Vous êtes sur la page 1sur 10

),&+(1

&255(/$7,21(75(*5(66,216/,1($,5(6

)LFKLHUXWLOLVp 9RLWXUHVVDY GLVSRQLEOHGDQVOHVILFKLHUVIRXUQLVDYHF6366

/DFRUUpODWLRQ
5$33(/6

8Q FRHIILFLHQW GH FRUUpODWLRQ U HVW XQH PHVXUH GDVVRFLDWLRQ G


LQWHUGpSHQGDQFH  HQWUH GHX[
YDULDEOHVPpWULTXHV(OOHPHVXUHOLQWHQVLWpGHODFRYDULDWLRQHQWUHOHVGHX[YDULDEOHV&HWWH
PHVXUHHVWVWDQGDUGLVpH LHHOOHQHGpSHQGSDVGHOXQLWpXWLOLVpHSRXUFKDTXHYDULDEOH HWHVW
FRPSULVHHQWUHHW

3OXVOHFRHIILFLHQWHVWSURFKHGHHQYDOHXUDEVROXHSOXVOHVYDULDEOHVVRQWGLWHVFRUUpOpHV
6LUHVWSURFKHGHFHFLVLJQLILHTXHOHVGHX[YDULDEOHVYDULHQWGDQVOHPrPHVHQV H[
OHVGpSHQVHVGHORLVLUVHWOHUHYHQX 
6LUHVWSURFKHGHFHFLVLJQLILHTXHOHVGHX[YDULDEOHVYDULHQWHQVHQVLQYHUVHOXQHGH
ODXWUH H[SOXVRQVpORLJQHGXFHQWUHGH3DULVPRLQVOHVOR\HUVVRQWpOHYpV 
3OXV U HVW SURFKH GH  PRLQV OHV YDULDEOHV VRQW FRUUpOpHV  VLJQLILH ODEVHQFH GH
FRUUpODWLRQHQWUHOHVGHX[YDULDEOHV GDXWUHVUHODWLRQVUHVWDQWWRXMRXUVSRVVLEOHVH[HPSOH 
UHODWLRQVVLQXVRwGDOHGHW\SH\ VLQ[ 
'DQV OD PHVXUH R ORQ WUDYDLOOH VXU XQ pFKDQWLOORQ HW QRQ VXU OD SRSXODWLRQ WRWDOH  6366
WHVWH VL OH FRHIILFLHQW REWHQX HVW VLJQLILFDWLYHPHQW GLIIpUHQW GH  DXWUHPHQW GLW VL OH
FRHIILFLHQW REWHQX HVW GLIIpUHQW GH  GDQV OD SRSXODWLRQ  ,O LQGLTXH OH ULVTXH GHUUHXU GH
SUHPLqUHHVSqFH VLJ jVDYRLUOHULVTXHGHUHMHWHUjWRUWOK\SRWKqVHGHQRQFRUUpODWLRQ RXFH
TXLUHYLHQWDXPrPHOK\SRWKqVH+VXLYDQWH U  6L+HVWUHMHWpHDORUVRQFRQFOXWTXH
OHVYDULDEOHVVRQWFRUUpOpHV6366SHUPHWGHUHSUpVHQWHUVXUXQWDEOHDXFURLVpOHVPHVXUHVGH
FRUUpODWLRQ GHX[ j GHX[ GXQ QRPEUH LOOLPLWp GH YDULDEOHV SDU UDSSRUW j GHV EHVRLQV XVXHOV
VHQWHQG 

$.ODUVIHOG,3ULPHW''DUS\

)LFKHQ

352&('85(6366 

$QDO\VH
&RUUpODWLRQ
%LYDULpH
%DVFXOHUOHVYDULDEOHVGRQW
RQVRXKDLWHPHVXUHUOHV
FRHIILFLHQWVGHFRUUpODWLRQ
GHX[jGHX[GHODIHQrWUH
GHJDXFKHjODIHQrWUHGH
GURLWH

