Download p17656e-fra - Great Plains Manufacturing
Transcript
)5$)5$1d$,6 3( 0$18(/'(/¶23e5$7(85 ;35(66 (7/,67('(3,Ê&(6'e7$&+e(6 (1* ,I \RX UHTXLUH D FRS\ RI WKLV GRFXPHQW LQ \RXU QDWLYH ODQJXDJH SOHDVHFRQWDFW\RXUGHDOHURU6LPED,QWHUQDWLRQDO/WG3 &=( 3RåDGXMHWHOL NRSLL WRKRWR GRNXPHQWX YH VYpP URGQpP MD]\FH REUDĢWH VH SURVtP QD VYpKR SURGHMFH QHER QD VSROHþQRVW 6LPED ,QWHUQDWLRQDO/WG3 +81 +DV]HUHWQpH]WDOHtUiVWPDJ\DUXOLVPHJNDSQLNpUMNpUWHVtWVHD IRUJDOPD]yMiWYDJ\D6LPED,QWHUQDWLRQDO/WGW3 )5$ 3RXU REWHQLU XQ H[HPSODLUH GX SUpVHQW GRFXPHQW GDQV OD ODQJXH GH YRWUH FKRL[ YHXLOOH] FRQWDFWHU YRWUH UHSUpVHQWDQW RX 6LPED ,QWHUQDWLRQDO/WG3 /,7 -HLSULUHLNWǐãLRGRNXPHQWRNRSLMRV-njVǐJLPWąMDNDOEDNUHLSNLWơVƳ VDYRSODWLQWRMąDUEDƳÄ6LPED,QWHUQDWLRQDO/WG³3 %8/ Ⱥɤɨ ɜɢ ɟ ɧɟɨɛɯɨɞɢɦɨ ɤɨɩɢɟ ɧɚ ɬɨɡɢ ɞɨɤɭɦɟɧɬ ɧɚ ɪɨɞɧɢɹ ɜɢ ɟɡɢɤ ɦɨɥɹ ɞɚ ɫɟ ɨɛɴɪɧɟɬɟ ɤɴɦ ɜɚɲɢɹ ɞɢɥɴɪ ɢɥɢ ɤɴɦ 6LPED ,QWHUQDWLRQDO/WG3 580 'DFă DYHĠL QHYRLH GH R FRSLH D DFHVWXL GRFXPHQW vQ OLPED GXPQHDYRDVWUă QDWDOă Yă UXJăP Vă Yă FRQWDFWDĠL GHDOHUXO VDX 6LPED,QWHUQDWLRQDO/WG3 586 ɑɬɨɛɵ ɩɨɥɭɱɢɬɶ ɤɨɩɢɸ ɞɚɧɧɨɝɨ ɞɨɤɭɦɟɧɬɚ ɧɚ ɜɚɲɟɦ ɪɨɞɧɨɦ ɹɡɵɤɟ ɨɛɪɚɬɢɬɟɫɶ ɤ ɫɜɨɟɦɭ ɞɢɥɟɪɭ ɢɥɢ ɜ ɤɨɦɩɚɧɢɸ ©6LPED ,QWHUQDWLRQDO/WGª3 *(5 :HQQ6LHHLQ([HPSODUGLHVHV'RNXPHQWVLQ,KUHU0XWWHUVSUDFKH EUDXFKHQGDQQZHQGHQ6LHVLFKELWWHDQ,KUHQ+lQGOHURGHUDQGLH 6LPED,QWHUQDWLRQDO/WG3 'pFODUDWLRQGHFRQIRUPLWp 'e&/$5$7,21'(&21)250,7e 6LPED,QWHUQDWLRQDO/LPLWHGGpFODUHTXHODPDFKLQH6LPED;3UHVVLGHQWL¿pHSDUOHQXPpURGHVpULH¿[p VXUOHFKkVVLVGHODPDFKLQHHVWFRQIRUPHDX[GLUHFWLYHVHWUpJOHPHQWDWLRQVVXLYDQWHVHWDpWpFHUWL¿pH HQFRQVpTXHQFH 'LUHFWLYH(&GHOD&(FRQFHUQDQWOHVPDFKLQHV 5pJOHPHQWDWLRQVGHFRQFHUQDQWODIRXUQLWXUHGHVPDFKLQHVVpFXULWp 5pJOHPHQWDWLRQVGHFRQFHUQDQWODIRXUQLWXUHHWO¶XWLOLVDWLRQG¶pTXLSHPHQWVGHWUDYDX[ /HVQRUPHVKDUPRQLVpHVUHODWLYHVDXVXMHWVRQWOHVVXLYDQWHV (1,62VpFXULWpGHVPDFKLQHV (1,62VpFXULWpGHVPDFKLQHV (1,62PDFKLQHVDJULFROHVVpFXULWp /()$%5,&$17 6LPED,QWHUQDWLRQDO/LPLWHG :RRGEULGJH5RDG 6/($)25' /LQFROQVKLUH 1*(: $QJOHWHUUH 7pOpSKRQH &(57,),e$8120'(6,0%$,17(51$7,21$//,0,7(' *X\/HYHUVKD 'LUHFWHXU ;3UHVV ,QVWUXFWLRQVG¶XWLOLVDWLRQ 3UpVHQWDWLRQ *$5$17,( 7(50(6(7&21',7,216 'DQVFHWWHJDUDQWLH6LPED,QWHUQDWLRQDO/WGHVWGpVLJQpHSDU©OD&RPSDJQLHª 6RXVUpVHUYHGHVWHUPHVGHFHWWHJDUDQWLHOD&RPSDJQLHJDUDQWLWTXHWRXWHPDFKLQHTX¶HOOHYHQG HVWGpSRXUYXHGHSLqFHVGpIHFWXHXVHVHWGHGpIDXWVGHIDEULFDWLRQSRXUXQHGXUpHGHPRLVj FRPSWHUGHODGDWHG¶LQVWDOODWLRQFKH]O¶XWLOLVDWHXU¿QDO &HUWDLQVpOpPHQWVVSpFL¿TXHVEpQp¿FLHQWG¶XQHJDUDQWLHVXSSOpPHQWDLUHGRQWODGXUpHGpSDVVH OHV PRLV GH OD JDUDQWLH VWDQGDUG /HV LQIRUPDWLRQV FRQFHUQDQW FHV pOpPHQWV SHXYHQW rWUH REWHQXHVGLUHFWHPHQWDXSUqVGXGLVWULEXWHXURXGH6LPED,QWHUQDWLRQDO/WG 6LODPDFKLQHIRXUQLHSDUOD&RPSDJQLHRXXQHSLqFHGHFHWWHPDFKLQHQHVRQWSDVFRQIRUPHVj ODJDUDQWLHGRQQpHDXSDUDJUDSKHOD&RPSDJQLHjVDGLVFUpWLRQ D E F UHPHWWUD OD PDFKLQH RX OD SLqFH GH OD PDFKLQH HQ pWDW GH PDUFKH DX[ IUDLV GH OD &RPSDJQLHRX DFFRUGHUDXQDYRLUjO¶DFKHWHXUHQIRQFWLRQGXSUL[G¶DFKDWGHODPDFKLQHRXGHODSLqFH GHODPDFKLQHRX DFFHSWHUDOHUHQYRLGHODPDFKLQHHWjODGLVFUpWLRQGHO¶DFKHWHXU , UHPERXUVHUDRXDFFRUGHUDXQDYRLUjO¶DFKHWHXUGXSUL[IDFWXUpSRXUODPDFKLQH RXODSLqFHGHODPDFKLQHRX ,, UHPSODFHUDODPDFKLQHRXODSLqFHGHODPDFKLQHVLO¶RSpUDWLRQHVWUDLVRQQDEOHPHQW UpDOLVDEOH &HWWHJDUDQWLHQHSRXUUDFRQWUDLQGUHOD&RPSDJQLHjYHUVHUTXHOTXHLQGHPQLWpTXHFHVRLWDX PRWLIG¶XQHSHUWHGHEpQp¿FHVGHGRPPDJHVHWLQWpUrWVRXGHGHWWHVpYHQWXHOOHVFRQWUDFWpHV SDUO¶$FKHWHXUHQUDLVRQG¶XQTXHOFRQTXHGpIDXWGHODPDFKLQHQLLPSRVHUGHUHVSRQVDELOLWpjOD &RPSDJQLHDXGHOjGHFHOOHGp¿QLHDXSDUDJUDSKH 7RXWHUpFODPDWLRQDXWLWUHGHFHWWHJDUDQWLHGRLWrWUHQRWL¿pHjOD&RPSDJQLHSDUpFULWDYHFWRXWHV OHVSUpFLVLRQVQpFHVVDLUHVFRQFHUQDQWO¶REMHWGHODUpFODPDWLRQGDQVOHVMRXUVTXLVXLYHQWOD GDWHGHODUpSDUDWLRQ 7RXWHUpFODPDWLRQDXWLWUHGHFHWWHJDUDQWLHGRLWrWUHHIIHFWXpHSDUO¶DFKHWHXUG¶RULJLQHGHODPDFKLQH ODJDUDQWLHQ¶pWDQWHQDXFXQFDVWUDQVIpUDEOHjXQWLHUVTXHOTX¶LOVRLW 6LO¶DFKHWHXUORXHODPDFKLQHjXQWLHUVODJDUDQWLHQHV¶DSSOLTXHUDTX¶DX[pOpPHQWVLQGLTXpVSDU pFULWjOD&RPSDJQLHGDQVOHVMRXUVTXLVXLYHQWODGDWHGHOLYUDLVRQ'DQVFHFDVRQOLUDOH SDUDJUDSKHFLGHVVXVFRPPHVLODSpULRGHGHPRLVTXL\¿JXUHDYDLWpWpUHPSODFpHSDUXQH SpULRGHGHMRXUV /DJDUDQWLHFHVVHUDGHV¶DSSOLTXHU D HQ FDV G¶LQVWDOODWLRQ VXU OD PDFKLQH GH SLqFHV QRQ IDEULTXpHV IRXUQLHV RX DSSURXYpHV SDU OD &RPSDJQLHRX VLO¶RQHIIHFWXHVXUODPDFKLQHGHVUpSDUDWLRQVTXLQ¶RQWSDVpWpIDLWHVSDUOD&RPSDJQLHRXTXL Q¶RQWSDVpWpH[SUHVVpPHQWDXWRULVpHVSDUpFULWSDUOD&RPSDJQLHRX VLO¶RQSURFqGHjGHVPRGL¿FDWLRQVTXLQ¶RQWSDVpWpH[SUHVVpPHQWDXWRULVpHVSDUpFULWSDUOD &RPSDJQLHRXVLODPDFKLQHDpWpHQGRPPDJpHDFFLGHQWHOOHPHQWRX VLODPDFKLQHDpWpXWLOLVpHLQFRUUHFWHPHQWVRXPLVHjGHVFKDUJHVH[FHVVLYHVRXXWLOLVpHSRXUXQ REMHFWLIRXXQHFKDUJHTXLGpSDVVHFHSRXUTXRLHOOHDpWpFRQoXHRXVLHOOHDpWpXWLOLVpHDYHFXQ WUDFWHXUIRXUQLVVDQWXQHSXLVVDQFHGpSDVVDQWGHSOXVGHODSXLVVDQFHUHTXLVHVSpFL¿pHSRXU O¶pTXLSHPHQW'DQVFHVWHUPHVHWFRQGLWLRQVOD³SXLVVDQFHUHTXLVHVSpFL¿pHSRXUO¶pTXLSHPHQW´ VHUDSSRUWHDX[WUDFWHXUVjSQHXVVDXILQGLFDWLRQH[SUHVVHFRQWUDLUH/DSXLVVDQFHVSpFL¿pHGRLW rWUHUpGXLWHGHVLO¶RQXWLOLVHODPDFKLQHDYHFXQWUDFWHXUjFKHQLOOHV VL OD PDFKLQH HVW XWLOLVpH FRPPH pOpPHQW G¶XQ µWUDLQ GH FXOWXUH¶ GDQV OHTXHO LO \ D SOXV G¶XQ pTXLSHPHQWWUDFWpVDQVO¶DXWRULVDWLRQH[SUHVVHpFULWHGH6LPED,QWHUQDWLRQDO/WG VLO¶HQWUHWLHQQ¶HVWSDVHIIHFWXpGDQVOHUHVSHFWGXFDOHQGULHUG¶HQWUHWLHQ¿JXUDQWGDQVOHPDQXHO GHO¶RSpUDWHXU VLOH&HUWL¿FDWG¶HQUHJLVWUHPHQWG¶LQVWDOODWLRQHWGHJDUDQWLHQ¶DSDVpWpUHQYR\pHWUHoXSDU6LPED ,QWHUQDWLRQDO/WG6HUYLFH'HSW:RRGEULGJH5RDG6OHDIRUG/LQFROQVKLUH$QJOHWHUUH1*(: GDQVOHVMRXUVTXLVXLYHQWO¶LQVWDOODWLRQGHODQRXYHOOHPDFKLQH E F H I J K ;3UHVV ,QVWUXFWLRQVG¶XWLOLVDWLRQ ,GHQWL¿FDWLRQGHODPDFKLQH ,GHQWLÀFDWLRQGHODPDFKLQH (QWUH]OHVGRQQpHVSHUWLQHQWHVFLDSUqVORUVGHO¶DFFHSWDWLRQGHODPDFKLQH 1XPpURGHVpULH 7\SHGHPDFKLQH /DUJHXUGHODPDFKLQH $QQpHGHIDEULFDWLRQ 'DWHGHOLYUDLVRQ 3UHPLqUHXWLOLVDWLRQ $FFHVVRLUHV ,QVWUXFWLRQVG¶XWLOLVDWLRQ/LVWHGHVSLqFHVGpWDFKpHV $GUHVVHGXUHYHQGHXU 1RP BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB $GUHVVH BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB 9LOOH BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB 7pO BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB 5pIFOLHQWGXUHYHQGHXUBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB $GUHVVH6,0%$ 6,0%$ :RRGEULGJH5RDG,QG(VW 6OHDIRUG /LQFROQVKLUH 1*(: 7pO )D[ (0DLO VLPEDLQWHUQDWLRQDO#VLPEDFRXN 5pIFOLHQW6,0%$ BBBBBBBBBBBBBBBBBBBBBBBBBBBBBB ;3UHVV ,QVWUXFWLRQVG¶XWLOLVDWLRQ 7DEOHGHVPDWLqUHV 7DEOHGHVPDWLqUHV ,GHQWL¿FDWLRQGHODPDFKLQH 3UpVHQWDWLRQ $YDQWSURSRV /LJQHVGLUHFWULFHVFRQFHUQDQWODJDUDQWLH &RQVLJQHVGHVpFXULWp 6\PEROHVGHVpFXULWp 8WLOLVHUODPDFKLQHSRXUO¶REMHFWLISUpYX 6pFXULWpSHQGDQWO¶XWLOLVDWLRQ 3DVGHUHVSRQVDELOLWpGRQQDQWOLHXjGHVGRPPDJHVHWLQWpUrWV 6pFXULWpURXWLqUH 3UpYHQWLRQGHVDFFLGHQWV $WWHODJHGHODPDFKLQH ¬SURSRVGXV\VWqPHK\GUDXOLTXH &KDQJHPHQWG¶pTXLSHPHQW 3HQGDQWO¶XWLOLVDWLRQ (QWUHWLHQHWPDLQWHQDQFH =RQHVG¶XWLOLVDWLRQ 2SpUDWHXUVDXWRULVpV eTXLSHPHQWVGHSURWHFWLRQ 7UDQVSRUWHWLQVWDOODWLRQ /LYUDLVRQ 7UDQVSRUW ,QVWDOODWLRQ $WWHODJH $WWHODJHG¶XQWUDFWHXUjO¶;3UHVV3UpSDUDWLRQSRXUOHWUDQVSRUW 3OLDJHHWGpSOLDJH 'pSOLDJHSRXUPLVHHQSRVLWLRQGHWUDYDLO 3OLDJHSRXUPLVHHQSRVLWLRQGHWUDQVSRUW 3URFpGXUHGHUDFFRUGHPHQWGXIUHLQSQHXPDWLTXH 3RXUOHUDFFRUGHPHQW 3RXUOHGpWDFKHPHQW eTXLSHPHQWVGHYDQWHWGHUULqUH $WWHODJHG¶XQHKHUVHjGLVTXHVjO¶;3UHVV 7UDQVSRUWG¶XQH;3UHVVUHPRUTXpHGHUULqUHXQHKHUVHjGLVTXHV 3RXUSDVVHUGXWUDYDLODXWUDQVSRUWVXUURXWH;3UHVVGHUULqUHXQHKHUVHjGLVTXHV $WWHODJHG¶XQURXOHDXDUULqUHjO¶;3UHVV 3RXUODFRQGXLWHVXUURXWH 6WDWLRQQHPHQWGHODPDFKLQH )LFKHWHFKQLTXH;3UHVV ;3UHVV ,QVWUXFWLRQVG¶XWLOLVDWLRQ 7DEOHGHVPDWLqUHV 5pJODJHVHWXWLOLVDWLRQ 'HVFULSWLRQ 'LVTXHV 5RXOHDXjGRXEOHGLVTXH 5pJODJHVGHWUDYDLO 8WLOLVDWLRQGHFDOHV 5pJODJHVGHGpSDUW 0RGL¿FDWLRQGHVUpJODJHV 5pJODJHGHODSURIRQGHXUGXFDGUHGHGLVTXHV ,QVWUXFWLRQVSRXUOHWUDYDLO 9pUL¿FDWLRQV (QWUHWLHQHWPDLQWHQDQFH (QWUHWLHQ 1HWWR\DJH (QWUHWLHQGHVPR\HX[GHGLVTXH 6HUUDJHGHVPR\HX[GHGLVTXH -RLQWVGHSDOLHU )UHLQVHWPR\HX[GHURXH (VVLHX[GHVGRXEOHVGLVTXHV 3RXUOHUpJODJHGHODSUHVVLRQGXV\VWqPH 3UpSDUDWLRQSRXUOHVWRFNDJH $VVLVWDQFHjO¶RSpUDWHXU ,QWHUYDOOHVG¶HQWUHWLHQ 3UpVHQWDWLRQGHO¶HQWUHWLHQ /XEUL¿FDWLRQGHODPDFKLQH 0DQLHPHQWGHVOXEUL¿DQWV /XEUL¿DQWVHWKXLOHK\GUDXOLTXH 3DQQHVHWUHPqGHV 3LqFHVHWPRQWDJH ;3UHVV ,QVWUXFWLRQVG¶XWLOLVDWLRQ 3UpVHQWDWLRQ 3UpVHQWDWLRQ 1RXVQRXVUpVHUYRQVOHGURLWGHPRGL¿HU OHV LOOXVWUDWLRQV OHV FDUDFWpULVWLTXHV WHFKQLTXHVHWOHVSRLGV¿JXUDQWGDQV FHVLQVWUXFWLRQVG¶XWLOLVDWLRQjGHV¿QV G¶DPpOLRUDWLRQGHODPDFKLQH $YDQWSURSRV $YDQWG¶XWLOLVHUODPDFKLQHOLVH]DWWHQWLYHPHQW OHVLQVWUXFWLRQVG¶XWLOLVDWLRQHWUHVSHFWH]OHV &HOD SHUPHWWUD G¶pYLWHU OHV DFFLGHQWV GH UpGXLUHOHFRWGHVUpSDUDWLRQVHWOHVGXUpHV /LJQHVGLUHFWULFHVFRQFHUQDQWOD G¶LPPRELOLVDWLRQHWG¶DXJPHQWHUOD¿DELOLWpHWOD JDUDQWLH GXUpHG¶XWLOLVDWLRQGHODPDFKLQH5HVSHFWH] /DSpULRGHGHUHVSRQVDELOLWpSRXUOHVGpIDXWV ELHQOHVFRQVLJQHVGHVpFXULWp PDWpULHOV JDUDQWLH OLpV j QRV SURGXLWV HVW GH PRLV 6L GHV pFDUWV SDU UDSSRUW DX[ 6,0%$Q¶DFFHSWHUDDXFXQHUHVSRQVDELOLWpGH GLVSRVLWLRQV VWDQGDUG RQW IDLW O¶REMHW G¶XQ TXHOTXHQDWXUHTXHFHVRLWSRXUWRXWGRPPDJH DFFRUGpFULWFHVDFFRUGVV¶DSSOLTXHURQW RXGpIDXWGHIRQFWLRQQHPHQWUpVXOWDQWGXQRQ UHVSHFWGHVLQVWUXFWLRQVG¶XWLOLVDWLRQ ,OVSUHQGURQWHIIHWjODGDWHG¶LQVWDOODWLRQGH ODPDFKLQHFKH]O¶XWLOLVDWHXU¿QDO/HVSLqFHV &HVLQVWUXFWLRQVG¶XWLOLVDWLRQYRXVDLGHURQWj G¶XVXUHVRQWH[FOXHVGHODJDUDQWLH PLHX[FRQQDvWUHYRWUHPDFKLQHHWjO¶XWLOLVHU FRUUHFWHPHQW SRXU O¶XVDJH SUpYX (OOHV FRPPHQFHQWSDUGHVLQVWUXFWLRQVJpQpUDOHV 7RXWHV OHV UpFODPDWLRQV DX WLWUH GH OD VXU OH PDQLHPHQW GH OD PDFKLQH HW VH JDUDQWLHGRLYHQWrWUHVRXPLVHVj6,0%$SDU SRXUVXLYHQWSDUGHVFKDSLWUHVVXUO¶HQWUHWLHQ O¶LQWHUPpGLDLUHGHYRWUHUHYHQGHXU ODPDLQWHQDQFHHWOHVPHVXUHVjSUHQGUHHQ FDVGHSUREOqPHGHIRQFWLRQQHPHQW &HVLQVWUXFWLRQVG¶XWLOLVDWLRQGRLYHQWrWUHOXHV HWVXLYLHVSDUWRXWHVOHVSHUVRQQHVWUDYDLOODQW VXURXDYHFODPDFKLQHSDUH[HPSOH 3RXUO¶XWLOLVHUSUpSDUDWLRQFRUUHFWLRQGHV SUREOqPHVGDQVODVpTXHQFHG¶XWLOLVDWLRQ HQWUHWLHQ 3RXU O¶HQWUHWHQLU PDLQWHQDQFH HW LQVSHFWLRQ 3RXUODWUDQVSRUWHU / H V L Q V W U X F W L R Q V G ¶ X W L O L V D W L R Q V R Q W DFFRPSDJQpHV G¶XQH OLVWH GH SLqFHV GpWDFKpHVHWG¶XQIRUPXODLUHG¶HQUHJLVWUHPHQW GH OD PDFKLQH /HV WHFKQLFLHQV G¶HQWUHWLHQ VXU VLWH YRXV GRQQHURQW OHV H[SOLFDWLRQV QpFHVVDLUHV VXU O¶XWLOLVDWLRQ HW O¶HQWUHWLHQ GH YRWUHPDFKLQH9RXVGHYH]HQVXLWHUHQYR\HU OHIRUPXODLUHG¶HQUHJLVWUHPHQWGHODPDFKLQHj YRWUHUHYHQGHXU&HFLYDXGUDFRQ¿UPDWLRQGH YRWUHDFFHSWDWLRQIRUPHOOHGHODPDFKLQH/D SpULRGHGHJDUDQWLHGpEXWHjODGDWHjODTXHOOH ODPDFKLQHYRXVHVWOLYUpH ;3UHVV ,QVWUXFWLRQVG¶XWLOLVDWLRQ &RQVLJQHVGHVpFXULWp &RQVLJQHVGH VpFXULWp /HV DYHUWLVVHPHQWV HW OHV FRQVLJQHV GHVp FXULWpTXLVXLYHQWV¶DSSOLTXHQWjWRXVOHVFKD SLWUHVGHFHVLQVWUXFWLRQVG¶XWLOLVDWLRQ 'HV SLqFHV SHXYHQW rWUH S U R M H W p H V S H Q G D Q W O H IRQFWLRQQHPHQW 5HVWH] j ERQQH GLVWDQFH GH OD PDFKLQH 6\PEROHVGHVpFXULWp 6XUODPDFKLQH /LVH] HW UHVSHFWH] OHV LQVWUXFWLRQV G¶XWLOLVDWLRQ D Y D Q W G H G p P D U U H U O D PDFKLQH 5HVWH]HQGHKRUVGHOD]RQH G¶DFWLRQ GHV FRPSRVDQWV DUWLFXOpVGHODPDFKLQH 9pULILH] TX¶LO Q¶\ D SDV GH IXLWHV GH OLTXLGH VRXV SUHVVLRQ 5HVSHFWH] OHV LQVWUXFWLRQV ILJXUDQW GDQV OHVLQVWUXFWLRQVG¶XWLOLVDWLRQ /D PDFKLQH QH GRLW MDPDLV VHUYLU j WUDQVSRUWHU GHV SHUVRQQHV 7HQH]YRXV j O¶pFDUW GHV S