Advertisement
)5$1d$,6
,1)250$7,216 '( 6e&85,7e
$9(57,66(0(17 ± 9HXLOOH] OLUH DWWHQWLYHPHQW FH TXL VXLW DYDQW G¶LQVWDOOHU YRWUH QRXYHDX QHWWR\HXU
DXWRPDWLTXH GH SLVFLQH
8QH DVSLUDWLRQ HVW GDQJHUHXVH HW SHXW FDXVHU GHV EOHVVXUHV RX OD QR\DGH 1H MRXH] SDV DYHF OH
•
QHWWR\HXU RX OH WX\DX QH O¶DSSOLTXH] SDV VXU OH FRUSV 1H ODLVVH] SDV GHV HQIDQWV XWLOLVHU RX MRXHU
DYHF OH QHWWR\HXU GH SLVFLQHV $UUqWH] OD SRPSH DYDQW G¶XWLOLVHU O¶DSSDUHLO GH QHWWR\DJH
(PSrFKH] WRXWH SHUVRQQH GH VH EDLJQHU SHQGDQW TXH OH QHWWR\HXU IRQFWLRQQH 6XELU XQH
•
DVSLUDWLRQ GX QHWWR\HXU SHXW FDXVHU GHV EOHVVXUHV RX OD QR\DGH 6L YRWUH SLVFLQH HVW pTXLSpH
G¶XQH SULVH EDODL SRXU OH QHWWR\DJH SDU DVSLUDWLRQ RX SRXU XQ QHWWR\HXU GH SLVFLQH DXWRPDWLTXH
HOOH GRLW rWUH UHFRXYHUWH ORUVTX¶HOOH Q¶HVW SDV XWLOLVpH 6L O RULILFH G DVSLUDWLRQ Q HVW SDV pTXLSp G XQ
ERXFKRQ DFKHWH] HQ XQ DXSUqV GH YRWUH SLVFLQLHU HW LQVWDOOH] OH TXDQG YRXV Q¶XWLOLVH] SDV OH
QHWWR\HXU
6L EHDXFRXS GH IHXLOOHV WRPEHQW GDQV YRWUH SLVFLQH QRXV YRXV FRQVHLOORQV G DFKHWHU HW G LQVWDOOHU
•
XQ SLqJH j IHXLOOH HQ OLJQH &H SLqJH j IHXLOOH RIIULUD XQH FDSDFLWp GH FKDUJH GH GpEULV DFFUXH HW
SHUPHWWUD XQH GpULYDWLRQ GH O¶HDX ORUVTXH OH SDQLHU VHUD SOHLQ ,O HVW LPSRUWDQW TXH OD SRPSH VRLW
VXIILVDPPHQW DOLPHQWpH HQ HDX
$9$17 /·,167$//$7,21
$9(57,66(0(17 ,03257$17 '(67,1e $8; 35235,e 7$,5(6 '( 3,6&,1(6 $9(& 5(9È7(0(17 (1
$YDQW G¶LQVWDOOHU OH QHWWR\HXU GH SLVFLQHV H[DPLQH] O¶LQWpULHXU GH YRWUH SLVFLQH DWWHQWLYHPHQW
9,1</(
6L YRWUH UHYrWHPHQW HQ YLQ\OH HVW FDVVDQW RX SUpVHQWH GHV DVSpULWpV RX GHV SOLV GXV j GHV SLHUUHV RX
HQFRUH VL OH EDV GX UHYrWHPHQW HVW HQ FRQWDFW DYHF GH OD URXLOOH RX VL OH IRQG GH OD SLVFLQH RX OHV PXUV
SRUWHXUV VRQW HQGRPPDJpV DORUV Q¶LQVWDOOH] SDV OH QHWWR\HXU GH SLVFLQH DYDQW TX¶XQ VSpFLDOLVWH D
HIIHFWXp OHV UpSDUDWLRQV QpFHVVDLUHV
$9(57,66(0(17 3285 /(6 35235,e7$,5(6 '( 3,6&,1( (1 %e721 352-(7e *81,7(
G LQVWDOOHU O DSSDUHLO GH QHWWR\DJH GDQV XQ EDVVLQ HQ EpWRQ SURMHWp RX XQ EDVVLQ SDUWLHOOHPHQW FDUUHOp
LQVWDOOH] OD SLqFH G LQVHUWLRQ GH OD SODTXH GH IULFWLRQ HW YpULILH] VRLJQHXVHPHQW O DEVHQFH GH FDUUHDX[
GpFROOpV HW GH OXPLQDLUHV PDO IL[pV 1 LQVWDOOH] SDV O DSSDUHLO GH QHWWR\DJH DYDQW TX XQ SURIHVVLRQQHO
TXDOLILp Q DLW HIIHFWXp OHV UpSDUDWLRQV QpFHVVDLUHV
$YDQW G·LQVWDOOHU OH QHWWR\HXU QHWWR\H] YRWUH V\VWqPH GH ILOWUDWLRQ
$VVXUH] YRXV TXH OH ILOWUH HVW QHWWR\p HW TX¶LO \ D HX XQ FRQWUH ODYDJH XQ ULQoDJH HW OH YLGDJH GH WRXV
OHV SDQLHUV 8Q V\VWqPH SURSUH HVW LQGLVSHQVDEOH SRXU XQ IRQFWLRQQHPHQW HW XQH FRXYHUWXUH FRUUHFWV
GX QHWWR\HXU
$YDQW G·LQVWDOOHU OH QHWWR\HXU UHPSOLVVH] OH IOH[LEOH G·HDX
$VVXUH] YRXV WRXMRXUV TXH OD WrWH GX QHWWR\HXU HVW LPPHUJpH HW TXH OH IOH[LEOH HVW UHPSOL G¶HDX DYDQW
GH EUDQFKHU OH IOH[LEOH DX V\VWqPH GH ILOWUDWLRQ YLD XQ VNLPPHU RX XQ UDFFRUG PXUDO VSpFLILTXH 'H
O¶DLU GDQV OH V\VWqPH SHXW HQGRPPDJHU OD SRPSH VXLWH j XQ IRQFWLRQQHPHQW j VHF RX XQH VXUFKDXIIH
$YDQW G·LQVWDOOHU OH QHWWR\HXU IDPLOLDULVH] YRXV DYHF OD FRXYHUWXUH GX QHWWR\HXU
/H QHWWR\HXU HVW FRQoX SRXU GpEDUUDVVHU YRWUH SLVFLQH GHV GpEULV HQ HQYLURQ
IDOORLU PRLQV GH WHPSV HQ IRQFWLRQ GH OD WDLOOH GH OD SLVFLQH /H QHWWR\HXU Q¶D SDV pWp FRQoX SRXU
QHWWR\HU DXWRPDWLTXHPHQW OHV PDUFKHV HW OHV DFFqV GLUHFWV RX SRXU WUDYDLOOHU VRXV XQ FRXYHUFOH
VRODLUH ,O Q¶D SDV QRQ SOXV pWp FRQoX SRXU HIIHFWXHU XQ QHWWR\DJH LQLWLDO G¶XQH QRXYHOOH SLVFLQH RX SRXU
OD UpRXYHUWXUH VDLVRQQLqUH GH YRWUH SLVFLQH
$YDQW
KHXUHV ,O SRXUUDLW
Advertisement
