You are on page 1of 30



,QIRUPDWLRQGHPRGLILFDWLRQ

&RPPDQGH

6,*0$&21752/%$6,&(
B)

)DEULFDQW

.$(6(5.2035(6625(1*PE+
&REXUJವ32%R[ವ*(50$1<ವ7HO  ವ)D[  
KWWSZZZNDHVHUFRP
..:66&%IUB

6RPPDLUH

 8VDJHGXGRFXPHQW
 8VDJHGXGRFXPHQW 
 0RQWDJHHWIRQFWLRQQHPHQW
 7RXFKHVHWDIILFKDJHV6,*0$&21752/%$6,& 
 'HVFULSWLRQIRQFWLRQQHOOH6,*0$&21752/%$6,& 
 6WUXFWXUH$IILFKDJH «FUDQ  
 3DUDPªWUHV 
 6LJQDOLVDWLRQV 
 5«JLPHVHWPRGHVGHU«JXODWLRQ 
 5«JLPHVGHODPDFKLQH 
 0RGHVGHU«JXODWLRQ 
 5«JXODWLRQ&KDUJH0DUFKH¢YLGHSDUFRQWDFWGLVWDQFH 
 0RQWDJH
 6«FXULW« 
 '«WHUPLQHUODU«JXODWLRQFKDUJHPDUFKH¢YLGH 
 5HPSODFHPHQWSDUXQHSLªFHGHUHFKDQJH 
 &KDQJHUODFRPPDQGH 
 3RQWHUOHFRQWDFWGLVWDQFHGHODU«JXODWLRQ&KDUJH0DUFKH¢YLGH 
 (QILFKHUOHPRGXOHGHSURJUDPPDWLRQ 
 0LVHHQVHUYLFH
 5«JOHUODSUHVVLRQQRPLQDOHU«VHDX VWDQGDUG  
 5«JODJHGHODSUHVVLRQQRPLQDOHU«VHDXVXUOHVPDFKLQHV«TXLS«HVG
XQYDULDWHXUGH 
IU«TXHQFH 6)& 
 5«JOHUODSUHVVLRQQRPLQDOHU«VHDXVXUOHYDULDWHXUGHIU«TXHQFH 
 5«JOHUOHSRLQWGHFRPPXWDWLRQ0$5&+(‚9,'(VXUOH 
6,*0$&21752/%$6,&
 5«JOHUOHSRLQWGHFRPPXWDWLRQ&+$5*(VXUOH6,*0$&21752/%$6,& 

 )RQFWLRQQHPHQW
 0LVHHQPDUFKHHWDUU¬W 
 0LVHHQFLUFXLW 
 0LVHKRUVFLUFXLW 
 $FTXLWWHUOHVVLJQDOLVDWLRQVGHG«IDXWHWDYHUWLVVHPHQWV 
 5«JOHUOHVSDUDPªWUHV 
 5HFRQQD°WUHOHVG«IDXOWVHWOHV«OLPLQHU
 &RQVLJQHV«O«PHQWDLUHV 
 6LJQDOLVDWLRQVGHG«IDXW PDFKLQHDUU¬W«H  
 $YHUWLVVVHPHQWV 

,QIRUPDWLRQGHPRGLILFDWLRQ&RPPDQGH
B) 6,*0$&21752/%$6,&( L
6RPPDLUH

,QIRUPDWLRQGHPRGLILFDWLRQ&RPPDQGH
LL 6,*0$&21752/%$6,&( B)
7DEOHGHVLOOXVWUDWLRQV

)LJ 3ODTXHFRQVWUXFWHXU6,*0$&21752/%$6,& 
)LJ 9XHG
HQVHPEOH7RXFKHV 
)LJ 9XHG
HQVHPEOH$IILFKDJHV 
)LJ 5DFFRUGHPHQWV6,*0$&21752/%$6,& 
)LJ &KDQJHUODFRPPDQGH 
)LJ 5DFFRUGHPHQWV6,*0$&21752/%$6,& 
)LJ 0RGXOHGHSURJUDPPDWLRQ 
)LJ 5«JODJHGHVSUHVVLRQV 
)LJ 0LVHHQPDUFKHHWDUU¬W 
)LJ $FTXLWWHUOHVVLJQDOLVDWLRQV 

,QIRUPDWLRQGHPRGLILFDWLRQ&RPPDQGH
B) 6,*0$&21752/%$6,&( LLL
7DEOHGHVLOOXVWUDWLRQV

,QIRUPDWLRQGHPRGLILFDWLRQ&RPPDQGH
LY 6,*0$&21752/%$6,&( B)
/LVWHGHVWDEOHDX[

7DE 7RXFKHV 
7DE $IILFKDJHV 
7DE $IILFKDJH (FUDQ  
7DE 3DUDPªWUHV 
7DE 5«JLPHVHQU«JXODWLRQ352*5(66,9( 
7DE 5«JOHUODSUHVVLRQQRPLQDOHU«VHDXVXUOHYDULDWHXUGHIU«TXHQFH 
7DE 5«JOHUOHSRLQWGHFRPPXWDWLRQ0$5&+(‚9,'( 
7DE 5«JOHUOHSRLQWGHFRPPXWDWLRQ&+$5*( 
7DE $UU¬WDYHFVDQVWHPSVGHIRQFWLRQQHPHQWSDULQHUWLH 
7DE 6LJQDOLVDWLRQVGHG«IDXW 
7DE $YHUWLVVVHPHQWV 

,QIRUPDWLRQGHPRGLILFDWLRQ&RPPDQGH
B) 6,*0$&21752/%$6,&( Y
/LVWHGHVWDEOHDX[

,QIRUPDWLRQGHPRGLILFDWLRQ&RPPDQGH
YL 6,*0$&21752/%$6,&( B)
 8VDJHGXGRFXPHQW
 8VDJHGXGRFXPHQW

 8VDJHGXGRFXPHQW
 8VDJHGXGRFXPHQW
/DJDPPHGHIRQFWLRQVGHODFRPPDQGH6,*0$&21752/%$6,&D«W««ODUJLH,OHQU«VXOWHTXHOಣ
TXHVPRGLILFDWLRQVSDUUDSSRUW¢ODQRWLFHG
HQWUHWLHQMRLQWH¢ODPDFKLQH/HSU«VHQWGRFXPHQWFRPಣ
SRUWHWRXWHVOHVLQIRUPDWLRQVQ«FHVVDLUHV¢O
XWLOLVDWLRQGHODFRPPDQGH
0DFKLQHGHW\SH6;&
7RXWHVOHVLQIRUPDWLRQVUHODWLYHV¢FHWWHPDFKLQHVRQWG«M¢GRQQ«HVGDQVODQRWLFHG
HQWUHWLHQ
GHODPDFKLQH/
LQIRUPDWLRQGHPRGLILFDWLRQQ
HVWSDVUHOHYDQWHSRXUFHW\SHGHPDFKLQH

&RQVXOWHUODSODTXHVLJQDO«WLTXHGHODFRPPDQGHSRXUVDYRLUVLFHWWHLQIRUPDWLRQGHPRGLILFDWLRQ
FRQFHUQHODPDFKLQH
႐ 5«I«UHQFH.$(6(5(
႐ YDODEOH¢SDUWLUGHODYHUVLRQ

)LJ 3ODTXHFRQVWUXFWHXU6,*0$&21752/%$6,&
 9HUVLRQ  5«I«UHQFH6,(0(16
 5«I«UHQFH.$(6(5  1rGHV«ULH6,(0(16

 &RPSDUHUODU«I«UHQFHHWRXODYHUVLRQGHSURGXLWGHFHWWHLQIRUPDWLRQGHPRGLILFDWLRQDYHFOHV
GRQQ«HVGHODILFKHVLJQDO«WLTXHGHODFRPPDQGH
 ([DPLQHUOHFRQWHQXGHODSU«VHQWHLQIRUPDWLRQGHPRGLILFDWLRQHWGHODQRWLFHG
HQWUHWLHQGHOD
PDFKLQH
 ,QFRUSRUHUFHWWHLQIRUPDWLRQGHPRGLILFDWLRQGDQVODQRWLFHG
HQWUHWLHQGHODPDFKLQH

,QIRUPDWLRQGHPRGLILFDWLRQ&RPPDQGH
B) 6,*0$&21752/%$6,&( 
 0RQWDJHHWIRQFWLRQQHPHQW
 7RXFKHVHWDIILFKDJHV6,*0$&21752/%$6,&

 0RQWDJHHWIRQFWLRQQHPHQW
 7RXFKHVHWDIILFKDJHV6,*0$&21752/%$6,&

)LJ 9XHG
HQVHPEOH7RXFKHV

(PSODFHPHQW '«VLJQDWLRQ )RQFWLRQ


 m0$5&+(} 0HWWUHODPDFKLQHHQPDUFKH
 m$55Œ7} $UU¬WHUODPDFKLQH
&RQILUPHU DFTXLWWHU OHVVLJQDOLVDWLRQVGHG«IDXW
5«DFWLYHUODP«PRLUHG«IDXW
 m$%} /DOLVWHGHVSDUDPªWUHVG«ILOHYHUVOHEDV
5«GXFWLRQGHODYDOHXUGಬXQSDUDPªWUH
 m+$87} /DOLVWHGHVSDUDPªWUHVG«ILOHYHUVOHKDXW
$XJPHQWDWLRQGHODYDOHXUGಬXQSDUDPªWUH
 m(FKDSSHPHQW} 6RUWLHGXPRGHGHPRGLILFDWLRQVDQVYDOLGDWLRQ
 m9DOLGDWLRQ} 3DVVHUGDQVOHPRGHGHPRGLILFDWLRQ
6RUWLHGXPRGHGHPRGLILFDWLRQDYHFYDOLGDWLRQ
1
DJLWTXHVXUO
DIILFKDJHGHODªPHOLJQHGHO
«FUDQ

