pìëéÉåëáçå=Éí=êçìÉë

`~ÜáÉê=ÇáÇ~ÅíáèìÉ
ÇÉ=Ä~ëÉ=åK⁄=NP

1
État technique 07.01. En raison du développement et de
l'amélioration constants du produit, les informations contenues dans
le présent cahier sont susceptibles d'être modifiées.

La reproduction totale ou partielle du présent cahier est interdite, de même

que son enregistrement sur un système informatique ou sa transmission
sous quelque forme que ce soit ou à travers tout moyen, qu'il soit
électronique, mécanique, par photocopie, enregistrement ou par d'autres
méthodes, sans en avoir préalablement reçu l'autorisation écrite des
titulaires des droits d’auteur.

TITRE : Suspension et roues

AUTEUR : Organisation de Service
SEAT, S.A. Société Unipersonnelle. Zona Franca, Calle 2.
R.C.S. de Barcelone. Tome 23662, Feuillet 1, Folio 56855

1ère édition
DATE DE PUBLICATION : Juillet 01
DÉPÔT LÉGAL : B-46594-2001
Préimpression et impression : S.A. LITOGRAFIA
Torrent de Vallmajor, 26-28 08911 BADALONA
, 1 ' ( ;
),1$/,7Š6'(%$6('(/$6863(16,21 

26&,//$7,216'89Š+,&8/( 

6<67‰0(6(7&20326$176'(/$6863(16,21 

Š/Š0(176Š/$67,48(6%$55(6'(7256,21 

Š/Š0(176Š/$67,48(65(662576/$0(6 

Š/Š0(176Š/$67,48(65(662576 

Š/Š0(176Š/$67,48(6%/2&31(80$7,48( 

Š/Š0(176'×$%62537,21$0257,66(856 

Š/Š0(176'×$%62537,21%$55(6
67$%,/,6$75,&(6 

$5&+,7(&785(6'(/$6863(16,21 

6863(16,21'×(66,(85,*,'( 

6863(16,21'(528(6,1'(3Š1'$17(6
$9$17 

6863(16,21'(528(6,1'(3Š1'$17(6
$55,‰5( 

6863(16,21663Š&,$/(6 

6863(16,21$&7,9( 

/$528( 

/(31(80$7,48( 

7<3(6'(31(80$7,48(6 

120(1&/$785('(631(80$7,48(6 

(175(7,(1'(631(80$7,48(6 

(;(5&,&(6'׊9$/8$7,21 


 Ù/DVXVSHQVL´QHQORVYHK®FXORVHVXQRGHORV
VLVWHPDVTXHP¢VDSRUWDDODVHJXULGDGDFWLYDDOFRQIRUW
\DODVSUHVWDFLRQHVGHOYHK®FXORÚ

/RUVTXHOHYªKLFXOHFLUFXOHVXUXQH 2EMHFWLIVGHODVXVSHQVLRQ
URXWHLOHVWFRQVWDPPHQWVRXPLV 6RQUµOHSULQFLSDOHVWGHJDUGHUOHV
DX[LUUªJXODULWªVGXWHUUDLQFHTXLTXL URXHVHQFRQWDFWFRQWLQXDYHFOD
FUªHGHVPRXYHPHQWVYHUWLFDX[ FKDXVVªH1ªDQPRLQVFHWWHIRQFWLRQ
FRQWLQXVDXQLYHDXGHVURXHV GRLW«WUHUHPSOLHHQWHQDQWFRPSWH
ORUVTXHODYLWHVVHDXJPHQWHFHV GHGHX[FKRVHV
PRXYHPHQWVVRQW¡O
RULJLQHGH  ODQªFHVVLWªGHFRQWUµOHUOD
O
LQVªFXULWªHWGHO
LQFRPPRGLWªGHV WUDMHFWRLUHHQDVVXUDQWODVWDELOLWª
RFFXSDQWV GXYªKLFXOHHQWRXWHV
/DVXVSHQVLRQHVWFKDUJªHGH FLUFRQVWDQFHV
QHXWUDOLVHUFHVLQFRQYªQLHQWVHWSDU  HWOHFRQIRUWGHVRFFXSDQWV
O¡P«PHG
DPªOLRUHUODVªFXULWª
GDQVODFRQGXLWH

6DQVV\VW©PHGHVXVSHQVLRQXQHFRQGXLWH %
FRQIRUWDEOHHWV¼UHHVWLPSRVVLEOH


 /HVSUHPLHUVYªKLFXOHVDYDLHQWGªM¡DGRSWªOD
VXVSHQVLRQSRXUDPªOLRUHUOHFRQIRUW

(1352)21'(85
0DVVHVVXVSHQGXHVHWPDVVHVQRQ
VXVSHQGXHV
/HVPDVVHVVXVSHQGXHVVRQWFHOOHVTXLVRQW
HQFRQWDFWDYHFODURXWHHWGRQWOHSRLGVHVW
GRQFVXSSRUWªSDUODVXVSHQVLRQ/D
FDUURVVHULHHWOHVRFFXSDQWVHQVRQWGHX[
H[HPSOHVVLJQLILFDWLIV
/HVPDVVHVQRQVXVSHQGXHVVRQWFHOOHVTXL
UHSRVHQWGLUHFWHPHQWVXUOHVRO¡WUDYHUVOHV
URXHVHWFHOOHVGHODVXVSHQVLRQ'DQVFH
JURXSHQRXVWURXYRQVHQWUHDXWUHVOHV
HVVLHX[OHVURXHVHWOHVIUHLQV
0RLQVLO\DXUDGHPDVVHVQRQVXVSHQGXHV
PHLOOHXUVHUDOHFRPSRUWHPHQWG\QDPLTXH
GXYªKLFXOHSXLVTXHOHQRPEUHGH
FRPSRVDQWVHQPRXYHPHQWGLPLQXH

%

/DVXVSHQVLRQGRLW«WUHFRQ¨XHGH G
XQYªKLFXOHGHWRXULVPH
VRUWHTXHFHVGHX[FRQGLWLRQVVRLHQW 'DQVWRXVOHVFDVOHVWHFKQLTXHV
UHPSOLHVFRQMRLQWHPHQWRXTXHOH DFWXHOOHVSHUPHWWHQWG
REWHQLUGH
VRLWDXPRLQVO
XQHG
HQWUHHOOHVDX KDXWVQLYHDX[GHFRQIRUWVDQVQXLUH %
%
FKRL[VHORQTXHO
XQHRXO
DXWUH GHODVªFXULWªHWDXERQPDQLHPHQW
FRQYLHQQHOHSOXV GHVYªKLFXOHV
/DSRVVLELOLWªGHVDFULILHUOHFRQIRUW (QGªILQLWLIOHPRXYHPHQWGHVURXHV
FRPPHGDQVOHFDVGHVYªKLFXOHV GRLW«WUHSODFªVRXVOHFRQWUµOHGHOD
VSRUWLIVSRXUREWHQLUXQHFRQGXLWH VXVSHQVLRQHQWRXWHV
SOXVUDSLGHHWSOXVSUªFLVHRXOH FLUFRQVWDQFHV
FKRL[G
XQHVXVSHQVLRQDSSRUWDQWXQ
SOXVJUDQGFRQIRUWORUVTX
LOV
DJLW


 /DILQDOLWªGHODVXVSHQVLRQHVWG
DWWªQXHUOHVPRXYHPHQWV
SURYRTXªVSDUOHVLUUªJXODULWªVGHODFKDXVVªHOHVYLUDJHV
OHYHQWOHVDFFªOªUDWLRQVHWOHVGªFªOªUDWLRQV

0RXYHPHQWVGHOD  7DQJDJHFHVRQWFHOOHVTXLVH
FDUURVVHULH SURGXLVHQWDXWRXUGHO
D[H
/DVXVSHQVLRQDEVRUEHHWQHXWUDOLVH WUDQVYHUVDO
OHVLUUªJXODULWªVGHODFKDXVVªH  5RXOLVFHVRQWOHVRVFLOODWLRQV
&HOOHVFLWHQGHQW¡«WUHWUDQVPLVHV¡ URWDWLYHVTXLVHSURGXLVHQWDXWRXU
ODFDUURVVHULHHWDX[RFFXSDQWVGX GHO
D[HORQJLWXGLQDO
YªKLFXOHVRXVIRUPHG
RVFLOODWLRQV  /DFHWFHVRQWFHOOHVTXLVH
J«QDQWHVTXHOHV\VW©PHGH SURGXLVHQWGDQVO
D[HYHUWLFDO
 'ªSODFHPHQWVYHUWLFDX[
VXVSHQVLRQGRLWFRPSHQVHU
&HVRQWOHVPRXYHPHQWVTXLVH
FUªHQWOHORQJGHO
D[HYHUWLFDOGX
7\SHVG
RVFLOODWLRQV
YªKLFXOH
,OH[LVWHGLIIªUHQWVW\SHV
 'ªSODFHPHQWVWUDQVYHUVDX[
G
RVFLOODWLRQVHQIRQFWLRQGHOD
&HVRQWOHVPRXYHPHQWVTXLVH
GLUHFWLRQGDQVODTXHOOHFHOOHVFLVH
FUªHQWGHID¨RQUHFWLOLJQHGDQV
SURGXLVHQWSDUUDSSRUWDXYªKLFXOH
O
D[HWUDQVYHUVDO

/HWDQJDJHVHSURGXLW
ORUVGHO
DFFªOªUDWLRQHWGXIUHLQDJH

(O
(QWRXUQDQWGDQVXQYLUDJH
(O GXURXOLVVHSURGXLW

/HVFKDQJHPHQWVGHGLUHFWLRQSURYRTXHQW
XQODFHW

/HVRVFLOODWLRQVYHUWLFDOHVVHSURGXLVHQW 'HVIRUFHVFRPPHFHOOHGX
GDQVOHVFKDQJHPHQWVGHGªFOLYLWªOHV YHQWSURYRTXHQWGHV
QLGVGHSRXOHHWOHVGªQLYHOODWLRQVGHOD PRXYHPHQWVWUDQVYHUVDX[
FKDXVVªH %


0DUJHVGHFRQIRUWKXPDLQ
DGRSWLRQGHSQHXPDWLTXHV
3RXUQHSDVDOWªUHUO
ªWDWDQLPLTXH ªODVWLTXHVHQVXEVWLWXWLRQGHV
GHVSDVVDJHUVOHVRVFLOODWLRQV
GRLYHQWVHPDLQWHQLUGDQVFHUWDLQHV
OLPLWHV
/DOLPLWHGHFRQIRUWSRXUXQH
DXJPHQWDWLRQGH DPSOLWXGH
SHUVRQQHHVWGH¡RVFLOODWLRQVSDU
HVWOHQRPEUHGHYDULDWLRQV
VHFRQGH$XGHVVXVGHFHVYDOHXUV
/
SQHXPDWLTXHVULJLGHVDªJDOHPHQW
FRQWULEXª¡XQHJUDQGHDPªOLRUDWLRQ
GHODVªFXULWªHWGXFRQIRUW
$YHFOHWHPSVHWO
ODYLWHVVHGHVYªKLFXOHVOHEHVRLQGH
FRQWUµOHUOHVRVFLOODWLRQVG©VOHXU
(1352)21'(85
/HVRVFLOODWLRQV
&HVRQWGHVPRXYHPHQWVTXLVHUªS©WHQW
DYHF XQH FHUWDLQH UªJXODULWª HW TXL VH
PHVXUHQW SDU OHXU IUªTXHQFH HW OHXU
)UªTXHQFH&
TXH VXELW XQ FRUSV HQ XQH VHFRQGH /D
IUªTXHQFHHVWH[SULPªHHQ+HUW]+]
OHV\VW©PHQHUYHX[V
H[FLWHHWHQ RULJLQHV
HVWLPSRVªGHID¨RQ¡RIIULU /
LQYHUVHGHODIUªTXHQFHHVWODSªULRGH
GHVVRXVGHVQDXVªHVSHXYHQWVH XQHPHLOOHXUHVªFXULWª &HWWHGHUQL©UHFRUUHVSRQG¡ODGXUªHGH
SURGXLUH /HVªOªPHQWVªODVWLTXHVRQWªWª SURGXFWLRQG
XQHRVFLOODWLRQFRPSO©WH
LQFRUSRUªVDX[HVVLHX[GHVRUWHTXH $PSOLWXGH,OV
DJLWGHODYDOHXUPD[LPXP
DWWHLQWHSDUO
RVFLOODWLRQ
$PRUWLVVHPHQWGHV OHSOXVJUDQGQRPEUHSRVVLEOHGH
RVFLOODWLRQV FRPSRVDQWVVRLWVXVSHQGX/HV
'©VOHVGªEXWVGHO
DXWRPRELOHGHV PRXYHPHQWVªWDLHQWDLQVLSOXV
PHVXUHVRQWªWªSULVHVSDU DWWªQXªVGDQVODPHVXUHRº
O
XWLOLVDWLRQG
ªOªPHQWVªODVWLTXHV O
DEVRUSWLRQGHFHX[FLQHVH
GDQVOHVVL©JHVSRXUDWWªQXHUOHV OLPLWDLHQWSDVH[FOXVLYHPHQWDX[
RVFLOODWLRQVHWDPªOLRUHUOHFRQIRUW SDVVDJHUV

%

%


 /HVªOªPHQWVªODVWLTXHVG
DEVRUSWLRQHWOHVURXHVVRQWOHVªOªPHQWV
FRQVWLWXWLIVGHODVXVSHQVLRQ&
HVWG
HX[TXHGªSHQGOHFRPSRUWHPHQWGXYªKLFXOH
SOXVVSRUWLIRXSOXVFRQIRUWDEOHVDQVMDPDLVRXEOLHUODVªFXULWªPD[LPXP

(QFHTXLFRQFHUQDODVXVSHQVLRQLO SQHXPDWLTXHV
IDXWGLIIªUHQFLHUOHVªOªPHQWVTXLOD (QIRQFWLRQGHVªOªPHQWVXWLOLVªVHW
FRPSRVHQWHWVHVGLIIªUHQWHV GHOHXUGLVSRVLWLRQGLIIªUHQWHV
DUFKLWHFWXUHV DUFKLWHFWXUHVSHXYHQW«WUHREWHQXHV
/HVªOªPHQWVGHODVXVSHQVLRQVRQW &HOOHVGHO
HVVLHXULJLGHDYHFXQH
FODVVªVGDQVOHVJURXSHVVXLYDQWV XQLRQVROLGDLUHHQWUHOHVURXHVG
XQ
/HVªOªPHQWVªODVWLTXHVOHXUUµOH P«PHHVVLHX
HVWGHVRXWHQLUOHYªKLFXOHHQ &HOOHVGHVURXHVLQGªSHQGDQWHVTXL
O
LVRODQWGHVPRXYHPHQWVSURYRTXªV SHUPHWWHQWXQOLEUHPRXYHPHQWGH
SDUOHVDOWªUDWLRQVGHODFKDXVVªH FKDTXHURXH
/HVªOªPHQWVG
DEVRUSWLRQLOVVRQW /HVVWUXFWXUHVVSªFLDOHVTXLVRQW
UHTXLVSRXUFRPSOªWHUOHVªOªPHQWV GHVªYROXWLRQVGHVGHX[
SUªFªGHQWVHWREWHQLUO
DWWªQXDWLRQ SUªFªGHQWHV
GHVRVFLOODWLRQVSURYRTXªHVSDU (WOHVVXVSHQVLRQVDFWLYHVTXLVRQW
FHX[FL GHVV\VW©PHVPRGHUQHVGRWªVGH
(QILQOHVURXHVFHVGHUQL©UHV O
DVVLVWDQFHGHO
ªOHFWURQLTXHSRXU
DSSRUWHQWPRELOLWªDXYªKLFXOHHW O
REWHQWLRQGHFRPSRUWHPHQWVSOXV
IOH[LELOLWªJU£FH¡O
XWLOLVDWLRQGHV SUªFLV

ŠOªPHQWªODVWLTXH

ŠOªPHQWG
DEVRUSWLRQ

(VVLHXDUUL©UH

(VVLHXDYDQW

5RXH %


 /HVEDUUHVGHWRUVLRQVRQWFDUDFWªULVªHVSDUOHXUVLPSOLFLWªOHSHXG
HVSDFH
TX
HOOHVRFFXSHQWHWSDUOHIDLWTX
HOOHVSHUPHWWHQWODGLVSRVLWLRQG
XQSODQFKHUHQWL©UHPHQWSODW

