NEWS LETTER 2017 T4 .pdf

---

À propos / Télécharger Aperçu

---

Ce document au format PDF 1.4 a été généré par Adobe Acrobat 17.12.0 / GPL Ghostscript 8.15, et a été envoyé sur fichier-pdf.fr le 07/11/2017 à 17:13, depuis l'adresse IP 2.1.x.x. La présente page de téléchargement du fichier a été vue 182 fois.
Taille du document: 2 Mo (8 pages).
Confidentialité: fichier public

Aperçu du document

---



























/HSURMHWGHORLGHȴQDQFHVSRXUSUHPLHUEXGJHWGXQRXYHDXJRXYHUQHPHQW«WDLWWUªVDWWHQGX
1RXVYRXVSU«VHQWRQVOHVPHVXUHVOHVSOXVLPSRUWDQWHV
6XSSUHVVLRQGHOȇΖ6)UHPSODF«SDUOȇΖ)Ζ
3U«OªYHPHQWIRUIDLWDLUHXQLTXH3)8

!
!

!
!

/HORJHPHQW3LQHO7D[HGȇKDELWDWLRQ
/DKDXVVHGHOD&6*HWODEDLVVHGHVFRWLVDWLRQVVRFLDOHV
8

9

B

;

)2&86685












A



$VVXUDQFHYLHFHVȴFKLHUVTXL


+









!



"



#

$

%

&

'



'

(

)





(

'



'

*



,

%

'

-



!

ˆ
ˆ

.

/

0

3

1

1

4

2

/

5

6

1

7

=

"

*

"

>

)

?



&

>



*



!



#

!

%



*

>

>



&

#

)

&

#

"

!

#

'

%

!



&

'

$

#





'



"

#

@

4XHGHYH]YRXVFRQVHUYHUHWTXH
SRXYH]YRXVMHWHU"‚YRVSODFDUGVȐ
8














9



:

;







<










C



/HSURMHWGHORLGHȴQDQFHVSRXUSUHPLHUEXGJHWGXQRXYHDXJRXYHUQHPHQW«WDLWWUªVDWWHQGX
1RXVYRXVSU«VHQWRQVOHVPHVXUHVOHVSOXVLPSRUWDQWHV

VRXUFHFDELQHW)LGURLW

P

Q

!

/ȇΖ6) GHYLHQGUDLW OȇΖ)Ζ LPS¶W VXU OD IRUWXQH LPPRELOLªUH ¢
SDUWLU GX HU MDQYLHU Ȑ '«VRUPDLV VHXOV OHV ELHQV
LPPRELOLHUVVHUDLHQWWD[DEOHV
&HSHQGDQWOHVHXLOGȇLPSRVLWLRQGHȜOHEDUªPHHW
OȇDEDWWHPHQWGHVXUODU«VLGHQFHSULQFLSDOHQHVHUDLHQW
SDVPRGLȴ«V

S

T

S

U

V

R

S

W

X

Y

&HUWDLQV RQW SX HQYLVDJHU OD YHQWH GH OHXUV ELHQV
LPPRELOLHUV ¢ XQH VRFL«W« SRXU «FKDSSHU ¢ OȇΖ)Ζ LO IDXW
«FDUWHUFHWWHVWUDW«JLHSRXUGHX[UDLVRQV
ˆ /HVELHQVLPPRELOLHUVQRQSURIHVVLRQQHOVUHVWHUDLHQW
WD[«VTXȇLOVVRLHQWG«WHQXVHQGLUHFWRXSDUXQH
VRFL«W«RXYLDGHV6&3Ζ23&ΖG«WHQXVHQGLUHFWRXDX
VHLQGHFRQWUDWVGȇDVVXUDQFHYLHFRQWUDWVGH
FDSLWDOLVDWLRQ

ˆ /HFRPSWHFRXUDQWGȇDVVRFL«RXOȇHPSUXQWEDQFDLUH
VRXVFULWSDUODVRFL«W«SRXUDFTX«ULUFHVELHQV
LPPRELOLHUVQHVHUDLWSDVG«GXFWLEOHGHODYDORULVDWLRQ
GHVWLWUHVGHODVRFL«W«$XFXQDYDQWDJHȴVFDOQH
SRXUUDLWGRQFHQ¬WUHUHWLU«

$LQVL WRXV OHV PHXEOHV YRLWXUH PRELOLHUȐ HW WRXV OHV
SODFHPHQWV EDQFDLUHV HW ȴQDQFLHUV OLYUHW $ /'' FRPSWH ¢
WHUPH 3($ 3(/ VHUDLHQW H[RQ«U«V ΖO HQ VHUDLW GH P¬PH
SRXUOHVFRQWUDWVGȇDVVXUDQFHYLHHWOHVFRPSWHVWLWUHVȐVDXI
VȇLOVLQWªJUHQWGHVIRQGVLPPRELOLHUVȐ
/ȇLPPRELOLHU SURIHVVLRQQHO UHVWHUDLW H[RQ«U« VȇLO HVW
D΍HFW« ¢ XQH DFWLYLW« RS«UDWLRQQHOOH TXL FRQVWLWXH OȇDFWLYLW«
SULQFLSDOH GH OD SHUVRQQH RX VȇLO HVW PLV ¢ GLVSRVLWLRQ GȇXQH
VRFL«W«FRQVLG«U«HFRPPHXQELHQSURIHVVLRQQHO

R

!

