You are on page 1of 6

0LVHHQ±XYUHG·,36HF

$
3UpVHQWDWLRQ
,36HF ,3 6HFXULW\  HVW XQHQVHPEOHGHSURWRFROHV VWDQGDUGLVpV SDU O·,(7) SHU
PHWWDQW G·DVVXUHU XQH SURWHFWLRQ GHV GRQQpHV DX QLYHDX GH OD FRXFKH ,3 GX
PRGqOH 7&3,3 /D SURWHFWLRQ DSSRUWpH SDU ,36HF VH EDVH VXU OHV VHUYLFHV
FU\SWRJUDSKLTXHVHWODJHVWLRQGHFOpG\QDPLTXHHWDVVXUHOHVIRQFWLRQVGH
- $QWLUHOHFWXUH SHUPHWWDQW GH V·DVVXUHU TX·XQ SDTXHW ,3 SURWpJp SDU ,36HF
HW LQWHUFHSWp SDU XQH SHUVRQQH PDO LQWHQWLRQQpH QH SRXUUD SDV rWUH
UpXWLOLVpDILQG·pWDEOLUXQHQRXYHOOHVHVVLRQ
- &RQILGHQWLDOLWp SHUPHWWDQW GH FKLIIUHU OHV GRQQpHV HQFDSVXOpHV GDQV XQ
SDTXHW ,3 DILQ GH V·DVVXUHU TX·HOOHV QH SHXYHQW SDV rWUH OXHV ORUV GH OHXU
WUDQVIHUW
- $XWKHQWLILFDWLRQ SHUPHWWDQW GH V·DVVXUHU TX·XQH GRQQpH UHoXH SURYLHQW
ELHQGHO·K{WH,3DYHFOHTXHOODVpFXULWp,3DpWpQpJRFLpH
- ,QWpJULWp V·DVVXUDQW TXH OHV GRQQpHV Q·RQW SDV pWp PRGLILpHV ORUV GH OHXU
WUDQVIHUW

/D VXLWH GH SURWRFROHV,36HF IRQFWLRQQH GH ERXWHQ ERXW6HXOHV ODVRXUFHHW


OD GHVWLQDWLRQ RQW EHVRLQ GH SUHQGUH HQ FKDUJH FH SURWRFROH ,O HVW DLQVL
SRVVLEOHGHWUDYHUVHU SOXVLHXUVpTXLSHPHQWVUpVHDXWHOVTXHGHVURXWHXUVVDQV
TXH FHV GHUQLHUV Q·DLHQW FRQQDLVVDQFH GH FH SURWRFROH 6L OHV SDTXHWV ,36HF
GRLYHQW WUDYHUVHU GHV pTXLSHPHQWV IDLVDQW GX ILOWUDJH WHOV TXH GHV URXWHXUV
ILOWUDQWV RX SDUHIHX FHUWDLQV SRUWV VHURQW j RXYULU DILQ TXH OH IOX[ ,36HF
SXLVVHWUDYHUVHUFHVpTXLSHPHQWV1RXVUHYLHQGURQVXQSHXSOXVORLQGDQVFH
FKDSLWUH VXU FHV SRUWV j RXYULU 'H PrPH FHUWDLQHV LPSOpPHQWDWLRQV ,36HF
DFFHSWHQW GH WUDYHUVHU OHV pTXLSHPHQWV IDLVDQW GH OD WUDQVODWLRQ G·DGUHVVH
© (GLWLRQV (1,  $OO ULJKWV UHVHUYHG

FRPPH OHV 1$7 /·LPSOpPHQWDWLRQ ,36HF GDQV :LQGRZV  OH SHUPHW
3RXUOHVDXWUHVV\VWqPHV:LQGRZVLOH[LVWHGHVSDWFKVSHUPHWWDQWGHSUHQGUH
FHWWHLPSOpPHQWDWLRQ GpILQLHHQWDQWTXHGUDIWSDUO·,(7) 


&KDSLWUH

&RQWUDLUHPHQWjODJUDQGHPDMRULWpGHVSURWRFROHVDSSRUWDQWXQHVpFXULWpSDU
FU\SWRJUDSKLHDXQLYHDXGHODFRXFKHDSSOLFDWLRQGXPRGqOH7&3,3FRPPH
66/ ,36HF RIIUH XQH VpFXULWp DX QLYHDX GH OD FRXFKH UpVHDX SHUPHWWDQW j
GHV DSSOLFDWLRQV QH SUHQDQW SDV HQ FKDUJH GH PpFDQLVPH GH VpFXULWp GH
EpQpILFLHUVDQVDXFXQHUppFULWXUHGXFRGHG·XQIRUWQLYHDXGHVpFXULWp