/HVªOªPHQWVªODVWLTXHVVRQWUDQJªV H[WUªPLWªVFHOOHFLWHQGUD¡VHWRU
HQIRQFWLRQGXPDWªULDXGDQVOHTXHO GUHSXLV¡UHSUHQGUHVDIRUPHG
RUL
FHX[FLVRQWIDEULTXªVGDQVOHV JLQHORUVTXHO
HIIRUWGHWRUVLRQDX
FODVVHVVXLYDQWHV TXHOHOOHVHWURXYHVRXPLVHFHVVH
ŠOªPHQWVªODVWLTXHVVROLGHVWHOVTXH G
«WUHDSSOLTXª
OHVUHVVRUWVOHVUHVVRUWV¡ODPHVHW /HPRQWDJHGHFHVEDUUHVVXUOHYªKL
OHVEDUUHVGHWRUVLRQ FXOHVHIDLWHQIL[DQWO
XQHGHOHXUV
(WOHVªOªPHQWVªODVWLTXHVK\GUDX H[WUªPLWªVDXFK£VVLV8QEUDV
OLTXHVRXSQHXPDWLTXHVWHOVTXHOHV DPRYLEOHHVWSODFª¡O
DXWUHH[WUªPL
EORFVSQHXPDWLTXHV WªRºORJHO
DUEUHGHODURXH/RUVTXH %

%DUUHVGHWRUVLRQ
&HVRQWGHVEDUUHVHQDFLHUªODVWLTXH
FRQ¨XHVSRXUVXSSRUWHUODWHQVLRQ
(OOHVSUHQQHQWXQHIRUPHSDUWLFXOL©UH
D[HORQJL
FHWWHGHUQL©UHPRQWHRXGHVFHQG
XQHWRUVLRQVHSURGXLWFHWWHWRUVLRQ
/RUVTXHODIRUFHGHWRUVLRQGLVSDUD¯WODEDUUH
SHUPHWWUDOHPRXYHPHQWGHODURXH WHQG¡UHSUHQGUHVDIRUPHLQLWLDOH
/HVEDUUHVGHWRUVLRQSHXYHQW«WUH
PRQWªHVSDUDOO©OHPHQW¡O
DX[H[WUªPLWªVSRXUOHXUIL[DWLRQ WXGLQDOHVVLHXDYDQWGXYªKLFXOHRX
&HV\VW©PHHVWEDVªVXUOHSULQFLSH HQVHQVWUDQVYHUVDOHVVLHXDUUL©UH
VXLYDQWVLO
RQDSSOLTXHXQHWRUVLRQ /HXUXWLOLVDWLRQODSOXVIUªTXHQWHD
¡O
XQHGHVH[WUªPLWªVG
XQHWLJHHQ OLHXDXQLYHDXGHO
HVVLHXDUUL©UH
DFLHUªODVWLTXHIL[ªSDUO
DXWUHGHVHV
)L[DWLRQ¡ODFDUURVVHULH

%DUUHGHWRUVLRQ

%UDVDPRYLEOH

%


 /HVUHVVRUWV¡ODPHVVRQWOHVªOªPHQWVªODVWLTXHV
RIIUDQWOHVPHLOOHXUHVSHUIRUPDQFHVHWXWLOLVªVOHSOXVIUªTXHPPHQWVXUOHVYªKLFXOHV
GHVWLQªV¡VXSSRUWHUGHJUDQGHVFKDUJHV

/DIOH[LRQVHSURGXLVDQWGDQVOHVUHVVRUWV¡
ODPHVHPS«FKHODWUDQVPLVVLRQGH &DUURVVHULH 'RXEOH
PRXYHPHQWVEUXVTXHVDX[RFFXSDQWVGX DUWLFXODWLRQ
YªKLFXOH

%ULGHV

2HLOXQLTXH %RXORQ

%RXORQªWRTXLDX

%ULGHV¡YLV

$UEUHGHURXHV

%

/HVUHVVRUWV¡ODPHVVRQWIRUPªV $QFUDJH
G
XQHQVHPEOHGHODPHVHQDFLHU /HUHVVRUW¡ODPHVHVWIL[ª¡OD
2HLOGRXEOH
ªODVWLTXHXQLHVSDUXQERXORQ FDUURVVHULHHW¡O
DUEUHGHVURXHV
%
ªWRTXLDX /
DQFUDJH¡ODFDUURVVHULHVHIDLWHQ
'HVEULGHVHPS«FKHQWOHVGLIIªUHQWHV XQLVVDQWOHV\HX[GXUHVVRUWDX[
/
RHLOGRXEOHSUªVHQWHO
DYDQWDJHGHSHUPHWWUH
ODPHVGXUHVVRUWVHV
RXYULU VXSSRUWVGHODFDUURVVHULH3RXUFH
OHPDLQWLHQWHPSRUDLUHGHODVWDELOLWªGH ODWªUDOHPHQWHWSHUPHWWHQWOH IDLUHXQERXORQHVWXWLOLVª¡O
XQHGHV
O
HQVHPEOHHQFDVGHUXSWXUHGHODVHFRQGH
ODPH JOLVVHPHQWHQWUHHOOHVORUVTXH H[WUªPLWªVHW¡O
DXWUHXQHGRXEOH
TX
HOOHVVRQWGªIRUPªHVSDUOHSRLGV DUWLFXODWLRQDYHFVHVERXORQV
RXOHVRVFLOODWLRQVDX[TXHOVHOOHV FRUUHVSRQGDQWV/
XWLOLVDWLRQGH
VRQWVRXPLVHV FHWWHGRXEOHDUWLFXODWLRQSHUPHW
/DODPHVXSªULHXUHSUHQGOHQRPGH O
DOORQJHPHQWGXUHVVRUWORUVTXHTXH
ODPHPD¯WUHVVH(OOHHVWFRXUEªH¡ FHGHUQLHUVHFRPSULPH
VHVH[WUªPLWªVHWIRUPHDLQVLGHV (QILQO
DUEUHGHVURXHVHVWDQFUªDX
\HX[VLPSOHVRXGRXEOHVGDQV PR\HQGHEULGHV¡YLV
OHVTXHOVVRQWPRQWªVOHVEDJXHV
GHVWLQªHV¡VRQDQFUDJH¡OD
FDUURVVHULH
/HQRPEUHGHODPHVHWO
ªSDLVVHXUGH
FHVGHUQL©UHVGªSHQGGHODFKDUJH¡
 VXSSRUWHU
'LVSRVLWLRQ
/
LQVWDOODWLRQGHVUHVVRUWV¡ODPHV
SHXWVHIDLUHHQVHQVWUDQVYHUVDORX
ORQJLWXGLQDOSDUUDSSRUWDXYªKLFXOH
DXQLYHDXGHO
HVVLHXDYDQWRX IRQFWLRQGH GRLYHQW«WUHG
XQHJUDQGHULJLGLWª
HVWSDV
DUUL©UH$FWXHOOHPHQWO
LQVWDOODWLRQ  /DODUJHXUGHVODPHV
DY©UHJªQªUDOHPHQW
GHVUHVVRUWV¡ODPHVVHIDLWSOXV
FRPPXQªPHQWHQVHQVORQJLWXGLQDO
ªODVWLFLWªORQJLWXGLQDOHGX
DXQLYHDXGHO
HVVLHXDUUL©UHVXU
FKDFXQHGHVURXHV
LQVWDOODWLRQ
'DQVOHVYªKLFXOHVXWLOLVDQWGHV
UHVVRUWV¡ODPHVDXQLYHDXGHODVXV
SHQVLRQGHO
DUEUHSURSXOVHXUFHX[
DSDV¡VXSSRUWHU¡OXLVHXOODFKDUJH
FLOHXUVHUYHQWDXVVL¡QHXWUDOLVHUOD
UªDFWLRQGHVPRXYHPHQWVGHOD
LOHQH[LVWHXQHLQILQLWªGH /RUVTXHOHYªKLFXOHQ
HVWSDVVRXPLV¡GHV
SURSXOVLRQHQO
DEVRUEDQWJU£FH¡ YDULDQWHVWHOVTXHOHVVHPL
OHXUGªIRUPDWLRQORQJLWXGLQDO
XVDJHGXYªKLFXOH
6HPLHOOLSWLTXH
3URSULªWªV (1352)21'(85
/DFDUDFWªULVWLTXHODSOXV
5HVVRUWV¡ODPHVGHIOH[LELOLWªYDULDEOH
LPSRUWDQWHVGHVUHVVRUWV¡ODPHVHVW
/RUVTXHOHVUHVVRUWV¡ODPHVGRLYHQW
ODULJLGLWª&HWWHGHUQL©UHYDULHHQ VXSSRUWHUGHWU©VKDXWHVFKDUJHVFHX[FL
1ªDQPRLQVORUVTXHOHYªKLFXOHQ
FKDUJªFHWWHULJLGLWªV
 /HXUORQJXHXU H[FHVVLYH
 /
3RXUªYLWHUFHSUREO©PHOHVUHVVRUWV¡
PDWªULDX ODPHVGHIOH[LELOLWªYDULDEOHVRQWXWLOLVªV
&HX[FLVHFRPSRVHQWGHGHX[SDUWLHV
 /HW\SHG
5HVVRUW¡ODPHVSULQFLSDO
 /HXUIRUPH 3HWLWUHVVRUW¡ODPHV
/HVIRUPHVOHVSOXVFRQYHQWLRQQHOOHV 'DQVFHWWHFRQFHSWLRQOHUHVVRUW¡ODPHV
GHVUHVVRUWV¡ODPHVVRQWOHV SULQFLSDOHVWSOXVIOH[LEOHGDQVODPHVXUH
RºLOQ
WUDSª]R°GDOHVHWOHVSDUDEROLTXHV
WRWDOH
P«PHV
FKDUJHVWU©VªOHYªHVOHUHVVRUW¡ODPHV
SULQFLSDOWUDYDLOOHVHXOPDLVORUVTXHFHV
HOOLSWLTXHV
FKDUJHVDXJPHQWHQWOHSHWLWUHVVRUW¡
ODPHVHQWUHHQFRQWDFWHHWIDLWDLQVLDXJ
PHQWHUODULJLGLWª/DVXVSHQVLRQHVWDLQVL
DGDSWªHHWSHUPHWXQHDPªOLRUDWLRQGHOD
VªFXULWªHWGXFRQIRUWGDQVWRXWHVOHV
FRQGLWLRQVG
7UDSª]R°GDO
%
3DUDEROLTXH /HVUHVVRUWV¡ODPHVWUDSª]R°GDOHVFRQVHUYHQW
OHXUULJLGLWªDORUVTXHFHOOHGHVUHVVRUWV
%
SDUDEROLTXHVYDULHOHORQJGHOHXUFRXUVH

 /HVUHVVRUWVVRQWXWLOLVªVGDQVODSOXSDUWGHVYªKLFXOHVGHWRXULVPHGDQVODPHVXUHRºFHX[FLQHGHPDQGHQWSDV
EHDXFRXSG
HVSDFHTX
LOVVRQWOªJHUVHWTXHOHXUFRPSRUWHPHQWHVWSURJUHVVLI

(1352)21'(85
ŠODVWLFLWªGDQVODVXVSHQVLRQ
,OHVWSRVVLEOHG
REWHQLUXQHVXVSHQVLRQ
G
XQHVRXSOHVVHYDULDEOHHWSURJUHVVLYH
GDQVOHYªKLFXOHJU£FH¡GHVUHVVRUWV
KªOLFR°GDX[FRQLTXHVGHGLIIªUHQWV
GLDP©WUHVGHURXOHPHQWRX¡GHVUHVVRUWV
VXSSOªPHQWDLUHV

&RHIILFLHQWªODVWLTXH
/HFRHIILFLHQWG
XQUHVVRUWHVWGªWHUPLQªSDU
OHUDSSRUWH[LVWDQWHQWUHODIRUFHDSSOLTXªH
VXUOHUHVVRUWHWODGªIRUPDWLRQHQJHQGUªH

%
)
& 

6
,OVVRQWIDEULTXªVDYHFGXILOHQDFLHU 3URSULªWªV
ªODVWLTXH¡VHFWLRQFLUFXODLUH /HVUHVVRUWVKªOLFR°GDX[WUDYDLOOHQW
&&RHIILFLHQWªODVWLTXHGXUHVVRUW HQURXOªGHID¨RQKªOLFR°GDOH HQSURSRUWLRQGHODFKDUJH¡ODTXHOOH
))RUFH
3DUPLOHVªOªPHQWVªODVWLTXHVFHOXL FHX[FLVRQWVRXPLVHQV
ªFRXUWDQW
6'ªIRUPDWLRQ
FLHVWFHOXLTXLHVWDFWXHOOHPHQW RXHQV
DOORQJHDQWORUVTXHOHV
XWLOLVªGDQVODSOXSDUWGHV LUUªJXODULWªVGHODURXWHHQWUD¯QHQW
DXWRPRELOHVHQVXEVWLWXWLRQGHV OHXUGªIRUPDWLRQ¡WUDYHUVOHVURXHV
UHVVRUWV¡ODPHV,OVVRQWFDSDEOHVGH /DULJLGLWªGHFHVUHVVRUWVGªSHQG
GLVVLSHUO
ªQHUJLHGHID¨RQEHDXFRXS 'XQRPEUHGHVSLUHV
SOXVSURJUHVVLYHSDUFHTX
LOV 'HO
ªSDLVVHXURXGXGLDP©WUHGX
GLVSRVHQWG
XQHSOXVJUDQGHFRXUVH ILO
,OVSUªVHQWHQWDXVVLO
DYDQWDJHG
«WUH 'HVFDUDFWªULVWLTXHVGXPDWªULDX
IDFLOHV¡ORJHUHWG
«WUHWU©VOªJHUV (WGHOHXUW\SHGHIDEULFDWLRQ
/HVWURLVSUHPLHUVIDFWHXUVMRXHQW
'LVSRVLWLRQ GLUHFWHPHQWHWH[FOXVLYHPHQWVXUOD
/HXULQVWDOODWLRQSHXWDXVVLELHQVH UªVLVWDQFH¡ODFRPSUHVVLRQGX
IDLUHDXQLYHDXGHO
HVVLHXDYDQWTXH UHVVRUWDORUVTXHODIRUPHGHFH
GHO
HVVLHXDUUL©UHHQJXLVHG
XQLRQ GHUQLHU
HQWUHO
DUEUHGXWUDLQURXODQWHWOD SHUPHWG
REWHQLUGHVUHVVRUWGH
FDUURVVHULH WHQVLRQFRQVWDQWHRXGHWHQVLRQ
JUDGXHOOH


(QFHTXLFRQFHUQHOHVUHVVRUWVGH /HVUHVVRUWVJUDGXHOVVRQW
WHQVLRQFRQVWDQWHWHOVTXHOHUHVVRUW SULQFLSDOHPHQWXWLOLVªVDXQLYHDXGH
F\OLQGULTXHHWOHUHVVRUWEDQDQHOH O
HVVLHXDUUL©UHGDQVODPHVXUHRºFH
UDSSRUWHQWUHODIRUFHGHGªIRUPDWLRQ GHUQLHUHVWFHOXLTXLHVWVRXPLV¡GH
HWOHGªSODFHPHQWFUªªHVWFRQVWDQW SOXVJUDQGHVYDULDWLRQVGHFKDUJH
GDQVWRXWHODFRXUVH
$XWUHPHQWGLWORUVTXHOHSRLGV $QFUDJH
VXSSRUWªSDUOHUHVVRUWHVWDXJPHQWª /HVGHUQL©UHVVSLUHVVRQWSODWHVSRXU
GHNJOHUHVVRUWVHGªIRUPH IDFLOLWHUO
DVVLVHGXUHVVRUWVXUVHV
DXWDQWTX
LOVHWURXYHDXGªEXWGHVD EDVHVG
DSSXL
FRXUVHRXTX
LOVRLWDXPLOLHXRX¡OD 'HVVªSDUDWHXUVHQFDRXWFKRXFVRQW
ILQGHFHWWHGHUQL©UH LQWHUFDOªVGDQVFHOOHVFLDILQG
ªYLWHU
$XFRQWUDLUHHQFHTXLFRQFHUQHOHV WRXWFRQWDFWGXPªWDOFRQWUHOHPªWDO
UHVVRUWVJUDGXHOVWHOVTXHOHUHVVRUW (QHIIHWFHFRQWDFWGRQQHUDLWOLHX¡
FRQLTXHHWOHUHVVRUWEDULOOD GHVIURWWHPHQWVHW¡GXEUXLWHQ
GªIRUPDWLRQIDFH¡XQP«PHHIIRUW UDLVRQGHVFRXUVHVGHFRPSUHVVLRQ
Q
HVWSDVFRQVWDQWSHQGDQWWRXWHOD HWG
H[WHQVLRQEUXVTXHV
FRXUVHGXUHVVRUW

