Professional Documents
Culture Documents
7(;7(6*(1(5$8;
$UUrWp GX PLQLVWUH GH O¶LQGXVWULH GX FRPPHUFH HW GHV $57±/DYpULILFDWLRQSpULRGLTXHVHUDFRQVWDWpHSRXUOHV
QRXYHOOHV WHFKQRORJLHV Q GX KLMD LQVWUXPHQWVDFFHSWpVSDUO¶DSSRVLWLRQGHODOHWWUH©+ªjODVXLWH
GpFHPEUH IL[DQW OH F\FOH GH OD YpULILFDWLRQ
SpULRGLTXHGHVLQVWUXPHQWVGHPHVXUHHWODPDUTXHTXL GHVPDUTXHVGHYpULILFDWLRQSpULRGLTXHDQWpULHXUHVpYHQWXHOOHVRX
VHUD DSSRVpH VXU FHV LQVWUXPHQWV GXUDQW OHV DQQpHV GHV PDUTXHV GH YpULILFDWLRQ SUHPLqUH FRQIRUPpPHQW DX[
HW GLVSRVLWLRQVGHVDUWLFOHVHWGXGpFUHWVXVYLVpQGX
BBBBBBBBB
FKDDEDQHDYULO
/( 0,1,675( '( /¶,1'8675,( '8 &200(5&( (7 '(6
1289(//(67(&+12/2*,(6 $57± 'HV SURJUDPPHV GpWDLOOpV GH YpULILFDWLRQ
9XODORLQUHODWLYHDX[XQLWpVGHPHVXUHSURPXOJXpH SpULRGLTXH LQGLTXDQW OHV MRXUV HW OHV OLHX[ GH YpULILFDWLRQ VHURQW
SDUOHGDKLUQGXUDELL,,GpFHPEUH HQYR\pV j O¶DYDQFH HQ WHPSV XWLOH DX[ DXWRULWpV DGPLQLVWUDWLYHV
WHOOHTX¶HOOHDpWpPRGLILpHHWFRPSOpWpHQRWDPPHQWVHVDUWLFOHV
SUpIHFWRUDOHVRXSURYLQFLDOHVHWORFDOHVFRQFHUQpHV
HW
9XOHGpFUHWQGXFKDDEDQHDYULO $57±/HSUpVHQWDUUrWpVHUDSXEOLpDX%XOOHWLQRIILFLHO
UHODWLI DX FRQWU{OH GHV LQVWUXPHQWV GH PHVXUH QRWDPPHQW VHV
5DEDWOHKLMDGpFHPEUH
DUWLFOHVHW
$55Ç7( $+0('5('$&+$0,
$57,&/( 35(0,(5±OH F\FOH GH OD YpULILFDWLRQ SpULRGLTXH BBBBBBB
GHV LQVWUXPHQWV GH PHVXUH HVW IL[p j GHX[ DQV SRXU OD SpULRGH
7RXWHV OHV SUpIHFWXUHV HW SURYLQFHV GX 5R\DXPH /H WH[WH HQ ODQJXH DUDEH D pWp SXEOLp GDQV O¶pGLWLRQ JpQpUDOH GX
VHURQWFRXYHUWHVSDUFHWWHYpULILFDWLRQGXUDQWFHWWHSpULRGH ©%XOOHWLQRIILFLHOªQGXVDIDUIpYULHU
$UUrWp GX PLQLVWUH GH O¶LQGXVWULH GX FRPPHUFH HW GHV $57±6RQWDEURJpV
QRXYHOOHV WHFKQRORJLHV Q GX KLMD
±O¶DUUrWp GX PLQLVWUH GX FRPPHUFH HW GH O¶LQGXVWULH Q
MDQYLHU SRUWDQW KRPRORJDWLRQ GH QRUPHV
PDURFDLQHV GXVDIDURFWREUHHQFHTXLFRQFHUQHVHV
BBBBBBBBB GLVSRVLWLRQV UHODWLYHV j OD QRUPH PDURFDLQH 10
/( 0,1,675( '( /¶,1'8675,( '8 &200(5&( (7 '(6 %
1289(//(67(&+12/2*,(6 ±O¶DUUrWp GX PLQLVWUH GH O¶LQGXVWULH GX FRPPHUFH HW GH
9XOHGDKLUQGXMRXPDGD,MXLOOHW O¶DUWLVDQDWQGXUDELL,,MXLOOHW
UHODWLIjODQRUPDOLVDWLRQLQGXVWULHOOHHQYXHGHODUHFKHUFKHGHOD HQ FH TXL FRQFHUQH VHV GLVSRVLWLRQV UHODWLYHV j OD QRUPH
TXDOLWp HW GH O¶DPpOLRUDWLRQ GH OD SURGXFWLYLWp WHO TX¶LO D pWp PDURFDLQH10
PRGLILp SDU OH GDKLU SRUWDQW ORL Q GX UDELL ,
VHSWHPEUH ±O¶DUUrWp GX PLQLVWUH GH O¶LQGXVWULH GX FRPPHUFH GH
O¶pQHUJLH HW GHV PLQHV Q GX PRKDUUHP
9XOHGpFUHWQGXFKDDEDQHRFWREUH
IL[DQWODFRPSRVLWLRQHWOHVDWWULEXWLRQVGHVRUJDQLVPHVFKDUJpVGH PDUV HQ FH TXL FRQFHUQH VHV GLVSRVLWLRQV
ODQRUPDOLVDWLRQLQGXVWULHOOHHQYXHGHODUHFKHUFKHGHODTXDOLWpHW UHODWLYHV DX[ QRUPHV PDURFDLQHV 10 ,62&(,
GHO¶DPpOLRUDWLRQGHODSURGXFWLYLWp HW10,62&(,
9XO¶DYLVIDYRUDEOHGXFRQVHLOVXSpULHXULQWHUPLQLVWpULHOGHOD ±O¶DUUrWp GX PLQLVWUH GH O¶LQGXVWULH GX FRPPHUFH HW GHV
TXDOLWpHWGHODSURGXFWLYLWp&6,43UpXQLOHRFWREUH WpOpFRPPXQLFDWLRQV Q GX NDDGD
$55Ç7( MDQYLHU HQ FH TXL FRQFHUQH VHV GLVSRVLWLRQV
$57,&/( 35(0,(5±6RQW KRPRORJXpHV FRPPH QRUPHV UHODWLYHV DX[ QRUPHV PDURFDLQHV 10 ,62
PDURFDLQHVOHVQRUPHVDQQH[pHVDXSUpVHQWDUUrWp HW10,62
$57 ±/HV QRUPHV YLVpHV j O¶DUWLFOH SUHPLHU FLGHVVXV $57±/HSUpVHQWDUUrWpVHUDSXEOLpDX%XOOHWLQRIILFLHO
VRQW WHQXHV j OD GLVSRVLWLRQ GHV LQWpUHVVpV DX PLQLVWqUH GH
O¶LQGXVWULH GX FRPPHUFH HW GHV QRXYHOOHV WHFKQRORJLHV VHUYLFH 5DEDWOHKLMDMDQYLHU
GHQRUPDOLVDWLRQLQGXVWULHOOHPDURFDLQH61,0$ $+0('5('$&+$0,
%8//(7,12)),&,(/ 1±VDIDU
$11(;(
±±±±±±±±±
G
1±VDIDU %8//(7,12)),&,(/
S
%8//(7,12)),&,(/ 1±VDIDU
P
P
V
1±VDIDU %8//(7,12)),&,(/
P
%8//(7,12)),&,(/ 1±VDIDU
$UUrWpGXPLQLVWUHGHO¶LQGXVWULHGXFRPPHUFHHWGHVQRXYHOOHV O¶LQGXVWULHGXFRPPHUFHHWGHVQRXYHOOHVWHFKQRORJLHVVHUYLFHGH
WHFKQRORJLHV Q GX KLMD MDQYLHU QRUPDOLVDWLRQLQGXVWULHOOHPDURFDLQH61,0$
UHQGDQWG¶DSSOLFDWLRQREOLJDWRLUHXQHQRUPHPDURFDLQH $57±(VWDEURJpO¶DUUrWpFRQMRLQWGXPLQLVWUHGXFRPPHUFH
BBBBBBBBB
GHO¶LQGXVWULHHWGHO¶DUWLVDQDWHWGXPLQLVWUHGHVWUDYDX[SXEOLFV
/( 0,1,675( '( /¶,1'8675,( '8 &200(5&( (7 '(6 Q GX KLMD PDL HQ FH TXL FRQFHUQH VHV
1289(//(67(&+12/2*,(6 GLVSRVLWLRQVUHODWLYHVjODQRUPHPDURFDLQH10
9XOHGDKLUQGXMRXPDGD,MXLOOHW $57±/HSUpVHQWDUUrWpFRQMRLQWVHUDSXEOLpDX%XOOHWLQ
UHODWLIjODQRUPDOLVDWLRQLQGXVWULHOOHHQYXHGHODUHFKHUFKHGHOD RIILFLHO
TXDOLWp HW GH O¶DPpOLRUDWLRQ GH OD SURGXFWLYLWp WHO TX¶LO D pWp
PRGLILp SDU OH GDKLU SRUWDQW ORL Q GX UDELL , 5DEDWOHKLMDMDQYLHU
VHSWHPEUHQRWDPPHQWVHVDUWLFOHVHW /HPLQLVWUHGHO¶LQGXVWULH
9XO¶DUUrWpGXPLQLVWUHGHO¶LQGXVWULHGXFRPPHUFHHWGHOD /HPLQLVWUHGHO¶pTXLSHPHQW GXFRPPHUFHHWGHVQRXYHOOHV
PLVH j QLYHDX GH O¶pFRQRPLH Q GX PRKDUUHP HWGXWUDQVSRUW WHFKQRORJLHV
IpYULHUSRUWDQWKRPRORJDWLRQGHQRUPHVPDURFDLQHV .$5,0*+(//$% $+0('5('$&+$0,
$55Ç7(
$57,&/(35(0,(5±(VWUHQGXHG¶DSSOLFDWLRQREOLJDWRLUHOD
QRUPH PDURFDLQH 10 UHODWLYH DX JDUQLWXUH
G¶HPEUD\DJHSRXUDXWRPRELOHWURLVPRLVDSUqVVDSXEOLFDWLRQDX $QQH[H
©%XOOHWLQRIILFLHOª ±±±±
$57 ±/D QRUPH YLVpH j O¶DUWLFOH SUHPLHU FLGHVVXV HVW
WHQXHjODGLVSRVLWLRQGHVLQWpUHVVpVDXPLQLVWqUHGHO¶LQGXVWULHGX 10,62 TXDOLWpGHO¶HDX±0HVXUDJHGHVSDUDPqWUHV
FRPPHUFHHWGHVQRXYHOOHVWHFKQRORJLHVVHUYLFHGHQRUPDOLVDWLRQ ELRFKLPLTXHV±'RVDJHVSHFWURPpWULTXHGH
LQGXVWULHOOHPDURFDLQH61,0$ ODFKORURSK\OOHD
10,62 TXDOLWp GH O¶HDX ± 'RVDJH GH pOpPHQWV
$57±/HSUpVHQWDUUrWpVHUDSXEOLpDX%XOOHWLQRIILFLHO SDU VSHFWURVFRSLH G¶pPLVVLRQ DWRPLTXH
5DEDWOHKLMDMDQYLHU DYHFSODVPDFRXSOpSDULQGXFWLRQ
10,62 TXDOLWH GH O¶HDX ± 'RVDJH GH O¶DUVHQLF ±
$+0('5('$&+$0,
BBBBBBB 0pWKRGH SDU VSHFWURPpWULH G¶DEVRUSWLRQ
/H WH[WH HQ ODQJXH DUDEH D pWp SXEOLp GDQV O¶pGLWLRQ JpQpUDOH GX
DWRPLTXHWHFKQLTXHK\GUXUH
©%XOOHWLQRIILFLHOªQGXVDIDUIpYULHU
10,62 TXDOLWp GH O¶HDX ± 'RVDJH GHV
K\GURFDUEXUHV KDORJpQpV KDXWHPHQW
YRODWLOV ± 0pWKRGHV SDU FKURPDWRJUDSKLH
$UUrWp FRQMRLQW GX PLQLVWUH GH O¶LQGXVWULH GX FRPPHUFH HWGHV HQSKDVHJD]HX]H
QRXYHOOHV WHFKQRORJLHV HW GX PLQLVWUH GH O¶pTXLSHPHQW HW 10,62 TXDOLWp GH O¶HDX ± 'pWHUPLQDWLRQ GX
GX WUDQVSRUW Q GX KLMD MDQYLHU EHQ]qQHHWGHFHUWDLQVGpULYpVEHQ]pQLTXHV
SRUWDQWKRPRORJDWLRQGHQRUPHVPDURFDLQHV ±3DUWLH0pWKRGHSDUFKURPDWRJUDSKLH
BBBBBBBBB HQSKDVHJD]HX]HGHO¶HVSDFHGHWrWH
/( 0,1,675( '( /¶,1'8675,( '8 &200(5&( (7 '(6 10,62 TXDOLWp GH O¶HDX ± 'pWHUPLQDWLRQ GX
1289(//(67(&+12/2*,(6 EHQ]qQHHWGHFHUWDLQVGpULYpVEHQ]pQLTXHV
/(0,1,675('(/¶(48,3(0(17(7'875$163257 ± 3DUWLH 0pWKRGH SDU H[WUDFWLRQ HW
FKURPDWRJUDSKLHHQSKDVHJD]HX]H
9XOHGDKLUQGXMRXPDGD,MXLOOHW 10,62 TXDOLWp GH O¶HDX ± 'RVDJH SDU
UHODWLIjODQRUPDOLVDWLRQLQGXVWULHOOHHQYXHGHODUHFKHUFKHGHOD FKURPDWRJUDSKLH HQ SKDVH JD]HXVH G¶XQ
TXDOLWp HW GH O¶DPpOLRUDWLRQ GH OD SURGXFWLYLWp WHO TX¶LO D pWp FHUWDLQ QRPEUH G¶K\GURFDUEXUHV
PRGLILp SDU OH GDKLU SRUWDQW ORL Q GX UDELL , DURPDWLTXHVPRQRF\FOLTXHVGXQDSKWDOqQH
VHSWHPEUH HW GH GLYHUV FRPSRVpV FKORUpV SDU
9X OH GpFUHW Q GX FKDDEDQH RFWREUH GpJD]DJH SLpJHDJH HW GpVRUSWLRQ
IL[DQW OD FRPSRVLWLRQ HW OHV DWWULEXWLRQV GHV RUJDQLVPHV WKHUPLTXH
FKDUJpV GH OD QRUPDOLVDWLRQ LQGXVWULHOOH HQ YXH GH OD UHFKHUFKH 10,62 TXDOLWp GH O¶HDX ± 'RVDJH GH
GHODTXDOLWpHWGHO¶DPpOLRUDWLRQGHODSURGXFWLYLWp K\GURFDUEXUHV DURPDWLTXHV SRO\FOLTXHV
+$3 GDQV O¶HDX SDU +3/& DYHF
9XO¶DUUrWpFRQMRLQWGXPLQLVWUHGXFRPPHUFHGHO¶LQGXVWULH GpWHFWLRQSDUIOXRUHVFHQFHDSUqVH[WUDFWLRQ
HWGHO¶DUWLVDQDWHWGXPLQLVWUHGHVWUDYDX[SXEOLFVQGX OLTXLGHOLTXLGH
KLMDPDLSRUWDQWKRPRORJDWLRQGHQRUPHVPDURFDLQHV 10 HVVDLV SRXU GpWHUPLQHU OHV FDUDFWpULVWLTXHV
9XO¶DYLVIDYRUDEOHGXFRQVHLOVXSpULHXU,QWHUPLQLVWpULHOGH JpRPpWULTXHVGHVJUDQXODWV±4XDOLILFDWLRQ
ODTXDOLWpHWGHODSURGXFWLYLWp&6,43UpXQLOHMXLQ GHVILQHV±(VVDLDXEOHXGHPpWK\OqQH
$55Ç7(17 10 JUDQXODWV SRXU EpWRQV K\GUDXOLTXHV ±
'pILQLWLRQVVSpFLILFDWLRQVFRQIRUPLWp
$57,&/( 35(0,(5±6RQW KRPRORJXpHV FRPPH QRUPHV 10 HVVDLV SRXU GpWHUPLQHU OHV FDUDFWpULVWLTXHV
PDURFDLQHVOHVQRUPHVDQQH[pHVDXSUpVHQWDUUrWp JpRPpWULTXHV GHV JUDQXODWV ± 'pWHUPLQDWLRQ
$57 ±/HV QRUPHV YLVpHV j O¶DUWLFOH SUHPLHU FLGHVVXV GH OD WHQHXU HQ FDUERQH RUJDQLTXH WRWDOH
VRQW WHQXHV j OD GLVSRVLWLRQ GHV LQWpUHVVpV DX PLQLVWqUH GH 72&GDQVOHFDOFDLUH
1±VDIDU %8//(7,12)),&,(/
±±±±±±±±±±±
79$VXUSULVGHYHQWHHQJURV 39HQJURVKRUV79$
FRUUHVSRQGDQW j GX SUL[ GH YHQWH HQ JURV 79$
$QQH[H FRPSULVHOLJQH
±±±±±
(VWSULVHQFRQVLGpUDWLRQOHSOXVIRUWGHVPRQWDQWVHQDHW
6WUXFWXUHGHVSUL[GHYHQWHGHVSURGXLWVSpWUROLHUV E
3UL[GHUHSULVHKRUVWD[HV
79$VXUSUL[GHYHQWHHQJURV 39HQJURVKRUV79$
7,& FRUUHVSRQGDQW j GX SUL[ GH YHQWH HQ JURV 79$
79$GH FRPSULVHOLJQH
&UpGLW GH GURLW 7DX[ FRUUHVSRQGDQW DX GpODL GH
(VWSULVHQFRQVLGpUDWLRQOHSOXVIRUWGHVPRQWDQWVHQFHWG
SDLHPHQWGHMRXUV BBBBBBB
6RXVWRWDO
/H WH[WH HQ ODQJXH DUDEH D pWp SXEOLp GDQV O¶pGLWLRQ JpQpUDOH GX
)UDLVHWPDUJHVGHGLVWULEXWLRQ ©%XOOHWLQRIILFLHOªQGXVDIDUIpYULHU
%8//(7,12)),&,(/ 1±VDIDU
7(;7(63$57,&8/,(56
'pFUHW Q GX PRKDUUHP IpYULHU &H SURMHW TXL VH SURSRVH FRPPH XQ LQVWUXPHQW YLVDQW j
