,1752'8&7,21$8;6<67(0(6$66(59,6/,1($,5(6(&+$17,//211(6

,QWURGXFWLRQ
3UpVHQWDWLRQG
XQDVVHUYLVVHPHQWGHYLWHVVHpFKDQWLOORQQp 
,QIOXHQFHGHODSpULRGHG
pFKDQWLOORQQDJH  

,QIOXHQFHGHODSpULRGHG
pFKDQWLOORQQDJHVXUODVWDELOLWpFRQVWDWDWLR QGXSKpQRPqQH  
(IIHWGpVWDELOLVDQWGHO
(FKDQWLOORQQDJH%ORFDJHOHVFDXVHV  
$SSUR[LPDWLRQGHO
DVVHUYLVVHPHQW pFKDQWLOORQQpSDUXQV\VWqPHFRQWLQXpTXLYDOHQW 
&RQGLWLRQQpFHVVDLUH  
0pWKRGRORJLH  
$OJRULWKPHVGHGLVFUpWLVDWLRQ 
&ULWqUHVGHFKRL[GHODSpULRGHG
pFKDQWLOORQQDJH  
&ULWqUHGH6KDQQRQ  
3{OHVUpHOV SL WWL o ]L H[SSL 7H  
3{OHVFRPSOH[HV  
'pSKDVDJHGDXEORTXHXU  
7HPSVGHWUDLWHPHQW  
3UREOqPHGHODGpULYDWLRQLQIOXHQFHGXEUXLW  
&RGDJHGHVQRPEUHVVXUPLFURSURFHVVHXU  
5pVXPpGHVFULWqUHVGHFKRL[GH ODSpULRGHG
pFKDQWLOORQQDJH 

/DWUDQVIRUPpHHQ]SRXUO
pWXGHGHVV\VWqPHVDVVHUYLVpFKDQWLOORQQpV 

7UDQVIRUPpHHQ] 
0LVHHQpTXDWLRQV 
%RXFOHRXYHUWH  
%RXFOHIHUPpH  
(UUHXUHQERXFOHIHUPpH  

(WXGHGXUpJLPHSHUPDQHQW 3UpFLVLRQ 

(UUHXUVWDWLTXHHUUHXUGHSRVLWLRQ  

(UUHXUG\QDPLTXHHUUHXUGHWUDvQDJH  
*pQpUDOLVDWLRQ  

(WXGHGXUpJLPHG\QDPLTXHRO
RQSDUOHGHODVWDELOLWp  

,QIOXHQFHGXJDLQSURSRUWLRQQHOVXUOHFRPSRUWHPHQWWUDQVLWRLUH  
6WDELOLWpPDWKpPDWLTXH 
'pILQLWLRQ  
&ULWqUHDOJpEULTXHGH-XU\  
6WDELOLWpUHODWLYH  

(OpPHQWVGHFRUUHFWLRQGHVV\VWqPHVpFKDQWLOORQQpV 

5pDOLVDWLRQGLVFUqWHGHFRUUHFWHXUVFRQWLQXV0pWKRGHUHFWDQJOHVVXSpULHXUV  

(OpPHQWVGHV\QWKqVHVGHFRUUHFWHXUVQXPpULTXHV 
&RUUHFWHXU3,  
&DOFXOG
XQFRUUHFWHXUSDULGHQWLILFDWLRQjXQPRGqOH  
0pWKRGHH[SpULPHQWDOHGH7DNDKDVKL 

%LEOLRJUDSKLHSRXUHQVDYRLUSOXV 
 5LYRLUHHW)HUULHU&RXUVG
DXWRPDWLTXH7RPH (\UROOHV
 %RUQH'DXSKLQ7DQJX\5LFKDUG5RWHOODHW=DPEHWDOFLV$QDO\VHHWUpJXODWLRQGHSURFHVVXV
LQGXVWULHOV 5pJXODWLRQQXPpULTXH7RPH (GLWLRQV7HFKQLS
 *X\HQRW+DQV5pJXODWLRQHWDVVHUYLVVHPHQW(\UROOHV
 +5%KOHU5pJODJHVpFKDQWLOORQQpV9RO 3UHVVHV3RO\WHFKQLTXHV5RPDQGHV7HFKQLTXHHW
'RFXPHQWDWLRQ
 36LDUU\$XWRPDWLTXHGHEDVH (OOLSVHV
8QLY3DXO6DEDWLHU7RXORXVH,,,9%SUpSDDJUHJ*(3$G
DSUqVSRO\GH30DXVVLRQ

RFWREUH

,QWURGXFWLRQ

8QFDOFXODWHXUSRXUpODERUHUGHODFRPPDQGH FRUUHFWLRQQXPpULTXH
$SSDULWLRQGHVSUHPLqUHVpWXGHVVXUOHVV\VWqPHVOLQpDLUHVpFKDQWLOORQQpVGDQVOHV2
VDX [86$
HWHQ8566
'pYHORSSHPHQW GHV DSSOLFDWLRQV JUkFH DX[ SURJUqV GH OD PLFURLQIRUPDWLTXF 3 UDSLGLWp
WHPSVGHF\FOH| QVSRXUELWV
$YDQWDJHVSDUUDSSRUWDX[UpDOLVDWLRQVDQDORJLTXHV
 SHUIRUPDQFHV
 ORLVGHFRPPDQGHLPSRVVLEOHVjUpDOLVHUHQDQDORJLTXH
 IRQFWLRQVGHPpPRULVDWLRQWUDQVPLVVLRQ
 VRXSOHVVHG
XWLOLVDWLRQ

