Sie sind auf Seite 1von 8

67$7,48('(6)/8,'(6

+&HKPKVKQP
 2Q DSSHOOH IOXLGH j O
pFKHOOH PDFURVFRSLTXH XQ PLOLHX PDWpULHO FRQWLQX
TXL HVW GpIRUPDEOH LO pSRXVH OD IRUPH GX UpFLSLHQW TXL OH FRQWLHQW  VDQV
IRUPHSURSUHHWTXLSHXWV
pFRXOHU'DQVOHVIOXLGHVRQGLVWLQJXHOHVJD]TXL
VRQWFRPSUHVVLEOHV ODPDVVHYROXPLTXHYDULHHQIRQFWLRQGHODSUHVVLRQ HW
OHVOLTXLGHVTXLVRQWWUqVSHXFRPSUHVVLEOHV 

)OXLGHSDUIDLW
 &
HVW XQ IOXLGH WRWDOHPHQW GpSRXUYX GH IURWWHPHQWV LQWHUQHV ,O V
pFRXOH
VDQVIURWWHPHQWDYHFXQHYLVFRVLWpQXOOH

(OpPHQWFDUDFWpULVWLTXHG
XQIOXLGH
0DVVHYROXPLTXHU
 &
HVWODPDVVHSDUXQLWpGHYROXPHGXFRUSVFRQVLGpUp
P

U
9
UV
H[SULPHHQNJP
9YROXPHHQP
PPDVVHHQNJ
/DPDVVHYROXPLTXHHVWIRQFWLRQGHODWHPSpUDWXUHHWGHODSUHVVLRQ

9ROXPLTXHPDVVLTXHQ
&
HVWO
LQYHUVHGHODPDVVHYROXPLTXH

HQP NJ  
Q
U
3RLGVYROXPLTXHY
PJ
Y
UJHQ1P  
9
'HQVLWpG
&
HVW OH UDSSRUW HQWUH OD PDVVH YROXPLTXH GX FRUSV FRQVLGpUp HW OD PDVVH
YROXPLTXH GX FRUSV SULV HQ UpIpUHQFH GDQV OHV PrPHV FRQGLWLRQV GH
WHPSpUDWXUHHWGHSUHVVLRQ
/DUpIpUHQFHSRXUOHVOLTXLGHVHVWO
HDXSULVHj&HWVRXVK3D3RXU
OHVJD]F
HVWO
DLU &HWK3D 
U
0
 /LTXLGHV G
*D] G


U
/DGHQVLWpQ
DSDVG
XQLWp




5pVXPpGHFRXUV


++2TGUUKQP
 8Q IOXLGH HVW FDSDEOH G
H[HUFHU XQH IRUFH VXU XQ VROLGH 'H OD IRUFH
TX
H[HUFHFHIOXLGHVXUXQHVXUIDFHHQUpVXOWHXQHSUHVVLRQ
JJG
/D IRUFH H[HUFpH SDU OH IOXLGH VXU XQ pOpPHQW GH
G6 
JJG
VXUIDFHG6SHXWVHGpFRPSRVHUHQ
JJJG
JJJG GI 
JJJG
 XQHFRPSRVDQWHWDQJHQWLHOOH GI 7 
GI
7 
JJJG
GI 1 
 XQHFRPSRVDQWHQRUPDOH GI 1 
(Q VWDWLTXH GHV IOXLGHV RQ QH V
LQWpUHVVH TX
j OD
FRPSRVDQWH QRUPDOH OD FRPSRVDQWH WDQJHQWLHOOH
Q
LQWHUYHQDQWTXHVLOHIOXLGHHVWHQPRXYHPHQW
3DUGpILQLWLRQODSUHVVLRQSV
H[SULPHSDU

JJJG
GI 1
JJG 
G6

SV
H[SULPHHQ3DVFDO 3D 
3OXVLHXUVXQLWpVVRQWXWLOLVpHVSRXUODSUHVVLRQ
 OHEDUEDU 3D
 O
DWPRVSKqUHDWP 3D
 OHPLOOLPqWUHGHPHUFXUHPP+J 3D
 OHPqWUHGHFRORQQHG
HDXPFHDX 3D
 HWELHQG
DXWUHVHQFRUH
2QGpILQLWDXVVL
 ODSUHVVLRQDEVROXH SDEV SUHVVLRQSDUUDSSRUWDXYLGH
 ODSUHVVLRQUHODWLYHRXHIIHFWLYH SHII SUHVVLRQPHVXUpHHQUpIpUHQFHjOD
SUHVVLRQDWPRVSKpULTXH
SHII SDEVSDWP
+++4GNCVKQPHQPFCOGPVCNGFGNCUVCVKSWGFGUHNWKFGU
 8Q IOXLGH HVW HQ pTXLOLEUH GDQV OH FKDPS GH SHVDQWHXU 'DQV XQ UHSqUH
GG G
2 LMN DYHFO
D[HGHV]RULHQWpYHUVOHKDXWFHWWHUHODWLRQV
pFULW
GS UJG] 
&HWWHGpILQLWLRQHVWYDODEOHXQLTXHPHQWSRXUOHVIOXLGHVLQFRPSUHVVLEOHV
'LIIpUHQFHGHSUHVVLRQGDQVXQIOXLGH
3RXUGpWHUPLQHUODGLIIpUHQFHGHSUHVVLRQHQWUH
]
OHSRLQW$HWOHSRLQW%RQDSSOLTXHODUHODWLRQ
SUpFpGHQWH
]$
$
GS UJG] 
(Q LQWpJUDQW GH $ j % HQ FRQVLGpUDQW U 
]% 
%
FRQVWDQWLOYLHQW
S%

