Download Comm n°8
Transcript
(G 3$4 &20081,&$7,217(&+1,48( 1 'DWH $OFDWHO 1EGHSDJHV ■ 85*(17( o 12185*(17( o7(0325$,5(■'(),1,7,9( 2%-(7,PSRUWSUpIL[HVQRPV,PSRUW([SRUWRSpUDWHXUVGDQV$OFDWHO 35,1&,3(6(75$33(/6 ,PSRUWGHV3UpIL[HV1RPV ,PSRUW([SRUWG XQRSpUDWHXU &RPSDWLELOLWp 5pVXPpGHO LPSRUWH[SRUWGDQV$ 35(3$5$7,21'(6),&+,(567(;7(63285/ ,03257'(635(),;(61206 3UpSDUDWLRQGXILFKLHU7;7 3UHPLqUHOLJQH &RQWHQXGHVFRORQQHV ([HPSOH 3UpSDUDWLRQGXILFKLHU0$3 8WLOLWpGXILFKLHU0$3 &RQWHQX ([HPSOH 352&('85(6$68,95( ,PSRUWGHV3UpIL[HV1RPV ,PSRUWH[SRUWG RSpUDWHXUGH$YHUVXQHDXWUH$ ,PSRUWH[SRUWG RSpUDWHXUGH$YHUV$ ([SRUWjSDUWLUG XQH$ ,PSRUWVXUXQH$ 5HVWULFWLRQVHWSUREOqPHVFRQQXV $/&$7(/ $UWLFOH (G 3$4 35,1&,3(6(75$33(/6 ,PSRUWGHV3UpIL[HV1RPV / LPSRUW GHV 3UpIL[HV1RPV SHUPHW ORUV GH OD FRQILJXUDWLRQ G XQ RSpUDWHXU GH UHPSOLU DXWRPDWLTXHPHQWGDQVOHPRGXOH&DOO$FFRXQWLQJODOLVWHGHV3UpIL[HV1RPVSRXUXQHGLUHFWLRQ GRQQpH /HV LQIRUPDWLRQV IRXUQLHV SDU XQ RSpUDWHXU VXU OHV SUpIL[HV DYHF QRPV HW W\SH GH GLUHFWLRQ DVVRFLpV GRLYHQW rWUH UDQJpHV GDQV GHX[ ILFKLHUV GH W\SH WH[WH XWLOLVpV SDU OH PRGXOH &DOO $FFRXQWLQJ SRXU OH UHPSOLVVDJH DXWRPDWLTXH ,O IDXW GRQF QpFHVVDLUHPHQW TXH FHV GHX[ ILFKLHUV WH[WH VRLHQW GDQV XQ IRUPDW UHFRQQDLVVDEOH SDU $ &H IRUPDW VLPSOH PDLV VWULFW HVW GpFULWGDQVFHWWH&RPPXQLFDWLRQ7HFKQLTXH $77(17,211HSDVFRQIRQGUH,PSRUWGHV3UpIL[HV1RPVHW´,PSRUWG XQRSpUDWHXU ,PSRUW([SRUWG XQRSpUDWHXU 'DQVOHPRGXOH&DOO$FFRXQWLQJSRXUFKDTXHRSpUDWHXUVRQWGpILQLV − GHVGLUHFWLRQVDYHFSRXUFKDFXQHSUpIL[HVQRPVW\SHGHGLUHFWLRQWDULIjDSSOLTXHU − GHVWDULIVDYHFSRXUFKDFXQGHVSpULRGHVWDULIDLUHVXQFDOFXOGHFRWSDUSpULRGH − GHVFRWVSRXUOHVVHUYLFHV51,6 − XQFDOHQGULHUGHMRXUVIpULpVSRXUOHVWDULIV &HV LQIRUPDWLRQV UHODWLYHV j XQ RSpUDWHXU SHXYHQW rWUH VDXYHJDUGpHV GDQV XQ ILFKLHU F HVW O H[SRUWG XQRSpUDWHXU/HILFKLHUSHXWrWUHUpXWLOLVpF HVWO LPSRUWG XQRSpUDWHXU / LPSRUWH[SRUWHVWSRVVLEOHG XQH$YHUVXQHDXWUH$ RX YHUV XQH SODWHIRUPH $ &RPSDWLELOLWp )RQFWLRQQDOLWpV ,PSRUWGHV3UpIL[HV1RPVGDQVO $ ([SRUWG XQRSpUDWHXUYHUVXQHDXWUH$ ([SRUWG XQRSpUDWHXUYHUVXQHSODWHIRUPH$ ,PSRUWG XQRSpUDWHXUGDQVXQH$ ,PSRUWG XQRSpUDWHXUGDQVXQH$ 9HUVLRQV $OFDWHO ≥BIW ≥BIWVI ≥BIW ≥BIWVI 9HUVLRQV $OFDWHO ≥F 6H UHSRUWHU DX PDQXHO G LQVWDOODWLRQ HW FRQILJXUDWLRQ GH $OFDWHO Y SRXU OHV UHVWULFWLRQV 6HUHSRUWHUDXSDUDJUDSKHSRXUOHVUHVWULFWLRQV $OFDWHO 2 $UWLFOH (G 3$4 5pVXPpGHO LPSRUWH[SRUWGDQV$ 1.1.1 $OFDWHO 3 $UWLFOH (G 3$4 35(3$5$7,21 '(6 ),&+,(56 7(;7(6 3285 / ,03257 '(6 35(),;(61206 'HX[ILFKLHUVVRQWQpFHVVDLUHVjO LPSRUW − XQILFKLHUGHGRQQpHVG H[WHQVLRQ7;7FRQWHQDQWO HQVHPEOHGHVSUpIL[HVHWQRPVDVVRFLpV − XQDXWUHILFKLHUG H[WHQVLRQ0$3SHUPHWWDQWG pWDEOLUOHVFRUUHVSRQGDQFHVSRXUOHVW\SHVGH GLUHFWLRQV 3UpSDUDWLRQGXILFKLHU7;7 &HILFKLHUSHXWrWUHJpQpUpSDUXQHDSSOLFDWLRQGHW\SHWUDLWHPHQWGHWH[WHH[HPSOH%ORFQRWHV GH:LQGRZVRXWDEOHXUH[HPSOH(;&(// HVVHQWLHOHVWGHFUpHUFLQTFRORQQHVGHWH[WHSXLVGH VDXYHJDUGHU OH ILFKLHU VDQV DXFXQH PLVH HQ IRUPH DX IRUPDW WH[WH HW HQ FKRLVLVVDQW FRPPH VpSDUDWHXUGHVWDEXODWLRQV 3UHPLqUHOLJQH /DSUHPLqUHOLJQHGXILFKLHUGRLWFRPSUHQGUHOHVQRPVGHVFLQTFRORQQHVF HVWjGLUH − =RQH − 3UpIL[H − 1RP − 7\SH − 7DULI &KDTXHQRPGRLWrWUHSUpFpGpGXVLJQH´VDQVHVSDFHHWGRLWrWUHpFULWHQPDMXVFXOH/ RUGUH GHVFRORQQHVHVWVDQVLPSRUWDQFH8QHWDEXODWLRQHWXQHVHXOHGRLWVpSDUHUFKDTXHFKDPS ([HPSOH =21( 35(),;( 120 7<3( 7$5,) &RQWHQXGHVFRORQQHV − &RORQQH=21( &RQWLHQWOD]RQHGHGpSDUWGHO DSSHO12187,/,6(('$16&(77(9(56,21 / LPSRUWVHIDLWSRXUXQH]RQHGRQQpH/HVW\SHVGHGLUHFWLRQHWOHVWDULIVLPSRUWpVVRQWGpILQLV SDU UDSSRUW j FHWWH ]RQH /H ILFKLHU GH GRQQpHV QH FRQWLHQW GRQF TXH OHV SUpIL[HV G DSSHO j SDUWLUG XQHVHXOH]RQH − &RORQQH35(),;( &RQWLHQWOHSUpIL[HDSSHOpGHW\SHQXPpULTXH − &RORQQH120 &RQWLHQW OH QRP GH OD ORFDOLWp DVVRFLpH DX SUpIL[H ,O SHXW rWUH pFULW HQ PDMXVFXOHV RX HQ PLQXVFXOHVOHVHVSDFHVVRQWDFFHSWpV − &RORQQH7<3( &RQWLHQWOHW\SHGHGLUHFWLRQFRUUHVSRQGDQWDXSUpIL[H /H W\SH GH GLUHFWLRQ SHUPHW GH VDYRLU VL O DSSHO HQWUH GDQV OD FDWpJRULH GHV DSSHOV ORFDX[ UpJLRQDX[LQWHUQDWLRQDX[DSSHOVGHVHUYLFHVWpOpPDWLTXHV0LQLWHO / LPSRUWVHIHUDHQIRQFWLRQGXW\SHGHGLUHFWLRQFKRLVLSDUO XWLOLVDWHXUGDQVODOLVWHGHVW\SHV GH GLUHFWLRQ GH OD IHQrWUH GH FRQILJXUDWLRQ GHV GLUHFWLRQV GDQV OH PRGXOH &DOO $FFRXQWLQJ PHQX2SWLRQ&RQILJXUDWLRQ2SpUDWHXUVERXWRQ'LUHFWLRQSXLV$MRXWHURX0RGLILHUFKDPS 7\SH $OFDWHO 4 $UWLFOH (G 3$4 /HW\SHGHGLUHFWLRQGRLWrWUHXQQRPEUH/DFRUUHVSRQGDQFHHQWUHFHQRPEUHHWXQQRPGH W\SHGHGLUHFWLRQVHUDpWDEOLHGDQVOHILFKLHU0$3YRLUVHFWLRQFRUUHVSRQGDQWH9RXVSRXYH] GpILQLUMXVTX jW\SHVGHGLUHFWLRQGLIIpUHQWVQRPEUHVGLIIpUHQWV − &RORQQH7$5,) &RQWLHQWOHWDULIDVVRFLpDXSUpIL[H12187,/,6(('$16&(77(9(56,21 8QFKDPSGRQWODYDOHXUQ HVWSDVGpILQLHGRLWFRQWHQLUOHVVLJQHV 6LYRXVWUDYDLOOH]DYHFXQWUDLWHPHQWGHWH[WHFKDTXHFKDPSGRLW rWUH VpSDUp GX SUpFpGHQW SDU XQHWDEXODWLRQHW81(6(8/( ([HPSOH /HVQXPpURVGHWpOpSKRQHGHVDERQQpVGHODYLOOHG ´$VQLqUHVFRPPHQFHQWSDU /HVQXPpURVGHWpOpSKRQHGHVDERQQpVGHODYLOOHGH´&RORPEHVFRPPHQFHQWSDU /HVQXPpURVGHWpOpSKRQHGHVDERQQpVGHODYLOOHGH´1DQWHUUHFRPPHQFHQWSDU 8QH HQWUHSULVH < D XQ 3$%; j $VQLqUHV / RSpUDWHXU FKRLVL SDU O HQWUHSULVH < D GpILQL XQH WDULILFDWLRQGHW\SH − ´/RFDOSRXUOHVDSSHOVG $VQLqUHVYHUV$VQLqUHV − ´9RLVLQDJHSRXUOHVDSSHOVG $VQLqUHVYHUV&RORPEHVRXYHUV1DQWHUUH − ´6HUYLFHVWpOpPDWLTXHVSRXUOHVDSSHOV0LQLWHOSDU 3RXU FHV WDULILFDWLRQV LO IDXW GpILQLU GDQV OH PRGXOH &DOO $FFRXQWLQJ GLUHFWLRQV GH W\SH GLIIpUHQWV DYHF XQ WDULI SDU GLUHFWLRQ 3RXU FKDUJHU DXWRPDWLTXHPHQW OHV 3UpIL[HV1RPV XQ ILFKLHUHVWFRQVWUXLWDYHFXQWDEOHXUHQFKRLVLVVDQWWURLVQRPEUHVDUELWUDLUHVSRXUGLIIpUHQFLHUOHV W\SHVGHGLUHFWLRQ =21( 35(),;( 120 $VQLqUHV &RORPEHV 1DQWHUUH 0LQLWHO 7<3( 7$5,) &HILFKLHUHVWVDXYHJDUGpVRXVXQIRUPDWWH[WHHQFKRLVLVVDQWOHVWDEXODWLRQVFRPPHVpSDUDWHXU GHFRORQQHV&HSRXUUDLWrWUHSDUH[HPSOHOHILFKLHU35(),;(67;7 =21( 35(),;( 120 7<3( $VQLqUHV &RORPEHV 1DQWHUUH 0LQLWHO 7$5,) 3UpSDUDWLRQGXILFKLHU0$3 8WLOLWpGXILFKLHU0$3 $ FKDTXH ILFKLHU WH[WH j LPSRUWHU HVW DVVRFLp XQ ILFKLHU 0$3 TXL SHUPHW G pWDEOLU OD FRUUHVSRQGDQFH