You are on page 1of 18

)LFKHGHGRQQpHVGHVpFXULWp

VHORQ(& 5($&+ (&(8

%,2/$%26$6$/%80,1(0pWKRGH%&*9(57'(%5202&5(62/
5()5;P/
)'6$/%

58%5,48(,'(17,),&$7,21'(/$68%67$1&('80e/$1*((7'(/$62&,e7e/¶(175(35,6(
 ,GHQWLILFDWHXUGHSURGXLW %,2/$%26$6$/%80,1(0pWKRGH%&*9(57'(%5202&5(62/5()
5;P/
)'6$/%
 8WLOLVDWLRQVLGHQWLILpHVSHUWLQHQWHVGHODVXEVWDQFHRXGXPpODQJHHWXWLOLVDWLRQVGpFRQVHLOOpHV
8WLOLVDWLRQVLGHQWLILpHVSHUWLQHQWHV'LDJQRVWLFLQYLWUR8QLTXHPHQWSRXUXVDJHSURIHVVLRQQHO
8WLOLVDWLRQVGpFRQVHLOOpHV7RXWHXWLOLVDWLRQQRQVSpFLILpHGDQVFHWWHVHFWLRQRXGDQVODVHFWLRQ
 5HQVHLJQHPHQWVFRQFHUQDQWOHIRXUQLVVHXUGHODILFKHGH %,2/$%26$6
GRQQpHVGHVpFXULWp /HV+DXWHV5LYHV
0DL]\)UDQFH
7pO
)D[
LQIR#ELRODERIU
ZZZELRODERIU
 1XPpURG¶DSSHOG¶XUJHQFH %,2/$%2     KK 25),/$ 
 

58%5,48(,'(17,),&$7,21'(6'$1*(56
 &ODVVLILFDWLRQGHODVXEVWDQFHRXGXPpODQJH
'LUHFWLYHV(&HW(&
&RQIRUPpPHQWDX['LUHFWLYHV(&HW(&FHSURGXLWQHVWSDVFODVVpGDQJHUHX[
5qJOHPHQWQƒ &/3 
/DFODVVLILFDWLRQGHFHSURGXLWDpWpUpDOLVpHFRQIRUPpPHQWDX5qJOHPHQWQƒ &/3 
0HW&RUU&RUURVLISRXUOHVPpWDX[&DWpJRULH+
 eOpPHQWVG¶pWLTXHWDJH
'LUHFWLYHV(&HW(&
&RQIRUPpPHQWjODUpJOHPHQWDWLRQOHVpOpPHQWVGHO¶pWLTXHWDJHVRQWOHVVXLYDQWV
1¶HVWSDVMXJpGDQJHUHX[)LFKHG¶LQIRUPDWLRQVGHVpFXULWpjGLVSRVLWLRQGHO¶XWLOLVDWHXUSURIHVVLRQQHOTXLHQIHUDODGHPDQGH
5qJOHPHQWQƒ &/3 
$WWHQWLRQ

0HQWLRQVGHGDQJHU
0HW&RUU+3HXWrWUHFRUURVLISRXUOHVPpWDX[
&RQVHLOVGHSUXGHQFH
3&RQVHUYHUXQLTXHPHQWGDQVOHUpFLSLHQWGRULJLQH
3$EVRUEHUWRXWHVXEVWDQFHUpSDQGXHSRXUpYLWHUTXHOOHDWWDTXHOHVPDWpULDX[HQYLURQQDQWV
36WRFNHUGDQVXQUpFLSLHQWUpVLVWDQWjODFRUURVLRQDYHFGRXEOXUHLQWpULHXUHUpVLVWDQWjODFRUURVLRQ
 $XWUHVGDQJHUV
3DVSHUWLQHQW

58%5,48(&20326,7,21,1)250$7,216685/(6&20326$176
 6XEVWDQFHV
1RQFRQFHUQp
 0pODQJHV
'HVFULSWLRQFKLPLTXH 0pODQJHGHVXEVWDQFHV
&RPSRVDQWV
&RQIRUPpPHQWjO$QQH[H,,GX5qJOHPHQW (& Qž SRLQW OHSURGXLWFRQWLHQW

68,7(¬/$3$*(68,9$17(

/DGDWHG¶pWDEOLVVHPHQW 9HUVLRQ 3DJH



)LFKHGHGRQQpHVGHVpFXULWp
VHORQ(& 5($&+ (&(8

%,2/$%26$6$/%80,1(0pWKRGH%&*9(57'(%5202&5(62/
5()5;P/
)'6$/%

58%5,48(&20326,7,21,1)250$7,216685/(6&20326$176 VXLWH

,GHQWLILFDWLRQ 1RPFKLPLTXHFODVVLILFDWLRQ &RQFHQWUDWLRQ


&$6  K\GUR[\GHGHVRGLXP $XWRFODVVLILpH
(& 
'LUHFWLYHV(& &5 
,QGH[ 
5($&+ ;;; 5qJOHPHQW (\H'DP+0HW&RUU+6NLQ&RUU$+'DQJHU

3RXUDSSURIRQGLUOLQIRUPDWLRQVXUODGDQJHURVLWpGHODVXEVWDQFHOLUHOHVFKDSLWUHVHW

58%5,48(35(0,(566(&2856
 'HVFULSWLRQGHVSUHPLHUVVHFRXUV
/HVV\PSW{PHVUpVXOWDQWGXQHLQWR[LFDWLRQSHXYHQWVXUYHQLUDSUqVOH[SRVLWLRQUDLVRQSRXUODTXHOOHHQFDVGHGRXWHWRXWH
H[SRVLWLRQGLUHFWHGXSURGXLWFKLPLTXHRXSHUVLVWDQFHGHODJrQHH[LJHGHVVRLQVPpGLFDX[HQIRXUQLVVDQWOD)'6GXSURGXLW
FRQFHUQp
3DULQKDODWLRQ
,OVDJLWGXQSURGXLWQHFRQWHQDQWSDVGHVXEVWDQFHVMXJpHVGDQJHUHXVHVSDULQKDODWLRQWRXWHIRLVHQFDVGHV\PSW{PHV
GLQWR[LFDWLRQUHWLUHUODSHUVRQQHDIIHFWpHGHOD]RQHGH[SRVLWLRQHWOXLIRXUQLUGHODLUIUDLV'HPDQGHUGHVVRLQVPpGLFDX[VLOHV
V\PSW{PHVVDJJUDYHQWRXSHUVLVWHQW
3DUFRQWDFWFXWDQp
,OVDJLWGXQSURGXLWMXJpQRQGDQJHUHX[SDUFRQWDFWDYHFODSHDX,OHVWWRXWHIRLVUHFRPPDQGpHQFDVGHFRQWDFWDYHFODSHDX
GHQOHYHUOHVYrWHPHQWVHWOHVFKDXVVXUHVFRQWDPLQpVGHULQFHUODSHDXRXGHIDLUHSUHQGUHXQHGRXFKHjODSHUVRQQHDIIHFWpH
VLEHVRLQDYHFGHOHDXIURLGHHQDERQGDQFHHWXQVDYRQQHXWUH(QFDVGDIIHFWLRQLPSRUWDQWHFRQVXOWHUXQPpGHFLQ
3DUFRQWDFWDYHFOHV\HX[
5LQFHUOHV\HX[jOHDXSHQGDQWDXPRLQVPLQXWHV6LODSHUVRQQHDFFLGHQWpHXWLOLVHGHVOHQWLOOHVGHFRQWDFWFHOOHVFLGHYURQW
rWUHHQOHYpHVjFRQGLWLRQTXHOOHVQHVRLHQWSDVFROOpHVDX[\HX[DXTXHOFDVFHODSRXUUDLWSURYRTXHUGHVOpVLRQV
VXSSOpPHQWDLUHV'DQVWRXVOHVFDVHWDSUqVOHQHWWR\DJHLOIDXGUDVHUHQGUHFKH]XQPpGHFLQOHSOXVUDSLGHPHQWSRVVLEOHPXQL
GHOD)'6GXSURGXLW
3DULQJHVWLRQDVSLUDWLRQ
1HSDVSURYRTXHUGHYRPLVVHPHQW(QFDVGHYRPLVVHPHQWPDLQWHQLUODWrWHSHQFKpHHQDYDQWSRXUpYLWHUWRXWHDVSLUDWLRQ
0DLQWHQLUODSHUVRQQHDIIHFWpHDXUHSRV5LQFHUODERXFKHHWODJRUJHYXTXLOHVWSRVVLEOHTXHOOHVDLHQWpWpWRXFKpHVORUVGH
OLQJHVWLRQ
 3ULQFLSDX[V\PSW{PHVHWHIIHWVDLJXVHWGLIIpUpV
/HVHIIHWVDLJXVHWjUHWDUGHPHQWVRQWFHX[VLJQDOpVGDQVOHVSDUDJUDSKHVHW
 ,QGLFDWLRQGHVpYHQWXHOVVRLQVPpGLFDX[LPPpGLDWVHWWUDLWHPHQWVSDUWLFXOLHUVQpFHVVDLUHV
3DVSHUWLQHQW

58%5,48(0(685(6'(/877(&2175(/¶,1&(1',(
 0R\HQVG¶H[WLQFWLRQ
3URGXLWQRQLQIODPPDEOHGDQVGHVFRQGLWLRQVQRUPDOHVGHVWRFNDJHGHPDQLSXODWLRQHWGXWLOLVDWLRQ(QFDVGLQIODPPDWLRQ
SURYRTXpHSDUPDQLSXODWLRQVWRFNDJHRXXVDJHQRQFRQIRUPHXWLOLVHUGHSUpIpUHQFHGHVH[WLQFWHXUVjSRXGUHSRO\YDOHQWH
SRXGUH$%& FRQIRUPpPHQWDXUqJOHPHQWVXUOHVLQVWDOODWLRQVGHSURWHFWLRQLQFHQGLH,/1(673$65(&200$1'eGXWLOLVHU
GHVMHWVGHDXSRXUOH[WLQFWLRQ
 'DQJHUVSDUWLFXOLHUVUpVXOWDQWGHODVXEVWDQFHRXGXPpODQJH
/DUpDFWLRQVXLWHjODFRPEXVWLRQRXGpFRPSRVLWLRQWKHUPLTXHSHXWV
DYpUHUWUqVWR[LTXHHWSDUFRQVpTXHQWUHSUpVHQWHUXQULVTXH
WUqVpOHYpSRXUODVDQWp
 &RQVHLOVDX[SRPSLHUV
(QIRQFWLRQGHODPSOHXUGHOLQFHQGLHLOSRXUUDrWUHQpFHVVDLUHGHSRUWHUGHVYrWHPHQWVGHSURWHFWLRQLQWpJUDOHDLQVLTXXQ
pTXLSHPHQWUHVSLUDWRLUHSHUVRQQHO'LVSRVHUGXQPLQLPXPGLQVWDOODWLRQVGXUJHQFHRXGpOpPHQWVGLQWHUYHQWLRQ FRXYHUWXUHV
LJQLIXJHVWURXVVHjSKDUPDFLH VHORQOD'LUHFWLYH(&
'LVSRVLWLRQVVXSSOpPHQWDLUHV
,QWHUYHQLUFRQIRUPpPHQWDX3ODQG8UJHQFHV,QWpULHXUHWDX[)LFKHVGLQIRUPDWLRQUHODWLYHVDX[LQWHUYHQWLRQVHQFDVGDFFLGHQWV
HWDXWUHVXUJHQFHV6XSSULPHUWRXWHVRXUFHGLJQLWLRQ(QFDVGLQFHQGLHUpIULJpUHUOHVUpFLSLHQWVHWOHVUpVHUYRLUVGHVWRFNDJH
GHVSURGXLWVVXVFHSWLEOHVGHVHQIODPPHUHWH[SORVHUUpVXOWDQWGHVWHPSpUDWXUHVpOHYpHVeYLWHUOHGpYHUVHPHQWGHVSURGXLWV
VHUYDQWjpWHLQGUHOLQFHQGLHHQPLOLHXDTXDWLTXH

68,7(¬/$3$*(68,9$17(

/DGDWHG¶pWDEOLVVHPHQW 9HUVLRQ 3DJH



)LFKHGHGRQQpHVGHVpFXULWp
VHORQ(& 5($&+ (&(8

%,2/$%26$6$/%80,1(0pWKRGH%&*9(57'(%5202&5(62/
5()5;P/
)'6$/%

58%5,48(0(685(6¬35(1'5((1&$6'(',63(56,21$&&,'(17(//(
 3UpFDXWLRQVLQGLYLGXHOOHVpTXLSHPHQWGHSURWHFWLRQHWSURFpGXUHVG¶XUJHQFH
,VROHUOHVIXLWHVjFRQGLWLRQTXLOQ\DLWSDVGHULVTXHVXSSOpPHQWDLUHSRXUOHVSHUVRQQHVHQFKDUJHGHFHWWHWkFKH(QFDVGH
FRQWDFWSRWHQWLHODYHFOHSURGXLWGpYHUVpLOHVWREOLJDWRLUHGHSRUWHUO¶pTXLSHPHQWGHSURWHFWLRQLQGLYLGXHOOH 9RLUFKDSLWUH 
eYDFXHUOD]RQHHWPDLQWHQLUpORLJQpHVOHVSHUVRQQHVVDQVSURWHFWLRQ
 3UpFDXWLRQVSRXUODSURWHFWLRQGHO¶HQYLURQQHPHQW
3URGXLWMXJpQRQGDQJHUHX[SRXUOHQYLURQQHPHQWeYLWDQWODFRQWDPLQDWLRQGHVpJRXWVGHVHDX[GHVXUIDFHHWGHVHDX[
VRXWHUUDLQHV
 0pWKRGHVHWPDWpULHOGHFRQILQHPHQWHWGHQHWWR\DJH
1RXVSUpFRQLVRQV
$EVRUEHUOHGpYHUVHPHQWDXPR\HQGHVDEOHRXGXQDEVRUEDQWLQHUWHHWOHPHWWUHHQOLHXV€U1HSDVDEVRUEHUDXPR\HQGH
VFLXUHRXDXWUHVDEVRUEDQWVFRPEXVWLEOHV3RXUWRXWHDXWUHLQIRUPDWLRQUHODWLYHjOpOLPLQDWLRQFRQVXOWHUOHFKDSLWUH
 5pIpUHQFHjGDXWUHVUXEULTXHV
9RLUOHVDUWLFOHVHW

