You are on page 1of 6

ORLV


/RL Qƒ  GX  RFWREUH  UHODWLYH DX $UWLFOH QRXYHDX /RUVTXHODGpVLJQDWLRQG¶XQRX
UHQIRUFHPHQW GH OD VpFXULWp GHV UHODWLRQV GH SOXVLHXUV FRPPLVVDLUHV DX[ FRPSWHV V¶LPSRVH HQ
ILQDQFLqUHV   DSSOLFDWLRQ GH ¶DUWLFOH  GX SUpVHQW FRGH FHWWH
$XQRPGXSHXSOH GpVLJQDWLRQ HVW HIIHFWXpH SDU OHV DVVRFLpV GpOLEpUDQW DX[
FRQGLWLRQV GH TXRUXP HW GH PDMRULWp SURSUHV DX[
/DFKDPEUHGHVGpSXWpVD\DQWDGRSWp
DVVHPEOpHVJpQpUDOHVRUGLQDLUHV
/H3UpVLGHQWGHOD5pSXEOLTXHSURPXOJXHODORLGRQWOD 8Q RX SOXVLHXUV DVVRFLpV UHSUpVHQWDQW DX PRLQV OH
WHQHXUVXLW
GL[LqPH GX FDSLWDO VRFLDO SHXYHQW GHPDQGHU O¶LQVHUWLRQ j
7,75(35(0,(5 O¶RUGUHGXMRXUGHO¶DVVHPEOpHJpQpUDOHRUGLQDLUHODTXHVWLRQ
5HQIRUFHPHQWGHODVLQFpULWpGHVFRPSWHVGHVVRFLpWpV GH GpVLJQDWLRQ G¶XQ RX GH SOXVLHXUV FRPPLVVDLUHV DX[
&+$3,75(35(0,(5 FRPSWHV PrPH VL OD VRFLpWp Q¶HQ HVW SDV WHQXH GX IDLW
TX¶HOOHQHUpSRQGSDVDX[FULWqUHVSUpYXVSDUO¶DUWLFOHGX
5HQIRUFHPHQWGHODWUDQVSDUHQFHGHO¶LQIRUPDWLRQ SUpVHQW FRGH 'DQV FH FDV O¶DVVHPEOpH JpQpUDOH RUGLQDLUH
ILQDQFLqUH H[DPLQH OD GHPDQGH FRQIRUPpPHQW DX[ SURFpGXUHV
$UWLFOH SUHPLHU  6RQW DEURJpHV OHV GLVSRVLWLRQV GH LQGLTXpHVDXSDUDJUDSKHSUpFpGHQW
O¶DUWLFOH  GH O¶DUWLFOH  HW GX SUHPLHU SDUDJUDSKH GH $UWLFOH  SDUDJUDSKH SUHPLHU QRXYHDX   /D
O¶DUWLFOH  GX FRGH GHV VRFLpWpV FRPPHUFLDOHV HW GpVLJQDWLRQG¶XQRXGHSOXVLHXUVFRPPLVVDLUHVDX[FRPSWHV
UHPSODFpHVSDUOHVGLVSRVLWLRQVVXLYDQWHV GHYLHQWREOLJDWRLUHSRXUXQHVRFLpWpjUHVSRQVDELOLWpOLPLWpH
$UWLFOH  QRXYHDX   /HV VRFLpWpVFRPPHUFLDOHVVRQW GDQV OH FDV R XQ RX SOXVLHXUV DVVRFLpV UHSUpVHQWDQW DX
WHQXHVGHGpVLJQHUXQFRPPLVVDLUHDX[FRPSWHV PRLQVOHFLQTXLqPHGXFDSLWDOVRFLDOODGHPDQGHQWPrPHVL
FHWWH VRFLpWp QH UHPSOLW SDV OHV FRQGLWLRQV GH GpVLJQDWLRQ
7RXWHIRLV OHV VRFLpWpV FRPPHUFLDOHV DXWUHV TXH OHV YLVpHV j O¶DUWLFOH  GX SUpVHQW FRGH /H SUpVLGHQW GX
VRFLpWpVSDUDFWLRQVVRQWGLVSHQVpHVGHODGpVLJQDWLRQG¶XQ WULEXQDOGDQVOHUHVVRUWGXTXHOVHWURXYHOHVLqJHVRFLDOGHOD
FRPPLVVDLUHDX[FRPSWHV VRFLpWp GpVLJQHUD OH RX OHV FRPPLVVDLUHV DX[ FRPSWHV SDU
DXWLWUHGXSUHPLHUH[HUFLFHFRPSWDEOHGHOHXUDFWLYLWp RUGRQQDQFH VXU UHTXrWH j OD GHPDQGH GX RX GHV DVVRFLpV
 VL HOOHV QH UHPSOLVVHQW SDV GHX[ GHV OLPLWHV FKLIIUpHV GpVLJQpVFLGHVVXV
UHODWLYHVDXWRWDOGXELODQDXWRWDOGHVSURGXLWVKRUVWD[HVHW $UW6RQWDEURJpHVOHVGLVSRVLWLRQVGXSDUDJUDSKH
DXQRPEUHPR\HQGHVHPSOR\pV GHO¶DUWLFOHGXFRGHGHVVRFLpWpVFRPPHUFLDOHV
RXVLHOOHVQHUHPSOLVVHQWSOXVGXUDQWOHVGHX[GHUQLHUV &+$3,75('(8;
H[HUFLFHV FRPSWDEOHV GX PDQGDW GX FRPPLVVDLUH DX[ 5HQIRUFHPHQWGHO¶LQGpSHQGDQFHGHVFRPPLVVDLUHVDX[
FRPSWHVGHX[GHVOLPLWHVFKLIIUpHVYLVpHVDXGHX[LqPHWLUHW FRPSWHVGHVVRFLpWpV
/HFRPPLVVDLUHDX[FRPSWHVGRLWrWUHGpVLJQpSDUPLOHV $UW   (VW DMRXWp DX FRGH GHV VRFLpWpV FRPPHUFLDOHV
H[SHUWVFRPSWDEOHVLQVFULWVDXWDEOHDXGHO¶RUGUHGHVH[SHUWV O¶DUWLFOHELVVXLYDQW
FRPSWDEOHVGH7XQLVLHVLGHX[GHVOLPLWHVFKLIIUpHVUHODWLYHV $UWLFOH  ELV  /H FRPPLVVDLUH DX[ FRPSWHV HVW
DX WRWDO GX ELODQ DX WRWDO GHV SURGXLWV KRUV WD[HV HW DX GpVLJQpSRXUXQHSpULRGHGHWURLVDQQpHVUHQRXYHODEOH
QRPEUHPR\HQGHVHPSOR\pVVRQWUHPSOLHV$XFDVRFHV
OLPLWHV FKLIIUpHV QH VRQW SDV UHPSOLHV OH FRPPLVVDLUH DX[ 7RXWHIRLV OH QRPEUH GH PDQGDWV VXFFHVVLIV FRPSWH
FRPSWHV HVW GpVLJQp VRLW SDUPL OHV H[SHUWV FRPSWDEOHV WHQX GX UHQRXYHOOHPHQW QH SHXW H[FpGHU SRXU OHV VRFLpWpV
LQVFULWV DX WDEOHDX GH O¶RUGUH GHV H[SHUWV FRPSWDEOHV GH FRPPHUFLDOHV VRXPLVHV j O¶REOLJDWLRQ GH GpVLJQHU XQ
7XQLVLH VRLW SDUPL OHV VSpFLDOLVWHV HQ FRPSWDELOLWp LQVFULWV FRPPLVVDLUH DX[ FRPSWHV LQVFULW DX WDEOHDX GH O¶RUGUH GHV
DXWDEOHDXGHODFRPSDJQLHGHVFRPSWDEOHVGH7XQLVLH H[SHUWV FRPSWDEOHV GH 7XQLVLH WURLV PDQGDWV ORUVTXH OH
FRPPLVVDLUHDX[FRPSWHVHVWXQHSHUVRQQHSK\VLTXHHWFLQT
/HV OLPLWHV FKLIIUpHV HW OH PRGH GH FDOFXO GX QRPEUH PDQGDWV VL OH FRPPLVVDLUH DX[ FRPSWHV UHYrW OD IRUPH
PR\HQGHVHPSOR\pVSUpYXVSDUOHVSDUDJUDSKHVHWGX G¶XQH VRFLpWp G¶H[SHUWLVH FRPSWDEOH FRPSRUWDQW DX PRLQV
SUpVHQWDUWLFOHVRQWIL[pVSDUGpFUHW WURLV H[SHUWV FRPSWDEOHV LQVFULWV DX WDEOHDX GH O¶RUGUH GHV
7RXW FRPPLVVDLUH DX[ FRPSWHV GpVLJQp FRQIRUPpPHQW H[SHUWVFRPSWDEOHVGH7XQLVLHHWFHjFRQGLWLRQGHFKDQJHU