DXWRULVDQW OH +ROGLQJ G¶DPpQDJHPHQW $O 2PUDQH j FUpHU DXJPHQWHUO¶RIIUHHQORJHPHQWVHQYXHGHIDLUHIDFHDX[EHVRLQV
XQHILOLDOHGpQRPPpH©6RFLpWpG¶DPpQDJHPHQW$O2PUDQH GHV UpJLRQV GH &KDRXLD2XUGLJKD HW GH 7DGOD$]LODO V¶LQVFULW
%pQL0HOODO6$ª GDQVOHFDGUHGHO¶RSWLPLVDWLRQGHO¶LQWHUYHQWLRQGX+$2GDQVOH
BBBBBBBBBB VHFWHXUGHO¶KDELWDWGDQVOHVGLIIpUHQWHVUpJLRQVGX5R\DXPH
9X O¶DUWLFOH GH OD ORL Q DXWRULVDQW OH WUDQVIHUW
/(35(0,(50,1,675(
G¶HQWUHSULVHVSXEOLTXHVDXVHFWHXUSULYpSURPXOJXpHSDUOHGDKLU
(;326('(6027,)6 QGXUDPDGDQDYULOWHOOHTX¶HOOHDpWp
/H +ROGLQJ G¶DPpQDJHPHQW $O 2PUDQH +$2 GHPDQGH PRGLILpHHWFRPSOpWpH
O¶DXWRULVDWLRQUHTXLVHHQYHUWXGHVGLVSRVLWLRQVGHO¶DUWLFOHGHOD 6XUSURSRVLWLRQGXPLQLVWUHGHO¶pFRQRPLHHWGHVILQDQFHV
ORL Q DXWRULVDQW OH WUDQVIHUW G¶HQWUHSULVHV SXEOLTXHV DX 'e&5Ê7(
VHFWHXUSULYpWHOOHTX¶HOOHDpWpPRGLILpHHWFRPSOpWpHSRXUFUpHU
XQHILOLDOHGpQRPPpH©6RFLpWpG¶DPpQDJHPHQW$O2PUDQH%pQL $57,&/(35(0,(5±/H+ROGLQJG¶DPpQDJHPHQW$O2PUDQH
HVWDXWRULVpjFUpHUXQHILOLDOHGpQRPPpH©6RFLpWpG¶DPpQDJHPHQW
0HOODO6$ª
$O2PUDQH%pQL0HOODO6$ª
&HWWHFUpDWLRQHVWGLFWpHSDU
$57±/HPLQLVWUHGHO¶pFRQRPLHHWGHVILQDQFHVHVWFKDUJp
±O¶LPSpUDWLI GH VDWLVIDLUH OHV EHVRLQV HQ ORJHPHQWV GHV GHO¶H[pFXWLRQGXSUpVHQWGpFUHWTXLVHUDSXEOLpDX%XOOHWLQRIILFLHO
UpJLRQV GH &KDRXLD2XUGLJKD HW GH 7DGOD$]LODO )DLWj5DEDWOHPRKDUUHPIpYULHU
FRUUHVSRQGDQW j XQLWpV j O¶KRUL]RQ GRQW
SRXU OXWWHU FRQWUH O¶KDELWDW LQVDOXEUH DX SURILW HQ $%%$6(/)$66,
SDUWLFXOLHU GH PpQDJHV KDELWDQW GDQV GHV
ELGRQYLOOHV 3RXUFRQWUHVHLQJ
$55Ç7( $57±/H©&DELQHW2EHUªGHYUDSUpVHQWHUjODGLUHFWLRQ
$57,&/( 35(0,(5±/H ©&DELQHW2EHUª GRQW OH VLqJH GHO¶DpURQDXWLTXHFLYLOHGDQVOHVWURLVPRLVTXLVXLYHQWODFO{WXUH
VRFLDO HVW DX UXH -XOHV *URV j &DVDEODQFD HVW DXWRULVp j GH FKDTXH H[HUFLFH ILVFDO XQ GRVVLHU FRPSRUWDQW OHV
UHQVHLJQHPHQWVVXLYDQWV
H[SORLWHUGHVVHUYLFHVGHWUDYDLODpULHQVHUDSSRUWDQWDXGRPDLQH
GH SULVH GH YXHV DpULHQQHV GDQV OHV FRQGLWLRQV IL[pHV SDU OH OLVWHGXSHUVRQQHODYHFQRPSUpQRPQDWLRQDOLWpHWIRQFWLRQ
SUpVHQW DUUrWp DYHF OHV DSSDUHLOV LQGLTXpV GDQV OH FHUWLILFDW ELODQHWQRPEUHG¶KHXUHVGHYROVHIIHFWXpHV
WHFKQLTXH G¶H[SORLWDWLRQ HW FRQIRUPpPHQW DX[ GLVSRVLWLRQV
FRWGH/¶KHXUHGHYROWDULIVDSSOLTXpVHWOXLIRXUQLUjVD
VSpFLILTXHVTXLOXLVRQWDVVRFLpHV
GHPDQGHWRXWHDXWUHLQIRUPDWLRQMXJpHXWLOH
$57 ±/D SUpVHQWH DXWRULVDWLRQ HVW SDUWLFXOLqUH DX $57±6DQV SUpMXGLFH GHV VDQFWLRQV SpQDOHV TXL VRQW
©&DELQHW2EHUª HW Q¶HVW WUDQVPLVVLEOH j DXFXQH DXWUH SHUVRQQH SUpYXHVjODWURLVLqPHSDUWLHGXGpFUHWQGXVDIDU
SK\VLTXHRXPRUDOH MXLOOHWSUpFLWpOHPLQLVWUHHQFKDUJHGHO¶DYLDWLRQFLYLOH
$57±3RXU O¶HQVHPEOH GHV DFWLYLWpV DpULHQQHV SHXW SURQRQFHU OD VXVSHQVLRQ RX OH UHWUDLW LPPpGLDW GH FHWWH
DXWRULVpHV OH FDELQHW GHYUD VRXVFULUH XQH SROLFH G¶DVVXUDQFH OH DXWRULVDWLRQGDQVOHVFDVVXLYDQWV
JDUDQWLVVDQWFRQWUHOHULVTXHGHVGRPPDJHVFDXVpVDX[WLHUVjOD LQIUDFWLRQ DX[ GLVSRVLWLRQV GH OD UpJOHPHQWDWLRQ GH
VXUIDFH DLQVL TXH SRXU O¶HQVHPEOH GHV DXWUHV ULVTXHV O¶DpURQDXWLTXHFLYLOHHQYLJXHXUQRWDPPHQWOHVXUYROGHV
FRQIRUPpPHQWDX[GLVSRVLWLRQVGXGpFUHWSUpFLWp ]RQHVLQWHUGLWHV
$57±/H SHUVRQQHO GHVWLQp j OD FRQGXLWH GHV DSSDUHLOV QRQUHVSHFWGHVREOLJDWLRQVILJXUDQWGDQVOHSUpVHQWDUUrWp
GXFDELQHWGRLWrWUHWLWXODLUHGHODOLFHQFHGHSLORWHSURIHVVLRQQHO
VLO¶LQWpUrWSXEOLFO¶H[LJH
G¶DYLRQ
$57±&HWWHDXWRULVDWLRQHVWYDODEOHGXHU MDQYLHU
/HVWUDYDX[DpULHQVTXLQpFHVVLWHQWGHVYROVjGHVKDXWHXUV DXGpFHPEUH
LQIpULHXUHV DX[ PLQLPD IL[pV SDU OH GpFUHW Q GX
VDIDUMXLOOHWQHSHXYHQWrWUHH[pFXWpVTXHSDU (OOHSHXWrWUHUHQRXYHOpHSRXUXQHGXUpHLQIpULHXUHRXpJDOHj
GHV SLORWHV PXQLV G¶XQ FHUWLILFDW GH YRO UDVDQW GpOLYUp SDU OD DQVVLODVRFLpWpUHPSOLWOHVFRQGLWLRQVUHTXLVHVSDUWLFXOLqUHPHQW
GLUHFWLRQGHO¶DpURQDXWLTXHFLYLOH FHOOHV UHODWLYHV j OD GpOLYUDQFH GX FHUWLILFDW WHFKQLTXH
G¶H[SORLWDWLRQ /D GHPDQGH GH UHQRXYHOOHPHQW GRLW SDUYHQLU DX
/HVSLORWHVGRLYHQW PLQLVWqUH FKDUJp GH O¶DYLDWLRQ FLYLOH GLUHFWLRQ GH O¶DpURQDXWLTXH
VHVRXPHWWUHDX[YpULILFDWLRQVHWFRQWU{OHTXLSHXYHQWrWUH FLYLOHWURLVPRLVDYDQWODGDWHG¶H[SLUDWLRQGHFHWWHDXWRULVDWLRQ
HIIHFWXpV DXVVL ELHQ SDU OH SHUVRQQHO GH OD GLUHFWLRQ GH $57±/HGLUHFWHXUGHO¶DpURQDXWLTXHFLYLOHHVWFKDUJpGH
O¶DpURQDXWLTXH FLYLOH TXH SDU FHOXL GHV VHUYLFHV GH OD O¶DSSOLFDWLRQGXSUpVHQWDUUrWpTXLVHUDSXEOLpDX%XOOHWLQRIILFLHO
FLUFXODWLRQDpULHQQH 5DEDWOHNDDGDQRYHPEUH
VHSUpVHQWHUDXFRQWU{OHORFDOGHO¶DpURSRUWGHGpSDUWSRXU .$5,0*+(//$%
VLJQDOHUDX[VHUYLFHVGHODFLUFXODWLRQDpULHQQHOD]RQHTXL
GRLWrWUHVXUYROpHOHVDOWLWXGHVDX[TXHOOHVVHUDHIIHFWXpOH
YROSURMHWpHWODQDWXUHGHFHGHUQLHU $UUrWpGXPLQLVWUHGHO¶pTXLSHPHQWHWGXWUDQVSRUWQ
GX NDDGD QRYHPEUH DFFRUGDQW XQH
GpSRVHUXQSODQGHYROjFHWHIIHW DXWRULVDWLRQG¶H[SORLWDWLRQGHVVHUYLFHVGHWUDYDLODpULHQ
pYLWHUOHVXUYROGHV]RQHVLQWHUGLWHVQRWDPPHQWOHVXUYRO DX©&DELQHW%RXWD\HEª
BBBBBBBBBB
GHV LQVWDOODWLRQV PLOLWDLUHV HW GH WRXW pWDEOLVVHPHQW
LQWpUHVVDQWODGpIHQVHQDWLRQDOH /(0,1,675('(/¶(48,3(0(17(7'875$163257
$57±/HVWUDYDX[DpULHQVDXWRULVpVSDUOHSUpVHQWDUUrWp 9X OH GpFUHW Q GX VDIDU MXLOOHW
GRLYHQW IDLUH O¶REMHW G¶XQ SURJUDPPH FRQIRUPpPHQW DX PRGqOH SRUWDQW UpJOHPHQWDWLRQ GH O¶DpURQDXWLTXH FLYLOH WHO TX¶LO D pWp
pWDEOL SDU OD GLUHFWLRQ GH O¶DpURQDXWLTXH FLYLOH HW SUpVHQWp j VRQ PRGLILpHWFRPSOpWpQRWDPPHQWVHVDUWLFOHVHW
DSSUREDWLRQ DX PRLQV MRXUV DYDQW OD GDWH SUpYXH SRXU OHXU
9X O¶DUUrWp GX PLQLVWUH GX WUDQVSRUW HW GH OD PDULQH
H[pFXWLRQ
PDUFKDQGH Q GX FKDDEDQH QRYHPEUH
/D GXUpH GH O¶DXWRULVDWLRQ DFFRUGpH SRXU OD UpDOLVDWLRQ GH IL[DQW OHV FRQGLWLRQV UHODWLYHV j O¶REWHQWLRQ GH O¶DXWRULVDWLRQ
FHSURJUDPPHQHGRLWSDVH[FpGHUMRXUV G¶H[SORLWDWLRQ GHV VHUYLFHV DpULHQV GH WUDQVSRUW SXEOLF HW GH
$57±/HVDSSDUHLOVXWLOLVpVSRXUOHVVHUYLFHVGHWUDYDLO WUDYDLODpULHQWHOTX¶LODpWpPRGLILpHWFRPSOpWpQRWDPPHQWVHV
DpULHQ DXWRULVpV GRLYHQW rWUH pTXLSpV G¶LQVWDOODWLRQV UDGLR OHXU DUWLFOHVHW
SHUPHWWDQW G¶pWDEOLU GHV FRPPXQLFDWLRQV UDGLR WpOpSKRQLTXHV 9X OD GHPDQGH G¶DXWRULVDWLRQ IRUPXOpH SDU OH ©&DELQHW
9+)$,562/ j WRXW PRPHQW GH OHXUV YROV DYHF OHV RUJDQHV %RXWD\HEªOHVHSWHPEUH
UHVSRQVDEOHV GX FRQWU{OH GX WUDILF DpULHQ GDQV O¶HVSDFH R LOV $55Ç7(
pYROXHQW
$57,&/(35(0,(5±/H©&DELQHW%RXWD\HEªGRQWOHVLqJH
$57 ±/H ©&DELQHW2EHUª HVW WHQX GH SRUWHU j OD VRFLDO HVW DX ERXOHYDUG 0RKDPPHG =HUNWRXQL j &DVDEODQFD
FRQQDLVVDQFH GX PLQLVWUH HQ FKDUJH GH O¶DYLDWLRQ FLYLOH WRXW HVW DXWRULVpH j H[SORLWHU GHV VHUYLFHV GH WUDYDLO DpULHQ GDQV OHV
WUDQVIHUW GH VLqJH VRFLDO WRXWH PRGLILFDWLRQ GHV VWDWXWV WRXWH FRQGLWLRQVIL[pHVSDUOHSUpVHQWDUUrWpDYHFOHVDSSDUHLOVLQGLTXpV
GpFLVLRQ GH O¶DVVHPEOpH JpQpUDOH DIIHFWDQW OH PRQWDQW HW OD GDQV OH FHUWLILFDW WHFKQLTXH G¶H[SORLWDWLRQ HW FRQIRUPpPHQW DX[
UpSDUWLWLRQGXFDSLWDOVRFLDORXODGpVLJQDWLRQGXJpUDQW GLVSRVLWLRQVVSpFLILTXHVTXLOXLVRQWDVVRFLpV
1±VDIDU %8//(7,12)),&,(/
$57 ±/D SUpVHQWH DXWRULVDWLRQ HVW SDUWLFXOLqUH DX $57±6DQV SUpMXGLFH GHV VDQFWLRQV SpQDOHV TXL VRQW
©&DELQHW %RXWD\HEª HW Q¶HVW WUDQVPLVVLEOH j DXFXQH DXWUH SUpYXHVjODWURLVLqPHSDUWLHGXGpFUHWQGXVDIDU
SHUVRQQHSK\VLTXHRXPRUDOH MXLOOHWSUpFLWpOHPLQLVWUHHQFKDUJHGHO¶DYLDWLRQFLYLOH
$57±3RXU O¶HQVHPEOH GHV DFWLYLWpV DpULHQQHV SHXW SURQRQFHU OD VXVSHQVLRQ RX OH UHWUDLW LPPpGLDW GH FHWWH
DXWRULVpHV OH FDELQHW GHYUD VRXVFULUH XQH SROLFH G¶DVVXUDQFH OH DXWRULVDWLRQGDQVOHVFDVVXLYDQWV
JDUDQWLVVDQWFRQWUHOHULVTXHGHVGRPPDJHVFDXVpVDX[WLHUVjOD LQIUDFWLRQ DX[ GLVSRVLWLRQV GH OD UpJOHPHQWDWLRQ GH
VXUIDFH DLQVL TXH SRXU O¶HQVHPEOH GHV DXWUHV ULVTXHV O¶DpURQDXWLTXHFLYLOHHQYLJXHXUQRWDPPHQWOHVXUYROGHV
FRQIRUPpPHQWDX[GLVSRVLWLRQVGXGpFUHWSUpFLWp ]RQHVLQWHUGLWHV
$57±/H SHUVRQQHO GHVWLQp j OD FRQGXLWH GHV DSSDUHLOV QRQUHVSHFWGHVREOLJDWLRQVILJXUDQWGDQVOHSUpVHQWDUUrWp
GXFDELQHWGRLWrWUHWLWXODLUHGHODOLFHQFHGHSLORWHSURIHVVLRQQHO VLO¶LQWpUrWSXEOLFO¶H[LJH
G¶DYLRQ
$57±&HWWHDXWRULVDWLRQHVWYDODEOHGXHU MDQYLHU
/HVWUDYDX[DpULHQVTXLQpFHVVLWHQWGHVYROVjGHVKDXWHXUV DXGpFHPEUH
LQIpULHXUHV DX[ PLQLPD IL[pV SDU OH GpFUHW Q GX
VDIDUMXLOOHWQHSHXYHQWrWUHH[pFXWpVTXHSDU (OOHSHXWrWUHUHQRXYHOpHSRXUXQHGXUpHLQIpULHXUHRXpJDOH
GHV SLORWHV PXQLV G¶XQ FHUWLILFDW GH YRO UDVDQW GpOLYUp SDU OD j DQV VL OD VRFLpWp UHPSOLW OHV FRQGLWLRQV UHTXLVHV
GLUHFWLRQGHO¶DpURQDXWLTXHFLYLOH SDUWLFXOLqUHPHQW FHOOHV UHODWLYHV j OD GpOLYUDQFH GX FHUWLILFDW
WHFKQLTXH G¶H[SORLWDWLRQ /D GHPDQGH GH UHQRXYHOOHPHQW GRLW
/HVSLORWHVGRLYHQW SDUYHQLU DX PLQLVWqUH FKDUJp GH O¶DYLDWLRQ FLYLOH GLUHFWLRQ GH
VHVRXPHWWUHDX[YpULILFDWLRQVHWFRQWU{OHTXLSHXYHQWrWUH O¶DpURQDXWLTXH FLYLOH WURLV PRLV DYDQW OD GDWH G¶H[SLUDWLRQ GH
HIIHFWXpV DXVVL ELHQ SDU OH SHUVRQQHO GH OD GLUHFWLRQ GH FHWWHDXWRULVDWLRQ
O¶DpURQDXWLTXH FLYLOH TXH SDU FHOXL GHV VHUYLFHV GH OD $57±/H GLUHFWHXU GH O¶DpURQDXWLTXH FLYLOH HVW FKDUJp
FLUFXODWLRQDpULHQQH GH O¶DSSOLFDWLRQ GX SUpVHQW DUUrWp TXL VHUD SXEOLp DX %XOOHWLQ
VHSUpVHQWHUDXFRQWU{OHORFDOGHO¶DpURSRUWGHGpSDUWSRXU RIILFLHO
VLJQDOHUDX[VHUYLFHVGHODFLUFXODWLRQDpULHQQHOD]RQHTXL 5DEDWOHNDDGDQRYHPEUH
