You are on page 1of 20

$YLV7HFKQLTXH

$QQXOHHWUHPSODFHO$YLV7HFKQLTXH


&RPSRVLWHLVRODQWVXSSRUWGHFRXYHUWXUHGXW\SHSDQQHDX
VDQGZLFK

3URFpGpLVRODQWGHVXSSRUWGH
FRXYHUWXUH

5H[RWRLW36(
7LWXODLUH

6RFLpWp81,/,16<67(066$
7RXUGHEXUHDX[GH5RVQ\
$YHQXHGX*pQpUDOGH*DXOOH
)5RVQ\VRXV%RLVFHGH[

7pO
)D[
(PDLO)UDQFH#XQLOLQV\VWHPVFRP
,QWHUQHWZZZXQLOLQV\VWHPVFRP


8VLQH

1981,/,16<67(06
%'HVVHOJHP


&RPPLVVLRQFKDUJpHGHIRUPXOHUGHV$YLV7HFKQLTXHV

DUUrWpGXGpFHPEUH 
*URXSH6SpFLDOLVpQ

&RQVWUXFWLRQVIDoDGHVHWFORLVRQVOpJqUHV
9XSRXUHQUHJLVWUHPHQWOHMDQYLHU
3RXUOH&67%-'0HUOHW'LUHFWHXU7HFKQLTXH

6HFUpWDULDWGHODFRPPLVVLRQGHV$YLV7HFKQLTXHV &67%DYHQXHGX5HFWHXU3RLQFDUp3DULV&HGH[
7pO  )D[  ,QWHUQHWZZZFVWEIU

/HV$YLV7HFKQLTXHVVRQWSXEOLpVSDUOH6HFUpWDULDWGHV$YLV7HFKQLTXHVDVVXUpSDUOH&67%/HVYHUVLRQVDXWKHQWLILpHVVRQWGLVSRQLEOHVJUDWXLWHPHQWVXUOHVLWHLQWHUQHWGX&67% KWWSZZZFVWEIU 
&67% 

/H *URXSH 6SpFLDOLVp Q  &RQVWUXFWLRQV IDoDGHV HW FORLVRQV OpJqUHV D H[DPLQp OH
 IpYULHU  OH SURFpGp FRPSRVLWH LVRODQW VXSSRUW GH FRXYHUWXUH GX W\SH SDQQHDX
VDQGZLFK j SDUHPHQWV OLJQRFHOOXORVLTXHV 5(;272,7 36( IDEULTXp HQ %HOJLTXH SDU OD
6RFLpWp1981,/,16<67(06HWGLVWULEXpHQ)UDQFHSDUOD6RFLpWp81,/,16<67(066$,O
D IRUPXOp VXU FH V\VWqPH O
$YLV 7HFKQLTXH FLDSUqV TXL DQQXOH HW UHPSODFH O$YLV
7HFKQLTXH&HW$YLVDpWpIRUPXOpSRXUOHVXWLOLVDWLRQVHQ)UDQFH(XURSpHQQH
 'pILQLWLRQVXFFLQFWH
 'HVFULSWLRQVXFFLQFWHGXSURFpGp
6\VWqPH LVRODQW VXSSRUW GH FRXYHUWXUH VXU ODPH G
DLU YHQWLOpH VDXI
GDQVOHFDVGXSURFpGp5(;2)/(;FIEGX'RVVLHU7HFKQLTXH 
FRQVWLWXpG
XQHkPHLVRODQWHHQSRO\VW\UqQHH[SDQVpHWGHSDUHPHQWV
HQSDQQHDX[GHSDUWLFXOHVGHERLVRXHQSDQQHDX[GHODPHOOHVGHERLV
RULHQWpHV 75,3/< /H SDUHPHQW FRXYHUWXUH FRPSRUWH G
XVLQH GHX[
FRQWUHODWWHV DJUDIpHV GHVWLQpHV j OD IL[DWLRQ GHV ERLV VXSSRUWV GH
FRXYHUWXUH

 ,GHQWLILFDWLRQGHVFRQVWLWXDQWV
&KDTXH SDQQHDX HVW PXQL G
XQH pWLTXHWWH DGKpVLYH FROOpH VXU OH SD
UHPHQWWRLWXUHLQGLTXDQWO
LGHQWLWpGXIDEULFDQWHWO
DSSHOODWLRQFRPPHU
FLDOHGXSURGXLW 5(;272,736(FRPSOpWpSDUO
LQGLFDWLRQGXW\SH 
&KDTXHSDQQHDXFRPSRUWHXQPDUTXDJHjO
HQFUHVXUOHF{WpGXW\SH
GH5(;272,736(GHO
pSDLVVHXUGHVFRQVWLWXDQWVHWGXQGHUpIp
UHQFH

 $9,6

3UpYHQWLRQGHVDFFLGHQWVORUVGHODPLVHHQXYUH
/DPLVHHQXYUHGHFHWWHWRLWXUHLPSRVHOHVGLVSRVLWLRQVUHODWLYHVjOD
VpFXULWpGHVSHUVRQQHVFRQWUHOHVFKXWHVGHKDXWHXU

&RPSOH[LWpGHWRLWXUH
6RXV UpVHUYH GX UHVSHFW GHV GLVSRVLWLRQV GHPLVH HQ XYUH SUpYXHV
SDUOH'RVVLHU7HFKQLTXHHWGXUHFRXUVpYHQWXHOjO
DVVLVWDQFHWHFKQL
TXH GX IDEULFDQW OD UpDOLVDWLRQ GH WRLWXUHV GH IRUPH FRPSOH[H ULYHV
ELDLVHVQRXHVDUrWLHUV SDUDvWSRXYRLUrWUHFRQVLGpUpHIDYRUDEOHPHQW

)LQLWLRQVHQSODIRQG
9X OHV UDLVRQV SRVVLEOHV GH GpVDIIOHXUHPHQW GHV SDQQHDX[ FRQWLJXV
OHVILQLWLRQVGXW\SHSDSLHUFROOpFDOLFRWVRQWjGpFRQVHLOOHUYLYHPHQW
6XLYDQWOHVW\SHVGHVRXVIDFHOHVILQLWLRQVSDUWRLOHWHQGXHSDUSHLQ
WXUHRXYHUQLVDYHFMRLQWVPDUTXpVSHXYHQWFRQYHQLU
/D FRPSDWLELOLWp GHV SHLQWXUHV RX YHUQLV DYHF OHV SODIRQGV 0 HVW j
YpULILHUDXSUqVGHOD6RFLpWp81,/,16<67(06

'RPDLQHG
HPSORLDFFHSWp
&HOXL UHYHQGLTXp GDQV OH 'RVVLHU 7HFKQLTXH FRPSOpWp SDU OH &DKLHU
GHV3UHVFULSWLRQV7HFKQLTXHV 
/HV HPSORLV HQ FOLPDW GHPRQWDJQH DOWLWXGH !  P  GH FH VXSSRUW
QHVRQWSDVSUpYXV

$SSUpFLDWLRQVXUOHSURFpGp
 $SWLWXGHjO
HPSORL
6WDELOLWp
(OOH SHXW rWUH FRQVLGpUpH FRPPH QRUPDOHPHQW DVVXUpH GDQV OHV
FRQGLWLRQVG
HPSORLVSUpFRQLVpHVSDUOH'RVVLHU7HFKQLTXHHWFRPSOp
WpHVSDUOH&DKLHUGHV3UHVFULSWLRQV7HFKQLTXHV

6pFXULWpDXIHX
9LVjYLVGXIHXSURYHQDQWGHO
H[WpULHXU
&HWWHFRXYHUWXUHUHOqYHG
XQFODVVHPHQWVDQVUHVWULFWLRQG
HPSORLGDQV
OHFDVGHVWXLOHVGHVDUGRLVHVRXGHVIHXLOOHVPpWDOOLTXHV
/H FODVVHPHQW GHWHQXH DX IHX HVWLQFRQQX GDQV OHFDV GH EDUGHDX[
ELWXPpV
9LVjYLVGXIHXSURYHQDQWGHO
LQWpULHXU
6HORQ OH W\SH GH 5(;272,7 36( OH SDUHPHQW SODIRQG UHOqYH G
XQ
FODVVHPHQWGHUpDFWLRQDXIHXVRLW0VRLW0
/HV GLVSRVLWLRQV UpJOHPHQWDLUHV HQ PDWLqUH GH SURWHFWLRQ GHV LVRODQWV
YLVjYLVG
XQIHXLQWpULHXU DUUrWpVGXMXLQHWGXMXLOOHW
SRXU OHV EkWLPHQWV UHFHYDQW GX SXEOLF HW GX  MDQYLHU  SRXU OHV
EkWLPHQWV G
KDELWDWLRQ  QpFHVVLWHQW TXH OHV LVRODQWV VRLHQW SURWpJpV
GDQV OHV FRQGLWLRQV GpILQLHV SDU OH *XLGH GH O
LVRODWLRQ SDU O
LQWpULHXU
GHVEkWLPHQWVG
KDELWDWLRQGXSRLQWGHYXHGHVULVTXHVHQFDVG
LQFHQ
GLH &DKLHUGX&67% 
/HVpSDLVVHXUVSURSRVpHVHQIRQFWLRQGHODQDWXUHGHVSDUHPHQWVVRQW
FRQIRUPHVDX[H[HPSOHVGHVROXWLRQSUpYXVSDUOHFKDSLWUHGX*XLGH
SUpFLWp
(Q PDWLqUH GH UpDFWLRQ DX IHX GX SDUHPHQW SODIRQG GDQV OHV (53
DUWLFOH$0 LOFRQYLHQWGHV
DVVXUHUGHODERQQHDGDSWDWLRQGXW\SH
GHSODIRQGUHWHQX