DX[ GLVSRVLWLRQV GX SUpVHQW DUWLFOH HVW VRXPLV DX[ OH SURIHVVLRQQHO TXL HQJDJH VD UHVSRQVDELOLWp SHUVRQQHOOH
GLVSRVLWLRQV YLVpHV DX FKDSLWUH WURLV GX VRXVWLWUH WURLV GX VXU OH FRQWHQX GX UDSSRUW GH FRQWU{OH GHV FRPSWHV HW GH
WLWUHSUHPLHUGXOLYUHTXDWUHGXSUpVHQWFRGH FKDQJHU O¶pTXLSH LQWHUYHQDQW GDQV O¶RSpUDWLRQ GX FRQWU{OH
XQH IRLV DX PRLQV DSUqV WURLV PDQGDWV /HV PRGDOLWpV
BBBBBBBBBBBB G¶DSSOLFDWLRQGXSUpVHQWSDUDJUDSKHVRQWIL[pHVSDUGpFUHW
 7UDYDX[SUpSDUDWRLUHV /HV GLVSRVLWLRQV GX GHX[LqPH SDUDJUDSKH GX SUpVHQW
'LVFXVVLRQ HW DGRSWLRQ SDU OD FKDPEUH GHV GpSXWpV GDQV VD DUWLFOH V¶DSSOLTXHQW ORUV GX UHQRXYHOOHPHQW GHV PDQGDWV j
VpDQFHGXVHSWHPEUH SDUWLUGXSUHPLHUMDQYLHU

1ƒ -RXUQDO2IILFLHOGHOD5pSXEOLTXH7XQLVLHQQH²RFWREUH 3DJH


$UW   6RQW DEURJpHV OHV GLVSRVLWLRQV GX SUHPLHU $UWLFOH  SDUDJUDSKH  QRXYHDX   /HV pWDWV
SDUDJUDSKH GH O¶DUWLFOH  GX SDUDJUDSKH  GH O¶DUWLFOH ILQDQFLHUV FRQVROLGpV VRQW VRXPLV j O¶DXGLW GX RX GHV
 GX SDUDJUDSKH  GH O¶DUWLFOH  HW GX SUHPLHU FRPPLVVDLUHV DX[ FRPSWHV GH OD VRFLpWp PqUH TXL GRLYHQW
SDUDJUDSKH GH O¶DUWLFOH  GX FRGH GHV VRFLpWpV rWUHLQVFULWVDXWDEOHDXGHO¶RUGUHGHVH[SHUWVFRPSWDEOHVGH
FRPPHUFLDOHVHWUHPSODFpHVSDUOHVGLVSRVLWLRQVVXLYDQWHV 7XQLVLH
$UWLFOH SDUDJUDSKHSUHPLHUQRXYHDX  &+$3,75(48$75(
6DQV SUpMXGLFH GHV GLVSRVLWLRQV GH O¶DUWLFOH  ELV GX 5HQIRUFHPHQWGHODWUDQVSDUHQFHGHVVRFLpWpV
SUpVHQWFRGHOHVFRPPLVVDLUHVDX[FRPSWHVVRQWGpVLJQpV $UW  (VW DMRXWp DX FRGH GHV VRFLpWpV FRPPHUFLDOHV
GDQV WRXV OHV FDV SRXU XQH SpULRGH GH WURLV DQQpHV /HXUV O¶DUWLFOHTXDWHUVXLYDQW
DWWULEXWLRQV PLVVLRQV REOLJDWLRQV HW UHVSRQVDELOLWpV DLQVL $UWLFOHTXDWHU1RQREVWDQWOHXUVREOLJDWLRQVOpJDOHV
TXH OHV FRQGLWLRQV GH OHXU UpYRFDWLRQ HW GH OHXU OHVFRPPLVVDLUHVDX[FRPSWHVVRQWWHQXVGHFRPPXQLTXHUj
UpPXQpUDWLRQ VRQW IL[pHV FRQIRUPpPHQW DX[ GLVSRVLWLRQV OD EDQTXH FHQWUDOH GH 7XQLVLHXQHFRSLHGHFKDTXHUDSSRUW
GHVDUWLFOHVjGXSUpVHQWFRGH DGUHVVpDX[DVVHPEOpHVJpQpUDOHVHWFHSRXU
$UWLFOH SDUDJUDSKHQRXYHDX /HXUPDQGDWSHXW OHVVRFLpWpVIDLVDQWDSSHOSXEOLFjO¶pSDUJQH
rWUH UHQRXYHOp VDXI VWLSXODWLRQ FRQWUDLUH GHV VWDWXWV 6RXV  OHV VRFLpWpV WHQXHV G¶pWDEOLU GHV pWDWV ILQDQFLHUV
UpVHUYHGHVGLVSRVLWLRQVGHO¶DUWLFOHELVGXSUpVHQWFRGH FRQVROLGpV FRQIRUPpPHQW j OD OpJLVODWLRQ HQ YLJXHXU VL OH
OH FRPPLVVDLUH DX[ FRPSWHV HVW QRPPp SRXU XQH SpULRGH WRWDO GH OHXU ELODQ DX WLWUH GHV FRPSWHV FRQVROLGpV GpSDVVH
GHWURLVDQQpHV XQPRQWDQWIL[pSDUGpFUHW
$UWLFOH SDUDJUDSKHQRXYHDX 6RXVUpVHUYHGHV OHVVRFLpWpVGRQWOHWRWDOGHOHXUVHQJDJHPHQWVDXSUqV
GLVSRVLWLRQVGHO¶DUWLFOHELVGXSUpVHQWFRGHOHVSUHPLHUV GHVpWDEOLVVHPHQWVGHFUpGLWHWO¶HQFRXUVGHOHXUVpPLVVLRQV
REOLJDWDLUHVGpSDVVHXQPRQWDQWIL[pSDUGpFUHW
FRPPLVVDLUHV DX[ FRPSWHV VRQW GpVLJQpV SDU GpFLVLRQ GH
O¶DVVHPEOpHJpQpUDOHFRQVWLWXWLYHSRXUXQHSpULRGHGHWURLV $UW   (VW DMRXWp j OD ORL Qƒ  GX  QRYHPEUH
SRUWDQWUpRUJDQLVDWLRQGXPDUFKpILQDQFLHUWHOOHTXH
DQQpHV
PRGLILpHHWFRPSOpWpHSDUOHVWH[WHVVXEVpTXHQWVO¶DUWLFOH
$UWLFOH  SUHPLHU SDUDJUDSKH QRXYHDX   6RXV VH[LVVXLYDQW
UpVHUYHGHVGLVSRVLWLRQVGHO¶DUWLFOHELVGXSUpVHQWFRGH $UWLFOH   VH[LV  1RQREVWDQW VHV REOLJDWLRQV OpJDOHV
O¶DVVHPEOpH JpQpUDOH GHV DFWLRQQDLUHV GpVLJQH XQ RX FKDTXH FRPPLVVDLUH DX[ FRPSWHV G¶XQH VRFLpWp IDLVDQW
SOXVLHXUV FRPPLVVDLUHV DX[ FRPSWHV SRXU XQH SpULRGH GH DSSHOSXEOLFjO¶pSDUJQHGRLW
WURLVDQQpHV
 VLJQDOHU LPPpGLDWHPHQW DX FRQVHLO GX PDUFKp
&+$3,75(752,6 ILQDQFLHUWRXWIDLWGHQDWXUHjPHWWUHHQSpULOOHVLQWpUrWVGH
5HQIRUFHPHQWGXFRQWU{OHGHVFRPSWHVGHVVRFLpWpV ODVRFLpWpRXOHVSRUWHXUVGHVHVWLWUHV
$UW   (VW DMRXWp DX FRGH GHV VRFLpWpV FRPPHUFLDOHV  UHPHWWUH HQ PrPH WHPSV DX FRQVHLO GX PDUFKp
O¶DUWLFOHWHUVXLYDQW ILQDQFLHUXQHFRSLHGHFKDTXHUDSSRUWDGUHVVpjO¶DVVHPEOpH
JpQpUDOH
$UWLFOHWHU6RQWVRXPLVjODGpVLJQDWLRQGHGHX[RX
&+$3,75(&,14
GH SOXVLHXUV FRPPLVVDLUHV DX[ FRPSWHV LQVFULWV DX WDEOHDX
GHO¶RUGUHGHVH[SHUWVFRPSWDEOHVGH7XQLVLH 5HQIRUFHPHQWGHODUHVSRQVDELOLWpGHVRUJDQHVGH
FRQWU{OHHWGHGLUHFWLRQ
 OHV pWDEOLVVHPHQWV GH FUpGLW IDLVDQW DSSHO SXEOLF j
O¶pSDUJQHHWOHVVRFLpWpVG¶DVVXUDQFHVPXOWLEUDQFKHV $UW   (VW DMRXWp DX FRGH GHV VRFLpWpV FRPPHUFLDOHV
O¶DUWLFOHELVVXLYDQW
 OHV VRFLpWpV WHQXHV G¶pWDEOLU GHV pWDWV ILQDQFLHUV
