Download Cruze EU, v.15 (rev 3), fr-FR (Work nr: K577A_50)

6RPPDLUH
,QWURGXFWLRQ (QEUHI &OÚVSRUWHVHWYLWUHV 6LÙJHVV\VWÙPHVGHVÚFXULWÚ 5DQJHPHQW ,QVWUXPHQWVHWFRPPDQGHV ºFODLUDJH ,QIRWDLQPHQW6\VWHP &OLPDWLVDWLRQ &RQGXLWHHWXWLOLVDWLRQ 6RLQVGXYÚKLFXOH 6HUYLFHHWPDLQWHQDQFH &DUDFWÚULVWLTXHVWHFKQLTXHV ,QIRUPDWLRQVDXFOLHQW ,QGH[DOSKDEÚWLTXH ,QWURGXFWLRQ
,QWURGXFWLRQ
,QWURGXFWLRQ
,QWURGXFWLRQ
9RWUHYÚKLFXOHDVVRFLHWHFKQRORJLH
DYDQFÚHVÚFXULWÚÚFRORJLHHWÚFRQRಢ
PLH
/HSUÚVHQW0DQXHOG
XWLOLVDWLRQFRQಢ
WLHQWWRXWHVOHVLQIRUPDWLRQVTXLYRXV
VHURQWQÚFHVVDLUHVSRXUFRQGXLUH
YRWUHYÚKLFXOHHIILFDFHPHQWHWHQ
WRXWHVÚFXULWÚ
,QIRUPH]OHVRFFXSDQWVGXYÚKLFXOH
GHVULVTXHVÚYHQWXHOVG
DFFLGHQWHW
GHEOHVVXUHGXVÑXQHPDXYDLVHXWLಢ
OLVDWLRQ
9RXVGHYH]WRXMRXUVYRXVSOLHUDX[
ORLVHWUÚJOHPHQWDWLRQVHQYLJXHXU
GDQVOHSD\VGDQVOHTXHOYRXVYRXV
WURXYH]&HVORLVSHXYHQWGLIIÚUHUGHV
LQIRUPDWLRQVFRQWHQXHVGDQVFH0Dಢ
QXHOG
XWLOLVDWLRQ
4XDQGLOHVWLQGLTXÚGHSUHQGUHFRQಢ
WDFWDYHFXQDWHOLHUQRXVYRXVUHಢ
FRPPDQGRQVGHFKHUFKHUXQ5ÚSDಢ
UDWHXU$JUÚÚ&KHYUROHW
/HV5ÚSDUDWHXUV$JUÚÚV&KHYUROHW
RIIUHQWXQVHUYLFHGHSUHPLÙUHTXDOLWÚ
ÑGHVSUL[UDLVRQQDEOHV/HSHUVRQQHO
H[SÚULPHQWÚIRUPÚSDU&KHYUROHWWUDಢ
YDLOOHVHORQOHVSUHVFULSWLRQVVSÚFLILಢ
TXHVGH&KHYUROHW
/DGRFXPHQWDWLRQGHVWLQÚHDXFOLHQW
GRLWWRXMRXUVÛWUHFRQVHUYÚHÑSRUWÚH
GHPDLQGDQVOHYÚKLFXOH
8WLOLVDWLRQGHFHPDQXHO
࿢ /HSUÚVHQWPDQXHOGÚFULWWRXWHVOHV
RSWLRQVHWIRQFWLRQVGLVSRQLEOHV
SRXUFHPRGÙOH&
&HUWDLQHV
GHVFULSWLRQVQRWDPPHQWFHOOHVGHV
IRQFWLRQVGHPHQXHWG
DIILFKDJH
SHXYHQWQHSDVV
DSSOLTXHUÑYRWUH
YÚKLFXOHHQUDLVRQGHVYDULDQWHVGH
PRGÙOHGHVSÚFLILFDWLRQVSURSUHV
ÑYRWUHSD\VÑGHVDFFHVVRLUHVRX
GHVÚTXLSHPHQWVVSÚFLDX[
࿢ 9RXVWURXYHUH]XQSUHPLHUDSHUØX
GDQVOHFKDSLWUHœ(QEUHI¬
࿢ /HVRPPDLUHVLWXÚDXGÚEXWGHFH
PDQXHOHWÑFKDTXHFKDSLWUHLQGLಢ
TXHRêVHWURXYHQWOHVLQIRUPDWLRQV
࿢ /
LQGH[YRXVSHUPHWGHUHFKHUFKHU
GHVLQIRUPDWLRQVVSÚFLILTXHV
࿢ /HSUÚVHQW0DQXHOG
XWLOLVDWLRQ
PRQWUHGHVYÚKLFXOHVDYHFGLUHFಢ
WLRQÑJDXFKH/
XWLOLVDWLRQGHYÚKLಢ
FXOHVDYHFGLUHFWLRQÑGURLWHHVWVLಢ
PLODLUH
࿢ /H0DQXHOG
XWLOLVDWLRQUHSUHQGOHV
GÚVLJQDWLRQVGHPRWHXUXWLOLVÚHVHQ
XVLQH/HVGÚVLJQDWLRQVGHYHQWH
FRUUHVSRQGDQWHVVHWURXYHQWGDQV
OHFKDSLWUHœ&DUDFWÚULVWLTXHV
WHFKQLTXHV¬
࿢ /HVLQGLFDWLRQVGHGLUHFWLRQWHOOHV
TXHÑJDXFKHÑGURLWHRXYHUV
O
DYDQWHWYHUVO
DUULÙUHVRQWWRXಢ
MRXUVGRQQÚHVSDUUDSSRUWDXVHQV
GHODPDUFKH
࿢ ,OVHSHXWTXHOHVLQIRUPDWLRQVGHV
ÚFUDQVGHYRWUHYÚKLFXOHQHV
DIILಢ
FKHQWSDVGDQVYRWUHODQJXH
࿢ /HVPHVVDJHVDIILFKÚVHWOHVPHQಢ
WLRQVÑO
LQWÚULHXUGHO
KDELWDFOHVRQW
ÚFULWVHQFDUDFWÙUHVJ
JUDV
,QWURGXFWLRQ
'DQJHUDWWHQWLRQHW
DYHUWLVVHPHQW
'DQJHU
/HVSDUDJUDSKHVDFFRPSDJQÚV
GHODPHQWLRQ'
'DQJHUIRXUQLVಢ
VHQWGHVLQIRUPDWLRQVFRQFHUQDQW
XQULVTXHGHEOHVVXUHPRUWHOOH
,JQRUHUFHVLQIRUPDWLRQVSHXWHQಢ
WUDßQHUXQGDQJHUGHPRUW
$WWHQWLRQ
/HVSDUDJUDSKHVDFFRPSDJQÚV
GHODPHQWLRQ$
$WWHQWLRQIRXUQLVಢ
VHQWGHVLQIRUPDWLRQVFRQFHUQDQW
XQULVTXHG
DFFLGHQWRXGHEOHVಢ
VXUH,JQRUHUFHVLQIRUPDWLRQV
SHXWHQWUDßQHUGHVEOHVVXUHV
$YHUWLVVHPHQW
/HVSDUDJUDSKHVDFFRPSDJQÚV
GHODPHQWLRQ$
$YHUWLVVHPHQWIRXUಢ
QLVVHQWGHVLQIRUPDWLRQVFRQFHUಢ
QDQWXQULVTXHGHGÚJUDGDWLRQGX
YÚKLFXOH,JQRUHUFHWWHLQIRUPDWLRQ
SHXWHQWUDßQHUXQHGÚJUDGDWLRQGX
YÚKLFXOH
6\PEROHV
/HVUÚIÚUHQFHVÑXQHSDJHVRQWPDUಢ
TXÚHVG
XQV\PEROHVLJQLILH
œYRLUSDJH¬
%RQQHURXWH
&KHYUROHW
,QWURGXFWLRQ
(QEUHI
(QEUHI
'ÚYHUURXLOODJHGXYÚKLFXOH
5ÚJODJHGHVVLÙJHV
7ÚOÚFRPPDQGHUDGLR
3RVLWLRQGXVLÙJH
$SSX\HUVXUOHERXWRQASRXUGÚYHUಢ
URXLOOHUOHVSRUWHVHWOHFRIIUH2XYULU
OHVSRUWHVHQWLUDQWOHVSRLJQÚHV3RXU
RXYULUOHKD\RQDSSX\HUVXUOHERXWRQ
VLWXÚVRXVODPRXOXUHGXKD\RQ
$SSX\HUVXUOHERXWRQIVHXOOH
FRIIUHHVWGÚYHUURXLOOÚHWV
RXYUH
7ÚOÚFRPPDQGHUDGLRYHUURXLOಢ
ODJHFHQWUDOFRIIUH
7LUHUODSRLJQÚHGÚSODFHUOHVLÙJHHW
UHOÓFKHUODSRLJQÚH
5ÚJODJHGHVVLÙJHVSRVLWLRQ
GXVLÙJH
,QIRUPDWLRQVSRXUXQ
SUHPLHUGÚSODFHPHQW
(QEUHI
'RVVLHUVGHVLÙJH
+DXWHXUGHVLÙJH
5ÚJODJHGHVDSSXLVWÛWH
7LUHUODPDQHWWHUÚJOHUO
LQFOLQDLVRQHW
UHOÓFKHUODPDQHWWH/DLVVHUOHVLÙJH
V
HQFOLTXHWHUGHPDQLÙUHDXGLEOH
5ÚJODJHGHVVLÙJHVSRVLWLRQ
GXVLÙJH
0RXYHPHQWGHSRPSDJHGXOHYLHU
YHUVOHKDXW
SOXVKDXW
YHUVOHEDV
SOXVEDV
3RXUUÚJOHUODKDXWHXUVRXOHYHUO
DSಢ
SXLWÛWHYHUVOHKDXW3RXUO
DEDLVVHU
HQIRQFHUOHORTXHWHWSRXVVHUO
DSSXL
WÛWHYHUVOHEDV
6LÙJHVSRVLWLRQGXVLÙJH
(QEUHI
&HLQWXUHGHVÚFXULWÚ
5ÚJODJHGHVUÚWURYLVHXUV
5ÚWURYLVHXULQWÚULHXU
3RXUUÚJOHUO
DSSXLWÛWHKRUL]RQWDOHಢ
PHQWOHWLUHUYHUVO
DYDQWHWOHYHUಢ
URXLOOHUGDQVXQHGHVWURLVSRVLWLRQV
3RXUUHYHQLUGDQVODSRVLWLRQODSOXV
DUULÙUHOHWLUHUDXPD[LPXPYHUV
O
DYDQWHWOHUHOÓFKHU
$SSXLVWÛWH
7LUHUODFHLQWXUHGHVÚFXULWÚHWO
HQFOLಢ
TXHWHUGDQVODVHUUXUHGHFHLQWXUH/D
FHLQWXUHGHVÚFXULWÚQHGRLWSDVÛWUH
YULOOÚHHWGRLWÛWUHSODFÚHSUÙVGX
FRUSV/HGRVVLHUQHGRLWSDVÛWUHLQಢ
FOLQÚWURSHQDUULÙUHHQYLURQ¡
PD[LPXP
3RXUGÚWDFKHUODFHLQWXUHDSSX\HU
VXUOHERXWRQURXJHGHODVHUUXUH
&HLQWXUHVGHVÚFXULWÚV\Vಢ
WÙPHG
DLUEDJVSRVLWLRQGH
VLÙJH
$MXVWHUODPDQHWWHVRXVOHUÚWURYLVHXU
SRXUUÚGXLUHO
ÚEORXLVVHPHQW
5ÚWURYLVHXULQWÚULHXUUÚWURYLಢ
VHXULQWÚULHXUÑSRVLWLRQQXLWDXWRPDಢ
WLTXH
(QEUHI
5ÚWURYLVHXUVH[WÚULHXUV
5ÚJODJHGXYRODQW
6ÚOHFWLRQQHUOHUÚWURYLVHXUH[WÚULHXU
FRUUHVSRQGDQWHWOHUÚJOHU
5ÚJODJHÚOHFWULTXHUÚWURYLಢ
VHXUVH[WÚULHXUVFRQYH[HVUDಢ
EDWWUHOHVUÚWURYLVHXUVH[WÚULHXUV
UÚWURYLVHXUVH[WÚULHXUVFKDXIಢ
IDQWV
'ÚEORTXHUOHOHYLHUUÚJOHUOHYRODQW
SXLVEORTXHUOHOHYLHUHWYÚULILHUTX
LO
HVWELHQYHUURXLOOÚ1HUÚJOHUOHYRODQW
TXHORUVTXHOHYÚKLFXOHHVWDUUÛWÚHW
ODGLUHFWLRQGÚEORTXÚH
6\VWÙPHG
DLUEDJVSRVLWLRQV
G
DOOXPDJH
(QEUHI
9XHG
HQVHPEOHGXWDEOHDXGHERUG
(QEUHI
&RPPXWDWHXUG
ÚFODLUDJH 3KDUHVDQWLEURXLOODUG )HXDQWLEURXLOODUGDUULÙUH ºFODLUDJHGHVLQVWUXPHQWV %RXFKHVG
DÚUDWLRQ
ODWÚUDOHV &OLJQRWDQWVDSSHOGH
SKDUHVIHX[GH
FURLVHPHQWHWIHX[GHURXWH ºFODLUDJHSRXUTXLWWHUOH
YÚKLFXOH )HX[GHVWDWLRQQHPHQW &HQWUHG
LQIRUPDWLRQVGX
FRQGXFWHXU ,QVWUXPHQWV $YHUWLVVHXUVRQRUH $LUEDJFRQGXFWHXU &HQWUHG
LQIRUPDWLRQVGX
FRQGXFWHXU &RPPDQGHVDXYRODQW (VVXLHVJODFHVDYDQW
ODYHJODFHDYDQWHVVXLH
JODFHGHOXQHWWHDUULÙUH
ODYHJODFHGHOXQHWWH
DUULÙUH %RXFKHVG
DÚUDWLRQ
FHQWUDOHV ,QIRWDLQPHQW6\VWHP $IILFKDJHG
LQIRUPDWLRQV /('GHVWDWXWG
DODUPH
DQWLYRO 5DQJHPHQW $LUEDJSRXUSDVVDJHU
DYDQW %RßWHÑJDQWV 7ÚPRLQGHGÚVDFWLYDWLRQ
G
DLUEDJHWUDSSHOGH
FHLQWXUHGHVÚFXULWÚ &KDXIIDJHYHQWLODWLRQ
FOLPDWLVDWLRQ 6\VWÙPHDQWLSDWLQDJH (OHFWURQLF6WDELOLW\&RQWURO /HYLHUVÚOHFWHXUERßWH
DXWRPDWLTXH %RßWHPDQXHOOH )HX[GHGÚWUHVVH 9HUURXLOODJHFHQWUDO 3ÚGDOHG
DFFÚOÚUDWHXU 3ÚGDOHGHIUHLQ 6HUUXUHGHFRQWDFWDYHF
EORFDJHGHODGLUHFWLRQ 3ÚGDOHG
HPEUD\DJH 5ÚJODJHGXYRODQW 5ÚJXODWHXUGHYLWHVVH &RPSDUWLPHQWGH
UDQJHPHQWERßWHÑIXVLEOHV 3RLJQÚHGHGÚYHUURXLOODJH
GXFDSRWPRWHXU (QEUHI
ºFODLUDJHH[WÚULHXU
$SSX\HUVXUOHFRPPXWDWHXUG
ÚFODLಢ
UDJH
3KDUHVDQWLEURXLOODUG
)HXDQWLEURXLOODUGDUULÙUH
P
$SSHOGHSKDUHVIHX[GHURXWH
HWIHX[GHFURLVHPHQW
ºFODLUDJH
7RXUQHUOHFRPPXWDWHXUG
ÚFODLUDJH
$872
$OOXPDJHDXWRPDWLTXHGHV
IHX[GHFURLVHPHQW/HV
SKDUHVVRQWDOOXPÚVHW
ÚWHLQWVDXWRPDWLTXHPHQW
P
$FWLYDWLRQRXGÚVDFWLYDWLRQ
GHODFRPPDQGHDXWRPDಢ
WLTXHGHVIHX[
)HX[GHSRVLWLRQ
3KDUHV
6XUOHVYÚKLFXOHVVDQVFRPPDQGH
DXWRPDWLTXHGHVIHX[
DUUÛW
$SSHOGH
SKDUHV
)HX[GH
URXWH
)HX[GH
FURLVHPHQW
7LUHUODPDQHWWH
3RXVVHUODPDQHWWH
3RXVVHURXWLUHUOD
PDQHWWH
)HX[GHURXWHDSSHOGHSKDಢ
UHVFRPPDQGHDXWRPDWLTXH
GHVIHX[
(QEUHI
&OLJQRWDQWVGHFKDQJHPHQWGH
GLUHFWLRQHWGHILOH
'URLW
*DXFKH
0DQHWWHYHUVOHKDXW
0DQHWWHYHUVOHEDV
&OLJQRWDQWVGHFKDQJHPHQWGHGLUHFಢ
WLRQHWGHILOHIHX[GHVWDWLRQಢ
QHPHQW
)HX[GHGÚWUHVVH
$YHUWLVVHXUVRQRUH
$FWLRQQHPHQWDYHFOHERXWRQe
)HX[GHGÚWUHVVH
$SSX\HUVXUH
(QEUHI
(VVXLHJODFHVHW
ODYHJODFHV
(VVXLHJODFHDYDQWUHPSODFHಢ
PHQWGHVEDODLV
/DYHJODFHDYDQW
(VVXLHJODFHDYDQW
7LUHUODPDQHWWH
/DYHJODFHDYDQWOLTXLGHGH
ODYHJODFH
'
c
UDSLGH
OHQW
IRQFWLRQQHPHQWLQWHUPLWWHQWRX
EDOD\DJHDXWRPDWLTXHDYHF
FDSWHXUGHSOXLH
DUUÛW
3RXUXQVHXOEDOD\DJHORUVTXHOHVHVಢ
VXLHJODFHVVRQWGÚVDFWLYÚVDEDLVVHU
ODPDQHWWH
(QEUHI
(VVXLHJODFHHWODYHJODFHGH
OXQHWWHDUULÙUH
3RXVVHUOHFRPPXWDWHXUÑEDVFXOH
SRXUDFWLRQQHUO
HVVXLHJODFHGHOXಢ
QHWWHDUULÙUH
SRVLWLRQ
IRQFWLRQQHPHQW
VXSÚULHXUH
SHUPDQHQW
SRVLWLRQ
IRQFWLRQQHPHQWLQಢ
LQIÚULHXUH
WHUPLWWHQW
SRVLWLRQ
DUUÛW
FHQWUDOH
(VVXLHJODFHODYHJODFHGHOXQHWWH
DUULÙUH
&OLPDWLVDWLRQ
/XQHWWHDUULÙUHFKDXIIDQWH
UÚWURYLVHXUVH[WÚULHXUV
FKDXIIDQWV
3RXVVHUODPDQHWWH
/HSURGXLWGHODYHJODFHHVWSXOYÚULVÚ
VXUODOXQHWWHDUULÙUHHWO
HVVXLHJODFH
H[ÚFXWHTXHOTXHVEDOD\DJHV
/HFKDXIIDJHHVWDFWLYÚHQDSSX\DQW
VXUOHERXWRQ^
/XQHWWHDUULÙUHFKDXIIDQWH
(QEUHI
'ÚVHPEXDJHHWGÚJLYUDJHGHV
YLWUHV
$SSX\HUVXUOHERXWRQ5
&RPPXWDWHXUGHWHPSÚUDWXUHVXUOH
QLYHDXOHSOXVFKDXG
5HIURLGLVVHPHQWLHQPDUFKH
/XQHWWHDUULÙUHFKDXIIDQWH^HQPDUಢ
FKH
&OLPDWLVDWLRQDXWRPDWLTXH
%RßWHGHYLWHVVHV
%RßWHDXWRPDWLTXH
%RßWHPDQXHOOH
0DUFKHDUULÙUHOHYÚKLFXOHÚWDQW
ÑO
DUUÛWHQIRQFHUODSÚGDOHG
HPಢ
EUD\DJHSXLVVRXOHYHUODEDJXHGX
OHYLHUVÚOHFWHXUHWHQJDJHUOHUDSSRUW
6LOHUDSSRUWQHV
HQJDJHSDVDPHQHU
OHOHYLHUDXSRLQWPRUWUHOÓFKHUODSÚಢ
GDOHG
HPEUD\DJHSXLVGÚEUD\HU
ÑQRXYHDXUÚHVVD\HUGHSDVVHUOD
PDUFKHDUULÙUH
%RßWHPDQXHOOH
3
5
1
'
6WDWLRQQHPHQW
0DUFKHDUULÙUH
1HXWUHSRLQWPRUW
3RVLWLRQGHFRQGXLWH
0RGH0DQXHOGÚSODFHUOHOHYLHUVÚಢ
OHFWHXUYHUVODJDXFKHÑSDUWLUGH'
'
5DSSRUWVXSÚULHXU
5DSSRUWLQIÚULHXU
<
(QEUHI
/HOHYLHUVÚOHFWHXUSHXWXQLTXHPHQW
TXLWWHUODSRVLWLRQ3
3VLOHFRQWDFWHVW
PLVHWTXHODSÚGDOHGHIUHLQHVWHQಢ
IRQFÚH3RXUHQJDJHUOHOHYLHUVXU3
3
RX5
5DSSX\HUVXUOHERXWRQGH
GÚYHUURXLOODJH
%RßWHDXWRPDWLTXH
3UHQGUHODURXWH
&RQWUåOHVDYDQWGHSUHQGUHOD
URXWH
࿢ 3UHVVLRQGHJRQIODJHHWÚWDWGHV
SQHXV
࿢ 1LYHDXG
KXLOHPRWHXUHWQLYHDXGHV
OLTXLGHV
࿢ 7RXVOHVUÚWURYLVHXUVOHVYLWUHVOHV
ÚFODLUDJHVH[WÚULHXUVHWOHVSODTXHV
G
LPPDWULFXODWLRQGRLYHQWÛWUHHQ
ERQÚWDWSURSUHVHWGÚEDUUDVVÚVGH
WRXWHQHLJHRXJODFH
࿢ 9ÚULILHUODSRVLWLRQGHVVLÙJHVGHV
FHLQWXUHVGHVÚFXULWÚHWGHVUÚWURಢ
YLVHXUV
࿢ 9ÚULILHUOHIRQFWLRQQHPHQWGXV\Vಢ
WÙPHGHIUHLQDJHÑIDLEOHYLWHVVH
QRWDPPHQWORUVTXHOHVIUHLQVVRQW
KXPLGHV
'ÚPDUUDJHDYHFODVHUUXUHGH
FRQWDFW
࿢ 0HWWUHODFOÚHQSRVLWLRQ
࿢ %RXJHUOÚJÙUHPHQWOHYRODQWSRXU
OLEÚUHUOHEORFDJHGHODGLUHFWLRQ
࿢ %RßWHPDQXHOOHHQIRQFHUODSÚGDOH
G
HPEUD\DJH
࿢ %RßWHDXWRPDWLTXHHQIRQFHUODSÚಢ
GDOHGHIUHLQHWGÚSODFHUOHOHYLHU
VÚOHFWHXUVXU3
3RX1
1
࿢ 1HSDVDFFÚOÚUHU
(QEUHI
࿢ 0RWHXUGLHVHOWRXUQHUODFOÚHQSRಢ
VLWLRQ
SRXUOHSUÚFKDXIIDJHMXVಢ
TX
ÑFHTXHOHWÚPRLQV
ÚWHLJQH
࿢ 7RXUQHUODFOÚHQSRVLWLRQ
HWODUHಢ
OÓFKHUTXDQGOHPRWHXUWRXUQH
$YDQWGHUHGÚPDUUHURXSRXUDUUÛWHU
OHPRWHXUUDPHQHUODFOHIGHFRQWDFW
HQSRVLWLRQ
6WDWLRQQHPHQW
࿢ 6HUUHUWRXMRXUVOHIUHLQGHVWDWLRQಢ
QHPHQWVDQVDFWLRQQHUOHERXWRQ
GHGÚYHUURXLOODJH'DQVXQHSHQWH
RXGDQVXQHFåWHOHVHUUHUDXVVL
IRUWTXHSRVVLEOH(QIRQFHUODSÚಢ
GDOHGHIUHLQHQPÛPHWHPSVSRXU
UÚGXLUHO
HIIRUWG
DFWLRQQHPHQW
࿢ $UUÛWHUOHPRWHXU7RXUQHUODFOÚGH
FRQWDFWVXUHWO
HQOHYHU7RXUQHUOH
YRODQWMXVTX
ÑFHTXHO
HQFOHQFKHಢ
PHQWGXEORFDJHGHODGLUHFWLRQ
DQWLYROVHIDVVHVHQWLU
6XUOHVYÚKLFXOHVDYHFERßWHDXWRಢ
PDWLTXHGÚSODFHUOHOHYLHUVÚOHFಢ
WHXUHQSRVLWLRQ3
3HWHQOHYHUODFOÚ
࿢ /RUVTXHOHYÚKLFXOHHVWVXUXQH
URXWHSODQHRXHQFåWHHQJDJHUOD
SUHPLÙUHRXPHWWUHOHOHYLHUVÚOHFಢ
WHXUVXU3
3DYDQWGHFRXSHUOHFRQಢ
WDFW'DQVXQHFåWHGLULJHUOHV
URXHVDYDQWÑO
RSSRVÚGHODERUಢ
GXUHGXWURWWRLU
/RUVTXHOHYÚKLFXOHHVWVXUXQH
URXWHSODQHRXHQSHQWHHQJDJHUOD
PDUFKHDUULÙUHRXPHWWUHOHOHYLHU
VÚOHFWHXUVXU3
3DYDQWGHFRXSHUOH
FRQWDFW'LULJHUOHVURXHVDYDQW
YHUVODERUGXUHGXWURWWRLU
࿢ )HUPHUOHVYLWUHVHWOHWRLWRXYUDQW
࿢ 9HUURXLOOHUOHYÚKLFXOHDYHFODWRXಢ
FKHCGHODWÚOÚFRPPDQGH
࿢ $FWLYHUO
DODUPHDQWLYRO
࿢ 1HSDVVWDWLRQQHUOHYÚKLFXOHDX
GHVVXVG
XQVROIDFLOHPHQWLQIODPಢ
PDEOH(QHIIHWOHVROSRXUUDLWV
HQಢ
IODPPHUHQUDLVRQGHWHPSÚUDWXUHV
ÚOHYÚHVGXV\VWÙPHG
ÚFKDSSHಢ
PHQW
࿢ /HYHQWLODWHXUGHUHIURLGLVVHPHQW
GXPRWHXUSHXWVHPHWWUHHQPDUಢ
FKHPÛPHVLOHPRWHXUHVWDUUÛWÚ
࿢ ±ODVXLWHGHUÚJLPHVÚOHYÚVRX
G
XQHFKDUJHÚOHYÚHGXPRWHXULO
FRQYLHQWSRXUPÚQDJHUOHWXUERಢ
FRPSUHVVHXUGHIDLUHIRQFWLRQQHU
EULÙYHPHQWOHPRWHXUÑIDLEOH
FKDUJHDYDQWGHO
DUUÛWHURXGHOH
IDLUHWRXUQHUDXUDOHQWLSHQGDQWHQಢ
YLURQRXPLQXWHV
&OÚVVHUUXUHV
&OÚVSRUWHVHWYLWUHV
&OÚVSRUWHVHWYLWUHV
&OÚVVHUUXUHV
&OÚV
&OÚVVHUUXUHV 3RUWHV 6ÚFXULWÚGXYÚKLFXOH 5ÚWURYLVHXUVH[WÚULHXUV 5ÚWURYLVHXULQWÚULHXU 9LWUHV 7RLW &OÚVGHUHFKDQJH
$SSX\HUVXUOHERXWRQSRXUO
RXYULU
3RXUUHSOLHUODFOÚDSSX\HUG
DERUG
VXUOHERXWRQ
7ÚOÚFRPPDQGHUDGLR
/HQXPÚURGHFOÚHVWPHQWLRQQÚVXU
XQHÚWLTXHWWHGÚWDFKDEOH
/HQXPÚURGHFOÚGRLWÛWUHFRPPXQLಢ
TXÚORUVGHODFRPPDQGHGHVFOÚVGH
UHFKDQJHFDULOV
DJLWG
XQFRPSRVDQW
GXV\VWÙPHGHEORFDJHGXGÚPDUಢ
UDJH
6HUUXUHV
&OÚDYHFSDQQHWRQUDEDWWDEOH
8WLOLVÚHSRXUFRPPDQGHU
࿢ 9HUURXLOODJHFHQWUDO
࿢ $ODUPHDQWLYRO
࿢ &RIIUH
/DWÚOÚFRPPDQGHUDGLRGLVSRVH
G
XQHSRUWÚHGHPÙWUHVHQYLURQ
&HWWHSRUWÚHSHXWÛWUHUÚGXLWHVHORQ
OHVFRQGLWLRQVHQYLURQQDQWHV
&OÚVSRUWHVHWYLWUHV
/HVIHX[GHGÚWUHVVHFRQILUPHQWO
DFಢ
WLYDWLRQ
0DQLSXOHUODWÚOÚFRPPDQGHDYHFSUÚಢ
FDXWLRQODSURWÚJHUGHO
KXPLGLWÚHW
GHVWHPSÚUDWXUHVÚOHYÚHVÚYLWHUWRXW
DFWLRQQHPHQWLQXWLOH
࿢ XWLOLVDWLRQIUÚTXHQWHHWUÚSÚWÚHGH
ODWÚOÚFRPPDQGHDORUVTXHOH
YÚKLFXOHHVWKRUVGHSRUWÚHFHTXL
QÚFHVVLWHUDXQHUHSURJUDPPDWLRQ
࿢ VXUFKDUJHGXYHUURXLOODJHFHQWUDO
VXLWHÑGHVPDQŃXYUHVWURSIUÚಢ
TXHQWHVFHTXLLQWHUURPSWO
DOLPHQಢ
WDWLRQÚOHFWULTXHSHQGDQWTXHOTXHV
LQVWDQWV
࿢ UHFRXYUHPHQWGHVRQGHVUDGLRSDU
GHVLQVWDOODWLRQVUDGLRÚOHFWULTXHV
H[WHUQHVSOXVSXLVVDQWHV
'ÚYHUURXLOODJHGXYÚKLFXOH
/HVSLOHVQHGRLYHQWSDVÛWUHMHWÚHV
DYHFOHVRUGXUHVPÚQDJÙUHV(OOHV
GRLYHQWÛWUHUHF\FOÚHVYLDOHVFHQWUHV
GHFROOHFWHDSSURSULÚV
&OÚDYHFSDQQHWRQUDEDWWDEOH
5ÚJODJHVGHEDVH
'ÚIDLOODQFH
6LXQDFWLRQQHPHQWGXYHUURXLOODJH
FHQWUDOQ
HVWSDVSRVVLEOHÑO
DLGHGH
ODWÚOÚFRPPDQGHUDGLRFHODSHXWÛWUH
GìDX[FDXVHVVXLYDQWHV
࿢ SRUWÚHGÚSDVVÚH
࿢ WHQVLRQGHEDWWHULHWURSIDLEOH
&HUWDLQVUÚJODJHVSHXYHQWÛWUHFKDQಢ
JÚVGDQVOHPHQX5
5ÚJODJHVGHO
DIILಢ
FKDJHG
LQIRUPDWLRQV3HUVRQQDOLVDಢ
WLRQGXYÚKLFXOH
5HPSODFHPHQWGHSLOHGHOD
WÚOÚFRPPDQGHUDGLR
5HPSODFHUODSLOHGÙVTXHODSRUWÚH
FRPPHQFHÑVHUÚGXLUHVHQVLEOHಢ
PHQW
6RUWLUODFOÚHWRXYULUO
XQLWÚ5HPSODಢ
FHUODSLOHW\SH&5HQIDLVDQW
DWWHQWLRQÑODSRVLWLRQGHPRQWDJH
)HUPHUO
XQLWÚHWODSURJUDPPHU
&OÚDYHFSDQQHWRQIL[H
)DLUHHIIHFWXHUOHUHPSODFHPHQWGH
SLOHSDUXQDWHOLHU
&OÚVSRUWHVHWYLWUHV
5ÚJODJHVPÚPRULVÚV
'ÚYHUURXLOODJH
4XDQGODFOÚHVWUHWLUÚHGHODVHUUXUH
GHFRQWDFWOHVUÚJODJHVVXLYDQWVVRQW
DXWRPDWLTXHPHQWPÚPRULVÚVGDQVOD
FOÚ
࿢ &OLPDWLVDWLRQDXWRPDWLTXH
࿢ ºFODLUDJH
࿢ ,QIRWDLQPHQW6\VWHP
࿢ 9HUURXLOODJHFHQWUDO
/HVUÚJODJHVPÚPRULVÚVVRQWDXWRಢ
PDWLTXHPHQWXWLOLVÚVODSURFKDLQHIRLV
TXHODFOÚHVWLQWURGXLWHGDQVODVHUಢ
UXUHGHFRQWDFW
3HUVRQQDOLVDWLRQGXYÚKLFXOH
7ÚOÚFRPPDQGHUDGLR
9HUURXLOODJHFHQWUDO
,OGÚYHUURXLOOHHWYHUURXLOOHOHVSRUWHV
OHFRIIUHHWODWUDSSHÑFDUEXUDQW
/DSRUWHV
RXYUHHQWLUDQWODSRLJQÚH
LPSRUWDQWHGHSRUWH
5HPDUTXH
(QFDVG
DFFLGHQWJUDYHOHYÚKLFXOH
VHGÚYHUURXLOOHDXWRPDWLTXHPHQW
/HVUÚJODJHVSHXYHQWÛWUHFKDQJÚV
GDQVOHPHQX5
5ÚJODJHVGHO
DIILFKDJH
G
LQIRUPDWLRQV3HUVRQQDOLVDWLRQGX
YÚKLFXOH
/HVUÚJODJHVSHXYHQWÛWUHVDXYHJDUಢ
GÚVHQIRQFWLRQGHODFOÚXWLOLVÚHUÚಢ
JODJHVPÚPRULVÚV
9HUURXLOODJH
7ÚOÚFRPPDQGHUDGLR
)HUPHUOHVSRUWHVOHFRIIUHHWOD
WUDSSHÑFDUEXUDQW
$SSX\HUVXUOHERXWRQA
'HX[UÚJODJHVVRQWSRVVLEOHV
࿢ 3RXUGÚYHUURXLOOHUODSRUWHGXFRQಢ
GXFWHXUDSSX\HUXQHIRLVVXUOH
ERXWRQASRXUGÚYHUURXLOOHUWRXWHV
OHVSRUWHVOHFRIIUHHWODWUDSSH
ÑFDUEXUDQWDSSX\HUVXUOHERXಢ
WRQAGHX[IRLV
࿢ 3RXUGÚYHUURXLOOHUWRXWHVOHVSRUWHV
OHFRIIUHHWODWUDSSHÑFDUEXUDQW
DSSX\HUXQHIRLVVXUOHERXWRQA
$SSX\HUVXUOHERXWRQC
&OÚVSRUWHVHWYLWUHV
6LODSRUWHGXFRQGXFWHXUQ
HVWSDV
ELHQIHUPÚHOHYHUURXLOODJHFHQWUDOQH
IRQFWLRQQHUDSDV3HUVRQQDOLVDWLRQ
GXYÚKLFXOH
3RUWHV
'ÚYHUURXLOODJHGXKD\RQ
0RGÙOHSRUWHV
$SSX\HUVXUOHERXWRQI/HKD\RQ
YDVHGÚYHUURXLOOHUHWV
RXYULUDORUV
TXHWRXWHVOHVDXWUHVSRUWHVUHVWHQW
YHUURXLOOÚHV
%RXWRQVGHYHUURXLOODJHFHQWUDO
$SSX\HUXQHRXGHX[IRLVVXUOHERXಢ
WRQAHQIRQFWLRQGXUÚJODJHFKRLVL
/HKD\RQVHGÚYHUURXLOOHHWV
RXYUH
3HUVRQQDOLVDWLRQGXYÚKLFXOH
9HUURXLOOHRXGÚYHUURXLOOHWRXWHVOHV
SRUWHVOHFRIIUHHWODWUDSSHÑFDUEXಢ
UDQW
$SSX\HUVXUOHERXWRQCSRXUYHUURXLOಢ
OHU
$SSX\HUVXUOHERXWRQASRXUGÚYHUಢ
URXLOOHU
4XDQGODFOÚVHWURXYHGDQVODVHUUXUH
GHFRQWDFWOHYHUURXLOODJHQ
HVWSRVಢ
VLEOHTXHVLWRXWHVOHVSRUWHVVRQWIHUಢ
PÚHV
&OÚVSRUWHVHWYLWUHV
'ÚIDLOODQFHGDQVOHV\VWÙPHGH
WÚOÚFRPPDQGHUDGLR
'ÚYHUURXLOODJH
9HUURXLOODJH
0HWWUHOHFRQWDFWHWDSSX\HUVXUOH
ERXWRQGHYHUURXLOODJHFHQWUDOCSRXU
YHUURXLOOHUWRXWHVOHVSRUWHVOHFRIIUH
HWODWUDSSHÑFDUEXUDQW3XLVIHUPHU
ODSRUWHGXFRQGXFWHXUHWODYHUURXLOOHU
GHO
H[WÚULHXUDYHFODFOÚ
'ÚYHUURXLOODJHGXKD\RQ
'ÚIDLOODQFHGXYHUURXLOODJH
FHQWUDO
'ÚYHUURXLOOHUPDQXHOOHPHQWODSRUWH
GXFRQGXFWHXUHQWRXUQDQWODFOÚGDQV
ODVHUUXUH0HWWUHOHFRQWDFWHWDSಢ
SX\HUVXUOHERXWRQGHYHUURXLOODJH
FHQWUDOASRXUGÚYHUURXLOOHUWRXWHVOHV
SRUWHVOHFRIIUHHWODWUDSSHÑFDUEXಢ
UDQW3RXUGÚVDFWLYHUOHGLVSRVLWLIDQWLಢ
YROPHWWUHOHFRQWDFW
'ÚYHUURXLOODJH
'ÚYHUURXLOOHUPDQXHOOHPHQWODSRUWH
GXFRQGXFWHXUHQWRXUQDQWODFOÚGDQV
ODVHUUXUH/HVDXWUHVSRUWHVSHXYHQW
ÛWUHRXYHUWHVHQXWLOLVDQWGHX[IRLVOD
SRLJQÚHLQWÚULHXUH/DWUDSSHÑFDUಢ
EXUDQWQHSHXWSDVÛWUHRXYHUWH3RXU
GÚVDFWLYHUOHGLVSRVLWLIDQWLYROPHWWUH
OHFRQWDFW
7LUHUODSRLJQÚHÑO
LQWÚULHXUGXKD\RQ
9HUURXLOODJH
(QIRQFHUOHVERXWRQVGHVìUHWÚGH
WRXWHVOHVSRUWHVVDXIFHOOHGXFRQಢ
GXFWHXU3XLVIHUPHUODSRUWHGXFRQಢ
GXFWHXUHWODYHUURXLOOHUGHO
H[WÚULHXU
DYHFODFOÚ/DWUDSSHÑFDUEXUDQWHW
OHKD\RQQHSHXYHQWSDVÛWUHYHUURXLOಢ
OÚV
&OÚVSRUWHVHWYLWUHV
6ÚFXULWÚHQIDQWV
3RUWHV
&RIIUH
+D\RQ
2XYHUWXUH
0RGÙOHSRUWHV
$SSX\HUVXUOHERXWRQIGHODWÚOÚಢ
FRPPDQGHUDGLRMXVTX
ÑFHTXHOH
KD\RQVRLWRXYHUWRXWLUHUOHERXWRQ
VRXVODPRXOXUHGXKD\RQDSUÙVOH
GÚYHUURXLOODJH
$WWHQWLRQ
8WLOLVHUOHVVÚFXULWÚVHQIDQWV
TXDQGOHVSODFHVDUULÙUHVRQWRFಢ
FXSÚHVSDUGHVHQIDQWV
±O
DLGHG
XQHFOÚRXG
XQWRXUQHYLV
DGÚTXDWWRXUQHUOHVVÚFXULWÚVHQIDQWV
GDQVOHVSRUWHVDUULÙUHHQSRVLWLRQKRಢ
UL]RQWDOH/HVSRUWHVQHSHXYHQWSDV
ÛWUHRXYHUWHVGHSXLVO
LQWÚULHXU3RXU
GÚVDFWLYHUWRXUQHUOHVVÚFXULWÚVHQಢ
IDQWVHQSRVLWLRQYHUWLFDOH
$WWHQWLRQ
$SUÙVOHGÚYHUURXLOODJHHQIRQFHUOH
ERXWRQVRXVODSRLJQÚHHWRXYULUOH
KD\RQ
3RUWHV
1HURXOH]SDVDYHFOHKD\RQRXಢ
YHUWRXHQWURXYHUWSDUH[HPSOH
ORUVTXHYRXVWUDQVSRUWH]GHVREಢ
MHWVHQFRPEUDQWVFDUGHVJD]
G
ÚFKDSSHPHQWWR[LTXHVSRXUಢ
UDLHQWSÚQÚWUHUGDQVOHYÚKLFXOH
&OÚVSRUWHVHWYLWUHV
$YHUWLVVHPHQW
$YDQWG
RXYULUOHKD\RQYÚULILHU
O
DEVHQFHG
REVWDFOHVHQKDXWHXU
WHOVTX
XQHSRUWHGHJDUDJHSRXU
ÚYLWHUG
HQGRPPDJHUOHKD\RQ
7RXMRXUVYÚULILHUOD]RQHGHPRXಢ
YHPHQWDXGHVVXVHWGHUULÙUHOH
KD\RQ
5HPDUTXH
/DSRVHGHFHUWDLQVDFFHVVRLUHV
ORXUGVVXUOHKD\RQSHXWHPSÛFKHU
TX
LOQHUHVWHRXYHUW
)HUPHWXUH
8WLOLVHUODSRLJQÚHLQWÚULHXUH
1HSDVSRXVVHUOHERXWRQVRXVOD
PRXOXUHRXVRXVODSRLJQÚHORUVGHOD
IHUPHWXUHSRXUQHSDVSURFÚGHUÑXQ
QRXYHDXGÚYHUURXLOODJHGXKD\RQ
6ÚFXULWÚGXYÚKLFXOH
'LVSRVLWLIDQWLYRO
$WWHQWLRQ
1HSDVPHWWUHOHGLVSRVLWLIDQWLYRO
HQPDUFKHTXDQGGHVSHUVRQQHV
VRQWGDQVOHYÚKLFXOH/HGÚYHUಢ
URXLOODJHGHO
LQWÚULHXUHVWLPSRVಢ
VLEOH
/HV\VWÙPHFRQGDPQHWRXWHVOHVSRUಢ
WHV7RXWHVOHVSRUWHVGRLYHQWÛWUHIHUಢ
PÚHVSRXUSRXYRLUDFWLYHUOHV\VWÙPH
6LOHFRQWDFWÚWDLWPLVLOIDXWRXYULUHW
IHUPHUXQHIRLVODSRUWHFRQGXFWHXU
SRXUVÚFXULVHUOHYÚKLFXOH
'ÚYHUURXLOOHUOHYÚKLFXOHGÚVDFWLYHOH
GLVSRVLWLIDQWLYROPÚFDQLTXH&HOD
Q
HVWSDVSRVVLEOHDYHFOHERXWRQGH
YHUURXLOODJHFHQWUDO
&OÚVSRUWHVHWYLWUHV
$FWLYDWLRQ
࿢ O
LQFOLQDLVRQGXYÚKLFXOHSDUH[HPಢ
SOHV
LOHVWVRXOHYÚ
࿢ O
DOOXPDJH
$FWLYDWLRQ
5HPDUTXH
'HVPRGLILFDWLRQVDSSRUWÚHVÑO
KDಢ
ELWDFOHSDUH[HPSOHODSRVHGH
KRXVVHVGHVLÙJHHWGHVYLWUHVRXOH
WRLWRXYUDQWRXYHUWVSHXYHQWHQWUDಢ
YHUOHIRQFWLRQQHPHQWGHODVXUYHLOಢ
ODQFHGHO
KDELWDFOH
$FWLYDWLRQVDQVVXUYHLOODQFHGH
O
KDELWDFOHHWGHO
LQFOLQDLVRQGX
YÚKLFXOH
$SSX\HUVXUCGHODWÚOÚFRPPDQGH
UDGLRGHX[IRLVHQO
HVSDFHGH
VHFRQGHV
$ODUPHDQWLYRO
/
DODUPHDQWLYROFRPSUHQGOHGLVSRVLಢ
WLIDQWLYRODYHFOHTXHOLOIRQFWLRQQH
,OVXUYHLOOH
࿢ SRUWHVKD\RQHWFDSRW
࿢ KDELWDFOHDLQVLTXHOHFRIIUH
࿢ $FWLYDWLRQDXWRPDWLTXH
VHFRQGHVDSUÙVOHYHUURXLOODJH
GXYÚKLFXOHLQLWLDOLVDWLRQGXV\Vಢ
WÙPHRX
࿢ &RPPDQGHSDUWÚOÚFRPPDQGHGLಢ
UHFWHPHQWHQDSSX\DQWVXUCXQH
IRLVGHSOXVDSUÙVOHYHUURXLOODJHRX
'ÚVDFWLYHUODVXUYHLOODQFHGHO
KDELWDಢ
FOHHWGHO
LQFOLQDLVRQGXYÚKLFXOH
TXDQGGHVDQLPDX[VRQWODLVVÚVGDQV
OHYÚKLFXOHHQUDLVRQGHODJUDQGH
TXDQWLWÚGHVLJQDX[XOWUDVRQLTXHVRX
&OÚVSRUWHVHWYLWUHV
GHOHXUVPRXYHPHQWVGÚFOHQFKDQW
O
DODUPH/DGÚVDFWLYHUÚJDOHPHQW
TXDQGOHYÚKLFXOHHVWÑERUGG
XQIHUU\
RXG
XQWUDLQ
)HUPHUOHKD\RQOHFDSRWOHVYLಢ
WUHVHWOHWRLWRXYUDQW
$SSX\HUVXUOHERXWRQR/D
/('GDQVOHERXWRQRV
DOOXPH
)HUPHUOHVSRUWHV
$FWLYHUO
DODUPHDQWLYRO
/('G
ÚWDW
ºWDWSHQGDQWOHVSUHPLÙUHV
VHFRQGHVVXLYDQWO
DFWLYDWLRQGH
O
DODUPHDQWLYRO
/('
7HVWGÚODLG
DUPHಢ
DOOXPÚH
PHQW
/('
3RUWHKD\RQRXFDಢ
FOLJQRWDQW
SRWRXYHUWRXPDO
UDSLGHPHQW
IHUPÚRXELHQGÚIDLOಢ
ODQFHGXV\VWÙPH
'ÚVDFWLYDWLRQ
ºWDWDSUÙVDUPHPHQWGXV\VWÙPH
/('
/HV\VWÙPHHVW
FOLJQRWDQW
DUPÚ
OHQWHPHQW
(QFDVGHGÚIDLOODQFHVSUHQGUHFRQಢ
WDFWDYHFXQDWHOLHU
'ÚYHUURXLOOHUOHYÚKLFXOHHQDSSX\DQW
VXUOHERXWRQAGÚVDFWLYHOHV\VWÙPH
DQWLYRO
$ODUPH
8QHIRLVGÚFOHQFKÚHOHVLJQDO
G
DODUPHUHWHQWLWSDUXQHVLUÙQHDXWRಢ
QRPHWDQGLVTXHOHVIHX[GHGÚWUHVVH
FOLJQRWHQW/HQRPEUHHWODGXUÚHGHV
VLJQDX[G
DODUPHVRQWVSÚFLILÚVSDUOD
OÚJLVODWLRQ
/D/('G
ÚWDWHVWLQWÚJUÚHGDQVOH
FDSWHXUVXUOHKDXWGXWDEOHDXGH
FRPPDQGH
&OÚVSRUWHVHWYLWUHV
/HVLJQDOG
DODUPHSHXWÛWUHFRXSÚHQ
DSSX\DQWVXUXQGHVERXWRQVGHODWÚಢ
OÚFRPPDQGHUDGLRRXHQPHWWDQWOH
FRQWDFW
/
DODUPHDQWLYROQHVHGÚVDFWLYH
TX
HQDSSX\DQWVXUODWRXFKHARXHQ
PHWWDQWOHFRQWDFW
%ORFDJHGXGÚPDUUDJH
/HV\VWÙPHHVWLQWÚJUÚGDQVOHFRQಢ
WDFWG
DOOXPDJHHWYÚULILHVLOHYÚKLFXOH
SHXWÛWUHGÚPDUUÚDYHFODFOÚXWLOLVÚH
6LOHWUDQVSRQGHXUGDQVODFOÚHVWUHಢ
FRQQXOHYÚKLFXOHSHXWÛWUHGÚPDUUÚ
/HEORFDJHGXGÚPDUUDJHV
DFWLYHDXಢ
WRPDWLTXHPHQWDSUÙVOHUHWUDLWGHOD
FOÚGHODVHUUXUHGHFRQWDFW
6LOHWÚPRLQGFOLJQRWHRXV
DOOXPH
DYHFOHFRQWDFWPLVOHV\VWÙPHSUÚಢ
VHQWHXQHGÚIDLOODQFH,OQ
HVWSDV
SRVVLEOHGHGÚPDUUHUOHPRWHXU&RXಢ
SHUOHFRQWDFWHWUÚHVVD\HUGHGÚPDUಢ
UHU
6LOHWÚPRLQFRQWLQXHÑFOLJQRWHURX
ÑÛWUHDOOXPÚHVVD\HUGHGÚPDUUHUOH
PRWHXUHQXWLOLVDQWODFOÚGHUÚVHUYH
HWSUHQGUHFRQWDFWDYHFXQDWHOLHU
5HPDUTXH
/HEORFDJHGXGÚPDUUDJHQHYHUಢ
URXLOOHSDVOHVSRUWHV7RXMRXUVYHUಢ
URXLOOHUOHVSRUWHVHQTXLWWDQWOH
YÚKLFXOHHWDFWLYHUO
DODUPHDQWLYRO
7ÚPRLQG
5ÚWURYLVHXUVH[WÚULHXUV
)RUPHFRQYH[H
/HUÚWURYLVHXUH[WÚULHXUFRQYH[HUÚಢ
GXLWOHVDQJOHVPRUWV/DIRUPHGXPLಢ
URLUUHQGOHVREMHWVG
DSSDUHQFHSOXV
SHWLWHFHTXLUHQGSOXVGLIILFLOHO
HVWLಢ
PDWLRQGHVGLVWDQFHV
5ÚJODJHÚOHFWULTXH
6ÚOHFWLRQQHUOHUÚWURYLVHXUH[WÚULHXU
VRXKDLWÚHQWRXUQDQWODFRPPDQGH
ÑJDXFKH/RXÑGURLWH53XLVSLಢ
YRWHUOHERXWRQGHFRPPDQGHSRXU
UÚJOHUOHUÚWURYLVHXU
&OÚVSRUWHVHWYLWUHV
(QSRVLWLRQ
DXFXQUÚWURYLVHXUQ
HVW
VÚOHFWLRQQÚ
5DEDWWHPHQWÚOHFWULTXH
&KDXIIDJH
0HWWUHODFRPPDQGHVXUSXLV
DEDLVVHUODFRPPDQGH/HVGHX[
UÚWURYLVHXUVH[WÚULHXUVVRQWUDEDWWXV
$EDLVVHUÑQRXYHDXODFRPPDQGH
OHVGHX[UÚWURYLVHXUVH[WÚULHXUVUHಢ
SUHQQHQWOHXUSRVLWLRQLQLWLDOH
6LXQUÚWURYLVHXUUDEDWWXÚOHFWULTXHಢ
PHQWHVWGÚSOR\ÚPDQXHOOHPHQWVHXO
O
DXWUHUÚWURYLVHXUHVWGÚSOR\ÚÚOHFWULಢ
TXHPHQWHQHQIRQØDQWOHERXWRQGH
FRPPDQGH
3RXUO
HQFOHQFKHUDSSX\HUVXUOH
ERXWRQ^
/HFKDXIIDJHIRQFWLRQQHTXDQGOHPRಢ
WHXUWRXUQHHWHVWDXWRPDWLTXHPHQW
DUUÛWÚDXERXWG
XQFHUWDLQWHPSV
5DEDWWHPHQW
3RXUODVÚFXULWÚGHVSLÚWRQVOHVUÚWURಢ
YLVHXUVH[WÚULHXUVVHUDEDWWHQWV
LOV
VRQWYLRODPPHQWKHXUWÚV5HSRVLWLRQಢ
QHUOHUÚWURYLVHXUHQDSSX\DQWOÚJÙಢ
UHPHQWVXUVRQERßWLHU
&OÚVSRUWHVHWYLWUHV
5ÚWURYLVHXULQWÚULHXU
3RVLWLRQQXLWDXWRPDWLTXH
3RVLWLRQQXLWPDQXHOOH
9LWUHV
/ÙYHYLWUHVPDQXHOV
/HVYLWUHVSHXYHQWÛWUHRXYHUWHVRX
IHUPÚHVDXPR\HQGHODPDQLYHOOH
/ÙYHYLWUHVÚOHFWULTXHV
$WWHQWLRQ
3RXUUÚGXLUHO
ÚEORXLVVHPHQWWLUHUOH
OHYLHUVRXVOHERßWLHUGXUÚWURYLVHXU
'HQXLWO
ÚEORXLVVHPHQWGìDX[SKDಢ
UHVGHVYÚKLFXOHVTXLVXLYHQWHVWGLಢ
PLQXÚDXWRPDWLTXHPHQW
0DQLSXOHUOHVOÙYHYLWUHVÚOHFWURQLಢ
TXHVDYHFSUXGHQFH5LVTXHGH
EOHVVXUHHQSDUWLFXOLHUSRXUOHV
HQIDQWV
6LGHVHQIDQWVVHWURXYHQWVXUOH
VLÙJHDUULÙUHHQFOHQFKHUODVÚFXಢ
ULWÚHQIDQWVGXOÙYHYLWUHÚOHFWURQLಢ
TXH
)HUPHUOHVYLWUHVHQREVHUYDQW
ELHQOD]RQHGHIHUPHWXUH6
DVVXಢ
UHUTXHULHQQHSXLVVHÛWUHFRLQFÚ
&OÚVSRUWHVHWYLWUHV
/HVOÙYHYLWUHVÚOHFWURQLTXHVSHXYHQW
ÛWUHPDQŃXYUÚHV
࿢ TXDQGOHFRQWDFWHVWPLV
࿢ GDQVOHVPLQXWHVDSUÙVODFRXಢ
SXUHGXFRQWDFWMXVTX
ÑFHTX
XQH
SRUWHVRLWRXYHUWH
8QHIRLVOHFRQWDFWFRXSÚODFRPಢ
PDQGHGHVYLWUHVHVWGÚVDFWLYÚH
TXDQGXQHSRUWHDYDQWHVWRXYHUWH
8WLOLVDWLRQ
(QHQIRQØDQWRXHQUHOHYDQWOHFRPಢ
PXWDWHXUOÚJÙUHPHQWMXVTX
DXSUHಢ
PLHUFUDQODYLWUHGHVFHQGRXPRQWH
WDQWTXHOHFRPPXWDWHXUHVWDFWLRQQÚ
(QSRXVVDQWRXHQWLUDQWSOXVIRUWMXVಢ
TX
DXGHX[LÙPHFUDQSXLVHQOHUHOÓಢ
FKDQWODYLWUHGHVFHQGDXWRPDWLTXHಢ
PHQW
(QHQIRQØDQWRXHQUHOHYDQWOHFRPಢ
PXWDWHXUSOXVIRUWHPHQWMXVTX
DX
GHX[LÙPHFUDQSXLVHQOHUHOÓFKDQW
ODYLWUHGXFRQGXFWHXUGHVFHQGRX
PRQWHDXWRPDWLTXHPHQWDYHFODIRQFಢ
WLRQGHSURWHFWLRQ
3RXUPHWWUHILQDXPRXYHPHQWDFಢ
WLRQQHUÑQRXYHDXOHFRPPXWDWHXU
GDQVODPÛPHGLUHFWLRQ
)RQFWLRQGHSURWHFWLRQGXFåWÚ
FRQGXFWHXU
0DQŃXYUHUOHFRPPXWDWHXUGHODYLಢ
WUHFRQFHUQÚHHQO
DSSX\DQWSRXUO
RXಢ
YULURXHQOHUHOHYDQWSRXUODIHUPHU
6LODYLWUHUHQFRQWUHXQHUÚVLVWDQFHDX
FRXUVGHODIHUPHWXUHDXWRPDWLTXH
HOOHHVWLPPÚGLDWHPHQWDUUÛWÚHHW
URXYHUWH
$QQXODWLRQGHODIRQFWLRQGH
SURWHFWLRQ
(QFDVGHGLIILFXOWÚSRXUIHUPHUXQH
YLWUHHQUDLVRQGXJLYUHRXG
XQHDXWUH
FDXVHPDLQWHQLUOHFRPPXWDWHXUUHಢ
OHYÚ/DYLWUHGXFRQGXFWHXUPRQWH
VDQVIRQFWLRQGHSURWHFWLRQ3RXU
PHWWUHILQDXPRXYHPHQWUHOÓFKHUHW
DFWLRQQHUÑQRXYHDXOHFRPPXWDWHXU
GDQVODPÛPHGLUHFWLRQ
6ÚFXULWÚHQIDQWVSRXUOHVYLWUHV
DUULÙUH
&OÚVSRUWHVHWYLWUHV
$SSX\HUVXUOHFRPPXWDWHXURSRXU
GÚVDFWLYHUOHVOÙYHYLWUHVGHSRUWHV
DUULÙUHOD/('V
DOOXPH3RXUO
DFWLಢ
YDWLRQDSSX\HUÑQRXYHDXVXUR
/XQHWWHDUULÙUHFKDXIIDQWH
6XUFKDUJH
6LOHVYLWUHVVRQWPDQŃXYUÚHVIUÚಢ
TXHPPHQWÑGHFRXUWVLQWHUYDOOHVOD
FRPPDQGHGHVYLWUHVHVWGÚVDFWLYÚH
XQFHUWDLQWHPSV
,QLWLDOLVDWLRQGHVOÙYHYLWUHV
ÚOHFWULTXHV
6LOHVYLWUHVQHSHXYHQWSDVÛWUHRXಢ
YHUWHVDXWRPDWLTXHPHQWSH[DSUÙV
TXHODEDWWHULHGXYÚKLFXOHDLWÚWÚGÚಢ
EUDQFKÚHDFWLYHUO
ÚOHFWURQLTXHGHV
YLWUHVFRPPHVXLW
)HUPHUOHVSRUWHV
0HWWUHOHFRQWDFW
)HUPHUFRPSOÙWHPHQWOHVYLWUHVHW
JDUGHUOHFRPPXWDWHXUUHOHYÚ
SHQGDQWVHFRQGHVFRPSOÚPHQಢ
WDLUHV
(IIHFWXHUFHWWHRSÚUDWLRQSRXU
FKDTXHYLWUH
3RXUO
HQFOHQFKHUDSSX\HUVXUOH
ERXWRQ^
/HFKDXIIDJHIRQFWLRQQHTXDQGOHPRಢ
WHXUWRXUQHHWHVWDXWRPDWLTXHPHQW
DUUÛWÚDXERXWG
XQFHUWDLQWHPSV
3DUHVROHLO
/HVSDUHVROHLOSHXYHQWÛWUHDEDLVVÚV
HWSLYRWÚVODWÚUDOHPHQWSRXUÚYLWHUOHV
ÚEORXLVVHPHQWV
6LOHVSDUHVROHLOVRQWÚTXLSÚVGHPLಢ
URLUVGHFRXUWRLVLHOHVFDFKHVGHFHV
GHUQLHUVGRLYHQWÛWUHIHUPÚVHQURXಢ
ODQW
&OÚVSRUWHVHWYLWUHV
7RLW
6RXOÙYHPHQWRXIHUPHWXUH
$SSX\HUVXUTRXUOHWRLWRXಢ
YUDQWHVWVRXOHYÚRXIHUPÚDXWRPDWLಢ
TXHPHQW
7RLWRXYUDQW
$WWHQWLRQ
0DQLSXOHUOHWRLWRXYUDQWDYHFSUXಢ
GHQFH5LVTXHGHEOHVVXUHHQ
SDUWLFXOLHUSRXUOHVHQIDQWV
%LHQREVHUYHUOHVSLÙFHVHQPRXಢ
YHPHQWORUVGHVPDQŃXYUHV
6
DVVXUHUTXHULHQQHSXLVVHÛWUH
FRLQFÚ
/HWRLWRXYUDQWSHXWÛWUHDFWLRQQÚ
࿢ TXDQGOHFRQWDFWHVWPLV
࿢ GDQVOHVPLQXWHVVXLYDQWODFRXಢ
SXUHGXFRQWDFW
8QHIRLVOHFRQWDFWFRXSÚODFRPಢ
PDQGHGXWRLWRXYUDQWHVWGÚVDFWLYÚH
TXDQGXQHSRUWHDYDQWHVWRXYHUWH
6WRUH
/HVWRUHHVWFRPPDQGÚPDQXHOOHಢ
PHQW
)HUPHURXRXYULUOHVWRUHHQOHIDLVDQW
FRXOLVVHU4XDQGOHWRLWRXYUDQWHVW
RXYHUWOHVWRUHHVWWRXMRXUVRXYHUW
2XYHUWXUHRXIHUPHWXUH
5HPDUTXHVJÚQÚUDOHV
$SSX\HUGRXFHPHQWVXUSRXU
MXVTX
DXSUHPLHUFUDQOHWRLWRXYUDQW
V
RXYUHRXVHIHUPHWDQWTXHOHFRPಢ
PXWDWHXUHVWDFWLRQQÚ
$SSX\HUIHUPHPHQWVXUSRXU
MXVTX
DXVHFRQGFUDQSXLVUHOÓFKHU
OHWRLWRXYUDQWHVWDXWRPDWLTXHPHQW
RXYHUWRXIHUPÚDYHFODIRQFWLRQGH
SURWHFWLRQDFWLYÚH3RXUPHWWUHILQDX
PRXYHPHQWDSSX\HUÑQRXYHDXVXU
OHFRPPXWDWHXU
)RQFWLRQGHSURWHFWLRQ
6LOHWRLWRXYUDQWUHQFRQWUHXQHUÚVLVಢ
WDQFHDXFRXUVGHODIHUPHWXUHDXWRಢ
PDWLTXHLOHVWLPPÚGLDWHPHQWDUUÛWÚ
HWURXYHUW
$QQXODWLRQGHODIRQFWLRQGH
SURWHFWLRQ
(QFDVGHGLIILFXOWÚSRXUIHUPHUHQ
UDLVRQGXJLYUHRXG
XQHDXWUHFDXVH
PDLQWHQLUOHFRPPXWDWHXUUHQಢ
IRQFÚMXVTX
DXGHX[LÙPHFUDQ/HWRLW
RXYUDQWVHIHUPHVDQVIRQFWLRQGH
SURWHFWLRQ3RXUPHWWUHILQDXPRXYHಢ
PHQWUHOÓFKHUOHFRPPXWDWHXU
&OÚVSRUWHVHWYLWUHV
,QLWLDOLVDWLRQDSUÙVXQHSDQQH
GHFRXUDQW
$SUÙVXQHSDQQHGHFRXUDQWLOHVW
XQLTXHPHQWSRVVLEOHG
RSÚUHUOHWRLW
RXYUDQWMXVTX
ÑXQHFHUWDLQHOLPLWH/H
V\VWÙPHGRLWÛWUHLQLWLDOLVÚSDUXQDWHಢ
OLHU
6LÙJHVV\VWÙPHVGHVÚFXULWÚ
6LÙJHVV\VWÙPHVGH
VÚFXULWÚ
$SSXLVWÛWH 6LÙJHVDYDQW 6LÙJHVDUULÙUH &HLQWXUHVGHVÚFXULWÚ 6\VWÙPHG
DLUEDJ 6\VWÙPHVGHVÚFXULWÚSRXU
HQIDQW $SSXLVWÛWH
3RVLWLRQ
WLRQODSOXVKDXWH3RXUGHVSHUVRQಢ
QHVGHWUÙVSHWLWHWDLOOHUÚJOHUO
DSSXL
WÛWHVXUODSRVLWLRQODSOXVEDVVH
$SSXLVWÛWHGHVVLÙJHVDYDQW
$WWHQWLRQ
5ÚJODJHGHKDXWHXU
1HURXOHUTXHVLO
DSSXLWÛWHHVW
FRUUHFWHPHQWUÚJOÚ
/HERUGVXSÚULHXUGHO
DSSXLWÛWHGRLW
WRXMRXUVÛWUHDXQLYHDXGXKDXWGHOD
WÛWH6LFHODV
DYÚUDLWLPSRVVLEOHSRXU
GHVSHUVRQQHVGHWUÙVJUDQGHWDLOOH
O
DSSXLWÛWHGRLWÛWUHUÚJOÚVXUODSRVLಢ
7LUHUO
DSSXLWÛWHYHUVOHKDXW
3RXUO
DEDLVVHUHQIRQFHUOHORTXHWHW
SRXVVHUO
DSSXLWÛWHYHUVOHEDV
6LÙJHVV\VWÙPHVGHVÚFXULWÚ
$SSXLVWÛWHGHVVLÙJHVDUULÙUH
6LÙJHVDYDQW
5ÚJODJHGHKDXWHXU
3RVLWLRQGHVLÙJH
$WWHQWLRQ
1HFRQGXLUHTXHVLOHVLÙJHHVW
FRUUHFWHPHQWUÚJOÚ
5ÚJODJHKRUL]RQWDO
3RXUUÚJOHUO
DSSXLWÛWHKRUL]RQWDOHಢ
PHQWOHWLUHUYHUVO
DYDQWHWOHYHUಢ
URXLOOHUGDQVXQHGHVWURLVSRVLWLRQV
3RXUUHYHQLUGDQVODSRVLWLRQODSOXV
DUULÙUHOHWLUHUDXPD[LPXPYHUV
O
DYDQWHWOHUHOÓFKHU
7LUHUO
DSSXLWÛWHYHUVOHKDXW
3RXUO
DEDLVVHUHQIRQFHUOHORTXHWHW
SRXVVHUO
DSSXLWÛWHYHUVOHEDV
࿢ 6
DVVHRLUDYHFOHVIHVVHVDXVVL
SUÙVTXHSRVVLEOHGXGRVVLHU$MXVಢ
WHUODGLVWDQFHHQWUHOHVLÙJHHWOHV
SÚGDOHVGHVRUWHTXHOHVMDPEHV
6LÙJHVV\VWÙPHVGHVÚFXULWÚ
࿢
࿢
࿢
࿢
࿢
VRLHQWOÚJÙUHPHQWIOÚFKLHVHQHQಢ
IRQØDQWOHVSÚGDOHV5HFXOHUDX
PD[LPXPOHVLÙJHGXSDVVDJHU
DYDQW
6
DVVHRLUDYHFOHVÚSDXOHVDXVVL
SUÙVTXHSRVVLEOHGXGRVVLHU/
LQಢ
FOLQDLVRQGXGRVVLHUGRLWÛWUHWHOOH
TXHOHYRODQWSXLVVHÛWUHDWWHLQW
DYHFOHVEUDVOÚJÙUHPHQWIOÚFKLV
(QWRXUQDQWOHYRODQWOHFRQWDFWHQಢ
WUHOHVÚSDXOHVHWOHGRVVLHUGRLWÛWUH
PDLQWHQX1HSDVWURSLQFOLQHUOH
GRVVLHUYHUVO
DUULÙUH$QJOHG
LQFOLಢ
QDLVRQPD[LPDOUHFRPPDQGÚG
HQಢ
YLURQ¡
5ÚJOHUOHYRODQW
5ÚJOHUOHVLÙJHVXIILVDPPHQWKDXW
TXHSRXUGLVSRVHUG
XQFKDPSGH
YLVLRQFODLUHGHWRXVOHVFåWÚVHWGH
WRXVOHVLQVWUXPHQWV5HVSHFWHUXQ
ÚFDUWHPHQWG
DXPRLQVXQHPDLQ
HQWUHYRWUHWÛWHHWODJDUQLWXUHGX
WRLW9RVFXLVVHVGRLYHQWUHSRVHUOÚಢ
JÙUHPHQWVXUOHVLÙJHVDQVV
\HQಢ
IRQFHU
5ÚJOHUOHVDSSXLHWÛWH
5ÚJODJHGHODKDXWHXUGHVFHLQWXಢ
UHVGHVÚFXULWÚ
5ÚJODJHGHVLÙJH
3RVLWLRQGXVLÙJH
'DQJHU
1HSDVV
DVVHRLUÑPRLQVGH
FPGXYRODQWDILQGHSHUPHWWUH
OHGÚSORLHPHQWGHO
DLUEDJHQWRXWH
VÚFXULWÚ
$WWHQWLRQ
1HMDPDLVUÚJOHUOHVVLÙJHVHQURXಢ
ODQW,OVSRXUUDLHQWVHGÚSODFHUGH
PDQLÙUHLQFRQWUåOÚH
7LUHUODSRLJQÚHGÚSODFHUOHVLÙJHHW
UHOÓFKHUODSRLJQÚH
6LÙJHVV\VWÙPHVGHVÚFXULWÚ
'RVVLHUVGHVLÙJH
+DXWHXUGHVLÙJH
5ÚJODJHKRUL]RQWDO
7LUHUODPDQHWWHUÚJOHUO
LQFOLQDLVRQHW
UHOÓFKHUODPDQHWWH/DLVVHUOHVLÙJH
V
HQFOLTXHWHUGHPDQLÙUHDXGLEOH
0RXYHPHQWGHSRPSDJHGXOHYLHU
YHUVOHKDXW
UHOHYHUOHVLÙJH
YHUVOHEDV
DEDLVVHUOHVLÙJH
3RXVVHUOHOHYLHUSRXUIDLUHFRXOLVVHU
O
DFFRXGRLU
$FFRXGRLU
$FFRXGRLUHQWUHOHVVLÙJHV
DYDQW
$SSX\HUVXUOHERXWRQHWUHOHYHUO
DFಢ
FRXGRLU/
DFFRXGRLURXYHUWRIIUHXQ
HVSDFHGHUDQJHPHQW
6LÙJHVV\VWÙPHVGHVÚFXULWÚ
&KDXIIDJH
6LÙJHVDUULÙUH
&HLQWXUHVGHVÚFXULWÚ
$FFRXGRLU
$FWLYHUOHFKDXIIDJHGHVLÙJHDYDQW
HQDSSX\DQWVXUOHERXWRQdGXERXಢ
WRQURWDWLIGHFRPPDQGHGHWHPSÚUDಢ
WXUHVLÙJHJDXFKHRXGHYLWHVVHGH
VRXIIOHULHVLÙJHGURLWXQHRXSOXಢ
VLHXUVIRLVDYHFOHFRQWDFWPLV/H
QRPEUHGH/('GDQVOHERXWRQLQGLಢ
TXHOHUÚJODJH
8QHXWLOLVDWLRQSURORQJÚHDXUÚJODJH
PD[LPXPQ
HVWSDVUHFRPPDQGÚH
SRXUOHVSHUVRQQHVÑSHDXVHQVLEOH
/HFKDXIIDJHGHVVLÙJHVQ
HVWSRVಢ
VLEOHTX
DYHFOHPRWHXUHQPDUFKH
5DEDWWUHO
DFFRXGRLUYHUVOHEDVHQWLಢ
UDQWODVDQJOH/
DFFRXGRLUUDEDWWX
GLVSRVHG
XQSRUWHJREHOHW
/HVFHLQWXUHVGHVÚFXULWÚVRQWEORಢ
TXÚHVDXFRXUVGHVIRUWHVDFFÚOÚUDಢ
WLRQVRXGÚFÚOÚUDWLRQVGXYÚKLFXOH
DILQGHSURWÚJHUOHVRFFXSDQWV
$WWHQWLRQ
%RXFOHUODFHLQWXUHGHVÚFXULWÚ
DYDQWFKDTXHGÚSODFHPHQW
/HVSHUVRQQHVQRQDWWDFKÚHV
PHWWHQWHQGDQJHUWRXVOHVRFFXಢ
SDQWVGXYÚKLFXOHHQSOXVG
HX[
PÛPHV
6LÙJHVV\VWÙPHVGHVÚFXULWÚ
&KDTXHFHLQWXUHGHVÚFXULWÚQHGRLW
ÛWUHXWLOLVÚHTXHSDUXQHVHXOHSHUಢ
VRQQHÑODIRLV(OOHQ
HVWSDVDGDSWÚH
DX[SHUVRQQHVGHPRLQVGHDQVRX
PHVXUDQWPRLQVGHFP
9ÚULILHUUÚJXOLÙUHPHQWWRXWHVOHVSDUಢ
WLHVGXV\VWÙPHGHFHLQWXUHSRXUV
DVಢ
VXUHUTX
HOOHVIRQFWLRQQHQWELHQHW
TX
HOOHVQHVRQWSDVHQGRPPDJÚHV
RXQHSUÚVHQWHQWSDVGHODSROOXWLRQ
)DLUHUHPSODFHUOHVSLÙFHVHQGRPಢ
PDJÚHV$SUÙVXQDFFLGHQWIDLUH
UHPSODFHUOHVFHLQWXUHVHWOHVUÚWUDFಢ
WHXUVGHFHLQWXUHGÚFOHQFKÚVGDQVXQ
DWHOLHU
5HPDUTXH
6
DVVXUHUTXHOHVFHLQWXUHVQHVRQW
SDVFRLQFÚHVQLHQGRPPDJÚHVSDU
GHVFKDXVVXUHVRXGHVREMHWVWUDQಢ
FKDQWV(PSÛFKHUTXHGHVVDOHWÚV
QHSÚQÙWUHQWGDQVOHVUÚWUDFWHXUVGH
FHLQWXUH
5DSSHOGHFHLQWXUHGHVÚFXULWÚ7
/LPLWHXUVG
HIIRUW
$X[VLÙJHVDYDQWLOVUÚGXLVHQWOD
FKDUJHVXUOHFRUSVJUÓFHÑXQUHOÓಢ
FKHPHQWSURJUHVVLIGHODFHLQWXUH
SHQGDQWXQHFROOLVLRQ
5ÚWUDFWHXUVGHFHLQWXUH
$WWHQWLRQ
8QHPDQLSXODWLRQLQFRUUHFWHSDU
H[HPSOHODGÚSRVHRXUHSRVHGHV
FHLQWXUHVRXGHVVHUUXUHVGHFHLQಢ
WXUHSHXWSURYRTXHUOHGÚFOHQFKHಢ
PHQWGHVUÚWUDFWHXUVGHFHLQWXUH
SRXYDQWHQWUDßQHUGHVEOHVVXUHV
/HGÚFOHQFKHPHQWGHVUÚWUDFWHXUVGH
FHLQWXUHHVWLQGLTXÚSDUXQWÚPRLQT
TXLHVWDOOXPÚ
)DLUHUHPSODFHUOHVUÚWUDFWHXUVGH
FHLQWXUHGÚFOHQFKÚVSDUXQDWHOLHU
/HVUÚWUDFWHXUVGHFHLQWXUHQHVHGÚಢ
FOHQFKHQWTX
XQHVHXOHIRLV
/HVFHLQWXUHVGHVÚFXULWÚGHVVLÙJHV
DYDQWVRQWWHQGXHVHQFDVGHFROOLVLRQ
DYDQWHWDUULÙUHG
XQHFHUWDLQHJUDYLWÚ
5HPDUTXH
1HSDVIL[HURXLQVWDOOHUG
DFFHVVRLಢ
UHVRXG
DXWUHVREMHWVSRXYDQWHQಢ
WUDYHUOHIRQFWLRQQHPHQWGHVUÚWUDFಢ
WHXUVGHFHLQWXUH1HSDVDSSRUWHU
GHFKDQJHPHQWDX[FRPSRVDQWV
GHVUÚWUDFWHXUVGHFHLQWXUHFDUFHOD
DQQXOHUDLWO
KRPRORJDWLRQGX
YÚKLFXOH
6LÙJHVV\VWÙPHVGHVÚFXULWÚ
5ÚJODJHGHKDXWHXU
&HLQWXUHGHVÚFXULWÚÑWURLV
SRLQWV
%RXFODJH
/HSRUWGHYÛWHPHQWODUJHVRXÚSDLV
JÛQHODSRVLWLRQWHQGXHGHODFHLQWXUH
1HSDVSODFHUG
REMHWVFRPPHXQVDF
ÑPDLQRXXQWÚOÚSKRQHSRUWDEOHHQಢ
WUHODFHLQWXUHHWOHFRUSV
7LUHUODFHLQWXUHKRUVGHO
HQURXOHXUOD
JXLGHUVXUOHFRUSVVDQVODYULOOHUHW
LQVÚUHUOHYHUURXSODWGDQVODVHUUXUH
(QURXODQWWHQGUHUÚJXOLÙUHPHQWOD
VDQJOHDEGRPLQDOHHQWLUDQWVXUOD
VDQJOHWKRUDFLTXH5DSSHOGHFHLQಢ
WXUHGHVÚFXULWÚ
$WWHQWLRQ
1HSDVIDLUHSDVVHUODFHLQWXUHVXU
WRXWREMHWGDQVOHVSRFKHVGHVYÛಢ
WHPHQWV
6RUWLUXQSHXODFHLQWXUH
$SSX\HUVXUOHERXWRQ
5ÚJOHUODKDXWHXUHWHQFOLTXHWHU
6LÙJHVV\VWÙPHVGHVÚFXULWÚ
'ÚSRVH
5ÚJOHUODKDXWHXUGHVRUWHTXHODFHLQಢ
WXUHSDVVHDXGHVVXVGHO
ÚSDXOH
(OOHQHGRLWSDVSDVVHUVXUOHFRXRX
OHKDXWGXEUDV
1HSDVSURFÚGHUDXUÚJODJHHQURXಢ
ODQW
3RXUGÚWDFKHUODFHLQWXUHDSSX\HU
VXUOHERXWRQURXJHGHODVHUUXUH
&HLQWXUHGHVÚFXULWÚGHVVLÙJHV
DUULÙUH
/DFHLQWXUHGHVÚFXULWÚÑWURLVSRLQWV
GHODSODFHDUULÙUHFHQWUDOHQHSHXW
ÛWUHWLUÚHKRUVGHO
HQURXOHXUTXHVLOH
GRVVLHUHVWHQSRVLWLRQDUULÙUH
8WLOLVDWLRQGHODFHLQWXUHGH
VÚFXULWÚSHQGDQWODJURVVHVVH
$WWHQWLRQ
/DVDQJOHDEGRPLQDOHGRLWSDVVHU
OHSOXVEDVSRVVLEOHVXUOHEDVVLQ
SRXUÚYLWHUODSUHVVLRQVXUOHEDV
YHQWUH
6LÙJHVV\VWÙPHVGHVÚFXULWÚ
6\VWÙPHG
DLUEDJ
/HV\VWÙPHG
DLUEDJVVHFRPSRVHGH
SOXVLHXUVÚOÚPHQWV
8QHIRLVGÚFOHQFKÚOHVDLUEDJVVH
GÚSORLHQWHQTXHOTXHVPLOOLVHFRQGHV
,OVHGÚJRQIOHVLUDSLGHPHQWTXHFHOD
SDVVHVRXYHQWLQDSHUØXSHQGDQWOD
FROOLVLRQ
$WWHQWLRQ
&KDTXHDLUEDJQHSHXWÛWUHGÚFOHQಢ
FKÚTX
XQHVHXOHIRLV)DLUHUHPSODಢ
FHUOHVDLUEDJVSDUXQDWHOLHU
1HSDVDSSRUWHUGHFKDQJHPHQWDX
V\VWÙPHG
DLUEDJFDUFHODDQQXOHUDLW
O
KRPRORJDWLRQGXYÚKLFXOH
(QFDVGHGÚSORLHPHQWG
DLUEDJ
IDLUHHIIHFWXHUODGÚSRVHGXYRODQW
GXWDEOHDXGHERUGGHWRXWHVOHV
SLÙFHVG
KDELOODJHGHVMRLQWVGHSRUಢ
WHVGHVSRLJQÚHVGHPDLQWLHQHWGHV
VLÙJHVSDUXQDWHOLHU
(QFDVGHPDQLSXODWLRQQRQFRQಢ
IRUPHOHVV\VWÙPHVG
DLUEDJV
SHXYHQWVHGÚFOHQFKHUHQH[SORಢ
VDQW
7ÚPRLQTGHVV\VWÙPHVG
DLUEDJV
5HPDUTXH
'DQVOD]RQHGHODFRQVROHFHQWUDOH
VHWURXYHO
ÚOHFWURQLTXHGHFRPಢ
PDQGHGXV\VWÙPHG
DLUEDJVHWGH
UÚWUDFWHXUVGHFHLQWXUH1HUDQJHU
DXFXQREMHWPDJQÚWLTXHÑFHWHQಢ
GURLW
1HSDVFROOHUG
DXWRFROODQWVXUOHV
UHFRXYUHPHQWVGHVDLUEDJVHWQH
SDVOHVUHFRXYULUG
DXWUHVPDWÚULDX[
/HV\VWÙPHG
DLUEDJIURQWDOVHFRPಢ
SRVHGHGHX[DLUEDJVXQGDQVOHYRಢ
ODQWHWXQDXWUHGDQVOHWDEOHDXGH
ERUG,OVVRQWUHFRQQDLVVDEOHVÑO
LQಢ
VFULSWLRQ$