7DE 7RXFKHV

,QIRUPDWLRQGHPRGLILFDWLRQ&RPPDQGH
 6,*0$&21752/%$6,&( B)
 0RQWDJHHWIRQFWLRQQHPHQW
 'HVFULSWLRQIRQFWLRQQHOOH6,*0$&21752/%$6,&

)LJ 9XHG
HQVHPEOH$IILFKDJHV

(PSODFHPHQW '«VLJQDWLRQ )RQFWLRQ


 $IILFKDJHRX«FUDQ $IILFKDJHDOSKDQXP«ULTXHVXUOLJQHV
 '«IDXW 9R\DQWURXJHFOLJQRWHHQSU«VHQFHGಬXQG«IDXW
9R\DQWUHVWHDOOXP«DSUªVDFTXLWWHPHQW
 $YHUWLVVHPHQW 7«PRLQMDXQHDOOXP«HQFDVGH
႐ Q«FHVVLW«G
HQWUHWLHQ
႐ DYHUWLVVVHPHQWV
 WHQVLRQGHFRPPDQGH 9R\DQWYHUWDOOXP«ORUVTXHODPDFKLQHHVWVRXVWHQVLRQ
 0DFKLQH0$5&+( 9R\DQWYHUWDOOXP«ORUVTXHODPDFKLQHHVWHQPDUFKH

7DE $IILFKDJHV

 'HVFULSWLRQIRQFWLRQQHOOH6,*0$&21752/%$6,&
 6WUXFWXUH$IILFKDJH «FUDQ
         [ [  [ ED U ªUHOLJQH
            \ \  r& ªPHOLJQH
     ]        K ªPHOLJQH
            6S7 L ªPHOLJQH

/LJQH $IILFKDJH 6LJQLILFDWLRQ


 [[[ 3UHVVLRQU«VHDXDFWXHOOHHQEDUSVLRX03D
 \\ 7HPS«UDWXUHILQDOHGHFRPSUHVVLRQDFWXHOOH 7)& HQr&RXr)
 ] $IILFKDJHHWU«JODJHGHSDUDPªWUHV YRLU7DEO
  &RGHG«IDXWSRXUOHVVLJQDOLVDWLRQVGHG«IDXWHWDYHUWLVVHPHQWV YRLU7DEOHW
7DEO
5«JLPH&+$5*(
5«JLPH0$5&+(‚9,'(

7DE $IILFKDJH (FUDQ

,QIRUPDWLRQGHPRGLILFDWLRQ&RPPDQGH
B) 6,*0$&21752/%$6,&( 
 0RQWDJHHWIRQFWLRQQHPHQW
 'HVFULSWLRQIRQFWLRQQHOOH6,*0$&21752/%$6,&

 3DUDPªWUHV
3DUDPªWUHV 6LJQLILFDWLRQ
 &RPSWHXUG
KHXUHVGHVHUYLFH
,OLQGLTXHOHWHPSVGHPDUFKHGXPRWHXUG
HQWUD°QHPHQW
/DPRGLILFDWLRQGHFHSDUDPªWUHQHSHXW¬WUHHIIHFWX«HTXHSDUXQWHFKQLFLHQ6$9
.$(6(5
 &RPSWHXUG
KHXUHVHQFKDUJH
,OLQGLTXHOHWHPSVGHIRQFWLRQQHPHQWHQ&+$5*(GXPRWHXUG
HQWUD°QHPHQW
/DPRGLILFDWLRQGHFHSDUDPªWUHQHSHXW¬WUHHIIHFWX«HTXHSDUXQWHFKQLFLHQ6$9
.$(6(5
 &RPSWHXUG
KHXUHVG
HQWUHWLHQ
,OLQGLTXHOHVKHXUHVUHVWDQWHVMXVTX
DXSURFKDLQHQWUHWLHQS«ULRGLTXH
6,*0$&21752/%$6,&G«FRPSWHOHVKHXUHVGHVHUYLFHG
XQHYDOHXUSU«U«JO«H
/RUVTXHOHFRPSWHXUHVW¢KHXUHGHVHUYLFHO
DYHUWLVVHPHQW'V
DIILFKH
/HFRPSWHXUG
KHXUHVG
HQWHWLHQHVW¢UHPHWWUH¢VDYDOHXULQLWLDOHDSUªVU«DOLVDWLRQGH
O
HQWUHWLHQ/HG«FRPSWHUHG«PDUUH
/DPRGLILFDWLRQGHFHSDUDPªWUHHVWSURW«J«HSDUXQPRWGHSDVVH
 0RGHG
HVVDL6RXSDSHGHV«FXULW«
&HWWHIRQFWLRQSHUPHWODPLVHHQPDUFKHHWO
DUU¬WGXFRQWU¶OHGHU«JODJHGHODVRXSDSH
GHV«FXULW«
/RUVTXHOHPRGHG
HVVDLHVWDFWLY«O
DYHUWLVVHPHQWLV
DIILFKH
/DPRGLILFDWLRQGHFHSDUDPªWUHHVWSURW«J«HSDUXQPRWGHSDVVH
 8QLW«GHO
DIILFKDJHGHWHPS«UDWXUH
/DWHPS«UDWXUHILQDOHGHFRPSUHVVLRQSHXW¬WUHDIILFK«HDXFKRL[HQr&RXHQr)
 8QLW«GHO
DIILFKDJHGHSUHVVLRQ
/DSUHVVLRQPD[LPDOHGHVHUYLFHSHXW¬WUHDIILFK«HDXFKRL[HQEDUSVLRX03D
 0RGHGHU«JXODWLRQGHODPDFKLQH
5«JODJHGಬXVLQH2))

&HSDUDPªWUHFKDQJHOHPRGHGHU«JXODWLRQGHODPDFKLQH
႐ 2))48$'52
႐ 21'8$/
 0RGHGHU«JXODWLRQGXV«FKHXUIULJRULILTXH
5«JODJHGಬXVLQH2))

&HSDUDPªWUHFKDQJHOHPRGHGHU«JXODWLRQGXV«FKHXUIULJRULILTXH
႐ 2))6‹48(1&(85
႐ 21&217,18(

,QIRUPDWLRQGHPRGLILFDWLRQ&RPPDQGH
 6,*0$&21752/%$6,&( B)
 0RQWDJHHWIRQFWLRQQHPHQW
 'HVFULSWLRQIRQFWLRQQHOOH6,*0$&21752/%$6,&

3DUDPªWUHV 6LJQLILFDWLRQ
 0HWWUHOHV«FKHXUIULJRULILTXHHQFLUFXLWKRUVFLUFXLW
5«JODJHGಬXVLQH21 2SWLRQ7

&HSDUDPªWUHPHWODPDFKLQHHQFLUFXLWRXKRUVFLUFXLWGHID©RQGXUDEOH
႐ 2))6«FKHXUIULJRULILTXHDUU¬W«
႐ 216«FKHXUIULJRULILTXHHQFLUFXLW

/DPRGLILFDWLRQGHFHSDUDPªWUHHVWSURW«J«HSDUXQPRWGHSDVVH&HSDUDPªWUHHVW
U«JO«HQXVLQHVXU2))VLODPDFKLQHQ
HVWSDV«TXLS«HGHV«FKHXUIULJRULILTXH
& 3UHVVLRQQRPLQDOHU«VHDX(FDUWGHU«JXODWLRQ
/
«FDUWGHU«JXODWLRQG«WHUPLQHO
«FDUWHQWUHODSUHVVLRQG
HQFOHQFKHPHQWHWODSUHVVLRQ
G
DUU¬W SUHVVLRQQRPLQDOHU«VHDXSRLQWGHFRPPXWDWLRQ HWDLQVLODIU«TXHQFHGHFRPಣ
PXWDWLRQGH&+$5*(VXU0$5&+(‚9,'(
)RXUFKHWWHGHU«JXODWLRQ>EDU@෥෥
' 3UHVVLRQQRPLQDOHU«VHDX3RLQWGHFRPPXWDWLRQ
/HSRLQWGHFRPPXWDWLRQFRUUHVSRQG¢ODSUHVVLRQGHVHUYLFHPD[LGXU«VHDXG
DLU
FRPSULP«HW¢ODSUHVVLRQG
DUU¬WDXWRPDWLTXHGHODPDFKLQH
)RXUFKHWWHGHU«JXODWLRQ>EDU@SUHVVLRQGHVHUYLFHPD[L
( (QWU«HGHODSUHVVLRQ/LPLWHGHU«JODJHPD[L
/DPRGLILFDWLRQGHFHSDUDPªWUHQHSHXW¬WUHHIIHFWX«HTXHSDUXQWHFKQLFLHQ6$9
.$(6(5
) %DUUHG
RSWLRQV
/HVYDOHXUVDIILFK«HVLQIRUPHQWOH6$9.$(6(5VXUODFRQILJXUDWLRQGHPDFKLQHV¢
FRPPDQGHLQWHUQH

