Download E GENIA HYBRID COMPACT Système bi.énergie pour
Transcript
0DQXHOG
LQVWDOODWLRQGXV\VWqPH
6\VWqPHELpQHUJLHSRXUOHFKDXIIDJHHWO
HDXFKDXGH
*(1,$+<%5,'&203$&7
7$%/('(60$7,Ê5(6
,1 7 52'8&7 , 2 1
*XLGHG¶LQVWUXFWLRQV
'HVFULSWLRQGXV\VWqPH
'RFXPHQWDWLRQSURGXLW 'RFXPHQWVDVVRFLpV ([SOLFDWLRQGHVV\PEROHV 3UHPLqUHPLVHHQVHUYLFH (QUHJLVWUHPHQWGHODJDUDQWLH ULQFLSHGHIRQFWLRQQHPHQW 3
([HPSOHG
LQVWDOODWLRQGXVFKpPD*(1,$+<%5,'&203$&7DYHF
]RQHFKDXIIDJHEDVVHRXKDXWHWHPSpUDWXUH ([HPSOHG
LQVWDOODWLRQGXVFKpPD*(1,$+<%5,'&203$&7DYHF
]RQHFKDXIIDJHEDVVHWHPSpUDWXUH]RQHFKDXIIDJHKDXWHWHPSpUDWXUH ([HPSOHG
LQVWDOODWLRQGXVFKpPD*(1,$+<%5,'&203$&7DYHF
]RQHVFKDXIIDJHEDVVHRXKDXWHWHPSpUDWXUH ([HPSOHG
LQVWDOODWLRQGXVFKpPD*(1,$+<%5,'&203$&7DYHF
]RQHVFKDXIIDJHEDVVHRXKDXWHWHPSpUDWXUH ([HPSOHG
LQVWDOODWLRQGXVFKpPD*(1,$+<%5,'&203$&7
DYHFRSWLRQSLVFLQH
&RQVLJQHVGHVpFXULWpHWUpJOHPHQWDWLRQV
&RQVLJQHVGHVpFXULWp 5pJOHPHQWDWLRQV
,1 6 7$/ / $7 , 2 1
,QVWDOODWLRQGHO¶DSSDUHLO
&RQQH[LRQK\GUDXOLTXH
5HFRPPDQGDWLRQVDYDQWLQVWDOODWLRQ 0RQWDJH
&LUFXLWSRPSHjFKDOHXU &LUFXLWFKDXGLqUH
&LUFXLWFKDXIIDJH
&RQQH[LRQpOHFWULTXH
3RPSHjFKDOHXU
0RGXOHK\GUDXOLTXH
&KDXGLqUH
%RvWLHUGHJHVWLRQ
7$%/('(60$7,Ê5(6
0,6 ( ( 1 6 ( 59 , & (
5HPSOLVVDJHGXFLUFXLWSRPSHjFKDOHXUHDXJO\FROpH
5HPSOLVVDJHGXFLUFXLWFKDXIIDJH
0LVHHQVHUYLFHGHODSRPSHjFKDOHXU
0LVHHQVHUYLFHGHODFKDXGLqUH
0LVHHQVHUYLFHGXWKHUPRVWDWG
DPELDQFH
0LVHHQVHUYLFHGXERvWLHUGHJHVWLRQ
&RQ¿JXUDWLRQGHO
LQVWDOODWLRQ 5pFDSLWXODWLIGXFkEODJH 0HQX7KHUPRVWDW6RQGH 7KHUPRVWDWV
6RQGHH[WpULHXUH
7HVWDXWRPDWLTXH
3DUDPqWUHV
0LVHHQVHUYLFH
,QIRUPDWLRQVFRPSRVDQWV 2SWLRQV
7HVWGXV\VWqPHGHFKDXIIDJH )LQDOLVDWLRQ
1RXYHOOHYpUL¿FDWLRQHWUHPLVHHQIRQFWLRQQHPHQW ,QIRUPDWLRQVXWLOLVDWHXU
0$ , 1 7 (1$1 & (
'pSDQQDJH
'LDJQRVWLFGHSDQQHV
&RGHVGpIDXWV
(WDWV
0DLQWHQDQFH
0DLQWHQDQFHDQQXHOOH 0HQXPDLQWHQDQFHGXERvWLHUGHJHVWLRQ ,1752'8&7,21
,1752'8&7,21
*XLGHG¶LQVWUXFWLRQV
'RFXPHQWDWLRQSURGXLW
/HPDQXHOIDLWSDUWLHLQWpJUDQWHGHO¶DSSDUHLOHWGRLWrWUHUHPLV
jO¶XWLOLVDWHXUORUVTXHO¶DSSDUHLOHVWLQVWDOOpFRQIRUPpPHQWDX[
UpJOHPHQWDWLRQVHQYLJXHXU
3UHPLqUHPLVHHQVHUYLFH
/¶LQVWDOODWHXUGHVpOpPHQWVFRPSRVDQWOHV\VWqPHGRLW
PLVVLRQQHUXQH6WDWLRQ7HFKQLTXH$JUpH6DXQLHU'XYDOD¿QTXH
FHWWHGHUQLqUHSURFqGHjOD0LVHHQ6HUYLFHGHO¶LQVWDOODWLRQ
3RXUFHIDLUHO¶LQVWDOODWHXUYpUL¿HTX¶LODHIIHFWXpWRXVOHV
WUDYDX[QpFHVVDLUHVHQFRPSOpWDQWOD'HPDQGHGH0LVHHQ
6HUYLFHTX¶LOWUDQVPHWjOD'LUHFWLRQ5pJLRQDOH6DXQLHU'XYDO
GHVRQVHFWHXU
5HSRUWH]YRXVDXERQGHGHPDQGHGH0LVHHQ6HUYLFHSRXU
OHGpWDLOGHWRXWHVOHVRSpUDWLRQV
/LVH]FHPDQXHODWWHQWLYHPHQWD¿QGHFRPSUHQGUHO¶LQWpJUDOLWp
GHVLQIRUPDWLRQVHWGHJDUDQWLUXQHLQVWDOODWLRQXQHXWLOLVDWLRQ
HWXQHQWUHWLHQHQWRXWHVpFXULWp1RXVGpFOLQRQVWRXWH
UHVSRQVDELOLWpHQFDVGHGRPPDJHVRFFDVLRQQpVSDUOHQRQ
UHVSHFWGHVFRQVLJQHV¿JXUDQWGDQVOHSUpVHQWPDQXHO
$UpFHSWLRQGXERQGHGHPDQGHGH0LVHHQ6HUYLFHOD6WDWLRQ
7HFKQLTXH$JUppH6DXQLHU'XYDOFRPSRVpHGHSURIHVVLRQQHOV
TXDOL¿pVHWUpJXOLqUHPHQWIRUPpVjQRVSURGXLWVHIIHFWXHUD
UDSLGHPHQWODPLVHHQ6HUYLFHGHO¶LQVWDOODWLRQ/DSUpVHQFHGH
O¶LQVWDOODWHXUHVWREOLJDWRLUHORUVGHFHWWHRSpUDWLRQ
'RFXPHQWVDVVRFLpV
1RWLFHG
HPSORLHWG
LQVWDOODWLRQGHODSRPSHjFKDOHXU
1RWLFHG
HPSORLHWG
LQVWDOODWLRQGXPRGXOHK\GUDXOLTXH
1RWLFHG
HPSORLHWG
LQVWDOODWLRQGXERvWLHUGHJHVWLRQ
1RWLFHG
HPSORLHWG
LQVWDOODWLRQGXWKHUPRVWDWG
DPELDQFH
1RWLFHG
LQVWDOODWLRQGHODVRQGHH[WpULHXUH
1RWLFHG
HPSORLHWG
LQVWDOODWLRQGHVDFFHVVRLUHV
%RQGHGHPDQGHGHPLVHHQVHUYLFH
%RQGHGHPDQGHGHJDUDQWLHGXV\VWqPH
([SOLFDWLRQGHVV\PEROHV
a
'$1*(55LVTXHGHEOHVVXUHFRUSRUHOOH
e
'$1*(55LVTXHGHFKRFpOHFWULTXH
b
$77(17,215LVTXHGHGpJUDGDWLRQGH
O¶DSSDUHLORXGHVRQHQYLURQQHPHQW
i
,03257$17,QIRUPDWLRQXWLOH
B6DXQLHU'XYDO
(QUHJLVWUHPHQWGHODJDUDQWLH
&KDTXHpOpPHQWGXV\VWqPHSRVVqGHVDSURSUHJDUDQWLH
QRWL¿pHGDQVOHXUQRWLFHXWLOLVDWHXU
/D6WDWLRQ7HFKQLTXH$JUppHUHQVHLJQHHWHQYRLHODGHPDQGH
GHJDUDQWLH6\VWqPHVXUODTXHOOHHOOHDFROOpOHVQXPpURVGH
VpULHGHFKDFXQGHVpOpPHQWVGXV\VWqPHRXFKDTXHGHPDQGH
GHJDUDQWLHGHVpOpPHQWVGXV\VWqPHjO¶DGUHVVHPHQWLRQQpH
FLGHVVRXV
9DLOODQW*URXS)UDQFH6$
6HUYLFH7HFKQLTXH6DXQLHU'XYDO
/H7HFKQLSROH
DYHQXH3DEOR3LFDVVR
)RQWHQD\6RXV%RLV&HGH[
&HWWHRXFHVGHPDQGHVGHJDUDQWLHGRLYHQWREOLJDWRLUHPHQW
rWUHDFFRPSDJQpHVGHOD¿FKHGH0LVHHQ6HUYLFHGPHQW
FRPSOpWpHHWVLJQpHSRXUSRXYRLUEpQp¿FLHUGHVJDUDQWLHV
FRQVWUXFWHXU
,1752'8&7,21
'HVFULSWLRQGXV\VWqPH
3ULQFLSHGHIRQFWLRQQHPHQW
/HV\VWqPHK\EULGHHVWFRPSRVpGHVpOpPHQWVVXLYDQWV
8QHSRPSHjFKDOHXU
8QPRGXOHK\GUDXOLTXH
8QHFKDXGLqUH
8QERvWLHUGHJHVWLRQ
8QHVRQGHH[WpULHXUHSKRWRYROWDwTXHVDQV¿O
8QWKHUPRVWDWG
DPELDQFHVDQV¿O
/HVRSWLRQVVXLYDQWHVSHXYHQWrWUHDMRXWpHVVXUOHV\VWqPH
8QFRQWDFWHXUSRXUEpQp¿FLHUGXWDULIMRXUQXLW
8QNLWPXOWL]RQHpOHFWULTXHHWK\GUDXOLTXH
8QNLWSLVFLQH
/HSULQFLSHGHIRQFWLRQQHPHQWGXV\VWqPHHVWOHVXLYDQW
/HJpQpUDWHXUGXFKDXIIDJHVHFRPSRVHG¶XQHFKDXGLqUHHW
G¶XQHSRPSHjFKDOHXU/HVpPHWWHXUVGHFKDOHXUSHXYHQW
DXVVLELHQrWUHjEDVVHWHPSpUDWXUHSODQFKHUFKDXIIDQW
UDGLDWHXUjFKDOHXUGRXFHTX
jKDXWHWHPSpUDWXUH
SDQQHDX[HQDFLHU$¿QGHWRXMRXUVVDWLVIDLUHOHPHLOOHXU
FRPSURPLVFRQIRUWpFRQRPLHO¶XQRXO¶DXWUHGHVJpQpUDWHXUV
GHFKDOHXUDOLPHQWHHQHDXFKDXGHO¶LQVWDOODWLRQGHFKDXIIDJH
jODWHPSpUDWXUHQpFHVVDLUHSRXUREWHQLUODWHPSpUDWXUH
DPELDQWHGpVLUpH&HOOHFLHVWIRQFWLRQGHODWHPSpUDWXUH
H[WpULHXUHPHVXUpHSDUODVRQGHH[WpULHXUHSKRWRYROWDwTXH
VDQV¿OHWFRUULJpHHQSHUPDQHQFHSDUODWHPSpUDWXUHUpHOOH
PHVXUpHSDUOHWKHUPRVWDWG¶DPELDQFHVDQV¿O
/HORJLFLHOGXERvWLHUGHJHVWLRQFRQQDvWjWRXWPRPHQWOH
FRHI¿FLHQWGHSHUIRUPDQFH&23GHODSRPSHjFKDOHXU
7DQWTXHODWHPSpUDWXUHH[WpULHXUHHVWGRXFHHWRXTXH
ODWHPSpUDWXUHGHO¶HDXGHFKDXIIDJHHVWEDVVHOH&23
HVWpOHYpHWODSRPSHjFKDOHXUDXQWUqVERQUHQGHPHQW
0DLVOH&23EDLVVHVHQVLEOHPHQWTXDQGODWHPSpUDWXUH
H[WpULHXUHHVWIURLGHHWRXTXDQGODGHPDQGHGHWHPSpUDWXUH
GHFKDXIIDJHHVWSOXVFKDXGH$LQVLODFRQVRPPDWLRQ
G¶pOHFWULFLWpGHODSRPSHjFKDOHXUSHXWGHYHQLULPSRUWDQWH
HQKLYHU,OGHYLHQWDORUVSOXVDYDQWDJHX[GHIDLUHIRQFWLRQQHU
ODFKDXGLqUHFDUVRQFRWG¶H[SORLWDWLRQVHUDSOXVIDLEOH
/HSRLQWGHEDVFXOHPHQWHQWUHODSRPSHjFKDOHXUHWOD
FKDXGLqUHHVWJpUpGHIDoRQDXWRPDWLTXHHQIRQFWLRQGH
ODWHPSpUDWXUHH[WpULHXUHHWGHODWHPSpUDWXUHDPELDQWH
&HFLJDUDQWLWG¶XWLOLVHUHQSHUPDQHQFHOHJpQpUDWHXUD\DQW
OHPHLOOHXUFRWG¶H[SORLWDWLRQ/HV\VWqPHXWLOLVHUDGRQF
WRXMRXUVO¶pQHUJLHODPRLQVFKqUH
,OHVWQpFHVVDLUHGH¿[HUOHSRLQWGHEDVFXOHPHQWVHORQOHV
FRWVUHVSHFWLIVGHFKDTXHpQHUJLHYRLUFKDSLWUH0LVHHQ
VHUYLFHGXERvWLHUGHJHVWLRQ!3DUDPqWUHV!*HVWLRQGHV
pQHUJLHV
B6DXQLHU'XYDO
,1752'8&7,21
i
([HPSOHG
LQVWDOODWLRQGXVFKpPD*(1,$+<%5,'&203$&7DYHF]RQHFKDXIIDJH
EDVVHRXKDXWHWHPSpUDWXUH
b
5HSRUWH]YRXVDX[FKDSLWUHV&RQQH[LRQ
K\GUDXOLTXHHW&RQQH[LRQpOHFWULTXHSRXU
UDFFRUGHUOHV\VWqPH
&HVFKpPDLOOXVWUHOHFDVG
XQHLQVWDOODWLRQDYHFXQH
]RQHSODQFKHUFKDXIIDQWEDVVHWHPSpUDWXUH
(%86
9
&
'
%
*
(
$
)
/pJHQGH
3RPSHjFKDOHXU
0RGXOHK\GUDXOLTXHFRPSDFW
$OLPHQWDWLRQpOHFWULTXHGHODSRPSHjFKDOHXU
%RvWLHUGHJHVWLRQ
6RQGHH[WpULHXUHSKRWRYROWDwTXHVDQV¿O
7UDGXFWHXU(%86+%86VLFKDXGLqUH+%86
&KDXGLqUH(%86RX+%86
7KHUPRVWDWG
DPELDQFHVDQV¿O
&LUFXLWFKDXIIDJH
6pFXULWpGHVXUFKDXIIHGXSODQFKHUFKDXIIDQW
%LGRQGHUpFXSpUDWLRQGHO
HDXJO\FROpH
)LOWUHGXFLUFXLWSRPSHjFKDOHXU
B6DXQLHU'XYDO
$
%
&
'
(
)
*
5HWRXUFLUFXLWSRPSHjFKDOHXU
'pSDUWFLUFXLWSRPSHjFKDOHXU
5HWRXUFLUFXLWFKDXGLqUH
'pSDUWFLUFXLWFKDXGLqUH
'pSDUWFLUFXLWFKDXIIDJH
5HWRXUFLUFXLWFKDXIIDJH
(YDFXDWLRQGHODVRXSDSHGHVpFXULWpGXFLUFXLWSRPSHjFKDOHXU
,1752'8&7,21
i
([HPSOHG
LQVWDOODWLRQGXVFKpPD*(1,$+<%5,'&203$&7DYHF]RQHFKDXIIDJH
EDVVHWHPSpUDWXUH]RQHFKDXIIDJHKDXWHWHPSpUDWXUH
b
5HSRUWH]YRXVDX[FKDSLWUHV&RQQH[LRQ
K\GUDXOLTXHHW&RQQH[LRQpOHFWULTXHSRXU
UDFFRUGHUOHV\VWqPH
&HVFKpPDLOOXVWUHOHFDVG
XQHLQVWDOODWLRQDYHFXQH
]RQHSODQFKHUFKDXIIDQWEDVVHWHPSpUDWXUHXQH
]RQHUDGLDWHXUKDXWHWHPSpUDWXUH
(%86
9
&
'
%
*
(
$
)
/pJHQGH
3RPSHjFKDOHXU
0RGXOHK\GUDXOLTXHFRPSDFW
$OLPHQWDWLRQpOHFWULTXHGHODSRPSHjFKDOHXU
%RvWLHUGHJHVWLRQ
6RQGHH[WpULHXUHSKRWRYROWDwTXHVDQV¿O
7UDGXFWHXU(%86+%86VLFKDXGLqUH+%86
&KDXGLqUH(%86RX+%86
7KHUPRVWDWG
DPELDQFHVDQV¿OGHOD]RQHKDXWHWHPSpUDWXUH
&LUFXLWFKDXIIDJHGHOD]RQHKDXWHWHPSpUDWXUH
(OHFWURYDQQHGXNLW=
7KHUPRVWDWG
DPELDQFHVDQV¿OGHOD]RQHEDVVHWHPSpUDWXUH
&LUFXLWFKDXIIDJHGHOD]RQHEDVVHWHPSpUDWXUH
6pFXULWpGHVXUFKDXIIHGXSODQFKHUFKDXIIDQW
0RGXOHGHPpODQJHGXNLW=
%LGRQGHUpFXSpUDWLRQGHO
HDXJO\FROpH
)LOWUHGXFLUFXLWSRPSHjFKDOHXU
$
%
&
'
(
)
*
5HWRXUFLUFXLWSRPSHjFKDOHXU
'pSDUWFLUFXLWSRPSHjFKDOHXU
5HWRXUFLUFXLWFKDXGLqUH
'pSDUWFLUFXLWFKDXGLqUH
'pSDUWFLUFXLWFKDXIIDJH
5HWRXUFLUFXLWFKDXIIDJH
(YDFXDWLRQGHODVRXSDSHGHVpFXULWpGXFLUFXLWSRPSHjFKDOHXU