&RFKHUFRHIILFLHQWGH
FRUUpODWLRQGH3HDUVRQ

2.
5(68/7$76(7,17(535(7$7,21 
&RUUpODWLRQV

WHPSV
G
DFFpOpUDWLRQ
PLOHVSDU F\OLQGUpH
SRLGVGX GHjPSK
JDOORQ FXLQFKHV SXLVVDQFH YpKLFXOH OEV
VHF
PLOHVSDUJDOORQ
&RUUpODWLRQGH3HDUVRQ 




6LJ ELODWpUDOH





1





F\OLQGUpH FXLQFKHV &RUUpODWLRQGH3HDUVRQ 




6LJ ELODWpUDOH





1





SXLVVDQFH
&RUUpODWLRQGH3HDUVRQ 




6LJ ELODWpUDOH





1





SRLGVGXYpKLFXOH OEV
&RUUpODWLRQGH3HDUVRQ 




6LJ ELODWpUDOH





1





WHPSVG
DFFpOpUDWLRQ &RUUpODWLRQGH3HDUVRQ 




GHjPSK VHF 6LJ ELODWpUDOH





1





/DFRUUpODWLRQHVWVLJQLILFDWLYHDXQLYHDX ELODWpUDO 

3RXUFKDTXHFRXSOHGHYDULDEOH ;L;M OHVUpVXOWDWVLQGLTXHQWOHFRHIILFLHQW GH


3HDUVRQ HVWLPpHWOHULVTXHGHUUHXUGHSUHPLqUHHVSqFHRXVLJQLILFDWLRQ VLJ VRLW
OHULVTXHGHVHWURPSHUVXUOHVHQVGHODFRUUpODWLRQ6LVLJRQSHXWFRQFOXUH
jOH[LVWHQFHGXQHFRUUpODWLRQDXVHXLOHQWUHOHVGHX[YDULDEOHV DXVHXLOGH
VLJQLILFDWLRQLQGLTXpSDUODVWDWLVWLTXHVLJ /HV\PEROH LQGLTXHWRXVOHVVLJ
LQIpULHXUVj&HFLSHUPHWXQHOHFWXUHUDSLGHGXWDEOHDX

$.ODUVIHOG,3ULPHW''DUS\

)LFKHQ

/DUpJUHVVLRQOLQpDLUH VLPSOHHWPXOWLSOH 


5$33(/6 

/DMXVWHPHQWOLQpDLUHRXUpJUHVVLRQFRQVLVWHjUHFKHUFKHUOD GURLWHGHVPRLQGUHVFDUUpV GH


W\SH< D;DL;L E FRQVWDQWH TXLSDVVH OHSOXVSUqVSRVVLEOH GHWRXWHVOHV
REVHUYDWLRQVGDQVODSRSXODWLRQ
<
;L
E
DL

YDULDEOHGpSHQGDQWH RXYDULDEOHjH[SOLTXHU
YDULDEOHVLQGpSHQGDQWHV RXH[SOLFDWLYHV
FRQVWDQWH YDOHXUGH<TXDQG;HVWpJDOj WRXVOHV; L VRQWQXOV
FRHIILFLHQWVGHODGURLWHGHUpJUHVVLRQ

6366 SHUPHW GH FDOFXOHU GHV HVWLPDWLRQV GH FHV FRHIILFLHQWV SRXU OpFKDQWLOORQ 3DU
FRQYHQWLRQGDQVOHFDGUHGHFHWWHILFKH%GpVLJQHOHVWLPDWLRQGH EHWDL GpVLJQHHVWLPDWLRQ
GHDL
/DUpJUHVVLRQVLPSOHHVWXQFDVSDUWLFXOLHUGHODUpJUHVVLRQPXOWLSOHDYHFXQHVHXOHYDULDEOH;
DXOLHXGHSOXVLHXUVYDULDEOHV; L UpJUHVVLRQPXOWLSOH 
/H[DPHQGRLWSRUWHUVXUGHX[SRLQWV,OYLVHjYpULILHU

