35&$87,21
ದ 3ODFH]O«TXLSHPHQWVXUXQHVXUIDFHSODQHHWIHUPH
ದ 3ODFH]O«TXLSHPHQWVXUXQHEDVHSURWHFWULFHSRXU«YLWHU
GHQGRPPDJHUODVXUIDFHGXVRO
ದ 3U«YR\H]XQG«JDJHPHQWGDXPRLQVFPGHUULªUHO«TXLSHPHQW
FPGHYDQWHWFPGHFKDTXHF¶W«
ႛ &RQVXOWH]OHVLOOXVWUDWLRQVSRXUODVVHPEODJHFRUUHFWGHO«TXLSHPHQW
([HUFLFHV
8QH[HUFLFHGRLW¬WUHVXIILVDPPHQWO«JHUPDLVSURORQJ«/H[HUFLFHD«URELHUHSRVH
VXUODP«OLRUDWLRQGHODEVRUSWLRQPD[LPXPGR[\JªQHSDUOHFRUSVDP«OLRUDQW¢VRQ
WRXUOHQGXUDQFHHWODIRUPH9RXVGHYH]WUDQVSLUHUPDLVVDQVMDPDLV¬WUH¢ERXWGH
VRXIIOHGXUDQWOH[HUFLFH
3RXUDWWHLQGUHHWHQWUHWHQLUXQQLYHDXGHIRUPHEDVLTXHH[HUFH]YRXVDXPRLQV
IRLVSDUVHPDLQHSDUVHVVLRQGHPLQXWHV$FFURLVVH]OHQRPEUHGHVVHVVLRQV
GH[HUFLFHSRXUDP«OLRUHUYRWUHQLYHDXGHIRUPH,OHVWSURILWDEOHGHFRPELQHUXQ
H[HUFLFHU«JXOLHUHWXQU«JLPHVDLQ8QHSHUVRQQHVXLYDQWXQU«JLPHGRLWVH[HUFHU
DXTXRWLGLHQDXG«EXWPLQXWHVRXPRLQVSRXUFKDTXHVHVVLRQDILQGDFFUR°WUH
HQVXLWHSURJUHVVLYHPHQWOHWHPSVGH[HUFLFHTXRWLGLHQSRXUDWWHLQGUHXQHKHXUH
&RPPHQFH]YRVH[HUFLFHV¢XQHYLWHVVHOHQWHHWDYHFXQHIDLEOHU«VLVWDQFHSRXU
«YLWHUGHVRXPHWWUHOHV\VWªPHFDUGLRYDVFXODLUH¢XQHFRQWUDLQWHH[FHVVLYH
PHVXUHGHODP«OLRUDWLRQGHYRWUHIRUPHDFFURLVVH]SURJUHVVLYHPHQWODYLWHVVHHWOD
U«VLVWDQFH/HIILFLHQFHGHYRWUHH[HUFLFHHVWPHVXUDEOHHQVXLYDQWYRWUHIU«TXHQFH
FDUGLDTXHHWYRWUHSRXOV
0HVXUHGXSRXOVSXOVRPªWUHV
/HSRXOVHVWPHVXU«SDUGHVFDSWHXUVGDQVOHVSRLJQ«HVORUVTXHOXWLOLVDWHXUWRXFKH
OHVGHX[FDSWHXUV¢ODIRLV
$9(57,66(0(17
ದ /HVV\VWªPHVGHVXLYLGHODIU«TXHQFHFDUGLDTXHSHXYHQW¬WUH
LQH[DFWV8QH[HUFLFHH[FHVVLISHXWHQWUD°QHUGHVEOHVVXUHVJUDYHV
YRLUHPRUWHOOHV6LYRXVYRXVVHQWH]G«IDLOOLULQWHUURPSH]
LPP«GLDWHPHQWOH[HUFLFH
)5