B6DXQLHU'XYDO
,1752'8&7,21
i
([HPSOHG
LQVWDOODWLRQGXVFKpPD*(1,$+<%5,'&203$&7DYHF]RQHVFKDXIIDJH
EDVVHRXKDXWHWHPSpUDWXUH
b
5HSRUWH]YRXVDX[FKDSLWUHV&RQQH[LRQ
K\GUDXOLTXHHW&RQQH[LRQpOHFWULTXHSRXU
UDFFRUGHUOHV\VWqPH
&HVFKpPDLOOXVWUHOHFDVG
XQHLQVWDOODWLRQDYHF
GHX[]RQHVSODQFKHUFKDXIIDQWEDVVHWHPSpUDWXUH
(%86
9
&
'
%
*
(
$
)
/pJHQGH
3RPSHjFKDOHXU
0RGXOHK\GUDXOLTXHFRPSDFW
$OLPHQWDWLRQpOHFWULTXHGHODSRPSHjFKDOHXU
%RvWLHUGHJHVWLRQ
6RQGHH[WpULHXUHSKRWRYROWDwTXHVDQV¿O
7UDGXFWHXU(%86+%86VLFKDXGLqUH+%86
&KDXGLqUH(%86RX+%86
7KHUPRVWDWG
DPELDQFHVDQV¿OGHOD]RQH
&LUFXLWFKDXIIDJHGHOD]RQH
(OHFWURYDQQHGXNLW=
7KHUPRVWDWG
DPELDQFHVDQV¿OGHOD]RQH
&LUFXLWFKDXIIDJHGHOD]RQH
B6DXQLHU'XYDO
(OHFWURYDQQHGXNLW=
6pFXULWpGHVXUFKDXIIHGXSODQFKHUFKDXIIDQW
%LGRQGHUpFXSpUDWLRQGHO
HDXJO\FROpH
)LOWUHGXFLUFXLWSRPSHjFKDOHXU
$
%
&
'
(
)
*
5HWRXUFLUFXLWSRPSHjFKDOHXU
'pSDUWFLUFXLWSRPSHjFKDOHXU
5HWRXUFLUFXLWFKDXGLqUH
'pSDUWFLUFXLWFKDXGLqUH
'pSDUWFLUFXLWFKDXIIDJH
5HWRXUFLUFXLWFKDXIIDJH
(YDFXDWLRQGHODVRXSDSHGHVpFXULWpGXFLUFXLWSRPSHjFKDOHXU
,1752'8&7,21
i
([HPSOHG
LQVWDOODWLRQGXVFKpPD*(1,$+<%5,'&203$&7DYHF]RQHVFKDXIIDJH
EDVVHRXKDXWHWHPSpUDWXUH
b
5HSRUWH]YRXVDX[FKDSLWUHV&RQQH[LRQ
K\GUDXOLTXHHW&RQQH[LRQpOHFWULTXHSRXU
UDFFRUGHUOHV\VWqPH
&HVFKpPDLOOXVWUHOHFDVG
XQHLQVWDOODWLRQDYHFWURLV
]RQHVSODQFKHUFKDXIIDQWEDVVHWHPSpUDWXUH
(%86
9
&
'
%
*
(
$
)
/pJHQGH
3RPSHjFKDOHXU
0RGXOHK\GUDXOLTXHFRPSDFW
$OLPHQWDWLRQpOHFWULTXHGHODSRPSHjFKDOHXU
%RvWLHUGHJHVWLRQ
6RQGHH[WpULHXUHSKRWRYROWDwTXHVDQV¿O
7UDGXFWHXU(%86+%86VLFKDXGLqUH+%86
&KDXGLqUH(%86RX+%86
(OHFWURYDQQHGXNLW=
7KHUPRVWDWG
DPELDQFHVDQV¿OGHOD]RQH
&LUFXLWFKDXIIDJHGHOD]RQH
7KHUPRVWDWG
DPELDQFHVDQV¿OGHOD]RQH
&LUFXLWFKDXIIDJHGHOD]RQH
(OHFWURYDQQHGXNLW=
7KHUPRVWDWG
DPELDQFHVDQV¿OGHOD]RQH
&LUFXLWFKDXIIDJHGHOD]RQH
(OHFWURYDQQHGXNLW=
6pFXULWpGHVXUFKDXIIHGXSODQFKHUFKDXIIDQW
%LGRQGHUpFXSpUDWLRQGHO
HDXJO\FROpH
)LOWUHGXFLUFXLWSRPSHjFKDOHXU
$
%
&
'
(
)
*
5HWRXUFLUFXLWSRPSHjFKDOHXU
'pSDUWFLUFXLWSRPSHjFKDOHXU
5HWRXUFLUFXLWFKDXGLqUH
'pSDUWFLUFXLWFKDXGLqUH
'pSDUWFLUFXLWFKDXIIDJH
5HWRXUFLUFXLWFKDXIIDJH
(YDFXDWLRQGHODVRXSDSHGHVpFXULWpGXFLUFXLWSRPSHjFKDOHXU
B6DXQLHU'XYDO
,1752'8&7,21
([HPSOHG
LQVWDOODWLRQGXVFKpPD*(1,$+<%5,'&203$&7DYHFRSWLRQSLVFLQH
b
/
RSWLRQSLVFLQHQHSHXWSDVrWUHLQVWDOOpHGDQV
ODFRQ¿JXUDWLRQ/D3$&Q
HVWSDVSUpYXH
SRXUrWUHLQVWDOOpHVHXOHDYHFXQHSLVFLQH
i
5HSRUWH]YRXVDX[FKDSLWUHV&RQQH[LRQ
K\GUDXOLTXHHW&RQQH[LRQpOHFWULTXHSRXU
UDFFRUGHUOHV\VWqPH
b
&HVFKpPDLOOXVWUHOHFDVG
XQHLQVWDOODWLRQ
RXDYHFXQHSLVFLQH
9
'
&
9
%
$
/pJHQGH
3LVFLQH
3RPSHjFKDOHXU
9DQQHYRLHVSRXURSWLRQSLVFLQHQRQIRXUQL
%RvWLHUGHJHVWLRQ
0RGXOHK\GUDXOLTXHFRPSDFW
.LWSLVFLQHDYHFDTXDVWDWEDVVHWHQVLRQQRQIRXUQL
B6DXQLHU'XYDO
$
%
&
'
5HWRXUFLUFXLWSLVFLQH
'pSDUWFLUFXLWSLVFLQH
5HWRXUFLUFXLWSRPSHjFKDOHXU
'pSDUWFLUFXLWSRPSHjFKDOHXU
,1752'8&7,21
&RQVLJQHVGHVpFXULWpHW
UpJOHPHQWDWLRQV
3URFpGH]jXQWHVWGHIRQFWLRQQHPHQWHWYpUL¿H]ODVpFXULWp
GXV\VWqPHXQHIRLVYRWUHLQWHUYHQWLRQWHUPLQpH
)OXLGHIULJRULJqQH5$
e
&RQVLJQHVGHVpFXULWp
8QHLQVWDOODWLRQLQFRUUHFWHSHXWSURYRTXHUXQ
FKRFpOHFWULTXHYRLUHGpWpULRUHUO¶DSSDUHLO
1HGpVDFWLYH]MDPDLVOHVGLVSRVLWLIVGHVpFXULWpHWQ¶HVVD\H]
MDPDLVG¶HQPRGL¿HUOHVUpJODJHV
3UHQH]LPSpUDWLYHPHQWHQFRQVLGpUDWLRQOHVWHFKQLTXHVHW
SUpFDXWLRQVGHPDQXWHQWLRQVXLYDQWHV
6DLVLVVH]O
DSSDUHLOSDUVDEDVH
6LQpFHVVDLUHSRUWH]GHVYrWHPHQWVGHSURWHFWLRQFRPPH
GHVJDQWVGHSURWHFWLRQHWGHVFKDXVVXUHVGHVpFXULWp
$VVXUH]YRXVTXHOHVWHFKQLTXHVXWLOLVpHVSRXUVRXOHYHU
O¶DSSDUHLOJDUDQWLVVHQWYRWUHVpFXULWp
0DLQWHQH]YRWUHGRVGURLW
eYLWH]GHYRXVWRXUQHUDXQLYHDXGHODWDLOOH
eYLWH]GHWURSSHQFKHUODSDUWLHVXSpULHXUHGHYRWUHFRUSV
8WLOLVH]WRXMRXUVODSDXPHGHODPDLQSRXUVDLVLUO¶DSSDUHLO
8WLOLVH]OHVSRLJQpHVFRQoXHVSRXUODPDQXWHQWLRQ
3ODFH]ODFKDUJHOHSOXVSUqVSRVVLEOHGHYRWUHFRUSV
)DLWHVYRXVDLGHUGqVTXHFHODV¶DYqUHQpFHVVDLUH
/¶XWLOLVDWHXUQHGRLWHQDXFXQFDVWRXFKHUQLUpJOHUOHV
FRPSRVDQWVVFHOOpV
/RUVGHVEUDQFKHPHQWVSRVLWLRQQH]FRUUHFWHPHQWOHVMRLQWV
D¿QG¶pYLWHUWRXWULVTXHGHIXLWHGHJD]RXG¶HDX
/
DSSDUHLOFRQWLHQWGHVSLqFHVPpWDOOLTXHVFRPSRVDQWV
(OOHVGRLYHQWrWUHPDQLSXOpHVHWQHWWR\pHVDYHFSUpFDXWLRQ
6R\H]SDUWLFXOLqUHPHQWDWWHQWLIVDX[ERUGVFRXSDQWV
5HVSHFWH]OHVFRQVLJQHVGHVpFXULWpGHEDVHDYDQWGHSURFpGHU
jO¶HQWUHWLHQRXDXUHPSODFHPHQWGHVSLqFHVGpWDFKpHV
$UUrWH]O¶DSSDUHLO
&RXSH]O¶DOLPHQWDWLRQpOHFWULTXHGHO¶DSSDUHLO
)HUPH]ODYDQQHG¶DUUrWGHJD]GHO¶DSSDUHLO
&RXSH]OHFLUFXLWK\GUDXOLTXHGHO¶DSSDUHLOjO¶DLGHGHV
YDQQHVG¶LVROHPHQWOHFDVpFKpDQW
9LGDQJH]O¶DSSDUHLOVLYRXVGHYH]UHPSODFHUGHVFRPSRVDQWV
GXFLUFXLWK\GUDXOLTXH
3URWpJH]WRXVOHVFRPSRVDQWVpOHFWULTXHVGHO¶HDXORUVTXH
YRXVLQWHUYHQH]VXUO¶DSSDUHLO
8WLOLVH]XQLTXHPHQWGHVSLqFHVGpWDFKpHVG¶RULJLQH
8WLOLVH]XQLTXHPHQWGHVMRLQWVWRULTXHVHWGHVMRLQWVQHXIV
9pUL¿H]O¶pWDQFKpLWpGHVFRQGXLWHVGHJD]HWG¶HDXORUVTXH
YRXVDXUH]UpDOLVpYRWUHLQWHUYHQWLRQ
b
,PSRUWDQWWRXWHLQWHUYHQWLRQVXUOHFLUFXLW
IULJRUL¿TXHGRLWrWUHHIIHFWXpHSDUGXSHUVRQQHO
KDELOLWpHWDJUpp
8WLOLVH]XQLTXHPHQWGXÀXLGHIULJRULJqQH5$
/HVLQVWUXPHQWVXWLOLVpVSRXUODFKDUJHSRXUODPHVXUHGH
SUHVVLRQSRXUIDLUHOHYLGHHWSRXUODUpFXSpUDWLRQGXÀXLGH
GRLYHQWrWUHFRPSDWLEOHVHWXWLOLVpVXQLTXHPHQWSRXUOHÀXLGH
5$
5pDOLVH]OHVVRXGXUHVVRXVGpELWG
D]RWHHWWHVWH]VRXV
SUHVVLRQHQD]RWHO
pWDQFKpLWpGXFLUFXLW
(QFDVGHQRXYHDXUHPSOLVVDJHLOGRLWrWUHIDLWGDQVOD
SKDVHOLTXLGH
(QFDVGHIXLWHQHUDMRXWH]SDVGHÀXLGHYLGDQJH]OHUHVWH
GXÀXLGHGXFLUFXLWHWpOLPLQH]OHVXLYDQWODUpJOHPHQWDWLRQHQ
YLJXHXU
)DLWHVOHYLGHGDQVOHFLUFXLWDYHFXQHSUHVVLRQPD[LPDOHGH
PEDU[3DSUHVVLRQVWDWLTXH
1HUpDOLVH]SDVGHVRXGXUHVXUOHFLUFXLWVDQVDYRLU
SUpDODEOHPHQWYLGDQJpOHFLUFXLW
a
b
1HIXPH]SDVQ¶DOOXPH]SDVGHÀDPPHSHQGDQW
OHVRSpUDWLRQVGHYLGDQJHHWGHUHPSOLVVDJHGX
FLUFXLW/HVJD]pPLVSDUODFRPEXVWLRQGXÀXLGH
IULJRULJqQHVRQWLQÀDPPDEOHV
5pJOHPHQWDWLRQV
6HXOXQSURIHVVLRQQHOTXDOL¿pUHPSOLVVDQW
OHVFRQGLWLRQVSUpYXHVDX[DUWLFOHV5
HWVXLYDQWVGXFRGHGHO
HQYLURQQHPHQWHW
D\DQWREWHQXXQHDWWHVWDWLRQGHFDSDFLWpHQ
DSSOLFDWLRQGHVDUWLFOHV5HWVXLYDQWVSHXW
LQWHUYHQLUVXUOHSURGXLW
1RUPDOLVDWLRQUpJOHPHQWDWLRQHWFHUWL¿FDWLRQ
/HVSRPSHVjFKDOHXUUHOqYHQWGHVQRUPHVFRQFHUQDQWOD
PHVXUHGHSHUIRUPDQFHOHXUDSWLWXGHjO
XVDJHHWODVpFXULWp
pOHFWULTXH/HVSULQFLSDOHVQRUPHVHWSULQFLSDX[SURMHWVGH
QRUPHVVSpFL¿TXHVRXOLpVjO
HQYLURQQHPHQWGHODSRPSHj
FKDOHXUVRQWSUpVHQWpVHQDQQH[HVHW
5DSSHOGHWH[WHVUpJOHPHQWDLUHVH[LVWDQWV
$UUrWpGXIpYULHU
&HWDUUrWp¿[HOHQLYHDXGHFDSDFLWpSURIHVVLRQQHOOH
GHPDQGpDX[HQWUHSULVHVSDUO
DUWLFOHGXGpFUHWGX
GpFHPEUH
'pFUHWQGXDYULO
&HGpFUHWFRQFHUQHODOXWWHFRQWUHOHVEUXLWVGXYRLVLQDJHHW
LQGLTXHGHVYDOHXUVPD[LPDOHVHQWUHOHQLYHDXDPELDQWHW
FHOXLFRQVWLWXpSDUO
HQVHPEOHGHVEUXLWVKDELWXHOV&HWH[WH
GHYUDLWrWUHPRGL¿pSDUXQSURFKDLQWH[WHUpJOHPHQWDLUH
B6DXQLHU'XYDO
,167$//$7,21
'pFUHWQGXMXLQ
&HGpFUHWPRGL¿HFHOXLGXGpFHPEUHHWVSpFL¿HXQ
FRQWU{OHG
pWDQFKpLWpGHVpOpPHQWVDVVXUDQWOHFRQ¿QHPHQW
GHVÀXLGHVIULJRULJqQHVDXPRLQVXQHIRLVSDUDQ&H
GpFUHWVHUDELHQW{WOXLPrPHPRGL¿pSRXUWHQLUFRPSWHGHOD
UpJOHPHQWDWLRQHXURSpHQQH(1VXUODUpFXSpUDWLRQ
GHVÀXLGHVIULJRULJqQHVHWODJHVWLRQGHVIXLWHV
$UUrWpGXMXLQ
&HWDUUrWpWUDLWHGHVSHUIRUPDQFHVDFRXVWLTXHVGHV
EkWLPHQWVG
KDELWDWLRQDLQVLTXHGHVPRGDOLWpVG
DSSOLFDWLRQ
GHFHWWHQRXYHOOHUpJOHPHQWDWLRQ&HWDUUrWpDEURJHFHOXLGX
RFWREUH
$UUrWpGXMDQYLHU
&HWDUUrWp¿[HXQVHXLOGHVHQVLELOLWpSRXUOHVDSSDUHLOVGH
GpWHFWLRQGHIXLWHVOHVWKHUPRVWDWVG
DPELDQFHHWGp¿QLWOH
V\VWqPHGHTXDOLWpGHO
HQWUHSULVHTXLSHXWLQWHUYHQLUVXUXQH
LQVWDOODWLRQIULJRUL¿TXH
5qJOHPHQW&(QGXMXLQ
&HUqJOHPHQWHXURSpHQTXLDEURJHOHUqJOHPHQWQ
SUpVHQWHOHVFDOHQGULHUVG
pOLPLQDWLRQGHV&)&HW+&)&,O
WUDLWHpJDOHPHQWGHODUpFXSpUDWLRQGHVÀXLGHVIULJRULJqQHV
GHVIXLWHVVXUOHVLQVWDOODWLRQVSDUWLFXOLqUHPHQWVXUOHV
pTXLSHPHQWVGRQWODFKDUJHHQ&)&RX+&)&HVWVXSpULHXUH
jNJDLQVLTXHGXQLYHDXGHTXDOL¿FDWLRQPLQLPXPUHTXLV
SRXUOHVRSpUDWHXUV
'pFUHWQGXQRYHPEUH
&HGpFUHWWUDLWHGHVFDUDFWpULVWLTXHVWKHUPLTXHVGHV
FRQVWUXFWLRQVPRGL¿DQWOHFRGHGHFRQVWUXFWLRQHWGH
O
KDELWDWLRQ/HVGLVSRVLWLRQVVRQWDSSOLFDEOHVjWRXVOHV
SURMHWVGHFRQVWUXFWLRQD\DQWIDLWO
REMHWG
XQHGHPDQGHGH
SHUPLVGHFRQVWUXLUHGpSRVpHDSUqVOHHMXLQ
$UUrWpGXQRYHPEUH&HWDUUrWpVSpFL¿HOHV
PRGDOLWpVG
DSSOLFDWLRQGHVUqJOHVpGLFWpHVGDQVOHGpFUHWQ
GXQRYHPEUH
$UUrWpGXMDQYLHU
&HWDUUrWpWUDLWHGHODPLVHHQDSSOLFDWLRQGXGpFUHWQ
GXMXLOOHWPRGL¿pHQFHTXLFRQFHPHO
LQGLFDWLRQ
GHODFRQVRPPDWLRQG
pQHUJLHGHVFOLPDWLVHXUVjXVDJH
GRPHVWLTXH
'LUHFWLYHGHVDSSDUHLOVVRXVSUHVVLRQ&(GpFUHW
GXDUUrWpGXPDUV
5qJOHPHQW&(QGXPDLTXLFRQFHUQHOH
FRQ¿QHPHQWO
XWLOLVDWLRQODUpFXSpUDWLRQHWODGHVWUXFWLRQGHV
JD]jHIIHWGHVHUUHÀXRUpVYLVpVjO