 'XQHSDUWTXHODUHODWLRQOLQpDLUHWHVWpHHVWVLJQLILFDWLYH LHTXHOHVFRHIILFLHQWVDL GHOD


GURLWH VRQW VLJQLILFDWLYHPHQW GLIIpUHQWV GH   DXWUHPHQW GLW TXHOOH QHVW SDV GH DX
KDVDUG 
 'DXWUH SDUW TXH OD GURLWH GH UpJUHVVLRQ <  D ;  DL;L  % UpVXPH  ELHQ
OHQVHPEOHGHVREVHUYDWLRQVFHVWjGLUHTXHODSDUWGHYDULDQFHGHODYDULDEOHjH[SOLTXHU
<UpVXPpGDQVOD GURLWH HVW pOHYpH  $XWUHPHQW GLW RQ YpULILH TXH OHV REVHUYDWLRQV VRQW
SURFKHV GHODGURLWHGHVPRLQGUHVFDUUpV
,OIDXWLQVLVWHUVXUGHX[QRWLRQVGLIIpUHQWHV XQSHXFRPPHSRXUODFRUUpODWLRQ 
 $YRLUGHVFRHIILFLHQWVVLJQLILFDWLIVFHVWjGLUHTXLQHVRQWSDVGXVDXKDVDUGFHFLHVWOLp
HQSDUWLHjODWDLOOHGHOpFKDQWLOORQ FHFLLQYLWHjUHFKHUFKHUOHVHXLOGHVLJQLILFDWLRQVLJ
SRXUFKDTXHFRHIILFLHQW
 $YRLUXQHSDUWGHYDULDQFHH[SOLTXpHLPSRUWDQWHFHFLHVWOLpj ODGLVWDQFHHQWUHOHVSRLQWV
HWODGURLWHGHVPRLQGUHVFDUUpV

,QWpUrW GH OD PpWKRGH SDU UDSSRUW j XQH PDWULFH GH FRUUpODWLRQ WHVW GH FRUUpODWLRQ  QRQ
VHXOHPHQWRQWHVWHOH[LVWHQFHGXQHUHODWLRQPDLVRQWHVWHODQDWXUHSUpFLVHGHFHWWHUHODWLRQ
,PSOLFDWLRQ FRQFUqWH  VL OD UHODWLRQ WURXYpH HVW VLJQLILFDWLYH HW TXH OH  GH YDULDQFH
H[SOLTXpH HVW pOHYp LO GHYLHQW SRVVLEOH GH IDLUH GHV HVWLPDWLRQV GH OD YDULDEOH H[SOLTXpH j
SDUWLU GHV YDULDEOHV H[SOLFDWLYHV (QILQ GHUQLHU DYDQWDJH SDU UDSSRUW j XQ VLPSOH WHVW GH
FRUUpODWLRQ LOHVWSRVVLEOHGHIDLUHUHQWUHUSOXVTXHGHX[YDULDEOHVGDQVFHWWHSURFpGXUHOjR
RQQHSHXWFDOFXOHUGHFRHIILFLHQWGHFRUUpODWLRQTXHSRXUGHVFRXSOHVGHYDULDEOHV

$.ODUVIHOG,3ULPHW''DUS\

)LFKHQ

352&('85(6366328581(5(*5(66,216,03/( 
6pOHFWLRQQHU$QDO\VH
5pJUHVVLRQ
/LQpDLUH
9DULDEOHGpSHQGDQWH PLOHVSHUJDOORQ <
9DULDEOHH[SOLFDWLYH F\OLQGUpH ;
3RXUVXLYUH
2.

