Vous êtes sur la page 1sur 79



La Voile Radiocommande

Dessiner son Voilier

(GLWpHQ6HSWHPEUH

3KRWRGHODFRXYHUWXUH6WXGLR SURMHWGHODXWHXU


x $YDQW3URSRV

&HOLYUHQHVWSDVpFULWSDUXQ&KDPSLRQGX0RQGHGHOD9RLOHRXSDUXQJUDQG$UFKLWHFWH1DYDOPDLVWRXWVLPSOHPHQW
SDUXQSDVVLRQQpGH0RGpOLVPH1DYDOTXLDEHDXFRXSpWXGLpHWFRQVWUXLW
&HOLYUHQHVWSDVQRQSOXVXQ0DQXHOGH&RQVWUXFWLRQPDLVXQHDLGHDX'pYHORSSHPHQWGXQHPDTXHWWHGHEDWHDXj
YRLOH
6RXYHQWRQDFKqWHGHVERvWHVGHPRQWDJHRXRQGHPDQGHLFLHWOjGHVSODQVGHVPRGqOHVGH9RLOLHUVH[LVWDQWVPDLVWUqV
UDUHPHQWRQFKHUFKHjVDYRLUFRPPHQWFHVSODQVRQWpWpGHVVLQpV
,OQ\DULHQGHWURSFRPSOLTXpTXDQGRQGpFLGHGHVDYRLU
&HOLYUHVDGUHVVHSOXVSDUWLFXOLqUHPHQWDX[MHXQHVHWPRLQVMHXQHVTXLYHXOHQWWHQWHUODYRLHGXPRGpOLVPHHWHQSDUWLFXOLHU
FHOOHGHOD9RLOH5DGLRFRPPDQGpH
,OQ\DSDVGHIRUPXOHVPDWKpPDWLTXHVFRPSOLTXpHVVHXOHVOHVTXDWUHRSpUDWLRQVVHURQWVXIILVDQWHV
&HX[TXLSUDWLTXHQWGpMjFHWWHGLVFLSOLQHWURXYHURQWLFLGHVUDSSHOVXWLOHVWHOVTXHOHVJUDSKLTXHVTXLFRPSWHQW
6DGUHVVDQWVXUWRXWDX[GpEXWDQWVODXWHXUpYLWHUDGHWURSUHQWUHUGDQVOHVGpWDLOVFRPSOH[HVGHOK\GURG\QDPLTXHHWGH
ODpURG\QDPLTXHPDLVLOPRQWUHUDVLPSOHPHQWFRPPHVHORQOXLRQDUULYHjGHVVLQHUOH3ODQGHVRQSURSUH%DWHDXDYDQW
GHFRPPHQFHUXQHpYHQWXHOOHFRQVWUXFWLRQ
8QHIIRUWVHUDIDLWVLQpFHVVDLUHSRXUELHQGLVWLQJXHUOHVSHUIRUPDQFHVGHVEDWHDX[JUDQGHXUQDWXUHDYHFFHOOHVGHV
0RGqOHV5pGXLWV/HVGHX[FDWpJRULHVREpLVVHQWDX[PrPHVORLVGHODSK\VLTXHPDLVOHXUFRPSRUWHPHQWVHUDVRXYHQW
GLIIpUHQWjFDXVHGHFHUWDLQVIDFWHXUVGpFKHOOHWHOTXHOHYHQWHWOHDXTXLVRQWDXIRQGOHVpOpPHQWVFOpVSRXUIDLUHQDYLJXHU
XQ9RLOLHU
/D)LJDHWEUHSUpVHQWHQWOHV&ODVVHVGH9RLOLHUV0RGqOHV5DGLRFRPPDQGpVUHFRQQXHVSDUO,QWHUQDWLRQDO6DLOLQJ
)pGpUDWLRQ,6$)5'6


)LJD


)LJE


7DEOHGHV0DWLqUHV

x $YDQW3URSRV SDJH
x
x 7DEOHGHV0DWLqUHV SDJH
x
&KDSLWUH ,QWURGXFWLRQ SDJH

&KDSLWUH 'pILQLWLRQV/DVDJDGHV&HQWUHV SDJH


x 3ODQKRUL]RQWDO
x 3ODQODWpUDO
x &RXSOHV
x 3ODQYpOLTXH
x &9FHQWUHYpOLTXH
x &&FHQWUHGHFDUqQH
x &$'FHQWUHDQWLGpULYH
x &*FHQWUHGHJUDYLWp
x &3'FHQWUHGHGpULYH
x &'7FHQWUHGHWUDvQpH
x 0PpWDFHQWUH
x &RXUEHGHV$LUHV
x &3FRHIILFLHQW3ULVPDWLTXH

&KDSLWUH 5pVLVWDQFHV O(DXHWO$LU SDJH


x 5pVLVWDQFHGHIURWWHPHQW
x 5pVLVWDQFHGXHjODYDJXH
x 5pVLVWDQFHGXHjODSUHVVLRQ
x 5pVLVWDQFHGXHjODJvWH
x 5pVLVWDQFHLQGXLWH
x 5pVLVWDQFHDMRXWpH
x 5pVLVWDQFH(GG\
x UpVLVWDQFHGHODLU
x 1RWH

&KDSLWUH /HVJUDSKLTXHVTXLFRPSWHQW
x 5pVLVWDQFHYHUV9U)Q SDJH
x &RXUEHGHV$LUHV
x &3YHUV95)Q VLPSOH
x &3YHUV9U HQYHORSSH
x /&%&&HQORQJLWXGLQDO
x 5pVLVWDQFHYHUVIRUPHFDUqQH

&KDSLWUH FRQWLQXH
x 5pVLVWDQFHYHUV9UHW&3
x 5pVLVWDQFHSRUWDQFHYRLOHPkW

&KDSLWUH /HV)RUPHV 3DJH


x /HVIRUPHV
x 5DSSRUWGpSODFHPHQWORQJXHXU
x 5DSSRUWODUJHXUSURIRQGHXU
x 5DSSRUWORQJXHXUODUJHXU
x )RUPHVSODQIORWWDLVRQ

&KDSLWUH /H'pSODFHPHQW H[HPSOHGHFDOFXO SDJH


x &DOFXOGpSODFHPHQW JpQpUDO 
x 0pWKRGH7UDSp]RwGDOH
x 0pWKRGHGH6LPSVRQ
x &DOFXO/&%&&
x 0pWKRGHVLPSOLILpH DXWHXU

&KDSLWUH 6WDELOLWp(TXLOLEUH9LWHVVH SDJH


x 6WDELOLWpVWDWLTXH
x 6WDELOLWpWUDQVYHUVDOH
x 6WDELOLWpORQJLWXGLQDOH
x 9LWHVVH

&KDSLWUH /HVDSSHQGLFHV SDJH


x 'pULYH/HVWHW*RXYHUQDLO
x *pQpUDO
x /DGpULYH
x /HVDIUDQ
x /HVSURILOV

&KDSLWUH /HV9RLOHV SDJH


x /HVYRLOHVHWOHYHQW
x /HVJUpHPHQWV YRLU5qJOHV-DXJH

&KDSLWUH /D&RTXH/HV9RLOHVOHV&HQWUDJHV SDJH


x $OOXUHVHWFHQWUDJHV


$QQH[HV SDJH

$QQH[H ([HPSOHGHSURMHWGXQ&ODVVH0 SDJHV

$QQH[H /pFKHOOH%HDXIRUW SDJH

$QQH[H /HV)UpTXHQFHV5DGLR SDJH

$QQH[H $GUHVVHV8WLOHV YLD,17(51(7 SDJH

$QQH[H 2XWLOSRXUIDLUHOHVSLQFHVGHYRLOHV QRXYHDX  SDJH

$QQH[H 1RPHQFODWXUHGXQYRLOLHU SDJH

$QQH[H 1RXYHDX[IURQWVGHUHFKHUFKH SDJH

x 1RWHVXUODXWHXU SDJH
x
x 5HPHUFLHPHQWV SDJH
x
x %LEOLRJUDSKLH SDJH


&KDSLWUH

,QWURGXFWLRQ


x ,QWURGXFWLRQ

'HVVLQHUXQ9RLOLHU5DGLRFRPPDQGpHVWXQHGHVDFWLYLWpVOHVSOXVHQWKRXVLDVPDQWHVTXHOKRPPHSXLVVHDYRLUVXUWRXWVLO
QHGRLWSDVGpSHQGUHGHoDSRXUYLYUH
&HWWHDFWLYLWpSHUPHWGHVDWLVIDLUHXQLQVWLQFWFUpDWLIHQPpODQJHDQWOHWDOHQWDUWLVWLTXHHWVFLHQWLILTXHGDQVOHVSURSRUWLRQV
TXLODFKRLVLHV
(Q$UFKLWHFWXUH1DYDOHWRXVOHVSURMHWVGH9RLOLHUVGRLYHQWHQSULQFLSHUpSRQGUHjGHVH[LJHQFHVRXVSpFLILFDWLRQVVLOV
YHXOHQWSDUWLFLSHUjGHVFRPSpWLWLRQV
/HVVSpFLILFDWLRQVSHXYHQWUpSRQGUHjGHV5qJOHVGH-DXJHRXSOXVVLPSOHPHQWDX[UpTXLVLWVGXIXWXUSURSULpWDLUH 
TXHOTXHIRLVVHVEHVRLQVQHSHUPHWWHQWSDVGHSURGXLUHXQEDWHDXSHUIRUPDQW&HODGHYLHQWXQGHVVRXFLVPDMHXUVGXQ
$UFKLWHFWH1DYDO
+HXUHXVHPHQWOHFRQFHSWHXUGXQPRGqOHGH9RLOLHU5DGLRFRPPDQGpLOHVWGpJDJpGHFHUWDLQHVFRQWUDLQWHVSDUUDSSRUWj
VRQFROOqJXHTXLGHVVLQHGHV9RLOLHUVJUDQGHXUQDWXUH,OQHGRLWSDVFRQVLGpUHUOH[LVWHQFHGXQpTXLSDJHLOQHGRLWSDV
QRQSOXVDVVXUHUOHVDWWLWXGHVPDULQHVGXEDWHDXGDQVGHVFRQGLWLRQVGHPHUGLIILFLOHVHWHQILQLOQDSDVjUHVSHFWHUGHV
EXGJHWVILQDQFLHUVLPSRUWDQWV
8QGHVDVSHFWVJrQDQWVGDQVOHTXHOXQFRQFHSWHXUSHXWrWUHLQGXLWHVWGHVXLYUHXQHFHUWDLQH0RGH
4XDQGXQEDWHDXSHUIRUPDQWDSSDUDvWVXUODVFqQHLO\DWHQGDQFHjUHSUHQGUHVHVFDUDFWpULVWLTXHVHWjOHVSRXVVHUYHUVGHV
H[WUrPHVTXLVRXYHQWUpVXOWHQWrWUHQpJDWLIV
3DUDGR[DOHPHQWRQQHVDSHUoRLWSDVGHVHUUHXUVFRPPLVHVWDQWTXXQDXWUHFRQFHSWHXUQDLWpYHQWXHOOHPHQWFKRLVLGH
SRXVVHUOHVFDUDFWpULVWLTXHVYHUVODGLUHFWLRQRSSRVpHHWFRPPHQFpjJDJQHUGHVUpJDWHV
/HFRQFHSWHXUDXUDWRXWLQWpUrWjVXLYUHOHVSURJUqVDFTXLVGHVDXWUHVQRXYHDX[SURMHWVPDLVLOQHIDXGUDSDVTXLOVHODLVVH
LQIOXHQFHUSDUXQHIIHWGH0RGH
/HVORLVGHEDVHGHO$UFKLWHFWXUH1DYDOHGDQVODGpWHUPLQDWLRQGXQSURMHWVRQWOHVPrPHVTXLOVDJLVVHGXQPRGqOHGH
WDLOOHUpGXLWHRXGXQJUDQG<DFKWGHSOXVLHXUVPqWUHVGHORQJ
,OQ\DSDVGHVLPLOLWXGHVHQWUHOHV<DFKWVGHFRXUVHHWOHVGpULYHXUVRXDXWUHVIRUPHVTXLOVSODQHQWjKDXWHYLWHVVH
/HVERQQHVSHUIRUPDQFHVH[SULPpHVSDUXQPRGqOHQHSHXYHQWSDVVHUHSURGXLUHVXUXQEDWHDXGHJUDQGHXUQDWXUH,OHVW
DXVVLYUDLTXXQJUDQG<DFKWSHUIRUPDQWVLUpGXLWjXQHSHWLWHpFKHOOHQHGRQQHUDSDVOHVPrPHVERQVUpVXOWDWVUHQFRQWUpV
SUpFpGHPPHQW
/HYHQWQHVHSOLHSDVDX[EHVRLQVGXFRQFHSWHXUGXQPRGqOHGH9RLOLHU5DGLRFRPPDQGpHWSDUFRQVpTXHQFHOHPRGqOH
UpGXLWGHYUDVDGDSWHUjXQYHQWTXLOXLVHUDjSOHLQHpFKHOOH
/HDXQHVWSDVQRQSOXVjODPrPHpFKHOOHHWSDUFRQVpTXHQFHOHVPRGqOHVUpGXLWVGHYURQWVXELUOHVHIIHWVGHVPRXYHPHQWV
GHVYDJXHVHQJUDQGHXUQDWXUH
/HVPRGqOHVSHXYHQWUpJDWHUGDQVGHVFRQGLWLRQVGHYHQWVDVVH]IRUWVRXVRXYHQWOHVEDWHDX[JUDQGHXUQDWXUHVDUUrWHQW
'DQVOHVFKDSLWUHVVXLYDQWVRQH[SOLTXHUDOHVGLIIpUHQWVDVSHFWVGHO$UFKLWHFWXUHGXQ<DFKWTXLVRQWOHVPrPHVTXHSRXU
XQPRGqOHUpGXLWGHYRLOLHU
2QGRLWFHSHQGDQWVHUDSSHOHUTXHFHVWODPDOJDPHGHVGLIIpUHQWHVFRQVLGpUDWLRQVTXLYRQWFUpHUXQERQRXPRXYDLV
EDWHDXHWTXHOHFKDQJHPHQWGXQSDUDPqWUHYDIRUFHPHQWLQIOXHQFHUGDXWUHVFDUDFWpULVWLTXHV

6HXOOHFRQFHSWHXUGpFLGHUDVLSRXVVHUWHOOHRXWHOOHFDUDFWpULVWLTXHHQVDFKDQWTXLOSD\HUDOHVFRQVpTXHQFHVVXUGDXWUHV
/HFRQFHSWHXUGHYUDDYDQWWRXWGpFLGHUSRXUTXHOOHVFRQGLWLRQVGHWHPSVLOYRXGUDIDLUHQDYLJXHUVRQ9RLOLHU YHQWVIRUWV
YHQWIDLEOHVRXWRXWWHPSV DOOURXQG
$QRWHUTXHFHVWSOXVIDFLOHGHGpYHORSSHUXQEDWHDXSRXUGHVFRQGLWLRQVH[WUrPHVTXHGHQFRQFHYRLUXQSHUIRUPDQWSRXU
WRXWHVOHVFRQGLWLRQVGHWHPSV


)LJ

&HFLGLWLOHVWDXVVLGLIILFLOHGHFRQFHYRLUXQPRGqOHSRXUGHVFRQGLWLRQVGHYHQWOpJHU WRXWHVVRUWHV
GDVWXFHVDUFKLWHFWXUDOHVVHURQWGpYHORSSpHVSRXUUpGXLUHODVXUIDFHPRXLOOpHRXODIULFWLRQGHODSHDXRXHQFRUHVRQSRLGV
,OHVWQDWXUHOGHSHQVHUTXHSRXUXQPRWHXUGRQQpOHVYRLOHVSOXVOHEDWHDX[VHUDOpJHUSOXVLOVHUDUDSLGH
8QSURMHWTXLDXUDIDLWGHVFRPSURPLVSDUUDSSRUWDX[FRQGLWLRQVDWPRVSKpULTXHV $OO5RXQG VHUDUDUHPHQWDX[
SUHPLqUHVSODFHVPDLVVHUDVRXYHQWELHQSODFpGDQVOHFODVVHPHQWJpQpUDO
/HFRQFHSWHXUGHPRGqOH5&DXUDOHFKRL[TXLWWHjUHFRPPHQFHUDYHFGDXWUHVLGpHVXQOX[HTXHOHVDUFKLWHFWHVGHV
EDWHDX[JUDQGHXUQDWXUHQRQWSDV
'DQVPDSUpVHQWDWLRQMHIHUDLVXVDJHVDXWDQWTXHSRVVLEOHGHGHVVLQVHWJUDSKLTXHVTXLVHORQPDIDoRQGHYRLUUHPSODFHQW
VRXYHQWGHORQJVHWHQQX\HX[pFULWV


)LJ

6LJQLILFDWLRQGXGHVVLQGHVOLJQHVGXQHFRTXH
/DUHSUpVHQWDWLRQGHODIRUPHGXQHFRTXHGHEDWHDXSDUOHELDLVGXGHVVLQGHVOLJQHVHVWXQHGHVDFWLYLWpVSOXV
LPSRUWDQWHVGXGHVVLQDWHXU
'DQVWRXVOHVERQGHVVLQVFKDTXHOLJQHDVDVLJQLILFDWLRQHWODILJGpPRQWUHOHXUVLQWHUUHODWLRQV
/H3ODQ+RUL]RQWDOVHUWjPRQWUHUODIRUPHGHODFRTXHDX[GLIIpUHQWVQLYHDX[DXGHVVXVHWHQGHVVRXVGHODOLJQHGH
IORWWDLVRQ/)
/HVOLJQHVGHVVHFWLRQVYHUWLFDOHVORQJLWXGLQDOHVPRQWUHQWODIRUPHGHODFRTXHVXUOH3ODQ9HUWLFDOSDUDOOqOHjODOLJQH
FHQWUDOH
/HV6HFWLRQVIURQWDOHVDXVVLFRQQXHVFRPPH&RXSOHVPRQWUHQWODIRUPHGHODFRTXHYXHGHIDFH6RQWFHVIRUPHVTXL
GHPDQGHQWOHSOXVJUDQGHIIRUWSHQGDQWODGpILQLWLRQGXSURMHW
/D)LJHVWXQHYXHDUWLVWLTXHGXQHPDTXHWWHGH9RLOLHU5DGLRFRPPDQGp


