& + $ 3 , 7 5 (     /( 6<67(0(
('8&$7,)6(1(*$/$,6$/$),1'8
H6,(&/(

 35(6(17$7,21'86(1(*$/
 /¶25*$1,6$7,21 $'0,1,675$7,9( '8
6(1(*$/
 /$32/,7,48(('8&$7,9('86(1(*$/
 /¶25*$1,6$7,21 '8 0,1,67(5( '(
/¶('8&$7,211$7,21$/(
 '(6&5,37,21 '8 6<67(0( ('8&$7,)
6(1(*$/$,6
 ',$*1267,& '( /$ 6,78$7,21 '8
6<67(0(('8&$7,)
 /(6'(3(16(6'¶('8&$7,21

$O·LQVWDUGHODSOXSDUWGHVSD\VHQYRLHGHGpYHORSSHPHQW
OH 6pQpJDO HVW FRQIURQWp j XQ HQYLURQQHPHQW LQWHUQH HW
H[WHUQH GLIILFLOH VpFKHUHVVH GpWpULRUDWLRQ GHV WHUPHV GH
O·pFKDQJHGHWWHFURLVVDQFHGpPRJUDSKLTXHDYHFkJpV
GHPRLQVGHDQV«
8Q WHO FRQWH[WH QH YD SDV PDQTXHU GH VH UpSHUFXWHU
QpJDWLYHPHQWVXUOHV\VWqPHpGXFDWLIWDX[GHUHGRXEOHPHQW
HWRX G·DEDQGRQ pOHYpV LQpTXLWp G·DFFqV LQVXIILVDQFHV HW
RX GpILFLHQFHV GX GLVSRVLWLI SpGDJRJLTXH«3OXVLHXUV
UpIOH[LRQV VRQW DORUV PHQpHV SDU GLIIpUHQWV DFWHXUV GX
V\VWqPH DILQ GH OH UHQGUH SOXV UHQWDEOH HW SOXV DGpTXDW DX[
EHVRLQVGHO·HQYLURQQHPHQW(WDWV*pQpUDX[GHO·(GXFDWLRQ
HWGHOD)RUPDWLRQ(*()&RQFHUWDWLRQVXUO·HQVHLJQHPHQW
VXSpULHXU O·HQVHLJQHPHQW WHFKQLTXH HW OD )RUPDWLRQ
SURIHVVLRQQHOOH OHV &RQIpUHQFHV GH OD &RQIHPHQ HW OD
0,1('$) OD &RQIpUHQFH SDQDIULFDLQH VXU O·pGXFDWLRQ GHV
ILOOHV OD &RQIpUHQFH PRQGLDOH VXU O·pGXFDWLRQ SRXU WRXV OH
)RUXP PRQGLDO VXU O·pGXFDWLRQ «TXL VRQW DXWDQW GH
UpIOH[LRQV WDQW QDWLRQDOHV TX·LQWHUQDWLRQDOHV TXL RQW HQULFKL
OHV RSWLRQV JpQpUDOHV HQ PDWLqUH GH SROLWLTXH JpQpUDOH
G·pGXFDWLRQDX6pQpJDO
 


&+$3,75(/(6<67(0(('8&$7,)6(1(*$/$,6$/$),1'8H
6,(&/(

'DQV OHV SDJHV FLGHVVRXV QRXV DOORQV GRQQHU XQ DSHUoX GX V\VWqPH pGXFDWLI IRUPHO GH
QRWUH SD\V SHQGDQW OD GHUQLqUH GpFHQQLH GX qPH VLqFOH FH SDVVDJH FRQVLVWHUD HQ XQH
FRPSLODWLRQTXHQRXVDYRQVIDLWHG·LQIRUPDWLRQVHWGHGRQQpHVIRXUQLHVSDUOD'LUHFWLRQGH
OD 3ODQLILFDWLRQ HW GHOD5pIRUPHGHO·(GXFDWLRQ'35(HWWLUpHVGHVWURLVGRFXPHQWV
TXH VRQW 3ODQ 1DWLRQDO G·$FWLRQ GH O·(GXFDWLRQ 3RXU 7RXV 81(6&2'35(
31$(37  '35( 67$7 ² )/$6+  HW '35( ,QGLFDWHXUV
VWDWLVWLTXHV

'DQVXQSUHPLHUWHPSVQRXVDOORQVG·DERUGSURFpGHUjODSUpVHQWDWLRQGHQRWUHSD\V

3UpVHQWDWLRQGX6pQpJDO

&DUDFWpULVWLTXHVSK\VLTXHVHWFOLPDWLTXHV

3D\VHQYRLHGHGpYHORSSHPHQWG·XQHVXSHUILFLHGHNPOH6pQpJDOHVWVLWXpHQ
$IULTXHRFFLGHQWDOH,OHVWOLPLWpDX1RUGSDUOD0DXULWDQLHDX6XGSDUOD*XLQpH%LVVDXHW
OD*XLQpH&RQDNU\jO·(VWSDUOH0DOLHWjO·2XHVWSDUO·2FpDQ$WODQWLTXHLOHVWWUDYHUVp
HQVRQFHQWUHSDUOD*DPELHHWVDODQJXHRIILFLHOOHHVWOHIUDQoDLV6DSRVLWLRQJpRJUDSKLTXH
O·RXYUHjGHPXOWLSOHVLQIOXHQFHVHWKQLTXHVHWOLQJXLVWLTXHV

,O\UqJQHXQFOLPDWVDKpOLHQPDUTXpSDUO·DOWHUQDQFHG·XQHORQJXHVDLVRQVqFKHPRLVHW
G·XQH VDLVRQ GHV SOXLHV SOXV FRXUWH  PRLV DSSHOpH KLYHUQDJH 'HSXLV SUqV GH  DQV
GHSXLV  OH 6pQpJDO FRQQDvW XQH VpFKHUHVVH SHUVLVWDQWH TXL HQWUDvQH QRWDPPHQW OD
GpVHUWLILFDWLRQHWOHUHFXOFRQVpFXWLIGHVUHVVRXUFHVGHODWHUUH

&DUDFWpULVWLTXHVGpPRJUDSKLTXHV

$YHF XQ WDX[ GH  FURLVVDQFH DQQXHOOH GH   OD SRSXODWLRQ GX 6pQpJDO TXL pWDLW GH 
PLOOLRQVDXPRPHQWGHO·DFFHVVLRQGXSD\VjO·LQGpSHQGDQFHSDVVHjPLOOLRQVHQ
 SXLV j  PLOOLRQV HQ  HW j   HQ 6HORQ OHV SURMHFWLRQV LVVXHV GX
GHUQLHUUHFHQVHPHQWJpQpUDOGHODSRSXODWLRQHWGHO·KDELWDWODSRSXODWLRQGX6pQpJDOpWDLW
HVWLPpHjSUqVGHKDELWDQWVHQ(6,6

/DMHXQHVVHGHFHWWHSRSXODWLRQGHPRLQVGHDQVHWGHPRLQVGHDQV
FRQVWLWXHSRXUOHSD\VjODIRLVXQDWRXWHWXQGpILIDFHDX[HQMHX[GHODVFRODULVDWLRQGH
O·HPSORLHWGXFK{PDJH,QpJDOHPHQWUpSDUWLHjWUDYHUVOHSD\VKDELWDQWVNPjO·RXHVW
HW DX FHQWUH  j  KDELWDQWVNP j O·HVW HW DYHF XQ VH[ UDWLR GH   GH IHPPHV OD
SRSXODWLRQGX6pQpJDOHVWVXMHWWHjXQHXUEDQLVDWLRQDFFpOpUpHWDX[G·XUEDQLVDWLRQGH
HQGHHQGHSUqVGHDFWXHOOHPHQWHWjXQHpPHUJHQFHGHVYLOOHVDX
GpWULPHQWGHVFDPSDJQHVVRXVO·HIIHWGHO·H[RGHUXUDO

&DUDFWpULVWLTXHVpFRQRPLTXHV

%DVpH HVVHQWLHOOHPHQW VXU OD FXOWXUH GH O·DUDFKLGH O·pFRQRPLH VpQpJDODLVH V·HVW ORQJWHPSV
DSSX\pH VXU OH VHFWHXU SULPDLUH FDUDFWpULVpH SDU VRQ H[WUDYHUVLRQ HOOH O·pFRQRPLH
VpQpJDODLVH D WUDYHUVp GHV SpULRGHV GLIILFLOHV SDUVHPpHV GH FULVHV SURIRQGHV VXLWH j OD
GpWpULRUDWLRQ GHV WHUPHV GH O·pFKDQJH HW j OD EDLVVH GH OD SURGXFWLRQDJULFROHFRQVpFXWLYH
 