GRLWrWUHVXUYROpHOHVDOWLWXGHVDX[TXHOOHVVHUDHIIHFWXpOH .$5,0*+(//$%
YROSURMHWpHWODQDWXUHGHFHGHUQLHU
GpSRVHUXQSODQGHYROjFHWHIIHW
$UUrWpGXPLQLVWUHGHO¶pTXLSHPHQWHWGXWUDQVSRUWQ
pYLWHUOHVXUYROGHV]RQHVLQWHUGLWHVQRWDPPHQWOHVXUYRO GX HU KLMD GpFHPEUH DFFRUGDQW XQH
GHV LQVWDOODWLRQV PLOLWDLUHV HW GH WRXW pWDEOLVVHPHQW DXWRULVDWLRQG¶H[SORLWDWLRQGHVVHUYLFHVQRQUpJXOLHUVGH
LQWpUHVVDQWODGpIHQVHQDWLRQDOH WUDQVSRUWSXEOLFHWGHWUDYDLODpULHQSDUKpOLFRSWqUHjOD
$57±/HV WUDYDX[ GH SULVHV GH YXHV DpULHQQHV GRLYHQW VRFLpWp©+HOLVXGª
IDLUHO¶REMHWG¶XQSURJUDPPHFRQIRUPpPHQWDXPRGqOHpWDEOLSDU BBBBBBBBBB
ODGLUHFWLRQGHO¶DpURQDXWLTXHFLYLOHHWSUpVHQWpjVRQDSSUREDWLRQ
/(0,1,675('(/¶(48,3(0(17(7'875$163257
DX PRLQV MRXUV DYDQW OD GDWH SUpYXH SRXU OH GpEXW GH FHV
WUDYDX[ 9X OH GpFUHW Q GX VDIDU MXLOOHW
SRUWDQW UpJOHPHQWDWLRQ GH O¶DpURQDXWLTXH FLYLOH WHO TX¶LO D pWp
/D GXUpH GH O¶DXWRULVDWLRQ DFFRUGpH SRXU OD UpDOLVDWLRQ GH
PRGLILpHWFRPSOpWpQRWDPPHQWVHVDUWLFOHVHW
FHSURJUDPPHQHGRLWSDVH[FpGHUMRXUV
9X O¶DUUrWp GX PLQLVWUH GX WUDQVSRUW HW GH OD PDULQH
$57±/HVDSSDUHLOVXWLOLVpVSRXUOHVVHUYLFHVGHWUDYDLO
PDUFKDQGH Q GX FKDDEDQH QRYHPEUH
DpULHQ DXWRULVpV GRLYHQW rWUH pTXLSpV G¶LQVWDOODWLRQV UDGLR OHXU
IL[DQW OHV FRQGLWLRQV UHODWLYHV j O¶REWHQWLRQ GH O¶DXWRULVDWLRQ
SHUPHWWDQW G¶pWDEOLU GHV FRPPXQLFDWLRQV UDGLR WpOpSKRQLTXHV
G¶H[SORLWDWLRQ GHV VHUYLFHV DpULHQV GH WUDQVSRUW SXEOLF HW GH
9+)$,562/ j WRXW PRPHQW GH OHXUV YROV DYHF OHV RUJDQHV
WUDYDLODpULHQWHOTX¶LODpWpPRGLILpHWFRPSOpWpQRWDPPHQWVHV
UHVSRQVDEOHV GX FRQWU{OH GX WUDILF DpULHQ GDQV O¶HVSDFH R LOV
DUWLFOHVHW
pYROXHQW
9X OD GHPDQGH IRUPXOpH SDU OD VRFLpWp©+HOLVXGª OH
$57 ±/H ©&DELQHW %RXWD\HEª HVW WHQX GH SRUWHU j OD QRYHPEUH
FRQQDLVVDQFH GX PLQLVWUH HQ FKDUJH GH O¶DYLDWLRQ FLYLOH WRXW
WUDQVIHUW GH VLqJH VRFLDO WRXWH PRGLILFDWLRQ GHV VWDWXWV WRXWH $55Ç7(
GpFLVLRQ GH O¶DVVHPEOpH JpQpUDOH DIIHFWDQW OH PRQWDQW HW OD $57,&/( 35(0,(5±/D VRFLpWp ©+HOLVXGª GRQW OH VLqJH
UpSDUWLWLRQGXFDSLWDOVRFLDORXODGpVLJQDWLRQGXJpUDQW VRFLDO HVW j OD UpVLGHQFH UXH ,EQ $vFKD LPP %HOOH DSS
$57 ±/H ©&DELQHW %RXWD\HEª GHYUD SUpVHQWHU j OD *XpOL]0DUUDNHFK HVW DXWRULVpH j H[SORLWHU GHV VHUYLFHV
GLUHFWLRQGHO¶DpURQDXWLTXHFLYLOHGDQVOHVWURLVPRLVTXLVXLYHQW QRQUpJXOLHUVGHWUDQVSRUWDpULHQSXEOLFHWGHWUDYDLODpULHQGDQV
OD FO{WXUH GH FKDTXH H[HUFLFH ILVFDO XQ GRVVLHU FRPSRUWDQW OHV OHV FRQGLWLRQV IL[pHV SDU OH SUpVHQW DUUrWp DYHF OHV DSSDUHLOV
UHQVHLJQHPHQWVVXLYDQWV LQGLTXpV GDQV OH FHUWLILFDW WHFKQLTXH G¶H[SORLWDWLRQ HW
FRQIRUPpPHQWDX[GLVSRVLWLRQVVSpFLILTXHVG¶H[SORLWDWLRQTXLOXL
OLVWHGXSHUVRQQHODYHFQRPSUpQRPQDWLRQDOLWpHWIRQFWLRQ VRQWDVVRFLpHV
ELODQHWQRPEUHG¶KHXUHVGHYROVHIIHFWXpHV $57 ±/D SUpVHQWH DXWRULVDWLRQ HVW SDUWLFXOLqUH j OD
FRWGHO¶KHXUHGHYROWDULIVDSSOLTXpVHWOXLIRXUQLUjVD VRFLpWp©+HOLVXGªHWQ¶HVWWUDQVPLVVLEOHjDXFXQHDXWUHSHUVRQQH
GHPDQGHWRXWHDXWUHLQIRUPDWLRQMXJpHXWLOH SK\VLTXHRXPRUDOH
%8//(7,12)),&,(/ 1±VDIDU
(OOH HVW YDODEOH SRXU OH WUDQVSRUW j OD GHPDQGH G¶XQ $57±/¶DSSDUHLO GRLW rWUH pTXLSp DX PLQLPXP GHV
PD[LPXPGHSDVVDJHUVRXNJGHIUHWSDUYROWD[LDpULHQ LQVWDOODWLRQV UDGLR pQXPpUpHV FLGHVVRXV OXL SHUPHWWDQW GH
FRQIRUPpPHQW j OD UpJOHPHQWDWLRQ HQ YLJXHXU j O¶LQWpULHXU GX PDLQWHQLU O¶pFRXWH UDGLR HW G¶pWDEOLU GHV FRPPXQLFDWLRQV UDGLR
WHUULWRLUHPDURFDLQRXLQWHUQDWLRQDODLQVLTXHSRXUGHVVHUYLFHVGH WpOpSKRQLTXHV 8+) HW 9+) j WRXW PRPHQW GH VRQ YRO DYHF OHV
WUDYDLODpULHQ RUJDQHV UHVSRQVDEOHV GX FRQWU{OH GX WUDILF DpULHQ GDQV O¶HVSDFH
RLOpYROXH
$57±/DVRFLpWpGHYUDVRXVFULUHXQHSROLFHG¶DVVXUDQFH
JDUDQWLVVDQW j VHV SDVVDJHUV HQ FDV G¶DFFLGHQW XQH LQGHPQLWp XQSRVWH9+)$0ELIUpTXHQFHVSRXUFRXYULUOHVOLDLVRQV
IRUIDLWDLUHGRQWOHPRQWDQWQHGHYUDSDVrWUHLQIpULHXUjFHOXLIL[p $LU$LUHW$LU6RO
SDU OH GpFUHW Q GX VDIDU MXLOOHW GHX[ SRVWHV 9+))0 SRXU FRXYULU OHV OLDLVRQV $LU6RO
0HQWLRQ GH FHWWH DVVXUDQFH GHYUD rWUH SRUWpH VXU OH ELOOHW UHPLV RSpUDWLRQQHOOHV
DX[SDVVDJHUV (Q IRQFWLRQ GHV PLVVLRQV O¶pTXLSHPHQW GH WUDQVPLVVLRQV
/D VRFLpWp GHYUD pJDOHPHQW VRXVFULUH XQH SROLFH SHXWrWUHFRPSOpWpSDUXQGHX[LqPHSRVWH9+)$0HWXQSRVWH
G¶DVVXUDQFHODJDUDQWLVVDQWFRQWUHOHULVTXHGHVGRPPDJHVFDXVpV 8+) SRXU OHV OLDLVRQV DYHF OD FHOOXOH GH FRRUGLQDWLRQ DX VRO
DX[WLHUVDLQVLTXHSRXUO¶HQVHPEOHGHVDXWUHVULVTXHV ,OGRLWpJDOHPHQWrWUHpTXLSpG¶XQWUDQVSRQGHXU
$57±/H SHUVRQQHO GHVWLQp j OD FRQGXLWH GH O¶DSSDUHLO $57 ±3RXU O¶XWLOLVDWLRQ GHV VXUIDFHV G¶DWWHUULVVDJH HW
VXVYLVp GRLW rWUH WLWXODLUH GH OD OLFHQFH GH SLORWH SURIHVVLRQQHO G¶HQYRO RFFDVLRQQHOOHV RX GHV DpURGURPHV QRQ FRQWU{OpV OHV
G¶KpOLFRSWqUH SLORWHVGRLYHQW
/HVWUDYDX[DpULHQVTXLQpFHVVLWHQWGHVYROVjGHVKDXWHXUV REWHQLUO¶DFFRUGSUpDODEOHGHODGLUHFWLRQGHO¶DpURQDXWLTXH
LQIpULHXUHVDX[PLQLPDIL[pVSDUOHGpFUHWQGXVDIDU FLYLOHHWGHVDXWRULWpVORFDOHVFRQFHUQpHV
MXLOOHW QH SHXYHQW rWUH H[pFXWpV TXH SDU GHV DYLVHU SHQGDQW OHV YROV RX OHV WUDYDX[ OHV DXWRULWpV
SLORWHVPXQLVGHFHUWLILFDWGHYROUDVDQWGpOLYUpVSDUODGLUHFWLRQ FRPSpWHQWHV GX PLQLVWqUH FKDUJp GH O¶DYLDWLRQ FLYLOH SDU
GHO¶DpURQDXWLTXHFLYLOH OHV PR\HQV OHV SOXV DSSURSULpV DLQVL TXH OHV VHUYLFHV
/HVSLORWHVGRLYHQW SXEOLFV JHQGDUPHULH UR\DOH RX VUHWp QDWLRQDOH SDU
WpOpSKRQHOLJQHLQWHUQDWLRQDOHLQWHU±OLJQHJHQGDUPHULH
VHVRXPHWWUHDX[YpULILFDWLRQVHWFRQWU{OHTXLSHXYHQWrWUH UR\DOH GH WRXV OHXUV PRXYHPHQWV j O¶LQWpULHXU GH OD
HIIHFWXpV DXVVL ELHQ SDU OH SHUVRQQHO GH OD GLUHFWLRQ GH ORFDOLWp
O¶DpURQDXWLTXH FLYLOH TXH SDU FHOXL GHV VHUYLFHV GH OD
DYLVHU j OD ILQ GHV YROV RX GHV WUDYDX[ GqV TXH SRVVLEOH
FLUFXODWLRQDpULHQQH
OHVDXWRULWpVFRPSpWHQWHVGXPLQLVWqUHFKDUJpGHO¶DYLDWLRQ
VHSUpVHQWHUDXFRQWU{OHORFDOGHO¶DpURSRUWGHGpSDUWSRXU FLYLOHGHO¶KHXUHSUpYXHGHOHXUGpFROODJHDLQVLTXHGHOHXU
VLJQDOHUDX[VHUYLFHVGHODFLUFXODWLRQDpULHQQHOD]RQHTXL GHVWLQDWLRQ ILQDOH ,OV GRLYHQW HQ RXWUH HQWUHU HQ FRQWDFW
GRLWrWUHVXUYROpHOHVDOWLWXGHVDX[TXHOOHVVHUDHIIHFWXpOH GqV OH GpFROODJH DYHF OHV RUJDQHV GX FRQWU{OH GX WUDILF
YROSURMHWpHWODQDWXUHGHFHGHUQLHU DpULHQ
GpSRVHUXQSODQGHYROjFHWHIIHW $57±/D VRFLpWp ©+HOLVXGª HVW WHQXH GH SRUWHU j OD
pYLWHUOHVXUYROGHV]RQHVLQWHUGLWHVQRWDPPHQWOHVXUYRO FRQQDLVVDQFH GX PLQLVWUH HQ FKDUJH GH O¶DYLDWLRQ FLYLOH WRXW
GHV LQVWDOODWLRQV PLOLWDLUHV HW GH WRXW pWDEOLVVHPHQW WUDQVIHUW GH VLqJH VRFLDO WRXWH PRGLILFDWLRQ GHV VWDWXWV WRXWH
LQWpUHVVDQWODGpIHQVHQDWLRQDOH GpFLVLRQ GH O¶DVVHPEOpH JpQpUDOH DIIHFWDQW OH PRQWDQW HW OD
UpSDUWLWLRQGXFDSLWDOVRFLDORXODGpVLJQDWLRQGXJpUDQW
$57±3RXU O¶H[pFXWLRQ GH WRXW YRO VDQLWDLUH OD VRFLpWp
$57±OD VRFLpWp ©+HOLVXGª GHYUD SUpVHQWHU j OD
GRLW DVVXUHU j ERUG GH O¶DSSDUHLO VXVYLVp OD SUpVHQFH G¶XQ
GLUHFWLRQGHO¶DpURQDXWLTXHFLYLOHGDQVOHVWURLVPRLVTXLVXLYHQW
PpGHFLQ RX j GpIDXW G¶XQ H LQILUPLHU H DLQVL TXH OHV
OD FO{WXUH GH FKDTXH H[HUFLFH ILVFDO XQ GRVVLHU FRPSRUWDQW OHV
pTXLSHPHQWV QpFHVVDLUHV SRXU UpSRQGUH DX[ EHVRLQV GHV YROV
UHQVHLJQHPHQWVVXLYDQWV
VDQLWDLUHVFRQIRUPpPHQWjODUpJOHPHQWDWLRQHQYLJXHXU
OLVWHGXSHUVRQQHODYHFQRPSUpQRPQDWLRQDOLWpHWIRQFWLRQ
/HVSLORWHVQHSHXYHQWHIIHFWXHUGHVPLVVLRQVGHVHFRXUVHW
GHVDXYHWDJHSRXUOHVpYDFXDWLRQVGHSUHPLHUVHFRXUVTXHGDQVOH ELODQHWQRPEUHG¶KHXUHVGHYROVHIIHFWXpHV
FDGUH GHV PLVVLRQV FRRUGRQQpHV DYHF OHV VHUYLFHV UHVSRQVDEOHV FRWGHO¶KHXUHGHYROHWWDULIVDSSOLTXpVHWOXLIRXUQLUjVD
DXWRULVpV GHPDQGHWRXWHDXWUHLQIRUPDWLRQMXJpHXWLOH
$57 ±/HV WUDYDX[ GH SULVHV GH YXHV DpULHQQHV HW GH $57±6DQV SUpMXGLFH GHV VDQFWLRQV SpQDOHV TXL VRQW
SXEOLFLWpGRLYHQWIDLUHO¶REMHWG¶XQSURJUDPPHFRQIRUPpPHQWDX SUpYXHVjODWURLVLqPHSDUWLHGXGpFUHWQGXVDIDU
PRGqOHpWDEOLSDUODGLUHFWLRQGHO¶DpURQDXWLTXHFLYLOHHWSUpVHQWp MXLOOHWSUpFLWpOHPLQLVWUHHQFKDUJHGHO¶DYLDWLRQFLYLOH
jVRQDSSUREDWLRQDXPRLQVMRXUVDYDQWODGDWHSUpYXHSRXUOH SHXW SURQRQFHU OD VXVSHQVLRQ RX OH UHWUDLW LPPpGLDW GH FHWWH
GpEXWGHFHVWUDYDX[ DXWRULVDWLRQGDQVOHVFDVVXLYDQWV
/DGXUpHGHO¶DXWRULVDWLRQDFFRUGpHSRXUODUpDOLVDWLRQGHFH LQIUDFWLRQ DX[ GLVSRVLWLRQV GH OD UpJOHPHQWDWLRQ GH
SURJUDPPHQHGRLWSDVH[FpGHUMRXUV O¶DpURQDXWLTXHFLYLOHHQYLJXHXUQRWDPPHQWOHVXUYROGHV
]RQHVLQWHUGLWHV
3RXU OH WUDFWDJH GH EDQGHUROHV SXEOLFLWDLUHV O¶KpOLFRSWqUH
GRLW rWUH DJUpH DX SUpDODEOH SDU OD GLUHFWLRQ GH O¶DpURQDXWLTXH QRQUHVSHFWGHVREOLJDWLRQVILJXUDQWGDQVOHSUpVHQWDUUrWp
FLYLOHSRXUO¶H[pFXWLRQGHFHW\SHG¶DFWLYLWpV VLO¶LQWpUrWSXEOLFO¶H[LJH
1±VDIDU %8//(7,12)),&,(/
$57±&HWWHDXWRULVDWLRQHVWYDODEOHGXHUMDQYLHU /DVRFLpWpGHYUDpJDOHPHQWVRXVFULUHXQHSROLFHG¶DVVXUDQFH
DXGpFHPEUH ODJDUDQWLVVDQWFRQWUHOHULVTXHGHVGRPPDJHVFDXVpVDX[WLHUVj
(OOHSHXWrWUHUHQRXYHOpHSRXUXQHGXUpHLQIpULHXUHRXpJDOH ODVXUIDFHDLQVLTXHSRXUO¶HQVHPEOHGHVDXWUHVULVTXHV
j DQV VL OD VRFLpWp UHPSOLW OHV FRQGLWLRQV UHTXLVHV $57±/H SHUVRQQHO GHVWLQp j OD FRQGXLWH GHV DSSDUHLOV
SDUWLFXOLqUHPHQW FHOOHV UHODWLYHV j OD GpOLYUDQFH GX FHUWLILFDW GH OD VRFLpWp GRLW rWUH WLWXODLUH GH OD OLFHQFH GH SLORWH