&KDSLWUH

'pILQLWLRQV


$UFKLWHFWXUH1DYDOHRXOD6DJDGHV&HQWUHV"

x 'pILQLWLRQV

$YDQWGHUHQWUHUGDQVOHVGpWDLOVGXGpYHORSSHPHQWGXQ9RLOLHU5DGLRFRPPDQGpLO
HVWXWLOHGHGpILQLUOHVTXHOTXHVpOpPHQWVGHEDVHGXQSURMHWGHEDWHDX

/HV0RGqOHVGH9RLOLHUV5DGLRFRPPDQGpVVRQWVRXPLVjGHV5qJOHVGH-DXJHVHORQOHXUFDWpJRULH/HVGLPHQVLRQVIRQW
SDUWLHGHV5qJOHV3OXVLHXUV&ODVVHVQDYLJXHQWHQ)UDQFH&ODVVH,20&ODVVH0&ODVVH5&ODVVH$&MXVWHSRXU
HQFLWHUTXHOTXHVXQHV
/HV%DWHDX[VRQWLGHQWLILpVSDUXQHVpULHGHGHVVLQV
2QGLVWLQJXHOHVTXDWUHYXHVSULQFLSDOHVFRPPHpWDQW
/D9XHGX3ODQ+RUL]RQWDOFHWWHYXHHVWODSUHPLqUHjrWUHGHVVLQpH(OOHGpILQLWODORQJXHXUGHODFRTXHODODUJHXU
PD[LPXPHWVDSRVLWLRQSDUUDSSRUWjODORQJXHXU)LJ

)LJ

/D9XHGX3ODQ/DWpUDO

6XUFHWWHYXHRQLQGLTXHUDODSRVLWLRQUHFKHUFKpHGHODOLJQHGHIORWWDLVRQGHODKDXWHXUGXIUDQFERUGGHODSURIRQGHXUGH
ODSDUWLHLPPHUJpHGHODSRVLWLRQORQJLWXGLQDOHLQLWLDOHGXPkWGHSRVLWLRQHVWLPpHGHODGpULYHHWODSRVLWLRQGX
JRXYHUQDLO )LJ
&HVGHX[3ODQVDYHFOH3ODQ9pOLTXHRQWXQHLPSRUWDQFHFDSLWDOHHWVRQWHQJUDQGHSDUWLHUHVSRQVDEOHVGXUpVXOWDWILQDO
/HVWDOHQWVDUWLVWLTXHVHWWHFKQLTXHVGX&RQFHSWHXUVHURQWH[SULPpVGDQVFHVGHVVLQVVDQVRXEOLHUpYLGHPHQWODIRUPHGHV
&RXSOHV
/H&RQFHSWHXUGHYUDIDLUHGpMjVRQFKRL[HQGpILQLVVDQWRLOYHXWSRVLWLRQQHUOH0DvWUHEDX

,OHVWpYLGHQWTXHOHVFRXUEHVDYHFOHVHQWUpHVHWOHVVRUWLHVGHDXVHURQWFKRLVLHVHQFRQVLGpUDQWOHVDVSHFWVK\GURG\QDPLTXHV
WHOTXHODFRXFKHOLPLWHHQWUHOHUpJLPHODPLQDLUHHWWXUEXOHQWHWOHVFRQVpTXHQFHVVXUODUpVLVWDQFHjODYDQFHPHQWTXLVHURQW
WUDLWpVSOXVWDUG )LJ

)LJ

1RWH
3RXUPLHX[VHIDPLOLDULVHUDYHFOHVORLVGHOK\GURG\QDPLTXHHWGHODpURG\QDPLTXHMHFRQVHLOOHDXOHFWHXUGHFRQVXOWHUOHV
QRPEUHXVHVRHXYUHVpFULWHVSDUGHVVDYDQWVVFLHQWLILTXHVFRPPHSDUH[HPSOH&DUO0DUFKDM-XDQ%DDGHU3LHUUH*XWHOOH
'RXJODV3KLOOLSV%LUW+RZDUG&KDSHOOHHWHQFRUHGDXWUHV


)LJ

/D9XH)URQWDOH&RXSOHV HVWUHSUpVHQWpHSDUOHV&RXSOHVVXSHUSRVpHVOHVXQHVDX[DXWUHVYRLU)LJ VHXOHVOHV


GHPLFRXSOHVVRQWUHSUpVHQWpHV


/H3ODQ9pOLTXHVHUWjGpILQLUODIRUPHHWOHVGLPHQVLRQVGHV9RLOHV
2QWUDLWHUDGXSODQYpOLTXHSOXVHQGpWDLODX&KDSLWUH

/H&HQWUH9pOLTXH
&YHVWOH&HQWUHJpRPpWULTXHHWVWDWLTXH
FRPELQpGHVYRLOHVROHYHQWH[HUFHVDIRUFHGH
SRXVVpH&KDTXHYRLOHDFHSHQGDQWVRQSURSUH
&9TXLHVWGpWHUPLQpJUDSKLTXHPHQW
,OIDXWQRWHUFHSHQGDQWTXHOH&9G\QDPLTXH
DXUDWHQGDQFHjVHGpSODFHUYHUVODYDQW
SURSRUWLRQQHOOHPHQWjODIRUPHGHVYRLOHVVRXV
OHIIHWGXYHQW/D)LJPRQWUHXQH[HPSOH
GH3ODQ9pOLTXHFHOXLGXQ&ODVVH0GDQVGHV
FRQGLWLRQVVWDWLTXHV

 )LJ


/H&HQWUHGH&DUqQH  &&HVWOHFHQWUHRXWRXWHVOHVIRUFHVGHSRXVVpHGXOLTXLGHGpSODFpVRQWFRQFHQWUpHVVXUOD
SDUWLHLPPHUJpH
,PSRUWDQW/H&&HVWOHVHXO&HQWUHTXLQHFKDQJHSDVGHSRVLWLRQXQHIRLVODFDUqQHGHVVLQpH

/H&HQWUH$QWL'pULYH&$' FRUUHVSRQGDXSODQYHUWLFDOGHWRXWHVOHVVXUIDFHVODWpUDOHVLPPHUJpHVFRPPHOD
FRTXHODGpULYHOHOHVWHWOHJRXYHUQDLO&HVWDXVVLOH3ODQTXLVRSSRVHjODGpULYHGXEDWHDXHQQDYLJDWLRQ
/LGHQWLILFDWLRQGXFRXSOH&9&$'HVWHVVHQWLHOOHSRXUREWHQLUODPDUFKHGXEDWHDX

/H&HQWUHGH*UDYLWp&*FHFLHVWOHSRLQWRXWRXVOHVSRLGVGXEDWHDXVRQWUpXQLV(WDQWODIRUPHGXEDWHDX
DVVH]V\PpWULTXHVXUOH3ODQ&HQWUDORQDVVXPHTXHOH&HQWUHGH&DUqQHHWOH&HQWUHGH*UDYLWpVRQWSODFpVVXUOHPrPH
3ODQORQJLWXGLQDO

/H&HQWUHGH'pULYH&'VLPLODLUHDX&HQWUH9pOLTXHOH&'HVWOHFHQWUHJpRPpWULTXHGX3ODQGH'pULYH
VRXYHQWDXVVLDSSHOp&3'

/H&HQWUHGH7UDvQpH&'75DUHPHQWHPSOR\pFHFLHVWOH&HQWUHRXWRXWHVOHVUpVLVWDQFHVVRQWLQWpJUpHV
DXWRXUGHODFDUqQH/HEDWHDXVHUD WLUp VLOH&HQWUHYpOLTXHVHUDHQDYDQWGX&'7/HEDWHDXVHUDVWDEOHVXUVRQ
SDUFRXUV&HSHQGDQWOH&'7HVWGLIILFLOHjORFDOLVHUHWLOIDXGUDXWLOLVHUOH&$'SRXUFHQWUHUOHEDWHDX

/H0pWDFHQWUH0SRXUOHVpWXGHVGH6WDELOLWpRQFDOFXOHGHX[W\SHVGH0pWDFHQWUHVFHOXL7UDQVYHUVDOHWFHOXL
/RQJLWXGLQDO
&HVSDUDPqWUHVVRQWSHXXWLOLVpVHQPRGpOLVPHRXOHVDVSHFWVVpFXULWpVRQWPRLQVLPSRUWDQWVRXLQH[LVWDQWV
/DVWDELOLWpGHVPDTXHWWHVHVWHVVHQWLHOOHPHQWDVVXUpHSDUOHUDSSRUWLPSRUWDQWGX/HVWHWSDUODORQJXHXUGHOD'pULYH

6XUOHSODQFRQFHSWXHORQSHXGpILQLUTXHOHFHQWUH0HVWOHFHQWUHGXQHFLUFRQIpUHQFHVXUODTXHOOHOH&HQWUHGH&DUqQH
&&VHGpSODFH2QPHVXUHODKDXWHXU0pWDFHQWULTXH
/HVFRQVpTXHQFHVGHPRXYDLVFDOFXOVVHWUDGXLURQWVRLWSDUXQFKDYLUDJHODWpUDOVRLWSDUXQHQIRXUQHPHQWORQJLWXGLQDO
&HGHUQLHUSKpQRPqQHHVWWUqVFRQQXHWUHGRXWpSDUOHVPRGpOLVWHV


)LJ

/D&RXUEHGHV$LUHV
6LOHVWLPSRUWDQWSRXUOH&RQFHSWHXUGHFRQQDvWUHOHGpSODFHPHQWGHVRQEDWHDXLOGRLWDXVVLFRQVLGpUHUFRPPHQWOH
GpSODFHPHQWHVWGLVWULEXpOHORQJGHODFDUqQHHWGHODOLJQHGHIORWWDLVRQ,OSHXWFRQFHQWUHUXQHJUDQGHSDUWLHGXYROXPHYHUV
OHFHQWUHHWDYRLUGHVH[WUpPLWpVILQHVSRXUREWHQLUXQEDWHDXGHSHWLWWHPSVRXGLVWULEXHUOHYROXPHYHUVOHVH[WUpPLWpVSRXU
DYRLUGHVIRUPHVSOXVSOHLQHVSRXUIDYRULVHUOHVSHUIRUPDQFHVSRXUGHVFRQGLWLRQVGHWHPSVSOXVVpYqUHV
/D&RXUEHGHV$LUHVHVWXQGLDJUDPPHTXRQQHSHXWSDVLJQRUHUHOOHUHSUpVHQWHODOLJQHGHIORWWDLVRQGLYLVpHHQGL[
SDUWLHVpJDOHVFKDFXQHFRUUHVSRQGDQWjODSRVLWLRQGXQFRXSOH6XUFKDFXQHGHFHVSRVLWLRQVRQPDUTXHVXUOHSODQYHUWLFDO
ODYDOHXUGHODVXUIDFHLPPHUJpHGHFKDTXHFRXSOH


5pXQLVVDQWWRXVFHVUHSqUHVRQREWLHQWXQH&RXUEHGHV$LUHVVLPLODLUHjFHOOHGHODILJ
/DVRPPHGHVWRXWHVOHVVXUIDFHVLPPHUJpHVGHFKDTXHFRXSOHPXOWLSOLpSDUODORQJXHXUGHOD/LJQHGH)ORWWDLVRQGRQQHOD
YDOHXUGX'pSODFHPHQW
/D&RXUEHGHV$LUHVSHUPHWGRQFGHGpILQLUOHFDUDFWqUHGXEDWHDXPDLVHOOHVHUWDXVVLjFRPSDUHUGHVFDUqQHVGLIIpUHQWHV
2QUHWURXYHUDVRXYHQWFHJUDSKLTXHGDQVOHVSDJHVVXLYDQWHVSHUVRQQHOOHPHQWMHFRQVLGqUHFHWWHFRXUEHXQHVRUWHGH&DUWH
'LGHQWLWpGXEDWHDX

)LJ

3RXUOKLVWRLUHOD&RXUEHGHV$LUHV )LJ IXWSHQGDQWORQJWHPSVGpILQLHFRPPHUpSRQGDQWjXQHFRXUEHGHIRUPH


VLQXVRwGDOHSRXUODSDUWLHDYDQWGXEDWHDXHWGXQHIRUPHWURFKRwGDOH F\FORwGDOH SRXUODSDUWLHDUULqUH
/DVLQXVRwGHHVWODWUDMHFWRLUHGXQPRXYHPHQWFRPSRVpGXQPRXYHPHQWVLQXVRwGDOFHVWjGLUHOHSURMHWpVXUXQHGURLWH
GXQPRXYHPHQWFLUFXODLUHXQLIRUPHHWGXQPRXYHPHQWGHWUDQVODWLRQXQLIRUPH
2QGpVLJQHSDUWURFKRwGHODFRXUEHGpFULWHSDUXQSRLQWOLpjXQFHUFOHGHUD\RQ5URXODQWVDQVJOLVVHUVXUXQHGURLWH'
/DWKpRULHTXLMXVWLILDLWFHWWHIRUPHIXWpODERUpSDU5XVVHOHQHWGpIHQGXHSOXVWDUGSDU&ROLQ$UFKHUSRXUIDEULTXHU
VHVEDWHDX[WUqVFRQQXV/HSURJUqVVFLHQWLILTXHPRQWUDSOXVWDUGTXHODWKpRULHGH5XVVHOpWDLWIDXVVH
/DQRWRULpWpGHVGpIHQVHXUVGHOpSRTXH GpEXWGXVLqFOHGHUQLHU pWDLWWHOOHTXHSHQGDQWORQJWHPSVEHDXFRXSRQFUXjFHWWH
WKpRULHHWEHDXFRXSGHEDWHDX[IXUHQWFRQVWUXLWVXUFHWWHEDVH

)LJ


/H&RHIILFLHQW3ULVPDWLTXH &3
2QQHSHXWSDVSDUOHUGHOD&RXUEHGHV$LUHVVDQVSDUOHUGX&RHIILFLHQW3ULVPDWLTXH )LJ
/H&3HVWXQFRHIILFLHQWVDQVGLPHQVLRQVPDLVGpILQLWOHUDSSRUWHQWUHGHX[YROXPHVOHYROXPHLPPHUJpGHODFDUqQHHWOH
YROXPHpTXLYDOHQWGXQSULVPHTXLDODPrPHORQJXHXUGHIORWWDLVRQHWFRPPHEDVHODVXUIDFHGXFRXSOHSULQFLSDO VHFWLRQ
PDvWUHVVH 
7URSVRXYHQWFHFRHIILFLHQWHVWWUDLWpjWRUGFRPPHXQDERXWLVVHPHQWGXQSURMHWWDQGLVTXHODXWHXUHVWFRQYDLQFXTXHOH
&3GHYUDLWrWUHGpILQLDXFRPPHQFHPHQWGHODFRQFHSWLRQSRXUFKRLVLUGDQVTXHOOHVFRQGLWLRQVGHWHPSVRQGpVLUHREWHQLU
OHVPHLOOHXUHVSHUIRUPDQFHV
&HWDUJXPHQWVHUDUHSULVSOXVWDUGDYHFOpWXGHGXQSURMHW


)LJ


&KDSLWUH

/HV5pVLVWDQFHV


x /HV5pVLVWDQFHV

'DQVFHFKDSLWUHRQSUpVHQWHUDGLIIpUHQWHVIRUPHVGH5pVLVWDQFHjSHUWXUEHQWODYDQFHPHQWGXEDWHDX

/HVFDUDFWpULVWLTXHVGHOHDXHWGHODLU
3RXUOHFRQFHSWHXUGHVEDWHDX[JUDQGHXUQDWXUHLOHVWWUqVLPSRUWDQWGHFRQQDvWUHFHUWDLQHVGHVFDUDFWpULVWLTXHVGHO(DX
HWGHO$LU
3RXUOHV0RGqOHVUDGLRFRPPDQGpVFHVSDUDPqWUHVVRQWELHQPRLQVFRQWUDLJQDQWVFHSHQGDQWLOHVWERQGHOHVPHQWLRQQHU
LFLHWGHWLUHUSURILWGHFHUWDLQHVFRQQDLVVDQFHV/HVFDUDFWpULVWLTXHVSOXVLPSRUWDQWHVVRQW

/DGHQVLWp HVW H[SULPpHSDU ODIRUPXOH

 P9

P pWDQWODPDVVH
9 pWDQWOHYROXPH
/XQLWpGHPHVXUHHVW.JP/DGHQVLWpGHO(DXHVWSUHVTXHIRLVVXSpULHXUHjFHOOHGO$LU

/H3RLGV6SpFLILTXH  39 TXLHVWOHUDSSRUWHQWUHOHSRLGVGXQFRUSVHWOHSRLGVGXYROXPHpTXLYDOHQWGHDX


GLVWLOOpHj&3RXULQIRUPDWLRQOHSRLGVVSpFLILTXHGHOHDXVDOpHj&HVWGHNJP

/D9LVFRVLWp HVWODJUDQGHXUSK\VLTXHTXLGpFULWODIULFWLRQLQWHUQHGXQIOXLGHHWDXVVLODWHQGDQFHGXQHFRXFKH
GHIOXLGHHQPRXYHPHQWjWUDvQHUOHVFRXFKHVDGMDFHQWHV/XQLWpGHPHVXUHHVW1VP1HZWRQSDUVHFRQGHDXP

2QFRQVLGqUHTXHOHDXGRXFHGLVWLOOpHDXQHGHQVLWpGH.JPjODWHPSpUDWXUHGH&
/HDXGRXFHQRQGLVWLOOpHj&jXQHGHQVLWpGH.JP
/HDXPR\HQQHPHQWVDOpH OHDXGHPHU jXQHGHQVLWpGH.JP

