75$'8&7,21)5$1d$,6(3285,1)250$7,21   0DUGLUDELD,,MXLOOHW G20DQQpH     

1

6RPPDLUH


 

 /RLV

  

/RLQGXMXLOOHWUHODWLYHDX[pWDEOLVVHPHQWVGHFUpGLW  /RLQGXMXLOOHWUHODWLYHjODVXSSUHVVLRQGHVDXWRULVDWLRQVDGPLQLVWUDWLYHV  GpOLYUpHVSDUOHVVHUYLFHVGXPLQLVWqUHGXFRPPHUFH  /RLQGXMXLOOHWUHODWLYHjODVLPSOLILFDWLRQGHVSURFpGXUHVDGPLQLVWUDWLYHV  DIIpUHQWHV DX[ DXWRULVDWLRQV GpOLYUpHV SDU OH PLQLVWqUH FKDUJp GX WUDQVSRUW GDQV OHV  GRPDLQHVUHOHYDQWGHVDFRPSpWHQFH 

'pFUHWVHW$UUrWpV
3UHPLHU0LQLVWqUH

'pFUHW Q  GX  MXLOOHW  SRUWDQW RFWURL GH OD WURLVLqPH WUDQFKH GH O
DXJPHQWDWLRQ JOREDOH GHV PRQWDQWV GH O
LQGHPQLWp GH JHVWLRQ HW G
H[pFXWLRQ DX SURILWGHVDJHQWVEpQpILFLDLUHVGHFHWWHLQGHPQLWpDXWLWUHGHO
DQQpH  'pFUHW Q  GX  MXLOOHW  SRUWDQW RFWURL GH OD WURLVLqPH WUDQFKH GH  O
DXJPHQWDWLRQ JOREDOH GHV PRQWDQWV GHV LQGHPQLWpV G
pWXGH GH SURMHWV HW GH  FRQWU{OHG
H[pFXWLRQGHVSURMHWVDXSURILWGHVDJHQWVEpQpILFLDLUHVGHFHWWHLQGHPQLWp  DXWLWUHGHO
DQQpH  'pFUHW Q  GX  MXLOOHW  SRUWDQW RFWURL GH OD WURLVLqPH WUDQFKH GH  O
DXJPHQWDWLRQ JOREDOH GHV PRQWDQWV GH O
LQGHPQLWp G
LQJpQLHULH DX SURILW GX FRUSV FRPPXQ GHV LQJpQLHXUV GHV DGPLQLVWUDWLRQV SXEOLTXHV EpQpILFLDLUHV GH FHWWH  LQGHPQLWpDXWLWUHGHO
DQQpH 

    

'pFUHW Q  GX  MXLOOHW  SRUWDQW RFWURL GH OD WURLVLqPH WUDQFKH GH  O
DXJPHQWDWLRQJOREDOHGHVPRQWDQWVGHO
LQGHPQLWpG
DUFKLWHFWXUHDXSURILWGXFRUSV  GHVDUFKLWHFWHVGHO
DGPLQLVWUDWLRQEpQpILFLDLUHVGHFHWWHLQGHPQLWpDXWLWUHGHO
DQQpH   'pFUHW Q  GX  MXLOOHW  SRUWDQW RFWURL GH OD WURLVLqPH WUDQFKH GH  O
DXJPHQWDWLRQ JOREDOH GHV PRQWDQWV GH O
LQGHPQLWp G
XUEDQLVPH DX SURILW GX FRUSV  GHVXUEDQLVWHVGHO
DGPLQLVWUDWLRQEpQpILFLDLUHVGHFHWWHLQGHPQLWpDXWLWUHGHO
DQQpH    'pFUHW Q  GX  MXLOOHW  SRUWDQW RFWURL GH OD WUDQFKH GH  O
DXJPHQWDWLRQ JOREDOH GHV PRQWDQWV GH O
LQGHPQLWp GH JpRORJLH UHODWLYH j O
DQQpH  DXSURILWGXFRUSVGHVJpRORJXHVEpQpILFLDLUHVGHFHWWHLQGHPQLWp  'pFUHW Q  GX  MXLOOHW  SRUWDQW RFWURL GH OD WURLVLqPH WUDQFKH GH O
DXJPHQWDWLRQJOREDOHGHVPRQWDQWVGHO
LQGHPQLWpGHULVTXHGHFRQWDJLRQDXSURILW  GHVDJHQWVEpQpILFLDLUHVGHFHWWHLQGHPQLWpDXWLWUHGHO
DQQpH  'pFUHW Q  GX  MXLOOHW  SRUWDQW RFWURL GH OD WURLVLqPH WUDQFKH GH  O
DXJPHQWDWLRQ JOREDOH GHV PRQWDQWV GH O
LQGHPQLWp GH SV\FKRORJLH DX SURILW GHV  DJHQWVEpQpILFLDLUHVGHFHWWHLQGHPQLWpDXWLWUHGHO
DQQpH  'pFUHW Q  GX  MXLOOHW  SRUWDQW RFWURL GH OD WURLVLqPH WUDQFKH GH  O
DXJPHQWDWLRQ JOREDOH GHV PRQWDQWV GH O
LQGHPQLWp GX WUDLWHPHQW DXWRPDWLTXH GH  O
LQIRUPDWLTXH DX SURILW GX FRUSV GHV DQDO\VWHV HW GHV WHFKQLFLHQV GH O
LQIRUPDWLTXH  GHV DGPLQLVWUDWLRQV SXEOLTXHV EpQpILFLDLUHV GH FHWWH LQGHPQLWp DX WLWUH GH O
DQQpH   

 1RPLQDWLRQG
XQGLUHFWHXUJpQpUDO   0LQLVWqUHGHO
,QGXVWULH  'pFUHW Q  GX  MXLOOHW  IL[DQW O
RUJDQLVDWLRQ DGPLQLVWUDWLYH HW  0LQLVWqUHGHV)LQDQFHV
ILQDQFLqUH HW OHV PRGDOLWpV GH IRQFWLRQQHPHQW GH O
DJHQFH GH SURPRWLRQ GH O
LQGXVWULH  'pFUHWQGXMXLOOHWIL[DQWOHVFRQGLWLRQVG
DWWULEXWLRQHWGHUHWUDLW  GHV HPSORLV IRQFWLRQQHOV DX VHLQ GH OD VRFLpWp GH WUDQVSRUW GHV K\GURFDUEXUHV SDU  3LSH/LQH   

 3DJH

-RXUQDO2IILFLHOGHOD5pSXEOLTXH7XQLVLHQQHMXLOOHW

1

ORLV
 /RL Q  GX  MXLOOHW  UHODWLYH DX[ pWDEOLVVHPHQWVGHFUpGLW $XQRPGXSHXSOH /DFKDPEUHGHVGpSXWpVD\DQWDGRSWp /H3UpVLGHQWGHOD5pSXEOLTXHSURPXOJXHODORLGRQWOD WHQHXUVXLW $UWLFOH SUHPLHU  /HV GLVSRVLWLRQV GH OD SUpVHQWH ORL V
DSSOLTXHQW DX[ pWDEOLVVHPHQWV GH FUpGLW H[HUoDQW OHXU DFWLYLWpHQ7XQLVLH &HV GLVSRVLWLRQV QH V
DSSOLTXHQW SDV WRXWHIRLV DX[ RUJDQLVPHV TXL H[HUFHQW GHV RSpUDWLRQV EDQFDLUHV HQ YHUWX GHVORLVTXLOHXUVRQWSURSUHVHWDX[UHSUpVHQWDWLRQVTXHOHV LQVWLWXWLRQV ILQDQFLqUHV LQWHUQDWLRQDOHV SRXUUDLHQW LQVWDOOHU HQ7XQLVLHHQYHUWXG
DFFRUGVSDVVpVDYHFOHJRXYHUQHPHQW WXQLVLHQ 7,75(35(0,(5 '(6(7$%/,66(0(176'(&5(',7(7'(6 23(5$7,216%$1&$,5(6 $UW(VWFRQVLGpUpHFRPPHpWDEOLVVHPHQWGHFUpGLW WRXWH SHUVRQQH PRUDOH TXL H[HUFH j WLWUH GH SURIHVVLRQ KDELWXHOOHOHVRSpUDWLRQVEDQFDLUHV /HVRSpUDWLRQVEDQFDLUHVFRPSUHQQHQW ODUpFHSWLRQGHVGpS{WVGXSXEOLFTXHOOHVTX
HQVRLHQW ODGXUpHHWODIRUPH O
RFWURLGHFUpGLWVVRXVWRXWHVOHXUVIRUPHV  O
H[HUFLFH j WLWUH G
LQWHUPpGLDLUH GHV RSpUDWLRQV GH FKDQJH ODPLVHjODGLVSRVLWLRQGHODFOLHQWqOHHWODJHVWLRQGHV PR\HQVGHSDLHPHQW /
pWDEOLVVHPHQW GH FUpGLW SHXW DXVVL HIIHFWXHU OHV RSpUDWLRQV OLpHV j VRQ DFWLYLWp WHOOHV TXH OH FRQVHLO HW O
DVVLVWDQFHHQPDWLqUHGHJHVWLRQGHSDWULPRLQHGHJHVWLRQ ILQDQFLqUHG
LQJpQLHULHILQDQFLqUHHWG
XQHPDQLqUHJpQpUDOH WRXV OHV VHUYLFHV GHVWLQpV j IDFLOLWHU OD FUpDWLRQ OH GpYHORSSHPHQWHWODUHVWUXFWXUDWLRQGHVHQWUHSULVHV /
pWDEOLVVHPHQW GH FUpGLW SHXW HQ RXWUH SUHQGUH GHV SDUWLFLSDWLRQV DX FDSLWDO G
HQWUHSULVHV H[LVWDQWHV RX HQ FUpDWLRQFRQIRUPpPHQWDX[FRQGLWLRQVGpILQLHVDX[DUWLFOHV HWGHODSUpVHQWHORL $UW6RQWFRQVLGpUpVFRPPHGpS{WVUHoXVGXSXEOLF DX VHQV GH OD SUpVHQWH ORL OHV IRQGV TXH WRXWH SHUVRQQH UHFXHLOOH G
XQ WLHUV j WLWUH GH GpS{W RX DXWUHPHQW DYHF OH GURLW G
HQ GLVSRVHU SRXU OHV EHVRLQV GH O
H[HUFLFH GH VRQ DFWLYLWp SURIHVVLRQQHOOH PDLV j FKDUJH SRXU HOOH GH OHV UHVWLWXHUjOHXUVWLWXODLUHV BBBBBBBBBBBB
7UDYDX[SUpSDUDWRLUHV 'LVFXVVLRQ HW DGRSWLRQ SDU OD FKDPEUH GHV GpSXWpV GDQV VD VpDQFHGXMXLQ

7RXWHIRLVQHVRQWSDVFRQVLGpUpHVFRPPHGpS{WVUHoXV GXSXEOLFOHVFDWpJRULHVGHIRQGVVXLYDQWHV  OHV IRQGV GpSRVpV SRXU FRQVWLWXHU RX DXJPHQWHU OH FDSLWDOG
XQHHQWUHSULVH OHVIRQGVORJpVHQFRPSWHDXSUqVG
XQHHQWUHSULVHSDU OHV PHPEUHV GX FRQVHLO G
DGPLQLVWUDWLRQ OHV PHPEUHV GX FRQVHLOGHVXUYHLOODQFHOHVPHPEUHVGXGLUHFWRLUHRXWRXW DVVRFLp RX JURXSH G
DVVRFLpV DVVXUDQW XQ FRQWU{OH HIIHFWLI VXUODGLWHHQWUHSULVH  OHV IRQGV SURYHQDQW GH O
HVFRPSWH GH OD PLVH HQ SHQVLRQRXGHWRXWHDXWUHIRUPHG
DYDQFHFRQVHQWLHSDUOHV HQWUHSULVHVH[HUoDQWGHVRSpUDWLRQVEDQFDLUHV OHVIRQGVSURYHQDQWG
XQHpPLVVLRQG
REOLJDWLRQVRXGH WLWUHVGHFUpDQFHDVVLPLOpV  OHV IRQGV GpSRVpV SDU OH SHUVRQQHO G
XQH HQWUHSULVH GDQV OD PHVXUH R LOV Q
H[FqGHQW SDV  GX FDSLWDO GH ODGLWHHQWUHSULVH $UW&RQVWLWXHXQHRSpUDWLRQGHFUpGLWDXVHQVGHOD SUpVHQWH ORL WRXW DFWH SDU OHTXHO XQH SHUVRQQH DJLVVDQW j WLWUH RQpUHX[ PHW RX SURPHW GH PHWWUH GHV IRQGV j OD GLVSRVLWLRQG
XQHDXWUHSHUVRQQHRXSUHQGGDQVO
LQWpUrWGH FHOOHFL XQ HQJDJHPHQW SDU VLJQDWXUH WHO TX
XQ DYDO XQ FDXWLRQQHPHQWRXWRXWHDXWUHJDUDQWLH 6RQW UpSXWpHV j GHV RSpUDWLRQV GH FUpGLW OHVRSpUDWLRQV GHOHDVLQJHWG
DIIDFWXUDJH &HV GLVSRVLWLRQV QH VRQW SDV DSSOLFDEOHV DX[ FUpGLWV FRQVHQWLV SDU OHV HQWUHSULVHV FRPPHUFLDOHV j OHXUV FOLHQWV SRXU IRXUQLWXUHV RX SUHVWDWLRQV GH VHUYLFHV DLQVL TXH OHV SUrWVGHVPDLVRQVPqUHVHQIDYHXUGHOHXUVILOLDOHV $UW   6RQW FRQVLGpUpHV FRPPH PR\HQV GH SDLHPHQW DX VHQV GH OD SUpVHQWH ORL WRXWHV IRUPHV G
LQVWUXPHQWV SHUPHWWDQW SDU TXHOTXH SURFpGp WHFKQLTXH TXH FH VRLW GH WUDQVIpUHUGHVIRQGVG
XQHSHUVRQQHjXQHDXWUH $UW   /HV pWDEOLVVHPHQWV GH FUpGLW FRPSUHQQHQW OHV EDQTXHVHWOHVpWDEOLVVHPHQWVILQDQFLHUV /HVpWDEOLVVHPHQWVGHFUpGLWSHXYHQWHIIHFWXHUWRXWHVOHV RSpUDWLRQVpQXPpUpHVjO
DUWLFOHGHODSUpVHQWHORLVHXOHV WRXWHIRLV OHV EDQTXHV VRQW KDELOLWpHV j UHFHYRLU GX SXEOLF GHVGpS{WVTXHOOHVTX
HQVRLHQWODGXUpHHWODIRUPH 7,75(,, '(/
$*5(0(17 &KDSLWUHSUHPLHU 'HO
RFWURLGHO
DJUpPHQW $UW   4XLFRQTXH HQWHQG FRQVWLWXHU XQH VRFLpWp SRXU VHOLYUHUHQTXDOLWpGHEDQTXHRXG
pWDEOLVVHPHQWILQDQFLHU DX[ RSpUDWLRQV EDQFDLUHV pQXPpUpHV j O
DUWLFOH  GH OD SUpVHQWHORLGRLWSUpDODEOHPHQWjO
H[HUFLFHGHVRQDFWLYLWp HQ 7XQLVLH REWHQLU O
DJUpPHQW FRQIRUPpPHQW DX[ FRQGLWLRQVIL[pHVSDUODSUpVHQWHORL

1

-RXUQDO2IILFLHOGHOD5pSXEOLTXH7XQLVLHQQHMXLOOHW

3DJH

$UW/
pWDEOLVVHPHQWGHFUpGLWHVWDXWRULVpjH[HUFHU VRQ DFWLYLWp HQ TXDOLWp GH EDQTXH RX G
pWDEOLVVHPHQW ILQDQFLHU SDU DUUrWp GX PLQLVWUH GHV ILQDQFHV SULV VXU UDSSRUWGHODEDQTXHFHQWUDOHGH7XQLVLH /D GHPDQGH G
DJUpPHQW HVW DGUHVVpH j OD EDQTXH FHQWUDOH GH 7XQLVLH TXL SURFqGH j VRQ H[DPHQ HW HVW KDELOLWpHjFHWWHILQjUpFODPHUWRXVOHVUHQVHLJQHPHQWVHW GRFXPHQWVTX
HOOHMXJHQpFHVVDLUHVHWVHFKDUJHGHQRWLILHUj O
LQWpUHVVp OD GpFLVLRQ GX PLQLVWUH GHV ILQDQFHV DUUrWpH DX VXMHWGHVDGHPDQGHGDQVXQGpODLPD[LPXPGHVL[PRLVj FRPSWHU GH OD GDWH GH FRPPXQLFDWLRQ GH WRXV OHV UHQVHLJQHPHQWVH[LJpV $UW   /
DJUpPHQW HVW DFFRUGp FRPSWH WHQX GX SURJUDPPH G
DFWLYLWp GH O
pWDEOLVVHPHQW UHTXpUDQW GHV PR\HQV WHFKQLTXHV HW ILQDQFLHUV TX
LO SUpYRLW GH PHWWUH HQ XYUH GH OD TXDOLWp GHV DSSRUWHXUV GH FDSLWDX[ HW OH FDV pFKpDQWGHOHXUVJDUDQWVDLQVLTXHGHO
KRQRUDELOLWpHWGHOD TXDOLILFDWLRQGHVHVGLULJHDQWV ,O HVW pJDOHPHQW WHQX FRPSWH SRXU O
RFWURL GH O
DJUpPHQW GH O
DSWLWXGH GH O
pWDEOLVVHPHQW UHTXpUDQW j UpDOLVHUVHVREMHFWLIVGHGpYHORSSHPHQWGDQVGHVFRQGLWLRQV FRPSDWLEOHV DYHF OH ERQ IRQFWLRQQHPHQW GX V\VWqPH EDQFDLUHHWDVVXUDQWjODFOLHQWqOHXQHVpFXULWpVDWLVIDLVDQWH $UW6RQWVRXPLVjO
DJUpPHQWSUpYXjO
DUWLFOHGH ODSUpVHQWHORL WRXWHIXVLRQG
pWDEOLVVHPHQWVGHFUpGLW WRXWHDFTXLVLWLRQGHSDUWVGXFDSLWDOG
XQpWDEOLVVHPHQWGH FUpGLW VXVFHSWLEOH G
HQWUDvQHU OH FRQWU{OH GH FHOXLFL HW GDQV WRXV OHV FDV WRXWH RSpUDWLRQ GRQW LO UpVXOWH O
DFTXLVLWLRQ G
XQ SRXUFHQWDJHGHVGURLWVGHYRWHpJDORXVXSpULHXUj  HW WRXW DFWH GRQW LO SHXW HQ UpVXOWHU XQH FHVVLRQ G
XQH SDUW LPSRUWDQWH GH O
DFWLI G
XQ pWDEOLVVHPHQW GH FUpGLW VXVFHSWLEOH G
HQWUDvQHU XQ FKDQJHPHQW GDQV OD VWUXFWXUH ILQDQFLqUHRXGDQVO
RULHQWDWLRQGHVRQDFWLYLWp /
pYDOXDWLRQ HIIHFWXpH SDU OHV pWDEOLVVHPHQWV GH FUpGLW LQWpUHVVpV SRXU GpWHUPLQHU OH PRQWDQW GX FDSLWDO GH O
pWDEOLVVHPHQW UpVXOWDQW GH OD IXVLRQ GRLW UHFHYRLU O
DFFRUG GH OD EDQTXH FHQWUDOH GH 7XQLVLH HQ DSSOLFDWLRQ GHV GLVSRVLWLRQVGHO
DUWLFOHGHODSUpVHQWHORL 7RXWH UpGXFWLRQ GX FDSLWDO HVW pJDOHPHQW VRXPLVH j DJUpPHQW FRQIRUPpPHQW DX[ SURFpGXUHV SUpYXHV DX[ DUWLFOHVHWGHODSUpVHQWHORL $UW$XFXQHRXYHUWXUHRXIHUPHWXUHGHVXFFXUVDOH RX DJHQFH HQ 7XQLVLH RX j O
pWUDQJHU QH SHXW LQWHUYHQLU VL HOOHQ
DSDVpWpSUpDODEOHPHQWDXWRULVpHSDUOHPLQLVWqUHGHV ILQDQFHVHWODEDQTXHFHQWUDOHGH7XQLVLH 6HXOHO
DXWRULVDWLRQGHODEDQTXHFHQWUDOHGH7XQLVLHHVW UHTXLVH SRXU O
RXYHUWXUH HW OD IHUPHWXUH GH EXUHDX[ SpULRGLTXHV $UW   7RXW pWDEOLVVHPHQW GH FUpGLW VRXPLV DX[ GLVSRVLWLRQV GH OD SUpVHQWH ORL D\DQW VRQ VLqJH VRFLDO HQ 7XQLVLHQHSHXWrWUHFRQVWLWXpTXHVRXVODIRUPHGHVRFLpWp DQRQ\PHVDXIOHVFDVSUpYXVSDUODORL 7RXW pWDEOLVVHPHQW GH FUpGLW D\DQW VRQ VLqJH VRFLDO j O
pWUDQJHU HW H[HUoDQW VRQ DFWLYLWp HQ 7XQLVLH SDU O
LQWHUPpGLDLUHGHVXFFXUVDOHVRXDJHQFHVGRLWrWUHFRQVWLWXp VRXVIRUPHGHVRFLpWpDQRQ\PHRXOHFDVpFKpDQWVRXVXQ

DXWUH VWDWXW MXULGLTXH DFFHSWp ORUV GH OD GpOLYUDQFH GH O

DJUpPHQW j FRQGLWLRQ TX
LO VRLW FRQIRUPH j OD OpJLVODWLRQ HQYLJXHXUGXSD\VG
RULJLQH $UW7RXWpWDEOLVVHPHQWGHFUpGLWGRLWMXVWLILHUORUV GHVDFUpDWLRQG
XQFDSLWDOPLQLPXPGH GHGLQDUVV
LOHVWDJUppHQWDQWTXHEDQTXH   GH GLQDUV V
LO HVW DJUpp HQ WDQW TX
pWDEOLVVHPHQWILQDQFLHU /
DJUpPHQW SUpFLVH OH PRQWDQW GX FDSLWDO LQLWLDO HQ IRQFWLRQ GX SURJUDPPH G
DFWLYLWp SURSRVp SDU O
pWDEOLVVHPHQWUHTXpUDQWVDQVWRXWHIRLVTXHFHFDSLWDOVRLW LQIpULHXUDXFDSLWDOPLQLPXPIL[pDXSUpVHQWDUWLFOH /H FDSLWDO PLQLPXP YLVp FLGHVVXV GRLW rWUH OLEpUp HQ WRWDOLWpORUVGHODFUpDWLRQGHO
pWDEOLVVHPHQWGHFUpGLW /H FDSLWDO LQLWLDO G
XQ pWDEOLVVHPHQW GH FUpGLW SHXW V
LO GpSDVVH OH FDSLWDO PLQLPXPrWUHOLEpUpFRQIRUPpPHQWDX[ GLVSRVLWLRQV GX FRGH GHV VRFLpWpV FRPPHUFLDOHV VDQV WRXWHIRLV TXH OHPRQWDQWOLEpUpjODVRXVFULSWLRQQHSXLVVH rWUHLQIpULHXUDXFDSLWDOPLQLPXP 7RXW pWDEOLVVHPHQW GH FUpGLW D\DQW VRQ VLqJH VRFLDO j O
pWUDQJHU HW DXWRULVp j H[HUFHU VRQ DFWLYLWp HQ 7XQLVLH SDU O
LQWHUPpGLDLUH GH VXFFXUVDOHV RX DJHQFHV GRLW DIIHFWHU j ODGLWH DFWLYLWp XQH GRWDWLRQ PLQLPDOH G
XQ PRQWDQW pJDO DX FDSLWDO PLQLPXP YLVp FLGHVVXV OLEpUDEOH GDQV OHV PrPHV FRQGLWLRQV $UW   6DQV SUpMXGLFH GHV GLVSRVLWLRQV GH O
DUWLFOH SUHPLHU GH OD SUpVHQWH ORL LO HVW LQWHUGLW j WRXWH SHUVRQQH QRQDJUppHHQTXDOLWpG
pWDEOLVVHPHQWGHFUpGLWG
H[HUFHUj WLWUHKDELWXHOOHVRSpUDWLRQVEDQFDLUHVHWLOHVWLQWHUGLWjWRXW pWDEOLVVHPHQW GH FUpGLW DJUpp G
XWLOLVHU GHV SURFpGpV GH QDWXUH j FUpHU XQ GRXWH GDQV O
HVSULW GHV WLHUV TXDQW j OD FDWpJRULHG
pWDEOLVVHPHQWGHFUpGLWjODTXHOOHLODSSDUWLHQW ,O HVW pJDOHPHQW LQWHUGLW j WRXWH SHUVRQQH QRQ DJUppH HQ TXDOLWpG
pWDEOLVVHPHQWGHFUpGLWGHIDLUHILJXUHUOHVWHUPHVGH EDQTXH EDQTXLHU pWDEOLVVHPHQW GH FUpGLW RX pWDEOLVVHPHQW ILQDQFLHU GDQV VD GpQRPLQDWLRQ FRPPHUFLDOH RX VD UDLVRQ VRFLDOH DLQVL TXH GDQV VD SXEOLFLWp RX OHV XWLOLVH G
XQH PDQLqUH TXHOFRQTXH GDQV VRQ DFWLYLWp FRPPH LO HVW LQWHUGLWG
XWLOLVHUWRXWHDXWUHGpQRPLQDWLRQTXLODLVVHHQWHQGUH TXHO
HQWUHSULVHHVWXQpWDEOLVVHPHQWGHFUpGLW 3RXUGpWHUPLQHUVLXQHDFWLYLWpTXHOFRQTXHHVWVRXPLVH j DJUpPHQW OD EDQTXH FHQWUDOH GH 7XQLVLH HVW HQ GURLW GH UpFODPHUjO
HQWUHSULVHFRQFHUQpHWRXVUHQVHLJQHPHQWVHWGH SURFpGHU VXU SODFH j WRXWHV LQYHVWLJDWLRQV HQ VH IDLVDQW SUpVHQWHUOHVOLYUHVFRPSWDEOHVFRUUHVSRQGDQFHVFRQWUDWVHW SOXV JpQpUDOHPHQW WRXV OHV GRFXPHQWV TX
HOOH HVWLPH QpFHVVDLUHVjO
DFFRPSOLVVHPHQWGHVDPLVVLRQ /D EDQTXH FHQWUDOH GH 7XQLVLH SHXW DSUqV DXGLWLRQ GX UHSUpVHQWDQWGHO
HQWUHSULVHFRQFHUQpHSURSRVHUDXPLQLVWUHGHV ILQDQFHVGHOLTXLGHUWRXWHHQWUHSULVHTXLH[HUFHOHVRSpUDWLRQV EDQFDLUHVVDQVDJUpPHQWHWGHOXLGpVLJQHUXQOLTXLGDWHXU &KDSLWUH 'XUHWUDLWGHO
DJUpPHQWHWGHVHVHIIHWV $UW   ,QGpSHQGDPPHQW GHV GLVSRVLWLRQV GH O
DUWLFOH GHODSUpVHQWHORLO
DJUpPHQWSHXWrWUHUHWLUpSDUGpFLVLRQ GXPLQLVWUHGHVILQDQFHV

 3DJH

-RXUQDO2IILFLHOGHOD5pSXEOLTXH7XQLVLHQQHMXLOOHW

1

  VRLW VXU GHPDQGH GH O

pWDEOLVVHPHQW OXLPrPH SUpVHQWpH SDU OD EDQTXH FHQWUDOH GH 7XQLVLH DSUqV DYLV GH O
DVVRFLDWLRQ SURIHVVLRQQHOOH WXQLVLHQQH GHV EDQTXHV HW GHV pWDEOLVVHPHQWVILQDQFLHUV VRLWjO
LQLWLDWLYHGXPLQLVWUHGHVILQDQFHVVXUODEDVH G
XQUDSSRUWGXJRXYHUQHXUGHODEDQTXHFHQWUDOHGH7XQLVLH DSUqV DYLV GH O
DVVRFLDWLRQ SURIHVVLRQQHOOH WXQLVLHQQH GHV EDQTXHV HW GHV pWDEOLVVHPHQWV ILQDQFLHUV HW DXGLWLRQ GH O
pWDEOLVVHPHQW GH FUpGLW FRQFHUQp RX VXU GHPDQGH GH OD EDQTXH FHQWUDOH GH 7XQLVLH HW DSUqV DYLV GH O
DVVRFLDWLRQ SURIHVVLRQQHOOHGHVEDQTXHVHWGHVpWDEOLVVHPHQWVILQDQFLHUV HWDXGLWLRQGHO
pWDEOLVVHPHQWFRQFHUQp  ORUVTXH O
pWDEOLVVHPHQW FRQFHUQp Q
D SDV IDLW XVDJH GH VRQDJUpPHQWGDQVXQGpODLPD[LPXPGHGRX]HPRLVRX  ORUVTXH O
pWDEOLVVHPHQW Q
H[HUFH SOXV VRQ DFWLYLWp GHSXLVVL[PRLVRX  ORUVTXH O
pWDEOLVVHPHQW QH UHPSOLW SOXV OHV FRQGLWLRQV HQIRQFWLRQGHVTXHOOHVO
DJUpPHQWDpWpDFFRUGpRX  ORUVTXH O
pWDEOLVVHPHQW D REWHQX O
DJUpPHQW DX PR\HQ GHIDXVVHVGpFODUDWLRQVRXGHWRXWDXWUHPR\HQLUUpJXOLHURX  ORUVTXH O
pWDEOLVVHPHQW QH MXVWLILH SOXV TXH VRQ DFWLI H[FqGHOHSDVVLIGRQWLOHVWWHQXHQYHUVOHVWLHUVG
XQPRQWDQW pJDODXFDSLWDOPLQLPXPRXjODGRWDWLRQPLQLPDOH /DGpFLVLRQGHUHWUDLWGHO
DJUpPHQWHQIL[HODGDWHG
HIIHW $UW   /
pWDEOLVVHPHQW GH FUpGLW TXL V
HVW YX UHWLUHU O
DJUpPHQWHQWUHHQOLTXLGDWLRQ /H PLQLVWUH GHV ILQDQFHV QRPPH VXU SURSRVLWLRQ GX JRXYHUQHXUGHODEDQTXHFHQWUDOHGH7XQLVLHXQOLTXLGDWHXU FKRLVL SDUPL OHV H[SHUWV FRPSWDEOHV LQVFULWV DX WDEOHDX GH O
RUGUH GHV H[SHUWV FRPSWDEOHV GH 7XQLVLH j FRQGLWLRQ TXH OH OLTXLGDWHXU QH VRLW SDV O
XQ GHV DFWLRQQDLUHV GH O
pWDEOLVVHPHQW GH FUpGLW RX OLp j FHOXLFL SDU XQH UHODWLRQ SURIHVVLRQQHOOH /D GpFLVLRQ GH QRPLQDWLRQ WUDQVIqUH DX OLTXLGDWHXU OHV SRXYRLUV QpFHVVDLUHV j O
DGPLQLVWUDWLRQ HW j OD JHVWLRQ GH O
pWDEOLVVHPHQW FRQFHUQp HW IL[H OHV FRQGLWLRQV HW OHV GpODLV GHODOLTXLGDWLRQHWODUpPXQpUDWLRQGXOLTXLGDWHXU /D GpFLVLRQ GH OLTXLGDWLRQ QH PHW SDV ILQ j OD PLVVLRQ GHVFRPPLVVDLUHVDX[FRPSWHV /HV GLVSRVLWLRQV GX GURLW FRPPXQ UHODWLYHV j OD OLTXLGDWLRQGHVHQWUHSULVHVVRQWDSSOLFDEOHVWDQWTX
LOQ
\HVW SDVGpURJpSDUOHVGLVSRVLWLRQVGHODSUpVHQWHORL $UW   /D GpFLVLRQ GH QRPLQDWLRQ GX OLTXLGDWHXU HPSRUWH UHSRUWGHVL[PRLVjSDUWLUGHOHXUVXUYHQDQFHGHWRXWH pFKpDQFHFRQWUDFWXHOOHRXVWDWXWDLUHRXDXWUHGRQQDQWOLHXj O
H[SLUDWLRQRXjO
H[WLQFWLRQG
XQHFUpDQFHRXG
XQGURLWDX SURILWGHO
pWDEOLVVHPHQWGHFUpGLW  UpYRFDWLRQ GHV GURLWV GHV DFWLRQQDLUHV VDXI FHOXL GH UHFHYRLU SURGXLW QHW SURYHQDQW GH OD OLTXLGDWLRQ GH O
pWDEOLVVHPHQW $ FRPSWHU GH ODGLWH GpFLVLRQ OH OLTXLGDWHXU SHXW GHPDQGHU DX WULEXQDO GH SURQRQFHU OD QXOOLWp GH WRXW SDLHPHQW RX WUDQVIHUW G
pOpPHQWV G
DFWLI GHO
pWDEOLVVHPHQW GHFUpGLWHIIHFWXpGDQVOHVWURLVPRLVSUpFpGDQWODSULVHGH IRQFWLRQ GX OLTXLGDWHXU RX GDQV OHV GRX]HPRLVSUpFpGDQW FHWWH SULVH GH IRQFWLRQ GDQV OH FDV R OHV SD\HPHQWV RX

