02'( ' (03/2,
$9$17 ' 87,/,6(5 / $33$5(,/ 3$*(
&216(,/6 3285 /$ 3527(&7,21 '( / (19,5211(0(17 3$*(
35e&$87,216 (7 5(&200$1'$7,216
*e1e5$/(63$*( '(6&5,37,21 '( / $33$5(,/3$*(
'(6&5,37,21 '8 %$1'($8 '( &200$1'(63$*(
&200(17 )$,5( )21&7,211(5 /( &203$57,0(17 &21*e/$7(85 5e)5,*e5$7(85 3$*(
6e/(&7,21 '(6 ',))e5(17(6 )21&7,2163$*(
&203$57,0(17 5e)5,*e5$7(85 3$*( &203$57,0(17 &21*e/$7(853$*(
&200(17 &216(59(5 (7 'e&21*(/(5 '(6 $/,0(1763$*(
(175(7,(1 (7 1(772<$*( 3$*(
35e&$87,216 (1 &$6 ' $%6(1&( 28 '( 'e0e1$*(0(17 3$*(
',$*1267,& 5$3,'( $66,67$1&( 3$*(
6(59,&( $35Ë6 9(17(3$*(
$9$17 ' 87,/,6(5 / $33$5(,/
‡/ DSSDUHLO TXH YRXV YHQH] G DFKHWHU HVW XQ FRPELQp UpIULJpUDWHXU HW FRQJpODWHXU ,O HVW H[FOXVLYHPHQW UpVHUYp j XQ XVDJH PpQDJHU
3RXU XWLOLVHU DX PLHX[ YRWUH DSSDUHLO QRXV YRXV LQYLWRQV j OLUH DWWHQWLYHPHQW OHV LQVWUXFWLRQV UHODWLYHV j VRQ XWLOLVDWLRQ GDQV OHVTXHOOHV YRXV WURXYHUH] OD GHVFULSWLRQ GH YRWUH DSSDUHLO HW GHV FRQVHLOV XWLOHV VXU OD FRQVHUYDWLRQ GHV DOLPHQWV
&RQVHUYH] FH OLYUHW SRXU WRXWH FRQVXOWDWLRQ XOWpULHXUH
$SUqV DYRLU GpEDOOp O DSSDUHLO DVVXUH] YRXV TX LO Q HVW SDV HQGRPPDJp HW TXH OHV SRUWHV IHUPHQW SDUIDLWHPHQW 7RXW GRPPDJH pYHQWXHO GHYUD rWUH VLJQDOp DX UHYHQGHXU GDQV XQ GpODL GH KHXUHV
1RXV FRQVHLOORQV G DWWHQGUH DX PRLQV GHX[ KHXUHV DYDQW GH PHWWUH O DSSDUHLO HQ VHUYLFH SRXU SHUPHWWUH DX FLUFXLW GH UpIULJpUDWLRQ G rWUH SHUIRUPDQW
$VVXUH] YRXV TXH O LQVWDOODWLRQ HW OH EUDQFKHPHQW pOHFWULTXH RQW pWp UpDOLVpV SDU XQ WHFKQLFLHQ TXDOLILp FRQIRUPpPHQW DX[ LQVWUXFWLRQV GX IDEULFDQW HW DX[ QRUPHV ORFDOHV HQ YLJXHXU HQ PDWLqUH GH VpFXULWp
1HWWR\H] O LQWpULHXU GH O DSSDUHLO DYDQW GH O XWLOLVHU
&216(,/6 3285 /$ 3527(&7,21 '( / (19,5211(0(17
(PEDOODJH
/ HPEDOODJH HVW UHF\FODEOH HW SRUWH OH V\PEROH GX UHF\FODJH 3RXU OD PLVH DX UHEXW VXLYH] OHV UpJOHPHQWDWLRQV ORFDOHV HQ YLJXHXU /HV PDWpULDX[ G HPEDOODJH VDFKHWV HQ SODVWLTXH pOpPHQWV HQ SRO\VW\UqQH HWF GRLYHQW rWUH WHQXV KRUV GH SRUWpH GHV HQIDQWV FDU LOV FRQVWLWXHQW XQH VRXUFH SRWHQWLHOOH GH GDQJHU
