Airbus Mim40-310-Mut-000-A7

9DOLGpOH
,GHQWLILFDWLRQ0,03DUW9HUV$
0DQXHO
'LIIXVLRQH[WHUQHDXWRULVpH
0DQXHOPpWLHURXWLOODJH&$2

2EMHW /HSURFHVVXVGHGpYHORSSHPHQWGHVRXWLOODJHV
'pFULUHOHSURFHVVXVGHFRQFHSWLRQDYHFOHVPDTXHWWHV&$2
3UpVHQWHUOHVRXWLOVGHGpYHORSSHPHQWHQFRQFHSWLRQRXWLOODJH
/D*HVWLRQGHV'RQQpHV7HFKQLTXHVHQFRQFHSWLRQRXWLOODJH
'pFULUHO¶RUJDQLVDWLRQGHVGRQQpHVGHGpILQLWLRQHQFRQFHSWLRQRXWLOODJH
3UpVHQWHUOHVRXWLOVGHJHVWLRQGHVGRQQpHVGHGpILQLWLRQRXWLOODJH
3UpVHQWHUOHSURFHVVXVGHWUDQVIHUWHWGHVWRFNDJHGHVGRQQpHV

'RPDLQHVG
DSSOLFDWLRQ
7RXWHVOHVpWXGHVG
RXWLOODJHVVRXVWUDLWpHVRXUpDOLVpHVSDU($'6$LUEXV)UDQFHGRQWGHV
PDTXHWWHVQXPpULTXHVVRQWH[LJpHV

5HVSRQVDEOH 1RP-HDQSDVFDO6$1&+(= 9DOLGDWLRQ 1RP6\YOLH%RXGHQQH

6HUYLFH70'0 6HUYLFH70'0
'DWH 'DWH

&HGRFXPHQWHVWODSURSULpWpG
($'6$,5%866$LOQHSHXWrWUHFRPPXQLTXpjGHVWLHUVHWRXUHSURGXLWVDQVO
DXWRULVDWLRQSUpDODEOHpFULWHG
($'6$,5%866$HWVRQFRQWHQXQHSHXWrWUHGLYXOJXp SDJH
($'6$,5%866$

0DQXHOPpWLHURXWLOODJH&$2 ,GHQW0,03DUW9HUV$

6RPPDLUH 2EMHFWLIVGXPDQXHO
2EMHFWLIJpQpUDO
2EMHFWLIGpWDLOOp
'RPDLQHFRXYHUWSDUOH0DQXHO0pWLHU
/HSURFHVVXVGHGpYHORSSHPHQWGHVRXWLOODJHV
/HSURFHVVXVGHFRQFHSWLRQDYHFOHVPDTXHWWHV&$2
3URFHVVXVJpQpUDO
'HVFULSWLRQGXSURFHVVXV
/¶DYDQWSURMHW
/DSUppWXGH
/¶pWXGH
/DUpDOLVDWLRQGHO¶pWXGHG¶RXWLOODJH
/HVSURGXLWVGHGpYHORSSHPHQWHQFRQFHSWLRQRXWLOODJH
/HVPDTXHWWHV&$2
/D*HVWLRQGHV'RQQpHV7HFKQLTXHVHQ&RQFHSWLRQ
,QWURGXFWLRQ
/DVWUXFWXUHSURGXLWRXWLOODJH
/¶DUERUHVFHQFHRXWLOODJH
/DPDWULFHGHSRVLWLRQQHPHQW
)RUPDOLVDWLRQHWLGHQWLILFDWLRQGHVGRQQpHV
/DQXPpURWDWLRQGHVILFKLHUV&$2$SUqVOH
/DQXPpURWDWLRQGHVILFKLHUV&$2$YDQWOH
5DWWDFKHPHQWGHVSODQVHWGHVSODQVG¶HQVHPEOHV
'DQVOHORJLFLHO&DGGV
'DQVOHORJLFLHO&$7,$9
/DJHVWLRQGHVOD\HUV
/DPLVHHQOLDVVH
3LORWDJHHWVXLYLGHVGRQQpHV
/HVDWWULEXWVGHVGRQQpHV
/HF\FOHGHYLHGHVGRQQpHV
/HZRUNIORZ
6WRFNDJHHWWUDQVIHUWGHVGRQQpHV
,QWURGXFWLRQ
7UDQVIHUWGHVGRQQpHV
/DUpFXSpUDWLRQGHVPRGqOHV&$2SDU$LUEXV)U
/DYpULILFDWLRQGHVGRQQpHV
9DOLGDWLRQHWVWRFNDJHGHVGRQQpHV
3RVLWLRQQHPHQWGHVPRGqOHV&$2
/H[LTXH
$QQH[H
$,5%86)5$1&(6$ 0DQXHO SDJH

3DUWLFLSDQWVjO¶pODERUDWLRQGHFHPDQXHO

&RPLWpG¶DSSUREDWLRQGXPDQXHO
5HVSRQVDEOHGXPDQXHO
9DOLGDWLRQGXPDQXHO

$,5%86)5$1&(6$ 0DQXHO SDJH


%LEOLRJUDSKLH 3 0DQDJHU0,RXWLOODJHVHWLQIUDVWUXFWXUHV
0,*8, /HVSURFHVVXVG¶LQGXVWULDOLVDWLRQDYHFOHVPDTXHWWHV&$2
$0 -LJV 7RROVGHVLJQXVLQJ&DWLD9
$%' 7RROV 7HVWHTXLSPHQW
12 1RUPH2XWLOODJH&ODVVLILFDWLRQGRFXPHQWVRXWLOODJHV

5qJOHGHJHVWLRQ
7RXWHV OHV PRGLILFDWLRQV HIIHFWXpHV VXU OHV PDQXHOV FLGHVVXV GHYURQW rWUH UpSHUFXWpHV VL EHVRLQ
GDQVFHPDQXHOSDUOHUHVSRQVDEOHGHODILOLqUHRXWLOODJH
&HPDQXHOVHUDjIRXUQLUjFKDTXHVRXVWUDLWDQWRXWLOODJH

$,5%86)5$1&(6$ 0DQXHO SDJH

2EMHFWLIVGXPDQXHO
2EMHFWLIJpQpUDO
5qJOHGHJHVWLRQ
&H PDQXHO FRQVWLWXHXQ UpIpUHQWLHO FRPPXQ j WRXWHV OHV XVLQHV TXL GRLW rWUH DSSOLTXp SDU WRXV OHV
FRQFHSWHXUVRXWLOODJHVHQGpYHORSSHPHQW&$2$LUEXV)UDQFHRXVRXVWUDLWDQWV

(QWUpHV 5pVXOWDWV 6RXVWUDLWDQWVRXWLOODJHV
&KDUJpVG¶DIIDLUHRXWLOODJHV
&RQFHSWHXUVRXWLOODJHV
&DSWXUHUVWUXFWXUHU
IRUPDOLVHU
5qJOHVGHJHVWLRQHW5qJOHV
0pPRLUH O¶HQVHPEOHGHV PpWLHUGHODIRQFWLRQ
G¶HQWUHSULVH GRQQpHVGHODIRQFWLRQ
FRQFHSWLRQRXWLOODJH
FRQFHSWLRQRXWLOODJH

0RGXOHGH)RUPDWLRQ
2EMHFWLIGpWDLOOp
(WDEOLUXQOLHQHQWUHOHVSURFHVVXVPLVHQ°XYUHHWODPpPRLUHG¶HQWUHSULVHSRXUREWHQLU
XQUpIpUHQWLHOGHWUDYDLO
/DILQDOLWpGHFHUpIpUHQWLHOHVWGH
♦ &DSWXUHUVWUXFWXUHUHWIRUPDOLVHUOHVFRQQDLVVDQFHV
♦ (WUHGLVSRQLEOHjODFRQVXOWDWLRQSDUWRXVOHVDFWHXUV
♦ &RQVWLWXHUODEDVHGHVPRGXOHVGHIRUPDWLRQ
♦ 'pILQLUOHVUHVSRQVDELOLWpVGHVDFWHXUV
'RPDLQHFRXYHUWSDUOH0DQXHO0pWLHU
/¶HQVHPEOHGHVDFWLYLWpVGXGRPDLQH&RQFHSWLRQ2XWLOODJHVRQWWUDLWpHVGDQVOHSUpVHQW0DQXHOPpWLHU
$,5%86)5$1&(6$ 0DQXHO SDJH

/HSURFHVVXVGHGpYHORSSHPHQWGHVRXWLOODJHV
/HSURFHVVXVGHFRQFHSWLRQDYHFOHVPDTXHWWHV&$2
3URFHVVXVJpQpUDO

,QGXVWULDOLVDWLRQ

+\SRWKqVHVSURJUDPPHFDGHQFHV«
,QIUDVWUXFWXUHV
0R\HQVGHWUDQVSRUW ,QGXVWULDOLVDWLRQ
0DFURSURFHVVXVLQGXVWULHO ,QGXVWULDOLVDWLRQ
*UDQGHVOLJQHVGXGpFRXSDJHLQGXVWULHO :RUN6KDULQJ
0R\HQVLQGXVWULHOV 0DFURSURFHVVG
DVVHPEODJH 3ODQGHIDEULFDWLRQ
([LJHQFHVLQGXVWULHOOHVVXUPRGqOHVHW
SODQVIURQWLqUHV
%XLOWVFRQFHSWV
3
5 0DTXHWWHVLQWpJUDQWOD
YXHLQGXVWULHOOH 0DTXHWWHVLQWpJUDQWOD
0DVWHU*HRPHWU\7URQoRQV YXHLQGXVWULHOOH
2 3ULQFLSHVFRQVWUXFWLIV%( 0DVWHU*HRPHWU\7URQoRQVHW
YDOLGpV :RUN3DFNDJHV
0DTXHWWH$OORFDWLRQ(VSDFH 0DTXHWWH$OORFDWLRQ(VSDFH
7URQoRQV 75:3
& 3ODQVRXPRGqOHVIURQWLqUHV 0DTXHWWHGH5pIpUHQFH
*pRPpWULTXH75:3
(
6 $YDQWSURMHW 3UppWXGH (WXGH
%XUHDXG¶pWXGH 2XWLOODJH 2XWLOODJH 3ULQFLSHV 2XWLOODJH
0$(2DYDQWSURMHW
6 0DVWHU*HRPHWU\$YLRQ

3ULQFLSHVFRQVWUXFWLIVDYLRQ )DLVDELOLWp 3KDVH 0DTXHWWHLI 3KDVH
0DTXHWWH$OORFDWLRQ(VSDFH$YLRQ 3ULQFLSHVFRQVWUXFWLIVRXWLOODJHV 0DTXHWWH
8 'DWD%DVLVIRU'HVLJQ$,5%86" $UFKLWHFWXUH &RQFHSWLRQ $OORFDWLRQ 'pILQLWLRQ
2XWLOODJH 2XWLOODJH
0DTXHWWH 2XWLOODJH 5pIpUHQFH
(EDXFKHGX&'&)
9ROXPH
6 &'&)HW
6 p LIL WL
2XWLOV 2XWLOV 2XWLOV
%'' &$2*'7 %'' &$2*'7 %'' &$2*'7
2XWLOODJHV 2XWLOODJHV 2XWLOODJHV
0 0 0
)($6$%,/,7<3+$6( &21&(373+$6( '(),1,7,213+$6( '(9(/230(173+$6(
'(9(/230
$,5%86)5$1&(6$ 0DQXHO SDJH

'HVFULSWLRQGXSURFHVVXV
$QDO\VHGXSURFHVVXVGH
4XRL" 4XL" 2X" 4XDQG" &RPPHQW" 3RXUTXRL"
GpYHORSSHPHQWRXWLOODJH
4XLIDLW $O
DLGHGH 3RXU

&KDUJpG¶DIIDLUHRXWLOODJH$LUEXV )LFKLHUV&$2GHGpILQLWLRQ3ULQFLSHVFRQVWUXFWLIVDYLRQ

(WXGLHUODIDLVDELOLWpRXWLOODJH )UDQFH 0DVWHU*HRPHWU\$YLRQ0DTXHWWH$OORFDWLRQ(VSDFH &RQFHYRLUO
DUFKLWHFWXUHGXSRVWHG
DVVHPEODJH
&RQFHSWHXUVRXWLOODJHV 3HQGDQWOD $YLRQ'DWD%DVLVIRU'HVLJQ
©&RQFHSW3KDVHª
$YHFTXL /HVGRQQpHVGHO¶LQGXVWULDOLVDWLRQ+\SRWKqVHVSURJUDPPH

&RQFHYRLUO
DUFKLWHFWXUHRXWLOODJH LQIUDVWUXFWXUHVGpFRXSDJHLQGXVWULHOH[LJHQFHVVXU 5pDOLVHUGHVVLPXODWLRQVSRXUYDOLGHUOHVSULQFLSHV

/HEXUHDXG¶pWXGH $LUEXV)UDQFH
PRGqOHVHWSODQVIURQWLqUHV«
RX

/DSUpSDUDWLRQ /HV%XLOWFRQFHSWV 'pPRQWUHUWHFKQLTXHPHQWTXHOHSURFHVVXVLQGXVWULHO

'pILQLUOHVSULQFLSHVFRQVWUXFWLIV RX%XLOWFRQFHSWHVWUpDOLVDEOH
/DORJLVWLTXH ©)HDVDELOLW\3KDVHª
RXWLOODJHV /D%''RXWLOODJH
/HVPR\HQVJpQpUDX[
,GHQWLILHUOHV]RQHVRXWLOODJHVFULWLTXHVQpFHVVLWDQWGHV
$YDQWSURMHW
5pDOLVHUOD0DTXHWWH$OORFDWLRQ /DSURGXFWLRQ pWXGHVGpWDLOOpHV
/HVSURGXLWV&$2*'7
(VSDFH2XWLOODJHDYDQWSURMHW /HV$JHQWVG¶(WXGHGX7UDYDLO
4XLIDLW $O
DLGHGH 3RXU
)LQDOLVHUOD0DTXHWWH$OORFDWLRQ )LFKLHUV&$2GHGpILQLWLRQ3ULQFLSHVFRQVWUXFWLIV7URQoRQV
(VSDFH2XWLOODJH &KDUJpG¶DIIDLUHRXWLOODJH$LUEXV 0DVWHU*HRPHWU\7URQoRQV0DTXHWWH$OORFDWLRQ(VSDFH 5pDOLVHUOH&'&)HWUpGLJHUOHVVSpFLILFDWLRQV
)UDQFH $LUEXV)UDQFH 7URQoRQV3ODQVRXPRGqOHVIURQWLqUHV WHFKQLTXHVRXWLOODJHV

/HVGRQQpHVGHO¶LQGXVWULDOLVDWLRQ,QIUDVWUXFWXUHV
5pDOLVHUOD0DTXHWWH9ROXPH &RQFHSWHXUVRXWLOODJHLQWHUQHRX 6SpFLILHUDX[VRXVWUDLWDQWVOHVYROXPHVHQYHORSSH
%kWLPHQWV:RUN6KDULQJ0DFURSURFHVVXV
(QYHORSSH2XWLOODJH VRXVWUDLWDQW DXWRULVpVSRXUODFRQFHSWLRQRXWLOODJH
G¶DVVHPEODJH«

3HQGDQWOD
6SpFLILHUOHVEHVRLQVIRQFWLRQQHOV $YHFTXL 2X /HVSULQFLSHVFRQVWUXFWLIVRXWLOODJHOD0DTXHWWH$OORFDWLRQ (WDEOLUOHVEDVHVGXORWLVVHPHQWGHVGpILQLWLRQV
©'HILQLWLRQ3KDVHª
RXWLOODJH (VSDFH2XWLOODJHDYDQWSURMHW
/HEXUHDXG¶pWXGH

*pQpUHUOHVVSpFLILFDWLRQVRXWLOODJH /DSUpSDUDWLRQ /¶pEDXFKHGX&'&)RXWLOODJH
&DOFXOGHGLPHQVLRQQHPHQW

3UppWXGH
/DORJLVWLTXH
6RXVWUDLWDQWVRXWLOODJH 5pVXOWDWVGHVLPXODWLRQV
9DOLGHUOHVSULQFLSHVFRQVWUXFWLIV /HVPR\HQVJpQpUDX[
RXWLOODJH
/HV$JHQWVG¶(WXGHGX7UDYDLO 3URGXLWV&$2*'7
4XLIDLW $O
DLGHGH 3RXU
5pDOLVHUOD0DTXHWWHGH5pIpUHQFH )LFKLHUV&$2GHGpILQLWLRQ3ULQFLSHVFRQVWUXFWLIV7URQoRQV

*pRPpWULTXH2XWLOODJH HW:RUN3DFNDJHVYDOLGpV0DVWHU*HRPHWU\75:3
$LUEXV)UDQFH 0DTXHWWH$OORFDWLRQ(VSDFH75:30DTXHWWH 5pDOLVHUODGpILQLWLRQGHFKDTXHSLqFHRXWLOODJH
5pIpUHQFH*pRPpWULTXH2XWLOODJH75:33ODQVHW

%XUHDXG
(WXGHV2XWLOODJHV$LUEXV PRGqOHVIURQWLqUHV
&RQFHYRLUOHVPR\HQV
)UDQFH
5pDOLVHUOHVVLPXODWLRQVG\QDPLTXHVHWOHVFDOFXOVGH
/HVGRQQpHVGHO¶LQGXVWULDOLVDWLRQ3ODQGHIDEULFDWLRQ

5'0
5pDOLVHUODPLVHHQOLDVVHGHO¶pWXGH 3HQGDQWOD
2X
G¶RXWLOODJH ©'HYHORSPHQW3KDVHª 0DTXHWWH$OORFDWLRQ(VSDFH2XWLOODJHHW0DTXHWWH9ROXPH
(QYHORSSH2XWLOODJH

5pDOLVHUO
RXWLOODJH
(WXGH
2X 3ULQFLSHVFRQVWUXFWLIVRXWLOODJHYDOLGpV
'pILQLUHWUpDOLVHUOHVPR\HQVHQ
FRKpUHQFHDYHFODGpILQLWLRQ
/H&'&)HWOHVVSpFLILFDWLRQVWHFKQLTXHVRXWLOODJHYDOLGpV
6RXVWUDLWDQWRXWLOODJHV
RIILFLHOOHDYLRQ
6RXVWUDLWDQWRXWLOODJHV 5pVXOWDWVGHVVLPXODWLRQVHWGHVFDOFXOV5'0 9pULILHUSRXUGpULYpVRXDXWUHVSURJUDPPHVOD
IOH[LELOLWpGHO
RXWLOODJH
3URGXLWV&$2*'7HWOD%''RXWLOODJH

