Professional Documents
Culture Documents
('8&$7,211$7,21$/(
'(/$5(&+(5&+((7'(/$7(&+12/2*,(
',5(&7,21'(6/<&((6(7&2//(*(6
%5(9(7'(7(&+1,&,(1683(5,(85
75$163257
6RXVGLUHFWLRQGHVIRUPDWLRQVSURIHVVLRQQHOOHVLQLWLDOHV HWFRQWLQXHV
%5(9(7'(7(&+1,&,(1683(5,(85© 75$163257 ª
6200$,5(
$55(7( SRUWDQW FUpDWLRQ HW GpILQLWLRQ GX EUHYHW GH WHFKQLFLHQ VXSpULHXU WUDQVSRUW HW IL[DQW OHV
FRQGLWLRQVGHGpOLYUDQFHGHFHGLSO{PH
$11(;(,
5pIpUHQWLHOGHVDFWLYLWpVSURIHVVLRQQHOOHV5$3
5pIpUHQWLHOGHFHUWLILFDWLRQ
¾ &DSDFLWpV FRPSpWHQFHV
¾ 6DYRLUVDVVRFLpV
¾ 8QLWpVFRQVWLWXWLYHV
¾ 8QLWpVFRPPXQHV
$11(;(,,
6WDJHHQPLOLHXSURIHVVLRQQHO
$11(;(,,,
+RUDLUHV
$11(;(,9
5qJOHPHQWG
H[DPHQ
$11(;(9
'pILQLWLRQGHVpSUHXYHVSRQFWXHOOHVHWGHVVLWXDWLRQVG
pYDOXDWLRQHQFRXUVGHIRUPDWLRQ
$11(;(9,
7DEOHDXGHFRUUHVSRQGDQFHG
pSUHXYHVXQLWpV
0,1,67(5( $UUrWp SRUWDQW GpILQLWLRQ HW IL[DQW
'(/
('8&$7,211$7,21$/( OHV FRQGLWLRQV GH GpOLYUDQFH GX
'(/$5(&+(5&+( EUHYHW GH WHFKQLFLHQ VXSpULHXU
(7'(/$7(&+12/2*,( WUDQVSRUW
'LUHFWLRQGHVO\FpHVHWFROOqJHV
6RXVGLUHFWLRQGHVIRUPDWLRQV
SURIHVVLRQQHOOHVLQLWLDOHVHWFRQWLQXHV
%XUHDXGHVGLSO{PHVSURIHVVLRQQHOV
/(0,1,675('(/
('8&$7,211$7,21$/(
'(/$5(&+(5&+((7'(/$7(&+12/2*,(
98OHGpFUHWQGXPDLPRGLILpSRUWDQWUqJOHPHQWJpQpUDOGXEUHYHWGHWHFKQLFLHQ
VXSpULHXU
98 O
DUUrWp GX PDL IL[DQW OHV FRQGLWLRQV G
KDELOLWDWLRQ j PHWWUH HQ RHXYUH OH FRQWU{OH HQ
FRXUVGHIRUPDWLRQHQYXHGH ODGpOLYUDQFHGXEDFFDODXUpDWSURIHVVLRQQHOGXEUHYHWSURIHVVLRQQHO
HWGXEUHYHWGHWHFKQLFLHQVXSpULHXU
98 O
DUUrWp GX PDL UHODWLI DX SRVLWLRQQHPHQW HQ YXH GH OD SUpSDUDWLRQ GX EDFFDODXUpDW
SURIHVVLRQQHOGXEUHYHWSURIHVVLRQQHOHWGXEUHYHW GHWHFKQLFLHQVXSpULHXU
98 O
DYLV GH OD FRPPLVVLRQ SURIHVVLRQQHOOH FRQVXOWDWLYH WUDQVSRUW HW PDQXWHQWLRQ GX MDQYLHU
98O
DYLVGX&RQVHLOQDWLRQDOGHO
HQVHLJQHPHQWVXSpULHXUHWGHODUHFKHUFKHGXDYULO
98O
DYLVGX&RQVHLOVXSpULHXUGHO
pGXFDWLRQGXDYULO
$55(7(
$57,&/(35(0,(5
/DGpILQLWLRQHWOHVFRQGLWLRQVGHGpOLYUDQFHGXEUHYHWGHWHFKQLFLHQVXSpULHXUWUDQVSRUWVRQWIL[pHV
FRQIRUPpPHQWDX[GLVSRVLWLRQVGXSUpVHQWDUUrWp
$57,&/(
/HV XQLWpV FRQVWLWXWLYHV GX UpIpUHQWLHO GH FHUWLILFDWLRQ GX EUHYHW GH WHFKQLFLHQ VXSpULHXU WUDQVSRUW
VRQWGpILQLHVHQDQQH[HDXSUpVHQWDUUrWp
&HWWHDQQH[HSUpFLVHpJDOHPHQWOHVXQLWpVFRPPXQHVDXEUHYHWGHWHFKQLFLHQVXSpULHXUWUDQVSRUWHWj
G
DXWUHVVSpFLDOLWpVGHEUHYHWGHWHFKQLFLHQVXSpULHXU
$57,&/(
/D IRUPDWLRQ VDQFWLRQQpH SDU OH EUHYHW GH WHFKQLFLHQ VXSpULHXU WUDQVSRUW FRPSRUWH GHV VWDJHV HQ
PLOLHXSURIHVVLRQQHOGRQWOHVILQDOLWpVHWODGXUpHH[LJpHSRXUVHSUpVHQWHUjO
H[DPHQVRQWSUpFLVpHV
HQDQQH[H,,DXSUpVHQWDUUrWp
$57,&/(
(QIRUPDWLRQLQLWLDOHVRXVVWDWXWVFRODLUHOHVHQVHLJQHPHQWVSHUPHWWDQWG
DWWHLQGUHOHVFRPSpWHQFHV
UHTXLVHVGXWHFKQLFLHQVXSpULHXUVRQWGLVSHQVpVFRQIRUPpPHQWjO
KRUDLUHKHEGRPDGDLUHILJXUDQW HQ
DQQH[H,,,DXSUpVHQWDUUrWp
$57,&/(
/H UqJOHPHQW G
H[DPHQ HVW IL[p HQ DQQH[H ,9 DX SUpVHQW DUUrWp /D GpILQLWLRQ GHV pSUHXYHV
SRQFWXHOOHV HW GHV VLWXDWLRQV G
pYDOXDWLRQ HQ FRXUV GH IRUPDWLRQ HVW IL[pH HQ DQQH[H 9 DX SUpVHQW
DUUrWp
$57,&/(
3RXUFKDTXHVHVVLRQG
H[DPHQODGDWHGHFO{WXUHGHVUHJLVWUHVG
LQVFULSWLRQHWODGDWHGHGpEXWGHV
pSUHXYHVSUDWLTXHVRXpFULWHVVRQWDUUrWpHVSDUOHPLQLVWUHFKDUJpGHO
pGXFDWLRQQDWLRQDOH
/DOLVWHGHVSLqFHVjIRXUQLUORUVGHO
LQVFULSWLRQjO
H[DPHQHVWIL[pHSDUFKDTXHUHFWHXU
$57,&/(
&KDTXH FDQGLGDW V
LQVFULW j O
H[DPHQ GDQV VD IRUPH JOREDOH RX GDQV VD IRUPH SURJUHVVLYH
FRQIRUPpPHQWDX[GLVSRVLWLRQVGHVDUWLFOHVHWGXGpFUHWVXVYLVp
,OSUpFLVHpJDOHPHQWV
LOVRXKDLWHVXELUO
pSUHXYHIDFXOWDWLYH
'DQVOHFDVGHODIRUPHSURJUHVVLYHOHFDQGLGDWSUpFLVHOHVpSUHXYHVRXXQLWpVTX
LOVRXKDLWHVXELUj
ODVHVVLRQSRXUODTXHOOHLOV
LQVFULW
/H EUHYHW GH WHFKQLFLHQ VXSpULHXU WUDQVSRUW HVW GpOLYUp DX[ FDQGLGDWV D\DQW SDVVp DYHF VXFFqV
O
H[DPHQGpILQLSDUOHSUpVHQWDUUrWpFRQIRUPpPHQWDX[GLVSRVLWLRQVGXWLWUH,,,GXGpFUHWVXVYLVp
$57,&/(
/HVFRUUHVSRQGDQFHVHQWUHOHVpSUHXYHVGHO
H[DPHQRUJDQLVpHVFRQIRUPpPHQWjO
DUUrWpGXDYULO
IL[DQWOHVFRQGLWLRQVGHGpOLYUDQFHGXEUHYHWGHWHFKQLFLHQVXSpULHXUWUDQVSRUWHWOHVpSUHXYHV
GHO
H[DPHQRUJDQLVpFRQIRUPpPHQWDXSUpVHQWDUUrWpVRQWSUpFLVpHVHQDQQH[H9,DXSUpVHQWDUUrWp
/DGXUpHGHYDOLGLWpGHVQRWHVpJDOHVRXVXSpULHXUHVjVXUREWHQXHVDX[pSUHXYHVGHO
H[DPHQ
VXEL VHORQ OHV GLVSRVLWLRQV GH O
DUUrWp GX DYULO SUpFLWp HW GRQW OH FDQGLGDW GHPDQGH OH
EpQpILFH GDQV OHV FRQGLWLRQV SUpYXHV j O
DOLQpD SUpFpGHQW HVW UHSRUWpH GDQV OH FDGUH GH O
H[DPHQ
RUJDQLVpVHORQOHVGLVSRVLWLRQVGXSUpVHQWDUUrWpFRQIRUPpPHQWjO
DUWLFOHGXGpFUHWVXVYLVpHWj
FRPSWHUGHODGDWHG
REWHQWLRQGHFHUpVXOWDW
$57,&/(
/D SUHPLqUH VHVVLRQ GX EUHYHW GH WHFKQLFLHQ VXSpULHXU WUDQVSRUW RUJDQLVpH FRQIRUPpPHQW DX[
GLVSRVLWLRQVGXSUpVHQWDUUrWpDXUDOLHXHQ
/D GHUQLqUH VHVVLRQ GX EUHYHW GH WHFKQLFLHQ VXSpULHXU WUDQVSRUW RUJDQLVpH FRQIRUPpPHQW DX[
GLVSRVLWLRQV GH O
DUUrWp GX DYULO SRUWDQW FUpDWLRQ HW GpILQLWLRQ GX EUHYHW GH WHFKQLFLHQ
VXSpULHXU WUDQVSRUWHW GH O
DUUrWp GX DYULO IL[DQW OHV FRQGLWLRQV GH GpOLYUDQFHGXEUHYHWGH
WHFKQLFLHQ VXSpULHXU WUDQVSRUW DXUD OLHX HQ $ O
LVVXH GH FHWWH VHVVLRQ OHVDUUrWpV GX DYULO
SUpFLWpVVRQWDEURJpV
$57,&/(
/H GLUHFWHXU GHV O\FpHV HW FROOqJHV HW OHV UHFWHXUV VRQW FKDUJpV FKDFXQ HQ FH TXL OH FRQFHUQH GH
O
H[pFXWLRQGXSUpVHQWDUUrWpTXLVHUDSXEOLpDX-RXUQDORIILFLHOGHOD5pSXEOLTXHIUDQoDLVH
$11(;(,
5pIpUHQWLHOGHVDFWLYLWpVSURIHVVLRQQHOOHV
,1752'8&7,21$85()(5(17,(/
/HV WLWXODLUHV G
XQ %UHYHW GH WHFKQLFLHQ VXSpULHXU 7UDQVSRUW VRQW
DSSHOpVjH[HUFHUOHXUDFWLYLWpSURIHVVLRQQHOOH
3ULQFLSDOHPHQW
(YHQWXHOOHPHQW
GDQVOHVHQWUHSULVHVGHWUDQVSRUWGHSHUVRQQHV
GDQVOHVDFWLYLWpVWUDQVSRUWVGHVHQWUHSULVHVLQGXVWULHOOHVHW
FRPPHUFLDOHV
'
XQH PDQLqUH JpQpUDOH LOV H[HUFHQW OHXU DFWLYLWp GDQV OHV HQWUHSULVHV
D\DQWjH[SORLWHUXQHDFWLYLWpGHWUDQVSRUWQDWLRQDOHWRXLQWHUQDWLRQDO
/HWLWXODLUHG
XQ%76DSRXUPLVVLRQ
VRLW G
DVVLVWHU XQ &KHI G
HQWUHSULVH RX XQ 'LUHFWHXU
G
H[SORLWDWLRQ
VRLW G
DVVXPHU OD UHVSRQVDELOLWp G
XQ VHFWHXU G
DFWLYLWp GH
O
HQWUHSULVH
,OSHXWrWUH
FKHIG
H[SORLWDWLRQRXDGMRLQWjXQFKHIG
H[SORLWDWLRQ
UHVSRQVDEOHGHGpS{WRXG
HQWUHS{W
UHVSRQVDEOHG
DIIUqWHPHQW
FKHIGHWUDILFRXGHFDPLRQQDJH
UHVSRQVDEOHGHVHUYLFHDSUqVYHQWH
DQLPDWHXUFRPPHUFLDO
6HORQ OH W\SH G
HQWUHSULVH QDWXUH HW WDLOOH GDQV ODTXHOOH V
H[HUFHQW
OHV DFWLYLWpV GX WLWXODLUH G
XQ %76 7UDQVSRUW OHXU QDWXUH SHXW
FKDQJHUPDLVLOQH SDUDvWSDVVRXKDLWDEOHG
HQYLVDJHUFHWWHGLVWLQFWLRQ
DILQGHWHQLU FRPSWHGHVSRVVLELOLWpVGHPRELOLWpGDQVXQHHQWUHSULVHRX
HQWUHGHVHQWUHSULVHV
/HWLWXODLUHG
XQ%767UDQVSRUWGRLWGLVSRVHUG
XQHERQQHFRQQDLVVDQFH
GHO
HQYLURQQHPHQWpFRQRPLTXHMXULGLTXHHWSURIHVVLRQQHO
,O SHXW rWUH FRQGXLW j DVVXPHU XQH DVVLVWDQFH WHFKQLTXH DXSUqV G
XQH
'LUHFWLRQ G
HQWUHSULVH HVVHQWLHOOHPHQW GDQV OH GRPDLQH GH
O
H[SORLWDWLRQ &HOD Q
H[FOXW SDV XQH SRVVLELOLWp GH WUDQVIHUW YHUV
O
DFWLYLWpFRPPHUFLDOH
/HVHPSORLV FRQFHUQpVVRQWpYLGHPPHQWDIIHFWpVSDUO
LQIRUPDWLVDWLRQGHV
WkFKHVDGPLQLVWUDWLYHVHWGHJHVWLRQFHTXLLPSOLTXHjODIRLV
,O YD GH VRL TXH OD VpFXULWp GHV SHUVRQQHV HW GHV ELHQV GRLW rWUH XQH
SUpRFFXSDWLRQ SHUPDQHQWH GHV WLWXODLUHV GH FH %UHYHW GH WHFKQLFLHQ
VXSpULHXU
&H UpIpUHQWLHO HVW VWUXFWXUp VHORQ OHV FDWpJRULHV GH IRQFWLRQV TXH OH
WLWXODLUHGHFH%76GRLWrWUH HQPHVXUHG
DVVXPHUjFRXUWRXPR\HQWHUPH
GDQVOHFDGUHGHVRQDFWLYLWpSURIHVVLRQQHOOH
5pIpUHQWLHOGHFHUWLILFDWLRQ
)21&7,216
,([SORLWDWLRQHWJHVWLRQ
$0LVHHQRHXYUHGHODSUHVWDWLRQWUDQVSRUW
%*HVWLRQGHVPR\HQVPDWpULHOV
&*HVWLRQGHVPR\HQVILQDQFLHUV
'*HVWLRQGHVUHVVRXUFHVKXPDLQHV
,,$FWLYLWpVFRPPHUFLDOHV
$6WUDWpJLHFRPPHUFLDOH
%$FWLRQFRPPHUFLDOH
,,,*HVWLRQGHO
RUJDQLVDWLRQHWGHVPR\HQVLQIRUPDWLTXHV
$([SORLWDWLRQGHORJLFLHOVSRXUOHVWUDYDX[SURIHVVLRQQHOV
%*HVWLRQGHO
RUJDQLVDWLRQ
&&ROODERUDWLRQDX[SURMHWVLQIRUPDWLTXHV
,² (;3/2,7$7,21(7*(67,21
$0,6((1)250('(/$35(67$7,2175$163257
2QGRQQHVXLYDQWOHFDV
XQHRQGHVVLWXDWLRQVG
HQWUHSULVHGHWUDQVSRUWRQG
DFWLYLWpVDX[LOLDLUHV
GHVpOpPHQWVRQGHVUpVXOWDWVG
pWXGHV
GHVGRFXPHQWVpFRQRPLTXHVMXULGLTXHVILVFDX[FRPSWDEOHVFRPPHUFLDX[VXUOHPRGHGH
WUDQVSRUWRXODWHFKQLTXHHPSOR\pH
XQHGRFXPHQWDWLRQVXUODSURFpGXUHGRXDQLqUHHPSOR\pHORUVTXHFHOOHFLHVWVSpFLILTXH
GHVSROLFHVG
DVVXUDQFHRQGHVDYHQDQWVG
DVVXUDQFHRXGHVH[WUDLWV
GHVLQIRUPDWLRQVSDUWLFXOLqUHVVXUOHVGRVVLHUVjWUDLWHU
GHVpOpPHQWVG
LQIRUPDWLRQVWHFKQLTXHVVXUODJHVWLRQORJLVWLTXH
GHVGRFXPHQWVjWUDLWHU
GHVLQIRUPDWLRQVQpFHVVDLUHVSRXUDQWUDLWHPHQWVSpFLILTXH
XQGHVFULSWLIGHFRQWUDLQWHV
XQGHVFULSWLIGHSURJUDPPDWLRQ
&$3$&,7(6*(1(5$/(6 &203(7(1&(6$(9$/8(5
3UpSDUHU ,GHQWLILHUGHVEHVRLQVHQLQIRUPDWLRQVpFRQRPLTXHV
MXULGLTXHVRXUpJOHPHQWDLUHV
&RQFHYRLUGHVGRFXPHQWVVSpFLILTXHVjO
RUJDQLVDWLRQGHV
pFKDQJHVG
LQIRUPDWLRQVUHODWLYHVDXVXLYLGHODSUHVWDWLRQ
,GHQWLILHUOHVUqJOHVGHVpFXULWpDSSOLFDEOHV
&RQVWLWXHUXQHGRFXPHQWDWLRQVXUOHVFDUDFWpULVWLTXHV
pFRQRPLTXHVGHFKDTXHPRGHHWWHFKQLTXHGHWUDQVSRUW
0HWWUHjMRXUXQHGRFXPHQWDWLRQVXUOHVFDUDFWpULVWLTXHV
pFRQRPLTXHVGHFKDTXHPRGHHWWHFKQLTXHGHWUDQVSRUW
([SORLWHUQXH GRFXPHQWDWLRQVXUOHVFDUDFWpULVWLTXHV
pFRQRPLTXHVGHFKDTXHPRGHHWWHFKQLTXHGHWUDQVSRUW
,GHQWLILHUOHUpJLPHGRXDQLHUHWODSURFpGXUHGH
GpGRXDQHPHQWG
XQHPDUFKDQGLVH
$QDO\VHUOHIRQFWLRQQHPHQWG
XQVHUYLFHRQG
XQVHFWHXU
G
DFWLYLWpGHO
HQWUHSULVH
3DUWLFLSHUjO
H[SORLWDWLRQ &ROODERUHUjO
LQVHUWLRQGHODSUHVWDWLRQGHWUDQVSRUWGDQVOD
FKDvQHORJLVWLTXH
&ROODERUHUjODJHVWLRQG
XQHSODWHIRUPHGHVWRFNDJH
GLVWULEXWLRQ
&$3$&,7(6*(1(5$/(6 &203(7(1&(6$(9$/8(5
&RQWULEXHUjODQpJRFLDWLRQDYHFOHVFRQIUqUHVGHV
FRQGLWLRQVGHVRXVWUDLWDQFHHQIRQFWLRQGHVH[LJHQFHV
GHO
H[SORLWDWLRQ
3DUWLFLSHUjODQpJRFLDWLRQGHVSROLFHVG
DVVXUDQFHHW
GHVSULPHVG
DVVXUDQFH
3DUWLFLSHUjODQpJRFLDWLRQDYHFXQWUDQVLWDLUHGHV
FRQGLWLRQVGHVRXVWUDLWDQFH
$JLU 0HWWUHHQRHXYUHOHVSURFpGXUHVG
HQUHJLVWUHPHQWGHV
GHPDQGHVGHWUDQVSRUW
0HWWUHHQRHXYUHOHVDVSHFWVMXULGLTXHVOLpVDXFRQWUDW
GHWUDQVSRUWDXFRQWUDWGHORFDWLRQ«
([SORLWHUGHVLQIRUPDWLRQVMXULGLTXHVRX
UpJOHPHQWDLUHV
3UpYHQLUOHVLQFLGHQWVG
H[SORLWDWLRQ
)DLUHDSSOLTXHUOHVUqJOHVGHVpFXULWp
5pDOLVHUGHVRSpUDWLRQVGHWUDQVLWUpFHSWLRQ
PDQXWHQWLRQVWRFNDJHUpH[SpGLWLRQFRQVHUYDWLRQGHV
UHFRXUVGHVPDQGDWDLUHV
*pUHU 5pDOLVHUODJHVWLRQFRXUDQWHGHVSROLFHVG
DVVXUDQFH
ERQVG
DOLPHQW
*pUHUOHVGRVVLHUVGHVLQLVWUHV
2UJDQLVHU (ODERUHUOHVSURFpGXUHVG
HQUHJLVWUHPHQWGHV
GHPDQGHVGHWUDQVSRUW
$PpQDJHUOHVWRXUQpHVHQIRQFWLRQGHVGHPDQGHVGH
WUDQVSRUWGHODGLVSRQLELOLWpHWGHODVSpFLILFLWpGHV
PDWpULHOV
$IIHFWHUOHVSHUVRQQHOVGHFRQGXLWHDX[GLIIpUHQWHV
WRXUQpHVHQIRQFWLRQGHVFRQWUDLQWHVDGPLQLVWUDWLYHV
VRFLDOHV
0HWWUHHQSODFHOHVPpWKRGHVHWPR\HQVSHUPHWWDQWOH
VXLYLVSDWLDOHWWHPSRUHOGHODSUHVWDWLRQ
3URJUDPPHUOHVURWDWLRQVGHVYpKLFXOHVHQIRQFWLRQ
GHVLQIRUPDWLRQVFRPPHUFLDOHV
&$3$&,7(6*(1(5$/(6 &203(7(1&(6$(9$/8(5
'pILQLUDQLWLQpUDLUHHQIRQFWLRQGHFRQWUDLQWHVG
RUGUH
JpRJUDSKLTXHpFRQRPLTXHHWUpJOHPHQWDLUHWDQWHQ
WUDQVSRUWQDWLRQDOTX
HQWUDQVSRUWLQWHUQDWLRQDO
0HWWUHHQSODFHGHVPpWKRGHVHWPR\HQVGHVDLVLHGH
O
LQIRUPDWLRQjGHVILQVGHWUDLWHPHQWVWDWLVWLTXH
0HWWUHHQRHXYUHOHVUqJOHVDSSOLFDEOHVjODJHVWLRQGHV
VWRFNV
$JLU $GDSWHUO
H[SORLWDWLRQDX[VXMpWLRQVLPSRVpHVSDUOD
QDWXUHGHVSURGXLWVUHPLVDXWUDQVSRUWHWSDUOHV
FDUDFWpULVWLTXHVSK\VLTXHVHWJpRPpWULTXHVGHOHXUV
FRQGLWLRQQHPHQWVHWHPEDOODJHV
3URSRVHUGHVVFKpPDVG
RUJDQLVDWLRQDGDSWpVj
O
DFWLYLWpHWjO
pYROXWLRQG
XQVHUYLFH
0HWWUHHQRHXYUHXQHSURFpGXUHWHQGDQWjUpGXLUHOHV
GpODLVGHIDFWXUDWLRQ
3URSRVHUGHVSODQVGHSUpYHQWLRQYLVDQWjDFFURvWUHOD
VpFXULWp
0HWWUHHQSODFHGHVLQGLFDWHXUVSHUPHWWDQWG
REVHUYHU
O
pYROXWLRQGHODTXDOLWpGHVSUHVWDWLRQVGHVHUYLFHVGH
O
HQWUHSULVH
2SWLPLVHU &KRLVLUODFRPELQDLVRQRSWLPDOHGHVPRGHVHW
WHFKQLTXHVGHWUDQVSRUWSRXUXQHSUHVWDWLRQGRQQpH
2SWLPLVHUOHVWkFKHVGHVSHUVRQQHOVGXVHUYLFHHQYXH
G
HQDPpOLRUHUODSURGXFWLYLWp
2SWLPLVHUO
DIIHFWDWLRQGHVPR\HQVKXPDLQVHW
PDWpULHOVHQIRQFWLRQGHVFRQWUDLQWHVUpJOHPHQWDLUHV
&$3$&,7(6*(1(5$/(6 &203(7(1&(6$(9$/8(5
&RPPXQLTXHU ,QIRUPHUOHVGLIIpUHQWVSDUWHQDLUHVGXGpURXOHPHQWGH
ODSUHVWDWLRQ
3DUWLFLSHUDX[pFKDQJHVV\VWpPDWLTXHVG
LQIRUPDWLRQV
HQWUHO
H[SORLWDWLRQOHWHFKQLTXHDWHOLHUHWOH
FRPPHUFLDO
5pGLJHUWRXVIRUPXODLUHVRXGHPDQGHVHQYHUVXQH
$GPLQLVWUDWLRQDXWRULVDWLRQVDJUpPHQWV
5pSRQGUHDX[GHPDQGHVGHV$GPLQLVWUDWLRQV
7UDQVPHWWUHjXQFRUUHVSRQGDQWWRXWHLQVWUXFWLRQ
QpFHVVDLUHDXWUDQVLW
5pGLJHUDSUqVDQDO\VHXQUDSSRUWVXUOH
IRQFWLRQQHPHQWGXVHUYLFHRQG
DQVHFWHXUG
DFWLYLWpGH
O
HQWUHSULVHIDLVDQWDSSDUDvWUHGHVSURSRVLWLRQVG
DFWLRQ
&$3$&,7(6*(1(5$/(6 &203(7(1&(6$(9$/8(5
&RQWU{OHU &RQWU{OHUOHVSURFpGXUHVG
HQUHJLVWUHPHQWGHV
GHPDQGHVGHWUDQVSRUW
&RQWU{OHUO
pWDEOLVVHPHQWHWO
XWLOLVDWLRQGHVGRFXPHQWV
UpJOHPHQWDLUHVHWFRQWUDFWXHOV
,GHQWLILHUOHVpYHQWXHOVLQFLGHQWVG
H[SORLWDWLRQ
&RQWU{OHUO
DSSOLFDWLRQGHVUqJOHVGHVpFXULWp
6XUYHLOOHUO
DSSOLFDWLRQGHVFRQWUDWVDYHFOHVFRQIUqUHV
(WDEOLUGHVpWDWVVWDWLVWLTXHVGHVVLQLVWUHVFDXVHVHW
FRWV
9pULILHUODFRQIRUPLWpGHVGRFXPHQWVGRXDQLHUVHWGH
O
DSSOLFDWLRQGHVSURFpGXUHVGRXDQLqUHVHWGHWUDQVLW
6
DVVXUHUGHO
DSSOLFDWLRQGHVUpJOHPHQWDWLRQVGX
FRPPHUFHH[WpULHXU
([SORLWHUOHVLQIRUPDWLRQVIRXUQLHVSDUOHVLQGLFDWHXUV
SHUPHWWDQWG
REVHUYHUO
pYROXWLRQGHODTXDOLWpGHV
SUHVWDWLRQVGHVHUYLFHVGHO
HQWUHSULVH
5pDJLU 3UHQGUHWRXWHVPHVXUHVFRQVHUYDWRLUHVHQFDV
G
LQFLGHQWVG
H[SORLWDWLRQ
3URSRVHUGHVDPpOLRUDWLRQVDXUqJOHVGHVpFXULWp
3URSRVHUGHVVROXWLRQVSRXUDPpOLRUHUODTXDOLWpGHV
SUHVWDWLRQVGHVHUYLFHGHO
HQWUHSULVH
%*(67,21'(602<(160$7(5,(/6
2QGRQQHVXLYDQWOHFDV
XQHGRFXPHQWDWLRQWHFKQLTXHVXUOHV PDWpULHOVGHWUDQVSRUWPR\HQVGH
PDQXWHQWLRQpTXLSHPHQWVFRQGLWLRQQHPHQWVHWHPEDOODJHV
GHVGHVFULSWLIVGHFRQWUDLQWHVUpJOHPHQWDLUHVVRFLDOHVpFRQRPLTXHVGH
O
H[SORLWDWLRQ
GHVUHOHYpVG
H[SORLWDWLRQSDUH[HPSOHFRQVRPPDWLRQVFRQGLWLRQV
G
XWLOLVDWLRQ
WRXWGRFXPHQWSDUWLFXOLHUjXQHVLWXDWLRQjWUDLWHU
XQGHVFULSWLIGHVFDUDFWpULVWLTXHVGHO
H[SORLWDWLRQ
XQGHVFULSWLIG
XQHFKDvQHORJLVWLTXH
&$3$&,7(6*(1(5$/(6 &203(7(1&(6$(9$/8(5
3UpSDUHU &RQVWLWXHUXQHGRFXPHQWDWLRQWHFKQLTXHVXUOHV
PDWpULHOVGHWUDQVSRUWOHXUVpTXLSHPHQWVOHV
PR\HQVGHPDQXWHQWLRQOHVFRQGLWLRQQHPHQWVHW
HPEDOODJHV
0HWWUHjMRXUXQHGRFXPHQWDWLRQWHFKQLTXHVXUOHV
PDWpULHOVGHWUDQVSR UWOHXUVpTXLSHPHQWVOHV
PR\HQVGHPDQXWHQWLRQOHVFRQGLWLRQQHPHQWVHW
HPEDOODJHV
([SORLWHUXQHGRFXPHQWDWLRQWHFKQLTXHVXUOHV
PDWpULHOVGHWUDQVSRUWOHXUVpTXLSHPHQWVOHV
PR\HQVGHPDQXWHQWLRQOHVFRQGLWLRQQHPHQWVHW
HPEDOODJHV
5HFKHUFKHUVXUXQ PDUFKpOHVPDWpULHOVUpSRQGDQWDX
FDKLHUGHVFKDUJHV
,GHQWLILHUOHVFRQWUDLQWHVHWOHVIRUPDOLWpV
DGPLQLVWUDWLYHVOLpHVjODPLVHHQVHUYLFHG
XQ
PDWpULHOGHWUDQVSRUWG
XQpTXLSHPHQWRXG
XQ
PR\HQGHPDQXWHQWLRQ
3DUWLFLSHUjODJHVWLRQGHVPR \HQV
3DUWLFLSHUjXQHQpJRFLDWLRQHQYXHGHO
DFTXLVLWLRQ
PDWpULHOV
G
XQPDWpULHO
&RQWULEXHUjO
pWXGHpFRQRPLTXHHQYXHGH
O
LPSODQWDWLRQpYHQWXHOOHG
XQHVWDWLRQ VHUYLFHRX
G
XQDWHOLHULQWpJUp
3URSRVHUGHVPR\HQVjPHWWUHHQRHXYUHSRXU
DPpOLRUHUOHVSHUIRUPDQFHV
&ROODERUHUjODFRQFHSWLRQGHO
RUJDQLV DWLRQSK\VLTXH
HWIRQFWLRQQHOOHG
XQTXDLG
XQHQWUHS{W
3UHQGUHHQFRPSWHOHVFRQWUDLQWHVHWOHVIRUPDOLWpV
$JLU
DGPLQLVWUDWLYHVOLpHVjODPLVHHQVHUYLFHG
XQ
PDWpULHOGHWUDQVSRUWG
XQpTXLSHPHQWRXG
XQ
PR\HQGHPDQXWHQWLRQ
&$3$&,7(6*(1(5$/(6 &203(7(1&(6$(9$/8(5
2UJDQLVHU (WDEOLUDQSODQGHPDLQWHQDQFHSODQLILFDWLRQ
KLVWRULTXHILFKHVGHWUDYDLOHWWRXVGRFXPHQWV
QpFHVVDLUHVjO
pWXGHGHVFRWVGHPDLQWHQDQFH
(ODERUHUXQFDKLHUGHVFKDUJHV HQYXHGXFKRL[GHV
PDWpULHOVGHWUDQVSRUWHWGHPDQXWHQWLRQHQIRQFWLRQ
GHVEHVRLQVH[SULPpVSDUO
H[SORLWDWLRQHWGHV
FRQWUDLQWHVUpJOHPHQWDLUHV
&DOFXOHUGDQVGHVFDVVLPSOHVGHVFRWVGH
PDLQWHQDQFHHWGHGpIDLOODQFH
5HFKHUFKHUODVROXWLRQWHFKQLTXHODPLHX[DGDSWpH
DX[VXMpWLRQVG
XQWUDQVSRUWFRPSOH[H
&RQWU{OHU 9HLOOHUjO
H[pFXWLRQG
XQSODQGH PDLQWHQDQFH
6XUYHLOOHUOHVFRQVRPPDWLRQVOHVFRWVG
HQWUHWLHQHW
GHUpSDUDWLRQ
$QDO\VHUXQHRUJDQLVDWLRQGHTXDLG
HQWUHS{W
5pDJLU 3URSRVHUXQHDPpOLRUDWLRQG
XQHRUJDQLVDWLRQ
SK\VLTXHHWIRQFWLRQQHOOHG
XQTXDLG
XQHQWUHS{W
&*(67,21'(602<(16),1$1&,(56
2QGRQQHVXLYDQWOHFDV
GHVLQIRUPDWLRQVFRPSWDEOHVILQDQFLqUHVRXpFRQRPLTXHVUHODWLYHVjXQH
VLWXDWLRQGRQQpH
GHVLQIRUPDWLRQVG
RULJLQHUpJOHPHQWDLUHQRWDPPHQWORUVTXHFHVLQIRUPDWLRQV
VRQWFRQMRQFWXUHOOHV
GHVGRFXPHQWVFRPPHUFLDX[
GHVGRFXPHQWVFRPSWDEOHV
&$3$&,7(6*(1(5$/(6 &203(7(1&(6$(9$/8(5
3UpSDUHU &RQVXOWHUWRXWHGRFXPHQWDWLRQpFRQRPLTXH
MXULGLTXHILVFDOHDXVRFLDOH
5HFKHUFKHUOHVLQIRUPDWLRQVFRPSWDEOHVILQDQFLqUHV
RXG
RUGUHVWDWLVWLTXHXWLOHVjODJHVWLRQG
XQVHU YLFH
RXG
XQHDFWLYLWp
$QDO\VHUOHVGRFXPHQWVFRPPHUFLDX[
&ROOHFWHUGHVLQIRUPDWLRQVHQYXHGHO
pWDEOLVVHPHQW
GHODSD\H
'pILQLUGHVFULWqUHVGHUpSDUWLWLRQGHFKDUJHVHWGH
SURGXLWV
9HQWLOHUGHVFKDUJHVHWGHVSURGXLWV
6pOHFWLRQQHUGHVLQIRUPDWLRQVX WLOHVSRXUOHVFDOFXOV
GHFRWV
,GHQWLILHUOHVSULQFLSDOHVSURYLVLRQVGDQVXQH
HQWUHSULVHGHWUDQVSRUW
(YDOXHUGHVDPRUWLVVHPHQWV
&DOFXOHUGHVFRWVSUpYLVLRQQHOV
&ROOHFWHUGHVLQIRUPDWLRQVQpFHVVDLUHVjODWHQXHG
XQ
WDEOHDXGHERUG
(IIHFWXHUGHVFDO FXOVILQDQFLHUVFRXUDQWV
&DOFXOHUOHVSULQFLSDX[LPS{WVHWWD[HVVSpFLILTXHV
GXVSDUO
HQWUHSULVHGHWUDQVSRUW
&RPSDUHUOHVPR\HQVGHILQDQFHPHQW
&$3$&,7(6*(1(5$/(6 &203(7(1&(6$(9$/8(5
3DUWLFLSHUjODJHVWLRQGHVPR\HQV &RQWULEXHUjODGpILQLWLRQG
REMHFWLIVGHO
HQWUHSULVH
ILQDQFLHUV
&RQWULEXHUjO
pODERUDWLRQGXEXGJHWJOREDOGH
O
HQWUHSULVH
&RQWULEXHUjO
LQWHUSUpWDWLRQGHVpFDUWVVXUOHV
EXGJHWVOHVFRWVOHVPDUJHVOHVUp VXOWDWVG
DQ
VHUYLFHRXG
XQHDFWLYLWp
2SWLPLVHU $GDSWHUOHVRXWLOVGHJHVWLRQDX[EHVRLQVVSpFLILTXHV
G
XQVHUYLFHRXG
XQHDFWLYLWp
&KRLVLUXQLQYHVWLVVHPHQWVXUGHVFULWqUHV
pFRQRPLTXHV
,QWpJUHUOHVFRQWUDLQWHVILQDQFLqUHVGDQVOHV
SURFpGXUHVGHFKRL[
(YDOXHUOHVFRQVpTXHQFHVGXFKRL[G
XQHRSWLRQ
ILVFDOHSDUXQHHQWUHSULVHGHWUDQVSRUW
8WLOLVHUGHVWHFKQLTXHVGHSUpYLVLRQ
$SSOLTXHUOHSULQFLSHGHO
DFWXDOLVDWLRQjOD
SUpSDUDWLRQGHGpFLVLRQV
$SSOLTXHUOHVSULQFLSHVG
RSWLPLVDWLRQ
(ODERUHUOHEXGJHWSUpYLVLRQQHOG
XQVHUYLFHRXG
XQH
DFWLYLWp
(WDEOLUOHSODQGHILQDQFHPHQWG
XQELHQ
G
pTXLSHPHQW
$QDO\VHUOHVGRFXPHQWVGHV\QWKqVHGHOD
FRPSWDELOLWp
$QDO\VHUOHVpOpPHQWVGXWDEOHDXGHERUGGH
O
HQWUHSULVH
0HVXUHUODFRQVpTXHQFHG
XQDPRUWLVVHPHQWVXUXQ
UpVXOWDW
&RQVWUXLUHOHWDEOHDXGHERUGUHODWLIjXQVHUYLFHRX
XQHDFWLYLWp
,QWHUSUpWHUGHVGRQQpHVVWDWLVWLTXHV
&$3$&,7(6*(1(5$/(6 &203(7(1&(6$(9$/8(5
&RPPXQLTXHU &RPPHQWHUOHVSULQFLSDX[UDWLRVGXELODQHWGH
O
H[SORLWDWLRQ
3UpVHQWHUOHVFRQFOXVLRQVG
XQHDQDO\VHFRPSDUDWLYH
HQWUHOHVGRQQpHVUpHOOHVHWOHVGRQQ pHV
SUpYLVLRQQHOOHV
&RQWU{OHU $QDO\VHUODUHQWDELOLWpG
XQPDWpULHOG
XQHDFWLYLWp
G
XQWUDILFDXG
XQHOLJQH
&DOFXOHUGHVVHXLOVGHUHQWDELOLWp
6XLYUHO
pYROXWLRQGHVFKDUJHVHWGHVSURGXLWVG
XQ
VHUYLFHRXG
XQHDFWLYLWp
&DOFXOHUOHVUDWLRVG
H[SORLWDWLRQGD QVOHFDGUHG
XQ
VHUYLFHRXG
XQHDFWLYLWp
6XUYHLOOHUODJHVWLRQTXRWLGLHQQHGHODWUpVRUHULHHQ
FRXUVFRQIUqUHVHWFOLHQWV
&RPSDUHUSUpYLVLRQVHWUpDOLVDWLRQVG
XQVHUYLFHRX
G
XQHDFWLYLWp
'*(67,21'(65(66285&(6+80$,1(6
2QGRQQHVXLYDQWOHFDV
GHVpOpPHQWVGHODUpJOHPHQWDWLRQVRFLDOH
XQGHVFULSWLIGHVLWXDWLRQGHO
HQWUHSULVH
O
RUJDQLJUDPPHG
XQHHQWUHSULVH
GHVGHVFULSWLIVGHVLWXDWLRQVGHSRVWHVGHSURILOVG
HPSORL
&$3$&,7(6*(1(5$/(6 &203(7(1&(6$(9$/8(5
3UpSDUHU &RQVXOWHUWRXWHGRFXPHQWDWLRQQpFHVVDLUHjOD
JHVWLRQGHVUHVVRXUFHVKXPDLQHV
&ROODERUHUjODJHVWLRQGHV &ROODERUHUDX[GpFLVLRQVG
HPEDXFKH
UHVVRXUFHVKXPDLQHV
&RQWULEXHUjO
pODERUDWLRQGHVSODQVGHIRUPDWLRQGH
O
HQWUHSULVH
7UDLWHU 3DUWLFLSHUjO
DQLPDWLRQG
DFWLRQVGHIRUPDWLRQ
6pOHFWLRQQHUGHVFDQGLGDWXUHVVXUGRVVLHUV
0HWWUHHQSODFHGHVFLUFXLWVHWPR\HQVIDYRULVDQWOD
FLUFXODWLRQGHO
LQIRUPDWLRQGDQVOHVHUYLFH
,QVWDXUHUGHVFRQGLWLRQVGHWUDYDLOSURSLFHVj
O
pPXODWLRQHWDXGpYH ORSSHPHQWGHODPRWLYDWLRQGH
VRQpTXLSH
'pILQLUOHVSRVWHVGHWUDYDLOHWOHVSURILOVG
HPSORL
&RPPXQLTXHU ([SOLTXHUO
RUJDQLVDWLRQGXVHUYLFHHWOHFRQWHQXGHV
SRVWHVGHWUDYDLOjVHVFROODERUDWHXUV
&RQGXLUHXQHQWUHWLHQG
HPEDXFKH
&RQGXLUHXQHUpXQLRQHQV
DVVXU DQWGHOD
FRPSUpKHQVLRQGHVPHVVDJHVSDUFKDTXHSDUWLFLSDQW
5pGLJHUGHVQRWHVGHVHUYLFHHWPHVVDJHVDGDSWpVj
FKDTXHW\SHGHGHVWLQDWDLUH
5pGLJHUXQHRIIUHG
HPSORL
&$3$&,7(6*(1(5$/(6 &203(7(1&(6$(9$/8(5
&RQWU{OHUHWUpDJLU 'pWHFWHUOHVFRQIOLW VGDQVXQVHUYLFH
$LGHUjODUpVROXWLRQGHVFRQIOLWVGDQVXQVHUYLFH
,, $&7,9,7(6&200(5&,$/(6
$675$7(*,(&200(5&,$/(
2QGRQQHVXLYDQWOHFDV
XQHRXGHVVLWXDWLRQVG
HQWUHSULVHGHWUDQVSRUWRXG
DFWLYLWpVDX[LOLDLUHV