5(68/7$76(7,17(535(7$7,21 
9DULDEOHVLQWURGXLWHVpOLPLQpHVE
0RGqOH


9DULDEOHV
LQWURGXLWHV
F\OLQGUpH
FX
D
LQFKHV

9DULDEOHV
pOLPLQpHV

0pWKRGH


,QWURGXLUH

D 7RXWHVYDULDEOHVUHTXLVHVLQWURGXLWHV

&HWDEOHDXUDSSHOOHOHVYDULDEOHV
H[SOLFDWLYHVSULVHVHQFRPSWHGDQVOH
PRGqOH'DQVOHFDVGXQHUpJUHVVLRQ
VLPSOHLOQ\HQDTXXQHSDUGpILQLWLRQ

E 9DULDEOHGpSHQGDQWHPLOHVSDUJDOORQ

5pFDSLWXODWLIGXPRGqOH
0RGqOH


5
D

(UUHXU
VWDQGDUGGH
5GHX[ 5GHX[DMXVWp O
HVWLPDWLRQ




D9DOHXUVSUpGLWHV FRQVWDQWHV F\OLQGUpH FXLQFKHV

5 FRHIILFLHQWGH
FRUUpODWLRQHQWUHOHV
GHX[YDULDEOHVGDQV
OHFDVGXQH
UpJUHVVLRQVLPSOH

5GHX[ FDUUpGH5
GRQQHOHGHYDULDQFH
GH PLOHVSDUJDOORQ
H[SOLTXpSDU
F\OLQGUpH 

$.ODUVIHOG,3ULPHW''DUS\

5GHX[DMXVWp SDUDPqWUHTXLWLHQW
FRPSWHGXQRPEUHGHYDULDEOHVHWGHOD
WDLOOHGHOpFKDQWLOORQ1HSDVHQWHQLU
FRPSWHSRXUXQHUpJUHVVLRQVLPSOHPDLV
HQWHQLUFRPSWHSRXUXQHUpJUHVVLRQ
PXOWLSOH/H5GHX[DMXVWpHVWWRXMRXUV
SOXVSHWLWTXHOH5/DGLIIpUHQFHHQWUH5
GHX[HW5GHX[DMXVWpHVWGDXWDQWSOXV
IDLEOHTXHOpFKDQWLOORQHVWJUDQGHWTXH
OHQRPEUHGHYDULDEOHVHVWSHWLW

)LFKHQ

0RGqOH


5pJUHVVLRQ
5pVLGX
7RWDO

6RPPH
GHVFDUUpV




$129$E
GGO





&DUUpPR\HQ



)


6LJQLILFDWLRQ
 D

D9DOHXUVSUpGLWHV FRQVWDQWHV F\OLQGUpH FXLQFKHV


E9DULDEOHGpSHQGDQWHPLOHVSDUJDOORQ

&RHIILFLHQWVD

0RGqOH


FRQVWDQWH
F\OLQGUpH FXLQFKHV

&RHIILFLHQWVQRQ
VWDQGDUGLVpV
(UUHXU
%
VWDQGDUG


(


D 9DULDEOHGpSHQGDQWHPLOHVSDUJDOORQ

&HWDEOHDXSHUPHWGH
WHVWHUODVLJQLILFDWLYLWp
GXPRGqOHREWHQX,FL
OHPRGqOHHVW
VLJQLILFDWLI

&RHIILFLHQ
WV
VWDQGDUGL
VpV
%rWD


W



6LJQLILFDWLRQ



/HWDEOHDXFLGHVVXVGRQQHOHVFRHIILFLHQWV GLWV%
GDQV6366 GHODGURLWHDLQVLTXXQHPHVXUH GHOD
VLJQLILFDWLRQ GHFHVGHX[FRHIILFLHQWV FRQVWDQWHHW
FRHIILFLHQWGHODYDULDEOHH[SOLFDWLYH ,FLLOVVRQW
VLJQLILFDWLIVGRQFOK\SRWKqVHGHQXOOLWpGHV
FRHIILFLHQWVSHXWrWUHUHMHWpHSRXUOXQHWODXWUH

