You are on page 1of 20

+,7&7

6FHOOHPHQWVG·DUPDWXUHV
UDSSRUWpHV


5e6,1('(6&(//(0(17&/($17(&+,/7,+,7&7

$SSOLFDWLRQV
‡ 6FHOOHPHQWVG·DUPDWXUHVUDSSRUWpHVUDFFRUGHPHQWVVWUXFWXUHOV H[HPSOH
YRLOHVGDOOHVHVFDOLHUV UpQRYDWLRQVVWUXFWXUHOOHVPRGLILFDWLRQVGHFRQFHSWLRQ
SURORQJHPHQWGHSRQWVpODUJLVVHPHQWGHURXWHVUpIHFWLRQPRGHUQLVDWLRQ

$YDQWDJHV
‡ &RQIRUPHjGHVFULWqUHVpOHYpVHQPDWLqUHGHVDQWpHWVpFXULWpSURGXLW
LQRIIHQVLIHWLQRGRUH
‡ 6LPSOLILFDWLRQGHODJHVWLRQGHVGpFKHWVDXFXQSLFWRJUDPPHGHGDQJHU
ODFDUWRXFKHSHXWrWUHMHWpH PpODQJpHRXQRQ GDQVOHVEDFVGHGpFKHWV
QRQGDQJHUHX[ GpFKHWVPpQDJHUV FHTXLpYLWHOHVFR€WVGHWUDLWHPHQWGHV
GpFKHWVVSpFLDX[VXUOHVFKDQWLHUV
‡ 1HFRQWLHQWQLVW\UqQHQLSODVWLILDQW
‡ $JUppSDU16)SRXUXQHXWLOLVDWLRQGDQVO·HDXSRWDEOH
‡ 5pSRQGjWRXVOHVFULWqUHVGHVEkWLPHQWV+4(

$JUpPHQWV 'RQQpHVWHFKQLTXHV

(7(  6WDWLTXH 7ƒjO·LQVWDOODWLRQ ƒjƒ&

7ƒHQVHUYLFH ƒjƒ&

'pVLJQDWLRQ &RQWHQXSDUFDUWRXFKH &RQGLWLRQQHPHQW &RGHDUWLFOH


+,7&7PO PO  

+,7&7PO PO  

3URGXLWVFRPSOpPHQWDLUHV

'pVLJQDWLRQ &RQGLWLRQQHPHQW &RGHDUWLFOH


3LQFHpOHFWULTXH+'($pTXLSpH  

0qFKHFUHXVH7(&'7(<'  VHORQORQJXHXU

0pODQJHXU+,75(0  
3LQFHG·LQMHFWLRQSQHXPDWLTXH3'  


&$5$&7e5,67,48(67(&+1,48(6

5pVLQHQRQGDQJHUHXVH
‡ /DUpVLQH+,7&7HVWXQHUpVLQHQRQGDQJHUHXVHSRXUO·KRPPHHW
SRXUO·HQYLURQQHPHQW
‡ /DUpVLQH+,7&7QHSUpVHQWHDXFXQSLFWRJUDPPHGHGDQJHUQLSKUDVHV
GHULVTXH
‡ /HFRQWHQXHQSpUR[\GHHVWLQIpULHXUHjGXYROXPHWRWDOGH
ODFDUWRXFKH
‡ /HVFDUWRXFKHVYLGHVRXSOHLQHVGHUpVLQH+,7&7SHXYHQWrWUHpOLPLQpHVHQ
GpFKHWQRQGDQJHUHX[ GRFXPHQWGLVSRQLEOHVXUGHPDQGH 
‡ /DUpVLQH+,7&7GLVSRVHG·XQHILFKHGHGpFODUDWLRQHQYLURQQHPHQWDOHHW
VDQLWDLUHGLVSRQLEOHVXUODEDVGHGRQQpHV,1,(6RXVXUVLPSOHGHPDQGH

7HQXHVRXVFKDUJHVGHORQJXHGXUpH
'HVHVVDLVGHWHQXHVRXVFKDUJHVGHORQJXHGXUpHVHORQOHJXLGH(7$*SDUWLH
HWOH75RQWpWpHIIHFWXpVGDQVOHVFRQGLWLRQVVXLYDQWHVHQPLOLHXVHFjƒ&
SHQGDQWMRXUV
&HVHVVDLVGpPRQWUHQWXQH[FHOOHQWFRPSRUWHPHQWGXVFHOOHPHQWjEDVHGHUpVLQH
+,7&7IDLEOHVGpSODFHPHQWVDYHFVWDELOLVDWLRQGDQVOHWHPSVFKDUJHGHUXLQH
UpVLGXHOOHVXSpULHXUHjODYDOHXUGHUpIpUHQFH

,QIOXHQFHGHVF\FOHVGHJHOGpJHO
'HVHVVDLVGHJHOGpJHOVHORQOHJXLGH(7$*3DUWLHRQWpWpHIIHFWXpV
8QHVVDLGHWUDFWLRQHVWHIIHFWXpDSUqVF\FOHVVHGpFRPSRVDQWFRPPHVXLW
‡ 0RQWHUHQWHPSpUDWXUHj “ ƒ&HQKHXUHHWVWDELOLVHUSHQGDQWKHXUHV
KHXUHVDXWRWDO
‡ 'HVFHQGUHHQWHPSpUDWXUHj “ ƒ&HQKHXUHVHWVWDELOLVHUSHQGDQW
KHXUHV KHXUHVDXWRWDO

/HVUpVXOWDWVPRQWUHQWTXHODUpVLQHGHVFHOOHPHQW+,7&7HVWLQVHQVLEOHDX[HIIHWV
GHF\FOHVJHOGpJHO

&RPSRUWHPHQWjO·HDX
/DUpVLQHGHVFHOOHPHQW+,7&7HVWpWDQFKHHWUpVLVWDQWHjO·HDX
HVVDLVHORQQRUPH,62 (OOHHVWpJDOHPHQWDGDSWpHSRXUOHVWUDYDX[GH
FXYHODJH

/DUpVLQHGHVFHOOHPHQW+,7&7SHXWrWUHHPSOR\pHVXUGHVVXSSRUWV
FRQVWDPPHQWKXPLGHV/HVWHPSVGHGXUFLVVHPHQWHWOHVUqJOHVGH
GLPHQVLRQQHPHQWGRQQpVGDQVFHFDKLHUGHVFKDUJHVVRQWDSSOLFDEOHV
/DUpVLQHGHVFHOOHPHQW+,7&7DpWpWHVWpHFKLPLTXHPHQWjO·HDXVDOpHHWjO·HDX
GpPLQpUDOLVpHHOOHHVWUpVLVWDQWH YRLU†FLDSUqV 
(OOHHVWFHUWLÀpHSRXUO·XWLOLVDWLRQHQHDXSRWDEOHSDUOD©16)ªRUJDQLVPH
DPpULFDLQVHORQODQRUPH16)$16,6W©(IIHWVVXUODVDQWpGHVV\VWqPHVHW
SURGXLWVHQFRQWDFWDYHFO·HDXSRWDEOHª