FRQVROLGpV FRQIRUPpPHQW j OD OpJLVODWLRQ HQ YLJXHXU VL OH $UWLFOH  ELV  /H RX OHV FRPPLVVDLUHV DX[ FRPSWHV
WRWDO GH OHXU ELODQ DX WLWUH GHV FRPSWHV FRQVROLGpV GpSDVVH GHODVRFLpWpVRQWREOLJDWRLUHPHQWFRQYRTXpVSRXUDVVLVWHUj
WRXWHV OHV UpXQLRQV GX FRQVHLO G¶DGPLQLVWUDWLRQ RX GX
XQPRQWDQWIL[pSDUGpFUHW
FRQVHLO GH VXUYHLOODQFH HW GX GLUHFWRLUH TXL pWDEOLVVHQW OHV
OHVVRFLpWpVGRQWOHWRWDOGHOHXUVHQJDJHPHQWVDXSUqV pWDWV ILQDQFLHUV DQQXHOV RX TXL H[DPLQHQW OHV pWDWV
GHVpWDEOLVVHPHQWVGHFUpGLWHWO¶HQFRXUVGHOHXUVpPLVVLRQV ILQDQFLHUV LQWHUPpGLDLUHV DLQVL TX¶j WRXWHV OHV DVVHPEOpHV
REOLJDWDLUHVGpSDVVHXQPRQWDQWIL[pSDUGpFUHW JpQpUDOHV
&HV FRPPLVVDLUHV DX[ FRPSWHV QH GRLYHQW SDV rWUH OLpV $UW(VWDMRXWpDXFRGHGHVVRFLpWpVFRPPHUFLDOHV
SDU GHV UHODWLRQV G¶DVVRFLDWLRQ RX SDU G¶DXWUHV OLHQV TXHOV O¶DUWLFOHTXLQWHUVXLYDQW
TX¶LOVVRLHQWTXLVRQWGHQDWXUHjOLPLWHUOHXULQGpSHQGDQFH $UWLFOH  TXLQWHU  /HV RUJDQHV GH GLUHFWLRQ HW OHV
HW VRQW WHQXV GH IL[HU OHV FRQGLWLRQV HW OHV PRGDOLWpV FKDUJpV GHV DIIDLUHV ILQDQFLqUHV HW FRPSWDEOHV GHV VRFLpWpV
G¶pODERUDWLRQ GH OHXUV UDSSRUWV HQ V¶DSSX\DQW VXU OD FRPPHUFLDOHVVRXPLVHVFRQIRUPpPHQWDX[GLVSRVLWLRQVGX
SURFpGXUHGHO¶H[DPHQFRQWUDGLFWRLUH SUpVHQW FRGH j O¶REOLJDWLRQ GH GpVLJQHU XQ RX SOXVLHXUV
FRPPLVVDLUHVDX[FRPSWHVLQVFULWVDXWDEOHDXGHO¶RUGUHGHV
8QH QRUPH SURIHVVLRQQHOOH IL[HUD OHV UqJOHV HW OHV H[SHUWV FRPSWDEOHV GH 7XQLVLH VRQW WHQXV GH VLJQHU XQH
GLOLJHQFHV UHODWLYHV DX FRFRPPLVVDULDW DX[ FRPSWHV GHV GpFODUDWLRQ DQQXHOOH SUpVHQWpH DX[ FRPPLVVDLUHV DX[
VRFLpWpV FRPSWHV SRXU DWWHVWHU TX¶LOV RQW IRXUQL OHV GLOLJHQFHV
$UW   6RQW DEURJpHV OHV GLVSRVLWLRQV GX GHX[LqPH QpFHVVDLUHVSRXUJDUDQWLUO¶H[KDXVWLYLWpHWODFRQIRUPLWpGHV
SDUDJUDSKH GH O¶DUWLFOH  GX FRGH GHV VRFLpWpV pWDWV ILQDQFLHUV j OD OpJLVODWLRQ FRPSWDEOH /H FRQWHQX GH
FRPPHUFLDOHVHWUHPSODFpHVSDUOHVGLVSRVLWLRQVVXLYDQWHV FHWWHGpFODUDWLRQHVWIL[pSDUDUUrWpGXPLQLVWUHGHVILQDQFHV

3DJH -RXUQDO2IILFLHOGHOD5pSXEOLTXH7XQLVLHQQH²RFWREUH 1ƒ



$UW(VWDMRXWpDXFRGHGHVVRFLpWpVFRPPHUFLDOHV FRQIRUPpPHQW j OD OpJLVODWLRQ HQ YLJXHXU DLQVL TXH OHV
O¶DUWLFOHVH[LVVXLYDQW SHUVRQQHV PRUDOHV GRLYHQW GpSRVHU HQ DQQH[H DX UHJLVWUH
$UWLFOHVH[LV(VWSXQLG¶XQHPSULVRQQHPHQWGHVL[ GX FRPPHUFH HW HQ GRXEOH H[HPSODLUH OHV pWDWV ILQDQFLHUV
PRLV HW G¶XQH DPHQGH GH FLQT PLOOH GLQDUV RX GH O¶XQH GH TX¶HOOHV VRQW WHQXHV G¶pWDEOLU FRQIRUPpPHQW DX[ ORLV HW
FHV GHX[ SHLQHV WRXW GLULJHDQW G¶XQH VRFLpWp FRPPHUFLDOH UqJOHPHQWV \ DIIpUHQWV &H GpS{W GRLW LQWHUYHQLU GDQV OH
RX G¶XQ JURXSHPHQW G¶LQWpUrW pFRQRPLTXH TXL HQWUDYH OHV GpODL G¶XQ PRLV j FRPSWHU GH OHXU DSSUREDWLRQ SDU OHV
WUDYDX[GXRXGHVFRPPLVVDLUHVDX[FRPSWHVRXTXLUHIXVH DVVHPEOpHV JpQpUDOHV SRXU OHV SHUVRQQHV PRUDOHV HW GDQV
GH IRXUQLU j OHXU GHPDQGH SDU WRXW PR\HQ TXL ODLVVH XQH WRXV OHV FDV DYDQW OH VHSWLqPH PRLV VXLYDQW OD FO{WXUH GH
WUDFHpFULWHOHVGRFXPHQWVQpFHVVDLUHVjO¶H[HUFLFHGHOHXUV O¶H[HUFLFH FRPSWDEOH '¶DXWUHV GRFXPHQWV SHXYHQW rWUH
PLVVLRQV DMRXWpVSDUDUUrWpGXPLQLVWUHGHODMXVWLFH
7,75('(8; /D VRFLpWp PqUH YLVpH j O¶DUWLFOH  GX FRGH GHV
VRFLpWpV FRPPHUFLDOHV HVW WHQXH GH GpSRVHU HQ DQQH[H DX
5HQIRUFHPHQWGHODSROLWLTXHGHGLYXOJDWLRQILQDQFLqUH UHJLVWUH GX FRPPHUFH HW HQ GRXEOH H[HPSODLUH OHV
GHVVRFLpWpVHWGHOHXUERQQHJRXYHUQDQFH GRFXPHQWVYLVpVjO¶DUWLFOHGXGLWFRGH
&+$3,75(35(0,(5 /HV VRFLpWpV FRPPHUFLDOHV GRLYHQW GpSRVHU RXWUH OHV
5HQIRUFHPHQWGHODFUpDWLRQGHVFRPLWpVSHUPDQHQWV GRFXPHQWV FLGHVVXV PHQWLRQQpV HQ DQQH[H DX UHJLVWUH GX
G¶DXGLW FRPPHUFHHWHQGRXEOHH[HPSODLUHODOLVWHGHVDFWLRQQDLUHV
$UW(VWDMRXWpDXFRGHGHVVRFLpWpVFRPPHUFLDOHV RX GHV DVVRFLpV GRQW OD SDUWLFLSDWLRQ HVW VXSpULHXUH j XQH
O¶DUWLFOHELVVXLYDQW SURSRUWLRQIL[pHSDUDUUrWpGXPLQLVWUHGHODMXVWLFH
$UWLFOH  ELV  /D FUpDWLRQ G¶XQ FRPLWp SHUPDQHQW /HV GRFXPHQWV FLGHVVXV LQGLTXpV GRLYHQW rWUH GpSRVpV
G¶DXGLWHVWREOLJDWRLUHSRXU VXUSDSLHUVHWVXUVXSSRUWPDJQpWLTXH
 OHV VRFLpWpV IDLVDQW DSSHO SXEOLF j O¶pSDUJQH j $UW   6RQW DEURJpHV OHV GLVSRVLWLRQV GX SUHPLHU
O¶H[FHSWLRQ GHV VRFLpWpV FODVVpHV FRPPH WHOOHV GX IDLW GH SDUDJUDSKH GH O¶DUWLFOH  GH OD ORL Qƒ  VXVYLVpH HW