D U W L H V G H O D P D F K L Q H FRQWHQDQW GHV SLqFHV HQ PRXYHPHQW 5LVTXH GH EUR\DJH 1HWRXFKH]MDPDLVXQHSLqFH WRXUQDQWH ;3UHVV ,QVWUXFWLRQVG¶XWLOLVDWLRQ &RQVLJQHVGHVpFXULWp $YDQW G¶HIIHFWXHU TXHOTXH ,QVWUXFWLRQVG·XWLOLVDWLRQ HQWUHWLHQ TXH FH VRLW OLVH] OHVLQVWUXFWLRQVG¶XWLOLVDWLRQ /HV LQVWUXFWLRQV G¶XWLOLVDWLRQ FRQWLHQQHQW WURLVW\SHVG¶DYHUWLVVHPHQWVHWGHFRQVLJQHV GH VpFXULWp (OOHV XWLOLVHQW OHV V\PEROHV JUDSKLTXHVVXLYDQWV ,PSRUWDQW 5LVTXHGHEOHVVXUH 5LVTXH GH EOHVVXUHV JUDYHV RX PRUWHOOHV ,OHVWLPSRUWDQWGHOLUHDWWHQWLYHPHQWODWRWDOLWp GHVFRQVLJQHVGHVpFXULWp¿JXUDQWGDQVFHV LQVWUXFWLRQVG¶XWLOLVDWLRQHWGHWHQLUFRPSWHGHV SDQQHDX[G¶DYHUWLVVHPHQWVHWURXYDQWVXUOD PDFKLQH $ V V X U H ] Y R X V T X H O H V S D Q Q H D X [ G¶DYHUWLVVHPHQW VRLHQW OLVLEOHV 5HPSODFH] OHVSDQQHDX[DEVHQWVRXHQGRPPDJpV &HVFRQVLJQHVGRLYHQWrWUHUHVSHFWpHVSRXU pYLWHUOHVDFFLGHQWV)DLWHVHQVRUWHTXHOHV DXWUHVXWLOLVDWHXUVOLVHQWOHVDYHUWLVVHPHQWVHW OHVFRQVLJQHVGHVpFXULWp 1¶HIIHFWXH] DXFXQH RSpUDWLRQ TXL SXLVVH UHQGUHGDQJHUHXVHO¶XWLOLVDWLRQGHODPDFKLQH 'DQVFHPDQXHOVDXILQGLFDWLRQFRQWUDLUH OD JDXFKH HW OD GURLWH VH UDSSRUWHQW j FH TXHO¶RQYRLWTXDQGRQVHWURXYHGHUULqUHOD PDFKLQHHWTXHO¶RQUHJDUGHGDQVOHVHQV GXGpSODFHPHQW ;3UHVV ,QVWUXFWLRQVG¶XWLOLVDWLRQ &RQVLJQHVGHVpFXULWp 8WLOLVHUODPDFKLQH SRXUO·REMHFWLISUpYX 6pFXULWpSHQGDQW O·XWLOLVDWLRQ /¶;3UHVV 6,0%$ D pWp IDEULTXpH DYHF OHV GHUQLqUHVWHFKQRORJLHVHWHQFRQIRUPLWpDYHF OHV UpJOHPHQWDWLRQV GH VpFXULWp HQ YLJXHXU FRQFHUQpHV &HSHQGDQW XQH PDXYDLVH XWLOLVDWLRQ GH OD PDFKLQH SHXW FDXVHU GHV EOHVVXUHV j O¶RSpUDWHXU RX j GHV WLHUV RX DEvPHUODPDFKLQHRXG¶DXWUHVELHQV 2Q QH GRLW SDV FRPPHQFHU j XWLOLVHU OD PDFKLQH WDQW TXH O¶RQ Q¶D SDV UHoX OHV LQVWUXFWLRQV DSSURSULpHV G¶XQ UHSUpVHQWDQW GX UHYHQGHXU DXWRULVp RX G¶XQ UHSUpVHQWDQW GH6,0%$9RXVGHYH]UHPSOLUOHIRUPXODLUH G¶HQUHJLVWUHPHQWGHODPDFKLQHHWOHUHQYR\HU jYRWUHUHYHQGHXU /DPDFKLQHQHGRLWrWUHXWLOLVpHTXHORUVTX¶HOOH HVW HQ SDUIDLW pWDW GH IRQFWLRQQHPHQW HW XQLTXHPHQWSRXUO¶XVDJHSUpYX2QSUHQGUD HQ FRPSWH OHV SUREOqPHV GH VpFXULWp HW OHV ULVTXHV OLpV j OD PDFKLQH HQ VH FRQIRUPDQW DX[ LQVWUXFWLRQV G¶XWLOLVDWLRQ (Q SDUWLFXOLHU OHVGpIDXWVDIIHFWDQWODVpFXULWpGRLYHQWrWUH FRUULJpVLPPpGLDWHPHQW $YDQW WRXWH XWLOLVDWLRQ GH OD PDFKLQH WRXV OHVpTXLSHPHQWVGHSURWHFWLRQHWGHVpFXULWp WHOV TXH OHV pTXLSHPHQWV GH SURWHFWLRQ DPRYLEOHVGRLYHQWrWUHHQSODFHHWIRQFWLRQQHU FRUUHFWHPHQW 9pUL¿H]UpJXOLqUHPHQWTXHOHVYLVHW OHVERXORQVVRQWVHUUpVFRUUHFWHPHQW HWUHVVHUUH]OHVVLQpFHVVDLUH /HVSLqFHVG¶RULJLQHHWOHVDFFHVVRLUHVIRXUQLV (Q FDV GH G\VIRQFWLRQQHPHQWV SDU6,0%$RQWpWpFRQoXVVSpFLDOHPHQWSRXU DUUrWH] OD PDFKLQH LPPpGLDWHPHQW FHWWHPDFKLQH/HVSLqFHVHWDFFHVVRLUHVQRQ HWSODFH]ODHQOLHXVU IRXUQLVSDU6,0%$Q¶RQWSDVpWppSURXYpVHW LOQ¶HVWSDVDXWRULVpG¶HQXWLOLVHU/¶LQVWDOODWLRQ )DLWHVHQVRUWHTXHWRXVOHVGpIDXWV RXO¶XWLOLVDWLRQGHSURGXLWVQHSURYHQDQWSDV VRLHQWUpSDUpVLPPpGLDWHPHQW GH6,0%$SHXWGpJUDGHUOHVFDUDFWpULVWLTXHV SDUWLFXOLqUHVGRQWDpWpGRWpHODPDFKLQHORUV GH VD FRQFHSWLRQ HW QXLUH j OD VpFXULWp GHV 3DVGHUHVSRQVDELOLWp RSpUDWHXUV GH OD PDFKLQH RX j OD PDFKLQH GRQQDQWOLHXjGHV HOOHPrPH 6,0%$ Q¶DFFHSWHUD DXFXQH UHVSRQVDELOLWp SRXU TXHOTXH GRPPDJH TXH GRPPDJHVHWLQWpUrWV FHVRLWUpVXOWDQWGHO¶XWLOLVDWLRQGHSLqFHVRX /¶;3UHVVDpWpIDEULTXpHSDU6,0%$DYHFOH SOXVJUDQGVRLQ&HUWDLQVSUREOqPHVSHXYHQW G¶DFFHVVRLUHVTXLQHVRQWSDVG¶RULJLQH FHSHQGDQWDUULYHUSHQGDQWO¶XWLOLVDWLRQQRUPDOH /¶;3UHVV 6,0%$ D pWp FRQoXH XQLTXHPHQW GHODPDFKLQH,OVSHXYHQWFRPSUHQGUH FRPPH pTXLSHPHQW GHVWLQp j OD FXOWXUH DJULFROH7RXWHXWLOLVDWLRQjG¶DXWUHV¿QVSDU 3LqFHVG¶XVXUHXVpHV H[HPSOH FRPPH PR\HQ GH WUDQVSRUW VHUD 'RPPDJHV FDXVpV SDU GHV pOpPHQWV H[WpULHXUV FRQVLGpUpHFRPPHXQHXWLOLVDWLRQLQDSSURSULpH 6,0%$ Q¶DFFHSWHUD DXFXQH UHVSRQVDELOLWp 9LWHVVHGHFRQGXLWHLQFRUUHFWH SRXUWRXWGRPPDJHUpVXOWDQWG¶XQHXWLOLVDWLRQ 0DXYDLVUpJODJHGHODPDFKLQHPDXYDLVH ¿[DWLRQQRQUHVSHFWGHVFRQVLJQHVUHODWLYHV LQDSSURSULpH&¶HVWH[FOXVLYHPHQWO¶RSpUDWHXU DX[UpJODJHV TXLDVVXPHUDOHVULVTXHV ,O HVW GRQF H[WUrPHPHQW LPSRUWDQW 8WLOLVHU O¶;3UHVV GHUULqUH GHV WUDFWHXUV GH YpULILHU V\VWpPDWLTXHPHQW OD GH JUDQGH SXLVVDQFH GpSDVVDQW GH SOXV PDFKLQH DYDQW GH O¶XWLOLVHU HW OH PD[LPXP UHFRPPDQGp SHXW OXL SHQGDQWTX¶RQO¶XWLOLVHSRXUV¶DVVXUHU IDLUH VXELU GHV FKDUJHV HW GHV FRQWUDLQWHV TX¶HOOHIRQFWLRQQHHWUHPSOLWVRQU{OH pOHYpHVVXVFHSWLEOHVGHSURYRTXHUjWHUPH FRUUHFWHPHQW GHVGRPPDJHVVWUXFWXUHOVDXFKkVVLVHWDX[ SLqFHV SULQFLSDOHV &HV H[FqV GH FKDUJH SHXYHQW QXLUH j OD VpFXULWp HW VRQW GRQF j /HV UpFODPDWLRQV G¶LQGHPQLWpV SRXU GHV GRPPDJHV QH FRQFHUQDQW SDV OD PDFKLQH SURVFULUH VRQW H[FOXHV &HOD FRQFHUQH HQ SDUWLFXOLHU OHV GRPPDJHV UpVXOWDQW G¶XQH XWLOLVDWLRQ LQFRUUHFWH ;3UHVV ,QVWUXFWLRQVG¶XWLOLVDWLRQ &RQVLJQHVGHVpFXULWp 6pFXULWpURXWLqUH (Q FRQGXLVDQW VXU OD YRLH SXEOLTXH LO HVW LPSRUWDQWGHUHVSHFWHUOHVSRLQWVGXFRGHGH ODURXWHTXLV¶DSSOLTXHQWHWODUpJOHPHQWDWLRQ UHODWLYHjFHW\SHGHPDFKLQH $WWHQWLRQ j QH SDV YRXV FRLQFHU OHV GRLJWV HQ PDQLSXODQW OHV VXSSRUWV GH VWDWLRQQHPHQW GH OD PDFKLQH RX G¶DXWUHV SLqFHV HQ PRXYHPHQW $YDQW GH UHWLUHU GHV JRXSLOOHVRXGHVERXORQVYpUL¿H] TXH OHV SLqFHV ORXUGHV VRQW ELHQ VRXWHQXHV )DLWHV DWWHQWLRQ DX[ FKDUJHV PD[LPDOHVDXWRULVpHVSDUHVVLHXj ODFDSDFLWpGHFKDUJHGHVSQHXVHW DXSRLGVWRWDOD¿QGHQHSDVQXLUHDX $WWHODJHGHODPDFKLQH IUHLQDJHHWjODGLUHFWLRQFHVYDOHXUV ,O H[LVWH GHV ULVTXHV GH EOHVVXUH TXDQG RQ ¿JXUHQWVXUODSODTXHVLJQDOpWLTXH DWWHOOHRXGpWDFKHODPDFKLQH5HVSHFWH]OHV SRLQWVVXLYDQWV ,O HVW VWULFWHPHQW LQWHUGLW GH WUDQVSRUWHU GHV SHUVRQQHV VXU OD ,PPRELOLVH] OD PDFKLQH SRXU TX¶HOOH QH PDFKLQH URXOHSDV )DLWHVWUqVDWWHQWLRQTXDQGOHWUDFWHXUIDLW /DYLWHVVHPD[LPDOHVXUURXWHHVWGH XQHPDUFKHDUULqUH PSKNPK 2QSHXWVHIDLUHpFUDVHUHQWUHODPDFKLQH HWOHWUDFWHXU 6WDWLRQQH]ODPDFKLQHVXUXQVROIHUPHHW 3UpYHQWLRQGHV ELHQKRUL]RQWDO DFFLGHQWV 2XWUH OHV LQVWUXFWLRQV G¶XWLOLVDWLRQ LO HVW L PSRUWDQW GH ELHQ UHVSHFWHU OHV UpJOHPHQWDWLRQV GH SUpYHQWLRQ FRQWUH OHV DFFLGHQWVSURPXOJXpHVSDUOHVDVVRFLDWLRQV GHV PpWLHUV GH O¶DJULFXOWXUH ,O LQFRPEH j O¶RSpUDWHXU GH YHLOOHU j FH TXH SHUVRQQH QH VH WURXYH GDQV OHV ]RQHV GDQJHUHXVHV GH OD PDFKLQH RX DX YRLVLQDJH GH OD PDFKLQH SHQGDQWTXHFHOOHFLIRQFWLRQQH ,OLQFRPEHDXSURSULpWDLUHGHODPDFKLQHGH YHLOOHUjFHTXH O¶RSpUDWHXU DLW pWp IRUPp j O¶XWLOLVDWLRQ GH ODPDFKLQHHWGXWUDFWHXUHWDLWGpPRQWUpVD FRPSpWHQFHjOHVXWLOLVHU OHWUDFWHXUVRLWDGDSWpjODPDFKLQH GHV pYDOXDWLRQV GH ULVTXH HW GH FRQWU{OH GHV VXEVWDQFHV GDQJHUHXVHV SRXU OD VDQWp &26++ DGpTXDWHV DLHQW pWp HIIHFWXpHV FRQFHUQDQW O¶XWLOLVDWLRQ GH OD PDFKLQH 3OXV SUpFLVpPHQW FHV pYDOXDWLRQV FRQFHUQHURQW OH FRQWDFW DYHF OD WHUUH OD SRXVVLqUH OHV UpVLGXV GH FXOWXUHV OHV SURGXLWV FKLPLTXHV OHVOXEUL¿DQWVHWG¶DXWUHVVXEVWDQFHVDXFRXUV GX IRQFWLRQQHPHQW RX GH O¶HQWUHWLHQ HW OHV ULVTXHVG¶pMHFWLRQGHSLHUUHVjKDXWHYLWHVVH SHQGDQWOHWUDYDLO ;3UHVV ,QVWUXFWLRQVG¶XWLOLVDWLRQ SURSRV GX V\VWqPH K\GUDXOLTXH 1 H U D F F R U G H ] M D P D L V O H V F R Q G X L W H V K\GUDXOLTXHV DX WUDFWHXU WDQW TXH OHV GHX[ V\VWqPHVK\GUDXOLTXHVPDFKLQHHWWUDFWHXU QHVRQWSDVGpSUHVVXULVpV 8Q V\VWqPH K\GUDXOLTXH TXL FRQWLHQW XQ DFFXPXODWHXU SHXW UHVWHU VRXV SUHVVLRQ PrPH DSUqV GpSUHVVXULVDWLRQ PDQXHOOH DYHF XQH FRPELQDLVRQ WUDFWHXU pTXLSHPHQW,OHVWGRQFHVVHQWLHO GH YpUL¿HU TXH OHV FRQGXLWHV OHV WX\DX[ HW OHV UDFFRUGV YLVVpV QH SUpVHQWHQW SDV GH IXLWHV RX GH GRPPDJHVH[WHUQHVYLVLEOHV /HFLUFXLWK\GUDXOLTXHFRQWLHQWGHV UDFFRUGVVSpFLDX[DXTXHORQQHGRLW WRXFKHU HQ DXFXQH FLUFRQVWDQFH 3RXU pYLWHU G¶HQGRPPDJHU OD PDFKLQHRXGHFDXVHUGHVEOHVVXUHV JUDYHVQHWHQWH]MDPDLVGHPRGL¿HU OHV WUDMHWV GHV FRQGXLWV RX OHV GLVSRVLWLIVGH¿[DWLRQGHVFRQGXLWV &RQVLJQHVGHVpFXULWp 8WLOLVH] H[FOXVLYHPHQW OHV GLVSRVLWLIV DSSURSULpVSRXUYpUL¿HUODSUpVHQFHGHIXLWHV 5pSDUH]WRXWGRPPDJHLPPpGLDWHPHQW/HV SURMHFWLRQV G¶KXLOH SHXYHQW SURYRTXHU GHV EOHVVXUHVRXGHVLQFHQGLHV 1HYRXVWHQH]SDVGHERXWVXUODPDFKLQHVL FHOOHFLIRQFWLRQQH /HV RSpUDWHXUV GRLYHQW rWUH WLWXODLUHV G¶XQ SHUPLV GH FRQGXLUH YDOLGH SRXU FRQGXLUH OD PDFKLQHVXUODYRLHSXEOLTXH/¶RSpUDWHXUHVW (QFDVGHEOHVVXUHDSSHOH]LPPpGLDWHPHQW UHVSRQVDEOH GHV SHUVRQQHV TXL VH WURXYHQW XQPpGHFLQ GDQVOD]RQHG¶XWLOLVDWLRQ /D SULVH HW OHV ERXFKRQV GHV UDFFRUGV /DSHUVRQQHUHVSRQVDEOHGHODPDFKLQHGRLW K\GUDXOLTXHVHQWUHOHWUDFWHXUHWODPDFKLQH GRLYHQW DYRLU GHV FRGHV GH FRXOHXU TXL IRXUQLU j O¶RSpUDWHXU XQ H[HPSODLUH GHV VHUYLURQWjpYLWHUOHVXWLOLVDWLRQVLQFRUUHFWHV LQVWUXFWLRQVG¶XWLOLVDWLRQHW V¶DVVXUHUTXHO¶RSpUDWHXUDOXHWFRPSULVFHV LQVWUXFWLRQV V¶DVVXUHU TXH O¶RSpUDWHXU FRQQDvW OD UpJOHPHQWDWLRQSURSUHjODPDFKLQHORUVTX¶LO ODFRQGXLWVXUODYRLHSXEOLTXH 52%,1(7)(50e 52%,1(7289(57 )LJXUH5RELQHWVK\GUDXOLTXHV &KDQJHPHQWG·pTXLSHPHQW (QWUHWLHQHW PDLQWHQDQFH $VVXUH]YRXV TXH OHV YpULILFDWLRQV HW OHV ,PPRELOLVH]ODPDFKLQHSRXUO¶HPSrFKHU LQVSHFWLRQVSpULRGLTXHVVRLHQWELHQHIIHFWXpHV GHURXOHUDFFLGHQWHOOHPHQW GDQV OHV LQWHUYDOOHV UHTXLV SDU OD ORL RX 8WLOLVH] GHV VXSSRUWV DGDSWpV SRXU VSpFL¿pVGDQVOHVLQVWUXFWLRQVG¶XWLOLVDWLRQ LPPRELOLVHUOHVSDUWLHVUHOHYpHVGXFKkVVLV VXVSHQGXHVDXGHVVXVGHYRXV $YDQWG¶HIIHFWXHUXQHTXHOFRQTXHLQWHUYHQWLRQ $WWHQWLRQ5LVTXHGHEOHVVXUHVDYHFOHV G¶HQWUHWLHQRXGHPDLQWHQDQFH SDUWLHVVDLOODQWHV WRXMRXUVDUUrWHUOHPRWHXUGXWUDFWHXUHWUHWLUHU 1H JULPSH] MDPDLV VXU OHV SDUWLHV ODFOpGHFRQWDFW WRXUQDQWHVWHOOHVTXHO¶HQVHPEOHGH WRXMRXUVDWWHQGUHTXHOHVSLqFHVHQPRXYHPHQW URXOHDX[ &HV SLqFHV SHXYHQW VH GHODPDFKLQHVHVRLHQWLPPRELOLVpHV PHWWUHHQWRXUQHUHWYRXVULVTXH]GH WRXMRXUVGpSUHVVXULVHUOHV\VWqPHK\GUDXOLTXH JOLVVHUHWGHYRXVEOHVVHUJULqYHPHQW 'HQRPEUHX[FLUFXLWVK\GUDXOLTXHVFRQWLHQQHQW GHV YDQQHV j YHUURX RX GpFHQWUpHV TXL SHXYHQWPDLQWHQLUOHVFRQGXLWHVVRXVSUHVVLRQ PrPHORUVTXHOHVFLUFXLWVF{WpWUDFWHXURQWpWp GpSUHVVXULVpV(QFDVGHGRXWHFRQVXOWH]XQ SURIHVVLRQQHOSDUH[HPSOHYRWUHUHYHQGHXU 6LPED TXL YRXV LQGLTXHUD OD SURFpGXUH 3HQGDQWO·XWLOLVDWLRQ FRUUHFWH SRXU GpSUHVVXULVHU FHV YDQQHV 9pUL¿H]TXHOD]RQHG¶DFWLRQHWOHVDOHQWRXUV DYDQWGHGpPRQWHURXG¶HQWUHWHQLUGHVSLqFHV GHODPDFKLQHVRQWGpJDJpVSDVG¶HQIDQWV VLWXpHVHQDYDOGHFHVYDQQHV DYDQWG¶XWLOLVHUODPDFKLQH 'pPRQWHU GHV SLqFHV SHQGDQW O¶HQWUHWLHQ ULVTXH G¶DIIHFWHU OD VWDELOLWpGHODPDFKLQH9pUL¿H]TXH ODPDFKLQHHVWELHQVRXWHQXHHQFDV GHGpSODFHPHQWLQDWWHQGXGXSRLGV $VVXUH]YRXV G¶DYRLU HQ SHUPDQHQFH XQH ERQQHYLVLELOLWp ;3UHVV ,QVWUXFWLRQVG¶XWLOLVDWLRQ &RQVLJQHVGHVpFXULWp 9pUL¿H]TXHOHVFRQGXLWHVK\GUDXOLTXHVQHSUp VHQWHQW SDV GH IXLWHV GH UDFFRUGV GHVVHUUpV RX GH PDUTXHV GH IURWWHPHQW HW TX¶HOOHV QH VRQWSDVHQGRPPDJpHV&RUULJH]WRXWGpIDXW LPPpGLDWHPHQW )DLWHV SDUWLFXOLqUHPHQW DW WHQWLRQ DX[ LQWHUYDOOHV GH UHPSODFHPHQW GHV WX\DX[LQGLTXpVGDQVOHVFKDSLWUHVVSpFL¿TXHV TXLVXLYHQW7286OHVWX\DX[K\GUDXOLTXHVRQW XQHGXUpHGHVHUYLFHPD[LPXPGH6,;DQV jFRPSWHUGHODGDWHG¶LQVWDOODWLRQjFRQGLWLRQ G¶rWUHUHVWpVHQERQpWDW/HVWX\DX[GHSOXV GHDQVGRLYHQWVRLWrWUHUHPSODFpVVRLWrWUH LQVSHFWpVSDUXQHSHUVRQQHTXDOL¿pHKDELOLWpH jOHXUFHUWL¿HUTX¶LOVGLVSRVHQWG¶XQHGXUpHGH VHUYLFHVXSSOpPHQWDLUHTXLGHYUDrWUHFRQVLJQpH GDQVXQGRVVLHU 6XUXQHPDFKLQHQHXYHVHUUH]WRXVOHVpFURXV HWOHVERXORQVDSUqVKHXUHVG¶XWLOLVDWLRQHW UHFRPPHQFH]O¶RSpUDWLRQDXERXWGHKHXUHV &HFLHVWpJDOHPHQWYDODEOHSRXUOHVSLqFHVTXL RQWpWpGpSODFpHVRXUHPSODFpHV$SUqVFHV KHXUHV XQH YpUL¿FDWLRQ KHEGRPDGDLUH GHYUDLWVXI¿UHVHORQODIUpTXHQFHG¶XWLOLVDWLRQ TXRWLGLHQQH =RQHVG·XWLOLVDWLRQ /HV]RQHVG¶XWLOLVDWLRQVRQWODEDUUHG¶DWWHODJH OHV UDFFRUGV