7DE 3DUDPªWUHV

,QIRUPDWLRQV 0RGLILFDWLRQRXU«JODJHGHVSDUDPªWUHVYRLUFKDSLWUH
VXSSO«PHQWDLUHV

 6LJQDOLVDWLRQV
6LJQDOLVDWLRQGHG«IDXW

/DPDFKLQHVಬDUU¬WHDXWRPDWLTXHPHQWHQSU«VHQFHGಬXQG«IDXW/HYR\DQWOXPLQHX[URXJH   ,Oಣ
OXVWU FOLJQRWH

$YHUWLVVVHPHQW

/HYR\DQWOXPLQHX[MDXQH   ,OOXVWU HVWDOOXP«

,QIRUPDWLRQGHPRGLILFDWLRQ&RPPDQGH
B) 6,*0$&21752/%$6,&( 
 0RQWDJHHWIRQFWLRQQHPHQW
 5«JLPHVHWPRGHVGHU«JXODWLRQ

 5«JLPHVHWPRGHVGHU«JXODWLRQ
 5«JLPHVGHODPDFKLQH
/DPDFKLQHWUDYDLOOHHQU«JLPHV
႐ &+$5*(
/DVRXSDSHGಬDVSLUDWLRQHVWRXYHUWH/HEORFFRPSUHVVHXUDOLPHQWHOHU«VHDXG
DLUFRPSULP«
/HPRWHXUFRPSUHVVHXUWRXUQHHQSOHLQHFKDUJH
႐ 0$5&+(‚9,'(
/DVRXSDSHG
DVSLUDWLRQHVWIHUP«H/HFODSHWDQWLUHWRXUGHSUHVVLRQPLQLPDOHLVROHOHU«VHUYRLU
DLUKXLOHGXU«VHDXG
DLUFRPSULP«/HU«VHUYRLUV«SDUDWHXUG
KXLOHHVWG«FRPSULP«
8QHIDLEOHTXDQWLW«G
DLUFLUFXOH¢WUDYHUVO
RULILFHGXE\SDVVGHODVRXSDSHG
DVSLUDWLRQGDQVOH
EORFFRPSUHVVHXUSXLVHVWUHFRQGXLWYHUVODVRXSDSHG
DVSLUDWLRQSDUODFRQGXLWHGHSXUJHG
DLU
/HPRWHXUFRPSUHVVHXUWRXUQHHQPDUFKH¢YLGHHWFRQVRPPHPRLQVG
«QHUJLH
႐ $55Œ7
/DVRXSDSHG
DVSLUDWLRQHVWIHUP«H/HFODSHWDQWLUHWRXUGHSUHVVLRQPLQLPDOHLVROHOHU«VHUYRLU
DLUKXLOHGXU«VHDXG
DLUFRPSULP«/HU«VHUYRLUDLUKXLOHHVWG«FRPSULP«
/HPRWHXUFRPSUHVVHXUHVWDUU¬W«
2SWLRQ& ႐ &+$5*(3$57,(//(
/
RXYHUWXUHHWODIHUPHWXUHGHODVRXSDSHG
DVSLUDWLRQG
DLUVRQWFRPPDQG«HVSDUXQHYDQQHGH
U«JXODWLRQOHU«JXODWHXUSURJUHVVLIHQIRQFWLRQGHODFRQVRPPDWLRQU«HOOHG
DLUFRPSULP«/H
EORFFRPSUHVVHXUDOLPHQWHOHU«VHDXG
DLUFRPSULP«
/DFKDUJHHWODFRQVRPPDWLRQ«QHUJ«WLTXHGXPRWHXUGXFRPSUHVVHXUDXJPHQWHQWRXEDLVVHQW
HQIRQFWLRQGHODFRQVRPPDWLRQG
DLUFRPSULP«
/DYDQQHGHU«JXODWLRQHVWU«JO«HHQXVLQH7RXWHPRGLILFDWLRQQHSHXW¬WUHHQWUHSULVHTX
DSUªV
FRQVXOWDWLRQGX6$9.$(6(5RXG
XQGLVWULEXWHXUDJU««

 0RGHVGHU«JXODWLRQ
3RXUPDLQWHQLUODSUHVVLRQGHVHUYLFHHQWUHOHVSUHVVLRQVG
HQFOHQFKHPHQWHWG
DUU¬WSU«U«JO«HVLQಣ
G«SHQGDPPHQWGHODFRQVRPPDWLRQG
DLUFRPSULP«ODFRPPDQGHSHUPXWHOHPRWHXUFRPSUHVVHXU
HQWUHOHVGLII«UHQWVU«JLPHVVHORQOHPRGHGHU«JXODWLRQV«OHFWLRQQ«

/DFRPPDQGH6,*0$&21752/%$6,&SHXWIRQFWLRQQHUVXLYDQWOHVPRGHVGHU«JXODWLRQVXLYDQWV
႐ '8$/
႐ 48$'52
2SWLRQ& ႐ 5«JXODWLRQ352*5(66,9(

'8$/

(QU«JXODWLRQ'8$/ODFRPPDQGHSHUPXWHGಬDERUGODPDFKLQHHQWUH&+$5*(HW
0$5&+(‚9,'(SRXUPDLQWHQLUODSUHVVLRQPD[LPDOHGHVHUYLFHHQWUHOHVSUHVVLRQVPLQLHWPD[L
SU«U«JO«HV/RUVTXHODSUHVVLRQPD[LPDOHHVWDWWHLQWHODFHQWUDOHHVWSHUPXW«HVXU
0$5&+(‚9,'($SUªV«FRXOHPHQWGXWHPSVGHPDUFKH¢YLGHODPDFKLQHV
$55Œ7(
/HWHPSVGHPDUFKH¢YLGHHVWSU«U«JO«VXUOH6,*0$&21752/%$6,&

48$'52

(QU«JXODWLRQ48$'52ODU«JXODWLRQSHUPXWHFRPPHHQU«JXODWLRQ'8$/GH&+$5*(VXU0$5&+(
‚9,'(DSUªVOHVWHPSVGHIRUWHFRQVRPPDWLRQPDLVGLUHFWHPHQWVXU$55Œ7DSUªVOHVWHPSVGH
IDLEOHFRQVRPPDWLRQG
DLUFRPSULP«

,QIRUPDWLRQGHPRGLILFDWLRQ&RPPDQGH
 6,*0$&21752/%$6,&( B)
 0RQWDJHHWIRQFWLRQQHPHQW
 5«JXODWLRQ&KDUJH0DUFKH¢YLGHSDUFRQWDFWGLVWDQFH

&HW\SHGHU«JXODWLRQQ«FHVVLWHGHX[WHPSVSU«G«WHUPLQ«VOHWHPSVGHPDUFKHHWOHWHPSVGH
PDUFKH¢YLGHDUU¬WGLII«U«
/HWHPSVGHPDUFKH¢YLGHDUU¬WGLII«U«HWOHWHPSVGHPDUFKHVRQWSU«U«JO«VVXUOH
6,*0$&21752/%$6,&

2SWLRQ& 5«JXODWLRQ352*5(66,9(

/DU«JXODWLRQ352*5(66,9(HVWEDV«HVXUOHPRGHGHU«JXODWLRQ'8$/'LII«UHPPHQWGXPRGH
GHU«JXODWLRQ'8$/OHG«ELWYDULHSURJUHVVLYHPHQWGDQVODSODJHGHU«JODJHGHODPDFKLQH
&HPRGHGHU«JXODWLRQQ
H[LVWHSDVVXUOHVPDFKLQHV¢U«JXODWLRQGHYLWHVVHDYHFYDULDWHXUGHIU«ಣ
TXHQFH 6)&

&RQVRPPDWLRQG
DLUFRPSULP« 5«JLPHV
PRQWH &+$5*(352*5(66,9(
&+$5*(
WRPEH &+$5*(352*5(66,9(
0$5&+(‚9,'(
$55Œ7

7DE 5«JLPHVHQU«JXODWLRQ352*5(66,9(

 5«JXODWLRQ&KDUJH0DUFKH¢YLGHSDUFRQWDFWGLVWDQFH
/DFRPPDQGHSHUPHWODFRPPDQGH¢GLVWDQFHGHVSKDVHV&+$5*(SDUO
LQWHUP«GLDLUHG
XQFRQWDFW
VDQVSRWHQWLHOH[WHUQH FRQWDFWGLVWDQFH 

3ULVHV

(WDWGHODPDFKLQH¢ODOLYUDLVRQ DYHFV\VW«PHGHFRPPDQGHLQW«JU«H 
႐ /HUDFFRUGHPHQWSRXUOHFRQQHFWHXU;HVWPXQLG
XQILOGHOLDLVRQ
႐ /DFRPPDQGHSHUPXWHODPDFKLQHHQWUH&+$5*(HW0$5&+(‚9,'(ORUVTXHOHILOGHOLDLVRQ
HVWUHOL«