,VRODWLRQWKHUPLTXH
/HVYDOHXUVGHUpVLVWDQFHWKHUPLTXHGHFHVVXSSRUWVVRQWLQGLTXpHVDX
WDEOHDXGXGRVVLHUWHFKQLTXH(OOHVWLHQQHQWFRPSWHGHVYDOHXUVGH
UpVLVWDQFH WKHUPLTXH FHUWLILpHV GH O
LVRODQW 36( FRQVWLWXWLIV GH O
kPH
GHVFRPSRVLWHVHWWLWXODLUHG
XQFHUWLILFDW$&(50,



3RXUOHVFRQVWUXFWLRQVQHXYHVTXLHQWUHQWGDQVOHFKDPSG
DSSOLFDWLRQ
GH OD 5pJOHPHQWDWLRQ 7KHUPLTXH  OH SURFpGp 5(;272,7 36(
GHYUDVDWLVIDLUHDX[H[LJHQFHVGXWDEOHDX9,,,GXIDVFLFXOH&RHIIL
FLHQW8%kWGHV5qJOHV7K8TXLSUpFLVHTXHOHFRHIILFLHQW8VXUIDFL
TXHPD[LPDODGPLVVLEOHSUpYXGDQVOHFDVGHVUDPSDQWVGHFRPEOHV
DPpQDJpVHVWGH: P. 

,VRODWLRQSKRQLTXH
2Q QH GLVSRVH SDV G
pOpPHQWV G
pYDOXDWLRQ UHODWLIV j O
LVRODWLRQ DX[
EUXLWV G
LPSDFW SOXLH JUrOH  RX j O
DIIDLEOLVVHPHQW DFRXVWLTXH DX[
EUXLWVDpULHQVH[WpULHXUV
/H IDFWHXU G
DEVRUSWLRQ DFRXVWLTXH LQWpULHXUH GHV 5(;272,7 36(
$FRXVWLTXH HVW IRXUQL DX WDEOHDX  GX 'RVVLHU 7HFKQLTXH  FHOXL GHV
DXWUHVpOpPHQWVQ
HVWSDVFRQQX
/H UHVSHFW GHV H[LJHQFHV G
LVRODWLRQ SKRQLTXH HQWUH ORJHPHQWV FRQWL
JXV FRQGXLW j GpFRQVHLOOHU YLYHPHQW OH IUDQFKLVVHPHQW GHV PXUV GH
PLWR\HQQHWpSDUFHVVDQGZLFKHVLVRODQWV

 'XUDELOLWp(QWUHWLHQ
'XUDELOLWp
/D GXUDELOLWp GHV VXSSRUWV LVRODQWV 5(;272,7 36( HVW DVVXUpH VL
FRPPHSUpYXFHVpOpPHQWVVRQWUpVHUYpVjODFRXYHUWXUHGHORFDX[j
IDLEOH RX PR\HQQH K\JURPpWULH MXVTXj PR\HQQH j IRUWH K\JURPpWULH
LQWHUPLWWHQWH  HW VL FHV VXSSRUWV VRQW SURWpJpV GH O
KXPLGLILFDWLRQ ORUV
GHODSRVH FI&DKLHUGHV3UHVFULSWLRQV7HFKQLTXHV 
'DQV OHV FRQGLWLRQV GH SRVH SUpYXHV SDU OH 'RVVLHU 7HFKQLTXH HW
FRPSOpWpHV SDU OH &DKLHU GHV 3UHVFULSWLRQV 7HFKQLTXHV OD GXUDELOLWp
GHVFRXYHUWXUHVDVVRFLpHVHVWFRPSDUDEOHjFHOOHGHVPrPHVFRXYHU
WXUHVSRVpHVVXUVXSSRUWWUDGLWLRQQHO

(QWUHWLHQ
/HV GLVSRVLWLRQV GHV '78 GH FRXYHUWXUHV RX GHV $YLV 7HFKQLTXHV
SDUWLFXOLHUVV
DSSOLTXHQWDX[FRXYHUWXUHVDVVRFLpHVjFHSURFpGp

 )DEULFDWLRQHWFRQWU{OH
/DIDEULFDWLRQXWLOLVHOHSULQFLSHGHFROODJHDYHFFROOH38PRQRFRPSR
VDQWSRXUO
DVVHPEODJHGHVFRQVWLWXDQWV/HVXVLQDJHVGHULYHVORQJL
WXGLQDOHVVRQW HIIHFWXpV DSUqVFROODJH /D 6RFLpWp 81,/,1 6<67(06
SRVVqGHXQHJUDQGHH[SpULHQFHGDQVOHGRPDLQHGHIDEULFDWLRQGHFHV
pOpPHQWV
/HV FRQWU{OHV SUpFLVpV DX GRVVLHU WHFKQLTXH SDUDLVVHQW GH QDWXUH j
DVVXUHUXQHUpJXODULWpVDWLVIDLVDQWHGHVIDEULFDWLRQV

 0LVHHQXYUH
/DPLVHHQXYUHGHFHVXSSRUWUHOqYHGHODFRPSpWHQFHGHVHQWUH
SULVHVGHFKDUSHQWHRXGHFRXYHUWXUHTXDOLILpHV(OOHQHSUpVHQWHSDV
GHGLIILFXOWpSDUWLFXOLqUH(OOHQpFHVVLWHXQHFKDUSHQWHTXLSUpVHQWHGHV
DSSXLVSODQVHWjHQWUD[HUpJXOLHU



&DKLHUGHV3UHVFULSWLRQV7HFKQLTXHV

 %XWpHHQEDVGHSHQWH

 0LVHKRUVG
HDX

3RXU OHV SHQWHV GH FRXYHUWXUH VXSpULHXUHV j  LO FRQYLHQW GH
UpDOLVHU XQ GLVSRVLWLI GH EXWpH HQ EDV GH SHQWH /H UHFRXUV j
ODVVLVWDQFHWHFKQLTXHGXIDEULFDQWSHXWrWUHUHTXLVHjFHWpJDUG

/DPLVHKRUVG
HDXVHUDV\VWpPDWLTXHPHQWH[pFXWpHVDQVGpODL
'DQVOHVFRQGLWLRQVQRUPDOHVGHFKDQWLHUODFRXYHUWXUHVHUDH[pFXWpH
jO
DYDQFHPHQW6LXQHH[SRVLWLRQDX[LQWHPSpULHVGHYDLWrWUHHQYLVD
JpHXQEkFKDJHHIILFDFHGHYUDrWUHDVVXUpSDUO
HQWUHSULVHD\DQWSRVp
FHVXSSRUW

&RQFOXVLRQV
$SSUpFLDWLRQJOREDOH

 )L[DWLRQHWYHQWLODWLRQGHVFRXYHUWXUHVHQ
IHXLOOHVHWEDQGHVHWHQEDUGHDX[ELWXPpV

/
XWLOLVDWLRQ GX SURFpGp GDQV OH GRPDLQH G
HPSORL DFFHSWp HWFRP
SOpWp SDU OH &DKLHU GHV 3UHVFULSWLRQV 7HFKQLTXHV HVW DSSUpFLpH
IDYRUDEOHPHQW

/HV pOpPHQWV 5(;272,7 36(VXSSRUWV GH FRXYHUWXUHV HQ IHXLOOHV HW


EDQGHV PpWDOOLTXHV HW HQ EDUGHDX[ ELWXPpV SRVpV VXU VXSSRUWV
FRQWLQXVYHQWLOpVHQVRXVIDFHQpFHVVLWHQW

9DOLGLWp
-XVTXDXIpYULHU

x XQFRQWUHOLWRQQDJHVXSSOpPHQWDLUHVXUFKDQWLHUDILQGHUHVSHFWHUOHV
HVSDFHVGHYHQWLODWLRQSUpYXVSDUOHV'78UHODWLIVjFHVFRXYHUWXUHV
x XQH MXVWLILFDWLRQ VSpFLILTXH GH OD UpVLVWDQFH DX[ HIIRUWV GH VRXOqYH
PHQW GXV DX YHQW GHV VXSSRUWV FRQWLQXV GH FRXYHUWXUH HW GH OHXU
OLDLVRQDX[FRPSRVLWHV5(;272,736( 