$,5%$*
/HV\VWÙPHG
DLUEDJDYDQWVHGÚFOHQಢ
FKHHQFDVG
DFFLGHQWÑSDUWLUG
XQH
FHUWDLQHJUDYLWÚ/HFRQWDFWGRLWÛWUH
PLV
6\VWÙPHG
DLUEDJIURQWDO
/HPRXYHPHQWYHUVO
DYDQWGHVRFFXಢ
SDQWVDYDQWHVWUDOHQWLFHTXLUÚGXLW
FRQVLGÚUDEOHPHQWOHULVTXHGHEOHVಢ
VXUHGHODWÛWHHWGHODSDUWLHVXSÚಢ
ULHXUHGXFRUSV
6LÙJHVV\VWÙPHVGHVÚFXULWÚ
$WWHQWLRQ
8QHSURWHFWLRQRSWLPDOHQ
HVWDVಢ
VXUÚHTXHVLOHVLÙJHHVWHQSRVLಢ
WLRQFRUUHFWH
1HSODFHUDXFXQHSDUWLHGXFRUSV
QLREMHWGDQVOD]RQHGHGÚSORLHಢ
PHQWGHO
DLUEDJ
3RUWHUODFHLQWXUHGHVÚFXULWÚFRUಢ
UHFWHPHQWERXFOÚH&
HVWLQGLVಢ
SHQVDEOHSRXUTXHODSURWHFWLRQGH
O
DLUEDJVRLWHIILFDFH
/HV\VWÙPHG
DLUEDJVODWÚUDX[VH
FRPSRVHG
XQDLUEDJGDQVFKDFXQ
GHVGRVVLHUVGHVLÙJHDYDQW,OVVRQW
UHFRQQDLVVDEOHVÑO
LQVFULSWLRQ
$,5%$*
/HV\VWÙPHG
DLUEDJODWÚUDODYDQWVH
GÚFOHQFKHHQFDVG
DFFLGHQWÑSDUWLU
G
XQHFHUWDLQHJUDYLWÚ/HFRQWDFWGRLW
ÛWUHPLV
$WWHQWLRQ
1HSODFHUDXFXQHSDUWLHGXFRUSV
QLREMHWGDQVOD]RQHGHGÚSORLHಢ
PHQWGHO
DLUEDJ
5HPDUTXH
1
XWLOLVHUTXHGHVKRXVVHVGHSURಢ
WHFWLRQGHVLÙJHTXLVRQWKRPRORಢ
JXÚHVSRXUOHYÚKLFXOH1HSDVFRXಢ
YULUOHVDLUEDJV
6\VWÙPHG
DLUEDJULGHDX
6\VWÙPHG
DLUEDJODWÚUDO
/HULVTXHGHEOHVVXUHVDXEDVVLQHW
ÑODSDUWLHVXSÚULHXUHGXFRUSVHVW
FRQVLGÚUDEOHPHQWUÚGXLWHQFDVGH
FROOLVLRQODWÚUDOH
6LÙJHVV\VWÙPHVGHVÚFXULWÚ
/HV\VWÙPHG
DLUEDJVULGHDX[VHFRPಢ
SRVHG
XQDLUEDJGHFDGUHGHWRLWGH
FKDTXHFåWÚGXYÚKLFXOH&HFLHVWUHಢ
FRQQDLVVDEOHÑO
LQVFULSWLRQ$
$,5%$*
VXUOHVPRQWDQWVGHWRLW
/HV\VWÙPHG
DLUEDJULGHDXDYDQWVH
GÚFOHQFKHHQFDVG
DFFLGHQWÑSDUWLU
G
XQHFHUWDLQHJUDYLWÚ/HFRQWDFWGRLW
ÛWUHPLV
$WWHQWLRQ
1HSODFHUDXFXQHSDUWLHGXFRUSV
QLREMHWGDQVOD]RQHGHGÚSORLHಢ
PHQWGHO
DLUEDJ
/HVFURFKHWVGDQVOHVSRLJQÚHVGH
FDGUHGHWRLWSHXYHQWXQLTXHPHQW
VHUYLUÑVXVSHQGUHGHVYÛWHPHQWV
OÚJHUVVDQVFLQWUH1HSDVJDUGHU
G
REMHWVGDQVFHVYÛWHPHQWV
'ÚVDFWLYDWLRQG
DLUEDJ
/HVV\VWÙPHVG
DLUEDJVIURQWDOHWODಢ
WÚUDOGXVLÙJHGHSDVVDJHUDYDQWGRLಢ
YHQWÛWUHGÚVDFWLYÚVVLXQV\VWÙPHGH
VÚFXULWÚSRXUHQIDQWGRLWÛWUHLQVWDOOÚ
VXUFHVLÙJH/HV\VWÙPHG
DLUEDJULಢ
GHDXOHVUÚWUDFWHXUVGHFHLQWXUHHW
WRXVOHVV\VWÙPHVG
DLUEDJVGXFRQಢ
GXFWHXUUHVWHQWDFWLIV
/HULVTXHG
DFFLGHQWÑODWÛWHHVWIRUಢ
WHPHQWUÚGXLWHQFDVG
LPSDFWODWÚUDO
/HV\VWÙPHG
DLUEDJVGHSDVVDJHU
DYDQWSHXWÛWUHGÚVDFWLYÚÑO
DLGH
G
XQHVHUUXUHVLWXÚHVXUOHFåWÚGXWDಢ
EOHDXGHERUGYLVLEOHTXDQGODSRUWH
SDVVDJHUHVWRXYHUWH
$WWHQWLRQ
'ÚVDFWLYHUOHV\VWÙPHG
DLUEDJGH
SDVVDJHUDYDQWTXDQGXQHQIDQW
RFFXSHODSODFHGXSDVVDJHU
DYDQW
$FWLYHUOHV\VWÙPHG
DLUEDJGH
SDVVDJHUDYDQWTXDQGXQDGXOWH
RFFXSHODSODFHGXSDVVDJHU
DYDQW
6LÙJHVV\VWÙPHVGHVÚFXULWÚ
8WLOLVHUODFOÚGHFRQWDFWSRXUFKRLVLU
ODSRVLWLRQ
:RII
OHVDLUEDJVGHSDVVDJHU
DYDQWVRQWGÚVDFWLYÚVHWQH
VHGÚSORLHURQWSDVHQFDV
GHFROOLVLRQ/HWÚPRLQ:RII
V
DOOXPHHQSHUPDQHQFH
8QV\VWÙPHGHVÚFXಢ
ULWÚSRXUHQIDQWSHXWÛWUHLQಢ
VWDOOÚHQFRQIRUPLWÚDYHFOH
WDEOHDX(
(PSODFHPHQWVGH
PRQWDJHG
XQV\VWÙPHGH
VÚFXULWÚSRXUHQIDQW
9RQ
OHVDLUEDJVGHSDVVDJHU
DYDQWVRQWDFWLYÚV$XFXQ
V\VWÙPHGHVÚFXULWÚSRXU
HQIDQWQHSHXWÛWUHLQVWDOOÚ
6\VWÙPHVGHVÚFXULWÚ
SRXUHQIDQW
7DQWTXHOHWÚPRLQ:RIIQ
HVWSDVDOಢ
OXPÚOHVV\VWÙPHVG
DLUEDJVGX
VLÙJHGHSDVVDJHUDYDQWVHJRQIOHಢ
URQWHQFDVGHFROOLVLRQ
1HFKDQJHUGHPRGHTXHVLOH
YÚKLFXOHHVWÑO
DUUÛWDYHFOHFRQWDFW
FRXSÚ
/
ÚWDWUHVWHOHPÛPHMXVTX
DXSURಢ
FKDLQFKDQJHPHQW
7ÚPRLQGHGÚVDFWLYDWLRQG
DLUEDJ
1RXVYRXVUHFRPPDQGRQVO
XWLOLVDಢ
WLRQGXV\VWÙPHGHVÚFXULWÚSRXUHQಢ
IDQWV*0FDULODÚWÚVSÚFLILTXHPHQW
FRQØXSRXUYRWUHYÚKLFXOH
4XDQGXQV\VWÙPHGHVÚFXULWÚSRXU
HQIDQWHVWHPSOR\ÚIDLUHDWWHQWLRQ
DX[LQVWUXFWLRQVGHPRQWDJHHWG
XWLಢ
OLVDWLRQTXLVXLYHQWDLQVLTX
ÑFHOOHV
IRXUQLHVDYHFOHV\VWÙPHGHVÚFXULWÚ
SRXUHQIDQW
7RXMRXUVVHSOLHUDX[UÚJOHPHQWDWLRQV
ORFDOHVRXQDWLRQDOHV'DQVFHUWDLQV
SD\VO
XWLOLVDWLRQGHV\VWÙPHVGHVÚಢ
FXULWÚSRXUHQIDQWHVWLQWHUGLWHVXUFHUಢ
WDLQVVLÙJHV
6LÙJHVV\VWÙPHVGHVÚFXULWÚ
$WWHQWLRQ
/RUVGHO
XWLOLVDWLRQG
XQV\VWÙPH
GHVÚFXULWÚSRXUHQIDQWVXUOH
VLÙJHGXSDVVDJHUDYDQWOHVV\Vಢ
WÙPHVG
DLUEDJVGXVLÙJHGHSDVಢ
VDJHUDYDQWGRLYHQWÛWUHGÚVDFWLಢ
YÚVVLFHQ
HVWSDVOHFDVOHGÚಢ
FOHQFKHPHQWGHVDLUEDJVHQWUDßQH
XQULVTXHGHEOHVVXUHPRUWHOOH
SRXUO
HQIDQW
&HFLHVWSDUWLFXOLÙUHPHQWYUDLVLXQ
V\VWÙPHGHVÚFXULWÚSRXUHQIDQW
GRVÑODURXWHHVWXWLOLVÚVXUOH
VLÙJHGXSDVVDJHUDYDQW
6ÚOHFWLRQGXV\VWÙPHDGÚTXDW
/HVVLÙJHVDUULÙUHFRQVWLWXHQWO
HPಢ
SODFHPHQWLGÚDOSRXUIL[HUOHV\VWÙPH
GHVÚFXULWÚSRXUHQIDQW
/HVHQIDQWVGHYUDLHQWYR\DJHUDXVVL
ORQJWHPSVTXHSRVVLEOHDYHFOHGRV
ÑODURXWH(QFDVG
DFFLGHQWFHFLDVಢ
VXUHTXHPRLQVGHFRQWUDLQWHVVROOLFLಢ
WHQWODFRORQQHYHUWÚEUDOHGHO
HQIDQW
WRXMRXUVWUÙVIUDJLOH
/HVHQIDQWVÓJÚVGHPRLQVGH
DQVTXLRQWXQHWDLOOHLQIÚULHXUH
ÑFPQHVRQWDXWRULVÚVÑYR\DJHU
TXHGDQVXQV\VWÙPHGHVÚFXULWÚ
DGDSWÚÑO
HQIDQW/HVV\VWÙPHVGH
VÚFXULWÚTXLFRQYLHQQHQWVRQWFHX[
TXLVDWLVIRQWDX[QRUPHV&((
RX&((&RPPHXQHSRVLWLRQ
FRUUHFWHGHODFHLQWXUHHVWUDUHPHQW
SRVVLEOHDYHFXQHQIDQWGHWDLOOHLQIÚಢ
ULHXUHÑFPQRXVYRXVUHFRPಢ
PDQGRQVYLYHPHQWG
XWLOLVHUXQV\Vಢ
WÙPHGHVÚFXULWÚSRXUHQIDQWVDGÚಢ
TXDWPÛPHVLFHODQ
HVWSOXVOÚJDOHಢ
PHQWREOLJDWRLUHDXYXGHO
ÓJHGH
O
HQIDQW
1HMDPDLVWUDQVSRUWHUXQHQIDQWDVVLV
VXUYRVMDPEHV/HSRLGVGHO
HQIDQW
GHYLHQGUDLPSRVVLEOHÑUHWHQLUHQFDV
GHFROOLVLRQ
/RUVGXWUDQVSRUWG
HQIDQWVXWLOLVHU
GHVV\VWÙPHVGHVÚFXULWÚSRXUHQIDQW
DGDSWÚVÑOHXUSRLGV
6
DVVXUHUTXHOHV\VWÙPHGHVÚFXULWÚ
SRXUHQIDQWÑLQVWDOOHUHVWFRPSDWLEOH
DYHFOHW\SHGHYÚKLFXOH
6
DVVXUHUTXHODSRVLWLRQGHPRQWDJH
GXV\VWÙPHGHVÚFXULWÚSRXUHQIDQW
GDQVOHYÚKLFXOHHVWFRUUHFWH
1HODLVVHUOHVHQIDQWVPRQWHUHWGHVಢ
FHQGUHGXYÚKLFXOHTXHGXFåWÚRSಢ
SRVÚDXWUDILF
4XDQGOHV\VWÙPHGHVÚFXULWÚSRXU
HQIDQWQ
HVWSDVHPSOR\ÚDWWDFKHUOH
VLÙJHDYHFXQHFHLQWXUHGHVÚFXULWÚ
RXO
HQOHYHUGXYÚKLFXOH
6LÙJHVV\VWÙPHVGHVÚFXULWÚ
5HPDUTXH
1HSDVFROOHUG
REMHWVVXUOHVV\VWÙಢ
PHVGHVÚFXULWÚSRXUHQIDQWHWQH
SDVOHVUHFRXYULUG
DXWUHVPDWÚULDX[
,OIDXWUHPSODFHUOHVV\VWÙPHVGHVÚಢ
FXULWÚSRXUHQIDQWTXLRQWVXELGHV
FRQWUDLQWHVGDQVXQDFFLGHQW
9HXLOOH]YÚULILHUTXHOHVEÚEÚVHWOHV
HQIDQWVVRQWFRUUHFWHPHQWDVVLVVXU
OHVVLÙJHVDUULÙUHÑO
DLGHGHV\VWÙPH
GHUHWHQXHSRXUHQIDQW
7DQWTXHO
HQIDQWQHSHXWSDVXWLOLVHU
OHVFHLQWXUHVGHVÚFXULWÚSULÙUHGH
FKRLVLUXQV\VWÙPHGHUHWHQXH
DGDSWÚÑO
ÓJHGHO
HQIDQWHWYÚULILHU
TX
LOHVWFRUUHFWHPHQWXWLOLVÚ9RLUOHV
LQVWUXFWLRQVVXUOHVSURGXLWVDGÚಢ
TXDWVFRPPHV\VWÙPHVGHUHWHQXH
SRXUHQIDQW
6LÙJHVV\VWÙPHVGHVÚFXULWÚ
(PSODFHPHQWVGHPRQWDJHG
XQV\VWÙPHGHVÚFXULWÚSRXUHQIDQW
3RVVLELOLWÚVDXWRULVÚHVGHIL[DWLRQGHV\VWÙPHGHVÚFXULWÚSRXUHQIDQW
6XUOHVVLÙJHVDUULÙUH
6XUOHVLÙJHGXSDVVDJHUDYDQW H[WÚULHXUV
6XUOHVLÙJHDUULÙUH
FHQWUDO
&DWÚJRULHGHSRLGVHWFODVVHG
ÓJH DLUEDJDFWLYÚ DLUEDJGÚVDFWLYÚ
*URXSHMXVTX
ÑNJ
RXHQYLURQPRLV
;
8
8
8
*URXSHMXVTX
ÑNJ
RXHQYLURQDQV
;
8
8
8
*URXSH,GHÑNJ
RXHQYLURQGHPRLVÑDQV
;
8
8
8
*URXSH,,GHÑNJ
RXHQYLURQGHÑDQV
;
;
8
8
*URXSH,,,GHÑNJ
RXHQYLURQGHÑDQV
;
;
8
8
8
;
8QLTXHPHQWVLOHVV\VWÙPHVG
DLUEDJVGHSDVVDJHUDYDQWVRQWGÚVDFWLYÚV6LOHV\VWÙPHGHVÚFXULWÚSRXUHQIDQWHVW
DWWDFKÚSDUXQHFHLQWXUHGHVÚFXULWÚÑWURLVSRLQWVUÚJOHUOHVLÙJHÑVDKDXWHXUPD[LPDOHHWV
DVVXUHUTXHODFHLQWXUH
GHVÚFXULWÚGXYÚKLFXOHVHGLULJHYHUVO
DYDQWÑSDUWLUGHVRQSRLQWG
DQFUDJHVXSÚULHXU
6LÙJHGLVSRQLEOHDYHFÚWULHUVGHPRQWDJH,62),;HW7RS7HWKHU
9DODEOHXQLYHUVHOOHPHQWHQFRPELQDLVRQDYHFFHLQWXUHGHVÚFXULWÚÑWURLVSRLQWV
3DVGHV\VWÙPHGHVÚFXULWÚSRXUHQIDQWDXWRULVÚGDQVFHWWHFDWÚJRULHGHSRLGV
6LÙJHVV\VWÙPHVGHVÚFXULWÚ
3RVVLELOLWÚVDXWRULVÚHVGHIL[DWLRQGHV\VWÙPHGHVÚFXULWÚSRXUHQIDQW,62),;
&DWÚJRULHGHSRLGV
6XUOHVLÙJHGX
&DWÚJRULHGHWDLOOH )L[DWLRQ SDVVDJHUDYDQW
6XUOHVVLÙJHVDUULÙUH 6XUOHVLÙJHDUULÙUH
H[WÚULHXUV
FHQWUDO
*URXSHMXVTX
ÑNJ
(
,625 ;
,/
;
*URXSHMXVTX
ÑNJ (
,625 ;
,/
;
'
,625 ;
,/
;
&
,625 ;
,/
;
,625 ;
,/
;
&
,625 ;
,/
;
%
,62)
;
,/,8)
;
%
,62); ;
,/,8)
;
$
,62)
,/,8)
;
*URXSH,GHÑNJ
,/
,8)
;
'
;
&RQYLHQWSRXUOHVV\VWÙPHVGHVÚFXULWÚ,62),;GHVFDWÚJRULHVœ6SÚFLILTXHDXYÚKLFXOH¬œ8VDJHUHVWUHLQW¬RX
œ6HPLXQLYHUVHO¬/HV\VWÙPHGHVÚFXULWÚ,62),;GRLWÛWUHKRPRORJXÚSRXUOHW\SHGHYÚKLFXOHVSÚFLILTXH
&RQYLHQWDX[V\VWÙPHVGHVÚFXULWÚ,62),;SRXUHQIDQWIDFHÑODURXWHGHODFDWÚJRULHXQLYHUVHOOHKRPRORJXÚHSRXU
XQHXWLOLVDWLRQGDQVFHWWHFDWÚJRULHGHSRLGV
3DVGHV\VWÙPHGHVÚFXULWÚ,62),;SRXUHQIDQWKRPRORJXÚGDQVFHWWHFDWÚJRULHGHSRLGV
$YDQFHUOHVLÙJHDYDQWDXPD[LPXPRXDYDQFHUMXVTX
ÑFHTXHOHV\VWÙPHGHVÚFXULWÚSRXUHQIDQWQHVRLWSOXV
JÛQÚSDUOHGRVVLHUGXVLÙJHDYDQW
6LÙJHVV\VWÙPHVGHVÚFXULWÚ
&DWÚJRULHGHWDLOOH,62),;HWVLÙJHSRXULQIR
$,62)
%,62)
%,62);
&,625
',625
(,625
6\VWÙPHGHVÚFXULWÚSRXUHQIDQWIDFHÑODURXWHSRXUGHVHQIDQWVGHWDLOOHPD[LPDOHGDQVODFDWÚJRULHGH
SRLGVGHÑNJ
6\VWÙPHGHVÚFXULWÚSRXUHQIDQWIDFHÑODURXWHSRXUGHVHQIDQWVSOXVSHWLWVGDQVODFDWÚJRULHGHSRLGV
GHÑNJ
6\VWÙPHGHVÚFXULWÚSRXUHQIDQWIDFHÑODURXWHSRXUGHVHQIDQWVSOXVSHWLWVGDQVODFDWÚJRULHGHSRLGV
GHÑNJ
6\VWÙPHGHVÚFXULWÚSRXUHQIDQWGRVÑODURXWHSRXUGHVHQIDQWVGHWDLOOHPD[LPDOHGDQVODFDWÚJRULHGH
SRLGVMXVTX
ÑNJ
6\VWÙPHGHVÚFXULWÚSRXUHQIDQWGRVÑODURXWHSRXUGHVHQIDQWVSOXVSHWLWVGDQVODFDWÚJRULHGHSRLGV
MXVTX
ÑNJ
6\VWÙPHGHVÚFXULWÚSRXUHQIDQWGRVÑODURXWHSRXUGHMHXQHVHQIDQWVGDQVODFDWÚJRULHGHSRLGVMXVTX
Ñ
NJ
6LÙJHVV\VWÙPHVGHVÚFXULWÚ
6\VWÙPHVGHVÚFXULWÚSRXU
HQIDQW,VRIL[
6\VWÙPHVGHVÚFXULWÚSRXU
HQIDQW7RS7HWKHU
/HVV\VWÙPHVGHVÚFXULWÚSRXUHQIDQW
7RS7HWKHUSRUWHQWOHV\PEROHVXU
OHFDFKHEDJDJHV
)L[HUOHVV\VWÙPHVGHVÚFXULWÚSRXU
HQIDQW,62),;KRPRORJXÚVSRXUOH
YÚKLFXOHDX[ÚWULHUVGHIL[DWLRQ
,62),;/HVSRVLWLRQVGHVV\VWÙPHV
GHVÚFXULWÚSRXUHQIDQW,62),;VSÚಢ
FLILTXHVDXYÚKLFXOHVRQWLQGLTXÚHV
SDU,/GDQVOHWDEOHDX
/HVÚWULHUVGHIL[DWLRQ,62),;VRQWVLಢ
JQDOÚVSDUXQHÚWLTXHWWHVXUOHGRVಢ
VLHU
2XYULUOHFODSHWGHO
DQQHDXGH
IL[DWLRQUHTXLVTXLHVWPDUTXÚSDUOH
V\PEROHGHVLÙJHSRXUHQIDQW
(QSOXVGHODIL[DWLRQ,62),;DWWDಢ
FKHUODVDQJOH7RSWHWKHUDX[DQಢ
QHDX[GHIL[DWLRQ7RSWHWKHU/DVDQಢ
JOHGRLWDORUVSDVVHUHQWUHOHVGHX[WLಢ
JHVGHJXLGDJHGHO
DSSXLWÛWH
/HVSRVLWLRQVGHVV\VWÙPHVGHVÚFXಢ
ULWÚSRXUHQIDQW,62),;GHFDWÚJRULH
XQLYHUVHOOHVRQWLQGLTXÚHVSDU,8)
GDQVOHWDEOHDX
5DQJHPHQW
5DQJHPHQW
(VSDFHVGHUDQJHPHQW &RIIUH *DOHULHGHWRLW ,QIRUPDWLRQVVXUOHFKDUJHPHQW (VSDFHVGHUDQJHPHQW
5DQJHPHQWVRXVOH
FRPPXWDWHXUG
ÚFODLUDJH
5DQJHPHQWGDQVOH
WDEOHDXGHERUG
5DQJHPHQWVXUOHKDXWGX
WDEOHDXGHERUG
7LUHUODSRLJQÚHSRXURXYULUOHFDVLHU
7LUHUODSRLJQÚHSRXUUHGUHVVHUOH
FRXYHUFOH
5DQJHPHQW
%RßWHÑJDQWV
3RUWHJREHOHWV
'
DXWUHVSRUWHJREHOHWVVRQWVLWXÚV
GDQVO
DFFRXGRLUDUULÙUHTXDQGLOHVW
UDEDWWX
5DQJHPHQWSRXUOXQHWWHV
GHVROHLO
7LUHUVXUODSRLJQÚHSRXURXYULU
/DERßWHÑJDQWVSHXWÛWUHYHUURXLOOÚH
ÑO
DLGHGHODFOÚGXYÚKLFXOH
/HVSRUWHJREHOHWVVHWURXYHQWGDQV
ODFRQVROHFHQWUDOH
$WWHQWLRQ
3RXUUÚGXLUHOHULVTXHGHEOHVVXUH
ORUVG
XQDFFLGHQWRXG
XQDUUÛW
EUXVTXHWRXMRXUVJDUGHUOHFRXಢ
YHUFOHGHODERßWHÑJDQWVIHUPÚHQ
URXODQW
3RXUOಫRXYULUOHIDLUHEDVFXOHUYHUVOH
EDV
1HSDV\UDQJHUGಫREMHWVORXUGV
5DQJHPHQW
5DQJHPHQWGDQVOHV
DFFRXGRLUV
5DQJHPHQWGDQVO
DFFRXGRLU
DYDQW
&RIIUH
5DEDWWUHOHVGRVVLHUVGHVLÙJH
DUULÙUH
$YDQWGHUDEDWWUHOHVGRVVLHUVGH
VLÙJHSODFHUOHVFHLQWXUHVGHVÚFXULWÚ
GHVVLÙJHVH[WÚULHXUVGDQVOHVJXLGHV
GHFHLQWXUH
/HGRVVLHUDUULÙUHHVWGLYLVÚHQGHX[
SDUWLHV&HVGHX[SDUWLHVSHXYHQW
ÛWUHUDEDWWXHV
$EDLVVHUOHVDSSXLVWÛWHHQHQIRQØDQW
OHORTXHW
5HOHYHUO
DFFRXGRLUDUULÙUH
3RXVVHUOHOHYLHUSRXUIDLUHJOLVVHUHW
UHGUHVVHUO
DFFRXGRLU
7LUHUODPDQHWWHGHGÚYHUURXLOODJH
G
XQFåWÚRXGHVGHX[HWUDEDWWUHOHV
GRVVLHUVVXUO
DVVLVH
5HOHYHUOHVGRVVLHUVHQSRVLWLRQYHUಢ
WLFDOHHWVRUWLUOHVFHLQWXUHVGHVÚFXಢ
ULWÚGHVJXLGHVGHPDLQWLHQ
9HUURXLOOHUOHVGRVVLHUVGHVLÙJHHQ
SRVLWLRQHQSRXVVDQWODSDUWLHVXSÚಢ
ULHXUHGHVGRVVLHUVMXVTX
ÑFHTX
LOV
V
HQJDJHQWGHPDQLÙUHDXGLEOH
7LUHUÑQRXYHDXOHVGRVVLHUVGHVLÙJH
YHUVO
DYDQWDILQGHYÚULILHUTX
LOVVRQW
ELHQYHUURXLOOÚV
5DQJHPHQW
/HVGRVVLHUVDUULÙUHQHVRQWYHUURXLOಢ
OÚVTXHVLOHVUHSÙUHVURXJHVÑJDXಢ
FKHHWÑGURLWHSUÙVGHODPDQHWWHGH
GÚYHUURXLOODJHQHVRQWSDVYLVLEOHV
,QWURGXLUHWRXWHVOHVFHLQWXUHVGHVÚಢ
FXULWÚGDQVOHXUVHUUXUHVLHOOHVQHVH
VRQWSDVHQURXOÚHVDXWRPDWLTXHಢ
PHQW
/DFHLQWXUHGHVÚFXULWÚDUULÙUHFHQಢ
WUDOHSHXWVHEORTXHUORUVTXHOHGRVಢ
VLHUHVWPRQWÚ'DQVFHFDVODLVVHUOD
FHLQWXUHUHSUHQGUHVDSODFHHWUHFRPಢ
PHQFHU
1HMDPDLVUDEDWWUHOHGRVVLHUGHVLÙJH
TXDQGODFHLQWXUHGHVÚFXULWÚFHQWUDOH
DUULÙUHHVWERXFOÚHRXVRUWLHGHO
HQಢ
URXOHXU
&URFKHWSRXUVDFV
0RGÙOHSRUWHV
'ÚSRVH
1
XWLOLVHUOHFURFKHWSRXUVDFVTXH
SRXUGHVREMHWVOÚJHUV
&DFKHEDJDJHV
1HSDVSRVHUG
REMHWVVXUOHFDFKH
EDJDJHV
'ÚFURFKHUOHVVDQJOHVGHUHWHQXHGX
KD\RQ
5DQJHPHQW
$QQHDX[G
DUULPDJH
7ULDQJOHGH
SUÚVLJQDOLVDWLRQ
SRUWHV
6RXOHYHUOHFDFKHVXUO
DUULÙUHHWOH
SRXVVHUYHUVOHKDXWVXUO
DYDQW
(QOHYHUOHFDFKH
3RVH
(QJDJHUOHFDFKHEDJDJHVGDQVOHV
JXLGHVODWÚUDX[HWOHUDEDWWUH$FFURಢ
FKHUOHVVDQJOHVGHUHWHQXHDX
KD\RQ
/HVDQQHDX[G
DUULPDJHVHUYHQWÑVÚಢ
FXULVHUOHVREMHWVSRXUÚYLWHUTX
LOVQH
JOLVVHQWSDUH[HPSOHDYHFGHVVDQಢ
JOHVGHVHUUDJHRXOHILOHWÑEDJDJHV
$WWDFKHUOHWULDQJOHGHSUÚVLJQDOLVDಢ
WLRQÑO
DLGHGHODVDQJOH9HOFUR
0RGÙOHSRUWHV
5DQJHUOHWULDQJOHGHSUÚVLJQDOLVDWLRQ
GDQVVRQFRPSDUWLPHQWVRXVOHFRXಢ
YHUFOHGXSODQFKHUDUULÙUH
5DQJHPHQW
7URXVVHGHVHFRXUV
*DOHULHGHWRLW
SRUWHV
3RXUGHVUDLVRQVGHVÚFXULWÚHWSRXU
ÚYLWHUGಫHQGRPPDJHUOHWRLWQRXV
YRXVUHFRPPDQGRQVGಫXWLOLVHUOHV\Vಢ
WÙPHGHJDOHULHGHWRLWKRPRORJXÚ
SRXUYRWUHYÚKLFXOH
5HVSHFWHUOHVLQVWUXFWLRQVGHPRQಢ
WDJHHWåWHUODJDOHULHGHWRLWVLHOOH
QಫHVWSDVXWLOLVÚH
5DQJHUODWURXVVHGHVHFRXUVGDQVOH
ILOHWVXUOHFåWÚGURLWGXFRIIUH
0RGÙOHSRUWHV
5DQJHUODWURXVVHGHVHFRXUVGDQV
VRQFRPSDUWLPHQWVRXVOHFRXYHUFOH
GXSODQFKHUDUULÙUH
,QIRUPDWLRQVVXUOH
FKDUJHPHQW
࿢ 3ODFHUOHVREMHWVORXUGVGDQVOHFRIಢ
IUHFRQWUHOHVGRVVLHUV6
DVVXUHU
TXHOHVGRVVLHUVVRQWFRUUHFWHPHQW
HQFOLTXHWÚV'DQVOHFDVGಫREMHWV
HPSLOÚVSODFHUOHVSOXVORXUGVHQ
EDV
࿢ $WWDFKHUOHVREMHWVDYHFGHVVDQಢ
JOHVGHVHUUDJHIL[ÚHVDX[DQQHDX[
G
DUULPDJH
࿢ $UULPHUOHVREMHWVGDQVOHFRIIUH
SRXUÚYLWHUTX
LOVQHJOLVVHQW
5DQJHPHQW
࿢ (QFDVGHWUDQVSRUWGಫREMHWVGDQVOH
FRIIUHOHVGRVVLHUVGHVVLÙJHVDUಢ
ULÙUHQHSHXYHQWSDVÛWUHLQFOLQÚV
YHUVOಫDYDQW
࿢ /HFKDUJHPHQWQHGRLWSDVGÚSDVಢ
VHUOHERUGVXSÚULHXUGHVGRVVLHUV
࿢ 1HSODFHUDXFXQREMHWVXUOHFDFKH
EDJDJHQLVXUOHWDEOHDXGHERUG
1HSDVUHFRXYULUOHFDSWHXUVXUOH
KDXWGXWDEOHDXGHERUG
࿢ /HFKDUJHPHQWQHGRLWSDVJÛQHU
O
XWLOLVDWLRQGHVSÚGDOHVGXIUHLQGH
VWDWLRQQHPHQWHWGXOHYLHUGHYLWHVಢ
VHVHWQHGRLWSDVJÛQHUOHFRQGXFಢ
WHXUGDQVVHVPRXYHPHQWV1HSDV
ODLVVHUGHVREMHWVQRQDUULPÚVGDQV
O
KDELWDFOH
࿢ 1HSDVFRQGXLUHDYHFOHFRIIUHRXಢ
YHUW
࿢ /DFKDUJHXWLOHHVWODGLIIÚUHQFHHQಢ
WUHOHSRLGVWRWDODXWRULVÚHQFKDUJH
YRLUSODTXHWWHVLJQDOÚWLTXH
HWOHSRLGVÑYLGH
3RXUFDOFXOHUOHSRLGVÑYLGHVDLVLU
OHVGRQQÚHVLQGLTXÚHVGDQVOHWDಢ
EOHDXGHVSRLGVÑODSDJH
/HSRLGVÑYLGHLQFOXWOHSRLGVGX
FRQGXFWHXUNJGHVEDJDJHV
NJHWWRXVOHVOLTXLGHVUÚVHUYRLU
UHPSOLÑ
/HVÚTXLSHPHQWVHWDFFHVVRLUHVHQ
RSWLRQDXJPHQWHQWOHSRLGVÑYLGH
࿢ /DFKDUJHVXUOHWRLWDXJPHQWHOD
VHQVLELOLWÚDXYHQWODWÚUDOGX
YÚKLFXOHHWDOWÙUHODWHQXHGHURXWH
GXIDLWGHOಫÚOÚYDWLRQGXFHQWUHGH
JUDYLWÚGXYÚKLFXOH5ÚSDUWLUOD
FKDUJHGHPDQLÙUHXQLIRUPHHWOಫDUಢ
ULPHUIHUPHPHQWDYHFGHVVDQJOHV
DILQTXಫHOOHQHJOLVVHSDV$GDSWHU
ODSUHVVLRQGHVSQHXVHWODYLWHVVH
GXYÚKLFXOHÑOಫÚWDWGHFKDUJH&RQಢ
WUåOHUUÚJXOLÙUHPHQWOHVIL[DWLRQVHW
OHVUHVVHUUHU
,QVWUXPHQWVHWFRPPDQGHV
,QVWUXPHQWVHW
FRPPDQGHV
&RPPDQGHV
&RPPDQGHVDXYRODQW
5ÚJODJHGXYRODQW
&RPPDQGHV 7ÚPRLQVHWFDGUDQV $IILFKDJHVG
LQIRUPDWLRQ 0HVVDJHVGXYÚKLFXOH 2UGLQDWHXUGHERUG 3HUVRQQDOLVDWLRQGXYÚKLFXOH 'ÚEORTXHUOHOHYLHUUÚJOHUOHYRODQW
SXLVEORTXHUOHOHYLHUHWYÚULILHUTX
LO
HVWELHQYHUURXLOOÚ
1HUÚJOHUOHYRODQWTXHVLOHYÚKLFXOH
HVWÑO
DUUÛW
/HVIRQFWLRQVGHOಫ,QIRWDLQPHQW6\Vಢ
WHPHWGXUÚJXODWHXUGHYLWHVVHSHXಢ
YHQWÛWUHFRPPDQGÚHVÑSDUWLUGXYRಢ
ODQW
9RLUODVHFWLRQGHO
,QIRWDLQPHQW6\Vಢ
WHPSRXUSOXVG
LQIRUPDWLRQV
5ÚJXODWHXUGHYLWHVVH
,QVWUXPHQWVHWFRPPDQGHV
$YHUWLVVHXUVRQRUH
(VVXLHJODFHODYHJODFH
DYDQW
1HSDVHQFOHQFKHUOHVHVVXLHJODFH
RXOHVODYHJODFHVGDQVOHVVWDWLRQV
GHODYDJHGHYRLWXUH
(VVXLHJODFHDYDQW
,QWHUYDOOHGHEDOD\DJHUÚJODEOH
'
c
0DQHWWHG
HVVXLHJODFHHQSRVLಢ
WLRQ'
7RXUQHUODPROHWWHSRXUUÚJOHUO
LQWHUಢ
YDOOHGHEDOD\DJHVRXKDLWÚ
LQWHUYDOOH
WRXUQHUODURXHPROHಢ
FRXUW
WÚHYHUVOHKDXW
LQWHUYDOOH
WRXUQHUODURXHPROHಢ
ORQJ
WÚHYHUVOHEDV
$SSX\HUVXUH
UDSLGH
OHQW
EDOD\DJHLQWHUPLWWHQW
DUUÛW
3RXUXQVHXOEDOD\DJHORUVTXHOHV
HVVXLHJODFHVVRQWGÚVDFWLYÚVDEDLVಢ
VHUODPDQHWWH
1HSDVPHWWUHHQPDUFKHORUVTXHOHV
YLWUHVVRQWJHOÚHV
,QVWUXPHQWVHWFRPPDQGHV
%DOD\DJHDXWRPDWLTXHDYHFFDSWHXU
GHSOXLH
'
%DOD\DJHDXWRPDWLTXHDYHF
FDSWHXUGHSOXLH
/HFDSWHXUGHSOXLHGÚWHFWHODTXDQಢ
WLWÚG
HDXVXUOHSDUHEULVHHWUÙJOHDXಢ
WRPDWLTXHPHQWODYLWHVVHGHO
HVVXLH
JODFHDYDQW$SUÙVDYRLUDFWLYÚOH
PRGHGHGÚWHFWLRQGHSOXLHRXUÚJOÚ
ODVHQVLELOLWÚGXGÚWHFWHXUGHSOXLHOH
QRXYHDXUÚJODJHHVWFRQILUPÚSDUXQ
VHXOEDOD\DJH
6HQVLELOLWÚUÚJODEOHGXFDSWHXUGH
SOXLH
7RXUQHUODPROHWWHSRXUUÚJOHUODVHQಢ
VLELOLWÚ
VHQVLELOLWÚ
WRXUQHUODURXHPROHಢ
IDLEOH
WÚHYHUVOHEDV
VHQVLELOLWÚ
WRXUQHUODURXHPROHಢ
ÚOHYÚH
WÚHYHUVOHKDXW
/HFKDPSGXFDSWHXUGHSOXLHGRLW
UHVWHUSURSUHF
HVWÑGLUHVDQVSRXVಢ
VLÙUHVDOHWÚVQLJLYUH
,QVWUXPHQWVHWFRPPDQGHV
/DYHJODFHDYDQW
3RXVVHUODPDQHWWH/HSURGXLWGH
ODYHJODFHHVWSXOYÚULVÚVXUOHSDUH
EULVHHWO
HVVXLHJODFHH[ÚFXWHTXHOಢ
TXHVEDOD\DJHV
(VVXLHJODFHODYHJODFH
GHOXQHWWHDUULÙUH
3RXVVHUOHFRPPXWDWHXUÑEDVFXOH
SRXUDFWLRQQHUO
HVVXLHJODFHGHOXಢ
QHWWHDUULÙUH
SRVLWLRQ
IRQFWLRQQHPHQW
VXSÚULHXUH
SHUPDQHQW
SRVLWLRQ
IRQFWLRQQHPHQWLQಢ
LQIÚULHXUH
WHUPLWWHQW
SRVLWLRQ
DUUÛW
FHQWUDOH
3RXVVHUODPDQHWWH/HSURGXLWGH
ODYHJODFHHVWSXOYÚULVÚVXUODOXQHWWH
DUULÙUHHWO
HVVXLHJODFHH[ÚFXWHTXHOಢ
TXHVEDOD\DJHV
1HSDVPHWWUHHQPDUFKHORUVTXHOD
OXQHWWHDUULÙUHHVWJHOÚH
1HSDVHQFOHQFKHUOHVHVVXLHJODFH
RXOHVODYHJODFHVGDQVOHVVWDWLRQV
GHODYDJHGHYRLWXUH
/
HVVXLHJODFHGHOXQHWWHDUULÙUHV
HQಢ
FOHQFKHDXWRPDWLTXHPHQWVLO
HVVXLH
JODFHDYDQWHVWHQPDUFKHHWTXHOD
PDUFKHDUULÙUHHVWHQJDJÚH
,QVWUXPHQWVHWFRPPDQGHV
&HWWHIRQFWLRQSHXWÛWUHDFWLYÚHRX
GÚVDFWLYÚHGDQVOHPHQX5
5ÚJODJHV
GHO
DIILFKDJHG
LQIRUPDWLRQV
3HUVRQQDOLVDWLRQGXYÚKLFXOH
/HODYHJODFHGHOXQHWWHDUULÙUHHVW
GÚVDFWLYÚTXDQGOHQLYHDXGHOLTXLGH
HVWWURSEDV
7HPSÚUDWXUHH[WÚULHXUH
$WWHQWLRQ
/RUVTXHO
DIILFKDJHLQGLTXHXQH
WHPSÚUDWXUHGHTXHOTXHVGHJUÚV
DXGHVVXVGH¡&LOVHSHXWTXH
ODFKDXVVÚHVRLWGÚMÑYHUJODFÚH
+RUORJH
/
KHXUHHWODGDWHVRQWLQGLTXÚHVVXU
O
DIILFKDJHG
LQIRUPDWLRQV
5ÚJODJHGHODGDWHHWGHOಫKHXUH
$SSX\HUVXUOHERXWRQ&
&21),*/H
PHQX5
5ÚJODJHVHVWDIILFKÚ
6ÚOHFWLRQQHU+
+HXUH'DWH
3HUVRQQDOLVDWLRQGXYÚKLFXOH
8QHFKXWHGHODWHPSÚUDWXUHHVWDIILಢ
FKÚHLPPÚGLDWHPHQWXQHKDXVVHGH
ODWHPSÚUDWXUHHVWLQGLTXÚHDSUÙVXQ
FHUWDLQGÚODL
/HVUÚJODJHVGHO
KHXUHHWGHODGDWH
SHXYHQWÛWUHDMXVWÚV
9RLUODVHFWLRQGHO
,QIRWDLQPHQW6\Vಢ
WHPSRXUSOXVG
LQIRUPDWLRQV
,QVWUXPHQWVHWFRPPDQGHV
3ULVHVGHFRXUDQW
$OOXPHFLJDUHV
$YHUWLVVHPHQW
/HFRUSVG
XQDOOXPHFLJDUHHQ
IRQFWLRQQHPHQWSHXWGHYHQLUWUÙV
EUìODQW
1HSDVWRXFKHUOHFRUSVGHO
DOಢ
OXPHFLJDUHHWQHSDVODLVVHUOHV
HQIDQWVXWLOLVHURXMRXHUDYHFO
DOಢ
OXPHFLJDUH
&HPÚWDOEUìODQWSHXWSURYRTXHU
GHVEOHVVXUHVHWGHVGÚJÓWV
ÑYRWUHYÚKLFXOHRXÑG
DXWUHV
ELHQV
8QHSULVHGHFRXUDQW9HVWSODFÚH
GDQVODFRQVROHGHSODQFKHUDUULÙUH
/DSXLVVDQFHPD[LPDOHDEVRUEÚHQH
GRLWSDVGÚSDVVHUZDWWV
4XDQGOHFRQWDFWHVWFRXSÚODSULVH
GHFRXUDQWHVWGÚVDFWLYÚH(QRXWUH
HOOHHVWDXVVLGÚVDFWLYÚHVLODWHQVLRQ
GHODEDWWHULHHVWWURSIDLEOH
1HSDV\UDFFRUGHUG
DFFHVVRLUHV
IRXUQLVVDQWGXFRXUDQWWHOVTXHFKDUಢ
JHXUVRXEDWWHULHV
1HSDVHQGRPPDJHUOHVSULVHVHQ
XWLOLVDQWGHVILFKHVLQDGDSWÚHV
/
DOOXPHFLJDUHHVWVLWXÚGDQVODFRQಢ
VROHGHSODQFKHUDYDQW
$SSX\HUVXUO
DOOXPHFLJDUHV,O
V
ÚWHLQWDXWRPDWLTXHPHQWORUVTXHOD
UÚVLVWDQFHHVWLQFDQGHVFHQWH5HWLUHU
O
DOOXPHFLJDUHV
$YHUWLVVHPHQW
1
XWLOLVHUFHWWHSULVHTXHSRXUXQ
DOOXPHFLJDUH
&HQGULHUV
$YHUWLVVHPHQW
8QLTXHPHQWGHVWLQÚDX[FHQGUHV
SDVDX[GÚFKHWVFRPEXVWLEOHV
,QVWUXPHQWVHWFRPPDQGHV
7ÚPRLQVHWFDGUDQV
&RPSWHXUNLORPÚWULTXH
&RPSWHXUGHYLWHVVH
/HFHQGULHUDPRYLEOHSHXWÛWUHSODFÚ
GDQVOHVSRUWHJREHOHWV
2XYULUOHFRXYHUFOHDYDQWXWLOLVDWLRQ
/DOLJQHLQIÚULHXUHLQGLTXHODGLVWDQFH
WRWDOHSDUFRXUXH
$IILFKHODYLWHVVHGXYÚKLFXOH
&RPSWHXUNLORPÚWULTXH
MRXUQDOLHU
/DOLJQHVXSÚULHXUHLQGLTXHODGLVಢ
WDQFHSDUFRXUXHGHSXLVODGHUQLÙUH
UHPLVHÑ]ÚURYDOHXUPD[
/RUVTXHODGLVWDQFHHQUHJLVWUÚHDWಢ
WHLQW
OHFRPSWHXUNLORPÚWULTXH
MRXUQDOLHUDIILFKHDXWRPDWLTXHPHQW
VDQVUHPLVHÑ]ÚUR
,QVWUXPHQWVHWFRPPDQGHV
3RXUXQHUHPLVHÑ]ÚURHQIRQFHUHW
PDLQWHQLUSHQGDQWTXHOTXHVVHFRQಢ
GHVOHERXWRQGHUHPLVHÑ]ÚURDYHF
OHFRQWDFWPLV
&RPSWHWRXUV
$YHUWLVVHPHQW
/HUÚJLPHPD[LPDODXWRULVÚHVW
GÚSDVVÚVLO
DLJXLOOHDWWHLQWOD]RQH
G
DYHUWLVVHPHQW'DQJHUSRXUOH
PRWHXU
-DXJHÑFDUEXUDQW
$IILFKHOHUÚJLPHPRWHXUHQWRXUVSDU
PLQXWH
6LSRVVLEOHFRQGXLUHGDQVODSODJHGH
UÚJLPHLQIÚULHXUHGHFKDTXHUDSSRUW
,QGLTXHOHQLYHDXGHFDUEXUDQWGDQV
OHUÚVHUYRLU
6LOHQLYHDXHVWEDVGDQVOHUÚVHUYRLU
OHWÚPRLQLVಫDOOXPH)DLUHOHSOHLQ
LPPÚGLDWHPHQW
1HMDPDLVURXOHUMXVTX
ÑFHTXHOHUÚಢ
VHUYRLUVRLWYLGH
(QUDLVRQGXUHVWHGHFDUEXUDQWSUÚಢ
VHQWGDQVOHUÚVHUYRLUODTXDQWLWÚ
DMRXWÚHSHXWÛWUHLQIÚULHXUHÑODFDSDಢ
FLWÚQRPLQDOHLQGLTXÚHSRXUOHUÚVHUಢ
YRLUGHFDUEXUDQW
-DXJHGHWHPSÚUDWXUHGH
OLTXLGHGHUHIURLGLVVHPHQW
GXPRWHXU
$IILFKHODWHPSÚUDWXUHGXOLTXLGHGH
UHIURLGLVVHPHQW
]RQH
JDXFKH
]RQH
FHQWUDOH
]RQH
GURLWH
,QVWUXPHQWVHWFRPPDQGHV
OHPRWHXUQ
DSDVHQಢ
FRUHDWWHLQWVDWHPSÚಢ
UDWXUHGHIRQFWLRQQHಢ
PHQW
WHPSÚUDWXUHGHIRQFಢ
WLRQQHPHQWQRUPDOH
WHPSÚUDWXUHWURSÚOHಢ
YÚH
$YHUWLVVHPHQW
6LODWHPSÚUDWXUHGHOLTXLGHGHUHಢ
IURLGLVVHPHQWGXPRWHXUHVWWURS
ÚOHYÚHDUUÛWHUOHYÚKLFXOHFRXSHU
OHPRWHXU'DQJHUSRXUOHPRWHXU
9ÚULILHUOHQLYHDXGHOLTXLGHGHUHಢ
IURLGLVVHPHQW
$IILFKDJHGHVHUYLFH
6\VWÙPHG
LQGLFDWLRQGHGXUÚH
GHYLHG
KXLOHPRWHXUSRXU
PRWHXUVGLHVHO
4XDQGYLGDQJHUO
KXLOHPRWHXU
/HYÚKLFXOHHVWÚTXLSÚG
XQV\VWÙPH
LQIRUPDWLTXHLQGLTXDQWTXDQGYLGDQಢ
JHUOHPRWHXUHWUHPSODFHUOHILOWUH/H
FDOFXOHVWEDVÚVXUOHQRPEUHGHWRXUV
PRWHXUHWODWHPSÚUDWXUHPRWHXUHW
QRQSDVVXUOHNLORPÚWUDJH6HORQOHV
FRQGLWLRQVGHFRQGXLWHOHNLORPÚWUDJH
DXTXHOODYLGDQJHG
KXLOHHVWLQGLTXÚH
SHXWIRUWHPHQWYDULHU
3RXUTXHOHV\VWÙPHG
LQGLFDWLRQGH
GXUÚHGHYLHGHO
KXLOHIRQFWLRQQHFRUಢ
UHFWHPHQWLOGRLWÛWUHUHPLVÑ]ÚUR
ÑFKDTXHYLGDQJHG
KXLOH/RUVTXHOH
V\VWÙPHDFDOFXOÚTXHODGXUÚHGHYLH
GHO
KXLOHDGLPLQXÚLOLQGLTXHTX
XQH
YLGDQJHG
KXLOHHVWQÚFHVVDLUH&
&RG(
DSSDUDßWGDQVOH&HQWUHG
LQIRUPDಢ
WLRQVGXFRQGXFWHXU(IIHFWXHUODYLಢ
GDQJHG
KXLOHDXVVLUDSLGHPHQWTXH
SRVVLEOHGDQVOHVNP
6LOHVFRQGLWLRQVGHFRQGXLWHVRQWSDUಢ
WLFXOLÙUHPHQWIDYRUDEOHVOHV\VWÙPH
SHXWQHSDVHVWLPHUODYLGDQJHG
KXLOH
QÚFHVVDLUHDYDQWXQDQ/
KXLOHPRಢ
WHXUGRLWÛWUHYLGDQJÚHHWOHILOWUHUHPಢ
SODFÚDXPRLQVXQHIRLVSDUDQOH
V\VWÙPHHVWUHPLVÑ]ÚURÑFHPRಢ
PHQWOÑ/HFRQFHVVLRQQDLUHGLVSRVH
GHODPDLQG
ŃXYUHFRPSÚWHQWHSRXU
HIIHFWXHUFHWWHWÓFKHHWUHPHWWUHOH
V\VWÙPHÑ]ÚUR
,OHVWÚJDOHPHQWLPSRUWDQWGHYÚULILHU
UÚJXOLÙUHPHQWOHQLYHDXG
KXLOHHWGH
IDLUHO
DSSRLQWVLQÚFHVVDLUH6LOHV\Vಢ
WÙPHGHYDLWÛWUHPLVÑ]ÚURDFFLGHQಢ
WHOOHPHQWO
KXLOHGRLWÛWUHYLGDQJÚH
NPDSUÙVODGHUQLÙUHYLGDQJH
1HSDVRXEOLHUGHUHPHWWUHÑ]ÚUROH
V\VWÙPHG
LQGLFDWLRQGHGXUÚHGHYLH
GHO
KXLOHÑFKDTXHYLGDQJH
$IILFKDJHGHODGXUÚHGHYLHUHVWDQWH
GHO
KXLOHPRWHXU
/DGXUÚHGHYLHUHVWDQWHGHO
KXLOH
PRWHXUHVWDIILFKÚHGDQVOH&HQWUH
G
LQIRUPDWLRQVGXFRQGXFWHXUSDUOH
WÚPRLQ(VXLYLG
XQSRXUFHQWDJH
,QVWUXPHQWVHWFRPPDQGHV
LQGLTXDQWODGXUÚHGHYLHUHVWDQWH
3RXUFHFLOHFRQWDFWGRLWÛWUHPLV
VDQVTXHOHPRWHXUVRLWHQPDUFKH
&HQWUHG
LQIRUPDWLRQVGXFRQGXFWHXU
,QIRUPDWLRQVFRQFHUQDQWO
HQWUHWLHQ
&RPPHQWUHPHWWUHÑ]ÚUROHV\VWÙPH
G
LQGLFDWLRQGHGXUÚHGHYLHGHO
KXLOH
PRWHXU
/HV\VWÙPHGRLWÛWUHPLVÑ]ÚURÑFKDಢ
TXHYLGDQJHG
KXLOHGHIDØRQÑFHTX
LO
SXLVVHFDOFXOHUODYLGDQJHG
KXLOHVXLಢ
YDQWH3RXUUHPHWWUHÑ]ÚUROHV\Vಢ
WÙPHG
LQGLFDWLRQGHGXUÚHGHYLH
G
KXLOHPRWHXUSURFÚGHUGHO
XQHGHV
IDØRQVVXLYDQWHV
࿢ ±O
DLGHG
XQDQDO\VHXUFRQWUåOHXU
/
DWHOLHUUHPHWOHV\VWÙPHÑ]ÚUR
ÑO
DLGHGHFHWRXWLODSUÙVODYLGDQJH
GHO
KXLOHPRWHXU
࿢ ±O
DLGHGHODSÚGDOHG
DFFÚOÚUDಢ
WHXU
ဈ 5HWLUHUODFOÚGHODVHUUXUHGHFRQಢ
WDFWSHQGDQWSOXVG
XQHPLQXWH
ဈ ,QVÚUHUODFOÚGDQVODVHUUXUHGH
FRQWDFWHWODPHWWUHHQSRVLWLRQ
FRQWDFWPLVPRWHXUDUUÛWÚ
ဈ $SSX\HUÑIRQGVXUODSÚGDOH
G
DFFÚOÚUDWHXUHWODPDLQWHQLUHQಢ
IRQFÚHSHQGDQWGHX[VHFRQGHV
ဈ 5HOÓFKHUODSÚGDOHG
DFFÚOÚUDಢ
WHXUSHQGDQWVHFRQGHV
ဈ $SSX\HUVXUODSÚGDOHG
DFFÚOÚಢ
UDWHXUHWODUHOÓFKHUFRPPHLQGLಢ
TXÚFLGHVVXVGHX[IRLVHQXQH
PLQXWH
࿢ ±O
DLGHGXERXWRQ6
6(7&/5VXUOHV
YÚKLFXOHVÑDIILFKDJHGHQLYHDXLQಢ
WHUPÚGLDLUH
$SSX\HUVXUOHERXWRQ0
0(18VXUOD
FRPPDQGHGHFOLJQRWDQWVSRXUVÚಢ
OHFWLRQQHUOH0
0HQXLQIRUPDWLRQV
YÚKLFXOH7RXUQHUODPROHWWHMXVTX
Ñ
FHTXHOHPHQXLQGLTXDQWODGXUÚH
GHYLHUHVWDQWHGHO
KXLOHPRWHXUVRLW
DIILFKÚ&RQWDFWPLVDSSX\HUVXUOH
ERXWRQ6
6(7&/5SHQGDQWTXHOಢ
TXHVVHFRQGHV6L&
&RG(UHVWH
DIILFKÚGDQVOH&HQWUHG
LQIRUPDಢ
WLRQVGXFRQGXFWHXUDSUÙVTXHOH
YÚKLFXOHDGÚPDUUÚOHV\VWÙPH
G
LQGLFDWLRQGHGXUÚHGHYLHGH
O
KXLOHPRWHXUQ
DSDVÚWÚUHPLV
Ñ]ÚUR5ÚSÚWHUODSURFÚGXUH
࿢ ±O
DLGHGXERXWRQGHUHPLVHÑ]ÚUR
VXUOHVYÚKLFXOHVÑDIILFKDJHGHQLಢ
YHDXGHEDVH
$SSX\HUVXUOHERXWRQGHUHPLVH
Ñ]ÚURSHQGDQWHQYLURQVHFRQGHV
MXVTX
ÑFHTXHODGXUÚHGHYLHUHVಢ
WDQWHGHO
KXLOHPRWHXUVRLWDIILFKÚH
5HOÓFKHUOHERXWRQGHUHPLVH
Ñ]ÚURSXLVDSSX\HUGHQRXYHDX
SHQGDQWTXHOTXHVVHFRQGHVSRXU
,QVWUXPHQWVHWFRPPDQGHV
UHPHWWUHÑ]ÚUROHV\VWÙPHG
LQGLಢ
FDWLRQGHGXUÚHGHYLHGHO
KXLOH
PRWHXU
7ÚPRLQV
/HVWÚPRLQVGÚFULWVQHVHUHWURXYHQW
SDVVXUWRXVOHVYÚKLFXOHV/DGHVಢ
FULSWLRQVಫDSSOLTXHÑWRXWHVOHVYHUಢ
VLRQVGಫLQVWUXPHQWV/RUVGHODPLVH
GXFRQWDFWODSOXSDUWGHVWÚPRLQV
V
DOOXPHQWEULÙYHPHQWSRXUHIIHFWXHU
XQWHVWGHIRQFWLRQQHPHQW
6LJQLILFDWLRQGHVFRXOHXUVGHVWÚಢ
PRLQV
5RXJH
'DQJHUUDSSHOLPSRUWDQW
-DXQH
$YHUWLVVHPHQWLQVWUXFಢ
WLRQGÚIDLOODQFH
9HUW
&RQILUPDWLRQGHPLVHHQ
PDUFKH
%OHX
&RQILUPDWLRQGHPLVHHQ
PDUFKH
EODQF
&RQILUPDWLRQGHPLVHHQ
PDUFKH
,QVWUXPHQWVHWFRPPDQGHV
7ÚPRLQVGXFRPELQÚG
LQVWUXPHQWV
,QVWUXPHQWVHWFRPPDQGHV
7ÚPRLQVGHODFRQVROHFHQWUDOH
&OLJQRWHPHQWUDSLGHGÚIDLOODQFH
G
XQHDPSRXOHGHFOLJQRWDQWRXGXIXಢ
VLEOHDVVRFLÚ
5HPSODFHPHQWGHVDPSRXOHV
)XVLEOHV
&OLJQRWDQWV
5DSSHOGHFHLQWXUHGH
VÚFXULWÚ
5DSSHOGHFHLQWXUHGHVÚFXULWÚ
GHVVLÙJHVDYDQW
&OLJQRWDQW
.VಫDOOXPHRXFOLJQRWHHQYHUW
$OOXPDJH
/HWÚPRLQV
DOOXPHEULÙYHPHQWORUVಢ
TXHOHVIHX[GHVWDWLRQQHPHQWVRQW
DOOXPÚV
&OLJQRWHPHQW
/HWÚPRLQFOLJQRWHORUVTXHOHVFOLJQRಢ
WDQWVRXOHVIHX[GHGÚWUHVVHVRQWDOಢ
OXPÚV
7GXVLÙJHFRQGXFWHXUV
DOOXPHRX
FOLJQRWHHQURXJH
CGXVLÙJHGXSDVVDJHUDYDQWV
DOಢ
OXPHRXFOLJQRWHHQURXJHTXDQGOH
VLÙJHHVWRFFXSÚ
$OOXPÚ
VHFRQGHVDSUÙVODPLVHGHO
DOOXಢ
PDJHVHFRQGHVDSUÙVOHGÚPDUಢ
UDJHGXPRWHXURXDSUÙVDYRLUSDUಢ
FRXUXXQHGLVWDQFHVSÚFLILTXHRXDWಢ
WHLQWXQHYLWHVVHVSÚFLILTXHHWFHMXVಢ
TX
ÑFHTXHODFHLQWXUHGHVÚFXULWÚVRLW
ERXFOÚH
&OLJQRWHPHQW
3HQGDQWVHFRQGHVDSUÙVOHGÚಢ
PDUUDJHGXPRWHXURXDSUÙVDYRLU
SDUFRXUXXQHGLVWDQFHVSÚFLILTXHRX
DWWHLQWXQHYLWHVVHVSÚFLILTXHHWFH
MXVTX
ÑFHTXHODFHLQWXUHGHVÚFXULWÚ
VRLWERXFOÚH
$WWDFKHUODFHLQWXUHGHVÚFXULWÚ
$LUEDJVHWUÚWUDFWHXUVGH
FHLQWXUH
TV
DOOXPHHQURXJH
/RUVGHODPLVHGXFRQWDFWOHWÚPRLQ
VಫDOOXPHSHQGDQWHQYLURQ
VHFRQGHV6ಫLOQHVಫDOOXPHSDVRX
VಫLOQHVಫÚWHLQWSDVDXERXWGH
VHFRQGHVRXVಫLOVಫDOOXPHHQURXODQW
OHVUÚWUDFWHXUVGHFHLQWXUHO
DLUEDJRX
OHUÚWUDFWHXUGHFHLQWXUHSUÚVHQWHXQH
GÚIDLOODQFH&HVV\VWÙPHVSHXYHQW
QHSDVVHGÚFOHQFKHUHQFDVGಫDFFLಢ
GHQW
'HVUÚWUDFWHXUVGHFHLQWXUHRXDLUಢ
EDJVGÚFOHQFKÚVVRQWVLJQDOÚVSDUOH
WÚPRLQTTXLUHVWHDOOXPÚ
,QVWUXPHQWVHWFRPPDQGHV
$WWHQWLRQ
)DLUHLPPÚGLDWHPHQWUHPÚGLHU
ÑODFDXVHGHODGÚIDLOODQFHSDUXQ
DWHOLHU
6\VWÙPHG
DLUEDJVUÚWUDFWHXUVGH
FHLQWXUH
'ÚVDFWLYDWLRQG
DLUEDJ
9G
DLUEDJSDVVDJHUDYDQWV
DOOXPH
HQMDXQH
4XDQGOHWÚPRLQHVWDOOXPÚO
DLUEDJ
GXSDVVDJHUDYDQWHVWDFWLYÚ
G
DLUEDJSDVVDJHUDYDQWV
DOOXPH
HQMDXQH
4XDQGOHWÚPRLQHVWDOOXPÚO
DLUEDJ
GXSDVVDJHUDYDQWHVWGÚVDFWLYÚ
6\VWÙPHGHFKDUJH
NVಫDOOXPHRXFOLJQRWHHQURXJH
,OV
DOOXPHORUVTXHOHFRQWDFWHVWPLV
,OV
ÚWHLQWSHXDSUÙVODPLVHHQPDUಢ
FKHGXPRWHXU
6
LOV
DOOXPHORUVTXHOHPRWHXU
WRXUQH
6
DUUÛWHUFRXSHUOHPRWHXU/DEDWWHಢ
ULHQHVHFKDUJHSDV/HUHIURLGLVVHಢ
PHQWGXPRWHXUSHXWÛWUHLQWHUURPSX
6XUPRWHXUGLHVHOOHVHUYRIUHLQSHXW
FHVVHUGHIRQFWLRQQHU3UHQGUHFRQಢ
WDFWDYHFXQDWHOLHU
7ÚPRLQGH
G\VIRQFWLRQQHPHQW
9VಫDOOXPHRXFOLJQRWHHQMDXQH
,OV
DOOXPHORUVTXHOHFRQWDFWHVWPLV
,OV
ÚWHLQWSHXDSUÙVODPLVHHQPDUಢ
FKHGXPRWHXU
3URFKDLQHQWUHWLHQGX
YÚKLFXOH
JV
DOOXPHHQMDXQHTXDQGOH
YÚKLFXOHGRLWVXELUXQHQWUHWLHQ
,OV
DOOXPHHQFRPELQDLVRQDYHFXQ
FRGHG
DYHUWLVVHPHQW
0HVVDJHVGXYÚKLFXOH
6\VWÙPHGHIUHLQDJHHW
G
HPEUD\DJH
V
DOOXPHHQURXJH
6
DOOXPHTXDQGOHIUHLQGHVWDWLRQQHಢ
PHQWHVWUHOÓFKÚVLOHQLYHDXG
KXLOH
GHIUHLQG
HPEUD\DJHHVWWURSEDVRX
VLOHV\VWÙPHGHIUHLQDJHSUÚVHQWH
XQHGÚIDLOODQFH
$WWHQWLRQ
6
DUUÛWHU,QWHUURPSUHLPPÚGLDWHಢ
PHQWOHWUDMHW3UHQGUHFRQWDFW
DYHFXQDWHOLHU
,OV
DOOXPHDSUÙVDYRLUPLVOHFRQWDFW
ORUVTXHOHIUHLQGHVWDWLRQQHPHQWPDಢ
QXHOHVWVHUUÚ
$QWLEORFDJHGHVÚFXULWÚ
$%6
SV
DOOXPHHQMDXQH
,OV
DOOXPHSHQGDQWTXHOTXHVVHFRQಢ
GHVDSUÙVDYRLUPLVOHFRQWDFW/HV\Vಢ
WÙPHHVWRSÚUDWLRQQHOGÙVTXHOHWÚಢ
PRLQVಫÚWHLQW
,QVWUXPHQWVHWFRPPDQGHV
6LOHWÚPRLQQHV
ÚWHLQWSDVDXERXWGH
TXHOTXHVVHFRQGHVRXV
LOV
DOOXPHHQ
FRXUVGHURXWHO
$%6SUÚVHQWHXQGÚಢ
IDXW/HGLVSRVLWLIGHIUHLQDJHFRQWLಢ
QXHÑIRQFWLRQQHUPDLVVDQVUÚJXODಢ
WLRQ$%6
$QWLEORFDJHGHVÚFXULWÚ
6
DOOXPHHQFDVGHGLUHFWLRQ
DVVLVWÚHGÚVDFWLYÚH
3DVVDJHDXUDSSRUW
VXSÚULHXU
/HFDSWHXUG
DQJOHGHEUDTXDJHGRLW
ÛWUHÚWDORQQÚSRXUUHQGUHOHV\VWÙPH
GHGLUHFWLRQDVVLVWÚHRSÚUDWLRQQHO
࿢ 3RXUHIIHFWXHUXQÚWDORQQDJHDXWRಢ
PDWLTXHFRQGXLUHHQOLJQHGURLWH
ÑXQHIDLEOHYLWHVVHFRQVWDQWH
࿢ 6LOHWÚPRLQUHVWHDOOXPÚWRXUQHUOH
YRODQWGHODSRVLWLRQOLPLWHG
XQFåWÚ
ÑO
DXWUHSRXUHIIHFWXHUXQÚWDORQಢ
QDJHPDQXHO
/HWÚPRLQV
ÚWHLQWORUVTXHOHV\VWÙPH
HVWÑQRXYHDXRSÚUDWLRQQHO
>V
DOOXPHHQYHUW
,OHVWUHFRPPDQGÚGHSDVVHUOHUDSಢ
SRUWVXSÚULHXUSRXUÚFRQRPLVHUGX
FDUEXUDQW
'LUHFWLRQDVVLVWÚH
FV
DOOXPHHQMDXQH
6
DOOXPHHQFDVGHSHUIRUPDQFH
UÚGXLWHGHGLUHFWLRQDVVLVWÚH
8QHSHUIRUPDQFHUÚGXLWHGHODGLUHFಢ
WLRQDVVLVWÚHHVWGXHÑODVXUFKDXIIH
GXV\VWÙPH/HWÚPRLQV
ÚWHLQWORUVಢ
TXHOHV\VWÙPHDUHIURLGL
'\VIRQFWLRQQHPHQWGHODGLUHFWLRQDVಢ
VLVWÚH3UHQGUHFRQWDFWDYHFXQDWHಢ
OLHU
6
DOOXPHDSUÙVXQHFRXSXUHGH
O
DOLPHQWDWLRQÚOHFWULTXH
'ÚIDLOODQFHHQUDLVRQGHFDSWHXUVHQಢ
FUDVVÚVRXFRXYHUWVGHJLYUHRXGH
QHLJH
RX
,QWHUIÚUHQFHVGXHVÑGHVVRXUFHVXOಢ
WUDVRQVH[WHUQHV8QHIRLVFHVVRXUಢ
FHVGಫLQWHUIÚUHQFHVÚOLPLQÚHVOHV\Vಢ
WÙPHIRQFWLRQQHGHQRXYHDXFRUUHFಢ
WHPHQW
)DLUHUHPÚGLHUÑODFDXVHGXSURಢ
EOÙPHSDUXQDWHOLHU
&DSWHXUVGHVWDWLRQQHPHQWÑXOWUDಢ
VRQV
(OHFWURQLF6WDELOLW\&RQWURO
GÚVDFWLYÚ
QDOOXPÚ
6
DOOXPHORUVTXHOHV\VWÙPHHVWGÚVಢ
DFWLYÚ
$LGHDXVWDWLRQQHPHQWSDU
XOWUDVRQV
(OHFWURQLF6WDELOLW\&RQWURO
HWV\VWÙPHDQWLSDWLQDJH
JV
DOOXPHHQMDXQH
'ÚIDLOODQFHGDQVOHV\VWÙPH
RX
EVಫDOOXPHRXFOLJQRWHHQMDXQH
,QVWUXPHQWVHWFRPPDQGHV
$OOXPÚ
3UÚVHQFHG
XQHGÚIDLOODQFHGDQVOH
V\VWÙPH,OHVWSRVVLEOHGHSRXUVXLYUH
ODURXWH/DVWDELOLWÚGHFRQGXLWHSHXW
WRXWHIRLVÛWUHGÚJUDGÚHVXLYDQWO
ÚWDW
GHODFKDXVVÚH
)DLUHUHPÚGLHUÑODFDXVHGXSURಢ
EOÙPHSDUXQDWHOLHU
&OLJQRWHPHQW
/HV\VWÙPHHVWHQJDJÚDFWLYHPHQW
/DSXLVVDQFHGXPRWHXUSHXWÛWUHUÚಢ
GXLWHHWOHYÚKLFXOHSHXWÛWUHOÚJÙUHಢ
PHQWIUHLQÚDXWRPDWLTXHPHQW
(OHFWURQLF6WDELOLW\&RQWURO
6\VWÙPHDQWLSDWLQDJH
6\VWÙPHDQWLSDWLQDJH
GÚVDFWLYÚ
NDOOXPÚ
6
DOOXPHORUVTXHOHV\VWÙPHHVWGÚVಢ
DFWLYÚ
3UÚFKDXIIDJH
V
DOOXPHHQMDXQH
6
DOOXPHTXDQGOHSUÚFKDXIIDJHHVW
DFWLYÚ,OV
HQFOHQFKHXQLTXHPHQW
ORUVTXHODWHPSÚUDWXUHH[WÚULHXUHHVW
EDVVH
)LOWUHÑSDUWLFXOHVSRXU
GLHVHO
VಫDOOXPHRXFOLJQRWHHQMDXQH
6
DOOXPHRXFOLJQRWHVLOHILOWUHÑSDUಢ
WLFXOHVQÚFHVVLWHXQQHWWR\DJHHWTXH
OHVSUÚFÚGHQWHVFRQGLWLRQVGHFLUFXಢ
ODWLRQQ
RQWSDVSHUPLVXQQHWWR\DJH
DXWRPDWLTXH3RXUVXLYUHODURXWHHW
QHSDVODLVVHUOHUÚJLPHPRWHXUGHVಢ
FHQGUHVRXVODEDUUHGHV
WUPLQVLSRVVLEOH
V
ÚWHLQWGÙVTXHO
RSÚUDWLRQG
DXWRಢ
QHWWR\DJHHVWWHUPLQÚH
)LOWUHÑSDUWLFXOHVSRXUGLHVHO
3UHVVLRQG
KXLOHPRWHXU
(V
DOOXPHHQURXJH
,OV
DOOXPHORUVTXHOHFRQWDFWHVWPLV
,OV
ÚWHLQWSHXDSUÙVODPLVHHQPDUಢ
FKHGXPRWHXU
6
LOV
DOOXPHORUVTXHOHPRWHXU
WRXUQH
$YHUWLVVHPHQW
/DOXEULILFDWLRQGXPRWHXUSHXW
ÛWUHLQWHUURPSXH&HODSHXWHQWUDßಢ
QHUGHVGÚJÓWVDXPRWHXUHWRXXQ
EORFDJHGHVURXHVPRWULFHV
$SSX\HUVXUO
HPEUD\DJH
0HWWUHODERßWHDXSRLQWPRUWSODಢ
FHUOHOHYLHUVÚOHFWHXUVXU1
1
4XLWWHUOHWUDILFOHSOXVUDSLGHPHQW
SRVVLEOHVDQVJÛQHUOHVDXWUHVYÚಢ
KLFXOHV
&RXSHUOHFRQWDFW
,QVWUXPHQWVHWFRPPDQGHV
$WWHQWLRQ
4XDQGOHPRWHXUHVWDUUÛWÚLOIDXW
H[HUFHUGHVHIIRUWVSOXVLPSRUWDQWV
SRXUIUHLQHUHWPDQŃXYUHUOHYRಢ
ODQW
1HUHWLUHUODFOÚTX
DSUÙVDUUÛWGX
YÚKLFXOHVLQRQO
DQWLYROGHGLUHFಢ
WLRQSRXUUDLWV
HQFOHQFKHULQRSLQÚಢ
PHQW
9ÚULILHUOHQLYHDXG
KXLOHDYDQWGH
SUHQGUHFRQWDFWDYHFXQDWHOLHU
1LYHDXEDVGHFDUEXUDQW
LV
DOOXPHHQMDXQH
6
DOOXPHTXDQGOHQLYHDXGHFDUEXಢ
UDQWGDQVOHUÚVHUYRLUHVWWURSEDV
&DWDO\VHXU
3XUJHG
DLUGXFLUFXLWGHJD]ROH
GLHVHO
%ORFDJHGHGÚPDUUDJH
GVಫDOOXPHRXFOLJQRWHHQMDXQH
'ÚIDLOODQFHGDQVOHV\VWÙPHGXEORಢ
FDJHÚOHFWURQLTXHGXGÚPDUUDJH/H
PRWHXUQHSHXWSDVÛWUHGÚPDUUÚ
ºFODLUDJHH[WÚULHXU
V
DOOXPHHQYHUW
,OV
DOOXPHORUVTXHO
ÚFODLUDJHH[WÚಢ
ULHXUHVWDOOXPÚ
)HX[GHURXWH
!V
DOOXPHHQEOHX
,OVಫDOOXPHTXDQGOHVIHX[GHURXWH
VRQWDOOXPÚVRXHQFDVGಫDSSHOGH
SKDUHV
'ÚWHFWHXUGHSOXLH
V
DOOXPHHQYHUW
6
DOOXPHTXDQGODGÚWHFWLRQDXWRPDಢ
WLTXHGHSOXLHHVWDFWLYÚH
5ÚJXODWHXUGHYLWHVVH
>V
DOOXPHHQEODQFRXHQYHUW
6
DOOXPHHQEODQF
/HV\VWÙPHHVWVRXVWHQVLRQ
6
DOOXPHHQYHUW
8QHYLWHVVHHVWPÚPRULVÚH
5ÚJXODWHXUGHYLWHVVH
$QWLEURXLOODUG
3RUWHRXYHUWH
V
DOOXPHHQYHUW
,OV
DOOXPHORUVTXHOHVSKDUHVDQWLಢ
EURXLOODUGVRQWDOOXPÚV
KV
DOOXPHHQURXJH
,OV
DOOXPHVLXQHGHVSRUWHVRXOH
KD\RQHVWRXYHUW
)HXDQWLEURXLOODUGDUULÙUH
PV
DOOXPHHQMDXQH
$OOXPÚTXDQGOHIHXDQWLEURXLOODUGDUಢ
ULÙUHHVWDOOXPÚ
,QVWUXPHQWVHWFRPPDQGHV
$SSX\HUVXUOHERXWRQ6
6(7&/5SRXU
VÚOHFWLRQQHUXQHIRQFWLRQRXFRQILUಢ
PHUXQPHVVDJH
3HUVRQQDOLVDWLRQGXYÚKLFXOH
2UGLQDWHXUGHERUG
$IILFKDJHV
G
LQIRUPDWLRQ
&HQWUHG
LQIRUPDWLRQVGX
FRQGXFWHXU
$IILFKDJHG
LQIRUPDWLRQV
JUDSKLTXHDIILFKDJH
G
LQIRUPDWLRQVFRXOHXUV
/HFHQWUHG
LQIRUPDWLRQVGXFRQGXFಢ
WHXU',&VHWURXYHGDQVOHFRPELQÚ
G
LQVWUXPHQWVHWHVWGLVSRQLEOH
FRPPHDIILFKDJHGHPLQLYHDX
6ÚOHFWLRQGHVIRQFWLRQV
/HVPHQXVHWOHVIRQFWLRQVSHXYHQW
ÛWUHVÚOHFWLRQQÚVÑO
DLGHGHVERXWRQV
VXUODPDQHWWHGHVFOLJQRWDQWV
$SSX\HUVXUOHERXWRQ0
0(18SRXU
SDVVHUG
XQPHQXÑO
DXWUHRXSRXU
UHYHQLUDXQLYHDXGHPHQXGLUHFWHಢ
PHQWVXSÚULHXUÑSDUWLUG
XQVRXV
PHQX/HVPHQXVVRQWYHUURXLOOÚV
TXDQGOHYÚKLFXOHURXOHRXTXH
OHOHYLHUVÚOHFWHXUQ
HVWSDVHQSRVLಢ
WLRQ3
3
/HVPHQXVVXLYDQWVSHXYHQWÛWUHVÚಢ
OHFWLRQQÚV
࿢ 0HQXLQIRUPDWLRQVYÚKLFXOH
࿢ 0HQXLQIRUPDWLRQVWUDMHWFDUEXU
7RXUQHUODPROHWWHSRXUPDUTXHUXQH
RSWLRQGHPHQXRXSRXUUÚJOHUXQH
YDOHXUQXPÚULTXH
6HORQODFRQILJXUDWLRQGXYÚKLFXOH
FHOXLFLHVWGRWÚG
XQDIILFKDJHG
LQಢ
IRUPDWLRQVJUDSKLTXHRXXQDIILFKDJH
G
LQIRUPDWLRQVHQFRXOHXUTXLHVWVLWXÚ
GDQVOHWDEOHDXGHERUGDXGHVVXV
GHO
,QIRWDLQPHQW6\VWHP
,QVWUXPHQWVHWFRPPDQGHV
$IILFKDJHG
LQIRUPDWLRQV
JUDSKLTXH
6HORQO
,QIRWDLQPHQW6\VWHPO
DIILಢ
FKDJHG
LQIRUPDWLRQVJUDSKLTXHHVW
GLVSRQLEOHHQGHX[YHUVLRQV
$IILFKDJHG
LQIRUPDWLRQV
FRXOHXUV
/
DIILFKDJHG
LQIRUPDWLRQVJUDSKLTXH
LQGLTXH
࿢ O
KHXUH
࿢ ODWHPSÚUDWXUHH[WÚULHXUH
࿢ ODGDWH
࿢ ,QIRWDLQPHQW6\VWHPYRLUODGHVಢ
FULSWLRQGHO
,QIRWDLQPHQW6\VWHP
࿢ OHVUÚJODJHVGHSHUVRQQDOLVDWLRQGX
YÚKLFXOH
/
DIILFKDJHG
LQIRUPDWLRQVFRXOHXUV
LQGLTXHHQFRXOHXUV
࿢ O
KHXUH
࿢ ODWHPSÚUDWXUHH[WÚULHXUH
࿢ ODGDWH
࿢ ,QIRWDLQPHQW6\VWHPYRLUODGHVಢ
FULSWLRQGHO
,QIRWDLQPHQW6\VWHP
࿢ ODQDYLJDWLRQYRLUODGHVFULSWLRQGH
O
,QIRWDLQPHQW6\VWHP
࿢ OHVUÚJODJHVGXV\VWÙPH
,QVWUXPHQWVHWFRPPDQGHV
࿢ OHVPHVVDJHVGXYÚKLFXOH
࿢ OHVUÚJODJHVGHSHUVRQQDOLVDWLRQGX
YÚKLFXOH
/HVLQIRUPDWLRQVDIILFKÚHVHWODPDಢ
QLÙUHGRQWHOOHVVRQWDIILFKÚHVGÚSHQಢ
GHQWGHO
ÚTXLSHPHQWGXYÚKLFXOHHW
GHVUÚJODJHV
6ÚOHFWLRQDYHFOಫ,QIRWDLQPHQW6\VWHP
0HVVDJHVGXYÚKLFXOH
'HVPHVVDJHVVRQWFRPPXQLTXÚV
YLDOHFHQWUHG
LQIRUPDWLRQVGXFRQಢ
GXFWHXU',&O
DIILFKDJHG
LQIRUPDಢ
WLRQRXVRXVIRUPHGHVLJQDX[VRQRಢ
UHVGHVLJQDOLVDWLRQHWG
DYHUWLVVHಢ
PHQW&RQILUPHUOHVPHVVDJHV
G
DYHUWLVVHPHQWÑO
DLGHGXERXWRQ
PXOWLIRQFWLRQ6LQÚFHVVDLUHSUHQGUH
FRQWDFWDYHFXQDWHOLHU
6ÚOHFWLRQGHVIRQFWLRQV
/HVIRQFWLRQVHWUÚJODJHVVRQWDFFHVಢ
VLEOHVYLDO
DIILFKDJH
/HVVÚOHFWLRQVVRQWHIIHFWXÚHVYLD
࿢ OHVPHQXV
࿢ OHVERXWRQVGHIRQFWLRQHWOHERXWRQ
0HQXGXV\VWÙPH,QIRWDLQPHQW
6ÚOHFWLRQQHUOHVRSWLRQVYLDOHVPHಢ
QXVHWOHVERXWRQVGHOಫ,QIRWDLQPHQW
6\VWHP/HERXWRQ0
0HQXHVWXWLOLVÚ
SRXUVÚOHFWLRQQHUXQÚOÚPHQWHWSRXU
FRQILUPHU
3RXUTXLWWHUXQPHQXDSSX\HUVXU
%$&.
