Download 01 Presentation PPI 2015

Transcript
/HVPHPEUHVGHVJRXYHUQHPHQWVGHVFDQWRQVVXLVVHVUHVSRQVDEOHVGHVWUDYDX[SXEOLFVGH
O
DPpQDJHPHQWGXWHUULWRLUHGHO
HQYLURQQHPHQWGHVURXWHVGXWUDQVSRUWHWGHVPDUFKpVSXEOLFV
FRQVWLWXHQWOD&RQIpUHQFHVXLVVHGHVGLUHFWHXUVFDQWRQDX[GHVWUDYDX[SXEOLFVGH
O
DPpQDJHPHQWGXWHUULWRLUHHWGHO
HQYLURQQHPHQW'7$36RQWpJDOHPHQWPHPEUHVGHOD'7$3
OD3ULQFLSDXWpGH/LHFKWHQVWHLQDLQVLTXHO
8QLRQGHVYLOOHVVXLVVHVHWO
$VVRFLDWLRQGHVFRPPXQHV
VXLVVHV
$ODILQGHVDQQpHVQRQDQWHODUHSULVHGDQVOHGURLWVXLVVHGHVGLUHFWLYHVHXURSpHQQHVUHODWLYHV
DX[SURGXLWVGHFRQVWUXFWLRQHWDX[DVFHQVHXUVDpWpO
RFFDVLRQGHPHWWUHDXSRLQWO¶$FFRUG
,QWHUFDQWRQDOVXUOµ(OLPLQDWLRQGHVHQWUDYHV7HFKQLTXHVDX&RPPHUFH$,(7&&HVGLUHFWLYHV
FRQWLHQQHQWG¶XQHSDUWGHVSUHVFULSWLRQVVXUODPLVHHQVHUYLFHGHSURGXLWVGHFRQVWUXFWLRQRX
G
DVFHQVHXUVHWG
DXWUHSDUWIL[HQWOHVH[LJHQFHVHQPDWLqUHG
RXYUDJHV/DPLVHHQFLUFXODWLRQ
GHSURGXLWVUHOqYHGHODFRPSpWHQFHGHUpJOHPHQWDWLRQGHOD&RQIpGpUDWLRQDUW&VWDXWUHIRLV
DUWELVDORUVTXHODUpJOHPHQWDWLRQGHVH[LJHQFHVSRVpHVHQPDWLqUHG
RXYUDJHVFRQFHUQH
DXVVLELHQOD&RQIpGpUDWLRQTXHOHVFDQWRQV&RQIpGpUDWLRQHWFDQWRQWUDYDLOOHQWGRQFHQpWURLWH
FROODERUDWLRQ,OHQHVWUpVXOWpKRUPLVO
$,(7&ODORLIpGpUDOHVXUOHVSURGXLWVGHFRQVWUXFWLRQORL
VXUOHVSURGXLWVGHFRQVWUXFWLRQ/3&R
/
$,(7&DpWpDGRSWpOHRFWREUHSDUOD&RQIpUHQFHVGHVJRXYHUQHPHQWVFDQWRQDX[j
%HUQH'HSXLVWRXVOHVFDQWRQVGH6XLVVHRQWDGKpUpjO
$,(7&
6XUPDQGDWGHODFRPPLVVLRQGHO¶$,(7&O
$VVRFLDWLRQGHVpWDEOLVVHPHQWVFDQWRQDX[
G
DVVXUDQFHLQFHQGLH$($,DUpYLVpGXUDQWOHVTXDWUHGHUQLqUHVDQQpHVOHVSUHVFULSWLRQVVXLVVHV
GHSURWHFWLRQLQFHQGLH©33,ª
/HVQRXYHOOHV33,GHO¶$($,V¶DSSOLTXHQWGDQVWRXWHOD6XLVVHGHSXLVOHMDQYLHU
/DORLVXUODSURWHFWLRQFRQWUHOHIHXUHVWDQWGXUHVVRUWFDQWRQDO
/DSURWHFWLRQLQFHQGLHHQ6XLVVHXQHVXFFHVVVWRU\
6HORQOD©*HQHYD$VVRFLDWLRQIRUWKH6WXG\ RI,QVXUDQFH (FRQRPLFV ªVHXO6LQJDSRXUHQUHJLVWUH
FKDTXHDQQpHPRLQVGHGpFqVGDQVGHVLQFHQGLHVTXHOD6XLVVH&
HVWFHUWDLQHPHQWJUkFHjOD
ORQJXHH[SpULHQFHKHOYpWLTXHGDQVFHGRPDLQH(QGpMjO
$($,DpODERUpOHVSUHPLqUHV
SUHVFULSWLRQVGHSURWHFWLRQLQFHQGLHTXLQ
pWDLHQWSDVHQFRUHREOLJDWRLUHV'HSXLVODSURWHFWLRQ
LQFHQGLHHQ6XLVVHQ
DFHVVpGHVHGpYHORSSHU$XMRXUG
KXLGpFODUpHREOLJDWRLUHOHMXLQ
VXUGpFLVLRQGHO¶DXWRULWpFRPSpWHQWHGDQVOHFDGUHGHO¶$FFRUGLQWHUFDQWRQDOVXUO¶pOLPLQDWLRQGHV
HQWUDYHVWHFKQLTXHVDXFRPPHUFH$,(7&OHVSUHVFULSWLRQVGHSURWHFWLRQLQFHQGLHGHO
$($,RQW
IRUFHGHORLGDQVWRXVOHVFDQWRQVHWVHUYHQWjODSURWHFWLRQGHVSHUVRQQHVHWGHVREMHWVFRQWUHOHV
LQFHQGLHVHWOHVH[SORVLRQV
3UpVHUYHUOHSDWULPRLQHLPPRELOLHUVDYDOHXUpFRQRPLTXHHWVRFLDOHHVWXQGHYRLUVRFLpWDOHWXQ
WUDYDLOGHSURIHVVLRQQHOV
9RLOjSRXUTXRLOHVFDQWRQVRQWGDQVOHXUJUDQGHPDMRULWpFRQILpODVVXUDQFHHWOD
SURWHFWLRQGHVEkWLPHQWVHWGHOHXUVKDELWDQWVjGHVHQWUHSULVHVGHGURLWSXEOLFDXWRQRPHV
/HV(WDEOLVVHPHQWVFDQWRQDX[GDVVXUDQFH(&$DVVXUHQWSOXVGHPLOOLRQVGHEkWLPHQWVHQ
6XLVVH/DVRPPHDVVXUpHJOREDOHV
pOqYHjSOXVGHPLOOLDUGVGHIUDQFV &HODFRUUHVSRQGj
XQHSDUWG
HQYLURQGHO
HQVHPEOHGXEkWLVXLVVH
8QLVVDQWODGLPHQVLRQGXVHUYLFHSXEOLFHWODG\QDPLTXHGHODJHVWLRQSULYpHLOVRIIUHQW
GHVSULPHVPLQLPDOHV GHVSUHVWDWLRQVG
DVVXUDQFHPD[LPDOHV XQHSUpYHQWLRQHWXQHSURWHFWLRQ
RSWLPDOHV
/HVLQWpUrWVGHV(&$GpERUGHQWOHVIURQWLqUHVFDQWRQDOHV
&
HVWSRXUTXRLLOVGpYHORSSHQWGHVVROXWLRQVHWGHVSURGXLWVHQFRPPXQ$LQVLODSURWHFWLRQ
LQFHQGLHHVWUpJOpHXQLIRUPpPHQWGDQVWRXWHOD6XLVVH
/HVLQYHVWLVVHPHQWVFLEOpVGDQVODSUpYHQWLRQHWODOXWWHFRQWUHOHVGRPPDJHVSHUPHWWHQWGH
UpGXLUHOHWDX[GHGRPPDJHVHWSDUFRQVpTXHQWOHVFR€WV&
HVWSRXUTXRLOHV(WDEOLVVHPHQWV
FDQWRQDX[G
DVVXUDQFHV
HQJDJHQWGDQVOHVWURLVGRPDLQHVG¶DFWLRQ
‡3UpYHQWLRQ 3URWHFWLRQLQFHQGLHHWSUpYHQWLRQGHVGRPPDJHVpOpPHQWVQDWXUHOV
‡,QWHUYHQWLRQ $LGHLPPpGLDWHHWUpGXFWLRQGHVGRPPDJHV
‡$VVXUDQFH $VVXUDQFHREOLJDWRLUHPRQRSROHFRPSOqWHHWVROLGDLUHGDQVXQV\VWqPHGHVHUYLFH
SXEOLF
5DSSRUWGX&RQVHLOIpGpUDO©5DSSRUWVXUOHVFR€WVGHODUpJOHPHQWDWLRQª FRQWHQX
‡'DQVODSOXSDUWGHVVHFWHXUVOHVPLFUR HWSHWLWHVHQWUHSULVHVVRQWFHOOHVTXLVRXIIUHQWOHSOXVGH
ODUpJOHPHQWDWLRQ&RPSWHWHQXGHODFRPSRVLWLRQGXSD\VDJHHQWUHSUHQHXULDOHQ6XLVVHO
eWDW