58%5,48(0$1,38/$7,21(7672&.$*(
 3UpFDXWLRQVjSUHQGUHSRXUXQHPDQLSXODWLRQVDQVGDQJHU
$ 3UpFDXWLRQVSRXUXQHPDQLSXODWLRQHQWRXWHVpFXULWp
5HVSHFWHUODOpJLVODWLRQHQYLJXHXUHQPDWLqUHGHSUpYHQWLRQGHVULVTXHVDXWUDYDLO0DLQWHQLUOHVUpFLSLHQWVKHUPpWLTXHV
&RQWU{OHUOHVpFRXOHPHQWVHWGpFKHWVpOLPLQDWLRQSDUGHVPpWKRGHVV€UHV FKDSLWUH eYLWHUOHGpYHUVHPHQWOLEUHjSDUWLUGX
UpFLSLHQW0DLQWHQLUOHVOLHX[RUGRQQpVHWSURSUHVRVRQWPDQLSXOpVOHVSURGXLWVGDQJHUHX[
% 5HFRPPDQGDWLRQVWHFKQLTXHVSRXUODSUpYHQWLRQGHVLQFHQGLHVHWGHVH[SORVLRQV
3URGXLWQRQLQIODPPDEOHGDQVGHVFRQGLWLRQVQRUPDOHVGHVWRFNDJHGHPDQLSXODWLRQHWGXWLOLVDWLRQ,OHVWUHFRPPDQGpGH
SURFpGHUDXWUDQVYDVHPHQWOHQWHPHQWSRXUpYLWHUGHFDXVHUGHVGpFKDUJHVpOHFWURVWDWLTXHVSRXYDQWDIIHFWHUOHVSURGXLWV
LQIODPPDEOHV&RQVXOWHUOHFKDSLWUHFRQFHUQDQWOHVFRQGLWLRQVHWOHVPDWLqUHVjpYLWHU
& 5HFRPPDQGDWLRQVWHFKQLTXHVSRXUODSUpYHQWLRQGHVULVTXHVHUJRQRPLTXHVHWWR[LFRORJLTXHV
3RXUOHFRQWU{OHGHO¶H[SRVLWLRQFRQVXOWHUODUXEULTXH1HSDVPDQJHUERLUHHWIXPHUGDQVOHV]RQHVGHWUDYDLOVHODYHUOHV
PDLQVDSUqVFKDTXHXWLOLVDWLRQHQOHYHUOHVYrWHPHQWVHWO¶pTXLSHPHQWGHSURWHFWLRQFRQWDPLQpVDYDQWG¶HQWUHUGDQVXQH]RQH
GHUHVWDXUDWLRQ
' 5HFRPPDQGDWLRQVWHFKQLTXHVSRXUODSUpYHQWLRQGHVULVTXHVHQYLURQQHPHQWDX[
,OHVWUHFRPPDQGpGHGLVSRVHUGHPDWpULHODEVRUEDQWjSUR[LPLWpGXSURGXLW 9RLUFKDSLWUH
 &RQGLWLRQVG¶XQVWRFNDJHV€U\FRPSULVG¶pYHQWXHOOHVLQFRPSDWLELOLWpV
$ 0HVXUHVWHFKQLTXHVGHVWRFNDJH
6WRFNHUGDQVXQHQGURLWIUDLVVHFHWELHQDpUp
% &RQGLWLRQVJpQpUDOHVGHVWRFNDJH
eYLWHUWRXWHVVRXUFHVGHFKDOHXUUDGLDWLRQpOHFWULFLWpVWDWLTXHHWWRXWFRQWDFWDYHFGHVDOLPHQWV3RXUREWHQLUGHV
LQIRUPDWLRQVVXSSOpPHQWDLUHVYRLUFKDSLWUH
 8WLOLVDWLRQ V ILQDOH V SDUWLFXOLqUH V 
$O
H[FHSWLRQGHVLQGLFDWLRQVGpMjVSpFLILpHVLOQ
HVWSDVQpFHVVDLUHGHVXLYUHGHVUHFRPPDQGDWLRQVVSpFLDOHVFRQFHUQDQWO
XVDJH
GHFHSURGXLW

58%5,48(&2175Ð/(6'(/¶(;326,7,213527(&7,21,1',9,'8(//(
 3DUDPqWUHVGHFRQWU{OH
6XEVWDQFHVGRQWOHVYDOHXUVOLPLWHVG
H[SRVLWLRQSURIHVVLRQQHOOHGRLYHQWrWUHFRQWU{OpHVVXUOHOLHXGHWUDYDLO ,156 
,GHQWLILFDWLRQ 9DOHXUVOLPLWHVHQYLURQQHPHQWDOHVOLPLWHV
K\GUR[\GHGHVRGLXP 90( PJPñ
&$6 9/&7
(& $QQpH 
 &RQWU{OHVGHO¶H[SRVLWLRQ
$ 0HVXUHVJpQpUDOHVGHVpFXULWpHWG
K\JLqQHVXUOHOLHXGHWUDYDLO

68,7(¬/$3$*(68,9$17(

/DGDWHG¶pWDEOLVVHPHQW 9HUVLRQ 3DJH



)LFKHGHGRQQpHVGHVpFXULWp
VHORQ(& 5($&+ (&(8

%,2/$%26$6$/%80,1(0pWKRGH%&*9(57'(%5202&5(62/
5()5;P/
)'6$/%

58%5,48(&2175Ð/(6'(/¶(;326,7,213527(&7,21,1',9,'8(//( VXLWH
¬WLWUHGHPHVXUHSUpYHQWLYHLOHVWUHFRPPDQGpG¶XWLOLVHUOHVpTXLSHPHQWVGHSURWHFWLRQLQGLYLGXHOOHEDVLTXHVDYHFOH
PDUTXDJH&(!FRUUHVSRQGDQW3RXUSOXVGHUHQVHLJQHPHQWVVXUOHVpTXLSHPHQWVGHSURWHFWLRQLQGLYLGXHOOH VWRFNDJH
XWLOLVDWLRQQHWWR\DJHHQWUHWLHQW\SHGHSURWHFWLRQ« FRQVXOWHUODEURFKXUHG¶LQIRUPDWLRQVIRXUQLHSDUOHIDEULFDQWGHO¶(3,
/HVLQGLFDWLRQVIRUPXOpHVGDQVFHSRLQWFRQFHUQHQWOHSURGXLWSXU/HVPHVXUHVGHSURWHFWLRQFRQFHUQDQWOHSURGXLWGLOXp
SRXUURQWYDULHUHQIRQFWLRQGHVRQGHJUpGHGLOXWLRQXWLOLVDWLRQPpWKRGHG¶DSSOLFDWLRQHWF3RXUGpWHUPLQHUO¶REOLJDWLRQ
G¶LQVWDOOHUGHVGRXFKHVGHVpFXULWpHWRXGHVULQFH°LOGHVHFRXUVGDQVOHVHQWUHS{WVUHVSHFWHUUqJOHPHQWDWLRQFRQFHUQDQWOH
VWRFNDJHGHSURGXLWVFKLPLTXHVDSSOLFDEOHGDQVFKDTXHFDV3RXUSOXVGHUHQVHLJQHPHQWVVHUpIpUHUDXSDUDJUDSKHHW

7RXWHOLQIRUPDWLRQFRQWHQXHLFLHVWXQHUHFRPPDQGDWLRQTXLQpFHVVLWHGXQHVSpFLILFDWLRQGHODSDUWGHVVHUYLFHVGH
SUpYHQWLRQGHVULVTXHVGHWUDYDLOpWDQWLQFRQQXVLODVRFLpWpGLVSRVHGHPHVXUHVVXSSOpPHQWDLUHV
% 3URWHFWLRQUHVSLUDWRLUH
/¶XWLOLVDWLRQG¶pTXLSHPHQWVGHSURWHFWLRQVHUDQpFHVVDLUHHQFDVGHIRUPDWLRQGHEURXLOODUGRXGDQVOHFDVRODOLPLWH
G¶H[SRVLWLRQSURIHVVLRQQHOOHVHUDLWGpSDVVpH
& 3URWHFWLRQVSpFLILTXHSRXUOHVPDLQV
3LFWRJUDPPH 33( 0DUTXDJH QRUPHV(&1 2EVHUYDWLRQV

5HPSODFHUOHVJDQWVHQFDVGHGpWpULRUDWLRQ3RXU
OHVSpULRGHVG
H[SRVLWLRQSURORQJpHVGXSURGXLWLO
*DQWVGHSURWHFWLRQFRQWUH
HVWUHFRPPDQGpDX[XWLOLVDWHXUV
OHVULVTXHVPLQHXUV
SURIHVVLRQQHOVLQGXVWULHOVG
XWLOLVHUGHVJDQWV&(,,,
3URWHFWLRQGHVPDLQV FRQIRUPpPHQWDX[QRUPHV(1HW(1
REOLJDWRLUH
' 3URWHFWLRQGXYLVDJHHWGHV\HX[
3LFWRJUDPPH 33( 0DUTXDJH QRUPHV(&1 2EVHUYDWLRQV

1HWWR\HUTXRWLGLHQQHPHQWHWGpVLQIHFWHU
/XQHWWHVSDQRUDPLTXHV
(1 UpJXOLqUHPHQWHQVXLYDQWOHVLQVWUXFWLRQVGX
FRQWUHOHVpFODERXVVXUHVGH
(1,62 IDEULFDQW¬XWLOLVHUVLO\DXQULVTXH
OLTXLGH
3URWHFWLRQGXYLVDJH G¶pFODERXVVHPHQWV
REOLJDWRLUH
( 3URWHFWLRQGXFRUSV
3LFWRJUDPPH 33( 0DUTXDJH QRUPHV(&1 2EVHUYDWLRQV

9rWHPHQWVGHWUDYDLO ¬XVDJHH[FOXVLYHPHQWSURIHVVLRQQHO

&KDXVVXUHVGHWUDYDLO
(1,62 $XFXQH
DQWLGpUDSDQWHV

) 0HVXUHVFRPSOpPHQWDLUHVG
XUJHQFH
0HVXUHG
XUJHQFH QRUPHV 0HVXUHG
XUJHQFH QRUPHV

$16,= ',1
,62 ,62
'RXFKHG
XUJHQFH 5LQFH°LO

&RQWU{OHVVXUO
H[SRVLWLRQGHO
HQYLURQQHPHQW
(QYHUWXGHODOpJLVODWLRQFRPPXQDXWDLUHVXUODSURWHFWLRQHQYLURQQHPHQWDOHLOHVWUHFRPPDQGpGpYLWHUWRXWGpYHUVHPHQWGX
SURGXLWPDLVDXVVLGHVRQHPEDOODJHGDQVOHQYLURQQHPHQW3RXUREWHQLUGHVLQIRUPDWLRQVVXSSOpPHQWDLUHVYRLUFKDSLWUH'

58%5,48(35235,e7e63+<6,48(6(7&+,0,48(6
 ,QIRUPDWLRQVVXUOHVSURSULpWpVSK\VLTXHVHWFKLPLTXHVHVVHQWLHOOHV
3RXUSOXVG
LQIRUPDWLRQVYRLUODILFKHWHFKQLTXHGXSURGXLW
$VSHFWSK\VLTXH
eWDWSK\VLTXHjž& /LTXLGH
 1RQDSSOLFDEOHHQUDLVRQGHODQDWXUHGXSURGXLWQHIRXUQLVVDQWSDVOHVLQIRUPDWLRQVGHSURSULpWpVGHVDGDQJHURVLWp

68,7(¬/$3$*(68,9$17(

/DGDWHG¶pWDEOLVVHPHQW 9HUVLRQ 3DJH



)LFKHGHGRQQpHVGHVpFXULWp
VHORQ(& 5($&+ (&(8

%,2/$%26$6$/%80,1(0pWKRGH%&*9(57'(%5202&5(62/
5()5;P/
)'6$/%

58%5,48(35235,e7e63+<6,48(6(7&+,0,48(6 VXLWH
$VSHFW 1RQGLVSRQLEOH
&RXOHXU -DGH
2GHXU 1RQGLVSRQLEOH
9RODWLOLWp
7HPSpUDWXUHG
pEXOOLWLRQjSUHVVLRQDWPRVSKpULTXH ž&
3UHVVLRQGHYDSHXUjž& 3D
3UHVVLRQGHYDSHXUjž& 3D N3D
7DX[G¶pYDSRUDWLRQjž& 3DVSHUWLQHQW
&DUDFWpULVWLTXHVGXSURGXLW
0DVVHYROXPLTXHjž& NJPñ
'HQVLWpUHODWLYHjž& 
9LVFRVLWpG\QDPLTXHjž& 3DVSHUWLQHQW
9LVFRVLWpFLQpPDWLTXHjž& 3DVSHUWLQHQW
9LVFRVLWpFLQpPDWLTXHjž& 3DVSHUWLQHQW
&RQFHQWUDWLRQ 3DVSHUWLQHQW
S+ 3DVSHUWLQHQW
'HQVLWpGHYDSHXUjž& 3DVSHUWLQHQW
&RHIILFLHQWGHSDUWDJHQRFWDQROHDXjž& 3DVSHUWLQHQW
6ROXELOLWpGDQVO¶HDXjž& 3DVSHUWLQHQW
3URSULpWpGHVROXELOLWp 3DVSHUWLQHQW
7HPSpUDWXUHGHGpFRPSRVLWLRQ 3DVSHUWLQHQW
3RLQWGHIXVLRQSRLQWGHFRQJpODWLRQ 3DVSHUWLQHQW
,QIODPPDELOLWp
3RLQWG¶pFODLU 1RQLQIODPPDEOH !ž&
7HPSpUDWXUHG
DXWRLJQLWLRQ 3DVSHUWLQHQW
/LPLWHG¶LQIODPPDELOLWpLQIpULHXUH 3DVSHUWLQHQW
/LPLWHG¶LQIODPPDELOLWpVXSpULHXUH 3DVSHUWLQHQW
 $XWUHVLQIRUPDWLRQV
7HQVLRQVXSHUILFLHOOHjž& 3DVSHUWLQHQW
,QGLFHGHUpIUDFWLRQ 3DVSHUWLQHQW
 1RQDSSOLFDEOHHQUDLVRQGHODQDWXUHGXSURGXLWQHIRXUQLVVDQWSDVOHVLQIRUPDWLRQVGHSURSULpWpVGHVDGDQJHURVLWp

