3URMHWG·DQQH[HILVFDOH
Ϯ
(QSOXVGHFHVD[HVVWUDWpJLTXHVO·DQQH[HILVFDOHFRPSRUWHGHVPHVXUHVWHFKQLTXHVHWGHUDWLRQDOLVDWLRQ
, 0(685(6'(5(1)25&(0(17'(/$02%,/,6$7,21'(65(&(77(6),6&$/(6
$PpQDJHPHQW GHV GLVSRVLWLRQV GH O·DUWLFOH $ GX &RGH JpQpUDO GHV ,PS{WV UHODWLYHV j OD OLPLWDWLRQ GH OD
GpGXFWLRQGHVVRPPHVYHUVpHVHQWUHHQWUHSULVHVLYRLULHQQHVDSSDUWHQDQWDXPrPHJURXSHHWUHQIRUFHPHQWGHV
VDQFWLRQVHQFDVGHQRQGpS{WRXGHGpS{WWDUGLIGHO·pWDWGHVWUDQVDFWLRQVLQWHUQDWLRQDOHVLQWUDJURXSHVDUWLFOH
/·DUWLFOH GX &RGH JpQpUDO GHV ,PS{WV SUpYRLW XQH GRXEOH OLPLWH SRXU OD GpGXFWLRQ HQ PDWLqUH G·LPS{W VXU OHV
EpQpILFHVGHVVRPPHVYHUVpHVSDUOHVHQWUHSULVHVLYRLULHQQHVDX[HQWUHSULVHVpWUDQJqUHVDSSDUWHQDQWDXPrPHJURXSH
QRWDPPHQWGDQVOHFDGUHGHO·DVVLVWDQFHWHFKQLTXHLQWUDJURXSH
&HWWHGRXEOHOLPLWHTXLSRUWHVXUGXFKLIIUHG·DIIDLUHVDQQXHOGHO·HQWUHSULVHYHUVDQWHHWGHVHVIUDLVJpQpUDX[
HVWUHSULVHSDUO·DUWLFOH$GX&RGHJpQpUDOGHV,PS{WVHQFHTXLFRQFHUQHOHVVRPPHVYHUVpHVHQWUHHQWUHSULVHV
LYRLULHQQHVDSSDUWHQDQWDXPrPHJURXSH
7RXWHIRLV GDQV VD UpGDFWLRQ DFWXHOOH O·DUWLFOH $ QH YLVH SDV H[SUHVVpPHQW OHV LQWpUrWV YHUVpV HQWUH HQWUHSULVHV
LYRLULHQQHVGXPrPHJURXSHFHTXLHVWTXHOTXHVIRLVLQWHUSUpWpjWRUWFRPPHH[FOXDQWFHWWHFDWpJRULHGHVRPPHVGX
FKDPSGHVOLPLWHVVXVYLVpHV
3DU DLOOHXUV O·DUWLFOH GH O·DQQH[H ILVFDOH SRXU OD JHVWLRQ D LQVWLWXp O·pWDW GHV WUDQVDFWLRQV LQWHUQDWLRQDOHV
LQWUDJURXSHV SUpYR\DQW TXH OD QRQSURGXFWLRQ GH FHWWH GRFXPHQWDWLRQ RX OD SURGXFWLRQ G·XQH GRFXPHQWDWLRQ
LQFRPSOqWH HVW VDQFWLRQQpH SDU OH UHMHW FRPPH FKDUJHV GpGXFWLEOHV GHV VRPPHV SD\pHV DX WLWUH GHV RSpUDWLRQV
UpDOLVpHVDYHFOHVHQWUHSULVHVDVVRFLpHV
1RQREVWDQWO·H[LVWHQFHGHFHWWHVDQFWLRQO·REOLJDWLRQHVWWUqVSHXUHVSHFWpH
$XUHJDUGGHFHTXLSUpFqGHLOHVWSURSRVpG·XQHSDUWGHFRUULJHUO·DUWLFOH$GX&RGHJpQpUDOGHV,PS{WVHQOH
FODULILDQWGDQVOHEXWG·pYLWHUjO·DYHQLUWRXWFRQWHQWLHX[HWG·DXWUHSDUWV·DJLVVDQWGXQRQGpS{WRXGXGpS{WWDUGLIGH
O·pWDWGHV WUDQVDFWLRQVLQWHUQDWLRQDOHVLQWUDJURXSHVGHUHQIRUFHUODVDQFWLRQGHUHMHWGHFKDUJHV SDUXQHDPHQGHGH
GH IUDQFV &HWWH DPHQGH HVW PDMRUpH GH IUDQFV SDU PRLV RX IUDFWLRQ GH PRLV GH UHWDUG
VXSSOpPHQWDLUH