Vous êtes sur la page 1sur 10

$YLV7HFKQLTXH





0XUVGHFRQWUHYHQWHPHQW
HQ]RQHVLVPLTXH

0XUV
*,(%ULTXHVGH)UDQFH
SRXUFRQVWUXFWLRQV
SDUDVLVPLTXHV
7LWXODLUH

*,(%ULTXHVGH)UDQFH
UXH/HWHOOLHU
)3DULV

&RPPLVVLRQFKDUJpHGHIRUPXOHUGHV$YLV7HFKQLTXHV

DUUrWpGXGpFHPEUH 
*URXSH6SpFLDOLVpQ

3URGXLWVHWSURFpGpVVSpFLDX[SRXUODPDoRQQHULH
9XSRXUHQUHJLVWUHPHQWOHVHSWHPEUH

3RXUOH&67%-'0HUOHW'LUHFWHXU7HFKQLTXH
6HFUpWDULDWGHODFRPPLVVLRQGHV$YLV7HFKQLTXHV &67%DYHQXHGX5HFWHXU3RLQFDUp3DULV&HGH[
7pO  )D[  ,QWHUQHWZZZFVWEIU

/HV$YLV7HFKQLTXHVVRQWSXEOLpVSDUOH6HFUpWDULDWGHV$YLV7HFKQLTXHVDVVXUpSDUOH&67%/HVYHUVLRQVDXWKHQWLILpHVVRQWGLVSRQLEOHVJUDWXLWHPHQWVXUOHVLWHLQWHUQHWGX&67% KWWSZZZFVWEIU 
&67%


/H *URXSH 6SpFLDOLVp Q  3URGXLWV HW SURFpGpV VSpFLDX[ SRXU OD PDoRQQHULH GH OD
&RPPLVVLRQ FKDUJpH GH IRUPXOHU OHV $YLV 7HFKQLTXHV D H[DPLQp OH  DYULO  OH
SURFpGp GH PXUV GH FRQWUHYHQWHPHQW SRXU FRQVWUXFWLRQV SDUDVLVPLTXHV HQ EULTXHV GH
WHUUH FXLWH j MRLQWV YHUWLFDX[ QRQ UHPSOLV 0XU *,( %ULTXHV GH )UDQFH SRXU
FRQVWUXFWLRQVSDUDVLVPLTXHV,ODIRUPXOpVXUFHSURFpGpO$YLV7HFKQLTXHFLDSUqV
 'XUDELOLWp(QWUHWLHQ

 'pILQLWLRQVXFFLQFWH

/D GXUDELOLWp GHV PXUV UpDOLVpV VDQV UHPSOLVVDJH GHV MRLQWV YHUWLFDX[
WHOVTXHGpFULWVGDQVOHFDGUHGHFHW$YLV7HFKQLTXHQHGLIIqUHSDVGH
FHOOH GHVPXUV GHFH W\SH UpDOLVpV KRUV ]RQHVLVPLTXH GDQV OHFDGUH
WUDGLWLRQQHOGHVSUHVFULSWLRQVGX'78

/HSURFpGpFRQVLVWHHQODUpDOLVDWLRQGHPXUVHQPDoRQQHULHVGHEORFV
RXGHEULTXHVGHWHUUHFXLWHPLVHVHQXYUHFRQIRUPpPHQWDX[SUHV
FULSWLRQVGX'78HWGHVWLQpHVjODUpDOLVDWLRQGHPXUVGHFRQWUH
YHQWHPHQW SRXU XQ XVDJH HQ ]RQHV GH VLVPLFLWp ,D ,E HW,, OHVMRLQWV
YHUWLFDX[HQWUHOHVEULTXHVRXEORFVpWDQWODLVVpVYLGHV MRLQWVGLWQRQ
UHPSOLV 

 )DEULFDWLRQHWFRQWU{OH

'DQVODVXLWHGXSUpVHQW$YLVODSSHOODWLRQEULTXHVUHFRXYUHLQGLIIp
UHPPHQWOHVEORFVRXOHVEULTXHV

/HQRQUHPSOLVVDJHGHVMRLQWVYHUWLFDX[jODPLVHHQXYUHQLPSOLTXH
SDVGHFRQGLWLRQVSDUWLFXOLqUHVGHIDEULFDWLRQGHVEULTXHVGHWHUUHFXLWH
QLGHFRQGLWLRQVSDUWLFXOLqUHVGHFRQWU{OHGHFHWWHIDEULFDWLRQ

 $9,6

 &DKLHUGHV3UHVFULSWLRQV7HFKQLTXHV
3DUWLFXOLqUHV

 'RPDLQHG
HPSORLDFFHSWp

 3UHVFULSWLRQVGHFRQFHSWLRQHWGHFDOFXO

8WLOLVDWLRQGDQVOHFDGUHGHSURFpGpVWUDGLWLRQQHOVGHWURLVIDPLOOHVGH
EULTXHV GH WHUUH FXLWH &I 'RVVLHU WHFKQLTXH    SURGXLWHV SDU OHV
PHPEUHVGX*,(WLWXODLUHGHO$YLV7HFKQLTXHSRXUUpDOLVHUHQ]RQHV
VLVPLTXHV,D,EHW,,GHOD)UDQFH(XURSpHQQHGHVPXUVGHFRQWUHYHQ
WHPHQWGDQVOHVTXHOVOHVMRLQWVYHUWLFDX[HQWUHOHVpOpPHQWVVRQWODLV
VpVYLGHV MRLQWVGLWVQRQUHPSOLV 

*pQpUDOLWpV
/D UpDOLVDWLRQ GHV PXUV GH FRQWUHYHQWHPHQW GRLW UHVSHFWHU SRXU OHV
SRLQWV QRQ H[SOLFLWHPHQW YLVpV GDQV OH FDGUH GH O$YLV RX GX 'RVVLHU
7HFKQLTXHpWDEOLSDUOHGHPDQGHXUOHVUqJOHV36RXOHVUqJOHV36
0,  UpYLVpHV  ORUVTXHFHOOHVFLVRQW DSSOLFDEOHVFRPSWH WHQX GHV
FDUDFWpULVWLTXHVGXEkWLPHQWUpDOLVp

/HGRPDLQHGHPSORLHVWOLPLWpDX[EkWLPHQWVGRQWOHVQLYHDX[RQWXQH
KDXWHXU VRXV SODQFKHU KDXW LQIpULHXUH j  P HW SRXU OHVTXHOV OHV
PXUV GH FRQWUHYHQWHPHQW VRQW UpDOLVpV HQ PDoRQQHULH FKDvQpH DX
VHQVGHODUWLFOHGHVUqJOHV36FHVWjGLUHFRPSRUWDQWGHV
FKDvQDJHV UpDOLVpV DSUqV H[pFXWLRQ GH OD PDoRQQHULH DSSDUHQWV RX
QRQDSSDUHQWV 

,O VDJLW QRWDPPHQW GHV SUHVFULSWLRQV UHODWLYHV j OD UpDOLVDWLRQ GHV


FKDvQDJHV YHUWLFDX[ HW KRUL]RQWDX[ HW j OHQFDGUHPHQW GHV EDLHV HW
RXYHUWXUHV

&DUDFWpULVDWLRQGHVEULTXHVGHWHUUHFXLWH
/HV EULTXHV RX EORFV GH WHUUH FXLWH XWLOLVpV GDQV OH FDGUH GX SUpVHQW
$YLV7HFKQLTXHGRLYHQWDYRLUpWpTXDOLILpVVXLYDQWOHVVDLGHFRPSUHV
VLRQKRUL]RQWDOHGpILQLSDUOH&77%HWEpQpILFLHUjFHWLWUHGXQFRPSWH
UHQGXGHVVDLUpGLJpSDUOH&77%SUpFLVDQWOHXUUpVLVWDQFHjODFRP
SUHVVLRQ KRUL]RQWDOH HW SHUPHWWDQW OHXU FODVVHPHQW VDQV DPELJXwWp
GDQVOXQHGHVIDPLOOHVGpILQLHVSDUOHWLWXODLUH