HQWUH OHV QRPV GHV W\SHV GH GLUHFWLRQ GDQV OH PRGXOH &DOO $FFRXQWLQJ HW OHV QRPEUHVGHODFRORQQH7<3(GDQVOHILFKLHU7;7&HILFKLHU0$3HVWDXVVLXQILFKLHUWH[WHTXL GRLW rWUH SUpVHQW GDQV OH PrPH UpSHUWRLUH TXH OH ILFKLHU 7;7 /HV GHX[ ILFKLHUV GRLYHQW DYRLU OH PrPHQRPVHXOHO H[WHQVLRQHVWGLIIpUHQWH $OFDWHO 5 $UWLFOH (G 3$4 ([HPSOH )LFKLHUWDEXODLUHjLPSRUWHU &?$5&+,9(6?,03257?35(),;(67;7 )LFKLHU0$3DVVRFLp &?$5&+,9(6?,03257?35(),;(60$3 &RQWHQX /H ILFKLHU 0$3 FRQWLHQW SOXVLHXUV VHFWLRQV ,O \ D DXWDQW GH VHFWLRQ GDQV OH ILFKLHU 0$3 TXH GH W\SHGHGLUHFWLRQVGDQVOHILFKLHU7;7&KDTXHVHFWLRQVHFRPSRVH − G XQWLWUHHQWUHFURFKHW − GXWH[WHGLUW\SH − G XQQXPpURFRUUHVSRQGDQWjXQW\SHGHGLUHFWLRQ ([HPSOH >/2&@ GLUW\SH /HV WLWUHV GHV VHFWLRQV QH VRQW SDV FKRLVLV DX KDVDUG &KDTXH QRP ILJXUDQW GDQV OD OLVWH GpURXODQWHGXFKDPS´7\SHGHODIHQrWUHGHFRQILJXUDWLRQGHVGLUHFWLRQVGDQVOHPRGXOH&DOO $FFRXQWLQJHVWDVVRFLpjXQWLWUHELHQGpILQL&HWWHDVVRFLDWLRQHVWGpFULWHGDQVOHILFKLHU 10&?'$7$?',57<3(,1, &KDTXH WLWUH GH VHFWLRQ FRQWHQX GDQV FH ILFKLHU SHXW rWUH XWLOLVp FRPPH WLWUH GH VHFWLRQ GDQV OH ILFKLHU0$3'DQVFKDTXHVHFWLRQGX ILFKLHU ',57<3(,1, OH SDUDPqWUH ´PHDQLQJ SHUPHW GH FRQQDvWUH OD FRUUHVSRQGDQFH HQWUH OH WLWUH GH OD VHFWLRQ HW OH QRP FRUUHVSRQGDQW XWLOLVp GDQV OH PRGXOH&DOO$FFRXQWLQJYRLUH[HPSOHHWILJXUHFLDSUqV ([HPSOH $ SDUWLU GH O H[HPSOH SUpFpGHQW FRPPHQW FRQVWUXLUH OH ILFKLHU 35(),;(60$3 DVVRFLp DX ILFKLHU 35(),;(67;7" 'DQVOHPRGXOH&DOO$FFRXQWLQJLOIDXWG DERUGFRQVWUXLUHWURLVGLUHFWLRQVGHW\SHVGLIIpUHQWV − XQHGLUHFWLRQ´$VQLqUHV$VQLqUHVGHW\SH´/RFDO − XQHGLUHFWLRQ´$VQLqUHV&RO1DQGHW\SH´9RLVLQDJH − XQHGLUHFWLRQ´$VQLqUHV0LQLWHOGHW\SH´6HUYLFH /HV QRPV GHV W\SHV VRQW FKRLVLV GDQV OD OLVWH GpURXODQWH GX FKDPS ´7\SH GH OD IHQrWUH GH FRQILJXUDWLRQGHVGLUHFWLRQV(QUHJDUGDQWDORUVOHILFKLHU',57<3(,1,LOHVWIDFLOHGHGpWHUPLQHU TXH >/2&@ >'@ HW >'@ VRQW OHV WLWUHV GHV VHFWLRQV FRUUHVSRQGDQWV UHVSHFWLYHPHQW DX[ W\SHV´/RFDO´9RLVLQDJHHW´6HUYLFH ' ROHILFKLHU35(),;(60$3FUppjSDUWLUG