3UpVHQWDWLRQG
XQDVVHUYLVVHPHQWGHYLWHVVHpFKDQWLOORQQp

$UFKLWHFWXUHGLVSRVLWLRQGHVGLIIpUHQWHVVWUXFWXUHVVLJQDX[FDUDFWpULVWLTXHVFIILJXUH

/
DVVHUYLVVHPHQW GH YLWHVVH G
XQ PRWHXU j FRXUDQW FRQWLQX SRXU OD PRWRULVDWLRQ G
XQ FKDULRW PRELOH HVW
UpDOLVpJUkFHjXQFDOFXODWHXUQXPpULTXH
/D WUDQVPLWWDQFH FRQWLQXH GX PRWHXU HVW DVVLPLOpH GDQV OH SODQ GH /DSODFH j XQH IRQFWLRQ GX SUHPLHU
RUGUH /HV FRQVWDQWHV GH WHPSV pOHFWULTXHV VRQW GRQF QpJOLJpHV HW VHXOH OD FRQVWDQWH GH WHPSV
PpFDQLTXHF
HVWjGLUHODSOXVOHQWHHVWLFLSULVHHQFRPSWH
,O H[LVWH HQ JpQpUDO XQH ERXFOH GH FRXUDQW LQWHUQH TXL HVW UpDOLVpH GH PDQLqUH DQDORJLTXH SRXU GHV
TXHVWLRQVGHUDSLGLWpWH TTPV
/HV &$1 HW &1$ VHURQW VXSSRVpV SDUIDLWV F
HVW j GLUH DYHF XQ WHPSV GH FRQYHUVLRQ QXO HW O
HIIHW GH OD
UpVROXWLRQQpJOLJHDEOH&$1)ODVKELWVTTQV2QVXSSRVHGHSOXV.QD.DQ 
/
HIIHWGHODTXDQWLILFDWLRQGHVFDOFXOVVXUOH3HWOHWHPSVGHFDOFXOVRQWVXSSRVpVQXOV
9 FRQVWSHXWrWUHUpDOLVpSDUXQHWDEOH(35205$0OXHSDUOH3

,QIOXHQFHGHODSpULRGHG
pFKDQWLOORQQDJH

,QIOXHQFHGHODSpULRGHG
pFKDQWLOORQQDJHVXUODVWDELOLWpFRQVWDWDWLRQGXSKp QRPqQH
6L O
RQ IDLW YDULHU OD SpULRGH G
pFKDQWLOORQQDJH HQ ODLVVDQW WRXV OHV DXWUHV SDUDPqWUHV FRQVWDQWV HQ
SDUWLFXOLHUOHJDLQRQFRQVWDWHXQHQHWWHGpJUDGDWLRQGHODVWDELOLWpFIILJXUHSRXYDQWDOOHUMXVTX
jXQ
FRPSRUWHPHQWRVFLOODWRLUHLQVWDEOHSRXUXQV\VWqPHGRQWODWUDQVPLWWDQFH+SHVWGX HU RUGUH
VLODSpULRGHG
pFKDQWLOORQQDJH7Hn DORUVODVWDELOLWpp

(IIHWGpVWDELOLVDQWGHO
(FKDQWLOORQQDJH%ORFDJHOHVFDXVHV
$OOXUHGXVLJQDOGHFRPPDQGH9FRPN7H )RQFWLRQGHWUDQVIHUWGXEORTXHXUG
RUGUH
6LODSpULRGHG
pFKDQWLOORQQDJH
HVWVXIILVDPPHQWSHWLWH
7(%  S 

 S7

H

  H  S7H 

|H
S7H

IRQFWLRQGHWUDQVIHUWVLPSOLILpH
GHO
pFKDQWLOORQQDJHEORFDJH

G
R_7(% S_| HW$UJ7(% MZ Z7H

/HGpSKDVDJHGjO
pFKDQWLOORQQDJHEORFDJHQHGRLWSDVGpJUDGHUODVWDELOLWp Z7HOHSOXVSHWLWSRVVLEOH
7HODSOXVSHWLWHSRVVLEOHFIILJXUH

8QLY3DXO6DEDWLHU7RXORXVH,,,9%SUpSDDJUHJ*(3$G
DSUqVSRO\GH30DXVVLRQ

RFWREUH


9FRP

9FRQV

9FRQV

9FRQV  W 

7H

.DQ

W

9FRQV
 N7H 

9FRQV  ]
&$1
(FKDQWLOORQQDJH
HWFRQYHUVLRQ

&DOFXODWHXU




']

:VW

(FKDQWLOORQQDJH
EORFDJHHWFRQYHUVLRQ
&1$
9FRP

9FRP
 N7H  7H
.QD %RS
$
9FRP  ]

