)5
$.0
127,&(6' (03/2,7$%/('(&8,6621
&216(,/63285/$3527(&7,21'(
/ (19,5211(0(17
eOLPLQDWLRQGHVHPEDOODJHV
)R\HUUDGLDQW
)R\HUUDGLDQW
)R\HUUDGLDQW
)R\HUUDGLDQW
9R\DQWGHFKDOHXUUpVLGXHOOH
%RXWRQGHFRPPDQGHGXIR\HUDYDQWJDXFKH
%RXWRQGHFRPPDQGHGXIR\HUDUULqUHJDXFKH
%RXWRQGHFRPPDQGHGXIR\HUDUULqUHGURLW
%RXWRQGHFRPPDQGHGXIR\HUDYDQWGURLW
,QGLFDWHXUVGHSXLVVDQFH
/DWDEOHGHFXLVVRQHVWpTXLSpHGHYR\DQWVGHFKDOHXU
3RXUXWLOLVHUODWDEOHGHFXLVVRQWRXUQH]OH V ERXWRQ V
UpVLGXHOOH&HX[FLV·DOOXPHQWORUVTXHOHVIR\HUV
GDQVOHVHQVGHVDLJXLOOHVG·XQHPRQWUHMXVTX·jOD
DWWHLJQHQWGHVWHPSpUDWXUHVSRXYDQWSURYRTXHUGHV
SXLVVDQFHGpVLUpH
EUOXUHV/HVYR\DQWVGHFKDOHXUUpVLGXHOOHUHVWHQW
3RXUPHWWUHODWDEOHGHFXLVVRQKRUVWHQVLRQUHPHWWH]
DOOXPpVPrPHDSUqVTXHOHVIR\HUVRQWpWpPLVKRUV
OH V ERXWRQ V VXUODSRVLWLRQ´µ
WHQVLRQHWQHV·pWHLQGURQWTXHORUVTXHODWHPSpUDWXUH
&HPRGqOHHVWpTXLSpGHYR\DQWVOXPLQHX[VLWXpVj
QHVHUDSOXVGDQJHUHXVH
F{WpGHVERXWRQVGHFRPPDQGH YR\DQWSDUERXWRQ
GHFRPPDQGH &HVYR\DQWVLQGLTXHQWO·LQWHQVLWpGHOD 5HPDUTXHLPSRUWDQWH
SXLVVDQFHVpOHFWLRQQpH
$ILQG pYLWHUTXHODVXUIDFHYLWURFpUDPLTXHQHVXELVVH
GHVGRPPDJHVLUUpYHUVLEOHVQ·XWLOLVH]SDV
G·XVWHQVLOHVGRQWOHIRQGQ·HVWSDVSDUIDLWHPHQWSODW
GHVFDVVHUROHVHQPpWDODYHFIRQGpPDLOOp
',0(16,216'(/$7$%/('(&8,6621
(7'83/$1'(75$9$,/ PP
9pULILH]TXHODWHQVLRQILJXUDQWVXUODSODTXH
VLJQDOpWLTXHGHO DSSDUHLOFRUUHVSRQGjFHOOHGH
YRWUHKDELWDWLRQ/HVGRQQpHVWHFKQLTXHVVRQW
LQGLTXpHVVXUODSODTXHVLJQDOpWLTXHTXLVHWURXYH
VXUOHERUGGHODWDEOHGHFXLVVRQHWVRQWUpSpWpVFL
DSUqV
%5$1&+(0(17e/(&75,48(
7HQVLRQ
G·DOLPHQWDWLRQ
&kEOHV
QRPEUHHW
GLPHQVLRQV
9a
;PP
9a
;PP
91a
;PP
91a
;PP
7\SH3/(969a91a+]N:
$
/HVPDWpULDX[G HPEDOODJHVRQWHQWLqUHPHQWUHF\FODEOHV
FRPPHO LQGLTXHOHV\PEROHGHUHF\FODJH 3DUFRQVpTXHQWQHOHVMHWH]MDPDLVGDQVODQDWXUHPDLV
FRQIRUPH]YRXVDX[UpJOHPHQWDWLRQVORFDOHVHQYLJXHXU
HQPDWLqUHG pOLPLQDWLRQGHVGpFKHWV
0LVHDXUHEXWGHVYLHX[DSSDUHLOV