GRLWSDUWLFXOLqUHPHQWYHLOOHUjFHTXHOHV30(QHVRLHQWSDVDIIHFWpHVGHPDQLqUH
GLVSURSRUWLRQQpHSDUOHVFR€WVGHODUpJOHPHQWDWLRQ
‡eOLPLQDWLRQGHVUHGRQGDQFHVHQWUHODORLVXUOHWUDYDLOYRLHVG
pYDFXDWLRQHWGHVDXYHWDJHHWOHV
SUHVFULSWLRQVGHSURWHFWLRQLQFHQGLHUpIpUHQFHDX[33,
‡/HFRQFHSWGHSURWHFWLRQLQFHQGLHGRLWrWUH©JHOpªDXPRPHQWGHO
RFWURLGXSHUPLVGH
FRQVWUXLUHDILQGHJDUDQWLUTX
DXFXQHDXWUHUqJOHQHV
DSSOLTXHDXPRPHQWGHODUpFHSWLRQGHOD
FRQVWUXFWLRQRXQHVRLWLQWHUSUpWpHHQGpURJDWLRQjODVLWXDWLRQDXPRPHQWGHO
RFWURLGXSHUPLVGH
FRQVWUXLUH
‡IUDLVDSSUR[SURWHFWLRQLQFHQGLH LPPHXEOH± EkWLPHQWFRPSOH[HDYHFSOXVLHXUV
DIIHFWDWLRQV± 'HVOLEpUDOLVDWLRQVLPSRUWDQWHV
/DUpYLVLRQDSHUPLVGHQRPEUHX[DVVRXSOLVVHPHQWVjSDUWLUGXHUMDQYLHU([HPSOHV
‡O
H[SpULHQFHDPRQWUpTXHOHVPHVXUHVGHSURWHFWLRQLQFHQGLHGDQVOHVPDLVRQVLQGLYLGXHOOHV
SUpVHQWHQWXQFR€WpOHYpSDUUDSSRUWjG
DXWUHVPHVXUHVHWHOOHVFRQWULEXHQWSHXjODSURWHFWLRQGHV
SHUVRQQHV'pVRUPDLVDXFXQHPHVXUHGHSURWHFWLRQLQFHQGLHQHGRLWGRQFrWUHREVHUYpHGDQVFH
GRPDLQHVDXISRXUOHVEkWLPHQWVDYHFXQHFKDXGLqUHjERLVHWXQORFDOGHVWRFNDJHGX
FRPEXVWLEOH
‡ODPrPHUqJOHV
DSSOLTXHDX[EkWLPHQWVGHWDLOOHUpGXLWHMXVTX
jPGHVXUIDFHWRWDOHHW
QLYHDX[DXPD[LPXP'DQVFHFDVpJDOHPHQWDXFXQHPHVXUHGHSURWHFWLRQLQFHQGLHQ
HVWj
REVHUYHUVDXIOHUHVSHFWGHODORQJXHXUPD[LPDOHGHVYRLHVG
pYDFXDWLRQFRPPHSRXUOHVDXWUHV
EkWLPHQWV/HV30(XWLOLVDQWDXVVLOHXUVEkWLPHQWVjGHVILQVSULYpHVSURILWHQWSDUWLFXOLqUHPHQWGH
FHWDVVRXSOLVVHPHQW/
HQWUHSUHQHXUSHXWSDUH[HPSOHDYRLUVRQDWHOLHUDXUH]GHFKDXVVpHHWVRQ
DSSDUWHPHQWjO
pWDJH
‡ODORQJXHXUPD[LPDOHDXWRULVpHSRXUOHVYRLHVG
pYDFXDWLRQKRUL]RQWDOHVHVWGpVRUPDLVGHP
MXVTX
LFLPHWOHUHVSHFWGHODORQJXHXUGHVYRLHVG
pYDFXDWLRQHVWGpWHUPLQDQWHSRXUGpILQLUOH
QRPEUHGHFDJHVG
HVFDOLHU
‡ODWDLOOHPD[LPDOHGHVFRPSDUWLPHQWVFRXSHIHXGDQVOHVEkWLPHQWVLQGXVWULHOVHWDUWLVDQDX[DpWp
DXJPHQWpHGDQVFHUWDLQVVHFWHXUVMXVTX
j
‡GpVRUPDLVGHVEkWLPHQWVMXVTX
jKXLWQLYHDX[SHXYHQWrWUHFRQVWUXLWVHQERLV'HSOXVRQQHIDLW
SOXVGHGLVWLQFWLRQHQWUHFRQVWUXFWLRQFRPEXVWLEOHHWFRQVWUXFWLRQLQFRPEXVWLEOH
/DSURWHFWLRQGHVSHUVRQQHVHVWPDLQWHQX
(QMXLQO
$XWRULWpLQWHUFDQWRQDOHGHVHQWUDYHVWHFKQLTXHVDXFRPPHUFH$,(7DFKDUJp
O
$($,GHUpYLVHUOHV33,HWGHOHVPHWWUHjQLYHDX
/HPDQGDWSROLWLTXHHQJOREDLWHVVHQWLHOOHPHQWOHVREMHFWLIVVXLYDQWV
‡/DVRFLpWpHVWVDWLVIDLWHGXQLYHDXDFWXHOGHSURWHFWLRQGHVSHUVRQQHVF
HVWSRXUTXRLFHOXLFLQH
VXELUDSDVGHFKDQJHPHQWHQYGpFqVDQGXVDXIHXSDUPLOOLRQG
KDELWDQWV
‡GHVYLFWLPHVG¶LQFHQGLHOHVRQWGDQVGHVEkWLPHQWVG¶KDELWDWLRQLQFOXVOHVEkWLPHQWV
DJULFROHHWOHVKRPHVSXEOLFV
‡3RXUGHFHVYLFWLPHVO¶LQFHQGLHHVWGXHjODQpJOLJHQFH
‡HQPDWLqUHGHSURWHFWLRQGHVELHQVLOFRQYLHQWGHPHWWUHFRQVFLHQFLHXVHPHQWHQEDODQFHOHV
GLIIpUHQWVLQWpUrWVSRXUGLPLQXHUOHVFR€WVWRXWHQSUpVHUYDQWO
DFFHSWDWLRQVRFLDOH
‡/HVUpVXOWDWVGXSURMHWGHUHFKHUFKHGHO
(3)©2SWLPLVDWLRQpFRQRPLTXHGHODSURWHFWLRQ
LQFHQGLHSUpYHQWLYHªIRUPHQWXQHEDVHDGpTXDWHHWGRLYHQWrWUHSULVHQFRPSWH
/DSURFpGXUHFKRLVLHVRXVOHPRWG
RUGUH©$XVVLELHQTXHQpFHVVDLUHªDFRQGXLWGHPDQLqUH
JpQpUDOHjXQHUpGXFWLRQGXQLYHDXGHVpFXULWpSRXUODSURWHFWLRQGHVELHQV,OHVWLPSRUWDQWGDQV
FHGRPDLQHTXHODSURWHFWLRQLQFHQGLHSUpYHQWLYHQHFR€WHSDVSOXVTX
HOOHQHUDSSRUWHGXSRLQW
GHYXHpFRQRPLTXH
6RXUFH$($,%HUQHHW,%.%HULFKW 1U-XOL ©:LUWVFKDIWOLFKH 2SWLPLHUXQJ LP
YRUEHXJHQGHQ %UDQGVFKXW]ª± .DWKDULQD )LVFKHU-RFKHQ.RKOHU0DULR)RQWDQD0LFKDHO+
)DEHU
3RXUSOXVGHGHVFDVODVpFXULWpLQFHQGLHHVWJDUDQWLHSDUO¶DSSOLFDWLRQGHVFRQFHSW
VWDQGDUGVGpILQLVGDQVOHVGLUHFWLYHVGHSURWHFWLRQLQFHQGLH'3,
&RPPHMXVTX
jSUpVHQWOHVEkWLPHQWVRXYUDJHVHWLQVWDOODWLRQVGRLYHQWrWUHFRQVWUXLWVH[SORLWpV
HWHQWUHWHQXVGHPDQLqUHj
DJDUDQWLUODVpFXULWpGHVSHUVRQQHVHWGHVDQLPDX[DLQVLTXHGHO¶HQYLURQQHPHQW
(WHQSUHQDQWHQFRPSWHO
pFRQRPLFLWpSRXU
ESUpYHQLUOHVLQFHQGLHVOHVH[SORVLRQVHWOLPLWHUODSURSDJDWLRQGHVIODPPHVGHODFKDOHXUHWGHV
IXPpHV
4XDOLWp
$VVXUDQFH TXDOLWpHQ3URWHFWLRQLQFHQGLH$T3LVXUWRXWHODGXUpHGHYLHGHVEkWLPHQWVRXYUDJHV
HWLQVWDOODWLRQV'RFXPHQWDWLRQVXLYLWHWHQWUHWLHQ
6WUXFWXUHVDUFKLWHFWRQLTXHV
'LVWDQFHGHVpFXULWp&RPSDUWLPHQWFRXSHIHX0XUFRXSHIHX6\VWqPHSRUWHXU9RLHVGHIXLWH
8WLOLVDWLRQGHPDWpULDX[GHFRQVWUXFWLRQ
7HFKQLTXH