9PHV
 N7H 

.DQ

7H

9PHV

NW

&$1
(FKDQWLOORQQDJH
HWFRQYHUVLRQ

9PHV

0RWHXU
*
 WS

7H

:V]
:VW

$PSOLILFDWHXU

&DSWHXU
9PHV

ILJXUH6FKpPDGHSULQFLSHG
XQDVVHUYLVVHPHQWQXPpULTXH

9FRQV  S

(FKDQWLOORQQHXU
%ORTXHXU
9FRP
S7H

H 

&DOFXODWHXU




&S

9PHV  S

NW

0RWHXU

*
 WS

:VS

$PSOLILFDWHXU

&DSWHXU

ILJXUH6FKpPDpTXLYDOHQWFRQWLQX



7H PV





7H PV













7H PV

7H PV

7H PV



7H PV






WHPSV






















WHPSV









ILJXUH,QIOXHQFHGHODSpULRGHG
pFKDQWLOORQQDJH5pSRQVHjXQpFKHORQXQLWDLUH

8QLY3DXO6DEDWLHU7RXORXVH,,,9%SUpSDDJUHJ*(3$G
DSUqVSRO\GH30DXVVLRQ

RFWREUH



3+$6(




SKDVHHQGHJ










SXOVDWLRQHQUDGV



ILJXUH3KDVHGX GLDJUDPPHGH%RGHGXEORTXHXUG
RUGUH]pUR
FRXUEHGHJDXFKH7H PVGHGURLWH7H PV
7HFK PV




NS 


NS 

NS 



NS 









ILJXUH,QIOXHQFHGXJDLQ



WHPSV







5pSRQVHjXQpFKHORQXQLWDLUH

7H V






























7H PV















ILJXUH$SSUR[LPDWLRQGXEORTXHXUG
RUGUH

8QLY3DXO6DEDWLHU7RXORXVH,,,9%SUpSDDJUHJ*(3$G
DSUqVSRO\GH30DXVVLRQ

RFWREUH

$SSUR[LPDWLRQGHO
DVVHUYLVVHPHQWpFKDQWLOORQQpSDUXQV\VWqPHFRQWLQXpTXLYDOHQW

&RQGLWLRQQpFHVVDLUH
3pULRGHG
pFKDQWLOORQQDJHWUqVSHWLWHGHYDQWODSOXVSHWLWHGHVFRQVWDQWHVGHWHPSV HQERXFOHIHUPpHRX
HQERXFOHRXYHUWHGXV\VWqPHjSLORWHUFIILJXUH
7(%  S  H  S7H  
IRQFWLRQGHWUDQVIHUWVLPSOLILpHGHO
pFKDQWLOORQQDJHEORFDJHG
RUGUH

0pWKRGRORJLH
2EWHQLUOHV\VWqPHFRQWLQXpTXLYDOHQWTXLDXUDOHVPrPHVSURSULpWpVTXHOHV\VWqPHpFKDQWLOORQQp
6WDELOLWp5DSLGLWp3UpFLVLRQWUDQVIRUPpHGH/DSODFHGLDJUDPPHVGH%RGH%ODFN1\TXLVW VXUOH
V\VWqPHFRQWLQXpTXLYDOHQW
'pWHUPLQDWLRQHWUpJODJHGHVFRUUHFWHXUV VXUOHV\VWpPHFRQWLQXpTXLYDOHQW
)RUPXOHVGHSDVVDJH
&RUUHFWHXUFRQWLQXl FRUUHFWHXUpFKDQWLOORQQppTXLYDOHQW
eTXDWLRQUpFXUUHQWHLPSODQWpHVXUOHV\VWqPHUpHO
$OJRULWKPHVGHGLVFUpWLVDWLRQ
D$SSUR[LPDWLRQG
RUGUH[W FRQVWDQWHGXUDQW7H
$O
LQVWDQWN7H\N7HHVWODVRPPHGHVDLUHVKDFKXUpHVGHSXLVW MXVTX
DXWHPSVW N7H
[ W 
PpWKRGHGHVUHFWDQJOHVVXSpULHXUV
[ N7 
H

[ N  7H 

\N

[ Q

Q N

Q 

\ N   7H [ N

UHFWDQJOHVLQIpULHXUV(XOHU

7H

7H

\N

ILJXUH$SSUR[LPDWLRQGHO
LQWpJUDOH

7H

[ Q

Q N 
Q 

\ N   7H [ N 

([HPSOH&RUUHFWLRQ3,pFKDQWLOORQQpHpTXLYDOHQWHPpWKRGHGHVUHFWDQJOHVVXSpULHXUV
&RUUHFWLRQ3,FRQWLQXHo (TXDWLRQUpFXUUHQWHDVVRFLpHDX3,pFKDQWLOORQQp
7H
7H Q N
H
N N L H N 
H Q  RXELHQH
N N L   H N  N L H N   H
N 

7L Q 
7L
[ N  [ N 
E$SSUR[LPDWLRQG
RUGUH
\ N \ N   7H 
 PpWKRGHGHVWUDSq]HV

&ULWqUHVGHFKRL[GHODSpULRGHG
pFKDQWLOORQQDJH
&ULWqUHGH6KDQQRQ
)H!IPD[TXHVLJQLILHIPD["