(VWLO SRVVLEOH GȇREWHQLU XQH U«GXFWLRQ GȇΖ6) "
6HXOH OD U«GXFWLRQ SRXU GRQV ¢ FHUWDLQV RUJDQLVPHV VH
UDLW PDLQWHQXH &HSHQGDQW OHV U«GXFWLRQV )Ζ3 )&3Ζ HW
VRXVFULSWLRQ DX FDSLWDO GH 30( UHVWHUDLHQW SRVVLEOHV HQ
FDV GH VRXVFULSWLRQ DYDQW OH  G«FHPEUH  SRXU
VȇLPSXWHU VXU OȇΖ)Ζ  ΖO HVW GRQF XUJHQW GH VH
SRVLWLRQQHUȐ
D

E

F

G

H

I

J

K

L

G

H

K

D

M

N

O

3UHVTXH WRXV OHV UHYHQXV ȴQDQFLHUV SHU©XV ¢ FRPSWHU GX
HU MDQYLHU  VHUDLHQW G«VRUPDLV VRXPLV ¢ XQ SU«OªYH
PHQWIRUIDLWDLUHXQLTXH3)8RXmȵDWWD[}DXWDX[GH
VRLWGHSU«OªYHPHQWVVRFLDX[ΖOVȇDJLWHQWUH
DXWUHVGHVGLYLGHQGHVGHVLQW«U¬WVGHOLYUHWVRXGHFRQWUDWV
GȇDVVXUDQFHYLHGHVSOXVYDOXHVLVVXHVGHODYHQWHGHVRFL«W«V
VRXPLVHV¢OȇLPS¶WVXUOHVVRFL«W«VRXGH6Ζ&$9Ȑ
/ȇDEDWWHPHQWGHVXUOHVGLYLGHQGHVHWOHVDEDWWHPHQWV
VXUOHVSOXVYDOXHVPRELOLªUHVVHUDLHQWVXSSULP«VVDXIHQFDV
GȇRSWLRQSRXUXQHLPSRVLWLRQDXEDUªPHSURJUHVVLI$WWHQWLRQ
FHWWHRSWLRQVHUDLWJOREDOHSRXUOȇDQQ«HHQFRXUVFȇHVW¢GLUH
DSSOLTX«HSRXUWRXVOHVUHYHQXVVRXPLVDX3)81RWH]TXHOD
&6*G«GXFWLEOHGHOȇDQQ«HVXLYDQWHVHUDLWSRUW«H¢PDLV
HOOH QH VHUDLW SOXV G«GXFWLEOH VL OȇRQ UHVWH VRXPLV DX 3)8Ȑ
/ȇDFRPSWHHWODSRVVLELOLW«GHGLVSHQVHGȇDFRPSWHVXUOHVGL
YLGHQGHVHWLQW«U¬WVVHUDLWPDLQWHQXPDLVDXWDX[GH
P

Q

R

S

T

S

U

V

R

S

W

X

/HVFKHIVGȇHQWUHSULVHVQȇRQWDXFXQHUDLVRQGHSU«FLSLWHU
OHVGLVWULEXWLRQVGHGLYLGHQGHVDYDQWODȴQGHOȇDQQ«H

!

/HV GLULJHDQWV SDUWDQW HQ UHWUDLWH DXURQW SDUIRLV LQW«U¬W
¢ DYDQFHU OD GDWH GH OD FHVVLRQ GH OHXU HQWUHSULVH SRXU
E«Q«ȴFLHUGXFXPXOGHVDEDWWHPHQWVGHȜHWGH
DXGHO¢GHDQVGHG«WHQWLRQ

!

/HV G«WHQWHXUV GH FRQWUDWV GȇDVVXUDQFHYLH VXELUDLHQW
HQ FDV GH UDFKDW XQH ȴVFDOLW« GL΍«UHQWL«H HQ IRQFWLRQ
GHODGXU«HGXFRQWUDWDQVODGDWHGHYHUVHPHQW
QRWDPPHQWDYDQWRXDSUªVOHVHSWHPEUHHWGX
PRQWDQW WRWDO GHV YHUVHPHQWV H΍HFWX«V VXU WRXV OHXUV
FRQWUDWV    Ȝ ΖOV RQW GRQF LQW«U¬W ¢ QH SOXV
YHUVHU VXU OHV FRQWUDWV H[LVWDQWV HW ¢ VRXVFULUH GH QRX
YHDX[ FRQWUDWV DȴQ GH GLVVRFLHU HW PLHX[ PD°WULVHU OHV
UªJOHVȴVFDOHVDSSOLFDEOHV¢FKDTXHUDFKDW

!

/HGLVSRVLWLI3Ζ1(/VHUDLWSURORQJ«MXVTXȇDXG«FHPEUH
 PDLV VHUDLW UHFHQWU« VXU OHV ]RQHV R» OH PDUFK«
LPPRELOLHU HVW WHQGX FȇHVW¢GLUH SULQFLSDOHPHQW OHV
JUDQGHVDJJORP«UDWLRQVHWOHV'20HW&20
Q

R

S

T

S

U

V

/D WD[H GȇKDELWDWLRQ VXU OD U«VLGHQFH SULQFLSDOH VHUDLW
DEDLVV«HGHHQHQHWH[RQ«U«HWR
WDOHPHQW¢FRPSWHUGHSRXUOHVSHUVRQQHVD\DQWXQ
UHYHQXȴVFDOGHU«I«UHQFHSRXULQI«ULHXU¢Ȝ
SRXUOHVSHUVRQQHVVHXOHVHWȜSRXUOHVFRXSOHV
PDUL«V RX SDFV«V PDMRU« GH   Ȝ SRXU FKDFXQ GHV
GHX[SUHPLHUVHQIDQWV¢FKDUJH

!