/HVPHVVDJHVGXYÚKLFXOHVRQWDIILಢ
FKÚVVRXVIRUPHGHFRGHVFKLIIUÚV
,QVWUXPHQWVHWFRPPDQGHV
1¡ 0HVVDJHGXYÚKLFXOH
1¡ 0HVVDJHGXYÚKLFXOH
6LJQDX[VRQRUHV
$XFXQHWÚOÚFRPPDQGHUDGLR
GÚWHFWÚHHQIRQFHUODSÚGDOH
G
HPEUD\DJHSRXUUHGÚPDUUHU
$SSRLQWG
KXLOHPRWHXU
0DLQWHQDQFHGHODWUDQVPLVVLRQ
/RUVGXGÚPDUUDJHGXPRWHXU
RXHQURXODQW
&RORQQHGHGLUHFWLRQEORTXÚH
&KDQJHUSURFKDLQHPHQWO
KXLOH
PRWHXU
'ÚIDLOODQFHGXFOLJQRWDQWDYDQW
JDXFKH
/DSXLVVDQFHGXPRWHXUHVW
UÚGXLWH
'ÚIDLOODQFHGXFOLJQRWDQWDUULÙUH
JDXFKH
'ÚIDLOODQFHGXFOLJQRWDQWDYDQW
GURLW
'ÚIDLOODQFHGXFOLJQRWDQWDUULÙUH
GURLW
3DVGHWÚOÚFRPPDQGH
GÚWHFWÚHFKDQJHUODSRVLWLRQGH
ODFOÚÚOHFWURQLTXHRXXWLOLVHUOD
SULVHVLWXÚHGDQVODFRQVROH
FHQWUDOH
3DVGHWÚOÚFRPPDQGH
GÚWHFWÚHHQIRQFHUODSÚGDOHGH
IUHLQSRXUGÚPDUUHUÑQRXYHDX
6ÚOHFWLRQGHODSRVLWLRQ3DUNLQJ
(QWUHWLHQG
DLUEDJ
5HPSODFHUODSLOHGHOD
WÚOÚFRPPDQGHUDGLR
(DXGDQVOHILOWUHÑJD]ROH
GLHVHO
7HQWDWLYHGHYRO
0DLQWHQDQFHGXYHUURXGH
FRORQQHGHGLUHFWLRQ
0DLQWHQDQFHGXFOLPDWLVHXU
'ÚIDLOODQFHGHO
DLGHDX
VWDWLRQQHPHQWQHWWR\HUOHSDUH
FKRFV
(QWUHWLHQGHO
DLGHDX
VWDWLRQQHPHQW
࿢ (QFDVGHFHLQWXUHGHVÚFXULWÚQRQ
ERXFOÚH
࿢ 6LXQHYLWHVVHGRQQÚHHVWGÚSDVಢ
VÚHDORUVTXHOHIUHLQGHVWDWLRQQHಢ
PHQWHVWVHUUÚ
࿢ 6LXQFRGHG
DYHUWLVVHPHQWDSSDಢ
UDßWGDQVOHFHQWUHG
LQIRUPDWLRQVGX
FRQGXFWHXU
࿢ 6LO
DLGHDXVWDWLRQQHPHQWGÚWHFWH
XQREMHW
4XDQGOHYÚKLFXOHHVWÑO
DUUÛWHW
RXTX
XQHSRUWHGXFRQGXFWHXU
HVWRXYHUWH
࿢ VLODFOÚGHFRQWDFWHVWGDQVODVHUಢ
UXUHGHFRQWDFW
࿢ DYHFO
ÚFODLUDJHH[WÚULHXUDOOXPÚ
,QVWUXPHQWVHWFRPPDQGHV
2UGLQDWHXUGHERUG
࿢ 9LWHVVHPR\HQQH
࿢ &RQVRPPDWLRQLQVWDQWDQÚH
$XWRQRPLH
3RXUUÚLQLWLDOLVHUDSSX\HUVXUOHERXಢ
WRQGHUHPLVHÑ]ÚURRXHQIRQFHUOH
ERXWRQ6
6(7&/5SHQGDQWTXHOTXHV
VHFRQGHV
9LWHVVHPR\HQQH
/HVPHQXVHWOHVIRQFWLRQVSHXYHQW
ÛWUHVÚOHFWLRQQÚVÑO
DLGHGHVERXWRQV
VXUODPDQHWWHGHVFOLJQRWDQWV
$SSX\HUVXUOHERXWRQ0
0(18SRXU
VÚOHFWLRQQHUOHPHQX0
0HQX
LQIRUPDWLRQVWUDMHWFDUEXU
7RXUQHUODPROHWWHSRXUVÚOHFWLRQQHU
XQGHVVRXVPHQXVVXLYDQWV
࿢ 2UGLQDWHXUGHERUG
࿢ &RQVRPPDWLRQPR\HQQH
࿢ $XWRQRPLH
&RQVRPPDWLRQPR\HQQH
$IILFKDJHGHODFRQVRPPDWLRQ
PR\HQQH/DPHVXUHSHXWÛWUHUHGÚಢ
PDUUÚHÑWRXWPRPHQW
3RXUUÚLQLWLDOLVHUDSSX\HUVXUOHERXಢ
WRQ6
6(7&/5SHQGDQWTXHOTXHVVHಢ
FRQGHV
/
DXWRQRPLHHVWFDOFXOÚHÑSDUWLUGX
FRQWHQXGXUÚVHUYRLUHWGHODFRQVRPಢ
PDWLRQDFWXHOOH/
DIILFKDJHGRQQH
GHVYDOHXUVPR\HQQHV
$SUÙVDYRLUUDMRXWÚGXFDUEXUDQWO
DXಢ
WRQRPLHHVWDXWRPDWLTXHPHQWPLVH
ÑMRXUDSUÙVXQEUHILQVWDQW
4XDQGOHQLYHDXGHFDUEXUDQWHVWEDV
GDQVOHUÚVHUYRLUXQPHVVDJHDSSDಢ
UDßWGDQVOHFHQWUHG
LQIRUPDWLRQVGX
FRQGXFWHXU
(QSOXVOHWÚPRLQLV
DOOXPHGDQV
ODMDXJH
$IILFKDJHGHODYLWHVVHPR\HQQH/D
PHVXUHSHXWÛWUHUHGÚPDUUÚHÑWRXW
PRPHQW
3RXUUÚLQLWLDOLVHUDSSX\HUVXUOHERXಢ
WRQ6
6(7&/5SHQGDQWTXHOTXHVVHಢ
FRQGHV
&RQVRPPDWLRQLQVWDQWDQÚH
$IILFKDJHGHODFRQVRPPDWLRQLQVWDQಢ
WDQÚH±EDVVHYLWHVVHODFRQVRPಢ
PDWLRQSDUKHXUHHVWDIILFKÚH
,QVWUXPHQWVHWFRPPDQGHV
3HUVRQQDOLVDWLRQGX
YÚKLFXOH
/HVSDUDPÙWUHVGXYÚKLFXOHSHXYHQW
ÛWUHSHUVRQQDOLVÚVHQPRGLILDQWOHV
UÚJODJHVGDQVOHFHQWUHG
LQIRUPDಢ
WLRQVGXFRQGXFWHXUHWGDQVO
DIILಢ
FKDJHG
LQIRUPDWLRQV
6HORQO
ÚTXLSHPHQWGXYÚKLFXOHFHUಢ
WDLQHVGHVIRQFWLRQVGÚFULWHVSHXYHQW
QHSDVÛWUHGLVSRQLEOHV
5ÚJODJHVGDQVOHFHQWUH
G
LQIRUPDWLRQVGXFRQGXFWHXU
/HVSDUDPÙWUHV8
8QLWÚSHXYHQWÛWUH
VÚOHFWLRQQÚVÑO
DLGHGHVERXWRQVVXU
ODPDQHWWHGHVFOLJQRWDQWV
$SSX\HUVXUOHERXWRQ0
0(18SRXU
VÚOHFWLRQQHUOHPHQX8
8QLWÚ
/HPHQXGHVSDUDPÙWUHV8
8QLWÚHVWDIಢ
ILFKÚ
/HVXQLWÚVG
DIILFKDJHSHXYHQWÛWUH
FKDQJÚHV
$SSX\HUVXUOHERXWRQ6
6(7&/5SRXU
VÚOHFWLRQQHUOHPRGHGHSDUDPÚWUDJH
GHO
XQLWÚ
࿢ 8QLWÚ*UDQGH%UHWDJQH
࿢ 8QLWÚºWDWV8QLV
࿢ 8QLWÚ(XURSH
7RXUQHUODPROHWWHSRXUVÚOHFWLRQQHU
XQHGHVXQLWÚV$SSX\HUVXUOHERXWRQ
6(7&/5SRXUFRQILUPHU
,QVWUXPHQWVHWFRPPDQGHV
+HXUH'DWH
9RLU+RUORJHHWODVHFWLRQGHO
,Qಢ
IRWDLQPHQW6\VWHPSRXUSOXVG
LQIRUಢ
PDWLRQV
5ÚJODJHVGDQVO
DIILFKDJH
JUDSKLTXHG
LQIRUPDWLRQV
5ÚJODJHVUDGLR
9RLUODVHFWLRQGHO
,QIRWDLQPHQW6\Vಢ
WHPSRXUSOXVG
LQIRUPDWLRQV
5ÚJODJHVYÚKLFXOH
$OOXPHUO
,QIRWDLQPHQW6\VWHPHWDSಢ
SX\HUVXUOHERXWRQ&
&21),*/H
PHQX5
5ÚJODJHVHVWDIILFKÚ
/HVUÚJODJHVVXLYDQWVSHXYHQWÛWUH
VÚOHFWLRQQÚVJUÓFHDXERXWRQ
0(18
࿢ /DQJXHV/DQJXDJHV
࿢ +HXUH'DWH
࿢ 5ÚJODJHVUDGLR
࿢ 5ÚJODJHVYÚKLFXOH
'DQVOHVVRXVPHQXVFRUUHVSRQಢ
GDQWVLOHVWSRVVLEOHGHFKDQJHUOHV
UÚJODJHVVXLYDQWV
/DQJXHV/DQJXDJHV
6ÚOHFWLRQGHODODQJXHVRXKDLWÚH
࿢ 4XDOLWÚDLUHWFOLPDWLVDWLRQ
9LWHVVHDXWRYHQWLODWHXUPRGLILHOD
YLWHVVHGHODVRXIIOHULHÚOHYÚH
PR\HQQHIDLEOH
,QVWUXPHQWVHWFRPPDQGHV
&RQWUåOHTXDOLWÚDLUDXWRPRGLILH
ODVHQVLELOLWÚGXFDSWHXUGHTXDOLWÚ
G
DLUIDLEOHÚOHYÚH
'ÚVHPEXDJHDXWRPDWLTXHPDUಢ
FKHDUUÛWDFWLYHRXGÚVDFWLYHOH
GÚVHPEXDJHDXWRPDWLTXH
'ÚVHPEXDJHDUULÙUHDXWRPDUಢ
FKHDUUÛWDFWLYHRXGÚVDFWLYHOH
GÚVHPEXDJHDXWRPDWLTXHDUULÙUH
࿢ 5ÚJODJHVFRQIRUW
9RODYHUWLVVHPWVRQRUHFKDQJHOH
YROXPHGHVVLJQDX[VRQRUHV
(VVXLHJODFHDUUPDUDUULÙUHDFಢ
WLYHRXGÚVDFWLYHODPLVHHQPDUFKH
DXWRPDWLTXHGHO
HVVXLHJODFHDUಢ
ULÙUHTXDQGODPDUFKHDUULÙUHHVW
HQJDJÚH
࿢ $LGHVWDWLRQQHPHQWGÚWHFWLRQFROOL
$LGHDXVWDWLRQQHPHQWDFWLYHRX
GÚVDFWLYHOHVFDSWHXUVÑXOWUDVRQV
࿢ ºFODLUDJHYÚKLFXOH
ºFODLUSKDUHVHQGÚYHUURXLOODFಢ
WLYHRXGÚVDFWLYHO
ÚFODLUDJHG
DFಢ
FÙVDXYÚKLFXOH
ºFODLUDSUÙVVRUWLHYÚKLFXOHDFWLYH
RXGÚVDFWLYHO
ÚFODLUDJHGHVHQYLಢ
URQVGXYÚKLFXOHHWPRGLILHVDGXಢ
UÚH
࿢ 5ÚJODJHVYHUURXLOODJHVÚOHFSRUWHV
'ÚYHUURXLOODJHDXWRSRUWHVDFWLYH
RXGÚVDFWLYHODIRQFWLRQGHGÚYHUಢ
URXLOODJHDXWRPDWLTXHGHVSRUWHV
DSUÙVO
DUUÛWGXPRWHXU
$QWLYHUUDYHFSRUWHRXYHUWHDFWLYH
RXGÚVDFWLYHODIRQFWLRQGHYHUURXLOಢ
ODJHDXWRPDWLTXHTXDQGO
XQHGHV
SRUWHVHVWRXYHUWH
࿢ 7ÚOÚYHUUWÚOÚGÚYHUUWÚOÚGÚPDUUDJH
5HWRXULQIRWÚOÚGÚYHUURXLOODFWLYH
RXGÚVDFWLYHODFRQILUPDWLRQGXYHUಢ
URXLOODJHSDUOHVIHX[GHGÚWUHVVH
SHQGDQWOHGÚYHUURXLOODJH
5HWRXULQIRWÚOÚYHUURXLOODJHDFWLYH
RXGÚVDFWLYHODFRQILUPDWLRQGXYHUಢ
URXLOODJHSDUOHVIHX[GHGÚWUHVVH
7ÚOÚGÚYHUURXLOODJHSRUWHVPRGLILH
ODFRQILJXUDWLRQGXGÚYHUURXLOODJH
GHODSRUWHFRQGXFWHXUXQLTXHPHQW
RXGHWRXWOHYÚKLFXOH
࿢ 5HVWDXUHUUÚJODJHVSDUGÚIDXW
5HVWDXUHUUÚJODJHVSDUGÚIDXWUÚಢ
LQLWLDOLVDWLRQGHWRXVOHVUÚJODJHV
DX[UÚJODJHVSDUGÚIDXW
5ÚJODJHVGDQVO
DIILFKDJH
G
LQIRUPDWLRQVHQFRXOHXU
$SSX\HUVXUOHERXWRQ&
&21),*/H
PHQX5
5ÚJODJHVHVWDIILFKÚ
/HVUÚJODJHVVXLYDQWVSHXYHQWÛWUH
VÚOHFWLRQQÚVHQWRXUQDQWHWHQHQIRQಢ
ØDQWOHERXWRQPXOWLIRQFWLRQ
࿢ /DQJXHV
࿢ +HXUH'DWH
࿢ 5ÚJODJHV5DGLR
࿢ 5ÚJODJHV7ÚOÚSKRQH
࿢ 5ÚJODJHV1DYLJDWLRQ
࿢ 5ÚJODJHV9ÚKLFXOH
࿢ 5ÚJODJHV$IILFKDJH
,QVWUXPHQWVHWFRPPDQGHV
'DQVOHVVRXVPHQXVFRUUHVSRQಢ
GDQWVLOHVWSRVVLEOHGHFKDQJHUOHV
UÚJODJHVVXLYDQWV
5ÚJODJHV9ÚKLFXOH
'ÚVKXPLGLILFDWLRQDXWRPDUULÙUH
DFWLYDWLRQDXWRPDWLTXHGHODOXQHWWH
DUULÙUHFKDXIIDQWH
/DQJXHV
6ÚOHFWLRQGHODODQJXHVRXKDLWÚH
+HXUH'DWH
9RLU+RUORJH
5ÚJODJHV5DGLR
9RLUODGHVFULSWLRQGHO
,QIRWDLQPHQW
6\VWHPGDQVODVHFWLRQGHO
,QIRWDLQಢ
PHQW6\VWHP
5ÚJODJHV7ÚOÚSKRQH
9RLUODGHVFULSWLRQGHO
,QIRWDLQPHQW
6\VWHPGDQVODVHFWLRQGHO
,QIRWDLQಢ
PHQW6\VWHP
5ÚJODJHV1DYLJDWLRQ
9RLUODGHVFULSWLRQGHO
,QIRWDLQPHQW
6\VWHPGDQVODVHFWLRQGHO
,QIRWDLQಢ
PHQW6\VWHP
࿢ 4XDOLWÚFOLPHWDLU
9LWHVVHVGHYHQWLODWLRQPRGLILHOD
UÚJXODWLRQGHODVRXIIOHULH/HUÚಢ
JODJHPRGLILÚGHYLHQGUDHIIHFWLI
DSUÙVDYRLUFRXSÚSXLVUHPLVOH
FRQWDFW
0RGHFOLPDWLVDWLRQDFWLYHRXGÚVಢ
DFWLYHOHUHIURLGLVVHPHQW
'ÚVKXPLGLILFDWLRQDXWRPFRQWULಢ
EXHÑGÚVHPEXHUOHSDUHEULVHHQ
VÚOHFWLRQQDQWDXWRPDWLTXHPHQWOHV
UÚJODJHVQÚFHVVDLUHVHWOHPRGHGH
FOLPDWLVDWLRQDXWRPDWLTXH
࿢ 5ÚJODJHV&RQIRUW
9ROXPHELSVVRQRUHVFKDQJHOH
YROXPHGHVVLJQDX[VRQRUHV
(VVXLHJODFHDFWLYÚHQPDUFKH
DUULÙUHDFWLYHRXGÚVDFWLYHODPLVH
HQPDUFKHDXWRPDWLTXHGHO
HVಢ
VXLHJODFHDUULÙUHTXDQGODPDUFKH
DUULÙUHHVWHQJDJÚH
࿢ $LGHDXVWDWLRQQHPHQWDQWL
FROOLVLRQ
,QVWUXPHQWVHWFRPPDQGHV
$LGHDXVWDWLRQQHPHQWDFWLYHRX
GÚVDFWLYHO
DLGHDXVWDWLRQQHPHQW
ÑXOWUDVRQV
࿢ (FODLUDJHGXFKHPLQ
'XUÚHDSUÙVIHUPHWXUHGHVSRUWHV
DFWLYHRXGÚVDFWLYHO
ÚFODLUDJHGHV
HQYLURQVGXYÚKLFXOHHWPRGLILHVD
GXUÚH
(FODLUDJHDYHFGÚYHUURXLOODJHDFಢ
WLYHRXGÚVDFWLYHO
ÚFODLUDJHG
DFಢ
FXHLODXYÚKLFXOH
࿢ 9HUURXLOODJHÚOHFWULTXHGHVSRUWHV
'ÚYHUURXLOODJHDXWRPGHVSRUWHV
DFWLYHRXGÚVDFWLYHODIRQFWLRQGH
GÚYHUURXLOODJHDXWRPDWLTXHGHV
SRUWHVDSUÙVO
DUUÛWGXPRWHXU
9HUURXLOODJHDXWRPGHVSRUWHVDFಢ
WLYHRXGÚVDFWLYHODIRQFWLRQGHYHUಢ
URXLOODJHDXWRPDWLTXHGHVSRUWHV
DSUÙVDYRLUSULVODURXWH
(YLWHUYHUUSRUWHVVLSWHRXYHUWH
DFWLYHRXGÚVDFWLYHODIRQFWLRQGH
YHUURXLOODJHDXWRPDWLTXHTXDQG
O
XQHGHVSRUWHVHVWRXYHUWH
࿢ 9HUURXLOODJH'ÚYHUURXLOO'ÚPDUU
ÑGLVWDQFH
5ÚWURVLJQDOWÚOÚGÚYHUURXLOODJHDFಢ
WLYHRXGÚVDFWLYHODFRQILUPDWLRQGX
YHUURXLOODJHSDUOHVIHX[GHGÚಢ
WUHVVHSHQGDQWOHGÚYHUURXLOODJH
7ÚOÚGÚYHUURXLOSRUWHVPRGLILHOD
FRQILJXUDWLRQGXGÚYHUURXLOODJHGH
ODSRUWHFRQGXFWHXUXQLTXHPHQWRX
GHWRXWOHYÚKLFXOH
5HYHUURXLOODJHDXWRPGHVSRUWHV
DFWLYHRXGÚVDFWLYHODIRQFWLRQGH
UHYHUURXLOODJHDXWRPDWLTXHDSUÙV
GÚYHUURXLOODJHVDQVRXYHUWXUHGX
YÚKLFXOH
࿢ 5ÚWDEOLUOHVUÚJODJHVSDUGÚIDXW
5ÚWDEOLUOHVUÚJODJHVSDUGÚIDXW
UÚLQLWLDOLVDWLRQGHWRXVOHVUÚJODJHV
DX[UÚJODJHVSDUGÚIDXW
5ÚJODJHV$IILFKDJH
5ÚJODJHVG
DIILFKDJHSRXYDQWÛWUH
VÚOHFWLRQQÚV
࿢ 'HVLJQMRXURSWLPLVDWLRQDX[FRQಢ
GLWLRQVGHSOHLQMRXU
࿢ 'HVLJQQXLWRSWLPLVDWLRQÑO
REVಢ
FXULWÚ
࿢ $XWRPDWLTXHOHPRGHG
DIILFKDJH
FKDQJHTXDQGOHVIHX[GXYÚKLFXOH
VRQWDOOXPÚVÚWHLQWV
ºFODLUDJH
ºFODLUDJH
)HX[H[WÚULHXUV
&RPPXWDWHXUG
ÚFODLUDJH
6XUOHVYÚKLFXOHVVDQVFRPPDQGH
DXWRPDWLTXHGHVIHX[
DUUÛW
(QPHWWDQWOHFRQWDFWODFRPPDQGH
DXWRPDWLTXHGHVIHX[HVWWRXMRXUVDFಢ
WLYH
4XDQGOHVIHX[VRQWDOOXPÚVV
DOಢ
OXPH7ÚPRLQ
)HX[H[WÚULHXUV ºFODLUDJHLQWÚULHXU )RQFWLRQVVSÚFLDOHVG
ÚFODLUDJH &RPPDQGHDXWRPDWLTXH
GHVIHX[
7RXUQHUOHFRPPXWDWHXUG
ÚFODLUDJH
$872
&RPPDQGHDXWRPDWLTXH
GHVIHX[VHORQODOXPLQRಢ
VLWÚDPELDQWHH[WÚULHXUH
P
$FWLYDWLRQRXGÚVDFWLYDWLRQ
GHODFRPPDQGHDXWRPDಢ
WLTXHGHVIHX[/HFRPPXಢ
WDWHXUUHYLHQWVXU$
$872
)HX[GHSRVLWLRQ
3KDUHV
ºFODLUDJH
)RQFWLRQGHFRPPDQGH
DXWRPDWLTXHGHVIHX[
)HX[GHURXWH
4XDQGODIRQFWLRQGHFRPPDQGH
DXWRPDWLTXHGHVIHX[HVWDFWLYÚHHW
TXHOHPRWHXUWRXUQHOHV\VWÙPHEDVಢ
FXOHDXWRPDWLTXHPHQWHQWUHOHVIHX[
GHMRXUHWOHVSKDUHVHQIRQFWLRQGHV
FRQGLWLRQVG
ÚFODLUHPHQWHWGHO
LQIRUಢ
PDWLRQFRPPXQLTXÚHSDUOHV\VWÙPH
GHGÚWHFWHXUGHSOXLH
)HX[GHMRXU
/HVIHX[GHMRXUDXJPHQWHQWODYLVLಢ
ELOLWÚGXYÚKLFXOHSHQGDQWODMRXUQÚH
/HVIHX[DUULÙUHQHVRQWSDVDOOXPÚV
$OOXPDJHDXWRPDWLTXHGHVSKDUHV
(QFDVGHPDXYDLVHVFRQGLWLRQV
G
ÚFODLUHPHQWOHVSKDUHVHWOHVIHX[
DUULÙUHV
DOOXPHQWDXWRPDWLTXHPHQW
'HSOXVOHVSKDUHVVRQWDOOXPÚVVLOHV
HVVXLHJODFHVGHSDUHEULVHRQWHIಢ
IHFWXÚSOXVLHXUVEDWWHPHQWV
$WWHQWLRQ
7RXMRXUVSDVVHUGHVIHX[GHURXWH
DX[IHX[GHFURLVHPHQWÑO
DSSURಢ
FKHGHYÚKLFXOHVYHQDQWHQVHQV
LQYHUVHRXYRXVSUÚFÚGDQW/HV
IHX[GHURXWHSHXYHQWWHPSRUDLUHಢ
PHQWÚEORXLUOHVDXWUHVFRQGXFಢ
WHXUVFHTXLSRXUUDLWSURYRTXHU
XQHFROOLVLRQ
$SSHOGHSKDUHV
3DVVDJHGHVIHX[GHFURLVHPHQWDX[
IHX[GHURXWHSRXVVHUODPDQHWWH
YHUVOಫDYDQW
5HWRXUDX[IHX[GHFURLVHPHQW
SRXVVHUGHQRXYHDXODPDQHWWHYHUV
OಫDYDQWRXODWLUHUYHUVOHYRODQW
$FWLRQQHUOಫDSSHOGHSKDUHVWLUHUOD
PDQHWWHYHUVOHYRODQW
ºFODLUDJH
5ÚJODJHGHODSRUWÚHGHV
SKDUHV
5ÚJODJHPDQXHOGHODSRUWÚH
GHVSKDUHV
3KDUHVSRXUFRQGXLWH
ÑO
ÚWUDQJHU
/HVSKDUHVDV\PÚWULTXHVDVVXUHQW
XQHPHLOOHXUHYXHGXERUGGHODURXWH
GXFåWÚSDVVDJHU
'DQVOHVSD\VRêOHVHQVGHFLUFXODಢ
WLRQQ
HVWSDVOHPÛPHLOHVWQÚFHVಢ
VDLUHGHUÚJOHUFRUUHFWHPHQWOHVSKDಢ
UHVSRXUQHSDVÚEORXLUOHVYÚKLFXOHV
URXODQWHQVHQVLQYHUVH
)DLUHUÚJOHUOHVSKDUHVSDUXQDWHOLHU
/HVIHX[GHGÚWUHVVHV
DFWLYHQWDXWRಢ
PDWLTXHPHQWHQFDVGHGÚSORLHPHQW
GHO
DLUEDJ
&OLJQRWDQWVGH
FKDQJHPHQWGHGLUHFWLRQ
HWGHILOH
)HX[GHGÚWUHVVH
3RXUDGDSWHUODSRUWÚHGHVSKDUHVHQ
IRQFWLRQGXFKDUJHPHQWGXYÚKLFXOH
DILQG
ÚYLWHUO
ÚEORXLVVHPHQWWRXUQHU
ODPROHWWHGDQVODSRVLWLRQGÚVLUÚH
VLÙJHVDYDQWRFFXSÚV
WRXVOHVVLÙJHVRFFXSÚV
WRXVOHVVLÙJHVRFFXSÚVHW
FKDUJHGDQVOHFRIIUH
VLÙJHGXFRQGXFWHXURFFXSÚHW
FKDUJHGDQVOHFRIIUH
0DQHWWH
YHUVOHKDXW
0DQHWWH
YHUVOHEDV
$FWLRQQHPHQWDYHFOHERXWRQe
&OLJQRWDQWVÑGURLWH
&OLJQRWDQWVÑJDXFKH
ºFODLUDJH
(QDFWLRQQDQWODPDQHWWHDXGHOÑGH
ODUÚVLVWDQFHOHFOLJQRWDQWUHVWHHQಢ
FOHQFKÚHQSHUPDQHQFH/HFOLJQRಢ
WDQWVಫÚWHLQWDXWRPDWLTXHPHQWHQUHಢ
GUHVVDQWOHYRODQW
3RXUXQWULSOHFOLJQRWHPHQWSDU
H[HPSOHSRXUFKDQJHUGHILOHGHFLUಢ
FXODWLRQSRXVVHUODPDQHWWHMXVTX
Ñ
VHQWLUXQHUÚVLVWDQFHHWODUHOÓFKHU
3RXUXQFOLJQRWHPHQWSOXVORQJSRXVಢ
VHUODPDQHWWHMXVTXಫÑVHQWLUXQHUÚಢ
VLVWDQFHHWODPDLQWHQLUGDQVFHWWHSRಢ
VLWLRQ
$UUÛWHUPDQXHOOHPHQWOHVFOLJQRWDQWV
HQUDPHQDQWODPDQHWWHGDQVVDSRಢ
VLWLRQGHGÚSDUW
3KDUHVDQWLEURXLOODUG
)HX[DQWLEURXLOODUGDUULÙUH
$FWLRQQHPHQWDYHFOHERXWRQ
$FWLRQQHPHQWDYHFOHERXWRQP
&RPPXWDWHXUG
ÚFODLUDJHHQSRVLWLRQ
$XWRO
HQFOHQFKHPHQWGHVIHX[DQWLಢ
EURXLOODUGDUULÙUHIHUDDXWRPDWLTXHಢ
PHQWV
DOOXPHUOHVSKDUHV
&RPPXWDWHXUG
ÚFODLUDJHHQ
SRVLWLRQOHVIHX[DQWLEURXLOODUGDUಢ
ULÙUHSHXYHQWXQLTXHPHQWÛWUHDOOXಢ
PÚVDYHFOHVSKDUHVDQWLEURXLOODUG
ºFODLUDJH
)HX[GHVWDWLRQQHPHQW
)HX[GHUHFXO
ºFODLUDJHLQWÚULHXU
/HVIHX[GHUHFXOV
DOOXPHQWORUVTXH
OHFRQWDFWHVWPLVHWTXHODPDUFKH
DUULÙUHHVWHQJDJÚH
&RPPDQGHG
ÚFODLUDJHGX
WDEOHDXGHERUG
/HQWLOOHVGHIHXHPEXÚHV
/ಫLQWÚULHXUGXERßWLHUGHIHXSHXWVಫHPಢ
EXHUEULÙYHPHQWVLOHWHPSVHVWKXಢ
PLGHVಫLOSOHXWIRUWHPHQWRXDSUÙVXQ
ODYDJHGHYRLWXUH/DEXÚHGLVSDUDßW
UDSLGHPHQWSRXUDFFÚOÚUHUOHSURಢ
FHVVXVDOOXPHUOHVSKDUHV
4XDQGOHYÚKLFXOHHVWVWDWLRQQÚOHV
IHX[GHSRVLWLRQDYDQWHWDUULÙUHSHXಢ
YHQWÛWUHDOOXPÚVG
XQVHXOFåWÚ
&RXSHUOHFRQWDFW
5HOHYHUÑIRQGODPDQHWWHGHVFOLಢ
JQRWDQWVIHXGHVWDWLRQQHPHQW
GURLWRXO
DEDLVVHUÑIRQGIHXGH
VWDWLRQQHPHQWJDXFKH
&RQILUPDWLRQSDUVLJQDOVRQRUHHWYLD
OHWÚPRLQGXFOLJQRWDQWFRUUHVSRQಢ
GDQW
/DOXPLQRVLWÚGHVODPSHVVXLYDQWHV
SHXWÛWUHUÚJOÚHTXDQGOHVIHX[H[WÚಢ
ULHXUVVRQWDOOXPÚV
࿢ ºFODLUDJHGXWDEOHDXGHERUG
࿢ $IILFKDJHG
LQIRUPDWLRQV
࿢ &RPPXWDWHXUVHWÚOÚPHQWVGH
FRPPDQGHÚFODLUÚV
7RXUQHUODPROHWWH$HWODPDLQWHQLU
MXVTX
ÑFHTXHODOXPLQRVLWÚVRXKDLಢ
WÚHVRLWDWWHLQWH
ºFODLUDJH
ºFODLUDJHLQWÚULHXU
3ODIRQQLHUV
$FWLRQQHUOHFRPPXWDWHXUÑEDVFXOH
Z
DOOXPDJHHWH[WLQFಢ
WLRQDXWRPDWLTXHV
DSSX\HU
WRXMRXUVDOOXPÚ
VXUX
DSSX\HU
WRXMRXUVÚWHLQW
VXUY
/DPSHVGHOHFWXUH
/HVSODIRQQLHUVV
DOOXPHQWDXWRPDWLಢ
TXHPHQWHQPRQWDQWHWGHVFHQGDQW
GXYÚKLFXOHHWV
ÚWHLJQHQWDXERXW
G
XQFHUWDLQWHPSV,OVV
DOOXPHQWXQ
FHUWDLQWHPSVPÛPHVLODFOÚQ
HVW
SOXVVXUODVHUUXUHGHFRQWDFW
&RPPDQGÚHVYLDOHVERXWRQVV
HWW
/DPSHVGHFRXUWRLVH
6
DOOXPHQWTXDQGOHFRXYHUFOHHVWRXಢ
YHUW
ºFODLUDJH
)RQFWLRQVVSÚFLDOHV
G
ÚFODLUDJH
ºFODLUDJHSRXUHQWUHUGDQV
OHYÚKLFXOH
ºFODLUDJHG
DFFXHLO
/HVSKDUHVOHVIHX[ODWÚUDX[OHVIHX[
DUULÙUHHWO
ÚFODLUDJHLQWÚULHXUVRQW
EULÙYHPHQWDOOXPÚVORUVGXGÚYHUಢ
URXLOODJHGXYÚKLFXOHDYHFODWÚOÚFRPಢ
PDQGH&HWWHIRQFWLRQSHUPHWGHORಢ
FDOLVHUIDFLOHPHQWOHYÚKLFXOHTXDQGLO
IDLWQRLU
/HVÚFODLUDJHVV
ÚWHLJQHQWGÙVTXHOH
FRQWDFWHVWWRXUQÚHQSRVLWLRQ$FFHVಢ
VRLUHV3UHQGUHODURXWH
&HWWHIRQFWLRQSHXWÛWUHDFWLYÚHRX
GÚVDFWLYÚHGDQVOHPHQX5
5ÚJODJHV
GHO
DIILFKDJHG
LQIRUPDWLRQV3HUVRQಢ
QDOLVDWLRQGXYÚKLFXOH
/HVUÚJODJHVSHXYHQWÛWUHPÚPRULVÚV
HQIRQFWLRQGHODFOÚHQFRXUVG
XWLOLಢ
VDWLRQ
ºFODLUDJHG
DFFÙV
0LVHHQPDUFKH
/HVODPSHVVXLYDQWHVV
DOOXPHQWHQ
SOXVTXDQGODSRUWHGXFRQGXFWHXUHVW
RXYHUWH
࿢ FHUWDLQVFRPPXWDWHXUV
࿢ FHUWDLQHVODPSHVLQWÚULHXUHV
/
DFWLYDWLRQODGÚVDFWLYDWLRQHWODGXಢ
UÚHG
ÚFODLUDJHGHFHWWHIRQFWLRQSHXಢ
YHQWÛWUHPRGLILÚHVGDQVOHPHQX
5ÚJODJHVGHO
DIILFKDJHG
LQIRUPDಢ
WLRQV3HUVRQQDOLVDWLRQGXYÚKLFXOH
/HVUÚJODJHVSHXYHQWÛWUHPÚPRULVÚV
HQIRQFWLRQGHODFOÚHQFRXUVG
XWLOLಢ
VDWLRQ
&RXSHUOHFRQWDFW
5HWLUHUODFOÚGHFRQWDFW
2XYULUODSRUWHGXFRQGXFWHXU
7LUHUODPDQHWWHGHVFOLJQRWDQWV
YHUVOHYRODQW
)HUPHUODSRUWHGXFRQGXFWHXU
6LODSRUWHGXFRQGXFWHXUQ
HVWSDV
IHUPÚHODOXPLÙUHV
ÚWHLQWDXERXWGH
GHX[PLQXWHV
(QWLUDQWODPDQHWWHGHFOLJQRWDQWV
ORUVTXHODSRUWHFRQGXFWHXUHVWRXಢ
YHUWHODOXPLÙUHV
ÚWHLQWLPPÚGLDWHಢ
PHQW
ºFODLUDJHSRXUTXLWWHUOH
YÚKLFXOH
/HVSKDUHVOHVIHX[ODWÚUDX[HWOHV
IHX[DUULÙUHÚFODLUHQWOHVHQYLURQV
SRXUXQWHPSVUÚJODEOHDSUÙVDYRLU
TXLWWÚOHYÚKLFXOH
ºFODLUDJH
3URWHFWLRQFRQWUHOD
GÚFKDUJHGHODEDWWHULH
0LVHÑO
DUUÛWGHO
ÚFODLUDJH
LQWÚULHXU
3RXUÚYLWHUODGÚFKDUJHGHODEDWWHULH
TXDQGOHFRQWDFWHVWFRXSÚFHUWDLQHV
ODPSHVLQWÚULHXUHVVRQWDXWRPDWLTXHಢ
PHQWDUUÛWÚHVDSUÙVXQFHUWDLQ
WHPSV
,QIRWDLQPHQW6\VWHP
,QIRWDLQPHQW6\VWHP
,QWURGXFWLRQ
5HPDUTXHVJÚQÚUDOHV
,QWURGXFWLRQ 5DGLR /HFWHXU&' (QWUÚH$8; 3RUW86% 0XVLTXH%OXHWRRWK 1DYLJDWLRQ 7ÚOÚSKRQH /
,QIRWDLQPHQW6\VWHPHVWXQV\Vಢ
WÙPHDXGLRYLVXHOHPEDUTXÚGH
SRLQWH
/DUDGLRHVWÚTXLSÚHGHFDQDX[
SUÚUÚJOÚVSRXYDQWÛWUHDVVLJQÚVDXಢ
WRPDWLTXHPHQWSRXUOHVEDQGHVGH
IUÚTXHQFHV$0HW)0'HSOXVFDಢ
QDX[SHXYHQWÛWUHDVVLJQÚVPDQXHOಢ
OHPHQWLQGÚSHQGDPPHQWGHOD
EDQGHGHIUÚTXHQFHV
/HOHFWHXUDXGLRLQWÚJUÚSHUPHWODOHFಢ
WXUHGH&'DXGLRHWGH&'03
:0$
9RXVSRXYH]GHSOXVFRQQHFWHUÑO
,Qಢ
IRWDLQPHQW6\VWHPG
DXWUHVVRXUFHV
DXGLRFRPPHXQL3RGXQOHFWHXU
03XQHFOÚ86%VDXI&'RX
XQOHFWHXUGH&'SRUWDEOH
/HSURFHVVHXUQXPÚULTXHGXVRQRIಢ
IUHGLIIÚUHQWVPRGHVG
ÚJDOLVHXUSUÚಢ
UÚJOÚVSRXUO
RSWLPLVDWLRQGXVRQ
/HV\VWÙPHGHQDYLJDWLRQ1DYL
XQLTXHPHQWÑSODQLILFDWLRQG\QDPLಢ
TXHG
LWLQÚUDLUHYRXVJXLGHHQWRXWH
ILDELOLWÚYHUVYRWUHGHVWLQDWLRQHWVL
YRXVOHGÚVLUH]ÚYLWHDXWRPDWLTXHಢ
PHQWOHVHPERXWHLOODJHVHWG
DXWUHV
GLIILFXOWÚVGHFLUFXODWLRQ
(QRSWLRQOHVIRQFWLRQVGHOಫ,QIRWDLQಢ
PHQW6\VWHPSHXYHQWÛWUHFRPPDQಢ
GÚHVÑSDUWLUGXYRODQW
/HGHVLJQELHQSHQVÚGHVFRPPDQಢ
GHVOHVDIILFKDJHVFODLUVHWOHERXWRQ
0(18PXOWLIRQFWLRQVYRXVSHUPHWGH
FRPPDQGHUDLVÚPHQWHWLQWXLWLYHPHQW
OHV\VWÙPH
,QIRUPDWLRQVLPSRUWDQWHV
FRQFHUQDQWO
XWLOLVDWLRQHWOD
VÚFXULWÚ
$WWHQWLRQ
/
,QIRWDLQPHQW6\VWHPGRLWÛWUH
XWLOLVÚGHVRUWHTXHOHYÚKLFXOH
SXLVVHWRXMRXUVÛWUHFRQGXLWVDQV
GDQJHU(QFDVGHGRXWHDUUÛWH]
YRWUHYÚKLFXOHHWPDQLSXOH]O
,QIRಢ
WDLQPHQW6\VWHPWDQWTXHOH
YÚKLFXOHHVWLPPRELOH
,QIRWDLQPHQW6\VWHP
$WWHQWLRQ
$WWHQWLRQ
/
XWLOLVDWLRQGXV\VWÙPHGHQDYLJDಢ
WLRQ1DYLXQLTXHPHQW
Q
H[HPSWHSDVOHFRQGXFWHXUGH
VRQREOLJDWLRQGHYLJLODQFHVXUOD
URXWH/DUÚJOHPHQWDWLRQUHODWLYH
ÑODFLUFXODWLRQGRLWWRXMRXUVÛWUH
UHVSHFWÚH
1
HIIHFWXHUODVDLVLHG
LQIRUPDWLRQV
XQHDGUHVVHSDUH[TXHORUVTXH
OHYÚKLFXOHHVWÑO
DUUÛW
6LXQHLQVWUXFWLRQGHQDYLJDWLRQYD
ÑO
HQFRQWUHGXFRGHGHODURXWHOH
FRGHGHODURXWHGRLWWRXMRXUVÛWUH
UHVSHFWÚ
'DQVFHUWDLQHVUÚJLRQVOHVUXHV
ÑVHQVXQLTXHRXG
DXWUHVURXWHV
HWDFFÙVSH[ÑGHV]RQHVSLÚಢ
WRQQHVTX
LOQHYRXVHVWSDVSHUಢ
PLVG
HPSUXQWHUQHVRQWSDVPHQಢ
WLRQQÚVVXUODFDUWH'DQVGHWHOOHV
UÚJLRQVO
,QIRWDLQPHQW6\VWHP
SHXWÚPHWWUHXQDYHUWLVVHPHQWTXL
GHYUDÛWUHFRQILUPÚ9RXVGHYH]
DORUVDFFRUGHUXQHDWWHQWLRQSDUWLಢ
FXOLÙUHDX[UXHVÑVHQVXQLTXH
DX[URXWHVHWDX[DFFÙVTX
LOQH
YRXVHVWSDVSHUPLVG
HPSUXQWHU
5ÚFHSWLRQG
DXWRUDGLR
/DUÚFHSWLRQUDGLRSHXWHQWUDßQHUGHV
VLIIOHPHQWVGHVEUXLWVGHVGLVWRUಢ
VLRQVDFRXVWLTXHVRXXQHDEVHQFHGH
UÚFHSWLRQGXVÑ
࿢ GHVYDULDWLRQVGHGLVWDQFHSDUUDSಢ
SRUWÑO
ÚPHWWHXU
࿢ XQHUÚFHSWLRQPXOWLYRLHSDUUÚಢ
IOH[LRQV
࿢ GHVHIIHWVG
ÚFUDQ
)RQFWLRQDQWLYRO
/
,QIRWDLQPHQW6\VWHPHVWÚTXLSÚ
G
XQV\VWÙPHGHVÚFXULWÚÚOHFWURQLಢ
TXHDQWLYRO
/
,QIRWDLQPHQW6\VWHPQHIRQFWLRQQH
GRQFTXHVXUYRWUHYÚKLFXOHHWQ
DDXಢ
FXQHYDOHXUSRXUXQYROHXU
,QIRWDLQPHQW6\VWHP
3UÚVHQWDWLRQGHVÚOÚPHQWVGHFRPPDQGH
3DQQHDXGHFRPPDQGH1DYL
,QIRWDLQPHQW6\VWHP
%RXWRQP $SSX\HUDOOXPHU
ÚWHLQGUHO
,QIRWDLQPHQW
6\VWHP 7RXUQHUUÚJOHUOHYROXPH %RXWRQVGHVWDWLRQ $SSXLSURORQJÚ
PÚPRULVHUODVWDWLRQ $SSXLEUHIVÚOHFWLRQQHUOD
VWDWLRQ '(67 6DLVLHGHODGHVWLQDWLRQGH
QDYLJDWLRQ 1$9 $SSX\HUXQHIRLV$IILFKHU
ODFDUWH $SSX\HUGHX[IRLV0HQX
GHQDYLJDWLRQ &RPPXWDWHXUÑKXLWYRLHV 1DYLJDWLRQGÚSODFHUOD
IHQÛWUHG
DIILFKDJHGHOD
FDUWH &21),* 5ÚJODJHVGXV\VWÙPH 5371$9 5ÚSÚWHUOHGHUQLHU
PHVVDJHGHQDYLJDWLRQ 73 $FWLYHURXGÚVDFWLYHUOH
VHUYLFHG
LQIRVWUDILF 721( 5ÚJODJHVGHWRQDOLWÚ ,1)2 ,QIRUPDWLRQ
FRPSOÚPHQWDLUHFRQWH[WXHOOH $6 1LYHDX[GHPÚPRLUH
DXWRPDWLTXH 3UHVVLRQEUÙYH
VÚOHFWLRQQHUXQHOLVWH
G
HQUHJLVWUHPHQW
DXWRPDWLTXH 3UHVVLRQSURORQJÚH
PÚPRULVHUOHVVWDWLRQ
DXWRPDWLTXHPHQW %$&. 0HQXUHFXOG
XQQLYHDX 6DLVLHHIIDFHOHGHUQLHU
FDUDFWÙUHRXWRXWHODVDLVLH )$9 /LVWHVGHIDYRULV 0(18 7RXUQHUPDUTXHUOHV
RSWLRQVGHPHQXRXUÚJOHU
OHVYDOHXUVQXPÚULTXHV $SSX\HUVÚOHFWLRQQHU
DFWLYHUO
RSWLRQPDUTXÚH
FRQILUPHUODYDOHXUUÚJOÚH
DFWLYHUGÚVDFWLYHUOD
IRQFWLRQ ºMHFWLRQGX&' 5HFKHUFKHHQDYDQW 5DGLRUHFKHUFKHHQDYDQW &'03:0$VDXWGH
SODJHYHUVO
DYDQW 087( $FWLYHUGÚVDFWLYHUODPLVH
HQVRXUGLQH &'03:0$ /DQFHUODOHFWXUHSDXVH &'$8; /DQFHUODOHFWXUHGH&'
03:0$RXFKDQJHUOD
VRXUFHDXGLR %$1' $FWLYHUODUDGLRRXFKDQJHU
GHJDPPHG
RQGHV ,QIRWDLQPHQW6\VWHP
5HFKHUFKHHQDUULÙUH 5DGLRUHFKHUFKHHQ
DUULÙUH &'03:0$VDXWGH
SODJHYHUVO
DUULÙUH )HQWHSRXU&' ,QIRWDLQPHQW6\VWHP
3DQQHDXGHFRPPDQGH&'
,QIRWDLQPHQW6\VWHP
%RXWRQP $SSX\HUDOOXPHU
ÚWHLQGUHO
,QIRWDLQPHQW
6\VWHP 7RXUQHUUÚJOHUOHYROXPH %RXWRQVGHVWDWLRQ $SSXLSURORQJÚ
PÚPRULVHUODVWDWLRQ $SSXLEUHIVÚOHFWLRQQHUOD
VWDWLRQ 5HFKHUFKHHQDUULÙUH 5DGLRUHFKHUFKHHQ
DUULÙUH &'03:0$VDXWGH
SODJHYHUVO
DUULÙUH &'03:0$ODQFHUOD
OHFWXUHSDXVH 5HFKHUFKHHQDYDQW 5DGLRUHFKHUFKHHQDYDQW &'03:0$VDXWGH
SODJHYHUVO
DYDQW 73 $FWLYHURXGÚVDFWLYHUOH
VHUYLFHG
LQIRVWUDILF ,1)2 ,QIRUPDWLRQ
FRPSOÚPHQWDLUHFRQWH[WXHOOH 721( 5ÚJODJHVGHWRQDOLWÚ $6 1LYHDX[GHPÚPRLUH
DXWRPDWLTXH 3UHVVLRQEUÙYH
VÚOHFWLRQQHUXQHOLVWH
G
HQUHJLVWUHPHQW
DXWRPDWLTXH 3UHVVLRQSURORQJÚH
PÚPRULVHUOHVVWDWLRQ
DXWRPDWLTXHPHQW %$&. 0HQXUHFXOG
XQQLYHDX 6DLVLHHIIDFHOHGHUQLHU
FDUDFWÙUHRXWRXWHODVDLVLH ºMHFWLRQGX&' 0(18 7RXUQHUPDUTXHUOHV
RSWLRQVGHPHQXRXUÚJOHU
OHVYDOHXUVQXPÚULTXHV $SSX\HUVÚOHFWLRQQHU
DFWLYHUO
RSWLRQPDUTXÚH
FRQILUPHUODYDOHXUUÚJOÚH
DFWLYHUGÚVDFWLYHUOD
IRQFWLRQ )$9 /LVWHVGHIDYRULV 087( $FWLYHUGÚVDFWLYHUODPLVH
HQVRXUGLQH &21),* 5ÚJODJHVGXV\VWÙPH )HQWHSRXU&' &'$8; /DQFHUODOHFWXUHGH&'
03:0$RXFKDQJHUOD
VRXUFHDXGLR %$1' $FWLYHUODUDGLRRXFKDQJHU
GHJDPPHG
RQGHV ,QIRWDLQPHQW6\VWHP
3DQQHDXGHFRPPDQGH&'
,QIRWDLQPHQW6\VWHP
%RXWRQP $SSX\HUDOOXPHU
ÚWHLQGUHO
,QIRWDLQPHQW
6\VWHP 7RXUQHUUÚJOHUOHYROXPH %RXWRQVGHVWDWLRQ $SSXLSURORQJÚ
PÚPRULVHUODVWDWLRQ $SSXLEUHIVÚOHFWLRQQHUOD
VWDWLRQ 5HFKHUFKHHQDUULÙUH 5DGLRUHFKHUFKHHQ
DUULÙUH &'03:0$VDXWGH
SODJHYHUVO
DUULÙUH 03QLYHDXGHUÚSHUWRLUH
VXSÚULHXU &'03:0$ODQFHUOD
OHFWXUHSDXVH 03QLYHDXGHUÚSHUWRLUH
LQIÚULHXU 5HFKHUFKHHQDYDQW 5DGLRUHFKHUFKHHQDYDQW &'03:0$VDXWGH
SODJHYHUVO
DYDQW 73 $FWLYHURXGÚVDFWLYHUOH
VHUYLFHG
LQIRVWUDILF ,1)2 ,QIRUPDWLRQ
FRPSOÚPHQWDLUHFRQWH[WXHOOH 721( 5ÚJODJHVGHWRQDOLWÚ $6 1LYHDX[GHPÚPRLUH
DXWRPDWLTXH 3UHVVLRQEUÙYH
VÚOHFWLRQQHUXQHOLVWH
G
HQUHJLVWUHPHQW
DXWRPDWLTXH 3UHVVLRQSURORQJÚH
PÚPRULVHUOHVVWDWLRQ
DXWRPDWLTXHPHQW %$&. 0HQXUHFXOG
XQQLYHDX 6DLVLHHIIDFHOHGHUQLHU
FDUDFWÙUHRXWRXWHODVDLVLH ºMHFWLRQGX&' 0(18 &RPPDQGHFHQWUDOHGH
VÚOHFWLRQHWGHQDYLJDWLRQ
GDQVOHVPHQXV )$9 /LVWHVGHIDYRULV 087( $FWLYHUGÚVDFWLYHUODPLVH
HQVRXUGLQH &21),* 5ÚJODJHVGXV\VWÙPH )HQWHSRXU&' &'$8; /DQFHUODOHFWXUHGH&'
03:0$RXFKDQJHUOD
VRXUFHDXGLR %$1' $FWLYHUODUDGLRRXFKDQJHU
GHJDPPHG
RQGHV ,QIRWDLQPHQW6\VWHP
&RPPDQGHVDXGLRDXYRODQW
5ÚGXLUHOHYROXPH $FWLYHUGÚVDFWLYHUODPLVH
HQVRXUGLQH )RQFWLRQQHPHQW
&RPPDQGHV
/
,QIRWDLQPHQW6\VWHPHVWFRQWUåOÚ
SDUGHVERXWRQVGHIRQFWLRQGHVERXಢ
WRQVPXOWLIRQFWLRQVHWGHVPHQXVDIಢ
ILFKÚVÑO
ÚFUDQ
/HVVDLVLHVVRQWHIIHFWXÚHVYLD
࿢ O
XQLWÚGHFRPPDQGHFHQWUDOHGXWDಢ
EOHDXGHERUG
࿢ OHVFRPPDQGHVDXYRODQW
65&6RXUFH $SSX\HUVÚOHFWLRQQHUOD
VRXUFHDXGLR 6LODUDGLRHVWDFWLYH
WRXUQHUYHUVOHKDXWEDV
SRXUVÚOHFWLRQQHUOD
VWDWLRQGHUDGLRSUÚUÚJOÚH
VXLYDQWHSUÚFÚGHQWH 6LOHOHFWHXU&'HVWDFWLI
WRXUQHUYHUVOHKDXWEDV
SRXUVÚOHFWLRQQHUODSODJH
&'03:0$VXLYDQWH
SUÚFÚGHQWH $XJPHQWHUOHYROXPH 0LVHHQPDUFKHHWDUUÛWGH
O
,QIRWDLQPHQW6\VWHP
$SSX\HUEULÙYHPHQWVXUOHERXWRQ;
$SUÙVODPLVHHQPDUFKHODGHUQLÙUH
VRXUFH,QIRWDLQPHQWVÚOHFWLRQQÚHHVW
DFWLYH
$UUÛWDXWRPDWLTXH
6LO
,QIRWDLQPHQW6\VWHPDÚWÚPLVHQ
PDUFKHÑO
DLGHGXERXWRQ;DORUV
TXHOHFRQWDFWÚWDLWFRXSÚLOV
DUUÛWHUD
DXWRPDWLTXHPHQWDSUÙVPLQXWHV
5ÚJODJHGXYROXPH
7RXUQHUOHERXWRQ;/HUÚJODJHDFಢ
WXHOHVWDIILFKÚÑO
ÚFUDQ
,QIRWDLQPHQW6\VWHP
/RUVTXHO
,QIRWDLQPHQW6\VWHPHVW
PLVHQPDUFKHOHGHUQLHUYROXPHVÚಢ
OHFWLRQQÚHVWDGRSWÚVLFHOXLFLHVWLQಢ
IÚULHXUDXYROXPHPD[LPDOGHGÚPDUಢ
UDJH
/HVSDUDPÙWUHVVXLYDQWVSHXYHQWÛWUH
IL[ÚVVÚSDUÚPHQW
࿢ OHYROXPHPD[LPDODXGÚPDUUDJH
࿢ OHYROXPHGHVDQQRQFHVGHFLUFXಢ
ODWLRQ
࿢ OHYROXPHGHVPHVVDJHVGHQDYLಢ
JDWLRQ1DYLXQLTXHPHQW
9ROXPHFRPSHQVÚSDUUDSSRUWÑOD
YLWHVVH
/RUVTXHOHYROXPHFRPSHQVÚSDU
UDSSRUWÑODYLWHVVHHVWDFWLYÚ
OHYROXPHHVWDGDSWÚDXWRPDWLTXHಢ
PHQWSRXUFRPSHQVHUOHEUXLWGHURXಢ
OHPHQWHWGXYHQWGXUDQWODFRQGXLWH
6RXUGLQH
$SSX\HUVXUOHERXWRQ0
087(SRXU
PHWWUHHQVRXUGLQHOHVVRXUFHVDXGLR
3RXUDQQXOHUODVRXUGLQHÑQRXYHDX
WRXUQHUOHERXWRQ;RXDSSX\HU
ÑQRXYHDXVXUOHERXWRQ0
087(
/LPLWDWLRQGXYROXPHÑWHPSÚUDWXUHV
ÚOHYÚHV
&'&'XQLTXHPHQW
/RUVTXHODWHPSÚUDWXUHHVWWUÙVÚOHಢ
YÚHGDQVOHYÚKLFXOHO
,QIRWDLQPHQW
6\VWHPOLPLWHOHYROXPHPD[LPDO6L
QÚFHVVDLUHOHYROXPHHVWUÚGXLWDXಢ
WRPDWLTXHPHQW
0RGHVG
XWLOLVDWLRQ
5DGLR
$SSX\HUVXUOHERXWRQ%
%$1'SRXURXಢ
YULUOHPHQXSULQFLSDOGHUDGLRRXSRXU
DOWHUQHUOHVGLIIÚUHQWHVEDQGHVGHIUÚಢ
TXHQFHV
$SSX\HUVXUOHERXWRQ0
0(18SRXU
RXYULUXQVRXVPHQXG
RSWLRQVGHVÚಢ
OHFWLRQGHVWDWLRQ
'HVFULSWLRQGÚWDLOOÚHGHVIRQFWLRQVUDಢ
GLR
/HFWHXUVDXGLR
$SSX\HUVXUOHERXWRQ&
&'$8;SRXU
RXYULUOHVPHQXV&'86%L3RGRX
$8;VLGLVSRQLEOHRXSRXUSDVVHUGH
O
XQGHFHVPHQXVÑO
DXWUH
$SSX\HUVXUOHERXWRQ0
0(18SRXU
RXYULUXQVRXVPHQXG
RSWLRQVGHVÚಢ
OHFWLRQGHSODJH
'HVFULSWLRQGÚWDLOOÚH
࿢ GHVIRQFWLRQVGHOHFWHXUV&'
࿢ GHVIRQFWLRQVG
HQWUÚH$8;
࿢ GHVIRQFWLRQV86%VDXIVXU
&'
1DYLJDWLRQ
1DYLXQLTXHPHQW
$SSX\HUVXUOHERXWRQ1
1$9SRXUDIILಢ
FKHUXQHFDUWHPRQWUDQWOD]RQHDXಢ
WRXUGHODSRVLWLRQDFWXHOOHGX
YÚKLFXOH
$SSX\HUVXUOHERXWRQ0
0(18SRXU
RXYULUOHPHQXSULQFLSDOGHQDYLJDಢ
WLRQ
'HVFULSWLRQGÚWDLOOÚHGHVIRQFWLRQVGX
V\VWÙPHGHQDYLJDWLRQ
,QIRWDLQPHQW6\VWHP
&RPPDQGHVGHEDVH
%RXWRQ0(18
/HERXWRQ0
0(18HVWO
ÚOÚPHQWGH
FRPPDQGHFHQWUDOGHVPHQXV
7RXUQHU
࿢ 3RXUPDUTXHUO
RSWLRQGHPHQX
࿢ &'SRXUDIILFKHUXQHRSWLRQ
GHPHQX
࿢ 3RXUGÚILQLUXQHYDOHXUQXPÚULTXH
$SSX\HU
࿢ 3RXUVÚOHFWLRQQHURXDFWLYHUXQH
RSWLRQPDUTXÚH
࿢ &'SRXUVÚOHFWLRQQHURXDFWLಢ
YHUO
RSWLRQDIILFKÚH
࿢ 3RXUFRQILUPHUXQHYDOHXUGÚILQLH
࿢ 3RXUDOOXPHUÚWHLQGUHXQV\VWÙPH
%RXWRQ%$&.
