Académique Documents
Professionnel Documents
Culture Documents
%8//(7,12)),&,(/
1FKDDEDQH
7(;7(6*(1(5$8;
'pFUHWQGX UHMHEMXLOOHW DSSURXYDQW
ODFFRUGFRQFOXOH UDELL,, DYULO HQWUHOH
5R\DXPH GX 0DURF HW OH )RQGV GH O23(3 SRXU OH
GpYHORSSHPHQW LQWHUQDWLRQDO SRXU OD JDUDQWLH GX SUrW
GH GL[QHXI PLOOLRQV GHXURV GHXURV
FRQVHQWL SDU OHGLW )RQGV j OD 6RFLpWp QDWLRQDOH GHV
DXWRURXWHV GX 0DURF SRXU OH ILQDQFHPHQW GX SURMHW
GDXWRURXWH)qV2XMGD
BBBBBBBB
/(35(0,(50,1,675(
9X OH SDUDJUDSKH , GH ODUWLFOH GH OD ORL GH ILQDQFHV
QSRXUODQQpHSURPXOJXpHSDUOHGDKLUQ
GXUDELL,HUMDQYLHU
6XUSURSRVLWLRQGXPLQLVWUHGHOpFRQRPLHHWGHVILQDQFHV
'e&57(
'e&57(
1FKDDEDQH
%8//(7,12)),&,(/
GXPLQLVWqUHGHOpFRQRPLHHWGHVILQDQFHV
GXPLQLVWqUHGHODVDQWp
GXPLQLVWqUHGHOpGXFDWLRQQDWLRQDOHGHOHQVHLJQHPHQW
VXSpULHXU GH OD IRUPDWLRQ GHV FDGUHV HW GH OD UHFKHUFKH
VFLHQWLILTXH
GXPLQLVWqUHGHODFRPPXQLFDWLRQ
GXPLQLVWqUHGXGpYHORSSHPHQWVRFLDOGHODIDPLOOHHWGH
ODVROLGDULWp
GXPLQLVWqUHGpOpJXpDXSUqVGX3UHPLHUPLQLVWUHFKDUJp
GHODGPLQLVWUDWLRQGHODGpIHQVHQDWLRQDOH
GXPLQLVWqUHGHODPRGHUQLVDWLRQGHVVHFWHXUVSXEOLFV
GHODJHQGDUPHULHUR\DOH
GHODGLUHFWLRQJpQpUDOHGHODVUHWpQDWLRQDOH
GHV)RUFHVDX[LOLDLUHV
GHODSURWHFWLRQFLYLOH
)DLWj5DEDWOHUHMHEMXLOOHW
GX&RQVHLOFRQVXOWDWLIGHVGURLWVGHOKRPPH
$%%$6(/)$66,
GX&URLVVDQWURXJHPDURFDLQ
/D FRPPLVVLRQ FRPSUHQG pJDOHPHQW GHX[ PHPEUHV
UHSUpVHQWDQW OHV DVVRFLDWLRQV OHV SOXV UHSUpVHQWDWLYHV GDQV OH
GRPDLQHGXGURLWLQWHUQDWLRQDOKXPDQLWDLUHHWGHX[HQVHLJQDQWV
FKHUFKHXUV GDQV OH PrPH GRPDLQH &HV PHPEUHV VRQW QRPPpV
SDUOH3UHPLHUPLQLVWUHSRXUXQHGXUpHGHGHX[DQVUHQRXYHODEOH
BBBBB
$57/HPLQLVWqUHGHODMXVWLFHHVWFKDUJpGXVHFUpWDULDW
SHUPDQHQWGHODFRPPLVVLRQ
/H WH[WH HQ ODQJXH DUDEH D pWp SXEOLp GDQV OpGLWLRQ JpQpUDOH GX
%XOOHWLQRIILFLHOQGXUHMHEMXLOOHW
HU
RFWREUH
SULVHQDSSOLFDWLRQGHODORLQUHODWLYHjOH[HUFLFH
GHODSURIHVVLRQGDUFKLWHFWHHWjOLQVWLWXWLRQGHO2UGUH
QDWLRQDOGHVDUFKLWHFWHV
3RXUFRQWUHVHLQJ
/HPLQLVWUHGHODMXVWLFH
$%'(/:$+$'5$',
BBBBBBBB
/(35(0,(50,1,675(
9X OD ORL Q UHODWLYH j OH[HUFLFH GH OD SURIHVVLRQ
GDUFKLWHFWH HW j OLQVWLWXWLRQ GH O2UGUH QDWLRQDO GHV DUFKLWHFWHV
SURPXOJXpH SDU OH GDKLU Q GX UDELL ,
'e&57(
VHSWHPEUHQRWDPPHQWOHGHUQLHUDOLQpDGHVRQDUWLFOH
GHV H HW GHUQLHU DOLQpDV GH ODUWLFOH GH OD ORL SUpFLWpH
SULVHQDSSOLFDWLRQGHODORLQVXVYLVpQRWDPPHQWOHGHUQLHU
QOHUHVVRUWWHUULWRULDOHWOHVLqJHGHVFRQVHLOVUpJLRQDX[
DOLQpDGHVRQDUWLFOH
GHO2UGUHGHVDUFKLWHFWHVVRQWIL[pVFRPPHVXLW
%8//(7,12)),&,(/
&216(,/5(*,21$/
&RQVHLO UpJLRQDO GH OD UpJLRQ GX *KDUE
&KUDUGD%pQL+VVHQ
&RQVHLO UpJLRQDO GH OD UpJLRQ GH 0DUUDNHFK
7HQVLIW$O+DRX]
&RQVHLO UpJLRQDO GHV UpJLRQV GX *UDQG
&DVDEODQFD GH &KDRXLD2XDUGLJKD HW GH
7DGOD$]LODO
1FKDDEDQH
5(662577(55,725,$/
6,(*(
/DZLOD\DGHODUpJLRQGH0DUUDNHFK7HQVLIW$O+DRX]ODSUpIHFWXUH
GH 0DUUDNHFK HW OHV SURYLQFHV GH &KLFKDRXD G$O +DRX] G(O
.HODkGHV6UDJKQDHWG(VVDRXLUD
/HV ZLOD\DV GHV UpJLRQV GX *UDQG&DVDEODQFD OHV SUpIHFWXUHV GH
&DVDEODQFDOHVSUpIHFWXUHVGDUURQGLVVHPHQWVGH&DVDEODQFD$QID
$OILGD 0HUV6XOWDQ $wQ6HEDk +D\ 0RKDPPDGL +D\
+DVVDQL $wQ&KRFN 6LGL %HUQRXVVL %HQ 06LFN HW 0RXOD\
5DFKLG HW 0RKDPPDGLD HW OHV SURYLQFHV GH 1RXDFHXU HW
0pGLRXQD GH &KDRXLD2XDUGLJKD OHV SURYLQFHV GH 6HWWDW
.KRXULEJD HW %HQVOLPDQH HW GH 7DGOD$]LODO OHV SURYLQFHV GH
%HQL0HOODOHW$]LODO
/DZLOD\DGHODUpJLRQGH'RXNNDOD$EGDOHVSURYLQFHVG(O-DGLGD
HWGH6DIL
0DUUDNHFK
&DVDEODQFD
(O-DGLGD
/HUHVWHVDQVFKDQJHPHQW
$57/HPLQLVWUHGHOKDELWDWGHOXUEDQLVPHHWGHODPpQDJHPHQWGHOHVSDFHHVWFKDUJpGHOH[pFXWLRQGXSUpVHQWGpFUHW
TXLVHUDSXEOLpDX%XOOHWLQRIILFLHO
)DLWj5DEDWOH UHMHEMXLOOHW
$%%$6(/)$66,
3RXUFRQWUHVHLQJ
/HPLQLVWUH
GHOKDELWDWGHOXUEDQLVPH
HWGHODPpQDJHPHQWGHOHVSDFH
$+0('7$28),4+(-,5$
BBBBBBBBB
/HWH[WHHQODQJXHDUDEHDpWpSXEOLpGDQVOpGLWLRQJpQpUDOHGX%XOOHWLQRIILFLHOQGXUHMHEMXLOOHW
FKDUJpHGHOHPSORLDSUqVDYLVGHVRUJDQLVDWLRQVSURIHVVLRQQHOOHV
GHV HPSOR\HXUV HW GHV RUJDQLVDWLRQV V\QGLFDOHV GHV VDODULpV OHV
SOXVUHSUpVHQWDWLYHV
$57/H PLQLVWUH GH OHPSORL HW GH OD IRUPDWLRQ
SURIHVVLRQQHOOH HVW FKDUJp GH OH[pFXWLRQ GX SUpVHQW GpFUHW TXL
VHUDSXEOLpDX%XOOHWLQRIILFLHO
)DLWj5DEDWOHUHMHEMXLOOHW
$%%$6(/)$66,
3RXUFRQWUHVHLQJ
/HPLQLVWUHGHOHPSORL
HWGHODIRUPDWLRQSURIHVVLRQQHOOH
-$0$/5+0$1,
BBBBBBBB
/H WH[WH HQ ODQJXH DUDEH D pWp SXEOLp GDQV OpGLWLRQ JpQpUDOH GX
%XOOHWLQRIILFLHOQGXUHMHEMXLOOHW
1FKDDEDQH
%8//(7,12)),&,(/
/(35(0,(50,1,675(
$SDUWLUGXHUMXLOOHW
/H VDODLUH PLQLPXP KRUDLUH GHV RXYULHUV HW HPSOR\pV GX
VHFWHXUGXWH[WLOHHWGHOKDELOOHPHQWHVWIL[pj'+
$SDUWLUGXHUMXLOOHW
/H VDODLUH PLQLPXP KRUDLUH GHV RXYULHUV HW HPSOR\pV GX
VHFWHXUGXWH[WLOHHWGHOKDELOOHPHQWHVWIL[pj'+
$SUqVH[DPHQSDUOHFRQVHLOGHVPLQLVWUHVUpXQLOHUHMHE
MXLOOHW
$SDUWLUGXHUMXLOOHW
'e&57(
$57,&/(35(0,(5$SDUWLUGXHUMXLOOHW
/HVDODLUHPLQLPXPKRUDLUHGHVRXYULHUVHWHPSOR\pVGH
OLQGXVWULH GX FRPPHUFH HW GHV SURIHVVLRQV OLEpUDOHV HVW IL[p j
'+
/D SDUW GX VDODLUH MRXUQDOLHU REOLJDWRLUHPHQW YHUVpH HQ
HVSqFHGDQVODJULFXOWXUHHVWIL[pHj'+
/DSSOLFDWLRQ GHV GLVSRVLWLRQV GX SDUDJUDSKH SUpFpGHQW QH
GHYUDHQDXFXQFDVHQWUDvQHUODVXSSUHVVLRQRXODGLPLQXWLRQGHV
DYDQWDJHVHQQDWXUHDFFRUGpVDX[VDODULpVDJULFROHV
$57$SDUWLUGXHUMXLOOHW
/HVDODLUHPLQLPXPKRUDLUHGHVRXYULHUVHWHPSOR\pVGH
OLQGXVWULH GX FRPPHUFH HW GHV SURIHVVLRQV OLEpUDOHV HVW IL[p j
'+
BBBBBBBB
/H WH[WH HQ ODQJXH DUDEH D pWp SXEOLp GDQV OpGLWLRQ JpQpUDOH GX
%XOOHWLQRIILFLHOQGXUHMHEMXLOOHW
/(35(0,(50,1,675(
9XOD&RQVWLWXWLRQQRWDPPHQWVRQDUWLFOH
$57/H&DWDORJXHPDURFDLQGHVGpFKHWVHVWUpYLVp
DXWDQWGHIRLVTXLOHVWQpFHVVDLUHSDUDUUrWpGXPLQLVWUHFKDUJpGH
OHQYLURQQHPHQW
9XODORLQUHODWLYHjODJHVWLRQGHVGpFKHWVHWjOHXU
pOLPLQDWLRQ SURPXOJXpH SDU OH GDKLU Q GX FKDRXDO
QRYHPEUHQRWDPPHQWVHVDUWLFOHVHW
$57/HSUpVHQWGpFUHWHVWSXEOLpDX%XOOHWLQRIILFLHO
$SUqVH[DPHQSDUOHFRQVHLOGHVPLQLVWUHVUpXQLOHUHMHE
MXLOOHW
'e&57(
3RXUFRQWUHVHLQJ
$57,&/(35(0,(5(QDSSOLFDWLRQGHVDUWLFOHVHWGH
OD ORL Q VXVYLVpH OHV GpFKHWV VRQW LQYHQWRULpV HW FODVVpV
HQ IRQFWLRQ GH OHXU QDWXUH HW GH OHXU SURYHQDQFH GDQV XQ
FDWDORJXHGpQRPPp&DWDORJXHPDURFDLQGHVGpFKHWV
/DPLQLVWUHGHOpQHUJLH
GHVPLQHVGHOHDX
HWGHOHQYLURQQHPHQW
$0,1$%(1.+$'5$
%8//(7,12)),&,(/
$57 8Q ELODQ GH OD PLVH HQ XYUH GHV PHVXUHV
pGLFWpHV SDU OH SUpVHQW GpFUHW VHUD SUpVHQWp SDU OH GLUHFWHXU DX
&RQVHLO GDGPLQLVWUDWLRQ GH O2IILFH QDWLRQDO PDURFDLQ GX
WRXULVPHORUVGHODVHVVLRQFRQVDFUpHjOH[DPHQGHVFRPSWHVGH
OpWDEOLVVHPHQW UHODWLIV j OH[HUFLFH 6HUD pJDOHPHQW
SUpVHQWpHDXGLWFRQVHLODXIXUHWjPHVXUHGHVRQpODERUDWLRQOD
VLWXDWLRQGXVXLYLGXUppFKHORQQHPHQWGHODWD[HHWGHOpWDWGHV
UHVWHVjUHFRXYUHU
&RSLHGHFHVGRFXPHQWVHVWWUDQVPLVHDXPLQLVWUHFKDUJpGX
WRXULVPHDLQVLTXDXPLQLVWUHFKDUJpGHVILQDQFHV
$57 /H PLQLVWUH GX WRXULVPH HW GH ODUWLVDQDW HW OH
PLQLVWUHGHOpFRQRPLHHWGHVILQDQFHVVRQWFKDUJpVFKDFXQHQFH
TXLOHFRQFHUQHGHOH[pFXWLRQGXSUpVHQWGpFUHWTXLVHUDSXEOLp
DX%XOOHWLQRIILFLHO
)DLWj5DEDWOHUHMHEMXLOOHW
$%%$6(/)$66,
6XUSURSRVLWLRQGXPLQLVWUHGXWRXULVPHHWGHODUWLVDQDWHW
GXPLQLVWUHGHOpFRQRPLHHWGHVILQDQFHV
3RXUFRQWUHVHLQJ
$SUqVH[DPHQSDUOHFRQVHLOGHVPLQLVWUHVUpXQLOHUHMHE
MXLOOHW
/HPLQLVWUHGXWRXULVPH
HWGHODUWLVDQDW
02+$00('%2866$,'
/HPLQLVWUHGHOpFRQRPLH
HWGHVILQDQFHV
6$/$+('',1(0(=28$5
'e&57(
1FKDDEDQH
BBBBB
/H WH[WH HQ ODQJXH DUDEH D pWp SXEOLp GDQV OpGLWLRQ JpQpUDOH GX
%XOOHWLQRIILFLHOQGXHUFKDDEDQHDRW
$57,&/(35(0,(5(VWVXVSHQGXHMXVTXDXPDLOD
SHUFHSWLRQGXGURLWGLPSRUWDWLRQDSSOLFDEOHDX[DOLPHQWVGHEpWDLO
VXLYDQWV OH PDwV ORUJH OHV
WRXUWHDX[
OHV JHUPHV GH PDwV OHV
FRTXHV GH VRMD OHV UpVLGXV GDPLGRQQHULH HW
UpVLGXV VLPLODLUHV &RP JOXWHQ IHHG HW FRUQ JOXWHQ PHDO
OHV JUDLQHV GH FRWRQ OH SRLV
IRXUUDJHUODYRLQHOH6FUHQLQJ
FULEOXUHVGHFpUpDOHVHWOHVGUrFKHVGHEUDVVHULH
1FKDDEDQH
%8//(7,12)),&,(/
$%%$6(/)$66,
3RXUFRQWUHVHLQJ
$%%$6(/)$66,
3RXUFRQWUHVHLQJ
/HPLQLVWUHGHOpFRQRPLH
HWGHVILQDQFHV
6$/$+('',1(0(=28$5
/HPLQLVWUHGHODJULFXOWXUH
HWGHODSrFKHPDULWLPH
$=,=$.+$1128&+
/HPLQLVWUHGHOLQGXVWULH
GXFRPPHUFH
HWGHVQRXYHOOHVWHFKQRORJLHV
/HPLQLVWUHGHOpFRQRPLH
HWGHVILQDQFHV
6$/$+('',1(0(=28$5
/HPLQLVWUHGHODJULFXOWXUH
HWGHODSrFKHPDULWLPH
$=,=$.+$1128&+
/HPLQLVWUHGXFRPPHUFHH[WpULHXU
$%'(//$7,)0$=28=
BBBBBBBB
/H WH[WH HQ ODQJXH DUDEH D pWp SXEOLp GDQV OpGLWLRQ JpQpUDOH GX
%XOOHWLQRIILFLHOQGXUHMHEMXLOOHW
$+0('5('$&+$0,
/HPLQLVWUHGXFRPPHUFHH[WpULHXU
$%'(//$7,)0$=28=
BBBBBBBB
/H WH[WH HQ ODQJXH DUDEH D pWp SXEOLp GDQV OpGLWLRQ JpQpUDOH GX
%XOOHWLQRIILFLHOQGXUHMHEMXLOOHW
$UUrWp GX PLQLVWUH GH ODJULFXOWXUH HW GH OD SrFKH PDULWLPH
Q GX MRXPDGD ,, MXLQ
FRPSOpWDQW ODUUrWp GX PLQLVWUH GH ODJULFXOWXUH HW GH OD
UpIRUPH DJUDLUH Q GX MRXPDGD ,,
GpFHPEUH IL[DQWODOLVWHGHVODERUDWRLUHVKDELOLWpV
jSURFpGHUDX[DQDO\VHVGDQVOHGRPDLQHDJULFROH
BBBBBBBBBB
/(0,1,675('(/$*5,&8/785((7'(/$3(&+(0$5,7,0(
'(6,*1$7,21'(6/$%25$72,5(6
7<3(6'$1$/<6(6
/DERUDWRLUH*D\D
'e&57(
$57,&/(35(0,(5(VWVXVSHQGXHjFRPSWHUGXDRW
ODSHUFHSWLRQGXGURLWGLPSRUWDWLRQDSSOLFDEOHDXEOpWHQGUHUHOHYDQW
GHVSRVLWLRQVWDULIDLUHVHW
/DERUDWRLUH PDURFDLQ
/$%20$*
GDJULFXOWXUH
%8//(7,12)),&,(/
$57/HSUpVHQWDUUrWpVHUDSXEOLpDX%XOOHWLQRIILFLHO
1FKDDEDQH
$SUqVDYLVGHODFRPPLVVLRQLQWHUPLQLVWpULHOOHGHVSUL[
5DEDWOHMRXPDGD,,MXLQ
$=,=$.+$1128&+
BBBBBBB
/H WH[WH HQ ODQJXH DUDEH D pWp SXEOLp GDQV OpGLWLRQ JpQpUDOH GX
%XOOHWLQRIILFLHOQGXHUFKDDEDQHDRW
$557(
$57,&/(35(0,(5/DUWLFOHGHODUUrWpVXVYLVpQ
GXUDPDGDQRFWREUHHVWPRGLILpDLQVLTXLVXLW
$UWLFOH/HVSUL[GHYHQWHGHEDVHPD[LPDDXSXEOLFGX
EXWDQH HW GHV FRPEXVWLEOHV OLTXLGHV VRQW IL[pV FRPPH VXLW
jFRPSWHUGXHUMXLOOHW
EXWDQH
$UUrWpGXPLQLVWUHGpOpJXpDXSUqVGX3UHPLHUPLQLVWUH
FKDUJp
GHV DIIDLUHV pFRQRPLTXHV HW JpQpUDOHV Q GX
MRXPDGD ,, MXLQ PRGLILDQW ODUUrWp
QGXUDPDGDQRFWREUHUHODWLI
jODIL[DWLRQGHVSUL[GHUHSULVHHQUDIILQHULHHWGHYHQWH
GHVFRPEXVWLEOHVOLTXLGHVHWGXEXWDQH
BBBBBBBB
VXSHUFDUEXUDQWV'++/
IXHORLOQ'+7
FKDUJHVVXSpULHXUHVjNJ
FKDUJHVLQIpULHXUHVjNJ
JDVRLO
JDVRLO'++/
&+$5*('(6$))$,5(6(&2120,48(6(7*(1(5$/(6
9XOHGpFUHWQGXNDDGDQRYHPEUH
SRUWDQW GpOpJDWLRQ GDWWULEXWLRQV HW GH SRXYRLUV j 0 1L]DU
%DUDNDPLQLVWUHGpOpJXpDXSUqVGX3UHPLHUPLQLVWUHFKDUJpGHV
DIIDLUHVpFRQRPLTXHVHWJpQpUDOHV
9XODUUrWpGXPLQLVWUHGpOpJXpDXSUqVGX3UHPLHUPLQLVWUH
FKDUJp GHV DIIDLUHV pFRQRPLTXHV HW JpQpUDOHV Q GX
UDPDGDQRFWREUHUHODWLIjODIL[DWLRQGHVSUL[
GH UHSULVH HQ UDIILQHULH HW GH YHQWH GHV FRPEXVWLEOHV OLTXLGHV HW
GXEXWDQHWHOTXLODpWpPRGLILp
$UUrWpGXPLQLVWUHGHOpFRQRPLHHWGHVILQDQFHV
QGX
IXHORLOGHVWLQpjODSURGXFWLRQGHOpQHUJLHpOHFWULTXH
$57/H SUpVHQW DUUrWp TXL VHUD SXEOLp DX %XOOHWLQ
RIILFLHOSUHQGHIIHWjFRPSWHUGXHUMXLOOHWj]pURKHXUH
5DEDWOHMRXPDGD,,MXLQ
1,=$5%$5$.$
BBBBBBBB
/H WH[WH HQ ODQJXH DUDEH D pWp SXEOLp GDQV OpGLWLRQ JpQpUDOH GX
%XOOHWLQRIILFLHOQGXUHMHEMXLOOHW
9XODUUrWpGXPLQLVWUHGHVILQDQFHVQGXNDDGD
RFWREUHIL[DQWODOLVWHGHVEXUHDX[GHVGRXDQHVHW
LPS{WV LQGLUHFWV OHXUV FRPSpWHQFHV HW GpVLJQDQW FHX[ SDU
OHVTXHOV GRLYHQW VHIIHFWXHU REOLJDWRLUHPHQW FHUWDLQHV RSpUDWLRQV
GHGpGRXDQHPHQWWHOTXLODpWpPRGLILpHWFRPSOpWp
$557(
GpGRXDQHPHQW
BBBBBBBBBB
/(0,1,675('(/(&2120,((7'(6),1$1&(6
DSSURXYpSDUOHGDKLUSRUWDQWORLQGXFKDRXDO
RFWREUHWHOTXLODpWpPRGLILpHWFRPSOpWpQRWDPPHQW
5DEDWOHUHMHEMXLOOHW
VHVDUWLFOHVHW
6$/$+('',1(0(=28$5
1FKDDEDQH
%8//(7,12)),&,(/
BBBBBBBB