%
3URWRFROHV,36HF
,36HF HVW HQIDLWXQHQVHPEOHGHWURLVSURWRFROHVSULQFLSDX[XWLOLVDQWFKDFXQ
GHV DOJRULWKPHV GH FKLIIUHPHQW SRXU SURWpJHU OHV GLIIpUHQWHV WUDQVDFWLRQV PL
VHVHQ±XYUHSDUOHSURFHVVXV,36HF

 0RGHWUDQVSRUWHWPRGHWXQQHO
,36HFSHXWIRQFWLRQQHUVHORQGHX[PRGHVWUDQVSRUWRXWXQQHO

/H PRGH WUDQVSRUW SHUPHW G·DSSOLTXHU XQH VpFXULWp SDU ,36HF GH ERXW HQ
ERXW F·HVWjGLUH TXH OD VRXUFH GX WUDILF HW OD GHVWLQDWLRQ VRQW OHV K{WHV TXL
SUHQQHQWHQFKDUJH,36HFHWDLQVLTXLFU\SWHQWHWGpFU\SWHQWOHVGRQQpHV/H
PRGHWUDQVSRUWHVWGRQFXWLOLVpGDQVOHVVFpQDULRVRODFRPPXQLFDWLRQVpFX
ULVpH GRLW VH IDLUH GH ERXW HQ ERXW PDLV LO SHXW DXVVL rWUH XWLOLVp GDQV XQ
VFpQDULR R O·REMHFWLI VHUDLW GH EORTXHU FHUWDLQV W\SHV GH WUDILF j GHVWLQDWLRQ
GH SRUWV DSSOLFDWLIV RXYHUWV VXU OD PDFKLQH TXH O·RQ VRXKDLWH SURWpJHU 1RXV
YHUURQV GDQV OD VXLWH GH FH FKDSLWUH TX·XQH VWUDWpJLH ,36HF HVW FRQVWLWXpH GH
ILOWUHV GpILQLVVDQW OHV IOX[ SULV HQ FKDUJH SDU OD VWUDWpJLH DLQVL TXH GHV DFWLRQV
GH ILOWUH LQGLTXDQW VL OH FRQWHQX GX ILOWUH IDLW RIILFH G·XQH QpJRFLDWLRQ ,36HF
XQH DXWRULVDWLRQ GX WUDILF RX XQH VXSSUHVVLRQ GH FH GHUQLHU $LQVL XQH PD
FKLQH VHQVLEOH VXU XQH '0= XWLOLVDQW XQH DSSOLFDWLRQ GHYDQW rWUH DFFHVVLEOH
H[FOXVLYHPHQW SDUXQHDXWUH PDFKLQH GH FHWWH'0=SRXUUDLWDYRLUXQHVWUD
WpJLH ,36HF DXWRULVDQW XQLTXHPHQW OD PDFKLQH HQ TXHVWLRQ j DFFpGHU j FHW
DSSOLFDWLIHWEORTXDQWWRXWHVOHVDXWUHV


0LVHHQ±XYUHG·,36HF

/HPRGHWXQQHOSHUPHWTXDQWjOXLG·pWDEOLUGHVFRQQH[LRQVVpFXULVpHVHQWUH
GHX[ UpVHDX[ ORUVTXH OHV SDVVHUHOOHV ILUHZDOO URXWHXU  QH SUHQQHQW SDV HQ
FKDUJHXQHWHFKQRORJLHGH931WHOOHTXH/73,OSHUPHWDLQVLXQHLQWHURSp
UDELOLWp DYHF GH WHOV V\VWqPHV 'DQV FH VFpQDULR OHV PDFKLQHV pPHWWULFH HW
UpFHSWULFH GH O·LQIRUPDWLRQ pFKDQJpH QH SUHQQHQW SDV HQ FKDUJH ,36HF /RUV
TXHOHWUDILFVRUWGHO·DGDSWDWHXUUpVHDXGHODPDFKLQHVRXUFHOHWUDILFFLUFXOH
HQ FODLU MXVTX·j OD SDVVHUHOOH SHUPHWWDQW G·DWWHLQGUH OH UpVHDX GH GHVWLQDWLRQ
&HWWH SDVVHUHOOH HVW FRQILJXUpH SRXU XWLOLVHU XQH VWUDWpJLH ,36HF ORUVTXH GX
WUDILF HVW pFKDQJp HQWUH OHV GHX[ UpVHDX[ HW QpJRFLH DORUV OD VpFXULWp ,36HF
DYHFODSDVVHUHOOHGLVWDQWH/HWUDILFHVWGRQFpFKDQJpHQWUHOHVGHX[SDVVHUHO
OHV FKLIIUpHWHQVXLWHGpFKLIIUpSDUODSDVVHUHOOHGLVWDQWHDILQGHO·HQYR\HUHQ
FODLUjODPDFKLQHGHVWLQDWLRQGXWUDILF