XQWUDLWHPHQWGHWH[WHTXHOFRQTXH >/2&@ GLUW\SH >'@ GLUW\SH >'@ GLUW\SH $OFDWHO 6 $UWLFOH (G 3$4 1.1.1 $OFDWHO 7 $UWLFOH (G 3$4 352&('85(6$68,95( ,PSRUWGHV3UpIL[HV1RPV 3UpSDUHUOHVILFKLHUV7;7HW0$3FRPPHLQGLTXpFLGHVVXV 'DQVOHPRGXOH&DOO$FFRXQWLQJFKRLVLUOHPHQX2SWLRQ&RQILJXUDWLRQ2SpUDWHXU 'DQVODIHQrWUH´/LVWHGHVRSpUDWHXUVVpOHFWLRQQHUO RSpUDWHXUSRXUOHTXHORQYHXWGpILQLU OHVGLUHFWLRQVHWOHVSUpIL[HVDVVRFLpVHWDSSX\HUVXUOHERXWRQ´'LUHFWLRQ 'DQVODIHQrWUH´/LVWHGHVGLUHFWLRQVFUpHUXQHQRXYHOOHGLUHFWLRQHQFOLTXDQWVXU´$MRXWHU 'DQVODIHQrWUH´1RXYHOOHGLUHFWLRQ>@UHQVHLJQHUOHQRPHWOHVGDWHVGHYDOLGLWpGHOD GLUHFWLRQ &KRLVLUGDQVODOLVWHGpURXODQWHOHW\SHGHGLUHFWLRQSRXUOHTXHORQYHXWLPSRUWHUOHV SUpIL[HVG DSSHO $SSX\HUVXUOHERXWRQ´,PSRUW8QHIHQrWUHGHFKRL[GHILFKLHUVDSSDUDvW 6pOHFWLRQQHUOHILFKLHU7;7FRQWHQDQWOHVSUpIL[HVQRPVHWDSSX\HUVXU´2. $77(17,21 − /HILFKLHU0$3DVVRFLpGRLWrWUHSUpVHQWGDQVOHPrPHUpSHUWRLUHTXHOHILFKLHU7;7 − 6L GHV HUUHXUV VRQW GpWHFWpHV GHV DODUPHV VRQW JpQpUpHV VXLYDQW OH W\SH G HUUHXU 6L XQ QRPEUH G HUUHXU WURS LPSRUWDQW HVW GpWHFWp O LPSRUW HVW VWRSSp HW LO IDXW YpULILHU OH IRUPDW GX ILFKLHULPSRUWp ,PSRUWH[SRUWG RSpUDWHXUGH$YHUVXQHDXWUH$ 6H UHSRUWHU DX PDQXHO G ´,QVWDOODWLRQ HW FRQILJXUDWLRQ GH ´$OFDWHO Y UpIpUHQFH %+ %'FKDSLWUH´&RQILJXUDWLRQGHVRSpUDWHXUVSDUWLHVHW´([SRUW,PSRUWGHOD FRQILJXUDWLRQ 5HVWULFWLRQV6LO RQH[SRUWHG XQH$YHUVLRQBIW[SRXULPSRUWHUGDQVXQHYHUVLRQBIWLOIDXW LPSpUDWLYHPHQWHIIHFWXHUOHVRSpUDWLRQVVXLYDQWHV − 5HFRSLHUOHILFKLHU'LU7\SHLQLGHODYHUVLRQBIW[GDQVOHUpSHUWRLUHF?10&?'$7$GHOD YHUVLRQBIW − 'DQVOHUpSHUWRLUHF?10&?',&7GHODYHUVLRQBIWHIIDFHUOHVILFKLHUVDFFRXQWG"" − 5HFRSLHUOHILFKLHUDFFRXQWGFWGHODYHUVLRQBIW[GDQVOHUpSHUWRLUHF?10&?',&7GHOD YHUVLRQBIW ,03257$17 − 3RXU XQH YHUVLRQ $ BIW LO HVW QpFHVVDLUH GH UHODQFHU :LQGRZV DSUqV O LPSRUW GH O RSpUDWHXUSRXUYRLUOHVQRPVGHSUpIL[HV − 'DQVOHFDVG XQH[SRUWG XQHYHUVLRQ$BIW[SRXUXQLPSRUWYHUVXQHYHUVLRQ$ BIW OHV VHUYLFHV 51,6 QH GRLYHQW DEVROXPHQW SDV rWUH JpUpV /HV IRUPDWV GH WDEOH VRQW