3RXUOH*URXSH6SpFLDOLVpQ
/H3UpVLGHQW
-3*25'<

 /LPLWDWLRQVG
HPSORLGXSURFpGp5(;2)/(;
/HV\VWqPHGHFRXYHUWXUHDVVRFLDQWOHVSDQQHDX[5(;272,736(HW
OHV SODTXHV )/(;2878,/( VXSSRUWV GH WXLOHV FDQDO FI  E GX
'RVVLHU7HFKQLTXH HVWOLPLWpDX[UDPSDQWVGRQWODORQJXHXUGHSURMHF
WLRQKRUL]RQWDOHHVWDXSOXVpJDOHjP/HWUDLWHPHQWGHVpJRXWV
GRLWUHFRXULUDX[WHFKQLTXHVDXWUHVTXHFHOOHVVFHOOpHVDXPRUWLHU

 &RQGLWLRQVG
XVLQDJHVSRXULQWpJUDWLRQGHV
FDGUHVUDLGLVVHXUVGHIHQrWUHGHWRLW
/HV XVLQDJHV GHV WUpPLHV HW GHV FDGUHV UDLGLVVHXUV SRXU O
LQWpJUDWLRQ
GH IHQrWUHV GH WRLW VHURQW UpDOLVpV GH IDoRQ j FH TX
HQ XYUH LO VXE
VLVWHXQMHXPLQLPDOHQWUHOHVULYHVGHSDQQHDXHWOHFDGUHUDLGLVVHXU
UDSSRUWp

 5HPDUTXHVFRPSOpPHQWDLUHVGXJURXSH
VSpFLDOLVp
$XFXQH

/H5DSSRUWHXUGX*URXSH6SpFLDOLVpQ
.025&$17










'RVVLHU7HFKQLTXH
pWDEOLSDUOHGHPDQGHXU

$ 'HVFULSWLRQ

 &DUDFWpULVWLTXHVGHVFRQVWLWXDQWVGHV
5(;272,736(

 'RPDLQHGHPSORL

/HVFDUDFWpULVWLTXHVVRQWGRQQpHVGDQVOHWDEOHDXHQILQGHGRVVLHU

/HVpOpPHQWV5(;272,736(VRQWGHVpOpPHQWVGHWRLWXUHSRUWHXUV
HW LVRODQWV GHVWLQpV j rWUH XWLOLVpV FRPPH VXSSRUWV GH FRXYHUWXUH
YHQWLOpHGDQVOHVFRQVWUXFWLRQVGHVW\SHVVXLYDQWV
x %kWLPHQWVG
KDELWDWLRQPDLVRQVLQGLYLGXHOOHVjFRPEOHDPpQDJHD
EOHRXKDELWDEOHjSODIRQGUDPSDQWHQFRQVWUXFWLRQQHXYHHWHQUp
KDELOLWDWLRQ
x (TXLSHPHQWV pGXFDWLIV HW VRFLDX[  ORFDX[ VSRUWLIV RX VFRODLUHV
IR\HUVVRFLDX[FHQWUHVFXOWXUHOVHWFXOWXHOV
x /RFDX[LQGXVWULHOVHWFRPPHUFLDX[ DWHOLHUVEXUHDX[PDJDVLQV 

 &RHIILFLHQWG
DEVRUSWLRQDFRXVWLTXHDVGX
5(;272,736($FRXVWLTXHSHUIRUp
/HFRHIILFLHQWG
DEVRUSWLRQDFRXVWLTXHDVGX5(;272,736(DFRXVWL
TXHHQIRQFWLRQGHODIUpTXHQFHHVWLQGLTXpGDQVOHWDEOHDXHQILQ
GHGRVVLHU

 $FFHVVRLUHV
 /DQJXHWWHG
DVVHPEODJHGHVpOpPHQWV

x &RQVWUXFWLRQVK{WHOLqUHVRXGHORLVLUV

x SDQQHDXGHSDUWLFXOHV&7%+

/HPSORLGHFHVpOpPHQWVHVWUpVHUYpjOD)UDQFHHXURSpHQQHHWSRXU
GHVDOWLWXGHVLQIpULHXUHVRXpJDOHVjP

x ORQJXHXUP

/HPSORLGHFHVpOpPHQWVHVWUpVHUYpDX[ORFDX[jK\JURPpWULHIDLEOH
HWPR\HQQH

x VHFWLRQPP[PP

 %DQGHDOXPLQLXPDXWRDGKpVLYH IRXUQLH 


/DUJHXUPP

 'HVFULSWLRQ

8WLOLVDWLRQ5HFRXYUHPHQWGHVMRLQWVORQJLWXGLQDX[HWWUDQVYHUVDX[HQ
VXUIDFHH[WpULHXUHGHVpOpPHQWVDSUqVSRVH

 (OpPHQWV5(;272,736(

 )L[DWLRQV

 &RPSRVLWLRQ FIILJ 


,OVDJLWG
XQpOpPHQWFRPSOH[HPRQREORFW\SHVDQGZLFKFRQVWLWXpGH
ODIDoRQVXLYDQWH
x SDUHPHQWGHWRLWXUHHQSDQQHDXGHSDUWLFXOHVK\GURIXJHWLWXODLUHGH
OD PDUTXH 1) &7%+ GpSDLVVHXU   PP DYHF  FRQWUHOLWHDX[ HQ
ERLVPDVVLIGHuPPDJUDIpVWRXVOHVFP

x 6XU FKDUSHQWH ERLV  SRLQWHV WRUVDGpHV RX FDQQHOpHV JDOYDQLVpHV


IRXUQLHV GLDPqWUHGHODWrWHGHIL[DWLRQPP GRQWODORQJXHXUHVW
IRQFWLRQ GH OpSDLVVHXU GH OpOpPHQW j IL[HU /D ORQJXHXU PLQLPXP
GHQIRQFHPHQWGDQVOHVXSSRUWHVWFP
/RQJXHXUPLQLPXPGHVIL[DWLRQV PP 
(SDLVVHXU
GLVRODQW
PP 

&7%+ 0 HW7ULSO\
'XRYLVLRQHW
'XRGpVLJQ&7%+
0 

$FRXVWLTXH
SHUIRUp

/DPEULV
$FRXVWLTXH
ILEUHVILQHV

















8QH YHUVLRQ LJQLIXJpH 0 GX SDUHPHQW SODIRQG H[LVWH SRXU FKDTXH
W\SHG
pOpPHQW

















 &DUDFWpULVWLTXHVGLPHQVLRQQHOOHVGHV
pOpPHQWV5(;272,736(

















(OOHVVRQWLQGLTXpHVGDQVOHWDEOHDXHQILQGHGRVVLHU

















x kPH LVRODQWH HQ SRO\VW\UqQH H[SDQVp GpSDLVVHXU  j  PP


PDVVHYROXPLTXHNJP WLWXODLUHGXQFHUWLILFDW$&(50,
x SDUHPHQW SODIRQG HQ SDQQHDX GH SDUWLFXOHV RQ GLVWLQJXH OHV
5(;272,736(VHORQODQDWXUHGXSDUHPHQWSODIRQG
/H WDEOHDX  HQ ILQ GH GRVVLHU UHSUHQG OHV GLIIpUHQWV W\SHV GH
5(;272,736(

 $VVHPEODJH
/DVVHPEODJH HQWUH pOpPHQWV HVW DVVXUp SDU UDLQXUH XVLQpH GDQV
OLVRODQW36(HWIDXVVHODQJXHWWHHQSDQQHDXGHSDUWLFXOHV
/HV XVLQDJHV GH ULYHV GHV SDUHPHQWV SODIRQGV DVVXUHQW OD FRQWLQXLWp
G
DVSHFW GHV pOpPHQWV GpFRUDWLIV /HV SDUHPHQWV EUXWV VRQW FKDQIUHL
QpVVXUOHXUVERUGVORQJLWXGLQDX[

x 6XU FKDUSHQWH PpWDOOLTXH  YLV DXWRWDUDXGHXVHV QRQ IRXUQLHV GLD


PqWUHPPGRQWODORQJXHXUHVWpJDOHjpSDLVVHXUGHOpOpPHQW
pSDLVVHXUGXIHUPP
x &RQWUHOLWHDX[ IL[DWLRQ GHV FRQWUHOLWHDX[  [  PP SDU DJUDIHV
JDOYDQLVpHV[PPGHQVLWpWRXVOHVFP