DX[F\FOHVGHVpFKHUHVVHF·HVWDLQVLTX·HQWUHOHVSpULRGHVHWOHWDX[GH
FURLVVDQFHGX3,%DFKXWpGHj

(Q GpSLW GHV UHVVRXUFHV WLUpHV GH OD SrFKH HW GH OD YHQWH GHV SKRVSKDWHV OH FRQWH[WH
pFRQRPLTXH V·DYqUH JpQpUDOHPHQW GpIDYRUDEOH DX[ ULFKHVVHV LQWpULHXUHVHW OHV DXWRULWpV
JRXYHUQHPHQWDOHV VpQpJDODLVHV HQ DUULYHQW j QpJRFLHU DYHF OHV LQVWLWXWLRQV GH %UHWWRQ
:RRGVXQSURJUDPPHG·DMXVWHPHQWVWUXFWXUHO$XILOGHVDQQpHVOHVG\VIRQFWLRQQHPHQWV
YRQWERQWUDLQHWFRQGXLVHQWjODGpYDOXDWLRQGXIUDQF&)$HQLOV·HQVXLWXQHEDLVVH
GHV UHYHQXV SDU WrWH G·KDELWDQW FH TXL IDLW UpJUHVVHU OH 6pQpJDO GX JURXSH GHV SD\V j
UHYHQXVLQWHUPpGLDLUHVjFHOXLGHVSD\VjIDLEOHVUHYHQXV

$ O·RUpH GX qPH PLOOpQDLUH O·DVVDLQLVVHPHQW GH O·pFRQRPLH TXL VH GHVVLQH GDQV XQH
DWPRVSKqUHGHOLEpUDOLVDWLRQSURJUHVVLYHSHUPHWGHPRELOLVHUOHVUHVVRXUFHVQDWLRQDOHVHWGH
UDVVXUHU OHV GLIIpUHQWV SDUWHQDLUHV HQ YXH GH OD FRQVWUXFWLRQ G·XQ 6pQpJDO HQ
GpYHORSSHPHQW

/·RUJDQLVDWLRQDGPLQLVWUDWLYHGX6pQpJDO

3DUWLGHUpJLRQVHQOH6pQpJDOV·HQHVWUHWURXYpDYHFMXVTX·HQO·DQQpHF·HVW
WRXW UpFHPPHQW HQ  TX·D YX OH MRXU OD qPH UpJLRQ GH QRWUH SD\V FKDTXH UpJLRQ
FRPSUHQG  GpSDUWHPHQWV OHV GpSDUWHPHQWV VRQW VXEGLYLVpV HQ FRPPXQHV j OHXU WRXU
VXEGLYLVpHVHQDUURQGLVVHPHQWVSXLVHQFRPPXQDXWpVUXUDOHVODFHOOXOHDGPLQLVWUDWLYHGH
EDVH HVW OH YLOODJH HW VHORQ OH UHFHQVHPHQW DJULFROH GH  QRWUH SD\V FRPSWDLW
YLOODJHVjODGLWHSpULRGH

3DU DLOOHXUV O·(WDW UpDIILUPH OD SULPDXWp GH OD 1DWLRQ HW GpYHORSSH GHSXLV  XQH
SROLWLTXHGHGpFHQWUDOLVDWLRQTXLYLVHjIDYRULVHUODSDUWLFLSDWLRQGHVSRSXODWLRQVjODJHVWLRQ
GHVDIIDLUHV

$SUqV OH SDVVDJH HQ UHYXH GH FHV LPSRUWDQWHV FDUDFWpULVWLTXHV GH QRWUH SD\V QRXV DOORQV
SRUWHU
QRWUHDWWHQWLRQVXUOHVHFWHXUIRUPHOGHO·HQVHLJQHPHQWDX[GLIIpUHQWVQLYHDX[GXV\VWqPH
FHWWHDSSURFKHYDQRXVDXWRULVHUHQVXLWHjIDLUHXQGLDJQRVWLFGHODVLWXDWLRQTXL\SUpYDXW
HWjIDLUHGHVSURSRVLWLRQV

/DSROLWLTXHpGXFDWLYHGX6pQpJDO

'HSXLV TXHOTXHV DQQpHV GHV UpIOH[LRQV VRQW PHQpHV j WUDYHUV OH PRQGH SDU GLIIpUHQWV
DFWHXUV GX V\VWqPH GLULJHDQWV SROLWLTXHV SURIHVVLRQQHOV VSpFLDOLVWHV GH OD IRUPDWLRQ
EDLOOHXUVGHIRQGVHWH[SHUWVLQWHUQDWLRQDX[SRXUUHSHQVHUOHVV\VWqPHVpGXFDWLIVGHVSD\V
HQ YRLH GH GpYHORSSHPHQW HQ JpQpUDO HW DIULFDLQV HQ SDUWLFXOLHU DILQ GH OHV UHQGUH SOXV
UHQWDEOHVHWSOXVDGpTXDWVDX[EHVRLQVGHO·HQYLURQQHPHQW

6HORQOD'LUHFWLRQGHOD3ODQLILFDWLRQHWGHOD5pIRUPHGHO·(GXFDWLRQ'35(QRWUH
SD\VQHIDLWSDVH[FHSWLRQjODUqJOHHWGpMjHQMDQYLHUVHWHQDLHQWDX6pQpJDOOHV(WDWV
*pQpUDX[GHO·(GXFDWLRQHWGHOD)RUPDWLRQ(*()GRQWOHVXLYLGHVSURSRVLWLRQVHVWjOD
EDVHGHODORLG·RULHQWDWLRQGHO·pGXFDWLRQQƒGXIpYULHUGpILQLVVDQWOHSURILO
GXQRXYHDXW\SHG·KRPPHjSURPRXYRLUjWUDYHUVO·pGXFDWLRQ

'HSOXVODPrPHVRXUFHQRXVSHUPHWGHFLWHUODVHVVLRQG·pYDOXDWLRQGHV(WDWV*pQpUDX[
GH O·(GXFDWLRQ HW GH OD )RUPDWLRQ OD &RQFHUWDWLRQ VXU O·HQVHLJQHPHQW VXSpULHXU
 

O·HQVHLJQHPHQWWHFKQLTXHHWOD)RUPDWLRQSURIHVVLRQQHOOHOHVFRQIpUHQFHVGHOD&RQIHPHQ
HW OD  0,1('$) OD &RQIpUHQFH SDQDIULFDLQH VXU O·pGXFDWLRQ GHV ILOOHV OD FRQIpUHQFH
PRQGLDOHVXUO·pGXFDWLRQSRXUWRXVOHIRUXPPRQGLDOVXUO·pGXFDWLRQ«TXLVRQWDXWDQWGH
UpIOH[LRQVWDQWQDWLRQDOHVTX·LQWHUQDWLRQDOHVTXLRQWHQULFKLOHVRSWLRQVJpQpUDOHVHQPDWLqUH
GHSROLWLTXHJpQpUDOHG·pGXFDWLRQDX6pQpJDO

7LUDQW SURILW GH O·HQVHPEOH GH FHV UHQFRQWUHV HW GHV GLVSRVLWLRQV GH OD ORL VXU OD
GpFHQWUDOLVDWLRQOH6pQpJDOYLHQWGHIRUPXOHUOH3URJUDPPH'pFHQQDOGHO·(GXFDWLRQHWGH
OD)RUPDWLRQ3'()3U{QDQWXQHSROLWLTXHpGXFDWLYHTXLSUHQGHQFRPSWHOHV
PXWDWLRQVLQWHUYHQXHVGDQVO·HQYLURQQHPHQWGXV\VWqPHjVDYRLUODOLEpUDOLVDWLRQGHO·RIIUH
pGXFDWLYHO·LQVWDXUDWLRQG·XQSDUWHQDULDWHIILFDFHHWPLHX[FRRUGRQQpHWOHUHQIRUFHPHQWGH
ODGpFHQWUDOLVDWLRQGpFRQFHQWUDWLRQOH3'()VHIL[HGLIIpUHQWVREMHFWLIVHQYXHGHPLHX[
UHQWDELOLVHU OH V\VWqPH LOV RQW SRXU QRPV OD UDWLRQDOLVDWLRQ GH OD PRELOLVDWLRQ HW GH
O·XWLOLVDWLRQGHVUHVVRXUFHVO·DWWHLQWHG·XQHpGXFDWLRQGHEDVHXQLYHUVHOOHSRUWHUOHWDX[EUXW
GHVFRODULVDWLRQGXSULPDLUHjHQO·DPpOLRUDWLRQGHO·DFFqVHWGHODTXDOLWpGHV
DSSUHQWLVVDJHVjWRXVOHVDXWUHVQLYHDX[GXV\VWqPHVXUWRXWGDQVO·HQVHLJQHPHQWWHFKQLTXH
HW OD IRUPDWLRQ SURIHVVLRQQHOOH DILQ TXH OH 6pQpJDO pPHUJH DX[ SODQV LQGXVWULHO HW
WHFKQRORJLTXHHWSXLVVHPLHX[IDLUHIDFHjVHVHIIRUWVGHGpYHORSSHPHQW
/H3'()HVWGLYLVpHQWURLVSKDVHV