/HWH[WHHQODQJXHDUDEHDpWpSXEOLpGDQVOpGLWLRQJpQpUDOHGX%XOOHWLQRIILFLHOQGXUHMHEMXLOOHW
%8//(7,12)),&,(/
$UUrWpGXPLQLVWUHGHOpFRQRPLHHWGHVILQDQFHV QGX
UHMHE MXLOOHW PRGLILDQW HW FRPSOpWDQW
ODUUrWp GX PLQLVWUH GHV ILQDQFHV Q GX
NDDGD RFWREUH IL[DQW OD OLVWH GHV
EXUHDX[ HW SRVWHV GH GRXDQH VLWXpV j OLQWpULHXU GX
UD\RQGHVGRXDQHV
BBBBBBBBBB
/(0,1,675('(/(&2120,((7'(6),1$1&(6
9X OH FRGH GHV GRXDQHV DLQVL TXH GHV LPS{WV LQGLUHFWV
UHOHYDQW GH ODGPLQLVWUDWLRQ GHV GRXDQHV HW LPS{WV LQGLUHFWV
DSSURXYpSDUOHGDKLUSRUWDQWORLQGXFKDRXDO
RFWREUHWHOTXLODpWpPRGLILpHWFRPSOpWpQRWDPPHQW
VRQDUWLFOH
9X ODUUrWp GX PLQLVWUH GHV ILQDQFHV Q GX
NDDGD RFWREUH IL[DQW OD OLVWH GHV EXUHDX[ HW
SRVWHV GH GRXDQH VLWXpV j OLQWpULHXU GX UD\RQ GHV GRXDQHV WHO
TXLODpWpPRGLILpHWFRPSOpWp
$SUqVDYLVGXPLQLVWUHGHOLQWpULHXU
$557(
5DEDWOHUHMHEMXLOOHW
6$/$+('',1(0(=28$5
BBBBBBBBB
/H WH[WH HQ ODQJXH DUDEH D pWp SXEOLp GDQV OpGLWLRQ JpQpUDOH GX
%XOOHWLQ RIILFLHO Q GX UHMHE MXLOOHW
1FKDDEDQH
$UUrWp GX PLQLVWUH GH OD VDQWp Q GX UHMHE
MXLOOHWIL[DQWOHVQRUPHVWHFKQLTXHVGLQVWDOODWLRQ
GH VDOXEULWp HW GH VXUIDFH UHODWLYHV DX ORFDO GHYDQW DEULWHU
XQH RIILFLQH GH SKDUPDFLH DLQVL TXH OHV QRUPHV WHFKQLTXHV
UHODWLYHVDX[pWDEOLVVHPHQWVSKDUPDFHXWLTXHV
BBBBBBBBBB
/$0,1,675('(/$6$17e
9X OD ORL Q SRUWDQW FRGH GX PpGLFDPHQW HW GH OD
SKDUPDFLH SURPXOJXpH SDU OH GDKLU Q GX FKDRXDO
QRYHPEUHQRWDPPHQWVHVDUWLFOHVHW
9XOHGpFUHWQGXUHMHEMXLOOHW
UHODWLIjOH[HUFLFHGHODSKDUPDFLHjODFUpDWLRQHWjORXYHUWXUH
GHVRIILFLQHVHWGHVpWDEOLVVHPHQWVSKDUPDFHXWLTXHVQRWDPPHQW
VHVDUWLFOHVHWDOLQpD
$SUqVDYLVGXFRQVHLOQDWLRQDOGHORUGUHGHVSKDUPDFLHQV
$557(
'HVQRUPHVWHFKQLTXHVGLQVWDOODWLRQGHVDOXEULWp
HWGHVXUIDFHUHODWLYHVDXORFDOGHYDQWDEULWHU
XQHRIILFLQHGHSKDUPDFLH
$57 7RXW ORFDO GHYDQW DEULWHU XQH RIILFLQH GH
SKDUPDFLHGRLWDYRLUXQHVXSHUILFLHVXSpULHXUHRXpJDOHjYLQJW
TXDWUHPDXVROHWrWUHDPpQDJpHWDGDSWpjVHVDFWLYLWpVGH
IDoRQjSHUPHWWUHOH[pFXWLRQGHVDFWHVSKDUPDFHXWLTXHVGDQVOH
UHVSHFWGHVERQQHVSUDWLTXHVRIILFLQDOHV
$57 (Q DSSOLFDWLRQ GHV GLVSRVLWLRQV GH O
DUWLFOH GX
GpFUHW VXVYLVp Q GX UHMHE MXLOOHW
OHQWUpH SULQFLSDOH GH ORIILFLQH GH SKDUPDFLH GRLW GRQQHU
GLUHFWHPHQW DFFqV j OD YRLH SXEOLTXH VDXI ORUVTXH ORIILFLQH HVW
VLWXpH GDQV OHQFHLQWH GXQ FHQWUH FRPPHUFLDO WHO TXH GpILQL DX
HDOLQpDGXGLWDUWLFOH
$57 /H ORFDO GH ORIILFLQH GRLW IRUPHU XQ HQVHPEOH
GXQ VHXO WHQDQW $XFXQH FRPPXQLFDWLRQ GLUHFWH QH GRLW H[LVWHU
HQWUH ORIILFLQH HW XQ DXWUH ORFDO SURIHVVLRQQHO RX FRPPHUFLDO
VRXV UpVHUYH GHV GLVSRVLWLRQV UHODWLYHV j ORXYHUWXUH HW j
OH[SORLWDWLRQ GXQ ODERUDWRLUH GDQDO\VHV GH ELRORJLH PpGLFDOH
SDUXQSKDUPDFLHQGRIILFLQHSUpYXHVDXH DOLQpDGHO
DUWLFOH
GH OD ORL Q UHODWLYH DX[ ODERUDWRLUHV SULYpV GDQDO\VHV GH
ELRORJLHPpGLFDOH
$57/RIILFLQHGHSKDUPDFLHGRLWGLVSRVHUGDXPRLQV
XQ HVSDFH GDFFXHLO DYHF XQ SUpVHQWRLU DPpQDJp GH WHOOH
VRUWH TXH OH SXEOLF QDLW GLUHFWHPHQW DFFqV QL DX[
PpGLFDPHQWV QL DX[ DXWUHV SURGXLWV GRQW OD YHQWH HVW
UpVHUYpHDX[RIILFLQHV
XQHVSDFHSRXUUD\RQQDJHV
XQ SUpSDUDWRLUH SRXU OH[pFXWLRQ HW OH FRQWU{OH GHV
SUpSDUDWLRQV PDJLVWUDOHV RIILFLQDOHV GHV PpGLFDPHQWV
VSpFLDOLVpVGHORIILFLQHHWGHVSURGXLWVRIILFLQDX[GLYLVpV
/HSUpSDUDWRLUHGRLWrWUHpTXLSpGXQSRLQWGHDX
1FKDDEDQH
%8//(7,12)),&,(/
XQOLHXUpVHUYpjODPLVHHQTXDUDQWDLQHGHVPpGLFDPHQWV
HWSURGXLWVSKDUPDFHXWLTXHVLPSURSUHVjODFRQVRPPDWLRQ
XQ OLHX VpFXULVp GHVWLQp DX VWRFNDJH GHV PpGLFDPHQWV HW
SURGXLWVFODVVpVFRPPHVWXSpILDQWVSDUODOpJLVODWLRQHWOD
UpJOHPHQWDWLRQUHODWLYHVDX[VXEVWDQFHVYpQpQHXVHV
XQHVSDFHUpVHUYpDXEXUHDXGXSKDUPDFLHQ
GHVVDQLWDLUHVGRWpVGXQSRLQWGHDXGLVWLQFW
XQODYDERDYHFSRLQWGHDXGLVWLQFW
$57ORIILFLQH GRLW rWUH GRWpH GXQ H[WLQFWHXU
SpULRGLTXHPHQW FRQWU{Op FRQIRUPpPHQW j OD OpJLVODWLRQ HW j OD
UpJOHPHQWDWLRQUHODWLYHjODOXWWHFRQWUHOLQFHQGLH
$57/RIILFLQHGRLWrWUHEUDQFKpH
DXUpVHDXSXEOLFGDSSURYLVLRQQHPHQWHQHDXSRWDEOHRX
j GpIDXW GXQ V\VWqPH GDOLPHQWDWLRQ HQ HDX SRWDEOH
FRQIRUPHDX[QRUPHVVDQLWDLUHV
DX UpVHDX GpFODLUDJH SXEOLF RX DORUV GLVSRVHU GXQ
V\VWqPHGDOLPHQWDWLRQHQpOHFWULFLWpDGpTXDW
DX UpVHDX GDVVDLQLVVHPHQW SXEOLF $ GpIDXW HOOH GRLW
GLVSRVHU GH VRQ SURSUH V\VWqPH GpYDFXDWLRQ HW GH
WUDLWHPHQW GHV HDX[ XVpHV FRQIRUPH DX[ QRUPHV
GK\JLqQHHQYLJXHXU
$57 7RXWH RIILFLQH GH SKDUPDFLH GRLW SRXYRLU rWUH
UHFRQQX SDU XQH VLJQDOLVDWLRQ DGpTXDWH OLPLWpH j OD IDoDGH GH
OLPPHXEOH TXL ODEULWH HW FRQIRUPH j OD OpJLVODWLRQ HW j OD
UpJOHPHQWDWLRQHQYLJXHXU
&KDSLWUH,,
'HVQRUPHVWHFKQLTXHVUHODWLYHV
DX[pWDEOLVVHPHQWVSKDUPDFHXWLTXHVLQGXVWULHOV
$57/pWDEOLVVHPHQWSKDUPDFHXWLTXHLQGXVWULHOGRLW
rWUHLPSODQWpjOpFDUWGHV]RQHVGKDELWDWLRQ
rWUHEUDQFKpDXUpVHDXSXEOLFGDSSURYLVLRQQHPHQWHQHDX
SRWDEOH $ GpIDXW OH SURJUDPPH GH UpDOLVDWLRQ GH
OpWDEOLVVHPHQW GRLW SUpYRLU VRQ V\VWqPH SURSUH
GDSSURYLVLRQQHPHQW HQ HDX SRWDEOH FRQIRUPH DX[
QRUPHVVDQLWDLUHV
rWUHEUDQFKpDXUpVHDXGDVVDLQLVVHPHQWSXEOLF$GpIDXW
LOGRLWGLVSRVHUGHVRQSURSUHV\VWqPHGpYDFXDWLRQHWGH
WUDLWHPHQW GHV HDX[ XVpHV FRQIRUPH DX[ QRUPHV
GK\JLqQHHQYLJXHXU
UpSRQGUHDX[QRUPHVUHODWLYHVjODOXWWHFRQWUHOLQFHQGLH
FRQIRUPpPHQW j OD OpJLVODWLRQ HW j OD UpJOHPHQWDWLRQ HW
QRWDPPHQW GLVSRVHU GH SRVWHV GHDX[ DFFHVVLEOHV HW
pTXLSp GXQ QRPEUH VXIILVDQW GH[WLQFWHXUV DSSURSULpV
LQVWDOOpV GDQV OHV HPSODFHPHQWV DGDSWpV HW
SpULRGLTXHPHQWFRQWU{OpV
rWUHEUDQFKpDXUpVHDXGpFODLUDJHSXEOLFHWGLVSRVHUGXQ
JURXSHpOHFWURJqQH
$57 /DPpQDJHPHQW GHV ORFDX[ GXQ pWDEOLVVHPHQW
SKDUPDFHXWLTXH LQGXVWULHO HQ SURMHW GRLW UpSRQGUH DX[ QRUPHV
WHFKQLTXHVFLDSUqV
OD VXSHUILFLH GHV ORFDX[ GRLW rWUH DGDSWpH j ODFWLYLWp
SKDUPDFHXWLTXHLQGXVWULHOOHSURMHWpH
%8//(7,12)),&,(/
&KDSLWUH,,,
'HVQRUPHVWHFKQLTXHVUHODWLYHVDX[
pWDEOLVVHPHQWVSKDUPDFHXWLTXHVJURVVLVWHVUpSDUWLWHXUV
$57/pWDEOLVVHPHQW SKDUPDFHXWLTXH JURVVLVWH
UpSDUWLWHXUGRLW
rWUHEUDQFKpDXUpVHDXSXEOLFGDSSURYLVLRQQHPHQWHQHDX
SRWDEOH $ GpIDXW OH SURJUDPPH GH UpDOLVDWLRQ GH
OpWDEOLVVHPHQW GRLW SUpYRLU VRQ V\VWqPH SURSUH
GDSSURYLVLRQQHPHQW HQ HDX SRWDEOH FRQIRUPH DX[
QRUPHVVDQLWDLUHV
rWUHEUDQFKpDXUpVHDXGDVVDLQLVVHPHQWSXEOLF$GpIDXW
LOGRLWGLVSRVHUGHVRQSURSUHV\VWqPHGpYDFXDWLRQHWGH
WUDLWHPHQW GHV HDX[ XVpHV FRQIRUPH DX[ QRUPHV
GK\JLqQHHQYLJXHXU
rWUHEUDQFKpDXUpVHDXGpFODLUDJHSXEOLFHWGLVSRVHUGXQ
JURXSHpOHFWURJqQH
UpSRQGUHDX[QRUPHVUHODWLYHVjODOXWWHFRQWUHOLQFHQGLH
FRQIRUPpPHQW j OD OpJLVODWLRQ HW j OD UpJOHPHQWDWLRQ HW
QRWDPPHQW GLVSRVHU GH SRVWHV GHDX[ DFFHVVLEOHV HW
pTXLSp GXQ QRPEUH VXIILVDQW GH[WLQFWHXUV DSSURSULpV
LQVWDOOpV GDQV GHV HPSODFHPHQWV DGDSWpV HW
SpULRGLTXHPHQWFRQWU{OpV
$57 /D VXSHUILFLH GHV ORFDX[ GRLW rWUH DGDSWpH j
ODFWLYLWp SKDUPDFHXWLTXH GH GLVWULEXWLRQ SURMHWpH (OOH HVW DX
PLQLPXPGHFLQTFHQWVP DXVROjOH[FOXVLRQGHOD]RQH
GH VWDWLRQQHPHQW GHV YpKLFXOHV (Q RXWUH ODGPLQLVWUDWLRQ GRLW
rWUH GLVWLQFWH GHV ORFDX[ GHVWLQpV VSpFLILTXHPHQW j ODFWLYLWp GH
GLVWULEXWLRQ
$57 /DPpQDJHPHQW GHV ORFDX[ GRLW WHQLU FRPSWH
GHVVSpFLILFLWpVGHVGLIIpUHQWVS{OHVGDFWLYLWpVOLpHVDXVWRFNDJH
HWjODGLVWULEXWLRQ
1FKDDEDQH
1FKDDEDQH
%8//(7,12)),&,(/
7(;7(63$57,&8/,(56
'pFUHW Q GX UHMHE MXLOOHW SRUWDQW
DSSUREDWLRQ GX FDKLHU GHV FKDUJHV SDUWLFXOLHU SRXU OD
UpDOLVDWLRQ GHV PLVVLRQV GX VHUYLFH XQLYHUVHO SDU OD
VRFLpWp&,0(&20
BBBBBBBB
/(35(0,(50,1,675(
9X OD ORL Q UHODWLYH j OD SRVWH HW DX[
WpOpFRPPXQLFDWLRQV SURPXOJXpH SDU OH GDKLU Q GX
UDELL ,, DRW WHOOH TXHOOH D pWp PRGLILpH HW
FRPSOpWpHQRWDPPHQWVHVDUWLFOHVSUHPLHUHWELV
9X OD ORL GH ILQDQFHV Q SRXU ODQQpH EXGJpWDLUH
SURPXOJXpH SDU OH GDKLU Q GX NDDGD
GpFHPEUHQRWDPPHQWVRQDUWLFOH
9XOHGpFUHWQGXFKDRXDOIpYULHU
SRUWDQWDSSOLFDWLRQGHVGLVSRVLWLRQVGHODORLQUHODWLYHj
ODSRVWHHWDX[WpOpFRPPXQLFDWLRQVHQFHTXLFRQFHUQHO$JHQFH
QDWLRQDOHGHUpJOHPHQWDWLRQGHVWpOpFRPPXQLFDWLRQV
9XOHGpFUHWQGXFKDRXDOIpYULHU
UHODWLI DX[ FRQGLWLRQV JpQpUDOHV GH[SORLWDWLRQ GHV UpVHDX[
SXEOLFV GH WpOpFRPPXQLFDWLRQV WHO TXLO D pWp PRGLILp HW
FRPSOpWpQRWDPPHQWVRQDUWLFOH
9XOHGpFUHWQGXNDDGDQRYHPEUH
UHODWLIDX[DWWULEXWLRQVGXPLQLVWUHGHOLQGXVWULHGXFRPPHUFHHW
GHVQRXYHOOHVWHFKQRORJLHV
'e&57(
$57,&/(35(0,(5(VWDSSURXYpWHOTXDQQH[pDXSUpVHQW
GpFUHW OH FDKLHU GHV FKDUJHV SDUWLFXOLHU IL[DQW OHV FRQGLWLRQV HW
PRGDOLWpVGHUpDOLVDWLRQGHVPLVVLRQVGXVHUYLFHXQLYHUVHOSDUOD
VRFLpWp&,0(&20
$57/H PLQLVWUH GH OpFRQRPLH HW GHV ILQDQFHV OH
PLQLVWUHGHOLQGXVWULHGXFRPPHUFHHWGHVQRXYHOOHVWHFKQRORJLHV
HW O$JHQFH QDWLRQDOH GH UpJOHPHQWDWLRQ GHV WpOpFRPPXQLFDWLRQV
VRQW FKDUJpV FKDFXQ HQ FH TXL OH FRQFHUQH GH OH[pFXWLRQ GX
SUpVHQWGpFUHWTXLVHUDSXEOLpDX%XOOHWLQRIILFLHO
)DLWj5DEDWOHUHMHEMXLOOHW
$%%$6(/)$66,
3RXUFRQWUHVHLQJ
&DKLHUGHVFKDUJHVSDUWLFXOLHU
SRXUODUpDOLVDWLRQGHVPLVVLRQVGXVHUYLFHXQLYHUVHO
SDUODVRFLpWp&,0(&20
$UWLFOHSUHPLHU
2EMHWGXFDKLHUGHVFKDUJHV
/H SUpVHQW FDKLHU GHV FKDUJHV D SRXU REMHW GH IL[HU OHV
FRQGLWLRQV HW OHV PRGDOLWpV GDQV OHVTXHOOHV VRQW UpDOLVpHV OHV
PLVVLRQVGHVHUYLFHXQLYHUVHOSDU&,0(&20
/HV SURJUDPPHV HQWUDQW GDQV OH FDGUH GHV PLVVLRQV GH
VHUYLFH XQLYHUVHO SURSRVpV SDU &,0(&20 HW DSSURXYpV SDU OH
FRPLWp GH JHVWLRQ GX VHUYLFH XQLYHUVHO GHV WpOpFRPPXQLFDWLRQV
LQVWLWXpSDUOHGpFUHWQGXFKDRXDOIpYULHU
UHODWLI DX[ FRQGLWLRQV JpQpUDOHV GH[SORLWDWLRQ GHV UpVHDX[
SXEOLFVGHWpOpFRPPXQLFDWLRQVWHOTXLODpWpPRGLILpHWFRPSOpWp
IRQW OREMHW GH FRQYHQWLRQV VLJQpHV SDU O$JHQFH QDWLRQDOH GH
UpJOHPHQWDWLRQGHVWpOpFRPPXQLFDWLRQVHW&,0(&20
&KDTXH FRQYHQWLRQ SUpFLVH OHV VSpFLILFLWpV GH FKDTXH
SURJUDPPHQRWDPPHQW
OLQWLWXOpHWOREMHWGXSURJUDPPH
ODOLVWHGHVORFDOLWpVREMHWGXSURJUDPPH
OHVREOLJDWLRQVUHODWLYHVjODUpDOLVDWLRQGXSURJUDPPH
OHVGpODLVGHUpDOLVDWLRQGXSURJUDPPH
ODGXUpHHWOHVPRDOLWpVGHUHQRXYHOOHPHQWGHODFRQYHQWLRQ
OHPRQWDQWUHWHQXDXWLWUHGXSURJUDPPH
OHVLQGLFDWHXUVGHTXDOLWpGHVHUYLFH\DIIpUHQWV
$UWLFOH
7HUPLQRORJLH
2XWUHOHVGpILQLWLRQVGRQQpHVGDQVODORLQUHODWLYHj
OD SRVWH HW DX[ WpOpFRPPXQLFDWLRQV SURPXOJXpH SDU OH GDKLU
Q GX UDELL ,, DRW WHOOH TXHOOH D pWp
PRGLILpH HW FRPSOpWpH HW OHV WH[WHV SULV SRXU VRQ DSSOLFDWLRQ LO
HVW IDLW XVDJH GDQV OH SUpVHQW FDKLHU GHV FKDUJHV GH WHUPHV TXL
VRQWHQWHQGXVGHODPDQLqUHVXLYDQWH
)RQGVGHVHUYLFHXQLYHUVHOGHWpOpFRPPXQLFDWLRQV
/HPLQLVWUHGHOpFRQRPLH
HWGHVILQDQFHV
/HFRPSWHGDIIHFWDWLRQVSpFLDOHFUppSDUODUWLFOHGHODORL
GH ILQDQFHV SRXU ODQQpH EXGJpWDLUH HQ YXH GH SHUPHWWUH OD
FRPSWDELOLVDWLRQ GHV RSpUDWLRQV DIIpUHQWHV j OD FRQWULEXWLRQ GHV
H[SORLWDQWVGHUpVHDX[SXEOLFVGHWpOpFRPPXQLFDWLRQVDX[PLVVLRQV
HWFKDUJHVGXVHUYLFHXQLYHUVHOGpVLJQpFLDSUqVSDUIRQGV
6$/$+('',1(0(=28$5
&HQWUHGDFFqVSXEOLFSRXUOHVVHUYLFHVGHWpOpFRPPXQLFDWLRQV
/HPLQLVWUHGHOLQGXVWULH
GXFRPPHUFH
HWGHVQRXYHOOHVWHFKQRORJLHV
$+0('5('$&+$0,
%8//(7,12)),&,(/
$UWLFOH
7H[WHVGHUpIpUHQFHV
/H SUpVHQW FDKLHU GHV FKDUJHV GRLW rWUH H[pFXWp
FRQIRUPpPHQW j OHQVHPEOH GHV GLVSRVLWLRQV OpJLVODWLYHV HW
UpJOHPHQWDLUHV HW GHV QRUPHV PDURFDLQHV HW LQWHUQDWLRQDOHV HQ
YLJXHXUQRWDPPHQWODORLQSUpFLWpHHWOHVWH[WHVSULVSRXU
VRQDSSOLFDWLRQ
/HVSUHVFULSWLRQVGHVWH[WHVOpJLVODWLIVHWUpJOHPHQWDLUHVRQW
SULRULWpVXUFHOOHVGXSUpVHQWFDKLHUGHVFKDUJHVDXFDVROXQH
GH VHV GLVSRVLWLRQV VHUDLW HQ FRQWUDGLFWLRQ DYHF FHOOHV GHVGLWV
WH[WHV
$UWLFOH
&RQWRXUVHWSRUWpHGXVHUYLFHXQLYHUVHO
&,0(&20HVWWHQXGHUpDOLVHUOHVSURJUDPPHVUHOHYDQWGX
VHUYLFHXQLYHUVHOWHOVTXDSSURXYpVSDUOHFRPLWpGHJHVWLRQGH