WUDQVIHUWV RQW pWp HIIHFWXpV DX SURILW G

XQH ILOLDOH GH O
pWDEOLVVHPHQW GH FUpGLW G
XQH VRFLpWp RX G
XQH SHUVRQQH DFWLRQQDLUHGHO
pWDEOLVVHPHQWORUVTX
LOHVWSURXYpTX
XQWHO SDLHPHQW RX WUDQVIHUW Q
pWDLW SDV OLp j OD FRQGXLWH GHV RSpUDWLRQV FRXUDQWHV  GH O
pWDEOLVVHPHQW HW TX
LO D pWp IDLW HQ YXH G
DFFRUGHU XQH SUpIpUHQFH j ODGLWH SHUVRQQH RX DX[GLWHVVRFLpWpV 7RXWHIRLV QRQREVWDQW WRXWH GLVSRVLWLRQ OpJLVODWLYH FRQWUDLUH OHV SDLHPHQWV HW OHV OLYUDLVRQV GH YDOHXUV PRELOLqUHV HW G
LQVWUXPHQWV ILQDQFLHUV HIIHFWXpV GDQV OH FDGUH GH V\VWqPHV GH UqJOHPHQWV LQWHUpWDEOLVVHPHQWV  GH FUpGLW RX GDQV OH FDGUH GH V\VWqPHV GH UqJOHPHQW HW GH OLYUDLVRQ GH YDOHXUV PRELOLqUHV HW G
LQVWUXPHQWV ILQDQFLHUV HWFHMXVTX
jO
H[SLUDWLRQGXMRXURHVWUHQGXXQMXJHPHQW GH IDLOOLWH j O
HQFRQWUH G
XQ pWDEOLVVHPHQW SDUWLFLSDQW GLUHFWHPHQW RX LQGLUHFWHPHQW j FHV V\VWqPHV QH SHXYHQW rWUHDQQXOpVPrPHDXPRWLITX
HVWLQWHUYHQXFHMXJHPHQW $UW   3HQGDQW OD GXUpH GH OLTXLGDWLRQ O
pWDEOLVVHPHQW GH FUpGLW FRQFHUQp GHPHXUH VRXPLV DX FRQWU{OH GH OD EDQTXH FHQWUDOH GH 7XQLVLH HW QH SHXW HIIHFWXHU TXH OHV RSpUDWLRQV VWULFWHPHQW QpFHVVDLUHV j VD OLTXLGDWLRQ HW GRLW SUpFLVHU GDQV WRXV VHV GRFXPHQWV HW VHV UHODWLRQVDYHFOHVWLHUVTX
LOHVWHQFRXUVGHOLTXLGDWLRQ $UW/HOLTXLGDWHXUGRLWjFRPSWHUGHODGDWHGHVD QRPLQDWLRQ HW GDQV XQ GpODL PD[LPXP GH GRX]H PRLV UHQRXYHODEOH SRXU XQH GXUpH Q
H[FpGDQW SDV GRX]H PRLV SUHQGUHOHVPHVXUHVQpFHVVDLUHVjO
HIIHWGH  PHWWUH O
pWDEOLVVHPHQW GH FUpGLW HQ YHQWH DYHF OD WRWDOLWpGHVHVpOpPHQWVG
DFWLIHWGHSDVVLI  FpGHU FHUWDLQV pOpPHQWV G
DFWLI GH O
pWDEOLVVHPHQW GH FUpGLW FRQFHUQp DX SURILW G
XQ RX GH SOXVLHXUV pWDEOLVVHPHQWV GH FUpGLW DYHF SULVH HQ FKDUJH SDU FHV GHUQLHUVGHFHUWDLQVpOpPHQWVGHVRQSDVVLI OLTXLGHUOHVDFWLIVGHO
pWDEOLVVHPHQWGHFUpGLW 3DUPLFHVPHVXUHVOHOLTXLGDWHXUFKRLVLUDDSUqVDYLVGX PLQLVWqUH GHV ILQDQFHV HW GHODEDQTXHFHQWUDOHGH7XQLVLH FHOOHVGHQDWXUHjVDXYHJDUGHUOHPLHX[ODYDOHXUGHVDFWLIV GHO
pWDEOLVVHPHQWHWjSURWpJHUOHVLQWpUrWVGHVGpSRVDQWVHW GHVDXWUHVFUpDQFLHUV $FHWWHILQLOSHXW FRQWLQXHURXGLVFRQWLQXHUWRXWHRSpUDWLRQ  HPSUXQWHU HQ RIIUDQW RX QRQHQJDUDQWLHOHVDFWLIVGH O
pWDEOLVVHPHQW UHFUXWHUDXEHVRLQXQRXSOXVLHXUVH[SHUWVFRQVHLOOHUV  DJLU HQ MXVWLFH DX QRP GH O
pWDEOLVVHPHQW WDQW HQ GHPDQGDQWTX
HQGpIHQGDQW  GpFODUHU OH FDV pFKpDQW OD FHVVDWLRQ GH SDLHPHQW GH O
pWDEOLVVHPHQW  GDQV FH FDV LO HVW IDLW DSSOLFDWLRQ GHV GLVSRVLWLRQV GX FRGH GH FRPPHUFH  HW FHOOHV GX FRGH GHV VRFLpWpV FRPPHUFLDOHV UHODWLYHV j OD IDLOOLWH HW FH QRQREVWDQW OHV GLVSRVLWLRQV GH OD ORL Q  GX  DYULO UHODWLYHDXUHGUHVVHPHQWGHVHQWUHSULVHVHQGLIILFXOWpV pFRQRPLTXHVWHOOHTXHPRGLILpHHWFRPSOpWpHSDUOHVWH[WHV VXEVpTXHQWV  WRXWHIRLV OH PLQLVWUH GHV ILQDQFHV HW OH JRXYHUQHXU GH OD EDQTXH FHQWUDOH GH 7XQLVLH SHXYHQW SURSRVHU OH RX OHV V\QGLFV GH OD IDLOOLWH j QRPPHU GDQV OH MXJHPHQWGpFODUDWLIGHIDLOOLWH

1

-RXUQDO2IILFLHOGHOD5pSXEOLTXH7XQLVLHQQHMXLOOHW

3DJH

/H OLTXLGDWHXU GRLW SUpVHQWHU j OD EDQTXH FHQWUDOH GH 7XQLVLH XQH IRLV WRXV OHV WURLV PRLV XQ UDSSRUW VXU O
pYROXWLRQ GHV RSpUDWLRQV GH OLTXLGDWLRQ HW DX WHUPH GH VD PLVVLRQXQUDSSRUWFLUFRQVWDQFLpVXUODOLTXLGDWLRQ 7,75(,,, '(/
(;(5&,&('(/
$&7,9,7( '
(7$%/,66(0(17'(&5(',7 &KDSLWUHSUHPLHU 'HVUqJOHVGHJHVWLRQSUXGHQWLHOOH $UW   7RXW pWDEOLVVHPHQW GH FUpGLW D\DQW VRQ VLqJH VRFLDO HQ 7XQLVLH HW WRXW pWDEOLVVHPHQW GH FUpGLW D\DQW VRQ VLqJH VRFLDO j O
pWUDQJHU SRXUVHVVXFFXUVDOHVHWDJHQFHVHQ 7XQLVLHGRLWMXVWLILHUjWRXWPRPHQWTXHVHVDFWLIVH[FqGHQW UpHOOHPHQW OHV SDVVLIV GRQW LO HVW WHQX HQYHUV OHV WLHUV G
XQ PRQWDQWDXPRLQVpJDODXFDSLWDOPLQLPXPRXjODGRWDWLRQ PLQLPDOHVHORQOHFDV $UW   8Q pWDEOLVVHPHQW GH FUpGLW QH SHXW DIIHFWHU SOXVGHGHVHVIRQGVSURSUHVjXQHSDUWLFLSDWLRQGDQV XQHPrPHHQWUHSULVH ,O QH SHXW pJDOHPHQW GpWHQLU GLUHFWHPHQW RX LQGLUHFWHPHQW SOXV GH   GX FDSLWDO G
XQH PrPH HQWUHSULVH7RXWHIRLVLOSHXWjWLWUHWHPSRUDLUHGpSDVVHUFH SRXUFHQWDJH ORUVTXH OD SDUWLFLSDWLRQ HVW IDLWH HQ YXH GH SHUPHWWUHOHUHFRXYUHPHQWGHVHVFUpDQFHV $UW   /
pWDEOLVVHPHQW GH FUpGLW SHXW SUHQGUH GHV SDUWLFLSDWLRQV GDQV OH FDSLWDO GH VRFLpWpV H[HUoDQW GDQV OH GRPDLQH GHV VHUYLFHV ILQDQFLHUV \ FRPSULV OHV VHUYLFHV G
LQWHUPpGLDWLRQ HQ ERXUVH HW FH VDQV WHQLU FRPSWH GX SRXUFHQWDJHSUpYXDXqPHSDUDJUDSKHGHO
DUWLFOHGHOD SUpVHQWH ORL ,O GRLW GDQV FH FDV pWDEOLU G
XQH PDQLqUH FRQVROLGpH GHV pWDWV ILQDQFLHUV FRQIRUPpPHQW DX[ FRQGLWLRQV PRGDOLWpV HW SURFpGXUHV IL[pHV SDU OHV UqJOHV FRPSWDEOHV HQ YLJXHXU DLQVL TX
XQ UDSSRUW VXU OD JHVWLRQ SUXGHQWLHOOH $UW/DEDQTXHFHQWUDOHGH7XQLVLHpWDEOLWOHVUqJOHV GH JHVWLRQ HW OHV QRUPHV SUXGHQWLHOOHV TXH OHV pWDEOLVVHPHQWVGHFUpGLWVRQWWHQXVGHUHVSHFWHUQRWDPPHQW FHOOHVFRQFHUQDQW O
XVDJHGHVIRQGVSURSUHV  OH UDWLR GH VROYDELOLWpUHSUpVHQWpSDUOHUDWLRHQWUHOHV IRQGVSURSUHVHWOHVHQJDJHPHQWV  OHV UDWLRV HQWUH OHV IRQGV SURSUHV HW OHV FRQFRXUV j FKDTXH GpELWHXU \ FRPSULV OHV FRQFRXUV DFFRUGpV DX[ SHUVRQQHVD\DQWGHVOLHQVDYHFO
pWDEOLVVHPHQWGHFUpGLW (VW FRQVLGpUpH FRPPH SHUVRQQH D\DQW GHV OLHQV DYHF O
pWDEOLVVHPHQWGHFUpGLW  WRXW DFWLRQQDLUH GRQW OD SDUWLFLSDWLRQ H[FqGH GLUHFWHPHQW RX LQGLUHFWHPHQW   GX FDSLWDO GH O
pWDEOLVVHPHQW GH FUpGLW DLQVL TXH VRQ FRQMRLQW VHV DVFHQGDQWVHWGHVFHQGDQWV  OH SUpVLGHQWGLUHFWHXU JpQpUDO GH O
pWDEOLVVHPHQW GH FUpGLWOHSUpVLGHQWGXFRQVHLOG
DGPLQLVWUDWLRQOHGLUHFWHXU JpQpUDO OHV PHPEUHV GX FRQVHLO G
DGPLQLVWUDWLRQ OHV GLUHFWHXUV JpQpUDX[ DGMRLQWV OHV PHPEUHV GX FRQVHLO GH VXUYHLOODQFHOHVPHPEUHVGXGLUHFWRLUHHWOHVFRPPLVVDLUHV DX[ FRPSWHV DLQVL TXH OHV FRQMRLQWV GHV SHUVRQQHV VXVYLVpHVOHXUVDVFHQGDQWVHWGHVFHQGDQWV

WRXWHHQWUHSULVHGRQWO
XQHGHVSHUVRQQHVYLVpHVFLGHVVXV HVWVRLWSURSULpWDLUHVRLWDVVRFLpHRXPDQGDWDLUHGpOpJXpRXGDQV ODTXHOOH HOOH HVW GLUHFWHXU RX PHPEUH GH VRQ FRQVHLO G
DGPLQLVWUDWLRQ RX GH VRQ GLUHFWRLUH RX GH VRQ FRQVHLO GH VXUYHLOODQFH  WRXWH ILOLDOH RX WRXWH HQWUHSULVH GDQV ODTXHOOH O
pWDEOLVVHPHQWGHFUpGLWGpWLHQWXQHSDUWLFLSDWLRQDXFDSLWDO GRQWODSURSRUWLRQHVWWHOOHTX
HOOHFRQGXLWjODFRQWU{OHURX jLQIOXHUGHPDQLqUHGpWHUPLQDQWHVXUVRQDFWLYLWp ODUpVHUYHREOLJDWRLUH OHVUDWLRVGHOLTXLGLWp OHVFRQFRXUVDFFRUGpVSDUOHVpWDEOLVVHPHQWVGHFUpGLW jOHXUVILOLDOHV OHVULVTXHVHQJpQpUDO &KDSLWUH 'HVLQWHUGLFWLRQV $UW   ,OHVWLQWHUGLWDX[pWDEOLVVHPHQWVGHFUpGLWGH V
DGRQQHU GLUHFWHPHQW HW j WLWUH KDELWXHO j GHV RSpUDWLRQV TXL QH UHOqYHQW SDV GX GRPDLQH GHV RSpUDWLRQV EDQFDLUHV VDXIGDQVOHVFDVHWFRQIRUPpPHQWDX[FRQGLWLRQVIL[pVSDU GpFUHW &HVRSpUDWLRQVGRLYHQWSUpVHQWHUXQHLPSRUWDQFHOLPLWpH SDU UDSSRUW j O
HQVHPEOH GHV RSpUDWLRQV H[HUFpHV j WLWUH KDELWXHO SDU O
pWDEOLVVHPHQW GH FUpGLW HW QH GRLYHQW QL HPSrFKHUQLUHVWUHLQGUHRXIDXVVHUOHMHXGHODFRQFXUUHQFH DXGpWULPHQWGHVHQWUHSULVHVTXLOHVH[HUFHQWjWLWUHKDELWXHO $UW   1XO QH SHXW GLULJHU JpUHU RX HQJDJHU VLPXOWDQpPHQW GHX[pWDEOLVVHPHQWVGHFUpGLW XQpWDEOLVVHPHQWGHFUpGLWHWXQHVRFLpWpG
DVVXUDQFH $UW   1XO QH SHXW  GLULJHU DGPLQLVWUHU JpUHU FRQWU{OHU RX HQJDJHU XQ pWDEOLVVHPHQW  GH FUpGLW RX XQH DJHQFHG
pWDEOLVVHPHQWGHFUpGLW  V
LO D IDLW O
REMHW G
XQH FRQGDPQDWLRQ SRXU  IDX[ HQ pFULWXUHSRXUYROSRXUDEXVGHFRQILDQFHSRXUHVFURTXHULH RXGpOLWSXQLSDUOHVORLVVXUO
HVFURTXHULHSRXUH[WRUVLRQGH IRQGV RX YDOHXUV G
DXWUXL SRXU VRXVWUDFWLRQ FRPPLVH SDU GpSRVLWDLUHSXEOLFSRXUpPLVVLRQGHFKqTXHVDQVSURYLVLRQ SRXUUHFHOGHVFKRVHVREWHQXHVjO
DLGHGHFHVLQIUDFWLRQVRX SRXULQIUDFWLRQjODUpJOHPHQWDWLRQGHVFKDQJHV  V
LO WRPEH VRXV OH FRXS G
XQ MXJHPHQW GpILQLWLI GH IDLOOLWH V
LODpWpDGPLQLVWUDWHXURXJpUDQWGHVRFLpWpVGpFODUpHV HQIDLOOLWHRXV
LODpWpFRQGDPQpHQYHUWXGHVDUWLFOHVHW GXFRGHSpQDOUHODWLIVjODEDQTXHURXWH $UW   /H SUpVLGHQW GLUHFWHXU JpQpUDO G
XQ pWDEOLVVHPHQW GH FUpGLW UpJL SDU OD SUpVHQWH ORL GRLW REOLJDWRLUHPHQWrWUHGHQDWLRQDOLWpWXQLVLHQQH 7RXWHIRLV ORUVTXH OHV VWDWXWV G
XQ pWDEOLVVHPHQW GH FUpGLW SUpYRLHQW OD GLVVRFLDWLRQ HQWUH OD IRQFWLRQ GH SUpVLGHQW GX FRQVHLO GDGPLQLVWUDWLRQ HW FHOOH GH GLUHFWHXU JpQpUDORXODGLVVRFLDWLRQHQWUHODIRQFWLRQGXSUpVLGHQWGX GLUHFWRLUH HW FHOOH GX SUpVLGHQW GX FRQVHLO GH VXUYHLOODQFH OXQHGHFHVIRQFWLRQVGRLWREOLJDWRLUHPHQWrWUHDVVXUpHSDU XQHSHUVRQQHGHQDWLRQDOLWpWXQLVLHQQH

 3DJH

-RXUQDO2IILFLHOGHOD5pSXEOLTXH7XQLVLHQQHMXLOOHW

1

/HSUpVLGHQWGLUHFWHXUJpQpUDORXOHGLUHFWHXUJpQpUDORX OHV PHPEUHV GX GLUHFWRLUH VHORQ OH FDV GRLYHQW DYRLU OH VWDWXW GH UpVLGHQW HQ 7XQLVLH DX VHQV GH OD UpJOHPHQWDWLRQ GHVFKDQJHV /H GLUHFWHXU GHV pWDEOLVVHPHQWV HQ 7XQLVLH GXQ pWDEOLVVHPHQW GH FUpGLW D\DQW VRQ VLqJH VRFLDO j OpWUDQJHU HVW VRXPLV j FHWWH PrPH FRQGLWLRQ WRXWHIRLV GDQV FH FDV SUpFLV GHV GpURJDWLRQV VSpFLDOHV SRXUURQW rWUH DFFRUGpHV SDU GpFLVLRQ GX JRXYHUQHXU GH OD EDQTXH FHQWUDOH GH 7XQLVLHDSUqVDYLVGXPLQLVWUHGHVILQDQFHV $UW/HVPHPEUHVGXSHUVRQQHOGXQpWDEOLVVHPHQW GHFUpGLWQHSHXYHQWTXHOOHVTXHVRLHQWOHXUVIRQFWLRQVGDQV OpWDEOLVVHPHQW RFFXSHUKRUVGHOpWDEOLVVHPHQWXQHPSORLUpPXQpUpQL HIIHFWXHU XQ WUDYDLO PR\HQQDQW UpPXQpUDWLRQ VDQV DYRLU REWHQX XQH DXWRULVDWLRQ SUpDODEOH GH OHXU HPSOR\HXU 7RXWHIRLV FHV GLVSRVLWLRQV QH VDSSOLTXHQW SDV j OD SURGXFWLRQ GHV XYUHV VFLHQWLILTXHV OLWWpUDLUHV RX DUWLVWLTXHV  DVVXPHU VLPXOWDQpPHQW VDQV DXWRULVDWLRQ GH OHPSOR\HXU DJUppH SDU OD EDQTXH FHQWUDOH GH 7XQLVLH GHV IRQFWLRQV GDGPLQLVWUDWHXU GH PHPEUH GX FRQVHLO GH VXUYHLOODQFH GH JpUDQW RX GH GLUHFWHXU GXQH HQWUHSULVH FRPPHUFLDOH RX LQGXVWULHOOH /DJUpPHQW GX FRQVHLO GDGPLQLVWUDWLRQ RX GX FRQVHLO GH VXUYHLOODQFH GH OpWDEOLVVHPHQWGHFUpGLWHVWHQRXWUHQpFHVVDLUHORUVTXHOH FXPXO GH IRQFWLRQV HVW VROOLFLWp DX SURILW GX SUpVLGHQW GLUHFWHXU JpQpUDO GXGLUHFWHXUJpQpUDORXDXSURILWGHOXQ GHVPHPEUHVGXGLUHFWRLUH $UW   (VW VRXPLVH j ODXWRULVDWLRQ SUpDODEOH GX FRQVHLO GDGPLQLVWUDWLRQ RX GX FRQVHLO GH VXUYHLOODQFH HW j ODSSUREDWLRQ GH ODVVHPEOpH JpQpUDOH GHV DFWLRQQDLUHV WRXWH FRQYHQWLRQ SDVVpH GLUHFWHPHQW RX LQGLUHFWHPHQW RX SDUSHUVRQQHLQWHUSRVpHHQWUHOpWDEOLVVHPHQWGHFUpGLWHWOHV SHUVRQQHV D\DQW GHV OLHQV DYHF OXL WHOOHV TXH YLVpHV j ODUWLFOHGHODSUpVHQWHORL 'DQVFHFDVOLQWpUHVVpQHSHXWSUHQGUHSDUWDXYRWHVXU ODXWRULVDWLRQVROOLFLWpH /LQWpUHVVp HVW WHQX GLQIRUPHU OH FRQVHLO GDGPLQLVWUDWLRQ RX OH FRQVHLO GH VXUYHLOODQFH HW ODEDQTXH FHQWUDOH GH 7XQLVLH GH WRXWH FRQYHQWLRQ VRXPLVH DX[ GLVSRVLWLRQVVXVYLVpHV /HSUpVLGHQWGXFRQVHLOGDGPLQLVWUDWLRQRXOHSUpVLGHQW GXFRQVHLOGHVXUYHLOODQFHGRQQHDYLVDX[FRPPLVVDLUHVDX[ FRPSWHV GH WRXWHV OHV FRQYHQWLRQV DXWRULVpHV HW VRXPHW FHOOHVFL j ODVVHPEOpH JpQpUDOH GHV DFWLRQQDLUHV SRXU DSSUREDWLRQ /HVFRPPLVVDLUHVDX[FRPSWHVSUpVHQWHQWjODVVHPEOpH JpQpUDOH GHV DFWLRQQDLUHV SRXUH[DPHQXQUDSSRUWVSpFLDO VXUFHVFRQYHQWLRQV /LQWpUHVVp QH SHXW SDV SUHQGUH SDUW DX YRWH HW VHV DFWLRQV QH VRQW SDV SULVHV HQ FRPSWH SRXU OH FDOFXO GX TXRUXPHWGHODPDMRULWp /HVFRQYHQWLRQVDSSURXYpHVSDUODVVHPEOpHJpQpUDOHQH SHXYHQWrWUHDWWDTXpHVTXHQFDVGHGRO /HV FRQYHQWLRQV TXH ODVVHPEOpH JpQpUDOH GpVDSSURXYH VRQW H[pFXWRLUHV HW OHV IDLWV GRPPDJHDEOHV TXL OHXU VRQW

FRQVpFXWLIV VRQW LPSXWDEOHV HQ FDV GH GRO j OD SHUVRQQH SDUWLH DX FRQWUDW HW OH FDV pFKpDQW DX FRQVHLO GDGPLQLVWUDWLRQRXDXGLUHFWRLUH &HV GLVSRVLWLRQV QH VRQW SDV DSSOLFDEOHV DX[ FRQYHQWLRQV SRUWDQW VXU GHV RSpUDWLRQVFRXUDQWHVFRQFOXHV GDQVGHVFRQGLWLRQVQRUPDOHVHQWUHOpWDEOLVVHPHQWGHFUpGLW HW VHV FOLHQWV /H SUpVLGHQW GX FRQVHLO GDGPLQLVWUDWLRQ OH SUpVLGHQW GX FRQVHLO GH VXUYHLOODQFH OH SUpVLGHQW GLUHFWHXU JpQpUDO OH GLUHFWHXU JpQpUDO OH SUpVLGHQW GX GLUHFWRLUH OHV PHPEUHV GX FRQVHLO GDGPLQLVWUDWLRQ OHV PHPEUHV GX FRQVHLO GH VXUYHLOODQFH OHV PHPEUHV GX GLUHFWRLUH HW OHV GLUHFWHXUV JpQpUDX[DGMRLQWVGRLYHQWWRXWHIRLVLQIRUPHUOH FRQVHLO GDGPLQLVWUDWLRQ RX OH FRQVHLO GH VXUYHLOODQFH HW OD EDQTXH FHQWUDOH GH 7XQLVLH GH WRXWH FRQYHQWLRQ FRQFOXH DYHFOpWDEOLVVHPHQWTXLUHQWUHGDQVOHFDGUHGHVRSpUDWLRQV FRXUDQWHV $UW   ,O HVW LQWHUGLW DX[ PHPEUHV GX FRQVHLO GDGPLQLVWUDWLRQ DX[ PHPEUHV GX FRQVHLO GH VXUYHLOODQFH HW DX[PHPEUHVGXGLUHFWRLUHGHVpWDEOLVVHPHQWVGHFUpGLWjOHXUV GLULJHDQWVPDQGDWDLUHVFRQWU{OHXUVHWVDODULpVGHGLYXOJXHUOHV VHFUHWV j HX[ FRPPXQLTXpV SDU OHV FOLHQWV GH OpWDEOLVVHPHQW RX GRQW LOV RQW SULV FRQQDLVVDQFH GX IDLW PrPH GH OHXU SURIHVVLRQ VDXI GDQV OHV FDV SHUPLV SDU OD ORL HW VRXV OHV VDQFWLRQVSUpYXHVSDUODUWLFOHGXFRGHSpQDO &KDSLWUH 'HORUJDQLVDWLRQSURIHVVLRQQHOOH GHVpWDEOLVVHPHQWVGHFUpGLW $UW   /HV pWDEOLVVHPHQWV GH FUpGLW VRQW WHQXV GH FRQVWLWXHU XQH DVVRFLDWLRQ SURIHVVLRQQHOOH GRQW OHV VWDWXWV GRLYHQW rWUH SUpDODEOHPHQW DJUppV SDU OH PLQLVWUH GHV ILQDQFHVHWOHJRXYHUQHXUGHODEDQTXHFHQWUDOHGH7XQLVLH HWTXLVHUWGLQWHUPpGLDLUHHQWUHVHVPHPEUHVGXQHSDUWHW OHVSRXYRLUVSXEOLFVHWODEDQTXHFHQWUDOHGH7XQLVLHGDXWUH SDUWSRXUWRXWHTXHVWLRQLQWpUHVVDQWODSURIHVVLRQ 7,75(,9 '8&21752/('(6(7$%/,66(0(176'( &5(',7(7'(/$3527(&7,21'(6 '(326$176 &KDSLWUHSUHPLHU 'XFRQWU{OHGHVpWDEOLVVHPHQWVGHFUpGLW $UW/DEDQTXHFHQWUDOHGH7XQLVLHH[HUFHVXUOHV pWDEOLVVHPHQWVGHFUpGLWXQFRQWU{OHVXUSLqFHVHWVXUSODFH /H FRQWU{OH FRQFHUQH OHV pWDEOLVVHPHQWV GH FUpGLW HX[ PrPH OHXUV ILOLDOHV OHV SHUVRQQHV PRUDOHV TXHOOHV FRQWU{OHQW GLUHFWHPHQW RX LQGLUHFWHPHQW DLQVL TXH OHV ILOLDOHVGHFHVSHUVRQQHVPRUDOHV $ FHW HIIHW OHV pWDEOLVVHPHQWV GH FUpGLW FRQVWLWXpV FRQIRUPpPHQW DX GURLW WXQLVLHQ GH PrPH TXH OHV VXFFXUVDOHVRXDJHQFHVGpWDEOLVVHPHQWVGHFUpGLWD\DQWOHXU VLqJHVRFLDOjOpWUDQJHUHWDXWRULVpHVjH[HUFHUOHXUDFWLYLWp HQ7XQLVLHGRLYHQW  WHQLU XQH FRPSWDELOLWp FRQIRUPpPHQW j OD OpJLVODWLRQ UHODWLYHjODFRPSWDELOLWpGHVHQWUHSULVHV  VH FRQIRUPHU DX[ QRUPHV HW UqJOHV VSpFLILTXHV IL[pHV SDU OD EDQTXH FHQWUDOH GH 7XQLVLH GDQV FH FDGUH j OHIIHW