0LVH DX UHEXW
&HW DSSDUHLO D pWp IDEULTXp DYHF GHV PDWpULDX[ UHF\FODEOHV &HW DSSDUHLO SRUWH OH V\PEROH GX UHF\FODJH FRQIRUPpPHQW j OD 'LUHFWLYH (XURSpHQQH
&( FRQFHUQDQW OHV 'pFKHWV G·eTXLSHPHQWV eOHFWULTXHV HW eOHFWURQLTXHV '((( RX :((( (Q SURFpGDQW FRUUHFWHPHQW j OD PLVH DX UHEXW GH FHW DSSDUHLO YRXV FRQWULEXHUH] j HPSrFKHU WRXWH FRQVpTXHQFH QXLVLEOH SRXU O·HQYLURQQHPHQW HW OD VDQWp GH O·KRPPH
/H V\PEROH 
SUpVHQW VXU O·DSSDUHLO RX VXU OD GRFXPHQWDWLRQ TXL O·DFFRPSDJQH LQGLTXH TXH FH SURGXLW QH SHXW HQ DXFXQ FDV rWUH WUDLWp FRPPH GpFKHW PpQDJHU ,O GRLW SDU FRQVpTXHQW rWUH UHPLV j XQ FHQWUH GH FROOHFWH GHV GpFKHWV FKDUJp GX UHF\FODJH GHV pTXLSHPHQWV pOHFWULTXHV HW pOHFWURQLTXHV $X PRPHQW GH OD PLVH DX UHEXW UHQGH] O DSSDUHLO LQXWLOLVDEOH HQ VHFWLRQQDQW OH FkEOH G DOLPHQWDWLRQ HW HQ GpPRQWDQW OHV SRUWHV HW OHV JULOOHV GH IDoRQ j FH TXH OHV HQIDQWV QH SXLVVHQW DFFpGHU IDFLOHPHQW j O LQWpULHXU GH FHOXL FL 3RXU OD PLVH DX UHEXW UHVSHFWH] OHV QRUPHV ORFDOHV HQ YLJXHXU HW UHPHWWH] O DSSDUHLO j XQ FHQWUH GH FROOHFWH VSpFLDOLVp 1H ODLVVH] MDPDLV O DSSDUHLO VDQV VXUYHLOODQFH QH IXW FH TXH TXHOTXHV MRXUV FDU LO UHSUpVHQWH XQH VRXUFH GH GDQJHU SRXU OHV HQIDQWV 3RXU REWHQLU GH SOXV DPSOHV GpWDLOV DX VXMHW GX WUDLWHPHQW GH OD UpFXSpUDWLRQ HW GX UHF\FODJH GH FHW DSSDUHLO YHXLOOH] YRXV DGUHVVHU DX EXUHDX FRPSpWHQW GH YRWUH FRPPXQH j OD VRFLpWp GH FROOHFWH GHV GpFKHWV RX GLUHFWHPHQW j YRWUH UHYHQGHXU
,QIRUPDWLRQ
&HW DSSDUHLO QH FRQWLHQW SDV GH &)& OH FLUFXLW GH UHIURLGLVVHPHQW FRQWLHQW GX 5 D QL GH +)& OH FLUFXLW GH UHIURLGLVVHPHQW FRQWLHQW GX 5 D
3RXU OHV DSSDUHLOV DYHF ,VREXWDQH 5 D
O·LVREXWDQH HVW XQ JD] QDWXUHO TXL HVW VDQV GDQJHU SRXU O HQYLURQQHPHQW PDLV LO HVW LQIODPPDEOH ,O HVW GRQF LQGLVSHQVDEOH GH YRXV DVVXUHU TXH OHV WX\DX[ GX FLUFXLW GH UpIULJpUDWLRQ VRQW HQ SDUIDLW pWDW
672&.$*( '(6 '(15e(6 '$16 /(6 5e)5,*e5$7(856 (7 5Ë*/(6 ' +<*,Ë1( $/,0(17$,5(