VHUYLFH XQLYHUVHO GH WpOpFRPPXQLFDWLRQV HW GpFULWV GDQV OHV
FRQYHQWLRQV YLVpHV j ODUWLFOH SUHPLHU FLGHVVXV /D UpDOLVDWLRQ
GHVGLWVSURJUDPPHVVHIDLWGDQVOHUHVSHFWGHVFRQGLWLRQVIL[pHV
SDU OD OpJLVODWLRQ HW OD UpJOHPHQWDWLRQ HQ YLJXHXU HW SDU OHV
GLVSRVLWLRQVGXSUpVHQWFDKLHUGHVFKDUJHV
$UWLFOH
(QWUpHHQYLJXHXUGXUpHHWUHQRXYHOOHPHQW
GXFDKLHUGHVFKDUJHV
/H SUpVHQW FDKLHU GHV FKDUJHV HVW SULV SRXU XQH GXUpH
PLQLPDOH GH GL[ DQV FRXUDQW j FRPSWHU GX SUHPLHU
SURJUDPPH UpDOLVp FRQIRUPpPHQW j VHV FODXVHV 7RXWHIRLV OHV
SURJUDPPHV LQLWLpV GDQV OH FDGUH GHV FRQYHQWLRQV FRQFOXHV HQ
DSSOLFDWLRQ GH ODUWLFOH SUHPLHU GX SUpVHQW FDKLHU GHV FKDUJHV
GHPHXUHQW UpJLV SDU VHV GLVSRVLWLRQV SHQGDQW WRXWH OD GXUpH
GHVGLWHVFRQYHQWLRQVHWMXVTXjpSXLVHPHQWGHOHXUVHIIHWV
6XU GHPDQGH GpSRVpH DXSUqV GH O$157 SDU
&,0(&20 YLQJW TXDWUH PRLV DX PRLQV DYDQW OD ILQ GH OD
SpULRGH GH YDOLGLWp GX SUpVHQW FDKLHU GHV FKDUJHV FHOXLFL SHXW
rWUHUHQRXYHOpSDUSpULRGHVVXSSOpPHQWDLUHVQH[FpGDQWSDVFLQT
DQVFKDFXQH
/HUHQRXYHOOHPHQWGXSUpVHQWFDKLHUGHV FKDUJHV QHVWSDV
VRXPLVDX[SURFpGXUHVGHODSSHOjFRQFXUUHQFH,OLQWHUYLHQWSDU
GpFUHW GX 3UHPLHU PLQLVWUH VXU SURSRVLWLRQ GH O$157 /H
UHQRXYHOOHPHQW SHXW rWUH DVVRUWL GH PRGLILFDWLRQ GHV FRQGLWLRQV
GXSUpVHQWFDKLHUGHVFKDUJHV
$UWLFOH
(QJDJHPHQWVGH&,0(&20
&,0(&20 HVW WHQX GH SUHQGUH WRXWHV OHV PHVXUHV
QpFHVVDLUHVDILQGHUpDOLVHUOHVSURJUDPPHVGHVHUYLFHXQLYHUVHO
GPHQWDSSURXYpVSDUOHFRPLWpGHJHVWLRQGXVHUYLFHXQLYHUVHO
GHV WpOpFRPPXQLFDWLRQV GDQV OHV FRQGLWLRQV GpODLV HW GDWHV
SUpYXV SDU OH SUpVHQW FDKLHU GHV FKDUJHV HW SDU OHV FRQYHQWLRQV
YLVpHVjODUWLFOHSUHPLHUFLGHVVXV
&,0(&20HVWWHQXGDVVXUHUODPDLQWHQDQFHHWOHERQ
IRQFWLRQQHPHQWGHVpTXLSHPHQWVHWLQVWDOODWLRQVpWDEOLVHQYXHGH
ODUpDOLVDWLRQGHVPLVVLRQVGXVHUYLFHXQLYHUVHO
&,0(&20 HVW WHQX VRXV UpVHUYH GHV GLVSRVLWLRQV
SDUWLFXOLqUHV GX SUpVHQW FDKLHU GHV FKDUJHV GpWDEOLU HW
GH[SORLWHU OHV LQIUDVWUXFWXUHV GpGLpHV j OD UpDOLVDWLRQ GHV
SURJUDPPHVGHVHUYLFHXQLYHUVHOFRQIRUPpPHQWDX[FRQGLWLRQV
JpQpUDOHVGpWDEOLVVHPHQWHWGH[SORLWDWLRQGHVUpVHDX[REMHWGHV
OLFHQFHVHWRXFDKLHUVGHFKDUJHVGRQWLOHVWWLWXODLUH
1FKDDEDQH
$FFqVDX[UHVVRXUFHVGXUpVHDX
&,0(&20 GRQQH GURLW GDQV OHV GpODLV IL[pV SDU OD
UpJOHPHQWDWLRQ HQ YLJXHXU DX[ GHPDQGHV GHV H[SORLWDQWV GH
UpVHDX[ SXEOLFV GH WpOpFRPPXQLFDWLRQV SRXU ODFFqV DX[
LQIUDVWUXFWXUHV HW UHVVRXUFHV pWDEOLHV SRXU OD UpDOLVDWLRQ GHV
SURJUDPPHV REMHW GHV FRQYHQWLRQV YLVpHV j ODUWLFOH SUHPLHU
FLGHVVXV
/HV FRQGLWLRQV WHFKQLTXHV HW WDULIDLUHV GH ODFFqV DX[
UHVVRXUFHVGHUpVHDXVRQWIL[pHVSDUO$157DSUqVFRQVXOWDWLRQ
GHV H[SORLWDQWV GH UpVHDX[ SXEOLFV GH WpOpFRPPXQLFDWLRQV
FRQFHUQpV
$UWLFOH
$FFqVDX[IUpTXHQFHV
$WWULEXWLRQGHIUpTXHQFHVGHVHUYLFHV
6XU GHPDQGH PRWLYpH &,0(&20 SHXW VROOLFLWHU GH
O$157TXHOXLVRLHQWDWWULEXpHVRXDVVLJQpHVGHVUHVVRXUFHVHQ
IUpTXHQFHV GH VHUYLFHV HQ YXH GpWDEOLU OHV LQIUDVWUXFWXUHV REMHW
GHVFRQYHQWLRQVYLVpHVjODUWLFOHSUHPLHUFLGHVVXV
&RQGLWLRQVGXWLOLVDWLRQGHVIUpTXHQFHV
3RXU FKDTXH IUpTXHQFH DWWULEXpH RX DVVLJQpH O$157
SRXUUDVLQpFHVVDLUHLPSRVHUGHVFRQGLWLRQVGHFRXYHUWXUHHWGHV
OLPLWHVGHSXLVVDQFHGHUD\RQQHPHQWVXUOHV]RQHVJpRJUDSKLTXHV
GpILQLHVGDQVOHFDGUHGHVSURJUDPPHVUHWHQXV
3RXU GHV IUpTXHQFHV DXWUHV TXH OHV EDQGHV GH VHUYLFHV
O$157 SURFqGH j GHV DVVLJQDWLRQV GH IUpTXHQFHV GDQV OHV
GLIIpUHQWHVEDQGHVFRQIRUPpPHQWjODUpJOHPHQWDWLRQHQYLJXHXU
HWHQIRQFWLRQGHODGLVSRQLELOLWpGXVSHFWUH
&,0(&20 FRPPXQLTXH j OD GHPDQGH GH O$157 OHV
SODQV GXWLOLVDWLRQ GHV EDQGHV GH IUpTXHQFHV TXL OXL RQW pWp
DWWULEXpHVRXDVVLJQpHV
,QWHUIpUHQFHV
6RXVUpVHUYHGXUHVSHFWGHODUpJOHPHQWDWLRQHQYLJXHXUGHV
LPSpUDWLIV GH OD FRRUGLQDWLRQ QDWLRQDOH HW LQWHUQDWLRQDOH HW j OD
FRQGLWLRQ GH QH SDV SURYRTXHU GHV LQWHUIpUHQFHV RX EURXLOODJHV
QXLVLEOHV FRQVWDWpV OHV FRQGLWLRQV GpWDEOLVVHPHQW HW
GH[SORLWDWLRQHWOHVSXLVVDQFHVGHUD\RQQHPHQWVRQWOLEUHV
1FKDDEDQH
%8//(7,12)),&,(/
1LYHDXGHTXDOLWpGHVVHUYLFHV
&,0(&20 VHQJDJH j PHWWUH HQ XYUH WRXV OHV PR\HQV
SRXUDWWHLQGUHGHVQLYHDX[GHTXDOLWpGHVHUYLFHFRPSDUDEOHVDX[
VWDQGDUGVLQWHUQDWLRQDX[
,O GHYUD PHWWUH HQ XYUH OHV SURWHFWLRQV HW UHGRQGDQFHV
QpFHVVDLUHV SRXU JDUDQWLU XQH TXDOLWp HW XQH GLVSRQLELOLWp GH
VHUYLFHVDWLVIDLVDQWHVDLQVLTXHOHVpTXLSHPHQWVHWOHVSURFpGXUHV
QpFHVVDLUHV DILQ TXH OHV REMHFWLIV GH TXDOLWp GH VHUYLFH
GHPHXUHQWDXQLYHDXSUpYXSDUOHVVWDQGDUGVLQWHUQDWLRQDX[
(Q SDUWLFXOLHU &,0(&20 GRLW UpSRQGUH DX[ FULWqUHV GH
TXDOLWp PLQLPXP GpFULWV GDQV OHV FRQYHQWLRQV YLVpHV j ODUWLFOH
SUHPLHUFLGHVVXV
$UWLFOH
'pODLGHUpDOLVDWLRQGHVREOLJDWLRQV
/D PLVH HQ VHUYLFH GHV LQVWDOODWLRQV QpFHVVDLUHV j OD
UpDOLVDWLRQ GHV SURJUDPPHV SUpYXV SDU OHV FRQYHQWLRQV YLVpHV j
ODUWLFOH SUHPLHU FLGHVVXV GRLW VH IDLUH GDQV OHV GpODLV HW GDWHV
VSpFLILpVGDQVOHVGLWHVFRQYHQWLRQV
$UWLFOH
7DULILFDWLRQ
6DXI GLVSRVLWLRQ FRQWUDLUH GX SUpVHQW FDKLHU GHV
FKDUJHV OHV PRGDOLWpV GH WDULILFDWLRQ GHV VHUYLFHV UHOHYDQW GHV
PLVVLRQV GX VHUYLFH XQLYHUVHO UHVSHFWHQW OD UpJOHPHQWDWLRQ HQ
YLJXHXU 7RXWH PRGLILFDWLRQ GHV WDULIV GHV VHUYLFHV REMHW GHV
FRQYHQWLRQV YLVpHV j ODUWLFOH SUHPLHU FLGHVVXV GHYUD rWUH
VRXPLVHjODFFRUGSUpDODEOHGHO$157
/HV WDULIV DSSOLTXpV SDU &,0(&20 SRXU OHV
SUHVWDWLRQVUHOHYDQWGXVHUYLFHXQLYHUVHOGRLYHQWrWUHDERUGDEOHV
SHUPHWWUH ODFFHVVLELOLWp GHV XVDJHUV DX[ GLWHV SUHVWDWLRQV HW
JDUDQWLU OH UHVSHFW GHV SULQFLSHV GXQLIRUPLWp GHV WDULIV VXU OH
WHUULWRLUHQDWLRQDO
$UWLFOH
&RPSWDELOLWpDQDO\WLTXH
&RQIRUPpPHQW DX[ GLVSRVLWLRQV GH ODUWLFOH GX GpFUHW
Q SUpFLWp &,0(&20 HVW WHQX GH GLVSRVHU GXQH
FRPSWDELOLWp DQDO\WLTXH VSpFLILTXH SRXU OHV FRWV SURGXLWV HW
UpVXOWDWV OLpV DX[ SUHVWDWLRQV REMHW GHV FRQYHQWLRQV YLVpHV j
ODUWLFOHSUHPLHUFLGHVVXV
$UWLFOH
0RQWDQWVUHWHQXV
/HV PRQWDQWV UHWHQXV SRXU OD UpDOLVDWLRQ SDU &,0(&20
GHVSURJUDPPHVUHOHYDQWGXVHUYLFHXQLYHUVHOVRQWVSpFLILpVGDQV
OHVFRQYHQWLRQVYLVpHVjODUWLFOHSUHPLHUFLGHVVXV
&HV PRQWDQWV UHVWHQW GXV HW H[LJLEOHV WDQW TXH OHVGLWV
SURJUDPPHVQHVRQWSDVFRPSOqWHPHQWUpDOLVpV
$UWLFOH
3pQDOLWpVGHUHWDUGGHUpDOLVDWLRQ
(Q FDV GDEDQGRQ RX GH UHWDUG GDQV OH[pFXWLRQ GHV
REOLJDWLRQVSUpYXHVSDUOHVFRQYHQWLRQVYLVpHVjODUWLFOHSUHPLHU
FLGHVVXV HW VDXI FDV GH IRUFH PDMHXUH GPHQW FRQVWDWp SDU
O$157&,0(&20VH[SRVHDX[SpQDOLWpVSUpYXHVFLGHVVRXV
(Q FDV GH UHQRQFLDWLRQ j OD UpDOLVDWLRQ GH OD WRWDOLWp
GXQSURJUDPPHREMHWGXQHFRQYHQWLRQVLJQpHHQDSSOLFDWLRQGH
ODUWLFOH SUHPLHU FLGHVVXV &,0(&20 HVW WHQX GH YHUVHU DX
IRQGV OD YDOHXU DFTXLVH SDU OH PRQWDQW UHWHQX DX WLWUH GX
SURJUDPPH HQ TXHVWLRQ GXUDQW OD SpULRGH VpWDODQW HQWUH OD GDWH
GHQWUpH HQ YLJXHXU GH OD FRQYHQWLRQ HQ FDXVH HW OD GDWH GH
UHQRQFLDWLRQjODUpDOLVDWLRQGXGLWSURJUDPPHHWFHHQXWLOLVDQW
OH WDX[ GH UHQGHPHQW GHV ERQV GH 7UpVRU PDURFDLQV GH PDWXULWp
FLQTXDQWHGHX[VHPDLQHV/DYDOHXUDFTXLVHVHFDOFXOHGHOD
PDQLqUHVXLYDQWH
0Y 0U[5IQ
2
0YOHPRQWDQWjYHUVHUDXIRQGV
0UOHPRQWDQWUHWHQXDXWLWUHGXSURJUDPPHHQTXHVWLRQ
5IOHWDX[GHVERQVGH7UpVRU
Q VHQWHQG HQ DQQpH HW UHSUpVHQWH OD SpULRGH VpWDODQW
HQWUH OD GDWH GHQWUpH HQ YLJXHXU GH OD FRQYHQWLRQ HW OD
GDWHGHUHQRQFLDWLRQSDU&,0(&20jODUpDOLVDWLRQGXGLW
SURJUDPPH
(QSOXV&,0(&20HVWWHQXGHYHUVHDXIRQGVXQHSpQDOLWp
pJDOH j GX PRQWDQW UHWHQX DX WLWUH GX SURJUDPPH HQ
TXHVWLRQ
'DQV OH FDV GH OD QRQ UpDOLVDWLRQ GXQ SURJUDPPH
REMHWGXQHFRQYHQWLRQVLJQpHHQDSSOLFDWLRQGHODUWLFOHSUHPLHU
FLGHVVXVGDQVOHVGpODLVHWGDWHVSUpYXVSDUODGLWHFRQYHQWLRQ
&,0(&20 HVW DVVXMHWWL DX SDLHPHQW GXQH SpQDOLWp GRQW
OH PRQWDQW HVW pJDO j GH OD GLIIpUHQFH HQWUH OH
PRQWDQW UHWHQX DX WLWUH GX SURJUDPPH HQ TXHVLRQ HW OH
PRQWDQW GHV UpDOLVDWLRQV HIIHFWXpHV DX[ GpODLV HW GDWHV
SUpFLWpV
XQ GpODL VXSSOpPHQWDLUH GH VL[ PRLV HVW DFFRUGp j
&,0(&20 SRXU SRXUVXLYUH OHV UpDOLVDWLRQV QRQ
HIIHFWXpHV$OH[SLUDWLRQGHFHGpODL
VLOHVWFRQVWDWpGHVUpDOLVDWLRQVLQFRPSOqWHVSDUUDSSRUWj
FHOOHV SUpYXHV SDU OD FRQYHQWLRQ FRQFHUQpH &,0(&20
VHUD WHQX GH YHUVHU DX IRQGV OD YDOHXU DFTXLVH SDU OD
GLIIpUHQFH HQWUH OH PRQWDQW UHWHQX HW OH PRQWDQW GHV
UpDOLVDWLRQV HIIHFWXpHV j FHWWH GDWH GXUDQW OD SpULRGH
VpWDODQWHQWUHODGDWHGHQWUpHHQYLJXHXUGHODFRQYHQWLRQ
HQFDXVHHWODGDWHGHOH[SLUDWLRQGXGpODLVXSSOpPHQWDLUH
GHVL[PRLVHWFHHQXWLOLVDQWOHWDX[GHUHQGHPHQWGHV
ERQVGH7UpVRUPDURFDLQVGHPDWXULWpFLQTXDQWHGHX[
VHPDLQHV /D YDOHXU DFTXLVH VH FDOFXOH GH OD PDQLqUH
VXLYDQWH
0Y 0U0UH[5IQ
2
0YOHPRQWDQWjYHUVHUDXIRQGV
0UOHPRQWDQWUHWHQXDXWLWUHGXSURJUDPPHHQTXHVWLRQ
0UHOHPRQWDQWGHVUpDOLVDWLRQVHIIHFWXpHV
5IOHWDX[GHVERQVGH7UpVRU
%8//(7,12)),&,(/
Q VHQWHQG HQ DQQpH HW UHSUpVHQWH OD SpULRGH VpWDODQW
HQWUH OD GDWH GHQWUpH HQ YLJXHXU GH OD FRQYHQWLRQ HW OD
GDWH GH OH[SLUDWLRQ GX GpODL VXSSOpPHQWDLUH GH VL[
PRLV
OHV UpDOLVDWLRQV QRQ HIIHFWXpHV SDU &,0(&20
QHUHOqYHURQWSOXVGHVHVPLVVLRQVGHVHUYLFHXQLYHUVHOHW
VRQWFRQVLGpUpHVFRPPHUHWLUpHVGHODFRQYHQWLRQ
$UWLFOH
3pQDOLWpVHQFDVGHQRQUHVSHFWGHVGLVSRVLWLRQV
GXFDKLHUGHVFKDUJHV
6DXI FDV GH IRUFH PDMHXUH GPHQW FRQVWDWp SDU O$157
&,0(&20 VH[SRVH DX[ SpQDOLWpV VXLYDQWHV HQ FDV GH QRQ
UHVSHFW GHV FRQGLWLRQV GH[SORLWDWLRQ GHV VHUYLFHV REMHW GX
SUpVHQWFDKLHUGHVFKDUJHV
(Q FDV GH QRQUHVSHFW GH OXQH GHV GLVSRVLWLRQV GX
SUpVHQW FDKLHU GHV FKDUJHV DXWUHV TXH FHOOHV UHODWLYHV DX[ GpODLV
GHUpDOLVDWLRQGHVHVPLVVLRQV&,0(&20VH[SRVHDXSDLHPHQW
GXQH SpQDOLWp GRQW OH PRQWDQW HVW pJDO j GHV PRQWDQWV
UHWHQXV HW FH VDQV SUpMXGLFH GHV VDQFWLRQV SUpYXHV SDU OD
UpJOHPHQWDWLRQHQYLJXHXU
3HQGDQW OD GXUpH GH YDOLGLWp GX SUpVHQW FDKLHU GHV
FKDUJHV HW HQ FDV GDUUrW GH OD IRXUQLWXUH GHV VHUYLFHV HQ
DSSOLFDWLRQGHODUWLFOHFLGHVVXV&,0(&20HVWWHQXGH
YHUVHU DX IRQGV OD WRWDOLWp GHV PRQWDQWV UHWHQXV DX WLWUH GX
SURJUDPPHHQTXHVWLRQ
/HV PRQWDQWV GHV SpQDOLWpV SUpYXV SDU OHV DUWLFOHV
HW GX SUpVHQW FDKLHU GHV FKDUJHV DLQVL TXH OHV PRGDOLWpV GH
OHXUSDLHPHQWVRQWGpWHUPLQpVSDUO$157
$UWLFOH
,QIRUPDWLRQV
(Q VXV GH VHV REOLJDWLRQV GH WUDQVPLVVLRQ GLQIRUPDWLRQV
SUpYXHV SDU OHV GLVSRVLWLRQV GH VHV FDKLHUV GHV FKDUJHV SRXU
OpWDEOLVVHPHQW HW OH[SORLWDWLRQ GH UpVHDX[ SXEOLFV GH
WpOpFRPPXQLFDWLRQV &,0(&20 HVW WHQX GH VRXPHWWUH j
O$157 DX SOXV WDUG OH HU MXLQ GH ODQQpH 1 VHV pWDWV GH
V\QWKqVHV GPHQW FHUWLIpV UHODWLIV DX[ UpVXOWDWV GHV DFWLYLWpV
UHOHYDQW GHV PLVVLRQV GX VHUYLFH XQLYHUVHO SUpYXHV SDU OHV
FRQYHQWLRQV YLVpHV j ODUWLFOH SUHPLHU FLGHVVXV HW FH
FRQIRUPpPHQWjODUpJOHPHQWDWLRQHQYLJXHXU
&,0(&20 HVW WHQX GH VRXPHWWUH j O$157 VXU XQH EDVH
WULPHVWULHOOH
OHGpODLOGHVLQYHVWLVVHPHQWVHQWUHSULVGDQVOHFDGUHGHOD
UpDOLVDWLRQ GHV SURJUDPPHV REMHW GHV FRQYHQWLRQV
SUpFLWpHV
WRXWHVOHVLQIRUPDWLRQVWHFKQLTXHVHWILQDQFLqUHVUHODWLYHV
jODUpDOLVDWLRQGHVGLWVSURJUDPPHV
WRXWHV OHV LQIRUPDWLRQV UHODWLYHV DX[ UHYHQXV UpDOLVpV SDU
OHVVHUYLFHVIRXUQLVGDQVOHFDGUHGHFHVSURJUDPPHV
OHGpWDLOGHVLQIRUPDWLRQVVXUOHWUDILFHQWUDQWHWVRUWDQWSDU
UDSSRUW DX[ VHUYLFHV REMHW GHV SURJUDPPHV GH VHUYLFH
XQLYHUVHO
&,0(&20HVWWHQXGHIRXUQLUWRXWHDXWUHLQIRUPDWLRQTXH
O$157 MXJH XWLOH SRXU DVVXUHU OH VXLYL GH OD UpDOLVDWLRQ GHV
VHUYLFHVUHOHYDQWGXVHUYLFHXQLYHUVHO
1FKDDEDQH
$UWLFOH
&RQWU{OH
/$157 HVW KDELOLWpH j SURFpGHU SDU VHV DJHQWV
FRPPLVVLRQQpVjFHWHIIHWRXSDUWRXWHSHUVRQQHGPHQWKDELOLWpH
SDUHOOHDXSUqVGH&,0(&20jGHVHQTXrWHV\FRPSULVFHOOHV