$.ODUVIHOG,3ULPHW''DUS\

)LFKHQ

5$33(/6328581(5(*5(66,2108/7,3/( 
&RQWUDLUHPHQWjODUpJUHVVLRQVLPSOHLO\DSOXVTXXQHYDULDEOHH[SOLFDWLYHDILQGHFDSWHUXQ
 SOXV pOHYp GH OD YDULDQFH GH OD YDULDEOH H[SOLTXpH /HQMHX HVW SDUPL WRXWHV OHV YDULDEOHV
HQYLVDJpHVGHQHVpOHFWLRQQHUTXHFHOOHVTXLRQWFRQWULEXHQWGHIDoRQLPSRUWDQWHjODYDULDQFH
GH OD YDULDEOH H[SOLTXpH HQ pYLWDQW GH PXOWLSOLHU OHV SUREOqPHV GH FROLQpDULWp YDULDEOHV
H[SOLFDWLYHV FRUUpOpHV HQWUH HOOHV  $ OD GHPDQGH 6366 WHVWH DXWRPDWLTXHPHQW SOXVLHXUV
PRGqOHVGHUpJUHVVLRQHQSURFpGDQWSDULWpUDWLRQV 

x VRLW VHORQ XQH SURFpGXUH DVFHQGDQWH UHFKHUFKH GH OD YDULDEOH H[SOLFDWLYH DYHF OD
FRUUpODWLRQSDUWLHOOHODSOXVIRUWHSXLVGHODVHFRQGHSOXVIRUWHHWF
x VRLW VHORQ XQH SURFpGXUH GHVFHQGDQWH LQWURGXFWLRQ GH OHQVHPEOH GHV YDULDEOHV
H[SOLFDWLYHVSXLVpOLPLQDWLRQGHODYDULDEOHDYHFODFRUUpODWLRQSDUWLHOOHODSOXVIDLEOHSXLV
GHODVHFRQGHSOXVIDLEOHHWF 
x VRLWVHORQXQHSURFpGXUHSDVjSDV FRPELQDLVRQGHVGHX[PpWKRGHVSUpFpGHQWHV 

1RXVUHFRPPDQGRQVODSURFpGXUHDVFHQGDQWH ODSOXVpFRQRPLTXHHQQRPEUHGLWpUDWLRQV HW


OD PpWKRGH SDV j SDV OD SOXV SHUIRUPDQWH  &HV GHX[ PpWKRGHV PLQLPLVHQW OHV ULVTXHV GH
FROLQpDULWp

$.ODUVIHOG,3ULPHW''DUS\

)LFKHQ

352&('85(6366328581(5(*5(66,2108/7,3/( 
6pOHFWLRQQHU$QDO\VH
5pJUHVVLRQ
/LQpDLUH
YDULDEOHGpSHQGDQWH PLOHV
SHUJDOORQ
YDULDEOHVH[SOLFDWLYHV 
EDVFXOHUWRXWHVOHVYDULDEOHV
SDUPLOHVTXHOOHVYRXVVRXKDLWH]
TXHVRLHQWVpOHFWLRQQpHVOHV
YDULDEOHVGHODUpJUHVVLRQ

'DQVVWDWLVWLTXHVVpOHFWLRQQHUWHVWVGHFROLQpDULWp'DQVPpWKRGHVpOHFWLRQQHU
DVFHQGDQWH RXSDVjSDV 

2.

$.ODUVIHOG,3ULPHW''DUS\

)LFKHQ

5(68/7$76(7,17(535(7$7,21328581(5(*5(66,21$6&(1'$17( 
9DULDEOHVLQWURGXLWHVpOLPLQpHVD
0RGqOH


9DULDEOHV
LQWURGXLWHV

9DULDEOHV
pOLPLQpHV

SRLGVGX
YpKLFXOH
OEV

$QQpHGX
PRGqOH

0pWKRGH
$VFHQGDQ
WH FULWqUH

3UREDELOLW
pGH)
SRXU
LQWURGXLUH
 
$VFHQGDQ
WH FULWqUH

3UREDELOLW
pGH)
SRXU
LQWURGXLUH
 

'HX[PRGqOHVRQWpWpWHVWpV
VXFFHVVLYHPHQWSDU6366
PRGqOHSXLVPRGqOH  /H
SUHPLHUFRPSRUWHXQH
YDULDEOHH[SOLFDWLYH SRLGVGX
YpKLFXOH /HVHFRQGFRPSRUWH
'(8;9$5,$%/(6
H[SOLFDWLYHV OHSRLGVGX
YpKLFXOHHWODQQpHGXPRGqOH