&HFLHVWLOOXVWUpGDQVODILJXUHFLGHVVRXV

(Q PRGH WXQQHO OHV GRQQpHV DLQVL TXH O·HQWrWH ,3 HQYR\pV SDU OD PDFKLQH
VRXUFH VRQW HQFDSVXOpV GDQV XQ QRXYHO HQWrWH ,3 SDU OD SDVVHUHOOH QpJRFLDQW
© (GLWLRQV (1,  $OO ULJKWV UHVHUYHG

,36HF GRQW OHV DGUHVVHV ,3 VRXUFH HW GHVWLQDWLRQ VRQW OHV SRLQWV GH GpSDUW HW
GH WHUPLQDLVRQ GX WXQQHO ,O V·DJLW G·DGUHVVHV ,3 SXEOLTXHV VL OH WXQQHO ,36HF
VH PRQWH VXU OH UpVHDX ,QWHUQHW $LQVL ORUVTXH OD SDVVHUHOOH GH GHVWLQDWLRQ
UHoRLW OH WXQQHO ,36HF HOOH VH VHQW GHVWLQDWDLUH GX WXQQHO GpFU\SWH OHV GRQ
QpHVHWH[WUDLWDLQVLO·HQWrWH,3G·RULJLQHHWOHVGRQQpHVHQFDSVXOpHVDILQGH
OHVHQYR\HUVXUOHUpVHDXSULYpFHWWHIRLVHQFODLU


&KDSLWUH

 $+
$+ $XWKHQWLFDWLRQ +HDGHU  HVW XQ SURWRFROH TXL DVVXUH O·DXWKHQWLILFDWLRQ OH
FRQWU{OH G·LQWpJULWp HW O·DQWLUHOHFWXUH GHV GRQQpHV HQFDSVXOpHV GDQV XQ SD
TXHW ,3 DLQVLTXHGHO·HQWrWH,3HOOHPrPHEORTXDQWDLQVLOHVDWWDTXHVXWLOL
VDQWOHVHQWrWHV,3FRPPHOH,36SRRILQJ/HFRQWU{OHG·LQWpJULWpHIIHFWXpVXU
O·HQWrWH,3QHSUHQGELHQpYLGHPPHQWSDVHQFRPSWHOHVELWVGHO·HQWrWH,3
DXWRULVpVjrWUHPRGLILpVORUVGHVRQWUDQVLWFRPPHOHFKDPS77/SDUH[HP
SOH TXL RQ OH UDSSHOOH HVW GpFUpPHQWp ORUV GH FKDTXH SDVVDJH GDQV XQ
URXWHXU 

,QVLVWRQV ELHQ VXU OH IDLW TXH OH SURWRFROH $+ Q·D SDV FRPPH REMHFWLI
G·DSSRUWHU OD FRQILGHQWLDOLWp GHV GRQQpHV $LQVL OHV GRQQpHV WUDQVLWHQW VXU OH
UpVHDX HQ FODLU /H SURWRFROH $+ DMRXWH XQH HQWrWH GDQV OH SDTXHW ,3
FRPPHLQGLTXpFLGHVVRXV
- IRUPDWG·XQHWUDPH$+HQPRGHWUDQVSRUW

- IRUPDWG·XQHWUDPH$+HQPRGHWXQQHO

$+XWLOLVHOHVDOJRULWKPHVGHKDFKDJHVXLYDQWV
- 0' 0HVVDJH'LJHVW DOJRULWKPHXWLOLVDQWXQKDVKVXUELWV
- 6+$ 6HFXUH+DVK$OJRULWKP DOJRULWKPHXWLOLVDQWXQKDVKVXUELWV
$+HVWGpILQLGDQVOD5)&


0LVHHQ±XYUHG·,36HF

 (63
/HSURWRFROH(63 (QFDSVXODWLRQ6HFXULW\3D\ORDG HVWXQSURWRFROHTXLDVVXUH
ODFRQILGHQWLDOLWpGHVGRQQpHVHQFKLIIUDQWOHFRQWHQXGXSDTXHW,3/·HQWrWH
Q·HVW QDWXUHOOHPHQW SDV FU\SWp VLQRQ OH SDTXHW QH SRXUUDLW SDV WUDYHUVHU OHV
URXWHXUV

(63 SHXW DXVVL DVVXUHU XQ FRQWU{OH G·LQWpJULWp HW XQH DXWKHQWLILFDWLRQ GHV
GRQQpHV PDLV XQLTXHPHQW VXU OHV GRQQpHV HQFDSVXOpHV GDQV OH SDTXHW ,3
HQWrWH,3QRQFRPSULVH 