GHVpOpPHQWVRQGHVUpVXOWDWVG
pWXGHV
GHVLQIRUPDWLRQVVXUO
HQYLURQQHPHQWHWOHVPDUFKpV
GHVLQIRUPDWLRQVVXUOHVpOpPHQWVGHGLDJQRVWLFLQWHUQH
GHVGHVFULSWLIVGHFRQWUDLQWHVpFRQRPLTXHVHWMXULGLTXHV
GHVILFKLHUV
&$3$&,7(6*(1(5$/(6 &203(7(1&(6$(9$/8(5
3UpSDUHU 'pWHUPLQHUOHVEHVRLQVG
LQIRUPDWLRQVpFRQRPLTXHV
HWFRPPHUFLDOHVGHO
HQWUHSULVH
&RQVWLWXHUXQHGRFXPHQWDWLRQUHODWLYHDX[SUL[HW
FRQGLWLRQVGXPDUFKp
5DVVHPEOHUOHVLQIRUPDWLRQVFROOHFWpHVFKH]OHV
FOLHQWVOHVFRQIUqUHVOHVVRXV WUDLWDQWVHWOHV
IRXUQLVVHXUV
&RQVWLWXHUGHVGRVVLHUVVXUODVWUXFWXUHpFRQRPLTXH
GHOD]RQHJpRJUDSKLTXHG
DFWLYLWp
0HWWUHLMRXUXQHGRFXPHQWDWLRQUHODWLYHDX[SUL[HW
FRQGLWLRQVGXPDUFKp
3DUWLFLSHUDX[GpFLVLRQVVWUDWpJLTXHV 3URSRVHUGHVRULHQWDWLRQVTXDQWj O
pYROXWLRQGH
O
HQWUHSULVHVXUOHPDUFKp
3URSRVHUXQHDPpOLRUDWLRQGXV\VWqPHG
LQIRUPDWLRQ
FRPPHUFLDOHGHO
HQWUHSULVH
3DUWLFLSHUjODGpWHUPLQDWLRQGHVREMHFWLIV
FRPPHUFLDX[GHO
HQWUHSULVH
3DUWLFLSHUjODGpWHUPLQDWLRQGHVFLEOHVG
DFWLRQ
FRPPHUFLDOHGHO
HQWUHSULVH
&$3$&,7(6*(1(5$/(6 &203(7(1&(6$(9$/8(5
(ODERUHU (WDEOLUGHVGRFXPHQWVGHV\QWKqVHVXUO
pYROXWLRQ
JpQpUDOHGXPDUFKp
5pDJLU
(WDEOLUGHVGRFXPHQWVGHV\QWKqVHVXUOHPDUFKp
DFWXHOGHO
HQWUHSULVH
(WDEOLUGHVVLPXODWLRQVG
pYR OXWLRQGHVIOX[HWGHV
SUL[
([SORLWHUOHVLQIRUPDWLRQVFROOHFWpHVFKH]OHVFOLHQWV
OHVFRQIUqUHVOHVVRXV WUDLWDQWVHWOHVIRXUQLVVHXUV
$GDSWHUO
H[SORLWDWLRQDX[FRQWUDLQWHVUpVXOWDQWGHV
pYROXWLRQVFRPPHUFLDOHV
8WLOLVHUOHVUpVXOWDWVSDUW\SHG
DFWL YLWpSRXUDGDSWHU
O
RIIUHGHO
HQWUHSULVHjVRQPDUFKp
%$&7,21&200(5&,$/(
2QGRQQHVXLYDQWOHFDV
XQHRQGHVVLWXDWLRQVG
HQWUHSULVHGHWUDQVSRUWRXG
DFWLYLWpVDX[LOLDLUHV
GHVLQIRUPDWLRQVVXUXQVHFWHXUXQHSUHVWDWLRQRQXQFOLHQW
GHVLQIRUPDWLRQVVWDWLVWLTXHVRQFRPSWDEOHV
GHVUpVXOWDWVG
pWXGHVGHPDUFKp
XQGHVFULSWLIGXFRQWH[WHpFRQRPLTXHHWFRPPHUFLDO
WRXWHGRFXPHQWDWLRQpFRQRPLTXHFRPPHUFLDOHMXULGLTXHGRQWGHVILFKLHUVHW
GRVVLHUV
XQGHVFULSWLIGHVFRQWUDLQWHVGHO
HQWUHSULVH
XQKLVWRULTXHOHVREMHFWLIVHWOHVPDUJHVGHQpJRFLDWLRQ
&$3$&,7(6*(1(5$/(6 &203(7(1&(6$(9$/8(5
3UpSDUHU ([SORLWHUXQHGRFXPHQWDWLRQUHODWLYHDX[SUL[HW
FRQGLWLRQVGXPDUFKp
([WUDLUH GHVpOpPHQWVVLJQLILFDWLIVGHVILFKLHUVGH
SURVSHFWpVHWGHFOLHQWV
([WUDLUHGHVILFKLHUVHWV\QWKpWLVHUOHVLQIRUPDWLRQV
UHODWLYHVDX[SURVSHFWpVHWDX[FOLHQWV
(WDEOLUXQSODQGHSURVSHFWLRQFRPPHUFLDOH
3UpSDUHUXQHQWUHWLHQGHYHQWH
,GHQWLILHUOHVFRPSRVDQWHVG
XQFRWGHSURVSHFWLRQ
FRPPHUFLDOH
5HFKHUFKHUODFDXVHGHVOLWLJHV
,GHQWLILHUOHVSDUWLHVHQSUpVHQFHHQFDVGHOLWLJH
3DUWLFLSHUDX[DFWLRQVFRPPHUFLDOHV &RQWULEXHUjXQHDFWLRQGHFRPPXQLFDWLRQHQ
GLUHFWLRQGXPDUFKp
3DUWLFLSHUjODPLVHHQRHXYUHGXUHFRXYUHPHQW
DPLDEOHGHVFUpDQFHV
3URSRVHUGHVVROXWLRQVDPLDEOHVRXFRQWHQWLHXVHVHQ
FDVGHOLWLJHV
(ODERUHU &RQVWUXLUHGHVWDULILFDWLRQVJpQpUDOHVRXSDUWLFXOLqUHV
&RQVWLWXHUGHVILFKLHUVGHSURVSHFWpVHWGHFOLHQWV
(WDEOLUGHVFRPSDUDLVRQVDYHFODFRQFXUUHQFHGDQV
XQPRGHHWHQWUHOHVPRGHVGHWUDQVSRUW
&$3$&,7(6*(1(5$/(6 &203(7(1&(6$(9$/8(5
1pJRFLHU &RQGXLUHXQHQWUHWLHQGHYHQWH
3URSRVHUDXFOLHQWGHVDGDSWDWLRQVWHFKQLTXHV\
FRPSULVG
RUGUHPXOWLPRGDOHWHQGpWHUPLQHUOH V
FRQVpTXHQFHV
8WLOLVHUOHVSULQFLSDOHVWHFKQLTXHVGHQpJRFLDWLRQ
'LVFXWHUOHVWHUPHVG
XQFRQWUDWGHSUHVWDWLRQGH
WUDQVSRUW
&RPPXQLTXHU 8WLOLVHUOHVRXWLOVGHFRPPXQLFDWLRQDGDSWpVjXQH
UHODWLRQFRPPHUFLDOHWpOpSKRQHWpOH[YLVLWH
SXEOLSRVWDJHPHVVDJHULH
5HQGUHFRPSWHGHVQpJRFLDWLRQVFRPPHUFLDOHV
7UDQVPHWWUHOHVFRQWUDLQWHVUpVXOWDQWGHQpJRFLDWLRQV
FRPPHUFLDOHVHQYXHGHO
DGDSWDWLRQGHVFRQGLWLRQV
G
H[SORLWDWLRQ
&RQVHLOOHUODFOLHQWqOHHQYXHG
XQHRSWLPLVDWLRQGH
ODUHODWLRQFRPPHUFLDOH
&RQWU{OHU (YDOXHUODSHUWLQHQFHG
XQSODQGHSURVSHFWLRQ
FRPPHUFLDOH
(YDOXHUODFRQGXLWHG
XQHQWUHWLHQGHYHQWH
$SSUpFLHUO
LPSDFWG
XQHFRPPXQLFDWLRQ
FRPPHUFLDOH
(YDOXHUOHFRWG
XQHSURVSHFWLRQFRPPHUFLDOH
9pULILHUODILDELOLWpGXILFKLHUGHVSURVSHFWpVHWGHV
FOLHQWV
$VVXUHUOHVXLYLFRPPHUFLDOGXGpURXOHPHQWGHOD
SUHVWDWLRQGHWUDQVSRUW
6XUYHLOOHUOHVFRPSWHVFOLHQWV
$QDO\VHUOHVLQFLGHQWVDX[GLIIpUHQWHVpWDSHVGHOD
UHODWLRQFRPPHUFLDOH
&$3$&,7(6*(1(5$/(6 &203(7(1&(6$(9$/8(5
5pDJLU 5HFKHUFKHUOHVPHLOOH XUVPR\HQVjPHWWUHHQRHXYUH
SRXUDWWHLQGUHOHVREMHFWLIVGHO
HQWUHSULVH
$OHUWHUOHVVHUYLFHVHQFDVGHGpIDLOODQFHVGHFOLHQWV
GpELWHXUV
3UHQGUHGHVPHVXUHVFRQVHUYDWRLUHVHQFDVGH
GpIDLOODQFHVGHFOLHQWVGpELWHXUV
,,, *(67,21'(/
25*$1,6$7,21(7'(602<(16,1)250$7,48(6
$(;3/2,7$7,21'(/2*,&,(/63285/(675$9$8;352)(66,211(/6
2QGRQQHVXLYDQWOHFDV
XQGHVFULSWLIGHPDWpULHORXG
XQHFRQILJXUDWLRQLQIRUPDWLTXHRXWpOpPDWLTXH
XQSRVWHGHWUDYDLO
GHVpOpPHQWVVXUOHV\VWqPHG
H[SORLWDWLRQGHFHPDWpULHO
XQHGRFXPHQWDWLRQWHFKQLTXHRXXQWXWRULHOUHODWLIjO
XWLOLVDWLRQG
XQORJLFLHO
ODGHVFULSWLRQGHVSULQFLSDOHVIRQFWLRQQDOLWpVRXFRPPDQGHVG
XQORJLFLHOGHWUDLWHPHQWGH
WH[WHG
XQWDEOHXUG
XQORJLFLHOJUDSKLTXHG
XQJHVWLRQQDLUHGHEDVHVGHGRQQpHV
XQ ORJLFLHO RX OD GHVFULSWLRQ GHVSULQFLSDOHVIRQFWLRQQDOLWpV RX FRPPDQGHV G
XQORJLFLHO
SURIHVVLRQQHO
GHVGRFXPHQWVRXGHVLQIRUPDWLRQVGHEDVHQpFHVVDLUHVDX[WUDLWHPHQWVjUpDOLVHU
&$3$&,7(6*(1(5$/(6 &203(7(1&(6$(9$/8(5
8WLOLVHU XQORJLFLHO ,QVWDOOHUXQORJLFLHOJpQpUDORXSURIHVVLRQQHOjO
DLGH
G
XQHGRFXPHQWDWLRQDXG¶XQPRGHRSpUDWRLUH
2UJDQLVHUODFROOHFWHODVDLVLHHWOHVSURFpGXUHVGH
WUDLWHPHQWVORUVGHODDLVHHQ RHXYUHG
XQORJLFLHO
(WDEOLUOHVUHODWLRQVHWODFRPPXQLFDWLRQHQWUHGHV
ORJLFLHOV
3UpSDUHUGHVWUDLWHPHQWV 0HWWUHjMRXUXQHEDVHGHGRQQpHVHQYXHG
XQH
XWLOLVDWLRQ
([WUDLUHOHVLQIRUPDWLRQVSHUWLQHQWHVG
XQHQVHPEOH
GHGRQQpHV
7UDLWHUOHVGRQQpHV &RQFHYRLUGHVDSSOLFDWLRQVVLPSOHVjO
DLGHGH
IHXLOOHVGHFDOFXOpOHFWURQLTXH
$GDSWHUGHVDSSOLFDWLRQVH[LVWDQWHVVXUIHXLOOHVGH
FDOFXOpOHFWURQLTXHDX[EHVRLQVGHO
HQWUHSULVH
0HWWUHHQRHXYUHGHVDSSOLFDWLRQVUHODWLYHVDX[
WUDYDX[GHSUpYLVLRQ
0HWWUHHQRHXYUHOHVDSSOLFDWLRQVUHODWLYHVDX[
WUDYDX[GHVLPXODWLRQ
0HWWUHHQRHXYUHGHVDSSOLFDWLRQVUHODWLYHVjOD
JHVWLRQGHVPR\HQVPDWpULHOVILQDQFLHUVHWKXPDLQV
0HWWUHHQRHXYUHGHVDSSOLFDWLRQVUHODWLYHVjO
DFWLRQ
HWjODSURVSHFWLRQFRPPHUFLDOH
&$3$&,7(6*(1(5$/(6 &203(7(1&(6$(9$/8(5
&RPPXQLTXHU 5pGLJHUXQHOHWWUHDQUDSSRUWYHUEDOGHUpXQLRQHQ
XWLOLVDQWXQRXWLODGDSWp
5HSUpVHQWHUGHVLQIRUPDWLRQVVRXVIRUPHJUDSKLTXH
8WLOLVHUOHVPR\HQVGHFRQVXOWDWLRQHWG
H[SORLWDWLRQ
GHVLQIRUPDWLRQVRIIHUWHVSDUOHVEDQTXHVGHGRQQpHV
SURIHVVLRQQHOOHV
7UDQVPHWWUHGHVLQIRUPDWLRQVSDUGHVPR\HQV
WpOpPDWLTXHV
%*(67,21'(/
25*$1,6,7,21
2QGRQQHVXLYDQWOHFDV
GHVH[WUDLWVGHVGRFXPHQWVGpFULYDQWOHVSURFpGXUHVHWO
RUJDQLVDWLRQ
GHVpOpPHQWVVXUOHVEHVRLQVHQLQIRUPDWLRQVODVWUXFWXUHGXV\VWqPH
G
LQIRUPDWLRQOHPDWpULHOLQIRUPDWLTXHXWLOLVp
GHVpOpPHQWVVXUODPLVHHQRHXYUHGHFHVPR\HQVPDWpULHOVHWVXUOHXUPRGH
G
H[SORLWDWLRQ
GHVGRFXPHQWVjFRQWU{OHU
GHVGRFXPHQWVGHEDVH
&$3$&,7(6*(1(5$/(6 &203(7(1&(6$(9$/8(5
2UJDQLVHU 0HWWUHHQRHXYUHOHVSURFpGXUHVGHFROOHFWHGHVDLVLH
HWG
H[SORLWDWLRQGHVLQIRUPDWLRQV
&RQFHYRLUOHVGRFXPHQWVGHVDLVLHHWG
pGLWLRQ
'pILQLUOHVpWDSHVHWODFKURQRORJLHGHVWUDLWHPHQWV
GHVWUDYDX[G
H[SORLWDWLRQDYHFOHVSDUWHQDLUHV
LQWpUHVVpV
(ODERUHUXQSODQG
DUFKLYDJHHWGHFRQVHUYDWLRQGHV
GRFXPHQWVGHEDVH
*pUHU 0HWWUHHQRHXYUHOHVSURFpGXUHVGHJHVWLRQGHV
DSSURYLVLRQQHPHQWV
0HWWUHHQRHXYUHOHVSURFpGXUHVGHJHVWLRQGHV
PR\HQVORJLVWLTXH V
&RPPXQLTXHU ([SOLTXHUDXSHUVRQQHVFRQFHUQpHVOHVSURFpGXUHVGH
FROOHFWHGHVDLVLHHWG
H[SORLWDWLRQGHVLQIRUPDWLRQV
&RQWU{OHUHWUpDJLU ,GHQWLILHUGHVDQRPDOLHVGDQVO
RUJDQLVDWLRQ
3URSRVHUGHVDPpOLRUDWLRQVGHO
RUJDQLVDWLRQ
&&2//$%25$7,21$8;352-(76,1)250$7,48(6
2QGRQQHVXLYDQWOHFDV
XQFDKLHUGHVFKDUJHVRQXQH[WUDLWGHFDKLHUGHVFKDUJHVFRQFHUQDQWO
DFTXLVLWLRQ
G
XQPDWpULHORXG
XQORJLFLHO
OHGHVFULSWLIRQOHVFKpPDGHVIOX[G
LQIRUPDWLRQVGDQVO
HQWUHSULVH
XQHGRFXPHQWDWLRQFRQFHUQDQWOHVFKpPDFRQFHSWXHORX O
DQDO\VHGHFRQFHSWLRQ
ODGHVFULSWLRQIRQFWLRQQHOOHG
XQHFRQILJXUDWLRQLQIRUPDWLTXH
GHVLQIRUPDWLRQVVXUOHVFRWVOHILQDQFHPHQWGHPDWpULHOVGHORJLFLHOVHWGH
VHUYLFHV
GHVGHVFULSWLIVFRQFHUQDQWGHVSURGXLWVLQIRUPDWLTXHVHWOHVFRQWUDWV
FRUUHVSRQGDQWV
GHVpOpPHQWVFRQFHUQDQWOHVFKpPDGLUHFWHXURXOHSODQLQIRUPDWLTXHGH
O
HQWUHSULVH
GHVpOpPHQWVUHODWLIVjODPLVHDXSRLQWGHVWHVWVHWGHVSURFpGXUHVGHFRQWU{OH
&$3$&,7(6*(1(5$/(6 &203(7(1&(6$(9$/8(5
3DUWLFLSHUjO
pODERUDWLRQG
XQFDKLHU 'pILQLUGHVREMHFWLIVSRXUXQHDSSOLFDWLRQ
GHVFKDUJHV LQIRUPDWLTXH
5HSpUHUOHVGpYHORSSHPHQWVWHFKQRORJLTXHV
HVVHQWLHOVVXVFHSWLEOHVGHIDLUHpYROXHUOHV\VWqPH
G
LQIRUPDWLRQGHO
HQWUHSULVH
'pWHUPLQHUOHVIOX[HWOHVEHVRLQVHQLQI RUPDWLRQV
&ROODERUHUDYHFOHVDQDO\VWHVSRXUODGpILQLWLRQGHV
EHVRLQVHQWUDLWHPHQWVHWHQGRQQpHV
&RPPXQLTXHU 'pYHORSSHUO
H[SUHVVLRQGHVEHVRLQVHQORJLFLHOV
5HFKHUFKHUOHVpOpPHQWVILQDQFLHUVSHUPHWWDQWGHV
FRPSDUDLVRQVUHODWLYHVjO
DFTXLVLWLRQRXjOD
PDLQWHQDQFHGHORJLFLHOVRXGHPLFUR RUGLQDWHXUV
3DUWLFLSHUjODQpJRFLDWLRQG
XQFRQWUDWFRQFHUQDQWXQ
PDWpULHORXXQORJLFLHO
&$3$&,7(6*(1(5$/(6 &203(7(1&(6$(9$/8(5
3DUWLFLSHUjODJHVWLRQG
XQSURMHW 0HWWUHHQpYLGHQFHOHVFRWVG
XQHDSSOLFDWLRQ
&ROODERUHUjODGpILQLWLRQGHVGRQQpHVQpFHVVDLUHV
DX[WHVWV
&RQWULEXHUjODGpILQLWLRQGHVSURFpGXUHVGHFRQWU{OH
(WDEOLUOHVpOpPHQWVQpFHVVDLUHVSRXUOD
GRFXPHQWDWLRQGHO
DSSOLFDWLRQUpDOLVpH
7HVWHUODGRFXPHQWDWLRQG HO
DSSOLFDWLRQUpDOLVpH
,QWpJUHUOHSURMHWLQIRUPDWLTXHGDQVO
RUJDQLVDWLRQ
&KRLVLUXQORJLFLHO ,GHQWLILHUOHVIRQFWLRQQDOLWpVHWOHVOLPLWHVGH
ORJLFLHOVJpQpUDX[SUpVHQWVVXUOHPDUFKp
&RPSDUHUOHVFRQGLWLRQVILQDQFLqUHVUHODWLYHVj
O
DFTXLVLWLRQHWjODPDLQWHQDQFHGH ORJLFLHOV
&KRLVLUXQORJLFLHOSURIHVVLRQQHOHQIRQFWLRQG
XQ
FDKLHUGHVFKDUJHV
6DYRLUVDVVRFLpV
)5$1d$,6
/
HQVHLJQHPHQW GX IUDQoDLV GDQV OHV VHFWLRQV GH WHFKQLFLHQV VXSpULHXUV VH UpIqUH DX[
GLVSRVLWLRQVGHO
DUUrWpGXPDUV%2(1QGXPDLIL[DQWOHVREMHFWLIV
OHV FRQWHQXV GH O
HQVHLJQHPHQW HW OH UpIpUHQWLHO GHV FDSDFLWpV GX GRPDLQH GH O
H[SUHVVLRQ
IUDQoDLVHSRXUOHVEUHYHWVGHWHFKQLFLHQVXSpULHXU
/$1*8(9,9$17((75$1*(5(
2%-(&7,)6
(WXGLHU XQH ODQJXH YLYDQWH pWUDQJqUH FRQWULEXH j OD IRUPDWLRQ LQWHOOHFWXHOOH HW j
O
HQULFKLVVHPHQWFXOWXUHOGHO
LQGLYLGX
3RXU O
pWXGLDQW GH EUHYHW GH WHFKQLFLHQ VXSpULHXU FHWWH pWXGH HVW XQH FRPSRVDQWH GH OD
IRUPDWLRQSURIHVVLRQQHOOHHWODPDvWULVHG
XQHODQJXHYLYDQWHpWUDQJqUHHVWXQHFRPSpWHQFH
LQGLVSHQVDEOHjO
H[HUFLFHGHODSURIHVVLRQ
6DQV QpJOLJHU DXFXQ GHV TXDWUH VDYRLUIDLUH OLQJXLVWLTXHV IRQGDPHQWDX[ FRPSUHQGUH
SDUOHU OLUH HW pFULUH OD ODQJXH YLYDQWH pWUDQJqUH O
RQ V
DWWDFKHUD j VDWLVIDLUH OHV EHVRLQV
VSpFLILTXHV j O
DFWLYLWp SURIHVVLRQQHOOH FRXUDQWH HW j O
XWLOLVDWLRQ GH OD ODQJXH YLYDQWH
pWUDQJqUHGDQVO
H[HUFLFHGXPpWLHU
,O VHUD ERQ GH SULYLOpJLHU O
DQJODLV FRPPH ODQJXH YLYDQWH pWUDQJqUH SRXU VHV DSSOLFDWLRQV
SURIHVVLRQQHOOHV 6L FHOOHFL Q
HVW SDV UHWHQX FRPPH ODQJXH REOLJDWRLUH LO HVW YLYHPHQW
FRQVHLOOpGHODFKRLVLUFRPPHODQJXHIDFXOWDWLYH
&203(7(1&(6)21'$0(17$/(6
(OOHVVHURQWGpYHORSSpHVGDQVOHVGRPDLQHVVXLYDQWV
H[SORLWDWLRQ GH OD GRFXPHQWDWLRQ HQ ODQJXH YLYDQWH pWUDQJqUH DIIpUHQWH DX[ GRPDLQHV
WHFKQLTXHVHWFRPPHUFLDX[QRWLFHVWHFKQLTXHVGRFXPHQWDWLRQSURIHVVLRQQHOOHDUWLFOHVGH
SUHVVHFRXUULHUILFKLHULQIRUPDWLVpRXQRQ
XWLOLVDWLRQHIILFDFHGHVGLFWLRQQDLUHVHWRXYUDJHVGHUpIpUHQFHDSSURSULpV
FRPSUpKHQVLRQ RUDOH G
LQIRUPDWLRQV RX LQVWUXFWLRQVj FDUDFWqUH SURIHVVLRQQHOHW PDvWULVH
GHODODQJXHRUDOHGHFRPPXQLFDWLRQDXQLYHDXGHO
pFKDQJHGHW\SHSURIHVVLRQQHORXQRQ
\FRPSULVDXWpOpSKRQH
H[SUHVVLRQpFULWHSULVHGHQRWHVUpGDFWLRQGHFRPSWHVUHQGXVGHOHWWUHVGHPHVVDJHVGH
EUHIVUDSSRUWV
8QHOLDLVRQpWURLWHDYHFOHVSURIHVVHXUVG
HQVHLJQHPHQWWHFKQRORJLTXHHWSURIHVVLRQQHOHVW
UHFRPPDQGpH DX SURILWPXWXHO GH OD ODQJXH HW GH ODWHFKQRORJLHHQVHLJQpHVGDQVO
LQWpUrW
GHVpWXGLDQWV
&217(186
*UDPPDLUH
/DPDvWULVHRSpUDWRLUHGHVpOpPHQWVPRUSKRORJLTXHVHWV\QWD[LTXHVILJXUDQWDXSURJUDPPH
GHV FODVVHV GH SUHPLqUH HW WHUPLQDOH FRQVWLWXH XQ REMHFWLI UDLVRQQDEOH ,O FRQYLHQGUD G
HQ
DVVXUHUODFRQVROLGDWLRQHWO
DSSURIRQGLVVHPHQW
/H[LTXH
2QFRQVLGpUHUD FRPPHDFTXLVOHYRFDEXODLUHpOpPHQWDLUHGHODODQJXHGHFRPPXQLFDWLRQHW
OHSURJUDPPHGHVHFRQGF\FOHGHVO\FpHV
&
HVW j SDUWLU GH FHWWH EDVH QpFHVVDLUH TXH O
RQ GHYUD UHQIRUFHU pWHQGUH HW GLYHUVLILHU OHV
FRQQDLVVDQFHVHQIRQFWLRQGHVEHVRLQVVSpFLILTXHVGHODSURIHVVLRQ
(OpPHQWVFXOWXUHOVGHVSD\VXWLOLVDWHXUVG
XQHODQJXHYLYDQWHpWUDQJqUH
/DODQJXHYLYDQWHpWUDQJqUHV
HQWHQGLFLDXVHQVGHODODQJXHXWLOLVpHSDUOHVWHFKQLFLHQVHW
GRLW rWUH SUDWLTXpH GDQV VD GLYHUVLWp pFULWXUH GHV GDWHV XQLWpV PRQpWDLUHV DEUpYLDWLRQV
KHXUH (Q DQJODLV RQ YHLOOHUD j IDPLOLDULVHU OHV pWXGLDQWV DX[ IRUPHV EULWDQQLTXHV
DPpULFDLQHVFDQDGLHQQHVDXVWUDOLHQQHVUHSUpVHQWDWLYHVGHODODQJXHDQJORSKRQH
8QHDWWHQWLRQSDUWLFXOLqUHVHUDDSSRUWpHjFHVSUREOqPHVWDQWjO
pFULWTX
jO
RUDO
(FRQRPLHJpQpUDOHpFRQRPLHG
HQWUHSULVHGURLW
(&2120,(*(1(5$/(
/HSURJUDPPHGHIRUPDWLRQFRPSUHQGjODIRLVXQFRQWHQXjFDUDFWqUHPpWKRGRORJLTXHHWXQFRQWHQXjFDUDFWqUHQRWLRQQHO
/HVFRPSpWHQFHVG
RUGUHPpWKRGRORJLTXHYLVpHVSDUODIRUPDWLRQHWpYDOXpHVDX%76VHURQWGpYHORSSpHVWRLWDXORQJGHVGHX[DQQpHVOHXUDFTXLVLWLRQ
HVWpWURLWHPHQWLPEULTXpHjFHOOHGHVVDYRLUVHWVXSSRVHXQHGpPDUFKHSpGDJRJLTXHYDORULVDQWODPLVHHQVLWXDWLRQGHO
pWXGLDQW
RUJDQLVHUOHVQRWLRQVSUpDODEOHPHQWpWXGLpHVDXWRXUG
XQHSUREOpPDWLTXH
DPHQHUO
pWXGLDQWVHXORXHQpTXLSHjXQWUDYDLODXWRQRPHPRELOLVDQWVHVFRPSpWHQFHVPpWKRGRORJLTXHV
/
pWXGHGHFHVWKqPHVQ
HVWSDVH[FOXVLYHG
DFWLYLWpVGHIRUPDWLRQSRUWDQWVXUWHORXWHOSRLQWSDUWLFXOLHUGXSURJUDPPH
/
HQVHLJQHPHQWGHO
pFRQRPLHHVWDVVXUpHQFRKpUHQFHDYHFOHVHQVHLJQHPHQWVGHVSpFLDOLWp
,$3352&+(0(7+2'2/2*,48(
&217(186 &203(7(1&(6
/HVODQJDJHVpFRQRPLTXH 0DvWULVHUOHYRFDEXODLUHpFRQRPLTXHpFODLUHUOHVFRQFHSWVSDUUpIpUHQFHDX[WKpRULHV
/DGRFXPHQWDWLRQpFRQRPLTXH 5HFKHUFKHUHWH[SORLWHUXQHGRFXPHQWDWLRQpFRQRPLTXHWH[WHVJUDSKLTXHVWDEOHDX[
5HSpUHUOHVLGpHVSULQFLSDOHVG
XQWH[WHUHWURXYHUOHVHQFKDvQHPHQWVG
LGpHVHWOHV
DUJXPHQWDWLRQV
5pGLJHUXQHV\QWKqVH
/
DQDO\VHG
XQHVLWXDWLRQpFRQRPLTXH 3RVHU XQHSUREOpPDWLTXH
&RQVWUXLUHXQHDUJXPHQWDWLRQVWUXFWXUpH
,,&+$03127,211(/
&217(186 &203e7(1&(6
/(6)21'(0(176'(/$ GHO
RUGUHGHKHXUHV
&211$,66$1&((&2120,48(
/
pFRQRPLHHWVRQGRPDLQH 3UpVHQWHUO
REMHWGHODVFLHQFHpFRQRPLTXH
0RQWUHUODGLYHUVLWpGHVFRXUDQWVGHSHQVpHHQVHOLPLWDQWDX[SULQFLSHVGHEDVHGHVFRXUDQWV
FODVVLTXHHWQpRFODVVLTXHNH\QpVLHQHWPDU[LVWH
&DUDFWpULVHUOHV\VWqPHFDSLWDOLVWHHWOHV\VWqPHVRFLDOLVWHj
WLWUHGHFRPSDUDLVRQHQVHOLPLWDQW jOHXUVSULQFLSDX[pOpPHQWVFRQVWLWXWLIV
/HFLUFXLWpFRQRPLTXHFRPPHPpWKRGH 'LVWLQJXHUOHVPpWKRGHVG
DQDO\VHPDFURpFRQRPLTXHHWPLFURpFRQRPLTXH
G
DQDO\VH 3UpVHQWHUOHVDJHQWVpFRQRPLTXHVHWOHXUVRSpUDWLRQVHQV
DSSX\DQWVXUOHYRFDEXODLUHGHOD
FRPSWDELOLWpQDWLRQDOHHWVRXOLJQHUOHVJUDQGHVIRQFWLRQVpFRQRPLTXHVSURGXFWLRQ
UpSDUWLWLRQFRQVRPPDWLRQ
6LWXHUFHVRSpUDWLRQVVXUOHVPDUFKpVHWSUpVHQWHUO
pTXLOLEUH(PSORLV5HVVRXUFHV
0HWWUHHQpYLGHQFHO
RXYHUWXUHGXFLUFXLWHWODPRQGLDOLVDWLRQGHO
pFRQRPLH
,/(6)21&7,216(&2120,48(6 GHO
RUGUHGHKHXUHV
/DSURGXFWLRQ
/DSURGXFWLRQPDUFKDQGHHWQRQPDUFKDQGH 'LVWLQJXHUOHVQRWLRQVGHSURGXFWLRQPDUFKDQGHHWQRQPDUFKDQGH
0HWWUHHQpYLGHQFHO
LPSRUWDQFHGHOD SURGXFWLRQQRQPDUFKDQGHUpDOLVpHSDUO
eWDW
'pILQLUODYDOHXUDMRXWpHHWOHVSULQFLSDX[DJUpJDWVGHODFRPSWDELOLWpQDWLRQDOH
5HSpUHUOHVOLPLWHVGHODPHVXUHGHODSURGXFWLRQ
/HWUDYDLO &DUDFWpULVHUOHVDVSHFWVTXDQWLWDWLIVHWTXDOLWDWLIVGXWUDYDLO
'pILQLUODSURGXFWLYLWpGXWUDYDLO
([SOLTXHUODQRWLRQGHFDSLWDOKXPDLQ
/HFDSLWDOHWOHSURJUqVWHFKQLTXH 'pILQLUOHVQRWLRQVGHFDSLWDOHWG
LQYHVWLVVHPHQW
'pILQLUODSURGXFWLYLWpGXFDSLWDO
0HWWUHHQpYLGHQFHOHSRLGVGHO
LQYHVWLVVHPHQWLPPDWpULHO
$QDO\VHUOHVGpWHUPLQDQWVGHO
LQYHVWLVVHPHQW
$QDO\VHUOHU{OHGXSURJUqVWHFKQLTXHVXUODSURGXFWLRQHWVXUO
XWLOLVDWLRQGHVIDFWHXUVGH
SURGXFWLRQ
/HV\VWqPHSURGXFWLI 'pILQLUOHVQRWLRQVGHVHFWHXUVHWGHEUDQFKHVG
DFWLYLWp
&DUDFWpULVHUO
pYROXWLRQGHVWURLVJUDQGVVHFWHXUVSULPDLUHVHFRQGDLUHWHUWLDLUHGH
O
pFRQRPLHDSSUpFLHUODSHUWLQHQFHGHFHWWHW\SRORJLH
6LWXHUOHU{OHGXVHFWHXUSXEOLFSURGXFWLI
6LWXHUOHQLYHDXGHFRQFHQWUDWLRQGHVEUDQFKHVHWODVWUXFWXUHGHVPDUFKpVFRQFXUUHQFH
ROLJRSROHHWPRQRSROH
0HWWUHHQpYLGHQFHO
LQWHUQDWLRQDOLVDWLRQGHODSURGXFWLRQ
/DUpSDUWLWLRQ
/HVUHYHQXVSULPDLUHV 0RQWUHUTXHFHWWHUpSDUWLWLRQFRUUHVSRQGDXSDUWDJHGHODYDOHXUDMRXWpH
$QDO\VHUOHVQRWLRQVGHVDODLUHHWGHSURILW
6RXOLJQHUOHVLQpJDOLWpVGHFHWWHUpSDUWLWLRQ
/DUHGLVWULEXWLRQ 'pILQLUOHVIRQGHPHQWVGHODUHGLVWULEXWLRQ
'pFULUHOHVGLIIpUHQWVLQVWUXPHQWVHWDQDO\VHUOHU{OHGHO
eWDW
$SSUpFLHUO
HIILFDFLWpGHODUHGLVWULEXWLRQ
/DFRQVRPPDWLRQHW O
pSDUJQH
/HVFRQVRPPDWLRQVFROOHFWLYHV ,GHQWLILHUOHVGLIIpUHQWHVIRUPHVGHFRQVRPPDWLRQFROOHFWLYH
-XVWLILHUO
LQWHUYHQWLRQGHO
(WDWGDQVFHGRPDLQHHWHQ DSSUpFLHUOHVUpVXOWDWV
,QGLTXHUOHSRLGVGHVFROOHFWLYLWpVORFDOHV
/
pYROXWLRQGXPRGHGHFRQVRPPDWLRQ 3UpVHQWHUOHVORLVG
(QJHO
$QDO\VHUODVWUXFWXUHGHODFRQVRPPDWLRQHWVRQpYROXWLRQ
7+(0( /HVWUDQVIRUPDWLRQVGHVPRGHVGH
YLH
,,/(),1$1&(0(17'(/
(&2120,( GHO
RUGUHGH+HXUHV
/HVIRQFWLRQVHWOHVIRUPHVGHODPRQQDLH ,GHQWLILHUOHVIRQFWLRQVHWOHVIRUPHVGHODPRQQDLHHQOLPLWDQWO
DSSURFKHKLVWRULTXH
0HWWUHHQpYLGHQFHOHSURFHVVXVGHGpPDWpULDOLVDWLRQGHODPRQQDLHHWGHVLQVWUXPHQWVGHSDLHPHQW
/HVPpFDQLVPHVGHFUpDWLRQPRQpWDLUH 3UpVHQWHUOHVGLIIpUHQWHVRSpUDWLRQVHWWHVDJHQWVjO
RULJLQHGHODFUpDWLRQPRQpWDLUH
3UpVHQWHUOHSULQFLSHGXPXOWLSOLFDWHXU GHFUpGLW
/DPDVVHPRQpWDLUHHWVHVFRQWUHSDUWLHV 3UpVHQWHUODFRPSRVLWLRQGHODPDVVHPRQpWDLUH
0HWWUHHQpYLGHQFHOHVFRQWUHSDUWLHVGHODPDVVHPRQpWDLUH
/HVFLUFXLWVGHILQDQFHPHQWHWOHV\VWqPH FDUDFWpULVHUOHVIRUPHVGHILQDQFHPHQWGHO
pFRQRPLHILQDQFHGLUHFWHHWILQDQFHLQGLUHFWH
PRQpWDLUHHWILQDQFLHU 'pWHUPLQHUOHU{OHGXPDUFKpPRQpWDLUH HWFHOXLGXPDUFKpILQDQFLHU
/DUpJXODWLRQSDUOHPDUFKp 'pFULUHOHPpFDQLVPHGHIRUPDWLRQGXSUL[G
pTXLOLEUHVXUXQPDUFKpFRQFXUUHQWLHO
0RQWUHUOHU{OHGXSUL[FRPPHLQIRUPDWLRQpFRQRPLTXHSRXUOHVHQWUHSULVHVHWOHVPpQDJHV
0RQWUHUOHVOLPLWHVGHODUpJXODWLRQSDUOHPDUFKp
/DUpJXODWLRQSDUO
(WDWHWOHVSROLWLTXHV 3UpVHQWHUOHVREMHFWLIVGHO
LQWHUYHQWLRQGHO
(WDW
pFRQRPLTXHV 'LVWLQJXHUOHVSROLWLTXHVFRQMRQFWXUHOOHVGHVSROLWLTXHVVWUXFWXUHOOHV
3UpVHQWHUOHVSROLWLTXHVEXGJpWDLUHPRQpWDLUHHWGHO
HPSORL
$SSUpFLHUOHVOLPLWHVGHODUpJXODWLRQSDUO
(WDW
7+(0(/HVHQMHX[GHVSROLWLTXHVGHO
HPSORL
,9/(65(/$7,216(&2120,48(6 GHO
RUGUHGHKHXUHV
,17(51$7,21$/(6
/HVpFKDQJHVLQWHUQDWLRQDX[GHELHQVHW
VHUYLFHV
/HVIRQGHPHQWVGHVpFKDQJHVLQWHUQDWLRQDX[ 3UpVHQWHUOHVSULQFLSDOHVWKpRULHVGXFRPPHUFHLQWHUQDWLRQDOHQGLVWLQJXDQWOHVWKpRULHVGXOLEUH
pFKDQJHHWGXSURWHFWLRQQLVPH
/HVSULQFLSDX[FRXUDQWVG
pFKDQJHGHELHQVHW ,GHQWLILHUOHVpOpPHQWVFRQVWLWXWLIVGHODEDODQFHGHVWUDQVDFWLRQVFRXUDQWHVHWVLWXHUFHOOHFLGDQVOD
VHUYLFHV EDODQFHGHVSDLHPHQWV
,GHQWLILHUOHVSULQFLSDX[FRXUDQWVG
pFKDQJH
0HWWUHHQpYLGHQFHOHVSULQFLSHVHVVHQWLHOVGHO
RUJDQLVDWLRQGHVpFKDQJHVLQWHUQDWLRQDX[
/HVPRXYHPHQWVGHFDSLWDX[
/HVSDLHPHQWVLQWHUQDWLRQDX[ 'pILQLUOHVIRQFWLRQVG
XQ60,
3UpVHQWHUOHPDUFKpGHVFKDQJHVHWODIL[DWLRQGHVWDX[GHFKDQJHHQH[FOXDQWODQRWLRQGHPDUFKpj
WHUPH
'pILQLUOHVQRWLRQVGHWDX[GHFKDQJHIL[HHWGHWDX[GHFKDQJHIORWWDQW
([SOLFLWHUOHVSROLWLTXHVGHFKDQJH
3UpFLVHUOHVSULQFLSHVGpILQLVORUVGHVDFFRUGVGHOD-DPDwTXHHQSRVHUOHSUREOqPHGHOD
JHVWLRQFRQFHUWpHGHVWDX[GHFKDQJH
/HVIOX[HWOHVPDUFKpVLQWHUQDWLRQDX[GH 6LWXHUO¶LPSRUWDQFHGHVPRXYHPHQWVGHFDSLWDX[
FDSLWDX[ 3UpVHQWHUOHFRQWHQXGHODEDODQFHGHVFDSLWDX[HQVHOLPLWDQWDX[JUDQGHVPDVVHVVLWXHUFHOOHFL
GDQVODEDODQFHGHVSDLHPHQWV
0HWWUHHQpYLGHQFHO
LQWHUQDWLRQDOLVDWLRQGHVV\VWqPHVILQDQFLHUV
7+(0(/HVIRUFHVHWOHVIDLEOHVVHVGX
FRPPHUFHH[WpULHXUIUDQoDLV
9/
(&2120,(021',$/( GHO
RUGUHGHKHXUHV
/
KpWpURJpQpLWpGHO
pFRQRPLHPRQGLDOH 0RQWUHUOHVLQpJDOLWpVGHGpYHORSSHPHQWHQWUHOHVSD\V
3UpVHQWHUOHVVLWXDWLRQVVSpFLILTXHVGHV30$GHV13,HWGHVSD\VHQWUDQVLWLRQYHUVOHFDSLWDOLVPH
/HVHIIRUWVG
LQWpJUDWLRQO
H[HPSOHGHO
8QLRQ
HXURSpHQQH
/¶XQLILFDWLRQGXPDUFKpHXURSpHQ 6LWXHUODSODFHGHO
8QLRQHXURSpHQQHGDQVO
pFRQRPLHPRQGLDOH
5DSSHOHUOHVJUDQGHVpWDSHVGHODFRQVWUXFWLRQHXURSpHQQHGHSXLVOHWUDLWpGH5RPH
'pFULUHOHSURFHVVXVGHFRQVWLWXWLRQGXPDUFKpXQLTXHHQGpJDJHUOHVFRQVpTXHQFHV
'X60(jO
8(0 'pILQLUOHVJUDQGVSULQFLSHVGX60(SUpVHQWHUOHVGLIIpUHQWVU{OHVGHO
pFX
3UpVHQWHUOHVGLIIpUHQWHVpWDSHVHWOHVREMHFWLIVGHO
8(0
&URLVVDQFHHWGpVpTXLOLEUHVGDQVOHVSD\V 0HWWUHHQpYLGHQFHOHVPRXYHPHQWVGHO
DFWLYLWppFRQRPLTXHFURLVVDQFHHWIOXFWXDWLRQV
GpYHORSSpVGHSXLVOHVDQQpHV 0RQWUHUODGLYHUVLWpGHVpYROXWLRQVFRQMRQFWXUHOOHVVHORQOHVpFRQRPLHV
0RQWUHUTXHFHVQRXYHOOHVIRUPHVGHFURLVVDQFHV