 $SSUpFLDWLRQVXUOHSURFpGp
 $SWLWXGHjOHPSORL
6WDELOLWp
/DUpVLVWDQFHHWODVWDELOLWpGHVPXUVGHFHSURFpGpVRQWQRUPDOHPHQW
DVVXUpHV GDQV OH GRPDLQH GHPSORL DFFHSWp PR\HQQDQW OD PLVH HQ
XYUH GHV GLVSRVLWLRQVFRPSOpPHQWDLUHV GHFHOOHV GX '78  GpIL
QLHV GDQV OH &DKLHU GHV 3UHVFULSWLRQV 7HFKQLTXHV 3DUWLFXOLqUHV 
FLDSUqV 

+RPRJpQpLWpGHQVHPEOH
/HQVHPEOHGHVPXUVSRUWHXUVGXEkWLPHQWSRXUOHTXHOOHSURFpGpHVW
XWLOLVpGRLWrWUHUpDOLVpDYHFOHVPrPHVEULTXHVGHWHUUHFXLWH LGHQWLWp
GHODJpRPpWULHHWGHVFDUDFWpULVWLTXHVPpFDQLTXHV HWDYHFOHPrPH
W\SHGHUHPSOLVVDJHGHVMRLQWVKRUL]RQWDX[

6pFXULWpDXIHX

7UDQVPLVVLRQGHVFKDUJHVDX[IRQGDWLRQV

/RUVTXH OHV PXUV UpDOLVpV VDQV UHPSOLVVDJH GHV MRLQWV YHUWLFDX[ GRL
YHQW MXVWLILHU GXQ GHJUp GH UpVLVWDQFH DX IHX LOV VRQW DVVXMHWWLV j OD
SURGXFWLRQGHSURFqVYHUEDX[GHFODVVHPHQWDXPrPHWLWUHTXHFHX[
UpDOLVpVGHODVRUWHKRUV]RQHVLVPLTXHGDQVOHFDGUHWUDGLWLRQQHOGHV
SUHVFULSWLRQVGX'78

'DQVOHFDVGXWLOLVDWLRQGHODPpWKRGHVLPSOLILpHGHGLPHQVLRQQHPHQW
SURSRVpH GDQV OH 'RVVLHU 7HFKQLTXH    HQ FRPSOpPHQW GH OD
FRQGLWLRQpQRQFpHDXGHFHGRVVLHUOHEkWLPHQWQHGRLWSDV
FRPSRUWHU GpOpPHQW SRUWHXU YHUWLFDO GRQW OD FKDUJH QH VH WUDQVPHWWH
SDVHQOLJQHGLUHFWHjODIRQGDWLRQ

6pFXULWpGXWUDYDLOVXUFKDQWLHU

2XYHUWXUHVGDQVOHVSDQQHDX[

/DVpFXULWpGXWUDYDLOVXUFKDQWLHUSHXWrWUHQRUPDOHPHQWDVVXUpH/H
QRQ UHPSOLVVDJH GHV MRLQWV YHUWLFDX[ QH FRQIqUH SDV DX SURFpGp GH
SDUWLFXODULWp GpFLVLYH j FHW pJDUG YLVjYLV GH OD PLVH HQ XYUH DYHF
MRLQWVYHUWLFDX[UHPSOLV

(Q ODEVHQFH GHVVDL SHUPHWWDQW GDSSUpFLHU OLQIOXHQFH GpYHQWXHOOHV


RXYHUWXUHVVXUODFDSDFLWpUpVLVWDQWHGHVSDQQHDX[OHVSDQQHDX[SULV
HQFRPSWHGDQVOHFDOFXOGXFRQWUHYHQWHPHQWGRLYHQWrWUHH[HPSWVGH
WRXWHRXYHUWXUHUpVHUYDWLRQRULILFHGHTXHOTXHWDLOOHTXLOVRLW

,VRODWLRQWKHUPLTXH

5pSDUWLWLRQGHVUDLGHXUV

/HVPXUVUpDOLVpVVDQVUHPSOLVVDJHGHVMRLQWVYHUWLFDX[DXPrPHWLWUH
TXHFHX[UpDOLVpVGHODVRUWHKRUV]RQHVLVPLTXHGDQVOHFDGUHWUDGL
WLRQQHO GHV SUHVFULSWLRQV GX '78   GRLYHQW rWUH MXVWLILpV YLVjYLV
GH OHXU SHUIRUPDQFH GLVRODWLRQ WKHUPLTXH HQ WHQDQW FRPSWH GH
ODEVHQFHGHUHPSOLVVDJHGHVMRLQWV

'DQVOHFDVGXWLOLVDWLRQGHODPpWKRGHVLPSOLILpHGHGLPHQVLRQQHPHQW
SURSRVpH GDQV OH 'RVVLHU 7HFKQLTXH    HW ORUVTXH OH OLQpDLUH GH
PXUV GH FRQWUHYHQWHPHQW GX EkWLPHQW H[FqGH OH OLQpDLUH VWULFWHPHQW
UHTXLV SRXU UHSUHQGUH OHV HIIRUWV KRUL]RQWDX[ GXV j ODFWLRQ VLVPLTXH
OHV FRQGLWLRQV  j  GX    GX 'RVVLHU WHFKQLTXH GRLYHQW rWUH
DSSOLTXpHVjOHQVHPEOHGHVPXUVSDUWLFLSDQWHIIHFWLYHPHQWDXFRQWUH
YHQWHPHQWHWQRQVHXOHPHQWjFHX[UHTXLVSDUOHFDOFXO

,VRODWLRQDFRXVWLTXH
/HVPXUVUpDOLVpVVDQVUHPSOLVVDJHGHVMRLQWVYHUWLFDX[DXPrPHWLWUH
TXHFHX[UpDOLVpVGHODVRUWHKRUV]RQHVLVPLTXHGDQVOHFDGUHWUDGL
WLRQQHOGHVSUHVFULSWLRQVGX'78GRLYHQWrWUHMXVWLILpVYLVjYLVGH
OHXUSHUIRUPDQFHGLVRODWLRQDFRXVWLTXHHQWHQDQWFRPSWHGHODEVHQFH
GHUHPSOLVVDJHGHVMRLQWV

$FWLRQVSHUSHQGLFXODLUHVDXSODQPR\HQGXPXU
9LVjYLV GHV DFWLRQV VLVPLTXHV SHUSHQGLFXODLUHV j OHXU SODQ PR\HQ
OHVPXUVVRQWFRQVLGpUpVFRPPHXQHVXFFHVVLRQGHSRXWUHVYHUWLFDOHV
DUWLFXOpHV VXU OHV FKDvQDJHV EDV HW KDXW /DFWLRQ SHUSHQGLFXODLUH DX
SODQGXPXUGRLWrWUHFDOFXOpHGHPDQLqUHIRUIDLWDLUHFRPPHSUHVFULWDX
FKDSLWUHGHVUqJOHV36UHODWLIDX[DFWLRQVORFDOHV/DFRQWUDLQWHGH
WUDFWLRQGRLWrWUHLQIpULHXUHj03D