/D YLVFRVLWp GH OHDX GH PHU HVW DXVVL SOXV pOHYpH TXH FHOOH GH OHDX GRXFH FHSHQGDQW j WHQGDQFH j GLPLQXHU DYHF OD
WHPSpUDWXUH/DYLVFRVLWpFLQpPDWLTXH HVWGRQQpHSDUODUHODWLRQ

  

/HV PrPHV FDUDFWpULVWLTXHV YXHV SRXU O(DX VRQW YDODEOHV SRXU O$LU PrPH VL FHOOHVFL VRQW FDUDFWpULVpHV  SDU XQH
YDULDELOLWpLPSRUWDQWHjFDXVHGHODWHPSpUDWXUHGHOKXPLGLWpHWGHODSUHVVLRQ
/HXUVVSpFLILFLWpVUHVSHFWLYHVVRQW

 
 
 

8QEDWHDXHQPRXYHPHQWGDQVXQOLTXLGHGLVVLSHXQHSDUWGHOpQHUJLHYHQDQWGHVYRLOHVSRXUYDLQFUHODIRUFHGH
)URWWHPHQWGXHjODYLVFRVLWpGXIOXLGHHWFUpHUDLQVLGHVYDJXHVSRXUGpSODFHUFHOLTXLGH
6LRQWUDvQDLWXQEDWHDXDYHFXQHFRUGHpTXLSpHDXERXWGXQHEDODQFHG\QDPRPpWULTXHRQPHVXUHUDLWXQH UpVLVWDQFH
WRWDOH jODYDQFHPHQWjFHWWHYLWHVVHOj


6HORQOHVpWXGHVWUqVDSSURIRQGLHVPHQpHVSDUSOXVLHXUV6FLHQWLILTXHVHW/DERUDWRLUHVRQSHXWGpFRPSRVHUODUpVLVWDQFH
WRWDOHHQ

x UpVLVWDQFHGHIURWWHPHQW  !YRLUJUDSKLTXHGHOD)LJ


x UpVLVWDQFHGXHjODYDJXH  !YRLUJUDSKLTXHGHOD)LJ
x UpVLVWDQFHGXHjODSUHVVLRQ 
x UpVLVWDQFHGXHjODJvWH  jQRWHUFHSHQGDQWTXH
x UpVLVWDQFHHQGXLWH  WRXWHVFHVUpVLVWDQFHVPLQHXUHVVRQWGLIILFLOHPHQW
x UpVLVWDQFHDMRXWpH  TXDQWLILDEOHVDYHFSUpFLVLRQ
x UpVLVWDQFH(GG\ 
x UpVLVWDQFHGHODLU "
x

)LJ

x 5pVLVWDQFHGH)URWWHPHQW

/HDXTXLVpFRXOHOHORQJGHVERUGVGXEDWHDXVHPEOHVpORLJQHUHQDOODQWYHUVODSRXSH8QILOPGHDXWUqVILQGHTXHOTXHV
GL[LqPHVGHPLOOLPqWUHLQYLVLEOHjORHLOYR\DJHjODPrPHYLWHVVHTXHOHEDWHDXjFDXVHGHVRQDGKpUHQFHPROpFXODLUH/HV
FRXFKHVGHDXSOXVpORLJQpHVJOLVVHQWOHVXQHVjF{WpGHVDXWUHVjGHVYLWHVVHVGHSOXVHQSOXVIDLEOHVSRXUGHYHQLUWRWDOHPHQW
LQVHQVLEOHVDXSDVVDJHGXEDWHDX


/HQVHPEOHGHVFRXFKHVWUqVSURFKHVGHODVXUIDFHGXEDWHDXHVWDSSHOp&RXFKH/LPLWH )LJ
&HVWELHQjOLQWpULHXUGHFHWWHFRXFKHOLPLWHTXHVHGpYHORSSHQWOHVIRUFHVTXLJpQqUHQWODUpVLVWDQFHGHIURWWHPHQW
/DYLWHVVHGpYHORSSpHSDUOHV0RGqOHVUpGXLWVGHV9RLOLHUVHVWELHQVXSpULHXUHjFHOOHGpYHORSSpHSDUOHXUVJUDQGIUqUHV
'HVYLWHVVHVUHODWLYHV9UGHHWSOXVQHVRQWSDVUDUHVFHSHQGDQWHQSUDWLTXHODSOXSDUWGXWHPSVOHV0RGqOHV
QDYLJXHURQWjGHVYLWHVVHVELHQLQIpULHXUHVHQWUH9U HW9U 
/D5pVLVWDQFHGXHjOD)ULFWLRQHVWSUHVTXHGHOD5pVLVWDQFH7RWDOHj9U  )LJ 
6XUQRVPDTXHWWHVLQIpULHXUHVjPWYR\DJHDQWj9U ODFRXFKHOLPLWHHVWSUREDEOHPHQWWUqVILQHTXRQSHXW
FRQVLGpUHUTXHOHUpJLPHWXUEXOHQWQHVWSDVPHVXUDEOHHWTXHOH)OX[VHUDHQWLqUHPHQWODPLQDLUH
/HIOX[ODPLQDLUHGpSHQGUDGRQFGHOpWDWGHVXUIDFHTXLGHYUDrWUHH[WUrPHPHQWOLVVHGHODIDLEOHYLWHVVHHWGHODIRUPHGH
FDUqQHTXLDXUDXQHVXUIDFHPRXLOOpH FDUqQHSOXVDSSHQGLFHV ODSOXVUpGXLWHSRVVLEOH

4XHOTXHVUXJRVLWpVjWLWUHLQGLFDWLI
*HOFRDWOXVWUp  PLFURQV
3HLQWXUHDXSLVWROHW  PLFURQV
3HLQWXUHDXSLQFHDX  PLFURQV
7{OHURXLOOpH  PLFURQV
&LPHQW  PLFURQV
&DUqQHWUqVVDOH  PLFURQV

x 5pVLVWDQFHGXHjODYDJXH

4XDQGOHEDWHDXDYDQFHLOGpSODFHXQHPDVVHGHDXSRXUODLVVHUODSODFHDXEDWHDXOXLPrPH
&HWWHPDVVHVHUHIHUPHjSRXSHXQHIRLVOHEDWHDXSDVVp
2QGLVWLQJXHUDOHVYDJXHVGLYHUJHQWHVHWYDJXHVWUDQVYHUVDOHVGDQVOD)LJ
/DSURXHGXEDWHDXDJLWFRPPHXQFRLQTXLGpSODFHOHDXYHUVODYDQWHWVXUOHVFRWpHVHQFUpDQWDLQVLGHVYDJXHVGLWHV
G(WUDYH/DPDVVHGHDXGpSODFpHJOLVVHOHORQJGHVSDURLVGXEDWHDXSRXUDOOHURFFXSHUOHYLGHTXHOHEDWHDXDODLVVpSDU
VRQSDVVDJH&HFRPSRUWHPHQWHVWVLPLODLUHDX[DLOHVGDYLRQVPDLVDYHFOHEDWHDXOHIOXLGHDXQHGHQVLWpTXLHVWSUHVTXH
IRLVSOXVJUDQGH/HVSUHVVLRQVJpQpUpHVVH
PDQLIHVWHQWSDUGHVSHUWXUEDWLRQVDSSHOpHVYDJXHVHWWRXUELOORQV,OHVWpYLGHQWTXHOHEDWHDXGRLWFpGHUXQHJUDQGHTXDQWLWp
GpQHUJLHTXLIHUDUDOHQWLUVDSURJUHVVLRQ
'DQVODSURJUHVVLRQGXEDWHDXRQQRWHUDLQLWLDOHPHQWXQHVpULHGHSHWLWHVYDJXHOHWWHVTXLFRXYULURQWWRXWHODORQJXHXUGH
IORWWDLVRQ$XJPHQWDQWODYLWHVVHGXEDWHDXOHVYDJXHVGHYLHQGURQWSOXVUDUHVHWSOXVSURIRQGHVMXVTXDXSRLQWRLO
UpVXOWHUDXQHVHXOHYDJXHHQWUHOpWUDYHHWODSRXSHDYHFXQJUDQGFUHX[HQWUHOHVGHX[SRLQWV
$FHPRPHQWOjOHEDWHDXDXUDUHMRLQWVDYLWHVVHFULWLTXH 9RLUGHVVLQSRXU9U 

/D9LWHVVH&ULWLTXHVHUDGRQQpHSDUODIRUPXOH



/) OLJQHGH)ORWWDLVRQ

)LJ

/D)LJPRQWUHOHUDSSRUWHQWUHOD9LWHVVH5HODWLYHGXEDWHDXHWODIRUPHGHVYDJXHVTXLVHIRUPHQWjVRQSDVVDJH/D
YLWHVVHjODTXHOOHOHEDWHDXIRUPHXQHYDJXHGHORQJXHXUpJDOHj/)HVWDSSHOpH
9LWHVVH&ULWLTXH

x /D5pVLVWDQFHGHSUHVVLRQ

/DYLVFRVLWpGHOHDXRXWUHjIDYRULVHUXQHUpVLVWDQFHGHIURWWHPHQWSURGXLWDXVVLXQHUpVLVWDQFHFDXVpHSDUOHVWXUEXOHQFHV
DXWRXUGHODFDUqQHHWGHVDSSHQGLFHV
6RXYHQWFHWWHUpVLVWDQFHHVWDSSHOpHDXVVL5pVLVWDQFHGH)RUPHRX7UDvQpHFODLUHPHQWYLVLEOHjSRXSHGXEDWHDXSDUOHV
WRXUELOORQVTXHOOHJpQqUH&HSKpQRPqQHUpGXLWODSUHVVLRQVXUOHVSDURLVGHODSRXSHDXSRLQWTXHOOHSHXWUHVWLWXHUVL
PDLQWHQXHXQHSDUWLHGHOpQHUJLHDEVRUEpH
&HFLDpWpGpPRQWUpSDUOHGpYHORSSHPHQWGHFDUqQHVSODQDQWHVTXLH[SORLWHQWHQSDUWLHFHSKpQRPqQHXQHVRUWHGH
UpFXSpUDWLRQGpQHUJLHLQLWLDOHPHQWSHUGXH
,OQHIDXWSDVRXEOLHUTXHOpQHUJLHXWLOLVpHSDUOHEDWHDXSRXUDYDQFHUGDQVOHDXHVWIRXUQLHHQWLqUHPHQWSDUOH9HQW


)LJ

x 5pVLVWDQFHGXHjODJvWHGXEDWHDX

4XDQGOHEDWHDXDYDQFHGDQVOHDXVRXVODSUHVVLRQGXYHQWGDQVOHVYRLOHVLOVLQFOLQHODWpUDOHPHQWRQGLWDXVVLTXLOJvWH
'HX[QRXYHOOHVUpVLVWDQFHVVHPDQLIHVWHQW
XQHUpVLVWDQFHTXLHVWGXHjODJvWHTXLSURYRTXHODPRGLILFDWLRQGHODIRUPHGHODSDUWLHLPPHUJpHHWXQHUpVLVWDQFHGXHj
ODYDQFHPHQWHQFUDEHGXEDWHDXTXLHQJHQGUHGHVWXUEXOHQFHVVXUOHVDSSHQGLFHV
/HGpSODFHPHQWQHFKDQJHSDV
&HW\SHGHUpVLVWDQFHQHVWSDVIDFLOHjPHVXUHUHWOHVWH[WHVVXUOHVXMHWVRQWVRXYHQWGLVFRUGDQWV

x /D5pVLVWDQFHLQGXLWH

/DUpVLVWDQFHLQGXLWHHVWFHOOHSURGXLWHSDUOHVDSSHQGLFHVHQSDUWLFXOLHUFHOOHGHOD'pULYHHWGX6DIUDQ
6LOD'pULYHSURGXLWXQHSRUWDQFHTXLSHUPHWDXEDWHDXGDYDQFHUHOOHSURGXLWDXVVLXQHUpVLVWDQFHFUpDQWGHPLQL
WRXUELOORQVVXUOHERUGGHVRUWLHjFDXVHGHVRQLQFLGHQFH/HVDIUDQDXVVLSURGXLWGHVUpVLVWDQFHVTXLVRSSRVHQWj
ODYDQFHPHQWTXDQGVDSRVLWLRQDQJXODLUHHVWGLIIpUHQWHjFHOOHGHOD[HGXEDWHDX
/HVERQVUpJDWDQWVVHGLVWLQJXHQWSDUODPDvWULVHGXJRXYHUQDLOGDQVOHPDLQWLHQGHODURXWHGXEDWHDX
/HVPRGpOLVWHVTXLSLORWHQWOHXUV0RGqOHVQpFKDSSHQWSDVjFHWWHUqJOH

x /D5pVLVWDQFHDMRXWpH

/pWDWGHODPHUDYHFVHVYDJXHVFRQWULEXHjIUHLQHUODSURJUHVVLRQGXEDWHDX


'LIILFLOHPHQWXQEDWHDXYRLWVHXOHPHQWOHVYDJXHVTXLOSURGXLWHQDYDQoDQWVXUXQHPHUSODWHHWFDOPHOHYHQWTXLIRXUQL
OpQHUJLHDX[YRLOHVIRXUQLWDXVVLGHOpQHUJLHjODVXUIDFHGHOHDXTXLSURGXLWVHVSURSUHVYDJXHV
x 5pVLVWDQFH(GG\

2QSDUOHWUqVSHXGHFHWWHUpVLVWDQFHHOOHHVWSRXUWDQWWUqVVRXYHQWSUpVHQWHHWSDUWLFXOLqUHPHQWJrQDQWHHQPRGpOLVPH(OOH
HVWGXHHVVHQWLHOOHPHQWDX[DVSpULWpVUHQFRQWUpHVVXUODVXUIDFHGHODFRTXH'HOjWRXWOLQWpUrWGHYpULILHUODSURSUHWpGHV
VXUIDFHVHWODEVHQFHGpYHQWXHOVDQJOHVYLIV2QVRLJQHUDOHVMRQFWLRQVGHODGpULYHHWGXVDIUDQVXUODFRTXH
x 5pVLVWDQFHGHODLU

(QPRGpOLVPHFHWWHUpVLVWDQFHHVWLJQRUpHSDUFHTXHRQDVVXPHTXHOHYHQWDPRLQVGLPSDFWDXUDVGHOHDXVXUOHVERUGV
GXQHFRTXHTXLUDUHPHQWGpSDVVHOHVRXFP

$\DQWGpFULWOHVGLIIpUHQWHVIRUPHVGHUpVLVWDQFHRQVHOLPLWHUDGRQFSRXUOHVEHVRLQVGXQSURMHWjFRQVLGpUHU
OHV GHX[ SULQFLSDOHV VHXOHPHQW  OD 5pVLVWDQFH GXH DX )URWWHPHQW HW OD 5pVLVWDQFH GXH j OD 9DJXH 
&KDSLWUH)LJ

1RWH
2QSRXUUDLWpODUJLUOHVXMHWHWUHPSOLUEHDXFRXSGHSDJHVPDLVFRPPHGpMjGLWLO\DSOXVLHXUVRHXYUHVVXUOHVXMHWGpGLp
DX[EDWHDX[JUDQGHXUQDWXUH
-HQHILQLUDLVSDVFHWDUJXPHQWVDQVPHQWLRQQHU:LOOLDP)URXGH  LQJpQLHXUQDYDODQJODLV,OIXWOH
SUHPLHUjFRQVWUXLUHXQ%DVVLQGH&DUqQHV%HDXFRXSGpWXGHVOXLDSSDUWLHQQHQW'DQVOHVUHODWLRQVFRPSOH[HVH[LVWDQWHV
HQWUHOHDXOHVUpVLVWDQFHV HWOHVYLWHVVHVRQLQGLTXHOH
1RPEUHGH)URXGH )Q  TXLHVWGRQQpSDUODIRUPXOH

,O\DDQDORJLHHQWUH/H1RPEUHGH)URXGHHWOH1RPEUHGH5H\QROGVFHGHUQLHUSHUPHWGHFDOFXOHUOHV
UpVLVWDQFHVGXHVjODIULFWLRQWDQGLVTXHOH1RPEUHGH)URXGHSHUPHWGHFDOFXOHUOHVUpVLVWDQFHVGXHVjODYDJXH
'DQVFHVDQDO\VHVOHSDUDPqWUHYLWHVVHLQWHUYLHQWFRQVWDPPHQWHWRQGpILQLWDORUVOD9LWHVVH5HODWLYH

 

%HDXFRXSGHJUDSKLTXHVXWLOLVHURQWODGRXEOHpFKHOOHFHOOHGH)QHWFHOOHGH9U


x 5HPDUTXH

1RPEUHGH5H\QROGV
9RORQWDLUHPHQWQRQWUDLWpGDQVFHWWHRHXYUHSRXUpYLWHUGDORXUGLUODFRPSUpKHQVLRQGHODPDWLqUH-HFRQVHLOOHDX[
SDVVLRQQpVGpVLUHX[GDSSURIRQGLUOHVXMHWGHFRQVXOWHUGHVRHXYUHVVSpFLDOLVpHVGDQVOHGRPDLQH


&KDSLWUH

/HV*UDSKLTXHV


x /HV*UDSKLTXHVTXLFRPSWHQW

-HSUpVHQWHLFLXQHVpULHGHJUDSKLTXHVH[WUDLWGHODELEOLRJUDSKLHHWTXLSHXYHQWDLGHUOHFRQFHSWHXUjVHIDLUHXQHLGpHSRXU
VRQSURMHW

x 5pVLVWDQFH7RWDOH
x
SURFKHGXQH9U GHODUpVLVWDQFHWRWDOHHVWGRQQpHSDUODVRPPHGHVGHX[UpVLVWDQFHVSULQFLSDOHVGpMjGpFULWHV
jSDJH

)LJ


x /D&RXUEHGHV$LUHV

)LJ

x /H&RHIILFLHQW3ULVPDWLTXH





)LJ

$QRWHUOD]RQH-DXQHH[SORLWDEOHVSRXUOH0RGqOHVUpGXLWV


x &RHIILFLHQW3ULVPDWLTXH GDSUqV'HVLJQRI6DLOLQJ<DFKWVGH3*XWHOOH

)LJ
x /H/&%

3RVLWLRQUHFXOpHGX&HQWUH&DUqQH&& GDSUqVOHVHVVDLVGH'HOIW
SDUUDSSRUWDXFRXSOHQTXLHVWJpQpUDOHPHQWOHFHQWUHGHOD/LJQHGH)ORWWDLVRQDXVVLDSSHOp0LOLHXGH)ORWWDLVRQ 
0) /DLUHHQMDXQHGHOD)LJHVWH[SORLWDEOHSDUOHV0RGqOHV5pGXLWV