WHFKQLTXH G¶H[SORLWDWLRQ /D GHPDQGH GH UHQRXYHOOHPHQW GRLW SURIHVVLRQQHOG¶DYLRQGHSOXVSRXUOHVDYLRQVFRUYHWWHLQGLTXpV
SDUYHQLUjODGLUHFWLRQGHO¶DpURQDXWLTXHFLYLOHWURLVPRLVDYDQWOD GDQVOH&7(FHSHUVRQQHOGRLWrWUHFRPSRVpSRXUFKDTXHYROGH
GDWHG¶H[SLUDWLRQGHFHWWHDXWRULVDWLRQ GHX[ SLORWHV WLWXODLUHV UHVSHFWLYHPHQW GH OD OLFHQFH GH SLORWH GH
$57±/H GLUHFWHXU GH O¶DpURQDXWLTXH FLYLOH HVW FKDUJp OLJQH SRXU OH FRPPDQGDQW GH ERUG HW GH OD OLFHQFH GH SLORWH
GH O¶DSSOLFDWLRQ GX SUpVHQW DUUrWp TXL VHUD SXEOLp DX %XOOHWLQ SURIHVVLRQQHOG¶DYLRQ,)5SRXUOHVHFRQGSLORWH
RIILFLHO /HVSLORWHVGRLYHQW
5DEDWOHHU KLMDGpFHPEUH VHVRXPHWWUHDX[YpULILFDWLRQVHWFRQWU{OHTXLSHXYHQWrWUH
.$5,0*+(//$% HIIHFWXpV DXVVL ELHQ SDU OH SHUVRQQHO GH OD GLUHFWLRQ GH
O¶DpURQDXWLTXH FLYLOH TXH SDU FHOXL GHV VHUYLFHV GH OD
$UUrWpGXPLQLVWUHGHO¶pTXLSHPHQWHWGXWUDQVSRUWQ FLUFXODWLRQDpULHQQH
GX KLMD GpFHPEUH DFFRUGDQW XQH VHSUpVHQWHUDXFRQWU{OHORFDOGHO¶DpURSRUWGHGpSDUWSRXU
DXWRULVDWLRQ G¶H[SORLWDWLRQ GHV VHUYLFHV DpULHQV QRQ VLJQDOHUDX[VHUYLFHVGHODFLUFXODWLRQDpULHQQHOD]RQHTXL
UpJXOLHUVGHWUDQVSRUWSXEOLFSDUDYLRQWD[LHWGHWUDYDLO GRLWrWUHVXUYROpHOHVDOWLWXGHVDX[TXHOOHVVHUDHIIHFWXpOH
DpULHQjODVRFLpWp©&DVD$LUVHUYLFHª YROSURMHWpHWODQDWXUHGHFHGHUQLHU
BBBBBBBBBB
GpSRVHUXQSODQGHYROjFHWHIIHW
/(0,1,675('(/¶(48,3(0(17(7'875$163257 pYLWHUOHVXUYROGHV]RQHVLQWHUGLWHVQRWDPPHQWOHVXUYRO
9X OH GpFUHW Q GX VDIDU MXLOOHW GHV LQVWDOODWLRQV PLOLWDLUHV HW GH WRXW pWDEOLVVHPHQW
SRUWDQW UpJOHPHQWDWLRQ GH O¶DpURQDXWLTXH FLYLOH WHO TX¶LO D pWp LQWpUHVVDQWODGpIHQVHQDWLRQDOH
PRGLILpHWFRPSOpWpQRWDPPHQWVHVDUWLFOHVHW $57±3RXU O¶H[pFXWLRQ GH WRXW YRO VDQLWDLUH OD VRFLpWp
9X O¶DUUrWp GX PLQLVWUH GX WUDQVSRUW HW GH OD PDULQH GRLWDVVXUHUjERUGGHO¶DSSDUHLOVXVYLVpODSUpVHQFHG¶XQPpGHFLQ
PDUFKDQGH Q GX FKDDEDQH QRYHPEUH RX j GpIDXW G¶XQ H LQILUPLHU H DLQVL TXH OHV pTXLSHPHQWV
IL[DQW OHV FRQGLWLRQV UHODWLYHV j O¶REWHQWLRQ GH O¶DXWRULVDWLRQ QpFHVVDLUHV SRXU UpSRQGUH DX[ EHVRLQV GHV YROV VDQLWDLUHV
G¶H[SORLWDWLRQ GHV VHUYLFHV DpULHQV GH WUDQVSRUW SXEOLF HW GH FRQIRUPpPHQWjODUpJOHPHQWDWLRQHQYLJXHXU
WUDYDLODpULHQWHOTX¶LODpWpPRGLILpHWFRPSOpWpQRWDPPHQWVHV
/HVSLORWHVQHSHXYHQWHIIHFWXHUGHVPLVVLRQVGHVHFRXUVHW
DUWLFOHVHW
GHVDXYHWDJHSRXUOHVpYDFXDWLRQVGHSUHPLHUVHFRXUVTXHGDQVOH
9XODGHPDQGHIRUPXOpHSDUODVRFLpWp©&DVD$LUVHUYLFHª FDGUH GHV PLVVLRQV FRRUGRQQpHV DYHF OHV VHUYLFHV UHVSRQVDEOHV
OHQRYHPEUH DXWRULVpV
$55Ç7( $57 ±/¶DSSDUHLO GRLW rWUH pTXLSp DX PLQLPXP GHV
$57,&/( 35(0,(5±/D VRFLpWp ©&DVD $LU VHUYLFHª GRQW LQVWDOODWLRQV UDGLR pQXPpUpHV FLGHVVRXV OXL SHUPHWWDQW GH
OH VLqJH VRFLDO HVW j O¶DpURSRUW &DVD$QID +DQJDU HVW PDLQWHQLU O¶pFRXWH UDGLR HW G¶pWDEOLU GHV FRPPXQLFDWLRQV UDGLR
DXWRULVpH j H[SORLWHU GHV VHUYLFHV DpULHQV QRQUpJXOLHUV GH WpOpSKRQLTXHV 8+) HW 9+) j WRXW PRPHQW GH VRQ YRO DYHF OHV
WUDQVSRUW SXEOLF HW GHV VHUYLFHV GH WUDYDLO DpULHQ GDQV OHV RUJDQHV UHVSRQVDEOHV GX FRQWU{OH GX WUDILF DpULHQ GDQV O¶HVSDFH
FRQGLWLRQVIL[pHVSDUOHSUpVHQWDUUrWpDYHFOHVDSSDUHLOVLQGLTXpV RLOpYROXH
GDQV OH FHUWLILFDW WHFKQLTXH G¶H[SORLWDWLRQ HW FRQIRUPpPHQW DX[ XQSRVWH9+)$0ELIUpTXHQFHVSRXUFRXYULUOHVOLDLVRQV
GLVSRVLWLRQVVSpFLILTXHVTXLOXLVRQWDVVRFLpHV $LU$LUHW$LU6RO
$57 ±/D SUpVHQWH DXWRULVDWLRQ HVW SDUWLFXOLqUH j OD GHX[ SRVWHV 9+))0 SRXU FRXYULU OHV OLDLVRQV $LU6RO
VRFLpWp©&DVD$LUVHUYLFHªHWQ¶HVWWUDQVPLVVLEOHjDXFXQHDXWUH RSpUDWLRQQHOOHV
SHUVRQQHSK\VLTXHRXPRUDOH
(Q IRQFWLRQ GHV PLVVLRQV O¶pTXLSHPHQW GH WUDQVPLVVLRQV
(OOH HVW YDODEOH SRXU OH WUDQVSRUW j OD GHPDQGH G¶XQ
SHXWrWUHFRPSOpWpSDUXQGHX[LqPHSRVWH9+)$0HWXQSRVWH
PD[LPXPGHSDVVDJHUVRXNJGHIUHWSDUYROWD[LDpULHQ
8+) SRXU OHV OLDLVRQV DYHF OD FHOOXOH GH FRRUGLQDWLRQ DX VRO
FRQIRUPpPHQW j OD UpJOHPHQWDWLRQ HQ YLJXHXU j O¶LQWpULHXU GX
,OGRLW pJDOHPHQW rWUH pTXLSp G¶XQ WUDQVSRQGHXU SHUPHWWDQW DX[
WHUULWRLUHPDURFDLQRXLQWHUQDWLRQDODLQVLTXHSRXUGHVVHUYLFHVGH
IRUFHVUR\DOHVDLUGHFRQWU{OHUVHVPRXYHPHQWVSRXUGHVUDLVRQV
WUDYDLODpULHQ
GHVpFXULWp
$57±3RXUOHWUDQVSRUWSXEOLFODVRFLpWpGHYUDVRXVFULUH
$57 ±3RXU O¶XWLOLVDWLRQ GHV VXUIDFHV G¶DWWHUULVVDJH HW
XQH SROLFH G¶DVVXUDQFH JDUDQWLVVDQW j VHV SDVVDJHUV HQ FDV
G¶DFFLGHQWXQHLQGHPQLWpIRUIDLWDLUHGRQWOHPRQWDQWQHGHYUDSDV G¶HQYRO RFFDVLRQQHOOHV RX GHV DpURGURPHV QRQ FRQWU{OpV OHV
rWUH LQIpULHXU j FHOXL IL[p SDU OH GpFUHW Q GX VDIDU SLORWHVGRLYHQW
MXLOOHW VXVYLVp /D PHQWLRQ GH FHWWH DVVXUDQFH REWHQLUO¶DFFRUGSUpDODEOHGHODGLUHFWLRQGHO¶DpURQDXWLTXH
GHYUDrWUHSRUWpHVXUOHELOOHWUHPLVDX[SDVVDJHUV FLYLOHHWGHVDXWRULWpVORFDOHVFRQFHUQpHV
%8//(7,12)),&,(/ 1±VDIDU
DYLVHU SHQGDQW OHV YROV RX OHV WUDYDX[ OHV DXWRULWpV $UUrWpFRQMRLQWGXPLQLVWUHGHO¶pQHUJLHGHVPLQHVGHO¶HDX
FRPSpWHQWHV GX PLQLVWqUH FKDUJp GH O¶DYLDWLRQ FLYLOH SDU HWGHO¶HQYLURQQHPHQWHWGXPLQLVWUHGHO¶pFRQRPLHHWGHV
OHV PR\HQV OHV SOXV DSSURSULpV DLQVL TXH OHV VHUYLFHV ILQDQFHV Q GX NDDGD QRYHPEUH
SXEOLFV JHQGDUPHULH UR\DOH RX VUHWp QDWLRQDOH SDU
DSSURXYDQWO¶DYHQDQWQjO¶DFFRUGSpWUROLHU©7DUID\D
WpOpSKRQHOLJQHLQWHUQDWLRQDOHLQWHU±OLJQHJHQGDUPHULH
6KDOORZª FRQFOX OH UDPDGDQ RFWREUH
UR\DOH GH WRXV OHXUV PRXYHPHQWV j O¶LQWpULHXU GH OD
ORFDOLWp HQWUH O¶2IILFH QDWLRQDO GHV K\GURFDUEXUHV HW GHV PLQHV
UHSUpVHQWDQWOH5R\DXPHGX0DURFHWODVRFLpWp©0DHUVN
DYLVHU j OD ILQ GHV YROV RX GHV WUDYDX[ GqV TXH SRVVLEOH
OHV DXWRULWpV FRPSpWHQWHV GX PLQLVWqUH FKDUJp GH 2LO0RURFFR*PEKª
O¶DYLDWLRQFLYLOHGHO¶KHXUHSUpYXHGHOHXUGpFROODJHDLQVL BBBBBBBBBB
TXH GH OHXU GHVWLQDWLRQ ILQDOH ,OV GRLYHQW HQ RXWUH HQWUHU
/$ 0,1,675( '( /¶(1(5*,( '(6 0,1(6 '( /¶($8 (7 '(
HQ FRQWDFW GqV OH GpFROODJH DYHF OHV RUJDQHV GX FRQWU{OH
/¶(19,5211(0(17
GXWUDILFDpULHQ
$57±/DVRFLpWp©&DVD$LUVHUYLFHªHVWWHQXHGHSRUWHU /(0,1,675('(/¶e&2120,((7'(6),1$1&(6
jODFRQQDLVVDQFHGXPLQLVWUHHQFKDUJHGHO¶DYLDWLRQFLYLOHWRXW 9XODORLQUHODWLYHjODUHFKHUFKHHWjO¶H[SORLWDWLRQ
WUDQVIHUW GH VLqJH VRFLDO WRXWH PRGLILFDWLRQ GHV VWDWXWV WRXWH GHVJLVHPHQWVG¶K\GURFDUEXUHVSURPXOJXpHSDUOHGDKLUQ
GpFLVLRQ GH O¶DVVHPEOpH JpQpUDOH DIIHFWDQW OH PRQWDQW HW OD
GXUDPDGDQHU DYULOWHOOHTX¶HOOHDpWpPRGLILpH
UpSDUWLWLRQGXFDSLWDOVRFLDORXODGpVLJQDWLRQGXJpUDQW
HWFRPSOpWpHSDUODORLQSURPXOJXpHSDUOHGDKLUQ
$57±ODVRFLpWp&DVD$LUVHUYLFHªGHYUDSUpVHQWHUjOD
GXNDDGDIpYULHUQRWDPPHQWOHVDUWLFOHVHW
GLUHFWLRQGHO¶DpURQDXWLTXHFLYLOHGDQVOHVWURLVPRLVTXLVXLYHQW
OD FO{WXUH GH FKDTXH H[HUFLFH ILVFDO XQ GRVVLHU FRPSRUWDQW OHV 9XODORLQSRUWDQWFUpDWLRQGHO¶2IILFHQDWLRQDOGHV
UHQVHLJQHPHQWVVXLYDQWV K\GURFDUEXUHVHWGHVPLQHVSURPXOJXpHSDUOHGDKLUQ
OLVWH GX SHUVRQQHO DYHF QRP SUpQRP QDWLRQDOLWp HW GXUDPDGDQQRYHPEUH
IRQFWLRQ 9X OH GpFUHW Q GX MRXPDGD ,
ELODQHWQRPEUHG¶KHXUHVGHYROVHIIHFWXpHV QRYHPEUH SULV SRXU O¶DSSOLFDWLRQ GH OD ORL Q
FRWGHO¶KHXUHGHYROHWWDULIVDSSOLTXpVHWOXLIRXUQLUjVD VXVYLVpHWHOTX¶LODpWpPRGLILpHWFRPSOpWpSDUOHGpFUHWQ
GHPDQGHWRXWHDXWUHLQIRUPDWLRQMXJpHXWLOH GXKLMDPDUVQRWDPPHQWVRQDUWLFOH
$57±6DQV SUpMXGLFH GHV VDQFWLRQV SpQDOHV TXL VRQW 9X OH GpFUHW Q GX NDDGD GpFHPEUH
SUpYXHVjODWURLVLqPHSDUWLHGXGpFUHWQGXVDIDU
SULVSRXUO¶DSSOLFDWLRQGHODORLSUpFLWpHQ
MXLOOHWSUpFLWpOHPLQLVWUHHQFKDUJHGHO¶DYLDWLRQFLYLOH
SHXW SURQRQFHU OD VXVSHQVLRQ RX OH UHWUDLW LPPpGLDW GH FHWWH 9XO¶DUUrWpFRQMRLQWGXPLQLVWUHGHO¶pQHUJLHHWGHVPLQHVHW
DXWRULVDWLRQGDQVOHVFDVVXLYDQWV GX PLQLVWUH GHV ILQDQFHV HW GH OD SULYDWLVDWLRQ Q GX
LQIUDFWLRQ DX[ GLVSRVLWLRQV GH OD UpJOHPHQWDWLRQ GH UDELL ,, MXLQ DSSURXYDQW O¶DFFRUG SpWUROLHU
O¶DpURQDXWLTXHFLYLOHHQYLJXHXUQRWDPPHQWOHVXUYROGHV FRQFOXOHVDIDUDYULOHQWUHO¶2IILFHQDWLRQDOGH
]RQHVLQWHUGLWHV UHFKHUFKHV HW G¶H[SORLWDWLRQV SpWUROLqUHV UHSUpVHQWDQW OH
QRQUHVSHFWGHVREOLJDWLRQVILJXUDQWGDQVOHSUpVHQWDUUrWp 5R\DXPH GX 0DURF HW OD VRFLpWp ©0DHUVN 2LO 0RURFFR
VLO¶LQWpUrWSXEOLFO¶H[LJH *PEKª SRXU OD UHFKHUFKH HW O¶H[SORLWDWLRQ GHV K\GURFDUEXUHV
$57±&HWWHDXWRULVDWLRQHVWYDODEOHGXHUMDQYLHU GDQV OD ]RQH G¶LQWpUrW GLWH ©7DUID\D 6KDOORZª FRPSUHQDQW KXLW
DXGpFHPEUH SHUPLVGHUHFKHUFKHGpQRPPpV©7DUID\D6KDOORZGH,j9,,,ª
(OOHSHXWrWUHUHQRXYHOpHSRXUXQHGXUpHLQIpULHXUHRXpJDOH VLWXpVHQ2IIVKRUH$WODQWLTXH
j DQV VL OD VRFLpWp UHPSOLW OHV FRQGLWLRQV UHTXLVHV 9XO¶DYHQDQWQDXGLWDFFRUGSpWUROLHUFRQFOXOHUDPDGDQ
SDUWLFXOLqUHPHQW FHOOHV UHODWLYHV j OD GpOLYUDQFH GX FHUWLILFDW RFWREUHHQWUHO¶2IILFHQDWLRQDOGHVK\GURFDUEXUHVHW
WHFKQLTXH G¶H[SORLWDWLRQ /D GHPDQGH GH UHQRXYHOOHPHQW GRLW
GHVPLQHVHWODVRFLpWp©0DHUVN2LO0RURFFR*PEKª
SDUYHQLUjODGLUHFWLRQGHO¶DpURQDXWLTXHFLYLOHWURLVPRLVDYDQWOD
GDWHG¶H[SLUDWLRQGHFHWWHDXWRULVDWLRQ $55Ç7(17
$57±/H GLUHFWHXU GH O¶DpURQDXWLTXH FLYLOH HVW FKDUJp $57,&/( 35(0,(5 ±(VW DSSURXYp WHO TX¶LO HVW DQQH[p j
GH O¶DSSOLFDWLRQ GX SUpVHQW DUUrWp TXL VHUD SXEOLp DX %XOOHWLQ O¶RULJLQDO GX SUpVHQW DUUrWp O¶DYHQDQW Q j O¶DFFRUG SpWUROLHU
RIILFLHO ©7DUID\D 6KDOORZª FRQFOX OH UDPDGDQ RFWREUH
5DEDWOHKLMDGpFHPEUH HQWUHO¶2IILFHQDWLRQDOGHVK\GURFDUEXUHVHWGHVPLQHVHWODVRFLpWp
.$5,0*+(//$% ©0DHUVN2LO0RURFFR*PEKª
1±VDIDU %8//(7,12)),&,(/