$,5%86)5$1&(6$ 0DQXHO SDJH

/¶DYDQWSURMHW
&RQFHSWHXURXWLOODJH
HWFKDUJpG¶DIIDLUH
RXWLOODJH
5pDOLVHUOHV
3ULQFLSHVFRQVWUXFWLIV 3ULQFLSHVFRQVWUXFWLIVRXWLOODJH
'
2XWLOODJH
,QGXVWULDOLVDWLRQ ,QWpJUDWHXUPDTXHWWH
3UpSDUDWHXU

+\SRWKqVHVSURJUDPPH
3URGXFWLRQ&KDUJp
FDGHQFHV« G¶DIIDLUHRXWLOODJH
,QIUDVWUXFWXUHV /RJLVWLTXH$(7
0R\HQVGHWUDQVSRUW 0R\HQVJpQpUDX[
0DFURSURFHVVXVLQGXVWULHO 9DOLGDWLRQ (UJRQRPH
1RQ
*UDQGHVOLJQHVGXGpFRXSDJH GHV3&
LQGXVWULHO RXWLOODJH
0R\HQVLQGXVWULHOVSHUFHXVH«
([LJHQFHV,QGXVWULHOOHVVXUPRGqOHV
HWSODQVIURQWLqUHV &RQFHSWHXURXWLOODJH
2XL LQWHUQHRXVRXV
WUDLWDQW
5pDOLVHUOD 0DTXHWWH$OORFDWLRQ(VSDFH
0DTXHWWH$OORFDWLRQ 2XWLOODJHDYDQWSURMHW
(VSDFH2XWLOODJH (EDXFKHGX&'&)
%XUHDXG¶pWXGH
,QWpJUDWHXUPDTXHWWH
3UpSDUDWHXU
3ULQFLSHVFRQVWUXFWLIVDYLRQ
0DVWHU*HRPHWU\$YLRQ 3URGXFWLRQ&KDUJp
0DTXHWWH$OORFDWLRQ(VSDFH$YLRQ G¶DIIDLUHRXWLOODJH
'DWD%DVLVIRU'HVLJQ$LUEXV" ORJLVWLTXH$(7
0R\HQVJpQpUDX[
(UJRQRPH &RPSWHUHQGXGHUHYXHPDTXHWWH
QRXYHOOHVH[LJHQFHVVXU
5HYXHPDTXHWWH SULQFLSHVFRQVWUXFWLIVVLEHVRLQ
6LPXODWLRQGXSURFHVVXV
G
DVVHPEODJH
(QWUpHV 3URFHVVXV $FWHXUV 6RUWLHV
$,5%86)5$1&(6$ 0DQXHO SDJH

&RQFHSWHXURXWLOODJHHWFKDUJp
/DSUppWXGH G¶DIIDLUHRXWLOODJH
9DOLGHUOHVSULQFLSHV
FRQVWUXFWLIVRXWLOODJHV 3ULQFLSHVFRQVWUXFWLIVRXWLOODJHV
YDOLGpV

&RQFHSWHXUVRXWLOODJH6RXV
WUDLWDQWRX$,)
,QGXVWULDOLVDWLRQ )LQDOLVHUOD0DTXHWWH 0DTXHWWH$OORFDWLRQ(VSDFH

$OORFDWLRQ(VSDFH2XWLOODJH 2XWLOODJH
+\SRWKqVHVSURJUDPPH
FDGHQFHV«
,QIUDVWUXFWXUHV
0R\HQVGHWUDQVSRUW &RQFHSWHXUVRXWLOODJH6RXV
%DQTXHG
pOpPHQWVGHGRQQpHV WUDLWDQWRX$,)
VWDQGDUGVRXWLOODJHV
([LJHQFHV,QGXVWULHOOHVVXU 'pILQLUOD0DTXHWWH9ROXPH
PRGqOHVHWSODQVIURQWLqUHV 0DTXHWWH9ROXPH(QYHORSSH
0DFURSURFHVVXV
0DTXHWWHVLQWpJUDQW (QYHORSSH2XWLOODJH 2XWLOODJH
G
DVVHPEODJH ODYXHLQGXVWULHOOH
:RUN6KDULQJ
,QWpJUDWHXUPDTXHWWHHWOD
0DTXHWWH$OORFDWLRQ(VSDFH 3URGXFWLRQ
2XWLOODJHDYDQWSURMHW
3ULQFLSHV&RQVWUXFWLIV
2XWLOODJH 'pWHFWHUOHVLQWHUIpUHQFHV 0DTXHWWH9ROXPH(QYHORSSH
0DTXHWWH$OORFDWLRQ(VSDFH HQWUHOD09(2HWOD 2XWLOODJH9DOLGpH
LQGXVWULHOOH7URQoRQV GpILQLWLRQDYLRQ
3ODQVRXPRGqOHVIURQWLqUHV
,QWpJUDWHXUPDTXHWWH
3UpSDUDWHXU&KDUJpG¶DIIDLUH
%XUHDXG¶pWXGH RXWLOODJH3URGXFWLRQ
/RJLVWLTXH$(70R\HQV
3ULQFLSHVFRQVWUXFWLIVDYLRQ JpQpUDX[(UJRQRPHV
YDOLGpV &RPSWHUHQGXGH5HYXH
0DVWHU*HRPHWU\7URQoRQV 5HYXHGH 0DTXHWWHDYHFQRXYHOOHV
0DTXHWWH$OORFDWLRQ(VSDFH H[LJHQFHVVLEHVRLQ
FRQFHSWLRQRXWLOODJH 6LPXODWLRQGXSURFHVVXV
7URQoRQV
G
DVVHPEODJH
&KDUJpG
DIIDLUHRXWLOODJH
&DKLHU'HV&KDUJHV)RQFWLRQQHO
HW6SpFLILFDWLRQVWHFKQLTXHV
5pDOLVHU&DKLHUGHV RXWLOODJH
&KDUJHV)RQFWLRQQHOHW ([LJHQFHVVXU0DTXHWWH
VSpFLILFDWLRQVWHFKQLTXHV 5pIpUHQFH*pRPpWULTXH
2XWLOODJH
$,5%86)5$1&(6$ 0DQXHO SDJH

/¶pWXGH
&RQFHSWHXURXWLOODJH
&RPSOpWHUOD0DTXHWWH
$OORFDWLRQ(VSDFH2XWLOODJH 0DTXHWWH$OORFDWLRQ(VSDFH
,QGXVWULDOLVDWLRQ 2XWLOODJH
HWRXOD0DTXHWWH9ROXPH
+\SRWKqVHVSURJUDPPH (QYHORSSH2XWLOODJH
FDGHQFHV«
,QIUDVWUXFWXUHV
0R\HQVGHWUDQVSRUW
%DQTXHG
pOpPHQWVGHGRQQpHV
VWDQGDUGVRXWLOODJHV 6RXVWUDLWDQW FRQFHSWHXU
([LJHQFHV,QGXVWULHOOHVVXU RXWLOODJH
PRGqOHVHWSODQVIURQWLqUHV 0DTXHWWHVLQWpJUDQWODYXH
0DFURSURFHVVXVG
DVVHPEODJH LQGXVWULHOOH 5pDOLVHU0DTXHWWH5pIpUHQFH 0DTXHWWHGH5pIpUHQFH
:RUN6KDULQJ *pRPpWULTXH2XWLOODJH
3ODQGHIDEULFDWLRQ 0DTXHWWH$OORFDWLRQ(VSDFH
*pRPpWULTXH2XWLOODJH
2XWLOODJH
0DTXHWWH9ROXPH(QYHORSSH 3UpSDUDWHXU&KDUJpG¶DIIDLUH
RXWLOODJH3URGXFWLRQ
2XWLOODJH /RJLVWLTXH$(70R\HQV
0DTXHWWH$OORFDWLRQ(VSDFH JpQpUDX[(UJRQRPHV6RXV
%XUHDXG¶pWXGH 75HW:3LQGXVWULHOOH WUDLWDQW &RPSWHUHQGXGH5HYXH0DTXHWWH
0DTXHWWH5pIpUHQFH YDOLGDWLRQGHODVROXWLRQ
3ULQFLSHVFRQVWUXFWLIVDYLRQ *pRPpWULTXH75HW:3 5HYXHGHGpILQLWLRQRXWLOODJH 6LPXODWLRQGXSURFHVVXV
YDOLGpV LQGXVWULHOOH G
DVVHPEODJH
3ODQVIURQWLqUHV PRGqOHV
IURQWLqUHV 6RXVWUDLWDQWRXFRQFHSWHXU
0DVWHU*HRPHWU\7URQoRQVHW RXWLOODJH
:RUN3DFNDJHV
0DTXHWWH$OORFDWLRQ(VSDFH75 5pDOLVHUODPLVHHQOLDVVHGH /LDVVHRXWLOODJH
HW:3 O¶pWXGHG¶RXWLOODJH
0DTXHWWH5pIpUHQFH
*pRPpWULTXH75HW:3
&KDUJpG¶DIIDLUH,03RXWLOODJH
5pFHSWLRQHWPLVHHQ%''GHV 2XWLOODJHVWRFNpGDQV%''
ILFKLHUV&$2
,QWHUQHRXVRXVWUDLWDQW
5pDOLVHUO¶RXWLOODJH )DEULFDWLRQGHO¶RXWLOODJH
$,5%86)5$1&(6$ 0DQXHO SDJH

/DUpDOLVDWLRQGHO¶pWXGHG¶RXWLOODJH
5qJOHGHJHVWLRQ
/H FRQFHSWHXU RXWLOODJH GRLW YpULILHU OD FRKpUHQFH HQWUH OH UpIpUHQWLHO DYLRQ WULqGUH LQGLUHFW HW OH
UpIpUHQWLHOGXORJLFLHOGH&$2XWLOLVpSDU$LUEXV)UDQFHWULqGUHGLUHFWO¶D[H<pWDQWLQYHUVp
&HVFKpPDDYHFOH
UpIpUHQWLHODYLRQWULqGUHLQGLUHFW
SRXUUDILJXUHUjODJDXFKHGX
FDUWRXFKHVXUOHSODQHWrWUH
LQVpUpDX[FDKLHUVGHVFKDUJHV
RXWLOODJHV

5qJOHPpWLHU
/HV RXWLOODJHV VHURQW UpDOLVpV DYHF OH PRGXOH JpUDQW OHV DVVHPEODJHV GH O¶RXWLO &$2 XWLOLVp SDU
$,5%86)UDQFH
/HVpWDSHVGXSURFHVVXV$YDQWSURMHW3UppWXGH(WXGHQHVRQWSDVREOLJDWRLUHV/HFKRL[GHFHV
pWDSHVHVWGHODUHVSRQVDELOLWpGHVUHVSRQVDEOHVXQLWpVRXWLOODJH(OOHVVRQWGpWHUPLQpHVVXLYDQWVOH
QLYHDXGHULVTXH&'%DVVRFLpjO¶RXWLOODJH
/HVRXWLOODJHVVHURQWpWXGLpVjO¶DLGHGXGRVVLHUWHFKQLTXHHWGHVILFKLHUV&$2VXLYDQWV
♦ /HVSULQFLSHVFRQVWUXFWLIV$YLRQ7URQoRQV:RUN3DFNDJH3&YRLU3
♦ 0DVWHU*HRPHWU\$YLRQ7URQoRQV:RUN3DFNDJH0*YRLU3
♦ 0DTXHWWHG¶$OORFDWLRQG¶(VSDFHSRXUODSUppWXGHpYHQWXHOOHPHQW0$(YRLU3
♦ /HVSODQVIURQWLqUHVHWPRGqOHVIURQWLqUHVYRLU3
♦ 0DTXHWWHGH5pIpUHQFH*pRPpWULTXHSRXUO¶pWXGH05*YRLU3
♦ /¶DUEUH SURGXFWLRQ DYHF OHXU HQYLURQQHPHQW 0DTXHWWH G¶$OORFDWLRQ G¶(VSDFH RX 0DTXHWWH GH
5pIpUHQFH*pRPpWULTXH
♦ /HVPDTXHWWHVLQIUDVWUXFWXUHVEkWLPHQWVHWWUDQVSRUWYRLU3

♦ /DJHVWLRQGHFRQILJXUDWLRQDYLRQ
$,5%86)5$1&(6$ 0DQXHO SDJH

/HVSURGXLWVGHGpYHORSSHPHQWHQFRQFHSWLRQRXWLOODJH
/HVPDTXHWWHV&$2

/HVPDTXHWWHV &$2 0* 0$( 09( 05* VRQW FRQVWLWXpHV GH PRGqOHV QXPpULTXHV SRVLWLRQQpV
GDQVO¶HVSDFH(OOHVSHXYHQWFRQWHQLU
♦ GHVpOpPHQWVFRQVWLWXDQWO¶DYLRQWKpRULTXHSLqFHVDYLRQV
♦ GHVpOpPHQWVGHUpIpUHQFHSDUUDSSRUWjODGpILQLWLRQ%(GHO¶DYLRQUHSqUHVODEHOV
♦ GHVRXWLOODJHVHWGHVpOpPHQWVVHUYDQWjVRQVXSSRUW

/HV PDTXHWWHV &$2 DYLRQ VRQW XWLOLVpHV DX FRXUV GHV SKDVHV GH GpYHORSSHPHQW SRXU UpDOLVHU OHV
pWXGHV G¶RXWLOODJHV (OOHV FRQWLHQQHQW OD GpILQLWLRQ QXPpULTXH GH O
HQVHPEOH GHV FRQILJXUDWLRQV DYLRQV
GLVSRQLEOHV

'HVRXWLOVGHJHVWLRQSHUPHWWHQWGHUpDOLVHUGHVPDTXHWWHVTXLUHVSHFWHQWFHUWDLQVFULWqUHVGHYDOLGLWp
DILQGHYLVXDOLVHUHWG
H[SORLWHUXQLTXHPHQWOHVpOpPHQWVXWLOHVjO
pWXGHHQFRXUV

/DVWUXFWXUHGHODPDTXHWWHHVWXQHDUERUHVFHQFHORJLTXH9RLUFKDSLWUHODVWUXFWXUHSURGXLW

$,5%86)5$1&(6$ 0DQXHO SDJH

3RVLWLRQGHV0DTXHWWHVGDQVOHSURFHVVXVGHGpYHORSSHPHQWG¶XQSURJUDPPHDYLRQ
0 0 0 0
)($6$%,/,7< &21&(37 '(),1,7,21 '(9(/230(17 6(5,(6

3ULQFLSHV&RQVWUXFWLIV
0DVWHU*HRPHWU\DYLRQWURQoRQZS

0DTXHWWHG¶$OORFDWLRQ(VSDFH
0RGqOHV)URQWLqUHV
0DTXHWWHGH5pIpUHQFH
*pRPpWULTXH
0DTXHWWH$OORFDWLRQ(VSDFH2XWLOODJH0$(2
0DTXHWWH9ROXPH(QYHORSSH2XWLOODJH
09(2
0DTXHWWH5pIpUHQFH*pRPpWULTXH2XWLOODJH
05*2
$,5%86)5$1&(6$ 0DQXHO SDJH

/HVHQWUpHV/HVSURGXLWVGHGpILQLWLRQDYLRQ

3ULQFLSHV&RQVWUXFWLIVDYLRQ3&

2EMHFWLIV
/HV SODQV GH SULQFLSHV FRQVWUXFWLIV VHUYHQW j SURSRVHU XQH RX SOXVLHXUV VROXWLRQV j XQ SUREOqPH
GRQQpDILQGHUHWHQLUODVROXWLRQRSWLPDOHGXSRLQWGHYXHWHFKQLTXHHWpFRQRPLTXH
/HV 3ULQFLSHV &RQVWUXFWLIV RQW SRXU REMHW GH IDFLOLWHU OD IRUPDOLVDWLRQ GHV VROXWLRQV PDLV DXVVL OHXU
H[SORLWDWLRQ (Q SDUWLFXOLHU XQHIRLV OH SULQFLSH FRQVWUXFWLI UHWHQX HW YDOLGp LO SHUPHWWUD O¶LQWpJUDWLRQ GH OD
VROXWLRQUHWHQXHGDQVOHVPDTXHWWHV&$2
&HWWH IRUPH G¶pWXGH SHUPHWWUD GH UpFXSpUHU GHV LQIRUPDWLRQV HQ pYLWDQW GH OHV UHFUpHU HW GH
FRQVWLWXHUDLQVLXQUHFXHLOGHVROXWLRQV/HSDUWDJHGHSULQFLSHVFRQVWUXFWLIVHQWUHSDUWHQDLUHVSHUPHWWUDGH
IDFLOLWHUOHVXSSRUW
'pILQLWLRQ
/HVSULQFLSHVFRQVWUXFWLIVVRQWHVVHQWLHOOHPHQWGHVSODQVG¶pWXGHVG¶XQH]RQHUpDOLVpVHQ&$2
,OV GRLYHQW rWUH FRPSUpKHQVLEOHV SDU WRXV OHV XWLOLVDWHXUV HW FRQWHQLU WRXWHV OHV LQIRUPDWLRQV
QpFHVVDLUHV j OHXU MXVWLILFDWLRQ /H SODQ GX SULQFLSH FRQVWUXFWLI Q¶D SDV GH YDOHXU GH GpILQLWLRQ SRXU OD
IDEULFDWLRQGHVSLqFHVRXGHVVRXVHQVHPEOHV
/HVSULQFLSHVFRQVWUXFWLIVVRQWXWLOLVpVSDU
♦ 0pWLHU©&RQFHSWLRQ(WXGHVªSRXUOD
PRGpOLVDWLRQGHVpOpPHQWVRXGHV
PRGHVG¶DVVHPEODJH
♦ 0pWLHU©,QGXVWULDOLVDWLRQªSRXU
DQDO\VHUOHVVROXWLRQVLGHQWLILHUHWILJHU
OHVSLqFHVjORQJF\FOHHWGpWHUPLQHUOHV
SUpDSSURYLVLRQQHPHQWV
♦ 0pWLHU©,QJpQLHULHGH6RXWLHQªSRXU
DQDO\VHUOHVVROXWLRQV
$,5%86)5$1&(6$ 0DQXHO SDJH