&HWDSSDUHLOSRUWHOHV\PEROHGXUHF\FODJH
FRQIRUPpPHQWjOD'LUHFWLYH(XURSpHQQH&(
FRQFHUQDQWOHV'pFKHWVG·eTXLSHPHQWVeOHFWULTXHVHW
eOHFWURQLTXHV '(((RX:((( (QSURFpGDQW
FRUUHFWHPHQWjODPLVHDXUHEXWGHFHWDSSDUHLOYRXV
FRQWULEXHUH]jHPSrFKHUWRXWHFRQVpTXHQFHQXLVLEOH
SRXUO·HQYLURQQHPHQWHWODVDQWpGHO·KRPPH
6XUYHLOOH]UpJXOLqUHPHQWODFXLVVRQVLYRXVXWLOLVH]XQH
TXDQWLWpLPSRUWDQWHGHJUDLVVHRXG KXLOH(QHIIHWO KXLOHHW
ODJUDLVVHSHXYHQWVXUFKDXIIHUHWGpFOHQFKHUXQLQFHQGLH
1 XWLOLVH]MDPDLVODWDEOHGHFXLVVRQFRPPHEDVHG DSSXL
RXFRPPHVXUIDFHGHWUDYDLO
eYLWH]GHIDLUHIRQFWLRQQHUOHVSODTXHVIR\HUVjYLGH
1HGpSRVH]MDPDLVG REMHWVHQSODVWLTXHGHIHXLOOHV
G DOXPLQLXPGHFKLIIRQVGHSDSLHUHWFVXUOHVSODTXHV
IR\HUVHQFRUHFKDXGV
/DWDEOHGHFXLVVRQHVWpTXLSpHGHSODTXHVIR\HUVGH
GLIIpUHQWVGLDPqWUHV8WLOLVH]GHVXVWHQVLOHVGHFXLVVRQ
GRQWOHGLDPqWUHGXIRQGHVWpJDORXOpJqUHPHQW
VXSpULHXUjFHOXLGHODSODTXHGXIR\HU
$9$17' 87,/,6(5/$7$%/('(&8,6621
3285/$35(0,Ë5()2,6
$YDQWG XWLOLVHUODWDEOHGHFXLVVRQODSUHPLqUHIRLVUHWLUH]
OHVDGKpVLIVVLWXpVVXUOHGHVVXVGHODWDEOHGHFXLVVRQ
OHVSURWHFWLRQVHQFDUWRQHWOHILOPSODVWLTXH
/HV\PEROH SUpVHQWVXUO·DSSDUHLORXVXUOD
DVVXUH]YRXVTXHODWDEOHGHFXLVVRQQ DSDVpWp
GRFXPHQWDWLRQTXLO·DFFRPSDJQHLQGLTXHTXHFHSURGXLW
HQGRPPDJpHDXFRXUVGXWUDQVSRUW(QFDVGH
QHSHXWHQDXFXQFDVrWUHWUDLWpFRPPHGpFKHWPpQDJHU
SUREOqPHFRQWDFWH]OH6HUYLFH$SUqVYHQWH
,OGRLWSDUFRQVpTXHQWrWUHUHPLVjXQFHQWUHGHFROOHFWH
$&&(662,5(6
GHVGpFKHWVFKDUJpGXUHF\FODJHGHVpTXLSHPHQWV
pOHFWULTXHVHWpOHFWURQLTXHV3RXUODPLVHDXUHEXW
6pFXULWpHQIDQWV$0+
UHVSHFWH]OHVQRUPHVUHODWLYHVjO·pOLPLQDWLRQGHVGpFKHWV 9RXVSRXYH]YRXVSURFXUHUFHWDFFHVVRLUH
HQYLJXHXUGDQVOHSD\VG·LQVWDOODWLRQ3RXUREWHQLUGHSOXV SRUWDQWOHFRGHDXSUqV
DPSOHVGpWDLOVDXVXMHWGXWUDLWHPHQWGHODUpFXSpUDWLRQ GX6HUYLFH$SUqVYHQWHRXGHYRWUH
HWGXUHF\FODJHGHFHWDSSDUHLOYHXLOOH]YRXVDGUHVVHUDX UHYHQGHXUVRXVODUpIpUHQFH
EXUHDXFRPSpWHQWGHYRWUHFRPPXQHjODVRFLpWpGH
(175(7,(1(71(772<$*(