58%5,48(67$%,/,7e(75e$&7,9,7e
 5pDFWLYLWp
3DVGHUpDFWLRQVGDQJHUHXVHVVRQWDWWHQGXVVLOHVWRFNDJHUHVSHFWHOHVLQVWUXFWLRQVWHFKQLTXHVGHVSURGXLWVFKLPLTXHV9RLUOD
VHFWLRQ
 6WDELOLWpFKLPLTXH
&KLPLTXHPHQWVWDEOHGDQVOHVFRQGLWLRQVGHVWRFNDJHPDQLSXODWLRQHWXWLOLVDWLRQ
 3RVVLELOLWpGHUpDFWLRQVGDQJHUHXVHV
(QFRQGLWLRQVQRUPDOHVSDVGHUpDFWLRQVGDQJHUHXVHVVXVFHSWLEOHVGHSURGXLUHXQHSUHVVLRQRXGHVWHPSpUDWXUHVH[FHVVLYHV
 &RQGLWLRQVjpYLWHU
$SSOLFDEOHVSRXUPDQLSXODWLRQHWVWRFNDJHjWHPSpUDWXUHDPELDQWH
&KRFHWIULFWLRQ &RQWDFWDYHFO
DLU eFKDXIIHPHQW /XPLqUH6RODLUH +XPLGLWp
1RQDSSOLFDEOH 1RQDSSOLFDEOH 1RQDSSOLFDEOH 1RQDSSOLFDEOH 1RQDSSOLFDEOH

 0DWLqUHVLQFRPSDWLEOHV

68,7(¬/$3$*(68,9$17(

/DGDWHG¶pWDEOLVVHPHQW 9HUVLRQ 3DJH



)LFKHGHGRQQpHVGHVpFXULWp
VHORQ(& 5($&+ (&(8

%,2/$%26$6$/%80,1(0pWKRGH%&*9(57'(%5202&5(62/
5()5;P/
)'6$/%

58%5,48(67$%,/,7e(75e$&7,9,7e VXLWH
$FLGHV (DX 0DWLqUHVFRPEXUDQWHV 0DWLqUHVFRPEXVWLEOHV $XWUHV
1RQDSSOLFDEOH 1RQDSSOLFDEOH 3UpFDXWLRQ 1RQDSSOLFDEOH 1RQDSSOLFDEOH

 3URGXLWVGHGpFRPSRVLWLRQGDQJHUHX[
9RLUFKDSLWUHHWSRXUFRQQDvWUHSUpFLVpPHQWOHVSURGXLWVGHGpFRPSRVLWLRQ(QIRQFWLRQGHVFRQGLWLRQVGH
GpFRPSRVLWLRQHWjOLVVXHGHFHWWHGHUQLqUHFHUWDLQVPpODQJHVFRPSOH[HVjEDVHGHVXEVWDQFHVFKLPLTXHVSHXYHQWVHGpJDJHU
GLR[\GHGHFDUERQH &2 PRQR[\GHGHFDUERQHHWDXWUHVFRPSRVpVRUJDQLTXHV

58%5,48(,1)250$7,21672;,&2/2*,48(6
 ,QIRUPDWLRQVVXUOHVHIIHWVWR[LFRORJLTXHV
$XFXQHGRQQpHH[SpULPHQWDOHFRQFHUQDQWOHPpODQJHHWVHVSURSULpWpVWR[LFRORJLTXHVQHVWGLVSRQLEOH
(IIHWVGDQJHUHX[SRXUODVDQWp
(QFDVG
H[SRVLWLRQUpSpWpHSURORQJpHRXGHFRQFHQWUDWLRQVVXSpULHXUHVjFHOOHVTXLVRQWpWDEOLHVSDUOHVOLPLWHVG
H[SRVLWLRQ
SURIHVVLRQQHOOHVGHVHIIHWVQpIDVWHVSRXUODVDQWpSHXYHQWVXUYHQLUVHORQOHPRGHG
H[SRVLWLRQ
$ ,QJHVWLRQ
7R[LFLWpDLJXs&RPSWHWHQXGHVGRQQpHVGLVSRQLEOHVOHVFULWqUHVGHFODVVLILFDWLRQQHVRQWSDVUHPSOLVHWQHFRQWLHQQHQW
SDVGHVXEVWDQFHVMXJpHVGDQJHUHXVHVSDULQJHVWLRQ3RXUSOXVGLQIRUPDWLRQYRLUFKDSLWUH
&RUURVLYLWpLUULWDELOLWp&RPSWHWHQXGHVGRQQpHVGLVSRQLEOHVOHVFULWqUHVGHFODVVLILFDWLRQQHVRQWSDVUHPSOLVLOFRQWLHQW
WRXWHIRLVGHVVXEVWDQFHVMXJpHVGDQJHUHXVHVSDULQJHVWLRQ3RXUSOXVGLQIRUPDWLRQYRLUFKDSLWUH
% ,QKDODWLRQ
7R[LFLWpDLJXs&RPSWHWHQXGHVGRQQpHVGLVSRQLEOHVOHVFULWqUHVGHFODVVLILFDWLRQQHVRQWSDVUHPSOLVHWQHFRQWLHQQHQW
SDVGHVXEVWDQFHVMXJpHVGDQJHUHXVHVSDULQKDODWLRQ3RXUSOXVGLQIRUPDWLRQYRLUFKDSLWUH
&RUURVLYLWpLUULWDELOLWp&RPSWHWHQXGHVGRQQpHVGLVSRQLEOHVOHVFULWqUHVGHFODVVLILFDWLRQQHVRQWSDVUHPSOLVFHSHQGDQWLO
SUpVHQWHGHVVXEVWDQFHVMXJpHVGDQJHUHXVHVGDQVFHFDGUH3RXUSOXVGHUHQVHLJQHPHQWVVHUpIpUHUDXSDUDJUDSKH
& &RQWDFWDYHFODSHDXHWOHV\HX[
&RQWDFWDYHFODSHDX&RPSWHWHQXGHVGRQQpHVGLVSRQLEOHVOHVFULWqUHVGHFODVVLILFDWLRQQHVRQWSDVUHPSOLVLOFRQWLHQW
WRXWHIRLVGHVVXEVWDQFHVFODVVpHVGDQJHUHXVHVSDUFRQWDFWDYHFODSHDX3RXUSOXVGLQIRUPDWLRQYRLUFKDSLWUH
&RQWDFWDYHFOHV\HX[&RPSWHWHQXGHVGRQQpHVGLVSRQLEOHVOHVFULWqUHVGHFODVVLILFDWLRQQHVRQWSDVUHPSOLVLOFRQWLHQW
WRXWHIRLVGHVVXEVWDQFHVFODVVpHVGDQJHUHXVHVSDUFRQWDFWDYHFODSHDX3RXUSOXVGLQIRUPDWLRQYRLUFKDSLWUH
' (IIHWV&05 FDUFLQRJpQLFLWpPXWDJpQLFLWpHWWR[LFLWpSRXUODUHSURGXFWLRQ 
&DUFLQRJpQLFLWp&RPSWHWHQXGHVGRQQpHVGLVSRQLEOHVOHVFULWqUHVGHFODVVLILFDWLRQQHVRQWSDVUHPSOLVHWQHFRQWLHQQHQW
SDVGHVXEVWDQFHVMXJpHVGDQJHUHXVHVDXYXGHVHIIHWVGpFULWV3RXUSOXVGLQIRUPDWLRQYRLUFKDSLWUH
0XWDJpQLFLWp&RPSWHWHQXGHVGRQQpHVGLVSRQLEOHVOHVFULWqUHVGHFODVVLILFDWLRQQHVRQWSDVUHPSOLVFDULOQHSUpVHQWH
SDVGHVXEVWDQFHVMXJpHVGDQJHUHXVHVGDQVFHFDGUH3RXUSOXVGHUHQVHLJQHPHQWVVHUpIpUHUDXSDUDJUDSKH
7R[LFLWpVXUODUHSURGXFWLRQ&RPSWHWHQXGHVGRQQpHVGLVSRQLEOHVOHVFULWqUHVGHFODVVLILFDWLRQQHVRQWSDVUHPSOLVFDULO
QHSUpVHQWHSDVGHVXEVWDQFHVMXJpHVGDQJHUHXVHVGDQVFHFDGUH3RXUSOXVGHUHQVHLJQHPHQWVVHUpIpUHUDXSDUDJUDSKH

( (IIHWVGHVHQVLELOLVDWLRQ
5HVSLUDWRLUH&RPSWHWHQXGHVGRQQpHVGLVSRQLEOHVOHVFULWqUHVGHFODVVLILFDWLRQQHVRQWSDVUHPSOLVHWQHFRQWLHQQHQW
SDVGHVXEVWDQFHVMXJpHVGDQJHUHXVHVjHIIHWVVHQVLELOLVDQWV3RXUSOXVGLQIRUPDWLRQYRLUFKDSLWUH
&XWDQp&RPSWHWHQXGHVGRQQpHVGLVSRQLEOHVOHVFULWqUHVGHFODVVLILFDWLRQQHVRQWSDVUHPSOLVFDULOQHSUpVHQWHSDVGH
VXEVWDQFHVMXJpHVGDQJHUHXVHVGDQVFHFDGUH3RXUSOXVGHUHQVHLJQHPHQWVVHUpIpUHUDXSDUDJUDSKH
) 7R[LFLWpSRXUFHUWDLQVRUJDQHVFLEOHV 6727 WHPSVG
H[SRVLWLRQ
&RPSWHWHQXGHVGRQQpHVGLVSRQLEOHVOHVFULWqUHVGHFODVVLILFDWLRQQHVRQWSDVUHPSOLVFDULOQHSUpVHQWHSDVGHVXEVWDQFHV
MXJpHVGDQJHUHXVHVGDQVFHFDGUH3RXUSOXVGHUHQVHLJQHPHQWVVHUpIpUHUDXSDUDJUDSKH
* 7R[LFLWpSRXUFHUWDLQVRUJDQHVFLEOHV 6727 H[SRVLWLRQUpSpWpH
7R[LFLWpSRXUFHUWDLQVRUJDQHVFLEOHV 6727 H[SRVLWLRQUpSpWpH&RPSWHWHQXGHVGRQQpHVGLVSRQLEOHVOHVFULWqUHVGH
FODVVLILFDWLRQQHVRQWSDVUHPSOLVFDULOQHSUpVHQWHSDVGHVXEVWDQFHVMXJpHVGDQJHUHXVHVGDQVFHFDGUH3RXUSOXVGH
UHQVHLJQHPHQWVVHUpIpUHUDXSDUDJUDSKH
3HDX&RPSWHWHQXGHVGRQQpHVGLVSRQLEOHVOHVFULWqUHVGHFODVVLILFDWLRQQHVRQWSDVUHPSOLVFDULOQHSUpVHQWHSDVGH
VXEVWDQFHVMXJpHVGDQJHUHXVHVGDQVFHFDGUH3RXUSOXVGHUHQVHLJQHPHQWVVHUpIpUHUDXSDUDJUDSKH
+ 'DQJHUSDUDVSLUDWLRQ
&RPSWHWHQXGHVGRQQpHVGLVSRQLEOHVOHVFULWqUHVGHFODVVLILFDWLRQQHVRQWSDVUHPSOLVFDULOQHSUpVHQWHSDVGHVXEVWDQFHV
MXJpHVGDQJHUHXVHVGDQVFHFDGUH3RXUSOXVGHUHQVHLJQHPHQWVVHUpIpUHUDXSDUDJUDSKH
$XWUHVLQIRUPDWLRQV
3DVSHUWLQHQW

68,7(¬/$3$*(68,9$17(

/DGDWHG¶pWDEOLVVHPHQW 9HUVLRQ 3DJH



)LFKHGHGRQQpHVGHVpFXULWp
VHORQ(& 5($&+ (&(8

%,2/$%26$6$/%80,1(0pWKRGH%&*9(57'(%5202&5(62/
5()5;P/
)'6$/%

58%5,48(,1)250$7,21672;,&2/2*,48(6 VXLWH
,QIRUPDWLRQWR[LFRORJLTXHVSpFLILTXHGHVVXEVWDQFHV
1RQGLVSRQLEOH

58%5,48(,1)250$7,21e&2/2*,48(
$XFXQHGRQQpHH[SpULPHQWDOHVXUOHSURGXLWQHVWGLVSRQLEOHFRQFHUQDQWOHVSURSULpWpVpFRWR[LFRORJLTXHV
 7R[LFLWp
,GHQWLILFDWLRQ 7R[LFLWpVpYqUH (VSqFH *HQUH
K\GUR[\GHGHVRGLXP &/ PJ/ K /HXFLVFXVLGXV 3RLVVRQ
&$6 &( PJ/ &UDQJRQFUDQJRQ &UXVWDFp
(& &( 3DVSHUWLQHQW
 3HUVLVWDQFHHWGpJUDGDELOLWp
1RQGLVSRQLEOH
 3RWHQWLHOGHELRDFFXPXODWLRQ
1RQGLVSRQLEOH
 0RELOLWpGDQVOHVRO
1RQGLVSRQLEOH
 5pVXOWDWVGHVpYDOXDWLRQV3%7HW939%
1RQFRQFHUQp
 $XWUHVHIIHWVQpIDVWHV
1RQGpFULWV