K\GUDXOLTXHV HW O¶pTXLSHPHQW GHUpJODJHGHSURIRQGHXUDLQVLTXHWRXVOHV SRLQWVIRQFWLRQQHOVQpFHVVLWDQWXQHQWUHWLHQ /HV]RQHVG¶XWLOLVDWLRQVRQWVSpFL¿pHVHWGp FULWHVHQGpWDLOGDQVOHVFKDSLWUHVTXLVXLYHQW )DLWHVSDUWLFXOLqUHPHQWDWWHQWLRQDX[pOpPHQWVTXL FRQFHUQDQWO¶HQWUHWLHQHWODPDLQWHQDQFH QpFHVVLWHQWGHVRXWLOVVSpFLDX[RXXQHIRUPDWLRQ SDUWLFXOLqUHODPDLQWHQDQFHQHGRLWrWUHHIIHFWXpH 5HVSHFWH] OHV UqJOHV GH VpFXULWp GpWDLOOpHV TXH SDU GX SHUVRQQHO TXDOL¿p 1H WHQWH] SDV GDQVOHFKDSLWUHUHODWLIjODVpFXULWpHWGDQV G¶HIIHFWXHUODPDLQWHQDQFHYRXVPrPH,OV¶DJLW OHVFKDSLWUHVTXLVXLYHQW GHVpOpPHQWVTXLFRQVHUYHQWGHODSUHVVLRQSDU H[HPSOHOHVFLUFXLWVDFFXPXODWHXUVRXGHODIRUFH SDUH[HPSOHOHVGHQWVÀH[LEOHVHWGHVURXOHDX[ 2SpUDWHXUVDXWRULVpV ''GHWRXWW\SH /HVVHXOHVSHUVRQQHVDXWRULVpHVjXWLOLVHUOD PDFKLQHVRQWFHOOHVD\DQWUHoXGHO¶RSpUDWHXU $YDQW G¶HIIHFWXHU XQH WkFKH G¶HQWUHWLHQ RX GH O¶DXWRULVDWLRQGHOHIDLUHHWXQLTXHPHQWDSUqV PDLQWHQDQFHYpUL¿H]TXHODPDFKLQHVHWURXYH TXHFHGHUQLHUOHXUDGRQQpOHVLQVWUXFWLRQV VXUXQVROIHUPHHWKRUL]RQWDOHWTX¶HOOHDpWp DGpTXDWHV /¶RSpUDWHXU GRLW rWUH kJp G¶DX LPPRELOLVpHSRXUQHSDVURXOHU1HYRXVVHUYH] PRLQVDQV G¶DXFXQHGHVSLqFHVGHODPDFKLQHSRXUJULPSHU VXUFHOOHFLjO¶H[FHSWLRQGHVSLqFHVVSpFLDOH PHQWSUpYXHVjFHWHIIHW eTXLSHPHQWVGH SURWHFWLRQ $YDQWGHQHWWR\HUODPDFKLQHjO¶HDXDXMHWGH YDSHXUDSSDUHLOGHQHWWR\DJHjKDXWHSUHVVLRQ 3RXU O¶XWLOLVDWLRQ HW O¶HQWUHWLHQ YRXV GHYH] RXDYHFG¶DXWUHVDJHQWVGHQHWWR\DJHERXFKH] SRUWHU WRXWHVOHVRXYHUWXUHVGDQVOHVTXHOOHVSRXUGHV UDLVRQVGHVpFXULWpRXGHIRQFWLRQQHPHQWO¶HDX 'HVYrWHPHQWVTXLQHVRQWSDVDPSOHV ODYDSHXUHWOHVDJHQWVGHQHWWR\DJHQHGRLYHQW 'HVJDQWVGHSURWHFWLRQUpVLVWDQWVTXLYRXV SDVSpQpWUHUOHVSDOLHUVSDUH[HPSOH SURWqJHURQWGHVSLqFHVDX[ERUGVDFpUpVGH /XEUL¿H] WRXV OHV SRLQWV GH OXEUL¿FDWLRQ SRXU ODPDFKLQH H[SXOVHUO¶HDXpYHQWXHOOHPHQWSLpJpH $YDQWG¶HIIHFWXHUXQHTXHOFRQTXHLQWHUYHQWLRQ G¶HQWUHWLHQ RX GH PDLQWHQDQFH UHVVHUUH] OHV UDFFRUGVYLVVpVGHVVHUUpV (Q HQWUHWHQDQW OD PDFKLQH SUHQH] WRXWHV OHV SUpFDXWLRQV QpFHVVDLUHV FRQWUH OD WHUUH OD SRXVVLqUHOHVSURGXLWVG¶HQUREDJHGHJUDLQHV ODJUDLVVHHWWRXWHDXWUHVXEVWDQFHGDQJHUHXVH DYHFODTXHOOHYRXVSRXYH]HQWUHUHQFRQWDFW ;3UHVV ,QVWUXFWLRQVG¶XWLOLVDWLRQ 'HV OXQHWWHV GH SURWHFWLRQ SRXU pYLWHU OD SRXVVLqUHGDQVOHV\HX[ 7UDQVSRUW,QVWDOODWLRQ 7UDQVSRUWHW LQVWDOODWLRQ ,QVWDOODWLRQ &¶HVW ORUV GHV WkFKHV G¶LQVWDOODWLRQ HW G¶HQWUHWLHQTXHOHVULVTXHVGHEOHVVXUHVRQW &HFKDSLWUHGpFULWOHWUDQVSRUWHWO¶LQVWDOODWLRQ OHV SOXV pOHYpV ,O HVW LPSRUWDQW GH YRXV LQLWLDOHGHODPDFKLQH IDPLOLDULVHU DYHF OD PDFKLQH HW GH OLUH OHV LQVWUXFWLRQV G¶XWLOLVDWLRQ DYDQW G¶HIIHFWXHU /LYUDLVRQ FHVWkFKHV 1RUPDOHPHQWODPDFKLQHHVWOLYUpHHQWLq UHPHQWPRQWpH /DIRUPDWLRQGHO¶RSpUDWHXUHWO¶LQVWDOODWLRQ LQLWLDOH GH OD PDFKLQH VRQW HIIHFWXpHV SDU /DPDFKLQHSHXWrWUHVRXOHYpHDYHFXQH QRV WHFKQLFLHQV GH PDLQWHQDQFH RX OHV JUXH RX WRXW DXWUH pTXLSHPHQW GH OHYDJH GLVWULEXWHXUVDXWRULVpV DSSURSULp /D PDFKLQH QH GRLW MDPDLV rWUH XWLOLVpH /DPDFKLQHGRLWrWUHDWWHOpHjXQWUDFWHXU DYDQW FHV GHX[ pWDSHV /D PDFKLQH QH HWWUDQVSRUWpHSDUXQHUHPRUTXHEDVVH SRXUUD rWUH FRQ¿pH j O¶RSpUDWHXU TX¶XQH IRLV TXH QRV WHFKQLFLHQV GH PDLQWHQDQFH 7UDQVSRUW RX OHV GLVWULEXWHXUV DXWRULVpV OXL DXURQW 2Q SHXW WUDQVSRUWHU O¶;3UHVV VXU OD YRLH FRPPXQLTXpOHVLQVWUXFWLRQVQpFHVVDLUHV SXEOLTXHHQO¶DWWHODQWjXQWUDFWHXURXHQOD SODoDQWVXUXQHUHPRUTXHEDVVH 6L GHV PRGXOHV RX GHV SLqFHV RQW pWp HQOHYpVSRXUOHWUDQVSRUWQRVWHFKQLFLHQV ,O HVW LPSRUWDQW GH ELHQ UHVSHFWHU OHV GHPDLQWHQDQFHRXOHVUHYHQGHXUVDXWRULVpV GLPHQVLRQV HW OHV SRLGV DXWRULVpV ORUV GX OHVUHPHWWURQWHQSODFHDYDQWGHGLVSHQVHU WUDQVSRUWGHODPDFKLQH ODIRUPDWLRQ 9pUL¿H]WRXVOHVUDFFRUGVYLVVpV 6LODPDFKLQHHVWWUDQVSRUWpHVXUUHPRUTXH LPSRUWDQWV HOOHGRLWrWUHFRQYHQDEOHPHQWLPPRELOLVpH /XEUL¿H]WRXVOHVHPERXWVHWOHVMRLQWV DXPR\HQGHVDQJOHVRXG¶DXWUHVGLVSRVLWLIV 9pUL¿H]TXHOHVFRQGXLWHVHWOHVUDFFRUGV $YDQWGHWUDQVSRUWHUODPDFKLQHVXUODYRLH K\GUDXOLTXHVQHVRQWSDVHQGRPPDJpV SXEOLTXHPHWWH]ODHQSRVLWLRQGHWUDQVSRUW HW UHVSHFWH] OHV VWLSXODWLRQV UHODWLYHV DX WUDQVSRUWURXWLHU /DODUJHXUSRXUOHWUDQVSRUWSHXW GpSHQGUH GH OD IDoRQ GRQW OHV SLqFHV GH WUDYDLO GLVTXHV URX OHDXHWFRQWpWpUpJOpHV,OSHXW rWUH QpFHVVDLUH GH UpJOHU FHV pOpPHQWVSRXUREWHQLUXQHODUJHXU DXVVLUpGXLWHTXHSRVVLEOHSRXUOH WUDQVSRUW /HVUpJODJHVDLQVLTXHOD¿[DWLRQ GHVGLVSRVLWLIVGHWUDQVSRUWGRL YHQWrWUHHIIHFWXpVDXQLYHDXGX VROLOSRXUUDGRQFrWUHQpFHVVDLUH G¶DEDLVVHU OD PDFKLQH SRXU FHV RSpUDWLRQV /D YLWHVVH PD[LPDOH DXWRULVpH HVW GH NPK ;3UHVV ,QVWUXFWLRQVG¶XWLOLVDWLRQ 7UDQVSRUW,QVWDOODWLRQ $WWHODJH $WWHODJHG·XQWUDFWHXU jO·;3UHVV3UpSDUDWLRQSRXU OHWUDQVSRUW $YDQWG¶DWWHOHUODPDFKLQHYpUL¿H] TX¶LO Q¶\ D SHUVRQQH HQWUH OH WUDFWHXUHWODPDFKLQH 6LO¶;3UHVVUHVWHHQVWDWLRQQHPHQW SHQGDQW GHV GXUpHV SURORQJpHV OD PHLOOHXUH VROXWLRQ FRQVLVWH j OD ODLVVHU HQ SRVLWLRQ GpSOLpH F¶HVWjGLUHHQSRVLWLRQGHWUDYDLO SRXU OD VWDELOLWp GH OD PDFKLQH SRXU OD VpFXULWp HW SRXU OD IDFLOLWp G¶DFFqVHQYXHGHO¶HQWUHWLHQ,OHVW FHSHQGDQW DFFHSWDEOH GH ODLVVHU O¶;3UHVV VWDWLRQQpH HQ SRVLWLRQ SOLpH DX PR\HQ GHV VXSSRUWV GH VWDWLRQQHPHQW DX FRXUV GH O¶XWLOLVDWLRQQRUPDOH 5pJODJHGXGpELWG·KXLOHGX WUDFWHXU (Q UqJOH JpQpUDOH DYDQW GH FRPPHQFHU UpJOH] OH GpELW G¶KXLOH GX WUDFWHXU OH SOXV EDV SRVVLEOH 9RXV SRXUUH] O¶DXJPHQWHU SDU OD VXLWH VL QpFHVVDLUHSRXUREWHQLUODYLWHVVH GHIRQFWLRQQHPHQWVRXKDLWpH&HOD pYLWHUDOHVGpELWVG¶KXLOHH[FHVVLIV HW OD FRQVRPPDWLRQ G¶pQHUJLH HW OD JpQpUDWLRQ GH FKDOHXU TXL YRQW DYHF 5DFFRUGH] OH WUDFWHXU j OD EDUUH G¶DWWHODJH DX PR\HQ GX V\VWqPH K\GUDXOLTXH SRXU DXJPHQWHU RX GLPLQXHUODKDXWHXUGHODFKDvQH 2XYUH]OHVURELQHWVG¶HVVLHXDUULqUH $FWLRQQH]OHV\VWqPHK\GUDXOLTXHDYHF SUpFDXWLRQV SRXU DEDLVVHU OD EDUUH G¶DWWHODJH HW EDVFXOHU O¶;3UHVV VXU OHVURXHVSUpYXHVSRXUOHWUDQVSRUWVXU URXWH'pSOR\H]FRPSOqWHPHQWODEDUUH G¶DWWHODJHHWOHVYpULQVG¶HVVLHX 6LODPDFKLQHHVWGpSOLpHDFWLRQQH]OH FLUFXLWGHSOLDJHSRXUSOLHUODPDFKLQH 0HWWH] HQ SODFH OD VDQJOH GHV DLOHV SRXU IL[HU OHV GHX[ VHFWLRQV G¶DLOH HQVHPEOH $EDLVVH]ODPDFKLQHSRXUSRXYRLU PHWWUH HQ SODFH OD VDQJOH GH WUDQVSRUWHQYRXVWHQDQWVXUOHVRO 1HJULPSH]SDVVXUODPDFKLQH 9 p U L I L H ] T X H O H V V X S S R U W V G H VWDWLRQQHPHQW VRQW YHUURXLOOpV GDQV OHXUSRVLWLRQGHWUDYDLO 9pUL¿H] TXH OH V\VWqPH K\GUDXOLTXH GX WUDFWHXU HVW GpSUHVVXULVp HW j OD SRVLWLRQ YHUURXLOOpH RX IHUPpH QRQ )LJXUH9pULQG¶HVVLHXDUULqUH ÀRWWDQWH 9pULILH] TXH OHV URELQHWV G¶HVVLHX DUULqUH VRQW YHUURXLOOpV SRXU pYLWHU OHV KDXWHV SUHVVLRQV DX QLYHDX GHV UDFFRUGVUDSLGHV 5DFFRUGH]OHVWX\DX[K\GUDXOLTXHVDX WUDFWHXUHQYHLOODQWjFHTXHOHVGHX[ WX\DX[ G¶DLOHV MDXQHV VRLHQW UpXQLV HWTXHOHVGHX[WX\DX[GHF\OLQGUHGH EDUUHG¶DWWHODJHURXJHVVRLHQWUpXQLV ;3UHVV ,QVWUXFWLRQVG¶XWLOLVDWLRQ )LJXUH%ORFGHGLVWULEXWLRQ 7UDQVSRUW,QVWDOODWLRQ 3OLDJHHWGpSOLDJH O¶DXWUHVHQVYRXVUpGXLVH]ODSUHVVLRQ YRLU GpWDLOV SDJH 3UHVVXULVH] SRXU GpSOLHU MXVTX¶j REWHQWLRQ GH OD SUHVVLRQUHTXLVH 'pSOLDJHSRXUPLVHHQ SRVLWLRQGHWUDYDLO 9pULILH] TXH OHV URELQHWV GX YpULQ $PHQH] O¶;3UHVV VXU OH WHUUDLQ j G¶HVVLHXDUULqUH¿JXUHURELQHWV WUDYDLOOHU SXLV UpJOH] OH SDV GH OD $HW%VRQWHQSRVLWLRQRXYHUWHF¶HVW PDFKLQH HQ DMRXWDQW RX UHWLUDQW GHV jGLUHDOLJQpVVXUOHVHQVGXGpELW FDOHVVXUOHYpULQGHEDUUHG¶DWWHODJH RXOHVDMXVWHXUVGHFDGUHGHGLVTXHV 5HWLUH] OD VDQJOH GH WUDQVSRUW GHV /¶LGpDO HVW GH UpJOHU OH FKkVVLV SRXU YpULQVG¶DLOHDUULqUH1HJULPSH]SDV TX¶LOWUDYDLOOHOHQH]OpJqUHPHQWUHOHYp VXUODPDFKLQHSRXUUHWLUHUODVDQJOH /H V\VWqPH K\GUDXOLTXH GH OD EDUUH GHWUDQVSRUW G¶DWWHODJHSHXWWUDYDLOOHUHQÀRWWDQWVL RQOHVRXKDLWH 6RXOHYH]ODPDFKLQHD¿QTX¶HOOHVRLW jGLVWDQFHVXI¿VDQWHGXVROSRXUrWUH 3OLDJHSRXUPLVHHQ GpSOLpH SRVLWLRQGHWUDQVSRUW $FWLRQQH]OHV\VWqPHK\GUDXOLTXHSRXU GpSOLHUFRPSOqWHPHQWOHVDLOHV /RUVTXHOHVDLOHVVRQWFRPSOqWHPHQW DEDLVVpHVHOOHVDSSDUDLVVHQWSOXV EDVVHV j OHXUV H[WUpPLWpV &HOD SHUPHWjODPDFKLQHGH©ÀRWWHUª DXGHVVXVGHVVROVLUUpJXOLHUVFH TXLHVWXQHVLWXDWLRQQRUPDOH 9 p U L I L H ] T X H O H V V X S S R U W V G H VWDWLRQQHPHQW VRQW j OHXU SRVLWLRQ HQWLqUHPHQWUHOHYpH 2XYUH] OHV URELQHWV G¶HVVLHX ¿JXUH URELQHWV$HW% $FWLRQQH]OHV\VWqPHK\GUDXOLTXHSRXU UHOHYHUFRPSOqWHPHQWODPDFKLQH 3OLH]FRPSOqWHPHQWODPDFKLQH $EDLVVH]ODPDFKLQHSRXUREWHQLUXQH VWDELOLWpPD[LPDOHWRXWHQYHLOODQWjFH TX¶LO\DLWXQHVSDFHPHQWVXI¿VDQWSRXU OHWUDQVSRUWVXUURXWH 'HVFHQGH] OD PDFKLQH VXU OH VRO MXVTX¶jFHTXHOHVYpULQVGHODEDUUH G¶DWWHODJH WRXFKHQW OHV EXWpHV GH SURIRQGHXU 5HQWUH] FRPSOqWHPHQW OHV YpULQV G¶HVVLHXDUULqUH )HUPH]OHVURELQHWVGHO¶HVVLHXDUULqUH SRXUYHUURXLOOHUOHVURXHVjGLVWDQFHGX VROSHQGDQWOHWUDYDLO 9pULILH] OD SUHVVLRQ G¶DLOH VXU OH PDQRPqWUHYRLU¿JXUH6LHOOH HVW DXGHVVXV RX DXGHVVRXV GH OD YDOHXUVRXKDLWpHSUHVVXULVH]OHVDLOHV SRXUOHVSOLHUFHTXLUHPHWj]pUROD YDOHXU $XJPHQWH] OD SUHVVLRQ F{Wp YpULQHQWRXUQDQWODYDQQH¿JXUH YDQQH GDQV OH VHQV GHV DLJXLOOHV )LJXUH0DFKLQHSOLpH G¶XQH PRQWUH (Q OD WRXUQDQW GDQV )HUPH] OHV URELQHWV VXU O¶HVVLHX DUULqUH0HWWH]HQSODFHODVDQJOHGH WUDQVSRUWSRXUODVpFXULWpGXWUDQVSRUW /D VDQJOH GRLW rWUH PLVH HQ SODFH j SDUWLUGXVRO1HJULPSH]SDVVXUOD PDFKLQH /DPDFKLQHHVWSUrWHSRXUOHWUDQVSRUW 6L O¶RQ GRLW GpWDFKHU O¶;3UHVV GX WUDFWHXUHQSRVLWLRQSOLpHLOIDXWDEDLVVHU OHVVXSSRUWVGHVWDWLRQQHPHQW ;3UHVV ,QVWUXFWLRQVG¶XWLOLVDWLRQ 7UDQVSRUW,QVWDOODWLRQ 8WLOLVDWLRQGHODKHUVH VXLYHXVH 3ODFH]ODJRXSLOOHGHODSODTXHHQTXDUW GH FHUFOH j OD SRVLWLRQ OD SOXV EDVVH SRVVLEOHSRXUEORTXHUOHEUDVGHKHUVH HQSRVLWLRQDEDLVVpH ¬ O¶DUULYpH VXU OH WHUUDLQ GpSOLH] OD PDFKLQH HQ VXLYDQW OHV LQVWUXFWLRQV G¶XWLOLVDWLRQ &RQWLQXH]GHSOLHUO¶;3UHVVHQVXLYDQW OHVLQVWUXFWLRQVG¶XWLOLVDWLRQ ¬ O¶DUULqUH GH OD PDFKLQH IHUPH] OHV UDFFRUGHPHQWGXIUHLQ URELQHWVG¶HVVLHXHWVRUWH]OHVJRXSLOOHV XQLWpVGHVWURXVVLWXpVjO¶DYDQWSDU SQHXPDWLTXH OHVRUHLOOHVSRXUOHVORJHUGDQVOHWURX 3RXU UDFFRUGHU RX GpWDFKHU XQ pOpPHQW DUULqUH GHV PDFKLQHV 6,0%$ pTXLSp G¶XQ IUHLQ 5HWLUH]ODJRXSLOOHGHODSODTXHHQTXDUW 31(80$7,48(RXG¶XQV\VWqPHGHIUHLQDJH GH FHUFOH HW UHSRVLWLRQQH]OD GDQV 31(80$7,48( HW +<'5$8/,48( OH WURX OH SOXV pOHYp SRVVLEOH SRXU OH HIIHFWXH] FH TXL VXLW ¬ QRWHU TXH FHV UDQJHPHQW LQVWUXFWLRQVQHFRQFHUQHQWSDVOHVPDFKLQHV pTXLSpHV 81,48(0(17 G¶XQ V\VWqPH 4XDQGYRXVURXOH]YHUVO¶DYDQWODKHUVH +<'5$8/,48( EDVFXOHSRXUVHPHWWUHHQSRVLWLRQGH WUDYDLO 3RXUOHUDFFRUGHPHQW 4XDQGYRXVWRXUQH]SHQGDQWOHWUDYDLO 5HFXOH]MXVTX¶jODPDFKLQHHWUDFFRUGH] ODPDFKLQHDXWUDFWHXUHQVXLYDQWOHV LQFOLQH] OD PDFKLQH YHUV O¶DUULqUH VXU LQVWUXFWLRQVGXSDUDJUDSKH OH URXOHDX 5HFXOHU OD PDFKLQH j FHWWH SRVLWLRQ SHUPHW j OD KHUVH GH EDVFXOHUPRPHQWDQpPHQWHQSRVLWLRQ 8QHIRLVODPDFKLQHUDFFRUGpHEUDQFKH] GH WUDQVSRUW 4XDQG YRXV UHSDVVH] OHV FRQGXLWHV SQHXPDWLTXHV 3RXU FH HQPDUFKHDYDQWODKHUVHUHYLHQWHQ EUDQFKHPHQWYHLOOH]j¿[HUG¶DERUGOD SRVLWLRQGHWUDYDLO FRQGXLWHMDXQHSXLVODURXJH 3RXUOHWUDYDLO 3URFpGXUHGH 7RXUQHUSHQGDQWOHWUDYDLOQHGRLW VHIDLUHTXHVXUOHURXOHDXDUULqUH 6LYRXVHVVD\H]G¶DEDLVVHUO¶HVVLHX GH WUDQVSRUW DYHF OD KHUVH HQ SRVLWLRQ GH WUDYDLO YRXV ULVTXH] G¶HQGRPPDJHU VpULHXVHPHQW OHV FRPSRVDQWVGHODKHUVHVXLYHXVH 3RXUOHWUDQVSRUW ,QVWUXFWLRQVG¶XWLOLVDWLRQ &RQWLQXH]G¶HIIHFWXHUOHUDFFRUGHPHQW HQVXLYDQWOHVLQVWUXFWLRQVGXSDUDJUDSKH 3RXUOHGpWDFKHPHQW %DVFXOH]O¶;3UHVVVXUOHURXOHDXDUULqUH HW UHFXOH] OpJqUHPHQW OD PDFKLQH FRPPH SRXU XQH PDQ°XYUH GH ERXW GHWHUUDLQ ¬ O¶DUULqUH GH OD PDFKLQH RXYUH] OHV URELQHWVG¶HVVLHXGHWUDQVSRUWHWVRUWH] OHV JRXSLOOHV GH ¿[DWLRQ GH KHUVH XQLWpVGHVWURXVDYDQWSDUOHVRUHLOOHV