O¶pPLVVLRQG¶REOLJDWLRQV UHPSODFpHVSDUOHVGLVSRVLWLRQVVXLYDQWHV
ODVRFLpWpPqUHORUVTXHOHWRWDOGHVRQELODQDXWLWUHGHV $UWLFOH  SDUDJUDSKH SUHPLHU QRXYHDX   7RXWH
pWDWV ILQDQFLHUV FRQVROLGpV GpSDVVH XQ PRQWDQW IL[p SDU SHUVRQQH WHQXH GH UHTXpULU XQH LPPDWULFXODWLRQ XQH
GpFUHW PHQWLRQ UHFWLILFDWLYH RX XQH UDGLDWLRQ RX XQH PHQWLRQ
OHVVRFLpWpVTXLUHPSOLVVHQWOHVOLPLWHVFKLIIUpHVIL[pHV FRPSOpPHQWDLUH \ FRPSULV OHV GRFXPHQWV YLVpV j O¶DUWLFOH
SDU GpFUHW UHODWLYHV DX WRWDO GX ELODQ HW DX WRWDO GH OHXUV GHODSUpVHQWHORLHWTXLGDQVOHVTXLQ]HMRXUVGHODGDWH
HQJDJHPHQWV DXSUqV GHV pWDEOLVVHPHQWV GH FUpGLW HW GH jODTXHOOHHVWGHYHQXHGpILQLWLYHO¶RUGRQQDQFHUHQGXHSDUOH
O¶HQFRXUVGHOHXUVpPLVVLRQVREOLJDWDLUHV MXJHOXLHQMRLJQDQWGHUHTXpULUO¶XQHGHFHVIRUPDOLWpVQ¶D
/H FRPLWp SHUPDQHQW G¶DXGLW YHLOOH DX UHVSHFW SDU OD SDVVDQVH[FXVHMXJpHYDODEOHGpIpUpjFHWWHLQMRQFWLRQHVW
VRFLpWpGHODPLVHHQSODFHGHV\VWqPHVGHFRQWU{OHLQWHUQH SXQLH G¶XQH DPHQGH GH FHQW j PLOOH GLQDUV
SHUIRUPDQWGHQDWXUHjSURPRXYRLUO¶HIILFLHQFHO¶HIILFDFLWp LQGpSHQGDPPHQWG¶DVVXPHUOHVSRXUVXLWHVTXLHQGpFRXOHQW
OD SURWHFWLRQ GHV DFWLIV GH OD VRFLpWp OD ILDELOLWp GH &+$3,75(752,6
O¶LQIRUPDWLRQ ILQDQFLqUH HW OH UHVSHFW GHV GLVSRVLWLRQV
OpJDOHV HW UpJOHPHQWDLUHV /H FRPLWp DVVXUH OH VXLYL GHV 5pRUJDQLVDWLRQGHVREOLJDWLRQVGHGLYXOJDWLRQjOD
WUDYDX[ GHV RUJDQHV GH FRQWU{OH GH OD VRFLpWp SURSRVH OD FKDUJHGHVVRFLpWpVIDLVDQWDSSHOSXEOLFjO¶pSDUJQHj
QRPLQDWLRQGXRXGHVFRPPLVVDLUHVDX[FRPSWHVHWDJUpHOD OHXUVDFWLRQQDLUHVHWDX[VRFLpWpVFRWpHVHQERXUVH
GpVLJQDWLRQGHVDXGLWHXUVLQWHUQHV $UW   6RQW DEURJpHV OHV GLVSRVLWLRQV GH O¶DUWLFOH 
/H FRPLWp SHUPDQHQW G¶DXGLW HVW FRPSRVp GH WURLV GH OD ORL Qƒ  GX  QRYHPEUH  VXVYLVpH HW
PHPEUHV DX PRLQV GpVLJQpV VHORQ OH FDV SDU OH FRQVHLO UHPSODFpHVSDUOHVGLVSRVLWLRQVVXLYDQWHV
G¶DGPLQLVWUDWLRQ RX OH FRQVHLO GH VXUYHLOODQFH SDUPL OHXUV $UWLFOH  QRXYHDX  6DQV SUpMXGLFH GHV GLVSRVLWLRQV
PHPEUHV UHODWLYHV DX[ RUJDQLVPHV GH SODFHPHQW FROOHFWLI HQ YDOHXUV
1H SHXW kWUH PHPEUH GX FRPLWp SHUPDQHQW G¶DXGLW OH PRELOLqUHVOHVVRFLpWpVIDLVDQWDSSHOSXEOLFjO¶pSDUJQHVRQ
SUpVLGHQWGLUHFWHXU JpQpUDO RX OH GLUHFWHXU JpQpUDO RX OH WHQXHV GH GpSRVHU RX G¶DGUHVVHU VXU VXSSRUWV SDSLHUV HW
GLUHFWHXUJpQpUDODGMRLQW PDJQpWLTXH DX FRQVHLO GX PDUFKp ILQDQFLHU HW j OD ERXUVH
/HV PHPEUHV GX FRPLWp SHUPDQHQW G¶DXGLW SHXYHQW GHVYDOHXUVPRELOLqUHVGH7XQLVSUpYXHSDUO¶DUWLFOHGHOD
UHFHYRLUHQUpPXQpUDWLRQGHO¶H[HUFLFHGHOHXUDFWLYLWpXQH SUpVHQWHORLGDQVXQGpODLGHTXDWUHPRLVDXSOXVWDUGGH
VRPPHIL[pHHWLPSXWpHVHORQOHVFRQGLWLRQVPHQWLRQQpHVj ODFO{WXUHGHO¶H[HUFLFHFRPSWDEOHHWTXLQ]HMRXUVDXPRLQV
O¶DUWLFOHGXFRGHGHVVRFLpWpVFRPPHUFLDOHVUHODWLIDX[
DYDQWODWHQXHGHO¶DVVHPEOpHJpQpUDOHRUGLQDLUH
MHWRQVGHSUpVHQFH
 O¶RUGUH GX MRXU HW OH SURMHW GHV UpVROXWLRQV SURSRVpHV
&+$3,75('(8;
SDUOHFRQVHLOG¶DGPLQLVWUDWLRQRXSDUOHGLUHFWRLUH
'HODG\QDPLVDWLRQGXV\VWqPHGXUHJLVWUHGXFRPPHUFH
OHVGRFXPHQWVHWOHVUDSSRUWVSUpYXVVHORQOHFDVSDU
$UW6RQWDEURJpHVOHVGLVSRVLWLRQVGHO¶DUWLFOH OHV DUWLFOHV  RX  GX FRGH GHV VRFLpWpV FRPPHUFLDOHV
GH OD ORL Qƒ  GX  PDL  UHODWLYH DX UHJLVWUH GX HWO¶DUWLFOHGXGLWFRGH/HUDSSRUWDQQXHOVXUODJHVWLRQ
FRPPHUFHHWUHPSODFpHVSDUOHVGLVSRVLWLRQVVXLYDQWHV GH OD VRFLpWp GRLW FRPSRUWHU OHV LQIRUPDWLRQV DUUrWpHV SDU
$UWLFOH  QRXYHDX   /HV SHUVRQQHV SK\VLTXHV UqJOHPHQW GX FRQVHLO GX PDUFKp ILQDQFLHU HW
VRXPLVHV REOLJDWRLUHPHQW j OD WHQXH G¶XQH FRPSWDELOLWp SDUWLFXOLqUHPHQW XQ H[SRVp VXU OHV UpVXOWDWV GHV DFWLYLWpV

1ƒ -RXUQDO2IILFLHOGHOD5pSXEOLTXH7XQLVLHQQH²RFWREUH 3DJH


OHXUpYROXWLRQSUpYLVLEOHHWpYHQWXHOOHPHQWOHVFKDQJHPHQWV $UW6RQWDEURJpHVOHVGLVSRVLWLRQVGHVDUWLFOHV
GHV PpWKRGHV G¶pODERUDWLRQ HW GH SUpVHQWDWLRQ GHV pWDWV HW  GH OD ORL Qƒ  VXVYLVpH HW UHPSODFpHV SDU OHV
ILQDQFLHUVDLQVLTXHGHVpOpPHQWVVXUOHFRQWU{OHLQWHUQH GLVSRVLWLRQVVXLYDQWHV
 OHV UDSSRUWV GX RX GHV FRPPLVVDLUHV DX[ FRPSWHV $UWLFOH  QRXYHDX   7RXWH SHUVRQQH RX JURXSH
YLVpVVHORQOHFDVDX[DUWLFOHVHWGXFRGHGHV GpWHUPLQpGHSHUVRQQHVD\DQWO¶LQWHQWLRQG¶DFTXpULUXQEORF
VRFLpWpV FRPPHUFLDOHV /HVGLWV UDSSRUWV GRLYHQW FRQWHQLU GHWLWUHVVXVFHSWLEOHGHFRQIpUHUXQHSDUWGHVGURLWVGHYRWH