0DVWHU*HRPHWU\$YLRQ0*

/D0DVWHU*HRPHWU\HVWO
LQWHUIDFHHQWUHODFRQFHSWLRQGHVXUIDFHVWKpRULTXHVOHSRVLWLRQQHPHQWGH
VWUXFWXUHG
XQHSDUWHWODWRWDOLWpGXSURFHVVXVGHFRQFHSWLRQGpWDLOOpHG
DXWUHSDUW
/D 0DVWHU *HRPHWU\ FRPSUHQG GHV VXUIDFHV WKpRULTXHV GHV D[HV GHV FRXUEHV GHV SODQV GH
UpIpUHQFHGHVHQYHORSSHVLQWHUQHV
&KDTXH SDUWHQDLUH UHVSRQVDEOH GH VRQ SURSUH WURQoRQ FRQVWUXLUD OD 0DVWHU *HRPHWU\
FRUUHVSRQGDQWH

/D 0DVWHU *HRPHWU\ GRLW rWUH FRPPHQFpH HQWUH 0 HW 0 GDQV OD ©)HDVDELOLW\ SKDVHª SRXU rWUH
HQVXLWHTXDVLPHQWJHOpHMXVWHDSUqV0GDQVOD©'HILQLWLRQSKDVHª
/D0DVWHU*HRPHWU\HVWJpUpHWRXWDXORQJGHODYLHGHO
DYLRQ
(OOH FRQVWLWXH XQH EDVH GH GRQQpHV GH UpIpUHQFH XQLTXH SRXU OHV GRQQpHV SULQFLSDOHV OLpHV j OD
JpRPpWULHGHO
DYLRQGHYDQWrWUHXWLOLVpHSDUWRXVOHVVHFWHXUVLQWpUHVVpV
&¶HVW GRQF OH UpIpUHQWLHO GH OD JpRPpWULH DYLRQ (OOH SHUPHW GH UpDOLVHU OH GRVVLHU GpILQLWLRQ GH
JpRPpWULH

(OOHFRQWLHQW
♦ 6XUIDFHVDYLRQ
♦ 5HSqUHVDYLRQ
♦ 5pIpUHQFHVFDGUHVHWOLVVHV
♦ 3ODQWURLVYXHVDYLRQ

$,5%86)5$1&(6$ 0DQXHO SDJH

6XUIDFHV
5pIpUHQFHVFDGUHVHWOLVVHV
([HPSOH0DVWHU*HRPHWU\$
5HSqUHV 3ODQYXHVDYLRQ
$,5%86)5$1&(6$ 0DQXHO SDJH


0DTXHWWH$OORFDWLRQ(VSDFH75:30$(

2EMHFWLI
2Q FUpH XQH 0DTXHWWH $OORFDWLRQ G¶(VSDFH GDQV OH EXW G¶DYRLU XQH YLVLRQ JOREDOH GH O¶DYLRQ UHSUpVHQWp
SDUGHVYROXPHVVLPSOLILpV
'pILQLWLRQ
/D0DTXHWWHG¶$OORFDWLRQ(VSDFH$YLRQHVWXQHPDTXHWWHG¶DYLRQFRPSOqWHTXLUHSUpVHQWHODVWUXFWXUHHW
OHVV\VWqPHVGDQVXQDYLRQWKpRULTXH
,O\DXQH0DTXHWWH$OORFDWLRQG¶(VSDFH7URQoRQSRXUFKDTXHWURQoRQ
&HWWH PDTXHWWH HVW UpDOLVpH HQ VROLGHV VLPSOLILpV HOOH HVW EDVpH VXU XQH RX SOXVLHXUV SURSRVLWLRQV
SRWHQWLHOOHV(OOHUHSUHQGOHVSULQFLSHVFRQVWUXFWLIVFKRLVLVGDQVXQHPRGpOLVDWLRQKRPRJqQH
(OOHUHSUpVHQWH O
DYLRQOHSOXV DERXWLGDQVXQHSKDVH GHFRQFHSWLRQ SUpOLPLQDLUHHWSHUPHWG
DERUGHUOD
SKDVHGHFRQFHSWLRQGpWDLOOpHHQIDLVDQWXQGpSDUWODQFp

([HPSOH0DTXHWWH$OORFDWLRQ(VSDFHWURQoRQFHQWUDO$
$,5%86)5$1&(6$ 0DQXHO SDJH

/D0DTXHWWHG¶$OORFDWLRQ(VSDFHHVWXWLOLVpHSDU
♦ 0pWLHU©&RQFHSWLRQ6WUXFWXUHªSRXUUHSUpVHQWHUHQYROXPLTXH
VLPSOLILpOHVSLqFHVHVVHQWLHOOHVGHODVWUXFWXUHHQYHORSSH
SULQFLSDOHHWGpILQLUOHVEDVHVGHVLQWHUIDFHV
♦ 0pWLHU©&RQFHSWLRQHW,QVWDOODWLRQ6\VWqPHVªSRXUSUppWXGLHU
O¶HUJRQRPLHSUpLPSODQWHUOHVJURVYROXPHVV\VWqPHVYpULILHUOHV
LQWHUIpUHQFHVpYHQWXHOOHVHQWUHOHVGLIIpUHQWVV\VWqPHVSUp
LPSODQWHUOHVSULQFLSDX[FKHPLQHPHQWVpOHFWULTXHV
K\GUDXOLTXHV«
♦ 0pWLHU©,QJpQLHULHGH6RXWLHQªSRXUYDOLGHUOHVREMHFWLIVGH
VRXWLHQORJLVWLTXHVLPXOHUOHVWkFKHVGHPDLQWHQDQFH
♦ 0pWLHU©,QGXVWULDOLVDWLRQªSRXUVLPXOHUOHVGpFRXSDJHVHQ
WURQoRQVSRVVLEOHVHQYXHGHSUppWXGLHUOHVRXWLOODJHV
G¶DVVHPEODJHVHWG¶DFFqVGHODFKDvQHILQDOH
([HPSOH0DTXHWWH$OORFDWLRQ(VSDFHWURQoRQ$ (WXGHVGHPRQWDJH
$,5%86)5$1&(6$ 0DQXHO SDJH


/HVPRGqOHVHWSODQVIURQWLqUH

2EMHFWLI
2QFUpHGHV0RGqOHV)URQWLqUHVSRXUGpILQLUOHVUHVSRQVDELOLWpVDX[IURQWLqUHVHQWUHGHVVHFWLRQVTXL
VRQWIDEULTXpHVSDUGHVSDUWHQDLUHVGLIIpUHQWVPRQWDJHVIRXUQLWXUHDWWDFKHV
,OIDXWDXVVLSDUWDJHUOHVWROpUDQFHVUpVXOWDQWGHVFDOFXOVGHFKDvQHVGHFRWHVHQWUHOHVGLIIpUHQWVORWV
LQWHUYHQDQWGDQVXQHIURQWLqUH
,O IDXW pJDOHPHQW SRXYRLU JHOHU HW RIILFLDOLVHU WRXWHV OHV GpFLVLRQV FRQFHUQDQW OHV IURQWLqUHV HW JpUHU
OHXUVPRGLILFDWLRQV
2QXWLOLVHOHV0RGqOHV)URQWLqUHV
♦ FRPPHFRQWUDWHQWUHSDUWHQDLUHV
♦ FRPPHUpIpUHQFHSRXUODYDOLGDWLRQGHVGpILQLWLRQV
♦ FRPPHVXSSRUWSRXUODGpILQLWLRQGHO¶LQGXVWULDOLVDWLRQ
♦ FRPPHUpIpUHQFHSRXUO¶DQDO\VHGHVSUREOqPHVG¶DVVHPEODJHTXLSHXYHQWrWUHUHQFRQWUpV
GDQVOHVSKDVHVGHGpYHORSSHPHQWHWGHSURGXFWLRQ

'pILQLWLRQ

,OIDXWGLVWLQJXHUGHX[W\SHVGH0RGqOHV)URQWLqUHV
♦ 0RGqOH)URQWLqUHGH%DVH
♦ 0RGqOH)URQWLqUHGH/RW

/H0RGqOH)URQWLqUHGH%DVHHVWODEDVHFRQWUDFWXHOOHG¶XQHIURQWLqUHHQWUHSDUWHQDLUHV

/H 0RGqOH )URQWLqUH GH /RW VHUW j UpFDSLWXOHU WRXWHV OHV IURQWLqUHV G¶XQ ORW ,O UHSUHQG GRQF OHV
LQIRUPDWLRQVTXLILJXUHQWGDQVOHV0RGqOHV)URQWLqUHVGH%DVHGHFKDTXHIURQWLqUH

$,5%86)5$1&(6$ 0DQXHO SDJH

/HV0RGqOHV)URQWLqUHVVRQWFUppVSDUOHVFRQFHSWHXUV%XUHDXG¶(WXGHHW,QGXVWULDOLVDWLRQDYHFXQH
FRQWULEXWLRQGHOD4XDOLWpTXLVSpFLILHOHXUVEHVRLQVGHPHVXUHHWGHOD/RJLVWLTXH
/HV0RGqOHV)URQWLqUHVVRQWXQFRQWUDWHQWUHOHVSDUWHQDLUHV$LUEXVRXHQWUHGHX[SDUWLHVG¶XQVHXO
SDUWHQDLUHTXLIDEULTXHQWGHVORWVGLIIpUHQWV
/HV0RGqOHV)URQWLqUHVVRQWXWLOLVpVSDUWRXVOHVDFWHXUVTXLSDUWLFLSHQWjOHXUFUpDWLRQHWSDU
♦ OHVUHVSRQVDEOHVSURJUDPPHDYLRQ
♦ OHVXSSRUW
♦ OHVIRXUQLVVHXUV
/HV0RGqOHV)URQWLqUHVGH%DVHGHVWURQoRQVVRQWILQDOLVpVDYDQWODILQGHOD'HILQLWLRQSKDVH
$,5%86)5$1&(6$ 0DQXHO SDJH


0DTXHWWHGH5pIpUHQFH*pRPpWULTXH$YLRQ05*

2EMHFWLI
3RXUTXRLFUpHW¶RQXQH0DTXHWWHGH5pIpUHQFH*pRPpWULTXHHWQRQSDVXQH0DTXHWWHGH'pILQLWLRQ
"
3DUFHTXHOHUpIpUHQWLHOGHGpILQLWLRQG¶XQDYLRQHVWOH'RVVLHUGH'pILQLWLRQFRPSRVpGHGRFXPHQWV
OLDVVHSODQFKHVGHGHVVLQQRPHQFODWXUHV(&1«HWGHGRFXPHQWVKRUVOLDVVH
,OIDXWGRQFXQSURGXLW&$2SRXUVHUYLUGHEDVHjO¶REWHQWLRQGHVSODQFKHVGHGHVVLQHWpJDOHPHQW
VHUYLU GH UpIpUHQFH JpRPpWULTXH SRXU SRXYRLU UHFRQVWUXLUH j O¶pFUDQ OHV DVVHPEODJHV GHV SLqFHV GH
VWUXFWXUHHWGHV\VWqPHV
&¶HVWO¶REMHWGHOD0DTXHWWHGH5pIpUHQFH*pRPpWULTXH

'pILQLWLRQ
&¶HVWXQDVVHPEODJHVROXWLRQWHFKQLTXHGHPRGqOHV&$2HQVROLGHH[DFWWKpRULTXHSRXUXQH
YDOLGLWpGRQQpHH[061«&¶HVWXQFRPSRVDQWGXGRVVLHUGHGpILQLWLRQTXLHVWJpUpHQFRQILJXUDWLRQ
&µHVWOHSURGXLW&$2VHUYDQWGHEDVHjO¶REWHQWLRQGHVSODQFKHVGHGHVVLQHWpJDOHPHQWSHUPHWWDQW
GHUHFRQVWUXLUHjO¶pFUDQOHVDVVHPEODJHVGHSLqFHVGHVWUXFWXUHVHWGHV\VWqPHV

/D05*FRQVWLWXHOHUpIpUHQWLHOSDUWDJpSDUWRXVOHVPpWLHUV(OOHUpSRQGDX[REMHFWLIV
VXLYDQWV
♦ ILQDOLVHUODPRGpOLVDWLRQGHVSLqFHVpOpPHQWDLUHV
0pWLHU&RQFHSWLRQ
♦ JpQpUHUOHVSODQFKHVGHGHVVLQGXGRVVLHUGHGpILQLWLRQ 6WUXFWXUHHW,QVWDOODWLRQ
♦ YDOLGHUOHPRQWDJHGHVSLqFHVHWGHVVRXVHQVHPEOHV 6\VWqPHV
♦ pWXGLHUOHVGpULYpVHWOHVPRGLILFDWLRQV
♦ 0pWLHU&DOFXOH[WUDLUHOHVGRQQpHVJpRPpWULTXHVQpFHVVDLUHVDXFDOFXOGHFHUWLILFDWLRQ
♦ 0pWLHU ,QGXVWULDOLVDWLRQ UpDOLVHU OHV pWXGHV GHV RXWLOODJHV FKDvQHV G¶DVVHPEODJH YDOLGHU OHXU
HUJRQRPLHHWSURJUDPPHUOHVURERWVG¶DVVHPEODJH
$,5%86)5$1&(6$ 0DQXHO SDJH

♦ 0pWLHU 0DLQWHQDQFH VLPXOHU OHV WkFKHV GH VRXWLHQ UpDOLVHU OHV pWXGHV GHV RXWLOODJHV GH
PDLQWHQDQFHHWODFRPSDWLELOLWpDYHFOHVPR\HQVDpURSRUWXDLUHV
&HWWH05*VHUDHQULFKLHSDUOHVLQWpJUDWHXUVPDTXHWWHVSURGXFWLRQDILQG¶LQWpJUHUODYXHGHFHOOHFL
HQSRVWHG¶DVVHPEODJH
&HWWHPDTXHWWHVHOLPLWHUDDXVWULFWQpFHVVDLUHSRXUO¶pWXGHG¶RXWLOODJHjUpDOLVHU
([HPSOH0DTXHWWH5pIpUHQFHJpRPpWULTXH7URQoRQ$
$,5%86)5$1&(6$ 0DQXHO SDJH


/HVPRGqOHVYROXPLTXHVGHVSLqFHVDYHFOHXUSODQGHGpILQLWLRQ

$,5%86)5$1&(6$ 0DQXHO SDJH


/HVPDTXHWWHVLQIUDVWUXFWXUHVEkWLPHQWVWUDQVSRUW«
([HPSOH0DTXHWWHGHEkWLPHQWSRXU
OHVpWXGHVG¶LPSODQWDWLRQ
([HPSOH0DTXHWWHGHO¶$VW
%pOXJDSRXUOHVpWXGHVGH
WUDQVSRUW
$,5%86)5$1&(6$ 0DQXHO SDJH

/HVVRUWLHVOHVOLYUDEOHVRXWLOODJHV

,QWURGXFWLRQ

'qVODSKDVHDYDQWSURMHWXQHSUHPLqUHPRGpOLVDWLRQSRXUUDVHUYLU
♦ jVLPXOHUOHVGpSODFHPHQWV
♦ jYDOLGHUOHVHQFRPEUHPHQWV
♦ jUpDOLVHUOHVFDOFXOV5'0
♦ jYpULILHUOHVpYHQWXHOOHVLQWHUIpUHQFHVGHVRXWLOODJHVDYHF
OHVSLqFHVDYLRQ
OHVDXWUHVRXWLOODJHVEkWLG¶DVVHPEODJHSUDWLFDEOHV«
O¶HQYLURQQHPHQWHQJpQpUDOPDFKLQHVSDVVDJHGHV
RSpUDWHXUV«

/RUV GH O¶pWXGH j SDUWLU GH OD 0$(2 GpILQLH SUpFpGHPPHQW VHURQW GpILQLV OHV PRGqOHV &$2 TXL
VHURQWOHUHIOHWH[DFWjO¶pFKHOOHGHO¶RXWLOODJH
&HVHUDOD0DTXHWWHGH5pIpUHQFH*pRPpWULTXH2XWLOODJH05*2
/DUHYXHGHGpILQLWLRQYDOLGHUDFHWWHPDTXHWWHDYDQWODPLVHHQSODQ
(OOHVHUDODUpIpUHQFHSRXUOHFRQWU{OHGHODUpDOLVDWLRQSUDWLTXH
(OOHVHUDLQWpJUpHDYHFVHVSODQVGHGpILQLWLRQGDQVOD%''$LUEXV)UDQFH
(OOHGHYUDpYROXHUGHODPrPHIDoRQTXHO¶RXWLOODJHVLFHOXLFLHVWPRGLILp
5qJOHPpWLHU
/D0DTXHWWHGH5pIpUHQFH*pRPpWULTXHRXWLOODJHVHUDODUpIpUHQFHDEVROXHGHODGpILQWLRQ
5qJOHGHJHVWLRQ
/D0DTXHWWHGH5pIpUHQFH*pRPpWULTXHRXWLOODJHGHYUDpYROXHUGHODPrPHTXHO¶RXWLOODJHVLFHOXLFL
HVWPRGLILp
$,5%86)5$1&(6$ 0DQXHO SDJH


0DTXHWWH$OORFDWLRQ(VSDFH2XWLOODJH0$(2

/HSULQFLSHHWOHVREMHFWLIVGHFHWWHPDTXHWWHVRQWVLPLODLUHVjFHX[GHOD0$(EXUHDX
G¶pWXGH

&¶HVWXQHPDTXHWWHVLPSOH'
YROXPLTXHSHUPHWWDQWHQLQWHUQH
♦ GHFRQFHYRLUO¶DUFKLWHFWXUHGX
SRVWHG¶DVVHPEODJH
♦ G¶LGHQWLILHUOHV]RQHVVHQVLEOHV
SUppWXGHVGpWDLOOpHV
♦ GHUpDOLVHUGHVVLPXODWLRQV
G\QDPLTXHV,QWHUIpUHQFHVIOX[
F\FOHXVLQDJHV«
♦ G¶pWDEOLUOHVEDVHVGX
ORWLVVHPHQWGHODGpILQLWLRQ
♦ GHUpDOLVHUOH&'&)HWOD
VSpFLILFDWLRQWHFKQLTXH
♦ GHVSpFLILHUOHVH[LJHQFHV
LQGXVWULHOOHVYHUVOHV(WXGHV

