ& . HVWHQYLURQ
GHPEDUVHXOHPHQWŸ ODYDSHXUG
HDXTXLDUULYHGHODVDOOH FXLVLQHSDUH[HPSOH VHFRQGHQVHGDQVOHFRQJpODWHXUHW
GHYLHQWJODFH JLYUH MXVTX
jODOLPLWHGHODYDSHXUVDWXUDQWH PEDU 
,O IDXW VDYRLU TX
DYHF VHXOHPHQW  FP GH GpS{W GH JLYUH VXU OHV SDURLV GX FRQJpODWHXU RQ FRQVRPPH  IRLV SOXV
G
pOHFWULFLWpSRXUPDLQWHQLUODWHPSpUDWXUHGXFRQJpODWHXU

5HPDUTXHUTX
HQKLYHUO
DLUHVWVHFQRQSDUFHTX
LO\DXQWDX[G
KXPLGLWpIDLEOH LOSHXWrWUHGH PDLVSDUFHTXHOD
SUHVVLRQ GH YDSHXU VDWXUDQWH HVW IDLEOH HW GRQF OD YDSHXU G
HDX HVW HQ TXDQWLWp UHVWUHLQWH O
HDX UHVWH HVVHQWLHOOHPHQW
OLTXLGH /HVOqYUHVJHUFHQW

([HUFLFH
3RXUOHEDLQG
HDX LOSHXWV
DJLUG
XQHERXLOORLUHpOHFWULTXHDYHFTXHOTXHVJODoRQV 
&+DRX\%76HWHU F\FOHXQLYHUVLWDLUH
([HUFLFHVGXFRXUVGHWKHUPRG\QDPLTXHQƒ0LVHjMRXUGXPDUV

,OIDXWDSSRUWHU0JODFH/) u  | N-SRXUIDLUHIRQGUHODJODFHSXLVDSSRUWHU0HDXJODFH u &HDX | u 


| -SRXUpFKDXIIHUO
HDXGH. F
HVWjGLUHpJDOHPHQWG
ƒ& ,OIDXWGRQFDSSRUWHUHQWRXW4  |
 N- SRXU pFKDXIIHU O
HDX GH ƒ& UHPDUTXHU TXH F
HVW OD IXVLRQ GH OD JODFH TXLQpFHVVLWHSOXVGH  GH O
pQHUJLH
4  
WKHUPLTXH /DGXUpHQpFHVVDLUHSRXUDSSRUWHUFHWWHpQHUJLHYDXW W | | VVRLW PLQV
3 

'HPrPHSRXUOHEDLQGHPHUFXUH RQREWLHQW4  u   u  | N-DSSRUWpVHQVF


HVWjGLUH
HQYLURQIRLVSOXVUDSLGHTXHSRXU O
HDX

([HUFLFH

2QDODSUHVVLRQDXVRO3 | K3DHWODWHPSpUDWXUHDXVRO7 | .G
RODFRQVWDQWHGHODUHODWLRQ
7J3J &WH TXLYDXW&WH |  u  | XVL

§ & WH · J
2QHQGpGXLWODWHPSpUDWXUH7 jODSUHVVLRQ3 GHK3D 7 ¨ J ¸ | .VRLW ƒ&
© 3 ¹
/DPROHG
DLUQ
HVWSDVHQpTXLOLEUHWKHUPLTXHDYHFO
DWPRVSKqUHDPELDQW


3RXUTX
LO\DLWIRUPDWLRQG
XQQXDJHLOIDXWTXHODSUHVVLRQGHODYDSHXUG
HDXGHYLHQQHt SUHVVLRQGHYDSHXUVDWXUDQWHj
ƒ& GDQVFHFDVODSUHVVLRQGHO
HDXGHYLHQGUDpJDOHjODSUHVVLRQDWPRVSKpULTXHF
HVWjGLUHPEDU 
/DSUHVVLRQ3 DXVROGHODYDSHXUG
HDXYDXWGHODSUHVVLRQGHODYDSHXUVDWXUDQWHjƒ&F
HVWjGLUH3 u
| PEDUFRPPHODYDSHXUVXELWpJDOHPHQWODGpWHQWHDGLDEDWLTXHRQDpJDOHPHQW7J3J &WHOD&WH YDXWGRQF
LFL &WH |  u   | XVLHWGRQFODSUHVVLRQ 3 jPRODYDSHXUHVWj7 ƒ& .YDXW

§ & WH ·J
3 ¨ J ¸ | PEDU ! PEDU SUHVVLRQ GH YDSHXU VDWXUDQWH jƒ&  OD YDSHXUQHSHXWGRQFSDVDWWHLQGUH
© 7 ¹
FHWWHSUHVVLRQWKpRULTXHGHPEDUHWVHOLTXpILHLO\DGRQFIRUPDWLRQG
XQQXDJH JRXWWHOHWWHVG
HDX (QUpDOLWpOD
FRQGHQVDWLRQ D OLHX DYDQW TXH OHV  PEDU VRLHQW DWWHLQWV FDU O
DLU HVW FKDUJp GH SDUWLFXOHV TXL IDFLOLWHQW OD
FRQGHQVDWLRQ6LODWHPSpUDWXUHDYDLWpWpLQIpULHXUHjƒ&LOV
DJLUDLWG
XQQXDJHGHJODFH
6L O
DLU DYDLW pWp SOXV VHF OD IRUPDWLRQ GX QXDJH DXUDLW HX OLHX j XQH DOWLWXGH SOXV pOHYpH SUHVVLRQ SOXV IDLEOH GRQF
GpWHQWHDGLDEDWLTXHTXLGRQQHXQHWHPSpUDWXUHSOXVIDLEOH 
6LO
DLU SURJUHVVHGDYDQWDJHHQDOWLWXGH PRQWDJQHSOXVKDXWH DORUVLO\DGHVFKDQFHVSRXUTXHFHODGRQQHGHODSOXLH
XQPRXYHPHQWGHFRQYHFWLRQGHO
DLUG€jODFKDOHXUGHYDSRULVDWLRQOLEpUpHSDUODYDSHXUFUpHXQEUDVVDJHGHVJRXWWHV
TXLSUHQQHQWGHODPDVVH 

3
P PEDU

PEDU

PEDU

QLYHDXGHODPHU PEDU

([HUFLFH
/DSUHVVLRQGHYDSHXUVDWXUDQWHj±ƒ&GHO
HDXYDXWPEDU FRQWUHPEDUjƒ& FHODVLJQLILHTXHO
DLUQH
SHXW SDVFDSWHUSOXVGHPEDUGHYDSHXUj±ƒ&O
DLUHVWGRQFVHF PrPHVLOHWDX[G
KXPLGLWpYDXW 


ODSUHVVLRQGHO
DLUVHFYDXWGRQF| PEDU