1 1

PP PP
5HVVRUWEDQDQH 5HVVRUWF\OLQGULTXH

1 1

/HUHVVRUWF\OLQGULTXHHWOHUHVVRUWEDQDQHVRQW
GHVUHVVRUWVGHWHQVLRQFRQVWDQWHHWFHX[FL
RIIUHQWGLIIªUHQWHVUªVLVWDQFHV¡OD
FRPSUHVVLRQ(QFHTXLFRQFHUQHOHVUHVVRUWV
JUDGXHOVOHUHVVRUWFRQLTXHDXJPHQWHVD
UªVLVWDQFHORUVTXHODFRPSUHVVLRQDXJPHQWH
HOOHDXVVLHWOHUHVVRUWEDULOIDLWSUHXYHGHVD
PP PP SOXVJUDQGHUªVLVWDQFHDXQLYHDXGHVHVVSLUHV
5HVVRUWFRQLTXH 5HVVRUWEDULO FHQWUDOHV
%


 /HEORFSQHXPDWLTXHMRXHOHUµOHG
ªOªPHQWªODVWLTXHGHODVXVSHQVLRQ
SHUPHWWDQWDLQVLOHUªJODJHGHODKDXWHXUGXYªKLFXOH

1LWURJ©QH
&HVRQWOHVªOªPHQWVªODVWLTXHV 2OªRSQHXPDWLTXHV
0HPEUDQH XWLOLVªVGDQVOHVYªKLFXOHVGRWªV ,OVVRQWQRUPDOHPHQWGHIRUPH
G
XQHVXVSHQVLRQDFWLYH VSKªULTXHHWWUDYDLOOHQWDYHFGH
,OV
DJLWG
XQUªFLSLHQWDX[IRUPHVHW O
KXLOHHWGHO
D]RWHVªSDUªVSDUXQH
PDWªULDX[WU©VGLYHUVHVTXLSRXUVRQ PHPEUDQH
IRQFWLRQQHPHQWDUHFRXUV¡GHX[ /HVPRXYHPHQWVGHVURXHVVRQW
FRPSRVDQWVO
KXLOHHWOHJD]¡ WUDQVPLV¡XQSLVWRQTXLWHQG¡
SUHVVLRQOHJD]ªWDQWQRUPDOHPHQW FRPSULPHUO
KXLOH
XWLOLVªªWDQWO
D]RWHRXO
DLU /
DFWLRQGHFHSLVWRQGªIRUPHOD
+XLOH
/HVEORFVSQHXPDWLTXHVVRQWUDQJªV PHPEUDQHHWFRPSULPHO
D]RWHTXLHVW
GDQVOHVFODVVHVVXLYDQWHVHQ O
ªOªPHQWTXLDSSRUWHOHVTXDOLWªV
IRQFWLRQGHVFRPSRVDQWVXWLOLVªV ªODVWLTXHV¡FHJHQUHGHVXVSHQVLRQV
2OªRSQHXPDWLTXHVDYHFGH /RUVTXHOHSLVWRQHIIHFWXHVDFRXUVH
O
KXLOHHWGXJD] GHVFHQGDQWHODSUHVVLRQH[HUFªHSDU
(WSQHXPDWLTXHVDYHFGXJD] O
KXLOHVXUOHQLWURJ©QHGLPLQXHHWVH
% /HVYªKLFXOHVGRWªVGHFHVªOªPHQWV GªWHQG¡QRXYHDX
ªODVWLTXHVVRQWFHX[TXLGLVSRVHQW 6LODTXDQWLWªG
KXLOHGDQVOHFLUFXLW
G
XQV\VW©PHGHFRUUHFWLRQGH DXJPHQWHRXGLPLQXHODKDXWHXUGH
,OVVRQWIDEULTXªV¡SDUWLUGHGHX[GHPL
VSK©UHVXQLHVSDUVRXGXUHHWG
XQHPHPEUDQH KDXWHXU ODFDUURVVHULHSDUUDSSRUWDXVROSHXW
FHQWUDOHTXLVªSDUHOHQLWURJ©QHGHO
KXLOH
«WUHUªJOªHJU£FH¡XQHSRPSH
K\GUDXOLTXH

+XLOH
*D]

&DUURVVHULH

3LVW´Q

'DQVOHVROªRSQHXPDWLTXHVODSUHVVLRQGX
JD]GªWHUPLQHODUªVLVWDQFH¡ODFRPSUHVVLRQ %


3QHXPDWLTXHV SUHVVLRQ¡O
LQWªULHXUGH
$QQHDXGH
/HEORFSQHXPDWLTXHHVWXQUªFLSLHQW O
DFFXPXODWHXU IL[DWLRQ
FRQWHQDQWGHO
DLUFRPSULPª 'DQVFHFDVO
DLUFRPSULPªVH
0DLOOHV
,OHVWFRPSRVªG
XQF\OLQGUHXQL¡OD FRPSRUWHFRPPHXQªOªPHQW FHQWUDOHV &\OLQGUH
FDUURVVHULHDXPR\HQG
XQDQQHDX ªODVWLTXHHQDWWªQXDQWOHVLPSDFWV
GHIL[DWLRQHWG
XQSLVWRQVROLGDLUH 'HID¨RQVLPLODLUHDX[
DXWUDLQURXODQW DFFXPXODWHXUVROªRSQHXPDWLTXHV
(QWUHOHF\OLQGUHHWOHSLVWRQXQH JU£FH¡O
XWLOLVDWLRQG
XQ
FDYLWªªWDQFKHVHIRUPHGDQV FRPSUHVVHXULOHVWSRVVLEOHGH
3LVWRQ
ODTXHOOHHVWHQIHUPªO
DLU¡SUHVVLRQ FRQWUµOHUODSUHVVLRQGXFLUFXLWHWSDU
/HVPRXYHPHQWVGHODURXHVRQW FRQVªTXHQWODKDXWHXUGHOD %

WUDQVPLVDXSLVWRQTXLHQVH
GªSOD¨DQWIDLWDXJPHQWHUOD
FDUURVVHULHSDUUDSSRUWDXVRO
/HF\OLQGUHHVWFRQVWLWXªGHTXDWUHFRXFKHVOD
FRXFKHLQWªULHXUHHWODFRXFKHH[WªULHXUH
WRXWHVGHX[HQFDRXWFKRXFGHKDXWHOLPLWH
&DUURVVHULH ªODVWLTXHHWOHVGHX[FRXFKHVLQWªULHXUHVGH
PDLOOHSRXUDSSRUWHUXQHJUDQGHUªVLVWDQFHDX
FRPSRVDQW

&\OLQGUH

3LVWRQ

6RQFRPSRUWHPHQWHVWVHPEODEOH¡FHOXLG
XQ
EDOORQTXHO
RQWHQWHGHJRQIOHULOSHUPHWVD
FRPSUHVVLRQDYHFXQHFHUWDLQHUªVLVWDQFHHW
%
WHQG¡UHSUHQGUHVDIRUPHLQLWLDOH


 /HVDPRUWLVVHXUVVRQWLQGLVSHQVDEOHV
GDQVWRXWV\VW©PHGHVXVSHQVLRQ
/DVWDELOLWªHWODVªFXULWªDFWLYHGXYªKLFXOHGªSHQGGHOHXUªWDW

/DGªIRUPDWLRQVHSURGXLVDQWGDQV FHOOHFLFRPPHXQEDOORQHW
OHVªOªPHQWVªODVWLTXHVSHUPHW HQWUD¯QHUDLHQWODSHUWHGHFRQWDFWHW
G
DPRUWLUO
ªQHUJLHGHVLPSDFWVGHV O
LQVWDELOLWªGDQVODPDUFKHGX
LUUªJXODULWªVGHOD YªKLFXOH
FKDXVVªH1ªDQPRLQVFHWWHªQHUJLH 'HQRVMRXUVXQV\VW©PHGH
GRLW«WUHOLEªUªH¡WUDYHUVOH VXVSHQVLRQGªQXªGHWRXWFRQWUµOH
PRXYHPHQWGHODFDUURVVHULH GHO
DPRUWLVVHPHQWHVW
LQFRQFHYDEOHGDQVODPHVXUHRºOHV
$PRUWLVVHXUV YLWHVVHVDWWHLQWHVSRVHQWOHEHVRLQ
% &HVRQWOHVªOªPHQWVFKDUJªVGH GHJDUDQWLUOHFRQIRUWPDLVDXVVLOD
FRQWUµOHUODGLVVLSDWLRQGHO
ªQHUJLH VªFXULWª
DFFXPXOªHGDQVOHVªOªPHQWV /HVDPRUWLVVHXUVD\DQWªWªXWLOLVªV
/HVDPRUWLVVHXUVVRQWVLWXªVVXUFKDFXQHGHV
ªODVWLTXHV VRQWOHVDPRUWLVVHXUV¡IULFWLRQHWOHV
URXHVHWIL[ªV¡ODFDUURVVHULHGDQVOHXUSDUWLH
VXSªULHXUHHWDX[EUDVRVFLOODQWVGHOD &HX[FLGHSDUOHXUSURSUHV DPRUWLVVHXUVK\GUDXOLTXHV'HFHV
VXVSHQVLRQGDQVOHXUSDUWLHLQIªULHXUH
FDUDFWªULVWLTXHVJDUGHUDLHQW GHUQLHUVOHVDPRUWLVVHXUV
WRXMRXUVODFDUURVVHULHHWOHVURXHVHQ WªOHVFRSLTXHVVRQWFHX[TXLVRQW
PRXYHPHQWURXHVTXLHQFRQWDFW PRQWªVGDQVSUHVTXHWRXWHVOHV
DYHFXQHVXUIDFHULJLGHWHOOHTXHOD DXWRPRELOHVDFWXHOOHV
FKDXVVªHWHQGUDLHQW¡UHERQGLUVXU

6$16$0257,66(85

$9(&$0257,66(85

/
DPRUWLVVHXUSHUPHWG
DWWªQXHUOHV
RVFLOODWLRQVFUªªHVSDUOHVªOªPHQWVªODVWLTXHV
GHODVXVSHQVLRQ6DQVHX[OHVRVFLOODWLRQVVH
SURORQJHUDLHQWSHQGDQWWU©VORQJWHPSV
%


 &+$0%5(6'(75$9$,/
(1352)21'(85
$PRUWLVVHXUV¡JD]
/RUVTXHO
DPRUWLVVHXUªYROXH¡JUDQGH

9DOYHGHODSKDVH YLWHVVHVDWHPSªUDWXUHDXJPHQWH
&\OLQGUHH[WªULHXU GHFRPSUHVVLRQ FRQVLGªUDEOHPHQWFHTXLHQWUD¯QHXQHSHUWH
GHODYLVFRVLWªGHO
KXLOHHWSDUFRQVªTXHQW
7LJH
XQHSHUWHGHO
HIILFDFLWªGHO
ªOªPHQW
G
DEVRUSWLRQ
&HVDPRUWLVVHXUVIRQFWLRQQHQWJU£FH¡
&\OLQGUHLQWªULHXU
O
DFWLRQFRQMRLQWHGXJD]HWGHO
KXLOH
9DOYHGHODSKDVH 3LVWRQJOLVVDQW
G
H[SDQVLRQ ,OVQHVRQWSDVVHXOHPHQWGLYLVªVHQGHX[
FKDPEUHVPDLVVRQWDXVVLGRWªVG
XQH
WURLVL©PHFKDPEUHVªSDUªHRºORJHOHJD]
% TXLORUVTXHODWHPSªUDWXUHDXJPHQWH
SUHVVXULVHHQFRUHSOXVOHFLUFXLWGHO
KXLOHHW
IDLWDXJPHQWHUVDWHPSªUDWXUHG
ªEXOOLWLRQ
$PRUWLVVHXUWªOHVFRSLTXH /DUªVLVWDQFHDXPRXYHPHQWGH 'HSOXVOHJD]DSSRUWHSURJUHVVLYLWª¡
/HXUIRUPHHVWF\OLQGULTXHHWLOVVRQW O
DPRUWLVVHXUGªSHQGUDGHODWDLOOH O
DPRUWLVVHXUGHODP«PHID¨RQTXH
ORUVTXHO
RQVHUUHXQHEDOOHHQFDRXWFKRXF
H[WHQVLEOHV GHVYDOYHV
FRQWHQDQWGHO
DLUDYHFODPDLQ
,OVVHFRPSRVHQWG
XQHWLJHXQLH¡OD /
ªWDQFKªLWªGHO
DPRUWLVVHXUHVWWU©V
,OVHFRPSULPHIDFLOHPHQWGDQVOHVFRXUVHV
FDUURVVHULHSDUVRQH[WUªPLWª LPSRUWDQWHSRXUVRQERQ FRXUWHVHW¡PHVXUHTXHFHVGHUQL©UHV
VXSªULHXUHO
DXWUHH[WUªPLWªLO IRQFWLRQQHPHQW(QHIIHWHQFDVGH DXJPHQWHQWLORIIUHXQHSOXVJUDQGH
VRQWGRWªVG
XQSLVWRQTXLJOLVVHVXU IXLWHVG
KXLOHVDIRQFWLRQVHYHUUDLW UªVLVWDQFH

OHF\OLQGUHLQWHUQHFHGHUQLHUªWDQW PLQLPLVªHFHTXLDXUDLWGHV
IL[ª¡O
DUEUHGHVURXHV FRQVªTXHQFHVLPSRUWDQWHVVXUOD
/HSLVWRQGªOLPLWHOHF\OLQGUH VªFXULWªDFWLYH
9DOYH
LQWªULHXUHQGHX[FKDPEUHVLQWHUQHV
ªWDQFKHVTXLFRQWLHQQHQWGHO
KXLOH $PRUWLVVHXU¡GRXEOHHIIHW +XLOH
(QFDVGHPRXYHPHQWVYHUWLFDX[GH &HX[FLRIIUHQWGHODUªVLVWDQFHGDQV
ODURXHOHSLVWRQJOLVVHHQIRU¨DQW ODFRXUVHGHFRPSUHVVLRQHWGDQV 6ªSDUDWHXU
PHPEUDQH
O
KXLOH¡SDVVHUHQWUHGHX[ FHOOHG
H[WHQVLRQFHTXLDFFªO©UHOD *D] RXSLVWRQ
FKDPEUHV¡WUDYHUVGHVYDOYHV SURGXFWLRQGXIUHLQDJHGHV
%
/DSRPSDJHGHO
KXLOHG
XQH RVFLOODWLRQV
FKDPEUH¡O
DXWUHRIIUHXQH &HJHQUHG
DPRUWLVVHXUVRIIUH
UªVLVWDQFHTXLWUDQVIRUPHO
ªQHUJLH ªJDOHPHQWODSRVVLELOLWªG
LPSODQWHU
FLQªWLTXHHQFKDOHXUHWIUHLQHOHV GHVYDOYHVGHGLIIªUHQWVGLDP©WUHV
RVFLOODWLRQVYHUWLFDOHVGHVªOªPHQWV TXLSHUPHWWHQWGHVUªVLVWDQFHVGH
ªODVWLTXHV IUHLQDJHGLVWLQFWHVGDQVOD
FRPSUHVVLRQHWGDQVO
H[WHQVLRQ