/D FRQVRPPDWLRQ FURLVVDQWH GH SODWV SUpSDUpV HW G DXWUHV DOLPHQWV IUDJLOHV VHQVLEOHV HQ SDUWLFXOLHU DX QRQ UHVSHFW GH OD FKDvQH GX IURLG UHQG QpFHVVDLUH XQH PHLOOHXUH PDvWULVH GH OD WHPSpUDWXUH GH WUDQVSRUW HW GH VWRFNDJH GH FHV SURGXLWV
- OD PDLVRQ OH ERQ XVDJH GX UpIULJpUDWHXU HW OH UHVSHFW GH UqJOHV G·K\JLqQH ULJRXUHXVHV FRQWULEXHURQW GH IDoRQ VLJQLILFDWLYH HW HIILFDFH j O DPpOLRUDWLRQ GH OD FRQVHUYDWLRQ GHV DOLPHQWV
0$Í75,6( '( /$ 7(03e5$785(
‡6WRFNH] OHV DOLPHQWV OHV SOXV VHQVLEOHV GDQV OD ]RQH OD SOXV IURLGH GH O DSSDUHLO FRQIRUPpPHQW DX[ LQGLFDWLRQV ILJXUDQW GDQV FHWWH QRWLFH
‡$WWHQGH] OH FRPSOHW UHIURLGLVVHPHQW GHV SUpSDUDWLRQV DYDQW GH OHV VWRFNHU H[HPSOH
VRXSH
‡/LPLWH] OH QRPEUH G RXYHUWXUHV GH OD SRUWH HW HQ WRXW pWDW GH FDXVH QH SDV OD ODLVVHU RXYHUWH WURS ORQJWHPSV SRXU pYLWHU XQH UHPRQWpH HQ WHPSpUDWXUH GX UpIULJpUDWHXU
‡3RVLWLRQQH] OD FRPPDQGH GH UpJODJH GX WKHUPRVWDW GH IDoRQ j REWHQLU XQH WHPSpUDWXUH SOXV EDVVH &H UpJODJH GRLW VH IDLUH SURJUHVVLYHPHQW DILQ GH QH SDV SURYRTXHU OH JHO GHV GHQUpHV
‡/D PHVXUH GH OD WHPSpUDWXUH G XQH ]RQH FOD\HWWH SDU H[HPSOH SHXW VH IDLUH DX PR\HQ G XQ WKHUPRPqWUH SODFp GqV OH GpSDUW GDQV XQ UpFLSLHQW UHPSOL G HDXYHUUH 3RXU rWUH ILGqOH HW UHSUpVHQWDWLYH GH FH TXL VH SDVVH j O LQWpULHXU GH O DSSDUHLO OD OHFWXUH GH OD WHPSpUDWXUH GRLW rWUH IDLWH DSUqV TXHOTXHV KHXUHV GH VWDELOLVDWLRQ GH O HQVHPEOH SDU H[HPSOH OH PDWLQ j OD SUHPLqUH RXYHUWXUH GH OD SRUWH
5(63(&7 '(6 5Ë*/(6 ' +<*,Ë1( $/,0(17$,5(
‡5HWLUH] OHV HPEDOODJHV GX FRPPHUFH DYDQW GH SODFHU OHV DOLPHQWV GDQV OH UpIULJpUDWHXUH[HPSOH HPEDOODJHV GHV SDFNV GH \DRXUWV
‡(PEDOOH] V\VWpPDWLTXHPHQW OD QRXUULWXUH SRXU pYLWHU TXH OHV GHQUpHV QH VH FRQWDPLQHQW PXWXHOOHPHQW
‡'LVSRVH] OHV DOLPHQWV GH WHOOH VRUWH TXH O DLU SXLVVH FLUFXOHU OLEUHPHQW WRXW DXWRXU
‡&RQVXOWH] OD QRWLFH G XWLOLVDWLRQ GH O DSSDUHLO HQ WRXWHV FLUFRQVWDQFHV HW HQ SDUWLFXOLHU SRXU OHV FRQVHLOV G HQWUHWLHQ