DFFRPSDJQHQWGHSURIRQGVGpVpTXLOLEUHVGLIIpUHQWV
VHORQOHVSD\VLQIODWLRQGpVLQIODWLRQFK{PDJHLQpJDOLWpVVRFLDOHVH[FOXVLRQHWPDUJLQDOLVDWLRQFULVH
GHODSURWHFWLRQVRFLDOHGpVpTXLOLEUHVH[WpULHXUV
7+(0(/
LQWHUGpSHQGDQFHGHVpFRQRPLHVHWOHSUREOqPHGHODFRRUGLQDWLRQLQWHUQDWLRQDOHGHVSROLWLTXHVpFRQRPLTXHV
(&2120,(G
(175(35,6(
%76qUHqPHDQQpHV
/HSURJUDPPHGHIRUPDWLRQFRPSUHQGjODIRLVXQFRQWHQXjFDUDFWqUHPpWKRGRORJLTXHHWXQFRQWHQXjFDUDFWqUHQRWLRQQHO
/HVFRPSpWHQFHVG
RUGUHPpWKRGRORJLTXHYLVpHVSDUODIRUPDWLRQHWpYDOXpHDX%76VHURQWGpYHORSSpHVWRXWDXORQJGHVGHX[DQQpHVOHXUDFTXLVLWLRQ
HVWpWURLWHPHQWLPEULTXpHjFHOOHGHVVDYRLUVHWVXSSRVHXQHGpPDUFKHSpGDJRJLTXHYDORULVDQWODPLVHHQVLWXDWLRQGHO
pWXGLDQW
/HSURJUDPPHGDQVVRQFKDPSQRWLRQQHOSUpYRLWGHVWKqPHVG
pWXGHREOLJDWRLUHV&HX[FLVHVLWXHQWjO
LVVXHG
XQHRXSOXVLHXUVSDUWLHVGHSURJUDPPH
,OVYLVHQWGHX[REMHFWLIV
RUJDQLVHUOHVQRWLRQVSUpDODEOHPHQWpWXGLpHVDXWRXUG
XQHSUREOpPDWLTXH
DPHQHUO
pWXGLDQWVHXORXHQpTXLSHjXQWUDYDLODXWRQRPHPRELOLVDQWVHVFRPSpWHQFHVPpWKRGRORJLTXHV
/
pWXGHGHFHVWKqPHVQ¶HVWSDVH[FOXVLYHG
DFWLYLWpVGHIRUPDWLRQSRUWDQWVXUWHORXWHOSRLQWSDUWLFXOLHUGXSURJUDPPH
/¶pWXGHGHO
pFRQRPLHG
HQWUHSULVHHVWDVVXUpHQFRKpUHQFHDYHFOHVHQVHLJQHPHQWVGHVSpFLDOLWp
,$3352&+(0(7+2'2/2*,48(
FRQWHQXV FRPSpWHQFHV
/HYRFDEXODLUHpFRQRPLTXH 0DvWULVHUOHYRFDEXODLUHpFRQRPLTXHVSpFLILTXHHWO
XWLOLVHUjERQHVFLHQW
/DGRFXPHQWDWLRQpFRQRPLTXH &RQVXOWHUHWH[SORLWHUXQHGRFXPHQWDWLRQpFRQRPLTXHVSpFLDOLVpHVXUO
HQWUHSULVH
5HFKHUFKHUGHVLQIRUPDWLRQVVXUOHVHQWUHSULVHV
$QDO\VHUHWGHWUDLWHUGHVLQIRUPDWLRQVUHODWLYHVDX[HQWUHSULVHV
5pGLJHUXQHV\QWKqVH
/¶DQDO\VHG¶XQHG¶HQWUHSULVH $QDO\VHUXQHVLWXDWLRQG
HQWUHSULVHDXWUDYHUVGHGLYHUVHVJULOOHVGHOHFWXUHILQDQFLqUHFRPPHUFLDOH
RUJDQLVDWLRQQHOOHLQGXVWULHOOH
&RQVWUXLUHXQHDUJXPHQWDWLRQVWUXFWXUpH
/¶DQDO\VHG¶XQSUREOqPHGHJHVWLRQ 0HWWUHHQpYLGHQFHXQSUREOqPHGHJHVWLRQUHSpUHUWRXWHVVHVGLPHQVLRQVPHWWUHHQSHUVSHFWLYHOHVRXWLOVHW
WHFKQLTXHVHWGHVpOpPHQWVGHVROXWLRQ
8WLOLVHU XQH DSSURFKH V\VWpPLTXH HW PRQWUHU OHV LQWHUGpSHQGDQFHV GHV GpFLVLRQV G
HQWUHSULVHV HW GHV YDULDEOHV
G
DFWLRQ
,, &+$03127,211(/
/DSRQGpUDWLRQKRUDLUHHVWIRXUQLHjWLWUHLQGLFDWLI
/$',9(56,7('(6&21&(37,216'(/¶(175(35,6(
&RQWHQXV FRPSpWHQFHV
/¶HQWUHSULVH XQHVWUXFWXUHSURGXFWLYH &DUDFWpULVHUODSURGXFWLRQGHVHQWUHSULVHVELHQVHWVHUYLFHVPDUFKDQGV
,GHQWLILHUVRQU{OHGHUpSDUWLWLRQ
0HWWUHHQpYLGHQFHODQpFHVVLWpG
XQHVWUXFWXUDWLRQGHVDFWLYLWpV
5HOLHUFHWWHDSSURFKHjODWKpRULHFODVVLTXHGHVRUJDQLVDWLRQV
/¶HQWUHSULVH XQJURXSHPHQWKXPDLQ 0HWWUHHQpYLGHQFHOHU{OHGHVKRPPHVGDQVO
HQWUHSULVH
5HOLHUFHWWHDSSURFKHjODWKpRULHGHVUHODWLRQVKXPDLQHV
/¶HQWUHSULVH XQH RUJDQLVDWLRQ DX VHLQ GH ,GHQWLILHUOHVpWDSHVGHODYLHGHO
HQWUHSULVHFUpDWLRQFURLVVDQFHGLVSDULWLRQ
O¶HQYLURQQHPHQW ,GHQWLILHUOHVGLIIpUHQWHVFRPSRVDQWHVGHO
HQYLURQQHPHQWpFRQRPLTXHVRFLDOWHFKQRORJLTXHpFRORJLTXH
SROLWLTXH
0HWWUHHQpYLGHQFHOHVLQWHUDFWLRQVHQWUHSULVH± HQYLURQQHPHQW
5HOLHUFHWWHDSSURFKHjODWKpRULHGHODFRQWLQJHQFH
/¶HQWUHSULVH XQHFXOWXUH 'pILQLUO
LGHQWLWpHWO
LPDJHGHO
HQWUHSULVH
,GHQWLILHUOHVpOpPHQWVGHODFXOWXUHG
HQWUHSULVHjWUDYHUVGHVH[HPSOHVFRQFUHWV
0HWWUHHQpYLGHQFHOHU{OHGHODFXOWXUHGDQVODJHVWLRQ
&DUDFWpULVHUOHSURMHWG
HQWUHSULVH(QPRQWUHUO
LQWpUrWHWOHVOLPLWHV
5HOLHUFHWWHDSSURFKHDX[DQDO\VHVUpFHQWHV
/¶(175(35,6('$16/(6<67(0(352'8&7,)
&RQWHQXV FRPSpWHQFHV
/HVW\SHVG¶HQWUHSULVHV ,GHQWLILHUOHVGLIIpUHQWVFULWqUHVGHFODVVLILFDWLRQGHVHQWUHSULVHVWDLOOHIRUPHMXULGLTXHVHFWHXUEUDQFKH
HWDSSUpFLHUOHXUSHUWLQHQFH
3HUFHYRLUODGLYHUVLWpGHVHQWUHSULVHV
/¶LQVHUWLRQ GH O¶HQWUHSULVH GDQV OH V\VWqPH 5HSODFHUO
HQWUHSULVHGDQVVRQHQYLURQQHPHQWLQGXVWULHO
SURGXFWLI 0RQWUHUODYDULpWpGHVOLDLVRQVHWGHVUHODWLRQVSRVVLEOHVHQWUHILUPHVILOLDOHVJURXSHVILOLqUHV
7+(0( /¶(175(35,6(816<67(0(&203/(;(
'(&,6,21(732892,5
&RQWHQXV FRPSpWHQFHV
'pILQLWLRQHWW\SHVGHGpFLVLRQ 'pILQLUODQRWLRQGHGpFLVLRQ
5HSpUHUOHVGLIIpUHQWVQLYHDX[GHGpFLVLRQ
/¶H[HUFLFHGXSRXYRLU 'pFULUHOHVIRUPHVG
H[HUFLFHGXSRXYRLUGDQVO
HQWUHSULVH
'pILQLUOHVQRWLRQVGHFHQWUDOLVDWLRQGHGpFHQWUDOLVDWLRQHWGHGpOpJDWLRQGHVSRXYRLUV
&DUDFWpULVHUOHFRPSRUWHPHQWGHVGLULJHDQWVHWVRQpYROXWLRQ
,1)250$7,21(735,6('('(&,6,21
&RQWHQXV FRPSpWHQFHV
/¶LQIRUPDWLRQ 'pILQLUO
LQIRUPDWLRQHWpWXGLHUVDGLYHUVLWp
0HWWUHHQpYLGHQFHODQpFHVVLWpHWOHU{OHGHO
LQIRUPDWLRQSRXUODSULVHGHGpFLVLRQ
,GHQWLILHUOHVTXDOLWpVTXHGRLWSRVVpGHUO
LQIRUPDWLRQSRXUrWUHXWLOH
5HFKHUFKHUOHVVRXUFHVG
LQIRUPDWLRQLQWHUQHVHWH[WHUQHV
'pILQLUODQRWLRQGHYHLOOH
5HSpUHUO
RUJDQLVDWLRQGHO
LQIRUPDWLRQGDQVO
HQWUHSULVH
/DSULVHGHGpFLVLRQ ,GHQWLILHUOHVpWDSHVGXSURFHVVXVGHGpFLVLRQ
,,VHUDSRVVLEOHGHIDLUHUpIpUHQFHDX[PRGqOHVGHSULVHGHGpFLVLRQVDQVDSSURIRQGLUOHVIRQGHPHQWVWKpRULTXHV
0HWWUH HQ pYLGHQFH OHV REVWDFOHV j XQH SULVH GH GpFLVLRQ UDWLRQQHOOH LGHQWLILHU OHV FRQWUDLQWHV GH WHPSV GH UHVVRXUFHV GH
SRXYRLUHWOHVIDFWHXUVSV\FKRORJLTXHV
/¶DLGHjODGpFLVLRQ 3UpVHQWHUTXHOTXHVRXWLOVG
DLGHjODGpFLVLRQHQVHOLPLWDQWDX[SULQFLSHVHWDX[GRPDLQHVG
XWLOLVDWLRQVRQQ
DERUGHUDSDVOHV
DVSHFWVWHFKQLTXHV
7KqPH /$35$7,48('(/$'(&,6,21
qPH SDUWLH /¶HQWUHSULVHHWODJHVWLRQGHVDFWLYLWpVGHO¶RUGUHGHK
/(6',))(5(17(6$&7,9,7(6
/¶DFWLYLWpFRPPHUFLDOH
&RQWHQXV FRPSpWHQFHV
/¶HVSULWPHUFDWLTXH
&DUDFWpULVHUO¶HVSULWPHUFDWLTXH
,GHQWLILHUOHVREMHFWLIVGHODPHUFDWLTXH
/DGpPDUFKHPHUFDWLTXH $QDO\VHUOHVFRPSRVDQWHVG
XQPDUFKpHQWHUPHVG
RIIUHHWGHGHPDQGH
5HSpUHUOHVDFWHXUVSUpFLVHUOHXUU{OHHWDQDO\VHUOHXUFRPSRUWHPHQW
,GHQWLILHUOHVWHFKQLTXHVG
pWXGHVGHPDUFKpHWDSSUpFLHUOHXUVXWLOLWpVHWOLPLWHV
&DUDFWpULVHUOHSRVLWLRQQHPHQWODVHJPHQWDWLRQHWPHWWUHHQYDOHXUO¶LQWpUrWGHFHVRXWLOVG
DQDO\VH
/HVDFWLRQVPHUFDWLTXHV (QXPpUHUOHVFRPSRVDQWHVGXSODQGHPDUFKpDJH
OHSURGXLWpOpPHQWVG
LGHQWLWpGXSURGXLWHWOHVVHUYLFHVFRQQH[HVOH
SUL[PpWKRGHVGHIL[DWLRQSUDWLTXHHWHQMHX[ODGLVWULEXWLRQPRGHVGHGLVWULEXWLRQFULWqUHVGHVpOHFWLRQHWHQMHX[OD
FRPPXQLFDWLRQSDUOHVPpGLDVHWKRUVPpGLDV
0HWWUHHQpYLGHQFHODQpFHVVLWpG
XQHFRKpUHQFHGXSODQGHPDUFKpDJH
3UpFLVHUOHVPLVVLRQVGHODIRUFHGHYHQWHHWDSSUpFLHUO
pYROXWLRQGHVRQU{OH
HQDQJODLV PDUNHWLQJ
HQDQJODLV PDUNHWLQJPL[
/¶DFWLYLWpSURGXFWLYH
&RQWHQXV FRPSpWHQFHV
/HVV\VWqPHVGHSURGXFWLRQ 'pILQLUOHVV\VWqPHVGHSURGXFWLRQ
,GHQWLILHUOHVFULWqUHVGHFKRL[G
XQV\VWqPHGHSURGXFWLRQ
/DJHVWLRQGHSURGXFWLRQ 'pOLPLWHUHFKDPSG
DFWLRQGHODJHVWLRQGHODSURGXFWLRQ
$QDO\VHUOHVSULQFLSDX[PRGHVGHJHVWLRQGHODSURGXFWLRQSDUO
DPRQWSDUO
DYDOHWUHSpUHUOHXUVLQWpUrWVHWOHXUVOLPLWHV
5HSpUHUTXHOTXHVRXWLOVHWPpWKRGHVGHJHVWLRQGHODSURGXFWLRQ
/¶pYROXWLRQGHODSURGXFWLRQ 0HWWUHHQpYLGHQFHOHVIDFWHXUVG
pYROXWLRQGHODORJLTXHSURGXFWLYHHQYLURQQHPHQWWHFKQRORJLTXHpFRQRPLTXH
JpRJUDSKLTXH
'pFULUHOHVFRQVpTXHQFHVGHFHVpYROXWLRQVHQWHUPHVGHTXDOLWpGHIOH[LELOLWpGHSURGXFWLYLWp
&RQVWDWHUOHVpYROXWLRQVVXUO
HPSORLHWGDQVO
RUJDQLVDWLRQGXWUDYDLODXUHJDUGGHVFKDQJHPHQWVpFRQRPLTXHVWHFKQRORJLTXHV
VRFLDX[
/HVDFWLYLWpVGHORJLVWLTXHHWG¶DSSURYLVLRQQHPHQW
&RQWHQXV FRPSpWHQFHV
/DORJLVWLTXH 'pILQLUODORJLVWLTXHHWFDUDFWpULVHUVHVGLIIpUHQWHVFRPSRVDQWHV
$SSUpFLHUOHU{OHHWO¶LPSRUWDQFHGHODORJLVWLTXH
/¶DSSURYLVLRQQHPHQW 0HWWUHHQpYLGHQFHODSUREOpPDWLTXHGHO
DSSURYLVLRQQHPHQWHQFDUDFWpULVDQW
OHVREMHFWLIVGHODSROLWLTXHG
DSSURYLVLRQQHPHQW
OHSURFHVVXVG
DFKDWHWO
LPSRUWDQFHGXU{OHGHO
DFKHWHXU
OHVFKRL[SRVVLEOHVSRXUODJHVWLRQGHVVWRFNVHWGHVIOX[
/
pWXGHGHVPRGqOHVWKpRULTXHVQHVHUDSDVDERUGpH
/¶DFWLYLWpILQDQFLqUH
&RQWHQXV FRPSpWHQFHV
/¶pTXLOLEUHILQDQFLHU 0RQWUHUODQpFHVVLWpGHVpTXLOLEUHVILQDQFLHUV
3UpFLVHUOHVQRWLRQVGHUHQWDELOLWpVROYDELOLWp
/HVFKRL[ILQDQFLHUV &DUDFWpULVHUOHEHVRLQGHILQDQFHPHQWGHO¶LQYHVWLVVHPHQWHWOHEHVRLQGHILQDQFHPHQWGXF\FOHG¶H[SORLWDWLRQ
,GHQWLILHUOHVPR\HQVGHILQDQFHPHQWDGDSWpVDX[EHVRLQVGHILQDQFHPHQW
5HSpUHUOHVFULWqUHVGpWHUPLQDQWVGDQVODGpFLVLRQILQDQFLqUH
RQQHVHOLYUHUDSDVjXQHpWXGHV\VWpPDWLTXHGHVGRFXPHQWVFRPSWDEOHV
/DJHVWLRQGHVUHVVRXUFHVKXPDLQHV
&RQWHQXV FRPSpWHQFHV
/HVIRQGHPHQWVGHOD*5+ 'pILQLUOD*5+HWSUpFLVHUO
pYROXWLRQGHVHVREMHFWLIV
0RQWUHUVHVHQMHX[SRXUO¶HQWUHSULVHHWOHVVDODULpV
/DJHVWLRQSUpYLVLRQQHOOHGHO¶HPSORL &DUDFWpULVHUOHFRQWHQXOHVPpWKRGHVG
DQDO\VHHWOHVHQMHX[GHODJHVWLRQSUpYLVLRQQHOOHGHO¶HPSORL
/DSUDWLTXHGHOD*5+ $QDO\VHUO
pYROXWLRQHWOHVPRGDOLWpVGHPLVHHQRHXYUHGHOD*5+FRQFHUQDQWOHUHFUXWHPHQWODIRUPDWLRQODUpPXQpUDWLRQ
ODSURPRWLRQODPRWLYDWLRQO
DQLPDWLRQOHVFRQGLWLRQVGHWUDYDLO
$QDO\VHUOHGLDORJXHVRFLDOGDQVO
HQWUHSULVHFRPPXQLFDWLRQLQWHUQHFRQFHUWDWLRQSDUWLFLSDWLRQFRQIOLWVHWQpJRFLDWLRQV
/¶25*$1,6$7,21'(6$&7,9,7(6
&RQWHQXV FRPSpWHQFHV
/HVGLIIpUHQWHVVWUXFWXUHV &DUDFWpULVHU OHV SULQFLSDOHV VWUXFWXUHV G¶HQWUHSULVH HQ PHWWDQW HQ pYLGHQFH OHV FULWqUHV GH VWUXFWXUDWLRQ OHV PR\HQV GH
FRRUGLQDWLRQOHGHJUpGHFHQWUDOLVDWLRQ
/¶pYROXWLRQGHVVWUXFWXUHV ,GHQWLILHU OHV SULQFLSDX[ IDFWHXUV G¶pYROXWLRQ GHV VWUXFWXUHV G¶HQWUHSULVH V\VWqPH WHFKQLTXH
HQYLURQQHPHQWkJHWDLOOHVWUDWpJLH
0HWWUHHQpYLGHQFHO¶pPHUJHQFHGHVVWUXFWXUHVSDUSURMHW
7KqPH /¶$'$37$7,21'(/¶(175(35,6($8;,03(5$7,)6'(48$/,7(
qPH SDUWLH /¶HQWUHSULVHHWVDGpPDUFKHVWUDWpJLTXHGHO¶RUGUHGHK
/$675$7(*,(
&RQWHQXV FRPSpWHQFHV
/DGpWHUPLQDWLRQGHVREMHFWLIV ,GHQWLILHUOHVILQDOLWpVGHO
HQWUHSULVH
(WDEOLUOHOLHQHQWUHILQDOLWpVHWREMHFWLIV
0RQWUHUODGLYHUVLWpGHVREMHFWLIVHWOHXUKLpUDUFKLHpYHQWXHOOH
0HWWUHHQpYLGHQFHOHVIDFWHXUVVXEMHFWLIVTXLLQIOXHQFHQWOHVREMHFWLIV
/HVGpFLVLRQVVWUDWpJLTXHV 'pILQLUODVWUDWpJLH
$SSUpFLHUODQpFHVVLWpGHVFKRL[VWUDWpJLTXHVjODFUpDWLRQHWDXFRXUVGHO
H[LVWHQFHGHO
HQWUHSULVH
/(',$*1267,&675$7(*,48(
&RQWHQXV FRPSpWHQFHV
/DFRQQDLVVDQFHGHO¶HQYLURQQHPHQW 0RQWUHUTXHOHVFKRL[RSpUpVGRLYHQWSUHQGUHHQFRPSWHOHVGRQQpHVGHO
HQYLURQQHPHQWpFRQRPLTXHVRFLDOGpPRJUDSKLTXH
MXULGLTXHHWWHFKQRORJLTXH
$QDO\VHFRQFXUUHQWLHOOH 'pILQLUOHVQRWLRQVGHGRPDLQHG
DFWLYLWpGHPpWLHUGHVHJPHQWDWLRQVWUDWpJLTXHGHIDFWHXUVFOpVGHVXFFqV
$SSUpFLHUODSRVLWLRQFRQFXUUHQWLHOOHGHO¶HQWUHSULVHjWUDYHUVOHVFRQFHSWVGHF\FOHGHYLHGXSURGXLWG
HIIHWG
H[SpULHQFHGH
SRUWHIHXLOOHG
DFWLYLWpVSRXULOOXVWUHUFHGHUQLHUSRLQWRQSRXUUDXWLOLVHUXQPRGqOHG
DQDO\VH
,GHQWLILHUOHVIRUFHVTXLDJLVVHQWVXUODSRVLWLRQFRQFXUUHQWLHOOHGHO
HQWUHSULVH
$SSUpFLHUOHVUDSSRUWVGHIRUFHHQWUHO
HQWUHSULVHVHVIRXUQLVVHXUVVHVFOLHQWVDXWUDYHUVGHODQRWLRQUWHSRXYRLUGHQpJRFLDWLRQ
$QDO\VHWHFKQRORJLTXH 3UpFLVHUOHVQRWLRQVGHGRPDLQHGHFRPSpWHQFHGHSRWHQWLHOG
LQQRYDWLRQGHSRWHQWLHOGHUHFKHUFKHGpYHORSSHPHQW
,GHQWLILHUOHVQRWLRQVGHFRXSOHSURGXLWSURFHVVXVGHSURGXFWLRQHWGHF\FOHGHYLHGXSURFHVVXVGHSURGXFWLRQ
$QDO\VHRUJDQLVDWLRQQHOOH $SSUpFLHUODFDSDFLWpGHO
HQWUHSULVHjV
DGDSWHUDX[EHVRLQVHWDX[FRQWUDLQWHV
(QFRQVpTXHQFHpYDOXHUOHGHJUpGHIOH[LELOLWpGHVpTXLSHPHQWVOHGHJUpGHIOH[LELOLWpGHODPDLQG¶°XYUH
(YDOXHUOHSRWHQWLHOKXPDLQ
(YDOXHUOHSRWHQWLHOILQDQFLHU
/(6&+2,;675$7(*,48(6
&RQWHQXV FRPSpWHQFHV
/HVRULHQWDWLRQVVWUDWpJLTXHV ,GHQWLILHUOHVGLIIpUHQWVD[HVVWUDWpJLTXHVSRVVLEOHVSRXUO
HQWUHSULVHFURLVVDQFHGLYHUVLILFDWLRQVSpFLDOLVDWLRQUHFHQWUDJH
GpJDJHPHQWVXUYLHLQWHUQDWLRQDOLVDWLRQ
0HWWUHHQpYLGHQFHOHXUVLQWpUrWVHWOHXUVOLPLWHV
/HVRSWLRQVVWUDWpJLTXHV &DUDFWpULVHUOHVGLIIpUHQWHVRSWLRQVVWUDWpJLTXHV
VWUDWpJLHGHFURLVVDQFHLQWHUQHHWH[WHUQH
VWUDWpJLHGHGRPLQDWLRQSDUOHVFRWV
VWUDWpJLHGHGLIIpUHQFLDWLRQGXSURGXLW
VWUDWpJLHGHIRFDOLVDWLRQ
VWUDWpJLHGHQLFKH
VWUDWpJLHG
LPSDUWLWLRQ
VWUDWpJLHG
LQWpJUDWLRQ
0RQWUHUOHVSRVVLELOLWpVGHFRPELQDLVRQGHFHVRSWLRQVVWUDWpJLTXHV
6DYRLUOHVLGHQWLILHU VXUGHVFDVFRQFUHWV
/$0,6((1¯895((7/(&21752/('(6675$7(*,(6
&RQWHQXV FRPSpWHQFHV
/HVGLIIpUHQWVDVSHFWVGHODSODQLILFDWLRQ 'pILQLUOHFRQFHSWGHSODQLILFDWLRQ
5HWUDFHUVXUGHVFDVFRQFUHWVOHVpWDSHVGHODSODQLILFDWLRQ
'pILQLUHWGLIIpUHQFLHUOHVQRWLRQVGHSODQVVWUDWpJLTXHRSpUDWLRQQHOGHSURJUDPPHHWGHEXGJHW
/HFRQWU{OHGHVUpDOLVDWLRQV 0HWWUHHQpYLGHQFHODQpFHVVLWpG
XQHFRQIURQWDWLRQHQWUHSUpYLVLRQVHWUpDOLVDWLRQV
,GHQWLILHUOHVGLIIpUHQWHVIRUPHVGHFRQWU{OH
7KqPH /(630((7/$'(0$5&+(675$7(*,48(
&RQWHQXV FRPSpWHQFHV
/¶HQWUHSULVHFLWR\HQQH &DUDFWpULVHUOHU{OHGHO
HQWUHSULVHGDQVODVRFLpWp
0HWWUHHQpYLGHQFHFHU{OHGDQVOHVGLIIpUHQWHVDFWLYLWpVGHO
HQWUHSULVH
/¶HQWUHSULVHHWO¶pWKLTXH 'pILQLUO¶pWKLTXH
$QDO\VHUOHVSUREOqPHVG¶pWKLTXHSRVpVjO¶HQWUHSULVHGDQVOHPRQGHFRQWHPSRUDLQ
7KqPH /¶(175(35,6((7/¶,17(5(7*(1(5$/
'52,7
/HSURJUDPPHGHIRUPDWLRQFRPSUHQGjODIRLVXQFRQWHQXjFDUDFWqUHPpWKRGRORJLTXHHWXQFRQWHQXjFDUDFWqUHQRWLRQQHO
/HVFRPSpWHQFHVG
RUGUHPpWKRGRORJLTXHYLVpHVSDUODIRUPDWLRQHWpYDOXpHVDX%76VHURQWGpYHORSSpHVWRXWDXORQJGHVGHX[DQQpHVOHXUDFTXLVLWLRQ
HVWpWURLWHPHQWLPEULTXpHjFHOOHGHVVDYRLUVHWVXSSRVHXQHGpPDUFKHSpGDJRJLTXHYDORULVDQWODPLVHHQVLWXDWLRQGHO¶pWXGLDQW
/HSURJUDPPHGDQVVRQFKDPSQRWLRQQHOSUpYRLWGHVWKqPHVG
pWXGHREOLJDWRLUHV&HX[FLVHVLWXHQWjO
LVVXHG
XQHRXGHSOXVLHXUVSDUWLHVGH
SURJUDPPH,OVYLVHQWGHX[REMHFWLIV
RUJDQLVHUOHVQRWLRQVSUpDODEOHPHQWpWXGLpHVDXWRXUG
XQHSUREOpPDWLTXH
DPHQHUO
pWXGLDQWVHXORXHQpTXLSHjXQWUDYDLODXWRQRPHPRELOLVDQWVHVFRPSpWHQFHVPpWKRGRORJLTXHV
/
pWXGHGHFHVWKqPHVQ
HVWSDVH[FOXVLYHG
DFWLYLWpVGHIRUPDWLRQSRUWDQWVXUWHORXWHOSRLQWSDUWLFXOLHUGXSURJUDPPH
/
HQVHLJQHPHQWGXGURLWHVWDVVXUpHQFRKpUHQFHDYHFOHVHQVHLJQHPHQWVGHVSpFLDOLWp
$3352&+(0(7+2'2/2*,48(
&217(186 &203(7(1&(6
/HODQJDJHMXULGLTXH 0DvWULVHUOHYRFDEXODLUHMXULGLTXHVSpFLILTXHHWOHUHJLVWUHGHODQJXHFDUDFWpULVWLTXHGXGURLW
/DGRFXPHQWDWLRQMXULGLTXHHWVHV &RQVXOWHUHWH[SORLWHUODGRFXPHQWDWLRQMXULGLTXHVSpFLDOLVpHUHFRXULUDYHFDLVDQFHjXQFRGHOLUHXQ
VSpFLILFLWpV MXJHPHQW
/
DQDO\VHG
XQHVLWXDWLRQMXULGLTXH $QDO\VHUXQHVLWXDWLRQMXULGLTXH
/DSRVLWLRQG
XQSUREOqPHMXULGLTXH 3RVHUXQSUREOqPHGHGURLWFRQVWUXLUHXQHDUJXPHQWDWLRQMXULGLTXHGDQVXQFDVSUDWLTXHGRQQp
GDQVOHFDGUHQRWLRQQHOGpILQLSDUOHUpIpUHQWLHO
,, &+$03127,211(/ /DSRQGpUDWLRQ KRUDLUHHVWIRXUQLHjWLWUHLQGLFDWLI
&217(186 &203(7(1&(6
/('52,7(7/
$&7,9,7((&2120,48( GHO
RUGUHGHKHXUHV
3ULQFLSHVMXULGLTXHVTXLVRXVWHQGHQWO
DFWLYLWp 0HWWUHHQpYLGHQFHODQpFHVVLWpG
XQFDGUHMXULGLTXHSRXURUJDQLVHUHWSUpFLVHUOHVGURLWVHW
pFRQRPLTXH REOLJDWLRQVGHVDFWHXUVpFRQRPLTXHV
/HVOLEHUWpVSXEOLTXHVOHVOLEHUWpVVRFLDOHVHW 5HSpUHUSDUPLOHVOLEHUWpVSXEOLTXHVFHOOHVTXLRQWOHFDUDFWqUHGHOLEHUWpVpFRQRPLTXHVHWVRFLDOHV
pFRQRPLTXHV GURLWGHSURSULpWpOLEHUWpFRQWUDFWXHOOHOLEHUWpGXWUDYDLOGURLWV\QGLFDO
1RWLRQG
RUGUHSXEOLFpFRQRPLTXHHWVRFLDO -XVWLILHUOHVHQMHX[GHFHWRUGUHSXEOLF
/
LQWHUGpSHQGDQFHGXGURLWHWGHO
pFRQRPLH 0HWWUHHQpYLGHQFHFHSKpQRPqQHjWUDYHUVTXHOTXHVH[HPSOHV
,/(&$'5(-85,',48('(/
$&7,9,7( GHO
RUGUHGHKHXUHV
(&2120,48(
/HFDGUHLQVWLWXWLRQQHO
/HVSRXYRLUVSXEOLFVpFRQRPLTXHV 5HSODFHUO
H[LVWHQFHHWOHVIRQFWLRQVGHFHVSRXYRLUVGDQVOHXUFDGUHMXULGLTXHFRQVWLWXWLRQORLGH
U{OHVUHVSHFWLIVGXSDUOHPHQWGXJRXYHUQHPHQW GpFHQWUDOLVDWLRQ
HWGHO
DGPLQLVWUDWLRQFHQWUDOHHWWHUULWRULDOH
'LVWLQJXHUODVSpFLILFLWpGHVPLVVLRQVDWWULEXpHVDX[GLIIpUHQWVSRXYRLUVHQIRQFWLRQGHO
pWHQGXHGH
OHXUGRPDLQHGHFRPSpWHQFHVPHWWUHHQpYLGHQFHO
pYROXWLRQGXU{OHGHVFROOHFWLYLWpVORFDOHVHQ
PDWLqUHpFRQRPLTXHHWVRFLDOH
/HVSRXYRLUVSULYpVpFRQRPLTXHV 'LVWLQJXHUHWFRPSDUHUFHVSRXYRLUVHQIRQFWLRQGHVWH[WHVTXLOpJLWLPHQWOHXUH[LVWHQFHGHOHXUU{OH
RUJDQLVDWLRQVV\QGLFDOHVTXHOTXHVRUJDQLVPHV SUpFLVQRWDPPHQWGHVLQWpUrWVTX
LOVVRQWFKDUJpVGHGpIHQGUHHWGHVPR\HQVG
DFWLRQGRQWLOV
SURIHVVLRQQHOVTXHOTXHVDVVRFLDWLRQVGHGpIHQVH GLVSRVHQW
FRQVRPPDWHXUV± HQYLURQQHPHQW
0RQWUHUODVSpFLILFLWpGHFHVSRXYRLUVSDUUDSSRUWDX[SRXYRLUVSXEOLFVpFRQRPLTXHV
2QH[FOXUDWRXWGpYHORSSHPHQWUHODWLIDXIRQFWLRQQHPHQWLQWHUQHGHVLQVWLWXWLRQV
/
RUJDQLVDWLRQMXGLFLDLUH 'pJDJHUOHVSULQFLSHVTXLUpJLVVHQWOHV\VWqPHMXGLFLDLUHIUDQoDLV
'pFULUHOHVSULQFLSHVFOpVGHODSURFpGXUHVXLYLHGHYDQWOHVMXULGLFWLRQVLQWpUrWjDJLUGHVSDUWLHV
SUHXYHU{OHGX-XJH
/HVVRXUFHVGXGURLW
/DGLYHUVLWpGHVVRXUFHV
OHVVRXUFHVpFULWHV 3UpVHQWHUOHVVRXUFHVHQIRQFWLRQGHGLYHUVFULWqUHV
VRXUFHVFRPPXQDXWDLUHVVRXUFHVLQWHUQHV
OpJDOHVHWFRQYHQWLRQQHOOHV ,QVWLWXWLRQpPHWWULFHSRXYRLUH[pFXWLIRXOpJLVODWLI
GRPDLQHGHFRPSpWHQFHHQIRQFWLRQGHO
REMHWHWGHO
pWHQGXHJpRJUDSKLTXH
SODFHGDQVODKLpUDUFKLHGHVVRXUFHV
FRQGLWLRQVSDUWLFXOLqUHVG
DSSOLFDWLRQ
2QH[FOXUDOHVGpYHORSSHPHQWVUHODWLIVjODWHFKQLTXHGHQpJRFLDWLRQHQPDWLqUHGHFRQYHQWLRQVHW
DFFRUGVFROOHFWLIV
0RQWUHUOHVUDLVRQVMXULGLTXHVHWpFRQRPLTXHVGHOHXUGpYHORSSHPHQWHWPHWWUHHQUHOLHIODIDFLOLWp
OHVVRXUFHVQRQpFULWHVXVDJHVFRPPHUFLDX[HW G
DGDSWDWLRQGHFHVVRXUFHVDX[EHVRLQVGHO
DFWLYLWppFRQRPLTXH
SUDWLTXHV
'pJDJHUO
LPSRUWDQFHGHVRQU{OHSDUUDSSRUWDX[DXWUHVVRXUFHVGHGURLW
ODMXULVSUXGHQFH
0RQWUHUVRQFDUDFWqUHpYROXWLI
0HWWUHHQpYLGHQFHO
pYROXWLRQGHO
LPSRUWDQFHUHODWLYHGHVVRXUFHVGHGURLWHQIRQFWLRQGH
ODKLpUDUFKLHHWODFRPSOpPHQWDULWpGHVVRXUFHV O¶pYROXWLRQGXFDGUHGHO
DFWLYLWppFRQRPLTXHQRWDPPHQWFRPPXQDXWpHXURSpHQQHHWGH
O
pYROXWLRQGHVPRGHVG
RUJDQLVDWLRQHWGHUpJXODWLRQGHVUHODWLRQVHQWUHOHVDFWHXUVpFRQRPLTXHV
QRWDPPHQWOHGURLWQpJRFLp
7+(0(/
LPSDFWGXGURLWHXURSpHQVXUOHGURLW
LQWHUQH
,O/
$&7,9,7((&2120,48((7/(6 GHO¶RUGUHGHKHXUHV
0(&$1,60(6-85,',48(6
)21'$0(17$8;
/HVDFWHVHWOHVIDLWVMXULGLTXHVOHXUSUHXYH 'LVWLQJXHUDFWHHWIDLWMXULGLTXHHQWDQWTXHVRXUFHG
REOLJDWLRQV
'pJDJHUOHU{OHGHODSUHXYHGDQVXQHVLWXDWLRQGRQQpH
5HSpUHUjTXLLQFRPEHODFKDUJHGHODSUHXYH
,GHQWLILHUOHPRGHGHSUHXYHDGDSWp
0HWWUHHQpYLGHQFHOHSDUWLFXODULVPHGXGURLWGHODSUHXYHHQPDWLqUHFRPPHUFLDOH
5HSpUHUGHVFRQVpTXHQFHVGHVpYROXWLRQVWHFKQRORJLTXHVVXUOHVPRGHVGHSUHXYH
2QpYLWHUDOHVGpYHORSSHPHQWVVXUOHVPRGHVGHSUHXYHSHXXVLWpVGDQVOHGRPDLQHpFRQRPLTXH
O
DYHXMXGLFLDLUHOHVHUPHQWGpFLVRLUHOHVHUPHQWVXSSOpWRLUHOHVSUpVRPSWLRQVGHIDLW
/HVFRQWUDWV
O
DFFRUGGHYRORQWp 'pJDJHUOHVFRQVpTXHQFHVGXSULQFLSHGHO
DXWRQRPLHGHODYRORQWp
,GHQWLILHUGHVOLPLWHVjODOLEHUWpFRQWUDFWXHOOHHWOHXUUDLVRQG
rWUH
OHFRQWUDWVRXUFHG
REOLJDWLRQV 'DQVXQHVLWXDWLRQGRQQpHUHFRQQDvWUHO
H[LVWHQFHHWODYDOLGLWpG
XQFRQWUDWOHVLWXHUGDQVXQH
FODVVLILFDWLRQHWHQWLUHUGHVFRQVpTXHQFHV
$QDO\VHUTXHOTXHVFRQWUDWVG
XVDJHFRXUDQWSRXUUHSpUHUOHVREOLJDWLRQVGHVSDUWLHVODSRUWpHGH
FODXVHVSDUWLFXOLqUHV
OHFRQWUDWIRUFHREOLJDWRLUHHWHIIHWUHODWLI
QXOOLWpUpVROXWLRQUpVLOLDWLRQ
5HSpUHUO
LQIOXHQFHGXGURLWFRPPXQDXWDLUHVXUOHFRQWHQXGHVFRQWUDWVjSDUWLUGHTXHOTXHV
H[HPSOHV
5HSpUHUO
LQIOXHQFHGHO
DFWLYLWppFRQRPLTXHVXUOHVFRQWUDWVH[LVWHQFHGpYHORSSHPHQWHW
FRQVpTXHQFHVGHVFRQWUDWV,QQRPpV
2QUDSSHOOHUDHQWDQWTXHGHEHVRLQOHVQRWLRQVUHODWLYHVjODFDSDFLWpVDQVVHOLYUHUjO
pWXGH
V\VWpPDWLTXHGHODSURWHFWLRQGHVLQFDSDEOHV
/HVVRXUFHVGXGURLW
/DGLYHUVLWpGHVVRXUFHV
OHVVRXUFHVpFULWHV 3UpVHQWHUOHVVRXUFHVHQIRQFWLRQGHGLYHUVFULWqUHV
VRXUFHVFRPPXQDXWDLUHVVRXUFHVLQWHUQHV
OpJDOHVHWFRQYHQWLRQQHOOHV ,QVWLWXWLRQpPHWWULFHSRXYRLUH[pFXWLIRXOpJLVODWLI
GRPDLQHGHFRPSpWHQFHHQIRQFWLRQGHO
REMHWHWGHO
pWHQGXHJpRJUDSKLTXH
SODFHGDQVODKLpUDUFKLHGHVVRXUFHV
FRQGLWLRQVSDUWLFXOLqUHVG
DSSOLFDWLRQ
2QH[FOXUDOHVGpYHORSSHPHQWVUHODWLIVjODWHFKQLTXHGHQpJRFLDWLRQHQPDWLqUHGHFRQYHQWLRQVHW
DFFRUGVFROOHFWLIV
0RQWUHUOHVUDLVRQVMXULGLTXHVHWpFRQRPLTXHVGHOHXUGpYHORSSHPHQWHWPHWWUHHQUHOLHIODIDFLOLWp
OHVVRXUFHVQRQpFULWHVXVDJHVFRPPHUFLDX[HW G
DGDSWDWLRQGHFHVVRXUFHVDX[EHVRLQVGHO
DFWLYLWppFRQRPLTXH
SUDWLTXHV
'pJDJHUO
LPSRUWDQFHGHVRQU{OHSDUUDSSRUWDX[DXWUHVVRXUFHVGHGURLW
ODMXULVSUXGHQFH
0RQWUHUVRQFDUDFWqUHpYROXWLI
0HWWUHHQpYLGHQFHO
pYROXWLRQGHO
LPSRUWDQFHUHODWLYHGHVVRXUFHVGHGURLWHQIRQFWLRQGH
ODKLpUDUFKLHHWODFRPSOpPHQWDULWpGHVVRXUFHV O¶pYROXWLRQGXFDGUHGHO
DFWLYLWppFRQRPLTXHQRWDPPHQWFRPPXQDXWpHXURSpHQQHHWGH
O
pYROXWLRQGHVPRGHVG
RUJDQLVDWLRQHWGHUpJXODWLRQGHVUHODWLRQVHQWUHOHVDFWHXUVpFRQRPLTXHV
QRWDPPHQWOHGURLWQpJRFLp
7+(0(/
LPSDFW GXGURLWHXURSpHQVXUOHGURLW
LQWHUQH
,O/
$&7,9,7((&2120,48((7/(6 GHO¶RUGUHGHKHXUHV
0(&$1,60(6-85,',48(6
)21'$0(17$8;
/HVDFWHVHWOHVIDLWVMXULGLTXHVOHXUSUHXYH 'LVWLQJXHUDFWHHWIDLWMXULGLTXHHQWDQWTXHVRXUFHG
REOLJDWLRQV
'pJDJHUOHU{OHGHODSUHXYHGDQVXQHVLWXDWLRQGRQQpH
/DUHVSRQVDELOLWp
/DQDWXUHGHODUHVSRQVDELOLWp ,GHQWLILHUODQRWLRQGHUHVSRQVDELOLWpHQUHSpUHUOHVIRQGHPHQWVHWOHXUpYROXWLRQIDXWHULVTXH
/HIRQGHPHQW 'DQVXQHVLWXDWLRQGRQQpHGLVWLQJXHUODRXOHVUHVSRQVDELOLWpVPLVHVHQHXUHVSRQVDELOLWpFLYLOH
FRQWUDFWXHOOHTXDVLGpOLFWXHOOHGpOLFWXHOOHUHVSRQVDELOLWpSpQDOH
7+(0(/
pYROXWLRQGHODUHVSRQVDELOLWpGX
SURGXFWHXU
,,,/
(175(35,6((7/
$&7,9,7( GHO
RUGUHGHKHXUHV
&200(5&,$/(
$SSURFKHMXULGLTXHGHODQRWLRQG