58%5,48(&216,'e5$7,2165(/$7,9(6¬/¶e/,0,1$7,21
 0pWKRGHVGHWUDLWHPHQWGHVGpFKHWV
7\SHGHGpFKHW 5qJOHPHQW 8( Q
&RGH 'HVFULSWLRQ
ƒ
3URGXLWVFKLPLTXHVPLVDXUHEXWDXWUHVTXHFHX[YLVpVDX[UXEULTXHVRX
 1RQGDQJHUHX[


7\SHGHGpFKHWV 5qJOHPHQW 8( Qƒ 


3DVSHUWLQHQW
*HVWLRQGXGpFKHW pOLPLQDWLRQHWpYDOXDWLRQ 
&RQVXOWHUOHUHVSRQVDEOHGHVGpFKHWVFRPSpWHQWHQPDWLqUHGpYDOXDWLRQHWpOLPLQDWLRQFRQIRUPpPHQWjO$QQH[HHWO$QQH[H
 'LUHFWLYH&('pFUHWQR2UGRQQDQFHQR &RQIRUPpPHQWDX[FRGHV 8( DX
FDVROHPEDOODJHHQWUHUDLWHQFRQWDFWDYHFOHSURGXLWLOIDXGUDSURFpGHUGHODPrPHIDoRQTXDYHFOHSURSUHSURGXLWGDQVOH
FDVFRQWUDLUHLOIDXGUDOHWUDLWHUFRPPHXQUpVLGXQRQGDQJHUHX[,OHVWIRUWHPHQWGpFRQVHLOOpGHOHYHUVHUGDQVGHVFRXUVGHDX
9RLUpSLJUDSKH
'LVSRVLWLRQVVHUDSSRUWDQWDXWUDLWHPHQWGHVGpFKHWV
&RQIRUPpPHQWjO
$QQH[H,,GX5qJOHPHQW (& Qž 5($&+ OHVGLVSRVLWLRQVFRPPXQDXWDLUHVRXQDWLRQDOHVVH
UDSSRUWDQWDXWUDLWHPHQWGHVGpFKHWVVRQWDSSOLTXpHV
/pJLVODWLRQFRPPXQDXWDLUH'LUHFWLYH&(&(5qJOHPHQW 8( Qƒ

58%5,48(,1)250$7,2165(/$7,9(6$875$163257
&HSURGXLWQHVWSDVUpJOHPHQWpSRXUOHWUDQVSRUW $'55,',0'*,$7$

58%5,48(,1)250$7,2165(/$7,9(6¬/$5e*/(0(17$7,21
 5pJOHPHQWDWLRQVOpJLVODWLRQSDUWLFXOLqUHVjODVXEVWDQFHRXDXPpODQJHHQPDWLqUHGHVpFXULWpGHVDQWpHW
G¶HQYLURQQHPHQW

68,7(¬/$3$*(68,9$17(

/DGDWHG¶pWDEOLVVHPHQW 9HUVLRQ 3DJH



)LFKHGHGRQQpHVGHVpFXULWp
VHORQ(& 5($&+ (&(8

%,2/$%26$6$/%80,1(0pWKRGH%&*9(57'(%5202&5(62/
5()5;P/
)'6$/%

58%5,48(,1)250$7,2165(/$7,9(6¬/$5e*/(0(17$7,21 VXLWH
6XEVWDQFHVVRXPLVHVjDXWRULVDWLRQGDQVOH5qJOHPHQW &(  5($&+ 3DVSHUWLQHQW
6XEVWDQFHVLQVFULWHVjODQQH[H;,9GH5($&+ OLVWHGDXWRULVDWLRQ HWGDWHGH[SLUDWLRQ3DVSHUWLQHQW
5qJOHPHQW &( VXUOHVVXEVWDQFHVTXLSHUIRUHQWODFRXFKHGR]RQH3DVSHUWLQHQW
$UWLFOH5Ê*/(0(17 8( 1R3DVSHUWLQHQW
5Ê*/(0(17 8( 1RUpJLVVDQWOH[SRUWDWLRQHWOLPSRUWDWLRQGHSURGXLWVFKLPLTXHVGDQJHUHX[3DVSHUWLQHQW
5HVWULFWLRQVHQPDWLqUHGHFRPPHUFLDOLVDWLRQHWG
XVDJHGHFHUWDLQHVVXEVWDQFHVHWPpODQJHVGDQJHUHX[ $QQH[H;9,,
5($&+ 
3DVSHUWLQHQW
'LVSRVLWLRQVVSpFLDOHVHQPDWLqUHGHSURWHFWLRQGHVSHUVRQQHVRXG
HQYLURQQHPHQW
,OHVWUHFRPPDQGpG
XWLOLVHUO
LQIRUPDWLRQUHFXHLOOLHVXUFHWWHILFKHGHGRQQpHVGHVpFXULWpIDLVDQWRIILFHG
LQIRUPDWLRQGHGpSDUW
SRXUXQHpYDOXDWLRQGHVULVTXHVGHVFLUFRQVWDQFHVORFDOHVGDQVOHEXWG
pWDEOLUOHVPHVXUHVQpFHVVDLUHVHQPDWLqUHGHSUpYHQWLRQ
GHVULVTXHVSRXUODPDQLSXODWLRQO
XWLOLVDWLRQOHVWRFNDJHHWO
pOLPLQDWLRQGXSURGXLW
$XWUHVOpJLVODWLRQV
$UUrWpGXUHODWLIjODFODVVLILFDWLRQOHPEDOODJHHWOpWLTXHWDJHGHVVXEVWDQFHVHWGHVSUpSDUDWLRQVGDQJHUHXVHV
$UUrWpGXPRGLILDQWODUUrWpGXDYULOUHODWLIjODGpFODUDWLRQODFODVVLILFDWLRQOHPEDOODJHHWOpWLTXHWDJHGHV
VXEVWDQFHVGDQJHUHXVHV
$UUrWpGXPRGLILDQWODUUrWpGXQRYHPEUHGpILQLVVDQWOHVFULWqUHVGHFODVVLILFDWLRQOHPEDOODJHHWOpWLTXHWDJHGHV
SUpSDUDWLRQVGDQJHUHXVHVHWWUDQVSRVDQWODGLUHFWLYH&(GHOD&RPPLVVLRQGXMDQYLHU
$UUrWpGXGpILQLVVDQWOHVFULWqUHVGHFODVVLILFDWLRQHWOHVFRQGLWLRQVGpWLTXHWDJHHWGHPEDOODJHGHVSUpSDUDWLRQV
GDQJHUHXVHVHWWUDQVSRVDQWODGLUHFWLYH&(GX3DUOHPHQWHXURSpHQHWGX&RQVHLOGXPDLFRQFHUQDQWOH
UDSSURFKHPHQWGHVGLVSRVLWLRQVOpJLVODWLYHVUpJOHPHQWDLUHVHWDGPLQLVWUDWLYHVUHODWLYHVjODFODVVLILFDWLRQjOHPEDOODJHHWj
OpWLTXHWDJHGHVSUpSDUDWLRQVGDQJHUHXVHV
$UUrWpGXUHODWLIjODFODVVLILFDWLRQOHPEDOODJHHWOpWLTXHWDJHGHVVXEVWDQFHV
$UUrWpGXGpILQLVVDQWODQDWXUHGHVLQIRUPDWLRQVjIRXUQLUORUVGHODGpFODUDWLRQGXQHSUpSDUDWLRQRXGXQHVXEVWDQFH
FRQVLGpUpHFRPPHWUqVWR[LTXHWR[LTXHRXFRUURVLYHDXVHQVGHODUWLFOH5GX&RGHGXWUDYDLO
$YLVGXDX[IDEULFDQWVHWLPSRUWDWHXUVGHSURGXLWVFKLPLTXHVVXUO¶REOLJDWLRQGHFRPPXQLTXHUGHVLQIRUPDWLRQVVXUOD
FODVVLILFDWLRQHWO¶pWLTXHWDJHGHVVXEVWDQFHVGDQJHUHXVHVHQDSSOLFDWLRQGHO¶DUWLFOHGXUqJOHPHQW &( Qƒ&/3
$UUrWpGXMXLOOHWUHODWLIjODSURWHFWLRQGHVWUDYDLOOHXUVVXVFHSWLEOHVGrWUHH[SRVpVjXQHDWPRVSKqUHH[SORVLYH-25)GX

/HVULVTXHVFKLPLTXHVDUWLFOH/HWVXLYDQWVGXFRGHGXWUDYDLO
'pFUHWQƒGXGpFHPEUHUHODWLIDX[GLVSRVLWLRQVFRQFHUQDQWODSUpYHQWLRQGHVH[SORVLRQVDSSOLFDEOHVDX[OLHX[
GHWUDYDLOHWPRGLILDQWOHFKDSLWUH,,GXWLWUH,,,GXOLYUH,,GXFRGHGXWUDYDLO
'pFUHWQRGXMXLOOHWSRUWDQWGLYHUVHVGLVSRVLWLRQVUHODWLYHVjODSUpYHQWLRQHWjODJHVWLRQGHVGpFKHWV
2UGRQQDQFHQRGXGpFHPEUHSRUWDQWGLYHUVHVGLVSRVLWLRQVG¶DGDSWDWLRQDXGURLWGHO¶8QLRQHXURSpHQQHGDQVOH
GRPDLQHGHVGpFKHWV
$UWLFOHGHODORLQƒGXMXLOOHWSRUWDQWHQJDJHPHQWQDWLRQDOSRXUOHQYLURQQHPHQW
$UUrWpGXRFWREUHSXEOLpDX-25)GXQRYHPEUH$UUrWpGpILQLVVDQWOHFRQWHQXGXGRVVLHUGHGHPDQGHGHVRUWLH
GXVWDWXWGHGpFKHW
'pFUHW1ƒGXDYULOUHODWLIjODSURFpGXUHGHVRUWLHGXVWDWXWGHGpFKHW
3ULQFLSHVJpQpUDX[GHSUpYHQWLRQDUWLFOH/HWVXLYDQWVGXFRGHGXWUDYDLO
/(60$/$',(6352)(66,211(//(65e*,0(*e1e5$/$LGHPpPRLUHMXULGLTXH7-
120(1&/$785('(6,167$//$7,216&/$66e(6(',7,210(''(±0$,
$UWLFOH$QQH[H  jODUWLFOH5GXFRGHGHOHQYLURQQHPHQW
 eYDOXDWLRQGHODVpFXULWpFKLPLTXH
/HIRXUQLVVHXUQ
DSDVHIIHFWXpG
pYDOXDWLRQGHODVpFXULWpFKLPLTXH

58%5,48($875(6,1)250$7,216
/pJLVODWLRQV
DSSOLTXDQWDX[ILFKHVGHGRQQpHVHQPDWLqUHGHVpFXULWp
&HWWHILFKHGHGRQQpHVHQPDWLqUHGHVpFXULWpDpWpUpDOLVpHFRQIRUPpPHQWjO$11(;(,,*XLGHSRXUpODERUHUGHV)LFKHVGH
'RQQpHVHQPDWLqUHGH6pFXULWpGX5qJOHPHQW (& 1ž 5qJOHPHQW 8( 1ž5qJOHPHQW 8( 1ž
0RGLILFDWLRQVSDUUDSSRUWjODILFKHGHVpFXULWpSUpFpGHQWHDYHFUpSHUFXVVLRQVVXUOHVPHVXUHVGHJHVWLRQGXULVTXH
3DVSHUWLQHQW
7H[WHVGHVSKUDVHVOpJLVODWLYHVYLVpHVjODUWLFOH
+3HXWrWUHFRUURVLISRXUOHVPpWDX[
7H[WHVGHVSKUDVHVOpJLVODWLYHVYLVpHVjODUWLFOH
/HVSKUDVHVLQVFULWHVQHSRUWHQWSDVVXUOHSURGXLWOXLPrPHHOOHVVRQWVHXOHPHQWjWLWUHG
LQIRUPDWLRQHWVHUpIqUHQWDX[
FRPSRVDQWVLQGLYLGXHOVTXLDSSDUDLVVHQWGDQVODVHFWLRQ