‡1HWWR\H] IUpTXHPPHQW O LQWpULHXU GX UpIULJpUDWHXU HQ XWLOLVDQW XQ SURGXLW G HQWUHWLHQ GRX[ VDQV HIIHW R[\GDQW VXU OHV SDUWLHV PpWDOOLTXHV SXLV ULQFHU DYHF GH O HDX DGGLWLRQQpH GH MXV GH FLWURQ GH YLQDLJUH EODQF RX DYHF WRXW SURGXLW GpVLQIHFWDQW DGDSWp DX UpIULJpUDWHXU
‡6H ODYHU OHV PDLQV DYDQW GH WRXFKHU OHV DOLPHQWV HW SOXVLHXUV IRLV SHQGDQW OD SUpSDUDWLRQ GX UHSDV VL FHOOH FL LPSOLTXH GHV PDQLSXODWLRQV VXFFHVVLYHV GH SURGXLWV GLIIpUHQWV HW DSUqV ELHQ V€U DX PRPHQW GH SDVVHU j WDEOH FRPPH OHV UqJOHV G K\JLqQH O LPSRVHQW
‡1H SDV UpXWLOLVHU GHV XVWHQVLOHV D\DQW GpMj VHUYL SDU H[HPSOH FXLOOqUH HQ ERLV SODQFKH j GpFRXSHU VDQV OHV DYRLU ELHQ QHWWR\pV DX SUpDODEOH
‡&KDvQH GX IURLG PDLQWLHQ VDQV UXSWXUH GH
OD WHPSpUDWXUH UHTXLVH G XQ SURGXLW GHSXLV VD SUpSDUDWLRQ HW VRQ FRQGLWLRQQHPHQW MXVTX j VRQ XWLOLVDWLRQ SDU OH FRQVRPPDWHXU
'pFODUDWLRQ GH FRQIRUPLWp
‡&HW DSSDUHLO HVW GHVWLQp j rWUH PLV HQ FRQWDFW DYHF GHV GHQUpHV DOLPHQWDLUHV HW HVW FRQIRUPH DX[ 'LUHFWLYHV (XURSpHQQHV
&(( &(( &((
‡&HW DSSDUHLO D pWp FRQoX FRQVWUXLW HW PLV VXU OH PDUFKp FRQIRUPpPHQW DX[
REMHFWLIV GH VpFXULWp GH OD 'LUHFWLYH %DVVH 7HQVLRQ &((FRQGLWLRQV UHTXLVHV HQ PDWLqUH GH SURWHFWLRQ GH OD 'LUHFWLYH ´&(0µ &(( PRGLILpH SDU OD 'LUHFWLYH &((
‡/D VpFXULWp pOHFWULTXH GH O DSSDUHLO HVW JDUDQWLH XQLTXHPHQW VL FHOXL FL HVW FRUUHFWHPHQW EUDQFKp j XQH LQVWDOODWLRQ GH PLVH j OD WHUUH SHUIRUPDQWH HW UpJOHPHQWDLUH
35e&$87,216 (7 5(&200$1'$7,216 *e1e5$/(6
‡1 XWLOLVH] OH FRPSDUWLPHQW UpIULJpUDWHXU TXH SRXU OD FRQVHUYDWLRQ G DOLPHQWV IUDLV HW OH FRPSDUWLPHQW FRQJpODWHXU TXH SRXU OD FRQVHUYDWLRQ G DOLPHQWV VXUJHOpV OD FRQJpODWLRQ G DOLPHQWV IUDLV HW OD SURGXFWLRQ GH JODoRQV
‡$SUqV O LQVWDOODWLRQ YpULILH] TXH OH UpIULJpUDWHXU Q HVW SDV SRVp VXU OH FkEOH G DOLPHQWDWLRQ