 /HVEDUUHVVWDELOLVDWULFHVFRQWUHFDUUHQWOHURXOLVGXYªKLFXOH
SURYRTXªSDUOHVGªQLYHOODWLRQVHWOHWUDFªGHODFKDXVVªH

(1352)21'(85 /HVEDUUHVVWDELOLVDWULFHVGRLYHQW )L[DWLRQ

QHXWUDOLVHUO
LQVWDELOLWªHWOHURXOLVGH (OOHVVRQWIL[ªHV¡OHXUVH[WUªPLWªV
6WDELOLVDWLRQªOHFWURQLTXH ODFDUURVVHULHSURYRTXªSDUOHVQLGV DX[EUDVGHODVXVSHQVLRQDXPR\HQ
&HVV\VW©PHVVRQWGRWªVGHFDSWHXUV
G
RVFLOODWLRQVWUDQVYHUVDOHVORQJLWXGLQDOHV GHSRXOHOHVGªQLYHOODWLRQVODIRUFH GHFRXVVLQHWVªODVWLTXHVHWGDQV
HWYHUWLFDOHVGXYªKLFXOHTXLFRPELQªV¡ GXYHQWWUDQVYHUVDOHH[HUFªHVXUOD OHXUSDUWLHFHQWUDOH¡ODFDUURVVHULH
G
DXWUHVFDSWHXUVTXLFRQWUµOHQWOHV FDUURVVHULHHWOHVIRUFHVFHQWULIXJHV RX¡O
XQGHVFRPSRVDQWVVROLGDLUHV
GªSODFHPHQWVGHO
DPRUWLVVHXUO
DQJOHGX SURGXLWHVORUVTX
LOHVWFLUFXOªGDQV ¡FHWWHGHUQL©UH
YRODQWODSUHVVLRQGXIUHLQDJHHWOD
GHVYLUDJHV (QJªQªUDOFHWWHIL[DWLRQVHIDLWDX
GªIRUPDWLRQGHVSQHXVSHUPHWWHQW¡XQH
XQLWªGHFRPPDQGHGHGªWHUPLQHUO
ªWDWGH
(OOHVVRQWFRQVWLWXªHVG
XQHEDUUHHQ PR\HQGHFRXVVLQHWVªODVWLTXHVHQ
ODFKDXVVªHHWOHW\SHGHFRQGXLWH DFLHUªODVWLTXHGHVHFWLRQFLUFXODLUH FDRXWFKRXFDSSHOªVVLOHQWEORFVTXL
/RUVTXHOHYªKLFXOHSUHQGXQYLUDJHO
XQLWª HWSRVªHVHQVHQVWUDQVYHUVDOSDU SHUPHWWHQWG
ªYLWHUODWUDQVPLVVLRQ
GHFRPPDQGHªOHFWURQLTXHUªJXOHOHV UDSSRUWDXYªKLFXOHHQWUHOHVEUDVGH GHYLEUDWLRQV¡ODFDUURVVHULH
DPRUWLVVHXUVHQIRQFWLRQGHODYDOHXUGHV
ODVXVSHQVLRQGHVURXHVG
XQP«PH
VLJQDX[WUDQVPLVSDUOHVFDSWHXUV,OHQYD
GHP«PHORUVTXHOHYªKLFXOHIUHLQHGHID¨RQ
HVVLHX
¡FHTXHOHVURXHVUHVWHQWHQFRQWDFWDYHFOD
FKDXVVªHHWORUVTX
XQHDFFªOªUDWLRQVXELWH
HVWUªDOLVªHGHID¨RQ¡ªYLWHUOHSDWLQDJH &DUURVVHULH
GHVSQHXV
/HVDPRUWLVVHXUVDWWªQXHQWOHGªSODFHPHQW
GXUHVVRUWJU£FH¡GHVªOHFWURYDQQHVTXL
UªGXLVHQWOHSDVVDJHGHO
KXLOHORUVTX
HOOHV
VRQWDFWLRQQªHVSDUO
XQLWªGHFRPPDQGH

&RXVVLQHWVªODVWLTXHV

%DUUHVWDELOLVDWULFH

%UDVLQIªULHXU
3RLQWGHIL[DWLRQ
¡ODFDUURVVHULH

%


 3RLQWGHIL[DWLRQ¡OD
FDUURVVHULH

3RVLWLRQDYHFURXOLV

&RXVVLQHWV
ªODVWLTXHV

3RVLWLRQVDQVURXOLV

/DWRUVLRQ¡ODTXHOOHHVWVRXPLVHODEDUUHGH
VWDELOLVDWLRQV
RSSRVHDXURXOLVGHOD
%
FDUURVVHULH

)RQFWLRQQHPHQW O
XQLRQGHODEDUUH¡ODFDUURVVHULH
/RUVTXHOHYªKLFXOHSUHQGXQYLUDJH WRUVLRQTXLV
RSSRVHDXURXOLVGHOD
XQURXOLVGHODFDUURVVHULHWHQG¡VH FDUURVVHULH
SURGXLUHYHUVOD]RQHH[WªULHXUHGX &HUWDLQVYªKLFXOHVQHGHPDQGHQW
YLUDJHGDQVODPHVXUHRºOD SDVOHPRQWDJHGHFHVEDUUHVHQ
VXVSHQVLRQVHFRPSULPHFµWª UDLVRQGHOHXUVSUHVWDWLRQV'DQVGH
H[WªULHXUHWV
ªWLUHGHO
DXWUH WHOVFDVFHVYªKLFXOHVGLVSRVHQW
/HVSRLQWVGHIL[DWLRQGHODEDUUHDX[ VRXYHQWGHUHVVRUWVGHVXVSHQVLRQ
EUDVGHODVXVSHQVLRQQ
DOW©UHQWSDV VXUGLPHQVLRQQªVTXLUHPSODFHQWHQ
VDSRVLWLRQPDLVXQFRXSOHGH SDUWLHOHVEDUUHVVWDELOLVDWULFHV
WRUVLRQVHSURGXLWDXQLYHDXGH


 /HVSHUIRUPDQFHVHWOHFRPSRUWHPHQWG\QDPLTXHGXYªKLFXOH
GªSHQGHQWGHODVWUXFWXUHGHODVXVSHQVLRQ

,OH[LVWHWURLVW\SHVG
DUFKLWHFWXUHVGH PL[WHVVXUXQP«PHYªKLFXOHHVW
ODVXVSHQVLRQ IUªTXHQWH'DQVGHWHOVFDVXQH
'
HVVLHXULJLGH DUFKLWHFWXUHHVWXWLOLVªHDXQLYHDXGH
'HURXHVLQGªSHQGDQWHV O
HVVLHXDYDQWDORUVTX
XQHDXWUHO
HVW
6SªFLDOHV DXQLYHDXGHO
HVVLHXDUUL©UH
0«PHVLFHVWURLVW\SHV
G
DUFKLWHFWXUHVVRQWODUJHPHQW (VVLHXULJLGH
HPSOR\ªVVXUOHVYªKLFXOHV 'DQVFHJHQUHGHVXVSHQVLRQVLO
PRGHUQHVO
DUFKLWHFWXUHODSOXV Q
H[LVWHSDVG
LQGªSHQGDQFHGHV
XWLOLVªHHVWQªDQPRLQVFHOOHGHV URXHVTXLVHFRPSRUWHQWFRPPHXQ
URXHVLQGªSHQGDQWHVSDUFHTXH FRUSVXQLTXH/RUVTXHO
XQHG
HOOHV
FHWWHGHUQL©UHFRPELQHSDUIDLWHPHQW VHGªSODFHVXUOHVLUUªJXODULWªVGHOD
OHVDYDQWDJHV FKDXVVªHFHPRXYHPHQWHVW
WHFKQLTXHVHWªFRQRPLTXHVGHV WUDQVPLV¡O
DXWUHURXHGHP«PH
GHX[DXWUHV TX
¡ODFDUURVVHULH
'HP«PHODUªDOLVDWLRQGHPRQWDJHV

(66,(85,*,'(

'DQVOHFDVG
XQHDUFKLWHFWXUHG
HVVLHXULJLGH
OHVREVWDFOHVGHODFKDXVVªHUHQFRQWUªVSDU
O
XQHGHVURXHVVRQWWUDQVPLV¡O
DXWUHURXHGX
P«PHHVVLHXFHTXLHQWUD¯QHOHGªSODFHPHQW %
GHODFDUURVVHULH


 528(6,1'Š3(1'$17(6

'DQVOHFDVG
XQHDUFKLWHFWXUHGHURXHV
LQGªSHQGDQWHVOHVLUUªJXODULWªVGHOD
FKDXVVªHUHQFRQWUªHVSDUO
XQHGHVURXHVG
XQ
HVVLHXQHVRQWSDVWUDQVPLVHV¡O
DXWUHFHTXL
%
SHUPHWG
ªYLWHUOHURXOLVGHODFDUURVVHULH

5RXHVLQGªSHQGDQWHV 6SªFLDOHV
&KDTXHURXHªYROXHGHID¨RQ &HVRQWGHVV\VW©PHVDYDQFªVEDVªV
LQGªSHQGDQWH&HODDPªOLRUHOH DXVVLELHQVXUOHV\VW©PHGHO
HVVLHX
FRQWDFWGHVSQHXPDWLTXHVG
XQ ULJLGHTXHVXUFHOXLGHVURXHV
P«PHHVVLHXDYHFODFKDXVVªH LQGªSHQGDQWHVTXLSHUPHWWHQWGH
ORUVTXHOHWHUUDLQHVWDFFLGHQWª PLHX[FRQWUµOHUOHPRXYHPHQWGHV
&HV\VW©PHSHUPHWªJDOHPHQWGH URXHVVRXVO
HIIHWGHODVXVSHQVLRQ
FRQWUµOHUOHVYDULDQWHVGDQVOHVFRWHV VDQVQXLUH¡ODFDUURVVHULH
GHODVXVSHQVLRQHQIRQFWLRQGHV /HVSOXVXWLOLVªVVRQWFHX[GHO
HVVLHX
FRQGLWLRQVGHFRQGXLWHRXGXJHQUH VHPLULJLGHHWPXOWLEUDVELHQTX
LO
GHYªKLFXOH HQH[LVWHG
DXWUHVPRLQVXWLOLVªVWHOV
TXHO
HVVLHXFRQMXJXª


 /DVWUXFWXUHGHO
HVVLHXULJLGHSHUPHWGHVXSSRUWHUGHORXUGHVFKDUJHV
UDLVRQSRXUODTXHOOHHOOHHVWWU©VVRXYHQWXWLOLVªHVXUGHVYªKLFXOHVLQGXVWULHOV

(VVLHXULJLGH

5HVVRUW¡ODPHV

/
HVVLHXULJLGHDUUL©UHGRQWHVWGRWªXQYªKLFXOH
GHWUDFWLRQDYDQWHVWGHWU©VVLPSOH
%
FRQVWUXFWLRQ

'DQVFHFDVOHVGHX[URXHVG
XQ 6RQSRLGVHVWªOHYª
P«PHHVVLHXVRQWXQLHVULJLGHPHQW ,OUHTXLHUWGDYDQWDJHG
HVSDFHHQ
SDUXQHVWUXFWXUHWUDQVYHUVDOH UDLVRQGXYROXPHTX
LORFFXSH
6HVDYDQWDJHVVRQWOHVVXLYDQWV /DGªSHQGDQFHPXWXHOOHGHV
&
HVWXQV\VW©PHGHFRQVWUXFWLRQ URXHVTXLSDUWDJHQWOHP«PH
VLPSOH HVVLHX
,OHVWUªVLVWDQWHWDSSURSULªDX[
YªKLFXOHVLQGXVWULHOVHWORXUGV 'LVSRVLWLRQ
,OSHXWVXSSRUWHUGHVFKDUJHVWU©V &HWWHVXVSHQVLRQSHXWDXVVLELHQ
ªOHYªHV «WUHLQVWDOOªHGDQVO
HVVLHXDYDQWTXH
4XDQW¡VHVLQFRQYªQLHQWVFHX[FL GDQVO
HVVLHXDUUL©UH
VRQWOHVVXLYDQWV /RUVTX
HOOHHVWLQVWDOOªHGDQVXQ
/HPRXYHPHQWHVWIDFLOHPHQW HVVLHXDUUL©UHTXLMRXHOHUµOHGH
WUDQVPLV¡ODFDUURVVHULH SURSXOVHXUVDIRUPHHVW


WXEXODLUHGHID¨RQ¡SHUPHWWUH DYDQWVHIDLWJU£FH¡XQHVWUXFWXUHTXL
O
XWLOLVDWLRQG
XQHVWUXFWXUHWU©VVLPSOH SUHQGQRUPDOHPHQWODIRUPHG
XQH
RºORJHUOHGLIIªUHQWLHOHWOHVGHPL SRXWUHPDVVLYHRXFUHXVHHWTXL
DUEUHVGHWUDQVPLVVLRQGHVURXHV XQLWOHVGHX[URXHV
&RPSWHWHQXGXIDLWTXHOHVHVVLHX[ $XMRXUG
KXLO
HVVLHXULJLGHDYDQW
ULJLGHVWUDQVPHWWHQWOHV Q
HVWSOXVGXWRXWXWLOLVªVXUOHV
PRXYHPHQWVG
XQHURXH¡O
DXWUHGH YªKLFXOHVGHWRXULVPHGDQVOD
P«PHTX
¡ODFDUURVVHULHORUVTXH PHVXUHRºGDQVXQHVVLHX
GHVUHVVRUWVVRQWPRQWªVGHVWLUDQWV GLUHFWLRQQHOLOQ
DSSRUWHSDVGH
VRQWLQVWDOOªVGHID¨RQ¡ªYLWHUOH VRXSOHVVH¡GHJUDQGHVYLWHVVHV
PRXYHPHQWORQJLWXGLQDOHW 1ªDQPRLQVVRQXVDJHHVWSOXV
WUDQVYHUVDOO
XQHGHOHXUV IUªTXHQWVXUOHVYªKLFXOHV
H[WUªPLWªVFHVWLUDQWVVRQWXQLV¡ LQGXVWULHOVGDQVOHVTXHOVSULPHQWOD
O
HVVLHXHW¡O
DXWUH¡ODFDUURVVHULH UREXVWHVVHHWODFDSDFLWªGHFKDUJH
HW¡O
DUEUHGHVURXHV SXLVTXHGHVQLYHDX[DFFHSWDEOHVGH
6RQPRQWDJHDXQLYHDXGHO
HVVLHX FRQIRUWVRQWFRQVHUYªVHQO
DEVHQFH
DUUL©UHVXUXQYªKLFXOHGHWUDFWLRQ G
DWWHLQWHGHJUDQGHVYLWHVVHV

(VVLHXULJLGH

'LIIªUHQWLHO

5HVVRUW¡ODPHV
'DQVOHFDVGHO
HVVLHXULJLGHSURSXOVHXUOH
GLIIªUHQWLHOHVWORJªGDQVODVWUXFWXUHGH
%
O
HVVLHXHOOHP«PH


 ,OH[LVWHGLIIªUHQWVV\VW©PHVGHVXVSHQVLRQGHURXHVLQGªSHQGDQWHV
PDLVLOVRIIUHQWWRXVXQJUDQGFRQIRUWHWXQHJUDQGHVªFXULWªDXYªKLFXOHFRPSWHWHQX
GHODOLEHUWªGHPRXYHPHQWGHVGHX[URXHVG
XQP«PHHVVLHX

'DQVO
DFWXDOLWªGHQRPEUHX[GH /
DPRUWLVVHXUVHWURXYH¡O
LQWªULHXU
YªKLFXOHVGHWRXULVPHXWLOLVHQWXQH GXUHVVRUWVDSDUWLHVXSªULHXUHHVW
VXVSHQVLRQGHW\SHLQGªSHQGDQWHDX IL[ªHDXSDVVDJHGHURXHHWVDSDUWLH
QLYHDXGHO
HVVLHXDYDQW&HWWH LQIªULHXUH¡ODIXVªH6ROLGDLUH¡
VXVSHQVLRQHVWªJDOHPHQWPRQWªHVXU FHWWHGHUQL©UHHWSODFªGDQVOHVHQV
GHQRPEUHX[YªKLFXOHVWRXWWHUUDLQ WUDQVYHUVDOSDUUDSSRUWDXYªKLFXOH
/HVW\SHVGHVXVSHQVLRQGHURXHV OHEUDVLQIªULHXUSHUPHWOH
LQGªSHQGDQWHVDYDQWOHVSOXV PRXYHPHQWYHUWLFDOJU£FH¡
FRXUDQWVVRQWODVXVSHQVLRQGLWH O
DUWLFXODWLRQIL[DQWVRQDXWUH
0F3KHUVRQHWODVXVSHQVLRQ¡GRXEOH H[WUªPLWª¡OD
EUDVRVFLOODQW FDUURVVHULH
%
6HVDYDQWDJHVVRQWOHVVXLYDQWV
0F3KHUVRQ &RQFHSWLRQHWFRQVWUXFWLRQ
/
HVVLHXULJLGHDUUL©UHGRQWHVWGRWªXQYªKLFXOH &HV\VW©PHHVWO
XQGHVSOXVXWLOLVªV FRPSDFWH
GHWUDFWLRQDYDQWHVWGHWU©VVLPSOH
FRQVWUXFWLRQ SRXUODVXVSHQVLRQDYDQW,OHVW 3RLGVUªGXLW
FRQVWLWXªG
XQHFRPELQDLVRQIRUPªH )DLEOHVDOWªUDWLRQVGHODSRVLWLRQ
G
XQUHVVRUWKªOLFR°GDOG
XQ SUªYXHGHODURXHOHORQJGHOD
DPRUWLVVHXUG
XQEUDVLQIªULHXUHW FRXUVHGXUHVVRUW
G
XQHIXVªH 5REXVWHVVH
)DLEOHFR¼W
&XYHWWHGHVXVSHQVLRQ
4XDQWDX[LQFRQYªQLHQWVFHX[FL
VRQWOHVVXLYDQWV
,OUHTXLHUWODUªDOLVDWLRQG
XQH
OLJQHUHODWLYHPHQWKDXWHDOODQWGX
5HVVRUW FDSRWDXPRWHXU
5HVVRUW /HFHQWUHGHJUDYLWªGHVPDVVHV
QRQVXVSHQGXHVHVW
H[FHVVLYHPHQWKDXW
6HVGªSODFHPHQWVYHUWLFDX[IRQW
%UDVLQIªULHXU
YDULHUODSRVLWLRQGHVURXHVSDU
UDSSRUW¡ODFKDXVVªH
/HV\VW©PHGLW0F3KHUVRQHVW
)XVªH
&DUURVVHULH ªJDOHPHQWXWLOLVªDXQLYHDXGXWUDLQ
URXODQWDUUL©UHGDQVFHUWDLQV
%
YªKLFXOHV