DQQH[HOO
pWLTXHWDJHHW
O
pOLPLQDWLRQGHVSURGXLWVHWGHVpTXLSHPHQWVFRQWHQDQWFHV
JD]OHFRQWU{OHGHFHUWDLQHVXWLOLVDWLRQVHWOHVLQWHUGLFWLRQV
GHPLVHVXUOHPDUFKpGHFHUWDLQVSURGXLWVYRLUDUWLFOH
HWDQQH[H,ODLQVLTXHODIRUPDWLRQHWODFHUWL¿FDWLRQGX
SHUVRQQHOHWGHVHQWUHSULVHVLQWHUYHQDQWGDQVOHVDFWLYLWpV
YLVpHVSDUOHSUpVHQWUqJOHPHQWjVDYRLUUpIULJpUDWLRQ
FOLPDWLVDWLRQSRPSHjFKDOHXUV\VWqPHVGHSURWHFWLRQ
FRQWUHO
LQFHQGLHFRQWHQDQWGHVJD]jHIIHWGHVHUUH
%kWLPHQWVG¶KDELWDWLRQ
1)'78QRUPH3([pFXWLRQGHSODQFKHUV
FKDXIIDQWVjHDXFKDXGH
'20$,1('¶$33/,&$7,21
/DFODVVHGp¿QLHGDQVFHJXLGHWHFKQLTXHFRUUHVSRQGj
GHVLQVWDOODWLRQVGHW\SH³EDVVHWHPSpUDWXUH´FRPSRUWDQW
SDUH[HPSOHGHVSDQQHDX[UD\RQQDQWVFRQVWLWXpVGHWXEHV
GLVSRVpVGDQVOHSODQFKHUGXORFDOSDUFRXUXVSDUGHO¶HDXGRQW
ODWHPSpUDWXUHHVWQRUPDOHPHQWLQIpULHXUHRXpJDOHj&HW
SRXYDQWVXELUGHVSRLQWHVDFFLGHQWHOOHVj&8QGLVSRVLWLI
SDUWLFXOLHUOLPLWHLPSpUDWLYHPHQWODWHPSpUDWXUHGHO¶HDXj&
DXSOXV
6(&85,7(
8QGLVSRVLWLIGHVpFXULWpLQGpSHQGDQWGHODUpJXODWLRQDYHF
UpDUPHPHQWPDQXHOHWIRQFWLRQQDQWPrPHHQO¶DEVHQFH
GHFRXUDQWRXGHÀXLGHPRWHXUFRXSHLPSpUDWLYHPHQWOD
IRXUQLWXUHGHFKDOHXUGDQVOHFLUFXLWGHVSDQQHDX[ORUVTXHOD
WHPSpUDWXUHGXÀXLGHDWWHLQW&
1RUPH1)&UHODWLYHjO¶LQVWDOODWLRQGHVDSSDUHLOV
UDFFRUGpVDXUpVHDXpOHFWULTXH
1RUPH1)&UHODWLYHjO¶REOLJDWLRQGHUDFFRUGHPHQW
GHVDSSDUHLOVpOHFWULTXHVjXQHSULVHGHWHUUH
5qJOHPHQW6DQLWDLUH'pSDUWHPHQWDO
(WDEOLVVHPHQWVUHFHYDQWGXSXEOLF(53
3DU©pWDEOLVVHPHQWVUHFHYDQWGXSXEOLFªO¶DUWLFOH5
GX&RGHGHODFRQVWUXFWLRQHWGHO¶KDELWDWLRQGpVLJQHOHV
©EkWLPHQWVORFDX[HWHQFHLQWHVGDQVOHVTXHOVGHVSHUVRQQHV
VRQWDGPLVHVVRLWOLEUHPHQWVRLWPR\HQQDQWXQHUpWULEXWLRQRX
XQHSDUWLFLSDWLRQTXHOFRQTXHRXGDQVOHVTXHOVVRQWWHQXHVGHV
UpXQLRQVRXYHUWHVjWRXWYHQDQWRXVXULQYLWDWLRQSD\DQWHVRX
QRQª
/HVWH[WHVUpJOHPHQWDLUHVDSSOLFDEOHVjFHVpWDEOLVVHPHQWV
VRQW
G¶XQHSDUWOHVDUWLFOHV5j5GX&RGHGHOD
FRQVWUXFWLRQHWGHO¶KDELWDWLRQDQFLHQGpFUHWGXRFWREUH
G¶DXWUHSDUWOHUqJOHPHQWGHVpFXULWpFRQWUHOHVULVTXHV
G¶LQFHQGLHHWGHSDQLTXHGDQVOHVpWDEOLVVHPHQWVUHFH
YDQWGXSXEOLFTXLSHXWrWUHVHORQODQDWXUHGHO¶DFWLYLWpGH
O¶pWDEOLVVHPHQWVRLWOHUqJOHPHQWLVVXGHO¶DUUrWpGXPDUV
PRGL¿pVRLWFHOXLDSSURXYpSDUO¶DUUrWpGXMXLQ
PRGL¿p
'pFUHWQGXDRW
&HGpFUHWFRQFHPHODOXWWHFRQWUHOHVEUXLWVGXYRLVLQDJHHW
LQGLTXHOHVYDOHXUVPD[LPDOHVG
pPHUJHQFHGLIIpUHQFHGH
QLYHDXGHSUHVVLRQDFRXVWLTXHDYHFHWVDQVO
pTXLSHPHQW
jUHVSHFWHUGHMRXUFRPPHGHQXLW,OQHUHPSODFHSDVOH
GpFUHWQGXDYULO
&RGHGHO
HQYLURQQHPHQWDUWLFOHV5j
B6DXQLHU'XYDO
,167$//$7,21
,167$//$7,21
,QVWDOODWLRQGHO¶DSSDUHLO
5HFRPPDQGDWLRQVDYDQWLQVWDOODWLRQ
/HVVHFWLRQVGHVFDQDOLVDWLRQVVHURQWGpWHUPLQpHVHQXWLOLVDQW
ODFRXUEHGpELWSUHVVLRQUHSRUWH]YRXVDXFKDSLWUH0LVHHQ
VHUYLFHGXERvWLHUGHJHVWLRQŹ0LVHHQVHUYLFHŹ5pJODJH
GXGpELWGXFLUFXLW3$&/HUpVHDXGHGLVWULEXWLRQVHUD
FDOFXOpVHORQOHGpELWFRUUHVSRQGDQWjODSXLVVDQFHUpHOOHPHQW
QpFHVVDLUHVDQVWHQLUFRPSWHGHODSXLVVDQFHPD[LPDOHTXH
SHXYHQWIRXUQLUOHVJpQpUDWHXUVGHO
LQVWDOODWLRQ
b
1RXVYRXVUHFRPPDQGRQVGHSUpYRLUXQGpELW
VXI¿VDQWSRXUTXHO¶pFDUWGHWHPSpUDWXUHHQWUH
GpSDUWHWUHWRXUVRLWpJDOj.SRXUXQSODQFKHU
FKDXIIDQWHW.SRXUGHVUDGLDWHXUV
b
$VVXUH]YRXVTXHOHGpELWG
HDXGXFLUFXLW
FKDXIIDJHVRLWVXSpULHXUjOK
/HWUDFpGHVWX\DXWHULHVVHUDFRQoXD¿QGHSUHQGUHWRXWHVOHV
GLVSRVLWLRQVQpFHVVDLUHVSRXUpYLWHUOHVSRFKHVG¶DLUHWIDFLOLWHU
OHGpJD]DJHSHUPDQHQWGHO¶LQVWDOODWLRQ'HVSXUJHXUVGHYURQW
rWUHSUpYXVjFKDTXHSRLQWKDXWGHVFDQDOLVDWLRQVDLQVLTXHVXU
WRXVOHVUDGLDWHXUV
/DLVVH]WRXMRXUVXQUDGLDWHXURXYHUW
/HYROXPHG¶HDXWRWDODGPLVVLEOHSRXUOHFLUFXLWGHFKDXIIDJH
GpSHQGHQWUHDXWUHVGHODFKDUJHVWDWLTXHjIURLGGXYDVH
G
H[SDQVLRQGHODFKDXGLqUH
,OHVWUHFRPPDQGpGHSUpYRLUXQURELQHWGHYLGDQJHDXSRLQWOH
SOXVEDVGHO¶LQVWDOODWLRQ
'DQVOHFDVG¶XWLOLVDWLRQGHURELQHWVWKHUPRVWDWLTXHVLOHVW
LPSpUDWLIGHQHSDVHQpTXLSHUODWRWDOLWpGHVUDGLDWHXUVHQYHLOODQW
jSRVHUFHVURELQHWVGDQVOHVORFDX[jIRUWDSSRUWHWMDPDLVGDQV
OHVORFDX[RVRQWLQVWDOOpVOHVWKHUPRVWDWVG¶DPELDQFH
6¶LOV¶DJLWG¶XQHDQFLHQQHLQVWDOODWLRQLOHVWLQGLVSHQVDEOHGH
ULQFHUOHFLUFXLWUDGLDWHXUVDYDQWG¶LQVWDOOHUOHQRXYHODSSDUHLO
6LXQpOpPHQWGXV\VWqPHQ¶HVWSDVPLVHQSODFH
LPPpGLDWHPHQWSURWpJH]OHVGLIIpUHQWVUDFFRUGVD¿QTXH
SOkWUHHWSHLQWXUHQHSXLVVHQWFRPSURPHWWUHO¶pWDQFKpLWpGX
UDFFRUGHPHQWXOWpULHXU
,QVWDOOH]OHVFRPSRVDQWVVXLYDQWVVXUOHUHWRXUGXFLUFXLW
FKDXIIDJH
XQ¿OWUHFKDXIIDJH
XQURELQHWG
DUUrWóGHWRXU
XQVpSDUDWHXUG
DLUVLQpFHVVDLUH
XQ¿OWUHDQWLERXHVLQpFHVVDLUH
i
&RQFHSWLRQGXFLUFXLWFKDXIIDJH
/HVpPHWWHXUVGHFKDOHXUSHXYHQWDXVVLELHQrWUHjEDVVH
WHPSpUDWXUHSODQFKHUFKDXIIDQWUDGLDWHXUjFKDOHXUGRXFH
TX
jKDXWHWHPSpUDWXUHSDQQHDXHQDFLHU
b
'DQVOHFDVG¶XQSODQFKHUFKDXIIDQWLQVWDOOH]XQHVpFXULWp
GHVXUFKDXIIHjUpDUPHPHQWPDQXHO&VXUOHGpSDUW
GXFLUFXLWFKDXIIDJHUHSRUWH]YRXVDXFKDSLWUH'HVFULSWLRQ
GXV\VWqPH5DFFRUGH]ODVpFXULWpGHVXUFKDXIIHVXU
O
DOLPHQWDWLRQpOHFWULTXHGHODFKDXGLqUH
(QFDVG
LVROHPHQWGHODFKDXGLqUHOHYDVH
G
H[SDQVLRQGHODFKDXGLqUHQ
DEVRUEHUDSOXVOHV
YDULDWLRQVGHSUHVVLRQGXFLUFXLWFKDXIIDJH
'DQVFHFDVSUHQH]OHVSUpFDXWLRQVTXLV
LPSRVHQW
3URWHFWLRQDQWLFRUURVLRQHWDQWLERXHV
3RXUpYLWHUWRXWSKpQRPqQHGHFRUURVLRQLOHVWUHFRPPDQGp
G¶DMRXWHUXQLQKLELWHXUGHFRUURVLRQGDQVO¶HDXGXFLUFXLW
FKDXIIDJH&HWLQKLELWHXUDXUDSRXUUpVXOWDWG¶DUUrWHUOHV
UpDFWLRQVpOHFWULTXHVHQWUHOHVGLIIpUHQWVPpWDX[GHO¶LQVWDOODWLRQ
,OpYLWHUDDXVVLSDUYRLHGHFRQVpTXHQFHODIRUPDWLRQGHJD]TXL
SRXUUDLWVHSURGXLUHORUVGHVUpDFWLRQVFKLPLTXHV
/HWUDLWHPHQWG¶HDXHVWSDUWLFXOLqUHPHQWLPSRUWDQWVXUOHV
SODQFKHUVFKDXIIDQWVFDUODEDVVHWHPSpUDWXUHHVWIDYRUDEOHj
ODSUROLIpUDWLRQEDFWpULHQQH,OSHXWHQUpVXOWHUGHVERXHVTXL
SHXYHQWERXFKHUWRXWRXSDUWLHGHVFLUFXLWV
/HGRVDJHGHFHVSURGXLWVQpFHVVLWHGHFRQQDvWUHOHYROXPH
G¶HDXGDQVO¶LQVWDOODWLRQ,OHVWUHFRPPDQGpGHQRWHUFHYROXPH
SRXUGHIXWXUVEHVRLQV/HVLQKLELWHXUVGRLYHQWrWUHFRPSDWLEOHV
DYHFOHVPDWpULDX[XWLOLVpVGDQVO¶LQVWDOODWLRQ
&RQFHSWLRQGXFLUFXLWSRPSHjFKDOHXU
/HWUDFpGHVWX\DXWHULHVVHUDFRQoXD¿QGHSUHQGUHWRXWHVOHV
GLVSRVLWLRQVQpFHVVDLUHVSRXUpYLWHUOHVSRFKHVG¶DLUHWIDFLOLWHU
OHGpJD]DJHSHUPDQHQWGHO¶LQVWDOODWLRQ
b
$VVXUH]YRXVTXHOHGpELWG
HDXGXFLUFXLW
SRPSHjFKDOHXUFRUUHVSRQGHDXGpELWG
HDX
QRPLQDOGHO
DSSDUHLO
,QVWDOOH]OHVFRPSRVDQWVVXLYDQWVVXUOHUHWRXUGXPRGXOH
K\GUDXOLTXHYHUVODSRPSHjFKDOHXU
XQ¿OWUH
XQURELQHWG
DUUrWóGHWRXUGHFKDTXHF{WpGX¿OWUH
,QVWDOOH]XQURELQHWG
DUUrWóGHWRXUVXUOHGpSDUWGHOD
SRPSHjFKDOHXU
i
3RXUpYLWHUWRXWHWUDQVPLVVLRQGHVYLEUDWLRQVDX[
FRQVWUXFWLRQVHQYLURQQDQWHVXWLOLVH]GHVÀH[LEOHV
SRXUOHVUDFFRUGVK\GUDXOLTXHVVXUPqWUHPLQLPXP
jSDUWLUGHODSRPSHjFKDOHXU
b
&DORULIXJH]O¶HQVHPEOHGHVWX\DXWHULHVj
O¶DLGHG¶XQLVRODQWUpVLVWDQWDX[89HWDX[
WHPSpUDWXUHVH[WUrPHV
0RQWDJH
,QVWDOOH]OHVpOpPHQWVVXLYDQWVjO
DLGHGHOHXUPDQXHO
G
LQVWDOODWLRQUHVSHFWLI
ODSRPSHjFKDOHXU
OHPRGXOHK\GUDXOLTXHFRPSDFW
ODFKDXGLqUH
OHERvWLHUGHJHVWLRQ
OHRXOHVWKHUPRVWDWVG
DPELDQFH
ODVRQGHH[WpULHXUH
B6DXQLHU'XYDO
,167$//$7,21
&RQQH[LRQK\GUDXOLTXH
5HWLUH]OHVERXFKRQVGHSURWHFWLRQVLWXpVVXUOHV
UDFFRUGV
$YDQWG¶HIIHFWXHUWRXWHRSpUDWLRQSURFpGH]jXQQHWWR\DJH
VRLJQpGHVFDQDOLVDWLRQVjO¶DLGHG¶XQSURGXLWDSSURSULp
D¿QG¶pOLPLQHUOHVLPSXUHWpVWHOOHVTXHOLPDLOOHVVRXGXUHV
KXLOHVHWJUDLVVHVGLYHUVHVSRXYDQWrWUHSUpVHQWHV&HV
FRUSVpWUDQJHUVVHUDLHQWVXVFHSWLEOHVG¶rWUHHQWUDvQpVGDQV
O¶DSSDUHLOFHTXLHQSHUWXUEHUDLWOHIRQFWLRQQHPHQW
1¶XWLOLVH]SDVGHSURGXLWVROYDQWjFDXVHGXULVTXH
G¶HQGRPPDJHPHQWGXFLUFXLW
1HEUDVH]SDVOHVWXEXOXUHVPRQWpHVHQSODFHFHWWH
RSpUDWLRQULVTXHG¶HQGRPPDJHUOHVMRLQWV
5DFFRUGH]XQÀH[LEOHHWXQURELQHWG
DUUrWVXUOH
UDFFRUGUHWRXUYHUVODSRPSHjFKDOHXU
5DFFRUGH]XQÀH[LEOHHWXQURELQHWG
DUUrWVXUOH
UDFFRUGGpSDUWGHODSRPSHjFKDOHXUYHUVO
KDELWDWLRQ
b
&RQQH[LRQVXUOHPRGXOHK\GUDXOLTXH
&DORULIXJH]O¶HQVHPEOHGHVWX\DXWHULHVj
O¶DLGHG¶XQLVRODQWUpVLVWDQWDX[89HWDX[
WHPSpUDWXUHVH[WUrPHV
9pUL¿H]TX¶LOQ¶\DSDVGHIXLWH5pSDUH]VLQpFHVVDLUH
b
&LUFXLWSRPSHjFKDOHXU
&RQQH[LRQVXUODSRPSHjFKDOHXU
&DORULIXJH]O¶HQVHPEOHGHVWX\DXWHULHVj
O¶DLGHG¶XQLVRODQWUpVLVWDQWDX[89HWDX[
WHPSpUDWXUHVH[WUrPHV
'LVWDQFHOLQpDLUHVDQVFRXGHVRX
SHUWHVGHFKDUJHVDGGLWLRQQHOOHV
'LDPqWUHPLQGHV
WXEXOXUHVjLQVWDOOHU
P
ô
P
/pJHQGH
,VRODQWQRQIRXUQL
&LUFXLWGpSDUWGHODSRPSHjFKDOHXUYHUVO
KDELWDWLRQ
5DFFRUGGpSDUWGHODSRPSHjFKDOHXUYHUVO
KDELWDWLRQ
5DFFRUGUHWRXUYHUVODSRPSHjFKDOHXU
&LUFXLWUHWRXUYHUVODSRPSHjFKDOHXU
)LOWUHQRQIRXUQL
5RELQHWG
DUUrWGHWRXUGXFLUFXLWUHWRXUYHUVODSRPSHj
FKDOHXUQRQIRXUQL
LQ
P
P
/pJHQGH
5RELQHWG
DUUrWGHWRXUGXFLUFXLWGpSDUWGHODSRPSHj
FKDOHXUYHUVO
KDELWDWLRQQRQIRXUQL
5RELQHWG
DUUrWGHWRXUGXFLUFXLWUHWRXUYHUVODSRPSHj
FKDOHXUQRQIRXUQL
)OH[LEOHGXFLUFXLWUHWRXUYHUVODSRPSHjFKDOHXUQRQIRXUQL
%RXFKRQ
5DFFRUGUHWRXUYHUVODSRPSHjFKDOHXU
5DFFRUGGpSDUWGHODSRPSHjFKDOHXUYHUVO