SL WL o ]L H[SSL 7H
3{OHVUpHOV
'HX[pFKDQWLOORQVSDUFRQVWDQWHGHWHPSVODSOXVSHWLWHGHV FRQVWDQWHVGHWHPSVjFRQWU{OHU
7H d

W PLQ


VW

3{OHVFRPSOH[HV
/HV PRGHV RVFLOODWRLUHV VRQW FRUUHFWHPHQW UHSUpVHQWpV V
LO \ D DX PRLQV KXLW pFKDQWLOORQV SDU SpULRGH
G
RVFLOODWLRQSURSUH

8QLY3DXO6DEDWLHU7RXORXVH,,,9%SUpSDDJUHJ*(3$G
DSUqVSRO\GH30DXVVLRQ

RFWREUH

7H d

VW

7S

'pSKDVDJHGDXEORTXHXU
/HEORTXHXUQHGRLWSDVGpJUDGHUODPDUJHGHSKDVH
GHODWUDQVPLWWDQFHOLQpDLUHGH+MZGHSOXVGH
j OD  SXOVDWLRQ ZR WHOOH TXH _+MZR_   G%

_$UJEORTXHXU_

SRXU7H d

S
Z R

7HPSVGHWUDLWHPHQW
2QVXSSRVDLW OHVpFKDQWLOORQQHXUVEORTXHXUVLGpDX[HWOHVDFTXLVLWLRQVV\QFKURQHVHWLQVWDQWDQpHV
/HWHPSVGHWUDLWHPHQWHVWFRPSRVpGHVGXUpHGHVDFWLRQVVXLYDQWHV
pFKDQWLOORQQDJHEORFDJHTTXHVQVjTXHVPV
FRQYHUVLRQGHV&$1HWGHV&1$TTXHVQVjTXHVPV
HQWUpHVRUWLHSRXUODOHFWXUHpFULWXUHGHV&$1&1$7LPHUVTTXHVLQVWUXFWLRQVGX3
FDOFXOGHODFRPPDQGH9 FRP YDULDEOHVHORQODFRPSOH[LWpGHO
DOJRULWKPHHWODUDSLGLWpGX3

,OIDXWSRXYRLUQpJOLJHUFHUHWDUGVXSOpPHQWDLUHVLQRQ
 GpFDOHUO
DSSOLFDWLRQGHODFRPPDQGHMXVTX
j7 HVRLWXQWHUPH] VXSSOpPHQWDLUHGDQVOHPRGqOH
 XWLOLVHUODWUDQVIRUPpHHQ]PRGLILpHQRWpH+]HH7HUHWDUGG
XQHIUDFWLRQGH7 H FHTXLSHUPHW OH
FDOFXOGHVYDOHXUVGHVHH
HQWUHOHVLQVWDQWVG
pFKDQWLOORQQDJH
3UREOqPHGHODGpULYDWLRQLQIOXHQFHGXEUXLW
[ W 

&DOFXOG
XQHGpULYpHQXPpULTXH
G[GW| '['W [N  [N7H
/D PHVXUH GH OD SHQWH HVW SDUWLFXOLqUHPHQW
VHQVLEOHDXEUXLW/
HUUHXUULVTXHG
DXJPHQWHUj
PHVXUH TXH OD SpULRGH G
pFKDQWLOORQQDJH
GLPLQXH

7SHWLW

7JUDQG

ILJXUH 'pULYDWLRQQXPpULTXH

&RGDJHGHVQRPEUHVVXUPLFURSURFHVVHXU
'DQVOHVDOJRULWKPHVGHFRPPDQGHGHW\SH3,'FRHIILFLHQWVNL 7H7LHWNG 7G7H
6L 7H GHYLHQW WURS SHWLWH SDU UDSSRUW DX[ FRQVWDQWHV 7L HW 7G LO GHYLHQW GLIILFLOHV GH FRGHU DYHF XQH
SUpFLVLRQVXIILVDQWHOHVFRHIILFLHQWV.LHW.GVXUXQPrPHIRUPDWELQDLUHRXELWV FRGDJHHQ
YLUJXOHIORWWDQWHPDLVDXGpWULPHQWGXWHPSVGHFDOFXOTXLDXJPHQWH
5pVXPpGHVFULWqUHVGHFKRL[GHODSpULRGHG
pFKDQWLOORQQDJH
6KDQQRQ

)H!)PD[

3{OHVFRPSOH[HV

)H!)SPD[

3{OHVUpHOV

7HWPLQ 

7HPSVGHWUDLWHPHQW 7W7HJpQpUDOHPHQW
&RGDJHGHVFRHIILFLHQWVG
XQ3,'GLVFUpWLVp
&DOFXOGXFRUUHFWHXUHQFRQWLQX
%UXLWGHPHVXUH

VLQRQ7W Q7HHW[] Q
.L 7HWLp

7HS ZRG%

NG WG7Hn VL7Hp

7HSDVWURSSHWLWH

8QLY3DXO6DEDWLHU7RXORXVH,,,9%SUpSDDJUHJ*(3$G
DSUqVSRO\GH30DXVVLRQ

RFWREUH

/DWUDQVIRUPpHHQ]SRXUO
pWXGHGHVV\VWqPHVDVVHUYLVpFKDQWLOORQQpV
7UDQVIRUPpHHQ]
7UDQVIRUPpHHQ]G
XQHIRQFWLRQIWRQSRVHDYHF] H[SS7H
=IW