/D SUHPLqUH SKDVH  VHUD D[pH VXU O·DPpOLRUDWLRQ GH OD TXDOLWp O·H[WHQVLRQ GH
O·DFFqVHWODGpFHQWUDOLVDWLRQGHODJHVWLRQILQDQFLqUHHWEXGJpWDLUH&·HVWGXUDQWFHWWHSKDVH
TXHVHURQWLQLWLpHVHWWHVWpHVSOXVLHXUVUpIRUPHVGRQWQRWDPPHQWO·LQWURGXFWLRQGHVODQJXHV
QDWLRQDOHVGDQVOHVSUHPLHUVQLYHDX[G·LQVWUXFWLRQOHGpYHORSSHPHQWGHODSHWLWHHQIDQFHHW
OHSURJUDPPHGHVDQWpVFRODLUHDYHFO·LPSODQWDWLRQGHVFDVHVGHVWRXWSHWLWV«

/DGHX[LqPHSKDVHVDJHVWLRQVHUDDVVXUpHDXQLYHDXUpJLRQDOSDUO·,QVSHFWLRQ
G·$FDGpPLH DYHF XQH LPSOLFDWLRQ VLJQLILFDWLYH GH O·,QVSHFWLRQ GpSDUWHPHQWDO HOOH
GpYHORSSHUD j JUDQGH pFKHOOH WRXWHV OHV LQLWLDWLYHV GH OD SUHPLqUH SKDVH HW DVVLVWHUD OH
V\VWqPHSRXUVFRODULVHUWRXVOHVHQIDQWVGHVQLYHDX[j

/D WURLVLqPH SKDVH  HOOH DXUD SRXU WkFKH GH FRQVROLGHU OHV DFTXLV GHV GHX[
SUHPLqUHVSKDVHVHWGHUHQIRUFHUOHVFDSDFLWpVGHJHVWLRQILQDQFLqUHDGPLQLVWUDWLYHORFDOH
GHSOXVHOOHSRVHUDOHVYRLHVHWPR\HQVSRXUXQSURJUDPPHGHVFRODULVDWLRQXQLYHUVHOOHGH
O·HQVHLJQHPHQWPR\HQVDJHVWLRQVHUDDVVXUpHSDUO·LQVSHFWLRQGpSDUWHPHQWDODYHFO·DSSXL
GHO·,QVSHFWLRQG·$FDGpPLH
/D UpDOLVDWLRQ GH OD SROLWLTXH pGXFDWLYH GX 6pQpJDO LQFRPEH DX 0LQLVWqUH GH O·(GXFDWLRQ
QDWLRQDOHDYHFO·LPSOLFDWLRQGHGLIIpUHQWHVDXWUHVVWUXFWXUHVFRPSOpPHQWDLUHV

/·RUJDQLVDWLRQGX0LQLVWqUHGHO·(GXFDWLRQ1DWLRQDOH
 
$XQLYHDXFHQWUDOOH0LQLVWqUHGHO¶(GXFDWLRQ1DWLRQDOH0(1DVVXUHODUpDOLVDWLRQGHOD
SROLWLTXH pGXFDWLYH GX 6pQpJDO LO HVW DLGp HQ FHOD SDU OH 0LQLVWqUH GH O·(QVHLJQHPHQW
7HFKQLTXH GH OD )RUPDWLRQ 3URIHVVLRQQHOOH GH O·$OSKDEpWLVDWLRQ HW GHV /DQJXHV
1DWLRQDOHV G·XQH SDUW HW G·DXWUH SDUW SDU OH 0LQLVWqUH GH O·(QVHLJQHPHQW 6XSpULHXU HQ
SDUWHQDULDWDYHFOH0(1OH0LQLVWqUHFKDUJpGHOD3HWLWH(QIDQFHDVVXUHODUHVSRQVDELOLWp
GHODPLVHHQ±XYUHGHODSROLWLTXHGHGpYHORSSHPHQWGHODSHWLWHHQIDQFH

$X QLYHDX GpFHQWUDOLVp OHV ,QVSHFWLRQV G·$FDGpPLH ,$ VRQW FKDUJpHV GH FRRUGRQQHU
O·DFWLRQpGXFDWLYHDXQLYHDXGHVUpJLRQVHOOHVVRQWUHOD\pHVDXQLYHDXGpSDUWHPHQWDOSDUOHV
,QVSHFWLRQV'pSDUWHPHQWDOHVGHO·(GXFDWLRQ1DWLRQDOH,'(1
 

'HVFULSWLRQGXV\VWqPHpGXFDWLIVpQpJDODLV

/HVHFWHXUIRUPHOGHO·pGXFDWLRQFRQFHUQHSOXVLHXUVQLYHDX[HWW\SHVG·HQVHLJQHPHQWRQ\
GLVWLQJXH O·pGXFDWLRQ SUpVFRODLUH O·HQVHLJQHPHQW pOpPHQWDLUH O·HQVHLJQHPHQW PR\HQ HW
VHFRQGDLUH JpQpUDO O·HQVHLJQHPHQW WHFKQLTXH HW OD IRUPDWLRQ SURIHVVLRQQHOOH HW
O·HQVHLJQHPHQWVXSpULHXU

/·pGXFDWLRQSUpVFRODLUH

(OOHVHGpYHORSSHHVVHQWLHOOHPHQWGDQVOHVYLOOHVGHVpWDEOLVVHPHQWVVRQWORFDOLVpVj
'DNDU 7KLqV HW=LJXLQFKRUHWHVWGHVWLQpHDX[HQIDQWVkJpVGHjDQV$\DQWIDLWVRQ
DSSDULWLRQ GDQV OHV ]RQHV XUEDLQHV O·pGXFDWLRQ SUpVFRODLUH \ HVW HQFRUH FRQFHQWUpH DX[
GpSHQVGHV]RQHVVHPL²XUEDLQHVHWUXUDOHVHOOHHVWHQFRUHO·DSDQDJHGXVHFWHXUSULYpHW
HVW IDLEOHPHQW LQYHVWLH SDU OH VHFWHXU SXEOLF (OOH FRPSUHQG WURLV QLYHDX[ OD SHWLWH OD
PR\HQQH HW OD JUDQGH VHFWLRQ 'HSXLV O·LQGpSHQGDQFH MXVTX·j XQH SpULRGH DVVH] UpFHQWH
HOOHQHILJXUDLWSDVSDUPLOHVSULRULWpVGXJRXYHUQHPHQWPDOJUpTXHVRQLPSRUWDQFHDLWpWp
UHFRQQXH GX SRLQW GH YXH GH VRQ LPSDFW VXU O·DPpOLRUDWLRQ GH O·DFFqV HW GH OD TXDOLWp GH
O·HQVHLJQHPHQWpOpPHQWDLUH

$LQVLHQOHVVWDWLVWLTXHVGHOD'LUHFWLRQGHOD3ODQLILFDWLRQHWGHOD5pIRUPHGH
O·(GXFDWLRQ6WDW)ODVKRQWSHUPLVGHGUHVVHUOHWDEOHDXVXLYDQW

7DEOHDX/HVGRQQpHVSULQFLSDOHVGHO·pGXFDWLRQSUpVFRODLUH
6RXUFH'35(6WDW²)ODVK

 3XEOLF 3ULYp 7RWDO
(FROHV   
6HFWLRQV   
(OqYHV   
ILOOHV   
   

0DLVGHSXLVTXHOTXHVDQQpHVGHVPRGqOHVGHFHQWUHVG·pYHLOFRPPXQDXWDLUHVVRQWHQWUDLQ
G·rWUHPLVVXUSLHGSRXUpODUJLUO·DFFqVHWFRUULJHUOHVGLVSDULWpVHQWUH]RQHVXUEDLQHVVHPL
XUEDLQHVHWUXUDOHV
 