SRXUOHVORJHUGDQVOHVWURXVDUULqUH ;3UHVV /HV WX\DX[ GH YRWUH V\VWqPH GH IUHLQDJHVRQWPDLQWHQDQW¿[pVHWSUrWV jO¶XWLOLVDWLRQ $PHQH] OD PDFKLQH j OD SRVLWLRQ GH VWDWLRQQHPHQW HQ VXLYDQW OHV LQVWUXFWLRQVGXSDUDJUDSKH /DPDFKLQHpWDQWWRXMRXUVUDFFRUGpHDX WUDFWHXUUHWLUH]ODFRQGXLWHGHIUHLQDJH URXJHSXLVODFRQGXLWHMDXQH 9RVIUHLQVVRQWPDLQWHQDQWDFWLYpVHWj FRQGLWLRQG¶DYRLUpWpUpJOpVHWHQWUHWHQXV FRUUHFWHPHQW LPPRELOLVHURQW OD 7UDQVSRUW,QVWDOODWLRQ PDFKLQHjVDSRVLWLRQ5HPDUTXHVLOH UpVHUYRLUG¶DLUGHODPDFKLQHDpWpSXUJp DSUqVOHGpEUDQFKHPHQWGHWRXWHVOHV FRQGXLWHV OHV IUHLQV VH GpVDFWLYHQW PrPHHIIHWTXHG¶DSSX\HUVXUODYDQQH GHGpULYDWLRQ &RQWLQXH] MXVTX¶DX GpWDFKHPHQW FRPSOHWGHODPDFKLQH 6RXOHYH]ODKHUVHjGLVTXHVjODPrPH KDXWHXUTXHODEDUUHG¶DWWHODJHGHO¶; 3UHVVSXLVUHFXOH]ODKHUVHjGLVTXHV SRXU UDFFRUGHU OHV GHX[ PDFKLQHV 8QHSDLUHGHURELQHWVVXSSOpPHQWDLUHV 3 SRXUUD rWUH QpFHVVDLUH GDQVOHFLUFXLWGHOHYDJHGHODKHUVHj GLVTXHVRXGHO¶;3UHVV(OOHSHUPHWWUD G¶LVROHUOHFLUFXLWGHODEDUUHG¶DWWHODJH (Q VXLYDQW OHV LQVWUXFWLRQV FL GHVVXV YRXV FRQVWDWHUH] TX¶j $8&81PRPHQWGXUDFFRUGHPHQW RX GX GpWDFKHPHQW OD FRQGXLWH URXJH Q¶D pWp ODLVVpH VHXOH VXU OH WUDFWHXU &¶HVW LQWHQWLRQQHO HW F¶HVWFRQVLGpUpFRPPHXQHUqJOH jUHVSHFWHUSRXUOHEUDQFKHPHQW GHVWX\DX[ $FWLRQQH]OHV\VWqPHK\GUDXOLTXHSRXU DEDLVVHU O¶HVVLHX DUULqUH HW OD EDUUH G¶DWWHODJHHWEDVFXOHUO¶;3UHVVVXUOHV URXHVGHWUDQVSRUWVXUURXWH'pSOR\H] FRPSOqWHPHQW OHV YpULQV GH OD EDUUH G¶DWWHODJH $FWLRQQH]OHV\VWqPHK\GUDXOLTXHSRXU VRXOHYHUODKHUVHjGLVTXHVGHIDoRQj ODPHWWUHHQSRVLWLRQGHWUDQVSRUW eTXLSHPHQWVGHYDQWHW GHUULqUH $FWLRQQH]OHV\VWqPHK\GUDXOLTXHSRXU SOLHUOHVDLOHV $WWHODJH G·XQH KHUVH j 0HWWH]HQSODFHOHVVDQJOHVGHWUDQVSRUW GLVTXHVjO·;3UHVV GHODKHUVHjGLVTXHV 5HWLUH] OHV VDQJOHV GH WUDQVSRUW GH 0HWWH]HQSODFHODVDQJOHGHWUDQVSRUW GHV DLOHV GH O¶;3UHVV SRXU ¿[HU OHV OD KHUVH j GLVTXHV HQ IDLVDQW WUqV GHX[VHFWLRQVG¶DLOHO¶XQHjO¶DXWUH $77(17,21ORUVTXHOHYpULQG¶HVVLHX VHGpSORLH 9 p U L I L H ] T X H O H V V X S S R U W V G H 5HFXOH]ODKHUVHjGLVTXHVMXVTX¶jOD VWDWLRQQHPHQW VRQW YHUURXLOOpV GDQV EDUUHG¶DWWHODJHGHO¶;3UHVVHQYHLOODQW OHXUSRVLWLRQGHWUDYDLO j DOLJQHU OHV GHX[ EDUUHV G¶DWWHODJH HW HQ ODLVVDQW XQ OpJHU pFDUWHPHQW /RUVTXH O¶;3UHVV HVW XWLOLVpH HQ WDQGHP SRXUSHUPHWWUHGHUDFFRUGHUOHVGHX[ DYHFXQHKHUVHjGLVTXHVOHGLVTXHGRLWrWUH LQVWDOOpVHORQOHVLQGLFDWLRQVGXPDQXHOGH PDFKLQHV O¶RSpUDWHXU F¶HVWjGLUH DYHF OH JURXSH GH 'HVFHQGH] OD KHUVH j GLVTXHV VXU OH GLVTXHVDYDQWSOXVSUqVGXVROGHPPTXH VRO ODODPHGHGLVTXHGXJURXSHDUULqUH %UDQFKH]OHVTXDWUHWX\DX[K\GUDXOLTXHV HQWUHO¶;3UHVVHWOHVVRUWLHVDUULqUHGH ODKHUVHjGLVTXHVHQYHLOODQWjFHTXH OHV GHX[ WX\DX[ G¶DLOHV VRLHQW UpXQLV HW OHV GHX[ WX\DX[ GH YpULQ GH EDUUH G¶DWWHODJHVRLHQWUpXQLV9pUL¿H]TXHOHV FLUFXLWVGHSOLDJHHWOHVFLUFXLWVGHEDUUH G¶DWWHODJH GH OHYDJH VRLHQW EUDQFKpV FRUUHFWHPHQW /RUVTXH OHV GHX[ PDFKLQHV VRQW GDQV OD SRVLWLRQ GH WUDQVSRUW F¶HVWjGLUH UHOHYpHV HW SOLpHV OH FDGUH VXSpULHXU GH OD KHUVH j GLVTXHV GRLW DYRLU OH QH] KRUL]RQWDO RX OpJqUHPHQW DEDLVVp PrPH VL OD FKDUJH DSSOLTXpHYHUVOHEDVSDUO¶;3UHVVV¶H[HUFH VXUODEDUUHG¶DWWHODJHGHODKHUVHjGLVTXHV 2QSHXWUpJOHUOHQLYHDXGXFDGUHHQPRGL¿DQW 5HOHYH]ODEDUUHG¶DWWHODJHGHO¶;3UHVV O¶LQFOLQDLVRQYHUVO¶DUULqUHGHO¶;3UHVVSRXU D¿QTX¶HOOHVHWURXYHDXGHVVXVGHOD DXJPHQWHURXUpGXLUHODFKDUJHH[HUFpHVXU EDUUH G¶DWWHODJH j GLVTXHV G¶HQYLURQ ODEDUUHG¶DWWHODJHGHVGLVTXHVDUULqUH PP ;3UHVV ,QVWUXFWLRQVG¶XWLOLVDWLRQ 7UDQVSRUW,QVWDOODWLRQ 7UDQVSRUWG·XQH;3UHVV $YDQWGHGpSODFHUOHVPDFKLQHVLOSRXUUD UHPRUTXpHGHUULqUHXQHKHUVH rWUH QpFHVVDLUH GH UDFFRXUFLU OHV UHVVRUWV GHQLYHDXMXVTX¶jFHTXHOHFDGUHVXSpULHXU jGLVTXHV GHODKHUVHjGLVTXHVVRLWKRUL]RQWDORXDLW OHQH]OpJqUHPHQWDEDLVVp /RUVTXH OHV GHX[ PDFKLQHV VRQW GDQV OD SRVLWLRQGHWUDQVSRUWF¶HVWjGLUHUHOHYpHHW 5DFFRXUFLU OH YpULQ GH EDUUH SOLpHOHQH]GXFDGUHVXSpULHXUGHODKHUVH G¶DWWHODJH GH O¶;3UHVV SHUPHW jGLVTXHVGRLWrWUHKRUL]RQWDORXOpJqUHPHQW GHFKDUJHUGDYDQWDJHO¶DUULqUHGX DEDLVVpPrPHVLODFKDUJHH[HUFpHYHUVOH FDGUHGHGLVTXHV2QSHXWOHIDLUH EDVSDUO¶;3UHVVDJLWVXUODEDUUHG¶DWWHODJH VLO¶RQGRLWPHWWUHOHFDGUHVXSpULHXU GH OD KHUVH j GLVTXHV /¶DUULqUH GX FDGUH GHVGLVTXHVHQSRVLWLRQKRUL]RQWDOH VXSpULHXU QH GRLW -$0$,6 rWUH DEDLVVp SRXUOHWUDQVSRUWVXUURXWH SHQGDQW OH WUDQVSRUW FDU FHOD H[HUFH XQH FKDUJHQpJDWLYHpOHYpHVXUOHWUDFWHXUTXL $WWHODJHG·XQURXOHDX SHXW IDLUH SHUGUH DX[ URXHV DUULqUH OHXU DUULqUHjO·;3UHVV SRXYRLUGHWUDFWLRQ ,OIDXWIDLUHH[WUrPHPHQWDWWHQWLRQTXDQG RQIDLWPRQWHUO¶;3UHVVVXUGHVSHQWHV UDLGHVRXV¶LO\DXQHSHQWHODWpUDOH6XU OHVPRGqOHVODUJHVRQSHXWDXJPHQWHUOD FKDUJHVXUODEDUUHG¶DWWHODJHHQUDFFRXU FLVVDQWOHYpULQGHEDUUHG¶DWWHODJH $YDQWGHTXLWWHUOHWHUUDLQSRXUURXOHUVXU XQHURXWHjJUDQGHFLUFXODWLRQYHLOOH]j UHWLUHUOHVPRWWHVGHWHUUHGHODPDFKLQH SRXUpYLWHUGHVDOLUODURXWH 6XLYH]ODSURFpGXUHLQGLTXpHDXSDUDJUDSKH SDJHSRXUUDFFRUGHUXQWUDFWHXUj O¶;3UHVV8QHIRLVOHWUDFWHXUFRUUHFWHPHQW UDFFRUGp j O¶pTXLSHPHQW HW FHOXLFL HQ SRVLWLRQ SOLpH VRXOHYH] OD PDFKLQH SRXU ELHQOXLIDLUHTXLWWHUOHVRO 5HFXOH]O¶;3UHVVMXVTX¶DXURXOHDX $OLJQH]O¶;3UHVVHWOHVEDUUHVG¶DWWHODJH GX URXOHDX GHVFHQGH] O¶;3UHVV VXU OH VRO HW GpSUHVVXULVH] OH V\VWqPH K\GUDXOLTXHGXV\VWqPHGHOHYDJH 9,7(66( 0$;,0$/( 685 5287( 03+.0+ 3RXUSDVVHUGXWUDYDLODX WUDQVSRUW VXU URXWH ;3UHVV GHUULqUHXQHKHUVHjGLVTXHV 5HWLUH]OHVERXORQVGHYHUURXLOODJHGHV DLOHVGHODKHUVHjGLVTXHV $FWLRQQH]OHV\VWqPHK\GUDXOLTXHSRXU UHOHYHUOHGLVTXHHWO¶;3UHVV $FWLRQQH]OHV\VWqPHK\GUDXOLTXHSRXU SOLHUOHVDLOHVjODIRLVVXUODKHUVHj GLVTXHVHWVXUO¶;3UHVV 0HWWH] HQ SODFH OHV VDQJOHV GH WUDQVSRUWVXUOHVGHX[PDFKLQHV ;3UHVV ,QVWUXFWLRQVG¶XWLOLVDWLRQ 5HOHYH] RX DEDLVVH] O¶HVVLHX VHORQ OHV EHVRLQV SRXU DOLJQHU OHV EDUUHV G¶DWWHODJH UHVSHFWLYHV GHV PDFKLQHV D¿QGHSRXYRLUOHVUDFFRUGHU 5DFFRUGH]OHURXOHDXDUULqUHDXFLUFXLW GHOHYDJHGHO¶;3UHVVHQYpUL¿DQWTXH OHVWX\DX[VRQWEUDQFKpVVXUOHFLUFXLW GHODPDFKLQHTXLWLUH %UDQFKH]OHFLUFXLWGHSOLDJHG¶DLOHGH URXOHDXDUULqUHVXUOHFLUFXLWGHSOLDJH G¶DLOHGHO¶;3UHVV 5HOHYH]FRPSOqWHPHQWO¶;3UHVVHWOH URXOHDXSRXUELHQOHVpORLJQHUGXVRO 9pUL¿H]TXHWRXWHVOHVVDQJOHVHWWRXV OHVGLVSRVLWLIVGHWUDQVSRUWVRQWHQSODFH 7UDQVSRUW,QVWDOODWLRQ 3RXUODFRQGXLWHVXU URXWH 3RXUODFRQGXLWHVXUURXWHODPDFKLQHGRLW rWUHFRQYHUWLHjVDSRVLWLRQGHWUDQVSRUW 3RXUODFRQGXLWHVXUURXWHUHOHYH] FRPSOqWHPHQW OD PDFKLQH SRXU pYLWHUTXHOHVSLqFHVGHWUDYDLOQH IURWWHQWVXUOHVRO 6WDWLRQQHPHQWGHOD PDFKLQH 3RXU pYLWHU TXH O¶KXPLGLWp Q¶DEvPH OD PDFKLQH UDQJH]OD GDQV XQ KDQJDU VL SRVVLEOHRXFRXYUH]ODG¶XQHEkFKHVLHOOH GRLWUHVWHUGHKRUV (QPDQ°XYUDQWODPDFKLQHIDLWHV DWWHQWLRQjFHTXLVHWURXYHDXWRXU 9pUL¿H]TX¶LOQ¶\DSHUVRQQHGDQV OD]RQHGHPDQ°XYUHIDLWHVWUqV DWWHQWLRQDX[HQIDQWV )DLWHV VWDWLRQQHU OD PDFKLQH VXU XQ VRO SODWHWIHUPH /D PDFKLQH pWDQW UHOHYpH PHWWH] OHV VXSSRUWVGHVWDWLRQQHPHQWHQSRVLWLRQ $EDLVVH]ODPDFKLQHVXUOHVVXSSRUWVGH VWDWLRQQHPHQW HQ YRXV DVVXUDQW TX¶HOOH VRLWVWDEOH 5HWLUH] OD JRXSLOOH GH EDUUH G¶DWWHODJH HW DYDQFH] OHQWHPHQW HQ PDUFKH DYDQW MXVTX¶jFHTXHO¶DWWHODJHVRLWGpJDJpGH ODEDUUHG¶DWWHODJHGXWUDFWHXU 'HVFHQGH]ODEDUUHG¶DWWHODJHVXUOHVRO $UUrWH]OHWUDFWHXU 'pEUDQFKH] OHV FRQGXLWHV K\GUDXOLTXHV GXWUDFWHXU ;3UHVV ,QVWUXFWLRQVG¶XWLOLVDWLRQ 7UDQVSRUW,QVWDOODWLRQ ;3UHVV ,QVWUXFWLRQVG¶XWLOLVDWLRQ )LFKHWHFKQLTXH )LFKHWHFKQLTXH;3UHVV P P P /DUJHXUGHWUDYDLO PP PP PP /DUJHXUGHWUDQVSRUW PP PP PP +DXWHXUGHWUDQVSRUW PP PP PP /RQJXHXU PP PP PP 3RLGV NJ NJ NJ 3XLVVDQFHGHWUDFWHXUUHTXLVH j&9 j&9 j&9 &KDUJHGHEDUUHG¶DWWHODJH NJ NJ NJ &KDUJHG¶HVVLHX NJ NJ NJ &HQWUHGHJUDYLWp PP PP PP 3RXUGHVSHUIRUPDQFHVRSWLPDOHVLOHVWLPSRUWDQWG¶XWLOLVHUXQpTXLSHPHQWFRUUHVSRQGDQW jYRWUHWUDFWHXU 9DULDEOHVHORQOHYDJHLQFOLQDLVRQHWRSWLRQV 'LPHQVLRQjSDUWLUGXSRLQWG¶DWWHODJHGHWUDQVSRUWURXWLHU ;3UHVV ,QVWUXFWLRQVG¶XWLOLVDWLRQ 5pJODJHVHWXWLOLVDWLRQ 5pJODJHVHWXWLOLVDWLRQ 'HVFULSWLRQ )LJXUH;3UHVV6LPED %DUUHG¶DWWHODJH 6XSSRUWVGHVWDWLRQQHPHQW 'LVTXHV 5RXOHDX'' $MXVWHXUVG¶DQJOHGHGLVTXH $MXVWHXUVGHSDVGXFDGUHGHGLVTXHV %DUUHG¶DWWHODJHDUULqUH 5RXHVGHWUDQVSRUW ;3UHVV ,QVWUXFWLRQVG¶XWLOLVDWLRQ 5pJODJHVHWXWLOLVDWLRQ /¶;3UHVV 6,0%$ HVW XQ pTXLSHPHQW XQLYHUVHOFRQoXSRXUUpDOLVHUG¶H[FHOOHQWV ODERXUDJHV j IDLEOH SURIRQGHXU HW XQH FRQVROLGDWLRQHI¿FDFH EDUUHG¶DWWHODJHDUULqUHRSWLRQQHOOHSHUPHW G¶XWLOLVHUHWGHWLUHUXQpTXLSHPHQWVXLYHXU SDU H[HPSOH XQ URXOHDX &DPEULGJH HQ PrPHWHPSVTXHOD;3UHVV 2QSHXWO¶XWLOLVHUGDQVOHVSHWLWVV\VWqPHV GH ODERXUDJH SRXU LQFRUSRUHU OH FKDXPH RX QLYHOHU OD VXUIDFH ODERXUpH VXU GHV W\SHVGHVROVSOXVOpJHUV&RPPHWRXWHV OHV PDFKLQHV 6LPED HOOH FRPSUHQG OHV GHUQLqUHVLQQRYDWLRQVTXLVHFRPELQHQWSRXU GRQQHUXQHXQLWpHI¿FDFHHWELHQFRQVWUXLWH jOD¿DELOLWpLQpJDOpH /D FRQVROLGDWLRQ HVW HVVHQWLHOOH GDQV OD SOXSDUW GHV RSpUDWLRQV /¶;3UHVV D pWp FRQoXHGHWHOOHIDoRQTXHODFRQVROLGDWLRQ QH VH GpJUDGH SDV SHQGDQW O¶XWLOLVDWLRQ (QHIIHWODSpQpWUDWLRQGHVGLVTXHVDYDQW V¶HIIHFWXHHQGRQQDQWXQDQJOHDX[JURXSHV GHGLVTXHVHWQRQHQWUDQVIpUDQWOHSRLGVGX URXOHDXDUULqUHVXUOHVGLVTXHV/HURXOHDX DUULqUH HQ OLJQH SHUPHW XQH FRQVROLGDWLRQ XQLIRUPHVXUO¶HQVHPEOHGXWHUUDLQ /¶;3UHVVSHXWIRQFWLRQQHUGDQVGHVWHUUDLQV DYHFXQKDXWQLYHDXGHGpFKHWVHQVXUIDFH &¶HVW SRVVLEOH JUkFH DX JURV YROXPH OLEUH jO¶LQWpULHXUGHODPDFKLQH/HVJURXSHVGH GLVTXHV DYDQW HW DUULqUH VRQW HVSDFpV GH PPSRXFHVHWODGLVWDQFHHQWUHOH JURXSHDUULqUHHWOHURXOHDXGRQQHPP SRXFHV VXSSOpPHQWDLUHV /H IDLW TXH OHGLDPqWUHGXURXOHDX''VRLWGHPP SRXFHVIDFLOLWHpJDOHPHQWODFLUFXODWLRQ GHVGpFKHWVHWJDUDQWLWTXHODUpVLVWDQFHDX URXOHPHQWUHVWHPLQLPH /¶;3UHVV HVW FRQoXH SRXU IRQFWLRQQHU j KDXWH YLWHVVH HQWUH HW NPK /H SRLGV LQFRUSRUp G¶HQYLURQ WRQQH SDU PqWUHJDUDQWLWO¶REWHQWLRQGHODSURIRQGHXU VRXKDLWpHjODYLWHVVHG¶DYDQFpHRSWLPDOH /HPRXYHPHQWG¶XQWHUUDLQjO¶DXWUHRXVXU ODURXWHHVWVLPSOHHWVU/HVDLOHVGHO¶; 3UHVVVHSOLHQWYHUWLFDOHPHQWWDQGLVTXHOH FKkVVLV SULQFLSDO VH UHOqYH SDUDOOqOHPHQW DX VRO SRXU GRQQHU XQH KDXWHXU HW XQH ODUJHXU PLQLPHV SRXU OH WUDQVSRUW 8QH ;3UHVV ,QVWUXFWLRQVG¶XWLOLVDWLRQ 5pJODJHVHWXWLOLVDWLRQ 'LVTXHV /D SRVVLELOLWp GH UpJOHU OHV DQJOHV GHV GLVTXHVHQWUHHWSHUPHWG¶HIIHFWXHU ODSpQpWUDWLRQHWOHPpODQJHDJHGHFKDXPH HQXQVHXOSDVVDJH2QSHXWIDLUHYDULHUOD SURIRQGHXUGHWUDYDLOHQXWLOLVDQWGHVFDOHV GHUpJODJH7RXWFHODSHXWrWUHHIIHFWXpVDQV GpJUDGHUODTXDOLWpGHODFRQVROLGDWLRQ GLDPqWUH GH PP SRXFHV HW XQH pSDLVVHXUGHPP,OVVRQWIDEULTXpVHQ DFLHU DX ERUH HW FKURPH WUDLWp j FKDXG PDWpULDX TXL OHXU JDUDQWLW XQH H[FHOOHQWH UpVLVWDQFHjO¶XVXUHHWXQHGXUpHG¶XWLOLVDWLRQ pWHQGXH /HV ODPHVUHVVRUWV 3UR$FWLYH RIIUHQW XQH SURWHFWLRQFRQWUHOHVGRPPDJHVDLQVLTX¶XQ FHUWDLQ GHJUp GH VXLYL GH FRQWRXU GX IDLW TX¶HOOHV SHXYHQW VH UHOHYHU RX V¶DEDLVVHU SDUÀH[LRQSHQGDQWOHWUDYDLO /¶;3UHVV FRPSUHQG GHX[ UDQJpHV GH GLVTXHV VHUYDQW j KDFKHU HW PpODQJHU OHV UpVLGXV GH UpFROWHV /¶HVSDFHPHQW GH PP HQWUH OHV GLVTXHV JDUDQWLW XQH FRXFKHGHEHOOHTXDOLWpHWGLVSRVpHGHIDoRQ V\PpWULTXH GH SDUW HW G¶DXWUH GH OD OLJQH FHQWUDOHGHODPDFKLQH/DPDFKLQHQHSDUW 2QPDLQWLHQWXQH¿QLWLRQFXOWLYpHUpJXOLqUHHW SDVHQELDLVHWWLUHHQOLJQHGURLWHSHUPHWWDQW ELHQKRUL]RQWDOHHQpTXLOLEUDQWODSURMHFWLRQ G¶H[SORLWHUDXPLHX[ODSXLVVDQFHGLVSRQLEOH GH VRO HQWUH OH GLVTXH DYDQW HW OH GLVTXH /HV GLVTXHV PRQWpV VXU O¶;3UHVV RQW XQ DUULqUH 2 Q S H X W U p J O H U O H G L V T X H F H Q W U D O &KDTXH GLVTXH HVW PRQWp VXU XQH ODPH LQGpSHQGDPPHQWGHVDXWUHVGLVTXHVSRXU UHVVRUW 3UR$FWLYH UHOLpH j XQ V\VWqPH GH DVVXUHU XQH ¿QLWLRQ ELHQ KRUL]RQWDOH VXU ELHOOHV2QSHXWIDLUHYDULHUOHVDQJOHVGHV