‡/ DSSDUHLO GRLW rWUH LQVWDOOp GDQV XQ HQGURLW VHF HW ELHQ DpUp /·DSSDUHLO HVW UpJOp SRXU IRQFWLRQQHU GH IDoRQ RSWLPDOH j XQH WHPSpUDWXUH DPELDQWH FRPSULVH GDQV OHV LQWHUYDOOHV VXLYDQWV VXU EDVH GH OD FODVVH FOLPDWLTXH G DSSDUWHQDQFH LQGLTXpH VXU OD SODTXH VLJQDOpWLTXH / DSSDUHLO ULVTXH QH GH SDV IRQFWLRQQHU FRUUHFWHPHQW V LO UHVWH SHQGDQW XQH ORQJXH SpULRGH j XQH
‡ 1 LQWURGXLVH] SDV GH UpFLSLHQWV HQ YHUUH |
WHPSpUDWXUH VXSpULHXUH RX LQIpULHXUH j |
||||
FRQWHQDQW GHV OLTXLGHV GDQV OH FRQJpODWHXU |
O LQWHUYDOOH SUpYX |
|
|
||
FDU LOV SRXUUDLHQW H[SORVHU |
|
|
|
|
|
‡ 1H PDQJH] SDV OHV JODoRQV RX OHV JODFHV |
&ODVVH &OLPDWLTXH |
7 $PE ƒ& |
7 $PE ƒ) |
||
|
|
|
|
||
61 |
|
'H j |
'H j |
||
LPPpGLDWHPHQW DSUqV OHV DYRLU VRUWLV GX |
|
||||
|
|
|
|
||
1 |
|
'H j |
'H j |
||
FRQJpODWHXU FDU LOV SRXUUDLHQW SURYRTXHU GHV |
|
||||
|
|
|
|
||
67 |
|
'H j |
'H j |
||
EU€OXUHV GXHV DX IURLG |
|
||||
|
|
|
|
||
‡ 'pEUDQFKH] WRXMRXUV OH FkEOH RX FRXSH] OH |
7 |
|
'H j |
'H j |
|
|
|
|
|
||
|
|
|
|
||
FRXUDQW DYDQW G LQWHUYHQLU VXU O DSSDUHLO SRXU |
‡ 6L YRXV GHYH] GpSODFHU O DSSDUHLO YHLOOH] j QH |
||||
VRQ HQWUHWLHQ RX VRQ QHWWR\DJH |
|||||
SDV DEvPHU OH UHFRXYUHPHQW GH VRO |
|||||
‡ $VVXUH] YRXV TXH OH UpIULJpUDWHXU HVW ORLQ GH |
|||||
SDUTXHW SDU H[ |
|
|
|||
WRXWH VRXUFH GH FKDOHXU |
|
|
|||
‡3RXU DFFpOpUHU OH SURFHVVXV GH GpJLYUDJH
‡1 HQWUHSRVH] SDV HW Q XWLOLVH] SDV G HVVHQFH Q XWLOLVH] MDPDLV GH PR\HQV PpFDQLTXHV DXWUHV GH OLTXLGHV RX GH JD] LQIODPPDEOHV j TXH FHX[ SUpFRQLVpV SDU OH IDEULFDQW SUR[LPLWp GX UpIULJpUDWHXU RX GH WRXW DXWUH ‡ eYLWH] G HQGRPPDJHU OH FLUFXLW GX IOXLGH
DSSDUHLO PpQDJHU /HV pPDQDWLRQV SHXYHQW |
UpIULJpUDQW |
|
SURYRTXHU XQ ULVTXH G LQFHQGLH RX |
||
‡ 1 XWLOLVH] MDPDLV G DSSDUHLOV pOHFWULTXHV j |
||
G H[SORVLRQ |
||
O LQWpULHXU GHV FRPSDUWLPHQWV GH FRQVHUYDWLRQ |
||
‡ /DLVVH] XQ HVSDFH GH FP GH SDUW HW G DXWUH |
||
GHV DOLPHQWV FRQJHOpV DXWUHV TXH FHX[ |
||
GH O DSSDUHLO HW DX GHVVXV GH FHOXL FL DILQ |
||
UHFRPPDQGpV SDU OH IDEULFDQW |
||
G DVVXUHU XQH YHQWLODWLRQ FRUUHFWH |
||
‡ &HW DSSDUHLO QH GRLW HQ DXFXQ FDV rWUH XWLOLVp |
||