$SDUWLUGHFHWWHPDTXHWWHRQ
HIIHFWXHpJDOHPHQWGHVFDOFXOVHW
VLPXODWLRQV5'0
(QHIIHWVXLYDQWO¶RXWLOXWLOLVpRQ
SHXWWUDQVIRUPHUODPDTXHWWHYROXPLTXH
'HQPDTXHWWHILODLUH'YRLUFL
FRQWUHHWUpDOLVHUDLQVLGHVFDOFXOVGH
5'0
$,5%86)5$1&(6$ 0DQXHO SDJH


0DTXHWWH9ROXPH(QYHORSSH2XWLOODJH09(2
/D0DTXHWWH9ROXPH(QYHORSSH2XWLOODJHHVWXQHPDTXHWWHFRQVWLWXpHGHYROXPHVVLPSOHV&¶HVWGRQF
XQH0DTXHWWH$OORFDWLRQ(VSDFH2XWLOODJHVLPSOLILpHjODTXHOOHRQSHXWDVVRFLHUXQGpSODFHPHQW
&HWWHPDTXHWWHSHUPHW
♦ G¶LQIRUPHUOHVFRQFHSWHXUVRXWLOODJHVGHOD]RQHjODLVVHUREOLJDWRLUHPHQWOLEUHSRXUSUHQGUHHQ
FRPSWHOHVGpSODFHPHQWVGHO¶RXWLOODJH
♦ GHVSpFLILHUDX[FRQFHSWHXUVOHVYROXPHVDXWRULVpVSRXUODFRQFHSWLRQGHO¶RXWLOODJHHQYHORSSHGH
O¶RXWLOODJH
♦ GHV¶DVVXUHUGHODQRQLQWHUIpUHQFHGHO¶RXWLOODJHDYHFVRQHQYLURQQHPHQWORUVGHVUHYXHV
PDTXHWWHVSURGXFWLRQ

$,5%86)5$1&(6$ 0DQXHO SDJH


0DTXHWWH5pIpUHQFH*pRPpWULTXH2XWLOODJH05*2
/HSULQFLSHHWOHVREMHFWLIVGHFHWWHPDTXHWWHVRQWVLPLODLUHVjFHX[GHOD05*EXUHDXG¶pWXGH
&¶HVWXQHPDTXHWWH'GpILQLVVDQWO¶HQVHPEOHGHVFRPSRVDQWVGHO¶RXWLOODJH/DGpILQLWLRQYROXPLTXH
VHUDSOXVSDUWLFXOLqUHPHQWGpWDLOOpHGDQVOHV]RQHVG¶LQWHUIDFHDYLRQRXOHV]RQHVVHQVLEOHVG¶XQSRLQWGH
YXHG\QDPLTXHRXFLQpPDWLTXH&HWWHPDTXHWWHSHUPHWGH
♦ UpDOLVHUOHVFRPSRVDQWVRXWLOODJH)$2
♦ UpDOLVHUODPLVHHQSODQ
♦ UpDOLVHUOHVFDOFXOVGH5'0
♦ FRQWU{OHUOHSUDWLTXHSDUUDSSRUWDXWKpRULTXH
♦ UpDOLVHUO¶DVVHPEODJHSDUODPHVXUH
♦ UpDOLVHUGHVVLPXODWLRQVG\QDPLTXHVLQWHUIpUHQFHVIOX[F\FOHXVLQDJH«
♦ YpULILHUSRXUOHVGpULYpVRXDXWUHVSURJUDPPHVODIOH[LELOLWpGHO¶RXWLOODJHG¶DVVHPEODJH

5qJOHPpWLHU
/H FKDUJp G¶DIIDLUH RXWLOODJH GRLW VSpFLILHU GDQV OH FDKLHU GHV FKDUJHV WUDQVPLV DX VRXVWUDLWDQW OH
QLYHDXGHGpWDLOVRXKDLWpSRXUOD0DTXHWWH5pIpUHQFH*pRPpWULTXH2XWLOODJHSDUUDSSRUW
♦ DXEHVRLQHQLQWHUQH
♦ DODIRQFWLRQGHO¶pOpPHQW

$,5%86)5$1&(6$ 0DQXHO SDJH

/D*HVWLRQGHV'RQQpHV7HFKQLTXHVHQ&RQFHSWLRQ
,QWURGXFWLRQ
2EMHFWLIVWUXFWXUHUHWJpUHUOHVGRQQpHVGHGpILQLWLRQG
XQRXWLOODJH
%''
$,5%86
&KDSDUERUHVFHQFHRXWLOODJH

HWPDWULFHGHSRVLWLRQQHPHQW
'RQQpHVGHGpILQLWLRQDYLRQ
FRQWHQDQWODYXHLQGXVWULHOOH )RUPDOLVDWLRQHWLGHQWLILFDWLRQ
2UJDQLVHUHWJpUHU GHVGRQQpHV&KDSODPLVH
'RQQpHVSURGXLWVRXWLOODJHV HQOLDVVHOHVOD\HUVODQXPpURWDWLRQ
OHVGRQQpHVHQ
FRQFHSWLRQRXWLOODJH 3LORWDJH VXLYLGHVGRQQpHV
&KDSOHVDWWULEXWVOHF\FOHGH
2SpUDWLRQVG¶LQGXVWULDOLVDWLRQ YLHGHVGRQQpHVOHZRUNIORZ
GHPDQGHRXWLOODJHYDOLGDWLRQGHVpWDSHV«
6WRFNDJHHWWUDQVIHUWGHVGRQQpHV
UHVSRQVDELOLWpVHWFRQWU{OHV&KDS
OHSURFHVVXVGHWUDQVIHUWHWGH
VWRFNDJHGHVGRQQpHVODYpULILFDWLRQGHV
GRQQpHV
3URGXLWV
&$2*'7
3ODQV'
0RGqOHV'
0DTXHWWHVDVVHPEODJHGHPRGqOHV'
$,5%86)5$1&(6$ 0DQXHO SDJH

/DVWUXFWXUHSURGXLWRXWLOODJHSHUPHWG¶HQJOREHUVRXVXQPrPHVFKpPDO¶HQVHPEOHGHVLQIRUPDWLRQV
&$2QpFHVVDLUHVjODGpILQLWLRQG¶XQRXWLOODJH
♦ 3ULQFLSHV&RQVWUXFWLIVGHV2XWLOODJHV
♦ 0DTXHWWH$OORFDWLRQG¶(VSDFH2XWLOODJH
♦ 0DTXHWWH9ROXPH(QYHORSSH2XWLOODJH
♦ 0DTXHWWH5pIpUHQFH*pRPpWULTXH2XWLOODJH
/HVDYDQWDJHV OLpVjFHWWH VWUXFWXUH JOREDOH GH O¶LQIRUPDWLRQ VRQWXQ VXSSRUW GHGpILQLWLRQ VLPSOHHW
XQLTXHXQHWUDoDELOLWpGHVGRQQpHVGXUDQWOHF\FOHGHGpYHORSSHPHQWVpULHRXWLOODJHV
/¶DUERUHVFHQFHRXWLOODJH
,QWURGXFWLRQ
5qJOHGHJHVWLRQ
/HFRQFHSWHXURXWLOODJHGRLWUHVSHFWHUOHVSULQFLSHVG¶DUERUHVFHQFHRXWLOODJHGpILQLVFLGHVVRXV
/H FRQFHSWHXU RXWLOODJH GRLW UHVSHFWHU OD UqJOH XQ © 0RGqOH 1XPpULTXHª SDU pOpPHQW FRQVWLWXDQW GH
O¶RXWLOODJH
2QGLVWLQJXHGHX[SDUWLHVGDQVO¶DUERUHVFHQFH
♦ /DSDUWLHLQYDULDQWHTXLVHUDWRXMRXUVLGHQWLTXHSRXUXQHPrPHIDPLOOHG¶DYLRQZELGRXEOHGHFN«
♦ /DSDUWLHYDULDQWHTXLGpSHQGGHODYHUVLRQGHO¶DYLRQ$$«
5qJOHVPpWLHU
/D VWUXFWXUDWLRQ GHV GRQQpHV GH OD SDUWLH LQYDULDQWH GH O¶DUERUHVFHQFH HVW VRXV OD UHVSRQVDELOLWp GH
O¶,QWpJUDWHXU0DTXHWWH3URGXFWLRQHQDFFRUGDYHFODSUpSDUDWLRQ
/DVWUXFWXUDWLRQGHVGRQQpHVGHODSDUWLHYDULDQWHGHO¶DUERUHVFHQFHHVWVRXVODUHVSRQVDELOLWpGX&RQFHSWHXU
RXWLOODJHLQWHUQHRXVRXVWUDLWDQW
/H QRPEUH GH QLYHDX[ GDQV OD SDUWLH LQYDULDQWH GH O¶DUERUHVFHQFH Q¶HVW SDV IL[H ,O GpSHQGUD GX EHVRLQ GH
FKDTXHXVLQH
/HQRPEUHGHQLYHDX[GDQVODSDUWLHYDULDQWHGHO¶DUERUHVFHQFHQ¶HVWSDVIL[H,OGpSHQGGHODFRPSOH[LWpGH
O¶RXWLOODJHQRPEUHG¶HQVHPEOHVGHVRXVHQVHPEOHVGHFRPSRVDQWVRXWLOODJH
$,5%86)5$1&(6$ 0DQXHO SDJH

/¶DUERUHVFHQFH
/LHQSURGXLW (QVHPEOH (QVHPEOH (QVHPEOH&RPSRVDQW
<±QLYHDX[ 6ROXWLRQ2XWLOODJH &RPSRVDQWRXWLOODJH ; QLYHDX[ 2XWLOODJH
-76 -7& 3DUW±RXWLOODJH
6XLYDQWOHEHVRLQGHFKDTXHXVLQH -7&
/HVUpIpUHQFHVGHVSURGXLWVGDQVODVWUXFWXUHLQYDULDQWHVHURQWSUpFpGpHV
GHODOHWWUHPDMXVFXOH9HWGXWLUHW
&HVREMHWVVHURQWDLQVLW\Sp0(GDQVOH0'0 /
,
(
1
([HPSOHV

• < 3URJUDPPHDYLRQ
9'28%/('(&.722/6
/ /$
/
• < /LJQH3URGXLW
9),1$/$66(0%/</,1(
0(&+$1,&$/&20321(17

/ /$ /
• < 6WDWLRQ
93267( 9(160$&+,11(
92,/85(3

-77
• < )RQFWLRQRXWLOODJH / /$
9%$7,(19,5211(0(17
/ /$ O
$WWULEXWVGHVGRQQpHV
0DWULFHGH
SRVLWLRQQHPHQW
1LYHDX< 1LYHDX 1LYHDX 1LYHDX 1LYHDX;

3DUWLHLQYDULDQWHGHO¶DUERUHVFHQFHDVVHPEODJH 3DUWLHYDULDQWHGHO¶DUERUHVFHQFHDVVHPEODJH
VRXVODUHVSRQVDELOLWpGHO¶LQWpJUDWHXUPDTXHWWH VRXVODUHVSRQVDELOLWpGXFRQFHSWHXURXWLOODJH
$,5%86)5$1&(6$ 0DQXHO SDJH

'HVFULSWLRQGHVQLYHDX[GHO
DUERUHVFHQFH

4XRL" 4XL" 2X" 4XDQG" 3RXUTXRL"
3RXU
♦ 'pFRXSHUOHVIRQFWLRQVGHV
RXWLOODJHVSDUUDSSRUWDX
/LHUODIRQFWLRQGH
GpFRXSDJHDYLRQGRQF
O¶RXWLOODJHDXSURGXLWDYLRQ 'qVOHGpEXW
&UpHUSDUO¶,QWpJUDWHXU0DTXHWWH 'DQVOD%''$LUEXV VXLYDQWO¶pOpPHQWGHO¶DYLRQ
1LYHDX SRXUOHTXHOLOHVWXWLOLVp GX
3URGXFWLRQ )UDQFH SRXUOHTXHOLOHVWXWLOLVp
H[HPSOHEkWLWURQoRQ SURJUDPPH
♦ ,GHQWLILHUO¶HQVHPEOHGHV
RXWLOODJHVDSSDUWHQDQWVj
XQHIRQFWLRQSUpFLVHHWOLpV
jXQpOpPHQWGHO¶DYLRQ
,QWpJUDWHXU0DTXHWWH3URGXFWLRQ
3RXU
SRXUODPLVHHQSODFHGHV
1°XGGHJHVWLRQSRXUOH $XIXUHWj
DWWULEXWV ♦ &RQILJXUHUO¶RXWLOODJH
SRVLWLRQQHPHQWGHV PHVXUHGHOD
'DQVOD%''$LUEXV
1LYHDX DWWULEXWVHWQ°XG GpILQLWLRQGHV ♦ 8WLOLVHUODPrPHVROXWLRQ
&RQFHSWHXURXWLOODJHSRXUOH )UDQFH
SHUPHWWDQWGHUDWWDFKHUOD VROXWLRQV RXWLOODJHjGHVSRVLWLRQV
UDWWDFKHPHQWGHODVROXWLRQ
VROXWLRQRXWLOODJHFKRLVLH RXWLOODJHV GLIIpUHQWHVGDQV
RXWLOODJHDXUHVWHGH
O¶DUERUHVFHQFH
O¶DUERUHVFHQFH
,QWHUQH%''$LUEXV 3RXU
$VVHPEODJHGHVGLIIpUHQWV )UDQFH $XIXUHWj ♦ $VVHPEOHUOHVPRGqOHVGH
pOpPHQWVFRPSRVDQWV PHVXUHGHOD O¶HQVHPEOHRXWLOODJHDILQGH
1LYHDX &RQFHSWHXURXWLOODJH
O¶HQVHPEOHVROXWLRQ ([WHUQHYRLUFKDSLWUH GpILQLWLRQGHV YLVXDOLVHUO¶RXWLOODJH
RXWLOODJH VWRFNDJHHW RXWLOODJHV FRPSOHW
WUDQVIHUWGHVGRQQpHV
,QWHUQH%''$LUEXV
$XIXUHWj 3RXU
)UDQFH
PHVXUHGHOD
2X
1LYHDX; 3DUWRXWLOODJHPRGqOH' &RQFHSWHXURXWLOODJH GpILQLWLRQGHV ♦ 0RGpOLVHUXQRXWLOODJHHQ
([WHUQHYRLUFKDSLWUH pOpPHQWVVLPSOHV
SDUWV
VWRFNDJHHW
RXWLOODJHV
WUDQVIHUWGHVGRQQpHV
$,5%86)5$1&(6$ 0DQXHO SDJH


/DPDWULFHGHSRVLWLRQQHPHQW
,QWURGXFWLRQ
/DPDWULFHGHSRVLWLRQQHPHQWSHUPHWGHSRVLWLRQQHUOHVSLqFHVG¶XQDYLRQRXG¶XQRXWLOODJHOHVXQHV
SDUUDSSRUWDX[DXWUHVORUVTX¶HOOHVRQWpWppWXGLpHVGDQVXQUpIpUHQWLHOTXLOHXUHVWSURSUH
$LQVL j O¶DLGH GH O¶DUERUHVFHQFH RXWLOODJH HW GHV PDWULFHV GH SRVLWLRQQHPHQW RQ FRQVWLWXH XQ
DVVHPEODJHGHPRGqOHVSRVLWLRQQpVGDQVO¶HVSDFH

2XWLOODJHVG¶DVVHPEODJH

5qJOHGHJHVWLRQ
/HVRXWLOODJHVVHURQWpWXGLpVHWSRVLWLRQQpVGDQVOHUpIpUHQWLHOGXWURQoRQFRQVLGpUpUpIpUHQWLHOGHOD
PDTXHWWH&$2

2XWLOODJHVSLqFHVpOpPHQWDLUHV

5qJOHGHJHVWLRQ
/HVRXWLOODJHVVHURQWpWXGLpVHWSRVLWLRQQpVGDQVOHUpIpUHQWLHOGHODSLqFHUpIpUHQWLHOGHODPDTXHWWH
&$2

$,5%86)5$1&(6$ 0DQXHO SDJH

)RUPDOLVDWLRQHWLGHQWLILFDWLRQGHVGRQQpHV
/DQXPpURWDWLRQGHVILFKLHUV&$2$SUqVOH
2EMHFWLIV
8QLFLWpUpIpUHQWLHOOHGHVGRQQpHVPLVHVHQ%''EXUHDXG¶pWXGHHWSURGXFWLRQG¶$LUEXV)UDQFH
♦ 6XLYLHWJHVWLRQGHVRXWLOODJHV
♦ &RKDELWDWLRQGHVGRQQpHVRXWLOODJHVDYHFOHVGRQQpHVDYLRQ
♦ $QWLFLSHUOHVDUFKLWHFWXUHVGH*HVWLRQGHV'RQQpHV7HFKQLTXHV
/H EXW GH FHWWH SDUWLH HVW GH GpFULUH OH SULQFLSH G¶LGHQWLILFDWLRQ GHV ILFKLHUV &$2 RXWLOODJHV OHV
PDTXHWWHVPRGqOHVHWDVVHPEODJHVHWOHVGHVVLQV

/DQXPpURWDWLRQGHVPDTXHWWHVRXWLOODJHVSDVVHUDSDUGHX[pWDSHVVXFFHVVLYHV
7RXWG¶DERUGXQHQXPpURWDWLRQSURYLVRLUH

/D QXPpURWDWLRQ SURYLVRLUH HVW XWLOLVpH GXUDQW OHV pWDSHV ©)HDVDELOLW\ª ©&RQFHSWª HW
©'HILQLWLRQª GX SURFHVVXV GH GpYHORSSHPHQW DYLRQ ORUVTXH O¶RQ QH GLVSRVH SDV GH
UpIpUHQFHGpILQLWLRQSLqFHDYLRQ3DUW1XPEHU
(OOH HVW GHVWLQpH DX[ PRGqOHV PDTXHWWHV HW ILFKLHUV &$2 SUpOLPLQDLUHV XWLOLVpV SRXU OD
GpILQLWLRQGHO¶RXWLOODJH3&RXWLOODJH0$(209(2

(QVXLWHODQXPpURWDWLRQGpILQLWLYHGXUDQWODSKDVH©'HYHORSPHQWª

/D QXPpURWDWLRQ GpILQLWLYH VHUD XWLOLVpH TXDQW j HOOH SRXU OHV pOpPHQWV HW ILFKLHUV GH
GpILQLWLRQGHOD0DTXHWWH5pIpUHQFH*pRPpWULTXH2XWLOODJH