WRXWHODODUJHXUGHODPDFKLQH JURXSHV GH GLVTXHV IDFLOHPHQW HW DYHF SUpFLVLRQDXPR\HQG¶XQDMXVWHXUJUDGXp )LJXUH&DGUHGHGLVTXHV ;3UHVV ,QVWUXFWLRQVG¶XWLOLVDWLRQ 5pJODJHVHWXWLOLVDWLRQ 5RXOHDXjGRXEOH GLVTXH /HURXOHDX''VWDQGDUGHVWFRQVWLWXpGH VHJPHQWVLQGLYLGXHOVHQIRUPHGHFRXURQQHV j'RXEOH'LVTXHEUHYHWp /HVFRXURQQHV''VHUYHQWjFRQVROLGHUOH VROSHQGDQWODGpFRXSHHWO¶pFUDVHPHQWGHV PRWWHV (OOHVUHVWHQWHI¿FDFHVPrPHDYHFOHVVROV ORXUGVHWKXPLGHVFDUHOOHVQHVHEORTXHQW TXHUDUHPHQW /HURXOHDX''DUULqUHVXSSRUWHXQHSDUWLH GX SRLGV GH OD PDFKLQH SRXU DVVXUHU OD FRQVROLGDWLRQ,OVHUWpJDOHPHQWjUpJXOHUOD SURIRQGHXUGHVGLVTXHV/DVXUIDFHRQGXOpH ODLVVpH SDU OH URXOHDX HVW LPSHUPpDEOH DXVVL ELHQ GDQV GHV FRQGLWLRQV VqFKHV TX¶KXPLGHV )LJXUH5RXOHDXjGRXEOHGLVTXH ;3UHVV ,QVWUXFWLRQVG¶XWLOLVDWLRQ 5pJODJHVHWXWLOLVDWLRQ 5pJODJHVGHWUDYDLO 3HQGDQWOHWUDYDLOOHVYpULQVG¶DLOHVGRLYHQW rWUHFRPSOqWHPHQWGpSOR\pV/HVJURXSHV SHXYHQW©ÀRWWHUªDXGHVVXVGHVRQGXODWLRQV GX VRO JUkFH j OHXUV FDGUHV ÀRWWDQWV 8Q FLUFXLWK\GUDXOLTXHSUHVVXULVpVLPSOHVHPHW HQSODFHDXWRPDWLTXHPHQWORUVTXHOHVDLOHV VRQWGpSOLpHV /HV FRXURQQHV GHV URXOHDX[ SUHVVHXUV IRQFWLRQQHQW OH PLHX[ ORUVTXH OD SHLQWXUH GH¿QLWLRQHVWSDUWLHHWTX¶LOQHUHVWHTX¶XQH FRXFKH OLVVH HW EULOODQWH /RUVTXH FHV FRXURQQHV VRQW QHXYHV RX FRUURGpHV OD WHUUH SHXW DYRLU WHQGDQFH j V¶DFFXPXOHU VXUODVXUIDFHHWOHVFRXURQQHVSHXYHQWVH EORTXHUFHSKpQRPqQHV¶HVWRPSDQWORUVTXH OHVFRXURQQHVVRQWGHQRXYHDXEULOODQWHV ,O IDXW SDVVHU O¶;3UHVV DYHF OH QH] GX FKkVVLVOpJqUHPHQWUHOHYpHQGpSOR\DQWOHV YpULQVGHEDUUHG¶DWWHODJHSRXUOHVDPHQHU jODSRVLWLRQQpFHVVDLUH(QSUDWLTXHLOHVW SRVVLEOHG¶XWLOLVHUO¶;3UHVVVXUGHVVROVTXL QHSHUPHWWHQWSDVG¶REWHQLUO¶HIIHWVRXKDLWp HWLOHVWKDELWXHOOHPHQWSRVVLEOHG¶XWLOLVHUOD SUHVVH GDQV FHV FRQGLWLRQV GpIDYRUDEOHV VDQVTX¶HOOHQHVHEORTXHUpJXOLqUHPHQWj FRQGLWLRQTXHOHVHVVLHX[VRLHQWVHUUpVHWOHV FRXURQQHVOLVVHV&HSHQGDQWHQSDUWLFXOLHU HQFDVGHWHUUDLQKXPLGHLOHVWUHFRPPDQGp GHYpUL¿HUO¶HIIHWGHODPDFKLQHVXUODFXOWXUH ;3UHVV ,QVWUXFWLRQVG¶XWLOLVDWLRQ 3OXV OH WHUUDLQ HVW OpJHU PRLQV LO HVW QpFHVVDLUHGHGRQQHUG¶DQJOHDX[GLVTXHV HWSOXVRQSHXWDXJPHQWHUODYLWHVVHYHUV O¶DYDQW 3OXV OH WHUUDLQ HVW KXPLGH PRLQV LO HVW QpFHVVDLUH GH GRQQHU G¶DQJOH DX[ GLVTXHVPDLVLOIDXWUpGXLUHODYLWHVVHYHUV O¶DYDQW 6LOHWHUUDLQHVWORXUGLOIDXWDXJPHQWHU O¶DQJOHGHVGLVTXHVHWUDOHQWLUODYLWHVVH YHUVO¶DYDQW 3OXV LO \ D GH GpFKHWV PRLQV LO IDXW GRQQHUG¶DQJOHDX[GLVTXHVHWSOXVLOIDXW UpGXLUHODYLWHVVHYHUVO¶DYDQW 6XUXQHWHUUHODERXUpHUpGXLVH]O¶DQJOH GHV GLVTXHV SRXU SURGXLUH O¶DFWLRQ GH GpFRXSDJHKDFKDJH 6L OH WHUUDLQ HVW GXU DXJPHQWH] O¶DQJOH GHV GLVTXHV SRXU DXJPHQWHU OD SpQpWUDWLRQ 5pJODJHGHO¶DQJOHGHV GLVTXHV 5/¶$1*/('(6' 18( , ,6 0 (5/¶$1*/('(6', 48( ', 64 à 0(17 6 8( * 6 $8 Ä ,OQ¶HVWSDVQpFHVVDLUHGHIDLUHUHSRVHUO¶; 3UHVV VXU OHV URXHV GH WUDQVSRUW SHQGDQW OHVPDQ°XYUHVGHERXWGHWHUUDLQTXHOD PDFKLQH VRLW XWLOLVpH VHXOH RX TX¶HOOH VRLW FRPELQpH j XQH KHUVH j GLVTXHV ,O IDXW EDVFXOHU O¶;3UHVV VXU OH URXOHDX MXVTX¶j FH TXH OHV GLVTXHV TXLWWHQW OH VRO DXTXHO PRPHQWOHVURXHVGHO¶HVVLHXDUULqUHUHVWHQW KRUVFRQWDFWDYHFOHVRO 5qJOHV JpQpUDOHV SRXU OD SUpSDUDWLRQGHO·;3UHVV 5pJODJHVHWXWLOLVDWLRQ 8WLOLVDWLRQGHFDOHV $YDQW G¶XWLOLVHU GHV FDOHV SRXU PRGL¿HU OH UpJODJH GH OD PDFKLQH DVVXUH]YRXV TXH FHOOHFLVRLWLPPRELOLVpHHWTXHOHWUDFWHXUVRLW DUUrWp FOpV UHWLUpHV$VVXUH]YRXV TXH OHV RSpUDWHXUVUHVWHQWjGLVWDQFHGHODPDFKLQH HW TX¶DXFXQH FKDUJH QH UHVWH DSSOLTXpH DX[FDOHVSUpVHQWHVVXUOHYpULQODWLJHGH FRQWU{OHGHSURIRQGHXU 5pJODJHVGHGpSDUW /HVSDJHVTXLVXLYHQWGpWDLOOHQWOHVUpJODJHV GH GpSDUW UHFRPPDQGpV SRXU O¶;3UHVV 9RXVSRXUUH]HQVXLWHXWLOLVHUFHVUpJODJHV FRPPHEDVHSRXUG¶DXWUHVUpJODJHVD¿QGH WLUHUOHVPHLOOHXUHVSHUIRUPDQFHVSRVVLEOHV GHYRWUHPDFKLQH 9pUL¿H]TXHOHVUpJODJHVGHVF{WpVJDXFKH HW GURLW GH OD PDFKLQH FRQVHUYHQW OHXU 3RXUPHWWUHHQSODFHOHVFDOHVWHQH]OHVSDU V\PpWULH OD SRLJQpH SXLV G¶XQ PRXYHPHQW IHUPH ¿[H]OHV VXU OD WLJH FRPPH LQGLTXp VXU OD &KDUJHGHEDUUHG¶DWWHODJH ¿JXUH3RXUOHVUHWLUHUWLUH]IHUPHPHQW G¶XQGRLJWVXUODSRLJQpH $YDQW GH PHWWUH HQ SODFH GHV FDOHVYpUL¿H]TXHOHYpULQODWLJH GHFRQWU{OHGHSURIRQGHXUQHVRQW SDVHQGRPPDJpVQLVDOLVSDUGHV GpEULV 3RXUDMRXWHURXUHWLUHUGHVFDOHV XWLOLVH]WRXMRXUVODSRLJQpH9RXV ULVTXHULH] GH YRXV EOHVVHU HQ WHQWDQWGHPDQLSXOHUOHVFDOHVSDU OHVPkFKRLUHV 6LYRXVPRGL¿H]OHVUpJODJHVGH ODPDFKLQHDVVXUH]TXHOHVGHX[ F{WpV GH OD PDFKLQH FRQVHUYHQW OHXU V\PpWULH /H YpULQ JDXFKH GHYUDFRPSRUWHUOHPrPHQRPEUH GH FDOHV TXH OH YpULQ GURLW SDU H[HPSOH 'DQV OH FDV FRQWUDLUH YRXV ULVTXH] G¶HQGRPPDJHU OD PDFKLQH [ [ $UJHQW PP 1RLU PP [ )LJXUH&DOHV [ [ 5RXJH PP %OHX PP -DXQH PP /HUpJODJHGHVFDOHVGHYpULQV GH EDUUH G¶DWWHODJH GpSHQG GH ODKDXWHXUGHODEDUUHG¶DWWHODJH GX WUDFWHXU /H UpJODJH GHV FDOHV GpFULW FLGHVVXV Q¶HVW GRQF GRQQp TX¶j WLWUH LQGLFDWLI /D PDFKLQH GRLW rWUH UpJOpH SRXU VH GpSODFHU DYHF OH QH] GX FKkVVLV OpJqUHPHQW UHOHYp HQIRQFWLRQGHODSURIRQGHXUGH WUDYDLO ;3UHVV ,QVWUXFWLRQVG¶XWLOLVDWLRQ 5pJODJHVHWXWLOLVDWLRQ 3DVGXFDGUHGHGLVTXHV [ %OHX PP [ [ 5RXJH PP -DXQH PP /HVFHQWUHVGHO¶DMXVWHXUVRQWQRUPDOHPHQWUpJOpVjPPORUVTXHODPDFKLQHHVW OLYUpHSDUO¶XVLQH&¶HVWXQERQSRLQWGHGpSDUWGHFRPPHQFHUjDMRXWHUGHVFDOHV SRXUUpJOHUOHSDVGHVGLVTXHV /HYLHUVG¶DMXVWHPHQWG¶DQJOHGHGLVTXHV *URXSHDUULqUH /$0(5(66257 /$0(5(66257 *URXSHDYDQW 0RGLÀFDWLRQGHVUpJODJHV 6LOHVFRQGLWLRQVGHWUDYDLOFKDQJHQWVLO¶RQSDVVHSDUH[HPSOHG¶XQWHUUDLQVHFjXQWHUUDLQ KXPLGHOHWDEOHDXVXLYDQWGRQQHGHVLQGLFDWLRQVJpQpUDOHVVXUODPDUFKHjVXLYUH &+$1*(0(17'(&21',7,21 5e*/$*(¬02',),(5 3$66$*('¶817(55$,1'856(&¬81 5e'8,5(/¶$1*/('(6',648(6 7(55$,10(8%/(+80,'( 5e'8,5(/¶,1&/,1$,621'8&+Æ66,6 3$66$*('8&+$80(¬3/86'( 'e&+(763285$8*0(17(5 /¶,1&25325$7,21 $8*0(17(5/¶$1*/('(6',648(6 3$66$*('83(8352)21'$83/86 352)21'5(0$548(352)21'(85 '(75$9$,/0$;,PP 'e3/$&(5/(6*283,//(6685/(&283/$*('(528/($8 ;3UHVV ,QVWUXFWLRQVG¶XWLOLVDWLRQ 5e'8,5(/$9,7(66( $8*0(17(5/¶,1&/,1$,621'8&+Æ66,6 5e'8,5(/$9,7(66( $8*0(17(5/¶$1*/('(6',648(6 5pJODJHVHWXWLOLVDWLRQ 5pJODJHGHODSURIRQGHXU 6WDWLRQQHPHQWGHODPDFKLQH 3RXU pYLWHU TXH O¶KXPLGLWp Q¶DEvPH OD GXFDGUHGHGLVTXHV PDFKLQH UDQJH]OD GDQV XQ KDQJDU VL SRVVLEOHRXFRXYUH]ODG¶XQHEkFKHVLHOOH 2QUqJOHODSURIRQGHXUGXFDGUHGHGLVTXHV GRLWUHVWHUGHKRUV HQDOORQJHDQWRXUDFFRXUFLVVDQWOHVDMXVWHXUV VHORQOHVEHVRLQVDLQVLTX¶HQUHOHYDQWRXHQ (QPDQ°XYUDQWODPDFKLQHIDLWHV DEDLVVDQWOHVFDGUHVGHGLVTXHVSDUUDSSRUW DWWHQWLRQjFHTXLVHWURXYHDXWRXU DX URXOHDX '' HQ DMRXWDQW RX HQ UHWLUDQW 9pUL¿H]TX¶LOQ¶\DSHUVRQQHGDQV GHVFDOHVGHEDUUHG¶DWWHODJHSDUH[HPSOH OD]RQHGHPDQ°XYUHDWWHQWLRQ SRXUDXJPHQWHUODSURIRQGHXUGHVGLVTXHV DX[HQIDQWV UHWLUHUGHVFDOHVGHEDUUHG¶DWWHODJHHWUpJOH] OHWHQGHXUVHORQOHVEHVRLQV8QHIRLVOHV DMXVWHXUV HQ SODFH RQ GRLW OHV YHUURXLOOHU )DLWHV VWDWLRQQHU OD PDFKLQH VXU XQ VRO SODWHWIHUPH HQ DMRXWDQW GHV FDOHV VXU OH ILOHWDJH GH /D PDFKLQH pWDQW UHOHYpH PHWWH] OHV O¶H[WUpPLWpLQIpULHXUHHWHQVHUUDQW VXSSRUWVGHVWDWLRQQHPHQWHQSRVLWLRQ $EDLVVH]ODPDFKLQHVXUOHVVXSSRUWVGH 3RXUFKDQJHUOHUpJODJHLOHVWUHFRPPDQGp VWDWLRQQHPHQW HQ YRXV DVVXUDQW TX¶HOOH GH VRXOHYHU OpJqUHPHQW OHV FDGUHV GH VRLWVWDEOH GLVTXHV SRXU OHXU IDLUH TXLWWHU OH VRO SRXU 5HWLUH] OD JRXSLOOH GH EDUUH G¶DWWHODJH SRXYRLU UDOORQJHU OHV DMXVWHXUV GH IDoRQ j HW DYDQFH] OHQWHPHQW HQ PDUFKH DYDQW SRXYRLUPHWWUHHQSODFHOHQRPEUHGHFDOHV MXVTX¶jFHTXHO¶DWWHODJHVRLWGpJDJpGH QpFHVVDLUH8QHIRLVOHVFDOHVHQSODFHRQ ODEDUUHG¶DWWHODJHGXWUDFWHXU SHXWDEDLVVHUODPDFKLQHFHTXLIDFLOLWHOH 'HVFHQGH]ODEDUUHG¶DWWHODJHVXUOHVRO VHUUDJHGHVDMXVWHXUVFRQWUHOHVFDOHV $UUrWH]OHWUDFWHXU 'pEUDQFKH] OHV FRQGXLWHV K\GUDXOLTXHV GXWUDFWHXU ,QVWUXFWLRQVSRXUOH WUDYDLO 9LWHVVHGHFRQGXLWH /¶;3UHVVSHXWrWUHFRQGXLWHjXQHYLWHVVH PD[LPDOHGHNPK &HWWH YLWHVVH GpSHQG GHV FRQGLWLRQV GX WHUUDLQ W\SH GH VRO GpFKHWV HQ VXUIDFH HWF 5DOHQWLVVH]VLOHVFRQGLWLRQVVRQWGLI¿FLOHV RXVLYRXVVRXKDLWH]XQH¿QLWLRQSOXVIHUPH 3RXUWRXUQHU $YDQWGHWRXUQHUVRUWH]ODPDFKLQH GXWHUUDLQTXHYRXVWUDYDLOOH]HQOD IDLVDQWSRUWHUVXUOHURXOHDXDUULqUH SHQGDQW TXH YRXV PDQ°XYUH] SXLV UHPHWWH]OD DX FRQWDFW GX WHUUDLQXQHIRLVTXHYRXVDYH]¿QL GHWRXUQHU ;3UHVV ,QVWUXFWLRQVG¶XWLOLVDWLRQ (QWUHWLHQHWPDLQWHQDQFH (QWUHWLHQHW PDLQWHQDQFH 6HUUDJHGHVPR\HX[GH GLVTXH 3RXUO¶HQWUHWLHQHWODPDLQWHQDQFH UHVSHFWH] OHV FRQVLJQHV GH VpFXULWp (QWUHWLHQ 4XDQG YRXV UHPSODFH] RX UHPRQWH] GHVSLqFHVYpUL¿H]TXHOHMRLQWGHSDOLHU HVWRULHQWpFRUUHFWHPHQW 9pUL¿HU TXH O¶HVVLHX G¶H[WUpPLWp HVW SURSUH HW TXH O¶pFURX HW OH SDOLHU H[WpULHXU SHXYHQW OLEUHPHQW JOLVVHU GHVVXV /DPDFKLQHDpWpFRQoXHHWIDEULTXpHSRXU GRQQHU GHV SHUIRUPDQFHV PD[LPDOHV DYRLU XQ UHQGHPHQW pOHYp HW rWUH DXVVL VLPSOH G¶HPSORLTXHSRVVLEOHGDQVOHVFRQGLWLRQVGH WUDYDLOOHVSOXVGLYHUVHV $YDQWGHYRXVrWUHOLYUpHODPDFKLQHDpWp YpULILpH HQ XVLQH HW SDU YRWUH UHYHQGHXU DXWRULVp DILQ TXH YRXV GLVSRVLH] G¶XQH PDFKLQHHQSDUIDLWpWDW 3RXU XQ IRQFWLRQQHPHQW VDQV SUREOqPHLOHVWLPSRUWDQWG¶HQWUHWHQLU ODPDFKLQHDX[LQWHUYDOOHVSUpFRQLVpV 1HWWR\DJH 3RXUDYRLUXQHPDFKLQHWRXMRXUVHQERQpWDW GH IRQFWLRQQHPHQW HW DYRLU OHV PHLOOHXUHV SHUIRUPDQFHVSRVVLEOHVIDLWHVOHQHWWR\DJH HWO¶HQWUHWLHQjLQWHUYDOOHVUpJXOLHUV eYLWH]GHQHWWR\H]OHVSDOLHUVGHGLVTXHRXGH URXOHDXDXMHWKDXWHSUHVVLRQRXGLUHFWHPHQWDX MHWG¶HDX/HERvWLHUOHVUDFFRUGVYLVVpVHWOHV URXOHPHQWVjELOOHVQHVRQWSDVpWDQFKHVjO¶HDX (QWUHWLHQGHVPR\HX[ GHGLVTXH 6HUUH] O¶pFURX ERUJQH DYHF XQH FOp DQJODLVH XQH FOp G\QDPRPpWULTXH Q¶HVWSDVQpFHVVDLUHHQIDLVDQWWRXUQHU OH PR\HX GDQV OH VHQV GHV DLJXLOOHV G¶XQH PRQWUH MXVTX¶j FH TXH OH SDOLHU IURWWH OpJqUHPHQW YRXV VHQWLUH] OD PDVVH GX PR\HX WRXUQHU /D IULFWLRQ GXMRLQWSURGXLWXQHFHUWDLQHUpVLVWDQFH 7RXUQH] O¶pFURX ERUJQH GDQV O¶DXWUH VHQV MXVTX¶j OD SURFKDLQH SRVLWLRQ GH YHUURXLOODJH 0rPH VL YRXV DYH] REWHQXXQHSRVLWLRQGH¿[DWLRQSUpFLVH HQ VHUUDQW O¶pFURX WRXUQH]OH WRXW GH PrPHGDQVO¶DXWUHVHQV ,QWURGXLVH]ODJRXSLOOHGHEORFDJH 'RQQH] GHV VHFRXVVHV DX ERUG H[WpULHXU GX PR\HX RX GH OD EURFKH V¶LO\DXQMHXGHjPPFHODQH GLPLQXHUDSDVODGXUpHGHYLHGXSDOLHU HW FHOD OXL pYLWHUD GH WURS FKDXIIHU 6L OH UpJODJH HVW FRUUHFW OH PR\HX GRLW WRXUQHU OLEUHPHQW OH VHXO IURWWHPHQW pWDQWFHOXLGXMRLQW §§ *UDLVVH] FKDFXQ GHV PR\HX[ GH GLVTXH MXVTX¶j FH TXH OD JUDLVVH UHVVRUWHSDUOHVMRLQWVUHVSHFWH] OHV LQWHUYDOOHV GH OXEULILFDWLRQ LQGLTXpVDXSDUDJUDSKH 9pUL¿H] UpJXOLqUHPHQW OD IHUPHWp GHVPR\HX[GHGLVTXH §§ 'HX[IRLVSDUVHPDLQHRXWRXWHVOHV KHXUHVGHIRQFWLRQQHPHQWVHORQ FH TXL DUULYH HQ SUHPLHU YpUL¿H] UpJXOLqUHPHQW TXH OHV FDFKHV GH PR\HX OHV MRLQWV OHV ERXORQV GH )LJXUH9pUL¿FDWLRQGXUpJODJHGHVSDOLHUVGH GLVTXH FLVDLOOHPHQWHWOHVERXORQVj°LOVRQW FRUUHFWHPHQWVHUUpVHWUHPSOLVVHQW OHXUVIRQFWLRQV ;3UHVV ,QVWUXFWLRQVG¶XWLOLVDWLRQ (QWUHWLHQHWPDLQWHQDQFH -RLQWVGHSDOLHU (VVLHX[GHVGRXEOHV GLVTXHV (Q UHPSODoDQW OHV MRLQWV GH SDOLHU GH W\SH ODE\ULQWKHGHVPR\HX[GHGLVTXHYpUL¿H]ELHQ /HV HVVLHX[ GH FH URXOHDX VRQW PLV HQ TXHOHVMRLQWVVRQWSODFpVGDQVOHERQVHQV WHQVLRQ SDU O¶HVVLHX SULQFLSDO YLD OH FHQWUH /HF{WpGHODOqYUHFKDQIUHLQpHGRLWVHWURXYHU GHVFRXURQQHVHWGHVSDOLHUV j O¶H[WpULHXU GX ORJHPHQW GH SDOLHU SUqV GX EUDVGHGLVTXHYRLU¿JXUH&HWWHOqYUH /H GpPRQWDJH GHV HVVLHX[ GHV FKDQIUHLQpHHPSrFKHODVDOHWpG¶HQWUHUGDQV GRXEOHV GLVTXHV QpFHVVLWH GHV OHORJHPHQWHWSHUPHWDXVVLjODJUDLVVHGH pTXLSHPHQWV VSpFLDX[ 6¶LO HVW FLUFXOHUGDQVODSLqFHORUVGXJUDLVVDJH QpFHVVDLUH GH GpPRQWHU FHV HVVLHX[ SUHQH] FRQWDFW DYHF -RLQWFKDQIUHLQp YRWUHUHYHQGHXU e/e0(1713,Ê&( 3 3 3 3 3 3 '(6&5,37,21 %5$6'(',648( (0%287*5$,66(0 3,Ê&(028/e('(02<(8 &$&+('(02<(8 *283,//(¬5(66257 &+$0%5('¶e&5280[ -2,17[[ 3$/,(5[[ %($5,1*[[ /¶HQWUHWLHQGHFHVURXOHDX[VHOLPLWHjJUDLVVHU OHV SDOLHUV WRXV OHV MRXUV SRXU pOLPLQHU OD VDOHWp HW j OHV LQVSHFWHU UpJXOLqUHPHQW SRXU YpUL¿HU TXH OHV HQVHPEOHV VRQW ELHQ VHUUpVHWTXHOHVUDFOHXUVVRQWFRUUHFWHPHQW SRVLWLRQQpV 2Q SHXW VHUUHU OHV HVVLHX[ j FRQGLWLRQ GH GHVVHUUHU OHV ERXORQV HQ 8 GHVFRORQQHVGHSDOLHUVSRXUpYLWHUGHSUp FKDUJHU OHV SDOLHUV ORUVTX¶LOV VH GpSODFHQW ODWpUDOHPHQWOHVXQVSDUUDSSRUWDX[DXWUHV 1¶RXEOLH]SDVGHUHVVHUUHUOHVFRORQQHVGH SDOLHUVVXUOHFKkVVLVSULQFLSDODSUqVFHOD )LJXUH2ULHQWDWLRQFRUUHFWHGXMRLQW )UHLQVHWPR\HX[GH URXH /HV IUHLQV GRLYHQW rWUH WHVWpV DYDQW OHXU SUHPLqUH XWLOLVDWLRQ HW DSUqV OH SUHPLHU YR\DJHFKDUJp 9pUL¿H]TXHOHVIUHLQVHWOHVIUHLQV GH VWDWLRQQHPHQW IRQFWLRQQHQW HW UHOkFKH]OHV FRUUHFWHPHQW DYDQWG¶XWLOLVHUODPDFKLQH 9pUL¿H] TX¶LO Q¶\ D SDV GH IXLWH G¶DLUHWGHOLTXLGHK\GUDXOLTXH /¶HQWUHWLHQ HW OD PDLQWHQDQFH GHVIUHLQVHWGHVPR\HX[GRLYHQW rWUH HIIHFWXpV SDU XQ UHYHQGHXU 6LPEDDXWRULVp ;3UHVV ,QVWUXFWLRQVG¶XWLOLVDWLRQ (QWUHWLHQHWPDLQWHQDQFH 3RXU OH UpJODJH GH OD SUHVVLRQGXV\VWqPH /DPDFKLQHpWDQWVRXOHYpHGXVRO ,OFRQYLHQWG¶XWLOLVHUXQEDVGpELW G¶KXLOHF¶HVWjGLUHGHVpOHFWLRQ QHUOHUDOHQWLRXOHEDVGpELWGX WUDFWHXU /H FLUFXLW G¶DLOH HVW FRPPDQGp SDU XQH YDQQH GpFHQWUpH VLWXpH GDQV OH EORF GH GLVWULEXWLRQ TXL FRXSH FRPSOqWHPHQW OH GpELW G¶KXLOHMXVTX¶jFHTXHO¶KXLOHVRLW SUHVVXULVpH SDU OH WUDFWHXU /D SUHVVLRQGXV\VWqPHSHXWUHVWHU SUpVHQWH GDQV OH FLUFXLW PrPH DSUqV GpSUHVVXULVDWLRQ GHV UDFFRUGVUDSLGHVGXWUDFWHXU )DLWHVWUqVDWWHQWLRQHQYpUL¿DQWOD YDQQHRXOHVFLUFXLWVHWQ¶HVVD\H] HQDXFXQHFLUFRQVWDQFHGHUpJOHU RX GH GHVVHUUHU OHV UDFFRUGV VDQVFRQVXOWHUDXSUpDODEOHYRWUH UHYHQGHXU 6LPED DXWRULVp DLQVL TXH OHV LQVWUXFWLRQV G¶HQWUHWLHQ GpWDLOOpHV 8Q IRQFWLRQQHPHQW HQWUH HW EDUV HVW QRUPDO /D SUHVVLRQ SHXW DWWHLQGUH j EDUV DX PD[LPXP RX rWUH UpGXLWH j EDUVVHORQFHTXHGLFWHQWOHVFRQGLWLRQV 8QHSUHVVLRQSOXVpOHYpHSHXWIDLUHTXHOHV H[WUpPLWpV GHV DLOHV V¶HQIRQFHQW HW GRQF TXH OH FHQWUH GH OD PDFKLQH VH VRXOqYH 8QHSUHVVLRQWURSIDLEOHSHXWIDLUHTXHOHV H[WUpPLWpV GHV DLOHV VH VRXOqYHQW HW TXH OHFHQWUHGHODPDFKLQHV¶HQIRQFH6LO¶RQ UHPRUTXHXQDXWUHpTXLSHPHQWGHUULqUHO¶; 3UHVVLOSHXWrWUHQpFHVVDLUHG¶DXJPHQWHU ODSUHVVLRQSRXUFRPSHQVHU 0HWWH] OHV DLOHV VRXV SUHVVLRQ SRXU OHV GpSOLHU /RUVTXH OH GpSOLDJH FRPPHQFH OD YDOHXU GH SUHVVLRQ GX PDQRPqWUH FKXWH /RUVTXH OHV DLOHV VRQW FRPSOqWHPHQW GpSOLpHV OD YDOHXUGHSUHVVLRQVHUHPHWjPRQWHU &RQWLQXH] GH SUHVVXULVHU OHV DLOHV MXVTX¶jFHTXHOHPDQRPqWUHVHVRLW VWDELOLVp j OD SUHVVLRQ SUpGp¿QLH /D YDOHXUG¶XVLQHVWDQGDUGHVWGHEDUV 6LOHV\VWqPHDEHVRLQG¶rWUHUpJOp 'pSOLH] SDUWLHOOHPHQW OHV DLOHV HW PDLQWHQH]OHV GDQV FHWWH SRVLWLRQ 3RXU UpJOHU OD SUHVVLRQ XWLOLVH] OD YDQQH UHSUpVHQWpH VXU OD ILJXUH 'pYLVVH] OD YLV GH UpJODJH MXVTX¶j QH SOXV VHQWLU GH UpVLVWDQFH S R V L W L R Q S U H V T X H H Q W L q U H P H Q W GpYLVVpH'pSOLH]FRPSOqWHPHQWOHV DLOHV FRPPH FLGHVVXV HQ YpUL¿DQW O¶LQGLFDWLRQGXPDQRPqWUH0DLQWHQH] OD SUHVVLRQ K\GUDXOLTXH SRXU GpSOLHU OHV DLOHV HW UpJOH] OD YLV WRXW HQ SUHVVXULVDQW 4XDQG RQ WRXUQH OD YLV GDQV OH VHQV GHVDLJXLOOHVG¶XQHPRQWUHODSUHVVLRQ DXJPHQWH 4XDQGRQODWRXUQHGDQVO¶DXWUHVHQV ODSUHVVLRQGLPLQXH 8QH IRLV OD SUHVVLRQ VRXKDLWpH REWHQXH YHUURXLOOH]ODYDQQH¬WLWUHGHYpUL¿FDWLRQ SOLH]SDUWLHOOHPHQWOHVDLOHVHWDUUrWH]YRXV SXLVGpSOLH]OHVHQPDLQWHQDQWODSUHVVLRQ MXVTX¶jFHTXHOHPDQRPqWUHVHVWDELOLVHj ODYDOHXUVRXKDLWpH 'DQVWRXVOHVFDVODPpWKRGHGHUpJODJH QRUPDOH FRQVLVWH j UpGXLUH OD SUHVVLRQ GX V\VWqPHSXLVjO¶DXJPHQWHUHQDMXVWDQWOD YDQQHGHSUHVVLRQMXVTX¶jREWHQWLRQGHOD SUHVVLRQVRXKDLWpH 'DQVWRXVOHVFDVTXHOTXHVRLWOHW\SHGH WUDFWHXU RQ GRLW UpJOHU HQ SDUWDQW GH ]pUR SUHVVLRQ PLQLPXP HW HQ DXJPHQWDQW OD YDOHXU SURJUHVVLYHPHQW MXVTX¶j REWHQWLRQ GHODSUHVVLRQVRXKDLWpH )LJXUH%ORFGHGLVWULEXWLRQ ;3UHVV ,QVWUXFWLRQVG¶XWLOLVDWLRQ (QWUHWLHQHWPDLQWHQDQFH 3UpSDUDWLRQSRXUOH VWRFNDJH 6L YRXV GHYH] UDQJHU OD PDFKLQH SHQGDQW XQH GXUpH SURORQJpH UHVSHFWH] OHV SRLQWV VXLYDQWV $XWDQW TXH SRVVLEOH UDQJH] OD PDFKLQH VRXVXQHEkFKH 3URWpJH] OHV URXOHDX[ HW OHV GLVTXHV GH OD URXLOOH 6L YRXV VRXKDLWH] DVSHUJHU OHV pTXLSHPHQWV G¶KXLOH XWLOLVH] XQH KXLOH ELRGpJUDGDEOHOpJqUHWHOOHTXHGHO¶KXLOHGH FRO]D &RXYUH] WRXWHV OHV SDUWLHV HQ FDRXWFKRXF DYDQW G¶DVSHUJHU G¶KXLOH FDU FHV SDUWLHV QH GRLYHQW SDVrWUHJUDLVVpHV 5HWLUH]WRXWHVOHVWUDFHVG¶KXLOHDYHF XQDJHQWGHQHWWR\DJHDSSURSULp $VVLVWDQFHj O·RSpUDWHXU 1¶XWLOLVH] SOXV OD PDFKLQH VL HOOH GRLW VXELU XQHLQWHUYHQWLRQG¶HQWUHWLHQ7RXVOHVGpIDXWV FRQVWDWpVDXFRXUVGHVYpUL¿FDWLRQVURXWLQLqUHV GRLYHQWrWUHFRUULJpVLPPpGLDWHPHQW eYLWH] GH WRXFKH] OHV SLqFHV FRXSDQWHV HW SRLQWXHV ODPHV GH GLVTXHHWFTXDQGYRXVWUDYDLOOH] VXUODPDFKLQH 6L YRXV GHYH] WUDYDLOOHU VRXV OD PDFKLQH PHWWH]OD VXU GHV VXSSRUWVDSSURSULpV1HWUDYDLOOH] MDPDLVVRXVODPDFKLQHVLHOOHQ¶HVW SDVVRXWHQXH 6XU XQH PDFKLQH QHXYH VHUUH] WRXV OHV pFURXVHWOHVERXORQV DSUqVKHXUHVG¶XWLOLVDWLRQHWUHFRPPHQFH] O¶RSpUDWLRQDXERXWGHKHXUHV &HFL HVW pJDOHPHQW YDODEOH SRXU OHV SLqFHV TXLRQWpWpGpSODFpHVRXUHPSODFpHV$SUqV FHVSUHPLqUHVKHXUHV XQHYpUL¿FDWLRQKHEGRPDGDLUHGHYUDLWVXI¿UH VHORQODIUpTXHQFHG¶XWLOLVDWLRQTXRWLGLHQQH (QFDVGHSUREOqPHYHXLOOH]SUHQGUHFRQWDFW DYHF YRWUH UHYHQGHXU ,O V¶HIIRUFHUD GH UpVRXGUH OHV SUREOqPHV TXL VXUYLHQQHQW HW YRXVSURSRVHUDVRQDVVLVWDQFHjWRXWPRPHQW 3RXU OXL SHUPHWWUH GH YRXV DLGHU OH SOXV HIILFDFHPHQW SRVVLEOH YHXLOOH] OXL IRXUQLU OHV LQIRUPDWLRQV VXLYDQWHV ,QGLTXH] V\VWpPDWLTXHPHQW 9RWUHQXPpURGHFOLHQW 9RWUHQRPHWYRWUHDGUHVVH /HPRGqOHGHODPDFKLQH /HQXPpURGHVpULHGHODPDFKLQH /D GDWH G¶DFKDW HW OH QRPEUH G¶KHXUHV G¶XWLOLVDWLRQ /DQDWXUHGXSUREOqPH ,QWHUYDOOHVG·HQWUHWLHQ (Q GHKRUV GH O¶HQWUHWLHQ TXRWLGLHQ OHV LQWHUYDOOHV G¶HQWUHWLHQ VRQW EDVpV VXU OH QRPEUHG¶KHXUHVG¶XWLOLVDWLRQHWVXUOHVGXUpHV 1RWH]OHVKHXUHVG¶XWLOLVDWLRQGDQVXQUHJLVWUH SRXUYRXVDVVXUHUGHUHVSHFWHUDXPLHX[OHV LQWHUYDOOHVG¶HQWUHWLHQSUpFRQLVpV ;3UHVV ,QVWUXFWLRQVG¶XWLOLVDWLRQ (QWUHWLHQHWPDLQWHQDQFH 3UpVHQWDWLRQGHO·HQWUHWLHQ 7RXVFLUFXLWV K\GUDXOLTXHV /pJHQGH 6 6 ¨ )HX[ ,QVSHFWHU *UDLVVHU 7HQGHXU ¨ $YDQWFKDTXH XWLOLVDWLRQ $YDQWFKDTXH XWLOLVDWLRQ ¨ $YDQWFKDTXH XWLOLVDWLRQ 5pJODJHV ¨KHXUHV 6XSSRUWGH VWDWLRQQH PHQW %DUUHG·DWWH ODJHHVVLHX 9pULQ ¨KHXUHV 9RLUVHFWLRQSDJH $MXVWHXUV G·DQJOHGH GLVTXH 6 6 6 6 ¨ KHXUHV $YDQWFKDTXH XWLOLVDWLRQ 6 6 ¨ 0R\HX[GH GLVTXH ¨ KHXUHV 3LYRWV G·DLOHGHEDUUH G·DWWHODJH 6 6 ¨ KHXUHV 3DOLHUVGH URXOHDX '' 6 6 ;3UHVV ,QVWUXFWLRQVG¶XWLOLVDWLRQ ¨KHXUHV 0R\HX[ ¨ 6 6 ¨ KHXUHV 5DFOHXUV KHXUHV &RXSOHG·pFURXGH URXH 1P 3QHXV [FRXFKHV 3UHVVLRQPD[LGHV SQHXV SVLEDUV ¨ $YDQWFKDTXH XWLOLVDWLRQ (QWUHWLHQHWPDLQWHQDQFH /XEULÀFDWLRQGHOD PDFKLQH 3RXU HQ VDYRLU SOXV VXU OHV UqJOHV GH PDQLSXODWLRQ GH FHV SURGXLWV FRQVXOWH] OHV UHFRPPDQGDWLRQVGLIIXVpHVSDUOHVDXWRULWpV $YDQWGHOXEUL¿HUODPDFKLQHOLVH]DWWHQWLYHPHQW VDQLWDLUHV OH SDUDJUDSKH LQWLWXOp © 8WLOLVDWLRQ GH 5DQJHPHQWHWPDQLSXODWLRQ OXEUL¿DQWVª /DPDFKLQHGRLWrWUHOXEUL¿pHUpJXOLqUHPHQW 5DQJH] WRXMRXUV OHV OXEUL¿DQWV KRUV GH SRXU UHVWHU HQ ERQ pWDW GH IRQFWLRQQHPHQW SRUWpHGHVHQIDQWV 8QHOXEUL¿FDWLRQUpJXOLqUHFRQWULEXHpJDOHPHQW 1HFRQVHUYH]MDPDLVGHVOXEUL¿DQWVGDQV jOXLGRQQHUXQHORQJXHGXUpHGHYLH GHVFRQWHQHXUVRXYHUWVRXQRQpWLTXHWpV /HVLQWHUYDOOHVGHOXEUL¿FDWLRQUHFRPPDQGpV VRQW LQGLTXpV GDQV © ,QVSHFWLRQ ª HW +XLOHQHXYH ©,QWHUYDOOHVG¶HQWUHWLHQª 3RXU PDQLSXOHU GH O¶KXLOH QHXYH LO VXI¿W 6L OD PDFKLQH YLHQW G¶rWUH QHWWR\pH DX MHX KDXWHSUHVVLRQRXjODYDSHXULOIDXWWRXMRXUV ODOXEUL¿HUHQVXLWHDYHFXQSLVWROHWJUDLVVHXU 0DQLHPHQWGHV OXEULÀDQWV QRUPDOHPHQW GH SUHQGUH OHV SUpFDXWLRQV KDELWXHOOHV HW GH UHVSHFWHU OHV UqJOHV G¶K\JLqQHpOpPHQWDLUHV +XLOHXVDJpH /¶KXLOHXVDJpHSHXWFRQWHQLUGHVVXEVWDQFHV QXLVLEOHVHQWUDvQDQWGHVFDQFHUVGHODSHDX GHVDOOHUJLHVRXG¶DXWUHVSDWKRORJLHV 3ULqUH GH OLUH DWWHQWLYHPHQW OHV LQVWUXFWLRQV VXLYDQWHV HW OHV LQIRUPDWLRQV TXL OHV $WWHQWLRQ DFFRPSDJQHQW 'HPDQGH] j WRXV YRV /¶KXLOHHVWXQHVXEVWDQFHWR[LTXH6LYRXVHQ HPSOR\pV TXL XWLOLVHQW GHV OXEUL¿DQWV G¶HQ DYH]DYDOpQ¶HVVD\H]SDVGHYRPLU$SSHOH] IDLUHDXWDQW LPPpGLDWHPHQWXQPpGHFLQ 3URWpJH]YRXV OHV PDLQV DYHF XQH FUqPH +\JLqQH LVRODQWH RX SRUWH] GHV JDQWV SRXU pYLWHU OH /HVOXEUL¿DQWVQHVRQWSDVGDQJHUHX[SRXUOD FRQWDFW DYHF OD SHDX /DYH] FRPSOqWHPHQW VDQWpVLRQOHVXWLOLVHSRXUFHjTXRLLOVVRQW WRXWHWUDFHG¶KXLOHDXVDYRQHWjO¶HDXFKDXGH GHVWLQpV /DYH]YRXV OD SHDX FRPSOqWHPHQW DX (QFDVGHFRQWDFWSURORQJpDYHFODSHDXOHV VDYRQHWjO¶HDX OXEUL¿DQWV HQ SDUWLFXOLHU OHV KXLOHV j IDLEOH 8WLOLVH]GHVSURGXLWVGHQHWWR\DJHVSpFLDX[ YLVFRVLWpSHXYHQWDWWDTXHUODFRXFKHQDWXUHOOH SRXUpOLPLQHUODVDOHWpGHVPDLQV GHJUDLVVHGHODSHDXDYHFSRXUUpVXOWDWXQH 1¶XWLOLVH]MDPDLVG¶HVVHQFHGHJDVRLORXGH SHDXGHVVpFKpHHWG¶pYHQWXHOOHVLUULWDWLRQV SDUDI¿QHSRXUQHWWR\HUOHVUpVLGXVG¶KXLOH TXHYRXVDYH]VXUODSHDX ,O HVW LPSRUWDQW GH IDLUH WUqV DWWHQWLRQ HQ eYLWH]GHPHWWUHODSHDXHQFRQWDFWDYHF PDQLSXODQW O¶KXLOH XVDJpH FDU HOOH SHXW GHVYrWHPHQWVLPSUpJQpVG¶KXLOH FRQWHQLUGHVVXEVWDQFHVLUULWDQWHV 1H JDUGH] SDV GH FKLIIRQV LPSUpJQpV G¶KXLOHGDQVOHVSRFKHV /DYH] OHV YrWHPHQWV VDOHV DYDQW GH OHV /HV YDSHXUV GpJDJpHV SDU OHV DJHQWV GH SRUWHUjQRXYHDX QHWWR\DJHHWOHVKXLOHVSUpVHQWHQWpJDOHPHQW 'pEDUUDVVH]YRXV GHV FKDXVVXUHV XQULVTXHSRXUODVDQWp LPSUpJQpHV G¶KXLOH GH OD PDQLqUH ,OQHIDXWGRQFSDVJDUGHUVXUYRXVGHVWLVVXV DSSURSULpH LPSUpJQpVG¶KXLOH6LYRVYrWHPHQWVGHWUDYDLO VRQW WDFKpV G¶KXLOH FKDQJH]YRXV GqV TXH SRVVLEOH (Q XWLOLVDQW GHV SURGXLWV j EDVH G¶KXLOHV PLQpUDOHV IDLWHV WRXMRXUV WUqV DWWHQWLRQ HW UHVSHFWH]OHVUqJOHVG¶K\JLqQHUHFRPPDQGpHV ;3UHVV ,QVWUXFWLRQVG¶XWLOLVDWLRQ (QWUHWLHQHWPDLQWHQDQFH 0HVXUHVHQFDVGHEOHVVXUHV GXHVjO·KXLOH <HX[ /XEULÀDQWVHWKXLOH K\GUDXOLTXH 6L YRXV DYH] UHoX GHV SURMHFWLRQV G¶KXLOH 6\VWqPHK\GUDXOLTXH GDQVOHV\HX[ULQFH]OHV\HX[jO¶HDXSHQGDQW /HOLTXLGHK\GUDXOLTXHSURYHQDQWGXWUDFWHXU PLQXWHV 6L YRXV UHVVHQWH] WRXMRXUV GHV VHPpODQJHDXOLTXLGHK\GUDXOLTXHSURYHQDQW LUULWDWLRQVDX[\HX[DSSHOH]LPPpGLDWHPHQW GHODPDFKLQH XQPpGHFLQ /HV\VWqPHK\GUDXOLTXHIRXUQLSRXUODPDFKLQH FRQWLHQWGHO¶KXLOH7RWDO$=2//$=6 6LYRXVDYH]DYDOpGHO·KXLOH 6L YRXV DYH] DYDOp GH O¶KXLOH Q¶HVVD\H] VXUWRXWSDVGHYRPLU$SSHOH]LPPpGLDWHPHQW /XEULÀDQWV XQPpGHFLQ 6LPED UHFRPPDQGH G¶XWLOLVHU OD JUDLVVH ,UULWDWLRQ GH OD SHDX GXH j /LWKLXP&RPSOH[(3SRXUOHVPR\HX[GH GLVTXH GH YRWUH ;3UHVV &HWWH JUDLVVH HVW O·KXLOH XQVDYRQFRPSOH[HGHOLWKLXPGLVSHUVpGDQV (Q FDV GH FRQWDFW SURORQJp DYHF OD SHDX XQHKXLOHPLQpUDOHGpFODUpQRQFDQFpULJqQH HQOHYH]O¶KXLOHDXVDYRQHWjO¶HDX SDU OH &,5& 'HV FDUWRXFKHV GH JUDLVVH VRQWGLVSRQLEOHVDXSUqVGH6LPED3 +XLOHUHQYHUVpH (Q FRPELQDQW FHWWH JUDLVVH DYHF OH MRLQW 8WLOLVH] GX VDEOH RX XQ SURGXLW DEVRUEDQW GH W\SH ODE\ULQWKH RQ SHXW UDOORQJHU j JUDQXODLUH DSSURSULp SRXU DEVRUEHU O¶KXLOH KHXUHV O¶LQWHUYDOOH HQWUH JUDLVVDJHV GHV UHQYHUVpH-HWH]OHSURGXLWDEVRUEDQWLPSUpJQp PR\HX[GHGLVTXH6LO¶RQXWLOLVHXQHJUDLVVH G¶KXLOHGHODPDQLqUHDSSURSULpH G¶DJULFXOWXUH VWDQGDUG RQ GRLW OXEUL¿HU OHV PR\HX[GHGLVTXHWRXWHVOHVKHXUHV )HXG·KXLOH 1¶HVVD\H] MDPDLV G¶pWHLQGUH XQ IHX G¶KXLOH DYHFGHO¶HDX/¶KXLOHSHXWÀRWWHUVXUO¶HDXHW DLQVLSURSDJHUO¶LQFHQGLH 8Q IHX G¶KXLOH OXEULILDQWH V¶pWHLQW DYHF XQ H[WLQFWHXU j SRXGUH RX PRXVVH GH GLR[\GH GHFDUERQH3RUWH]WRXMRXUVGHVpTXLSHPHQWV UHVSLUDWRLUHV TXDQG YRXV LQWHUYHQH] VXU XQ LQFHQGLHGHFHJHQUH $YDQWDJHVGHODJUDLVVH/LWKLXP&RPSOH[ (3 ([FHOOHQWHVWDELOLWpPpFDQLTXH ([FHOOHQWHSURSULpWpVGHVXSSRUWGHFKDUJHV 3ODJHGHWHPSpUDWXUHVpWHQGXH ([FHOOHQWHUpVLVWDQFHjO¶R[\GDWLRQ ([FHOOHQWHUpVLVWDQFHjO¶HDX &RPSDWLEOHDYHFG¶DXWUHVJUDLVVHV 7RXV OHV DXWUHV SRLQWV GH OXEUL¿FDWLRQ GH OD PDFKLQHSHXYHQWrWUHOXEUL¿pVjODJUDLVVHGH /HVGpFKHWVFRQWDPLQpVjO¶KXLOHHWOHVKXLOHV OXEUL¿FDWLRQPXOWLJUDGHFRPPHLQGLTXpGDQV XVDJpHVGRLYHQWrWUHpOLPLQpVGDQVOHUHVSHFW ODQRUPH',1.3. GHODOpJLVODWLRQHQYLJXHXU eOLPLQDWLRQGHO·KXLOHXVDJpH /HVKXLOHVXVDJpHVGRLYHQWrWUHFROOHFWpHVHW pOLPLQpHVFRQIRUPpPHQWjODUpJOHPHQWDWLRQ ORFDOH1HYHUVH]MDPDLVG¶KXLOHXVDJpHGDQV GHVV\VWqPHVG¶pJRXWRXG¶pYDFXDWLRQRXYHUWV RXGDQVOHVRO ;3UHVV ,QVWUXFWLRQVG¶XWLOLVDWLRQ 3DQQHVHWUHPqGHV 3DQQHVHWUHPqGHV 'pSDQQDJHGHO¶;3UHVV 'pIDXW /HVDLOHVVHVRXOqYHQWj O¶H[WpULHXUGHODPDFKLQH &DXVHSRVVLEOH /HVDLOHVQHVRQWSDV DEDLVVpHVSDUODSUHVVLRQ 3UHVVLRQGHVDLOHVWURS IDLEOH 5HPqGH 0RQWH]VXUOHVURXHVGH WUDQVSRUWHWDEDLVVH]OHV DLOHVSDUSUHVVLRQ $XJPHQWH]ODSUHVVLRQGHV DLOHV &RQGLWLRQVGXUHV $XJPHQWH]ODSUHVVLRQGHV DLOHV /DVHFWLRQFHQWUDOHVH VRXOqYH 3UHVVLRQGHVDLOHVWURS IRUWH 5pGXLVH]ODSUHVVLRQGHV DLOHV /DPDFKLQH³UHERQGLW´ SHQGDQWOHWUDYDLO $QJOHGHVGLVTXHVWURS JUDQG 5pGXLVH]O¶DQJOHGHV GLVTXHV 9LWHVVHWURSJUDQGH 5pGXLVH]ODYLWHVVH NPK 5DFOHXUVPDOUpJOpV 5pJOHUOHVUDFOHXUVSRXU TX¶LOVHQOqYHQWODVDOHWp HQWUHOHVFRXURQQHV'' $WWHQGUHGHVFRQGLWLRQV SOXVIDYRUDEOHV /HURXOHDX''VHEORTXH UpJXOLqUHPHQW /HVFRQGLWLRQVQHVRQW SHXWrWUHSDVLGpDOHVSRXU XWLOLVHUODPDFKLQH ;3UHVV ,QVWUXFWLRQVG¶XWLOLVDWLRQ 1RWHV (VSDFHSRXUOHVQRWHV ;3UHVV ,QVWUXFWLRQVG¶XWLOLVDWLRQ 3LqFHVHWPRQWDJH 3LqFHVHWPRQWDJH 7DEOHGHVPDWLqUHV (QVHPEOHSULQFLSDO (QVHPEOHFRPSOHWP (QVHPEOHFRPSOHWP (QVHPEOHFRPSOHWP (QVHPEOHGHEDUUHG¶DWWHODJH (QVHPEOHGHFKkVVLV (QVHPEOHG¶HVVLHXGHOHYDJH (QVHPEOHGHEDUUHG¶DWWHODJHDUULqUH .LWGHGHQWG¶HIIDFHPHQW (QVHPEOHGHWHQGHXU &DGUHVGHGLVTXHV (QVHPEOHGHFDGUHGHGLVTXHV GURLWP (QVHPEOHGHFDGUHGHGLVTXHV JDXFKHP (QVHPEOHGHFDGUHGHGLVTXHV GURLWP (QVHPEOHGHFDGUHGHGLVTXHV JDXFKHP (QVHPEOHGHFDGUHGHGLVTXHV GURLWP (QVHPEOHGHFDGUHGHGLVTXHV JDXFKHP (QVHPEOHGHGLVTXHVGURLW (QVHPEOHGHGLVTXHVJDXFKH &HQWUHG¶HQVHPEOHG¶XQLWpGHGLVTXHV (QVHPEOHGHPR\HX[GHGLVTXHVGURLW (QVHPEOHGHPR\HX[GHGLVTXHV JDXFKH $MXVWHXUGHFDGUHGHGLVTXHV 6XSSRUWVGHURXOHDX (QVHPEOHGHVXSSRUWGHURXOHDX PGURLW (QVHPEOHGHVXSSRUWGHURXOHDX PJDXFKH (QVHPEOHGHVXSSRUWGHURXOHDX PGURLW (QVHPEOHGHVXSSRUWGHURXOHDX PJDXFKH (QVHPEOHGHVXSSRUWGHURXOHDX PGURLW (QVHPEOHGHVXSSRUWGHURXOHDX PJDXFKH 5RXOHDXjGRXEOHGLVTXH (QVHPEOHGHURXOHDXjGRXEOH GLVTXHPGURLW (QVHPEOHGHURXOHDXjGRXEOH GLVTXHPJDXFKH (QVHPEOHGHURXOHDXjGRXEOH GLVTXHPGURLW (QVHPEOHGHURXOHDXjGRXEOH GLVTXHPJDXFKH (QVHPEOHGHURXOHDXjGRXEOH GLVTXHPGURLW (QVHPEOHGHURXOHDXjGRXEOH GLVTXHPJDXFKH (QVHPEOHG¶HVVLHXjGRXEOH GLVTXHFRXURQQHV (QVHPEOHG¶HVVLHXjGRXEOH GLVTXHFRXURQQHV (QVHPEOHG¶HVVLHXjGRXEOH GLVTXHFRXURQQHV (QVHPEOHGHFRORQQHGH GRXEOHGLVTXH )UHLQV (VVLHXIUHLQp$LU 5pVHUYRLUG¶DLUHWUDFFRUGV (VVLHXIUHLQp+\GUDXOLTXH 6\VWqPHGHWX\DX[GHIUHLQV K\GUDXOLTXHV 6\VWqPHK\GUDXOLTXH &RPSRVDQWVGXFLUFXLWGHOHYDJH &LUFXLWGHOHYDJH &RPSRVDQWVGXFLUFXLWG¶DLOHP &LUFXLWG¶DLOHP &RPSRVDQWVGXFLUFXLWG¶DLOH HWP &LUFXLWG¶DLOHHWP 6\VWqPHK\GUDXOLTXHGHODEDUUH G¶DWWHODJHDUULqUH ;3UHVV ,QVWUXFWLRQVG¶XWLOLVDWLRQ 3LqFHVHWPRQWDJH ;3UHVV ,QVWUXFWLRQVG¶XWLOLVDWLRQ 3LqFHVHWPRQWDJH $6 ,7(0 ;35(66&203/(7(0$&+,1( P 3$5712 '(6&5,37,21 $6 $6 58%%(552//$66(0%/< ''/;35(660%2/721.,7 $6 $6 $6 $6 $6 $6 $6 $6 $6 $6 $6 $6 $6 $6 3 3 3 ',6&)5$0($'-867(5$66(0%/< /,)7&,5&8,7+<'&20321(17/$<28 :,1*&,5&8,7+<'&20321(176 /2$'%,1'(5$66(0%/<PP 52//)5$0($66(0%/<5+P 52//)5$0($66(0%/</+P ''52//$66(0%/<5+ ''52//$66(0%/</+ 67,&.(5.,7;35(66P ;35(66'5$:%$5$66(0%/< &+$66,6$66(0%/< /,)7$;/($66(0%/< ',6&)5$0(5+P ',6&)5$0($66(0%/</+ +<'5$8/,&.,7PP;53(66 :,5,1*/220;35(66 0$18$/;35(66 47< &200(176 1276+2:1 1276+2:1 ;3UHVV ,QVWUXFWLRQVG¶XWLOLVDWLRQ 3LqFHVHWPRQWDJH ;3UHVV ,QVWUXFWLRQVG¶XWLOLVDWLRQ 3LqFHVHWPRQWDJH $6 ,7(0 ;35(66&203/(7(0$&+,1( P 3$5712 '(6&5,37,21 $6 $6 58%%(552//$66(0%/< ''/;35(660%2/721.,7 $6 $6 $6 $6 $6 $6 $6 $6 $6 $6 $6 $6 $6 $6 3 3 3 ',6&)5$0($'-867(5$66(0%/< /,)7&,5&8,7+<'&20321(17/$<28 :,1*&,5&8,7+<'&20321(176 /2$'%,1'(5$66(0%/<PP 52//)5$0($66(0%/<P5+ 52//)5$0($66(0%/<P/+ ''52//$66(0%/<P5+ ''52//$66(0%/<P/+ 67,&.(5.,7;35(66P ;35(66'5$:%$5$66(0%/< &+$66,6$66(0%/< /,)7$;/($66(0%/< ',6&)5$0($66(0%/<P5+ ',6&)5$0($66(0%/<P/+ 0$18$/;35(66 +<'5$8/,&.,70;35(66 :,5,1*/220;35(66 47< &200(176 1276+2:1 1276+2:1 ;3UHVV ,QVWUXFWLRQVG¶XWLOLVDWLRQ 3LqFHVHWPRQWDJH ;3UHVV ,QVWUXFWLRQVG¶XWLOLVDWLRQ 3LqFHVHWPRQWDJH $6 ,7(0 *(1(5$/$66(0%/<P 3$5712 '(6&5,37,21 $6 $6 58%%(552//$66(0%/< ''/;35(660%2/721.,7 $6 $6 $6 $6 $6 $6 $6 $6 $6 $6 $6 $6 $6 $6 3 3 3 ',6&)5$0($'-867(5$66(0%/< /,)7&,5&8,7+<'&20321(17/$<28 :,1*&,5&8,7+<'&20321(176 /2$'%,1'(5$66(0%/<PP 52//)5$0($660(%/<5+P 52//)5$0($66(0%/<//+P ''52//$66(0%/<P5+ ''52//$66(0%/<P/+ 67,&.(5.,7;35(66P ;35(66'5$:%$5$66(0%/< &+$66,6$66(0%/< /,)7$;/($66(0%/< ',6&)5$0($66(0%/<P5+ P',6&)5$0($66(0%/</+ +<'5$8/,&.,7PP;53(66 :,5,1*/22075$,/(';35(66 0$18$/;35(66 47< &200(176 1276+2:1 1276+2:1 ;3UHVV ,QVWUXFWLRQVG¶XWLOLVDWLRQ 3LqFHVHWPRQWDJH ;3UHVV ,QVWUXFWLRQVG¶XWLOLVDWLRQ 3LqFHVHWPRQWDJH $6 ,7(0 3$5712 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 ;35(66)5217'5$:%$5 '(6&5,37,21 %2/780*5[ %2/70[*5 187/2&.0 187/2&.0 /<1&+3,1&$7 :$6+(5)/$70 :$6+(5)/$70 :$6+(5)/$70 :$6+(5)/$70 %2/70[*5 187/2&.0 187/2&.81) 187/2&.0 :$6+(5)/$70 %2/70[*5 %2/781)[*59 +,7&+)5217 +26(672:$*(3/$7( &/$03ò%633$,5 &/$037233/$7( %2/70[*5 %2/70[*5 ;35(66'5$:%$5 %2/70[*5 +26(0$67;35(66 3,1[ /,*+7%2$5')5+ /,*+7%2$5')/+ 62&.(73/$7(1 &$7&$7%86+,16(57 /,*+702817 /,*+7$5002817 %2/70[*5 47< &200(176 ;3UHVV ,QVWUXFWLRQVG¶XWLOLVDWLRQ 3LqFHVHWPRQWDJH ;3UHVV ,QVWUXFWLRQVG¶XWLOLVDWLRQ 3LqFHVHWPRQWDJH $6 ,7(0 3$5712 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 ;35(66&+$66,6 '(6&5,37,21 %2/70[*5 1,33/(*5($6( %86+63581*[[ 187/2&.0 187/2&.0 /<1&+3,1&$7 :$6+(5)/$70 :$6+(5)/$70 %2/70[*5 63$11(50 %2/70[*5 3/$67,&(1'&$3[ 6+,0.,73,(&( :$6+(5635,1*0 &/$03ò%633$,5 &/$037233/$7( %2/70[67$8))67$&. /2&.&/,3 %2/70[*5 %2/70[*5 %2/70[*5675 0$18$/&$6( 3$5.,1*67$1';35(66 3,1[+$1'/(' 3,1[ %86+[[ &+$66,6 75$,/(562&.(7%8/.+($' 0$18$/78%(%5$&.(7 47< &200(176 ;3UHVV ,QVWUXFWLRQVG¶XWLOLVDWLRQ 3LqFHVHWPRQWDJH ;3UHVV ,QVWUXFWLRQVG¶XWLOLVDWLRQ 3LqFHVHWPRQWDJH $6 ,7(0 3$5712 $6 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 /,)7$;/($66(0%/< '(6&5,37,21 5($5'5$:%$5$66(0%/< %2/70[*5 %2/70[*5 187/2&.0 187/2&.0 7<3(7 187/2&.0 /<1&+3,1&$7 :$6+(5)/$70 :$6+(5)/$70 %2/70[*5 :+((/$66(0%/< 187/2&.0 :$6+(5)/$70 %2/70[*5 +8%$66(0%/<678'&203/(7( %27720$;/( %$&.3/$7( 3,1[ /,*+7%2$5'55+ /,*+7%2$5'5/+ /,)7$;/( /,*+7$5002817/+ /,*+7$50028175+ /,*+7$505($5/+ /,*+7$505($55+ 47< &200(176 ;3UHVV ,QVWUXFWLRQVG¶XWLOLVDWLRQ 3LqFHVHWPRQWDJH ;3UHVV ,QVWUXFWLRQVG¶XWLOLVDWLRQ 3LqFHVHWPRQWDJH $6 ,7(0 3$5712 3 3 3 3 3 3 3 3 3 3 5($5'5$:%$5$66(0%/< '(6&5,37,21 +(/3(5/($) :$6+(5)/$70 3,1[+$1'/(' /<1&+3,1&$7 187/2&.0 %2/70[*5 :$6+(5)/$70 187/2&.0 5($5+,7&+ %2/70[*5 47< &200(176 ;3UHVV ,QVWUXFWLRQVG¶XWLOLVDWLRQ 3LqFHVHWPRQWDJH ;3UHVV ,QVWUXFWLRQVG¶XWLOLVDWLRQ 3LqFHVHWPRQWDJH (5$',&$725.,7 ;35(66 $6 ,7(0 3$5712 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 '(6&5,37,21 (5$',&$7257,1(%($0 3,1[ 7,1(&/$0381,7 %86+[[ 5(7$,1,1*3/$7( :$6+(5)/$70 187/2&.0 %2/70[*5 3/$67,&(1'&$3[ 352$&7,9([ %2/780*5 %2/70[*5 5&/,3[ 7,1([6+257 %2/70[*5 32,17ò5(9(56,%/( %2/781)[ 187/2&.81) 47< &200(176 48$17,7<6+2:13(50$&+,1( ;3UHVV ,QVWUXFWLRQVG¶XWLOLVDWLRQ ¨ 3LqFHVHWPRQWDJH ¨ ;3UHVV ,QVWUXFWLRQVG¶XWLOLVDWLRQ 3LqFHVHWPRQWDJH $6 ,7(0 3$5712 3 3 3 3 3 3 /2$'%,1'(5$66(0%/<PP '(6&5,37,21 187/2&.0 :$6+(5)/$70 %2/70[*5 6+$&./(%2:70 5$7&+(7/2$'%,1'(5 /2$%,1'(5/,1.PP 47< &200(176 ;3UHVV ,QVWUXFWLRQVG¶XWLOLVDWLRQ 3LqFHVHWPRQWDJH ;3UHVV ,QVWUXFWLRQVG¶XWLOLVDWLRQ 3LqFHVHWPRQWDJH $6 ,7(0 3$5712 $6 $6 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 ',6&)5$0(5+P;35(66 '(6&5,37,21 47< ',6&81,7$66(0%/<5+ ',6&81,7$66(0%/</+ %2/70[*5 %2/70[*5 %2/70[*5 %2/70[*5 187/2&.0 7<3(7 187/2&.0 187/2&.0 :$6+(5)/$70 :$6+(5)/$70 :$6+(5)/$70 ',6&%/$'([ 7233/$7( 63$&(5[[PP 75$&.$50 /<1&+3,1&$7 187&$67/(0 %2/70[6758&785$/*5 [[PP63$&(5%86+ 75$&.52'5+)5217P;35(666/ ',6&)5$0(P5+ 75$&.52'5($5 63$&(5%86+PP ',6&%/$'([ $1*/(*8,'( $'-867(5 &200(176 ;3UHVV ,QVWUXFWLRQVG¶XWLOLVDWLRQ 3LqFHVHWPRQWDJH ;3UHVV ,QVWUXFWLRQVG¶XWLOLVDWLRQ 3LqFHVHWPRQWDJH $6 ,7(0 3$5712 $6 $6 $6 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 ',6&)5$0(/+0;35(66 '(6&5,37,21 ',6&81,7$66(0%/<5+ ',6&81,7$66(0%/</+ ',6&81,7&(175( %2/70[*5 %2/70[*5 %2/70[*5 %2/70[*5 187/2&.0 7<3(7 187/2&.0 187/2&.0 187/2&.0 :$6+(5)/$70 :$6+(5)/$70 :$6+(5)/$70 :$6+(5)/$70[ %2/70[*5 ',6&%/$'([ 7233/$7( 63$&(5[[PP 75$&.$50 /<1&+3,1&$7 187&$67/(0 %2/70[6758&785$/*5 [[PP63$&(5%86+ 75$&.52')5217/+6/;35(66 ',6&)5$0(P/+ 75$&.52'5($5 63$&(5%86+PP ',6&%/$'([ $1*/(*8,'( $'-867(5 47< &200(176 ;3UHVV ,QVWUXFWLRQVG¶XWLOLVDWLRQ 3LqFHVHWPRQWDJH ;3UHVV ,QVWUXFWLRQVG¶XWLOLVDWLRQ 3LqFHVHWPRQWDJH $6 ,7(0 3$5712 $6 $6 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 ;35(66P',6&)5$0( 5+ '(6&5,37,21 47< ',6&81,7$66(0%/<5+ ',6&81,7$66(0%/</+ %2/70[*5 %2/70[*5 %2/70[*5 %2/70[*5 187/2&.0 7<3(7 187/2&.0 187/2&.0 :$6+(5)/$70 :$6+(5)/$70 :$6+(5)/$70 ',6&%/$'([ 7233/$7( 63$&(5[[PP 75$&.$50 /<1&+3,1&$7 187&$67/(0 %2/70[6758&785$/*5 [[PP63$&(5%86+ 75$&.52'5+)5217P;35(666/ ',6&)5$0(P5+ 75$&.52'5($5 63$&(5%86+PP ',6&%/$'([ $1*/(*8,'( $'-867(5 &200(176 ;3UHVV ,QVWUXFWLRQVG¶XWLOLVDWLRQ 3LqFHVHWPRQWDJH ;3UHVV ,QVWUXFWLRQVG¶XWLOLVDWLRQ 3LqFHVHWPRQWDJH $6 ,7(0 3$5712 $6 $6 $6 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 ;35(66P',6&)5$0( /+ '(6&5,37,21 ',6&81,7$66(0%/<5+ ',6&81,7$66(0%/</+ ',6&81,7&(175( %2/70[*5 %2/70[*5 %2/70[*5 %2/70[*5 187/2&.0 7<3(7 187/2&.0 187/2&.0 187/2&.0 :$6+(5)/$70 :$6+(5)/$70 :$6+(5)/$70 :$6+(5)/$70[ %2/70[*5 ',6&%/$'([ 7233/$7( 63$&(5[[PP 75$&.$50 /<1&+3,1&$7 187&$67/(0 %2/70[6758&785$/*5 [[PP63$&(5%86+ 75$&.52')5217/+6/;35(66 ',6&)5$0(/+ 75$&.52'5($5 63$&(5%86+PP ',6&%/$'([ $1*/(*8,'( $'-867(5 47< &200(176 ;3UHVV ,QVWUXFWLRQVG¶XWLOLVDWLRQ 3LqFHVHWPRQWDJH ;3UHVV ,QVWUXFWLRQVG¶XWLOLVDWLRQ 3LqFHVHWPRQWDJH $6 ,7(0 3$5712 $6 $6 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 ',6&)5$0($66(0%/<P5+ '(6&5,37,21 47< ',6&81,7$66(0%/<5+ ',6&81,7$66(0%/</+ %2/70[*5 %2/70[*5 %2/70[*5 %2/70[*5 187/2&.0 7<3(7 187/2&.0 187/2&.0 :$6+(5)/$70 :$6+(5)/$70 :$6+(5)/$70 ',6&%/$'([ 7233/$7( 63$&(5[[PP 75$&.$50 /<1&+3,1&$7 187&$67/(0 %2/70[6758&785$/*5 75$&.52'5+)5217P;35(666/ [[PP63$&(5%86+ ',6&)5$0(5+ 75$&.52'5($5 63$&(5%86+PP ',6&%/$'([ $1*/(*8,'( $'-867(5 &200(176 ;3UHVV ,QVWUXFWLRQVG¶XWLOLVDWLRQ 3LqFHVHWPRQWDJH ;3UHVV ,QVWUXFWLRQVG¶XWLOLVDWLRQ 3LqFHVHWPRQWDJH $6 ,7(0 3$5712 $6 $6 $6 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 ',6&)5$0($66(0%/<P/+ '(6&5,37,21 ',6&81,7$66(0%/<5+ ',6&81,7$66(0%/</+ ',6&81,7&(175( %2/70[*5 %2/70[*5 %2/70[*5 %2/70[*5 187/2&.0 7<3(7 187/2&.0 187/2&.0 187/2&.0 :$6+(5)/$70 :$6+(5)/$70 :$6+(5)/$70 :$6+(5)/$70[ %2/70[*5 ',6&%/$'([ 7233/$7( 63$&(5[[PP 75$&.