/HV FRWLVDWLRQV VDODULDOHV PDODGLH HW FK¶PDJH VHUDLHQW
GLPLQX«HV HQ GHX[ WHPSV    HQ MDQYLHU  SXLV
GH¢OȇDXWRPQHDORUVTXHOD&6*DXJPHQWHUDLWGH
HQMDQYLHU

Y

!

P

!

R

S

W

X

Y

/HV LQG«SHQGDQWV E«Q«ȴFLHUDLHQW GȇXQH EDLVVH GHV FRWLVD
WLRQV VRFLDOHV IDPLOLDOHV GH   HW PDODGLH GH   (Q
UHYDQFKH DXFXQH PHVXUH FRPSHQVDWULFH QȇHVW SU«YXH SRXU
OHVUHWUDLW«V

ΖOHVWXUJHQWGHSUHQGUHGHVGLVSRVLWLRQVDYDQWODȴQGH
OȇDQQ«HVL
9RXVVRXKDLWH]LQYHVWLUGDQVXQHFRPPXQHVLWX«HGDQV
XQHGHV]RQHVSURFKDLQHPHQWH[FOXHV%HW&
9RXV DYH] XQ SURMHW HQ FRXUV GDQV OȇXQH GH FHV ]RQHV
DVVXUH]YRXVGȇDYRLUOHVERQVGRFXPHQWVHQWHPSVHWHQ
KHXUH¢VDYRLU

0¬PHVLGHVDPHQGHPHQWVYRQW¬WUHSURSRV«VHWTXHFHV
GLVSRVLWLRQVVRQWVXVFHSWLEOHVGȇ¬WUHPRGLȴ«HVFHUWDLQHV
RS«UDWLRQV GRLYHQW ¬WUH PHQ«HV DYDQW OD ȴQ GH OȇDQQ«H
GȇDXWUHV UHSRUW«HV 1RXV VRPPHV ¢ YRWUH GLVSRVLWLRQ
SRXUYRXVJXLGHUGDQVOHVG«FLVLRQV¢SUHQGUH

ˆ (QFDVGȇDFTXLVLWLRQVXUSODQOHFRQWUDWGHU«VHUYD
WLRQGRLW¬WUHSDVV«GHYDQWQRWDLUHRXHQUHJLVWU«DX
VHUYLFHGHVLPS¶WVDYDQWOHG«FHPEUH
ˆ (QFDVGȇDFTXLVLWLRQGȇXQDSSDUWHPHQWQHXIODSUR
PHVVHGHYHQWHGRLW¬WUHVLJQ«HHWHQUHJLVWU«HDYDQW
OHG«FHPEUH
$WWHQWLRQGDQVWRXVOHVFDVOȇDFWHG«ȴQLWLIGHYHQWHGHYUD
¬WUHVLJQ«DYDQWOHPDUV

[

\

]

^

_

`

a

b

\

c

\

d

e

f

`

g

h

q

i

j

^

k

\

l

^

\

]

i

^

e

_

f

q
\

b

^

g

r

e

s

e

^

\

]

^

_

h

\

d

e

_

m

n

o

p

q
g

d

h

`

\

]

^

i

t

\

e

l

q
\

`

i

r

\

ȴQDQFHVUHFWLȴFDWLYHSRXU

Z
E

F

G

H

I

J

K

L

G

H

K

D

M

N

O

/HVSURMHWVGȇDOOªJHPHQWVGHODȴVFDOLW«GHVP«QDJHVQȇDXURQWVDQVGRXWHSDVSRXUH΍HWGHU«GXLUHYRVLPSRVLWLRQV¢Q«DQW
9RXVGHYUH]HQFRUHLQYHVWLUSRXUGLPLQXHUYRWUHLPS¶WVXUOHUHYHQX
4XHIDXWLOFKRLVLU"
8QHU«GXFWLRQGȇLPS¶WSRQFWXHOOHRXU«FXUUHQWH"

!
!

2QYRXVDLGH¢G«FLGHU

/HV U«GXFWLRQV GȇLPS¶W «WDO«HV GDQV OH WHPSV VRQW DFTXLVHV
SRXU SOXVLHXUV DQQ«HV ¢ OD VXLWH GȇXQ VHXO LQYHVWLVVHPHQW
ΖOVȇDJLWVRXYHQWGHGLVSRVLWLIVLPPRELOLHUVFRPPHOHU«JLPH
m3LQHO}SRXUODORFDWLRQQXHRXOHm&HQVL%RXYDUG}SRXUOD
ORFDWLRQ GDQV GHV U«VLGHQFHV «WXGLDQWH RX (+3$' SDU
H[HPSOH

3RXU TXH OD U«GXFWLRQ GȇLPS¶W DQQXHOOH VRLW VLJQLȴFDWLYH LO
IDXW XQ LQYHVWLVVHPHQW LPSRUWDQW 3DU H[HPSOH SRXU XQH
U«GXFWLRQ GȇLPS¶W 3LQHO GH   Ȝ  DQ SHQGDQW  DQV RX
 DQV LO IDXW LQYHVWLU   Ȝ GDQV XQ ORJHPHQW QHXI HQ
P«WURSROH
&HWLQYHVWLVVHPHQWSRXUUD¬WUHȴQDQF«SDUXQHPSUXQWLP
PRELOLHU/ȇH΍RUWU«HOGȇ«SDUJQHSRXUUHPERXUVHUOȇHPSUXQW
VHUD DWW«QX« SDU OHV OR\HUV SHU©XV HW OD U«GXFWLRQ GȇLPS¶W
$LQVLYRXVSRXYH]U«GXLUHYRWUHLPS¶WHWYRXVFRQVWLWXHUXQ
SDWULPRLQHLPPRELOLHUDYHFTXHOTXHVFHQWDLQHVGȇHXURVSDU
PRLV

