/RVDSDUDWRVSURYLVWRVGHFODYLMDVRORVHGHEHQFRQHFWDUDFDMDV
GHHQFKXIHFRQWRPDGHWLHUUDGHELGDPHQWHLQVWDODGD
'HEHSUHYHUVHXQLQWHUUXSWRUGHFRUWHRPQLSRODUFRQDEHUWXUDGH
FRQWDFWR PtQ GH PP H[FHSWR HQ FRQH[LRQHV FRQ FODYLMD VL HVWD
HVDFFHVLEOHSDUDHOXVXDULR
&DPELRGHOWLSRGHJDV
6L OD QRUPDWLYD GHO SDtV OR SHUPLWH HVWH DSDUDWR VH SXHGH DGDSWDU
D RWURV JDVHV YHU SODFD GH FDUDFWHUtVWLFDV /DV SLH]DV QHFHVDULDV
SDUD HOOR HVWiQ HQ OD EROVD GH WUDQVIRUPDFLyQ VXPLQLVWUDGD VHJ~Q
PRGHORRGLVSRQLEOHHQQXHVWUR6HUYLFLR7pFQLFR
,PSRUWDQWH $O ILQDOL]DU FRORTXH OD HWLTXHWD DGKHVLYD LQGLFDQGR HO
QXHYRWLSRGHJDVFHUFDGHODSODFDGHFDUDFWHUtVWLFDV
/RVSDVRVDVHJXLUVRQORVVLJXLHQWHV
$&DPELRGHLQ\HFWRUHVILJ
5HWLUHODVSDUULOODVWDSDVGHTXHPDGRU\GLIXVRUHV
&DPELHORVLQ\HFWRUHVXVDQGRODOODYHGLVSRQLEOHDWUDYpVGH
QXHVWURVHUYLFLRWpFQLFRFRQFyGLJRSDUDTXHPDGRUHV
GHGREOHRWULSOHOODPDFyGLJRYHUWDEOD ,WHQLHQGR
HVSHFLDO FXLGDGR HQ TXH QR VH GHVSUHQGD HO LQ\HFWRU DO UHWLUDUOR
RILMDUORHQHOTXHPDGRU
$VHJ~UHVH GH DSUHWDUORV D IRQGR SDUD JDUDQWL]DU OD HVWDQTXLGDG
(QHVWRVTXHPDGRUHVQRKD\TXHUHDOL]DUUHJODMHGHODLUH
SULPDULR
&RORTXHORVGLIXVRUHV\ODVWDSDVGHORVTXHPDGRUHVHQVXV
FRUUHVSRQGLHQWHVIXHJRV$GHPiVGHEHUiFRORFDU
DGHFXDGDPHQWHODVSDUULOODV
%5HJODMHGHORVJULIRVILJ
&RORTXHORVPDQGRVHQODSRVLFLyQGHPtQLPR
5HWLUHORVPDQGRVGHORVJULIRV6HHQFRQWUDUiFRQXQUHWpQGH
JRPDIOH[LEOH3UHVLRQHFRQODSXQWDGHOGHVWRUQLOODGRUSDUD
DFFHGHUDOWRUQLOORGHUHJXODFLyQGHOJULIR
-DPiVGHVPRQWHHOUHWpQ/RVUHWHQHVJDUDQWL]DQOD
HVWDQTXLGDG GHO LQWHULRU GHO DSDUDWR IUHQWH D OtTXLGRV \ VXFLHGDG
TXHSXHGHQLPSHGLUVXFRUUHFWRIXQFLRQDPLHQWR
5HJXOHHOIXHJRPtQLPRJLUDQGRHOWRUQLOORE\SDVVPHGLDQWHXQ
GHVWRUQLOODGRUGHSXQWDSODQD
'HSHQGLHQGRGHOJDVDOTXHYD\DDDGDSWDUVXDSDUDWRYHU
WDEOD ,,UHDOLFHODDFFLyQFRUUHVSRQGLHQWH
$DSUHWDUORVWRUQLOORVE\SDVVDIRQGR
%DIORMDUORVWRUQLOORVE\SDVVKDVWDODFRUUHFWDVDOLGDGHJDVGH
ORVTXHPDGRUHV
&ORVWRUQLOORVE\SDVVGHEHQVHUFDPELDGRVSRUXQWpFQLFR
DXWRUL]DGR
'QRPDQLSXODUORVWRUQLOORVE\SDVV
&RPSUXHEHTXHDOJLUDUHOPDQGRHQWUHHOPi[LPR\HOPtQLPR
HOTXHPDGRUQRVHDSDJDQLVHFUHDUHWURFHVRGHOODPD
6LQRHQFXHQWUDDFFHVRDOWRUQLOORE\SDVVGHVPRQWHODJUDVHUD
TXHHVWiILMDGDDOUHVWRGHODSODFDGHFRFFLyQSRUXQVLVWHPDGH