KDELWDWLRQ
)OH[LEOHGXFLUFXLWGpSDUWGHODSRPSHjFKDOHXUYHUV
O
KDELWDWLRQQRQIRXUQL
,VRODQWQRQIRXUQL
B6DXQLHU'XYDO
,QVWDOOH]XQ¿OWUHVXUOHUHWRXUYHUVODSRPSHjFKDOHXU
,QVWDOOH]OHHQWUHOHVURELQHWVG
DUUrWSRXUSRXYRLUOHUHWLUHU
GXFLUFXLWHWOHQHWWR\HUSpULRGLTXHPHQW
5DFFRUGH]OHFLUFXLWGpSDUWGHODSRPSHjFKDOHXUYHUV
O
KDELWDWLRQ
5DFFRUGH]OHFLUFXLWUHWRXUYHUVODSRPSHjFKDOHXU
,167$//$7,21
&RQQH[LRQG
XQNLWSLVFLQHHQRSWLRQ
5HSRUWH]YRXVDXPDQXHOG
LQVWDOODWLRQOLYUpDYHFOHNLW
SLVFLQHSRXUUDFFRUGHUK\GUDXOLTXHPHQWOHNLWVXUOHFLUFXLW
SRPSHjFKDOHXU
eYDFXDWLRQGHVFRQGHQVDWV
4XDQGO
DSSDUHLOIRQFWLRQQHLOSHXWSURGXLUHGHVFRQGHQVDWVTXL
GRLYHQWrWUHpYDFXpV
&LUFXLWFKDXGLqUH
i
5pDOLVH]OHUDFFRUGHPHQWHQOLPLWDQWDXPD[LPXP
OHVSHUWHVGHFKDUJHOHFLUFXLWGRLWrWUHOHSOXVFRXUW
SRVVLEOHpYLWH]OHVFRXGHVHWOHVUpGXFWLRQV
i
5HSRUWH]YRXVDXPDQXHOG
LQVWDOODWLRQOLYUpDYHFOD
FKDXGLqUHSRXUUDFFRUGHUOHFLUFXLWHDXVDQLWDLUH
$
%
/pJHQGH
$ &RQ¿JXUDWLRQDYHFSHQWHYHUVODJDXFKH
% &RQ¿JXUDWLRQDYHFSHQWHYHUVODGURLWH
3RPSHjFKDOHXU
%RXFKRQ
&RXGHG
pYDFXDWLRQ
,QVpUH]OHFRXGHG
pYDFXDWLRQpTXLSpGHVRQWX\DXGDQV
O
RUL¿FHDSSURSULpHQIRQFWLRQGHO
LQFOLQDLVRQGHODSRPSHj
FKDOHXU
2EWXUH]O
DXWUHRUL¿FHDYHFOHERXFKRQ
5DFFRUGH]OHFRXGHG
pYDFXDWLRQjXQFLUFXLW
G¶pYDFXDWLRQYHUVOHVpJRXWV
$VVXUH]YRXVTXHOHVFRQGHQVDWVQHVWDJQHQWSDVGDQVOH
FLUFXLWG
pYDFXDWLRQ
/pJHQGH
5DFFRUGôUHWRXUYHUVODFKDXGLqUH
7XEXOXUHUHWRXUYHUVODFKDXGLqUHQRQIRXUQL
&KDXGLqUH
7XEXOXUHGpSDUWGHODFKDXGLqUHQRQIRXUQL
5DFFRUGôGpSDUWGHODFKDXGLqUH
5DFFRUGH]XQHWXEXOXUHVXUOHUDFFRUGUHWRXUYHUVOD
FKDXGLqUH
5DFFRUGH]XQHWXEXOXUHVXUOHUDFFRUGGpSDUWGHOD
FKDXGLqUH
5HSRUWH]YRXVjODQRWLFHGHODFKDXGLqUHSRXUUDFFRUGHUOHV
WXEXOXUHVHWVXUODFKDXGLqUH
B6DXQLHU'XYDO
,167$//$7,21
i
&LUFXLWFKDXIIDJH
&RQQH[LRQVXUOHPRGXOHK\GUDXOLTXH
5pDOLVH]OHUDFFRUGHPHQWHQOLPLWDQWDXPD[LPXP
OHVSHUWHVGHFKDUJHOHFLUFXLWGRLWrWUHOHSOXVFRXUW
SRVVLEOHpYLWH]OHVFRXGHVHWOHVUpGXFWLRQV
/pJHQGH
&LUFXLWFKDXIIDJH
7XEXOXUHUHWRXUFKDXIIDJHYHUVOHPRGXOHK\GUDXOLTXHQRQ
IRXUQL
5RELQHWG
DUUrWGHWRXUGXFLUFXLWUHWRXUFKDXIIDJHYHUVOH
PRGXOHK\GUDXOLTXHQRQIRXUQL
)LOWUHGXFLUFXLWUHWRXUFKDXIIDJHYHUVOHPRGXOHK\GUDXOLTXH
QRQIRXUQL
5DFFRUGôUHWRXUFKDXIIDJHYHUVOHPRGXOHK\GUDXOLTXH
5DFFRUGôGpSDUWFKDXIIDJHGXPRGXOHK\GUDXOLTXH
7XEXOXUHGpSDUWFKDXIIDJHGXPRGXOHK\GUDXOLTXHQRQIRXUQL
5DFFRUGH]XQHWXEXOXUHVXUOHUDFFRUGUHWRXUYHUVOH
PRGXOHK\GUDXOLTXH
5DFFRUGH]XQHWXEXOXUHVXUOHUDFFRUGGpSDUWGX
PRGXOHK\GUDXOLTXH
5DFFRUGH]OHVWXEXOXUHVHWVXUOHFLUFXLWFKDXIIDJH
&RQQH[LRQG
XQNLWPXOWL]RQHHQRSWLRQ
5HSRUWH]YRXVDXPDQXHOG
LQVWDOODWLRQOLYUpDYHFOHNLW
PXOWL]RQHSRXUUDFFRUGHUK\GUDXOLTXHPHQWOHNLWVXUOHFLUFXLW
FKDXIIDJH
B6DXQLHU'XYDO
,167$//$7,21
&RQQH[LRQpOHFWULTXH
e
e
8QHLQVWDOODWLRQLQFRUUHFWHSHXWSURYRTXHUXQ
FKRFpOHFWULTXHYRLUHGpWpULRUHUO¶DSSDUHLO/H
EUDQFKHPHQWpOHFWULTXHGHO¶DSSDUHLOQHGRLWrWUH
HIIHFWXpTXHSDUXQSURIHVVLRQQHOTXDOL¿p
&kEODJH
3DVVH]OHFkEOH(EXV9HWOHFkEOH
G
DOLPHQWDWLRQ9GDQVXQHJDLQHGLIIpUHQWH
/HFkEODJHH[WpULHXUGRLWrWUHUHOLpjODWHUUHHWFRQIRUPHDX[
QRUPHVHQYLJXHXU
/HIDEULFDQWGpFOLQHWRXWHUHVSRQVDELOLWpHQFDVGHGRPPDJHV
FDXVpVjGHVWLHUVSDUXQHPLVHjODWHUUHLQFRUUHFWHGH
O¶DSSDUHLO&HODLQFOXWOHQRQUHVSHFWGHVQRUPHVHQYLJXHXU
&DUWHpOHFWURQLTXH
PPPD[
/pJHQGH
)LOVpOHFWULTXHV
*DLQH
/RUVTXHYRXVUDFFRUGH]GHVFkEOHVpOHFWULTXHVVXUXQ
FRQQHFWHXUGHODFDUWHpOHFWURQLTXH
%
$
&RQVHUYH]XQHGLVWDQFHGHPPPD[LPXPHQWUHOH
FRQQHFWHXUHWODJDLQHGpQXGpH
'DQVOHFDVFRQWUDLUHDWWDFKH]OHV¿OVpOHFWULTXHV
HQVHPEOHjO¶DLGHG¶XQFROOLHUSODVWLTXH
3RPSHjFKDOHXU
/HVFkEOHVGHUDFFRUGHPHQWHQWUHOHWDEOHDXpOHFWULTXHHWOD
SRPSHjFKDOHXUGRLYHQWrWUH
DGDSWpVSRXUXQHLQVWDOODWLRQ¿[H
UpVLVWDQWVDX[LQWHPSpULHV
pTXLSpVGH¿OVGHVHFWLRQDGDSWpVjODSXLVVDQFHGHO
DSSDUHLO
5DFFRUGH]ODSRPSHjFKDOHXUDXWDEOHDXpOHFWULTXHYLDXQ
V\VWqPHGHSURWHFWLRQLQGpSHQGDQWGLVMRQFWHXUGLIIpUHQWLHO
GH$DYHFXQHVpSDUDWLRQG¶DXPRLQVPPHQWUHFKDTXH
FRQWDFW
8QHSURWHFWLRQVXSSOpPHQWDLUHSHXWrWUHUHTXLVHORUVGH
O
LQVWDOODWLRQSRXUDVVXUHUXQHFDWpJRULHGHVXUWHQVLRQ,,
/pJHQGH
%RUQLHUGHUDFFRUGHPHQWGHO
DOLPHQWDWLRQ9
%RUQLHUGHUDFFRUGHPHQW%86
3UHVVHpWRXSHSRXUFkEOH(EXV
3UHVVHpWRXSHSRXUFkEOHG
DOLPHQWDWLRQ9
7UDSSHG
DFFqVDX[UDFFRUGHPHQWVpOHFWULTXHV
9LVGHODWUDSSHG
DFFqV
5HWLUH]ODYLVGHODWUDSSHG
DFFqV
2XYUH]ODWUDSSHG
DFFqV
5DFFRUGHPHQW(EXV
5DFFRUGH]XQFkEOHGH[PPðVXUOHERUQLHU%86
GHO
DSSDUHLO
3DVVH]OHFkEOHGDQVOHSUHVVHpWRXSH
$FFqVjODFDUWHSULQFLSDOH
5DFFRUGH]OHFkEOH(EXVDXERvWLHUGHJHVWLRQGXV\VWqPH
6HUUH]OHSUHVVHpWRXSH
%
5DFFRUGH]XQFkEOHGH[PPðVXUOHERUQLHU
G
DOLPHQWDWLRQ9GHO
DSSDUHLO
3DVVH]OHFkEOHGDQVOHSUHVVHpWRXSH
$
/pJHQGH
3RLJQpH
%RvWLHU
(QOHYH]OHERvWLHUHQOHWLUDQWYHUVYRXVjO
DLGHGHOD
SRLJQpH
5DFFRUGHPHQW9
5DFFRUGH]OHFkEOHG¶DOLPHQWDWLRQGHO
DSSDUHLOVXUOHWDEOHDX
pOHFWULTXHGHO
LQVWDOODWLRQUpVHDXPRQRSKDVp9
QHXWUHWHUUH
5HIHUPH]ODWUDSSHG
DFFqVjOD¿QGHVUDFFRUGHPHQWV
pOHFWULTXHVDYHFODYLV
6HUUH]OHSUHVVHpWRXSH
B6DXQLHU'XYDO
,167$//$7,21
0RGXOHK\GUDXOLTXH
5(
/
$
17
&
$
%
%RvWLHUGHJHVWLRQ
6XUO¶LQVWDOODWLRQpOHFWULTXHGHO
KDELWDWLRQSUpYR\H]OD
SRVVLELOLWpGHGpFRQQHFWHUO¶DOLPHQWDWLRQGHO¶DSSDUHLODYHF
XQLQWHUUXSWHXURXXQIXVLEOHD\DQWXQHGLVWDQFHPLQLPXPGH
PPORUVTXHOHVFRQWDFWVVRQWRXYHUWV
8WLOLVH]XQFkEOHG
DOLPHQWDWLRQDSSURSULpSRXUOH
UDFFRUGHPHQWVHFWHXU6LOHFkEOHG
DOLPHQWDWLRQHVW
HQGRPPDJpLOGRLWrWUHUHPSODFpSDUOH6HUYLFH$SUqV9HQWH
RXXQSURIHVVLRQQHOTXDOL¿pD¿QG
pYLWHUXQGDQJHU
&kEODJHVXUOHERvWLHUGHJHVWLRQ
$
%
/pJHQGH
&kEOHGHODSRPSH
3UHVVHpWRXSHGXFkEOHGHODSRPSH
&kEOHGXFDSWHXUGHWHPSpUDWXUHGpSDUWFKDXIIDJH
3UHVVHpWRXSHGXFkEOHGXFDSWHXUGHWHPSpUDWXUHGpSDUW
FKDXIIDJH
&RPSRVDQW
7HQVLRQG
DOLPHQWDWLRQVHFWLRQGXFkEOH
3RPSH
9[PPð
&DSWHXUGHWHPSpUDWXUH
9[PPð
&
'
(
3DVVH]OHFkEOHGHODSRPSHGDQVOHSUHVVHpWRXSH
5DFFRUGH]OHFkEOHVXUOHERUQLHU5(/GXERvWLHUGH
JHVWLRQGHO
LQVWDOODWLRQ
3DVVH]OHFkEOHGXFDSWHXUGHWHPSpUDWXUHGDQVOH
SUHVVHpWRXSH
/pJHQGH
&kEOH
&RQQHFWHXUDQWLDUUDFKHPHQW
&RQQHFWHXUG
DOLPHQWDWLRQ
%RvWLHUGHJHVWLRQ
2UL¿FHGHSDVVDJHGHFkEOH
5DFFRUGH]OHFkEOHVXUOHERUQLHU17&GXERvWLHUGH
JHVWLRQGHO
LQVWDOODWLRQ
&OLSVH]XQFRQQHFWHXUDQWLDUUDFKHPHQWHQGHVVRXVGH
FKDTXHFRQQHFWHXUjUDFFRUGHU$
6HUUH]OHSUHVVHpWRXSH
2XYUH]GpOLFDWHPHQWO
RUL¿FHGDQVOHERvWLHUGHJHVWLRQj
O
DLGHG
XQHSLQFH%
(IIHFWXH]OHUDFFRUGHPHQWGHO
DSSDUHLOHQVXLYDQWO¶RUGUHGHV
RSpUDWLRQVGH&j(
6HUUH]OHSUHVVHpWRXSH
&KDXGLqUH
5HSRUWH]YRXVDXPDQXHOG
LQVWDOODWLRQOLYUpDYHFOD
FKDXGLqUHSRXUUDFFRUGHUpOHFWULTXHPHQWODFKDXGLqUH
3DVVH]OHFkEOHGDQVOHFRQQHFWHXUDQWLDUUDFKHPHQW
6HUUH]OHFkEOHGDQVOHFRQQHFWHXUDQWLDUUDFKHPHQW
B6DXQLHU'XYDO
,167$//$7,21
,GHQWL¿FDWLRQGHVERUQLHUV
%RUQLHUV9KDXWHWHQVLRQ
5DFFRUGHPHQWGXV\VWqPH
5HSRUWH]YRXVDX[WDEOHDX[FLDSUqVSRXUUpDOLVHUOHFkEODJH
GXV\VWqPHVXUOHERvWLHUGHJHVWLRQ
6FKpPD*(1,$+<%5,'&203$&7
DYHF]RQHFKDXIIDJHEDVVHRXKDXWHWHPSpUDWXUH
6HFWLRQPLQ
GXFkEOH
%RUQLHU 'HVFULSWLRQ
5(/
/
1
5(/ 5(/
/
1
1
/
5(/
/
1
,1
/
1
/
1
$OLPHQWDWLRQGXERvWLHUGHJHVWLRQ
[PPð
5(/
3RPSHGXPRGXOHK\GUDXOLTXHK\EULGH
[PPð
5(/
9DQQHYRLHVGXNLWSLVFLQHRSWLRQ
[PPð
,1
&RQWDFWHXU9SRXUWDULIMRXUQXLWRSWLRQ
[PPð
,1
5HODLV9GXNLWSLVFLQHRSWLRQ
[PPð
17&
&DSWHXUGHWHPSpUDWXUHGpSDUWFKDXIIDJH
GXPRGXOHK\GUDXOLTXH
[PPð
(%86
&RQQH[LRQ(%86GHODSRPSHjFKDOHXU
[PPð
(%86
&RQQH[LRQ(%86GHODFKDXGLqUH
UHVSHFWH]ODSRODULWp
[PPð
/
5(/
1
9a
9a
6FKpPD*(1,$+<%5,'&203$&7DYHF]RQH
FKDXIIDJHEDVVHWHPSpUDWXUH]RQHKDXWHWHPSpUDWXUH
/pJHQGH
&RQQHFWHXUG
DOLPHQWDWLRQ9
EURFKHVWHUUHQHXWUHSKDVH
&RQQHFWHXUVEURFKHVWHUUHQHXWUHSKDVH
5(/5(/5(/
&RQQHFWHXUVEURFKHVSKDVHQHXWUH
5(/5(/,1
%RUQLHUV9EDVVHWHQVLRQ
%RUQLHU 'HVFULSWLRQ
6HFWLRQPLQ
GXFkEOH
9a
$OLPHQWDWLRQGXERvWLHUGHJHVWLRQ
[PPð
5(/
3RPSHGXPRGXOHK\GUDXOLTXHK\EULGH
[PPð
5(/
3RPSHGXPRGXOHK\GUDXOLTXH=
[PPð
5(/
9DQQHGHPpODQJH/ FkEOHEODQFGX
PRGXOHK\GUDXOLTXH=
5(/
9DQQHGHPpODQJH/ FkEOHPDUURQ
1 FkEOHEOHXGXPRGXOHK\GUDXOLTXH=
[PPð
5(/
(OHFWURYDQQHGXPRGXOH=
[PPð
,1
&RQWDFWHXU9SRXUWDULIMRXUQXLWRSWLRQ
[PPð
17&
&DSWHXUGHWHPSpUDWXUHGpSDUWFKDXIIDJH
GXPRGXOHK\GUDXOLTXH
[PPð
17&
&DSWHXUGHWHPSpUDWXUHGXPRGXOH
K\GUDXOLTXH=
[PPð
(%86
&RQQH[LRQ(%86GHODSRPSHjFKDOHXU
[PPð
(%86
&RQQH[LRQ(%86GHODFKDXGLqUH
UHVSHFWH]ODSRODULWp
[PPð
PPð
6FKpPD*(1,$+<%5,'&203$&7
DYHF]RQHVFKDXIIDJHEDVVHRXKDXWHWHPSpUDWXUH
(%86 (%86 (%86
17& 17& 17& 17&
,1
/pJHQGH
&RQQHFWHXUVEURFKHV
287287287,1,117&17&17&17&
&RQQHFWHXUV(%86EURFKHV
,1
287 287 287
%RUQLHU 'HVFULSWLRQ
6HFWLRQPLQ
GXFkEOH
9a
$OLPHQWDWLRQGXERvWLHUGHJHVWLRQ
[PPð
5(/
3RPSHGXPRGXOHK\GUDXOLTXHK\EULGH
[PPð
5(/
9DQQHYRLHVGXNLWSLVFLQHRSWLRQ
[PPð
5(/
(OHFWURYDQQHGXPRGXOH=]RQH
[PPð
5(/
(OHFWURYDQQHGXPRGXOH=]RQH
[PPð