FROOHFWHGHVGpFKHWVRXGLUHFWHPHQWjYRWUHUHYHQGHXU
5HPDUTXHLPSRUWDQWHQ XWLOLVH]HQDXFXQFDVG DSSDUHLOV
&RQVHLOVSRXUpFRQRPLVHUO pQHUJLH
GHQHWWR\DJHjHDXVRXVKDXWHSUHVVLRQRXjYDSHXU
8WLOLVH]GHVXVWHQVLOHVGHFXLVVRQGRQWOHGLDPqWUHGX
1HWWR\H]ODWDEOHGHFXLVVRQDSUqVFKDTXHXWLOLVDWLRQHQ
IRQGHVWpJDORXOpJqUHPHQWVXSpULHXUjFHOXLGXIR\HU
YHLOODQWjODODLVVHUG DERUGUHIURLGLU'HFHWWHPDQLqUH
8WLOLVH]H[FOXVLYHPHQWGHVXVWHQVLOHVGHFXLVVRQjIRQGSODW
YRXVpYLWHUH]TXHOHVVDOLVVXUHVQHV DFFXPXOHQWHWVRQ
'DQVODPHVXUHGXSRVVLEOHODLVVH]OHFRXYHUFOHVXUOD
QHWWR\DJHVHUDSOXVDLVp
FDVVHUROHSHQGDQWODFXLVVRQ
3RXUQHWWR\HUODWDEOHGHFXLVVRQYLWURFpUDPLTXH
/RUVTXHYRXVFXLVH]GHVOpJXPHVGHVSRPPHVGHWHUUH
XWLOLVH]XQFKLIIRQSURSUHGHO HVVXLHWRXWHWXQ
HWFDMRXWH]XQSHXG HDXDILQGHUpGXLUHOHWHPSVGHFXLVVRQ
GpWHUJHQWGpOLFDWSRXUYDLVVHOOHRXXQSURGXLWVSpFLILTXH
/ XWLOLVDWLRQGHO DXWRFXLVHXUSHUPHWGHUpGXLUHGDYDQWDJH
SRXUWDEOHVGHFXLVVRQYLWURFpUDPLTXHV
OHVFRQVRPPDWLRQVpQHUJpWLTXHVHWOHVWHPSVGHFXLVVRQ
eOLPLQH]OHVVDOLVVXUHVOHVSOXVWHQDFHVjO DLGHGX
$9(57,66(0(17635e/,0,1$,5(6
JUDWWRLUVSpFLDO VLSUpVHQW HWGHSURGXLWVVSpFLDX[
6LODVXUIDFHYLWURFpUDPLTXHVHFDVVHRXVHIHQGLOOHpYLWH]
eYLWH]TXHGHVUpVLGXVG DOLPHQWQHVqFKHQWVXUOD
GHO XWOLVHUHWDSSHOH]DXVVLW{WOH6HUYLFH$SUqVYHQWH
VXUIDFHYLWURFpUDPLTXH
6LODWDEOHGHFXLVVRQHVWpTXLSpHGHSODTXHVKDORJqQHV
1 XWLOLVH]HQDXFXQFDVGHSURGXLWVDEUDVLIVQLGH
pYLWH]GHUHJDUGHUOHVODPSHV
GpWHUJHQWVFRUURVLIVjEDVHGHFKORUHQLGH
&HWWHWDEOHGHFXLVVRQDpWpFRQoXHXQLTXHPHQWFRPPH
YDSRULVDWHXUVVSpFLDX[SRXUIRXUQLGHWDPSRQVMH[
DSSDUHLOPpQDJHUGHVWLQpjODFXLVVRQGHVDOLPHQWV7RXWH
1RXVYRXVUHFRPPDQGRQVGHWUDLWHUUpJXOLqUHPHQW
DXWUHXWLOLVDWLRQHVWFRQVLGpUpHFRPPHLPSURSUH/HIDEULFDQW
YRWUHWDEOHGHFXLVVRQYLWURFpUDPLTXHjO DLGHGH
QHSRXUUDrWUHWHQXSRXUUHVSRQVDEOHHQFDVGHGRPPDJHV
SURGXLWVVSpFLILTXHVGLVSRQLEOHVGDQVOHFRPPHUFHHQ
UpVXOWDQWG XQHXWLOLVDWLRQLPSURSUHRXLQFRUUHFWHGHO DSSDUHLO
