Loading ...
Loading ...
Loading ...

0RQWHUODSSDUHLOILJXUHV 
5HPDUTXH 3RXUOHQFDVWUHPHQWGHODSSDUHLOXWLOLVHUGHVJDQWV
GHSURWHFWLRQ/HVVXUIDFHVQRQYLVLEOHVSHXYHQWSUpVHQWHUGHV
DUrWHVFRXSDQWHV
(QFDVGDSSDUHLOVDQVFkEOHSUpLQVWDOOpLQWURGXLUHOHFkEOH
VHFWHXUGDQVODSULVHGHUDFFRUGHPHQW
 5HWRXUQHUODWDEOHGHFXLVVRQHWSODFHUXQFKLIIRQRXXQHDXWUH
VXUIDFHVXUOHIRQGGHOHPEDOODJHSRXUpYLWHUWRXWHUD\XUH
 6RXOHYHUOHFKDSHDXGHODSULVHGHUDFFRUGHPHQWjODLGHGXQ
WRXUQHYLV ILJXUH 
 'HVVHUUHUODYLVGHIL[DWLRQHWVRXOHYHUOHFROOLHUGHVHUUDJHj
ODLGHGXQWRXUQHYLV ILJXUH
 (IIHFWXHUOHUDFFRUGHPHQWjODSULVHGHUDFFRUGHPHQW
XQLTXHPHQWFRQIRUPpPHQWjODILJXUH ILJXUH 
%1 PDUURQ
%8 EOHX
*1<( MDXQHHWYHUW
%. QRLU
*< JULV
5HPDUTXHV
/RUVTXHOHUDFFRUGHPHQWHVWHIIHFWXpVHORQOHVFKpPDGH
UDFFRUGHPHQW/1aLOFRQYLHQWGHPRGLILHUODGLVSRVLWLRQ
GHVSRQWVGHIDoRQFRUUHVSRQGDQWHDXVFKpPDGH
UDFFRUGHPHQW
9HLOOHU j FH TXH OHV YLV VRLHQW VROLGHPHQW IL[pHV VXU OD SULVH GH
UDFFRUGHPHQWDSUqVDYRLUUDFFRUGpOHFkEOH
 )L[HU OH FkEOH VHFWHXU DYHF OH FROOLHU GH VHUUDJH HW VHUUHU OD YLV GH
IL[DWLRQ ILJXUH D
 )HUPHUOHFKDSHDXGHODSULVHGHUDFFRUGHPHQW
5HPDUTXH 'LVSRVHUOHVFkEOHVGDQVODSDUWLHFHQWUDOHGHOD
SULVHGHUDFFRUGHPHQWDILQGHIDFLOLWHUODIHUPHWXUH
 6L OH FkEOH VHFWHXU LQWHUIqUH DYHF OH WLURLU IL[HU OH FkEOH j OD SDUWLH
LQIpULHXUHGHODWDEOHGHFXLVVRQjODLGHGXVHUUHFkEOHMRLQW
ILJXUH E
5HPDUTXH 6LYRXVDYH]EHVRLQGXQFRUGRQGDOLPHQWDWLRQ
VHFWHXUSOXVORQJYHXLOOH]FRQWDFWHUOHVHUYLFHDSUqVYHQWH,O
H[LVWHGHVFRUGRQVGDOLPHQWDWLRQVHFWHXUMXVTXj PqWUHVGH
ORQJXHXU
3RVHUODWDEOHGHFXLVVRQILJXUH
 0RQWHUOHVUDLOVGHIL[DWLRQ ILJXUH 
² 6LOHVUDLOVGHIL[DWLRQVRQWGpMjPRQWpVOHVUHWLUHUHWHQ
PRQWHUGHQRXYHDX[
² (QFDVGHSODQVGHWUDYDLOFDUUHOpVXWLOLVHUOHVDOpVDJHV
WDUDXGpVLQIpULHXUV
² (QFDVGHSODQVGHWUDYDLOHQSLHUUHFROOHUOHVUDLOVGHIL[DWLRQ
XWLOLVHUSRXUFHODXQHFROOHUpVLVWDQWHjODWHPSpUDWXUH
DSSURSULpHSRXUOHFROODJHGHPpWDX[HWGHSLHUUH
 ,QVpUHUODSSDUHLOGDQVODQLFKHGHQFDVWUHPHQW
 9HLOOHUjFHTXHODWDEOHGHFXLVVRQVRLWjODPrPHKDXWHXUTXH
OHSODQGHWUDYDLO6LODWDEOHGHFXLVVRQQHVWSDVjODPrPH
KDXWHXULQVWDOOHUDXEHVRLQOHVDQFUDJHVIRXUQLVHWOHVVHUUHU
DYHFSUpFDXWLRQ ILJXUH 
5HPDUTXH 1HSDVXWLOLVHUGHWRXUQHYLVpOHFWULTXH