‡ 9HLOOH] j QH MDPDLV FRXYULU OHV ERXFKHV |
||
SDU GHV HQIDQWV HQ EDV kJH RX GHV SHUVRQQHV |
||
G DpUDWLRQ SUpVHQWHV VXU O DSSDUHLO RX GDQV OD |
||
KDQGLFDSpHV VDQV VXUYHLOODQFH |
||
VWUXFWXUH G HQFDVWUHPHQW |
||
‡ 3RXU pYLWHU WRXW ULVTXH G pWRXIIHPHQW HW |
||
‡ 7RXV OHV DSSDUHLOV pTXLSpV GH V\VWqPHV GH |
||
G HPSULVRQQHPHQW LQWHUGLVH] DX[ HQIDQWV GH |
||
SURGXFWLRQ GH JODFH HW GH GLVWULEXWHXUV G HDX |
||
MRXHU RX GH VH FDFKHU GDQV O DSSDUHLO |
||
GRLYHQW rWUH FRQQHFWpV j XQ UpVHDX K\GULTXH |
||
‡ /H FkEOH GRLW rWUH UHPSODFp H[FOXVLYHPHQW |
||
TXL GLVWULEXH H[FOXVLYHPHQW GH O HDX SRWDEOH |
||
SDU XQ WHFKQLFLHQ DJUpp |
||
OD SUHVVLRQ GX UpVHDX K\GULTXH GRLW rWUH |
||
‡ 1 XWLOLVH] SDV G DGDSWDWHXUV GH UDOORQJHV QL GH |
||
FRPSULVH HQWUH HW EDU HW 36, |
||
SULVHV PXOWLSOHV |
||
/HV V\VWqPHV GH SURGXFWLRQ GH JODFH HW RX |
||
‡ ,O GRLW rWUH SRVVLEOH GH GpFRQQHFWHU |
||
G HDX TXL QH VRQW SDV GLUHFWHPHQW FRQQHFWpV j |
||
XQ UpVHDX G DOLPHQWDWLRQ K\GULTXH GRLYHQW |
O DOLPHQWDWLRQ pOHFWULTXH HQ HQOHYDQW OD SULVH |
|
rWUH UHPSOLV H[FOXVLYHPHQW DYHF GH O HDX |
RX HQ DFWLRQQDQW XQ LQWHUUXSWHXU ELSRODLUH GH |
|
SRWDEOH |
UpVHDX VLWXp HQ DPRQW GH OD SULVH |
|
‡ ,QVWDOOH] OH UpIULJpUDWHXU HW PHWWH] OH GH |
‡ &RQWU{OH] TXH OH YROWDJH LQGLTXp VXU OD |
|
QLYHDX VXU XQ VRO TXL HQ VXSSRUWHUD OH SRLGV HW |
SODTXHWWH VLJQDOpWLTXH FRUUHVSRQG j OD WHQVLRQ |
|
GDQV XQH SLqFH DGDSWpH j VD WDLOOH HW j VRQ |
GH O KDELWDWLRQ |
|
XWLOLVDWLRQ |
‡ 1 DYDOH] MDPDLV OH OLTXLGH DWR[LTXH FRQWHQX |
|
|
GDQV OHV DFFXPXODWHXUV GH IURLG V LOV VRQW |
|
|
SUpVHQWV |
'(6&5,37,21 '( / $33$5(,/
$ |
&RPSDUWLPHQW 5pIULJpUDWHXU % |
&RPSDUWLPHQW &RQJpODWHXU |
||
|
|
eFODLUDJH |
'LVWULEXWHXU GH JODoRQV |
|
|
&OD\HWWHV =RQH GHV FOD\HWWHV |
|
%DFV GX FRQJpODWHXU |
|
|
|
&RPSDUWLPHQW IUDLV |
|
%DOFRQQHWV GH OD SRUWH GX FRQJpODWHXU |
|
|
|
||
%DF j IUXLWV HW OpJXPHV
D 5pJXODWHXU GX WDX[ G KXPLGLWp
6pSDUDWHXU LQWHUQH GX EDF j IUXLWV HW OpJXPHV