$SSX\H]EULÙYHPHQWVXUODWRXFKH
SRXU
࿢ TXLWWHUXQPHQX
࿢ SDVVHUG
XQVRXVPHQXDXQLYHDX
GHPHQXVXSÚULHXU
࿢ VXSSULPHUOHGHUQLHUFDUDFWÙUHGDQV
XQHVÚULHGHFDUDFWÙUHV
(QIRQFHUHWPDLQWHQLUOHERXWRQSHQಢ
GDQWTXHOTXHVVHFRQGHVSRXUHIIDFHU
O
HQVHPEOHGHODVDLVLH
([HPSOHVG
XWLOLVDWLRQGHV
PHQXV
([HPSOHVVXU1DYL
6ÚOHFWLRQG
XQHRSWLRQ
7RXUQH]OHERXWRQ0
0(18SRXUGÚSODಢ
FHUOHFXUVHXU DUULÙUHSODQFRORUÚ
MXVTX
ÑO
RSWLRQVRXKDLWÚH
$SSX\H]VXUOHERXWRQ0
0(18SRXU
VÚOHFWLRQQHUO
RSWLRQPDUTXÚH
6RXVPHQXV
8QHIOÙFKHÑGURLWHGXPHQXLQGLTXH
TX
XQVRXVPHQXSURSRVDQWGHVRSಢ
WLRQVVXSSOÚPHQWDLUHVV
RXYULUDDSUÙV
VÚOHFWLRQ
,QIRWDLQPHQW6\VWHP
$FWLYDWLRQG
XQUÚJODJH
6SÚFLILFDWLRQG
XQHYDOHXU
7RXUQH]OHERXWRQ0
0(18SRXUPDUಢ
TXHUOHSDUDPÙWUHVRXKDLWÚ
$SSX\H]VXUOHERXWRQ0
0(18SRXU
DFWLYHUOHSDUDPÙWUH
7RXUQH]OHERXWRQ0
0(18SRXUPRGLಢ
ILHUODYDOHXUDFWXHOOHGXSDUDPÙWUH
$SSX\HUVXUOHERXWRQ0
0(18SRXU
FRQILUPHUODYDOHXUVSÚFLILÚH
$FWLYDWLRQRXGÚVDFWLYDWLRQG
XQH
IRQFWLRQ
7RXUQH]OHERXWRQ0
0(18SRXUPDUಢ
TXHUODIRQFWLRQÑDFWLYHURXÑGÚVDFಢ
WLYHU
$SSX\H]VXUOHERXWRQ0
0(18SRXU
DFWLYHU$
$FWLYÚRXGÚVDFWLYHU
'ÚVDFWLYÚOHSDUDPÙWUH
,QIRWDLQPHQW6\VWHP
6DLVLHG
XQHVÚTXHQFHGHFDUDFWÙUHV
3RXUVDLVLUOHVVÚTXHQFHVGHFDUDFಢ
WÙUHVSDUH[OHVQRPVGHURXWHRXOHV
QXPÚURVGHPDLVRQ
7RXUQH]OHERXWRQ0
0(18SRXUVÚOHFಢ
WLRQQHUOHFDUDFWÙUHVRXKDLWÚ
8WLOLVH]OHERXWRQ%
%$&.SRXUHIIDFHU
OHGHUQLHUFDUDFWÙUHGHODVÚULHGHFDಢ
UDFWÙUHV8QDSSXLSOXVSURORQJÚGX
ERXWRQ%
%$&.HIIDFHOಫHQVHPEOHGHOD
VDLVLH
$SSX\HUVXUOHERXWRQ0
0(18SRXU
FRQILUPHUOHFDUDFWÙUHVÚOHFWLRQQÚ
([HPSOHVVXU&'
6ÚOHFWLRQG
XQHRSWLRQ
7RXUQH]OHERXWRQ0
0(18SRXUGÚSODಢ
FHUOHFXUVHXU DUULÙUHSODQFRORUÚ
MXVTX
ÑO
RSWLRQVRXKDLWÚH
$SSX\H]VXUOHERXWRQ0
0(18SRXU
VÚOHFWLRQQHUO
RSWLRQPDUTXÚH
6RXVPHQXV
8QHIOÙFKHÑGURLWHGXPHQXLQGLTXH
TX
XQVRXVPHQXSURSRVDQWGHVRSಢ
WLRQVVXSSOÚPHQWDLUHVV
RXYULUDDSUÙV
VÚOHFWLRQ
$FWLYDWLRQG
XQUÚJODJH
7RXUQH]OHERXWRQ0
0(18SRXUPDUಢ
TXHUOHSDUDPÙWUHVRXKDLWÚ
$SSX\H]VXUOHERXWRQ0
0(18SRXU
DFWLYHUOHSDUDPÙWUH
,QIRWDLQPHQW6\VWHP
6SÚFLILFDWLRQG
XQHYDOHXU
7RXUQH]OHERXWRQ0
0(18SRXUPRGLಢ
ILHUODYDOHXUDFWXHOOHGXSDUDPÙWUH
$SSX\HUVXUOHERXWRQ0
0(18SRXU
FRQILUPHUODYDOHXUVSÚFLILÚH
$FWLYDWLRQRXGÚVDFWLYDWLRQG
XQH
IRQFWLRQ
([HPSOHVVXU&'
ºOÚPHQWVHWV\PEROHVGHPHQX
7RXUQH]OHERXWRQ0
0(18SRXUPDUಢ
TXHUODIRQFWLRQÑDFWLYHURXÑGÚVDFಢ
WLYHU
$SSX\H]VXUOHERXWRQ0
0(18SRXU
DFWLYHU$
$FWLYÚRXGÚVDFWLYHU
'ÚVDFWLYÚOHSDUDPÙWUH
/HVIOÙFKHVYHUVOHKDXWHWYHUVOHEDV
LQGLTXHQWTXHOHQLYHDXGHPHQX
VXSÚULHXUHVWDFWLI'
DXWUHVRSWLRQV
VRQWGLVSRQLEOHVGDQVOHPHQXDFWLI
7RXUQH]OHERXWRQ0
0(18SRXUDIILಢ
FKHUOHVDXWUHVRSWLRQVGXPHQXDFWLI
/DIOÙFKHHQDQJOHGURLW
LQGLTXH
TX
XQVRXVPHQXDYHFGHVRSWLRQV
VXSSOÚPHQWDLUHVHVWGLVSRQLEOH
$SSX\H]VXUOHERXWRQ0
0(18SRXU
VÚOHFWLRQQHUO
RSWLRQDIILFKÚHHWRXYULU
OHVRXVPHQXFRUUHVSRQGDQW
,QIRWDLQPHQW6\VWHP
/DIOÙFKHYHUVODGURLWH
LQGLTXHTXH
OHSUHPLHUQLYHDXGHVRXVPHQXHVW
DFWLIGHX[IOÙFKHV GHX[LÙPHQLYHDX
GHVRXVPHQXDFWLI
/DIOÙFKHYHUVOHEDV
LQGLTXHTXH
GHVRSWLRQVVXSSOÚPHQWDLUHVVRQW
GLVSRQLEOHVGDQVOHVRXVPHQXDFWLI
6SÚFLILFDWLRQG
XQHYDOHXU
$FWLYDWLRQRXGÚVDFWLYDWLRQG
XQH
IRQFWLRQ
$FWLYDWLRQG
XQUÚJODJH
$SSX\HUVXUOHERXWRQ0
0(18SRXU
RXYULUOHPHQXGHSDUDPÙWUHVFRUUHVಢ
SRQGDQWV
7RXUQH]OHERXWRQ0
0(18SRXUPRGLಢ
ILHUODYDOHXUDFWXHOOHGXSDUDPÙWUH
$SSX\HUVXUOHERXWRQ0
0(18SRXU
FRQILUPHUODYDOHXUVSÚFLILÚH
$SSX\HUVXUOHERXWRQ0
0(18SRXU
RXYULUOHPHQXGHSDUDPÙWUHVFRUUHVಢ
SRQGDQWV
7RXUQH]OHERXWRQ0
0(18SRXUDIILಢ
FKHUOHSDUDPÙWUHVRXKDLWÚ
$SSX\H]VXUOHERXWRQ0
0(18SRXU
DFWLYHUOHSDUDPÙWUH
$SSX\HUVXUOHERXWRQ0
0(18SRXU
RXYULUOHPHQXGHSDUDPÙWUHVFRUUHVಢ
SRQGDQWV
7RXUQH]OHERXWRQ0
0(18SRXUPDUಢ
TXHUOHSDUDPÙWUH$
$FWLYÚRX
'ÚVDFWLYÚ
$SSX\HUVXUOHERXWRQ0
0(18SRXU
FRQILUPHUOHSDUDPÙWUHPDUTXÚ
,QIRWDLQPHQW6\VWHP
3DUDPÙWUHVGHWRQDOLWÚ
5ÚJODJHGHVJUDYHVGHVDLJXVHWGH
ODJDPPHLQWHUPÚGLDLUH
5ÚJODJHGHODGLVWULEXWLRQ
DYDQWDUULÙUHGXYROXPH
6ÚOHFWLRQQH]*
*UDYHV0
0R\HQVRX
$LJXV
5ÚJOH]ODYDOHXUVRXKDLWÚHSRXUO
RSಢ
WLRQVÚOHFWLRQQÚH
6ÚOHFWLRQQHU)
)DGHU
5ÚJOH]ODYDOHXUVRXKDLWÚH
1DYL
'DQVOHPHQXGHSDUDPÙWUHVGHWRಢ
QDOLWÚODFDUDFWÚULVWLTXHGHWRQDOLWÚ
SHXWÛWUHPRGLILÚHSRXUFKDTXH
EDQGHGHIUÚTXHQFHVGHUDGLRHWSRXU
FKDTXHVRXUFHGHOHFWXUHDXGLR
$SSX\H]VXUOHERXWRQ7
721(SRXU
RXYULUOHPHQXGHWRQDOLWÚ
,QIRWDLQPHQW6\VWHP
5ÚJODJHGHODGLVWULEXWLRQ
GURLWHJDXFKHGXYROXPH
0LVHGHWRXVOHVUÚJODJHVќ¬RX
œ$UUÛW¬
$SSX\H]VXUODWRXFKH7
721(HWPDLQಢ
WHQH]ODHQIRQFÚHSHQGDQWTXHOTXHV
VHFRQGHV
2SWLPLVDWLRQGHODWRQDOLWÚSRXUOH
VW\OHGHPXVLTXH
&'&'
'DQVOHPHQXGHSDUDPÙWUHVGHWRಢ
QDOLWÚOHVFDUDFWÚULVWLTXHVGHWRQDOLWÚ
SHXYHQWÛWUHPRGLILÚHVSRXUFKDTXH
EDQGHGHIUÚTXHQFHVGHUDGLRHWSRXU
FKDTXHVRXUFHGHOHFWXUHDXGLR
6ÚOHFWLRQQHU%
%DODQFH
5ÚJOH]ODYDOHXUVRXKDLWÚH
0LVHG
XQUÚJODJHLQGLYLGXHOќ¬
RXœ$UUÛW¬
6ÚOHFWLRQQH]O
RSWLRQVRXKDLWÚHDSಢ
SX\H]VXUOHERXWRQ0
0(18HWPDLQಢ
WHQH]OHHQIRQFÚSHQGDQWTXHOTXHV
VHFRQGHV
6ÚOHFWLRQQHU(
(4ÚJDOLVHXU
/HVRSWLRQVDIILFKÚHVRIIUHQWGHVSUÚಢ
UÚJODJHVGHEDVVHVGHPÚGLXPVHW
G
DLJXVRSWLPLVÚVSRXUOHVW\OHGHPXಢ
VLTXHFRUUHVSRQGDQW
6ÚOHFWLRQQH]O
RSWLRQVRXKDLWÚH
$SSX\H]VXUOHERXWRQ7
721(SRXU
RXYULUOHPHQXGHWRQDOLWÚ
,QIRWDLQPHQW6\VWHP
5ÚJODJHGHVJUDYHVGHVDLJXVHWGH
ODJDPPHLQWHUPÚGLDLUH
5ÚJODJHGHODGLVWULEXWLRQ
DYDQWDUULÙUHGXYROXPH
5ÚJODJHGHODGLVWULEXWLRQ
GURLWHJDXFKHGXYROXPH
6ÚOHFWLRQQH]*
*UDYHV0
0ÚGLXPRX
$LJXV
5ÚJOH]ODYDOHXUVRXKDLWÚHSRXUO
RSಢ
WLRQVÚOHFWLRQQÚH
6ÚOHFWLRQQHU$
$WWÚQXDW
5ÚJOH]ODYDOHXUVRXKDLWÚH
6ÚOHFWLRQQHU%
%DODQFH
5ÚJOH]ODYDOHXUVRXKDLWÚH
0LVHG
XQUÚJODJHLQGLYLGXHOќ¬
6ÚOHFWLRQQH]O
RSWLRQVRXKDLWÚHDSಢ
SX\H]VXUOHERXWRQ0
0(18HWPDLQಢ
WHQH]OHHQIRQFÚSHQGDQWTXHOTXHV
VHFRQGHV
0LVHGHWRXVOHVUÚJODJHVќ¬RX
œ2II¬
$SSX\H]VXUODWRXFKH7
721(HWPDLQಢ
WHQH]ODHQIRQFÚHSHQGDQWTXHOTXHV
VHFRQGHV
,QIRWDLQPHQW6\VWHP
2SWLPLVDWLRQGHODWRQDOLWÚSRXUOH
VW\OHGHPXVLTXH
3DUDPÙWUHVGHYROXPH
$XJPYROHQIRQFWLRQGHODYLWHVVH
1DYL
9ROXPHPD[LPDODXGÚPDUUDJH
6ÚOHFWLRQQHU(
(*ÚJDOLVHXU
/HVRSWLRQVDIILFKÚHVRIIUHQWGHVSUÚಢ
UÚJODJHVGHEDVVHVGHPÚGLXPVHW
G
DLJXVRSWLPLVÚVSRXUOHVW\OHGHPXಢ
VLTXHFRUUHVSRQGDQW
6ÚOHFWLRQQH]O
RSWLRQVRXKDLWÚH
$SSX\HUVXUOHERXWRQ&
&21),*SRXU
RXYULUOHPHQXGHSDUDPÙWUHVGXV\Vಢ
WÙPH
6ÚOHFWLRQQHU5
5ÚJODJHV5DGLRSXLV
9ROXPHPD[LPDODXGÚPDUUDJH
5ÚJOH]ODYDOHXUVRXKDLWÚH
$SSX\HUVXUOHERXWRQ&
&21),*SRXU
RXYULUOHPHQXGHSDUDPÙWUHVGXV\Vಢ
WÙPH
6ÚOHFWLRQQHU5
5ÚJODJHV5DGLRSXLV
$XJPYROHQIRQFWLRQGHODYLWHVVH
/DYDULDWLRQGXYROXPHDYHFODYLWHVVH
SHXWÛWUHGÚVDFWLYÚHRXOHGHJUÚ
G
DGDSWDWLRQGXYROXPHSHXWÛWUHVÚಢ
OHFWLRQQÚGDQVOHPHQXDIILFKÚ
6ÚOHFWLRQQH]O
RSWLRQVRXKDLWÚH
,QIRWDLQPHQW6\VWHP
9ROXPHGHVDQQRQFHVGHFLUFXODWLRQ
7$
/HYROXPHGHVDQQRQFHVGHFLUFXODಢ
WLRQSHXWÛWUHDFFUXRXUÚGXLWSURSRUಢ
WLRQQHOOHPHQWDXYROXPHDXGLRQRUಢ
PDO
$SSX\HUVXUOHERXWRQ&
&21),*SRXU
RXYULUOHPHQXGHSDUDPÙWUHVGXV\Vಢ
WÙPH
6ÚOHFWLRQQHU5
5ÚJODJHV5DGLR
2SWLRQV5'6HW9
9ROXPH7$
5ÚJOH]ODYDOHXUVRXKDLWÚH
&'&'
9ROXPHFRPSHQVÚYLWHVVH
9ROXPHPD[DXGÚPDUUDJH
$SSX\HUVXUOHERXWRQ&
&21),*SRXU
RXYULUOHPHQXGHSDUDPÙWUHVGXV\Vಢ
WÙPH
6ÚOHFWLRQQHU5
5ÚJODJHVUDGLRSXLV
9ROXPHPD[DXGÚPDUUDJH
&'VÚOHFWLRQQHU5
5ÚJODXGLRSXLV
9ROXPHGÚSDUW
5ÚJOH]ODYDOHXUVRXKDLWÚH
$SSX\HUVXUOHERXWRQ&
&21),*SRXU
RXYULUOHPHQXGHSDUDPÙWUHVGXV\Vಢ
WÙPH
6ÚOHFWLRQQHU5
5ÚJODJHVUDGLRSXLV
&RQWUåOHGHYROXPHDXWRPDWLTXH
&'VÚOHFWLRQQHU5
5ÚJODXGLRSXLV
&RQWUåOHGHYROXPHDXWRPDWLTXH
/DFRPSHQVDWLRQGXYROXPHSDUUDSಢ
SRUWÑODYLWHVVHSHXWÛWUHGÚVDFWLYÚH
RXOHGHJUÚG
DGDSWDWLRQGXYROXPH
SHXWÛWUHVÚOHFWLRQQÚGDQVOHPHQX
DIILFKÚ
6ÚOHFWLRQQH]O
RSWLRQVRXKDLWÚH
,QIRWDLQPHQW6\VWHP
9ROXPHGHVDQQRQFHVGHFLUFXODWLRQ
7$
/HYROXPHGHVDQQRQFHVGHFLUFXODಢ
WLRQSHXWÛWUHDFFUXRXUÚGXLWSURSRUಢ
WLRQQHOOHPHQWDXYROXPHDXGLRQRUಢ
PDO
5ÚJOHUODYDOHXUGÚVLUÚHG
DXJPHQWDಢ
WLRQRXGHUÚGXFWLRQGXYROXPH
3HUVRQQDOLVDWLRQ
&'XQLTXHPHQW
'LIIÚUHQWVSDUDPÙWUHV,QIRWDLQPHQW
6\VWHPSHXYHQWÛWUHPÚPRULVÚVVÚಢ
SDUÚPHQWSRXUFKDTXHFOÚFRQGXFಢ
WHXUGXYÚKLFXOH
5ÚJODJHVPÚPRULVÚV
$SSX\HUVXUOHERXWRQ&
&21),*SRXU
RXYULUOHPHQXGHSDUDPÙWUHVGXV\Vಢ
WÙPH
6ÚOHFWLRQQHU5
5ÚJODJHVUDGLR2
2SWLRQV
5'6HW9
9RODQQRQFLUFXODWLRQ
&'VÚOHFWLRQQHU5
5ÚJODXGLR
2SWLRQV5'6HW9
9RODQQRQ
FLUFXODWLRQ
(QHQOHYDQWODFOÚGXYÚKLFXOHGHOD
VHUUXUHGHFRQWDFWOHVUÚJODJHVVXLಢ
YDQWVVRQWDXWRPDWLTXHPHQWVDXYHಢ
JDUGÚVSRXUODFOÚXWLOLVÚH
࿢ GHUQLHUYROXPHXQQLYHDXGHYRಢ
OXPHSRXUWRXWHVOHVVRXUFHVDXGLR
KRUVWÚOÚSKRQHUDGLROHFWHXU&'
$8;86%
࿢ WRXWHVOHVVWDWLRQVGHUDGLRSUÚUÚಢ
JOÚHV
࿢ WRXVOHVSDUDPÙWUHVGHWRQDOLWÚ
FKDFXQGHFHVSDUDPÙWUHVHVWVDXಢ
YHJDUGÚVÚSDUÚPHQWSRXUFKDFXQH
GHVVRXUFHVDXGLRVXLYDQWHVVLGLVಢ
SRQLEOH$0)0OHFWHXU&'
$8;86%
࿢ GHUQLÙUHVRXUFHDXGLRDFWLYH
࿢ GHUQLÙUHVWDWLRQGHUDGLRDFWLYHVÚಢ
SDUÚPHQWSRXUFKDTXHEDQGHGH
IUÚTXHQFHV
࿢ GHUQLHUPRGHG
DIILFKDJHDFWLI
࿢ GHUQLÙUHSRVLWLRQVXUOH&'DXGLR
03RXOHFKDQJHXUVLGLVSRQLEOH
\FRPSULVQXPÚURGXGLVTXHQXಢ
PÚURGHSODJHGRVVLHU
࿢ ÚWDWGXSDUDPÙWUHGHOHFWXUHDOÚDಢ
WRLUHOHFWHXU&'
࿢ ÚWDWGXSDUDPÙWUH737UDIILF3URಢ
JUDPPH
࿢ SRVLWLRQGXFXUVHXUSRXUFKDTXH
PHQXÑO
ÚFUDQ
$FWLYDWLRQGÚVDFWLYDWLRQGHOD
SHUVRQQDOLVDWLRQ
$SSX\HUVXUOHERXWRQ&
&21),*SRXU
RXYULUOHPHQXGHSDUDPÙWUHVGXV\Vಢ
WÙPH
6ÚOHFWLRQQHU5
5ÚJODJHVYÚKLFXOHSXLV
5ÚJODJHVFRQIRUW
5ÚJOHU3
3HUVRQQDOLVSDUFRQGXFWHXU
VXU0
0DURX$
$UUÛW
,QIRWDLQPHQW6\VWHP
5DGLR
6ÚOHFWLRQGHODEDQGHGH
IUÚTXHQFHV
)RQFWLRQQHPHQW
$SSX\HUXQHRXSOXVLHXUVIRLVVXUOH
ERXWRQ%
%$1'SRXUVÚOHFWLRQQHUOD
EDQGHGHIUÚTXHQFHVGÚVLUÚH
/DGHUQLÙUHVWDWLRQÚFRXWÚHGDQV
FHWWHEDQGHGHIUÚTXHQFHVHVWV\QWRಢ
QLVÚH
%RXWRQVGHFRPPDQGH
/HVERXWRQVGHFRPPDQGHGHODUDಢ
GLROHVSOXVLPSRUWDQWVVRQWOHVVXLಢ
YDQWV
࿢ %$1'DFWLYDWLRQGHODUDGLR
࿢ WYUHFKHUFKHGHVWDWLRQV
࿢ $6OLVWHVGಫHQUHJLVWUHPHQWDXWRಢ
PDWLTXH
࿢ )$9OLVWHVGHIDYRULV
࿢ ERXWRQVGHSUÚUÚJODJH
࿢ 73VHUYLFHG
LQIRVFLUFXODWLRQ
$FWLYDWLRQGHODUDGLR
$SSX\H]VXUOHERXWRQ%
%$1'SRXU
RXYULUOHPHQXUDGLRSULQFLSDO
/DGHUQLÙUHVWDWLRQÚFRXWÚHHVWV\Qಢ
WRQLVÚH
5HFKHUFKHGHVWDWLRQV
5HFKHUFKHDXWRPDWLTXHGH
VWDWLRQV
$SSX\HUEULÙYHPHQWVXUOHERXWRQ
WRXYSRXUÚFRXWHUODVWDWLRQVXLಢ
YDQWHGDQVOHVVWDWLRQVPÚPRULVÚHV
5HFKHUFKHPDQXHOOHGHVWDWLRQV
1DYL
$SSX\HUHWWHQLUHQIRQFHUOHERXWRQ
WRXY5HOÓFKHUOHERXWRQORUVTXH
ODIUÚTXHQFHGÚVLUÚHDSUHVTXHÚWÚ
DWWHLQWHÑO
ÚFUDQ
8QHUHFKHUFKHGHODVWDWLRQVXLYDQWH
HVWHIIHFWXÚHHWFHOOHFLHVWÚFRXWÚH
DXWRPDWLTXHPHQW
&'&'
$SSX\HUVXUOHERXWRQWRXYSHQಢ
GDQWTXHOTXHVVHFRQGHVSRXUODQFHU
XQHUHFKHUFKHGHODVWDWLRQVXLYDQWH
GDQVODEDQGHGHIUÚTXHQFHVDFಢ
WXHOOH
/RUVTXHODIUÚTXHQFHGÚVLUÚHDÚWÚ
DWWHLQWHODVWDWLRQHVWÚFRXWÚHDXWRಢ
PDWLTXHPHQW
5HPDUTXH
5HFKHUFKHPDQXHOOHG
ÚPHWWHXUV6L
O
DXWRUDGLRQHWURXYHSDVGHVWDWLRQ
HOOHSDVVHDXWRPDWLTXHPHQWÑXQQLಢ
YHDXGHUHFKHUFKHSOXVVHQVLEOH6L
HOOHQHWURXYHWRXMRXUVSDVGHVWDಢ
WLRQODGHUQLÙUHIUÚTXHQFHDFWLYH
VHUDÑQRXYHDXDGRSWÚH
5HPDUTXH
%DQGHGHIUÚTXHQFHV)0TXDQGOD
IRQFWLRQ5'6HVWDFWLYÚHVHXOHVOHV
VWDWLRQV5'6VRQWUHFKHUಢ
FKÚHVTXDQGOHVHUYLFHGHPHVVDಢ
JHVVXUODFLUFXODWLRQ73HVWDFWLYÚ
VHXOHVOHVVWDWLRQVGHVHUYLFHGH
PHVVDJHVVXUODFLUFXODWLRQ
VRQWUHFKHUFKÚHV
,QIRWDLQPHQW6\VWHP
6\QWRQLVDWLRQPDQXHOOHGH
VWDWLRQV
1DYL
&'
%DQGHGHIUÚTXHQFHV)0
1DYLXQLTXHPHQWDSSX\HUVXUOH
ERXWRQ0
0(18SRXURXYULUOHPHQX)0
HWVÚOHFWLRQQHU7
7XQLQJ)0PDQXHO
7RXUQHUOHERXWRQ0
0(18HWUÚJOHUOD
IUÚTXHQFHGHUÚFHSWLRQRSWLPDOHGDQV
O
ÚFUDQFRQWH[WXHOGHIUÚTXHQFH
%DQGHGHIUÚTXHQFHV$0
7RXUQHUOHERXWRQ0
0(18HWUÚJOHUOD
IUÚTXHQFHGHUÚFHSWLRQRSWLPDOHGDQV
O
ÚFUDQFRQWH[WXHOGHIUÚTXHQFH
/LVWHVGಫHQUHJLVWUHPHQW
DXWRPDWLTXH
/HVVWDWLRQVGRQWODUÚFHSWLRQHVWOD
PHLOOHXUHVXUXQHEDQGHGHIUÚTXHQಢ
FHVSHXYHQWÛWUHUHFKHUFKÚHVHWPÚಢ
PRULVÚHVDXWRPDWLTXHPHQWJUÓFHÑOD
IRQFWLRQG
HQUHJLVWUHPHQWDXWRPDWLಢ
TXH
5HPDUTXH
/DVWDWLRQDFWXHOOHPHQWUHØXHHVW
PLVHHQVXUEULOODQFH
5HPDUTXH
/DVWDWLRQDFWXHOOHPHQWUHØXHHVW
PDUTXÚHSDUL
&KDTXHEDQGHGHIUÚTXHQFHVGLVಢ
SRVHGHOLVWHVG
HQUHJLVWUHPHQW
DXWRPDWLTXH$
$6$
$6HWVWDWLRQV
SHXYHQWÛWUHHQUHJLVWUÚHVGDQVFKDಢ
FXQH
(QUHJLVWUHPHQWDXWRPDWLTXHGH
VWDWLRQV
7HQLUOHERXWRQ$
$6HQIRQFÚMXVTX
ÑFH
TX
XQPHVVDJHG
HQUHJLVWUHPHQW
DXWRPDWLTXHVRLWDIILFKÚ/HV
,QIRWDLQPHQW6\VWHP
VWDWLRQVDXVLJQDOOHSOXVIRUWGDQV
ODEDQGHGHIUÚTXHQFHVDFWXHOOHVHಢ
URQWHQUHJLVWUÚHVGDQVOHVOLVWHV
G
HQUHJLVWUHPHQWDXWRPDWLTXH
3RXULQWHUURPSUHODSURFÚGXUHG
HQಢ
UHJLVWUHPHQWDXWRPDWLTXHDSSX\HU
VXUOHERXWRQ0
0(18
(QUHJLVWUHPHQWPDQXHOGHV
VWDWLRQV
/HVVWDWLRQVSHXYHQWÚJDOHPHQWÛWUH
HQUHJLVWUÚHVPDQXHOOHPHQWGDQVOHV
OLVWHVG
HQUHJLVWUHPHQWDXWRPDWLTXH
5ÚJOHUODVWDWLRQÑPÚPRULVHU
$SSX\HUEULÙYHPHQWVXUOHERXWRQ
$6SRXURXYULUXQHOLVWHG
HQUHJLVWUHಢ
PHQWDXWRPDWLTXHRXSDVVHUÑXQH
DXWUHOLVWHG
HQUHJLVWUHPHQWDXWRPDWLಢ
TXH
3RXUPÚPRULVHUODVWDWLRQGDQVXQH
SRVLWLRQGHOLVWHDSSX\HUVXUOHERXಢ
WRQGHVWDWLRQFRUUHVSRQGDQWMXVಢ
TX
ÑDIILFKDJHG
XQPHVVDJHGHFRQಢ
ILUPDWLRQ
5HPDUTXH
/HVVWDWLRQVHQUHJLVWUÚHVPDQXHOOHಢ
PHQWVRQWÚFUDVÚHVORUVG
XQSURಢ
FHVVXVG
HQUHJLVWUHPHQWGHVWDWLRQV
DXWRPDWLTXH
1DYL
5HWURXYHUXQHVWDWLRQ
$SSX\HUEULÙYHPHQWVXUOHERXWRQ
$6SRXURXYULUXQHOLVWHG
HQUHJLVWUHಢ
PHQWDXWRPDWLTXHRXSDVVHUÑXQH
DXWUHOLVWHG
HQUHJLVWUHPHQWDXWRPDWLಢ
TXH
$SSX\HUEULÙYHPHQWVXUXQGHVERXಢ
WRQVGHVWDWLRQSRXURXYULUODVWDಢ
WLRQGDQVODSRVLWLRQGHOLVWHFRUUHVಢ
SRQGDQWH
/LVWHVGHIDYRULV
'HVVWDWLRQVVXUWRXWHVOHVEDQGHVGH
IUÚTXHQFHVSHXYHQWÛWUHPÚPRULVÚHV
PDQXHOOHPHQWGDQVOHVOLVWHVGHIDಢ
YRULV
VWDWLRQVSHXYHQWÛWUHPÚPRULVÚHV
GDQVFKDTXHOLVWHGHIDYRULV/HQRPಢ
EUHGHOLVWHVGHIDYRULVGLVSRQLEOHV
SHXWÛWUHIL[ÚYRLUFLGHVVRXV
5HPDUTXH
/DVWDWLRQDFWXHOOHPHQWUHØXHHVW
PLVHHQVXUEULOODQFH
(QUHJLVWUHPHQWG
XQHVWDWLRQ
5ÚJOHUODVWDWLRQÑPÚPRULVHU
$SSX\HUEULÙYHPHQWVXUOHERXWRQ
)$9SRXURXYULUXQHOLVWHGHIDYRULVRX
SDVVHUÑXQHDXWUHOLVWHGHIDYRULV
,QIRWDLQPHQW6\VWHP
3RXUPÚPRULVHUODVWDWLRQGDQVXQH
SRVLWLRQGHOLVWHDSSX\HUVXUOHERXಢ
WRQGHVWDWLRQFRUUHVSRQGDQWMXVಢ
TX
ÑDIILFKDJHG
XQPHVVDJHGHFRQಢ
ILUPDWLRQ
5HWURXYHUXQHVWDWLRQ
$SSX\HUEULÙYHPHQWVXUOHERXWRQ
)$9SRXURXYULUXQHOLVWHGHIDYRULVRX
SDVVHUÑXQHDXWUHOLVWHGHIDYRULV
$SSX\HUEULÙYHPHQWVXUXQGHVERXಢ
WRQVGHVWDWLRQSRXURXYULUODVWDಢ
WLRQGDQVODSRVLWLRQGHOLVWHDVVRFLÚH
$SSX\HUVXUOHERXWRQ&
&21),*
6ÚOHFWLRQQHU5
5ÚJODJHV5DGLRSXLV
5DGLRVIDYRULWHV
6ÚOHFWLRQQHUOHQRPEUHGÚVLUÚGHOLVಢ
WHVGHIDYRULVGLVSRQLEOHV
&'&'
'ÚILQLWLRQGXQRPEUHGHOLVWHVGH
IDYRULVGLVSRQLEOHV
VWDWLRQVSHXYHQWÛWUHPÚPRULVÚHV
GDQVFKDTXHOLVWHGHIDYRULV/HQRPಢ
EUHGHOLVWHVGHIDYRULVGLVSRQLEOHV
SHXWÛWUHIL[ÚYRLUFLGHVVRXV
&'OHQRPEUHGHOLVWHVGHIDYRಢ
ULVGLVSRQLEOHVQ
HVWSDVFRQILJXUDEOH
5HPDUTXH
/DVWDWLRQDFWXHOOHPHQWUHØXHHVW
PDUTXÚHSDUL
(QUHJLVWUHPHQWG
XQHVWDWLRQ
5ÚJOHUODVWDWLRQÑPÚPRULVHU
$SSX\HUEULÙYHPHQWVXUOHERXWRQ
)$9SRXURXYULUXQHOLVWHGHIDYRULVRX
SDVVHUÑXQHDXWUHOLVWHGHIDYRULV
3RXUPÚPRULVHUODVWDWLRQGDQVXQH
SRVLWLRQGHOLVWHDSSX\HUVXUOHERXಢ
WRQGHVWDWLRQFRUUHVSRQGDQWMXVಢ
TX
ÑDIILFKDJHG
XQPHVVDJHGHFRQಢ
ILUPDWLRQ
5HWURXYHUXQHVWDWLRQ
$SSX\HUEULÙYHPHQWVXUOHERXWRQ
)$9SRXURXYULUXQHOLVWHGHIDYRULVRX
SDVVHUÑXQHDXWUHOLVWHGHIDYRULV
$SSX\HUEULÙYHPHQWVXUXQGHVERXಢ
WRQVGHVWDWLRQSRXURXYULUODVWDಢ
WLRQGDQVODSRVLWLRQGHOLVWHDVVRFLÚH
'ÚILQLWLRQGXQRPEUHGHOLVWHVGH
IDYRULVGLVSRQLEOHV
VDXI&'
,QIRWDLQPHQW6\VWHP
/RUVTXHOHPHQXUDGLRSULQFLSDOHVW
DFWLIDSSX\HUVXUOHERXWRQ0
0(18
SRXURXYULUOHPHQXGHEDQGHGHIUÚಢ
TXHQFHVFRQFHUQÚ
5HPDUTXH
/HVDIILFKDJHV)0VSÚFLILTXHVVXLಢ
YDQWVVRQWGRQQÚVÑWLWUHG
H[HPSOH
1DYL
$SSX\HUVXUOHERXWRQ&
&21),*
6ÚOHFWLRQQHU5
5ÚJODJHVUDGLRSXLV
)DYRULVUDGLR
6ÚOHFWLRQQHUOHQRPEUHGÚVLUÚGHOLVಢ
WHVGHIDYRULVGLVSRQLEOHV
6ÚOHFWLRQQHUODVWDWLRQVRXKDLWÚH
5HPDUTXH
/DVWDWLRQDFWXHOOHPHQWUHØXHHVW
PDUTXÚHSDUL
6\QWRQLVDWLRQPDQXHOOH
3RXUODGHVFULSWLRQYRLUœ6\QWRQLVDಢ
WLRQPDQXHOOH¬
0HQXVGHEDQGHVGH
IUÚTXHQFHV
'HVVROXWLRQVDOWHUQDWLYHVGHVÚOHFಢ
WLRQGHODVWDWLRQVRQWGLVSRQLEOHV
GDQVOHVPHQXVVSÚFLILTXHVÑOD
EDQGHGHIUÚTXHQFHV
/LVWHVGHVIDYRULV
6ÚOHFWLRQQHU/
/LVWHVGHVIDYRULV7RXಢ
WHVOHVVWDWLRQVVDXYHJDUGÚHVGDQVOD
OLVWHGHIDYRULVVRQWDIILFKÚHV
/LVWHVGHVWDWLRQV
6ÚOHFWLRQQHU/
/LVWHGHVWDWLRQV$0RX
/LVWHGHVWDWLRQV)0
7RXWHVOHVVWDWLRQV$0)0GLVSRQLಢ
EOHVGDQVOD]RQHGHUÚFHSWLRQDFಢ
WXHOOHVRQWDIILFKÚHV
,QIRWDLQPHQW6\VWHP
5HPDUTXH
6LDXFXQHOLVWHGHVWDWLRQVQ
DÚWÚ
FUÚÚHÑO
DYDQFHOHV\VWÙPHG
LQIRಢ
GLYHUWLVVHPHQWHIIHFWXHXQHUHFKHUಢ
FKHDXWRPDWLTXHGHVWDWLRQV
6ÚOHFWLRQQHUODFRPPDQGHFRUUHVಢ
SRQGDQWHSRXUPHWWUHÑMRXUXQHOLVWH
GHVWDWLRQV
8QHUHFKHUFKHGHVWDWLRQVHVWODQFÚH
8QHIRLVODUHFKHUFKHWHUPLQÚHODVWDಢ
WLRQSUÚFÚGHPPHQWVÚOHFWLRQQÚHHVW
ÚFRXWÚH
3RXUDQQXOHUODUHFKHUFKHGHVWDWLRQ
DSSX\HUVXUOHERXWRQ0
0(18
5HPDUTXH
6LXQHOLVWHGHVWDWLRQVSÚFLILTXHGH
JDPPHG
RQGHVHVWPLVHÑMRXUOD
OLVWHGHFDWÚJRULHFRUUHVSRQGDQWHVL
SRVVLEOHHVWÚJDOHPHQWPLVHÑMRXU
6ÚOHFWLRQQHUODVWDWLRQVRXKDLWÚH
5HPDUTXH
/DVWDWLRQDFWXHOOHPHQWUHØXHHVW
PDUTXÚHSDUL
0LVHÑMRXUGHVOLVWHVGHVWDWLRQV
6LOHVVWDWLRQVPÚPRULVÚHVGDQVXQH
OLVWHGHVWDWLRQVVSÚFLILTXHÑODEDQGH
GHIUÚTXHQFHVQHVRQWSOXVGLVSRQLಢ
EOHV
,QIRUPDWLRQVLPSRUWDQWHVFRQFHUQDQW
ODPLVHÑMRXUGHVOLVWHVGHVWDWLRQ
/HV\QWRQLVHXUGRXEOHGHO
,QIRWDLQಢ
PHQW6\VWHPPHWÑMRXUGHIDØRQFRQಢ
WLQXHHQDUULÙUHSODQOHVOLVWHVGH
VWDWLRQV&HFLSHUPHWSDUH[HPSOHGH
WRXMRXUVWURXYHUGDQVOHVOLVWHVGHVWDಢ
WLRQVGHVVWDWLRQVGLVSRQLEOHVGXUDQW
XQORQJWUDMHW/DPLVHÑMRXUDXWRPDಢ
WLTXHSUHQGXQFHUWDLQWHPSVHWWRXWHV
OHVVWDWLRQVSHXYHQWQHSDVÛWUHLPಢ
PÚGLDWHPHQWGLVSRQLEOHVGDQVODOLVWH
HQFDVGHFKDQJHPHQWVRXGDLQGHOD
]RQHGHUÚFHSWLRQ'DQVFHFDVOD
PLVHÑMRXUGHVOLVWHVGHVWDWLRQSHXW
ÛWUHDFFÚOÚUÚHÑO
DLGHGHODFRPಢ
PDQGHFRUUHVSRQGDQWHGHPLVH
ÑMRXUGHOLVWHGHVWDWLRQV
/LVWHVGHFDWÚJRULHV
'HQRPEUHXVHVVWDWLRQV5'6
ÚPHWWHQWXQFRGH37<TXLVSÚಢ
FLILHOHW\SHG
ÚPLVVLRQÚPLVVLRQG
LQಢ
IRUPDWLRQVSDUH[HPSOH&HUWDLQHV
VWDWLRQVPRGLILHQWÚJDOHPHQWOHFRGH
37<VHORQOHFRQWHQXGHO
ÚPLVVLRQ
GLIIXVÚHÑFHPRPHQW
/
,QIRWDLQPHQW6\VWHPPÚPRULVHFHV
VWDWLRQVFODVVÚHVSDUW\SHGHSURಢ
JUDPPHGDQVODOLVWHGHFDWÚJRULHV
FRUUHVSRQGDQWHV
3RXUUHFKHUFKHUXQW\SHG
ÚPLVVLRQ
GÚWHUPLQÚSDUVWDWLRQVÚOHFWLRQQHU
O
RSWLRQGHOLVWHGHFDWÚJRULHVVSÚFLILಢ
TXHÑODEDQGHGHIUÚTXHQFHV
,QIRWDLQPHQW6\VWHP
&'&'
8QHOLVWHGHVW\SHVG
ÚPLVVLRQGLVSRಢ
QLEOHVÑFHPRPHQWHVWDIILFKÚH
6ÚOHFWLRQQHUOHW\SHG
ÚPLVVLRQGÚಢ
VLUÚ
8QHOLVWHHVWDIILFKÚHGHVVWDWLRQVGLIಢ
IXVDQWXQHÚPLVVLRQGXW\SHVÚOHFಢ
WLRQQÚ
6ÚOHFWLRQQHUODVWDWLRQVRXKDLWÚH
/DOLVWHGHFDWÚJRULHVHVWÚJDOHPHQW
PLVHÑMRXUORUVTXHODOLVWHGHVWDWLRQV
VSÚFLILTXHÑODEDQGHGHIUÚTXHQFHV
FRUUHVSRQGDQWHHVWPLVHÑMRXU
5HPDUTXH
/DVWDWLRQDFWXHOOHPHQWUHØXHHVW
PDUTXÚHSDUL
/LVWHGHIDYRULV
6ÚOHFWLRQQHU/
/LVWHGHIDYRULV7RXWHV
OHVVWDWLRQVVDXYHJDUGÚHVGDQVOD
OLVWHGHIDYRULVVRQWDIILFKÚHV
,QIRWDLQPHQW6\VWHP
&'OHV\QWRQLVHXUGRXEOHGHO
,Qಢ
IRWDLQPHQW6\VWHPPHWÑMRXUGHIDಢ
ØRQFRQWLQXHHQDUULÙUHSODQODOLVWH
GHVWDWLRQV)08QHPLVHÑMRXUPDಢ
QXHOOHQ
HVWSDVQÚFHVVDLUH
8QHUHFKHUFKHGHVWDWLRQVHVWODQFÚH
8QHIRLVODUHFKHUFKHWHUPLQÚHOD
GHUQLÙUHVWDWLRQVÚOHFWLRQQÚHHVW
ÚFRXWÚH
3RXULQWHUURPSUHODUHFKHUFKHGHVWDಢ
WLRQDSSX\HUVXUOHERXWRQ0
0(18
6ÚOHFWLRQQHUODVWDWLRQVRXKDLWÚH
5HPDUTXH
/DVWDWLRQDFWXHOOHPHQWUHØXHHVW
PDUTXÚHSDUL
/LVWHVGHVWDWLRQV
6ÚOHFWLRQQHU/
/LVWHGHVVWDWLRQV$0RX
/LVWHGHVVWDWLRQV)0
7RXWHVOHVVWDWLRQV$0)0GLVSRQLಢ
EOHVGDQVOD]RQHGHUÚFHSWLRQDFಢ
WXHOOHVRQWDIILFKÚHV
5HPDUTXH
6LDXFXQHOLVWHGHVWDWLRQVQ
DÚWÚ
FUÚÚHÑO
DYDQFHOHV\VWÙPHG
LQIRಢ
GLYHUWLVVHPHQWHIIHFWXHXQHUHFKHUಢ
FKHDXWRPDWLTXHGHVWDWLRQV
6ÚOHFWLRQQHUODVWDWLRQVRXKDLWÚH
5HPDUTXH
/DVWDWLRQDFWXHOOHPHQWUHØXHHVW
PDUTXÚHSDUL
0LVHÑMRXUGHVOLVWHVGHVWDWLRQV
6LOHVVWDWLRQVPÚPRULVÚHVGDQVXQH
OLVWHGHVWDWLRQVVSÚFLILTXHÑODEDQGH
GHIUÚTXHQFHVQHVRQWSOXVGLVSRQLಢ
EOHV
6ÚOHFWLRQQHUODFRPPDQGHFRUUHVಢ
SRQGDQWHSRXUPHWWUHÑMRXUXQHOLVWH
GHVWDWLRQV
5HPDUTXH
6LXQHOLVWHGHVWDWLRQVSÚFLILTXHGH
JDPPHG
RQGHVHVWPLVHÑMRXUOD
OLVWHGHFDWÚJRULHFRUUHVSRQGDQWHVL
SRVVLEOHHVWÚJDOHPHQWPLVHÑMRXU
/LVWHVGHFDWÚJRULHV
'HQRPEUHXVHVVWDWLRQV5'6
ÚPHWWHQWXQFRGH37<TXLVSÚಢ
FLILHOHW\SHG
ÚPLVVLRQÚPLVVLRQG
LQಢ
IRUPDWLRQVSDUH[HPSOH&HUWDLQHV
VWDWLRQVPRGLILHQWÚJDOHPHQWOHFRGH
37<VHORQOHFRQWHQXGHO
ÚPLVVLRQ
GLIIXVÚHÑFHPRPHQW
,QIRWDLQPHQW6\VWHP
/
,QIRWDLQPHQW6\VWHPPÚPRULVHFHV
VWDWLRQVFODVVÚHVSDUW\SHGHSURಢ
JUDPPHGDQVODOLVWHGHFDWÚJRULHV
FRUUHVSRQGDQWHV
3RXUUHFKHUFKHUXQW\SHG
ÚPLVVLRQ
GÚWHUPLQÚSDUVWDWLRQVÚOHFWLRQQHU
O
RSWLRQGHOLVWHGHFDWÚJRULHVVSÚFLILಢ
TXHÑODEDQGHGHIUÚTXHQFHV
5DGLR'DWD6\VWHP5'6
5'6HVWXQVHUYLFHGLVSRQLEOHSRXU
OHVVWDWLRQV)0TXLSHUPHWGHWURXYHU
EHDXFRXSSOXVIDFLOHPHQWODVWDWLRQ
GÚVLUÚHÑVDPHLOOHXUHIUÚTXHQFHGH
UÚFHSWLRQ
$YDQWDJHGX5'6
6ÚOHFWLRQQHUODVWDWLRQVRXKDLWÚH
&'ODVWDWLRQGLVSRQLEOHGXW\SH
VÚOHFWLRQQÚVXLYDQWHHVWUHFKHUFKÚH
HWVÚOHFWLRQQÚH
/DOLVWHGHFDWÚJRULHVHVWÚJDOHPHQW
PLVHÑMRXUORUVTXHODOLVWHGHVWDWLRQV
VSÚFLILTXHÑODEDQGHGHIUÚTXHQFHV
FRUUHVSRQGDQWHHVWPLVHÑMRXU
8QHOLVWHGHVW\SHVG
ÚPLVVLRQGLVSRಢ
QLEOHVÑFHPRPHQWHVWDIILFKÚH
6ÚOHFWLRQQHUOHW\SHG
ÚPLVVLRQGÚಢ
VLUÚ
8QHOLVWHHVWDIILFKÚHGHVVWDWLRQVGLIಢ
IXVDQWXQHÚPLVVLRQGXW\SHVÚOHFಢ
WLRQQÚ
5HPDUTXH
/DVWDWLRQDFWXHOOHPHQWUHØXHHVW
PDUTXÚHSDUL
࿢ /HQRPGHODVWDWLRQUÚJOÚHDSSDಢ
UDßWÑO
ÚFUDQDXOLHXGHVDIUÚಢ
TXHQFH
࿢ 'XUDQWODUHFKHUFKHGHVWDWLRQV
O
,QIRWDLQPHQW6\VWHPQHV\QWRQLVH
TXHGHVVWDWLRQV5'6
࿢ /
,QIRWDLQPHQW6\VWHPQHVHFDOH
TXHVXUOHVPHLOOHXUHVIUÚTXHQFHV
GHUÚFHSWLRQGHODVWDWLRQGÚVLUÚH
JUÓFHÑ$)$OWHUQDWLYH)UHಢ
TXHQF\
࿢ 6HORQODVWDWLRQUÚFHSWLRQQÚHO
,Qಢ
IRWDLQPHQW6\VWHPDIILFKHXQWH[WH
UDGLRSRXYDQWFRQWHQLUSDUH[HPಢ
SOHGHVLQIRUPDWLRQVFRQFHUQDQW
O
ÚPLVVLRQHQFRXUV
,QIRWDLQPHQW6\VWHP
6LODUÚJLRQDOLVDWLRQHVWGÚVDFWLYÚH
OHVIUÚTXHQFHVDOWHUQDWLYHVGHVVWDಢ
WLRQVVRQWVÚOHFWLRQQÚHVVDQVSUHQಢ
GUHHQFRPSWHOHVÚPLVVLRQVUÚJLRQDಢ
OHV
1DYL
&RQILJXUDWLRQGX5'6
3RXURXYULUOHPHQXGHFRQILJXUDWLRQ
5'6
$SSX\HUVXUOHERXWRQ&
&21),*
6ÚOHFWLRQQHU5
5ÚJODJHV5DGLRSXLV
2SWLRQV5'6
$FWLYHUGÚVDFWLYHU5'6
5ÚJOHU5
5'6VXU0
0DURX$
$UUÛW
$FWLYHUGÚVDFWLYHUODUÚJLRQDOLVDWLRQ
5'6GRLWÛWUHDFWLYÚSRXUODUÚJLRQDಢ
OLVDWLRQ
&HUWDLQHVVWDWLRQV5'6GLIIXVHQWSDUಢ
IRLVVXUGLIIÚUHQWHVIUÚTXHQFHVGHV
ÚPLVVLRQVGLIIÚUHQWHVVHORQODUÚJLRQ
5ÚJOHU5
5ÚJLRQDOVXU0
0DURX$
$UUÛW
6HXOHVOHVIUÚTXHQFHVDOWHUQDWLYHV
$)DYHFOHVPÛPHVÚPLVVLRQVUÚಢ
JLRQDOHVVRQWVÚOHFWLRQQÚHV
7H[WH5'6GÚILODQW
&HUWDLQHVVWDWLRQV5'6HPSORLHQWOHV
OLJQHVFRQVDFUÚHVDXQRPGHO
ÚPLVಢ
VLRQSRXUGRQQHUGHVLQIRUPDWLRQV
VXSSOÚPHQWDLUHV'DQVFHFDVOH
QRPGHO
ÚPLVVLRQHVWFDFKÚ
3RXUHPSÛFKHUO
DIILFKDJHG
LQIRUPDಢ
WLRQVVXSSOÚPHQWDLUHV
5ÚJOHU6
6WRSSHUWH[WH5'6GÚILODQWVXU
0DU
7H[WHUDGLR
6L5'6HWODUÚFHSWLRQG
XQHVWDWLRQ
5'6VRQWDFWLIVGHVLQIRUPDWLRQV
FRQFHUQDQWO
ÚPLVVLRQDFWXHOOHPHQW
ÚFRXWÚHRXODSODJHDFWXHOOHPHQWOXH
VRQWDIILFKÚHVVRXVOHQRPGHO
ÚPLVಢ
VLRQ
3RXUDIILFKHURXFDFKHUOHVLQIRUPDಢ
WLRQV
5ÚJOHU5
5DGLRWH[WHVXU0
0DURX$
$UUÛW
,QIRWDLQPHQW6\VWHP
9ROXPH7$
/HYROXPHGHVDQQRQFHVGHFLUFXODಢ
WLRQ7$SHXWÛWUHSUÚUÚJOÚ
6HUYLFHG
LQIRVFLUFXODWLRQ
73 7UDIILF3URJUDPPH
/HVVWDWLRQVGHVHUYLFHVG
LQIRVFLUFXಢ
ODWLRQVRQWGHVVWDWLRQV5'6GLIIXVDQW
GHVLQIRUPDWLRQVFRQFHUQDQWODFLUFXಢ
ODWLRQ
$FWLYHUHWGÚVDFWLYHUOHVHUYLFHG
LQIRV
FLUFXODWLRQ
3RXUDFWLYHUHWGÚVDFWLYHUOHVHUYLFH
G
DQQRQFHVGHFLUFXODWLRQGHO
,QIRಢ
WDLQPHQW6\VWHP
$SSX\HUVXUOHERXWRQ7
73
࿢ 6LOHVHUYLFHVG
LQIRFLUFXODWLRQHVW
DFWLYÚ>>@HVWDIILFKÚÑO
ÚFUDQHQ
QRLUHQJULVVLOHVHUYLFHHVWGÚVDFಢ
WLYÚ
࿢ /DUÚFHSWLRQHVWOLPLWÚHDX[VWDಢ
WLRQVG
LQIRUPDWLRQGHFLUFXODWLRQ
࿢ 6LODVWDWLRQDFWXHOOHQ
HVWSDVXQH
VWDWLRQG
LQIRUPDWLRQVGHFLUFXODಢ
WLRQODUHFKHUFKHG
XQHVWDWLRQG
LQಢ
IRUPDWLRQVGHFLUFXODWLRQHVWODQFÚH
DXWRPDWLTXHPHQW
࿢ 6LXQHVWDWLRQG
LQIRUPDWLRQVGHFLUಢ
FXODWLRQDÚWÚWURXYÚH>>73@HVWDIILಢ
FKÚÑO
ÚFUDQHQQRLU6LDXFXQHVWDಢ
WLRQG
LQIRUPDWLRQVGHFLUFXODWLRQQH
WURXYÚH73HVWDIILFKÚHQJULV
࿢ /HVDQQRQFHVGHFLUFXODWLRQVRQW
GLIIXVÚHVDXYROXPH7$SUÚUÚJOÚ
࿢ 6LOHVHUYLFHG
LQIRVFLUFXODWLRQHVW
DFWLYÚODOHFWXUH&'03HVWLQWHUಢ
URPSXHGXUDQWO
DQQRQFH
(21(QKDQFHG2WKHU1HWZRUNV
$YHF(21LOHVWSRVVLEOHG
ÚFRXWHU
GHVDQQRQFHVGHFLUFXODWLRQPÛPHVL
ODVWDWLRQUÚJOÚHQHGLVSRVHSDVGH
VRQSURSUHVHUYLFHG
LQIRUPDWLRQVGH
FLUFXODWLRQ6LXQHWHOOHVWDWLRQHVWUÚಢ
JOÚHHOOHHVWDIILFKÚHHQQRLUFRPPH
SRXUOHVVWDWLRQVG
LQIRUPDWLRQGHFLUಢ
FXODWLRQ7
73
&'&'
ºFRXWHGHVDQQRQFHVGHFLUFXODWLRQ
XQLTXHPHQW
$FWLYHUOHVHUYLFHG
LQIRFLUFXODWLRQHW
OHUÚGXLUHÑ]ÚUROHYROXPHGHO
,QIRಢ
WDLQPHQW6\VWHP
%ORFDJHGHVDQQRQFHVGHFLUFXODWLRQ
3RXUEORTXHUXQHDQQRQFHGHFLUFXಢ
ODWLRQSDUH[GXUDQWODOHFWXUHG
XQH
SODJH&'03
$SSX\HUVXUOHERXWRQ7
73RXVXUOH
ERXWRQ0
0(18SRXUFRQILUPHUOHPHVಢ
VDJHG
DQQXODWLRQÑO
ÚFUDQ
/
DQQRQFHGHFLUFXODWLRQHVWDQQXOÚH
PDLVOHVHUYLFHG
LQIRUPDWLRQVGHFLUಢ
FXODWLRQUHVWHDFWLYÚ
&RQILJXUDWLRQGX5'6
3RXURXYULUOHPHQXGHFRQILJXUDWLRQ
5'6
$SSX\HUVXUOHERXWRQ&
&21),*
,QIRWDLQPHQW6\VWHP
6ÚOHFWLRQQHU5
5ÚJODJHVUDGLRSXLV
2SWLRQV5'6
&'VÚOHFWLRQQHU5
5ÚJODXGLRSXLV
2SWLRQV5'6
9RODQQRQFLUFXODWLRQ
/HYROXPHGHVDQQRQFHVGHFLUFXODಢ
WLRQ7$SHXWÛWUHSUÚUÚJOÚ
$FWLYHUGÚVDFWLYHU5'6
5ÚJOHUO
RSWLRQ5
5'6VXU0
0DURX$
$UUÛW
$QQRQFFLUFXODWLRQ$&
3RXUDFWLYHURXGÚVDFWLYHUODIRQFWLRQ
7$GHIDØRQSHUPDQHQWH
5ÚJOHUO
RSWLRQ$
$QQRQFFLUFXODWLRQ
$&VXU0
0DURX$
$UUÛW
$FWLYHUGÚVDFWLYHUODUÚJLRQDOLVDWLRQ
5'6GRLWÛWUHDFWLYÚSRXUODUÚJLRQDಢ
OLVDWLRQ
&HUWDLQHVVWDWLRQV5'6GLIIXVHQWSDUಢ
IRLVVXUGLIIÚUHQWHVIUÚTXHQFHVGHV
ÚPLVVLRQVGLIIÚUHQWHVVHORQODUÚJLRQ
5ÚJOHUO
RSWLRQ5
5ÚJLRQDO5º*VXU
0DURX$
$UUÛW
6HXOHVOHVIUÚTXHQFHVDOWHUQDWLYHV
$)DYHFOHVPÛPHVÚPLVVLRQVUÚಢ
JLRQDOHVVRQWVÚOHFWLRQQÚHV
6LODUÚJLRQDOLVDWLRQHVWGÚVDFWLYÚH
OHVIUÚTXHQFHVDOWHUQDWLYHVGHVVWDಢ
WLRQVVRQWVÚOHFWLRQQÚHVVDQVSUHQಢ
GUHHQFRPSWHOHVÚPLVVLRQVUÚJLRQDಢ
OHV
7H[WH5'6GÚILODQW
&HUWDLQHVVWDWLRQV5'6FDFKHQWOH
QRPGHO
ÚPLVVLRQÑO
ÚFUDQDILQG
DIಢ
ILFKHUGHVLQIRUPDWLRQVVXSSOÚPHQWDLಢ
UHV
3RXUHPSÛFKHUO
DIILFKDJHG
LQIRUPDಢ
WLRQVVXSSOÚPHQWDLUHV
5ÚJOHU%
%ORFDJHGÚILOHPHQWWH[WHVXU
0DU
7H[WHUDGLR
6L5'6HWODUÚFHSWLRQG
XQHVWDWLRQ
5'6VRQWDFWLIVGHVLQIRUPDWLRQV
FRQFHUQDQWO
ÚPLVVLRQDFWXHOOHPHQW
ÚFRXWÚHRXODSODJHDFWXHOOHPHQWOXH
VRQWDIILFKÚHVVRXVOHQRPGHO
ÚPLVಢ
VLRQ
3RXUDIILFKHURXFDFKHUOHVLQIRUPDಢ
WLRQV
5ÚJOHUO
RSWLRQ7
7H[WHUDGLRVXU0
0DU
RX$
$UUÛW
6HUYLFHG
LQIRVFLUFXODWLRQ
73 7UDIILF3URJUDPPH
/HVVWDWLRQVGHVHUYLFHVG
LQIRVFLUFXಢ
ODWLRQVRQWGHVVWDWLRQV5'6GLIIXVDQW
GHVLQIRUPDWLRQVFRQFHUQDQWODFLUFXಢ
ODWLRQ
$FWLYHUHWGÚVDFWLYHUOHVHUYLFHG
LQIRV
FLUFXODWLRQ
3RXUDFWLYHUHWGÚVDFWLYHUOHVHUYLFH
G
DQQRQFHVGHFLUFXODWLRQGHO
,QIRಢ
WDLQPHQW6\VWHP
$SSX\HUVXUOHERXWRQ7
73
,QIRWDLQPHQW6\VWHP
࿢ 6LOHVHUYLFHG
LQIRUPDWLRQVGHFLUಢ
FXODWLRQHVWDFWLYÚ>>@HVWDIILFKÚ
GDQVOHPHQXUDGLRSULQFLSDO
࿢ /DUÚFHSWLRQHVWOLPLWÚHDX[VWDಢ
WLRQVG
LQIRUPDWLRQGHFLUFXODWLRQ
࿢ 6LODVWDWLRQDFWXHOOHQ
HVWSDVXQH
VWDWLRQG
LQIRUPDWLRQVGHFLUFXODಢ
WLRQODUHFKHUFKHG
XQHVWDWLRQG
LQಢ
IRUPDWLRQVGHFLUFXODWLRQHVWODQFÚH
DXWRPDWLTXHPHQW
࿢ 6LXQHVWDWLRQG
LQIRUPDWLRQVGHFLUಢ
FXODWLRQDÚWÚWURXYÚH>>73@HVWDIILಢ
FKÚGDQVOHPHQXHUDGLRSULQFLSDO
࿢ /HVDQQRQFHVGHFLUFXODWLRQVRQW
GLIIXVÚHVDXYROXPH7$SUÚUÚJOÚ
࿢ 6LOHVHUYLFHG
LQIRVFLUFXODWLRQHVW
DFWLYÚODOHFWXUH&'03HVWLQWHUಢ
URPSXHGXUDQWO
DQQRQFH
ºFRXWHGHVDQQRQFHVGHFLUFXODWLRQ
XQLTXHPHQW
$FWLYHUOHVHUYLFHG
LQIRFLUFXODWLRQHW
OHUÚGXLUHÑ]ÚUROHYROXPHGHO
,QIRಢ
WDLQPHQW6\VWHP
%ORFDJHGHVDQQRQFHVGHFLUFXODWLRQ
3RXUEORTXHUXQHDQQRQFHGHFLUFXಢ
ODWLRQSDUH[GXUDQWODOHFWXUHG
XQH
SODJH&'03
$SSX\HUVXUOHERXWRQ7
73RXVXUOH
ERXWRQ0
0(18SRXUFRQILUPHUOHPHVಢ
VDJHG
DQQXODWLRQÑO
ÚFUDQ
/
DQQRQFHGHFLUFXODWLRQHVWDQQXOÚH
PDLVOHVHUYLFHG
LQIRUPDWLRQVGHFLUಢ
FXODWLRQUHVWHDFWLYÚ
(21(QKDQFHG2WKHU1HWZRUNV
$YHF(21LOHVWSRVVLEOHG
ÚFRXWHU
GHVDQQRQFHVGHFLUFXODWLRQPÛPHVL
ODVWDWLRQUÚJOÚHQHGLVSRVHSDVGH
VRQSURSUHVHUYLFHG
LQIRUPDWLRQVGH
FLUFXODWLRQ6LXQHWHOOHVWDWLRQHVWUÚಢ
JOÚHHOOHHVWDIILFKÚHHQQRLUFRPPH
SRXUOHVVWDWLRQVG
LQIRUPDWLRQGHFLUಢ
FXODWLRQ7
73
/HFWHXU&'
5HPDUTXHVJÚQÚUDOHV
1DYL
/HOHFWHXU&'GHO
,QIRWDLQPHQW6\Vಢ
WHPSHUPHWGHOLUHGHV&'DXGLRHW
03:0$
,QIRUPDWLRQVLPSRUWDQWHVFRQFHUQDQW
OHV&'DXGLRHW03:0$
$YHUWLVVHPHQW
1HSODFHUHQDXFXQFDVGHV'9'
RXGHV&'œVLQJOHV¬G
XQGLDPÙಢ
WUHGHFPRXHQFRUHGHV&'GH
IRUPHVSÚFLDOHGDQVOHOHFWHXUDXಢ
GLR
$XFXQHÚWLTXHWWHQHSHXWÛWUHDSಢ
SRVÚHVXUOHV&'/HV&'DYHF
ÚWLTXHWWHSHXYHQWVHFRLQFHUGDQV
OHOHFWHXUHWO
HQGRPPDJHU,OIDXಢ
GUDDORUVSURFÚGHUDXFRìWHX[
UHPSODFHPHQWGHO
DSSDUHLO
,QIRWDLQPHQW6\VWHP
࿢ /DOHFWXUHGH&'DXGLRDYHFSURಢ
WHFWLRQFRQWUHODFRSLHQRQFRQIRUಢ
PHVDX[QRUPHVDSSOLFDEOHVDX[
&'DXGLRSHXWÛWUHLQFRUUHFWHRX
FRPSOÙWHPHQWEORTXÚH
࿢ /HV&'5HW&'5:VRQWSOXVIUDಢ
JLOHVTXHOHV&'SUÚHQUHJLVWUÚV
/HV&'HQSDUWLFXOLHUOHV&'5HW
&'5:GRLYHQWÛWUHPDQLSXOÚV
FRUUHFWHPHQWYRLUFLGHVVRXV
࿢ /DOHFWXUHGHV&'5HW&'5:
SHXWSRVHUSUREOÙPH
࿢ 6XUOHV&'PL[WHVXQHFRPELQDLಢ
VRQDXGLRGRQQÚHVSDUH[HPSOH
03VHXOHVOHVSODJHVDXGLRVHಢ
URQWGÚWHFWÚHVHWOXHV
࿢ ºYLWHUGHODLVVHUGHVWUDFHVGH
GRLJWVVXUOHV&'ORUVTX
LOVVRQW
FKDQJÚV
࿢ 5HPHWWH]OHV&'GDQVOHXUERßWLHU
LPPÚGLDWHPHQWDSUÙVOHVDYRLUUHಢ
WLUÚVGXOHFWHXUDXGLRDILQGHOHV
SURWÚJHUGHVGRPPDJHVHWGHOD
SRXVVLÙUH
࿢ /HV&'SHXYHQWVDOLUODOHQWLOOHGX
OHFWHXUDXGLRHWSURYRTXHUGHVSURಢ
EOÙPHVWHFKQLTXHV
࿢ 3URWÚJHUOHV&'GHODFKDOHXUHW
GHVUD\RQVGLUHFWVGXVROHLO
࿢ /HVUHVWULFWLRQVVXLYDQWHVV
DSSOLಢ
TXHQWDX[GRQQÚHVVWRFNÚHVVXUXQ
&'03:0$
1RPEUHPD[LPDOGHQLYHDX[GDQV
ODVWUXFWXUHGHGRVVLHUV
1RPEUHPD[LPDOGHILFKLHUV03
:0$SRXYDQWÛWUHVDXYHJDUGÚV
/HVILFKLHUVDYHFJHVWLRQGHVGURLWV
QXPÚULTXHV*'1DFKHWÚVHQOLಢ
JQHQHSHXYHQWÛWUHOXV
/HVILFKLHUV:0$QHSHXYHQWÛWUH
OXVHQWRXWHVÚFXULWÚTXHVLLOVRQW
ÚWÚFUÚÚVDYHF:LQGRZV0HGLD
3OD\HUYHUVLRQRXXOWÚULHXUH
([WHQVLRQVGHOLVWHGHOHFWXUHFRPಢ
SDWLEOHVPXSOV
/HVÚOÚPHQWVGHOLVWHGHOHFWXUH
GRLYHQWÛWUHVRXVIRUPHGHFKHPLQ
G
DFFÙVUHODWLI
࿢ &HFKDSLWUHQHWUDLWHTXHGHODOHFಢ
WXUHGHVILFKLHUV03FDUO
HPSORL
GHVILFKLHUV03HWGHVILFKLHUV
:0$HVWLGHQWLTXH/RUVTX
XQ&'
ÑILFKLHUV:0$HVWFKDUJÚOHVPHಢ
QXVUHODWLIVDX03VRQWDIILFKÚV
&'&'
/HOHFWHXU&'GHO
,QIRWDLQPHQW6\Vಢ
WHPSHUPHWGHOLUHGHV&'DXGLRHW
03:0$
,QIRUPDWLRQVLPSRUWDQWHVFRQFHUQDQW
OHV&'DXGLRHW03:0$
$YHUWLVVHPHQW
1HSODFHUHQDXFXQFDVGHV'9'
RXGHV&'œVLQJOHV¬G
XQGLDPÙಢ
WUHGHFPRXHQFRUHGHV&'GH
IRUPHVSÚFLDOHGDQVOHOHFWHXUDXಢ
GLR
$XFXQHÚWLTXHWWHQHSHXWÛWUHDSಢ
SRVÚHVXUOHV&'/HV&'DYHF
ÚWLTXHWWHSHXYHQWVHFRLQFHUGDQV
OHOHFWHXUHWO
HQGRPPDJHU,OIDXಢ
GUDDORUVSURFÚGHUDXFRìWHX[
UHPSODFHPHQWGHO
DSSDUHLO
࿢ /HVIRUPDWV&'VXLYDQWVSHXYHQW
ÛWUHHPSOR\ÚV
&'5200RGHHW0RGH
,QIRWDLQPHQW6\VWHP
࿢
࿢
࿢
࿢
&'520;$0RGH)RUPHW
)RUP
/HVIRUPDWVGHILFKLHUVXLYDQWVSHXಢ
YHQWÛWUHHPSOR\ÚV
,62/HYHO/HYHO5RPHR
-ROLHW
/HVILFKLHUV03HW:0$HQUHJLVಢ
WUÚVVRXVWRXWDXWUHIRUPDWTXH
FHX[LQGLTXÚVFLGHVVRXVSHXYHQW
QHSDVÛWUHOXVFRUUHFWHPHQWHWOHV
QRPVGHILFKLHUHWGHGRVVLHUSHXಢ
YHQWQHSDVV
DIILFKHUFRUUHFWHಢ
PHQW
/DOHFWXUHGH&'DXGLRDYHFSURಢ
WHFWLRQFRQWUHODFRSLHQRQFRQIRUಢ
PHVDX[QRUPHVDSSOLFDEOHVDX[
&'DXGLRSHXWÛWUHLQFRUUHFWHRX
FRPSOÙWHPHQWEORTXÚH
/HV&'5HW&'5:VRQWSOXVIUDಢ
JLOHVTXHOHV&'SUÚHQUHJLVWUÚV
/HV&'HQSDUWLFXOLHUOHV&'5HW
&'5:GRLYHQWÛWUHPDQLSXOÚV
FRUUHFWHPHQW9RLUFLGHVVRXV
/DOHFWXUHGHV&'5HW&'5:
SHXWSRVHUSUREOÙPH'DQVFHFDV
O
DSSDUHLOQ
HVWSDVHQFDXVH
࿢ 6XUOHV&'PL[WHVSODJHVDXGLRHW
ILFKLHUVFRPSUHVVÚV03SDUH[
OHVSODJHVDXGLRHWOHVILFKLHUVFRPಢ
SUHVVÚVSHXYHQWÛWUHOXVVÚSDUÚಢ
PHQW
࿢ ºYLWHUGHODLVVHUGHVWUDFHVGH
GRLJWVVXUOHV&'ORUVTX
LOVVRQW
FKDQJÚV
࿢ 5HPHWWH]OHV&'GDQVOHXUERßWLHU
LPPÚGLDWHPHQWDSUÙVOHVDYRLUUHಢ
WLUÚVGXOHFWHXU&'DILQGHOHVSURಢ
WÚJHUGHVGRPPDJHVHWGHODSRXVಢ
VLÙUH
࿢ /HV&'VDOHVSHXYHQWVDOLUODOHQಢ
WLOOHGXOHFWHXU&'HWSURYRTXHUGHV
SUREOÙPHVWHFKQLTXHV
࿢ 3URWÚJHUOHV&'GHODFKDOHXUHW
GHVUD\RQVGLUHFWVGXVROHLO
࿢ /HVUHVWULFWLRQVVXLYDQWHVV
DSSOLಢ
TXHQWDX[GRQQÚHVVWRFNÚHVVXUXQ
&'03:0$
1RPEUHPD[LPDOGHSODJHV
1RPEUHPD[LPDOGHGRVVLHUV
1RPEUHPD[LPDOGHQLYHDX[GH
VWUXFWXUHGHGRVVLHUUHFRPಢ
PDQGÚ
1RPEUHPD[LPDOGHOLVWHVGHOHFಢ
WXUH
1RPEUHPD[LPDOGHPRUFHDX[SDU
OLVWHGHOHFWXUH
([WHQVLRQVGHOLVWHGHOHFWXUHFRPಢ
SDWLEOHVPXSOVDV[ZSO
࿢ &HFKDSLWUHQHWUDLWHTXHGHODOHFಢ
WXUHGHVILFKLHUV03FDUO
HPSORL
GHVILFKLHUV03HWGHVILFKLHUV
:0$HVWLGHQWLTXH/RUVTX
XQ&'
ÑILFKLHUV:0$HVWFKDUJÚOHVPHಢ
QXVUHODWLIVDX03VRQWDIILFKÚV
,QIRWDLQPHQW6\VWHP
)RQFWLRQQHPHQW
1DYL
'ÚPDUUDJHGXOHFWHXU&'
3RXVVHUOH&'IDFHLPSULPÚHYHUVOH
KDXWGDQVODIHQWHMXVTX
ÑFHTX
LOVRLW
HVFDPRWÚ
/DOHFWXUHGX&'GÚPDUUHDXWRPDWLಢ
TXHPHQWHWOHPHQX&
&'DXGLRRX0
03
DXGLRHVWDIILFKÚ
6LO
XQLWÚFRQWLHQWGÚMÑXQ&'VDQV
TXHOHPHQX&
&'DXGLRRX0
03
DXGLRVRLWDFWLI
$SSX\HUVXUOHERXWRQ&
&'$8;
/HPHQX&
&'DXGLRRX0
03DXGLRHVW
RXYHUWHWODOHFWXUHGX&'FRPPHQFH
6HORQOHVGRQQÚHVFRQWHQXHVVXUOH
&'DXGLRRXOH&'03GLIIÚUHQWHV
LQIRUPDWLRQVFRQFHUQDQWOH&'HWOD
SODJHVHURQWDIILFKÚHVÑO
ÚFUDQ
6LOHPHQX&
&'DXGLRRX0
03DXGLR
Q
DSSDUDßWSDVDSUÙVDYRLUSDVDSಢ
SX\ÚVXUOHERXWRQ&
&'$8;XQ&'
GHQDYLJDWLRQHVWWRXMRXUVSUÚVHQW
GDQVOHOHFWHXU$SSX\HUVXUOHERXWRQ
GSRXUÚMHFWHUOH&'
6ÚOHFWLRQG
XQHSODJH
7RXUQHUOHERXWRQ0
0(18SRXUDIILಢ
FKHUXQHOLVWHGHWRXWHVOHVSODJHVVXU
OH&'/DSODJHOXHDFWXHOOHPHQWHVW
SUÚVÚOHFWLRQQÚH
6ÚOHFWLRQQHUODSODJHVRXKDLWÚH
3DVVDJHÑODSODJHVXLYDQWHRX
SUÚFÚGHQWH
$SSX\HUEULÙYHPHQWVXUOHERXWRQ
WRXYXQHRXSOXVLHXUVIRLV
5HFKHUFKHGHSODJHYHUVO
DYDQWRX
YHUVO
DUULÙUH
$SSX\HUEULÙYHPHQWVXUOHERXWRQ
WRXYSXLVDSSX\HUÑQRXYHDXVXU
OHERXWRQWRXYHQOHWHQDQWHQಢ
IRQFÚMXVTX
ÑDIILFKHUODSODJHGÚVLಢ
UÚH
$YDQFHRXUHWRXUUDSLGH
$SSX\HUVXUOHERXWRQWRXYHWOH
WHQLUHQIRQFÚSRXUXQHDYDQFHRXXQ
UHWRXUUDSLGHGDQVODSODJHDFWXHOOH
6ÚOHFWLRQGHVSODJHVÑO
DLGHGXPHQX
&'DXGLRRX03
'XUDQWODOHFWXUHG
XQ&'DXGLR
,QIRWDLQPHQW6\VWHP
$SSX\HUVXUOHERXWRQ0
0(18SRXU
RXYULUOHPHQX&'DXGLR
3RXUMRXHUWRXWHVOHVSODJHVHQRUGUH
DOÚDWRLUHUÚJOHU6
6ÚOHFWLRQDOÚDWRLUH
5'0VXU0
0DU
3RXUVÚOHFWLRQQHUXQHSODJHVXUOH&'
DXGLRVÚOHFWLRQQHU/
/LVWH7LWUHVSXLV
VÚOHFWLRQQHUODSODJHGÚVLUÚH
'XUDQWODOHFWXUH03
$SSX\HUVXUOHERXWRQ0
0(18SRXU
RXYULUOHPHQX03
3RXUMRXHUWRXWHVOHVSODJHVHQRUGUH
DOÚDWRLUHUÚJOHU6
6ÚOHFWLRQDOÚDWRLUH
5'0VXU0
0DU
3RXUVÚOHFWLRQQHUXQHSODJHGDQVXQ
GRVVLHURXXQHOLVWHGHOHFWXUHVLGLVಢ
SRQLEOHVÚOHFWLRQQHU'
'RVVLHUVRX
3OD\OLVWHV
6ÚOHFWLRQQHUXQGRVVLHURXXQHOLVWH
GHOHFWXUHSXLVVÚOHFWLRQQHUODSODJH
GÚVLUÚH
6ÚOHFWLRQQHU5
5HFKHUFKHSRXURXYULU
XQPHQXFRQWHQDQWGHVRSWLRQVVXSಢ
SOÚPHQWDLUHVGHUHFKHUFKHHWGHVÚಢ
OHFWLRQGHSODJH
6ÚOHFWLRQQHUXQHRSWLRQGHUHFKHUFKH
SXLVVÚOHFWLRQQHUODSODJHGÚVLUÚH
6HORQOHQRPEUHGHSODJHVVDXYHJDUಢ
GÚHVODUHFKHUFKHSHXWSUHQGUHSOXಢ
VLHXUVPLQXWHV
'ÚPDUUDJHGXOHFWHXU&'
$SSX\HUVXUOHERXWRQ&
&'$8;SRXU
RXYULUOHPHQX&'RX03
ºMHFWLRQG
XQ&'
$SSX\HUVXUOHERXWRQG
/H&'HVWÚMHFWÚGHODIHQWHSRXU&'
6LOH&'Q
HVWSDVUHWLUÚDSUÙVÚMHFಢ
WLRQLOUHQWUHDXWRPDWLTXHPHQWDSUÙV
TXHOTXHVVHFRQGHV
&'&'
,QIRWDLQPHQW6\VWHP
6LXQ&'VHWURXYHGDQVOHOHFWHXUOD
OHFWXUHGX&'HVWODQFÚH
6HORQOHVGRQQÚHVFRQWHQXHVVXUOH
&'DXGLRRXOH&'03GLIIÚUHQWHV
LQIRUPDWLRQVFRQFHUQDQWOH&'HWOD
SODJHVHURQWDIILFKÚHVÑO
ÚFUDQ
,QVHUWLRQG
XQ&'
,QVÚUHUXQ&'IDFHLPSULPÚHYHUVOH
KDXWGDQVODIHQWHMXVTX
ÑFHTX
LOVRLW
HVFDPRWÚ
&KDQJHPHQWGHODYXHVWDQGDUGGH
SDJH
&'XQLTXHPHQW
'XUDQWODOHFWXUHG
XQ&'DXGLRRX
03DSSX\HUVXUOHERXWRQ0
0(18
SXLVVÚOHFWLRQQHU$
$IILFKDJHSDJH&'
SDUGÚIDXWRX$
$IILFKSDJH03
GÚIDXW
6ÚOHFWLRQQH]O
RSWLRQVRXKDLWÚH
&KDQJHPHQWGXQLYHDXGHGRVVLHU
&'XQLTXHPHQWOHFWXUH03
$SSX\HUVXUOHERXWRQJRXHSRXU
SDVVHUDXQLYHDXGHGRVVLHUVXSÚಢ
ULHXURXLQIÚULHXU
3DVVDJHÑODSODJHVXLYDQWHRX
SUÚFÚGHQWH
$SSX\HUEULÙYHPHQWVXUOHERXWRQ
WRXY
$YDQFHRXUHWRXUUDSLGH
$SSX\HUVXUOHERXWRQWRXYHWOH
WHQLUHQIRQFÚSRXUXQHDYDQFHRXXQ
UHWRXUUDSLGHGDQVODSODJHDFWXHOOH
3RXUMRXHUWRXWHVOHVSODJHVHQRUGUH
DOÚDWRLUHUÚJOHU&
&KDQVRQVDX
KDVDUGVXU0
0DU
3RXUVÚOHFWLRQQHUXQHSODJHVXUOH&'
DXGLRVÚOHFWLRQQHU/
/LVWHGHSLVWHV
SXLVVÚOHFWLRQQHUODSODJHGÚVLUÚH
'XUDQWODOHFWXUH03
6ÚOHFWLRQGHVSODJHVÑO
DLGHGXPHQX
&'DXGLRRX03
'XUDQWODOHFWXUHG
XQ&'DXGLR
$SSX\HUVXUOHERXWRQ0
0(18SRXU
RXYULUOHPHQX&'DXGLR
$SSX\HUVXUOHERXWRQ0
0(18SRXU
RXYULUOHPHQX03
3RXUMRXHUWRXWHVOHVSODJHVHQRUGUH