D 9DULDEOHGpSHQGDQWHPLOHVSDUJDOORQ

5pFDSLWXODWLIGXPRGqOH

/HVHFRQGPRGqOHHVWPHLOOHXUTXHOH
SUHPLHUGXSRLQWGHYXH
GHVRQSRXYRLUH[SOLFDWLI OH5DMXVWp
HVWGHFRQWUHGDQVOH
SUHPLHU
,OH[SOLTXHPLHX[ODYDULDQFHGHOD
YDULDEOHjH[SOLTXHUPLOHVSDUJDOORQ

(UUHXU
VWDQGDUGGH
0RGqOH
5
5GHX[ 5GHX[DMXVWp O
HVWLPDWLRQ

D




E



D 9DOHXUVSUpGLWHV FRQVWDQWHV SRLGVGXYpKLFXOH OEV
E 9DOHXUVSUpGLWHV FRQVWDQWHV SRLGVGXYpKLFXOH OEV 
$QQpHGXPRGqOH

0RGqOH



5pJUHVVLRQ
5pVLGX
7RWDO
5pJUHVVLRQ
5pVLGX
7RWDO

6RPPH
GHVFDUUpV







$129$F
GGO








&DUUpPR\HQ



)


6LJQLILFDWLRQ
D






E

/HWDEOHDX$129$
PRQWUHTXHOHVGHX[
PRGqOHVREWHQXV
VRQWVLJQLILFDWLIV

D9DOHXUVSUpGLWHV FRQVWDQWHV SRLGVGXYpKLFXOH OEV

E9DOHXUVSUpGLWHV FRQVWDQWHV SRLGVGXYpKLFXOH OEV $QQpHGXPRGqOH


F9DULDEOHGpSHQGDQWHPLOHVSDUJDOORQ

$.ODUVIHOG,3ULPHW''DUS\

)LFKHQ

D
&RHIILFLHQWV

&RHIILFLHQWVQRQ
VWDQGDUGLVpV
(UUHXU
0RGqOH
%
VWDQGDUG

FRQVWDQWH


SRLGVGXYpKLFXOH OEV
(


FRQVWDQWH


SRLGVGXYpKLFXOH OEV
(

$QQpHGXPRGqOH



&RHIILFLHQ
WV
VWDQGDUGL
VpV

D9DULDEOHGpSHQGDQWHPLOHVSDUJDOORQ

%rWD




6WDWLVWLTXHVGH
FROLQpDULWp
W
6LJQLILFDWLRQ 7ROpUDQFH














/HORJLFLHODFRQVWUXLWXQSUHPLHUPRGqOHDYHF
FRPPHYDULDEOHH[SOLFDWLYHOHSRLGVGXYpKLFXOH
SXLVXQVHFRQGPRGqOHDYHFOHSRLGVGXYpKLFXOH
HWODQQpH,OVHVWDUUrWpjFHVGHX[YDULDEOHV
GDQVODPHVXUHRXQHWURLVLqPHYDULDEOH
QDXUDLWSDVDPpOLRUpOHSRXUFHQWDJHGHYDULDQFH
H[SOLTXpHHWDXUDLWGHSOXVULVTXpGLQWURGXLUH
GHVSUREOqPHVGHFROLQpDULWp

$.ODUVIHOG,3ULPHW''DUS\

9,)




7ROpUDQFHHW9,)
VRQWSURFKHVGH
ODUJHPHQWGDQVOHV
OLPLWHVSUHVFULWHV
VRLWWROpUDQFH!HW
9,)&HFLVLJQLILH
TXHOHVYDULDEOHV
H[SOLFDWLYHVVRQWSHX
FRUUpOpHVHQWUHHOOHV
LQGLFHGHERQQH
TXDOLWpGXPRGqOH