 7ROpUDQFHV

 -RLQWVGHFDOIHXWUHPHQW

x VXUODORQJXHXU rPP

(QPRXVVHLPSUpJQpHW\SH&RPSULEDQG

x VXUODODUJHXU rPP

 0DWpULDX[GHFRXYHUWXUH  

x VXUO
pSDLVVHXU rPP

x %DUGHDX[ELWXPpV1)(1

x VXUOHVUDLQXUHV

x $UGRLVHV1)3

 KDXWHXU PP

x $UGRLVHVILEUHVFLPHQW1)(1HW$YLV7HFKQLTXHVSDUWLFXOLHUV

 ODUJHXU PP
x GpIDXWG
pTXHUUDJHVXUP PP
x GpIDXWGHUHFWLWXGHGHVERUGV PP

x 7XLOHV GH WHUUH FXLWH j HPERvWHPHQW HW j JOLVVHPHQW j UHOLHI RX j


SXUHDXSODWV1)(1
x 7XLOHVSODWHVGHWHUUHFXLWH1)(1

 &DUDFWpULVWLTXHVWKHUPLTXHVGHVpOpPHQWV
5(;272,736(


 /HV PDWpULDX[ GH FRXYHUWXUH GRLYHQW rWUH FRQIRUPHV DX FKDSLWUH
PDWpULDXGX'78FRQFHUQp

(OOHVVRQWGRQQpHVGDQVOHWDEOHDXHQILQGHGRVVLHU





/HVJUDQGVFRWpVVRQWSHUSHQGLFXODLUHVDX[DSSXLVOHVULYHVGHVSHWLWV
FRWpVjMRLQWYLIUHSRVHQWVXUXQDSSXLFRQWLQX

x 7XLOHVHQEpWRQ1)(1HW
x 7XLOHVFDQDOHQWHUUHFXLWH1)(1

3RXUGHVFRPSOpPHQWVGHUDPSDQWHWORUVTXHODSRUWpHHVWLQIpULHXUH
GH   DX[ SRUWpHV PD[LPDOHV RQ SHXW DGPHWWUH XQH UDQJpH GH
SDQQHDX[UHSRVDQWXQLTXHPHQWVXUDSSXLV

x 3ODTXHV)/(;2878,/(VXLYDQW$YLV7HFKQLTXHSDUWLFXOLHU
x (OpPHQWVPpWDOOLTXHVHQIHXLOOHVHWEDQGHVVXLYDQW'78
x 7XLOHVPpWDOOLTXHVVXLYDQW$YLV7HFKQLTXHSDUWLFXOLHU

'X IDLW GX SRVLWLRQQHPHQW GLVV\PpWULTXH GHV  FRQWUHOLWHDX[ VXU OH


SDQQHDX FPGXQHULYHHWFPGHODXWUH YpULILHUOHVHQVGHSRVH
GHV SDQQHDX[ GH IDoRQ j UHVSHFWHU XQ pFDUWHPHQW FRQVWDQW HQWUH
FRQWUHOLWHDX[

 )DEULFDWLRQHWFRQWU{OHV
 )DEULFDWLRQ
(OOH HVW DVVXUpH SDU O
XVLQH G
81,/,1 6<67(06 j '(66(/*(0
%HOJLTXH GDQVXQDWHOLHUFKDXIIpHWFRPSRUWHOHVRSpUDWLRQVVXLYDQ
WHV
x 3UpSDUDWLRQGHVFRQVWLWXDQWV
x $VVHPEODJHGHVSDQQHDX[FRQVWLWXWLIVGHOkPHLVRODQWHSDUFROODJH

'HV MHX[ VXIILVDQWV j VDYRLU  PP SDU PqWUH OLQpDLUH GH SDQQHDX[
GRLYHQWrWUHPpQDJpVHQWUHOHVH[WUpPLWpVGHVSDQQHDX[

$VVHPEODJHGHVpOpPHQWV
,QVpUHUODIDXVVHODQJXHWWHGDQVODUDLQXUHXVLQpHVXUODULYHORQJLWXGL
QDOHGHVpOpPHQWV

x (QFROODJHGHVIDFHVjDVVHPEOHU

 (QWUD[HVDGPLVVLEOHV

x 3DVVDJHVRXVSUHVVH

/H WDEOHDX  HQ ILQ GH GRVVLHU GRQQH OHV SRUWpHV HQ IRQFWLRQ GHV
FKDUJHVGHVFHQGDQWHVQRUPDOHVDGPLVVLEOHV

x $JUDIDJHGHVFRQWUHOLWHDX[
x 0LVH j GLPHQVLRQ GHV SDQQHDX[ HW XVLQDJH VXU OHV GHX[ ULYHV ORQ
JXHV
x 0DUTXDJH

/DFKDUJHGHVFHQGDQWHDGPLVVLEOHHVWpJDOHjODFKDUJHSHUPDQHQWH
SRLGVGHODFRXYHUWXUH SOXVFKDUJHFOLPDWLTXHQRUPDOH
&HWDEOHDXDpWppWDEOLjSDUWLUGHVUpVXOWDWVG
HVVDLVHQYpULILDQWTXH
x /HVSDQQHDX[UHSRVHQWVXUDSSXLVDXPRLQV

x &RQGLWLRQQHPHQW

x /D IOqFKH VRXV FKDUJH GHVFHQGDQWH LQVWDQWDQpH HVW LQIpULHXUH DX


GHODSRUWpH

 &RQWU{OHV
 &RQVWLWXDQWV
x 3ODTXH GH SRO\VW\UqQH H[SDQVp  ORQJXHXU ODUJHXU pSDLVVHXU
PDVVHYROXPLTXHHWGDWHGHIDEULFDWLRQ
x 3DUHPHQWV  FRQWU{OHV GH TXDOLWp VXLYDQW FHUWLILFDWLRQV j FKDTXH
UpFHSWLRQVXLYDQWILFKHVIRXUQLVVHXUV
x &ROOH  FRQWU{OHV GH TXDOLWp VXLYDQW ODEHOV j FKDTXH UpFHSWLRQ VXL
YDQWILFKHVIRXUQLVVHXUV(0), )UDQFH 

x /HFRHIILFLHQWGHVpFXULWpjODUXLQHHVWDXPRLQVpJDOj
/H WDEOHDX  HQ ILQ GH GRVVLHUGRQQH OHVFKDUJHV DVFHQGDQWHVQRU
PDOHVDGPLVVLEOHVHQIRQFWLRQGHVSRUWpHV
&HWDEOHDXDpWppWDEOLjSDUWLUGHVUpVXOWDWVG
HVVDLVDYHFOHVGRQQpHV
VXLYDQWHV
x &RHIILFLHQW GH VpFXULWp GH  SDU UDSSRUW j OD YDOHXU GH SRLQoRQQH
PHQWGXSDUHPHQWH[WpULHXUHWGDUUDFKHPHQWGHVSRLQWHV

 (QFRXUVGHIDEULFDWLRQ

x &RHIILFLHQWGHVpFXULWpGHSDUUDSSRUWjODYDOHXUFDUDFWpULVWLTXH
GDUUDFKHPHQWGHVIL[DWLRQVGDQVOHVXSSRUW

x 7HPSpUDWXUHHWK\JURPpWULHGHO
DWHOLHU WHW+5 

x 3RLGVSURSUHGXSDQQHDXHWGHODFRXYHUWXUHQRQFRPSULV

x 5pJODJH GHV SLVWROHWV G


HQFROODJH WPLQ JP ODUJHXU G
HQFROODJH
YLWHVVH 

x (SDLVVHXUGLVRODQWjPP

x 9pULILFDWLRQGXSRVLWLRQQHPHQWGHVFRQVWLWXDQWV

 5HSRVVXUDSSXL
 &KDUSHQWHHQERLV

 &RQWU{OHVVXUSURGXLWVILQLV
x 'LPHQVLRQV HW XVLQDJH GHV SDQQHDX[ ODUJHXU ORQJXHXU UHFWLWXGH
pTXHUUDJH SRVLWLRQQHPHQW KDXWHXU HW SURIRQGHXU GH O
XVLQDJH GH
ULYH 
x 7UDFWLRQ SHUSHQGLFXODLUH j VHF  WHQXH GX SODQ GH OLDLVRQ LVRODQW
SDUHPHQW FRQWU{OpH VXU FKDTXH ORW GH SURGXFWLRQ  pSURXYHWWHV
PLQ!N3DPR\HQQH!N3D 
x )OH[LRQVXUFRPSRVLWHIRLVSDUPRLV

/DODUJHXUPLQLPDOHG
DSSXLGHVH[WUpPLWpVGHSDQQHDX[HVWGHFP
/RUVTX
XQVXSSRUWQ
HVWTXHVXSSRUWLQWHUPpGLDLUHVDODUJHXUPLQLPDOH
VHUDGHFP
/HVSDQQHDX[VRQWIL[pVSDUSRLQWHVWRUVDGpHVRXFDQQHOpHVJDOYDQL
VpHV FI UpSDUWLHVOHORQJGXVXSSRUWHWSODFpHVjSOXVGHFP
GHVULYHVORQJXHVjUDLVRQGHRXIL[DWLRQVSDUDSSXLVXUODODUJHXU
GHFP FIILJELV 
(Q]RQHVVLQJXOLqUHV ULYHVpJRXWV RQGLVSRVHUDSRLQWHVTXHOOH
TXHVRLWOpSDLVVHXUGHOpOpPHQW

 0DUTXDJH
&KDTXHSDQQHDXFRPSRUWHXQPDUTXDJHjO
HQFUHVXUOHF{WpGXW\SH
GH 5(;272,7 36( GX Q GH UpIpUHQFH HW GH O
pSDLVVHXU GHV FRQVWL
WXDQWV

 &KDUSHQWHPpWDOOLTXH

 &RQGLWLRQQHPHQW

/HV SDQQHDX[ VRQW IL[pV SDU GHV YLV DXWRWDUDXGHXVHV FI   
UpSDUWLHV OH ORQJ GX VXSSRUW HW SODFpHV j SOXV GH  FP GHV ULYHV ORQ
JXHVjUDLVRQGHRXIL[DWLRQVSDUSDQQH