ᇐ 6LODPDFKLQHQHGRLWSDV¬WUHU«JXO«HSDUODFRPPDQGH¢GLVWDQFHU«WDEOLUFHU«JODJH
G
RULJLQH

)RQFWLRQ

႐ &RQWDFWIHUP«&+$5*(
႐ &RQWDFWRXYHUW0$5&+(‚9,'(

/DPDFKLQHSHUPXWHVXUU«JLPH&+$5*(¢ODIHUPHWXUHGXFRQWDFWGLVWDQFH/DPDFKLQHSHUPXWH
VXUU«JLPH0$5&+(‚9,'(¢O
RXYHUWXUHGXFRQWDFWGLVWDQFH
$SUªV«FRXOHPHQWGXWHPSVGHPDUFKH¢YLGHODPDFKLQHSHUPXWHVXU$55Œ7HWHVWHQYHLOOH
VWDQGE\ /HWHPSVGHPDUFKH¢YLGHYDULHHQIRQFWLRQGXPRGHGHU«JXODWLRQSU«U«JO«
6LODPDFKLQHDYHFFRQWDFWGLVWDQFHRXYHUWHVWPLVHHQFLUFXLWSDUODWRXFKHm0$5&+(}HOOHHVW
«JDOHPHQWHQYHLOOH VWDQGE\ HWG«PDUUHGªVODIHUPHWXUHGXFRQWDFWGLVWDQFH

,QIRUPDWLRQGHPRGLILFDWLRQ&RPPDQGH
B) 6,*0$&21752/%$6,&( 
 0RQWDJH
 6«FXULW«

 0RQWDJH
 6«FXULW«
9RXVWURXYHUH]LFLOHVFRQVLJQHVGHV«FXULW«TXLYRXVSHUPHWWURQWGHU«DOLVHUOHVWUDYDX[GHPRQWDJH
HQWRXWHV«FXULW«
/HVDYHUWLVVHPHQWVVRQWSODF«VGHYDQWFKDTXHRS«UDWLRQSRXYDQWUHSU«VHQWHUXQGDQJHU

&RQVLJQHV«O«PHQWDLUHVGHV«FXULW«

 /HVWUDYDX[GHPRQWDJHQ«FHVVLWDQWOಬRXYHUWXUHGHOಬDUPRLUH«OHFWULTXHGHODPDFKLQHLOQHGRLಣ
YHQW¬WUHU«DOLV«VTXHSDUXQ«OHFWULFLHQKDELOLW«
 6
DVVXUHUDYDQWODPLVHHQPDUFKHTXH
႐ SHUVRQQHQHWUDYDLOOHVXUODPDFKLQH
႐ WRXWHVOHVSRUWHVGHVHUYLFHVRQWIHUP«HVHWWRXVOHVSDQQHDX[UHPLVHQSODFH

7UDYDX[VXUOHVSLªFHVVRXVWHQVLRQ

 &RXSHUO
DOLPHQWDWLRQ«OHFWULTXHSDUOHFRXSHFLUFXLWHPS¬FKHUWRXWUHG«PDUUDJHLQWHPSHVWLI
VಬDVVXUHUGHOಬDEVHQFHGHWHQVLRQ
 6
DVVXUHUGHO
DEVHQFHGHWHQVLRQGHVFRQWDFWVVDQVSRWHQWLHO

 '«WHUPLQHUODU«JXODWLRQFKDUJHPDUFKH¢YLGH
/HVSKDVHVGHIRQFWLRQQHPHQWHQFKDUJHHWHQPDUFKH¢YLGHSHXYHQW¬WUHFRPPDQG«HVSDUOD
U«JXODWLRQGHSUHVVLRQLQWHUQHRXSDUXQFRQWDFWGLVWDQFHVDQVSRWHQWLHO

0DW«ULHO 7RXUQHYLV',1$ದ[PP
7X\DXIOH[LEOHದPP ORJXHXUPD[L/¦QJHPUHFRPPDQG«1<6/<˜[PP

5«JXODWLRQFKDUJHPDUFKH¢YLGHSDUODU«JXODWLRQGHSUHVVLRQLQWHUQH «WDWGHODPDFKLQH¢ODOLYUDLಣ
VRQ

/HUDFFRUGHPHQWSRXUOHFRQQHFWHXU;HVWPXQLG
XQILOUHOLDQWOHFRQWDFWHWOHFRQWDFW
/DFRPPDQGHSHUPXWHODPDFKLQHHQWUH&+$5*(HW0$5&+(‚9,'(ORUVTXHOHILOGHOLDLVRQHVW
HQSODFH
ᇐ 1HULHQPRGLILHUVLODPDFKLQHGRLW¬WUHFRPPDQG«HSDUODU«JXODWLRQGHSUHVVLRQLQWHUQH

5DFFRUGHUODU«JXODWLRQ&KDUJH0DUFKH¢YLGHSDUFRQWDFWGLVWDQFH

3RXUODFRPPDQGHGHVSKDVHVGHIRQFWLRQQHPHQWFKDUJHPDUFKH¢YLGHSDUOHFRQWDFWGLVWDQFH
UDFFRUGHUOHFRQWDFWGLVWDQFHVDQVSRWHQWLHOHQWUHOHFRQWDFWHWOHFRQWDFWDXFRQQHFWHXUSRXUOH
UDFFRUGHPHQW;6LXQILOGHOLDLVRQHVWHQSODFHOHUHWLUHU

,QIRUPDWLRQGHPRGLILFDWLRQ&RPPDQGH
 6,*0$&21752/%$6,&( B)
 0RQWDJH
 5HPSODFHPHQWSDUXQHSLªFHGHUHFKDQJH

)LJ 5DFFRUGHPHQWV6,*0$&21752/%$6,&
 (QWU«H,&RQWDFW
 $OLPHQWDWLRQ9&&&RQWDFW

 3RVHUOHF¤EOHWHWHOOHVRUWHTX
DXFXQHIRUFHQHVRLWH[HUF«HVXUOHF¤EOH¢O
RXYHUWXUHGHODSRUWH
GHO
DUPRLUH«OHFWULTXH
 '«QXGHUOHVHPERXWVGHPP
 2XYULUOHVGLVSRVLWLIVGHVHUUDJH¢UHVVRUW¢O
DLGHG
XQWRXUQHYLVHWLQWURGXLUHOHVHPERXWVGDQV
OHVRXYHUWXUHVFDUU«HVDXGHVVXVGXVHUUHF¤EOHFRUUHVSRQGDQW
 3URW«JHUOHF¤EOHFRQWUHODWHQVLRQP«FDQLTXHDXQLYHDXGHODILFKHGHUDFFRUGHPHQW;
 &DOIHXWUHUGHQRXYHDXOಬHQWU«HGHVF¤EOHVGHPDQLªUH¢HPS¬FKHUWRXWHLQILOWUDWLRQGHFRUSV
«WUDQJHUVHWGಬKXPLGLW«

 5HPSODFHPHQWSDUXQHSLªFHGHUHFKDQJH
/DFRQVWUXFWLRQGHOಬDUPRLUH«OHFWULTXHOXLDVVXUHXQHSURWHFWLRQFRQWUHOಬLQILOWUDWLRQGHFRUSV«WUDQJHUV
SRXVVLªUHV HWGಬKXPLGLW«/RUVGXPRQWDJHGHODFRPPDQGHGHUHFKDQJHYHLOOHU¢SODFHUFRUUHFಣ
WHPHQWOHVMRLQWVHWOHVSLªFHVG«WDFK«HV

0DW«ULHO 3LªFHGHUHFKDQJH
6LQ«FHVVDLUH
&¤EOHIOH[LEOHVHUYDQWGHILOGHOLDLVRQದPP UHFRPPDQG«1<6/<˜[PP
7RXUQHYLV',1$ದ[PP
0RGXOHGHSURJUDPPDWLRQVXUPDFKLQHDYHFYDULDWHXUGHIU«TXHQFH 6)&

ᇐ 5«DOLVHUOHVWUDYDX[GDQVO
RUGUHLQGLTX«
႐ &KDQJHUODFRPPDQGH YRLUFKDSLWUH
႐ 3RQWHUOHFRQWDFWGLVWDQFHGHODU«JXODWLRQFKDUJHPDUFKH¢YLGH YRLUFKDSLWUH
႐ (QILFKHUOHPRGXOHGHSURJUDPPDWLRQ YRLUFKDSLWUH
႐ )HUPHUO
DUPRLUH«OHFWULTXHHWWRXWHVOHVSRUWHVGHVHUYLFH0HWWUHWRXVOHVSDQQHDX[HQSODFH
HWOHVYHUURXLOOHU

,QIRUPDWLRQGHPRGLILFDWLRQ&RPPDQGH
B) 6,*0$&21752/%$6,&( 
 0RQWDJH
 5HPSODFHPHQWSDUXQHSLªFHGHUHFKDQJH

 &KDQJHUODFRPPDQGH

)LJ &KDQJHUODFRPPDQGH

 '«EUDQFKHUWRXVOHVFRQQHFWHXUV¢O
DUULªUHGHODFRPPDQGH
 '«PRQWHUODFRPPDQGHG«IHFWXHXVHHWPRQWHUODQRXYHOOHFRPPDQGH
 5HEUDQFKHUOHVFRQQHFWHXUV