7DEOHDX5pSDUWLWLRQGHVPRGqOHVGHFHQWUHSDUEDLOOHXUHWSDU]RQHG·LQWHUYHQWLRQ
6RXUFH'35(,QGLFDWHXUVVWDWLVWLTXHV

1RPEUH =RQH
0RGqOH %DLOOHXU G
pFROHV G
LQWHUYHQWLRQ
2576(1 8QHRUJDQLVDWLRQQRQ
&HQWUHVG
pYHLO JRXYHUQHPHQWDOHGRQW
FRPPXQDXWDLUH OHVLqJHHVWj*HQqYH 'DNDU

/RXJD.DRODFN
&HQWUHVG
pYHLO 6DLQW/RXLV7KLqV
FRPPXQDXWDLUH 3ODQLQWHUQDWLRQDO SUpYXHV 'DNDU

*DUGHULHV 3$*3)HQDSSXLDX[ 'DNDU7KLqV

pGXFDWLYHV JURXSHPHQWV 'LRXUEHO.ROGD
VFRODLUHV IpPLQLQV H[LVWDQWV 7DPEDFRXQGD


'HSOXVDYHFO·DYqQHPHQWGXJRXYHUQHPHQWGHO·DOWHUQDQFHDX6pQpJDOQRXVDVVLVWRQVjXQ
UHJDLQ GH FRQVLGpUDWLRQ HW j XQ YpULWDEOH VXUVDXW GX SUpVFRODLUH DYHF OD SROLWLTXH
G·LPSODQWDWLRQGHVFDVHVGHVWRXWSHWLWVjWUDYHUVWRXWOH6pQpJDOjSDUWLUGHVYLOOHVMXVTX·DX[
YLOODJHV OHV SOXV UHFXOpV GX SD\V 'H FH SRLQW GH YXH OD QRXYHOOH DSSURFKH HQ FH TXL
FRQFHUQH O·pGXFDWLRQ SUpVFRODLUH HVW D[pH VXU OH GpYHORSSHPHQW HW O·pYHLO GH OD SHWLWH
HQIDQFHjDQVTXLLQWqJUHO·pGXFDWLRQODQXWULWLRQHWODVDQWp

/·HQVHLJQHPHQWpOpPHQWDLUH

/·HQVHLJQHPHQW pOpPHQWDLUH HVW GHVWLQp DX[ HQIDQWV kJpV GH  j  DQVj TXL LO VH GRQQH
SRXUREMHFWLIGHIDLUHDFTXpULUFHUWDLQHVFRQQDLVVDQFHVGHEDVHGRQWQRWDPPHQWO·pFULWXUH
ODOHFWXUHHWOHFDOFXOLOFRPSUHQGVL[DQQpHVG·pWXGHVVDQFWLRQQpHVSDUOH&HUWLILFDWGH)LQ
G·(WXGHV(OpPHQWDLUHV&)((/HVDQQpHVG·pWXGHVFRPSUHQQHQW
 OHFRXUVG·LQLWLDWLRQ&,
 OHFRXUVSUpSDUDWRLUH&3
 OHFRXUVpOpPHQWDLUHSUHPLqUHDQQpH&(
 OHFRXUVpOpPHQWDLUHGHX[LqPHDQQpH&(
 OHFRXUVPR\HQSUHPLqUHDQQpH&0
 OHFRXUVPR\HQGHX[LqPHDQQpH&0

(Q  O·HQVHLJQHPHQW pOpPHQWDLUH HVW FRPSRVp G·XQ HIIHFWLI WRWDO GH   
pOqYHVGRQWGDQVOHVHFWHXUSXEOLFHWGDQVOHSULYpDYHFXQWDX[EUXWGH
VFRODULVDWLRQGHSRXUOHVJDUoRQVHWGHSRXUOHVILOOHV

/HWDEOHDXQRXVPRQWUHFRPPHQWOHVHIIHFWLIVGHO·pOpPHQWDLUHRQWpYROXpGHj

 


7DEOHDX(YROXWLRQGHVHIIHFWLIVGHj
6RXUFH'35(,QGLFDWHXUVVWDWLVWLTXHV

$QQpHV 7RWDO )LOOHV *DUoRQV 3DULWp ,QGLFH
     
     
     
     
     
     
     
     
     
    
7$0$     
  

'XUDQW OD GpFHQQLH OHV HIIHFWLIV GHV ILOOHV RQW SURJUHVVp SOXV YLWH TXH FHX[ GHV JDUoRQV
O·DFFURLVVHPHQW HQUHJLVWUp VXU OH SODQ QDWLRQDO IDYRULVH OHV ILOOHV   SDU UDSSRUW DX[
JDUoRQV
&HWWH pYROXWLRQ SOXV UDSLGH GHV HIIHFWLIV GHV ILOOHV SDU UDSSRUW j FHX[ GHV JDUoRQV HVW
UpYpODWULFH GHV HIIRUWV VpULHX[ HQWUHSULV SDU OH 6pQpJDO SRXU pOLPLQHU OD GLVSDULWp HQWUH OHV
VH[HVG·LFLjHQYHLOODQWjDVVXUHUjWRXVXQDFFqVpTXLWDEOHHWVDQVUHVWULFWLRQjXQH
pGXFDWLRQ GH EDVH GH TXDOLWp DYHF OHV PrPHV FKDQFHV GH UpXVVLWH FRQIRUPpPHQW DX[
HQJDJHPHQWV SULV j -RPWLHQ HQ  HW UpDIILUPpV GDQV OH &DGUH G·DFWLRQV GH 'DNDU HQ


3DUDLOOHXUVO·8QHVFRDSUqVODFRQIpUHQFHPRQGLDOHVXUO·pGXFDWLRQSRXUWRXV&0(37HQ
TXLDpWpVXLYLHHQGHODVL[LqPH&RQIpUHQFHGHV0LQLVWUHVGHO·(GXFDWLRQHWGHV
0LQLVWUHV FKDUJpV GH OD SODQLILFDWLRQ pFRQRPLTXH GHV (WDWV PHPEUHV G·$IULTXH
0,1('$) 9, D FODVVp OH 6pQpJDO SDUPL OHV SD\V G·$IULTXH j ©EDVVH VFRODULVDWLRQª
8QHVFR  S 8QH WHOOH SRVLWLRQ pWDLW GpMj SUHVVHQWLH GL[ DQV DXSDUDYDQW DYHF OD
VLWXDWLRQGpSORUDEOHGHO·HQVHLJQHPHQWGDQVQRWUHSD\VF·HVWDORUVFHTXLPRWLYDODWHQXH
GHV(WDWV*pQpUDX[GHO·(GXFDWLRQHWGHOD)RUPDWLRQHQHQYXHG·XQUHGUHVVHPHQW
GH OD VLWXDWLRQ 'RQF GqV MDQYLHU  OH 6pQpJDO RUJDQLVD OHV (WDWV *pQpUDX[ GH
O·(GXFDWLRQ HW GHOD)RUPDWLRQHQYXHGHWURXYHUGHVVROXWLRQVjODFULVHGHO·pGXFDWLRQ
VXLYDQWVRQH[HPSOHG·DXWUHVSD\VDIULFDLQVRQWRUJDQLVpGHWHOOHVFRQFHUWDWLRQVGXUDQWOHV
DQQpHV  0DOL 1LJHU %XUNLQD )DVR 1LJpULD *DPELH 5pSXEOLTXH &HQWUDIULFDLQH
7FKDG

/H JRXYHUQHPHQW VpQpJDODLV GpFLGD DORUV G·DFFRUGHU OD SULRULWp DX F\FOH pOpPHQWDLUH TXL
FRQVWLWXHOHQLYHDXSDUH[FHOOHQFHG·XQHQVHLJQHPHQWGHEDVHHWGHPDVVHFHWWHSULRULWpHVW
G·DXWDQW SOXV UHFRQQXH TXH O·8QHVFR FLWpH GDQV OH UDSSRUW VXU OH GpYHORSSHPHQW GH
O·pGXFDWLRQ DX 6pQpJDO  VRXWLHQW TXH O·HQVHLJQHPHQW SULPDLUH SHXW FRQWULEXHU j
O·DXJPHQWDWLRQGHODSURGXFWLYLWpGHVDJULFXOWHXUVGDQVGHVSURSRUWLRQVGHjHWTXH
©O·pGXFDWLRQjWUDYHUVOHVDFTXLVLWLRQVGHEDVHªDFFURvWO·DSWLWXGHDXFKDQJHPHQWHQYXHGH
O·DPpOLRUDWLRQGHODTXDOLWpGHODYLHGHODSURWHFWLRQGHO·HQYLURQQHPHQWGHODPDvWULVHGH
OD WHFKQRORJLH &H IDLVDQW O·REMHFWLI YLVp j ORQJ WHUPH HQ PDWLqUH GH VFRODULVDWLRQ
pOpPHQWDLUHHVWG·DWWHLQGUHGHWDX[GHVFRODULVDWLRQ