5pVLVWDQFHDX[SURGXLWVFKLPLTXHV
/HWDEOHDXVXLYDQWIRXUQLWXQHV\QWKqVHGHO·LQÁXHQFHGHGLIIpUHQWVSURGXLWVFKLPLTXHV
VXUODUpVLQH+,7&7PpODQJpHWVHFGDQVXQHSODJHGHWHPSpUDWXUHHQWUHƒ&
jƒ&

6LODUpVLQHHVWH[SRVpHjSOXVLHXUVSURGXLWVFKLPLTXHVHQPrPHWHPSVXQHVpOHFWLRQ
SUpOLPLQDLUHSHXWrWUHHIIHFWXpHVXUODEDVHGHFHWDEOHDX'HVKDXWHVWHPSpUDWXUHV
GHODUJHVYDULDWLRQVGHWHPSpUDWXUHHWGHVUDGLDWLRQVSHXYHQWUpGXLUHODUpVLVWDQFHDX[
SURGXLWVFKLPLTXHVHWFHVFRQGLWLRQVGRLYHQWrWUHSULVHVHQFRPSWH


5pDFWLIV 5pVLVWDQFH 1RQUpVLVWDQW &RXUWWHUPH
$FLGHDFpWLTXH 3XU ൈ
$FLGHDFpWLTXH  ൈ
$FLGHFKORUK\GLUTXH  ൈ
$FLGHQLWULTXH  ൈ
$FLGHSKRVSKRULTXH  ൈ
$FLGHVXOSKXULTXH  ൈ
$FpWDWHG·pWK\OH 3XU ൈ

$FpWRQH 3XUH ൈ

$PPRQLDTXH  ൈ

'LHVHO 3XU ൈ

(VVHQFH 3XU ൈ ൈ
(WKDQRO  ൈ
&KORURIRUPH 3XU ൈ

;\OqQH 3XU ൈ

+XLOHGHPDFKLQH 3XU ൈ

0pWKDQRO 3XU ൈ

3pUR[\GHG
K\GURJqQH  ൈ

6ROXWLRQRISKpQRO 6DWXUp ൈ

+\GUR[\GHGHVRGLXP S+  ൈ

6ROXWLRQGHFKORULQH 6DWXUp ൈ

6ROXWLRQG·K\GURFDUERQH
HQYROXPHGHWROXqQH

HQYROXPHGH[\OqQH
HQYROXPHGHQDSKWDOqQHGHPpWK\OH

&KORUXUHGHVRGLXP  ൈ

6XVSHQVLRQGHEpWRQ VDWXUp ൈ

&RPSRVpVRUJDQLTXHVYRODWLOHV &29
/DUpVLQH+,7&7DpWpWHVWpSRXUVHVpPLVVLRQVDX[FRPSRVpVRUJDQLTXHV
YRODWLOHVVHORQGLIIpUHQWHVQRUPHV,ODpWpSURXYpTXHODUpVLQH+,7&7HVW
XQPDWpULDXjIDLEOHpPLVVLRQTXLSHXWrWUHXWLOLVpSRXUWRXWHVDSSOLFDWLRQV
LQWpULHXUHV
‡ /DUpVLQH+,7&7DWWHLQWODFODVVH$ ODPHLOOHXUH SRXUO·pYDOXDWLRQ
GHVpPLVVLRQVGH&29VHORQODUpJOHPHQWDWLRQIUDQoDLVH GpFUHW 
‡ /DUpVLQH+,7&7HVWFRQIRUPHDX[SUHVFULSWLRQVDOOHPDQGHV',%7
2FWREUH HQFRPELQDLVRQDYHFOHVYDOHXUV1,.GH$J%% 0DUV 
SRXUXWLOLVDWLRQHQLQWpULHXU

&RQGXFWLYLWppOHFWULTXH
/DUpVLQH+,7&7GDQVVXQpWDWPpODQJHVHFQ·HVWSDVpOHFWULTXHPHQWFRQGXFWLYH
6DUpVLVWLYLWpHVW ̀FPVHORQ',1,(&(OOHHVWELHQDGDSWpHSRXU
UpDOLVHUGHVDQFUDJHVLVROpVpOHFWULTXHPHQW


&21',7,216'(326(
7HPSVGHVpFKDJH
'RQQpHVYDODEOHVSRXUXQPDWpULDXVXSSRUWVHFXQLTXHPHQW3RXUXQPDWpULDX
VXSSRUWKXPLGHOHVWHPSVGRLYHQWrWUHGRXEOpV

+,7&7
7HPSpUDWXUHGX 'XUpHSUDWLTXH 7HPSVGH
PDWpULDXVXSSRUW G·XWLOLVDWLRQ´WZRUNµ GXUFLVVHPHQW´WFXUHµ

ƒ&jƒ& PLQ K


ƒ&jƒ& PLQ K
ƒ&jƒ& PLQ K
ƒ&jƒ& PLQ PLQ
ƒ&jƒ& PLQ PLQ
ƒ&jƒ& PLQ PLQ
3HQGDQWOHWHPSVGHPDQLSXODWLRQ '38RXWZRUN LOHVWSRVVLEOHG·DMXVWHUOHIHUjEpWRQGDQVOHWURX
RXGHUDMRXWHUGHODUpVLQH
­SDUWLUGHWFXUHOHGXUFLVVHPHQWGHODUpVLQHHVWFRPSOHWOHIHUSHXWrWUHPLVHQFKDUJH
(QEpWRQKXPLGHFHVWHPSVGRLYHQWrWUHGRXEOpV

'LDPqWUHGHSHUoDJH
'LDPqWUHGHODPqFKHGHIRUDJHG PP
‘ $UPDWXUH
PP 3HUoDJH 3HUoDJHjDLU
URWDWLRQSHUFXVVLRQ FRPSULPp

  
  
   
  
  
  
  
  
  
  


,16758&7,216'(326(
3HUFHUOHWURX
$YDQWSHUoDJHpOLPLQHUOHEpWRQFDUERQDWpQHWWR\HUOHVVXUIDFHVGHFRQWDFW
(QFDVGHSHUoDJHDEDQGRQQpFHOXLFLGRLWrWUHUHPSOLDYHFGXPRUWLHU

3HUoDJHSDUURWDWLRQSHUFXVVLRQ
3HUFHUOHWURXjODSURIRQGHXUUHTXLVHHQXWLOLVDQWXQPDUWHDXSHUIRUDWHXUHW
XQHPqFKHHQURWDWLRQSHUFXVVLRQRXXQSHUoDJHjDLUFRPSULPp