1

-RXUQDO2IILFLHOGHOD5pSXEOLTXH7XQLVLHQQHMXLOOHW

3DJH

GH[HUFHU VRQ FRQWU{OH VXU OHV pWDEOLVVHPHQWV GH FUpGLW FRQIRUPpPHQWDX[GLVSRVLWLRQVGHODSUpVHQWHORL  FORUH OHXU H[HUFLFH VRFLDO FKDTXH DQQpH OH  GpFHPEUH HW pWDEOLU GDQV OHV WURLV PRLV TXL VXLYHQW OD FO{WXUHGHOH[HUFLFHpFRXOpOHVpWDWVILQDQFLHUVTXLGRLYHQW rWUH VRXPLV j ODVVHPEOpH JpQpUDOH GHV DFWLRQQDLUHV HW SXEOLpVDX-RXUQDO2IILFLHOGHOD5pSXEOLTXH7XQLVLHQQH  GUHVVHU HQ FRXUV GDQQpH GHV VLWXDWLRQV FRPSWDEOHV VHORQ XQH SpULRGLFLWp HW FRQIRUPpPHQW j XQH IRUPXOHW\SH pWDEOLHSDUODEDQTXHFHQWUDOHGH7XQLVLH  IRXUQLU j OD EDQTXH FHQWUDOH GH 7XQLVLH WRXV GRFXPHQWV UHQVHLJQHPHQWV pFODLUFLVVHPHQWV HW MXVWLILFDWLRQV QpFHVVDLUHV j OH[DPHQ GH OHXU VLWXDWLRQ HW SHUPHWWDQWGHVDVVXUHUTXLOVIRQWXQHDSSOLFDWLRQFRUUHFWH GH OD UpJOHPHQWDWLRQ pGLFWpH HQ PDWLqUH GH FRQWU{OH GX FUpGLW HW GHV FKDQJHV HW GH FRQWU{OH GHV pWDEOLVVHPHQWV GH FUpGLW  VH VRXPHWWUH j OD GHPDQGH GH OD EDQTXH FHQWUDOH GH 7XQLVLHjDXGLWH[WHUQH $UW/HVUpVXOWDWVGXFRQWU{OHVRQWFRPPXQLTXpV VHORQ OH FDV DX SUpVLGHQW GLUHFWHXU JpQpUDO DX GLUHFWHXU JpQpUDORXELHQDXSUpVLGHQWGXGLUHFWRLUHGHOpWDEOLVVHPHQW GHFUpGLWRXDXUHSUpVHQWDQWHQ7XQLVLHGHODVXFFXUVDOHRXj ODJHQFHGHOpWDEOLVVHPHQWGHFUpGLWD\DQWVRQVLqJHVRFLDO j OpWUDQJHU VRXPLVH DX FRQWU{OH FHX[FL OHV WUDQVPHWWHQW VDQVGpODLDX[PHPEUHVGXFRQVHLOGDGPLQLVWUDWLRQRXDX[ PHPEUHVGXFRQVHLOGHVXUYHLOODQFH $UW/HVpWDEOLVVHPHQWVGHFUpGLWGRLYHQWFUpHUXQ FRPLWpSHUPDQHQWGDXGLWLQWHUQH /H FRPLWp SHUPDQHQW GDXGLW LQWHUQH HVW FKDUJp QRWDPPHQW  GH YHLOOHU j FH TXH OHV PpFDQLVPHV DSSURSULpV GH FRQWU{OHLQWHUQHVRLHQWPLVHQSODFHSDUOpWDEOLVVHPHQW GHUpYLVHUHWGHGRQQHUVRQDYLVVXUOHUDSSRUWDQQXHO\ FRPSULV OHV pWDWV ILQDQFLHUV GH OpWDEOLVVHPHQW DYDQW VD WUDQVPLVVLRQ DX FRQVHLO GDGPLQLVWUDWLRQ RX DX FRQVHLO GH VXUYHLOODQFHSRXUDSSUREDWLRQ  GH UHYRLU WRXW UHOHYp GH OpWDEOLVVHPHQW DYDQW VD VRXPLVVLRQDX[DXWRULWpVGHVXSHUYLVLRQ GH[DPLQHUWRXVSODFHPHQWVRXRSpUDWLRQVVXVFHSWLEOHV GHQXLUHjODVLWXDWLRQILQDQFLqUHGHOpWDEOLVVHPHQWHWSRUWpV jVDFRQQDLVVDQFHSDUOHVFRPPLVVDLUHVDX[FRPSWHVRXOHV DXGLWHXUVH[WHUQHV $UW   /HV FRPSWHV DQQXHOV GHV pWDEOLVVHPHQWV GH FUpGLW FRQVWLWXpV FRQIRUPpPHQW DX GURLW WXQLVLHQ HW GHV VXFFXUVDOHVRXDJHQFHVGpWDEOLVVHPHQWVGHFUpGLWD\DQWOHXU VLqJHVRFLDOjOpWUDQJHUVRQWVRXPLVjODFHUWLILFDWLRQGXQ FRPPLVVDLUH DX[ FRPSWHV LQVFULW DX WDEOHDX GH ORUGUH GHV H[SHUWVFRPSWDEOHVGH7XQLVLH 1RQREVWDQW OHXUV REOLJDWLRQV OpJDOHV OHV FRPPLVVDLUHV DX[FRPSWHVGHVpWDEOLVVHPHQWVGHFUpGLWVRQWWHQXV  GH VLJQDOHU LPPpGLDWHPHQW j OD EDQTXH FHQWUDOH GH 7XQLVLH WRXW IDLW GH QDWXUH j PHWWUH HQ SpULO OHV LQWpUrWV GH OpWDEOLVVHPHQWRXGHVGpSRVDQWV GHUHPHWWUHjODEDQTXHFHQWUDOHGH7XQLVLHGDQVOHV VL[ PRLV TXL VXLYHQW OD FO{WXUH GH FKDTXH H[HUFLFH XQ UDSSRUWFRQFHUQDQWOHFRQWU{OHHIIHFWXpSDUHX[&HUDSSRUW HVW pWDEOL GDQV OHV FRQGLWLRQV HW VHORQ OHV PRGDOLWpV IL[pHV SDUODEDQTXHFHQWUDOHGH7XQLVLH

 GDGUHVVHU j OD EDQTXH FHQWUDOH GH 7XQLVLH FRSLH GH OHXU UDSSRUW GHVWLQp j ODVVHPEOpH JpQpUDOH HW DX[ RUJDQHV GHOpWDEOLVVHPHQWGHFUpGLWTXLOVFRQWU{OHQW $UW   /RUVTXXQ pWDEOLVVHPHQW GH FUpGLW D PDQTXp DX[ UqJOHV GH ERQQH FRQGXLWH GH OD SURIHVVLRQ OD EDQTXH FHQWUDOH GH 7XQLVLH SHXW DSUqV DYRLU PLV OHV PHPEUHV GH VRQFRQVHLOGDGPLQLVWUDWLRQOHVPHPEUHVGHVRQGLUHFWRLUH GLULJHDQWV RX PDQGDWDLUHV HQ PHVXUH GH SUpVHQWHU OHXUV H[SOLFDWLRQVOHXUDGUHVVHUXQHPLVHHQJDUGH /RUVTXH OD VLWXDWLRQ GXQ pWDEOLVVHPHQW GH FUpGLW OH MXVWLILH OD EDQTXH FHQWUDOH GH 7XQLVLH SHXW DGUHVVHU DX[ PHPEUHVGHVRQFRQVHLOGDGPLQLVWUDWLRQDX[PHPEUHVGH VRQ GLUHFWRLUH j VHV GLULJHDQWV RX j VHV PDQGDWDLUHV XQH LQMRQFWLRQjOHIIHWQRWDPPHQW GDXJPHQWHUOHFDSLWDO GLQWHUGLUHWRXWHGLVWULEXWLRQGHGLYLGHQGHV GHFRQVWLWXHUGHVSURYLVLRQV /HV PHPEUHV GX FRQVHLO GDGPLQLVWUDWLRQ OHV PHPEUHV GX GLUHFWRLUH OHV GLULJHDQWV RX OHV PDQGDWDLUHV GH OpWDEOLVVHPHQW GH FUpGLW FRQFHUQp GRLYHQW VRXPHWWUH DX JRXYHUQHXUGHODEDQTXHFHQWUDOHGH7XQLVLHGDQVXQGpODL GH GHX[ PRLV j FRPSWHU GH OD GDWH GH QRWLILFDWLRQ GH OLQMRQFWLRQ XQ SODQ GH UHGUHVVHPHQW DFFRPSDJQp GXQ UDSSRUW GDXGLW H[WHUQH HW SUpFLVDQW QRWDPPHQW OHV GLVSRVLWLRQV SULVHV OHV PHVXUHV HQYLVDJpHV DLQVL TXH OH FDOHQGULHUGHVDPLVHHQXYUH $UW/HJRXYHUQHXUGHODEDQTXHFHQWUDOHGH7XQLVLH SHXW DSUqV DXGLWLRQ GX UHSUpVHQWDQW GH OpWDEOLVVHPHQW FRQFHUQp GpFLGHU OD GpVLJQDWLRQ GXQ DGPLQLVWUDWHXU SURYLVRLUH /DGpVLJQDWLRQGHODGPLQLVWUDWHXUSURYLVRLUHHVWIDLWH VRLWjODGHPDQGHGHVGLULJHDQWVORUVTXLOVHVWLPHQWQH SOXVrWUHHQPHVXUHGH[HUFHUQRUPDOHPHQWOHXUVIRQFWLRQV VRLWjOLQLWLDWLYHGHODEDQTXHFHQWUDOHGH7XQLVLH ORUVTXLOHVWpWDEOLTXHOHVSUDWLTXHVGHOpWDEOLVVHPHQW GH FUpGLW VRQW VXVFHSWLEOHV GHQWUDvQHU OLPSRVVLELOLWp SRXU OpWDEOLVVHPHQW GKRQRUHU VHV GHWWHV GDQV GHV FRQGLWLRQV QRUPDOHV RX GH FDXVHU XQ SUpMXGLFH JUDYH DX[ LQWpUrWV GHV GpSRVDQWVRX  ORUVTXLO HVW pWDEOL TXH OHV DGPLQLVWUDWHXUV OHV PHPEUHV GX FRQVHLO GH VXUYHLOODQFH RX OHV PHPEUHV GX GLUHFWRLUH VRQW LPSOLTXpV GDQV GHV RSpUDWLRQV LOOpJDOHV RX IUDXGXOHXVHVRX  ORUVTXH OH UDWLR GH VROYDELOLWp GH OpWDEOLVVHPHQW GH FUpGLWHVWLQIpULHXUjGXUDWLRPLQLPXPSUHVFULWSDUOD EDQTXH FHQWUDOH GH 7XQLVLH RX j   GXGLW UDWLR HW TXH OpWDEOLVVHPHQW QD SDV GDQV XQ GpODL GH GHX[ PRLV GRQQp VXLWH GH PDQLqUH VDWLVIDLVDQWH j OLQMRQFWLRQ GH OD EDQTXH FHQWUDOHGH7XQLVLHGHSUpVHQWHUXQSODQGHUHGUHVVHPHQWRX ORUVTXDpWpSULVHjOHQFRQWUHGHVPHPEUHVGXFRQVHLO GDGPLQLVWUDWLRQ PHPEUHV GX GLUHFWRLUH PHPEUHV GX FRQVHLO GH VXUYHLOODQFH GLULJHDQWV RX PDQGDWDLUHV GH OpWDEOLVVHPHQW GH FUpGLW OXQH GHV VDQFWLRQV YLVpHV DX[ SUHPLHU HW GHX[LqPH WLUHWV GX SDUDJUDSKH SUHPLHU GH ODUWLFOHGHODSUpVHQWHORL /D GpFLVLRQ GH QRPLQDWLRQ WUDQVIqUH j ODGPLQLVWUDWHXU SURYLVRLUHOHVSRXYRLUVQpFHVVDLUHVjODGPLQLVWUDWLRQHWjOD JHVWLRQ GH OpWDEOLVVHPHQW GH FUpGLW HW VD UHSUpVHQWDWLRQ DXSUqVGHVWLHUV

 3DJH

-RXUQDO2IILFLHOGHOD5pSXEOLTXH7XQLVLHQQHMXLOOHW

1

FRQGLWLRQV G
DGKpVLRQ GHV EDQTXHV DX PpFDQLVPH GH /D GpFLVLRQ GH QRPLQDWLRQ IL[H OD UpPXQpUDWLRQ GH JDUDQWLH DLQVL TXH OHV FRQGLWLRQV GH OHXU H[FOXVLRQ j ODGPLQLVWUDWHXUSURYLVRLUH FRQGLWLRQ TXH ODGLWH H[FOXVLRQ Q
DIIHFWH SDV OD FRXYHUWXUH $UW/DGpVLJQDWLRQG
XQDGPLQLVWUDWHXUSURYLVRLUH GHVGpS{WVHIIHFWXpVDYDQWODGDWHjODTXHOOHHOOHDSULVHIIHW QHSHXWLQWHUYHQLURXFHVVHG
DYRLUHIIHWjSDUWLUGXPRPHQW 7,75(9 R O
pWDEOLVVHPHQW GH FUpGLW HVW HQ pWDW GH FHVVDWLRQ GH SDLHPHQW '(66$1&7,216 $UW/
DGPLQLVWUDWHXUSURYLVRLUHQHSHXWSURFpGHUj &KDSLWUHSUHPLHU O
DFTXLVLWLRQ RX j O
DOLpQDWLRQ GHV ELHQV LPPHXEOHV HW GHV 'HVVDQFWLRQVGLVFLSOLQDLUHV WLWUHV GH SDUWLFLSDWLRQV HW G
LQYHVWLVVHPHQWV TXH VXU $UW   /HV LQIUDFWLRQV j OD OpJLVODWLRQ HW j OD DXWRULVDWLRQSUpDODEOHGHODEDQTXHFHQWUDOHGH7XQLVLH UpJOHPHQWDWLRQ EDQFDLUHV VRQW SRXUVXLYLHV j O
LQLWLDWLYH GX /
DGPLQLVWUDWHXU SURYLVRLUH GRLW SUpVHQWHU j OD EDQTXH JRXYHUQHXUGHODEDQTXHFHQWUDOHGH7XQLVLHHWH[SRVHQWOHV FHQWUDOHGH7XQLVLHXQHIRLVWRXVOHVWURLVPRLVXQUDSSRUWVXU pWDEOLVVHPHQWVGHFUpGLWTXLV
HQVRQWUHQGXVFRXSDEOHVDX[ OHVRSpUDWLRQVTX
LODDFFRPSOLHVDLQVLTXHVXUO
pYROXWLRQGHOD VDQFWLRQVVXLYDQWHV VLWXDWLRQ ILQDQFLqUH GH O
pWDEOLVVHPHQW GH FUpGLW ,O GRLW HQ O
DYHUWLVVHPHQW RXWUHSUpVHQWHUjODEDQTXHFHQWUDOHGH7XQLVLHDXFRXUVG
XQH OHEOkPH SpULRGH Q
H[FpGDQW SDV XQHDQQpHjFRPSWHUGHODGDWHGHVD XQHDPHQGHGRQWOHPRQWDQWSHXWDWWHLQGUHFLQTIRLV GpVLJQDWLRQ XQ UDSSRUW SUpFLVDQW OD QDWXUH O
RULJLQH HW OH PRQWDQW GH O
LQIUDFWLRQ UHFRXYUpH DX SURILW GX WUpVRU DX O
LPSRUWDQFH GHV GLIILFXOWpV GH O
pWDEOLVVHPHQW GH FUpGLW DLQVL PR\HQG
pWDWGHOLTXLGDWLRQGpFHUQpHWUHQGXH[pFXWRLUHSDU TXHOHVPHVXUHVVXVFHSWLEOHVG
DVVXUHUVRQUHGUHVVHPHQWRXj OH JRXYHUQHXU GH ODEDQTXHFHQWUDOHGH7XQLVLHRXOHYLFH GpIDXW FRQVWDWHU OD FHVVDWLRQ GHV SDLHPHQWV HW SURSRVHU VD JRXYHUQHXU HW H[pFXWp FRQIRUPpPHQW DX[ GLVSRVLWLRQV GX OLTXLGDWLRQMXGLFLDLUH FRGHGHODFRPSWDELOLWpSXEOLTXH 'DQV FH FDV LO HVW IDLW DSSOLFDWLRQ GHV GLVSRVLWLRQV GX ODVXVSHQVLRQGHWRXWFRQFRXUVGHODEDQTXHFHQWUDOH FRGH GH FRPPHUFH HW GX FRGH GHV VRFLpWpV FRPPHUFLDOHV GH7XQLVLH UHODWLYHV j OD IDLOOLWH QRQREVWDQW OHV GLVSRVLWLRQV GH OD ORL   O
LQWHUGLFWLRQ G
HIIHFWXHU FHUWDLQHV RSpUDWLRQV HW Q  GX  DYULO  UHODWLYH DX UHGUHVVHPHQW GHV WRXWHVDXWUHVOLPLWDWLRQVGDQVO
H[HUFLFHGHO
DFWLYLWp HQWUHSULVHVHQGLIILFXOWpVpFRQRPLTXHVWHOOHTXHPRGLILpHHW OHUHWUDLWGHODTXDOLWpG
LQWHUPpGLDLUHDJUpp FRPSOpWpHSDUOHVWH[WHVVXEVpTXHQWVWRXWHIRLVOHPLQLVWUH   OH UHWUDLW GH O
DJUpPHQW SUpYX SDU O
DUWLFOH  GH OD GHV ILQDQFHV HW OH JRXYHUQHXU GH OD EDQTXH FHQWUDOH GH SUpVHQWHORL 7XQLVLH SHXYHQW SURSRVHU OH RX OHV V\QGLFV GH OD IDLOOLWH j $UW/HVVDQFWLRQVYLVpHVDX[QXPpURVGHjGH QRPPHUGDQVOHMXJHPHQWGpFODUDWLIGHIDLOOLWH O
DUWLFOH  GH OD SUpVHQWH ORL VRQW SULVHV SDU OH JRXYHUQHXU &KDSLWUH GH OD EDQTXH FHQWUDOH GH 7XQLVLH DSUqV DXGLWLRQ GH O
pWDEOLVVHPHQWFRQFHUQp 'HODSURWHFWLRQGHVGpSRVDQWV /HVVDQFWLRQVYLVpHVDX[QXPpURVGHjGHO
DUWLFOH $UW   /RUVTX
LO DSSDUDvW TXH OD VLWXDWLRQ G
XQ GH OD SUpVHQWH ORL VRQW SURQRQFpHV SDU XQH FRPPLVVLRQ pWDEOLVVHPHQW GH FUpGLW OH MXVWLILH OH JRXYHUQHXU GH OD VSpFLDOHDSSHOpHFRPPLVVLRQEDQFDLUHHWFRPSRVpH EDQTXH FHQWUDOH GH 7XQLVLH LQYLWH OHV SULQFLSDX[ DFWLRQQDLUHV GH FHW pWDEOLVVHPHQW j IRXUQLU j FHOXLFL OH  G
XQ PDJLVWUDW DVVXUDQW DX PRLQV OHV IRQFWLRQV G
XQ VRXWLHQTXLOXLHVWQpFHVVDLUH SUpVLGHQWGHFKDPEUHG
XQHFRXUG
DSSHOSUpVLGHQW /H JRXYHUQHXU GH OD EDQTXH FHQWUDOH GH 7XQLVLH SHXW  G
XQ UHSUpVHQWDQW GX PLQLVWqUH GHV ILQDQFHV D\DQW DX DXVVL RUJDQLVHU OH FRQFRXUV GH O
HQVHPEOH GHV PRLQVUDQJGHGLUHFWHXUJpQpUDOPHPEUH pWDEOLVVHPHQWV GH FUpGLW HQ YXH GH SUHQGUH OHV PHVXUHV  G
XQ UHSUpVHQWDQW GH OD EDQTXH FHQWUDOH GH 7XQLVLH QpFHVVDLUHV j OD SURWHFWLRQ GHV LQWpUrWV GHV GpSRVDQWV GHV D\DQWDXPRLQVUDQJGHGLUHFWHXUJpQpUDOPHPEUH pSDUJQDQWV HW GHV WLHUV DX ERQ IRQFWLRQQHPHQW GX V\VWqPH  HW GX GpOpJXp JpQpUDO GH O
DVVRFLDWLRQ SURIHVVLRQQHOOH EDQFDLUHDLQVLTX
jODSUpVHUYDWLRQGXUHQRPGHODSODFH WXQLVLHQQH GHV EDQTXHV HW GHV pWDEOLVVHPHQWV ILQDQFLHUV  $UW   7RXV OHV pWDEOLVVHPHQWV GH FUpGLW DJUppV HQ PHPEUH TXDOLWp GH EDQTXH GRLYHQW DGKpUHU j XQ PpFDQLVPH GH /DFRPPLVVLRQEDQFDLUHWLHQWVHVUpXQLRQVDXVLqJHGHOD JDUDQWLH GHV GpS{WV GHVWLQp j LQGHPQLVHU OHV GpSRVDQWV HQ EDQTXHFHQWUDOHGH7XQLVLHTXLHQDVVXUHOHVHFUpWDULDW FDV G
LQGLVSRQLELOLWp GH OHXUV GpS{WV RX DXWUHV IRQGV $UW/RUVTXHODFRPPLVVLRQEDQFDLUHHVWLPHTX
LO\ UHPERXUVDEOHV D OLHX GH IDLUH DSSOLFDWLRQ GHV VDQFWLRQV SUpYXHV j O
DUWLFOH /
LQGLVSRQLELOLWp GHV IRQGV HVW FRQVWDWpH SDU OD EDQTXH FLGHVVXVHOOHSRUWHjODFRQQDLVVDQFHGHO
pWDEOLVVHPHQW FHQWUDOH GH 7XQLVLH ORUVTX
XQH EDQTXH QH OXL DSSDUDvW SOXV FRQFHUQp SDU XQH OHWWUH UHFRPPDQGpH DYHF DFFXVp GH HQPHVXUHGHUHVWLWXHULPPpGLDWHPHQWRXjFRXUWWHUPHOHV UpFHSWLRQ DGUHVVpH j VRQ UHSUpVHQWDQW OpJDO OHV IDLWV IRQGV TX
HOOH D UHoXV GX SXEOLF FRQIRUPpPHQW DX[ UHSURFKpVDXGLWpWDEOLVVHPHQW FRQGLWLRQV UpJOHPHQWDLUHV RX FRQWUDFWXHOOHV DSSOLFDEOHV j (OOH LQIRUPH pJDOHPHQW OH UHSUpVHQWDQW OpJDO GH OHXUUHVWLWXWLRQ O
pWDEOLVVHPHQWTX
LOSHXWSUHQGUHFRQQDLVVDQFHDXVLqJHGH /D EDQTXH FHQWUDOH GH 7XQLVLH IL[H OHV FRQGLWLRQV OD FRPPLVVLRQ GHV SLqFHV WHQGDQW j pWDEOLU OHV LQIUDFWLRQV G
DSSOLFDWLRQ GH FHV GLVSRVLWLRQV HW SUpFLVH QRWDPPHQW OD FRQVWDWpHV QDWXUH GHV IRQGV FRQFHUQpV OH PRQWDQW PD[LPXP GH /H UHSUpVHQWDQW GH O
pWDEOLVVHPHQW GRLW DGUHVVHU VHV O
LQGHPQLVDWLRQ SDU GpSRVDQW OHV PRGDOLWpV HW OHV GpODLV REVHUYDWLRQV DX SUpVLGHQW GH OD FRPPLVVLRQ EDQFDLUH GDQV G
LQGHPQLVDWLRQDLQVLTXHOHVUqJOHVUHODWLYHVjO
LQIRUPDWLRQ XQGpODLGHKXLWMRXUVjFRPSWHUGHODUpFHSWLRQGHODOHWWUH REOLJDWRLUH GH OD FOLHQWqOH (OOH SUpFLVH pJDOHPHQW OHV

1

-RXUQDO2IILFLHOGHOD5pSXEOLTXH7XQLVLHQQHMXLOOHW

3DJH

/H UHSUpVHQWDQW GH O

pWDEOLVVHPHQW HVW FRQYRTXp SDU OHWWUH UHFRPPDQGpHDYHFDFFXVpGHUpFHSWLRQSRXUrWUHHQWHQGXSDU ODFRPPLVVLRQEDQFDLUH&HWWHOHWWUHGRLWOXLrWUHFRPPXQLTXpH KXLW MRXUV DX PRLQV DYDQW OD GDWH GH OD UpXQLRQ GH OD FRPPLVVLRQ,OSHXWVHIDLUHDVVLVWHUSDUXQDYRFDW /HVGpFLVLRQVGHODFRPPLVVLRQEDQFDLUHVRQWPRWLYpHV HOOHV VRQW SULVHV j OD PDMRULWp GHV YRL[ HQ FDV GH SDUWDJH pJDOGHVYRL[FHOOHGXSUpVLGHQWHVWSUpSRQGpUDQWH $UW   /HV LQIUDFWLRQV j OD OpJLVODWLRQ HW j OD UpJOHPHQWDWLRQEDQFDLUHVH[SRVHQWDX[VDQFWLRQVVXLYDQWHV OHV PHPEUHV GX FRQVHLO G
DGPLQLVWUDWLRQ OHV PHPEUHV GX GLUHFWRLUH OHV PHPEUHV GX FRQVHLO GH VXUYHLOODQFH OHV GLULJHDQWVRXOHVPDQGDWDLUHVTXLV
HQVRQWUHQGXFRXSDEOHV RXTXL\RQWFRQVHQWLRXSDUWLFLSp ODVXVSHQVLRQWHPSRUDLUHGHWRXWHIRQFWLRQGHO
XQHRX SOXVLHXUV GHV SHUVRQQHV YLVpHV FLGHVVXV DYHF RX VDQV QRPLQDWLRQG
DGPLQLVWUDWHXUSURYLVRLUH ODFHVVDWLRQGHVIRQFWLRQVGHO
XQHRXSOXVLHXUVGHFHV SHUVRQQHV DYHF RX VDQV QRPLQDWLRQ G
DGPLQLVWUDWHXU SURYLVRLUH XQHDPHQGHSRXYDQWDWWHLQGUHFLQTIRLVOHPRQWDQWGH O
LQIUDFWLRQ UHFRXYUpH SRXU OH FRPSWH GX WUpVRU GDQV OHV PrPHV FRQGLWLRQV TXH FHOOHV SUpYXHV j O
DUWLFOH  GH OD SUpVHQWHORL &HV LQIUDFWLRQV VRQW SRXUVXLYLHV j O
LQLWLDWLYH GX JRXYHUQHXUGHODEDQTXHFHQWUDOHGH7XQLVLHHWOHVVDQFWLRQV GRQWHOOHVVRQWSDVVLEOHVVRQWSURQRQFpHVSDUODFRPPLVVLRQ EDQFDLUH SUpYXH j O
DUWLFOH  GH OD SUpVHQWH ORL GDQV OHV PrPHVFRQGLWLRQVHWVHORQOHVPrPHVIRUPDOLWpVTXHFHOOHV SUpYXHV SRXU OD SRXUVXLWH HW OD UpSUHVVLRQ GHV LQIUDFWLRQV FRPPLVHVSDUOHVpWDEOLVVHPHQWVGHFUpGLW $UW/DEDQTXHFHQWUDOHGH7XQLVLHSHXWSURQRQFHU j O
HQFRQWUH GH WRXW FRPPLVVDLUH DX[ FRPSWHV TXL PDQTXH DX[REOLJDWLRQVPLVHVjVDFKDUJHSDUOHVQXPpURVHWGH O
DUWLFOH  FLGHVVXV DSUqV DXGLWLRQ GH O
LQWpUHVVp XQH LQWHUGLFWLRQ G
H[HUFHU VHV IRQFWLRQV DXSUqV GHV pWDEOLVVHPHQWV GH FUpGLW j WLWUH SURYLVRLUH SRXU XQH GXUpH PD[LPXPGHWURLVDQVRXjWLWUHGpILQLWLI 6HXOHODGpFLVLRQG
LQWHUGLFWLRQGpILQLWLYHHVWVXVFHSWLEOH G
DSSHOGHYDQWODFRPPLVVLRQEDQFDLUH /H UHFRXUV  GHYDQW OD FRPPLVVLRQ EDQFDLUH SDU OH FRPPLVVDLUH DX[ FRPSWHV VDQFWLRQQp HVW LQWURGXLW GDQV XQ GpODLGHMRXUVjFRPSWHUGHODGDWHGHODQRWLILFDWLRQTXL OXLHVWIDLWHGHODVDQFWLRQ $UW,OHVWLQWHUGLWDX[PHPEUHVGHODFRPPLVVLRQ EDQFDLUH GH GLYXOJXHU OHV VHFUHWV GRQW LOV RQW SULV FRQQDLVVDQFH GX IDLW GH OHXU PLVVLRQ VDXI GDQV OHV FDV SHUPLVSDUODORLHWVRXVOHFRXSGHVVDQFWLRQVSUpYXHVSDU O
DUWLFOHGXFRGHSpQDO $UW   6RQW SXQLHV G
XQH DPHQGH LQIOLJpH SDU OD EDQTXHFHQWUDOHGH7XQLVLHDSUqVDXGLWLRQGHO
pWDEOLVVHPHQW FRQFHUQpWRXWHVOHVLQIUDFWLRQVUHODWLYHVjO
DWWULEXWLRQRXj ODSHUFHSWLRQG
LQWpUrWVFUpGLWHXUVRXGpELWHXUVGpSDVVDQWOHV OLPLWHV IL[pHV SDU OD EDQTXH FHQWUDOH GH 7XQLVLH DLQVL TXH OHVLQIUDFWLRQVUHODWLYHVjODSHUFHSWLRQGHFRPPLVVLRQVQRQ SUpYXHVSDUOHVFLUFXODLUHVGHODEDQTXHFHQWUDOHGH7XQLVLH RXSHUoXHVjGHVWDX[VXSpULHXUVjFHX[FRPPXQLTXpVjOD EDQTXHFHQWUDOHGH7XQLVLH/
DPHQGHGRQWOHPRQWDQWSHXW DWWHLQGUH FLQT IRLV FHOXL GH O
LQIUDFWLRQ HVW UHFRXYUpH DX SURILW GX WUpVRU FRQIRUPpPHQW DX[ SURFpGXUHV SUpYXHV j O
DUWLFOHGHODSUpVHQWHORL