5qJOHVGHJHVWLRQ
/RUVTXHGHVOHWWUHVVRQWXWLOLVpHVGDQVODQXPpURWDWLRQGHVRXWLOODJHV
FHOOHVFLVHURQWREOLJDWRLUHPHQWHQ0$-86&8/(
$,5%86)5$1&(6$ 0DQXHO SDJH

5qJOHVGHQXPpURWDWLRQGHVRXWLOODJHV

5qJOHVGHJHVWLRQ
(QSKDVH³GHYHORSPHQW´GXSURFHVVXVGHGpYHORSSHPHQWDYLRQOHQXPpURRXWLOODJHGRLWFRPSRUWHU
OHVFDUDFWqUHVGX3DUW1XPEHUGHODSLqFHpOpPHQWDLUHDYLRQFRQFHUQpHSDUO¶RXWLOODJH
'XUDQW OHV SKDVHV ³IHDVDELOLW\´ ³FRQFHSW´ HW ³GHILQLWLRQ´ GX SURFHVVXV GH GpYHORSSHPHQW DYLRQ XQH
QXPpURWDWLRQSURYLVRLUHVHUDXWLOLVpHYRLU3
/H QXPpUR SURYLVRLUH VHUD UHPSODFp V\VWpPDWLTXHPHQW SDU OD UpIpUHQFH RIILFLHOOH FRQWHQDQW OH
QXPpURGXSODQGHO¶pOpPHQWDYLRQFRQVLGpUp
8QH©SDUWªSRXUODGpILQLWLRQVHUDQRPPpHDX1GHODSLqFH(OOHVHUDUpIpUHQFpHGDQVOD%''G
$LUEXV)UDQFH

$,5%86)5$1&(6$ 0DQXHO SDJH

(QVHPEOHGHGpILQLWLRQGHO¶RXWLOODJH-7'-LJV 7RROV'HILQLWLRQ

'pVLJQHOHVRPPHWGHO
DUERUHVFHQFH&HWHQVHPEOHIpGqUHO
RXWLOODJHHWVRQHQYLURQQHPHQW
1XPpURVXUFDUDFWqUHV
&DWpJRULHRXWLOODJHQXPpURG
RUGUHUpIpUHQFHGpILQLWLRQSLqFHRXHQVHPEOH
DYLRQVDQVVROXWLRQWHFKQLTXH
([HPSOH)

(QVHPEOH6ROXWLRQ2XWLOODJH-76-LJV 7RROV6ROXWLRQ

'pVLJQHO
HQVHPEOHVROXWLRQGHO
RXWLOODJHFHQXPpURHVWGRQQpSDUOHEXUHDX
SUpSDUDWLRQ
1XPpURVXUFDUDFWqUHV
1XPpURGHO
HQVHPEOHVROXWLRQRXWLOODJHFDUDFWqUHV5pIpUHQFH6$3
FDUDFWqUHV
);;;ĺ 5pIpUHQFH6$3'RQQpSDUOH%3

([HPSOH)

$,5%86)5$1&(6$ 0DQXHO SDJH


(QVHPEOH &RPSRVDQWV2XWLOODJHV-7&-LJV 7RROV&RPSRVDQW

'pVLJQHWRXVOHVFRPSRVDQWVGHODVROXWLRQRXWLOODJH
3DVGHGpVLJQDWLRQGDQVOHQRPGHODSDUW
3DVGHPLQXVFXOHVSDVGHWLUHWVQLGHEODQFVRXDXWUHVFDUDFWqUHVVSpFLDX[
XQLTXHPHQWGHVFDUDFWqUHVDOSKDQXPpULTXHVQRQDFFHQWXpVGH$j=HWGHj
GDQVOHVUpIpUHQFHVGHSDUWV

([HPSOHV

'$SRXUXQHQVHPEOHGHQLYHDX
'%SRXUXQHQVHPEOHGHQLYHDX
'SRXUXQFRPSRVDQWpOpPHQWDLUH

1XPpURWDWLRQGHVFRQVWLWXDQWVRXWLOODJHVFDUDFWqUHV
5pIpUHQFHGpILQLWLRQGHOD
1XPpURG
RUGUHFDUDFWqUHV SLqFHpOpPHQWDLUHDYLRQ
&DWpJRULHG
RXWLOODJHFDUDFWqUHV z3RXUOHVHQVHPEOHV
YRLUQRUPH12 FDUDFWqUHV
!SUHPLHUQXPpURG
RUGUH HUGHVFDUDFWqUHVLGHQWLILFDWLRQGXW\SHGHGRQQpH
[[!*pQpUDOLWpV0DWpULHOLQIRUPDWLTXH !GHUQLHUQXPpURG
RUGUH 1XPpURGXSODQGHGpILQLWLRQ
[[!0DWLqUHVpOpPHQWVHWRUJDQHV GH OD SLqFH DYLRQ VDQV /HWWUH$SRXUOHVHQVHPEOHVGHSUHPLHUQLYHDX
G
XVDJHJpQpUDOFRQVWLWXWLIVGHVRXWLOODJHV /HWUH%SRXUOHVHQVHPEOHVGHVHFRQGQLYHDX
0LVHHQ°XYUHGHVPDWpULDX[FRPSRVLWHV
[[!« /HWWUH&SRXUOHVHQVHPEOHVGHWURLVLqPHQLYHDX
GHUQLHUVFDUDFWqUHV
([HPSOH 1RPEUHLQFUpPHQWDOVXUFDUDFWqUHV
! DVVHPEODJH VXU EkWL IL[H '

$,5%86)5$1&(6$ 0DQXHO SDJH


5pFDSLWXODWLIGHODQXPpURWDWLRQGHVPDTXHWWHVGHUpIpUHQFH(QSKDVHGpYHORSSHPHQW

7RXVOHVVRXVHQVHPEOHVHWFRPSRVDQWVRXWLOODJHVVHURQWQXPpURWpVjO
DLGHGHFDUDFWqUHV
/HVRPPHWGHO
DUERUHVFHQFHDUEUHSODQRXWLOODJHVHUDQXPpURWpjO
DLGHGHFDUDFWqUHVFDUDFWqUHVSRXUOHW\SHRXWLOODJHHW
OHVFDUDFWqUHVGXQXPpURGHSODQGHODSLqFHDYLRQ
/
HQVHPEOHRXWLOODJHVHUDQXPpURWpVXUFDUDFWqUHV&
HVWFHQXPpURTXLHVWXWLOLVpSDUOHORJLFLHOGH*3$2G
$LUEXV)UDQFHSRXU
LGHQWLILHUO
RXWLOODJHQpFHVVDLUHjO
DSSOLFDWLRQG
XQHJDPPHRSpUDWRLUH

(19 6ROXWLRQ7HFKQLTXHRX5)

)% )

)
);;; )$
)

-,*6 722/6 )%

'(),1,7,21-7' )

&DUDFWqUHV
)
)<<<
-,*6 722/6&20326$17-7&
) &DUDFWqUHV
-,*6 722/662/87,216-76
1%3RX6$3
&DUDFWqUHV

$,5%86)5$1&(6$ 0DQXHO SDJH

/HVPDTXHWWHVSUpOLPLQDLUHVODQXPpURWDWLRQHQSKDVH©IHDVDELOLW\ª©FRQFHSWªHW©GHILQLWLRQª
(QVHPEOHGHGpILQLWLRQGHO¶RXWLOODJH-7'-LJV 7RROV'HILQLWLRQ

'pVLJQHOHVRPPHWGHO
DUERUHVFHQFH&HWHQVHPEOHIpGqUHO
RXWLOODJHHWVRQHQYLURQQHPHQW
1XPpURVXUFDUDFWqUHV
&DWpJRULHRXWLOODJHQXPpURG
RUGUHRXFRGH67FRGHOLEUHSRXUOHVLWHLGHQWLILFDWLRQGXSURGXLWFRGHXVLQH
QXPpURWDWLRQGXILFKLHU

([HPSOH/:*6

(QVHPEOH6ROXWLRQ2XWLOODJH-76-LJV 7RROV6ROXWLRQ

'pVLJQHO
HQVHPEOHVROXWLRQGHO
RXWLOODJH
1XPpURVXUFDUDFWqUHV
1XPpUR-7'HQSKDVHSUpOLPLQDLUHFDUDFWqUHVQXPpURGHVROXWLRQRXWLOODJHFDUDFWqUHV

([HPSOH/:*6
$

$,5%86)5$1&(6$ 0DQXHO SDJH

(QVHPEOH &RPSRVDQWV2XWLOODJHV-7&-LJV 7RROV&RPSRVDQW

FDUDFWqUHV

&RGHOLEUHSRXUOHVLWH &RGHXVLQH 1XPpURWDWLRQGHVFRQVWLWXDQWVRXWLOODJHVFDUDFWqUHV

FDGUpSRXUO¶XWLOLVDWHXU
6W0DUWLQ z3RXUOHVHQVHPEOHV
&DWpJRULHG¶RXWLOODJH
([HPSOH (6W(ORL
HUGHVFDUDFWqUHVLGHQWLILFDWLRQGXW\SHGHGRQQpH
YRLUQRUPH12
/)8RXWLOODJHIXVHODJH 00pDXOWH
SRXUOD)$/ 11DQWHV /HWWUH$SRXUOHVHQVHPEOHVGHSUHPLHUQLYHDX

([HPSOH 3DVVHUHOOHV IDLVDELOLWp 6W1D]DLUH*URQ /HWUH%SRXUOHVHQVHPEOHVGHVHFRQGQLYHDX

pFKDIDXGDJHVVSpFLDX[ 6W1D]DLUH9LOOH
/HWWUH&SRXUOHVHQVHPEOHVGHWURLVLqPHQLYHDX

GHUQLHUVFDUDFWqUHV
1RPEUHLQFUpPHQWDOVXUFDUDFWqUHV

1XPpURWDWLRQGXILFKLHU
1XPpURG¶RUGUHRXFRGH ,GHQWLILFDWLRQGXSURGXLW
VRXVWUDLWDQW HQGLJLWV

QXPpULTXHGHjRX SUHPLHUQXPpUR
DOSKDEpWLTXH 60DTXHWWH$OORFDWLRQ G¶RUGUH
(VSDFHRXWLOODJH GHUQLHUQXPpUR
([HPSOHV 33ULQFLSHVFRQVWUXFWLIV
G¶ G
QVpULHRXWLOODJH RXWLOODJH
%0FRGHVRXVWUDLWDQW 90DTXHWWHYROXPH
%(0$SDU HQYHORSSH
H[HPSOH RXWLOODJH

([HPSOH/:*6$
6RXV(QVHPEOHGHHUQLYHDXGHFRPSRVDQWRXWLOODJHHQDOORFDWLRQG¶HVSDFHGXSUDWLFDEOHYRLOXUH:*6ZLQJVXWLOLVpD6W0DUWLQ
$,5%86)5$1&(6$ 0DQXHO SDJH

1XPpURWDWLRQGHVpOpPHQWVVWDQGDUGV

&DVGHVpOpPHQWVVWDQGDUGVXVLQHV
2QGLVWLQJXHGHX[W\SHVG¶pOpPHQWVVWDQGDUGVXVLQHV
♦ OHVpOpPHQWVVWDQGDUGVXVLQHVIDEULTXpV
(
121RUGUH1UHSqUH
00($8/7(
HW6$,171$=$,5(
11$17(6
(6$,17(/2,
728/286(
♦ OHVpOpPHQWVVWDQGDUGVXVLQHVFRGLILpVHQ&06HWIRXUQLVDX[VRXVWUDLWDQWVRXWLOODJHV
%$*&RGHFPV
7\SHG¶pOpPHQWH[HPSOHEDJXH([HPSOH%$*

$,5%86)5$1&(6$ 0DQXHO SDJH


&DVGHVpOpPHQWVVWDQGDUGVIRXUQLVVHXUVXWLOLVpVSDU7UDFHSDUWV

/HFRGHGHFKLIIUHVHVWGRQQpSDU7UDFH3DUWVSUpFpGpGH-77-LJV 7RROV6WDQGDUW3DUW7UDFHSDUWV

([-77$%&

/HVpOpPHQWVQRUPpVGHW\SHYLVJRXSLOOHpFURXHWFVHURQWLVVXVGH7UDFHSDUWVHWSRUWHURQWSDUFRQVpTXHQW
XQHQRPLQDWLRQVEDVpVXUFDUDFWqUHV

1RWHLPSRUWDQWH
6L OH FRPSRVDQW VWDQGDUG Q¶HVW SDV UpIpUHQFp GDQV OH ORJLFLHO 7UDFH3DUWV FHOXL FL GHYUDSRUWHU OD
PrPH QXPpURWDWLRQ TX¶XQ FRPSRVDQWRXWLOODJH VRXV FDUDFWqUHV HW LO REpLUDD ODQXPpURWDWLRQ
GHV-LJVDQGWRROV&RPSRQDQWV-7&S

$,5%86)5$1&(6$ 0DQXHO SDJH

1XPpURWDWLRQGHV&RPSRVDQWVRXWLOODJHVVSpFLILTXHV3DUWVVTXHOHWWHVGpIRUPDEOHRXDX[LOLDLUH
&RPSRVDQWVTXHOHWWH
/H FRPSRVDQW DSSHOp VTXHOHWWH HVW XQ PRGqOH GH W\SH &DWSDUW XWLOLVp SRXU VHUYLU GH UpIpUHQFH D OD
FRQVWUXFWLRQ G¶XQ HQVHPEOH RXWLOODJH FH PRGqOH HVW SULQFLSDOHPHQW FRPSRVp G¶HQWLWp ILODLUHV VXUIDFLTXHV RX GH
UpIpUHQWLHOV'$[LV
/DQXPpURWDWLRQVHUDVHPEODEOHjFHOOHG¶XQFRPSRVDQWRXWLOODJH-7&HQVHPEOHRXSDUWDXTXHORQDMRXWHOD
OHWWUH.VXLYLHG¶XQFKLIIUH
([)%.

3DUW6TXHOHWWH
$,5%86)5$1&(6$ 0DQXHO SDJH

&RPSRVDQWGpIRUPDEOH

8QFRPSRVDQWGpIRUPDEOHHVWXQPRGqOH&DWSDUWTXLDXQHIRUPHVRXSOHRXXQHQVHPEOH&DWSURGXFWTXLD
GpMjpWpGpILQLPDLVGRQWOHVSRVLWLRQVUHODWLYHVGHVHVFRPSRVDQWVVRQWGLIIpUHQWHV
'DQVVDSRVLWLRQQRUPDOHGHIRQFWLRQQHPHQWOHFRPSRVDQWVHUDLGHQWLILpFRPPHXQFRPSRVDQWRXWLOODJH-7&
DFDUDFWqUHV
'pVORUVTXHFHFRPSRVDQWHVWUHSUpVHQWpGDQVXQHIRUPHGLIIpUHQWHRQDMRXWHUDODOHWWUH)VXLYLHG¶XQFKLIIUH
DRXpYHQWXHOOHPHQWG¶XQHOHWWUH$j=VLLO\DSOXVGHUHSUpVHQWDWLRQV

([HPSOHGHPRGqOHGpIRUPDEOH2QXWLOLVHODQXPpURWDWLRQ)SRXUODSRVLWLRQWKpRULTXH
HW))SRXUXQHSRVLWLRQLQWHUPpGLDLUHPDLVGDQVWRXVOHVFDVLOV¶DJLWGXPrPHUHVVRUW

$,5%86)5$1&(6$ 0DQXHO SDJH


([HPSOH (QVHPEOH 'pIRUPDEOH 2Q XWLOLVH OD QXPpURWDWLRQ )% SRXU OD SRVLWLRQ
WKpRULTXHHW)%))D)=
HUH RFFXUUHQFH-7&D
FDUDFWqUHV

qPHRFFXUUHQFH
-7&DFDUDFWqUHV
RFFXUUHQFHVGXPrPH
VRXVHQVHPEOHDYHFGHV
FRQILJXUDWLRQVGLIIpUHQWHV
qPHRFFXUUHQFH
-7&DFDUDFWqUHV

$,5%86)5$1&(6$ 0DQXHO SDJH


&RPSRVDQW$X[LOLDLUH
2QXWLOLVHUDOHVFRPSRVDQWVDX[LOLDLUHVSRXUUHSUpVHQWHUODJpRPpWULHDQQH[HjXQRXWLOODJHFRPPHOHVSRLQWV
GHFRQWU{OHVOHVWUDMHFWRLUHVGHPRXYHPHQWVOHVVXUpSDLVVHXUVHWF
&HV FRPSRVDQWV DXURQW OH PrPH QRP TXH OH FRPSRVDQW RXWLOODJH DXTXHO RQ DMRXWHUD OD OHWWUH $ VXLYLW G¶XQ
FKLIIUHDRXpYHQWXHOOHPHQWG¶XQHOHWWUH$j=VLLO\DSOXVGHUHSUpVHQWDWLRQV
([/$
$,5%86)5$1&(6$ 0DQXHO SDJH

/DQXPpURWDWLRQGHVILFKLHUV&$2$YDQWOH
/DPDTXHWWHUpIpUHQFHODQXPpURWDWLRQHQSKDVH©GHYHORSPHQWª

$,5%86)5$1&(6$ 0DQXHO SDJH


$,5%86)5$1&(6$ 0DQXHO SDJH

/HVPDTXHWWHVSUpOLPLQDLUHVODQXPpURWDWLRQHQSKDVH©IHDVDELOLW\ª©FRQFHSWªHW©GHILQLWLRQª

([HPSOH/:*6
DUEUHFDPXUpI1HQDOORFDWLRQG¶HVSDFHGXSUDWLFDEOHYRLOXUHZLQJVj6W0DUWLQ

1XPpURWDWLRQGHVpOpPHQWVVWDQGDUGV
9RLUSDUDJUDSKH
$,5%86)5$1&(6$ 0DQXHO SDJH

5DWWDFKHPHQWGHVSODQVHWGHVSODQVG¶HQVHPEOHV
'DQVOHORJLFLHO&DGGV
5qJOHGHJHVWLRQ
$ FKDTXH FRPSRVDQW RXWLOODJH GRLW rWUH UDWWDFKp XQ SODQ VDXI VL OH SODQ GH O¶HQVHPEOH VXSpULHXU HVW
VXIILVDQWSRXUGpILQLUO¶pOpPHQW
3RXUXQHSLqFHpOpPHQWDLUHXQSODQHVWGpILQLGDQVXQ'5$:VLXQSODQQpFHVVLWHSODQFKHV'5$:
VHURQWFUppV
3RXUXQHQVHPEOHRXVHQVHPEOHXQSODQHVWGpILQLGDQVXQ$'5$:FRQWHQDQWXQ'5$:HWXQVHXOVL
SODQFKHVVRQWQpFHVVDLUHV$'5$:VHURQWGpILQLVFRQWHQDQWFKDFXQXQ'5$:HWXQVHXO
I
&RPSRVDQW-7&