XQHpYDOXDWLRQJpQpUDOHGXFRQWU{OHLQWHUQH GpSDVVDQW XQH SURSRUWLRQ IL[pH SDU GpFUHW VRLW DXSUqV
$UWLFOH  ELV  /HV VRFLpWpV IDLVDQW DSSHO SXEOLF j G¶DFWLRQQDLUHV GpWHUPLQpV VRLW SDU XQH RIIUH SXEOLTXH
O¶pSDUJQH GRLYHQWSXEOLHUDXEXOOHWLQRIILFLHOGXFRQVHLOGX G¶DFKDW GDQV XQH VRFLpWp IDLVDQW DSSHO SXEOLF j O¶pSDUJQH
PDUFKp ILQDQFLHU HW GDQV XQ TXRWLGLHQ SDUDLVVDQW j 7XQLV GRLW SUpVHQWHU XQ GRVVLHU HQ O¶REMHW DX FRQVHLO GX PDUFKp
OHXUVpWDWVILQDQFLHUVDQQXHOVDFFRPSDJQpVGXWH[WHLQWpJUDO ILQDQFLHUTXLVHSURQRQFHFRPSWHWHQXGHVLQWpUrWVGXUHVWH
GH O¶RSLQLRQ GX FRPPLVVDLUH DX[ FRPSWHV GDQV OHV GpODLV GHVDFWLRQQDLUHVHWRUGRQQHOHGHPDQGHXUGHSURFpGHUjXQH
YLVpVjO¶DUWLFOHGHODSUpVHQWHORL RIIUHG¶DFKDWSRUWDQWVXUOHUHVWHGXFDSLWDOTX¶LOQHGpWLHQW
7RXWHIRLVjGHVILQVGHSXEOLFDWLRQGDQVOHTXRWLGLHQOHV SDV VRLW VRXV IRUPH G¶XQH RIIUH SXEOLTXH G¶DFKDW VRLW VRXV
VRFLpWpV SHXYHQW VH OLPLWHU j SXEOLHU OHV QRWHV VXU OHV pWDWV IRUPHG XQHSURFpGXUHGHPDLQWLHQGHFRXUVjSUL[IL[p
ILQDQFLHUVREOLJDWRLUHVHWOHVQRWHVOHVSOXVSHUWLQHQWHVVRXV /H FRQVHLO GX PDUFKp ILQDQFLHU SHXW GLVSHQVHU OH
UpVHUYHGHO¶REWHQWLRQGHO¶DFFRUGpFULWGXFRPPLVVDLUHDX[ GHPDQGHXU GH SURFpGHU j XQH RIIUH G¶DFKDW SRUWDQW VXU OH
FRPSWHV UHVWH GHV DFWLRQV VL OHV DFWLRQV GH OD VRFLpWp QH VRQW SDV j
$UWLFOH  WHU  /HV VRFLpWpV IDLVDQW DSSHO SXEOLF j O¶RULJLQHGHVDFODVVLILFDWLRQSDUPLOHVVRFLpWpVIDLVDQWDSSHO
O¶pSDUJQH GRLYHQW GDQV OHV TXDWUH MRXUV RXYUDEOHV TXL SXEOLFjO¶pSDUJQHHWVLFHWWHRSpUDWLRQQHSRUWHSDVDWWHLQWH
VXLYHQW OD GDWH GH OD WHQXH GH O¶DVVHPEOpH JpQpUDOH DX[ LQWpUrWV GHVSRUWHXUVGHVYDOHXUVPRELOLqUHVjO¶RULJLQH
RUGLQDLUH GpSRVHU RX DGUHVVHU DX FRQVHLO GX PDUFKp GHFHWWHFODVVLILFDWLRQ
ILQDQFLHUHWjODERXUVHGHVYDOHXUVPRELOLqUHVGH7XQLV $UWLFOH  QRXYHDX   /RUVTX¶XQH SHUVRQQH DJLVVDQW
OHVGRFXPHQWVYLVpVjO¶DUWLFOHGHODSUpVHQWHORLV¶LOV VHXOH RX GH FRQFHUW HW SDU Q¶LPSRUWH TXHO PR\HQ YLHQW j
RQWpWpPRGLILpV GpWHQLUXQQRPEUHGHWLWUHVGHQDWXUHjOXLFRQIpUHUXQHSDUW
 OHV UpVROXWLRQV DGRSWpHV SDU O¶DVVHPEOpH JpQpUDOH GH GURLW GH YRWH VXSpULHXUH j XQH SURSRUWLRQ IL[pH SDU
RUGLQDLUH GpFUHWGDQVXQHVRFLpWpIDLVDQWDSSHOSXEOLFjO¶pSDUJQHOH
 O¶pWDW G¶pYROXWLRQ GHV FDSLWDX[ SURSUHV HQ WHQDQW FRQVHLO GX PDUFKp ILQDQFLHU SHXW O¶RUGRQQHU VRLW GH
FRPSWHGHODGpFLVLRQG¶DIIHFWDWLRQGXUpVXOWDWFRPSWDEOH SURFpGHUjXQHRIIUHG¶DFKDWSRUWDQWVXUOHUHVWHGHVDFWLRQV
OHELODQDSUqVDIIHFWDWLRQGXUpVXOWDWFRPSWDEOH TX¶LOQHGpWLHQWSDVVRXVIRUPHG¶XQHRIIUHSXEOLTXHG¶DFKDW
RX VRXV IRUPH GH SURFpGXUH GH PDLQWLHQ GH SUL[ IL[p j
ODOLVWHGHVDFWLRQQDLUHV
FRQGLWLRQTXHOHSUL[GDQVOHVGHX[FDVQHVRLWSDVLQIpULHXU
ODOLVWHGHVWLWXODLUHVGHVFHUWLILFDWVGHGURLWGHYRWH DXPLQLPXPSUpYXSDUOHUqJOHPHQWJpQpUDOGHODERXUVH
 OD OLVWH GHV WLWXODLUHV G¶REOLJDWLRQV FRQYHUWLEOHV HQ
DFWLRQV /HV GLVSRVLWLRQV GH O¶DUWLFOH  GH OD SUpVHQWH ORL
V¶DSSOLTXHQW j FHOXL TXL QH VH VRXPHW SDV j OD GpFLVLRQ GX
$UWLFOH  TXDWHU  /HV VRFLpWpV IDLVDQW DSSHO SXEOLF j
O¶pSDUJQH GRLYHQWSXEOLHUDXEXOOHWLQRIILFLHOGXFRQVHLOGX FRQVHLO GX PDUFKp ILQDQFLHU HW OHV YDOHXUV PRELOLqUHV DLQVL
PDUFKp ILQDQFLHU HW GDQV XQ TXRWLGLHQ SDUDLVVDQW j 7XQLV DFTXLVHV VRQW SULYpHV GX GURLW GH YRWH SDU GpFLVLRQ GX
GDQV XQ GpODLGHWUHQWHMRXUVDSUqVODWHQXHGHO¶DVVHPEOpH FRQVHLO GX PDUFKp ILQDQFLHU SULVH DSUqV DXGLWLRQ GH
JpQpUDOHRUGLQDLUHDXSOXVWDUG O¶LQWpUHVVp
 OHV UpVROXWLRQV DGRSWpHV SDU O¶DVVHPEOpH JpQpUDOH $UWLFOH  QRXYHDX   7RXWH SHUVRQQH SK\VLTXH RX
RUGLQDLUH PRUDOH DJLVVDQW VHXOH RX GH FRQFHUW TXL YLHQW j GpWHQLU
 O¶pWDW G¶pYROXWLRQ GHV FDSLWDX[ SURSUHV HQ WHQDQW GLUHFWHPHQW RX LQGLUHFWHPHQW SOXV GX YLQJWLqPH GX
FRPSWHGHO¶DIIHFWDWLRQGXUpVXOWDWFRPSWDEOH GL[LqPH GX FLQTXLqPH GX WLHUV GH OD PRLWLp RX GHV GHX[
OHELODQDSUqVDIIHFWDWLRQGXUpVXOWDWFRPSWDEOH WLHUV GX FDSLWDO G¶XQH VRFLpWp IDLVDQW DSSHO SXEOLF j
 OHV pWDWV ILQDQFLHUV ORUVTX¶LOV RQW VXEL GHV O¶pSDUJQH HVW WHQXH GH GpFODUHU OH IUDQFKLVVHPHQW G¶XQ RX
PRGLILFDWLRQV GHV VHXLOV SUpFLWpV j FHWWH VRFLpWp DX FRQVHLO GX PDUFKp
$UWLFOH  TXLQWHU  /HV VRFLpWpV IDLVDQW DSSHO SXEOLF j ILQDQFLHU HW j OD ERXUVH GHV YDOHXUV PRELOLqUHV GH 7XQLV
O¶pSDUJQHGRLYHQWGpSRVHUDXFRQVHLOGXPDUFKpILQDQFLHUHW GDQVXQGpODLGHFLQTMRXUVRXYUDEOHVjFRPSWHUGHODGDWH