$UW   7RXWH GLVVLPXODWLRQ GH UHQVHLJQHPHQWV RX FRPPXQLFDWLRQ GH UHQVHLJQHPHQWV VFLHPPHQW LQH[DFWV HVW SDVVLEOH G
XQH DPHQGH DX WDX[ SUpYX j O
DUWLFOH  GH OD SUpVHQWHORL 7RXW UHWDUG GDQV OD FRPPXQLFDWLRQ GHV GRFXPHQWV UHQVHLJQHPHQWV pFODLUFLVVHPHQWV HW MXVWLILFDWLRQV YLVpV j O
DUWLFOH  GH OD SUpVHQWH ORL HVW SDVVLEOH j FRPSWHU GH VD FRQVWDWDWLRQSDUOHVDJHQWVGHODEDQTXHFHQWUDOHGH7XQLVLH G
XQHDVWUHLQWHIL[pHjFHQWGLQDUVSDUMRXUGHUHWDUGGRQWOH UHFRXYUHPHQW HVW HIIHFWXp GDQV OHV FRQGLWLRQV IL[pHV j O
DUWLFOHGHODSUpVHQWHORL $UW7RXWUHIXVGHFRPPXQLFDWLRQGHVGRFXPHQWV YLVpVjO
DUWLFOHGHODSUpVHQWHORLHVWVDQFWLRQQpSDUXQH DVWUHLQWH TXL SHXW DWWHLQGUH FLQTXDQWH GLQDUV SDU MRXU GH UHWDUGjFRPSWHUGHODGDWHGHVDFRQVWDWDWLRQSDUOHVDJHQWV GHODEDQTXHFHQWUDOHGH7XQLVLH /H JRXYHUQHXU GH OD EDQTXH FHQWUDOH GH 7XQLVLH IL[H DSUqVDYLVGXPLQLVWUHGHVILQDQFHVOHPRQWDQWGpILQLWLIGH O
DVWUHLQWH TXL HVW UHFRXYUp DX SURILW GX WUpVRU GDQV OHV FRQGLWLRQVIL[pHVSDUO
DUWLFOHGHODSUpVHQWHORL &KDSLWUH 'HVVDQFWLRQVSpQDOHV $UW(VWSXQLHG
XQHPSULVRQQHPHQWGHWURLVPRLVj WURLVDQVHWG
XQHDPHQGHGHjGLQDUVRXGHO
XQH GHFHVGHX[SHLQHVVHXOHPHQWWRXWHLQIUDFWLRQDX[GLVSRVLWLRQV GX SDUDJUDSKH SUHPLHU GH O
DUWLFOH  GH OD SUpVHQWH ORL /D VDQFWLRQHVWSRUWpHDXGRXEOHHQFDVGHUpFLGLYH (VWSXQLHG
XQHPSULVRQQHPHQWG
XQPRLVjXQHDQQpHHW G
XQHDPHQGHGHjGLQDUVRXGHO
XQHGHFHV GHX[SHLQHVVHXOHPHQWWRXWHLQIUDFWLRQDX[GLVSRVLWLRQVGX SDUDJUDSKH GHX[LqPH GH O
DUWLFOH  GH OD SUpVHQWH ORL /D VDQFWLRQHVWSRUWpHDXGRXEOHHQFDVGHUpFLGLYH $UW   (VW SXQLH G
XQ HPSULVRQQHPHQW G
XQ PRLV j XQHDQQpHHWG
XQHDPHQGHGHjGLQDUVRXGH O
XQH GH FHV GHX[ SHLQHV VHXOHPHQW WRXWH LQIUDFWLRQ DX[ GLVSRVLWLRQVGHO
DUWLFOHGHODSUpVHQWHORL/DVDQFWLRQHVW SRUWpHDXGRXEOHHQFDVGHUpFLGLYH $UW   ,QGpSHQGDPPHQW GHV VDQFWLRQV GLVFLSOLQDLUHV GHV DVWUHLQWHV HW GHV DPHQGHV LQIOLJpHV GDQV OHV FRQGLWLRQV GpILQLHVSDUODSUpVHQWHORLOHVLQIUDFWLRQVjODOpJLVODWLRQHWjOD UpJOHPHQWDWLRQ UpJLVVDQW O
DFWLYLWp EDQFDLUH H[SRVHQW OHXUV DXWHXUVjGHVSRXUVXLWHVMXGLFLDLUHVHQYHUWXGHVORLVHQYLJXHXU 7,75(9, ',6326,7,21675$16,72,5(6 $UW(VWFRQVLGpUpFRPPHEDQTXHHQDSSOLFDWLRQ GHODSUpVHQWHORLWRXWpWDEOLVVHPHQWDJUppHQYHUWXGHODORL Q  GX  GpFHPEUH  UpJOHPHQWDQW OD SURIHVVLRQ EDQFDLUHHQTXDOLWpGHEDQTXHGHGpS{W (VW FRQVLGpUp FRPPH pWDEOLVVHPHQW ILQDQFLHU HQ DSSOLFDWLRQGHODSUpVHQWHORLWRXWpWDEOLVVHPHQWDJUppGDQVOH FDGUHGHODORLYLVpHDXSUHPLHUSDUDJUDSKHGXSUpVHQWDUWLFOH HQ TXDOLWp GH EDQTXH G
DIIDLUHV RX G
pWDEOLVVHPHQW ILQDQFLHU GHOHDVLQJRXG
pWDEOLVVHPHQWILQDQFLHUGHIDFWRULQJ /HVEDQTXHVG
DIIDLUHVDJUppHVDYDQWO
HQWUpHHQYLJXHXU GH OD SUpVHQWH ORL VRQW DXWRULVpHV j XWLOLVHU OH WHUPH EDQTXH GDQV OHXU GpQRPLQDWLRQ VRFLDOH GRFXPHQWV HW SXEOLFLWpVjFRQGLWLRQG
DMRXWHUGDQVWRXVOHVFDVOHWHUPH EDQTXHG
DIIDLUHV

 3DJH

-RXUQDO2IILFLHOGHOD5pSXEOLTXH7XQLVLHQQHMXLOOHW

1

$UW6RQWDEURJpHVOHVGLVSRVLWLRQVGHODORLQ GXGpFHPEUHUpJOHPHQWDQWODSURIHVVLRQEDQFDLUH /D SUpVHQWH ORL VHUD SXEOLpH DX -RXUQDO 2IILFLHO GH OD 5pSXEOLTXH7XQLVLHQQHHWH[pFXWpHFRPPHORLGHO
(WDW 7XQLVOHMXLOOHW
=LQH(O$ELGLQH%HQ$OL   

$UW   6RQW DEURJpHV WRXWHV OHV GLVSRVLWLRQV OpJLVODWLYHV HW UpJOHPHQWDLUHV DQWpULHXUHV HW FRQWUDLUHV DX[ GLVSRVLWLRQVGHODSUpVHQWHORL /D SUpVHQWH ORL VHUD SXEOLpH DX -RXUQDO 2IILFLHO GH OD 5pSXEOLTXH7XQLVLHQQHHWH[pFXWpHFRPPHORLGHO
(WDW 7XQLVOHMXLOOHW
=LQH(O$ELGLQH%HQ$OL  

/RL Q  GX  MXLOOHW  UHODWLYH j OD VXSSUHVVLRQ GHV DXWRULVDWLRQV DGPLQLVWUDWLYHV GpOLYUpHV SDU OHV VHUYLFHV GX PLQLVWqUH GX FRPPHUFH $XQRPGXSHXSOH /DFKDPEUHGHVGpSXWpVD\DQWDGRSWp /H3UpVLGHQWGHOD5pSXEOLTXHSURPXOJXHODORLGRQWOD WHQHXUVXLW $UWLFOH SUHPLHU  6RQW DEURJpHV OHV GLVSRVLWLRQV OpJLVODWLYHV VRXPHWWDQW O
H[HUFLFH GHV DFWLYLWpV YLVpHV j O
DUWLFOH  GH OD SUpVHQWH ORL HW OHV RSpUDWLRQV UHODWLYHV j OD PXWDWLRQ GHV IRQGV GH FRPPHUFH GHV pWUDQJHUV DX[ WXQLVLHQVjXQHDXWRULVDWLRQDGPLQLVWUDWLYH /
DFWLYLWp GH FRQFHVVLRQQDLUH GH PDWpULHOV GH WUDQVSRUW URXWLHUHVWH[FOXHGXFKDPSG
DSSOLFDWLRQGHODSUpVHQWHORL HWUHVWHVRXPLVHjXQHDXWRULVDWLRQSUpDODEOH $UW   /
H[HUFLFH GHV DFWLYLWpV FLWpHV FLDSUqV HW OHV RSpUDWLRQV UHODWLYHV j OD PXWDWLRQ GHV IRQGV GH FRPPHUFH GHV pWUDQJHUV DX[ WXQLVLHQV VRQW VRXPLV DX[ FRQGLWLRQV SUpYXHVSDUODOpJLVODWLRQHQYLJXHXUDLQVLTX
DX[H[LJHQFHV GHV FDKLHUV GHV FKDUJHV DSSURXYpV SDU DUUrWp GX PLQLVWUH FKDUJpGXFRPPHUFH FRQFHVVLRQQDLUH UHSUpVHQWDQWGHFRPPHUFH FRPPHUFHGHVDVFHQVHXUVHWDVVLPLOpV FRQVHLOOHUHQH[SRUWDWLRQ DJHQWGHSXEOLFLWpFRPPHUFLDOH DJHQWLPPRELOLHU  UpSDUDWLRQ HW LQVWDOODWLRQ GH FHUWDLQHV FDWpJRULHV G
LQVWUXPHQWV GH PHVXUH VRXPLV DX FRQWU{OH PpWURORJLTXH OpJDO $UW7RXWHSHUVRQQHGpVLUDQWH[HUFHUO
XQHGHVDFWLYLWpV YLVpHV j O
DUWLFOH  GH OD SUpVHQWH ORL RX HQWUHSUHQGUH GHV RSpUDWLRQVUHODWLYHVjODPXWDWLRQGHIRQGVGHFRPPHUFHYLVpHV jO
DUWLFOHSUHPLHUGHODSUpVHQWHORLHVWWHQXHGHGpSRVHUXQH GpFODUDWLRQ DXSUqV GHV VHUYLFHV GX PLQLVWqUH FKDUJp GX FRPPHUFH FRQIRUPpPHQW DX PRGqOH DQQH[p DX[ FDKLHUV GHV FKDUJHVYLVpVjO
DUWLFOHGHODSUpVHQWHORL /
DGPLQLVWUDWLRQ GRLW rWUH LQIRUPpH GH WRXWH PRGLILFDWLRQ DIIHFWDQW OH FRQWHQX GHV GpFODUDWLRQV HW FH GDQVXQGpODLGHTXLQ]HMRXUV $UW   (VW SXQL G
XQH DPHQGH GH  j  GLQDUVWRXWFRQWUHYHQDQWDX[GLVSRVLWLRQVGHO
DUWLFOHGHOD SUpVHQWHORL BBBBBBBBBBBB
7UDYDX[SUpSDUDWRLUHV 'LVFXVVLRQ HW DGRSWLRQ SDU OD FKDPEUH GHV GpSXWpV GDQV VD VpDQFHGXMXLQ

/RL Q  GX  MXLOOHW  UHODWLYH j OD VLPSOLILFDWLRQ GHV SURFpGXUHV DGPLQLVWUDWLYHV DIIpUHQWHV DX[ DXWRULVDWLRQV GpOLYUpHV SDU OH PLQLVWqUH FKDUJp GX WUDQVSRUW GDQV OHV GRPDLQHV UHOHYDQWGHVDFRPSpWHQFH $XQRPGXSHXSOH /DFKDPEUHGHVGpSXWpVD\DQWDGRSWp /H3UpVLGHQWGHOD5pSXEOLTXHSURPXOJXHODORLGRQWOD WHQHXUVXLW $UWLFOHSUHPLHU/HVGLVSRVLWLRQVGHVDUWLFOHVHW  GX FRGH GHV SRUWV PDULWLPHV GH FRPPHUFH SURPXOJXp SDU OD ORL Q  GX  PDUV  VRQW DEURJpHV HW UHPSODFpHVFRPPHVXLW $UWLFOH  QRXYHDX  /
H[HUFLFH GDQV OH SRUW GH SURIHVVLRQV DXWUHV TXH FHOOHV SUpYXHV SDU OD OpJLVODWLRQ HQ YLJXHXU UHODWLYH j O
RUJDQLVDWLRQ GHV SURIHVVLRQV GH OD PDULQHPDUFKDQGHGHVWUDQVLWDLUHVHWGHVFRPPLVVLRQQDLUHV HQGRXDQHHVWVRXPLVDX[FRQGLWLRQVVXLYDQWHV  OD SHUVRQQH SK\VLTXH RX PRUDOH TXL GpVLUH H[HUFHU O
XQH GHV SURIHVVLRQV DX SRUW GRLW MRXLU GH OD QDWLRQDOLWp WXQLVLHQQH  OD SHUVRQQH SK\VLTXH TXL GpVLUH H[HUFHU O
XQH GHV SURIHVVLRQVDXSRUWGRLWMRXLUGHVHVGURLWVFLYLTXHV &HWWHFRQGLWLRQHVWDSSOLFDEOHDXUHSUpVHQWDQWOpJDOGHOD SHUVRQQHPRUDOH  OHV SURIHVVLRQV DX SRUW GRLYHQW rWUH H[HUFpHV FRQIRUPpPHQW j GHV FDKLHUV GHV FKDUJHV TXL IL[HQW QRWDPPHQW OHV FRQGLWLRQV UHODWLYHV j OD TXDOLILFDWLRQ SURIHVVLRQQHOOH HW DX[ PR\HQV PDWpULHOV QpFHVVDLUHV SRXU O
H[HUFLFHGHO
DFWLYLWp /HV FDKLHUV GHV FKDUJHV VRQW DSSURXYpV SDU DUUrWp GX PLQLVWUH FKDUJp GX WUDQVSRUW VXU SURSRVLWLRQ GH O
DXWRULWp SRUWXDLUH $UWLFOH  QRXYHDX  (Q FDV GH FRQVWDWDWLRQ G
XQ PDQTXHPHQW JUDYH RX UpSpWp RX G
XQH LQIUDFWLRQ DX[ GLVSRVLWLRQVGXSUpVHQWFRGHRXDX[GLVSRVLWLRQVGHO
XQGHV FDKLHUV GHV FKDUJHV SUpYXV j VRQ DUWLFOH  FRPPLVH SDU WRXWH SHUVRQQH SK\VLTXH RX PRUDOH H[HUoDQW O
XQH GHV SURIHVVLRQVDXSRUWO
DXWRULWpSRUWXDLUHSHXWQRQREVWDQWWRXWH SRXUVXLWHSpQDOHSUHQGUHO
XQHGHVVDQFWLRQVVXLYDQWHV O
DYHUWLVVHPHQW  OD VXVSHQVLRQ GH O
H[HUFLFH GH O
DFWLYLWp GDQV OHV SRUWV PDULWLPHV GH FRPPHUFH SRXU XQH GXUpH QH GpSDVVDQW SDV WURLVPRLV BBBBBBBBBBBB
7UDYDX[SUpSDUDWRLUHV 'LVFXVVLRQ HW DGRSWLRQ SDU OD FKDPEUH GHV GpSXWpV GDQV VD VpDQFHGXMXLQ

1

-RXUQDO2IILFLHOGHOD5pSXEOLTXH7XQLVLHQQHMXLOOHW

3DJH

 O
LQWHUGLFWLRQ GpILQLWLYH G
H[HUFLFH GH O
DFWLYLWp GDQV OHV SRUWVPDULWLPHVGHFRPPHUFH /HV VDQFWLRQV GH VXVSHQVLRQ HW G
LQWHUGLFWLRQ GpILQLWLYH G
H[HUFLFH GH O
DFWLYLWp VRQW SURQRQFpHV DSUqV DYLV G
XQ FRQVHLO GH GLVFLSOLQH FRPSRVp G
XQ SUpVLGHQW HW GH GHX[ PHPEUHV O
XQ UHSUpVHQWDQW O
DXWRULWp SRUWXDLUH HW O
DXWUH OD SURIHVVLRQ FRQFHUQpH GpVLJQpV SDU O
DXWRULWp SRUWXDLUH /H UHSUpVHQWDQW GH OD SURIHVVLRQ FRQFHUQpH HVW GpVLJQp VXU SURSRVLWLRQGHO
RUJDQLVPHTX
LOUHSUpVHQWH 'DQV WRXV OHV FDV HW DYDQW GH SURQRQFHU OD VDQFWLRQ O
DXWRULWpSRUWXDLUHFRQYRTXHOHFRQWUHYHQDQWSRXUSUpVHQWHU VHV PR\HQV GH GpIHQVH HW FH GDQV XQ GpODL QH GpSDVVDQW SDVOHVTXLQ]HMRXUVjFRPSWHUGHODGDWHGHVDFRQYRFDWLRQ SDUOHWWUHUHFRPPDQGpHDYHFDFFXVpGHUpFHSWLRQ $UWLFOH  QRXYHDX  /
DXWRULWp SRUWXDLUH SHXW RUGRQQHU DSUqV DYLV GX FRQVHLO GH GLVFLSOLQH O
LQWHUGLFWLRQ GpILQLWLYHG
H[HUFHUO
DFWLYLWpGDQVOHVFDVVXLYDQWV  ORUVTXH O
LQWpUHVVp QH UHPSOLW SOXV OHV FRQGLWLRQV H[LJpHV SDU OH FDKLHU GHV FKDUJHV HW Q
D SDV SURFpGp j OD UpJXODULVDWLRQ GH VD VLWXDWLRQ GDQV XQ GpODL G
XQ PRLV j FRPSWHU GH OD GDWH GH VD PLVH HQ GHPHXUH SDU OHWWUH UHFRPPDQGpHDYHFDFFXVpGHUpFHSWLRQ ORUVTX
XQMXJHPHQWGpFODUDWLIGHIDLOOLWHDpWpSURQRQFp jO
HQFRQWUHGHO
LQWpUHVVp  ORUVTXH O
LQWpUHVVp D FHVVp VRQ DFWLYLWp SHQGDQW XQH SpULRGH GpSDVVDQW XQH DQQpH HW QH O
D SDV UHSULVH GDQV XQ GpODLG
XQPRLVjFRPSWHUGHODGDWHGHVDPLVHHQGHPHXUH SDUOHWWUHUHFRPPDQGpHDYHFDFFXVpGHUpFHSWLRQ $UW/HVGLVSRVLWLRQVGHO
DUWLFOHGXSDUDJUDSKH GHO
DUWLFOHHWGXGHX[LqPHSDUDJUDSKHGHO
DUWLFOHGX FRGHGHODURXWHSURPXOJXpSDUODORLQGXMXLOOHW VRQWDEURJpHVHWUHPSODFpHVFRPPHVXLW $UWLFOH  QRXYHDX  /
H[HUFLFH GH OD SURIHVVLRQ G
DSSUHQWLVVDJH G
HQVHLJQHPHQW HW GH IRUPDWLRQ GDQV OH GRPDLQH GHV UqJOHV GH FLUFXODWLRQ HW GH VpFXULWp URXWLqUH GH FRQGXLWH GHV YpKLFXOHV HW GH IRUPDWLRQ GH PRQLWHXUV G
HQVHLJQHPHQWGHODFRQGXLWHGHVYpKLFXOHVHVWVRXPLVjGHV FRQGLWLRQVIL[pHVSDUDUUrWpGXPLQLVWUHFKDUJpGXWUDQVSRUW /
H[SORLWDWLRQ G
pWDEOLVVHPHQWV G
HQVHLJQHPHQW GH OD FRQGXLWH GHV YpKLFXOHV HW GH FHQWUHV VSpFLDOLVpV GH IRUPDWLRQ GDQVOHGRPDLQHGHODFRQGXLWHGHVYpKLFXOHVHVWVRXPLVHjXQ FDKLHUGHVFKDUJHVDSSURXYpSDUDUUrWpGXPLQLVWUHFKDUJpGX WUDQVSRUW&HFDKLHUGHVFKDUJHVIL[HOHVFRQGLWLRQVUHODWLYHVj O
DSWLWXGHSURIHVVLRQQHOOHDX[ORFDX[HWDX[YpKLFXOHVXWLOLVpV DLQVL TXH OHV FRQGLWLRQV UHODWLYHV j O
H[SORLWDWLRQ GH FHV pWDEOLVVHPHQWVHWFHQWUHVHWjOHXUFRQWU{OH /D SHUVRQQH SK\VLTXH RX OH UHSUpVHQWDQW OpJDO G
XQH SHUVRQQH PRUDOH H[SORLWDQW XQ pWDEOLVVHPHQW G
HQVHLJQH PHQWGHODFRQGXLWHGHVYpKLFXOHVRXXQFHQWUHVSpFLDOLVpGH IRUPDWLRQGDQVOHGRPDLQHGHODFRQGXLWHGHVYpKLFXOHVQH GRLW SDV DYRLU IDLW O
REMHW G
XQH FRQGDPQDWLRQ GH SOXV GH WURLV PRLV GH SULVRQ IHUPH RX GH SOXV GH VL[ PRLV G
HPSULVRQQHPHQW DYHF VXUVLV HW QH SDV DYRLU pWp GpFODUpH HQIDLOOLWHHWQRQUpKDELOLWpH $UWLFOHSDUDJUDSKHQRXYHDX   1RQ UHVSHFW GHV GLVSRVLWLRQV GX FDKLHU GHV FKDUJHV UHODWLIjO
H[SORLWDWLRQG
pWDEOLVVHPHQWVG
HQVHLJQHPHQWGHOD FRQGXLWH GHV YpKLFXOHV RX GX FDKLHU GHV FKDUJHV UHODWLI j

O
H[SORLWDWLRQ GH FHQWUHV VSpFLDOLVpV GH IRUPDWLRQ GDQV OH GRPDLQHGHODFRQGXLWHGHVYpKLFXOHV $UWLFOHSDUDJUDSKHQRXYHDX /HV DJHQWV GX PLQLVWqUH FKDUJp GX WUDQVSRUW DVVHUPHQWpV j FHW HIIHW VRQW KDELOLWpV j FRQVWDWHU OHV LQIUDFWLRQVUHODWLYHVj O
RUJDQLVDWLRQGHVWUDQVSRUWVWHUUHVWUHV O
LGHQWLILFDWLRQGHVYpKLFXOHV  O
H[SORLWDWLRQ G
pWDEOLVVHPHQWV G
HQVHLJQHPHQW GH OD FRQGXLWH GHV YpKLFXOHV HW GH FHQWUHV VSpFLDOLVpV GH IRUPDWLRQGDQVOHGRPDLQHGHODFRQGXLWHGHVYpKLFXOHV O
H[SORLWDWLRQG
pWDEOLVVHPHQWVGHORFDWLRQGHYRLWXUHV $UW   6RQW DMRXWpV FRPPH VXLW DX FRGH GH OD URXWH VXVYLVpOHSDUDJUDSKHjO
DUWLFOHHWOHVDUWLFOHVELV ELVWHUTXDWHUTXLQWRHWVH[WR $UWLFOH  ELV  3HXYHQW rWUH WUDQVIRUPpV HQ FHUWLILFDWVWXQLVLHQVOHVFHUWLILFDWVpWUDQJHUVG
HQVHLJQHPHQW GHV UqJOHV GH FLUFXODWLRQ HW GH VpFXULWp URXWLqUH GH OD FRQGXLWH GHV YpKLFXOHV HW GH IRUPDWLRQ GH PRQLWHXUV G
HQVHLJQHPHQWGHODFRQGXLWHGHVYpKLFXOHV /HVFRQGLWLRQVGHWUDQVIRUPDWLRQGHFHVFHUWLILFDWVVRQW IL[pHVSDUDUUrWpGXPLQLVWUHFKDUJpGXWUDQVSRUW &HV FHUWLILFDWV VRQW WUDQVIRUPpV DSUqV DYLV G
XQH FRPPLVVLRQ SURIHVVLRQQHOOH FRQVXOWDWLYH QDWLRQDOH GX VHFWHXUGHO
HQVHLJQHPHQWGHODFRQGXLWHGHVYpKLFXOHV /D FRPSRVLWLRQ OHV DWWULEXWLRQV HW OHV PRGDOLWpV GH IRQFWLRQQHPHQWGHODGLWHFRPPLVVLRQVRQWIL[pHVSDUDUUrWp GXPLQLVWUHFKDUJpGXWUDQVSRUW $UWLFOHSDUDJUDSKH ([SORLWDWLRQG
XQpWDEOLVVHPHQWG
HQVHLJQHPHQWGH OD FRQGXLWH GHV YpKLFXOHV RX G
XQ FHQWUH VSpFLDOLVp GH IRUPDWLRQ GDQV OH GRPDLQH GH OD FRQGXLWH GHV YpKLFXOHV VDQVDYRLUVLJQpOHFDKLHUGHVFKDUJHVHWVDQVDYRLUGpSRVp OD GpFODUDWLRQ GH GpPDUUDJH GH O
H[SORLWDWLRQ j O
H[FHSWLRQ GHV pWDEOLVVHPHQWV G
HQVHLJQHPHQW GH OD FRQGXLWH GHV YpKLFXOHV DXWRULVpV DYDQW OD SDUXWLRQ GH O
DUUrWp YLVp DX GHX[LqPHSDUDJUDSKHGHO
DUWLFOHGXSUpVHQWFRGH $UWLFOHELV(QFDVGHQRQUHVSHFWGHVGLVSRVLWLRQV GX FDKLHU GHV FKDUJHV UHODWLI j O
H[SORLWDWLRQ G
pWDEOLVVHPHQWV G
HQVHLJQHPHQW GH OD FRQGXLWH GHV YpKLFXOHVRXGXFDKLHUGHVFKDUJHVUHODWLIjO
H[SORLWDWLRQGH FHQWUHV VSpFLDOLVpV GH IRUPDWLRQ GDQV OH GRPDLQH GH OD FRQGXLWH GHV YpKLFXOHV OH FRQWUHYHQDQW HQFRXUW OHV VDQFWLRQVVXLYDQWHV  O
DUUrW GpILQLWLI GH O
DFWLYLWp G
XQ pWDEOLVVHPHQW G
HQVHLJQHPHQWGHODFRQGXLWHGHVYpKLFXOHVRXG
XQFHQWUH VSpFLDOLVpGHIRUPDWLRQGDQVOHGRPDLQHGHODFRQGXLWHGHV YpKLFXOHV  O
LQWHUGLFWLRQ SURYLVRLUH RX GpILQLWLYH GH GLULJHU XQ pWDEOLVVHPHQW G
HQVHLJQHPHQW GH OD FRQGXLWH GHV YpKLFXOHV RXXQFHQWUHVSpFLDOLVpGHIRUPDWLRQGDQVOHGRPDLQHGHOD FRQGXLWHGHVYpKLFXOHV $UWLFOH  WHU  /
DFWLYLWp G
XQ pWDEOLVVHPHQW G
HQVHLJQHPHQWGHODFRQGXLWHGHVYpKLFXOHVRXG
XQFHQWUH VSpFLDOLVpGHIRUPDWLRQGDQVOHGRPDLQHGHODFRQGXLWHGHV YpKLFXOHVHVWDUUrWpHGpILQLWLYHPHQWGDQVOHVFDVVXLYDQWV

 3DJH

-RXUQDO2IILFLHOGHOD5pSXEOLTXH7XQLVLHQQHMXLOOHW

1

 QRQ UHVSHFW GHV GLVSRVLWLRQV GX FDKLHU GHV FKDUJHV UHODWLYHVjODFRQGLWLRQG

DSWLWXGHSURIHVVLRQQHOOHH[LJpHGH OD SHUVRQQH SK\VLTXH RX GX UHSUpVHQWDQW OpJDO GH OD SHUVRQQHPRUDOHH[SORLWDQWO
pWDEOLVVHPHQWRXOHFHQWUH  FRQGDPQDWLRQ j XQH SHLQH GH SOXV GH WURLV PRLV GH SULVRQIHUPHRXGHSOXVGHVL[PRLVG
HPSULVRQQHPHQWDYHF VXUVLV GH OD SHUVRQQH SK\VLTXH RX GX UHSUpVHQWDQWOpJDOGH OD SHUVRQQH PRUDOH H[SORLWDQW O
pWDEOLVVHPHQW RX OH FHQWUH RXOHIDLWG
DYRLUpWpGpFODUpHHQIDLOOLWHHWQRQUpKDELOLWpH  DFTXLVLWLRQ GH OD TXDOLWp G
DJHQW GH O
(WDW GHV FROOHFWLYLWpV ORFDOHV GHV pWDEOLVVHPHQWV SXEOLFV j FDUDFWqUH DGPLQLVWUDWLI RX GHV HQWUHSULVHV SXEOLTXHV WHOOHV TXH GpILQLHVSDUODOpJLVODWLRQHQYLJXHXUHWFHSDUODSHUVRQQH SK\VLTXH RX OH UHSUpVHQWDQW OpJDO GH OD SHUVRQQH PRUDOH H[SORLWDQWO
pWDEOLVVHPHQWRXOHFHQWUH $UWLFOH  TXDWHU  /D OLFHQFH HVW UHWLUpH SURYLVRLUHPHQW SRXU XQH SpULRGH DOODQW G
XQH VHPDLQH j GHX[PRLVRXGpILQLWLYHPHQWGDQVOHVFDVVXLYDQWV DWWHLQWHjO
RUGUHSXEOLF DJUHVVLRQRXWHQWDWLYHG
DJUHVVLRQG
XQIRQFWLRQQDLUHj O
RFFDVLRQ GH O
H[HUFLFH GHV VHV IRQFWLRQV HW FH DSUqV MXJHPHQWGpILQLWLIGHFRQGDPQDWLRQ  WHQWDWLYH G
LPPL[WLRQ GDQV OH GpURXOHPHQW GHV H[DPHQVGHSHUPLVGHFRQGXLUHRXGHFHUWLILFDWVG
DSWLWXGH SURIHVVLRQQHOOH RX G
HQWUDYH j FHV H[DPHQV HW FH DSUqV MXJHPHQWGpILQLWLIGHFRQGDPQDWLRQ  QRQ UHVSHFW GH OD OpJLVODWLRQ HW GH OD UpJOHPHQWDWLRQ UHODWLYHVjO
HQVHLJQHPHQWGHODFRQGXLWHGHVYpKLFXOHVHWj OD IRUPDWLRQ GH PRQLWHXUV G
HQVHLJQHPHQW GH OD FRQGXLWH GHVYpKLFXOHV /H UHWUDLW HIIHFWLI GX SHUPLV GH FRQGXLUH HQWUDvQH OH UHWUDLWDXWRPDWLTXHGHODOLFHQFHSRXUODPrPHSpULRGH $UWLFOHTXLQWR/DOLFHQFHHVWUHWLUpHGHSOHLQGURLW HWGpILQLWLYHPHQWGDQVOHVFDVVXLYDQWV  FRQGDPQDWLRQ j XQH SHLQH GH SOXV GH WURLV PRLV GH SULVRQIHUPHRXGHSOXVGHVL[PRLVG
HPSULVRQQHPHQWDYHF VXUVLVGXWLWXODLUHGHODOLFHQFHRXOHIDLWG
DYRLUpWpGpFODUp HQIDLOOLWHHWQRQUpKDELOLWp  SHUWH GH OD YDOLGLWp GX SHUPLV GH FRQGXLUH j WLWUH GpILQLWLI GpFqVGXWLWXODLUHGHODOLFHQFH  DFTXLVLWLRQ GH OD TXDOLWp G
DJHQW GH O
(WDW GHV FROOHFWLYLWpV ORFDOHV GHV pWDEOLVVHPHQWV SXEOLFV j FDUDFWqUH DGPLQLVWUDWLI RX GHV HQWUHSULVHV SXEOLTXHV WHOOHV TXH GpILQLHVSDUODOpJLVODWLRQHQYLJXHXUHWFHSDUOHWLWXODLUH GHODOLFHQFH $UWLFOHVH[WR/HVVDQFWLRQVFLWpHVDX[DUWLFOHV ELV  WHU HW  TXDWHU VRQW SULVHV DSUqV DYLV G
XQH FRPPLVVLRQ SURIHVVLRQQHOOH FRQVXOWDWLYH UpJLRQDOH GX VHFWHXUGHO
HQVHLJQHPHQWGHODFRQGXLWHGHVYpKLFXOHV /D FRPSRVLWLRQ OHV DWWULEXWLRQV HW OHV PRGDOLWpV GH IRQFWLRQQHPHQWGHODGLWHFRPPLVVLRQVRQWIL[pHVSDUDUUrWp GXPLQLVWUHFKDUJpGXWUDQVSRUW $UW   /HV GLVSRVLWLRQV GX SDUDJUDSKH  GH O
DUWLFOH GXFRGHGHODURXWHVXVYLVpVRQWDEURJpHV