'RXEOHEUDVRVFLOODQW 6HVDYDQWDJHVVRQWOHVVXLYDQWV
'DQVOHFDVGXGRXEOHEUDVRVFLOODQW /HVYDULDWLRQVGHFKXWHHWGH
ªJDOHPHQWFRQQXVRXVOHQRPGH FRQYHUJHQFHSHXYHQW«WUH
WULDQJOHVVXSHUSRVªVO
LQVWDOODWLRQ UHODWLYHPHQWUªGXLWHVHQIRQFWLRQ
FRPSWHGHX[WULDQJOHVSRVªVO
XQDX GHODORQJXHXUGHVHVEUDV
GHVVXVGHO
DXWUH 6LPSOLFLWªHWSUªFLVLRQGDQVOD
'DQVFHJHQUHGHVXVSHQVLRQV GLUHFWLRQ
O
ªOªPHQWªODVWLTXHSHXW«WUHVRLWXQ /
LQFOLQDLVRQGHO
D[HGHURWDWLRQ
UHVVRUWVRLWXQHEDUUHGHWRUVLRQHW GXEUDVVXSªULHXUSHUPHWGH
O
DPRUWLVVHXUHVWHQJªQªUDOHQFDVWUª FRPSHQVHUOHWDQJDJHVH
SURGXLVDQWORUVGXIUHLQDJH
GDQVOHVWULDQJOHV
4XDQW¡VHVLQFRQYªQLHQWVFHX[FL %
&HV\VW©PHHVWUDUHPHQWXWLOLVªGDQV
VRQWOHVVXLYDQWV
OHVYªKLFXOHVGHWRXULVPHXWLOLWDLUHV
6DFRQFHSWLRQHQFRPSOLTXH
PDLVLODSSRUWHDXYªKLFXOHXQH *U£FHDXJXLGDJHGHVGHX[EUDVOH
O
LQVWDOODWLRQVXUGHVYªKLFXOHVGH GªSODFHPHQWGHODURXHFRQVHUYHVDYHUWLFDOLWª
ERQQHVWDELOLWªGHPDUFKHHWXQ
WUDFWLRQDYDQW
FRPSRUWHPHQWH[FHSWLRQQHO
6RQSRLGVHVWVXSªULHXU¡FHOXL
2QOHWURXYHSOXWµWGDQVGHJUDQGHV
GX0F3HUVRQ
EHUOLQHVRXVXUGHVYªKLFXOHVVSRUWLIV
KDXWHVSHUIRUPDQFHV

$PRUWLVVHXU

7ULDQJOHVXSªULHXU

&DUURVVHULH

5HVVRUW

7ULDQJOHLQIªULHXU
/DURXHHVWXQLH¡ODFDUURVVHULHDXPR\HQGX
% WULDQJOHVXSªULHXUHWGXWULDQJOHLQIªULHXU


 &KDTXHDUFKLWHFWXUHDSSRUWHQWGLIIªUHQWVDYDQWDJHVDORUVTXHFHOOH¡EUDVRVFLOODQWVREOLTXHV
HWFHOOH¡EUDVORQJLWXGLQDOVRQWXWLOLVªHVVXUOHVYªKLFXOHVGHWUDFWLRQDYDQW
OHSRQWGH'LRQHVWH[FOXVLYHPHQWPRQWªVXUOHVYªKLFXOHV¡SURSXOVLRQ

/HVW\SHVGHVXVSHQVLRQVGHURXHV 'DQVFHJHQUHGHVXVSHQVLRQODURXH
LQGªSHQGDQWHVGXWUDLQDUUL©UHOHV FKDQJHGHSRVLWLRQHQIRQFWLRQGHV
SOXVFRXUDQWHVVRQWOHVVXLYDQWV GªSODFHPHQWVYHUWLFDX[3OXVO
DQJOH
%UDVRVFLOODQWREOLTXH GHFHVEUDVVHUDJUDQGSOXVJUDQGH
%UDVORQJLWXGLQDO VHUDODYDULDWLRQ
%UDVORQJLWXGLQDO¡GRXEOHEUDV 'DQVOHVYLUDJHVFHODSHUPHW
WUDQVYHUVDO O
DXJPHQWDWLRQGHO
DQJOHGHODURXH
'
DXWUHVW\SHVGHVXVSHQVLRQVVRQW SDUUDSSRUW¡ODFKDXVVªHORUVTXHOH
DXVVLVRXYHQWXWLOLVªVWHOVTXHOD
UHVVRUWGHODURXHH[WªULHXUHVH
VXVSHQVLRQGHW\SH0F3KHUVRQ
%
FRPSULPHHWSDUFRQVªTXHQW
O
REWHQWLRQG
XQHPHLOOHXUH
%UDV2VFLOODQW2EOLTXH
,OHVWFRPSRVªGHGHX[EUDV DGKªUHQFH
/RUVTXHODVXVSHQVLRQVHFRQWUDFWHOH
GªSODFHPHQWGXEUDVHQWUD¯QHXQH RVFLOODQWVVLWXªVHQVHQVREOLTXHSDU
DXJPHQWDWLRQGXFRQWDFWGXSQHXPDWLTXH UDSSRUW¡O
D[HORQJLWXGLQDOGX
YªKLFXOH

%UDVRVFLOODQW

3RLQWGHIL[DWLRQ¡ODFDUURVVHULH

%


%UDV/RQJLWXGLQDO
,OVHGLVWLQJXHGXSUªFªGHQWGHSDUOD
GLVSRVLWLRQORQJLWXGLQDOHGHVEUDV
SDUUDSSRUWDXYªKLFXOH,OQ
H[LVWH (VVLHXG
DSSXL
GRQFSDVGHYDULDWLRQGHVFRWHVGH
VXVSHQVLRQGDQVOHVPRXYHPHQWV
YHUWLFDX[
6RQSOXVJUDQGDYDQWDJHFRQVLVWH
GDQVOHIDLWTXHOHSQHXJDUGH
WRXMRXUVODP«PH]RQHGHFRQWDFW
DYHFODFKDXVVªHFHTXLHQGLPLQXH
O
XVXUH %UDV

%UDVORQJLWXGLQDO¡GRXEOH
%
EUDVWUDQVYHUVDO
&HJHQUHG
DUFKLWHFWXUHSURYLHQWGX
EUDVORQJLWXGLQDOGDQVOHTXHOVRQW /HEUDVHWO
HVVLHXIRUPHQWXQDQJOHGHRGHID¨RQ¡FHTXHODSRVLWLRQGHYHUWLFDOLWªGHODURXHSDU
UDSSRUW¡ODFKDXVVªHQHVRLWSDVDOWªUªHORUVTXHODURXHPRQWH
LQFRUSRUªVGHX[EUDVWUDQVYHUVDX[HW
XQFK£VVLVDX[LOLDLUH
/HVEUDVWUDQVYHUVDX[O
XQVXSªULHXU
HWO
DXWUHLQIªULHXUJXLGHQWOH
&K£VVLVDX[LOLDLUH
GªSODFHPHQWGHODURXHSHQGDQWOD
FRXUVHGHFRPSUHVVLRQHW
G
H[SDQVLRQGHODVXVSHQVLRQ/HXU
IL[DWLRQVHIDLWDXPR\HQGH
%UDV
VLOHQWEORFVDXEUDVORQJLWXGLQDOHWDX WUDQVYHUVDX[
FK£VVLVDX[LOLDLUHOHTXHOHVWXQL¡OD
FDUURVVHULH¡TXDWUHHQGURLWV
/HUµOHGXFK£VVLVDX[LOLDLUHHVW
G
DFFXHLOOLUHWGHVXSSRUWHUOH
3RLQWG
XQLRQ¡ODFDUURVVHULH
GLIIªUHQWLHODUUL©UH&HGHUQLHUQHIDLW
GRQFSDVSDUWLHGHVPDVVHVQRQ
VXVSHQGXHV
%UDVORQJLWXGLQDO
%

,OHVWHVVHQWLHOOHPHQWXWLOLVªVXUGHVYªKLFXOHVGHWUDQVPLVVLRQLQWªJUDOH


 /DSOXSDUWGHVYªKLFXOHVGHWRXULVPHXWLOLVHQWDXMRXUG
KXLGHVV\VW©PHV
GHVXVSHQVLRQVVSªFLDOHVDILQGHSRXYRLU
DGDSWHUOHGªSODFHPHQWGHVURXHVDXFRXUVGHODFRQGXLWH

(1352)21'(85 (VVLHX7RUVLRQQHO VWDELOLVDWULFHHQDWWªQXDQWOHV

6RQXWLOLVDWLRQHVWDVVH]FRXUDQWHHW WDQJDJHVGHODFDUURVVHULH
6XVSHQVLRQVFRQMXJXªHV H[FOXVLYHPHQWUªVHUYªH¡O
HVVLHX &RPSWHWHQXGHVDSHWLWHWDLOOHHOOH
&HVRQWFHOOHVGDQVOHVTXHOOHVODVXVSHQVLRQ
DYDQWFRPPXQLTXHDYHFODVXVSHQVLRQ DUUL©UHGHVYªKLFXOHVGHWUDFWLRQ SUªVHQWHªJDOHPHQWO
DYDQWDJHGH
DUUL©UHGXP«PHFµWªGXYªKLFXOH DYDQW ODLVVHUGDYDQWDJHG
HVSDFHSRXUOH
(OOHDSSRUWHXQHJUDQGHUªGXFWLRQGX ,OHVWFRQVWLWXªGHGHX[EUDV FRIIUHGXYªKLFXOH
WDQJDJHGXYªKLFXOHHQFLUFXODWLRQHW ORQJLWXGLQDX[HWG
XQSURILOHQIRUPH
DPªOLRUHODVªFXULWªHWOHFRQIRUWGDQVOD
FRQGXLWH
GH8 0XOWLEUDV0XOWLOLQN
/
XQLRQHQWUHODURXHDYDQWHWODURXHDUUL©UH
'
XQFµWªOHVEUDVVRQWXQLV¡OD &HJHQUHGHVXVSHQVLRQWURXYHVRQ
SHXWVHIDLUHDXPR\HQG
ªOªPHQWV FDUURVVHULHDXPR\HQGHVLOHQWEORFV RULJLQHGDQVOHGRXEOHEUDVRVFLOODQW
PªFDQLTXHVUHVVRUWVRXK\GUDXOLTXHVHQ HWGHO
DXWUHDXPR\HXGHODURXH PDLVGDQVXQHYHUVLRQSOXVDYDQFªH
JªQªUDOGHO
KXLOH &HWWHVWUXFWXUHSHUPHWXQHFHUWDLQH (OOHVHFRPSRVHGHEUDVPXOWLSOHV
/
REMHFWLISULQFLSDOGHODVXVSHQVLRQ
OLEHUWªGHPRXYHPHQWHQWUHOHVEUDV GRQWOHQRPEUHYDULHHQWUHWURLVHW
FRQMXJXªHHVWOHVXLYDQWORUVTXHOHVURXHV
DYDQWUHQFRQWUHQWXQREVWDFOHTXLOHVIDLW
JU£FH¡ODWHQVLRQTXHSHUPHWOH FLQTHQIRQFWLRQGHODFRQFHSWLRQGH
V
ªOHYHUOHPªFDQLVPHIDLWDXJPHQWHUOD SURILOHQ8'HP«PHHOOHHVW ID¨RQ¡SHUPHWWUHXQHPHLOOHXUH
GLVWDQFHHQWUHODFDUURVVHULHHWODURXH UªVLVWDQWHDX[IRUFHVODWªUDOHV DGDSWDWLRQGHVFRWHVHQIRQFWLRQGHV
DUUL©UHGHVRUWHTXHORUVTXHFHWWHGHUQL©UH /DWRUVLRQGXSURILOOXLGRQQHOH FLUFRQVWDQFHVGHODFRQGXLWHHWGX
UHQFRQWUHO
REVWDFOHODFDUURVVHULHDFFXVH¡
P«PHFRPSRUWHPHQWTX
XQHEDUUH JHQUHGHFKDXVVªH
SHLQHGHPRXYHPHQW

%UDVORQJLWXGLQDO
%

3URILOHQ8

%



%UDVWUDQVYHUVDO
DQJOHGHFKXWHQHSXLVVHVXELU
DOWªUDWLRQVSHQGDQWOHXUFRXUVH
&DUURVVHULH
DSSRUWGHODPRLQGUHYDULDWLRQGDQVOD
XQHGHVSULQFLSDOHVGLIIªUHQFHV
%UDVLQIªULHXU
%UDVGHJXLGDJH
DYDQFHSRXUDPªOLRUHUOD
6HVSULQFLSDX[DYDQWDJHVVRQWOHV
DFFªOªUDWLRQRXGHIUHLQDJH
VXLYDQWV GHVSQHXPDWLTXHVTXHOOHVTXH
(OOHPDLQWLHQWOHVURXHVHQDQJOH
GURLWSDUUDSSRUW¡ODFKDXVVªHGH
XQHDXJPHQWDWLRQGHOD
VRUWHTXHWRXWHODVXUIDFHGXSQHX
VRLWHQFRQWDFWDYHFFHOOHFL
ORUVTXHOHYªKLFXOHFLUFXOHHQOLJQH
GURLWH
(WHQSUHQDQWXQYLUDJHHOOH
PRGLILHOHVFRWHVGHGLUHFWLRQ
(1352)21'(85
9DULDWLRQVGHVFRWHVGHVXVSHQVLRQ
'DQVODVXVSHQVLRQ¡GRXEOHEUDVRVFLOODQW
OHVEUDVVRQWSODFªVHQSDUDOO©OHHQWUHHX[
)XVªH HWSDUUDSSRUW¡ODFKDXVVªHGHID¨RQ¡FH
TXHO
G
/
ORQJXHXURXODGLVSRVLWLRQGHFHVEUDV
FRPSRUWHUDLWDXWRPDWLTXHPHQWGHV
YDULDWLRQVGHVFRWHV
7HOOHHVWO
H[LVWDQWHQWUHFHJHQUHGHVXVSHQVLRQHWOD
VXVSHQVLRQPXOWLEUDV
'DQVOHFDVGHODVHFRQGHFRPSWHWHQXGX
JUDQGQRPEUHGHEUDVFHVGHUQLHUVRIIUHQW
GHQRPEUHXVHVSRVVLELOLWªVGHGLVSRVLWLRQ
GHID¨RQ¡FHTXHGHVYDULDWLRQVGHOD
JªRPªWULHSXLVVHQWH[LVWHUGDQVOHV
PRXYHPHQWVGHODVXVSHQVLRQHQIRQFWLRQ
GHVFLUFRQVWDQFHV3DUH[HPSOHXQH
DXJPHQWDWLRQGHO
%
VWDELOLWªORUVTXHODURXHUHQFRQWUHXQ
REVWDFOHRXSRXUªYLWHUOHVFKDQJHPHQWVGH
FRQYHUJHQFHVGDQVGHVPDQRHXYUHV
7RXWFHODSHUPHWXQHPRLQGUHXVXUH
G
VRLHQWOHVFRQGLWLRQVGHFRQGXLWHGH
P«PHTX
VªFXULWªDFWLYHHWGXFRQIRUWGDQVOD
FRQGXLWH
4XDQW¡VHVLQFRQYªQLHQWVFHX[FL
VRQWOHVVXLYDQWV
&R¼WGHIDEULFDWLRQªOHYªHW
LQVWDOODWLRQFRPSOH[H
FKXWHHWFRQYHUJHQFHDILQGH 3RLGVVXSªULHXU¡FHOXLG
DXWUH
IDFLOLWHUODPDQRHXYUHHWG
REWHQLU V\VW©PHV
XQHERQQHVXUIDFHGHFRQWDFWDYHF &RPSWHWHQXGHFHVLQFRQYªQLHQWV
OHVRO'HP«PHFHODSHUPHW VRQXWLOLVDWLRQHVWDXMRXUG
KXL
G
ªYLWHUO
HIIHWQªJDWLITX
H[HUFHQW OLPLWªHDX[EHUOLQHVHWDX[YªKLFXOHV
OHVURXHVVXUOHYRODQW KDXWHVSHUIRUPDQFHV