(PEDOODJHVRXVILOPpWLUDEOH

/D ODUJHXU PLQLPDOH G


DSSXL GHV H[WUpPLWpV GH SDQQHDX[ HVW GH
FP

 0LVHHQXYUH

2Q SHUFHUD XQ DYDQWWURX DX GLDPqWUH LQGLTXp SDU OH WDUDXGDJH GH OD
YLV

 2UJDQLVDWLRQGHODPLVHHQXYUH

(Q]RQHVVLQJXOLqUHV ULYHVpJRXWV RQGLVSRVHUDYLV

/DSRVHHVWHIIHFWXpHSDUGHVHQWUHSULVHVGHFKDUSHQWHRXGHFRXYHU
WXUHTXDOLILpHV

 -RLQWVHQWUHSDQQHDX[

6
DJLVVDQW G
XQFRPSRVDQW GRQW OD VRXVIDFH UHVWH DSSDUHQWH GDQV OD
PDMRULWpGHVFDVOHVRSpUDWLRQVGHPDQXWHQWLRQHWGHPLVHHQXYUH
GRLYHQWrWUHHIIHFWXpHVDYHFVRLQ

'DQV WRXV OHV FDV OHV MRLQWV H[WpULHXUV HQWUH SDQQHDX[ VHURQW WUDLWpV
DXVVLW{W DSUqV OD SRVH GHV pOpPHQWV SDU SRQWDJH DX PR\HQ G
XQH
EDQGH DOXPLQLXP DXWRDGKpVLYH GH  PP GH ODUJH FI SDUDJUDSKH
 DSSOLTXpHSDUPDURXIODJHVXUVXSSRUWVHFHWGpSRXVVLpUp

 6WRFNDJHVXUFKDQWLHU

&HWWHGLVSRVLWLRQDVVXUHO
pWDQFKpLWpjO
DLUDXGURLWGHVMRLQWVHWO
pWDQ
FKpLWpjO
HDXHQFDVGLQILOWUDWLRQVDFFLGHQWHOOHV

/HVpOpPHQWVVHURQWVWRFNpVjSODWVXUGHVWDVVHDX[OHVLVRODQWGXVRO
SURWpJpV GHV FKRFV SRXYDQW HQGRPPDJHU OHV ULYHV HW j O
DEUL GHV
LQWHPSpULHV

(OOHQHUHPSODFHSDVODPLVHKRUVG
HDXSURYLVRLUH FIFKDSLWUH 

 3RVHGHVpOpPHQWV
$SSOLTXpV VXU FKDUSHQWH ERLV RX PpWDOOLTXH OHV pOpPHQWV GRLYHQW
UHSRVHUVXUDXPRLQVDSSXLVWUDQVYHUVDX[





 7UDLWHPHQWGHVRXYUDJHVSDUWLFXOLHUVGH
WRLWXUH

 'LPHQVLRQVDXSOXVpJDOHVj[FP
3RXUOHVFKkVVLVGHIHQrWUHVUDPSDQWHVGHGLPHQVLRQVPD[LPDOHV
[FPOHGRUPDQWSHXWrWUHIL[pVXUXQFDGUHHQERLVPDVVLIPLVHQ
SODFHGDQVO
pSDLVVHXUGHO
pOpPHQW

 *pQpUDOLWpV
$XFXQHSDUWLHGHOLVRODQWQHGRLWUHVWHUDSSDUHQWH ULYHVG
pJRXWULYHV
ODWpUDOHV 
3RXU ULJLGLILHU FHV ULYHV HW SHUPHWWUH GH IL[HU OHV SODQFKHV GH ULYH RQ
FORXH XQ WDVVHDX GH ERLV HQWUH OHV SDUHPHQWV DSUqV pYLGHPHQW GH
O
LVRODQW
3RXU OHV pOpPHQWV GRQW OkPH LVRODQWH HVW VXSpULHXUH RX pJDOH j
PPOHWDVVHDXGHERLVSRXUUDrWUHGLVFRQWLQX
x HQWUD[H   FP j FKDTXH MRQFWLRQ G
pOpPHQWV SRXU OHV ULYHV
G
pJRXW 
x GLPHQVLRQPP[PP[pSDLVVHXUGHOLVRODQW

/DVHFWLRQGHVERLVHWODPLVHHQXYUHVHURQWFRQIRUPHVjODILJXUH

/HV FKkVVLV HW IHQrWUHV UDPSDQWHV VHURQW SRVLWLRQQpV GH IDoRQ j FH
TXH DSUqV GpFRXSH GH OD WUpPLH FKDTXH pOpPHQW 5(;272,7 36(
GLVSRVH HQFRUH VXU WRXWH VD ORQJXHXU G
XQH ODUJHXU PLQLPDOH GH
FP
8QMRLQWHQWUHOHGRUPDQWHWOHFDGUHDVVXUHO
pWDQFKpLWpjO
DLU
(Q IRQFWLRQ GHV HQWUD[HV HQWUH VXSSRUWV HW GX W\SH G
pOpPHQW OHV
FKDUJHVPD[LPDOHVDGPLVVLEOHVDYHFFHSURFpGpQHGpSDVVHURQWSDV
  GH FHOOHV LQGLTXpHV GDQV OH WDEOHDX GHV HQWUD[HV DGPLVVLEOHV
&HWWHFKDUJHQHVHUDMDPDLVVXSpULHXUHjGD1P
/HV IHQrWUHV UDPSDQWHV HW OHXUV DFFHVVRLUHV GH UDFFRUGHPHQW VHURQW
LQVWDOOpVFRQIRUPpPHQWDX[$YLV7HFKQLTXHVUHVSHFWLIV FIILJ 

 (JRXWV
/DVDLOOLHQRQVRXWHQXHQHGpSDVVHUDSDV
x FPSRXUOHV5(;272,736(G
pSDLVVHXUG
LVRODQWHWPP
x FPSRXUOHV5(;272,736(G
pSDLVVHXUG
LVRODQWPPHW
/DSODQFKHGHULYHHVWFORXpHVXUOHWDVVHDXPLVHQSODFHSRXUpYLWHU
GHODLVVHUODPRXVVHDSSDUHQWHHWULJLGLILHUODULYH FIILJ 

&DVSDUWLFXOLHUV
x 3RXUOHVpOpPHQWVGpSDLVVHXUVG
LVRODQWVXSpULHXUHVRXpJDOHVj
PPLOHVWSRVVLEOHGHSRUWHUODVDLOOLHQRQVRXWHQXHjFPPD[L
PXPLQWpJUDQWGHVFKHYURQVUDLGLVVHXUVjODMRQFWLRQGHVpOpPHQWV
&HWWH GLVSRVLWLRQ QHVW DGPLVH TXH SRXU GHVFKDUJHV QH GpSDVVDQW
SDVGD1P FIILJ 
x 3RXU XQ GpERUG SOXV LPSRUWDQW RX GHV FKDUJHV VXSpULHXUHV j 
NJPRQUDSSRUWHUDXQFKHYURQQDJHUHSRVDQWVXUODSDQQHVDEOLqUH
HWXQHSDQQHYRODQWH/HVVHFWLRQVGHFHVSLqFHVGHFKDUSHQWHVH
URQW GLPHQVLRQQpHV HQ IRQFWLRQ GHV SRUWpHV HW GHVFKDUJHV HWVXU
FKDUJHV FIILJ 

 7UDLWHPHQWDFRXVWLTXHGHVORJHPHQWV
MX[WDSRVpV FIILJ 
/H UHVSHFW GHV H[LJHQFHV GLVRODWLRQ SKRQLTXH HQWUH ORJHPHQWV FRQWL
JXVFRQGXLWjGpFRQVHLOOHUOHIUDQFKLVVHPHQWGHVPXUVPLWR\HQSDUOHV
SDQQHDX[

 0LVHKRUVG
HDXRXSURWHFWLRQSURYLVRLUH
/DSRVHGHODFRXYHUWXUHGRLWVXLYUHjO
DYDQFHPHQWODSRVHGHVSDQ
QHDX[$GpIDXWLO\DOLHXGHSUpYRLUXQEkFKDJHHIILFDFH