 

'·RUHV HW GpMj OH 3URJUDPPH 7ULHQQDO G·,QYHVWLVVHPHQW 3XEOLF 37,3 VH SURSRVDLW GH
SRUWHU OH WDX[ EUXW GH VFRODULVDWLRQ j  HQ  FRQWUH  HQ  0()3 37,3
S$O·LVVXHGHV(WDWV*pQpUDX[XQH&RPPLVVLRQ1DWLRQDOHGH5pIRUPHGH
O·(GXFDWLRQHWGHOD)RUPDWLRQIXWPLVHVXUSLHGTXLWUDYDLOODG·DUUDFKHSLHGSHQGDQWTXDWUH
DQV SRXU DERXWLU j OD SURSRVLWLRQ G·XQH ©pFROH  QRXYHOOH GpPRFUDWLTXH HW SRSXODLUHª
8QHVFR  S $FFHQWXpHV SDU OHV (WDWV *pQpUDX[ GH  OHV UpIOH[LRQV VXU OH
V\VWqPH pGXFDWLI VpQpJDODLV QH VH VRQW MDPDLV HVWRPSpHV HOOHV VRQW j OD  EDVH  GHV
SULQFLSDOHVUpIRUPHVTXLVRQWFRQVDFUpHVSDUODORLG·RULHQWDWLRQGHIpYULHUTXL
V·LQVSLUDQW GH OD 'pFODUDWLRQ PRQGLDOH GH O·pGXFDWLRQ SRXU WRXV SU{QH HQWUH DXWUHV XQ
QRXYHDXW\SHG·pGXFDWLRQSRXUOH6pQpJDO

&·HVW SRXU WRXWHV FHV UDLVRQV TXH O·RULHQWDWLRQ JpQpUDOH DFWXHOOH GX V\VWqPH VpQpJDODLV HVW
PDUTXpHSULQFLSDOHPHQWSDUWURLVLQVWUXPHQWVGHSROLWLTXHpGXFDWLYH

/H &DGUH G·DFWLRQ j PR\HQ HW ORQJ WHUPH SRXU O·(GXFDWLRQ SRXU WRXV6pQpJDO 
FRQIRUPpPHQW DX[ UHFRPPDQGDWLRQV GH OD &RQIpUHQFH GH -207,(1 VXU O·pGXFDWLRQ GH
EDVH

/H 3ODQ G·DFWLRQ GH O·DOSKDEpWLVDWLRQ  GRQW OHV REMHFWLIV VRQW GH FUpHU XQ
HQYLURQQHPHQWIDYRUDEOHDXGpYHORSSHPHQWGX6pQpJDOJUkFHjODTXDOLWpGHVHVUHVVRXUFHV
KXPDLQHV VXLWH j OD UpGXFWLRQ GHV GLVSDULWpV GpFRXODQW G·XQH DOSKDEpWLVDWLRQ PDVVLYH GHV
SRSXODWLRQV

/H 3URJUDPPH GH GpYHORSSHPHQW GHV UHVVRXUFHV KXPDLQHV 3'5+ FRQFOX HQ 
HQWUH OH 6pQpJDO HW OD %DQTXH 0RQGLDOH  F·HVW XQ SURJUDPPH G·DMXVWHPHQW GX VHFWHXU GH
O·('8&$7,21 TXL HQ SOXV GH O
HQVHLJQHPHQW SURIHVVLRQQHO FRQFHUQH WRXV OHV QLYHDX[
G
HQVHLJQHPHQWSULPDLUHVHFRQGDLUHVXSpULHXU8QHVFRS

7RXVFHVSURJUDPPHVVHSURSRVHQWGHSDUWLFLSHUjO·DPpOLRUDWLRQGHO·HIILFDFLWpGHO·pTXLWp
HWGHO·HIILFLHQFHGXV\VWqPHpGXFDWLIVpQpJDODLV

7RXWHIRLV OHXU GLYHUVLWp WUDGXLW OD GLIILFXOWp GH PHWWUH VXU SLHG XQH SROLWLTXH pGXFDWLYH
FRPSOqWHKDUPRQLHXVHLQWpJUDQWWRXVOHVQLYHDX[HWIRUPHVG·pGXFDWLRQHWGHIRUPDWLRQ

/·HQVHLJQHPHQWPR\HQHWVHFRQGDLUHJpQpUDO

,OHVWVXEGLYLVpHQGHX[F\FOHVG·HQVHLJQHPHQW
 XQSUHPLHUF\FOHGHDQVF\FOHPR\HQDOODQWGHODFODVVHGHƒjODFODVVHGHƒHW
VDQFWLRQQpSDUOH%UHYHWGH)LQG·(WXGHV0R\HQ%)(0HW
 XQVHFRQGF\FOHGHDQVF\FOHVHFRQGDLUHDOODQWGHODFODVVHGHƒjODFODVVHGH
WHUPLQDOHHWVDQFWLRQQpSDUOH%DFFDODXUpDW

'H  j  OHV HIIHFWLIV GH O·HQVHLJQHPHQW PR\HQ VRQW SDVVpV GH  
FROOpJLHQVjDYHFXQWDX[EUXWGHVFRODULVDWLRQGHSRXUOHVJDUoRQVHWGH
SRXUOHVILOOHV

(QOHQRPEUHG·pWDEOLVVHPHQWVSULYpVpWDLWLQIpULHXUjFHOXLGXSXEOLFFRQWUH
ODWHQGDQFHV·HVWUHQYHUVpHjODILQGHODGpFHQQLHHQIDYHXUGXSULYp9RLUWDEOHDX



 


7DEOHDX3ULQFLSDOHVGRQQpHVGHO·HQVHLJQHPHQWPR\HQ
6RXUFH'35(6WDW)ODVK

 3XEOLF 3ULYp 7RWDO
(WDEOLVVHPHQW
V   
&ODVVHV   
(OqYHV   
GRQWILOOHV   
7%6*DUoRQV 7%6)LOOHV
 
  
/H F\FOH VHFRQGDLUH JpQpUDO TXDQW j OXL RIIUH GHX[ VpULHV G·pWXGHV FRPSUHQDQW FKDFXQH
GHX[RSWLRQV
 ODVpULHOLWWpUDLUH/DYHFOHVRSWLRQV/HW/VHORQOHVODQJXHVpWUDQJqUHVpWXGLpHV
 OD VpULH VFLHQWLILTXH 6 DYHF OHV RSWLRQV 6 PDWKpPDWLTXHV HW 6 VFLHQFHV
pFRQRPLTXHVHWH[SpULPHQWDOHV
/HVVWDWLVWLTXHVGHOD'35(OHSUpVHQWHQWFRPPHVXLW

7DEOHDX3ULQFLSDOHVGRQQpHVGHO·HQVHLJQHPHQWVHFRQGDLUHJpQpUD
6RXUFH'35(67$7)/$6+

 3XEOLF 3ULYp 7RWDO
(WDEOLVVHPHQWV   
&RXUV   
(OqYHV   
GRQWILOOHV   
  
3HQGDQWODGpFHQQLHOHVHIIHFWLIVGHO·HQVHLJQHPHQWVHFRQGDLUHJpQpUDOVHVRQWDFFUXVFHWWH
DXJPHQWDWLRQGHVHIIHFWLIVDVXUWRXWSURILWpDX[ILOOHVGRQWODUHSUpVHQWDWLYLWpHVWSDVVpHGH
jHQWUHHW

7DEOHDX(YROXWLRQGHVHIIHFWLIVHW3DUWGHVILOOHVGHj
6RXUFH'35(67$7)/$6+

 
 
 *DUoRQV )LOOHV 7RWDO )LOOHV *DUoRQV )LOOHV 7RWDO )LOOHV
3XEOLF        
3ULYp        
7RWDO        
 



 


/·HQVHLJQHPHQWWHFKQLTXHHWODIRUPDWLRQSURIHVVLRQQHOOH

'LVSHQVp GDQV OHV O\FpHV WHFKQLTXHV HW OHV pFROHV GH IRUPDWLRQ SURIHVVLRQQHOOH LO VH
FDUDFWpULVH QRWDPPHQW SDU OD IDLEOHVVH GH VHV HIIHFWLIV SDU UDSSRUW j FHX[ GX VHFRQGDLUH
JpQpUDOGHPrPHTXHSDUO¶LQVWDELOLWpGHVDWXWHOOHHWO·LPSRUWDQFHGHVRQFR€WSDUUDSSRUW
DX[DXWUHVRUGUHVG·HQVHLJQHPHQW