$57±/HSUpVHQWDUUrWpFRQMRLQWVHUDSXEOLpDX%XOOHWLQ $57±/HSUpVHQWDUUrWpVHUDSXEOLpDX%XOOHWLQRIILFLHO
RIILFLHO 5DEDWOHNDDGDGpFHPEUH
5DEDWOHNDDGDQRYHPEUH
$+0('$.+&+,&+,1(
/DPLQLVWUHGHO¶pQHUJLH
BBBBBBB
GHVPLQHVGHO¶HDXHWGH /HPLQLVWUHGHO¶pFRQRPLH
/H WH[WH HQ ODQJXH DUDEH D pWp SXEOLp GDQV O¶pGLWLRQ JpQpUDOH GX
O¶HQYLURQQHPHQW HWGHVILQDQFHV
©%XOOHWLQRIILFLHOªQGXVDIDUIpYULHU
$0,1$%(1.+$'5$ 6$/$+('',1(0(=28$5
$UUrWpGXPLQLVWUHGHO¶pGXFDWLRQQDWLRQDOHGH O¶HQVHLJQHPHQW
BBBBBBB
VXSpULHXUGHODIRUPDWLRQGHVFDGUHVHWGHODUHFKHUFKH
/H WH[WH HQ ODQJXH DUDEH D pWp SXEOLp GDQV O¶pGLWLRQ JpQpUDOH GX VFLHQWLILTXH Q GX PRKDUUHP MDQYLHU
©%XOOHWLQRIILFLHOªQGXVDIDUIpYULHU
FRPSOpWDQW O¶DUUrWp Q GX NDDGD
GpFHPEUHIL[DQWODOLVWHGHVGLSO{PHVUHFRQQXV
pTXLYDOHQWV DX GLSO{PH GH VSpFLDOLWp PpGLFDOH HQ
UDGLRWKpUDSLH
$UUrWpGXPLQLVWUHGHO¶pGXFDWLRQQDWLRQDOHGH O¶HQVHLJQHPHQW
BBBBBBBBBB
VXSpULHXU GH OD IRUPDWLRQ GHV FDGUHV HW GH OD
UHFKHUFKH VFLHQWLILTXH Q GX NDDGD /(0,1,675('(/¶('8&$7,211$7,21$/('(/¶(16(,*1(0(17
GpFHPEUH FRPSOpWDQW O¶DUUrWp Q GX 683(5,(85 '( /$ )250$7,21 '(6 &$'5(6 (7 '( /$
NDDGD QRYHPEUH IL[DQW OD OLVWH GHV 5(&+(5&+(6&,(17,),48(
/(0,1,675('(/¶('8&$7,211$7,21$/('(/¶(16(,*1(0(17 /(0,1,675('(/¶('8&$7,211$7,21$/('(/¶(16(,*1(0(17
683(5,(85 '( /$ )250$7,21 '(6 &$'5(6 (7 '( /$ 683(5,(85 '( /$ )250$7,21 '(6 &$'5(6 (7 '( /$
5(&+(5&+(6&,(17,),48( 5(&+(5&+(6&,(17,),48(
9X O¶DUUrWp GX PLQLVWUH GH O¶HQVHLJQHPHQW VXSpULHXU GH OD 9X O¶DUUrWp GX PLQLVWUH GH O¶HQVHLJQHPHQW VXSpULHXU GH OD
IRUPDWLRQ GHV FDGUHV HW GH OD UHFKHUFKH VFLHQWLILTXH Q IRUPDWLRQGHVFDGUHVHWGHODUHFKHUFKHVFLHQWLILTXHQGX
GX UDELL , DYULO IL[DQW OD OLVWH GHV GLSO{PHV UDELL ,, PDL IL[DQW OD OLVWH GHV GLSO{PHV
UHFRQQXV pTXLYDOHQWV DX GLSO{PH GH VSpFLDOLWp PpGLFDOH HQ UHFRQQXV pTXLYDOHQWV DX GLSO{PH GH VSpFLDOLWp PpGLFDOH HQ
QpSKURORJLHWHOTX¶LODpWpFRPSOpWp J\QpFRORJLHREVWpWULTXHWHOTX¶LODpWpFRPSOpWp
9X OH SURFqVYHUEDO GH OD FRPPLVVLRQ VHFWRULHOOH GHV 9X OH SURFqVYHUEDO GH OD FRPPLVVLRQ VHFWRULHOOH GHV
VFLHQFHVGHODVDQWpGXGpFHPEUH VFLHQFHVGHODVDQWpGXGpFHPEUH
$SUqVDYLVGXPLQLVWUHGHODVDQWpHWGXFRQVHLOQDWLRQDOGH $SUqVDYLVGXPLQLVWUHGHODVDQWpHWGXFRQVHLOQDWLRQDOGH
O¶2UGUHQDWLRQDOGHVPpGHFLQV O¶2UGUHQDWLRQDOGHVPpGHFLQV
$55Ç7(
$55Ç7(
$57,&/( 35(0,(5±/¶DUWLFOH SUHPLHU GH O¶DUUrWp VXVYLVp
$57,&/( 35(0,(5±/¶DUWLFOH SUHPLHU GH O¶DUUrWp VXVYLVp
Q GX UDELL , DYULO HVW FRPSOpWp
QGXUDELL,,PDLHVWFRPSOpWpFRPPH
FRPPHVXLW
VXLW
©$UWLFOH SUHPLHU±/D OLVWH GHV GLSO{PHV UHFRQQXV
©$UWLFOH SUHPLHU±/D OLVWH GHV GLSO{PHV UHFRQQXVpTXLYDOHQWV
©pTXLYDOHQWVDXGLSO{PHGHVSpFLDOLWpPpGLFDOHHQQpSKURORJLH HVW
©DX GLSO{PH GH VSpFLDOLWp PpGLFDOH HQ J\QpFRORJLHREVWpWULTXH HVW
©IL[pHDLQVLTX¶LOVXLW
©IL[pHDLQVLTX¶LOVXLW
©«««««««««««««««««««««««
©
©)pGpUDWLRQGH5XVVLH
©)UDQFH
©«««««««««««««««««««««««
©
©±&HUWLILFDW GH VSpFLDOLWp ©QpSKURORJLHª GpOLYUp SDU
©O¶DFDGpPLH GH PpGHFLQH G¶(WDW GH 1LMQL 1RYJRURG OH ©±'LSO{PH LQWHUXQLYHUVLWDLUH GH VSpFLDOLVDWLRQ HQ
©DYULODVVRUWLG¶XQHDWWHVWDWLRQGHVWDJHGHGHX[ ©J\QpFRORJLHREVWpWULTXH GpOLYUp SDU O¶8QLYHUVLWp /RXLV
©DQVDX&+8GH&DVDEODQFDGXQRYHPEUHDX ©3DVWHXU±6WUDVERXUJ , OH GpFHPEUH DVVRUWL
©QRYHPEUH HW XQH pYDOXDWLRQ GHV FRQQDLVVDQFHV ©G¶XQH DWWHVWDWLRQ G¶pYDOXDWLRQ GHV FRQQDLVVDQFHV HW GHV
©HWGHVFRPSpWHQFHVGpOLYUpHSDUODIDFXOWpGHPpGHFLQH ©FRPSpWHQFHV GpOLYUpH SDU OD IDFXOWp GH PpGHFLQH HW GH
©HWGHSKDUPDFLHGH&DVDEODQFDOHQRYHPEUHª ©SKDUPDFLHGH0DUUDNHFKOHRFWREUHª
$57±/HSUpVHQWDUUrWpVHUDSXEOLpDX%XOOHWLQRIILFLHO $57±/HSUpVHQWDUUrWpVHUDSXEOLpDX%XOOHWLQRIILFLHO
/H WH[WH HQ ODQJXH DUDEH D pWp SXEOLp GDQV O¶pGLWLRQ JpQpUDOH GX /H WH[WH HQ ODQJXH DUDEH D pWp SXEOLp GDQV O¶pGLWLRQ JpQpUDOH GX
©%XOOHWLQRIILFLHOªQGXVDIDUIpYULHU ©%XOOHWLQRIILFLHOªQGXVDIDUIpYULHU
1±VDIDU %8//(7,12)),&,(/
$UUrWpGXPLQLVWUHGHO¶pGXFDWLRQQDWLRQDOHGH O¶HQVHLJQHPHQW pTXLYDOHQWV DX GLSO{PH GH GRFWHXU HQ PpGHFLQH WHO TX¶LO D pWp
VXSpULHXU GH OD IRUPDWLRQ GHV FDGUHV HW GH OD FRPSOpWp
UHFKHUFKHVFLHQWLILTXHQGXPRKDUUHP 9X OH SURFqVYHUEDO GH OD FRPPLVVLRQ VHFWRULHOOH GHV
MDQYLHU FRPSOpWDQW O¶DUUrWp Q GX VFLHQFHVGHODVDQWpGXGpFHPEUH
UDELL,,PDLIL[DQWODOLVWHGHVGLSO{PHV
UHFRQQXVpTXLYDOHQWVDXGLSO{PHGHVSpFLDOLWpPpGLFDOH $SUqVDYLVGXPLQLVWUHGHODVDQWpHWGXFRQVHLOQDWLRQDOGH
HQJ\QpFRORJLHREVWpWULTXH O¶2UGUHQDWLRQDOGHVPpGHFLQV
BBBBBBBBBB $55Ç7(
9X O¶DUUrWp GX PLQLVWUH GH O¶HQVHLJQHPHQW VXSpULHXU GH OD $57,&/( 35(0,(5±/¶DUWLFOH SUHPLHU GH O¶DUUrWp VXVYLVp
UHFKHUFKHVFLHQWLILTXHHWGHODFXOWXUHQGXFKDDEDQH QGXFKDDEDQHGpFHPEUHHVWFRPSOpWp
GpFHPEUH IL[DQW OD OLVWH GHV GLSO{PHV UHFRQQXV FRPPHVXLW
%8//(7,12)),&,(/ 1±VDIDU
$57±(VWDEURJpO¶DUUrWpGXPLQLVWUHGHO¶DJULFXOWXUHGX $57±/D GXUpH GH YDOLGLWp GH FHW DJUpPHQW HVW GH WURLV
GpYHORSSHPHQWUXUDOHWGHVSrFKHVPDULWLPHVQGXKLMD DQV j SDUWLU GH OD GDWH GH SXEOLFDWLRQ GX SUpVHQW DUUrWp DX
MDQYLHU SRUWDQW DJUpPHQW GH OD SpSLQLqUH ©%XOOHWLQ RIILFLHOª LO SHXW rWUH UHQRXYHOp SRXU GHV GXUpHV GH
©-DNPDªSRXUFRPPHUFLDOLVHUGHVSODQWVFHUWLILpVGHSRPPHGH WURLVDQV j FRQGLWLRQ TXH OD GHPDQGH GH UHQRXYHOOHPHQW VRLW
WHUUH IRUPXOpHGHX[PRLVDYDQWO¶H[SLUDWLRQGHVDYDOLGLWp
$57±/HSUpVHQWDUUrWpVHUDSXEOLpDX%XOOHWLQRIILFLHO $57±&RQIRUPpPHQW j O¶DUWLFOH GHV DUUrWpV VXVYLVpV
QVHW OH ©'RPDLQH (O %RXUDª
5DEDWOHKLMDMDQYLHU
HVWWHQXGHGpFODUHUPHQVXHOOHPHQWDXPLQLVWqUHGHO¶DJULFXOWXUH
$=,=$.+$1128&+ HWGHODSrFKHPDULWLPHGLUHFWLRQGHODSURWHFWLRQGHVYpJpWDX[
BBBBBBB GHV FRQWU{OHV WHFKQLTXHV HW GH OD UpSUHVVLRQ GHV IUDXGHVVHUYLFH
GXFRQWU{OHGHVVHPHQFHVHWGHVSODQWVVHVDFKDWVVHVYHQWHVHW
/H WH[WH HQ ODQJXH DUDEH D pWp SXEOLp GDQV O¶pGLWLRQ JpQpUDOH GX
VHVVWRFNVGHVGLWHVVHPHQFHV
©%XOOHWLQRIILFLHOªQGXVDIDUIpYULHU
$57±/H SUpVHQW DJUpPHQW SHXW rWUH UHWLUp HQ FDV
G¶LQIUDFWLRQ j OD OpJLVODWLRQ HW j OD UpJOHPHQWDWLRQ FRQFHUQDQW OD
$UUrWp GX PLQLVWUH GH O¶DJULFXOWXUH HW GH OD SrFKH PDULWLPH FRPPHUFLDOLVDWLRQGHVVHPHQFHVHWGHVSODQWV
Q GX KLMD MDQYLHU SRUWDQW
$57±/HSUpVHQWDUUrWpVHUDSXEOLpDX%XOOHWLQRIILFLHO
DJUpPHQW GX ©'RPDLQH (O %RXUDª SRXU FRPPHUFLDOLVHU
GHV VHPHQFHV FHUWLILpHV GH PDwV GHV OpJXPLQHXVHV 5DEDWOHKLMDMDQYLHU
DOLPHQWDLUHV GHV OpJXPLQHXVHV IRXUUDJqUHV HW GHV $=,=$.+$1128&+
VHPHQFHVVWDQGDUGGHOpJXPHV BBBBBBB
BBBBBBBBBB
/H WH[WH HQ ODQJXH DUDEH D pWp SXEOLp GDQV O¶pGLWLRQ JpQpUDOH GX
/( 0,1,675( '( /¶$*5,&8/785( (7 '( /$ 3(&+( ©%XOOHWLQRIILFLHOªQGXVDIDUIpYULHU
0$5,7,0(
9XOHGDKLUQGXMRXPDGD,MXLOOHW $UUrWp GX PLQLVWUH GH O¶DJULFXOWXUH HW GH OD SrFKH PDULWLPH
UpJOHPHQWDQWODSURGXFWLRQHWODFRPPHUFLDOLVDWLRQGHVHPHQFHV Q GX KLMD MDQYLHU SRUWDQW
HW GH SODQWV WHO TX¶LO D pWp PRGLILp HW FRPSOpWp SDU OH GDKLU DJUpPHQW GH OD VRFLpWp ©$WODQWLF %UHHGHU ª SRXU
SRUWDQWORLQGXFKDRXDOVHSWHPEUH FRPPHUFLDOLVHUGHVVHPHQFHVVWDQGDUGGHOpJXPHV
QRWDPPHQWVHVDUWLFOHVSUHPLHUHW BBBBBBBBBB
9X O¶DUUrWp GX PLQLVWUH GH O¶DJULFXOWXUH HW GH OD UpIRUPH /( 0,1,675( '( /¶$*5,&8/785( (7 '( /$ 3(&+(
DJUDLUH Q GX FKDRXDO VHSWHPEUH 0$5,7,0(
SRUWDQW KRPRORJDWLRQ GX UqJOHPHQW WHFKQLTXH UHODWLI j OD
SURGXFWLRQDXFRQWU{OHDXFRQGLWLRQQHPHQWHWjODFHUWLILFDWLRQ 9XOHGDKLUQGXMRXPDGD,MXLOOHW
GHVVHPHQFHVGHPDwV UpJOHPHQWDQWODSURGXFWLRQHWODFRPPHUFLDOLVDWLRQGHVHPHQFHV
HW GH SODQWV WHO TX¶LO D pWp PRGLILp HW FRPSOpWp SDU OH GDKLU
9X O¶DUUrWp GX PLQLVWUH GH O¶DJULFXOWXUH HW GH OD UpIRUPH SRUWDQWORLQGXFKDRXDOVHSWHPEUH
DJUDLUH Q GX FKDRXDO VHSWHPEUH QRWDPPHQWVHVDUWLFOHVSUHPLHUHW
SRUWDQW KRPRORJDWLRQ GX UqJOHPHQW WHFKQLTXH UHODWLI j OD
9X O¶DUUrWp GX PLQLVWUH GH O¶DJULFXOWXUH HW GH OD UpIRUPH
SURGXFWLRQDXFRQWU{OHDXFRQGLWLRQQHPHQWHWjODFHUWLILFDWLRQ
DJUDLUHQGXFKDRXDOVHSWHPEUHSRUWDQW
GHVVHPHQFHVGHOpJXPLQHXVHVDOLPHQWDLUHVIqYHIpYHUROHSRLV
KRPRORJDWLRQ GX UqJOHPHQW WHFKQLTXH UHODWLI DX FRQWU{OH GHV
OHQWLOOHSRLVFKLFKHHWKDULFRW VHPHQFHVVWDQGDUGGHOpJXPHV
9X O¶DUUrWp GX PLQLVWUH GH O¶DJULFXOWXUH HW GH OD UpIRUPH 9X O¶DUUrWp GX PLQLVWUH GH O¶DJULFXOWXUH HW GH OD UpIRUPH
DJUDLUH Q GX FKDRXDO VHSWHPEUH DJUDLUHQGXFKDRXDODYULOIL[DQWOHV
SRUWDQW KRPRORJDWLRQ GX UqJOHPHQW WHFKQLTXH UHODWLI j OD FRQGLWLRQVG¶LPSRUWDWLRQHWGHFRPPHUFLDOLVDWLRQGHVVHPHQFHVj
SURGXFWLRQDXFRQWU{OHDXFRQGLWLRQQHPHQWHWjODFHUWLILFDWLRQ FXOWLYHUDX0DURFWHOTX¶LODpWpPRGLILp
GHV VHPHQFHV GHV OpJXPLQHXVHV IRXUUDJqUHV OX]HUQH EHUVLP
WUqIOHGH3HUVHSRLVIRXUUDJHUYHVFHHWOXSLQV $55Ç7(
9X O¶DUUrWp GX PLQLVWUH GH O¶DJULFXOWXUH HW GH OD UpIRUPH $57,&/(35(0,(5±/DVRFLpWp©$WODQWLF%UHHGHUªGRQWOH
DJUDLUH Q GX FKDRXDO VHSWHPEUH VLqJH VRFLDO VLV 'RXDU =PHO $wW $PLUD %LRJUD &KWRXND $wW
SRUWDQWKRPRORJDWLRQGXUqJOHPHQWWHFKQLTXHUHODWLIDXFRQWU{OH %DKD $JDGLU HVW DJUppH SRXU FRPPHUFLDOLVHU GHV VHPHQFHV
GHVVHPHQFHVVWDQGDUGGHOpJXPHV VWDQGDUGGHOpJXPHV
9X O¶DUUrWp GX PLQLVWUH GH O¶DJULFXOWXUH HW GH OD UpIRUPH $57±/D GXUpH GH YDOLGLWp GH FHW DJUpPHQW HVW GH WURLV
DQV j SDUWLU GH OD GDWH GH SXEOLFDWLRQ GX SUpVHQW DUUrWp DX