)LJ


x 5pVLVWDQFHSDUUDSSRUWjODIRUPHGH&DUqQH

)LJ

x 5HODWLRQHQWUH5pVLVWDQFHHW&3SRXUGLIIpUHQW9U)Q


)LJ


x (IIHWVSHUYHUVGX0kWVXUOD3RUWDQFH

)LJ


&KDSLWUH

/HV)RUPHV


x /HVIRUPHV

$X&KDSLWUHMDLLQWURGXLWODGHVFULSWLRQGHVQRPEUHXVHVIRUPHVGHUpVLVWDQFHVTXLDJLVVHQWQpJDWLYHPHQWVXUODPDUFKH
GXQEDWHDX
'HWRXWHVFHVUpVLVWDQFHVVHXOHFHOOHGXHDX)URWWHPHQWSHXWrWUHFDOFXOpHWKpRULTXHPHQW/HVDXWUHVGRLYHQWIDLUHODSOXV
SDUWGXWHPSVOREMHWGHVVDLVVXUPDTXHWWHVSRXUpYDOXHUOHXULPSRUWDQFH
/D5pVLVWDQFH7RWDOHHVWIDFLOHPHQWPHVXUDEOHGDQVGHVEDVVLQVjODLGHGH'\QDPRPqWUHV
/H&RQFHSWHXUGHYUDGpILQLUODIRUPHGXEDWHDXHQHVVD\DQWGHOLPLWHUOHVHIIHWVSHUYHUVGHVUpVLVWDQFHV
3RXUFHODLOQ\DSDVGHUqJOHVELHQpWDEOLHVVHXOHVRQH[SpULHQFHHWFHOOHVGHVDXWUHVSRXUURQWODLGHUGDQVVRQFKRL[
'HVpWXGHVRQWFHSHQGDQWSHUPLVGHGpILQLUFHUWDLQVSDUDPqWUHVRXLQGLFHVTXDQWLWDWLIVDSSOLFDEOHVDX[SURMHWVGHEDWHDX[
JUDQGHXUQDWXUH
9RLFLTXHOTXHVpOpPHQWVTXLDLGHURQWOH&RQFHSWHXUGHPRGqOHVGHYRLOLHUVjUpIOpFKLUVXUFHUWDLQVDVSHFWVGDQVODSKDVHGH
GpILQLWLRQGHVRQSURMHW
 OH5DSSRUW'pSODFHPHQW/RQJXHXU
 OH5DSSRUW/DUJHXU3URIRQGHXU
 OH5DSSRUW/RQJXHXU/DUJHXU

x 5DSSRUW'pSODFHPHQW/RQJXHXU

,O\DSOXVLHXUVLQGLFHVSRXUGpILQLUFHSDUDPqWUHSRXUXQ'pSODFHPHQW/pJHU
'pSODFHPHQW5HODWLITXLHVWGRQQpSDUODIRUPXOH' [/)
&ULWqUHXWLOLVpSRXUOHVEDWHDX[JUDQGHXUQDWXUH 
,OYDULHHQWUHHW
&RHIILFLHQWGH)LQHVVHTXLHVWGRQQpSDUODIRUPXOH'/)
,OYDULHHQWUHHW

&RHIILFLHQW9ROXPpWULTXHTXLHVWGRQQpSDUODIRUPXOH
,OYDULHHQWUHHW!


5DSSRUW/DUJHXU3URIRQGHXU

)LJ

(QHIIHWLOVDJLWGHGpILQLUGHX[LQGLFHVXQTXLHVWOHUDSSRUWHQWUHOD/DUJHXUGHODVHFWLRQ0DvWUHVVHHWVD3URIRQGHXUHW
ODXWUHTXLHVWOH&RHIILFLHQW&0XQHVRUWHGHFRHIILFLHQWGHUHPSOLVVDJH
9RLFLFHTXLDFWXHOOHPHQWHVWSULVHQFRQVLGpUDWLRQSRXUGHVSURMHWVGHYRLOLHUVJUDQGHXUQDWXUH
x OLQGLFHHVWGRQQpVLPSOHPHQWSDUOHUDSSRUW%7
x OHFRHIILFLHQW&0 6XUIDFH,PPHUJpH6HFWLRQ0DvWUHVVH%[7

'HSXLVTXHOTXHVDQQpHVFHVLQGLFHVHWFRHIILFLHQWVRQWWHQGDQFHjDXJPHQWHUHWLOVVRQWSDVVpVUHVSHFWLYHPHQWGHHW
jHW
$QRWHUTXXQUDSSRUW%7GHGRQQHUDXQEDWHDXDYHFXQHERQQH6WDELOLWpGH)RUPHLQLWLDOHPDLVLODXUDDXVVLXQH
UpVLVWDQFHjODYDQFHPHQWSOXVpOHYpHjFDXVHGHOD5pVLVWDQFHGH)ULFWLRQTXLHVWGLUHFWHPHQWSURSRUWLRQQHOOHjOD6XUIDFH
PRXLOOpH
,OHVWpYLGHQWTXXQHIRUPHDSSDUHQWpHjXQFHUFOHVHUDSOXVIDYRUDEOHVDVXUIDFHPRXLOOpHpWDQWSURSRUWLRQQHOOHPHQWSOXV
IDLEOHPDLVLO\DXUDODQpFHVVLWpGHGHVFHQGUHOH/HVWSRXUFRPSHQVHUOHPDQTXHpYHQWXHOGH6WDELOLWp
8Q5DSSRUW%7LQIpULHXUjSURPHWGHVPHLOOHXUHVSHUIRUPDQFHVSRXUQRVPRGqOHVGpILQLV$OOURXQGRXWRXW
WHPSV
3DUH[HPSOHXQPRGqOHGHFRTXHD\DQWXQHODUJHXU%GHPPDXUDXQHSURIRQGHXU7GHPP
&HFLGLWLOIDXGUDIDLUHDWWHQWLRQjQHSDVH[DJpUHUDYHFXQHSURIRQGHXUWURSLPSRUWDQWHFDU
ODUpVLVWDQFHGXHjODYDJXHULVTXHGDXJPHQWHUUDSLGHPHQW YRLU)LJDXFKDSLWUH


x 5DSSRUW/RQJXHXU/DUJHXU

)LJ
&HUDSSRUWHVWDXVVLVLPSOHPHQWLGHQWLILpSDU/)% /RQJXHXU)ORWWDLVRQ/DUJHXU 
/D5pVLVWDQFHGXHjOD9DJXHGpSHQGHVVHQWLHOOHPHQWGHODIRUPHGX3ODQGH)ORWWDLVRQLOOXVWUpGDQVOD)LJ
/HVSHUIRUPDQFHVGXEDWHDXGpSHQGHQWGRQFGHFH5DSSRUWPDLVDXVVLGHVDQJOHVGHQWUpHVHWGHVRUWLHVGHVOLJQHVGHDX
+LVWRULTXHPHQWW\SHVGHIRUPHVRQWpWpGpYHORSSpVGDQVOHWHPSVSRXUOHV<DFKWVJUDQGHXUQDWXUH
&HVIRUPHVVRQWDXVVLYDODEOHVSRXUOHVPRGqOHVjpFKHOOHUpGXLWH
/DFDUDFWpULVWLTXHSULQFLSDOHFRQFHUQHODSRVLWLRQGHVYROXPHVOHORQJGHODOLJQHGH)ORWWDLVRQ /) 
/HSUHPLHUH[HPSOHFRQFHUQHOHW\SHTXLDXQHHQWUpHDVVH]ODUJHHWXQHVRUWLHUHODWLYHPHQWILQH&HW\SHGHEDWHDX WrWHGH
PRUXH HQDQJODLV &RGV+HDG IXWUHSUpVHQWpGDQVOHVDQQpHVSDVVpHVSDUOHVUpDOLVDWLRQVGH&ROLQ$UFKHU YRLU)LJ
 
$OLQYHUVHRQDUHQGXSOXVILQHVOHVHQWUpHVHWpODUJLOHVVRUWLHVOHV$QJODLVGpILQLVVHQWFHWWHIRUPHFRPPH :HGJH 
(QILQODWURLVLqPHpYROXWLRQHVWFHOOHTXLFRQVLVWHjIDLUHGHVHQWUpHVHWVRUWLHVVLPLODLUHVFHVFDUqQHVVRQWGLWHV
6\PpWULTXHV 
/HVYROXPHVVRQWGLVWULEXpVHQWUHOpWUDYHHWODSRXSHGXQHIDoRQpTXLOLEUpH
'HVHVVDLVVXUPDTXHWWHRQWPRQWUpOHVERQQHVSHUIRUPDQFHVGHFHWWHGHUQLqUHIRUPHGHIDoRQFRPSDUDWLYHDYHFOHV
SUpFpGHQWHV YRLUOD)LJ 
/HVYROXPHVVRQWGLVWULEXpVHQWUHOpWUDYHHWODSRXSHGXQHIDoRQpTXLOLEUpH
2QQRWHUDDXVVLGDQVOD)LJTXHSRXUGHV9LWHVVHV5HODWLYHV 9U GHjODIRUPHGLWH
:HGJH HVWPHLOOHXUHTXHOHVGHX[DXWUHVGHX[SDUFRQWUHSRXUGHV9UVXSpULHXUHVjODIRUPH6\PpWULTXH
UHGHYLHQWSOXVSHUIRUPDQWH
/DIRUPHj 7rWHGHPRUXH RX&RGV+HDGRXHQFRUHGH&ROLQ$UFKHUHVWODPRLQVSHUIRUPDQWHGHWRXWHVVDXIjWUqV
EDVVHYLWHVVHDYHFGH9U


)LJ
x /HV)RUPHVGHVSODQVGH)ORWWDLVRQVHWOHXULPSDFWVXUOD&RXUEHGHV$LUHV )LJ 

)LJ
$QRWHUTXHODKDXWHXUGHVFHVFRXUEHVGpSHQGGXGpSODFHPHQWGXEDWHDX(QREVHUYDQWOHJUDSKLTXHRQSRXUUDLWGLUH
TXHODFRXUEHHQYHUWTXLUHSUpVHQWHXQHFDUqQHGDOOXUHV\PpWULTXHHVWFHOOHTXLDXUDLWDXVVLOHGpSODFHPHQWSOXV
LPSRUWDQW&HWWHUHPDUTXHLQGLTXHDXVVLTXHOD&RXUEHGHV$LUHVSHXWrWUHXWLOLVpHFRPPHpOpPHQWGHFRPSDUDLVRQHQWUH
SOXVLHXUVFDUqQHV
&HVFRXUEHVUHSUpVHQWHQWODGLVWULEXWLRQGHVYROXPHV/DFRXUEHHQURXJHPRQWUHELHQTXHFHWWHFDUqQHDXQHGLVWULEXWLRQ
GHVYROXPHVGpFDOpHYHUVOpWUDYHWDQGLVTXHODFRXUEHHQEOHXLQGLTXHXQGpSODFHPHQWGHVYROXPHVYHUVODSRXSH
/DIRUPHGHODFRXUEHHQEOHXHVWODFRQVpTXHQFHGHVpWXGHVGHUpSDUWLWLRQGHVYROXPHVTXLGRLYHQWSHUPHWWUHGHVXSSRUWHU
OHVSRLGVGXPRWHXUHWGHOpTXLSDJHTXLJpQpUDOHPHQWVRQWSRVLWLRQQpVYHUVODUULqUHGXEDWHDXODSDUWLHPLHX[SURWpJpH


6XUQRVPDTXHWWHVOHSUREOqPHGXPRWHXUHWGHOpTXLSDJHQHVWSDVSUpVHQWFHSHQGDQWGDQVOpWXGHGHFDUqQHLOIDXGUD
GpFLGHURSODFHUOHVPDVVHVUHSUpVHQWpHVSDUODEDWWHULHHWOHWUHXLOTXLVRQWOHVpOpPHQWVOHVSOXVORXUGV
7RXWFHQWUDOLVHUDXWRXUGX&&HVWSUREDEOHPHQWOHSOXVVLPSOH
3HQGDQWODSKDVHGHFHQWUDJHRQDXUDODSRVVLELOLWpGHGpSODFHUVXUOHSODQORQJLWXGLQDOFHVpOpPHQWVOHSOXVIDFLOHpWDQWOH
GpSODFHPHQWGHODEDWWHULH


&KDSLWUH

/H'pSODFHPHQW


x /H'pSODFHPHQW

6LORQPHWWDLWXQPRGqOHGHEDWHDXGDQVXQHYDVTXHSUpDODEOHPHQWUHPSOLHGHDXjUDVERUGHWTXHHQVXLWHRQSORQJHDLW
ODFRTXHMXVTXjVDODOLJQHGHIORWWDLVRQRQQRWHUDLWTXHOHDXGHODYDVTXHGpERUGHUDLW,O\DXUDLWXQ GpSODFHPHQW
GHDX
/DORLIRQGDPHQWDOHG$UFKLPqGHGLWTXHOHSRLGVGHOHDXGpSODFpHHVWH[DFWHPHQWpTXLYDOHQWDXSRLGVGXYROXPHGHDX
GpSODFpSDUODFDUqQHGXEDWHDX
(QDMRXWDQWHQFRUHGXSRLGVGDQVODFRTXHOHPRGqOHVHQIRQFHUDLWGHSOXVHQSOXVHWILQLUDLWSDUFRXOHUDXIRQGGHOD
YDVTXH
+HXUHXVHPHQWFHODQDUULYHSDVVRXYHQWFHSHQGDQWLOQHVWSDVUDUHGHFRQVWDWHUTXHOHEDWHDXXQHIRLVPLVjOHDXQH
IORWWHSDVVHORQVRQSODQGHIORWWDLVRQ
/HVGpFLVLRQVOHVSOXVLPSRUWDQWHVTXHOHFRQFHSWHXUGRLWSUHQGUHFRQFHUQHQWOHFKRL[GHODORQJXHXUGHODOLJQHGHIORWWDLVRQ
HWOHGpSODFHPHQWTXHODFRTXHGRLWSURGXLUH
6LOHVFDOFXOVPRQWUHQWTXHOH'pSODFHPHQWHVWGLIIqUHQWGHFHOXLUHFKHUFKpOHFRQFHSWHXUGHYUDUHIDLUHGHVVLQVHWFDOFXOV
/HVFDOFXOVGX'pSODFHPHQWVRQWODVHXOHSDUWLHGHPDWKpPDWLTXHTXHOHFRQFHSWHXUGHPRGqOHUpGXLWGRLWDVVXPHULOVQH
VRQWSDVFRPSOLTXpVPrPHDVVH]IDFLOHVjFRQGLWLRQGHUHVSHFWHUODPpWKRGH
3OXVLHXUVPpWKRGHVVRQWGLVSRQLEOHVOHVSOXVFRXUDQWHVVRQW
x OD5qJOHGH6LPSVRQ
x OD5qJOH7UDSp]RwGDOH
x ,O\DDXVVLXQHPpWKRGHVLPSOLILpHXWLOLVpHHWGpFULWHSDUODXWHXU

-XVWHGHX[ UHPDUTXHV
x j'pSODFHPHQWpJDO
x
x SOXVODFRTXHVHUDSURIRQGHSOXV
HOOHFUpHUDGHVYDJXHVLPSRUWDQWHV
x
x SOXVOHEDWHDXVHUDORXUGSOXVLO
GpSODFHUDGHDXHWHQSUHQDQWGHOD
YLWHVVHLOFUpHUDGHVYDJXHVSOXV
SURIRQGHVTXLFRQWULEXHURQWjOD
UpVLVWDQFHWRWDOHjODYDQFHPHQW


)
LJ
x &DOFXOGX'pSODFHPHQW

/HGpSODFHPHQWHVWGRQQpSDUOHYROXPHGHODSDUWLHLPPHUJpHGXEDWHDXOD/LJQHGH)ORWWDLVRQPDUTXDQWODOLPLWHKDXWH
GHFHYROXPH/DSRVLWLRQYHUWLFDOHGHOD/LJQHGH)ORWWDLVRQHVWLQLWLDOHPHQWGpILQLHSDUOHFRQFHSWHXUDXPRPHQWGX
GHVVLQVLQpFHVVDLUHHOOHSRXUUDrWUHGpSODFpHVHORQOHUpVXOWDWGHVFDOFXOVGXGpSODFHPHQW


/HFRQFHSWHXUGpILQLWOHVIRUPHVTXLOYHXWGRQQHUDXEDWHDXHQGHVVLQDQWODYXHGHGHVVXVHWODYXHGHFRWpRLOIL[HUD
SURYLVRLUHPHQWOD/LJQHGH)ORWWDLVRQ /) ,OGHVVLQHUDDXVVLODYXHIURQWDOHGXFRXSOHSULQFLSDODSSHOpH0DvWUHFRXSOH
/DOLJQH/)HVWGLYLVpHHQSDUWLHVpJDOHVTXLIRXUQLURQWVHFWLRQVDSSHOpHVFRXSOHV

)LJ

'DQVOHVH[HPSOHVGHFDOFXOTXLYRQWVXLYUHOD/LJQHGH)ORWWDLVRQ /) HVWGHFPHWSDUFRQVpTXHQFHODGLVWDQFH G 
HQWUHOHVFRXSOHVHVWGHFP
9RLFLGDQVOD)LJXQH[HPSOHGHFDOFXOGHODVXUIDFHGXQFRXSOH