0DUWHDXSHUIRUDWHXU +' $LUFRPSULPp &$

3HUoDJHSDUURWDWLRQSHUFXVVLRQDYHFIRUHWFUHX[+LOWL7(&'7(<'
3HUFHUOHWURXjODSURIRQGHXUG·LPSODQWDWLRQUHTXLVHDYHFODPqFKHGHWDLOOH
DSSURSULpH+LOWL7(&'RX7(<'+ROORZ'ULOO%LWDYHFV\VWqPHG·DVSLUDWLRQ+LOWL
&HV\VWqPHGHSHUoDJHUHWLUHODSRXVVLqUHHWQHWWRLHOHWURXGXUDQWOHSHUoDJH
ORUVTXHXWLOLVpHQDFFRUGDYHFOHPDQXHOG·XWLOLVDWLRQ8QHIRLVOHSHUoDJH
WHUPLQpSDVVHUjO·pWDSH¶·3UpSDUDWLRQGXV\VWqPHG·LQMHFWLRQ··GDQVOHV
LQVWUXFWLRQVG·LQVWDOODWLRQ

5HSULVHG·HIIRUWV
‡ 0HVXUHUHWFRQWU{OHUO·pSDLVVHXUGHEpWRQF
‡ FGULOO FG
‡ 3HUFHUSDUDOOqOHPHQWjODVXUIDFHGXEHWRQHWjODEDUUHG·DUPDWXUHH[LVWDQWH
‡ 6LDSSOLFDEOHXWLOLVHUO·DLGHDXSHUoDJH+LOWL+,7%+

$VVLVWDQFHDXSHUoDJH
3RXUOHVWURXVOY!FPXWLOLVHUXQHDVLVWDQFHDXSHUoDJH
6·DVVXUHUGXSDUDOOHOLVPHGXWURXDYHFODEDUUHG·DUPDWXUHH[LVWDQWH
7URLVRSWLRQVSHXYHQWrWUHFRQVLGpUpHV
‡ $LGHDXSHUoDJH+LOWL+,7%+
‡ 1LYHDXjEXOOH
‡ ,QVSHFWLRQYLVXHOOH

1(772<$*('87528
-XVWHDYDQWG·LQVWDOOHUODEDUUHOHWURXGRLWrWUHQHWWR\pGHWRXWHSRXVVLqUHRX
GpEULV1HWWR\DJHLQDSSURSULp IDLEOHUpVLVWDQFHjODWUDFWLRQ

1(772<$*(0$18(/ 0&
3RXUSHUoDJHSDUURWDWLRQSHUFXVVLRQ
3RXUGHVWURXVGHGLDPqWUHG”PPHWGHVSURIRQGHXUVGHSHUoDJH
K”̮
/DSRPSHPDQXHOOH+LOWLGHYUDLWrWUHXWLOLVpHSRXUVRXIIOHUGHVWURXVGH
GLDPqWUHG”PPHWGHVSURIRQGHXUVGHSHUoDJHK”̪
‡ 6RXIIOHUDXPRLQVTXDWUHIRLVDXIRQGGXWURXMXVTX·jFHTXHO·DLUHQUHVVRUWDQW
QHFRQWLHQQHSOXVGHSRXVVLqUH
‡ %URVVHUTXDWUHIRLVDYHFODEURVVHVSpFLILpHHQLQVpUDQWODEURVVHHQDFLHU
+LOWL+,75%YHUVOHIRQGGXWURX DYHFVLEHVRLQXQHUDOORQJH HQWRXUQDQWSXLV
ODVRUWLUGXWURX
/DEURVVHGRLWUHVLVWHUORUVTX·HOOHSpQqWUHGDQVOHWURX ‘EURVVH•‘SHUoDJH 
'DQVOHFDVFRQWUDLUHODEURVVHHVWWURSSHWLWHHWGRLWrWUHUHPSODFpHSDUXQH
EURVVHGHGLDPqWUHDSSURSULp
‡ 6RXIIOHUjQRXYHDXDXPRLQVTXDWUHIRLVDXIRQGGXWURXMXVTX·jFHTXHO·DLUHQ
UHVVRUWDQWQHFRQWLHQQHSOXVGHSRXVVLqUH


&2035(66('$,5&/($1,1* &$& 
3RXUSHUoDJHSDUURWDWLRQSHUFXVVLRQ
3RXUWRXWGLDPqWUHGHSHUoDJHGHWWRXWHSURIRQGHXUGHSHUoDJH
K”Ã̮DXSHUIRUDWHXU
‡ 6RXIIOHUIRLVGHSXLVOHIRQGGXWURX VLQpFHVVDLUHDYHFXQHUDOORQJH DYHF
GHO·DLUFRPSULPpH[HPSWG·KXLOH PLQLPXPEDUjPK MXVTX·jFHTXHO·DLU
TXLUHVVRUWVRLWH[HPSWGHSRXVVLqUHQRWDEOH
‡ %URVVDJHIRLVDYHFO·pFRXYLOORQGHWDLOOHVSpFLILpH ‘pFRXYLOORQ•‘WURX 
HQLQVpUDQWO·pFRXYLOORQPpWDOOLTXHF\OLQGULTXH+LOWL+,75%DXIRQGGXWURX
VLQpFHVVDLUHXWLOLVHUXQHUDOORQJH HQWRXUQDQWSXLVHQOHUHWLUDQW/·pFRXYLOORQ
GRLWSUpVHQWHUXQHUpVLVWDQFHQDWXUHOOHjO·HQWUpHGDQVOHWURX6LFHQ·HVWSDV
OHFDVXWLOLVHUXQQRXYHOpFRXYLOORQRXXQpFRXYLOORQGHGLDPqWUHVXSpULHXU
‡ 6RXIIOHUIRLVHQFRUHDYHFGHO·DLUFRPSULPpH[HPSWG·KXLOHMXVTX·jFHTXHO·DLU
TXLUHVVRUWVRLWH[HPSWGHSRXVVLqUHQRWDEOH

1(772<$*(­/·$,5&2035,0e &$& 
3RXUSHUoDJHSDUURWDWLRQSHUFXVVLRQ
3RXUGHVSURIRQGHXUVGHSHUoDJHDXGHOjGHPP GḪj̮ 
RXDXGHOjGHÃ̮ SRXU̮!PP
8WLOLVHUO·HPERXWG·LQMHFWLRQDSSURSULp+LOWL+,7'/
‡ 6RXIIOHUGHX[IRLVjSDUWLUGXIRQGGXWURXHWVXUWRXWHVDORQJXHXUDYHF
GHO·DLUFRPSULPpH[HPSWG·KXLOHMXVTX·jFHTXHO·DLUTXLUHVVRUWVRLWH[HPSW
GHSRXVVLqUHQRWDEOH
&RQVHLOVpFXULWp
1HSDVUHVSLUHUODSRXVVLqUHGHEpWRQ
/·XWLOLVDWLRQGXUpFXSpUDWHXUGHSRXVVLqUH+LOWL+,7'56HVWUHFRPPDQGpH