)]

IQ7H ]  Q
f

Q 

/DWUDQVIRUUQpHHQ]HVWXQHDSSOLFDWLRQOLQpDLUH=DIWEIW D )]E)]

7KpRUpPHGXUHWDUG

/IW7H )SH[SS7H

&RUUHFWLRQpFKDQWLOORQQp&DVJpQpUDO

=IW7H )]]O

,PSRVVLELOLWpG
XWLOLVHUO
DSSUR[LPDWLRQSDUXQV\VWqPHFRQWLQXpTXLYDOHQWSpULRGHG
pFKDQWLOORQQDJHQRQ
QpJOLJHDEOH GHYDQW OHV FRQVWDQWHV GH WHPSV j FRQWU{OHU   FDOFXO GH OD IRQFWLRQ GH WUDQVIHUW
pFKDQWLOORQQpHGXSURFHVVXV
0LVHHQpTXDWLRQV

%RXFOHRXYHUWH
7HQLU FRPSWH GX EORTXHXU HW GH VD WUDQVPLWWDQFH %RS 7%2]  '] >%R+@] FDOFXOHU OD
WUDQVIRUPpHHQ]GH%R+GHPDQLqUHJOREDOHHWQRQSOXVDYHFOHSURGXLW%R]+]
>%R+@]z %R]+]
$SSOLFDWLRQDXFDVGHO
DVVHUYLVVHPHQWGHYLWHVVHpFKDQWLOORQQp>%R+@] "
([>%R+@] .D]D DYHFD H[SS7HW
7%2] ']>%R+@] '].D]DYRLUWDEOHVPDLVDWWHQWLRQjOHXUXWLOLVDWLRQ
%RXFOHIHUPpH
/H FDOFXO HVW SDUIDLWHPHQW DQDORJXH j FHOXL GHV V\VWqPHV DVVHUYLV FRQWLQXV j OD FRQGLWLRQ GH FDOFXO GH
>%R+@]SUqV
([HPSOH
7%2] ']$*NW D]DDYHF'] NS
7%)] ^$*NW D`^]D$*NW NSD`
&DVJpQpUDOGHVV\VWqPHVjUHWRXUQRQXQLWDLUH
']>%R+@]
7%) ]
  '] >%R+*@]

(UUHXUHQERXFOHIHUPpH
H]

$QDORJLHDYHFOHVV\VWqPHVFRQWLQXV
(]   '] >%R+*@]
&RPPHHQDXWRPDWLTXHFRQWLQXHF
HVWFHWWHH[SUHVVLRQTXLVHUYLUDGHEDVHDXFDOFXOGHODSUpFLVLRQ

(WXGHGXUpJLPHSHUPDQHQW 3UpFLVLRQ

2QXWLOLVHHQpFKDQWLOORQQpOHVPrPHVHQWUpHVWHVWpFKHORQUDPSHTX

HQFRQWLQXSRXU
FDUDFWpULVHUODSUpFLVLRQG
XQDVVHUYLVVHPHQW
H W 

H W 

H  W 

7H

H  W 

W
ILJXUH 

7H 7H




8QLY3DXO6DEDWLHU7RXORXVH,,,9%SUpSDDJUHJ*(3$G
DSUqVSRO\GH30DXVVLRQ

RFWREUH

(UUHXUVWDWLTXHHUUHXUGHSRVLWLRQ
(QWUpHHQpFKHORQ
(S Sl (] ]]
&RPPHHQFRQWLQXRQGpWHUPLQHODYDOHXUGHO
HUUHXUH HQUpJLPHSHUPDQHQWWo f
7KGHODYDOHXUILQDOH
 ]  
Hf OLP H W  OLP
H ] OLP  ]  H ]
W of
] o ]
] o
5DSSHODXWRPDWLTXHOLQpDLUHFRQWLQX
H f OLP H  W  OLP SH  S  DYHF] H[SS7HVLSo DORUV]o 
W of

So

&RPPHQWDQQXOHUO
HUUHXUVWDWLTXH"
&RQWLQXS
(FKDQWLOORQQp]]
([HPSOH'] 9FRP]H] NL ]]
9FRP  W 

N L  W  GW
W


9FRP  N7H 

N L 7H

HQ7H  $FWLRQGHW\SHLQWpJUDOH

Q N

Q 

(UUHXUG\QDPLTXHHUUHXUGHW UDvQDJH

(QWUpHHQUDPSH
(S S l (] 7H]]