HQWUHSULVH ,GHQWLILHUOHVFRQVpTXHQFHVGHO
DEVHQFHGHSHUVRQQDOLWpPRUDOHGHO
HQWUHSULVH
'LIIpUHQFLHUOHVQRWLRQVG
pWDEOLVVHPHQWG
HQWUHSULVHG
XQLWppFRQRPLTXHHWVRFLDOHGHJURXSH
5HSpUHUO
pPHUJHQFHG
XQVWDWXWMXULGLTXHGHO
HQWUHSULVHGDQVOHVGLYHUVHVEUDQFKHVGXGURLW
/
HQWUHSULVHFRPPHUFLDOH
/HVFULWqUHVGHFRPPHUFLDOLWp ,GHQWLILHUOHVFRQGLWLRQVjUHPSOLUSRXUDFTXpULUODTXDOLWpGHFRPPHUoDQW
&DUDFWpULVHUO
DFWLYLWpFRPPHUFLDOH
'LVWLQJXHUOHFRPPHUoDQWGHO
DUWLVDQ
2QSUpVHQWHUDOHVJUDQGHVOLJQHVGHO
DUWFRGHGHFRPPHUFHHQpYLWDQWOHVGpYHORSSHPHQWV
H[FHVVLIV
/HVUqJOHVMXULGLTXHVDSSOLFDEOHVjO
HQWUHSULVH 'pJDJHUOHVFRQVpTXHQFHVGHODTXDOLWpGHFRPPHUoDQWFRPSpWHQFHSUHXYHREOLJDWLRQV
FRPPHUFLDOH FRPSWDEOHVVROLGDULWpHWF«
/HVVRXUFHVGXGURLW
/DGLYHUVLWpGHVVRXUFHV
OHVVRXUFHVpFULWHV 3UpVHQWHUOHVVRXUFHVHQIRQFWLRQGHGLYHUVFULWqUHV
VRXUFHVFRPPXQDXWDLUHVVRXUFHVLQWHUQHV
OpJDOHVHWFRQYHQWLRQQHOOHV ,QVWLWXWLRQpPHWWULFHSRXYRLUH[pFXWLIRXOpJLVODWLI
GRPDLQHGHFRPSpWHQFHHQIRQFWLRQGHO
REMHWHWGHO
pWHQGXHJpRJUDSKLTXH
SODFHGDQVODKLpUDUFKLHGHVVRXUFHV
FRQGLWLRQVSDUWLFXOLqUHVG
DSSOLFDWLRQ
2QH[FOXUDOHVGpYHORSSHPHQWVUHODWLIVjODWHFKQLTXHGHQpJRFLDWLRQHQPDWLqUHGHFRQYHQWLRQVHW
DFFRUGVFROOHFWLIV
0RQWUHUOHVUDLVRQVMXULGLTXHVHWpFRQRPLTXHVGHOHXUGpYHORSSHPHQWHWPHWWUHHQUHOLHIODIDFLOLWp
OHVVRXUFHVQRQpFULWHVXVDJHVFRPPHUFLDX[HW G
DGDSWDWLRQGHFHVVRXUFHVDX[EHVRLQVGHO
DFWLYLWppFRQRPLTXH
SUDWLTXHV
'pJDJHUO
LPSRUWDQFHGHVRQU{OHSDUUDSSRUWDX[DXWUHVVRXUFHVGHGURLW
ODMXULVSUXGHQFH
0RQWUHUVRQFDUDFWqUHpYROXWLI
0HWWUHHQpYLGHQFHO
pYROXWLRQGHO
LPSRUWDQFHUHODWLYHGHVVRXUFHVGHGURLWHQIRQFWLRQGH
ODKLpUDUFKLHHWODFRPSOpPHQWDULWpGHVVRXUFHV O¶pYROXWLRQGXFDGUHGHO
DFWLYLWppFRQRPLTXHQRWDPPHQWFRPPXQDXWpHXURSpHQQHHWGH
O
pYROXWLRQGHVPRGHVG
RUJDQLVDWLRQHWGHUpJXODWLRQGHVUHODWLRQVHQWUHOHVDFWHXUVpFRQRPLTXHV
QRWDPPHQWOHGURLWQpJRFLp
7+(0(/
LPSDFWGXGURLWHXURSpHQVXUOHGURLW
LQWHUQH
,O/
$&7,9,7((&2120,48((7/(6 GHO¶RUGUHGHKHXUHV
0(&$1,60(6-85,',48(6
)21'$0(17$8;
/HVDFWHVHWOHVIDLWVMXULGLTXHVOHXUSUHXYH 'LVWLQJXHUDFWHHWIDLWMXULGLTXHHQWDQWTXHVRXUFHG
REOLJDWLRQV
'pJDJHUOHU{OHGHODSUHXYH GDQVXQHVLWXDWLRQGRQQpH
/HVVWUXFWXUHVMXULGLTXHVGHVHQWUHSULVHV
FRPPHUFLDOHV
/
HQWUHSULVHLQGLYLGXHOOH 5HSpUHUGHVGLVSRVLWLRQVHQIDYHXUGHVHQWUHSULVHVLQGLYLGXHOOHV
/
HQWUHSULVHVRFLpWDLUH ,GHQWLILHUOHVFRQGLWLRQVSDUWLFXOLqUHVGXFRQWUDWGHVRFLpWpjSDUWLUG
H[HPSOHVGHVWDWXWV
OHFRQWUDWGHVRFLpWp 5HSpUHUO
H[LVWHQFHGHODSHUVRQQDOLWpPRUDOHGHODVRFLpWpHWHQGpJDJHUOHVFRQVpTXHQFHV
'LVWLQJXHUOHVVRFLpWpVGHSHUVRQQHVGHVVRFLpWpVGHFDSLWDX[DXWUDYHUVGHODUHVSRQVDELOLWpGHV
ODSHUVRQQDOLWpPRUDOH DVVRFLpVHWHQGpJDJHUOHVFRQVpTXHQFHV
&RPSDUHUOD6$5/HWOD6$GXSRLQWGHYXH
OHVFULWqUHVGHFKRL[G
XQHIRUPHGHVRFLpWp GHVPRGDOLWpVG
H[HUFLFHGXSRXYRLUHWGHVRQFRQWU{OH
UHVSRQVDELOLWpGHVDVVRFLpV GHVFRQGLWLRQVG
HQWUpHHWGHVRUWLHGHVDVVRFLpVHWGHVDFWLRQQDLUHVFHVVLRQHWQpJRFLDWLRQGHVSDUWV
VRFLDOHVHWDFWLRQV
DYDQWDJHVHWLQFRQYpQLHQWVUHVSHFWLIVGH 'LVWLQJXHUO
HQWUHSULVHLQGLYLGXHOOHGHO
HQWUHSULVHVRFLpWDLUH
O
HQWUHSULVH,QGLYLGXHOOHHWVRFLpWDLUH
7+(0(/HVFULWqUHVGHFKRL[SHUWLQHQWVG
DLQH
VWUXFWXUHMXULGLTXHG
HQWUHSULVH
,95(/$7,216'(75$9$,/'$16 GHO
RUGUHGHKHXUHV
/
(175(35,6(
/HVUHODWLRQVLQGLYLGXHOOHVGHWUDYDLO
/HFRQWUDWGHWUDYDLO
VSpFLILFLWp 5HFRQQDvWUHO
H[LVWHQFHG
XQFRQWUDWGHWUDYDLOOHTXDOLILHUHWHQWLUHUOHVFRQVpTXHQFHVSRXUOHV
SDUWLHV
GLYHUVLWpGHVIRUPHVGHFRQWUDW FRQWUDWjGXUpH 'pJDJHUOHVSULQFLSDOHVFDUDFWpULVWLTXHVGXFRQWUDWGHWUDYDLO
LQGpWHUPLQpHFRQWUDWjGXUpHGpWHUPLQpH
FRQWUDWVSDUWLFXOLHUV
FODXVHVFRQWUDFWXHOOHVHVVHQWLHOOHV 5HSpUHUjSDUWLUGHODOHFWXUHGHGLIIpUHQWVFRQWUDWVGHWUDYDLOOHVGURLWVHWREOLJDWLRQVGHVSDUWLHVOD
YDOLGLWpGHFODXVHVFRQWUDFWXHOOHV
/HVVRXUFHVGXGURLW
/DGLYHUVLWpGHVVRXUFHV
OHVVRXUFHVpFULWHV 3UpVHQWHUOHVVRXUFHVHQIRQFWLRQGHGLYHUVFULWqUHV
VRXUFHVFRPPXQDXWDLUHVVRXUFHVLQWHUQHV
OpJDOHVHWFRQYHQWLRQQHOOHV ,QVWLWXWLRQpPHWWULFHSRXYRLUH[pFXWLIRXOpJLVODWLI
GRPDLQHGHFRPSpWHQFHHQIRQFWLRQGHO
REMHWHWGHO
pWHQGXHJpRJUDSKLTXH
SODFHGDQVODKLpUDUFKLHGHVVRXUFHV
FRQGLWLRQVSDUWLFXOLqUHVG
DSSOLFDWLRQ
2QH[FOXUDOHVGpYHORSSHPHQWVUHODWLIVjODWHFKQLTXHGHQpJRFLDWLRQHQPDWLqUHGHFRQYHQWLRQVHW
DFFRUGVFROOHFWLIV
0RQWUHUOHVUDLVRQVMXULGLTXHVHWpFRQRPLTXHVGHOHXUGpYHORSSHPHQWHWPHWWUHHQUHOLHIODIDFLOLWp
OHVVRXUFHVQRQpFULWHVXVDJHVFRPPHUFLDX[HW G
DGDSWDWLRQGHFHVVRXUFHVDX[EHVRLQVGHO
DFWLYLWppFRQRPLTXH
SUDWLTXHV
'pJDJHUO
LPSRUWDQFHGHVRQU{OHSDUUDSSRUWDX[DXWUHVVRXUFHVGHGURLW
ODMXULVSUXGHQFH
0RQWUHUVRQFDUDFWqUHpYROXWLI
0HWWUHHQpYLGHQFHO
pYROXWLRQGHO
LPSRUWDQFHUHODWLYHGHVVRXUFHVGHGURLWHQIRQFWLRQGH
ODKLpUDUFKLHHWODFRPSOpPHQWDULWpGHVVRXUFHV O¶pYROXWLRQGXFDGUHGHO
DFWLYLWppFRQRPLTXHQRWDPPHQWFRPPXQDXWpHXURSpHQQHHWGH
O
pYROXWLRQGHVPRGHVG
RUJDQLVDWLRQHWGHUpJXODWLRQGHVUHODWLRQVHQWUHOHVDFWHXUVpFRQRPLTXHV
QRWDPPHQWOHGURLWQpJRFLp
7+(0(/
LPSDFWGXGURLWHXURSpHQVXUOHGURLW
LQWHUQH
,O/
$&7,9,7((&2120,48((7/(6 GHO¶RUGUHGHKHXUHV
0(&$1,60(6-85,',48(6
)21'$0(17$8;
/HVDFWHVHWOHVIDLWVMXULGLTXHVOHXUSUHXYH 'LVWLQJXHUDFWHHWIDLWMXULGLTXHHQWDQWTXHVRXUFHG
REOLJDWLRQV
'pJDJHUOHU{OHGHODSUHXYHGDQVXQHVLWXDWLRQGRQQpH
/HVWDWXWGXVDODULp
OHVSRXYRLUVGHO¶HPSOR\HXUSRXYRLUQRUPDWLIHW $SSUpKHQGHUODQDWXUHMXULGLTXHHWOHU{OHGXUqJOHPHQW
LQWpULHXU
GLVFLSOLQDLUH 'DQVXQHVLWXDWLRQGRQQpHH[SORLWHUXQUqJOHPHQWLQWpULHXUDSSUpFLHUODYDOLGLWpHWODSRUWpHGHV
FODXVHV
2QH[FOXUDODSURFpGXUHG
pODERUDWLRQGXUqJOHPHQWLQWpULHXU
OHVDXWUHVPRGHVGHUXSWXUH 'LVWLQJXHUOHVGLIIpUHQWHVILQVGHVFRQWUDWVGHWUDYDLOHWHQWLUHUGHVFRQVpTXHQFHV
/H&RQVHLOGHSUXG
KRPPHV &DUDFWpULVHUOHU{OHHWOHIRQFWLRQQHPHQWGX&RQVHLOGHSUXG
KRPPHV
/DGLYHUVLWpGHVVRXUFHV
OHVVRXUFHVpFULWHV 3UpVHQWHUOHVVRXUFHVHQIRQFWLRQGHGLYHUVFULWqUHV
VRXUFHVFRPPXQDXWDLUHVVRXUFHVLQWHUQHV
OpJDOHVHWFRQYHQWLRQQHOOHV ,QVWLWXWLRQpPHWWULFHSRXYRLUH[pFXWLIRXOpJLVODWLI
GRPDLQHGHFRPSpWHQFHHQIRQFWLRQGHO
REMHWHWGHO
pWHQGXHJpRJUDSKLTXH
SODFHGDQVODKLpUDUFKLHGHVVRXUFHV
FRQGLWLRQVSDUWLFXOLqUHVG
DSSOLFDWLRQ
2QH[FOXUDOHVGpYHORSSHPHQWVUHODWLIVjODWHFKQLTXHGHQpJRFLDWLRQHQPDWLqUHGHFRQYHQWLRQVHW
DFFRUGVFROOHFWLIV
0RQWUHUOHVUDLVRQVMXULGLTXHVHWpFRQRPLTXHVGHOHXUGpYHORSSHPHQWHWPHWWUHHQUHOLHIODIDFLOLWp
OHVVRXUFHVQRQpFULWHVXVDJHVFRPPHUFLDX[HW G
DGDSWDWLRQGHFHVVRXUFHVDX[EHVRLQVGHO
DFWLYLWppFRQRPLTXH
SUDWLTXHV
'pJDJHUO
LPSRUWDQFHGHVRQU{OHSDUUDSSRUWDX[DXWUHVVRXUFHVGHGURLW
ODMXULVSUXGHQFH
0RQWUHUVRQFDUDFWqUHpYROXWLI
0HWWUHHQpYLGHQFHO
pYROXWLRQGHO
LPSRUWDQFHUHODWLYHGHVVRXUFHVGHGURLWHQIRQFWLRQGH
ODKLpUDUFKLHHWODFRPSOpPHQWDULWpGHVVRXUFHV O¶pYROXWLRQGXFDGUHGHO
DFWLYLWppFRQRPLTXHQRWDPPHQWFRPPXQDXWpHXURSpHQQHHWGH
O
pYROXWLRQGHVPRGHVG
RUJDQLVDWLRQHWGH UpJXODWLRQGHVUHODWLRQVHQWUHOHVDFWHXUVpFRQRPLTXHV
QRWDPPHQWOHGURLWQpJRFLp
7+(0(/
LPSDFWGXGURLWHXURSpHQVXUOHGURLW
LQWHUQH
,O/
$&7,9,7((&2120,48((7/(6 GHO¶RUGUHGHKHXUHV
0(&$1,60(6-85,',48(6
)21'$0(17$8;
/HVDFWHVHWOHVIDLWVMXULGLTXHVOHXUSUHXYH 'LVWLQJXHUDFWHHWIDLWMXULGLTXHHQWDQWTXHVRXUFHG
REOLJDWLRQV
'pJDJHUOHU{OHGHODSUHXYHGDQVXQHVLWXDWLRQGRQQpH
/DQpJRFLDWLRQFROOHFWLYH 5HSpUHUOHVpYROXWLRQVHQPDWLqUHGHUHSUpVHQWDWLRQHWH[SUHVVLRQGHVVDODULpV
'pILQLUO
REMHWOHVPRGDOLWpVHWO
LQWpUrWGHODQpJRFLDWLRQFROOHFWLYH
0HWWUHHQpYLGHQFHOHU{OHGHO
H[WHQVLRQHWGHO
pODUJLVVHPHQWGHVDFFRUGVFROOHFWLIV
/HVFRQIOLWVFROOHFWLIVHWOHXUUpVROXWLRQ 5HSpUHUOHVGLYHUVHVIRUPHVGHFRQIOLWVFROOHFWLIVGLVWLQJXHUOHVQRWLRQVGHJUqYHOLFLWHHWLOOLFLWHHW
DSSUpFLHUOHXUVFRQVpTXHQFHV
$QDO\VHUjSDUWLUGHVLWXDWLRQVFRQFUqWHVOHVPRGHVGHUpVROXWLRQGHVFRQIOLWV
7+(0(/HVUpSRQVHVGXGURLWGXWUDYDLODX[
SUREOqPHVGHO
HPSORL
9/(65(/$7,216-85,',48(6'( GHO
RUGUHGHKHXUHV
/
(175(35,6($9(&/(6
&216200$7(856
/DSURWHFWLRQGXFRQVRPPDWHXUORUVGHOD
IRUPDWLRQGXFRQWUDW
/
REOLJDWLRQG
LQIRUPHU 0HWWUHHQpYLGHQFHOHVUqJOHVUHODWLYHVjO
REOLJDWLRQGHUHQVHLJQHU
'pJDJHUOHVSULQFLSHVUHODWLIVjO
REOLJDWLRQGHQHSDVWURPSHUFDUDFWpULVHUODSXEOLFLWpWURPSHXVHHW
UHSpUHUVHVFRQVpTXHQFHV
/
REOLJDWLRQGHQHSDVIRUFHU 'pJDJHUGHODUpJOHPHQWDWLRQGXGpPDUFKDJHjGRPLFLOHVRQGRPDLQHG
DSSOLFDWLRQOHPpFDQLVPH
GHODSURWHFWLRQOHVVDQFWLRQV
/
REOLJDWLRQGHYHQGUH &DUDFWpULVHUHWMXVWLILHUOHUHIXVGHYHQWHRXGHSUHVWDWLRQGHVHUYLFHDXFRQVRPPDWHXU
/HVVRXUFHVGXGURLW
/DGLYHUVLWpGHVVRXUFHV
OHVVRXUFHVpFULWHV 3UpVHQWHUOHVVRXUFHVHQIRQFWLRQGHGLYHUVFULWqUHV
VRXUFHVFRPPXQDXWDLUHVVRXUFHVLQWHUQHV
OpJDOHVHWFRQYHQWLRQQHOOHV ,QVWLWXWLRQpPHWWULFHSRXYRLUH[pFXWLIRXOpJLVODWLI
GRPDLQHGHFRPSpWHQFHHQIRQFWLRQGHO
REMHWHWGHO
pWHQGXHJpRJUDSKLTXH
SODFHGDQVODKLpUDUFKLHGHVVRXUFHV
FRQGLWLRQVSDUWLFXOLqUHVG
DSSOLFDWLRQ
2QH[FOXUDOHVGpYHORSSHPHQWVUHODWLIVjODWHFKQLTXHGHQpJRFLDWLRQHQPDWLqUHGH FRQYHQWLRQVHW
DFFRUGVFROOHFWLIV
0RQWUHUOHVUDLVRQVMXULGLTXHVHWpFRQRPLTXHVGHOHXUGpYHORSSHPHQWHWPHWWUHHQUHOLHIODIDFLOLWp
OHVVRXUFHVQRQpFULWHVXVDJHVFRPPHUFLDX[HW G
DGDSWDWLRQGHFHVVRXUFHVDX[EHVRLQVGHO
DFWLYLWppFRQRPLTXH
SUDWLTXHV
'pJDJHUO
LPSRUWDQFHGHVRQU{OHSDUUDSSRUWDX[DXWUHVVRXUFHVGHGURLW
ODMXULVSUXGHQFH
0RQWUHUVRQFDUDFWqUHpYROXWLI
0HWWUHHQpYLGHQFHO
pYROXWLRQGHO
LPSRUWDQFHUHODWLYHGHVVRXUFHVGHGURLWHQIRQFWLRQGH
ODKLpUDUFKLHHWODFRPSOpPHQWDULWpGHVVRXUFHV O¶pYROXWLRQGXFDGUHGHO
DFWLYLWppFRQRPLTXHQRWDPPHQWFRPPXQDXWpHXURSpHQQHHWGH
O
pYROXWLRQGHVPRGHVG
RUJDQLVDWLRQHWGHUpJXODWLRQGHVUHODWLRQVHQWUHOHVDFWHXUVpFRQRPLTXHV
QRWDPPHQWOHGURLWQpJRFLp
7+(0(/
LPSDFWGXGURLWHXURSpHQVXUOHGURLW
LQWHUQH
,O/
$&7,9,7((&2120,48((7/(6 GHO¶RUGUHGHKHXUHV
0(&$1,60(6-85,',48(6
)21'$0(17$8;
/HVDFWHVHWOHVIDLWVMXULGLTXHVOHXUSUHXYH 'LVWLQJXHUDFWHHWIDLWMXULGLTXHHQWDQWTXHVRXUFHG
REOLJDWLRQV
'pJDJHUOHU{OHGHODSUHXYHGDQVXQHVLWXDWLRQGRQQpH
/DSURWHFWLRQGXFRQVRPPDWHXUORUVGH
O
H[pFXWLRQGXFRQWUDW
/HVFODXVHVDEXVLYHV 'pWHFWHUODSUpVHQFHGHFODXVHVDEXVLYHVGDQVXQFRQWUDWHWHQWLUHUOHVFRQVpTXHQFHV
/HVJDUDQWLHVOpJDOHVHWFRQYHQWLRQQHOOHV 'pOLPLWHUO
pWHQGXHUHVSHFWLYHGHODJDUDQWLHOpJDOHHWGHODJDUDQWLHFRQYHQWLRQQHOOH
'pWHUPLQHUOHVGURLWVGXFRQVRPPDWHXUHQPDWLqUHGHJDUDQWLH
0HWWUHHQRHXYUHOHGURLWjODJDUDQWLH
0HWWUHHQpYLGHQFHO
pYROXWLRQGHODUHVSRQVDELOLWpGXGLVWULEXWHXU
/DSURWHFWLRQGHO
DFKHWHXUjFUpGLW
/
LQIRUPDWLRQGHO
HPSUXQWHXU $QDO\VHUXQHRIIUHSUpDODEOHGHFUpGLW
/HVPHVXUHVGHSURWHFWLRQ 5HSpUHUOHOLHQHQWUHOHFRQWUDWGHYHQWHHWO
RSpUDWLRQGHFUpGLWHQWLUHUOHVFRQVpTXHQFHV
/HVXUHQGHWWHPHQW &HUQHUODQRWLRQGHVXUHQGHWWHPHQW
5HSpUHUODUDLVRQG
rWUHG
XQGLVSRVLWLIVSpFLILTXH
,GHQWLILHUOHVGLVSRVLWLRQVHVVHQWLHOOHVGHSURWHFWLRQGXVXUHQGHWWp
2QH[FOXUDWRXWGpYHORSSHPHQWVXUODSURFpGXUHMXGLFLDLUHFLYLOHRXVUOHUqJOHPHQWDPLDEOH
7+(0( 1pFHVVLWpHWHIILFDFLWpGXGURLWGHOD
FRQVRPPDWLRQ
9,/(65(/$7,216,17(5(1
75(35,6(6 GHO
RUGUHGHKHXUHV
/HVWHFKQLTXHVMXULGLTXHVGHFRRSpUDWLRQ
/HVDFFRUGVGHFRRSpUDWLRQGDQVOHGRPDLQH 5HSpUHUOHVFDUDFWpULVWLTXHVVSpFLILTXHVGHVDFFRUGVGHFRRSpUDWLRQDXWUDYHUVGHO¶pWXGHG¶XQFRQWUDW
LQGXVWULHOGDQVOHGRPDLQHFRPPHUFLDO GHVRXVWUDLWDQFHHWG¶XQFRQWUDWGHGLVWULEXWLRQIUDQFKLVHFRQFHVVLRQ
/HVVRXUFHVGXGURLW
/DGLYHUVLWpGHVVRXUFHV
OHVVRXUFHVpFULWHV 3UpVHQWHUOHVVRXUFHVHQIRQFWLRQGHGLYHUVFULWqUHV
VRXUFHVFRPPXQDXWDLUHVVRXUFHVLQWHUQHV
OpJDOHVHWFRQYHQWLRQQHOOHV ,QVWLWXWLRQpPHWWULFHSRXYRLUH[pFXWLIRXOpJLVODWLI
GRPDLQHGHFRPSpWHQFHHQIRQFWLRQGHO
REMHWHWGHO
pWHQGXHJpRJUDSKLTXH
SODFHGDQVODKLpUDUFKLHGHVVRXUFHV
FRQGLWLRQVSDUWLFXOLqUHVG
DSSOLFDWLRQ
2QH[FOXUDOHVGpYHORSSHPHQWVUHODWLIVjODWHFKQLTXHGHQpJRFLDWLRQHQPDWLqUHGHFRQYHQWLRQVHW
DFFRUGVFROOHFWLIV
0RQWUHUOHVUDLVRQVMXULGLTXHVHWpFRQRPLTXHVGHOHXUGpYHORSSHPHQWHWPHWWUHHQUHOLHIODIDFLOLWp
OHVVRXUFHVQRQpFULWHVXVDJHVFRPPHUFLDX[HW G
DGDSWDWLRQGHFHVVRXUFHVDX[EHVRLQVGHO
DFWLYLWppFRQRPLTXH
SUDWLTXHV
'pJDJHUO
LPSRUWDQFHGHVRQU{OHSDUUDSSRUWDX[DXWUHVVRXUFHVGHGURLW
ODMXULVSUXGHQFH
0RQWUHUVRQFDUDFWqUHpYROXWLI
0HWWUHHQpYLGHQFHO
pYROXWLRQGHO
LPSRUWDQFHUHODWLYHGHVVRXUFHVGHGURLWHQIRQFWLRQGH
ODKLpUDUFKLHHWODFRPSOpPHQWDULWpGHVVRXUFHV O¶pYROXWLRQGXFDGUHGHO
DFWLYLWppFRQRPLTXHQRWDPPHQWFRPPXQDXWpHXURSpHQQHHWGH
O
pYROXWLRQGHVPRGHVG
RUJDQLVDWLRQHWGHUpJXODWLRQGHVUHODWLRQVHQWUHOHVDFWHXUVpFRQRPLTXHV
QRWDPPHQWOHGURLWQpJRFLp
7+(0(/
LPSDFWGXGURLWHXURSpHQVXUOHGURLW
LQWHUQH
,O/
$&7,9,7((&2120,48((7/(6 GHO¶RUGUHGHKHXUHV
0(&$1,60(6-85,',48(6
)21'$0(17$8;
/HVDFWHVHWOHVIDLWVMXULGLTXHVOHXUSUHXYH 'LVWLQJXHUDFWHHWIDLWMXULGLTXHHQWDQWTXHVRXUFHG
REOLJDWLRQV
'pJDJHUOHU{OHGHODSUHXYHGDQVXQHVLWXDWLRQGRQQpH
/HVVWUXFWXUHVGHFRRSpUDWLRQ ,GHQWLILHUOHVSULQFLSDOHVFDUDFWpULVWLTXHVGX*,(FRQVWLWXWLRQIRQFWLRQQHPHQWGLVVROXWLRQ0HWWUH
OH*,(OH*(,( HQpYLGHQFHO
LQWpUrWGX*(,(
/DFRQFXUUHQFH
1RWLRQGHFRQFXUUHQFHOR\DOHHWGHFRQFXUUHQFH 'DQVXQHVLWXDWLRQGRQQpHUHSpUHUOHVpOpPHQWVFRQVWLWXWLIVGHO
DFWLRQHQFRQFXUUHQFHGpOR\DOH
GpOR\DOH
5HVWULFWLRQVRXOLEUHH[HUFLFHGHODFRQFXUUHQFH &DUDFWpULVHUHWTXDOLILHUGHVSUDWLTXHVDQWLFRQFXUUHQWLHOOHV
HWVDQFWLRQV
SUDWLTXHVDQWLFRQFXUUHQWLHOOHV 'LIIpUHQFLHUHQWHQWHHWDEXVGHGRPLQDWLRQpFRQRPLTXH
HQWHQWHVHWSRVLWLRQGRPLQDQWH 'pJDJHUO
LQIOXHQFHGXGURLWFRPPXQDXWDLUH
$QDO\VHUOHVUqJOHVUHODWLYHVDXFRQWU{OHGHVFRQFHQWUDWLRQVGXSRLQWGHYXHQDWLRQDOHW
FRPPXQDXWDLUH
SUDWLTXHVGLVFULPLQDWRLUHV 5HSpUHUGDQVGHVVLWXDWLRQVGRQQpHVGHVSUDWLTXHVGLVFULPLQDWRLUHVHWOHXUVDQFWLRQQRWDPPHQWOH
UHIXVGHYHQWH
/DSURSULpWpLQGXVWULHOOH
5HSODFHUODSURSULpWpLQGXVWULHOOHSDUPLOHVSURSULpWpVLQFRUSRUHOOHV
/HVPRQRSROHVG
H[SORLWDWLRQHWOHXU SURWHFWLRQ ,GHQWLILHUOHEUHYHWHWODPDUTXHSDUPLOHVPRQRSROHVG
H[SORLWDWLRQ
'pILQLUOHVFRQGLWLRQVHWO
pWHQGXHGHODSURWHFWLRQ
'LVWLQJXHUO
DFWLRQHQFRQWUHIDoRQGHO
DFWLRQHQFRQFXUUHQFHGpOR\DOH
7+(0(/HVHQMHX[GHODUpJOHPHQWDWLRQGHOD
FRQFXUUHQFH
(;3/2,7$7,21'(675$1632576
5pSDUWLWLRQLQGLFDWLYHGHO
KRUDLUHKHEGRPDGDLUH PR\HQHQWUH
35(0,(5((7'(8;,(0($11((
3UHPLqUH 'HX[LqPH
DQQpH DQQpH
$0,6((12(895('(/$35(67$7,2175$163257 K K
/HVWUDQVSRUWVGDQVO
pFRQRPLH ;
/HVFRQWUDWVOLpVjODSUHVWDWLRQWUDQVSRUW
/HFRQWUDWGHWUDQVSRUWGHPDUFKDQGLVHVHQUpJLPHQDWLRQDO ;
/HFRQWUDWGHWUDQVSRUWGHPDUFKDQGLVHVHQUpJLPH ;
LQWHUQDWLRQDO
/HFRQWUDWGHORFDWLRQGHYpKLFXOHVLQGXVWULHOV ;
/HFRQWUDWGHGpPpQDJHPHQW ;
/HFRQWUDWGHGpS{W ;
/HFRQWUDWGHPDQGDW ;
/HFRQWUDWGHFRPPLVVLRQGHWUDQVSRUW ;
/HFRQWUDWGHWUDQVSRUWGHYR\DJHXUV ;
/HFRQWUDWG
DVVXUDQFH ;
/DUpJOHPHQWDWLRQGHVSURIHVVLRQV ; ;
/
RSpUDWLRQGHWUDQVSRUW ; ;
/DFKDvQHORJLVWLTXHGXWUDQVSRUW ;
/DVpFXULWpGDQVO
HQWUHSULVH ;
/HFRPPHUFHH[WpULHXU ;
/DGRXDQH ;
/DPHUFDWLTXHHWO
HQWUHSULVHGHWUDQVSRUW
/DGpPDUFKHPHUFDWLTXH ;
/HVVRXUFHVG
LQIRUPDWLRQ ; ;
/DIRQFWLRQFRPPHUFLDOH ;
/
DGDSWDWLRQGHODSUHVWDWLRQGHVHUYLFHDX[EHVRLQVHWDX[ ;
FRQWUDLQWHVGXPDUFKpGXWUDQVSRUW
/DIRUFHGHYHQWHWUDQVSRUW
/DVWUXFWXUHHWO
RUJDQLVDWLRQGHODIRUFHGHYHQWH ;
/HVREMHFWLIVGHODIRUFHGHYHQWH ;
/HVDFWLYLWpVGHODIRUFHGHYHQWH
ODSURVSHFWLRQ ;
ODQpJRFLDWLRQ ; ;
OHVXLYLGHFOLHQWqOH ; ;
OHVXLYLG
DIIDLUHV ; ;
'*(67,21'(602<(160$7(5,(/6 K K
/HFKRL[GHVPR\HQV
/HVPDWpULHOVHWDFFHVVRLUHVGDQVOHVGLIIpUHQWVPRGHV ; ;
/HVWHFKQLTXHVGHFRQGLWLRQQHPHQWHWG
HPEDOODJH ;
/HVWHFKQLTXHVPXOWLPRGDOHV ;
/HVpTXLSHPHQWVGHPDQXWHQWLRQ ; ;
/HVLPSODQWDWLRQVFRPPHUFLDOHV ; ;
/
pWDWGXPDUFKpGXPDWpULHO ; ;
/DPDLQWHQDQFHGHVPR\HQV ;
&HWWHYHQWLODWLRQHVWGRQQpHjWLWUHLQGLFDWLIHWQ
LPSRVHSDVXQHDSSURFKHSpGDJRJLTXHSDVSOXVTXH
OHSURJUDPPHQHFRQVWLWXHXQRUGUHLPSpUDWLIjVXLYUHSRXUO
HQVHLJQHPHQWGHVFRQWHQXV
6
LOHVWVRXKDLWDEOHTXHO
HVVHQWLHOG
XQWKqPHVRLWWUDLWpGDQVO
DQQpHGHIRUPDWLRQGDQVODTXHOOHLOHVW
SURSRVpLOHVWQpDQPRLQVSRVVLEOHTX
LOVRLWDERUGpHQDPRQWRXHQDYDOOHFDVpFKpDQWHQIRQFWLRQ
GHVVDYRLUVHWVDYRLUIDLUHDFTXLVGDQVOHVDXWUHVFKDPSVGLVFLSOLQDLUHV
/HVFRQWUDWVOLpVjODSUHVWDWLRQWUDQVSRUW LGHQWLILHUOHVEHVRLQVHWOHVVRXUFHV
'pILQLWLRQVHWGRPDLQHVFDGUHMXULGLTXH G
LQIRUPDWLRQVMXULGLTXHV
IRUPDWLRQH[pFXWLRQUHVSRQVDELOLWpH[WLQFWLRQ UHFKHUFKHUODTXDOLILFDWLRQGHVFRQWUDWV
LGHQWLILHUOHVSDUWLHVLQWHUYHQDQWGDQV FHVFRQWUDWV
/HFRQWUDWGHWUDQVSRUWGHPDUFKDQGLVHV LGHQWLILHUOHVGURLWVHWREOLJDWLRQVLQFRPEDQWDX[
HQUpJLPHQDWLRQDO GLIIpUHQWHVSDUWLHV
WUDQVSRUWURXWLHU DQDO\VHUODUpJOHPHQWDWLRQDSSOLFDEOHHQYXHGH
WUDQVSRUWIHUURYLDLUH ODQpJRFLDWLRQGHVFODXVHVG
XQFRQWUDW
WUDQVSRUWIOXYLDO UpGLJHUOHVFODXVHVSDUWLFXOLqUHVjFHVFRQWUDWV
WUDQVSRUWDpULHQ PHWWUHHQRHXYUHOHVIRUPDOLWpVSHUPHWWDQWGH
SUpVHUYHUOHVLQWpUrWVHWUHFRXUVGHVSDUWLHV
/HFRQWUDWGHWUDQVSRUWGHPDUFKDQGLVHV GpOLPLWHUOHFKDPSG
DSSOLFDWLRQGXFRQWUDWGH
HQUpJLPHLQWHUQDWLRQDO WUDQVSRUWGDQVOHVGLIIpUHQWVPRGHV
WUDQVSRUWURXWLHU FRPSDUHUGHVUqJOHVFRQWUDFWXHOOHVGDQVOHV
WUDQVSRUWIHUURYLDLUH GLIIpUHQWVPRGHVGHWUDQVSRUW
LGHQWLILHUODFRQYHQWLRQLQWHUQDWLRQDOHDSSOLFDEOH
WUDQVSRUWDpULHQ
DXFRQWUDW
WUDQVSRUWPDULWLPH
LGHQWLILHUOHVGLIIpUHQWVW\SHVGHFRQWUDWV
WUDQVSRUWIOXYLDO G
DIIUqWHPHQWPDULWLPH
WUDQVSRUWPXOWLPRGDO XWLOLVHUOHVFDUDFWpULVWLTXHVSURSUHVjFKDTXHW\SH
GHFRQWUDW
5HOHYpLQGLFDWLIGHV
&217(186
6$92,56HW6$92,5)$,5(
/HFRQWUDWGHORFDWLRQGHYpKLFXOHV GpOLPLWHUOHFKDPSG
DSSOLFDWLRQGXFRQWUDW
LQGXVWULHOV LGHQWLILHUOHVGLIIpUHQWVW\SHVGHFRQWUDWDYHFRX
VDQVFKDXIIHXUSRXUWUDQVSRUWSXEOLFGH
PDUFKDQGLVHVRXQRQ
LGHQWLILHUOHVUHVSRQVDELOLWpVUHVSHFWLYHVGX
ORXHXUHWGXORFDWDLUH
/HFRQWUDWGHGpPpQDJHPHQW LGHQWLILHUODQDWXUHMXULGLTXHGXFRQWUDWHQ
GpPpQDJHPHQWVGHSDUWLFXOLHUVHW IRQFWLRQGHVRQREMHWSULQFLSDO
GpPpQDJHPHQWVDGPLQLVWUDWLIVHWLQGXVWULHOV LGHQWLILHUOHVUHVSRQVDELOLWpVGHVSDUWLHVHWOHXUV
PRGDOLWpVGHPLVHHQRHXYUHHQIRQFWLRQGHOD
TXDOLILFDWLRQMXULGLTXHGXFRQWUDW
/HFRQWUDWGHPDQGDW LGHQWLILHUOHFRQWUDWGHPDQGDWGDQVO
H[pFXWLRQ
GHSUHVWDWLRQVOLpHVjXQHRSpUDWLRQGHWUDQVSRUW
LGHQWLILHU OHV GURLWV HW REOLJDWLRQV UHVSHFWLIV GHV
SDUWLHV
/HFRQWUDWGHFRPPLVVLRQGHWUDQVSRUW LGHQWLILHUOHVpOpPHQWVFRQVWLWXWLIVGHODTXDOLWp
GHFRPPLVVLRQQDLUHGHWUDQVSRUW
GLVWLQJXHUODTXDOLWpGHFRPPLVVLRQQDLUHGH
WUDQVSRUWGHFHOOHGHPDQGDWDLUHRXGH
WUDQVSRUWHXU
LGHQWLILHUOHVGURLWVHWOHVREOLJDWLRQVGX
FRPPLVVLRQQDLUHHW O
pWHQGXHGHVDUHVSRQVDELOLWp
LGHQWLILHUOHVVLWXDWLRQVMXULGLTXHVHQJHQGUpHVSDU
GHVWUDQVSRUWVRXFRPPLVVLRQVVXFFHVVLIV
LGHQWLILHU HW PHWWUH HQ RHXYUH OHV IRUPDOLWpV
QpFHVVDLUHV j O
H[HUFLFH GX SULYLOqJH GX
FRPPLVVLRQQDLUH
5HOHYpLQGLFDWLIGHV
&217(186
6$92,56HW6$92,5)$,5(
/HFRQWUDWGHWUDQVSRUWGHYR\DJHXUVSDU UHFKHUFKHUODTXDOLILFDWLRQGXFRQWUDWGHWUDQVSRUW
URXWH GHYR\DJHXUSDUURXWH
LGHQWLILHUOHVGLIIpUHQWVW\SHVGHFRQWUDWV
GpOLPLWHUO
pWHQGXHODGXUpHOHFRQWHQXHWOD
SRUWpHGHO
REOLJDWLRQGHVpFXULWpGXWUDQVSRUWHXU
LGHQWLILHUODTXDOLILFDWLRQMXULGLTXHDSSOLFDEOH
DX[EDJDJHV
/HFRQWUDWG
DVVXUDQFHFRUSVPDUFKDQGLVHV LGHQWLILHUOHVULVTXHV
UHVSRQVDELOLWp LGHQWLILHUOHVEHVRLQVHWOHVVRXUFHVG
LQIRUPDWLRQ
MXULGLTXH
/HVGLIIpUHQWVW\SHVGHFRQWUDWVHQ DQDO\VHUOHVFODXVHVGXFRQWUDWHWOHVFRQGLWLRQV
WUDQVSRUW SDUWLFXOLqUHV
WHUUHVWUHHWDpULHQ LGHQWLILHUOHVGURLWVHWREOLJDWLRQVGHVSDUWLHV
PDULWLPH DSSUpFLHUO
pWHQGXHGHVJDUDQWLHVHWOHXUV
PXOWLPRGDO FRQGLWLRQVG
DSSOLFDWLRQ
REOLJDWLRQVGHVSDUWLHV SDUWLFLSHUjODQpJRFLDWLRQGHVGLIIpUHQWVW\SHVGH
*DUDQWLHVHWUHFRXUV SROLFHVG
DVVXUDQFHHWSULPHV
/
DVVXUDQFHUHVSRQVDELOLWpGHO
HQWUHSULVH UpDOLVHUODJHVWLRQFRXUDQWHGHVSROLFHV
GHWUDQVSRUW G
DVVXUDQFH
$VVXUDQFHFRUSV PHWWUHHQRHXYUHOHVSURFpGXUHVSUpYXHVHQFDV
GHVLQLVWUH
JpUHUOHVGRVVLHUVGHVLQLVWUHV
GpOLPLWHUOHFKDPSGHVUpJOHPHQWDWLRQVFRPSWH
SURSUHHWFRPSWHG
DXWUXL
/DUpJOHPHQWDWLRQGHVSURIHVVLRQV LGHQWLILHUOHVEHVRLQVHWOHVVRXUFHV
G
LQIRUPDWLRQVUpJOHPHQWDLUHVQDWLRQDOHV
/HFRPPLVVLRQQDLUH FRPPXQDXWDLUHVHWLQWHUQDWLRQDOHV
OHFRPPLVVLRQQDLUHGHWUDQVSRUW pYDOXHUOHVFRQWUDLQWHVMXULGLTXHVHW
OHFRPPLVVLRQQDLUHDJUppHQGRXDQH UpJOHPHQWDLUHVDIIpUHQWHVjFKDTXHDFWLYLWp
/HFRXUWLHUGHIUHW PHWWUHHQRHXYUHOHVSURFpGXUHVLQKpUHQWHVj
OHFRXUWLHUGHIUHWURXWLHU O
H[HUFLFHGHVSURIHVVLRQV
UpGLJHUWRXVIRUPXODLUHVGHPDQGHVRXUpSRQVHV
OHFRXUWLHUGHIUHWIOXYLDO
HQYHUVXQHDGPLQLVWUDWLRQRXXQRUJDQLVPH
OHFRXUWLHUPDULWLPH
SURIHVVLRQQHO
/HWUDQVSRUWHXUSRXUFRPSWHG
DXWUXL
LGHQWLILHUOHVWLWUHV G
H[SORLWDWLRQQpFHVVDLUHV
URXWLHUIHUURYLDLUHHWIOXYLDO
DIIHFWHUGHVWLWUHVG
H[SORLWDWLRQHQIRQFWLRQGHV
/HWUDQVSRUWHXUSRXUFRPSWHSURSUH
FRQGLWLRQVGHO
DFWLYLWp
/HORXHXUGHYpKLFXOHVLQGXVWULHOV
LGHQWLILHUODUpJOHPHQWDWLRQDSSOLFDEOHHQ
/
HQWUHSUHQHXUGHGpPpQDJHPHQW
IRQFWLRQGHODQDWXUHGHODSUHVWDWLRQ
FKRLVLUOHVGRFXPHQWVGHWUDQVSRUW
pWDEOLUOHVGRFXPHQWVGHWUDQVSRUW