YRXVFRQIRUPDQWDX[LQVWUXFWLRQVIRXUQLHV
eYLWH]G H[SRVHUODWDEOHGHFXLVVRQDX[DJHQWV
3RLJQpHVWpOHVFRSLTXHV VHORQOHPRGqOH
DWPRVSKpULTXHV
8QGLVSRVLWLISDUWLFXOLHUSHUPHWGHVRXOHYHUOHV
7RXWHpYHQWXHOOHUpSDUDWLRQRXLQWHUYHQWLRQGHYUDrWUH
SRLJQpHVGHFPHQYLURQSRXUQHWWR\HUOHVSDUWLHVVH
UpDOLVpHH[FOXVLYHPHQWSDUXQWHFKQLFLHQDJUpp
WURXYDQWVRXVOHV]RQHVGHFXLVVRQ
eYLWH]GHWRXFKHUODWDEOHGHFXLVVRQDYHFOHVPDLQV
$SUqVOHQHWWR\DJHUDPHQHUODSRLJQpHGDQVVDSRVLWLRQ
PRXLOOpHVHWORUVTXHYRXVrWHVSLHGVQXV
G RULJLQH
(PSrFKH]OHVHQIDQWVG HQWUHUHQFRQWDFWDYHF
',$*1267,&'(63$11(6
ODWDEOHGHFXLVVRQHQJpQpUDOSRXUpYLWHUGHV
/DWDEOHGHFXLVVRQQHIRQFWLRQQHSDV
EOHVVXUHV/DWDEOHGHFXLVVRQDWWHLQWGHVWHPSpUDWXUHV
9pULILH]TXHODWHQVLRQDUULYHeWHLJQH]SXLVUDOOXPH]OD
WUqVpOHYpHVSHQGDQWVRQIRQFWLRQQHPHQWHW
WDEOHGHFXLVVRQSRXUYRLUVLOHSUREOqPHDpWppOLPLQp
LPPpGLDWHPHQWDSUqVVDPLVHKRUVWHQVLRQ
$VVXUH]YRXVTXHOHERXWRQGHFRPPDQGHQ HVWSDV
OHVHPEDOODJHV VDFVpOpPHQWVHQSRO\VW\UqQHSDUWLHV
SRVLWLRQQpVXU´µ3RVLWLRQQH]OHGLVSRVLWLIGH
PpWDOOLTXHVHWF FRXSXUHRPQLSRODLUHVXU´$UUrWµSHQGDQWTXHOTXHV
ODWDEOHGHFXLVVRQjPHWWUHDXUHEXW
PLQXWHVSXLVUHPHWWH]OHVXU´0DUFKHµ
9HLOOH]jFHTXHOHVFkEOHVpOHFWULTXHVG DXWUHVDSSDUHLOV /HSODQGHFXLVVRQQHV pWHLQWSDV
pOHFWURPpQDJHUVVHWURXYDQWjSUR[LPLWpLPPpGLDWHGH
GpEUDQFKH]LPPpGLDWHPHQWOHFRUGRQG DOLPHQWDWLRQ
ODWDEOHGHFXLVVRQQHSXLVVHQWHQWUHUHQFRQWDFWDYHF
GHODWDEOHGHFXLVVRQGHODSULVHGHFRXUDQW
OHVSDUWLHVFKDXGHVGHFHOOHFL
3RXUWLUHUOHPHLOOHXUSDUWLGHYRWUHWDEOHGHFXLVVRQQRXVYRXVLQYLWRQVjOLUHDWWHQWLYHPHQWOHV
QRWLFHVG HPSORLHWjOHVFRQVHUYHUSRXUWRXWHFRQVXOWDWLRQXOWpULHXUH
Whirlpool is a registered trademark of Whirlpool USA
6(59,&($35Ë69(17(
$YDQWGHIDLUHDSSHODX6HUYLFH$SUqVYHQWH
9pULILH]G DERUGV LOQ HVWSDVSRVVLEOHGHUHPpGLHUSDU
YRXVPrPHDXGpIDXWFRQIRUPpPHQWDX[SRLQWVGpFULWV
DXFKDSLWUH´'LDJQRVWLFGHVSDQQHVµ
6LDSUqVFHVFRQWU{OHVOHSUREOqPHSHUVLVWHDGUHVVH]
YRXVDX6HUYLFH$SUqVYHQWH