/RQJXHXUPLQLPDOHGHVSDQQHDX[GH
FRQWUHYHQWHPHQW

 5HPDUTXHVFRPSOpPHQWDLUHV
GX*URXSH6SpFLDOLVp

(Q FRPSOpPHQW GHV  ORQJXHXUV PLQLPDOHV GRQQpHV DX   GX


'RVVLHU7HFKQLTXHpWDEOLSDUOHGHPDQGHXUSHUPHWWDQWGHSUHQGUHHQ
FRPSWH XQ SDQQHDX SRXU VD SDUWLFLSDWLRQ DX FRQWUHYHQWHPHQW LO \ D
OLHX GH YpULILHU HQ IRQFWLRQ GH OD JpRPpWULH GH OD EULTXH  ODUJHXU HW
KDXWHXU HWGHODKDXWHXUGHVSDQQHDX[TXH

/HVUqJOHVSDUDVLVPLTXHV36VRQWUHQGXHVGDSSOLFDWLRQREOLJDWRLUH
HQ)UDQFHSDUODUUrWpGXPDLSRXUOHVEkWLPHQWVQHXIVGHOD
FDWpJRULHGLWHjULVTXHQRUPDOHWFHSRXUOHV]RQHVGDQVOHVTXHOOHV
ODOpDVLVPLTXHQHVWSDVQpJOLJHDEOH

/PLQtE +EK 

/HFKDSLWUHGHVUqJOHV36WUDLWHGHODFRQFHSWLRQHWGXFDOFXOGHV
VWUXFWXUHVHQPDoRQQHULHORUVTXHOOHVGRLYHQWUpVLVWHUjODFWLRQVLVPL
TXH /H SDUDJUDSKH  GH FH FKDSLWUH LQGLTXH OREOLJDWLRQ GH UHP
SOLVVDJH GHV MRLQWV YHUWLFDX[ HQWUH OHV SHWLWV pOpPHQWV GH PDoRQQHULH
ORUVTXHOHVPXUVTXLOVFRQVWLWXHQWVRQWGHVWLQpVjSDUWLFLSHUDXFRQWUH
YHQWHPHQWGXQEkWLPHQWVRXPLVjODFWLRQGXQVpLVPH

DYHF
EODUJHXUGHODEULTXH
KKDXWHXUGHODEULTXH
+KDXWHXUGXSDQQHDX


/HSURFpGpVRXPLVjO$YLV7HFKQLTXHSDUOH*,(%ULTXHVGH)UDQFH
GpURJH DX[ UqJOHV 36  SDU OH QRQ UHPSOLVVDJH GHV MRLQWV YHUWLFDX[
HQWUH OHV SHWLWV pOpPHQWV GH PDoRQQHULH /D FDSDFLWp GHV PXUV HQ
EULTXHVRXHQEORFVGHWHUUHFXLWHDLQVLUpDOLVpVjSDUWLFLSHUDXFRQWUH
YHQWHPHQWVRXVDFWLRQVLVPLTXHDpWppYDOXpHSDUYRLHGHVVDLV

7UXPHDX[pWURLWV
/HV WUXPHDX[ GRQW OD ODUJHXU HVW LQIpULHXUH j  P ELHQ TXH QH
SRXYDQW SDV rWUH SULV HQ FRPSWH GDQV OH FDGUH GH FHW $YLV SRXU OH
FRQWUHYHQWHPHQWVRXVO
HIIHWGHVDFWLRQVVLVPLTXHVGRLYHQWrWUHPRQ
WpVDYHFMRLQWVYHUWLFDX[UHPSOLVFRPPHSUpFLVpDXGX&DKLHU
GHV&ODXVHV7HFKQLTXHVGX'78

&HVHVVDLVUpDOLVpVGDQVOHODERUDWRLUH6WUXFWXUHVGX&67%RXWUH
TXLOV RQW SHUPLV GH IRXUQLU OHV LQIRUPDWLRQV TXDQWLWDWLYHV LQGLVSHQVD
EOHVDX[FDOFXOVGHGLPHQVLRQQHPHQWRQWPLVHQOXPLqUHOHIRQFWLRQ
QHPHQW PpFDQLTXH VSpFLILTXH GHV PXUV HQ EULTXHV RX HQ EORFV GH
WHUUHFXLWHUpDOLVpVVDQVUHPSOLVVDJHGHVMRLQWVYHUWLFDX[

$SSDUHLOODJH
/HGpFDODJHGHVMRLQWVYHUWLFDX[GHGHX[DVVLVHVVXFFHVVLYHVGRLWrWUH
pJDOjODPRLWLpGHODODUJHXUGHODEULTXHGHWHUUHFXLWH

(Q HIIHW OH VFKpPD PpFDQLTXH UHWHQX SRXU DSSUpFLHU OD FDSDFLWp GH
FRQWUHYHQWHPHQW GXQ PXU WUDGLWLRQQHO UpDOLVp DYHF MRLQWV UHPSOLV HVW
FHOXL GH OD WUDQVPLVVLRQ GHV HIIRUWV SDU XQH ELHOOH RULHQWpH VHORQ OD
GLDJRQDOHGXSDQQHDXFRQFHUQp

 3UHVFULSWLRQVGHPLVHHQXYUH
0LVHHQXYUH

/HVHVVDLVRQWPRQWUpTXHQODEVHQFHGHUHPSOLVVDJHGHVMRLQWVYHUWL
FDX[OHIIRUWKRUL]RQWDOWUDQVPLVHQWrWHGHSDQQHDX[VHWUDQVPHWSDU
XQHVpULHGHELHOOHVUpSDUWLHVVXUODORQJXHXUGXSDQQHDXFRQFHUQpHW
RULHQWpHVVHORQODGLDJRQDOHGHVGHPLEULTXHV

/H QRQ UHPSOLVVDJH GHV MRLQWV YHUWLFDX[ ORUV GH OD PLVH HQ XYUH
QDSSHOOHSDVGHSUpFDXWLRQSDUWLFXOLqUHTXDQWjODUpDOLVDWLRQGHVPXUV
HX[ PrPHV HW TXL GLIIpUHUDLW GH FHOOHV XVXHOOHPHQW DSSOLFDEOHV 8QH
DWWHQWLRQ SDUWLFXOLqUH GRLW FHSHQGDQW rWUH SRUWpH DX EpWRQQDJH GHV
FKDvQDJHVQRWDPPHQWGDQVOHFDVGHFKDvQDJHVYHUWLFDX[QRQDSSD
UHQWV

,OHQUpVXOWHTXHOLQFOLQDLVRQGHFHVELHOOHVHVWWULEXWDLUHGHODJpRPp
WULHGHVpOpPHQWVGHPDoRQQHULHHX[PrPHVSOXVTXHGHODJpRPpWULH
GXSDQQHDX

&RQWU{OHVXUFKDQWLHU

&HVWOHFRQVWDWGHFHWWHSDUWLFXODULWpGXIRQFWLRQQHPHQWPpFDQLTXHTXL
DJXLGpOHVSUHVFULSWLRQVGHO$YLV

&RPSWHWHQXGHVFDSDFLWpVGHFRQWUHYHQWHPHQWWUqVGLIIpUHQWHVHQWUH
OHVFLQTIDPLOOHVYLVpHVGDQVOHFDGUHGHO$YLVVHORQOHVFDUDFWp
ULVWLTXHVJpRPpWULTXHVHWPpFDQLTXHVGHVEULTXHVHWODQDWXUHGX
SURGXLW  GH  UHPSOLVVDJH  GHV  MRLQWV KRUL]RQWDX[ PRUWLHUFROOH RX
PRUWLHU K\GUDXOLTXH WUDGLWLRQQHO  LO \ D OLHX GrWUH SDUWLFXOLqUHPHQW
DWWHQWLIjODERQQHFRUUHVSRQGDQFHHQWUHOHVSURGXLWVOLYUpVVXUFKDQWLHU
HWOHVK\SRWKqVHVSULVHVHQFRPSWHGDQVOHVFDOFXOVGHGLPHQVLRQQH
PHQW