DJUDLUHQGXFKDRXDODYULOIL[DQWOHV
©%XOOHWLQ RIILFLHOª LO SHXW rWUH UHQRXYHOp SRXU GHV GXUpHV GH
FRQGLWLRQVG¶LPSRUWDWLRQHWGHFRPPHUFLDOLVDWLRQGHVVHPHQFHVj
WURLVDQV j FRQGLWLRQ TXH OD GHPDQGH GH UHQRXYHOOHPHQW VRLW
FXOWLYHUDX0DURFWHOTX¶LODpWpPRGLILp
IRUPXOpHGHX[PRLVDYDQWO¶H[SLUDWLRQGHVDYDOLGLWp
$55Ç7(
$57±&RQIRUPpPHQW j O¶DUWLFOH GH O¶DUUrWp VXVYLVp
$57,&/(35(0,(5±/H©'RPDLQH(O%RXUDªGRQWOHVLqJH Q OD VRFLpWp ©$WODQWLF %UHHGHUª HVW WHQXH GH GpFODUHU
VRFLDO VLV %3 7DURXGDQW HVW DJUpp SRXU PHQVXHOOHPHQWDXPLQLVWqUHGHO¶DJULFXOWXUHHWGHODSrFKHPDULWLPH
FRPPHUFLDOLVHU GHV VHPHQFHV FHUWLILpHV GH PDwV GHV GLUHFWLRQGHODSURWHFWLRQGHVYpJpWDX[GHVFRQWU{OHVWHFKQLTXHVHW
OpJXPLQHXVHV DOLPHQWDLUHV GHV OpJXPLQHXVHV IRXUUDJqUHV HW GHV GHODUpSUHVVLRQGHVIUDXGHVVHUYLFHGXFRQWU{OHGHVVHPHQFHVHWGHV
VHPHQFHVVWDQGDUGGHOpJXPHV SODQWVVHVDFKDWVVHVYHQWHVHWVHVVWRFNVGHVGLWHVVHPHQFHV
1±VDIDU %8//(7,12)),&,(/
$57±/H SUpVHQW DJUpPHQW SHXW rWUH UHWLUp HQ FDV 'pFLVLRQ GX PLQLVWUH GH O¶LQGXVWULH GX FRPPHUFH HW GHV
G¶LQIUDFWLRQ j OD OpJLVODWLRQ HW j OD UpJOHPHQWDWLRQ FRQFHUQDQW OD QRXYHOOHV WHFKQRORJLHV Q GX NDDGD
FRPPHUFLDOLVDWLRQGHVVHPHQFHVHWGHVSODQWV QRYHPEUH DWWULEXDQW OH FHUWLILFDW GH
$57±/HSUpVHQWDUUrWpVHUDSXEOLpDX%XOOHWLQRIILFLHO FRQIRUPLWp DX[ QRUPHV PDURFDLQHV DX ODERUDWRLUH
©0HWURFRQWURO,QVWUXPHQWV0&,ª
5DEDWOHKLMDMDQYLHU BBBBBBBBB
$=,=$.+$1128&+ /( 0,1,675( '( /¶,1'8675,( '8 &200(5&( (7 '(6
BBBBBBB 1289(//(67(&+12/2*,(6
/H WH[WH HQ ODQJXH DUDEH D pWp SXEOLp GDQV O¶pGLWLRQ JpQpUDOH GX 9XOHGDKLUQGXMRXPDGD,MXLOOHW
©%XOOHWLQRIILFLHOªQGXVDIDUIpYULHU UHODWLIjODQRUPDOLVDWLRQLQGXVWULHOOHHQYXHGHODUHFKHUFKHGHOD
TXDOLWp HW GH O¶DPpOLRUDWLRQ GH OD SURGXFWLYLWp WHO TX¶LO D pWp
PRGLILp SDU OH GDKLU SRUWDQW ORL Q GX UDELL ,
$UUrWp GX PLQLVWUH GH O¶DJULFXOWXUH HW GH OD SrFKH PDULWLPH VHSWHPEUH
Q GX KLMD MDQYLHU SRUWDQW 9XOHGpFUHWQGXUDELL,,VHSWHPEUH
DJUpPHQWGHODSpSLQLqUH©6DLVªSRXUFRPPHUFLDOLVHU SULV SRXU O¶DSSOLFDWLRQ GX GDKLU Q GX MRXPDGD ,
GHVVHPHQFHVHWGHVSODQWVFHUWLILpVG¶DJUXPHV MXLOOHWSUpFLWp
BBBBBBBBBB
9XO¶DUUrWpGXPLQLVWUHGHO¶LQGXVWULHGXFRPPHUFHHWGHOD
/( 0,1,675( '( /¶$*5,&8/785( (7 '( /$ 3(&+( PLVH j QLYHDX GH O¶pFRQRPLH Q GX PRKDUUHP
0$5,7,0( IpYULHUSRUWDQWKRPRORJDWLRQGHQRUPHVPDURFDLQHV
9XOHGDKLUQGXMRXPDGD,MXLOOHW $SUqV DYLV GH OD FRPPLVVLRQ G¶DFFUpGLWDWLRQ G¶pWDORQQDJH
UpJOHPHQWDQWODSURGXFWLRQHWODFRPPHUFLDOLVDWLRQGHVHPHQFHV LVVXHGXFRPLWpG¶DFFUpGLWDWLRQ
HW GH SODQWV WHO TX¶LO D pWp PRGLILp HW FRPSOpWp SDU OH GDKLU 'e&,'(
SRUWDQWORLQGXFKDRXDOVHSWHPEUH
QRWDPPHQWVHVDUWLFOHVSUHPLHUHW $57,&/(35(0,(5±/H FHUWLILFDW GH FRQIRUPLWp j OD QRUPH
PDURFDLQH 10 ,62 HVW DWWULEXp DX ODERUDWRLUH
9XO¶DUUrWpGXPLQLVWUHGHO¶DJULFXOWXUHHWGXGpYHORSSHPHQW 0HWURFRQWURO,QVWUXPHQWV0&,VLVDYHQXH$KPHG0DQVRXU
UXUDO Q GX FKDRXDO GpFHPEUH SRUWDQW (GGDKELFLWp'DNKOD$JDGLUSRXUOHVSUHVWDWLRQVG¶pWDORQQDJHV
KRPRORJDWLRQGXUqJOHPHQWWHFKQLTXHUHODWLIjODSURGXFWLRQDX UpDOLVpHVGDQVOHVGRPDLQHVVXLYDQWV
FRQWU{OH DX FRQGLWLRQQHPHQW j OD FRQVHUYDWLRQ HW j OD
±PDVVHVHWSHVDJH
FHUWLILFDWLRQGHVVHPHQFHVHWGHVSODQWVG¶DJUXPHV
±GLPHQVLRQQHO
$55Ç7(
$57±/DSUpVHQWHGpFLVLRQVHUDSXEOLpHDX%XOOHWLQRIILFLHO
$57,&/(35(0,(5±/DSpSLQLqUH©6DLVª VLVH NP ]RQH
LQGXVWULHOOH6LGL%RX]HNULURXWH(O+DMHE0HNQqVHVWDJUppHSRXU 5DEDWOHNDDGD QRYHPEUH
FRPPHUFLDOLVHUGHVVHPHQFHVHWGHVSODQWVFHUWLILpVG¶DJUXPHV $+0('5('$&+$0,
$57±/D GXUpH GH YDOLGLWp GH FHW DJUpPHQW HVW GH WURLV BBBBBBB
DQV j SDUWLU GH OD GDWH GH SXEOLFDWLRQ GX SUpVHQW DUUrWp DX /H WH[WH HQ ODQJXH DUDEH D pWp SXEOLp GDQV O¶pGLWLRQ JpQpUDOH GX
©%XOOHWLQ RIILFLHOª LO SHXW rWUH UHQRXYHOp SRXU GHV GXUpHV GH ©%XOOHWLQRIILFLHOªQGXVDIDUIpYULHU
WURLVDQV j FRQGLWLRQ TXH OD GHPDQGH GH UHQRXYHOOHPHQW VRLW
IRUPXOpHGHX[PRLVDYDQWO¶H[SLUDWLRQGHVDYDOLGLWp
'pFLVLRQ GX PLQLVWUH GH O¶LQGXVWULH GX FRPPHUFH HW GHV
$57±&RQIRUPpPHQW j O¶DUWLFOH GH O¶DUUrWp VXVYLVp QRXYHOOHV WHFKQRORJLHV Q GX NDDGD
GX FKDRXDO GpFHPEUH OD SpSLQLqUH QRYHPEUH DWWULEXDQW OH FHUWLILFDW GH
©6DLVªHVWWHQXHGHGpFODUHUHQMDQYLHUHWHQMXLOOHWGHFKDTXH FRQIRUPLWp DX[ QRUPHV PDURFDLQHV DX ODERUDWRLUH
DQQpH DX PLQLVWqUH GH O¶DJULFXOWXUH HW GH OD SrFKH PDULWLPH $JURDQDO\VHV0DURF
GLUHFWLRQGHODSURWHFWLRQGHVYpJpWDX[GHVFRQWU{OHVWHFKQLTXHV BBBBBBBBB
HWGHODUpSUHVVLRQGHVIUDXGHVVHUYLFHGXFRQWU{OHGHVVHPHQFHV /( 0,1,675( '( /¶,1'8675,( '8 &200(5&( (7 '(6
HWGHVSODQWVVHVDFKDWVVHVYHQWHVHWVHVVWRFNVGLVSRQLEOHVHQ 1289(//(67(&+12/2*,(6
VHPHQFHVHWSODQWV
9XOHGDKLUQGXMRXPDGD,MXLOOHW
$57±/H SUpVHQW DJUpPHQW SHXW rWUH UHWLUp HQ FDV UHODWLIjODQRUPDOLVDWLRQLQGXVWULHOOHHQYXHGHODUHFKHUFKHGHOD
G¶LQIUDFWLRQ j OD OpJLVODWLRQ HW j OD UpJOHPHQWDWLRQ FRQFHUQDQW OD TXDOLWp HW GH O¶DPpOLRUDWLRQ GH OD SURGXFWLYLWp WHO TX¶LO D pWp
FRPPHUFLDOLVDWLRQGHVVHPHQFHVHWGHVSODQWV PRGLILp SDU OH GDKLU SRUWDQW ORL Q GX UDELL ,
$57±/HSUpVHQWDUUrWpVHUDSXEOLpDX%XOOHWLQRIILFLHO VHSWHPEUH
5DEDWOHKLMDMDQYLHU 9XOHGpFUHWQGXUDELL,,VHSWHPEUH
SULVSRXUO¶DSSOLFDWLRQGXGDKLUQGXMRXPDGD,
$=,=$.+$1128&+ MXLOOHWSUpFLWp
BBBBBBB 9XO¶DUUrWpGXPLQLVWUHGHO¶LQGXVWULHGXFRPPHUFHHWGHOD
/H WH[WH HQ ODQJXH DUDEH D pWp SXEOLp GDQV O¶pGLWLRQ JpQpUDOH GX PLVH j QLYHDX GH O¶pFRQRPLH Q GX PRKDUUHP
©%XOOHWLQRIILFLHOªQGXVDIDUIpYULHU IpYULHU SRUWDQW KRPRORJDWLRQ GH QRUPHV PDURFDLQHV
%8//(7,12)),&,(/ 1±VDIDU
$SUqVDYLVGHODFRPPLVVLRQG¶DFFUpGLWDWLRQDJURDOLPHQWDLUH $57±/DSUpVHQWHGpFLVLRQVHUDSXEOLpHDX%XOOHWLQRIILFLHO
LVVXHGXFRPLWpG¶DFFUpGLWDWLRQ 5DEDWOHNDDGDQRYHPEUH
'e&,'( $+0('5('$&+$0,
$57,&/(35(0,(5±/HFHUWLILFDWGHFRQIRUPLWpjODQRUPH
PDURFDLQH 10 ,62 HVW DWWULEXp DX ODERUDWRLUH
$JURDQDO\VHV 0DURF VLV UXH =\D\GDK DYLDWLRQ 5DEDW SRXU 'pFLVLRQ GX PLQLVWUH GH O¶LQGXVWULH GX FRPPHUFH HW GHV
OHVSUHVWDWLRQVG¶HVVDLVUpDOLVpHVGDQVOHVGRPDLQHVVXLYDQWV QRXYHOOHV WHFKQRORJLHV Q GX KLMD
MDQYLHU DWWULEXDQW OH FHUWLILFDW GH FRQIRUPLWp
±DQDO\VHVGHPLFURELRORJLHDOLPHQWDLUH DX[QRUPHVPDURFDLQHVjODVRFLpWp©0&,VDQWpDQLPDOHª
±DQDO\VHVGHPLFURELRORJLHK\GULTXH BBBBBBBBBB
±DQDO\VHVGHSK\VLFRFKLPLHK\GULTXH /( 0,1,675( '( /¶,1'8675,( '8 &200(5&( (7 '(6
$57±/D SUpVHQWH GpFLVLRQ VHUD SXEOLpH DX %XOOHWLQ 1289(//(67(&+12/2*,(6
RIILFLHO 9XOHGDKLUQGXMRXPDGD,MXLOOHW
5DEDWOHNDDGD QRYHPEUH UHODWLIjODQRUPDOLVDWLRQLQGXVWULHOOHHQYXHGHODUHFKHUFKHGHOD
TXDOLWp HW GH O¶DPpOLRUDWLRQ GH OD SURGXFWLYLWp WHO TX¶LO D pWp
$+0('5('$&+$0, PRGLILp SDU OH GDKLU SRUWDQW ORL Q GX UDELL ,
BBBBBBB VHSWHPEUH
/H WH[WH HQ ODQJXH DUDEH D pWp SXEOLp GDQV O¶pGLWLRQ JpQpUDOH GX 9XOHGpFUHWQGXUDELL,,VHSWHPEUH
©%XOOHWLQRIILFLHOªQGXVDIDUIpYULHU SULVSRXUO¶DSSOLFDWLRQGXGDKLUQGXMRXPDGD,
MXLOOHWSUpFLWp
9XO¶DUUrWpGXPLQLVWUHGHO¶LQGXVWULHGXFRPPHUFHGHO¶pQHUJLH
'pFLVLRQ GX PLQLVWUH GH O¶LQGXVWULH GX FRPPHUFH HW GHV HWGHVPLQHVQGXMRXPDGD,DRWSRUWDQW
QRXYHOOHV WHFKQRORJLHV Q GX NDDGD KRPRORJDWLRQGHQRUPHVPDURFDLQHV
QRYHPEUH DWWULEXDQW OH FHUWLILFDW GH
FRQIRUPLWp DX[ QRUPHV PDURFDLQHV DX ODERUDWRLUH $SUqVDYLVGHODFRPPLVVLRQGHFHUWLILFDWLRQGHVLQGXVWULHVGH
©/DERWHVWª OD FKLPLH HW GH OD SDUDFKLPLH LVVXH GX FRPLWp GHV V\VWqPHV GH
BBBBBBBBBB PDQDJHPHQW
/( 0,1,675( '( /¶,1'8675,( '8 &200(5&( (7 '(6 'e&,'(
1289(//(67(&+12/2*,(6 $57,&/(35(0,(5±/HFHUWLILFDWGHFRQIRUPLWpjODQRUPH
9XOHGDKLUQGXMRXPDGD,MXLOOHW PDURFDLQH 10 ,62 HVW DWWULEXp j OD VRFLpWp ©0&, VDQWp
UHODWLIjODQRUPDOLVDWLRQLQGXVWULHOOHHQYXHGHODUHFKHUFKHGHOD DQLPDOHª SRXU VHV DFWLYLWpV GH IDEULFDWLRQ HW GH
TXDOLWp HW GH O¶DPpOLRUDWLRQ GH OD SURGXFWLYLWp WHO TX¶LO D pWp FRPPHUFLDOLVDWLRQ GHV SURGXLWV SKDUPDFHXWLTXHV YpWpULQDLUHV
PRGLILp SDU OH GDKLU SRUWDQW ORL Q GX UDELL , H[HUFpHVVXUOHVLWHORW=,6XG2XHVW0RKDPPHGLD
VHSWHPEUH $57±/DSUpVHQWHGpFLVLRQVHUDSXEOLpHDX%XOOHWLQRIILFLHO
9XOHGpFUHWQGXUDELL,,VHSWHPEUH 5DEDWOHKLMDMDQYLHU
SULVSRXUO¶DSSOLFDWLRQGXGDKLUQGXMRXPDGD, $+0('5('$&+$0,
MXLOOHWSUpFLWp
9XO¶DUUrWpGXPLQLVWUHGHO¶LQGXVWULHGXFRPPHUFHHWGHOD
PLVH j QLYHDX GH O¶pFRQRPLH Q GX PRKDUUHP 'pFLVLRQ GX PLQLVWUH GH O¶LQGXVWULH GX FRPPHUFH HW GHV
IpYULHUSRUWDQWKRPRORJDWLRQGHQRUPHVPDURFDLQHV QRXYHOOHV WHFKQRORJLHV Q GX PRKDUUHP
MDQYLHU DWWULEXDQW OH FHUWLILFDW GH FRQIRUPLWp
$SUqVDYLVGHODFRPPLVVLRQG¶DFFUpGLWDWLRQGX%73LVVXH DX[QRUPHVPDURFDLQHVDX©'pSDUWHPHQWFRPPDQGHPHQW
GXFRPLWpG¶DFFUpGLWDWLRQ GHO¶21&)ª
'e&,'( BBBBBBBBBB
$57,&/( 35(0,(5±/H FHUWLILFDW GH FRQIRUPLWp j OD QRUPH /( 0,1,675( '( /¶,1'8675,( '8 &200(5&( (7 '(6
PDURFDLQH 10 ,62 HVW DWWULEXp DX ODERUDWRLUH /DERWHVW 1289(//(67(&+12/2*,(6
VLV Q $ QRXYHOOH =, %LU 5DPL (VW±.pQLWUD SRXU OHV 9XOHGDKLUQGXMRXPDGD,MXLOOHW
SUHVWDWLRQVG¶HVVDLVUpDOLVpHVGDQVOHVGRPDLQHVVXLYDQWV UHODWLIjODQRUPDOLVDWLRQLQGXVWULHOOHHQYXHGHODUHFKHUFKHGHOD
±HVVDLVVXUOHVURFKHVHWJUDQXODWV TXDOLWp HW GH O¶DPpOLRUDWLRQ GH OD SURGXFWLYLWp WHO TX¶LO D pWp
±HVVDLVGHVHQUREpVK\GURFDUERQpVHWGHOHXUVFRQVWLWXDQWV PRGLILp SDU OH GDKLU SRUWDQW ORL Q GX UDELL ,