,QVWDOODWLRQGHGpWHFWLRQG¶LQFHQGLH,QVWDOODWLRQ6SULQNOHU([XWRLUHVGHFKDOHXUHWGHIXPpH
6\VWqPHGHPLVHHQVXUSUHVVLRQ,QVWDOODWLRQGHSURWHFWLRQFRQWUHODIRXGUH3RVWHVLQFHQGLH
H[WLQFWHXUVSRUWDWLIV
2UJDQLVDWLRQQHOOH
&KDUJpVGHVpFXULWp&RQFHSWHQFDVG¶XUJHQFH*URXSHG¶pYDFXDWLRQ6pFXULWpLQFHQGLHGXUDQW
O¶H[SORLWDWLRQ)RUPDWLRQGHVFROODERUDWHXUV2UGUHHWSURSUHWp,QWHUYHQWLRQG¶HQWUHSULVHH[WHUQH
3RPSLHUV
3URFpGXUHV G¶LQWHUYHQWLRQ6DSHXUVSRPSLHUVG¶HQWUHSULVH63(YRORQWDLUHPHQW
REOLJDWRLUHPHQW*URXSHG¶LQWHUYHQWLRQYRORQWDLUHV&RUSVORFDOGHVDSHXUVSRPSLHUV&HQWUH
GHUHQIRUWVSpFLDO
&RQVpTXHQFHVGHVQRXYHOOHVSUHVFULSWLRQVGHSURWHFWLRQLQFHQGLH
7RXWHVOHVSHUVRQQHVFRQFHUQpHVGRLYHQWJDUDQWLUSHQGDQWWRXWHODYLHGXEkWLPHQWRXGH
O¶RXYUDJHXQHDVVXUDQFHTXDOLWpHIILFDFHGHODSURWHFWLRQLQFHQGLH
/¶DVVXUDQFHTXDOLWpGRLWUHSRVHUVXUOHVFULWqUHVGHGpWHUPLQDWLRQGHVH[LJHQFHVGHSURWHFWLRQ
LQFHQGLHDLQVLTXHVXUOHVpTXLSHPHQWVGHSURWHFWLRQLQFHQGLHHWOHVPpWKRGHVGHSUHXYHV
HPSOR\pHV
/HVPHVXUHVG¶DVVXUDQFHTXDOLWpHQSURWHFWLRQLQFHQGLHGRLYHQWrWUHFRQWU{OpHVUpJXOLqUHPHQWHW
DGDSWpHVVLQpFHVVDLUH
8QGRVVLHUG¶DVVXUDQFHTXDOLWpHQSURWHFWLRQLQFHQGLHGRLWrWUHFUpHGqVODSKDVHGHSURMHW
$ODILQGHVWUDYDX[FHGRVVLHU$T3LGHYUDFRQWHQLU
OHVFKDUJHV3,O¶DWWHVWDWLRQGHFRQIRUPLWp3,OHFRQFHSW3,HWSODQV3,OHVSODQVG¶LQWHUYHQWLRQ
DLQVLTXHOHVDWWHVWDWLRQVLQFOXDQW
FHUWLILFDWGHSHUIRUPDQFHDWWHVWDWLRQVKRPRORJDWLRQHW
GpFODUDWLRQVGHFRQIRUPLWpHW
QRWLFHG
LQVWDOODWLRQDYHFSODQVHWVFKpPDVHW
PDQXHOGHVHUYLFHHW
LQVWUXFWLRQVG
HQWUHWLHQ
FRQWUHVLJQpHVSDUO¶HQWUHSULVHSHUVRQQHUHVSRQVDEOHGHOHXUPLVHQ°XYUH
SRXU
OHVPDWpULDX[SDUWLHVGHFRQVWUXFWLRQVRXPLVDX[H[LJHQFHVGHSURWHFWLRQLQFHQGLH
FRPSRUWHPHQWHWRXUpVLVWDQFHDXIHX
OHVIHUPHWXUHVVXUOHVYRLHVG¶pYDFXDWLRQ
OHVLQVWDOODWLRQVWHFKQLTXHVGHSURWHFWLRQLQFHQGLHWHOVTXH(TXLSHPHQWG¶$OLPHQWDWLRQGH
6pFXULWp'pWHFWLRQ,QFHQGLH$XWRPDWLTXH,QVWDOODWLRQG¶([WLQFWLRQ$XWRPDWLTXH(YDFXDWLRQGH
)XPpHHW&KDOHXU3URWHFWLRQ&RQWUHOD)RXGUH'LVSRVLWLIG¶(YDFXDWLRQ'LVSRVLWLIG¶$ODUPH
6RQRUHHWF
OHVLQVWDOODWLRQVWHFKQLTXHVHWpOHFWULTXHVGXEkWLPHQWDYHFOHXUVUDSSRUWVGHFRQWU{OH
UpFHSWLRQ
OHVGLVSRVLWLIVG¶H[WLQFWLRQ
WRXWHVDXWUHVLQIRUPDWLRQVSHUWLQHQWHVFRQFHUQDQWODVpFXULWp
&RPPDQGHDXSUqVGHO¶$($,&ODVVHXUV$%RXHW%URFKXUH©H[WUDLWGHVSUHVFULSWLRQVGH
SURWHFWLRQLQFHQGLHª
7pOpFKDUJHPHQWJUDWXLW&RPPDQGHVRXV
ZZZSUDHYHUFK
3URWHFWLRQLQFHQGLH
6KRS
$SSOLFDWLRQJUDWXLWH©9.)3UDHYHUªSRXU7DEOHWWHVDYHF26$SSOH$QGURwGH:LQGRZVQRQ
GLVSRQLEOHSRXU6PDUWSKRQH
1RUPHGHSURWHFWLRQLQFHQGLH
3UHVFULSWLRQGHSURWHFWLRQLQFHQGLH33,
7HUPHVHWGpILQLWLRQVQRXYHDX
QRXYHDX
$VVXUDQFHTXDOLWpHQSURWHFWLRQLQFHQGLHQRXYHDX
QRXYHDX
3UpYHQWLRQGHVLQFHQGLHVHWSURWHFWLRQLQFHQGLHRUJDQLVDWLRQQHOOH
0DWpULDX[HWpOpPHQWVGHFRQVWUXFWLRQ
8WLOLVDWLRQGHVPDWpULDX[GHFRQVWUXFWLRQ
'LVWDQFHVGHVpFXULWpLQFHQGLHV\VWqPHVSRUWHXUVHWFRPSDUWLPHQWVFRXSHIHX
9RLHVG¶pYDFXDWLRQHWGHVDXYHWDJH
6LJQDOLVDWLRQGHVYRLHVG¶pYDFXDWLRQeFODLUDJHGHVpFXULWp$OLPHQWDWLRQGHVpFXULWp
'LVSRVLWLIVG¶H[WLQFWLRQ
,QVWDOODWLRQVVSULQNOHUV
,QVWDOODWLRQVGHGpWHFWLRQG¶LQFHQGLH
,QVWDOODWLRQVG
H[WUDFWLRQGHIXPpHHWGHFKDOHXU
6\VWqPHVGHSURWHFWLRQFRQWUHODIRXGUH
,QVWDOODWLRQVGHWUDQVSRUW
,QVWDOODWLRQVWKHUPLTXHV
,QVWDOODWLRQVDpUDXOLTXHV
0DWLqUHVGDQJHUHXVHV
0pWKRGHVGHSUHXYHVHQSURWHFWLRQLQFHQGLHQRXYHDX
QRXYHDX
3URFpGXUHGHUHFRQQDLVVDQFH$($,
1RWHH[SOLFDWLYHVGHSURWHFWLRQLQFHQGLH
0XUVFRXSHIHX
%kWLPHQWVDYHFFRXULQWpULHXUHFRXYHUWHRXFRXULQWpULHXUH
%kWLPHQWVjIDoDGHVGRXEOHSHDX
&KHPLQpHVGHVDORQ
&KDXIIDJHVjFRSHDX[
&KDXIIDJHVjSODTXHWWHVGHERLV
&KDXIIDJHVjSHOOHWV
,PSODQWDWLRQWHPSRUDLUHG
LQVWDOODWLRQVGHJD]OLTXpILp
*DUDQWLHGHO
pWDWGHIRQFWLRQQHPHQWGHVDVVHUYLVVHPHQWVLQFHQGLH$,
$LGHGHWUDYDLO
%kWLPHQWVGHWDLOOHUpGXLWH
%kWLPHQWVG¶KDELWDWLRQ
%kWLPHQWVVFRODLUHV
/RUVTXHOHVSUHVFULSWLRQVGHSURWHFWLRQLQFHQGLHGpILQLVVHQWGHVH[LJHQFHVHQIRQFWLRQGXQRPEUH
GHQLYHDX[RXGHODKDXWHXULOIDXWVHUpIpUHUDX[GpILQLWLRQVGRQQpHVDX[FKFKLIIUHVHW
DUW13,
/DKDXWHXUWRWDOHG
XQRXYUDJHFRUUHVSRQGjODSOXVJUDQGHKDXWHXUHQWUHOHSRLQWOHSOXVKDXWGH
ODFKDUSHQWHGXWRLWPHVXUpHjO