VRXUFHFDELQHW)LGURLW

u

e

e

\

d

e

r

i

d

/ȇDFTXLVLWLRQHVWVRXYHQWU«DOLV«HVXUSODQ
'DQVFHFDVODU«GXFWLRQGȇLPS¶WQHVHUDH΍HFWLYH
TXȇ¢FRPSWHUGHOȇDFKªYHPHQWGXORJHPHQW

E
E

F

G

H

I

J

K

L

G

H

K

D

M

N

O

4XHOOHHVWODGL΍«UHQFHHQWUHXQHU«GXFWLRQ
q

—

q
r

c

]

˜

e

\

e

j

d

k

^

q

_

r

—

e

r

c

]

˜

e

™

/HVU«GXFWLRQVGȇLPS¶WYLHQQHQWGLPLQXHUVHXOHPHQW
OȇLPS¶WVXUOHUHYHQXFDOFXO«DXEDUªPHSURJUHVVLI
&HSHQGDQWFRQWUDLUHPHQW¢ODU«GXFWLRQGȇLPS¶WVL
OHFU«GLWGȇLPS¶WHVWVXS«ULHXUDXPRQWDQWGHOȇLPS¶W
OHVXUSOXVRXODWRWDOLW«VLYRXVQȇ¬WHVSDVLPSRVDEOH
GRQQHOLHX¢UHPERXUVHPHQWSDUOȇ$GPLQLVWUDWLRQ

w

x

y

y

z

{

|

w

}

x

~

‰

0217$17'(
/$5‹'8&7Ζ21
'ȇΖ03–7

Š



‹

~

Œ

€

z

{

|

€

z



z

‚

~

{

z

z

|



¢VHORQODGXU«HGȇHQJDJHPHQW
RXDQVGDQVODOLPLWHGHȜDQ
SRXUORJHPHQWVPD[LPXPHWDYHFXQSODIRQG
GHȜPt
!



ȜDQVXUDQV



z

w

z

{



~

ƒ

x

„

Ž

Œ

…

‹

†



Š

€



‘

‡

’

ˆ

“

”

•

–

SRXUXQHGXU«HGȇHQJDJHPHQWGHDQVGDQV
ODOLPLWHGHȜDQ

!

ȜDQVXUDQV

ˆ 1HXIRXVXUSODQ

ˆ 5«SRQGDX[QRUPHV%%&

ˆ 'DQVFHUWDLQHVFRPPXQHVR»OHPDUFK«
LPPRELOLHUHVWWHQGX]RQHV$$ELVHW%¢
FRPSWHUGH

/2*(0(17

6DQVPHXEOH¢XQSDUWLFXOLHUDYHF
XQFHUWDLQQLYHDXGHUHVVRXUFHVHWTXLIDLWGX
ORJHPHQWVDU«VLGHQFHSULQFLSDOH

/2&$7Ζ21

/HOR\HUQHGHYUDSDVG«SDVVHUXQFHUWDLQ
SODIRQG

ˆ 0HLOOHXUHU«GXFWLRQGȇLPS¶W

ˆ 3RVVLELOLW«GHORXHU¢OȇXQGHYRVHQIDQWV
G«WDFK«GHYRWUHIR\HUȴVFDO

$9$17$*(6

ˆ 1HXIRXVXUSODQ

6DQVPHXEOH¢XQH[SORLWDQWU«VLGHQFH«WXGLDQWH
RX(+3$'HQJ«Q«UDOTXLVȇRFFXSHUDGH
OȇDPHXEOHPHQWHWGHODJHVWLRQ

3DVGHVRXFLVGHJHVWLRQVLOHJHVWLRQQDLUHGHOD
U«VLGHQFHHVWȴDEOH

ˆ )LDELOLW«GXORFDWDLUHJHVWLRQQDLUH
Ζ1&219‹1Ζ(176

3OXVGHFRQWUDLQWHV
%%&SODIRQGGHUHVVRXUFHVHWGHOR\HUVȐ

ˆ /ȇDPRUWLVVHPHQWGXORJHPHQWQȇHVWSDVSRVVLEOH
SRXUGLPLQXHUOHVUHYHQXVLPSRVDEOHVVDXIVXU
ODIUDFWLRQVXS«ULHXUH¢Ȝ

VRXUFHFDELQHW)LGURLW

v
E

F

G

H

I

J

K

L

G

H

K

D

M

N

O

/HV U«GXFWLRQV GȇLPS¶W SRQFWXHOOHV VRQW LQW«JUDOHPHQW
REWHQXHVOȇDQQ«HGHOȇLQYHVWLVVHPHQW
6L YRXV QH YRXOH] SDV YRXV HQJDJHU SRXU XQ PRQWDQW WURS
LPSRUWDQW RX VL YRWUH LPS¶W ȵXFWXH HQ UDLVRQ GH UHYHQXV
YDULDEOHVLOSHXW¬WUHSU«I«UDEOHGȇRSWHUSRXUXQHU«GXFWLRQ
GȇLPS¶WSRQFWXHOOH