VHSWHPEUH
±HVVDLVVXUOHEpWRQK\GUDXOLTXHHWVHVFRQVWLWXDQWV
9XOHGpFUHWQGXUDELL,,VHSWHPEUH
±HVVDLVGHVELWXPHVHWOLDQWVGpULYpV SULVSRXUO¶DSSOLFDWLRQGXGDKLUQGXMRXPDGD,
±HVVDLV JpRWHFKQLTXHV±&DUDFWpULVDWLRQ GHV PDWpULDX[ VXU MXLOOHWSUpFLWp
pFKDQWLOORQVHQODERUDWRLUHHWVXUVLWH±(VVDLVPpFDQLTXHV 9XO¶DUUrWpGXPLQLVWUHGHO¶LQGXVWULHGXFRPPHUFHGHO¶pQHUJLH
±HVVDLV JpRWHFKQLTXHV±(VVDLV PpFDQLTXHV GHV VROV HQ HWGHVPLQHVQGXMRXPDGD,DRWSRUWDQW
SODFH KRPRORJDWLRQGHQRUPHVPDURFDLQHV
1±VDIDU %8//(7,12)),&,(/
$SUqVDYLVGHODFRPPLVVLRQGHFHUWLILFDWLRQSOXULVHFWRULHOOH 'pFLVLRQ GX PLQLVWUH GH O¶LQGXVWULH GX FRPPHUFH HW GHV
LVVXHGXFRPLWpGHVV\VWqPHVGHPDQDJHPHQW QRXYHOOHV WHFKQRORJLHV Q GX NDDGD
'e&,'(
QRYHPEUH SRUWDQW UHWUDLW GX FHUWLILFDW GH
FRQIRUPLWpDX[QRUPHVPDURFDLQHVDX[VRFLpWpV©$N]R
$57,&/(35(0,(5±/HFHUWLILFDWGHFRQIRUPLWpjODQRUPH 1REHO&RDWLQJVªHW©6DGYHOª
PDURFDLQH 10 ,62 HVW DWWULEXp DX ©'pSDUWHPHQW BBBBBBBBB
FRPPDQGHPHQW GH O¶21&)ª SRXU VRQ DFWLYLWp GH WUDQVSRUW /( 0,1,675( '( /¶,1'8675,( '8 &200(5&( (7 '(6
IHUURYLDLUH JHVWLRQ RSpUDWLRQQHOOH GHV FLUFXODWLRQV IHUURYLDLUHV 1289(//(67(&+12/2*,(6
H[HUFpHVXUOHVLWHELVUXH$EGHUUDKPDQH(O*KDILNLH pWDJH
9XOHGDKLUQGXMRXPDGD,MXLOOHW
$JGDO±5DEDW
UHODWLIjODQRUPDOLVDWLRQLQGXVWULHOOHHQYXHGHODUHFKHUFKHGHOD
$57±/D SUpVHQWH GpFLVLRQ VHUD SXEOLpH DX %XOOHWLQ TXDOLWp HW GH O¶DPpOLRUDWLRQ GH OD SURGXFWLYLWp WHO TX¶LO D pWp
RIILFLHO PRGLILp SDU OH GDKLU SRUWDQW ORL Q GX UDELL ,
5DEDWOHPRKDUUHPMDQYLHU VHSWHPEUH
$+0('5('$&+$0, 9XOHGpFUHWQGXUDELL,,VHSWHPEUH
SULV SRXU O¶DSSOLFDWLRQ GX GDKLU Q GX MRXPDGD ,
MXLOOHWSUpFLWp
'pFLVLRQ GX PLQLVWUH GH O¶LQGXVWULH GX FRPPHUFH HW GHV 9XO¶DUUrWpGXPLQLVWUHGHO¶LQGXVWULHGXFRPPHUFHHWGHOD
QRXYHOOHV WHFKQRORJLHV Q GX NDDGD PLVH j QLYHDX GH O¶pFRQRPLH Q GX PRKDUUHP
QRYHPEUH SRUWDQW UHWUDLW GX FHUWLILFDW GH IpYULHUSRUWDQWKRPRORJDWLRQGHQRUPHVPDURFDLQHV
FRQIRUPLWp DX[ QRUPHV PDURFDLQHV DX ODERUDWRLUH GH $SUqV DYLV GH OD FRPPLVVLRQ GH FHUWLILFDWLRQ GHV LQGXVWULHV
UpFHSWLRQGH6RXN6HSW*URXS6XWD GHODFKLPLHHWGHODSDUDFKLPLHLVVXHGXFRPLWpGHVV\VWqPHVGH
BBBBBBBBB PDQDJHPHQW
/( 0,1,675( '( /¶,1'8675,( '8 &200(5&( (7 '(6 'e&,'(
1289(//(67(&+12/2*,(6
$57,&/( 35(0,(5±(VW UHWLUp j OD VRFLpWp © $N]R 1REHO
9XOHGDKLUQGXMRXPDGD,MXLOOHW &RDWLQJV ª OH FHUWLILFDW GH FRQIRUPLWp j OD QRUPH PDURFDLQH
UHODWLIjODQRUPDOLVDWLRQLQGXVWULHOOHHQYXHGHODUHFKHUFKHGHOD 10SRXUVHVDFWLYLWpVGHFRQFHSWLRQGHSURGXFWLRQGH
TXDOLWp HW GH O¶DPpOLRUDWLRQ GH OD SURGXFWLYLWp WHO TX¶LO D pWp FRPPHUFLDOLVDWLRQ GH GLVWULEXWLRQ HW GHV SUHVWDWLRQV DVVRFLpHV
PRGLILp SDU OH GDKLU SRUWDQW ORL Q GX UDELL , GHVSHLQWXUHVYHUQLVHWGLOXDQWVH[HUFpHVVXUOHVVLWHVVXLYDQWV
VHSWHPEUH VLWH 5RFKHV 1RLUHV ERXOHYDUG 0RXOD\ 6OLPDQH
9XOHGpFUHWQGXUDELL,,VHSWHPEUH &DVDEODQFD
SULV SRXU O¶DSSOLFDWLRQ GX GDKLU Q GX MRXPDGD , VLWHGH=pQDWDERXOHYDUG%TXDUWLHULQGXVWULHO$LQ6HEDk
MXLOOHWSUpFLWp &DVDEODQFD
9XO¶DUUrWpGXPLQLVWUHGHO¶LQGXVWULHGXFRPPHUFHHWGHOD $57±(VW UHWLUp j OD VRFLpWp © 6DGYHO ª OH FHUWLILFDW GH
PLVH j QLYHDX GH O¶pFRQRPLH Q GX PRKDUUHP FRQIRUPLWpjODQRUPHPDURFDLQH10SRXUVHVDFWLYLWpV
IpYULHUSRUWDQWKRPRORJDWLRQGHQRUPHVPDURFDLQHV GH FRQFHSWLRQ GH SURGXFWLRQ GH FRPPHUFLDOLVDWLRQ GH
$SUqVDYLVGHODFRPPLVVLRQG¶DFFUpGLWDWLRQDJURDOLPHQWDLUH GLVWULEXWLRQ HW GHV SUHVWDWLRQV DVVRFLpHV GHV SHLQWXUHV YHUQLV HW
GLOXDQWVH[HUFpHVVXUOHVVLWHVVXLYDQWV
LVVXHGXFRPLWpG¶DFFUpGLWDWLRQ
VLWH5RFKHV1RLUHVERXOHYDUG0RXOD\6OLPDQH
'e&,'(
&DVDEODQFD
$57,&/( 35(0,(5±/H FHUWLILFDW GH FRQIRUPLWp j OD QRUPH
VLWHGH=pQDWDERXOHYDUG%TXDUWLHULQGXVWULHO$LQ6HEDk
PDURFDLQH10,62HVWUHWLUpDXODERUDWRLUHGHUpFHSWLRQ &DVDEODQFD
*URXSH6XWDVLV6RXN6HEW%pQL0HOODO
OHVDJHQFHVUpJLRQDOHVGH6DGYHO
$57±(VWDEURJpHODGpFLVLRQGXPLQLVWUHGHO¶LQGXVWULH
GX FRPPHUFH HW GHV WpOpFRPPXQLFDWLRQV Q GX $57±(VWDEURJpHODGpFLVLRQGXPLQLVWUHGHO¶LQGXVWULH
PRKDUUHP IpYULHU DWWULEXDQW OH FHUWLILFDW GH GXFRPPHUFHHWGHODPLVHjQLYHDXGHO¶pFRQRPLHQGX
VDIDU PDUV DWWULEXDQW OH FHUWLILFDW GH
FRQIRUPLWp DX[ QRUPHV PDURFDLQHV DX ODERUDWRLUH GH UpFHSWLRQ
FRQIRUPLWp DX[ QRUPHV PDURFDLQHV DX[ VRFLpWpV © $N]R 1REHO
GH6RXN6HEW*URXSH6XWD
&RDWLQJVªHW©6DGYHOª
$57±/D SUpVHQWH GpFLVLRQ VHUD SXEOLpH DX %XOOHWLQ
$57±/D SUpVHQWH GpFLVLRQ VHUD SXEOLpH DX %XOOHWLQ
RIILFLHO RIILFLHO
5DEDWOHNDDGDQRYHPEUH 5DEDWOHNDDGDQRYHPEUH
$+0('5('$&+$0, $+0('5('$&+$0,
BBBBBBB BBBBBBB
/H WH[WH HQ ODQJXH DUDEH D pWp SXEOLp GDQV O¶pGLWLRQ JpQpUDOH GX /H WH[WH HQ ODQJXH DUDEH D pWp SXEOLp GDQV O¶pGLWLRQ JpQpUDOH GX
©%XOOHWLQRIILFLHOªQGXVDIDUIpYULHU ©%XOOHWLQRIILFLHOªQGXVDIDUIpYULHU
%8//(7,12)),&,(/ 1±VDIDU
&216(,/683(5,(85'(/$&20081,&$7,21$8',29,68(//(
'pFLVLRQGX&6&$QGX HU KLMDGpFHPEUH $WWHQGX TXH OD SODLQWH D SUpFLVp pJDOHPHQW TXH OHV
UHODWLYHjODSODLQWHGHO¶$VVRFLDWLRQPDURFDLQHGHVGURLWV UHVSRQVDEOHV ORFDX[ GH O¶$0'+ j 6HIURX DYDLHQW HQFDGUp OH
KXPDLQV FRQWUH OD 6RFLpWp 625($' 0 DX VXMHW G¶XQ GpURXOHPHQW GX VLWLQ GHSXLV©%DE (O 0RXUDEDkª j 6HIURX HW
UHSRUWDJH GLIIXVp ORUV GX MRXUQDO WpOpYLVp FRQFHUQDQW OHV VRQWUHVWpVUHVSRQVDEOHVGHVDERQQHWHQXHMXVTX¶jO¶DQQRQFHGH
pPHXWHVVXUYHQXHVj6HIURXOHVHSWHPEUH VDGLVSHUVLRQHQVXLWHOHVEDQQLqUHVDYDLHQWpWpSOLpHVHWUDPHQpHV
BBBBBBB SDUFHVUHVSRQVDEOHVTXLDYDLHQWTXLWWpOHOLHXGXVLWLQPDLVXQ
JURXSHG¶KDELWDQWVGH6HIURXD\DQWDORUVGpFLGpGHTXLWWHU©%DE
/(&216(,/683(5,(85'(/$&20081,&$7,21$8',29,68(//(
(O 0RXUDEDkª SRXU VH GLULJHU YHUV OD SUpIHFWXUH UHTXpUDQW XQ
$SUqV DYRLU SULV FRQQDLVVDQFH GH OD SODLQWH GpSRVpH SDU GLDORJXH DYHF OHV DXWRULWpV ORFDOHV VXU FHUWDLQV SUREOqPHV GH OD
O¶$VVRFLDWLRQPDURFDLQHGHVGURLWVKXPDLQV$0'+HQGDWHGX SRSXODWLRQ HW TXH Q¶D\DQW SDV WURXYp G¶LQWHUORFXWHXU OHV
QRYHPEUH FRQWUH OD 6RFLpWp 625($' 0 DX VXMHW pYpQHPHQWVDYDLHQWSULVFHWWHWRXUQXUH
G¶XQ UHSRUWDJH GLIIXVp SDU FHWWH FKDvQH ORUV GH VRQ MRXUQDO
$WWHQGX TXH VXU OD EDVH GH FH TXL SUpFqGH OD SODLJQDQWH
WpOpYLVp GH ILQ GH VRLUpH GX VHSWHPEUH FRQFHUQDQW OHV
GHPDQGHDX&RQVHLOVXSpULHXUGHODFRPPXQLFDWLRQDXGLRYLVXHOOH
pYpQHPHQWVVXUYHQXHVj6HIURXOHVHSWHPEUH
G¶RUGRQQHU j 625($'0 OD GLIIXVLRQ GH VD GpFODUDWLRQ HQ FH
$SUqV DYRLU SULV FRQQDLVVDQFH GH OD UpSRQVH GH OD 6RFLpWp TXLFRQFHUQHVRQRSLQLRQVXUOHVpYpQHPHQWVVXUYHQXVj6HIURXOH
625($'0UHoXHSDUOD+DXWHDXWRULWpHQGDWHGXGpFHPEUH VHSWHPEUH HQ DSSOLFDWLRQ GX SULQFLSH GH SOXUDOLVPH
9XOHGDKLUQGXMRXPDGD,,DRW G¶RSLQLRQHWGHUHVSHFWGHODGLYHUVLWpGHVSRLQWVGHYXH
SRUWDQW FUpDWLRQ GH OD +DXWH DXWRULWp GH OD FRPPXQLFDWLRQ $WWHQGX TXH OD 625($' 0 D DIILUPp GDQV VD UpSRQVH
DXGLRYLVXHOOHQRWDPPHQWVHVDUWLFOHVDOLQpDVHWHW TXH FRQWUDLUHPHQW DX[ DOOpJDWLRQV H[SRVpHV GDQV OD SODLQWH OD
HW SUpVHQWDWLRQ GX UHSRUWDJH Q¶D SRUWp DXFXQH DFFXVDWLRQ QL j
9XODORLQUHODWLYHjODFRPPXQLFDWLRQDXGLRYLVXHOOH O¶$0'+QLjVDVHFWLRQHWTX¶HOOHQ¶DSDVpYRTXpO¶LQWHUGLFWLRQ
SURPXOJXpHSDUOHGDKLUQGXNDDGDMDQYLHU GXVLWLQRUJDQLVpSDUODVHFWLRQGHO¶DVVRFLDWLRQPDLVTXHFHOOHFL
QRWDPPHQWVRQSUpDPEXOHHWVHVDUWLFOHVHW V¶HVW EDVpH VXU GHV LQIRUPDWLRQV UHODWLYHV j O¶RUJDQLVDWLRQ G¶XQ
VLWLQ VDQV DXWRULVDWLRQ HW D VLJQDOp TXH OH VLWLQ RUJDQLVp DYDLW
9X OD GpFLVLRQ GX &RQVHLO VXSpULHXU GH OD FRPPXQLFDWLRQ
FRQQXGHVGpUDSDJHVTXLO¶DYDLHQWWUDQVIRUPpHQPDQLIHVWDWLRQHW
DXGLRYLVXHOOHQGXUDPDGDQVHSWHPEUH
FRQIURQWDWLRQ HQWUH FLWR\HQV HW QRQ O¶DVVRFLDWLRQ HW IRUFHV GH
UHODWLYH DX[ UqJOHV GH JDUDQWLH GX SOXUDOLVPH G¶H[SUHVVLRQ GHV
O¶RUGUH SURYRTXDQW TXHOTXHV GpJkWV FH TXL D pWp pYRTXp
FRXUDQWV GH SHQVpH HW G¶RSLQLRQ GDQV OHV VHUYLFHV GH
DXWUHPHQWGDQVVDSODLQWHSDUO¶DVVRFLDWLRQ
FRPPXQLFDWLRQDXGLRYLVXHOOHHQGHKRUVGHVSpULRGHVpOHFWRUDOHV
QRWDPPHQWVHVDUWLFOHVHW $WWHQGXTXH625($'0DFRQVLGpUpTXHOHUHSRUWDJHDpWp
IDLW DX OHQGHPDLQ GHV pYpQHPHQWV VXUYHQXV j 6HIURX DILQ GH
9X OH FDKLHU GH FKDUJHV GH OD 6RFLpWp 625($' 0
©SHUPHWWUH DX[ FLWR\HQV G¶DSSUpKHQGHU O¶pWDW GHV OLHX[ DSUqV FHV
QRWDPPHQWVRQSUpDPEXOHHWVHVDUWLFOHVHW
pYpQHPHQWV HW TXH OD FRXYHUWXUH Q¶pWDLW SDV GHVWLQpH DX VLWLQ
9X OD FKDUWH GpRQWRORJLTXH GH GLIIXVLRQ pWDEOLH SDU OD RUJDQLVpSDUO¶$0'+TXLQ¶DYDLWG¶DLOOHXUVSDVGHPDQGpXQHWHOOH
6RFLpWp 625($' 0 HW QRWLILpH j OD +DXWH DXWRULWp GH OD FRXYHUWXUH j OD FKDvQHª FRPPH HOOH D UDSSHOp ©TX¶HOOH DYDLW
FRPPXQLFDWLRQDXGLRYLVXHOOHFRQIRUPpPHQWDX[GLVSRVLWLRQVGH FRXYHUW OH RFWREUH XQH FRQIpUHQFH GH SUHVVH GXUDQW
O¶DUWLFOH GH VRQ FDKLHU GH FKDUJHV QRWDPPHQW O¶DUWLFOH ODTXHOOHDpWpSUpVHQWpXQUDSSRUWpWDEOLSDUXQHDXWUHDVVRFLDWLRQGH
UHODWLIjO¶KRQQrWHWpGHO¶LQIRUPDWLRQHWGHVSURJUDPPHV GURLWV KXPDLQV O¶2UJDQLVDWLRQ PDURFDLQH GHV GURLWV GH O¶KRPPH
$SUqV DYRLU SULV FRQQDLVVDQFH GHV GRFXPHQWV UHODWLIV j TXL UHYHQGLTXDLW XQ MXJHPHQW pTXLWDEOH SRXU OHV LQGLYLGXV
O¶LQVWUXFWLRQpWDEOLVSDUOHVVHUYLFHVGHODGLUHFWLRQJpQpUDOHGHOD LQWHUSHOOpVjFDXVHGHOHXULPSOLFDWLRQGDQVFHVpYpQHPHQWV
FRPPXQLFDWLRQDXGLRYLVXHOOHjFHVXMHW (QODIRUPH
$SUqVHQDYRLUGpOLEpUp $WWHQGXTXHO¶$0'+HVWUHFRQQXHG¶XWLOLWpSXEOLTXHFHTXL