LQFRPSDWLEOHV ,PSRUWH[SRUWG RSpUDWHXUGH$YHUV$ ([SRUWjSDUWLUG XQH$ 'DQVOHPRGXOH&DOO$FFRXQWLQJFKRLVLUOHPHQX2SWLRQ&RQILJXUDWLRQ2SpUDWHXU 'DQVODIHQrWUH´/LVWHGHVRSpUDWHXUVVpOHFWLRQQHUO RSpUDWHXUjH[SRUWHU $SSX\HUVLPXOWDQpPHQWVXU&WUO6KLIW(SRXURXYULUODIHQrWUHG H[SRUWYHUVO $ 6DXYHJDUGHUGDQVOHUpSHUWRLUHYRXOXDYHFXQQRPTXHOFRQTXHSDUH[HPSOH´FDUULHU $OFDWHO 8 $UWLFOH (G 3$4 $77(17,21 − ,O HVW SRVVLEOH GH JDUGHU OH QRP SDU GpIDXW j FRQGLWLRQ G (/,0,1(5 /(6 (9(178(/6 $&&(176 − /HQRPHVWYRORQWDLUHPHQWOLPLWpjFDUDFWqUHV &HWWH PDQLSXODWLRQ SHUPHW GH FUpHU GHX[ ILFKLHUV GHVWLQpV j O $ 'DQV O H[HPSOH FLGHVVXV OHVILFKLHUVFUppVVRQW ?10&?%,1?&$55,(570% ?10&?%,1?&$55,(5&&1 ,PSRUWVXUXQH$ &RSLHUOHVGHX[ILFKLHUV&$55,(570%HW&$55,(5&&1VXUODSODWHIRUPH$ &RQYHUWLUFHVGHX[ILFKLHUVDXIRUPDW81,; • GRVXQL[&$55,(570%FDUULHUWPE • GRVXQL[&$55,(5&&1FDUULHUFFQ ,PSRUWHUOHILFKLHU´FDUULHUWPEjSDUWLUGHO DSSOLFDWLRQGHWD[DWLRQ • 0HQX$SSOLFDWLRQ7D[DWLRQ • 0HQX$SSOLFDWLRQ0DLQWHQDQFH • &RWRSpUDWHXU • 0HQX)LFKLHU,PSRUWHUSDUDPqWUHVGHO RSpUDWHXU 'RQQHUOHQRPDGpTXDWjO RSpUDWHXUORUVGHO LPSRUWSDUH[HPSOH6XSHU7HOHFRP 'pSODFHUHWUHQRPPHUOHILFKLHU´FDUULHUFFQGDQVOHUpSHUWRLUHRSWQPFORFDOFFQ'RQQHU LPSpUDWLYHPHQWOHPrPHQRPTXHFHOXLGRQQpORUVGHO LPSRUWGXILFKLHU´FDUULHUWPEOHV HVSDFHVVRQWUHPSODFpVSDUOHFDUDFWqUH´BDYHFO H[WHQVLRQ´FFQBGE 3DUH[HPSOH PYFDUULHUFFQRSWQPFORFDOFFQ6XSHUB7HOHFRPFFQBGE 5HVWULFWLRQVHWSUREOqPHVFRQQXV − 7RXWHV OHV GDWHV FRQILJXUpHV VXU O $ QH GHYUDLHQW SDV GpSDVVHU OH GDWH OLPLWHVXUO $5LVTXHGHSUREOqPHVVXUWRXWSRXUOHVMRXUVIpULpV − /HVGRQQpHVOLpHVDX[UpJLRQV1RHXGV)DLVFHDX[QHVRQWSDVH[SRUWpHVVHXOVOHVQRPV GHVUpJLRQVVRQWFUppHVDXWRPDWLTXHPHQWORUVGHO LPSRUW − /HVODEHOVGHVWUDQFKHVKRUDLUHVGHVWDULIVQHVRQWSDVH[SRUWpV − &HUWDLQHVWUDQFKHVKRUDLUHVLQXWLOHVSHXYHQWrWUHFUppHVGDQVOHVWDULIV − /HV GRQQpHV G XQ WDULI EDVp VXU OD GXUpH DUURQGLH SDU GpIDXW RX SDU H[FqV SHXYHQW rWUH HUURQpHV 'DQVWRXVOHVFDVLOHVWQpFHVVDLUHGHYpULILHUOHVGRQQpHVVXUO $HWGHOHVFRUULJHUVLEHVRLQ $OFDWHO 9 $UWLFOH