3DU DLOOHXUVOH QRQ UHPSOLVVDJHGHV MRLQWV YHUWLFDX[ HQWUH OHV EULTXHV


RX EORFV pWDQW VXVFHSWLEOH GDXJPHQWHU OH ULVTXH GpMHFWLRQ KRUV SODQ
GHVSDQQHDX[VRXVOHIIHWGHODFWLRQVLVPLTXHSHUSHQGLFXODLUHjOHXU
SODQ LO D pWp MXJp QpFHVVDLUH GH FRQVLGpUHU YLVjYLV GH FHWWH DFWLRQ
XQIRQFWLRQQHPHQWHQSRXWUHVYHUWLFDOHVHWQRQHQSODTXHV
(QILQLODpWpFRQYHQXTXHOHVSURFpGpVQRQWUDGLWLRQQHOVGHYURQWSRXU
SRXYRLU rWUH PLV HQ XYUH HQ ]RQH VLVPLTXH VDQV UHPSOLVVDJH GHV
MRLQWVYHUWLFDX[IDLUHOREMHWGXQH[DPHQSDUWLFXOLHUDXFDVSDUFDV
GDQVOHFDGUHG$YLV7HFKQLTXHV RXGDGGLWLIVjGHV$YLV7HFKQLTXHV
H[LVWDQWV VSpFLILTXHVjFKDTXHSURFpGp

&RQFOXVLRQV

/H5DSSRUWHXUGX*URXSH6SpFLDOLVpQ



$SSUpFLDWLRQJOREDOH
/XWLOLVDWLRQ GX SURFpGp GDQV OH GRPDLQH GHPSORL DFFHSWp HVW
DSSUpFLpHIDYRUDEOHPHQW

9DOLGLWp

%HUQDUG%/$&+(


-XVTXDXDYULO
















3RXUOH*URXSH6SpFLDOLVpQ
/H3UpVLGHQWSDULQWpULP

-3*,/%(57





'RVVLHU7HFKQLTXH
pWDEOLSDUOHGHPDQGHXU


&RQVHUYDWLRQGHVEULTXHVjOpWDWVHFjODLU



VXUIDoDJHGHVIDFHVGHVVDLSDUDSSOLFDWLRQGXQPpODQJHjEDVH
GHVRXIUH GHVRXIUHLQGXVWULHOGHVDEOHILQj
PPGHQRLUDQLPDO 



3RVLWLRQQHPHQWGHODEULTXHVXUXQHSUHVVHSRXUHVVDLVGHPDWp
ULDX[ GXUV FRQIRUPH j OD QRUPH 1) 3  HQ OD FHQWUDQW GH
WHOOH VRUWH TXH OH FHQWUH JpRPpWULTXH GH OD VXUIDFH SRUWDQWH VRLW
VLWXpVXUOD[HGXSODWHDXjrPP



0LVH HQ FKDUJH GXQH PDQLqUH FRQWLQXH HW VDQV jFRXS j XQH
YLWHVVHUpJXOLqUHFRUUHVSRQGDQWjXQHPRQWpHHQSUHVVLRQGHr
EDUSDUVHFRQGHMXVTXjUXSWXUHFRPSOqWHGHODEULTXH



/HSURFpGpYLVHH[FOXVLYHPHQWOHVPDoRQQHULHVFKDvQpHVDXVHQVGH
ODUWLFOHGHVUqJOHV36FHVWjGLUHFRPSRUWDQWGHVFKDvQD
JHV HQ EpWRQ DUPp PLV HQ XYUH DSUqV H[pFXWLRQ GH OD PDoRQQHULH
DSSDUHQWV RX QRQ DSSDUHQWV  ,O GpURJH DX[ UqJOHV 36  YLVDQW OD
SURWHFWLRQSDUDVLVPLTXHGHVRXYUDJHVWUDGLWLRQQHOVGXIDLWGHODEVHQFH
GHUHPSOLVVDJHGHVMRLQWVYHUWLFDX[

5HOHYp GH OD FKDUJH PD[LPDOH VXSSRUWpH SDU OD EULTXH DX FRXUV
GHOHVVDL



'pWHUPLQDWLRQGHODIRUFHGHUXSWXUHKRUL]RQWDOHFRPPHPR\HQQH
DULWKPpWLTXHGHVUpVXOWDWVGHVVDLV

/HSURFpGpHVWGHVWLQpjODUpDOLVDWLRQGHEkWLPHQWVGRQWOHVPXUVGH
FRQWUHYHQWHPHQWRQWXQHKDXWHXULQIpULHXUHjP

FPdHdFP

$ 'HVFULSWLRQ
 3ULQFLSHHWGRPDLQHGHPSORLSURSRVp
/H SURFpGp FRQVLVWH HQ OD UpDOLVDWLRQ GH PXUV HQ PDoRQQHULHV GH
EULTXHV GH WHUUH FXLWH WUDGLWLRQQHOOHV SURGXLWHV SDU OHV VRFLpWpV PHP
EUHVGX*,(%ULTXHVGH)UDQFHjVDYRLU:,(1(5%(5*(5)UDQFH
,0(5<6 6758&785( HW %28<(5  /(528; PLVHV HQ XYUH
FRQIRUPpPHQWDX[SUHVFULSWLRQVGX'78HWGHVWLQpHVjODUpDOL
VDWLRQGHPXUVGHFRQWUHYHQWHPHQWSRXUXQXVDJHHQ]RQHVGHVLVPL
FLWp,D,EHW,,OHVMRLQWVYHUWLFDX[HQWUHOHVEULTXHVQpWDQWSDVUHPSOLV


3RXU OHV WURLVIDPLOOHV  OpSDLVVHXU H OD ODUJHXU E HW OD KDXWHXU K GHV
EULTXHVGRLYHQWrWUHWHOOHVTXH
FPdKdFP
FPdEdFP

 'pILQLWLRQGHVFRPSRVDQWV

 0RUWLHUGHUHPSOLVVDJHGHVMRLQWV
KRUL]RQWDX[

 %ULTXHVGHWHUUHFXLWH
/HVEULTXHVGHWHUUHFXLWHVRQWFRQIRUPHVDX[QRUPHV1)3RX
1)3

/HVMRLQWVKRUL]RQWDX[VRQWUpDOLVpV

/HV EULTXHV GH WHUUH FXLWHV YLVpHV SRXU OD UpDOLVDWLRQ GHV PXUV GH
FRQWUHYHQWHPHQW VDQV UHPSOLVVDJH GHV MRLQWV YHUWLFDX[ VRQW FODVVpHV
HQWURLVIDPLOOHV&KDFXQHGHFHVIDPLOOHVDIDLWOREMHWGHVVDLVVXUGHV
SDQQHDX[ HQWLHUV VROOLFLWpV GH PDQLqUH TXDVLVWDWLTXH  DOWHUQpH GH
PDQLqUHjTXDOLILHUOHXUFDSDFLWpHQODEVHQFHGHMRLQWVYHUWLFDX[j
UpVLVWHUDX[HIIRUWVKRUL]RQWDX[OLpVjODFWLRQVLVPLTXH

UDSSRUWGHODODUJHXU E VXUODKDXWHXU K 



QRPEUHGHUDQJpHVGDOYpROHV



UpVLVWDQFHjODFRPSUHVVLRQLQGLYLGXHOOH



QRPEUHGHUDQJpHVGDOYpROHVFPGpSDLVVHXUt



5  H t  >03D [ FP@ 5 pWDQW OD UpVLVWDQFH j OD FRPSUHVVLRQ


YHUWLFDOHGHODEULTXHHQ03DHWHVRQpSDLVVHXUHQFP

&ULWqUHVJpRPpWUL
TXHVHWPpFDQLTXHV
GHODIDPLOOH
&ULWqUHVJpRPpWUL
TXHVHWPpFDQLTXHV
GHODIDPLOOH
&ULWqUHVJpRPpWUL
TXHVHWPpFDQLTXHV
GHODIDPLOOH

)DPLOOH%ULTXHVGHWHUUHFXLWHjSHUIRUDWLRQVYHUWLFDOHV
UHVSHFWDQWOHVFULWqUHVVXLYDQWV
EK!