$UW/HVDUWLFOHV    HW  GH OD ORL Q  GX  MXLOOHW  UHODWLYHjO
RUJDQLVDWLRQGHO
DFWLYLWpGXWUDQVSRUWURXWLHUGH PDUFKDQGLVHV WHOOH TXH PRGLILpH SDU OD ORL Q  GX  DRW  VRQW DEURJpV HW UHPSODFpV SDU OHV DUWLFOHV VXLYDQWV $UWLFOHQRXYHDX/HWUDQVSRUWGHPDUFKDQGLVHVSRXU SURSUHFRPSWHQ
HVWVRXPLVQLDXFDKLHUGHVFKDUJHVQLjOD GpFODUDWLRQSUpDODEOHSUpYXVSDUODSUpVHQWHORL $UWLFOH  QRXYHDX  /H WUDQVSRUW GH PDUFKDQGLVHV SRXU OH FRPSWH G
DXWUXL DX PR\HQ GH YpKLFXOHV GRQW OH SRLGV WRWDO DXWRULVp HQ FKDUJH GpSDVVH XQ VHXLO IL[p SDU DUUrWp GX PLQLVWUH FKDUJp GX WUDQVSRUW HVW VRXPLV j XQ FDKLHUGHVFKDUJHVHWjXQHGpFODUDWLRQSUpDODEOHDXSUqVGHV VHUYLFHVFRPSpWHQWVGXPLQLVWqUHFKDUJpGXWUDQVSRUW $UWLFOHQRXYHDX6RXVUpVHUYHGHVGLVSRVLWLRQVGH O
DUWLFOH  QRXYHDX GH OD SUpVHQWH ORL OHV SHUVRQQHV PRUDOHV GH QDWLRQDOLWp pWUDQJqUH SHXYHQW H[HUFHU O
DFWLYLWp GH WUDQVSRUW LQWHUQDWLRQDO URXWLHU SRXU OH FRPSWH G
DXWUXL ORUVTX
HOOHV \ VRQW DXWRULVpHV HQ YHUWX GH FRQYHQWLRQV LQWHUQDWLRQDOHVHQYLJXHXUHQWUHOD5pSXEOLTXH7XQLVLHQQHHW OHV SD\V DEULWDQW OHXU VLqJH VRFLDO HW FH VRXV UpVHUYH GH UpFLSURFLWp $GpIDXWGHWHOOHVFRQYHQWLRQVO
H[HUFLFHGHO
DFWLYLWpGH WUDQVSRUW LQWHUQDWLRQDO URXWLHU SRXU OH FRPSWH G
DXWUXL SDU GHV pWUDQJHUV HVW VRXPLV j OD OpJLVODWLRQ HW j OD UpJOHPHQWDWLRQ HQ YLJXHXU UpJLVVDQW OHV LQYHVWLVVHPHQWV HW OHVSDUWLFLSDWLRQVGHVpWUDQJHUV $UWLFOH  QRXYHDX  /D ORFDWLRQ GH YpKLFXOHV GH WUDQVSRUW GH PDUFKDQGLVHV GRQW OH SRLGV WRWDO DXWRULVp HQ FKDUJH GpSDVVH XQ VHXLO IL[p SDU DUUrWp GX PLQLVWUH FKDUJp GX WUDQVSRUW HVW VRXPLVH j XQ FDKLHU GHV FKDUJHV HW j XQH GpFODUDWLRQ SUpDODEOH DXSUqV GHV VHUYLFHV FRPSpWHQWV GX PLQLVWqUHFKDUJpGXWUDQVSRUW /HV SHUVRQQHV UHPSOLVVDQW OHV FRQGLWLRQV SUpYXHV j O
DUWLFOHGHODSUpVHQWHORLSHXYHQWORXHUGHVYpKLFXOHVGH WUDQVSRUW GH PDUFKDQGLVHV VDQV GHYRLU SURFpGHU j OD VLJQDWXUHGXFDKLHUGHVFKDUJHVHWDXGpS{WGHODGpFODUDWLRQ FLWpVDXSUHPLHUSDUDJUDSKHGXSUpVHQWDUWLFOH $UWLFOHQRXYHDX/DORFDWLRQGHVYpKLFXOHVDIIHFWpV DX WUDQVSRUW LQWHUQDWLRQDO GH PDUFKDQGLVHV DILQ G
rWUH XWLOLVpVSRXUHIIHFWXHUXQWUDQVSRUWLQWpULHXUHVWLQWHUGLWH $UWLFOH  QRXYHDX  /D SHUVRQQH SK\VLTXH GpVLUDQW H[HUFHU O
DFWLYLWp GH WUDQVSRUW LQWpULHXU URXWLHU GH PDUFKDQGLVHVGRLWUHPSOLUOHVFRQGLWLRQVVXLYDQWHV rWUHGHQDWLRQDOLWpWXQLVLHQQH QHSDVDYRLUIDLWO
REMHWG
XQHFRQGDPQDWLRQSRXUFULPH RXGpOLWGHSOXVGHWURLVPRLVGHSULVRQIHUPHRXGHSOXVGH VL[ PRLV G
HPSULVRQQHPHQW DYHF VXUVLV HW QH SDV DYRLU pWp GpFODUpHHQIDLOOLWHHWQRQUpKDELOLWpH  UHPSOLU OHV FRQGLWLRQV GH FDSDFLWp SURIHVVLRQQHOOH IL[pHVSDUOHFDKLHUGHVFKDUJHV  rWUH SURSULpWDLUH RX ORFDWDLUH HQ OHDVLQJ G
XQ SDUF GH YpKLFXOHVLPPDWULFXOpVHQ7XQLVLHHWGRQWOHQRPEUHHWO
kJH QH GpSDVVHQW SDV GHV OLPLWHV IL[pHV SDU OH FDKLHU GHV FKDUJHV $UWLFOH  QRXYHDX  /D SHUVRQQH PRUDOH GpVLUDQW H[HUFHU O
DFWLYLWp GH WUDQVSRUW LQWpULHXU URXWLHU GH PDUFKDQGLVHVGRLWUHPSOLUOHVFRQGLWLRQVVXLYDQWHV

1

-RXUQDO2IILFLHOGHOD5pSXEOLTXH7XQLVLHQQHMXLOOHW

3DJH

 VRQ UHSUpVHQWDQW OpJDO QH GRLW SDV DYRLU IDLW O

REMHW G
XQH FRQGDPQDWLRQ SRXU FULPH RX GpOLW GH SOXV GH WURLV PRLV GH SULVRQ IHUPH RX GH SOXV GH VL[ PRLV G
HPSULVRQQHPHQWDYHFVXUVLVHWQHSDVDYRLUpWpGpFODUpHQ IDLOOLWHHWQRQUpKDELOLWp  VRQ UHSUpVHQWDQW OpJDO GRLW SRVVpGHU OD FDSDFLWp SURIHVVLRQQHOOH UHTXLVH RX j GpIDXW MXVWLILHU GH O
HPSORL G
XQHSHUVRQQHFKDUJpHG
XQHUHVSRQVDELOLWpGHGLUHFWLRQHW SRVVpGDQW FHWWH FDSDFLWp ODTXHOOH VHUD IL[pH SDU XQ FDKLHU GHVFKDUJHV VRQREMHWVRFLDOGRLWSUpYRLUO
H[HUFLFHGHFHWWHDFWLYLWp  DYRLU OD QDWLRQDOLWp WXQLVLHQQH FRQIRUPpPHQW DX[ GLVSRVLWLRQV GX GpFUHWORL Q  GX DRWRXOH FDV pFKpDQW O
DFFRUG GH OD FRPPLVVLRQ VXSpULHXUH G
LQYHVWLVVHPHQWSUpYXHSDUO
DUWLFOHGXFRGHG
LQFLWDWLRQV DX[ LQYHVWLVVHPHQWV SURPXOJXp SDU OD ORL Q  GX  GpFHPEUH  VL OD SDUWLFLSDWLRQ GHV pWUDQJHUV GDQV OH FDSLWDOGHODVRFLpWpHVWVXSpULHXUHj  rWUH SURSULpWDLUH RX ORFDWDLUH HQ OHDVLQJ G
XQ SDUF GH YpKLFXOHV LPPDWULFXOpV HQ 7XQLVLH HW UHPSOLVVDQW GHV FRQGLWLRQVUHODWLYHVjO
kJHGHVYpKLFXOHVjOHXUQRPEUHHWj OHXUFKDUJHIL[pHVSDUXQFDKLHUGHVFKDUJHV /D SHUVRQQH GpVLUDQW H[HUFHU O
DFWLYLWp GH WUDQVSRUW LQWHUQDWLRQDO URXWLHU GH PDUFKDQGLVHV GRLW UHPSOLU OHV FRQGLWLRQVVXLYDQWHV rWUHXQHSHUVRQQHPRUDOH  VRQ UHSUpVHQWDQW OpJDO QH GRLW SDV DYRLU IDLW O
REMHW G
XQH FRQGDPQDWLRQ SRXU FULPH RX GpOLW GH SOXV GH WURLV PRLV GH SULVRQ IHUPH RX GH SOXV GH VL[ PRLV G
HPSULVRQQHPHQWDYHFVXUVLVHWQHSDVDYRLUpWpGpFODUpHQ IDLOOLWHHWQRQUpKDELOLWp  VRQ UHSUpVHQWDQW OpJDO GRLW SRVVpGHU OD FDSDFLWp SURIHVVLRQQHOOH UHTXLVH RX j GpIDXW MXVWLILHU GH O
HPSORL G
XQHSHUVRQQHFKDUJpHG
XQHUHVSRQVDELOLWpGHGLUHFWLRQHW SRVVpGDQW FHWWH FDSDFLWp ODTXHOOH VHUD IL[pH SDU XQ FDKLHU GHVFKDUJHV VRQREMHWVRFLDOGRLWSUpYRLUO
H[HUFLFHGHFHWWHDFWLYLWp  rWUH SURSULpWDLUH RX ORFDWDLUH HQ OHDVLQJ G
XQ SDUF GH YpKLFXOHV LPPDWULFXOpV HQ 7XQLVLH HW UHPSOLVVDQW GHV FRQGLWLRQVUHODWLYHVjO
kJHGHVYpKLFXOHVjOHXUQRPEUHHWj OHXUFKDUJHIL[pHVSDUXQFDKLHUGHVFKDUJHV $UWLFOH  QRXYHDX  /D SHUVRQQH GpVLUDQW H[HUFHU O
DFWLYLWp GH ORFDWLRQ GH YpKLFXOHV GH WUDQVSRUW GH PDUFKDQGLVHVGRLWUHPSOLUOHVFRQGLWLRQVVXLYDQWHV rWUHXQHSHUVRQQHPRUDOH OHUHSUpVHQWDQWOpJDOGHODSHUVRQQHPRUDOHQHGRLWSDV DYRLUIDLWO
REMHWG
XQHFRQGDPQDWLRQSRXUFULPHRXGpOLWGH SOXV GH WURLV PRLV GH SULVRQ IHUPH RX GH SOXV GH VL[ PRLV G
HPSULVRQQHPHQWDYHFVXUVLVHWQHSDVDYRLUpWpGpFODUpHQ IDLOOLWHHWQRQUpKDELOLWp VRQREMHWVRFLDOGRLWSUpYRLUO
H[HUFLFHGHFHWWHDFWLYLWp  DYRLU OD QDWLRQDOLWp WXQLVLHQQH FRQIRUPpPHQW DX[ GLVSRVLWLRQV GX GpFUHWORL Q  GX DRWRXOH FDV pFKpDQW O
DFFRUG GH OD FRPPLVVLRQ VXSpULHXUH G
LQYHVWLVVHPHQWSUpYXHSDUO
DUWLFOHGXFRGHG
LQFLWDWLRQV DX[ LQYHVWLVVHPHQWV SURPXOJXp SDU OD ORL Q  GX  GpFHPEUH  VL OD SDUWLFLSDWLRQ GHV pWUDQJHUV GDQV OH FDSLWDOGHODVRFLpWpHVWVXSpULHXUHj

 rWUH SURSULpWDLUH G
XQ SDUF GH YpKLFXOHV LPPDWULFXOpV HQ7XQLVLHHWUHPSOLVVDQWGHVFRQGLWLRQVUHODWLYHVjO
kJHGHV YpKLFXOHV j OHXU QRPEUH HW j OHXU FKDUJH IL[pHV SDU XQ FDKLHUGHVFKDUJHV $UWLFOHQRXYHDX1XOQHSHXWH[HUFHUO
DFWLYLWpGH WUDQVSRUW GH PDUFKDQGLVHV SRXU OH FRPSWH G
DXWUXL RX GH ORFDWLRQ GH YpKLFXOHV DX PR\HQ G
XQ FDKLHU GHV FKDUJHV VLJQpSDUXQHWLHUFHSHUVRQQH $UWLFOH  QRXYHDX  /HVFDKLHUVGHVFKDUJHVSUpYXV DX[ DUWLFOHV  HW  GH OD SUpVHQWH ORL VRQW DSSURXYpV SDU DUUrWpGXPLQLVWUHFKDUJpGXWUDQVSRUW $UWLFOH  QRXYHDX  4XLFRQTXH H[HUFH O
DFWLYLWp GH WUDQVSRUW GH PDUFKDQGLVHV SRXU OH FRPSWH G
DXWUXL RX GH ORFDWLRQ GH YpKLFXOHV GH WUDQVSRUW GH PDUFKDQGLVHV FRQIRUPpPHQW DX[ GLVSRVLWLRQV GHV DUWLFOHV  HW  GH OD SUpVHQWH ORL HVW WHQX G
LQIRUPHU OH PLQLVWUH FKDUJp GX WUDQVSRUW GH WRXW FKDQJHPHQW VXUYHQX j VD VLWXDWLRQ HW HQWUDvQDQWODYLRODWLRQGHO
XQHGHVFRQGLWLRQVHWFHGDQVXQ GpODL G
XQ PRLV j FRPSWHU GH OD GDWH GH VXUYHQXH GX FKDQJHPHQW /
LQIRUPDWLRQGRLWrWUHQRWLILpHGLUHFWHPHQWRXSDUOHWWUH UHFRPPDQGpHDYHFDFFXVpGHUpFHSWLRQ $UWLFOHQRXYHDX(VWSXQLHG
XQHDPHQGHGH j  GLQDUV WRXWH SHUVRQQH TXL FRQWUHYLHQW DX[ GLVSRVLWLRQV SUpYXHV SDU O
XQ GHV DUWLFOHV  RX 'DQV WRXV OHV FDV LQGLTXpV GDQV OH SUpVHQW DUWLFOH OH YpKLFXOH SHXW rWUH FRQGXLW HQ IRXUULqUH SDU OHV DJHQWV YHUEDOLVDWHXUV HW \ rWUH PDLQWHQX MXVTX
j FH TXH OH FRQWUHYHQDQWVHVRLWPLVHQUqJOH $UWLFOH  QRXYHDX  (Q FDV G
LQIUDFWLRQ DX[ GLVSRVLWLRQVSUpYXHVDX[DUWLFOHVHWGHODSUpVHQWHORL OHPLQLVWUHFKDUJpGXWUDQVSRUWSHXWSUHQGUHjO
HQFRQWUHGX FRQWUHYHQDQWO
XQHGHVGHX[VDQFWLRQVVXLYDQWHV O
DYHUWLVVHPHQW ODVXVSHQVLRQSURYLVRLUHGHO
DFWLYLWpSRXUXQHGXUpHQH GpSDVVDQWSDVWURLVPRLV /HPLQLVWUHFKDUJpGXWUDQVSRUWSHXWpJDOHPHQWGpFLGHU XQH VDQFWLRQ G
DUUrW GpILQLWLI GH O
DFWLYLWp GDQV OHV FDV VXLYDQWV  ORUVTXH O
LQWpUHVVp QH UHPSOLW SOXV OHV FRQGLWLRQV SUpYXHVDXFDKLHUGHVFKDUJHVUHODWLIjO
H[HUFLFHGHO
DFWLYLWp HWQ
DSDVSURFpGpjODUpJXODULVDWLRQGHVDVLWXDWLRQGDQVXQ GpODL GH WURLV PRLV j FRPSWHU GH OD GDWH GH VD PLVH HQ GHPHXUHSDUOHWWUHUHFRPPDQGpHDYHFDFFXVpGHUpFHSWLRQ ORUVTX
XQMXJHPHQWGpFODUDWLIGHIDLOOLWHDpWpSURQRQFp jO
HQFRQWUHGHO
LQWpUHVVp /HV VDQFWLRQV GH VXVSHQVLRQ SURYLVRLUH RX G
DUUrW GpILQLWLI GH O
DFWLYLWp VRQW SURQRQFpHV DSUqV DYLV G
XQH FRPPLVVLRQ GH GLVFLSOLQH FRPSRVpH G
XQ SUpVLGHQW HW GH GHX[ PHPEUHV GRQW O
XQ UHSUpVHQWH O
DGPLQLVWUDWLRQ HW O
DXWUH UHSUpVHQWH VRLW OHV WUDQVSRUWHXUV SRXU OH FRPSWH G
DXWUXL VL OH FRQWUHYHQDQW HVW WUDQVSRUWHXU VRLW OHV pWDEOLVVHPHQWV GH ORFDWLRQ GH YpKLFXOHV GH WUDQVSRUW GH PDUFKDQGLVHV VL OH FRQWUHYHQDQW HVW XQ pWDEOLVVHPHQW GH ORFDWLRQ /HV PHPEUHV GH OD FRPPLVVLRQ GH GLVFLSOLQH VRQW GpVLJQpVSDUDUUrWpGXPLQLVWUHFKDUJpGXWUDQVSRUW /H UHSUpVHQWDQW GHV WUDQVSRUWHXUV SRXU OH FRPSWH G
DXWUXLHWFHOXLGHVpWDEOLVVHPHQWVGHORFDWLRQGHYpKLFXOHV

 3DJH

-RXUQDO2IILFLHOGHOD5pSXEOLTXH7XQLVLHQQHMXLOOHW

1

VRQW GpVLJQpV VXU SURSRVLWLRQ GHV RUJDQLVPHV TX

LOV UHSUpVHQWHQW 'DQV WRXV OHV FDV HW DYDQW GH VWDWXHU VXU O
LQIUDFWLRQ OH FRQWUHYHQDQWHVWDSSHOpSDUOHPLQLVWqUHFKDUJpGXWUDQVSRUW j SUpVHQWHU VHV REVHUYDWLRQV SRXU VD GpIHQVH GDQV XQ GpODL QH GpSDVVDQW SDV TXLQ]H MRXUV j FRPSWHU GH OD GDWH GH OD QRWLILFDWLRQO
\LQYLWDQW /HV PRGDOLWpV GH IRQFWLRQQHPHQW GH OD FRPPLVVLRQ GH GLVFLSOLQHVRQWIL[pHVSDUGpFUHW $UWLFOH QRXYHDX/DVDQFWLRQG
DUUrWGpILQLWLIGH O
DFWLYLWp HQWUDvQH OH UHWUDLW GHV GRFXPHQWV DIIpUHQWV j O
H[SORLWDWLRQGHVYpKLFXOHV $UW   /HV SHUVRQQHV GLVSRVDQW G
DWWHVWDWLRQV G
LQVFULSWLRQ GpOLYUpHV DYDQW OD GDWH GH SXEOLFDWLRQ GH OD

SUpVHQWH ORL SHXYHQW FRQWLQXHU j H[HUFHU O

DFWLYLWp GH WUDQVSRUW GH PDUFKDQGLVHV SRXU OH FRPSWH G
DXWUXL HW GH ORFDWLRQ GH YpKLFXOHV GH WUDQVSRUW GH PDUFKDQGLVHV 7RXWHIRLV HOOHV VRQW WHQXHVGHVLJQHUOHFDKLHUGHVFKDUJHV HW OD GpFODUDWLRQ TXL \ HVW DQQH[pH HW G
HQ GpSRVHU FRSLH DXSUqV GHV VHUYLFHV FRPSpWHQWV GX PLQLVWqUH FKDUJp GX WUDQVSRUWHWFHHQFDVGHFKDQJHPHQWGXUHSUpVHQWDQWOpJDO RX HQ FDV GH VXUYHQXH GH WRXW FKDQJHPHQW DIIpUHQW j O
H[SORLWDWLRQGHVYpKLFXOHV /D SUpVHQWH ORL VHUD SXEOLpH DX -RXUQDO 2IILFLHO GH OD 5pSXEOLTXH7XQLVLHQQHHWH[pFXWpHFRPPHORLGHO
(WDW 7XQLVOHMXLOOHW
=LQH(O$ELGLQH%HQ$OL 

1

-RXUQDO2IILFLHOGHOD5pSXEOLTXH7XQLVLHQQHMXLOOHW

3DJH

GpFUHWVHWDUUrWpV
  35(0,(50,1,67(5(  'pFUHW Q  GX  MXLOOHW  SRUWDQW RFWURL GH OD WURLVLqPH WUDQFKH GH O
DXJPHQWDWLRQ JOREDOHGHVPRQWDQWVGHO
LQGHPQLWpGHJHVWLRQHW G
H[pFXWLRQ DX SURILW GHV DJHQWV EpQpILFLDLUHV GH FHWWHLQGHPQLWpDXWLWUHGHO
DQQpH /H3UpVLGHQWGHOD5pSXEOLTXH 6XUSURSRVLWLRQGX3UHPLHUPLQLVWUH 9XODORLQGXGpFHPEUHSRUWDQWVWDWXW JpQpUDOGHVSHUVRQQHOVGHO
(WDWGHVFROOHFWLYLWpVORFDOHVHW GHV pWDEOLVVHPHQWV SXEOLFV j FDUDFWqUH DGPLQLVWUDWLI HQVHPEOH OHV WH[WHV TXL O
RQW PRGLILpH RX FRPSOpWpH HW QRWDPPHQWODORLQGXGpFHPEUH 9XOHGpFUHWQGXPDUVLQVWLWXDQWXQH LQGHPQLWp VSpFLILTXH GLWH LQGHPQLWp GH JHVWLRQ HW G
H[pFXWLRQ DX SURILW GHV SHUVRQQHOV GH O
(WDW GHV FROOHFWLYLWpVSXEOLTXHVORFDOHVHWGHVpWDEOLVVHPHQWVSXEOLFV jFDUDFWqUHDGPLQLVWUDWLIWHOTX
LODpWpPRGLILpSDUOHGpFUHW QGXMXLQOHGpFUHWQGXMXLQ OHGpFUHWQGXPDLHWOHGpFUHWQ GXRFWREUH 9XOHGpFUHWQGXMDQYLHULQVWLWXDQWDX SURILW GX SHUVRQQHO GX PLQLVWqUH GHV FRPPXQLFDWLRQV XQH SULPH GH UpVXOWDW G
H[SORLWDWLRQ HQVHPEOH OHV WH[WHV TXL O
RQWPRGLILpRXFRPSOpWpHWQRWDPPHQWOHGpFUHWQ GXPDUV 9X OH GpFUHW Q  GX  QRYHPEUH  SRUWDQW RFWURLGHO
LQGHPQLWpGHJHVWLRQHWG
H[pFXWLRQDXSURILWGHV PHPEUHV GHV FRUSV GX FRQWU{OH JpQpUDO TXL H[HUFHQW OHXUV VHUYLFHV HQ GHKRUV GH OHXUV FRUSV HW TXL VRQW H[FOXV GX EpQpILFHGHO
LQGHPQLWpGHFRQWU{OH 9X OH GpFUHW Q  GX  MXLQ  SRUWDQW PDMRUDWLRQGHVWDX[GHO
LQGHPQLWpGHJHVWLRQHWG
H[pFXWLRQ DXWLWUHGHO
DQQpH 9X OH GpFUHW Q  GX  MXLQ  SRUWDQW PDMRUDWLRQGHVWDX[GHO
LQGHPQLWpGHJHVWLRQHWG
H[pFXWLRQ DXWLWUHGHO
DQQpH 9XOHGpFUHWQGXVHSWHPEUHSRUWDQW IL[DWLRQ GH O
DXJPHQWDWLRQ JOREDOH GHV WDX[ GH O
LQGHPQLWp GH JHVWLRQ HW G
H[pFXWLRQ GXUDQW OD SpULRGH  HW RFWURL GH OD SUHPLqUH WUDQFKH DX SURILW GHV DJHQWV EpQpILFLDLUHVGHFHWWHLQGHPQLWp 9XOHGpFUHWQGXMXLQSRUWDQWRFWURL GH OD GHX[LqPH WUDQFKH GH O
DXJPHQWDWLRQ JOREDOH GHV PRQWDQWVGHO
LQGHPQLWpGHJHVWLRQHWG
H[pFXWLRQDXSURILW GHV DJHQWV EpQpILFLDLUHV GH FHWWH LQGHPQLWp DX WLWUH GH O
DQQpH 9XO
DYLVGXPLQLVWUHGHVILQDQFHV 9XO
DYLVGXWULEXQDODGPLQLVWUDWLI 'pFUqWH $UWLFOHSUHPLHU(VWDOORXpHjFRPSWHUGX07MXLOOHW ODWURLVLqPHWUDQFKHGHO
DXJPHQWDWLRQJOREDOHGHVPRQWDQWVGH O
LQGHPQLWp GH JHVWLRQ HW G
H[pFXWLRQ SUpYXH SDU OHV GpFUHWV VXVYLVpVFRQIRUPpPHQWDX[LQGLFDWLRQVGXWDEOHDXFLDSUqV )RQFWLRQQDLUHVHWDJHQWVWHPSRUDLUHV (QGLQDUV
0RQWDQW PHQVXHOGHOD PDMRUDWLRQj FRPSWHUGX 07 MXLOOHW

&DWpJRULHVHWJUDGHV 

$  $GPLQLVWUDWHXU JpQpUDO RX JUDGH pTXLYDOHQW  $GPLQLVWUDWHXU HQ FKHI RX JUDGH pTXLYDOHQW  $GPLQLVWUDWHXU FRQVHLOOHU RX JUDGH pTXLYDOHQW $ $GPLQLVWUDWHXURXJUDGHpTXLYDOHQW $  $WWDFKp G
DGPLQLVWUDWLRQ RX JUDGH pTXLYDOHQW %  6HFUpWDLUH G
DGPLQLVWUDWLRQ RX VHFUpWDLUH GDFW\ORJUDSKH RX JUDGH pTXLYDOHQW &  &RPPLV G
DGPLQLVWUDWLRQ RX GDFW\ORJUDSKHRXJUDGHpTXLYDOHQW '  'DFW\ORJUDSKH DGMRLQW RX DJHQW G
DFFXHLORXJUDGHpTXLYDOHQW  2XYULHUV

                    

(QGLQDUV
0RQWDQW PHQVXHOGHOD PDMRUDWLRQj FRPSWHUGX07 MXLOOHW

8QLWp

7URLVLqPH 'HX[LqPH 3UHPLqUH

  

 3DJH

-RXUQDO2IILFLHOGHOD5pSXEOLTXH7XQLVLHQQHMXLOOHW

1

$UW   /D PDMRUDWLRQ GH O

LQGHPQLWp GH JHVWLRQ HW G
H[pFXWLRQ VXVYLVpH Q
HVW SDV FXPXODEOH DYHF OD SULPH GH UpVXOWDW G
H[SORLWDWLRQ LQVWLWXpH DX SURILW GHV SHUVRQQHOV GX PLQLVWqUHGHVFRPPXQLFDWLRQVSDUOHGpFUHWVXVYLVpQ GXMDQYLHUWHOTXHPRGLILpRXFRPSOpWpSDUOHVWH[WHV VXEVpTXHQWV $UW   /H 3UHPLHU PLQLVWUH OHV PLQLVWUHV HW OHV VHFUpWDLUHV G
(WDW VRQW FKDUJpV FKDFXQ HQ FH TXL OH FRQFHUQHGHO
H[pFXWLRQGXSUpVHQWGpFUHWTXLVHUDSXEOLpDX -RXUQDO2IILFLHOGHOD5pSXEOLTXH7XQLVLHQQH 7XQLVOHMXLOOHW
=LQH(O$ELGLQH%HQ$OL 

9XO
DYLVGXPLQLVWUHGHVILQDQFHV 9XO
DYLVGXWULEXQDODGPLQLVWUDWLI 'pFUqWH $UWLFOH SUHPLHU  (VW DOORXpH j FRPSWHU GX 07 MXLOOHW  OD WURLVLqPH WUDQFKH GH O
DXJPHQWDWLRQ JOREDOH GHV PRQWDQWV GHV LQGHPQLWpV G
pWXGH GH SURMHWV HW GH FRQWU{OH G
H[pFXWLRQ GHV SURMHWV SUpYXH SDU OHV GpFUHWV VXVYLVpV FRQIRUPpPHQWDX[LQGLFDWLRQVGXWDEOHDXFLDSUqV (QGLQDUV
0RQWDQW PHQVXHOGHOD PDMRUDWLRQj FRPSWHUGX07 MXLOOHW