 &RXYHUWXUHV
'DQVWRXVOHVFDVODSRVHGHODFRXYHUWXUHVHUDFRQIRUPHDX'78HW
$YLV7HFKQLTXHHQYLJXHXU

 %DUGHDX[ELWXPpV
6HFRQIRUPHUDX[SUHVFULSWLRQVGX'78

 5LYHVHQSLJQRQ
(OOHVVRQWWUDLWpHVVHORQOHVGLVSRVLWLRQVSUpYXHVSDUOH'78SDUWLFXOLHU
DXW\SHGHFRXYHUWXUH

 3HWLWVpOpPHQWVGHFRXYHUWXUHGHW\SHWXLOHV
RXDUGRLVHV

5LYHVDYHFVDLOOLH FIILJ 

6HFRQIRUPHUDX[SUHVFULSWLRQVGHV'78

$X GURLW GX PXU OHV SDQQHDX[ VRQW IL[pV VXU XQ ERLV  [  FP  IL[p
GDQVODPDoRQQHULHRXPDLQWHQXSDUGHVIL[DWLRQV

x $UGRLVHVQDWXUHOOHV

/H FDOIHXWUHPHQW HVW DVVXUp SDU XQH EDQGH GH PRXVVH LPSUpJQpH
W\SH&RPSULEDQG VHFWLRQ[PPSODFpHHQWUHFHERLVHWOHSDQ
QHDX /D SODQFKH GH ULYH HVW IL[pH VXU XQ WDVVHDX PLV HQ SODFH HQ
UDLQXUHDSUqVpYLGHPHQWGHODPRXVVH

x 7XLOHVFDQDO

/RUVTXHOHVSDQQHVVRQWGpSDVVDQWHVODVDLOOLHQ
HVWSDVOLPLWpH'DQV
OHFDVFRQWUDLUHODVDLOOLHQHGpSDVVHUDSDVFP
/RUVTXH OHV SDQQHDX[ VRQW SDUDOOqOHV j O
pJRXW RQ VH UHSRUWHUD DX
SDUDJUDSKH

5LYHVHQFDVWUpHV FIILJ 
/DLVVHU XQ MHX PLQLPXP GH  PP HQWUH OH FKDQW GX SDQQHDX HW OD
PDoRQQHULHERXUUHUDYHFXQLVRODQWILEUHX[HWDVVXUHUXQHpWDQFKpLWp
SURYLVRLUHDYHFXQPDVWLFELWXPLQHX[

 3pQpWUDWLRQGHFKHPLQpHHWGHWX\DX[
FIILJHW 

x 7XLOHVSODWHV
x HW7XLOHVEpWRQjJOLVVHPHQWHWHPERvWHPHQWORQJLWXGL
QDO
x 7XLOHVSODWHVHQEpWRQ

 &DVSDUWLFXOLHUGHVWXLOHVFDQDO
D SRVHGHVWXLOHVVXUWDVVHDX[ FIILJ 
x /HV 5(;272,7 36( VRQW OLYUpV VDQV FRQWUHOLWHDX[ /D SRVH
VHIIHFWXH VXU WDVVHDX[ VHORQ OHV PRGDOLWpV GX '78  8Q HV
SDFH GH  FP PLQLPXP GRLW rWUH PpQDJp HQWUH OD VRXV IDFH GH OD
WXLOHHWOH5(;272,736(
x /HVWDVVHDX[VRQWIL[pVVXUOH5(;272,736(2QXWLOLVHUD

(QFDVGHFKHPLQpHSUpYRLUXQFKHYrWUHHWXQERXUUDJHLQFRPEXVWL
EOHOpFDUWIHXHVWGHFPPLQLPXPGXQXLQWpULHXUGXERLVVHDX

 $UrWLHUVQRXHVRXIDvWDJHV FIILJHW 


/HV SDQQHDX[ GRLYHQW UHSRVHU HW rWUH IL[pV VXU DSSXL FRQWLQX OH ORQJ
GHVQRXHVIDvWDJHVHWDUrWLHUV3RXUFHVSRLQWVVLQJXOLHUVGHWRLWXUHRQ
YHLOOHUDjFRQVHUYHUVLOHW\SHGHFRXYHUWXUHO
LPSRVHODYHQWLODWLRQGH
ODVRXVIDFHGHVpOpPHQWVGHFRXYHUWXUH HQWUpHVHWVRUWLHVG
DLUHWF 

 &KkVVLVIHQrWUHVUDPSDQWHV
 7RXWHVGLPHQVLRQV
/HVpOpPHQWVUHSRVHQWVXUXQFKHYrWUHHWOHGRUPDQWGHIHQrWUHUDP
SDQWHHVWIL[pGDQVFHFKHYrWUHjO
DLGHG
pTXHUUHVRXGHSDWWHV
8QMRLQWHQWUHGRUPDQWHW5(;272,736(DVVXUHO
pWDQFKpLWpjO
DLU
XQ ERXUUDJH LVRODQW DVVXUH  O
LVRODWLRQ WKHUPLTXH HQWUH OH 5(;272,7
36(HWO
KDELOODJH



x HW7XLOHVjHPERvWHPHQWRXjJOLVVHPHQW

 VRLWGHVSRLQWHVWRUVDGpHVHVSDFpHVWRXVOHVFPGRQWODORQ
JXHXUHVWODVRPPHGHVpSDLVVHXUVWDVVHDX[HWSDQQHDX
 VRLW GHV YLV GH ORQJXHXU pJDOH j OD VRPPH GHV pSDLVVHXUV WDV
VHDXHWSDQQHDX
 6RLWSDUGHVDJUDIHVHQDFLHUGpSDLVVHXURXGHGLDPqWUHPLQLPDO
PPGHORQJXHXUpJDOHjODVRPPHGHVpSDLVVHXUVSDQQHDX
HWWDVVHDX
/HVDJUDIHVHQDFLHUORUVTXHOOHVQHVRQWSDVLQR[RXJDOYDQLVpHV
GRLYHQW rWUH HQGXLWHV GH UpVLQH VXU OHV GHX[ WLHUV GH OD ORQJXHXU
GHVEUDQFKHV2QGLVSRVHUDXQHDJUDIHWRXVOHVFP/HVDJUD
IHV QH SHXYHQW rWUH XWLOLVpHV TXH SRXU OD IL[DWLRQ GH WDVVHDX
GpSDLVVHXULQIpULHXUHjPP
x 3RXU DVVXUHU XQH YHQWLODWLRQ HIIHFWLYH GH OD VRXVIDFH GHV WXLOHV LO
IDXWYHLOOHUjQHSDVREVWUXHUO
HQWUpHG
DLUHQpJRXWHQWUHSDQQHDXHW
WXLOHHWDVVXUHUXQHVRUWLHSDUFKDWLqUHRXIDvWDJHYHQWLOp
E 3RVHVXUSODTXHVRQGXOpHVFHOOXORVLTXHV)/(;2878,/(SUR
FpGp5(;2)/(;
/HV5(;272,736(VRQWOLYUpVVDQVFRQWUHOLWHDX[



/HVSODTXHV)/(;2878,/(IRQWOREMHWGHO$YLV7HFKQLTXH
PRGqOHVSUpYXV)/(;2878,/(HWHQIRQFWLRQGHVWXLOHV
FDQDOXWLOLVpHV
/DSHQWHGHFRXYHUWXUHHVWFHOOHSUpYXHSDUOH'78
/DPLVHHQXYUHGHVSODTXHV)/(;2878,/(VHUDFRQIRUPHjO$YLV
7HFKQLTXHVDXISRXUODIL[DWLRQGHVSODTXHVTXLVHUDUpDOLVpHVHORQOHV
GLVSRVLWLRQVVXLYDQWHV
2QYHLOOHUDjUHVSHFWHU
x /HV UHFRXYUHPHQWV WUDQVYHUVDX[ PLQLPDX[ HQ IRQFWLRQ GHV SHQWHV
HWUpJLRQV
x /HUHFRXYUHPHQWORQJLWXGLQDOHWOHSRVLWLRQQHPHQWGHVSODTXHV
/DIL[DWLRQVHIHUDDXPR\HQGHVSRLQWHVjWrWHPRXOpH 370 RXGHV
YLV j WrWH PRXOpH 970  HQ VRPPHW GRQGH VDQV SUpSHUoDJH FI
ILJ 
/HFORXDJHSDU370VH[pFXWHjUDLVRQGHUDQJpHVGHSRLQWHVUpSDU
WLHVDLQVL
x XQHUDQJpHDXGURLWGHFKDTXHUHFRXYUHPHQW
x WURLVUDQJpHVLQWHUPpGLDLUHVpTXLGLVWDQWHV
/HQRPEUHGHSRLQWHVQpFHVVDLUHVSDUUDQJpHHVWIRQFWLRQGHOD]RQH
GHYHQW VHORQUqJOHV19 HWGXVLWHGLPSODQWDWLRQSRXUGHVFRQV
WUXFWLRQVGHKDXWHXULQIpULHXUHjP
1RPEUHGHIL[DWLRQVGHVSODTXHV)/(;2878,/(
=RQHVHW
H[SRVp