1H SDV FRLQFHU OH FkEOH G·DOLPHQWDWLRQ QH SDV OH WLUHU DXGHVVXV
GDUrWHVFRXSDQWHV(QFDVGHIRXULQVWDOOpHQGHVVRXVIDLUH
SDVVHUOHFkEOHDXQLYHDXGHVFRLQVDUULqUHGXIRXUMXVTXjOD
SULVHGHUDFFRUGHPHQW/HFkEOHGRLWrWUHLQVWDOOpGHPDQLqUHj
QHWRXFKHUDXFXQH]RQHFKDXGHGHODWDEOHGHFXLVVRQRXGX
IRXU
(QFDVGHSODQGHWUDYDLOFDUUHOppWDQFKpLILHUOHVMRLQWVGX
FDUUHODJHDYHFXQMRLQWHQVLOLFRQH
5DFFRUGHUODSSDUHLOILJXUH
3RXUODWHQVLRQ YRLUODSODTXHVLJQDOpWLTXH
3URFpGHUDXUDFFRUGHPHQWXQLTXHPHQWVHORQOHVFKpPDGH
UDFFRUGHPHQW
%1 PDUURQ
%8 EOHX
*1<( MDXQHHWYHUW
%. QRLU
*< JULV
6HORQOHW\SHGHUDFFRUGHPHQWODGLVSRVLWLRQGHVERUQHV
IRXUQLHVSDUOXVLQHGRLWpYHQWXHOOHPHQWrWUHPRGLILpH3RXUFH
IDLUHLOIDXWpYHQWXHOOHPHQWUDFFRXUFLUOHVERUQHVHWHQOHYHU
OLVRODQWSRXUXWLOLVHUXQHERUQHUHOLDQWGHX[FkEOHV
5HPDUTXH 9pULILFDWLRQGHODGLVSRQLELOLWpGHVHUYLFH VL
—…‹‹
“‹†‚„ RX DSSDUDvWGDQVODIILFKDJHGHODSSDUHLOFHGHUQLHU
QHVWSDVFRUUHFWHPHQWUDFFRUGp'pEUDQFKHUODSSDUHLOGH
ODOLPHQWDWLRQVHFWHXUHWYpULILHUFkEOHGDOLPHQWDWLRQ
'pPRQWDJHGHODSSDUHLO
'pEUDQFKH]O·DSSDUHLOGXUpVHDXpOHFWULTXH
$SSX\H]VXUODWDEOHGHFXLVVRQSDUGHVVRXVHWUHWLUH]OD
$WWHQWLRQ
'RPPDJHVVXUODSSDUHLO 1HWHQWH]SDVGHUHWLUHUODSSDUHLOHQ
IDLVDQWOHYLHUSRXUOHVRXOHYHUYHUVOHKDXW
it
â
,VWUX]LRQLSHULOPRQWDJJLR
,QGLFD]LRQLLPSRUWDQWL
6LFXUH]]DODVLFXUH]]DGXUDQWHOXVRqJDUDQWLWDVRORVH
OLQVWDOOD]LRQHqVWDWDHIIHWWXDWDLQPRGRFRUUHWWRGDOSXQWRGLYLVWD
WHFQLFR H LQ FRQIRUPLWj FRQ OH SUHVHQWL LVWUX]LRQL SHU LO PRQWDJJLR ,
GDQQLFDXVDWLGDXQPRQWDJJLRLQDGHJXDWRVDUDQQRGL
UHVSRQVDELOLWjGHOOLQVWDOODWRUH
$VHJXLWRGHOOLQVWDOOD]LRQHDFFHUWDUVLFKHOXWLOL]]DWRUHQRQDEELD
DFFHVVRDLFRPSRQHQWLHOHWWULFL
ËFRQVHQWLWRXWLOL]]DUHTXHVWRDSSDUHFFKLRILQRDGDOWH]]HGL
 PHWUL
: 3RUWDWRULGLLPSLDQWLHOHWWURQLFL
/DSSDUHFFKLRSXzFRQWHQHUHPDJQHWLSHUPDQHQWLFKHSRVVRQR
DJLUHVXJOLLPSLDQWLHOHWWURQLFLTXDOLDGHVSDFHPDNHURSRPSHGL
LQVXOLQD3HUWDQWRDOPRPHQWRGHOPRQWDJJLRLSRUWDWRULGLLPSLDQWL
HOHWWURQLFLGHYRQRPDQWHQHUHXQDGLVWDQ]DPLQLPDGLFP
&ROOHJDPHQWR HOHWWULFR SXz HVVHUH HIIHWWXDWR VROR GD XQ WHFQLFR
VSHFLDOL]]DWRDXWRUL]]DWRËRSSRUWXQRULVSHWWDUHOHGLVSRVL]LRQL
GHOODVRFLHWjGLIRUQLWXUDGLHQHUJLDHOHWWULFDORFDOH