DSORPEGXWHUUDLQGHUpIpUHQFH/HSRLQWFXOPLQDQWGHODWRLWXUH
HVWV¶LOV¶DJLWG¶XQWRLWjGHX[SDQVOHIDvWHHWV¶LOV¶DJLWG¶XQHWRLWXUHSODWHOHERUGGXWRLW/HV
VXSHUVWUXFWXUHVWHFKQLTXHVSDUH[HPSOHFHOOHVFRQFHUQDQWOHVDVFHQVHXUVOHVHVFDOLHUVOHV
YHQWLODWLRQVOHVFRQGXLWVGHIXPpHRXOHVLQVWDOODWLRQVVRODLUHVSHXYHQWGpSDVVHUOHSRLQW
FXOPLQDQWGHODWRLWXUH/HVGLVSRVLWLRQVGHO
$FFRUGLQWHUFDQWRQDOKDUPRQLVDQWODWHUPLQRORJLH
GDQVOHGRPDLQHGHVFRQVWUXFWLRQV$,+&VRQWDSSOLFDEOHV
*pRPpWULHGHVEkWLPHQWV
D%kWLPHQWVGHIDLEOHKDXWHXUKDXWHXUWRWDOHPDXPD[LPXP
E
%kWLPHQWVGHPR\HQQHKDXWHXUKDXWHXUWRWDOHPDXPD[LPXP
F
%kWLPHQWVpOHYpVKDXWHXUWRWDOHGHSOXVGHP
G%kWLPHQWGHWDLOOHUpGXLWHªDLGHGHWUDYDLO
&HWWHQRXYHOOHFDWpJRULHFRUUHVSRQGjGHVW\SHVUpSDQGXVGHEkWLPHQWVFRPPHOHV30(TXL
SUpVHQWHQWGHVULVTXHVQRUPDX[
%kWLPHQWVGHIDLEOHKDXWHXUQLYHDX[DXPD[LPXPKRUVWHUUHQLYHDXVRXWHUUDLQDXPD[LPXP
VXUIDFHWRWDOHGHWRXVOHVQLYHDX[PDXPD[LPXPVRXVVROVLQFOXVSDVG¶XWLOLVDWLRQSRXU\
IDLUHGRUPLUGHVSHUVRQQHVjO
H[FHSWLRQG
XQDSSDUWHPHQWSDVG¶XWLOLVDWLRQFRPPHFUqFKH
SLqFHVUHFHYDQWXQQRPEUHLPSRUWDQWGHSHUVRQQHVXQLTXHPHQWDXUH]GHFKDXVVpH
H%kWLPHQWVDQQH[HV
FRQVWUXFWLRQVG
XQVHXOQLYHDXHWG
XQHVXUIDFHDXVROGHPDXPD[LPXPTXLQHVRQWSDV
GHVWLQpHVjUHFHYRLUGHVSHUVRQQHVGHIDoRQGXUDEOHQHVRQWpTXLSpHVG
DXFXQIR\HURXYHUWHWR
O
RQQ
HQWUHSRVHSDVGHPDWLqUHVGDQJHUHXVHVHQTXDQWLWpVLJQLILFDWLYHSDUH[HPSOHDEULVSRXU
YpKLFXOHVJDUDJHVFDEDQRQVGHMDUGLQDEULVSRXUSHWLWVDQLPDX[HWSHWLWVHQWUHS{WV
/RFDO
3DUWLHG¶XQHXQLWpG¶XWLOLVDWLRQ3HXWIRUPHUXQFRPSDUWLPHQWFRXSHIHX
8QLWpG¶XWLOLVDWLRQ
8QHXQLWpG
XWLOLVDWLRQVHFRPSRVHGHSOXVLHXUVORFDX[G
DIIHFWDWLRQVVLPLODLUHVRXIRUPDQWXQWRXW
SDUH[HPSOHDSSDUWHPHQWVFDELQHWVPpGLFDX[EXUHDX[FRPELQpVORFDX[VFRODLUHVIR\HUV
FUqFKHVVXLWHVG
K{WHO/HVORFDX[VHUYDQWjO
pYDFXDWLRQDXVHLQG
XQHXQLWpG
XWLOLVDWLRQGRLYHQW
rWUHDFFHVVLEOHVHQSHUPDQHQFHjWRXVOHVRFFXSDQWVSRXUTX¶LOVSXLVVHQWHPSUXQWHUODYRLH
G¶pYDFXDWLRQSRXUTXLWWHUO¶XQLWpG¶XWLOLVDWLRQ¬O
LQWpULHXUG
XQHXQLWpG
XWLOLVDWLRQFHUWDLQVORFDX[
SHXYHQWIRUPHUGHVFRPSDUWLPHQWVFRXSHIHX
&RPSDUWLPHQWFRXSHIHX
/HVFRPSDUWLPHQWVFRXSHIHXVRQWFRPSRVpVGHSDUWLHVGHEkWLPHQWVHWG
DXWUHVRXYUDJHV
VpSDUpHVHQWUHHOOHVSDUGHVpOpPHQWVGHFRQVWUXFWLRQUpVLVWDQWVDXIHX
9RLHVG¶pYDFXDWLRQ
6RQWFRQVLGpUpVFRPPHYRLHVG
pYDFXDWLRQOHVHVFDOLHUVHWFRUULGRUVSHUPHWWDQWHQFDV
G
pYpQHPHQWG¶pYDFXHUOHEkWLPHQWHQWRXWHVpFXULWpGXIDLWGHOHXUFRQFHSWLRQFRPSDUWLPHQWDJH
FRXSHIHXHWF
/HVYRLHVG
pYDFXDWLRQHWGHVDXYHWDJHGRLYHQWrWUHGLVSRVpHVGLPHQVLRQQpHVHWUpDOLVpHVGH
PDQLqUHjFHTX
HOOHVSXLVVHQWWRXMRXUVrWUHHPSUXQWpHVUDSLGHPHQWHWHQWRXWHVpFXULWp
/RUVTXHOHVLQFHQGLHVSUHQQHQWQDLVVDQFHjO
DLUOLEUHOHVYROXPHVGHIXPpHVSURGXLWVSHXYHQWVH
GpYHORSSHUGDQVXQHVSDFHjWURLVGLPHQVLRQVHWVHPpODQJHUHQ©TXDQWLWpLQILQLHªDYHF
O
DWPRVSKqUH'DQVXQEkWLPHQW± HVSDFHIHUPpSDUH[FHOOHQFH± ODVLWXDWLRQHVWWRXWDXWUH
SXLVTXHOHVYROXPHVGHIXPpHVSURGXLWVQHSHXYHQWVHGpYHORSSHUTXHGDQVXQHVHXOH
GLPHQVLRQ
/HVHXOSRLQWFRPPXQDX[GHX[VLWXDWLRQVFLWpHVUHVWHO
LPSRUWDQFHGHVYROXPHVGHIXPpHV
SURGXLWVORUVGHO
LQFHQGLH&HVRQW©VHQVLEOHPHQWGHVLQYDULDQWVªTXLQHGpSHQGHQWTXHGHOD
TXDOLWpHWGHODTXDQWLWpGHVPDWpULDX[VROLGHVHWOLTXLGHVDOLPHQWDQWO
LQFHQGLH'DQVOHFDGUHGH
WUDYDX[GHUHFKHUFKHFHVYROXPHVRQWIDLWO
REMHWG
pYDOXDWLRQV,OVVHPHVXUHQWWRXMRXUVHQ
PLOOLRQVGHP HWDXFXQLQFHQGLHQ
pFKDSSHjFHWWHUpDOLWp
3RXUFHWWHUDLVRQODORQJXHXUG¶XQFKHPLQGHIXLWHjO¶LQWpULHXUGHO¶XQLWpG¶XWLOLVDWLRQQHGRLWSDV
rWUHSOXVORQJTXHPRXPGDQVOHVFDVROHVSHUVRQQHVRQWGHVGLIILFXOWpVSRXUVH
GpSODFHUGHIDoRQDXWRQRPHKRPHFUqFKHVHWF«
$VVRXSOLVVHPHQWVFRQFHUQDQWOHFDOFXOGHVYRLHVG
pYDFXDWLRQHWGHVDXYHWDJH
‡ORQJXHXUWRWDOHGHVYRLHVG
pYDFXDWLRQPSOXVDXFXQHUpSDUWLWLRQGHPGDQVODSLqFH
PGDQVODYRLHG
pYDFXDWLRQYHUWLFDOHOHFRXORLU
‡1RPEUHGHFDJHVG
HVFDOLHUHQUHVSHFWDQWODORQJXHXUGHVYRLHVG
pYDFXDWLRQHWQRQSOXVWRXV
OHVPHQJpQpUDO
‡'pVRUPDLVLOHVWSRVVLEOHTXHGHVYRLHVG
pYDFXDWLRQWUDYHUVHQWXQHXQLWpG
XWLOLVDWLRQSDUH[
VDOOHGHFODVVHHWVDOOHGHWUDYDX[GHJURXSH
1RPEUHGHFDJHVG¶HVFDOLHUV
-XVTX
jP FDJHG
HVFDOLHU
$XGHOjOHQRPEUHGHFDJHVG
HVFDOLHUGpSHQGGHODORQJXHXUPD[LPDOHGHVYRLHVG
pYDFXDWLRQ
HWQRQGHODVXUIDFH
$WWHQWLRQ