 /HVV\VW©PHVGHVXVSHQVLRQDFWLYHSHUPHWWHQWGHUªJOHUODKDXWHXUGXYªKLFXOHHQ
IRQFWLRQGHVYDULDWLRQVGHFKDUJHHWGHVLUUªJXODULWªVGHODFKDXVVªH

'DQVXQV\VW©PHGHVXVSHQVLRQ &RPSRVDQWVPªFDQLTXHV
LGªDOODSRVLWLRQGHVURXHVGHYUDLW &HX[FLVRQWFKDUJªVGHPRGLILHUOD
WRXMRXUVUHVWHUODP«PHSDUUDSSRUW¡ KDXWHXUGXYªKLFXOHHQIRQFWLRQGX
ODFDUURVVHULH FRQWUµOHUªDOLVªSDUOHVªOªPHQWVGH
JHVWLRQ&HVFRPSRVDQWV
3ULQFLSHGH%DVH PªFDQLTXHVVRQWOHVVXLYDQWV
6RQEXWHVWGHFRQWUµOHUODKDXWHXUGX *ªQªUDWHXUGHSUHVVLRQ
YªKLFXOHHQIRQFWLRQGHVYDULDWLRQVGH ,OFUªHODSUHVVLRQG
DLURXG
KXLOH
SRLGVHWGHO
ªWDWGHODFKDXVVªH VHORQTXHOHV\VW©PHVRLW
3RXUFHIDLUHGLIIªUHQWVªOªPHQWV K\GUDXOLTXHRXSQHXPDWLTXH
PªFDQLTXHVSQHXPDWLTXHVRX SUHVVLRQTXLVHUDDSSOLTXªH¡GHV
K\GUDXOLTXHVVRQWQªFHVVDLUHVGH EORFVSQHXPDWLTXHVUªJODQWOD
P«PHTXHOHVªOªPHQWVGHODJHVWLRQ KDXWHXUGXYªKLFXOH
ªOHFWURQLTXH 6LOHV\VW©PHHVWGHW\SH
SQHXPDWLTXHLOV
DJLUDG
XQ
FRPSUHVVHXUHWVLOHV\VW©PHHVW
$YDQWDJHV
/HFRQWUµOHVXUODKDXWHXUGXYªKLFXOH K\GUDXOLTXHLOV
DJLUDG
XQHSRPSH
GRQQHOLHXDX[DYDQWDJHVVXLYDQWV ,OVSHXYHQW«WUHDFWLRQQªVSDUOH
3OXVJUDQGFRQIRUWGHVRFFXSDQWV PRWHXUGXYªKLFXOHRX«WUH
SHQGDQWODPDUFKH ªOHFWULTXHV
$PªOLRUDWLRQGHODVWDELOLWªGDQV $FFXPXODWHXUGHSUHVVLRQ
,OPDLQWLHQWXQHSUHVVLRQªWDEOLHGX
OHVYLUDJHV
V\VW©PHHWG
DOLPHQWDWLRQGH
0RLQGUHHIIHWGXURXOLVHWGX
UªVHUYH,ODEVRUEHOHVIOXFWXDWLRQV
WDQJDJHGXYªKLFXOH
'LPLQXWLRQGHO
XVXUHGHV GHSUHVVLRQTXHSURGXLVHQWOHV
SQHXPDWLTXHV JªQªUDWHXUV

'DQVOHVV\VW©PHVDFWXHOVOHVGLIIªUHQWHV
SRVLWLRQVSHXYHQW«WUHVªOHFWLRQQªHVGHID¨RQ
PDQXHOOHHQIRQFWLRQGHVEHVRLQVGX
FRQGXFWHXURXGHID¨RQDXWRPDWLTXHJU£FH¡
%
ODJHVWLRQªOHFWURQLTXH


%ORFSQHXPDWLTXH ªOHYHUOHYªKLFXOHRXGHGLPLQXHU
6RQIRQFWLRQQHPHQWHVWGªFULWGDQV OHXUFDSDFLWªORUVTXHOHFRQGXFWHXU
ODUXEULTXHLQWLWXOªHªOªPHQWV GªVLUHIDLUHGHVFHQGUHOHYªKLFXOH
ªODVWLTXHV%ORFSQHXPDWLTXH (QFDVGHUªJODJHDXWRPDWLTXHOHV
FDSWHXUVGHQLYHDXLQIRUPHQWO
XQLWª
ŠOªPHQWVGHODJHVWLRQ GHFRPPDQGHªOHFWURQLTXHGHV
/HXUUµOHHVWGHJªUHUHWGHFRQWUµOHU YDULDWLRQVGHODVXVSHQVLRQGHID¨RQ
O
DFWLYDWLRQGHVFRPSRVDQWV FRQWLQXH
PªFDQLTXHV 6LO
XQLWªGªWHUPLQHTXHODKDXWHXU
&DSWHXUGHQLYHDX GRLW«WUHFRUULJªHHOOHDFWLYHOHV
,OHVWFKDUJªGHGªWHFWHUOHV
ªOHFWURYDQQHVSRXUDXJPHQWHURX
YDULDWLRQVGHKDXWHXUGXYªKLFXOHRX
GLPLQXHUODSUHVVLRQGDQVOHVEORFV
OHVLQFOLQDLVRQVGHODFDUURVVHULH
SQHXPDWLTXHV
WHOOHVTXHFHOOHVTXLVHSURGXLVHQW
GDQVOHVYLUDJHV,OVVRQWVLWXªVHQWUH
OHFK£VVLVHWOHEUDVGHVXVSHQVLRQ
8QLWªGHFRPPDQGHªOHFWURQLTXH
(OOHGªWHUPLQHO
ªWDWGHODFRQGXLWH
8QLWªGHFRPPDQGHªOHFWURQLTXH
JU£FHDX[VLJQDX[TX
HOOHUH¨RLWGHV
FDSWHXUVHWU©JOHODKDXWHXUGHV
EORFVSQHXPDWLTXHVHQDFWLYDQWOHV
ªOHFWURYDQQHVGXV\VW©PH
ŠOHFWURYDQQHV
(OOHVRXYUHQWHWIHUPHQWOHSDVVDJH
%ORFSQHXPDWLTXH
GHODSUHVVLRQGXJªQªUDWHXUDX[
EORFVSQHXPDWLTXHV
*ªQªUDWHXU
GHSUHVVLRQ
)RQFWLRQQHPHQW
/HUªJODJHSHXW«WUH
$FFXPXODWHXUGHSUHVVLRQ
 $XWRPDWLTXH
 0DQXHO
ŠOHFWURYDQQH
3RXUOHUªJODJHPDQXHOOH &DSWHXUGHQLYHDX
FRQGXFWHXUGRLWXWLOLVHUXQGLVSRVLWLI
GRWªVGHGLIIªUHQWHVSRVLWLRQVTXLOXL
%
SHUPHWWHQWG
DXJPHQWHUODFDSDFLWª
GHVEORFVSQHXPDWLTXHVDYHFGX
IOXLGHSURYHQDQWGXJªQªUDWHXUSRXU


 /
LGªHG
XWLOLVHUGHO
DLUGDQVOHVURXHVDSSDUXWHQ
PDLVQHIXWPLVHHQRHXYUHTXHYHUV

(1352)21'(85 /H3ULQFLSH /DSOXSDUWGHVSUHVWDWLRQVGHV

/HVSUHPL©UHVURXHVPRQWªHVVXUOHV YªKLFXOHVPRGHUQHVVRQWGXHVDX[
/HSQHXPDWLTXHWHOTXHQRXVOHFRQQDLVVRQV
DXWRPRELOHVQ
ªWDLHQWDXWUHTXH KDXWHVSUHVWDWLRQVGHVURXHVHW¡
DXMRXUG
KXLIXWLQYHQWªHQSDUWLUGH
O
KªULWDJHGHVDQFLHQQHVYRLWXUHV O
HIILFDFLWªGHVSQHXPDWLTXHV
O¡VRQªYROXWLRQIXWUDSLGH4XHOTXHV
DQQªHVSOXVWDUGODFKDPEUHIXWEUHYHWªH WLUªHVSDUGHVFKHYDX[HOOHVªWDLHQW 'HVIDFWHXUVDXVVLLPSRUWDQWVTXHOD
(OOHFRQVLVWDLWGDQVXQWX\DXHQFDRXWFKRXF IDEULTXªHVHQERLVDYHFXQHEDQGH VªFXULWªDFWLYHODFDSDFLWªGH
GHVWLQª¡FRQWHQLUGHO
DLUTXLSRXYDLW«WUH GHURXOHPHQWPªWDOOLTXH3OXVWDUG IUHLQDJHRXOHFRQIRUWGXYªKLFXOH
PRQWªHWGªPRQWªLQGªSHQGDPPHQWGH GªSHQGHQWODUJHPHQWGHVURXHVHWGH
ODEDQGHGHURXOHPHQWIXWUHPSODFªH
O
HQYHORSSH/HVSUHPLHUVSQHXPDWLTXHV¡
SDUXQHEDQGHHQFDRXWFKRXF OHXUSDUIDLWªWDW
DYRLUªWªPRQWªVªWDLHQWWU©VªWURLWVHWG
XQ
JUDQGGLDP©WUHOHXUSUHVVLRQGHYDLWGRQF PDVVLISXLVSDUOHSQHXPDWLTXH¡
«WUHWU©VªOHYªHVG
HQWUHHW.JFP   DLUODMDQWHGHUD\RQVPªWDOOLTXHVHW )RQFWLRQVGHEDVH
HQOHSQHXPDWLTXHGLWGH /HVURXHVVRQWOHVSLHGVGH
EDVVHSUHVVLRQDYHFMDQWHPªWDOOLTXH O
DXWRPRELOHHOOHVPHWWHQWOH
ILWVRQDSSDULWLRQ&HVSQHXPDWLTXHV YªKLFXOHHQFRQWDFWDYHFOHVROHW
ªWDLHQWGªM¡SUHVTXHLGHQWLTXHV¡  7UDQVIRUPHQWOHPRXYHPHQWGH
FHX[TXHQRXVFRQQDLVVRQV URWDWLRQGXPRWHXUHQPRXYHPHQW
DXMRXUG
KXLOHVGLIIªUHQFHV G
DYDQFHJU£FH¡OHXUUªVLVWDQFHDX
SULQFLSDOHVUªVLGDQWHVVHQWLHOOHPHQW GªUDSDJH
GDQVOHVPªWKRGHVGHIDEULFDWLRQ

%


 -DQWH
5RXH

/DMDQWHO
HQYHORSSHHWODFKDPEUHIRUPHQW
(QYHORSSH &KDPEUH O
HQVHPEOHGHODURXHELHQTXHDFWXHOOHPHQW
QRPEUHXVHVVRQWOHVURXHVTXLQHGLVSRVHQW
%
SOXVGHFKDPEUH

 (OOHVRIIUHQWXQHJUDQGHUªVLVWDQFH
DXGªUDSDJHVXUOHVRODXPRPHQW
GXIUHLQDJH
HQYHORSSH(OOHHVWIL[ªHDX
 (OOHVVXSSRUWHQWOHSRLGVGX
YªKLFXOHHWIDFLOLWHQWOHPRXYHPHQW
GDQVOHPRLQGUHHIIRUW
DOXPLQLXP
 (OOHVGLULJHQWO
DXWRPRELOHSRXU  /HSQHXPDWLTXHHVWODSDUWLHVH
REWHQLUOHVFKDQJHPHQWVGH
GLUHFWLRQ
 (OOHVDEVRUEHQWHWDPRUWLVVHQWOHV
HQYHORSSH
FKRFVHWOHVFRXSVSURYRTXªVSDU
DLUHVWLQGLVSHQVDEOHSRXU
OHVSHWLWHVLUUªJXODULWªVGHOD
FKDXVVªH
HQVHPEOH
'HSOXVOHVURXHVGRLYHQW«WU
LQWªULHXU
HOHSOXVOªJ©UHVSRVVLEOHVGHID¨RQ
¡FHTXHOHVPDVVHVQRQVXVSHQGXHV
DLUELHQTXHDFWXHOOHPHQW
GXYªKLFXOHVRLHQWOHVSOXVSHWLWHV
SRVVLEOHHW¡DLQVLDPªOLRUHUOHV
TXDOLWªVGHODVXVSHQVLRQ
3DUWLHVGHODURXH
 /DMDQWHHVWODSDUWLHPªWDOOLTXHRº
ORJHO
PR\HXGHURXHGXYªKLFXOH&HOOH
FLSHXW«WUHHQDFLHURXHQDOOLDJH
G
WURXYDQWHQFRQWDFWSHUPDQHQW
DYHFOHVRO,OHVWªJDOHPHQWFRQQX
VRXVOHQRPG
 /
UHPSOLUOHSQHXPDWLTXHHWGRQQH
ªODVWLFLWª¡O
 /DFKDPEUHVHWURXYH¡O
GXSQHXPDWLTXHHWVHUW¡FRQWHQLU
O
SUHVTXHWRXWHVOHVHQYHORSSHV
VRLHQWGHW\SHVDQVFKDPEUH

 /HSQHXPDWLTXHDSSRUWHªODVWLFLWª¡ODURXH
HWHVWOHSUHPLHUªOªPHQWGHVXVSHQVLRQGHO
DXWRPRELOH

(1352)21'(85
,OV
DJLWGHODSDUWLHVRXSOHGHODURXH &DUDFWªULVWLTXHVSULQFLSDOHV
HWTXLVHWURXYHHQFRQWDFWDYHFOH  6RXSOHVVHTXLHVWODFDSDFLWªGH
/HFDRXWFKRXF
&
HVWODJRPPHªODERUªH¡SDUWLUGH VRO,OHVWQRUPDOHPHQWGHFRXOHXU VHGªIRUPHUHWGHUHSUHQGUHVD
PDWªULDX[TXLSURYLHQQHQWGHODQDWXUH6HV QRLUHHVWHVVHQWLHOOHPHQWIDEULTXª IRUPHG
RULJLQHSRXUQHXWUDOLVHU
SURSULªWªVSULQFLSDOHVVRQW/
ªODVWLFLWªOD HQFDRXWFKRXFHWHVWIL[ª¡ODMDQWH OHVSHWLWHVLUUªJXODULWªVGHOD
GXUHWª¡O
DEVRUSWLRQODUªVLVWDQFHDX FKDXVVªHHWRIIULUXQFRQIRUWDX[
JU£FH¡ODSUHVVLRQH[HUFªHSDUO
DLU
YLHLOOLVVHPHQWO
LPSHUPªDELOLWªHWOD
GDQVVRQLQWªULHXU RFFXSDQWV
GLIILFXOWªGHGªIRUPDWLRQSHUPDQHQWH
/HSQHXPDWLTXHHVWFRPSRVªGH  5ªVLVWDQFH¡O
XVXUHDX[FKRFVHW
6RQFRPSRVDQWSULQFLSDOHVWOHODWH[
SURGXLWOLTXLGHGHFRXOHXUEODQFK£WUHTXH SOXVLHXUVWRLOHVFHVGHUQL©UHVªWDQW DX[WHPSªUDWXUHVGXHVDX[
O
RQH[WUDLWGHFHUWDLQVDUEUHVHWSODQWHV,O XQHQVHPEOHGHFRXFKHVWH[WLOHVHW FRQVWDQWVHIIRUWVDX[TXHOVHVW
H[LVWHGHJUDQGHVSODQWDWLRQVFRQVDFUªHV¡
GHILQVILOVGHIHU&HVFRXFKHVHWXQ VRXPLVOHSQHXPDWLTXH
O
H[WUDFWLRQGXODWH[HVVHQWLHOOHPHQWHQ  $GKªUHQFHTXLHVWODFDSDFLWª
$PªULTXHGX6XGHQ$VLHHQ$PªULTXH
UHY«WHPHQWH[WHUQHHQFDRXWFKRXF
G
DFFURFKDJHTX
DOD
FHQWUDOHHWHQ$IULTXH VRQWXQLVGDQVOHFDGUHGXSURFHVVXV
SQHXPDWLTXH
3URFHVVXVG
ªODERUDWLRQ ILQDOGHIDEULFDWLRQDSSHOª
8QIRLVREWHQXOHODWH[HVWPªODQJª¡GH
YXOFDQLVDWLRQ
O
HDXPªODQJHGXTXHOVRQWHQVXLWHH[WUDLWHV
OHVLPSXUHWªVHWTX
LOIDXWODLVVHUUHSRVHU
MXVTX
¡VDFRDJXODWLRQ
,OSHXWªJDOHPHQW«WUHIDEULTXªGHID¨RQ
DUWLILFLHOOH/HVSURGXLWVDLQVLREWHQXVVRQW
DSSHOªVGHVªODVWRP©UHVV\QWKªWLTXHVHW
ELHQTXHOHXUDVSHFWVRLWVLPLODLUH¡FHOXLGX
FDRXWFKRXFQDWXUHOOHXUVSURSULªWªVVRQW
LQIªULHXUHV¡FHOOHVGHFHGHUQLHUVXUWRXWGX
SRLQWGHYXHGHO
DGKªUHQFH