S$

]%

GS UJ G] 
]$



6WDWLTXHGHVIOXLGHV

S%S$ UJ ]%]$ RQSRVHK ]$]%


S%S$ UJK
$WWHQWLRQELHQSUHQGUHO
D[HGHV]RULHQWpYHUVOHKDXW
&RQVpTXHQFHV
 'DQVXQIOXLGHODSUHVVLRQDXJPHQWHGXKDXWYHUVOHEDV
 /HVVXUIDFHVLVREDUHVVRQWGHVSODQVKRUL]RQWDX[
 3RXUGHX[IOXLGHVQRQPLVFLEOHVODVXUIDFHGHVpSDUDWLRQFRUUHVSRQGjXQ
SODQKRUL]RQWDO

7KpRUqPHGH3DVFDO
8QOLTXLGHWUDQVPHWLQWpJUDOHPHQWHWGDQVWRXWHVOHVGLUHFWLRQVOHVYDULDWLRQV
GHSUHVVLRQTX
RQOXLIDLWVXELU&HFLHVWOLpjOLQFRPSUHVVLELOLWpTXLLPSOLTXH
XQHPDVVHYROXPLTXHFRQVWDQWH
([HPSOHODSUHVVHK\GUDXOLTXH
2Q H[HUFH XQH IRUFH I VXU OH SLVWRQ GH
I
VXUIDFH V OD SUHVVLRQ S  IV HVW
V
6 LQWpJUDOHPHQW WUDQVPLVH DX SLVWRQ GH
VXUIDFH 6 (Q HIIHW OD UHODWLRQ
IRQGDPHQWDOH GH OD VWDWLTXH GHV IOXLGHV
VpFULYDQW S %  S $ UJK VL K HVW FRQVWDQW
DORUV 'S % 'S $ 
/DIRUFHTXLV
H[HUFHDORUVVXU6YDXW
6
) Su6 Iu  
V
&RQFOXVLRQVL6HVWEHDXFRXSSOXVJUDQGHTXHVLOVHUDSRVVLEOHGHVRXOHYHU
GHVFKDUJHVLPSRUWDQWHVHQDSSOLTXDQWXQHIRUFHIGHIDLEOHYDOHXU

7KpRUqPHG
$UFKLPqGH
7RXWFRUSVSORQJpGDQVXQIOXLGHDXUHSRVVXELWGHOD
$
SDUWGHFHIOXLGHXQHSRXVVpHYHUWLFDOHGLULJpHGXEDV
YHUV OH KDXW &HWWH SRXVVpH DSSOLTXpH DX FHQWUH GH
PDVVHGHFHYROXPHHVWpJDOHDXSRLGVGXYROXPHGH
*
IOXLGHGpSODFp
$ UIOXLGHu9OLTXLGHGpSODFpuJ


3









5pVXPpGHFRXUV


+8(QTEGUFGRTGUUKQP
3UHVVLRQVXUXQHSDURLSODQH
/DSDURLUHWLHQWXQOLTXLGHGHPDVVHYROXPLTXHUVXUXQHORQJXHXU/HWXQH
KDXWHXUK
2QSUHQGXQpOpPHQWGHVXUIDFHG6SULVHQWUH]HW]G]$ODFRWH]WRXVOHV
pOpPHQWV GH VXUIDFH VXELVVHQW OD PrPH SUHVVLRQ S /D SUHVVLRQ S HVW OD
SUHVVLRQUHODWLYHSXLVTXHO
H[WpULHXUHVWjODSUHVVLRQDWPRVSKpULTXH
OLTXLGH

DLU


K

G)

]
]G]

&
/

]


G) SG6 
S UJ]HWG6 /uG]

UJ/]G] 