DOÚDWRLUHUÚJOHU&
&KDQVRQVDX
KDVDUGVXU0
0DU
,QIRWDLQPHQW6\VWHP
3RXUVÚOHFWLRQQHUXQHSODJHGDQVXQ
GRVVLHURXXQHOLVWHGHOHFWXUHVLGLVಢ
SRQLEOHVÚOHFWLRQQHU/
/LVWHGH
OHFWXUHGRVVLHUV
6ÚOHFWLRQQHUXQGRVVLHURXXQHOLVWH
GHOHFWXUHSXLVVÚOHFWLRQQHUODSODJH
GÚVLUÚH
5HPDUTXH
6LXQ&'FRQWLHQWÑODIRLVGHVGRQಢ
QÚHVDXGLRHW03OHVGRQQÚHVDXಢ
GLRSHXYHQWÛWUHVÚOHFWLRQQÚHVGDQV
/LVWHGHOHFWXUHGRVVLHUV
3RXURXYULUXQPHQXG
RSWLRQVVXSಢ
SOÚPHQWDLUHVGHUHFKHUFKHHWGHVÚಢ
OHFWLRQGHSODJHVÚOHFWLRQQHU
5HFKHUFKH/HVRSWLRQVGLVSRQLEOHV
YDULHQWVHORQOHVGRQQÚHVFRQWHQXHV
VXUOH&'03
/DUHFKHUFKHVXUOH&'03SHXW
SUHQGUHSOXVLHXUVPLQXWHV3HQGDQW
FHWHPSVODGHUQLÙUHVWDWLRQUÚJOÚH
HVWÚFRXWÚH
ºMHFWLRQG
XQ&'
$SSX\HUVXUOHERXWRQG
/H&'HVWÚMHFWÚGHODIHQWHSRXU&'
6LOH&'Q
HVWSDVUHWLUÚDSUÙVÚMHFಢ
WLRQLOUHQWUHDXWRPDWLTXHPHQWDSUÙV
TXHOTXHVVHFRQGHV
(QWUÚH$8;
5HPDUTXHVJÚQÚUDOHV
8QHSULVH$8;SRXUODFRQQH[LRQGH
VRXUFHVDXGLRH[WHUQHVVHWURXYH
VRXVOHFRXYHUFOHGHODFRQVROHFHQಢ
WUDOH
1DYL
&'&'
,QIRWDLQPHQW6\VWHP
)RQFWLRQQHPHQW
&'&'
1DYL
5HPDUTXH
/DSULVHGRLWWRXMRXUVUHVWHUSURSUH
HWVÙFKH
,OHVWSRVVLEOHSDUH[HPSOHGHFRQಢ
QHFWHUXQOHFWHXU&'SRUWDEOHÑO
HQಢ
WUÚH$8;ÑO
DLGHG
XQHSULVHIHPHOOH
GHPP
$SSX\HUXQHRXSOXVLHXUVIRLVVXUOH
ERXWRQ&
&'$8;SRXUDFWLYHUOHPRGH
$8;
8QHVRXUFHDXGLRFRQQHFWÚHÑO
HQಢ
WUÚH$8;QHSHXWÛWUHFRPPDQGÚH
TXHSDUOHVFRPPDQGHVGHODVRXUFH
DXGLR
$SSX\HUXQHRXSOXVLHXUVIRLVVXUOH
ERXWRQ&
&'$8;SRXUDFWLYHUOHPRGH
$8;
8QHVRXUFHDXGLRFRQQHFWÚHÑO
HQಢ
WUÚH$8;QHSHXWÛWUHFRPPDQGÚH
TXHSDUOHVFRPPDQGHVGHODVRXUFH
DXGLR
,QIRWDLQPHQW6\VWHP
3RUW86%
5HPDUTXHVJÚQÚUDOHV
1DYL
5HPDUTXH
$YDQWGHUHSOLHUOHFRXYHUFOHVXUOD
FRQVROHFHQWUDOHYHXLOOH]YÚULILHU
TXHODFOÚ86%QHSHXWSDVÛWUHHQಢ
GRPPDJÚH
8QOHFWHXU03XQHFOÚ86%RXXQ
L3RGSHXWÛWUHFRQQHFWÚDXSRUW86%
&HVDSSDUHLOVVRQWFRPPDQGÚVSDU
OHVFRPPDQGHVHWPHQXVGHO
,QIRಢ
WDLQPHQW6\VWHP
5HPDUTXH
&HUWDLQVPRGÙOHVGHOHFWHXU03
FOÚ86%HWL3RGQHVRQWSDVVXSಢ
SRUWÚVSDUO
,QIRWDLQPHQW6\VWHP
8QHSULVH86%SRXUODFRQQH[LRQGH
VRXUFHVDXGLRH[WHUQHVVHWURXYH
VRXVOHFRXYHUFOHGHODFRQVROHFHQಢ
WUDOH
5HPDUTXH
/DSULVHGRLWWRXMRXUVUHVWHUSURSUH
HWVÙFKH
,QIRUPDWLRQVLPSRUWDQWHV
/HFWHXU03HWOHFWHXUV86%
࿢ /HVOHFWHXUV03HW86%FRQQHFಢ
WÚVGRLYHQWÛWUHFRQIRUPHVÑOD
QRUPH86%06&86%0DVV6WRಢ
UDJH&ODVV
࿢ 6HXOVOHVOHFWHXUV03HW86%
G
XQHWDLOOHGHVHFWHXUVLQIÚULHXUH
RXÚJDOÑN%\WHVGDQVOHV\Vಢ
WÙPHGHILFKLHU)$7)$7VRQW
FRPSDWLEOHV
࿢ /HVGLVTXHVGXUVQHVRQWSDVFRPಢ
SDWLEOHV
࿢ /HVFRQFHQWUDWHXUV86%QHVRQW
SDVFRPSDWLEOHV
࿢ /HVUHVWULFWLRQVVXLYDQWHVV
DSSOLಢ
TXHQWDX[GRQQÚHVVWRFNÚHVVXUXQ
OHFWHXU03RXXQDSSDUHLO86%
1RPEUHPD[LPDOGHQLYHDX[GDQV
ODVWUXFWXUHGHGRVVLHUV
1RPEUHPD[LPDOGHILFKLHUV03
:0$SRXYDQWÛWUHVDXYHJDUGÚV
/HVILFKLHUVDYHFJHVWLRQGHVGURLWV
QXPÚULTXHV*'1DFKHWÚVHQOLಢ
JQHQHSHXYHQWÛWUHOXV
/HVILFKLHUV:0$QHSHXYHQWÛWUH
OXVHQWRXWHVÚFXULWÚTXHVLLOVRQW
ÚWÚFUÚÚVDYHF:LQGRZV0HGLD
3OD\HUYHUVLRQRXXOWÚULHXUH
([WHQVLRQVGHOLVWHGHOHFWXUHFRPಢ
SDWLEOHVPXSOV
/HVÚOÚPHQWVGHOLVWHGHOHFWXUH
GRLYHQWÛWUHVRXVIRUPHGHFKHPLQ
G
DFFÙVUHODWLI
/HVDWWULEXWVV\VWÙPHSRXUOHVGRVಢ
VLHUVILFKLHUVFRQWHQDQWGHVGRQಢ
QÚHVDXGLRQHGRLYHQWSDVÛWUHILಢ
[ÚV
,QIRWDLQPHQW6\VWHP
&'
8QHSULVH86%SRXUODFRQQH[LRQGH
VRXUFHVDXGLRH[WHUQHVVHWURXYH
VRXVOHFRXYHUFOHGHODFRQVROHFHQಢ
WUDOH
5HPDUTXH
/DSULVHGRLWWRXMRXUVUHVWHUSURSUH
HWVÙFKH
5HPDUTXH
1HSDVLQWURGXLUHXQOHFWHXU86%
GRQWODORQJXHXUGÚSDVVHPP8Q
DSSDUHLOGHWDLOOHVXSÚULHXUHSRXUUDLW
ÛWUHHQGRPPDJÚTXDQGO
DFFRXGRLU
HVWUDEDWWX
/HVDSSDUHLOVVXLYDQWVSHXYHQWÛWUH
FRQQHFWÚVDXSRUW86%
࿢ L3RG
࿢ =XQH
࿢ $SSDUHLO3OD\V)RU6XUH3)'
࿢ /HFWHXU86%
&HVDSSDUHLOVVRQWFRPPDQGÚVSDU
OHVFRPPDQGHVHWPHQXVGHO
,QIRಢ
WDLQPHQW6\VWHP
(FRXWHUXQHVRXUFHDXGLR
1DYL
/HFWHXU03OHFWHXUV86%
5HPDUTXH
/
,QIRWDLQPHQW6\VWHPQ
HVWSDV
FRPSDWLEOHDYHFO
HQVHPEOHGHVPRಢ
GÙOHVGHOHFWHXUL3RG=XQHRX86%
$SSX\HUXQHRXSOXVLHXUVIRLVVXUOH
ERXWRQ&
&'$8;SRXUDFWLYHUOHPRGH
DXGLR86%
/DOHFWXUHGHVGRQQÚHVDXGLRVWRFಢ
NÚHVVXUOHOHFWHXU86%HVWODQFÚH
/HIRQFWLRQQHPHQWGHVVRXUFHVFRQಢ
QHFWÚHVYLDOHSRUW86%HVWOHPÛPH
TXHFHOXLG
XQ&'DXGLR03:0$
,QIRWDLQPHQW6\VWHP
L3RG
)RQFWLRQVL3RG
&'
$SSX\HUXQHRXSOXVLHXUVIRLVVXUOH
ERXWRQ&
&'$8;SRXUDFWLYHUOHPRGH
DXGLRL3RG
/DOHFWXUHGHVGRQQÚHVDXGLRVWRFಢ
NÚHVVXUO
L3RGHVWODQFÚH
/HIRQFWLRQQHPHQWG
XQL3RGFRQಢ
QHFWÚYLDOHSRUW86%HVWHVVHQWLHOOHಢ
PHQWOHPÛPHTXHFHOXLG
XQ&'DXಢ
GLR03:0$
6HXOVOHVDVSHFWVGHO
XWLOLVDWLRQTXL
VRQWGLIIÚUHQWVVRQWGÚFULWVFLGHVಢ
VRXV
6HORQOHVGRQQÚHVVDXYHJDUGÚHVLO
H[LVWHGLIIÚUHQWHVRSWLRQVSRXUODVÚಢ
OHFWLRQHWODOHFWXUHGHVSODJHV
$SSX\HUVXUOHERXWRQ0
0(18SXLVVÚಢ
OHFWLRQQHU5
5HFKHUFKHSRXUDIILFKHU
OHVRSWLRQVGLVSRQLEOHV
/DUHFKHUFKHVXUO
DSSDUHLOSHXWSUHQಢ
GUHSOXVLHXUVVHFRQGHV
$SSX\HUXQHRXSOXVLHXUVIRLVVXUOH
ERXWRQ&
&'$8;SRXUDFWLYHUOHPRGH
86%
/DOHFWXUHGHVGRQQÚHVDXGLRVWRFಢ
NÚHVVXUOHOHFWHXU86%HVWODQFÚH
/HIRQFWLRQQHPHQWGHVVRXUFHVFRQಢ
QHFWÚHVYLDOHSRUW86%HVWSULQFLSDಢ
OHPHQWOHPÛPHTXHFHOXLG
XQ&'
DXGLR03
6HXOVOHVDVSHFWVGHO
XWLOLVDWLRQTXL
VRQWGLIIÚUHQWVVRQWGÚFULWVFLGHVಢ
VRXV
,QIRWDLQPHQW6\VWHP
/DGHVFULSWLRQGXIRQFWLRQQHPHQWHW
GHVÚFUDQVQHFRQFHUQHQWTXHOHVOHFಢ
WHXUV86%/
XWLOLVDWLRQGHVDXWUHVDSಢ
SDUHLOVFRPPHO
L3RGRX=XQHHVWHVಢ
VHQWLHOOHPHQWOHPÛPH
6ÚOHFWLRQGHSODJHVÑO
DLGHGXPHQX
86%
/DUHFKHUFKHVXUO
DSSDUHLO86%SHXW
SUHQGUHSOXVLHXUVPLQXWHV3HQGDQW
FHWHPSVODGHUQLÙUHVWDWLRQUÚJOÚH
HVWÚFRXWÚH
3RXUMRXHUWRXWHVOHVSODJHVHQRUGUH
DOÚDWRLUHUÚJOHU--RXHUPRUFHDX[DX
KDVDUGVXU0
0DU
3RXUUÚSÚWHUODSODJHOXHDFWXHOOHಢ
PHQWUÚJOHU5
5ÚSÚWHUVXU0
0DU
0XVLTXH%OXHWRRWK
5HPDUTXHVJÚQÚUDOHV
&'DYHF3',0%OXHWRRWKXQLಢ
TXHPHQW
/HVVRXUFHVDXGLR%OXHWRRWKSH[
OHVWÚOÚSKRQHVEDODGHXUVOHFWHXUV
03%OXHWRRWKUHVSHFWDQWOHSURಢ
WRFROHGHPXVLTXH%OXHWRRWK$'3
SHXYHQWÛWUHFRQQHFWÚVVDQVILOÑO
,Qಢ
IRWDLQPHQW6\VWHP
,QIRUPDWLRQVLPSRUWDQWHV
$SSX\HUVXUOHERXWRQ0
0(18SRXU
RXYULUOHPHQX86%
3RXUOLUHWRXWHVOHVSODJHVÑODVXLWH
VÚOHFWLRQQHU/
/LUHWRXW
3RXUDIILFKHUXQPHQXG
RSWLRQVVXSಢ
SOÚPHQWDLUHVGHUHFKHUFKHHWGHVÚಢ
OHFWLRQGHSODJHVÚOHFWLRQQHU
5HFKHUFKH
࿢ $YDQWGHSRXYRLUFRQQHFWHUXQDSಢ
SDUHLO%OXHWRRWKÑO
,QIRWDLQPHQW
6\VWHPLOGRLWG
DERUGÛWUHFRXSOÚ
DXV\VWÙPH
࿢ /
,QIRWDLQPHQW6\VWHPFRQQHFWH
XQLTXHPHQWGHVDSSDUHLOV
%OXHWRRWKFRPSDWLEOHV$'3$Gಢ
YDQFHG$XGLR'LVWULEXWLRQ3URILOH
YHUVLRQRXXOWÚULHXUH
࿢ /
DSSDUHLO%OXHWRRWKGRLWÛWUHFRPಢ
SDWLEOHDYHFODYHUVLRQRXVXಢ
SÚULHXUHGHO
$95&3$XGLR9LGHR
5HPRWH&RQWURO3URILOH6LO
DSSDಢ
UHLOQ
HVWSDVFRPSDWLEOH$95&3
,QIRWDLQPHQW6\VWHP
VHXOOHYROXPHSHXWÛWUHFRPPDQGÚ
SDUOHELDLVGHO
,QIRWDLQPHQW6\Vಢ
WHP
࿢ $YDQWGHFRQQHFWHUO
DSSDUHLO
%OXHWRRWKÑO
,QIRWDLQPHQW6\VWHP
LOIDXWELHQFRQQDßWUHOHVIRQFWLRQV
%OXHWRRWKGÚFULWHVGDQVVRQPDಢ
QXHOG
XWLOLVDWLRQ
&RQILJXUDWLRQGHOD
PXVLTXH%OXHWRRWK
/HPHQX&
&RQILJXUDWLRQGHODPXVLTXH
%OXHWRRWKSHUPHWOHFRXSODJHHWOD
FRQQH[LRQG
DSSDUHLOV%OXHWRRWK
ÑO
,QIRWDLQPHQW6\VWHP
$FWLYDWLRQGXPHQX
&RQILJXUDWLRQGHODPXVLTXH
%OXHWRRWK
$SSX\HUXQHRXSOXVLHXUVIRLVVXUOD
WRXFKH&
&'$8;SRXUDFWLYHUOHPRGH
$8;86%RX%OXHWRRWK
$SSX\HUVXUOHERXWRQURWDWLI0
0(18
SXLVVÚOHFWLRQQHU&
&RQILJXUDWLRQGH
%OXHWRRWK
&RXSODJHG
XQDSSDUHLO%OXHWRRWK
,QIRUPDWLRQVLPSRUWDQWHV
࿢ /DSURFÚGXUHGHFRXSODJHHVWGÚVಢ
DFWLYÚHVLOHYÚKLFXOHHVWHQPRXಢ
YHPHQW
࿢ -XVTX
ÑFLQTDSSDUHLOVSHXYHQWÛWUH
FRXSOÚVDXV\VWÙPH
࿢ /
,QIRWDLQPHQW6\VWHPFRQQHFWH
DXWRPDWLTXHPHQWOHSUHPLHUDSSDಢ
UHLOPHQWLRQQÚGDQVODOLVWHGHVDSಢ
SDUHLOVDFWXHOOHPHQWFRXSOÚV
࿢ 8QVHXODSSDUHLOFRXSOÚÑODIRLV
SHXWÛWUHFRQQHFWÚÑO
,QIRWDLQPHQW
6\VWHP
࿢ /HFRXSODJHQHGRLWQRUPDOHPHQW
ÛWUHHIIHFWXÚTX
XQHVHXOHIRLVVDXI
VLOHVLQIRUPDWLRQVGHFRXSODJHRQW
ÚWÚPRGLILÚHVRXVLO
DSSDUHLODÚWÚ
HIIDFÚ
&RXSODJH
6ÚOHFWLRQQHU&
&RQQH[LRQDXQRXYHO
DSSDUHLO
/
,QIRWDLQPHQW6\VWHPSRVHXQHVÚULH
GHTXHVWLRQSRXUGÚWHUPLQHUTXHO
W\SHG
DSSDUHLO%OXHWRRWKHVWHQWUDLQ
G
ÛWUHFRXSOÚ
8QHIRLVODGÚILQLWLRQHIIHFWXÚH
O
DSSDUHLO%OXHWRRWKGRLWÛWUHPLVHQ
PRGHGHVFUXWDWLRQYRLUOHJXLGHGH
O
XWLOLVDWHXUGHO
DSSDUHLO%OXHWRRWK
&HUWDLQVDSSDUHLOV%OXHWRRWKSHXYHQW
QÚFHVVLWHUODVDLVLHG
XQFRGH3,1
SRXUHIIHFWXHUOHFRXSODJH/RFDOLVHU
O
DSSDUHLODSSHOÚ*
*0XVLF&RQQHFW
GDQVODOLVWHGHO
DSSDUHLO%OXHWRRWKHW
VXLYUHOHVLQVWUXFWLRQVGHO
DSSDUHLO
SRXUVDLVLUOHFRGH3,1IRXUQLSDUO
,Qಢ
IRWDLQPHQW6\VWHP
&RQQH[LRQG
XQDSSDUHLOFRXSOÚ
6ÚOHFWLRQQHU&
&KRLVLUDSSDUHLO
,QIRWDLQPHQW6\VWHP
8QHOLVWHGHWRXVOHVDSSDUHLOV
%OXHWRRWKDFWXHOOHPHQWFRXSOÚVÑO
,Qಢ
IRWDLQPHQW6\VWHPHVWDIILFKÚH
6ÚOHFWLRQQHUO
DSSDUHLOVRXKDLWÚ
/
DSSDUHLOHVWFRQQHFWÚÑO
,QIRWDLQಢ
PHQW6\VWHP
6LXQDXWUHDSSDUHLO%OXHWRRWKHVWDFಢ
WXHOOHPHQWFRQQHFWÚÑO
,QIRWDLQPHQW
6\VWHPFHWDSSDUHLOHVWGÚFRQQHFWÚ
GXV\VWÙPH
6XSSUHVVLRQG
XQDSSDUHLOFRXSOÚ
6ÚOHFWLRQQHU5
5HWUDLWDSSDUHLO
8QHOLVWHGHWRXVOHVDSSDUHLOV
%OXHWRRWKDFWXHOOHPHQWFRXSOÚVÑO
,Qಢ
IRWDLQPHQW6\VWHPHVWDIILFKÚH
6ÚOHFWLRQQHUO
DSSDUHLOVRXKDLWÚ
/
DSSDUHLOHVWVXSSULPÚGHODOLVWHGHV
DSSDUHLOVFRXSOÚV
0RGLILFDWLRQGXFRGH3,1SDUGÚIDXW
8WLOLVDWLRQ
6ÚOHFWLRQQHU0
0RGLILFDWLRQGX3,1SDU
GÚIDXW
6ÚOHFWLRQQHUXQGHVFRGHV3,1SUÚಢ
GÚILQLVRXVÚOHFWLRQQHU$
$XWUHSRXU
FUÚHUXQQRXYHDXFRGH3,1
3RXUFUÚHUXQQRXYHDXFRGH3,1
6ÚOHFWLRQQHU$
$XWUHSXLVODORQJXHXU
VRXKDLWÚHGXFRGH3,1
6ÚOHFWLRQQHUOHVFKLIIUHVGXFRGH3,1
VRXKDLWÚXQÑODIRLV
$SSX\HUXQHRXSOXVLHXUVIRLVVXUOH
ERXWRQ&
&'$8;SRXUDFWLYHUOHPRGH
%OXHWRRWK
/HSUHPLHUDSSDUHLOGDQVODOLVWHGHV
DSSDUHLOV%OXHWRRWKDFWXHOOHPHQW
FRXSOÚVHVWDXWRPDWLTXHPHQW
FRQQHFWÚV
LOHVWSUÚVHQWÑO
,QIRWDLQಢ
PHQW6\VWHP
3RXUFRQQHFWHUXQDXWUHDSSDUHLO
%OXHWRRWKFRXSOÚ
,QIRWDLQPHQW6\VWHP
'ÚPDUUDJHGHODOHFWXUHGHV
SODJHV
6HORQO
DSSDUHLO%OXHWRRWKFRQQHFWÚ
࿢ ODOHFWXUHGHODPXVLTXHGÚEXWHDXಢ
WRPDWLTXHPHQWRX
࿢ ODOHFWXUHGHODPXVLTXHGRLWÛWUH
ODQFÚHYLDOHVFRPPDQGHVGH
O
DSSDUHLO%OXHWRRWK
/DOHFWXUHGHVGRQQÚHVPXVLFDOHVGH
O
DSSDUHLO%OXHWRRWKSHXWPDLQWHQDQW
ÛWUHFRPPDQGÚHSDUO
,QIRWDLQPHQW
6\VWHPYLDOHVERXWRQVWYHW
U
3DVVHUÑODSODJHVXLYDQWHRX
SUÚFÚGHQWH
$SSX\HUEULÙYHPHQWVXUOHERXWRQ
WRXY
$YDQFHRXUHWRXUUDSLGH
$SSX\HUVXUOHERXWRQWRXYHWOH
WHQLUHQIRQFÚSRXUXQHDYDQFHRXXQ
UHWRXUUDSLGHGDQVODSODJHDFWXHOOH
3DXVHGHODOHFWXUH
$SSX\HUVXUOHERXWRQU
3RXUUHGÚPDUUHUODOHFWXUHDSSX\HU
ÑQRXYHDXVXUOHERXWRQU
1DYLJDWLRQ
5HPDUTXHVJÚQÚUDOHV
/HV\VWÙPHGHQDYLJDWLRQYRXVJXLGH
HQWRXWHILDELOLWÚYHUVYRWUHGHVWLQDWLRQ
VDQVGHYRLUOLUHGHVFDUWHVHWVDQVGHಢ
YRLUFRQQDßWUHOD]RQHDXSUÚDODEOH
/HVSUREOÙPHVGHFLUFXODWLRQVRQWSULV
HQFRPSWHGDQVOHFDOFXOGHO
LWLQÚUDLUH
VLOHJXLGDJHG\QDPLTXHG
LWLQÚUDLUH
HVWHPSOR\Ú±FHWHIIHWO
,QIRWDLQಢ
PHQW6\VWHPUHØRLWGHVDQQRQFHVGH
FLUFXODWLRQGDQVOD]RQHDFWXHOOHGH
UÚFHSWLRQYLDOHV\VWÙPH5'670&
/HV\VWÙPHGHQDYLJDWLRQQHSHXW
WRXWHIRLVSDVSUHQGUHHQFRPSWHOHV
PRGLILFDWLRQVVDQVDYLVSUÚDODEOHGX
FRGHGHODURXWHHWOHVSUREOÙPHVVXUಢ
YHQDQWVRXGDLQHPHQWWUDYDX[URXಢ
WLHUVSDUH[HPSOH
,QIRWDLQPHQW6\VWHP
$YHUWLVVHPHQW
/
XWLOLVDWLRQGXV\VWÙPHGHQDYLJDಢ
WLRQQHGLVSHQVHSDVOHFRQGXFಢ
WHXUGHVDUHVSRQVDELOLWÚG
DGRSWHU
XQHDWWLWXGHDGÚTXDWHHWYLJLODQWH
GDQVOHWUDILF/HVUÙJOHVGH
FLUFXODWLRQDSSOLFDEOHVGRLYHQW
WRXMRXUVÛWUHVXLYLHV6LXQHLQGLಢ
FDWLRQGHQDYLJDWLRQFRQWUHYLHQW
DX[UÙJOHVGHFLUFXODWLRQFHVGHUಢ
QLÙUHVVRQWWRXMRXUVG
DSSOLFDWLRQ
)RQFWLRQQHPHQWGXV\VWÙPHGH
QDYLJDWLRQ
/DSRVLWLRQHWOHPRXYHPHQWGX
YÚKLFXOHVRQWGÚWHFWÚVSDUOHV\VWÙPH
GHQDYLJDWLRQÑO
DLGHGHFDSWHXUV/D
GLVWDQFHSDUFRXUXHHVWGÚWHUPLQÚH
SDUOHVLJQDOGXFRPSWHXUGHYLWHVVH
GXYÚKLFXOH/HPRXYHPHQWHVWGÚಢ
WHFWÚGDQVOHVYLUDJHVSDUXQFDSWHXU
J\URVFRSLTXH/DSRVLWLRQHVWGÚWHUಢ
PLQÚHÑO
DLGHGXV\VWÙPH*36*ORಢ
EDO3RVLWLRQLQJ6\VWHP
(QFRPSDUDQWOHVVLJQDX[GHVFDSಢ
WHXUVDYHFODFDUWH6'FDUWRJUDSKLಢ
TXHLOHVWSRVVLEOHGHGÚWHUPLQHUOD
SRVLWLRQDYHFXQHSUÚFLVLRQG
HQYLURQ
P
/HV\VWÙPHIRQFWLRQQHÚJDOHPHQW
ORUVTXHODUÚFHSWLRQ*36HVWPDXಢ
YDLVHPDLVODSUÚFLVLRQGXSRVLWLRQQHಢ
PHQWHVWWRXWHIRLVUÚGXLWH
$SUÙVDYRLULQGLTXÚO
DGUHVVHGHOD
GHVWLQDWLRQRXGXSRLQWG
LQWÚUÛWVWDಢ
WLRQVHUYLFHKåWHOHWFOHSOXVSURಢ
FKHO
LWLQÚUDLUHHQWUHODSRVLWLRQDFಢ
WXHOOHHWODGHVWLQDWLRQHVWFDOFXOÚ
/HJXLGDJHG
LWLQÚUDLUHHVWDVVXUÚSDU
LQGLFDWLRQYRFDOHHWSDUXQHIOÙFKH
DLQVLTX
ÑO
DLGHG
XQÚFUDQFRXOHXU
6\VWÙPHG
LQIRUPDWLRQVGH
FLUFXODWLRQ70&HWJXLGDJH
G\QDPLTXHG
LWLQÚUDLUH
/HV\VWÙPHG
LQIRUPDWLRQVGHFLUFXODಢ
WLRQ70&UHØRLWWRXWHVOHVLQIRUPDಢ
WLRQVGHFLUFXODWLRQGHVVWDWLRQVGHUDಢ
GLR70&6LOHJXLGDJHG\QDPLTXH
G
LWLQÚUDLUHHVWDFWLIFHVLQIRUPDWLRQV
VRQWLQFOXVHVDXFDOFXOGHO
LWLQÚUDLUH
'XUDQWFHSURFHVVXVO
LWLQÚUDLUHHVW
GÚWHUPLQÚGHIDØRQÑÚYLWHUOHVSURಢ
EOÙPHVGHFLUFXODWLRQVÚOHFWLRQQÚV
VHORQGHVFULWÙUHVSUÚGÚILQLV
(QFDVGHSUREOÙPHGHFLUFXODWLRQGXಢ
UDQWXQJXLGDJHG
LWLQÚUDLUHHQIRQFಢ
WLRQGHVUÚJODJHVXQPHVVDJHDSSDಢ
UDßWGHPDQGDQWVLO
LWLQÚUDLUHGRLWÛWUH
PRGLILÚ
/HVLQIRUPDWLRQVGHFLUFXODWLRQ70&
VRQWDIILFKÚHVÑO
ÚFUDQGHJXLGDJH
G
LWLQÚUDLUHVRXVIRUPHGHV\PEROHV
RXGHWH[WHGDQVOHPHQX0
0HVVDJHV
70&
3RXUSRXYRLUXWLOLVHUOHVLQIRUPDWLRQV
GHFLUFXODWLRQ70&OHV\VWÙPHGRLW
UHFHYRLUOHVVWDWLRQV70&GDQVODUÚಢ
JLRQFRQFHUQÚH
/HJXLGDJHG\QDPLTXHG
LWLQÚUDLUHQH
IRQFWLRQQHTXHVLGHVLQIRUPDWLRQV
FRQFHUQDQWODFLUFXODWLRQVRQWUHØXHV
YLDOHV\VWÙPH70&
/DIRQFWLRQGHJXLGDJHG
LWLQÚUDLUHG\ಢ
QDPLTXHSHXWGÚVDFWLYÚHGDQVOH
PHQX2
2SWLRQVGHQDYLJDWLRQYRLUOH
FKDSLWUHœ*XLGDJH¬
,QIRWDLQPHQW6\VWHP
'RQQÚHVFDUWRJUDSKLTXHV
7RXWHVOHVGRQQÚHVFDUWRJUDSKLTXHV
QÚFHVVDLUHVVRQWHQUHJLVWUÚHVVXU
XQHFDUWH6'DYHFO
,QIRWDLQPHQW6\Vಢ
WHP
'HVGHVFULSWLRQVGÚWDLOOÚHVVXUODPDಢ
QXWHQWLRQHWOHUHPSODFHPHQWGHOD
FDUWH6'FDUWRJUDSKLTXHYRLUOHFKDಢ
SLWUHœ&DUWHV¬
)RQFWLRQQHPHQW
&RPPDQGHV
/HVÚOÚPHQWVGHFRPPDQGHVSÚFLILಢ
TXHVÑODQDYLJDWLRQOHVSOXVLPSRUಢ
WDQWVVRQWOHVVXLYDQWV
%RXWRQ1
1$9DFWLYHODQDYLJDWLRQDIಢ
ILFKHODSRVLWLRQDFWXHOOHVLOHJXLGDJH
G
LWLQÚUDLUHHVWLQDFWLIDIILFKHO
LWLQÚಢ
UDLUHFDOFXOÚVLOHJXLGDJHG
LWLQÚUDLUH
HVWDFWLIDOWHUQHO
DIILFKDJHVXUFDUWH
FRPSOÙWHO
DIILFKDJHGHIOÙFKHVLOH
JXLGDJHG
LWLQÚUDLUHHVWDFWLIHWO
DIILಢ
FKDJHHQÚFUDQSDUWDJÚYRLUœLQIRUಢ
PDWLRQVFRQFHUQDQWO
DIILFKDJH¬FL
GHVVRXV
7RXFKH'
'(67RXYULUOHPHQXRIIUDQW
OHVSRVVLELOLWÚVGHVDLVLHGHGHVWLQDಢ
WLRQ
&RPPXWDWHXUÑKXLWSRVLWLRQVIDLW
JOLVVHUOD]RQHGHFDUWHDIILFKÚH3RXU
VÚOHFWLRQQHUXQHGHVWLQDWLRQDSಢ
SX\H]GDQVOHVGLUHFWLRQVDGÚTXDWHV
SRXUDPHQHUODFURL[VXUXQHGHVWLQDಢ
WLRQGHODFDUWH
7RXFKH5
5371$9UÚSÚWHUODGHUಢ
QLÙUHDQQRQFHGHJXLGDJH
$FWLYDWLRQGXV\VWÙPHGH
QDYLJDWLRQ
$SSX\HUVXUOHERXWRQ1
1$9
/DFDUWHGHO
HPSODFHPHQWDFWXHOHVW
DIILFKÚHYRLUœLQIRUPDWLRQVFRQFHUಢ
QDQWO
DIILFKDJH¬FLGHVVRXV
0HVVDJHVGHJXLGDJH
G
LWLQÚUDLUH
2XWUHOHVLQVWUXFWLRQVYLVXHOOHVGHO
DIಢ
ILFKDJHYRLUœLQIRUPDWLRQVFRQFHUಢ
QDQWO
DIILFKDJH¬FLGHVVRXVOHV
PHVVDJHVGHJXLGDJHG
LWLQÚUDLUHVHಢ
URQWDQQRQFÚVORUVTXHOHJXLGDJH
G
LWLQÚUDLUHHVWDFWLI
3UÚUÚJODJHVGXYROXPHGHPHVVDJH
GHJXLGDJHG
LWLQÚUDLUHYRLUœ&RQILಢ
JXUDWLRQGXV\VWÙPHGHQDYLJDWLRQ¬
FLGHVVRXV
3RXUUÚJOHUOHYROXPHGHPHVVDJHV
GHJXLGDJHG
LWLQÚUDLUHORUVTX
LOVVRQW
DQQRQFÚVWRXUQHUOHERXWRQ;
3RXUUÚSÚWHUOHGHUQLHUPHVVDJHGH
JXLGDJHG
LWLQÚUDLUHDQQRQFÚDSಢ
SX\HUVXUOHERXWRQ5
5371$9
,QIRUPDWLRQVFRQFHUQDQW
O
DIILFKDJH
*XLGDJHG
LWLQÚUDLUHQRQDFWLI
,QIRWDLQPHQW6\VWHP
6LOHJXLGDJHG
LWLQÚUDLUHQ
HVWSDVDFಢ
WLIOHVLQIRUPDWLRQVVXLYDQWHVVRQWDIಢ
ILFKÚHV
࿢ (QKDXWKHXUHQRPGHUXHGHOD
SRVLWLRQDFWXHOOHWHPSÚUDWXUHH[WÚಢ
ULHXUH
࿢ $GUHVVHHWFRRUGRQQÚHVJÚRJUDಢ
SKLTXHVGHODSRVLWLRQDFWXHOOH
࿢ $IILFKDJHGHODFDUWHSRXUOD]RQH
DXWRXUGHODSRVLWLRQDFWXHOOH
࿢ 6XUODFDUWHSRVLWLRQDFWXHOOHPDUಢ
TXÚHSDUXQWULDQJOHURXJH
8QHERXVVROHLQGLTXHOHQRUG
(QO
DEVHQFHGHVLJQDO*36GLVSRಢ
QLEOHÑODSRVLWLRQDFWXHOOHXQV\Pಢ
EROH*36EDUUÚHVWDIILFKÚVRXVOD
ERXVVROH
/
ÚFKHOOHGHFDUWHDFWXHOOHPHQWVÚಢ
OHFWLRQQÚHSRXUFKDQJHUO
ÚFKHOOH
WRXUQHUOHERXWRQ0
0(18
*XLGDJHG
LWLQÚUDLUHDFWLI
6LOHJXLGDJHG
LWLQÚUDLUHHVWDFWLIOHV
LQIRUPDWLRQVVXLYDQWHVVRQWDIILFKÚHV
HQIRQFWLRQGHVUÚJODJHVDFWXHOV
2SWLRQVGHQDYLJDWLRQYRLUOHFKDSLWUH
œ*XLGDJH¬
,QIRUPDWLRQVHQKDXWGHO
ÚFUDQ
࿢ /
ÚORLJQHPHQWDXSURFKDLQFDUUHಢ
IRXU
࿢ /HVURXWHVSDUWDQWGHODUXHDFWXHOOH
ÑVXLYUH
࿢ (QGHVVRXVGHODIOÙFKHOHQRPGH
ODUXHDFWXHOOHÑVXLYUH
࿢ $XGHVVXVGHODIOÙFKHOHQRPGH
ODUXHÑVXLYUHDSUÙVOHSURFKDLQ
FDUUHIRXU
࿢ /RUVGHODFRQGXLWHVXUGHVDXWRಢ
URXWHV
࿢ +HXUH
࿢ 'LVWDQFHMXVTX
ÑODGHVWLQDWLRQILಢ
QDOH
࿢ +HXUHGಫDUULYÚHRXGXUÚHGXWUDMHW
࿢ 7HPSÚUDWXUHH[WÚULHXUH
,QIRUPDWLRQVFRQFHUQDQWO
DIILFKDJH
DYHFIOÙFKH
࿢ 8QHJURVVHIOÙFKHUHSUÚVHQWHODGLಢ
UHFWLRQÑVXLYUH
࿢ 8QHSHWLWHIOÙFKHUHSUÚVHQWHODGLVಢ
WDQFHMXVTX
ÑODSURFKDLQHUHFRPಢ
PDQGDWLRQ
/DGLUHFWLRQHWODGLVWDQFHMXVTX
ÑOD
SURFKDLQHVRUWLHG
DXWRURXWHTX
LO
IDXWVXLYUH
,QIRWDLQPHQW6\VWHP
/HVGLVWDQFHVMXVTX
DX[]RQHVGH
VHUYLFHSDUNLQJLQWHUVHFWLRQVHWRX
VRUWLHVG
DXWRURXWH
࿢ (QDUULYDQWÑXQHLQWHUVHFWLRQGHV
LQIRUPDWLRQVVXUODYRLHÑSUHQGUH
VRQWDIILFKÚHV
,QIRUPDWLRQVFRQFHUQDQWO
DIILFKDJH
GHFDUWH
6LO
RSWLRQ$
$VVLVWDQWGHYRLHVGH
FLUFXODWLRQHVWDFWLYÚHGDQVOHPHQX
$IILFKDJH*XLGDJHYRLUOHFKDSLWUH
œ*XLGDJH¬OHW\SHVXLಢ
YDQWG
LOOXVWUDWLRQHVWDIILFKÚ
/HVLQIRUPDWLRQVVXLYDQWHVVRQWDIILಢ
FKÚHVÑGURLWHGHO
ÚFUDQ
࿢ 8QHERXVVROHLQGLTXHOHQRUG
࿢ (QO
DEVHQFHGHVLJQDO*36YRLUOH
FKDSLWUHœ,QIRUPDWLRQVJÚQÚUDOHV¬
GLVSRQLEOHÑODSRVLWLRQDFಢ
WXHOOHXQV\PEROH*36EDUUÚHVW
DIILFKÚVRXVODERXVVROH
࿢ /
ÚFKHOOHGHFDUWHDFWXHOOHPHQWVÚಢ
OHFWLRQQÚHSRXUFKDQJHUO
ÚFKHOOH
WRXUQHUOHERXWRQ0
0(18
/HVLQIRUPDWLRQVVXLYDQWHVVRQWDIILಢ
FKÚHVVXUODFDUWH
࿢ /ಫLWLQÚUDLUHHVWUHSUÚVHQWÚSDUXQH
OLJQHEOHXH
࿢ /DSRVLWLRQDFWXHOOHHVWLQGLTXÚH
SDUXQWULDQJOHURXJH
࿢ /DGHVWLQDWLRQHVWLQGLTXÚHSDUXQ
GUDSHDXÑGDPLHU
࿢ 'LYHUVV\PEROHVYRLUOHFKDSLWUH
œ$SHUØXGHVV\PEROHV¬
LQGLTXHQWGHVDQQRQFHVVXUODFLUಢ
FXODWLRQHWGHVLQIRUPDWLRQVJÚQÚಢ
UDOHVRXELHQGHVGHVWLQDWLRQVVSÚಢ
FLDOHV
,QIRWDLQPHQW6\VWHP
&ULWÙUHVGHWUL
6ÚOHFWLRQQHUVLOHVDQQRQFHVVXUOH
WUDILFVRQWDIILFKÚHVGDQVO
RUGUH
G
ÚORLJQHPHQWFURLVVDQWRXVHORQOD
UXH
&RQILJXUDWLRQGXV\VWÙPHGH
QDYLJDWLRQ
$SSX\HUVXUOHERXWRQ&
&21),*HWVÚಢ
OHFWLRQQHU5
5ÚJODJHV1DYLJDWLRQSRXU
RXYULUXQPHQXDYHFOHVUÚJODJHV
VSÚFLILTXHVÑODQDYLJDWLRQ
0HVVDJHVG
DOHUWHPÛPHVLOH
JXLGDJHHVWLQDFWLI
2QGRLWVSÚFLILHUVLO
,QIRWDLQPHQW6\Vಢ
WHPGRLWGLIIXVHUOHVPHVVDJHVG
DYHUಢ
WLVVHPHQWPÛPHVLOHJXLGDJHG
LWLQÚಢ
UDLUHQ
HVWSDVDFWLI
5ÚJOH]OHVYDOHXUVVRXKDLWÚHVSRXU
$QQRQFHHW$
$UULÙUHSODQ
6ÚOHFWLRQQH]7
7HVWHUOHYROXPHSRXU
WHVWHUOHVUÚJODJHVDFWXHOV
9ROXPHQDYLJDWLRQ
,OVಫDJLWGXUÚJODJHGXYROXPHUHODWLI
HQWUHOHVDQQRQFHVGHQDYLJDWLRQ
$
$QQRQFHHWODVRXUFHDXGLR$
$UULÙUH
SODQTXDQGGHVPHVVDJHVGHQDYLಢ
JDWLRQVRQWGLIIXVÚV
5ÚJODJHV70&
6ÚOHFWLRQQH]7
7\SHVG
LQIRSRXURXYULU
XQVRXVPHQXSURSRVDQWGLIIÚUHQWHV
RSWLRQVDILQGHFKRLVLUVLOHVW\SHV
GಫLQIRUPDWLRQVGHWUDILFVRQWDIILFKÚV
VXUODFDUWHGHQDYLJDWLRQDFWLYHHWVL
RXLOHVTXHOV
$SUÙVVÚOHFWLRQGH3
3HUVRQQDOLVÚRQ
SHXWFKRLVLUOHVW\SHVG
LQIRUPDWLRQV
GHWUDILFTXLGRLYHQWÛWUHDIILFKÚV
6XSSULPHUOLVWHV
6ÚOHFWLRQQHUVLWRXVOHVÚOÚPHQWVGH
&DUQHWG
DGUHVVHVRX'
'HUQLÙUHV
GHVWLQDWLRQVGRLYHQWÛWUHHIIDFÚV
,QIRWDLQPHQW6\VWHP
,PSRUWHUGHVSRLQWVG
LQWÚUÛWV
LQGLYLGXHOV
8QLTXHPHQWDSSOLFDEOHVLXQHFOÚ
86%DYHFGHVGRQQÚHVGHSRLQWVG
LQಢ
WÚUÛWHQUHJLVWUÚV32,HVWFRQQHFWÚH
DXSRUW86%GHO
,QIRWDLQPHQW
6\VWHP
,PSRUWHUOHVGRQQÚHVGHSRLQWVG
LQಢ
WÚUÛWG
XQHFOÚ86%YRLUœ([SRUWHUHW
LPSRUWHUGHVGRQQÚHVGHSRLQWVG
LQಢ
WÚUÛW¬FLGHVVRXV
(IIDFHUWRXVOHVSRLQWVG
LQWÚUÛW
LPSRUWÚV
8QLTXHPHQWDSSOLFDEOHVLOHVGRQಢ
QÚHVGHSRLQWVG
LQWÚUÛWRQWÚWÚLPಢ
SRUWÚHVVXUO
,QIRWDLQPHQW6\VWHP
YRLUœ([SRUWHUHWLPSRUWHUGHVGRQಢ
QÚHVGHSRLQWVG
LQWÚUÛW¬FLGHVVRXV
&KRLVLUFHWÚOÚPHQWGHPHQXSRXU
VXSSULPHUWRXWHVOHVGRQQÚHVGH
SRLQWG
LQWÚUÛWLPSRUWÚHVGHODPÚಢ
PRLUHP\32,VGHO
,QIRWDLQPHQW6\Vಢ
WHP
5HPDUTXH
,OQ
HVWSDVSRVVLEOHGHVXSSULPHUGLಢ
UHFWHPHQWOHVSRLQWVG
LQWÚUÛWLPSRUಢ
WÚVLQGLYLGXHOVGHODPÚPRLUHP\ಢ
32,V
6LO
RQVRXKDLWHVXSSULPHUOHVSRLQWV
G
LQWÚUÛWLPSRUWÚVLQGLYLGXHOVLPಢ
SRUWHUOHVGRQQÚHVGHSRLQWG
LQWÚUÛW
PLVHVÑMRXUVXUO
,QIRWDLQPHQW6\Vಢ
WHPTXLQHFRQWLHQQHQWSDVOHVGRQಢ
QÚHVG
DGUHVVHVGHVSRLQWVG
LQWÚUÛW
GHYDQWÛWUHVXSSULPÚHV
3RXUVXSSULPHUWRXVOHVSRLQWVG
LQಢ
WÚUÛWG
XQHFHUWDLQHFDWÚJRULHLPಢ
SRUWHUXQILFKLHUGHGRQQÚHVGH
SRLQWVG
LQWÚUÛWYLGHGHODFDWÚJRULH
FRQFHUQÚH
([SRUWHUOHVSRLQWVG
LQWÚUÛW
([SRUWHWRXWHVOHVGRQQÚHVGHSRLQW
G
LQWÚUÛWHQUHJLVWUÚHVGDQVODPÚಢ
PRLUHP\32,VGHO
,QIRWDLQPHQW6\Vಢ
WHPVXUXQHFOÚ86%FRQQHFWÚHDX
SRUW86%YRLUœ([SRUWHUHWLPಢ
SRUWHUGHVGRQQÚHVGHSRLQWVG
LQWÚಢ
UÛW¬FLGHVVRXV
6XSSULPHUO
DGUHVVHœPDLVRQ¬
(IIDFHO
DGUHVVHDFWXHOOHSURJUDPಢ
PÚHFRPPHGRPLFLOHDIILFKÚHGDQV
OHPHQX6
6DLVLHGHODGHVWLQDWLRQYRLU
OHFKDSLWUHœ6DLVLHGHODGHVWLQDWLRQ¬
([SRUWHUHWLPSRUWHUOHV
GRQQÚHVGHSRLQWG
LQWÚUÛW
([SOLFDWLRQVSUÚOLPLQDLUHV
7\SHVGHGRQQÚHVGHSRLQWVG
LQWÚUÛW
/
,QIRWDLQPHQW6\VWHPIRXUQLWOHVW\ಢ
SHVVXLYDQWVGHGRQQÚHVGHSRLQW
G
LQWÚUÛW
࿢ /HV3
3RLQWVG
LQWÚUÛWSUÚSURJUDPಢ
PÚVVRQWHQUHJLVWUÚVVXUXQHFDUWH
6'FDUWRJUDSKLTXHHWLQGLTXÚVSDU
GHVLFåQHVVXUO
DIILFKDJHFDUWRJUDಢ
SKLTXH
'HWHOVSRLQWVG
LQWÚUÛWSUÚSURJUDPಢ
PÚVSHXYHQWÛWUHHQUHJLVWUÚVVXUOH
FDUQHWG
DGUHVVHVRXFRPPHSRLQW
G
LQWÚUÛWLQGLYLGXHOGDQVODPÚPRLUH
P\32,VGHO
,QIRWDLQPHQW6\VWHP
YRLUFLGHVVRXV
,QIRWDLQPHQW6\VWHP
࿢ /HVDGUHVVHVGHGHVWLQDWLRQIDYRಢ
ULWHTXLÚWDLHQWHQUHJLVWUÚHVGDQVOH
&DUQHWG
DGUHVVHV
&HVGRQQÚHVGXFDUQHWG
DGUHVVHV
SHXYHQWÛWUHH[SRUWÚHVVXUXQHFOÚ
86%SRXUÛWUHXWLOLVÚHVSOXVWDUG
SDUH[VXUG
DXWUHVYÚKLFXOHV
࿢ 3RLQWVG
LQWÚUÛWLQGLYLGXHOVDGUHVಢ
VHVGHGHVWLQDWLRQIDYRULWHTXLSHXಢ
YHQWÛWUHHQUHJLVWUÚHVGDQVODPÚಢ
PRLUHP\32,V
&HVGRQQÚHVGHSRLQWG
LQWÚUÛWLQಢ
GLYLGXHOSHXYHQWÛWUHH[SRUWÚHVVXU
XQHFOÚ86%SRXUÛWUHXWLOLVÚHVSOXV
WDUGSDUH[HPSOHVXUG
DXWUHVYÚಢ
KLFXOHV
࿢ 3RLQWVG
LQWÚUÛWVGÚILQLVSDU
O
XWLOLVDWHXUDGUHVVHVGHGHVWLQDಢ
WLRQIDYRULWHGÚILQLHVSDUO
XWLOLVDWHXU
HQXWLOLVDQWOHVFRRUGRQQÚHV*36
SULVHVSDUH[G
XQHFDUWHWRSRಢ
JUDSKLTXHHWTXLVRQWVDLVLHVVRXV
IRUPHGHILFKLHUVGHWH[WH
&HVGRQQÚHVGHSRLQWVG
LQWÚUÛWGÚಢ
ILQLHVSDUO
XWLOLVDWHXUSHXYHQWÛWUH
HQUHJLVWUÚHVVXUXQHFOÚ86%HWLPಢ
SRUWÚHVSOXVWDUGGDQVODPÚPRLUH
P\32,VGHO
,QIRWDLQPHQW6\VWHP
YRLUFLGHVVRXV
࿢ 3RLQWVG
LQWÚUÛWLPSRUWÚVDGUHVVHV
GHGHVWLQDWLRQIDYRULWHTXLRQWÚWÚ
SUÚFÚGHPPHQWHQUHJLVWUÚHVVXU
XQHFOÚ86%HWHQVXLWHLPSRUWÚHV
VXUODPÚPRLUHP\32,VGHO
,QIRಢ
WDLQPHQW6\VWHP
$YDQWDJHVGHO
H[SRUWHWO
LPSRUWGH
SRLQWVG
LQWÚUÛW
/
H[SRUWHWO
LPSRUWGHSRLQWVG
LQWÚUÛWV
RIIUHQWSDUH[OHVDYDQWDJHVVXLಢ
YDQWV
࿢ 'ÚILQLUHWHQUHJLVWUHUOHVDGUHVVHV
GHGHVWLQDWLRQIDYRULWHXQLTXHPHQW
XQHVHXOHIRLVHWXWLOLVHUSOXVWDUG
GHVGRQQÚHVG
DGUHVVHGDQVG
DXಢ
WUHVYÚKLFXOHV
9RLUœ([SRUWHUHWLPSRUWHUGHV
SRLQWVG
LQWÚUÛWLQGLYLGXHOVHWGHV
VDLVLHVGHFDUQHWG
DGUHVVHV¬FL
GHVVRXV
࿢ 'ÚILQLUOHVDGUHVVHVGHGHVWLQDWLRQ
IDYRULWHWUDQTXLOOHPHQWÑODPDLVRQ
HWOHVXWLOLVHUSOXVWDUGGDQVOH
YÚKLFXOH
9RLUœ&UÚHUHWLPSRUWHUGHVSRLQWV
G
LQWÚUÛWGÚILQLVSDUO
XWLOLVDWHXU¬FL
GHVVRXV
࿢ $UUDQJHUGHPDQLÙUHFODLUHXQH
JUDQGHTXDQWLWÚG
DGUHVVHVGHGHVಢ
WLQDWLRQSDUH[OHVDGUHVVHVGH
GHVWLQDWLRQVIDYRULWHVG
DXWUHV
PHPEUHVGHODIDPLOOHRXOHVDGUHVಢ
VHVGHGHVWLQDWLRQGXGÚSODFHPHQW
RXGXYR\DJHG
DIIDLUHVVXLYDQWHQ
VRXVPHQXVLQGÚSHQGDQWV
9RLUœ2UJDQLVDWLRQGHVGRQQÚHV
GHSRLQWVG
LQWÚUÛWVHQSOXVLHXUV
VRXVGRVVLHUV¬FLGHVVRXV
([SRUWHUHWLPSRUWHUGHVSRLQWV
G
LQWÚUÛWLQGLYLGXHOVHWGHVVDLVLHVGH
FDUQHWG
DGUHVVHV
'HVFULSWLRQUDSLGH
&RQQHFWHUXQHFOÚ86%DXSRUW
86%GHO
,QIRWDLQPHQW6\VWHPGX
YÚKLFXOH
(QUHJLVWUHUH[SRUWHUOHVDGUHVಢ
VHVGHGHVWLQDWLRQIDYRULWHVXUOD
FOÚ86%
,QIRWDLQPHQW6\VWHP
&RQQHFWHUXQHFOÚ86%DXSRUW
86%G
XQYÚKLFXOHGRWÚG
XQV\Vಢ
WÙPH1DYLRX1DYL
7ÚOÚFKDUJHULPSRUWHUOHVGRQಢ
QÚHVG
DGUHVVHVXUO
,QIRWDLQPHQW
6\VWHPGXYÚKLFXOH
$SUÙVO
LPSRUWOHVDGUHVVHVSHXYHQW
ÛWUHFKRLVLHVFRPPHGHVWLQDWLRQVSDU
OHJXLGDJHG
LWLQÚUDLUH
'HVFULSWLRQVGÚWDLOOÚHVYRLUFLGHVಢ
VRXV
([SRUWHUGHVGRQQÚHVGHSRLQWVG
LQಢ
WÚUÛWVXUXQHFOÚ86%
&RQQHFWHUXQHFOÚ86%DXSRUW86%
GHO
,QIRWDLQPHQW6\VWHPYRLUOHFKDಢ
SLWUHœ3RUW86%¬
$SSX\HUVXUOHERXWRQ&
&21),*VÚಢ
OHFWLRQQHU5
5ÚJODJHV1DYLJDWLRQHWHQಢ
VXLWHVÚOHFWLRQQHU(
([SRUWHUOHVSRLQWV
G
LQWÚUÛW
/HPHQX(
([SRUWHUOHVSRLQWVG
LQWÚUÛW
HVWDIILFKÚ
3RXUFKDTXHFDWÚJRULHGHSRLQWG
LQಢ
WÚUÛWH[SRUWÚSDUH[5
5HVWDXUDQWRX
3ULYÚXQILFKLHUDYHFXQHGÚQRPLQDಢ
WLRQFRUUHVSRQGDQWHSHXWÛWUHWURXYÚH
GDQVFHGRVVLHU
([HPSOHV
)?P\32,V?5HVWDXUDQWBSRLRX
)?P\32,V?3ULYÚBSRLDYHF)
)?ÚWDQW
OHUÚSHUWRLUHUDFLQHGHODFOÚ86%
7RXVOHVSRLQWVG
LQWÚUÛWLQGLYLGXHOV
VRQWSDUGÚIDXWHQUHJLVWUÚVGDQVOD
PÚPRLUHP\32,VHWWRXWHVOHVVDLVLHV
GXFDUQHWG
DGUHVVHVVHURQWH[SRUಢ
WÚHV
,OHVWSRVVLEOHGHGÚVÚOHFWLRQQHUOHV
W\SHVGHGRQQÚHVG
DGUHVVHVTXHO
RQ
QHVRXKDLWHSDVH[SRUWHU
6ÚOHFWLRQQHU&
&RPPHQFHU
O
H[SRUWDWLRQSRXUHQUHJLVWUHUOHVGRQಢ
QÚHVGHO
DGUHVVHGXRXGHVW\SHVVÚಢ
OHFWLRQQÚVVXUODFOÚ86%FRQQHFWÚH
/HVGRQQÚHVG
DGUHVVHVHURQWHQUHಢ
JLVWUÚHVGDQVXQGRVVLHUQRPPÚ
P\32,VVLWXÚGDQVOHUÚSHUWRLUHUDಢ
FLQHGHODFOÚ86%
5HPDUTXH
6LOHVILFKLHUVDYHFOHVGRQQÚHVGH
SRLQWG
LQWÚUÛWGHODPÛPHFDWÚJRULH
VRQWGÚMÑHQUHJLVWUÚVVXUODFOÚ86%
GDQVOHGRVVLHUP
P\32,VOHVDQFLHQಢ
QHVYHUVLRQVGHILFKLHUVHURQWÚFUDಢ
VÚHVSDUOHVQRXYHOOHVYHUVLRQVGH
ILFKLHUD\DQWOHVPÛPHVQRPV
/HGRVVLHUP
P\32,VHWOHVILFKLHUV
DYHFOHVGRQQÚHVGHSRLQWVG
LQWÚUÛW
QHSHXYHQWSDVÛWUHUHQRPPÚVRX
GÚSODFÚVVXUXQDXWUHGRVVLHUVXUOD
FOÚ86%6LQRQO
,QIRWDLQPHQW6\Vಢ
WHPQHSRXUUDSDVLPSRUWHUÑQRXಢ
YHDXOHVGRQQÚHVG
DGUHVVH
,QIRWDLQPHQW6\VWHP
,PSRUWHUGHVGRQQÚHVGHSRLQWVG
LQಢ
WÚUÛWG
XQHFOÚ86%
&RQQHFWHUXQHFOÚ86%DYHFOHVGRQಢ
QÚHVGHSRLQWVG
LQWÚUÛWHQUHJLVWUÚHV
SRXUGHSOXVDPSOHVGÚWDLOVYRLUFL
GHVVXVDXSRUW86%GHO
,QIRWDLQPHQW
6\VWHPYRLUOHFKDSLWUHœ3RUW86%¬
3RXUFRPPHQFHUO
LPSRUWDWLRQDSಢ
SX\HUVXUOHERXWRQ&
&21),*VÚOHFಢ
WLRQQHU5
5ÚJODJHV1DYLJDWLRQHWHQಢ
VXLWH,,PSRUWHUGHVSRLQWVG
LQWÚUÛWV
LQGLYLGXHOVHWHQILQ&
&RQWLQXHU
7RXWHVOHVGRQQÚHVGHSRLQWVG
LQWÚಢ
UÛWHQUHJLVWUÚHVVXUODFOÚ86%VHURQW
LPSRUWÚHVGDQVODPÚPRLUHP\32,V
GHO
,QIRWDLQPHQW6\VWHP
8QHIRLVO
LPSRUWDWLRQWHUPLQÚHOHV
SRLQWVG
LQWÚUÛWLPSRUWÚVSHXYHQWÛWUH
FKRLVLVFRPPHGHVWLQDWLRQYLDOH
PHQX6
6DLVLHGHODGHVWLQDWLRQYRLUOH
FKDSLWUHœ6DLVLHGHODGHVWLQDWLRQ¬
&UÚHUHWLPSRUWHUGHVSRLQWVG
LQWÚUÛW
GÚILQLVSDUO
XWLOLVDWHXU
/HVSRLQWVG
LQWÚUÛWGÚILQLVSDUO
XWLOLಢ
VDWHXUGRLYHQWÛWUHGÚILQLVDXPR\HQ
GHVFRRUGRQQÚHV*36SULVHV
SDUH[G
XQHFDUWHWRSRJUDSKLTXH
/HVFRRUGRQQÚHV*36HWOHVGRQಢ
QÚHVG
DGUHVVHVIXWXUHVGRLYHQWÛWUH
VDLVLHVGDQVGHVILFKLHUVGHWH[WH
FKDTXHILFKLHUUHSUÚVHQWDQWXQHFDWÚಢ
JRULHGHSRLQWG
LQWÚUÛW
'HVFULSWLRQUDSLGH
&UÚHUGHVILFKLHUVGHWH[WHSRXU
OHVGRQQÚHVGHSRLQWVG
LQWÚUÛW
6DLVLUOHVGRQQÚHVG
DGUHVVHVRXಢ
KDLWÚHGDQVOHVILFKLHUVGHWH[WH
(QUHJLVWUHUOHVILFKLHUVGHWHVWV
DYHFOHVGRQQÚHVGHSRLQWG
LQWÚಢ
UÛWVXUXQHFOÚ86%
&RQQHFWHUODFOÚ86%DXSRUW86%
GHO
,QIRWDLQPHQW6\VWHPGX
YÚKLFXOH
7ÚOÚFKDUJHULPSRUWHUOHVILFKLHUV
GHWH[WHDYHFOHVGRQQÚHVGH
SRLQWG
LQWÚUÛWVXUO
,QIRWDLQPHQW
6\VWHP
$SUÙVO
LPSRUWOHVDGUHVVHVSHXYHQW
ÛWUHFKRLVLHVFRPPHGHVWLQDWLRQVSDU
OHJXLGDJHG
LWLQÚUDLUH
'HVFULSWLRQVGÚWDLOOÚHVYRLUFLGHVಢ
VRXV
&UÚDWLRQGHILFKLHUVGHWH[WHSRXUOHV
GRQQÚHVGHSRLQWVG
LQWÚUÛW
9RVDGUHVVHVGHGHVWLQDWLRQIDYRULWH
SHXYHQWÛWUHDIIHFWÚHVÑGLIIÚUHQಢ
WHVFDWÚJRULHVGHSRLQWG
LQWÚUÛWDYHF
FKDTXHFDWÚJRULHDIIHFWÚHÑXQQXಢ
PÚURYRLUœ&DWÚJRULHVGHSRLQWVG
LQಢ
WÚUÛWHWQXPÚURVDIIHFWÚV¬FLGHVಢ
VRXV
3RXUFKDTXHFDWÚJRULHGHSRLQWG
LQಢ
WÚUÛWLOHVWQÚFHVVDLUHGHFUÚHUXQILಢ
FKLHUGHWH[WHVÚSDUÚ
/HVILFKLHUVGHWH[WHSHXYHQWÛWUH
FUÚÚVSDUH[HQXWLOLVDQWXQVLPSOH
ORJLFLHOG
ÚGLWHXUWH[WXHO
5HPDUTXH
/
ÚGLWHXUGHWH[WHGRLWSUHQGUHHQ
FKDUJHXQHQFRGDJHÑFDUDFWÙUHV
87)SRXU8QLFRGH
,QIRWDLQPHQW6\VWHP
&KDTXHQRPGHILFKLHUGRLWVHFRPಢ
SRVHUGXQRPGHODFDWÚJRULHG
XQ
VLPSOHWUDLWGHVRXOLJQHPHQWOHQXಢ
PÚURGHODFDWÚJRULHHWO
H[WHQVLRQGX
ILFKLHUSRL
([HPSOHVGHQRPVGHILFKLHU
࿢ $IIDLUHVBSRL
࿢ 0DLVRQ/RLVLUVBSRL
࿢ &XOWXUHBSRL
6DLVLHGHVGRQQÚHVGHSRLQWVG
LQWÚಢ
UÛWGDQVOHVILFKLHUVGHWH[WH
/
LOOXVWUDWLRQFLGHVVRXVPRQWUHXQILಢ
FKLHUGHWH[WHQRPPÚ0
0DLVRQ
/RLVLUVBSRLDYHFFHUWDLQHVGRQQÚHV
G
XQSRLQWG
LQWÚUÛWHQH[HPSOH
5HPDUTXH
/DORQJXHXUGHQRPVGHILFKLHUGH
WH[WHHVWOLPLWÚHÑFDUDFWÙUHV
&DWÚJRULHVGHSRLQWG
LQWÚUÛWHW
QXPÚURVDIIHFWÚV
3
3ULYÚ$
$IIDLUHV5
5HVWDXUDQW
+
+åWHO$
$XWRPRELOH
9R\DJH&
&LQÚPD0
0DLVRQ
/RLVLUV$
$FKDWV$
$UWLVDQDW
6
6SRUW±
±YRLU6
6RLQVGH
VDQWÚ/
/RLVLUV&
&XOWXUH
9LHQRFWXUQH&
&RPPXQLFDWLRQ
$
$FWXDOLWÚVHWERXUVH
*RXYHUQHPHQW*
*ÚQÚUDOLWÚV
/HVGRQQÚHVGHSRLQWG
LQWÚUÛWGRLಢ
YHQWÛWUHVDLVLHVGDQVOHVILFKLHUVGH
WH[WHVRXVOHIRUPDWVXLYDQW
&RRUGRQQÚHGHORQJLWXGH
FRRUGRQQÚHGHODWLWXGHœQRPGX
SRLQWG
LQWÚUÛW¬œ7RXWHLQIRUPDWLRQ
VXSSOÚPHQWDLUH¬œ1XPÚURGH
WÚOÚSKRQHHQRSWLRQ¬
([HPSOH
œ0DLVRQGH0LFKHO¬%RQQ
+HOOZHJYRLULOOXVಢ
WUDWLRQFLGHVVXV
/HVFRRUGRQQÚHV*36GRLYHQWÛWUH
H[SULPÚHVHQGHJUÚVGÚFLPDX[
/DORQJXHXUPD[LPDOHGXQRPGX
SRLQWG
LQWÚUÛWHVWGHFDUDFWÙUHV
/DPÛPHFKRVHV
DSSOLTXHÑOD
FKDßQHG
LQIRUPDWLRQVVXSSOÚPHQಢ
WDLUHHWODFKDßQHGHQXPÚURGHWÚOÚಢ
SKRQH
/HVGRQQÚHVGHSRLQWG
LQWÚUÛWSRXU
FKDTXHDGUHVVHGHGHVWLQDWLRQGRLಢ
YHQWÛWUHVDLVLHVVXUXQHVHXOHOLJQH
LQGÚSHQGDQWHYRLULOOXVWUDWLRQFLGHVಢ
VXV
(QUHJLVWUHPHQWGHVILFKLHUVGHWH[WH
VXUXQHFOÚ86%
/HVILFKLHUVGHWH[WHDYHFOHVGRQಢ
QÚHVGHSRLQWG
LQWÚUÛWGRLYHQWÛWUH
HQUHJLVWUÚVGDQVXQGRVVLHUQRPPÚ
P\32,VVLWXÚGDQVOHUÚSHUWRLUHUDಢ
FLQHGHODFOÚ86%
([HPSOH)
)?P\32,V?0DLVRQ
/RLVLUVBSRLDYHF)
)?ÚWDQWOHUÚSHUಢ
WRLUHUDFLQHGHODFOÚ86%
,QIRWDLQPHQW6\VWHP
$SUÙVO
LPSRUWDWLRQGHGRQQÚHVG
XQ
SRLQWG
LQWÚUÛWLQGLYLGXHOVXUO
,QIRWDLQಢ
PHQW6\VWHPYRLUGHVFULSWLRQG
LPಢ
SRUWDWLRQSOXVHQDYDQWOHPHQX
3RLQWVG
LQWÚUÛWLPSRUWÚVDIILFKHUD
XQHOLVWHGHFDWÚJRULHVGHSRLQWVG
LQಢ
WÚUÛWSRXYDQWÛWUHVÚOHFWLRQQÚHVGHOD
PDQLÙUHVXLYDQWH
2UJDQLVDWLRQGHVGRQQÚHVGHSRLQWV
G
LQWÚUÛWVHQSOXVLHXUVVRXVGRVVLHUV
/HVILFKLHUVGHWH[WHSHXYHQWHQRSಢ
WLRQÛWUHÚJDOHPHQWRUJDQLVÚVHQSOXಢ
VLHXUVVRXVGRVVLHUVDYHFXQHGÚQRಢ
PLQDWLRQDUELWUDLUH
([HPSOHV)
)?P\32,V?$QQV32,VRU
)?P\32,V?0\-RXUQH\DYHF)
)?ÚWDQW
OHUÚSHUWRLUHUDFLQHGHODFOÚ86%
$SUÙVO
LPSRUWDWLRQGHGRQQÚHVG
XQ
SRLQWG
LQWÚUÛWLQGLYLGXHOHIIHFWXÚHGH
FHWWHPDQLÙUHVXUO
,QIRWDLQPHQW6\Vಢ
WHPYRLUGHVFULSWLRQG
LPSRUWDWLRQ
SOXVHQDYDQWOHPHQX3
3RLQWV
G
LQWÚUÛWLPSRUWÚVDIILFKHUDXQHOLVWH
GHVRXVPHQXVSRXYDQWÛWUHVÚOHFಢ
WLRQQÚVGHODPDQLÙUHVXLYDQWH
,PSRUWHUOHVGRQQÚHVGHSRLQWG
LQWÚಢ
UÛWVXUO
,QIRWDLQPHQW6\VWHP
&RQQHFWHUODFOÚ86%DYHFOHVGRQಢ
QÚHVGXSRLQWG
LQWÚUÛWLQGLYLGXHOVXU
OHSRUW86%GHO
,QIRWDLQPHQW6\VWHP
YRLUOHFKDSLWUHœ3RUW86%¬
3RXUFRPPHQFHUO
LPSRUWDWLRQDSಢ
SX\HUVXUOHERXWRQ&
&21),*VÚOHFಢ
WLRQQHU5
5ÚJODJHV1DYLJDWLRQHWHQಢ
VXLWH,,PSRUWHUGHVSRLQWVG
LQWÚUÛWV
LQGLYLGXHOVHWHQILQ&
&RQWLQXHU
7RXWHVOHVGRQQÚHVGHSRLQWVG
LQWÚಢ
UÛWHQUHJLVWUÚHVVXUODFOÚ86%VHURQW
LPSRUWÚHVGDQVODPÚPRLUHP\32,V
GHO
,QIRWDLQPHQW6\VWHP
8QHIRLVO
LPSRUWDWLRQWHUPLQÚHOHV
SRLQWVG
LQWÚUÛWLPSRUWÚVSHXYHQWÛWUH
FKRLVLVFRPPHGHVWLQDWLRQYLDOH
PHQX6
6DLVLHGHODGHVWLQDWLRQYRLUOH
FKDSLWUHœ6DLVLHGHODGHVWLQDWLRQ¬
FLGHVVRXV
6DLVLHGHODGHVWLQDWLRQ
$SUÙVODVÚOHFWLRQGXVRXVPHQXOD
OLVWHHQTXHVWLRQGHVFDWÚJRULHVGH
SRLQWVG
LQWÚUÛWLPSRUWÚHVVHUDDIILಢ
FKÚH
$SSX\HUVXUOHERXWRQ'
'(67SRXURXಢ
YULUXQPHQXDYHFGLYHUVHVRSWLRQV
SRXUODVDLVLHRXODVÚOHFWLRQG
XQH
GHVWLQDWLRQ
,QIRWDLQPHQW6\VWHP
࿢ 0DLVRQVÚOHFWLRQGHO
DGUHVVHGH
GRPLFLOHDFWXHOOHPHQWSURJUDPPÚH
VLGLVSRQLEOH5ÚJODJHPRGLILFDಢ
WLRQGHO
DGUHVVHGHGRPLFLOHYRLU
œ5ÚJODJHGHO
DGUHVVHGHGRPLಢ
FLOH¬FLGHVVRXV
$SUÙVDYRLUFKRLVLO
DGUHVVHGXGRಢ
PLFLOHO
,QIRWDLQPHQW6\VWHPFDOಢ
FXOHLPPÚGLDWHPHQWXQLWLQÚUDLUH
ÑSDUWLUGHODSRVLWLRQDFWXHOOHYHUV
O
DGUHVVHGXGRPLFLOHHWFRPPHQFH
OHJXLGDJHG
LWLQÚUDLUH
࿢ 6DLVLHGHO
DGUHVVHVDLVLHGLUHFWH
G
XQHDGUHVVHGHGHVWLQDWLRQSDUOH
SD\VODORFDOLWÚODUXHHWOHQXPÚUR
G
LPPHXEOH9RLUœ6DLVLHGLUHFWH
G
XQHDGUHVVH¬FLGHVVRXV
࿢ &DUQHWG
DGUHVVHVVÚOHFWLRQG
XQH
DGUHVVHGHGHVWLQDWLRQHQUHJLVWUÚH
VXUOHFDUQHWG
DGUHVVHV9RLUœ6Úಢ
OHFWLRQG
XQHDGUHVVHSUÚVHQWH
GDQVOHFDUQHWG
DGUHVVHV¬FLGHVಢ
VRXV
9RLUÚJDOHPHQWœ(QUHJLVWUHPHQW
G
XQHDGUHVVHVXUOHFDUQHWG
DGUHVಢ
VHVRXODPÚPRLUHP\32,V¬HW
œ0RGLILFDWLRQRXVXSSUHVVLRQ
G
XQHDGUHVVHHQUHJLVWUÚH¬FLGHVಢ
VRXV
࿢ 'HUQLÙUHVGHVWLQDWLRQVVÚOHFWLRQ
ÑSDUWLUG
XQHOLVWHGHGHVWLQDWLRQV
UÚFHPPHQWVÚOHFWLRQQÚHV9RLU
œ6ÚOHFWLRQG
XQHGHVWLQDWLRQSUÚಢ
FÚGHQWH¬FLGHVVRXV
࿢ P\32,VVÚOHFWLRQG
XQHDGUHVVH
GÚMÑHQUHJLVWUÚHGDQVODPÚPRLUH
P\32,V9RLUœ6ÚOHFWLRQG
XQH
DGUHVVHHQUHJLVWUÚHGDQVODPÚಢ
PRLUHP\32,V¬FLGHVVRXV
9RLUÚJDOHPHQWœ(QUHJLVWUHPHQW
G
XQHDGUHVVHVXUOHFDUQHWG
DGUHVಢ
VHVRXODPÚPRLUHP\32,V¬HW
œ0RGLILFDWLRQRXVXSSUHVVLRQ
G
XQHDGUHVVHHQUHJLVWUÚH¬FLGHVಢ
VRXV
࿢ 3RLQWVG
LQWÚUÛWVÚOHFWLRQGHSRLQWV
G
LQWÚUÛWDGUHVVHVGHSDUH[UHVಢ
WDXUDQWVVWDWLRQVVHUYLFHVKåSLಢ
WDX[HWFHQUHJLVWUÚVVXUODFDUWH
6'FDUWRJUDSKLTXHGHO
,QIRWDLQಢ
PHQW6\VWHP9RLUœ6ÚOHFWLRQQHU
XQSRLQWG
LQWÚUÛW¬FLGHVVRXV
࿢ 6ÚOHFWLRQQHUÑSDUWLUGHODFDUWH
VÚOHFWLRQG
XQHGHVWLQDWLRQÑSDUWLU
GHO
DIILFKDJHGHFDUWHÑO
DLGHGX
FRPPXWDWHXUÑKXLWYRLHV9RLU
œ6ÚOHFWLRQG
XQHGHVWLQDWLRQÑSDUಢ
WLUGHODFDUWH¬FLGHVVRXV
࿢ /DWLWXGH/RQJLWXGHVÚOHFWLRQ
G
XQHGHVWLQDWLRQHQXWLOLVDQWGHV
FRRUGRQQÚHVJÚRJUDSKLTXHV9RLU
œ6ÚOHFWLRQG
XQHGHVWLQDWLRQYLD
GHVFRRUGRQQÚHVJÚRJUDSKLTXHV¬
FLGHVVRXV
,QIRWDLQPHQW6\VWHP
/HPHQX1
1DYLJDWLRQHVWDIILFKÚ
6ÚOHFWLRQQHU'
'ÚPDUUHUQDYLJDWLRQ
SRXUFRPPHQFHUOHJXLGDJHG
LWLQÚಢ
UDLUHYHUVO
DGUHVVHDIILFKÚH
'HVFULSWLRQGXJXLGDJHG
LWLQÚUDLUH
YRLUOHFKDSLWUHœ*XLGDJH¬
6ÚOHFWLRQG
XQHVWDWLRQVHUYLFH
FRPPHGHVWLQDWLRQDSUÙVXQH
DOHUWH
1LYHDXGHFDUEXUDQWIDLEOH
4XDQGOHQLYHDXGHFDUEXUDQWHVWEDV
GDQVOHUÚVHUYRLUGXYÚKLFXOHXQPHVಢ
VDJHG
DOHUWHHVWDIILFKÚ
6DLVLHGLUHFWHG
XQHDGUHVVH
$SSX\HUVXUOHERXWRQ'
'(67HWHQಢ
VXLWHFKRLVLU6
6DLVLHGHO
DGUHVVHSRXU
RXYULUOHPHQXDIILFKÚFLGHVVRXV
3RXUODQFHUXQHUHFKHUFKHGHVWDಢ
WLRQVVHUYLFHSURFKHVGHODSRVLWLRQ
DFWXHOOHGXYÚKLFXOHVÚOHFWLRQಢ
QHU6
6WDWLRQVVHUYLFH
/RUVTXHODUHFKHUFKHHVWWHUPLQÚH
XQHOLVWHGHWRXWHVOHVVWDWLRQVVHUYLಢ
FHVWURXYÚHVHVWDIILFKÚH
6RXVODOLVWHGHVLQIRUPDWLRQVGÚWDLOಢ
OÚHVVXUODVWDWLRQVHUYLFHDFWXHOOHಢ
PHQWUHSÚUÚHVRQWDIILFKÚHVODGLಢ
UHFWLRQDSSUR[LPDWLYHYHUVODVWDWLRQ
VHUYLFHO
DGUHVVHODGLVWDQFHHWOHV
W\SHVGHFDUEXUDQWGLVSRQLEOHVHQ
SOXVGHO
HVVHQFHHWGXGLHVHO
$EUÚYLDWLRQVXWLOLVÚHVSRXUOHVW\SHV
GHFDUEXUDQW&
&1**D]QDWXUHO
FRPSULPÚ/
/3**D]GHSÚWUROHOLಢ
TXÚILÚV*3/
'ÚSDUWGXJXLGDJHG
LWLQÚUDLUHYHUV
XQHVWDWLRQVHUYLFH
6ÚOHFWLRQQHUODVWDWLRQVHUYLFHVRXಢ
KDLWÚH
,QIRWDLQPHQW6\VWHP
3RXUPRGLILHUVÚOHFWLRQQHUOHSD\V
PDUTXHUOHFKDPSGHVDLVLHGXSD\V
YRLULOOXVWUDWLRQFLGHVVXVHWHQVXLWH
DSSX\HUVXUOHERXWRQ0
0(18SRXU
RXYULUOHPHQX3
3D\V
6ÚOHFWLRQQHUOHSD\VVRXKDLWÚ
6DLVLHG
XQHDGUHVVHHQXWLOLVDQWOD
IRQFWLRQG
ÚSHOODWLRQ
6ÚOHFWLRQQHUOHFKDPSGHVDLVLH
9LOOHHWHQVXLWHDSSX\HUVXUOHERXWRQ
0(18SRXUDFWLYHUODIRQFWLRQG
ÚSHOಢ
ODWLRQ
±O
DLGHGXERXWRQ0
0(18VÚOHFWLRQಢ
QHUVXFFHVVLYHPHQWHWFRQILUPHUOHV
OHWWUHVFRUUHVSRQGDQWÑODORFDOLWÚ
VRXKDLWÚH$XFRXUVGHFHSURFHVVXV
OHV\VWÙPHYDDXWRPDWLTXHPHQWEORಢ
TXHUODVÚOHFWLRQGHVOHWWUHVTXLQH
VRQWSDVSUÚVHQWHVÑODSRVLWLRQVXLಢ
YDQWHGHVQRPVGHORFDOLWÚSRVVLEOHV
/HVV\PEROHVVXLYDQWVSHXYHQWÛWUH
VÚOHFWLRQQÚVGDQVODOLJQHLQIÚULHXUH
෣GHVOLVWHVDYHFGHVOHWWUHVVSÚFLDಢ
OHVVRQWDIILFKÚHVVXUODOLJQHLQIÚಢ
ULHXUH
ဂ࿸ODOHWWUHSUÚFÚGHQWHVXLYDQWHHVW
PDUTXÚH
NHIIDFHUODGHUQLÙUHOHWWUH
$DPDMXVFXOHPLQXVFXOH
MIRQFWLRQGHOLVWDJHXQHIRLVTXH
GHX[OHWWUHVRQWÚWÚVDLVLHVGDQVFHUಢ
WDLQVFDVXQHVHXOHOHWWUHVXIILWWRXV
OHVQRPVGLVSRQLEOHVGÚEXWDQWSDU
FHVOHWWUHVVRQWDIILFKÚV3OXVOHQRPಢ
EUHGHOHWWUHVVDLVLHVDXJPHQWHSOXV
ODOLVWHHVWFRXUWH
2.WHUPLQHUODVDLVLHRXDFFHSWHUOH
WHUPHGHUHFKHUFKH
(QDSSX\DQWSOXVORQJXHPHQWVXUOH
ERXWRQ%
%$&.WRXWHVOHVOHWWUHVVDLಢ
VLHVVRQWHIIDFÚHVHQXQHIRLVGHOD
OLJQHGHVDLVLH
5ÚSÚWHUFHWWHSURFÚGXUHSRXUOHV
FKDPSVGHVDLVLHUHVWDQWVODVDLVLH
G
XQQXPÚURGHPDLVRQRXGHO
LQWHUಢ
VHFWLRQHVWRSWLRQQHOOH
,QIRWDLQPHQW6\VWHP
/HPHQX(
(QUHJLVWUHUHVWDIILFKÚYRLU
œ(QUHJLVWUHPHQWG
XQHDGUHVVHVXU
OHFDUQHWG
DGUHVVHVRXODPÚPRLUH
P\32,V¬FLGHVVRXV
6ÚOHFWLRQG
XQHDGUHVVH
SUÚVHQWHGDQVOHFDUQHW
G
DGUHVVHV
$SSX\HUVXUOHERXWRQ'
'(67SXLVVÚಢ
OHFWLRQQHU&
&DUQHWG
DGUHVVHV
$SUÙVDYRLULQGLTXÚO
DGUHVVHVÚOHFಢ
WLRQQHU2
2.