1RPEUHGHUDQJpHVGDOYpROHVFPGpSDLVVHXUt



5pVLVWDQFHjODFRPSUHVVLRQKRUL]RQWDOHtN1



)DPLOOHD



)DPLOOHE



)DPLOOHD



)DPLOOHE




 'LPHQVLRQQHPHQW
 0pWKRGHVLPSOLILpH
/D PpWKRGH VLPSOLILpH VDSSOLTXH DX FDV GHV EkWLPHQWV UpJXOLHUV DX
VHQVGHVUqJOHV36HWQHFRPSRUWDQWSDVSOXVGHGHX[pWDJHVDX
GHVVXVGX5H]GHFKDXVVpH

/HFULWqUHGHUpVLVWDQFHjODFRPSUHVVLRQKRUL]RQWDOHQpFHVVDLUHSRXU
MXJHUGHODSSDUWHQDQFHGXQHEULTXHGRQQpHDX[IDPLOOHVRXHVW
GpWHUPLQpVXLYDQWODSURFpGXUHGHVVDLGpILQLHSDUOH&77%UpDOLVpHDX
PLQLPXPVXUpSURXYHWWHVHWFRPSRUWDQWOHVpWDSHVVXLYDQWHV



-RLQWVKRUL]RQWDX[
UHPSOLVDXPRUWLHU
FROOH

/HV FKDvQDJHV YHUWLFDX[ HW KRUL]RQWDX[ VRQW UpDOLVpV HQ DFLHUV +$
FRQIRUPHVDX[VSpFLILFDWLRQVGHODUWLFOHGHVUqJOHV36 OLPLWH
GpODVWLFLWp LQIpULHXUH RX pJDOH j  03D HW DOORQJHPHQW WRWDO UHODWLI
VRXVFKDUJHPD[LPDOHVSpFLILpHVXSpULHXURXpJDOj 

EKd



-RLQWVKRUL]RQWDX[
UHPSOLVDXPRUWLHU
K\GUDXOLTXH


)DPLOOH

 &KDvQDJHVYHUWLFDX[HWKRUL]RQWDX[

)DPLOOH%ULTXHVGHWHUUHFXLWHjSHUIRUDWLRQVYHUWLFDOHVUHVSHF
WDQWOHVFULWqUHVVXLYDQWV


VRLWDXPR\HQGHPRUWLHUVFROOHVD\DQWIDLWOREMHWGXQ$YLV7HFK
QLTXHVSpFLILTXH

)DPLOOH  %ULTXHV GH WHUUH FXLWH j SHUIRUDWLRQVKRUL]RQWDOHV UHV


SHFWDQWOHVFULWqUHVVXLYDQWV
EK!



/HVIDPLOOHVHWVRQWVXEGLYLVpHVHQGHX[VRXVIDPLOOHVVHORQTXHOH
PRUWLHU XWLOLVp SRXU KRXUGHU OHV MRLQWV KRUL]RQWDX[ HVW XQ PRUWLHU FRX
UDQWjEDVHGHOLDQWK\GUDXOLTXH IDPLOOHVDHWD RXXQPRUWLHUFROOH
IDPLOOHVEHWE 



VRLWDXPR\HQGHPRUWLHUWUDGLWLRQQHOjEDVHGHOLDQWK\GUDXOLTXH
UHVSHFWDQW OHV SUHVFULSWLRQV GH ODUWLFOH  &RQVWLWXDQWV GHV
PRUWLHUVGX'78

/HVFDVGLVWLQFWVYLVpVGDQVOHGRVVLHUVRQWUpVXPpVGDQVOHWDEOHDX
FLGHVVRXVHQIRQFWLRQGXQHSDUWGHVFULWqUHVJpRPpWULTXHVHWPpFD
QLTXHVUHODWLIVjODEULTXHGHWHUUHFXLWHHOOHPrPHHWGDXWUHSDUWGHOD
QDWXUHGXPRUWLHUXWLOLVpSRXUUpDOLVHUOHVMRLQWVKRUL]RQWDX[GXPXUGH
FRQWUHYHQWHPHQW

/HVEULTXHVGHWHUUHFXLWHDSSDUWLHQQHQWRXQRQjOXQHGHVWURLVIDPLO
OHVHQIRQFWLRQGHVFULWqUHVVXLYDQWV GHX[FULWqUHVJpRPpWULTXHVHW
XQFULWqUHPpFDQLTXH 






/HOLQpDLUHWRWDOGHFRQWUHYHQWHPHQWSHXWrWUHFDOFXOpGHGHX[PDQLq
UHV

/H GLPHQVLRQQHPHQW GRQW LO HVW REMHW D SRXU EXW GH GpWHUPLQHU OH OL
QpDLUH WRWDO GH FRQWUHYHQWHPHQW QpFHVVDLUH SRXU UpVLVWHU DX[ HIIRUWV
KRUL]RQWDX[GXVjODFWLRQVLVPLTXHHWWUDQVPLVSDUOHVSODQFKHUV/HV
PXUV SDUWLFLSDQW j FH FRQWUHYHQWHPHQW VRQW FRQVWLWXpV GH EULTXHV RX
EORFV GH WHUUHV FXLWHV FODVVpV GDQV OXQH GHV IDPLOOHV GpILQLHV SUpFp
GHPPHQW
/DFDSDFLWpUpVLVWDQWHjSUHQGUHHQFRPSWHGDQVOHVFDOFXOVHVWIRQF
WLRQGXQHSDUWGHODIDPLOOHjODTXHOOHDSSDUWLHQWOHPXUHWGDXWUHSDUW
GH VD JpRPpWULH /HV YDOHXUV GRQQpHV GDQV OH FDOFXOV UpVXOWHQW GHV
HVVDLVUpDOLVpVSRXUFKDFXQHGHVIDPLOOHVFRQFHUQpHVGDQVOHODERUD
WRLUHGHVVDLVGHVVWUXFWXUHVGX&67%