&DWpJRULHV

'pFUHW Q  GX  MXLOOHW  SRUWDQW RFWURL GH OD WURLVLqPH WUDQFKH GH O
DXJPHQWDWLRQ JOREDOH GHV PRQWDQWV GHV LQGHPQLWpV G
pWXGH GH SURMHWV HW GH FRQWU{OH G
H[pFXWLRQ GHV SURMHWV DX SURILWGHVDJHQWVEpQpILFLDLUHVGHFHWWHLQGHPQLWp DXWLWUHGHO
DQQpH /H3UpVLGHQWGHOD5pSXEOLTXH 6XUSURSRVLWLRQGX3UHPLHUPLQLVWUH 9XODORLQGXGpFHPEUHSRUWDQWVWDWXW JpQpUDOGHVSHUVRQQHOVGHO
(WDWGHVFROOHFWLYLWpVORFDOHVHW GHV pWDEOLVVHPHQWV SXEOLFV j FDUDFWqUH DGPLQLVWUDWLI HQVHPEOH OHV WH[WHV TXL O
RQW PRGLILpH RX FRPSOpWpH HW QRWDPPHQWODORLQGXGpFHPEUH 9XOHGpFUHWQGXGpFHPEUHUHODWLIDX[ LQGHPQLWpV DFFRUGpHV DX[ FDGUHV WHFKQLTXHV GH O
DGPLQLVWUDWLRQWHOTX
LODpWpPRGLILpSDUOHGpFUHWQ GX  DYULO  OH GpFUHW Q  GX  PDUV  OH GpFUHWQGXMXLQOHGpFUHWQGX MXLQHWOHGpFUHWQGXRFWREUH 9X OH GpFUHW Q  GX  QRYHPEUH  SRUWDQW PDMRUDWLRQ GHV WDX[ GHV LQGHPQLWpV G
pWXGH GH SURMHWV HW GH FRQWU{OH G
H[pFXWLRQ GHV SURMHWV HW IL[DWLRQ GH O
DXJPHQWDWLRQ JOREDOHGHVVDODLUHVGXUDQWODSpULRGHDXSURILWGHV DJHQWVEpQpILFLDLUHVGHFHWWHLQGHPQLWp 9X OH GpFUHW Q  GX  MXLQ  SRUWDQW PDMRUDWLRQGHVWDX[GHVLQGHPQLWpVG
pWXGHGHSURMHWVHWGH FRQWU{OHG
H[pFXWLRQGHVSURMHWVDXWLWUHGHO
DQQpH 9X OH GpFUHW Q  GX  MXLQ  SRUWDQW PDMRUDWLRQGHVWDX[GHVLQGHPQLWpVG
pWXGHGHSURMHWVHWGH FRQWU{OHG
H[pFXWLRQGHVSURMHWVDXWLWUHGHO
DQQpH 9XOHGpFUHWQGXVHSWHPEUHSRUWDQW PDMRUDWLRQ IL[DWLRQ GH O
DXJPHQWDWLRQ JOREDOH GHVWDX[GHV LQGHPQLWpVG
pWXGHGHSURMHWVHWGHFRQWU{OHG
H[pFXWLRQGHV SURMHWV GXUDQW OD SpULRGH GH  HW RFWURL GH OD SUHPLqUHWUDQFKHDXSURILWGHVDJHQWVEpQpILFLDLUHVGHFHWWH LQGHPQLWp 9X OH GpFUHW Q  GX  MXLQ  SRUWDQW IL[DWLRQ GH OD GHX[LqPH WUDQFKH GH O
DXJPHQWDWLRQ JOREDOH GHV WDX[ GHV LQGHPQLWpV G
pWXGH GH SURMHWV HW GH FRQWU{OH G
H[pFXWLRQGHVSURMHWVDXSURILWGHVDJHQWVEpQpILFLDLUHVGH FHWWHLQGHPQLWpDXWLWUHGHO
DQQpH

$ $ $ % &

    

$UW   /H 3UHPLHU PLQLVWUH OHV PLQLVWUHV HW OHV VHFUpWDLUHV G
(WDW VRQW FKDUJpV FKDFXQ HQ FH TXL OH FRQFHUQHGHO
H[pFXWLRQGXSUpVHQWGpFUHWTXLVHUDSXEOLpDX -RXUQDO2IILFLHOGHOD5pSXEOLTXH7XQLVLHQQH 7XQLVOHMXLOOHW
=LQH(O$ELGLQH%HQ$OL 

'pFUHW Q  GX  MXLOOHW  SRUWDQW RFWURL GH OD WURLVLqPH WUDQFKH GH O
DXJPHQWDWLRQ JOREDOH GHV PRQWDQWV GH O
LQGHPQLWp G
LQJpQLHULH DX SURILW GX FRUSV FRPPXQ GHV LQJpQLHXUV GHV DGPLQLVWUDWLRQV SXEOLTXHV EpQpILFLDLUHV GH FHWWH LQGHPQLWpDXWLWUHGHO
DQQpH /H3UpVLGHQWGHOD5pSXEOLTXH 6XUSURSRVLWLRQGX3UHPLHUPLQLVWUH 9XODORLQGXGpFHPEUHSRUWDQWVWDWXW JpQpUDOGHVSHUVRQQHOVGHO
(WDWGHVFROOHFWLYLWpVORFDOHVHW GHV pWDEOLVVHPHQWV SXEOLFV j FDUDFWqUH DGPLQLVWUDWLI HQVHPEOH OHV WH[WHV TXL O
RQW PRGLILpH RX FRPSOpWpH HW QRWDPPHQWODORLQGXGpFHPEUH 9X OH GpFUHW Q  GX  MXLQ  SRUWDQW LQVWLWXWLRQ GH O
LQGHPQLWp G
LQJpQLHULH DX SURILW GHV LQJpQLHXUVGHO
DGPLQLVWUDWLRQWHOTX
LODpWpPRGLILpSDUOH GpFUHWQGXMXLQHWOHGpFUHWQ GXQRYHPEUH 9X OH GpFUHW Q  GX  RFWREUH  SRUWDQW PDMRUDWLRQ GH O
LQGHPQLWp G
LQJpQLHULH DOORXpH DX[ LQJpQLHXUVGHO
DGPLQLVWUDWLRQHWIL[DWLRQGHO
DXJPHQWDWLRQ JOREDOH GHV VDODLUHV GXUDQW OD SpULRGH  DX SURILW GHVDJHQWVEpQpILFLDLUHVGHFHWWHLQGHPQLWp 9X OH GpFUHW Q  GX  MXLQ  SRUWDQW PDMRUDWLRQGHVWDX[GHO
LQGHPQLWpG
LQJpQLHULHDOORXpHDX[ LQJpQLHXUVGHO
DGPLQLVWUDWLRQDXWLWUHGHO
DQQpH

1

-RXUQDO2IILFLHOGHOD5pSXEOLTXH7XQLVLHQQHMXLOOHW

3DJH

9X OH GpFUHW Q  GX  MXLQ  SRUWDQW PDMRUDWLRQGHVWDX[GHO
LQGHPQLWpG
LQJpQLHULHDOORXpHDX[ LQJpQLHXUVGHO
DGPLQLVWUDWLRQDXWLWUHGHO
DQQpH 9XOHGpFUHWQGXDYULOIL[DQWOHVWDWXW SDUWLFXOLHU DX FRUSV FRPPXQ GHV LQJpQLHXUV GHV DGPLQLVWUDWLRQVSXEOLTXHV 9XOHGpFUHWQGXVHSWHPEUHSRUWDQW IL[DWLRQ GH O
DXJPHQWDWLRQ JOREDOH GHV WDX[ GH O
LQGHPQLWp G
LQJpQLHULH GXUDQW OD SpULRGH  HW RFWURL GH OD SUHPLqUHWUDQFKHDXSURILWGXFRUSVFRPPXQGHVLQJpQLHXUV GHV DGPLQLVWUDWLRQV SXEOLTXHV EpQpILFLDLUHV GH FHWWH LQGHPQLWp 9X OH GpFUHW Q  GX  MXLQ  SRUWDQW IL[DWLRQ GH OD GHX[LqPH WUDQFKH GH O
DXJPHQWDWLRQ JOREDOH GHV PRQWDQWV GH O
LQGHPQLWp G
LQJpQLHULH DOORXpH DX SURILW GX FRUSV FRPPXQ GHV LQJpQLHXUV GHV DGPLQLVWUDWLRQV SXEOLTXHV EpQpILFLDLUHV GH FHWWH LQGHPQLWp DX WLWUH GH O
DQQpH 9XO
DYLVGXPLQLVWUHGHVILQDQFHV 9XO
DYLVGXWULEXQDODGPLQLVWUDWLI 'pFUqWH $UWLFOH SUHPLHU  (VW DOORXpH j FRPSWHU GX 07 MXLOOHW  OD WURLVLqPH WUDQFKH GH O
DXJPHQWDWLRQ JOREDOH GHV PRQWDQWVGHO
LQGHPQLWpG
LQJpQLHULHSUpYXHSDUOHVGpFUHWV VXVYLVpVFRQIRUPpPHQWDX[LQGLFDWLRQVGXWDEOHDXFLDSUqV (QGLQDUV
*UDGHV 0RQWDQW PHQVXHOGHOD PDMRUDWLRQj FRPSWHUGX07 MXLOOHW

9X OH GpFUHWQGXGpFHPEUHSRUWDQW LQVWLWXWLRQ G

XQH LQGHPQLWp VSpFLILTXH GLWH LQGHPQLWp G
DUFKLWHFWXUH DX SURILW GX FRUSV GHV DUFKLWHFWHV GH O
DGPLQLVWUDWLRQ HW PDMRUDWLRQ GHV WDX[ GH FHWWH LQGHPQLWp GXUDQWODSpULRGH 9XOHGpFUHWQGXMXLOOHWSRUWDQWVWDWXW SDUWLFXOLHUGXFRUSVGHVDUFKLWHFWHVGHO
DGPLQLVWUDWLRQ 9XOHGpFUHWQGXVHSWHPEUHSRUWDQW IL[DWLRQ GH O
DXJPHQWDWLRQ JOREDOH GHV WDX[ GH O
LQGHPQLWp G
DUFKLWHFWXUH GXUDQW OD SpULRGH  HW RFWURL GH OD SUHPLqUH WUDQFKH DX SURILW GX FRUSV GHV DUFKLWHFWHV GH O
DGPLQLVWUDWLRQEpQpILFLDLUHVGHFHWWHLQGHPQLWp 9X OH GpFUHW Q  GX  MXLQ  SRUWDQW IL[DWLRQ GH OD GHX[LqPH WUDQFKH GH O
DXJPHQWDWLRQ JOREDOH GHVPRQWDQWVGHO
LQGHPQLWpG
DUFKLWHFWXUHDOORXpHDXSURILW GXFRUSVGHVDUFKLWHFWHVGHO
DGPLQLVWUDWLRQEpQpILFLDLUHVGH FHWWHLQGHPQLWpDXWLWUHGHO
DQQpH 9XO
DYLVGXPLQLVWUHGHVILQDQFHV 9XO
DYLVGXWULEXQDODGPLQLVWUDWLI 'pFUqWH $UWLFOHSUHPLHU(VWDOORXpHjFRPSWHUGX07MXLOOHW ODWURLVLqPHWUDQFKHGHO
DXJPHQWDWLRQJOREDOHGHVPRQWDQWVGH O
LQGHPQLWp G
DUFKLWHFWXUH SUpYXH SDU OHV GpFUHWV VXVYLVpV FRQIRUPpPHQWDX[LQGLFDWLRQVGXWDEOHDXFLDSUqV (QGLQDUV
*UDGHV 0RQWDQW PHQVXHOGHOD PDMRUDWLRQj FRPSWHUGX07 MXLOOHW

 ,QJpQLHXUJpQpUDO  ,QJpQLHXUHQFKHI  ,QJpQLHXUSULQFLSDO  ,QJpQLHXUGLYLVLRQQDLUH  ,QJpQLHXUGHVWUDYDX[  $UW   /H 3UHPLHU PLQLVWUH OHV PLQLVWUHV HW OHV VHFUpWDLUHV G
(WDW VRQW FKDUJpV FKDFXQ HQ FH TXL OH FRQFHUQHGHO
H[pFXWLRQGXSUpVHQWGpFUHWTXLVHUDSXEOLpDX -RXUQDO2IILFLHOGHOD5pSXEOLTXH7XQLVLHQQH 7XQLVOHMXLOOHW
=LQH(O$ELGLQH%HQ$OL 

$UFKLWHFWHJpQpUDO  $UFKLWHFWHHQFKHI  $UFKLWHFWHSULQFLSDO  $UFKLWHFWHGLYLVLRQQDLUH  $UFKLWHFWH   $UW   /H 3UHPLHU PLQLVWUH OHV PLQLVWUHV HW OHV VHFUpWDLUHV G
(WDW VRQW FKDUJpV FKDFXQ HQ FH TXL OH FRQFHUQHGHO
H[pFXWLRQGXSUpVHQWGpFUHWTXLVHUDSXEOLpDX -RXUQDO2IILFLHOGHOD5pSXEOLTXH7XQLVLHQQH 7XQLVOHMXLOOHW
=LQH(O$ELGLQH%HQ$OL 

'pFUHW Q  GX  MXLOOHW  SRUWDQW RFWURL GH OD WURLVLqPH WUDQFKH GH O
DXJPHQWDWLRQ JOREDOHGHVPRQWDQWVGHO
LQGHPQLWpG
DUFKLWHFWXUH DX SURILW GX FRUSV GHV DUFKLWHFWHV GH O
DGPLQLVWUDWLRQ EpQpILFLDLUHV GH FHWWH LQGHPQLWp DXWLWUHGHO
DQQpH /H3UpVLGHQWGHOD5pSXEOLTXH 6XUSURSRVLWLRQGX3UHPLHUPLQLVWUH 9XODORLQGXGpFHPEUHSRUWDQWVWDWXW JpQpUDOGHVSHUVRQQHOVGHO
(WDWGHVFROOHFWLYLWpVORFDOHVHW GHV pWDEOLVVHPHQWV SXEOLFV j FDUDFWqUH DGPLQLVWUDWLI HQVHPEOH OHV WH[WHV TXL O
RQW PRGLILpH RX FRPSOpWpH HW QRWDPPHQWODORLQGXGpFHPEUH

'pFUHWQGXMXLOOHWSRUWDQWRFWURLGH OD WURLVLqPH WUDQFKH GH O

DXJPHQWDWLRQ JOREDOH GHV PRQWDQWV GH O
LQGHPQLWp G
XUEDQLVPH DX SURILW GX FRUSVGHVXUEDQLVWHVGHO
DGPLQLVWUDWLRQEpQpILFLDLUHV GHFHWWHLQGHPQLWpDXWLWUHGHO
DQQpH /H3UpVLGHQWGHOD5pSXEOLTXH 6XUSURSRVLWLRQGX3UHPLHUPLQLVWUH 9XODORLQGXGpFHPEUHSRUWDQWVWDWXW JpQpUDOGHVSHUVRQQHOVGHO
(WDWGHVFROOHFWLYLWpVORFDOHVHW GHV pWDEOLVVHPHQWV SXEOLFV j FDUDFWqUH DGPLQLVWUDWLI HQVHPEOH OHV WH[WHV TXL O
RQW PRGLILpH RX FRPSOpWpH HW QRWDPPHQWODORLQGXGpFHPEUH 9X OH GpFUHW Q  GX  MDQYLHU  SRUWDQW LQVWLWXWLRQ G
XQH LQGHPQLWp VSpFLILTXH GLWH LQGHPQLWp G
XUEDQLVPHDXSURILWGXFRUSVGHVXUEDQLVWHVGHO
(WDW

 3DJH

-RXUQDO2IILFLHOGHOD5pSXEOLTXH7XQLVLHQQHMXLOOHW

1

9XOHGpFUHWQGXMXLQIL[DQWOHVWDWXW SDUWLFXOLHUGXFRUSVGHVXUEDQLVWHVGHO
DGPLQLVWUDWLRQ 9XOHGpFUHWQGXVHSWHPEUHSRUWDQW IL[DWLRQ GH O
DXJPHQWDWLRQ JOREDOH GHV WDX[ GH O
LQGHPQLWp G
XUEDQLVPH GXUDQW OD SpULRGH  HW RFWURL GH OD SUHPLqUH WUDQFKH DX SURILW GX FRUSV GHV XUEDQLVWHV GH O
DGPLQLVWUDWLRQEpQpILFLDLUHVGHFHWWHLQGHPQLWp 9X OH GpFUHW Q  GX  MXLQ  SRUWDQW IL[DWLRQ GH OD GHX[LqPH WUDQFKH GH O
DXJPHQWDWLRQ JOREDOH GHV PRQWDQWV GH O
LQGHPQLWp G
XUEDQLVPH DOORXpH DX SURILW GXFRUSVGHVXUEDQLVWHVGHO
DGPLQLVWUDWLRQEpQpILFLDLUHVGH FHWWHLQGHPQLWpDXWLWUHGHO
DQQpH 9XO
DYLVGXPLQLVWUHGHVILQDQFHV 9XO
DYLVGXWULEXQDODGPLQLVWUDWLI 'pFUqWH $UWLFOH SUHPLHU  (VW DOORXpH j FRPSWHU GX 07 MXLOOHW  OD WURLVLqPH WUDQFKH GH O
DXJPHQWDWLRQ JOREDOH GHV PRQWDQWVGHO
LQGHPQLWpG
XUEDQLVPHSUpYXHSDUOHVGpFUHWV VXVYLVpVFRQIRUPpPHQWDX[LQGLFDWLRQVGXWDEOHDXFLDSUqV (QGLQDUV
0RQWDQW PHQVXHOGHOD PDMRUDWLRQj FRPSWHUGX07 MXLOOHW

9X OH GpFUHW Q  GX  VHSWHPEUH  SRUWDQW IL[DWLRQ GH O
DXJPHQWDWLRQ JOREDOH GHV WDX[ GH O
LQGHPQLWp GH JpRORJLH GXUDQW OD SpULRGH  HW RFWURL GH OD WUDQFKH UHODWLYH j O
DQQpH  DX SURILW GX FRUSVGHVJpRORJXHVEpQpILFLDLUHVGHFHWWHLQGHPQLWp 9XO
DYLVGXPLQLVWUHGHVILQDQFHV 9XO
DYLVGXWULEXQDODGPLQLVWUDWLI 'pFUqWH $UWLFOH SUHPLHU  (VW DOORXpH j FRPSWHU GX 07 MXLOOHW  OD WUDQFKH UHODWLYH j O
DQQpH  GH O
DXJPHQWDWLRQ JOREDOHGHVPRQWDQWVGHO
LQGHPQLWpGHJpRORJLHSUpYXHSDU OHV GpFUHWV VXVYLVpV FRQIRUPpPHQW DX[ LQGLFDWLRQV GX WDEOHDXFLDSUqV (QGLQDUV
*UDGHV 0RQWDQW PHQVXHOGHOD PDMRUDWLRQj FRPSWHUGX07 MXLOOHW

*UDGHV

 8UEDQLVWHJpQpUDO  8UEDQLVWHHQFKHI  8UEDQLVWHSULQFLSDO  8UEDQLVWHGLYLVLRQQDLUH  8UEDQLVWH  $UW   /H 3UHPLHU PLQLVWUH OHV PLQLVWUHV HW OHV VHFUpWDLUHV G
(WDW VRQW FKDUJpV FKDFXQ HQ FH TXL OH FRQFHUQHGHO
H[pFXWLRQGXSUpVHQWGpFUHWTXLVHUDSXEOLpDX -RXUQDO2IILFLHOGHOD5pSXEOLTXH7XQLVLHQQH 7XQLVOHMXLOOHW
=LQH(O$ELGLQH%HQ$OL 

 *pRORJXHJpQpUDO  *pRORJXHHQFKHI  *pRORJXHSULQFLSDO  *pRORJXHGLYLVLRQQDLUH  *pRORJXH  *pRORJXHDGMRLQW  $UW   /H 3UHPLHU PLQLVWUH OHV PLQLVWUHV HW OHV VHFUpWDLUHV G
(WDW VRQW FKDUJpV FKDFXQ HQ FH TXL OH FRQFHUQHGHO
H[pFXWLRQGXSUpVHQWGpFUHWTXLVHUDSXEOLpDX -RXUQDO2IILFLHOGHOD5pSXEOLTXH7XQLVLHQQH 7XQLVOHMXLOOHW
=LQH(O$ELGLQH%HQ$OL

'pFUHW Q  GX  MXLOOHW  SRUWDQW RFWURLGHODWUDQFKHGHO

DXJPHQWDWLRQJOREDOHGHV PRQWDQWV GH O
LQGHPQLWp GH JpRORJLH UHODWLYH j O
DQQpH  DX SURILW GX FRUSV GHV JpRORJXHV EpQpILFLDLUHVGHFHWWHLQGHPQLWp /H3UpVLGHQWGHOD5pSXEOLTXH 6XUSURSRVLWLRQGX3UHPLHUPLQLVWUH 9XODORLQGXGpFHPEUHSRUWDQWVWDWXW JpQpUDOGHVSHUVRQQHOVGHO
(WDWGHVFROOHFWLYLWpVORFDOHVHW GHV pWDEOLVVHPHQWV SXEOLFV j FDUDFWqUH DGPLQLVWUDWLI HQVHPEOH OHV WH[WHV TXL O
RQW PRGLILpH RX FRPSOpWpH HW QRWDPPHQWODORLQGXGpFHPEUH 9XOHGpFUHWQGXQRYHPEUHIL[DQWOH VWDWXWSDUWLFXOLHUGXFRUSVGHVJpRORJXHV 9X OH GpFUHW Q  GX  MXLQ  IL[DQW OH UpJLPHGHUpPXQpUDWLRQGXFRUSVGHVJpRORJXHV

 'pFUHW Q  GX  MXLOOHW  SRUWDQW RFWURL GH OD WURLVLqPH WUDQFKH GH O
DXJPHQWDWLRQ JOREDOH GHVPRQWDQWVGHO
LQGHPQLWpGHULVTXHGH FRQWDJLRQ DX SURILW GHV DJHQWV EpQpILFLDLUHV GH FHWWHLQGHPQLWpDXWLWUHGHO
DQQpH /H3UpVLGHQWGHOD5pSXEOLTXH 6XUSURSRVLWLRQGX3UHPLHUPLQLVWUH 9XODORLQGXGpFHPEUHSRUWDQWVWDWXW JpQpUDOGHVSHUVRQQHOVGHO
(WDWGHVFROOHFWLYLWpVORFDOHVHW GHV pWDEOLVVHPHQWV SXEOLFV j FDUDFWqUH DGPLQLVWUDWLI HQVHPEOH OHV WH[WHV TXL O
RQW PRGLILpH RX FRPSOpWpH HW QRWDPPHQWODORLQGXGpFHPEUH 9X OH GpFUHW Q  GX  DRW  UHODWLI j O
LQVWLWXWLRQG
XQHLQGHPQLWpGHULVTXHGHFRQWDJLRQWHOTX
LOD pWpPRGLILpSDUOHGpFUHWQGX07QRYHPEUH 9X OH GpFUHW Q  GX  GpFHPEUH  UHODWLI j O
LQVWLWXWLRQ G
XQH LQGHPQLWp GH ULVTXH GH FRQWDJLRQ PLQLVWqUH GH OD MHXQHVVH HW GH O
HQIDQFH WHO TX
LO D pWp PRGLILpSDUOHGpFUHWQGX07QRYHPEUH 9X OH GpFUHW Q  GX  RFWREUH  SRUWDQW PDMRUDWLRQGHVWDX[GHO
LQGHPQLWpGHULVTXHGHFRQWDJLRQHW IL[DWLRQ GH O
DXJPHQWDWLRQ JOREDOH GHV VDODLUHV GXUDQW OD SpULRGH  DX SURILW GHV DJHQWV EpQpILFLDLUHV GH FHWWHLQGHPQLWp

1

-RXUQDO2IILFLHOGHOD5pSXEOLTXH7XQLVLHQQHMXLOOHW

3DJH

9X OH GpFUHW Q  GX  MXLQ  SRUWDQW PDMRUDWLRQ GHV WDX[ GH O
LQGHPQLWp GH ULVTXH GH FRQWDJLRQ DXWLWUHGHO
DQQpH 9X OH GpFUHW Q  GX  MXLQ  SRUWDQW PDMRUDWLRQ GHV WDX[ GH O
LQGHPQLWp GH ULVTXH GH FRQWDJLRQ DXWLWUHGHO
DQQpH 9XOHGpFUHWQGXVHSWHPEUHSRUWDQW IL[DWLRQ GH O
DXJPHQWDWLRQ JOREDOH GHV WDX[ GH O
LQGHPQLWp GH ULVTXH GH FRQWDJLRQ GXUDQW OD SpULRGH  HW RFWURL GH OD SUHPLqUH WUDQFKH DX SURILW GHV DJHQWV EpQpILFLDLUHVGHFHWWHLQGHPQLWp 9XOHGpFUHWQGXMXLQSRUWDQWRFWURLGH ODGHX[LqPHWUDQFKHGHO
DXJPHQWDWLRQJOREDOHGHVPRQWDQWVGH O
LQGHPQLWp GH ULVTXH GH FRQWDJLRQ DX SURILW GHV DJHQWV EpQpILFLDLUHVGHFHWWHLQGHPQLWpDXWLWUHGHO
DQQpH 9XO
DYLVGXPLQLVWUHGHVILQDQFHV 9XO
DYLVGXWULEXQDODGPLQLVWUDWLI 'pFUqWH $UWLFOH SUHPLHU  (VW DOORXpH j FRPSWHU GX 07 MXLOOHW  OD WURLVLqPH WUDQFKH GH O
DXJPHQWDWLRQ JOREDOH GHV PRQWDQWVGHO
LQGHPQLWpGHULVTXHGHFRQWDJLRQSUpYXHSDU OHV GpFUHWV VXVYLVpV FRQIRUPpPHQW DX[ LQGLFDWLRQV GX WDEOHDXFLDSUqV )RQFWLRQQDLUHV (QGLQDUV
&DWpJRULHV 0RQWDQW PHQVXHOGHOD PDMRUDWLRQj FRPSWHUGX07 MXLOOHW

'pFUHW Q  GX  MXLOOHW  SRUWDQW RFWURL GH OD WURLVLqPH WUDQFKH GH O
DXJPHQWDWLRQ JOREDOH GHV PRQWDQWV GH O
LQGHPQLWp GH SV\FKRORJLH DX SURILW GHV DJHQWV EpQpILFLDLUHV GH FHWWHLQGHPQLWpDXWLWUHGHO
DQQpH /H3UpVLGHQWGHOD5pSXEOLTXH 6XUSURSRVLWLRQGX3UHPLHUPLQLVWUH 9XODORLQGXGpFHPEUHSRUWDQWVWDWXW JpQpUDOGHVSHUVRQQHOVGHO
(WDWGHVFROOHFWLYLWpVORFDOHVHW GHV pWDEOLVVHPHQWV SXEOLFV j FDUDFWqUH DGPLQLVWUDWLI HQVHPEOH OHV WH[WHV TXL O
RQW PRGLILpH RX FRPSOpWpH HW QRWDPPHQWODORLQGXGpFHPEUH 9X OH GpFUHW Q  GX  MDQYLHU  IL[DQW OH VWDWXW SDUWLFXOLHU GX FRUSV GHV SV\FKRORJXHV GHV DGPLQLVWUDWLRQVSXEOLTXHV 9X OH GpFUHW Q  GX  MDQYLHU  LQVWLWXDQW XQHLQGHPQLWpVSpFLILTXHGLWHLQGHPQLWpGHSV\FKRORJLHDX SURILWGHVSV\FKRORJXHVGHVDGPLQLVWUDWLRQVSXEOLTXHV 9X OH GpFUHW Q  GX  RFWREUH  SRUWDQW IL[DWLRQ GH O
DXJPHQWDWLRQ JOREDOH GHV WDX[ GH O
LQGHPQLWp GHSV\FKRORJLHGXUDQWODSpULRGHHWRFWURLGHOD SUHPLqUHWUDQFKHDXSURILWGHVDJHQWVEpQpILFLDLUHVGHFHWWH LQGHPQLWpV 9X OH GpFUHW Q  GX  MXLQ  SRUWDQW IL[DWLRQ GH OD GHX[LqPH WUDQFKH GH O
DXJPHQWDWLRQ JOREDOH GHV PRQWDQWV GH O
LQGHPQLWp GH SV\FKRORJLH DOORXpH DX SURILW GX FRUSV GHV SV\FKRORJXHV GHV DGPLQLVWUDWLRQV SXEOLTXHV EpQpILFLDLUHV GH FHWWH LQGHPQLWp DX WLWUH GH O
DQQpH 9XO
DYLVGXPLQLVWUHGHVILQDQFHV 9XO
DYLVGXWULEXQDODGPLQLVWUDWLI 'pFUqWH $UWLFOH SUHPLHU  (VW DOORXpH j FRPSWHU GX 07 MXLOOHW  OD WURLVLqPH WUDQFKH GH O
DXJPHQWDWLRQ JOREDOH GHV PRQWDQWV GH O
LQGHPQLWp GH SV\FKRORJLH SUpYXH SDU OHV GpFUHWV VXVYLVpV FRQIRUPpPHQW DX[ LQGLFDWLRQV GX WDEOHDX FLDSUqV (QGLQDUV
0RQWDQW PHQVXHOGHOD PDMRUDWLRQj FRPSWHUGX07 MXLOOHW

$ $ $ % & '  2XYULHUV

     

(QGLQDUV
8QLWp 0RQWDQW PHQVXHOGHOD PDMRUDWLRQj FRPSWHUGX07 MXLOOHW

*UDGHV

7URLVLqPH  'HX[LqPH  3UHPLqUH   $UW/HVGLVSRVLWLRQVGXSUpVHQWGpFUHWQHV

DSSOLTXHQW SDV DX[ SHUVRQQHOV PLOLWDLUHVYLVpVDX[GHX[LqPHSDUDJUDSKH GH O
DUWLFOH SUHPLHU GX GpFUHW Q  GX  DRW  VXVYLVp $UW   /H 3UHPLHU PLQLVWUH OHV PLQLVWUHV HW OHV VHFUpWDLUHV G
(WDW VRQW FKDUJpV FKDFXQ HQ FH TXL OH FRQFHUQHGHO
H[pFXWLRQGXSUpVHQWGpFUHWTXLVHUDSXEOLpDX -RXUQDO2IILFLHOGHOD5pSXEOLTXH7XQLVLHQQH 7XQLVOHMXLOOHW
=LQH(O$ELGLQH%HQ$OL

$ 3V\FKRORJXHJpQpUDO 3V\FKRORJXHHQFKHI 3V\FKRORJXHSULQFLSDO $ 3V\FKRORJXH

     

$UW   /H 3UHPLHU PLQLVWUH OHV PLQLVWUHV HW OHV VHFUpWDLUHV G
(WDW VRQW FKDUJpV FKDFXQ HQ FH TXL OH FRQFHUQHGHO
H[pFXWLRQGXSUpVHQWGpFUHWTXLVHUDSXEOLpDX -RXUQDO2IILFLHOGHOD5pSXEOLTXH7XQLVLHQQH 7XQLVOHMXLOOHW
=LQH(O$ELGLQH%HQ$OL