9HXLOOH]WRXMRXUVVSpFLILHU
XQHEUqYHGHVFULSWLRQGXGpIDXW
OHW\SHHWOHPRGqOHH[DFWGHODWDEOHGHFXLVVRQ
&HWWHWDEOHGHFXLVVRQDpWpFRQoXHIDEULTXpHHW
OHQXPpURVHUYLFH QXPpURVXLYDQWOHPRW´6(59,&(µ
'pFODUDWLRQGHFRQIRUPLWp
FRPPHUFLDOLVpHFRQIRUPpPHQW
VXUODSODTXHVLJQDOpWLTXHPRQWpHHQGHVVRXVGHODWDEOH
&HWWHWDEOHGHFXLVVRQSHXWrWUHPLVHHQFRQWDFWDYHF
DX[REMHFWLIVGHVpFXULWpGHOD'LUHFWLYH&((
GHFXLVVRQ /HQXPpURGHVHUYLFHHVWpJDOHPHQW
GHVGHQUpHVDOLPHQWDLUHVHWHOOHHVWFRQIRUPHjOD
´%DVVHWHQVLRQµ
LQGLTXpGDQVOHOLYUHWGHJDUDQWLH
'LUHFWLYH&((
DX[H[LJHQFHVGHSURWHFWLRQGHOD'LUHFWLYH&((
YRWUHDGUHVVHFRPSOqWH
&HWWHWDEOHGHFXLVVRQ &ODVVH< DpWpFRQoXHSRXU
´&(0µ
YRWUHQXPpURGHWpOpSKRQH
rWUHXWLOLVpHXQLTXHPHQWSRXUODFXLVVRQG DOLPHQWV
DX[H[LJHQFHVGHOD'LUHFWLYH&((
6LOHIRXUGRLWrWUHUpSDUpDGUHVVH]YRXVjXQ&HQWUH
7RXWHDXWUHXWLOLVDWLRQ SDUH[HPSOHFKDXIIHUXQHSLqFH G $VVLWDQFHWHFKQLTXHDJUpp YRXVDXUH]DLQVLODJDUDQWLH
/HIDEULFDQWVHUpVHUYHOHGURLWG DSSRUWHUGHVPRGLILFDWLRQV
HVWLPSURSUHHWGDQJHUHXVH
TXHOHVSLqFHVGpIHFWXHXVHVVHURQWUHPSODFpHVSDUGHV
WHFKQLTXHVjO DSSDUHLO
SLqFHVG RULJLQHHWTXHODUpSDUDWLRQGHYRWUHDSSDUHLOVHUD
HIIHFWXpHFRUUHFWHPHQW /HQRQUHVSHFWGHVLQVWUXFWLRQVpQRQFpHVFLGHVVXV
SRXUUDLWFRPSURPHWWUHODVpFXULWpHWODTXDOLWpGXSURGXLW
,167$//$7,21
5HFRPPDQGDWLRQV
$77(17,21ODWDEOHGHFXLVVRQGRLWLPSpUDWLYHPHQW
rWUHGpEUDQFKpHDYDQWG HIIHFWXHUWRXWHLQWHUYHQWLRQ
G LQVWDOODWLRQRXG HQWUHWLHQVXUO DSSDUHLO
/ LQVWDOODWLRQpOHFWULTXHGRLWrWUHHIIHFWXpHDYDQWGH
EUDQFKHUO DSSDUHLODXVHFWHXU
/ LQVWDOODWLRQGRLWrWUHUpDOLVpHSDUXQWHFKQLFLHQTXDOLILp
FRQIRUPpPHQWDX[LQVWUXFWLRQVGXIDEULFDQWHWGDQVOH
UHVSHFWGHVQRUPHVORFDOHVHQYLJXHXU
$SUqVDYRLUGpEDOOpODWDEOHGHFXLVVRQFRQWU{OH]TXH
O DSSDUHLOQ DSDVpWpHQGRPPDJpSHQGDQWOHWUDQVSRUW
(QFDVGHSUREOqPHFRQWDFWH]YRWUHUHYHQGHXU
RXOH6HUYLFH$SUqVYHQWHOHSOXVSURFKH
3UpSDUDWLRQGXPHXEOHG HQFDVWUHPHQW
3URFpGH]DXGpFRXSDJHGXPHXEOHHWGXSODQGHWUDYDLO