/HVFRHIILFLHQWVVRQWVLJQLILFDWLIV
VHXOHODFRQVWDQWHGXPRGqOHQHOHVW
SDV VLJ  PDLVFHFLQHUHPHW
SDVHQFDXVHODSHQWHGHODGURLWHFHVW
jGLUHOHVHQVGHODUHODWLRQWURXYpHOH
FRHIILFLHQWGHVLJQLILFDWLRQpOHYp
VLJQLILHVHXOHPHQWTXHFHWWHFRQVWDQWH
QHVWSDVVLJQLILFDWLYHPHQWGLIIpUHQWH
GH

)LFKHQ

F
9DULDEOHVH[FOXHV

0RGqOH
%rWDGDQV

F\OLQGUpH FXLQFKHV
D
SXLVVDQFH
D
D
WHPSVG
DFFpOpUDWLRQ

GHjPSK VHF
$QQpHGXPRGqOH
D

F\OLQGUpH FXLQFKHV
E
SXLVVDQFH
E
E
WHPSVG
DFFpOpUDWLRQ

GHjPSK VHF

6WDWLVWLTXHVGHFROLQpDULWp
&RUUpODWLRQ
7ROpUDQFH
W
6LJQLILFDWLRQ
SDUWLHOOH
7ROpUDQFH
9,)
PLQLPDOH






















































D 9DOHXUVSUpGLWHVGDQVOHPRGqOH FRQVWDQWHV SRLGVGXYpKLFXOH OEV













&\OLQGUpH HW
3XLVVDQFH RQW
GHPDXYDLVHV
VWDWLVWLTXHVGH
FROLQpDULWp
WROpUDQFH 
9,)! 

E 9DOHXUVSUpGLWHVGDQVOHPRGqOH FRQVWDQWHV SRLGVGXYpKLFXOH OEV $QQpHGXPRGqOH


F 9DULDEOHGpSHQGDQWHPLOHVSDUJDOORQ

/HVYDULDEOHVH[FOXHVVRQWFHOOHVTXLQRQWSDVpWpLQWpJUpHVGDQVOHVPRGqOHV
VXFFHVVLIV $QQpHGXPRGqOH TXLpWDLWH[FOXHGXSUHPLHUPRGqOHQH
OHVWSDVGXVHFRQG

'LDJQRVWLFVGHFROLQpDULWp D

0RGqOH



'LPHQVLRQ






9DOHXUSURSUH

(

(
(

D 9DULDEOHGpSHQGDQWHPLOHVSDUJDOORQ

,QGH[GH
FRQGLWLRQ
QHPHQW






3URSRUWLRQVGHODYDULDQFH
SRLGVGX
$QQpHGX
FRQVWDQWH
YpKLFXOH OEV
PRGqOH














&HWDEOHDXLQGLTXHTXHOHVYDULDEOHV SRLGV HW DQQpH GXPRGqOHQHVRQWSDVFROLQpDLUHV


FHVWjGLUHSDVFRUUpOpHVHQWUHHOOHV&KDFXQHGHOOHVHVWHQHIIHWFRUUpOpHjXQHGLPHQVLRQ
GLIIpUHQWHHWXQHVHXOH  SRLGV HVWOLpjODGLPHQVLRQ HWWUqVSHXDX[DXWUHV DQQpH jOD
GLPHQVLRQ HWWUqVSHXDX[DXWUHV&HFLHVWFRQJUXHQWDYHFOHVVWDWLVWLTXHVGHFROLQpDULWpTXL
LQGLTXDLHQWODEVHQFHGHSUREOqPHVGHFROLQpDULWpVXUFHVYDULDEOHV
$8727$/213(875(7(1,548(/(02'(/((676$7,6)$,6$17 ,/(;3/,48(
35(6'('(/$9$5,$1&('(/$9$5,$%/( 0,/(63$5*$//21 ,/(67
6,*1,),&$7,) /(6&2()),&,(176'(/$3(17('(/$'52,7(6217
6,*1,),&$7,)6,/1<$3$6'(352%/(0('(&2/,1($5,7(

$.ODUVIHOG,3ULPHW''DUS\



)LFKHQ

Vous aimerez peut-être aussi