,1
&RQWDFWHXU9SRXUWDULIMRXUQXLWRSWLRQ
[PPð
,1
5HODLV9GXNLWSLVFLQHRSWLRQ
[PPð
17&
&DSWHXUGHWHPSpUDWXUHGpSDUWFKDXIIDJH
GXPRGXOHK\GUDXOLTXH
[PPð
(%86
&RQQH[LRQ(%86GHODSRPSHjFKDOHXU
[PPð
(%86
&RQQH[LRQ(%86GHODFKDXGLqUH
UHVSHFWH]ODSRODULWp
[PPð
B6DXQLHU'XYDO
,167$//$7,21
6FKpPD*(1,$+<%5,'&203$&7
DYHF]RQHVFKDXIIDJHEDVVHRXKDXWHWHPSpUDWXUH
%RUQLHU 'HVFULSWLRQ
6HFWLRQPLQ
GXFkEOH
9a
$OLPHQWDWLRQGXERvWLHUGHJHVWLRQ
[PPð
5(/
3RPSHGXPRGXOHK\GUDXOLTXHK\EULGH
[PPð
5(/
9DQQHYRLHVGXNLWSLVFLQHRSWLRQ
[PPð
5(/
(OHFWURYDQQHGXPRGXOH=]RQH
[PPð
5(/
(OHFWURYDQQHGXPRGXOH=]RQH
[PPð
5(/
(OHFWURYDQQHGXPRGXOH=]RQH
[PPð
,1
&RQWDFWHXU9SRXUWDULIMRXUQXLWRSWLRQ
[PPð
,1
5HODLV9GXNLWSLVFLQHRSWLRQ
[PPð
17&
&DSWHXUGHWHPSpUDWXUHGpSDUWFKDXIIDJH
GXPRGXOHK\GUDXOLTXH
[PPð
(%86
&RQQH[LRQ(%86GHODSRPSHjFKDOHXU
[PPð
(%86
&RQQH[LRQ(%86GHODFKDXGLqUH
UHVSHFWH]ODSRODULWp
[PPð
i
5DFFRUGHPHQWG
XQWUDGXFWHXU(%86
+%86HQRSWLRQ
6LODFKDXGLqUHSUpVHQWHVXUOHV\VWqPH
HVWLQVWDOOpHDYHFXQWKHUPRVWDW
G
DPELDQFHVDQV¿OFRPPHLQGLTXpFL
FRQWUHYRXVGHYH]REOLJDWRLUHPHQWOH
FRQVHUYHUSRXUSLORWHUODFKDXGLqUH
'DQVOHFDVG
XQUDFFRUGHPHQWVXUXQHFKDXGLqUHGHW\SH
+%86XWLOLVH]XQWUDGXFWHXU(%86+%86
/pJHQGH
&KDXGLqUH
7UDGXFWHXU(%86+%86
%RvWLHUGHJHVWLRQ
&RQQHFWHXU(%86GXERvWLHUGHJHVWLRQ
&RQQHFWHXU(%86GXWUDGXFWHXU
b
5DFFRUGH]O
H[WUpPLWpG
XQFkEOHGHOLDLVRQ
(%86[PPðVXUOHFRQQHFWHXU(%86
GXWUDGXFWHXU5DFFRUGH]O
DXWUHH[WUpPLWpGX
FkEOHVXUOHFRQQHFWHXU(%86GXERvWLHUGH
JHVWLRQHQUHVSHFWDQWODSRODULWp
3RXUUDFFRUGHUOHWUDGXFWHXUVXUODFKDXGLqUHUHSRUWH]YRXV
DXPDQXHOG
LQVWDOODWLRQGXWUDGXFWHXU
B6DXQLHU'XYDO
,167$//$7,21
0LVHHQVHUYLFH
2XYUH]WRXVOHVURELQHWVG
DUUrWGHVFLUFXLWVK\GUDXOLTXHV
5HPSOLVVDJHGXFLUFXLWSRPSHjFKDOHXU
HDXJO\FROpH
/¶HDXJO\FROpHHVWXQPpODQJHG¶HDXHWGHFRQFHQWUpGHÀXLGH
FDORSRUWHXU
b
$WWHQWLRQ,OHVWLQWHUGLWGHMHWHUGHO
HDXJO\FROpH
GDQVOHVpJRXWVHWGDQVOHPLOLHXQDWXUHO
b
1RXVYRXVUHFRPPDQGRQVG
XWLOLVHUGX
SURS\OqQHJO\FROHQULFKLHQLQKLELWHXUVGH
FRUURVLRQ
0pODQJH]YROXPHGHSURS\OqQHJO\FROSRXUYROXPHV
G¶HDXGDQVXQUpFLSLHQW&HPpODQJHDVVXUHXQHSURWHFWLRQ
DQWLJHOMXVTX¶jXQHWHPSpUDWXUHH[WpULHXUHGH&
&RQWU{OH]OHVSURSRUWLRQVGXPpODQJHG¶HDXJO\FROpHjO
DLGH
G
XQWHVWHXUDQWLJHO
%
/pJHQGH
5pFLSLHQWG
HDXJO\FROpH
3RPSHGHUHPSOLVVDJH
7X\DXVXUOHGpSDUWGHODSRPSHGHUHPSOLVVDJH
%RXFKRQ
5RELQHWYRLHVDYHFYDQQHG
DUUrWSRXUOHUHPSOLVVDJH
0DQRPqWUH
5RELQHWYRLHVDYHFYDQQHG
DUUrWSRXUOHUHPSOLVVDJH
7X\DXVXUOHUHWRXUGHODSRPSHGHUHPSOLVVDJH
1RQIRXUQLDYHFO
DSSDUHLO
$¿QGHSXUJHUOHFLUFXLWSRPSHjFKDOHXUORUVGX
UHPSOLVVDJHXWLOLVH]XQHSRPSHGHUHPSOLVVDJH
$
(QOHYH]OHVERXFKRQVVLWXpVVXUOHVURELQHWVHW
5DFFRUGH]OHWX\DXGHODSRPSHGHUHPSOLVVDJHVXUOH
URELQHW
3ORQJH]OHWX\DXGDQVOHUpFLSLHQWHWUDFFRUGH]OHVXU
OHURELQHW
2XYUH]OHVURELQHWVHWFRPPHLQGLTXpVXUO
LOOXVWUDWLRQ
FLGHVVXV
/pJHQGH
3XUJHXUDLU
&OpSODWHPP
7X\DX
%LGRQ
1RQIRXUQL
5DFFRUGH]O
H[WUpPLWpGXWX\DXVXUOHSXUJHXU$
,QVpUH]O
DXWUHH[WUpPLWpGXWX\DXGDQVXQELGRQD¿Q
GHUpFXSpUHUG
pYHQWXHOVUpVLGXVG
HDXJO\FROpHSHQGDQWOH
UHPSOLVVDJHGXFLUFXLW
$O
DLGHG
XQHFOpSODWHRXYUH]OHSXUJHXUGHóGHWRXU
%
'pPDUUH]ODSRPSHGHUHPSOLVVDJHHWUHPSOLVVH]OH
FLUFXLWSRPSHjFKDOHXU
)DLWHVIRQFWLRQQHUODSRPSHGHUHPSOLVVDJHMXVTX¶jSXUJHU
FRPSOqWHPHQWOHWX\DX
)HUPH]OHSXUJHXUDLUVLWXpVXUODSRPSHjFKDOHXU
)HUPH]OHURELQHWHWPHWWH]OHFLUFXLWSRPSHjFKDOHXU
VRXVSUHVVLRQHQWUHHWEDUjO¶DLGHGXPDQRPqWUH
)HUPH]OHURELQHWHWDUUrWH]ODSRPSHGHUHPSOLVVDJH
i
/HQLYHDXG¶HDXJO\FROpHSHXWGLPLQXHUOHSUHPLHU
PRLVVXLYDQWODPLVHHQVHUYLFHGHO¶LQVWDOODWLRQ
,OSHXWpJDOHPHQWYDULHUHQIRQFWLRQGHOD
WHPSpUDWXUHGHODVRXUFHGHFKDOHXU
/HVpYHQWXHOVUpVLGXVG¶HDXJO\FROpHGRLYHQWrWUHFRQVHUYpV
GDQVXQUpFLSLHQWDSSURSULpHWVHURQWUpXWLOLVpVORUVGXSURFKDLQ
UHPSOLVVDJH
B6DXQLHU'XYDO
,167$//$7,21
'RQQH]OHUpFLSLHQWFRQWHQDQWOHVUpVLGXVG
HDXJO\FROpHj
O
XWLOLVDWHXU
/pJHQGH
%RXWRQ212))
3RVLWLRQQH]OHGLVMRQFWHXUVLWXpVXUOHWDEOHDXpOHFWULTXHHW
UHOLpjODSRPSHjFKDOHXUVXUODSRVLWLRQ21
5HPSOLVVDJHGXFLUFXLWFKDXIIDJH
i
'DQVOHFDVG
XQHLQVWDOODWLRQHQPXOWL]RQHUpDOLVH]
OHUHPSOLVVDJHGXFLUFXLWFKDXIIDJHjO
DLGHGXPRGH
5HPSOLVVDJHORUVGHODPLVHHQVHUYLFHGXERvWLHU
GHJHVWLRQ/HPRGH5HPSOLVVDJHSHUPHWG
DVVX
UHUOHUHPSOLVVDJHHQRXYUDQWDXWRPDWLTXHPHQWO
HQ
VHPEOHGXFLUFXLW5HSRUWH]YRXVDXFKDSLWUH0LVH
HQVHUYLFHGXERvWLHUGHJHVWLRQŹ0LVHHQVHUYLFH
Ź5HPSOLVVDJHGXFLUFXLWFKDXIIDJH
0HWWH]ODFKDXGLqUHVRXVWHQVLRQ
$VVXUH]YRXVTXHODIRQFWLRQFKDXIIDJHGHODFKDXGLqUHHVW
GpVDFWLYpH
$VVXUH]YRXVTXHOHURELQHWG
DUULYpHG
HDXIURLGHGH
O
LQVWDOODWLRQHVWRXYHUW
2XYUH]OHVURELQHWVG¶DUUrWVLWXpVVXUOHVUDFFRUGHPHQWV
2XYUH]OHERXFKRQGXSXUJHXUVLWXpVXUODSRPSHGH
ODFKDXGLqUHDLQVLTXHOHVSXUJHXUVDXWRPDWLTXHVGH
O¶LQVWDOODWLRQ
2XYUH]OHURELQHWGHUHPSOLVVDJHGHODFKDXGLqUHMXVTX¶j
REWHQLUEDUGHSUHVVLRQ
3RVLWLRQQH]OHERXWRQGHODSRPSHjFKDOHXUVXUOD
SRVLWLRQ219pUL¿H]TXHOD/('YHUWHVLWXpHVXUODFDUWH
SULQFLSDOHGHODSRPSHjFKDOHXUHVWDOOXPpH
i
3RXUORFDOLVHUOD/('VXUODFDUWHSULQFLSDOH
UHSRUWH]YRXVDXFKDSLWUH6FKpPDpOHFWULTXHGHOD
QRWLFHGHODSRPSHjFKDOHXU
0LVHHQVHUYLFHGHODFKDXGLqUH
5HSRUWH]YRXVjODQRWLFHGHODFKDXGLqUHSRXUHIIHFWXHUWRXV
OHVUpJODJHVGHODFKDXGLqUH
b
$VVXUH]YRXVTXHOHUpJODJHGHODWHPSpUDWXUH
PD[LPDOHGXGpSDUWFKDXIIDJHVRLWFRPSDWLEOH
DYHFO
LQVWDOODWLRQ
b
$VVXUH]YRXVTXHOHPRGHGHIRQFWLRQQHPHQW
GHODSRPSHGHODFKDXGLqUHQHVRLWSDVHQPRGH
SHUPDQHQW
0LVHHQVHUYLFHGXWKHUPRVWDWG
DPELDQFH
3XUJH]FKDTXHUDGLDWHXUMXVTX¶jpFRXOHPHQWQRUPDOGHO¶HDX
SXLVUHIHUPH]OHVSXUJHXUVGHO
LQVWDOODWLRQ
/DLVVH]OHERXFKRQGXSXUJHXUGHODSRPSHGHODFKDXGLqUH
RXYHUW
'pEORTXH]VLQpFHVVDLUHOHPRWHXUGHODSRPSHGHOD
FKDXGLqUH
$FWLYH]ODIRQFWLRQFKDXIIDJHGHODFKDXGLqUH
0LVHHQVHUYLFHGHODSRPSHjFKDOHXU
/pJHQGH
7UDSSHjSLOHV
/DQJXHWWHLVRODQWH
7KHUPRVWDWG¶DPELDQFH
5HWLUH]ODODQJXHWWHLVRODQWHVLWXpHGDQVOHFRPSDUWLPHQW
jSLOHV
/
pFUDQSULQFLSDOGXWKHUPRVWDWG
DPELDQFHV
DI¿FKH
2XYUH]FRPSOqWHPHQWWRXWHVOHVYDQQHVWKHUPRVWDWLTXHV
GHVUDGLDWHXUVGDQVODSLqFHROHWKHUPRVWDWGµDPELDQFHHVW
LQVWDOOp
B6DXQLHU'XYDO
,167$//$7,21
0LVHHQVHUYLFHGXERvWLHUGHJHVWLRQ
e
$VVXUH]YRXVTXHWRXVOHVUDFFRUGHPHQWV
pOHFWULTXHVDLHQWpWpUpDOLVpV
3RVLWLRQQH]OHGLVMRQFWHXUVLWXpVXUOHWDEOHDXpOHFWULTXHHW
UHOLpDXERvWLHUGHJHVWLRQVXUODSRVLWLRQ21
9RWUHV\VWqPHFRUUHVSRQGDXQXPpUR
GHVFKpPDVXUOHERvWLHUGHJHVWLRQ
&KRLVLVVH]OHQXPpURGXVFKpPD
DYHFOHVWRXFKHV
9DOLGH]DYHFODWRXFKH
6LFHQ
HVWSDVOHFDVFKRLVLVVH]
121DYHFOHVWRXFKHV
9DOLGH]DYHFODWRXFKH
6LF
HVWOHFDVFKRLVLVVH]28,
9DOLGH]DYHFODWRXFKH
&HWpFUDQV
DI¿FKHVHXOHPHQWVLYRXV
DYH]UpSRQGX28,jODTXHVWLRQ
SUpFpGHQWH
/pJHQGH
,QWHUUXSWHXU2Q,2II2
3ODFH]O
LQWHUUXSWHXUGXERvWLHUGHJHVWLRQVXUODSRVLWLRQ,
i
$ODSUHPLqUHPLVHVRXVWHQVLRQOHPHQXLQVWDOODWLRQ
V
DI¿FKH
6pOHFWLRQQH]OHNLWPXOWL]RQHSUpVHQW
VXUO
LQVWDOODWLRQDYHFOHVWRXFKHV
9DOLGH]DYHFODWRXFKH
'DQVOHFDVG
XQHLQVWDOODWLRQDYHF
02'8=21(=YRXVQHSRXYH]SDV
FKRLVLUO
RSWLRQSLVFLQH
&KRLVLVVH]ODODQJXHDYHFOHV
WRXFKHV
9DOLGH]DYHFODWRXFKH
&KRLVLVVH]OHVRSWLRQVSUpVHQWHV
VXUO
LQVWDOODWLRQDYHFOHVWRXFKHV
9DOLGH]DYHFODWRXFKH
/HERvWLHUGHJHVWLRQUpVXPHOD
FRPSRVLWLRQGHYRWUHLQVWDOODWLRQ
6DLVLVVH]OHFRGHG
DFFqVLQVWDOODWHXU
DYHFOHVWRXFKHV
9DOLGH]DYHFODWRXFKH
6LF
HVWFRUUHFWYDOLGH]DYHFOD
WRXFKH
6LFHQ
HVWSDVFRUUHFWDSSX\H]
HWPRGL¿H]OHV
VXUODWRXFKH
GRQQpHVTXHYRXVDYH]UHQVHLJQpHV
&RQ¿JXUDWLRQGHO
LQVWDOODWLRQ
$SSX\H]VXUODWRXFKH
6XLYH]HWYDOLGH]OHVpWDSHV
SURSRVpHVSDUO
DVVLVWDQWGH
SUHPLqUHLQVWDOODWLRQ
9DOLGH]DYHFODWRXFKH
B6DXQLHU'XYDO
,167$//$7,21
5pFDSLWXODWLIGXFkEODJH
e
0HQX7KHUPRVWDW6RQGH
$YDQWGHYpUL¿HURXPRGL¿HUXQUDFFRUGHPHQW
3ODFH]O
LQWHUUXSWHXUGXERvWLHUGHJHVWLRQVXU
ODSRVLWLRQ2II2
3RVLWLRQQH]OHGLVMRQFWHXUVLWXpVXUOHWDEOHDX
pOHFWULTXHHWUHOLpDXERvWLHUGHJHVWLRQVXUOD
SRVLWLRQ2II
6pOHFWLRQQH]jO
pFUDQ
7KHUPRVWDW6RQGHDYHFOHVWRXFKHV
9DOLGH]DYHFODWRXFKH
7KHUPRVWDWV
$SSX\H]VXUODWRXFKH
/
pFUDQYRXVGHPDQGHGHYpUL¿HUpWDSH
SDUpWDSHOHVUDFFRUGHPHQWVTXHYRXV
DYH]UpDOLVpVVXUOHERvWLHUGHJHVWLRQ
6pOHFWLRQQH]jO
pFUDQ
7KHUPRVWDWVDYHFOHVWRXFKHV
9DOLGH]DYHFODWRXFKH
6LOHVUDFFRUGHPHQWVVRQWFRUUHFWV
YDOLGH]DYHFODWRXFKH
6LFHQ
HVWSDVOHFDVFRXSH]
O
DOLPHQWDWLRQpOHFWULTXHGXERvWLHU
GHJHVWLRQHWUpDOLVH]OHFkEODJH
GHPDQGp
8QHIRLVUpDOLVpDOLPHQWH]
pOHFWULTXHPHQWOHERvWLHUGHJHVWLRQ
HWYDOLGH]DYHFODWRXFKH
/RUVGHODUHPLVHVRXVWHQVLRQOHERvWLHU
GHJHVWLRQUHYLHQWjO
pWDSHGHFRQWU{OH
HQFRXUV
&KRLVLVVH]OD]RQHFRQFHUQpHSDU
OHWKHUPRVWDWG
DPELDQFHDYHFOHV
WRXFKHV
9DOLGH]DYHFODWRXFKH
6XUOHWKHUPRVWDWG
DPELDQFH
$SSX\H]VXUODWRXFKH
SHQGDQWVHFRQGHV
6DLVLVVH]OHFRGHG
DFFqV
SURIHVVLRQQHO
$SSX\H]VXUODWRXFKH
$SDUWLUGXPHQXSURIHVVLRQQHO
GXWKHUPRVWDWG¶DPELDQFH!
VpOHFWLRQQH]jO¶pFUDQ!UDGLR!