WRUQLOORV3DUDUHWLUDUODSURFHGDGHOVLJXLHQWHPRGR
4XLWHWRGDVODVSDUULOODVWDSDVGHORVTXHPDGRUHVGLIXVRUHV\
PDQGRV
6XHOWHORVWRUQLOORVGHORVTXHPDGRUHV
3DUDYROYHUDPRQWDUHODSDUDWRSURFHGDGHPRGRLQYHUVRDO
GHVPRQWDMH
1XQFD GHVPRQWH HO HMH GHO JULIR )LJ (Q FDVR GH DYHUtD FDPELH
HOJULIRFRPSOHWR
fr
Þ
1RWLFHGHPRQWDJH
,QGLFDWLRQVGHVpFXULWp
/LVH]OHVLQVWUXFWLRQVGHODSSDUHLODYDQWGHSURFpGHUjVRQ
LQVWDOODWLRQHWjVRQXWLOLVDWLRQ
/HVLPDJHVGHFHWWHQRWLFHVRQWSURSRVpHVjWLWUHLQGLFDWLI
/HIDEULFDQWHVWH[HPSWGHWRXWHUHVSRQVDELOLWpVLOHV
LQVWUXFWLRQVGHFHWWHQRWLFHQHVRQWSDVUHVSHFWpHV
&HWDSSDUHLOGRLWrWUHXWLOLVpXQLTXHPHQWGDQVGHVHQGURLWV
VXIILVDPPHQWYHQWLOpV/DSSDUHLOQHGRLWSDVrWUHFRQQHFWpjXQ
GLVSRVLWLIGpYDFXDWLRQGHVSURGXLWVGHFRPEXVWLRQ
7RXVOHVWUDYDX[GLQVWDOODWLRQGHFRQQH[LRQGHUpJODJHHW
GDGDSWDWLRQjXQDXWUHW\SHGHJD]GRLYHQWrWUHUpDOLVpVSDU
XQWHFKQLFLHQDJUppTXLGRLWUHVSHFWHUOHVQRUPHVHWOD
OpJLVODWLRQDSSOLFDEOHVDLQVLTXHOHVSUHVFULSWLRQVGHV
VRFLpWpVORFDOHVIRXUQLVVHXVHVGpOHFWULFLWpHWGHJD]/HV
GLVSRVLWLRQVDSSOLFDEOHVTXDQWjODYHQWLODWLRQVHURQW
DWWHQWLYHPHQWUHVSHFWpHV
,OHVWUHFRPPDQGpGHIDLUHDSSHODX6HUYLFH7HFKQLTXHSRXU
ODGDSWDWLRQjXQDXWUHW\SHGHJD]
&HWDSSDUHLOQDpWpFRQoXTXHSRXUXQXVDJHGRPHVWLTXHVRQ
XVDJHFRPPHUFLDORXSURIHVVLRQQHOQHVWHQDXFXQFDVSHUPLV
&HWDSSDUHLOQHSHXWSDVrWUHLQVWDOOpGDQVGHV\DFKWVRXGHV
FDUDYDQHV /D JDUDQWLH QH VHUD YDODEOH TXH VL OXVDJH SRXU OHTXHO LO
DpWpFRQoXDpWpUHVSHFWp
$YDQW OLQVWDOODWLRQ YpULILH] TXH OHV FRQGLWLRQV GH GLVWULEXWLRQ ORFDOH
VRQWFRPSDWLEOHVDYHFOHUpJODJHGHODSSDUHLOTXLILJXUHVXUOD
SODTXHVLJQDOpWLTXHQDWXUHHWSUHVVLRQGXJD]SXLVVDQFH
WHQVLRQ
$YDQWWRXWHLQWHUYHQWLRQFRXSH]ODOLPHQWDWLRQpOHFWULTXHHW
GHJD]GHODSSDUHLO
/HFkEOHGDOLPHQWDWLRQGRLWrWUHIL[pDXPHXEOHSRXUTXLOQH
WRXFKHSDVGHVSDUWLHVFKDXGHVGXIRXURXGHODSODTXHGH
FXLVVRQ
/HVDSSDUHLOVDOLPHQWpVpOHFWULTXHPHQWGRLYHQWrWUH
REOLJDWRLUHPHQWFRQQHFWpVjODWHUUH
1H PDQLSXOH] SDV OLQWpULHXU GH ODSSDUHLO /H FDV pFKpDQW DSSHOH]
QRWUH6HUYLFH7HFKQLTXH
$YDQWOLQVWDOODWLRQ
&HWDSSDUHLOFRUUHVSRQGjODFODVVHVHORQODQRUPH(1
SRXUOHVDSSDUHLOVjJD]DSSDUHLOHQFDVWUpGDQVXQPHXEOH
/HPHXEOHRODSSDUHLOVHUDLQVWDOOpGRLWrWUHIL[pFRUUHFWHPHQWHW
rWUHVWDEOH
/HVPHXEOHVSURFKHVGHODSSDUHLOOHVUHYrWHPHQWVVWUDWLILpVHWOD