/HSQHXPDWLTXHGRLW«WUHIOH[LEOHDGKªUDQWHW
%
UªVLVWDQW¡O
XVXUH


6WUXFWXUH GHSURILOHWOHFRPSRUWHPHQWGXSQHX
(1352)21'(85
 %DQGHGHURXOHPHQW YDULHUDHQIRQFWLRQGHFHWWHKDXWHXU
,OV
DJLWGHODVXUIDFHG
DSSXLGX 9XOFDQLVDWLRQ
8QSOXVKDXWSURILOVXSSRVHXQSOXV
/DYXOFDQLVDWLRQHVWXQSURFHVVXVTXL
SQHXPDWLTXH(OOHFRQVLVWHGDQVXQH JUDQGFRQIRUWHWXQSURILOSOXVEDV SHUPHWGHPRGLILHUOHVSURSULªWªV
FRXFKHªSDLVVHGHFDRXWFKRXFDYHF IDYRULVHODVWDELOLWª SK\VLTXHVGXFDRXWFKRXFOHUHQGDQWXWLOH
GHVVLOORQVTXLGªILQLVVHQWOHGHVVLQ /HVPHVXUHVHWOHVFDUDFWªULVWLTXHV SRXUGHQRPEUHX[XVDJHVLQGXVWULHOVGRQW
/HVLQGLFDWHXUVG
XVXUHTXL GXSQHXVRQWJUDYªHVVXUOHIODQF ODIDEULFDWLRQGHSQHXPDWLTXHV

LQGLTXHQWODOLPLWHG
XVXUHGX *U£FH¡ODYXOFDQLVDWLRQOHFDRXWFKRXF
 &DUFDVVHRXDUPDWXUH
GHYLHQWSOXVªODVWLTXHSOXVUªVLVWDQW¡OD
SQHXPDWLTXHVHWURXYHQWVXUOD ,OV
DJLWGHO
HQVHPEOHGHFRXFKHV
UXSWXUHHWSHXVHQVLEOHDX[FKDQJHPHQWVGH
EDQGHGHURXOHPHQW&HVLQGLFDWHXUV WH[WLOHVRXGHILOGHIHUTXLIRUPHQWOH WHPSªUDWXUH
FRQVLVWHQWGDQVGHVUHFRXSHPHQWV VTXHOHWWHGXSQHXPDWLTXH /
XQHGHVSURFªGXUHVFRQVLVWHGDQVOH
HQVDLOOLHGHPP¡O
LQWªULHXUGHV $XMRXUG
KXLFHWHQVHPEOHUªSRQG EDWWDJHGXFDRXWFKRXFEUXWGHID¨RQ¡OH

VLOORQVGHODEDQGHGHURXOHPHQW SUHVTXHWRXMRXUVXQHVWUXFWXUH UHQGUHSOXVPRXHWKRPRJ©QH2QREWLHQW

DLQVLXQSURGXLWSODVWLTXHSRXYDQW
/RUVTXHODVXUIDFHGXSQHXDWWHLQWOH UDGLDOH/DUªVLVWDQFHOHFRQIRUWHWOD
IDFLOHPHQW«WUHPªODQJªDXVRXIUH/H
QLYHDXGHFHVLQGLFDWHXUVFHOXLFL GXUªHGHYLHGXSQHXGªSHQGHQW
PªODQJHHVWPRXOªGHID¨RQ¡OXLGRQQHUOD
GRLW«WUHFKDQJª ODUJHPHQWGHO
DUPDWXUH IRUPHGªVLUªHSXLVHVWFKDXIIª¡XQH
 )ODQF  7DORQ WHPSªUDWXUHVXSªULHXUH¡FHOOHGHODIXVLRQ
,OV
DJLWGHODSDUWLHODWªUDOHGX ,OV
DJLWGHODSDUWLHTXLSUHQGDVVLVH GXVRXIUHR&
SQHXPDWLTXH&HWWHGHUQL©UHHVW GDQVODMDQWH,OSRUWHXQDQQHDXGHILO
VRXPLVH¡XQHIOH[LRQFRQVWDQWHDX GHIHUWUHVVªUHFRXYHUWGH
FRXUVGHODPDUFKH/DKDXWHXUGX FDRXWFKRXFHQYXHG
ªYLWHUWRXWH
IODQFHVWDXVVLFRQQXHVRXVOHQRP GªIRUPDWLRQ

%DQGHGHURXOHPHQW

7DORQ

)ODQF

$UPDWXUH
/DEDQGHGHURXOHPHQWOHWDORQOHIODQFHW
O
DUPDWXUHIRUPHQWO
HQVHPEOHGX
% SQHXPDWLTXH


 /
LQWURGXFWLRQGXSQHXPDWLTXHVDQVFKDPEUH
DVXSSRVªXQHJUDQGHDYDQFHGDQVODVªFXULWªDFWLYHGHVDXWRPRELOHVTXL
GHQRVMRXUVHQVRQWWRXWHVGRWªHV

(1352)21'(85 'LDJRQDO 5DGLDO

/HVSQHXPDWLTXHVGLDJRQDX[VH 4XDQW¡FHWWHVWUXFWXUHLQWHUQHOHV
3QHXPDWLTXHVVSªFLDX[ FDUDFWªULVHQWSDUOHXUVFRXFKHV WRLOHVVRQWSODFªHVGHVRUWHTXHOHV
$ILQGHGLVSRVHUGHURXHVSRXUGHVXVDJHV
LQWHUQHVDOODQWG
XQWDORQ¡O
DXWUH ILOVGHIHURXFRUGHVWH[WLOHVDLOOHQW
HWGHVILQDOLWªVSUªFLVHVLOH[LVWHGHV
PRG©OHVVSªFLDOHPHQWFRQ¨XVSRXU (OOHVVRQWFURLVªHVHQWUHRHWR G
XQERXW¡O
DXWUH&HWWHGLVSRVLWLRQ
%DVVHFRQVRPPDWLRQDSSHOªV8/9 3OXVFHWDQJOHHVWJUDQGHWSOXVOD GHVWRLOHVSUªVHQWHOHVDYDQWDJHV
3RLGV8OWUD/ªJHU6LOHSRLGVHVWXQ VWDELOLWªGLUHFWLRQQHOOHHVWJUDQGH VXLYDQWV
IDFWHXUGªWHUPLQDQWODVWUXFWXUHLQWHUQHHW
8QHYDULDQWHGHFHJHQUHGHSQHXV 3OXVJUDQGHIOH[LELOLWª
ODEDQGHGHURXOHPHQWGHVRQWDXVVL
HVWOHSQHXPDWLTXH¡DUPDWXUH 3OXVJUDQGHVWDELOLWª
SXLVTX
LOVDPªOLRUHQWO
DGKªUHQFHHW
UªGXLVHQWODUªVLVWDQFHDXPRXYHPHQWJU£FH GLDJRQDOHUHQIRUFªH&HGHUQLHUSRUWH 3OXVJUDQGHFDSDFLWªGHURXOHPHQW
DXVLOLFHDMRXWªDXFDRXWFKRXF GHVWRLOHVGHUHQIRUFHPHQWHWVH 0RLQGUHFKDXIIDJHGX
1HLJHHWJHODYHFXQHVªULHGHFORXVHQ UHFRQQD¯WSDUODOHWWUH%TX
LOSRUWH SQHXPDWLTXH
DFLHUVLWXªVVXUODEDQGHGHURXOHPHQW 1ªDQPRLQVFHVSQHXPDWLTXHV
VXUVRQIODQF/
XVDJHGHFHV
DPªOLRUHQWO
DGKªUHQFHGDQVFHJHQUHGH
SQHXPDWLTXHVQ
HVWSDVFRXUDQW SUªVHQWHQWXQHPRLQGUHUªVLVWDQFH
FKDXVVªHV
&HWWHVWUXFWXUHSUªVHQWH DXQLYHDXGHVIODQFVRXSDUWLH
$JULFROHVDYHFXQSOXVJUDQGSRXYRLUGH
WUDFWLRQHWXQHKDXWHUªVLVWDQFHDX[FKRFV O
LQFRQYªQLHQWG
XQHXVXUHUDSLGHHQ ODWªUDOH
JU£FH¡XQUHY«WHPHQWSRUWDQWGHSURIRQGHV UDLVRQGXIURWWHPHQWHQWUHOHV /HVSQHXPDWLTXHVGHFHJHQUHVH
FRXSHVUDGLDOHV
FRXFKHVHWODKDXWHWHPSªUDWXUHGH UHFRQQDLVVHQWSDUO
LQVFULSWLRQGHOD
WUDYDLO OHWWUH5VXUOHVIODQFV

5$',$/

',$*21$/

/HSQHXPDWLTXHUDGLDOSUªVHQWHGDYDQWDJH
G
DGKªUHQFHGDQVOHVYLUDJHVHQUDLVRQGHVD
%
SOXVJUDQGHIOH[LELOLWªODWªUDOH


 (1352)21'(85
&RQWUµOHDXWRPDWLTXHGHODSUHVVLRQ
,OVHUW¡VXUYHLOOHUODSUHVVLRQGHVSQHXV
SHQGDQWODPDUFKHHWORUVTXHOHYªKLFXOHHVW

-DQWH DUU«WªGHID¨RQFRQWLQXH
/HV\VW©PHHVWFRPSRVªG
XQFDSWHXUYLVVª
¡ODYDOYHGXSQHXG
XQHDQWHQQHUªFHSWULFH
VLWXªHGDQVOHSDVVDJHGHURXHGHO
XQLWªGH
FRPPDQGHªOHFWURQLTXHHWGHO
LQGLFDWHXU
VXUOHWDEOHDXGHERUG
/RUVTXHOHFDSWHXUGªWHFWHXQHSHUWHGH
SUHVVLRQVXSªULHXUH¡EDUVLOFKDQJHOH
PRGHGHWUDQVPLVVLRQ/HVLJQDOHVWFDSWª
$QQHDXLQWHUQHHQFDRXWFKRXF SDUO
XQLWªGHFRPPDQGHTXLOHWUDLWHSXLV
3QHXPDWLTXH
DFWLYHOHYR\DQWOXPLQHX[G
DYHUWLVVHPHQW
GXWDEOHDXGHERUG
/HFDSWHXUHQYRLHGHVVLJQDX[GH
%
UDGLRIUªTXHQFHHWHVWDOLPHQWªSDUXQH
PLFUREDWWHULHGRQWODGXUªHGHYLHHVWGH
SOXVGHVHSWDQV
3QHXPDWLTXHVDQVFKDPEUH SQHXPDWLTXH
&
HVWDXMRXUG
KXLOHSOXVFRXUDQW,O )RQFWLRQQHPHQW
UHQIHUPHXQUHY«WHPHQWHQ (QFDVGHFUHYDLVRQHWGHSHUWHWRWDOH
FDRXWFKRXFGHEXW\OHPDWªULDX GHO
DLUODEDQGHGHURXOHPHQWSUHQG
LPSHUPªDEOH¡O
DLU6HVWDORQV DSSXLVXUO
DQQHDXLQWHUQHHQ
SRUWHQWGHVVWULHVSRXUDPªOLRUHUOH FDRXWFKRXFFHTXLSHUPHWDX
FRQWDFWDYHFODMDQWHHWO
ªWDQFKªLWª YªKLFXOHGHFRQWLQXHU¡FLUFXOHUGDQV
$YDQWDJHV ODOLPLWHGH.PK&RPSWHWHQXGH
3OXVJUDQGHVªFXULWªDFWLYH(QFDV ODFRQVWUXFWLRQGHODURXHOHWDORQ
GHFUHYDLVRQOHGªJRQIODJHUDSLGH UHVWHIL[ª¡ODMDQWHFHTXLJDUDQWLWOD
HVWªYLWªGDQVODPHVXUHRºOD VªFXULWª
JDUQLWXUHLQWªULHXUHHVWYXOFDQLVªH $YDQWDJHV
/HIDLWGHQHSDVDYRLUEHVRLQGH $PªOLRUHODVªFXULWªDFWLYH
FKDPEUHIDFLOLWHOHPRQWDJHHWOH 3RVVLELOLWªGHFLUFXOHUVDQVDLU
GªPRQWDJH GDQVOHSQHX
6
LOHVWGRWªG
XQV\VW©PHGH
6\VW©PH3$; FRQWUµOHGHODSUHVVLRQOH
,OFRQVLVWHGDQVXQMDQWHGHQRXYHOOH FRQGXFWHXUHVWDYHUWLGHOD
FRQFHSWLRQTXLUHQIHUPHXQDQQHDX VLWXDWLRQDILQTXHFHGHUQLHU
HQFDRXWFKRXF¡O
LQWªULHXUGX UªGXLVHODYLWHVVHGHPDUFKH

 &KDTXHYªKLFXOHDEHVRLQG
XQSQHXPDWLTXHDSSURSULª¡VHVSHUIRUPDQFHV
/DYLWHVVHPD[LPXPODFKDUJHHWOHVGLPHQVLRQV
VRQWLQGLTXªVVXUOHVIODQFVSRXUXQHERQQHLGHQWLILFDWLRQ

/HVSQHXPDWLTXHVSHXYHQW«WUH FRPPHOHUDSSRUWH[LVWDQWHQWUHOD
'LDP©WUH LGHQWLILªVHQIRQFWLRQGHOHXUV KDXWHXU+HWODODUJHXUGHVHFWLRQ
5
GLPHQVLRQVHWGHOHXUV 6
FDUDFWªULVWLTXHV /DVªULHHVWLQGLTXªHDSU©VOHFKLIIUH
LQGLTXDQWODODUJHXUGHVHFWLRQGH
'LPHQVLRQV O
HQYHORSSH5
/DUJHXUGHVHFWLRQ

 /DUJHXUGHVHFWLRQ /RUVTXHFHWWHYDOHXUQ
HVWSDV
,OV
DJLWGHODGLVWDQFHHQWUHOHV VSªFLILªHVXUOHSQHXPDWLTXHFH
5

SDUWLHVOHVSOXVVDLOODQWHVGHVIODQFV GHUQLHUDSSDUWLHQW¡ODVªULH
GXSQHXPDWLTXH(OOHHVWH[SULPªH 'HQRVMRXUVLOH[LVWHXQHWHQGDQFH¡
HQPLOOLP©WUHV5 ODIDEULFDWLRQGHVªULHVLQIªULHXUHV¡
 'LDP©WUH HWRXP«PHHQFRUH
,OFRUUHVSRQGDXGLDP©WUHLQWªULHXU
LQIªULHXUHV6LFHVYDOHXUVVRQW
HQWUHWDORQVHWHVWQRUPDOHPHQW
LQIªULHXUHVODGªULYHGªFUR¯WHWOD
H[SULPªHQSRXFHV5
%
VªFXULWªDXJPHQWHDXGªWULPHQWGX
 6ªULHG
XQSQHXPDWLTXH
FRQIRUWGHVRFFXSDQWV
/DVªULHG
XQSQHXPDWLTXHHVWGªILQLH
'LDP©WUHHWODUJHXUGHVHFWLRQGX
SQHXPDWLTXH
6