UHFRQQDLVVDQFH
$SSX\H]VXUODWRXFKH
WKHUPRVWDWG¶DPELDQFH
GX
/HERvWLHUGHJHVWLRQHWOHWKHUPRVWDW
G¶DPELDQFHDI¿FKHQWVXUOHXUpFUDQ
UHVSHFWLI&RQQH[LRQWHUPLQpH
6LOHPHVVDJH(FKHFGHODFRQQH[LRQ
V
DI¿FKHDSSX\H]VXUODWRXFKH
HWUHFRPPHQFH]FHVRSpUDWLRQV
5HFRPPHQFH]FHVRSpUDWLRQVSRXU
FKDTXHWKHUPRVWDWG
DPELDQFHOH
QXPpURGHOD]RQHV
DI¿FKHVXUOH
WKHUPRVWDWHQ¿QG
DSSDLUDJH
$SSX\H]IRLVVXUODWRXFKH
B6DXQLHU'XYDO
,167$//$7,21
6RQGHH[WpULHXUH
6pOHFWLRQQH]jO
pFUDQ&RUUHFWLRQ
7&H[WpULHXUHDYHFOHVWRXFKHV
6pOHFWLRQQH]jO
pFUDQ
6RQGHH[WpULHXUHDYHFOHVWRXFKHV
9DOLGH]DYHFODWRXFKH
9DOLGH]DYHFODWRXFKH
&HUpJODJHHVWPRGL¿p
DXWRPDWLTXHPHQWGDQVOHPHQX
SURIHVVLRQQHOGXWKHUPRVWDW
G
DPELDQFH
$XJPHQWH]RXGLPLQXH]DYHFOHV
SRXUDI¿FKHUOD
WRXFKHV
FRUUHFWLRQGpVLUpH
6pOHFWLRQQH]jO
pFUDQ&RQQH[LRQ
DYHFOHVWRXFKHV
9DOLGH]DYHFODWRXFKH
9DOLGH]DYHFODWRXFKH
$SSX\H]IRLVVXUODWRXFKH
7HVWDXWRPDWLTXH
$SSX\H]VXUOHERXWRQGHODVRQGH
H[WpULHXUHSRXUpWDEOLUODFRQQH[LRQ
e
3DVGHPRGL¿FDWLRQGHFkEODJHVRXVWHQVLRQ
/HWHVWDXWRPDWLTXHSHUPHWGHFRQWU{OHU
OHVHQWUpHV(%86
OHVHQWUpHV17&
ODFRQQH[LRQUDGLRGXWKHUPRVWDWG
DPELDQFH
ODFRQQH[LRQUDGLRGHODVRQGHH[WpULHXUH
i
21
/HVDXWUHVFRQQH[LRQVQHVRQWSDVWHVWpHVHW
GRLYHQWrWUHFRQWU{OpHVYLVXHOOHPHQWORUVGH
O
LQVWDOODWLRQRXG
XQHPRGL¿FDWLRQGHFRQ¿JXUDWLRQ
6pOHFWLRQQH]jO¶pFUDQ7HVW
DXWRPDWLTXHDYHFOHVWRXFKHV
9DOLGH]DYHFODWRXFKH
/pJHQGH
%RXWRQGHODVRQGHH[WpULHXUH
i
'qVTXHODVRQGHHVWUHFRQQXHOHPHVVDJH
&RQQH[LRQWHUPLQpHV
DI¿FKH
6LFHQ
HVWSDVOHFDVOHPHVVDJH(FKHFGHOD
FRQQH[LRQV
DI¿FKH$SSX\H]VXUODWRXFKH
UHFRPPHQFH]OHVRSpUDWLRQV
$SSX\H]VXUODWRXFKH
i
HW
9pUL¿H]TXHWRXVOHVpOpPHQWVGH
O
LQVWDOODWLRQVRQWVRXVWHQVLRQ
9DOLGH]OHGpPDUUDJHGXWHVWDYHFOD
WRXFKH
/DIRQFWLRQ&RUUHFWLRQ7&H[WpULHXUHSHUPHW
GHUHFWL¿HUODWHPSpUDWXUHPHVXUpHSDUODVRQGH
H[WpULHXUHGH&DYHFXQSDVGH&UpJODJH
XVLQH
B6DXQLHU'XYDO
,167$//$7,21
&HPHQXSHUPHWGHUpJOHUOD
WHPSpUDWXUHPD[LPDOHGXGpSDUW
FKDXIIDJHGHO
LQVWDOODWLRQ
YDOHXUUpJODEOHHQWUH&HW&
UpJODJHG¶XVLQH&
/HWHVWDXWRPDWLTXHFRPPHQFH
/HUpVXOWDWV
DI¿FKHHQTXHOTXHV
VHFRQGHVHQLQGLTXDQWO
pWDWGHFKDTXH
FRPSRVDQW
ª
$SSX\H]VXUODWRXFKH
6LOHUDFFRUGHPHQWHVWFRUUHFWOH
PHVVDJH2.V
DI¿FKHHQIDFHGX
FRPSRVDQW
'DQVOHFDVG
XQHLQVWDOODWLRQDYHF
02'8=21(=UHQVHLJQH]OHV
YDOHXUVGHV]RQHVEDVVHHWKDXWH
WHPSpUDWXUH
6LOHUDFFRUGHPHQWQ
HVWSDVFRUUHFW
OHPHVVDJH1RQ2.V
DI¿FKHHQ
IDFHGXFRPSRVDQW
'DQVFHFDVYpUL¿H]OHV
UDFFRUGHPHQWVHWTXHOHFRPSRVDQW
HVWVRXVWHQVLRQ
$SSX\H]VXUODWRXFKH
$SSX\H]VXUODWRXFKH
6pOHFWLRQQH]jO¶pFUDQ&RXUEH
FKDXIIDJHDYHFOHVWRXFKHV
6pOHFWLRQQH]jO¶pFUDQ3DUDPqWUHV
DYHFOHVWRXFKHV
b
9DOLGH]DYHFODWRXFKH
&HPHQXSHUPHWGHFKRLVLUODFRXUEH
GHFKDXIIDJHYDOHXUUpJODEOHHQWUH
HWUpJODJHG¶XVLQHTXL
SHUPHWG¶REWHQLUODFRQVLJQHFKDXIIDJH
PD[LPDOHjODWHPSpUDWXUHH[WpULHXUH
PLQLPDOHW\SLTXHGHODUpJLRQROD
VRQGHHVWLQVWDOOpH
&HPHQXSHUPHWG
HIIHFWXHUGHVUpJODJHVVXUOHVGLIIpUHQWHV
IRQFWLRQVVXLYDQWVOHVDSSDUHLOVFRQQHFWpVHWGHUpLQLWLDOLVHU
WRXVFHVSDUDPqWUHV
$SSX\H]VXUODWRXFKH
$SSX\H]VXUODWRXFKH
$VVXUH]YRXVTXHOHUpJODJHGHODWHPSpUDWXUH
PD[LPDOHGXGpSDUWFKDXIIDJHVRLWFRPSDWLEOH
DYHFO
LQVWDOODWLRQ
B6DXQLHU'XYDO
$XJPHQWH]RXGLPLQXH]DYHFOHV
SRXUDI¿FKHUOD
WRXFKHV
RXOHVYDOHXUVGpVLUpHV
9DOLGH]DYHFODWRXFKH
9DOLGH]DYHFODWRXFKH
'DQVOHFDVG
XQHLQVWDOODWLRQDYHF
02'8=21(=UHQVHLJQH]OHV
YDOHXUVGHV]RQHVEDVVHUpJODJH
G¶XVLQHHWKDXWHWHPSpUDWXUH
UpJODJHG¶XVLQH
&KDXIIDJH
6pOHFWLRQQH]jO¶pFUDQ&KDXIIDJH
DYHFOHVWRXFKHV
$XJPHQWH]RXGLPLQXH]DYHFOHV
SRXUDI¿FKHUOD
WRXFKHV
YDOHXUGpVLUpH
3DUDPqWUHV
9DOLGH]DYHFODWRXFKH
b
$VVXUH]YRXVTXHOHUpJODJHGHODFRXUEH
FKDXIIDJHVRLWFRPSDWLEOHDYHFO
LQVWDOODWLRQ
,167$//$7,21
&RXUEHFKDXIIDJH
$
&HPHQXSHUPHWGHUpJOHUOD
WHPSpUDWXUHGHFRQVLJQHGXGpSDUWHDX
IURLGHGHO
LQVWDOODWLRQ
YDOHXUUpJODEOHHQWUH&HW&
UpJODJHG¶XVLQH&
$SSX\H]VXUODWRXFKH
$XJPHQWH]RXGLPLQXH]DYHFOHV
WRXFKHV
SRXUDI¿FKHUOD
YDOHXUGpVLUpH
%
/pJHQGH
5DGLDWHXUVVRXVGLPHQVLRQQpV
5DGLDWHXUVVWDQGDUGV
5DGLDWHXUVEDVVHWHPSpUDWXUHRXSODQFKHUVFKDXIIDQWV
$
%
7HPSpUDWXUHGpSDUWFKDXIIDJH
7HPSpUDWXUHH[WpULHXUH
i
3OXVOHUHQGHPHQWGHVpPHWWHXUVGHFKDOHXUHVW
ERQPRLQVODYDOHXUGHODFRXUEHHVWpOHYpH
$SSX\H]IRLVVXUODWRXFKH
9DOLGH]DYHFODWRXFKH
$SSX\H]VXUODWRXFKH
/LPLWHVGHWHPSpUDWXUHSRXUOHVSODQFKHUVUDIUDvFKLVVDQWV
b
$VVXUH]YRXVTXHODWHPSpUDWXUHGHO¶HDXTXL
FLUFXOHGDQVOHSODQFKHUUDIUDvFKLVVDQWVRLW
VXSpULHXUHDX[YDOHXUVLQGLTXpHVFLDSUqV
(DXFKDXGH
&HPHQXSHUPHWGHUpJOHUOD
WHPSpUDWXUHPD[LPDOHGHO
HDXFKDXGH
YDOHXUUpJODEOHHQWUH&HW&
UpJODJHG¶XVLQH&
6pOHFWLRQQH]jO¶pFUDQ(DXFKDXGH
DYHFOHVWRXFKHV
9DOLGH]DYHFODWRXFKH
$SSX\H]VXUODWRXFKH
9DOLGH]DYHFODWRXFKH
$SSX\H]VXUODWRXFKH
5DIUDvFKLVVHPHQW
6pOHFWLRQQH]jO¶pFUDQ
5DIUDvFKLVVHPHQWDYHFOHVWRXFKHV
9DOLGH]DYHFODWRXFKH
$XJPHQWH]RXGLPLQXH]DYHFOHV
SRXUDI¿FKHUOD
WRXFKHV
YDOHXUGpVLUpH
/pJHQGH
=RQHj&GLVWDQFHSDUUDSSRUWjODF{WHNP
=RQHj&GLVWDQFHSDUUDSSRUWjODF{WHNP
=RQHj&GLVWDQFHSDUUDSSRUWjODF{WHNP
=RQHj&GLVWDQFHSDUUDSSRUWjODF{WHNP
=RQHj&
B6DXQLHU'XYDO
,167$//$7,21
*HVWLRQGHVpQHUJLHV
/HFRHI¿FLHQWG
HI¿FDFLWppQHUJpWLTXHGpWHUPLQHOHSRLQWGH
EDVFXOHPHQWHQWUHGHX[pQHUJLHVJD]pOHFWULFLWpHQIRQFWLRQ
GHOHXUFRWUHVSHFWLI
i
/HERvWLHUGHJHVWLRQHIIHFWXHGHVFKRL[HQUDSSRUW
DYHFOHFRHI¿FLHQWG
HI¿FDFLWppQHUJpWLTXH
8QPDXYDLVUpJODJHDXUDLWGHVFRQVpTXHQFHVVXU
OHVFKRL[G
RSWLPLVDWLRQGHVpQHUJLHVHWGHVFRWV
8QHRSWLRQGXERvWLHUGHJHVWLRQWLHQWFRPSWHpJDOHPHQWGHOD
WDUL¿FDWLRQMRXUQXLWGXIRXUQLVVHXUG
pQHUJLHpOHFWULTXHXWLOH
SRXUXQDERQQHPHQWDYHFODGRXEOHWDUL¿FDWLRQ+HXUHV&UHXVHV
HW+HXUHV3OHLQHV
/HUpJODJHQpFHVVLWHFHUWDLQHVLQIRUPDWLRQVTXHYRXVWURXYHUH]
IDFLOHPHQWVXUOHVIDFWXUHVGHFRQVRPPDWLRQG¶pQHUJLH
pOHFWULTXHHWJD]GHYRWUHFOLHQW
i
/HVIDFWXUHVGRLYHQWrWUHGpWDLOOpHVHWGDWpHVGH
PRLQVGHPRLVFDUHOOHVSHXYHQWFRPSRUWHUGHV
FKDQJHPHQWVGHWDULIHQFRXUVG
DQQpH
3UHQH]WRXMRXUVOHSUL[OHSOXVUpFHQW
(QIRQFWLRQGHYRWUHLQVWDOODWLRQUHFKHUFKH]
i
6LOHVYDOHXUVTXHYRXVDYH]QRWpHVQH
FRUUHVSRQGHQWSDVDX[YDOHXUVLQGLTXpHVGDQVOHV
WDEOHDX[FLFRQWUHFHODVLJQL¿HTX
LO\DFHUWDLQHPHQW
XQHHUUHXU&RQWDFWH]OHVIRXUQLVVHXUVG
pQHUJLH
SRXUREWHQLUXQHFRQ¿UPDWLRQGHVSUL[+RUV7D[H
&URLVH]ODFRORQQHHWODOLJQHFRQFHUQpHVSRXUFRQQDvWUHOH
FRHI¿FLHQWG¶HI¿FDFLWppQHUJpWLTXH
5HSRUWH]OHVUpVXOWDWVGDQVOHWDEOHDXFLDSUqV
5pVXOWDWVjLQWpJUHU
GDQVOHERvWLHUGHJHVWLRQ
&RHI¿FLHQWG¶HI¿FDFLWp
pQHUJpWLTXH
$YHFVLPSOHWDUL¿FDWLRQpOHFWULTXH
$YHFGRXEOHWDUL¿FDWLRQpOHFWULTXH
+&
+3
6pOHFWLRQQH]jO¶pFUDQ*HVWLRQ
GHVpQHUJLHVDYHFOHVWRXFKHV
9DOLGH]DYHFODWRXFKH
OHSUL[+RUV7D[HGXN:KSRXUO
pOHFWULFLWpHWOHJD]QDWXUHO
OHSUL[+RUV7D[HjODWRQQHSRXUOHJD]SURSDQH
5HSRUWH]GLUHFWHPHQWOHVUHQVHLJQHPHQWVHWOHVYDOHXUV
GDQVOHVWDEOHDX[FLDSUqV
&RQVXOWH]ODIDFWXUHG
pOHFWULFLWp
'DQVOHFDVG
XQHWDUL¿FDWLRQVLPSOHUHFKHUFKH]HWQRWH]OH
SUL[XQLWDLUHGXN:KKRUVWD[H
$
'DQVOHFDVG
XQHGRXEOHWDUL¿FDWLRQ
UHQVHLJQH]OHVFRHI¿FLHQWVG
HI¿FDFLWp
pQHUJpWLTXH
$XJPHQWH]RXGLPLQXH]DYHFOHV
SRXUDI¿FKHUOD
WRXFKHV
YDOHXUGpVLUpH
9DOLGH]DYHFODWRXFKH
3UL[XQLWDLUHGXN:K+7
'DQVOHFDVG¶XQHGRXEOHWDUL¿FDWLRQUHFKHUFKH]HWQRWH]OHV
SUL[XQLWDLUHGXN:KKRUVWD[HSRXUOHV+HXUHV&UHXVHVHW
SRXUOHV+HXUHV3OHLQHV
$$
3UL[XQLWDLUHGXN:K+7
+&
+3
&RQVXOWH]ODIDFWXUHGXJD]QDWXUHO
5HFKHUFKH]HWQRWH]OHSUL[XQLWDLUHGXN:KKRUVWD[H
%
3UL[XQLWDLUHGXN:K+7IDFWXUHFOLHQW
&RQVXOWH]ODIDFWXUHGXJD]SURSDQH
5HFKHUFKH]HWQRWH]OHSUL[XQLWDLUHjODWRQQHKRUVWD[H
&
3UL[XQLWDLUHjODWRQQH+7
'pWHUPLQH]OHFRHI¿FLHQWG¶HI¿FDFLWppQHUJpWLTXH
&KRLVLVVH]OHWDEOHDXFLFRQWUHFRUUHVSRQGDQWDXW\SHGHJD]
GHYRWUHLQVWDOODWLRQ
&KHUFKH]ODFRORQQHFRUUHVSRQGDQWHGDQVODTXHOOHODYDOHXU
$ RX $$ HVWLQFOXVH
&KHUFKH]ODOLJQHFRUUHVSRQGDQWHGDQVODTXHOOHODYDOHXU
% RX & HVWLQFOXVH
B6DXQLHU'XYDO
,167$//$7,21
*$=1$785(/DYHFO
pOHFWULFLWp
j
j
j
j
j
j
j
j
j
j
j
j
3UL[+7HQ¼GXJD]QDWXUHODXN:K
3UL[+7HQ¼GHO
pOHFWULFLWpDXN:K
j
j
j
j
j
j
j
j
j
j
*$=3523$1(DYHFpOHFWULFLWp
j
j
j
j
j
j
j
j
j
j
j
j
3UL[+7HQ¼GXJD]SURSDQHjODWRQQH
3UL[+7HQ¼GHO
pOHFWULFLWpDXN:K
j
j
j
j
j
j
j
j
j
j
j
B6DXQLHU'XYDO
,167$//$7,21
5pLQLWLDOLVDWLRQGHVSDUDPqWUHV
/
pFUDQLQGLTXHODSUHVVLRQPHVXUpH
GDQVO
LQVWDOODWLRQ
&HWWHIRQFWLRQSHUPHWGHUpLQLWLDOLVHUOHVSDUDPqWUHVGXERvWLHU
GHJHVWLRQUpJODJHG
XVLQH
b
$FWLYH]OHPRGHGHUHPSOLVVDJHHQ
DSSX\DQWVXUODWRXFKH
/HUHWRXUDX[UpJODJHVG¶XVLQHHVWLUUpYHUVLEOH
7RXWHODFRQ¿JXUDWLRQSHUVRQQDOLVpHGXERvWLHU
GHJHVWLRQVHUDSHUGXH
5HSRUWH]YRXVjODQRWLFHGH
ODFKDXGLqUHSRXUUpDOLVHUOH
UHPSOLVVDJHGHODFKDXGLqUH
/
pFUDQLQGLTXHODSUHVVLRQPHVXUpH
GDQVO
LQVWDOODWLRQHWTXHOHUHPSOLVVDJH
GHO
LQVWDOODWLRQHVWHQFRXUV
6pOHFWLRQQH]jO¶pFUDQ
5pLQLWLDOLVDWLRQGHVSDUDPqWUHV
DYHFOHVWRXFKHV
9DOLGH]DYHFODWRXFKH
3RXUDUUrWHUOHUHPSOLVVDJHDSSX\H]
VXUODWRXFKH
)HUPH]OHURELQHWGHUHPSOLVVDJHGH
ODFKDXGLqUHRXGHO
LQVWDOODWLRQ
$SSX\H]VXUODWRXFKH
$XJPHQWH]RXGLPLQXH]DYHFOHV
WRXFKHV
SRXUDI¿FKHUOD
YDOHXUGpVLUpH
9DOLGH]DYHFODWRXFKH
$SSX\H]VXUODWRXFKH
'pJD]DJHGXFLUFXLWFKDXIIDJH
/HGpJD]DJHGXFLUFXLWFKDXIIDJHSHUPHWGHSXUJHUO
DLUSUpVHQW
GDQVOHFLUFXLWFKDXIIDJH
6pOHFWLRQQH]jO¶pFUDQ'pJD]DJH
DYHFOHVWRXFKHV
0LVHHQVHUYLFH
&HPHQXSHUPHWG
HIIHFWXHUOHVRSpUDWLRQVQpFHVVDLUHVVXUOHV
DSSDUHLOVORUVGHO
LQVWDOODWLRQ
9DOLGH]DYHFODWRXFKH
2XYUH]OHVGLIIpUHQWVSXUJHXUVGXFLUFXLWFKDXIIDJH
6pOHFWLRQQH]jO¶pFUDQ
0LVHHQVHUYLFHDYHFOHVWRXFKHV
9DOLGH]DYHFODWRXFKH
i
6pOHFWLRQQH]jO¶pFUDQ'pJD]DJH
FLUFXLWFKDXIIDJHDYHFOHVWRXFKHV
9DOLGH]DYHFODWRXFKH
5HPSOLVVDJHGXFLUFXLWFKDXIIDJH
/HUHPSOLVVDJHGXFLUFXLWFKDXIIDJHHVWSRVVLEOH
VHXOHPHQWVLYRXVDYH]FKRLVLO
RSWLRQNLWPXOWL]RQH
,OSHUPHWG
RXYULUOHVYDQQHVGHFKDTXH]RQH