/HV HIIHFWLIV GH O·HQVHLJQHPHQW VHFRQGDLUH WHFKQLTXH UHSUpVHQWHQW VHXOHPHQW   GH
O·HIIHFWLIJOREDOGXQLYHDXVHFRQGDLUHHQGpSLWGHFHWWHIDLEOHVVHSDUUDSSRUWDX[HIIHFWLIV
GX VHFRQGDLUH JpQpUDO OH QRPEUH GHV pOqYHV GX WHFKQLTXH Q·D FHVVp GH GLPLQXHU HQWUH
 HW  SDVVDQW GH  j  FH SKpQRPqQH SRXUUDLW V·H[SOLTXHU HQ
SDUWLHSDUODGLVSDULWLRQGHODVpULH%GHO·HQVHLJQHPHQWVHFRQGDLUHWHFKQLTXH

4XDQWDX[SHUVRQQHOVHQVHLJQDQWVLOVVRQWPDMRULWDLUHPHQWTXDOLILpVHWQHFRPSWHQW
TXHIHPPHVVXUXQWRWDOGHVRLW

/·HQVHLJQHPHQWVXSpULHXU

,O HVW DVVXUp GDQV OHV XQLYHUVLWpV HW OHV LQVWLWXWLRQV GH IRUPDWLRQ VXSpULHXUH DX SURILW GHV
pOqYHV WLWXODLUHV GX EDFFDODXUpDWHW LO FRXYUH GHV GRPDLQHV GH VDYRLU GH SOXV HQ SOXV
GLYHUVLILpV &HV VWUXFWXUHV G·pWXGHV VXSpULHXUH IRUPHQW DX[ GLSO{PHV OHV SOXV pOHYpV HW
HQWUHWLHQQHQWGHSOXVHQSOXVGHUHODWLRQVDYHFWRXWHVOHV8QLYHUVLWpVGXPRQGH$IULTXH
(XURSHGHO·2XHVW$PpULTXHGX1RUG

$ O·LQVWDU GHV DXWUHV QLYHDX[ GX V\VWqPH LO VH GLVWLQJXH SDU GHV HIIHFWLIV SOpWKRULTXHV j
WLWUH LOOXVWUDWLI RQ SHXW UHOHYHU TXH O·8QLYHUVLWp &KHLNK $QWD 'LRS GH 'DNDU 8&$'
FRPSWH HQ   pWXGLDQWV GRQW   VRQW GHV EDFKHOLHUV QRXYHOOHPHQW
DGPLV OHV QDWLRQDX[ UHSUpVHQWHQW   GHV pWXGLDQWV FRQWUH   SRXU OHV pWUDQJHUV
,QGLFDWHXUVVWDWLVWLTXHV

0DOJUp O·LQVWDXUDWLRQ GH FRQFRXUV G·HQWUpH GDQV OHV pWDEOLVVHPHQWV SURIHVVLRQQHOV OD
SOXSDUWGHVEDFKHOLHUVDGPLVVXSpULHXUVRQWRULHQWpVGDQVOHVILOLqUHVQRQSURIHVVLRQQHOOHV
HWVHUHWURXYHQWVXUWRXWjODIDFXOWpGHVOHWWUHVHWVFLHQFHVKXPDLQHVjO·8QLYHUVLWp
GH6DLQW/RXLVHWjO·8&$'GH'DNDURSFLW

'LDJQRVWLFGHODVLWXDWLRQGXV\VWqPHpGXFDWLI

&RPPHSDUWRXWDLOOHXUVHQ$IULTXHVXEVDKDULHQQHDX6pQpJDOOHVHFWHXUGHO·pGXFDWLRQHQ
JpQpUDO HW OH QLYHDX pOpPHQWDLUH HQ SDUWLFXOLHU WUDYHUVH XQH FULVH SHUVLVWDQWH HQ GpSLW GHV
HIIRUWVG·LQQRYDWLRQVSpGDJRJLTXHVHWGHUpIRUPHVGHVSURJUDPPHVPLVHQRHXYUH

(Q HIIHW LO HVW VRXPLV j XQ HQVHPEOH GH IDFWHXUV SHUYHUV GRQW OHV HIIHWV FRQMXJXpV
H[SOLTXHQWOHPDQTXHG·HIILFLHQFHO·LQHIILFDFLWpHWODIDLEOHVVHFDUDFWpULVpHGHVUHQGHPHQWV
LQWHUQHVHWH[WHUQHVGXV\VWqPH

'DQV OHV OLJQHV TXL VXLYHQW QRXV DOORQV SURFpGHU VXFFHVVLYHPHQWDXGLDJQRVWLFGHVPDX[
GRQWVRXIIUHQWO·pGXFDWLRQSUpVFRODLUHHWO·HQVHLJQHPHQWpOpPHQWDLUHGDQVQRWUHSD\V
 


$XQLYHDXGHO·pGXFDWLRQSUpVFRODLUH

0rPH VL MXVTX·j XQH SpULRGH DVVH] UpFHQWH HOOH Q·pWDLW SDV XQH SULRULWp SRXU O·(WDW
O·pGXFDWLRQ SUpVFRODLUH GHYLHQW GH SOXV HQ SOXV SRXU OHV DXWRULWpV JRXYHUQHPHQWDOHV GX
6pQpJDOXQHSUpRFFXSDWLRQLPSRUWDQWHjFDXVHGHO·HIIHWEpQpILTXHTX·LOOXLHVWUHFRQQXGH
SRXYRLULPSULPHUDX[SHUIRUPDQFHVGHVHQIDQWVGDQVO·HQVHLJQHPHQWSULPDLUH

(OOHVRXIIUHG·XQFHUWDLQQRPEUHGHPDX[TXLVHUpSHUFXWHQWVXUODTXDOLWpGXUHQGHPHQWDX
QLYHDXGXSULPDLUHSDUPLHX[QRXVUHPDUTXRQV

 O·LQDGDSWDWLRQGHVSURJUDPPHVDX[UpDOLWpVVRFLR²FXOWXUHOOHV
 O·LQVXIILVDQFH GH OD IRUPDWLRQ GHV pGXFDWHXUV GHV pFROHV SULYpHV HQ JpQpUDO HW VHV
UpSHUFXVVLRQVVXUODTXDOLWpGHVDSSUHQWLVVDJHV
 OD QRQ SULVH HQ FRPSWH GX GpYHORSSHPHQW KROLVWLTXH LQWpJUDQW OHV YROHWV VDQWp
pGXFDWLRQHWQXWULWLRQ
 ODPRGLFLWpGXEXGJHWGXSUpVFRODLUH

$XQLYHDXGHO·HQVHLJQHPHQWpOpPHQWDLUH

/·pYDOXDWLRQ UpFHPPHQW HIIHFWXpH DX QLYHDX GH O·pOpPHQWDLUH SDU OH 61(56 ² 3$6(&
UpYqOH TXH OHV QLYHDX[ GH PDvWULVH HQ IUDQoDLV PDWKpPDWLTXHV HW VFLHQFHV VRQW WUqV
LQVXIILVDQWV GH PrPH OHV WDX[ GH UHGRXEOHPHQW HW G·DEDQGRQ TXHO TXH VRLW OH QLYHDX
G·pWXGH FRQVLGpUp GHPHXUHQW SUpRFFXSDQWV FHWWH IDLEOHVVH GHV UHQGHPHQWV LQWHUQHV GX
V\VWqPH HVW HQ JUDQGH SDUWLH OLpH DX[ GpILFLHQFHV GX GLVSRVLWLI SpGDJRJLTXH  HW GHV
FRQGLWLRQVG·HQVHLJQHPHQWHWG·DSSUHQWLVVDJHTXL\SUpYDOHQWPDOJUpO·LPSRUWDQFHUHODWLYH
GHVUHVVRXUFHVGpSOR\pHVHQYXHG·HQDPpOLRUHUOHVSHUIRUPDQFHVjWRXVOHVQLYHDX[

(QYXHG·DWWHLQGUHOHVREMHFWLIVGHO·pGXFDWLRQSRXUWRXVHQO·DQOHFRQWH[WHDFWXHOGX
V\VWqPH pGXFDWLI VpQpJDODLV UHVWH GRPLQp SDU O·DFFpOpUDWLRQ GX WDX[ EUXW GH VFRODULVDWLRQ
GDQVO·HQVHLJQHPHQWpOpPHQWDLUH