$WWHQGX TXH OD SODLQWH GH O¶$0'+ DIILUPH TXH OH VHUYLFH OXL SHUPHW GH VDLVLU OH &RQVHLO VXSpULHXU GH OD FRPPXQLFDWLRQ
WpOpYLVXHO0GHOD6RFLpWp625($'0DGLIIXVpGDQVOHFDGUH DXGLRYLVXHOOHSDUSODLQWHUHODWLYHjGHVYLRODWLRQVSDUOHVRUJDQHV
GHVRQMRXUQDOWpOpYLVpGHILQGHVRLUpHGXVHSWHPEUHXQ GH FRPPXQLFDWLRQ DXGLRYLVXHOOH GHV ORLV RX UqJOHPHQWV
UHSRUWDJHVXUOHVpYpQHPHQWVVXUYHQXHVGDQVODYLOOHGH6HIURXOH DSSOLFDEOHV DX VHFWHXU GH OD FRPPXQLFDWLRQ DXGLRYLVXHOOH HQ
VHSWHPEUH ©IDLVDQW DVVXPHU OD UHVSRQVDELOLWp GHVGLWV DSSOLFDWLRQ GHV GLVSRVLWLRQV GH O¶DUWLFOH HU DOLQpD GX GDKLU
pYpQHPHQWV j O¶$0'+ª HW ©VH FRQWHQWDQW GH GLIIXVHU OD QVXVPHQWLRQQp
GpFODUDWLRQ GX JRXYHUQHXU GH OD SURYLQFH GH 6HIURX TXL D $WWHQGX TX¶LO FRQYLHQW GH FH IDLW GH GpFODUHU OD SODLQWH
FRQVLGpUpTXHOHVLWLQRUJDQLVpSDUODVHFWLRQORFDOHGHO¶$0'+ UHFHYDEOHHQODIRUPH
pWDLWLOOpJDOHWQRQDXWRULVpSDUOHVDXWRULWpVORFDOHVHWTXHFHVLW
LQ DYDLW JpQpUp GHV FRPSRUWHPHQWV D\DQW FDXVp OD GpWpULRUDWLRQ 6XUOHIRQG
GH ELHQV HW OD PLVH HQ IHX GH YpKLFXOHV«ª GH PrPH TXH 0 $WWHQGXTXHODSODLJQDQWHIDLWJULHIG¶XQHSDUWjOD6RFLpWp
V¶HVWOLPLWpjUHOD\HUO¶RSLQLRQGXJRXYHUQHXUGHOD3URYLQFHGH 625($' 0 GH ©OXL DYRLU IDLW SRUWHU OD UHVSRQVDELOLWp GHV
6HIURX VDQV GRQQHU OD SDUROH DX[ UHVSRQVDEOHV GH O¶$0'+ HQ pYpQHPHQWV YpFXV SDU OD YLOOH GH 6HIURX OH VHSWHPEUH
SUpFLVDQW TXH FRQWUDLUHPHQW j OD GpFODUDWLRQ GX JRXYHUQHXU OH SUHPLHUYROHWGXJULHIFRPPHHOOHDGLIIXVpODGpFODUDWLRQGX
VLWLQRUJDQLVpSDUODVHFWLRQGHFHWWHDVVRFLDWLRQQHQpFHVVLWDLWQL JRXYHUQHXUGHODSURYLQFHGH6HIURXTXLFRQVLGqUHTXHOHVLWLQ
GpS{WGHGpFODUDWLRQQLDXWRULVDWLRQ RUJDQLVp SDU OD VHFWLRQ GH O¶$0'+ j 6HIURX pWDLW LOOpJDO HW QRQ
1±VDIDU %8//(7,12)),&,(/
DXWRULVpSDUOHVDXWRULWpVORFDOHVHWTXHFHVLWLQDYDLWJpQpUpGHV ORFDOHV DILQ GH V¶H[SULPHU VXU OHVGLWV pYpQHPHQWV QH VRQW SDV
FRPSRUWHPHQWV D\DQW FDXVp OD GpWpULRUDWLRQ GH ELHQV HW OD PLVH VXVFHSWLEOHVGHGLVSHQVHUO¶RSpUDWHXUGHO¶REOLJDWLRQGHGRQQHUOD
HQIHXGHYpKLFXOHV«ªGHX[LqPHYROHWGXJULHI SDUROH j O¶DVVRFLDWLRQ SODLJQDQWH SRXU LQIRUPHU OH SXEOLF GH VD
$WWHQGXWRXWHIRLVSRXUFHTXLFRQFHUQHOHSUHPLHUYROHWGX SRVLWLRQ YLVjYLV GH FHV pYpQHPHQWV SXLVTXH OH UHSRUWDJH UHOLH
JULHI TX¶LO V¶HVW DYpUp DXVVL ELHQ G¶DSUqV OD UpSRQVH GH GHSDUVDIRUPXODWLRQHWVDSUpVHQWDWLRQFHVpYpQHPHQWVDXVLWLQ
625($' 0 TXH GH O¶LQVWUXFWLRQ PHQpH SDU OHV VHUYLFHV GH OD DXTXHOO¶DVVRFLDWLRQSODLJQDQWHDYDLWDSSHOp
GLUHFWLRQ JpQpUDOH GH OD FRPPXQLFDWLRQ DXGLRYLVXHOOH TXH OH (W DWWHQGX TXH VL OHV GLVSRVLWLRQV GH O¶DUWLFOH GX GDKLU
UHSRUWDJH D SUpFLVp TXH OH VLWLQ D HX OLHX VXU LQLWLDWLYH GH Q QH SHUPHWWHQW SDV G¶DFFpGHU j OD GHPDQGH GH
O¶DVVRFLDWLRQSODLJQDQWH±FHTXHQHQLHSDVFHWWHGHUQLqUHTXDQG O¶DVVRFLDWLRQ SODLJQDQWH YLVDQW j GLIIXVHU VD GpFODUDWLRQ HOOHV
ELHQ PrPH HOOH SUpWHQG QH SDV rWUH LPSOLTXpH GDQV OHV KDELOLWHQW QpDQPRLQV OH &RQVHLO VXSpULHXU GH OD FRPPXQLFDWLRQ
pYpQHPHQWVTXLRQWVXLYL±HWTXHFHOXLFLDGpJpQpUpHQpPHXWHV DXGLRYLVXHOOH j ©LPSRVHU DX[ HQWUHSULVHV GH FRPPXQLFDWLRQ
VDQVDXFXQHpYRFDWLRQGHODUHVSRQVDELOLWpGHO¶DVVRFLDWLRQGDQV DXGLRYLVXHOOHODSXEOLFDWLRQGHPLVHDXSRLQWRXGHUpSRQVHjOD
OH GpFOHQFKHPHQW GHVGLWHV pPHXWHV HQ FRQVpTXHQFH GH TXRL RQ GHPDQGHGHWRXWHSHUVRQQHD\DQWVXELXQSUpMXGLFHjODVXLWHGH
QH SRXUUDLW DIILUPHU FDWpJRULTXHPHQW TXH 0 D IDLW SRUWHU OD
OD GLIIXVLRQ G
XQH LQIRUPDWLRQ SRUWDQW DWWHLQWH j VRQ KRQQHXU RX
UHVSRQVDELOLWpGHVGpUDSDJHVjO¶$0'+
TXL HVW PDQLIHVWHPHQW FRQWUDLUH j OD YpULWpª HW F¶HVW OH &RQVHLO
$WWHQGX SRXU FH TXL FRQFHUQH OH GHX[LqPH YROHW GX JULHI VXSpULHXU ©TXL IL[H OH FRQWHQX HW OHV PRGDOLWpV GHVGLWHV
TX¶LOV¶HVWDYpUpDXVVLELHQG¶DSUqVODUpSRQVHGH625($'0 SXEOLFDWLRQVª
TXH GH O¶LQVWUXFWLRQ PHQpH SDU OHV VHUYLFHV GH OD GLUHFWLRQ
JpQpUDOH GH OD FRPPXQLFDWLRQ DXGLRYLVXHOOH TXH OH JRXYHUQHXU 3$5&(6027,)6
GH OD SURYLQFH GH 6HIURX GDQV VD GpFODUDWLRQ ORUV GX UHSRUWDJH 'pFODUH UHFHYDEOH HQ OD IRUPH OD SODLQWH GH O¶$VVRFLDWLRQ
Q¶DSDVPLVHQFDXVHO¶$0'+Q¶DSDVpYRTXpOHFDUDFWqUHOpJDO PDURFDLQHGHVGURLWVKXPDLQV
RX LOOpJDO GX VLWLQ HW D MXVWH GpFODUp TXH ©OHV IRUFHV SXEOLTXHV 'pFODUH LUUHFHYDEOH OD GHPDQGH GH O¶$0'+ YLVDQW j
VRQWLQWHUYHQXHVDILQGHSURWpJHUOHVFLWR\HQVHWOHXUVELHQVHWGH RUGRQQHUjODVRFLpWp625($'0GHGLIIXVHUXQHGpFODUDWLRQGH
UpWDEOLU O¶RUGUH HW GDQV FH FDGUH SOXV GH SHUVRQQHV ODGLWH DVVRFLDWLRQ SRXU H[SULPHU VRQ SRLQW GH YXH SRXU FH TXL
LPSOLTXpHVGDQVFHVpYpQHPHQWVRQWpWpLQWHUSHOOpHVª
FRQFHUQHOHVpYpQHPHQWVVXUYHQXVj6HIURXOHVHSWHPEUH
$WWHQGX TX¶LO UHVVRUW GH FH TXL SUpFqGH TXH FRQWUDLUHPHQW FDUFRQWUDLUHDX[GLVSRVLWLRQVGHO¶DUWLFOHGXGDKLUQ
DX[DOOpJDWLRQVH[SULPpHVGDQVODSODLQWH0Q¶DSDVIDLWSRUWHU
'pFODUHTXHODVRFLpWp625($'0jWUDYHUVOHUHSRUWDJH
jO¶DVVRFLDWLRQODUHVSRQVDELOLWpGHVGpUDSDJHVVXUYHQXVDSUqVOH
GLIIXVpVXUODFKDvQH0GDQVOHFDGUHGHVRQMRXUQDOWpOpYLVpGH
VLWLQ TX¶HOOH D RUJDQLVp GH PrPH TXH OD GpFODUDWLRQ GX
JRXYHUQHXU GH OD SURYLQFH GH 6HIURX QH FRQWLHQW SDV OHV ILQGHVRLUpHGXVHSWHPEUHDXVXMHWGHVpPHXWHVVXUYHQXV
DIILUPDWLRQVTXLOXLVRQWUHSURFKpHV j 6HIURX OH VHSWHPEUH ELHQ TX¶HOOH DLW GRQQp OD SDUROH
DX[ FLWR\HQV HW DX UHSUpVHQWDQW G¶XQH DVVRFLDWLRQ HW DX
$WWHQGX TXH VXU FHWWH EDVH OH SUHPLHU JULHI GH OD SODLQWH UHSUpVHQWDQWGHVDXWRULWpVORFDOHVSRXUV¶H[SULPHUDXVXMHWGHFHV
Q¶HVWSDVIRQGpGDQVVHVGHX[YROHWV pYpQHPHQWV D PDQTXp DX SULQFLSH GH SOXUDOLVPH G¶RSLQLRQV GX
$WWHQGX TXH OD SODLJQDQWH IDLW JULHI G¶DXWUH SDUW j OD IDLW TX¶HOOH Q¶D SDV GRQQp OD SDUROH j O¶$0'+ SRXU TX¶HOOH
VRFLpWp 625($' 0 G¶DYRLU GLIIXVp XQLTXHPHQW OH SRLQW GH SXLVVH LQIRUPHU OH SXEOLF GH VD SRVLWLRQ YLVjYLV GHV PrPHV
YXHGXJRXYHUQHXUGH6pIURXDXVXMHWGHVpYpQHPHQWVVXUYHQXV pYpQHPHQWV SXLVTXH OH UHSRUWDJH UHOLH GH SDU VD IRUPXODWLRQ HW
HQH[FOXVLRQGXSRLQWGHYXHGHVUHSUpVHQWDQWVGHO¶DVVRFLDWLRQj VDSUpVHQWDWLRQOHVGLWVpYpQHPHQWVDXVLWLQDXTXHOO¶$VVRFLDWLRQ
SURSRVGHVPrPHVpYpQHPHQWV DYDLWDSSHOpHWFHQRQREVWDQWOHIDLWTXHO¶RSpUDWHXUQ¶DLWSDVpWp
$WWHQGXTX¶HIIHFWLYHPHQWFRQIRUPpPHQWDX[GLVSRVLWLRQVGH LQYLWpSDUO¶DVVRFLDWLRQHQWDQWTX¶RUJDQLVDWULFHGHFHVLWLQ
O¶DUWLFOH SDUDJUDSKH GX GDKLU SRUWDQW FUpDWLRQ GH OD +DXWH 2UGRQQH j OD VRFLpWp 625($' 0 GH GLIIXVHU OH WH[WH GX
DXWRULWp GHV DUWLFOHV HW GH OD ORL Q UHODWLYH j OD SDUDJUDSKHGXSURQRQFpGHODSUpVHQWHGpFLVLRQDXGpEXWGHV
FRPPXQLFDWLRQDXGLRYLVXHOOHGHVDUWLFOHVHWGXFDKLHU MRXUQDX[WpOpYLVpVSULQFLSDX[GHODVRLUpHGXMRXUVXLYDQWODGDWH
GH FKDUJHV GH 625($' 0 GH O¶DUWLFOH GH OD GpFLVLRQ GX GHUpFHSWLRQGHFHWWHGpFLVLRQ
&RQVHLO VXSpULHXU GH OD FRPPXQLFDWLRQ DXGLRYLVXHOOH Q
UHODWLYH DX[ UqJOHV GH OD JDUDQWLH GX SOXUDOLVPH G¶H[SUHVVLRQ GHV 2UGRQQH OD QRWLILFDWLRQ GH FHWWH GpFLVLRQ j OD VRFLpWp
FRXUDQWV GH SHQVpH HW G¶RSLQLRQ GDQV OHV VHUYLFHV GH 625($' 0 HW j O¶$VVRFLDWLRQ PDURFDLQH GHV GURLWV KXPDLQV
FRPPXQLFDWLRQDXGLRYLVXHOOHHQGHKRUVGHVSpULRGHVpOHFWRUDOHVHW DLQVLTXHVDSXEOLFDWLRQGDQVOH%XOOHWLQRIILFLHO
GH O¶DUWLFOH GH OD FKDUWH GpRQWRORJLTXH GH GLIIXVLRQ GH OD 'pOLEpUpH SDU OH &RQVHLO VXSpULHXU GH OD FRPPXQLFDWLRQ
6RFLpWp625($'0UHODWLIjO¶KRQQrWHWpGHO¶LQIRUPDWLRQHWGHV DXGLRYLVXHOOHORUVGHVDVpDQFHGXHU KLMDGpFHPEUH
SURJUDPPHV O¶RSpUDWHXU HVW WHQX DX UHVSHFW GX SOXUDOLVPH WHQXH DX VLqJH GH OD +DXWH DXWRULWp GH OD FRPPXQLFDWLRQ
G¶H[SUHVVLRQGHVFRXUDQWVGHSHQVpHHWG¶RSLQLRQHWGHGLIIXVHUGHV DXGLRYLVXHOOH j 5DEDW R VLpJHDLHQW 0RQVLHXU $KPHG *KD]DOL
LQIRUPDWLRQVKRQQrWHVHWSOXUDOLVWHV 3UpVLGHQW 0DGDPH 1DwPD (O 0FKHUTXL HW 0HVVLHXUV 0RKDPPHG
$WWHQGX TXH O¶RSpUDWHXU Q¶D SDV UHVSHFWp OH SULQFLSH GH 1DFLUL 0RKDPPHG 1RXUHGGLQH $IID\D (O +DVVDQH %RXTHQWDU
SOXUDOLVPH G¶RSLQLRQ VXVPHQWLRQQp ORUVTX¶LO D FLWp O¶$0'+ j 6DODK(GGLQH (O 2XDGLH ,O\DVV (O 2PDU\ HW $EGHOPRXQwP .DPDO
GHX[ UHSULVHV HQ SUpFLVDQW TX¶HOOH DYDLW DSSHOp j XQ VLWLQ VDQV FRQVHLOOHUV
DXWRULVDWLRQ TXL D GpJpQpUp HQ pPHXWH VDQV OXL GRQQHU 3RXUOH&RQVHLOVXSpULHXU
O¶RFFDVLRQGHV¶H[SULPHUjFHWpJDUG
GHODFRPPXQLFDWLRQDXGLRYLVXHOOH
$WWHQGXTXHOHIDLWTXHO¶$0'+Q¶DLWSDVLQYLWpO¶RSpUDWHXU
jFRXYULUOHVLWLQHWOHIDLWGHGRQQHUODSDUROHDX[FLWR\HQVDX /H3UpVLGHQW
UHSUpVHQWDQW G¶XQH DVVRFLDWLRQ HW DX UHSUpVHQWDQW GHV DXWRULWpV $+0('*+$=$/,
%8//(7,12)),&,(/ 1±VDIDU
$9,6(7&20081,&$7,216
/LVWHGHVFRPSWDEOHVDJUppVDXWLWUHGHO¶DQQpH
BBBBBB
(QYHUWXGXGpFUHWQGXFKDDEDQHIpYULHU
UHODWLIDXWLWUHGHFRPSWDEOHDJUpp
1±VDIDU %8//(7,12)),&,(/
%8//(7,12)),&,(/ 1±VDIDU
1±VDIDU %8//(7,12)),&,(/
%8//(7,12)),&,(/ 1±VDIDU
1±VDIDU %8//(7,12)),&,(/
%8//(7,12)),&,(/ 1±VDIDU
1±VDIDU %8//(7,12)),&,(/
%8//(7,12)),&,(/ 1±VDIDU
1±VDIDU %8//(7,12)),&,(/
%8//(7,12)),&,(/ 1±VDIDU
1±VDIDU %8//(7,12)),&,(/
%8//(7,12)),&,(/ 1±VDIDU
1±VDIDU %8//(7,12)),&,(/
%8//(7,12)),&,(/ 1±VDIDU
1±VDIDU %8//(7,12)),&,(/
%8//(7,12)),&,(/ 1±VDIDU
1±VDIDU %8//(7,12)),&,(/
%8//(7,12)),&,(/ 1±VDIDU
1±VDIDU %8//(7,12)),&,(/
%8//(7,12)),&,(/ 1±VDIDU
BBBBBBB
/HWH[WHHQODQJXHDUDEHDpWpSXEOLpGDQVO¶pGLWLRQJpQpUDOHGX©%XOOHWLQRIILFLHOªQGXVDIDUIpYULHU