9DOLGH]DYHFODWRXFKH
SRXU
ODQFHUODSURFpGXUHGHGpJD]DJH
/HGpJD]DJHV
HIIHFWXHSHQGDQW
PLQXWHV9RXVSRXYH]ODQFHU
VLPXOWDQpPHQWOHGpJD]DJHGXFLUFXLW
3$&
6pOHFWLRQQH]jO¶pFUDQ5HPSOLVVDJH
DYHFOHVWRXFKHV
9DOLGH]DYHFODWRXFKH
$SSX\H]VXUODWRXFKH
b
B6DXQLHU'XYDO
'qVTXHOHGpJD]DJHHVWWHUPLQpIHUPH]OHV
GLIIpUHQWVSXUJHXUVGXFLUFXLWFKDXIIDJH
,167$//$7,21
5pJODJHGXFLUFXLWFKDXIIDJH
/pJHQGH
6pOHFWHXUGHYLWHVVH
9LWHVVH,,,UpJODJHXVLQH
9LWHVVH,,
9LWHVVH,QRQDSSOLFDEOHVXUFHV\VWqPH
7RXUQH]OHVpOHFWHXUSRXUFKRLVLUODYLWHVVH,,RX,,,GHOD
SRPSHHQIRQFWLRQGHODFRXUEHGpELWSUHVVLRQFLDSUqV
&RXUEHGpELWSUHVVLRQGHODSRPSHGXPRGXOHK\GUDXOLTXH
%
/pJHQGH
9LWHVVH
9LWHVVHUpJODJHXVLQH
$ 3UHVVLRQGLVSRQLEOH.3D
% 'pELWGDQVOHFLUFXLWOK
B6DXQLHU'XYDO
,167$//$7,21
'pJD]DJHGXFLUFXLW3$&
/HGpJD]DJHGXFLUFXLW3$&SHUPHWGHSXUJHUO
DLUSUpVHQWGDQV
OHFLUFXLW3$&
$O
DLGHG
XQHFOpSODWHRXYUH]OHSXUJHXUGHóGHWRXU
%SRXUFKDVVHUO
DLUSUpVHQWGDQVOHFLUFXLWSRPSHjFKDOHXU
SXLVUHIHUPH]OHDVVH]UDSLGHPHQWD¿QGHQHSDVYLGHUOH
FLUFXLW
/HGpJD]DJHV
HIIHFWXHSHQGDQWPLQXWHV
5HFRPPHQFH]FHWWHGHUQLqUHRSpUDWLRQHQ¿QGHSURFpGXUH
GHGpJD]DJH
%
$SSX\H]VXUODWRXFKH
b
/HGpJD]DJHSHXWHQWUDvQHUXQHEDLVVHGH
SUHVVLRQGXFLUFXLWSRPSHjFKDOHXU
b
'qVTXHOHGpJD]DJHHVWWHUPLQpDVVXUH]YRXV
TXHOHVGLIIpUHQWVSXUJHXUVGXFLUFXLWFKDXIIDJH
VRLHQWIHUPpV
$VVXUH]YRXVTXHODSUHVVLRQGXFLUFXLWSRPSHjFKDOHXUHVW
FRPSULVHHQWUHHWEDU6LQRQUHPSOLVVH]jQRXYHDXOH
FLUFXLWSRPSHjFKDOHXU
$
/pJHQGH
3XUJHXUDLU
&OpSODWHPP
7X\DX
%LGRQ
1RQIRXUQL
5DFFRUGH]O
H[WUpPLWpG
XQWX\DXVXUOHSXUJHXU$
,QVpUH]O
DXWUHH[WUpPLWpGXWX\DXGDQVXQELGRQD¿Q
GHUpFXSpUHUG
pYHQWXHOVUpVLGXVG
HDXJO\FROpHSHQGDQWOH
GpJD]DJHGXFLUFXLW
6pOHFWLRQQH]jO¶pFUDQ
'pJD]DJHFLUFXLW3$&DYHFOHV
WRXFKHV
9DOLGH]DYHFODWRXFKH
9DOLGH]DYHFODWRXFKH
SRXU
ODQFHUODSURFpGXUHGHGpJD]DJH
9RXVSRXYH]ODQFHUVLPXOWDQpPHQWOH
GpJD]DJHGXFLUFXLWFKDXIIDJH
B6DXQLHU'XYDO
,167$//$7,21
5pJODJHGXGpELWGXFLUFXLW3$&
i
/DSRPSHjFKDOHXUHVWFRQoXHSRXUIRQFWLRQQHUjSDUWLUG¶XQ
GpELWGHOK6LOHGpELWHVWLQIpULHXUjOKODSRPSH
jFKDOHXUV¶DUUrWHHWODFKDXGLqUHIRQFWLRQQHjVDSODFH
/HFRQIRUWGHFKDXIIDJHUHVWHUDWRXMRXUVJDUDQWLPDLVOHV
pFRQRPLHVG¶pQHUJLHQHVHURQWSDVPD[LPDOHV
3RXUIDFLOLWHUODYpUL¿FDWLRQGXGpELWG¶HDXODSRPSHjFKDOHXU
HVWpTXLSpHG¶XQFDSWHXUGHGpELW,OHVWSRVVLEOHGHOLUH
GLUHFWHPHQWOHGpELWG¶HDXVXUOHERvWLHUGHJHVWLRQ
i
/HGpELWGXFLUFXLW3$&GRLWVHVLWXHUHQWUHHWOK
i
6LO
LQVWDOODWLRQQ
DSDVpWpGpJD]pHFRUUHFWHPHQWLO
HVWSRVVLEOHTXHOHGpELWYDULH
9RXVSRXYH]GLPLQXHUODYLWHVVHGHODSRPSHGHOD
3$&VLOHURELQHWGHUpJODJHGHGpELWHVWWURSIHUPp
GDQVOHFDVROD3$&HWOHPRGXOHK\GUDXOLTXHVRQW
SURFKHV'HFHWWHIDoRQRQSHXWRXYULUOHURELQHWGH
UpJODJHD¿QGHUpGXLUHOHEUXLWGDQVOHPRGXOH
$SSX\H]VXUODWRXFKH
VXUOHERvWLHUGHJHVWLRQ
SRXUDUUrWHUODOHFWXUHGXGpELW
$SSX\H]VXUODWRXFKH
6LYRXVQHSDUYHQH]SDVjDWWHLQGUHXQGpELWHQWUHHW
OKjO
DLGHGXURELQHWGHUpJODJHGHGpELWPRGL¿H]OD
YLWHVVHGHODSRPSHGHODSRPSHjFKDOHXU
6pOHFWLRQQH]jO¶pFUDQ
'pELWFLUFXLW3$&DYHFOHVWRXFKHV
9DOLGH]DYHFODWRXFKH
9DOLGH]DYHFODWRXFKH
SRXU
ODQFHUODOHFWXUHGXGpELWGXFLUFXLW
GHODSRPSHjFKDOHXU
/pJHQGH
6pOHFWHXUGHYLWHVVH
9LWHVVH,
9LWHVVH,,UpJODJHXVLQH
3UHVVLRQGLVSRQLEOHGXFLUFXLWSRPSHjFKDOHXU
/pJHQGH
5RELQHWGHUpJODJHGXGpELW
8WLOLVH]OHURELQHWGHUpJODJHSRXUDMXVWHUOHGpELWGX
FLUFXLW3$&HQWUHHWOK
%
/pJHQGH
$YHFXQFLUFXLWHDXj&
$YHFXQFLUFXLWHDXJO\FROpHPpODQJHjj&
$ 3UHVVLRQGLVSRQLEOHN3D
% 'pELWGDQVOHFLUFXLWOK
B6DXQLHU'XYDO
,167$//$7,21
,QIRUPDWLRQVFRPSRVDQWV
&HPHQXSHUPHWGHFRQVXOWHUHQWHPSVUpHO
O
pWDWGHO
DSSDUHLOUpSRQGDQWjXQHGHPDQGH212))
i
,QIRUPDWLRQVVXUODSRPSHjFKDOHXU
5HSRUWH]YRXVDXFKDSLWUH'pSDQQDJH!(WDWVGHOD
SRPSHjFKDOHXUSRXUFRQQDvWUHODGHVFULSWLRQGHOD
UpIpUHQFHGHO
pWDWDI¿FKpHVXUO
pFUDQ
ODOHFWXUHGHVGLIIpUHQWHVLQIRUPDWLRQVGLVSRQLEOHVVXLYDQW
O
DSSDUHLOWHPSpUDWXUHSUHVVLRQGpELW
OHMRXUQDOGHVGHUQLHUVGpIDXWVHQUHJLVWUpVSRXUFKDTXH
DSSDUHLOFRGHHWGHVFULSWLRQGHVGpIDXWV
i
6pOHFWLRQQH]jO¶pFUDQ
3RPSHjFKDOHXUDYHFOHVWRXFKHV
5HSRUWH]YRXVDXFKDSLWUH'pSDQQDJH!&RGHV
GpIDXWVSRXUFRQQDvWUHODGHVFULSWLRQGXFRGHGpIDXW
DI¿FKpVXUO
pFUDQ
9DOLGH]DYHFODWRXFKH
ODUpLQLWLDOLVDWLRQGXMRXUQDOGHGpIDXWVSRXUFKDTXHDSSDUHLO
&HWpFUDQLQGLTXH
VLODSRPSHjFKDOHXUUpSRQGjXQH
GHPDQGH21RX2))
ODUpIpUHQFHGHO
pWDWGHODSRPSHj
FKDOHXU
6pOHFWLRQQH]jO¶pFUDQ
,QIRFRPSRVDQWVDYHFOHVWRXFKHV
9DOLGH]DYHFODWRXFKH
3RXUDFFpGHUDX[GLIIpUHQWHV
LQIRUPDWLRQVGHVFRPSRVDQWV
DSSX\H]VXUOHVWRXFKHV
HWYDOLGH]DYHFODWRXFKH
3RXUFRQVXOWHUOHMRXUQDOGHVGpIDXWV
DSSX\H]VXUODWRXFKH
,QIRUPDWLRQVVXUODFKDXGLqUH
3RXUUpLQLWLDOLVHUOHMRXUQDOGHVGpIDXWV
DSSX\H]VXUOHVWRXFKHV
HWYDOLGH]DYHFODWRXFKH
6pOHFWLRQQH]jO¶pFUDQ
&KDXGLqUHDYHFOHVWRXFKHV
9DOLGH]DYHFODWRXFKH
,QIRUPDWLRQVVXUOHV\VWqPH
6pOHFWLRQQH]jO¶pFUDQ
6\VWqPHDYHFOHVWRXFKHV
&HWpFUDQLQGLTXHVLODFKDXGLqUH
UpSRQGjXQHGHPDQGH21RX2))
3RXUFRQVXOWHUOHMRXUQDOGHVGpIDXWV
DSSX\H]VXUODWRXFKH
3RXUUpLQLWLDOLVHUOHMRXUQDOGHVGpIDXWV
DSSX\H]VXUOHVWRXFKHV
HWYDOLGH]DYHFODWRXFKH
9DOLGH]DYHFODWRXFKH
&HWpFUDQLQGLTXH
ODWHPSpUDWXUHH[WpULHXUH
ODSUHVVLRQGXFLUFXLWFKDXIIDJH
3RXUDFFpGHUDX[GLIIpUHQWHV
LQIRUPDWLRQVGHVFRPSRVDQWV
DSSX\H]VXUOHVWRXFKHV
HWYDOLGH]DYHFODWRXFKH
3RXUFRQVXOWHUOHMRXUQDOGHVGpIDXWV
DSSX\H]VXUODWRXFKH
3RXUUpLQLWLDOLVHUOHMRXUQDOGHVGpIDXWV
DSSX\H]VXUOHVWRXFKHV
HWYDOLGH]DYHFODWRXFKH
B6DXQLHU'XYDO
,167$//$7,21
,QIRUPDWLRQVVXUOHV]RQHVGHFKDXIIDJH
2SWLRQV
6pOHFWLRQQH]jO¶pFUDQ
=RQHVFKDXIIDJHDYHFOHVWRXFKHV
9DOLGH]DYHFODWRXFKH
6pOHFWLRQQH]jO¶pFUDQ
2SWLRQVDYHFOHVWRXFKHV
9DOLGH]DYHFODWRXFKH
&HPHQXSHUPHW
&HWpFUDQV
DI¿FKHVHXOHPHQWVLYRXV
DYH]FKRLVLO
RSWLRQNLWPXOWL]RQH
GHFKDQJHUODODQJXHGHVPHQXVGX
ERvWLHUGHJHVWLRQ
6pOHFWLRQQH]OD]RQHTXHYRXV
VRXKDLWH]FRQVXOWHUDYHFOHVWRXFKHV
9DOLGH]DYHFODWRXFKH
i
GHUpJOHUODOXPLQRVLWpHWOHFRQWUDVWH
GHO¶pFUDQ
&HWpFUDQLQGLTXH
ODWHPSpUDWXUHGHFRQVLJQHGXFLUFXLW
FKDXIIDJH
ODWHPSpUDWXUHDPELDQWHGHODSLqFH
RVHVLWXHOHWKHUPRVWDWG
DPELDQFH
VLOD]RQHGHFKDXIIDJHUpSRQGjXQH
GHPDQGH21RX2))
/
pWDWGHODYDQQHGXNLWPXOWL]RQH21
RX2))
G¶DI¿FKHUOHVYHUVLRQVGXORJLFLHOGX
V\VWqPH
7HVWGXV\VWqPHGHFKDXIIDJH
$VVXUH]YRXVTXHOHVRUJDQHVGHUpJXODWLRQH[WHUQHV
WKHUPRVWDWG
DPELDQFHVRQGHH[WpULHXUHHQYRLHQWXQH
GHPDQGHGHFKDXIIDJHDXERvWLHUGHJHVWLRQ
'DQVOHFDVG
XQHFRQ¿JXUDWLRQPXOWL]RQHUpDOLVH]OHWHVW
]RQHSDU]RQHHWDVVXUH]YRXVTXHOD]RQHFRQFHUQpH
PRQWHHQWHPSpUDWXUH
$VVXUH]YRXVTXHWRXWHVOHVYDQQHVWKHUPRVWDWLTXHVGX
FLUFXLWFKDXIIDJHVRQWRXYHUWHV
,QIRUPDWLRQVVXUOHNLWSLVFLQH
&HPHQXHVWGLVSRQLEOHVHXOHPHQWVLYRXVDYH]
FKRLVLO
RSWLRQNLWSLVFLQH
eTXLOLEUH]OHVpPHWWHXUVGHFKDOHXUVLQpFHVVDLUH
)LQDOLVDWLRQ
7HVWGXVLJQDOUDGLR
6pOHFWLRQQH]jO¶pFUDQ
3LVFLQHDYHFOHVWRXFKHV
9DOLGH]DYHFODWRXFKH
0HWWH]HQSODFHOHVWKHUPRVWDWVG
DPELDQFHHWDVVXUH]YRXV
TXHODTXDOLWpGHOHXUVLJQDOUDGLRVRLWRSWLPDOH
i
$WWHQGH]XQHTXLQ]DLQHGHPLQXWHVDSUqVODPLVH
HQVHUYLFHGXRXGHVWKHUPRVWDWVHWGHODVRQGH
H[WpULHXUHSRXUSURFpGHUDXWHVW
$SSX\H]VXUODWRXFKH
SHQGDQWVHFRQGHV
&HWpFUDQLQGLTXH
VLOD]RQHGHFKDXIIDJHUpSRQGjXQH
GHPDQGH21RX2))
/
pWDWGHODYDQQHGXNLWSLVFLQH21
RX2))
GXWKHUPRVWDWG
DPELDQFH
6DLVLVVH]OHFRGHG
DFFqVSURIHVVLRQQHOHWYDOLGH]DYHFOD
WRXFKH
6pOHFWLRQQH]jO¶pFUDQ!UDGLR!WHVWDYHFOHVWRXFKHV
HWYDOLGH]DYHFODWRXFKH
/HWKHUPRVWDWG
DPELDQFHLQGLTXHODTXDOLWpGXVLJQDOSRXUOH
WKHUPRVWDWG
DPELDQFHHWODVRQGHH[WpULHXUH
4XDOLWpGXVLJQDO
([FHOOHQWH
%RQQH
&RPPHQWDLUH
)RQFWLRQQHPHQWQRUPDO
)DLEOH
/LPLWHGHIRQFWLRQQHPHQW
1XOOH
1HIRQFWLRQQHSDV
B6DXQLHU'XYDO
,167$//$7,21
6LODTXDOLWpGXVLJQDOHVWQXOOHRXPDXYDLVHYpUL¿H]TXH
OHVSLOHVGXWKHUPRVWDWG¶DPELDQFHVRLHQWELHQLQVWDOOpHV
GDQVOHXUFRPSDUWLPHQW
ODSRODULWpGHVSLOHVQHVRLWSDVLQYHUVpH
OHVSLOHVQHVRLHQWSDVXVpHV6LF¶HVWOHFDVUHPSODFH]OHV
SDUGHVSLOHVQHXYHV
i
6LODTXDOLWpGXVLJQDOQHV
DPpOLRUHSDVPRGL¿H]
O
HPSODFHPHQWGHVWKHUPRVWDWVHQOLPLWDQWOHV
GLVWDQFHVHWOHVREVWDFOHV
5HFRPPHQFH]FHVRSpUDWLRQVSRXUFKDTXHWKHUPRVWDW
G
DPELDQFH
5pLQLWLDOLVDWLRQGXMRXUQDOGHVGpIDXWV
5pLQLWLDOLVH]OHMRXUQDOGHVGpIDXWVGHWRXVOHVDSSDUHLOVGX
V\VWqPHUHSRUWH]YRXVDXFKDSLWUH0LVHHQVHUYLFHGX
ERvWLHUGHJHVWLRQ!,QIRFRPSRVDQWV
GXERvWLHUGHJHVWLRQSHQGDQW
$SSX\H]VXUODWRXFKH
SOXVGHVHFRQGHVSRXUDI¿FKHUO
pFUDQSULQFLSDO
'HVFULSWLRQGHO
pFUDQSULQFLSDO
&HWpFUDQLQGLTXH
O
DI¿FKDJHGHODSHUIRUPDQFH
pQHUJpWLTXHGXV\VWqPH
ODGDWHDFWXHOOH
O
KHXUHDFWXHOOH
/HVUpJODJHVGHODGDWHHWGHO¶KHXUHVRQWUpDOLVpVjSDUWLUGX
WKHUPRVWDWG¶DPELDQFH
(WDWJpQpUDWHXUHWV\VWqPH
8QHYpUL¿FDWLRQGHVpWDWVGHFKDTXHFRPSRVDQWGHO¶LQVWDOODWLRQ
HVWIDLWHHQSHUPDQHQFH/HUpVXOWDWV¶DI¿FKHDXWRPDWLTXHPHQW
WRXWHVOHVPLQXWHV
$SSX\H]VXUODWRXFKH
SRXU
FRQQDvWUHLPPpGLDWHPHQWO¶pWDWGH
O¶LQVWDOODWLRQ
$SUqVYpUL¿FDWLRQGHO¶LQVWDOODWLRQOH
ERvWLHUGHJHVWLRQDI¿FKHOHUpVXOWDWSRXU
FKDTXHFRPSRVDQWHWODSUHVVLRQGX
FLUFXLWFKDXIIDJH
/HUpVXOWDWSHXWrWUH
2.
'()$87
6LOHERvWLHUGHJHVWLRQLQGLTXH©2.ªSRXUWRXVOHVDSSDUHLOVLO
Q¶\DSDVGHPDQLSXODWLRQSDUWLFXOLqUHjHIIHFWXHU
6LOHERvWLHUGHJHVWLRQLQGLTXH©'()$87ªDSSX\H]VXUOD
WRXFKH
6XLYH]OHVLQGLFDWLRQVVXUO
pFUDQGXERvWLHUGHJHVWLRQHW
UHSRUWH]YRXVDXFKDSLWUH'pSDQQDJHSRXUFRQVXOWHUOH
FRGHGpIDXWFRUUHVSRQGDQW
1RXYHOOHYpUL¿FDWLRQHWUHPLVHHQ
IRQFWLRQQHPHQW
8QHIRLVTXHOHV\VWqPHHVWLQVWDOOpYpUL¿H]VRQ
IRQFWLRQQHPHQW
0HWWH]OHV\VWqPHHQIRQFWLRQQHPHQWSRXUYRXVDVVXUHU
TXHOHVUpJODJHVVRQWRSpUDWLRQQHOVHWYpUL¿H]TXHO¶DSSDUHLO
IRQFWLRQQHHQWRXWHVpFXULWp
5HSRUWH]YRXVjODQRWLFHG¶XWLOLVDWLRQGXWKHUPRVWDW
G¶DPELDQFHSRXUSURFpGHUDX[UpJODJHV
5pLQLWLDOLVH]OHMRXUQDOGHVGpIDXWVGHWRXVOHVDSSDUHLOV
3RXUFHIDLUHUHSRUWH]YRXVDXFKDSLWUH0LVHHQVHUYLFH!