/DSSDUHFFKLRGHYHHVVHUHFROOHJDWRDXQLQVWDOOD]LRQHILVVDHLQ
FRQIRUPLWjDOOHQRUPHUHODWLYHDOOLQVWDOOD]LRQHGHYRQRHVVHUH
SUHGLVSRVWLLFRUULVSRQGHQWLVH]LRQDWRUL
7LSRGLFROOHJDPHQWRODSSDUHFFKLRDSSDUWLHQHDOODFODVVHGL
SURWH]LRQH ,HSXzHVVHUHXWLOL]]DWRHVFOXVLYDPHQWHLQ
FRPELQD]LRQH FRQ XQD FRQQHVVLRQH GRWDWD GL FRQGXWWRUH GL PHVVD
DWHUUD
,OIDEEULFDQWHQRQqUHVSRQVDELOHGHOIXQ]LRQDPHQWRLQDGHJXDWRH
GHLSRVVLELOLGDQQLFDXVDWLGDLQVWDOOD]LRQLHOHWWULFKHQRQDGHJXDWH
&DYRGLUHWHqSRVVLELOHFKHVLDJLjFROOHJDWRDOODVFDWRODGL
DOODFFLDPHQWRGHOSLDQRFRWWXUDRSSXUHYLHQHIRUQLWRLQVLHPH
DOODSSDUHFFKLRHGHYHHVVHUHLQVWDOODWRHVFOXVLYDPHQWHGDXQ
HVSHUWRDXWRUL]]DWRRGDOSHUVRQDOHGHELWDPHQWHTXDOLILFDWRGHO
VHUYL]LRGLDVVLVWHQ]DFOLHQWL,GDWLQHFHVVDULSHUODOODFFLDPHQWR
VRQRLQGLFDWLVXOODWDUJKHWWDGLLGHQWLILFD]LRQHHVXOORVFKHPDGL
DOODFFLDPHQWR
8WLOL]]DUHHVFOXVLYDPHQWHLOFDYRIRUQLWRLQGRWD]LRQHLQVLHPH
DOODSSDUHFFKLRRFRQVHJQDWRGDOVHUYL]LRGLDVVLVWHQ]DWHFQLFD
0RQWDJJLR VRWWR LO SLDQR GL ODYRUR ,O SLDQR GL ODYRUR D LQGX]LRQH
SXzHVVHUHLQVWDOODWRVRORVXFDVVHWWLRIRUQLFRQYHQWLOD]LRQH
IRU]DWD $O GL VRWWR GHO SLDQR GL FRWWXUD QRQ SRVVRQR HVVHUH PRQWDWL
IULJRULIHULODYDVWRYLJOLHIRUQLVHQ]DVLVWHPDGLDHUD]LRQHR
ODYDWULFL
&HQWURGLDVSLUD]LRQHODGLVWDQ]DWUDLOFHQWURGLDVSLUD]LRQHHLO
SLDQRGLFRWWXUDGHYHFRUULVSRQGHUHDOPHQRDOODGLVWDQ]DLQGLFDWD
SHULOFHQWURGLDVSLUD]LRQHQHOOHLVWUX]LRQLSHULOPRQWDJJLR
3LDQRGLODYRURSLDWWRRUL]]RQWDOHHVWDELOH$WWHQHUVLDOOH
LVWUX]LRQLGHOIDEEULFDQWHGHOSLDQRGLODYRUR
,OSLDQRGLODYRURDOOLQWHUQRGHOTXDOHGHYHHVVHUHLQFDVVDWRLO
SLDQRFRWWXUDGHYHHVVHUHLQJUDGRGLVRVWHQHUHFDULFKLGLFD
 NJ6HQHFHVVDULRUDIIRU]DUHLOSLDQRGLODYRURFRQGHO
PDWHULDOHUHVLVWHQWHDOFDORUHHDOODFTXD
&RQWUROODUH OD SODQDULWj GHO SLDQR GL FRWWXUD VROR GRSR FKH q VWDWR
LQFDVVDWR
*DUDQ]LDODJDUDQ]LDGHOSURGRWWRQRQqYDOLGDVHOLQVWDOOD]LRQH
ODFRQQHVVLRQHRLOPRQWDJJLRYHQJRQRHIIHWWXDWLLQPDQLHUD
LPSURSULD
$YYHUWHQ]D 4XDOVLDVLWLSRGLPDQLSROD]LRQHDOOLQWHUQR
GHOODSSDUHFFKLR LQFOXVD OD VRVWLWX]LRQH GHO FDYR GL DOLPHQWD]LRQH
GHYH HVVHUH HIIHWWXDWD HVFOXVLYDPHQWH GD SHUVRQDOH GHO VHUYL]LR GL
DVVLVWHQ]DWHFQLFDGHELWDPHQWHIRUPDWR
Loading ...
Loading ...
Loading ...