/HPHQX1
1DYLJDWLRQHVWDIILFKÚ
'ÚPDUUDJHGXJXLGDJHG
LWLQÚUDLUH
6ÚOHFWLRQQHU'
'ÚPDUUHUQDYLJDWLRQ
SRXUFRPPHQFHUOHJXLGDJHG
LWLQÚಢ
UDLUHYHUVO
DGUHVVHDIILFKÚH
'HVFULSWLRQGXJXLGDJHG
LWLQÚUDLUH
YRLUOHFKDSLWUHœ*XLGDJH¬
6ÚOHFWLRQG
XQHGHVWLQDWLRQ
SUÚFÚGHQWH
$SSX\HUVXUOHERXWRQ'
'(67HWHQಢ
VXLWHFKRLVLU'
'HUQLÙUHVGHVWLQDWLRQV
SRXURXYULUOHPHQXDIILFKÚFLGHVಢ
VRXV
'ÚPDUUDJHGXJXLGDJHG
LWLQÚUDLUH
6ÚOHFWLRQQHU'
'ÚPDUUHUQDYLJDWLRQ
SRXUFRPPHQFHUOHJXLGDJHG
LWLQÚಢ
UDLUHYHUVO
DGUHVVHDIILFKÚH
'HVFULSWLRQGXJXLGDJHG
LWLQÚUDLUH
YRLUOHFKDSLWUHœ*XLGDJH¬
(QUHJLVWUHPHQWGHO
DGUHVVH
6ÚOHFWLRQQHU(
(QUHJLVWUHUVLO
RQVRXಢ
KDLWHHQUHJLVWUHUO
DGUHVVHDIILFKÚH
VXUOHFDUQHWG
DGUHVVHVRXODPÚಢ
PRLUHP\32,V
6ÚOHFWLRQQHUO
DGUHVVHGÚVLUÚH
/HPHQX1
1DYLJDWLRQHVWDIILFKÚ
8QHOLVWHGHVDGUHVVHVGHGHVWLQDWLRQ
OHVSOXVUÚFHQWHVHVWDIILFKÚH
,QIRWDLQPHQW6\VWHP
6ÚOHFWLRQQHUODGHVWLQDWLRQVRXKDLWÚH
/HPHQX1
1DYLJDWLRQHVWDIILFKÚ
'ÚPDUUDJHGXJXLGDJHG
LWLQÚUDLUH
6ÚOHFWLRQQHU'
'ÚPDUUHUQDYLJDWLRQ
SRXUFRPPHQFHUOHJXLGDJHG
LWLQÚಢ
UDLUHYHUVO
DGUHVVHDIILFKÚH
'HVFULSWLRQGXJXLGDJHG
LWLQÚUDLUH
YRLUOHFKDSLWUHœ*XLGDJH¬
(QUHJLVWUHPHQWGHO
DGUHVVH
6ÚOHFWLRQQHU(
(QUHJLVWUHUVLO
RQVRXಢ
KDLWHHQUHJLVWUHUO
DGUHVVHDIILFKÚH
VXUOHFDUQHWG
DGUHVVHVRXODPÚಢ
PRLUHP\32,V
/HPHQX(
(QUHJLVWUHUHVWDIILFKÚYRLU
œ(QUHJLVWUHPHQWG
XQHDGUHVVHVXU
OHFDUQHWG
DGUHVVHVRXODPÚPRLUH
P\32,V¬FLGHVVRXV
6ÚOHFWLRQG
XQHDGUHVVH
HQUHJLVWUÚHGDQVODPÚPRLUH
P\32,V
$SSX\HUVXUOHERXWRQ'
'(67HWHQಢ
VXLWHFKRLVLUP
P\32,VSRXURXYULUOH
PHQXDIILFKÚFLGHVVRXV
5HPDUTXH
/
RSWLRQ3
3RLQWVG
LQWÚUÛWLPSRUWÚV
SHXWXQLTXHPHQWÛWUHVÚOHFWLRQQÚH
VLOHVGRQQÚHVGHVSRLQWVG
LQWÚUÛW
DGUHVVHRQWÚWÚWÚOÚFKDUJÚHV
G
XQHFOÚ86%YRLUœ([SRUWHUHWLPಢ
SRUWHUGHVGRQQÚHVGHSRLQWVG
LQWÚಢ
UÛW¬GDQVOHFKDSLWUHœ8WLOLVDWLRQ¬
FLGHVVXV
6ÚOHFWLRQQH]O
RSWLRQVRXKDLWÚH8Q
PHQXFRPSRUWDQWGLYHUVHVRSWLRQVGH
WULDJHHVWDIILFKÚ
/HVRSWLRQVGHWULDJHGÚWHUPLQHQW
GDQVTXHORUGUHOHVDGUHVVHVGHV
SRLQWVG
LQWÚUÛWLQGLYLGXHOVLPSRUWÚV
VHURQWDIILFKÚVSOXVWDUG
6ÚOHFWLRQQHUO
RSWLRQGHWULDJHVRXKDLಢ
WÚH
8QPHQXDYHFOHVSRLQWVG
LQWÚUÛWV
DFWXHOOHPHQWGLVSRQLEOHVHVWDIILFKÚ
,QIRWDLQPHQW6\VWHP
6ÚOHFWLRQQHUXQSRLQWG
LQWÚUÛW
$SSX\HUVXUOHERXWRQ'
'(67SXLVVÚಢ
OHFWLRQQHU3
3RLQWVG
LQWÚUÛW
8QPHQXDYHFGLYHUVHVRSWLRQVGH
VÚOHFWLRQGHVSRLQWVG
LQWÚUÛWSH[
UHVWDXUDQWVVWDWLRQVVHUYLFHVKåSLಢ
WDX[HVWDIILFKÚ
6ÚOHFWLRQQHUODFDWÚJRULHVRXKDLWÚH
8QPHQXDYHFODOLVWHGHWRXVOHV
SRLQWVG
LQWÚUÛWGLVSRQLEOHVGHODFDಢ
WÚJRULHVÚOHFWLRQQÚHSDUH[
5HVWDXUDQWHVWDIILFKÚ
5HPDUTXH
/HVSRLQWVG
LQWÚUÛWTXLVRQWÚORLJQÚV
GHODSRVLWLRQDFWXHOOHGXYÚKLFXOH
SHXYHQWQHSDVÛWUHDIILFKÚVVXUOD
OLVWH
6RXVODOLVWHGHVLQIRUPDWLRQVGÚWDLOಢ
OÚHVVXUOHSRLQWG
LQWÚUÛWDFWXHOOHPHQW
UHSÚUÚVRQWDIILFKÚHVODGLUHFWLRQDSಢ
SUR[LPDWLYHYHUVOHSRLQWG
LQWÚUÛW
O
DGUHVVHHWODGLVWDQFH
'ÚPDUUDJHGXJXLGDJHG
LWLQÚUDLUH
YHUVXQSRLQWG
LQWÚUÛW
6ÚOHFWLRQQHUOHSRLQWG
LQWÚUÛWGÚVLUÚ
/HPHQX1
1DYLJDWLRQHVWDIILFKÚ
6ÚOHFWLRQQHU'
'ÚPDUUHUQDYLJDWLRQ
SRXUFRPPHQFHUOHJXLGDJHG
LWLQÚಢ
UDLUHYHUVO
DGUHVVHDIILFKÚH
'HVFULSWLRQGXJXLGDJHG
LWLQÚUDLUH
YRLUOHFKDSLWUHœ*XLGDJH¬
$OHQWRXUVSRVLWLRQDFW
6ÚOHFWLRQGHVSRLQWVG
LQWÚUÛWSURFKHV
GHODSRVLWLRQDFWXHOOHGXYÚKLFXOH
$SUÙVODVÚOHFWLRQG
XQHRSWLRQXQH
OLVWHGHWRXWHVOHVFDWÚJRULHVGH
SRLQWVG
LQWÚUÛWHVWDIILFKÚH
3UHQRQVO
H[HPSOHG
XQHUHFKHUFKH
GHVWDWLRQVVHUYLFH
,QIRWDLQPHQW6\VWHP
6ÚOHFWLRQQHU6
6WDWLRQHVVHQFH
8QPHQXIRXUQLVVDQWGHVRSWLRQV
SRXUXQHUHFKHUFKHSOXVGÚWDLOOÚHGHV
VWDWLRQVVHUYLFHHVWDIILFKÚ
$SUÙVDYRLUVÚOHFWLRQQÚ'
'ÚPDUUHUOD
UHFKHUFKHXQHUHFKHUFKHGHWRXWHV
OHVVWDWLRQVVHUYLFHGHOD]RQHHVW
ODQFÚH/DUHFKHUFKHSUHQGHQ
FRPSWHWRXWHVOHVVWDWLRQVVHUYLFHUÚಢ
SRQGDQWDX[FULWÙUHVGHILOWUDJHVSÚಢ
FLILÚVSRXU&
&KDßQHHW)
)XHOW\SHPRGLಢ
ILFDWLRQGHVFULWÙUHVGHILOWUHYRLU
œ6SÚFLILHUGHVILOWUHVSRXUDIILQHUOD
UHFKHUFKH¬FLGHVVRXV
/RUVTXHODUHFKHUFKHHVWWHUPLQÚH
XQHOLVWHGHWRXWHVOHVVWDWLRQVVHUYLಢ
FHVWURXYÚHVHVWDIILFKÚH
6RXVODOLVWHGHVLQIRUPDWLRQVGÚWDLOಢ
OÚHVVXUODVWDWLRQVHUYLFHDFWXHOOHಢ
PHQWUHSÚUÚHVRQWDIILFKÚHVODGLಢ
UHFWLRQDSSUR[LPDWLYHYHUVODVWDWLRQ
VHUYLFHO
DGUHVVHODGLVWDQFHHWOHV
W\SHVGHFDUEXUDQWGLVSRQLEOHVHQ
SOXVGHO
HVVHQFHHWGXGLHVHO
$EUÚYLDWLRQVXWLOLVÚHVSRXUOHVW\SHV
GHFDUEXUDQW&
&1**D]QDWXUHO
FRPSULPÚ/
/3**D]GHSÚWUROHOLಢ
TXÚILÚV*3/
6SÚFLILHUGHVILOWUHVSRXUDIILQHUODUHಢ
FKHUFKH
$SUÙVDYRLUVÚOHFWLRQQÚ&
&KDßQHXQH
OLVWHGHWRXWHVOHVPDUTXHVFKDßQHV
GHVWDWLRQVVHUYLFHGHVHQYLURQVHVW
DIILFKÚH
/HQRPEUHGHVWDWLRQVVHUYLFHSHXW
ÛWUHUÚGXLWHQPDUTXDQWDXPRLQVXQH
PDUTXHFKDßQHGHVWDWLRQVHUYLFH
8QHIRLVOHUHSÚUDJHGHVPDUTXHV
FKDßQHVVRXKDLWÚHVDÚWÚHIIHFWXÚ
VÚOHFWLRQQHU'
'ÚPDUUHUODUHFKHUFKH
DYHFOHVILOWUHVVÚOHFWLRQQÚVRXSRXU
XQHUHFKHUFKHSOXVGÚWDLOOÚHVÚOHFಢ
WLRQQHU&
&RQWLQXHUDYHFOHILOWUH
VXLYDQWW\SHVGHFDUEXUDQW
,QIRWDLQPHQW6\VWHP
$SUÙVDYRLUVÚOHFWLRQQÚ)
)XHOW\SHXQH
OLVWHGHWRXVOHVW\SHVGHFDUEXUDQW
GLVSRQLEOHVRXWUHO
HVVHQFHHWOHJDಢ
]ROHHVWDIILFKÚH
/HQRPEUHGHVWDWLRQVVHUYLFHSHXW
ÛWUHUÚGXLWHQPDUTXDQWDXPRLQVXQ
W\SHGHFDUEXUDQW
8QHIRLVOHUHSÚUDJHGHVW\SHVGHFDUಢ
EXUDQWVRXKDLWÚVDÚWÚHIIHFWXÚVÚಢ
OHFWLRQQHU'
'ÚPDUUHUODUHFKHUFKH
DYHFOHVILOWUHVVÚOHFWLRQQÚVRXSRXU
XQHUHFKHUFKHSOXVGÚWDLOOÚHVÚOHFಢ
WLRQQHU&
&RQWLQXHUDYHFOHILOWUH
VXLYDQWPDUTXHVFKDßQHVGHVWDWLRQ
VHUYLFH
$SUÙVOHODQFHPHQWG
XQHUHFKHUFKH
XQHOLVWHGHWRXWHVOHVVWDWLRQVVHUಢ
YLFHFRUUHVSRQGDQWDX[ILOWUHVSUÚFÚಢ
GHPPHQWVÚOHFWLRQQÚVHVWDIILFKÚH
6ÚOHFWLRQQHUODVWDWLRQVHUYLFHVRXಢ
KDLWÚH
/HPHQX1
1DYLJDWLRQHVWDIILFKÚ
'ÚPDUUDJHGXJXLGDJHG
LWLQÚUDLUH
6ÚOHFWLRQQHU'
'ÚPDUUHUQDYLJDWLRQ
SRXUFRPPHQFHUOHJXLGDJHG
LWLQÚಢ
UDLUHYHUVO
DGUHVVHDIILFKÚH
'HVFULSWLRQGXJXLGDJHG
LWLQÚUDLUH
YRLUOHFKDSLWUHœ*XLGDJH¬
(QUHJLVWUHPHQWGHO
DGUHVVH
6ÚOHFWLRQQHU(
(QUHJLVWUHUVLO
RQVRXಢ
KDLWHHQUHJLVWUHUO
DGUHVVHDIILFKÚH
VXUOHFDUQHWG
DGUHVVHVRXODPÚಢ
PRLUHP\32,V
/HPHQX(
(QUHJLVWUHUHVWDIILFKÚYRLU
œ(QUHJLVWUHPHQWG
XQHDGUHVVHVXU
OHFDUQHWG
DGUHVVHVRXODPÚPRLUH
P\32,V¬FLGHVVRXV
6ÚOHFWLRQG
XQSRLQWG
LQWÚUÛWYRLU
O
H[HPSOHFLGHVVXVSRXUœ$OHQWRXUV
SRVLWLRQDFWXHOOH¬
$X[HQYLURQVG
DXWUHVORFDOLWÚV
6ÚOHFWLRQGHSRLQWVG
LQWÚUÛWVDX[HQಢ
YLURQVGHQ
LPSRUWHTXHOOHORFDOLWÚ
$SUÙVODVÚOHFWLRQG
XQHRSWLRQXQH
OLVWHGHSD\VHVWDIILFKÚH
6ÚOHFWLRQQHUOHSD\VVRXKDLWÚ8Q
PHQXSRXUVDLVLUXQQRPGHYLHOOHHVW
DIILFKÚ
/HORQJGHO
DXWRURXWH
6ÚOHFWLRQGHSRLQWVG
LQWÚUÛWVXUDXWRಢ
URXWHSH[GHVVWDWLRQVVHUYLFHRX
GHVDLUHVGHGÚSDQQDJHOHORQJGX
WUDMHW8QLTXHPHQWGLVSRQLEOHVLYRXV
URXOH]DFWXHOOHPHQWVXUXQHDXWRಢ
URXWH
6ÚOHFWLRQG
XQSRLQWG
LQWÚUÛWYRLU
O
H[HPSOHFLGHVVXVSRXUœ$OHQWRXUV
SRVLWLRQDFWXHOOH¬
$OHQWRXUVGHVWLQDWLRQ
6ÚOHFWLRQGHVSRLQWVG
LQWÚUÛWSURFKHV
GHODGHVWLQDWLRQVDLVLH
6DLVLUODYLOOHVRXKDLWÚHHQXWLOLVDQWOD
IRQFWLRQG
ÚSHOODWLRQYRLUœ6DLVLUXQH
DGUHVVHHQXWLOLVDQWODIRQFWLRQG
ÚSHOಢ
ODWLRQ¬FLGHVVXV
,QIRWDLQPHQW6\VWHP
8QHIRLVTXHODVDLVLHHVWVXIILVDPಢ
PHQWSUÚFLVHXQHOLVWHGHVORFDOLWÚV
SRVVLEOHVHVWDIILFKÚH,OSHXWSDUIRLV
ÛWUHQÚFHVVDLUHGHVÚOHFWLRQQHUM
SRXUDIILFKHUODOLVWH
6ÚOHFWLRQQHUODORFDOLWÚVRXKDLWÚH8Q
PHQXRêOHVSRLQWVG
LQWÚUÛWSURFKHV
GHODORFDOLWÚVRXKDLWÚHVRQWOLVWÚVSDU
FDWÚJRULHHVWDIILFKÚ
6ÚOHFWLRQG
XQSRLQWG
LQWÚUÛWYRLU
O
H[HPSOHFLGHVVXVSRXUœ$OHQWRXUV
SRVLWLRQDFWXHOOH¬
5HFKHUFKHSDUQRP
6ÚOHFWLRQGHVSRLQWVG
LQWÚUÛWHQVDLಢ
VLVVDQWXQQRP
$SUÙVODVÚOHFWLRQG
XQHRSWLRQXQH
OLVWHGHSD\VHVWDIILFKÚH
6ÚOHFWLRQQHUOHSD\VVRXKDLWÚ8Q
PHQXSRXUODVDLVLHGHQRPHVWDIILಢ
FKÚ
'ÚPDUUDJHGXJXLGDJHG
LWLQÚUDLUH
6ÚOHFWLRQQHU'
'ÚPDUUHUQDYLJDWLRQ
SRXUFRPPHQFHUOHJXLGDJHG
LWLQÚಢ
UDLUHYHUVO
DGUHVVHDIILFKÚH
'HVFULSWLRQGXJXLGDJHG
LWLQÚUDLUH
YRLUOHFKDSLWUHœ*XLGDJH¬
6DLVLUOHQRPGXSRLQWG
LQWÚUÛWVRXಢ
KDLWÚHQXWLOLVDQWODIRQFWLRQG
ÚSHOODಢ
WLRQYRLUœ6DLVLHG
XQHDGUHVVHHQ
XWLOLVDQWXQHIRQFWLRQG
ÚSHOODWLRQ¬FL
GHVVXV
8QHIRLVTXHODVDLVLHHVWVXIILVDPಢ
PHQWSUÚFLVHXQHOLVWHGHVSRLQWV
G
LQWÚUÛWSRVVLEOHVHVWDIILFKÚH,OSHXW
SDUIRLVÛWUHQÚFHVVDLUHGHVÚOHFWLRQಢ
QHUMSRXUDIILFKHUODOLVWH
6ÚOHFWLRQQHUOHSRLQWG
LQWÚUÛWGÚVLUÚ
/HPHQX1
1DYLJDWLRQHVWDIILFKÚ
(QUHJLVWUHPHQWGHO
DGUHVVH
6ÚOHFWLRQQHU(
(QUHJLVWUHUVLO
RQVRXಢ
KDLWHHQUHJLVWUHUO
DGUHVVHDIILFKÚH
VXUOHFDUQHWG
DGUHVVHVRXODPÚಢ
PRLUHP\32,V
/HPHQX(
(QUHJLVWUHUHVWDIILFKÚYRLU
œ(QUHJLVWUHPHQWG
XQHDGUHVVHVXU
OHFDUQHWG
DGUHVVHVRXODPÚPRLUH
P\32,V¬FLGHVVRXV
5HFKHUFKHSDUQ¡GHWÚO
6ÚOHFWLRQGHVSRLQWVG
LQWÚUÛWHQVDLಢ
VLVVDQWXQQXPÚURGHWÚOÚSKRQH
$SUÙVODVÚOHFWLRQG
XQHRSWLRQXQH
OLVWHGHSD\VHVWDIILFKÚH
6ÚOHFWLRQQHUOHSD\VVRXKDLWÚ8Q
PHQXSRXUODVDLVLHGXQXPÚURHVWDIಢ
ILFKÚH
,QIRWDLQPHQW6\VWHP
'ÚPDUUDJHGXJXLGDJHG
LWLQÚUDLUH
6ÚOHFWLRQQHU'
'ÚPDUUHUQDYLJDWLRQ
SRXUFRPPHQFHUOHJXLGDJHG
LWLQÚಢ
UDLUHYHUVO
DGUHVVHDIILFKÚH
'HVFULSWLRQGXJXLGDJHG
LWLQÚUDLUH
YRLUOHFKDSLWUHœ*XLGDJH¬
6DLVLUOHQXPÚURGHWÚOÚSKRQHVRXಢ
KDLWÚHQXWLOLVDQWODIRQFWLRQG
ÚSHOODಢ
WLRQYRLUœ6DLVLUXQHDGUHVVHHQXWLಢ
OLVDQWODIRQFWLRQG
ÚSHOODWLRQ¬FLGHVಢ
VXV
8QHIRLVTXHODVDLVLHHVWDVVH]SUÚಢ
FLVHXQHOLVWHDYHFOHVQXPÚURVGH
WÚOÚSKRQHGLVSRQLEOHVHVWDIILFKÚH
FKDTXHQXPÚURUHSUÚVHQWDQWXQ
SRLQWG
LQWÚUÛW,OSHXWSDUIRLVÛWUHQÚಢ
FHVVDLUHGHVÚOHFWLRQQHUMSRXUDIILಢ
FKHUODOLVWH
6ÚOHFWLRQQHUOHSRLQWG
LQWÚUÛWGÚVLUÚ
/HPHQX1
1DYLJDWLRQHVWDIILFKÚ
(QUHJLVWUHPHQWGHO
DGUHVVH
6ÚOHFWLRQQHU(
(QUHJLVWUHUVLO
RQVRXಢ
KDLWHHQUHJLVWUHUO
DGUHVVHDIILFKÚH
VXUOHFDUQHWG
DGUHVVHVRXODPÚಢ
PRLUHP\32,V
/HPHQX(
(QUHJLVWUHUHVWDIILFKÚYRLU
œ(QUHJLVWUHPHQWG
XQHDGUHVVHVXU
OHFDUQHWG
DGUHVVHVRXODPÚPRLUH
P\32,V¬FLGHVVRXV
6ÚOHFWLRQG
XQHGHVWLQDWLRQ
ÑSDUWLUGHODFDUWH
$SSX\HUVXUOHERXWRQ'
'(67SXLVVÚಢ
OHFWLRQQHU6
6ÚOHFWLRQQHUÑSDUWLUGHOD
FDUWH
8QPHQXDYHFODFDUWHPRQWUDQWODUÚಢ
JLRQDXWRXUGHO
HPSODFHPHQWDFWXHO
HVWDIILFKÚ
5HPDUTXH
/
ÚFKHOOHGHODFDUWHSHXWÛWUHPRGLಢ
ILÚHHQWRXUQDQWOHERXWRQ0
0(18
(QXWLOLVDQWOHFRPPXWDWHXUÑKXLW
YRLHVGXERXWRQ0
0(18SRVLಢ
WLRQQHUOHFXUVHXUHQFURL[VXUXQH
GHVWLQDWLRQGHODFDUWH
$SSX\HUVXUOHERXWRQ0
0(18SRXU
FRQILUPHUODVÚOHFWLRQ
/HPHQX1
1DYLJDWLRQHVWDIILFKÚ
'ÚPDUUDJHGXJXLGDJHG
LWLQÚUDLUH
6ÚOHFWLRQQHU'
'ÚPDUUHUQDYLJDWLRQ
SRXUFRPPHQFHUOHJXLGDJHG
LWLQÚಢ
UDLUHYHUVO
DGUHVVHDIILFKÚH
,QIRWDLQPHQW6\VWHP
'HVFULSWLRQGXJXLGDJHG
LWLQÚUDLUH
YRLUOHFKDSLWUHœ*XLGDJH¬
6DLVLHGHODFRRUGRQQÚHGHORQJLWXGH
6ÚOHFWLRQQHU/
/RQJLWXGH
7RXUQHUOHERXWRQ0
0(18SRXUVÚಢ
OHFWLRQQHU2
2RX(
(RXHVWRXHVWGX
PÚULGLHQGH*UHHQZLFK
$SSX\HUVXUOHERXWRQ0
0(18
SRXUFRQILUPHUODVDLVLH
6DLVLUHWFRQILUPHUOHVYDOHXUV
VRXKDLWÚHVSRXUOHVGHJUÚVPLQXಢ
WHVHWVHFRQGHVGHODORQJLWXGH
(QUHJLVWUHPHQWGHO
DGUHVVH
6ÚOHFWLRQQHU(
(QUHJLVWUHUVLO
RQVRXಢ
KDLWHHQUHJLVWUHUO
DGUHVVHDIILFKÚH
VXUOHFDUQHWG
DGUHVVHVRXODPÚಢ
PRLUHP\32,V
/HPHQX(
(QUHJLVWUHUHVWDIILFKÚYRLU
œ(QUHJLVWUHPHQWG
XQHDGUHVVHVXU
OHFDUQHWG
DGUHVVHVRXODPÚPRLUH
P\32,V¬FLGHVVRXV
6ÚOHFWLRQG
XQHGHVWLQDWLRQYLD
GHVFRRUGRQQÚHV
JÚRJUDSKLTXHV
$SSX\HUVXUOHERXWRQ'
'(67SXLVVÚಢ
OHFWLRQQHU/
/DWLWXGH/RQJLWXGH
8QPHQXSHUPHWWDQWODVDLVLHGHVFRಢ
RUGRQQÚHVJÚRJUDSKLTXHVFRPPH
DGUHVVHGHGHVWLQDWLRQHVWDIILFKÚ
6DLVLHGHODFRRUGRQQÚHGHODWLWXGH
6ÚOHFWLRQQHU/
/DWLWXGH
7RXUQHUOHERXWRQ0
0(18SRXUVÚಢ
OHFWLRQQHU1
1RX6
6QRUGRXVXGGH
O
ÚTXDWHXU
$SSX\HUVXUOHERXWRQ0
0(18
SRXUFRQILUPHUODVÚOHFWLRQ
7RXUQHUOHERXWRQ0
0(18SRXU
VDLVLUOHVGHJUÚVGHODWLWXGHVRXಢ
KDLWÚV
$SSX\HUVXUOHERXWRQ0
0(18
SRXUFRQILUPHUODVDLVLH
6DLVLUOHVYDOHXUVVRXKDLWÚHVSRXU
OHVPLQXWHVHWOHVVHFRQGHVGHOD
ODWLWXGH
6ÚOHFWLRQQHU$
$SSOLTXHUSRXUFRQILUಢ
PHUOHVFRRUGRQQÚHVDIILFKÚHV
/HPHQX1
1DYLJDWLRQHVWDIILFKÚ
'ÚPDUUDJHGXJXLGDJHG
LWLQÚUDLUH
6ÚOHFWLRQQHU'
'ÚPDUUHUQDYLJDWLRQ
SRXUFRPPHQFHUOHJXLGDJHG
LWLQÚಢ
UDLUHYHUVO
DGUHVVHDIILFKÚH
'HVFULSWLRQGXJXLGDJHG
LWLQÚUDLUH
YRLUOHFKDSLWUHœ*XLGDJH¬
(QUHJLVWUHPHQWGHO
DGUHVVH
6ÚOHFWLRQQHU(
(QUHJLVWUHUVLO
RQVRXಢ
KDLWHHQUHJLVWUHUO
DGUHVVHDIILFKÚH
VXUOHFDUQHWG
DGUHVVHVRXODPÚಢ
PRLUHP\32,V
,QIRWDLQPHQW6\VWHP
/HPHQX(
(QUHJLVWUHUHVWDIILFKÚYRLU
œ(QUHJLVWUHPHQWG
XQHDGUHVVHVXU
OHFDUQHWG
DGUHVVHVRXODPÚPRLUH
P\32,V¬FLGHVVRXV
(QUHJLVWUHPHQWG
XQHDGUHVVH
VXUVOHFDUQHWG
DGUHVVHVRXOD
PÚPRLUHP\32,V
/
,QIRWDLQPHQW6\VWHPRIIUHGHX[]Rಢ
QHVGHPÚPRLUHLQGÚSHQGDQWHVRê
OHVDGUHVVHVGHGHVWLQDWLRQVIDYRULWHV
SHXYHQWÛWUHHQUHJLVWUÚHVOHFDUQHW
G
DGUHVVHVHWODPÚPRLUHP\32,V
$YDQWG
HQUHJLVWUHUXQHDGUHVVHVXU
XQHGHFHV]RQHVGHPÚPRLUH
O
DGUHVVHGRLWÛWUHDIIHFWÚHÑXQHFDಢ
WÚJRULH
࿢ 6LO
DGUHVVHHVWHQUHJLVWUÚHVXUOH
FDUQHWG
DGUHVVHVO
DGUHVVHGRLW
ÛWUHDIIHFWÚHÑODFDWÚJRULH3
3ULYÚRX
$IIDLUHV
࿢ FDWÚJRULHVSDUH[5
5HVWDXUDQW
9R\DJHRX&
&XOWXUHSHXYHQWÛWUH
FKRLVLHVSRXUHQUHJLVWUHUXQH
DGUHVVHVXUODPÚPRLUHP\32,V
(QUHJLVWUHPHQWG
XQHDGUHVVHVXUOH
FDUQHWG
DGUHVVHV
$SSX\HUVXUOHERXWRQ'
'(67SRXURXಢ
YULUOHPHQX6
6DLVLHGHODGHVWLQDWLRQ
HWVÚOHFWLRQQHUDORUVXQHRSWLRQSRXU
ODVDLVLHRXODVÚOHFWLRQG
XQHDGUHVVH
GHGHVWLQDWLRQSDUH[6
6DLVLHGH
O
DGUHVVHRX'
'HUQLÙUHVGHVWLQDWLRQV
YRLUOHVGHVFULSWLRQVVXUODVDLVLHRXOD
VÚOHFWLRQG
XQHDGUHVVHFLGHVVXV
$SUÙVDYRLUVDLVLRXVÚOHFWLRQQÚ
O
DGUHVVHGHGHVWLQDWLRQVRXKDLWÚHOH
PHQX1
1DYLJDWLRQHVWDIILFKÚ
6ÚOHFWLRQQHU(
(QUHJLVWUHU
/HPHQX(
(QUHJLVWUHUHVWDIILFKÚDYHF
O
DGUHVVHGHGHVWLQDWLRQSUÚFÚGHPಢ
PHQWVDLVLHRXVÚOHFWLRQQÚHFRPPH
QRPSDUGÚIDXW
/HQRPSDUGÚIDXWSHXWÛWUHPRGLILÚ
YRLUO
LOOXVWUDWLRQHQH[HPSOHFLGHVಢ
VRXVÑO
DLGHGHODIRQFWLRQG
ÚSHOODಢ
WLRQYRLUœ6DLVLUXQHDGUHVVHHQXWLಢ
OLVDQWODIRQFWLRQG
ÚSHOODWLRQ¬FLGHVಢ
VXV
8QQXPÚURGHWÚOÚSKRQHSHXWÛWUH
VDLVLHQRSWLRQ
/DFDWÚJRULHSDUGÚIDXW3
3ULYÚSHXW
ÛWUHFKDQJÚHSRXU$
$IIDLUHV
6ÚOHFWLRQQHUODFDWÚJRULHDIILFKÚH
SRXURXYULUXQPHQXDYHFXQHOLVWHGH
WRXWHVOHVFDWÚJRULHVG
DGUHVVHVGLVಢ
SRQLEOHV
,QIRWDLQPHQW6\VWHP
8QPD[LPXPGHDGUHVVHVGH
GHVWLQDWLRQSHXWÛWUHHQUHJLVWUÚVXUOH
FDUQHWG
DGUHVVHV
5HPDUTXH
6LXQHFDWÚJRULHDXWUHTXH3
3ULYÚRX
$IIDLUHVHVWFKRLVLHO
DGUHVVHGH
GHVWLQDWLRQVHUDHQUHJLVWUÚHGDQVOD
PÚPRLUHP\32,VSDVGDQVOHFDUಢ
QHWG
DGUHVVHV
6ÚOHFWLRQQHU$
$IIDLUHV
/HPHQX(
(QUHJLVWUHUGHQRXYHDXHVW
DIILFKÚ
6ÚOHFWLRQQHU2
2.SRXUHQUHJLVWUHU
O
DGUHVVHGHGHVWLQDWLRQVXUOHFDUQHW
G
DGUHVVHVDYHFOHQRPHWODFDWÚJRಢ
ULHDIILFKÚV
(QUHJLVWUHPHQWG
XQHDGUHVVHGDQV
ODPÚPRLUHP\32,V
/
HQUHJLVWUHPHQWG
XQHDGUHVVHGH
GHVWLQDWLRQGDQVODPÚPRLUHP\32,V
VHIDLWGHODPÛPHPDQLÙUHTXHFHOOH
GÚFULWHFLGHVVXVSRXUOHFDUQHW
G
DGUHVVHV
/DVHXOHGLIIÚUHQFHVÚOHFWLRQQHUXQH
FDWÚJRULHGLIIÚUHQWHGH3
3ULYÚRX
$IIDLUHVFÑG5
5HVWDXUDQW
$XWRPRELOHRX$
$FKDWV
5HPDUTXH
6LXQHGHVFDWÚJRULHV3
3ULYÚRX
$IIDLUHVHVWVÚOHFWLRQQÚHO
DGUHVVH
GHGHVWLQDWLRQVHUDHQUHJLVWUÚHGDQV
OHFDUQHWG
DGUHVVHVHWPRQSDVVXU
ODPÚPRLUHP\32,V
0RGLILFDWLRQRXVXSSUHVVLRQ
G
XQHDGUHVVHHQUHJLVWUÚH
/HVGRQQÚHVG
DGUHVVHV\FRPSULVOD
FDWÚJRULHHWOHQXPÚURGHWÚOÚSKRQH
HQUHJLVWUÚHVVXUOHFDUQHWG
DGUHVVHV
RXODPÚPRLUHP\32,VSHXYHQWÛWUH
PRGLILÚHVRXHQWLÙUHPHQWVXSSULಢ
PÚHVÑWRXWPRPHQW
0RGLILFDWLRQRXVXSSUHVVLRQG
XQH
HQWUÚHGXFDUQHWG
DGUHVVHV
$SSX\HUVXUOHERXWRQ'
'(67VÚOHFಢ
WLRQQHU&
&DUQHWG
DGUHVVHVVÚOHFWLRQಢ
QHUO
HQWUÚHG
DGUHVVHGÚVLUÚHSXLV
VÚOHFWLRQQHU(
(GLWHU
/HPHQX(
(GLWHUHVWDIILFKÚ
,QIRWDLQPHQW6\VWHP
/HVRSWLRQVVXLYDQWHVSHXYHQWÛWUH
VÚOHFWLRQQÚHV
࿢ $GUHVVHRXYUHOHPHQX6
6DLVLHGH
O
DGUHVVH9RXVSRXYH]PRGLILHU
O
DGUHVVHDIILFKÚHÑO
DLGHGHOD
IRQFWLRQG
ÚSHOODWLRQYRLUœ6DLVLU
XQHDGUHVVHHQXWLOLVDQWODIRQFWLRQ
G
ÚSHOODWLRQ¬FLGHVVXV
$SUÙVODFRQILUPDWLRQGHO
DGUHVVH
PRGLILÚHOHPHQX1
1DYLJDWLRQHVW
ÑQRXYHDXDIILFKÚ
6LO
RQVRXKDLWHPRGLILHUÚJDOHPHQW
OHQRPRXFKDQJHUODFDWÚJRULHLO
IDXWÑQRXYHDXVÚOHFWLRQQHU
O
DGUHVVHHQTXHVWLRQGXFDUQHW
G
DGUHVVHVYRLUFLGHVVXV
࿢ 1RPHWQXPÚURDSUÙVDYRLUFKRLVL
FHWWHRSWLRQOHQRPGHO
HQWUÚHGX
FDUQHWG
DGUHVVHVSHXWÛWUHPRGLಢ
ILÚDLQVLTXHOHQXPÚURGHWÚOÚಢ
SKRQHRXXQHQRXYHOOHFDWÚJRULH
SHXWÛWUHFKRLVLHYRLUœ(QUHJLVWUHಢ
PHQWG
XQHDGUHVVHVXUOHFDUQHW
G
DGUHVVHV¬FLGHVVXV
࿢ 6XSSULPHUHIIDFHO
DGUHVVHDIILಢ
FKÚHGXFDUQHWG
DGUHVVHV
࿢ &RPPHPDLVRQUÙJOHO
DGUHVVH
DIILFKÚHFRPPHO
DGUHVVHGXGRPLಢ
FLOHYRLUœ5ÚJODJHGHO
DGUHVVHGH
GRPLFLOH¬FLGHVVRXV
0RGLILFDWLRQRXVXSSUHVVLRQG
XQH
HQWUÚHP\32,V
$SSX\HUVXUOHERXWRQ'
'(67HWHQಢ
VXLWHFKRLVLUP
P\32,VSRXURXYULUOH
PHQXDIILFKÚFLGHVVRXV
0RGLILHURXVXSSULPHU
3RLQWVG
LQWÚUÛWLQGLYLGXHOV
6ÚOHFWLRQQHU3
3RLQWVG
LQWÚUÛW
LQGLYLGXHOVVÚOHFWLRQQHUO
RSWLRQGH
WULDJHVRXKDLWÚHSDUH[$
$OHQWRXUV
SRVLWLRQDFWVÚOHFWLRQQHUODFDWÚJRಢ
ULHVRXKDLWÚHSDUH[5
5HVWDXUDQW
VÚOHFWLRQQHUO
DGUHVVHVRXKDLWÚHHW
VÚOHFWLRQQHUDORUV(
(GLWHU
/HPHQX(
(GLWHUHVWDIILFKÚ
0RGLILHURXVXSSULPHUOHVHQWUÚHVP\ಢ
32,VIRQFWLRQQHGHODPÛPHPDQLÙUH
TXHFHODHVWGÚFULWSRXUXQHHQWUÚHGH
FDUQHWG
DGUHVVHVYRLUFLGHVVXV
5HPDUTXHVVXU
3RLQWVG
LQWÚUÛWLPSRUWÚV
/HVSRLQWVG
LQWÚUÛWLPSRUWÚVSRLQWV
G
LQWÚUÛWWÚOÚFKDUJÚVG
XQHFOÚ86%
QHSHXYHQWSDVÛWUHPRGLILÚVGLUHFWHಢ
PHQW
3RXUPRGLILHUXQHGRQQÚHG
DGUHVVH
G
XQSRLQWG
LQWÚUÛWLPSRUWÚ
࿢ /
DGUHVVHGRLWWRXWG
DERUGÛWUHHQಢ
UHJLVWUÚHVXUOHFDUQHWG
DGUHVVHV
RXFRPPHXQSRLQWG
LQWÚUÛWLQGLYLಢ
GXHO/HVGRQQÚHVG
DGUHVVHGH
O
HQWUÚHGXFDUQHWG
DGUHVVHVRXGH
O
HQWUÚHP\32,VSHXYHQWDORUVÛWUH
PRGLILÚHVODVÚOHFWLRQHVWIDLWHYLD
3RLQWVG
LQWÚUÛWLQGLYLGXHOV
,QIRWDLQPHQW6\VWHP
࿢ 2XOHVGRQQÚHVG
DGUHVVHPLVHV
ÑMRXUSHXYHQWÛWUHLPSRUWÚVG
XQH
FOÚ86%YRLUœ([SRUWHUHWLPSRUWHU
OHVGRQQÚHVGHSRLQWG
LQWÚUÛW¬GX
FKDSLWUHœ8WLOLVDWLRQ¬FLGHVVXV
,OQ
HVWSDVSRVVLEOHGHVXSSULPHUGLಢ
UHFWHPHQWOHVGRQQÚHVG
DGUHVVHGHV
SRLQWVG
LQWÚUÛWLPSRUWÚVLQGLYLGXHOV
GHODPÚPRLUHP\32,V
6LO
RQVRXKDLWHVXSSULPHUOHVSRLQWV
G
LQWÚUÛWLPSRUWÚVLQGLYLGXHOV
LPSRUWHUOHVGRQQÚHVGHSRLQWG
LQWÚಢ
UÛWPLVHVÑMRXUVXUO
,QIRWDLQPHQW
6\VWHPTXLQHFRQWLHQQHQWSDVOHV
GRQQÚHVG
DGUHVVHVGHVSRLQWVG
LQಢ
WÚUÛWGHYDQWÛWUHVXSSULPÚHV
3RXUVXSSULPHUWRXVOHVSRLQWVG
LQWÚಢ
UÛWG
XQHFHUWDLQHFDWÚJRULHLPSRUWHU
XQILFKLHUGHGRQQÚHVGHSRLQWVG
LQಢ
WÚUÛWYLGHGHODFDWÚJRULHFRQFHUQÚH
'HVFULSWLRQVGHVGRQQÚHVGHSRLQW
G
LQWÚUÛWLPSRUWÚVYRLUœ([SRUWHUHW
LPSRUWHUGHGRQQÚHVGHSRLQWVG
LQWÚಢ
UÛW¬GXFKDSLWUHœ8WLOLVDWLRQ¬FLGHVಢ
VXV
6XSSULPHUWRXVOHVSRLQWVG
LQWÚUÛWHQ
XQHVHXOHIRLV
$SSX\HUVXUOHERXWRQ&
&21),*VÚಢ
OHFWLRQQHU5
5ÚJODJHV1DYLJDWLRQHWHQಢ
VXLWHVÚOHFWLRQQHU(
(IIDFHUWRXVOHV
SRLQWVG
LQWÚUÛWLPSRUWÚV
5ÚJODJHGHO
DGUHVVHGH
GRPLFLOH
3URJUDPPHUXQHHQWUÚHP\32,V
FRPPHXQHDGUHVVHGHGRPLFLOH
$SSX\HUVXUOHERXWRQ'
'(67HWHQಢ
VXLWHFKRLVLUP
P\32,VSRXURXYULUOH
PHQXDIILFKÚFLGHVVRXV
$YDQWGHUÚJOHUXQHDGUHVVHFRPPH
XQHDGUHVVHGHGRPLFLOHFHWWH
DGUHVVHGRLWÛWUHHQUHJLVWUÚHVXUOH
FDUQHWG
DGUHVVHVRXODPÚPRLUHP\ಢ
32,VYRLUOHVGHVFULSWLRQVFRUUHVSRQಢ
GDQWHVFLGHVVXV
5ÚJODJHG
XQHHQWUÚHGXFDUQHW
G
DGUHVVHVFRPPHDGUHVVHGH
GRPLFLOH
$SSX\HUVXUOHERXWRQ'
'(67VÚOHFಢ
WLRQQHU&
&DUQHWG
DGUHVVHVVÚOHFWLRQಢ
QHUO
HQWUÚHG
DGUHVVHGÚVLUÚHVÚOHFಢ
WLRQQHU(
(GLWHUHWHQVXLWH&
&RPPH
PDLVRQ
/
DGUHVVHDIILFKÚHHVWUÚJOÚHFRPPH
ODQRXYHOOHDGUHVVHGHGRPLFLOHHWDIಢ
ILFKÚHFRPPHODSUHPLÙUHRSWLRQVXU
OHPHQX6
6DLVLHGHODGHVWLQDWLRQ
3URJUDPPHUXQSRLQWG
LQWÚUÛWLQGLYLಢ
GXHOFRPPHXQHDGUHVVHGHGRPLFLOH
6ÚOHFWLRQQHU3
3RLQWVG
LQWÚUÛW
LQGLYLGXHOVVÚOHFWLRQQHUO
RSWLRQGH
WULDJHVRXKDLWÚHSDUH[$
$OHQWRXUV
SRVLWLRQDFWVÚOHFWLRQQHUODFDWÚJRಢ
ULHVRXKDLWÚHSDUH[5
5HVWDXUDQW
VÚOHFWLRQQHUO
DGUHVVHVRXKDLWÚHHW
VÚOHFWLRQQHU(
(GLWHUHWDORUV&
&RPPH
PDLVRQ
,QIRWDLQPHQW6\VWHP
/
DGUHVVHDIILFKÚHHVWUÚJOÚHFRPPH
ODQRXYHOOHDGUHVVHGHGRPLFLOHHWDIಢ
ILFKÚHFRPPHODSUHPLÙUHRSWLRQVXU
OHPHQX6
6DLVLHGHODGHVWLQDWLRQ
5HPDUTXHVVXU
3RLQWVG
LQWÚUÛWLPSRUWÚV
/HVSRLQWVG
LQWÚUÛWLPSRUWÚVSRLQWV
G
LQWÚUÛWWÚOÚFKDUJÚVG
XQHFOÚ86%
QHSHXYHQWSDVÛWUHSURJUDPPÚVGLಢ
UHFWHPHQWFRPPHXQHDGUHVVHGH
GRPLFLOH
6LO
RQVRXKDLWHSURJUDPPHUXQH
DGUHVVHG
XQSRLQWG
LQWÚUÛWLPSRUWÚ
FRPPHXQHDGUHVVHGHGRPLFLOH
/
DGUHVVHGRLWWRXWG
DERUGÛWUHHQUHಢ
JLVWUÚHVXUOHFDUQHWG
DGUHVVHVRX
FRPPHXQSRLQWG
LQWÚUÛWLQGLYLGXHO
/HVGRQQÚHVG
DGUHVVHGHO
HQWUÚHGX
FDUQHWG
DGUHVVHVRXGHO
HQWUÚHP\ಢ
32,VSHXYHQWDORUVÛWUHSURJUDPಢ
PÚHVFRPPHXQHDGUHVVHGHGRPLಢ
FLOHODVÚOHFWLRQHVWIDLWHYLD3
3RLQWV
G
LQWÚUÛWLQGLYLGXHOV
*XLGDJH
$SSX\HUVXUOHERXWRQ1
1$9HWHQVXLWH
VXUOHERXWRQPROHWWH0
0(18SRXUDIಢ
ILFKHUOHPHQXSULQFLSDOGHQDYLJDWLRQ
'LIIÚUHQWHVRSWLRQVGHPHQXVRQWGLVಢ
SRQLEOHVVHORQTXHOHJXLGDJHG
LWLQÚಢ
UDLUHHVWDFWLIRXQRQ
)RQFWLRQVORUVTXHOHJXLGDJH
G
LWLQÚUDLUHHVWDFWLI
'ÚPDUUHUQDYLJDWLRQ
$SUÙVDYRLUVÚOHFWLRQQÚ'
'ÚPDUUHU
QDYLJDWLRQOHPHQXFLGHVVRXVHVWDIಢ
ILFKÚ
/HVRSWLRQVVXLYDQWHVSHXYHQWÛWUH
VÚOHFWLRQQÚHV
࿢ 'ÚPDUUHUQDYLJDWLRQFRPPHQFHU
OHJXLGDJHG
LWLQÚUDLUHYHUV
O
DGUHVVHDIILFKÚH
࿢ $IILFKHUVXUODFDUWHDIILFKHO
HPಢ
SODFHPHQWGHO
DGUHVVHDIILFKÚHVXU
XQHFDUWH
࿢ $SSHOHUQRQGLVSRQLEOH
࿢ (QUHJLVWUHUHQUHJLVWUHO
DGUHVVH
DIILFKÚHVXUOHFDUQHWG
DGUHVVHVRX
ODPÚPRLUHP\32,VYRLUœ(QUHಢ
JLVWUHPHQWG
XQHDGUHVVHVXUOH
,QIRWDLQPHQW6\VWHP
FDUQHWG
DGUHVVHVRXODPÚPRLUH
P\32,V¬GXFKDSLWUHœ6DLVLHGHOD
GHVWLQDWLRQ¬FLGHVVXV
࿢ (GLWHUFKDQJHPRGLILHO
DGUHVVH
DIILFKÚHYRLUœ0RGLILFDWLRQRXVXSಢ
SUHVVLRQG
XQHDGUHVVHHQUHJLVಢ
WUÚH¬GXFKDSLWUHœ6DLVLHGHOD
GHVWLQDWLRQ¬FLGHVVXV
࿢ &ULWÙUHVG
LWLQÚUDLUHVSÚFLILHPRGLಢ
ILHOHVFULWÙUHVGHFDOFXOG
LWLQÚUDLUH
YRLUœ2SWLRQVGHQDYLJDWLRQ¬FL
GHVVRXV
0HVVDJHV70&
,QIRUPDWLRQVVXU70&YRLUOHFKDSLWUH
œ*XLGDJHG\QDPLTXH¬
6ÚOHFWLRQQHU0
0HVVDJHV70&SRXUDIಢ
ILFKHUXQHOLVWHGHWRXVOHVPHVVDJHV
GHFLUFXODWLRQ70&UHØXV
6ÚOHFWLRQQHUXQPHVVDJHGHFLUFXODಢ
WLRQ70&SRXUDIILFKHUGHVLQIRUPDಢ
WLRQVGÚWDLOOÚHVFRQFHUQDQWOHSURಢ
EOÙPHGHFLUFXODWLRQFRQFHUQÚ
&ULWÙUHVG
LWLQÚUDLUH
2SWLRQVGHQDYLJDWLRQ
/HPHQXFRUUHVSRQGDQWSURSRVHGHV
RSWLRQVHWXQHPXOWLWXGHGH
VRXVPHQXVSRXUODFRQILJXUDWLRQGX
JXLGDJHG
LWLQÚUDLUH
/HFDOFXOGHO
LWLQÚUDLUHSHXWÛWUH
DGDSWÚSDUGLIIÚUHQWVFULWÙUHV
,QIRWDLQPHQW6\VWHP
6ÚOHFWLRQQHUXQGHVFULWÙUHVVXLಢ
YDQWV
࿢ /HSOXVUDSLGH
࿢ /HSOXVFRXUW
࿢ /HSOXVÚFRQRPLTXHXQLWLQÚUDLUH
SHUPHWWDQWGHVÚFRQRPLHVGHFDUಢ
EXUDQWHVWFDOFXOÚHQSUHQDQWHQ
FRPSWHOHVSDUDPÙWUHVVSÚFLILTXHV
DXYÚKLFXOHTXLVRQWUÚJOÚVGDQVOH
PHQX3
3DUDPÙWUHVYÚKLFXOHYRLUFL
GHVVRXV
6ÚOHFWLRQQHU3
3DUDPÙWUHVYÚKLFXOH
SRXURXYULUXQPHQXGHVÚOHFWLRQGHV
SDUDPÙWUHVVSÚFLILTXHVDXYÚKLFXOH
/HVUÚJODJHVVÚOHFWLRQQÚVVHURQWSULV
HQFRPSWHSRXUOHFDOFXOGHO
LWLQÚಢ
UDLUHVL/
/HSOXVÚFRQRPLTXHHVWDFಢ
WXHOOHPHQWVÚOHFWLRQQÚYRLUFLGHVಢ
VXV
$SUÙVDYRLUGÚWHUPLQÚOHVSDUDPÙWUHV
YÚKLFXOHGÚVLUÚVDSSX\HUVXUOHERXಢ
WRQ%
%$&.SRXUTXLWWHUOHPHQX
6ÚOHFWLRQQHU*
*XLGDJHG\QDPLTXH
SRXURXYULUXQPHQXGHFRQILJXUDWLRQ
GXJXLGDJHG\QDPLTXHG
LWLQÚUDLUH
,QIRUPDWLRQVVXUOHJXLGDJHG
LWLQÚಢ
UDLUHG\QDPLTXHYRLUOHFKDSLWUH
œ*XLGDJHG\QDPLTXH¬
6ÚOHFWLRQQHU*
*XLGDJHG\QDPLTXH
SRXUDFWLYHUGÚVDFWLYHUOHJXLGDJHG\ಢ
QDPLTXHG
LWLQÚUDLUH
6LOHJXLGDJHG\QDPLTXHG
LWLQÚUDLUH
HVWDFWLYÚ
6ÚOHFWLRQQHU5
5HFDOFXODXWRPDWLTXH
V
LOHVWVRXKDLWÚTXHO
LWLQÚUDLUHVRLWDXಢ
WRPDWLTXHPHQWUHFDOFXOÚHQFDVGH
SUREOÙPHVGHFLUFXODWLRQ
6ÚOHFWLRQQHU5
5HFDOFXODSUÙV
FRQILUPDWLRQV
LOHVWVRXKDLWÚTXHO
LWLಢ
QÚUDLUHVRLWDXWRPDWLTXHPHQWUHFDOಢ
FXOÚXQLTXHPHQWDSUÙVFRQILUPDWLRQ
GXPHVVDJHFRUUHVSRQGDQW
6ÚOHFWLRQQHU$
$SSOLTXHUOHV
SDUDPÙWUHVSRXUDFWLYHUOHVUÚJODJHV
DIILFKÚVHWTXLWWHUOHPHQX
,QIRWDLQPHQW6\VWHP
6LGÚVLUÚVÚOHFWLRQQHUXQHRXSOXಢ
VLHXUVGHVRSWLRQVVXLYDQWHVGDQVOH
PHQX&
&ULWÙUHVG
LWLQÚUDLUH
࿢ (YLWHUOHVDXWRURXWHV
࿢ (YLWHUOHVSÚDJHV
࿢ (YLWHUOHVWXQQHOV
࿢ (YLWHUOHVIHUULHV
࿢ 3UHQGUHHQFRPSWHOHVURXWHVDYHF
FRQWUDLQWHG
KRUDLUH
$IILFKDJH*XLGDJH
/HVRSWLRQVVXLYDQWHVVRQWGLVSRQLಢ
EOHVSRXUO
DIILFKDJHGXJXLGDJHG
LWLಢ
QÚUDLUH
/HW\SHG
LOOXVWUDWLRQTXLGHYUDLWÛWUH
DIILFKÚORUVGHO
DUULYÚHÑXQHLQWHUಢ
VHFWLRQG
DXWRURXWHSHXWÛWUHGÚWHUಢ
PLQÚÑO
DLGHGXERXWRQ,,QIREXOOHV
6L,,QIREXOOHVHVWGÚVDFWLYÚOHW\SH
VXLYDQWG
LOOXVWUDWLRQVHUDDIILFKÚ
6L,,QIREXOOHVHVWDFWLYÚOHW\SHVXLಢ
YDQWG
LOOXVWUDWLRQVHUDDIILFKÚ
,QIRWDLQPHQW6\VWHP
±O
DLGHGHO
RSWLRQ,,QIREXOOHVRQSHXW
VÚOHFWLRQQHUVLOHVLQIRUPDWLRQVGH
JXLGDJHGXV\VWÙPHGHQDYLJDWLRQ
GRLYHQWÛWUHDIILFKÚHVGDQVGHVIHQÛಢ
WUHVFRQWH[WXHOOHVGDQVG
DXWUHVPRಢ
GHVG
XWLOLVDWLRQSDUH[OHPRGHUDಢ
GLR/HVLQIRUPDWLRQVVRQWFDFKÚHV
DXERXWGHG
XQHGXUÚHGÚWHUPLQÚHRX
HQDSSX\DQWVXUOHERXWRQ%
%$&.
6ÚOHFWLRQQHU$
$SSOLTXHUOHV
SDUDPÙWUHVSRXUDFWLYHUOHVUÚJODJHV
DIILFKÚVHWUHYHQLUDXPHQX2
2SWLRQV
GHQDYLJDWLRQ
2SWLRQVGHFDUWH
6ÚOHFWLRQQHU2
2SWLRQVGHFDUWHSXLV
2ULHQWDWLRQFDUWHSRXUDIILFKHUOH
VRXVPHQXVXLYDQW
$IILFKDJHGHO
KHXUHG
DUULYÚHRXGHOD
GXUÚHGHWUDMHW
$SUÙVDYRLUFKRLVLO
RSWLRQ$
$IILFKDJH
GHODGXUÚHGHWUDMHWHVWLPÚHRX
$IILFKDJHGHO
KHXUHG
DUULYÚH
HVWLPÚHGDQVOHPHQX2
2SWLRQVGH
QDYLJDWLRQODYDOHXUFRUUHVSRQGDQWH
VHUDDIILFKÚHHQKDXWGHO
ÚFUDQGH
JXLGDJHG
LWLQÚUDLUH
,QIRUPDWLRQVGHSRVLWLRQ
DFWXHOOHV
6ÚOHFWLRQQHUO
DIILFKDJHGHODFDUWH
DYHFOHQRUGHQKDXWRXODGHVWLQDWLRQ
HQKDXW
6ÚOHFWLRQQHU2
2SWLRQVGHFDUWHSXLV
$IILFKHUOHVSRLQWVG
LQWÚUÛWVXUOD
FDUWHSRXURXYULUXQVRXVPHQXFRQಢ
WHQDQWGLYHUVHVRSWLRQVG
DIILFKDJH
GHVSRLQWVG
LQWÚUÛWVXUODFDUWH
/RUVTXH3
3HUVRQQDOLVÚHVWVÚOHFಢ
WLRQQÚOHW\SHGHSRLQWVG
LQWÚUÛWÑDIಢ
ILFKHUSHXWÛWUHGÚILQLSDUH[OHVUHVಢ
WDXUDQWVOHVKåWHOVOHVOLHX[SXEOLFV
HWF
/HVLQIRUPDWLRQVVXLYDQWHVFRQFHUಢ
QDQWODSRVLWLRQDFWXHOOHVRQWDIILಢ
FKÚHV
࿢ /RFDOLWÚ
࿢ 1RPGHUXH
࿢ /DWLWXGH
࿢ /RQJLWXGH
࿢ $IILFKDJHGHFDUWH
,QIRWDLQPHQW6\VWHP
)RQFWLRQVGHJXLGDJH
G
LWLQÚUDLUHDFWLI
/DSRVLWLRQDFWXHOOHSHXWÛWUHFRSLÚH
VXUOHFDUQHWG
DGUHVVHVRXODPÚಢ
PRLUHP\32,VHQXWLOLVDQW
(QUHJLVWUHUYRLUœ(QUHJLVWUHPHQW
G
XQHDGUHVVHVXUOHFDUQHWG
DGUHVಢ
VHVRXODPÚPRLUHP\32,V¬GXFKDಢ
SLWUHœ6DLVLHGHODGHVWLQDWLRQ¬FL
GHVVXV
,QIRUPDWLRQVGHVWLQDWLRQ
,QIRUPDWLRQVDIILFKÚHVOHVPÛPHV
TXHSRXUO
DIILFKDJH3
3RVLWLRQDFWXHOOH
6WRSSHUODQDYLJDWLRQ
$SUÙVDYRLUFKRLVL6
6WRSSHUOD
QDYLJDWLRQOHJXLGDJHG
LWLQÚUDLUHHVW
GÚVDFWLYÚHWOHVRSWLRQVGHPHQXSRXU
OHJXLGDJHG
LWLQÚUDLUHLQDFWLIVRQWDIILಢ
FKÚHVYRLUœ)RQFWLRQVDYHFJXLGDJH
G
LWLQÚUDLUHLQDFWLI¬FLGHVVXV
0HVVDJHV70&
,QIRUPDWLRQVVXU70&YRLUOHFKDSLWUH
œ*XLGDJHG\QDPLTXH¬
$SUÙVDYRLUVÚOHFWLRQQÚ0
0HVVDJHV
70&OHPHQX)
)LOWUDJHHVWDIILFKÚ
6ÚOHFWLRQQHUVL7
7RXWHVOHVLQIRV
URXWLÙUHVRXXQLTXHPHQW,,QIRV
URXWLÙUHVVXUO
LWLQÚUDLUHGRLWÛWUHDIILಢ
FKÚGDQVODOLVWH0
0HVVDJHV70&YRLU
FLGHVVRXV
2SWLRQVGHQDYLJDWLRQ
'HVFULSWLRQYRLUœ)RQFWLRQVORUVTXH
OHJXLGDJHG
LWLQÚUDLUHHVWLQDFWLI¬FL
GHVVXV
,QIRWDLQPHQW6\VWHP
,QIRUPDWLRQVLWLQÚUDLUH
/HVLQIRUPDWLRQVVXLYDQWHVSHXYHQW
ÛWUHREWHQXHVGDQVOHPHQX
,QIRUPDWLRQVLWLQÚUDLUH
࿢ /LVWHGHVURXWHV
࿢ ,QIRUPDWLRQVGHSRVLWLRQDFWXHOOHV
࿢ ,QIRUPDWLRQVGHVWLQDWLRQ
࿢ $SHUØXLWLQÚUDLUHDFWXHO
/LVWHGHVURXWHV
7RXVOHVÚOÚPHQWVGHODOLVWHG
LWLQÚಢ
UDLUHVDFFRPSDJQÚVG
XQV\PEROH
œ¬SHXYHQWÛWUHGÚWDLOOÚVHQVÚOHFಢ
WLRQQDQWO
ÚOÚPHQWHQTXHVWLRQ$SUÙV
ODVÚOHFWLRQGHVGÚWDLOVVXSSOÚPHQಢ
WDLUHVFRQFHUQDQWO
ÚOÚPHQWGHODOLVWH
VRQWDIILFKÚV
,QIRUPDWLRQVGHSRVLWLRQDFWXHOOHV
'HVFULSWLRQYRLUœ)RQFWLRQVORUVTXH
OHJXLGDJHG
LWLQÚUDLUHHVWLQDFWLI¬FL
GHVVXV
,QIRUPDWLRQVGHVWLQDWLRQ
'HVFULSWLRQYRLUœ)RQFWLRQVORUVTXH
OHJXLGDJHG
LWLQÚUDLUHHVWLQDFWLI¬FL
GHVVXV
$SHUØXLWLQÚUDLUHDFWXHO
/HVLQIRUPDWLRQVVXLYDQWHVFRQFHUಢ
QDQWO
LWLQÚUDLUHDFWXHOVRQWDIILFKÚHV
7RXWHVOHVUXHVGHO
LWLQÚUDLUHFDOFXOÚ
VRQWOLVWÚHVDYHFOHVGLVWDQFHVUHODWLಢ
YHV
࿢
࿢
࿢
࿢
࿢
3RVLWLRQ
'HVWLQDWLRQ
+HXUHG
DUULYÚH
'LVWDQFHSDUFRXUXH
$IILFKDJHGHFDUWH
%ORFDJHG
LWLQÚUDLUH
/HVRSWLRQVVXLYDQWHVVRQWGLVSRQLಢ
EOHVSRXUH[FOXUHPDQXHOOHPHQWFHUಢ
WDLQHV]RQHVVHFWLRQVG
LWLQÚUDLUHGX
JXLGDJHG
LWLQÚUDLUH
,QIRWDLQPHQW6\VWHP
/LVWHGHVURXWHV
'HVUXHVSHXYHQWÛWUHH[FOXHVGXJXLಢ
GDJHGDQVODOLVWHGHQRPVGHUXHGH
O
LWLQÚUDLUHDFWXHO
3RXUH[FOXUHXQHUXHGXJXLGDJHG
LWLಢ
QÚUDLUH
6ÚOHFWLRQQHUOHQRPGHUXHFRQFHUQÚ
HWDSSX\HUVXUOHERXWRQ0
0(18/H
QRPGHUXHHVWEDUUÚ
'
DXWUHVUXHVSHXYHQWÛWUHH[FOXHVGX
JXLGDJHG
LWLQÚUDLUHVLGÚVLUÚ
6ÚOHFWLRQQHU$
$SSOLTXHUOHV
SDUDPÙWUHVHWFRQILUPHUOHPHVVDJH
DIILFKÚ
/
LWLQÚUDLUHHVWUHFDOFXOÚHQÚOLPLQDQW
OHVUXHVH[FOXHV
'LVWDQFH
(QVSÚFLILDQWXQHGLVWDQFHODVHFWLRQ
GHO
LWLQÚUDLUHHQWUHODSRVLWLRQDFWXHOOH
HWODGLVWDQFHIL[ÚHSHXWÛWUHH[FOXH
GXJXLGDJHG
LWLQÚUDLUH
)L[HUODGLVWDQFHGÚVLUÚHDSSX\HUVXU
OHERXWRQ0
0(18HWFRQILUPHUDORUVOH
PHVVDJHDIILFKÚ
/
LWLQÚUDLUHHVWUHFDOFXOÚHQÚOLPLQDQW
ODVHFWLRQG
LWLQÚUDLUHH[FOXH
5HPDUTXH
/HVEORFDJHVGHWURQØRQVVDLVLVUHVಢ
WHQWDFWLIVMXVTX
ÑFHTX
XQQRXYHO
LWLQÚUDLUHVRLWFDOFXOÚ
$QQXOHUWRXVOHVEORFDJHVGHURXWH
$SUÙVDYRLUVÚOHFWLRQQÚFHWWHRSWLRQ
WRXWHVOHV]RQHVVHFWLRQVG
LWLQÚUDLUH
SUÚFÚGHPPHQWVÚOHFWLRQQÚHVSRXU
,QIRWDLQPHQW6\VWHP
ÛWUHH[FOXHVGXJXLGDJHVHURQWÑQRXಢ
YHDXSULVHVHQFRPSWHGDQVOHJXLಢ
GDJHG
LWLQÚUDLUH
*XLGDJHG\QDPLTXH
6LOHJXLGDJHG\QDPLTXHG
LWLQÚUDLUH
HVWDFWLIWRXWHVOHVLQIRUPDWLRQVFRQಢ
FHUQDQWOHVFRQGLWLRQVGHFLUFXODWLRQ
UHØXHVSDUO
,QIRWDLQPHQW6\VWHPYLD
ODIRQFWLRQ70&VRQWSULVHVHQ
FRPSWHGDQVOHFDOFXOGHO
LWLQÚUDLUH
/
LWLQÚUDLUHHVWVXJJÚUÚHQSUHQDQWHQ
FRPSWHWRXVOHVSUREOÙPHVRXOLPLWDಢ
WLRQVÑODFLUFXODWLRQFRQIRUPÚPHQW
DX[FULWÙUHVIL[ÚVSDUH[œLWLQÚUDLUH
OHSOXVFRXUW¬œÚYLWHUOHVDXWRURXಢ
WHV¬HWF
(QFDVGHSUREOÙPHGHFLUFXODWLRQXQ
HPERXWHLOODJHRXXQHURXWHEDUUÚH
SDUH[VXUO
LWLQÚUDLUHSDUFRXUXXQ
PHVVDJHHVWDIILFKÚHWXQPHVVDJH
YRFDOHVWGRQQÚLQGLTXDQWODQDWXUHGX
SUREOÙPH/HFRQGXFWHXUSHXWGÚFLಢ
GHUV
LOSUÚIÙUHFRQWRXUQHUOHSURಢ
EOÙPHGHFLUFXODWLRQHQSUHQDQWO
LWLಢ
QÚUDLUHDOWHUQDWLIVXJJÚUÚRXV
LOGÚಢ
VLUHFRQWLQXHUVXUOHPÛPHLWLQÚUDLUH
/HVSUREOÙPHVGHFLUFXODWLRQSURFKHV
VRQWÚJDOHPHQWLQGLTXÚVVLOHJXLGDJH
G
LWLQÚUDLUHQ
HVWSDVDFWLI
6LOHJXLGDJHLWLQÚUDLUHHVWDFWLIOH
V\VWÙPHFRQWUåOHGHIDØRQFRQWLQXH
VXUODEDVHGHVLQIRUPDWLRQVGHFLUFXಢ
ODWLRQV
LOHVWSUÚIÚUDEOHGHUHFDOFXOHU
O
LWLQÚUDLUHRXGHSUHQGUHXQLWLQÚUDLUH
DOWHUQDWLISUHQDQWHQFRPSWHODVLWXDಢ
WLRQDFWXHOOHGHODFLUFXODWLRQ
/
DFWLYDWLRQHWODGÚVDFWLYDWLRQGXJXLಢ
GDJHG\QDPLTXHG
LWLQÚUDLUHDLQVLTXH
OHVFULWÙUHVGHFDOFXOGHO
LWLQÚUDLUHHW
G
DXWUHVUÚJODJHVGHODQDYLJDWLRQ
VRQWHIIHFWXÚVGDQVOHPHQX2
2SWLRQV
GHQDYLJDWLRQYRLUOHFKDSLWUHœ*XLಢ
GDJH¬
/HJXLGDJHG\QDPLTXHG
LWLQÚUDLUHQH
IRQFWLRQQHTXHVLGHVLQIRUPDWLRQV
FRQFHUQDQWODFLUFXODWLRQVRQWUHØXHV
YLDOHV\VWÙPH5'670&
/HUHWDUGÚYHQWXHOGìÑXQSUREOÙPH
GHFLUFXODWLRQFDOFXOÚSDUO
,QIRWDLQಢ
PHQW6\VWHPHVWEDVÚVXUOHVGRQಢ
QÚHVUHØXHVSDUFHOXLFLSDUOHELDLV
GHODVWDWLRQ5'670&UÚJOÚH/HUHಢ
WDUGUÚHOSHXWÛWUHGLIIÚUHQWGXUHWDUG
FDOFXOÚ
,QIRWDLQPHQW6\VWHP
&DUWHV
7RXWHVOHVGRQQÚHVFDUWRJUDSKLTXHV
XWLOLVÚHVDYHFOHV\VWÙPHGHQDYLJDಢ
WLRQVRQWHQUHJLVWUÚHVVXUXQHFDUWH
6'IRXUQLHDYHFO
,QIRWDLQPHQW6\Vಢ
WHP
&DUWH6'FDUWRJUDSKLTXH
/HOHFWHXUGHFDUWH6'GHO
,QIRWDLQಢ
PHQW6\VWHPSHXWXQLTXHPHQWOLUHOD
FDUWH6'IRXUQLHVSÚFLDOHPHQWSRXU
ÛWUHXWLOLVÚHDYHFODQDYLJDWLRQGX
YÚKLFXOH/HOHFWHXUGHFDUWH6'QH
SHXWSDVOLUHWRXWHDXWUHFDUWH6'
(QUDLVRQGHODGDWHGHSURGXFWLRQ
GHVGRQQÚHVFDUWRJUDSKLTXHVVXUOD
FDUWH6'FHUWDLQHVQRXYHOOHVURXWHV
SHXYHQWQHSDVÛWUHLQGLTXÚHVRX
FHUWDLQVQRPVHWURXWHVSHXYHQWÛWUH
GLIIÚUHQWVGHFHX[XWLOLVÚVDXPRPHQW
RêOHVGRQQÚHVFDUWRJUDSKLTXHVRQW
ÚWÚSXEOLÚHV
3RXUFRPPDQGHUGHVFDUWHV6'VXSಢ
SOÚPHQWDLUHVRXSRXUXQHPLVHÑMRXU
GHVGRQQÚHVFDUWRJUDSKLTXHVFRQಢ
WDFWHUOHSDUWHQDLUHGHVHUYLFH&KHಢ
YUROHW
5HPSODFHPHQWG
XQHFDUWH6'FDUWRಢ
JUDSKLTXHYRLUFLGHVVRXV
,PSRUWDQWHVLQIRUPDWLRQVFRQFHUQDQW
ODPDQXWHQWLRQGHFDUWH6'
$YHUWLVVHPHQW
1
HVVD\H]SDVG
XWLOLVHUXQHFDUWH
6'TXLDÚWÚILVVXUÚHGÚIRUPÚHRX
UÚSDUÚHHQXWLOLVDQWXQUXEDQDGಢ
KÚVLI8WLOLVHUXQHWHOOHFDUWHSRXUಢ
UDLWHQGRPPDJHUO
ÚTXLSHPHQW
࿢ 0DQXWHQWLRQQHUODFDUWH6'DYHF
VRLQ1HMDPDLVWRXFKHUOHVFRQಢ
WDFWVPÚWDOOLTXHV
࿢ 1HSDVXWLOLVHUGHSURGXLWGHQHWಢ
WR\DJHFRQYHQWLRQQHOEHQ]ÙQHGLಢ
OXDQWRXYDSRULVDWHXUDQWLVWDWLTXH
࿢ 6LODFDUWH6'GRLWÛWUHQHWWR\ÚH
XWLOLVHUXQFKLIIRQGRX[
࿢ 1HSDVSOLHUODFDUWH6'1HSDV
XWLOLVHUODFDUWH6'VLHOOHHVWSOLÚH
RXILVVXUÚH
࿢ 1HSDVDSSRVHUG
ÚWLTXHWWHVRXQH
SDVÚFULUHVXUO
XQRXO
DXWUHGHV
VXUIDFHVGHODFDUWH
࿢ 1HSDVUDQJHUODFDUWH6'OÑRêHOOH
SRXUUDLWÛWUHH[SRVÚHGLUHFWHPHQW
ÑODOXPLÙUHGXVROHLORXÑGHKDXಢ
WHVWHPSÚUDWXUHVRXGHO
KXPLGLWÚ
࿢ 7RXMRXUVUDQJHUODFDUWH6'GDQV
VRQERßWLHUGHUDQJHPHQWORUVಢ
TX
HOOHQ
HVWSDVXWLOLVÚH
5HPSODFHPHQWG
XQHFDUWH6'
FDUWRJUDSKLTXH
/DIHQWHGHFDUWH6'HVWVLWXÚHVRXV
OHFRXYHUFOHGHODFRQVROHFHQWUDOH
5HWUDLWGHODFDUWH6'
,QIRWDLQPHQW6\VWHP
$SSX\HUVXUODFDUWH6'LQVÚUÚHSRXU
ODGÚYHUURXLOOHUHWHQVXLWHODUHWLUHU
DYHFSUÚFDXWLRQGHODIHQWH
,QVHUWLRQGHODFDUWH6'
3RXVVHUDYHFSUÚFDXWLRQODFDUWH6'
DYHFOHERUGGÚFRXSÚGXFåWÚJDXFKH
YRLULOOXVWUDWLRQFLGHVVXVGDQVOD
IHQWHGHFDUWHMXVTX
ÑFHTX
HOOHV
HQಢ
JDJH
5HPDUTXH
/DFDUGH6'HWODIHQWH6'GRLYHQW
WRXMRXUVÛWUHJDUGÚHVSURSUHVHWVÙಢ
FKHV
,QIRWDLQPHQW6\VWHP
$SHUØXGHVV\PEROHV
,QIRWDLQPHQW6\VWHP
1¡ ([SOLFDWLRQ
1¡ ([SOLFDWLRQ
1¡ ([SOLFDWLRQ
3RVLWLRQDFWXHOOHFDUWH
2UDJH
3DQRUDPD
'HVWLQDWLRQ
3UXGHQFHDYHUWLVVHPHQW
6SRUWVHWORLVLUV
3RVLWLRQDFWXHOOHOLVWH
G
LWLQÚUDLUH
5RXWHIHUPÚH
9LHQRFWXUQH
&LUFXODWLRQGHQVH
0XVÚH
QRQGLVSRQLEOH
(PERXWHLOODJH
/RFDWLRQGHYRLWXUH
QRQGLVSRQLEOH
9RLHVÚWURLWHV
,QIRUPDWLRQVWRXULVWLTXHV
%URXLOODUG
/LVWHRXYHUWH
$FWLYLWÚVGHORLVLUV
7UDYDX[URXWLHUV
/LVWHIHUPÚH
6HUYLFHV
&KDXVVÚHJOLVVDQWH
&HQWUHFRPPHUFLDO
'LVWULEXWHXUGHELOOHWV
6PRJ
5RXWHÑSÚDJH
*DUHURXWLÙUH
,QIRUPDWLRQVWRXULVWLTXHV
&DPSLQJ
1HLJH
,QIRWDLQPHQW6\VWHP
,QIRWDLQPHQW6\VWHP
1¡ ([SOLFDWLRQ
1¡ ([SOLFDWLRQ
7ÚOÚSKRQH
3KDUPDFLH
6WDWLRQVHUYLFH
&LQÚPD
$LUHGHUHSRV
7ÚOÚSKRQHVPRELOHVHW
ÚTXLSHPHQWUDGLR&%
$ÚURSRUW
5HVWDXUDQW
3DUFG
DWWUDFWLRQV
7RLOHWWHV
/RFDOLWÚ
0RQXPHQWKLVWRULTXH
%DQTXH
+åSLWDO
0HVVDJHGHFLUFXODWLRQ
8UJHQFH
)HUU\
3ROLFH
)URQWLÙUH
3RUW
7XQQHO
&RO
.LRVTXH
/LHXSXEOLF
ºSLFHULH
5HODWLIÑODYRLWXUH
+åWHOPRWHO
*DUDJH
6RUWLHG
DXWRURXWH
&LPHWLÙUH
3DUNLQJ
3DUFUHODLV
3DUNLQJÑÚWDJHV
,QVWUXFWLRQVGHPRQWDJHHW
G
XWLOLVDWLRQ
/RUVGXPRQWDJHHWGHOಫXWLOLVDWLRQ
GಫXQWÚOÚSKRQHPRELOHLOHVWLPSÚUDWLI
GHUHVSHFWHUOHVLQVWUXFWLRQVGHPRQಢ
WDJHVSÚFLILTXHVDXYÚKLFXOHDLQVL
TXHOHVLQVWUXFWLRQVG
XWLOLVDWLRQGXIDಢ
EULFDQWGXWÚOÚSKRQHHWGXGLVSRVLWLI
PDLQVOLEUHV6LQRQOಫKRPRORJDWLRQ
GXYÚKLFXOHSHXWÛWUHDQQXOÚHGLUHFಢ
WLYHHXURSÚHQQH&(
5HFRPPDQGDWLRQVSRXUXQIRQFWLRQಢ
QHPHQWVDQVSUREOÙPHV
࿢ $QWHQQHH[WÚULHXUHPRQWÚHFRUUHFಢ
WHPHQWFHTXLDVVXUHXQHSRUWÚH
PD[LPDOH
࿢ 3XLVVDQFHG
ÚPLVVLRQPD[LPDOHGH
ZDWWV
࿢ 0RQWDJHGXWÚOÚSKRQHÑXQHQGURLW
DSSURSULÚWHQLUFRPSWHGHVUHPDUಢ
TXHVFRUUHVSRQGDQWHV
,QIRWDLQPHQW6\VWHP
'HPDQGHUFRQVHLOVXUOHVHQGURLWVGH
PRQWDJHSUÚYXVSRXUO
DQWHQQHH[WÚಢ
ULHXUHHWOHVXSSRUWDLQVLTXHVXUO
XWLಢ
OLVDWLRQG
DSSDUHLOVGRQWODSXLVVDQFH
G
ÚPLVVLRQHVWVXSÚULHXUHÑZDWWV
/
XWLOLVDWLRQG
XQGLVSRVLWLIPDLQVOLಢ
EUHVVDQVDQWHQQHH[WÚULHXUHSRXU
GHVWÚOÚSKRQHVDX[VWDQGDUGV
*60HW8076HVW
XQLTXHPHQWSHUPLVHTXDQGODSXLVಢ
VDQFHG
ÚPLVVLRQPD[LPDOHGXWÚOÚಢ
SKRQHPRELOHQHGÚSDVVHSDV
ZDWWVSRXUOHV*60HWZDWW
SRXUOHVDXWUHV
3RXUGHVUDLVRQVGHVÚFXULWÚQRXV
YRXVUHFRPPDQGRQVGHQHSDVWÚOÚಢ
SKRQHUHQFRQGXLVDQW0ÛPHOಫXVDJH
GHGLVSRVLWLIVPDLQVOLEUHVSHXWYRXV
GLVWUDLUHGXWUDILF
$WWHQWLRQ
/
XWLOLVDWLRQG
DSSDUHLOVUDGLRHWGH
WÚOÚSKRQHVPRELOHVTXLQHFRUUHVಢ
SRQGHQWSDVDX[VWDQGDUGVGHWÚಢ
OÚSKRQHVPRELOHVPHQWLRQQÚVFL
GHVVXVQ
HVWDXWRULVÚHTX
DYHF
XQHDQWHQQHDSSOLTXÚHÑO
H[WÚಢ
ULHXUGXYÚKLFXOH
$YHUWLVVHPHQW
6LOHVLQVWUXFWLRQVPHQWLRQQÚHVFL
GHVVXVQHVRQWSDVUHVSHFWÚHV
OHVWÚOÚSKRQHVPRELOHVHWDSSDಢ
UHLOVUDGLRSHXYHQWHQWUDßQHUHQ
FDVGHIRQFWLRQQHPHQWÑO
LQWÚULHXU
GHO
KDELWDFOHVDQVDQWHQQHH[WÚಢ
ULHXUHGHVGÚIDLOODQFHVGHO
ÚOHFಢ
WURQLTXHGXYÚKLFXOH
&OLPDWLVDWLRQ
&OLPDWLVDWLRQ
6\VWÙPHVGHFOLPDWLVDWLRQ %RXFKHVG
DÚUDWLRQ 0DLQWHQDQFH 6\VWÙPHVGH
FOLPDWLVDWLRQ
&KDXIIDJHHWYHQWLODWLRQ