 3DJH

-RXUQDO2IILFLHOGHOD5pSXEOLTXH7XQLVLHQQHMXLOOHW

1

'pFUHW Q  GX  MXLOOHW  SRUWDQW RFWURL GH OD WURLVLqPH WUDQFKH GH O
DXJPHQWDWLRQ JOREDOHGHVPRQWDQWVGHO
LQGHPQLWpGXWUDLWHPHQW DXWRPDWLTXH GH O
LQIRUPDWLTXH DX SURILW GX FRUSV GHVDQDO\VWHVHWGHVWHFKQLFLHQVGHO
LQIRUPDWLTXH GHV DGPLQLVWUDWLRQV SXEOLTXHV EpQpILFLDLUHV GH FHWWHLQGHPQLWpDXWLWUHGHO
DQQpH /H3UpVLGHQWGHOD5pSXEOLTXH 6XUSURSRVLWLRQGX3UHPLHUPLQLVWUH 9XODORLQGXGpFHPEUHSRUWDQWVWDWXW JpQpUDOGHVSHUVRQQHOVGHO
(WDWGHVFROOHFWLYLWpVORFDOHVHW GHV pWDEOLVVHPHQWV SXEOLFV j FDUDFWqUH DGPLQLVWUDWLI HQVHPEOH OHV WH[WHV TXL O
RQW PRGLILpH RX FRPSOpWpH HW QRWDPPHQWODORLQGXGpFHPEUH 9X OH GpFUHW Q  GX  MDQYLHU  UHODWLI j O
LQVWLWXWLRQ G
XQH LQGHPQLWp VSpFLILTXH GLWH LQGHPQLWp GX WUDLWHPHQWDXWRPDWLTXHGHO
LQIRUPDWLTXHDXSURILWGXFRUSV GHVDQDO\VWHVHWGHVWHFKQLFLHQVGHO
LQIRUPDWLTXH 9X OH GpFUHW Q  GX  QRYHPEUH  SRUWDQW PDMRUDWLRQ GHV WDX[ GH O
LQGHPQLWp VSpFLILTXH GLWH LQGHPQLWp GX WUDLWHPHQW DXWRPDWLTXH GH O
LQIRUPDWLTXH DX SURILWGHVSHUVRQQHOVFKDUJpVGXWUDLWHPHQWDXWRPDWLTXHGH O
LQIRUPDWLTXH HW IL[DWLRQ GH O
DXJPHQWDWLRQ JOREDOH GHV VDODLUHV GXUDQW OD SpULRGH  DX SURILW GHV DJHQWV EpQpILFLDLUHVGHFHWWHLQGHPQLWp 9X OH GpFUHW Q  GX  MXLQ  SRUWDQW PDMRUDWLRQ GHV WDX[ GH O
LQGHPQLWp GX WUDLWHPHQW DXWRPDWLTXHGHO
LQIRUPDWLTXHDXWLWUHGHO
DQQpH 9X OH GpFUHW Q  GX  MXLQ  SRUWDQW PDMRUDWLRQ GHV WDX[ GH O
LQGHPQLWp GX WUDLWHPHQW DXWRPDWLTXHGHO
LQIRUPDWLTXHDXWLWUHGHO
DQQpH 9XOHGpFUHWQGXIpYULHUIL[DQWOHVWDWXW SDUWLFXOLHU DX FRUSV GHV DQDO\VWHV HW GHV WHFKQLFLHQV GH O
LQIRUPDWLTXHGHVDGPLQLVWUDWLRQVSXEOLTXHV 9XOHGpFUHWQGXIpYULHUIL[DWLRQOH UpJLPH GH UpPXQpUDWLRQ GHV DJHQWV GX FRUSV GHV DQDO\VWHV HW GHV WHFKQLFLHQV GH O
LQIRUPDWLTXH GHV DGPLQLVWUDWLRQV SXEOLTXHV WHO TXH PRGLILp SDU OH GpFUHW QGXPDL 9X OH GpFUHW Q  GX  VHSWHPEUH  SRUWDQW IL[DWLRQ GH O
DXJPHQWDWLRQ JOREDOH GHV WDX[ GH O
LQGHPQLWp GX WUDLWHPHQW DXWRPDWLTXH GH O
LQIRUPDWLTXH GXUDQW OD SpULRGH  HW RFWURL GH OD SUHPLqUH WUDQFKH DX SURILW GX FRUSV GHV DQDO\VWHV HW GHV WHFKQLFLHQV GH O
LQIRUPDWLTXH GHV DGPLQLVWUDWLRQV SXEOLTXHVEpQpILFLDLUHVGHFHWWHLQGHPQLWp 9X OH GpFUHW Q  GX  MXLQ  SRUWDQW IL[DWLRQ GH OD GHX[LqPH WUDQFKH GH O
DXJPHQWDWLRQ JOREDOH GHV PRQWDQWV GH O
LQGHPQLWp GX WUDLWHPHQW DXWRPDWLTXH GH O
LQIRUPDWLTXH DOORXpH DX FRUSV GHV DQDO\VWHV HW GHV WHFKQLFLHQVGHO
LQIRUPDWLTXHGHVDGPLQLVWUDWLRQVSXEOLTXHV EpQpILFLDLUHVGHFHWWHLQGHPQLWpDXWLWUHGHO
DQQpH 9XO
DYLVGXPLQLVWUHGHVILQDQFHV 9XO
DYLVGXWULEXQDODGPLQLVWUDWLI

'pFUqWH $UWLFOH SUHPLHU  (VW DOORXpH j FRPSWHU GX 07 MXLOOHW  OD WURLVLqPH WUDQFKH GH O
DXJPHQWDWLRQ JOREDOH GHV PRQWDQWV GH O
LQGHPQLWp GX WUDLWHPHQW DXWRPDWLTXH GH O
LQIRUPDWLTXH SUpYXH SDU OHV GpFUHWV VXVYLVpV FRQIRUPpPHQWDX[LQGLFDWLRQVGXWDEOHDXFLDSUqV (QGLQDUV
*UDGHV 0RQWDQW PHQVXHOGHOD PDMRUDWLRQj FRPSWHUGX07 MXLOOHW

 $QDO\VWHJpQpUDO  $QDO\VWHHQFKHI  $QDO\VWHFHQWUDO  $QDO\VWHSULQFLSDO  $QDO\VWH  3URJUDPPHXU  7HFKQLFLHQGHODERUDWRLUHLQIRUPDWLTXH  0pFDQRJUDSKH  $UW   /H 3UHPLHU PLQLVWUH OHV PLQLVWUHV HW OHV VHFUpWDLUHV G
(WDW VRQW FKDUJpV FKDFXQ HQ FH TXL OH FRQFHUQHGHO
H[pFXWLRQGXSUpVHQWGpFUHWTXLVHUDSXEOLpDX -RXUQDO2IILFLHOGHOD5pSXEOLTXH7XQLVLHQQH 7XQLVOHMXLOOHW
=LQH(O$ELGLQH%HQ$OL  

0,1,67(5('(6),1$1&(6 120,1$7,21 3DUGpFUHWQGXMXLOOHW 0RQVLHXU &KHGO\ $wVVD DGPLQLVWUDWHXU JpQpUDO DX PLQLVWqUH GHV ILQDQFHV HVW QRPPp GLUHFWHXU JpQpUDO GX FRQWU{OHILVFDO 
 

0,1,67(5('(/
,1'8675,(  'pFUHW Q  GX  MXLOOHW  IL[DQW O
RUJDQLVDWLRQ DGPLQLVWUDWLYH HW ILQDQFLqUH HW OHV PRGDOLWpV GH IRQFWLRQQHPHQW GH O
DJHQFH GH SURPRWLRQGHO
LQGXVWULH /H3UpVLGHQWGHOD5pSXEOLTXH 6XUSURSRVLWLRQGXPLQLVWUHGHO
LQGXVWULH 9X OD ORL Q  GX HU IpYULHU  UHODWLYH DX[ SDUWLFLSDWLRQV HQWUHSULVHV HW pWDEOLVVHPHQWV SXEOLFV WHOOH TXHPRGLILpHHWFRPSOpWpHSDUODORLQGXHUDRW ODORLQGXMXLOOHWODORLQGX PDLHWODORLQGXPDUV 9X OD ORL Q  GX  MXLQ  SRUWDQW FUpDWLRQ GH O
DJHQFHGHSURPRWLRQGHO
LQGXVWULH 9XOHFRGHG
LQFLWDWLRQVDX[LQYHVWLVVHPHQWVSURPXOJXp SDUODORLQGXGpFHPEUH

1

-RXUQDO2IILFLHOGHOD5pSXEOLTXH7XQLVLHQQHMXLOOHW

3DJH

9X OH GpFUHW Q  GX HU DYULO  IL[DQW OHV FRQGLWLRQV HW OHV PRGDOLWpV GH UpYLVLRQ GHV FRPSWHV GHV pWDEOLVVHPHQWV SXEOLFV j FDUDFWqUH LQGXVWULHO HW FRPPHUFLDO HW GHV VRFLpWpV GRQW OH FDSLWDO HVW WRWDOHPHQW GpWHQX SDU O
(WDW 9X OH GpFUHW Q  GX  DYULO  UHODWLI DX[ PDUFKpVSXEOLFVWHOTXHPRGLILpHWFRPSOpWpSDUOHGpFUHWQ  GX  PDUV  OH GpFUHW Q  GX  VHSWHPEUHOHGpFUHWQGXRFWREUHOH GpFUHW QGXPDUVOHGpFUHWQGX  PDUV  HW OH GpFUHW Q  GX  VHSWHPEUH  9XOHGpFUHWQGXQRYHPEUHIL[DQWOH UpJLPH GH UpPXQpUDWLRQ GHV FKHIV G
HQWUHSULVHV j PDMRULWp SXEOLTXHWHOTXHPRGLILpHWFRPSOpWpSDUOHGpFUHWQ GXMDQYLHU 9X OH GpFUHW Q  GX  MDQYLHU  IL[DQW O
RUJDQLVDWLRQ DGPLQLVWUDWLYH HW ILQDQFLqUH HW OHV PRGDOLWpV GH IRQFWLRQQHPHQW GH O
DJHQFH GH SURPRWLRQ GH O
LQGXVWULH WHOTXHPRGLILpSDUOHGpFUHWQGXDYULO 9X OH GpFUHW Q  GX  IpYULHU  IL[DQW OHV OLVWHV GHV DFWLYLWpV UHOHYDQW GHV VHFWHXUV SUpYXV SDU OHV DUWLFOHV    HW  GX FRGH G
LQFLWDWLRQV DX[ LQYHVWLVVHPHQWVWHOTXHPRGLILpSDUOHGpFUHWQGX DYULO 9X OH GpFUHW Q  GX  PDL  IL[DQW OHV DWWULEXWLRQVGXPLQLVWqUHGHO
LQGXVWULH 9X OH GpFUHW Q  GX  IpYULHU  IL[DQW OHV DWWULEXWLRQVGXPLQLVWqUHGXGpYHORSSHPHQWpFRQRPLTXHWHO TXH PRGLILp HW FRPSOpWp SDU OH GpFUHW Q  GX HU MXLOOHW 9X OH GpFUHW Q  GX  PDUV  SRUWDQW IL[DWLRQ GHV DWWULEXWLRQV GHV GLUHFWHXUV JpQpUDX[ HW GHV FRQVHLOV G
HQWUHSULVH GHV pWDEOLVVHPHQWV SXEOLFV j FDUDFWqUH QRQDGPLQLVWUDWLI 9X OH GpFUHW Q  GX  PDUV  UHODWLI DX[ PRGDOLWpV G
H[HUFLFH GH OD WXWHOOH VXU OHV pWDEOLVVHPHQWV SXEOLFVQ
D\DQWSDVOHFDUDFWqUHDGPLQLVWUDWLIDX[PRGDOLWpV G
DSSUREDWLRQ GH OHXUV DFWHV GH JHVWLRQ DX[ PRGHV HW DX[ FRQGLWLRQV GH GpVLJQDWLRQ GHV PHPEUHV GHV FRQVHLOV G
HQWUHSULVH HW j OD IL[DWLRQ GHV REOLJDWLRQV PLVHV j OHXU FKDUJH 9X OH GpFUHW Q  GX  PDUV  IL[DQW OHV PRGDOLWpV GH UHFUXWHPHQW GLUHFW GDQV OHV HQWUHSULVHV SXEOLTXHV HW OHV pWDEOLVVHPHQWV SXEOLFV j FDUDFWqUH QRQ DGPLQLVWUDWLI 9X ODYLV GHV PLQLVWUHV GHV ILQDQFHV HW GX GpYHORSSHPHQWpFRQRPLTXH 9XODYLVGXWULEXQDODGPLQLVWUDWLI 'pFUqWH &+$3,75(, 2UJDQLVDWLRQDGPLQLVWUDWLYH 6HFWLRQSUHPLqUH /HGLUHFWHXUJpQpUDO $UWLFOH SUHPLHU  /
DJHQFH GH SURPRWLRQ GH O
LQGXVWULH HVW GLULJpH SDU XQ GLUHFWHXU JpQpUDO QRPPp SDU GpFUHW VXU SURSRVLWLRQ GX PLQLVWUH GH O
LQGXVWULH /H GLUHFWHXU JpQpUDO

HVW KDELOLWp j SUHQGUH OHV GpFLVLRQV UHOHYDQW GH VHV DWWULEXWLRQV WHOOHV TXH GpILQLHV GDQV OH SUpVHQW DUWLFOH j O
H[FHSWLRQGHFHOOHVUHOHYDQWGHVDXWRULWpVGHWXWHOOH /HGLUHFWHXUJpQpUDOHVWFKDUJpQRWDPPHQWGH SUpVLGHUOHFRQVHLOG
HQWUHSULVH  DVVXUHU OD GLUHFWLRQ DGPLQLVWUDWLYH ILQDQFLqUH HW WHFKQLTXHGHO
DJHQFH  FRQFOXUH OHV PDUFKpV GDQV OHV IRUPHV HW FRQGLWLRQV SUpYXHVSDUODOpJLVODWLRQHWODUpJOHPHQWDWLRQHQYLJXHXU DUUrWHUOHVFRQWUDWVREMHFWLIVHWVXLYUHOHXUH[pFXWLRQ DUUrWHUOHVEXGJHWVSUpYLVLRQQHOVGHIRQFWLRQQHPHQWHW G
LQYHVWLVVHPHQWHWOHXUVFKpPDGHILQDQFHPHQW DUUrWHUOHVpWDWVILQDQFLHUV SURSRVHUO
RUJDQLVDWLRQGHO
DJHQFHOHVWDWXWSDUWLFXOLHU GH VRQ SHUVRQQHO DLQVL TXH VRQ UpJLPH GH UpPXQpUDWLRQ FRQIRUPpPHQW j OD OpJLVODWLRQ HW OD UpJOHPHQWDWLRQ HQ YLJXHXU  HQJDJHU OHV GpSHQVHV HW SHUFHYRLU OHV UHFHWWHV FRQIRUPpPHQW j OD OpJLVODWLRQ HW j OD UpJOHPHQWDWLRQ HQ YLJXHXU  FRQFOXUH OHV RSpUDWLRQV G
DFTXLVLWLRQ OHV WUDQVDFWLRQV HW WRXWHV RSpUDWLRQV LPPRELOLqUHV UHOHYDQW GH O
DFWLYLWp GH O
DJHQFH HW FH FRQIRUPpPHQW j OD OpJLVODWLRQ HW j OD UpJOHPHQWDWLRQHQYLJXHXU SUHQGUHOHVPHVXUHVQpFHVVDLUHVSRXUOHUHFRXYUHPHQW GHVFUpDQFHVGHO
DJHQFH  UHSUpVHQWHU O
DJHQFH DXSUqV GHV WLHUV HW GDQV OHV DFWHV FLYLOV DGPLQLVWUDWLIV HW MXULGLFWLRQQHOV HW FH GDQV OH FDGUH GHODOpJLVODWLRQHWGHODUpJOHPHQWDWLRQHQYLJXHXU  pWDEOLU GHV UDSSRUWV SpULRGLTXHV VXU O
DFWLYLWp GH O
DJHQFHHWOHVVRXPHWWUHDXPLQLVWqUHGHO
LQGXVWULH  H[pFXWHU WRXWH DXWUH PLVVLRQ HQWUDQW GDQVOHVDFWLYLWpV GHO
DJHQFHTXLYLHQGUDLWjOXLrWUHFRQILpHSDUOHPLQLVWqUH GHO
LQGXVWULH $UW   /H GLUHFWHXU JpQpUDO H[HUFH VRQ DXWRULWp VXU O
HQVHPEOH GX SHUVRQQHO GH O
DJHQFH TX
LO UHFUXWH QRPPH DIIHFWHHWOLFHQFLHFRQIRUPpPHQWDXVWDWXWGXSHUVRQQHOHWj ODOpJLVODWLRQHWjODUpJOHPHQWDWLRQHQYLJXHXU /H GLUHFWHXU JpQpUDO SHXW GpOpJXHU XQH SDUWLH GH VHV SRXYRLUVDLQVLTXHVDVLJQDWXUHDX[DJHQWVSODFpVVRXVVRQ DXWRULWp 6HFWLRQ,, /HFRQVHLOG
HQWUHSULVH $UW   /H FRQVHLO G
HQWUHSULVH GH O
DJHQFH GH SURPRWLRQGHO
LQGXVWULHHVWFKDUJpG
H[DPLQHUHWGHGRQQHU VRQDYLVVXUOHVTXHVWLRQVVXLYDQWHV OHVFRQWUDWVREMHFWLIVHWOHVXLYLGHOHXUH[pFXWLRQ  OHV EXGJHWV SUpYLVLRQQHOV GH IRQFWLRQQHPHQW HW G
LQYHVWLVVHPHQWHWOHXUVFKpPDGHILQDQFHPHQW OHVpWDWVILQDQFLHUV O
RUJDQLVDWLRQGHO
DJHQFH OHVWDWXWSDUWLFXOLHUGXSHUVRQQHOGHO
DJHQFHDLQVLTXH VRQUpJLPHGHUpPXQpUDWLRQ OHVPDUFKpVHWOHVFRQYHQWLRQVFRQFOXHVSDUO
DJHQFH  OHV DFTXLVLWLRQV OHV WUDQVDFWLRQV HW WRXWHV OHV RSpUDWLRQVLPPRELOLqUHVUHOHYDQWGHO
DFWLYLWpGHO
DJHQFH

 3DJH

-RXUQDO2IILFLHOGHOD5pSXEOLTXH7XQLVLHQQHMXLOOHW

1

HWG
XQHIDoRQJpQpUDOHWRXWHDXWUHTXHVWLRQUHOHYDQWGH O
DFWLYLWp GH O
pWDEOLVVHPHQW HW TXL OXL HVW VRXPLVH SDU OH GLUHFWHXUJpQpUDO $UW   /H FRQVHLO G
HQWUHSULVH HVW SUpVLGp SDU OH GLUHFWHXU JpQpUDO GH O
DJHQFH ,O FRPSUHQG HQ RXWUH OHV PHPEUHVVXLYDQWV XQUHSUpVHQWDQWGXSUHPLHUPLQLVWqUH XQUHSUpVHQWDQWGXPLQLVWqUHGHO
LQWpULHXU XQUHSUpVHQWDQWGXPLQLVWqUHGHVILQDQFHV XQUHSUpVHQWDQWGXPLQLVWqUHGHO
LQGXVWULH XQ UHSUpVHQWDQW GX PLQLVWqUH GX GpYHORSSHPHQW pFRQRPLTXH XQ UHSUpVHQWDQW GX PLQLVWqUH GH OD IRUPDWLRQ SURIHVVLRQQHOOHHWGHO
HPSORL XQUHSUpVHQWDQWGHODEDQTXHFHQWUDOHGH7XQLVLH XQUHSUpVHQWDQWGHO
DJHQFHIRQFLqUHLQGXVWULHOOH XQ UHSUpVHQWDQW GH O
DJHQFH GH SURPRWLRQ GH O
LQYHVWLVVHPHQWH[WpULHXU XQ UHSUpVHQWDQW GH O
DJHQFH GH SURPRWLRQ GHV LQYHVWLVVHPHQWVDJULFROHV XQUHSUpVHQWDQWGHO
XQLRQWXQLVLHQQHGHO
LQGXVWULHGX FRPPHUFHHWGHO
DUWLVDQDW /HV PHPEUHV GX FRQVHLO G
HQWUHSULVH VRQW GpVLJQpV SDU DUUrWp GX PLQLVWUH GH O
LQGXVWULH SULV VXU SURSRVLWLRQ GHV PLQLVWqUHVHWRUJDQLVDWLRQVFRQFHUQpVHWFHSRXUXQHGXUpH GHWURLVDQVUHQRXYHODEOHXQHVHXOHIRLV /H GLUHFWHXU JpQpUDO SHXW IDLUH DSSHO ORUV GHV UpXQLRQV GX FRQVHLO j WRXWH SHUVRQQH UHFRQQXH SRXU VD FRPSpWHQFH GDQV OH GRPDLQH LQGXVWULHO SRXU DVVLVWHU j OD UpXQLRQ GX FRQVHLO G
HQWUHSULVH HW GRQQHU VRQ DYLV VXU XQ SRLQW SDUWLFXOLHUGHO
RUGUHGXMRXU $UW   /H FRQVHLO G
HQWUHSULVH VH UpXQLWDXPRLQVXQH IRLV SDU WULPHVWUH VXU FRQYRFDWLRQ GX GLUHFWHXU JpQpUDO GH O
DJHQFH SRXU GRQQHU VRQ DYLV VXU OHV TXHVWLRQV LQVFULWHV j XQ RUGUH GX MRXU FRPPXQLTXp DX PRLQV GL[ MRXUV j O
DYDQFHjWRXVOHVPHPEUHVGXFRQVHLODXFRQWU{OHXUG
(WDW HWDXPLQLVWqUHGHO
LQGXVWULH /
RUGUH GX MRXU GRLW rWUH DFFRPSDJQp GH WRXV OHV GRFXPHQWVVHUDSSRUWDQWjO
HQVHPEOHGHVTXHVWLRQVGHYDQW rWUHH[DPLQpHVORUVGHODUpXQLRQGXFRQVHLOG
HQWUHSULVH /HFRQVHLOQHSHXWVHUpXQLUYDODEOHPHQWTX
HQSUpVHQFH GHODPDMRULWpGHVHVPHPEUHVSUpVHQWVRXUHSUpVHQWpV /H FRQVHLO G
HQWUHSULVH pPHW VRQ DYLV j OD PDMRULWp GHV YRL[GHVPHPEUHVSUpVHQWVRXUHSUpVHQWpV(QFDVG
pJDOLWp GHVYRL[FHOOHGXSUpVLGHQWGXFRQVHLOHVWSUpSRQGpUDQWH $GpIDXWGHODSUpVHQFHGHODPDMRULWpGHVHVPHPEUHV SRXU GHV FDV GH IRUFH PDMHXUH OH FRQVHLO G
HQWUHSULVH SHXW VHUpXQLUYDODEOHPHQWSRXUH[DPLQHUOHVTXHVWLRQVXUJHQWHV /H GLUHFWHXU JpQpUDO GpVLJQH XQ FDGUH GH O
DJHQFH SRXU DVVXUHUOHVHFUpWDULDWGXFRQVHLOHWpWDEOLUOHVSURFqVYHUEDX[ GH VHV UpXQLRQV GDQV OHV GL[ MRXUV TXL VXLYHQW OHVUpXQLRQV GXFRQVHLO/HVSURFqVYHUEDX[GRLYHQWrWUHFRQVLJQpVGDQV XQ UHJLVWUH VSpFLDO WHQX j FHW HIIHW ,OV VRQW VLJQpV SDU OH GLUHFWHXUJpQpUDOHWXQPHPEUHGXFRQVHLO $UW/HVPHPEUHVGXFRQVHLOG
HQWUHSULVHQHSHXYHQW GpOpJXHU OHXUV DWWULEXWLRQV TX
DX[ DXWUHV PHPEUHV GX FRQVHLOG
HQWUHSULVHGHO
DJHQFHGHSURPRWLRQGHO
LQGXVWULH

,OV QH SHXYHQW V

DEVHQWHU GHV UpXQLRQV GX FRQVHLO RX UHFRXULU j OD GpOpJDWLRQ TX
HQ FDV G
HPSrFKHPHQW HW FH GDQVODOLPLWHGHGHX[IRLVSDUDQ'DQVFHFDVOHGLUHFWHXU JpQpUDO GH O
DJHQFH GRLW HQ LQIRUPHU OH PLQLVWqUH GH O
LQGXVWULH HW OH PLQLVWqUH GX GpYHORSSHPHQW pFRQRPLTXH GDQV OHV GL[ MRXUV TXL VXLYHQW OD UpXQLRQ GX FRQVHLO G
HQWUHSULVH &+$3,75(,, *XLFKHWXQLTXH $UW,OHVWFUppDXVHLQGHO
DJHQFHGHSURPRWLRQGH O
LQGXVWULH XQ JXLFKHW XQLTXH FKDUJp GH IRXUQLU DX[ SURPRWHXUV GHV SURMHWV OHV SUHVWDWLRQV DGPLQLVWUDWLYHV HW OpJDOHV QpFHVVDLUHV j OD FRQVWLWXWLRQ MXULGLTXH GH OHXUV HQWUHSULVHVGDQVOHVVHFWHXUVSUpYXVSDUOHFRGHG
LQFLWDWLRQV DX[ LQYHVWLVVHPHQWV ,O HVW pJDOHPHQW FKDUJp GH OD JHVWLRQ GHV GpFODUDWLRQV HW GHV DYDQWDJHV VSpFLILTXHV UHODWLIV DX[ DFWLYLWpV SUpYXHV SDU O
DUWLFOH  QRXYHDX GX GpFUHW Q  GXDYULOPRGLILDQWOHGpFUHWQGX IpYULHU  SRUWDQW IL[DWLRQ GHV OLVWHV GHV DFWLYLWpV UHOHYDQWGHVVHFWHXUVSUpYXVSDUOHVDUWLFOHVHWGX FRGHG
LQFLWDWLRQVDX[LQYHVWLVVHPHQWV $UW/HJXLFKHWXQLTXHFRPSUHQGGHVUHSUpVHQWDQWV GHV GpSDUWHPHQWV HW RUJDQLVPHV FKDUJpV GHV SUHVWDWLRQV VXVYLVpHV GPHQW KDELOLWpV j DFFRPSOLU FHV SUHVWDWLRQV GLUHFWHPHQWDXVHLQGHFHJXLFKHW $UW   /H JXLFKHW XQLTXH HVW FRPSRVp GHV EXUHDX[ VXLYDQWVTXLDFFRPSOLVVHQWOHXUVSUHVWDWLRQVGDQVOHVGpODLV LQGLTXpVSDUOHSUpVHQWGpFUHW %XUHDXGHSURPRWLRQGHO
LQYHVWLVVHPHQW &H EXUHDX UHoRLW OHV GpFODUDWLRQV GHV SURMHWV G
LQYHVWLVVHPHQWV HW GRVVLHUV G
RFWURL G
DYDQWDJHV GDQV OHV DFWLYLWpV UHOHYDQW GHV VHFWHXUV  SUpYXV SDU O
DUWLFOH  QRXYHDXGXGpFUHWQGXDYULOPRGLILDQW OHGpFUHWQGXIpYULHU ,O GpOLYUH OHV DWWHVWDWLRQV GH GpS{W GH GpFODUDWLRQ SRXU OHV SURMHWV QRQ VRXPLV j DXWRULVDWLRQ SUpDODEOH GDQV OHV GpODLVIL[pVSDUODUpJOHPHQWDWLRQHQYLJXHXU 3RXU OHV DFWLYLWpV VRXPLVHV j DXWRULVDWLRQ SUpDODEOH LO SURFqGH DX GLVSDWFKLQJ GHV GRVVLHUV IDLVDQW O
REMHW G
XQH DWWHVWDWLRQGHGpS{WGHGpFODUDWLRQDXSUqVGHVGpSDUWHPHQWV FRQFHUQpV ,OGpOLYUHOHVDWWHVWDWLRQVGHGpS{WGHGpFODUDWLRQSRXUOH FRPSWH GHV RUJDQLVPHV RX GpSDUWHPHQWV FRQFHUQpV SDU O
DFWLYLWp VRXPLVH j DXWRULVDWLRQ SUpDODEOH FRQIRUPpPHQW j O
DUWLFOH  GX GpFUHW Q GXIpYULHUGDQVOHV GpODLVIL[pVSDUODUpJOHPHQWDWLRQHQYLJXHXU ,OHVWpJDOHPHQWFKDUJpGHODUpFHSWLRQGHVGHPDQGHVGH EpQpILFH GHV DYDQWDJHV VSpFLILTXHV HW GH OHXU GLVSDWFKLQJ DXSUqV GHV FRPPLVVLRQV FRQFHUQpHV DLQVL TXH GH OD UHPLVH DX[ EpQpILFLDLUHV GHV GpFLVLRQV G
RFWURL G
DYDQWDJHV \ DIIpUHQWHV ,O GRQQH DXVVL WRXWHV LQIRUPDWLRQV QpFHVVDLUHV FRQFHUQDQWO
LQYHVWLVVHPHQW