68,7(¬/$3$*(68,9$17(

/DGDWHG¶pWDEOLVVHPHQW 9HUVLRQ 3DJH



)LFKHGHGRQQpHVGHVpFXULWp
VHORQ(& 5($&+ (&(8

%,2/$%26$6$/%80,1(0pWKRGH%&*9(57'(%5202&5(62/
5()5;P/
)'6$/%

58%5,48($875(6,1)250$7,216 VXLWH
'LUHFWLYHV(&HW(&
53URYRTXHGHJUDYHVEU€OXUHV
5qJOHPHQWQƒ &/3 
(\H'DP+3URYRTXHGHVOpVLRQVRFXODLUHVJUDYHV
0HW&RUU+3HXWrWUHFRUURVLISRXUOHVPpWDX[
6NLQ&RUU$+3URYRTXHGHVEU€OXUHVGHODSHDXHWGHVOpVLRQVRFXODLUHVJUDYHV
3URFpGpGHFODVVHPHQW
3DVSHUWLQHQW
&RQVHLOVUHODWLIVjODIRUPDWLRQ
8QHIRUPDWLRQPLQLPXPHQPDWLqUHGHSUpYHQWLRQGHVULVTXHVDXWUDYDLOHVWUHFRPPDQGpHSRXUOHSHUVRQQHOTXLYDPDQLSXOHUFH
SURGXLWGDQVOHEXWGHIDFLOLWHUODFRPSUpKHQVLRQHWOLQWHUSUpWDWLRQGHFHWWHILFKHGHGRQQpHVGHVpFXULWpDXPrPHWLWUHTXH
OpWLTXHWDJHGXSURGXLW
VRXUFHVGHGRFXPHQWDWLRQSULQFLSDOH
KWWSHVLVMUFHFHXURSDHX
KWWSHFKDHXURSDHX
KWWSHXUOH[HXURSDHX
$EUpYLDWLRQVHWDFURQ\PHV
$'5$FFRUGHXURSpHQUHODWLIDXWUDQVSRUWLQWHUQDWLRQDOGHVPDUFKDQGLVHVGDQJHUHXVHVSDUURXWH
,0'*&RGHPDULWLPHLQWHUQDWLRQDOGHVPDUFKDQGLVHVGDQJHUHXVHV
,$7$$VVRFLDWLRQLQWHUQDWLRQDOHGXWUDQVSRUWDpULHQ
,&$22UJDQLVDWLRQGHODYLDWLRQFLYLOHLQWHUQDWLRQDOH
'&2'HPDQGHFKLPLTXHHQR[\JqQH
'%2'HPDQGHELRORJLTXHHQR[\JqQHDSUqVMRXUV
)%&)DFWHXUGHELRFRQFHQWUDWLRQ
'/'RVHOpWDOH
&/&RQFHQWUDWLRQOpWDOH
&(&RQFHQWUDWLRQHIIHFWLYH
/RJ3RZ&RHIILFLHQWGHSDUWDJHRFWDQROHDX

/
LQIRUPDWLRQ FRQWHQXH VXU FHWWH )LFKH GH GRQQpHV GH VpFXULWp HVW IRQGpH VXU GHV VRXUFHV GHV FRQQDLVVDQFHV WHFKQLTXHV DLQVL TXH VXU OD OpJLVODWLRQ HQ YLJXHXU DX QLYHDX HXURSpHQ HW QDWLRQDO QH
SRXYDQW HQ DXFXQ FDV JDUDQWLU O
H[DFWLWXGH GH FHOOHFL ,O HVW LPSRVVLEOH GH FRQVLGpUHU TXH ODGLWH LQIRUPDWLRQ HVW XQH JDUDQWLH GHV SURSULpWpV GXGLW SURGXLW ,O V
DJLW VLPSOHPHQW G
XQH GHVFULSWLRQ
FRQFHUQDQW OHV H[LJHQFHV HQ PDWLqUH GH VpFXULWp /D PpWKRGRORJLH HW OHV FRQGLWLRQV GH WUDYDLO GHV XWLOLVDWHXUV GH FH SURGXLW QH UHOqYHQW SDV GH QRV FRQQDLVVDQFHV HW GH QRV FRQWU{OHV O
XWLOLVDWHXU
GHYDQW WRXMRXUV DVVXPHU HQ WRXWH UHVSRQVDELOLWp OHV PHVXUHV QpFHVVDLUHV j SUHQGUH SRXU REVHUYHU OHV H[LJHQFHV OpJDOHV HQ PDWLqUH GH PDQLSXODWLRQ VWRFNDJH XVDJH HW pOLPLQDWLRQ GH SURGXLWV
FKLPLTXHV /
LQIRUPDWLRQ FRQWHQXH VXU FHWWH ILFKH GH VpFXULWp QH FRQFHUQH TXH FH SURGXLW FH GHUQLHU QH GHYDQW SDV rWUH XWLOLVp j G
DXWUHV ILQV TXH FHOOHV TXL \ VRQW VWLSXOpHV
),1'(/$),&+('('211e(6'(6e&85,7e

/DGDWHG¶pWDEOLVVHPHQW 9HUVLRQ 3DJH



)LFKHGHGRQQpHVGHVpFXULWp
VHORQ(& 5($&+ (&(8

%,2/$%26$6$/%80,1(0pWKRGH%&*(7$/215()5
;P/
)'6$/%

58%5,48(,'(17,),&$7,21'(/$68%67$1&('80e/$1*((7'(/$62&,e7e/¶(175(35,6(
 ,GHQWLILFDWHXUGHSURGXLW %,2/$%26$6$/%80,1(0pWKRGH%&*(7$/215()5;P/
)'6$/%
 8WLOLVDWLRQVLGHQWLILpHVSHUWLQHQWHVGHODVXEVWDQFHRXGXPpODQJHHWXWLOLVDWLRQVGpFRQVHLOOpHV
8WLOLVDWLRQVLGHQWLILpHVSHUWLQHQWHV'LDJQRVWLFLQYLWUR8QLTXHPHQWSRXUXVDJHSURIHVVLRQQHO
8WLOLVDWLRQVGpFRQVHLOOpHV7RXWHXWLOLVDWLRQQRQVSpFLILpHGDQVFHWWHVHFWLRQRXGDQVODVHFWLRQ
 5HQVHLJQHPHQWVFRQFHUQDQWOHIRXUQLVVHXUGHODILFKHGH %,2/$%26$6
GRQQpHVGHVpFXULWp /HV+DXWHV5LYHV
0DL]\)UDQFH
7pO
)D[
LQIR#ELRODERIU
ZZZELRODERIU
 1XPpURG¶DSSHOG¶XUJHQFH %,2/$%2     KK 25),/$ 
 

58%5,48(,'(17,),&$7,21'(6'$1*(56
 &ODVVLILFDWLRQGHODVXEVWDQFHRXGXPpODQJH
'LUHFWLYHV(&HW(&
&RQIRUPpPHQWDX['LUHFWLYHV(&HW(&FHSURGXLWQHVWSDVFODVVpGDQJHUHX[
5qJOHPHQWQƒ &/3 
&RQIRUPpPHQWDX5qJOHPHQWQƒ &/3 OHSURGXLWQ¶HVWSDVMXJpGDQJHUHX[
 eOpPHQWVG¶pWLTXHWDJH
'LUHFWLYHV(&HW(&
&RQIRUPpPHQWjODUpJOHPHQWDWLRQOHVpOpPHQWVGHO¶pWLTXHWDJHVRQWOHVVXLYDQWV
1¶HVWSDVMXJpGDQJHUHX[)LFKHG¶LQIRUPDWLRQVGHVpFXULWpjGLVSRVLWLRQGHO¶XWLOLVDWHXUSURIHVVLRQQHOTXLHQIHUDODGHPDQGH
5qJOHPHQWQƒ &/3 
0HQWLRQVGHGDQJHU
3DVSHUWLQHQW
&RQVHLOVGHSUXGHQFH
33(1&$6'(&217$&7$9(&/$3($8/DYHUDERQGDPPHQWjOHDX
333(1&$6'(&217$&7$9(&/(6<(8;ULQFHUDYHFSUpFDXWLRQjOHDXSHQGDQWSOXVLHXUVPLQXWHV
(QOHYHUOHVOHQWLOOHVGHFRQWDFWVLODYLFWLPHHQSRUWHHWVLHOOHVSHXYHQWrWUHIDFLOHPHQWHQOHYpHV&RQWLQXHUjULQFHU
 $XWUHVGDQJHUV
3DVSHUWLQHQW

58%5,48(&20326,7,21,1)250$7,216685/(6&20326$176
 6XEVWDQFHV
1RQFRQFHUQp
 0pODQJHV
'HVFULSWLRQFKLPLTXH 0pODQJHGHVXEVWDQFHV
&RPSRVDQWV
$XFXQHGHVVXEVWDQFHVFRQVWLWXDQWOHPpODQJHQHGpSDVVHOHVYDOHXUVGpILQLHVGDQVO$QQH[H,,GX5qJOHPHQW (& Qž

58%5,48(35(0,(566(&2856
 'HVFULSWLRQGHVSUHPLHUVVHFRXUV
&RQVXOWH]XQPpGHFLQHQFDVGHPDODLVHPXQLGHFHWWH)LFKHGH'RQQpHVGH6pFXULWp

68,7(¬/$3$*(68,9$17(

/DGDWHG¶pWDEOLVVHPHQW 9HUVLRQ 3DJH



)LFKHGHGRQQpHVGHVpFXULWp
VHORQ(& 5($&+ (&(8

%,2/$%26$6$/%80,1(0pWKRGH%&*(7$/215()5
;P/
)'6$/%

58%5,48(35(0,(566(&2856 VXLWH
3DULQKDODWLRQ
(QFDVGHV\PSW{PHVGpSODFHUODSHUVRQQHDIIHFWpHjODLUOLEUH
3DUFRQWDFWFXWDQp
(QFDVGHFRQWDFWLOHVWUHFRPPDQGpGHULQFHUOD]RQHDIIHFWpHjO¶HDXFODLUHHWGHQHWWR\HUDYHFGXVDYRQQHXWUH(QFDVGH
PDQLIHVWDWLRQVFXWDQpHV GpPDQJHDLVRQURXJHXUpUXSWLRQVFXWDQpHVDPSRXOHV« FRQVXOWH]XQPpGHFLQPXQLGHOD)LFKHGH
'RQQpHVGH6pFXULWp
3DUFRQWDFWDYHFOHV\HX[
5LQFHUDYHFGHOHDXMXVTXjpOLPLQDWLRQVGXSURGXLW(QFDVGHJrQHFRQVXOWH]XQPpGHFLQPXQLGHOD)'6GHFHSURGXLW
3DULQJHVWLRQDVSLUDWLRQ
(QFDVGLQJHVWLRQGHJUDQGHVTXDQWLWpVLOHVWUHFRPPDQGpGHGHPDQGHUGHVVRLQVPpGLFDX[
 3ULQFLSDX[V\PSW{PHVHWHIIHWVDLJXVHWGLIIpUpV
/HVHIIHWVDLJXVHWjUHWDUGHPHQWVRQWFHX[VLJQDOpVGDQVOHVSDUDJUDSKHVHW
 ,QGLFDWLRQGHVpYHQWXHOVVRLQVPpGLFDX[LPPpGLDWVHWWUDLWHPHQWVSDUWLFXOLHUVQpFHVVDLUHV
3DVSHUWLQHQW

58%5,48(0(685(6'(/877(&2175(/¶,1&(1',(
 0R\HQVG¶H[WLQFWLRQ
3URGXLWQRQLQIODPPDEOHULVTXHGLQFHQGLHIDLEOHGXIDLWGHVFDUDFWpULVWLTXHVGLQIODPPDELOLWpGXSURGXLWGDQVGHVFRQGLWLRQV
QRUPDOHVGHVWRFNDJHPDQLSXODWLRQHWXWLOLVDWLRQ(QFDVGHPDLQWLHQGHODFRPEXVWLRQSURYRTXpSDUPDQLSXODWLRQVWRFNDJHRX
XVDJHQRQFRQIRUPHLOHVWSRVVLEOHGXWLOLVHUQLPSRUWHTXHOW\SHGH[WLQFWHXU 3RXGUH$%&HDX«
 'DQJHUVSDUWLFXOLHUVUpVXOWDQWGHODVXEVWDQFHRXGXPpODQJH
&RPSWHWHQXGHVHVFDUDFWpULVWLTXHVGLQIODPPDELOLWpOHSURGXLWQHFRQWLHQWSDVGHULVTXHGLQFHQGLHVRXPLVjGHVFRQGLWLRQV
QRUPDOHVGHVWRFNDJHPDQLSXODWLRQHWXWLOLVDWLRQ
 &RQVHLOVDX[SRPSLHUV
(QIRQFWLRQGHODPSOHXUGHOLQFHQGLHLOSRXUUDrWUHQpFHVVDLUHGHSRUWHUGHVYrWHPHQWVGHSURWHFWLRQLQWpJUDOHDLQVLTXXQ
pTXLSHPHQWUHVSLUDWRLUHSHUVRQQHO'LVSRVHUGXQPLQLPXPGLQVWDOODWLRQVGXUJHQFHRXGpOpPHQWVGLQWHUYHQWLRQ FRXYHUWXUHV
LJQLIXJHVWURXVVHjSKDUPDFLH VHORQOD'LUHFWLYH(&
'LVSRVLWLRQVVXSSOpPHQWDLUHV
,QWHUYHQLUFRQIRUPpPHQWDX3ODQG8UJHQFHV,QWpULHXUHWDX[)LFKHVGLQIRUPDWLRQUHODWLYHVDX[LQWHUYHQWLRQVHQFDVGDFFLGHQWV
HWDXWUHVXUJHQFHV6XSSULPHUWRXWHVRXUFHGLJQLWLRQ(QFDVGLQFHQGLHUpIULJpUHUOHVUpFLSLHQWVHWOHVUpVHUYRLUVGHVWRFNDJH
GHVSURGXLWVVXVFHSWLEOHVGHVHQIODPPHUHWH[SORVHUUpVXOWDQWGHVWHPSpUDWXUHVpOHYpHVeYLWHUOHGpYHUVHPHQWGHVSURGXLWV
VHUYDQWjpWHLQGUHOLQFHQGLHHQPLOLHXDTXDWLTXH