 3RQWHUOHFRQWDFWGLVWDQFHGHODU«JXODWLRQ&KDUJH0DUFKH¢YLGH
6LDXFXQF¤EOHQ
HVWUDFFRUG«DXFRQWDFWHWDXFRQWDFWGXFRQQHFWHXU;U«DOLVHUXQSRQWDJH
HQWUHFHVFRQWDFWV/DPDFKLQHQHG«PDUUHTXHVLOHFRQWDFWGLVWDQFHGHODU«JXODWLRQ&KDUJH0DUFKH
¢YLGHHVWUDFFRUG«RXVLXQSRQWDJHHQWUHOHVFRQWDFWVHVWU«DOLV«

0DW«ULHO 7RXUQHYLV',1$ದ[PP
7X\DXIOH[LEOHದPP UHFRPPDQG«1<6/<˜[PP

)LJ 5DFFRUGHPHQWV6,*0$&21752/%$6,&
 (QWU«H,&RQWDFW
 $OLPHQWDWLRQ9&&&RQWDFW

 '«QXGHUOHVHPERXWVGHPP
 2XYULUOHVGLVSRVLWLIVGHVHUUDJH¢UHVVRUW¢O
DLGHG
XQWRXUQHYLVHWLQWURGXLUHOHVHPERXWVGDQV
OHVRXYHUWXUHVFDUU«HVDXGHVVXVGXVHUUHF¤EOHFRUUHVSRQGDQW

 (QILFKHUOHPRGXOHGHSURJUDPPDWLRQ
8QPRGXOHGHSURJUDPPDWLRQHVWQ«FHVVDLUHSRXUOHVPDFKLQHV«TXLS«HVG
XQYDULDWHXUGHIU«TXHQFH
6)& 

,QIRUPDWLRQGHPRGLILFDWLRQ&RPPDQGH
 6,*0$&21752/%$6,&( B)
 0RQWDJH
 5HPSODFHPHQWSDUXQHSLªFHGHUHFKDQJH

ᇐ 6
DVVXUHUTXHOHPRGXOHGHSURJUDPPDWLRQHVWDGDSW«¢ODFRPPDQGH1
XWLOLVHUSRXUOD
FRPPDQGHSRUWDQWODU«I«UHQFHTXHGHVPRGXOHVGHSURJUDPPDWLRQDYHFU«I«ಣ
UHQFH[[[[[$XWUHPHQWFRQVXOWHUOH6$9.$(6(5RXXQGLVWULEXWHXUDJU««

)LJ 0RGXOHGHSURJUDPPDWLRQ
 0RGXOHGHSURJUDPPDWLRQ

ᇐ 6RUWLUOHPRGXOHGHSURJUDPPDWLRQGHODFRPPDQGHG«IHFWXHXVHHWO
LQWURGXLUHGDQVO
HPER°WHಣ
PHQWDUULªUHGHODQRXYHOOHFRPPDQGH

5«VXOWDW /DQRXYHOOHFRPPDQGHHVWHQSODFH/DPDFKLQHSHXW¬WUHUHG«PDUU«H

$ODPLVHHQPDUFKHGHODPDFKLQHODFRPPDQGHDIILFKH
6<67(0(5525຋&$//6(59,&(
/HPRGXOHGHSURJUDPPDWLRQXWLOLV«Q
HVWSDVFRQIRUPH/DFRPPDQGHHVWVDQVSURJUDPPH
ᇐ &RQVXOWHUOH6$9.$(6(5RXXQGLVWULEXWHXUDJU««

,QIRUPDWLRQGHPRGLILFDWLRQ&RPPDQGH
B) 6,*0$&21752/%$6,&( 
 0LVHHQVHUYLFH
 5«JOHUODSUHVVLRQQRPLQDOHU«VHDX VWDQGDUG

 0LVHHQVHUYLFH
 5«JOHUODSUHVVLRQQRPLQDOHU«VHDX VWDQGDUG
/DSUHVVLRQQRPLQDOHU«VHDX SUHVVLRQG
DUU¬W D«W«U«JO«HHQXVLQH¢ODSUHVVLRQGHVHUYLFHPD[Lಣ
PDOHDGPLVVLEOHGHODPDFKLQH
8QHDGDSWDWLRQGHODSUHVVLRQDX[FRQGLWLRQVGHVHUYLFHLQGLYLGXHOOHVHVWQ«FHVVDLUH
/DSUHVVLRQQRPLQDOHU«VHDXGHODPDFKLQHQHGRLWSDV¬WUHVXS«ULHXUH¢ODSUHVVLRQGHVHUYLFH
PD[LPDOHGXU«VHDXG
DLUFRPSULP«UDFFRUG«
/DPDFKLQHQHGRLWSDVSHUPXWHUHQWUH&+$5*(HW0$5&+(‚9,'(SOXVGHIRLVSDUPLQXWH
3RXURSWLPLVHUODIU«TXHQFHGHFRPPXWDWLRQ
ᇐ $XJPHQWHUO
«FDUWHQWUHOHVSUHVVLRQVG
HQFOHQFKHPHQWHWG
DUU¬W
ᇐ $XJPHQWHUOHYROXPHGHVWRFNDJHGHO
DLUFRPSULP«SDUO
LQVWDOODWLRQHQDYDOG
XQSOXVJUDQG
U«VHUYRLUWDPSRQ

3UHVVLRQQRPLQDOHU«VHDX3RLQWGHFRPPXWDWLRQ

 $SSX\HUVXUOHVWRXFKHV¢IOªFKHMXVTX
¢FHTXHVXUODOLJQHGHVSDUDPªWUHV'ಯ3UHVVLRQQRಣ
PLQDOHU«VHDXSRLQWGHFRPPXWDWLRQರVRLWDIILFK«
 $SSX\HUVXUODWRXFKHm9DOLGDWLRQ}SHQGDQWDXPRLQVVMXVTX
¢FHTXHO
LQGLFDWHXU FXUVHXU
FOLJQRWH
 6«OHFWLRQQHUOHSRLQWGHFRPPXWDWLRQVRXKDLW«¢O
DLGHGHVWRXFKHV¢IOªFKHHWYDOLGHUSDUOD
WRXFKHm9DOLGDWLRQ}

3UHVVLRQQRPLQDOHU«VHDX(FDUWGHU«JXODWLRQ

/
«FDUWGHU«JXODWLRQHVWU«JO«HQXVLQH$MXVWHUOHVSDUDPªWUHVVLODIU«TXHQFHGHFRPPXWDWLRQHVW
WURS«OHY«H
 $SSX\HUVXUOHVWRXFKHV¢IOªFKHMXVTX
¢FHTXHVXUODOLJQHGHVSDUDPªWUHV&ಯ3UHVVLRQQRಣ
PLQDOHU«VHDX«FDUWGHU«JXODWLRQVRLWDIILFK«
 $SSX\HUVXUODWRXFKHm9DOLGDWLRQ}SHQGDQWDXPRLQVVMXVTX
¢FHTXHO
LQGLFDWHXU FXUVHXU
FOLJQRWH
 6«OHFWLRQQHUO
«FDUWGHU«JXODWLRQVRXKDLW«¢O
DLGHGHVWRXFKHV¢IOªFKHHWYDOLGHUSDUODWRXFKH
m9DOLGDWLRQ}

 5«JODJHGHODSUHVVLRQQRPLQDOHU«VHDXVXUOHVPDFKLQHV«TXLS«HV
G
XQYDULDWHXUGHIU«TXHQFH 6)&
/DSUHVVLRQQRPLQDOHU«VHDX SUHVVLRQG
DUU¬W D«W«U«JO«HHQXVLQH¢ODSUHVVLRQGHVHUYLFHPD[Lಣ
PDOHDGPLVVLEOHGHODPDFKLQH
8QHDGDSWDWLRQGHODSUHVVLRQDX[FRQGLWLRQVGHVHUYLFHLQGLYLGXHOOHVHVWQ«FHVVDLUH

,QIRUPDWLRQGHPRGLILFDWLRQ&RPPDQGH
 6,*0$&21752/%$6,&( B)
 0LVHHQVHUYLFH
5«JODJHGHODSUHVVLRQQRPLQDOHU«VHDXVXUOHVPDFKLQHV«TXLS«HVG
XQYDULDWHXUGH
 IU«TXHQFH 6)&

/DSUHVVLRQQRPLQDOHU«VHDXGHODPDFKLQHQHGRLWSDV¬WUHVXS«ULHXUH¢ODSUHVVLRQGHVHUYLFH
PD[LPDOHGXU«VHDXG
DLUFRPSULP«UDFFRUG«
/DPDFKLQHQHGRLWSDVSHUPXWHUHQWUH&+$5*(HW0$5&+(‚9,'(SOXVGHIRLVSDUPLQXWH
3RXURSWLPLVHUODIU«TXHQFHGHFRPPXWDWLRQ
ᇐ $XJPHQWHUO
«FDUWHQWUHOHVSUHVVLRQVG
HQFOHQFKHPHQWHWG
DUU¬W
ᇐ $XJPHQWHUOHYROXPHGHVWRFNDJHGHO
DLUFRPSULP«SDUO
LQVWDOODWLRQHQDYDOG
XQSOXVJUDQG
U«VHUYRLUWDPSRQ

)LJ 5«JODJHGHVSUHVVLRQV
 S  SPD[
3UHVVLRQQRPLQDOHU«VHDX EDU
 '  &
3RLQWGHFRPPXWDWLRQ0$5&+(‚9,'( (FDUWGHU«JXODWLRQHQWUH'HWSPLQ
 S  W
3UHVVLRQQRPLQDOHU«VHDX SDUDPªಣ 7HPSV
WUH
 SPLQ
3RLQWGHFRPPXWDWLDRQ&+$5*(