)LJ


2QDSSOLTXHODPpWKRGHGHFDOFXOGHOD)LJjWRXVOHVFRXSOHVQXPpURWpVGHjHWSDUODUqJOHGLWH
7UDSp]RwGDOH2QFDOFXOHOHGpSODFHPHQWGXEDWHDXGHODIDoRQVXLYDQWH

FRXSOH VXUIDFHHQFP IDFWHXUPXOWLSOLFDWLI WRWDO


   
   
   
   
   
   
   
   
   
   
   
FP

[ FP
[  FP G FPGLVWDQFHHQWUHFRXSOHVHQFP )LJ

FPHVWOHGpSODFHPHQWGXEDWHDXIDFLOHQHVWFHSDV

3DUODPpWKRGHGLWHGH6LPSVRQRQRSqUHGHFHWWHIDoRQHQUHSUHQDQWOHVPrPHVYDOHXUV

FRXSOH VXUIDFHHQFP IDFWHXUPXOWLSOLFDWLI WRWDO


   
   
   
   
   
   
   
   
   
   
   
FP

FP[ FP
[  FP

/DGLIIpUHQFHHQWUHOHVGHX[PpWKRGHVHVWGHJUFHODFRUUHVSRQGjPRLQVGHGXSRLGVWRWDO


&HFLUHVWHHQOLJQHDYHFODSUpFLVLRQGXWUDoDJHIDLWVXUXQHWDEOHjGHVVLQVRXPrPHSDUXQSURJUDPPHLQIRUPDWLTXH
$YHFODPpWKRGH7UDSp]RwGDOHRQSHXWDXVVLFDOFXOHUODSRVLWLRQGX&HQWUHGH&DUqQH &&

FRXSOH VXUIDFHHQFP PRPHQWPXOWLSOLFDWHXU VRPPHGHVPRPHQWV


   
   
   
   
   
   
   
   
   
   
   
FP

[ 
 VXUI  FP
/H&&VHWURXYHGRQFjFP HQDUULqUH jSDUWLUGXFRXSOHQ

8QHGRQQpHVXSSOpPHQWDLUHIRXUQLHSDUOHVFDOFXOVHVWOHIDFWHXU/&%HQWHOTXHGpILQLGDQVOD
)LJ,OVDJLWGHPHVXUHUODGLVWDQFHHQSRXUFHQWDJHGHODSRVLWLRQGX&&SDUUDSSRUWDXPLOLHXGHOD/)TXLHVW
UHSUpVHQWpSDUOHFRXSOHQ
(QPXOWLSOLDQWVLPSOHPHQWODGLVWDQFHHQWUHFRXSOHVSDUOHQRPEUHRQWURXYH
[ FP
/H&&pWDQWSRVLWLRQQpjFPRQWURXYHSDUODGLIIpUHQFHGHFHVGHX[WHUPHVXQHYDOHXU
GHFPTXLFRUUHVSRQGHQSRXUFHQWDJHj
[ 
'RQF/&%HVWGH
&HWWHYDOHXUVHUDSULVHHQFRPSWHGDQVQRWUHH[HPSOHGXGpYHORSSHPHQWGXQ9RLOLHU $QQH[H
(QUpVXPpGDQVOH[HPSOHGpFULWDYHFXQH/)GHFPW\SLTXHGXQ&ODVVH0OH'pSODFHPHQW
FDOFXOpVHWURXYHHQWUHFPHWFPVHORQODPpWKRGHXWLOLVpH/H&HQWUHGH&DUqQH && 
HVWSRVLWLRQQpFPHQDUULqUHGXFRXSOHRXFPHQDUULqUHGXFRXSOHHWHQILQOH/&%HVW
jGH/)SDUUDSSRUWDXFRXSOH

,OUHVWHHQFRUHXQHPpWKRGHFHOOHFRXUDPPHQWXWLOLVpHSDUODXWHXUTXLFRQVLVWHjSUHQGUHGHVUDFFRXUFLV
2QUHSUHQGOHJUDSKLTXHGHOD)LJSRXUOHFDOFXOGHODVXUIDFH


)LJ
2QQRWHUDTXHODVRPPHGHVORQJXHXUVGHVPHVXUHVHQWUHOD[HFHQWUDOHWODFRXUEHHVWpJDOHj
FPHQVXLWHFHWWHORQJXHXUHVWPXOWLSOLpHSDUjFDXVHGHVGHX[VHFWLRQVHWGLYLVpHSDUjFDXVHGH
OpFKDQWLOORQQDJHWRXVOHVFP'RQFHQGpILQLWLYHPXOWLSOLHUSDUDYDQWHWPXOWLSOLHUSDUHQVXLWHGHYLHQWLQXWLOH
/DVRPPHGHFPUHSUpVHQWHDXVVLODVXUIDFHGHFP PDUTXpHQURXJHGDQVOD)LJ 


&KDSLWUH

6WDELOLWp(TXLOLEUH9LWHVVH


x 6WDELOLWp(TXLOLEUHV9LWHVVH

x 6WDELOLWp6WDWLTXH )LJ

/DIRUFHGHJUDYLWp3HVWGXHDXSRLGVFHQWUpVXUOHFHQWUHGHJUDYLWp&*HWODIRUFHGHVXVWHQWDWLRQ%FHQWUpHVXUOHFHQWUH
GH&DUqQH&&VRQWHQpTXLOLEUHVXUOHVGHX[3ODQV/RQJLWXGLQDOHW7UDQVYHUVDO



)LJ


x 6WDELOLWpWUDQVYHUVDOH )LJ

/HEDWHDXXQHIRLVGDQVOHDXDYDQFHVRXVODSRXVVpHGXYHQWTXLH[HUFHXQHIRUFHSURSXOVLYHVXUOHVYRLOHV/HEDWHDXHQ
DYDQoDQWFRPPHQFHUDjJvWHUMXVTXDXSRLQWRXODIRUFHFRQWUDVWDQWHpTXLYDOHQWHH[HUFpHSDUOHOHVWFUpHUDXQpTXLOLEUH
/HEDWHDXVHUDHQpTXLOLEUHWUDQVYHUVDOTXDQGOHVIRUFHVHQMHXVHURQWpJDOHVHWFRQWUDLUHV
)WHVWODIRUFHH[HUFpHVXUOHVYRLOHVYLDOH&9FHWWHIRUFHVHUDFRQWUDVWpSDU5WTXLHVWUHSUpVHQWpSDUOHVVXUIDFHVLPPHUJpHV
YLDOH&*
'RQFODVWDELOLWpODWpUDOHHVWJRXYHUQpHSDUOHPRPHQWUHQYHUVDQWFRPSRVpSDUOHFRXSOH)W[]HWSDUOHPRPHQW
UHGUHVVDQWFRPSRVpSDUOHFRXSOH3[\
'DQVODILJ
)W ODIRUFHUHQYHUVDQWH
5W ODIRUFHGHUHGUHVVHPHQW
3 OHSRLGV
6 ODSRXVVHK\GURVWDWLTXH
]HW\ OHVEUDVGHOHYLHU

)LJ


x 6WDELOLWpORQJLWXGLQDOH )LJ

&RPPHSRXUOpTXLOLEUHWUDQVYHUVDOOHVPrPHVIRUFHVVRQWHQMHX
3DUHIIHWGHODSRXVVpHGXYHQWDXYHQWDUULqUHOHEDWHDXDXUDWHQGDQFHjVXELUXQHIIHWGH7DQJDJH
8QQRXYHDXYROXPHGHFDUqQHVHUDpWDEOLHWOH&&VHGpSODFHUDYHUVODYDQW
/HPRPHQWUHGUHVVDQWVHUDIRUPpSDUOHFRXSOH3[[SRXUFRPSHQVHUOHWDQJDJHIRUPpSDUOHFRXSOH)U[]
6LODIRUFH)UDXJPHQWHOH7DQJDJHDXJPHQWHDXVVLHWVLOpWDWGHODVXUIDFHGHOHDXQHVWSDVFDOPHDORUVLO\DXUD
ULVTXHG(QIRXUQHPHQW

)LJ


x 9LWHVVH

(QWUHODORQJXHXUGHODOLJQHGHIORWWDLVRQHWODYLWHVVHLO\DXQHUHODWLRQWUqVpWURLWH

2QFRQVLGqUHXQUpJLPHGHYLWHVVHpOHYpjSDUWLUGXQ9U DXGHOjGXQ9U RQUHQWUHGDQVXQUpJLPHGH


SODQLQJTXLSHXWDUULYHUUDUHPHQWj9U 
$FHSURSRVRQGLUDTXHVHORQ'3KLOOLSV%LUWGDQVVRQOLYUH 6DLOLQJ<DFKW'HVLJQ GHODIRUPXOHTXLLGHQWLILH
XQHDSWLWXGHDXSODQLQJVHUDLW
'pSODFHPHQW3ODQGHIORWWDLVRQ[/) 

2QSHXWGRQFPRQWUHUOHVH[HPSOHVVXLYDQWV

/DYLWHVVHGXEDWHDXVHUD
$WLWUHGH[HPSOHSRXUXQEDWHDX D\DQWXQHORQJXHXUjODIORWWDLVRQ /) GHPWRQ
DXUDOHVYLWHVVHVWKpRULTXHVVXLYDQWHV
RQUDSSHOOH 

SRXU9U [ PV[ .PK


9U [ PV[ .PK
9U [ PV[ .PK
9U [ PV[ .PK


&KDSLWUH

/HV$SSHQGLFHV


/HV$SSHQGLFHV
x *pQpUDO

3DUOHWHUPH$SSHQGLFHVRQLQGLTXHSOXVLHXUVpOpPHQWVOD'pULYHOH/HVWRX%XOEHHWOH6DIUDQ
/DSRVLWLRQGHOD'pULYHSDUUDSSRUWDX&HQWUH GH&DUqQH&&HW&HQWUH9pOLTXH&9VHUDGpWHUPLQpHSDUOHFRQFHSWHXU
GXUDQWOHVSKDVHVGHGpYHORSSHPHQW
/D'pULYHOH/HVWOH6DIUDQHWODVXUIDFHLPPHUJpHGXEDWHDXSDUWLFLSHQWjFUpHUOH&HQWUH$QWL'pULYH&$'TXLHVW
HQRSSRVLWLRQjODSRXVVpHH[HUFpHSDUOHVYRLOHVSDVVDQWSDUOH&HQWUH9pOLTXH
/H/HVWHVWIL[pjOH[WUpPLWpEDVVHGHOD'pULYHSRXUDEDLVVHUOH&HQWUHGH*UDYLWp&*GXEDWHDX
/H&'HVWOHFHQWUHJpRPpWULTXHGHOD'pULYH
/D'pULYHHWOH6DIUDQH[HUFHQWGHX[IRUFHVXQHIDYRUDEOHHWXQHGpIDYRUDEOH

)LJ

/DVXUIDFHGHODGpULYHSHUPHWGHFRQWUDVWHUODFRPSRVDQWHODWpUDOHGHODSRXVVpHGXYHQWVXUOHVYRLOHV
/DGpULYHH[HUFHDXVVLXQHIRUFHK\GURG\QDPLTXHTXDQGOHEDWHDXVHPHWHQPRXYHPHQWHQIRXUQLVVDQWXQHSRUWDQFH
FRPPHODLOHGXQDYLRQ
/DSRUWDQFHHVWXQHIRUFHIDYRUDEOHTXHVHPDQLIHVWHTXDQGODGpULYHDFTXLHUWXQHFHUWDLQHLQFLGHQFHGXHDXPRXYHPHQWGX
EDWHDXTXLGpULYHSDUUDSSRUWjVRQ$[H/RQJLWXGLQDO

/DGpULYHFHSHQGDQWSUpVHQWHDXVVLXQDVSHFWGpIDYRUDEOHGjVDVXUIDFHTXLSURGXLWXQH5pVLVWDQFHGH)URWWHPHQWj
ODYDQFHPHQW
/H&RXSOHGHUHGUHVVHPHQWWUDQVYHUVDOHVWpJDODX
3RLGVGX/HVW[ ODGLVWDQFHHQWUHOH&HQWUHGX/HVWHWOH&&


/HFRXSOHGHUHQYHUVHPHQWHVWpJDOjOD
)RUFHGX9HQW[ ODGLVWDQFHHQWUHOH&9HWOH&&
/DORQJXHXUGHOD'pULYHHWOHSRLGVGX/HVWIRQWOREMHWGXQGHVQRPEUHX[FRPSURPLVTXHOHFRQFHSWHXUGHYUDGpILQLUHQ
SKDVHGpWXGHVHWVXLYDQWOHV5qJOHVGH-DXJH
/HQVHPEOH'pULYHHW/HVWIRXUQLVVHQWXQ&RXSOHGH5HGUHVVHPHQWSRXUVRSSRVHUDX&RXSOHGH5HQYHUVHPHQWH[HUFp
SDUOHYHQWVXUODVXUIDFHGHVYRLOHV
/DVSHFWGpIDYRUDEOHHVWFHSHQGDQWGRQQpSDUODVXUIDFHGHOD'pULYHTXLFRQWULEXHJUDQGHPHQW
jODIULFWLRQ+\GURG\QDPLTXHTXLUDOHQWLODYLWHVVHGXEDWHDX

x /D'pULYH

/HSRVLWLRQQHPHQWGHODGpULYHGDQVOD[HORQJLWXGLQDOGXEDWHDXHVWXQHRSpUDWLRQTXLGHPDQGHEHDXFRXSGHSUpFLVLRQ
FDOFXOVHWGHVVLQV 
/DGpULYHGRLWrWUHVROLGHSRXUDFFHSWHUOHSRLGVLPSRUWDQWGXOHVWVXUWRXWTXDQGHOOHQHIDLWSDVSDUWLHLQWpJUDQWHGHOD
FDUqQHFRPPHVXUOHV&ODVVHV$&6XUOHVFODVVHV,200HW5ODGpULYHVHSUpVHQWHVRXVIRUPHGXQHDLOHYHUWLFDOH
UHODWLYHPHQWORQJXHHWFDUDFWpULVpHSDUXQHVHFWLRQjSURILOV\PpWULTXHpWURLWW\SH1$&$
/DVROLGLWpGHOD'pULYHGRLWUpVLVWHUDX[IRUFHVGH7RUVLRQHW)OH[LRQHQGXLWHVSDUOHSRLGVGXOHVWHWODG\QDPLTXHGH
QDYLJDWLRQ
/HVQRPEUHXVHVH[SpULHQFHVSUDWLTXHVIDLWHVSHQGDQWGHVORQJXHVDQQpHVHQ0RGpOLVPH1DYDOSHUPHWWHQWDXMRXUGKXLGH
IL[HUFHUWDLQVFULWqUHV
6DIRUPHVHUDVRXYHQWWUDSp]RwGDOHHWVRQDOORQJHPHQWYDULHUDHQWUHHW
(QWHUPHVGHSURILOVXQH'pULYHpSDLVVH  IDYRULVHUDODSRUWDQFHPrPHjIDLEOHYLWHVVHPDLVSUpVHQWHUDXQHUpVLVWDQFH
LPSRUWDQWHjODYDQFHPHQWWDQGLVTXXQH'pULYHDYHFSURILOPLQFH RX VHUDSHUIRUPDQWHDXGHOjGXQHFHUWDLQH
YLWHVVHUHODWLYHPHQWpOHYpHYRLURX.PKHWSUpVHQWHUDFHSHQGDQWPRLQVGHUpVLVWDQFH
8QHGpULYHPLQFHSUpVHQWHDXVVLGHVGLIILFXOWpVGHFRQVWUXFWLRQSRXUODUHQGUHVROLGHHWUDLGH
3RXUREWHQLUHQQDYLJDWLRQXQHERQQH UHPRQWpH DXYHQWRQIL[HUDOpSDLVVHXUGXSURILOYHUVGHODFRUGHHWSRXU
REWHQLUXQHPHLOOHXUHPDQRHXYUDELOLWpHWDFFpOpUDWLRQDSUqVOHVPXOWLSOHVFKDQJHPHQWVGHGLUHFWLRQRQSRVLWLRQQHUD
OpSDLVVHXUSOXW{WYHUVRX$WLWUHLQGLFDWLIODVXUIDFHVHUDHQWUHHWFPSRXUXQ&ODVVH0
/HVFKDQJHPHQWVGH&DSVRQWYUDLPHQWPXOWLSOHVDORUV


x /H/HVW EXOEH

/HOHVWRXEXOEHDYHFVRQSRLGVJpQpUDOHPHQWHQ
SORPEVXUQRVPRGqOHVSHUPHWGDEDLVVHUOH
&HQWUHGH*UDYLWp &* GXEDWHDXHWSDU
FRQVpTXHQFHFRQWUDVWHUODSRXVVpHGXYHQWVXUOHV
YRLOHV
6DQVFHSRLGVOHEDWHDXUHVWHUDLWFRXFKpVXUOHDX
VDQVDYDQFHU
/HEXOEHHVWGRQFXQHSLqFHPDvWUHVVHGX6\VWqPH
9RLOLHU
/HVFDUDFWpULVWLTXHVTXLGpWHUPLQHQWXQEXOEH
VRQWOHSRLGVHWODIRUPH
/HEXOEHTXLHVWFRQWLQXHOOHPHQWLPPHUJpGRLW
SUpVHQWHUXQHUpVLVWDQFHjODYDQFHPHQWODSOXV
IDLEOHSRVVLEOH
/HV ORLV GH O$pURG\QDPLTXH QRXV
SURSRVHQW GHV &RHIILFLHQWV GH 5pVLVWDQFH

)LJ
&U SRXUGLIIpUHQWHVIRUPHVODILJPRQWUHTXHODIRUPHGXIXVHDXHVWFHOOHTXLDOH&UOHSOXVEDV
&HWWHIRUPHHVWHIIHFWLYHPHQWODIRUPHOHSOXVVRXYHQWXWLOLVpHSRXUOHVEXOEHVRXOHUDSSRUWGDOORQJHPHQW
VHVLWXHHQWUHHW
6HORQ3*XWHOOHOHUDSSRUWLGpDOORQJXHXUODUJHXUTXLSUpVHQWHODPLQHXUHWUDvQpHVHWURXYHDXWRXUGH