ΖOVȇDJLUDQRWDPPHQWGHV)Ζ3RX)&3ΖFODVVLTXHVU«GXFWLRQGH
GXPRQWDQWLQYHVWL)Ζ3&RUVHRXRXWUHPHUU«GXFWLRQ
GHGXPRQWDQWLQYHVWLGDQVODOLPLWHGHȜSRXU
XQH SHUVRQQH VHXOH HW   Ȝ SRXU XQ FRXSOH PDUL« RX
SDFV«
9RXV SRXYH] SU«I«UHU OȇLQYHVWLVVHPHQW GDQV XQH 6RȴFD VR
FL«W« GH ȴQDQFHPHQW GȇĕXYUHV FLQ«PDWRJUDSKLTXHV RX DX
GLRYLVXHOOHVSRXUREWHQLUXQHU«GXFWLRQGȇLPS¶WGHGX
PRQWDQWLQYHVWLGDQVODGRXEOHOLPLWHGHȜHWGX
UHYHQXJOREDOGHYRWUHIR\HU

VRXUFHFDELQHW)LGURLW

›

œ



ž

ž



U

R

Ÿ

V

R

 

¡

S



Y

3RXU OHV GLVSRVLWLIV LPPRELOLHUV FRPPH 3LQHO
&HQVL%RXYDUGSDUH[HPSOHVDXIFDVH[FHSWLRQQHOVG«FªV
LQYDOLGLW«OLFHQFLHPHQWLOQȇHVWSDVSRVVLEOHGHYHQGUHOH
ELHQ LPPRELOLHU SHQGDQW OD S«ULRGH GȇHQJDJHPHQW
(QH΍HWVLOȇHQJDJHPHQWGHFRQVHUYDWLRQQȇHVWSDVWHQX
ODU«GXFWLRQGȇLPS¶WHVWUHPLVHHQFDXVHSRXUOȇDYHQLUPDLV
«JDOHPHQWSRXUOHSDVV«
'HP¬PHFHVGLVSRVLWLIVQHVXSSRUWHQWSDVOHG«PHPEUH
PHQWGHSURSUL«W«$LQVLYRXVQHSRXUUH]SDVGRQQHU¢
YRVHQIDQWVSHQGDQWODS«ULRGHGȇHQJDJHPHQWQLODQXHSUR
SUL«W«SRXUOHXUWUDQVPHWWUHOHELHQQLOȇXVXIUXLWSRXUOHV
ORJHUJUDWXLWHPHQWRXOHXUIRXUQLUGHVUHYHQXV
¦

q
¢

d

]

^

r

d

k

r

]

\

l

`

\

h

^

q

_

j

k

e

r

i

d

—

h

r

c

]

˜

e

h

i

d

e

]

`

g

£

i

d

d

_

\

h

\

e

FHOOHVQRQLPSXW«HVVRQWSHUGXHV
ΖOHVWGRQFFRQVHLOO«GHELHQFDOLEUHUYRVLQYHVWLVVHPHQWV
q
¤

^

_

£

_

^

\

¥

j

d

\

^

_

q
j

k

e

r

i

d

—

q
r

c

]

˜

e

^

_

k

j

^

^

\

d

e

\

c

i

_

^

_

\

\

e

DMXVWH] VL EHVRLQ HQ ȴQ GȇDQQ«H DYHF GHV U«GXFWLRQV
GȇLPS¶WSRQFWXHOOHV
/HVSRLQWVGHYLJLODQFH
8Q LQYHVWLVVHPHQW P¬PH U«DOLV« GDQV OH FDGUH GȇXQH
G«ȴVFDOLVDWLRQGRLW¬WUHU«ȵ«FKLHWH΍HFWX«GDQVXQHQ
YLURQQHPHQW«FRQRPLTXHIDYRUDEOH$VVXUH]YRXVGHOD
TXDOLW«GXSODFHPHQWHWGHVDUHQWDELOLW«¢WHUPH3RXU
XQLQYHVWLVVHPHQWLPPRELOLHUSULYLO«JLH]OȇHPSODFHPHQW
HWY«ULȴH]TXȇLOH[LVWHXQHGHPDQGHORFDWLYHVXɝVDQWHHW
TXDOLȴ«H

!

&HVDYDQWDJHVȴVFDX[VRQWVRXYHQWFRQGLWLRQQ«V¢GHV
HQJDJHPHQWV GH FRQVHUYDWLRQ UHODWLYHPHQW ORQJV

!

!

/HVREOLJDWLRQVG«FODUDWLYHVVRQWUHODWLYHPHQWO«JªUHVPDLV
GRLYHQW¬WUHFRUUHFWHPHQWUHPSOLHVVRXVSHLQHGHSHUGUH
ODU«GXFWLRQGȇLPS¶W
(QSULQFLSHODSOXSDUWGHVSLªFHVMXVWLȴFDWLYHVQȇRQWSDV
¢¬WUHMRLQWHV¢YRWUHG«FODUDWLRQ9RXVGHYH]WRXWHIRLV
OHVFRQVHUYHUSRXU¬WUHHQPHVXUHGHOHVIRXUQLU¢
Oȇ$GPLQLVWUDWLRQHQFDVGHFRQWU¶OH