URXJH
EOHX
FKDXG
IURLG
/HFKDXIIDJHQಫHVWYUDLPHQWHIILFDFH
TXHORUVTXHOHPRWHXUDDWWHLQWVD
WHPSÚUDWXUHGHIRQFWLRQQHPHQW
5ÚSDUWLWLRQGHO
DLU
6ÚOHFWLRQQHUODVRUWLHG
DLUHQDSಢ
SX\DQWVXUOHVERXWRQV
YHUVODWÛWHHWOHVSLHGV
+
YHUVOHVSLHGV
*
YHUVODWÛWHYLDOHVERXFKHV
,
G
DÚUDWLRQUÚJODEOHV
YHUVOHSDUHEULVHHWOHVSLHGV
)
/HUÚJODJHVÚOHFWLRQQÚHVWLQGLTXÚ
SDUXQH/('GDQVOHERXWRQ
&RPPDQGHVSRXU
࿢ WHPSÚUDWXUH
࿢ UÚSDUWLWLRQGHO
DLU
࿢ YLWHVVHGHVRXIIOHULH
࿢ GÚVHPEXDJHGÚJLYUDJH
࿢ OXQHWWHDUULÙUHFKDXIIDQWH
7HPSÚUDWXUH
$MXVWHUODWHPSÚUDWXUHHQWRXUQDQWOH
ERXWRQURWDWLI
9LWHVVHGHVRXIIOHULH
5ÚJOHUOHGÚELWG
DLUHQVÚOHFWLRQQDQW
ODYLWHVVHGHVRXIIOHULHVRXKDLWÚH
&OLPDWLVDWLRQ
'ÚVHPEXDJHHWGÚJLYUDJH5
,QGLFDWLRQGHVUÚJODJHV
7HPSÚUDWXUH
/HVIRQFWLRQVVÚOHFWLRQQÚHVVRQWVLಢ
JQDOÚHVSDUOD/('GXERXWRQDFWLYÚ
$MXVWHUODWHPSÚUDWXUHHQWRXUQDQWOH
ERXWRQURWDWLI
5RXJH
FKDXG
%OHX
IURLG
&OLPDWLVDWLRQ
/HFKDXIIDJHQಫHVWYUDLPHQWHIILFDFH
TXHORUVTXHOHPRWHXUDDWWHLQWVD
WHPSÚUDWXUHGHIRQFWLRQQHPHQW
5ÚSDUWLWLRQGHO
DLU
࿢ (QIRQFHUOHERXWRQ5ODVRXIIOHULH
SDVVHDXWRPDWLTXHPHQWHQYLWHVVH
PD[LPDOHODUÚSDUWLWLRQG
DLUHVWGLಢ
ULJÚHDXWRPDWLTXHPHQWYHUVOH
SDUHEULVH
࿢ &RPPXWDWHXUGHWHPSÚUDWXUHVXU
OHQLYHDXOHSOXVFKDXG
࿢ $FWLYHUODOXQHWWHDUULÙUHFKDXIಢ
IDQWH^
࿢ 2XYULUOHVERXFKHVG
DÚUDWLRQODWÚಢ
UDOHVVHORQOHVEHVRLQVHWOHVGLULJHU
YHUVOHVYLWUHVODWÚUDOHV
/XQHWWHDUULÙUHFKDXIIDQWH^
6ÚOHFWLRQQHUODVRUWLHG
DLUHQDSಢ
SX\DQWVXUOHVERXWRQV
YHUVODWÛWHHWOHVSLHGV
+
YHUVOHVSLHGV
*
YHUVODWÛWHYLDOHVERXFKHV
,
G
DÚUDWLRQUÚJODEOHV
YHUVOHSDUHEULVHHWOHVSLHGV
)
&RPPDQGHVSRXU
࿢ WHPSÚUDWXUH
࿢ UÚSDUWLWLRQGHO
DLU
࿢ YLWHVVHGHVRXIIOHULH
࿢ GÚVHPEXDJHHWGÚJLYUDJH
࿢ UHF\FODJHG
DLU
࿢ UHIURLGLVVHPHQWL
࿢ OXQHWWHDUULÙUHFKDXIIDQWH
/HUÚJODJHVÚOHFWLRQQÚHVWLQGLTXÚ
SDUXQH/('GDQVOHERXWRQ
9LWHVVHGHVRXIIOHULH
5ÚJOHUOHGÚELWG
DLUHQVÚOHFWLRQQDQW
ODYLWHVVHGHVRXIIOHULHVRXKDLWÚH
&OLPDWLVDWLRQ
'ÚVHPEXDJHHWGÚJLYUDJHGHV
YLWUHV5
/XQHWWHDUULÙUHFKDXIIDQWH^
5HF\FODJHG
DLU
/HUHF\FODJHG
DLUHVWFRPPDQGÚ
DYHFOHERXWRQ
$WWHQWLRQ
࿢ (QIRQFHUOHERXWRQ5ODVRXIIOHULH
SDVVHDXWRPDWLTXHPHQWHQYLWHVVH
PD[LPDOHODUÚSDUWLWLRQG
DLUHVWGLಢ
ULJÚHDXWRPDWLTXHPHQWYHUVOH
SDUHEULVH
࿢ (QFOHQFKHUOHUHIURLGLVVHPHQWL
࿢ &RPPXWDWHXUGHWHPSÚUDWXUHVXU
OHQLYHDXOHSOXVFKDXG
࿢ $FWLYHUODOXQHWWHDUULÙUHFKDXIಢ
IDQWH^
࿢ 2XYULUOHVERXFKHVG
DÚUDWLRQODWÚಢ
UDOHVVHORQOHVEHVRLQVHWOHVGLULJHU
YHUVOHVYLWUHVODWÚUDOHV
,O\DXQULVTXHG
DVVRXSLVVHPHQW
VLYRXVURXOH]SHQGDQWXQHSÚಢ
ULRGHSURORQJÚHHQPRGH5HF\ಢ
FODJHG
DLU3DVVHUUÚJXOLÙUHPHQW
HQPRGH$LUH[WÚULHXUSRXUDYRLU
GHO
DLUIUDLV
/HV\VWÙPHGHUHF\FODJHG
DLUUÚಢ
GXLWOHUHQRXYHOOHPHQWGHO
DLULQಢ
WÚULHXU(QXWLOLVDWLRQVDQVUHIURLಢ
GLVVHPHQWO
KXPLGLWÚGHO
DLUDXJಢ
PHQWHHWOHVYLWUHVSHXYHQWVHUHಢ
FRXYULUGHEXÚH2QREVHUYHXQH
EDLVVHGHODTXDOLWÚGHO
DLUFHTXL
SHXWWUDGXLUHSDUGHVVLJQHVGHIDಢ
WLJXHFKH]OHVSDVVDJHUV
/HV\VWÙPHGHFOLPDWLVDWLRQUHIURLGLW
HWGÚVKXPLGLILHDVVÙFKHO
DLUORUVಢ
TXHODWHPSÚUDWXUHH[WÚULHXUHHVWOÚಢ
JÙUHPHQWVXSÚULHXUHDXSRLQWGHJHO
,OSHXWDORUVVHIRUPHUGHODFRQGHQಢ
VDWLRQTXLVHWUDGXLWSDUXQÚFRXOHಢ
PHQWVRXVOHYÚKLFXOH
6LDXFXQUHIURLGLVVHPHQWQLDXFXQH
GÚVKXPLGLILFDWLRQQHVRQWVRXKDLWÚV
ÚWHLQGUHOHUHIURLGLVVHPHQWSRXUÚFRಢ
QRPLVHUOHFDUEXUDQW
5HIURLGLVVHPHQWPD[LPDO
5HIURLGLVVHPHQWL
$FWLYÚDYHFOHERXWRQLXQLTXHPHQW
ORUVTXHOHPRWHXUHWODVRXIIOHULHWRXUಢ
QHQW
2XYULUEULÙYHPHQWOHVYLWUHVSRXUÚYDಢ
FXHUUDSLGHPHQWO
DLUFKDXG
&OLPDWLVDWLRQ
࿢ (QFOHQFKHUOHUHIURLGLVVHPHQWL
࿢ (QFOHQFKHUOHUHF\FODJHG
DLU
࿢ $SSX\HUVXUOHFRPPXWDWHXUGHUÚಢ
SDUWLWLRQG
DLU,
࿢ 3ODFHUOHFRPPXWDWHXUGHWHPSÚಢ
UDWXUHVXUOHQLYHDXOHSOXVIURLG
࿢ 5ÚJOHUODYLWHVVHGHVRXIIOHULHDX
PD[LPXP
࿢ 2XYULUWRXWHVOHVERXFKHV
,QGLFDWLRQGHVUÚJODJHV
/HVIRQFWLRQVVÚOHFWLRQQÚHVVRQWVLಢ
JQDOÚHVSDUOD/('GXERXWRQDFWLYÚ
&OLPDWLVDWLRQÚOHFWURQLTXH
$WWHQWLRQ
1HSDVGRUPLUGDQVXQYÚKLFXOH
TXDQGOHFKDXIIDJHRXODFOLPDWLಢ
VDWLRQIRQFWLRQQH&HODSHXWHQಢ
WUDßQHUGHVEOHVVXUHVJUDYHVYRLUH
PRUWHOOHVHQUDLVRQGHODFKXWHGX
QLYHDXG
R[\JÙQHHWRXGHODWHPಢ
SÚUDWXUHFRUSRUHOOH
&RPPDQGHVHQPRGHDXWRPDWLTXH
$872
PRGHDXWRPDWLTXH
WRXVOHVUÚJODJHV
ÑO
H[FHSWLRQGHOD
WHPSÚUDWXUHVRQW
FKRLVLVDXWRPDWLಢ
TXHPHQWSDUOHV\Vಢ
WÙPH
7HPSHUDWXUH
SUÚVÚOHFWLRQGHOD
WHPSÚUDWXUHVRXಢ
KDLWÚH
/HVIRQFWLRQVVXLYDQWHVSHXYHQWÛWUH
DGDSWÚHVPDQXHOOHPHQWGÚVDFWLYDQW
OHPRGHDXWRPDWLTXH
)DQ
VÚOHFWLRQGXGÚELWG
DLU
VSHHG
02'(
VÚOHFWLRQGHODUÚSDUWLಢ
WLRQG
DLU
GÚVHPEXDJHHWGÚJLಢ
5
YUDJH
;
PDUFKHRXDUUÛWGXV\Vಢ
WÙPH
PDUFKHRXDUUÛWGXUHಢ
L
IURLGLVVHPHQW
UHF\FODJHG
DLU
$46
VRQGHGHTXDOLWÚGHO
DLU
/XQHWWHDUULÙUHFKDXIIDQWH^
/DWHPSÚUDWXUHSUÚVÚOHFWLRQQÚHHVW
DXWRPDWLTXHPHQWUÚJXOÚH(QPRGH
DXWRPDWLTXHODYLWHVVHGHODVRXIIOHಢ
ULHHWODUÚSDUWLWLRQGHO
DLUUÚJXOHQWDXಢ
WRPDWLTXHPHQWOHGÚELWG
DLU
/HV\VWÙPHSHXWÛWUHUÚJOÚPDQXHOOHಢ
PHQWYLDOHVFRPPDQGHVGHUÚSDUWLಢ
WLRQGHO
DLUHWGHYLWHVVHGHVRXIIOHULH
&OLPDWLVDWLRQ
0RGH$XWRPDWLTXH$872
7RXWHVOHVERXFKHVG
DÚUDWLRQVRQW
DFWLRQQÚHVDXWRPDWLTXHPHQWHQ
PRGHDXWRPDWLTXH/HVERXFKHV
G
DÚUDWLRQGRLYHQWGRQFWRXMRXUVUHVಢ
WHURXYHUWHV
3UÚVÚOHFWLRQGHODWHPSÚUDWXUH
7RXWHPRGLILFDWLRQGHUÚJODJHDSSDಢ
UDßWSHQGDQWTXHOTXHVVHFRQGHVVXU
O
DIILFKDJHG
LQIRUPDWLRQV
/HVIRQFWLRQVDFWLYÚHVVRQWVLJQDOÚHV
SDUOD/('GXERXWRQDFWLYÚ
/HV\VWÙPHGHFOLPDWLVDWLRQDXWRPDಢ
WLTXHIRQFWLRQQHXQLTXHPHQWDYHFOH
PRWHXUHQPDUFKH
5ÚJODJHGHEDVHHQYXHG
XQFRQIRUW
PD[LPXP
࿢ $SSX\HUVXUOHERXWRQ$
$872OD
FOLPDWLVDWLRQHVWDFWLYÚHDXWRPDWLಢ
TXHPHQW
࿢ 2XYULUWRXWHVOHVERXFKHVG
DÚUDಢ
WLRQ
࿢ 5ÚJOHUODWHPSÚUDWXUHVRXKDLWÚH
ÑO
DLGHGXERXWRQURWDWLIJDXFKH
/DUÚJXODWLRQGHODYLWHVVHGHVRXIIOHಢ
ULHHQPRGHDXWRPDWLTXHSHXWÛWUH
PRGLILÚHGDQVOHPHQX5
5ÚJODJHV
3HUVRQQDOLVDWLRQGXYÚKLFXOH
5ÚJOHUODWHPSÚUDWXUHÑODYDOHXUVRXಢ
KDLWÚHHQWRXUQDQWOHERXWRQURWDWLI
5RXJH
FKDXG
%OHX
IURLG
6LODWHPSÚUDWXUHPLQLPDOHHVWUÚJOÚH
ODFOLPDWLVDWLRQIRQFWLRQQHPHQWDYHF
VDFDSDFLWÚPD[LPDOHGHUHIURLGLVVHಢ
PHQW
&OLPDWLVDWLRQ
6LODWHPSÚUDWXUHPD[LPDOHHVWUÚಢ
JOÚHODFOLPDWLVDWLRQIRQFWLRQQHPHQW
DYHFVDFDSDFLWÚPD[LPDOHGHFKDXIಢ
IDJH
9LWHVVHGHVRXIIOHULHV
5ÚSDUWLWLRQGHO
DLU02'(
7RXUQHUOHERXWRQURWDWLIGURLW/DYLಢ
WHVVHGHVRXIIOHULHVÚOHFWLRQQÚHHVW
LQGLTXÚHSDUXQQXPÚURVXUO
DIILಢ
FKDJH
3RXUUHYHQLUHQPRGHDXWRPDWLTXH
$SSX\HUVXUOHERXWRQ$
$872
$SSX\HUVXUOHERXWRQ0
02'(XQHIRLV
RXSOXVLHXUVIRLVSRXUREWHQLUOHUÚಢ
JODJHVRXKDLWÚOHUÚJODJHGHODUÚಢ
SDUWLWLRQG
DLUHVWLQGLTXÚVXUO
DIILಢ
FKDJHG
LQIRUPDWLRQ
YHUVOHSDUHEULVHODWÛWHHW
5
OHVSLHGV
+
YHUVOHSDUHEULVHHWOHV
5*
SLHGV
YHUVOHVSLHGV
*
YHUVODWÛWHYLDOHVERXFKHV
,
G
DÚUDWLRQUÚJODEOHV
YHUVODWÛWHYLDOHVERXFKHV
+
G
DÚUDWLRQUÚJODEOHVHWYHUV
OHVSLHGV
'ÚVHPEXDJHHWGÚJLYUDJHGHV
YLWUHV5
࿢ $SSX\HUVXUOHERXWRQ5
࿢ /DWHPSÚUDWXUHHWODUÚSDUWLWLRQG
DLU
VHUÙJOHQWDXWRPDWLTXHPHQWHWOD
VRXIIOHULHIRQFWLRQQHÑXQHYLWHVVH
VXSÚULHXUH
࿢ 3RXUUHYHQLUHQPRGHDXWRPDWLಢ
TXHDSSX\HUVXUOHERXWRQ5
$FWLYHUODOXQHWWHDUULÙUHFKDXIಢ
IDQWH^
/XQHWWHDUULÙUHFKDXIIDQWH^
5ÚJODJHVPDQXHOV
/HVUÚJODJHVGHODFOLPDWLVDWLRQSHXಢ
YHQWÛWUHPRGLILÚVHQDFWLRQQDQWOHV
ERXWRQVHWOHVERXWRQVURWDWLIV
FRPPHVXLW8QHPRGLILFDWLRQGHUÚಢ
JODJHGÚVDFWLYHUDOHPRGHDXWRPDWLಢ
TXH
&OLPDWLVDWLRQ
5HWRXUÑODUÚSDUWLWLRQGಫDLUDXWRPDWLಢ
TXH'ÚVDFWLYHUOHUÚJODJHFRUUHVಢ
SRQGDQWRXDSSX\HUVXUOHERXWRQ
$872
5HIURLGLVVHPHQWL
$FWLYHURXGÚVDFWLYHUDYHFOHERXಢ
WRQL
/HV\VWÙPHGHFOLPDWLVDWLRQUHIURLGLW
HWGÚVKXPLGLILHDVVÙFKHO
DLUÑSDUWLU
G
XQHFHUWDLQHWHPSÚUDWXUHH[WÚಢ
ULHXUH,OSHXWDORUVVHIRUPHUGHOD
FRQGHQVDWLRQTXLVHWUDGXLWSDUXQ
ÚFRXOHPHQWVRXVOHYÚKLFXOH
6LDXFXQUHIURLGLVVHPHQWQLDXFXQH
GÚVKXPLGLILFDWLRQQHVRQWVRXKDLWÚV
ÚWHLQGUHOHUHIURLGLVVHPHQWSRXUÚFRಢ
QRPLVHUOHFDUEXUDQW
5HF\FODJHG
DLUDXWRPDWLTXH
/HUHF\FODJHG
DLUDXWRPDWLTXHGLVಢ
SRVHG
XQFDSWHXUG
KXPLGLWÚG
DLUTXL
DGPHWDXWRPDWLTXHPHQWGHO
DLUH[WÚಢ
ULHXUVLO
KXPLGLWÚGHO
DLULQWÚULHXUHVW
WURSÚOHYÚH
0RGHGHUHF\FODJHG
DLU
PDQXHO
/HUHF\FODJHG
DLUPDQXHOHVWFRPಢ
PDQGÚDYHFOHERXWRQ
5ÚJODJHVGHEDVH
&HUWDLQVUÚJODJHVSHXYHQWÛWUHFKDQಢ
JÚVGDQVOHPHQX5
5ÚJODJHVGHO
DIILಢ
FKDJHG
LQIRUPDWLRQV3HUVRQQDOLVDಢ
WLRQGXYÚKLFXOH
$WWHQWLRQ
/HV\VWÙPHGHUHF\FODJHG
DLUUÚಢ
GXLWOHUHQRXYHOOHPHQWGHO
DLULQಢ
WÚULHXU(QXWLOLVDWLRQVDQVUHIURLಢ
GLVVHPHQWO
KXPLGLWÚGHO
DLUDXJಢ
PHQWHHWOHVYLWUHVSHXYHQWVHUHಢ
FRXYULUGHEXÚH2QREVHUYHXQH
EDLVVHGHODTXDOLWÚGHO
DLUFHTXL
SHXWVHWUDGXLUHSDUGHVVLJQHVGH
IDWLJXHFKH]OHVSDVVDJHUV
6RQGHGHTXDOLWÚGHO
DLU$46
/DVRQGHGHTXDOLWÚGHO
DLUGÚWHFWHVL
O
DLUDPELDQWH[WÚULHXUHVWGHPDXಢ
YDLVHTXDOLWÚHWEDVFXOHDXWRPDWLTXHಢ
PHQWOHV\VWÙPHHQUHF\FODJHG
DLU
/DUFKHRXDUUÛWGXV\VWÙPH;
8QHDFWLRQVXUOHERXWRQ;PHWHQ
PDUFKHRXÑO
DUUÛWWRXWHVOHVIRQFಢ
WLRQVGHFKDXIIDJHGHYHQWLODWLRQHW
GHUHIURLGLVVHPHQW
&KDXIIDJHDX[LOLDLUH
&KDXIIDJHGHO
DLU
YÚKLFXOHGLHVHOXQLTXHPHQW
4XLFNKHDWHVWXQFKDXIIDJHÚOHFWULಢ
TXHG
DSSRLQWTXLFKDXIIHO
KDELWDFOH
SOXVUDSLGHPHQW
&OLPDWLVDWLRQ
3RXUIHUPHUXQHERXFKHG
DÚUDWLRQ
WRXUQHUODPROHWWHVXU
%RXFKHVG
DÚUDWLRQ
%RXFKHVG
DÚUDWLRQ
UÚJODEOHV
$WWHQWLRQ
1HSDVDWWDFKHUG
REMHWDX[ODPHOಢ
OHVGHVERXFKHVG
DÚUDWLRQ5LVಢ
TXHGHGRPPDJHHWGHEOHVVXUH
HQFDVG
DFFLGHQW
/HUHIURLGLVVHPHQWG
DLUÚWDQWDOOXPÚ
DXPRLQVXQHERXFKHG
DÚUDWLRQGRLW
ÛWUHRXYHUWHSRXUÚYLWHUTXHO
ÚYDSRಢ
UDWHXUQHJLYUHSDUPDQTXHGHFLUFXಢ
ODWLRQG
DLU
%RXFKHVG
DÚUDWLRQIL[HV
5ÚJOHUODGLUHFWLRQGXIOX[G
DLUHQIDLಢ
VDQWEDVFXOHUHWSLYRWHUOHVODPHOOHV
3RXURXYULUXQHERXFKHG
DÚUDWLRQ
WRXUQHUODPROHWWHVXU7
'
DXWUHVERXFKHVG
DÚUDWLRQVHWURXಢ
YHQWVRXVOHSDUHEULVHHWOHVYLWUHV
ODWÚUDOHVDLQVLTXHGDQVOHVHVSDFHV
SRXUOHVSLHGV
&OLPDWLVDWLRQ
0DLQWHQDQFH
)LOWUHÑSROOHQV
3ULVHG
DLU
)LOWUHÑSROOHQVÑFRPPDQGH
PDQXHOOH
/HILOWUHQHWWRLHOಫDLUSURYHQDQWGHOಫH[ಢ
WÚULHXUGHVSRXVVLÙUHVSDUWLFXOHVGH
VXLHGHVSROOHQVGHVVSRUHVHWGHV
RGHXUVILOWUHFRPELQÚ
)RQFWLRQQHPHQWQRUPDOGH
ODFOLPDWLVDWLRQ
/DSULVHG
DLUGDQVOHFRPSDUWLPHQW
PRWHXUÑO
H[WÚULHXUGHYDQWOHSDUH
EULVHQHGRLWSDVÛWUHHQFRPEUÚH/H
FDVÚFKÚDQWHQOHYHUOHVIHXLOOHVOHV
VDOHWÚVRXODQHLJH
3RXUDVVXUHUXQIRQFWLRQQHPHQWSDUಢ
IDLWHWFRQVWDQWIDLUHIRQFWLRQQHUOH
V\VWÙPHGHUHIURLGLVVHPHQWXQHIRLV
SDUPRLVSHQGDQWTXHOTXHVPLQXWHV
TXHOTXHVRLWOHWHPSVRXODVDLVRQ/H
UHIURLGLVVHPHQWQಫHVWSDVSRVVLEOH
TXDQGODWHPSÚUDWXUHH[WÚULHXUHHVW
EDVVH
6HUYLFH
3RXUXQHSHUIRUPDQFHRSWLPDOHGX
UHIURLGLVVHPHQWLOHVWUHFRPPDQGÚ
GHYÚULILHUDQQXHOOHPHQWOHV\VWÙPH
GHFOLPDWLVDWLRQÑSDUWLUGHOD
WURLVLÙPHDQQÚHGHPLVHHQFLUFXODಢ
WLRQGXYÚKLFXOH
࿢ 7HVWGHIRQFWLRQQHPHQWHWGHSUHVಢ
VLRQ
࿢ )RQFWLRQQHPHQWGXFKDXIIDJH
࿢ 9ÚULILFDWLRQGHO
ÚWDQFKÚLWÚ
࿢ &RQWUåOHGHODFRXUURLHG
HQWUDßQHಢ
PHQW
࿢ 1HWWR\DJHGXFRQGHQVHXUHWGHOD
SXUJHG
ÚYDSRUDWHXU
࿢ &RQWUåOHGHVSHUIRUPDQFHV
&RQGXLWHHWXWLOLVDWLRQ
&RQGXLWHHWXWLOLVDWLRQ
&RQVHLOVGHFRQGXLWH 'ÚPDUUDJHHWXWLOLVDWLRQ *D]G
ÚFKDSSHPHQW %RßWHDXWRPDWLTXH %RßWHPDQXHOOH )UHLQV 6\VWÙPHVGHFRQWUåOHGH
FRQGXLWH 5ÚJXODWHXUGHYLWHVVH 6\VWÙPHVGHGÚWHFWLRQG
REMHWV &DUEXUDQW &RQVHLOVGHFRQGXLWH
'ÚPDUUDJHHWXWLOLVDWLRQ
&RQWUåOHGXYÚKLFXOH
5RGDJHG
XQYÚKLFXOHQHXI
1HMDPDLVURXOHUDYHFOHPRWHXU
DUUÛWÚ
'HQRPEUHX[V\VWÙPHVQHIRQFWLRQಢ
QHURQWSOXVGDQVFHFDVSH[OHVHUಢ
YRIUHLQODGLUHFWLRQDVVLVWÚH&RQಢ
GXLUHGHFHWWHIDØRQFRQVWLWXHXQGDQಢ
JHUSRXUYRXVHWSRXUOHVDXWUHV
3ÚGDOHV
$ILQG
HPSÛFKHUOHEORFDJHGHODSÚಢ
GDOHOD]RQHVRXVOHVSÚGDOHVQHGRLW
SDVÛWUHUHFRXYHUWHG
XQWDSLV
6XLYUHOHVUHFRPPDQGDWLRQVVXLYDQಢ
WHVDXFRXUVGHVSUHPLÙUHVFHQWDLQHV
GHNLORPÙWUHVDILQG
DPÚOLRUHUOHVSHUಢ
IRUPDQFHVHWODVREULÚWÚGHYRWUH
YÚKLFXOHHWGHSURORQJHUVDGXUÚHGH
YLH
࿢ ºYLWHUOHVGÚPDUUDJHVSOHLQJD]
࿢ 1HIDLUHPRQWHUOHPRWHXUGDQVGHV
KDXWVUÚJLPHV
࿢ ºYLWHUGHIUHLQHUEUXWDOHPHQWVDXI
GDQVOHVFDVG
XUJHQFH&HFLSHUಢ
PHWWUDÑYRVIUHLQVGHELHQSUHQGUH
XQHERQQHDVVLVH
࿢ ºYLWHUOHVGÚPDUUDJHVVXUOHVFKDಢ
SHDX[GHURXHOHVDFFÚOÚUDWLRQV
EUXVTXHVHWODFRQGXLWHSURORQJÚH
ÑJUDQGHYLWHVVHSRXUÚYLWHUOHVGÚಢ
JÓWVDXPRWHXUHWÚFRQRPLVHUOH
FDUEXUDQW
࿢ ºYLWHUG
DFFÚOÚUHUÑIRQGGDQVOHV
UDSSRUWVLQIÚULHXUV
࿢ 1HSDVUHPRUTXHUXQDXWUH
YÚKLFXOH
&RQGXLWHHWXWLOLVDWLRQ
3RVLWLRQVGHODVHUUXUHGH
FRQWDFW
'ÚPDUUDJHGXPRWHXU
'ÚPDUUDJHDYHFODVHUUXUHGH
FRQWDFW
࿢ 1HSDVDFFÚOÚUHU
࿢ 0RWHXUGLHVHOWRXUQHUODFOÚHQSRಢ
VLWLRQ
SRXUOHSUÚFKDXIIDJHMXVಢ
TX
ÑFHTXHOHWÚPRLQV
ÚWHLJQH
࿢ 7RXUQHUODFOÚHQSRVLWLRQ
HWODUHಢ
OÓFKHUTXDQGOHPRWHXUWRXUQH
$YDQWGHUHGÚPDUUHURXSRXUDUUÛWHU
OHPRWHXUUDPHQHUODFOHIGHFRQWDFW
HQSRVLWLRQ
'ÚPDUUDJHGXYÚKLFXOH
ÑEDVVHVWHPSÚUDWXUHV
&RQWDFWFRXSÚ
&RQWDFWFRXSÚEORFDJHGXYRಢ
ODQWOLEÚUÚ
&RQWDFWPLVSRXUPRWHXU
GLHVHOSUÚFKDXIIDJH
'ÚPDUUHU
࿢ 7RXUQHUODFOÚHQSRVLWLRQ'ÚSODಢ
FHUOÚJÙUHPHQWOHYRODQWSRXUUHOÓಢ
FKHUOHEORFDJHGHODGLUHFWLRQ
࿢ %RßWHGHYLWHVVHVPDQXHOOHHQIRQಢ
FHUODSÚGDOHG
HPEUD\DJHHWODWHಢ
QLUHQIRQFÚH
࿢ %RßWHGHYLWHVVHVDXWRPDWLTXHHQಢ
IRQFHUODSÚGDOHGHIUHLQODWHQLU
HQIRQFÚHHWGÚSODFHUOHOHYLHUVÚಢ
OHFWHXUVXU3
3RX1
1
,OHVWSRVVLEOHGHIDLUHGÚPDUUHUOH
PRWHXUVDQVFKDXIIDJHVXSSOÚPHQಢ
WDLUHDYHFXQHWHPSÚUDWXUHDOODQWMXVಢ
TX
Ñ¡&7RXWFHTXLHVWQÚFHVಢ
VDLUHHVWXQHKXLOHPRWHXUDYHFXQH
ERQQHYLVFRVLWÚOHFDUEXUDQWDGÚTXDW
HWXQHEDWWHULHVXIILVDPPHQWFKDUಢ
JÚH±GHVWHPSÚUDWXUHVLQIÚULHXUHV
Ñ¡&ODERßWHDXWRPDWLTXHDEHಢ
VRLQG
XQWHPSVGHFKDXIIDJHG
HQYLಢ
URQPLQXWHV/HOHYLHUVÚOHFWHXUGRLW
VHWURXYHUHQSRVLWLRQ3
3
&RQGXLWHHWXWLOLVDWLRQ
&RXSXUHG
DOLPHQWDWLRQHQ
GÚFÚOÚUDWLRQ
/
DOLPHQWDWLRQHQFDUEXUDQWHVWDXWRಢ
PDWLTXHPHQWFRXSÚHHQGÚFÚOÚUDಢ
WLRQF
HVWÑGLUHTXDQGOHYÚKLFXOH
URXOHHWTX
XQUDSSRUWHVWHQJDJÚ
PDLVTXHODSÚGDOHG
DFFÚOÚUDWHXUHVW
UHOÓFKÚH
6WDWLRQQHPHQW
࿢ 1HSDVVWDWLRQQHUOHYÚKLFXOHDX
GHVVXVG
XQVROIDFLOHPHQWLQIODPಢ
PDEOH(QHIIHWOHVROSRXUUDLWV
HQಢ
IODPPHUHQUDLVRQGHWHPSÚUDWXUHV
ÚOHYÚHVGXV\VWÙPHG
ÚFKDSSHಢ
PHQW
࿢ 6HUUHUWRXMRXUVOHIUHLQGHVWDWLRQಢ
QHPHQWVDQVDFWLRQQHUOHERXWRQ
GHGÚYHUURXLOODJH'DQVXQHSHQWH
RXGDQVXQHFåWHOHVHUUHUDXVVL
IRUWTXHSRVVLEOH(QIRQFHUODSÚಢ
GDOHGHIUHLQHQPÛPHWHPSVSRXU
UÚGXLUHO
HIIRUWG
DFWLRQQHPHQW
࿢ &RXSHUOHPRWHXUHWOHFRQWDFW
7RXUQHUOHYRODQWMXVTX
ÑFHTXHOH
EORFDJHGHODGLUHFWLRQV
HQFOHQFKH
DQWLYRO
࿢ /RUVTXHOHYÚKLFXOHHVWVXUXQH
URXWHSODQHRXHQFåWHHQJDJHUOD
SUHPLÙUHRXPHWWUHOHOHYLHUVÚOHFಢ
WHXUVXU3
3DYDQWGHFRXSHUOHFRQಢ
WDFW'DQVXQHFåWHGLULJHUOHV
URXHVDYDQWÑO
RSSRVÚGHODERUಢ
GXUHGXWURWWRLU
/RUVTXHOHYÚKLFXOHHVWVWDWLRQQÚ
GDQVXQHGHVFHQWHHQJDJHUOD
PDUFKHDUULÙUHRXPHWWUHOHOHYLHU
VÚOHFWHXUVXU3
3DYDQWGHFRXSHUOH
FRQWDFW'LULJHUOHVURXHVDYDQW
YHUVODERUGXUHGXWURWWRLU
࿢ 9HUURXLOOHUOHYÚKLFXOHHWDFWLYHU
O
DODUPHDQWLYRO
*D]G
ÚFKDSSHPHQW
'DQJHU
/HVJD]G
ÚFKDSSHPHQWFRQWLHQಢ
QHQWGXPRQR[\GHGHFDUERQHLQಢ
FRORUHHWLQRGRUHPDLVQÚDQPRLQV
QRFLI'DQJHUGHPRUWHQFDVG
LQಢ
KDODWLRQ
6LGHVJD]G
ÚFKDSSHPHQWSÚQÙಢ
WUHQWGDQVO
KDELWDFOHRXYULUOHVYLಢ
WUHV)DLUHUHPÚGLHUÑODFDXVHGH
ODGÚIDLOODQFHSDUXQDWHOLHU
ºYLWHUGHURXOHUDYHFOHFRIIUHRXಢ
YHUWFDUGHVJD]G
ÚFKDSSHPHQW
SRXUUDLHQWSÚQÚWUHUGDQVOH
YÚKLFXOH
)LOWUHÑSDUWLFXOHVSRXU
GLHVHO
/HV\VWÙPHGHILOWUHÑSDUWLFXOHVSRXU
GLHVHOILOWUHOHVSDUWLFXOHVGHVXLHQRಢ
FLYHVGDQVOHVJD]G
ÚFKDSSHPHQWGX
PRWHXU/HV\VWÙPHGLVSRVHG
XQH
IRQFWLRQG
DXWRQHWWR\DJHTXLV
HIIHFಢ
WXHDXWRPDWLTXHPHQWHQURXODQW/H
&RQGXLWHHWXWLOLVDWLRQ
ILOWUHHVWQHWWR\ÚSDUFRPEXVWLRQ
ÑKDXWHWHPSÚUDWXUHGHVSDUWLFXOHV
GHVXLHUHWHQXHV&HSURFHVVXVLQWHUಢ
YLHQWDXWRPDWLTXHPHQWGDQVFHUWDLಢ
QHVFRQGLWLRQVGHFRQGXLWHHWSHXW
GXUHUGHÑPLQXWHV3HQGDQWFH
WHPSVODFRQVRPPDWLRQGHFDUEXUDQW
SHXWDXJPHQWHU/HGÚYHORSSHPHQW
GHIXPÚHVHWG
RGHXUHVWQRUPDO
'DQVFHUWDLQHVFRQGLWLRQVGHFRQಢ
GXLWHSDUH[HPSOHHQFDVGHSHWLWV
WUDMHWVOHV\VWÙPHQHSHXWSDVVHQHWಢ
WR\HUDXWRPDWLTXHPHQW
/RUVTXHOHILOWUHGRLWÛWUHQHWWR\ÚHW
TXHOHVGHUQLÙUHVFRQGLWLRQVGHFRQಢ
GXLWHQ
DXWRULVHQWSDVOHQHWWR\DJH
DXWRPDWLTXHOHWÚPRLQV
DOOXPHRX
FOLJQRWH&RQWLQXHUODFRQGXLWHHQ
PDLQWHQDQWXQHYLWHVVHPLQLPDOHGH
NPKSHQGDQWHQYLURQPLQXWHV
RXMXVTX
ÑFHTXHOHWÚPRLQV
ÚWHLJQH
6LQÚFHVVDLUHUÚWURJUDGHU/HQHWಢ
WR\DJHGXILOWUHÑSDUWLFXOHVSRXU
GLHVHOHVWDORUVODQFÚ
,OQ
HVWSDVUHFRPPDQGÚG
DUUÛWHUOH
YÚKLFXOHRXG
ÚWHLQGUHOHPRWHXUSHQಢ
GDQWOHQHWWR\DJH
$YHUWLVVHPHQW
6LOHSURFHVVXVGHQHWWR\DJHHVW
ÑQRXYHDXLQWHUURPSXLO\DGH
JUDQGVULVTXHVGHSURYRTXHUGH
JUDYHVGÚJÓWVDXPRWHXU
/HQHWWR\DJHV
RSÙUHSOXVUDSLGHPHQW
ORUVTXHOHUÚJLPHHWODFKDUJHGXPRಢ
WHXUVRQWÚOHYÚV
/HWÚPRLQV
ÚWHLQWGÙVTXHO
RSÚಢ
UDWLRQG
DXWRQHWWR\DJHHVWWHUPLQÚH
&RQGXLWHHWXWLOLVDWLRQ
&DWDO\VHXU
/HFDWDO\VHXUUÚGXLWODTXDQWLWÚGH
VXEVWDQFHVQRFLYHVGDQVOHVJD]
G
ÚFKDSSHPHQW
$YHUWLVVHPHQW
'HVTXDOLWÚVGHFDUEXUDQWDXWUHV
TXHFHOOHVPHQWLRQQÚHVDX[SDಢ
JHVSRXUUDLHQWHQಢ
GRPPDJHUOHFDWDO\VHXURXOHV
FRPSRVDQWVÚOHFWURQLTXHV
/
HVVHQFHQRQEUìOÚHVXUFKDXIIH
HWHQGRPPDJHOHFDWDO\VHXU,O
IDXWGRQFÚYLWHUG
XWLOLVHUH[FHVVLಢ
YHPHQWOHGÚPDUUHXUGHURXOHU
MXVTX
ÑFHTXHOHUÚVHUYRLUVRLW
YLGHHWGHGÚPDUUHUOHPRWHXUHQ
SRXVVDQWOHYÚKLFXOHRXHQOHUHಢ
PRUTXDQW
(QFDVGHUDWÚVGHIRQFWLRQQHPHQW
LUUÚJXOLHUGXPRWHXUGHUÚGXFWLRQGHV
SHUIRUPDQFHVGXPRWHXURXG
DXWUHV
SUREOÙPHVLQKDELWXHOVIDLUHUHPÚGLHU
ÑODFDXVHGHODGÚIDLOODQFHGÙVTXH
SRVVLEOH(QFDVG
XUJHQFHLOHVWSRVಢ
VLEOHGHFRQWLQXHUÑURXOHUSHQGDQW
XQHEUÙYHSÚULRGHÑIDLEOHUÚJLPHHW
ÑYLWHVVHUÚGXLWH
%RßWHDXWRPDWLTXH
%RßWHGHYLWHVVHV
DXWRPDWLTXH
/DERßWHDXWRPDWLTXHSHUPHWXQSDVಢ
VDJHPDQXHOGHVYLWHVVHVPRGHPDಢ
QXHORXXQSDVVDJHDXWRPDWLTXHGHV
YLWHVVHVPRGHDXWRPDWLTXH
$IILFKDJHGHOD
WUDQVPLVVLRQ
/HPRGHRXUDSSRUWVÚOHFWLRQQÚHVW
LQGLTXÚVXUO
DIILFKDJHGHWUDQVPLVಢ
VLRQ
&RQGXLWHHWXWLOLVDWLRQ
/HYLHUVÚOHFWHXU
3RXUHQJDJHUOHOHYLHUHQ3
3RX5
5DSಢ
SX\HUVXUOHERXWRQGHGÚYHUURXLOODJH
1HSDVDFFÚOÚUHUSHQGDQWOHFKDQJHಢ
PHQWGHYLWHVVH1HMDPDLVDFWLRQQHU
HQPÛPHWHPSVODSÚGDOHG
DFFÚOÚಢ
UDWHXUHWODSÚGDOHGHIUHLQ
/RUVTX
XQUDSSRUWHVWVÚOHFWLRQQÚOH
YÚKLFXOHGÚPDUUHOHQWHPHQWTXDQGOH
IUHLQHVWGHVVHUUÚ
6WDWLRQQHPHQW
6HUUHUOHIUHLQGHVWDWLRQQHPHQWSODಢ
FHUOHOHYLHUVXU3
3HWHQOHYHUODFOÚGH
FRQWDFW
/DFOÚGHFRQWDFWQHSHXWÛWUHUHWLUÚH
TXHORUVTXHOHOHYLHUVÚOHFWHXUHVWHQ
SRVLWLRQ3
3
0RGHPDQXHO
)UHLQPRWHXU
3RXUXWLOLVHUO
HIIHWGXIUHLQPRWHXUUÚಢ
WURJUDGHUÑWHPSVHQFDVGHFRQGXLWH
HQSHQWH
3
5
1
'
3RVLWLRQGHVWDWLRQQHPHQWOHV
URXHVVRQWEORTXÚHVÑQ
HQJDಢ
JHUTXHVLOHYÚKLFXOHHVWÑO
DUಢ
UÛWHWTXHOHIUHLQGHVWDWLRQQHಢ
PHQWHVWVHUUÚ
0DUFKHDUULÙUHÑQ
HQJDJHU
TXHVLOHYÚKLFXOHHVWÑO
DUUÛW
1HXWUHSRLQWPRUW
0RGHDXWRPDWLTXHDYHFWRXV
OHVUDSSRUWV
/HOHYLHUVÚOHFWHXUHVWEORTXÚHQSRಢ
VLWLRQ3
33RXUOHGÚSODFHUPHWWUHOH
FRQWDFWHQIRQFHUODSÚGDOHGHIUHLQHW
DSSX\HUOHERXWRQGHGÚYHUURXLOODJH
'ÚVHQOLVHPHQWGXYÚKLFXOH
/
DOWHUQDQFHPDUFKHDYDQWPDUFKH
DUULÙUHHVWXQLTXHPHQWDXWRULVÚHVLOH
YÚKLFXOHHVWHQOLVÚGDQVGXVDEOHGH
ODERXHRXGHODQHLJH'ÚSODFHUOH
OHYLHUVÚOHFWHXUHQWUHOHVSRVLWLRQV'
'
HW5
5GHPDQLÙUHUÚSÚWÚH1HSDVHPಢ
EDOOHUOHPRWHXUHWÚYLWHUWRXWHDFFÚಢ
OÚUDWLRQEUXVTXH
'ÚSODFHUOHOHYLHUVÚOHFWHXUGHODSRಢ
VLWLRQ'
'YHUVODJDXFKHSXLVYHUV
O
DYDQWRXO
DUULÙUH
3DVVDJHDXUDSSRUWVXSÚULHXU
<
3DVVDJHDXUDSSRUWLQIÚULHXU
&RQGXLWHHWXWLOLVDWLRQ
6LXQUDSSRUWVXSÚULHXUHVWHQJDJÚ
ÑWURSIDLEOHYLWHVVHRXXQUDSSRUWLQಢ
IÚULHXUÑWURSKDXWUÚJLPHDXFXQ
FKDQJHPHQWGHYLWHVVHQ
DOLHX
±WURSIDLEOHUÚJLPHPRWHXUODERßWH
GHYLWHVVHVSDVVHDXWRPDWLTXHPHQW
DXUDSSRUWLQIÚULHXUDXGHOÑG
XQHFHUಢ
WDLQHYLWHVVHGXYÚKLFXOH
±KDXWVUÚJLPHVGXPRWHXUODERßWH
GHYLWHVVHVQHSDVVHSDVDXWRPDWLಢ
TXHPHQWÑXQUDSSRUWVXSÚULHXU
3URJUDPPHVGHFRQGXLWH
ÚOHFWURQLTXH
࿢ $SUÙVXQGÚPDUUDJHÑIURLGOHSURಢ
JUDPPHGHWHPSÚUDWXUHGHVHUYLFH
DPÙQHUDSLGHPHQWOHFDWDO\VHXU
ÑODWHPSÚUDWXUHQÚFHVVDLUHHQ
DXJPHQWDQWOHUÚJLPHPRWHXU
࿢ /DIRQFWLRQGHSDVVDJHDXWRPDWLಢ
TXHHQSRVLWLRQ1PHWDXWRPDWLTXHಢ
PHQWODERßWHGHYLWHVVHVDXSRLQW
PRUWORUVTXHOHYÚKLFXOHHVWDUUÛWÚ
HWTX
XQUDSSRUWGHPDUFKHDYDQW
HVWHQJDJÚ
.LFNGRZQ
)DLUHUHPÚGLHUÑODFDXVHGXSURಢ
EOÙPHSDUXQDWHOLHU
&RXSXUHGHFRXUDQW
3RXUXQHDFFÚOÚUDWLRQSOXVUDSLGH
HQIRQFHUODSÚGDOHG
DFFÚOÚUDWHXU
ÑIRQGHWODPDLQWHQLU/DERßWHGHYLಢ
WHVVHVSDVVHÑXQUDSSRUWLQIÚULHXUHQ
IRQFWLRQGXUÚJLPHPRWHXU
'ÚIDLOODQFH
'DQVOHFDVG
XQHGÚIDLOODQFHOHWÚಢ
PRLQGHG\VIRQFWLRQQHPHQWJV
DOಢ
OXPH/DERßWHQHFKDQJHSOXVGHYLಢ
WHVVHQLDXWRPDWLTXHPHQWQLPDQXHOಢ
OHPHQWSDUFHTX
HOOHHVWEORTXÚHGDQV
XQUDSSRUWGRQQÚ
(QFDVGHFRXSXUHGHFRXUDQWOHOHಢ
YLHUVÚOHFWHXUQHSHXWSDVÛWUHGÚಢ
SODFÚKRUVGHODSRVLWLRQ3
3/DFOÚQH
SHXWSDVÛWUHHQOHYÚHGHODVHUUXUHGH
FRQWDFW
6LODEDWWHULHHVWGÚFKDUJÚHHIIHFWXHU
OHGÚPDUUDJHSDUFÓEOH
6LODEDWWHULHQ
HVWSDVODFDXVHGHOD
GÚIDLOODQFHGÚYHUURXLOOHUOHOHYLHUVÚಢ
OHFWHXUHWUHWLUHUODFOÚGHODVHUUXUHGH
FRQWDFW
'ÚYHUURXLOODJHGXOHYLHU
VÚOHFWHXU
6HUUHUOHIUHLQGHVWDWLRQQHPHQW
&RQGXLWHHWXWLOLVDWLRQ
,QWURGXLUHXQWRXUQHYLVDXVVLORLQ
TXHSRVVLEOHGDQVO
RXYHUWXUHHW
GÚSODFHUOHOHYLHUVÚOHFWHXUGHOD
SRVLWLRQ3
36LOHOHYLHUVÚOHFWHXU
HVWÑQRXYHDXUDPHQÚHQSRVLWLRQ
3LOVHUDÑQRXYHDXEORTXÚGDQV
FHWWHSRVLWLRQ)DLUHFRUULJHUOD
FDXVHGHODFRXSXUHGHFRXUDQW
SDUXQDWHOLHU
5HIHUPHUOHFDFKH
%RßWHPDQXHOOH
%RßWHGHYLWHVVHVPDQXHOOH
2XYULUOHFDFKHÑODGURLWHGXOHYLHU
VÚOHFWHXU
3RXUHQJDJHUODPDUFKHDUULÙUHVRXಢ
OHYHUODEDJXHVHWURXYDQWVXUOHOHYLHU
DYHFOHYÚKLFXOHÑO
DUUÛWHWHQJDJHUOH
UDSSRUW
6LOHUDSSRUWQHV
HQJDJHSDVDPHQHU
OHOHYLHUDXSRLQWPRUWUHOÓFKHUODSÚಢ
GDOHG
HPEUD\DJHSXLVGÚEUD\HU
ÑQRXYHDXUÚHVVD\HUGHSDVVHUOD
PDUFKHDUULÙUH
1HSDVODLVVHUSDWLQHUO
HPEUD\DJH
LQXWLOHPHQW
&RQGXLWHHWXWLOLVDWLRQ
/RUVGHODPDQŃXYUHHQIRQFHUODSÚಢ
GDOHG
HPEUD\DJHÑIRQG1HSDVXWLಢ
OLVHUODSÚGDOHFRPPHUHSRVHSLHG
$YHUWLVVHPHQW
,OHVWFRQVHLOOÚG
DYRLUOHVGHX[
PDLQVVXUOHYRODQWORUVTXHFHOD
HVWSRVVLEOHºYLWHUGHSRVHUOHV
PDLQVVXUOHOHYLHUVÚOHFWHXU
)UHLQV
/HV\VWÙPHGHIUHLQDJHSRVVÙGH
GHX[FLUFXLWVLQGÚSHQGDQWVO
XQGH
O
DXWUH
6LXQFLUFXLWGHIUHLQDJHHVWGÚIDLOODQW
OHYÚKLFXOHSHXWWRXMRXUVÛWUHIUHLQÚ
JUÓFHÑO
DXWUHFLUFXLWGHIUHLQDJH
7RXWHIRLVOHIUHLQDJHQ
HVWREWHQX
TX
HQHQIRQØDQWODSÚGDOHGHIUHLQIHUಢ
PHPHQW8QHIIRUWQHWWHPHQWVXSÚಢ
ULHXUGRLWÛWUHH[HUFÚ/DGLVWDQFHGH
IUHLQDJHHVWSOXVORQJXHTX
KDELWXHOಢ
OHPHQW3UHQGUHFRQWDFWDYHFXQDWHಢ
OLHUDYDQWGHSRXUVXLYUHYRWUHGÚSODಢ
FHPHQW
4XDQGOHPRWHXUQHWRXUQHSDVO
DVಢ
VLVWDQFHGXVHUYRIUHLQGLVSDUDßWXQH
IRLVTXHODSÚGDOHGHIUHLQDÚWÚDFಢ
WLRQQÚHXQHRXGHX[IRLV/HIUHLQDJH
Q
HVWSDVUÚGXLWPDLVLOQÚFHVVLWHXQH
IRUFHEHDXFRXSSOXVJUDQGH,OHVW
SDUWLFXOLÙUHPHQWLPSRUWDQWGHJDUGHU
FHODÑO
HVSULWTXDQGOHYÚKLFXOHHVW
UHPRUTXÚ
$YDQWGHSUHQGUHODURXWHOHV\VWÙPH
SURFÙGHÑXQWHVWGHIRQFWLRQQHPHQW
DXWRPDWLTXHTXLSRXUUDLWÛWUHSHUFHSಢ
WLEOH
7ÚPRLQ1
$QWLEORFDJHGHVÚFXULWÚ
/
DQWLEORFDJHGHVÚFXULWÚ$%6HPಢ
SÛFKHTXHOHVURXHVQHVHEORTXHQW
'ÙVTX
XQHURXHDWHQGDQFHÑEORಢ
TXHUO
$%6PRGXOHODSUHVVLRQGH
IUHLQDJHGHODURXHLQFULPLQÚH/H
YÚKLFXOHSXLVVHWRXMRXUVÛWUHGLULJÚ
PÛPHHQFDVGHIUHLQDJHG
XUJHQFH
/DUÚJXODWLRQ$%6HVWLGHQWLILDEOHÑOD
SXOVDWLRQGHODSÚGDOHGHIUHLQHWDX
EUXLWGXSURFHVVXVGHUÚJXODWLRQ
$ILQG
REWHQLUXQIUHLQDJHRSWLPDOHQಢ
IRQFHUODSÚGDOHGHIUHLQÑIRQGSHQಢ
GDQWWRXWHODGXUÚHGXIUHLQDJHPDOಢ
JUÚODSXOVDWLRQGHODSÚGDOHGHIUHLQ
1HSDVUÚGXLUHODSUHVVLRQVXUODSÚಢ
GDOH
7ÚPRLQS
&RQGXLWHHWXWLOLVDWLRQ
'ÚIDLOODQFH
$WWHQWLRQ
(QFDVGHGÚIDLOODQFHGHO
$%6OHV
URXHVSHXYHQWDYRLUWHQGDQFHÑVH
EORTXHUHQFDVGHIUHLQDJHEUXWDO
/HVDYDQWDJHVGHO
$%6QHVRQW
SOXVGLVSRQLEOHV/RUVG
XQIUHLಢ
QDJHEUXWDOOHYÚKLFXOHQHSHXW
SOXVÛWUHGLULJÚHWSHXWGÚUDSHU
)DLUHUHPÚGLHUÑODFDXVHGXSURಢ
EOÙPHSDUXQDWHOLHU
)UHLQGHVWDWLRQQHPHQW
6HUUHUWRXMRXUVOHIUHLQGHVWDWLRQQHಢ
PHQWVDQVDFWLRQQHUOHERXWRQGHGÚಢ
YHUURXLOODJH'DQVXQHSHQWHRXGDQV
XQHFåWHOHVHUUHUDXVVLIRUWTXHSRVಢ
VLEOH
3RXUGHVVHUUHUOHIUHLQGHVWDWLRQQHಢ
PHQWVRXOHYHUXQSHXOHOHYLHUDSಢ
SX\HUVXUOHERXWRQGHGÚYHUURXLOODJH
HWDEDLVVHUFRPSOÙWHPHQWOHOHYLHU
3RXUUÚGXLUHOHVHIIRUWVG
DFWLRQQHಢ
PHQWGXIUHLQGHVWDWLRQQHPHQWHQಢ
IRQFHUHQPÛPHWHPSVODSÚGDOHGH
IUHLQ
7ÚPRLQ
$VVLVWDQFHDXIUHLQDJH
/RUVG
XQHQIRQFHPHQWUDSLGHHWSXLVಢ
VDQWGHODSÚGDOHGHIUHLQODIRUFHGH
IUHLQDJHPD[LPDOHIUHLQDJHG
XUಢ
JHQFHHVWVROOLFLWÚHDXWRPDWLTXHಢ
PHQW
0DLQWHQLUXQHSUHVVLRQFRQVWDQWHVXU
ODSÚGDOHGHIUHLQDXVVLORQJWHPSV
TX
XQIUHLQDJHPD[LPDOHVWQÚFHVಢ
VDLUH/DIRUFHGHIUHLQDJHPD[LPDOH
HVWDXWRPDWLTXHPHQWUÚGXLWHTXDQG
ODSÚGDOHGHIUHLQHVWUHOÓFKÚH
6\VWÙPHVGHFRQWUåOH
GHFRQGXLWH
6\VWÙPHDQWLSDWLQDJH
/HV\VWÙPHDQWLSDWLQDJH7&DPÚಢ
OLRUHODVWDELOLWÚGHFRQGXLWHORUVTXH
F
HVWQÚFHVVDLUHTXHOVTXHVRLHQWOH
W\SHGHUHYÛWHPHQWRXO
DGKÚUHQFH
GHVSQHXVHPSÛFKDQWDLQVLOHVURXHV
GHSDWLQHU
'ÙVTXHOHVURXHVPRWULFHVFRPPHQಢ
FHQWÑSDWLQHUODSXLVVDQFHGÚOLYUÚH
SDUOHPRWHXUHVWUÚGXLWHHWODURXHTXL
SDWLQHOHSOXVHVWIUHLQÚHLQGLYLGXHOOHಢ
PHQW$LQVLPÛPHVXUFKDXVVÚHJOLVಢ
VDQWHODVWDELOLWÚGXYÚKLFXOHHVWFRQಢ
VLGÚUDEOHPHQWDPÚOLRUÚH
/H7&HVWIRQFWLRQQHOGÙVTXHOHWÚಢ
PRLQEV
ÚWHLQW
4XDQGOH7&HVWDFWLIEFOLJQRWH
&RQGXLWHHWXWLOLVDWLRQ
$WWHQWLRQ
&HGLVSRVLWLIGHVÚFXULWÚSDUWLFXOLHU
QHGRLWSDVYRXVSRXVVHUÑDGRSಢ
WHUXQVW\OHGHFRQGXLWHGDQJHಢ
UHX[
$GDSWHUODYLWHVVHDX[FRQGLWLRQV
GHFLUFXODWLRQ
7ÚPRLQE
'ÚVDFWLYDWLRQ
/H7&SHXWÛWUHGÚVDFWLYÚTXDQGOH
SDWLQDJHGHVURXHVHVWUHTXLVDSಢ
SX\HUVXUOHERXWRQESHQGDQWHQYLಢ
URQVHFRQGHV
/HWÚPRLQNV
DOOXPH
/H7&HVWUÚDFWLYÚHQDSSX\DQWÑQRXಢ
YHDXVXUOHERXWRQE
/H7&HVWÚJDOHPHQWUÚDFWLYÚODSURಢ
FKDLQHIRLVTXHOHFRQWDFWHVWPLV
4XDQGO
(6&HVWDFWLIEFOLJQRWH
(OHFWURQLF6WDELOLW\&RQWURO
7ÚPRLQE
/
(OHFWURQLF6WDELOLW\&RQWURO(6&
DPÚOLRUHODVWDELOLWÚGHODFRQGXLWH
ORUVTXHF
HVWQÚFHVVDLUHTXHOTXH
VRLWOHW\SHGHVXUIDFHGHUHYÛWHPHQW
RXO
DGKÚUHQFHGHVSQHXV/
HPSÛಢ
FKHDXVVLOHVURXHVPRWULFHVGHSDWLಢ
QHU
'ÙVTXHOHYÚKLFXOHPHQDFHGHGÚUDಢ
SHUVRXVYLUDJHVXUYLUDJHODSXLVಢ
VDQFHGXPRWHXUHVWUÚGXLWHHWOHV
URXHVVRQWIUHLQÚHVLQGLYLGXHOOHPHQW
$LQVLPÛPHVXUFKDXVVÚHJOLVVDQWH
ODVWDELOLWÚGXYÚKLFXOHHVWFRQVLGÚUDಢ
EOHPHQWDPÚOLRUÚH
/
(6&HVWIRQFWLRQQHOGÙVTXHOHWÚಢ
PRLQEV
ÚWHLQW
'ÚVDFWLYDWLRQ
$WWHQWLRQ
&HGLVSRVLWLIGHVÚFXULWÚSDUWLFXOLHU
QHGRLWSDVYRXVSRXVVHUÑDGRSಢ
WHUXQVW\OHGHFRQGXLWHGDQJHಢ
UHX[
$GDSWHUODYLWHVVHDX[FRQGLWLRQV
GHFLUFXODWLRQ
&RQGXLWHHWXWLOLVDWLRQ
3RXUXQHFRQGXLWHWUÙVVSRUWLYH
O
(6&SHXWÛWUHGÚVDFWLYÚPDLQWHQLU
OHERXWRQEHQIRQFÚSHQGDQWHQYLURQ
VHFRQGHV
/HWÚPRLQQV
DOOXPH
/
(6&HVWUÚDFWLYÚHQDSSX\DQW
ÑQRXYHDXVXUOHERXWRQE6LOHV\Vಢ
WÙPH7&DÚWÚGÚVDFWLYÚDXSDUDYDQW
OH7&HWO
(6&VRQWWRXVGHX[UÚDFWLಢ
YÚV
/
(6&HVWÚJDOHPHQWUÚDFWLYÚODSURಢ
FKDLQHIRLVTXHOHFRQWDFWHVWPLV
5ÚJXODWHXUGHYLWHVVH
/HUÚJXODWHXUGHYLWHVVHSHXWPÚPRಢ
ULVHUHWFRQVHUYHUGHVYLWHVVHVFRPಢ
SULVHVDSSUR[LPDWLYHPHQWHW
NPK/DYLWHVVHUÚHOOHSHXWGLಢ
YHUJHUGHODYLWHVVHPÚPRULVÚHGDQV
OHVFåWHVRXGDQVOHVGHVFHQWHV
3RXUGHVUDLVRQVGHVÚFXULWÚOHUÚJXಢ
ODWHXUGHYLWHVVHQHSHXWÛWUHDFWLYÚ
TX
DSUÙVTXHYRXVD\H]DSSX\ÚXQH
IRLVVXUODSÚGDOHGHIUHLQ
1HSDVDFWLYHUOHUÚJXODWHXUGHYLಢ
WHVVHORUVTX
XQHYLWHVVHFRQVWDQWH
Q
HVWSDVFRQVHLOOÚH
$YHFXQHERßWHDXWRPDWLTXHQ
DFWLYHU
OHUÚJXODWHXUGHYLWHVVHTX
HQPRGH
DXWRPDWLTXH
7ÚPRLQ>
0LVHHQPDUFKH
$SSX\HUVXUO
H[WUÚPLWÚVXSÚULHXUHGX
FRPPXWDWHXUÑEDVFXOH>OHWÚPRLQ
>V
ÚFODLUHHQEODQF
$FWLYDWLRQ
$FFÚOÚUHUMXVTX
ÑODYLWHVVHGÚVLUÚHHW
WRXUQHUODPROHWWHVXU6
6(7ODYLಢ
WHVVHDFWXHOOHHVWPÚPRULVÚHHWPDLQಢ
WHQXH/HWÚPRLQ>V
DOOXPHHQYHUW
/DSÚGDOHG
DFFÚOÚUDWHXUSHXWÛWUHUHಢ
OÓFKÚH
,OHVWSRVVLEOHG
DXJPHQWHUODYLWHVVH
HQHQIRQØDQWODSÚGDOHG
DFFÚOÚUDಢ
WHXU$SUÙVUHOÓFKHPHQWGHODSÚGDOH
G
DFFÚOÚUDWHXUODYLWHVVHPÚPRULVÚH
HVWUÚWDEOLH
&RQGXLWHHWXWLOLVDWLRQ
$XJPHQWDWLRQGHODYLWHVVH
$YHFOHUÚJXODWHXUGHYLWHVVHDFWLYÚ
PDLQWHQLUODPROHWWHVXU5
5(6RXOD
WRXUQHUEULÙYHPHQWSOXVLHXUVIRLVVXU
5(6ODYLWHVVHDXJPHQWHHQ
FRQWLQXRXSDVÑSDV
(QYDULDQWHDFFÚOÚUHUMXVTX
ÑODYLಢ
WHVVHVRXKDLWÚHHWODPÚPRULVHUHQ
WRXUQDQWODPROHWWHVXU5
5(6
࿢ DFWLRQQHPHQWGHODSÚGDOHG
HPಢ
EUD\DJH
࿢ OHYLHUVÚOHFWHXUHQSRVLWLRQ1
1
࿢ OHV\VWÙPHDQWLSDWLQDJHRXO
(OHFಢ
WURQLF6WDELOLW\&RQWUROHVWHQWUÚHQ
IRQFWLRQQHPHQW
$YHFOHUÚJXODWHXUGHYLWHVVHDFWLYÚ
PDLQWHQLUODPROHWWHVXU6
6(7RXOD
WRXUQHUEULÙYHPHQWSOXVLHXUVIRLVVXU
6(7ODYLWHVVHGLPLQXHHQFRQWLQX
RXSDVÑSDV
'ÚVDFWLYDWLRQ
'ÚVDFWLYDWLRQ
$SSX\HUVXUOHERXWRQ\OHWÚPRLQ
>V
ÚFODLUHHQEODQF/HUÚJXODWHXUGH
YLWHVVHHVWGÚVDFWLYÚ/DYLWHVVHPÚಢ
PRULVÚHHVWVWRFNÚH
'ÚVDFWLYDWLRQDXWRPDWLTXH
࿢ YLWHVVHLQIÚULHXUHÑNPKHQYLಢ
URQ
࿢ DFWLRQQHPHQWGHODSÚGDOHGHIUHLQ
6\VWÙPHVGHGÚWHFWLRQ
G
REMHWV
$LGHDXVWDWLRQQHPHQW
5HSULVHGHODYLWHVVH
PÚPRULVÚH
7RXUQHUODPROHWWHVXU5
5(6ÑXQH
YLWHVVHVXSÚULHXUHÑNPK/DYLಢ
WHVVHPÚPRULVÚHVHUDPDLQWHQXH6L
ODGLIIÚUHQFHHQWUHODYLWHVVHDFWXHOOH
HWODYLWHVVHPÚPRULVÚHHVWVXSÚಢ
ULHXUHÑNPKOHYÚKLFXOHQHSHXW
SOXVUHSUHQGUHODYLWHVVHPÚPRULVÚH
'LPLQXWLRQGHODYLWHVVH
$SSX\HUVXUO
H[WUÚPLWÚLQIÚULHXUHGX
FRPPXWDWHXUÑEDVFXOH>OHWÚPRLQ
>V
ÚWHLQW/DYLWHVVHPÚPRULVÚHHVW
HIIDFÚH/HIDLWGHFRXSHUOHFRQWDFW
HIIDFHDXVVLODYLWHVVHPÚPRULVÚH
/
DLGHDXVWDWLRQQHPHQWIDFLOLWHOHV
PDQŃXYUHVHQPHVXUDQWODGLVWDQFH
HQWUHOHYÚKLFXOHHWOHVREVWDFOHVDUಢ
ULÙUHHWHQÚPHWWDQWGHVVLJQDX[VRಢ
QRUHV&
HVWWRXWHIRLVOHFRQGXFWHXU
TXLUHVWHSOHLQHPHQWUHVSRQVDEOHGH
ODPDQŃXYUHGHVWDWLRQQHPHQW
/HV\VWÙPHVHFRPSRVHGHTXDWUH
FDSWHXUVÑXOWUDVRQVVLWXÚVGDQVOH
SDUHFKRFVDUULÙUH
&RQGXLWHHWXWLOLVDWLRQ
7ÚPRLQJ
5HPDUTXH
7RXVOHVDFFHVVRLUHVPRQWÚVVXUOH
YÚKLFXOHGDQVOD]RQHGHGÚWHFWLRQ
SHXYHQWFDXVHUXQG\VIRQFWLRQQHಢ
PHQWGXV\VWÙPH
$FWLYDWLRQ
/HV\VWÙPHHVWDXWRPDWLTXHPHQWDFಢ
WLYÚTXDQGODPDUFKHDUULÙUHHVWHQಢ
JDJÚH
8QREVWDFOHHVWLQGLTXÚSDUGHVVLಢ
JQDX[VRQRUHV/
LQWHUYDOOHHQWUHOHV
VLJQDX[VHUÚGXLWDXIXUHWÑPHVXUH
TXHOHYÚKLFXOHVHUDSSURFKHGHO
REVಢ
WDFOH4XDQGODGLVWDQFHHVWLQIÚULHXUH
ÑFPOHVVLJQDX[VRQRUHVUHWHQಢ
WLVVHQWHQFRQWLQX
'ÚVDFWLYDWLRQ
/HV\VWÙPHHVWDXWRPDWLTXHPHQW
GÚVDFWLYÚTXDQG
࿢ OHYÚKLFXOHURXOHÑSOXVGH
NPK
࿢ OHYÚKLFXOHHVWVWDWLRQQÚ
࿢ OHV\VWÙPHSUÚVHQWHXQHGÚIDLOಢ
ODQFH
'ÚIDLOODQFH
'DQVOHFDVG
XQHGÚIDLOODQFHGDQVOH
V\VWÙPHOHWÚPRLQJV
DOOXPH
(QRXWUHVLOHV\VWÙPHQHIRQFWLRQQH
SDVHQUDLVRQGHSUREOÙPHVWHPSRಢ
UDLUHVWHOVTXHGHODQHLJHUHFRXYUDQW
OHVFDSWHXUVOHWÚPRLQJV
DOOXPH
5HPDUTXHVLPSRUWDQWHV
FRQFHUQDQWOHVDLGHVDX
VWDWLRQQHPHQW
$WWHQWLRQ
'LIIÚUHQWHVVXUIDFHVUÚIOÚFKLVVDQಢ
WHVG
REMHWVRXGHYÛWHPHQWVDLQVL
TXHGHVVRXUFHVH[WHUQHVGHSDಢ
UDVLWHVSHXYHQWGDQVGHVFRQGLಢ
WLRQVSDUWLFXOLÙUHVHPSÛFKHUOH
V\VWÙPHGHUHFRQQDßWUHGHVREVಢ
WDFOHV
$YHUWLVVHPHQW
/HVSHUIRUPDQFHVGXFDSWHXUSHXಢ
YHQWÛWUHGÚJUDGÚHVSDUODSUÚಢ
VHQFHGHJODFHRXGHQHLJHSDU
H[VXUOHFDSWHXU
/HVSHUIRUPDQFHVGHVV\VWÙPHV
G
DLGHDXVWDWLRQQHPHQWSHXYHQW
ÛWUHUÚGXLWHVSDUXQFKDQJHPHQW
GHQLYHDXGHVFDSWHXUV
'HVFRQGLWLRQVSDUWLFXOLÙUHVV
DSಢ
SOLTXHQWSRXUOHVYÚKLFXOHVKDXWV
SH[YÚKLFXOHVWRXWWHUUDLQIRXUಢ
JRQQHWWHVFDPLRQQHWWHV/
LGHQಢ
WLILFDWLRQG
REMHWGDQVODSDUWLHVXಢ
SÚULHXUHGXYÚKLFXOHQHSHXWSDV
ÛWUHJDUDQWLH
'HVREMHWVRIIUDQWXQHVHFWLRQ
WUDQVYHUVDOHGHUÚIOH[LRQIRUW
ÚWURLWHWHOVTXHGHVREMHWVÚWURLWV
RXGHVPDWÚULDX[VRXSOHVSHXಢ
YHQWQHSDVÛWUHGÚWHFWÚVSDUOH
V\VWÙPH
/HVV\VWÙPHVG
DLGHDXVWDWLRQQHಢ
PHQWQHVRQWSDVSUÚYXVSRXUDLಢ
GHUOHVFRQGXFWHXUVÑÚYLWHUGHV
REMHWVLQDWWHQGXV
&RQGXLWHHWXWLOLVDWLRQ
5HPDUTXH
/HFDSWHXUSRXUUDLWGÚWHFWHUXQREMHW
ILFWLIÚFKRSDUDVLWHFDXVÚSDUGHV
SDUDVLWHVH[WHUQHVDFRXVWLTXHVRX
PÚFDQLTXHV
&DUEXUDQW
&DUEXUDQWSRXUPRWHXUV
ÑHVVHQFH
1
XWLOLVHUTXHGHVFDUEXUDQWVVDQV
SORPEVHORQ(1
/
XWLOLVDWLRQG
XQFDUEXUDQWGRQWOD
TXDOLWÚQ
HVWSDVHQFRQIRUPLWÚDYHF
OHVUÙJOHPHQWVWHFKQLTXHVSHXWFRQಢ
GXLUHÑGHVGRPPDJHVVXUOHPRWHXU
HWODSHUWHGHWRXWHVOHVREOLJDWLRQVGH
JDUDQWLH
,OHVWSRVVLEOHG
XWLOLVHUGHVFDUEXಢ
UDQWVQRUPDOLVÚVÚTXLYDOHQWVDYHFXQ
WDX[G
ÚWKDQROGHPD[HQYRಢ
OXPH'DQVFHFDVXWLOLVHUXQLTXHಢ
PHQWGXFDUEXUDQWTXLVDWLVIDLWÑOD
QRUPH(',1
8WLOLVHUGXFDUEXUDQWDYHFO
LQGLFH
G
RFWDQHUHFRPPDQGÚ/
XWLOLಢ
VDWLRQGHFDUEXUDQWDYHFXQLQGLFH
G
RFWDQHWURSEDVSHXWUÚGXLUHOHFRXಢ
SOHHWODSXLVVDQFHGXPRWHXUHWDXJಢ
PHQWHUOÚJÙUHPHQWODFRQVRPPDWLRQ
GHFDUEXUDQW
$YHUWLVVHPHQW
/
XWLOLVDWLRQGHFDUEXUDQWQHVH
FRQIRUPDQWSDVÑ(1RXWRXWH
DXWUHVSÚFLILFDWLRQLGHQWLTXHSHXW
FRQGXLUHÑGHVGÚSåWVXQHXVXUH
SOXVLPSRUWDQWHRXGHVGRPPDJHV
VXUOHPRWHXUHWXQHSHUWHGHOD
JDUDQWLH
$YHUWLVVHPHQW
'XFDUEXUDQWÑO
LQGLFHG
RFWDQH
WURSEDVSHXWHQWUDßQHUXQHFRPಢ
EXVWLRQLQFRQWUåOÚHHWHQGRPPDಢ
JHUOHPRWHXU
&DUEXUDQWSRXUPRWHXUV
GLHVHO
1
XWLOLVHUTXHGHVFDUEXUDQWVGLHVHO
VHORQ(1
/
XWLOLVDWLRQG
XQFDUEXUDQWGRQWOD
TXDOLWÚQ
HVWSDVHQFRQIRUPLWÚDYHF
OHVUÙJOHPHQWVWHFKQLTXHVSHXWFRQಢ
GXLUHÑGHVGRPPDJHVVXUOHPRWHXU
HWODSHUWHGHWRXWHVOHVREOLJDWLRQVGH
JDUDQWLH
&RQGXLWHHWXWLOLVDWLRQ
'DQVGHVSD\VKRUVGHO
8QLRQHXURಢ
SÚHQQHXWLOLVHUOHFDUEXUDQWHXUR
GLHVHODYHFXQHFRQFHQWUDWLRQVRXIUH
LQIÚULHXUHÑSSP
)DLUHOHSOHLQ
/HFDUEXUDQWHVWLQIODPPDEOHHW
H[SORVLI1HSDVIXPHU3DVGH
IODPPHQXHRXGHIRUPDWLRQG
ÚWLQಢ
FHOOHV
6LXQHRGHXUGHFDUEXUDQWVHGÚಢ
JDJHGDQVOHYÚKLFXOHIDLUHLPPÚಢ
GLDWHPHQWUHPÚGLHUDXSUREOÙPH
SDUXQDWHOLHU
$YHUWLVVHPHQW
/
XWLOLVDWLRQGHFDUEXUDQWQHVH
FRQIRUPDQWSDVÑ(1RXWRXWH
DXWUHVSÚFLILFDWLRQLGHQWLTXHSHXW
FRQGXLUHÑXQHSHUWHGHSXLVVDQFH
GXPRWHXUXQHXVXUHSOXVLPSRUಢ
WDQWHRXGHVGRPPDJHVVXUOHPRಢ
WHXUHWXQHSHUWHGHODJDUDQWLH
1HSDVXWLOLVHUGXPD]RXWPDULQGX
PD]RXWGHFKDXIIDJHGHO
$TXD]ROH
RXWRXWHDXWUHÚPXOVLRQLGHQWLTXH
GLHVHOHDX,OQ
HVWSDVDXWRULVÚGH
PÚODQJHUOHGLHVHODYHFGHVFDUEXಢ
UDQWVSRXUPRWHXUVÑHVVHQFHDILQGH
OHGLOXHU
/DIOXLGLWÚHWODILOWUDELOLWÚGXFDUEXUDQW
GLHVHOGÚSHQGHQWGHODWHPSÚUDWXUH
±EDVVHVWHPSÚUDWXUHVIDLUHOHSOHLQ
GHGLHVHODYHFGHVSURSULÚWÚVKLYHUಢ
QDOHVJDUDQWLHV
'DQJHU
$YHUWLVVHPHQW
'DQJHU
$YDQWGHUHSUHQGUHGXFDUEXUDQW
DUUÛWHUOHPRWHXUDLQVLTXHOHV
FKDXIIDJHVH[WHUQHVDYHFFKDPಢ
EUHGHFRPEXVWLRQºWHLQGUHOHV
WÚOÚSKRQHVPRELOHV
/RUVGXUHPSOLVVDJHGXUÚVHUYRLU
UHVSHFWHUOHVSUHVFULSWLRQVG
XWLOLಢ
VDWLRQHWGHVÚFXULWÚGHODVWDWLRQ
VHUYLFH
(QFDVG
HUUHXUGHFDUEXUDQWQH
SDVPHWWUHOHFRQWDFW
/DWUDSSHÑFDUEXUDQWVHWURXYHVXUOH
FåWÚDUULÙUHGURLWGXYÚKLFXOH
&RQGXLWHHWXWLOLVDWLRQ
/HERXFKRQGHUHPSOLVVDJHSHXWÛWUH
GÚSRVÚGDQVOHVXSSRUWVXUODWUDSSH
ÑFDUEXUDQW
$YHUWLVVHPHQW
1HWWR\HUDXVVLWåWOHFDUEXUDQWTXL
DGÚERUGÚ
%RXFKRQGHUHPSOLVVDJH
/DWUDSSHGHUÚVHUYRLUQHSHXWÛWUH
RXYHUWHTXHVLOHYÚKLFXOHHVWGÚYHUಢ
URXLOOÚ2XYULUODWUDSSHÑFDUEXUDQWHQ
ODSRXVVDQW
6HXOXQERXFKRQGHUHPSOLVVDJH
G
RULJLQHJDUDQWLWXQIRQFWLRQQHPHQW
SDUIDLW/HVYÚKLFXOHVDYHFPRWHXU
GLHVHOVRQWÚTXLSÚVG
XQERXFKRQGH
UHPSOLVVDJHVSÚFLILTXH
6RLQVGXYÚKLFXOH
6RLQVGXYÚKLFXOH
,QIRUPDWLRQVJÚQÚUDOHV &RQWUåOHVGXYÚKLFXOH 5HPSODFHPHQWGHVDPSRXOHV &LUFXLWÚOHFWULTXH 2XWLOODJHGXYÚKLFXOH -DQWHVHWSQHXV 'ÚPDUUDJHSDUFÓEOHV
DX[LOLDLUHV 5HPRUTXDJH 6RLQVH[WÚULHXUVHWLQWÚULHXUV ,QIRUPDWLRQVJÚQÚUDOHV
6WRFNDJHGXYÚKLFXOH
$FFHVVRLUHVHW
PRGLILFDWLRQVGXYÚKLFXOH
6WRFNDJHSHQGDQWXQHSÚULRGH
SURORQJÚH
1RXVYRXVUHFRPPDQGRQVG
XWLOLVHU
OHVSLÙFHVHWDFFHVVRLUHVG
RULJLQHHW
OHVSLÙFHVKRPRORJXÚHVSDUO
XVLQH
FRUUHVSRQGDQWVSÚFLILTXHPHQW
ÑYRWUHW\SHGHYÚKLFXOH1RXVQH
SRXYRQVSRUWHUDXFXQMXJHPHQWVXUOD
ILDELOLWÚG
DXWUHVSLÙFHVPÛPHVLXQH
DXWRULVDWLRQDGPLQLVWUDWLYHRXDXWUH
GHYDLWH[LVWHUHWQRXVQHSRXYRQV
SDVQRQSOXVHQUÚSRQGUH
1
DSSRUWHUDXFXQHPRGLILFDWLRQ
ÑO
ÚTXLSHPHQWÚOHFWULTXHSDUH[HPಢ
SOHGHVPRGLILFDWLRQVGHODJHVWLRQ
ÚOHFWURQLTXH&KLS7XQLQJ
6LOHYÚKLFXOHGRLWÛWUHVWRFNÚSHQGDQW
SOXVLHXUVPRLV
࿢ /DYHUHWOXVWUHUOHYÚKLFXOH
࿢ )DLUHYÚULILHUODSURWHFWLRQÑODFLUH
GDQVOHFRPSDUWLPHQWPRWHXUHWVXU
OHVRXEDVVHPHQW
࿢ 1HWWR\HUHWSURWÚJHUOHVMRLQWV
G
ÚWDQFKÚLWÚHQFDRXWFKRXF
࿢ )DLUHOHSOHLQGHFDUEXUDQW
࿢ 5HPSODFHUO
KXLOHPRWHXU
࿢ 9LGHUOHUÚVHUYRLUGHOLTXLGHGHODYH
JODFH
࿢ 9ÚULILHUODSURWHFWLRQDQWLJHOHWDQWLಢ
FRUURVLRQGXOLTXLGHGHUHIURLGLVVHಢ
PHQW
࿢ 5ÚJOHUODSUHVVLRQGHJRQIODJHGHV
SQHXVÑODYDOHXUSRXUODSOHLQH
FKDUJH
6RLQVGXYÚKLFXOH
࿢ *DUHUOHYÚKLFXOHGDQVXQORFDOVHF
HWELHQYHQWLOÚ(QJDJHUODSUHPLÙUH
YLWHVVHRXODPDUFKHDUULÙUHRXELHQ
SODFHUOHOHYLHUVÚOHFWHXUVXU3