*pQpUDOLVDWLRQ
,DIRQFWLRQGHWUDQVIHUWpFKDQWLOORQQpHHQERXFOHRXYHUWHV
pFULW
7%2 ] 3]4]o7DEOHDXUpFDSLWXODWLI

5HPDUTXH OD SpULRGH G

pFKDQWLOORQQDJH LQWHUYLHQW GDQV O
H[SUHVVLRQ GHV HUUHXUV GH WUDvQDJH HW
G
DFFpOpUDWLRQ
$QDORJLHDYHFO
DXWRPDWLTXHFRQWLQXH
&RQWLQX
/DFODVVHHVWOHQRPEUHG
LQWpJUDWLRQVSXUHVGDQVODERXFOHRXYHUWH H[SRVDQWGHVWHUPHVHQS P
(FKDQWLOORQQp
/DFODVVHHVWOHQRPEUHG
LQWpJUDWLRQVSXUHVGDQVODERXFOHRXYHUWH H[SRVDQWGHVWHUPHVHQ]] P
 SDVG
LQWpJUDWLRQFODVVH2 HUUHXUGHSRVLWLRQILQLHHUUHXUGHWUDvQDJHLQILQLH
 XQHLQWpJUDWLRQFODVVH HUUHXUGHSRVLWLRQQXOOHHUUHXUGHWUDvQDJHILQLH
 GHX[LQWpJUDWLRQVFODVVH HUUHXUGHSRVLWLRQQXOOHHUUHXUGHWUDvQDJHQXOOH

/HVHUUHXUVTXDQGHOOHVVRQWGHYDOHXUILQLHVRQWjSHXSUqVLQYHUVHPHQWSURSRUWLRQQHOOHVDXJDLQVWDWLTXH
GHODERXFOHRXYHUWH
3RXUDPpOLRUHUODSUpFLVLRQ PD[LPLVHUOHJDLQ GpJUDGHUODVWDELOLWp"

(WXGHGXUpJLPHG\QDPLTXHRO
RQSDUOHGHODVWDELOLWp

,QIOXHQFHGXJDLQSURSRUWLRQQHOVXUOHFRPSRUWHPHQWWUDQVLWRLUH
7UqVIRUWHGpSHQGDQFHGXUpJLPHWUDQVLWRLUHYLVjYLVGXJDLQSURSRUWLRQQHON SFIILJXUH
6WDELOLWpPDWKpPDWLTXH

'pILQLWLRQ
6\VWqPHVFRQWLQXVODVWDELOLWpPDWKpPDWLTXHHVWDVVXUpHVLWRXVOHVS{OHVGHODIRQFWLRQGHWUDQVIHUWHQ
ERXFOHIHUPpHVRQWjSDUWLHUpHOOHQpJDWLYH o GHPLSODQGH/DSODFHJDXFKH
6\VWqPHVpFKDQWLOORQQpVFRQGLWLRQVXUOHVS{OHVHQ]
5HODWLRQHQWUHOHVS{OHVHQSHWOHVS{OHVHQ]

8QLY3DXO6DEDWLHU7RXORXVH,,,9%SUpSDDJUHJ*(3$G
DSUqVSRO\GH30DXVVLRQ

RFWREUH

SL DMEo ]L H[SD7HH[SME7HVLDDORUVH[SD7HGRQF_] L _

,OHVWDLQVLSRVVLEOHGHSDVVHUGLUHFWHPHQWGHVS{OHVS L GDQVOHSODQGH/DSODFHDXS{OHV]L FRUUHVSRQGDQWV

GDQVOHSODQHQ]
6WDELOLWp GDQVOHSODQHQ]WRXVOHVS{OHVVRQWj,
LQWpULHXUGXFHUFOHGHUD\RQXQLWp
5HPDUTXHLOH[LVWHFRPPHSRXUOHVV\VWqPHVFRQWLQXVGLIIpUHQWVFULWqUHVDOJpEULTXHVTXLSHUPHWWHQWGH
FRQQDvWUH ODVWDELOLWpPDWKpPDWLTXHGHODERXFOHIHUPpHVDQVDYRLUjFDOFXOHUVHVUDFLQHV
&ULWqUHDOJpEULTXHGH-XU\
%XWGpWHUPLQHUVDQVOHVFDOFXOHUVLOHVUDFLQHVGHO
pTXDWLRQFDUDFWpULVWLTXH'] VRQWVWDEOHVF
HVWj
GLUHVRQWjO
LQWpULHXUGXFHUFOHGHUD\RQXQLWp
DYHF'] DQ ]Q DQ ]Q D
Q 

'O!HW'O!HW_DR _D

Q  'O!HW'OHW_DR _D HW_DR D__DRD DOD_

5T/DFDUDFWpULVDWLRQGHODVWDELOLWpHVWWUqVOLPLWpH(OOHQHGRQQHTX
XQHUpSRQVHELQDLUHVWDEOHRXQRQ
&RPPHQWpYDOXHUVLHV\VWpPHHVWSOXVRXPRLQVVWDEOH"&RPPHQWFRPSDUHUGHX[UpJODJHVGHJDLQ"
GpILQLWLRQG
XQGHJUpGHVWDELOLWp

6WDELOLWpUHODWLYH
/
pWXGHGHODVWDELOLWpUHODWLYHYDQRXVSHUPHWWUHGHFDUDFWpULVHUSUpFLVpPHQWOHFRPSRUWHPHQWWHPSRUHOGX
V\VWqPHVRQGHJUpGHVWDELOLWpHQWHUPHVGHGpSDVVHPHQWWHPSVGHUpSRQVH
/DSRVLWLRQGHVS{OHVGDQVSODQHQ]OLHXGHVUDFLQHVGRQQHGHVUpVXOWDWVDVVH]IDFLOHVjH[SORLWHUSRXU
OHVHFRQGRUGUHIRQGDPHQWDO
%R+] .NS ] ]]D]E
5DSSHO3RXUOHVV\VWqPHVFRQWLQXVODSRVLWLRQGHVS{OHVHWGHV]pURVGHODIRQFWLRQGHWUDQVIHUWHQERXFOH
IHUPpHFDUDFWpULVHOHFRPSRUWHPHQWG\QDPLTXH
&DVVLPSOHGHVS{OHVUpHOV