&HFLGLWEHDXFRXSGDUJHQWHVWGpSHQVpSRXUODUHFKHUFKHGHODIRUPHLGpDOHVRXYHQWOHVSRLVVRQVFRPPH
OHV GDXSKLQV HW OHV UHTXLQV VRQW VRXUFH GLQVSLUDWLRQ /HV EDWHDX[ TXL SDUWLFLSHQW j OD &RXSH
G$PpULTXHVRQWDFWXHOOHPHQWpTXLSpVGHEXOEHVD\DQWGHVIRUPHVGLYHUVHVHWHQSOXVLOVRQWGHVDLOHWWHV
WUqVYDULpHVFRPPHOHVGpULYHVGHVSRLVVRQVVLJQHTXHODUHFKHUFKHFRQWLQXH&HW\SHGH UHFKHUFKHRQOD
UHWURXYHjPRLQGUHFRWDSSOLTXpVXUQRVPRGqOHVHWMHGLUDLVPrPHTXHGDQVOHSDVVpFHUWDLQVEDWHDX[
JUDQGHXUQDWXUHRQWFRSLpOHVVROXWLRQVDGRSWpHVVXUOHVPDTXHWWHVGHYRLOLHUV
$FWXHOOHPHQWGDQVOHPRQGHGX0RGpOLVPH1DYDOH[LVWHQWGHX[pFROHVFHOOHTXLDFKRLVLOHEXOEHJURVHW
FRXUW )LJ HWFHOOHTXLSUpIqUHXQEXOEHILQHWORQJ )LJ 

ILJ


)LJ
2QQRWHUDTXHjSDULWpGHYROXPHSRLGVGH.JODVXUIDFHHVWSDVVpHGHFPjFPDYHFXQHDXJPHQWDWLRQ
GHDXQLYHDXGXEXOEHTXLVHWUDGXLWHQVXLWHSDUXQHDXJPHQWDWLRQGHDXQLYHDXGHODVXUIDFHPRXLOOpH
WRWDOH YRLU$QQH[H
2QGHYUDDXVVLWHQLUFRPSWHTXHOHIIHWGHWRUVLRQVHUDPDMHXUVXUXQEXOEHORQJHWTXHODULJLGLWpGHODGpULYHGHYUDOH
FRPSHQVHUjGpIDXWRQULVTXHGDYRLUXQEXOEHTXLHQWUHUDHQRVFLOODWLRQjFKDTXHVROOLFLWDWLRQH[WpULHXUH YLUDJHV
IUpTXHQWVHDXDJLWpHWF HWTXLDXJPHQWHUDODWUDvQpHDYHFXQHFRQVpTXHQWHSHUWHGHYLWHVVH

&HODPpULWHXQHUpIOH[LRQ

x /H6DIUDQ

/H6DIUDQHVWSRVLWLRQQpYHUVOH[WUpPLWpDUULqUHGXEDWHDXLOGRLWDYRLUXQH
VXUIDFHFDSDEOHGHSHUPHWWUHGHPDQRHXYUHUOHEDWHDXGDQVWRXWHVOHVFRQGLWLRQV
GHWHPSV
3RXUUpGXLUHOHVHIIRUWVLPSRVpVDX[V\VWqPHVGHFRPPDQGHOHVDIUDQHVW
FRPSHQVpHQSODoDQWOD[HGHURWDWLRQHQDUULqUHGXERUGGDWWDTXHGHj

/HSURILOVHUDVLPLODLUHjFHOXLXWLOLVpSRXUOD'pULYHRQHVWLPHFHSHQGDQWTXXQ
SURILOpSDLVDXUDLWXQPHLOOHXUUHQGHPHQWjEDVVHYLWHVVH
6RQHIILFDFLWpHVWODFDUDFWpULVWLTXHUHFKHUFKpHVDIRUPHVHORQOHVOLYUHV
VSpFLDOLVpV DXUDXQHIRUPHHOOLSWLTXHDYHFXQDOORQJHPHQWHQWUHHW
6XUXQ&ODVVH0ODVXUIDFHGXSODQXWLOLVpHHVWGHORUGUHGHFP
$YDQWOHVFRPSpWLWLRQVLOVHUDXWLOHGHSUpSDUHUOH%DWHDXDYHFGHVDSSHQGLFHVTXL
DXURQWGHVVXUIDFHVDGDSWpHVDX[FRQGLWLRQVGHWHPSV

)LJ


x /DUHFKHUFKHGX&$'

3RXUODUHFKHUFKHGX&HQWUH$QWL'pULYHLO\DSOXVLHXUVPpWKRGHVFHOOHGXFDOFXOJpRPpWULTXHTXLHVWUHODWLYHPHQW
FRPSOH[HHWTXLQHVHUDSDVWUDLWpHLFLFHOOHGXILOjSORPEVXUXQJDEDULWHQEULVWROTXLHVWLOOXVWUpHGDQVOD)LJHW
FHOOHH[HUFpHDYHFOHYRLOLHUGDQVOHDXHQDEVHQFHGXPkW

/DSUHPLqUHPpWKRGHFHOOHTXLXWLOLVHXQJDEDULWHVWUHODWLYHPHQWVLPSOHRQGpFRXSHVXUGXEULVWROODIRUPHGHODSDUWLH
LPPHUJpHGXSODQYHUWLFDO ODSDUWLHEOHXHGDQVODILJ 
2QSHQGOHEULVWRODYHFXQHDLJXLOOHDX[H[WUpPLWpVXQHjODIRLVHWRQSUHQGVRLQVGHPDUTXHUOHSDVVDJHGXILOjSORPE
/HFURLVHPHQWGHVGHX[PDUTXDJHVLQGLTXHUDOHSRLQWGX&$'JpRPpWULTXH
/HWUDQVIHUWVXUOH3ODQ9HUWLFDOVHUDGpILQLSDUOHVPHVXUHVGH D HWGH E
&HWWHPHVXUHQHVWSDVSDUIDLWHPDLVLQGLTXHDVVH]ELHQOHSRLQWUHFKHUFKpVXUOHSODQVWDWLTXH,OHVWpYLGHQWTXHOH&$'
FKDQJHUDGHSRVLWLRQTXDQGOHEDWHDXVHUDHQQDYLJDWLRQ

)LJ


x 5HFKHUFKHPDQXHOOHGX&$'

/DVHFRQGHPpWKRGHFRQVLVWHjPHWWUHjOHDX FDOPH OHYRLOLHUpTXLSpGHVDSSHQGLFHVPDLVVDQVOHPkW2QDSSOLTXHUD


GpOLFDWHPHQWXQHSUHVVLRQDYHFOHGRLJWGDQVODSDUWLHFHQWUDOHGHODFRTXH6LOpWUDYHWRXUQHYHUVVRLLOIDXGUDDYDQFHUGH
SHXSDUpWDSHVODSUHVVLRQYHUVODYDQWMXVTXDXPRPHQWROHEDWHDXVHGpSODFHUDRUWKRJRQDOHPHQWjODGLUHFWLRQGH
SRXVVpH&HVHUDFHWWHSRVLWLRQTXLLGHQWLILHUDOHFHQWUH$QWL'pULYH
2QDJLUDGHIDoRQFRQWUDLUHVLOHWDEOHDXDUULqUHYLHQGUDLWYHUVVRL

)LJ

x /DUHFKHUFKHGX&&

/DPpWKRGHGXJDEDULWHVWDXVVLXWLOLVpHSRXUODUHFKHUFKHGX&&DYHFOHJUDSKLTXHGHOD&RXUEHGHV$LUHV
2QGpFRXSHVXUGXEULVWROOHGHVVLQTXLUHSUpVHQWHOD&RXUEHGHV$LUHVHWRQOHGpSRVHVXUODWUDQFKHGXQHUqJOHjGHVVLQGH
IDoRQjFKHUFKHUVRQpTXLOLEUHFRPPHPRQWUpGDQVOD)LJ

)LJ


x /HV3URILOV

&HFLHVWXQYDVWHVXMHWjGpEDWWUHVDQVILQ
3OXVLHXUVH[FHOOHQWVDUWLFOHVWUDLWDQWOHVXMHWHWDSSOLTXpVDXPRGpOLVPHQDYDOGXQHIDoRQFRPSOqWHVRQWUpIpUHQFpVGDQVOD
%LEOLRJUDSKLH>@
&RPPHSRXUOHVDLOHVGDYLRQVVRQWGLVSRQLEOHVEHDXFRXSGHSURILOVWHOVTXHOHV(SSOHU=HOLJHW1$&$jODVHXOH
GLIIpUHQFHTXHFHX[XWLOLVpVSRXUOHVEDWHDX[RQWWRXVXQSURILOV\PpWULTXHELFRQYH[H
$WLWUHGH[HPSOHYRLUOHV1$&$jTXDWUHGLJLWVFRPPHOHV1$&$
3RXUGpWHUPLQHUOHPHLOOHXUSURILOLOIDXGUDLWVRLWIDLUHGHVHVVDLVSDUXQSURJUDPPHGHFRPSXWHUVRLWIDLUHXQQRPEUH
LQILQLGHWHVWVSUDWLTXHV,OIDXWDQDO\VHUOHVFDUDFWpULVWLTXHVGH3RUWDQFHHWGH7UDvQpHGHODGpULYH
/D7UDvQpHHVWXQHIRUFHIUHLQDQWHHWSDUDOOqOHjODGLUHFWLRQGXIOX[GXIOXLGHOD3RUWDQFHHVWXQHIRUFHSHUSHQGLFXODLUHDX
IOX[HWjODGpULYHTXLSHUPHWDXEDWHDXGHUHPRQWHUDXYHQW/H6DIUDQSHUPHWGHJRXYHUQHUODGLUHFWLRQGXEDWHDX

9RLFLXQWDEOHDXSDUPLGDXWUHVTXLGRQQHQWOHVFDUDFWpULVWLTXHVGLPHQVLRQQHOOHVGHVSURILOV1$&$ )LJ

1$&$ 1$&$ 1$&$ 1$&$


[ \ [ \ [ \ [ \
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
)LJ


8QH[HPSOHGHWUDoDJHGHSURILO

)LJ

/DGpULYHSRXUFUpHUXQHSRUWDQFHGRLWHQWUHUHQPRXYHPHQWHWDYRLUXQHFHUWDLQHLQFLGHQFHOLPLWpHjTXHOTXHVGHJUpV8QH
LQFLGHQFHWURSLPSRUWDQWHDXJPHQWHOHIURWWHPHQWWUqVUDSLGHPHQWHWSURGXLWOHGpFURFKDJHGHODFRXFKHOLPLWH
6HORQOHVpWXGHVGH3ROORFNHQLOHVWSRVVLEOHGHFRQFOXUHTXHSRXUOHVDOOXUHVGHSUqVLOVHUDLWPLHX[GXWLOLVHUGHV
SURILOVSDVWURSpSDLVDXWRXUGHGHODFRUGHWDQGLVTXHVHUDLWSOXVDGDSWpDX[EDWHDX[OHQWVHWDX[VDIUDQV

)LJ

'DQVOHVDSSHQGLFHVLO\DDXVVLOHIDFWHXUDOORQJHPHQWTXLSUpVHQWHGHVEpQpILFHVHWGHVSHUWHV
8QHGpULYHjSDULWpGHVXUIDFHDYHFXQIRUWDOORQJHPHQWSUpVHQWHXQHSRUWDQFHDFFUXHYHUVOH[WUpPLWpEDVVHHWGHFHIDLW
DXJPHQWHODWHQGDQFHjODJvWHGXEDWHDX
'HVH[WUpPLWpVDYHFGHVDQJOHVWURSFDUUpHVJpQqUHQWGHVWRXUELOORQVGDQVOHVFRLQVSRXUFHODXQHIRUPHHOOLSWLTXHVHUDLW
PHLOOHXUHPDOKHXUHXVHPHQWVHXOOHVDIUDQSHXWpYHQWXHOOHPHQWHQSURILWHUODGpULYHDVVXUDQWODOLDLVRQDYHFOHOHVW
/DIRUPHGXQHQDJHRLUHGRUVDOHGXQUHTXLQHVWLGpDOHPDLVODQLPDOFRQWU{OHDXVVLVDVRXSOHVVHSRXUFRPSHQVHUOHV
YDULDWLRQVGHSUHVVLRQ


2QD VXJJpUp GHFRPSHQVHUOHVGLIIpUHQWHVSUHVVLRQVHWSRUWDQFHVOHORQJGHODGpULYHHQXWLOLVDQWGHVSURILOVPLQFHVGDQV
ODSDUWLHVXSpULHXUHDYHFWRXVFHTXHFHODFRPSRUWHHWSURJUHVVLYHPHQWGDSSOLTXHUGHVSURILOVpSDLVYHUVODSDUWLHLQIpULHXUH

$PRQDYLVFHVHUDLWXQHERQQHRFFDVLRQ
SRXULQWpJUHUXQHSDUWLHGXOHVWHWUpGXLUH
DLQVLODWDLOOHGXEXOEH
&HWWHVROXWLRQGpMjXWLOLVpHSDUODXWHXUD
SHUPLVGHJDJQHUVXUODVXUIDFH
PRXLOOpHGHVDSSHQGLFHV
ILJ

)LJ


)LJ


&KDSLWUH

/HV9RLOHV


/HV9RLOHV OHPRWHXU
&HFKDSLWUHHVWGpGLpDXPRWHXUGXYRLOLHUVDQVOHTXHOLOQHSRXUUDLWSDVWUDYHUVHUOHVPHUV
4XLDLQYHQWpOHVEDWHDX[jYRLOHMHQHOHVDLVSDVPDLVRQWSHUPLVELHQGHVFKRVHVTXLDSSDUWLHQQHQWDXSURJUqVGH
OKRPPH
&RPPHQWOHEDWHDXVXLWWLOVDURXWH"6LPSOHPHQWHQSURILWDQWGX9HQW$SSDUHQW
/HYHQWDSSDUHQWHVWFHOXLSDUH[HPSOHTXLUHQFRQWUHXQF\FOLVWHVXUODURXWHGDQVXQHMRXUQpHFDOPHHWSRXUWDQWLO
VHQWOHYHQWOXLIU{OHUOHYLVDJHFHVWELHQOH9HQW$SSDUHQWGHGLUHFWLRQFRQWUDLUHTXHOHF\FOLVWHFUpHOXLPrPHHQVH
GpSODoDQWjELF\FOHWWH/HYHQWUpHOpWDLW]pUR
&RQVLGpUDQWOHVDOOXUHVDX3UpVVHUUp/DUJXHRX9HQWDUULqUHRQLQGLTXHVRXYHQWOH9HQW5pHOSDUUDSSRUWjOD
GLUHFWLRQGXEDWHDXWDQGLVTXHFHVWOHYHQW $SSDUHQW TXLIDLWDYDQFHUOHEDWHDXHQH[HUoDQWVDIRUFHVXUOHV
YRLOHV/H9HQW$SSDUHQWGpULYHGHODUpVXOWDQWHGX9HQW9UDLDYHFOD9LWHVVHGXEDWHDX(QUpDOLWpFHVWOH
EDWHDXTXLFUpHVRQSURSUHYHQWFRPPHOHF\FOLVWH
/D)LJGpFULWODUHODWLRQHQWUHOHVGLIIpUHQWVSDUDPqWUHV

)LJ
3DUFHGLDJUDPPHRQQRWHODFDSDFLWpGXQYRLOLHUj UHPRQWHU OHYHQW
(QWUHODGLUHFWLRQGXYHQWHWODGLUHFWLRQUpHOOHGXEDWHDXLO\DTXHOTXHVFHSDUDPqWUHpYROXHSOXVRXPRLQV
VHORQOHVFDUDFWpULVWLTXHVGXEDWHDX
/DQJOHHQWUHOH9HQW$SSDUHQWHWOH9HQW5pHODXJPHQWHHQIRQFWLRQGHODYLWHVVHGXEDWHDXOH9HQW$SSDUHQW
HVWSOXVLQWHQVHDX[DOOXUHVGH3UpVWDQGLVTXHOH9HQW5pHOHVWSOXVIRUWDX[DOOXUHVSRUWDQWHV
$XYHQWDUULqUHOH9HQW$SSDUHQWHWOH9HQW5pHOVRQWVXUOHPrPHD[HHWOH9HQW5pHOHVWSOXVIRUW


3RXUDPpOLRUHUODYLWHVVHGXEDWHDXRQDLQWpUrWDXYHQWDUULqUHGHVpFDUWHUGHODGLUHFWLRQGXYHQWUpHOGHTXHOTXHV
GHJUpVSRXUREWHQLUXQPHLOOHXUUHQGHPHQWGHVYRLOHV6XUOHVEDWHDX[JUDQGHXUQDWXUHXWLOLVDQWOH6SLQQDNHURX
)RF%DOORQFHWpFDUWHVWXQ PXVW 

/DIRUPHGHVYRLOHVHVWXQIDFWHXUGpWHUPLQDQWVXUOHVSHUIRUPDQFHVJOREDOHVGXQ9RLOLHUPRGHUQH
/HVPDTXHWWHVSURILWHQWPLHX[GHFHIDFWHXUjFDXVHGHVWHFKQRORJLHVPRGHUQHV
/XWLOLVDWLRQGHPkWVHQILEUHGHFDUERQHDVVXUHXQHJUDQGHUREXVWHVVHHWOHVYRLOHVSHXYHQWHPSOR\HUGHV
IRUWVDOORQJHPHQWVTXLDVVXUHQWXQPHLOOHXUUHQGHPHQWFRPPHSRXUOHVDLOHVGHSODQHXUV

)LJ
/HJUDSKLTXHGHOD)LJHVWWUqVLQWpUHVVDQWSRXUPRQWUHUTXXQHYRLOHpWURLWHHWKDXWHDXQUHQGHPHQWSOXVpOHYp
jGHVIDLEOHVLQFLGHQFHVHQWUHHWTXXQHYRLOHFDUUpH
$SDUWLUGHOHVYRLOHVFDUUpHVVRQWPHLOOHXUHV
/HVJUpHPHQWVGHVEDWHDX[DQFLHQVFRPPHSDUH[HPSOHOHVJUpHPHQWVDXULTXHVRXPrPHSOXVUpFHQWVFRPPHFHOOH
GXQ2SWLPLVWHQVRQWODSUHXYH