58%5,48(0(685(6¬35(1'5((1&$6'(',63(56,21$&&,'(17(//(
 3UpFDXWLRQVLQGLYLGXHOOHVpTXLSHPHQWGHSURWHFWLRQHWSURFpGXUHVG¶XUJHQFH
,VROHUOHVIXLWHVjFRQGLWLRQTXLOQ\DLWSDVGHULVTXHVXSSOpPHQWDLUHSRXUOHVSHUVRQQHVHQFKDUJHGHFHWWHWkFKH
 3UpFDXWLRQVSRXUODSURWHFWLRQGHO¶HQYLURQQHPHQW
3URGXLWMXJpQRQGDQJHUHX[SRXUOHQYLURQQHPHQWeYLWDQWODFRQWDPLQDWLRQGHVpJRXWVGHVHDX[GHVXUIDFHHWGHVHDX[
VRXWHUUDLQHV
 0pWKRGHVHWPDWpULHOGHFRQILQHPHQWHWGHQHWWR\DJH
1RXVSUpFRQLVRQV
$EVRUEHUOHGpYHUVHPHQWDXPR\HQGHVDEOHRXGXQDEVRUEDQWLQHUWHHWOHPHWWUHHQOLHXV€U1HSDVDEVRUEHUDXPR\HQGH
VFLXUHRXDXWUHVDEVRUEDQWVFRPEXVWLEOHV3RXUWRXWHDXWUHLQIRUPDWLRQUHODWLYHjOpOLPLQDWLRQFRQVXOWHUOHFKDSLWUH
 5pIpUHQFHjGDXWUHVUXEULTXHV
9RLUOHVDUWLFOHVHW

58%5,48(0$1,38/$7,21(7672&.$*(
 3UpFDXWLRQVjSUHQGUHSRXUXQHPDQLSXODWLRQVDQVGDQJHU

68,7(¬/$3$*(68,9$17(

/DGDWHG¶pWDEOLVVHPHQW 9HUVLRQ 3DJH



)LFKHGHGRQQpHVGHVpFXULWp
VHORQ(& 5($&+ (&(8

%,2/$%26$6$/%80,1(0pWKRGH%&*(7$/215()5
;P/
)'6$/%

58%5,48(0$1,38/$7,21(7672&.$*( VXLWH
$ 3UpFDXWLRQVSRXUXQHPDQLSXODWLRQHQWRXWHVpFXULWp
5HVSHFWHUODOpJLVODWLRQHQYLJXHXUHQPDWLqUHGHSUpYHQWLRQGHVULVTXHVDXWUDYDLO0DLQWHQLUOHVUpFLSLHQWVKHUPpWLTXHV
&RQWU{OHUOHVpFRXOHPHQWVHWGpFKHWVpOLPLQDWLRQSDUGHVPpWKRGHVV€UHV FKDSLWUH eYLWHUOHGpYHUVHPHQWOLEUHjSDUWLUGX
UpFLSLHQW0DLQWHQLUOHVOLHX[RUGRQQpVHWSURSUHVRVRQWPDQLSXOpVOHVSURGXLWVGDQJHUHX[
% 5HFRPPDQGDWLRQVWHFKQLTXHVSRXUODSUpYHQWLRQGHVLQFHQGLHVHWGHVH[SORVLRQV
,OHVWUHFRPPDQGpGHSURFpGHUDXWUDQVYDVHPHQWOHQWHPHQWSRXUpYLWHUGHFDXVHUGHVGpFKDUJHVpOHFWURVWDWLTXHVSRXYDQW
DIIHFWHUOHVSURGXLWVLQIODPPDEOHV&RQVXOWHUOHFKDSLWUHFRQFHUQDQWOHVFRQGLWLRQVHWOHVPDWLqUHVjpYLWHU
& 5HFRPPDQGDWLRQVWHFKQLTXHVSRXUODSUpYHQWLRQGHVULVTXHVHUJRQRPLTXHVHWWR[LFRORJLTXHV
3RXUOHFRQWU{OHGHO¶H[SRVLWLRQFRQVXOWHUODUXEULTXH1HSDVPDQJHUERLUHHWIXPHUGDQVOHV]RQHVGHWUDYDLOVHODYHUOHV
PDLQVDSUqVFKDTXHXWLOLVDWLRQHQOHYHUOHVYrWHPHQWVHWO¶pTXLSHPHQWGHSURWHFWLRQFRQWDPLQpVDYDQWG¶HQWUHUGDQVXQH]RQH
GHUHVWDXUDWLRQ
' 5HFRPPDQGDWLRQVWHFKQLTXHVSRXUODSUpYHQWLRQGHVULVTXHVHQYLURQQHPHQWDX[
,OQHVWSDVQpFHVVDLUHGHSUHQGUHGHVPHVXUHVVSpFLDOHVHQPDWLqUHGHSUpYHQWLRQGHVULVTXHVHQYLURQQHPHQWDX[3RXUSOXV
GLQIRUPDWLRQYRLUFKDSLWUH
 &RQGLWLRQVG¶XQVWRFNDJHV€U\FRPSULVG¶pYHQWXHOOHVLQFRPSDWLELOLWpV
$ 0HVXUHVWHFKQLTXHVGHVWRFNDJH
6WRFNHUGDQVXQHQGURLWIUDLVVHFHWELHQDpUp
% &RQGLWLRQVJpQpUDOHVGHVWRFNDJH
eYLWHUWRXWHVVRXUFHVGHFKDOHXUUDGLDWLRQpOHFWULFLWpVWDWLTXHHWWRXWFRQWDFWDYHFGHVDOLPHQWV3RXUREWHQLUGHV
LQIRUPDWLRQVVXSSOpPHQWDLUHVYRLUFKDSLWUH
 8WLOLVDWLRQ V ILQDOH V SDUWLFXOLqUH V 
$O
H[FHSWLRQGHVLQGLFDWLRQVGpMjVSpFLILpHVLOQ
HVWSDVQpFHVVDLUHGHVXLYUHGHVUHFRPPDQGDWLRQVVSpFLDOHVFRQFHUQDQWO
XVDJH
GHFHSURGXLW

58%5,48(&2175Ð/(6'(/¶(;326,7,213527(&7,21,1',9,'8(//(
 3DUDPqWUHVGHFRQWU{OH
6XEVWDQFHVGRQWOHVYDOHXUVOLPLWHVG
H[SRVLWLRQSURIHVVLRQQHOOHGRLYHQWrWUHFRQWU{OpHVVXUOHOLHXGHWUDYDLO ,156 
,OQH[LVWHSDVGHYDOHXUVOLPLWHVGH[SRVLWLRQSRXUOHVVXEVWDQFHVTXLFRQVWLWXHQWOHSURGXLW
 &RQWU{OHVGHO¶H[SRVLWLRQ
$ 0HVXUHVJpQpUDOHVGHVpFXULWpHWG
K\JLqQHVXUOHOLHXGHWUDYDLO
¬WLWUHGHPHVXUHSUpYHQWLYHLOHVWUHFRPPDQGpG¶XWLOLVHUOHVpTXLSHPHQWVGHSURWHFWLRQLQGLYLGXHOOHEDVLTXHVDYHFOH
PDUTXDJH&(!FRUUHVSRQGDQW3RXUSOXVGHUHQVHLJQHPHQWVVXUOHVpTXLSHPHQWVGHSURWHFWLRQLQGLYLGXHOOH VWRFNDJH
XWLOLVDWLRQQHWWR\DJHHQWUHWLHQW\SHGHSURWHFWLRQ« FRQVXOWHUODEURFKXUHG¶LQIRUPDWLRQVIRXUQLHSDUOHIDEULFDQWGHO¶(3,
/HVLQGLFDWLRQVIRUPXOpHVGDQVFHSRLQWFRQFHUQHQWOHSURGXLWSXU/HVPHVXUHVGHSURWHFWLRQFRQFHUQDQWOHSURGXLWGLOXp
SRXUURQWYDULHUHQIRQFWLRQGHVRQGHJUpGHGLOXWLRQXWLOLVDWLRQPpWKRGHG¶DSSOLFDWLRQHWF3RXUGpWHUPLQHUO¶REOLJDWLRQ
G¶LQVWDOOHUGHVGRXFKHVGHVpFXULWpHWRXGHVULQFH°LOGHVHFRXUVGDQVOHVHQWUHS{WVUHVSHFWHUUqJOHPHQWDWLRQFRQFHUQDQWOH
VWRFNDJHGHSURGXLWVFKLPLTXHVDSSOLFDEOHGDQVFKDTXHFDV3RXUSOXVGHUHQVHLJQHPHQWVVHUpIpUHUDXSDUDJUDSKHHW

7RXWHOLQIRUPDWLRQFRQWHQXHLFLHVWXQHUHFRPPDQGDWLRQTXLQpFHVVLWHGXQHVSpFLILFDWLRQGHODSDUWGHVVHUYLFHVGH
SUpYHQWLRQGHVULVTXHVGHWUDYDLOpWDQWLQFRQQXVLODVRFLpWpGLVSRVHGHPHVXUHVVXSSOpPHQWDLUHV
% 3URWHFWLRQUHVSLUDWRLUH
/¶XWLOLVDWLRQG¶pTXLSHPHQWVGHSURWHFWLRQVHUDQpFHVVDLUHHQFDVGHIRUPDWLRQGHEURXLOODUGRXGDQVOHFDVRODOLPLWH
G¶H[SRVLWLRQSURIHVVLRQQHOOHVHUDLWGpSDVVpH
& 3URWHFWLRQVSpFLILTXHSRXUOHVPDLQV
3LFWRJUDPPH 33( 0DUTXDJH QRUPHV(&1 2EVHUYDWLRQV

5HPSODFHUOHVJDQWVHQFDVGHGpWpULRUDWLRQ3RXU
OHVSpULRGHVG
H[SRVLWLRQSURORQJpHVGXSURGXLWLO
*DQWVGHSURWHFWLRQFRQWUH
HVWUHFRPPDQGpDX[XWLOLVDWHXUV
OHVULVTXHVPLQHXUV
SURIHVVLRQQHOVLQGXVWULHOVG
XWLOLVHUGHVJDQWV&(,,,
3URWHFWLRQGHVPDLQV FRQIRUPpPHQWDX[QRUPHV(1HW(1
REOLJDWRLUH
' 3URWHFWLRQGXYLVDJHHWGHV\HX[

68,7(¬/$3$*(68,9$17(

/DGDWHG¶pWDEOLVVHPHQW 9HUVLRQ 3DJH



)LFKHGHGRQQpHVGHVpFXULWp
VHORQ(& 5($&+ (&(8

%,2/$%26$6$/%80,1(0pWKRGH%&*(7$/215()5
;P/
)'6$/%

58%5,48(&2175Ð/(6'(/¶(;326,7,213527(&7,21,1',9,'8(//( VXLWH

3LFWRJUDPPH 33( 0DUTXDJH QRUPHV(&1 2EVHUYDWLRQV

1HWWR\HUTXRWLGLHQQHPHQWHWGpVLQIHFWHU
/XQHWWHVSDQRUDPLTXHV
(1 UpJXOLqUHPHQWHQVXLYDQWOHVLQVWUXFWLRQVGX
FRQWUHOHVpFODERXVVXUHVGH
(1,62 IDEULFDQW¬XWLOLVHUVLO\DXQULVTXH
OLTXLGH
3URWHFWLRQGXYLVDJH G¶pFODERXVVHPHQWV
REOLJDWRLUH
( 3URWHFWLRQGXFRUSV
3LFWRJUDPPH 33( 0DUTXDJH QRUPHV(&1 2EVHUYDWLRQV

9rWHPHQWVGHWUDYDLO ¬XVDJHH[FOXVLYHPHQWSURIHVVLRQQHO

&KDXVVXUHVGHWUDYDLO
(1,62 $XFXQH
DQWLGpUDSDQWHV

) 0HVXUHVFRPSOpPHQWDLUHVG
XUJHQFH
,OQ
HVWSDVQpFHVVDLUHGHSUHQGUHGHVPHVXUHVFRPSOpPHQWDLUHVG
XUJHQFH

&RQWU{OHVVXUO
H[SRVLWLRQGHO
HQYLURQQHPHQW
(QYHUWXGHODOpJLVODWLRQFRPPXQDXWDLUHVXUODSURWHFWLRQHQYLURQQHPHQWDOHLOHVWUHFRPPDQGpGpYLWHUWRXWGpYHUVHPHQWGX
SURGXLWPDLVDXVVLGHVRQHPEDOODJHGDQVOHQYLURQQHPHQW3RXUREWHQLUGHVLQIRUPDWLRQVVXSSOpPHQWDLUHVYRLUFKDSLWUH'

58%5,48(35235,e7e63+<6,48(6(7&+,0,48(6
 ,QIRUPDWLRQVVXUOHVSURSULpWpVSK\VLTXHVHWFKLPLTXHVHVVHQWLHOOHV
3RXUSOXVG
LQIRUPDWLRQVYRLUODILFKHWHFKQLTXHGXSURGXLW
$VSHFWSK\VLTXH
eWDWSK\VLTXHjž& /LTXLGH
$VSHFW ,QFRORUH
&RXOHXU ,QFRORUH
2GHXU &DUDFWpULVWLTXH
9RODWLOLWp
7HPSpUDWXUHG
pEXOOLWLRQjSUHVVLRQDWPRVSKpULTXH ž&
3UHVVLRQGHYDSHXUjž& 3D
3UHVVLRQGHYDSHXUjž& 3D N3D
7DX[G¶pYDSRUDWLRQjž& 3DVSHUWLQHQW
&DUDFWpULVWLTXHVGXSURGXLW
0DVVHYROXPLTXHjž& NJPñ
'HQVLWpUHODWLYHjž& 
9LVFRVLWpG\QDPLTXHjž& F3
9LVFRVLWpFLQpPDWLTXHjž& F6W
9LVFRVLWpFLQpPDWLTXHjž& 3DVSHUWLQHQW
&RQFHQWUDWLRQ 3DVSHUWLQHQW
S+ 3DVSHUWLQHQW
'HQVLWpGHYDSHXUjž& 3DVSHUWLQHQW
&RHIILFLHQWGHSDUWDJHQRFWDQROHDXjž& 3DVSHUWLQHQW
6ROXELOLWpGDQVO¶HDXjž& 3DVSHUWLQHQW
 1RQDSSOLFDEOHHQUDLVRQGHODQDWXUHGXSURGXLWQHIRXUQLVVDQWSDVOHVLQIRUPDWLRQVGHSURSULpWpVGHVDGDQJHURVLWp