) UJ/

K



&HQWUHGHSRXVVpH&
 /HFHQWUHGHSRXVVpHHVWOHSRLQWG
DSSOLFDWLRQGHVIRUFHVGHSUHVVLRQ/D
VRPPHGHVPRPHQWVGHWRXWHVOHVIRUFHVGHSUHVVLRQSDUUDSSRUWj&GRLWrWUH
QXOOH/
pJDOLWpGHVPRPHQWVQRXVGRQQHODFRWH

G
K


5pVXOWDQWHGHVIRUFHVVXUOHIRQGG
XQUpFLSLHQW
 2Q QH SUHQG HQ FRPSWH TXH OH SRLGV GX
K
YROXPHGHOLTXLGHTXLV
H[HUFHVXUOHIRQGGH
VXUIDFH$G
R
G
$
)
) UJK$ 




'\QDPLTXHGHVIOXLGHV
LQFRPSUHVVLEOHV
+&HKPKVKQPU
(FRXOHPHQWSHUPDQHQW
 /
pFRXOHPHQW G
XQ IOXLGH LQFRPSUHVVLEOH SDUIDLW HVW GLW SHUPDQHQW RX
VWDWLRQQDLUH VL OHV JUDQGHXUV SUHVVLRQ WHPSpUDWXUH YLWHVVH  TXL OH
FDUDFWpULVHQWYRQWUHVWHUFRQVWDQWHVDXFRXUVGXWHPSV

'pELW
 6RLWXQHFDQDOLVDWLRQGHVHFWLRQ6/DTXDQWLWpGHIOXLGHWUDYHUVDQWFHWWH
VHFWLRQSHQGDQWXQHFHUWDLQHGXUpHSHUPHWG
H[SULPHUOHGpELW
 'pELWPDVVLTXH
GP
TP
HQNJV  
GW
 'pELWYROXPLTXH
G9
TY
HQP V  
GW
&RPPHP Uu9OHVGHX[GpELWVVRQWUHOLpVSDUODUHODWLRQ
TP U u T Y 
++'SWCVKQPFGEQPVKPWKVQWFGEQPUGTXCVKQP
G[  Y GW




GP Y


S

6 6


6



6 S
Y


GP

G[ YGW

/LJQHGHFRXUDQW
 &RXUEH VXLYDQW ODTXHOOH VH GpSODFH XQ pOpPHQW GH IOXLGH HQ UpJLPH
VWDWLRQQDLUH/HYHFWHXUYLWHVVHHVWWDQJHQWjFHWWHOLJQH

7XEHGHFRXUDQW
 &
HVW O
HQVHPEOH GHV OLJQHV GH FRXUDQW TXL V
DSSXLHQW VXU XQ FRQWRXU
IHUPp




5pVXPpGHFRXUV


(TXDWLRQGHFRQWLQXLWp
 3HQGDQWO
LQWHUYDOOHGHWHPSVGWODPDVVHGPD\DQWWUDYHUVpODVXUIDFH6
VHUDODPrPHTXHFHOOHWUDYHUVDQWO
pOpPHQWGHVXUIDFH6G
R
UG[6 UG[6
G[
G[ 

U6
U 6 
GW
GW
U6Y U6Y
&RPPHOHIOXLGHHVWSDUIDLWHWLQFRPSUHVVLEOHU U UG
R

6Y

6 Y  RX49 6Y FWH

+++'SWCVKQPFG$GTPQWNNK
UCPUEJCPIGFGVTCXCKN 
 /HIOXLGHHVWSDUIDLWHWLQFRPSUHVVLEOHO
pFRXOHPHQWHVWSHUPDQHQW
 /
pTXDWLRQGH%HUQRXOOLWUDGXLWOHIDLWTXHO
pQHUJLHWRWDOHUHVWHFRQVWDQWH
ORUVGHO
pFRXOHPHQW/
pQHUJLHWRWDOH (7 HVWODVRPPHGHO
pQHUJLHFLQpWLTXH
(&  GH O
pQHUJLH SRWHQWLHOOH GH SHVDQWHXU (S]  HW O
pQHUJLH SRWHQWLHOOH GH
SUHVVLRQ (SS 
(7 (&(S](SS
(QWUHGHX[LQVWDQWVWHWW(7 (7

P

P
PY  PJ]  S
PY   PJ]   S  

U

U
(QGLYLVDQWSDUODPDVVHRQREWLHQWO
pTXDWLRQGH%HUQRXOOLHQIRQFWLRQGHV
pQHUJLHVPDVVLTXHV
 
S  
3
Y  J] 
Y   J]   