/HVORFDX[UHFHYDQWSOXVGHSHUVRQQHVGRLYHQWrWUHGHVVHUYLVSDUGHX[YRLHVG
pYDFXDWLRQDX
PLQLPXP\FRPSULVSRXUOHVYRLHVYHUWLFDOHV
/HVPDWpULDX[GHFRQVWUXFWLRQVRQWFODVVpVVXUODEDVHG
HVVDLVQRUPDOLVpVRXG
DXWUHV
SURFpGXUHVUHFRQQXHVSDUO
$($,/HVFULWqUHVGpWHUPLQDQWVVRQWHQSDUWLFXOLHUODUpDFWLRQDXIHX
ODGHQVLWpGHIXPpHODIRUPDWLRQGHJRXWWHOHWWHVRXGHSDUWLFXOHVHQIODPPpHVHWODFRUURVLYLWp
/HVPDWpULDX[GHFRQVWUXFWLRQVRQWFODVVpVGDQVOHVJURXSHVVXLYDQWVVHORQOHXUUpDFWLRQDXIHX
5)
5)SDVGHFRQWULEXWLRQDXIHX
5)
5)IDLEOHFRQWULEXWLRQDXIHX
5)
5)FRQWULEXWLRQDGPLVVLEOHDXIHX
5)
5)FRQWULEXWLRQLQDGPLVVLEOHDXIHX
5)
&HVFRXOHXUVVRQWjUHSUHQGUHGDQVOHVGpWDLOVGHFRQVWUXFWLRQHWFRQFHSWVTXLVRQWWUDQVPLVDX[
DXWRULWpV3,
6RQWFRQVLGpUpVFRPPHPDWpULDX[GHFRQVWUXFWLRQjUpDFWLRQDXIHXFULWLTXHFUFHX[TXLGXIDLW
GHODIXPpHSURGXLWHGHODIRUPDWLRQGHJRXWWHOHWWHVRXGHSDUWLFXOHVHQIODPPpHVRXGHOD
FRUURVLRQSHXYHQWDYRLUGHVHIIHWVLQDFFHSWDEOHVHQFDVG
LQFHQGLH
/HVFRQVWUXFWLRQVPXOWLFRXFKHVFRQWHQDQWGHVPDWpULDX[FRPEXVWLEOHVVRQWUDWWDFKpHVjOD
FDWpJRULH5)SRXUYXTX
HOOHVVRLHQWHQYHORSSpHVGHWRXVF{WpVG
XQPDWpULDX.í5),OIDXW
PDLQWHQLUODGLVWDQFHGHVpFXULWpLQFHQGLHQpFHVVDLUHHQWUHFHVFRQVWUXFWLRQVHWOHVDSSDUHLOVGH
FKDXIIDJHOHVFRQGXLWVGHIXPpHHWF
&RQVWUXFWLRQVUHFRQQXHVSDUO¶$($,
(QSDUWLFXOLHUOHVFRQVWUXFWLRQVGHIDoDGHLQGpSHQGDPPHQWGHVSURGXLWVTXLSHUPHWWHQW
G¶DWWHLQGUHO¶REMHFWLIGHSURWHFWLRQ± SDUH[HQFHTXLFRQFHUQHO¶H[WHQVLRQHQKDXWHXU
/HVLVRODWLRQVWKHUPLTXHVSDUO
H[WpULHXULVRODWLRQVSpULSKpULTXHVGHVEkWLPHQWVGHKDXWHXU
PR\HQQHFRPSRVpHVGHPDWpULDX[FRPEXVWLEOHVGRLYHQWrWUHUpDOLVpHVDYHFXQV\VWqPHUHFRQQX
SDUO
$($,RXpTXLYDOHQW6LQRQLOGRLWH[LVWHUjFKDTXHpWDJHXQHSURWHFWLRQSDUEDQGHILODQWH
IDLVDQWWRXWOHWRXUGXEkWLPHQWFRPSRVpHGHPDWpULDX[5)WHPSpUDWXUHGHIXVLRQVXSpULHXUHj
ƒ&HWG
XQHKDXWHXUGHPDXPLQLPXP
/H©'RFXPHQWIL[DQWO¶pWDWGHODWHFKQLTXHª'(7HVWXQHDLGHFRPSOpPHQWDLUHjODSODQLILFDWLRQ
HWDXWUDLWHPHQWGHVWLQpHjODPLVHHQ°XYUHSUDWLTXHGHODSURWHFWLRQLQFHQGLHGDQVOHFDVGHV
,7(&LOGpFULWpJDOHPHQWOHVPHVXUHVG¶DVVXUDQFHTXDOLWpQpFHVVDLUHVjFHWHIIHW/HVVROXWLRQV
WHFKQLTXHVUHSUpVHQWpHVV¶DSSXLHQWVXUGHVUpVXOWDWVGHSURMHWVGHUHFKHUFKHHWG¶HVVDLVDXIHX
JUDQGHXUQDWXUHUpDOLVpVHQ6XLVVHHWjO¶pWUDQJHU
0DLVDXVVLOHVSDURLVOHVSODQFKHUVHWOHVUHYrWHPHQWVDYHFXQHUpVLVWDQFHDXIHXGpILQLH
/HVVSpFLILFDWLRQVG¶H[pFXWLRQSHXYHQWSURYHQLUG¶XQHUHFRQQDLVVDQFH$($,G¶XQpWDWGHOD
WHFKQLTXHUHFRQQX$($,GHVSUHVFULSWLRQGHVGLUHFWLYHVGHSURWHFWLRQLQFHQGLHRXGHODOLVWHGHV
©3URGXLWVGHFRQVWUXFWLRQEpQpILFLDQWG
XQHUHFRQQDLVVDQFHJpQpUDOHª
/HVPRGqOHVGHVROXWLRQVDSSRUWHQWGHVSUpFLVLRQVVXUFHUWDLQHVGLVSRVLWLRQVGHFHWWHGLUHFWLYH
PDLVVDQVTX
HOOHVSXLVVHQWrWUHFRQVLGpUpHVLQGpSHQGDPPHQWGHVGLVSRVLWLRQVQLSUpVHQWHUXQ
FDUDFWqUHQRUPDWLI6HXOHVWGpWHUPLQDQWHMXULGLTXHPHQWODWHQHXUGHVSUHVFULSWLRQVVXLVVHVGH
SURWHFWLRQLQFHQGLH$($,GpFLGpHVSDUO
RUJDQHUHVSRQVDEOHGHO
$FFRUGLQWHUFDQWRQDOVXU
O¶pOLPLQDWLRQGHVHQWUDYHVWHFKQLTXHVDXFRPPHUFH$,(7&OHGpFHPEUHHWHQWUpHVHQ
YLJXHXUDXHU MDQYLHU
&RPPHGDQVODYHUVLRQSUpFpGHQWHGHV33,O¶$($,SXEOLHGHV)$4GLVSRQLEOHVVXUOHVLWH
ZZZSUDHYHUFKTXLUpSRQGHQWRXFODULILHQWOHV33,
'¶DXWUHVFRPPHQWDLUHVRXGRFXPHQWVDLQVLTXHGHVOLHQVFRPSOpPHQWDLUHVVRQWHQWRXWWHPSV
GLVSRQLEOHVVXUOHPrPHVLWHHWUpJXOLqUHPHQWDFWXDOLVpV
/¶DXWRULWpGHSURWHFWLRQLQFHQGLHDWWHQGGDQVWRXVOHVFDVOHVGRFXPHQWVHWLQIRUPDWLRQVVXLYDQWV
$YHFOHGRVVLHUGHGHPDQGHGHSHUPLVIDXWHGHTXRLOHGRVVLHUHVWUHWRXUQp
IDXWHGHTXRLOHGRVVLHUHVWUHWRXUQp
‰ /HVIRUPXODLUHVHW
/HIRUPXODLUH©3URWHFWLRQLQFHQGLHªGRLWDXPRLQVIRXUQLUOHVLQIRUPDWLRQVVXU
OHUHVSRQVDEOHG¶DVVXUDQFHTXDOLWpHQSURWHFWLRQLQFHQGLH$T3L
ODJpRPpWULHGXEkWLPHQW
OHVXVDJHVGHO¶REMHW
OHW\SHGHFRQFHSW
OHPRGHGHFRQVWUXFWLRQ
O¶HQWUHSRVDJHRXXWLOLVDWLRQGHPDWLqUHVGDQJHUHXVHVOHPD]RXWHVWFRQVLGpUpFRPPHWHO
OHVLQVWDOODWLRQVWHFKQLTXHVGXEkWLPHQWVFKDXIIDJHSRrOHFKHPLQpHLQVWDOODWLRQVRODLUH
DVFHQVHXUVHWF
OHVLQVWDOODWLRQVWHFKQLTXHVGHSURWHFWLRQLQFHQGLH
GpWHFWLRQLQFHQGLHH[WLQFWLRQDXWRPDWLTXH(&)SDUDWRQQHUUHDVFHQVHXUSRPSLHUVSRVWHV
LQFHQGLHHWF
‰ /HVSODQVYXHVGHVIDoDGHVHWFRXSHVGHO¶REMHWDLQVLTXHOHSODQGHVLWXDWLRQ
‰ /HVSODQVGHYHQWLODWLRQVLSUpYXH
