IDYRULVHU OH PDLQWLHQ GHV HQIDQWV DX VHLQ GX IR\HU RX O¶H[HUFLFH GHV GURLWV GH
YLVLWH RX G¶KpEHUJHPHQW GH O¶HQIDQW ORUVTXH OH SDUHQW HQ DVVXPH OD FKDUJH
HIIHFWLYH
DVVXUHU OHV EHVRLQV DOLPHQWDLUHV HW RX GH SUHPLqUH QpFHVVLWp
FRXYULU GHV IUDLV GLUHFWHPHQW OLpV j O¶HQIDQW KDELOOHPHQW IUDLV GH JDUGH GH
WUDQVSRUW FDQWLQH VFRODULWp DFWLYLWpV FXOWXUHOOHV VSRUWLYHV ORLVLUV«
VRXWHQLU O¶LQWpJUDWLRQ RX OH PDLQWLHQ GH O¶HQIDQW GDQV VRQ HQYLURQQHPHQW VFRODLUH
HW VRFLR pGXFDWLI
/¶$OORFDWLRQ PHQVXHOOH $0
/¶$0 HVW pJDOHPHQW SRQFWXHOOH PDLV YHUVpH DX PRLQV VXU GHX[ PRLV FRQVpFXWLIV (OOH QH
SHXW WRXWHIRLV rWUH DFFRUGpH SRXU SDOOLHU OH PDQTXH RX O¶DEVHQFH GH UHVVRXUFHV
UpFXUUHQWHV /H PRQWDQW HW OD GXUpH VRQW DSSUpFLpV HQ IRQFWLRQ GH O¶pYDOXDWLRQ VRFLDOH HQ
OLHQ DYHF XQ SURMHW pGXFDWLI VSpFLILTXH SRXU O¶HQIDQW HW RX XQH VLWXDWLRQ SDUWLFXOLqUH
QRWDPPHQW GH UXSWXUH RX G¶DWWHQWH GH GURLWV
&HWWH DOORFDWLRQ Q¶D SDV YRFDWLRQ j FRPSOpWHU XQH SULVH HQ FKDUJH GDQV OH FDGUH G¶XQ
GLVSRVLWLI GH O¶(WDW
/H &KqTXH G¶DFFRPSDJQHPHQW SHUVRQQDOLVp &$3
,O V¶DJLW G¶XQH UpSRQVH j GHV EHVRLQV SRQFWXHOV UHOHYDQW GH OD SULVH HQ FKDUJH GHV
GpSHQVHV GH IUDLV DOLPHQWDLUHV GH SKDUPDFLH RX G¶pQHUJLH
/H 6HFRXUV G¶XUJHQFH 68
$ WLWUH H[FHSWLRQQHO HQ UDLVRQ G¶XQH VLWXDWLRQ G¶XUJHQFH HW GH OD QDWXUH GH OD GpSHQVH
OHV DLGHV ILQDQFLqUHV SHXYHQW rWUH GpOLYUpHV VRXV IRUPH GH OHWWUH FKqTXH UHPLVH DX
GHPDQGHXU
$57,&/( &RQGLWLRQV G DWWULEXWLRQ
&RQGLWLRQV UHODWLYHV DX[ GHPDQGHXUV
/¶DLGH ILQDQFLqUH SHXW rWUH DFFRUGpH j
WRXWH SHUVRQQH UpVLGDQW GDQV OH GpSDUWHPHQW GH OD +DXWH 9LHQQH TXL DVVXUH OD
FKDUJH HIIHFWLYH G¶XQ HQIDQW PLQHXU TX¶HOOH VRLW WLWXODLUH RX QRQ GH O¶DXWRULWp
SDUHQWDOH VXU O¶HQIDQW
WRXWH IHPPH HQFHLQWH SRXU HOOH PrPH HW VRQ HQIDQW j QDvWUH DX YX GH OD
GpFODUDWLRQ GH JURVVHVVH
WRXW PLQHXU pPDQFLSp RX PDMHXU GH PRLQV GH DQV FRQIURQWp j GHV
GLIILFXOWpV VRFLDOHV
0RGDOLWpV GH YHUVHPHQW
(Q DFFRUG DYHF OD IDPLOOH XQ SDLHPHQW GLUHFW SHXW rWUH HIIHFWXp j XQ WLHUV FDQWLQH HWF
$57,&/( 3URFpGXUH G LQVWUXFWLRQ HW GH GpFLVLRQ
,QVWUXFWLRQ GHV GHPDQGHV G¶DLGHV ILQDQFLqUHV
/¶LQVWUXFWLRQ GHV GHPDQGHV G¶DLGHV ILQDQFLqUHV HVW DVVXUpH DX VHLQ GH FKDTXH 0'' VRXV
OD UHVSRQVDELOLWp GH VRQ 'LUHFWHXU VXU OD EDVH GX OLHX GX GRPLFLOH GX GHPDQGHXU
/D GHPDQGH HVW UHFHYDEOH VXU SURGXFWLRQ GH MXVWLILFDWLIV HQ SDUWLFXOLHU GH OD FRPSRVLWLRQ
GH OD IDPLOOH GHV UHVVRXUFHV HW GHV FKDUJHV FRPSOpWpH G¶XQH pYDOXDWLRQ VRFLDOH
8QH DWWHVWDWLRQ GH GpS{W GH OD GHPDQGH HVW UHPLVH j OD SHUVRQQH TXL VROOLFLWH O¶DLGH
ILQDQFLqUH