3RXU O·DQQpH  OHV HIIHFWLIV G·pOqYHV FRPSWpV GDQV QRWUH SD\V VH FKLIIUDLHQW j
pOpPHQWVGRQWGDQVOHSULYpRQ\UHOHYDLWXQWDX[EUXWGHVFRODULVDWLRQ
UHVSHFWLI GH    SRXU OHV JDUoRQV HW GH   SRXU OHV ILOOHV '35( 6WDW )ODVK


&HGpVpTXLOLEUHGDQVODFRXYHUWXUHVFRODLUHHQWUHOHVVH[HVHVWREVHUYpWDQWHQWUHOHV]RQHV
UXUDOHVHWXUEDLQHVTX·HQWUHOHVGLIIpUHQWHVUpJLRQVGXSD\V

(QHIIHWHQFHTXLFRQFHUQHOHVHIIHFWLIVG·pOqYHVOHSRXUFHQWDJHGHILOOHVHVWSDVVpGH
 HQ  j   HQ  FHWWH LQpJDOLWp VH UHWURXYH DX QLYHDX GH OD
UpSDUWLWLRQ JpRJUDSKLTXH j WUDYHUV OH SD\V HW O·HQVHLJQHPHQW pOpPHQWDLUH UHVWH
LQVXIILVDPPHQWUHSUpVHQWpHQPLOLHXUXUDOSDUUDSSRUWDXPLOLHXXUEDLQF·HVW
DLQVLTXHGHVWHQWDWLYHVGHFRUUHFWLRQVRQWpWpHQWUHSULVHVUpFHPPHQWDXSRLQWG·HQDUULYHUj
REWHQLUSRXUO·DQQpHSOXVGHFODVVHVHQPLOLHXUXUDOFRQWUH
HQPLOLHXXUEDLQ



 61(563$6(& 6\VWqPH 1DWLRQDO G·(YDOXDWLRQ GHV 5HQGHPHQWV 6FRODLUHV 3URJUDPPH G·$QDO\VH GHV

6\VWqPHV(GXFDWLIV
 

&HPrPHGpVpTXLOLEUHHQPDWLqUHGHFRXYHUWXUHVFRODLUHVHUHWURXYHHQWUHOHVUpJLRQVGHV
UpJLRQV FRPPH 'DNDU HW =LJXLQFKRU EpQpILFLHQW UHVSHFWLYHPHQW G·XQ WDX[ EUXW GH
VFRODULVDWLRQ GH   HW   DORUV TXH G·DXWUHV FRPPH 'LRXUEHO   .DRODFN
/RXJDHW)DWLFNQ·RQWSDVHQFRUHDWWHLQWODPR\HQQHGH

3RXU IDLUH IDFH DX[ WkFKHV G·HQVHLJQHPHQW QpFHVVDLUHV DX QLYHDX pOpPHQWDLUH XQ QRPEUH
LPSRUWDQW G·HQVHLJQDQWV HVW GpSOR\p j VDYRLU  GDQV OH SXEOLF FRQWUH  GDQV OH
SULYp8QHVFR
3RXU VDWLVIDLUH DX[ REMHFWLIV GX SURJUDPPH G·pGXFDWLRQ SRXU WRXV OHV EHVRLQV HQ
HQVHLJQDQWV QH FHVVHQW GH FURvWUH HW OH 6pQpJDO D UHFRXUV j SOXVLHXUV VROXWLRQV F·HVW DLQVL
TXHGHSXLVOHVDXWRULWpVJRXYHUQHPHQWDOHVRQWLQWURGXLWODGRXEOHYDFDWLRQDYHFOHV
FODVVHVjGRXEOHIOX[&')GDQVOHV]RQHVVXUSHXSOpHVHWOHVFODVVHVjFRXUVPXOWLSOHVRX
FODVVHVPXOWLJUDGHVGDQVOHV]RQHVjIDLEOHSRSXODWLRQ

3RXU FH TXL FRQFHUQH O¶pTXLWp G·DFFqV j O·HQVHLJQHPHQW HQ YXH G·pOLPLQHU OHV GLVSDULWpV
HQWUH OHV VH[HV DX[ QLYHDX[ pOpPHQWDLUH HW VHFRQGDLUH OH SURMHW 6&2), 6FRODULVDWLRQ GHV
ILOOHVHVWDSSOLTXpHWDIDLWFRQQDvWUHGHVDYDQFpHVVLJQLILFDWLYHVjO·LQVFULSWLRQGHVILOOHVDX
&, VXUWRXW DX GpEXW GHV DQQpHV  (Q HIIHW GH  j  OH WDX[
G·DGPLVVLRQGHVILOOHVHVWSDVVpGHjGHPrPHO·LQGLFHGHSDULWpDpYROXpGH
jSRXUODPrPHSpULRGH

7RXWHIRLV GX SRLQW GH YXH GH OD TXDOLWp OHV ILOOHV UHQFRQWUHQW SOXV GH SUREOqPHV TXH OHV
JDUoRQV
 OHXU WDX[ G·DEDQGRQ HVW j WRXV OHV QLYHDX[ WRXMRXUV VXSpULHXU j FHOXL GHV
JDUoRQV
 SDUH[HPSOHHQWUHHWOHWDX[PR\HQG·DEDQGRQHVWUHVWpIDYRUDEOH
DX[JDUoRQVHWVHVYDOHXUVUHVSHFWLYHVVRQWLQGLTXpHVGDQVOHWDEOHDX

7DEOHDX7DX[G·DEDQGRQJDUoRQVILOOHV

&, &3 &( &( &0
* ) * ) * ) * ) * )
         

'HPrPHOHVILOOHVIRQWGHPRLQVERQQHVSHUIRUPDQFHVDX&)((HWjO·HQWUpHHQqPHHW
OH WDX[ GH UHGRXEOHPHQW OHXU HVW GpIDYRUDEOH DYHF  FRQWUH  SRXU OHV JDUoRQV HQ

/HVREVWDFOHVPDMHXUVjODIUpTXHQWDWLRQVFRODLUHGHVILOOHVjO·pFROHpOpPHQWDLUHSHXYHQWrWUH
FODVVpVHQGHX[FDWpJRULHVjVDYRLU 
 G·XQHSDUWOHVIDFWHXUVVRFLRpFRQRPLTXHVHWVRFLRFXOWXUHOV
 G·DXWUHSDUWOHVIDFWHXUVVFRODLUHV

3DUPL OHV IDFWHXUV VRFLRFXOWXUHOV QRXV SRXYRQV FLWHU OD SDXYUHWp OH FR€W SURKLELWLI GH
O·pGXFDWLRQODVWUXFWXUHIDPLOLDOHOHQLYHDXFXOWXUHOGHVSDUHQWVHWOHXUDWWLWXGHjO·pJDUGGH
O·pFROHOHPDULDJHSUpFRFHOHVJURVVHVVHVSUpFRFHV«

(Q FH TXL FRQFHUQH OHV IDFWHXUV VFRODLUHV QRXV UHPDUTXRQV HQWUH DXWUHV OH SRLGV GHV
SUpMXJpV VH[LVWHV DX QLYHDX GHV SURJUDPPHV HW GHV HQVHLJQDQWV OD IUpTXHQFH GHV
UHGRXEOHPHQWV OHV DEDQGRQV PDVVLIV  HW OHV pFKHFV VFRODLUHV O·H[SXOVLRQ SXQLWLYH SRXU
FDXVHGHJURVVHVVH«

 