/HU«JODJHGHODSUHVVLRQU«VHDXV
HIIHFWXHHQSOXVLHXUV«WDSHV
 5«JOHUODSUHVVLRQQRPLQDOHU«VHDXVXUOHYDULDWHXUGHIU«TXHQFH
 5«JOHUOHSRLQWGHFRPPXWDWLRQ0$5&+(‚9,'(VXUOH6,*0$&21752/%$6,&
 5«JOHUOHSRLQWGHFRPPXWDWLRQ&+$5*(VXUOH6,*0$&21752/%$6,&

5«VXOWDW /HYDULDWHXUGHIU«TXHQFHUªJOHODYLWHVVHGXPRWHXUGXFRPSUHVVHXUHQU«JLPH/$67/H
6,*0$&21752/%$6,&FRPPXWHODPDFKLQHVXU0$5&+(‚9,'(ORUVTXHODSUHVVLRQU«VHDXHVW
HQKDXVVHHWVXU&+$5*(ORUVTX
HOOHHVWHQEDLVVH

 5«JOHUODSUHVVLRQQRPLQDOHU«VHDXVXUOHYDULDWHXUGHIU«TXHQFH
/DSUHVVLRQQRPLQDOHU«VHDXVHUªJOHDYHFOHSDUDPªWUHVXUOHWDEOHDXGHFRPPDQGHGXYDಣ
ULDWHXUGHIU«TXHQFH

,QIRUPDWLRQGHPRGLILFDWLRQ&RPPDQGH
B) 6,*0$&21752/%$6,&( 
 0LVHHQVHUYLFH
5«JODJHGHODSUHVVLRQQRPLQDOHU«VHDXVXUOHVPDFKLQHV«TXLS«HVG
XQYDULDWHXUGH
 IU«TXHQFH 6)&

/
HQWU«HGHODSUHVVLRQQRPLQDOHU«VHDXV
HIIHFWXHHQSRXUFHQWVUDPHQ«H¢ODSODJHGHPHVXUH
PD[LGXFDSWHXUGHSUHVVLRQ
/DSODJHGHPHVXUHHVWPDUTX«HVXUOHFDSWHXUGHSUHVVLRQ/HVFDSWHXUVGHSUHVVLRQDYHF
XQHSODJHGHPHVXUHGH¢EDUVRQWXWLOLV«VHQVWDQGDUG

3ODJHGHPHVXUH¢EDU H[HPSOHV 
႐ 8QHSUHVVLRQQRPLQDOHU«VHDXGHEDUFRUUHVSRQG¢
႐ 8QHSUHVVLRQQRPLQDOHU«VHDXGHEDUFRUUHVSRQG¢

3ODJHGHPHVXUH¢EDU H[HPSOHV 
႐ 8QHSUHVVLRQQRPLQDOHU«VHDXGHEDUFRUUHVSRQG¢
႐ 8QHSUHVVLRQQRPLQDOHU«VHDXGHEDUFRUUHVSRQG¢
ᇐ 5«JOHUODSUHVVLRQQRPLQDOHU«VHDXGXYDULDWHXUGHIU«TXHQFHVXLYDQWOHWDEOHDXVXLYDQW

2S«UDWLRQ $IILFKDJH
ᇐ $SSX\HUVXUODWRXFKHm$FFªVDX[SDUDPªWUHV} U
ᇐ $SSX\HUVXUODWRXFKHm$XJPHQWHUODYDOHXU}MXVTX
¢FHTXH3VRLWDIILFK« 3
ᇐ $SSX\HUVXUODWRXFKHm$FFªVDX[SDUDPªWUHV}SRXUDFF«GHUDX[QLYHDX[GHU«JODJH 
([HPSOHDQFLHQQHYDOHXU
ᇐ 5«JOHUODSUHVVLRQQRPLQDOHU«VHDX¢ODYDOHXUUHTXLVH¢O
DLGHGHVWRXಣ 
FKHVm$XJPHQWHUODYDOHXU}m5«GXLUHODYDOHXU} ([HPSOHFRUUHVSRQG¢EDU
GDQVXQHSODJHGHPHVXUHGH¢EDU
ᇐ $SSX\HUVXUODWRXFKHm$FFªVDX[SDUDPªWUHV}SRXUYDOLGHUODYDOHXUHWODVDXYHಣ 3
JDUGHU

7DE 5«JOHUODSUHVVLRQQRPLQDOHU«VHDXVXUOHYDULDWHXUGHIU«TXHQFH

 5«JOHUOHSRLQWGHFRPPXWDWLRQ0$5&+(‚9,'(VXUOH
6,*0$&21752/%$6,&
3DUDPªWUH'ಯ3UHVVLRQQRPLQDOHU«VHDX3RLQWGHFRPPXWDWLRQರHVWXWLOLV«SRXUG«ILQLUOHSRLQWGH
FRPPXWDWLRQ0$5&+(‚9,'(
&RQGLWLRQ3DUDPªWUH' SEDU
5«JODJHHQXVLQH3DUDPªWUH' SEDU

ᇐ 5«JOHUOHSRLQWGHFRPPXWDWLRQ0$5&+(‚9,'(VXUOH6,*0$&21752/%$6,&VXLYDQWOH
WDEOHDXVXLYDQW

2S«UDWLRQ $IILFKDJH
ᇐ $SSX\HUVXUOHVWRXFKHVm+$87}m%$6}MXVTX
¢FHTXHOHSDUDPªWUH'VRLW 'EDU
DIILFK«VXUODªPHOLJQH ([HPSOHDQFLHQQHYDOHXUEDU
ᇐ $SSX\HUVXUODWRXFKHm9DOLGDWLRQ}SHQGDQWDXPRLQVVMXVTX
¢FHTXHO
LQಣ 'EDU
GLFDWHXU FXUVHXU FOLJQRWH
ᇐ 6«OHFWLRQQHUOHSRLQWGHFRPPXWDWLRQG«VLU«¢O
DLGHGHVWRXFKHVm+$87} 'EDU
m%$6} ([HPSOHEDU
ᇐ $SSX\HUVXUODWRXFKHm9DOLGDWLRQ}SRXUYDOLGHUODYDOHXUHWODVDXYHJDUGHU

7DE 5«JOHUOHSRLQWGHFRPPXWDWLRQ0$5&+(‚9,'(

,QIRUPDWLRQGHPRGLILFDWLRQ&RPPDQGH
 6,*0$&21752/%$6,&( B)
 0LVHHQVHUYLFH
5«JODJHGHODSUHVVLRQQRPLQDOHU«VHDXVXUOHVPDFKLQHV«TXLS«HVG
XQYDULDWHXUGH
 IU«TXHQFH 6)&

 5«JOHUOHSRLQWGHFRPPXWDWLRQ&+$5*(VXUOH6,*0$&21752/%$6,&
3DUDPªWUH&ಯ3UHVVLRQQRPLQDOHU«VHDX(FDUWGHU«JXODWLRQಯHVWXWLOLV«SRXUG«ILQLUOHSRLQWGHFRPಣ
PXWDWLRQ&+$5*(
/
«FDUWGHU«JXODWLRQHVWU«JO«HQXVLQH1
DMXVWHUOHVSDUDPªWUHVTXHVLODIU«TXHQFHGHFRPPXWDWLRQ
HVWWURS«OHY«H
&RQGLWLRQS!3DUDPªWUH'3DUDPªWUH&
5«JODJHHQXVLQH3DUDPªWUH& EDU

ᇐ 5«JOHUOHSRLQWGHFRPPXWDWLRQ&+$5*(VXUOH6,*0$&21752/%$6,&VXLYDQWOHWDEOHDX
VXLYDQW

2S«UDWLRQ $IILFKDJH
ᇐ $SSX\HUVXUOHVWRXFKHVm+$87}m%$6}MXVTX
¢FHTXHOHSDUDPªWUH&VRLW &EDU
DIILFK«VXUODªPHOLJQH ([HPSOHDQFLHQQHYDOHXUEDU
ᇐ $SSX\HUVXUODWRXFKHm9DOLGDWLRQ}SHQGDQWDXPRLQVVMXVTX
¢FHTXHO
LQGLಣ &EDU
FDWHXU FXUVHXU FOLJQRWH
ᇐ 6«OHFWLRQQHUO
«FDUWGHU«JXODWLRQG«VLU«¢O
DLGHGHVWRXFKHVm+$87}m%$6} &EDU
([HPSOHEDU
ᇐ $SSX\HUVXUODWRXFKHm9DOLGDWLRQ}SRXUYDOLGHUODYDOHXUHWODVDXYHJDUGHU

7DE 5«JOHUOHSRLQWGHFRPPXWDWLRQ&+$5*(

,QIRUPDWLRQGHPRGLILFDWLRQ&RPPDQGH
B) 6,*0$&21752/%$6,&( 
 )RQFWLRQQHPHQW
 0LVHHQPDUFKHHWDUU¬W

 )RQFWLRQQHPHQW
 0LVHHQPDUFKHHWDUU¬W
/DPDFKLQHGRLWWRXMRXUV¬WUHPLVHHQPDUFKH¢O
DLGHGHODWRXFKHm0$5&+(}HWDUU¬W«H¢O
DLGHGH
ODWRXFKHm$55Œ7}
/HFRXSHFLUFXLWHVWLQVWDOO«VXUOHOLHXGಬLQVWDOODWLRQ