FROOHTXLOHVIL[HGRLYHQWrWUHQRQLQIODPPDEOHVHWUpVLVWDQWVjOD
FKDOHXU
&HWDSSDUHLOQHSHXWSDVrWUHLQVWDOOpVXUGHVUpIULJpUDWHXUVGHV
PDFKLQHVjODYHUOHOLQJHGHVODYHYDLVVHOOHRXGDXWUHVDSSDUHLOV
VHPEODEOHV
3RXULQVWDOOHUODSODTXHGHFXLVVRQVXUXQIRXUFHOXLFLGRLW
GLVSRVHUGXQHYHQWLODWLRQIRUFpH9pULILH]OHVGLPHQVLRQVGXIRXU
GDQVOHPDQXHOGLQVWDOODWLRQ
6LXQHKRWWHDVSLUDQWHHVWLQVWDOOpHLOIDXWSUHQGUHHQFRPSWHOHV
REVHUYDWLRQVGHVRQPDQXHOGLQVWDOODWLRQHWUHVSHFWHUWRXMRXUV
XQH GLVWDQFH YHUWLFDOH PLQLPXP SDU UDSSRUW j OD SODTXH GH FXLVVRQ
ILJ
3UpSDUDWLRQGXPHXEOHILJ
(IIHFWXH]XQHGpFRXSHVXUODVXUIDFHGHWUDYDLOVHORQOHV
GLPHQVLRQVQpFHVVDLUHV
3RXUGHVVXUIDFHVGHWUDYDLOHQERLVYHUQLVVH]OHVVXUIDFHVGH
GpFRXSHDYHFXQHFROOHVSpFLDOHSRXUOHVSURWpJHUGHOKXPLGLWp
3ODQFKHULQWHUPpGLDLUH
6LDXFXQIRXUQHVWLQVWDOOpVRXVODWDEOHGHFXLVVRQHWTXHVRQ
GHVVRXV UHVWH OLEUHPHQW DFFHVVLEOH LO FRQYLHQW GH UHVSHFWHU FH TXL
VXLW
■ /HPRQWDJHGXQSODQFKHULQWHUPpGLDLUHVRXVOHVWDEOHVGH
FXLVVRQGRWpHVGHSODTXHVGHFXLVVRQpOHFWULTXHVRXGH
EUOHXUVSRXUZRNVLPSRVH
■ /HPRQWDJHGXQSODQFKHULQWHUPpGLDLUHVRXVGHVSODTXHVGH
FXLVVRQjJD]VDQVEUOHXUSRXUZRNHVWUHFRPPDQGpSRXU
H[FOXUH WRXW FRQWDFW DYHF OH F{Wp FKDXG GX GHVVRXV GH OD SODTXH
GHFXLVVRQ
+DXWHXUGHPRQWDJH PPjSDUWLUGXGHVVRXVGHODWDEOHGH
FXLVVRQ
0DWpULDXGXSODQFKHULQWHUPpGLDLUH PDWpULDXQRQLQIODPPDEOH
FRPPHSDUH[HPSOHOHPpWDORXOHFRQWUHSODTXp
,QVWDOODWLRQGHODSSDUHLOILJ
5HPDUTXH 3RXUOHQFDVWUHPHQWGHODSSDUHLOXWLOLVHUGHVJDQWV
GHSURWHFWLRQ
/HMRLQWDGKpVLIIRXUQLSHUPHWGpYLWHUOHVLQILOWUDWLRQV/HFROOHUVXU
ODVXUIDFHGHWUDYDLODXWRXUGXFUHX[GHQFDVWUHPHQW,OGRLW
DGKpUHUDXERUGGHOD]RQHGpFRXSpH
3RXUODIL[DWLRQGHODSSDUHLODXPHXEOHGHQFDVWUHPHQW
6RUWH]OHVDJUDIHVGHODSRFKHGHVDFFHVVRLUHVHWYLVVH]OHV
GDQVODSRVLWLRQLQGLTXpHHQOHVODLVVDQWWRXUQHUOLEUHPHQW
(QFDVWUH]HWFHQWUH]ODSODTXHGHFXLVVRQ
$SSX\H]VXUVHVH[WUpPLWpVMXVTXjFHTXHOOHVDSSXLHVXUWRXW
VRQSpULPqWUH
7RXUQH]OHVDJUDIHVHWVHUUH]OHVjIRQG
/DSRVLWLRQGHVDJUDIHVGpSHQGGHOpSDLVVHXUGHODVXUIDFHGH
WUDYDLO
,O QH IDXW SDV FROOHU ODSSDUHLO VXU OH SODQ GH WUDYDLO DYHF GX VLOLFRQH
'pPRQWDJHGHODSODTXHGHFXLVVRQ
'pEUDQFKH]ODSSDUHLOGHVSULVHVGHFRXUDQWpOHFWULTXHHWGXJD]
'pYLVVH]OHVDJUDIHVHWVXLYH]ODSURFpGXUHLQYHUVHDXPRQWDJH