7%2 S NS $*NW WS 7%2 ] NS$*NW D]DDYHFD H[S7HW
7%) S .
W
S

DYHF.
NS $*NS$*NW  HW

W
 W NS$*NW 

SL S{OHGHODIRQFWLRQGHWUDQVIHUWHQSHQERXFOHIHUPpHW

]L S{OHGHODIRQFWLRQGHWUDQVIHUWHQ]HQERXFOHIHUPpHH[S7HW


2QGpVLUHXQPD[GHSUpFLVLRQG\QDPLTXHGRQFXQHUpSRQVHVWDEOHODSOXVUDSLGHSRVVLEOH
SL SL OLP D
_]L _H[SD7H

(OpPHQWVGHFRUUHFWLRQGHVV\VWqPHVpFKDQWLOORQQpV

5pDOLVDWLRQGLVFUqWHGHFRUUHFWHXUVFRQWLQXV 0pWKRGHUHFWDQJOHVVXSpULHXUV
3,
NLS7L 
'] NL>7H 7L ]] @
o
3' NSS7G
'] NS>7G 7H ] ]@
o
3,' NSS7L S7G o
'] NS>7H 7L ]] 7G 7H ] ]@
8QLY3DXO6DEDWLHU7RXORXVH,,,9%SUpSDDJUHJ*(3$G
DSUqVSRO\GH30DXVVLRQ

RFWREUH

5pVXPpGHVPpWKRGHVGHGLVFUpWLVDWLRQ
5HFWDQJOHVLQIpULHXUV
So ] 7H
5HFWDQJOHVVXSpULHXUV
So ] ]7H 
7UDSq]HV7XVWLQ
So ] >]7H @

1%/HV3,'GLVFUpWLVpVQHVRQWTX
XQFDVSDUWLFXOLHUGHVFRUUHFWHXUVQXPpULTXHV

(OpPHQWVGHV\QWKqVHVGHFRUUHFWHXUVQXPpULTXHV
/DV\QWKqVHGHFRUUHFWHXUVQXPpULTXHVUHOqYHGHGHX[JUDQGHVDSSURFKHV
,GHQWLILFDWLRQGHODERXFOHIHUPpHjXQPRGqOHIL[p/HFDKLHUGHVFKDUJHVLPSRVHOH
FRPSRUWHPHQWGXPRGqOHHQERXFOHIHUPpH

/HFRUUHFWHXUGRLWGRQFWUDQVIRUPHUXQHIRQFWLRQGHWUDQVIHUWHQERXFOHRXYHUWH7 %2]HQXQHIRQFWLRQ
7%2&]WHOOHTXHODIRQFWLRQGHWUDQVIHUWHQERXFOHIHUPpH7 %)]VRLWFRQIRUPHDX[VSpFLILFDWLRQVGX
FDKLHUGHVFKDUJHV
(QJpQpUDORQFKHUFKHjVHUDPHQHUjGHVPRGqOHVVLPSOHVGHODIRQFWLRQGHWUDQVIHUWHQERXFOH
IHUPpH
 PRGqOHGHW\SHHU RUGUHGHFRQVWDQWHGHWHPSVIL[pH
 PRGqOHGHW\SHQG RUGUHDYHF[ZQ HWGpSDVVHPHQWIL[pV
 PRGqOHW\SHUpSRQVHSLOH

0RGLILFDWLRQGHODERXFOHRXYHUWHODWUDQVPLWWDQFHGXUpVHDXFRUUHFWHXUHVWGpWHUPLQpHHQJpQpUDO
GHIDoRQjFRPSHQVHUOHVS{OHVHWOHV]pURVGHODERXFOHRXYHUWHDILQGHOHVUHPSODFHUSDUGHVS{OHVHWGHV
]pURVTXLGRQQHQWXQFRPSRUWHPHQWVDWLVIDLVDQWHQERXFOHIHUPpH
8QWHOFRUUHFWHXUQXPpULTXHGHYUD

 rWUHSK\VLTXHPHQWUpDOLVDEOHF
HVWjGLUHrWUHFDXVDOGHJUpGXGpQRPLQDWHXUVXSpULHXURXpJDODXGHJUp
GXQXPpUDWHXU
 DYRLUDXWDQWGHS{OHV] OTXHQpFHVVDLUHVSRXUDVVXUHUODSUpFLVLRQ
 FRPSHQVHUOHVS{OHVHWOHV]pURVVWDEOHVGH+]
 XQJDLQSURSRUWLRQQHOUpJODEOHN S
 GHVWHUPHV]$]%SHUPHWWDQWGHVDWLVIDLUHOHVVSpFLILFDWLRQVGXFDKLHUGHVFKDUJHVWHOTXHOH
GpSDVVHPHQWLQGLFLHO,
DPRUWLVVHPHQWODUDSLGLWp
&RUUHFWHXU3,
'] NO ]$]IRUPHJpQpUDOHSHUPHWWDQWODV\QWKqVHGLUHFWHSDUODWUDQVIRUPpHHQ]
(TXDWLRQUpFXUUHQWH 9FRPN NHN  $HN9FRPN
$OJRULWKPHGHFDOFXOFRUUHVSRQGDQWDXFRUUHFWHXU3,pFKDQWLOORQQpjW N7H
OHFWXUHGHHN
OHFWXUHGH0HP
0XOWLSOLFDWLRQGH0HPOSDU$
VWRFNDJHGHHN GDQV0HP
VRXVWUDFWLRQ
PXOWLSOLFDWLRQSDUN
OHFWXUH0HP
DGGLWLRQ
VRUWLHFRPPDQGH
VWRFNDJHFRPPDQGH