&DOFXO GH OD VROOLFLWDWLRQ DJLVVDQWH KRUL]RQWDOH GXH j ODFWLRQ VLV


PLTXH



&KRL[GXQPXUHQEULTXHVGHWHUUHFXLWHDSSDUWHQDQWjOXQHGHV
IDPLOOHV



'pWHUPLQDWLRQGXOLQpDLUHWRWDOGHFRQWUHYHQWHPHQW



5pSDUWLWLRQGHVSDQQHDX[GHFRQWUHYHQWHPHQW

/HV HVVDLV RQW pWp UpDOLVpV VXU GHV SDQQHDX[ GH KDXWHXU FRPSULVH
HQWUHPHWPSRXUXQHORQJXHXUGHP
/HV HVVDLV RQW SHUPLV GH GpWHUPLQHU GXQH SDUW OD OLPLWH GX GRPDLQH
GDQVOHTXHOOHSDQQHDXVHFRPSRUWHGHPDQLqUHpODVWLTXHGDXWUHSDUW
OD YDOHXU GH UXSWXUH HW OpWHQGXH GX GRPDLQH R OH SDQQHDX VH FRP
SRUWHGHPDQLqUHSODVWLTXH
/D FDSDFLWp UpVLVWDQWH LQGLYLGXHOOH GXQ SDQQHDX GH FRQWUHYHQWHPHQW
GpSHQG

/DVROOLFLWDWLRQDJLVVDQWHKRUL]RQWDOHGXHjODFWLRQVLVPLTXHHVWFDOFX
OpHVXLYDQWODPpWKRGHHPSOR\pHSRXUOpWDEOLVVHPHQWGXJXLGH&3
0,$QWLOOHVHQFRQVLGpUDQWOHIIRUWVROOLFLWDQWOHQLYHDXOHSOXVEDVGX
EkWLPHQW QLYHDXOHSOXVVROOLFLWp HWHQWHQDQWFRPSWHGHVK\SRWKqVHV
VXLYDQWHV


/H FRHIILFLHQW GH FRPSRUWHPHQW T GH OD PDoRQQHULH FKDvQpH HVW


SULVpJDOj



/HFRHIILFLHQWPDMRUDWHXUUHVWSULVpJDOj



/HIIHW GHV WRUVLRQV GD[H YHUWLFDO HVW SULV HQ FRPSWH PR\HQQDQW
XQFRHIILFLHQWPDMRUDWHXUSULVpJDOj



/HFRHIILFLHQWGDPSOLILFDWLRQWRSRJUDSKLTXHHVWSULVpJDOj

(QWHQDQWFRPSWHGLUHFWHPHQWGHVUpVXOWDWVWDEXOpVGRQQDQWSRXU
OHVVXUIDFHV6pJDOHVjPPPHWPODYDOHXU
GXOLQpDLUHWRWDOGHFRQWUHYHQWHPHQWjSUpYRLUYDOHXUTXRQLQWHU
SROHUDOLQpDLUHPHQWSRXUOHVVXUIDFHVLQWHUPpGLDLUHV

/D FDSDFLWp UpVLVWDQWH LQGLYLGXHOOH GHV SDQQHDX[ GH FRQWUHYHQWHPHQW


VRXV OHIIHW GHV HIIRUWV KRUL]RQWDX[ HVW GpGXLWH GHV HVVDLV TXL RQWpWp
HIIHFWXpVGDQVOHVODERUDWRLUHVGX&67%

&DOFXOGHODVROOLFLWDWLRQDJLVVDQWH

OHEkWLPHQWHVWUpJXOLHUDXVHQVGHVUqJOHV36

 

&DSDFLWpUpVLVWDQWHLQGLYLGXHOOHGHVSDQQHDX[GH
FRQWUHYHQWHPHQW

/HUDLVRQQHPHQWHVWPHQpVXLYDQWOHVGHX[GLUHFWLRQVKRUL]RQWDOHV



HQDSSOLTXDQWODIRUPXOHGRQQpHFLGHVVXVDSUqVDYRLUGpWHUPLQp
OHIIRUW VLVPLTXH )GLP GRQQp GDQV OHV WDEOHDX[ MRLQWV HQ IRQFWLRQ
GXQRPEUHGHQLYHDX[GXEkWLPHQWHWGHOD]RQHFRQFHUQpH

 5pSDUWLWLRQGHVSDQQHDX[GH
FRQWUHYHQWHPHQW

/H GLPHQVLRQQHPHQW HVW HIIHFWXp HQ UHVSHFWDQW OHV TXDWUH pWDSHV


VXLYDQWHV


 

 GHODIDPLOOHGDQVODTXHOOHHVWFODVVpOHSDQQHDX
 GHODORQJXHXUGXSDQQHDX
/D FDSDFLWp UpVLVWDQWH LQGLYLGXHOOH GXQ SDQQHDX GH  P GH ORQ
JXHXUGpGXLWHGHVHVVDLVHVWGRQQpHGDQVOHWDEOHDXTXLVXLW



/RQJXHXUGXSDQQHDX/ P
)DPLOOH

2Q GLVWLQJXH HQ RXWUH OHV EkWLPHQWV j WRLWXUH ORXUGH HW OHV EkWL
PHQWV j WRLWXUH OpJqUH /HV WDEOHDX[ GRQQpV FLDSUqV IRXUQLVVHQW
SRXUFKDFXQHGHVWURLV]RQHV,D,EHW,,HWHQIRQFWLRQGXQRPEUHGH
QLYHDX[GXEkWLPHQWODIRUFH)GLPVROOLFLWDQWOHQLYHDXOHSOXVEDVSDU
PqWUHFDUUpGHVXUIDFH

(IIRUWUpVLVWDQW)U



N1

D

N1

E

N1

D

N1

E

N1


/RUVTXHODORQJXHXUGXSDQQHDXHVWLQIpULHXUHjODYDOHXU/PLQGpIL
QLH FLDSUqV GpSHQGDQW GH OD JpRPpWULH GHV EULTXHV HW GH OD KDXWHXU
GXSDQQHDXOHSDQQHDXQHVWSDVSULVHQFRPSWHFRPPHpOpPHQWGH
FRQWUHYHQWHPHQWYLVjYLVGHODFWLRQVLVPLTXH

2QHQWHQGSDUWRLWXUHORXUGHOHVWRLWXUHVWHUUDVVHVHQEpWRQHWOHV
WRLWXUHVVRXVIRUPHGHSODQFKHUUDPSDQWHQEpWRQ

/RUVTXHODGLPHQVLRQGXSDQQHDXHVWFRPSULVHHQWUHODYDOHXU/PLQHW
 P VRQ HIIRUW UpVLVWDQW HVW H[WUDSROp OLQpDLUHPHQW HQ IRQFWLRQ GH
OHIIRUWUpVLVWDQWUHWHQXSRXUXQSDQQHDXGHP

2Q HQWHQG SDU WRLWXUH OpJqUH OHV FKDUSHQWHV DYHF FRXYHUWXUHV


OpJqUHVVDQVSODQFKHUKDXWHQEpWRQ

 &ODVVHPHQWGXPXU

/RUVTXHODGLPHQVLRQGXSDQQHDXHVWVXSpULHXUHjPPDLVLQIp
ULHXUHjPVDFDSDFLWpUpVLVWDQWHHVWERUQpHjODYDOHXUILJXUDQWGDQV
OHWDEOHDXHWGRQFODORQJXHXUXWLOHGXSDQQHDXHVWSULVHpJDOHj
P

(Q IRQFWLRQ GHV FDUDFWpULVWLTXHV JpRPpWULTXHV HW PpFDQLTXHV GH OD


EULTXHGHWHUUHFXLWHFKRLVLHHWGXW\SHGHPRUWLHUXWLOLVpSRXUOHUHP
SOLVVDJH GHV MRLQWV KRUL]RQWDX[ OHV PXUV GH FRQWUHYHQWHPHQW VRQW
FODVVpVGDQVOXQHGHVFLQTIDPLOOHVSUpFLVpVDXSDUDJUDSKH