jODERXUVHGHVYDOHXUVPRELOLqUHVGH7XQLVRXOHXUDGUHVVHU GX IUDQFKLVVHPHQW HW GH GpFODUHU OH QRPEUH WRWDO G¶DFWLRQV
TXLQ]H MRXUV DX PRLQV DYDQW OD GDWH GH OD WHQXH GH HW GH GURLWV GH YRWH TX¶HOOH \ GpWLHQW FRQIRUPpPHQW DX[
O¶DVVHPEOpHJpQpUDOHH[WUDRUGLQDLUH FRQGLWLRQV IL[pHV SDU UqJOHPHQW GX FRQVHLO GX PDUFKp
 O¶RUGUH GX MRXU HW OH SURMHW GHV UpVROXWLRQV SURSRVpHV ILQDQFLHU
SDUOHFRQVHLOG¶DGPLQLVWUDWLRQRXSDUOHGLUHFWRLUH &HWWHGpFODUDWLRQHVWpJDOHPHQWIDLWHGDQVOHPrPHGpODL
 OH UDSSRUW GX RX GHV FRPPLVVDLUHV DX[ FRPSWHV HWDX[PrPHVRUJDQLVPHVORUVTXHODSDUWLFLSDWLRQDXFDSLWDO
pYHQWXHOOHPHQW
RXOHQRPEUHGHVGURLWVGHYRWHGHYLHQWLQIpULHXUHDX[VHXLOV
 OHV GRFXPHQWV PLV j OD GLVSRVLWLRQ GHV DFWLRQQDLUHV SUpYXVDXSUHPLHUDOLQpDGXSUpVHQWDUWLFOH
FRPPHDSSXLDX[UpVROXWLRQVSURSRVpHV
/HV UpVROXWLRQV VRQW DGUHVVpHV DX FRQVHLO GX PDUFKp 3RXU OHV VRFLpWpV G¶LQYHVWLVVHPHQW j FDSLWDO YDULDEOH HW
ILQDQFLHUHWjODERXUVHGHVYDOHXUVPRELOLqUHVGH7XQLVGqV OHV IRQGV FRPPXQV GH SODFHPHQW HQ YDOHXUV PRELOLqUHV OD
OHXUDGRSWLRQSDUO¶DVVHPEOpHJpQpUDOH GpFODUDWLRQLQFRPEHDXJHVWLRQQDLUH

3DJH -RXUQDO2IILFLHOGHOD5pSXEOLTXH7XQLVLHQQH²RFWREUH 1ƒ



/HV GLVSRVLWLRQV GH O¶DUWLFOH  GH OD SUpVHQWH ORL VRQW 7,75(752,6
DSSOLTXpHV DX[ FRQWUHYHQDQWV DX[ GLVSRVLWLRQV GX SUpVHQW 'HVGLVSRVLWLRQVVSpFLILTXHVSRXUOHUHQIRUFHPHQWGX
DUWLFOH U{OHGXFRQVHLOGXPDUFKpILQDQFLHUGDQVO¶H[HUFLFHGH
$UW   (VW DMRXWp j O¶DUWLFOH  GH OD ORL VXVYLVpH VHVPLVVLRQV
QƒOHSDUDJUDSKHVXLYDQW
&+$3,75(35(0,(5
$UWLFOH  SDUDJUDSKH    /H FRQVHLO GX PDUFKp
/¶RUJDQLVDWLRQGHO¶DFWLYLWpGHJHVWLRQGHSRUWHIHXLOOHVGH
ILQDQFLHU SUHQG OD GpFLVLRQ GH SULYDWLRQ DSUqV DXGLWLRQ GH
YDOHXUVPRELOLqUHVSRXUOHFRPSWHGHWLHUV
O¶LQWpUHVVp
$UW   6RQW DEURJpHV OHV GLVSRVLWLRQV GHO¶DUWLFOH $UW   /¶DFWLYLWp GH JHVWLRQ GH SRUWHIHXLOOHV GH
GH OD ORL VXVYLVpH Qƒ  HW UHPSODFpHV SDU OHV YDOHXUV PRELOLqUHV SRXU OH FRPSWH GH WLHUV HVW O¶pPLVVLRQ
GLVSRVLWLRQVVXLYDQWHV G¶RUGUHVSRUWDQWVXUGHVYDOHXUVPRELOLqUHVDXQRPGXFOLHQW
HWSRXUVRQFRPSWHHWFHHQYHUWXG¶XQPDQGDWpFULW
$UWLFOH  QRXYHDX   /HV VRFLpWpV GRQW OHV WLWUHV GH
FDSLWDO RX GRQQDQW DFFqV DX FDSLWDO DGPLV j OD FRWH GH OD $UW   /¶DFWLYLWp GH JHVWLRQ GH SRUWHIHXLOOHV GH
%RXUVH VRQW WHQXHV GH GpSRVHU DX FRQVHLO GX PDUFKp YDOHXUV PRELOLqUHV SRXU OH FRPSWH GH WLHUV HVW H[HUFpH SDU
ILQDQFLHUHWjODERXUVHGHVYDOHXUVPRELOLqUHVGH7XQLVRX OHV pWDEOLVVHPHQWV GH FUpGLW UpJLV SDU OD ORL Qƒ  GX
GHOHXUDGUHVVHURXWUHOHVGRFXPHQWVSUpYXVjO¶DUWLFOHGH MXLOOHWUHODWLYHDX[pWDEOLVVHPHQWVGHFUpGLWSDUOHV
OD SUpVHQWH ORL GHV LQGLFDWHXUV G¶DFWLYLWp IL[pV VHORQ OHV LQWHUPpGLDLUHVHQERXUVHUpJLVSDUODORLQƒVXVYLVpH
VHFWHXUV SDU UqJOHPHQW GX FRQVHLO GX PDUFKp ILQDQFLHU HW HW SDU OHV VRFLpWpV GH JHVWLRQ TXL VRQW GHV VRFLpWpV
FHDXSOXVWDUGYLQJWMRXUVDSUqVODILQGHFKDTXHWULPHVWUH DQRQ\PHV D\DQW SRXU REMHW OD JHVWLRQ GH SRUWHIHXLOOHV GH
GHO¶H[HUFLFHFRPSWDEOH YDOHXUVPRELOLqUHVSRXUOHFRPSWHGHWLHUV
/HVGLWHV VRFLpWpV GRLYHQW SURFpGHU j OD SXEOLFDWLRQ $UW   /HV pWDEOLVVHPHQWV TXL H[HUFHQW O¶DFWLYLWp GH
GHVGLWV LQGLFDWHXUV WULPHVWULHOV DX EXOOHWLQ RIILFLHO GX JHVWLRQ GH SRUWHIHXLOOHV GH YDOHXUV PRELOLqUHV SRXU OH
FRQVHLOGXPDUFKpILQDQFLHUHWGDQVXQTXRWLGLHQSDUDLVVDQW FRPSWH GH WLHUV VRQW WHQXV GH UHVSHFWHU OHV FRQGLWLRQV
j7XQLV VXLYDQWHV
$UWLFOHELV/HVVRFLpWpVGRQWOHVWLWUHVGHFDSLWDORX  H[HUFHU O¶DFWLYLWp DYHF WRXWH LQGpSHQGDQFH HW IRXUQLU
GRQQDQWDFFqVDXFDSLWDOVRQWDGPLVjODFRWHGHOD%RXUVH OHV JDUDQWLHV VXIILVDQWHV UHODWLYHV j O¶RUJDQLVDWLRQ DX[
VRQWWHQXHVGHGpSRVHUDXFRQVHLOGXPDUFKpILQDQFLHUHWj PR\HQVWHFKQLTXHVHWDX[UHVVRXUFHVKXPDLQHV
OD ERXUVH GHV YDOHXUV PRELOLqUHV GH 7XQLV RX GH OHXU  H[HUFHU OHV PLVVLRQV DYHF OD GLOLJHQFH G¶XQ
DGUHVVHU DX SOXV WDUG GHX[ PRLV DSUqV OD ILQ GX SUHPLHU SURIHVVLRQQHO DYLVp HW G¶XQ PDQGDWDLUH OR\DO SRXU OHV
VHPHVWUH GH O¶H[HUFLFH FRPSWDEOH VXU VXSSRUWV SDSLHUV HW LQWpUrWVGHVFOLHQWVHWO¶LQWpJULWpGXPDUFKp
PDJQpWLTXH GHV pWDWV ILQDQFLHUV LQWHUPpGLDLUHV  pYLWHU OHV FRQIOLWV G¶LQWpUrWV HW OHV UpVRXGUH
DFFRPSDJQpV GX UDSSRUW LQWpJUDO GX RX GHV FRPPLVVDLUHV pTXLWDEOHPHQW HQ WHQDQW FRPSWH GH O¶LQWpUrW GHV FOLHQWV OH