‡ 9LVVHUXQHEURVVHHQDFLHUF\OLQGULTXH+,75%VXUXQHUDOORQJHGHEURVVH
+,75%6GHWHOOHPDQLqUHTXHODORQJXHXUWRWDOHGHODEURVVHVRLWVXIILVDQWH
SRXUDWWHLQGUHOHIRQGGXWURXSHUFp$WWDFKHUO·DXWUHH[WUpPLWpGHO·H[WHQVLRQ
GHEURVVHDXPDQGULQGXSHUIRUDWHXU7(&7(<
&RQVHLOVpFXULWp
&RPPHQFHUOHEURVVDJHGRXFHPHQW
&RPPHQFHUOHEURVVDJHXQHIRLVODEURVVHLQVpUpHGDQVOHWURX

8WLOLVHUO·HPERXWG·LQMHFWLRQDSSURSULp+LOWL+,7'/
‡ 6RXIIOHUGHX[IRLVjSDUWLUGXIRQGGXWURXHWVXUWRXWHVDORQJXHXUDYHF
GHO·DLUFRPSULPpH[HPSWG·KXLOHMXVTX·jFHTXHO·DLUTXLUHVVRUWVRLWH[HPSW
GHSRXVVLqUHQRWDEOH
&RQVHLOVpFXULWp
1HSDVUHVSLUHUODSRXVVLqUHGHEpWRQ
/·XWLOLVDWLRQGXUpFXSpUDWHXUGHSRXVVLqUH+LOWL+,7'56HVWUHFRPPDQGpH

35e3$5$7,21'(/$%$55('·$50$785(
$YDQWXWLOLVDWLRQV·DVVXUHUTXHODEDUUHG·DUPDWXUHHVWVqFKHHWGpEDUUDVVpH
GHWRXWUpVLGXRXWUDFHG·KXLOH
6LJQDOHUODSURIRQGHXUG·DQFUDJHVXUODEDUUH HJDYHFGHO·DGKpVLI ৢOY
,QVpUHUODEDUUHGDQVOHWURXDILQGHYpULILHUODSURIRQGHXUG·DQFUDJHOY

35e3$5$7,21'(/·,1-(&7,21
)L[HUVRLJQHXVHPHQWODEXVHPpODQJHXVH+LOWL+,75(0jODFDUWRXFKHVRXSOH
ELHQDMXVWp 1HSDVPRGLILHUODEXVHPpODQJHXVH
5HVSHFWHUOHVLQVWUXFWLRQVG·XWLOLVDWLRQGHODSLQFHjLQMHFWHU
9pULILHUOHIRQFWLRQQHPHQWGXSRUWHFDUWRXFKH1HSDVXWLOLVHUGHSRUWHFDUWRXFKH
RXGHFDUWRXFKHVVRXSOHVHQGRPPDJpV
/DFDUWRXFKHV·RXYUHDXWRPDWLTXHPHQWORUVTXHO·LQMHFWLRQFRPPHQFH
(QIRQFWLRQGHODWDLOOHGHODFDUWRXFKHOHVSUHPLqUHVSUHVVLRQVGRLYHQWrWUH
MHWpHV
4XDQWLWpVjpOLPLQHU SUHVVLRQVSRXUXQHFDUWRXFKHGHPO
SUHVVLRQVSRXUXQHFDUWRXFKHGHPO


,1-(&7,21'(/$5e6,1(
,QMHFWHUGHSXLVOHIRQGGXWURXVDQVIRUPHUGHEXOOHVG·DLU
7HFKQLTXHG·LQMHFWLRQSRXUGHVSURIRQGHXUVGHSHUoDJH”PP
+RUVDSSOLFDWLRQDXSODIRQG
‡ ,QMHFWHUODUpVLQHjSDUWLUGXIRQGGXWURXYHUVO·H[WUpPLWpHWUHWLUHUOHQWHPHQW
HWSURJUHVVLYHPHQWODEXVHPpODQJHXVHDSUqVFKDTXHSUHVVLRQ5HPSOLUOH
WURXMXVTX·jSHXSUqVOHVRXFRPPHGHPDQGpSRXUDVVXUHUTXHO·HVSDFH
DQQXODLUHHQWUHODFKHYLOOHHWOHEpWRQVRLWFRPSOqWHPHQWUHPSOLVXUWRXWHOD
ORQJXHXUG·LPSODQWDWLRQ
‡ $SUqVO·LQMHFWLRQGpSUHVVXULVHUODSLQFHHQSUHVVDQWOHERXWRQGHYHUURXLOODJH
&HFLSHUPHWWUDG·pYLWHUGHFRQWLQXHUjLQMHFWHUGHODUpVLQH

7HFKQLTXHG·LQMHFWLRQSRXUGHVSURIRQGHXUVGHSHUoDJH!PPRX
DSSOLFDWLRQDXSODIRQG
‡ $VVHPEOHUODEXVHPpODQJHXVH+,75(0OHVUDOORQJHVHWHPERXWVG·LQMHFWLRQ
+,76=
3RXUO·XWLOLVDWLRQFRPELQHGHSOXVLHXUVH[WHQVLRQVXWLOLVHUXQFRXSOHXU
+,79/.6XEVWLWXHUXQHH[WHQVLRQG·LQMHFWLRQSDUXQWX\DXHQSODVWLTXHRX
XQHFRPELQDLVRQGHVGHX[HVWWROpUp
/DFRPELQDLVRQGHO·HPERXWG·LQMHFWLRQ+,76=DYHFOHWXEH+,79/SHUPHW
XQHLQMHFWLRQRSWLPDOH
‡ 6LJQDOHUOHQLYHDXGHPRUWLHUUHTXLVOPHWODSURIRQGHXUG·DQFUDJHOYDYHFGH
O·DGKpVLIRXXQPDUTXHXUVXUO·H[WHQVLRQG·LQMHFWLRQ
(VWLPDWLRQOP ÃOY
)RUPXOHH[DFWHSRXUFDOFXOHUOHYROXPHGHUpVLQH
OP OYÃ Ã ̪G 