5HOHYpLQGLFDWLIGHV
&217(186
6$92,56HW6$92,5)$,5(
/
RSpUDWLRQGHWUDQVSRUW
/
LPSODQWDWLRQGHO
HQWUHSULVHDFWLYLWp LGHQWLILHUOHVEHVRLQVHWOHVVRXUFHV
IOX[FLUFXODWLRQGHO
LQIRUPDWLRQ G
LQIRUPDWLRQVMXULGLTXHVRXUpJOHPHQWDLUHV
/HVHUYLFHH[SORLWDWLRQ DQDO\VHUOHIRQFWLRQQHPHQWGXVHUYLFHRXGX
RUJDQLVDWLRQIRQFWLRQ VHFWHXUG
DFWLYLWpGHO
HQWUHSULVH
UHODWLRQVDYHFOHVDXWUHVVHUYLFHV UpGLJHUXQUDSSRUWVXUOHIRQFWLRQQHPHQWGX
VHUYLFHRXGXVHFWHXUG
DFWLYLWp
SURSRVHUGHVVFKpPDVG
RUJDQLVDWLRQDGDSWpVj
O
DFWLYLWpHWjO
pYROXWLRQGXVHUYLFH
/HVGLIIpUHQWVW\SHVGHSUHVWDWLRQVGH pODERUHUOHVSURFpGXUHVG
HQUHJLVWUHPHQWGHV
VHUYLFH GHPDQGHVGHSUHVWDWLRQV
ORWVFRPSOHWV PHWWUHHQRHXYUHOHVSURFpGXUHVG
HQUHJLVWUHPHQW
PHVVDJHULHV GHVGHPDQGHVGHSUHVWDWLRQV
GpPpQDJHPHQWHWJDUGHPHXEOHV FRQWU{OHUOHVSURFpGXUHVG
HQUHJLVWUHPHQWGHV
ORFDWLRQGHYpKLFXOHVLQGXVWULHOV GHPDQGHVGHSUHVWDWLRQV
FRQWU{OHUO
pWDEOLVVHPHQWHWO
XWLOLVDWLRQGHV
HQOqYHPHQWVWRFNDJHHWOLYUDLVRQ
GRFXPHQWVUpJOHPHQWDLUHVHWFRQWUDFWXHOV
/HPRXYHPHQWGHVPDUFKDQGLVHV
GpILQLUXQLWLQpUDLUHHQIRQFWLRQGHFRQWUDLQWHV
SURFpGXUHVGHWUDQVSRUW
G
RUGUHJpRJUDSKLTXHpFRQRPLTXHHW
/HVVWUXFWXUHVGHWDULILFDWLRQ
UpJOHPHQWDLUHWDQWHQWUDQVSRUWQDWLRQDOTX
HQ
/HVFRQYHQWLRQVSDUWLFXOLqUHVFRQWUDWV
WUDQVSRUWFRPPXQDXWDLUHRXLQWHUQDWLRQDO
W\SHVDFFRUGVOLWLJHVHWGRFXPHQWV
SDUWLFLSHU j OD FUpDWLRQ G
XQH OLJQH UpJXOLqUH RX
G
XQUpVHDXGHPHVVDJHULH
5HOHYpLQGLFDWLIGHV
&217(186
6$92,56HW6$92,5)$,5(
SDUWLFLSHUjODJHVWLRQG
XQHOLJQHUpJXOLqUHRX
G
XQUpVHDXGHPHVVDJHULH
FROODERUHUjODJHVWLRQG
XQHSODWHIRUPHGH
VWRFNDJHJURXSDJHRXGpJURXSDJH
DPpQDJHUOHVWRXUQpHVHQIRQFWLRQGHVGHPDQGHV
GHSUHVWDWLRQGHODGLVSRQLELOLWp HWGHOD
VSpFLILFLWpGHVYpKLFXOHVHWGHVPDWpULHOV
SURJUDPPHUOHVURWDWLRQVGHVPDWpULHOVGH
WUDQVSRUWHQIRQFWLRQGHVLQIRUPDWLRQV
FRPPHUFLDOHV
SUpYHQLUOHVLQFLGHQWVG
H[SORLWDWLRQ
LGHQWLILHUOHVpYHQWXHOVLQFLGHQWVG
H[SORLWDWLRQ
SUHQGUHWRXWHVOHVPHVXUHVFRQVHUYDWRLUHVHQFDV
G
LQFLGHQWG
H[SORLWDWLRQ
pWDEOLUGHVpWDWVVWDWLVWLTXHVGHVVLQLVWUHVFDXVHV
HWFRWV
FRQWULEXHUjODQpJRFLDWLRQDYHFOHVFRQIUqUHVGHV
FRQGLWLRQVGHVRXVWUDLWDQFHHQIRQFWLRQGHV
H[LJHQFHVGHO
H[SORLWDWLRQ
LQIRUPHUOHVGLIIpUHQWVSDUWHQDLUHVGX
GpURXOHPHQWGHODSUHVWDWLRQ
VXUYHLOOHUO
DSSOLFDWLRQGHVFRQWUDWVDYHFOHV
FRQIUqUHV
SDUWLFLSHUDX[pFKDQJHVV\VWpPDWLTXHV
G
LQIRUPDWLRQHQWUHO
H[SORLWDWLRQOHWHFKQLTXHHW
OHFRPPHUFLDO
FRQFHYRLUGHVGRFXPHQWVVSpFLILTXHVj
O
RUJDQLVDWLRQGHVpFKDQJHVG
LQIRUPDWLRQV
UHODWLYHVDXVXLYLGHODSUHVWDWLRQ
PHWWUHHQSODFHGHVPpWKRGHVHWPR\HQVGHVDLVLH
GHO
LQIRUPDWLRQjGHVILQVGHWUDLWHPHQW
SDUWLFLSHU HQOLDLVRQDYHFOHVHUYLFHFRPPHUFLDO
j OD FRQVWUXFWLRQ GH WDULILFDWLRQV JpQpUDOHV RX
SDUWLFXOLqUHV
5HOHYpLQGLFDWLIGHV
&217(186
6$92,56HW6$92,5)$,5(
/DFKDvQHORJLVWLTXHGXWUDQVSRUW FROODERUHUjO
LQVHUWLRQGHODSUHVWDWLRQGH
/HVSUHVWDWLRQVGHVHUYLFHOHVPR\HQV WUDQVSRUWGDQVODFKDvQHORJLVWLTXH
PDWpULHOVOHVFRQGLWLRQVHWOHVWDULIVRIIHUWV SDUWLFLSHUjODQpJRFLDWLRQGHVFRQGLWLRQVGH
SDUOHVGLIIpUHQWVPRGHVGHWUDQVSRUW VRXVWUDLWDQFHDYHFXQWUDQVLWDLUHRXXQ
/
LQWpJUDWLRQGHFHVSUHVWDWLRQVGDQVOD FRUUHVSRQGDQW
FKDvQHORJLVWLTXHOHVWHFKQLTXHV UpDOLVHUGHVRSpUDWLRQVGHWUDQVLWUpFHSWLRQ
PXOWLPRGDOHV PDQXWHQWLRQVWRFNDJH
6XMpWLRQVLPSRVpHVSDUODQDWXUHGHV PHWWUHHQSODFHOHVPpWKRGHVHWOHVPR\HQV
PDUFKDQGLVHVHWOHVPR\HQVGHWUDQVSRUW SHUPHWWDQWOHVXLYLVSDWLDOHWWHPSRUHOGHOD
&RQGLWLRQQHPHQWHPEDOODJH SUHVWDWLRQ
FRQWHQHXULVDWLRQ XWLOLVHUOHVWDULILFDWLRQVJpQpUDOHVRXSDUWLFXOLqUHV
/HVDXWUHVSUHVWDWLRQVGDQVODFKDvQH HQXVDJHGDQVOHVGLIIpUHQWVPRGHGHWUDQVSRUW
ORJLVWLTXH PHWWUHHQRHXYUHOHVUqJOHVDSSOLFDEOHVjOD
OHWUDQVLW JHVWLRQGHVVWRFNV
ODFRQVLJQDWLRQ SDUWLFLSHUjODJHVWLRQG
XQHSODWHIRUPHGH
ODPDQXWHQWLRQ VWRFNDJHGLVWULEXWLRQ
OHVWRFNDJHO
HQWUHSRVDJHHWOD
GLVWULEXWLRQSRXUFRPSWHG
DXWUXL
/DVpFXULWpGDQVO
HQWUHSULVH LGHQWLILHUOHVUqJOHVGHVpFXULWpDSSOLFDEOHV
6pFXULWpGHVSHUVRQQHV IDLUHDSSOLTXHUOHVUqJOHVGHVpFXULWp
6pFXULWpGHVPDUFKDQGLVHV FRQWU{OHUO
DSSOLFDWLRQGHVUqJOHVGHVpFXULWp
UqJOHVJpQpUDOHV 3URSRVHUGHVDPpOLRUDWLRQVDX[UqJOHVGHVpFXULWp
&DVSDUWLFXOLHUV
GHVPDVVHVLQGLYLVLEOHVHWGHVWUDQVSRUWV
KRUVJDEDULW
GHVPDUFKDQGLVHVVRXVWHPSpUDWXUH
GLULJpH
GHVPDUFKDQGLVHVGDQJHUHXVHV
6pFXULWpGXPDWpULHO
PDWpULHOVGHWUDQVSRUWHQJLQVGHPDQXWHQWLRQ
ORFDX[
5HOHYpLQGLFDWLIGHV
&217(186
6$92,56HW 6$92,5)$,5(
/HFRPPHUFHH[WpULHXU LGHQWLILHUOHVEHVRLQVHWOHVVRXUFHVG
LQIRUPDWLRQ
/HVYHQWHVLQWHUQDWLRQDOHV LGHQWLILHUHWDQDO\VHUOHVUpJOHPHQWDWLRQVGX
OHVWHUPHVGHFRPPHUFHLQWHUQDWLRQDX[ FRPPHUFHH[WpULHXUDSSOLFDEOHVjXQHRSpUDWLRQ
LQFRWHUPV GHWUDQVLWRXGHWUDQVSRUW
OHILQDQFHPHQWGHVYHQWHVLQWHUQDWLRQDOHV V
DVVXUHUGHO
DSSOLFDWLRQGHFHVUpJOHPHQWDWLRQV
UqJOHPHQWGHVYHQWHVLQWHUQDWLRQDOHV GXFRPPHUFHH[WpULHXU
DVVXUDQFHGHVYHQWHVLQWHUQDWLRQDOHV FRQVHLOOHUVLQpFHVVDLUHODFOLHQWqOHTXDQW DX
/DUpJOHPHQWDWLRQGXFRPPHUFHH[WpULHXU FRQWHQXHWjO
DSSOLFDWLRQGHVUpJOHPHQWDWLRQV
GRXDQLqUHVHWGXFRPPHUFHH[WpULHXU
DSSOLTXHUOHVSURFpGXUHVGHFKDQJH
ODGRXDQH
)RQFWLRQVHWRUJDQLVDWLRQWHUULWRULDOHGH LGHQWLILHUHWDQDO\VHUOHUpJLPHGRXDQLHUHWOHV
O
DGPLQLVWUDWLRQGHVGRXDQHV SURFpGXUHVGHGpGRXDQHPHQWG
XQHPDUFKDQGLVH
/DFRQGXLWHHQGRXDQH DSSOLTXHUOHVSURFpGXUHVGRXDQLqUHVHW GHWUDQVLW
/HVUpJLPHVGRXDQLHUVHWGHWUDQVLW YpULILHUODFRQIRUPLWpGHVGRFXPHQWVGRXDQLHUV
/HVSURFpGXUHVGHGpGRXDQHPHQW HWGHO
DSSOLFDWLRQGHVSURFpGXUHVGRXDQLqUHVHW
GHWUDQVLW
SURFpGHUjODOLTXLGDWLRQHWDXSDLHPHQWGHV
GURLWVHWWD[HV
FRQVHLOOHU VL QpFHVVDLUH OD FOLHQWqOH TXDQW DX
FRQWHQX HW j O
DSSOLFDWLRQ GHV UpJOHPHQWDWLRQV
GRXDQLqUHV
5HOHYpLQGLFDWLIGHV
&217(186
6$92,56HW6$92,5)$,5(
%*(67,21'(65(66285&(6+80$,1(6
$SSURFKHJOREDOHTXDQWLWDWLYHHW FRQVXOWHUWRXWGRFXPHQWVXUODJHVWLRQGHV
TXDOLWDWLYHpYROXWLRQGHVUHVVRXUFHV UHVVRXUFHVKXPDLQHVkJHFRPSpWHQFHV
KXPDLQHV pYROXWLRQGHVUpPXQpUDWLRQVFXOWXUH
G
HQWUHSULVH
FRQIURQWHUOHVEHVRLQVHWOHVUHVVRXUFHV
XWLOLVHUGHVRXWLOVGHJHVWLRQSUpYLVLRQQHOOH
VLPXODWLRQHWRSWLPDOLVDWLRQ
DQDO\VHUOHSURFHVVXVGHFRQWU{OHGHOD
SODQLILFDWLRQLQWHUQHGDQVO
HQWUHSULVH
DQDO\VHUOHVSRVWHVGHWUDYDLOHWPHWWUHDXSRLQW
GHVGRFXPHQWVSRXYDQWVHUYLUGHVXSSRUWjXQH
pWXGHGHSRVWH
GpILQLUOHVSRVWHVGHWUDYDLOHWOHVSURILOV
G
HPSORLV
$SSUpFLDWLRQGHODSHUIRUPDQFHHWPRWLYDWLRQ pYDOXHUOHVSHUIRUPDQFHV
GpWHFWHUOHVSRWHQWLHOV
LGHQWLILHUOHVPRWLYDWLRQV
DSSUpFLHUOHVUHODWLRQVFRQIOLFWXHOOHVGDQVXQ
VHUYLFH
DLGHUjODUpVROXWLRQGHVFRQIOLWV
2XWLOVG
DFFRPSDJQHPHQWGHODJHVWLRQGHV PHWWUHHQRHXYUHO
LQIRUPDWLRQSDUWLFLSDWLYHSRXU
UHVVRXUFHVKXPDLQHV VLWXHUOHVDYHQLUVSURIHVVLRQQHOVDXVHLQGH
O
HQWUHSULVH
PHWWUHHQRHXYUHOHVSURFpGXUHVGHIRUPDWLRQGHV
SHUVRQQHOV
SDUWLFLSHUjO
pODERUDWLRQG
XQSODQGHIRUPDWLRQ
SDUWLFLSHUjO
DQLPDWLRQGHVDFWLRQVGHIRUPDWLRQ
PHWWUHHQRHXYUHOHVRXWLOVGHFRPPXQLFDWLRQ
GDQVOHVUHODWLRQVGHODJHVWLRQGHVUHVVRXUFHV
KXPDLQHV
SDUWLFLSHUjXQDXGLWVRFLDO
5HOHYpLQGLFDWLIGHV
&217(186
6$92,56HW6$92,5)$,5(
*HVWLRQGXSHUVRQQHO FROODERUHUDX[GpFLVLRQVG
HPEDXFKHVpOHFWLRQ
GHVFDQGLGDWVVXUGRVVLHUHWHQWUHWLHQ
UpGLJHUXQHRIIUHG
HPSORL
DQDO\VHUXQFXUULFXOXPYLWDH
FRPSDUHUGHVFRQGLWLRQVGHUpPXQpUDWLRQHW
G
LQGHPQLVDWLRQ
H[SOLTXHUOHVFRQGLWLRQVGHUpPXQpUDWLRQHW
G
LQGHPQLVDWLRQ
pWDEOLU XQ FRQWUDW GH WUDYDLO HW G
XQH PDQLqUH
JpQpUDOH WRXW GRFXPHQW UHODWLI j OD JHVWLRQ GX
SHUVRQQHO
&RPPHQWDLUHV
$XGHOjGHV FRQWHQXVFLGHVVXVLO\DOLHXGHYpULILHUHWG
XWLOLVHUOHVVDYRLUVHWVDYRLUIDLUHDFTXLVHQ
pFRQRPLHJpQpUDOHRXG
HQWUHSULVHHQGURLWVRFLDODLQVLTXHGDQVODPLVHHQRHXYUHGHODSUHVWDWLRQ
WUDQVSRUW GDQV OHV DFWLYLWpV FRPPHUFLDOHV SRXU UpVRXGUH OHV SUREOqPHV GH JHVWLRQ GHV UHVVRXUFHV
KXPDLQHV
5HOHYpLQGLFDWLIGHV
&217(186
6$92,56HW6$92,5)$,5(
&$&7,9,7(6&200(5&,$/(6
/DPHUFDWLTXHHWO
HQWUHSULVHGHWUDQVSRUW
/DGpPDUFKHPHUFDWLTXHDXVHUYLFHGX UHSpUHUOHVpWDSHVGHODGpPDUFKHPHUFDWLTXHHW
WUDQVSRUW ODQpFHVVLWpGHSODQLILHUHWGHFRRUGRQQHUOHV
DFWLYLWpVFRPPHUFLDOHV
LGHQWLILHUOHVYDULDEOHVPHUFDWLTXHVHWODQpFHVVLWp
GHOHXUFRKpUHQFH
LGHQWLILHUOHVGLIIpUHQWVPDUFKpVHQDPRQWHWHQ
DYDOGHO
HQWUHSULVH
/HVVRXUFHVG
LQIRUPDWLRQPHUFDWLTXHDX LGHQWLILHUOHVEHVRLQVG
LQIRUPDWLRQV
VHUYLFHGHO
HQWUHSULVHGHWUDQVSRUW pFRQRPLTXHVHWFRPPHUFLDOHV GHO
HQWUHSULVH
UHFHQVHUOHVVRXUFHVRUJDQLVPHVSXEOLFDWLRQV
EDQTXHGHGRQQpHV
UDVVHPEOHUOHVLQIRUPDWLRQVFROOHFWpHVDXSUqVGHV
FOLHQWVGHVFRQIUqUHVVRXVWUDLWDQWV
IRXUQLVVHXUV
FRQVWLWXHUHWPHWWUHjMRXUXQHGRFXPHQWDWLRQ
UHODWLYHDX[PDUFKpV
FKRLVLUSDUPLOHVLQIRUPDWLRQVH[LVWDQWHVOHV
LQIRUPDWLRQVSHUWLQHQWHV
O
LQIRUPDWLRQPHUFDWLTXHWUDQVSRUW WUDLWHUOHVLQIRUPDWLRQV
pWXGHGHPDUFKpTXDQWLWDWLYHHW PHQHUXQHHQTXrWHVLPSOH
TXDOLWDWLYH H[SORLWHUOHVUpVXOWDWVG
pWXGHVH[WHUQHV
SUpYLVLRQGHODGHPDQGH XWLOLVHUOHVPpWKRGHVTXDQWLWDWLYHVHQOLDLVRQDYHF
OHVRXWLOVGHJHVWLRQSRXUDVVXUHUOHV YHQWHVHW
SUpYRLUODGHPDQGH
pWDEOLUGHVGRFXPHQWVGHV\QWKqVHVXUOHPDUFKp
DFWXHOGHO
HQWUHSULVH
5HOHYpLQGLFDWLIGHV
&217(186
6$92,56HW6$92,5)$,5(
/DIRQFWLRQFRPPHUFLDOHGDQVO
HQWUHSULVH UHFRQQDvWUHOHVLQWHUYHQDQWVGDQVODGpPDUFKH
GHWUDQVSRUW PHUFDWLTXH
UHSpUHUODSODFH GHODIRQFWLRQSDUUDSSRUWjOD
VWUXFWXUH
LGHQWLILHUVHVFDUDFWpULVWLTXHVHWVHVOLHQVDYHFOHV
DXWUHVIRQFWLRQV
GpILQLUOHVW\SHVGHIRUFHGHYHQWH
LGHQWLILHUOHVSHUVRQQHOVHQFRQWDFWDYHFOHV
FOLHQWVHWOHVSUHVWDWDLUHV
SRVLWLRQQHUODVWUDWpJLHFRPPHUFLDOHGDQVOD
SROLWLTXHJpQpUDOHGHO
HQWUHSULVH
UHSpUHUOHVREMHFWLIVFRPPHUFLDX[
/
DGDSWDWLRQGHODSUHVWDWLRQGHVHUYLFH
DX[EHVRLQVHWDX[FRQWUDLQWHVGXPDUFKpGX
WUDQVSRUW
ODW\SRORJLHGHVEHVRLQVGDQVOHVDFWLYLWpV FHUQHUOHVEHVRLQV
GXWUDQVSRUW LGHQWLILHUOHVFDWpJRULHVG
LQWHUORFXWHXUVFOLHQWV
SUHVFULSWHXUVXWLOLVDWHXUVFKDUJHXUV
WLUHUSDUWLGHODFRQQDLVVDQFHGHVSURGXLWV
WUDQVSRUWpVRXjWUDQVSRUWHUGHVPHQWDOLWpVGHV
FRPSRUWHPHQWVHWGHOHXUVpYROXWLRQVSRXU
FODVVHUOHVFOLHQWV
OHGLDJQRVWLFFRPPHUFLDOGHO
HQWUHSULVH FRQFHYRLUODSUHVWDWLRQHWVRQpYROXWLRQGDQV
O
RSWLTXHPHUFDWLTXH
5HOHYpLQGLFDWLIGHV
&217(186
6$92,56HW6$92,5)$,5(
OHSURGXLW VLWXHUVRQDFWLRQSDUUDSSRUWjODVWUDWpJLHGX
SURGXLWHQWHQDQWFRPSWHGHODQDWXUHGHV
PDUFKDQGLVHV
SDUWLFLSHUjODFRQFHSWLRQG
XQHJDPPHGH
VHUYLFHVHWGHSUHVWDWLRQV
ODTXDOLWpHWO
LQQRYDWLRQ UHSpUHUOHVFDXVHVHWOHVFRWVGHODQRQTXDOLWp
LGHQWLILHUOHVLQGLFDWHXUVGHTXDOLWp
H[SORLWHUOHVLQIRUPDWLRQVIRXUQLHVSDUOHV
LQGLFDWHXUV
XWLOLVHUOHVRXWLOVVSpFLILTXHV
PHWWUHHQSODFHXQHSROLWLTXHGHODTXDOLWp
LQWHUYHQLUGDQVXQHVWUXFWXUHTXDOLWp
OHSUL[ LGHQWLILHUOHVSDUDPqWUHVHQWUDQWGDQVOD
OHVDSSURFKHVGDQVODIL[DWLRQGHVSUL[ GpWHUPLQDWLRQGHVSUL[
UHFHQVHUOHVLQIRUPDWLRQVLQWHUQHVHWH[WHUQHV
H[SORLWHUOHVLQIRUPDWLRQVVXVFHSWLEOHV
G
LQWHUIpUHUVXUODGpWHUPLQDWLRQGHVSUL[
OHVSUL[HWODVWUDWpJLHFRPPHUFLDOH FRQVWUXLUHXQHVWUDWpJLHGHVSUL[GDQVOHFDGUHGH
ODVWUDWpJLHGHO
HQWUHSULVH
FRQVWUXLUHGHVWDULILFDWLRQVJpQpUDOHVRX
SDUWLFXOLqUHV
pWDEOLUGHVGHYLV
ODFRPPXQLFDWLRQ FDUDFWpULVHUODFRPPXQLFDWLRQ
DSSUpFLHUXQHSROLWLTXHGHFRPPXQLFDWLRQ
FRQWULEXHUjXQHDFWLRQGHFRPPXQLFDWLRQHQ
GLUHFWLRQGXPDUFKp
ODSURPRWLRQGHVYHQWHV PHWWUHHQRHXYUHXQHDFWLRQGHSURPRWLRQGHV
YHQWHV
ODSXEOLFLWp DQDO\VHUXQHFDPSDJQHGHSXEOLFLWp
OHVUHODWLRQVSXEOLTXHV PHWWUHHQRHXYUHXQHRSpUDWLRQGHUHODWLRQV
SXEOLTXHV
OHSDUUDLQDJHVSRUWLIHWFXOWXUHO PHWWUHHQRHXYUHXQHDFWLRQGHSDUUDLQDJHVSRUWLI
HWFXOWXUHO
5HOHYpLQGLFDWLIGHV
&217(186
6$92,56HW6$92,5)$,5(
/HSODQGHPDUFKpDJH PHWWUHHQRHXYUHXQHDFWLRQHQYXHG
DWWHLQGUHOHV
REMHFWLIVFRPPHUFLDX[GHO
HQWUHSULVH
SURSRVHUGHVRULHQWDWLRQVTXDQWjO
pYROXWLRQGH
O
HQWUHSULVHVXUOHPDUFKp
GpWHUPLQHUWRXWHVLQIRUPDWLRQVpWDQWIRXUQLHV
GHVFLEOHVG
DFWLRQFRPPHUFLDOH
pWDEOLUGHVVLPXODWLRQVG
pYROXWLRQGHVIOX[HWGHV
SUL[
DGDSWHUO
H[SORLWDWLRQDX[FRQWUDLQWHVUpVXOWDQW
GHVpYROXWLRQVFRPPHUFLDOHV
XWLOLVHUOHVUpVXOWDWVSDUW\SHG
DFWLYLWpSRXU
DGDSWHUO
RIIUHGHO
HQWUHSULVHjVRQPDUFKp
/DIRUFHGHYHQWHWUDQVSRUW
/DVWUXFWXUHHWO
RUJDQLVDWLRQGH ODIRUFH FDUDFWpULVHUODIRUFHGHYHQWHGHO
HQWUHSULVH
GHYHQWH LGHQWLILHUOHVVHFWHXUV
RUJDQLVHUOHVVHFWHXUV
/HVREMHFWLIVGHODIRUFHGHYHQWH UHSpUHUOHVREMHFWLIV
DSSUpFLHUODSURGXFWLYLWpGHODIRUFHGHYHQWH
/HVDFWLYLWpVGHODIRUFHGHYHQWH
ODSURVSHFWLRQ PHWWUHHQRHXYUHOHVRXWLOVGHSURVSHFWLRQ
SXEOLSRVWDJHHQWUHWLHQWpOpSKRQH
H[SORLWHUGHVILFKLHUVGHSURVSHFWpVHWGHFOLHQWV
TXDOLILHUOHVFOLHQWVHWSURVSHFWpV
GpWHFWHUGHVSRVVLELOLWpVGHSURVSHFWLRQ
IL[HUOHVREMHFWLIVGHSURVSHFWLRQ
pWDEOLUXQSODQGHSURVSHFWLRQ
LGHQWLILHUOHVFRPSRVDQWHVG
XQFRWGH
SURVSHFWLRQ
FKLIIUHUOHFRWG
XQHRSpUDWLRQGHSURVSHFWLRQ
pYDOXHUODSHUWLQHQFHG
XQSODQGHSURVSHFWLRQ
5HOHYpLQGLFDWLIGHV
&217(186
6$92,56HW6$92,5)$,5(
ODQpJRFLDWLRQ XWLOLVHUOHVRXWLOVGHFRPPXQLFDWLRQDGDSWpVjOD
OHSODQGHYHQWH QpJRFLDWLRQ
ODUHODWLRQGHYHQWHSHUVRQQDOLVpH PHWWUHHQRHXYUHOHVWHFKQLTXHVGH
ODUHODWLRQGHYHQWHPpGLDWLVpH FRPPXQLFDWLRQDGDSWpHVjODYHQWH
TXHVWLRQQHPHQWUpIXWDWLRQDUJXPHQWDWLRQ
FRQVHLOVFRQFOXVLRQ
LGHQWLILHUOHVpWDSHVGHODUHODWLRQYHQWH
FRQVHLOOHUODFOLHQWqOHHQYXHQRWDPPHQWGH
SUpYHQLUOHVOLWLJHV
GLVFXWHUOHVWHUPHVG
XQFRQWUDWGHWUDQVSRUWG
XQ
DFFRUGOLWLJHV
FRQFOXUHXQHQpJRFLDWLRQFRPPHUFLDOH
OHVXLYLGHFOLHQWqOH UHSpUHUOHVLQIRUPDWLRQVXWLOHV
WUDLWHUOHVLQIRUPDWLRQVXWLOHV
WHQLUjMRXUOHVILFKLHUVVRXVWRXWHVOHXUVIRUPHV
UHSpUHUOHVDFWLRQVjPHWWUHHQRHXYUHHQ
GLUHFWLRQGHVFOLHQWV
PHWWUHHQRHXYUHFHVDFWLRQV
WUDQVPHWWUHOHVFRQWUDLQWHVUpVXOWDQWGH
QpJRFLDWLRQVFRPPHUFLDOHVHQYXHG
DGDSWHUOHV
FRQGLWLRQVG
H[SORLWDWLRQ
SURSRVHUGHVPRQWDJHVILQDQFLHUV
OHVXLYLG
DIIDLUHV DVVXUHUOHVXLYLFRPPHUFLDOGXGpURXOHPHQWGHOD
SUHVWDWLRQGHWUDQVSRUW
PHWWUHHQRHXYUHXQHSURFpGXUHDPLDEOHGH
UHFRXYUHPHQWGHFUpDQFHV
UHQGUHFRPSWHGHQpJRFLDWLRQVFRPPHUFLDOHV
DVVXUHUOHVXLYLILQDQFLHUGHVFRPSWHVFOLHQWV
&RPPHQWDLUHV
/D IRUPDWLRQ DX[ DFWLYLWpV FRPPHUFLDOHV GHYUD SUHQGUH HQ FRPSWH OD GLPHQVLRQ LQWHUQDWLRQDOH GX
PDUFKpDILQGHFUpHUXQpWDWG
HVSULWSURSLFHDX[pODUJLVVHPHQWVGHVFKDPSVG
DFWLRQHWGHIDoRQj
UHQGUH DWWHQWLI j OD GLYHUVLWp GHV FRQWH[WHV FXOWXUHOV TXL LQIOXHQFHQW OHV FRPSRUWHPHQWV GDQV FH
GRPDLQH
5HOHYpLQGLFDWLIGHV
&217(186
6$92,56HW6$92,5)$,5(
'*(67,21'(602<(160$7(5,(/6
/HFKRL[GHVPR\HQV
/HVPDWpULHOVHWDFFHVVRLUH FRQVWLWXHUPHWWUHjMRXUH[SORLWHUXQH
GLIIpUHQWVW\SHV GRFXPHQWDWLRQWHFKQLTXHVXUOHVPDWpULHOVGH
V\VWqPHVGHSURSXOVLRQ WUDQVSRUWOHXUVpTXLSHPHQWVOHVPR\HQVGH
V\VWqPHVGHVpFXULWp PDQXWHQWLRQGHFRQGLWLRQQHPHQWHWG
HPEDOODJH
FULWqUHVGHSHUIRUPDQFHYLWHVVH pODERUHUXQFDKLHUGHVFKDUJHVHQYXHGXFKRL[
FRQVRPPDWLRQFDSDFLWpPDLQWHQDQFH GHVPDWpULHOVGHWUDQVSRUWHWGHPDQXWHQWLRQHQ
ORQJpYLWp IRQFWLRQGHVEHVRLQVH[SULPpVSDUO
H[SORLWDWLRQ
pWDEOLUGHVWDEOHDX[FRPSDUDWLIVpWDWVV\QWKqVHV
VXUOHVPDWpULHOVGHWUDQVSRUWOHXUVpTXLSHPHQWV
OHVPR\HQVGHPDQXWHQWLRQGHFRQGLWLRQQHPHQW
HWG
HPEDOODJH
/HVWHFKQLTXHVGHFRQGLWLRQQHPHQWHW LGHQWLILHUOHVGLIIpUHQWVW\SHVG
HPEDOODJHVRX
G
HPEDOODJH G
XQLWpVGHFKDUJHDLQVLTXHOHXUVUqJOHVGH
/HVWHFKQLTXHVPXOWLPRGDOHV QRUPDOLVDWLRQ
FRQWHQHXU FKRLVLURXFRQVHLOOHUXQHPEDOODJHRXXQHXQLWp
WUDQVSRUWFRPELQpUDLOURXWH GHFKDUJHHQIRQFWLRQGXW\SHGHSURGXLWGX
DXWUHVWHFKQLTXHV PRGHGHWUDQVSRUWGHVFRWVRXGHVFRQWUDLQWHV
/HVpTXLSHPHQWVGHPDQXWHQWLRQW\SHV MXULGLTXHVHWUpJOHPHQWDLUHV
SURSXOVLRQSHUIRUPDQFHVVpFXULWp LGHQWLILHUOHVGLIIpUHQWVW\SHVG
LQVWDOODWLRQHWOHXU
/HVLPSODQWDWLRQVFRPPHUFLDOHV FDSDFLWpG
XWLOLVDWLRQ
WHUPLQDX[JDUHVSRUWVHWDpURSRUWV UHFKHUFKHUOHVLQIUDVWUXFWXUHVHWOHVLQVWDOODWLRQV
H[LVWDQWHV
FROODERUHUjODFRQFHSWLRQGHO
RUJDQLVDWLRQ
SK\VLTXHHWIRQFWLRQQHOOHG
XQTXDLG
XQHQWUHS{W
DQDO\VHUXQHRUJDQLVDWLRQGHTXDLG
HQWUHS{W
/¶pWDWGXPDUFKpGXPDWpULHO UHFKHUFKHUVXUXQPDUFKpOHVPDWpULHOVUpSRQGDQW
jXQFDKLHUGHVFKDUJHV
SDUWLFLSHUjODQpJRFLDWLRQHQYXHGHO¶DFTXLVLWLRQ
G¶XQPDWpULHO
5HOHYpLQGLFDWLIGHV
&217(186
6$92,56HW6$92,5)$,5(
/DPDLQWHQDQFHGHVPR\HQV pWDEOLUXQSODQGHPDLQWHQDQFHSODQLILFDWLRQ
KLVWRULTXHVILFKHVGHWUDYDLOHWWRXVOHV
/DQRWLRQGHPDLQWHQDQFH GRFXPHQWVQpFHVVDLUHVjO
pWXGHGHVFRWVGH
W\SHVGHPDLQWHQDQFH PDLQWHQDQFH
GRFXPHQWVOLpVjODPDLQWHQDQFH FDOFXOHUGDQVGHVFDVVLPSOHVGHVFRWVGH
KLVWRULTXHVJUDSKHVSODQQLJUDPPHV PDLQWHQDQFHHWGHVFRWVGHGpIDLOODQFH
PDLQWHQDQFHG
XQSDUFGHPDWpULHOVGH YHLOOHUjO
H[pFXWLRQG
XQSODQGHPDLQWHQDQFH
WUDQVSRUW
/DVWDWLRQVHUYLFHLQWpJUpH FRQWULEXHUjO
pWXGHpFRQRPLTXHHQYXHGH
pOpPHQWVGHFRPSDUDLVRQHQWUHXQHVWDWLRQ O
LPSODQWDWLRQpYHQWXHOOHG
XQHVWDWLRQVHUYLFHRX
VHUYLFHLQWpJUpHHWODVRXVWUDLWDQFH G
XQDWHOLHULQWpJUp
pTXLSHPHQWHWLPSODQWDWLRQ
/HFKRL[GXW\SHGHPDLQWHQDQFHSDU
O
DWHOLHU
5HOHYpLQGLFDWLIGHV
&217(186
6$92,56HW6$92,5)$,5(
/DPLVHHQRHXYUHGHVPR\HQV
0LVHHQVHUYLFH LGHQWLILHUOHVEHVRLQVHWOHVVRXUFHVG
LQIRUPDWLRQ
&LUFXODWLRQPDWpULHOSHUVRQQHO MXULGLTXH
SDVVDJHU LGHQWLILHUHWDFFRPSOLUOHVIRUPDOLWpV
,PSODQWDWLRQVTXDLHQWUHS{WJDUGH DGPLQLVWUDWLYHVOLpHVjODPLVHHQVHUYLFHG
XQ
PHXEOHV PDWpULHOGHWUDQVSRUWG
XQpTXLSHPHQWG
XQ
PR\HQGHPDQXWHQWLRQ
LGHQWLILHUWRXVOHVGRFXPHQWVQpFHVVDLUHVjOD
FLUFXODWLRQG
XQPDWpULHOGHWUDQVSRUWHQ)UDQFH
HWGDQVOD&((HWOHXUVFRQGLWLRQVGHYDOLGLWp
UHFKHUFKHUWRXVOHVGRFXPHQWVQpFHVVDLUHVjOD
FLUFXODWLRQKRUV&((G
XQPDWpULHOGHWUDQVSRUW
GHVRQFRQGXFWHXUGHVHVSDVVDJHUV
DFFRPSOLUOHVIRUPDOLWpVQpFHVVDLUHVDX
UHQRXYHOOHPHQWGHODYDOLGLWpGHFHVGRFXPHQWV
DIIHFWHUOHVSHUVRQQHOVGHFRQGXLWHDX[
GLIIpUHQWHVWRXUQpHVHQIRQFWLRQGHVFRQWUDLQWHV
FRPPHUFLDOHVMXULGLTXHV DGPLQLVWUDWLYHVHW
VRFLDOHV
UHVSHFWHUOHVFRQWUDLQWHVGHFLUFXODWLRQ
JpUHUOHVVXUIDFHVKDXWHXUVHWDLUHVGHFLUFXODWLRQ
G
XQHQWUHS{W
7(&+1,48(648$17,7$7,9(6'(*(67,21
5pSDUWLWLRQLQGLFDWLYHGHO
KRUDLUHKHEGRPDGDLUHPR\HQHQWUH
35(0,(5((7'(8;,(0($11e(
3UHPLqUH 'HX[LqPH
DQQpH DQQpH
$287,/6&2037$%/(6'(*(67,21 K K
/HU{OHHWOHVIRQFWLRQVGHODFRPSWDELOLWp ;
/HVSULQFLSHVGHODPpWKRGHFRPSWDEOH ;
/HVRSpUDWLRQVFRXUDQWHVGHODFRPSWDELOLWp ;
/HVRSpUDWLRQVGHILQG
H[HUFLFH ; ;
/HFDOFXOHWO
DQDO\VHGHVFRWV ; ;
/
DQDO\VHFRPSWDEOHHWILQDQFLqUH ;
/DJHVWLRQSUpYLVLRQQHOOH ;
/DUHSUpVHQWDWLRQHWO
LQWHUSUpWDWLRQGHVLQIRUPDWLRQVTXDQWLWDWLYHV ;
/HFDOFXOILQDQFLHUDSSOLTXp ;
/DSUpYLVLRQ ;
/
RSWLPLVDWLRQHQDYHQLUFHUWDLQ ;
/DGpFLVLRQHQDYHQLULQFHUWDLQ ;
K K
/DSRVVLELOLWpGHGpGRXEOHPHQWG
XQHKHXUHKHEGRPDGDLUHGRLWrWUHXWLOLVpHHVVHQWLHOOHPHQWSRXUOHV
DSSOLFDWLRQV G
RXWLOVPDWKpPDWLTXHVGHJHVWLRQXWLOLVDQWOHPDWpULHOLQIRUPDWLTXHHWSRXUUpVRXGUHOHV
pYHQWXHOVSUREOqPHVG
KpWpURJpQpLWpGHVFODVVHV&HODQHGRLWSDVFRQGXLUHjH[FOXUHOHVDSSOLFDWLRQV
GHWHFKQLTXHVTXDQWLWDWLYHVGHJHVWLRQLQWpJUpHGDQVOHVWUDYDX[GHV\QWKqVH
$287,/6&2037$%/(6'(*(67,21
5HOHYpLQGLFDWLIGHV
&217(186
6$92,56HW6$92,5)$,5(
/HU{OHHWOHVIRQFWLRQVGHODFRPSWDELOLWp
UpSRQVHVDX[EHVRLQVG
LQIRUPDWLRQVHWGH DSSUpFLHUO
LPSRUWDQFHGHODIRQFWLRQFRPSWDEOH
FRQWU{OHGDQVO
HQWUHSULVH GDQVO
HQWUHSULVH
UpSRQVHVDX[EHVRLQVG
LQIRUPDWLRQHWGH
FRQWU{OHGHO
HQYLURQQHPHQWGH
O
HQWUHSULVH
/HVSULQFLSHVGHODPpWKRGHFRPSWDEOH
SUpVHQWDWLRQJpQpUDOHGXPRGqOH DQDO\VHUO
LQFLGHQFHG
XQHRSpUDWLRQFRPPHUFLDOH
FRPSWDEOH VXUOHVFRPSWHVFRQFHUQpV
DSSUpFLHUOHVFRQVpTXHQFHVG
XQHQUHJLVWUHPHQW
FRPSWDEOHVXUXQUpVXOWDWHWXQELODQ
/HVRSpUDWLRQVFRXUDQWHVGHODFRPSWDELOLWp
/HVGRFXPHQWVFRPPHUFLDX[GHEDVHGH FRQWU{OHUODYUDLVHPEODQFHHWO
H[DFWLWXGHGHV
O
HQWUHSULVHGHWUDQVSRUW LQIRUPDWLRQV
/HFRQWH[WHILVFDO
ODWD[HVXUODYDOHXUDMRXWpH GpILQLUOHVFRQGLWLRQVG
DSSOLFDWLRQGHOD79$
SULQFLSH FDOFXOHUXQH79$
PRGDOLWpV FDOFXOHUOD79$UHODWLYHjXQHSpULRGH
WHUULWRULDOLWp DSSUpFLHUOHVFRQVpTXHQFHVGHOD79$VXUOD
FRPSWDELOLWp
UpJLPHV
ILVFDOLWpHWSDUDILVFDOLWpSURSUHVDX[DFWLYLWpV
LGHQWLILHUWD[HVILVFDOHVHWSDUDILVFDOHV
GHWUDQVSRUW
FDOFXOHULPS{WVHWWD[HVVSpFLILTXHV
/HFLUFXLWDFKDWVYHQWHVSUHVWDWLRQGH
HQUHJLVWUHU OHV RSpUDWLRQV HW HQ DSSUpFLHU OHV
VHUYLFH± UqJOHPHQWVDYHF79$PDLVVDQV
FRQVpTXHQFHVVXUOHUpVXOWDWHWOHELODQ
pOpPHQWVDFFHVVRLUHV
5HOHYpLQGLFDWLIGHV
&217(186
6$92,56HW6$92,5)$,5(
/
DFTXLVLWLRQG
LPPRELOLVDWLRQV HQUHJLVWUHUXQHDFTXLVLWLRQG
LPPRELOLVDWLRQHWHQ
DSSUpFLHUOHVFRQVpTXHQFHVVXUOHELODQ
FRPSDUHUXQDFKDWGHPDWpULHODYHFVDORFDWLRQHW
VRQILQDQFHPHQWSDUFUpGLWEDLO
/DSDLH (QGLVSRVDQWG
XQEDUqPHGHFKDUJHVVRFLDOHV
VpOHFWLRQQHUOHVLQIRUPDWLRQVXWLOHVDXWUDLWHPHQW
HWRXDXFRQWU{OHG
XQHSDLH
pWDEOLUXQEXOOHWLQGHSDLHG
XQVDODULpFDGUHRX
QRQFDGUH
$SDUWLUGHVDODLUHVGHUHWHQXHVGHFKDUJHV
SDWURQDOHV
DSSUpFLHUOHVFRQVpTXHQFHVFRPSWDEOHVGHFHV
pOpPHQWV
/HVUHODWLRQVDYHFOHVpWDEOLVVHPHQWV $SDUWLUGHGRFXPHQWV
ILQDQFLHUV DQDO\VHUOHVLQFLGHQFHVGHFKDUJHVILQDQFLqUHVHW