TXL QpFHVVLWHQW GHV LQWHUYHQWLRQV GLUHFWHV RX GHV EUDQFKHPHQWV
GpTXLSHPHQWVH[WHUQHVVXUVRQSURSUHUpVHDXGDQVOHVFRQGLWLRQV
SUpYXHVSDUODOpJLVODWLRQHWODUpJOHPHQWDWLRQHQYLJXHXU
$UWLFOH
([RQpUDWLRQ
$X WLWUH GH OH[pFXWLRQ GHV VHUYLFHV REMHW GHV FRQYHQWLRQV
VLJQpHVHQDSSOLFDWLRQGXSUpVHQWFDKLHUGHVFKDUJHV&,0(&20
HVW GLVSHQVp GXUDQW OD SpULRGH GH YDOLGLWp GXGLW FDKLHU GHV
FKDUJHV YLVpH j ODUWLFOH GX SDLHPHQW GH OD FRQWULEXWLRQ
DX[PLVVLRQVGHVHUYLFHXQLYHUVHOSUpYXHSDUODUpJOHPHQWDWLRQHQ
YLJXHXUVXUOHFKLIIUHGDIIDLUHVUpDOLVpGDQVOHVORFDOLWpVIDLVDQW
SDUWLHGHVSURJUDPPHVGHVHUYLFHXQLYHUVHOWHOOHTXDUUrWpHVSDU
OHVGLWHVFRQYHQWLRQV
$UWLFOH
0RGLILFDWLRQGXFDKLHUGHVFKDUJHV
'XUDQWVDSpULRGHGHYDOLGLWpOHSUpVHQWFDKLHUGHVFKDUJHV
SHXW rWUH PRGLILp RX FRPSOpWp VXU SURSRVLWLRQ GX FRPLWp GH
JHVWLRQ GX VHUYLFH XQLYHUVHO GHV WpOpFRPPXQLFDWLRQV HW FH
FRQIRUPpPHQWjODUpJOHPHQWDWLRQHQYLJXHXU
$UWLFOH
6LJQLILFDWLRQHWLQWHUSUpWDWLRQ
GXFDKLHUGHVFKDUJHV
/H SUpVHQW FDKLHU GHV FKDUJHV HW OHV FRQYHQWLRQV YLVpHV j
ODUWLFOHSUHPLHUFLGHVVXVOHXUVLJQLILFDWLRQHWOHXULQWHUSUpWDWLRQ
VRQWUpJLVSDUOHVORLVHWOHVUqJOHPHQWVHQYLJXHXUDX0DURF
$UWLFOH
8QLWpVGHPHVXUHHWPRQQDLHGHVFRQWULEXWLRQV
D 3RXUWRXVGRFXPHQWVPpPRLUHVQRWHVWHFKQLTXHVSODQV
HW DXWUHV pFULWV &,0(&20 HVW WHQX GXWLOLVHU OH V\VWqPH
PpWULTXHHWOHVXQLWpVGHPHVXUHV\UDWWDFKDQW
E/HV PRQWDQWV GHV GLIIpUHQWHV FRQWULEXWLRQV VRQW GXV HQ
GLUKDPVPDURFDLQV
$UWLFOH
/DQJXHGXFDKLHUGHVFKDUJHV
HWUqJOHPHQWGHVGLIIpUHQGV
/HSUpVHQWFDKLHUGHVFKDUJHVHVWUpGLJpHQODQJXHVDUDEHHW
IUDQoDLVH/DYHUVLRQDUDEHIDLWIRLGHYDQWOHVWULEXQDX[PDURFDLQV
/HVGLIIpUHQGVLVVXVGHOLQWHUSUpWDWLRQGXSUpVHQWFDKLHUGHV
FKDUJHVVHURQWVRXPLVDX[WULEXQDX[FRPSpWHQWVGH5DEDW
$UWLFOH
(OHFWLRQGHGRPLFLOH
&,0(&20IDLWpOHFWLRQGHGRPLFLOHHQVRQVLqJHVRFLDO
(VSDFH-HW%XVLQHVV&ODVVORW$WWRXILN6LGL0DkURXI
&DVDEODQFD0DURF
BBBBBBBB
/H WH[WH HQ ODQJXH DUDEH D pWp SXEOLp GDQV OpGLWLRQ JpQpUDOH GX
%XOOHWLQRIILFLHOQGXUHMHEMXLOOHW
1FKDDEDQH
%8//(7,12)),&,(/
'DQVFHWWHSHUVSHFWLYHODVRFLpWppJ\SWLHQQH2+'DLQLWLp
XQ SURJUDPPH GLQYHVWLVVHPHQWV YLVDQW OH GpYHORSSHPHQW GH OD
QRXYHOOH ]RQH WRXULVWLTXH LQWpJUpH 1=7, GH 2XHG &KELND &H
SURJUDPPH SUpYRLW ODPpQDJHPHQW OD SURPRWLRQ OD
FRPPHUFLDOLVDWLRQ HW OD YDORULVDWLRQ GH ORWV GH WHUUDLQV DX SURILW
GH SURPRWHXUV LPPRELOLHUV GXQH PDQLqUH JpQpUDOH HW GH
SURPRWHXUVWRXULVWLTXHVHQSDUWLFXOLHU
)DLWj5DEDWOHUHMHEMXLOOHW
6XUSURSRVLWLRQGXPLQLVWUHGHOpFRQRPLHHWGHVILQDQFHV
'e&57(
$%%$6(/)$66,
3RXUFRQWUHVHLQJ
/HPLQLVWUHGHOpFRQRPLH
HWGHVILQDQFHV
6$/$+('',1(0(=28$5
BBBBB
/H WH[WH HQ ODQJXH DUDEH D pWp SXEOLp GDQV OpGLWLRQ JpQpUDOH GX
%XOOHWLQRIILFLHOQGXUHMHEMXLOOHW
%8//(7,12)),&,(/
'e&57(
$57,&/(35(0,(5/DGpQRPLQDWLRQGHODVRFLpWp0DURF
&RQQHFW 6$ WLWXODLUH GH OD OLFHQFH GH OD QRXYHOOH JpQpUDWLRQ
SRXU OpWDEOLVVHPHQW HW OH[SORLWDWLRQ GH UpVHDX[ SXEOLFV GH
WpOpFRPPXQLFDWLRQVHQYHUWXGXGpFUHWVXVYLVpQ GX
UDELL , DYULO HVW UHPSODFpH SDU OD QRXYHOOH
GpQRPLQDWLRQ:DQD&RUSRUDWH
/HV UHQYRLV j 0DURF &RQQHFW 6$ GDQV OH FDKLHU GHV
FKDUJHV DQQH[p DX GpFUHW SUpFLWp Q VRQW UHPSODFpV
SDUOHVUHQYRLVj:DQD&RUSRUDWH
$57/H PLQLVWUH GH OpFRQRPLH HW GHV ILQDQFHV OH
PLQLVWUH GH OLQGXVWULH GX FRPPHUFH HW GHV QRXYHOOHV
WHFKQRORJLHV HW O$JHQFH QDWLRQDOH GH UpJOHPHQWDWLRQ GHV
WpOpFRPPXQLFDWLRQVVRQWFKDUJpVFKDFXQHQFHTXLOHFRQFHUQH
GH OH[pFXWLRQ GX SUpVHQW GpFUHW TXL VHUD SXEOLp DX %XOOHWLQ
RIILFLHO
1FKDDEDQH
$SUqVH[DPHQSDUOHFRQVHLOGHVPLQLVWUHVUpXQLOHUHMHE
MXLOOHW
'e&57(
$57,&/(35(0,(5(VWUHWLUpHODOLFHQFHDWWULEXpHjODVRFLpWp
,QTXDP7HOHFRP6$SRXUOpWDEOLVVHPHQWHWOH[SORLWDWLRQGXQ
UpVHDXUDGLRpOHFWULTXHjUHVVRXUFHVSDUWDJpHV53HQYHUWXGX
GpFUHWQGXUDELL,PDLVXVYLVp
$57/H PLQLVWUH GH OpFRQRPLH HW GHV ILQDQFHV OH
PLQLVWUH GH OLQGXVWULH GX FRPPHUFH HW GHV QRXYHOOHV
WHFKQRORJLHV HW O$JHQFH QDWLRQDOH GH UpJOHPHQWDWLRQ GHV
WpOpFRPPXQLFDWLRQVVRQWFKDUJpVFKDFXQHQFHTXLOHFRQFHUQH
GH OH[pFXWLRQ GX SUpVHQW GpFUHW TXL VHUD SXEOLp DX %XOOHWLQ
RIILFLHO
3RXUFRQWUHVHLQJ
/HPLQLVWUHGHOpFRQRPLH
HWGHVILQDQFHV
3RXUFRQWUHVHLQJ
/HPLQLVWUHGHOpFRQRPLH
HWGHVILQDQFHV
6$/$+('',1(0(=28$5
/HPLQLVWUH
GHOLQGXVWULHGXFRPPHUFH
HWGHVQRXYHOOHVWHFKQRORJLHV
$+0('5('$&+$0,
BBBBB
6$/$+('',1(0(=28$5
/HPLQLVWUH
GHOLQGXVWULHGXFRPPHUFH
HWGHVQRXYHOOHVWHFKQRORJLHV
$+0('5('$&+$0,
BBBBB
/H WH[WH HQ ODQJXH DUDEH D pWp SXEOLp GDQV OpGLWLRQ JpQpUDOH GX
%XOOHWLQRIILFLHOQGXUHMHEMXLOOHW
/H WH[WH HQ ODQJXH DUDEH D pWp SXEOLp GDQV OpGLWLRQ JpQpUDOH GX
%XOOHWLQRIILFLHOQGXUHMHEMXLOOHW
'pFUHWQGXUHMHEMXLOOHWSRUWDQW
UHWUDLW GH OD OLFHQFH SRXU OpWDEOLVVHPHQW HW
OH[SORLWDWLRQ GXQ UpVHDX UDGLRpOHFWULTXH j UHVVRXUFHV
SDUWDJpHV 53 DWWULEXpH j OD VRFLpWp ,QTXDP
7HOHFRP6$
BBBBBBBBBBB
/(35(0,(50,1,675(
9XODORLQUHODWLYHjODSRVWHHWDX[WpOpFRPPXQLFDWLRQV
SURPXOJXpHSDUOHGDKLUQGXUDELL,,DRW
WHOOHTXHOOHDpWpPRGLILpHHWFRPSOpWpHQRWDPPHQWVHVDUWLFOHV
SUHPLHUHW
9XOHGpFUHWQGXUDELL,PDL
SRUWDQW DWWULEXWLRQ GXQH OLFHQFH SRXU OpWDEOLVVHPHQW HW
OH[SORLWDWLRQGXQUpVHDXUDGLRpOHFWULTXHjUHVVRXUFHVSDUWDJpHV
53 j OD VRFLpWp ,QTXDP 7HOHFRP 6$ WHO TXLO D pWp
PRGLILp
9X OD GHPDQGH IRUPXOpH SDU ,QTXDP 7HOHFRP 6$ j
O$JHQFHQDWLRQDOHGHUpJOHPHQWDWLRQGHVWpOpFRPPXQLFDWLRQVHQ
GDWH GX VHSWHPEUH SDU ODTXHOOH HOOH UHQRQFH
GpILQLWLYHPHQW j FRPSWHU GH ODGLWH GDWH j OXWLOLVDWLRQ GHV
IUpTXHQFHV TXL OXL RQW pWp DWWULEXpHV SRXU OHV EHVRLQV
GH[SORLWDWLRQGXUpVHDXREMHWGHVDOLFHQFH
9X ODYLV GH O$JHQFH QDWLRQDOH GH UpJOHPHQWDWLRQ GHV
WpOpFRPPXQLFDWLRQV
1FKDDEDQH
%8//(7,12)),&,(/
5DEDWOHMRXPDGD,MXLQ
6$/$+('',1(0(=28$5
$57/HSUpVHQWDUUrWpVHUDSXEOLpDX%XOOHWLQRIILFLHO
5DEDWOHUHMHEMXLOOHW
$+0('$.+&+,&+,1(
BBBBBBBB
/H WH[WH HQ ODQJXH DUDEH D pWp SXEOLp GDQV OpGLWLRQ JpQpUDOH GX
%XOOHWLQRIILFLHOQGXUHMHEMXLOOHW
BBBBB
/H WH[WH HQ ODQJXH DUDEH D pWp SXEOLp GDQV OpGLWLRQ JpQpUDOH GX
%XOOHWLQRIILFLHOQGXUHMHEMXLOOHW
%HOJLTXH
/HJUDGHGHGLSO{PHGpWXGHVVSpFLDOLVpHVHQPpGHFLQH
FOLQLTXHRULHQWDWLRQDQDWRPLHSDWKRORJLTXHGpOLYUpSDU
OD IDFXOWp GH PpGHFLQH 8QLYHUVLWp FDWKROLTXH GH
/RXYDLQ OH HU RFWREUH DVVRUWL GXQH DWWHVWDWLRQ
GpYDOXDWLRQ GHV FRQQDLVVDQFHV HW GHV FRPSpWHQFHV
GpOLYUpH SDU OD IDFXOWp GH PpGHFLQH HW GH SKDUPDFLH GH
5DEDWOHPDL
$UUrWpGXPLQLVWUHGHOpGXFDWLRQQDWLRQDOHGHOHQVHLJQHPHQW
VXSpULHXUGHODIRUPDWLRQGHVFDGUHVHWGHODUHFKHUFKH
VFLHQWLILTXH Q GX UHMHE MXLOOHW
FRPSOpWDQW ODUUrWp Q GX MRXPDGD ,
MXLQ IL[DQW OD OLVWH GHV GLSO{PHV UHFRQQXV
pTXLYDOHQWV DX GLSO{PH GH VSpFLDOLWp PpGLFDOH HQ
FKLUXUJLHFDQFpURORJLTXH
BBBBBBBBB
/(0,1,675('(/('8&$7,211$7,21$/('(/(16(,*1(0(17
683(5,(85'(/$)250$7,21'(6&$'5(6(7'(/$5(&+(5&+(
6&,(17,),48(
6pQpJDO
&HUWLILFDW GpWXGHV VSpFLDOHV GH FDQFpURORJLH RSWLRQ
FKLUXUJLH GpOLYUp SDU OD IDFXOWp GH PpGHFLQH GH
SKDUPDFLH HW GRGRQWRVWRPDWRORJLH 8QLYHUVLWp &KHLNK
$QWD'LRSGH'DNDUOHRFWREUHDVVRUWLGXQVWDJH
GXQH DQQpH GX DYULO DX DYULO HIIHFWXp
DX&+8GH&DVDEODQFDYDOLGpSDUODIDFXOWpGHPpGHFLQH
HWGHSKDUPDFLHGH&DVDEODQFDOHDYULO
$57/HSUpVHQWDUUrWpVHUDSXEOLpDX%XOOHWLQRIILFLHO
5DEDWOHUHMHEMXLOOHW
$+0('$.+&+,&+,1(
BBBBBBBB
/H WH[WH HQ ODQJXH DUDEH D pWp SXEOLp GDQV OpGLWLRQ JpQpUDOH GX
%XOOHWLQRIILFLHOQGXUHMHEMXLOOHW
%8//(7,12)),&,(/
1FKDDEDQH
/(0,1,675('(/('8&$7,211$7,21$/('(/(16(,*1(0(17
683(5,(85 '( /$ )250$7,21 '(6 &$'5(6 (7 '( /$
5(&+(5&+(6&,(17,),48(
6pQpJDO
&HUWLILFDW GpWXGHV VSpFLDOHV GH GHUPDWRORJLHYpQpURORJLH
GpOLYUp SDU OD IDFXOWp GH PpGHFLQH GH SKDUPDFLH HW
GRGRQWRVWRPDWRORJLH8QLYHUVLWp&KHLNK$QWD'LRSGH
'DNDUOHMXLOOHWDVVRUWLGXQVWDJHGXQHDQQpH
GXDYULODXDYULOHIIHFWXpDX&+8GH
&DVDEODQFD YDOLGp SDU OD IDFXOWp GH PpGHFLQH HW GH
SKDUPDFLHGH&DVDEODQFDOHPDL
$57/HSUpVHQWDUUrWpVHUDSXEOLpDX%XOOHWLQRIILFLHO
5DEDWOHUHMHEMXLOOHW
$+0('$.+&+,&+,1(
$SUqVDYLVGXPLQLVWUHGHODVDQWpHWGXFRQVHLOQDWLRQDOGH
O2UGUHQDWLRQDOGHVPpGHFLQV
$557(
6pQpJDO
&HUWLILFDW GpWXGHV VSpFLDOHV GH GHUPDWRORJLHYpQpURORJLH
GpOLYUp SDU OD IDFXOWp GH PpGHFLQH GH SKDUPDFLH HW
GRGRQWRVWRPDWRORJLH8QLYHUVLWp&KHLNK$QWD'LRSGH
'DNDUOHMXLOOHWDVVRUWLGXQVWDJHGXQHDQQpH
HIIHFWXpjOK{SLWDO,EQ6LQDGH5DEDWYDOLGpSDUODIDFXOWp
GHPpGHFLQHHWGHSKDUPDFLHGH5DEDWOHPDUV
$57/HSUpVHQWDUUrWpVHUDSXEOLpDX%XOOHWLQRIILFLHO
5DEDWOHUHMHEMXLOOHW
$+0('$.+&+,&+,1(
BBBBBBBB
/H WH[WH HQ ODQJXH DUDEH D pWp SXEOLp GDQV OpGLWLRQ JpQpUDOH GX
%XOOHWLQRIILFLHOQGXUHMHEMXLOOHW
$UUrWp GX PLQLVWUH GH OpGXFDWLRQ QDWLRQDOH GH OHQVHLJQHPHQW
VXSpULHXU GH OD IRUPDWLRQ GHV FDGUHV HW GH OD UHFKHUFKH
VFLHQWLILTXHQGXUHMHEMXLOOHW
FRPSOpWDQW ODUUrWp Q GX VDIDU
DYULO IL[DQW OD OLVWH GHV GLSO{PHV UHFRQQXV
pTXLYDOHQWV DX GLSO{PH GH VSpFLDOLWp PpGLFDOH HQ
GHUPDWRORJLH
BBBBBBBBB
/(0,1,675('(/('8&$7,211$7,21$/('(/(16(,*1(0(17
683(5,(85 '( /$ )250$7,21 '(6 &$'5(6 (7 '( /$
5(&+(5&+(6&,(17,),48(
BBBBBBBB
/H WH[WH HQ ODQJXH DUDEH D pWp SXEOLp GDQV OpGLWLRQ JpQpUDOH GX
%XOOHWLQRIILFLHOQGXUHMHEMXLOOHW
$UUrWp GX PLQLVWUH GH OpGXFDWLRQ QDWLRQDOH GH OHQVHLJQHPHQW
VXSpULHXU GH OD IRUPDWLRQ GHV FDGUHV HW GH OD UHFKHUFKH
VFLHQWLILTXH Q GX UHMHE MXLOOHW
FRPSOpWDQW ODUUrWp Q GX FKDDEDQH
GpFHPEUHIL[DQWODOLVWHGHVGLSO{PHVUHFRQQXV
pTXLYDOHQWVDXGLSO{PHGHGRFWHXUHQPpGHFLQH
BBBBBBBBB
/(0,1,675('(/('8&$7,211$7,21$/('(/(16(,*1(0(17
683(5,(85 '( /$ )250$7,21 '(6 &$'5(6 (7 '( /$
5(&+(5&+(6&,(17,),48(
1FKDDEDQH
%8//(7,12)),&,(/
5RXPDQLH
7LWOXOGHGRFWRUPHGLFLQSURILOXOPHGLFLQDVSHFLDOL]DUHD
PHGLFLQD JHQHUDOD GpOLYUp SDU IDFXOWDWHD GH PHGLFLQD
XQLYHUVLWDWHD GH PHGLFLQD VL IDUPDFLH GLQ 7LPLVRDUD OH
RFWREUH DVVRUWL GXQH DWWHVWDWLRQ GpYDOXDWLRQ
GHVFRQQDLVVDQFHVHWGHVFRPSpWHQFHVGDQVOHVHUYLFHGH
QHXURORJLH DX &+8 GH &DVDEODQFD GpOLYUpH SDU OD
IDFXOWp GH PpGHFLQH HW GH SKDUPDFLH GH &DVDEODQFD OH
IpYULHU
$57/HSUpVHQWDUUrWpVHUDSXEOLpDX%XOOHWLQRIILFLHO
5DEDWOHUHMHEMXLOOHW
$+0('$.+&+,&+,1(
BBBBBBBB
/H WH[WH HQ ODQJXH DUDEH D pWp SXEOLp GDQV OpGLWLRQ JpQpUDOH GX
%XOOHWLQRIILFLHOQGXUHMHEMXLOOHW
$UUrWp GX PLQLVWUH GH OpGXFDWLRQ QDWLRQDOH GH OHQVHLJQHPHQW
VXSpULHXU GH OD IRUPDWLRQ GHV FDGUHV HW GH OD UHFKHUFKH
VFLHQWLILTXHQGXUHMHEMXLOOHW
FRPSOpWDQW ODUUrWp Q GX FKDDEDQH
GpFHPEUHIL[DQWODOLVWHGHVGLSO{PHVUHFRQQXV
pTXLYDOHQWVDXGLSO{PHGHGRFWHXUHQPpGHFLQH
BBBBBBBBB
/(0,1,675('(/('8&$7,211$7,21$/('(/(16(,*1(0(17
683(5,(85 '( /$ )250$7,21 '(6 &$'5(6 (7 '( /$
5(&+(5&+(6&,(17,),48(
)pGpUDWLRQGH5XVVLH
5DEDWOHUHMHEMXLOOHW
$+0('$.+&+,&+,1(
BBBBBBBB
/H WH[WH HQ ODQJXH DUDEH D pWp SXEOLp GDQV OpGLWLRQ JpQpUDOH GX
%XOOHWLQRIILFLHOQGXUHMHEMXLOOHW
$UUrWp GX PLQLVWUH GH OpGXFDWLRQ QDWLRQDOH GH OHQVHLJQHPHQW
VXSpULHXU GH OD IRUPDWLRQ GHV FDGUHV HW GH OD UHFKHUFKH
VFLHQWLILTXH Q GX UHMHE MXLOOHW
FRPSOpWDQW ODUUrWp Q GX FKDDEDQH
GpFHPEUHIL[DQWODOLVWHGHVGLSO{PHVUHFRQQXV
pTXLYDOHQWVDXGLSO{PHGHGRFWHXUHQPpGHFLQH
BBBBBBBBB
/(0,1,675('(/('8&$7,211$7,21$/('(/(16(,*1(0(17
683(5,(85 '( /$ )250$7,21 '(6 &$'5(6 (7 '( /$
5(&+(5&+(6&,(17,),48(
.\UJ\]5HSXEOLF
4XDOLILFDWLRQ RI GRFWRU RI PHGLFLQH 0' LQ WKH
SURIHVVLRQ JHQHUDO PHGLFLQH GpOLYUpH SDU 7KH .\UJ\]
6WDWH PHGLFDO DFDGHP\ OH MXLOOHW DVVRUWL GXQ
VWDJHGHGHX[DQQpHVGXMXLQDXPDLHW
GX GpFHPEUH DX GpFHPEUH YDOLGp SDU
ODIDFXOWp GH PpGHFLQH HW GH SKDUPDFLH GH )qV OH
DYULO
%8//(7,12)),&,(/
$57/HSUpVHQWDUUrWpVHUDSXEOLpDX%XOOHWLQRIILFLHO
1FKDDEDQH