'HFHGLDJUDPPHRQSHXWDXVVLGpGXLUHTXXQHDLOHDYHFXQIRUWDOORQJHPHQWSHUPHWGHVHUUHUPLHX[OHYHQW

)LJ

/HSURJUqVDpURQDXWLTXHDLQIOXHQFpOHGpYHORSSHPHQWGHVYRLOHV
6XUODUHYXH<DFKWLQJ0RQWKO\GHRQpFULYDLW RQSHXWDIILUPHUVDQVSHXUGrWUHFRQWUHGLWTXHOH
VRXGDLQSURJUqVIDLWSDUOHVpWXGHVDpURG\QDPLTXHVGHVGHUQLHUVYLQJWDQVRQWPRGLILpODFRQFHSWLRQGHVYRLOHVPDLV
RQQHVDLWSDVHQFRUHVLGDQVODERQQHRXPDXYDLVHGLUHFWLRQ 
4XHOTXXQHQFRUHVRXWHQDLWjODPrPHpSRTXHTXHOHVSURJUqVDpURQDXWLTXHVDYDLHQWIDLWSOXVGHPDOTXHGHELHQj
ODFRQFHSWLRQGHVYRLOHV
2QODLVVHFHVSURSRVjFHX[TXLORQWpFULW
,OIDXWVDYRLUTXHHQWUHXQHYRLOHHWXQHDLOHGDYLRQLO\DGHWRXWHIDoRQGHVJUDQGHVGLIIpUHQFHVODLOHUHoRLWOHYHQW
GXQHIDoRQFRQVWDQWHjKDXWHYLWHVVHHWWRXMRXUVYHQDQWGHODPrPHGLUHFWLRQHWDYHFGHVDQJOHVGLQFLGHQFHV
FRQVWDQWVHWUHODWLYHPHQWIDLEOHVVDXISHQGDQWOHVPDQRHXYUHVGHGpFROODJHRXGDWWHUULVVDJHWDQGLVTXXQHYRLOHGH
EDWHDXUHoRLWXQIOX[GDLUELHQSOXVOHQW YHQW HWSDUQDWXUHLQVWDEOHHQLQWHQVLWpHWHQGLUHFWLRQ
/HVYRLOHVpWDQWXQHVWUXFWXUHYHUWLFDOHFRQQDLVVHQWDXVVLGDXWUHVSUREOqPHVUHODWLIVDXYULOODJHHWDX[LQWHUIpUHQFHV
DYHFOHXUVXSSRUWLQGLVVRFLDEOHTXHVWOH0kW


)LJ

9XODYLWHVVHGXQYRLOLHUSDUUDSSRUWjFHOOHGXQDYLRQOHVSURILOVXWLOLVpVVRQWUHODWLYHPHQWSOXVpSDLV
PDLVDXVVLWUqVIOH[LEOHVHWGpIRUPDQWV
/HIOX[GDLUUHQFRQWUDQWOHPkWFUpHjOLQWUDGRVXQHSRFKH EXOOHGHVpSDUDWLRQ DYDQWGHUHQFRQWUHUSOXVORLQOD
WRLOHGHODYRLOH )LJ /HPrPHW\SHGHSKpQRPqQHVHPDQLIHVWHVXUOH[WUDGRVPDLVDYHFXQH EXOOH SOXV
SHWLWHFHWWHGHUQLqUHpWDQWEHDXFRXSSOXVGpJUDGDQWHSRXUOHVSHUIRUPDQFHVJOREDOHV'DQVFHVSRFKHVODLUVWDJQHHW
JpQqUHDXVVLGHVWRXUELOORQVTXLUHQGHQWOHIOX[WXUEXOHQW
/HUHQGHPHQWGHODYRLOHHVWIRQFWLRQGDXWUHVIDFWHXUVFRPPHODYLWHVVHGXIOX[TXHOOHUHQFRQWUHODFRXUEXUHHWOD
SRVLWLRQGXFUHX[HWDXVVLGHODWHPSpUDWXUHGHODLUSRXUpWUDQJHTXLOSXLVVHDSSDUDvWUH

)LJ
/HVIDFWHXUVTXLFRQWULEXHQWDXUHQGHPHQWGXQHYRLOHVRQWHVVHQWLHOOHPHQWGHX[OHSUHPLHUFRUUHVSRQGDQWDX
UDSSRUWFRUGHFUHX[HWOHVHFRQGFRUUHVSRQGDQWjODSRVLWLRQGHFHGHUQLHU
/HVHVVDLVPRQWUHQWjEDVVHYLWHVVHHWDXSUqVVHUUpTXHSOXVODYRLOHHVWFUHXVHSOXVODSRUWDQFHDXJPHQWHPDLVFHOD
YHXWDXVVLGLUHTXLO\DXUDXQHSRXVVpHVODWpUDOHQRQQpJOLJHDEOH
,O\DGRQFXQHOLPLWHLPSRVpHSDUOHVFDUDFWpULVWLTXHVGHVWDELOLWpGXEDWHDXGDQVFHFDVLOVHUDSUXGHQWGHUpGXLUH
ODFRQYH[LWpGHODYRLOHTXLUpGXLUDDXVVLODIRUFHSURSXOVLYH
3RXUFHTXLFRQFHUQHODSRVLWLRQGXFUHX[SDUUDSSRUWjODFRUGHOHPHLOOHXUFRPSURPLVHVWFHOXLGHSRVLWLRQQHUOH
FUHX[DXWRXUHQWUHHW )LJ
/HYULOODJHDYHFYHQWIDLEOHSHXWSUpVHQWHUTXHOTXHVDYDQWDJHVVXUODSRUWDQFHFHSHQGDQW
VXUOHVSHWLWVYRLOLHUVUDGLRFRPPDQGpVOHVEpQpILFHVLQGXLWVSDUOHYULOODJHGHODJUDQGYRLOHVRQWHQFRUHPRLQV
pYLGHQWVVDFKDQWTXHODLUFUpHGHWXUEXOHQFHVDXQLYHDXGHOHDXTXLQHVRQWSDVFRQWU{ODEOHV


8QIDFWHXUWUqVLPSRUWDQWFRQFHUQHOHVFDUDFWpULVWLTXHVGDOORQJHPHQWHWFRPPHGpMjGLWGDQVOHFDVGXQHGpULYHXQH
JUDQGHSDUWLHGHODSRUWDQFHVHFUpHYHUVOHVKDXWHXUVROHYHQWHVWDXVVLSOXVUpJXOLHU
,OIDXWFHSHQGDQWWHQLUFRPSWHDXVVLGHVWXUEXOHQFHVHQWUHOHVGHX[IDFHVTXLVRQWSUpVHQWHVDXVRPPHWGXWULDQJOHGH
ODYRLOHHWDXVVLDXQLYHDXGHODE{PH&HVWXUEXOHQFHVVRQWUpGXLWHVVXUOHVYRLOLHUVGHFRPSpWLWLRQHQFRXSDQWXQH
SDUWLHGXWULDQJOHDXVRPPHWHWHQDMRXWDQWXQHEDUUHGHVRXWLHQHWHQEDVHQSRUWDQWODE{PHOHSOXVSUqVGXSRQW
SRXUHVVD\HUGHUpGXLUHOHSDVVDJHGHODLUGXQHIDFHjODXWUHGHODYRLOH
6XUFHUWDLQVJUDQGVYRLOLHUVOHVDUFKLWHFWHV
RQWVRXYHQWDGRSWpSRXUODE{PHXQH
IRUPHSODWHHWODUJHTXLDYDLWOHEXW
GpYLWHUOHSDVVDJHGDLUHQWUHODVXUIDFH
LQWHUQHHWFHOOHH[WHUQH
/HIRFWLUHOHPHLOOHXUDYDQWDJHHQIDLVDQW
DGKpUHUVDERUGXUHSUqVGXSRQW
3RXUOKLVWRLUHHQODE{PHGX
YRLOLHUDPpULFDLQ(QWHUSULVHpWDLW
WHOOHPHQWODUJHTXRQODVXUQRPPD
TXHOTXHFKRVHFRPPH*UDQG$YHQXHRX
%RXOHYDUG
3DUOHGLDJUDPPHGHOD)LJjSDJH
RQDSSUHQGGHX[FKRVHVODSUHPLqUH
TXHSRXUGHVDOOXUHVGHSUqVDYHFGHV
IDLEOHVLQFLGHQFHVLOVHUDLWVRXKDLWDEOH
GDYRLUGHVIRUWVDOORQJHPHQWVWDQGLVTXH
SRXUGHVLQFLGHQFHVSOXVLPSRUWDQWHVRX
DOOXUHVSRUWDQWHVOHVYRLOHVODUJHVHWEDVVHV
VHUDLHQWPHLOOHXUHV
8QHYRLOHWUqVKDXWHSUpVHQWHUDDXVVLXQ
FHQWUHYpOLTXHSOXVKDXWTXLUpGXLUDOD
VWDELOLWpWUDQVYHUVDOHGXEDWHDX

/D)LJjODSDJHLOOXVWUHOHV
DVSHFWVQpJDWLIVVXUOHUHQGHPHQWGHV
*UDQGYRLOHVGXVjODSUpVHQFHGXQ0kW
OHVYRLOHVGDYDQWFRPPHOH)RFRXOH
*HQRDQHFRQQDLVVHQWSDVFHSUREOqPHHWSHXYHQWHQWLUHUPHLOOHXUSDUWL
,O\DEHDXFRXSGHWKpRULHVGpYHORSSpHVGDQVOHVWH[WHVVSpFLDOLVpVVXUOLQWHUUHODWLRQ
)LJ
H[LVWDQWHHQWUH)RFHW*UDQGYRLOHRQSUpWHQGTXHOH)RFLQIOXHQFHG\QDPLTXHPHQWOHSDVVDJHGXIOX[GDLUHQWUH
OHVGHX[YRLOHVSRXUDPpOLRUHUOHVSHUIRUPDQFHVJOREDOHV
8QHWKpRULHpYRTXHOHIIHW 9HQWXUL SDUOHTXHOODYLWHVVHGXQIOX[DXJPHQWHVLODIHQrWUHGHVRUWLHGXWXQQHOHVW
SOXVpWURLWHTXHFHOOHGHOHQWUpH2QDIILUPHDXVVLTXHOH)RFHWOD*UDQGYRLOHIRUPHQWXQWXQQHOHWTXHOD*UDQG
YRLOHSURILWHGHODYLWHVVHGXIOX[JpQpUpSDUOH)RF
/HVHVVDLVRQPRQWUpDXFRQWUDLUHTXHOHIOX[HQSUR[LPLWpGXPkWUDOHQWLWHWGpYLHYHUVOHKDXW/HIOX[VH
GpSODoDQWHQKDXWHXUUHQFRQWUHOHERUGGHQWUpHGX)RFDYHFXQDQJOHGLQFLGHQFHPDMHXUGHFHOXLTXLODXUDLWHXDYHF
XQIOX[QRQSHUWXUEp'DQVFHVFRQGLWLRQVFHVWOH)RFTXLSHXWVHUUHUOHYHQWHWDXJPHQWHUVDSRUWDQFH/D
UpGXFWLRQGHYLWHVVHGXIOX[VXUODVXUIDFHLQWHUQHGHOD*UDQGYRLOHHVWWRXWFRPSWHVIDLWVSDVQpJDWLIYXTXHOOH


SURGXLWDXVVLXQHUpGXFWLRQGHODSUHVVLRQVXUOHVGHX[IDFHVHWSDUFRQVpTXHQFHOHSRLQWGHVpSDUDWLRQVHGpSODFHYHUV
ODFKXWHUpGXLVDQWDLQVLOHVSHUWHV
(QILQXQHDXWUHDVSHFWSRVLWLIGHOLQWHUUHODWLRQ)RF*UDQGYRLOHHVWFHOXLUHSUpVHQWpSDUXQIOX[SOXVVWDEOHHW
XQHWROpUDQFHPDMHXUHDX[YDULDWLRQVGLQFLGHQFHUHWDUGDQWDLQVLOHSKpQRPqQHGH GpFURFKDJH 
8QHJUDQGYRLOHVHXOHjSUREDEOHPHQWXQUHQGHPHQWpOHYpPDLVGHIDLEOHVYDULDWLRQVGLQFLGHQFHVSURYRTXHQW
IDFLOHPHQWOHGpFURFKDJHDYHFFRPPHFRQVpTXHQFHODSHUWHGHYLWHVVHVRXGDLQH


)LJ

8QHSRVVLEOHLQWHUSUpWDWLRQVHUDLWFHOOHGHFRQVLGpUHUOHVGHX[SURILOVPLQFHVUHSUpVHQWpVSDUOD*UDQGYRLOHHWOH)RF
HQXQVHXOSURILOpSDLVFDSDEOHGRIIULUXQHSRUWDQFHVXSpULHXUHjEDVVHYLWHVVHFRPPHFHOOHGXQYRLOLHU )LJ

/H0kWHWOHV9RLOHV
/H0kWQHSUpVHQWHSDVVHXOHPHQWGHVDVSHFWVQpJDWLIVPDLVSHUPHWDXVVLGHPRGLILHUOHVYRLOHVHWOHVDGDSWHUDX[
EHVRLQVGHODQDYLJDWLRQ
/DIRUPHGHVYRLOHVSHXWGRQFGDQVFHUWDLQHVOLPLWHVrWUHFKDQJpHSDUOHUpJODJHGXPkW
/D*UDQGYRLOHHVWODYRLOHTXLSURILWHOHPLHX[FHOOFLpWDQWWUqVVHQVLEOHDXFLQWUDJHGXPkWTXLPRGLILH
SULQFLSDOHPHQWODIRUPHHWODSRVLWLRQGXFUHX[
/H0kW
2QDVVXPHTXHOHFHQWUDJHODWpUDOGXPkWIDLWSDUWLHGHVUpJODJHVGHV+DXEDQDJHVHW%DUUHVGH)OqFKHWDQGLVTXHOH
UpJODJHGDQVOD[HGXEDWHDXHVWXQHFRPSRVDQWHYDULDEOHTXLVHUWjODERQQHPDUFKHGXEDWHDX
8QHLQFOLQDLVRQGXPkWYHUVODYDQWGpSODFHUDDXVVLOH&9HWOHEDWHDXGHYLHQGUD0RXDXFRQWUDLUHOHEDWHDX
VHUD$UGHQWDYHFXQPkWLQFOLQpYHUVODSRXSH2QDSSHOOHFHWWHRSpUDWLRQGRQQHUGHOD4XrWH
/HVFKDQJHPHQWVRSpUpVVXUOHPkWLQIOXHQFHQWDXVVLOpTXLOLEUHORQJLWXGLQDOGXEDWHDXDXGpSDUWRQFKRLVLUDGH
GRQQHUGHOD 4XrWH YHUVODUULqUHHQWUHHW
/HVGHX[pOpPHQWVGHFRQWU{OHGXPkWVRQWHQSULQFLSHO(WDLVHWOH3DWDUDV6XUOHVJUDQGVYRLOLHUVLO\DGDXWUHV
V\VWqPHVFRPPHOHV%DVWDTXHVTXLGHPDQGHQWWRXMRXUVOLQWHUYHQWLRQGHOpTXLSDJHjFKDTXHFKDQJHPHQWGHERUG


)LJ)LJ
3RXUREWHQLUXQERQUpJODJHOD*9HWOH)RFGRLYHQWSRVVpGHUXQHFHUWDLQHFRXUEXUHVXUOHVJXLQGDQWV
)LJHW &RQYH[HVXUOD*9HW&RQFDYHVXUOH)RF

)LJ

6XUQRVPRGqOHVDXJPHQWDQWOD
WHQVLRQGXSDWDUDVRQFKDQJHOH
FLQWUDJHGXPkWTXjVRQWRXU
PRGLILHODWHQVLRQGHOpWDLPDLV
VXUWRXWUpGXLWOHFUHX[GHOD*9
TXLVHGpSODFHYHUVODFKXWH&HFL
HVWGDXIDLWTXHODGLVWDQFHHQWUH
OHJXLQGDQWHWODFKXWHDXJPHQWHHW
SDUFRQVpTXHQFHODFRXUEHHVWSOXV
WHQGXHHWORQJXH )LJ


&HFLQHVWSDVOHVHXOHIIHWOH'pYHUVGHOD*9FKDQJHDXVVLGDXIDLWTXHODIOH[LRQGXPkWUDFFRXUFLODGLVWDQFH
HQWUHOHVRPPHWHWOHSRLQWGpFRXWHIDYRULVDQWDLQVLODGpIRUPDWLRQGHODSDUWLHKDXWHGHODYRLOHVRXVODSRXVVpHGX
YHQW )LJ

)LJ

/DFRXUEXUHGHVYRLOHVHWOHYHQW
(QJpQpUDODYHFXQYHQWIDLEOHHWXQHHDXFDOPHOH)RFDXUDGHVIRUPHVUpJXOLqUHVDUURQGLHVDYHFXQYHQWSOXVIRUW
OHVHQWUpHVVHURQWSOXVSURIRQGHVHWOHVVRUWLHVSOXVSODWHV )LJ
/HPrPHUpJODJHSDUYHQWIRUWVHUDDGRSWpSRXUODJUDQGYRLOHHQUDPHQDQWOHFUHX[YHUVODYDQWDYHFODLGHGX
&XQQLQJKDPTXLSHUPHWGHWHQGUHOHJXLQGDQWGHOD*9
2QDMRXWHUDTXHODWHQVLRQGXSDWDUDVDXUDSRXUHIIHWGHWHQGUHDXVVLOpWDL'DQVGHVHDX[DJLWpHVRQDXUDXQ
DYDQWDJHjUpGXLUHODWHQVLRQGHOpWDLSRXUREWHQLUXQDPRUWLVVHPHQWVXUODYDQWGXEDWHDX