+
+ 6ªULH [

6ªULH 6ªULH 6ªULH

/DVªULHHVWOHUDSSRUWHQWUHODKDXWHXUHWOD
ODUJHXUGHVHFWLRQHWHVWH[SULPªHHQ %
SRXUFHQWDJH


 /DYLWHVVHPD[LPXPSRXYDQW«WUHDWWHLQWHDYHF
&RGHGHYLWHVVH
XQSQHXPDWLTXHHVWGªWHUPLQªHSDUOHFRGH
3 LQGLTXªVXUVRQIODQF
4
5
6
7
8
9
:
<

         .PK
%

&DUDFWªULVWLTXHV  &RGHGHYLWHVVH
(1352)21'(85
/HSQHXPDWLTXH¡LQVWDOOHUGRLW«WUH &HFRGHLQGLTXHODYLWHVVHPD[LPXP
TXHSHXWDWWHLQGUHOHYªKLFXOH&HWWH 7DEOHDXGHVLQGLFHVGHFKDUJH
GLIIªUHQWHQIRQFWLRQGXW\SHGH
YªKLFXOHGHVSUHVWDWLRQVHWGH FDUDFWªULVWLTXHHVWLQGLTXªHSDUXQH &RGH NJ &RGH NJ &RGH NJ

O
XVDJHDXTXHOHVWGHVWLQªFH OHWWUH¡ODILQGHODGHVFULSWLRQGHV   
  
GHUQLHU3RXUFKRLVLUOHSQHXPDWLTXH GLPHQVLRQV
  
DSSURSULªQRXVGHYRQVWHQLUFRPSWH 59   
  
GHVFDUDFWªULVWLTXHVVXLYDQWHV /DOHWWUH9FRUUHVSRQG¡ODYLWHVVH   
 ,QGLFHGHFKDUJH PD[LPXPNPK   
  
/
LQGLFHGHFKDUJHLQGLTXHOHSRLGV 8QSQHXGRQWOHFRGHGHYLWHVVHHVW   
PD[LPXPTXHSHXWVXSSRUWHUOH LQIªULHXU¡ODYLWHVVHPD[LPXPGX   
  
SQHXPDWLTXHHWHVWLQGLTXªSDUXQ YªKLFXOHQHGRLWMDPDLV«WUHPRQWª   
QXPªURVXUO
HQYHORSSHDSU©VOH VXUFHYªKLFXOH/RUVTXHOH   

GLDP©WUHGXSQHXPDWLTXH SQHXPDWLTXHGªSDVVHODYLWHVVH
59 PD[LPXPSRXUODTXHOOHLODªWª
'DQVFHFDVOHQXPªUR FRQ¨XFHOXLFLSHXWVHGªWUXLUH
FRUUHVSRQG¡O
LQGLFHGHFKDUJHHW
LQGLTXHXQSRLGVPD[LPXPSDU
SQHXPDWLTXHGH.J


 /
HQWUHWLHQGHVSQHXPDWLTXHVQ
HVWSDVVHXOHPHQWLPSRUWDQWHSRXUODGXUªHGHYLHGHFHX[FL
PDLVDXVVLSRXUO
REWHQWLRQGHO
DGKªUHQFHHWGHODVªFXULWªPD[LPXPV

/HSQHXPDWLTXHHVWO
XQGHV 'HSOXVHQFDVGHSUHVVLRQ
ªOªPHQWVTXLVHWURXYHVRXPLV¡OD LQFRUUHFWHSHQGDQWOHXUGXUªHGHYLH
SOXVJUDQGHIDWLJXHGDQVOHYªKLFXOH XWLOHLOVQHIHURQWSDVOHXUWUDYDLO
/DVªFXULWªGXYªKLFXOHHWGHVHV FRUUHFWHPHQWOHXUVSHUIRUPDQFHV
RFFXSDQWVGªSHQGHQWGHVRQªWDW G
DGKªUHQFHVHURQWHQGHVVRXVGH
3UHVVLRQEDVVH F
HVWSRXUTXRLXQHQWUHWLHQFRUUHFW FHTX
HOOHVGHYUDLHQW«WUHHWOD
QRXVJDUDQWLUDXQHSOXVJUDQGH FRQVRPPDWLRQGHFDUEXUDQW
VªFXULWªGHPDUFKHXQHSOXVJUDQGH DXJPHQWHUD
DGKªUHQFHHWXQHSOXVORQJXHYLHGHV /DSUHVVLRQGHVSQHXPDWLTXHVGRLW
SQHXPDWLTXHV YDULHUHQIRQFWLRQGXW\SHGH
/DSUHVVLRQGHJRQIODJHO
XVXUHGHOD FRQGXLWHDLQVLSRXUXQHFLUFXODWLRQ
EDQGHGHURXOHPHQWHWOHV ¡JUDQGHYLWHVVHRXORUVTXHOH
3UHVVLRQKDXWH GRPPDJHVFDXVªVSDUOHVFKRFVRX YªKLFXOHHVWFKDUJªODSUHVVLRQGRLW
OHVFRXSXUHVGRLYHQW«WUHYªULILªV «WUHDXJPHQWªH
SªULRGLTXHPHQW /DSUHVVLRQGHJRQIODJHGHYUD
WRXMRXUV«WUHYªULILªH¡IURLG/RUVTXH
3UHVVLRQGHJRQIODJH OHVSQHXPDWLTXHVFKDXIIHQWOD
&
HVWO
XQGHVSRLQWVFOªSRXUOHXU SUHVVLRQDXJPHQWH6LODSUHVVLRQ
3UHVVLRQFRUUHFWH IRQFWLRQQHPHQW6LOHV GHVSQHXPDWLTXHVHVWPRGLILªHGDQV
%
SQHXPDWLTXHVQHVRQWSDVJRQIOªV¡ FHVFRQGLWLRQVODYDOHXUVHUD
ODSUHVVLRQDSSURSULªHFHX[FL HUURQªH

8QHERQQHSUHVVLRQDSSRUWHODJDUDQWLHGHOD V
XVHURQWUDSLGHPHQWDXVVLELHQ¡
VXUIDFHGHFRQWDFWPD[LPXP GªIDXWGHSUHVVLRQG
DLUTX
HQFDV
G
H[F©V

8VXUHHQUDLVRQGH 8VXUHHQUDLVRQG
XQ 8VXUHHQUDLVRQG
XQPDX 8VXUHHQUDLVRQG
XQPDX
GªJRQIODJH H[F©VGHSUHVVLRQ YDLVDOLJQHPHQWLQWªULHXU YDLVDOLJQHPHQWH[WªULHXU %


ŠTXLOLEUDJH $OLJQHPHQWGHODGLUHFWLRQ
/
XVXUHGHVSQHXPDWLTXHVQ
HVWSDV /HIDLWTXHOHVURXHVFRQVHUYHQWOHV
WRXMRXUVXQLIRUPHHQUDLVRQGH GLPHQVLRQVªWDEOLHVSDUOHIDEULFDQW
YDULDWLRQVGHSRLGV/RUVTXHFHV SRXUODVXVSHQVLRQHWODGLUHFWLRQHVW
GHUQL©UHVRQWOLHXSDUUDSSRUW¡O
D[H G
XQHH[WU«PHLPSRUWDQFHSRXUOD
GHURWDWLRQVXUXQP«PHSODQOHGLW GXUªHGHYLHGXSQHXPDWLTXHHWOH
GªVªTXLOLEUHVWDWLTXHVHSURGXLW ERQFRPSRUWHPHQWGXYªKLFXOH
&HOXLFLGªFULWGHVPRXYHPHQWV /
DOLJQHPHQWGHVURXHVGRLW«WUH
YHUWLFDX[WHOVTXHFHX[GHODURWDWLRQ YªULILªUªJXOL©UHPHQW(QHIIHWVLOHV
G
XQHURXHH[FHQWULTXH SQHXPDWLTXHVQHUªSRQGHQWSDVDX[
6LFHVYDULDWLRQVVRQWDV\PªWULTXHV¡ ERQQHVVSªFLILFDWLRQVFHX[FLVH
O
D[HFRPPHFHOOHVTXLSRXUUDLHQWVH GªJUDGHURQWUDSLGHPHQWSDUULSDJH
SURGXLUHVXUOHVIODQFVXQ 9ªULILFDWLRQYLVXHOOH
GªVªTXLOLEUHG\QDPLTXHVHSURGXLW ,OHVWWU©VLPSRUWDQWGHYªULILHUOH
GRQWOHFRPSRUWHPHQWFRQVLVWHGDQV QLYHDXG
XVXUHGHODEDQGHGH
XQPRXYHPHQWDOODQWG
XQERXW¡ URXOHPHQW/HVLQGLFDWHXUVG
XVXUH
O
DXWUHGHODURXH QRXVSUªYLHQQHQWORUVTXHOH
&HVGHX[GªVªTXLOLEUHVSHXYHQW«WUH SQHXPDWLTXHDDWWHLQWVDOLPLWH
FRPSHQVªVJU£FH¡O
DMRXWGH G
XVXUH,OIDXWYªULILHUTXHOHSQHX
FRQWUHSRLGVGDQVODMDQWHGHID¨RQ¡ Q
DLWDXFXQHFRXSXUHRXFKRF
JDUGHUOHP«PHSRLGVWRXWOHORQJGX SURYRTXªVSDUGHVDJHQWVH[WHUQHV
SQHX

8685('8(810$89$,6Š48,/,%5$*( 8685('8(810$89$,6$/,*1(0(17

(QURWDWLRQ (QURWDWLRQ

$UU«W $UU«W
%


 /HVH[HUFLFHVVXLYDQWVVHUYHQWGHWHVWVG
DXWRªYDOXDWLRQ,OVYRXVSHUPHWWURQWGH
FRQQD¯WUHTXHODªWªYRWUHGHJUªGHFRPSUªKHQVLRQGXSUªVHQWFDKLHUGLGDFWLTXH
&HUWDLQHVTXHVWLRQVSHXYHQWDGPHWWUHSOXVG
XQHERQQHUªSRQVH
/HVGLIIªUHQWHVTXHVWLRQVHWH[HUFLFHVVRQWFRPSULVGDQVGHX[JURXSHVSRXU
SHUPHWWUHXQHGªWHUPLQDWLRQGHO
DSSUHQWLVVDJHSDUWK©PHVODILQGHV
H[HUFLFHVYRXVGHYUH]FRPSWHUOHQRPEUHGHERQQHVUªSRQVHVSDUJURXSH
6LYRXVQ
DWWHLJQH]SDVOHQRPEUHGHERQQHVUªSRQVHVLQGLTXªGDQVFKDTXH
UXEULTXHQRXVYRXVFRQVHLOORQVGHUªYLVHUOHVXMHWFRUUHVSRQGDQW

6863(16,21

 /HVRVFLOODWLRQVVRQWGHVPRXYHPHQWVUªSªWªVGHODFDUURVVHULH
$ 9UDL
% )DX[
& &HODGªSHQGGXJHQUHGHVXVSHQVLRQ

 3RXUREWHQLUXQHVXVSHQVLRQ

%DUUHVWDELOLVDWULFH SHUPHWWDQWGHVXSSRUWHUSOXVGH
5HVVRUW $PRUWLVVHXU
FKDUJHLOIDXWPRGLILHU
$ /HVUHVVRUWV
% /HVDPRUWLVVHXUV
& /HVEDUUHV

B13-55


 -RLQGUH DX PR\HQ G
XQH IO©FKH OHV FRPSRVDQWV GH FKDFXQH GHV GHX[
FRORQQHVTXLVRQWHQUHODWLRQ
$ %ORFSQHXPDWLTXH  0RGLILHVDIRUFHHQIRQFWLRQGHVD
FRPSUHVVLRQ
% (VVLHXULJLGH  ,OQ
H[LVWHSDVG
XQLRQVROLGH
HQWUHOHVURXHVG
XQP«PHHVVLHX
& 5HVVRUWEDULO  5ªGXLWOHVRVFLOODWLRQVGX
YªKLFXOH
' 6XVSHQVLRQGHURXHV  $SSURSULªSRXUVXSSRUWHUGHOD
LQGªSHQGDQWHV FKDUJH

( $PRUWLVVHXU  &RQWUµOHGHODKDXWHXUGXYªKLFXOH

 1RWH]GDQVFKDTXHLPDJHODIRQFWLRQGXFRPSRVDQW
$ $PRUWLUOHVLPSDFWVGHODFKDXVVªH
% ŠYLWHUOHVRVFLOODWLRQVGHODFDUURVVHULH
& 5ªGXLUHOHURXOLVGHODFDUURVVHULH

B13-56 B13-57 B13-58

  

 /HTXHOGHVUHVVRUWVVXLYDQWVHVW
$ % &
LOGHWHQVLRQFRQVWDQWH"
$
%
&

B13-59


  '
DSU©VO
LPDJHGXEORF
SQHXPDWLTXHODURXHGXYªKLFXOH
VHWURXYHHQSKDVHGH
$'HVFHQWH
%0RQWªH
&5HSRV

B13-60

 TXHOW\SHG
DUFKLWHFWXUHGH
VXVSHQVLRQO
LOOXVWUDWLRQFL
FRQWUHFRUUHVSRQGWHOOH"
$6SªFLDOHV
%'HURXHVLQGªSHQGDQWHV
&'
HVVLHXULJLGH

B13-61

 'DQVXQHVXVSHQVLRQDFWLYHRºSODFHULH]YRXVOHFDSWHXUGHQLYHDX"

$ 'DQVOHEORFSQHXPDWLTXH

%(QWUHODFDUURVVHULHHWXQFRPSRVDQWVHGªSOD¨DQWDYHFOHV
PRXYHPHQWVGHODVXVSHQVLRQ

&(QWUHGHX[FRPSRVDQWVPRELOHVGHODVXVSHQVLRQG
XQHP«PHURXH


 'HVGHX[LOOXVWUDWLRQVVXLYDQWHVTXHOOHHVWFHOOHTXLUHSUªVHQWHOH
PRXYHPHQWGHODURXHGDQVXQHVXVSHQVLRQ0F3KHUVRQ"
$ %

$
%

B13-62

5Š68/7$762%7(186

%RQQHVUªSRQVHV

7RWDOGHVUªSRQVHV 

5ªSRQVHVQªFHVVDLUHV

SRXUUªXVVLUOHWHVW
528(6

 8QLVVH]OHVSDUWLHVVXLYDQWHVGXSQHXPDWLTXHDYHFOHXUILQDOLWªSULQFLSDOH
DXPR\HQG
XQHIO©FKH
$ )ODQF 'XUDELOLWª
% $UPDWXUH 5LJLGLWª
& 7DORQ 6WDELOLWª

 4XHOHVWOHSQHXPDWLTXHGH
VWUXFWXUHUDGLDOHHWFHOXLGH
VWUXFWXUHGLDJRQDOH

B13-63 B13-64

 


  4XHOOHVLWXDWLRQDWHOOHHQWUD¯QªO
XVXUHGXSQHXPDWLTXHGHO
LOOXVWUDWLRQ"
$ 3HXGHSUHVVLRQGHJRQIODJH
% 3UHVVLRQGHJRQIODJHH[FHVVLYH
& 0DXYDLVªTXLOLEUDJHGHODURXH

B13-5645
B13-65

 4XHOOHVVRQWOHVGLPHQVLRQVHWOHVFDUDFWªULVWLTXHVGXSQHXPDWLTXHVXLYDQW
$ /DUJHXUVHFWLRQ
% 'LDP©WUH
& 6ªULH
' ,QGLFHGHFKDUJH
( 9LWHVVHPD[LPXPSHUPLVH
B13-66

 4XHOVVRQWOHVDYDQWDJHVGHVSQHXPDWLTXHVVDQVFKDPEUH"
$ 3OXVJUDQGHVªFXULWªDFWLYH
% 'ªJRQIODJHOHQWHQFDVGHFUHYDLVRQ
& 'ªJRQIODJHUDSLGHHQFDVGHFUHYDLVRQ

5Š68/7$762%7(186

%RQQHVUªSRQVHV

7RWDOGHVUªSRQVHV 

5ªSRQVHVQªFHVVDLUHV

SRXUUªXVVLUOHWHVW

Solutions :
'LDJRQDO%     .PK$HW%
$$$%&'($%&$%&%%$%&5DGLDO


 

FRACB13