DX[FRPSWHVOHVFRQFHUQDQW FDVpFKpDQW
/HVGLWHV VRFLpWpV SXEOLHQW OHV pWDWV ILQDQFLHUV  IRXUQLU OHV PR\HQV HW OHV SURFpGXUHV TXL DVVXUHQW OH
LQWHUPpGLDLUHVDFFRPSDJQpVGXWH[WHLQWpJUDOGXUDSSRUWGX FRQWU{OHGHVDFWLYLWpVSRXUV¶DVVXUHUGXUHVSHFWGHVUqJOHVGH
RX GHV FRPPLVVDLUHV DX[ FRPSWHV DX EXOOHWLQ RIILFLHO GX ERQQH JHVWLRQ GDQV WRXV OHV DVSHFWV GH OD UHODWLRQ DYHF OHV
&RQVHLOGX0DUFKpILQDQFLHUHWGDQVXQTXRWLGLHQSDUDLVVDQW FOLHQWV
j7XQLVDSUqVOHXUGpS{WRXOHXUHQYRLDXFRQVHLOGXPDUFKp
ILQDQFLHUHWFHGDQVOHPrPHGpODL  LGHQWLILHU OHV FDSDFLWpV ILQDQFLqUHV OHV REMHFWLIV HW OHV
DWWHQWHVILQDQFLqUHVGHOHXUVFOLHQWV
7RXWHIRLVjGHVILQVGHSXEOLFDWLRQGDQVOHTXRWLGLHQOHV
VRFLpWpV SHXYHQW VH OLPLWHU j SXEOLHU OHV QRWHV VXU OHV pWDWV LQIRUPHUOHXUVFOLHQWVGHVULVTXHVLQKpUHQWVjODQDWXUH
ILQDQFLHUVREOLJDWRLUHVHWOHVQRWHVOHVSOXVSHUWLQHQWHVVRXV GHVRSpUDWLRQVTX¶LOVHQYLVDJHQWG¶HIIHFWXHU
UpVHUYHGHO¶REWHQWLRQGHO¶DFFRUGpFULWGXFRPPLVVDLUHDX[  PHWWUH HQ SODFH SRXU OHXU SURSUH FRPSWH OHV
FRPSWHV SURFpGXUHV GH FRQWU{OH GHV RSpUDWLRQV HIIHFWXpHV SDU OHV
$UWLFOH  WHU  /HV VRFLpWpV PqUHV GRQW OHV WLWUHV GH SHUVRQQHVFKDUJpHVGHODPLVVLRQGHJHVWLRQGHSRUWHIHXLOOHV
FDSLWDORXGRQQDQWDFFqVDXFDSLWDOVRQWDGPLVjODFRWHGH GHYDOHXUVPRELOLqUHVSRXUOHFRPSWHGHWLHUVSRXUJDUDQWLU
OD %RXUVH HW TXL VRQW j OHXUV WRXUV GHV VRFLpWpV ILOLDOHV OD WUDQVSDUHQFH TXHO TXH VRLW OH OLHX G¶RXYHUWXUH GHV
G¶DXWUHV VRFLpWpV GRLYHQW pWDEOLU GHV pWDWV ILQDQFLHUV FRPSWHVGHYDOHXUVPRELOLqUHVHWOHVREOLJDWLRQVH[LJpHVGH
FRQVROLGpV FRQIRUPpPHQW j OD OpJLVODWLRQ FRPSWDEOH HQ FHV SHUVRQQHV SRXU pYLWHU OD FLUFXODWLRQ LQGXH
YLJXHXU G¶LQIRUPDWLRQVLQWHUQHV
/HV REOLJDWLRQV GH GpS{W HW GH SXEOLFDWLRQ SUpYXHV DX[ pYLWHUWRXWFHTXLSHXWHQWUDvQHUODSULRULWpGHVLQWpUrWV
DUWLFOHVELVTXDWHUHWTXLQWHUGHODSUpVHQWHORLVRQW SURSUHVGHVDFWLRQQDLUHVSDUUDSSRUWDX[LQWpUrWVGHVFOLHQWV
DSSOLTXpHVDX[VRFLpWpVGRQWOHVWLWUHVGHFDSLWDORXGRQQDQW HWSURWpJHUO LQGpSHQGDQFHGHVJHVWLRQQDLUHVSRXUDVVXUHUOD
DFFqV DX FDSLWDO VRQW DGPLV j OD FRWH GH OD %RXUVH HW VRQW SULRULWpG¶LQWpUrWVGHVFOLHQWV
WHQXHV G¶pWDEOLU GHV pWDWV ILQDQFLHUV FRQVROLGpV LQWHUGLUHOHVRSpUDWLRQVGLUHFWHVVRLWHQWUHOHVFRPSWHV
FRQIRUPpPHQWjODOpJLVODWLRQFRPSWDEOHHQYLJXHXUHWDX[ GH OHXUV FOLHQWV RX HQWUH OHV FRPSWHV GH OHXUV DFWLRQQDLUHV
GLVSRVLWLRQVGXSUHPLHUSDUDJUDSKHGXSUpVHQWDUWLFOH HWOHVFRPSWHVGHOHXUVFOLHQWVRXHQWUHOHXUVFRPSWHVHWOHV
/HVGLWHV VRFLpWpV GRLYHQW GpFODUHU WRXWHV OHXUV UHODWLRQV FRPSWHVGHOHXUVFOLHQWV
DYHF WRXWHV OHV SHUVRQQHV TXL DSSDUWLHQQHQW DX JURXSH GH $UW   /HV pWDEOLVVHPHQWV GH FUpGLW HW OHV
VRFLpWpVRXTXLSDUWLFLSHQWjVDJHVWLRQ LQWHUPpGLDLUHV HQ ERXUVH GRLYHQW GpFODUHU O¶DFWLYLWp GH

1ƒ -RXUQDO2IILFLHOGHOD5pSXEOLTXH7XQLVLHQQH²RFWREUH 3DJH


JHVWLRQ GH SRUWHIHXLOOHV GH YDOHXUV PRELOLqUHV SRXU OH D XWLOLVp XQH GpQRPLQDWLRQ RX XQH UDLVRQ VRFLDOH RX XQH
FRPSWH GH WLHUV DX &RQVHLO GX 0DUFKp )LQDQFLHU GDQV XQ SXEOLFLWpRXG¶XQHIDoRQJpQpUDOHWRXWFHTXLODLVVHHQWHQGUH
GpODLG¶XQPRLVjFRPSWHUGXFRPPHQFHPHQWGHO¶DFWLYLWp TXHODVRFLpWpTX¶LOGLULJHHVWDJUppHHQWDQWTXHVRFLpWpGH
7RXWHIRLV OHV pWDEOLVVHPHQWV GH FUpGLW HW OHV JHVWLRQRXGHFUpHUXQHFRQIXVLRQHQFHWWHPDWLqUH
LQWHUPpGLDLUHV HQ ERXUVH TXL H[HUFHQW FHWWH DFWLYLWp j OD (VW SXQL G¶XQH DPHQGH GH GHX[ PLOOH j YLQJW PLOOH
GDWHG¶HQWUpHHQYLJXHXUGHODSUpVHQWHORLGRLYHQWGpFODUHU GLQDUVWRXWGLULJHDQWG¶XQpWDEOLVVHPHQWGHFUpGLWRXGHWRXW
FHWWH DFWLYLWp DX FRQVHLO GX PDUFKp ILQDQFLHU GDQV XQ GpODL LQWHUPpGLDLUHHQERXUVHTXLQHSURFqGHSDVjODGpFODUDWLRQ
GH VL[ PRLV j SDUWLU GH OD GDWH GH SURPXOJDWLRQ GH OD YLVpHjO¶DUWLFOHGHODSUpVHQWHORL
SUpVHQWHORL $UW   /HV GLVSRVLWLRQV GX SUpVHQW FKDSLWUH QH
$UW   /¶H[HUFLFH GH O¶DFWLYLWp GH JHVWLRQ GH V¶DSSOLTXHQW SDV DX[ VRFLpWpV G¶LQYHVWLVVHPHQW j FDSLWDO
SRUWHIHXLOOHV GH YDOHXUV PRELOLqUHV SRXU OH FRPSWH GH WLHUV ULVTXH DX WLWUH GHV UHVVRXUFHV VSpFLDOHV PLVHV j OHXU
SDU OHV VRFLpWpV GH JHVWLRQ YLVpHV j O¶DUWLFOH  GH OD GLVSRVLWLRQ SRXU JHVWLRQ SRXU FRPSWH GH WLHUV HW YLVpHV j
SUpVHQWH ORL HVW VRXPLV j XQ DJUpPHQW DFFRUGp SDU OH O¶DUWLFOH  GH OD ORL Qƒ  GX  DR€W  UHODWLYH DX[