$57/HSUpVHQWDUUrWpVHUDSXEOLpDX%XOOHWLQRIILFLHO
5DEDWOHUHMHEMXLOOHW
5DEDWOHUHMHEMXLOOHW
$+0('$.+&+,&+,1(
$+0('$.+&+,&+,1(
BBBBBBBB
BBBBBBBB
/H WH[WH HQ ODQJXH DUDEH D pWp SXEOLp GDQV OpGLWLRQ JpQpUDOH GX
%XOOHWLQRIILFLHOQGXUHMHEMXLOOHW
/H WH[WH HQ ODQJXH DUDEH D pWp SXEOLp GDQV OpGLWLRQ JpQpUDOH GX
%XOOHWLQRIILFLHOQGXUHMHEMXLOOHW
$UUrWp GX PLQLVWUH GH OpGXFDWLRQ QDWLRQDOH GH OHQVHLJQHPHQW
VXSpULHXU GH OD IRUPDWLRQ GHV FDGUHV HW GH OD UHFKHUFKH
VFLHQWLILTXHQGXUHMHEMXLOOHW
FRPSOpWDQW ODUUrWp Q GX FKDDEDQH
GpFHPEUHIL[DQWODOLVWHGHVGLSO{PHVUHFRQQXV
pTXLYDOHQWVDXGLSO{PHGHGRFWHXUHQPpGHFLQH
BBBBBBBBB
/(0,1,675('(/('8&$7,211$7,21$/('(/(16(,*1(0(17
5(&+(5&+(6&,(17,),48(
)pGpUDWLRQGH5XVVLH
7LWUH GH GRFWHXU HQ PpGHFLQH JpQpUDOH GpOLYUp SDU
O8QLYHUVLWpG(WDWGHPpGHFLQHGH5RVWRYOHMXLQ
)pGpUDWLRQGH5XVVLH
4XDOLILFDWLRQ HQ PpGHFLQH JpQpUDOH'RFWHXU HQ
PpGHFLQH GpOLYUpH SDU O8QLYHUVLWp G(WDW GH PpGHFLQH
GH 9ROJRJUDG OH MXLQ DVVRUWLH GXQ VWDJH GH
GHX[DQQpHVXQHDQQpHDX&+8,EQ6LQDGH5DEDWHW
XQH DQQpH j OD SURYLQFH GH 6DOp YDOLGp SDU OD IDFXOWp
GHPpGHFLQHHWGHSKDUPDFLHGH5DEDWOHPDL
$57/HSUpVHQWDUUrWpVHUDSXEOLpDX%XOOHWLQRIILFLHO
E:9E=C;9CMdD2E;-<CC4CAb6/
E=C;9Eb<:&EC4E0`
HW GXQH DWWHVWDWLRQ GpYDOXDWLRQ GHV FRQQDLVVDQFHV HW
GHVFRPSpWHQFHVGpOLYUpHSDUODIDFXOWpGHPpGHFLQHHW
GHSKDUPDFLHGH)qVOHPDL
5DEDWOHUHMHEMXLOOHW
$+0('$.+&+,&+,1(
BBBBBBBB
/H WH[WH HQ ODQJXH DUDEH D pWp SXEOLp GDQV OpGLWLRQ JpQpUDOH GX
%XOOHWLQRIILFLHOQGXUHMHEMXLOOHW
1FKDDEDQH
%8//(7,12)),&,(/
)pGpUDWLRQGH5XVVLH
4XDOLILFDWLRQ PpGHFLQ GH TXDOLILFDWLRQ 3pGLDWULH
GpOLYUpHSDUO$FDGpPLHG(WDWGHPpGHFLQHGH9RURQHM
11%RXUGHQNROHMXLQDVVRUWLHGXQVWDJHGH
GHX[DQQpHVGXPDLDXMXLQDX&+8
GH &DVDEODQFD HW GX DYULO DX PDUV j
OK{SLWDO SURYLQFLDO GH 6LGL .DFHP YDOLGp SDU OD IDFXOWp GH
PpGHFLQHHWGHSKDUPDFLHGH&DVDEODQFDOHDYULO
$57/HSUpVHQWDUUrWpVHUDSXEOLpDX%XOOHWLQRIILFLHO
5DEDWOHUHMHEMXLOOHW
$+0('$.+&+,&+,1(
9XODUUrWpGXPLQLVWUHGHOpGXFDWLRQQDWLRQDOHGHOHQVHLJQHPHQW
VXSpULHXU GH OD IRUPDWLRQ GHV FDGUHV HW GH OD UHFKHUFKH VFLHQWLILTXH
Q GX UDELL , DYULO IL[DQW OD OLVWH GHV
GLSO{PHVUHFRQQXVpTXLYDOHQWVDXGLSO{PHGHVSpFLDOLWpPpGLFDOH
HQQpSKURORJLHWHOTXLODpWpFRPSOpWp
9X OH SURFqVYHUEDO GH OD FRPPLVVLRQ VHFWRULHOOH GHV
VFLHQFHVGHODVDQWpGXPDL
$SUqVDYLVGXPLQLVWUHGHODVDQWpHWGXFRQVHLOQDWLRQDOGH
O2UGUHQDWLRQDOGHVPpGHFLQV
$557(
)UDQFH
'LSO{PH GpWXGHV VSpFLDOLVpHV GH QpSKURORJLH GpOLYUp
SDUO8QLYHUVLWp%RUGHDX[OHMDQYLHU
$57/HSUpVHQWDUUrWpVHUDSXEOLpDX%XOOHWLQRIILFLHO
5DEDWOHUHMHEMXLOOHW
$+0('$.+&+,&+,1(
BBBBBBBB
BBBBBBBB
/H WH[WH HQ ODQJXH DUDEH D pWp SXEOLp GDQV OpGLWLRQ JpQpUDOH GX
%XOOHWLQRIILFLHOQGXUHMHEMXLOOHW
/H WH[WH HQ ODQJXH DUDEH D pWp SXEOLp GDQV OpGLWLRQ JpQpUDOH GX
%XOOHWLQRIILFLHOQGXUHMHEMXLOOHW
%8//(7,12)),&,(/
1FKDDEDQH
&216(,/683(5,(85'(/$&20081,&$7,21$8',29,68(//(
'pFLVLRQGX&6&$QGXMRXPDGD,PDL
UHODWLYHjODSODLQWHGHO$0'+FRQWUHOD6157
BBBBBBB
/(&216(,/683(5,(85'(/$&20081,&$7,21$8',29,68(//(
$SUqVDYRLUSULVFRQQDLVVDQFHGHODSODLQWHGpSRVpHHQGDWH
GX DYULO SDUPDvWUH $EGHUUDKLP $O -DPDL DX QRP GH
O$VVRFLDWLRQ PDURFDLQH GHV GURLWV KXPDLQV $0'+ j
OHQFRQWUHGHOD6157
9XOHGDKLUQGXMRXPDGD,,DRW
SRUWDQW FUpDWLRQ GH OD +DXWH DXWRULWp GH OD FRPPXQLFDWLRQ
DXGLRYLVXHOOHQRWDPPHQWVRQSUpDPEXOHHWVHVDUWLFOHVDOLQpDV
HWHW
9X OD ORL Q UHODWLYH j OD FRPPXQLFDWLRQ
DXGLRYLVXHOOHSURPXOJXpHSDUOHGDKLUQGXNDDGD
MDQYLHUQRWDPPHQWVHVDUWLFOHVHW
9XOHFDKLHUGHVFKDUJHVGHOD6157WHOTX
DSSURXYpSDUOH
&RQVHLO VXSpULHXU GH OD FRPPXQLFDWLRQ DXGLRYLVXHOOH &6&$
SDU GpFLVLRQ Q HQ GDWH GX KLMD MDQYLHU
QRWDPPHQWVRQSUpDPEXOHDOLQpDHWVRQDUWLFOHDOLQpD
$SUqV DYRLU SULV FRQQDLVVDQFH GHV GRFXPHQWV UHODWLIV j
OLQVWUXFWLRQHIIHFWXpHSDUOHVVHUYLFHVGHODGLUHFWLRQJpQpUDOHGH
ODFRPPXQLFDWLRQDXGLRYLVXHOOH
(WDSUqVHQDYRLUGpOLEpUp
$WWHQGXTXHO$0'+H[SRVHGDQVVDSODLQWHTXHOD6157
DGLIIXVpODGpFODUDWLRQGXPLQLVWUHGHOLQWpULHXUIDLWHORUVGHOD
FRQIpUHQFHGHSUHVVHWHQXHOHPHUFUHGLIpYULHUHWGDQV
ODTXHOOHLODDQQRQFpTXHOHVVHUYLFHVGHVpFXULWpRQWGpPDQWHOp
XQ UpVHDX WHUURULVWH D\DQW j VD WrWH OH GpQRPPp $EGHONDGHU
%HOOLUHM TXL DYDLW OLQWHQWLRQ GH FRPPHWWUH GHV RSpUDWLRQV
WHUURULVWHVVXUOHWHUULWRLUHQDWLRQDOSDUOHVPR\HQVGDUPHVjIHX
HW GH[SORVLIV FRPPH LO VDSSUrWDLW j DVVDVVLQHU GHV
SHUVRQQDOLWpV PDURFDLQHV HQWUH DXWUHV GHV PLQLVWUHV GHV
UHVSRQVDEOHV HW GHV RIILFLHUV VXSpULHXUV GHV )RUFHV DUPpHV
UR\DOHV HW TXLO D SUpFLVp j OD PrPH RFFDVLRQ TXH OHQTXrWH D
UpYpOpOH[LVWHQFHGXQHUHODWLRQHQWUHOHSDUWL$O%DGLO$O+DGDUL
HW OH SDUWL $O 2XPPD QRQ DXWRULVp GXQH SDUW HW OD FHOOXOH
GDXWUH SDUW FRPPH LO D TXDOLILp OHV GHX[ SDUWLV GH IDFH
WURPSHXVHGHODFWLRQGXUpVHDXWHUURULVWH
$WWHQGXTXHODSODLQWHFRQVLGqUHTXHOHVSURSRVGXPLQLVWUH
GH OLQWpULHXU UHODWLIV j OD GpFRXYHUWH SUpVXPpH GXQ UpVHDX
WHUURULVWH HW j ODUUHVWDWLRQ GXQ QRPEUH GH SHUVRQQHV
LPSOLTXpHV RQW GpSDVVp OHV OLPLWHV GH OLQIRUPDWLRQ JpQpUDOH HW
QRQWSDVUHVSHFWpODQHXWUDOLWpHWTXHOHPLQLVWUHD\DQWpPLWGHV
DFFXVDWLRQV H[DJpUpHV HQYHUV FHV SHUVRQQHV QD SDV UHVSHFWp
OHXU GLJQLWp QD SDV JDUGp OHXU DQRQ\PDW D YLROp OD
FRQILGHQWLDOLWpGHOLQVWUXFWLRQHWDYLROpOHSULQFLSHGHVpSDUDWLRQ
GHVSRXYRLUV
$WWHQGX TXH OD SODLQWH FRQVLGqUH TXH OH PLQLVWUH GH
OLQWpULHXU GDQV VD GpFODUDWLRQ D HQIUHLQW OHV GLVSRVLWLRQV GH OD
&RQVWLWXWLRQ HW D SRUWp DWWHLQWH DX[ YDOHXUV j OD OpJDOLWp
LQWHUQDWLRQDOH UHODWLYHV DX[ GURLWV GH O+RPPH TXLO VHVW
SHUPLV GH SRUWHU GHV DFFXVDWLRQV j OHQFRQWUH GH SHUVRQQHV
QRPPpPHQW GpVLJQpHV TXLO D GLYXOJXp GHV LQIRUPDWLRQV
FRQILGHQWLHOOHV DX[TXHOOHV LO QD PrPH SDV OH GURLW GDFFpGHU
HQFRUH PRLQV FHOXL GH OHV GLYXOJXHU GX IDLW TX
HOOHV VRQW
FRXYHUWHV SDU OH VHFUHW YX TXHOOHV IRQW SDUWLH GH OHQTXrWH
1FKDDEDQH
%8//(7,12)),&,(/
(QODIRUPH
'pFODUHTXHODSODLQWHGpSRVpHSDUO$VVRFLDWLRQPDURFDLQH
GHV GURLWV KXPDLQV $0'+ HQ GDWH GX IpYULHU HVW
UHFHYDEOHHQODIRUPH
$XIRQG
'pFODUHTXHODGLIIXVLRQSDUOD6157GHODGpFODUDWLRQ
GXPLQLVWUHGHOLQWpULHXUORUVGHODFRQIpUHQFHGHSUHVVHREMHWGH
OD SODLQWH UHOqYH GH VHV HQJDJHPHQWV MXULGLTXHV WHOV TXpGLFWpV
SDU OHV WH[WHV OpJLVODWLIV HW UpJOHPHQWDLUHV UHODWLIV j OD
FRPPXQLFDWLRQDXGLRYLVXHOOHDFWXHOOHPHQWHQYLJXHXU
'pFODUH TXH OD 6157 QHVW SDV UHVSRQVDEOH OpJDOHPHQW
GHV FRQWHQXV GH OD GpFODUDWLRQ TXH OH PLQLVWUH GH OLQWpULHXU D
IDLWHORUVGHODFRQIpUHQFHGHSUHVVHREMHWGHODSODLQWH
2UGRQQHODQRWLILFDWLRQGHODSUpVHQWHGpFLVLRQjO$0'+
HWjOD6157DLQVLTXHVDSXEOLFDWLRQDX%XOOHWLQRIILFLHO
'pOLEpUpH SDU OH &RQVHLO VXSpULHXU GH OD FRPPXQLFDWLRQ
DXGLRYLVXHOOH ORUV GH VD VpDQFH GX MRXPDGD , PDL
WHQXH DX VLqJH GH OD +DXWH DXWRULWp GH OD FRPPXQLFDWLRQ
DXGLRYLVXHOOH j 5DEDW R VLpJHDLHQW 0RQVLHXU $KPHG *KD]DOL
SUpVLGHQW0HVVLHXUV0RKDPPHG1RXUHGGLQH$IID\D(O+DVVDQH
%RXTXHQWDU ,O\DVV (O 2PDU\ 6DODK(GGLQH (O 2XDGLH HW
$EGHOPRXQwP.DPDOFRQVHLOOHUV
3RXUOH&RQVHLOVXSpULHXU
GHODFRPPXQLFDWLRQDXGLRYLVXHOOH
/H3UpVLGHQW
$+0('*+$=$/,
%8//(7,12)),&,(/
1FKDDEDQH
25*$1,6$7,21(73(56211(/'(6$'0,1,675$7,21638%/,48(6
7(;7(6&200816
BBBBBB
/HPLQLVWUHGpOpJXp
DXUSqVGX3UHPLHUPLQLVWUH
FKDUJpGHODPRGHUQLVDWLRQ
GHVVHFWHXUVSXEOLFV
02+$00('$%%28
/HPLQLVWUHGHOpFRQRPLH
HWGHVILQDQFHV
6$/$+('',1(0(=28$5
BBBBBBBB
/H WH[WH HQ ODQJXH DUDEH D pWp SXEOLp GDQV OpGLWLRQ JpQpUDOH GX
%XOOHWLQRIILFLHOQGXUHMHEMXLOOHW
$SUqVH[DPHQSDUOHFRQVHLOGHVPLQLVWUHVUpXQLOHUHMHE
MXLOOHW
'e&57(
7(;7(63$57,&8/,(56
BBBBBB
0,1,67(5('(/,17(5,(85
'pFUHWQGXUHMHEMXLOOHW
UHODWLIjO,QVWLWXWUR\DOGHODGPLQLVWUDWLRQWHUULWRULDOH
BBBBBBBB
/(35(0,(50,1,675(
9XOD&RQVWLWXWLRQQRWDPPHQWVRQDUWLFOH
9X OD GpFLVLRQ GX &RQVHLO FRQVWLWXWLRQQHO Q GX
VDIDUPDUV
6XUSURSRVLWLRQGXPLQLVWUHGHOLQWpULHXU
$SUqVH[DPHQSDUOHFRQVHLOGHVPLQLVWUHVUpXQLOHUHMHE
MXLOOHW
'e&57(
&KDSLWUHSUHPLHU
2UJDQLVDWLRQHWIRQFWLRQQHPHQW
$57,&/(35(0,(5/pFROHGHSHUIHFWLRQQHPHQWGHVFDGUHV
GX PLQLVWqUH GH OLQWpULHXU FUppH SDU OH GpFUHW UR\DO Q GX
HU MRXPDGD ,, VHSWHPEUH SUHQG GpVRUPDLV OD
GpQRPLQDWLRQGHO,QVWLWXWUR\DOGHODGPLQLVWUDWLRQWHUULWRULDOH
GpQRPPpHFLDSUqV,QVWLWXW
/HVLqJHGHO,QVWLWXWHVWIL[pj.pQLWUD7RXWHIRLVOHPLQLVWUH
GH OLQWpULHXU SHXW GpVLJQHU XQ DXWUH VLqJH HW FUpHU GHV DQWHQQHV
UpJLRQDOHV
1FKDDEDQH
%8//(7,12)),&,(/
XQGLUHFWHXUGHOLQVWUXFWLRQPLOLWDLUHGpVLJQpSDUO(WDW
0DMRU JpQpUDO GHV )RUFHV DUPpHV UR\DOHV ,O YHLOOH j
ODSSOLFDWLRQGHVSURJUDPPHVGLQVWUXFWLRQPLOLWDLUH
$57,OHVWLQVWLWXpDXSUqVGHO,QVWLWXW
XQFRQVHLOGHSHUIHFWLRQQHPHQW
XQFRQVHLOVFLHQWLILTXH
XQFRQVHLOLQWpULHXU
OHPLQLVWUHGHOLQWpULHXUSUpVLGHQW
SUpVHQWHDXFRQVHLOGHSHUIHFWLRQQHPHQWSUpYXjODUWLFOH
FLGHVVRXVXQUDSSRUWDQQXHOVXUOHVDFWLYLWpVGHO,QVWLWXW
DLQVL TXH OH SURJUDPPH GDFWLRQ TXLO SURSRVH SRXU
ODQQpHVXLYDQWH
OH GLUHFWHXU GH O,QVWLWXW OH GLUHFWHXU GHV pWXGHV HW OH
GLUHFWHXUGHOLQVWUXFWLRQPLOLWDLUHGHO,QVWLWXW
3RXUODFFRPSOLVVHPHQWGHVPLVVLRQVTXLOXLVRQWLPSDUWLHV
OHGLUHFWHXUGHO,QVWLWXWHVWDVVLVWpGDQVVHVIRQFWLRQVSDU
XQGLUHFWHXUGHVpWXGHVQRPPpVHORQOHVIRUPHVSUpYXHV
SRXU OD QRPLQDWLRQ DX[ HPSORLV VXSpULHXUV VXU
SURSRVLWLRQGXPLQLVWUHGHOLQWpULHXU
,O VXSSOpH OH GLUHFWHXU GH O,QVWLWXW GDQV OH[HUFLFH GH VHV
IRQFWLRQV QRWDPPHQW HQ DVVXUDQW VRQ UHPSODFHPHQW HQ FDV
GDEVHQFHRXGHPSrFKHPHQWHWFRRUGRQQHVHVDFWLYLWpVSRXUOD
SDUWLHSpGDJRJLTXHHWDGPLQLVWUDWLYH
,O HVW FKDUJp GH JpUHU OHV DIIDLUHV VFLHQWLILTXHV HW
SpGDJRJLTXHV
,O YHLOOH j ODSSOLFDWLRQ GHV SURJUDPPHV GH IRUPDWLRQ GH
IRUPDWLRQ FRQWLQXH GH SHUIHFWLRQQHPHQW GHV VWDJHV HW GHV
UHFKHUFKHV FRQIRUPpPHQW DX[ RULHQWDWLRQV GX FRQVHLO GH
SHUIHFWLRQQHPHQW
%8//(7,12)),&,(/
1FKDDEDQH
GHVF\FOHVVSpFLDOLVpV
GHVF\FOHVGHIRUPDWLRQFRQWLQXH
OHGLUHFWHXUGHO,QVWLWXWSUpVLGHQW
GHVF\FOHVVSpFLDX[GHIRUPDWLRQGHVFDGUHVpWUDQJHUV
OHZDOLGHODUpJLRQVLqJHGHO,QVWLWXW
GHVF\FOHVSUpSDUDWRLUHVDX[FRQFRXUVGHVF\FOHVQRUPDO
HWVXSpULHXUGHO,QVWLWXW
/HVF\FOHVVSpFLDOLVpVOHVF\FOHVGHIRUPDWLRQFRQWLQXHHW
OHV F\FOHV VSpFLDX[ GH IRUPDWLRQ GHV FDGUHV pWUDQJHUV VRQW
VDQFWLRQQpVSDUGHVFHUWLILFDWV
/H GLSO{PH GH PDVWHU HQ DGPLQLVWUDWLRQ WHUULWRULDOH OH
GLSO{PH GX F\FOH VXSpULHXU GH O,QVWLWXW HW OHV FHUWLILFDWV GHV
F\FOHV VSpFLDX[ GH IRUPDWLRQ GHV FDGUHV pWUDQJHUV VRQW VLJQpV
SDUOHPLQLVWUHGHOLQWpULHXUHWSDUOHGLUHFWHXUGHO,QVWLWXW
/HV FHUWLILFDWV GX F\FOH VSpFLDOLVp HW GHV F\FOHV GH
IRUPDWLRQFRQWLQXHVRQWVLJQpVSDUOHGLUHFWHXUGHO,QVWLWXW
6HFWLRQSUHPLqUH/HF\FOHQRUPDO
$57 /D GXUpH GHV pWXGHV HQ YXH GH OREWHQWLRQ GX
GLSO{PH GX F\FOH QRUPDO HVW IL[pH j GHX[ DQQpHV UpSDUWLH HQ
TXDWUH VHPHVWUHV /HQVHLJQHPHQW FRPSRUWH GHV FRXUV
WKpRULTXHV HW SUDWLTXHV GHV VpPLQDLUHV GHV YLVLWHV GpWXGHV HW
GHVVWDJHV
/HVpOqYHVUHoRLYHQWXQHIRUPDWLRQPXOWLGLVFLSOLQDLUHGDQVOHV
GRPDLQHVYLVpVDXSUHPLHUDOLQpDGHODUWLFOHGXSUpVHQWGpFUHW
OHGLUHFWHXUGHOLQVWUXFWLRQPLOLWDLUHGHO,QVWLWXW
$57$XFRXUVGHFHWWHIRUPDWLRQOHVpOqYHVVXLYHQW
GHV VWDJHV SUDWLTXHV DXSUqV GHV ZDOLV HW JRXYHUQHXUV j
ODGPLQLVWUDWLRQ WHUULWRULDOH HW FHQWUDOH HW GDQV WRXWH DXWUH
DGPLQLVWUDWLRQRXRUJDQLVPHSXEOLFRXSULYp'HVVWDJHVHWGHV
YLVLWHV GpWXGHV j OpWUDQJHU VRQW pJDOHPHQW RUJDQLVpV j OHXU
SURILW/HVpOqYHVVRQWWHQXVGHSUpVHQWHUjOLVVXHGXVWDJHXQ
UDSSRUWVRXWHQXGHYDQWXQMXU\
GHX[HQVHLJQDQWVGHO,QVWLWXWGpVLJQpVSDUOHPLQLVWUHGH
OLQWpULHXU
$57/DGPLVVLRQDXF\FOHQRUPDODOLHXSDUYRLHGH
FRQFRXUVRXYHUW