QRUPDO

H[SRVp









/HV OLWHDX[ VRQW IL[pV j ODLGH GXQH SRLQWH RX GXQH DJUDIH j FKDTXH
LQWHUVHFWLRQOLWHDXFRQWUHOLWHDX
x SRLQWHVWRUVDGpHVWUDLWpHVGHORQJXHXUDXPRLQVpJDOHjODVRPPH
GHVpSDLVVHXUVOLWHDXFRQWUHOLWHDXSDQQHDXGHSDUWLFXOHV
x DJUDIHVHQDFLHUSUpVHQWDQWOHVFDUDFWpULVWLTXHVVXLYDQWHVORQJXHXU
PLQLPDOH GH FKDTXH EUDQFKH  PP HW G
pSDLVVHXU RX GLDPqWUH
PLQLPDOPP
(OOHVQHSHXYHQWrWUHXWLOLVpHVTXHSRXUODIL[DWLRQGHOLWHDXGpSDLVVHXU
HPP
6LHOOHVQHVRQWSDVHQDFLHULQR[\GDEOHHOOHVGRLYHQWrWUHJDOYDQLVpHV
jFKDXG FODVVH%QRUPH1)$ 
/DVHFWLRQGHVOLWHDX[jXWLOLVHUHVWIRQFWLRQGHVFKDUJHVSHUPDQHQWHV
HWVXUFKDUJHVFOLPDWLTXHVHWGHOpFDUWHPHQWGHVFRQWUHOLWHDX[(OOHHVW
FRQIRUPHDX['78

 9HQWLODWLRQGHODVRXVIDFHGHVpOpPHQWVGH
FRXYHUWXUH
/HV FRQWUHOLWHDX[ GH  PP DVVXUHQW XQH SDUWLH GH OD YHQWLODWLRQ GHV
pOpPHQWVGHFRXYHUWXUHGHPDQGpHSDUOHV'78
$ILQGHUHVSHFWHUOHVHVSDFHVGHYHQWLODWLRQSUpYXVSDUOHV'78SRXU
XQ HVSDFH GH YHQWLODWLRQVXSpULHXU j  PP XQ FRQWUHOLWRQQDJH VXS
SOpPHQWDLUHHVWQpFHVVDLUH
/D VHFWLRQ GHQWUpH GDLU HQ pJRXW HW GH VRUWLH HQ IDvWDJH VHURQW
FRQIRUPHVDX['78RX$YLV7HFKQLTXHV

=RQHVHW

QRUPDO

 3RVHGHVOLWHDX[

/HV]RQHVFRQVLGpUpHVVRQWFHOOHVGpILQLHVSDUOHVUqJOHV19
/DIL[DWLRQSDU YLV 970 HVWQpFHVVDLUHHQ]RQHVHWSRXUWRXWHV
OHV ]RQHV HQ VLWH H[SRVp HW SRXU OHV FRQVWUXFWLRQV GH KDXWHXU VXSp
ULHXUHjP FIILJ 
/HYLVVDJHVH[pFXWHjUDLVRQGHUDQJpHVGHYLVVLWXpHVGDQVOD[H
GHVUHFRXYUHPHQWVHWXQHUDQJpHLQWHUPpGLDLUHVLWXpHGDQVOD[HGHOD
SODTXH
/HV YLV VRQW REOLJDWRLUHPHQW PLVHV HQ SODFH DYHF XQH YLVVHXVH j
OLPLWHXUPLFURPpWULTXH
/HV WXLOHV VRQW PLVHV HQ XYUH HQ UHVSHFWDQW OHV SUHVFULSWLRQV GH
O$YLV7HFKQLTXHHWGX'78/HVWXLOHVSRVpHVHQSpULSKpULHVRQW
REOLJDWRLUHPHQWIL[pHV
/D YHQWLODWLRQ GH OD WRLWXUH HVW UpDOLVpH SDU OHVSDFH HQWUH OD
)/(;2878,/( HW OH 5(;272,7 36(  YHQWLODWLRQ SDU OHV FUHX[
GRQGH ,OIDXWVDVVXUHUGHODERQQHFLUFXODWLRQGHODLUHQWUHOpJRXWHW
OHIDvWDJH

 )LQLWLRQVHQSODIRQG
 3DUHPHQWVHQSDQQHDX[GHSDUWLFXOHVGH
ERLVEUXWVHWDFRXVWLTXH
/D IDFH SODIRQG HVW FKDQIUHLQpH VXU OHV GHX[ ULYHV XQH ILQLWLRQ HVW
QpFHVVDLUH/HVILQLWLRQVSRVVLEOHVVXUFKDQWLHUVRQW
x 3HLQWXUH
 DSSOLTXHUDXSUpDODEOHXQHFRXFKHG
HQGXLW
 OHVMRLQWVHQWUHSDQQHDX[UHVWHQWWRXMRXUVDSSDUHQWV
x 5HYrWHPHQW
 OHVUHYrWHPHQWVWH[WLOHVRXSODVWLILpVXWLOLVpVWHQGXVSHUPHWWHQWGH
PDVTXHUOHVMRLQWV
 OHV SDSLHUV SHLQWV FROOpV GRLYHQW rWUH GpFRXSpV DX QLYHDX GHV
MRLQWVHWUHSRXVVpVGDQVOHFKDQIUHLQ

 3DUHPHQWVHQSDQQHDX[75,3/<HWODPEULV
8QHILQLWLRQGHVSDUHPHQWVHVWLPSpUDWLYHVXUFKDQWLHU)LQLWLRQVSRVVL
EOHVVXUFKDQWLHU

7UDLWHPHQWGHODULYHGpJRXW
(JRXWDYHFVDLOOLH FIILJ 
8QHSODQFKHGHULYHHVWIL[pHVXUXQWDVVHDXUDSSRUWpHQH[WUpPLWpGHV
5(;272,7 36( DSUqV pYLGHPHQW GH OLVRODQW OD )/(;2878,/( HVW
SODFpHGHIDoRQLGHQWLTXHjFLGHVVXV

)DvWDJH FIILJ 
/HV)/(;2878,/(VRQWGLVSRVpHVSRXUSHUPHWWUHXQHOLEUHVRUWLHGH
ODLU GH YHQWLODWLRQ GHV RQGHV &HOD SHXW FRQGXLUH j ODLVVHU  j  FP
HQWUH OHV SODTXHV HQ VRPPHW GH IDvWDJH 'HV WXLOHDX[ VHURQW PLV HQ
SODFH j VHF GDQV OH FUHX[ GHV WXLOHV GH FRXUDQW DILQ GH PpQDJHU XQ
SDVVDJHGDLU

 (OpPHQWVPpWDOOLTXHVHQIHXLOOHVRXHQ
EDQGHV FIILJ 

x YHUQLV
x ODVXUH

 $YDQFpHVGHWRLWXUH
/DILQLWLRQGHVSDUHPHQWVHQDYDQFpHGHWRLWXUHHWXQHQWUHWLHQUpJXOLHU
GHFHWWHILQLWLRQVRQWLPSpUDWLIV
x 3DUHPHQWVHQSDQQHDX[GHSDUWLFXOHVEUXWVPLQLPXPFRXFKHVGH
SHLQWXUHSRXUH[WpULHXU
x 3DUHPHQWV HQ SDQQHDX[ ODPEULV   FRXFKHV GH YHUQLV RX ODVXUH
SRXUH[WpULHXU
x 3DUHPHQWV HQ SDQQHDX[ GH SDUWLFXOHV SHUIRUp  OD VRXV IDFH GH
O
pOpPHQW QH UHVWHUD SDV DSSDUHQWH(OOH VHUD WRXMRXUV SURWpJpH SDU
XQKDELOODJH ODPEULVFRQWUHSODTXpV&7%; 

/DSRVHVHIHUDVXUYROLJHDJHGLWMRLQWLI

 $VVLVWDQFHWHFKQLTXH

6HFRQIRUPHUDX[SUHVFULSWLRQVGHV'78
x =LQF

/D 6RFLpWp 81,/,1 6<67(06 6$ DVVXUH j OD GHPDQGH XQH DVVLV
WDQFH WHFKQLTXH VXU FKDQWLHU DXSUqV GH O
HQWUHSULVH XWLOLVDWULFH HW DX
SUqVGHVSUHVFULSWHXUV

x $OXPLQLXP
x $FLHULQR[\GDEOH
x &XLYUH

%5pVXOWDWVH[SpULPHQWDX[

 7XLOHVPpWDOOLTXHV
/DSRVHVHIHUDFRQIRUPpPHQWDX[SUHVFULSWLRQVGHV$YLV7HFKQLTXHV
SDUWLFXOLHUV

1RPHQFODWXUHGHVHVVDLV

,O HVW QpFHVVDLUH GH SRVHU XQ pFUDQ GH VRXVWRLWXUH OHV SDQQHDX[
5(;272,736(QHSRXYDQWFRQWULEXHUjFHWWHIRQFWLRQ

x (VVDLVSULVHQFRPSWHGDQVO
$YLV5(;272,7/$77(6



x (VVDLVSULVHQFRPSWHGDQVO
$YLV5(;272,7



x (VVDLVGHFKDUJHPHQWGHVFHQGDQWHWDVFHQGDQWVXUSDQQHDX[GH
HWPPGpSDLVVHXU
2ULJLQH&67%UDSSRUWGHVVDLVQ((0

&5pIpUHQFHV
/HV SUHPLHUV HPSORLV GHV SDQQHDX[ 5(;272,7 36( UHPRQWHQW j


x (VVDLGDUUDFKHPHQWVGHIL[DWLRQV

2ULJLQH81,/,1

x 5pVXOWDWVGDXWRFRQWU{OHVGXIDEULFDQW

x $XWUHVMXVWLILFDWLRQV
 &HUWLILFDW$&(50,Q,6202/VRFLpWp,62026$
 &HUWLILFDW $&(50, Q  .(0,62// VRFLpWp .(0
352'8&7619







7DEOHDX[HWILJXUHVGX'RVVLHU7HFKQLTXH
7DEOHDX&RPSRVLWLRQHWFDUDFWpULVWLTXHVGLPHQVLRQQHOOHVGHV5(;272,736(
$SSHOODWLRQFRPPHUFLDOH