DYDQWG LQVWDOOHUO DSSDUHLO3UHQH]VRLQG pOLPLQHUWRXV
OHVFRSHDX[HWODVFLXUHGHERLVTXLSRXUUDLHQWHQWUDYHU
OHERQIRQFWLRQQHPHQWGHO DSSDUHLO
$WWHQWLRQVLODWDEOHGHFXLVVRQHVWLQVWDOOpHVXUXQHVXUIDFH
DXWUHTXHGXERLV PDUEUHSODVWLTXHFpUDPLTXHSLHUUH
HWF Q RXEOLH]SDVGHYRXVSURFXUHUOHVpTXHUUHVGHIL[DWLRQ
)LJ DXSUqVGX6HUYLFH$SUqVYHQWHHQLQGLTXDQWOD
UpIpUHQFH
/HSODQGHWUDYDLOGDQVOHTXHOVHUDLQVWDOOpHODWDEOHGH
FXLVVRQGRLWDYRLUXQHpSDLVVHXUFRPSULVHHQWUHHW
PPPD[LPXP
0RQWH]XQSDQQHDXGHVpSDUDWLRQj PPPLQLPXP
GXIRQGGXSODQGHWUDYDLOGHPDQLqUHjFHTXH
O XWLOLVDWHXUQHSXLVVH\DYRLUDFFqV
/HIRXUDXGHVVXVGXTXHOVHUDLQVWDOOpHODWDEOHGH
FXLVVRQGRLWrWUHIDEULTXpSDUQRXVPrPHVHWrWUHPXQL
G XQV\VWqPHGHUHIURLGLVVHPHQW
/ HVSDFHVpSDUDQWODWDEOHGHFXLVVRQHWOHIRXUQHGRLW
SDVrWUHHQFRPEUpSDUGHVVXSSRUWVWUDQVYHUVDX[RX
GHVPDWpULDX[LVRODQWVSDUH[HPSOH
8QHVSDFHGHPPDXPRLQVGHYUDrWUHSUpYXHQWUH
OHPHXEOHjFRORQQHDGMDFHQWDXSODQGHFXLVVRQHWOH
ERUGGHFHGHUQLHU
3UDWLTXH]XQHRXYHUWXUHGDQVOHSODQGHWUDYDLOHQ
UHVSHFWDQWOHVGLPHQVLRQVLQGLTXpHV
,OHVWUHFRPPDQGpGHVFHOOHUOHVERUGVLQWpULHXUVGX
SODQGHWUDYDLOjO DLGHGHFROOHjERLVRXGHVLOLFRQH
6LFHODQ DSDVGpMjpWpIDLWDSSOLTXH]OHMRLQWIRXUQLDXSODQGH
FXLVVRQDSUqVDYRLUQHWWR\pDYHFVRLQODVXUIDFHGHFRQWDFW
7DEOHGHFXLVVRQYLWURFpUDPLTXH
$77(17,21DYDQWG LQVWDOOHUODWDEOHGHFXLVVRQ
UHWLUH]OHILOPGHSURWHFWLRQpYHQWXHOOHPHQWSUpVHQW
9pULILH]TXHOHVGLPHQVLRQVGHO RXYHUWXUHSUDWLTXpHGDQVOH
SODQGHWUDYDLOHWGHVWLQpHjUHFHYRLUODWDEOHGHFXLVVRQ
FRUUHVSRQGHQWjFHOOHVTXLVRQWLQGLTXpHVVXUOHGHVVLQHW
TX HOOHVUHVSHFWHQWOHVWROpUDQFHV
/DWDEOHGHFXLVVRQQHGRLWSDVrWUHIRUFpHGDQVOHSODQGH
WUDYDLO6RXVODSUHVVLRQH[HUFpHODVXUIDFHYLWURFpUDPLTXH
SRXUUDLWVHFDVVHU PrPHSOXVWDUG
6LOHSODQGHWUDYDLOHVWHQERLVXWLOLVH]OHVSLQFHVHW
YLVIRXUQLHVDYHFO DSSDUHLO
)L[H]OHVSLQFHV $ ILJ jO DLGHGHVYLVSUpYXHVjFHW
HIIHW % ILJ HWIRXUQLHVDYHFO DSSDUHLOFRPPHOH
PRQWUHODILJXUHHQUHVSHFWDQWOHVGLVWDQFHVLQGLTXpHV