‡ 3RXUOHVDSSOLFDWLRQVDXSODIRQGO·LQMHFWLRQQ·HVWSRVVLEOHTX·DYHFO·DLGH
G·HPERXWG·LQMHFWLRQHWXQHUDOORQJH$VVHPEOHUODEXVHPpODQJHXVH+,75(0
OHVUDOORQJHVHWO·HPERXWSRXULQMHFWLRQGHWDLOOHDSSURSULpH,QVpUHUO·HPERXW
jLQMHFWLRQDXIRQGGXWURXHWFRPPHQFHUO·LQMHFWLRQ$XFRXUVGHO·LQMHFWLRQ
O·HPERXWVHUDQDWXUHOOHPHQWUHSRXVVpSDUODSUHVVLRQGHODUpVLQHYHUVOHERUG
GXWURX
‡ $SUqVO·LQMHFWLRQGpSUHVVXULVHUODSLQFHHQSUHVVDQWOHERXWRQGHYHUURXLOODJH
&HFLSHUPHWWUDG·pYLWHUGHFRQWLQXHUjLQMHFWHUGHODUpVLQH

0,6((13/$&('(/·e/e0(17
$YDQWGHPHWWUHHQSODFHO·pOpPHQWG·DQFUDJHOHWURXSHUFpGRLWrWUHGpEDUUDVVp
GHWRXWHSRXVVLqUHRXGpEULV
‡ 3RXUIDFLOLWHUO·LQVWDOODWLRQLQVpUHUODEDUUHGDQVOHWURXSHUFpHQWRXUQDQW
GRXFHPHQWMXVTX·jFHTXHOHUHSqUHVLJQDODQWODSURIRQGHXUG·DQFUDJHDWWHLJQH
ODVXUIDFHGXEpWRQ

‡ 3RXUXQHDSSOLFDWLRQDXSODIRQG
'XUDQWO·LQMHFWLRQGHODEDUUHGHODUpVLQHSHXWFRXOHUKRUVGXWURX3RXUVD
UpFXSpUDWLRQOHGLVSRVLWLI+,72+&SHXWrWUHXWLOLVp6RXWHQLUODEDUUHHWOD
VpFXULVHUHQHPSrFKDQWVDFKXWHMXVTX·jFHTXHODUpVLQHFRPPHQFHjGXUFLU
HJHQXWLOLVDQWGHFRLQV+,72+:3RXUXQHDSSOLFDWLRQDXSODIRQGXWLOLVHUXQ
HPERXWG·LQMHFWLRQHWIL[HUODEDUUHDYHFGHVFDOHV


‡ $SUqVLQVWDOODWLRQGHODEDUUHO·HVSDFHDQQXODLUHGRLWrWUHFRPSOqWHPHQWUHPSOL
GHUpVLQH,QVWDOODWLRQFRUUHFWH
 3URIRQGHXUG·LPSODQWDWLRQDWWHLQWHOY
0DUTXHGHSURIRQGHXUjODVXUIDFHGXEpWRQ
‡ / DUpVLQHH[FpGHQWDLUHUHVVRUWGXWURXDSUqVDYRLULQVpUpODEDUUHMXVTX·DX
UHSqUHG·HQIRQFHPHQW

‡ 5HVSHFWHUODGXUpHSUDWLTXHG·XWLOLVDWLRQ´WZRUNµTXLYDULHHQIRQFWLRQGHOD
WHPSpUDWXUHGXPDWpULDXVXSSRUW'HVOpJHUVDMXVWHPHQWVGXIHUVRQWSRVVLEOHV
SHQGDQWODGXUpHSUDWLTXHG·XWLOLVDWLRQ´W ZRUNµ

‡ /DFKDUJHFRPSOqWHQHSHXWrWUHDSSOLTXpHTX·DSUqVOHWHPSVFRPSOHWGH
GXUFLVVHPHQW´WFXUHµVHVRLWpFRXOp

3(5)250$1&(6'8+,7&7
$GKpUHQFHGHFDOFXOIEGGX+,7&7 1PPò ²
6HORQ(7(GX
/HWDEOHDXVXLYDQWGRQQHOHVDGKpUHQFHVGHFDOFXOGHODUpVLQH+,7&7SRXU
GLIIpUHQWHVFODVVHVGHUpVLVWDQFHGHEpWRQ

&ODVVHGHUpVLVWDQFHGXEpWRQ & & & & & & & & &

&RHIÀFLHQWSRXUODORQJXHXU
  
PLQLPDOHN

         


         
         
         
         
         
         

3URIRQGHXUPLQLPXPHWPD[LPXPGHVFHOOHPHQW HQPP
$UPDWXUH+$%% 1PPò HQIRQFWLRQGXEpWRQHWGHODPpWKRGHGHSHUoDJH

3URIRQGHXU PLQLPXP PD[LPXP


WRXWH
&ODVVHGHUpVLVWDQFHGXEpWRQ & & & & & & &
FODVVH

&RHIÀFLHQWSRXUODORQJXHXU
  
PLQLPDOHN

        


        
        
        
        
        
        


7DEOHDXSUpFDOFXOpVHORQ(XURFRGHSRXUVFHOOHPHQW
GHEDUUHVG·DUPDWXUHVHQVWDWLTXH
&RQGLWLRQV5pVLQH+,7&7%DUUHV%%
%e721&%211(6&21',7,216
)RUDJHPDUWHDXSHUIRUDWHXU 
&RQQH[LRQGHSRXWUHGDOOHVXUGHX[DSSXLV

/RQJXHXU &KDUJHGH 9ROXPHGH /RQJXHXU &KDUJHGH 9ROXPHGH


G·DQFUDJHOEG WUDFWLRQ15G UpVLQHWKpRULTXH G·DQFUDJHOEG WUDFWLRQ15G UpVLQHWKpRULTXH
‘
‘7URX
$UPDWXUH
(QWUD[HLQIpULHXUjGLDPqWUHV (QWUD[HVXSpULHXUjGLDPqWUHV
HWRXGLVWDQFHDXERUǦ  HW SDVGHGLVWDQFHDXERUǦ 

>PP@ >PP@ >PP@ >N1@ >PO@ >PP@ >N1@ >PO@


        
       
  
       
       
       
       
          
       
       
       
        
          
       
       
     
     
       
     
     
     
     
       
     
     
     
     
       
     
     
     
     
       
     
     
127(/HYROXPHGHUpVLQHWKpRULTXHQpFHVVDLUHHVWFDOFXOpDYHFGHSHUWHV3RXUOHVSHWLWVGLDPqWUHV HW OHVYDOHXUVHQWUHSDUHQWKqVHV
FRUUHVSRQGHQWDXGLDPqWUHPLQLPXPGHSHUoDJHGqVORUVTXHODORQJXHXUGHVFHOOHPHQWHVWLQIpULHXUHjPP


7DEOHDXSUpFDOFXOpVHORQ(XURFRGHSRXUVFHOOHPHQW
GHEDUUHVG·DUPDWXUHVHQVWDWLTXH
&RQGLWLRQV5pVLQH+,7&7%DUUHV%%
%e721&%211(6&21',7,216
)RUDJHPDUWHDXSHUIRUDWHXU
&RQQH[LRQGHSRXWUHGDOOHVXUGHX[DSSXLV