‰ /HVSODQVGHSURWHFWLRQLQFHQGLH©3ODQV3,ªHQIRQFWLRQGXGHJUp$T3LRXGHO¶REMHW
‰ /HFRQFHSWGHSURWHFWLRQLQFHQGLH©FRQFHSW3,ªHQIRQFWLRQGXGHJUp$T3LRXGHO¶REMHW
‰ /HFRQFHSWG¶HQWUHSRVDJHGHVPDWLqUHVGDQJHUHXVHHWOHXUVILFKHVGHVpFXULWpVVLSUpYXHV
$YDQWOHGpEXWGHVWUDYDX[
‰ /HIRUPXODLUHGHGpFODUDWLRQVSRQWDQpHGHGpEXWGHVWUDYDX[
DC1
‰ /HFRQFHSWGHVpFXULWpLQFHQGLHGXUDQWOHFKDQWLHUHQIRQFWLRQGXGHJUp$T3LRXGHO¶REMHW
$ODILQGHVWUDYDX[DYDQWO¶H[SORLWDWLRQGHO¶REMHW
‰ /DGpFODUDWLRQGHFRQIRUPLWpHQSURWHFWLRQLQFHQGLH
‰ /HVDWWHVWDWLRQVHWSUHXYHVH[LJpHVGDQVOHVFKDUJHVGHSURWHFWLRQLQFHQGLH
‰ /HVSODQVGHSURWHFWLRQLQFHQGLHDFWXDOLVpVHQIRQFWLRQGXGHJUp$T3LRXGHO¶REMHWRXVLH[LJp
‰ /HFRQFHSWGHSURWHFWLRQLQFHQGLHDFWXDOLVpHQIRQFWLRQGXGHJUp$T3LRXGHO¶REMHWRXVL
H[LJp
‰ /HFRQFHSWG¶pYDFXDWLRQHQIRQFWLRQGXGHJUp$T3LRXGHO¶REMHWRXVLH[LJp
'qVODILQGHVWUDYDX[HWHQWRXWWHPSV
‰ /¶DFFqVDXGRVVLHUG¶DVVXUDQFHTXDOLWp
/HEXWG¶XQFRQFHSW3,HVWG¶DVVXUHUODSURWHFWLRQGHVSHUVRQQHVHWGHVDQLPDX[GHVELHQV
LPPRELOLHUVHWPRELOLHUVDLQVLTXHGHO¶HQYLURQQHPHQWFRQWUHOHVGDQJHUVLGHQWLILpV/HFRQFHSWGH
SURWHFWLRQRXGHVpFXULWpLQFHQGLHHVWXQSURFHVVXVFRPSOHWTXLVXUODEDVHGHVREMHFWLIVGHV
SUHVFULSWLRQGHSURWHFWLRQLQFHQGLHHWG¶REMHFWLIVSULYpVSHUPHWSDUXQHDSSUpKHQVLRQJOREDOHGHV
GDQJHUVHWGXULVTXHGHGpILQLU OHVPHVXUHVGHSURWHFWLRQ HWGHVpFXULWpDSSURSULpHV
/HFRQFHSWVGHSURWHFWLRQVpFXULWpLQFHQGLHGRLWrWUHpWDEOLVGDQVODRXOHVODQJXHVHQXVDJH
GDQVODUpJLRQGHUpDOLVDWLRQGXSURMHWVHORQOHFDKLHUGHVFKDUJHVVXLYDQW
'HVFULSWLIGHO¶REMHWHWGHVRQXVDJH
3pULPqWUHGXSURMHWOLPLWHVGXV\VWqPHREMHWGXFRQFHSW
2EMHFWLIVGHSURWHFWLRQOpJDX[GHVDVVXUDQFHVHWGX02
,QYHQWDLUHGHVGDQJHUVGDQVOHV\VWqPHLQFHQGLHVH[SORVLRQpOpPHQWVQDWXUHOVVLVPLTXHVWR[LTXHV
DFFLGHQWVPDMHXULQWUXVLRQHWFDLQVLTXHOHVGRPPDJHVHQFRXUXV
'DQJHUVRXHWVLWXDWLRQVGDQJHUHXVHVFRQVLGpUpHVYRLUVFpQDULLG¶pYqQHPHQWVGDQJHUHX[SH[
SRXUOHGpVHQIXPDJH
0HVXUHVGHVpFXULWpDSSOLTXpHVDX[VLWXDWLRQVGDQJHUHXVHVFRQVLGpUpHV6WUXFWXUHVDUFKLWHFWRQLTXHV
HWRX6XSSUHVVLYHV7HFKQLTXHV2UJDQLVDWLRQQHOOHV3URFpGXUHVG¶LQWHUYHQWLRQ3RPSLHUV6DQLWDLUHV
3ROLFH3&©6723ª 3UHXYHVSRXUOHVPHVXUHVGHVpFXULWpG¶LQJpQLHULH©6723ªDSSOLTXpHVDX[
VLWXDWLRQVGDQJHUHXVHVFRQVLGpUpHV
5LVTXHVUpVLGXHOVWHOVTXHGRPPDJHVDFFHSWpVHWVLWXDWLRQVGDQJHUHXVHVMXJpHVQRQ
SHUWLQHQWHV
*HVWLRQHWFRQWU{OHG¶DVVXUDQFHTXDOLWpHQSURWHFWLRQLQFHQGLHGXUDQWHWDSUqVOHVSKDVHVGHSURMHWHW
GHVWUDYDX[UHVSRQVDELOLWpVFDKLHUGHVFKDUJHVHWFRPSpWHQFHVSODQVGHPDLQWHQDQFHIUpTXHQFHGHV
DXGLWHVHWF
1RPVGDWHHWVLJQDWXUHVGXFRQFHSWHXUGXUHVSRQVDEOHGHO¶DVVXUDQFHTXDOLWpHQSURWHFWLRQLQFHQGLHHW
GXPDvWUHG¶RXYUDJH
3ODQVGHSURWHFWLRQVpFXULWpLQFHQGLHGDWpVHWVLJQpV
/HVFRPSDUWLPHQWVFRXSHIHXGRLYHQWrWUHVpSDUpV
SDUGHVSDURLVHWSODIRQGVDYHFXQHUpVLVWDQFHDXIHXpTXLYDOHQWHjFHOOHGXV\VWqPHSRUWHXU
PDLVDXPRLQV(, DLQVLTXHGHVSRUWHVHWSRUWDLOVDYHFXQHUpVLVWDQFHDXIHX(, ,OIDXW
QRWDPPHQWVpSDUHUHQFRPSDUWLPHQWVFRXSHIHX
DOHVEkWLPHQWVHWDXWUHVRXYUDJHVFRQWLJXVGHJUDQGHVXUIDFH
EOHVQLYHDX[KRUVWHUUHHWVRXWHUUDLQV
FOHVYRLHVG
pYDFXDWLRQYHUWLFDOHVHWKRUL]RQWDOHV
GOHVOLDLVRQVYHUWLFDOHVWHOOHVTXHOHVFRQGXLWVGHYHQWLODWLRQHWOHVJDLQHVWHFKQLTXHV
HOHVORFDX[DEULWDQWGHVLQVWDOODWLRQVWHFKQLTXHVGXEkWLPHQW
IOHVORFDX[TXLQ
RQWSDVODPrPHDIIHFWDWLRQVXUWRXWV
LOVSUpVHQWHQWXQGDQJHUG
LQFHQGLH
GLIIpUHQW
JOHV]RQHVSURWpJpHVSDUGHVpTXLSHPHQWVGHSURWHFWLRQLQFHQGLH
KOHV]RQHVVHUYDQWjO¶pYDFXDWLRQGDQVOHVEkWLPHQWVGLVSRVDQWG¶XQFRQFHSWGHVpMRXU
'DQVGHVSDUWLHVGHFRQVWUXFWLRQIRUPDQWGHVFRPSDUWLPHQWVFRXSHIHXGHVpYLGHPHQWVGHV
SHUFHPHQWVGHVSDVVDJHVjWUDYHUVGHVFRQGXLWHVHWGHVJDLQHVG¶LQVWDOODWLRQGRLYHQWUpSRQGUH
DX[H[LJHQFHVVXLYDQWHV
/HVpYLGHPHQWVGHVWLQpVDXSDVVDJHGHVLQVWDOODWLRQVGDQVOHVSDUWLHVGHFRQVWUXFWLRQIRUPDQW
FRPSDUWLPHQWFRXSHIHXGRLYHQWrWUHERXFKpVGHPDQLqUHpWDQFKHDYHFGXPRUWLHURXGHV
V\VWqPHVG¶REWXUDWLRQDWWHVWpVUHFRQQXVSDUO¶$($,HWSUpVHQWDQWXQHUpVLVWDQFHDXIHXG¶DXPRLQV
(,
(QFHTXLFRQFHUQHOHVLQVWDOODWLRQVGHYHQWLODWLRQLOIDXWWHQLUFRPSWHGHODIRUPDWLRQGH
FRPSDUWLPHQWVFRXSHIHXUHYrWHPHQWVGHFDQDX[DYHFUpVLVWDQFHDXIHXFRUUHVSRQGDQWHjFHOOH
GHVV\VWqPHVSRUWHXUVFODSHWVFRXSHIHX