,QIRFRPSRVDQWV
$I¿FKDJHGHODSHUIRUPDQFHGXV\VWqPH
9pUL¿H]O
pWDQFKpLWpGHWRXVOHVpOpPHQWVGXV\VWqPHHW
pOLPLQH]OHVIXLWHVpYHQWXHOOHV
/¶LQGLFDWHXUGHSHUIRUPDQFHHVWREWHQXjSDUWLUGHO¶HI¿FDFLWp
GHWRXVOHVJpQpUDWHXUVVXUOHVGHUQLqUHVK/HFXUVHXUVH
GpSODFHVXUXQHpFKHOOHJUDGXpHGH$j'
&RQWU{OH]O
HQVHPEOHGHVGLVSRVLWLIVGHFRPPDQGHHWGH
VpFXULWpOHXUVUpJODJHVHWOHXUVpWDWVGHIRQFWLRQQHPHQW
,QIRUPDWLRQVXWLOLVDWHXU
&ODVVH
&RPPHQWDLUH
$
([FHOOHQWH
%
%RQQH
&
6WDQGDUG
'
)DLEOH
$XWHUPHGHO¶LQVWDOODWLRQO¶LQVWDOODWHXUGRLW
H[SOLTXHUjO¶XWLOLVDWHXUOHIRQFWLRQQHPHQWGHO¶DSSDUHLO
GHVGLVSRVLWLIVGHVpFXULWpHWVLQpFHVVDLUHIDLUHXQH
GpPRQVWUDWLRQHWUpSRQGUHDX[TXHVWLRQV
GRQQHUjO¶XWLOLVDWHXUWRXVOHVGRFXPHQWVUHODWLIVjO
DSSDUHLO
UHPSOLUOHVGRFXPHQWVOHFDVpFKpDQW
LQIRUPHUO¶XWLOLVDWHXUVXUOHVSUpFDXWLRQVjSUHQGUHSRXUQH
SDVHQGRPPDJHUOHV\VWqPHO¶DSSDUHLOHWOHORFDO
UDSSHOHUjO¶XWLOLVDWHXUGHIDLUHHIIHFWXHUXQHQWUHWLHQDQQXHO
B6DXQLHU'XYDO
0$,17(1$1&(
0$,17(1$1&(
'pSDQQDJH
'LDJQRVWLFGHSDQQHV
$YDQWGHSURFpGHUjXQGLDJQRVWLFVSpFL¿TXHSURFpGH]DX[
YpUL¿FDWLRQVVXLYDQWHV
9pUL¿H]TX¶LOQ¶\DSDVGHFRXSXUHGXUpVHDXpOHFWULTXHHW
TXHOHVDSSDUHLOVVRLHQWFRUUHFWHPHQWEUDQFKpV
$VVXUH]YRXVTXHOHVURELQHWVG
DUUrWVRLHQWRXYHUWV
9pUL¿H]OHERQIRQFWLRQQHPHQWGHVRUJDQHVGHUpJXODWLRQ
H[WHUQHVWKHUPRVWDWG
DPELDQFHVRQGHH[WpULHXUH
&RGHVGpIDXWV
i
/HVSDQQHVGpFULWHVGDQVFHFKDSLWUHGRLYHQW
rWUHWUDLWpHVSDUXQSURIHVVLRQQHOTXDOL¿pHWVL
QpFHVVDLUHSDUOHVHUYLFHDSUqVYHQWH
&RGHVGpIDXWVGXV\VWqPH
1XPpUR
'HVFULSWLI
GXFRGH
'pIDXWGHFRPPXQLFDWLRQ(EXVDYHFODFKDXGLqUH
'pIDXWGHFRPPXQLFDWLRQ(EXVDYHFODSRPSHj
FKDOHXU
&DXVHSRVVLEOH
6ROXWLRQ
/DFKDXGLqUHQ
HVWSDVUDFFRUGpHVXUOH
ERvWLHUGHJHVWLRQ
/DSRODULWpGXFkEOHHVWLQYHUVpH
/DFKDXGLqUHHVWpWHLQWH
9pUL¿H]TXHODFKDXGLqUHHVWUDFFRUGpH
VXUOHERvWLHUGHJHVWLRQ
9pUL¿H]ODSRODULWpGXUDFFRUGHPHQW
9pUL¿H]TX¶LOQ¶\DSDVGHFRXSXUHGX
UpVHDXpOHFWULTXHTXHODFKDXGLqUHHVW
FRUUHFWHPHQWEUDQFKpHHWVRXVWHQVLRQ
/DSRPSHjFKDOHXUQ
HVWSDVUDFFRUGpH
VXUOHERvWLHUGHJHVWLRQ
/DSRPSHjFKDOHXUHVWpWHLQWH
9pUL¿H]TXHODSRPSHjFKDOHXUHVW
UDFFRUGpHVXUOHERvWLHUGHJHVWLRQ
9pUL¿H]TX¶LOQ¶\DSDVGHFRXSXUHGX
UpVHDXpOHFWULTXHTXHODSRPSHj
FKDOHXUHVWFRUUHFWHPHQWEUDQFKpHHW
VRXVWHQVLRQ
/HPRGXOHK\GUDXOLTXHQ
HVWSDV
UDFFRUGpVXUOHERvWLHUGHJHVWLRQ
/HPRGXOHK\GUDXOLTXHHVWpWHLQW
9pUL¿H]TXHOHPRGXOHK\GUDXOLTXHHVW
UDFFRUGpVXUOHERvWLHUGHJHVWLRQ
9pUL¿H]TX¶LOQ¶\DSDVGHFRXSXUH
GXUpVHDXpOHFWULTXHTXHOHPRGXOH
K\GUDXOLTXHHVWFRUUHFWHPHQWEUDQFKpHW
VRXVWHQVLRQ
'pIDXWGHFRPPXQLFDWLRQ(EXVDYHFOHPRGXOH
K\GUDXOLTXH
/HFDSWHXUHVWGpIHFWXHX[RXQ
HVWSDV
'pIDXWFDSWHXUGHWHPSpUDWXUHGXGpSDUWGXFLUFXLW
EUDQFKpFRUUHFWHPHQWVXUOHERvWLHUGH
FKDXIIDJHFLUFXLWRXYHUW
JHVWLRQRXOHPRGXOHK\GUDXOLTXH
'pIDXWFDSWHXUGHWHPSpUDWXUHGXGpSDUWGXFLUFXLW
/HFDSWHXUHVWHQFRXUWFLUFXLW
FKDXIIDJHFRXUWFLUFXLW
/HFDSWHXUHVWGpIHFWXHX[RXQ
HVWSDV
'pIDXWFDSWHXUGHWHPSpUDWXUHGXGpSDUWGXFLUFXLW
EUDQFKpFRUUHFWHPHQWVXUOHERvWLHUGH
FKDXIIDJHEDVVHWHPSpUDWXUHFLUFXLWRXYHUW
JHVWLRQ
'pIDXWFDSWHXUGHWHPSpUDWXUHGXGpSDUWGXFLUFXLW
/HFDSWHXUHVWHQFRXUWFLUFXLW
FKDXIIDJHEDVVHWHPSpUDWXUHFRXUWFLUFXLW
3UHVVLRQWURSEDVVHEDU
,O\DXQHIXLWHGDQVOHFLUFXLWFKDXIIDJH
/HGpJD]DJHQ
DSDVpWpIDLW
FRUUHFWHPHQW
9pUL¿H]OHVFRQQH[LRQVGXFDSWHXU
9pUL¿H]TXHODSRVLWLRQHWOH
IRQFWLRQQHPHQWGXFDSWHXUVRQWFRUUHFWV
9pUL¿H]ODUpVLVWDQFHGXFDSWHXU
9pUL¿H]OHVFRQQH[LRQVGXFDSWHXU
9pUL¿H]TXHODSRVLWLRQHWOH
IRQFWLRQQHPHQWGXFDSWHXUVRQWFRUUHFWV
9pUL¿H]ODUpVLVWDQFHGXFDSWHXU
9pUL¿H]TX
LOQ
\DSDVGHIXLWH
3XUJH]OHFLUFXLWFKDXIIDJH
5HPSOLVVH]O
LQVWDOODWLRQ
B6DXQLHU'XYDO
0$,17(1$1&(
1XPpUR
'HVFULSWLI
GXFRGH
'pIDXWGHFRPPXQLFDWLRQDYHFOHWKHUPRVWDW
G
DPELDQFHVDQV¿OGHOD]RQH
'pIDXWGHFRPPXQLFDWLRQDYHFOHWKHUPRVWDW
G
DPELDQFHVDQV¿OGHOD]RQH
'pIDXWGHFRPPXQLFDWLRQDYHFOHWKHUPRVWDW
G
DPELDQFHVDQV¿OGHOD]RQH
'pIDXWGHFRPPXQLFDWLRQDYHFOHWKHUPRVWDW
G
DPELDQFHVDQV¿OGHOD]RQH
'pIDXWGHFRPPXQLFDWLRQDYHFOHWKHUPRVWDW
G
DPELDQFHVDQV¿OGHOD]RQH
'pIDXWGHFRPPXQLFDWLRQDYHFOHWKHUPRVWDW
G
DPELDQFHVDQV¿OGHOD]RQH
'pIDXWGHFRPPXQLFDWLRQDYHFODVRQGH
H[WpULHXUHVDQV¿O
&DXVHSRVVLEOH
6ROXWLRQ
/HWKHUPRVWDWG
DPELDQFHHVWWURS
pORLJQpGXERvWLHUGHJHVWLRQ
,O\DXQSUREOqPHDYHFOHVSLOHVGX
WKHUPRVWDWG
DPELDQFH
9pUL¿H]O
HPSODFHPHQWGXWKHUPRVWDW
G
DPELDQFH
9pUL¿H]TXHOHVSLOHVGXWKHUPRVWDW
G¶DPELDQFHVRQWELHQLQVWDOOpHVGDQVOHXU
FRPSDUWLPHQW
9pUL¿H]TXHODSRODULWpGHVSLOHVQ
HVWSDV
LQYHUVpH
9pUL¿H]TXHOHVSLOHVQHVRQWSDVXVpHV
6LF
HVWOHFDVUHPSODFH]OHVSDUGHV
SLOHVQHXYHV
/DVRQGHH[WpULHXUHHVWWURSpORLJQpHGX
ERvWLHUGHJHVWLRQ
9pUL¿H]O
HPSODFHPHQWGHODVRQGH
H[WpULHXUH/¶DOLPHQWDWLRQpOHFWULTXHGH
ODVRQGHHVWDVVXUpHSDUXQHFHOOXOH
SKRWRYROWDwTXH/DVRQGHH[WpULHXUHQH
FRPSRUWHSDVGHSLOHjUHPSODFHU
&RGHVGpIDXWVGHODFKDXGLqUH
5HSRUWH]YRXVDXPDQXHOG¶LQVWDOODWLRQGHODFKDXGLqUHSRXU
FRQQDvWUHOHGHVFULSWLIGHVFRGHVGpIDXWV
&RGHVGpIDXWVGHODSRPSHjFKDOHXU
5HSRUWH]YRXVDXPDQXHOG¶LQVWDOODWLRQGHODSRPSHj
FKDOHXUSRXUFRQQDvWUHOHGHVFULSWLIGHVFRGHVGpIDXWV
(WDWV
(WDWVGHODFKDXGLqUH
5HSRUWH]YRXVDXPDQXHOG¶LQVWDOODWLRQGHODFKDXGLqUHSRXU
FRQQDvWUHOHGHVFULSWLIGHVpWDWVGHODFKDXGLqUH
(WDWVGHODSRPSHjFKDOHXU
5HSRUWH]YRXVDXPDQXHOG¶LQVWDOODWLRQGHODSRPSHj
FKDOHXUSRXUFRQQDvWUHOHGHVFULSWLIGHVpWDWVGHODSRPSHj
FKDOHXU
B6DXQLHU'XYDO
0$,17(1$1&(
0DLQWHQDQFH
7HVWGHODSRPSHjFKDOHXU
0DLQWHQDQFHDQQXHOOH
5HSRUWH]YRXVjODQRWLFHGHFKDTXHpOpPHQWFRPSRVDQWOH
V\VWqPHSRXUFRQQDvWUHOHVRSpUDWLRQVG¶HQWUHWLHQGHFKDFXQ
G¶HX[
6pOHFWLRQQH]jO¶pFUDQ
3RPSHjFKDOHXUDYHFOHVWRXFKHV
9DOLGH]DYHFODWRXFKH
0HQXPDLQWHQDQFHGXERvWLHUGHJHVWLRQ
/HPHQXPDLQWHQDQFHGXERvWLHUGHJHVWLRQUHSUHQGOHV
IRQFWLRQVGXPHQXLQVWDOODWLRQDXTXHOHVWDMRXWpIRQFWLRQV
VXSSOpPHQWDLUHV
$SSX\H]VXUODWRXFKH
SHQGDQWVHFRQGHV
6DLVLVVH]OHFRGHG
DFFqV
SURIHVVLRQQHOGHPDLQWHQDQFH
9DOLGH]DYHFODWRXFKH
&HPHQXSHUPHW
G
HIIHFWXHUXQHGHPDQGHGHFKDXIIDJH
jODSRPSHjFKDOHXU
G
DFWLYHUOHFLUFXODWHXU
G
DFWLYHUOHYHQWLODWHXU
G
DFWLYHUODYDQQHYRLHV
G
DFWLYHUODUpVLVWDQFHGHFDUWHU
G
DFWLYHUODUpVLVWDQFHGHIRQGEDV
G
DFWLYHUODUpVLVWDQFHGHO
pFKDQJHXU
G
DFWLYHUOHGpJLYUDJH
6pOHFWLRQQH]YRWUHFKRL[jO¶pFUDQ
DYHFOHVWRXFKHV
9DOLGH]DYHFODWRXFKH
ODQFHUOHWHVW
0HQXGHWHVW
&HPHQXSHUPHWGHWHVWHUOHIRQFWLRQQHPHQWGHWRXVOHVDSSDUHLOV
FKDXGLqUHSRPSHjFKDOHXUSUpVHQWVGDQVO
LQVWDOODWLRQ
SRXU
3RXUDUUrWHUOHWHVWDSSX\H]VXUOD
WRXFKH
$SSX\H]VXUODWRXFKH
7HVWGXV\VWqPH
6pOHFWLRQQH]jO¶pFUDQ
0HQXGHWHVWDYHFOHVWRXFKHV
9DOLGH]DYHFODWRXFKH
6pOHFWLRQQH]jO¶pFUDQ
6\VWqPHDYHFOHVWRXFKHV
9DOLGH]DYHFODWRXFKH
7HVWGHODFKDXGLqUH
&HPHQXSHUPHWG
DFWLYHUOHFLUFXODWHXU
GXPRGXOHK\GUDXOLTXH
6pOHFWLRQQH]jO¶pFUDQ
&KDXGLqUHDYHFOHVWRXFKHV
9DOLGH]DYHFODWRXFKH
$SSX\H]VXUODWRXFKH
DFWLYHUOHWHVW
SRXU
3RXUGpVDFWLYHUOHWHVWDSSX\H]VXU
ODWRXFKH
$SSX\H]VXUODWRXFKH
&HPHQXSHUPHWG
HIIHFWXHUXQH
GHPDQGHGHFKDXIIDJHjODFKDXGLqUH
SRXU
$SSX\H]VXUODWRXFKH
DFWLYHUODGHPDQGHFKDXIIDJH
3RXUGpVDFWLYHUODGHPDQGHGH
FKDXIIDJHDSSX\H]VXUODWRXFKH
$SSX\H]VXUODWRXFKH
B6DXQLHU'XYDO
0$,17(1$1&(
7HVWGHV]RQHVGHFKDXIIDJH
i
/HWHVWGHV]RQHVGHFKDXIIDJHHVWSRVVLEOH
VHXOHPHQWVLYRXVDYH]FKRLVLO
RSWLRQNLWPXOWL]RQH
&HPHQXSHUPHWG
DFFpGHUDX[LQIRUPDWLRQVGX6HUYLFH$SUqV
9HQWH
6pOHFWLRQQH]jO¶pFUDQ
2SWLRQVDYHFOHVWRXFKHV
6pOHFWLRQQH]jO¶pFUDQ
=RQHVDYHFOHVWRXFKHV
9DOLGH]DYHFODWRXFKH
,QIRUPDWLRQV6HUYLFH$SUqV9HQWH
9DOLGH]DYHFODWRXFKH
&HPHQXSHUPHWG
DFWLYHUODYDQQHGX
NLWPXOWL]RQHGHFKDTXH]RQH
6pOHFWLRQQH]OD]RQHTXHYRXV
VRXKDLWH]WHVWHUDYHFOHVWRXFKHV
$SSX\H]VXUODWRXFKH
DFWLYHUOHWHVW
SRXU
3RXUGpVDFWLYHUOHWHVWDSSX\H]VXU
ODWRXFKH
$SSX\H]VXUODWRXFKH
7HVWGXNLWSLVFLQH
i
/HWHVWGXNLWSLVFLQHHVWSRVVLEOHVHXOHPHQWVLYRXV
DYH]FKRLVLO
RSWLRQNLWSLVFLQH
6pOHFWLRQQH]jO¶pFUDQ
,QIR6$9DYHFOHVWRXFKHV
9DOLGH]DYHFODWRXFKH
9RXVSRXYH]YLVXDOLVHURXPRGL¿HUOHV
LQIRUPDWLRQVVXLYDQWHV
ODGDWHGXGHUQLHUDFFqVDX[PHQXV
SURIHVVLRQQHOV
OHQRPGHODVRFLpWpDVVXUDQWOH
VHUYLFHDSUqVYHQWH
OHQXPpURGHWpOpSKRQHGHODVRFLpWp
DVVXUDQWOHVHUYLFHDSUqVYHQWH
6pOHFWLRQQH]jO¶pFUDQ
3LVFLQHDYHFOHVWRXFKHV
9DOLGH]DYHFODWRXFKH
&HPHQXSHUPHWG
HIIHFWXHUXQH
GHPDQGHGHFKDXIIDJHSRXUODSLVFLQH
$SSX\H]VXUODWRXFKH
DFWLYHUOHWHVW
SRXU
/DYDQQHYRLHVGXNLWSLVFLQHV
RXYUH
3RXUGpVDFWLYHUOHWHVWDSSX\H]VXU
ODWRXFKH
$SSX\H]VXUODWRXFKH
B6DXQLHU'XYDO
6RXVUpVHUYHGHPRGL¿FDWLRQVWHFKQLTXHV
6$$XFDSLWDOGH(XURV
5&61$17(6
6,5(1
B
9$,//$17*5283)5$1&(6$
©/H7HFKQLSROHªDYHQXH3DEOR3LFDVVR
)RQWHQD\VRXV%RLVFHGH[±)UDQFH
7pOpSKRQH
7pOpFRSLH
6LWH,QWHUQHWZZZVDXQLHUGXYDOIU