/RQJXHXU &KDUJHGH 9ROXPHGH /RQJXHXU &KDUJHGH 9ROXPHGH


G·DQFUDJHOEG WUDFWLRQ15G UpVLQHWKpRULTXH G·DQFUDJHOEG WUDFWLRQ15G UpVLQHWKpRULTXH
‘
‘7URX
$UPDWXUH
(QWUD[HLQIpULHXUjGLDPqWUHV (QWUD[HVXSpULHXUjGLDPqWUHV
HWRXGLVWDQFHDXERUǦ  HW SDVGHGLVWDQFHDXERUǦ 

>PP@ >PP@ >PP@ >N1@ >PO@ >PP@ >N1@ >PO@


       
       
  
       
       
       
       
          
       
       
       
       
          
       
       
     
     
       
     
     
     
     
       
     
     
     
     
       
     
     
     
     
       
     
     
127(/HYROXPHGHUpVLQHWKpRULTXHQpFHVVDLUHHVWFDOFXOpDYHFGHSHUWHV3RXUOHVSHWLWVGLDPqWUHV HW OHVYDOHXUVHQWUHSDUHQWKqVHVFRUUHV
SRQGHQWDXGLDPqWUHPLQLPXPGHSHUoDJHGqVORUVTXHODORQJXHXUGHVFHOOHPHQWHVWLQIpULHXUHjPP


7DEOHDXSUpFDOFXOpVHORQ(XURFRGHSRXUVFHOOHPHQW
GHEDUUHVG·DUPDWXUHVHQVWDWLTXH
&RQGLWLRQV5pVLQH+,7&7%DUUHV%%
%e721&­&%211(6&21',7,216
)RUDJHPDUWHDXSHUIRUDWHXU 
&RQQH[LRQGHSRXWUHGDOOHVXUGHX[DSSXLV

/RQJXHXU &KDUJHGH 9ROXPHGH /RQJXHXU &KDUJHGH 9ROXPHGH


G·DQFUDJHOEG WUDFWLRQ15G UpVLQHWKpRULTXH G·DQFUDJHOEG WUDFWLRQ15G UpVLQHWKpRULTXH
‘
‘7URX
$UPDWXUH
(QWUD[HLQIpULHXUjGLDPqWUHV (QWUD[HVXSpULHXUjGLDPqWUHV
HWRXGLVWDQFHDXERUǦ  HW SDVGHGLVWDQFHDXERUǦ 

>PP@ >PP@ >PP@ >N1@ >PO@ >PP@ >N1@ >PO@


       
       
  
       
       
       
       
          
       
       
       
       
           
       
       
     
     
       
     
     
     
     
       
     
     
     
     
       
     
     
     
     
       
     
     
127(/HYROXPHGHUpVLQHWKpRULTXHQpFHVVDLUHHVWFDOFXOpDYHFGHSHUWHV3RXUOHVSHWLWVGLDPqWUHV HW OHVYDOHXUVHQWUHSDUHQWKqVHV
FRUUHVSRQGHQWDXGLDPqWUHPLQLPXPGHSHUoDJHGqVORUVTXHODORQJXHXUGHVFHOOHPHQWHVWLQIpULHXUHjPP


',0(16,211(0(176(/21/$0e7+2'(+,7
$9(&5e6,1(+,/7,+,7&7
0qFKHFUHXVH 1HWWR\DJHjDLU
KRPRORJXpH FRPSULPp
'RPDLQHG·DSSOLFDWLRQ
1HWWR\DJHQRQ
'pWHUPLQDWLRQGHVORQJXHXUVGHVFHOOHPHQWG·DUPDWXUH+$%%DYHFOD QpFHVVDLUH
UpVLQH+,7&7SRXUOHVDSSOLFDWLRQVJpQpUDOHVSRXUGHVHQUREDJHVHW
HVSDFHPHQWVGHEDUUHVLPSRUWDQWVWHQDQWFRPSWHGHODFRQWUDLQWHG·DGKpUHQFH
GHODUpVLQH+,7&7

&HWDEOHDXSUpFDOFXOpQHFRQFHUQHTXHOHVFRQQH[LRQVGHSRXWUHYRLOHVXU
GHX[DSSXLVVDQVFRQGLWLRQVGHERUG

&HVORQJXHXUVVRQWGHVORQJXHXUVPLQLPXPVLFHWDEOHDXHVWXWLOLVpVHXO

/·XWLOLVDWLRQGXORJLFLHO+LOWL352),65HEDUSHUPHWG·REWHQLUGHVYDOHXUVSOXV
SUpFLVHVHQIRQFWLRQGHO·DSSOLFDWLRQUpHOOH

0pWKRGHGHFDOFXO
/DORQJXHXUG·DQFUDJHHVWFDOFXOpHDYHFODIRUPXOH
‘[̙VG
OEG
[IEG·

R
̙6G HVWODOLPLWHFRQYHQWLRQHOOHG·pODVWLFLWpGXIHUGLYLVpHSDUOHFRHIÀFLHQWVpFXULWp
GHVRLW1PPò 
IEG·HVWO·DGKpUHQFHUpHOOHGHODUpVLQH+,7&7

1RWH ,ODSSDUWLHQWDX0DvWUHG·RXYUDJHRXDX%(7GHYpULÀHUTXHO·RXYUDJHVXSSRUWHVWDSWHjUH
SUHQGUHOHVFKDUJHVDSSRUWpHVSDUOHVIHUVjEpWRQHWFRPSRUWHOHVGLVSRVLWLRQVpYHQWXHOOHVj
OHXUWUDQVIHUW/·HQWUHSULVHGHSRVHVHGRLWGHUHVSHFWHUODFRQIRUPLWpHQWHUPHG·LPSODQWDWLRQ
WHOOHTXHGpÀQLHSDUOHVSODQVG·H[pFXWLRQ+LOWLGpFOLQHWRXWHUHVSRQVDELOLWpHQFDVGHGRPPDJHV
GXVDXQRQUHVSHFWGXPRGHG·HPSORLjXQVRXVGLPHQVLRQQHPHQWGHODOLDLVRQSDUOHFOLHQW
jO·LQVXIÀVDQFHGHODFDSDFLWpGHFKDUJHGXPDWpULDXGHEDVHjGHVHUUHXUVG·DSSOLFDWLRQDLQVL
TX·jWRXWDXWUHpOpPHQWLQFRQQXGXIDEULFDQW /HVHVVDLVVXUVLWHVSHXYHQWrWUHUpDOLVpVSDU+LOWL


',0(16,211(0(176(/21/$0e7+2'(+,7
$9(&5e6,1(+,/7,+,7&7
0qFKHFUHXVH 1HWWR\DJHjDLU
KRPRORJXpH FRPSULPp
1HWWR\DJHQRQ
QpFHVVDLUH