/RUVTXHODGLPHQVLRQGXSDQQHDXHVWVXSpULHXUHjPLOHVWUHFRXSp
SDUXQFKDvQDJHYHUWLFDO/DFDSDFLWpUpVLVWDQWHGXSDQQHDXHVWDORUV
FHOOHFXPXOpHGHVSDQVVLWXpVHQWUHOHVFKDvQDJHVYHUWLFDX[HQVXLYDQW
OHVUqJOHVSUpFpGHQWHV

 'pWHUPLQDWLRQGXOLQpDLUHWRWDOGH
FRQWUHYHQWHPHQW
/H OLQpDLUH WRWDO GH FRQWUHYHQWHPHQW j SUpYRLU GDQV OHV GHX[ GLUHF
WLRQV VREWLHQWDYHFODUHODWLRQVXLYDQWH

/DORQJXHXUPLQLPDOH/PLQHVWIRQFWLRQGHODIDPLOOHGHEULTXHV

)DPLOOH
P

/FY )GLP6)U


)DPLOOH

P

)DPLOOH

P

$YHF

/
)GLP(IIRUWVLVPLTXHVROOLFLWDQWOHEkWLPHQWHQN1P
66XUIDFHDXVROGXSURMHWHQP
)U(IIRUWUpVLVWDQWFRUUHVSRQGDQWjODIDPLOOHFKRLVLHSRXUOHSDQQHDX

'LVSRVLWLRQHQSODQGHVSDQQHDX[GH
FRQWUHYHQWHPHQW

 FYOLQpDLUHWRWDOGHFRQWUHYHQWHPHQWH[SULPpHQPqWUHV

/HV SDQQHDX[ LQGLYLGXHOV GH FRQWUHYHQWHPHQW GRQW OHV ORQJXHXUV


DXURQW pWp GpWHUPLQpHV FRPPH GpFULW DX[ SDUDJUDSKHV  HW 
VRQWGLVSRVpVHQUHVSHFWDQWOHVFRQGLWLRQVVXLYDQWHV
 /HV SDQQHDX[ VRQW SODFpV HQ SULRULWp VXU OH FRQWRXU H[WpULHXU GX
EkWLPHQW &RQGLWLRQ 

GHEDVHGHORQJXHXUpJDOHjPHIIRUWGRQQpHQN1



 /HVSDQQHDX[VRQWDXQRPEUHGHGHX[DXPLQLPXPSDUGLUHFWLRQ
SULQFLSDOHGXEkWLPHQW &RQGLWLRQ 



 /HV SDQQHDX[ VRQW GLVSRVpV GDQV GHV SODQV SDUDOOqOHV &RQGL


WLRQ 

% 5pVXOWDWVH[SpULPHQWDX[

 'DQVOHFDVGHSDQQHDX[GLVSRVpVGDQVGHX[SODQVSDUDOOqOHVOD
GLVWDQFHHQWUHFHVSODQVHVWDXPRLQVpJDOHDX[GHX[WLHUVGHOD
ORQJXHXUGHODIDoDGHSHUSHQGLFXODLUHjFHVSODQV &RQGLWLRQ
 

'HVHVVDLVRQWpWpUpDOLVpVGDQVOHVODERUDWRLUHVGX&67%HQHW
&HVHVVDLVRQWpWpUpDOLVpVDYHFGLIIpUHQWVW\SHVGHEULTXHVGH
WHUUHFXLWHDYHFMRLQWVYHUWLFDX[UHPSOLVRXQRQUHPSOLVHWGHPDQLqUH
VWDWLTXHRXTXDVLVWDWLTXHDOWHUQpH

 'DQVOHFDVGHSDQQHDX[GLVSRVpVGDQVSOXVGHGHX[SODQVSDUDO
OqOHVODGLVWDQFHHQWUHOHVGHX[SODQVOHVSOXVpORLJQpVHVWVXSp
ULHXUHDX[GHX[WLHUVGHODORQJXHXUGHODIDoDGHSHUSHQGLFXODLUHj
FHVSODQV &RQGLWLRQ 

(VVDLV UpDOLVpV VXU EULTXHV GH WHUUH FXLWH *(/,6  67850  HW
67850
&HVHVVDLVRQWGRQQpOLHXDX5DSSRUWGpWXGH1(5GX
&67% FRQFHUQDQW OpWXGH GHV PDoRQQHULHV HQ WHUUH FXLWH FKDUJpHV
GDQVOHXUSODQVRXVOHIIHWGDFWLRQVF\FOLTXHVDOWHUQpHV VpLVPH 

 /DGLVWDQFHHQWUHGHX[ILOHVGHSDQQHDX[GHFRQWUHYHQWHPHQWSD
UDOOqOHV QHVW SDV LQIpULHXUH j qPH GH OD ORQJXHXU GH OD IDoDGH
SHUSHQGLFXODLUH &RQGLWLRQ 

& 5pIpUHQFHV

 3RXU XQH GLUHFWLRQ GH FRQWUHYHQWHPHQW OH UDSSRUW GHVORQJXHXUV


GHV SDQQHDX[ SULV GHX[ j GHX[ HVW FRPSULV HQWUH  HW 
&RQGLWLRQ 

/DEVHQFH GH UHPSOLVVDJH GHV MRLQWV YHUWLFDX[ HQWUH OHV EULTXHV GH
WHUUH FXLWH HVW DXWRULVpH KRUV ]RQH VLVPLTXH GDQV OH FDGUH GH
ODSSOLFDWLRQ GX '78  &HWWH WHFKQLTXH EpQpILFLH GRQF j FH WLWUH
GXQORQJUHWRXUGH[SpULHQFHHQ)UDQFHJDUDQWLVVDQWVDIDLVDELOLWp

 /HFRQWUHYHQWHPHQWGHFKDFXQGHVQLYHDX[HVWLGHQWLTXH &RQGL
WLRQ 

 0pWKRGH36

/DPpWKRGH36VDSSOLTXHDX[EkWLPHQWVTXLQHVRQWSDVUpJX
OLHUVHWRXTXLFRPSRUWHQWSOXVGHGHX[pWDJHVDXGHVVXVGX5H]GH
FKDXVVpH




 &DOFXOGHODVROOLFLWDWLRQVLVPLTXHDJLVVDQWH

/DVROOLFLWDWLRQVLVPLTXHDJLVVDQWHHVWFDOFXOpHVHORQOHVSUHVFULSWLRQV
GHVUqJOHV36




 &ODVVHPHQWGXPXU

(Q IRQFWLRQ GHV FDUDFWpULVWLTXHV JpRPpWULTXHV HW PpFDQLTXHV GH OD


EULTXHGHWHUUHFXLWHFKRLVLHHWGXW\SHGHPRUWLHUXWLOLVpSRXUOHUHP
SOLVVDJH GHV MRLQWV KRUL]RQWDX[ OHV PXUV GH FRQWUHYHQWHPHQW VRQW
FODVVpVGDQVOXQHGHVFLQTIDPLOOHVSUpFLVpHVDXSDUDJUDSKH





 9pULILFDWLRQGXFRQWUHYHQWHPHQW

/D FDSDFLWp UpVLVWDQWH LQGLYLGXHOOH GHV SDQQHDX[ GH FRQWUHYHQWHPHQW


HVWSULVHpJDOHDX[YDOHXUVGRQQpHVGDQVOHWDEOHDXGXGHFH
GRVVLHU DYHF OHV PrPHV FRQGLWLRQV UHODWLYHV DX[ ORQJXHXUV GHV SDQ
QHDX[
/DFDSDFLWpUpVLVWDQWHGXFRQWUHYHQWHPHQWQLYHDXSDUQLYHDXGRLWrWUH
VXSpULHXUHjODVROOLFLWDWLRQDJLVVDQWHFDOFXOpHFRPPHGLWDX