1

-RXUQDO2IILFLHOGHOD5pSXEOLTXH7XQLVLHQQHMXLOOHW

3DJH

 %XUHDXGHFRQVWLWXWLRQGHVVRFLpWpVFRPSRVpGHV VRXVEXUHDX[VXLYDQWV 6RXVEXUHDXGHODUHFHWWHG

HQUHJLVWUHPHQWGHVDFWHV FLYLOV DIIpUHQWV j OD FRQVWLWXWLRQ MXULGLTXH GHV HQWUHSULVHV WHOV TXH OHV VWDWXWV RX OHXUV PRGLILFDWLRQV OHV SURFqV YHUEDX[GHVGpOLEpUDWLRQVGHVRUJDQHVGHJHVWLRQDLQVLTXH WRXVOHVDFWHVUHODWLIVjODYLHGHO
HQWUHSULVH/DUHPLVHGHV DFWHV GPHQW HQUHJLVWUpV HVW HIIHFWXpH GDQV XQ GpODL QH GpSDVVDQW SDV OHV YLQJWTXDWUH KHXUHV DSUqV OHXU GpS{W j OD UHFHWWH 6RXVEXUHDXGHFRQWU{OHGHVLPS{WV &H EXUHDX GpOLYUH VpDQFH WHQDQWH OHV FRSLHV GH GpFODUDWLRQV G
RXYHUWXUH DX[ SHUVRQQHV PRUDOHV HW DX[ SHUVRQQHV SK\VLTXHV HW OHXU DWWULEXH OHV QXPpURV G
LGHQWLILFDWLRQILVFDOHFRUUHVSRQGDQWV  6RXVEXUHDX GX JUHIIH GX WULEXQDO GH SUHPLqUH LQVWDQFH &H EXUHDX HIIHFWXH OHV RSpUDWLRQV VXLYDQWHV VpDQFH WHQDQWH  GpOLYUHU OHV FHUWLILFDWV GH GpS{W GHV SURMHWV GH VWDWXWV RX GHV SURMHWV G
DXJPHQWDWLRQ GH FDSLWDO DX[ SHUVRQQHV PRUDOHV TXL VH FRQVWLWXHQW VRXV OD IRUPH GH VRFLpWpV DQRQ\PHV  GpOLYUHU OHV FHUWLILFDWV GH GpS{W GHV VWDWXWV GHV SHUVRQQHV PRUDOHV ORUV GH OHXU FRQVWLWXWLRQRXjO
RFFDVLRQ GHODPRGLILFDWLRQGHFHVVWDWXWV DWWULEXHUOHVQXPpURVG
LPPDWULFXODWLRQDXUHJLVWUHGX FRPPHUFH DX[ SHUVRQQHV PRUDOHV HW DX[ SHUVRQQHV SK\VLTXHVHWRSpUHUOHVPRGLILFDWLRQVV
\UDSSRUWDQW  LQVFULUH OHV DFWHV GH QDQWLVVHPHQW HW GpOLYUHU OHV FHUWLILFDWVGHQDQWLVVHPHQWRXGHQRQQDQWLVVHPHQW 6RXVEXUHDXGHVGRXDQHV &H EXUHDX DFFRUGH VpDQFH WHQDQWH OHV FRGHV HQ GRXDQH DX[ SHUVRQQHV PRUDOHV HW SK\VLTXHV TXL OHV VROOLFLWHQW HW IRXUQLWOHVLQIRUPDWLRQVQpFHVVDLUHVHQPDWLqUHGRXDQLqUH 6RXVEXUHDXGHO
LPSULPHULHRIILFLHOOH &H EXUHDX UHFXHLOOH OHV WH[WHV GHV DYLV GH FRQVWLWXWLRQ GHV VRFLpWpV DLQVL TXH OHV LQVHUWLRQV UHODWLYHV j OD YLH GH O
HQWUHSULVH HQ YXH GH OHV SXEOLHU DX -RXUQDO 2IILFLHO GH OD 5pSXEOLTXH 7XQLVLHQQH DX SOXV WDUG XQH VHPDLQH DSUqV OD GHPDQGHGHVLQWpUHVVpV %XUHDXGHODPXQLFLSDOLWpGH7XQLV &H EXUHDX SURFqGH VpDQFH WHQDQWH DX[ RSpUDWLRQV GH OpJDOLVDWLRQ GH VLJQDWXUH HW GH FHUWLILFDWLRQ FRQIRUPH GHV FRSLHVDX[RULJLQDX[GHVGRFXPHQWV   %XUHDX UHOHYDQW GX PLQLVWqUH GH OD IRUPDWLRQ SURIHVVLRQQHOOHHWGHO
HPSORL ,O HVW FKDUJp GH OD GpOLYUDQFH GHV YLVDV SRXU OD PDLQ G
XYUH pWUDQJqUH UHFUXWpH SDU OHV HQWUHSULVHV WRWDOHPHQW H[SRUWDWULFHV DLQVL TXH GH O
DVVLVWDQFH HQ PDWLqUH GH IRUPDWLRQSURIHVVLRQQHOOH %XUHDXGHODFDLVVHQDWLRQDOHGHVpFXULWpVRFLDOH ,O IRXUQLW DX[ SURPRWHXUV WRXWHV OHV LQIRUPDWLRQV QpFHVVDLUHV VXU OHV PRGDOLWpV G
DIILOLDWLRQ HW SURFqGH j O
DIILOLDWLRQ GHV HQWUHSULVHV  DX UpJLPH OpJDO GH VpFXULWp VRFLDOH

/HJXLFKHWXQLTXHSHXWrWUHpODUJLDX[EXUHDX[G
DXWUHV DXWRULWpVRXRUJDQLVPHVGRQWOHVSUHVWDWLRQVFRQFRXUHQWjOD UpDOLVDWLRQMXULGLTXHRXSK\VLTXHGHVSURMHWV $UW   /HV DJHQWV GX JXLFKHW XQLTXH VRQW GpVLJQpV SDU GpFLVLRQ GX PLQLVWUH FKDUJp GH O
LQGXVWULH VXU SURSRVLWLRQGHVPLQLVWqUHVHWRUJDQLVPHVFRQFHUQpV &HV DJHQWV FRQWLQXHQW GH UHOHYHU GH OHXUV RUJDQLVPHV G
RULJLQH/HGLUHFWHXUJpQpUDOGHO
DJHQFHGHSURPRWLRQGH O
LQGXVWULHGRQQHVRQDYLVHQFHTXLFRQFHUQH ODQRWHSURIHVVLRQQHOOHHWODSULPHGHUHQGHPHQW OHV FRQJpV GH WRXWH QDWXUH HW OHV DXWRULVDWLRQV SUpDODEOHVG
DEVHQFHSRXUTXHOTXHPRWLITXHFHVRLW $UW/HGLUHFWHXUJpQpUDOGHO
DJHQFHGHSURPRWLRQ GH O
LQGXVWULH DVVXUH OD FRRUGLQDWLRQ HQWUH OHV DJHQWV GX JXLFKHW XQLTXH YHLOOH j VD ERQQH PDUFKH HW SURSRVH OHV DPpOLRUDWLRQV QpFHVVDLUHV DLQVL TXH O
pODUJLVVHPHQW GH VHV SUpURJDWLYHV HQ YXH G
DVVXUHU G
DXWUHV SUHVWDWLRQV QRQ SUpYXHVSDUOHSUpVHQWGpFUHW &+$3,75(,,, 2UJDQLVDWLRQILQDQFLqUH $UW/HGLUHFWHXUJpQpUDOGHO
DJHQFHGHSURPRWLRQ GH O
LQGXVWULH DUUrWH OH EXGJHW SUpYLVLRQQHO GH IRQFWLRQQHPHQW HW G
LQYHVWLVVHPHQW HW OHV VFKpPDV GH ILQDQFHPHQW GHV SURMHWV G
LQYHVWLVVHPHQWV HW OHV VRXPHW DX FRQVHLO G
HQWUHSULVH DYDQW OH  DRW GH FKDTXH DQQpH /H EXGJHW IDLW UHVVRUWLU OHV SUpYLVLRQV GH UHFHWWHV HW GH GpSHQVHV /H GLUHFWHXU JpQpUDO GRLW HQ RXWUH DUUrWHU XQ FRQWUDW REMHFWLIV HW OH VRXPHWWUH DX FRQVHLO G
HQWUHSULVH DX SOXV WDUG OH  PDUV GH OD SUHPLqUH DQQpH GH OD SpULRGH G
H[pFXWLRQGXSODQGHGpYHORSSHPHQWpFRQRPLTXH $UW   /H EXGJHW GH IRQFWLRQQHPHQW FRPSUHQG OHV UHFHWWHVHWOHVGpSHQVHVFLDSUqV $(QUHFHWWHV  OHV VXEYHQWLRQV HW OHV GRWDWLRQV TXH O
(WDW DFFRUGH j O
DJHQFH OHV UHFHWWHV GpFRXODQW GH O
H[HUFLFH GHV PLVVLRQV QRUPDOHVGHO
DJHQFH OHV SURGXLWV GH OD YHQWH GHV ELHQV PHXEOHV HW LPPHXEOHV OHVELHQVPHXEOHVHWLPPHXEOHV OHVVXEYHQWLRQVGRQVHWOHJV OH SURGXLW GHV HPSUXQWV TXH O
DJHQFH SRXUUDLW FRQWUDFWHUDXSUqVGHVpWDEOLVVHPHQWVGHFUpGLW  WRXW DXWUH SURGXLW SRXYDQW UHYHQLU j O
DJHQFH FRQIRUPpPHQW j OD OpJLVODWLRQ HW j OD UpJOHPHQWDWLRQ HQ YLJXHXU %(QGpSHQVHV OHVGpSHQVHVGHIRQFWLRQQHPHQWGHO
DJHQFH  OHV IUDLV GH JHVWLRQ HW G
HQWUHWLHQ GHV LPPHXEOHV HW DXWUHVELHQVOXLDSSDUWHQDQW OHV GpSHQVHV G
DFTXLVLWLRQ G
LPPHXEOHV OHV IUDLV G
DPpQDJHPHQWHWGHUHPERXUVHPHQWGHVHPSUXQWV

 3DJH

-RXUQDO2IILFLHOGHOD5pSXEOLTXH7XQLVLHQQHMXLOOHW

1

OHVGpSHQVHVQpFHVVDLUHVSRXUO
H[pFXWLRQGHVPLVVLRQV GHO
DJHQFH $UW   /H EXGJHW G
LQYHVWLVVHPHQW FRPSUHQG OHV UHFHWWHVHWOHVGpSHQVHVFLDSUqV $(QUHFHWWHV OHVVXEYHQWLRQVDFFRUGpHVSDUO
(WDW OHVHPSUXQWV OHVUHFHWWHVHWDXWUHVFRQWULEXWLRQV %(QGpSHQVHV OHVGpSHQVHVG
pTXLSHPHQWHWG
H[WHQVLRQ OHVGpSHQVHVGHUHQRXYHOOHPHQWGHVpTXLSHPHQWV OHV GpSHQVHV G
pWXGHV HW GH G\QDPLVDWLRQ GHV LQYHVWLVVHPHQWVHWWRXWHVDXWUHVGpSHQVHV $UW   /D FRPSWDELOLWp GH O
DJHQFH GH SURPRWLRQ GH O
LQGXVWULH HVW WHQXH FRQIRUPpPHQW DX[ UqJOHV UpJLVVDQW OD FRPSWDELOLWpFRPPHUFLDOH/
H[HUFLFHFRPSWDEOHFRPPHQFH OH SUHPLHU MDQYLHU HW VH WHUPLQH OH  GpFHPEUH GH FKDTXH DQQpH $UW/HGLUHFWHXUJpQpUDODUUrWHOHVpWDWVILQDQFLHUV HWOHVVRXPHWSRXUDYLVDXFRQVHLOG
HQWUHSULVHGDQVXQGpODL QHGpSDVVDQWSDVWURLVPRLVjSDUWLUGHODGDWHGHFO{WXUHGH O
H[HUFLFHFRPSWDEOHVXUODEDVHGXUDSSRUWpWDEOLjFHWHIIHW SDUOHUpYLVHXUGHVFRPSWHV /
DJHQFH GRLW HQ RXWUH SXEOLHU DYDQW OH  DRW GH FKDTXH DQQpH DX -RXUQDO 2IILFLHO GH OD 5pSXEOLTXH 7XQLVLHQQH HW j VHV IUDLV OHV pWDWV ILQDQFLHUV UHODWLIV j O
H[HUFLFHpFRXOpDSUqVOHXUVDSSUREDWLRQV $UW   /
DJHQFH GH SURPRWLRQ GH O
LQGXVWULH SHXW FRQWUDFWHU GHV HPSUXQWV DSUqV DXWRULVDWLRQ GX PLQLVWqUH GH O
LQGXVWULHHWGXPLQLVWqUHGHVILQDQFHV &+$3,75(,9 7XWHOOHGHO
(WDW $UW/DWXWHOOHGHVVHUYLFHVUHOHYDQWGXPLQLVWqUHGH O
LQGXVWULH VXU O
DJHQFHGHSURPRWLRQGHO
LQGXVWULHFRQVLVWH HQO
H[HUFLFHGHVDWWULEXWLRQVVXLYDQWHV  O
DSSUREDWLRQ GHV FRQWUDWVREMHFWLIV HW OH VXLYL GH OHXU H[pFXWLRQ  O
DSSUREDWLRQ GHV EXGJHWV SUpYLVLRQQHOV HW OH VXLYL GH OHXUH[pFXWLRQ O
DSSUREDWLRQGHVpWDWVILQDQFLHUV  O
DSSUREDWLRQ GHV FRQYHQWLRQV G
DUELWUDJH GHV FODXVHV DUELWUDOHV HW GHV WUDQVDFWLRQV UpJODQW OHV GLIIpUHQGV FRQIRUPpPHQWjODUpJOHPHQWDWLRQHQYLJXHXU $UW   /HV VHUYLFHV UHOHYDQW GX PLQLVWqUH GH O
LQGXVWULH SURFqGHQW j O
H[DPHQ GHV TXHVWLRQV VXLYDQWHV DYDQW OHXU WUDQVPLVVLRQ DX PLQLVWqUH GX GpYHORSSHPHQW pFRQRPLTXH SRXU DYLV HW SUpVHQWDWLRQ j O
DSSUREDWLRQ FRQIRUPpPHQW j OD OpJLVODWLRQ HW OD UpJOHPHQWDWLRQ HQ YLJXHXU OHVWDWXWSDUWLFXOLHUGXSHUVRQQHOGHO
DJHQFH OHWDEOHDXGHFODVVLILFDWLRQGHVHPSORLV OHUpJLPHGHUpPXQpUDWLRQ O
RUJDQLJUDPPH OHVFRQGLWLRQVG
DWWULEXWLRQGHVHPSORLVIRQFWLRQQHOV ODORLGHVFDGUHV

OHVDXJPHQWDWLRQVVDODULDOHV  OH FODVVHPHQW GH O

DJHQFH HW OD UpPXQpUDWLRQ GH VRQ GLUHFWHXUJpQpUDO $UW   /H FRQWUDWREMHFWLIV HVW VLJQp SDU OH PLQLVWUH GH O
LQGXVWULH HW OH GLUHFWHXU JpQpUDO GH O
DJHQFH GH SURPRWLRQ GH O
LQGXVWULH /H VXLYL GH VRQ H[pFXWLRQ HVW DVVXUpORUVGHO
H[DPHQGXEXGJHWSUpYLVLRQQHOGHO
DJHQFH $ FHW HIIHW O
DJHQFH pODERUH GHV UDSSRUWV DQQXHOV G
pYDOXDWLRQFRPPXQLTXpVDXPLQLVWqUHGHO
LQGXVWULH $UW   /H EXGJHW SUpYLVLRQQHO GH O
DJHQFH GH SURPRWLRQ GH O
LQGXVWULH HVW DSSURXYp SDU GpFLVLRQ GX PLQLVWUHGHO
LQGXVWULH $UW/HVpWDWVILQDQFLHUVGHO
DJHQFHGHSURPRWLRQ GH O
LQGXVWULH VRQW DSSURXYpV SDU GpFLVLRQ GX PLQLVWUH GH O
LQGXVWULH VXU OD EDVH GX UDSSRUW GX UpYLVHXU GHV FRPSWHV pWDEOLjFHWHIIHW $UW/HGLUHFWHXUJpQpUDOGHO
DJHQFHGHSURPRWLRQ GH O
LQGXVWULH GRLW FRPPXQLTXHU DX PLQLVWqUH GH O
LQGXVWULH HW DX PLQLVWqUH GX GpYHORSSHPHQW pFRQRPLTXH OHV GRFXPHQWVFLDSUqVGDQVXQGpODLQHSRXYDQWSDVGpSDVVHU TXLQ]HMRXUVGHODGDWHGHOHXUpWDEOLVVHPHQW  OHV FRQWUDWVREMHFWLIV HW OHV UDSSRUWV DQQXHOV G
DYDQFHPHQWGHOHXUH[pFXWLRQ  OHV EXGJHWV SUpYLVLRQQHOV GH IRQFWLRQQHPHQW HW G
LQYHVWLVVHPHQW HW OH VFKpPD GH ILQDQFHPHQW GHV SURMHWV G
LQYHVWLVVHPHQW OHVpWDWVILQDQFLHUV  OHV UDSSRUWV GH FHUWLILFDWLRQ OpJDOH GHV FRPSWHV HW OHV OHWWUHVGHGLUHFWLRQ OHVSURFqVYHUEDX[GXFRQVHLOG
HQWUHSULVH OHVpWDWVPHQVXHOVGHODVLWXDWLRQGHVOLTXLGLWpVjODILQ GHFKDTXHPRLV $UW/HGLUHFWHXUJpQpUDOGHO
DJHQFHGHSURPRWLRQ GH O
LQGXVWULH GRLW FRPPXQLTXHU SRXU LQIRUPDWLRQ DX PLQLVWqUHGHVILQDQFHVOHVGRFXPHQWVFLDSUqVHWFHGDQVOHV GpODLVIL[pVjO
DUWLFOHVXVYLVp OHVFRQWUDWVREMHFWLIV  OHV EXGJHWV SUpYLVLRQQHOV GH IRQFWLRQQHPHQW HW G
LQYHVWLVVHPHQW HW OH VFKpPD GH ILQDQFHPHQW GHV SURMHWV G
LQYHVWLVVHPHQW OHVpWDWVILQDQFLHUV OHVpWDWVPHQVXHOVGHODVLWXDWLRQGHVOLTXLGLWpVjODILQ GHFKDTXHPRLV $UW,OHVWGpVLJQpDXSUqVGHO
DJHQFHGHSURPRWLRQ GH O
LQGXVWULH XQ FRQWU{OHXU  G
(WDW TXL H[HUFH VHV DWWULEXWLRQV FRQIRUPpPHQW j OD OpJLVODWLRQ HW j OD UpJOHPHQWDWLRQHQYLJXHXU &+$3,75(9 'LVSRVLWLRQVGLYHUVHV $UW   6RQW DEURJpHV WRXWHV GLVSRVLWLRQV DQWpULHXUHV FRQWUDLUHVDXSUpVHQWGpFUHWHWQRWDPPHQWOHGpFUHWQ GX  MDQYLHU  IL[DQW O
RUJDQLVDWLRQ DGPLQLVWUDWLYH HW ILQDQFLqUHHWOHVPRGDOLWpVGHIRQFWLRQQHPHQWGHO
DJHQFH GHSURPRWLRQGHO
LQGXVWULHWHOTXHPRGLILpSDUOHGpFUHW QGXDYULO

1

-RXUQDO2IILFLHOGHOD5pSXEOLTXH7XQLVLHQQHMXLOOHW

3DJH

$UW/HVPLQLVWUHVGHO
LQGXVWULHGHVILQDQFHVHWGX GpYHORSSHPHQWpFRQRPLTXHVRQWFKDUJpVFKDFXQHQFHTXL OHFRQFHUQHGHO
H[pFXWLRQGXSUpVHQWGpFUHWTXLVHUDSXEOLp DX-RXUQDO2IILFLHOGHOD5pSXEOLTXH7XQLVLHQQH 7XQLVOHMXLOOHW
=LQH(O$ELGLQH%HQ$OL 

 'pFUHW Q  GX  MXLOOHW  IL[DQW OHV FRQGLWLRQV G

DWWULEXWLRQ HW GH UHWUDLW GHV HPSORLV IRQFWLRQQHOVDXVHLQGHODVRFLpWpGHWUDQVSRUWGHV K\GURFDUEXUHVSDU3LSH/LQH /H3UpVLGHQWGHOD5pSXEOLTXH 6XUSURSRVLWLRQGXPLQLVWUHGHO
LQGXVWULH 9XODORLQGXDRWSRUWDQWVWDWXWJpQpUDO GHV DJHQWV GHV RIILFHV GHV pWDEOLVVHPHQWV SXEOLFV j FDUDFWqUH LQGXVWULHO HW FRPPHUFLDO HW GHV VRFLpWpV GRQW OH FDSLWDODSSDUWLHQWGLUHFWHPHQWHWHQWLqUHPHQWjO
(WDWRXDX[ FROOHFWLYLWpV SXEOLTXHV ORFDOHV WHOOH TXH PRGLILpH HW FRPSOpWpHSDUODORLQGXDYULO 9X OD ORL Q  GX HU IpYULHU  UHODWLYH DX[ SDUWLFLSDWLRQV HQWUHSULVHV HW pWDEOLVVHPHQWV SXEOLFV WHOOH TXHPRGLILpHHWFRPSOpWpHSDUODORLQGXHUDRW ODORLQGXMXLOOHWODORLQGX PDLHWQRWDPPHQWVRQDUWLFOHELV 9X OH GpFUHW Q  GX  PDL  IL[DQW OHV DWWULEXWLRQVGXPLQLVWqUHGHO
LQGXVWULH 9X OH GpFUHW Q  GX  IpYULHU IL[DQW OHV DWWULEXWLRQVGXPLQLVWqUHGHGpYHORSSHPHQWpFRQRPLTXHWHO TXH PRGLILp HW FRPSOpWp SDU OH GpFUHW Q  GX HU MXLOOHW 9X OH GpFUHW Q  GX  PDUV  UHODWLI DX[ PRGDOLWpV G
H[HUFLFH GH OD WXWHOOH VXU OHV HQWUHSULVHV SXEOLTXHV j O
DSSUREDWLRQ GH OHXUV DFWHV GH JHVWLRQ j OD UHSUpVHQWDWLRQ GHV SDUWLFLSDQWV SXEOLFV GDQV OHXUV RUJDQHV GHJHVWLRQHWGHGpOLEpUDWLRQHWjODIL[DWLRQGHVREOLJDWLRQV PLVHVjOHXUVFKDUJHV 9X OH GpFUHW Q  GX  PDL  UHODWLI j OD GpVLJQDWLRQ GH O
DXWRULWp GH WXWHOOH VXU OHV HQWUHSULVHV SXEOLTXHV 9X OH GpFUHW Q GX  MDQYLHU  IL[DQW O
RUJDQLJUDPPHGHODVRFLpWpGHWUDQVSRUWGHVK\GURFDUEXUHV SDUSLSHOLQH 9XO
DYLVGXPLQLVWUHGHGpYHORSSHPHQWpFRQRPLTXH 9XO
DYLVGXWULEXQDODGPLQLVWUDWLI 'pFUqWH $UWLFOHSUHPLHU/HVHPSORLVIRQFWLRQQHOVGHGLUHFWHXU VRXVGLUHFWHXUHWFKHIGHVHUYLFHVRQWDWWULEXpVHWUHWLUpVSDU GpFLVLRQGXSUpVLGHQWGLUHFWHXUJpQpUDOGHODVRFLpWp $UW   /HV HPSORLV IRQFWLRQQHOV FLWpV j O
DUWLFOH SUHPLHUVRQWDWWULEXpVGDQVOHVFRQGLWLRQVVXLYDQWHV   O
HPSORL IRQFWLRQQHO GRLW rWUH YDFDQW HW SUpYX SDU O
RUJDQLJUDPPHGHODVRFLpWp

OHFDQGLGDWGRLWUHPSOLUOHVFRQGLWLRQVPLQLPDIL[pHV GDQVOHWDEOHDXFLDSUqV  (PSORL &RQGLWLRQVPLQLPD IRQFWLRQQHO &KHIGH /H FDQGLGDW GRLW UHPSOLU O
XQH GHV VHUYLFH FRQGLWLRQVVXLYDQWHV rWUHWLWXODLUHGXGLSO{PHGHqPHF\FOH GH O
HQVHLJQHPHQW VXSpULHXU RX GX GLSO{PH QDWLRQDO G
LQJpQLHXU RX G
XQ GLSO{PH pTXLYDOHQW HW DYRLU XQH DQFLHQQHWp G
XQH DQQpH DX PRLQV GDQV OD VRFLpWp  RX rWUH WLWXODLUH GH OD PDvWULVH RX GX GLSO{PH G
LQJpQLHXU RX G
XQ GLSO{PH pTXLYDOHQW DX PRLQV HW DYRLU XQH DQFLHQQHWp GH  DQV DX PRLQV GDQV OD VRFLpWp 6RXV /H FDQGLGDW GRLW UHPSOLU O
XQH GHV GLUHFWHXU FRQGLWLRQVVXLYDQWHV rWUHWLWXODLUHGXGLSO{PHGHqPHF\FOH GH O
HQVHLJQHPHQW VXSpULHXU RX G
XQ GLSO{PHpTXLYDOHQWDXPRLQVHWDYRLUXQH DQFLHQQHWp GH  DQV DX PRLQV GDQV OD VRFLpWp GRQW  DQV DX PRLQV GDQV OD IRQFWLRQGHFKHIGHVHUYLFH  RX rWUH WLWXODLUH GH OD PDvWULVH RX G
XQ GLSO{PHpTXLYDOHQWDXPRLQVHWDYRLUXQH DQFLHQQHWp GH  DQV DX PRLQV GDQV OD VRFLpWp GRQW  DQV DX PRLQV GDQV OD IRQFWLRQGHFKHIGHVHUYLFH  RX DYRLU XQH DQFLHQQHWp GH  DQV DX PRLQV GDQV OD VRFLpWp GRQW  DQV DX PRLQVGDQVODIRQFWLRQGHFKHIGHVHUYLFH 'LUHFWHXU /H FDQGLGDW GRLW UHPSOLU O
XQH GHV FRQGLWLRQVVXLYDQWHV rWUHWLWXODLUHGXGLSO{PHGHqPHF\FOH GH O
HQVHLJQHPHQW VXSpULHXU RX G
XQ GLSO{PHpTXLYDOHQWDXPRLQVHWDYRLUXQH DQFLHQQHWp GH  DQV DX PRLQV GDQV OD VRFLpWp GRQW  DQV DX PRLQV GDQV OD IRQFWLRQGHVRXVGLUHFWHXU  RX rWUH WLWXODLUH GH OD PDvWULVH RX G
XQ GLSO{PHpTXLYDOHQWDXPRLQVHWDYRLUXQH DQFLHQQHWp GH  DQV DX PRLQV GDQV OD VRFLpWp GRQW  DQV DX PRLQV GDQV OD IRQFWLRQGHVRXVGLUHFWHXU  $UW   /HV DJHQWV FKDUJpV GH O
XQ GHV HPSORLV IRQFWLRQQHOV SUpYXV SDU O
DUWLFOH  GX SUpVHQW GpFUHW EpQpILFLHQW GHV LQGHPQLWpV HW GHV DYDQWDJHV UHODWLIV DX[ HPSORLVIRQFWLRQQHOVTX
LOVRFFXSHQWHWFHFRQIRUPpPHQWj ODUpJOHPHQWDWLRQHQYLJXHXUGDQVODVRFLpWp $UW/HUHWUDLWGHVHPSORLVIRQFWLRQQHOVGHGLUHFWHXU VRXVGLUHFWHXU HW FKHI GH VHUYLFH SUpYXV SDU O
DUWLFOH  GX SUpVHQW GpFUHW LQWHUYLHQW VXU OD EDVH G
XQ UDSSRUW pFULW GX FKHI KLpUDUFKLTXH HW GHV REVHUYDWLRQV pFULWHV HW SUpVHQWpHV SDUO
DJHQWFRQFHUQp

 3DJH

-RXUQDO2IILFLHOGHOD5pSXEOLTXH7XQLVLHQQHMXLOOHW

1

/HUHWUDLWGHVHPSORLVIRQFWLRQQHOVHQWUDvQHODSULYDWLRQ LPPpGLDWHGHVLQGHPQLWpVHWGHVDYDQWDJHV\DIIpUHQWV 7RXWHIRLV O

DJHQW FRQFHUQp FRQWLQXH j EpQpILFLHU GHV LQGHPQLWpVHWGHVDYDQWDJHVOLpVjO
HPSORLIRQFWLRQQHOTX
LO RFFXSDLW GXUDQW XQH DQQpH RX MXVTX
j VD QRPLQDWLRQ j XQ DXWUHHPSORLIRQFWLRQQHOjFRQGLWLRQ   TXH OH UHWUDLW QH VRLW SDV PRWLYp SDU XQH VDQFWLRQ GLVFLSOLQDLUH GX GHX[LqPH GHJUp RX XQH VXVSHQVLRQ GHV IRQFWLRQVSRXUIDXWHJUDYH   HW TXH O
LQWpUHVVp DLW XQH DQFLHQQHWp GH  DQV DX PRLQVGDQVODIRQFWLRQFRQFHUQpH $UW/
LQWpULPGHVHPSORLVIRQFWLRQQHOVHVWDWWULEXpDX[ DJHQWVUHPSOLVVDQWOHVFRQGLWLRQVGHQRPLQDWLRQDX[IRQFWLRQV GHGLUHFWHXUVRXVGLUHFWHXUHWFKHIGHVHUYLFHWHOVTXHIL[pVSDU O
DUWLFOH  GX SUpVHQW GpFUHW 7RXWHIRLV O
DQFLHQQHWp UHTXLVH GDQVODVRFLpWpHVWGLPLQXpHG
XQHDQQpH /
LQWpULPGHVHPSORLVIRQFWLRQQHOVHVWDWWULEXpSRXUXQH DQQpH UHQRXYHODEOH XQH VHXOH IRLV /
DJHQW FKDUJp G
XQ

3RXU OD OpJDOLVDWLRQ GH OD VLJQDWXUH  OH SUpVLGHQW GH OD PXQLFLSDOLWp

HPSORL IRQFWLRQQHO SDU LQWpULP EpQpILFLH GH WRXWHV OHV LQGHPQLWpV HW GH WRXV OHV DYDQWDJHV DIIpUHQWV j FHW HPSORL FRQIRUPpPHQW j OD UpJOHPHQWDWLRQ HQ YLJXHXU GDQV OD VRFLpWp /H UHWUDLW GH O
LQWpULP GHV HPSORLV IRQFWLRQQHOV LQWHUYLHQW SDU GpFLVLRQ GX SUpVLGHQWGLUHFWHXU JpQpUDO GH OD VRFLpWp &H UHWUDLW HQWUDvQH OD SULYDWLRQ LPPpGLDWH GHV LQGHPQLWpVHWGHVDYDQWDJHV\DIIpUHQWV $UW   1RQREVWDQW OHV FRQGLWLRQV SUpYXHV SDU O
DUWLFOH  GX SUpVHQW GpFUHW OHV DJHQWV FKDUJpV GHV HPSORLV IRQFWLRQQHOV j OD GDWH GH SDUXWLRQ GX SUpVHQW GpFUHWFRQVHUYHQWOHXUVIRQFWLRQV $UW   /HV PLQLVWUHV GH O
LQGXVWULH HW GX GpYHORSSHPHQWpFRQRPLTXHVRQWFKDUJpVFKDFXQHQFHTXL OHFRQFHUQHGHO
H[pFXWLRQGXSUpVHQWGpFUHWTXLVHUDSXEOLp DX-RXUQDO2IILFLHOGHOD5pSXEOLTXH7XQLVLHQQH 7XQLVOHMXLOOHW
=LQH(O$ELGLQH%HQ$OL 
&HUWLILp FRQIRUPH  OH SUpVLGHQW GLUHFWHXU JpQpUDO GH O
,257

,661

&HQXPpURGX-RXUQDO2IILFLHOGHOD5pSXEOLTXH7XQLVLHQQHDpWpGpSRVpDXVLqJHGXJRXYHUQRUDWGH7XQLVOHMXLOOHW