,1)250$7,216 '( 6(&85,7( ,03257$17(6 6XLWH
&HW DSSDUHLO D pWp IDEULTXp FRQIRUPpPHQW DX[ UqJOHPHQWV GH VpFXULWp HQ YLJXHXU /HV SUpFDXWLRQV
GH VpFXULWp VXLYDQWHV SHUPHWWHQW G¶LQIRUPHU O¶XWLOLVDWHXU GHV GDQJHUV OLpV j O¶XWLOLVDWLRQ GX
SURGXLW
%LHQ TXH FHW DSSDUHLO DLW pWp IDEULTXp FRQIRUPpPHQW DX[ UqJOHPHQWV GH VpFXULWp HQ YLJXHXU HW
VRXPLV j XQ FRQWU{OH GH VpFXULWp ULJRXUHX[ HQ XVLQH GHV SUREOqPHV SHXYHQW QpDQPRLQV
VXUYHQLU (Q FDV GpPDQDWLRQ GH IXPpH FRQFHQWUDWLRQ GH FKDOHXU RX WRXW DXWUH SKpQRPqQH
pWUDQJH GpEUDQFKH] LPPpGLDWHPHQW OH FRUGRQ G¶DOLPHQWDWLRQ GH OD SULVH PXUDOH
$VVXUH]YRXV G¶LQVWDOOHU O¶XQLWp GDQV XQ HQGURLW VXIILVDPPHQW DpUp 1¶LQVWDOOH] MDPDLV
O¶XQLWp SURFKH RX VRXV XQ ULGHDX
/D ILFKH GX FRUGRQ RX OH FRXSOHXU SHUPHW GH PHWWUH O¶XQLWp KRUV WHQVLRQ FHOXLFL GRLW rWUH
UDSLGHPHQW DFFHVVLEOH
&HW DSSDUHLO GRLW VHXOHPHQW rWUH UDFFRUGp j XQH VRXUFH G¶DOLPHQWDWLRQ GRQW OHV
FDUDFWpULVWLTXHV VRQW LGHQWLTXHV j FHOOHV ILJXUDQW VXU OD SODTXH VLJQDOpWLTXH ILJXUDQW j O¶DUULqUH
GH O¶XQLWp ± QH WHQWH] SDV GH UDFFRUGHU FHW DSSDUHLO j XQ DXWUH W\SH G¶DOLPHQWDWLRQ
/D SULVH GH FRXUDQW PXVW GRLW VH WURXYHU j SUR[LPLWp GH OXQLWp HW GRLW UHVWHU IDFLOHPHQW
DFFHVVLEOH
$ILQ GH SUpYHQLU WRXWH VXUFKDUJH QH SDUWDJH] SDV XQH SULVH GH FRXUDQW DYHF G¶DXWUHV
pTXLSHPHQWV
/HV DSSDUHLOV GH &ODVVH GRLYHQW rWUH UDFFRUGpV j XQH SULVH GH FRXUDQW PLVHjODWHUUH
0DLQWHQH] O¶XQLWp KRUV GH OD SRUWpH GHV URQJHXUV /HV URQJHXUV RQW WHQGDQFH j URQJHU OHV
FkEOHV pOHFWULTXHV
/RUVTXH YRXV GpEUDQFKH] OH FRUGRQ G¶DOLPHQWDWLRQ WHQH] OD ILFKH HW QRQ OH FRUGRQ
SURSUHPHQW GLW 1H WLUH] SDV VXU OH FRUGRQ FHOXLFL SHXW VH VXUFKDUJHU HW FDXVHU XQ
FRXUWFLUFXLW
,QVWDOOH] OH FRUGRQ GH PDQLqUH j FH TXH SHUVRQQH QH WUpEXFKH GHGDQV
1H SRVH] DXFXQ REMHW ORXUG VXU OHV FkEOHV FHFL SRXUUDLW OHV HQGRPPDJHU
9HLOOH] j FH TXH OHV ILOV UHVWHQW LQDFFHVVLEOHV DX[ MHXQHV HQIDQWV FDU FHFL SHXW FDXVHU GHV
EOHVVXUHV FRUSRUHOOHV
1¶LQVWDOOH] SDV O¶XQLWp SUqV G¶XQH VRXUFH GH FKDOHXU /D FKDOHXU SHXW HQGRPPDJHU OH ERvWLHU HW
OH FRUGRQ GH O¶XQLWp
/
¶pFUDQ HVW FRPSRVp GH SODVWLTXH HW SHXW VH EULVHU ORUVTXH VRXPLV j GHV FKRFV$ILQGH
SUpYHQLU WRXWH EOHVVXUH FRUSRUHOOH UDPDVVH] GpOLFDWHPHQW OHV pFODWV GH SODVWLTXH
1¶LQVWDOOH] SDV O¶XQLWp VXU XQH VXUIDFH VRXPLVH j GHV FKRFV RX YLEUDWLRQV
$ILQ GH SURWpJHU O¶XQLWp GHV RUDJHV GpEUDQFKH] OH FRUGRQ G¶DOLPHQWDWLRQ &$ HW ODQWHQQH GH
O¶XQLWp $WWHQWLRQ 1H WRXFKH] SDV OH FRQQHFWHXU GH O¶DQWHQQH 5)
/RUVTXH YRXV SDUWH] HQ YDFDQFHV GpEUDQFKH] OH FRUGRQ G¶DOLPHQWDWLRQ &$
/
¶XQLWp GHYLHQW FKDXGH HQ FRXUV GH IRQFWLRQQHPHQW 1H SRVH] QL QDSSH QL FRXYHUWXUH VXU
O¶XQLWp DILQ GH SUpYHQLU WRXWH VXUFKDXIIH 1¶REVWUXH] SDV OHV RULILFHV GH YHQWLODWLRQ GH O¶XQLWp
1¶LQVWDOOH] SDV O¶XQLWp SUqV G¶XQ UDGLDWHXU 1¶LQVWDOOH] SDV O¶XQLWp GDQV XQ HQGURLW H[SRVp DX
VROHLO 0DLQWHQH] XQ HVSDFH GH FP SRXFHV DXWRXU GH O¶XQLWp ORUVTXH YRXV LQVWDOOH]
FHOOHFL GDQV XQH pWDJqUH
1¶H[SRVH] SDV OH WpOpYLVHXU j O¶HDX HW O¶KXPLGLWp 1¶H[SRVH] SDV O¶XQLWp j XQ HQGURLW KXPLGH
WHO TX¶XQH VDOOH GH EDLQV XQH FXLVLQH RX XQH SLVFLQH
2