‘ &KDUJH /RQJXHXUG·DQFUDJHOEG PP
‘7URX (QWUD[H
$UPDWXUH WUDFWLRQ15G
>PP@ >PP@
>PP@ >N1@ & & & & & & &

       

       



 

       

•       

       

       



 

       

•       

       

       



 

       

•       

       

       


  
       

•       

       

       


  
       

•       

       

       


  
       

•       

       

       


  
       

•       


7(18($8)(8'8+,7&7

6FHOOHPHQWGHGDOOHVXUYRLOHYHUWLFDO'RPDLQHG·DSSOLFDWLRQ
$EDTXHGHGLPHQVLRQQHPHQWDXIHXGHODUpVLVWDQFHSDUDGKpUHQFHG·DUPDWXUH+$
SRXUFRQQH[LRQGHSRXWUHVXUYRLOHHQEpWRQDUPp
6FHOOHPHQWSDUUpVLQH+LOWL+,7&7
9DOHXUVVHORQUDSSRUW&67%GH6HSWHPEUH

0RGHG·HPSORLGHVDEDTXHV
'pWHUPLQDWLRQGHODORQJXHXUG·DQFUDJH/VGHIHUVG·DUPDWXUH+$%%
HQVLWXDWLRQG·LQFHQGLHGDQVOHFDVG·XQHOLDLVRQSODQFKHUYRLOH
9DOHXUVGRQQpHVSRXUGHVWHQXHVDXIHXGHPLQXWHVjKHXUHVVHORQFRXUEH
,62

5pVLVWDQFHGHFDOFXODXIHXVHORQ(XURFRGHSRXUXQHWHQXHDXIHX
GHjPLQXWHV

)RUFHGHWUDFWLRQPD[LPDOH 7HQXHDXIHXHQPLQXWHV
‘ /RQJXHXUG·DQFUDJH
‘7URX DSSOLTXpHGDQVO·DFLHUHQ
$UPDWXUH GDQVODSDURL
VLWXDWLRQG·LQFHQGLH      
PP  PP )6GIL N1 /V PP )5GDGKIL N1
(QUREDJHPLQLPXP
     
PP 
      
      
      
  
     
    
   
  
 
(QUREDJHPLQLPXP
     
PP 
      
      
      
  
     
    
   
  
 
(QUREDJHPLQLPXP
     
PP 
      
      
      
  
     
    
   
  
 
/·HQUREDJHPLQLPXPFRUUHVSRQGjODGLVWDQFHHQWUHODVRXVVXUIDFHGHODGDOOHHWOHQXGXIHU


)RUFHGHWUDFWLRQPD[LPDOH 7HQXHDXIHXHQPLQXWHV
‘ /RQJXHXUG·DQFUDJH
‘7URX DSSOLTXpHGDQVO·DFLHUHQ
$UPDWXUH GDQVODSDURL
VLWXDWLRQG·LQFHQGLH      

PP  PP )6GIL N1 /V PP )5GDGKIL N1


(QUREDJHPLQLPXP
PP *
     

      


      
      
        
    
   
  
 
(QUREDJHPLQLPXP
     
PP 
      
      
      
        
    
   
  
 
(QUREDJHPLQLPXP
     
PP 
      
      
      
        
    
   
  
 
(QUREDJHPLQLPXP
     
PP 
      
      
      
        
    
   
  
 
5HPDUTXH/HVYDOHXUVLQWHUPpGLDLUHVSHXYHQWrWUHREWHQXHVSDULQWHUSRODWLRQOLQpDLUH


6&(//(0(17'(32875(68592,/(
9(57,&$/'20$,1('·$33/,&$7,21
$EDTXHGHGLPHQVLRQQHPHQWDXIHXGHODUpVLVWDQFHSDUDGKpUHQFHGHIHUV
G·DUPDWXUH+$SRXUXQDVVHPEODJHSRXWUHVXUYRLOHHQEpWRQDUPp,6FHOOHPHQW
SDUUpVLQH+LOWL+,7&7
9DOHXUVVHORQpWXGH&67%GH6HSWHPEUH

0RGHG·HPSORLGHVDEDTXHV
'pWHUPLQDWLRQGHODORQJXHXUGHVFHOOHPHQW/VGHIHUVG·DUPDWXUH+$%%HQ
VLWXDWLRQG·LQFHQGLHGDQVOHFDVG·XQHOLDLVRQSRXWUHYRLOH YRLUFLFRQWUH 

9DOHXUVGRQQpHVSRXUGHVWHQXHVDXIHXGHPLQXWHVjKHXUHVVHORQFRXUEH
,62
,QGLFDWLRQGHO·HQUREDJH GLVWDQFHHQWUHEpWRQHWDFLHU PLQLKRUL]RQWDOHW
YHUWLFDO DUPDWXUHVGHFRLQ jUHVSHFWHU

3DUDLOOHXUVFHVDEDTXHVVRQWYDODEOHVSRXUXQQRPEUHPD[LPXPG·DUPDWXUHVSDUOLW
HQIRQFWLRQGHVGLPHQVLRQVGHVSRXWUHVFRPPHLQGLTXpGDQVOHVWDEOHDX[SUpFpGDQW
OHVDEDTXHV

/HVHVSDFHPHQWVYHUWLFDX[HWKRUL]RQWDX[´DµHQWUHDUPDWXUH DXQXGHVDFLHUV 
VRQWGpWHUPLQpVSDUODIRUPXOH
D PD[ [GLDPqWUHGHIRUDJH >'LPHQVLRQVHQPP@

&DVG·XQHSRXWUHGHODUJHXUFP

3RXWUHGHODUJHXU 'XUpHGHVWDELOLWp,1RPEUHG·DUPDWXUHVSDUOLW
FP PLQ PLQ PLQ
)HUGH   
)HUGH   
)HUGH   
)HUGH   
)HUGH   
)HUGH   
)HUGH   

‘ ‘ (IIRUWGHWUDFWLRQPD[ 'XUpHGHVWDELOLWp PLQXWHV


$UPDWXUH )RUDJH HQVLWXDWLRQG·LQFHQGLH 3RXWUHGHODUJHXUFP
PP PP N1      
(QUREDJHPLQLPXP PP      
  
/RQJXHXUG·DQFUDJH/V PP      
(QUREDJHPLQLPXPHQPP      
  
/RQJXHXUG·DQFUDJH/V PP      
(QUREDJHPLQLPXPHQPP      
  
/RQJXHXUG·DQFUDJH/V PP      
(QUREDJHPLQLPXPHQPP      
  
/RQJXHXUG·DQFUDJH/V PP      
(QUREDJHPLQLPXPHQPP      
  
/RQJXHXUG·DQFUDJH/V PP      
(QUREDJHPLQLPXPHQPP      
  
/RQJXHXUG·DQFUDJH/V PP      
(QUREDJHPLQLPXPHQPP      
  
/RQJXHXUG·DQFUDJH/V PP      


6&(//(0(17'(32875(68592,/(
9(57,&$/'20$,1('·$33/,&$7,21

$EDTXHGHGLPHQVLRQQHPHQWDXIHXGHODUpVLVWDQFHSDUDGKpUHQFHG·DUPDWXUH+$
SRXUXQDVVHPEODJHSRXWUHVXUYRLOHHQEpWRQDUPp
6FHOOHPHQWSDUUpVLQH+LOWL+,7&7
9DOHXUVVHORQpWXGH&67%GH6HSWHPEUH