XQUHSUpVHQWDQWGHVpOqYHVGHFKDFXQGHVF\FOHVQRUPDOHW
VXSpULHXU HQ FRXUV GH IRUPDWLRQ j O,QVWLWXW pOX SDU VHV
FRQGLVFLSOHV
$57/HFRQVHLOLQWpULHXUHVWSUpVLGpSDUOHGLUHFWHXUGH
O,QVWLWXWHWFRPSUHQGHQRXWUHOHVPHPEUHVVXLYDQWV
OHGLUHFWHXUGHVpWXGHVGHO,QVWLWXW
2UJDQLVDWLRQGHVF\FOHVGHIRUPDWLRQ
$57/,QVWLWXWRUJDQLVH
XQ F\FOH QRUPDO VDQFWLRQQp SDU XQ PDVWHU HQ
DGPLQLVWUDWLRQWHUULWRULDOH
XQ F\FOH VXSpULHXU VDQFWLRQQp SDU OH GLSO{PH GX F\FOH
VXSpULHXUGHO,QVWLWXW
DX[FDQGLGDWVIRQFWLRQQDLUHVWLWXODLUHVkJpVGHWHQWHFLQT
DQVDXSOXVjODGDWHGXFRQFRXUVDSSDUWHQDQWjXQ
JUDGH RX FDGUH FODVVp j OpFKHOOH GH UpPXQpUDWLRQ Q
DX PRLQV RX GDQV XQ JUDGH RX FDGUH DVVLPLOp DSUqV
DXWRULVDWLRQH[SUHVVHGHOHXUDGPLQLVWUDWLRQ
/HVGRVVLHUVGHFDQGLGDWXUHIRQWOREMHWGXQHSUpVpOHFWLRQ
VHORQ GHV FULWqUHV IL[pV SDU OH PLQLVWUH GH OLQWpULHXU 6HXOV OHV
FDQGLGDWVGRQWOHVGRVVLHUVVRQWUHWHQXVGDQVODSUpVpOHFWLRQVRQW
FRQYRTXpVDX[FRQFRXUV
/HFRQFRXUVFRPSRUWH
GHX[ pSUHXYHV pFULWHV GDGPLVVLELOLWp OXQH HQ ODQJXH
DUDEHHWODXWUHHQODQJXHpWUDQJqUH
GHX[pSUHXYHVGDGPLVVLRQGRQWXQHpSUHXYHRUDOHHWXQ
WHVWSV\FKRWHFKQLTXHDVVHVVPHQW
$57 /D OLVWH GHV FDQGLGDWV SRXYDQW rWUH DGPLV DX
F\FOHQRUPDOGHO,QVWLWXWHVWVRXPLVHj6D0DMHVWpOH5RL
6HFWLRQ/
/HF\FOHVXSpULHXU
$57 /D GXUpH GHV pWXGHV HQ YXH GH OREWHQWLRQ GX
GLSO{PHGXF\FOHVXSpULHXUHVWIL[pjGHX[VHPHVWUHV,ODSRXU
REMHW GH IRUPHU GHV FDGUHV GH FRQFHSWLRQ GH GLUHFWLRQ HW GH
FRPPDQGHPHQW
1FKDDEDQH
%8//(7,12)),&,(/
$57/HQVHLJQHPHQWDXF\FOHVXSpULHXUFRPSRUWH
$57/,QVWLWXWRUJDQLVHGHVF\FOHVHWGHVVHVVLRQVGH
IRUPDWLRQ FRQWLQXH DX SURILW GHV FDGUHV GX PLQLVWqUH GH
OLQWpULHXU HW GHV FROOHFWLYLWpV ORFDOHV RX GH WRXWH DXWUH
DGPLQLVWUDWLRQRXRUJDQLVPHSXEOLFV
&HVF\FOHVSHXYHQWrWUHRUJDQLVpVDXVHLQGHO,QVWLWXWGDQV
OHV GLIIpUHQWHV SURYLQFHV HW SUpIHFWXUHV GX 5R\DXPH HWRX j
OpWUDQJHU
6HFWLRQ/
/HF\FOHVSpFLDOGHIRUPDWLRQGHFDGUHVpWUDQJHUV
$57/,QVWLWXWDVVXUHHQDSSOLFDWLRQGHVFRQYHQWLRQV
GHFRRSpUDWLRQFXOWXUHOOHHWWHFKQLTXHFRQFOXHVHQWUHOH5R\DXPH
GX0DURFHWGDXWUHV(WDWVODIRUPDWLRQGHVFDGUHVGHQDWLRQDOLWp
pWUDQJqUH GDQV OH FDGUH GXQ F\FOH VSpFLDO GRQW OHV PRGDOLWpV
GRUJDQLVDWLRQVRQWIL[pHVSDUDUUrWpGXPLQLVWUHGHOLQWpULHXU
6HFWLRQ/
/HVF\FOHVSUpSDUDWRLUHV
'LVSRVLWLRQVFRPPXQHVHWILQDOHV
$57/HVPRGDOLWpVGRUJDQLVDWLRQGHODSUpVpOHFWLRQ
GHVFRQFRXUVGHVpWXGHVGHVVWDJHVGHVSURJUDPPHVGHVF\FOHV
HW OH FDV pFKpDQW OHXU GXUpH GH OD VRXWHQDQFH GHV UDSSRUWV GH
VWDJH HW GHV PpPRLUHV GH ILQ GpWXGHV GH OD GpOLYUDQFH GHV
GLSO{PHV GHV F\FOHV QRUPDO HW VXSpULHXU GHV FHUWLILFDWV GHV
F\FOHV GH OD IRUPDWLRQ FRQWLQXH GH OD IRUPDWLRQ VSpFLDOLVpH HW
GHODIRUPDWLRQGLVSHQVpHDXWLWUHGXF\FOHVSpFLDODLQVLTXHOD
FRQVWLWXWLRQ GHV MXU\V VRQW IL[pHV SDU DUUrWp GX PLQLVWUH GH
OLQWpULHXU
/HSURJUDPPHGHVFRXUVGLQVWUXFWLRQPLOLWDLUHHVWIL[pSDU
OHPLQLVWUHGHOLQWpULHXUDSUqVDYLVGHO(WDW0DMRUJpQpUDOGHV
)RUFHVDUPpHVUR\DOHV
/HV PRGDOLWpV GLQGHPQLVDWLRQ GX SHUVRQQHO HQVHLJQDQW
YDFDWDLUH RX DVVRFLp VRQW IL[pHV SDU DUUrWp GX PLQLVWUH GH
OLQWpULHXU
$57 $XFXQ pOqYH QHVW DGPLV j UHGRXEOHU QL HQ
SUHPLqUH DQQpH QL HQ GHX[LqPH DQQpH GX F\FOH QRUPDO RX GX
F\FOH VXSpULHXU7RXW pOqYH TXL QH UpXVVLW SDV OD SUHPLqUH RX OD
GHX[LqPHDQQpHHVWH[FOXGHO,QVWLWXW
7RXWHIRLV HQ FDV GH PDODGLH RX GDEVHQFH GPHQW
MXVWLILpH OpOqYH SHXW rWUH DXWRULVp SDU OH FRQVHLO LQWpULHXU j
UHGRXEOHUXQHVHXOHIRLVODQQpHGHIRUPDWLRQ
$57 /H QRPEUH GpOqYHV SRXU FKDFXQ GHV F\FOHV
QRUPDOHWVXSpULHXUHVWIL[pFKDTXHDQQpHSDUDUUrWpGXPLQLVWUH
GHOLQWpULHXU
$57/HVFDQGLGDWVIRQFWLRQQDLUHVUHOHYDQWGHVDXWUHV
GpSDUWHPHQWV DGPLV DX FRQFRXUV GX F\FOH QRUPDO VRQW j
FRPSWHU GH OD GDWH GRXYHUWXUH GH ODQQpH VFRODLUH FRQVLGpUpH
UDGLpV GH OHXU FDGUH GRULJLQH HW QRPPpV GDQV OXQ GHV FDGUHV
GHV DGPLQLVWUDWHXUV HW DGPLQLVWUDWHXUV DGMRLQWV GX PLQLVWqUH GH
OLQWpULHXUFRQIRUPpPHQWDX[GLVSRVLWLRQVGXGDKLUQ
GXFKDRXDOHU PDUVSRUWDQWVWDWXWSDUWLFXOLHUGHV
DGPLQLVWUDWHXUVGXPLQLVWqUHGHOLQWpULHXURXGDQVXQFDGUHRX
JUDGHFODVVpjOpFKHOOHGHUpPXQpUDWLRQQRXRXGDQVXQ
FDGUHDVVLPLOp,OVVRQWDORUVUHFODVVpVGDQVOHXUQRXYHDXFDGUHj
OLQGLFH pJDO RX LPPpGLDWHPHQW VXSpULHXU j FHOXL TXLOV
GpWLHQQHQW
$57 /HV FDQGLGDWV QRQ IRQFWLRQQDLUHV DGPLV DX
FRQFRXUV GX F\FOH QRUPDO VRQW j FRPSWHU GH OD GDWH
GRXYHUWXUH GH ODQQpH VFRODLUH UHFUXWpV HQ TXDOLWp GH
VWDJLDLUHV GDQV OXQ GHV FDGUHV GHV DGPLQLVWUDWHXUV HW GHV
DGPLQLVWUDWHXUV DGMRLQWV GX PLQLVWqUH GH OLQWpULHXU
FRQIRUPpPHQWDX[GLVSRVLWLRQVGXGDKLUSUpFLWpQGX
FKDRXDOHUPDUVRXGDQVXQFDGUHRXJUDGHFODVVpj
OpFKHOOHGHUpPXQpUDWLRQQRXRXGDQVXQFDGUHDVVLPLOp
$57 /HV FDQGLGDWV DGPLV DX F\FOH VXSpULHXU GH
O,QVWLWXW FRQWLQXHQW GH SHUFHYRLU GXUDQW OD SpULRGH GH
IRUPDWLRQ OHV UpPXQpUDWLRQV HW OHV LQGHPQLWpV GRQW LOV
EpQpILFLDLHQWDQWpULHXUHPHQW
$57/HVpOqYHVVRQWDVVLPLOpVGXSRLQWGHYXHGHOD
GLVFLSOLQHjGHVpOqYHVRIILFLHUVGHO$FDGpPLHUR\DOHPLOLWDLUH
$FHWHIIHWLOVVRXVFULYHQWXQHQJDJHPHQWGHGHX[DQQpHVGDQV
OHV)RUFHVDUPpHVUR\DOHV
$57,OHVWLQWHUGLWjWRXWpOqYHGHFHVVHUVHVIRQFWLRQV
GDQVODGPLQLVWUDWLRQSHQGDQWXQGpODLGHDQVjFRPSWHUGHVD
VRUWLHGHO,QVWLWXWVRXVSHLQHGHUHPERXUVHUOHVPRQWDQWVGRQW
LODEpQpILFLpSHQGDQWODSpULRGHGHIRUPDWLRQDXGLW,QVWLWXWVDXI
VLFHWWHFHVVDWLRQHVWLQGpSHQGDQWHGHVDYRORQWp
$57/HUpJLPHGHO,QVWLWXWHVWOLQWHUQDW
$57 /D GpQRPLQDWLRQ GH ,QVWLWXW UR\DO GH
ODGPLQLVWUDWLRQWHUULWRULDOHVHVXEVWLWXHjFHOOHGHOpFROHGH
SHUIHFWLRQQHPHQW GHV FDGUHV GX PLQLVWqUH GH OLQWpULHXU GDQV
OHVWH[WHVOpJLVODWLIVHWUpJOHPHQWDLUHVHQYLJXHXU
%8//(7,12)),&,(/
0,1,67(5('(/('8&$7,211$7,21$/(
'(/(16(,*1(0(17683(5,(85
'(/$)250$7,21'(6&$'5(6
(7'(/$5(&+(5&+(6&,(17,),48(
'pFUHWQGXUHMHEMXLOOHWUHODWLIDX[
LQGHPQLWpV DOORXpHV DX[ HQVHLJQDQWV YDFDWDLUHV GH
OHQVHLJQHPHQWVXSpULHXU
BBBBBBBB
/(35(0,(50,1,675(
9X OD ORL Q SRUWDQW RUJDQLVDWLRQ GH OHQVHLJQHPHQW
VXSpULHXUSURPXOJXpHSDUOHGDKLUQGXVDIDU
PDLQRWDPPHQWVRQDUWLFOH
9XOHGpFUHWQGXFKDRXDOIpYULHU
SRUWDQW VWDWXW SDUWLFXOLHU GX FRUSV GHV HQVHLJQDQWVFKHUFKHXUV GH
OHQVHLJQHPHQW VXSpULHXU WHO TXLO D pWp PRGLILp HW FRPSOpWp
QRWDPPHQWVRQDUWLFOH
9XOHGpFUHWQGXFKDRXDOIpYULHU
SRUWDQW VWDWXW SDUWLFXOLHU GX FRUSV GHV HQVHLJQDQWVFKHUFKHXUV GHV
pWDEOLVVHPHQWV GH IRUPDWLRQ GHV FDGUHV VXSpULHXUV WHO TXLO D pWp
PRGLILpHWFRPSOpWpQRWDPPHQWVRQDUWLFOH
1FKDDEDQH
9XOHGpFUHWQGXFKDRXDOIpYULHU
SRUWDQW VWDWXW SDUWLFXOLHU GX FRUSV GHV HQVHLJQDQWVFKHUFKHXUV GH
PpGHFLQH GH SKDUPDFLH HW GH PpGHFLQH GHQWDLUH QRWDPPHQW VRQ
DUWLFOH
9XOHGpFUHWQGXKLMDIpYULHU
SRUWDQWVWDWXWSDUWLFXOLHUGHVSHUVRQQHOVGHOpGXFDWLRQQDWLRQDOH
WHOTXLODpWpPRGLILpHWFRPSOpWpQRWDPPHQWVHVDUWLFOHV
HW
$SUqVH[DPHQSDUOHFRQVHLOGHVPLQLVWUHVUpXQLOHUHMHE
MXLOOHW
'e&57(
3URIHVVHXUVGH
OHQVHLJQHPHQW
VXSpULHXU
7$8;
$875(63(56211(/6
3HUVRQQHVMXVWLILDQWGXQGRFWRUDW
G(WDW GXQ GRFWRUDW GXQ
GLSO{PH
GH
VSpFLDOLWp
PpGLFDOH GXQ GLSO{PH GH
VSpFLDOLWp SKDUPDFHXWLTXH HW
ELRORJLTXH GXQ GLSO{PH GH
VSpFLDOLWp
RGRQWRORJLTXH
GRFWRUDW RX WRXW GLSO{PH
pTXLYDOHQWHWMXVWLILDQWGXQH
H[SpULHQFHGHSOXVGHDQV
3URIHVVHXUVKDELOLWpV 3HUVRQQHVMXVWLILDQWGXQGRFWRUDW
RXSURIHVVHXUVDJUpJpV
G(WDW GXQ GRFWRUDW GXQ
HQPpGHFLQH
GLSO{PH
GH
VSpFLDOLWp
HQSKDUPDFLH
PpGLFDOH GXQ GLSO{PH GH
RXHQPpGHFLQHGHQWDLUH VSpFLDOLWpSKDUPDFHXWLTXHHW
ELRORJLTXHGXQGLSO{PHGH
VSpFLDOLWp RGRQWRORJLTXH RX
WRXW GLSO{PH pTXLYDOHQW HW
MXVWLILDQW GXQH H[SpULHQFH
GHjDQV
+25$,5(6
(1'+
1FKDDEDQH
%8//(7,12)),&,(/
(16(,*1$176
&+(5&+(856
/(6$77$&+(6
3('$*2*,48(6
(7/(635(3$5$7(856
'(6/$%25$72,5(6
6&2/$,5(6(7
81,9(56,7$,5(6
3URIHVVHXUVDVVLVWDQWV
0DvWUHVDVVLVWDQWV
$VVLVWDQWV
/HVDWWDFKpV
SpGDJRJLTXHV
HWOHVSUpSDUDWHXUV
GHVODERUDWRLUHVVFRODLUHV
HWXQLYHUVLWDLUHV
7$8;
$875(63(56211(/6
3HUVRQQHVMXVWLILDQWGXQGRFWRUDW
G(WDW GXQ GRFWRUDW GXQ
GLSO{PH GH VSpFLDOLWp
PpGLFDOH GXQ GLSO{PH GH
VSpFLDOLWp SKDUPDFHXWLTXH HW
ELRORJLTXH GXQ GLSO{PH GH
VSpFLDOLWp RGRQWRORJLTXH RX
WRXWGLSO{PHpTXLYDOHQW
3HUVRQQHVMXVWLILDQWGXQGLSO{PH
GpWXGHV VXSpULHXUHV GXQ
GLSO{PH GpWXGHV VXSpULHXUHV
DSSURIRQGLHV GXQ GLSO{PH
GpWXGHV
VXSpULHXUHV
VSpFLDOLVpHV GXQ GLSO{PH
GLQJpQLHXU G(WDW GXQ
GLSO{PH GDUFKLWHFWH GXQ
GLSO{PH GH GRFWHXU HQ
PpGHFLQH HQ SKDUPDFLH HQ
PpGHFLQH GHQWDLUH RX HQ
PpGHFLQHYpWpULQDLUHRXWRXW
GLSO{PHpTXLYDOHQW
3HUVRQQHV WLWXODLUHV GXQH
OLFHQFH GXQH PDvWULVH
GXQGLSO{PH GLQJpQLHXU
GDSSOLFDWLRQ
RX
WRXW
GLSO{PHpTXLYDOHQW
+25$,5(6
(1'+
&$7(*25,(6
,1'(01,7(
3$5
(/(0(17
'(02'8/(
(1',5+$06
7LWXODLUHV
GX GRFWRUDW G(WDW RX GX GRFWRUDW RX WRXW GLSO{PH
pTXLYDOHQW
GX GLSO{PH GpWXGHV VXSpULHXUHV GX GLSO{PH
GpWXGHV VXSpULHXUHV DSSURIRQGLHV GX GLSO{PH
GpWXGHV VXSpULHXUHV VSpFLDOLVpHV GX GLSO{PH
GLQJpQLHXU G(WDW GX GLSO{PH GH VSpFLDOLWp
PpGLFDOHGXGLSO{PHGHVSpFLDOLWpSKDUPDFHXWLTXHHW
ELRORJLTXHHWGXGLSO{PHGHVSpFLDOLWpRGRQWRORJLTXH
RX WRXW GLSO{PH pTXLYDOHQW HW MXVWLILDQW GXQH
H[SpULHQFHGHSOXVGHDQV
7LWXODLUHV
GX GRFWRUDW G(WDW GX GRFWRUDW RX WRXW GLSO{PH
pTXLYDOHQW
GX GLSO{PH GpWXGHV VXSpULHXUHV GX GLSO{PH
GpWXGHV VXSpULHXUHV DSSURIRQGLHV GX GLSO{PH
GpWXGHV VXSpULHXUHV VSpFLDOLVpHV GX GLSO{PH
GLQJpQLHXU G(WDW GX GLSO{PH GH VSpFLDOLWp
PpGLFDOHGXGLSO{PHGHVSpFLDOLWpSKDUPDFHXWLTXH
HW ELRORJLTXH GX GLSO{PH GH VSpFLDOLWp
RGRQWRORJLTXH RX WRXW GLSO{PH pTXLYDOHQW HW
MXVWLILDQW GXQH H[SpULHQFH VXSpULHXUH j DQV HW
LQIpULHXURXpJDOHjDQV
7LWXODLUHV
GX GRFWRUDW G(WDW GX GRFWRUDW RX WRXW GLSO{PH
pTXLYDOHQW
GX GLSO{PH GpWXGHV VXSpULHXUHV GX GLSO{PH
GpWXGHV VXSpULHXUHV DSSURIRQGLHV GX GLSO{PH
GpWXGHV VXSpULHXUHV VSpFLDOLVpHV GX GLSO{PH
GLQJpQLHXU G(WDW GX GLSO{PH GH VSpFLDOLWp
PpGLFDOHGXGLSO{PHGHVSpFLDOLWpSKDUPDFHXWLTXHHW
ELRORJLTXH GX GLSO{PH GH VSpFLDOLWp RGRQWRORJLTXH
RX WRXW GLSO{PH pTXLYDOHQW HW MXVWLILDQW GXQH
H[SpULHQFHGHjDQV
$57/HSDLHPHQWGHVPRQWDQWVSUpYXVDXWDEOHDXQ
FLGHVVXV LQWHUYLHQGUD DSUqV ODFFRPSOLVVHPHQW HIIHFWLI GH
OpOpPHQW GX PRGXOH REMHW GXGLW SDLHPHQW VXU OD EDVH GXQH
DXWRULVDWLRQFHUWLILpHSDUOHFKHIGHOpWDEOLVVHPHQW
%8//(7,12)),&,(/
$57/DGXUpHGHVVHUYLFHVGHQVHLJQHPHQWRXWUDYDX[
GH SUpSDUDWLRQ GRLW rWUH FRQIRUPH GDQV WRXV OHV FDV j OKRUDLUH
SUpYXSDUOHPSORLGXWHPSVJpQpUDO
$57/H PLQLVWUH GH OpGXFDWLRQ QDWLRQDOH GH
OHQVHLJQHPHQW VXSpULHXU GH OD IRUPDWLRQ GHV FDGUHV HW GH OD
UHFKHUFKHVFLHQWLILTXHOHPLQLVWUHGHOpFRQRPLHHWGHVILQDQFHV
OH PLQLVWUH GpOpJXp DXSUqV GX 3UHPLHU PLQLVWUH FKDUJp GH OD
PRGHUQLVDWLRQ GHV VHFWHXUV SXEOLFV VRQW FKDUJpV FKDFXQ HQ FH
TXLOHFRQFHUQHGHOH[pFXWLRQGXSUpVHQWGpFUHWTXLSUHQGHIIHW
jFRPSWHUGHODGDWHGHVDSXEOLFDWLRQDX%XOOHWLQRIILFLHO
6RQW DEURJpHV j FRPSWHU GH OD PrPH GDWH OHV GLVSRVLWLRQV
GXGpFUHWQGXUDELL,,MXLQUHODWLI
DX[ LQGHPQLWpV SRXU KHXUHV VXSSOpPHQWDLUHV DOORXpHV j FHUWDLQV
SHUVRQQHOVGHOHQVHLJQHPHQWVXSpULHXUHWGXGpFUHWQ
GX UDELL ,, MXLQ UHODWLI DX[ LQGHPQLWpV SRXU
KHXUHV VXSSOpPHQWDLUHV DOORXpHV j FHUWDLQV SHUVRQQHOV GHV
pWDEOLVVHPHQWVGHIRUPDWLRQGHVFDGUHVVXSpULHXUV
1FKDDEDQH
'e&57(
$57,&/(35(0,(5/DUWLFOHWHU GXGpFUHWQGX
KLMDDRWVXVYLVpHVWPRGLILpDLQVLTXLOVXLW
$UWLFOHWHU,QGHPQLWpSRXUFKDUJHVPLOLWDLUHV
/LQGHPQLWp SRXU FKDUJHV PLOLWDLUHV FRQVWLWXH XQ
DFFHVVRLUHSHUPDQHQWGHODVROGHVSpFLDOHSURJUHVVLYH(OOHHVW
VRXPLVHDX[UqJOHVGDOORFDWLRQGHODVROGHHWSHUoXHGDQVOHV
PrPHVFRQGLWLRQV
/H WDX[ PHQVXHO GH OLQGHPQLWp SRXU FKDUJHV PLOLWDLUHV
HVWIL[pDLQVLTXLOVXLW
*5$'(6
$FRPSWHU
GX
'+
$FRPSWHU
GX
'+
$FRPSWHU