GHVHUYLFHVEDQFDLUHVVXUODIRUPDWLRQGXUpVXOWDW
DQDO\VHUOHVUHODWLRQVGHO
HQWUHSULVHDYHFOHV
EDQTXHVGDQVOHFDVGXILQDQFHPHQW GH
O
H[SORLWDWLRQHWGXILQDQFHPHQWGH
O
LQYHVWLVVHPHQW
/HVFRPSWHVUpFLSURTXHV LGHQWLILHUGHVFRPSWHVUpFLSURTXHV
pWDEOLU XQ pWDW GH UDSSURFKHPHQW EDQFDLUH DYHF
LQIRUPDWLRQVIRXUQLHV
5HOHYpLQGLFDWLIGHV
&217(186
6$92,56HW6$92,5)$,5(
/HVRSpUDWLRQVGHILQG
H[HUFLFH
/HSULQFLSHGHVRSpUDWLRQVGHILQ LGHQWLILHUOHVSUREOqPHVSRVpVSDUODQRWLRQ
G
H[HUFLFH G
H[HUFLFH
pWDEOLUXQWDEOHDXG
DPRUWLVVHPHQWOLQpDLUHRX
/HVDPRUWLVVHPHQWV GpJUHVVLIVDQVSURUDWD
LQGLTXHUO
LQIOXHQFHG
XQDPRUWLVVHPHQWVXUOH
UpVXOWDWHWOHELODQ
/HVSURYLVLRQV $SDUWLUG
XQGHVFULSWLIIRXUQLVVDQWOHPRQWDQW
FUpDQFHVHWOLWLJHV LQGLTXHUO
LQIOXHQFHG
XQHSURYLVLRQVXUOH
UpVXOWDWHWOHELODQ
DXWUHVSURYLVLRQV LGHQWLILHUOHVIDLWVJpQpUDWHXUVGHSURYLVLRQVGDQV
XQHHQWUHSULVHGHWUDQVSRUW
5pVXOWDWHWELODQ DIIHFWHUOHVSULQFLSDX[FRPSWHVDX[JUDQGHV
UXEULTXHVG
XQFRPSWHGHUpVXOWDWRXG
XQELODQ
$O
DLGHG
XQPRGHRSpUDWRLUHRXG
XQORJLFLHO
pWDEOLUXQFRPSWHGHUpVXOWDWRXXQELODQ
5HOHYpLQGLFDWLIGHV
&217(186
6$92,56HW6$92,5)$,5(
/HFDOFXOHWO
DQDO\VHGHVFRWV
'pILQLWLRQHWW\SRORJLHGHVFRWV GpILQLUXQFRW
LGHQWLILHUGHVFRWVFRPSOHWVRXSDUWLHOV
SUppWDEOLVRXFRQVWDWpV
&KDUJHVGLUHFWHVHWFKDUJHVLQGLUHFWHV
FDOFXOVGHFRWV FDOFXOHUGHVFRWVSUpDODEOHPHQWGpILQLV
WDEOHDXG
DQDO\VHGHFKDUJHV FDOFXOHUGHVFRWVHWGHVUpVXOWDWVDQDO\WLTXHV
LQGLUHFWHVVDQVWUDQVIHUWVFURLVpV OHVFRPPHQWHU
FRWVHWUpVXOWDWV DQDO\WLTXHV
9DULDELOLWpGHVFKDUJHV
FKDUJHVIL[HVHWFKDUJHVYDULDEOHV UpSDUWLUXQHQVHPEOHGHFKDUJHVHQWUHGHV
FKDUJHVYDULDEOHVHWGHVFKDUJHVIL[HV
UHSUpVHQWHUJUDSKLTXHPHQWO
pYROXWLRQGHFKDUJHV
DFWLYLWpHWYDULDWLRQGHVFRWV GpILQLUOHVQRWLRQVGHSURGXFWLRQHWG
DFWLYLWp
FKRLVLUXQPRGHGHPHVXUHGHO
DFWLYLWp
FRWVYDULDEOHVHWPDUJHVVXUFRWV FDOFXOHUGHVFRWVHWGHVPDUJHV
YDULDEOHV FRPPHQWHUHQYXHGHSULVHVGHGpFLVLRQHW
DSSUpFLHUODSHUWLQHQFHGHVFRWVHWGHVPDUJHV
FDOFXOHUXQVHXLOGHUHQWDELOLWpHWHQGpWHUPLQHUOD
VHXLOVGHUHQWDELOLWp
GDWHDSSUR[LPDWLYH
FRPPHQWHUOHQLYHDXG
XQVHXLOGHUHQWDELOLWp
5HOHYpLQGLFDWLIGHV
&217(186
6$92,56HW6$92,5)$,5(
/
DQDO\VHFRPSWDEOHHWILQDQFLqUH
/
DQDO\VHGXUpVXOWDW
OHVUpVXOWDWVSDUWLHOV FDOFXOHUGHVUpVXOWDWVSDUWLHOV
FRPPHQWHUOHXUpYROXWLRQ
OHVVROGHVLQWHUPpGLDLUHVGHJHVWLRQ FDOFXOHUGHVVROGHVLQWHUPpGLDLUHVGHJHVWLRQ
DYHFWUDFpIRXUQL
GRQQHUOHXUVLJQLILFDWLRQ
UDWLRVG
H[SORLWDWLRQHWGHUHQWDELOLWp FDOFXOHUGHVUDWLRVHWHQFRPPHQWHUODYDOHXUHW
O
pYROXWLRQ
/DFDSDFLWpG
DXWRILQDQFHPHQW FDOFXOHUXQHFDSDFLWpG
DXWRILQDQFHPHQW
SRUWHUXQHDSSUpFLDWLRQVXUOHQLYHDXG
XQH
FDSDFLWpG
DXWRILQDQFHPHQWHWVDYDULDWLRQ
/
DQDO\VHGXELODQ $SDUWLUG
XQELODQFRPSWDEOHDYDQWUpSDUWLWLRQ
OHELODQIRQFWLRQQHO GHVEpQpILFHV
OHELODQILQDQFLHU VFKpPDWLVHUXQELODQIRQFWLRQQHO HQYDOHXUV
EUXWHVHWXQELODQILQDQFLHUSRXUXQHHQWUHSULVH
GHWUDQVSRUWLQGLYLGXHOOHRXVRFLpWDLUH
UDWLRVGHVWUXFWXUHHWUDWLRVGHOLTXLGLWp $SDUWLUG
XQELODQILQDQFLHU
FDOFXOHUGHVUDWLRVSHUPHWWDQWG
DSSUpFLHUOD
VWUXFWXUHGXILQDQFHPHQWGHO
HQWUHSULVHVD
OLTXLGLWpVDVROYDELOLWp
FRPPHQWHUFHVUDWLRVOHXUpYROXWLRQOHXU
SRVLWLRQGDQVOHVHFWHXU
/HIRQGVGHURXOHPHQW pYDOXHUOHVFRPSRVDQWHVGXIRQGVGHURXOHPHQWj
XQPRPHQWGRQQp
OHIRQGVGHURXOHPHQWQHWJOREDO
YpULILHUODUHODWLRQTXLOLHOHIRQGVGHURXOHPHQW
OHEHVRLQHQIRQGVGHURXOHPHQW
QHWJOREDOOHEHVRLQHQIRQGVGHURXOHPHQWHWOD
ODWUpVRUHULHQHWWH WUpVRUHULHQHWWH
FRPPHQWHU OHVUpVXOWDWVREWHQXV
pYDOXHUGHVGXUpHVHWGHVWDX[GHURWDWLRQVGH
WDX[GHURWDWLRQHWGXUpHV VWRFNVGHFUpGLWVFOLHQWVGHFUpGLWVIRXUQLVVHXUV
FRPPHQWHUOHVWDX[GHURWDWLRQ
5HOHYpLQGLFDWLIGHV
&217(186
6$92,56HW6$92,5)$,5(
/DJHVWLRQSUpYLVLRQQHOOH
/DSUpYLVLRQGHO
DFWLYLWpHWGHVFRWV SUpYRLUGHVFRWVHQIRQFWLRQG
XQHDFWLYLWp
FRPSDUHUSUpYLVLRQVHWUpDOLVDWLRQVG
XQVHUYLFH
RXG
XQHDFWLYLWpVDQVGpFRPSRVLWLRQGHVpFDUWV
3ULQFLSHVGHODPpWKRGHEXGJpWDLUH
SULQFLSHVJpQpUDX[ GpILQLUOHVpWDSHVG
XQHEXGJpWLVDWLRQ
UHODWLRQVHQWUHOHVEXGJHWV LGHQWLILHUOHVUHODWLRQVHQWUHOHVEXGJHWV
OHEXGJHWGHWUpVRUHULH $SDUWLUGHGRQQpHVIRXUQLHV
pWDEOLUXQEXGJHWGHWUpVRUHULH
$SDUWLUG
XQEXGJHWGHWUpVRUHULH
IDLUHDSSDUDvWUHO
LPSRUWDQFHGHVpFKpDQFHV
VXUYHLOOHUODJHVWLRQTXRWLGLHQQHGHODWUpVRUHULH
OHEXGJHWJpQpUDO $SDUWLUGHGRQQpHVRXGHEXGJHWVIRXUQLV
pWDEOLUGHVpOpPHQWVG
XQEXGJHWJpQpUDO
UpVXOWDWELODQ
1RWLRQGHWDEOHDXGHERUG FRQVWUXLUHXQWDEOHDXGHERUGUHODWLIjXQVHUYLFH
RXXQHDFWLYLWp
FROOHFWHUGHVLQIRUPDWLRQVHQYXHGHODWHQXHG
XQ
WDEOHDXGHERUG
DQDO\VHUHWFRPPHQWHUXQWDEOHDXGHERUG
&RPPHQWDLUHV
,OIDXWSUHQGUHHQFRQVLGpUDWLRQV\VWpPDWLTXHPHQWOHFDVG
HQWUHSULVHVGHWUDQVSRUWRXG
HQWUHSULVHV
DVVLPLOpHVHWGHOHXUVDFWLYLWpV
3RXUO
pWXGHGHVUDWLRVLOV
DJLWPRLQVGHPpPRULVHUGHVIRUPXOHVTXHGHFRPSUHQGUHOHVORJLTXHVHQ
YXH GH OD UHFKHUFKH G
LQIRUPDWLRQV (Q O
DEVHQFH GH QRUPHV GDQV FH GRPDLQH LO IDXW FRQGXLUH OHV
pWXGLDQWV j pPHWWUH GHV FRPPHQWDLUHV FRKpUHQWV SDU UDSSRUW DX[ REMHFWLIV GH O
pWXGH HW DX[ UDWLRV
TX
LOV SHXYHQW rWUH DPHQpV j GpILQLU VDQV V
DWWDFKHU RXWUH PHVXUH j OD IRUPXODWLRQ GX UDWLR OXL
PrPH
%287,/60$7+(0$7,48(6'(*(67,21
/HV QRWLRQVGH EDVHGH PDWKpPDWLTXHV JpQpUDOHVVHURQW UDSSHOpHV FKDTXHIRLV TXHQpFHVVDLUH HQ IRQFWLRQ GHVEHVRLQV
&HOD QRWDPPHQW SRXU OHV UpVROXWLRQV G
pTXDWLRQV HW OHV UHSUpVHQWDWLRQV GH IRQFWLRQV SRXU OHV QRWLRQV GH VXLWHV
DULWKPpWLTXHV HW JpRPpWULTXHV HW SRXU OHV SUREOqPHV GH GpQRPEUHPHQW /HV IRUPXOHV GH EDVH pYHQWXHOOHPHQW
QpFHVVDLUHVVHURQWIRXUQLHV
5HOHYpLQGLFDWLIGHV
&217(186
6$92,56HW6$92,5)$,5(
/DUHSUpVHQWDWLRQHWO
LQWHUSUpWDWLRQGHV 127$ $VVXUHUOHOLHQDYHFO
LQIRUPDWLTXH
LQIRUPDWLRQVTXDQWLWDWLYHV DSSOLTXpHSRXUOHVSUREOqPHVGHFROOHFWHGH
$SSOLFDWLRQDX[VLWXDWLRQVGHO
HQWUHSULVHGH VDLVLHHWGHUHSUpVHQWDWLRQGHO
LQIRUPDWLRQGDQV
WUDQVSRUWGHVFRQFHSWV VWDWLVWLTXHVJpQpUDX[ OHGRPDLQHGHVWUDQVSRUWV
/HVWDEOHDX[HWOHVJUDSKLTXHV $SDUWLUG
LQIRUPDWLRQVGHEDVH
GHVFULSWLIV GLDJUDPPHVKLVWRJUDPPHV UHSpUHUODYDULDEOHHWOHFDUDFWqUHjpWXGLHU
UHSUpVHQWDWLRQGHVIUpTXHQFHVHWGHV FKRLVLUXQPRGHGHUHSUpVHQWDWLRQDGDSWp
IUpTXHQFHVFXPXOpHVJUDSKLTXHVjpFKHOOHj RUJDQLVHUGHVLQIRUPDWLRQVVRXVIRUPHGH
RUGRQQpHVORJDULWKPLTXHVFRXUEHV WDEOHDX[HQYXHG
XQWUDLWHPHQWXOWpULHXU
FKURQRORJLTXHV $SDUWLUGHGRQQpHVFODVVpHV
UHSUpVHQWHUGHVLQIRUPDWLRQVVRXVIRUPHGH
JUDSKLTXH
LQWHUSUpWHUWDEOHDX[HWJUDSKLTXHV
MXVWLILHUOHFKRL[G
XQWUDLWHPHQWSUDWLTXp
/HVFDUDFWpULVWLTXHVGHSRVLWLRQPRGH $SDUWLUGHGRQQpHVFODVVpHV
PpGLDQHTXDUWLOHVGpFLOHVPR\HQQH GpWHUPLQHUOHVFDUDFWpULVWLTXHVGHSRVLWLRQHWGH
DULWKPpWLTXHPR\HQQHKDUPRQLTXH GLVSHUVLRQ
LGHQWLILHUODVLJQLILFDWLRQO
LQWpUrWHWOHVOLPLWHV
/HVFDUDFWpULVWLTXHVGHGLVSHUVLRQ GHVFDUDFWpULVWLTXHVGHSRVLWLRQHWGHGLVSHUVLRQ
pWHQGXHpFDUWLQWHUTXDUWLOHpFDUWLQWHUGpFLOH HQJHVWLRQ
YDULDQFHHWpFDUWW\SH
/HVLQGLFHVLQGLFHVVLPSOHVHWLQGLFHV $SDUWLUG
LQIRUPDWLRQVTXDQWLWDWLYHV
V\QWKpWLTXHVLQGLFHVXVXHOVGHODYLH GpWHUPLQHUGHVLQGLFDWHXUV
pFRQRPLTXH DQDO\VHU GHV LQGLFDWHXUV GDQV O
HVSDFH HW GDQV OH
WHPSV
5HOHYpLQGLFDWLIGHV
&217(186
6$92,56HW6$92,5)$,5(
/HFDOFXOILQDQFLHUDSSOLTXp
/HVLQWpUrWVVLPSOHV $SDUWLUG
LQIRUPDWLRQVILQDQFLqUHV
GRPDLQHVG
DSSOLFDWLRQGHO
LQWpUrWVLPSOH FDOFXOHUXQLQWpUrWXQWDX[XQFDSLWDOXQHGXUpH
HVFRPSWH
/HVLQWpUrWVFRPSRVpV FDOFXOHUXQHYDOHXUDFWXHOOHRXXQHYDOHXU
SULQFLSHHWFDOFXOV DFTXLVHSRXUXQFDSLWDO
YDOHXUDFTXLVHYDOHXUDFWXHOOH FDOFXOHUSRXU XQWDX[GRQQpXQWDX[pTXLYDOHQW
pTXLYDOHQFHV RXXQWDX[SURSRUWLRQQHO
WDX[G
LQWpUrWpTXLYDOHQWVHWWDX[G
LQWpUrW
SURSRUWLRQQHOV
/HVDSSOLFDWLRQVGXSULQFLSHGH DSSOLTXHUOHSULQFLSHG
pTXLYDOHQFHjO
pYDOXDWLRQ
O
pTXLYDOHQFHDX[FDOFXOV G
XQFDSLWDORXG
XQHVXLWHG
DQQXLWpVFRQVWDQWHV
G
DQQXLWpV RXQRQ
pWDEOLUOHWDEOHDXG
DPRUWLVVHPHQWG
XQHPSUXQW
G
HPSUXQWVLQGLYLV
GDQVOHFDVG
DQQXLWpVFRQVWDQWHVHWGDQVOHFDV
GHFKRL[G
LQYHVWLVVHPHQWHWGH
G
DPRUWLVVHPHQWVFRQVWDQWV
ILQDQFHPHQWPpWKRGHVGHODYDOHXU
HIIHFWXHUOHVFDOFXOVUHODWLIVjXQHPSUXQWGRQWOH
DFWXHOOHQHWWHHWGXWDX[LQWHUQHGH
UHPERXUVHPHQWHVWSUpYXHQXQHVHXOHIRLV
UHQWDELOLWp
$SDUWLUGHGRQQpHVIRXUQLHV
FDOFXOHUODYDOHXUDFWXHOOHQHWWHGHVIOX[GH
OLTXLGLWpG
XQSURMHWG
LQYHVWLVVHPHQW
FDOFXOHU XQWDX[LQWHUQHGHUHQWDELOLWp
/DSUpYLVLRQ
$SDUWLUG
XQHVpULHVWDWLVWLTXHjGHX[YDULDEOHV
/
DSSOLFDWLRQjODJHVWLRQGHO
HQWUHSULVH
UHSUpVHQWHUOHQXDJHGHSRLQWV
GHVPpWKRGHVG
DMXVWHPHQWOLQpDLUHPpWKRGH
GpWHUPLQHUO
pTXDWLRQGHODGURLWHG
DMXVWHPHQW
GH0D\HUHWPpWKRGHGHVPRLQGUHVFDUUpVHW
PHVXUHUODSUpFLVLRQGHO
DMXVWHPHQWOLQpDLUH
GHUpJUHVVLRQ
JUkFHDXFRHIILFLHQWGHFRUUpODWLRQ
HIIHFWXHU XQH SUpYLVLRQ j SDUWLU GH YDOHXUV GH OD
YDULDEOHH[SOLFDWLYH
5HOHYpLQGLFDWLIGHV
&217(186
6$92,56HW6$92,5)$,5(
/
DSSOLFDWLRQGHVVpULHVFKURQRORJLTXHVj $SDUWLUG
XQHVpULHGHYDOHXUVGpILQLHVGDQVOH
ODJHVWLRQGHO
HQWUHSULVH WHPSV
PR\HQQHVPRELOHV GpVDLVRQQDOLVHUODVpULHDSUqVDYRLUGpILQL OD
DMXVWHPHQWOLQpDLUHGHODWHQGDQFH SpULRGHGHVDLVRQQDOLWp
FRHIILFLHQWVVDLVRQQLHUVGpWHUPLQpVSDU DMXVWHUODWHQGDQFHGpVDLVRQQDOLVpHHQDSSOLTXDQW
ODPpWKRGHGHVUDSSRUWVjODWHQGDQFH OHVWHFKQLTXHVGHO
DMXVWHPHQWOLQpDLUH
GpWHUPLQHUOHVFRHIILFLHQWVVDLVRQQLHUVFRPPH
PR\HQQHVFRUULJpHVGHVUDSSRUWVHQWUHOHV
REVHUYDWLRQVHWOHVYDOHXUVWHQGDQFLHOOHV
HIIHFWXHUXQHSUpYLVLRQGDQVOHFDGUHGHOD
JHVWLRQG
XQHHQWUHSULVH
/
RSWLPLVDWLRQHQDYHQLUFHUWDLQ
HQpWDWGHFHUWLWXGH
/HVpOpPHQWVGHODWKpRULHGHVJUDSKHV FRQVWUXLUHXQHUHSUpVHQWDWLRQG
XQJUDSKH
GpILQLWLRQV GpWHUPLQHUOHVQLYHDX[G
XQJUDSKHVDQVFLUFXLW
JUDSKHVYDOXpV GpWHUPLQHUOHFKHPLQRSWLPDOjWUDYHUVXQUpVHDX
UHSUpVHQWDWLRQGHVJUDSKHVVDJLWWDOH UHSUpVHQWpSDUXQJUDSKHVDQVFLUFXLW
PDWULFHVGLFWLRQQDLUH
UHFKHUFKHGHVQLYHDX[GDQVXQJUDSKHVDQV
FLUFXLW
SUREOqPHVGHIORWVGDQVXQJUDSKHHW FDOFXOHUODYDOHXUGXIORWPD[LPDOGDQVXQ
UpVROXWLRQGHSUREOqPHVGHWUDQVSRUWVLPSOHV JUDSKH
DSSOLTXHU O
DOJRULWKPH GX IORW PD[LPDO j OD
UpVROXWLRQG
XQSUREOqPHGHWUDQVSRUW
5HOHYpLQGLFDWLIGHV
&217(186
6$92,56HW6$92,5)$,5(
/HVSUREOqPHVG
RUGRQQDQFHPHQW
GLDJUDPPHGH*DQWW UHSUpVHQWHUO
RUGRQQDQFHPHQWWKpRULTXHHWUpDOLVp
UpVROXWLRQG
XQSURMHWjO
DLGHGHODPpWKRGH GHVRSpUDWLRQVG
XQWUDYDLO
GHVSRWHQWLHOV030 UpVRXGUHXQSUREOqPHG
RUGRQQDQFHPHQW
UHFKHUFKHDOJRULWKPLTXHG
XQFKHPLQ GpWHUPLQHUODGXUpHRSWLPDOHHW
RSWLPDO O
RUGRQQDQFHPHQWRSWLPDO
pYDOXDWLRQHWLQWHUSUpWDWLRQGHVPDUJHV FDOFXOHUOHVPDUJHVHWOHVLQWHUSUpWHU
DPpOLRUDWLRQG
XQSURMHWDXPRLQGUHFRW pYDOXHUOHFRWG
XQHVROXWLRQ
DPpOLRUHUODGXUpHRXOHFRWG
XQSURMHW
DQDO\VHUO
LQFLGHQFHG
XQHPRGLILFDWLRQG
XQGHV
pOpPHQWVG
XQSUREOqPHG
RUGRQQDQFHPHQW
/DSURJUDPPDWLRQOLQpDLUH LGHQWLILHUXQSURJUDPPHOLQpDLUHVLPSOH
VROXWLRQVJUDSKLTXHV YDULDEOHVFRQWUDLQWHVREMHFWLI
UpVROXWLRQG
XQSURJUDPPHOLQpDLUHSDU UHFKHUFKHUODVROXWLRQjXQSUREOqPHSRVp
O
DOJRULWKPHGXVLPSOH[HHQOLPLWDQWDXFDV UpVRXGUHJUDSKLTXHPHQWGHVSURJUDPPHV
G
XQHPD[LPLVDWLRQDYHFDXSOXVWURLV OLQpDLUHVjGHX[YDULDEOHVSRXUODUHFKHUFKHG
XQ
YDULDEOHVHWGHVQRPEUHVVLPSOHV RSWLPXP
UpVRXGUHjO
DLGHG
XQVLPSOH[HXQSURJUDPPH
OLQpDLUHSRXUODUHFKHUFKHG
XQPD[LPXP
LQWHUSUpWHUOHVVROXWLRQVGXSRLQWGHYXH
pFRQRPLTXH
/HPRGqOHGHWUDQVSRUW
IRUPXODWLRQGXPRGqOHGHWUDQVSRUWj UHFKHUFKHUXQSURJUDPPHGHWUDQVSRUWDX
O
DLGHGHODSURJUDPPDWLRQOLQpDLUH PRLQGUHFRW
UpVROXWLRQjO
DLGHGHO
DOJRULWKPHGX DQDO\VHU OHV FDV G
LQpJDOLWp HQWUH O
RIIUH HW OD
VWHSSLQJVWRQH GHPDQGH
5HOHYpLQGLFDWLIGHV
&217(186
6$92,56HW6$92,5)$,5(
/DJHVWLRQGHVVWRFNV
SDUDPqWUHVGHODJHVWLRQGHVVWRFNV GpILQLUGHVSURJUDPPHVG
DSSURYLVLRQQHPHQWHW
PRGqOHGH:LOVRQPRGqOHVLPSOHDYHF GHVWRFNDJHSHUPHWWDQWGHVDWLVIDLUHODGHPDQGH
SpULRGLFLWpRSWLPDOHTXDQWLWp DXPRLQGUHFRW
FRPPDQGpHRSWLPDOHHWFRWJOREDO UpVRXGUHFHVSUREOqPHVDSUqVDYRLUGpWHUPLQp
PLQLPDOOLPLWHV O
pTXDWLRQGXPRGqOH
PRGqOHVDYHFWDULIVGpJUHVVLIV LGHQWLILHUOHVOLPLWHVGHFKDTXHPRGqOH
PRGqOHVDYHFFRWGHUXSWXUH DSSUpFLHUOHVFRQVpTXHQFHVGXMXVWHjWHPSVSRXU
FRQVpTXHQFHVGXMXVWHjWHPSV O
HQWUHSULVHGHWUDQVSRUW
/DGpFLVLRQHQDYHQLULQFHUWDLQ
3UREDELOLWpV
SULQFLSHGHFDOFXOG
XQHSUREDELOLWp FDOFXOHUXQHSUREDELOLWpSRXUXQEHVRLQGH
JHVWLRQ
QRWLRQGHORLGHSUREDELOLWpYDULDEOH
XWLOLVHUGHVWDEOHVGHORLVGHSUREDELOLWpVSRXUOD
DOpDWRLUHIRQFWLRQGHGLVWULEXWLRQ
SUpSDUDWLRQGHODSULVHGHGpFLVLRQV
IRQFWLRQGHUpSDUWLWLRQHVSpUDQFH
PDWKpPDWLTXH
ORLQRUPDOHFDUDFWpULVWLTXHVPR\HQQH
pFDUWW\SH
DSSOLFDWLRQGXFDOFXOGHVSUREDELOLWpVjOD LGHQWLILHUOHVFRQVpTXHQFHVG
XQFKRL[GHJHVWLRQ
JHVWLRQGDQV OHVVLWXDWLRQVGHSULVHGH GHVWRFN
GpFLVLRQ
QRWLRQGHSURFHVVXVGH3RLVVRQHWGHILOH LGHQWLILHUOHVFDUDFWpULVWLTXHVGHVSUREOqPHVGH
G
DWWHQWHVLPSOHHQpYLWDQWOHVPRGqOHVj ILOHG
DWWHQWH
SOXVLHXUVVHUYHXUV
1RWLRQVGHILDELOLWpHWG
XVXUH $SDUWLUGHGRQQpHVIRXUQLHV
SROLWLTXHGHUHPSODFHPHQWGHPDWpULHO FRQVWUXLUHXQHFRXUEHGHVXUYLHG
XQPDWpULHO
GDQVGHVFDVVLPSOHV pYDOXHUODILDELOLWpODSUREDELOLWpG
DYDULHOH
WHPSVPR\HQGHERQIRQFWLRQQHPHQWG
XQ
pTXLSHPHQW
LGHQWLILHUJUDSKLTXHPHQWOHVSULQFLSDOHVORLVGH
ILDELOLWp1RUPDOH([SRQHQWLHOOH
FDOFXOHU GHV FRWV GH PDLQWHQDQFH HW GH
GpIDLOODQFH HW HQ WLUHU GHV FRQFOXVLRQV SRXU OHV
UHQRXYHOOHPHQWVGHPDWpULHOV
&RPPHQWDLUHV
3RXU O
LQLWLDWLRQ j OD UHFKHUFKH RSpUDWLRQQHOOH DSSOLTXpH DX[ WUDQVSRUWV OHV DSSURFKHV GHYURQW rWUH
SUDJPDWLTXHVHWFRQFUqWHVHWUHVWHUDXQLYHDXGHVSULQFLSHVVXUGHVH[HPSOHVVLPSOHVQHFRQGXLVDQW
SDVj GHVFDOFXOV H[FHVVLYHPHQW ORQJV /H SUREOqPH pWDQWSRVpLO\DOLHXGHUHFRXULUFKDTXHIRLV
TXHSRVVLEOHjGHVORJLFLHOVGHUpVROXWLRQSHUPHWWDQWGHVLPXOHUOHVDOJRULWKPHVpWXGLpV/DPLVHHQ
RHXYUH PDQXHOOH SHXW rWUH OLPLWpH j XQH LWpUDWLRQ GDQV XQ SURFHVVXV LWpUDWLI GpEXW RX ILQ SDU
H[HPSOH
,1)250$7,48($33/,48((
jO
H[SORLWDWLRQHWjODJHVWLRQ
5pSDUWLWLRQLQGLFDWLYHGH O
KRUDLUHKHEGRPDGDLUHPR\HQHQWUH
35(0,(5((7'(8;,(0($11e(
'HX[LqPH
3UHPLqUHDQQpH
DQQpH
7UDYDX[ 7UDYDX[
&RXUV
GLULJpV GLULJpV
/HVV\VWqPHVG
LQIRUPDWLRQ K
/HVV\VWqPHVLQIRUPDWLTXHV K K
/DJHVWLRQGHVVWRFNVG
LQIRUPDWLRQV K K K
/HVDSSOLFDWLRQVjO
DLGHGHVRXWLOVLQIRUPDWLTXHVO K K K
/DFRQGXLWHGHVSURMHWV K K K
K K K
/
XWLLVDWLRQ GHV GLGDFWLFLHV G
DSSUHQWLVVDJH GHV FDYLHUV GRLW rWUH HQFRXUDJpH GpV H GpEXW GH D SUHPLqUH DQQpH DILQ GH
SHUPHWWUHDX[pWXGLDQWVGHPDQLSXOHUUDSLGHPHQWHVRUGLQDWHXUVDYHFXQFHUWDLQQLYHDXGHFRQIRUW
&HWWH YHQWLODWLRQ Q
HVW GRQQpH TX
j WLWUH LQGLFDWLI HW QH GRLW SDV V
LPSRVHU FRPPH XQH FRQWUDLQWH
SpGDJRJLTXH 0rPH V
LO GHPHXUH SRVVLEOH GH WUDLWHU OHV SDUWLHV VpTXHQWLHOOHPHQW OHV SUHPLqUHV
PDQLSXODWLRQVGHVRXWLOVPDWpULHOVHWORJLFLHOVGRLYHQWrWUHHQYLVDJpHVOHSOXVW{WSRVVLEOHjSDUWLU
G
H[HUFLFHVVLPSOHVGHJHVWLRQHWG
H[SORLWDWLRQGHVWUDQVSRUWV
/
LQIRUPDWLRQPDWLqUHSUHPLqUHGHV LGHQWLILHUGHVLQIRUPDWLRQV
V\VWqPHVG
LQIRUPDWLRQ
/DSODFHHWOHU{OHGXVRXVV\VWqPH VLWXHUOHVRXVV\VWqPHG
LQIRUPDWLRQGDQVOH
G
LQIRUPDWLRQGDQVOHV\VWqPHHQWUHSULVH V\VWqPHHQWUHSULVH
/HV\VWqPHG
LQIRUPDWLRQGHJHVWLRQ LGHQWLILHUOHU{OHHWOHVFDUDFWpULVWLTXHVGHV
GpILQLWLRQ U{OH V\VWqPHVG
LQIRUPDWLRQGHJHVWLRQ
LQWHUGpSHQGDQFHDYHFOHVDXWUHVV\VWqPHV
G
LQIRUPDWLRQ
/HVGLIIpUHQWHVpWDSHVGXWUDLWHPHQWGHV LGHQWLILHUODFKURQRORJLHGXSURFHVVXVGH
LQIRUPDWLRQV WUDLWHPHQWGHVLQIRUPDWLRQVFROOHFWHVDLVLH
GHODFROOHFWHjODGLIIXVLRQ WUDLWHPHQWpGLWLRQGLIIXVLRQ
LGHQWLILHUGHVSURFpGXUHVGHFRQWU{OH
/
DXWRPDWLVDWLRQGHVWUDLWHPHQWV GpILQLUOHVGLIIpUHQWVW\SHVGHWUDLWHPHQW
GXWUDLWHPHQWPDQXHODXWUDLWHPHQW PDQXHOPpFDQLVpVHPLDXWRPDWLVpDXWRPDWLVp
DXWRPDWLVp GpILQLUGHVFULWqUHVGHFKRL[GHVW\SHVGH
OHVFRQGLWLRQVUHTXLVHVSRXU WUDLWHPHQW
O
DXWRPDWLVDWLRQGHVWUDLWHPHQWV FKRLVLU OH W\SH GH WUDLWHPHQW DGDSWp j OD
UpVROXWLRQ GH SUREOqPHV GH WUDQVSRUW HQ WHQDQW
FRPSWHGHVFRQWUDLQWHVWHFKQLTXHVKXPDLQHV
5HOHYpLQGLFDWLIGHV
&217(186
6$92,56HW6$92,5)$,5(
/HVV\VWqPHVLQIRUPDWLTXHV
/HFRGDJHGHO
LQIRUPDWLRQHQIRQFWLRQGX GpILQLUOHVPRGHVGHUHSUpVHQWDWLRQGH
VXSSRUWXWLOLVp O
LQIRUPDWLRQGDQVO
RUGLQDWHXUHQUHODWLRQDYHF
GDQVO
XQLWpFHQWUDOH OHVFDUDFWpULVWLTXHVSK\VLTXHVGHVpOpPHQWV
VXUOHVPpPRLUHVDX[LOLDLUHV
/DWUDQVPLVVLRQGHVGRQQpHVHWOHV GpILQLUHWGpFULUHOHVSULQFLSDX[pOpPHQWV
UpVHDX[ QpFHVVDLUHVjODWUDQVPLVVLRQGHVLQIRUPDWLRQV
WpOpLQIRUPDWLTXHHWPDWpULHOVDVVRFLpV U{OHFDUDFWpULVWLTXHVPRGHVGRPDLQHV
G
XWLOLVDWLRQ
WpOpPDWLTXHUpVHDX[VHUYLFHV
GpILQLUHWGpFULUHOHVSULQFLSDX[PDWpULHOVHW
VHUYLFHVWpOpPDWLTXHVSXEOLFV
GpILQLUODQRWLRQGHEDQTXHGHGRQQpHVOHXU
LQWpUrWOHVGRPDLQHVG
XWLOLVDWLRQ
LGHQWLILHU XQH RX SOXVLHXUV EDQTXHV GH GRQQpHV
GDQVOHGRPDLQHGHVWUDQVSRUWV
5HOHYpLQGLFDWLIGHV
&217(186
6$92,56HW6$92,5)$,5(
/DW\SRORJLHGHVV\VWqPHV GpILQLUOHVGLIIpUHQWVW\SHVGHV\VWqPHV
DXWRQRPHVPLFURRUGLQDWHXUVPDWpULHOV LQIRUPDWLTXHV
GpGLpV GpFULUHOHVGLIIpUHQWVV\VWqPHVLQIRUPDWLTXHVHQ
ORFDX[UpVHDX[ORFDX[ IRQFWLRQGHVGLIIpUHQWVGRPDLQHVG
DSSOLFDWLRQ
GpSDUWHPHQWDX[VWDWLRQV DSSUpFLHUOHVHQVGHVpYROXWLRQVGHVWHFKQRORJLHV
FHQWUDX[ GHO
LQIRUPDWLRQHWGHODFRPPXQLFDWLRQ
DSSUpFLHUOHVpYROXWLRQVGHVLPSODQWDWLRQVGDQV
OHVHQWUHSULVHV
/DJHVWLRQGHVVWRFNVG
LQIRUPDWLRQV
/HVVXSSRUWVGHVWRFNDJHGHV GpILQLUOHVVXSSRUWVHWOHVFRQWUDLQWHVGHFDSDFLWp
LQIRUPDWLRQV HWG
DFFqV
/DFRGLILFDWLRQGHVLQIRUPDWLRQV GpILQLUOHVFDUDFWpULVWLTXHVGHODFRGLILFDWLRQ
QpFHVVLWp U{OHW\SHVGHFRGHVOHVSOXVIUpTXHQWV
GpILQLWLRQ FKRLVLUXQHFRGLILFDWLRQDGDSWpHjXQSUREOqPH
VLPSOHG
H[SORLWDWLRQGHVWUDQVSRUWV
GLIIpUHQWVW\SHVGHFRGHV
GpFULUHOHV FDUDFWpULVWLTXHVGXVWRFNDJHGHV
/HVWRFNDJHGHVLQIRUPDWLRQV
LQIRUPDWLRQV
OHVFROOHFWLRQVGHGRQQpHVILFKLHUVEDVHV
VWUXFWXUHHWRUJDQLVDWLRQGHVFROOHFWLRQVGH
GHGRQQpHV
GRQQpHVVRXVIRUPHGHILFKLHUVRXGHEDVHVGH
OHVRSpUDWLRQVVXUOHVGRQQpHVFUpDWLRQ GRQQpHV
UHFKHUFKHPRGLILFDWLRQ DFFHVVLELOLWpGHVGRQQpHVHWUHODWLRQVHQWUHOHV
GRQQpHV
RSpUDWLRQVVXUOHVGRQQpHV
MXVWLILHUO
LPSRUWDQFHGHV VpFXULWpDFFqV
VDXYHJDUGHDUFKLYDJH
/
DQDO\VHGXSUREOqPH DQDO\VHUODORJLTXHG
XQSUREOqPHVLPSOH
OHVVWUXFWXUHVGHGRQQpHVHQWUpHVVRUWLHV G
H[SORLWDWLRQGHVWUDQVSRUWV
OLVWHV GpILQLUODVWUXFWXUHGHVGRQQpHV
OHVVWUXFWXUHVGHVWUDLWHPHQWVGHEDVH LGHQWLILHUOHVRSpUDWHXUVORJLTXHVHWDULWKPpWLTXHV
DOWHUQDWLYHVLWpUDWLYHV PLVHQRHXYUH
SURGXFWLRQHWSUpVHQWDWLRQG
DOJRULWKPHV SUpVHQWHUXQDOJRULWKPHJpQpUDOVLPSOH
/HFKRL[HWODPLVHHQRHXYUHGHO
RXWLO GpFULUHOHVSULQFLSDOHVIRQFWLRQQDOLWpVGHV
OHFKRL[GHO
RXWLOHQIRQFWLRQGHV ORJLFLHOVRXWLOVFRXUDQWV
SUREOqPHV pWDEOLUGHVUHODWLRQVHQWUHOHVORJLFLHOVRXWLOV
ODPLVHHQRHXYUHGHO
RXWLOSUpVHQWDWLRQ DQDO\VHUXQHVLWXDWLRQVLPSOHGHJHVWLRQRX
IRQFWLRQQDOLWpV G
H[SORLWDWLRQGHVWUDQVSRUWVHQYXHGXWUDLWHPHQW
WUDLWHPHQWGHWH[WH GHWRXWRXSDUWLHGXSUREOqPHjO
DLGHG
XQ
WDEOHXUV ORJLFLHORXWLO
JUDSKHXUV FKRLVLUOHORJLFLHORXWLODGDSWp
FRQFHYRLUO
DSSOLFDWLRQ
JHVWLRQQDLUHVGHGRQQpHV
UpDOLVHUXQMHXG
HVVDLOHFDVpFKpDQW
UpGLJHUODGRFXPHQWDWLRQFRUUHVSRQGDQWH
XWLOLVHUXQHDSSOLFDWLRQH[LVWDQWHjO
DLGHG
XQ
SURJLFLHOVVSpFLDOLVpVGDQVOHWUDLWHPHQW
PRGHRSpUDWRLUHRXG
XQHGRFXPHQWDWLRQ
HWO
H[SORLWDWLRQGHVWUDQVSRUWV
GpFULUHOHVIRQFWLRQQDOLWpVGHVSURJLFLHOVGH
JHVWLRQHWG
H[SORLWDWLRQGHVWUDQVSRUWVOHVSOXV
FRXUDQWV
LQVWDOOHUOHSURJLFLHO
XWLOLVHUOHSURJLFLHOFRQVXOWDWLRQpGLWLRQPLVHj
MRXUVDXYHJDUGHFRQWU{OH
UpDOLVHU GHV WUDYDX[ VLPSOHV GH JHVWLRQ HW
G
H[SORLWDWLRQ GHV WUDQVSRUWV j O
DLGH G
XQ
SURJLFLHOSURIHVVLRQQHO
5HOHYpLQGLFDWLIGHV
&217(186
6$92,56HW6$92,5)$,5(
/DFRQGXLWHGHVSURMHWV
/HU{OHHWO
pYROXWLRQGXV\VWqPH GpILQLUODQRWLRQGHSURMHWLQIRUPDWLTXH
G
LQIRUPDWLRQ GpFULUHjSDUWLUG
XQFDVVLPSOHOHVGLIIpUHQWHV
pWDSHVGHUpDOLVDWLRQHWOHVQLYHDX[G
DQDO\VH
FRQFHSWXHOORJLTXHSK\VLTXH
/HVpWDSHVGHO
DQDO\VH DQDO\VHUO
RSSRUWXQLWpHWODIDLVDELOLWpG
XQSURMHW
RSSRUWXQLWpHWIDLVDELOLWpGXSURMHWpWXGH UHFHQVHUOHVGRQQpHVHWOHVWUDLWHPHQWV
SUpDODEOH QpFHVVDLUHV
UHFHQVHPHQWGHVGRQQpHVHWGHV pWDEOLUOHVUHODWLRQVHQWUHOHVGRQQpHVHWOHV
WUDLWHPHQWVPRGpOLVDWLRQDQDO\VH WUDLWHPHQWV
FRQFHSWXHOOH FDUDFWpULVHUODPRGpOLVDWLRQGHV GRQQpHVHWOHV
GpYHORSSHPHQWGHODORJLTXHGXSURMHW WUDLWHPHQWV
DQDO\VHRUJDQLTXH DQDO\VHUOHVGRFXPHQWVSURYHQDQWG
XQHDQDO\VH
UpDOLVDWLRQ IRQFWLRQQHOOH
PDLQWHQDQFH FRQFHYRLUGHVGRFXPHQWVpWDWVpFUDQVHW
GpFULUHGHVWUDQVDFWLRQV
UpGLJHUGDQVXQFDVVLPSOHGHVpOpPHQWVGX
FDKLHUGHVFKDUJHVFRUUHVSRQGDQWjO
DQDO\VH
FRQFHSWXHOOH
LGHQWLILHUOHVpOpPHQWVGHVFRWVGHPDLQWHQDQFH
&RPPHQWDLUHV
$2%-(&7,)6
$SDUWLUGHVLWXDWLRQVFRQFUqWHVYpFXHVRXGpFULWHVOHVpWXGLDQWVGRLYHQWPRELOLVHUOHVVDYRLUVDFTXLV
JUkFH DX[ GLYHUV HQVHLJQHPHQWV UHoXV HW PHWWUH HQ RHXYUH GHV VDYRLUIDLUH DILQ GH UpDOLVHU RX GH