3DUHPHQW
FRXYHUWXUH

3DUHPHQWSODIRQG

5(;272,736(
&7%+

81,63$1&7%+PP

&7%+UDLQXUp

81,63$1&7%+UDLQXUpPP

+0

3$12)/$0+0PP

+0UDLQXUp

3$12)/$0+0UDLQXUpPP

'XRGpVLJQ

81,63$1&7%+GpFRUERLVPP

'XRYLVLRQ

81,63$1&7%+ODTXpEODQFPP

'XRGpVLJQ0

3$12)/$0+0GpFRUERLVPP

'XRYLVLRQ0

3$12)/$0+0SUpSHLQWEODQFPP

$FRXVWLTXH0

3$12)/$0+0SHUIRUpPP

$FRXVWLTXH'XRYLVLRQ0

3$12)/$0+0SHUIRUpSUpSHLQWEODQFPP

$FRXVWLTXH'XRGpVLJQ0

3$12)/$0+0SHUIRUpSUpSHLQWERLVPP

/RQJXHXUV
GHVpOpPHQWV
FP 

(SDLVVHXU
,VRODQW36(
PP 
















81,63$1






j

&7%+PP

$FRXVWLTXH)LEUHV)LQHV0

81,63$1&7%+PP),%5$**/2PP

j

75,3/<

75,3/<PP

j

75,3/<0

75,3/<0PP

/DPEULV

81,63$1&7%+PPODPEULVPP

/DPEULV0

81,63$1&7%+PPODPEULVPP0

/DPEULV3OXV

81,63$1&7%+PPODPEULVPP

/DPEULV3OXV0

81,63$1&7%+PPODPEULVPP0

/DPEULV5XVWLTXH

81,63$1&7%+PPODPEULVPP

/DPEULV5XVWLTXH0

81,63$1&7%+PPODPEULVPP0

j



7DEOHDX&DUDFWpULVWLTXHVWKHUPLTXHVGHVpOpPHQWV5(;272,736(
&DUDFWpULVWLTXHV
(SDLVVHXULVRODQW PP 

5(;272,736(
















5pVLVWDQFHWKHUPLTXH
P.:   

















FRHIILFLHQW8 :P.   

















 5pVLVWDQFHWKHUPLTXHGHVpOpPHQWVVDQVWHQLUFRPSWHGHVUpVLVWDQFHVVXSHUILFLHOOHVGHODPHG
DLUHWGH
FRXYHUWXUHHQSUHQDQWODFRQGXFWLYLWpWKHUPLTXHODPRLQVSHUIRUPDQWHGHVVRXVIDFHVSURSRVpHV
 &RHIILFLHQW8HQSDUWLHFRXUDQWHGHFRXYHUWXUHLQFOXDQWOHVUpVLVWDQFHVWKHUPLTXHVVXSHUILFLHOOHVHWGH
ODPHG
DLU WRLWXUHYHQWLOpH 







7DEOHDX&DUDFWpULVWLTXHVGHVFRQVWLWXDQWVGHV5(;272,736(
3RO\VW\UqQH
H[SDQVp  

&DUDFWpULVWLTXHV
(SDLVVHXU PP 

81,63$1

3$12)/$0

3$12)/$0

&7%+

+0

+0SHUIRUp

75,3/<

),%5$**/2

j











PLQL























0

0

&RQWUDLQWHGHUXSWXUHHQWUDFWLRQ
SHUSHQGLFXODLUH 03D 

jVHF



!

!

!

!



DSUqV9



!

!

!

!



&RQWUDLQWHGHUXSWXUHHQIOH[LRQ
03D 



!

!

!

&RQWUDLQWHHQFRPSUHVVLRQ
GD1FP 

SRXU
G
pFUDVHPHQW











&RHIILFLHQWGHFRQGXFWLYLWp
WKHUPLTXHXWLOH :P. 













$&(50,

&7%+

1)0



&7%$



0DVVHYROXPLTXH NJP 
3HUPpDELOLWpjODYDSHXU
G
HDX JPKPP+J 
5pDFWLRQDXIHX

0DUTXHGHTXDOLWp

0 VHORQ39HQYLJXHXU 

0RX0
0 VHORQ39
VHORQ39HQ
HQYLJXHXU 
YLJXHXU 

/



7

  6RFLpWp,62026$ ,6202/$&(50,Q RX6RFLpWp.(0352'8&7619 .(0,62//$&(50,Q


 FHUWLILpVSRXUOHVpSDLVVHXUVFRQVLGpUpHV
7DEOHDX&RHIILFLHQWG
DEVRUSWLRQDFRXVWLTXHDVGHV5(;272,736(DFRXVWLTXHSHUIRUpHQIRQFWLRQGHODIUpTXHQFH
%DQGHVG
RFWDYH +] 













&RHIILFLHQWG
DEVRUSWLRQDFRXVWLTXHDV













39GX&(%73QGXMDQYLHU
7DEOHDX(QWUD[HGHVVXSSRUWVHQIRQFWLRQGHVFKDUJHVGHVFHQGDQWHVQRUPDOHVDGPLVVLEOHV
7\SHGH5(;272,736(

(QWUD[HGHVVXSSRUW P 

&KDUJHVGHVFHQGDQWHV
QRUPDOHVDGPLVVLEOHV
GD1P 
(SDLVVHXUG
LVRODQW










HW









HW









HW








HW

&7%+
&7%+UDLQXUp
'XRYLVLRQ
'XRGpVLJQ
$FRXVWLTXHILEUHVILQHV0

               

/DPEULV/DPEULV3OXV
/DPEULV5XVWLTXH
/DPEULV0/DPEULV3OXV
0/DPEULV5XVWLTXH0
&7%+0
&7%+0UDLQXUp
'XRYLVLRQ0

               

'XRGpVLJQ0
$FRXVWLTXH0
$FRXVWLTXHGXRGpVLJQ0

               

$FRXVWLTXHGXRYLVLRQ0
7ULSO\7ULSO\0

           














7DEOHDX&KDUJHVDVFHQGDQWHVQRUPDOHVDGPLVVLEOHV GD1P HQIRQFWLRQGHVHQWUD[HVGHVVXSSRUWV
(QWUD[HV FP 

&KDUJHV GD1P 
IL[DWLRQVVXSSRUW

&KDUJHV GD1P 
IL[DWLRQVVXSSRUW


































































)LJXUH5(;272,736(

)LJXUHELV)L[DWLRQGHV5(;272,736(


)LJXUH)LQLWLRQGHULYHDYHFWDVVHDXGHERLVSRXULVRODQWpSDLVVHXU!PP





)LJXUH'pWDLOGpJRXW


)LJXUH'pERUGGHWRLWXUHQRQVXSSRUWp DYHFFKHYURQVUDLGLVVHXUV 

)LJXUH'pERUGGHWRLWXUHQRQVXSSRUWp DYHFSDQQHYRODQWH 






)LJXUH'pWDLOGHULYHODWpUDOHQGpERUG


)LJXUH'pWDLOGHULYHODWpUDOHFRQWUHPXU


)LJXUH3DVVDJHGHFKHPLQpH





)LJXUH3DVVDJHGHWX\DX

)LJXUH)DvWDJH

)LJXUH1RXHV






)LJXUH7UpPLHDYHFFDGUHUDLGLVVHXUSRXUIHQrWUHUDPSDQWH


5(;272,736(
3ODQFKHVDSLQPPupSDLVVHXUGHOpOpPHQW
7DVVHDXVDSLQuPP
9LVERLVuPPYLVWRXVOHVFP
9LV9%$uPPYLVWRXVOHVFP
$VVHPEODJHGHVDQJOHVSDUERXYHWDJHRXpYHQWXHOOHPHQWpTXHUUHPpWDOOLTXHGDLOHuPLQL

)LJXUH5DFFRUGHPHQWGHVIHQrWUHVGHWRLW






)LJXUH7UDLWHPHQWDFRXVWLTXHGHORJHPHQWVMX[WDSRVpV3ULQFLSHGHUDFFRUGHPHQWVXUUHIHQG

)LJXUH3RVHGHWXLOHVFDQDOVXUOLWHDX[






)LJXUH)L[DWLRQVGHVSODTXHV)/(;2878,/(SDUSRLQWHV370 H[HPSOHIL[DWLRQVSDUUDQJpHV 

)LJXUH)L[DWLRQVGHVSODTXHV)/(;2878,/(SDUYLV970






)LJXUH(JRXWDYHFVDLOOLH

)LJXUH)DvWDJH






)LJXUH&RXYHUWXUHHQIHXLOOHVHWEDQGHVPpWDOOLTXHV