š
E

F

G

H

I

J

K

L

G

H

K

D

M

N

O

§

&DVSDUWLFXOLHUV
ˆ (Q PDWLªUH GH G«ȴVFDOLVDWLRQ LPPRELOLªUH OH E«Q«ȴFH GH
ODU«GXFWLRQGȇLPS¶WHVWVRXPLV¢ODSURGXFWLRQGHFHUWDLQV
GRFXPHQWV 3DU H[HPSOH SRXU OH GLVSRVLWLI 3LQHO YRXV
GHYH] QRWDPPHQW IRXUQLU XQ HQJDJHPHQW GH ORFDWLRQ
IRUPXODLUH  (% OD FRSLH GX EDLO HW OD FRSLH GH OȇDYLV
GȇLPSRVLWLRQGHYRWUHORFDWDLUH
ˆ 3RXU E«Q«ȴFLHU GȇXQH U«GXFWLRQ GȇLPS¶W VXU OH UHYHQX DX
WLWUH GH OD VRXVFULSWLRQ GH )Ζ3 RX )&3Ζ QRWDPPHQW YRXV
GHYH] MRLQGUH ¢ YRWUH G«FODUDWLRQ Oȇ«WDW LQGLYLGXHO IRXUQL
GLUHFWHPHQWSDUOHIRQGVHWOȇHQJDJHPHQWGHFRQVHUYDWLRQ

1RXVYRXVFRQVHLOORQVGHELHQFDOLEUHUYRVLQYHVWLVVHPHQWV
SRXU E«Q«ȴFLHU GH OȇLQW«JUDOLW« GH OD U«GXFWLRQ GȇLPS¶W

!

/D SOXSDUW GHV GLVSRVLWLIV GH G«ȴVFDOLVDWLRQ VRQW VRX
PLV DX SODIRQQHPHQW JOREDO GHV QLFKHV ȴVFDOHV TXL OL
PLWH OHV DYDQWDJHV ȴVFDX[ GRQW YRXV SRXYH] E«Q«ȴFLHU
FKDTXH DQQ«H ¢   Ȝ &HUWDLQV LQYHVWLVVHPHQWV
E«Q«ȴFLHQW GȇXQ SODIRQG VS«FLȴTXH SRUWDQW OH VHXLO ¢
  Ȝ  *LUDUGLQ 3LQHO U«DOLV« HQ 2XWUHPHU 6RȴFD
'HSOXVOHVU«GXFWLRQVGȇLPS¶WQRQLPSXW«HVXQHDQQ«H
VRQWHQSULQFLSHSHUGXHV(QH΍HWVLOHPRQWDQWGHYRV
U«GXFWLRQV GȇLPS¶W HVW VXS«ULHXU ¢ FHOXL GH YRWUH LPS¶W
DORUV OȇH[F«GHQW QȇHVW QL UHPERXUV« FRQWUDLUHPHQW DX[
FU«GLWV GȇLPS¶WV QL UHSRUWDEOH VXU OȇLPS¶W GHV DQQ«HV
VXLYDQWHV

¸KČřŽKŹӳřÝĩČӞ
6LYRXVDYH]XQHIRUWHLPSRVLWLRQLOSHXW¬WUHSOXVLQW«UHV
VDQWGȇRSWHUSRXUXQHG«GXFWLRQGXUHYHQXLPSRVDEOHFDU
OȇDYDQWDJHȴVFDOVHUDSURSRUWLRQQHO¢YRWUHWDX[GȇLPSRVLWLRQ
(QH΍HWXQHU«GXFWLRQGȇLPS¶WJ«QªUHXQDYDQWDJH
ȴVFDOIRUIDLWDLUHDORUVTXȇXQHG«GXFWLRQGXUHYHQXJ«
QªUHXQDYDQWDJHSURSRUWLRQQHO¢YRWUHWDX[PDUJLQDO
GȇLPSRVLWLRQ
3RXUE«Q«ȴFLHUGȇXQHG«GXFWLRQVXUYRWUHUHYHQXLP
SRVDEOHYRXVSRXYH]HQWUHDXWUHV
!

6RXVFULUHXQFRQWUDW3(53RX0DGHOLQHQIRQFWLRQ
GH YRWUH VLWXDWLRQ SURIHVVLRQQHOOH  OH PRQWDQW
GHV SULPHV YHUV«HV HVW G«GXFWLEOH GH YRWUH UH
YHQX LPSRVDEOH $LQVL YRXV YRXV FRQVWLWXH] GHV
UHYHQXVFRPSO«PHQWDLUHVSRXUODUHWUDLWHWRXWHQ
OLPLWDQWYRWUHLPS¶WVXUOHUHYHQX

!

/RXHU XQ ORJHPHQW FRQYHQWLRQQ« SDU Oȇ$JHQFH
1DWLRQDOH GH Oȇ+DELWDW $1$+ (Q YRXV HQJD
JHDQW ¢ UHVSHFWHU GHV SODIRQGV GH OR\HUV HW GH
UHVVRXUFHV SRXU YRV ORFDWDLUHV YRXV E«Q«ȴFLH]
GȇXQ DEDWWHPHQW GH  ¢   VXU YRV OR\HUV
LPSRVDEOHVGLVSRVLWLI&RVVHDQFLHQ

O
E

F

G

H

I

J

K

L

G

H

K

D

M

N

O

)2&86685
/HQRPEUHGHFRQWUDWVGȇDVVXUDQFHYLHQRQU«FODP«VUHVWH
LPSRUWDQWHWSOXVLHXUVGLVSRVLWLIVRQW«W«PLVHQSODFHSRXU
mDVVXUHU}OHYHUVHPHQWGHVFDSLWDX[G«FªV
©