1RXV QH VDXULRQV WHUPLQHU FH GLDJQRVWLF GH OD VLWXDWLRQ pGXFDWLYH DX QLYHDX pOpPHQWDLUH
VDQVPHQWLRQQHUTXHOTXHVLQGLFDWHXUVTXDOLWDWLIVFLWpVSDU81(6&2'35(31$(37
HWTXLWUDGXLVHQWODGpIHFWXRVLWpGHQRWUHV\VWqPH
 DLQVL O·HQFDGUHPHQW GHV pOqYHV GDQV O·pOpPHQWDLUH VH GpJUDGH FRQVWDPPHQW
pWDQWSDVVpGHpOqYHVFODVVHHQjpOqYHVFODVVHHQ
 SOXVGHGXSDWULPRLQHLPPRELOLHUHVWHQPDXYDLVpWDWHWXQGpILFLWGHSOXV
GHFHQWPLOOHWDEOHVEDQFVHVWHQUHJLVWUp
 OHV UDWLRV GHV PDQXHOV VFRODLUHV UHVWHQW HQFRUH WUqV IDLEOHV SDU H[HPSOH HQ
OHFWXUHLO\DHQYLURQOLYUHSRXUpOqYHVHWHQFDOFXOLOLYUHSRXUpOqYHV
 OH WDX[ GH UHGRXEOHPHQW DX QLYHDX pOpPHQWDLUH HVW G·HQYLURQ   HQ
PR\HQQHGDQVOHVFLQTSUHPLqUHVDQQpHVGXF\FOHSULPDLUHFHWDX[DWWHLQW
DXFRXUVPR\HQGHX[LqPHDQQpHVXUpOqYHVTXLHQWUHQWDX&,OHV
YRQWUHGRXEOHUDXPRLQVXQHIRLVjODILQGXF\FOH
 OHWDX[G·DEDQGRQTXLHVWGHUHVWHpOHYpVXUWRXWHQPLOLHXUXUDO
 TXDQW DX QRPEUH G·DQQpHVpOqYHV SRXU IRUPHU XQ GLSO{Pp GH O·HQVHLJQHPHQW
pOpPHQWDLUHLOUHVWHWUqVpOHYpHWHVWHVWLPpj
 HQILQ OH VXLYL SpGDJRJLTXH GHV PDvWUHV UHVWH SUpRFFXSDQW FDU OH UDSSRUW
LQVSHFWHXUPDvWUHHVWGHSRXUFHTXLHVWORLQGHODQRUPHVRXKDLWpHTXLHVW
GHSRXU

/HVGpSHQVHVG·pGXFDWLRQ

$X 6pQpJDO OH SRXUFHQWDJH GHV GpSHQVHV SXEOLTXHV WRWDOHV GH O
(WDW FRQVDFUpHV j
O
pGXFDWLRQ D YDULp GH   HQ  j   HQ  HW j   HQ  VRLW XQH
PR\HQQHGHTXDQWDXSRXUFHQWDJHHQ31%LODpWpGHHQHQ
HWHQVRLWXQHPR\HQQHGH

&RPSDUp j G·DXWUHV SD\V OH 6pQpJDO FRQVDFUH XQH SDUW SOXV LPSRUWDQWH GH VHV GpSHQVHV
WRWDOHVjO
pGXFDWLRQ&HWWHWHQGDQFHVHPDLQWLHQWGDQVOHWHPSVHWVHORQOD'35(
HQWUHHWOH6pQpJDODFRQVDFUpHQJpQpUDOSOXVGHUHVVRXUFHVjO·pGXFDWLRQTXHOD
PR\HQQHGHVSD\VG·$IULTXHVXEVDKDULHQQHUHVVRXUFHVTXLGXUHVWHRQWpWpXWLOLVpHVDVVH]
LQHIILFDFHPHQW GHV pFDUWV SHUVLVWHQW DX QLYHDX GH OD TXDOLWp GHV UHQGHPHQWV GX V\VWqPH
pGXFDWLISDUPLHX[SHXYHQWrWUHQRWpV

 GHVWDX[GHUHGRXEOHPHQWHWRXG·DEDQGRQSUpRFFXSDQWV
 GHVGLVSDULWpVLQWHU²UpJLRQDOHVLQWHU²]RQDOHV
 GHVGLVSDULWpVVHORQOHVVH[HV
 GHVLQVXIILVDQFHVHWRXGpILFLHQFHVDXQLYHDXGXGLVSRVLWLISpGDJRJLTXHHWGHV
FRQGLWLRQVG·pWXGHV

0DOJUpFHWWHIDLEOHVVHG·HIILFLHQFHGXV\VWqPHpGXFDWLIVpQpJDODLVO·(WDWPDQLIHVWHWRXMRXUV
VDYRORQWpGHGpYHORSSHUOHVHFWHXUGHO·pGXFDWLRQHQOXLDFFRUGDQWXQHJUDQGHLPSRUWDQFH
GDQVVHVGpSHQVHVSXEOLTXHV

$X QLYHDX GH QRWUH SD\V OD SDUW GX EXGJHW GH O·pGXFDWLRQ GDQV OHV GpSHQVHV JOREDOHV GH
O·(WDWGpFULWXQHFURLVVDQFHTXDVLUpJXOLqUHDXILOGHVDQQpHV

3DUWLHGHGXEXGJHWJpQpUDOHQHOOHDDWWHLQWVRQWRSHQDYHF
DYDQWGHSDVVHUjHQSXLVjHQHWj
HQ  0(1 '35(  &HOD GpQRWH WRXWH O·LPSRUWDQFH UHFRQQXH j
 

O·pGXFDWLRQ SDU OHV SRXYRLUV JRXYHUQHPHQWDX[ GDQV OD PDUFKH YHUV OH GpYHORSSHPHQW
pFRQRPLTXHHWVRFLDOGX6pQpJDO

8Q DXWUH SRLQW HQ UHODWLRQ DYHF OHV GpSHQVHV HQ pGXFDWLRQ VH WURXYH rWUH OD GLVWRUVLRQ
LQWHUVHFWRULHOOHGDQVODUpSDUWLWLRQGXEXGJHWGHO·pGXFDWLRQ

'LDERPED $FFW  DIILUPH TXH GDQV OD PDMRULWp GHV SD\V DIULFDLQV OHV EXGJHWV GH
O
pGXFDWLRQVHUYHQWSULQFLSDOHPHQWjSD\HUOHVVDODLUHVGHVHQVHLJQDQWV

/H 6pQpJDO Q·pFKDSSH SDV j FHWWH UqJOH HW VHORQ XQ UDSSRUW GX 0LQLVWqUH GX3ODQHWGHOD
&RRSpUDWLRQ  SDJH  ©OHV FR€WV GH IRQFWLRQQHPHQW ODUJHPHQW DEVRUEpV SDU OH
SHUVRQQHOGpMjGLVSDUDWHVG·XQRUGUHG·HQVHLJQHPHQWjXQDXWUHQHSHUPHWWHQWJXqUH
GH PDLQWHQLU OHV pTXLSHPHQWV HW LQIUDVWUXFWXUHV HQ ERQ pWDWª ,O HQ UpVXOWH DORUV TX·DX
6pQpJDOFRPPHGDQVODSOXSDUWGHVSD\VG·$IULTXHDXVXGGX6DKDUDRQFRQVWDWHXQGpILFLW
LPSRUWDQWHQVDOOHVGHFODVVHHWHQpTXLSHPHQWVVFRODLUHVPRELOLHUVPDWpULHOVGLGDFWLTXHV
HWF&HODVHIDLWVHQWLUDXQLYHDXGXUHQGHPHQWGHVV\VWqPHVpGXFDWLIVGXSD\V

/·DQDO\VHGXSURJUDPPHWULHQQDOG·LQYHVWLVVHPHQWVSXEOLFV37,3
PHW HQ OXPLqUH ©OD SDUW FURLVVDQWH GX VHFWHXUª GH O·pGXFDWLRQ ©GDQV OHV GRWDWLRQV
EXGJpWDLUHVHWOHVILQDQFHPHQWVH[WpULHXUVOHFR€WWRWDOGHVSURMHWVSURJUDPPpVV·pOqYHj
PLOOLRQVFRQWUHPLOOLRQVGDQVOHSUpFpGHQWVRLWXQHKDXVVHGH37,3
S

&RPSDUp j G·DXWUHV SD\V G·$IULTXH VXEVDKDULHQQH OH 6pQpJDO SUpVHQWH XQ U\WKPH GH
FURLVVDQFHSOXVUDSLGHSRXUOHVHIIHFWLIVGXSULPDLUHHWGXVHFRQGDLUHSDUFRQWUHOHU\WKPH
GHFURLVVDQFHGHVHIIHFWLIVGXVXSpULHXU\HVWSOXVOHQWTX·DLOOHXUV

$X QLYHDX GH QRWUH SD\V OHV HIIHFWLIV GX VXSpULHXU RQW FU€ EHDXFRXS SOXV OHQWHPHQW TXH
FHX[ GX SULPDLUH HWRX GX VHFRQGDLUH HQWUH  HW  PDLV RQW SDU FRQWUH FRQQX XQ
DFFURLVVHPHQWWUqVIRUWHQWUHHW

&H FRQVWDW UHMRLQW FH TXH GHV DXWHXUV FRQILUPpV 2ULYHO 81(6&2RQWGpMj
SUpFRQLVpFHODHVWG·DXWDQWSOXVUDVVXUDQWTXHGDQVVDVWUXFWXUHJpQpUDOHODSRSXODWLRQGX
6pQpJDOFRPSRUWHGHPRLQVGHDQV(6,6