$50 /<1&+3,1&$7 187&$67/(0 %2/70[6758&785$/*5 75$&.52')5217/+6/;35(66 [[PP63$&(5%86+ ',6&)5$0(P/+ 75$&.52'5($5 63$&(5%86+PP ',6&%/$'([ $1*/(*8,'( $'-867(5 47< &200(176 ;3UHVV ,QVWUXFWLRQVG¶XWLOLVDWLRQ 3LqFHVHWPRQWDJH ;3UHVV ,QVWUXFWLRQVG¶XWLOLVDWLRQ 3LqFHVHWPRQWDJH $6 ,7(0 3$5712 $6 3 3 3 3 3 3 ',6&81,7$66(0%/<5+ '(6&5,37,21 ',6&$50$66(0%/<5+ :$6+(5635,1*0 :$6+(5)/$70 187/2&.0),1( 63581*/($)PP %2/70[*53 %2/70[*5[ 47< &200(176 3 ;3UHVV ,QVWUXFWLRQVG¶XWLOLVDWLRQ 3LqFHVHWPRQWDJH ;3UHVV ,QVWUXFWLRQVG¶XWLOLVDWLRQ 3LqFHVHWPRQWDJH $6 ,7(0 3$5712 $6 3 3 3 3 3 3 ',6&81,7$66(0%/</+ '(6&5,37,21 ',6&$50$66(0%/</+ :$6+(5635,1*0 :$6+(5)/$70 187/2&.0),1( 63581*/($)PP %2/70[*53 %2/70[*5[ 47< &200(176 3 ;3UHVV ,QVWUXFWLRQVG¶XWLOLVDWLRQ 3LqFHVHWPRQWDJH ;3UHVV ,QVWUXFWLRQVG¶XWLOLVDWLRQ 3LqFHVHWPRQWDJH $6 ,7(0 3$5712 $6 3 3 3 3 3 3 3 3 3 ',6&81,7$66(0%/<&(175( '(6&5,37,21 ',6&$50$66(0%/</+ %2/70[*5 :$6+(5635,1*0 :$6+(5)/$70 187/2&.0),1( ',6&%/$'([ %2/70[*53 %86+&75/($) 63581*/($)&75[ %2/70[*5[ 47< &200(176 3 ;3UHVV ,QVWUXFWLRQVG¶XWLOLVDWLRQ 3LqFHVHWPRQWDJH ;3UHVV ,QVWUXFWLRQVG¶XWLOLVDWLRQ 3LqFHVHWPRQWDJH $6 ,7(0 3$5712 3 3 3 3 3 3 3 3 3 3 ',6&$50$66(0%/<5+ '(6&5,37,21 6($/[[ 1,33/(*5($6(0 187&$67/(0[ 635,1*3,1 ',6&$505+ +8%&$67,1* +8%&$3 %($5,1*[[ %($5,1*[[ %($5,1*$1'6($/.,7&203/(7( 47< &200(176 127$9$,/$%/(,1',9,'8$/< 127$9$,/$%/(,1',9,'8$/< 127$9$,/$%/(,1',9,'8$/< ,1&/8'(6,7(06 ;3UHVV ,QVWUXFWLRQVG¶XWLOLVDWLRQ 3LqFHVHWPRQWDJH ;3UHVV ,QVWUXFWLRQVG¶XWLOLVDWLRQ 3LqFHVHWPRQWDJH ',6&$50$66(0%/</+ $6 ,7(0 3 3 3 3 3 3 3 3 3 3$5712 3 '(6&5,37,21 6($/[[ 1,33/(*5($6(0 187&$67/(0[ 635,1*3,1 ',6&$50/+ +8%&$67,1* +8%&$3 %($5,1*[[ %($5,1*[[ %($5,1*$1'6($/.,7&203/(7( 47< &200(176 127$9$,/$%/(,1',9,'8$/< 127$9$,/$%/(,1',9,'8$/< 127$9$,/$%/(,1',9,'8$/< ,1&/8'(6,7(06 ;3UHVV ,QVWUXFWLRQVG¶XWLOLVDWLRQ 3LqFHVHWPRQWDJH ;3UHVV ,QVWUXFWLRQVG¶XWLOLVDWLRQ 3LqFHVHWPRQWDJH $6 ,7(0 3$5712 3 3 3 3 3 ',6&)5$0($'-867(5$66(0%/< '(6&5,37,21 &$7723/,1.&:&/(9,6(1'6 %2/70[*5 :$6+(5)/$70 187/2&.0 6+,0.,73,(&( 47< &200(176 ;3UHVV ,QVWUXFWLRQVG¶XWLOLVDWLRQ 3LqFHVHWPRQWDJH ;3UHVV ,QVWUXFWLRQVG¶XWLOLVDWLRQ 3LqFHVHWPRQWDJH $6 ,7(0 3$5712 3 3 3 3 3 3 52//)5$0($66(0%/<5+P '(6&5,37,21 1,33/(*5($6( %86+63581*[[ 187/2&.0 :$6+(5)/$70 %2/70[*5675 P5+52//)5$0( 47< &200(176 ;3UHVV ,QVWUXFWLRQVG¶XWLOLVDWLRQ 3LqFHVHWPRQWDJH ;3UHVV ,QVWUXFWLRQVG¶XWLOLVDWLRQ 3LqFHVHWPRQWDJH $6 ,7(0 3$5712 3 3 3 3 3 3 52//)5$0($66(0%/</+P '(6&5,37,21 1,33/(*5($6( %86+63581*[[ 187/2&.0 :$6+(5)/$70 %2/70[*5675 52//)5$0(/+P 47< &200(176 ;3UHVV ,QVWUXFWLRQVG¶XWLOLVDWLRQ 3LqFHVHWPRQWDJH ;3UHVV ,QVWUXFWLRQVG¶XWLOLVDWLRQ 3LqFHVHWPRQWDJH $6 ,7(0 3$5712 3 3 3 3 3 3 52//)5$0($66(0%/<P5+ '(6&5,37,21 1,33/(*5($6( %86+63581*[[ 187/2&.0 :$6+(5)/$70 %2/70[*5675 52//)5$0(P5+ 47< &200(176 ;3UHVV ,QVWUXFWLRQVG¶XWLOLVDWLRQ 3LqFHVHWPRQWDJH ;3UHVV ,QVWUXFWLRQVG¶XWLOLVDWLRQ 3LqFHVHWPRQWDJH $6 ,7(0 3$5712 3 3 3 3 3 3 52//)5$0($66(0%/<P/+ '(6&5,37,21 1,33/(*5($6( %86+63581*[[ 187/2&.0 :$6+(5)/$70 %2/70[*5675 52//)5$0(/+P 47< &200(176 ;3UHVV ,QVWUXFWLRQVG¶XWLOLVDWLRQ 3LqFHVHWPRQWDJH ;3UHVV ,QVWUXFWLRQVG¶XWLOLVDWLRQ 3LqFHVHWPRQWDJH $6 ,7(0 3$5712 3 3 3 3 3 3 52//)5$0($66(0%/<P5+ '(6&5,37,21 1,33/(*5($6( %86+63581*[[ 187/2&.0 :$6+(5)/$70 %2/70[*5675 52//)5$0(P5+ 47< &200(176 ;3UHVV ,QVWUXFWLRQVG¶XWLOLVDWLRQ 3LqFHVHWPRQWDJH ;3UHVV ,QVWUXFWLRQVG¶XWLOLVDWLRQ 3LqFHVHWPRQWDJH $6 ,7(0 3$5712 3 3 3 3 3 3 52//)5$0($66(0%/<P/+ '(6&5,37,21 1,33/(*5($6( %86+63581*[[ 187/2&.0 :$6+(5)/$70 %2/70[*5675 52//)5$0(P/+ 47< &200(176 ;3UHVV ,QVWUXFWLRQVG¶XWLOLVDWLRQ 3LqFHVHWPRQWDJH ;3UHVV ,QVWUXFWLRQVG¶XWLOLVDWLRQ 3LqFHVHWPRQWDJH $6 ,7(0 3$5712 $6 3 3 3 3 3 3 3 3 3 3 ''$66(0%/<5+P '(6&5,37,21 $;/($66(0%/<''5,1*6 6&5$3(567(0/+ :$6+(5635,1*0 %2/70[*5 :$6+(5)/$70 187/2&.0 %2/780*5[ 6&5$3(53/$7( 6&5$3(5 6&5$3(567(05+ :$6+(5)/$70 47< &200(176 ;3UHVV ,QVWUXFWLRQVG¶XWLOLVDWLRQ 3LqFHVHWPRQWDJH ;3UHVV ,QVWUXFWLRQVG¶XWLOLVDWLRQ 3LqFHVHWPRQWDJH $6 ,7(0 3$5712 $6 3 3 3 3 3 3 3 3 3 3 ''52//$66(0%/</+P '(6&5,37,21 $;/($66(0%/<''5,1*6 187/2&.0 :$6+(5635,1*0 :$6+(5)/$70 :$6+(5)/$70 %2/780*5[ 6&5$3(53/$7( 6&5$3(567(05+ 6&5$3(567(0/+ 6&5$3(5 %2/70[*5 47< &200(176 ;3UHVV ,QVWUXFWLRQVG¶XWLOLVDWLRQ 3LqFHVHWPRQWDJH ;3UHVV ,QVWUXFWLRQVG¶XWLOLVDWLRQ 3LqFHVHWPRQWDJH $6 ,7(0 3$5712 $6 3 3 3 3 3 3 3 3 3 3 ''52//$66(0%/<P5+ '(6&5,37,21 $;/($66(0%/<''5,1*6 187/2&.0 :$6+(5635,1*0 :$6+(5)/$70 :$6+(5)/$70 %2/780*5[ 6&5$3(53/$7( 6&5$3(567(05+ 6&5$3(567(0/+ 6&5$3(5 %2/70[*5 47< &200(176 ;3UHVV ,QVWUXFWLRQVG¶XWLOLVDWLRQ 3LqFHVHWPRQWDJH ;3UHVV ,QVWUXFWLRQVG¶XWLOLVDWLRQ 3LqFHVHWPRQWDJH $6 ,7(0 3$5712 $6 3 3 3 3 3 3 3 3 3 3 ''52//$66(0%/<P/+ '(6&5,37,21 $;/($66(0%/<''5,1*6 187/2&.0 :$6+(5635,1*0 :$6+(5)/$70 :$6+(5)/$70 %2/780*5[ 6&5$3(53/$7( 6&5$3(567(05+ 6&5$3(567(0/+ 6&5$3(5 %2/70[*5 47< &200(176 ;3UHVV ,QVWUXFWLRQVG¶XWLOLVDWLRQ 3LqFHVHWPRQWDJH ;3UHVV ,QVWUXFWLRQVG¶XWLOLVDWLRQ 3LqFHVHWPRQWDJH $6 ,7(0 3$5712 $6 3 3 3 3 3 3 3 3 3 3 ''52//$66(0%/<P5+ '(6&5,37,21 $;/($66(0%/<''5,1*6 187/2&.0 :$6+(5635,1*0 :$6+(5)/$70 :$6+(5)/$70 %2/780*5[ 6&5$3(53/$7( 6&5$3(567(05+ 6&5$3(567(0/+ 6&5$3(5 %2/70[*5 47< &200(176 ;3UHVV ,QVWUXFWLRQVG¶XWLOLVDWLRQ 3LqFHVHWPRQWDJH ;3UHVV ,QVWUXFWLRQVG¶XWLOLVDWLRQ 3LqFHVHWPRQWDJH $6 ,7(0 3$5712 $6 3 3 3 3 3 3 3 3 3 3 ''52//$66(0%/<P/+ '(6&5,37,21 $;/($66(0%/<''5,1*6 187/2&.0 :$6+(5635,1*0 :$6+(5)/$70 :$6+(5)/$70 %2/780*5[ 6&5$3(53/$7( 6&5$3(567(05+ 6&5$3(567(0/+ 6&5$3(5 %2/70[*5 47< &200(176 ;3UHVV ,QVWUXFWLRQVG¶XWLOLVDWLRQ 3LqFHVHWPRQWDJH ;3UHVV ,QVWUXFWLRQVG¶XWLOLVDWLRQ 3LqFHVHWPRQWDJH $6 ,7(0 3$5712 $6 3 3 3 3 3 3 3 3 $;/($66(0%/<'' 5,1*6 '(6&5,37,21 3,//$5$66(0%/<'' $;/([ ''1876322/ ''5,1* '',17(51$/63$&(5 ''%($5,1*6322/ ''6322/ 3,163/,7[ 187&$67/(0 47< &200(176 ;3UHVV ,QVWUXFWLRQVG¶XWLOLVDWLRQ 3LqFHVHWPRQWDJH ;3UHVV ,QVWUXFWLRQVG¶XWLOLVDWLRQ 3LqFHVHWPRQWDJH $6 ,7(0 3$5712 $6 3 3 3 3 3 3 3 3 $;/($66(0%/<'' 5,1*6 '(6&5,37,21 3,//$5$66(0%/<'' $;/([ ''1876322/ ''5,1* '',17(51$/63$&(5 ''%($5,1*6322/ ''6322/ 3,163/,7[ 187&$67/(0 47< &200(176 ;3UHVV ,QVWUXFWLRQVG¶XWLOLVDWLRQ 3LqFHVHWPRQWDJH ;3UHVV ,QVWUXFWLRQVG¶XWLOLVDWLRQ 3LqFHVHWPRQWDJH $6 ,7(0 3$5712 $6 3 3 3 3 3 3 3 3 $;/($66(0%/<'' 5,1*6 '(6&5,37,21 3,//$5$66(0%/<'' $;/([ ''1876322/ ''5,1* '',17(51$/63$&(5 ''%($5,1*6322/ ''6322/ 3,163/,7[ 187&$67/(0 47< &200(176 ;3UHVV ,QVWUXFWLRQVG¶XWLOLVDWLRQ 3LqFHVHWPRQWDJH ;3UHVV ,QVWUXFWLRQVG¶XWLOLVDWLRQ 3LqFHVHWPRQWDJH $6 ,7(0 3$5712 3 3 3 3 3 3 3 3 3 3 3 3 3,//$5$66(0%/< '' '(6&5,37,21 35(6652//3,//$5 %($5,1*35(66('67((/ *5($6(3,3( %($5,1**8$5' 63$&(5PP %2/70[*5 :$6+(5)/$70 187/2&.0 %2/70[*5 :$6+(5)/$70 187/2&.0 %2/780*5[ 47< &200(176 ;3UHVV ,QVWUXFWLRQVG¶XWLOLVDWLRQ 3LqFHVHWPRQWDJH ;3UHVV ,QVWUXFWLRQVG¶XWLOLVDWLRQ 3LqFHVHWPRQWDJH $6 ,7(0 3$5712 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 %5$.('$;/($66(0%/<$,5 '(6&5,37,21 187/2&.0 :$6+(5635,1*0 :$6+(5)/$70 %2/70[*5 %2/70[*5 %2/70[*5 %5$.(&+$0%(52,/$,5 %/$1.,1*&$3 '867&$3 $,5+26(),77,1*0 $,5+26(),77,1*0 %5$.('$;/(678' 5(/$<(0(5*(1&<9$/9( 5(7$,1,1*3/$7( %/$1.,1*3/8*0 675),77,1*0 &+$0%(502817/+ &+$0%(5028175+ 0)5('8&(500 7(6732,170 )/(;,$,5+26(PP )/(;,$,5+26(PP 47< &200(176 ;3UHVV ,QVWUXFWLRQVG¶XWLOLVDWLRQ 3LqFHVHWPRQWDJH ;3UHVV ,QVWUXFWLRQVG¶XWLOLVDWLRQ 3LqFHVHWPRQWDJH $,57$1.$1'),77,1*6 $6 ,7(0 3$5712 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 '(6&5,37,21 %2/70[*5 18767$<7,*+70 1873/$,10 187/2&.0 :$6+(5635,1*0 :$6+(5)/$70 :$6+(5635,1*0 187/2&.0 %2/70[*5 %2/70[*5 $,57$1./ $,57$1.'5$,1 $,5+26(),77,1*0 3$/0&283/(5672:$*( ,1/,1($,5),/7(5 <(//2:$,5/,1( 5('$,5/,1( 6+8179$/9( 3$/0&283/,1* $,57$1.%5$&.(7 02817,1*675$3 %8/.+($' %/$1.,1*3/8* $,5),77,1*0 47< &200(176 ;3UHVV ,QVWUXFWLRQVG¶XWLOLVDWLRQ 3LqFHVHWPRQWDJH ;3UHVV ,QVWUXFWLRQVG¶XWLOLVDWLRQ 3LqFHVHWPRQWDJH $6 ,7(0 3$5712 3 3 3 3 3 3 3 3 3 3 3 %5$.('$;/($66(0%/<2,/ '(6&5,37,21 187/2&.0 :$6+(5)/$70 %2/70[*5 %2/70[*5 7$'$3725%63 %5$.(&+$0%(52,/$,5 %5$.('$;/(678' 5(7$,1,1*3/$7( %/$1.,1*3/8*0 &+$0%(502817/+ &+$0%(5028175+ 47< &200(176 ;3UHVV ,QVWUXFWLRQVG¶XWLOLVDWLRQ 3LqFHVHWPRQWDJH ;3UHVV ,QVWUXFWLRQVG¶XWLOLVDWLRQ 3LqFHVHWPRQWDJH $6 ,7(0 3$5712 3 3 3 3 3 3 3 +26(/$<287+<'5$8/,&%5$.(6 '(6&5,37,21 '2:7<6($/ò%63 $'$37250$/(0$/(ò%63 7$'$3725%63 45&%5$.( %5$.(&+$0%(52,/$,5 +$;PP +$;PP 47< &200(176 6:((3%27+(1'6 ;3UHVV ,QVWUXFWLRQVG¶XWLOLVDWLRQ 3LqFHVHWPRQWDJH ;3UHVV ,QVWUXFWLRQVG¶XWLOLVDWLRQ 3LqFHVHWPRQWDJH $6 ,7(0 3$5712 3 3 3 3 3 3 3 3 3 3 3 3 $6 3 3 /,)7&,5&8,7+<'&20321(17/$<287 '(6&5,37,21 &</,1'(5[ &</,1'(5[ '2:7<6($/ò%63 %8/.+($'ò%63 $'$372576)25ò%63 $'$37250$/(0$/(ò%63 '2:7<6($/%63 $'$37250$/(0$/(ò%63 $'$37250$/()(0ò%63 6+872))7$3ò%63 48,&.5(/($6(0$/(ò%63 1,33/(*5($6( 5($5'5$:%$5+<'5$8/,&6 %/$1.,1*&$3 $'$372576)2(ò%63 47< &200(176 ;3UHVV ,QVWUXFWLRQVG¶XWLOLVDWLRQ 3LqFHVHWPRQWDJH ;3UHVV ,QVWUXFWLRQVG¶XWLOLVDWLRQ 3LqFHVHWPRQWDJH $6 ,7(0 3$5712 3 3 3 3 3 /,)7&,5&8,7+<'+26(/$<287 '(6&5,37,21 +$[ +$[ +$[ +$[ +$[ 47< &200(176 ;3UHVV ,QVWUXFWLRQVG¶XWLOLVDWLRQ 3LqFHVHWPRQWDJH ;3UHVV ,QVWUXFWLRQVG¶XWLOLVDWLRQ 3LqFHVHWPRQWDJH $6 ,7(0 3$5712 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 $6 3 3 3 3 3 :,1*&,5&8,7+<'5$8/,&6 0;35(66 '(6&5,37,21 $'$37250$/(0$/(ò%63 '2:7<6($/ò%63 48,&.5(/($6(0$/(ò%63 (/%2:%63)) %8/.+($'ò%63 $'$37250$/(0$/(ò%63 '2:7<6($/%63 %/$1.,1*3/8*ò%63 %/$1.,1*3/8*%63 %/$1.,1*3/8*%63 35(6685(*$8*(%$5 $&&808/$725/%$5 '2&355('0$1,)2/' &211(&725%/2&.%63 %/$1.,1*&$3 5($5'5$:%$5+<'5$8/,&6 $&&808/$725/',$3+5$*0E &</,1'(5[ $'$372576)2(ò%63 *$8*($'$3725ó%63 *$8*($'$37(5[%63 47< &200(176 ;3UHVV ,QVWUXFWLRQVG¶XWLOLVDWLRQ 3LqFHVHWPRQWDJH ;3UHVV ,QVWUXFWLRQVG¶XWLOLVDWLRQ 3LqFHVHWPRQWDJH $6 ,7(0 3$5712 3 3 3 3 3 3 3 3 3 +<'+26(/$<287;35(66P '(6&5,37,21 +$[ +$[ +$[ +$[ +$[ +$[# +$[# +$[ +$[ 47< &200(176 ;3UHVV ,QVWUXFWLRQVG¶XWLOLVDWLRQ 3LqFHVHWPRQWDJH ;3UHVV ,QVWUXFWLRQVG¶XWLOLVDWLRQ 3LqFHVHWPRQWDJH $6 :,1*&,5&8,7+<'&20321(176 ,7(0 3$5712 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 $6 3 3 3 3 3 '(6&5,37,21 $'$37250$/(0$/(ò%63 '2:7<6($/ò%63 48,&.5(/($6(0$/(ò%63 (/%2:%63)) %8/.+($'ò%63 $'$37250$/(0$/(ò%63 '2:7<6($/%63 %/$1.,1*3/8*ò%63 %/$1.,1*3/8*%63 %/$1.,1*3/8*%63 35(6685(*$8*(%$5 $&&808/$725/%$5 '2&355('0$1,)2/' &211(&725%/2&.%63 %/$1.,1*&$3 5($5'5$:%$5+<'5$8/,&6 $&&808/$725/',$3+5$*0E &</,1'(5[ $'$372576)2(ò%63 *$8*($'$3725ó%63 *$8*($'$3725[%63 47< &200(176 21/<21P ;3UHVV ,QVWUXFWLRQVG¶XWLOLVDWLRQ 3LqFHVHWPRQWDJH ;3UHVV ,QVWUXFWLRQVG¶XWLOLVDWLRQ 3LqFHVHWPRQWDJH $6 ,7(0 3$5712 3 3 3 3 3 3 3 3 3 3 3 :,1*&,5&8,7+<'+26(6PP '(6&5,37,21 +$[ +$[ +$[ +$[ +$[ +$[# +$[# +$[ +$[ +$[# $[# 47< &200(176 ;3UHVV ,QVWUXFWLRQVG¶XWLOLVDWLRQ 3LqFHVHWPRQWDJH ;3UHVV ,QVWUXFWLRQVG¶XWLOLVDWLRQ 3LqFHVHWPRQWDJH $6 ,7(0 3$5712 3 3 3 3 3 5($5'5$:%$5+<'5$8/,&6 '(6&5,37,21 6+872))7$3ò%63 '2:7<6($/ò%63 $'$37250$/(0$/(ò%63 48,&.5(/($6()(0ò%63 %8/.+($'ò%63 47< &200(176 ;3UHVV ,QVWUXFWLRQVG¶XWLOLVDWLRQ 3LqFHVHWPRQWDJH ;3UHVV ,QVWUXFWLRQVG¶XWLOLVDWLRQ :RRGEULGJH5RDG6OHDIRUG /LQFROQVKLUH1*(: 7 ) (VLPEDLQWHUQDWLRQDO#VLPEDFRXN :ZZZVLPEDFRXN