)LJ 0LVHHQPDUFKHHWDUU¬W
 9R\DQWOXPLQHX[0DFKLQH0$5&+( YHUW  7RXFKHm$55Œ7}
 7RXFKHm0$5&+(}  9R\DQWOXPLQHX[7HQVLRQ YHUW

 0LVHHQFLUFXLW
&RQGLWLRQ 3HUVRQQHQHWUDYDLOOHVXUODPDFKLQH
7RXWHVOHVSRUWHVGHVHUYLFHVRQWIHUP«HVHWOHVSDQQHDX[YHUURXLOO«V

 (QFOHQFKHUOHFRXSHFLUFXLW
$SUªVXQFRQWU¶OHDXWRPDWLTXHGHODFRPPDQGHOHYR\DQWOXPLQHX[YHUW7HQVLRQV
DOOXPH
 $SSX\HUVXUODWRXFKHm0$5&+(}
/HYR\DQWOXPLQHX[YHUW0DFKLQH0$5&+(V
DOOXPH
(QFDVGHFRXSXUHGHFRXUDQWODPDFKLQHQ
HVWSDVSURW«J«HFRQWUHXQG«PDUUDJHDXWRPDWLಣ
TXH
(OOHSHXWUHG«PDUUHUDXWRPDWLTXHPHQWDXUHWRXUGXFRXUDQW

5«VXOWDW /HPRWHXUFRPSUHVVHXUG«PDUUHGªVTXHODSUHVVLRQU«VHDXHVWLQI«ULHXUH¢ODSUHVVLRQQRPLQDOH
U«VHDXSU«U«JO«H SUHVVLRQG
DUU¬W 

 0LVHKRUVFLUFXLW
/DPDFKLQHV
DUU¬WHDSUªVXQWHPSVGHIRQFWLRQQHPHQW¢YLGHU«JO«VXUVRQU«JLPH

,QIRUPDWLRQGHPRGLILFDWLRQ&RPPDQGH
 6,*0$&21752/%$6,&( B)
 )RQFWLRQQHPHQW
 $FTXLWWHUOHVVLJQDOLVDWLRQVGHG«IDXWHWDYHUWLVVHPHQWV

&+$5*( 0$5&+(‚9,'(
/DPDFKLQHSHUPXWHVXU0$5&+(‚9,'( /HPRWHXUFRPSUHVVHXUV
DUU¬WHLPP«GLDWHPHQW
/HYR\DQWOXPLQHX[0DFKLQH0$5&+(FOLJQRWH /HYR\DQWOXPLQHX[0DFKLQH0$5&+(V
«WHLQW
/HFRPSUHVVHXUV
DUU¬WHVHFRQGHVDSUªV
/HYR\DQWOXPLQHX[0DFKLQH0$5&+(V
«WHLQW

7DE $UU¬WDYHFVDQVWHPSVGHIRQFWLRQQHPHQWSDULQHUWLH

 $SSX\HUVXUODWRXFKHm$55Œ7}
/DPDFKLQHHVWHQ«WDWGHPDUFKHGªVTXHOHYR\DQWOXPLQHX[0DFKLQH0$5&+(V
«WHLQW(OOH
SHXW¬WUHUHPLVHHQPDUFKH
 &RXSHUO
LQWHUUXSWHXUSULQFLSDOHWHPS¬FKHUWRXWUHG«PDUUDJHLQWHPSHVWLI
/DPDFKLQHHVWDUU¬W«HHWFRPSOªWHPHQWLVRO«HGHO
DOLPHQWDWLRQ«OHFWULTXH/HW«PRLQOXPLQHX[
7HQVLRQV
«WHLQW

 $FTXLWWHUOHVVLJQDOLVDWLRQVGHG«IDXWHWDYHUWLVVHPHQWV

)LJ $FTXLWWHUOHVVLJQDOLVDWLRQV
 9R\DQWOXPLQHX[$YHUWLVVHPHQW MDXQH
 9R\DQWOXPLQHX['«IDXW URXJH
 7RXFKHm$FTXLWWHPHQW}

6LJQDOLVDWLRQGHG«IDXW

/
DIILFKDJHG
XQHVLJQDOLVDWLRQV
HIIHFWXHFRPPHVXLW
႐ /DVLJQDOLVDWLRQHVWDFWLY«HOHW«PRLQOXPLQHX[FOLJQRWH
႐ /DVLJQDOLVDWLRQHVWDFTXLWW«HOHW«PRLQOXPLQHX[HVWDOOXP«
႐ /DVLJQDOLVDWLRQHVWVXSSULP«HOHW«PRLQOXPLQHX[V
«WHLQW

RX

႐ /DVLJQDOLVDWLRQHVWDFWLY«HOHW«PRLQOXPLQHX[FOLJQRWH
႐ /DVLJQDOLVDWLRQHVWVXSSULP«HOHW«PRLQOXPLQHX[FOLJQRWH
႐ /DVLJQDOLVDWLRQHVWDFTXLWW«HOHW«PRLQOXPLQHX[V
«WHLQW

,QIRUPDWLRQGHPRGLILFDWLRQ&RPPDQGH
B) 6,*0$&21752/%$6,&( 
 )RQFWLRQQHPHQW
 5«JOHUOHVSDUDPªWUHV

ᇐ (OLPLQHUOHG«IDXWHWDFTXLWWHUODVLJQDOLVDWLRQSDUODWRXFKHm$FTXLWWHPHQW}
/HYR\DQWOXPLQHX['«IDXWV
«WHLQW
/DPDFKLQHHVWGHQRXYHDXSU¬WH¢IRQFWLRQQHU

$YHUWLVVVHPHQW

႐ /DVLJQDOLVDWLRQHVWDFWLY«H/('DOOXP«H
႐ /DVLJQDOLVDWLRQHVWVXSSULP«HOHW«PRLQOXPLQHX[V
«WHLQW

ᇐ (OLPLQHUODFDXVHGHG«IDXWRXU«DOLVHUO
HQWUHWLHQ
/HYR\DQWOXPLQHX[$YHUWLVVHPHQWV
«WHLQWGªVVXSUHVVLRQGHODFDXVHGHO
DYHUWLVVHPHQW

 5«JOHUOHVSDUDPªWUHV
8QHGHPDQGHGXPRWGHSDVVHHVWDFWLY«HDXWRPDWLTXHPHQWVLQ«FHVVDLUH
&KDTXHDFWLRQSHXW¬WUHG«V«OHFWLRQQ«HSDUODWRXFKHm(FKDSSHPHQW}
/DVRUWLHGXPRGHGHPRGLILFDWLRQV
HIIHFWXHDXWRPDWLTXHPHQWVLDXFXQHWRXFKHQ
HVWV«OHFಣ
WLRQQ«HGDQVOHVV
8QUHG«PDUUDJHGHODFRPPDQGHQ
HVWSDVQ«FHVVDLUH&KDTXHSDUDPªWUHPRGLIL«HVWDXVVLW¶W
GLVSRQLEOH
/DSUHVVLRQU«VHDXHWODWHPS«UDWXUHILQDOHGHFRPSUHVVLRQQHVRQWSDVDFWXDOLV«HVRXDIILFK«HV
GDQVOHPRGHGHPRGLILFDWLRQ

$SSHOHUOHPRGHGHPRGLILFDWLRQ

 $SSX\HUVXUOHVWRXFKHVm+$87}m%$6}MXVTX
¢FHTXHOHSDUDPªWUHVRXKDLW«DSSDUDLVVHVXU
ODªPHOLJQH
 $SSX\HUVXUOHERXWRQm9DOLGDWLRQ}SHQGDQWDXPRLQVV

5«VXOWDW 6HORQOHW\SHGHSDUDPªWUHODYDOHXUDIILFK«HRXODSUHPLªUHSRVLWLRQGXPRWGHSDVVHGHPDQG«
FOLJQRWH

0RGLILHUOHVSDUDPªWUHVVDQVSURWHFWLRQSDUPRWGHSDVVH

&RQGLWLRQ /DYDOHXUDFWXHOOHGXSDUDPªWUHFOLJQRWH

ᇐ 0RGLILHUODYDOHXUGXSDUDPªWUH¢O
DLGHGHVWRXFKHVm+$87}m%$6}HWYDOLGHU¢O
DLGHGHOD
WRXFKHm9DOLGDWLRQ}

0RGLILHUOHVSDUDPªWUHVDYHFSURWHFWLRQSDUPRWGHSDVVH

&HUWDLQVSDUDPªWUHVQHSHXYHQW¬WUHPRGLIL«VTX
DSUªVHQWU«HG
XQPRWGHSDVVH
0RWGHSDVVH%$6,&
/HPRWGHSDVVHVHG«VDFWLYHDXWRPDWLTXHPHQWVLDXFXQHWRXFKHQ
HVWDFWLRQQ«HSHQGDQW
PLQXWHV