0RGHG·HPSORLGHVDEDTXHV
'pWHUPLQDWLRQGHODORQJXHXUG·DQFUDJH/VG·DUPDWXUH+$%%HQVLWXDWLRQ
G·LQFHQGLHGDQVOHFDVG·XQHOLDLVRQSRXWUHYRLOH YRLUFLFRQWUH 

9DOHXUVGRQQpHVSRXUGHVWHQXHVDXIHXGHPLQXWHVjKHXUHVVHORQFRXUEH
,62
,QGLFDWLRQGHO·HQUREDJH GLVWDQFHHQWUHEpWRQHWDFLHU PLQLKRUL]RQWDOHWYHUWLFDO
DUPDWXUHVGHFRLQ jUHVSHFWHU

3DUDLOOHXUVFHVDEDTXHVVRQWYDODEOHVSRXUXQQRPEUHPD[LPXPG·DUPDWXUHVSDUOLW
HQIRQFWLRQGHVGLPHQVLRQVGHVSRXWUHVFRPPHLQGLTXpGDQVOHVWDEOHDX[SUpFpGDQW
OHVDEDTXHV

/HVHVSDFHPHQWVYHUWLFDX[HWKRUL]RQWDX[´DµHQWUHDUPDWXUH DXQXGHVDFLHUV VRQW


GpWHUPLQpVSDUODIRUPXOH
D PD[ [GLDPqWUHGHIRUDJH >'LPHQVLRQVHQPP@

&DVG·XQHSRXWUHGHODUJHXUFP

3RXWUHGHODUJHXU 'XUpHGHVWDELOLWp,1RPEUHG·DUPDWXUHVSDUOLW
FP PLQ PLQ PLQ PLQ
)HUGH    
)HUGH    
)HUGH    
)HUGH    
)HUGH    
)HUGH    
)HUGH    

‘ ‘ (IIRUWGHWUDFWLRQPD[ 'XUpHGHVWDELOLWp PLQXWHV


$UPDWXUH )RUDJH HQVLWXDWLRQG·LQFHQGLH 3RXWUHGHODUJHXUFP
PP PP N1      
(QUREDJHPLQLPXP PP      
  
/RQJXHXUG·DQFUDJH/V PP      
(QUREDJHPLQLPXP PP      
  
/RQJXHXUG·DQFUDJH/V PP      
(QUREDJHPLQLPXP PP      
  
/RQJXHXUG·DQFUDJH/V PP      
(QUREDJHPLQLPXP PP      
  
/RQJXHXUG·DQFUDJH/V PP      
(QUREDJHPLQLPXP PP      
  
/RQJXHXUG·DQFUDJH/V PP      
(QUREDJHPLQLPXP PP      
  
/RQJXHXUG·DQFUDJH/V PP      
(QUREDJHPLQLPXP PP      
  
/RQJXHXUG·DQFUDJH/V PP      


6&(//(0(17'(32875(68592,/(9(57,&$/
'20$,1('·$33/,&$7,21

$EDTXHGHGLPHQVLRQQHPHQWDXIHXGHODUpVLVWDQFHSDUDGKpUHQFHG·DUPDWXUH+$
SRXUXQDVVHPEODJHSRXWUHVXUYRLOHHQEpWRQDUPp
6FHOOHPHQWSDUUpVLQH+LOWL+,7&7
9DOHXUVVHORQpWXGH&67%GH6HSWHPEUH

0RGHG·HPSORLGHVDEDTXHV
'pWHUPLQDWLRQGHODORQJXHXUG·DQFUDJH/VG·DUPDWXUH+$%%HQVLWXDWLRQ
G·LQFHQGLHGDQVOHFDVG·XQHOLDLVRQSRXWUHYRLOH YRLUFLFRQWUH 

9DOHXUVGRQQpHVSRXUGHVWHQXHVDXIHXGHPLQXWHVjKHXUHVVHORQFRXUEH
,62
,QGLFDWLRQGHO·HQUREDJH GLVWDQFHHQWUHEpWRQHWDFLHU PLQLKRUL]RQWDOHWYHUWLFDO
DUPDWXUHVGHFRLQ jUHVSHFWHU

3DUDLOOHXUVFHVDEDTXHVVRQWYDODEOHVSRXUXQQRPEUHPD[LPXPG·DUPDWXUHVOLW
HQIRQFWLRQGHVGLPHQVLRQVGHVSRXWUHVFRPPHLQGLTXpGDQVOHVWDEOHDX[SUpFpGDQW
OHVDEDTXHV

/HVHVSDFHPHQWVYHUWLFDX[HWKRUL]RQWDX[´DµHQWUHDUPDWXUH DXQXGHVDFLHUV VRQW


GpWHUPLQpVSDUODIRUPXOH
D PD[ [GLDPqWUHGHIRUDJH >'LPHQVLRQVHQPP@

&DVG·XQHSRXWUHGHODUJHXUFPHWSOXV

'XUpHGHVWDELOLWp,1RPEUHG·DUPDWXUHVSDUOLW
3RXWUHGHODUJHXUFP 3RXWUHGHODUJHXUFP
           
)HUGH            
)HUGH            
)HUGH            
)HUGH            
)HUGH            
)HUGH            
)HUGH            

‘ ‘ (IIRUWGHWUDFWLRQPD[ 'XUpHGHVWDELOLWp PLQXWHV


3RXWUHGHODUJHXU
$UPDWXUH )RUDJH HQVLWXDWLRQG·LQFHQGLH
FPHWSOXV
PP PP N1      
(QUREDJHPLQLPXP PP      
  
/RQJXHXUG·DQFUDJH/V PP      
(QUREDJHPLQLPXP PP      
  
/RQJXHXUG·DQFUDJH/V PP      
(QUREDJHPLQLPXP PP      
  
/RQJXHXUG·DQFUDJH/V PP      
(QUREDJHPLQLPXP PP      
  
/RQJXHXUG·DQFUDJH/V PP      
(QUREDJHPLQLPXP PP      
  
/RQJXHXUG·DQFUDJH/V PP      
(QUREDJHPLQLPXP PP      
  
/RQJXHXUG·DQFUDJH/V PP      
(QUREDJHPLQLPXP PP      
  
/RQJXHXUG·DQFUDJH/V PP      




You might also like