U 
U
'
R
 
S
Y  J] 
( 7 FWH HQ-NJ  

U
(TXDWLRQGH%HUQRXOOLHQIRQFWLRQGHVSUHVVLRQV
2QPXOWLSOLHO
pTXDWLRQSUpFpGHQWHSDUU
U 
Y  UJ]  S FWH HQ3D 




SSUHVVLRQVWDWLTXH
UJ]SUHVVLRQGHSHVDQWHXU
U
  Y  SUHVVLRQFLQpWLTXH

(TXDWLRQGH%HUQRXOOLHQIRQFWLRQGHVKDXWHXUV
2QGLYLVHO
pTXDWLRQSUpFpGHQWHSDUUJ

Y
S
]
J
UJ

+ FWH HQP 



'\QDPLTXHGHVIOXLGHVLQFRPSUHVVLEOHV

]KDXWHXUJpRPpWULTXH
Y
 
  KDXWHXU GXH j OD YLWHVVH RX KDXWHXU FDSDEOH RX HQFRUH KDXWHXU
J
G\QDPLTXH
S
KDXWHXUGXHjODSUHVVLRQ
 
UJ
S
  ] 
KDXWHXUSLp]RPpWULTXH
UJ
 +KDXWHXUWRWDOH
$QRWHU
(QHUJLH 3XLVVDQFH
3UHVVLRQ

9ROXPH
GpELW
+8#RRNKECVKQPU
SDWP
5HODWLRQGH7RUULFHOOL
'pWHUPLQDWLRQ GH OD YLWHVVH G
pMHFWLRQ G
XQ ]
VXUIDFH6
IOXLGH
$
$X SRLQW $ OD VXUIDFH 6 HW DX SRLQW % OD ]%
VXUIDFHVVRQWjO
DLUOLEUHGRQFODSUHVVLRQHVW
pJDOHjODSUHVVLRQDWPRVSKpULTXH
/DVXUIDFH6HVWWUqVJUDQGHGHYDQWODVXUIDFH K
V
/
DSSOLFDWLRQGHODUHODWLRQGH%HUQRXOOLHQWUH
OHSRLQW$HWOHSRLQW%GRQQH


%S
S $  UJ] $  UY $ S %  UJ] %  UY % 
]$
DWP



VXUIDFHV

2QVLPSOLILHFHWWHH[SUHVVLRQ
$X[SRLQWV$HW%RQSHXWpFULUHS$ 3DWPS% SDWP
/HGpELWHVWFRQWLQXGRQF6Y$ VY%PDLVFRPPH6!!VRQHQHQGpGXLW
TXHY$Y%Y$HVWQpJOLJHDEOHGHYDQWY%
/
pTXDWLRQVHVLPSOLILHDLQVL

UJ] $ UJ] %  UY % 

2QVLPSOLILHSDUU

J] $ J] %  Y % 

'
R
Y % J ] $  ] % RU]$]% K

Y%

JK 


&HWWHUHODWLRQHVWFRQQXHVRXVOHQRPGHIRUPXOHGH7RUULFHOOL


5pVXPpGHFRXUV


(IIHW9HQWXUL


6$ $

6%
%




DVSLUDWLRQ

8QHFRQGXLWHDODIRUPHFLGHVVXV/HVSRLQWV$HW%VRQWVXUODPrPHOLJQH
GHFRXUDQW
/
pTXDWLRQGHFRQWLQXLWpSHUPHWG
pFULUH
6$Y$ 6%Y%
/DUHODWLRQGH%HUQRXOOLGRQQH


S $  UJ] $  UY $ S %  UJ] %  UY % 


6RLWFRPPH]$ ]%


S $  UY $ S %  UY % 



S$  S%
U Y %  Y $ 

'
DSUqV O
pTXDWLRQ GH FRQWLQXLWp FRPPH 6$ !! 6% FHOD LPSOLTXH TXH
Y$Y%
2Q HQ GpGXLW TXH S%  S$ FH TXL HQWUDvQH XQH DVSLUDWLRQ 2Q WURXYH XQH
XWLOLWpjFHWWHDSSOLFDWLRQGDQVOHVWURPSHVjHDXOHVSLVWROHWVjSHLQWXUH

7XEHGH3LWRW
%


K

$





$ %

/HVFKpPDFLGHVVXVUHSUpVHQWHXQWXEHGH3LWRW/DOLJQHGHFRXUDQWSDVVH
SDU OH SRLQW $ HW % $X SRLQW % QRXV DYRQV XQ SRLQW G
DUUrW OD YLWHVVH GX
IOXLGHHVWDORUVQXOOH Y%  
/DUHODWLRQGH%HUQRXOOLGRQQHHQWUHOHVSRLQWV$HW%


S $  UJ] $  UY $ S %  UJ] %  UY % 


2QVLPSOLILHFHWWHUHODWLRQ]$ ]%HWY% 

S $  UY $ S % 




Das könnte Ihnen auch gefallen