/HVJUpHPHQWVGHVPRGqOHV
$YDQWGHFRQFOXUHXQSHWLWPRWVXUOHV0kWVTXLIRQWDSSHODX[PDWpULDX[PRGHUQHVFRPPHODILEUHGHFDUERQHLOV
SHXYHQWDXVVLrWUHHQ$OXPLQLXPRXPrPHHQERLVWRXWFHODGpSHQGGHV5qJOHVGH-DXJHGHFKDTXH&ODVVH/HV
FkEOHVSRXUOHVKDXEDQVpWDLVHWSDWDUDVVRQWVRLWHQDFLHUPXOWLEULQVGHPLOOLPqWUHVRXHQILEUHV
V\QWKpWLTXHVTXLUpVLVWHQWjGHVHIIRUWVGHWUDFWLRQGHSOXVLHXUVGL]DLQHGH.J
3RXUFRQFOXUHRQGLUDTXHOHV3ODQV9pOLTXHVGHV0RGqOHVGH%DWHDX[5DGLRFRPPDQGpVGRLYHQWUpSRQGUHDX[
5qJOHVGH-DXJHVSpFLILTXHVjFKDTXH&ODVVH
6HORQOHV3D\VGLIIpUHQWHV&ODVVHVWURXYHQWOHXUVKRPRORJDWLRQFHSHQGDQWDXQLYHDXGHOD)pGpUDWLRQ
,QWHUQDWLRQDOHGH9RLOH,6$)5'6VHXOHPHQWOHV&ODVVHVUpVHUYpHVDX[PRGqOHVPRQRFRTXHVXLYDQWVVRQW
DFWXHOOHPHQWDGPLVHVHQRUGUHGHGpFURLVVDQWGHGLPHQVLRQV

x FODVVH$& /)!P
x FODVVH5 /)!P
x FODVVH0 /)P
x FODVVHPqWUH,20 /)P


&KDSLWUH

&RTXH9RLOHV&HQWUDJH


x /D&RTXHOHV9RLOHVOHV&HQWUDJHV
x
x /HV$OOXUHV
'DQVOHVFKDSLWUHVSUpFpGHQWVRQDYXOHVGLIIpUHQWVSDUDPqWUHVQpFHVVDLUHVDXGpYHORSSHPHQWGXQYRLOLHULOVDJLW
PDLQWHQDQWGHUpXQLUGDQVXQVHXOV\VWqPHODFRTXHHWOHVYRLOHVSRXUIDLUHHQVRUWHTXHOHQVHPEOHSXLVVHDYDQFHU
DYHFODLGHGXYHQW
8QDUFKLWHFWH$PpULFDLQ3KLO%ROJHUGLVDLW FKDTXHREMHWIORWWDQWVXUOHTXHORQPRQWHXQHYRLOHERXJHUDGH
WRXWHIDoRQ
3RXUQRXVFHODQHQRXVVXIILWSDVHWLOIDXWTXHOHEDWHDXDLOOHRQRXVDYRQVFKRLVLGHOHIDLUHDOOHUHWYRLFLOH
GLDJUDPPHGHQDYLJDWLRQW\SLTXHDSSHOp$OOXUHVTXLOIDXWFRQQDvWUH

)LJ

2QQRWHUDTXHUHPRQWHUOHYHQWDXSOXVVHUUpjVHUDFKRVHWUqVGLIILFLOHRXLPSRVVLEOH
3RXUDYDQFHUYHUVOHYHQWLOIDXGUDGRQFIDLUHGHV=,*=$*HQFKDQJHDQWDOWHUQDWLYHPHQWGHERUG
(Q0RGpOLVPH1DYDOOHGLDJUDPPHGHV3RODLUHVGH9LWHVVHQHVWSDVXWLOLVpFHSHQGDQWYRLFLXQGLDJUDPPH
W\SLTXHXWLOLVpVXUXQEDWHDXJUDQGHXUQDWXUH FHOXLGXQ'UDJRQ 


3RODLUH9LWHVVH

)LJ

&HGLDJUDPPHSHUPHWGHYLVXDOLVHUODOOXUHjDGRSWHUHQIRQFWLRQGHVFDUDFWpULVWLTXHVGXEDWHDX
2QDSSHOOHFHODIDLUHGX90*FHVWjGLUHFKRLVLUOHPHLOOHXUUDSSRUWFDSYLWHVVHSRXUOHVGLIIpUHQWHVDOOXUHVHW
GLIIpUHQWHVIRUFHVGHYHQW


=

5RXOLV
< ;

(PEDUGpH

; <
7DQJDJH

=
/DFHW
$[HVGX9RLOLHU

)LJ

/D)LJPRQWUHOHVD[HV;<HW=GXYRLOLHUDSSHOpVUHVSHFWLYHPHQW5RXOLV [ 
7DQJDJH \ /DFHW ] 
,O\DXQHDXWUHGpILQLWLRQDSSHOpH(PEDUGpHTXLLQGLTXHXQFKDQJHPHQWGHFDSLQYRORQWDLUHFDXVpSDUXQHYDJXH
RXSDUXQPRXYHPHQWEUXVTXHGRQQpSDUOHJRXYHUQDLO

x &HQWUDJH

/DSUHPLqUHFKRVHjIDLUHHVWGDVVXUHUXQHIRLVOHEDWHDXGDQVOHDX YRLUEDLJQRLUH ODVWDELOLWpORQJLWXGLQDOH


2QSHXWDYRLUSUpYXXQHGpULYHPRELOHUpJODEOHGHSXLVOHSRQWRXHQFRUHSDUODSRVVLELOLWpGHGpSODFHUOHOHVW/HV
pOpPHQWVFRPPHOD%DWWHULHHWOHVHUYR7UHXLOIRQWSDUWLHGHODUHFKHUFKHGHVWDELOLWpHQFKDQJHDQWOHXUSRVLWLRQOH
ORQJGHODFRTXH
'RQFSRXUIDLUHERXJHUXQYRLOLHULOIDXWTXHOH&HQWUH9pOLTXH &9 HWOH&HQWUH$QWL'pULYH
&$' VRLHQWSRVLWLRQQpVOXQSDUUDSSRUWjODXWUHGHPDQLqUHjREWHQLUXQ0RPHQW3URSXOVHXU


2QSHXWDJLUVXUOH&9TXLGpSHQGGHOD
IRUPHGHVYRLOHVHWGXUDSSRUWGHVVXUIDFHV
HQWUHOD*UDQGYRLOHHWOH)RFHWSDUOD
SRVLWLRQGXPkWVXUOH&$'TXLGpSHQGGH
ODVXUIDFHHWSRVLWLRQGHOD'pULYHHWGX
6DIUDQ ODFRTXHQHERXJHSOXV HWHQILQVXU
OH&* &HQWUHGH*UDYLWp TXLUpVXOWHGHOD
IRUPHGXEDWHDXPDLVHVVHQWLHOOHPHQWSDUOD
SRVLWLRQGXOHVW
/H&YHVWGRQFOHFHQWUHGHSRXVVpHGHVYRLOHV
LGHQWLILpJpRPpWULTXHPHQWFRPPHGpMjGpFULWj
OD)LJHWOH&$'HVWOHFHQWUHJpRPpWULTXH
GHODSDUWLHLPPHUJpHGXEDWHDXPRQWUpjOD
ILJ
/DILJUHSUHQGOHQVHPEOHGHVGHX[
FHQWUHV
/H&HQWUDJHHVWGpILQLH[SpULPHQWDOHPHQWSDU
ODUHFKHUFKHGHODGLVWDQFH G 
(QSUDWLTXHODYDOHXU G VHVLWXHGDQV
XQHIRXUFKHWWHWRXMRXUVHQDYDQWGX&$'
HQWUHHWGHODORQJXHXUGHODOLJQH
GH)ORWWDLVRQ /) VHORQOHVFDUDFWpULVWLTXHV
GXEDWHDX
6XUOHVEDWHDX[JUDQGHXUQDWXUHFHV
SRXUFHQWDJHVSHXYHQWYDULHUGHjHW
SOXV
/H&9HVWDXVVLSODFpHQDYDQWGX&&GH
TXHOTXHVSHWLWVSRXUFHQWYRLUjVXU
XQ&ODVVH0
/HUpJODJHGXQYRLOLHUHVWDXVVLDSSHOpSDUOHV
$QJODLV WXQLQJ LOHVWUHVSRQVDEOHVHORQ
OHVFDUDFWpULVWLTXHVJpQpUDOHVGHFUpHUXQ
EDWHDXTXLSHXWrWUH$UGHQWRX0RX
x $UGHQWVLJQLILHTXHOHEDWHDX
DWHQGDQFHHQQDYLJDWLRQjUHPRQWHU
WRXWVHXOYHUVOHOLWGXYHQWRQGLWTXH
OHEDWHDXj)LJ
x WHQGDQFHj ORIHU 

x 0RXHVWOHEDWHDXTXLDGLIILFXOWpjJDUGHUVRQFDSHWVpORLJQHGXYHQWSDUOXLPrPH
RQGLWDXVVLTXHOHEDWHDXDWHQGDQFHj DEDWWUH 

)LQDOHPHQWSRXUYpULILHUOHFHQWUDJHRQPHWWUDOHEDWHDXjOHDXGDQVXQHMRXUQpHDYHFSHXGHYHQW
HWRQREVHUYHUDVRQFRPSRUWHPHQW2QUpJOHUDHQSULQFLSHHQDYDQWRXHQDUULqUHODSRVLWLRQGX
0kWWDQWTXHOHEDWHDXQHVHUDSDVFDSDEOHGHPDLQWHQLUVRQSURSUHFDSDYHFOHPLQLPXPGH
FRPSHQVDWLRQGX6DIUDQ


)LJ

/DILJUHSUpVHQWHOHVWURLVFRQGLWLRQVSULQFLSDOHVGXUDSSRUWHQWUHOHVSRVLWLRQVGX&9HWODSRVLWLRQGX&$'
,OHVWpYLGHQWTXHFHVHUDSOXVVLPSOHLQLWLDOHPHQWGHGpSODFHURXGLQFOLQHUOHPkWHWSDUFRQVpTXHQFHGHGpSODFHUOH
&9SOXW{WTXHFKDQJHUODSRVLWLRQGX&$'TXLFRPSRUWHSULQFLSDOHPHQWOHGpSODFHPHQWGHOD'pULYHHW
pYHQWXHOOHPHQWFKDQJHUODGLPHQVLRQGX6DIUDQ
&HWWHDFWLYLWpGHPDQGHEHDXFRXSGHSDWLHQFHHWGREVHUYDWLRQVOHVHIIRUWVVHURQWWRXMRXUVSD\DQWV
(QSUDWLTXHOHVFKRVHVVRQWFHSHQGDQWXQSHXSOXVFRPSOLTXpHVVXUWRXWTXDQGOHEDWHDXHVWjODJvWH
/DFDUqQHRXSOXW{WYROXPHLPPHUJpFKDQJHGHIRUPHVRQD[HORQJLWXGLQDOVpFDUWHGHOD[HLQLWLDOGXEDWHDXGH
TXHOTXHVGHJUpV YRLU)LJ 7UqVVRXYHQWOHVFRQWRXUVGXSODQLPPHUJpRQWXQHFRXUEXUHDV\PpWULTXHHWFHOD
DFFHQWXHODWHQGDQFHGXEDWHDXjWRXUQHUOpWUDYHYHUVODGLUHFWLRQGRYLHQWOHYHQWHWOHUHQGUHHQFRUHSOXV
$UGHQW


SODQGH
$
V\PpWULTXH IORWWDLVRQ

PrPHDQJOH

9HQW
%
DV\PpWULTXH

EDWHDX[jODJvWH

)LJ

&HWWHFRQGLWLRQPpULWHUDLWGHUHGHVVLQHUODFDUqQHFHSHQGDQWHOOHSHXrWUHFRPSHQVpHSDUOHUHSRVLWLRQQHPHQWGX&9
HWSDUFRQVpTXHQFHSDUOHGpSODFHPHQWGXSLHGGHPkWYHUVODYDQW
(QQDYLJDWLRQWRXWHWHQWDWLYHGHFRUULJHUODURXWHDYHFOHVDIUDQDXUDFRPPHFRQVpTXHQFHGDFFHQWXHUODJvWHHWGH
IUHLQHUOHEDWHDX
/DUJXHUXQSHXOHVYRLOHVVHUDODVROXWLRQTXLSHUPHWWUDGHUHGUHVVHUOHEDWHDXHWGHJDUGHUODYLWHVVH%LHQHQWHQGX
FHWWHFRQGLWLRQVHSUpVHQWHOHSOXVVRXYHQWDYHFXQYHQWYDULDEOHHWGDQVGHVUDIDOHV
7RXWUpJODJHLQLWLDOVHUDLWGDQVFHVFRQGLWLRQVSHXHIILFDFH
/HEDUUHXUH[SpULPHQWpWURXYHUDOHPR\HQGHUHWURXYHUVRQFDSVDQVWURSGHSHUWHVHQDOODQWYHUVODERXpH
(QILQLOUHVWHXQDVSHFWTXHPRQDPL3LHUUHTXLDELHQYRXOXPHSURSRVHUHWGXTXHORQQHWUDLWHMDPDLV
,OVDJLWHQHIIHWGHVDYRLUTXHOHVWOHPSODFHPHQWLGpDOGXFRXSOH0DW'pULYH/HGpSODFHPHQWORQJLWXGLQDOGX
FRXSOHGHYUDWHQLUFRPSWHGHVHIIHWVLQGpVLUDEOHVVXUOH&&GXVDXFKDQJHPHQWGDVVLVHTXLOIDXGUDFRPSHQVHUDYHF
OHGpSODFHPHQWGHVSRLGVWHOVTXHODEDWWHULHOHWUHXLOHWOHOHVW
$YDQFHURXUHFXOHUOH&RXSOHYHUVXQHSRVLWLRQLGpDOH"
2QSDUOHUDDORUVGHEDWHDX[WLUpVRXSRXVVpV

&HODpYRTXHGRQFXQDXWUHFRQFHSWTXLHVWFHOXLTXLGHYUDLWWUDLWHUGX&HQWUHGH7UDvQpH&'7
2QFRPSUHQGUDTXHVLOH&9HVWHQDYDQWGX&'7OHEDWHDXVHUDWLUpHWHQFRQVpTXHQFHVWDEOHVXUVDURXWH
DXFRQWUDLUHLOVHUDWUqVLQVWDEOHVLOH&9VHWURXYHGHUULqUHOH&'7
/H&$'HVWXQHUHSUpVHQWDWLRQJUDSKLTXHTXLHQJOREHOHVVXUIDFHVSULQFLSDOHVGHODGpULYHHWGXVDIUDQWDQGLVTXH
OH&'7GHYUDLWUHSUpVHQWHUOHQVHPEOHGHVSRLQWVGDSSOLFDWLRQGHVUpVLVWDQFHVGHIURWWHPHQWHQJHQGUpHVSDUODGpULYH
OHVDIUDQOHEXOEHHWODFDUqQH


/DSRVLWLRQGX0DvWUHEDX SDUUDSSRUWjOpWUDYHVXUOHSODQORQJLWXGLQDODXUDXQHIIHWVXUODSRVLWLRQGX&'7
)LJSDJH
(QFRQFOXVLRQRQQHVDLWSDVWURSRXOH&'7VHWURXYHPDLVFHTXLHVWFHUWDLQFHVWTXHOHFRXSOH0kW'pULYH
GRLWrWUHHQDYDQWGX&'7SRXUREWHQLUXQEDWHDXWLUpHWVWDEOH

$
 WUDFWLRQ

%
 WUDFWLRQ

)LJ
&RPPHQWFKHUFKHUOH&'7"
/D)LJUHSUpVHQWHXQHSURSRVLWLRQTXLFRQVLVWHUDLWGDQVODFFURFKDJHVXUOHVGHX[FRWpVGHODFRTXHGXQSHWLW
FkEOHHQ9jGLVWDQFHpJDOHGHSXLVOpWUDYHHWGH[HUFHUXQHWUDFWLRQOHQWHGDQVXQHHDXFDOPH,OIDXGUDQRWHUOH
FRPSRUWHPHQWGHOpWUDYHHWOpYHQWXHOOHWHQGDQFHjWRXUQHUGXQFRWpRXGHODXWUHRXHQFRUHUHVWHUVXUODOLJQHGH
WUDFWLRQ
/DFKRVHVHUDLWHQFRUHSOXVVHQVLEOHHWGpOLFDWHVLOHFkEOHpWDLWDFFURFKpVXUXQSRLQWYDULDEOHOHORQJGHOD[H
ORQJLWXGLQDO
7DQWTXHOpWUDYHUHVWHUDVXUODOLJQHGHWUDFWLRQFHODYRXGUDGLUHTXHOH&'7HVWSRVLWLRQQpHQDUULqUHGXSRLQW
GDFFURFKDJH
(QUHFXODQWGHSOXVHQSOXVFHVSRLQWVOHORQJGHODFRTXHRQQRWHUDHQH[HUoDQWWRXMRXUVXQHWUDFWLRQOHQWHTXH
OpWUDYHDXUDjXQFHUWDLQPRPHQWWHQGDQFHjVHGpSODFHUODWpUDOHPHQWGDQVXQVHQVFRPPHGDQVODXWUH&HOD
LQGLTXHUDTXHOH&'7VHUDWUqVSUREDEOHPHQWGpSDVVp8QHUHFKHUFKHPLQXWLHXVHSRXUUDIRXUQLUXQHLQGLFDWLRQ
SOXVSUpFLVHVXUODSRVLWLRQGX&'7
8QHFRTXHD\DQWVRQ0DvWUHEDXSOXVUHFXOpGHYUDLWHQSULQFLSHIDLUHUHFXOHUOH&'7
(QILQXQEDWHDXWLUpVHUDWRXMRXUVPLHX[TXXQEDWHDXSRXVVp



Vous aimerez peut-être aussi