VLPXOHUHQWHPSVUpHOGHVDFWLYLWpVRXGHVWUDYDX[GHQDWXUHSURIHVVLRQQHOOH
&HVDFWLYLWpVGRLYHQWFRQWULEXHUjGpYHORSSHU
OHVFDSDFLWpVG
DQDO\VHHWO
HVSULWGHV\QWKqVH
OHVTXDOLWpVG
LQLWLDWLYH
OHVHQVGHVUHVSRQVDELOLWpVYLVjYLVG
XQJURXSHHWO
DSWLWXGHDXWUDYDLOFROOHFWLI
O
DGDSWDELOLWp
O
DXWRQRPLH
O
DSWLWXGHjODFRPPXQLFDWLRQ
OH VHQV GH OD TXDOLWp GH OD ULJXHXU GH OD SUpFLVLRQ GH OD QHWWHWp HW GH O
XWLOLWp G
XQ WUDYDLO
GpWHUPLQp
/HVWUDYDX[GHV\QWKqVHVRQWXQPRPHQWSULYLOpJLpG
DSSUHQWLVVDJHGHVPpWKRGHVGHWUDYDLOHWGH
OHXUVFRQWUDLQWHVGDQVO
DFWLYLWpUpHOOHHWFROOHFWLYH
%02'$/,7(6'
25*$1,6$7,21
/HV VpDQFHV GH WUDYDX[ GH V\QWKqVH FRQVWLWXHQW OH FDGUH SULYLOpJLp G
XQH V\QWKqVH GHV
FRQQDLVVDQFHV GHV VDYRLUV HW GHV VDYRLUIDLUH DFTXLV GDQV OH GRPDLQH SURIHVVLRQQHO HW GDQV OH
GRPDLQHpFRQRPLTXHHWMXULGLTXH
(QFRQVpTXHQFHLOLPSRUWHG
pYLWHUO
pFODWHPHQWGHFHWKRUDLUH /DUHVSRQVDELOLWpGHFHVWUDYDX[GH
V\QWKqVHLQFRPEHDXSURIHVVHXUG
pFRQRPLHHWJHVWLRQTXLDVVXUHO
HQVHLJQHPHQWGH¶H[SORLWDWLRQ
GHVWUDQVSRUWV6LSOXVLHXUVSURIHVVHXUVLQWHUYLHQQHQWSRXUGLVSHQVHUFHWHQVHLJQHPHQWFHTXLQ
HVW
SDV VRXKDLWDEOH LO IDXW PDOJUp WRXW PDLQWHQLU O
XQLWp GHV WUDYDX[ GH V\QWKqVH /
H[LVWHQFH G
XQ
GpGRXEOHPHQWORUVTXHO
HIIHFWLIOHSHUPHWSHXWIRXUQLUXQHVROXWLRQSRXUFRQGXLUHHQSDUDOOqOHRXHQ
pTXLSHOHVWUDYDX[GHVGHX[GHPLGLYLVLRQV
/DSRVVLELOLWpGHGpGRXEOHPHQWG¶XQHGLYLVLRQHVWMXVWLILpHSDUO¶REOLJDWLRQ
GHSUDWLTXHUGHVWUDYDX[GHJURXSHV
GHUpDOLVHUGHVWUDYDX[FRQFUHWV
G¶XWLOLVHUGHVPDWpULHOV
/HVORFDX[XWLOLVpVGRLYHQWrWUHDGDSWpVHWVSpFLDOLVpVHWOHVpTXLSHPHQWVQpFHVVDLUHVDFFHVVLEOHV
/HVWUDYDX[VHUpDOLVHQWSDUJURXSHVHWIRQWDSSHOjGHVGRFXPHQWDWLRQVSURIHVVLRQQHOOHVIRXUQLHVRX
UpVXOWDQWGHUHFKHUFKHVDXWRQRPHVGHVpWXGLDQWV
/D PLVH HQ RHXYUH GHV WUDYDX[ GH V\QWKqVH LPSOLTXH TXH OHV pWXGLDQWV SXLVVHQW XWLOLVHU OHV
pTXLSHPHQWVLQIRUPDWLTXHVHWWpOpPDWLTXHVGRQWLOVGRLYHQWDFTXpULUVLQRQODPDvWULVHGXPRLQVXQH
DXWRQRPLH G
XWLOLVDWLRQ GDQV OHV HQVHLJQHPHQWV G
LQIRUPDWLTXH DSSOLTXpH j O
H[SORLWDWLRQ HW j OD
JHVWLRQ
(TXLSHPHQWVHWGRFXPHQWDWLRQGHEDVHGRLYHQWrWUHDFFHVVLEOHVHQOLEUHVHUYLFH
&0(7+2'(6
/HV REMHFWLIVUHFKHUFKpVOHVTXDOLWpVjGpYHORSSHUO
HIILFDFLWpSpGDJRJLTXHLPSOLTXHQWODSUDWLTXH
V\VWpPDWLTXH HQ WUDYDX[ GH V\QWKqVH G
DFWLYLWpV SDU JURXSHV /HXU ERQ IRQFWLRQQHPHQW QpFHVVLWH
TXHOTXHV FRQGLWLRQV G
pTXLSHPHQW HW GH PDWpULHO PDLV DXVVL GHV FRQGLWLRQV G
RUJDQLVDWLRQ HW GH
PpWKRGH
FRQVWLWXWLRQUDWLRQQHOOHGHVJURXSHVFRQWU{OHGHO
DFWLYLWpDXQLYHDXGHFKDTXHpTXLSHHWQRQGHOD
GLYLVLRQUHJURXSpHV\VWpPDWLVDWLRQGHFHW\SHG
DFWLYLWpVXUO
HQVHPEOHGHO
KRUDLUH
'&217(186
/HVWKqPHVWUDLWpVGRLYHQWDERUGHUXQHQVHPEOHGHWUDYDX[SHUPHWWDQWGHGpYHORSSHUOHVFDSDFLWpV
HWFRPSpWHQFHVLQGLTXpHVSDUHUpIpUHQWLHOGXGLSO{PH
&HVWKqPHVVRQWGRQFDXVVLSURFKHVTXHSRVVLEOHGHVDFWLYLWpVTXHOHVpWXGLDQWVVRQWVXVFHSWLEOHVGH
UHQFRQWUHUGDQVOHXUYLHSURIHVVLRQQHOOH
8QH DWWHQWLRQ SDUWLFXOLqUH GRLW rWUH DFFRUGpH DX[ WUDYDX[ UpDOLVDQW GHV DFWLYLWpV GH V\QWKqVH GH
SOXVLHXUVGLVFLSOLQHVHQVHLJQpHVHWPHWWDQWHQRHXYUHOHVRXWLOVLQIRUPDWLTXHVHWWpOpPDWLTXHVDLQVL
TXHOHVORJLFLHOVGRQWGLVSRVHO
pWDEOLVVHPHQW
((9$/8$7,21
/HV WUDYDX[ GH V\QWKqVH FRQVWLWXHQW XQH GLVFLSOLQH REOLJDWRLUH HW GRLYHQW GRQF rWUH pYDOXpV HQ
IRQFWLRQGHVREMHFWLIVIL[pV&HWWHpYDOXDWLRQHVWSULVHHQFRPSWHGDQVOHOLYUHWVFRODLUH
75$9$8;'(6<17+(6((7'266,(50(02,5(
,O GRQQH GHV FRQVHLOV VXU OD IRUPH HW LO pPHW XQ DYLV VXU O
LQWpUrW GHV WKqPHV UHWHQXV SRXU OHV
pWXGHVDSSOLTXpHVVXWUDQVSRUW
&HODQHGRLWSDVDOOHUDXGHOjHWFRQGXLUHjXQHDWWLWXGHH[FHVVLYHPHQWGLUHFWLYH/DPLVHDXSRLQW
GX GRVVLHUPpPRLUH GRLW UHVWHU XQH DFWLYLWp SHUVRQQHOOH GX FDQGLGDW j O
H[DPHQ TXL pWDEOLW FH
GRFXPHQWGHPDQLqUHDXWRQRPHHWVRXVVDSURSUHUHVSRQVDELOLWp
2QSHXWXWLOHPHQWLQFLWHUjVHUHSRUWHUjODEURFKXUH&1'3QGDQVVDSUHPLqUHSDUWLHUHODWLYHDX[UqJOHVG¶pFULWXUHHWGH
GLVSRVLWLRQGHWH[WHV
2QSHXWpJDOHPHQWGRQQHUGHVFRQVHLOVSRXUXWLOLVHUpYHQWXHOOHPHQWXQORJLFLHOG¶DSSUHQWLVVDJHGHVFODYLHUV
8QLWpVFRQVWLWXWLYHVGXUpIpUHQWLHOGHFHUWLILFDWLRQ
81,7(8
)5$1&$,6
'pILQLWLRQGHO
XQLWpGHIUDQoDLV
/
XQLWp © IUDQoDLV ª HQJOREH OHV FRPSpWHQFHV pWDEOLHV SDU O
DUUrWp GX PDUV © REMHFWLIV
FRQWHQXV GH O
HQVHLJQHPHQW HW UpIpUHQWLHO GX GRPDLQHGHO
H[SUHVVLRQIUDQoDLVHSRXUOHVEUHYHWVGH
WHFKQLFLHQVXSpULHXUª%2QGXPDL
81,7(8
/$1*8(9,9$17((75$1*(5(
/
XQLWpGHODQJXHYLYDQWHpWUDQJqUHHQJOREHO
HQVHPEOHGHVFDSDFLWpVHWFRPSpWHQFHVLQFOXVHVGDQV
OHUpIpUHQWLHO
'DQVO
XQLWpGHODQJXHYLYDQWHpWUDQJqUHILJXUHQWWURLVD[HVIRQGDPHQWDX[
/HVREMHFWLIVHVVHQWLHOOHPHQWSURIHVVLRQQHOVTXLLPSOLTXHQWODPDvWULVHGHODODQJXHYLYDQWH
pWUDQJqUHHQWDQWTXHODQJXHYpKLFXODLUHRXQRQ
/HVFRPSpWHQFHVIRQGDPHQWDOHV
FRPSUpKHQVLRQpFULWHGHGRFXPHQWVSURIHVVLRQQHOVEURFKXUHVGRVVLHUVDUWLFOHVGHSUHVVH
FRPSUpKHQVLRQRUDOHG
LQIRUPDWLRQVjFDUDFWqUHSURIHVVLRQQHO
H[SUHVVLRQpFULWHSULVHGHQRWHVUpGDFWLRQGHFRPSWHVUHQGXVGHPHVVDJHV
H[SUHVVLRQRUDOHODQJXHGHFRPPXQLFDWLRQFRQYHUVDWLRQVGHW\SHVLPSOHDXWpOpSKRQH
/HVFRQQDLVVDQFHV
OHVEDVHVOLQJXLVWLTXHVGXSURJUDPPHGHVFODVVHVWHUPLQDOHV
ODPRUSKRV\QWD[HGHODODQJXHXWLOLVpHGDQVOHVVLWXDWLRQVSURIHVVLRQQHOOHVFLEOpHV
WHUPLQRORJLHOH[LTXHGXGRPDLQHSURIHVVLRQQHO
81,7(8
(&2120,((7'52,7
'pILQLWLRQGHO
XQLWppFRQRPLHHWGURLW
/
XQLWp 8 © pFRQRPLH HW GURLW ª HVW YDOLGpH SDU OH FRQWU{OH GH O
DFTXLVLWLRQ GHV VDYRLUV HW GHV
FRPSpWHQFHV GX SURJUDPPH G
pFRQRPLH JpQpUDOH G
pFRQRPLH G
HQWUHSULVH HW GH GURLW GHV VHFWLRQV
GHWHFKQLFLHQVVXSpULHXUVGXVHFWHXUWHUWLDLUHILJXUDQWGDQVODSDUWLH©VDYRLUVDVVRFLpVªGXSUpVHQW
UpIpUHQWLHODUUrWpGXMXLOOHW
81,7(6&2167,787,9(6'85()(5(17,(/'(&(57,),&$7,21
'8'20$,1(352)(66,211(/
,,$6WUDWpJLHFRPPHUFLDOH
,QIRUPDWLTXHDSSOLTXpHj
,,%$FWLRQFRPPHUFLDOH O
H[SORLWDWLRQHWjODJHVWLRQ
/HVV\VWqPHVG
LQIRUPDWLRQ
,,,$([SORLWDWLRQGHORJLFLHOV /HVV\VWqPHVLQIRUPDWLTXHV
SRXUOHVWUDYDX[SURIHVVLRQQHOV /DJHVWLRQGHVVWRFNV
G
LQIRUPDWLRQV
,,,%*HVWLRQGHO
RUJDQLVDWLRQ /HVDSSOLFDWLRQVjO
H[SORLWDWLRQ
/DFRQGXLWHGHVSURMHWV
,,,& &ROODERUDWLRQ DX[ SURMHWV
LQIRUPDWLTXHV &RPSRUWHPHQWV SURIHVVLRQQHOV
DFTXLVHQWUDYDX[GHV\QWKqVH
8$QDO\VHHWUpVROXWLRQGH ,$0LVHHQRXYUHGHODSUHVWDWLRQ 7HFKQLTXHVTXDQWLWDWLYHVGH
SUREOqPHVGHJHVWLRQ WUDQVSRUWFDSDFLWp©2SWLPLVHUª JHVWLRQ
$2XWLOVFRPSWDEOHVGHJHVWLRQ
,%*HVWLRQGHVPR\HQVPDWpULHOV %2XWLOVPDWKpPDWLTXHVGH
FDSDFLWp©2SWLPLVHUª JHVWLRQ
,&*HVWLRQGHVPR\HQVILQDQFLHUV LQIRUPDWLTXHDSSOLTXpHj
O
H[SORLWDWLRQHWjODJHVWLRQ
,,,$ ([SORLWDWLRQ GH ORJLFLHOV /HVDSSOLFDWLRQVjODJHVWLRQ
SRXU GHV WUDYDX[ SURIHVVLRQQHOV © TXDQWLWDWLYH
7UDLWHUGHVGRQQpHVª
&RPSRUWHPHQWV SURIHVVLRQQHOV
DFTXLVHQWUDYDX[GHV\QWKqVH
8 &RQGXLWH HW SUpVHQWDWLRQ ,([SORLWDWLRQHWJHVWLRQ 1RWD&HWWHXQLWpPRELOLVHOHVVDYRLUVDVVRFLpV
G
DFWLYLWpVSURIHVVLRQQHOOHV
GXGRPDLQHSURIHVVLRQQHOHQIRQFWLRQ GHV
VLWXDWLRQVSURIHVVLRQQHOOHVDX[TXHOOHVOH
,,$FWLYLWpVFRPPHUFLDOHV FDQGLGDWHVWFRQIURQWp
,,,*HVWLRQGHO
RUJDQLVDWLRQHWGHV ([SORLWDWLRQGHVWUDQVSRUWV
PR\HQVLQIRUPDWLTXHV
7HFKQLTXHVTXDQWLWDWLYHVGH
JHVWLRQ
,QIRUPDWLTXHDSSOLTXpHj
O
H[SORLWDWLRQHWjODJHVWLRQ
&RPSRUWHPHQWVSURIHVVLRQQHOV
6DYRLUIDLUHHWVDYRLUFRPPXQLTX HU
DFTXLV HQ WUDYDX[ GH V\QWKqVH HW
VWDJHV
1RWD 'DQV FKDTXH XQLWp ILJXUHQW OHV FRPSpWHQFHVHW VDYRLUV DVVRFLpVSULQFLSDOHPHQW pYDOXpV &HODQ
H[FOXW SDV GH PRELOLVHUDFFHVVRLUHPHQW GHV
FRPSpWHQFHV HW VDYRLUV DVVRFLpV GHV DXWUHV XQLWpV &
HVW DLQVL TXH O RUVTXH GHV 7HFKQLTXHV TXDQWLWDWLYHV GH JHVWLRQ VRQW PLVHV HQ MHX GDQV O
XQLWp
G
RUJDQLVDWLRQHWH[SORLWDWLRQGHVWUDQVSRUWVFHQ
HVWSDVHQYXHGHOHXUpYDOXDWLRQ'HODPrPHIDoRQSHXYHQWrWUHPRELOLVpHVGHVFRQQDLVVDQFHVGH
O
XQLWp8pFRQRPLHHWGURLW
&255(6321'$1&((175(/(5()(5(17,(/'(&(57,),&$7,21
(7/(681,7(6352)(66,211(//(6'8',3/Ð0(
&RPSpWHQFHVSURIHVVLRQQHOOHV
,$0LVHHQFRXYUHGHOD
SUHVWDWLRQWUDQVSRUW
,%*HVWLRQGHVPR\HQV
PDWpULHOV
,&*HVWLRQGHVPR\HQV
ILQDQFLHUV
,'*HVWLRQGHVUHVVRXUFHV
KXPDLQHV
,,$6WUDWpJLHFRPPHUFLDOH
,,%$FWLRQFRPPHUFLDOH
,,,$([SORLWDWLRQGH
ORJLFLHOVSRXUOHVWUDYDX[
SURIHVVLRQQHOV
,,,%*HVWLRQGH
O
RUJDQLVDWLRQ
,,,&&ROODERUDWLRQDX[
SURMHWVLQIRUPDWLTXHV
6DYRLUVDVVRFLpV
([SORLWDWLRQGHVWUDQVSRUWV
7HFKQLTXHV TXDQWLWDWLYHVGH
JHVWLRQ
,QIRUPDWLTXHDSSOLTXpHj
O
H[SORLWDWLRQHWjODJHVWLRQ
&RPSRUWHPHQWV
SURIHVVLRQQHOV7UDYDX[GH
V\QWKqVHHWVWDJHV
/pJHQGH
&RUUHVSRQGDQFHWRWDOH
&RUUHVSRQGDQFHSDUWLHOOH 6HXOHVFHUWDLQHVFRPSpWHQFHVHWFRQQDLVVDQFHVDVVRFLpHV
SUpDODEOHPHQWLGHQWLILpHVVRQWYDOLGpHVSDUFHWWHXQLWp'
DXWUHVVRQWQpFHVVDLUHPHQW
PLVHVHQRHXYUHPDLVQHVRQWSDVSULQFLSDOHPHQWYDOLGpHVGDQVOHFDGUHGHFHWWHXQLWp
81,7(6&20081(6$3/86,(85663(&,$/,7(6'(%5(9(7'(7(&+1,&,(1683(5,(85
/
XQLWp©pFRQRPLHHWGURLWªHVWFRPPXQHDX[VSpFLDOLWpVVXLYDQWHV
$FWLRQFRPPHUFLDOH
$VVLVWDQWGHGLUHFWLRQ
$VVLVWDQWGHJHVWLRQGH30(30,
$VVLVWDQWVHFUpWDLUHWULOLQJXH
&RPPHUFHLQWHUQDWLRQDO
&RPPXQLFDWLRQGHVHQWUHSULVHV
&RPSWDELOLWpHWJHVWLRQ
)RUFHGHYHQWH
7HFKQLFRFRPPHUFLDO
7UDQVSRUW
o /HVEpQpILFLDLUHVGHO
pSUHXYHRXGHO
XQLWp©pFRQRPLHHWGURLWªDXWLWUHGHO
XQHGHVVSpFLDOLWpV
VXVPHQWLRQQpHVTXLVRXKDLWHQWSUpVHQWHUXQHDXWUHGHFHVVSpFLDOLWpVVRQWjOHXUGHPDQGHSHQGDQW
ODGXUpHGHYDOLGLWpGXEpQpILFHGLVSHQVpVGHO
REWHQWLRQGHO
XQLWp©pFRQRPLHHWGURLWª
/HV GLVSRVLWLRQV SUpYXHV DX[ GHX[ SUpFpGHQWV DOLQpDV FRQFHUQHQW XQLTXHPHQW OHV FDQGLGDWV TXL VH
VRQW SUpVHQWpV j FRPSWHU GH OD VHVVLRQ j O
pSUHXYH © pFRQRPLH HW GURLW ª GH O
H[DPHQ GHV
VSpFLDOLWpV VXVPHQWLRQQpHV pSUHXYH UpJLH SDU O
DUUrWp GX MXLOOHW IL[DQW OH SURJUDPPH
G
pFRQRPLH JpQpUDOH pFRQRPLH G
HQWUHSULVH HW GURLW GH FHUWDLQV EUHYHWV GH WHFKQLFLHQVXSpULHXU GX
VHFWHXUWHUWLDLUHHWIL[DQWODGpILQLWLRQHWODGXUpHGHO
pSUHXYHFRUUHVSRQGDQWH
$11(;(,,
67$*((10,/,(8352)(66,211(/
6WDJHHQPLOLHXSURIHVVLRQQHO
$± 2%-(&7,)6
/HFDQGLGDWDXEUHYHWGHWHFKQLFLHQVXSp ULHXUWUDQVSRUWGHYUDHIIHFWXHUXQVWDJHHQHQWUHSULVHDILQGHFRPSOpWHUHWDPpOLRUHUVD
IRUPDWLRQVDFRQQDLVVDQFHGXPLOLHXSURIHVVLRQQHOHWOHVSUREOqPHVOLpVjO
H[HUFLFHGHO
HPSORL
/HVWDJHDSRXUEXWGHSHUPHWWUHDX[pOqYHVG
H[HUFHUOHVDFWLYLWpVUHODWLYHVjO
H[SORLWDWLRQGHVWUDQVSRUWVHWjODJHVWLRQ
jODFRPPHUFLDOLVDWLRQHWjO
RUJDQLVDWLRQWHOOHVTX
HOOHVVRQWGpFULWHVGDQVOHUpIpUHQWLHOGXGLSO{PHRXGHFHUWLILFDWLRQ
/HV WHUUDLQV GH VWDJH VRQW FKRLVLV SDU OHV VWDJLDLUHV HQ IRQFWLRQ GH FHWWH H[LJHQFH GDQV GHV HQWUHSULVHV D\DQW GHV
DFWLYLWpVGHWUDQVSRUW
%± 25*$1,6$7,21
/HVWDJHHVWREOLJDWRLUHSRXUOHVpWXGLDQWVUHOHYDQWG
XQHSUpSDUDWLRQSUpVHQWLHOOHRXjGLVWDQFH
9RLHVFRODLUH
/H VWDJH RUJDQLVp DYHF OH FRQFRXUV GHV PLOLHX[ SURIHVVLRQQHOV HVW VRXV OH FRQWU{OH GHV DXWRULWpV DFDGpPLTXHV GRQW
UHOqYHO
pWXGLDQWHWOHFDVpFKpDQWGHVVHUYLFHVGXFRQVHLOOHUFXOWXUHOSUqVO
DPEDVVDGHGH)UDQFHGXSD\VG
DFFXHLOSRXU
XQVWDJHjO
pWUDQJHU,OHVWHIIHFWXpGDQVXQHRXSOXVLHXUVHQWUHSULVHVSXEOLTXHVRXSULYpHV
&KDTXHSpULRGHGHVWDJHHQHQWUHSULVHIDLWO
REMHWG
XQHFRQYHQWLRQHQWUHO
pWDEOLVVHPHQWIUpTXHQWpSDUO
pWXGLDQWHWODRX
OHV HQWUHSULVH V G
DFFXHLO &HWWH FRQYHQWLRQ HVW pWDEOLH FRQIRUPpPHQW DX[ GLVSRVLWLRQVHQ YLJXHXUFLUFXODLUHV GX
RFWREUH%2(1QGXGpFHPEUHHWGXPDUV%2(1QGXDYULO7RXWHIRLVFHWWH
FRQYHQWLRQSRXUUDrWUHDGDSWpHSRXUWHQLUFRPSWHGHVFRQWUDLQWHVLPSRVpHVSDUODOpJLVODWLRQGXSD\VG
DFFXHLO
3HQGDQWOHVWDJHHQHQWUHSULVHO
pWXGLDQWDREOLJDWRLUHPHQWODTXDOLWpG
pWXGLDQWVWDJLDLUHHWQRQGHVDODULp
(Q ILQ GH VWDJH XQ FHUWLILFDW HVW UHPLV DX VWDJLDLUH SDU OH UHVSRQVDEOH GH O
HQWUHSULVH RX VRQ UHSUpVHQWDQW DWWHVWDQW OD
SUpVHQFH GH O
pWXGLDQW /HV FHUWLILFDWV GH VWDJH UH0LV j O
LVVXH GH FKDTXH SpULRGH GHYURQW ILJXUHU GDQV OH GRVVLHU GH
O
pSUHXYH©FRQGXLWHHWSUpVHQWDWLRQG
DFWLYLWpVSURIHVVLRQQHOOHVª
8QFDQGLGDWTXLQ
DXUDSDVSUpVHQWpFHVSLqFHVQHSRXUUDrWUHDGPLVjVXELUFHWWHpSUHXYH
8QFDQGLGDWTXLSRXUXQHUDLVRQGHIRUFHPDMHXUHGPHQWFRQVWDWpHQ
HIIHFWXHTX
XQHSDUWLHGXVWDJHREOLJDWRLUHSHXW
rWUHDXWRULVpSDUOHUHFWHXUjVHSUpVHQWHUjO
H[DPHQOHMXU\pWDQWWHQXLQIRUPpGHVDVLWXDWLRQ
/DGXUpHJOREDOHGXVWDJHHVWHQSULQFLSHGHVHPDLQHV
3RXUOHVpWXGLDQWVGHVpWDEOLVVHPHQWVSXEOLFVRXSULYpVSUpSDUDQWjO
H[DPHQHQGHX[DQQpHVVFRODLUHVODGXUpHGXVWDJH
HVWGpFRPSRVpHFRPPHVXLW
8QHSpULRGHG
DXPRLQVTXDWUHVHPDLQHVFRQVpFXWLYHVGDQVXQHHQWUHSULVHRXGDQVXQHDXWUHRUJDQLVDWLRQ&HVpMRXUHQ
FRQWLQXGRLWrWUHSODFpGHSUpIpUHQFHHQILQGHSUHPLqUHDQQpH/DGXUpHGXVWDJHQHGRLWSDVGpSDVVHUVHPDLQHVGXUDQW
O
DQQpHVFRODLUHGHSUHPLqUHDQQpH
'XUDQWOHVSpULRGHVGHVWDJHOHVWDJLDLUHpODERUHSRXUO
HQVHPEOHGHVSpULRGHVXQHQRWHGHVL[SDJHVDXPD[LPXPTXL
FRQVWLWXH OH SUHPLHU pOpPHQW GX GRVVLHUPpPRLUH VHUYDQW GH EDVH j O
pSUHXYH GH © FRQGXLWH HW SUpVHQWDWLRQ G
DFWLYLWpV
SURIHVVLRQQHOOHVª
/
HQVHPEOH GH O
pTXLSH SpGDJRJLTXH D HQ FKDUJH OH VXLYL HW O
H[SORLWDWLRQ GHV VWDJHV VRXV OD UHVSRQVDELOLWp SOXV
SDUWLFXOLqUHGXSURIHVVHXUDVVXUDQWOHVWUDYDX[GHV\QWKqVH
'HVELODQVGHVWDJHDVVRFLDQWOHVSURIHVVLRQQHOVPDvWUHVGHVWDJHSHXYHQWrWUHUpDOLVpVjODGLVFUpWLRQGHO
pWDEOLVVHPHQW
VFRODLUH
/
pTXLSH SpGDJRJLTXH GRLW YHLOOHU j LQIRUPHU OHV UHVSRQVDEOHV GHV HQWUHSULVHV RX GHV pWDEOLVVHPHQWV G
DFFXHLO GHV
REMHFWLIVGHVVWDJHVHWSOXVSDUWLFXOLqUHPHQWGHOHXULPSRUWDQFHGDQVODUpDOLVDWLRQGXGRVVLHUPpPRLUH
9RLHGHO
DSSUHQWLVVDJH
3RXUOHVDSSUHQWLVOHVFHUWLILFDWVGHVWDJHVRQWUHPSODFpVSDUODSKRWRFRSLHGXFRQWUDWGHWUDYDLORXSDUXQHDWWHVWDWLRQGH
O
HPSOR\HXUFRQILUPDQWOHVWDWXWGXFDQGLGDWFRPPHDSSUHQWLGDQVVRQHQWUHSULVH
/HVDFWLYLWpVHIIHFWXpHVDXVHLQGHO
HQWUHSULVHGRLYHQWrWUHHQFRKpUHQFHDYHFOHVH[LJHQFHVGXUpIpUHQWLHO
/HV REMHFWLIV SpGDJRJLTXHV DLQVL TXH OHV VXSSRUWV GH O
pSUHXYH ©FRQGXLWH HW SUpVHQWDWLRQ G
DFWLYLWpV SURIHVVLRQQHOOHVª
VRQWOHVPrPHVTXHFHX[GHVFDQGLGDWVVFRODLUHV
9RLHGHODIRUPDWLRQFRQWLQXH
DFDQGLGDWHQVLWXDWLRQGHSUHPLqUHIRUPDWLRQRXHQVLWXDWLRQGHUHFRQYHUVLRQ
/DGXUpHGXVWDJHHVWGHVHPDLQHV(OOHV
DMRXWHjODGXUpHGHIRUPDWLRQGLVSHQVpHGDQVOHFHQWUHGHIRUPDWLRQFRQWLQXH
HQ DSSOLFDWLRQ GH O
DUWLFOH GX GpFUHW Q GX PDL PRGLILp SRUWDQW UqJOHPHQW JpQpUDO GX EUHYHW GH
WHFKQLFLHQVXSpULHXU
/
RUJDQLVPHGHIRUPDWLRQSHXWFRQFRXULUjODUHFKHUFKHGHO
HQWUHSULVHG
DFFXHLO
/HVWDJLDLUHSHXWDYRLUODTXDOLWpGHVDODULpG
XQDXWUHVHFWHXUSURIHVVLRQQHO
EFDQGLGDWHQVLWXDWLRQGHSHUIHFWLRQQHPHQW
/HFHUWLILFDWGHVWDJHSHXWrWUHUHPSODFpSDUXQRXSOXVLHXUVFHUWLILFDWVGHWUDYDLODWWHVWDQWTXHO
LQWpUHVVpDpWpRFFXSp
GDQVOHVDFWLYLWpVUHOHYDQW GHO
H[SORLWDWLRQGHVWUDQVSRUWVHQTXDOLWpGHVDODULpjSOHLQWHPSVSHQGDQWVL[PRLVDXFRXUV
GHO
DQQpHSUpFpGDQWO
H[DPHQRXjWHPSVSDUWLHOSHQGDQWXQDQDXFRXUVGHVGHX[DQQpHVSUpFpGDQWO
H[DPHQ
&HV FDQGLGDWV pODERUHQW XQ GRVVLHU j SDUWLU GH OHXUV DFWLYLWpV SURIHVVLRQQHOOHV GDQV OH PrPH HVSULW TXH OH GRVVLHU
PpPRLUH
&DQGLGDWVHQIRUPDWLRQjGLVWDQFH
/HVFDQGLGDWVUHOqYHQWVHORQOHXUVWDWXWVFRODLUHDSSUHQWLIRUPDWLRQFRQWLQXHGHO
XQGHVFDVSUpFpGHQWV
&DQGLGDWTXLVHSUpVHQWHQWDXWLWUHGHOHXUH[SpULHQFHSURIHVVLRQQHOOH
/H FHUWLILFDW GH VWDJH SHXW rWUH UHPSODFp SDU XQ RX SOXVLHXUV FHUWLILFDWV GH WUDYDLO MXVWLILDQW OD QDWXUH HW OD GXUpH GH
O
HPSORLRFFXSp
&HVFDQGLGDWVUpGLJHQWXQUDSSRUWVXUOHXUVDFWLYLWpVSURIHVVLRQQHOOHVGDQV OHPrPHHVSULWTXHOHGRVVLHUPpPRLUH
&$PpQDJHPHQWGHODGXUpHGXVWDJH
/DGXUpHQRUPDOHGXVWDJHHVWGHVHPDLQHV'DQVOHFDGUHG
XQHGpFLVLRQGHSRVLWLRQQHPHQWRXG
DPpQDJHPHQWGHOD
IRUPDWLRQ TXL FRQGXLUDLW j XQH UpGXFWLRQ GH OD GXUpH GH VWDJH FHWWH GHUQLqUH QH SHXW rWUH LQIpULHXUH j VHPDLQHV
7RXWHIRLV OHV FDQGLGDWV TXL SURGXLVHQW XQH GLVSHQVH GH O
XQLWp QRWDPPHQW DX WLWUH GH OD YDOLGDWLRQ GHV DFTXLV
SURIHVVLRQQHOVQHVRQWSDVWHQXVG
HIIHFWXHUGHVWDJH
'/HVFDQGLGDWVD\DQWpFKRXpjXQHVHVVLRQDQWpULHXUHGHO
H[DPHQ
/HVFDQGLGDWVD\DQWpFKRXpjXQHVHVVLRQ DQWpULHXUHGHO
H[DPHQSHXYHQWV
LOVOHMXJHQWQpFHVVDLUHDXYXGHVpOpPHQWV
GHQRWHHWGXUHJDUGSRUWpVSDUOHMXU\VXUO
pSUHXYH© FRQGXLWHHWSUpVHQWDWLRQG
DFWLYLWpVSURIHVVLRQQHOOHV ªHIIHFWXHUXQ
VWDJHHQHQWUHSULVHHQYXHG
pODERUHUXQQRXYHDXGRVVLHUPpPRLUH
7RXWHIRLVOHV FDQGLGDWV VFRODLUHV UHGRXEODQWV VRQWHQ FH TXL OHV FRQFHUQH WHQXVG
HIIHFWXHUjQRXYHDXOHVSpULRGHVGH
VWDJH RUJDQLVpHV SDU O
pWDEOLVVHPHQW PrPH ORUVTX
LOV RQW UHQRQFp j VXELU O
pSUHXYH SUHQDQW HQ FRPSWH OH GRVVLHU
PpPRLUH
/HV FDQGLGDWV DSSUHQWLV UHGRXEODQWV SHXYHQW SUpVHQWHU j OD VHVVLRQ VXLYDQW FHOOH DX FRXUV GH ODTXHOOH LOV Q
RQW SDV pWp
GpFODUpVDGPLV
VRLWOHXUFRQWUDWG
DSSUHQWLVVDJHLQLWLDOSURURJpSHQGDQWXQDQ
VRLWXQQRXYHDXFRQWUDWFRQFOXDYHFXQDXWUHHPSOR\HXUHQDSSOLFDWLRQGHVGLVSRVLWLRQVGHO
DUWLFOH/GXFRGHGH
WUDYDLO
+25$,5(+(%'20$'$,5(
(1)250$7,21,1,7,$/(628667$7876&2/$,5(
&RPPHQWDLUHV
/H GHX[LqPH GHV FKLIIUHV FRQWHQXV GDQV OHV SDUHQWKqVHV FRUUHVSRQG j XQ KRUDLUH GH WUDYDX[
GLULJpV/HVKHXUHVGHWUDYDX[GLULJpVVRQWGpGRXEOpHVTXDQGO
HIIHFWLIOHMXVWLILH /RUVTX
XQFKLIIUH
Q
HVWSDVVXLYLGHSDUHQWKqVHVLOV
DJLWG
KHXUHVGHFRXUV
/HGpFRXSDJHKRUDLUHKHEGRPDGDLUHHVWLQGLFDWLI8QHPRGXODWLRQGHO
KRUDLUHVXUO
DQQpHSHXWrWUH
PLVHHQSODFHjO
LQLWLDWLYHGHO
pTXLSHG
HQVHLJQDQWVSRXUFHUWDLQVHQVHLJQHPHQWVDILQGHSHUPHWWUH
GHVSUDWLTXHVSpGDJRJLTXHVDGDSWpHVSDUH[HPSOHDXJPHQWHUOHYROXPHKRUDLUHGHODSDUWLHFRXUVj
FHUWDLQHVSpULRGHVHWLQYHUVHPHQWjG
DXWUHV
/HVKRUDLUHVG
LQIRUPDWLTXHDSSOLTXpHjODJHVWLRQHQSUHPLqUHDQQpHSHXYHQW rWUHUHPSODFpV
SRXUXQHSDUWLHGHO
DQQpHSDUVLO
RUJDQLVDWLRQGHVFRXUVHWOHQLYHDXGHODFODVVHOHMXVWLILHQW
+25$,5(
,O\DOLHXGHUHQGUHSRVVLEOHO
DSSUHQWLVVDJHDXWRQRPHGHODPDQLSXODWLRQGHVFODYLHUVjO
DLGHGH
ORJLFLHOVDGDSWpVSRXUOHVpWXGLDQWVQ
D\DQWSDVUHoXFHWWHIRUPDWLRQSUpDODEOHPHQW
/
DFFqV DX[ VDOOHV SRXUYXHV G
pTXLSHPHQWV GRLW rWUH DXWRULVp HQ © OLEUH VHUYLFH ª SHQGDQW WURLV
KHXUHVDXPRLQVSDUVHPDLQHREMHFWLIVDSSUHQWLVVDJHVSUDWLTXHPLVHDXSRLQWGXGRVVLHUPpPRLUH
G
©pWXGHVDSSOLTXpHVDXWUDQVSRUWª
/HVpTXLSHPHQWVPLVjODGLVSRVLWLRQGHVpWXGLDQWVGRLYHQWFRPSRUWHUDXPLQLPXP
GHVSRVWHVGHWUDYDLOLQIRUPDWLVpVPLFURRUGLQDWHXUVDXWRQRPHVRXHQUpVHDX[FRQVROHV
GHVUHVVRXUFHVWpOpPDWLTXHVPLQLWHOVHWFDUWHVGHFRPPXQLFDWLRQ
/HVORJLFLHOVQpFHVVDLUHVDX[HQVHLJQHPHQWVGRLYHQWrWUHGLVSRQLEOHV
/HV SRVWHV GH WUDYDLO LQIRUPDWLVpV GRLYHQW rWUH DFFHVVLEOHV GXUDQW OHV KRUDLUHV GH WUDYDX[ GH
V\QWKqVH G
LQIRUPDWLTXH DSSOLTXpH HW SRXU XQH SDUW GH O
KRUDLUH GH WHFKQLTXHV TXDQWLWDWLYHV GH
JHVWLRQ&HODjUDLVRQG
XQSRVWHSRXUGHX[pOqYHVHQVLWXDWLRQGHOHVXWLOLVHU
$11(;(,9
5(*/(0(17'¶(;$0(1
5qJOHPHQW G
H[DPHQ
9RLHVFRODLUH )RUPDWLRQ
DSSUHQWLVVDJHIRUPDWLRQ SURIHVVLRQQHOOH
SURIHVVLRQQHOOHFRQWLQXH FRQWLQXH GDQV GHV
GDQVOHVpWDEOLVVHPHQWV pWDEOLVVHPHQWV
%7675$163257 SXEOLFVHWSULYpV SXEOLFVKDELOLWpV
HQVHLJQHPHQWjGLVWDQFH
HWFDQGLGDWVMXVWLILDQWGH
DQVG
H[SpULHQFH
SURIHVVLRQQHOOH
)RUPH (YDOXDWLRQHQFRXUV
(SUHXYHV 8QLWpV &RHI 'XUpH
SRQFWXHOOH GHIRUPDWLRQ
VLWXDWLRQV
()UDQoDLV 8 pFULWH K
G¶pYDOXDWLRQ
PLQ
VLWXDWLRQV
(/DQJXHYLYDQWHpWUDQJqUH,
8 RUDOH
G¶pYDOXDWLRQ
PLQ
VLWXDWLRQV
((FRQRPLHHWGURLW 8 pFULWH K
G¶pYDOXDWLRQ
(2UJDQLVDWLRQHWH[SORLWDWLRQ
8 pFULWH K SRQFWXHOOH
GHVWUDQVSRUWV
($QDO\VHHWUpVROXWLRQGH VLWXDWLRQV
8 pFULWH K
SUREOqPHVGHJHVWLRQ G¶pYDOXDWLRQ
(&RQGXLWHHWSUpVHQWDWLRQ VLWXDWLRQV
8 RUDOH PLQ
G
DFWLYLWpVSURIHVVLRQQHOOHV G¶pYDOXDWLRQ
PLQ
()/DQJXHYLYDQWHpWUDQJqUH,,
8) RUDOH RUDOH
PLQ
/DODQJXHYLYDQWHFKRLVLHDXWLWUHGHO
pSUHXYHIDFXOWDWLYHHVWREOLJDWRLUHPHQWGLIIpUHQWHGHFHOOH
FKRLVLHDXWLWUHGHO
pSUHXYHREOLJDWRLUH
7HPSVGHSUpSDUDWLRQ
$11(;(9
'(),1,7,21'(6(35(89(6321&78(//(6
HWGHV
6,78$7,216'¶(9$/8$7,21(1&2856'()250$7,21
(35(89((8QLWp8
)5$1d$,6
&RHIILFLHQW
2EMHFWLI
/
REMHFWLI YLVp HVW GH FHUWLILHU O
DSWLWXGH GHV FDQGLGDWV j FRPPXQLTXHU DYHF HIILFDFLWp GDQV OD YLH FRXUDQWH HW OD YLH
SURIHVVLRQQHOOH
/
pYDOXDWLRQVHUWGRQFjYpULILHUOHVFDSDFLWpVGXFDQGLGDWj
FRPPXQLTXHUSDUpFULWRXRUDOHPHQW
V
LQIRUPHUVHGRFXPHQWHU
DSSUpKHQGHUXQPHVVDJH
UpDOLVHUXQPHVVDJH
DSSUpFLHUXQPHVVDJHRXXQHVLWXDWLRQ
$UUrWpGXPDUV %2QGXPDL
0RGHVG
pYDOXDWLRQ
$)RUPHSRQFWXHOOHpFULWHGXUpHK
FIDQQH[H,,,GHO
DUUrWpGXPDUV %2QGXPDL
%&RQWU{OHHQFRXUVGHIRUPDWLRQ
/
XQLWpGHIUDQoDLVHVWFRQVWLWXpHGHTXDWUHVLWXDWLRQVG
pYDOXDWLRQGHSRLGVLGHQWLTXHV
GHX[VLWXDWLRQVUHODWLYHVjO
pYDOXDWLRQGHODFDSDFLWpGXFDQGLGDWjDSSUpKHQGHUHWUpDOLVHUXQPHVVDJHpFULW
GHX[VLWXDWLRQVUHODWLYHVjO
pYDOXDWLRQGHODFDSDFLWpGXFDQGLGDWjFRPPXQLTXHURUDOHPHQW
n 3UHPLqUHVLWXDWLRQG
pYDOXDWLRQGXUpHLQGLFDWLYHKHXUHV
D2EMHFWLIJpQpUDO
(YDOXDWLRQGHODFDSDFLWpGXFDQGLGDWjDSSUpKHQGHUHWUpDOLVHUXQPHVVDJHpFULW