FRQVHLO GX PDUFKpILQDQFLHUGDQVGHVFRQGLWLRQVIL[pHVSDU VRFLpWpV G¶LQYHVWLVVHPHQW WHOOH TXH PRGLILpH HW FRPSOpWpH
GpFUHW SDUOHVWH[WHVVXEVpTXHQWV
/H FRQVHLO GX PDUFKp ILQDQFLHU GpFLGH OH UHWUDLW GH &+$3,75('(8;
O¶DJUpPHQW VRLW VXU GHPDQGH GX EpQpILFLDLUH GH O¶DJUpPHQW 'LVSRVLWLRQVGLYHUVHV
VRLW j VRQ LQLWLDWLYH DSUqV DXGLWLRQ GX EpQpILFLDLUH GH
$UW   (VW DMRXWp j O¶DUWLFOH  GH OD ORL VXVYLVpH
O¶DJUpPHQWHWFH
QƒOHSDUDJUDSKH QRXYHDX DLQVLOLEHOOp
V¶LOQ¶DSDVpWpIDLWXVDJHGHO¶DJUpPHQWGDQVXQGpODL
$UWLFOH  SDUDJUDSKH  QRXYHDX   /H SDLHPHQW GHV
GHGRX]HPRLVjFRPSWHUGHODGDWHGHVRQRFWURL
DPHQGHVVHIDLWDXPR\HQG¶pWDWGHOLTXLGDWLRQGUHVVpSDUOH
RXVLOHEpQpILFLDLUHGHO¶DJUpPHQWQHUHPSOLWSOXVOHV SUpVLGHQW GX FRQVHLO GX PDUFKp ILQDQFLHU RX SDU VRQ
FRQGLWLRQVTXLRQWSUpVLGpjO¶RFWURLGHO¶DJUpPHQW PDQGDWDLUH OpJDO HW UHQGX H[pFXWRLUH SDU OH SUpVLGHQW GX
RXV¶LOV¶HVWUHQGXFRXSDEOHG¶XQPDQTXHPHQWJUDYHj WULEXQDOGHSUHPLqUHLQVWDQFHGH7XQLV
ODOpJLVODWLRQRXjODUpJOHPHQWDWLRQHQYLJXHXU $UW6RQWDEURJpHVOHVGLVSRVLWLRQVGXSDUDJUDSKH
(Q FDV GX UHWUDLW GH O¶DJUpPHQW OD VRFLpWp GRLW rWUH GHO¶DUWLFOHGHODORLVXVYLVpHQƒHWUHPSODFpHV
OLTXLGpH HW LO IDXW PHWWUH ILQ j VRQ DFWLYLWp GDQV OH GpODL SDUOHVGLVSRVLWLRQVVXLYDQWHV
G¶XQHDQQpHjFRPSWHUGHODGDWHGHODGpFLVLRQGHUHWUDLWHW
FHFRQIRUPpPHQWjODOpJLVODWLRQHQYLJXHXU $UWLFOH SDUDJUDSKHQRXYHDX /HVGLVSRVLWLRQVGH
O¶DUWLFOHGHODSUpVHQWHORLVRQWDSSOLTXpHVDX[SUpVLGHQWV
$UW   /HV pWDEOLVVHPHQWV H[HUoDQW O¶DFWLYLWp GH
GLUHFWHXUV JpQpUDX[ HW DX[ GLUHFWHXUV JpQpUDX[ HW DX[
JHVWLRQ GH SRUWHIHXLOOHV GH YDOHXUV PRELOLqUHV SRXU OH
FRPSWH GH WLHUV OHXUV GLULJHDQWV HWOHSHUVRQQHOSODFpVRXV SUpVLGHQWV GHV GLUHFWRLUHV HW DX[ GLUHFWHXUV JpQpUDX[
OHXUDXWRULWpVRQWVRXPLVDXFRQWU{OHGXFRQVHLOGXPDUFKp XQLTXHVTXLQHUHVSHFWHQWSDVOHVREOLJDWLRQVSUpYXHVSDUOHV
ILQDQFLHUDXWLWUHGHFHWWHDFWLYLWp DUWLFOHVELVWHUTXDWHUTXLQWHUELVHW
&HFRQWU{OHDSRXUREMHFWLIGHYpULILHUODFRQIRUPLWpGH WHUGHODSUpVHQWHORL
O¶DFWLYLWp GH JHVWLRQ GH SRUWHIHXLOOHV GH YDOHXUV PRELOLqUHV $UW   6RQW DEURJpHV OHV GLVSRVLWLRQV GX GHUQLHU
SRXU OH FRPSWH GH WLHUV DX[ GLVSRVLWLRQV OpJDOHV HW SDUDJUDSKH GH O¶DUWLFOH  GH OD ORL Qƒ  GX 
UpJOHPHQWDLUHVHQYLJXHXUHWQRWDPPHQWOHVGLVSRVLWLRQVGH QRYHPEUHVXVYLVpHHWUHPSODFpHVSDUOHVGLVSRVLWLRQV
OD ORL Qƒ  GX  QRYHPEUH  VXVYLVpH /HV VXLYDQWHV
pWDEOLVVHPHQWVFRQFHUQpVGRLYHQWWUDQVPHWWUHDXFRQVHLOGX $UWLFOH  GHUQLHU SDUDJUDSKH QRXYHDX   /HV
PDUFKp ILQDQFLHU WRXWHV OHV LQIRUPDWLRQV UHODWLYHV j FHWWH FRPPXQLTXpV SDU H[WUDLW GHV GpFLVLRQV LQGLYLGXHOOHV VRQW
DFWLYLWp TX¶LO GHPDQGH SRXU OXL SHUPHWWUH G¶HIIHFWXHU OH SXEOLpVFKDTXHIRLVTXHOHXUVHIIHWVLQWpUHVVHQWOHVWLHUV
FRQWU{OH
$UW(VWDMRXWpjO¶DUWLFOHGHODORLQƒGX
&HV pWDEOLVVHPHQWV DLQVL TXH OHXUV GLULJHDQWV HW OH QRYHPEUH  VXVYLVpH XQ WURLVLqPH SDUDJUDSKH DLQVL
SHUVRQQHO SODFp VRXV OHXU DXWRULWp VRQW VRXPLV DX SRXYRLU OLEHOOp
GLVFLSOLQDLUH GX FRQVHLO GX PDUFKp ILQDQFLHU DX WLWUH GH
O¶DFWLYLWp GH JHVWLRQ GH SRUWHIHXLOOHV GH YDOHXUV PRELOLqUHV $UWLFOH  SDUDJUDSKH    /H VHFUHW SURIHVVLRQQHO QH
SRXUOHFRPSWHGHWLHUV SHXWrWUHRSSRVpGDQVOHFDGUHGHVLQYHVWLJDWLRQVYLVpHVDX
$UW(VWSXQLG¶XQHPSULVRQQHPHQWGHVHL]HMRXUVj SUHPLHUSDUDJUDSKHGXSUpVHQWDUWLFOH
XQH DQQpH HW G¶XQH DPHQGH GH GHX[ PLOOH j YLQJW PLOOH $UW(VWDMRXWpjO¶DUWLFOHGHODORLQƒGX
GLQDUV RX GH O¶XQH GH FHV GHX[ SHLQHV WRXWH SHUVRQQH RX QRYHPEUHVXVYLVpHXQSDUDJUDSKHELVDLQVLOLEHOOp
WRXW GLULJHDQW GH GURLW RX GH IDLW G¶XQ pWDEOLVVHPHQW TXL $UWLFOH  SDUDJUDSKH  ELV   /D QRWLILFDWLRQ VH IDLW
H[HUFH O¶DFWLYLWp GH JHVWLRQ GH SRUWHIHXLOOHV GH YDOHXUV SDU WpOpJUDPPH RX WpOH[ RX ID[ RX WRXW DXWUH PR\HQ TXL
PRELOLqUHV SRXU OH FRPSWH GH WLHUV VDQV DYRLU REWHQX XQ ODLVVHXQHWUDFHpFULWH
DJUpPHQW RX FRQWLQXH O¶H[HUFLFH GH FHWWH DFWLYLWp DSUqV OH
UHWUDLW GH O¶DJUpPHQW /D VDQFWLRQ HVW SRUWpH DX GRXEOH HQ /D SUpVHQWH ORL VHUD SXEOLpH DX -RXUQDO 2IILFLHO GH OD
FDVGHUpFLGLYH 5pSXEOLTXH7XQLVLHQQHHWH[pFXWpHFRPPHORLGHO (WDW
(VWSXQLGHODPrPHSHLQHWRXWGLULJHDQWG¶XQHVRFLpWp 7XQLVOHRFWREUH
TXLQ¶DSSDUWLHQWSDVjODFDWpJRULHGHVVRFLpWpVGHJHVWLRQHW =LQH(O$ELGLQH%HQ$OL 

3DJH -RXUQDO2IILFLHOGHOD5pSXEOLTXH7XQLVLHQQH²RFWREUH 1ƒ

You might also like