&RQGLWLRQ /HSUHPLHUFDUDFWªUHFOLJQRWH

,QIRUPDWLRQGHPRGLILFDWLRQ&RPPDQGH
 6,*0$&21752/%$6,&( B)
 )RQFWLRQQHPHQW
 5«JOHUOHVSDUDPªWUHV

 (QWUHUOHSUHPLªUHFDUDFWªUH¢O
DLGHGHVWRXFKHVm+$87}m%$6}HWYDOLGHU¢O
DLGHGHODWRXಣ
FKHm9DOLGDWLRQ}
/HFDUDFWªUHVXLYDQWFOLJQRWH
 5«S«WHUO
RS«UDWLRQMXVTX
¢FHTXHWRXVOHVFDUDFWªUHVVRLHQWV«OHFWLRQQ«V
6LOHPRWGHSDVVHHVWFRUUHFWOHSDUDPªWUHV
DIILFKH
 0RGLILHUODYDOHXUGXSDUDPªWUH¢O
DLGHGHVWRXFKHVm+$87}m%$6}HWYDOLGHU¢O
DLGHGHOD
WRXFKHm9DOLGDWLRQ}

,QIRUPDWLRQGHPRGLILFDWLRQ&RPPDQGH
B) 6,*0$&21752/%$6,&( 
 5HFRQQD°WUHOHVG«IDXOWVHWOHV«OLPLQHU
 &RQVLJQHV«O«PHQWDLUHV

 5HFRQQD°WUHOHVG«IDXOWVHWOHV«OLPLQHU
 &RQVLJQHV«O«PHQWDLUHV
/HVWDEOHDX[VXLYDQWVSHUPHWWHQWGHORFDOLVHUOHVFDXVHVGHG«IDXW

,OH[LVWHW\SHVGHG«IDXW
႐ '«IDXW9R\DQWURXJHFOLJQRWHYRLUFKDSLWUH
႐ $YHUWLVVHPHQW9R\DQWMDXQHV
DOOXPHYRLUFKDSLWUH

/HVVLJQDOLVDWLRQVTXLVHUDSSRUWHQW¢YRWUHPDFKLQHYDULHQWHQIRQFWLRQGHODFRPPDQGHHWGHOಬ«TXLಣ
SHPHQWLQGLYLGXHOGHODPDFKLQH
 1HSUHQGUHTXHOHVPHVXUHVG«FULWHVGDQVODSU«VHQWHQRWLFHGಬHQWUHWLHQ
 6LDXFXQHLQVWUXFWLRQQ
HVWGRQQ«H
)DLUH«OLPLQHUOHG«IDXWSDUOH6$9.$(6(5RXSDUXQGLVWULEXWHXUDJU««

 6LJQDOLVDWLRQVGHG«IDXW PDFKLQHDUU¬W«H


/HFRGHG
HUUHXUHVWUHSU«VHQW«GDQVODªPHOLJQHGHO
DIILFKDJH
8QDXWRFROODQWVXUODPDFKLQHLQGLTXHODVLJQLILFDWLRQGXFRGHG
HUUHXUDXPR\HQGHV\PEROHV

&RGH 6\PEROH 6LJQLILFDWLRQ 0HVXUH


G
HUUHXU
 %RXWRQ$55(7'
85*(1&( ᇐ 5«DUPHUOHERXWRQ$55(7'
85*(1&(
DFWLRQQ« ᇐ )HUPHUODSRUWHGHVHUYLFH
3DQQHDXGHV«FXULW«RXSRUWH
GHVHUYLFH VHORQ«TXLSHPHQW
RXYHUW H 
 '«IDXWPRWHXU ᇐ &RQWU¶OHUOHU«JODJHGXUHODLVGHVXUFKDUಣ
3URWHFWLRQGHVXUFKDUJHPRWHXU JHGXUHODLVGHSURWHFWLRQPRWHXU
FRPSUHVVHXURXPRWHXUYHQWLODಣ ᇐ &KDQJHUODFDUWRXFKHV«SDUDWULFHG
KXLOH
WHXU VLFRPSULVGDQV«TXLSHಣ ᇐ &RQWU¶OHUOHFODSHWDQWLUHWRXUGHSUHVVLRQ
PHQW  PLQLPDOH
0DFKLQHVDYHFYDULDWHXUGHIU«ಣ ᇐ )DLUHFRQWU¶OHUOHYDULDWHXUGHIU«TXHQFH
TXHQFH SDUOH6$9.$(6(5RXSDUXQGLVWULEXWHXU
G«IDXWGXYDULDWHXUGHIU«TXHQಣ DJU««
FH
 3U«VHQFHGHFRQWUHSUHVVLRQ ᇐ ,QYHUVHUOHVSKDVHV/HW/
႐ 0DXYDLVVHQVGHURWDWLRQ ᇐ 5HPSODFHUODFRXUURLHG
HQWUD°QHPHQW
GXPRWHXUFRPSUHVVHXU ᇐ )DLUHFRQWU¶OHUOHFRPPXWDWHXUFRQWUH
႐ &RXUURLHG
HQWUD°QHPHQW SUHVVLRQSDUOH6$9.$(6(5RXSDUXQ
FDVV«H GLVWULEXWHXUDJU««
႐ &LUFXLWG
DLUQRQG«FRPSULಣ
P«¢O
$55Œ7
႐ &RPPXWDWHXUFRQWUHSUHVಣ
VLRQG«IHFWXHX[

&RXUWHFRXSXUHGHO
DOLPHQWDಣ
WLRQ«OHFWULTXH

,QIRUPDWLRQGHPRGLILFDWLRQ&RPPDQGH
 6,*0$&21752/%$6,&( B)
 5HFRQQD°WUHOHVG«IDXOWVHWOHV«OLPLQHU
 $YHUWLVVVHPHQWV

&RGH 6\PEROH 6LJQLILFDWLRQ 0HVXUH


G
HUUHXU
 7HPS«UDWXUHILQDOHGHFRPಣ ᇐ 1HWWR\HUOHU«IULJ«UDQW
SUHVVLRQVXS«ULHXUH¢ODOLPLWH ᇐ 9HLOOHU¢XQ«FDUWVXIILVDQWHQWUHOHPXUHW
PD[L O
RULILFHG
HQWU«HRXGHVRUWLHG
DLUGHUHಣ
IURLGLVVHPHQW&RQWU¶OHUOHQLYHDXG
KXLOH
GHUHIURLGLVVHPHQW
ᇐ 0DLQWHQLUODWHPS«UDWXUHDPELDQWHGDQV
ODSODJHDGPLVVLEOH
ᇐ &KDQJHUOHILOWUH¢KXLOH
 '«IDXWDXQLYHDXGXV«FKHXUIULಣ ᇐ 1HWWR\HUOHFRQGHQVHXUGHIULJRULJªQH
JRULILTXH ᇐ 9HLOOHU¢XQHYHQWLODWLRQHIILFDFH
ᇐ ,QVWDOOHUXQYHQWLODWHXUG
«YDFXDWLRQG
DLU
 (QWU«HDQDORJLTXHG«IHFWXHXVH ᇐ &RQWU¶OHUOHVOLJQHVHWOHVUDFFRUGHPHQWV
FDSWHXUGHSUHVVLRQRXFDSಣ
WHXUGHWHPS«UDWXUH 
 7HPS«UDWXUHGXER°WLHUGHOD ᇐ 9HLOOHU¢XQHYHQWLODWLRQHIILFDFH
FRPPDQGHVXS«ULHXUH¢ODOLPLಣ ᇐ 0DLQWHQLUODWHPS«UDWXUHDPELDQWHGDQV
WHPD[LDGPLVVLEOH ODSODJHDGPLVVLEOH
 ದ 6HFRXUV ದ

7DE 6LJQDOLVDWLRQVGHG«IDXW

 $YHUWLVVVHPHQWV
/HFRGHG
HUUHXUHVWUHSU«VHQW«GDQVODªPHOLJQHGHO
DIILFKDJH
8QDXWRFROODQWVXUODPDFKLQHLQGLTXHODVLJQLILFDWLRQGXFRGHG
HUUHXU¢O
DLGHGHV\PEROHV

&RGH 6\PEROH 6LJQLILFDWLRQ 0HVXUHV


G
HUUHXU
6 &RPSWHXUG
KHXUHVG
HQWUHWLHQ¢ ᇐ 5«DOLVHUO
HQWUHWLHQ

S 3U«VHQFHGHFRQWUHSUHVVLRQ ᇐ &RQWU¶OHUOHVHQVGHURWDWLRQGX
PRWHXUFRPSUHVVHXU

6 7HPS«UDWXUHDXG«PDUUDJHLQI«ULHXUH ᇐ $XJPHQWHUODWHPS«UDWXUHDPಣ
¢ODOLPLWHPLQDGPLVVLEOH ELDQWH

L 0RGHG
HVVDLVRXSDSHGHV«FXULW«DFಣ ᇐ &RQWU¶OHUODVRXSDSHGHV«FXULW«
WLY« ᇐ 5HPHWWUHOHPRGHG
HVVDL¢ODYDಣ
OHXULQLWLDOH

7DE $YHUWLVVVHPHQWV

,QIRUPDWLRQGHPRGLILFDWLRQ&RPPDQGH
B) 6,*0$&21752/%$6,&( 
 5HFRQQD°WUHOHVG«IDXOWVHWOHV«OLPLQHU
 $YHUWLVVVHPHQWV

,QIRUPDWLRQGHPRGLILFDWLRQ&RPPDQGH
 6,*0$&21752/%$6,&( B)

You might also like