68,7(¬/$3$*(68,9$17(

/DGDWHG¶pWDEOLVVHPHQW 9HUVLRQ 3DJH



)LFKHGHGRQQpHVGHVpFXULWp
VHORQ(& 5($&+ (&(8

%,2/$%26$6$/%80,1(0pWKRGH%&*(7$/215()5
;P/
)'6$/%

58%5,48(35235,e7e63+<6,48(6(7&+,0,48(6 VXLWH
3URSULpWpGHVROXELOLWp 3DVSHUWLQHQW
7HPSpUDWXUHGHGpFRPSRVLWLRQ 3DVSHUWLQHQW
3RLQWGHIXVLRQSRLQWGHFRQJpODWLRQ 3DVSHUWLQHQW
,QIODPPDELOLWp
3RLQWG¶pFODLU 1RQLQIODPPDEOH !ž&
7HPSpUDWXUHG
DXWRLJQLWLRQ 3DVSHUWLQHQW
/LPLWHG¶LQIODPPDELOLWpLQIpULHXUH 3DVSHUWLQHQW
/LPLWHG¶LQIODPPDELOLWpVXSpULHXUH 3DVSHUWLQHQW
 $XWUHVLQIRUPDWLRQV
7HQVLRQVXSHUILFLHOOHjž& 3DVSHUWLQHQW
,QGLFHGHUpIUDFWLRQ 3DVSHUWLQHQW
 1RQDSSOLFDEOHHQUDLVRQGHODQDWXUHGXSURGXLWQHIRXUQLVVDQWSDVOHVLQIRUPDWLRQVGHSURSULpWpVGHVDGDQJHURVLWp

58%5,48(67$%,/,7e(75e$&7,9,7e
 5pDFWLYLWp
3DVGHUpDFWLRQVGDQJHUHXVHVVRQWDWWHQGXVVLOHVWRFNDJHUHVSHFWHOHVLQVWUXFWLRQVWHFKQLTXHVGHVSURGXLWVFKLPLTXHV9RLUOD
VHFWLRQ
 6WDELOLWpFKLPLTXH
&KLPLTXHPHQWVWDEOHGDQVOHVFRQGLWLRQVGHVWRFNDJHPDQLSXODWLRQHWXWLOLVDWLRQ
 3RVVLELOLWpGHUpDFWLRQVGDQJHUHXVHV
(QFRQGLWLRQVQRUPDOHVSDVGHUpDFWLRQVGDQJHUHXVHVVXVFHSWLEOHVGHSURGXLUHXQHSUHVVLRQRXGHVWHPSpUDWXUHVH[FHVVLYHV
 &RQGLWLRQVjpYLWHU
$SSOLFDEOHVSRXUPDQLSXODWLRQHWVWRFNDJHjWHPSpUDWXUHDPELDQWH
&KRFHWIULFWLRQ &RQWDFWDYHFO
DLU eFKDXIIHPHQW /XPLqUH6RODLUH +XPLGLWp
1RQDSSOLFDEOH 1RQDSSOLFDEOH 1RQDSSOLFDEOH 1RQDSSOLFDEOH 1RQDSSOLFDEOH

 0DWLqUHVLQFRPSDWLEOHV
$FLGHV (DX 0DWLqUHVFRPEXUDQWHV 0DWLqUHVFRPEXVWLEOHV $XWUHV
eYLWHUOHVDOFDOLVRXOHVEDVHV
1RQDSSOLFDEOH 1RQDSSOLFDEOH 1RQDSSOLFDEOH 1RQDSSOLFDEOH
IRUWHV

 3URGXLWVGHGpFRPSRVLWLRQGDQJHUHX[
9RLUFKDSLWUHHWSRXUFRQQDvWUHSUpFLVpPHQWOHVSURGXLWVGHGpFRPSRVLWLRQ(QIRQFWLRQGHVFRQGLWLRQVGH
GpFRPSRVLWLRQHWjOLVVXHGHFHWWHGHUQLqUHFHUWDLQVPpODQJHVFRPSOH[HVjEDVHGHVXEVWDQFHVFKLPLTXHVSHXYHQWVHGpJDJHU
GLR[\GHGHFDUERQH &2 PRQR[\GHGHFDUERQHHWDXWUHVFRPSRVpVRUJDQLTXHV

58%5,48(,1)250$7,21672;,&2/2*,48(6
 ,QIRUPDWLRQVVXUOHVHIIHWVWR[LFRORJLTXHV
'/RUDO!PJNJ 5DW
(IIHWVGDQJHUHX[SRXUODVDQWp
(QFDVG
H[SRVLWLRQUpSpWpHSURORQJpHRXGHFRQFHQWUDWLRQVVXSpULHXUHVjFHOOHVTXLVRQWpWDEOLHVSDUOHVOLPLWHVG
H[SRVLWLRQ
SURIHVVLRQQHOOHVGHVHIIHWVQpIDVWHVSRXUODVDQWpSHXYHQWVXUYHQLUVHORQOHPRGHG
H[SRVLWLRQ
$ ,QJHVWLRQ
7R[LFLWpDLJXs&RPSWHWHQXGHVGRQQpHVGLVSRQLEOHVOHVFULWqUHVGHFODVVLILFDWLRQQHVRQWSDVUHPSOLV
&RUURVLYLWpLUULWDELOLWp&RPSWHWHQXGHVGRQQpHVGLVSRQLEOHVOHVFULWqUHVGHFODVVLILFDWLRQQHVRQWSDVUHPSOLV
% ,QKDODWLRQ
7R[LFLWpDLJXs&RPSWHWHQXGHVGRQQpHVGLVSRQLEOHVOHVFULWqUHVGHFODVVLILFDWLRQQHVRQWSDVUHPSOLV
&RUURVLYLWpLUULWDELOLWp&RPSWHWHQXGHVGRQQpHVGLVSRQLEOHVOHVFULWqUHVGHFODVVLILFDWLRQQHVRQWSDVUHPSOLV
& &RQWDFWDYHFODSHDXHWOHV\HX[

68,7(¬/$3$*(68,9$17(

/DGDWHG¶pWDEOLVVHPHQW 9HUVLRQ 3DJH



)LFKHGHGRQQpHVGHVpFXULWp
VHORQ(& 5($&+ (&(8

%,2/$%26$6$/%80,1(0pWKRGH%&*(7$/215()5
;P/
)'6$/%

58%5,48(,1)250$7,21672;,&2/2*,48(6 VXLWH
&RQWDFWDYHFODSHDX&RPSWHWHQXGHVGRQQpHVGLVSRQLEOHVOHVFULWqUHVGHFODVVLILFDWLRQQHVRQWSDVUHPSOLV
&RQWDFWDYHFOHV\HX[&RPSWHWHQXGHVGRQQpHVGLVSRQLEOHVOHVFULWqUHVGHFODVVLILFDWLRQQHVRQWSDVUHPSOLV
' (IIHWV&05 FDUFLQRJpQLFLWpPXWDJpQLFLWpHWWR[LFLWpSRXUODUHSURGXFWLRQ 
&DUFLQRJpQLFLWp&RPSWHWHQXGHVGRQQpHVGLVSRQLEOHVOHVFULWqUHVGHFODVVLILFDWLRQQHVRQWSDVUHPSOLV
0XWDJpQLFLWp&RPSWHWHQXGHVGRQQpHVGLVSRQLEOHVOHVFULWqUHVGHFODVVLILFDWLRQQHVRQWSDVUHPSOLV
7R[LFLWpVXUODUHSURGXFWLRQ&RPSWHWHQXGHVGRQQpHVGLVSRQLEOHVOHVFULWqUHVGHFODVVLILFDWLRQQHVRQWSDVUHPSOLV
( (IIHWVGHVHQVLELOLVDWLRQ
5HVSLUDWRLUH&RPSWHWHQXGHVGRQQpHVGLVSRQLEOHVOHVFULWqUHVGHFODVVLILFDWLRQQHVRQWSDVUHPSOLV
&XWDQp&RPSWHWHQXGHVGRQQpHVGLVSRQLEOHVOHVFULWqUHVGHFODVVLILFDWLRQQHVRQWSDVUHPSOLV
) 7R[LFLWpSRXUFHUWDLQVRUJDQHVFLEOHV 6727 WHPSVG
H[SRVLWLRQ
&RPSWHWHQXGHVGRQQpHVGLVSRQLEOHVOHVFULWqUHVGHFODVVLILFDWLRQQHVRQWSDVUHPSOLV
* 7R[LFLWpSRXUFHUWDLQVRUJDQHVFLEOHV 6727 H[SRVLWLRQUpSpWpH
7R[LFLWpSRXUFHUWDLQVRUJDQHVFLEOHV 6727 H[SRVLWLRQUpSpWpH&RPSWHWHQXGHVGRQQpHVGLVSRQLEOHVOHVFULWqUHVGH
FODVVLILFDWLRQQHVRQWSDVUHPSOLV
3HDX&RPSWHWHQXGHVGRQQpHVGLVSRQLEOHVOHVFULWqUHVGHFODVVLILFDWLRQQHVRQWSDVUHPSOLV
+ 'DQJHUSDUDVSLUDWLRQ
&RPSWHWHQXGHVGRQQpHVGLVSRQLEOHVOHVFULWqUHVGHFODVVLILFDWLRQQHVRQWSDVUHPSOLV
$XWUHVLQIRUPDWLRQV
3DVSHUWLQHQW
,QIRUPDWLRQWR[LFRORJLTXHVSpFLILTXHGHVVXEVWDQFHV
1RQGLVSRQLEOH

58%5,48(,1)250$7,21e&2/2*,48(
$XFXQHGRQQpHH[SpULPHQWDOHVXUOHSURGXLWQHVWGLVSRQLEOHFRQFHUQDQWOHVSURSULpWpVpFRWR[LFRORJLTXHV
 7R[LFLWp
1RQGLVSRQLEOH
 3HUVLVWDQFHHWGpJUDGDELOLWp
1RQGLVSRQLEOH
 3RWHQWLHOGHELRDFFXPXODWLRQ
1RQGLVSRQLEOH
 0RELOLWpGDQVOHVRO
1RQGLVSRQLEOH
 5pVXOWDWVGHVpYDOXDWLRQV3%7HW939%
1RQFRQFHUQp
 $XWUHVHIIHWVQpIDVWHV
1RQGpFULWV

58%5,48(&216,'e5$7,2165(/$7,9(6¬/¶e/,0,1$7,21
 0pWKRGHVGHWUDLWHPHQWGHVGpFKHWV
7\SHGHGpFKHW 5qJOHPHQW 8( Q
&RGH 'HVFULSWLRQ
ƒ
3URGXLWVFKLPLTXHVPLVDXUHEXWDXWUHVTXHFHX[YLVpVDX[UXEULTXHVRX
 1RQGDQJHUHX[


7\SHGHGpFKHWV 5qJOHPHQW 8( Qƒ 


3DVSHUWLQHQW
*HVWLRQGXGpFKHW pOLPLQDWLRQHWpYDOXDWLRQ 

68,7(¬/$3$*(68,9$17(

/DGDWHG¶pWDEOLVVHPHQW 9HUVLRQ 3DJH



)LFKHGHGRQQpHVGHVpFXULWp
VHORQ(& 5($&+ (&(8

%,2/$%26$6$/%80,1(0pWKRGH%&*(7$/215()5
;P/
)'6$/%

58%5,48(&216,'e5$7,2165(/$7,9(6¬/¶e/,0,1$7,21 VXLWH
&RQVXOWHUOHUHVSRQVDEOHGHVGpFKHWVFRPSpWHQWHQPDWLqUHGpYDOXDWLRQHWpOLPLQDWLRQFRQIRUPpPHQWjO$QQH[HHWO$QQH[H
 'LUHFWLYH&('pFUHWQR2UGRQQDQFHQR &RQIRUPpPHQWDX[FRGHV 8( DX
FDVROHPEDOODJHHQWUHUDLWHQFRQWDFWDYHFOHSURGXLWLOIDXGUDSURFpGHUGHODPrPHIDoRQTXDYHFOHSURSUHSURGXLWGDQVOH
FDVFRQWUDLUHLOIDXGUDOHWUDLWHUFRPPHXQUpVLGXQRQGDQJHUHX[,OHVWIRUWHPHQWGpFRQVHLOOpGHOHYHUVHUGDQVGHVFRXUVGHDX
9RLUpSLJUDSKH
'LVSRVLWLRQVVHUDSSRUWDQWDXWUDLWHPHQWGHVGpFKHWV
&RQIRUPpPHQWjO
$QQH[H,,GX5qJOHPHQW (& Qž 5($&+ OHVGLVSRVLWLRQVFRPPXQDXWDLUHVRXQDWLRQDOHVVH
UDSSRUWDQWDXWUDLWHPHQWGHVGpFKHWVVRQWDSSOLTXpHV
/pJLVODWLRQFRPPXQDXWDLUH'LUHFWLYH&(&(5qJOHPHQW 8( Qƒ