/ȇDXWRPQHHWVHVZHHNHQGVSOXYLHX[VȇDYDQFHQW&HVHUD
SHXW¬WUHOȇRFFDVLRQGHIDLUHOHWULGDQVYRVGRFXPHQWV
4XHGHYH]YRXVFRQVHUYHUHWTXHSRXYH]YRXVMHWHU"
‚YRVSODFDUGVȐ
3RXUYRWUHORJHPHQWVLYRXV¬WHVSURSUL«WDLUHGȇXQDSSDUWH
PHQW OHV SUHXYHV GX SDLHPHQW GHV FKDUJHV GH FRSURSUL«W«
FRUUHVSRQGDQFHVDYHFOHV\QGLFSURFªVYHUEDX[GHVDVVHP
EO«HV J«Q«UDOHV GH FRSURSUL«W« GRLYHQW ¬WUH QRUPDOHPHQW
FRQVHUY«HVDQV
6LYRXV¬WHVORFDWDLUHGȇXQORJHPHQWORX«QXRXPHXEO«OHV
TXLWWDQFHVGHOR\HUEDLO«WDWVGHVOLHX[GRLYHQW¬WUHFRQVHU
Y«VDQV¢FRPSWHUGHODȴQGHODORFDWLRQ

ª

«

3RXUOHTXRWLGLHQYRVIDFWXUHVGȇ«OHFWULFLW«JD]HWHDXGRLYHQW
¬WUHFRQVHUY«HVDQVWDQGLVTXHOHVIDFWXUHVGHW«O«SKRQLH
VHXOHPHQWDQQ«H
9RV UHOHY«V GH FRPSWHV EDQFDLUHV HW WDORQV GH FKªTXHV
GRLYHQW¬WUHDUFKLY«VSHQGDQWDQV/HVWLFNHWVGHFDUWHEDQ
FDLUHSDLHPHQWHWUHWUDLWGRLYHQW¬WUHVWRFN«VMXVTXȇ¢ODU«
FHSWLRQGHYRWUHUHOHY«GHFRPSWHFRUUHVSRQGDQW

©

/HVDVVXUHXUVRQWOȇREOLJDWLRQGHUHFKHUFKHUOHVE«Q«ȴFLDLUHV
GHV FRQWUDWV GȇDVVXUDQFHYLH TXȇLOV JªUHQW &HSHQGDQW YRXV
SRXYH] DQWLFLSHU FHWWH G«PDUFKH ¢ OȇRFFDVLRQ GX G«FªV GȇXQ
SURFKHHQLQWHUURJHDQWXQRUJDQLVPHVS«FLȴTXH$*Ζ5$TXL
UHJURXSH WRXWHV OHV GRQQ«HV GHV DVVXUHXUV 9RXV SRXUUH]
DORUV VDYRLU VL YRXV ¬WHV RX QRQ E«Q«ȴFLDLUH GȇXQ FRQWUDW
VRXVFULWSDUFHWWHSHUVRQQH
9RXVGHYH]FRPPXQLTXHUYRWUHLGHQWLW«YRWUHOLHQGHSDUHQW«
DYHFOHG«IXQWHWXQH[WUDLWGHVRQDFWHGHG«FªV/ȇRUJDQLVPH
DMRXUVSRXUIDLUHVDUHFKHUFKH6LOHU«VXOWDWHVWSRVLWLIOȇDV
VXUHXUFRQFHUQ«YRXVLQIRUPHUDVRXVXQPRLV6LOHU«VXOWDW
HVWQ«JDWLIDXFXQHU«SRQVHQHYRXVVHUDHQYR\«H
W

±

3RXU YRWUH FRQWUDW GȇDVVXUDQFH KDELWDWLRQ RX GH YRLWXUH OHV
TXLWWDQFHV DYLV Gȇ«FK«DQFH FRXUULHUV GH U«VLOLDWLRQ GRLYHQW
¬WUHJDUG«VDQV¢SDUWLUGHODGDWHGHU«FHSWLRQ
9RWUH FRQWUDW GH WUDYDLO DLQVL TXH YRV EXOOHWLQV GH VDODLUH
GRLYHQW ¬WUH VDXYHJDUG«V MXVTXȇ¢ OD OLTXLGDWLRQ GH YRWUH UH
WUDLWH  LOV VHURQW WUªV XWLOHV SRXU OH FDOFXO GH YRWUH SHQVLRQ
HQFDVGȇRPLVVLRQVRXGȇHUUHXUVGHVRUJDQLVPHVFRQFHUQ«VȐ

¬

œ

Ÿ

®

W

X

R

V

²

R



Ÿ

©

ª

«

¬

©

$*Ζ5$5HFKHUFKHGHVE«Q«ȴFLDLUHVHQFDVGHG«FªV
5XH-XOHV/HIHEYUH
3$5Ζ6&HGH[
«

­

®

P

¯

«

°

/HVDVVXUHXUVRQWOȇREOLJDWLRQGHSXLVSHXGȇDOLPHQWHUOHȴFKLHU
)Ζ&29Ζ(HQG«FODUDQWDQQXHOOHPHQWWRXVOHVFRQWUDWVGȇDVVX
UDQFHYLH HQ FRXUV GH SOXV GH   Ȝ WRXWHV OHV QRXYHOOHV
VRXVFULSWLRQVHWWRXVOHVUDFKDWVRXG«QRXHPHQWV
/ȇDGPLQLVWUDWLRQ ȴVFDOH OHV GRXDQHV PDLV DXVVL OH 1RWDLUH
FKDUJ«GȇXQHVXFFHVVLRQVȇLOD«W«PDQGDW«SDUOHVK«ULWLHUV
SHXYHQWFRQVXOWHUFHȴFKLHU
$LQVLPRLQVGHFRQWUDWVGHYUDLHQW¬WUHmRXEOL«V}HQFDVGH
G«FªVPDLVDXVVLHQFDVGHGLYRUFH