IE '5$:
6RXVHQVHPEOHRXWLOODJH
-7& I
&RPSRVDQW-7&

(QYLURQQHPHQWDYLRQ '5$:
RQHQYRLHDX67OHMXVWHEHVRLQ $'5:'5$:

SRXUO¶pWXGHG¶RXWLOODJHjUpDOLVHU

ID
6RXVHQVHPEOHRXWLOODJH I
-7& &RPSRVDQW-7&
I -LJV 7RRO&RPSRVDQW
-7' I
-LJV 7RRO'HILQLWLRQ (QVHPEOHVROXWLRQRXWLOODJH IE '5$:
-76 6RXVHQVHPEOHRXWLOODJH
-LJV 7RRO6ROXWLRQ -7& I
&RPSRVDQW-7&
$'5$: '5$: '5$:

$'5$:'5$:
I
&RPSRVDQW-7&
'5$:
ID IE
6RXVHQVHPEOHRXWLOODJH 6RXVHQVHPEOHRXWLOODJH
-7& -7&
-LJV 7RRO&RPSRVDQW
I
&RPSRVDQW-7&
$'5$: '5$:
'5$:
$,5%86)5$1&(6$ 0DQXHO SDJH

'DQVOHORJLFLHO&$7,$9

5qJOHGHJHVWLRQ
$ FKDTXH FRPSRVDQW RXWLOODJH GRLW rWUH UDWWDFKp XQ SODQ VDXI VL OH SODQ GH O¶HQVHPEOH VXSpULHXU HVW
VXIILVDQWSRXUGpILQLUO¶pOpPHQW
3RXUXQHSLqFHpOpPHQWDLUHXQSODQHVWGpILQLGDQVXQ&$7'5$:,1*VLXQSODQQpFHVVLWHSODQFKHV
FDWGUDZLQJVVHURQWFUppV
3RXUXQHQVHPEOHRXVHQVHPEOHXQSODQHVWGpILQLGDQVXQ&DWGUDZLQJVLSODQFKHVVRQWQpFHVVDLUHV
FDWGUDZLQJVVHURQWGpILQLVFRQWHQDQWFKDFXQXQHVHXOHVKHHW
)
&RPSRVDQW-7&

)% &$7'5$:,1*
6RXVHQVHPEOHRXWLOODJH
-7& )
&RPSRVDQW-7&

(QYLURQQHPHQWDYLRQ &$7'$5:,1*
RQHQYRLHDX67OHMXVWHEHVRLQ &$7'5$:,1*

SRXUO¶pWXGHG¶RXWLOODJHjUpDOLVHU

)$
6RXVHQVHPEOHRXWLOODJH )
-7& &RPSRVDQW-7&
) -LJV 7RRO&RPSRVDQW
-7' )
-LJV 7RRO'HILQLWLRQ (QVHPEOHVROXWLRQRXWLOODJH )% &$7'5$:,1*
-76 6RXVHQVHPEOHRXWLOODJH
-LJV 7RRO6ROXWLRQ -7& I
&RPSRVDQW-7&
&$7'5$:,1* &$7'5$:,1*
&$7'5$:,1*
)
&RPSRVDQW-7&
&$7'5$:,1*
)$ )%
6RXVHQVHPEOHRXWLOODJH 6RXVHQVHPEOHRXWLOODJH
-7& -7&
-LJV 7RRO&RPSRVDQW
)
&RPSRVDQW-7&
&$7'5$:,1*
&$7'5$:,1*
$,5%86)5$1&(6$ 0DQXHO SDJH


5qJOHGHQXPpURWDWLRQGHV&$7'UDZLQJV

1RPGXILFKLHU&$7'UDZLQJ QXPpUR;;&$7'UDZLQJ

R

QXPpURHVWOHQXPpURGHO¶HQVHPEOHRXGXFRPSRVDQWQXPpURGH-76VXUFDUDFWqUHVSRXUO¶HQVHPEOHRXWLOODJHRX
QXPpUR GH -7& VXU FDUDFWqUHV SRXU XQ SODQ GH VRXVHQVHPEOH RX GH SLqFH pOpPHQWDLUH
,QWHUGLFWLRQG¶XWLOLVHUXQQXPpURGH-7'VXUFDUDFWqUHV

;; HVWOHQXPpURGHSODQFKHVXUFDUDFWqUHVRXFDUDFWqUHVVLF¶HVWQpFHVVDLUH;;;

([HPSOH)&$7'UDZLQJ

$,5%86)5$1&(6$ 0DQXHO SDJH


/DJHVWLRQGHVOD\HUV
3UpVHQWDWLRQ

3RXUTXRLLPSRVHW¶RQOHVOD\HUV"
,OVVHUYHQWjLGHQWLILHUOHVHQWLWpVTXLVHURQWXWLOLVpHVSDUOHVRXWLOVGHYLVXDOLVDWLRQVHWGH
WUDQVIRUPDWLRQVDXWRPDWLTXHG¶$LUEXV)UDQFH

5pSDUWLWLRQJpQpUDOHSRXUOHORJLFLHO&DGGV

1LYHDX

9LGH +DELOODJH &RQVWUXFWLRQ *pRPpWULH *pRPpWULH 0RGqOHV *pRPpWULH 0RGqOHV 0DTXHWWHGH 0DTXHWWHGH /LEUHV 3RXEHOOH
GH GH )L[DWLRQV '¶LQWHUIDFH 6LPSOLILpV 5pIpUHQFH 'pILQLWLRQ &RQFHSWH
5pIpUHQFH 5pIpUHQFH $YLRQ 2XWLOODJH XU
0DTXHWWH [
$OORFDWLRQ ; ; ; ; ; ; ; [ ; ; ;
(VSDFH

0DTXHWWH ;
YROXPH ; ; ; ; ; [ ; ; ; ; ; ;
(QYHORSSH
0DTXHWWHGH
'pILQLWLRQ ; ; ; ; ; ; ; [ ; [ ; ;

1LYHDX[jQHSDVXWLOLVHU
;
1LYHDX[DFFHVVLEOHVSRXUOHFRQFHSWHXURXWLOODJH

&RQYHUWLEOHORJLFLHOGHVLPXODWLRQ

&RQYHUWLEOHORJLFLHO&$2"
; 1LYHDXjQHWWR\HUDYDQWPLVHjGLVSRVLWLRQGXILFKLHUGHGRQQpHV
$,5%86)5$1&(6$ 0DQXHO SDJH

5pSDUWLWLRQGpWDLOOpH

1LYHDX[j+DELOODJH
1RPEUHGHQLYHDX[

1LYHDX 1RPEUH 'HVFULSWLRQ,QIRUPDWLRQV
9LGHjQHSDVXWLOLVHU
&DUWRXFKH
1RPHQFODWXUH
&RWDWLRQ
7UDLWVG¶D[HV
7H[WHVHQDQJODLV
j $XWUHVWH[WHV±(SDLVVHXUV
j 6HFWLRQV
j &RXSHV

1LYHDX[j&RQVWUXFWLRQ

1RPEUHGHQLYHDX[
/¶XWLOLVDWLRQGHFHVQLYHDX[HVWSURSUHDXFRQFHSWHXURXWLOODJH/HVFRXOHXUVQHVRQWSDV
LPSRVpHV

1LYHDX 1RPEUH 'HVFULSWLRQ,QIRUPDWLRQV
j 7UDLWVGHFRQVWUXFWLRQ
j )LODLUH
$,5%86)5$1&(6$ 0DQXHO SDJH

j 6XUIDFLTXH

j 6HFWLRQVDYHFSDUDPqWUHVPRGHSDUDPpWULTXH
j 3DUDPqWUHV
j 6ROLGHVLQWHUPpGLDLUHVPRGHH[SOLFLWH

1LYHDX[j*pRPpWULHGH5pIpUHQFH

1RPEUHGHQLYHDX[
&HVQLYHDX[SHUPHWWHQWGHPpPRULVHU
♦ /HVHQWLWpVJpRPpWULTXHVPDWpULDOLVDQWOHVFRQWUDLQWHVSULQFLSHVRXWLOODJH
♦ /HVHQWLWpVJpRPpWULTXHVGHUpIpUHQFHVLVVXHVGHODSLqFHRXGHO¶DVVHPEODJHDYLRQ

1LYHDX 1RPEUH 'HVFULSWLRQ±,QIRUPDWLRQV
7ULqGUHGHUpIpUHQFH
j *pRPpWULHFRQWUDLQWHVSULQFLSHVRXWLOODJH
j *pRPpWULHGHUpIpUHQFHDYLRQ

1LYHDX[j)L[DWLRQV

1RPEUHGHQLYHDX[
j )L[DWLRQV

1LYHDX[ 3ODQV)URQWLqUHLQWHUIDFH

1RPEUHGHQLYHDX[
$,5%86)5$1&(6$ 0DQXHO SDJH


0RGqOHIURQWLqUH,QWHUIDFH2XWLOODJH

1LYHDX[j 0RGqOHV6LPSOLILpV

1RPEUHGHQLYHDX[
5HSUpVHQWDWLRQVLPSOLILpHGHVGLIIpUHQWVFRQVWLWXDQWVG¶XQRXWLOODJH
j 6WUXFWXUH"
j (QYLURQQHPHQW"
(QHUJLH
$XWUHV

1LYHDX[j 0DTXHWWHGHUpIpUHQFHDYLRQ
1RPEUHGHQLYHDX[
j 6WUXFWXUH
j (QYLURQQHPHQW
j $XWUHV

1LYHDX[j0DTXHWWHGHUpIpUHQFH2XWLOODJH

1RPEUHGHQLYHDX[
j 2XWLOODJHG¶LQWHUIDFH
j %kWLVG¶DVVHPEODJH±6WUXFWXUH
j %kWLVG¶DVVHPEODJH±(QYLURQQHPHQW
j %kWLVG¶DVVHPEODJH±(QHUJLH
$,5%86)5$1&(6$ 0DQXHO SDJH

j 3LqFHV(OpPHQWDLUHV±6SpFLILTXH

1LYHDX[j

1RPEUHGHQLYHDX[
j 3HUoDJHV
j (OHFWULFLWp
j 3HWLWRXWLOODJH
j /LEUH
j (OpPHQWVVWDQGDUGV

1LYHDX[j5pVHUYpV

1RPEUHGHQLYHDX[
j 7UDFp*UDQGHXU±'pYHORSSp"
j /LEUH
9LGHjQHSDVXWLOLVHU

$,5%86)5$1&(6$ 0DQXHO SDJH

5pSDUWLWLRQJpQpUDOHSRXUOHORJLFLHO&DWLD9

9RLU$0-LJV 7RROVGHVLJQXVLQJ&DWLD9

$,5%86)5$1&(6$ 0DQXHO SDJH

/DPLVHHQOLDVVH
*pQpUDOLWpV
5qJOHVGHJHVWLRQ
/DPLVHHQOLDVVHGHVpWXGHVG¶RXWLOODJHVGRLWrWUHFRQIRUPHDX[SULQFLSHVGpILQLVSDU
$LUEXV)UDQFHFLGHVVRXV
/DOLDVVHGHSODQGHYUDFRPSRUWHU
♦ 7RXWHVOHVYXHVQpFHVVDLUHVjODFRPSUpKHQVLRQGHO¶RXWLOODJH
♦ /HVFRXSHVXWLOHVSRXUSUpFLVHU)RUPHVGpJDJHPHQWVULVTXHVGHFROOLVLRQ«
♦ 8QHYXHLVRPpWULTXHGHO¶HQVHPEOHRXWLOODJHDYHFVRQHQYLURQQHPHQW
♦ /DUpIpUHQFHGHVYXHVVHUDFRQVHUYpH

8QWDEOHDXGHFRRUGRQQpHVGHVSRLQWVGHUpIpUHQFHLQLWLDX[GDQVOHUpIpUHQWLHODYLRQ
GHYUDILJXUHUVXUOHSODQGHOLDVVH
,OVHUDQRWpREOLJDWRLUHPHQWVXUOHVSODQVGHVRXWLOODJHVOH1DYHFO¶LQGLFHG¶pYROXWLRQ
GHVILFKLHUVGHGpILQLWLRQ
♦ 3LqFHV
♦ 6RXVHQVHPEOHV
♦ (QVHPEOHV
♦ $UEUHVSODQV
♦ 7RXVOHVDXWUHVILFKLHUVGHGpILQLWLRQD\DQWpWpXWLOLVpVSRXUODFRQFHSWLRQGHVRXWLOODJHV
$,5%86)5$1&(6$ 0DQXHO SDJH

/DFRWDWLRQ

5qJOHGHJHVWLRQ
/HFRQFHSWHXURXWLOODJHGRLWSUpYRLU
♦ XQHFRWDWLRQIRQFWLRQQHOOHGqVODSUppWXGH
♦ XQHFRWDWLRQSHUPHWWDQWODUpDOLVDWLRQGHVGLIIpUHQWVFRPSRVDQWVGHO¶RXWLOODJHVXUOHVSODQVG¶pWXGHV

6SpFLILFDWLRQGHVWROpUDQFHV

5qJOHGHJHVWLRQ
/HFRQFHSWHXURXWLOODJHGRLWVSpFLILHUOHVWROpUDQFHV
♦ GHGLPHQVLRQQHPHQW
♦ GHSRVLWLRQQHPHQW([VXLYDQW16$
♦ G¶DMXVWHPHQW
♦ GHIRUPH
♦ GHGLUHFWLRQGHSHUoDJH
6SpFLILFDWLRQGHVPDUTXDJHV

5qJOHGHJHVWLRQ
/H FRQFHSWHXU RXWLOODJH GRLW VSpFLILHU VXU OH SODQ O¶HPSODFHPHQW SUpYX VXU O¶RXWLOODJH SRXU OHV
PDUTXDJHV
3RXU XQ SRVLWLRQQHPHQW UDSLGH GH O¶RXWLOODJH VXU O¶DYLRQ OHV PDUTXDJHV VHURQW SHLQWV RX JUDYpV VXU
OHVRXWLOODJHVHWG¶XQHKDXWHXUPLQLPXPGHPP

$,5%86)5$1&(6$ 0DQXHO SDJH

/DJUDYXUHSHXWVHIDLUHSDUSURJUDPPDWLRQVXUXQHPDFKLQHjFRPPDQGHQXPpULTXHSRXUOHV
FRPSRVDQWVRXWLOODJHXVLQpV
([HPSOH
♦ $YDQW
♦ $UULqUH
♦ 5pIpUHQFHV<=;
♦ &RWpJDXFKHHWGURLW
♦ /HQXPpURGHSRVWH
♦ /HVUpIpUHQFHVUHPDUTXDEOHVFDGUHVOLVVHVUDLGLVVHXUV«

/DQRPHQFODWXUH
5qJOHGHJHVWLRQ
/HFRQFHSWHXURXWLOODJHGRLWUpDOLVHUODQRPHQFODWXUHHQUHVSHFWDQWOHVSULQFLSHVGpILQLVSDU$LUEXV
)UDQFH
/DQRPHQFODWXUHGRLWGpELWHU
♦ OHVRXWLOODJHVORQJXHXUODUJHXUpSDLVVHXU
♦ GHVVWDQGDUGV$LUEXV)UDQFHDYHFOHXUFRGH&06VLQpFHVVDLUH
♦ OHVVWDQGDUGVGXFRPPHUFHpYHQWXHOOHPHQW
♦ OHVpOpPHQWVQpFHVVDLUHVjODUpDOLVDWLRQGHO¶RXWLOODJH

5qJOHPpWLHU
/D QRPHQFODWXUH SHXW rWUH JpQpUpH HQ DXWRPDWLTXH SRXU OHV SODQV G¶HQVHPEOHV HW GH
VRXVHQVHPEOHVHQXWLOLVDQWOHGpYHORSSHPHQW$LUEXV)UDQFHSUpYXjFHWHIIHW
$,5%86)5$1&(6$ 0DQXHO SDJH

/HFDUWRXFKH
5qJOHGHJHVWLRQ
/H FRQFHSWHXU RXWLOODJH GRLW UHPSOLU OH FDUWRXFKH HQ UHVSHFWDQW OHV SULQFLSHV GpILQLV SDU $LUEXV
)UDQFH
/HFRQFHSWHXURXWLOODJHGRLWLQGLTXHU
♦ ODUpIpUHQFHRXWLOODJH
♦ UHQVHLJQHUFRUUHFWHPHQWOHVGLIIpUHQWHVUXEULTXHVQRWDPPHQW
VLJQDWXUHGXGHVVLQDWHXU
VLJQDWXUHGXYpULILFDWHXU
UpIpUHQFHVWURQoRQSRVWH
QGHVSODQVHWPDTXHWWHVXWLOLVpHV
$,5%86)5$1&(6$ 0DQXHO SDJH


$,5%86)5$1&(6$ 0DQXHO SDJH

3ODQGHOLDVVH

([HPSOH3ODQGHOLDVVHG¶XQRXWLOODJHG¶DVVHPEODJH

$,5%86)5$1&(6$ 0DQXHO SDJH


([HPSOH3ODQGHOLDVVHG¶XQHJULOOHGH3HUoDJH6DLQW1D]DLUH

$,5%86)5$1&(6$ 0DQXHO SDJH


3LORWDJHHWVXLYLGHVGRQQpHV
/HVDWWULEXWVGHVGRQQpHV
$YHF O¶XWLOLVDWLRQ GHV RXWLOV *'7 G¶ $LUEXV )UDQFH %'' LO HVW SRVVLEOH G¶DVVRFLHU GHV DWWULEXWV
LQIRUPDWLRQVDOSKDQXPpULTXHVDX[GRQQpHVVWRFNpHVGDQVOD%''$LUEXV)UDQFH,OHVWFRQVHLOOpGDQVXQ
SUHPLHUWHPSVGHQ¶XWLOLVHUTXHOHVDWWULEXWVGLVSRQLEOHV
&HUWDLQV DWWULEXWV VRQW JpUpV SDU OD YHUVLRQ DFWXHOOH GHV RXWLOV &RQFXUUHQW (QJLQHHULQJ 3DUPL FHV
DWWULEXWVRQSHXWFLWHUOHQRPGHO¶XWLOLVDWHXUODGpVLJQDWLRQO¶LQGLFH«