'HVFRXFKHVLVRODQWHVFRPEXVWLEOHVGHVLQVWDOODWLRQVGRLYHQW\rWUHLQWHUURPSXHVDYHFGHV
PDWpULDX[LQFRPEXVWLEOHVYHUVOHSDVVDJHVDXIVLFHVSDVVDJHVVRQWpTXLSpVGHV\VWqPHV
G¶REWXUDWLRQDWWHVWpVUHFRQQXVSDUO¶$($,
/HVFRQGXLWHVSUpVHQWDQWXQLQGLFHG
LQFHQGLHGH5)HWXQGLDPqWUHWRWDOH[WpULHXUGHSOXVGH
PPGRLYHQWrWUHPXQLHVGHPDQFKHWWHFRXSHIHXDXSDVVDJHG¶pOpPHQWVFRXSHIHX
/HVFRQGXLWVGHVLQVWDOODWLRQVWHFKQLTXHVGXEkWLPHQWTXLSDVVHQWSDUSOXVLHXUVQLYHDX[GRLYHQW
rWUHSODFpVGDQVGHVJDLQHVIRUPDQWFRPSDUWLPHQWFRXSHIHXHWSRVVpGDQWODPrPHUpVLVWDQFHDX
IHXTXHOHFRPSDUWLPHQWDJHFRXSHIHXFRUUHVSRQGDQWjO¶DIIHFWDWLRQWUDYHUVpHPDLVDXPLQLPXP
(,
,OHVWSRVVLEOHGHUHQRQFHUjFRQVWUXLUHXQHJDLQHWHFKQLTXHVL
DOHVWUDYHUVpHVGHVSODIRQGVSDUOHVFRQGXLWVSRXULQVWDOODWLRQVWHFKQLTXHVVRQWH[pFXWpHV
FRQIRUPpPHQWDXFKLIIUHGHOD'3,
ERXOHVFRQGXLWVVRQWPRQWpVGDQVGHVV\VWqPHVGHSDURLSUpYXVjFHWHIIHWHWUHFRQQXVSDU
O
$($,
/HVFRUULGRUVVHUYDQWGHYRLHGHIXLWHHWGHVDXYHWDJHFRUULGRUVGHVHFRXUVGRLYHQWrWUH
UpDOLVpVDYHFXQHUpVLVWDQFHDXIHXG¶DXPRLQV(,HWDXPRLQVXQUHYrWHPHQW5)GXF{WpGH
ODYRLHG¶pYDFXDWLRQ,OVGRLYHQWrWUHVpSDUpVGHVORFDX[FRQWLJXVDYHFGHVSRUWHVHWSRUWDLOVDYHF
XQHUpVLVWDQFHDXIHX(,
/HVYRLHVG¶pYDFXDWLRQHWGHVDXYHWDJHGRLYHQWrWUHJDUDQWLHVHWrWUHSUDWLFDEOHVHQWRXWH
VpFXULWp
6DXIH[FHSWLRQODODUJHXUPLQLPDOH
GHSDVVDJHOLEUHG¶HVFDOLHUVHWGHFRXORLUVGRLWrWUHGHPSRXU•PGHKDXWHXUOLEUH
GHVSRUWHVGRLYHQWSUpVHQWHUXQHGLPHQVLRQOLEUHG¶DXPRLQVPSRXU•PGHKDXWHXU
OLEUH
/HVSRUWHVGRLYHQWSRXYRLUrWUHRXYHUWHVGDQVOHVHQVGHIXLWH([FHSWLRQIDLWHSRXUOHVORFDX[
MXVTX¶jSHUVRQQHVHWOHVDSSDUWHPHQWV
/HVSRUWHVFRXOLVVDQWHVRQWDGPLVHVSRXUOHVORFDX[DFFXHLOODQWMXVTX¶jSHUVRQQHV
/HVSRUWHVVXUOHVYRLHVGHIXLWHHWGHVDXYHWDJHGRLYHQWSRXYRLUrWUHRXYHUWHVGHO¶LQWpULHXU
UDSLGHPHQWHWHQWRXWWHPSVVDQVPR\HQDX[LOLDLUH61(1RX
'DQVOHFDVGHSRUWHVjGHX[YDQWDX[GHVYHUURXVG¶DUrWHQHVRQWSDVWROpUpV
$XFXQPDWpULDXFRPEXVWLEOHQHGHYUDVHWURXYHUGDQVGHVYRLHVG¶pYDFXDWLRQFRXORLUVHQWUpHV
FDJHVG¶HVFDOLHUVHWF
'¶pYHQWXHOOHVDUPRLUHVHQFDVWUpHVGRLYHQWrWUHH[pFXWpHVDYHFGHVPDWpULDX[LQFRPEXVWLEOHVRX
(,5) ([FHSWLRQ%DQFVGHYHVWLDLUHVWUDGLWLRQQHOVGDQVOHVpFROHV«
/HVLVVXHVHWYRLHVG¶pYDFXDWLRQGRLYHQWrWUHUHQGXHVFODLUHPHQWUHFRQQDLVVDEOHVSDUGHV
VLJQDX[GHVHFRXUVSKRWROXPLQHVFHQWVYRLUWDEOHDXDGFK'3,
/HVYRLHVG¶pYDFXDWLRQGRLYHQWrWUHGRLYHQWGRWpHVHQVXVG¶XQpFODLUDJHGHVpFXULWpDLQVLTXH
GDQVGHVORFDX[QHGLVSRVDQWSDVGHO¶pFODLUDJHQDWXUHORXSRXYDQWrWUHREVFXUFLV
/HVFDJHVG¶HVFDOLHUVHUYDQWGHYRLHGHIXLWHHWGHVDXYHWDJHHVFDOLHUVGHVHFRXUVGRLYHQWrWUH
UpDOLVpVDYHFXQHUpVLVWDQFHDXIHXG¶DXPRLQV5(,HQIRQFWLRQGHVWDEOHDX[jGHOD'3,
HWXQUHYrWHPHQW.± 5)GHFKDTXHV F{WpV©HQFDSVXOpIDFHVVDQVHVSDFHVYLGHVª
HQIRQFWLRQGXWDEOHDXGHOD'3,,OVGRLYHQWrWUHVpSDUpVGHVORFDX[FRQWLJXVDYHFGHV
IHUPHWXUHVFRXSHIHXDXWRPDWLTXHVDXPRLQV(FODVVLILFDWLRQ( &&HVFDJHVG¶HVFDOLHUV
GRLYHQWSUpVHQWHUGHVVRUWLHVPHQDQWHQSOHLQDLUGLUHFWHPHQWRXSDUGHVFRUULGRUVGHVHFRXUV
SUpVHQWDQWOHVPrPHFDUDFWpULVWLTXHTXHFHOOHVFL
&KDTXHFDJHG
HVFDOLHUVSHXWGHVVHUYLUXQHVXUIDFHEUXWHG
pWDJHGHPDXPD[LPXPRX
GHVORFDX[QHUHFHYDQWSDVSOXVGHSHUVRQQHV
,OGRLWrWUHSRVVLEOHG¶LQVWDOOHUGHYDQWFHOOHVFLXQYHQWLODWHXUG¶LQWHUYHQWLRQ&HODLPSOLTXHTXH
FHX[FLGRLYHQWSRXYRLUrWUHLQVWDOOpVDXPRLQVj PGHODSRUWHG¶DFFqVH[WpULHXU,OIDXW
UpVHUYHUXQHVSDFHOLEUHG
DXPRLQVPSUDWLFDEOHVGHUULqUHO¶HPSODFHPHQWGHVYHQWLODWHXUVGHV
VDSHXUVSRPSLHUV
%kWLPHQWVpOHYpV
'DQVOHVEkWLPHQWVpOHYpVOHVHVFDOLHUVH[LJpVVHURQWFRQVWUXLWVFRPPHGHVFDJHVG
HVFDOLHUVGH
VpFXULWpDYHFXQHUpVLVWDQFHDXIHXG¶DXPRLQV5(,LFE
$FKDTXHQLYHDXO
DFFqVjODFDJHG
HVFDOLHUVGHVpFXULWpLQWpULHXUHVHIHUDSDUXQVDVGH
UpVLVWDQFH(,LFE
/HVSRUWHVGXVDVGRLYHQWIHUPHUDXWRPDWLTXHPHQWHWDYRLUXQHUpVLVWDQFHDXIHX(,RX(
,',',$
/HVLQVWDOODWLRQVGHGpWHFWLRQG
LQFHQGLHGRLYHQWGpFHOHUDXWRPDWLTXHPHQWGHIDoRQDXVVLSUpFRFH
TXHSRVVLEOHODQDLVVDQFHXQGpEXWG
LQFHQGLHHWOHVLJQDOHUDLQVLTX
DOHUWHUOHVSHUVRQQHVHQ
GDQJHUHWOHVIRUFHVG
LQWHUYHQWLRQ(OOHVSHXYHQWDXVVLrWUHXWLOLVpHVSRXUDFWLRQQHUG¶DXWUHV
pTXLSHPHQWVGHSURWHFWLRQLQFHQGLH
,OFRPSUHQGGHVRUJDQHVGHGpWHFWLRQLQFHQGLHGpFOHQFKHXUVPDQXHOVGpWHFWHXUV