,QVWDOOH]ODWDEOHGHFXLVVRQGDQVOHSODQGHWUDYDLO
6LOHSODQGHWUDYDLOHVWHQPDUEUHHQSODVWLTXH
HQFpUDPLTXHRXHQSLHUUHHWFODWDEOHGHFXLVVRQ
GRLWrWUHIL[pHDXPR\HQG pWULHUVVSpFLDX[ & ILJ ,QVWDOOH]ODWDEOHGHFXLVVRQGDQVOHSODQGHWUDYDLO ILJ ,QVWDOOH]OHVpWULHUV & FRPPHOHPRQWUHODILJ HQ
IRQFWLRQGHO pSDLVVHXUGXSODQGHWUDYDLO
)L[H]OHVYLV ' GDQVOHVWURXV ( ILJ )LJ ,QVWDOODWLRQpOHFWULTXH
/DPLVHjODWHUUHGHO DSSDUHLOHVWREOLJDWRLUHDX[WHUPHV
GHODORL
/HEUDQFKHPHQWpOHFWULTXHGHO DSSDUHLOGRLWrWUH
HIIHFWXpSDUXQWHFKQLFLHQTXDOLILpFRQIRUPpPHQWDX[
LQVWUXFWLRQVGXIDEULFDQWHWGDQVOHUHVSHFWGHVQRUPHV
ORFDOHVHQYLJXHXUHQPDWLqUHGHVpFXULWp
/ LQVWDOODWHXUHVWUHVSRQVDEOHGXEUDQFKHPHQWpOHFWULTXH
FRUUHFWGHO DSSDUHLOHWGXUHVSHFWGHVUpJOHPHQWDWLRQV
ORFDOHVHQYLJXHXUHQPDWLqUHGHVpFXULWp
/HFRUGRQG DOLPHQWDWLRQGHO DSSDUHLOGRLWrWUH
VXIILVDPPHQWORQJSRXUSHUPHWWUHGHEUDQFKHU
O DSSDUHLOHQFDVWUpjODSULVHGXVHFWHXU
3RXUUHVSHFWHUOHVUpJOHPHQWDWLRQVHQYLJXHXUHQ
PDWLqUHGHVpFXULWpXWLOLVH]DXPRPHQWGHO LQVWDOODWLRQ
GHO DSSDUHLOXQGLVMRQFWHXURPQLSRODLUHD\DQWXQH
GLVWDQFHPLQLPXPGH PPHQWUHOHVFRQWDFWV
1 XWLOLVH]HQDXFXQFDVGHSULVHVPXOWLSOHVRXGH
UDOORQJHV
8QHIRLVO LQVWDOODWLRQWHUPLQpHOHVFRPSRVDQWV
pOHFWULTXHVGRLYHQWrWUHLQDFFHVVLEOHV
%UDQFKHPHQWDXVHFWHXU
5HPDUTXHOHILOMDXQHYHUWGHWHUUHGRLWrWUHUHOLpjODYLV
LQGLTXpHSDUOHV\PEROH
'pQXGH]OHFRUGRQG DOLPHQWDWLRQ * VXUXQHORQJXHXU
GHPPHQYLURQ
'pQXGH]OHVFRQGXFWHXUVVXUXQHORQJXHXUGH PP
HQYLURQ)DLWHVSDVVHUOHFRUGRQ * GDQVO RXYHUWXUHGX
FRXYHUFOH )
)DLWHVSDVVHUOHFRUGRQG DOLPHQWDWLRQSDUOHVHUUHILOHW
UHOLH]OHVFRQGXFWHXUVDXERUQLHUFRQIRUPpPHQWDX[
LQGLFDWLRQVGXVFKpPDpOHFWULTXHUHSURGXLWVXUOH
FRXYHUFOH
/HFRUGRQG DOLPHQWDWLRQ * GRLWrWUHWHQGXjO DLGHGX
VHUUHILO
5HPRQWH]OHFRXYHUFOHGHSURWHFWLRQ ) DYDQWGHOHIL[HU
8QHIRLVWHUPLQpHO LQVWDOODWLRQpOHFWULTXHPRQWH]OH
SODQGHFXLVVRQSDUOHKDXWHWEORTXH]OHVXUOHVSLQFHV
GHIL[DWLRQFRPPHOHPRQWUHODILJXUH
)LJ )LJ ">