E&RPSpWHQFHVjpYDOXHU
UHVSHFWHUOHVFRQWUDLQWHVGHODODQJXHpFULWH
DSSUpKHQGHU HW UHIRUPXOHU XQ PHVVDJH pFULW ILGpOLWp j OD VLJQLILFDWLRQ JOREDOH GX WH[WH HW SHUWLQHQFH GDQV OH
UHOHYpGHVHVpOpPHQWVIRQGDPHQWDX[
UpDOLVHU XQ PHVVDJH pFULW FRKpUHQW SHUWLQHQFH SDU UDSSRUW j OD TXHVWLRQ SRVpH LQWHOOLJLELOLWp SUpFLVLRQ GHV
LGpHVSHUWLQHQFHGHVH[HPSOHVYDOHXUGHO
DUJXPHQWDWLRQH[SORLWDWLRQRSSRUWXQHGHVUpIpUHQFHVFXOWXUHOOHVHW
GHO
H[SpULHQFHSHUVRQQHOOHQHWWHWpGHODFRQFOXVLRQ
F([HPSOHGHVLWXDWLRQ
UpVXPHUSDUpFULWXQWH[WHORQJPRWVHQYLURQSRUWDQWVXUXQSUREOqPHFRQWHPSRUDLQ
OHFRPPHQWHUHQIRQFWLRQGHODTXHVWLRQSRVpHHWGXGHVWLQDWDLUH
o 'HX[LqPHVLWXDWLRQG
pYDOXDWLRQGXUpHLQGLFDWLYHKHXUHV
D2EMHFWLIJpQpUDO
(YDOXDWLRQGHODFDSDFLWpGXFDQGLGDWjDSSUpKHQGHUHWUpDOLVHUXQPHVVDJHpFULW
E&RPSpWHQFHjpYDOXHU
UHVSHFWHUOHVFRQWUDLQWHVGHODODQJXHpFULWH
V\QWKpWLVHU GHV LQIRUPDWLRQV ILGpOLWp j OD VLJQLILFDWLRQ GHV GRFXPHQWV H[DFWLWXGH HW SUpFLVLRQ GDQV OHXU
FRPSUpKHQVLRQ HW OHXU PLVH HQ UHODWLRQ SHUWLQHQFH GHV FKRL[ RSpUpV HQ IRQFWLRQ GX SUREOqPH SRVp HW GH OD
SUREOpPDWLTXHUHWHQXHSDUOHFDQGLGDWFRKpUHQFHGHODSUREOpPDWLTXHFRPPHGHODSURGXFWLRQFODVVHPHQWHW
HQFKDvQHPHQWGHVpOpPHQWVpTXLOLEUHGHVSDUWLHVGHQVLWpGXSURSRVHIILFDFLWpGXPHVVDJH
DSSUpFLHUXQPHVVDJHHWSUpVHQWHUXQSRLQWGHYXHEULqYHPHQWDUJXPHQWp
F([HPSOHGHVLWXDWLRQ
UpDOLVDWLRQG
XQHV\QWKqVHGHGRFXPHQWVjSDUWLUGHSOXVLHXUVGRFXPHQWVRXGHQDWXUHGLIIpUHQWHWH[WHV
OLWWpUDLUHVWH[WHVQRQOLWWpUDLUHVPHVVDJHVJUDSKLTXHVWDEOHDX[VWDWLVWLTXHVFHQWUpVVXUXQSUREOqPHSUpFLVHW
GRQWFKDFXQHVWGDWpHWVLWXpGDQVVRQFRQWH[WH&HWWHV\QWKqVHHVWVXLYLHG
XQHEUqYHDSSUpFLDWLRQRX
SURSRVLWLRQSHUVRQQHOOHOLpHjODIRLVDX[GRFXPHQWVGHV\QWKqVHHWDXGHVWLQDWDLUH
p 7URLVLqPHVLWXDWLRQG
pYDOXDWLRQGXUpHLQGLFDWLYHPLQXWHV
D2EMHFWLIJpQpUDO
(YDOXDWLRQGHODFDSDFLWpGXFDQGLGDWjFRPPXQLTXHURUDOHPHQW
E&RPSpWHQFHVjpYDOXHU
V
DGDSWHUjODVLWXDWLRQPDvWULVHGHVFRQWUDLQWHVGHWHPSVGHOLHXG
REMHFWLIHWG
DGDSWDWLRQDXGHVWLQDWDLUH
FKRL[GHVPR\HQVG
H[SUHVVLRQDSSURSULpVSULVHHQFRPSWHGHO
DWWLWXGHHWGHVTXHVWLRQVGXRXGHV
LQWHUORFXWHXUV
RUJDQLVHUXQPHVVDJHRUDOUHVSHFWGXVXMHWVWUXFWXUHLQWHUQHGXPHVVDJHLQWHOOLJLELOLWpSUpFLVLRQHW
SHUWLQHQFHGHVLGpHVYDOHXUGHO
DUJXPHQWDWLRQQHWWHWpGHODFRQFOXVLRQSHUWLQHQFHGHVUpSRQVHV
F([HPSOHGHVLWXDWLRQ
$SDUWLUG
XQGRVVLHUTXL DXUDpWpIRXUQLDXSUpDODEOHHWTXLSRUWHUDVRLWVXUXQHTXHVWLRQG
DFWXDOLWpVRLWVXUXQHVLWXDWLRQ
SURIHVVLRQQHOOHSUpVHQWHUXQUHOHYpGHFRQFOXVLRQVHWUpSRQGUHDXFRXUVG
XQHQWUHWLHQDX[TXHVWLRQVG
XQRX
pYHQWXHOOHPHQWSOXVLHXUVLQWHUORFXWHXUV /HGRVVLHUSHXWrWUHFRQVWLWXpGHGRFXPHQWVGHPrPHQDWXUHH[UHYXHGH
SUHVVHRXGHGRFXPHQWVGHQDWXUHGLYHUVHWH[WXHOVHWQRQWH[WXHOVWHOVTX
RUJDQLJUDPPHVWDEOHDX[VWDWLVWLTXHV
VFKpPDJUDSKLTXHVGLDJUDPPHVLPDJHV
q 4XDWULqPHVLWXDWLRQG
pYDOXDWLRQGXUpHLQGLFDWLYHPLQXWHV
D2EMHFWLIJpQpUDO
(YDOXDWLRQGHODFDSDFLWpGXFDQGLGDWjFRPPXQLTXHURUDOHPHQW
E&RPSpWHQFHVjpYDOXHU
V
LQIRUPHUVHGRFXPHQWHU
DQDO\VHUXQHVLWXDWLRQXQHH[SpULHQFHGHVGRQQpHVHQpWDEOLUXQH V\QWKqVH
IDLUHOHSRLQWDXFRXUVG
XQHGLVFXVVLRQRXG
XQGpEDWGpJDJHUGHVFRQFOXVLRQV
V
DGDSWHUjXQFRQWH[WHGHFRPPXQLFDWLRQ
XWLOLVHUXQODQJDJHDSSURSULp
F([HPSOHVGHVLWXDWLRQ
FRPSWHUHQGXRUDOG
XQHDFWLYLWpSURIHVVLRQQHOOHVWDJHHQHQWUHSULVHSDUH[HPSOHRXG
XQHDFWLYLWpFXOWXUHOOH
FRPSWHUHQGXGHOHFWXUHGHVSHFWDFOHGHYLVLWHG
XQHH[SRVLWLRQVXLYLG
XQHQWUHWLHQ
DQLPDWLRQG
XQJURXSHGHUpIOH[LRQHWUpDOLVDWLRQGHODV\QWKqVHILQDOH
(35(89((8QLWp8
/$1*8(9,9$17((75$1*(5(,
&RHIILFLHQW
2EMHFWLIV
/
pSUHXYHDSRXUEXWG
pYDOXHU
/DFRPSUpKHQVLRQGHODODQJXHYLYDQWHpWUDQJqUHRUDOH
,OQ
HVWSDVH[FOXTXHO
XQGHVGRFXPHQWVVRLWXQHQUHJLVWUHPHQWSURSRVpjO
pFRXWHFROOHFWLYH
/
H[SUHVVLRQRUDOHGDQVODODQJXHYLYDQWHpWUDQJqUHFKRLVLH
,OV
DJLWGHYpULILHUODFDSDFLWpGXFDQGLGDWjSDUWLFLSHUXWLOHPHQWjXQGLDORJXHGDQVODODQJXHYLYDQWHpWUDQJqUHFKRLVLH
FRQGXLWGDQVXQHSHUVSHFWLYHSURIHVVLRQQHOOH
0RGHVG
pYDOXDWLRQ
$)RUPHSRQFWXHOOH
(SUHXYHRUDOHGXUpHPLQXWHVSUpSDUDWLRQPLQXWHVFRHIILFLHQW
(QWUHWLHQSUHQDQWDSSXLVXUGHVGRFXPHQWVSURIHVVLRQQHOVHWSHUPHWWDQWG
DSSUpFLHUO
DSWLWXGHGXFDQGLGDWj
GLDORJXHUGDQVXQHSHUVSHFWLYHSURIHVVLRQQHOOH
H[SORLWHUGHVVRXUFHVG
LQIRUPDWLRQSURIHVVLRQQHOOHGDQVODODQJXHFRQVLGpUpH
DQDO\VHUXQHVLWXDWLRQGHFRPPXQLFDWLRQFRPSWHWHQXGXFRQWH[WHOLQJXLVWLTXHHWVRFLRFXOWXUHOGXSD\V
FRQVLGpUp
/DGpILQLWLRQGHO
pSUHXYHHVWODPrPHSRXUO
pSUHXYHIDFXOWDWLYHGHODQJXHYLYDQWHpWUDQJqUH,,7RXWHIRLVODODQJXH
YLYDQWHpWUDQJqUH,,HVWREOLJDWRLUHPHQWGLIIpUHQWHGHODODQJXHYLYDQWHpWUDQJqUH,
%&RQWU{OHHQFRXUVGHIRUPDWLRQ
/
XQLWpGHODQJXHYLYDQWHpWUDQJqUHHVWFRQVWLWXpHGHGHX[VLWXDWLRQVG
pYDOXDWLRQGHSRLGVLGHQWLTXH FRUUHVSRQGDQWDX[
GHX[FDSDFLWpV
FRPSUpKHQVLRQRUDOH
H[SUHVVLRQRUDOH
3UHPLqUHVLWXDWLRQG
pYDOXDWLRQ
FRPSUpKHQVLRQRUDOH
(YDOXHUjSDUWLUG
XQVXSSRUWDXGLRRUDOO
DSWLWXGHjFRPSUHQGUHOHPHVVDJHDXGLWLIH[SULPpHQODQJXHYLYDQWHpWUDQJqUH
SDUOHELDLVGH
TXHVWLRQVIDFWXHOOHVVLPSOHV
TXHVWLRQVjFKRL[PXOWLSOH
UHSURGXFWLRQVGHVpOpPHQWVHVVHQWLHOVG
LQIRUPDWLRQLVVXVGXGRFXPHQW
UpVXPpVUpGLJpVHQODQJXHYLYDQWHpWUDQJqUHRXHQIUDQoDLV
/HFDQGLGDWGHYUDIDLUHODSUHXYHGHVFRPSpWHQFHVVXLYDQWHV
DQWLFLSDWLRQ
UHSpUDJHLGHQWLILFDWLRQGHVpOpPHQWVSUpYLVLEOHV
VpOHFWLRQRUJDQLVDWLRQKLpUDUFKLVDWLRQGHVLQIRUPDWLRQV
LQIpUHQFH
'HX[LqPHVLWXDWLRQG
pYDOXDWLRQ
([SUHVVLRQRUDOH
(YDOXHUODFDSDFLWpjV
H[SULPHURUDOHPHQWHQODQJXHYLYDQWHpWUDQJqUHGHIDoRQSHUWLQHQWHHWLQWHOOLJLEOH/HVXSSRUW
SURSRVpSHUPHWWUDG
pYDOXHUO
DSWLWXGHjGLDORJXHUHQODQJXHYLYDQWHpWUDQJqUHGDQVXQHVLWXDWLRQOLpHDXGRPDLQH
SURIHVVLRQQHODXPR\HQGHSKUDVHVVLPSOHVFRPSRVpHVHWFRPSOH[HV
/HFDQGLGDWGHYUDIDLUHSUHXYHGHVFRPSpWHQFHVVXLYDQWHV
PRELOLVDWLRQGHVDFTXLV
DSWLWXGHjODUHIRUPXODWLRQMXVWHHWSUpFLVH
DSWLWXGHjFRPELQHUGHVpOpPHQWVDFTXLVHQFRXUVGHIRUPDWLRQHQpQRQFpVSHUWLQHQWVHWLQWHOOLJLEOHV
H[LJHQFHVOH[LFDOHHWJUDPPDWLFDOHFISURJUDPPHGH FRQVROLGDWLRQGHODFODVVHGHVHFRQGH
(35(89((8QLWp8
(&2120,((7'52,7
&RHIILFLHQW
)LQDOLWpVHWREMHFWLIV
/
REMHFWLI YLVp HVW G
pYDOXHU OHV FRPSpWHQFHV pFRQRPLTXHV HW MXULGLTXHV H[SULPpHV DX VHLQ GX
UpIpUHQWLHOGDQVOHXUVFRPSRVDQWVPpWKRGRORJLTXHVHWQRWLRQQHOV
2QYHXWDSSUpFLHUO
DSWLWXGHGXFDQGLGDWj
DSSUpKHQGHUO
HQYLURQQHPHQWpFRQRPLTXHMXULGLTXHHWVRFLDOHWHQSHUFHYRLUO
pYROXWLRQ
DQDO\VHUXQHVLWXDWLRQHWSRVHUXQSUREOqPH
PHQHUXQHUpIOH[LRQHWFRQVWUXLUHXQHDUJXPHQWDWLRQ
± &RQWHQX
/
XQLWp 8 © G
pFRQRPLH HW GURLW ª HVW YDOLGpH SDU OH FRQWU{OH GH O
DFTXLVLWLRQ GHV VDYRLUV HW GHV
FRPSpWHQFHV ILJXUDQW GDQV OH SURJUDPPH G
pFRQRPLH JpQpUDOH G
pFRQRPLH G
HQWUHSULVH HW GH GURLW
GHVVHFWLRQVGHWHFKQLFLHQVVXSpULHXUVGXVHFWHXUWHUWLDLUHDUUrWpGXMXLOOHWPRGLILp
&ULWqUHVGHO
pYDOXDWLRQ
/HVWURLVGLVFLSOLQHVpYDOXpHVRQWXQSRLGVVHQVLEOHPHQWpJDO
,OHVWWHQXFRPSWH
GHODSHUWLQHQFHGHO
DQDO\VH
GHODULJXHXUGHODGpPDUFKH
GHO
H[DFWLWXGHGHVFRQQDLVVDQFHV
GHODORJLTXHGXUDLVRQQHPHQW
0RGHG
pYDOXDWLRQ
$)RUPHSRQFWXHOOHpSUHXYHpFULWHGXUpHKHXUHVFRHIILFLHQW
/
pSUHXYHFRPSRUWHGHX[SDUWLHVLQGpSHQGDQWHV
/
XQH YLVH j pYDOXHU SOXV SDUWLFXOLqUHPHQW OHV FRPSpWHQFHV PpWKRGRORJLTXHV UHODWLYHV j
O
H[SORLWDWLRQG
LQIRUPDWLRQVpFRQRPLTXHVHWRXMXULGLTXHV
/
DXWUH YLVH j DSSUpFLHU OD UpIOH[LRQ GX FDQGLGDW HW VRQ DSWLWXGH j FRQVWUXLUH XQ GpYHORSSHPHQW
VWUXFWXUp VXU XQH RX GHX[ TXHVWLRQV UHOHYDQW GX GRPDLQH GH O
pFRQRPLH JpQpUDOH GH O
pFRQRPLH
G
HQWUHSULVHGXGURLWRXDVVRFLDQWGHX[G
HQWUHHX[&HWWHSDUWLHSHXWpYHQWXHOOHPHQWSUHQGUHDSSXL
VXUXQHGRFXPHQWDWLRQ
% &RQWU{OHHQFRXUVGHIRUPDWLRQ
7URLV VLWXDWLRQV G
pYDOXDWLRQ VRQW UpSDUWLHV VXU OH WHPSVGH IRUPDWLRQ HW FRPSOpPHQWDLUHV OHVXQHV
GHV DXWUHV HQ WHUPHV GH FRPSpWHQFHV pYDOXpHV GDQV OHXUV FRPSRVDQWHV PpWKRGRORJLTXHV HW
QRWLRQQHOOHV
/
XQHGHVWURLVVLWXDWLRQVGHYUDDVVRFLHUDXPRLQVGHX[GHVWURLVGLVFLSOLQHVFRQVWLWXWLYHVGHO
XQLWp
/HV WURLV GRPDLQHV G
HQVHLJQHPHQW GHYURQW DX WRWDO DYRLU pWp pYDOXpV /HV FRPSpWHQFHV
PpWKRGRORJLTXHVHWO
DSWLWXGHjODFRQVWUXFWLRQVWUXFWXUpHGHYURQWDYRLUIDLWO
REMHWG
XQHpYDOXDWLRQ
VSpFLILTXH
)LQDOLWpVHWREMHFWLIV
/
pYDOXDWLRQ GRLWSHUPHWWUHG
DSSUpFLHU
OHVFRPSpWHQFHVSURIHVVLRQQHOOHVHWOHVVDYRLUVDVVRFLpVGDQVOHGRPDLQHGHO
RUJDQLVDWLRQ\FRPSULV
LQIRUPDWLTXHGHO
H[SORLWDWLRQHWGHVDFWLYLWpVFRPPHUFLDOHVGDQVOHVWUDQVSRUWV
OHVFDSDFLWpVjSURGXLUHGHVUpVXOWDWV GHVGRFXPHQWVGHVLQIRUPDWLRQV
OHVFDSDFLWpVjSRUWHUXQMXJHPHQWVXUOHVVLWXDWLRQVpWXGLpHVVXUOHVFKRL[GHPpWKRGHVHWOHXUVIRQGHPHQWV
VXUOHVUpVXOWDWVREWHQXV
OHVFDSDFLWpVG
DQDO\VHHWGHV\QWKqVH
&RQWHQXV
9RLUOHWDEOHDXGHFRUUHVSRQGDQFHHQWUHOHUpIpUHQWLHOGHFHUWLILFDWLRQHWOHVXQLWpVSURIHVVLRQQHOOHVFRQVWLWXWLYHVGX
GLSO{PH
&ULWqUHVGHO
pYDOXDWLRQ
/
pYDOXDWLRQWLHQWFRPSWH
GHODIRUPXODWLRQGHVSUREOqPHVjUpVRXGUHHWGHODULJXHXUGHO
DQDO\VHG
XQHVLWXDWLRQ
GHODSHUWLQHQFHGXFKRL[HWGHODPDvWULVHGHVPpWKRGHVGHVWHFKQLTXHVHWGHVRXWLOV
GHODULJXHXUGHVUDLVRQQHPHQWV
GXUHVSHFWGHVUpJOHPHQWDWLRQV
GHODFRKpUHQFHGHVSURSRVLWLRQV
GHODPDvWULVHGHVpWDSHVG
XQHQpJRFLDWLRQ
GHODSUpFLVLRQHWGHO
DFWXDOLWpGHVFRQQDLVVDQFHV
)RUPHVGHO
pYDOXDWLRQ
)RUPHSRQFWXHOOH
(SUHXYHpFULWHG
XQHGXUpHGHKHXUHV
/
pSUHXYHUHYrWODIRUPHG
XQHpWXGHGHFDVSRUWDQWVXUXQWKqPHRXXQHQVHPEOHGHWKqPHVSUpVHQWDQWGHVVLWXDWLRQV
SUDWLTXHVGpFULWHVSDUGHVDQQH[HVGRFXPHQWVGHVFULSWLIVpWDWVHWSURFpGXUHVLQIRUPDWLTXHVVWDWLVWLTXHVWDULIVWH[WHV
OpJDX[RXH[WUDLWVHWG
XQHPDQLqUHJpQpUDOHGHVpOpPHQWVFRUUHVSRQGDQWDX[©RQGRQQHªGXUpIpUHQWLHOGH
FHUWLILFDWLRQ7RXWHLQIRUPDWLRQjFDUDFWqUHH[FHSWLRQQHORXFRQMRQFWXUHOGRLWrWUHIRXUQLHVRXVIRUPHGH
GRFXPHQWDWLRQ
)LQDOLWpVHWREMHFWLIV
/
pYDOXDWLRQGRLWSHUPHWWUHG
DSSUpFLHUSRXUOHVGRPDLQHVjGRPLQDQWHTXDQWLWDWLYH
OHVFRPSpWHQFHVSURIHVVLRQQHOOHVHWOHVVDYRLUVDVVRFLpV
OHVFDSDFLWpVjSURGXLUHGHVUpVXOWDWVGHVGRFXPHQWVGHVLQIRUPDWLRQV
OHVFDSDFLWpVjSRUWHUXQMXJHPHQWVXUOHVVLWXDWLRQVpWXGLpHVVXUOHFKRL[GHVRXWLOVVXUOHVFKRL[GHPpWKRGHV
HWOHXUVIRQGHPHQWVVXUOHVUpVXOWDWVREWHQXV
&RQWHQXV
9RLU OH WDEOHDX GH FRUUHVSRQGDQFH HQWUH OH UpIpUHQWLHO GH FHUWLILFDWLRQ HW OHV XQLWpV SURIHVVLRQQHOOHV FRQVWLWXWLYHV GX
GLSO{PH
&ULWqUHVG
pYDOXDWLRQ
/
pYDOXDWLRQWLHQWFRPSWH
GHODIRUPXODWLRQGHVSUREOqPHVjUpVRXGUH
GHO
H[DFWLWXGHGHVVROXWLRQVSURSRVpHV
GHODULJXHXUGHVUDLVRQQHPHQWV
GHODSHUWLQHQFHGHVDSSUpFLDWLRQV
)RUPHVGHO
pYDOXDWLRQ
$)RUPHSRQFWXHOOH
(SUHXYHpFULWHG
XQHGXUpHGHKHXUHV
/
pSUHXYHUHYrWODIRUPHG
XQHpWXGHGHFDVSRUWDQWVXUXQWKqPHRXVXUXQHQVHPEOHGHWKqPHVSUpVHQWDQWGHVVLWXDWLRQV
SUDWLTXHVGpFULWHVSDUGHVDQQH[HVGRFXPHQWVGHVFULSWLIVpWDWVHWSURFpGXUHVLQIRUPDWLTXHVVWDWLVWLTXHVWH[WHVOpJDX[
RXH[WUDLWVHWG
XQHPDQLqUHJpQpUDOHGHVpOpPHQWVFRUUHVSRQGDQWDX[©RQGRQQHªGXUpIpUHQWLHOGHFHUWLILFDWLRQ7RXWH
LQIRUPDWLRQjFDUDFWqUHH[FHSWLRQQHORXFRQMRQFWXUHOGRLWrWUHIRXUQLHVRXVIRUPHGHGRFXPHQWDWLRQ
/HVXMHWSURSRVpGRLWFRPSRUWHUQpFHVVDLUHPHQWOHVGRPDLQHVG
pYDOXDWLRQPHWWDQWHQ°XYUH
GHVRXWLOVFRPSWDEOHVGHJHVWLRQ
GHVRXWLOVPDWKpPDWLTXHVGHJHVWLRQ
GHVRXWLOVORJLFLHOVSRXUOHWUDLWHPHQWGHGRQQpHVTXDQWLWDWLYHV
'
XQHPDQLqUHJpQpUDOHLOV
DJLWG
LGHQWLILHUOHVpOpPHQWVG
XQSUREOqPHG
LQWHUSUpWHUXQHVROXWLRQWURXYpHG
DSSOLTXHU
OHVSULQFLSHVG
XQHGpPDUFKHSRXUUpVRXGUHXQSUREOqPH,,VXIILWGRQFSRXUFRQWU{OHUODFRQQDLVVDQFHG
XQDOJRULWKPH
GH FDOFXO GH Q
LPSRVHU pYHQWXHOOHPHQW TX
XQH VHXOH LWpUDWLRQ GDQV XQ SURFHVVXV LWpUDWLI SRXU UpDOLVHU XQ WHO WHVW
/
pSUHXYHQHGRLWGRQFSDVFRPSRUWHUGHFDOFXOVLQXWLOHPHQWORQJV
3RXUO
pYDOXDWLRQ GH O
pSUHXYH LO HVW IDLW DSSHOj XQ SURIHVVHXUHQVHLJQDQW OHV WHFKQLTXHV TXDQWLWDWLYHV GH JHVWLRQ 8Q
SURIHVVLRQQHOTXDOLILpHQJHVWLRQGDQVOHVHQWUHSULVHVGHWUDQVSRUWSHXWpJDOHPHQWrWUHDVVRFLpjO
pYDOXDWLRQ
%&RQWU{OHHQFRXUVGHIRUPDWLRQ
/
pYDOXDWLRQ HQ FRXUV GH IRUPDWLRQ SUHQG HQ FRPSWH WURLV VLWXDWLRQV G
pYDOXDWLRQ UpSDUWLHV VXU OH WHPSV GH IRUPDWLRQ
FRPSOpPHQWDLUHVOHVXQHVGHVDXWUHVHQWHUPHVGHFRPSpWHQFHVHWFDUDFWpULVWLTXHVGHVGLIIpUHQWVFKDPSVFRQVWLWXWLIVGX
GRPDLQHGH O
pSUHXYH &KDTXHVLWXDWLRQ SUHQGOD IRUPHG
XQFDV WUDLWp SDUpFULW GDQVO
HVSULWGHO
pSUHXYHSRQFWXHOOHHW
G
XQH GXUpH j WLWUH LQGLFDWLI GH KHXUHV &KDFXQ GHV FDV SRUWH VXU DX PRLQV GHX[ GHV GRPDLQHV FLWpV SRXU O
pSUHXYH
SRQFWXHOOH
$ O
LVVXH GHV VLWXDWLRQV G
pYDOXDWLRQ GRQW OH GHJUp G
H[LJHQFH HVW pTXLYDOHQW j FHOXL UHTXLV GDQV OH FDGUH GH O
pSUHXYH
SRQFWXHOOHFRUUHVSRQGDQWHO
pTXLSHSpGDJRJLTXHGHO
pWDEOLVVHPHQWGHIRUPDWLRQDGUHVVHDXMXU\XQHILFKHG
pYDOXDWLRQ
GXWUDYDLOUpDOLVpSDUOHFDQGLGDW
/HMXU\SRXUUDpYHQWXHOOHPHQWGHPDQGHUjDYRLUFRPPXQLFDWLRQGHWRXVGRFXPHQWVWHOVTXHOHVVXMHWVSURSRVpVORUVGH
FKDTXHVLWXDWLRQG
pYDOXDWLRQHWOHVSUHVWDWLRQVUpDOLVpHVSDUOHFDQGLGDWjFHWWHRFFDVLRQ&HVGRFXPHQWVVHURQWWHQXVj
ODGLVSRVLWLRQGXMXU\HWGHO
DXWRULWpUHFWRUDOHSRXUODVHVVLRQFRQVLGpUpHHWMXVTX
jODVHVVLRQVXLYDQWH
$SUqV H[DPHQ DWWHQWLI GHV GRFXPHQWV IRXUQLV OH FDV pFKpDQW OH MXU\ IRUPXOH WRXWH UHPDUTXH HW REVHUYDWLRQ TX
LOMXJH
XWLOHHWDUUrWHODQRWH
(35(89((8QLWp8
&21'8,7((735(6(17$7,21'
$&7,9,7(6352)(66,211(//(6
&RHIILFLHQW
)LQDOLWpVHWREMHFWLIV
/
pSUHXYHYLVHjpYDOXHUOHVFDSDFLWpVGXFDQGLGDWj
PRELOLVHUVHVFRQQDLVVDQFHVHWPDvWULVHUOHVRXWLOVPLVjVDGLVSRVLWLRQGDQVXQHDFWLYLWpSURIHVVLRQQHOOH
PDvWULVHUODFRPPXQLFDWLRQQRWDPPHQWRUDOHGDQVVRQGRPDLQHG
DFWLYLWp
JpUHUVRQDFWLYLWpGDQVXQFDGUHFROOHFWLIRXLQGLYLGXHO
&RQWHQXV
9RLUOHWDEOHDXGHFRUUHVSRQGDQFHHQWUHOHUpIpUHQWLHOGHFHUWLILFDWLRQHWOHVXQLWpVSURIHVVLRQQHOOHVFRQVWLWXWLYHVGX
GLSO{PH
&ULWqUHVG
pYDOXDWLRQ
/
pYDOXDWLRQGRLWrWUHIDLWHFRQIRUPpPHQWjXQHJULOOHVSpFLILTXHLQVpUpHGDQVODFLUFXODLUHG
RUJDQLVDWLRQGHO
H[DPHQHW
TXLFRQGXLWVXUODEDVHG
XQHQWUHWLHQSRUWDQWVXUXQGRVVLHUPpPRLUHjDSSUpFLHU
/DFRQQDLVVDQFHGXGRVVLHU
FRQQDLVVDQFHGHVSUREOqPHVpWXGLpV
FRQQDLVVDQFHGHVPpWKRGHVHWRXWLOVXWLOLVpV
FKRL[GHVPpWKRGHVHWGHVRXWLOVHPSOR\pV
VDYRLUVPLVHQ°XYUHGDQVOHVpWXGHVSUpVHQWpHV
/HVTXDOLWpVGHFRPPXQLFDWLRQ
pFRXWHHWFRPSUpKHQVLRQ
H[SUHVVLRQFODUWpHWFRQFLVLRQ
DUJXPHQWDWLRQHWIDFXOWpGHFRQYDLQFUH
UpDFWLYLWpHWDGDSWDWLRQ
/HVDSWLWXGHVDXWUDYDLOHQpTXLSHjODSULVHG
LQLWLDWLYHjO
RUJDQLVDWLRQG
XQWUDYDLODXWRQRPH
)RUPHVGO
pYDOXDWLRQ
$)RUPHSRQFWXHOOH
(SUHXYHRUDOHG
XQHGXUpHGHPLQXWHV
/
pYDOXDWLRQSUHQGODIRUPHG
XQHQWUHWLHQjSDUWLUG
XQGRVVLHUPpPRLUHSUpVHQWDQWSOXVLHXUV©pWXGHVDSSOLTXpHVDX
WUDQVSRUWªUpDOLVpHVSDUOHFDQGLGDWjO
RFFDVLRQGHVpMRXUVHQHQWUHSULVHRXGDQVWRXWHDXWUHRUJDQLVDWLRQGHGLPHQVLRQ
VXIILVDQWHSRXUUpDOLVHUFHGRVVLHU&HV©pWXGHVDSSOLTXpHVDXWUDQVSRUWªSHXYHQWSUHQGUHODIRUPHG
DFWLRQVDSSOLTXpHV
YDOLGpHVSDUO
HQWUHSULVHpWXGHMXJpHSHUWLQHQWHSRXUO
HQWUHSULVHRXGRQWODSURIHVVLRQQDOLWpHVWUHFRQQXHSDU
O
HQWUHSULVH
$YDQWO
HQWUHWLHQXQPHPEUHGHODFRPPLVVLRQG
LQWHUURJDWLRQHWpYHQWXHOOHPHQWOHSURIHVVLRQQHODSSUpFLHOHVTXDOLWpV
GHIRQGHWGHIRUPHGXGRVVLHUPpPRLUH
/HGRVVLHUPpPRLUH
/HGRVVLHUPpPRLUHSUpVHQWpjO
DLGHG
XQORJLFLHOGHWUDLWHPHQWGHWH[WHGRLWDYRLUXQYROXPHTXLQHGpSDVVHSDV
SDJHV\FRPSULVG
pYHQWXHOOHVDQQH[HVRSpUDWLRQQHOOHVOLPLWHLPSpUDWLYH&HYROXPHHVWHVWLPpVXUODEDVHGH
OLJQHVGHFDUDFWqUHVSDUSDJHpWDQWHQWHQGXTXHOHFDQGLGDWFKRLVLWOHVPDUJHVO
LQWHUOLJQDJHOHSDVG
pFULWXUHOHV
WDEOHDX[HWVFKpPDVpYHQWXHOVTXLOXLSDUDLVVHQWOHPLHX[FRQYHQLU
/HGRVVLHUPpPRLUHFRPSRUWHRXWUHXQH[HPSODLUHGXRXGHVFHUWLILFDWVGHVWDJHVRXGHVFHUWLILFDWVGHWUDYDLOHQWHQDQW
OLHXHWGXFDOHQGULHUGHVGLWVVWDJHV
XQHSUHPLqUHSDUWLHGHSDJHVDXPD[LPXPTXLGpFULWEULqYHPHQWOHVVWDJHVHIIHFWXpVRXOHVHPSORLVHQ
WHQDQWOLHX
XQHGHX[LqPHSDUWLHTXLGpYHORSSHSOXVLHXUV©pWXGHVDSSOLTXpHVDXWUDQVSRUWªSRUWDQWVXUGHVWKqPHVFKRLVLV
GDQVOHGRPDLQHGHO
H[SORLWDWLRQGHVWUDQVSRUWVGHWHOOHPDQLqUH
TXHOHGRVVLHUPpPRLUHPHWWHHQMHXDXPRLQVXQORJLFLHOVXURUGLQDWHXUHQSOXVGHO
XWLOLVDWLRQQRUPDOH
GXWUDLWHPHQWGHWH[WHRXXQHRUJDQLVDWLRQLQIRUPDWLVpH
TX
XQHSDUWGXGRVVLHUPpPRLUHFRQWLHQQHXQHpWXGHjFDUDFWqUHFRPPHUFLDO
/HV©pWXGHVDSSOLTXpHVDXWUDQVSRUWªSURSRVpHVGRLYHQWSRUWHUVXUO
XQGHVH[HPSODLUHVGXGRVVLHUPpPRLUHOD
VLJQDWXUHGXRXGHVSURIHVVHXUUHVSRQVDEOHSpGDJRJLTXHGHVVWDJHVSRXUOHVFDQGLGDWVVFRODULVpV&HWWHVLJQDWXUH
DWWHVWHXQLTXHPHQWTXHFHWUDYDLODpWpUpDOLVpSDUOHFDQGLGDWSHQGDQWVDSpULRGHGHVFRODULWp/DJHVWLRQGHFHWWH
VLJQDWXUHSDUOHVVHUYLFHVUHFWRUDX[QHGRLWSDVQXLUHjO
DQRQ\PDWUHODWLIjO
RULJLQHVFRODLUHGXFDQGLGDW
(QFDVGHQpFHVVLWpOHFDQGLGDWGRLWSRXYRLUXWLOLVHUPDWpULHOVHWORJLFLHOVGHVRQpWDEOLVVHPHQWVFRODLUHSRXUPHWWUHDX
SRLQWVRQGRVVLHUPpPRLUH/HVFDQGLGDWVUHOHYDQWGHO
HQVHLJQHPHQWjGLVWDQFHGRLYHQWYHLOOHUDX[FRQWUDLQWHVGHOD
PLVHDXSRLQWGHFHGRVVLHUPpPRLUHGDQVODUHFKHUFKHGHWHUUDLQVGHVWDJHQRWDPPHQWSRXUO
XWLOLVDWLRQGHORJLFLHOV
&KDTXH5HFWHXUIL[HODGDWHjODTXHOOHGHX[H[HPSODLUHVGXGRVVLHUPpPRLUHGRLYHQWrWUHUHPLVDX VHUYLFHFKDUJpGH
O
RUJDQLVDWLRQGHO
H[DPHQ8QDXWUHH[HPSODLUHHVWSUpVHQWpSDUOHFDQGLGDWOHMRXUGHO
HQWUHWLHQ
/
HQWUHWLHQ
/
HQWUHWLHQG
XQHGXUpHGHPLQXWHVSRUWHSULQFLSDOHPHQWVXUOHGRVVLHUPpPRLUH'DQVXQSUHPLHUWHPSVG
XQH
GXUpHGH jPLQXWHVOHFDQGLGDWH[SRVHOHVFDUDFWpULVWLTXHVGHVRQGRVVLHUHQSULQFLSHVDQVrWUHLQWHUURPSX/HV
H[DPLQDWHXUVIRQWHQVXLWHSRUWHUO
pFKDQJHVXUO
XQGHVWKqPHVGHV©pWXGHVDSSOLTXpHVDXWUDQVSRUWªWUDLWpVHWSHXYHQW
pODUJLUOHFKDPSGHO
HQWUHWLHQDX[DXWUHVWKqPHV
/HFDQGLGDWSHXWLOOXVWUHUVHVH[SOLFDWLRQVSDUWRXVPR\HQVjVDFRQYHQDQFHTX
LOOXLDSSDUWLHQWGHIRXUQLUOXLPrPH
/DFRPPLVVLRQG
LQWHUURJDWLRQFRQWU{OHODFRQQDLVVDQFHGXGRVVLHUHWGHVRXWLOVXWLOLVpVSDUGHVTXHVWLRQVDSSURSULpHVHW
pYHQWXHOOHPHQWSDUXQHGHPDQGHG
XWLOLVDWLRQGHFHVRXWLOVHQVLWXDWLRQ
'HVTXHVWLRQVSHXYHQWpJDOHPHQWrWUHSRVpHVVXUOHVWUDYDX[UpDOLVpVDXFRXUVGHODVFRODULWpHQ©WUDYDX[GHV\QWKqVHª
RXHQ© HQWUHSULVHª
/
HQWUHWLHQHVWFRQGXLWSDUXQHFRPPLVVLRQG
LQWHUURJDWLRQFRPSUHQDQWGHX[SURIHVVHXUVHQVHLJQDQWO
XQO
H[SORLWDWLRQ
GHVWUDQVSRUWVHWO
DXWUHOHVWHFKQLTXHVTXDQWLWDWLYHVGHJHVWLRQRXO
LQIRUPDWLTXHDSSOLTXpHjO
H[SORLWDWLRQHWjOD
JHVWLRQ6LSRVVLEOHXQSURIHVVLRQQHO TXDOLILpHQH[SORLWDWLRQGHVWUDQVSRUWVHVWDVVRFLpjODFRPPLVVLRQ
/HGRVVLHUPpPRLUHQHFRQVWLWXHSDVO
HVVHQWLHOGHVpOpPHQWVjpYDOXHU,OQHOXLHVWFRQVDFUpTX
XQWLHUVGXEDUqPHGH
QRWDWLRQ/
HQWUHWLHQSURSUHPHQWGLWFRQVWLWXHO
HVVHQWLHOGHO
pSUHXYH
%&RQWU{OHHQFRXUVGHIRUPDWLRQ
/
pYDOXDWLRQSUHQGDSSXLVXUWURLVVLWXDWLRQVG
pYDOXDWLRQUpSDUWLHVVXUOHWHPSVGHIRUPDWLRQDXFRXUVGHVTXHOOHVOH
FDQGLGDWUHQGFRPSWHRUDOHPHQWVXUODEDVHG
XQGRVVLHUGRFXPHQWGHjSDJHVDXPD[LPXPpWDEOLjO
DLGHG
XQ
ORJLFLHOGHWUDLWHPHQWGHWH[WHYROXPHHVWLPpVXUODEDVHGHOLJQHVGHFDUDFWqUHVSDUSDJHFRPPHSRXUO
pSUHXYH
SRQFWXHOOHVSpFLILTXHjFKDTXHVLWXDWLRQHWUpSRQGDQWDX[H[LJHQFHVGXGRVVLHUPpPRLUHGHO
pSUHXYHSRQFWXHOOHSRXU
O
HQVHPEOHGHVVLWXDWLRQV\FRPSULVOHVFHUWLILFDWVGHVWDJHRXGHWUDYDLOLGHQWLILDQWOHVPLVVLRQVDFFRPSOLHVRXOHV
SRVWHVRFFXSpV/RUVGHO
XQHGHVVLWXDWLRQVG
pYDOXDWLRQLO\DOLHXGHV
DVVXUHUGHVFDSDFLWpVGHPLVHHQ°XYUHGHV
RXWLOVLQIRUPDWLTXHVXWLOLVpVSRXUODPLVHDXSRLQWGHVGRVVLHUVHWG
HQWHQLUFRPSWHGDQVOHELODQG
pYDOXDWLRQ
/
pYDOXDWLRQHVWHIIHFWXpHSDUOHSURIHVVHXUHQVHLJQDQWO
XQO
H[SORLWDWLRQGHVWUDQVSRUWVHWO
DXWUHOHVWHFKQLTXHV
TXDQWLWDWLYHVGHJHVWLRQRXO
LQIRUPDWLTXHDSSOLTXpHjO
H[SORLWDWLRQHWjODJHVWLRQ6LSRVVLEOHXQSURIHVVLRQQHOTXDOLILp
HQH[SORLWDWLRQGHVWUDQVSRUWVHVWDVVRFLpjODFRPPLVVLRQ
$O
LVVXHGHVVLWXDWLRQVG
pYDOXDWLRQGRQWOHGHJUpG
H[LJHQFHHVWpTXLYDOHQWjFHOXLUHTXLVGDQVOHFDGUHGHO
pSUHXYH
SRQFWXHOOHFRUUHVSRQGDQWHO
pTXLSHSpGDJRJLTXHGHO
pWDEOLVVHPHQWGHIRUPDWLRQDGUHVVHDXMXU\XQHILFKHG
pYDOXDWLRQ
GXWUDYDLOUpDOLVpSDUOHFDQGLGDW
/HMXU\SRXUUDpYHQWXHOOHPHQWGHPDQGHUjDYRLUFRPPXQLFDWLRQGHWRXVGRFXPHQWVWHOV TXHOHGRVVLHUVXSSRUWORUVGH
FKDTXHVLWXDWLRQG
pYDOXDWLRQHWOHVSUHVWDWLRQVUpDOLVpHVSDUOHFDQGLGDWjFHWWHRFFDVLRQ&HVGRFXPHQWVVHURQWWHQXVj
ODGLVSRVLWLRQGXMXU\HWGHO
DXWRULWpUHFWRUDOHSRXUODVHVVLRQFRQVLGpUpHHWMXVTX
jODVHVVLRQVXLYDQWH
$SUqVH[DPHQDWWHQWLIGHVGRFXPHQWVIRXUQLVOHFDVpFKpDQWOHMXU\IRUPXOHWRXWHUHPDUTXHHWREVHUYDWLRQTX
LOMXJH
XWLOHHWDUUrWHODQRWH
(35(89()$&8/7$7,9(8)
/$1*8(9,9$17((75$1*(5(,,
&RHIILFLHQW
(SUHXYHRUDOHG
XQHGXUpHGHPLQXWHVSUpFpGpHGHPLQXWHVGHSUpSDUDWLRQ
/
pSUHXYHFRQVLVWHHQXQHQWUHWLHQSUHQDQWDSSXLVXUGHVGRFXPHQWVDSSURSULpV
/DODQJXHYLYDQWHpWUDQJqUHFKRLVLHDXWLWUHGHO
pSUHXYHIDFXOWDWLYHHVWREOLJDWRLUHPHQWGLIIpUHQWHGH
ODODQJXHYLYDQWH pWUDQJqUHREOLJDWRLUH
$11(;(9,
7$%/($8'(&255(6321'$1&('¶(35(89(6(7'¶81,7(6
$11(;(9,
7$%/($8'(&255(6321'$1&('¶(35(89(6(7'¶81,7(6
%767UDQVSRUW
%76GpILQLSDUOHSUpVHQWDUUrWp
DUUrWpGXDYULO
(SUHXYHVGpILQLHVSDUO
DUUrWpGX
(SUHXYHV 8QLWpV
DYULO
([SUHVVLRQIUDQoDLVH )UDQoDLV 8