 0LVHHQRHXYUH

/DPLVHHQXYUHVHIIHFWXHFRQIRUPpPHQWDX[SUHVFULSWLRQVGX'78
















7$%/($8;'(6/,1($,5(6'(&2175(9(17(0(17


7DEOHDXD=RQH,DDQ PV
VXUIDFH
IDPLOOH

P


D

E

P
D

E



D

E

P
D

E



D

E

P
D

E



D

E

D

E

5 O 

                   

5 / 

                   

5 O 

                   

5 / 

                   





7DEOHDXE=RQH,EDQ PV
VXUIDFH
IDPLOOH

P


D

E

P
D

E



D

E

P
D

E



D

E

P
D

E



D

E

D

E

5 O 

                   

5 / 

                   

5 O 

                   

5 / 

                   






7DEOHDX=RQH,,DQ PV
VXUIDFH
IDPLOOH

P


D

E

P
D

E



D

E

P
D

E



D

E

P
D

E



D

E

D

E

5 O 

                   

5 / 

                   

5 O 

                   

5 / 

                   


/EkWLPHQWjWRLWXUHORXUGHWHOOHTXHGpILQLHDXGX'RVVLHUWHFKQLTXH
O



EkWLPHQW

j

WRLWXUH

OpJqUH

WHOOH

TXH

GpILQLH

DX



GX

'RVVLHU

WHFKQLTXH



7DEOHDXDELV(IIRUWVVLVPLTXHVHQ=RQH,D
EkWLPHQW PDVVHpWDJH PDVVHpWDJH PDVVHpWDJH




NJ 
NJ 
NJ 

<

<

<

DQ

)

PV  N1P 

)
N1P 

)

)GLP

N1P  N1P 

5G&









WRLWXUHOpJqUH

5G&









WRLWXUHORXUGH

5















WRLWXUHOpJqUH

5















WRLWXUHORXUGH

5





















WRLWXUHOpJqUH

5





















WRLWXUHORXUGH

<

<

<

DQ

)

)

)









7DEOHDXEELV(IIRUWVVLVPLTXHVHQ=RQH,E
EkWLPHQW PDVVHpWDJH PDVVHpWDJH PDVVHpWDJH




NJ 
NJ 
NJ 

PV  N1P 

N1P 

)GLP

N1P  N1P 

5G&









WRLWXUHOpJqUH

5G&









WRLWXUHORXUGH

5















WRLWXUHOpJqUH

5















WRLWXUHORXUGH

5





















WRLWXUHOpJqUH

5





















WRLWXUHORXUGH

<

<

<

DQ

)

)

)









7DEOHDXELV(IIRUWVVLVPLTXHVHQ=RQH,,
EkWLPHQW PDVVHpWDJH PDVVHpWDJH PDVVHpWDJH




NJ 
NJ 
NJ 

PV  N1P 

N1P 

)GLP

N1P  N1P 

5G&









WRLWXUHOpJqUH

5G&









WRLWXUHORXUGH

5















WRLWXUHOpJqUH

5















WRLWXUHORXUGH

5





















WRLWXUHOpJqUH

5





















WRLWXUHORXUGH













$11(;($8'266,(57(&+1,48((;(03/('(',0(16,211(0(17
'pILQLWLRQGXSURMHW%kWLPHQW5jWRLWXUHOpJqUHGHPSULVHDXVROpJDOHjP P[P VLWXpHQ]RQH,,GHVLVPLFLWp3DQQHDX[
GHFRQWUHYHQWHPHQWUpDOLVpVDYHFGHVEULTXHVD\DQWOHVFDUDFWpULVWLTXHVJpRPpWULTXHVHWPpFDQLTXHVGHODIDPLOOHOHVMRLQWVKRUL]RQWDX[
pWDQWUHPSOLVDXPRUWLHUFROOH/HVQLYHDX[RQWXQHKDXWHXUGHPHWOHVEULTXHVRQWOHVGLPHQVLRQVVXLYDQWHVpSDLVVHXU FP
KDXWHXU FPHWODUJHXU FP
,OVDJLWGHGpWHUPLQHUOHOLQpDLUHWRWDOGHSDQQHDX[GHFRQWUHYHQWHPHQWQpFHVVDLUHVHWGHGLVSRVHUOHVSDQQHDX[HQIRQFWLRQGHODJpRPp
WULHGXSURMHW
 'pWHUPLQDWLRQGHOHIIRUWVLVPLTXHKRUL]RQWDO
/HIIRUWVLVPLTXHKRUL]RQWDOHVWGRQQpGDQVOHWDEOHDXELV ]RQH,,GHVLVPLFLWp SRXUXQ5DYHFWRLWXUHOpJqUHRQWURXYH

)GLP N1P

 &ODVVHPHQWGXPXU
/HVEULTXHVDSSDUWLHQQHQWjODIDPLOOHHWOHVMRLQWVKRUL]RQWDX[VRQWUHPSOLVDXPRUWLHUFROOHOHVSDQQHDX[GHFRQWUHYHQWHPHQWDSSDU
WLHQQHQWjODIDPLOOHE SDUDJUDSKHGXGRVVLHUWHFKQLTXH 

 'pWHUPLQDWLRQGXOLQpDLUHWRWDOGHFRQWUHYHQWHPHQW
/HOLQpDLUHWRWDOGHFRQWUHYHQWHPHQWSHXWrWUHFDOFXOpGHGHX[PDQLqUHV GXGRVVLHUWHFKQLTXH 

D  3DUDSSOLFDWLRQGHODIRUPXOH/FY )GLP6)U
&HTXLGRQQH/FY [[ PqWUHV DYHFFRUUHVSRQGDQWjODFDSDFLWpUpVLVWDQWHHQN1GXQ
SDQQHDXGHFRQWUHYHQWHPHQWGHIDPLOOHEGHORQJXHXUpJDOHjP 
E 3DUUHFKHUFKHGLUHFWHGDQVOHWDEOHDXFRUUHVSRQGDQWjOD]RQHFRQFHUQpH 7DEOHDXSRXUOD]RQH,, HWGRQQDQWOHOLQpDLUHGHFRQWUH
YHQWHPHQWjSUpYRLUGDQVOHVGHX[GLUHFWLRQV
&HWWHGHX[LqPHPpWKRGHGLVSHQVHGXFDOFXOGHOHIIRUWVLVPLTXHKRUL]RQWDO





6XUIDFHGXSURMHW


IDPLOOHGHEULTXHV



=RQHGHVLVPLFLWp



7\SHGHEkWLPHQW



=RQH,,DQ PV

VXUIDFH

P

IDPLOOH



D

E

5 O 







5 / 

    

5 O 

    

5 / 

    

D

E

 




2QWURXYHDLQVLOHOLQpDLUHWRWDOGHFRQWUHYHQWHPHQWjSUpYRLUGDQVOHVGHX[GLUHFWLRQVVRLWPqWUHV

 5pSDUWLWLRQGHVSDQQHDX[GHFRQWUHYHQWHPHQW
&RPSWHWHQXGHODJpRPpWULHGHVEULTXHVODORQJXHXUPLQLPDOHGXQSDQQHDXGHFRQWUHYHQWHPHQWSRXYDQWrWUHSULVHQFRQVLGpUDWLRQHVW
/PLQ P














([HPSOHVGH%ULTXHVRXEORFVGHVIDPLOOHVHW




)DPLOOH




)DPLOOH


)DPLOOH




















Vous aimerez peut-être aussi