/HVDWWULEXWVOLpVjO
RXWLO

&HVRQWGHVDWWULEXWVUHQVHLJQpVDXWRPDWLTXHPHQWSDUO
RXWLOLQIRUPDWLTXH
♦ GDWHGHVWRFNDJH
♦ PDWULFXOHGHODSHUVRQQHTXLVWRFNHOHVGRQQpHV
♦ GDWHHWKHXUHGHFUpDWLRQHWGHPLVHjMRXU
♦ ODUHFKHUFKHGXVHUYHXUDYHFOHQRPGXSURMHW

/HVDWWULEXWVOLpVjO
XWLOLVDWHXU RXDXSLORWDJH

&HVRQWGHVDWWULEXWVUHQVHLJQpVSDUO¶XWLOLVDWHXURXOLpjFHOXLFL
♦ /HVWDWXV PDWXULWpĺHQFRXUV
ĺSXEOLpH
ĺRIILFLHO
♦ 7\SHVGHGRQQpHV$VVHPEODJHVPRGqOHVSODQVGRF[OV«
♦ /HQRPGXSURMHWH[$[FR$VVHPRXW«
♦ 'pVLJQDWLRQGHO
RXWLOODJH
♦ ,QGLFHG
pYROXWLRQ
$,5%86)5$1&(6$ 0DQXHO SDJH

/HVDWWULEXWVSURGXFWLRQ
$WWULEXWVGHOD 1E %( 3URSRVLWLRQSURGXFWLRQG¶XWLOLVDWLRQGHO¶DWWULEXW
&DUDFWqUHV 1=
%''G¶$LUEXV 60 0( 17 6(
)UDQFH

$&(,668( ,QGLFH*,/'$ ,QGLFHGH ,QGLFHYDOLGLWp ,QGLFH ,QGLFH ,QGLFH
O¶HQVHPEOH
([$% ([$ ([$ ([$ ([$
VROXWLRQ
,QGLFHFLEOH VRXUFH6$3([E
6SpFLILWp1DQWHV
&$7SURGXFW,QGLFHGHODSODQFKH
&$7'UDZLQJVLQGLFHGHODSODQFKH
$&(.,1'),/( 7\SHG
pOpPHQWHQ /DLVVpOLEUHjO¶XWLOLVDWHXU
SKDVHGH
,GHP%( '26$3RX XWLOLVpIRLV 0(&$7\SH SDVXWLOLVp
FRQFHSWLRQ
5pIpUHQFH67" G
DSSOLFDWLRQ
([0*0$( ([&[&91&
0R\HQLQGXVWULHOVWDWLRQ3RVWHPDFKLQHFLEOH VRXUFH6$3
([083083(;)
28
7\SHGHGRQQpH
([&[&&91&&;(VVDLV6WDQGDUG«
GDQVFHFDVOHPR\HQLQGXV,UDLWGDQVOH$&('(6&51$7,9
$&( 7LWUHOLEHOOpGHOD /LHQDYHFOHSURGXLWH[$±
'(6&5,37,21 GRQQpHHQ $YLRQ±=RQH
$YLRQ±=RQH $YLRQ=RQH $YLRQ±=RQH $YLRQ±=RQH
IUDQoDLV DYLRQ
DYLRQ DYLRQ DYLRQ DYLRQ
$&('(6&5 7LWUHOLEHOOpGHOD 'pVLJQDWLRQGHO¶RXWLOODJHHQPDMXVFXOH
1$7,9( GRQQpHHQDQJODLV *ULOOHGH
2XWLOODJH 2XWLOODJHSLqFH 2XWLOODJHGH 2XWLOODJH
G¶DVVHPEODJH« pOpPHQWDLUH PRXODJH SHUoDJH« SLqFH
pOpPHQWDLUH«
$&(&200(17 $WWULEXWODLVVpOLEUH $WWULEXWODLVVp/,%5(jO
8WLOLVDWHXU
jO
8WLOLVDWHXU
SRVVLELOLWpVG¶DMRXWHUGHVSUpFLVLRQVVXUODGpVLJQDWLRQGHO¶RXWLOODJH
/LEUH /LEUH 172867GX /LEUH /LEUH
FRQFHSWHXU
$,5%86)5$1&(6$ 0DQXHO SDJH

/HF\FOHGHYLHGHVGRQQpHV

7RXV OHV PRGqOHV DLQVL TXH OHV LQIRUPDWLRQV DVVRFLpHV DX[ GRQQpHV GRLYHQW VXLYUH OHV PrPHV UqJOHV
GDQVOHF\FOHSURJUDPPH
/HVWURLVpWDWVSULQFLSDX[TXLVHURQWXWLOLVpVVRQWHQFRXUVSXEOLp±RIILFLHO

(WDW©HQFRXUVª

/HVPRGqOHVHWDXWUHVGRQQpHVQHVRQWSDVXWLOLVDEOHVSDUG¶DXWUHVSHUVRQQHVPrPHVLO¶RQVXLWXQH
GpPDUFKH&RQFXUUHQW(QJLQHHULQJ
&HVGRQQpHVGRLYHQWrWUHJpUpHVGDQVXQHVSDFHSULYpSURSUHjO¶XWLOLVDWHXUTXLOHVGpILQLWMXVTX¶jFH
TX¶HOOHVDLHQWDWWHLQWXQQLYHDXGHPDWXULWpVXIILVDQW

(WDW©SXEOLpª

&¶HVW O¶pWDW GH EDVH SRXU SRXYRLU SDUWDJHU GHV GRQQpHV GDQV OH FDGUH G¶XQH GpPDUFKH &RQFXUUHQW
(QJLQHHULQJ/HVGRQQpHVVRQWXWLOLVDEOHVH[SORLWDEOHVSDUO¶HQVHPEOHGHVDFWHXUV
&HSHQGDQW FHV GRQQpHV QH VRQW SDV HQFRUH VRXPLVHV j GHV UqJOHV G¶pYROXWLRQ &¶HVW j GLUH TX¶XQH
GRQQpHSHXWrWUHHQWLqUHPHQWUHPSODFpHSDUXQHDXWUH
(OOHV VRQW ©PLVHV j GLVSRVLWLRQ SRXU LQIRUPDWLRQª PDLV QH FRPSRUWHQW DXFXQH YDOHXU GH GpILQLWLRQ
RIILFLHOOH

(WDW©2IILFLHOª

3RXUFHWpWDWOHVGRQQpHVHWDXWUHVLQIRUPDWLRQVVRQWYDOLGpHV
8QPpFDQLVPHGHYHUVLRQQLQJSHUPHWGHJpUHUO¶HQVHPEOHGHVGRQQpHVRXWLOODJHV
$,5%86)5$1&(6$ 0DQXHO SDJH

/HZRUNIORZ

([HPSOHFLUFXLWGHYDOLGDWLRQGHVGRQQpHV(QFRXUV5HOHDVH

9DOLGDWLRQ 1RQ
GHOD
1RQ
&RQFHSWLRQ
RN
'pEXW 2XL
2XL
'RQQpH 9DOLGDWLRQ 'RQQpHV ),1
'RQQpHV 2XL RN
3XEOLpH ,0 &$ 2IILFLHOOHV
©(QFRXUVª
3DVVDJHLQGLFH
2IILFLHO
RN
7HVWVHW
FRQWU{OHVVXU
GRQQpHV 1RQ
(YROXWLRQ
GHOD'()
$,5%86)5$1&(6$ 0DQXHO SDJH

6WRFNDJHHWWUDQVIHUWGHVGRQQpHV 3UpSDUDWHXU

DYHFDVVLVWDQFHVLEHVRLQGH
O¶LQWpJUDWHXUPDTXHWWH
,QWURGXFWLRQ
'pILQLUOHVVSpFLILFDWLRQVHWODGHPDQGH 'HPDQGHRXWLOODJH

RXWLOODJH $UERUHVFHQFHLQGXVWULHOOH
&KDUJpG¶DIIDLUHRXWLOODJH 3UpSDUHUO¶DUERUHVFHQFHLQGXVWULHOOH
HQFROODERUDWLRQDYHFOD
SUpSDUDWLRQ TXLOHSUpYLHQW &KDUJpG¶DIIDLUHRXWLOODJHDYHF
GHVpYROXWLRQV O¶DLGHGHO¶,QWpJUDWHXU 0DTXHWWH
7UDQVIpUHUOHVpYROXWLRQV 5pGLJHU&'&IRQFWLRQQHO3UpSDUHU &'&IRQFWLRQQHO

$UERUHVFHQFHRXWLOODJHGX
GHVGRQQpHVGHGpILQLWLRQ O¶DUERUHVFHQFHRXWLOODJH SURJUDPPHDYLRQ
LPSDFWDQWO¶pWXGH
G¶RXWLOODJHUpDOLVpHSDUOH 1RXYHOOHVGRQQpHVGHGpILQLWLRQ &KDUJpG¶DIIDLUHRXWLOODJHDYHF
VRXVWUDLWDQW O¶DLGHGHO¶,QWpJUDWHXU0DT
7UDQVIpUHUOHVGRQQpHVGH 7UDQVIHUWGHVGRQQpHVGH
GpILQLWLRQDYLRQ
GpILQLWLRQDXFRQFHSWHXU
&RQFHSWHXURXWLOODJH
,QWHUQHRXVRXVWUDLWDQW
'RQQpHVGHGpILQLWLRQ
'pILQLURXWLOODJH RXWLOODJH

6RXVWUDLWDQWRXWLOODJH
%''
DYLRQ 7UDQVIpUHUOHVGRQQpHV 7UDQVIHUWGHVGRQQpHVGH
GpILQLWLRQRXWLOODJH
RXWLOODJHj($'6$LUEXV
&KDUJpG¶DIIDLUHRXWLOODJH
5HYXHGHGpILQLWLRQ
(WXGLHUODGpILQLWLRQGHO¶RXWLOODJH
%'' RXWLOODJH
RXWLOODJHV
9DOLGDWLRQ
1RQ WHFKQLTXH
RXWLOODJH
&KDUJpG
DIIDLUHRXWLOODJHDLGp
2XL SDUXQFRQFHSWHXURXWLOODJH
&KDUJpG¶DIIDLUHRXWLOODJH &RQWU{OHUODVWUXFWXUHGHVILFKLHUV&$2 'RQQpHV&$2RXWLOODJHV

HQFROODERUDWLRQDYHFOD FRQWU{OpHV
SUpSDUDWLRQTXLOHSUpYLHQW
GHVpYROXWLRQV
5HQYRLGHVGRQQpHVRXWLOODJHV 5HQYR\HUOHVGRQQpHVGH 1RQ 6WUXFWXUHGHV

WUDQVPLVHVSDUOHFRQFHSWHXU GpILQLWLRQRXWLOODJHDX ILFKLHUV&$2RN
FRQFHSWHXU &KDUJpG¶DIIDLUHRXWLOODJH
2XL DLGpSDUOHFRQFHSWHXURXWLOODJH
6WRFNHUOHVGRQQpHVRXWLOODJHVGDQVOD 'RQQpHV&$2RXWLOODJHV
%''($'6$LUEXV)UDQFH VWRFNpHV
,QWpJUDWHXU0DTXHWWH3URGXFWLRQ
RX,02
5DFFURFKHUOHVGRQQpHVRXWLOODJHj 'RQQpHV&$2RXWLOODJHV
O¶DUERUHVFHQFHRXWLOODJH VWUXFWXUpHV
$,5%86)5$1&(6$ 0DQXHO SDJH

7UDQVIHUWGHVGRQQpHV
/HWUDQVIHUWGHVGRQQpHVGHGpILQLWLRQ$LUEXV)UDQFH
6RXVWUDLWDQW

/HFKDUJpG¶DIIDLUHRXWLOODJHDLGpSDUOHVFRQFHSWHXUVRXWLOODJHVHVWUHVSRQVDEOH
♦ GHO¶HQYRLGHVGRQQpHVGHGpILQLWLRQ&$2DX[VRXVWUDLWDQWVHQFROODERUDWLRQDYHFOD
SUpSDUDWLRQTXLSUpYLHQWORUVTXHO¶RQGRLWWUDQVPHWWUHFHVGRQQpHV
♦ GXVXLYLGHO¶pYROXWLRQGHVGRQQpHVGHGpILQLWLRQ%(SRXULQIRUPHUOHVVRXVWUDLWDQWVHQ
FROODERUDWLRQDYHFODSUpSDUDWLRQTXLSUpYLHQWGHVpYROXWLRQVOHFKDUJpG¶DIIDLUH

5qJOHPpWLHU
/HWUDQVIHUWGHVGRQQpHVVHIDLWSDU
♦ OLJQHLQIRUPDWLTXHVpFXULVpH
♦ 6XSSRUWSK\VLTXH

5qJOHGHJHVWLRQ
/HVGRQQpHV&$2OLYUpHVDX[VRXVWUDLWDQWVRXWLOODJHVVHURQWDXIRUPDWGXORJLFLHO&$2
XWLOLVpSDU$LUEXV)UDQFH

/HWUDQVIHUWGHVGRQQpHVRXWLOODJHV6RXVWUDLWDQW
$LUEXV)UDQFH

5qJOHGHJHVWLRQ
/HVGRQQpHV&$2WUDQVIpUpHVSDUOHVVRXVWUDLWDQWVRXWLOODJHVGRLYHQWrWUHDXIRUPDWGX
ORJLFLHO&$2XWLOLVpSDU$LUEXV)UDQFH

$,5%86)5$1&(6$ 0DQXHO SDJH


5qJOHGHJHVWLRQ
/HV VRXVWUDLWDQWV RXWLOODJHV GRLYHQW HIIHFWXHU OHV YpULILFDWLRQV GHV GRQQpHV VSpFLILpHV SDU $LUEXV
)UDQFHDYDQWGHOLYUHUOHVPRGqOHV&$2RXWLOODJHV
7RXWH DQRPDOLH GpWHFWpH SDU $LUEXV )UDQFH VXU FHV RSpUDWLRQV GH YpULILFDWLRQV HQWUDvQHUD XQH
UpH[SpGLWLRQGHVPRGqOHV&$2DX[VRXVWUDLWDQWVRXWLOODJHV

5qJOHPpWLHU
/HWUDQVIHUWGHVGRQQpHVVHIDLWSDU
♦ OLJQHLQIRUPDWLTXHVpFXULVpH
♦ 6XSSRUWSK\VLTXH

/DUpFXSpUDWLRQGHVPRGqOHV&$2SDU$LUEXV)U

5qJOHPpWLHU
/HFKDUJpG¶DIIDLUHRXWLOODJHHWO¶LQWpJUDWHXUPDTXHWWHRXWLOODJHVRQWUHVSRQVDEOHV
'HODUpFHSWLRQGHVGRQQpHV&$2GHVVRXVWUDLWDQWVRXWLOODJHV
'HODYpULILFDWLRQGHVGRQQpHVWUDQVPLVHVSDUOHVRXVWUDLWDQW
'XUHQYRLGHVPRGqOHV&$2RXWLOODJHVDX[VRXVWUDLWDQWVVLXQHDQRPDOLHDpWpGpWHFWpHSHQGDQWOD
YpULILFDWLRQGHVGRQQpHV
$,5%86)5$1&(6$ 0DQXHO SDJH

/DYpULILFDWLRQGHVGRQQpHV

5qJOHGHJHVWLRQ
/HV GRQQpHV &$2 RXWLOODJHV GRLYHQW VXELU XQH GRXEOH YpULILFDWLRQ DYDQW G¶rWUH VWRFNpHV GDQV OD
%''$LUEXV)UDQFH
$YDQW OD VDXYHJDUGH ILQDOH GX ILFKLHU HW OD OLYUDLVRQ GHV PRGqOHV OHV VRXVWUDLWDQWV RXWLOODJHV
GRLYHQWHIIHFWXHUOHVFRQWU{OHVREOLJDWRLUHVGDQVFKDTXH0RGqOH
/H FKDUJp G¶DIIDLUH RXWLOODJH HIIHFWXHUD GHV FRQWU{OHV V\VWpPDWLTXHV j OD UpFHSWLRQ GHV GRQQpHV
RXWLOODJHV DILQ GH V¶DVVXUHU TXH OHV YpULILFDWLRQV RQW ELHQ pWp UpDOLVpHV SDU OH VRXVWUDLWDQW $ OD
PRLQGUHDQRPDOLHUHQFRQWUpHLOUHQYHUUDOHVPRGqOHVDX[VRXVWUDLWDQWV

5qJOHPpWLHU
&HV YpULILFDWLRQV DYDQW OLYUDLVRQ HW j OD UpFHSWLRQ SRXUURQW VH IDLUH DYHF O¶DLGH G¶XQ SURJUDPPH
LQIRUPDWLTXHH[pFXWDEOHGpYHORSSpSDU$LUEXV)UDQFH

$,5%86)5$1&(6$ 0DQXHO SDJH

9DOLGDWLRQHWVWRFNDJHGHVGRQQpHV
5qJOHPpWLHU
&¶HVW OH FKDUJp G¶DIIDLUH RXWLOODJH DLGp SDU OHV FRQFHSWHXUV RXWLOODJHV $LUEXV )UDQFH TXL HVW
UHVSRQVDEOH GH OD YDOLGDWLRQ HW GX VWRFNDJH GDQV OD %'' GHV PRGqOHV RXWLOODJHV WUDQVPLV SDU OH
VRXVWUDLWDQW
2EMHFWLI&UpHUHWPHWWUHjMRXUODEDVHGHGRQQpHVRXWLOODJH
'URLWVG¶DFFqV
&RQWUDLQWHV DXVHUYHXU
3ODQV' 6WRFNHU 'RQQpHVSHUVRQQHOOHV

OHVGRQQpHVGH 'RQQpHVSXEOLTXHV
0RGqOHV
SLqFH pOpPHQWDLUH ' GpILQLWLRQHW
O¶DUERUHVFHQFH $XWRULVDWLRQG¶DFFqV
0DTXHWWHV
RXWLOODJH $WWULEXWVGHVGRQQpHV
DVVHPEODJH GH PRGqOHV '
2XWLOV
&$2*'7
$,5%86)5$1&(6$ 0DQXHO SDJH