GX
'+
&DSRUDO
6ROGDWGHUHFODVVH
6ROGDWGHHFODVVH
BBBBBBBB
/H WH[WH HQ ODQJXH DUDEH D pWp SXEOLp GDQV OpGLWLRQ JpQpUDOH GX
%XOOHWLQRIILFLHOQGXUHMHEMXLOOHW
$'0,1,675$7,21'(/$'()(16(1$7,21$/(
'pFUHWQGXUHMHEMXLOOHWPRGLILDQW
HW FRPSOpWDQW OH GpFUHW Q GX KLMD
DRW IL[DQW OH UpJLPH GH VROGH DOLPHQWDWLRQ HW
IUDLV GH GpSODFHPHQW GHV PLOLWDLUHV j VROGH VSpFLDOH
SURJUHVVLYH GHV )RUFHV DUPpHV UR\DOHV DLQVL TXH OHV
UqJOHVGDGPLQLVWUDWLRQHWGHFRPSWDELOLWp
BBBBBBBB
/(35(0,(50,1,675(
9XOHGDKLUQGXNDDGDQRYHPEUH
SRUWDQW GpOpJDWLRQ GH SRXYRLU HQ PDWLqUH G$GPLQLVWUDWLRQ GH OD
GpIHQVHQDWLRQDOH
35,0(
35,0('(
727$/
1250$/(
48$/,),&$7,21
HQGLUKDPV
HQGLUKDPV
HQGLUKDPV
$(QJDJHPHQW
DQV
%5HQJDJHPHQW
/HV FRQGLWLRQV GDWWULEXWLRQ HW OHV PRGDOLWpV GH SDLHPHQW
GHVSULPHVGHQJDJHPHQWHWGHUHQJDJHPHQWVRQWFHOOHVDUUrWpHV
SDUOHVLQVWUXFWLRQVGDSSOLFDWLRQGXVHUYLFHGHOLQWHQGDQFH
/HUHVWHVDQVFKDQJHPHQW
$57/HSUpVHQWGpFUHWVHUDSXEOLpDX%XOOHWLQRIILFLHO
)DLWj5DEDWOH UHMHEMXLOOHW
$%%$6(/)$66,
3RXUFRQWUHVHLQJ
/HPLQLVWUHGpOpJXp
DXSUqVGX3UHPLHUPLQLVWUH
FKDUJpGHODPRGHUQLVDWLRQ
GHVVHFWHXUVSXEOLFV
02+$00('$%%28
/HPLQLVWUHGHOpFRQRPLH
HWGHVILQDQFHV
6$/$+('',1(0(=28$5
BBBBBBBB
$SUqVH[DPHQSDUOHFRQVHLOGHVPLQLVWUHVUpXQLOHUHMHE
MXLOOHW
/H WH[WH HQ ODQJXH DUDEH D pWp SXEOLp GDQV OpGLWLRQ JpQpUDOH GX
%XOOHWLQRIILFLHOQGXUHMHEMXLOOHW
1FKDDEDQH
%8//(7,12)),&,(/
7$8;0(168(/6
(1',5+$06
&$7(*25,(
$FRPSWHU
GX
'+
$FRPSWHU
GX
'+
$FRPSWHU
GX
'+
&DSLWDLQH
HpFKHORQ
HpFKHORQ
HpFKHORQ
HpFKHORQ
HUpFKHORQ
/LHXWHQDQW
HpFKHORQ
HpFKHORQ
HpFKHORQ
HpFKHORQ
HUpFKHORQ
6RXV/LHXWHQDQW
$VSLUDQW
HpFKHORQ
HpFKHORQ
HpFKHORQ
HpFKHORQ
HpFKHORQ
HpFKHORQ
HpFKHORQ
HUpFKHORQ
$GMXGDQWFKHI
HpFKHORQ
HpFKHORQ
HpFKHORQ
HpFKHORQ
HpFKHORQ
HpFKHORQ
HpFKHORQ
HpFKHORQ
HUpFKHORQ
$GMXGDQW
HpFKHORQ
HpFKHORQ
HpFKHORQ
HpFKHORQ
HpFKHORQ
HpFKHORQ
HpFKHORQ
HpFKHORQ
HUpFKHORQ
6HUJHQWPDMRU
HpFKHORQ
HpFKHORQ
HpFKHORQ
HpFKHORQ
HpFKHORQ
HpFKHORQ
HpFKHORQ
HpFKHORQ
HUpFKHORQ
+,(5$5&+,48(
/(35(0,(50,1,675(
9XOHGDKLUQGXNDDGDQRYHPEUH
SRUWDQW GpOpJDWLRQ GH SRXYRLU HQ PDWLqUH G$GPLQLVWUDWLRQ GH OD
GpIHQVHQDWLRQDOH
9XOHGDKLUQGXMRXPDGD,,MDQYLHU
IL[DQW OH WUDLWHPHQW GHV SHUVRQQHOV PLOLWDLUHV j VROGH
PHQVXHOOH GHV )RUFHV DUPpHV UR\DOHV WHO TXLO D pWp PRGLILp HW
FRPSOpWp
$SUqVH[DPHQSDUOHFRQVHLOGHVPLQLVWUHVUpXQLOHUHMHE
MXLOOHW
'e&57(
5qJOHVGDWWULEXWLRQ
/LQGHPQLWp SRXU FKDUJHV PLOLWDLUHV FRQVWLWXH XQ
DFFHVVRLUH SHUPDQHQW GH OD VROGH PHQVXHOOH (OOH HVW VRXPLVH
DX[ UqJOHV GDOORFDWLRQ GH OD VROGH HW SHUoXH GDQV OHV PrPHV
FRQGLWLRQV
&KDSLWUH,,
7DULIPHQVXHOGHOLQGHPQLWp
SRXUFKDUJHVPLOLWDLUHV
/HV WDX[ PHQVXHOV GH OLQGHPQLWp SRXU FKDUJHV PLOLWDLUHV
VRQWIL[pVFRQIRUPpPHQWDXWDEOHDXFLDSUqV
7$8;0(168(/6
(1',5+$06
&$7(*25,(
+,(5$5&+,48(
&RORQHO
(FKH[FHSWLRQQHO
HpFKHORQ
HpFKHORQ
HpFKHORQ
HpFKHORQ
HpFKHORQ
HUpFKHORQ
$FRPSWHU
GX
'+
$FRPSWHU
GX
'+
$FRPSWHU
GX
'+
/WFRORQHO
HpFKHORQ
HpFKHORQ
HpFKHORQ
HUpFKHORQ
&RPPDQGDQW
%8//(7,12)),&,(/
1FKDDEDQH
&KDSLWUH,,
7$8;0(168(/6
(1',5+$06
&$7(*25,(
$FRPSWHU
GX
'+
+,(5$5&+,48(
$FRPSWHU
GX
'+
/HVWDX[DSSOLFDEOHVILJXUHQWDXWDEOHDXFLDSUqV
$FRPSWHU
GX
'+
),;$7,21'(635,0(6
'+
1$7875((7'85((
6HUJHQWFKHI
HpFKHORQ
HpFKHORQ
HpFKHORQ
HpFKHORQ
HpFKHORQ
HpFKHORQ
HpFKHORQ
HpFKHORQ
HUpFKHORQ
6HUJHQW
HpFKHORQ
HpFKHORQ
HpFKHORQ
HpFKHORQ
HpFKHORQ
HpFKHORQ
HpFKHORQ
HpFKHORQ
HUpFKHORQ
&DSRUDOFKHI
HpFKHORQ
HpFKHORQ
HpFKHORQ
HpFKHORQ
HpFKHORQ
HpFKHORQ
HUpFKHORQ
$57$FRPSWHUGXHU VHSWHPEUHOHVFKDSLWUHV,
HW ,, GX WLWUH 9,,, GH ODQQH[H ,, GX GDKLU Q GX
MRXPDGD,,MDQYLHUVXVYLVpVRQWPRGLILpVDLQVL
TXLOVXLW
7,75(9,,,
/(635,0(6'(1*$*(0(17(7'(5(1*$*(0(17
&KDSLWUHSUHPLHU
727$/
'(6&2175$76
6833/(0(17
35,0(
'(35,0(
$(QJDJHPHQWV
(QJDJHPHQWGHDQV
%5HQJDJHPHQWV
$57/DQQH[H,,GXGDKLUQGXMRXPDGD,,
MDQYLHU VXVYLVp HVW FRPSOpWpH SDU OH WLWUH ;,,,
DLQVLFRQoX
$11(;(,,
$OORFDWLRQVGLYHUVHV
7LWUH;,,
7LWUH;,,,,QGHPQLWpVVSpFLILTXHV
7,75(35(0,(5
,1'(01,7(3285)5$,6'(5(35(6(17$7,21
7,75(;,,,
,1'(01,7(663(&,),48(6
8QH LQGHPQLWp VSpFLILTXH HVW VHUYLH DX SHUVRQQHO QDYLJDQW
HQ IRQFWLRQ GDQV OHV )RUFHV DUPpHV UR\DOHV WLWXODLUH GX EUHYHW
VXSpULHXU GH VSpFLDOLWp HW DX[ SHUVRQQHOV LQILUPLHUV VSpFLDOLVWHV
VHORQOHVWDX[FLDSUqV
,3HUVRQQHOQDYLJDQW
&RQGLWLRQVGDWWULEXWLRQ
7RXW PLOLWDLUH GX JUDGH GH VRXVRIILFLHU RX FDSRUDOFKHI D
GURLWjODVXLWHGXQFRQWUDWGHQJDJHPHQWGHWURLVDQVHWSOXVRX
GHUHQJDJHPHQWjXQHSULPHHWOHFDVpFKpDQWXQVXSSOpPHQWGH
SULPHGDQVODOLPLWHGHTXLQ]HDQQpHVGHVHUYLFH
$$\DQWVGURLW
D 3ULPHVQRUPDOHV
/HVSHUVRQQHOVD\DQWFRQWUDFWpXQHQJDJHPHQWGH
RXDQVRXXQUHQJDJHPHQWDXWLWUHGHODUPpH
7$8;
&$7(*25,(6
7DX[Q
3LORWHGHFKDVVH
7DX[Q
3LORWHGHWUDQVSRUW
7DX[Q
3LORWHGKpOLFRSWqUHPRQLWHXUSLORWH
GHGpEXWQDYLJDWHXUPpFDQLFLHQ
QDYLJDQW
7DX[Q
0DvWUHFKDUJHXUFRQYR\HXVHGHODLU
DJHQWGHVUHWpHQFDELQH
1FKDDEDQH
%8//(7,12)),&,(/
/HV WDX[ PHQVXHOV GH FHWWH LQGHPQLWp VRQW IL[pV DLQVL TXLO
VXLW
LQILUPLHUPDQLSXODWHXUGDSSDUHLOVFRWHX[,50VFDQQHU
KpPRGLDO\VHHWDSSDUHLOVpTXLYDOHQWV
LQILUPLHUGHVVDOOHVGHFDWKpWpULVPHHWGHU\WKPRORJLH
0217$17'(/,1'(01,7(
7$8;
$FRPSWHU
GX
'+
$FRPSWHU
GX
'+
$FRPSWHU
GX
'+
7DX[Q
7DX[Q
7DX[Q
7DX[Q
LQILUPLHUGXODERUDWRLUHGHELRVpFXULWp
LQILUPLHUPDMRUGHVHUYLFH
/H PRQWDQW PHQVXHO GH FHWWH LQGHPQLWp HVW IL[p DX WDX[
XQLTXHGH'+
/RXYHUWXUH GX GURLW j FHWWH LQGHPQLWp TXL SUHQG HIIHW j
FRPSWHU GX HU MXLOOHW HVW VXERUGRQQpH j OD GpFLVLRQ
GDIIHFWDWLRQ SURQRQFpH SDU OLQVSHFWHXU GX VHUYLFH GH VDQWp
PLOLWDLUH GHV )RUFHV DUPpHV UR\DOHV (OOH FHVVH GrWUH VHUYLH DX
SHUVRQQHOFRQFHUQpGqVFHVVDWLRQGHOH[HUFLFHGHFHWWHIRQFWLRQ
$57/HSUpVHQWGpFUHWVHUDSXEOLpDX%XOOHWLQRIILFLHO
,,3HUVRQQHOLQILUPLHUVSpFLDOLVWH
/LQGHPQLWp VSpFLILTXH VHUYLH DX SHUVRQQHO LQILUPLHU
VSpFLDOLVWHGHV)RUFHVDUPpHVUR\DOHVHVWOLpHjOH[HUFLFHHIIHFWLI
GXQHVSpFLDOLWpKRVSLWDOLqUH
&HWWHLQGHPQLWpHVWDOORXpHSHQGDQWODGXUpHGDIIHFWDWLRQDX
VHLQ GXQH IRUPDWLRQ KRVSLWDOLqUH SRXU RFFXSHU OXQH GHV
IRQFWLRQVFLDSUqV
DLGHDQHVWKpVLVWH
LQILUPLHUHQUpDQLPDWLRQ
LQVWUXPHQWLVWH
LQILUPLHU EUHYHWp RX GLSO{Pp G(WDW HPSOR\p DX[ EORFV
RSpUDWRLUHVjODUpDQLPDWLRQHWDX[XUJHQFHV
LQILUPLHUVSpFLDOLVpHQQHXURORJLHHWQHXURFKLUXUJLH
/HPLQLVWUHGpOpJXp
DXSUqVGX3UHPLHUPLQLVWUH
FKDUJpGHODPRGHUQLVDWLRQ
GHVVHFWHXUVSXEOLFV
02+$00('$%%28
/HPLQLVWUHGHOpFRQRPLH
HWGHVILQDQFHV
6$/$+('',1(0(=28$5
BBBBBBB
/H WH[WH HQ ODQJXH DUDEH D pWp SXEOLp GDQV OpGLWLRQ JpQpUDOH GX
%XOOHWLQRIILFLHOQGXUHMHEMXLOOHW
%8//(7,12)),&,(/
1FKDDEDQH
$9,6(7&20081,&$7,216
'pFLVLRQ GX GLUHFWHXU JpQpUDO GH O$JHQFH QDWLRQDOH GH
UpJOHPHQWDWLRQ GHV WpOpFRPPXQLFDWLRQVQ GX
MRXPDGD , PDL SRUWDQW DGRSWLRQ GH
ODFKDUWHGHQRPPDJHUHODWLYHDX[PRGDOLWpVGHJHVWLRQ
DGPLQLVWUDWLYH WHFKQLTXH HW FRPPHUFLDOH GHV QRPV GH
GRPDLQHLQWHUQHWSRLQWPD
BBBBBBB
/(
$UWLFOH
2XWUHOHV GpILQLWLRQV GRQQpHV GDQV ODORLQVXVYLVpH
HW OHV WH[WHV SULV SRXU VRQ DSSOLFDWLRQ LO HVW IDLW XVDJH GDQV OD
SUpVHQWH GpFLVLRQ GHV WHUPHV TXL VRQW HQWHQGXV GH OD PDQLqUH
VXLYDQWH
7LWXODLUH WRXWHSHUVRQQHSK\VLTXHRXPRUDOHD\DQWSURFpGp
DXSUqVGXQSUHVWDWDLUHjOHQUHJLVWUHPHQWHWOH[SORLWDWLRQGXQ QRP
GHGRPDLQHLQWHUQHWSRLQWPD
/HGLUHFWHXUJpQpUDO
GHO$JHQFHQDWLRQDOH
GHUpJOHPHQWDWLRQGHVWpOpFRPPXQLFDWLRQV
$=',1((/02817$66,5%,//$+
$QQH[H
BBBBB
&+$57('(1200$*(
BBBBBB
7LWUHSUHPLHU
3ULQFLSHVJpQpUDX[
$UWLFOHSUHPLHU
/D SUpVHQWH FKDUWH GH QRPPDJH D SRXU REMHW GH IL[HU OHV
PRGDOLWpV GH JHVWLRQ DGPLQLVWUDWLYH WHFKQLTXH HW FRPPHUFLDOH
GHVQRPVGHGRPDLQHLQWHUQHWSRLQWPD
,QWHUQHW FRUSRUDWLRQIRUDVVLJQHGQDPHVDQGQXPEHUV
1RP GH GRPDLQH DFWLI QRP GH GRPDLQH GpFODUp VXU OHV
VHUYHXUV'16GHOD]RQHSRLQWPDDXTXHOOHSUHVWDWDLUHSHXW
DSSRUWHUWRXWFKDQJHPHQWQpFHVVDLUH
'16'RPDLQQDPHV\VWHPOLWWpUDOHPHQW6\VWqPHGH
QRPVGHGRPDLQH EDVH GH GRQQpHV RUJDQLVpH HW KLpUDUFKLVpH
TXLSHUPHWGHIDLUHODFRUUHVSRQGDQFHHQWUHOHQRPGHGRPDLQHHW
ODGUHVVH,3
6HUYHXU '16 VHUYHXU XWLOLVp SRXU KpEHUJHU OHV QRPV GH
GRPDLQH
:+2,6VHUYLFH GH EDVH GH GRQQpHV SXEOLTXHV
SHUPHWWDQW GHIIHFWXHU GHV UHFKHUFKHV DILQ GREWHQLU GHV
LQIRUPDWLRQV VXU XQ QRP GH GRPDLQH RX XQH DGUHVVH ,3 (Q
JpQpUDOOH:+2,6SHUPHWGHSXEOLHUOHVFRQWDFWVSK\VLTXHV
DVVRFLpV DX QRP GH GRPDLQH RX j ODGUHVVH ,3 FRQWDFW
DGPLQLVWUDWLIRXWHFKQLTXH
1FKDDEDQH
%8//(7,12)),&,(/
&DUDFWqUHVDFFHSWDEOHV
8Q QRP GH GRPDLQH QH SHXW rWUH HQUHJLVWUp TXH V
LO HVW
FRPSRVpG
XQHFRPELQDLVRQGHVFDUDFWqUHVVXLYDQWV
OHVOHWWUHVDj]DXFXQDFFHQWQHVWDFFHSWp/HV
QRPV GH GRPDLQH SHXYHQW rWUH HQUHJLVWUpV HQ OHWWUHV
PLQXVFXOHVRXPDMXVFXOHV
OHVFKLIIUHV
OHWUDLWG
XQLRQVDQVTX
LOQHSXLVVHrWUHXWLOLVpDXGpEXWRX
jODILQG
XQQRPGHGRPDLQH
8QQRPGHGRPDLQHQHGRLWSDVGpEXWHUSDU[QQLrWUH
FRPSRVpXQLTXHPHQWGHFKLIIUHVHWGHWUDLWVGXQLRQ
7HUPHVLQWHUGLWV
/HV QRPV GH GRPDLQH QH GRLYHQW SDV SRUWHU DWWHLQWH j OD
VUHWpQDWLRQDOHRXjORUGUHSXEOLFRXrWUHFRQWUDLUHVjODPRUDOH
HW DX[ ERQQHV PXUV GH PrPH TXLOV QH GRLYHQW SDV SRUWHU
DWWHLQWHjODUHOLJLRQODODQJXHODFXOWXUHOHVRSLQLRQVSROLWLTXHV
QLXWLOLVHUGHVWHUPHVjFRQQRWDWLRQUDFLVWH
/H GHPDQGHXU FKRLVLW OLEUHPHQW VRQ QRP GH GRPDLQH
7RXWHIRLV VLO DSSDUDvW j SRVWHULRUL DX[ DXWRULWpV FRPSpWHQWHV
TXH FH QRP SRUWH DWWHLQWH j OD VUHWp RX j ORUGUH SXEOLF RX HVW
FRQWUDLUH j OD PRUDOH HW DX[ ERQQHV PXUV OH JHVWLRQQDLUH OH
VXSSULPH VXU GHPDQGH GH O$157 VDLVL j FHW HIIHW SDU OHVGLWHV
DXWRULWpVHWHQLQIRUPHOHSUHVWDWDLUHFRQFHUQp
7HUPHVUpVHUYpV
,OVDJLWGHVWHUPHVGRQWO
HQUHJLVWUHPHQWHQWDQWTXHQRPV
GH GRPDLQH HVW VRXPLV j GHV FRQGLWLRQV SDUWLFXOLqUHV OLpHV j
O
LGHQWLWpHWDXGURLWGXGHPDQGHXU
7RXW GHPDQGHXU GRLW SUHQGUH FRQQDLVVDQFH GH OD OLVWH GHV
WHUPHV UpVHUYpV DYDQW GH SURFpGHU DX[ IRUPDOLWpV GHQUHJLVWUHPHQW
GXQQRPGHGRPDLQHLQWHUQHWSRLQWPD
/H QRP GX 5R\DXPH GX 0DURF GH VHV LQVWLWXWLRQV
QDWLRQDOHVHWGHVVHUYLFHVSXEOLFVQDWLRQDX[VHXORXDVVRFLpjGHV
PRWVIDLVDQWUpIpUHQFHjFHVLQVWLWXWLRQVRXVHUYLFHVQHSHXWrWUH
HQUHJLVWUp FRPPH QRP GH GRPDLQH TXH SDU FHV LQVWLWXWLRQV RX
VHUYLFHV
$X WLWUH GHV GRPDLQHV UpVHUYpV ILJXUHQW SDU H[HPSOH
OHV WHUPHV WHFKQLTXHV GH O
LQWHUQHW DUSDQHW LQDGGU LSY LFDQQ
HWFOHVQRPVGHVSURIHVVLRQVUpJOHPHQWpHVDYRFDWFKLUXUJLHQ
PpGHFLQ HWF OHV WHUPHV OLpV DX IRQFWLRQQHPHQW GH O
(WDW
DPEDVVDGH PLQLVWqUH JHQGDUPHULH HWF OHV QRPV GH YLOOHV
5DEDW0DUUDNHFKHWF
/DOLVWHGHVWHUPHVUpVHUYpVHVWGLVSRQLEOHVXUOHVLWHZHEGX
JHVWLRQQDLUHHWHVWUpJXOLqUHPHQWPLVHjMRXUSDUO$157&HWWH
OLVWHQHVWSDVH[KDXVWLYH
/$157 VH UpVHUYH OH GURLW GH UHIXVHU OHQUHJLVWUHPHQW GH
WRXWQRPGHGRPDLQHGRQWOHOLEHOOpSUrWHjFRQIXVLRQRXPHWHQ
FDXVHXQQRPGHGRPDLQHILJXUDQWVXUODOLVWHSUpFLWpHGHVWHUPHV
UpVHUYpV
/HQRPGHGRPDLQHILJXUDQWVXUODOLVWHGHVWHUPHVUpVHUYpV
HWTXLDpWpHQUHJLVWUpjXQHGDWHDQWpULHXUHjODSXEOLFDWLRQGHOD
SUpVHQWH FKDUWH GH QRPPDJH SHXW rWUH VRXPLV j OH[DPHQ HW j
ODSSUpFLDWLRQ GH O$157 VLO VDYqUH TXH OD SHUVRQQH D\DQW
HQUHJLVWUpFHQRPGHGRPDLQHQDSDVGHGURLWVVXUFHQRP
%8//(7,12)),&,(/
/DSDUWLHVHVWLPDQWOpVpHGRLWDSSRUWHUWRXVOHVpOpPHQWVGH
SUHXYHGpPRQWUDQWVRQGURLWVXUOHQRPGHGRPDLQHFRQFHUQp
/$157VWDWXHVXUODGHPDQGHGDQVXQGpODLQHGpSDVVDQW
SDVGHX[PRLVjFRPSWHUGHODUpFHSWLRQGHODGLWHGHPDQGH
7LWUH,,
'HODGPLQLVWUDWHXU
$UWLFOH
/$157 HVW ODGPLQLVWUDWHXU GX GRPDLQH LQWHUQHW SRLQW
PDDXSUqVGHO,&$11(OOHUHSUpVHQWHOHVWLWXODLUHVGHVDGUHVVHV
LQWHUQHW FRUUHVSRQGDQW DX WHUULWRLUH QDWLRQDO DXSUqV GHV LQVWDQFHV