&DOH ERXWHLOOHV H[WUDFWLEOH
6pSDUDWHXU LQWHUQH
%DOFRQQHWV
&DVLHU j RHXIV
'(6&5,37,21 '8 %$1'($8 '( &200$1'(6
7RXFKHV GH PLVH HQ PDUFKH DUUrW GHV FRPSDUWLPHQWV QDYLJDWLRQ GDQV OH PHQX VpOHFWLRQ HW YDOLGDWLRQ
|
|
|
|
|
|
|
|
|
|
" |
|
|
|
|
|
|
|
||||
|
|
|
|
|
|
|
|
# |
||
|
|
|
|
|
|
|
||||
! |
|
|
|
|
|
|
|
$ |
||
|
|
|
|
|
|
|||||
7RXFKH GH PLVH HQ PDUFKH GH O HQVHPEOH GH |
7RXFKH G DXJPHQWDWLRQ GH OD WHPSpUDWXUH GDQV |
|||||||||
O DSSDUHLO |
OH FRPSDUWLPHQW VpOHFWLRQQp |
|||||||||
7RXFKH GH QDYLJDWLRQ GDQV OH PHQX |
7RXFKH GH YDOLGDWLRQ |
|||||||||
7RXFKH G DUUrW GH O HQVHPEOH GH O DSSDUHLO |
7RXFKH GH UpGXFWLRQ GH OD WHPSpUDWXUH GDQV OH |
|||||||||
|
|
|
|
|
|
FRPSDUWLPHQW VpOHFWLRQQp |
||||
,F{QHV GHV IRQFWLRQV HW UpJODJHV |
|
|
|
|
|
|||||
|
|
|
|
|
|
)RQFWLRQV HW UpJODJHV GLVSRQLEOHV SRXU OH |
||||
|
|
|
|
|
|
FRPSDUWLPHQW UpIULJpUDWHXU |
||||
|
|
|
|
|
|
,F{QHV GH IRQFWLRQQHPHQW GH O DSSDUHLO G DODUPH RX GH |
||||
|
|
|
|
|
|
SDQQH |
||||
|
|
|
|
|
|
)RQFWLRQV HW UpJODJHV GLVSRQLEOHV SRXU OH |
||||
|
|
|
|
|
|
FRPSDUWLPHQW FRQJpODWHXU |
||||
'HVFULSWLRQ GHV V\PEROHV SRXU OH FRPSDUWLPHQW UpIULJpUDWHXU
3RUWH GX FRPSDUWLPHQW UpIULJpUDWHXU RXYHUWH 
7HPSpUDWXUH SURJUDPPpH GDQV OH FRPSDUWLPHQW UpIULJpUDWHXU
&RPPXQLFDWLRQ GH UHPSODFHPHQW GX ILOWUH)RQFWLRQ 5HIURLGLVVHPHQW UDSLGH
)RQFWLRQ $EVHQFH SURORQJpH YDFDQFHV
,F{QHV GH IRQFWLRQQHPHQW GH O DSSDUHLO G DODUPH RX GH SDQQH
)RQFWLRQ WK 6HQVH 6L[LqPH VHQV DFWLYpH / DSSDUHLO HVW HQ WUDLQ G DWWHLQGUH OHV FRQGLWLRQV UHTXLVHV HQ YXH GH JDUDQWLU XQH FRQVHUYDWLRQ RSWLPDOH GHV DOLPHQWV
)RQFWLRQ %ORFDJH FODYLHU HQFOHQFKpH 
,F{QH G DODUPH JpQpUDOHPHQW DVVRFLpH DX VLJQDO VRQRUH
,F{QH GH SDQQH HW G DSSHO DX 6HUYLFH G DVVLVWDQFH WHFKQLTXH
'HVFULSWLRQ GHV V\PEROHV SRXU OH FRPSDUWLPHQW FRQJpODWHXU
3RUWH GX FRPSDUWLPHQW FRQJpODWHXU RXYHUWH
)RQFWLRQ ´3DUW\µ DFWLYpH
7HPSpUDWXUH SURJUDPPpH GDQV OH FRPSDUWLPHQW FRQJpODWHXU
)RQFWLRQ &RQJpODWLRQ UDSLGH
Loading...