58%5,48(,1)250$7,2165(/$7,9(6$875$163257
&HSURGXLWQHVWSDVUpJOHPHQWpSRXUOHWUDQVSRUW $'55,',0'*,$7$

58%5,48(,1)250$7,2165(/$7,9(6¬/$5e*/(0(17$7,21
 5pJOHPHQWDWLRQVOpJLVODWLRQSDUWLFXOLqUHVjODVXEVWDQFHRXDXPpODQJHHQPDWLqUHGHVpFXULWpGHVDQWpHW
G¶HQYLURQQHPHQW
6XEVWDQFHVVRXPLVHVjDXWRULVDWLRQGDQVOH5qJOHPHQW &(  5($&+ 3DVSHUWLQHQW
6XEVWDQFHVLQVFULWHVjODQQH[H;,9GH5($&+ OLVWHGDXWRULVDWLRQ HWGDWHGH[SLUDWLRQ3DVSHUWLQHQW
5qJOHPHQW &( VXUOHVVXEVWDQFHVTXLSHUIRUHQWODFRXFKHGR]RQH3DVSHUWLQHQW
$UWLFOH5Ê*/(0(17 8( 1R3DVSHUWLQHQW
5Ê*/(0(17 8( 1RUpJLVVDQWOH[SRUWDWLRQHWOLPSRUWDWLRQGHSURGXLWVFKLPLTXHVGDQJHUHX[3DVSHUWLQHQW
5HVWULFWLRQVHQPDWLqUHGHFRPPHUFLDOLVDWLRQHWG
XVDJHGHFHUWDLQHVVXEVWDQFHVHWPpODQJHVGDQJHUHX[ $QQH[H;9,,
5($&+ 
3DVSHUWLQHQW
'LVSRVLWLRQVVSpFLDOHVHQPDWLqUHGHSURWHFWLRQGHVSHUVRQQHVRXG
HQYLURQQHPHQW
,OHVWUHFRPPDQGpG
XWLOLVHUO
LQIRUPDWLRQUHFXHLOOLHVXUFHWWHILFKHGHGRQQpHVGHVpFXULWpIDLVDQWRIILFHG
LQIRUPDWLRQGHGpSDUW
SRXUXQHpYDOXDWLRQGHVULVTXHVGHVFLUFRQVWDQFHVORFDOHVGDQVOHEXWG
pWDEOLUOHVPHVXUHVQpFHVVDLUHVHQPDWLqUHGHSUpYHQWLRQ
GHVULVTXHVSRXUODPDQLSXODWLRQO
XWLOLVDWLRQOHVWRFNDJHHWO
pOLPLQDWLRQGXSURGXLW
$XWUHVOpJLVODWLRQV

68,7(¬/$3$*(68,9$17(

/DGDWHG¶pWDEOLVVHPHQW 9HUVLRQ 3DJH



)LFKHGHGRQQpHVGHVpFXULWp
VHORQ(& 5($&+ (&(8

%,2/$%26$6$/%80,1(0pWKRGH%&*(7$/215()5
;P/
)'6$/%

58%5,48(,1)250$7,2165(/$7,9(6¬/$5e*/(0(17$7,21 VXLWH
$UUrWpGXUHODWLIjODFODVVLILFDWLRQOHPEDOODJHHWOpWLTXHWDJHGHVVXEVWDQFHVHWGHVSUpSDUDWLRQVGDQJHUHXVHV
$UUrWpGXPRGLILDQWODUUrWpGXDYULOUHODWLIjODGpFODUDWLRQODFODVVLILFDWLRQOHPEDOODJHHWOpWLTXHWDJHGHV
VXEVWDQFHVGDQJHUHXVHV
$UUrWpGXPRGLILDQWODUUrWpGXQRYHPEUHGpILQLVVDQWOHVFULWqUHVGHFODVVLILFDWLRQOHPEDOODJHHWOpWLTXHWDJHGHV
SUpSDUDWLRQVGDQJHUHXVHVHWWUDQVSRVDQWODGLUHFWLYH&(GHOD&RPPLVVLRQGXMDQYLHU
$UUrWpGXGpILQLVVDQWOHVFULWqUHVGHFODVVLILFDWLRQHWOHVFRQGLWLRQVGpWLTXHWDJHHWGHPEDOODJHGHVSUpSDUDWLRQV
GDQJHUHXVHVHWWUDQVSRVDQWODGLUHFWLYH&(GX3DUOHPHQWHXURSpHQHWGX&RQVHLOGXPDLFRQFHUQDQWOH
UDSSURFKHPHQWGHVGLVSRVLWLRQVOpJLVODWLYHVUpJOHPHQWDLUHVHWDGPLQLVWUDWLYHVUHODWLYHVjODFODVVLILFDWLRQjOHPEDOODJHHWj
OpWLTXHWDJHGHVSUpSDUDWLRQVGDQJHUHXVHV
$UUrWpGXUHODWLIjODFODVVLILFDWLRQOHPEDOODJHHWOpWLTXHWDJHGHVVXEVWDQFHV
$UUrWpGXGpILQLVVDQWODQDWXUHGHVLQIRUPDWLRQVjIRXUQLUORUVGHODGpFODUDWLRQGXQHSUpSDUDWLRQRXGXQHVXEVWDQFH
FRQVLGpUpHFRPPHWUqVWR[LTXHWR[LTXHRXFRUURVLYHDXVHQVGHODUWLFOH5GX&RGHGXWUDYDLO
$YLVGXDX[IDEULFDQWVHWLPSRUWDWHXUVGHSURGXLWVFKLPLTXHVVXUO¶REOLJDWLRQGHFRPPXQLTXHUGHVLQIRUPDWLRQVVXUOD
FODVVLILFDWLRQHWO¶pWLTXHWDJHGHVVXEVWDQFHVGDQJHUHXVHVHQDSSOLFDWLRQGHO¶DUWLFOHGXUqJOHPHQW &( Qƒ&/3
$UUrWpGXMXLOOHWUHODWLIjODSURWHFWLRQGHVWUDYDLOOHXUVVXVFHSWLEOHVGrWUHH[SRVpVjXQHDWPRVSKqUHH[SORVLYH-25)GX

/HVULVTXHVFKLPLTXHVDUWLFOH/HWVXLYDQWVGXFRGHGXWUDYDLO
'pFUHWQƒGXGpFHPEUHUHODWLIDX[GLVSRVLWLRQVFRQFHUQDQWODSUpYHQWLRQGHVH[SORVLRQVDSSOLFDEOHVDX[OLHX[
GHWUDYDLOHWPRGLILDQWOHFKDSLWUH,,GXWLWUH,,,GXOLYUH,,GXFRGHGXWUDYDLO
'pFUHWQRGXMXLOOHWSRUWDQWGLYHUVHVGLVSRVLWLRQVUHODWLYHVjODSUpYHQWLRQHWjODJHVWLRQGHVGpFKHWV
2UGRQQDQFHQRGXGpFHPEUHSRUWDQWGLYHUVHVGLVSRVLWLRQVG¶DGDSWDWLRQDXGURLWGHO¶8QLRQHXURSpHQQHGDQVOH
GRPDLQHGHVGpFKHWV
$UWLFOHGHODORLQƒGXMXLOOHWSRUWDQWHQJDJHPHQWQDWLRQDOSRXUOHQYLURQQHPHQW
$UUrWpGXRFWREUHSXEOLpDX-25)GXQRYHPEUH$UUrWpGpILQLVVDQWOHFRQWHQXGXGRVVLHUGHGHPDQGHGHVRUWLH
GXVWDWXWGHGpFKHW
'pFUHW1ƒGXDYULOUHODWLIjODSURFpGXUHGHVRUWLHGXVWDWXWGHGpFKHW
3ULQFLSHVJpQpUDX[GHSUpYHQWLRQDUWLFOH/HWVXLYDQWVGXFRGHGXWUDYDLO
/(60$/$',(6352)(66,211(//(65e*,0(*e1e5$/$LGHPpPRLUHMXULGLTXH7-
120(1&/$785('(6,167$//$7,216&/$66e(6(',7,210(''(±0$,
$UWLFOH$QQH[H  jODUWLFOH5GXFRGHGHOHQYLURQQHPHQW
 eYDOXDWLRQGHODVpFXULWpFKLPLTXH
/HIRXUQLVVHXUQ
DSDVHIIHFWXpG
pYDOXDWLRQGHODVpFXULWpFKLPLTXH

58%5,48($875(6,1)250$7,216
/pJLVODWLRQV
DSSOLTXDQWDX[ILFKHVGHGRQQpHVHQPDWLqUHGHVpFXULWp
&HWWHILFKHGHGRQQpHVHQPDWLqUHGHVpFXULWpDpWpUpDOLVpHFRQIRUPpPHQWjO$11(;(,,*XLGHSRXUpODERUHUGHV)LFKHVGH
'RQQpHVHQPDWLqUHGH6pFXULWpGX5qJOHPHQW (& 1ž 5qJOHPHQW 8( 1ž5qJOHPHQW 8( 1ž
0RGLILFDWLRQVSDUUDSSRUWjODILFKHGHVpFXULWpSUpFpGHQWHDYHFUpSHUFXVVLRQVVXUOHVPHVXUHVGHJHVWLRQGXULVTXH
3DVSHUWLQHQW
7H[WHVGHVSKUDVHVOpJLVODWLYHVYLVpHVjODUWLFOH
/HVSKUDVHVLQVFULWHVQHSRUWHQWSDVVXUOHSURGXLWOXLPrPHHOOHVVRQWVHXOHPHQWjWLWUHG
LQIRUPDWLRQHWVHUpIqUHQWDX[
FRPSRVDQWVLQGLYLGXHOVTXLDSSDUDLVVHQWGDQVODVHFWLRQ
'LUHFWLYHV(&HW(&
3DVSHUWLQHQW
5qJOHPHQWQƒ &/3 
3DVSHUWLQHQW
3URFpGpGHFODVVHPHQW
3DVSHUWLQHQW
&RQVHLOVUHODWLIVjODIRUPDWLRQ
8QHIRUPDWLRQPLQLPXPHQPDWLqUHGHSUpYHQWLRQGHVULVTXHVDXWUDYDLOHVWUHFRPPDQGpHSRXUOHSHUVRQQHOTXLYDPDQLSXOHUFH
SURGXLWGDQVOHEXWGHIDFLOLWHUODFRPSUpKHQVLRQHWOLQWHUSUpWDWLRQGHFHWWHILFKHGHGRQQpHVGHVpFXULWpDXPrPHWLWUHTXH
OpWLTXHWDJHGXSURGXLW
VRXUFHVGHGRFXPHQWDWLRQSULQFLSDOH
KWWSHVLVMUFHFHXURSDHX
KWWSHFKDHXURSDHX
KWWSHXUOH[HXURSDHX
$EUpYLDWLRQVHWDFURQ\PHV

68,7(¬/$3$*(68,9$17(

/DGDWHG¶pWDEOLVVHPHQW 9HUVLRQ 3DJH



)LFKHGHGRQQpHVGHVpFXULWp
VHORQ(& 5($&+ (&(8

%,2/$%26$6$/%80,1(0pWKRGH%&*(7$/215()5
;P/
)'6$/%

58%5,48($875(6,1)250$7,216 VXLWH
$'5$FFRUGHXURSpHQUHODWLIDXWUDQVSRUWLQWHUQDWLRQDOGHVPDUFKDQGLVHVGDQJHUHXVHVSDUURXWH
,0'*&RGHPDULWLPHLQWHUQDWLRQDOGHVPDUFKDQGLVHVGDQJHUHXVHV
,$7$$VVRFLDWLRQLQWHUQDWLRQDOHGXWUDQVSRUWDpULHQ
,&$22UJDQLVDWLRQGHODYLDWLRQFLYLOHLQWHUQDWLRQDOH
'&2'HPDQGHFKLPLTXHHQR[\JqQH
'%2'HPDQGHELRORJLTXHHQR[\JqQHDSUqVMRXUV
)%&)DFWHXUGHELRFRQFHQWUDWLRQ
'/'RVHOpWDOH
&/&RQFHQWUDWLRQOpWDOH
&(&RQFHQWUDWLRQHIIHFWLYH
/RJ3RZ&RHIILFLHQWGHSDUWDJHRFWDQROHDX

/
LQIRUPDWLRQ FRQWHQXH VXU FHWWH )LFKH GH GRQQpHV GH VpFXULWp HVW IRQGpH VXU GHV VRXUFHV GHV FRQQDLVVDQFHV WHFKQLTXHV DLQVL TXH VXU OD OpJLVODWLRQ HQ YLJXHXU DX QLYHDX HXURSpHQ HW QDWLRQDO QH
SRXYDQW HQ DXFXQ FDV JDUDQWLU O
H[DFWLWXGH GH FHOOHFL ,O HVW LPSRVVLEOH GH FRQVLGpUHU TXH ODGLWH LQIRUPDWLRQ HVW XQH JDUDQWLH GHV SURSULpWpV GXGLW SURGXLW ,O V
DJLW VLPSOHPHQW G
XQH GHVFULSWLRQ
FRQFHUQDQW OHV H[LJHQFHV HQ PDWLqUH GH VpFXULWp /D PpWKRGRORJLH HW OHV FRQGLWLRQV GH WUDYDLO GHV XWLOLVDWHXUV GH FH SURGXLW QH UHOqYHQW SDV GH QRV FRQQDLVVDQFHV HW GH QRV FRQWU{OHV O
XWLOLVDWHXU
GHYDQW WRXMRXUV DVVXPHU HQ WRXWH UHVSRQVDELOLWp OHV PHVXUHV QpFHVVDLUHV j SUHQGUH SRXU REVHUYHU OHV H[LJHQFHV OpJDOHV HQ PDWLqUH GH PDQLSXODWLRQ VWRFNDJH XVDJH HW pOLPLQDWLRQ GH SURGXLWV
FKLPLTXHV /
LQIRUPDWLRQ FRQWHQXH VXU FHWWH ILFKH GH VpFXULWp QH FRQFHUQH TXH FH SURGXLW FH GHUQLHU QH GHYDQW SDV rWUH XWLOLVp j G
DXWUHV ILQV TXH FHOOHV TXL \ VRQW VWLSXOpHV
),1'(/$),&+('('211e(6'(6e&85,7e

/DGDWHG¶pWDEOLVVHPHQW 9HUVLRQ 3DJH




You might also like