DXWRPDWLTXHVGHVRUJDQHVLQWHUPpGLDLUHVUpVHDX[ILODLUHVHWXQeTXLSHPHQWGH&RQWU{OHHW
GH6LJQDOLVDWLRQ(&6pJDOHPHQWGpQRPPp©WDEOHDXGHVLJQDOLVDWLRQªRX©WDEOHDXGHFRQWU{OH
ªTXLDOHUWHGHWRXWHVROOLFLWDWLRQGXV\VWqPHHQFDVGHGpUDQJHPHQWRXG
DODUPHIHX/HV
RUJDQHVVRQWGLVSRVpVVXUGHVERXFOHVRXOLJQHVUHOLpHVjO
(&6
,63,($
/HVLQVWDOODWLRQVVSULQNOHUVGRLYHQWHQFDVG
LQFHQGLHGRQQHUO
DODUPHDPHQHUDXWRPDWLTXHPHQW
O
HDXG
H[WLQFWLRQMXVTX
DX[ORFDX[jSURWpJHUHWpWHLQGUHO
LQFHQGLHRXOHFRQWHQLUMXVTX
jO
DUULYpH
GHVIRUFHVG
LQWHUYHQWLRQ(OOHVSHXYHQWrWUHXWLOLVpHVSRXUDFWLRQQHUG¶DXWUHVpTXLSHPHQWVGH
SURWHFWLRQLQFHQGLH
'HVLGpHVUHoXHVH[LVWHQWVXUFHVV\VWqPHV&HUWDLQVILOPVODLVVHQWSHQVHUTX¶DSSURFKHUXQH
VRXUFHGHFKDOHXUG¶XQHWrWHGHJLFOHXUGpFOHQFKHUDLWO¶LQWpJUDOLWpGHVWrWHVSUpVHQWHVGDQVOH
EkWLPHQWGHEXUHDXTXLOHVDEULWH2UGDQVODUpDOLWpHQGHKRUVG¶LQVWDOODWLRQVLQGXVWULHOOHVWUqV
SDUWLFXOLqUHVV\VWqPHV© GpOXJH ªFKDTXHWrWHHVWLQGpSHQGDQWHHWQ¶DSSRUWHGHO¶HDXTXHVXUOD
]RQHHQIODPPpH
&HUWDLQVLQGXVWULHOVUHGRXWHQWDXVVLO¶HIIHWGHO¶HDXVXUOHXUVVWRFNDJHVRXOHXUVLQVWDOODWLRQV
WHFKQLTXHVPDFKLQHRXWLOLQIRUPDWLTXH2UOHJLFOHXUQHVHGpFOHQFKDQWTX¶HQFDVG¶LQFHQGLH
DYpUpHWDXGHVVXVGHOD]RQHHQIHXRQSHXWFRQVLGpUHUTX¶XQDSSDUHLOWRXFKpHVWGpMjXQHQRQ
YDOHXUGXSRLQWGHYXHFRPSWDEOH'HSOXVODGpFRQWDPLQDWLRQGHVDSSDUHLOVD\DQWVXELGHV
GpJkWVGHVHDX[HVWXQHRSpUDWLRQFRQQXHHWSDUIDLWHPHQWPDvWULVpHVLHOOHHVWRUGRQQpH
UDSLGHPHQW2QSHXWWRXWHIRLVPHWWUHHQSODFHGHVSDQLHUVGHSURWHFWLRQDXQLYHDXGHVWrWHVDILQ
GHOHVSURWpJHUFRQWUHOHULVTXHGHFKRF
(&)
3DULQVWDOODWLRQVG
H[WUDFWLRQGHIXPpHHWGHFKDOHXURQHQWHQGO
HQVHPEOHGHVLQVWDOODWLRQV
WHFKQLTXHVHWSDUWLHVGHFRQVWUXFWLRQTXLHQWDQWTXHV\VWqPHVHUYHQWHQFDVG
LQFHQGLHj
pYDFXHUODIXPpHHWODFKDOHXUGHPDQLqUHFRQWU{OpHKRUVGHVEkWLPHQWVRXYUDJHVHWLQVWDOODWLRQV
(QIRQWpJDOHPHQWSDUWLHOHVH[XWRLUHVGHIXPpHVDLQVLTXHOHVRXYHUWXUHVSRXYDQWVHUYLUjOD
SpQpWUDWLRQG
DLUGHUHFKDQJHGHSXLVO
H[WpULHXURXjODOLEpUDWLRQG
DLUSDUVXUSUHVVLRQ
/HVLQVWDOODWLRQVGHYHQWLODWLRQSDUVXUSUHVVLRQVRQWGHVpTXLSHPHQWVIL[HVTXLSURWqJHQWOHVYRLHV
G
pYDFXDWLRQHWGHVDXYHWDJHFRQWUHODSpQpWUDWLRQGHODIXPpHHWGHODFKDOHXUHQFDVG
LQFHQGLH
VDV&DJHG¶HVFDOLHUGHVpFXULWp«
/HVLQVWDOODWLRQVQDWXUHOOHVG
H[WUDFWLRQGHIXPpHHWGHFKDOHXUVRQWGHVpTXLSHPHQWVIL[HVTXLVH
PHWWHQWHQDFWLYLWpVRXVO
HIIHWGHO
DVFHQGDQFHWKHUPLTXHHWTXLpYDFXHQWODIXPpHHWODFKDOHXUj
O
DLUOLEUHGHPDQLqUHFRQWU{OpH (OOHVVHUYHQWHQSDUWLFXOLHUjODSURWHFWLRQGHVEkWLPHQWVRXGHV
ELHQVHQFDVGHVROOLFLWDWLRQWKHUPLTXHH[FHVVLYH
/HVLQVWDOODWLRQVG
H[WUDFWLRQGHIXPpHHWGHFKDOHXUGRLYHQWSRXYRLUrWUHDFWLRQQpHVjODPDLQ
GHSXLVXQHQGURLWGHPHXUDQWjO
DEULGHO
LQFHQGLH'HSXLVFHGHUQLHULOIDXWSRXYRLUGpWHUPLQHUVL
OHVLQVWDOODWLRQVG
H[WUDFWLRQGHIXPpHHWGHFKDOHXUVRQWHQIRQFWLRQQHPHQW(QIRQFWLRQGX
FRQFHSWGHSURWHFWLRQLQFHQGLHO
DXWRULWpGHSURWHFWLRQLQFHQGLHSHXWH[LJHUTXHODPLVHHQVHUYLFH
GHVLQVWDOODWLRQVG
H[WUDFWLRQGHIXPpHHWGHFKDOHXUSXLVVHHQSOXVVHIDLUHDXWRPDWLTXHPHQWSDU
H[HPSOHFRPPDQGHSDULQVWDOODWLRQVVSULQNOHUVRXGHGpWHFWLRQG
LQFHQGLH
/HVDSSDUHLOVG
H[WLQFWLRQGRLYHQWrWUHSODFpVGHPDQLqUHjrWUHIDFLOHPHQWUHFRQQDLVVDEOHVHW
DFFHVVLEOHV6LQpFHVVDLUHOHXUHPSODFHPHQWGRLWrWUHLQGLTXpSDUGHVPDUTXDJHVRXGHV
SDQQHDX[GHVLJQDOLVDWLRQSKRWROXPLQHVFHQWVHORQ,62
,OVGRLYHQWSRXYRLUrWUHPLVHQVHUYLFHHQWRXWWHPSVUDSLGHPHQWVLPSOHPHQWHWGHPDQLqUH
MXGLFLHXVHVDQVUHFRXULUjGHVPR\HQVDX[LOLDLUHVH[WHUQHV
,OVGRLYHQWrWUHSODFpVGDQVOHVYRLHVG
pYDFXDWLRQSDUH[HPSOHGDQVOHVFRXORLUVHWOHV
YHVWLEXOHVRXjO
LQWpULHXUGHVFRPSDUWLPHQWVFRXSHIHXjSUR[LPLWpLPPpGLDWHGHVVRUWLHVGH
VHFRXUV
/RUVTXHOHVGLIIpUHQWVQLYHDX[GHVEkWLPHQWVRXYUDJHVHWLQVWDOODWLRQVSUpVHQWHQWXQH
FRQILJXUDWLRQHWXQHGLVSRVLWLRQGHVORFDX[VLPLODLUHVOHVDSSDUHLOVG
H[WLQFWLRQGRLYHQWDXWDQW
TXHSRVVLEOHrWUHGLVSRVpVGHODPrPHPDQLqUH
$ILQGHYRXVDLGHUGDQVODSUpSDUDWLRQGHYRVSURMHWVGHSXLVOHO¶$,%PHWjYRWUH
GLVSRVLWLRQVDSODWHIRUPH©(XUrNDªTXLHVWHQFRUHUpJXOLqUHPHQWFRPSOpWpH
9RXV\WURXYHUH] OHVLQIRUPDWLRQVGHEDVHVFRQFHUQDQWOHVH[LJHQFHVGHSURWHFWLRQLQFHQGLH
V¶DSSOLTXDQWjYRWUHSURMHW
4XHFHVRLWXQHTXHVWLRQSDUUDSSRUWjXQHDIIHFWDWLRQRXjXQGRPDLQHSDUWLFXOLHUYRXV\
WURXYHUH]XQHUpSRQVH