3RXUYRVLPS¶WV
&RQFHUQDQWYRWUHLPS¶WVXUOHUHYHQXOHGURLWGHUHSULVH
GH Oȇ$GPLQLVWUDWLRQ HVW DX PLQLPXP MXVTXȇDX  G«
FHPEUH GH OD ªPH DQQ«H VXLYDQW FHOOH GH OȇLPSRVLWLRQ
3RXUODG«FODUDWLRQGHVUHYHQXVYRXVGHYUH]GRQF
JDUGHUYRWUHG«FODUDWLRQHWYRWUHDYLVGȇLPSRVLWLRQMXVTXȇ¢
ȴQ&HSHQGDQWLOHVWFRQVHLOO«GȇDUFKLYHUFHVGRFX
PHQWV SHQGDQW  DQV FH TXL FRUUHVSRQG DX G«ODL GH
SUHVFULSWLRQGHOȇDGPLQLVWUDWLRQOHSOXVORQJ

!

³

´

¿

¿

È

µ

·

À

Ê

´

Á

Ê

Í

Ë

Ö

í

õ

æ

¶

Ô

ã

í

î

Ø

Ú

æ

×

ù

Õ

Ú

Ý

í

í

×

×



Ú

í

×




Ã

Ü

Ü

µ

Â

Á

Ç

í

»

Ç

Á

Å

Ñ

Ý

ð

Ù

Ù

Ø

î

Ú

×

Ú

ð

Ø

Õ

Ù

Ü

ã

¼

Ã

½

¾

´

º

Ä

Â

Ã

Ø



Ù

í

Õ

Ü

Õ

î

í

Ä

Å

Ò

Ó

À

Ã

Ô

Ñ

Ç

Ú

õ

õ

ì

ã

Ø

ï

é

ê

÷

Ö

ã

ï

×




í

Ø

Ú

ë

Ü

ø

Ù

á

æ

ï

í

Ø

Ú

Ù

ù

Ú

×

Û



î

Ø

í



ú

é

×

÷

Ý



Ú

Õ

×

Ï

ó

ó

æ

ã

ó

æ

õ

è

ü

à

æ

÷

÷

ï

í

Õ

Ø

Ù

÷

Ù

÷

ù

è

Õ

Ü

õ

ô

Ø

ç

í

ÿ

é

Õ

æ

ö

Ù

ò

Ù

î

÷

å

õ

ô

Õ

Ù

ä

ñ



í



Ø

Ø

ã

õ

Ù

ï

×

í

Ø

÷

Ù

Ù

ð

×

÷

â

ô

ä

Ø

Ø

í

á

ó

Ü

è

Õ

×

à

ò

Ú

Õ

Õ

ß

þ

×

Ø

Ù

×

Þ

Ý



Ø

Ù

Ý

ñ

æ

×

Ù

ð

×

ý

å

Û

Ý

Ü

û

Ù

Ù

Ù




´

Æ

º

Ð

î

Õ

Ü

×

Ù

í

ð

å

×

×

í

ó

Ü

Ú

Ú

Û

ï

×

÷

Ù

Ú

æ

í

Û

Ù

ò

Õ

Ø

ï

Ø

ü

Õ

´

Ä

¶

Å

¹

Â

Õ

ð



Õ

î

Ú

â

ä

Ä

º

Ä

Î

Ù

û

¸

Ã

Ï

Ù

Ú

è

Ô

Ô

Ø

ï

ò

è

¸KČřŽKŹӳřÝĩČӞ

×

î

ú

ä

Î

¹

Â

Ì

Í

Õ

ì

¸

º

Ã

Í



9RXVFRQVHUYH]VRXYHQWYRVGRFXPHQWVVRXVIRUPH
SDSLHU &HSHQGDQW FHUWDLQV RUJDQLVPHV SULY«V RX SX
EOLFV SHXYHQW YRXV FRPPXQLTXHU GHV GRFXPHQWV DX
IRUPDWQXP«ULTXHSDUPDLORXVXUOHXUVLWHLQWHUQHW
7RXVFHVGRFXPHQWVRULJLQDX[RQWXQHYDOHXUMXULGLTXH
(QUHYDQFKHVLYRXVSUHQH]HQSKRWRRXVFDQQH]YRXV
P¬PH YRV GRFXPHQWV LOV QȇDXURQW SDV OD YDOHXU GȇXQ
RULJLQDO

¶

¹

É

Ô

&RQFHUQDQW YRV LPS¶WV ORFDX[ WD[H IRQFLªUH HW KDELWD
WLRQOHG«ODLGHUHSULVHGHOȇ$GPLQLVWUDWLRQHVWGȇXQHDQ
Q«HLOHVWGRQFUHFRPPDQGHUGHFRQVHUYHUOHVDYLVGȇLP
SRVLWLRQDXPLQLPXPSHQGDQWFHWWHP¬PHGXU«H

!

µ

×




÷

Ù

í

î

Ú

×

Ø

Ö

Ù




Õ

×

í

Ù

î

Ø

Ø




Û

ð

Õ

Ö

Ú

×

Ø

Ù

î




ë

Ú

÷

×

î

Õ

Ö

×

Ü

Ø

Ø

×

Õ

×

Ø

í



Õ

Ü

Ù

Ù

í

ï



Ù

÷

Ù

ð

Ù

÷

Ô

î

Ø

÷

Ù

×

Ü

÷

Ù

Ø



Ù

÷

Ú

×

î

Ø

ð

Ù

Ù

¨
E

F

G

H

I

J

K

L

G

H

K

D

M

N

O



Sur le même sujet..

---