LQWHUQDWLRQDOHV JRXYHUQHPHQWDOHV RX QRQ JRXYHUQHPHQWDOHV HQ
FKDUJHGHODJHVWLRQLQWHUQDWLRQDOHGHVQRPVGHGRPDLQHLQWHUQHW
1FKDDEDQH
$UWLFOH
/HV GHPDQGHV G
HQUHJLVWUHPHQW GHV QRPV GH GRPDLQH
LQWHUQHW SRLQW PD VRQW REOLJDWRLUHPHQW SUpVHQWpHV DX
JHVWLRQQDLUHSDUO
LQWHUPpGLDLUHG
XQSUHVWDWDLUH(OOHVGRLYHQWHQ
RXWUHUHVSHFWHUOHVFRQGLWLRQVVXLYDQWHV
OHQRPGHGRPDLQHGHPDQGpGRLWrWUHOLEUHVHORQODEDVH
GH GRQQpHV :+2,6 GLVSRQLEOH VXU OH VLWH ZHE GX
JHVWLRQQDLUH
OH QRP GH GRPDLQH GHPDQGp QH GRLW rWUH HQUHJLVWUp TXH
VRXVOXQHGHVH[WHQVLRQVFLWpHVjODUWLFOHFLGHVVXV
$UWLFOH
/HSUHVWDWDLUHGRLWUHQVHLJQHUOHVLQIRUPDWLRQVGXGHPDQGHXUGX
QRP GH GRPDLQH DX QLYHDX GX IRUPXODLUH GH UpVHUYDWLRQ
GLVSRQLEOH VXU OH VLWH ZHE GX JHVWLRQQDLUH HW VDVVXUHU TXH OHV
LQIRUPDWLRQVIRXUQLHVSDUOHGHPDQGHXUVRQWH[DFWHV
/$157HVWOHJHVWLRQQDLUHGHVQRPVGHGRPDLQHLQWHUQHW
SRLQW PD (OOH SHXW OH FDV pFKpDQW GpVLJQHU ORUJDQLVPH
DSSHOpjDVVXUHUODJHVWLRQDGPLQLVWUDWLYHHWWHFKQLTXHGHVQRPV
GH GRPDLQH LQWHUQHW SRLQW PD VXU OD EDVH GXQ FDKLHU GHV
FKDUJHVSDUWLFXOLHU
/HV GHPDQGHV G
HQUHJLVWUHPHQW VRQW WUDLWpHV VHORQ OH
SULQFLSHGXSUHPLHUDUULYpSUHPLHUVHUYL/DGXUpHPD[LPXP
GH WUDLWHPHQW SDU OH JHVWLRQQDLUH G
XQH GHPDQGH G
HQUHJLVWUHPHQW
FRPSOqWHQHGRLWSDVH[FpGHUGHX[MRXUVRXYUDEOHV'qVTXH
FHOOHFLHVWVDWLVIDLWHOHJHVWLRQQDLUHHQLQIRUPHOHSUHVWDWDLUH
$UWLFOH
/RUVTXHODGHPDQGHG
HQUHJLVWUHPHQWQ
HVWSDVFRPSOqWHOH
JHVWLRQQDLUHHQLQIRUPHOHSUHVWDWDLUHGDQVXQGpODLQHGpSDVVDQW
SDVGHX[MRXUVRXYUDEOHVjFRPSWHUGHODGDWHGHVRQGpS{W
HQ SUpFLVDQW OHV pOpPHQWV TXL PDQTXHQW j OD GHPDQGH
G
HQUHJLVWUHPHQW 6L GDQV XQ GpODL GH MRXUV VXSSOpPHQWDLUHV
OHVGLWHV LQIRUPDWLRQV QH OXL VRQW SDV FRPPXQLTXpHV OH QRP GH
GRPDLQH QH VHUD SDV UpVHUYp ,O GHPHXUHUD WRXWHIRLV GLVSRQLEOH
DX[ILQVG
HQUHJLVWUHPHQWSDUXQDXWUHGHPDQGHXUGHX[MRXUV
RXYUDEOHV DSUqV OD QRWLILFDWLRQ IDLWH SDU OH JHVWLRQQDLUH DX
SUHVWDWDLUHTXHODGHPDQGHQDSDVpWpVDWLVIDLWH
/DFRPPHUFLDOLVDWLRQGHVQRPVGHGRPDLQHLQWHUQHWSRLQW
PD SHXW rWUH DVVXUpH SDU WRXWH SHUVRQQH D\DQW SURFpGp j XQH
GpFODUDWLRQ SUpDODEOH DXSUqV GH O$157 FRQIRUPpPHQW DX[
GLVSRVLWLRQV UpJOHPHQWDLUHV HQ YLJXHXU UHODWLYHV j OD IRXUQLWXUH
GHVVHUYLFHVjYDOHXUDMRXWpHHWDX[WHUPHVGHODSUpVHQWHFKDUWH
7LWUH,,,
'XJHVWLRQQDLUH
$UWLFOH
/H JHVWLRQQDLUH HVW WHQX GH PHWWUH HQ OLJQH XQH EDVH GH
GRQQpHV:+2,6FRQWHQDQWGHVLQIRUPDWLRQVVXUOHVQRPVGH
GRPDLQHHQUHJLVWUpVHWSHUPHWWDQWGDIILFKHU
OHVVHUYHXUVGHQRPVGHGRPDLQHHWOHXUVDGUHVVHV,3
ODGDWHGHFUpDWLRQ
ODGDWHGHODGHUQLqUHPLVHjMRXU
/HSUHVWDWDLUHHQLQIRUPHVDQVGpODLOHGHPDQGHXU
7LWUH,9
'XSUHVWDWDLUH
$UWLFOH
7RXWH SHUVRQQH GpVLUDQW H[HUFHU OHV DFWLYLWpV GH SUHVWDWDLUH
GH VHUYLHV GH FRPPHUFLDOLVDWLRQ GHV QRPV GH GRPDLQH SRLQW PD
GRLWGLVSRVHUDXPRPHQWGHODGpFODUDWLRQ
OHVWDWXWGXQRPGHGRPDLQHDFWLIJHOpRXEORTXp
GDXPRLQVGHX[VHUYHXUV'16
OHVFRRUGRQQpHVGHVFRQWDFWVDGPLQLVWUDWLIWHFKQLTXHQRP
FRPSOHWQXPpURGHWpOpSKRQHHWDGUHVVHpOHFWURQLTXH
$UWLFOH
$UWLFOH
'DQV OH FDV R O$157 FRQVWDWH HWRX HVW LQIRUPp TXH OHV
GRQQpHV UHQVHLJQpHV VXU OH :+2,6 FRQFHUQDQW XQ QRP GH
GRPDLQH VRQW LQH[DFWHV RX HUURQpHV LO VDLVLW OH SUHVWDWDLUH
FRQFHUQp SRXU OXL GHPDQGHU GH OXL FRPPXQLTXHU WRXWHV OHV
LQIRUPDWLRQVVRXKDLWpHVGDQVOHGpODLTXLOIL[H
$ GpIDXW GXQH UpSRQVH YDOLGH GDQV OH GpODL IL[p O$157
GHPDQGH DX JHVWLRQQDLUH GH SURFpGHU DX EORFDJH GX QRP GH
GRPDLQH SHQGDQW XQ GpODL GpWHUPLQp HW OH FDV pFKpDQW j VD
VXSSUHVVLRQ
/HSUHVWDWDLUHHVWWHQXUHVSRQVDEOHGHWRXWPDQTXHPHQWDX[
GLWHVGLVSRVLWLRQV
,O DVVXUH OD PLVH j MRXU GHV UHQVHLJQHPHQWV VXU OHV
HQUHJLVWUHPHQWVGHVQRPVGHGRPDLQHLQWHUQHWSRLQWPDSRXU
OHFRPSWHGHVHVFOLHQWV
1FKDDEDQH
%8//(7,12)),&,(/
$UWLFOH
$UWLFOH
7RXV OHV WURLV PRLV OH SUHVWDWDLUH HVW WHQX GH IRXUQLU j
O$157 OD OLVWH GpWDLOOpH VRXV IRUPDW pOHFWURQLTXH GH
OHQVHPEOH GHV QRPV GH GRPDLQH HQUHJLVWUpV GXUDQW OD SpULRGH
pFRXOpH &HWWH OLVWH GRLW FRPSUHQGUH QRWDPPHQW OHV GRQQpHV
VXLYDQWHV
'DQV OH FDV R OH SUHVWDWDLUH UpVLOLH VRQ FRQWUDW DYHF OH
JHVWLRQQDLUHRXHQFDVGHFHVVLRQLOHVWWHQX
OHVVHUYHXUVGHQRPVGHGRPDLQHHWOHXUVDGUHVVHV,3
ODGDWHGHFUpDWLRQ
OHV FRRUGRQQpHV GX WLWXODLUH QRP FRPSOHW RX UDLVRQ
VRFLDOHDGUHVVHSRVWDOHFRPSOqWH
OHV FRRUGRQQpHV GHV FRQWDFWV DGPLQLVWUDWLIWHFKQLTXH
QRP FRPSOHW QXPpUR GH WpOpSKRQH HW DGUHVVH
pOHFWURQLTXH
$UWLFOH
/H SUHVWDWDLUH SHXW FRPPHUFLDOLVHU OHV QRPV GH GRPDLQH
LQWHUQHW SRLQW PD VHXOV RX DVVRFLpV j GDXWUHV VHUYLFHV /HV
WDULIVDSSOLTXpVHQFRQWUHSDUWLHGHODIRXUQLWXUHGHVSUHVWDWLRQVj
VHVFOLHQWVVRQWOLEUHV
$UWLFOH
/HSUHVWDWDLUHSHXWHQUHJLVWUHUGHVQRPVGHGRPDLQHLQWHUQHW
SRLQW PD SRXU VRQ SURSUH EHVRLQ VDQV TXH OHXU QRPEUH QH
GpSDVVHWUHQWHQRPVGHGRPDLQH
7RXWHIRLV O$157 SHXW VXU GHPDQGH MXVWLILpH GX
SUHVWDWDLUH SHUPHWWUH j FH GHUQLHU GHQUHJLVWUHU SOXV GH WUHQWH
QRPVGHGRPDLQH
$UWLFOH
3RXUOLQVFULSWLRQVXUODOLVWHGHVSUHVWDWDLUHVSXEOLpHSDUOH
JHVWLRQQDLUH OH SUHVWDWDLUH TXL OH VRXKDLWH pWDEOLW HW WUDQVPHW j
O$157XQHGHPDQGHGDQVFHVHQV
/DOLVWHHVWpWDEOLHSDURUGUHDOSKDEpWLTXH
$UWLFOH
(QFDVGHUHWUDLWRXGDQQXODWLRQGXQHGpFODUDWLRQWRXVOHV
QRPV GH GRPDLQH HQUHJLVWUpV SDU OH SUHVWDWDLUH DX SURILW GH VHV
FOLHQWV VHURQW WUDQVIpUpV j GDXWUHV SUHVWDWDLUHV HQ SUHQDQW HQ
FRPSWH OHV FKRL[ GHVGLWV FOLHQWV /HV QRPV GH GRPDLQH
HQUHJLVWUpVDXQRPGHFHVFOLHQWVUHVWHQWDFWLYpVMXVTXjOHXUGDWH
GH UHQRXYHOOHPHQW $X GHOj GH FHWWH GDWH OHV WLWXODLUHV QD\DQW
SDVFKRLVLXQQRXYHDXSUHVWDWDLUHRXFRQILUPpOHSUHVWDWDLUHFKH]
TXL OH WUDQVIHUW D HX OLHX YHUURQW OHXUV QRPV GH GRPDLQH
VXSSULPpV
$UWLFOH
7RXW SUHVWDWDLUH HVW WHQX ORUV GX UHQRXYHOOHPHQW GHV
HQUHJLVWUHPHQWV GHV QRPV GH GRPDLQHV HIIHFWXpV j XQH GDWH
DQWpULHXUHjODSXEOLFDWLRQGHODSUpVHQWHGpFLVLRQGHSURSRVHUj
VHV FOLHQWV GH QRXYHDX[ FRQWUDWV pWDEOLV VXU OD EDVH GHV
GLVSRVLWLRQV GH OD UpJOHPHQWDWLRQ HQ YLJXHXU QRWDPPHQW OD
SURFpGXUHDOWHUQDWLYHGHUpVROXWLRQGHVOLWLJHV
$UWLFOH
7RXWSUHVWDWDLUHHVWWHQXGHFRQFOXUHDYHFOHJHVWLRQQDLUHXQ
FRQWUDW GH UHYHQWH GHV QRPV GH GRPDLQH LQWHUQHW SRLQW PD
&HFRQWUDW SUpYRLW OHQJDJHPHQW GHV SDUWLHV j DSSOLTXHU OHV GLVSRVLWLRQV
GH OD SUpVHQWH FKDUWH QRWDPPHQW HQ PDWLqUH GH UpVROXWLRQ GHV
OLWLJHV
GHQLQIRUPHUVHVFOLHQWVDXPRLQVTXLQ]HMRXUVDYDQW
ODGDWHHIIHFWLYHGHODUpVLOLDWLRQ
GDVVXUHU OD PLJUDWLRQ GHV QRPV GH GRPDLQH GRQW LO D OD
FKDUJH YHUV XQ RX SOXVLHXUV SUHVWDWDLUHV DX SOXV WDUG OH
MRXUGHODFHVVDWLRQGHVHVUHODWLRQVFRQWUDFWXHOOHVDYHFOH
JHVWLRQQDLUH
/HVFOLHQWVGXSUHVWDWDLUHWHQXVLQIRUPpVSDUOHJHVWLRQQDLUH
GHFHWWHUpVLOLDWLRQVRQWLQYLWpVjFKRLVLUXQDXWUHSUHVWDWDLUH/HV
QRPV GH GRPDLQH HQUHJLVWUpV DX QRP GH FHV FOLHQWV UHVWHQW
DFWLYpV MXVTXj OHXU GDWH GH UHQRXYHOOHPHQW $X GHOj GH FHWWH
GDWH OHV GHPDQGHXUV QD\DQW SDV FKRLVL XQ QRXYHDX SUHVWDWDLUH
YHUURQWOHXUVQRPVGHGRPDLQHVXSSULPpV
7LWUH9
'XWLWXODLUH
$UWLFOH
/RUVTXH OH WLWXODLUH HVW XQH SHUVRQQH PRUDOH LO HVW
UHSUpVHQWpSDUXQHSHUVRQQHSK\VLTXHGLWHFRQWDFWDGPLQLVWUDWLI
GPHQWPDQGDWpHjFHWHIIHW
/HFRQWDFWDGPLQLVWUDWLIGXWLWXODLUHGRLWrWUHpWDEOLDX0DURF
/HV WLWXODLUHV GH QRPV GH GRPDLQH LQWHUQHW SRLQW PD
GRPLFLOLpV j O
pWUDQJHU VRQW WHQXV GH GpVLJQHU XQ PDQGDWDLUH
pWDEOL DX 0DURF SRXU HIIHFWXHU O
HQUHJLVWUHPHQW HW OD JHVWLRQ GH
OHXUVQRPVGHGRPDLQHLQWHUQHWSRLQWPD
$UWLFOH
/RUVTXH OH WLWXODLUH VRXKDLWH FKDQJHU GH SUHVWDWDLUH LO GRLW
SURFpGHU DX[ PRGLILFDWLRQV QpFHVVDLUHV j WUDYHUV XQ QRXYHDX
SUHVWDWDLUH&HGHUQLHUWLHQWOHJHVWLRQQDLUHLQIRUPpGHVPRGLILFDWLRQV
HIIHFWXpHVHQUHQVHLJQDQWOHIRUPXODLUHGHFKDQJHPHQWGHSUHVWDWDLUH
GLVSRQLEOH VXU OH VLWH ZHE GX JHVWLRQQDLUH &H IRUPXODLUH GRLW rWUH
VLJQpSDUOHGHPDQGHXUODQFLHQHWOHQRXYHDXSUHVWDWDLUH
$UWLFOH
/H WLWXODLUH GRLW V
DVVXUHU TXH WRXV OHV UHQVHLJQHPHQWV
UHODWLIV j O
HQUHJLVWUHPHQW GXQ QRP GH GRPDLQH SRUWpV VXU OH
IRUPXODLUHGHUpVHUYDWLRQVRQWjMRXUFRPSOHWVHWH[DFWV
7RXWHPLVHjMRXUGHVUHQVHLJQHPHQWVUHODWLIVjO
HQUHJLVWUHPHQW
GRLWrWUHHIIHFWXpHSDUO
LQWHUPpGLDLUHGXQSUHVWDWDLUH
/HVFRRUGRQQpHVGHVFRQWDFWVDGPLQLVWUDWLIRXWHFKQLTXHGX
WLWXODLUHVRQWLQWpJUpHVHWGLIIXVpHVDXVHLQGHODEDVHGHGRQQpHV
:+2,6
(Q FDV GH FKDQJHPHQW GX UHVSRQVDEOH DGPLQLVWUDWLI RX
WHFKQLTXH RX GH WRXWH DXWUH LQIRUPDWLRQ ILJXUDQW VXU OH
IRUPXODLUHGHUpVHUYDWLRQGXQRPGHGRPDLQHOHWLWXODLUHSDU
OLQWHUPpGLDLUH GH VRQ SUHVWDWDLUH HVW WHQX GLQIRUPHU OH
JHVWLRQQDLUH TXL SURFqGH DX[ PRGLILFDWLRQV QpFHVVDLUHV GDQV XQ
GpODLQHGpSDVVDQWSDVGHX[MRXUVRXYUDEOHVjFRPSWHUGHVD
VDLVLHSDUOHSUHVWDWDLUH
$UWLFOH
/HV QRPV GH GRPDLQH SHXYHQW IDLUH O
REMHW G
XQ WUDQVIHUW
HQWUH OHV WLWXODLUHV VRXV UpVHUYH GX UHVSHFW GHV WHUPHV GH OD
SUpVHQWHFKDUWH
%8//(7,12)),&,(/
1FKDDEDQH
8QH GHPDQGH GH WUDQVIHUW GRLW rWUH VDWLVIDLWH DX SOXV WDUG
GHX[MRXUVRXYUDEOHVDSUqVVDUpFHSWLRQSDUOHJHVWLRQQDLUH
$UWLFOH
8QQRPGHGRPDLQHHVWHQUHJLVWUpSRXUXQHSpULRGHGXQDQ
UHQRXYHODEOHSDUWDFLWHUHFRQGXFWLRQVRXVUpVHUYHGXUHVSHFWGHV
GLVSRVLWLRQVGHODSUpVHQWHFKDUWHHWGHVFODXVHVGXFRQWUDWFRQFOX
HQWUHOHSUHVWDWDLUHHWOHWLWXODLUH
8Q QRP GH GRPDLQH DWWULEXp j XQ WLWXODLUH SHXW VXU VD
GHPDQGH rWUH UpVLOLp 8QH IRLV UpVLOLp OH QRP GH GRPDLQH
GHYLHQW OLEUH HW SHXW rWUH HQUHJLVWUp XQH QRXYHOOH IRLV SDU XQ DXWUH
GHPDQGHXU
/D GHPDQGH GH UpVLOLDWLRQ HVW HIIHFWXpH SDU OH SUHVWDWDLUH
VHORQOHIRUPXODLUHGHUpVLOLDWLRQGLVSRQLEOHVXUOHVLWHZHEGX
JHVWLRQQDLUH GPHQW VLJQp SDU OH SUHVWDWDLUH HW OH WLWXODLUH GX
QRPGHGRPDLQHREMHWGHODUpVLOLDWLRQ
8QQRPGHGRPDLQHSHXWrWUHUpVLOLpSDUOHSUHVWDWDLUHVDQV
ODFFRUG SUpDODEOH GX WLWXODLUH GDQV OH FDV R FH GHUQLHU QH
SURFqGHSDVDXSDLHPHQWGHVIUDLVGHJHVWLRQGXQRPGHGRPDLQH
TXLOXLHVWDWWULEXp
&HWWH UpVLOLDWLRQ QH SHXW LQWHUYHQLU TXDSUqV OHQYRL GXQH
OHWWUH DX WLWXODLUH SDU OH SUHVWDWDLUH OH PHWWDQW HQ GHPHXUH GH
SD\HUOHVGLWVIUDLVGDQVXQGpODLGHVHSWMRXUVjFRPSWHUGHOD
UpFHSWLRQGHODGLWHPLVHHQGHPHXUH
7LWUH9,
5pVROXWLRQGHVOLWLJHV
$UWLFOH
/RUVTXH OH OLWLJH SRUWH VXU XQ QRP GH GRPDLQH LQWHUQHW
SRLQWPDD\DQWWUDLWDX[PDUTXHVGHIDEULTXHGHFRPPHUFH
RX GH VHUYLFH SURWpJpHV DX 0DURF OH WLWXODLUH HVW WHQX GH VH
VRXPHWWUH j OD SURFpGXUH DOWHUQDWLYH GH UpVROXWLRQ GH OLWLJHV
UHODWLIVDX[QRPVGHGRPDLQHSRLQWPD
/DPLVHHQXYUHGHODSURFpGXUHDOWHUQDWLYHGHUpVROXWLRQ
GHOLWLJHVQHIDLWSDVREVWDFOHjODVDLVLQHGXQWULEXQDOFRPSpWHQW
SRXU OH PrPH OLWLJH DYDQW SHQGDQW RX DSUqV FHWWH SURFpGXUH
'DQV FH FDV OH JHVWLRQQDLUH HW OH SUHVWDWDLUH V
HQJDJHQW j
DSSOLTXHUODGpFLVLRQGHYHQXHGpILQLWLYHSULVHSDUOHGLWWULEXQDO
'LVSRVLWLRQVILQDOHV
$UWLFOH
,WLVVDODW $O0DJKULE ,$0 FRQWLQXH j DVVXUHU OD JHVWLRQ
DGPLQLVWUDWLYH HW WHFKQLTXH GHV QRPV GH GRPDLQH LQWHUQHW
SRLQWPDMXVTXjODPLVHHQXYUHGHVGLVSRVLWLRQVSUpYXHVj
ODUWLFOHFLGHVVXV
/HV PRGDOLWpV GH WUDQVIHUW GH OD JHVWLRQ DGPLQLVWUDWLYH HW
WHFKQLTXH GHV QRPV GH GRPDLQH LQWHUQHW SRLQW PD VHURQW
GpILQLHVXOWpULHXUHPHQW
7RXWHV OHV PHVXUHV QpFHVVDLUHV GRLYHQW rWUH SULVHV SDU
O$157SRXUTXHODFRQWLQXLWpHWODTXDOLWpGHVVHUYLFHVIRXUQLV
DX[XWLOLVDWHXUVVRLHQWSUpVHUYpHV
$UWLFOH
$UWLFOH
7RXWHPRGLILFDWLRQDSSRUWpHDX[GLVSRVLWLRQVGHODSUpVHQWH
FKDUWH GRLW rWUH SXEOLpH VXU OHV VLWHV ZHE GH O$157 HW GX
JHVWLRQQDLUHHWFRPPXQLTXpHDX[SUHVWDWDLUHVDXPRLQVXQPRLV
DYDQWODGDWHGHVRQHQWUpHHQYLJXHXU
/HWLWXODLUHGXQQRPGHGRPDLQHVHQJDJHjVHVRXPHWWUHj
ODSURFpGXUHDOWHUQDWLYHGHUpVROXWLRQGHOLWLJHVUHODWLIVDX[QRPV
GHGRPDLQHLQWHUQHWSRLQWPD