/H SURWRFROH (63 DMRXWH XQ HQWrWH GDQV OH SDTXHW ,3 FRPPH LQGLTXp FL
GHVVRXV
- IRUPDWG·XQHWUDPH(63HQPRGHWUDQVSRUW

- IRUPDWG·XQHWUDPH(63HQPRGHWXQQHO
© (GLWLRQV (1,  $OO ULJKWV UHVHUYHG

(63XWLOLVHOHVDOJRULWKPHVGHKDFKDJHVXLYDQWV
- 0' 0HVVDJH'LJHVW DOJRULWKPHXWLOLVDQWXQKDVKVXUELWV
- 6+$ 6HFXUH+DVK$OJRULWKP DOJRULWKPHXWLOLVDQWXQKDVKVXUELWV

(63XWLOLVHOHVDOJRULWKPHVGHFKLIIUHPHQWVXLYDQWV
- '(6 'DWD(QFU\SWLRQ6WDQGDUG DOJRULWKPHXWLOLVDQWXQHFOpV\PpWULTXHGH
ELWV


&KDSLWUH

- '(6DOJRULWKPHXWLOLVDQWWURLVFOpVV\PpWULTXHVGHELWV$YHF'(6XQ
EORF GH GRQQpHV HVW FKLIIUp VXFFHVVLYHPHQW WURLV IRLV DYHF WURLV FOpV GH
ELWVGLIIpUHQWHV

'DQV VD IRUPH ODSOXVFRPSOH[H ODSOXVSURWpJpH PDLV DXVVLOD SOXV FRQVRP


PDWULFHGHUHVVRXUFHV XQSDTXHW,36HFSHXWXWLOLVHUjODIRLV$+HW(63$+
HVW XQ SURWRFROH WUqV FRQVRPPDWHXU GH UHVVRXUFHV &38 &RPPH (63 SUHQG
HQ FKDUJHXQ FRQWU{OHG·LQWpJULWpDXQLYHDXGHVGRQQpHVLOHVWJpQpUDOHPHQW
FRQVHLOOpG·XWLOLVHU(63VHXOVDXIVLO·LQWpJULWpGHO·HQWrWH,3HVWXQFRPSRVDQW
LPSRUWDQW GH YRWUH SROLWLTXH GH VpFXULWp $ILQ G·DPpOLRUHU OHV SHUIRUPDQFHV
LO H[LVWH GHV FDUWHV G·DFFpOpUDWLRQ PDWpULHOOH SRXU OH SURWRFROH ,36HF R OH
FKLIIUHPHQW HW OH GpFKLIIUHPHQW GHV GRQQpHV V·HIIHFWXHQW DX QLYHDX PDWpULHO
DXJPHQWDQW DLQVL OHV SHUIRUPDQFHV GH OD PLVH HQ ±XYUH GH ,36HF $WWHQWLRQ
FHSHQGDQW FDU FHUWDLQHV FDUWHV G·DFFpOpUDWLRQ ,36HF QH VXSSRUWHQW SDV OD
PLVHHQ±XYUHVLPXOWDQpHGHVSURWRFROHV$+HW(63
(63HVWGpILQLGDQVOD5)&

 ,.(
/RUV G·XQH FRPPXQLFDWLRQ VpFXULVpH SDU ,36HF OD VRXUFH HW OD GHVWLQDWLRQ
YRQWGHYRLUVHPHWWUHG·DFFRUGVXUXQFHUWDLQQRPEUHGHSDUDPqWUHVHWDLQVL
JpQpUHU OHV FOpV GH FU\SWDJH TXL YRQW SHUPHWWUH O·pFKDQJH GH GRQQpHV GH
IDoRQ VpFXULVpH %LHQ pYLGHPPHQW WRXW FH SURFHVVXV HVW HIIHFWXp GH IDoRQ j
FH TXH VHXOHV OD VRXUFH HW OD GHVWLQDWLRQ VRLHQW FDSDEOHV GH GpFKLIIUHU OH
FRQWHQXGHVGRQQpHV

$YDQWXQpFKDQJHGHGRQQpHVFU\SWpHVOHVGHX[RUGLQDWHXUVYRQWpWDEOLUGHV
DVVRFLDWLRQV GH VpFXULWp 6$  TXL YRQW SHUPHWWUH DX[ GHX[ RUGLQDWHXUV GH VH
PHWWUH G·DFFRUG VXU OD IDoRQ G·pFKDQJHU HW GH SURWpJHU OHV GRQQpHV 3RXU
PHWWUH HQ ±XYUH FHWWH DVVRFLDWLRQ GH VpFXULWp O·,(7) D pWDEOL XQ VWDQGDUG
SHUPHWWDQW FHW pFKDQJH DSSHOp ,.( ,QWHUQHW .H\ ([FKDQJH  /·,.( SHUPHW
QRWDPPHQW GH JpQpUHU HW GH JpUHU OHV FOpV G·DXWKHQWLILFDWLRQ XWLOLVpHV SRXU
VpFXULVHUOHVLQIRUPDWLRQV



You might also like