3RVLWLRQQHPHQWGHVPRGqOHV&$2

5qJOHPpWLHU
/¶,QWpJUDWHXU0DTXHWWHRXWLOODJHHVWUHVSRQVDEOH
♦ GH OD SUpSDUDWLRQ GH O¶DUERUHVFHQFH LQGXVWULHOOH HQ FROODERUDWLRQ DYHF OHV SUpSDUDWHXUV HW OHV
RXWLOOHXUVHWjSDUWLUGHVGRQQpHVSURYHQDQWGX%(
/¶,QWpJUDWHXU0DTXHWWHRXWLOODJHHVWUHVSRQVDEOH
♦ GX SRVLWLRQQHPHQW GDQV O¶DUERUHVFHQFH RXWLOODJH GHV PRGqOHV &$2 RXWLOODJHV VWRFNpV GDQV OD
%''$LUEXV)UDQFH
$,5%86)5$1&(6$ 0DQXHO SDJH

/H[LTXH

&RQFHSWSKDVH 3KDVHGXSURFHVVXVGHGpYHORSSHPHQWGXUDQWODTXHOOHRQpWXGLHOHVJUDQGHVLGpHVHWOHVQRWLRQVSULQFLSDOHVGXSURJUDPPH
DYLRQHWRQVSpFLILHOHVEHVRLQVIRQFWLRQQHOVHQRXWLOODJHV

'DWD%DVLVIRU'HVLJQ (QVHPEOHGHGRQQpHVYHQDQWHQFRPSOpPHQWjOD6SpFLILFDWLRQ7HFKQLTXH6WDQGDUGDX[REMHFWLIVH[LJHQFHVGHFRQFHSWLRQHWGH
FHUWLILFDWLRQGHO
DYLRQ/
REMHFWLIGHOD'DWD%DVLVIRU'HVLJQHVWGHIRXUQLUDX[VSpFLDOLVWHVGHVVRFLpWpVSDUWHQDLUHVXQHEDVHGH

GRQQpHVFRPPXQHSRXUOHWUDYDLOGHFRQFHSWLRQ

'HILQLWLRQSKDVH 3KDVHGXSURFHVVXVGHGpYHORSSHPHQWGXUDQWODTXHOOHRQFRPPHQFHODGpILQLWLRQGHO¶DYLRQHWRXO¶RQUpDOLVHODVSpFLILFDWLRQGHV
RXWLOODJHV

'HYHORSPHQWSKDVH 'HUQLqUHSKDVHGXSURFHVVXVDYDQWOHODQFHPHQWHQSURGXFWLRQGXUDQWODTXHOOHRQUpDOLVHODGpILQLWLRQH[DFWHGHO¶DYLRQHWGHV
RXWLOODJHV

)HDVDELOLW\SKDVH 3KDVHGXSURFHVVXVGHGpYHORSSHPHQWGXUDQWODTXHOOHRQpWXGLHODIDLVDELOLWpGXSURJUDPPHDYLRQHWGHVRXWLOODJHV

3ULQFLSHVFRQVWUXFWLIV /HVSULQFLSHVFRQVWUXFWLIVVRQWGHVSODQVGHFRQFHSWLRQSUpOLPLQDLUHG
XQH]RQHUpDOLVpVHQ&$2

0DTXHWWHVLQWpJUDQWODYXHLQGXVWULHOOH 0DTXHWWHVUpDOLVpHVSDUOHEXUHDXG¶pWXGHPDLVHQULFKLSDUOHVGRQQpHVSURYHQDQWGHO¶LQGXVWULDOLVDWLRQ

0DTXHWWH$OORFDWLRQ(VSDFH /DPDTXHWWHG
DOORFDWLRQG
HVSDFHHVWXQHPDTXHWWHGLJLWDOHGHO
DYLRQFRPSRVpHGHYROXPHVHQYHORSSHGHODVWUXFWXUHWUqV
VLPSOLILpHHWGHYROXPHVGHVV\VWqPHDYLRQD\DQWXQHWDLOOHLPSRUWDQWH

0DVWHU*HRPHWU\ /D0DVWHU*HRPHWU\HVWFRPSRVpHGHPDTXHWWHV&$2GHWRXWHVOHVIRUPHVH[WpULHXUHVGHO
DYLRQGHVUpIpUHQFHVSULQFLSDOHV
DLQVLTXHGHVUHSqUHVDVVRFLpV

3ODQHWPRGqOHIURQWLqUH 3ODQRXPRGqOHGpILQLVVDQWO
HQVHPEOHGHVSDUDPqWUHVG
XQHIURQWLqUHHQWUHGHX[RXSOXVLHXUVORWVGRQWO
pWXGHRXODIDEULFDWLRQ
RXO
DVVHPEODJHVRQWUpDOLVpVSDUGHV%(SRXUOHVpWXGHVRXGHVVLWHVGHSURGXFWLRQGLIIpUHQWV

5qJOHGHJHVWLRQ 5qJOHjDSSOLTXHULPSpUDWLYHPHQWDILQG¶REWHQLUODTXDOLWpHWOHUpVXOWDWVRXKDLWpSRXUXQHRSpUDWLRQGRQQpH

5qJOHPpWLHU 5qJOHGpILQLVVDQWXQVDYRLUIDLUHXQHFRPSpWHQFHXQHPpWKRGHVGHWUDYDLOTXHO¶RQXWLOLVHSRXUDERXWLUDXUpVXOWDWVRXKDLWp
5qJOHQHGpILQLVVDQWSDVODPpWKRGHXQLTXHSRXUREWHQLUXQUpVXOWDWGRQQpPDLVODSURFpGXUHGpILQLWSDU($'6$LUEXV)UDQFH
&HWWHUqJOHFRPSRUWHGRQFpJDOHPHQWXQFDUDFWqUHLPSpUDWLISRXUOHVVRXVWUDLWDQWWUDYDLOODQWSRXU($'6$LUEXV)UDQFH

$,5%86)5$1&(6$ 0DQXHO SDJH

$QQH[H
3DUWLFLSDQWVjO¶pODERUDWLRQGHFHPDQXHO
%,1=3(,7 $//$,1&
'17*,2( %$5%$8'-&
7107''6 %$521*
%4,1=43(, %2648(-/
%'6, %28(7'
48$/,7$,5( %28<5,(-
7107 &$5215
%'6( '$5%$66
%,60, )$//$
3*,32 *2/'$6)
%,1=2,0& /$12(*
2,%0 /$66863
'17*,35 /()(895(&
%,1=2,0& 0$5&+$1'-&
%,6%6, 3(58&&+,(77,*
'17*,2( 3581$8/7*
%,60, 6$85(/&
2,%0''6 6(127/
%,60, 9(5*1(63
3*,2 :$7(/3
&RPLWpG¶DSSUREDWLRQGXPDQXHO
%,6%6( %28'(11(6
%,60& '(:(5'70
%,1=3( 2%(5$
3*, 52%2$00
'17*, 528;0/
5HVSRQVDEOHGXPDQXHO
%/&,,&,03$ )$55((
9DOLGDWLRQGXPDQXHO
%/&,, 9(5*1(63
$,5%86)5$1&(6$ 0DQXHO SDJH

$,5%86)5$1&(6$ 0DQXHO SDJH

Airbus Mim40-310-Mut-000-A7

Transféré par

Informations du document

Titre original

Copyright

Formats disponibles

Partager ce document

Partager ou intégrer le document

Options de partage

Avez-vous trouvé ce document utile ?

Ce contenu est-il inapproprié ?

Droits d'auteur :

Formats disponibles

Airbus Mim40-310-Mut-000-A7

Transféré par

Droits d'auteur :

Formats disponibles

9DOLGpOH

5HVSRQVDEOH 1RP-HDQSDVFDO6$1&+(= 9DOLGDWLRQ 1RP6\YOLH%RXGHQQH

 3DUWLFLSDQWVjO¶pODERUDWLRQGHFHPDQXHO 

$,5%86)5$1&(6$ 0DQXHO SDJH

$,5%86)5$1&(6$ 0DQXHO SDJH

$,5%86)5$1&(6$ 0DQXHO SDJH

$,5%86)5$1&(6$ 0DQXHO SDJH

&KDUJpG¶DIIDLUHRXWLOODJH$LUEXV )LFKLHUV&$2GHGpILQLWLRQ 3ULQFLSHVFRQVWUXFWLIVDYLRQ

5pDOLVHUOD0DTXHWWHGH5pIpUHQFH )LFKLHUV&$2GHGpILQLWLRQ 3ULQFLSHVFRQVWUXFWLIV7URQoRQV

$,5%86)5$1&(6$ 0DQXHO SDJH

(QWUpHV 3URFHVVXV $FWHXUV 6RUWLHV

$,5%86)5$1&(6$ 0DQXHO SDJH

,QGXVWULDOLVDWLRQ )LQDOLVHUOD0DTXHWWH 0DTXHWWH$OORFDWLRQ(VSDFH

$,5%86)5$1&(6$ 0DQXHO SDJH

$,5%86)5$1&(6$ 0DQXHO SDJH

$,5%86)5$1&(6$ 0DQXHO SDJH

$,5%86)5$1&(6$ 0DQXHO SDJH

$,5%86)5$1&(6$ 0DQXHO SDJH

$,5%86)5$1&(6$ 0DQXHO SDJH

$,5%86)5$1&(6$ 0DQXHO SDJH

$,5%86)5$1&(6$ 0DQXHO SDJH

$,5%86)5$1&(6$ 0DQXHO SDJH

$,5%86)5$1&(6$ 0DQXHO SDJH

$,5%86)5$1&(6$ 0DQXHO SDJH

$,5%86)5$1&(6$ 0DQXHO SDJH

$,5%86)5$1&(6$ 0DQXHO SDJH

$,5%86)5$1&(6$ 0DQXHO SDJH

$,5%86)5$1&(6$ 0DQXHO SDJH

$,5%86)5$1&(6$ 0DQXHO SDJH

$,5%86)5$1&(6$ 0DQXHO SDJH

$,5%86)5$1&(6$ 0DQXHO SDJH

$,5%86)5$1&(6$ 0DQXHO SDJH

$,5%86)5$1&(6$ 0DQXHO SDJH

$,5%86)5$1&(6$ 0DQXHO SDJH

/ /$ O

1LYHDX< 1LYHDX 1LYHDX 1LYHDX 1LYHDX;

$,5%86)5$1&(6$ 0DQXHO SDJH

$,5%86)5$1&(6$ 0DQXHO SDJH

$,5%86)5$1&(6$ 0DQXHO SDJH

$,5%86)5$1&(6$ 0DQXHO SDJH

 (QVHPEOHGHGpILQLWLRQGHO¶RXWLOODJH -7'-LJV 7RROV'HILQLWLRQ

 (QVHPEOH6ROXWLRQ2XWLOODJH -76-LJV 7RROV6ROXWLRQ

$,5%86)5$1&(6$ 0DQXHO SDJH

 (QVHPEOH &RPSRVDQWV2XWLOODJHV -7&-LJV 7RROV&RPSRVDQW 

$,5%86)5$1&(6$ 0DQXHO SDJH

 5pFDSLWXODWLIGHODQXPpURWDWLRQGHVPDTXHWWHVGHUpIpUHQFH (QSKDVHGpYHORSSHPHQW

$,5%86)5$1&(6$ 0DQXHO SDJH

 (QVHPEOHGHGpILQLWLRQGHO¶RXWLOODJH -7'-LJV 7RROV'HILQLWLRQ 

 (QVHPEOH6ROXWLRQ2XWLOODJH -76-LJV 7RROV6ROXWLRQ

 (QVHPEOH &RPSRVDQWV2XWLOODJHV -7&-LJV 7RROV&RPSRVDQW 

$,5%86)5$1&(6$ 0DQXHO SDJH

$,5%86)5$1&(6$ 0DQXHO SDJH

$,5%86)5$1&(6$ 0DQXHO SDJH

 1XPpURWDWLRQGHV&RPSRVDQWVRXWLOODJHVVSpFLILTXHV 3DUWVVTXHOHWWHVGpIRUPDEOHRXDX[LOLDLUH

$,5%86)5$1&(6$ 0DQXHO SDJH

$,5%86)5$1&(6$ 0DQXHO SDJH

$,5%86)5$1&(6$ 0DQXHO SDJH

$,5%86)5$1&(6$ 0DQXHO SDJH

$,5%86)5$1&(6$ 0DQXHO SDJH

$,5%86)5$1&(6$ 0DQXHO SDJH

$,5%86)5$1&(6$ 0DQXHO SDJH

$'5$: '5$: '5$:

$,5%86)5$1&(6$ 0DQXHO SDJH

9DOLGpOH

5HVSRQVDEOH 1RP-HDQSDVFDO6$1&+(= 9DOLGDWLRQ 1RP6\YOLH%RXGHQQH

3DUWLFLSDQWVjO¶pODERUDWLRQGHFHPDQXHO

$,5%86)5$1&(6$ 0DQXHO SDJH

$,5%86)5$1&(6$ 0DQXHO SDJH

$,5%86)5$1&(6$ 0DQXHO SDJH

$,5%86)5$1&(6$ 0DQXHO SDJH

&KDUJpG¶DIIDLUHRXWLOODJH$LUEXV )LFKLHUV&$2GHGpILQLWLRQ3ULQFLSHVFRQVWUXFWLIVDYLRQ

5pDOLVHUOD0DTXHWWHGH5pIpUHQFH )LFKLHUV&$2GHGpILQLWLRQ3ULQFLSHVFRQVWUXFWLIV7URQoRQV

$,5%86)5$1&(6$ 0DQXHO SDJH

$,5%86)5$1&(6$ 0DQXHO SDJH

,QGXVWULDOLVDWLRQ )LQDOLVHUOD0DTXHWWH 0DTXHWWH$OORFDWLRQ(VSDFH

$,5%86)5$1&(6$ 0DQXHO SDJH

$,5%86)5$1&(6$ 0DQXHO SDJH

$,5%86)5$1&(6$ 0DQXHO SDJH

$,5%86)5$1&(6$ 0DQXHO SDJH

$,5%86)5$1&(6$ 0DQXHO SDJH

$,5%86)5$1&(6$ 0DQXHO SDJH

$,5%86)5$1&(6$ 0DQXHO SDJH

$,5%86)5$1&(6$ 0DQXHO SDJH

$,5%86)5$1&(6$ 0DQXHO SDJH

$,5%86)5$1&(6$ 0DQXHO SDJH

$,5%86)5$1&(6$ 0DQXHO SDJH

$,5%86)5$1&(6$ 0DQXHO SDJH

$,5%86)5$1&(6$ 0DQXHO SDJH

$,5%86)5$1&(6$ 0DQXHO SDJH

$,5%86)5$1&(6$ 0DQXHO SDJH

$,5%86)5$1&(6$ 0DQXHO SDJH

$,5%86)5$1&(6$ 0DQXHO SDJH

$,5%86)5$1&(6$ 0DQXHO SDJH

$,5%86)5$1&(6$ 0DQXHO SDJH

$,5%86)5$1&(6$ 0DQXHO SDJH

$,5%86)5$1&(6$ 0DQXHO SDJH

/ /$ O

1LYHDX< 1LYHDX 1LYHDX 1LYHDX 1LYHDX;

$,5%86)5$1&(6$ 0DQXHO SDJH

$,5%86)5$1&(6$ 0DQXHO SDJH

$,5%86)5$1&(6$ 0DQXHO SDJH

$,5%86)5$1&(6$ 0DQXHO SDJH

(QVHPEOHGHGpILQLWLRQGHO¶RXWLOODJH-7'-LJV 7RROV'HILQLWLRQ

(QVHPEOH6ROXWLRQ2XWLOODJH-76-LJV 7RROV6ROXWLRQ

$,5%86)5$1&(6$ 0DQXHO SDJH

(QVHPEOH &RPSRVDQWV2XWLOODJHV-7&-LJV 7RROV&RPSRVDQW

$,5%86)5$1&(6$ 0DQXHO SDJH

5pFDSLWXODWLIGHODQXPpURWDWLRQGHVPDTXHWWHVGHUpIpUHQFH(QSKDVHGpYHORSSHPHQW

$,5%86)5$1&(6$ 0DQXHO SDJH

(QVHPEOHGHGpILQLWLRQGHO¶RXWLOODJH-7'-LJV 7RROV'HILQLWLRQ

(QVHPEOH6ROXWLRQ2XWLOODJH-76-LJV 7RROV6ROXWLRQ

(QVHPEOH &RPSRVDQWV2XWLOODJHV-7&-LJV 7RROV&RPSRVDQW

$,5%86)5$1&(6$ 0DQXHO SDJH

$,5%86)5$1&(6$ 0DQXHO SDJH

$,5%86)5$1&(6$ 0DQXHO SDJH

1XPpURWDWLRQGHV&RPSRVDQWVRXWLOODJHVVSpFLILTXHV3DUWVVTXHOHWWHVGpIRUPDEOHRXDX[LOLDLUH

$,5%86)5$1&(6$ 0DQXHO SDJH

$,5%86)5$1&(6$ 0DQXHO SDJH

$,5%86)5$1&(6$ 0DQXHO SDJH

$,5%86)5$1&(6$ 0DQXHO SDJH

$,5%86)5$1&(6$ 0DQXHO SDJH

$,5%86)5$1&(6$ 0DQXHO SDJH

$,5%86)5$1&(6$ 0DQXHO SDJH

$'5$: '5$: '5$:

$,5%86)5$1&(6$ 0DQXHO SDJH

$,5%86)5$1&(6$ 0DQXHO SDJH

$,5%86)5$1&(6$ 0DQXHO SDJH

$,5%86)5$1&(6$ 0DQXHO SDJH

j 6XUIDFLTXH

$,5%86)5$1&(6$ 0DQXHO SDJH

$,5%86)5$1&(6$ 0DQXHO SDJH

$,5%86)5$1&(6$ 0DQXHO SDJH

$,5%86)5$1&(6$ 0DQXHO SDJH

$,5%86)5$1&(6$ 0DQXHO SDJH

$,5%86)5$1&(6$ 0DQXHO SDJH

$,5%86)5$1&(6$ 0DQXHO SDJH

$,5%86)5$1&(6$ 0DQXHO SDJH

$,5%86)5$1&(6$ 0DQXHO SDJH

$,5%86)5$1&(6$ 0DQXHO SDJH

$,5%86)5$1&(6$ 0DQXHO SDJH

$,5%86)5$1&(6$ 0DQXHO SDJH

6WRFNDJHHWWUDQVIHUWGHVGRQQpHV 3UpSDUDWHXU

7UDQVIpUHUOHVpYROXWLRQV 5pGLJHU&'&IRQFWLRQQHO3UpSDUHU &'&IRQFWLRQQHO