5HJO HN
5HJ 0HP HN
5HJ $HN
0HP HN
5HJO 5HJO 5HJ HN  $HN
5HJO N HN  $HN 
5HJ 0HP 9FRPN
5HJO N HN  $HN 9FRPN
9FRPN 5HJ N HN  $HN 9FRPN
0HP 5HJ 9FRPN

8QLY3DXO6DEDWLHU7RXORXVH,,,9%SUpSDDJUHJ*(3$G
DSUqVSRO\GH30DXVVLRQ

RFWREUH



([HPSOHG
DUFKLWHFWXUH SRXUODUpDOLVDWLRQPDWpULHOOHGHO
DVVHUYLVVHPHQWGHYLWHVVHpFKDQWLOORQQp

/HFDSWDJHGHYLWHVVHHVWHIIHFWXpSDUXQHG\QDPRWDFK\PpWULTXHPDLVXQFRGHXURSWLTXHHVWVRXYHQW
XWLOLVpDVVRFLpjXQWLPHURXjXQFLUFXLWG
LQWHUIDFHVSpFLDOLVpH[7+&7&HWWHVWUXFWXUHIDLW
DSSDUDvWUHGHVFRPSRVDQWVSpULSKpULTXHVGHPLFURSURFHVVHXUFODVVLTXHV&$1&1$7LPHUVPDLVOD
WHQGDQFHHVWjO
XWLOLVDWLRQGHPLFURFRQWU{OHXUVVSpFLDOLVpV+&&706&TXL
LQWqJUHQWFHUWDLQHVIRQFWLRQV G
HQWUpHVRUWLH

6N7H

&$1

&219
,17

&219

7,0(5

7,0(5

RX

&1$

H
N7H
H
N7H

,17

)LJXUH6WUXFWXUHPDWpULHOOHG
XQHFDUWHG
DVVHUYLVVHPHQW

([HPSOHG
RUJDQLVDWLRQGHVSURJUDPPHV
3URJUDPPHSULQFLSDO
6RXVSURJUDPPHG
LQWHUUXSWLRQ
GpEXW
ODQFHUODFRQYHUVLRQ
WHPSRULVDWLRQ
OLUHO
HQWUpHGHFRQVLJQH
HN7H
OLUHODVRUWLH VN7H
FDOFXOHUO
HUUHXUHN7H
FDOFXOHUODFRPDQGH9FRPN7H
VRUWLUODFRPPDQGH
PpPRULVHUOHVYDOHXUV
ILQ

([HPSOHGXHU RUGUH 7%2S .WS 7%2] . D] DDYHFD H[S7H W
2QGpVLUHREWHQLUXQFRPSRUWHPHQWHQERXFOHIHUPpH7 %)G SGXW\SHHU RUGUHDYHFFRQVWDQWHGHWHPSVW

W HWXQHHUUHXUGHSRVLWLRQQXOOHHQUpJLPHSHUPDQHQW
'] N ] $] 
FRUUHFWHXU3,
7%)G S .
W
S
G
R7%)G ] . D
] D
 DYHFD
 H[S7H W

2QREWLHQWILQDOHPHQW$ D SDUFRPSHQVDWLRQGXS{OHGRPLQDQW=GDQHWN   D D

&DOFXOG
XQFRUUHFWHXUSDULGHQWLILFDWLRQjXQPRGqOH
2QLPSRVHODERXFOHIHUPpH7 %)G]
7%)] &]+]&]+]GRLWrWUHpJDOj7%)G]

8QLY3DXO6DEDWLHU7RXORXVH,,,9%SUpSDDJUHJ*(3$G
DSUqVSRO\GH30DXVVLRQ

RFWREUH



G
R

&] 7%)G]>+]7%)]@

3,

JVU JUF7RVF 7H7RVF

.L 7H^7RVF 7H`
.G 

0pWKRGHH[SpULPHQWDOHGH7DNDKDVKL
&HWWHPpWKRGHHVWEDVpHVXUXQHVVDLGHMXVWHLQVWDELOLWpFRPPHGDQV=LHJOHU1LFKROVSRXUOHVV\VWqPHV
FRQWLQXV'] JVU.L]].G]O]
3,'

JVU JUF7RVF 7H7RVF

.L 7H^7RVF 7H`
.G 7RVF ^7H7RVF 7H`

8QLY3DXO6DEDWLHU7RXORXVH,,,9%SUpSDDJUHJ*(3$G
DSUqVSRO\GH30DXVVLRQ

RFWREUH