3&Dಢ
OHUOHVURXHVGXYÚKLFXOH
࿢ 1HSDVVHUUHUOHIUHLQGHVWDWLRQQHಢ
PHQW
࿢ 2XYULUOHFDSRWIHUPHUWRXWHVOHV
SRUWHVHWYHUURXLOOHUOHYÚKLFXOH
࿢ 'ÚEUDQFKHUODFRVVHGHODERUQH
QÚJDWLYHGHODEDWWHULHGXYÚKLFXOH
1HSDVRXEOLHUTXHO
HQVHPEOHGHV
V\VWÙPHVQHIRQFWLRQQHSOXVSDU
H[HPSOHO
DODUPHDQWLYRO
࿢ &RQWUåOHUOHQLYHDXGHOLTXLGHGHUHಢ
IURLGLVVHPHQW
࿢ /HFDVÚFKÚDQWSRVHUODSODTXH
G
LPPDWULFXODWLRQ
&RQWUåOHVGXYÚKLFXOH
([ÚFXWLRQGXWUDYDLO
5HSULVHGHVYÚKLFXOHVKRUV
G
XVDJH
9RXVWURXYHUH]GHVLQIRUPDWLRQVVXU
ODUHSULVHGHVYÚKLFXOHVKRUVG
XVDJH
HWOHXUUHF\FODJHVXUQRWUHVLWH1H
FRQILHUFHWUDYDLOTX
ÑXQFHQWUHGHUHಢ
F\FODJHDJUÚÚ
5HPLVHHQVHUYLFH
4XDQGOHYÚKLFXOHHVWUHPLVHQFLUFXಢ
ODWLRQ
࿢ 5HEUDQFKHUODERUQHQÚJDWLYHGHOD
EDWWHULH$FWLYHUO
ÚOHFWURQLTXHGHV
OÙYHYLWUHV
࿢ 9ÚULILHUODSUHVVLRQGHVSQHXV
࿢ 5HPSOLUOHUÚVHUYRLUGHODYHJODFH
࿢ 9ÚULILHUOHQLYHDXG
KXLOHGXPRWHXU
$WWHQWLRQ
1
HIIHFWXHUGHVFRQWUåOHVGDQVOH
FRPSDUWLPHQWPRWHXUTXHORUVTXH
OHFRQWDFWHVWFRXSÚ
/HYHQWLODWHXUGHUHIURLGLVVHPHQW
SHXWÚJDOHPHQWIRQFWLRQQHUORUVಢ
TXHOHFRQWDFWHVWFRXSÚ
6RLQVGXYÚKLFXOH
'DQJHU
/HV\VWÙPHG
DOOXPDJHXQHWHQಢ
VLRQH[WUÛPHPHQWÚOHYÚH1HSDV
WRXFKHU
&DSRW
2XYHUWXUH
3RXVVHUOHORTXHWGHVÚFXULWÚYHUVOD
JDXFKHHWRXYULUOHFDSRW
$WWHQWLRQ
4XDQGOHPRWHXUHVWFKDXGQH
WRXFKHUTXHODSDUWLHUHPERXUUÚH
HQPRXVVHGHODEÚTXLOOHGXFDSRW
PRWHXU
7LUHUOHOHYLHUGHGÚYHUURXLOODJHHWOH
UDPHQHUGDQVVDSRVLWLRQGHGÚSDUW
(QWUÚHG
DLU
$WWDFKHUODEÚTXLOOHGXFDSRW
)HUPHWXUH
$YDQWGHUHIHUPHUOHFDSRWHQIRQFHU
ODEÚTXLOOHGDQVVRQVXSSRUW
$EDLVVHUOHFDSRWOHODLVVHUWRPEHU
GDQVOHYHUURX9ÚULILHUOHYHUURXLOಢ
ODJH
6RLQVGXYÚKLFXOH
9XHG
HQVHPEOHGXFRPSDUWLPHQWPRWHXU
0RWHXUHVVHQFH/'(HW+
6RLQVGXYÚKLFXOH
0RWHXUHVVHQFH/;7
6RLQVGXYÚKLFXOH
0RWHXUGLHVHO/13
6RLQVGXYÚKLFXOH
5ÚVHUYRLUGHOLTXLGHGHGLUHFWLRQ
DVVLVWÚH
%RXFKRQG
KXLOHPRWHXU
5ÚVHUYRLUGHOLTXLGHGHIUHLQ
5ÚVHUYRLUGHOLTXLGHGHUHIURLGLVಢ
VHPHQWGXPRWHXU
%RßWLHUGHIXVLEOHV
5ÚVHUYRLUGHOLTXLGHGHODYHJODFH
%DWWHULH
-DXJHG
KXLOHPRWHXU
)LOWUHÑDLUGXPRWHXU
&RQWUåOHÑHIIHFWXHUXQLTXHPHQWORUVಢ
TXHOHYÚKLFXOHHVWÑO
KRUL]RQWDOH/H
PRWHXUGRLWDYRLUDWWHLQWVDWHPSÚUDಢ
WXUHGHIRQFWLRQQHPHQWHWÛWUHDUUÛWÚ
GHSXLVDXPRLQVPLQXWHV
6RUWLUODMDXJHG
KXLOHO
HVVX\HUO
LQಢ
WURGXLUHGDQVOHWXEHMXVTX
ÑODEXWÚH
VXUODSRLJQÚHODUHVVRUWLUHWUHOHYHU
OHQLYHDXG
KXLOHPRWHXU
3ORQJHUODMDXJHMXVTX
ÑODEXWÚHGH
ODSRLJQÚHHWHIIHFWXHUXQGHPLWRXU
/RUVTXHOHQLYHDXG
KXLOHPRWHXUHVW
GHVFHQGXVRXVOHUHSÙUH0
0,1IDLUH
O
DSSRLQWG
KXLOHPRWHXU
+XLOHPRWHXU
9ÚULILHUOHQLYHDXG
KXLOHPRWHXU
ÑLQWHUYDOOHUÚJXOLHUDILQG
ÚYLWHUG
HQಢ
GRPPDJHUOHPRWHXU6
DVVXUHUTXH
O
KXLOHXWLOLVÚHUÚSRQGÑODVSÚFLILFDಢ
WLRQUHTXLVH)OXLGHVHWOXEULILDQWVUHಢ
FRPPDQGÚV
(QIRQFWLRQGXPRWHXUGLIIÚUHQWHV
MDXJHVG
KXLOHVRQWXWLOLVÚHV
6RLQVGXYÚKLFXOH
1RXVYRXVUHFRPPDQGRQVG
XWLOLVHU
ODPÛPHTXDOLWÚG
KXLOHPRWHXUTXH
FHOOHXWLOLVÚHORUVGHODGHUQLÙUHYLಢ
GDQJH
/HQLYHDXG
KXLOHPRWHXUQHGRLWSDV
GÚSDVVHUOHUHSÙUH0
0$;GHODMDXJH
)LOWUHÑDLUGXPRWHXU
1LYHDXGHOLTXLGHGH
UHIURLGLVVHPHQW
$YHUWLVVHPHQW
8QH[FÙVG
KXLOHPRWHXUGRLWÛWUH
YLGDQJÚRXDVSLUÚ
$YHUWLVVHPHQW
/RUVGHODFRQGXLWHHQSHQWHOH
FRGHG
DYHUWLVVHPHQWSHXWÛWUH
DIILFKÚVXUOHFHQWUHG
LQIRUPDWLRQ
GXFRQGXFWHXU
6LOHFRGHGLVSDUDßWORUVTXHOH
YÚKLFXOHHVWGHQRXYHDXFRQGXLW
VXUXQHURXWHSODQHQHSDVIDLUH
O
DSSRLQWG
KXLOHPRWHXU
$YHUWLVVHPHQW
1
HPSOR\HUTXHGXSURGXLWDQWLJHO
KRPRORJXÚ
$YHUWLVVHPHQW
&DSDFLWÚVGHUHPSOLVVDJH
5HPHWWUHOHERXFKRQGURLWHWOHVHUUHU
8QQLYHDXLQVXIILVDQWGHOLTXLGHGH
UHIURLGLVVHPHQWSHXWSURYRTXHU
GHVGRPPDJHVDXPRWHXU
3RXUUHPSODFHUOHILOWUHÑDLUGXPRಢ
WHXUGÚYLVVHUOHVYLVHWHQOHYHUOH
FRUSVGHILOWUH
/LTXLGHGHUHIURLGLVVHPHQW
GXPRWHXU
/HOLTXLGHGHUHIURLGLVVHPHQWRIIUH
XQHSURWHFWLRQFRQWUHOHJHODOODQWMXVಢ
TX
ÑHQYLURQ¡&
0DLQWHQLUXQHFRQFHQWUDWLRQVXIILಢ
VDQWHHQDQWLJHO
6RLQVGXYÚKLFXOH
6LOHV\VWÙPHGHUHIURLGLVVHPHQWHVW
IURLGOHQLYHDXGHOLTXLGHGHUHIURLGLVಢ
VHPHQWGRLWVHWURXYHUDXGHVVXVGX
UHSÙUHGHQLYHDXGHUHPSOLVVDJH
)DLUHO
DSSRLQWVLOHQLYHDXHVWEDV
$WWHQWLRQ
/DLVVHUUHIURLGLUOHPRWHXUDYDQW
G
RXYULUOHERXFKRQ2XYULUOHERXಢ
FKRQDYHFSUÚFDXWLRQHQODLVVDQW
ODSUHVVLRQVಫÚYDFXHUOHQWHPHQW
)DLUHO
DSSRLQWDYHFXQPÚODQJHG
HDX
GÚPLQÚUDOLVÚHHWG
DQWLJHODJUÚÚSRXU
OHYÚKLFXOH6HUUHUIHUPHPHQWOHERXಢ
FKRQ)DLUHFRQWUåOHUODFRQFHQWUDWLRQ
GHSURGXLWDQWLJHOHWIDLUHUHPÚGLHU
ÑODFDXVHGHODSHUWHGHOLTXLGHGH
UHIURLGLVVHPHQWSDUXQDWHOLHU
/LTXLGHGHGLUHFWLRQ
DVVLVWÚH
$YHUWLVVHPHQW
'HVTXDQWLWÚVH[WUÛPHPHQWIDLಢ
EOHVGHVDOHWÚSHXYHQWHQGRPPDಢ
JHUOHFLUFXLWGHGLUHFWLRQHWSURYRಢ
TXHUGHVSDQQHV1HSDVODLVVHU
GHVDOHWÚVHQWUHUHQFRQWDFWDYHF
OHFåWÚOLTXLGHGXERXFKRQGXUÚಢ
VHUYRLUGHODMDXJHRXSÚQÚWUHU
GDQVOHUÚVHUYRLU
2XYULUOHERXFKRQHWO
HQOHYHU(Vಢ
VX\HUODMDXJHHWWRXUQHUOHERXFKRQ
GDQVOHUÚVHUYRLU2XYULUÑQRXYHDXOH
ERXFKRQO
HQOHYHUHWUHOHYHUOHQLYHDX
GHOLTXLGHGHGLUHFWLRQDVVLVWÚH
/HQLYHDXGHOLTXLGHGHGLUHFWLRQDVಢ
VLVWÚHGRLWVHVLWXHUHQWUH0
0,1HW
0$;
6LOHQLYHDXGHOLTXLGHHVWWURSEDV
SUHQGUHFRQWDFWDYHFXQDWHOLHU
/LTXLGHGHODYHJODFH
5HPSOLUDYHFGXOLTXLGHGHODYHJODFH
TXLFRQWLHQWGHO
DQWLJHO
6RLQVGXYÚKLFXOH
)UHLQV
%DWWHULH
6LODJDUQLWXUHGHIUHLQDWWHLQWO
ÚSDLVಢ
VHXUPLQLPDOHJV
DOOXPH
2QSHXWSRXUVXLYUHVDURXWHPDLVLO
IDXWIDLUHUHPSODFHUOHVJDUQLWXUHVGH
IUHLQGÙVTXHSRVVLEOH
8QHIRLVTXHGHVJDUQLWXUHVGHIUHLQ
QHXYHVRQWÚWÚPRQWÚHVQHSDVHIಢ
IHFWXHUGHIUHLQDJHG
XUJHQFHLQXWLOH
SHQGDQWOHVSUHPLHUVGÚSODFHPHQWV
/DEDWWHULHGXYÚKLFXOHHVWVDQVPDLQಢ
WHQDQFHSRXUDXWDQWTXHOHSURILOGH
FRQGXLWHSHUPHWXQUHFKDUJHPHQW
VXIILVDQWGHODEDWWHULH'HVWUDMHWVVXU
FRXUWHVGLVWDQFHVHWGHVGÚPDUUDJHV
IUÚTXHQWVGXPRWHXUSHXYHQWGÚFKDUಢ
JHUODEDWWHULHºYLWHUO
XWLOLVDWLRQGH
FRQVRPPDWHXUVÚOHFWULTXHVQRQQÚಢ
FHVVDLUHV
/LTXLGHGHIUHLQ
$WWHQWLRQ
/HOLTXLGHGHIUHLQHVWQRFLIHWFRUಢ
URVLIºYLWHUOHVFRQWDFWVDYHFOHV
\HX[ODSHDXOHVWLVVXVHWOHVVXUಢ
IDFHVSHLQWHV
/HQLYHDXGHOLTXLGHGHIUHLQGRLWVH
VLWXHUHQWUH0
0,1HW0
0$;
/RUVGHO
DSSRLQWYHLOOHUÑODSOXV
JUDQGHSURSUHWÚFDUODSUÚVHQFHG
LPಢ
SXUHWÚVGDQVOHOLTXLGHGHIUHLQSHXW
HQWUDßQHUGHVGÚIDLOODQFHVGXGLVSRಢ
VLWLIGHIUHLQDJH)DLUHFRUULJHUOD
FDXVHGHODIXLWHGHOLTXLGHGHIUHLQ
SDUXQDWHOLHU
1
XWLOLVHUTXHGXOLTXLGHGHIUHLQKDXಢ
WHVSHUIRUPDQFHVKRPRORJXÚSRXUOH
YÚKLFXOHOLTXLGHGHIUHLQHWG
HPಢ
EUD\DJH
/HVSLOHVQHGRLYHQWSDVÛWUHMHWÚHV
DYHFOHVRUGXUHVPÚQDJÙUHV(OOHV
GRLYHQWÛWUHUHF\FOÚHVYLDOHVFHQWUHV
GHFROOHFWHDSSURSULÚV
1HSDVXWLOLVHUOHYÚKLFXOHSHQGDQW
SOXVGHVHPDLQHVSHXWFRQGXLUH
ÑXQHGÚFKDUJHGHODEDWWHULH'Úಢ
EUDQFKHUODFRVVHGHODERUQHQÚJDಢ
WLYHGHODEDWWHULHGXYÚKLFXOH
1HEUDQFKHUHWGÚEUDQFKHUODEDWWHULH
TXHTXDQGOHFRQWDFWHVWFRXSÚ
6RLQVGXYÚKLFXOH
$WWHQWLRQ
*DUGHUOHVREMHWVHQIHXÑO
ÚFDUW
GHODEDWWHULHSRXUÚYLWHUWRXWULVಢ
TXHG
H[SORVLRQ/
H[SORVLRQGHOD
EDWWHULHSHXWHQGRPPDJHUOH
YÚKLFXOHHWSHXWHQWUDßQHUGHV
EOHVVXUHVÚYHQWXHOOHPHQWPRUWHOಢ
OHV
ºYLWHUOHVFRQWDFWVDYHFOHV\HX[
ODSHDXOHVWLVVXVHWOHVVXUIDFHV
SHLQWHV/HOLTXLGHFRQWLHQWGH
O
DFLGHVXOIXULTXHTXLSHXWSURYRಢ
TXHUGHVEOHVVXUHVHWGHVGÚJÓWV
HQFDVGHFRQWDFWGLUHFW(QFDVGH
FRQWDFWDYHFODSHDXQHWWR\HUOD
]RQHDYHFGHO
HDXHWGHPDQGHU
LPPÚGLDWHPHQWXQHDVVLVWDQFH
PÚGLFDOH
*DUGHUKRUVGHSRUWÚHGHVHQಢ
IDQWV
1HSDVEDVFXOHUXQHEDWWHULHRXಢ
YHUWH
3URWHFWLRQFRQWUHODGÚFKDUJHGHOD
EDWWHULH
ºWLTXHWWHG
DYHUWLVVHPHQW
࿢ 9RLUOHPDQXHOG
XWLOLVDWLRQSRXUGH
SOXVDPSOHVLQIRUPDWLRQV
࿢ 'HVJD]H[SORVLIVSHXYHQWÛWUHSUÚಢ
VHQWVÑSUR[LPLWÚGHODEDWWHULH
3XUJHGXV\VWÙPH
G
DOLPHQWDWLRQHQJD]ROH
GLHVHO
6LJQLILFDWLRQGHVV\PEROHV
࿢ 3DVG
ÚWLQFHOOHRXGHIODPPHQXH
LQWHUGLWGHIXPHU
࿢ 7RXMRXUVSURWÚJHUOHV\HX[/HV
JD]H[SORVLIVSHXYHQWFDXVHUXQH
FÚFLWÚRXGHVEOHVVXUHV
࿢ *DUGHUODEDWWHULHKRUVGHSRUWÚH
GHVHQIDQWV
࿢ /DEDWWHULHFRQWLHQWGHO
DFLGHVXOಢ
IXULTXHSRXYDQWFDXVHUXQHFÚFLWÚ
RXGHVÚULHXVHVEUìOXUHV
6LOHUÚVHUYRLUDÚWÚYLGÚOHFLUFXLWGH
JD]ROHGLHVHOGRLWÛWUHSXUJÚGHVRQ
DLU0HWWUHOHFRQWDFWWURLVIRLVFKDTXH
IRLVSRXUXQHGXUÚHGHVHFRQGHV
3XLVGÚPDUUHUOHPRWHXUSHQGDQW
VHFRQGHVDXPD[LPXP5ÚSÚWHU
FHWWHSURFÚGXUHDSUÙVDYRLUDWWHQGX
DXPRLQVVHFRQGHV6LOHPRWHXUQH
GÚPDUUHSDVSUHQGUHFRQWDFWDYHF
XQDWHOLHU
6RLQVGXYÚKLFXOH
5HPSODFHPHQWGHVEDODLV
G
HVVXLHJODFH
6RXOHYHUOHEUDVG
HVVXLHJODFH(Qಢ
IRQFHUOHOHYLHUGHGÚEORFDJHHWGÚWDಢ
FKHUOHEDODLG
HVVXLHJODFH
%DODLG
HVVXLHJODFHGHOD
OXQHWWHDUULÙUH
6RXOHYHUOHEUDVG
HVVXLHJODFH'ÚVಢ
HQFOLTXHWHUOHEDODLHWOHUHWLUHU
FRPPHLQGLTXÚVXUO
LOOXVWUDWLRQ
)L[HUOHEDODLGHO
HVVXLHJODFHOÚJÙಢ
UHPHQWÑXQDQJOHSDUUDSSRUWDXEUDV
GHO
HVVXLHJODFHMXVTX
ÑFHTX
LOV
HQಢ
FOLTXHWWH
$EDLVVHUOHEUDVG
HVVXLHJODFHDYHF
SUÚFDXWLRQ
5HPSODFHPHQWGHV
DPSRXOHV
&RXSHUOHFRQWDFWHWGÚVDFWLYHUOHV
FRPPXWDWHXUVFRQFHUQÚVRXIHUPHU
OHVSRUWHV
0DLQWHQLUXQHDPSRXOHXQLTXHPHQW
SDUVRQFXORW1HSDVWRXFKHUOHYHUUH
GHO
DPSRXOHDYHFOHVGRLJWVQXV
1HUHPSODFHUOHVDPSRXOHVTXHSDU
GHVDPSRXOHVGXPÛPHW\SH
5HPSODFHUOHVDPSRXOHVGHSKDUH
GHSXLVO
LQWÚULHXUGXFRPSDUWLPHQW
PRWHXU
3KDUHVKDORJÙQHV
)HX[GHURXWHHWIHX[GH
FURLVHPHQW
'ÚEUDQFKHUOHFRQQHFWHXUGH
O
DPSRXOH
6RLQVGXYÚKLFXOH
5HWLUHUOHFRXYHUFOHGHSURWHFWLRQ
(QIRQFHUO
DWWDFKHUHVVRUWGÚJDಢ
JHUOHFRXYHUFOHHWOHSLYRWHUYHUV
OHKDXW
(QOHYHUO
DPSRXOHGXERßWLHUGXUÚಢ
IOHFWHXU
/RUVGHODSRVHG
XQHDPSRXOH
QHXYHHQJDJHUOHVSDWWHVGDQV
OHVORJHPHQWVGXUÚIOHFWHXU
(QJDJHUO
DWWDFKHUHVVRUW
5HPHWWUHOHFRXYHUFOHGHSURWHFಢ
WLRQGXSKDUHHQSODFHHWOHUHIHUಢ
PHU
%UDQFKHUOHFRQQHFWHXUVXUO
DPಢ
SRXOH
)HX[GHSRVLWLRQ
'ÚEUDQFKHUOHFRQQHFWHXUGH
O
DPSRXOH
5HWLUHUOHFRXYHUFOHGHSURWHFWLRQ
(QOHYHUOHVXSSRUWG
DPSRXOHGH
IHXODWÚUDOGXUÚIOHFWHXU
6RLQVGXYÚKLFXOH
&OLJQRWDQWDYDQWHWIHX[GH
VWDWLRQQHPHQW
(QOHYHUO
DPSRXOHGHODGRXLOOH
,QVÚUHUXQHQRXYHOOHDPSRXOH
,QWURGXLUHODGRXLOOHGDQVOHUÚIOHFಢ
WHXU
5HPHWWUHOHFRXYHUFOHGHSURWHFಢ
WLRQGXSKDUHHQSODFHHWOHUHIHUಢ
PHU
%UDQFKHUOHFRQQHFWHXUVXUO
DPಢ
SRXOH
)DLUHWRXUQHUODGRXLOOHGHO
DPಢ
SRXOHGDQVOHVHQVDQWLKRUDLUHHW
ODGÚVHQFOLTXHWHU
3RXVVHUOÚJÙUHPHQWO
DPSRXOH
GDQVODGRXLOOHODWRXUQHUGDQVOH
VHQVDQWLKRUDLUHO
HQOHYHUHWUHPಢ
SODFHUO
DPSRXOH
,QWURGXLUHODGRXLOOHGHO
DPSRXOH
GDQVOHUÚIOHFWHXUODWRXUQHUGDQV
OHVHQVKRUDLUHSRXUO
HQFOLTXHWHU
)HX[DQWLEURXLOODUG
)DLUHUHPSODFHUOHVDPSRXOHVSDUXQ
DWHOLHU
6RLQVGXYÚKLFXOH
)HX[DUULÙUH
3RUWHV
'ÚYLVVHUOHVGHX[YLV
2XYULUOHVGHX[FRXYHUFOHV
(QOHYHUO
HQVHPEOHGHIHXDUULÙUH
9HLOOHUÑFHTXHODJRXORWWHGHFÓಢ
EOHVUHVWHHQSODFH
)HXGHUHFXO
&OLJQRWDQW
)HXDUULÙUHIHXVWRS
6RLQVGXYÚKLFXOH
)DLUHWRXUQHUOHVXSSRUWG
DPಢ
SRXOHGDQVOHVHQVDQWLKRUDLUH
(QOHYHUOHVXSSRUWG
DPSRXOH
3RXVVHUOÚJÙUHPHQWO
DPSRXOH
GDQVODGRXLOOHODWRXUQHUGDQVOH
VHQVDQWLKRUDLUHO
HQOHYHUHWUHPಢ
SODFHUO
DPSRXOH
,QWURGXLUHODGRXLOOHG
DPSRXOH
GDQVO
HQVHPEOHGHIHXDUULÙUHHW
ODYLVVHUHQSODFH%UDQFKHUODILಢ
FKH,QVWDOOHUO
HQVHPEOHGHIHXDUಢ
ULÙUHGDQVODFDUURVVHULHHWVHUUHU
OHVYLV)HUPHUOHVFRXYHUFOHVHW
OHVHQFOLTXHWHU
0HWWUHOHFRQWDFWIDLUHIRQFWLRQQHU
HWYÚULILHUWRXVOHVIHX[
0RGÙOHSRUWHV
2XYULUOHVWURLVFRXYHUFOHV
'ÚYLVVHUOHVWURLVYLV
(QOHYHUO
HQVHPEOHGHIHXDUULÙUH
9HLOOHUÑFHTXHODJRXORWWHGHFÓಢ
EOHVUHVWHHQSODFH
6RLQVGXYÚKLFXOH
&OLJQRWDQW
)HXDUULÙUHIHXVWRS
)DLUHWRXUQHUOHVXSSRUWG
DPಢ
SRXOHGDQVOHVHQVDQWLKRUDLUH
(QOHYHUOHVXSSRUWG
DPSRXOH
3RXVVHUOÚJÙUHPHQWO
DPSRXOH
GDQVODGRXLOOHODWRXUQHUGDQVOH
VHQVDQWLKRUDLUHO
HQOHYHUHWUHPಢ
SODFHUO
DPSRXOH
,QWURGXLUHODGRXLOOHG
DPSRXOH
GDQVO
HQVHPEOHGHIHXDUULÙUHHW
ODYLVVHUHQSODFH%UDQFKHUODILಢ
FKH,QVWDOOHUO
HQVHPEOHGHIHXDUಢ
ULÙUHGDQVODFDUURVVHULHHWVHUUHU
OHVYLV)HUPHUOHVFRXYHUFOHVHW
OHVHQFOLTXHWHU
0HWWUHOHFRQWDFWIDLUHIRQFWLRQQHU
HWYÚULILHUWRXVOHVIHX[
)HXGHUHFXO
)DLUHUHPSODFHUO
DPSRXOHSDUXQDWHಢ
OLHU
&OLJQRWDQWVODWÚUDX[
3RXVVHUOHIHXYHUVO
DUULÙUHGX
YÚKLFXOHHWO
HQOHYHU
)DLUHWRXUQHUOHVXSSRUWG
DPಢ
SRXOHGDQVOHVHQVDQWLKRUDLUH
7LUHUO
DPSRXOHKRUVGXVXSSRUWHW
ODUHPSODFHU
5HPRQWHUGDQVO
RUGUHLQYHUVH
ºFODLUDJHGHSODTXH
G
LPPDWULFXODWLRQ
3RUWHV
'ÚYLVVHUOHVGHX[YLV
6RLQVGXYÚKLFXOH
0RGÙOHSRUWHV
6RUWLUOHERßWLHUGHO
DPSRXOHSDUOH
EDVHQYHLOODQWÑQHSDVWLUHUVXUOH
FÓEOH
)DLUHWRXUQHUODGRXLOOHGHO
DPಢ
SRXOHGDQVOHVHQVDQWLKRUDLUH
SRXUODGÚVHQFOLTXHWHU
(QOHYHUO
DPSRXOHGHODGRXLOOHHW
UHPSODFHUO
DPSRXOH
,QWURGXLUHODGRXLOOHGHO
DPSRXOH
GDQVOHERßWLHUGHO
DPSRXOHHW
WRXUQHUGDQVOHVHQVKRUDLUH
,QWURGXLUHOHERßWLHUG
DPSRXOHHW
OHEORTXHUHQXWLOLVDQWXQWRXUQHಢ
YLV
,QWURGXLUHOHWRXUQHYLVGDQVOHERßಢ
WLHUGHO
DPSRXOHDSSX\HUVXUOH
FåWÚHWGÚYHUURXLOOHUOHUHVVRUW
6RUWLUOHERßWLHUGHO
DPSRXOHSDUOH
EDVHQYHLOODQWÑQHSDVWLUHUVXUOH
FÓEOH
)DLUHWRXUQHUODGRXLOOHGHO
DPಢ
SRXOHGDQVOHVHQVDQWLKRUDLUH
SRXUODGÚVHQFOLTXHWHU
(QOHYHUO
DPSRXOHGHODGRXLOOHHW
UHPSODFHUO
DPSRXOH
,QWURGXLUHODGRXLOOHGHO
DPSRXOH
GDQVOHERßWLHUGHO
DPSRXOHHW
WRXUQHUGDQVOHVHQVKRUDLUH
5HSODFHUOHERßWLHUGHO
DPSRXOHHW
O
HQFOLTXHWHU
6RLQVGXYÚKLFXOH
)HXDQWLEURXLOODUGDUULÙUH
ºFODLUDJHLQWÚULHXU
3RUWHV
ºFODLUDJHGHFRXUWRLVLHVSRWV
GHOHFWXUH
)DLUHUHPSODFHUOHVDPSRXOHVSDUXQ
DWHOLHU
ºFODLUDJHGXFRIIUH
(QOHYHUOHSDQQHDXGHFRXYHUFOH
GHFRIIUH
)DLUHWRXUQHUOHVXSSRUWG
DPಢ
SRXOHGDQVOHVHQVDQWLKRUDLUH
(QOHYHUOHVXSSRUWG
DPSRXOH
3RXVVHUOÚJÙUHPHQWO
DPSRXOH
GDQVODGRXLOOHODWRXUQHUGDQVOH
VHQVDQWLKRUDLUHO
HQOHYHUHWUHPಢ
SODFHUO
DPSRXOH
,QWURGXLUHOHVXSSRUWG
DPSRXOH
GDQVOHFRXYHUFOHGHFRIIUH5Hಢ
PRQWHUOHSDQQHDXLQWÚULHXUVXUOH
FRXYHUFOHGHFRIIUH
0HWWUHOHFRQWDFWIDLUHIRQFWLRQQHU
HWYÚULILHUOHVIHX[
0RGÙOHSRUWHV
)DLUHUHPSODFHUO
DPSRXOHSDUXQDWHಢ
OLHU
([WUDLUHODODPSHHQIDLVDQWOHYLHU
DYHFXQWRXUQHYLV
6RLQVGXYÚKLFXOH
&LUFXLWÚOHFWULTXH
)XVLEOHV
6RUWLUO
DPSRXOHHQODSRXVVDQWOÚಢ
JÙUHPHQWGDQVODGLUHFWLRQGHOD
ODQJXHWWHUHVVRUW
,QVÚUHUXQHQRXYHOOHDPSRXOH
5HPRQWHUODODPSH
ºFODLUDJHGXWDEOHDXGH
ERUG
)DLUHUHPSODFHUOHVDPSRXOHVSDUXQ
DWHOLHU
/HVLQVFULSWLRQVVXUOHIXVLEOHQHXI
GRLYHQWFRUUHVSRQGUHDX[LQVFULSWLRQV
VXUOHIXVLEOHGÚIHFWXHX[
/HYÚKLFXOHHVWÚTXLSÚGHGHX[ERßWHV
ÑIXVLEOHV
࿢ ÑO
DYDQWJDXFKHGXFRPSDUWLPHQW
PRWHXU
࿢ ÑO
LQWÚULHXUGHUULÙUHOHFRPSDUWLಢ
PHQWGHUDQJHPHQWRXGDQVOHV
YÚKLFXOHVDYHFODGLUHFWLRQÑGURLWH
GHUULÙUHODERßWHÑJDQWV
&HUWDLQVIXVLEOHVSULQFLSDX[VHWURXಢ
YHQWGDQVXQHERßWHDXGHVVXVGHOD
ERUQHSRVLWLYHGHODEDWWHULH6LQÚಢ
FHVVDLUHOHVIDLUHUHPSODFHUSDUXQ
DWHOLHU
$YDQWGHUHPSODFHUXQIXVLEOHPHWWUH
OHFRPPXWDWHXUFRUUHVSRQGDQWHQSRಢ
VLWLRQ2IIHWFRXSHUOHFRQWDFW
8QIXVLEOHGÚIHFWXHX[VHUHFRQQDßW
ÑVRQILODPHQWEUìOÚ1HSDVUHPSODಢ
FHUOHIXVLEOHWDQWTXHODFDXVHGHOD
GÚIDLOODQFHQ
DSDVÚWÚVXSSULPÚH
&HUWDLQHVIRQFWLRQVVRQWSURWÚJÚHV
SDUSOXVLHXUVIXVLEOHV
'HVIXVLEOHVSHXYHQWDXVVLÛWUHHQILಢ
FKÚVPÛPHVLODIRQFWLRQQ
HVWSDV
SUÚVHQWH
6RLQVGXYÚKLFXOH
3LQFHÑIXVLEOHV
8QHSLQFHÑIXVLEOHVSHXWVHWURXYHU
GDQVODERßWHÑIXVLEOHVGXFRPSDUWLಢ
PHQWPRWHXU
3ODFHUODSLQFHÑIXVLEOHVSDUOHKDXW
RXOHFåWÚVXUOHVGLIIÚUHQWVW\SHVGH
IXVLEOHVHWUHWLUHUOHIXVLEOH
6RLQVGXYÚKLFXOH
%RßWHÑIXVLEOHVGX
FRPSDUWLPHQWPRWHXU
/DERßWHÑIXVLEOHVVHWURXYHÑO
DYDQW
JDXFKHGXFRPSDUWLPHQWPRWHXU
'ÚWDFKHUOHFRXYHUFOHOHVRXOHYHUHW
O
HQOHYHU
,OVHSHXWTXHFHUWDLQHVGHVFULSWLRQV
GHERßWHÑIXVLEOHVQHFRQFHUQHQWSDV
YRWUHYÚKLFXOH/RUVGHO
LQVSHFWLRQGH
ODERßWHÑIXVLEOHVVHUHSRUWHUÑO
ÚWLಢ
TXHWWHGHODERßWHÑIXVLEOHV
1¡ &LUFXLWÚOHFWULTXH
0RGXOHGHFRPPDQGHGH
WUDQVPLVVLRQ
0RGXOHGHFRPPDQGHGXPRWHXU
ಥ
6ROÚQRàGHGHSXUJHG
DLUGH
O
DEVRUEHXUGHYDSHXUVGH
FDUEXUDQW
/
DOOXPDJH
(VVXLHJODFHDYDQW
ಥ
,QMHFWLRQGHFDUEXUDQW
,QMHFWLRQGHFDUEXUDQWV\VWÙPH
G
DOOXPDJH
0RGXOHGHFRPPDQGHGXPRWHXU
6RQGHODPEGD
6ROÚQRàGHGHGÚPDUUHXU
6ROÚQRàGHGHSXUJHG
DLUGH
O
DEVRUEHXUGHYDSHXUVGH
FDUEXUDQW
6RLQVGXYÚKLFXOH
1¡ &LUFXLWÚOHFWULTXH
1¡ &LUFXLWÚOHFWULTXH
1¡ &LUFXLWÚOHFWULTXH
ಥ
ಥ
ಥ
(VVXLHJODFHDUULÙUH
$%6
9HQWLODWHXUGHUHIURLGLVVHPHQW
$OOXPDJHVRQGHGHTXDOLWÚGH
O
DLU
0RGXOHGHFRPPDQGHGH
FDUURVVHULH
9HQWLODWHXUGHUHIURLGLVVHPHQW
$OOXPDJHDLUEDJ
3KDUHVDQWLEURXLOODUG
0RGXOHGHFRPPDQGHG
DOLPHQಢ
WDWLRQHQFDUEXUDQW
0RGXOHGHFRPPDQGHGH
FDUURVVHULH
&KDXIIDJHGHVLÙJHDYDQW
ಥ
ಥ
7RLWRXYUDQW
ಥ
3RPSHÑFDUEXUDQW
,QIRWDLQPHQW6\VWHP
DPSOLILFDWHXU
$YHUWLVVHXUVRQRUH
7DEOHDXGHERUG
ಥ
0LURLUÚOHFWURFKURPDWLTXH
)HXGHURXWHGURLW
)HXGHURXWHJDXFKH
&RPPXWDWHXUG
ÚFODLUDJH
FRPPDQGHG
ÚFODLUDJH
ಥ
5DEDWWHPHQWGHVUÚWURYLVHXUV
ಥ
/DYHJODFHDYDQW
ಥ
9HUURXGHFRORQQHGHGLUHFWLRQ
9HQWLODWHXUGHUHIURLGLVVHPHQW
ಥ
ಥ
&KDXIIDJHGXJD]ROHGLHVHO
/ÙYHYLWUHVÚOHFWURQLTXHVDUULÙUH
ಥ
ಥ
/ÙYHYLWUHVÚOHFWURQLTXHVDYDQW
3RPSHÑYLGHÚOHFWURQLTXH
$%6
ಥ
/XQHWWHDUULÙUHFKDXIIDQWH
6RQGHODPEGD
6RLQVGXYÚKLFXOH
1¡ &LUFXLWÚOHFWULTXH
&KDXIIDJHGHVUÚWURYLVHXUV
%RßWHÑIXVLEOHVGXWDEOHDX
GHERUG
&KDXIIDJHGHVUÚWURYLVHXUV
&OLPDWLVDWLRQ
&DSWHXUGHOXQHWWHDUULÙUH
6RQGHGHTXDOLWÚGHO
DLU
)HXDQWLEURXLOODUGDUULÙUH
/DYHJODFHDUULÙUH
0RGXOHGHFRPPDQGHG
DOLPHQಢ
WDWLRQHQFDUEXUDQW
ಥ
&DSWHXUGHWHQVLRQGHEDWWHULH
'ÚWHFWHXUGHSOXLH
ಥ
/DERßWHÑIXVLEOHVVHWURXYHGHUULÙUH
OHFRPSDUWLPHQWGHUDQJHPHQWGXWDಢ
EOHDXGHERUG
2XYULUOHFRPSDUWLPHQW
6RUWLUOHFåWÚLQIÚULHXUGXFRXYHUಢ
FOHGDQVOHVHQVGHVIOÙFKHV
(QOHYHUOHFRXYHUFOHGXFRPSDUWLಢ
PHQWÑWUDYHUVOHVGHX[UDLQXUHV
GDQVOHVHQVGHVIOÙFKHV
5HSRVHUOHFRXYHUFOHGHFRPSDUWLಢ
PHQWGDQVO
RUGUHLQYHUVH
6RLQVGXYÚKLFXOH
1¡ &LUFXLWÚOHFWULTXH
0RGXOHGHFRPPDQGHGH
FDUURVVHULH
0RGXOHGHFRPPDQGHGH
FDUURVVHULH
0RGXOHGHFRPPDQGHGH
FDUURVVHULH
6RXIIOHULH
ಥ
'DQVOHVYÚKLFXOHVDYHFGLUHFWLRQ
ÑGURLWHODERßWHÑIXVLEOHVVHWURXYH
GHUULÙUHXQFDFKHGDQVODERßWH
ÑJDQWV2XYULUODERßWHÑJDQWVHWUHಢ
WLUHUOHFRXYHUFOH
,OVHSHXWTXHFHUWDLQHVGHVFULSWLRQV
GHERßWHÑIXVLEOHVQHFRQFHUQHQWSDV
YRWUHYÚKLFXOH/RUVGHO
LQVSHFWLRQGH
ODERßWHÑIXVLEOHVVHUHSRUWHUÑO
ÚWLಢ
TXHWWHGHODERßWHÑIXVLEOHV
1¡ &LUFXLWÚOHFWULTXH
6LÙJHVFKDXIIDQWV
,QIRWDLQPHQW6\VWHPV\VWÙPH
PDLQVOLEUHV
&RQQHFWHXUGHGLDJQRVWLF
$LUEDJ
ಥ
9HUURXLOODJHFHQWUDOKD\RQ
8QLWÚGHFRPPDQGHGH
FDUURVVHULH
6\VWÙPHGHFOLPDWLVDWLRQ
,QIRWDLQPHQW6\VWHP
$IILFKDJHG
LQIRUPDWLRQVDLGHDX
VWDWLRQQHPHQWVLUÙQH
ಥ
$OOXPHFLJDUHV
,QVWUXPHQWV
3ULVHGHFRXUDQW
/
DOOXPDJH
ಥ
/HYLHUVÚOHFWHXU
6RLQVGXYÚKLFXOH
1¡ &LUFXLWÚOHFWULTXH
2XWLOODJHGXYÚKLFXOH
0RGXOHGHFRPPDQGHGH
FDUURVVHULH
2XWLOODJH
0RGXOHGHFRPPDQGHGH
FDUURVVHULH
9ÚKLFXOHVDYHFNLWGHUÚSDUDWLRQ
GHVSQHXV
9HUURXGHFRORQQHGHGLUHFWLRQ
ಥ
/HVRXWLOVHWOHNLWGHUÚSDUDWLRQGHV
SQHXVVHWURXYHQWGDQVXQFRPSDUWLಢ
PHQWGHUDQJHPHQWVRXVOHUHFRXYUHಢ
PHQWGHSODQFKHUGXFRIIUH
9ÚKLFXOHVDYHFURXHGHVHFRXUV
/HFULFHWOHVRXWLOVVHWURXYHQWGDQV
XQFRPSDUWLPHQWGHUDQJHPHQWVRXV
ODURXHGHVHFRXUVGDQVOHFRIIUH
5RXHGHVHFRXUV
6RLQVGXYÚKLFXOH
-DQWHVHWSQHXV
'HVSQHXVGHWDLOOH5HW
5QHGRLYHQWSDVÛWUHXWLOLಢ
VÚVFRPPHSQHXVG
KLYHU
ºWDWGHVSQHXVÚWDWGHVMDQWHV
)UDQFKLUOHVDUÛWHVYLYHVOHQWHPHQWHW
VLSRVVLEOHÑDQJOHGURLW5RXOHUVXU
GHVDUÛWHVYLYHVSHXWHQGRPPDJHU
OHVSQHXVHWOHVMDQWHV1HSDVÚFUDಢ
VHUXQSQHXFRQWUHXQHERUGXUHGH
WURWWRLUORUVGXVWDWLRQQHPHQW
&RQWUåOHUUÚJXOLÙUHPHQWO
ÚWDWGHV
SQHXV(QFDVGHGÚJÓWVRXG
XVXUH
DQRUPDOHSUHQGUHFRQWDFWDYHFXQ
DWHOLHU
3QHXVG
KLYHU
/HVSQHXVG
KLYHUDPÚOLRUHQWODVÚFXಢ
ULWÚGHFRQGXLWHÑGHVWHPSÚUDWXUHV
LQIÚULHXUHVÑ¡&HWGHYUDLHQWGRQF
ÛWUHPRQWÚVVXUWRXWHVOHVURXHV
'LVSRVHUO
DXWRFROODQWGHYLWHVVHGDQV
OHFKDPSGHYLVLRQGXFRQGXFWHXUVHಢ
ORQODUÚJOHPHQWDWLRQGXSD\V
'HVSQHXVGHWDLOOH5
5HW5QHGRLYHQW
SDVÛWUHXWLOLVÚVFRPPHSQHXVG
KLಢ
YHU
'ÚVLJQDWLRQVGHVSQHXV
SDUH[HPSOH
5+
/DUJHXUGHVSQHXVHQPP
5DSSRUWGHODVHFWLRQKDXಢ
WHXUGXSQHXVXUODUJHXUGX
SQHXHQ
5
7\SHGHFDUFDVVH5DGLDOH
5)
7\SH5XQ)ODW
'LDPÙWUHGHVMDQWHVHQSRXಢ
FHV
,QGLFHGHFDSDFLWÚGHFKDUJH
SDUH[HPSOHFRUUHVSRQG
ÑNJ
+
,QGLFDWLIGHYLWHVVH
,QGLFDWLIGHYLWHVVH
4
MXVTX
ÑNPK
6
MXVTX
ÑNPK
7
MXVTX
ÑNPK
+
MXVTX
ÑNPK
9
MXVTX
ÑNPK
:
MXVTX
ÑNPK
6RLQVGXYÚKLFXOH
3UHVVLRQGHVSQHXV
9ÚULILHUODSUHVVLRQGHVSQHXVÑIURLG
DXPRLQVWRXVOHVMRXUVHWDYDQW
FKDTXHORQJYR\DJH1HSDVRXEOLHU
ODURXHGHVHFRXUV
'ÚYLVVHUOHFDSXFKRQGHODYDOYH
7RXMRXUVJRQIOHUODURXHGHVHFRXUV
ÑODSUHVVLRQGHJRQIODJHSRXUSOHLQH
FKDUJH
/DSUHVVLRQGXSQHX(&2IDFLOLWHUDOD
UÚGXFWLRQGHODFRQVRPPDWLRQGHFDUಢ
EXUDQW
/HVXUJRQIODJHRXOHVRXVJRQIODJH
GHVSQHXVSDUUDSSRUWDX[SUHVVLRQV
SUHVFULWHVLQIOXHQFHGÚIDYRUDEOHPHQW
ODVÚFXULWÚODWHQXHGHURXWHOHFRQಢ
IRUWURXWLHUHWODFRQVRPPDWLRQHWDXJಢ
PHQWHO
XVXUHGHVSQHXV
3RXUGHVUDLVRQVGHVÚFXULWÚOHV
SQHXVGRLYHQWÛWUHUHPSODFÚVÑSDUWLU
G
XQHSURIRQGHXUGHPPPP
SRXUOHVSQHXVG
KLYHU
$WWHQWLRQ
3UHVVLRQGHJRQIODJHHWVXU
O
ÚWLTXHWWHDSSRVÚHVXUOHFDGUHGH
SRUWHGXFRQGXFWHXU
/HVGRQQÚHVGHSUHVVLRQGHJRQIODJH
VHUDSSRUWHQWDX[SQHXVIURLGV(OOHV
V
DSSOLTXHQWWDQWDX[SQHXVG
ÚWÚ
TX
DX[SQHXVG
KLYHU
8QJRQIODJHLQVXIILVDQWSHXWSURಢ
YRTXHUXQÚFKDXIIHPHQWFRQVLGÚಢ
UDEOHGXSQHXDLQVLTXHGHVGRPಢ
PDJHVLQWHUQHVHQWUDßQDQWOHGÚಢ
FROOHPHQWGHODEDQGHGHURXOHಢ
PHQWHWPÛPHO
ÚFODWHPHQWGX
SQHXÑJUDQGHYLWHVVH
3URIRQGHXUGHVFXOSWXUHV
&RQWUåOHUUÚJXOLÙUHPHQWODSURIRQಢ
GHXUGHVVFXOSWXUHV
/DSURIRQGHXUPLQLPDOHGHVFXOSWXUH
OÚJDOHPHQWDXWRULVÚHPPHVWDWಢ
WHLQWHORUVTXHOHSURILOHVWXVÚMXVಢ
TX
DXUHSÙUHG
XVXUH7:, 7UHDG
:HDU,QGLFDWRU/DSRVLWLRQGHVUHಢ
SÙUHVG
XVXUHHVWLQGLTXÚHSDUGHV
PDUTXHVVXUOHVIODQFVGXSQHX
6RLQVGXYÚKLFXOH
6LO
XVXUHHVWSOXVLPSRUWDQWHÑO
DYDQW
TX
ÑO
DUULÙUHSHUPXWHUUÚJXOLÙUHPHQW
OHVURXHVDYDQWDYHFOHVURXHVDUಢ
ULÙUH6
DVVXUHUTXHOHVHQVGHURWDಢ
WLRQGHVURXHVHVWOHPÛPH
TX
DXSDUDYDQW
/HVSQHXVYLHLOOLVVHQWPÛPHV
LOVQH
URXOHQWSDV1RXVUHFRPPDQGRQVGH
UHPSODFHUOHVSQHXVWRXVOHVDQV
&KDQJHPHQWGHWDLOOHGH
SQHXVHWGHMDQWHV
(QFDVG
XWLOLVDWLRQGHWDLOOHGHSQHXV
DXWUHTXHFHOOHPRQWÚHG
RULJLQHLO
IDXWOHFDVÚFKÚDQWUHSURJUDPPHUOH
FRPSWHXUGHYLWHVVHÚOHFWURQLTXH
DLQVLTXHODSUHVVLRQGHJRQIODJHQRಢ
PLQDOHHWSURFÚGHUÑG
DXWUHVPRGLILಢ
FDWLRQVGXYÚKLFXOH
$SUÙVDYRLUFKDQJÚGHWDLOOHGHSQHX
IDLUHUHPSODFHUO
ÚWLTXHWWHGHSUHVVLRQ
GHJRQIODJH
$WWHQWLRQ
&KDßQHVÑQHLJH
/
XWLOLVDWLRQGHSQHXVRXGHMDQWHV
QRQDGDSWÚVSHXWGRQQHUOLHX
ÑGHVDFFLGHQWVHWHQWUDßQHUOD
SHUWHGHO
KRPRORJDWLRQGX
YÚKLFXOH
(QMROLYHXUV
8WLOLVHUGHVHQMROLYHXUVHWGHVSQHXV
KRPRORJXÚVHQXVLQHSRXUOHYÚKLFXOH
FRUUHVSRQGDQWDILQGHUÚSRQGUHÑWRXಢ
WHVOHVH[LJHQFHVFRQFHUQDQWFKDTXH
FRPELQDLVRQURXHHWSQHX
6LGHVHQMROLYHXUVRXGHVSQHXVQRQ
KRPRORJXÚVHQXVLQHVRQWXWLOLVÚV
OHVSQHXVQHSHXYHQWSDVSUÚVHQWHU
GHERXUUHOHWGHSURWHFWLRQGHMDQWH
/HVHQMROLYHXUVQHGRLYHQWSDVHQWUDಢ
YHUOHUHIURLGLVVHPHQWGHVIUHLQV
$WWHQWLRQ
'HVSQHXVRXGHVHQMROLYHXUVQRQ
DGÚTXDWVSHXYHQWFRQGXLUHÑXQ
GÚJRQIODJHVRXGDLQGHVSQHXVHW
GRQFÑGHVDFFLGHQWV
/HVFKDßQHVÑQHLJHQHVRQWDXWRULಢ
VÚHVTXHVXUOHVURXHVDYDQW
/HVFKDßQHVÑQHLJHQHVRQWDXWRULಢ
VÚHVTXHVXUOHVSQHXVGHWDLOOH
5
/HVFKDßQHVÑQHLJHQHGRLYHQWSDV
ÛWUHHPSOR\ÚHVVXUOHVSQHXVGHWDLOOH
55
5HW5
8WLOLVHUGHVFKDßQHVÑQHLJHÑPDLOಢ
ORQVILQVTXLQHGÚSDVVHQWSDVOD
EDQGHGHURXOHPHQWHWOHVIODQFVLQಢ
WÚULHXUVGHVSQHXVGHSOXVGH
PPIHUPRLUGHFKDßQHFRPSULV
6RLQVGXYÚKLFXOH
$WWHQWLRQ
8QSQHXHQGRPPDJÚHVWXQSQHX
TXLSHXWÚFODWHU
(QFDVGHFUHYDLVRQGHSQHX
6HUUHUOHIUHLQGHVWDWLRQQHPHQWHQಢ
JDJHUODÙUHODPDUFKHDUULÙUHRX
SODFHUOHOHYLHUVÚOHFWHXUVXU3
3
.LWGHUÚSDUDWLRQGHV
SQHXV
'HSHWLWVGÚJÓWVVXUODEDQGHGHURXಢ
OHPHQWSHXYHQWÛWUHUÚSDUÚVDYHFOH
NLWGHUÚSDUDWLRQGHSQHXV
1HSDVHQOHYHUOHVFRUSVÚWUDQJHUVGX
SQHX
/HVGÚJÓWVDXSQHXG
XQHWDLOOHVXSÚಢ
ULHXUHÑPPRXVHVLWXDQWGDQVOH
IODQFGXSQHXSUÙVGHODMDQWHQHSHXಢ
YHQWSDVÛWUHUÚSDUÚVÑO
DLGHGXNLWGH
UÚSDUDWLRQGHVSQHXV
$WWHQWLRQ
1HSDVGÚSDVVHUNPK
1HSDVXWLOLVHUSHQGDQWXQHORQಢ
JXHSÚULRGH
&HODULVTXHG
DIIHFWHUODGLUHFWLRQ
HWODPDQŃXYUDELOLWÚ
(QOHYHUOHFÓEOHGHUDFFRUGHPHQW
ÚOHFWULTXHHWOHIOH[LEOHG
DLUGHOHXU
HVSDFHGHUDQJHPHQWVXUODIDFH
LQIÚULHXUHGXFRPSUHVVHXU
/HNLWGHUÚSDUDWLRQGHVSQHXVVH
WURXYHGDQVXQHVSDFHGHUDQJHPHQW
VRXVOHUHFRXYUHPHQWGHSODQFKHUGX
FRIIUH
6RUWLUOHNLWGHUÚSDUDWLRQGHV
SQHXVGHVRQHVSDFHGHUDQJHಢ
PHQW
(QOHYHUOHFRPSUHVVHXU
6RLQVGXYÚKLFXOH
9LVVHUOHIOH[LEOHG
DLUGXFRPSUHVಢ
VHXUVXUOHUDFFRUGVXUODERXWHLOOH
GHSURGXLWG
ÚWDQFKÚLWÚ
3ODFHUODERXWHLOOHGHSURGXLW
G
ÚWDQFKÚLWÚGDQVOHVXSSRUWVXUOH
FRPSUHVVHXU
3ODFHUOHFRPSUHVVHXUSUÙVGX
SQHXGHVRUWHTXHODERXWHLOOHGH
SURGXLWG
ÚWDQFKÚLWÚVRLWYHUWLFDOH
'ÚYLVVHUOHFDSXFKRQGHYDOYHGH
ODURXHGÚIHFWXHXVH
9LVVHUOHIOH[LEOHGHUHPSOLVVDJH
VXUODYDOYHGHSQHX
/HFRPPXWDWHXUGXFRPSUHVVHXU
GRLWÛWUHSODFÚVXU!
%UDQFKHUODILFKHGXFRPSUHVVHXU
GDQVODSULVHSRXUDFFHVVRLUHV
ÑO
DUULÙUHGHODFRQVROH
1RXVYRXVUHFRPPDQGRQVGH
ODLVVHUOHPRWHXUWRXUQHUDILQ
G
ÚYLWHUXQGÚFKDUJHPHQWGHOD
EDWWHULH
3ODFHUOHFRPPXWDWHXUÑEDVFXOH
GXFRPSUHVVHXUVXU,,/HSQHXHVW
UHPSOLGHSURGXLWG
ÚWDQFKÚLWÚ
/HPDQRPÙWUHGXFRPSUHVVHXU
LQGLTXHEULÙYHPHQWXQHSUHVVLRQ
MXVTX
ÑEDUVSHQGDQWTXHOD
ERXWHLOOHGHSURGXLWG
ÚWDQFKÚLWÚ
VHYLGHHQYLURQVHFRQGHV
(QVXLWHODSUHVVLRQFRPPHQFH
ÑFKXWHU
/HSURGXLWG
ÚWDQFKÚLWÚDÚWÚFRPಢ
SOÙWHPHQWSRPSÚGDQVOHSQHX
3XLVOHSQHXHVWJRQIOÚÑO
DLU
/DSUHVVLRQGHJRQIODJHSUHVFULWH
GHYUDLWÛWUHDWWHLQWHGDQVOHV
PLQXWHV3UHVVLRQGHVSQHXV
4XDQGODSUHVVLRQFRUಢ
UHFWHHVWDWWHLQWHÚWHLQGUHOHFRPಢ
SUHVVHXU
6LODSUHVVLRQGHSQHXSUHVFULWH
Q
HVWSDVDWWHLQWHGDQVOHV
6RLQVGXYÚKLFXOH
PLQXWHVGÚPRQWHUOHNLWGHUÚಢ
SDUDWLRQGHSQHXV$YDQFHURXUHಢ
FXOHUOHYÚKLFXOHG
XQWRXUGHURXH
%UDQFKHUÑQRXYHDXOHNLWGHUÚಢ
SDUDWLRQGHSQHXVHWSRXUVXLYUHOD
SURFÚGXUHGHUHPSOLVVDJHSHQಢ
GDQWPLQXWHV6LODSUHVVLRQGH
JRQIODJHSUHVFULWHQ
HVWWRXMRXUV
SDVDWWHLQWHF
HVWTXHOHSQHXHVW
WURSIRUWHPHQWHQGRPPDJÚ3UHQಢ
GUHFRQWDFWDYHFXQDWHOLHU
ºYDFXHUODSUHVVLRQH[FÚGHQWDLUH
ÑO
DLGHGXERXWRQVLWXÚDXGHVVXV
GXPDQRPÙWUH
1HSDVIDLUHIRQFWLRQQHUOHFRPಢ
SUHVVHXUSHQGDQWSOXVGH
PLQXWHV
'ÚWDFKHUOHNLWGHUÚSDUDWLRQGHV
SQHXV3RXVVHUOHORTXHWSRXUHQಢ
OHYHUODERXWHLOOHGHSURGXLWG
ÚWDQಢ
FKÚLWÚGHVRQVXSSRUW9LVVHUOH
IOH[LEOHGHJRQIODJHGHSQHX
ÑO
RULILFHOLEUHGHODERXWHLOOHGH
SURGXLWG
ÚWDQFKÚLWÚ&HFLHPSÛಢ
FKHTXHOHSURGXLWG
ÚWDQFKÚLWÚQH
V
ÚFKDSSHSDV5DQJHUOHNLWGH
UÚSDUDWLRQGHVSQHXVGDQVOHFRIಢ
IUH
(VVX\HUDYHFXQFKLIIRQOHSURGXLW
G
ÚWDQFKÚLWÚH[FÚGHQWDLUH
3UÚOHYHUO
ÚWLTXHWWHDSSRVÚHVXUOD
ERXWHLOOHGHSURGXLWG
ÚWDQFKÚLWÚ
HWLQGLTXDQWODYLWHVVHPD[LPDOH
DGPLVHHWODGLVSRVHUGDQVOH
FKDPSGHYLVLRQGXFRQGXFWHXU
5HSUHQGUHODURXWHVDQVGÚODLDILQ
TXHOHSURGXLWG
ÚWDQFKÚLWÚVHUÚಢ
SDUWLVVHXQLIRUPÚPHQWGDQVOH
SQHX$SUÙVXQWUDMHWG
HQYLURQ
NPPDLVSDVSOXVGH
PLQXWHVV
DUUÛWHUHWFRQWUåOHU
ODSUHVVLRQGXSQHX±FHWHIIHW
YLVVHUGLUHFWHPHQWOHIOH[LEOHG
DLU
VXUODYDOYHGXSQHXHWOHFRPಢ
SUHVVHXU
6LODSUHVVLRQGXSQHXGÚSDVVH
EDUFRUULJHUVHORQODYDOHXU
SUHVFULWH5ÚSÚWHUODSURFÚGXUH
MXVTX
ÑFHTXHSOXVDXFXQHSHUWH
GHSUHVVLRQQHVHSURGXLVH
6LODSUHVVLRQGHVSQHXVHVWGHVಢ
FHQGXHDXGHVVRXVGHEDULO
QHIDXWSOXVXWLOLVHUOHYÚKLFXOH
3UHQGUHFRQWDFWDYHFXQDWHOLHU
5DQJHUOHNLWGHUÚSDUDWLRQGHV
SQHXVGDQVOHFRIIUH
6RLQVGXYÚKLFXOH
5HPDUTXH
/HVFDUDFWÚULVWLTXHVGHFRQGXLWHGX
SQHXUÚSDUÚVRQWIRUWHPHQWGÚJUDಢ
GÚHVHWLOFRQYLHQWGRQFGHIDLUHUHPಢ
SODFHUFHSQHX
6LGXEUXLWLQKDELWXHOVHIDLWHQWHQGUH
RXVLOHFRPSUHVVHXUGHYLHQWFKDXG
DUUÛWHUOHFRPSUHVVHXUSHQGDQWDX
PRLQVPLQXWHV
/DYDOYHGHVÚFXULWÚLQWÚJUÚHV
RXYUH
ÑXQHSUHVVLRQGHEDUV
1RWHUODGDWHG
H[SLUDWLRQGXNLW
&HWWHGDWHGÚSDVVÚHODFDSDFLWÚ
G
ÚWDQFKÚLVDWLRQQHSHXWSOXVÛWUH
JDUDQWLH»WUHDWWHQWLIDX[FRQVLJQHV
GHVWRFNDJHVXUOHIODFRQGHSURGXLW
G
ÚWDQFKÚLWÚ
5HPSODFHUOHIODFRQGHSURGXLW
G
ÚWDQFKÚLWÚ0HWWUHOHIODFRQDXUHಢ
EXWFRQIRUPÚPHQWÑODOÚJLVODWLRQHQ
YLJXHXU
/HFRPSUHVVHXUHWOHSURGXLWG
ÚWDQಢ
FKÚLWÚSHXYHQWÛWUHXWLOLVÚVÑSDUWLU
GH¡&HQYLURQ
/HVDGDSWDWHXUVIRXUQLVSHXYHQW
ÛWUHXWLOLVÚVSRXUJRQIOHUG
DXWUHVREಢ
MHWVWHOVTXHEDOORQVPDWHODVSQHXಢ
PDWLTXHVEDWHDX[JRQIODEOHV,OV
VRQWORJÚVGDQVODIDFHLQIÚULHXUHGX
FRPSUHVVHXU3RXUHQOHYHUXQDGDSಢ
WDWHXU\YLVVHUOHIOH[LEOHG
DLUGX
FRPSUHVVHXUHWO
H[WUDLUH
&KDQJHPHQWG
XQHURXH
&HUWDLQVYÚKLFXOHVVRQWÚTXLSÚVG
XQ
NLWGHUÚSDUDWLRQGHSQHXVDXOLHX
G
XQHURXHGHVHFRXUV
(IIHFWXHUOHVSUÚSDUDWLIVVXLYDQWVHW
VXLYUHOHVFRQVHLOVFLDSUÙV
࿢ *DUHUOHYÚKLFXOHVXUXQVROIHUPH
SODWHWQRQJOLVVDQW0HWWUHOHV
URXHVDYDQWHQSRVLWLRQGURLWH
࿢ 6HUUHUOHIUHLQGHVWDWLRQQHPHQW
HQJDJHUODÙUHODPDUFKHDUULÙUH
RXSODFHUOHOHYLHUVÚOHFWHXUVXU3
3
࿢ (QOHYHUODURXHGHVHFRXUV
࿢ 1HMDPDLVFKDQJHUVLPXOWDQÚPHQW
SOXVLHXUVURXHV
࿢ 1
XWLOLVHUOHFULFTXHSRXUUHPSODFHU
OHVSQHXVFUHYÚVSDVSRXUPRQWHU
GHVSQHXVG
KLYHURXG
ÚWÚDXFKDQಢ
JHPHQWGHVDLVRQ
࿢ 6LOHVROQ
HVWSDVIHUPHSODFHUXQH
SODQFKHVROLGHG
XQHÚSDLVVHXU
PD[LPDOHGHFPVRXVOHFULF
࿢ $XFXQHSHUVRQQHQLDXFXQDQLPDO
QHGRLYHQWVHWURXYHUÑO
LQWÚULHXUGX
YÚKLFXOHVRXOHYÚSDUXQFULF
࿢ 1HSDVVHJOLVVHUVRXVXQYÚKLFXOH
VRXOHYÚSDUXQFULF
࿢ 1HSDVGÚPDUUHUXQYÚKLFXOHVRXಢ
OHYÚSDUXQFULF
࿢ 1HWWR\HUOHVÚFURXVGHURXHHWOHXUV
ILOHWVÑO
DLGHG
XQFKLIIRQSURSUH
DYDQWGHPRQWHUODURXH
$WWHQWLRQ
1HSDVJUDLVVHUODYLVGHURXH
O
ÚFURXGHURXHRXOHFåQHG
ÚFURX
GHURXH
6RLQVGXYÚKLFXOH
9DULDQWH
'ÚJDJHUHWUHWLUHUOHVFDSXFKRQV
GHVÚFURXVGHURXHÑO
DLGHG
XQ
WRXUQHYLV(QOHYHUO
HQMROLYHXU
ÑO
DLGHGXFURFKHW2XWLOODJHGH
ERUG
5RXHVHQDOOLDJHOÚJHU'ÚJDJHU
HWUHWLUHUOHVFDSXFKRQVGHV
ÚFURXVGHURXHÑO
DLGHG
XQWRXUಢ
QHYLV$ILQGHSURWÚJHUODMDQWH
SODFHUXQFKLIIRQHQWUHOHWRXUQHಢ
YLVHWODURXH
3ODFHUODFOÚGHURXHHQV
DVVXUDQW
TX
HOOHVRLWELHQSRVLWLRQQÚHHW
GHVVHUUHUFKDTXHÚFURXGHURXH
G
XQGHPLWRXU
9DULDQWH
'ÚSOLHUODFOÚGHURXHHWODSODFHU
GHVRUWHTX
HOOHVRLWELHQSRVLWLRQಢ
QÚHHWGÚYLVVHUFKDTXHÚFURXGH
URXHG
XQGHPLWRXU
0RGÙOHVSRUWXQLTXHPHQW
6RLQVGXYÚKLFXOH
5ÚJOHUOHFULFÑODKDXWHXUQÚFHVಢ
VDLUH/HSRVLWLRQQHUMXVWHDXGHVಢ
VRXVGXSRLQWGHOHYDJHGHPDಢ
QLÙUHWHOOHTX
LOQHSXLVVHSDVJOLVಢ
VHU
3ODFHUODPDLQGHUULÙUHOHERUGGX
UHFRXYUHPHQWVXUOHEDVGHSRUಢ
WLÙUH
7LUHUYHUVOHEDVHWYHUVO
H[WÚULHXU
SRXUUHWLUHUOHUHFRXYUHPHQW/H
UHFRXYUHPHQWHVWIL[ÚSDUXQHDWಢ
WDFKH
9ÚULILHUTXHOHFULFHVWSRVLWLRQQÚ
FRUUHFWHPHQWVXUXQSRLQWGHOHಢ
YDJHGXYÚKLFXOH
9DULDQWH
$WWDFKHUODPDQLYHOOHGHFULFDOLಢ
JQHUFRUUHFWHPHQWOHFULFHWWRXUಢ
QHUODPDQLYHOOHMXVTX
ÑFHTXHOD
URXHDLWTXLWWÚOHVRO
9DULDQWH
6RLQVGXYÚKLFXOH
5ÚJOHUOHFULFÑODKDXWHXUQÚFHVಢ
VDLUH/HSRVLWLRQQHUMXVWHDXGHVಢ
VRXVGXSRLQWGHOHYDJHGHPDಢ
QLÙUHWHOOHTX
LOQHSXLVVHSDVJOLVಢ
VHU
$WWDFKHUODFOÚGHURXHDOLJQHU
FRUUHFWHPHQWOHFULFHWWRXUQHUOD
FOÚGHURXHMXVTX
ÑFHTXHODURXH
DLWTXLWWÚOHVRO
'ÚYLVVHUOHVÚFURXVGHURXH
&KDQJHUODURXH
9LVVHUOHVÚFURXVGHURXH
$EDLVVHUOHYÚKLFXOH
3RVHUODFOÚGHURXHHQV
DVVXUDQW
TX
HOOHHVWELHQSODFÚHHWVHUUHU
FKDTXHÚFURXHQTXLQFRQFH/H
FRXSOHGHVHUUDJHHVWGH
1P
$OLJQHUOHWURXGHYDOYHGHO
HQMRಢ
OLYHXUDYHFODYDOYHGHSQHXDYDQW
GHO
LQVWDOOHU
3ODFHUOHVFDSXFKRQVGHVÚFURXV
GHURXH
0RGÙOHVSRUWXQLTXHPHQW
5HSRVHUOHUHFRXYUHPHQW
,QVÚUHUOHVGHX[FKHYLOOHVDUULÙUH
GDQVOHVRULILFHVGXEDVGHSRUಢ
WLÙUHHWUHOHYHUOHUHFRXYUHPHQW
SRXUIL[HU
5DQJHUODURXHFKDQJÚH
DLQVLTXHOHVRXWLOVGXYÚKLFXOH
9ÚULILHUODSUHVVLRQGHJRQIODJHGX
SQHXHWOHFRXSOHGHVHUUDJHGHV
ÚFURXVGHURXHGÙVTXHSRVVLEOH
)DLUHUHPSODFHURXUÚSDUHUOHSQHX
GÚIHFWXHX[
6RLQVGXYÚKLFXOH
5RXHGHVHFRXUV
/DURXHGHVHFRXUVSHXWÛWUHTXDOLILÚH
GHURXHGHGÚSDQQDJHHQUDLVRQGH
VDWDLOOHSDUUDSSRUWDX[DXWUHVURXHV
GXYÚKLFXOHHWVHORQOHVUÚJOHPHQWDಢ
WLRQVQDWLRQDOHV
/DURXHGHVHFRXUVDXQHMDQWHHQ
DFLHU
/
XWLOLVDWLRQG
XQHURXHGHVHFRXUV
SOXVSHWLWHTXHOHVDXWUHVURXHVRX
FRQMRLQWHPHQWDYHFGHVSQHXVG
KLYHU
SHXWDOWÚUHUODWHQXHGHURXWH)DLUH
UHPSODFHUOHSQHXGÚIHFWXHX[GÙV
TXHSRVVLEOH
/DURXHGHVHFRXUVVHWURXYHGDQVOH
FRIIUHVRXVOHUHFRXYUHPHQWGHSODQಢ
FKHU(OOHHVWIL[ÚHGDQVXQHQLFKHSDU
XQÚFURXSDSLOORQ
/DQLFKHGHODURXHGHVHFRXUVQH
FRQYLHQWSDVÑWRXWHVOHVWDLOOHVGH
SQHXDXWRULVÚHV6LXQHURXHHVWSOXV
JUDQGHTXHODURXHGHVHFRXUVGRLW
ÛWUHUDQJÚHGDQVODQLFKHDSUÙVDYRLU
FKDQJÚGHURXHOHUHFRXYUHPHQWGH
SODQFKHUSHXWÛWUHSRVÚVXUODURXH
TXLGÚERUGH
5RXHGHGÚSDQQDJHWHPSRUDLUH
/
XWLOLVDWLRQGHODURXHGHGÚSDQQDJH
WHPSRUDLUHSHXWDIIHFWHUODWHQXHGH
URXWH)DLUHUHPSODFHURXUÚSDUHUOH
SQHXGÚIHFWXHX[GÙVTXHSRVVLEOH
1HPRQWHUTX
XQHVHXOHURXHGHGÚಢ
SDQQDJHWHPSRUDLUH1HSDVGÚSDVಢ
VHUNPK5RXOHUGRXFHPHQWGDQV
OHVYLUDJHV1HSDVXWLOLVHUSHQGDQW
XQHSÚULRGHSURORQJÚH
6LYRWUHYÚKLFXOHDXQHFUHYDLVRQ
ÑO
DUULÙUHORUVGXUHPRUTXDJHG
XQ
DXWUHYÚKLFXOHPRQWHUODURXHGHGÚಢ
SDQQDJHWHPSRUDLUHÑO
DYDQWHWOD
URXHSOHLQHÑO
DUULÙUH
&KDßQHVÑQHLJH
3QHXVÑVHQVGHURXOHPHQW
LPSRVÚ
0RQWHUOHVSQHXVÑVHQVGHURXOHಢ
PHQWLPSRVÚGHVRUWHTX
LOVURXOHQW
GDQVOHVHQVGHODPDUFKH/HVHQV
GHURWDWLRQHVWUHFRQQDLVVDEOHDX
V\PEROHSDUH[HPSOHXQHIOÙFKH
SODFÚVXUOHIODQFGXSQHX
(QFDVGHURXHVPRQWÚHVGDQVOH
VHQVFRQWUDLUHGHODPDUFKHUHVSHFಢ
WHUFHTXLVXLW
࿢ /DWHQXHGHURXWHSHXWÛWUHDOWÚUÚH
)DLUHUHPSODFHURXUÚSDUHUOHSQHX
GÚIHFWXHX[GÙVTXHSRVVLEOH
࿢ 3DUWHPSVGHSOXLHHWQHLJHFRQಢ
GXLUHH[WUÛPHPHQWSUXGHPPHQW
6RLQVGXYÚKLFXOH
'ÚPDUUDJHSDUFÓEOHV
DX[LOLDLUHV
1HMDPDLVGÚPDUUHUÑO
DLGHG
XQFKDUಢ
JHXUUDSLGH
/RUVTXHODEDWWHULHHVWGÚFKDUJÚH
GÚPDUUHUOHPRWHXUÑO
DLGHGHFÓEOHV
DX[LOLDLUHVGHGÚPDUUDJHHWGHODEDWಢ
WHULHG
XQDXWUHYÚKLFXOH
$WWHQWLRQ
/HGÚPDUUDJHDYHFGHVFÓEOHVDXಢ
[LOLDLUHVGHGÚPDUUDJHGRLWÛWUHHIಢ
IHFWXÚDYHFODSOXVJUDQGHSUXಢ
GHQFH7RXWQRQUHVSHFWGHVLQVಢ
WUXFWLRQVVXLYDQWHVSHXWHQWUDßQHU
GHVDFFLGHQWVRXGHVGÚJÓWVSDU
H[SORVLRQGHVEDWWHULHVDLQVLTXH
GHVGRPPDJHVDX[FLUFXLWVÚOHFಢ
WULTXHVGHVGHX[YÚKLFXOHV
$WWHQWLRQ
ºYLWHUOHVFRQWDFWVDYHFOHV\HX[
ODSHDXOHVWLVVXVHWOHVVXUIDFHV
SHLQWHV/HOLTXLGHFRQWLHQWGH
O
DFLGHVXOIXULTXHTXLSHXWSURYRಢ
TXHUGHVEOHVVXUHVHWGHVGÚJÓWV
HQFDVGHFRQWDFWGLUHFW
࿢ 3DVGHIODPPHQXHQLG
ÚWLQFHOOHV
ÑSUR[LPLWÚGHODEDWWHULH
࿢ 8QHEDWWHULHGÚFKDUJÚHSHXWGÚMÑ
JHOHUÑGHVWHPSÚUDWXUHVDXWRXUGH
¡&'ÚJHOHUODEDWWHULHJHOÚH
DYDQWGHUDFFRUGHUOHVFÓEOHVGH
GÚPDUUDJH
࿢ 3RXUWUDYDLOOHUÑSUR[LPLWÚGHODEDWಢ
WHULHSRUWHUGHVOXQHWWHVHWGHVYÛಢ
WHPHQWVGHSURWHFWLRQ
࿢ 8WLOLVHUXQHEDWWHULHGHGÚPDUUDJH
GHPÛPHWHQVLRQYROWV6DFDಢ
SDFLWÚ$KQHSHXWSDVÛWUHWURSLQಢ
IÚULHXUHÑFHOOHGHODEDWWHULHGÚಢ
FKDUJÚH
࿢ 8WLOLVHUGHVFÓEOHVDX[LOLDLUHVGH
GÚPDUUDJHDYHFSLQFHVFURFRGLOHV
LVROÚHVHWSUÚVHQWDQWXQHVHFWLRQ
G
DXPRLQVPPHWGHPP
SRXUOHVPRWHXUVGLHVHO
࿢ 1HSDVGÚEUDQFKHUODEDWWHULHGÚಢ
FKDUJÚHGXUÚVHDXGHERUG
࿢ $UUÛWHUOHVDSSDUHLOVÚOHFWULTXHV
QRQLQGLVSHQVDEOHV
࿢ 3HQGDQWWRXWHO
RSÚUDWLRQQHSDV
VHSHQFKHUVXUODEDWWHULH
࿢ 9HLOOHUÑFHTXHOHVSLQFHVFURFRGLಢ
OHVGHVFÓEOHVDX[LOLDLUHVGHGÚಢ
PDUUDJHQHVHWRXFKHQWSDV
࿢ /HVYÚKLFXOHVQHGRLYHQWSDVVH
WRXFKHUSHQGDQWOHGÚPDUUDJH
ÑO
DLGHGHVFÓEOHVDX[LOLDLUHV
࿢ 6HUUHUOHIUHLQGHVWDWLRQQHPHQW
SODFHUODERßWHPDQXHOOHDXSRLQW
PRUWRXODERßWHDXWRPDWLTXHHQSRಢ
VLWLRQ3
3
6RLQVGXYÚKLFXOH
6ÚTXHQFHGHUDFFRUGHPHQWGHVFÓಢ
EOHV
5DFFRUGHUOHFÓEOHURXJHÑOD
ERUQHSRVLWLYHGHODEDWWHULHGH
GÚPDUUDJH
5DFFRUGHUO
DXWUHH[WUÚPLWÚGXFÓಢ
EOHURXJHÑODERUQHSRVLWLYHGHOD
EDWWHULHGÚFKDUJÚH
5DFFRUGHUOHFÓEOHQRLUÑODERUQH
QÚJDWLYHGHODEDWWHULHGHGÚPDUಢ
UDJH
5DFFRUGHUO
DXWUHH[WUÚPLWÚGXFÓಢ
EOHQRLUÑXQSRLQWGHPDVVHGX
YÚKLFXOHWHOTXHOHEORFPRWHXURX
XQERXORQGHIL[DWLRQGXPRWHXU
/HUDFFRUGHUDXVVLORLQTXHSRVಢ
VLEOHGHODEDWWHULHGÚFKDUJÚH
ÑDXPRLQVFPHQWRXWFDV
3ODFHUOHVFÓEOHVGHVRUWHTX
LOVQH
SXLVVHQWSDVÛWUHKDSSÚVSDUGHVSLÙಢ
FHVHQPRXYHPHQWGDQVOHFRPSDUWLಢ
PHQWPRWHXU
'ÚPDUUDJHGXPRWHXU
0HWWUHHQPDUFKHOHPRWHXUGX
YÚKLFXOHSURFXUDQWOHFRXUDQW
$XERXWGHPLQXWHVGÚPDUUHU
O
DXWUHPRWHXU/HVWHQWDWLYHVGH
GÚPDUUDJHVQHGRLYHQWSDVGÚಢ
SDVVHUVHFRQGHVDYHFXQ
LQWHUYDOOHGHPLQXWHHQWUHHOOHV
)DLUHWRXUQHUOHVGHX[PRWHXUV
SHQGDQWHQYLURQPLQXWHVDXUDಢ
OHQWLDYHFOHVFÓEOHVEUDQFKÚV
$OOXPHUOHVFRQVRPPDWHXUVÚOHFಢ
WULTXHVSDUH[HPSOHSKDUHVOXಢ
QHWWHDUULÙUHFKDXIIDQWHVXUOH
YÚKLFXOHSUHQDQWOHFRXUDQW
/HUHWUDLWGHVFÓEOHVVHIDLWH[DFಢ
WHPHQWGDQVO
RUGUHLQYHUVHGH
O
LQVWDOODWLRQ
5HPRUTXDJH
5HPRUTXDJHGXYÚKLFXOH
/LEÚUHUOHFDSXFKRQHQDSSX\DQWVXU
OHUHSÙUHHWHQOHYHUOHFDSXFKRQ
/
ŃLOOHWGHUHPRUTXDJHVHWURXYH
GDQVO
RXWLOODJHGXYÚKLFXOH
6RLQVGXYÚKLFXOH
0HWWUHHQURXWHOHVIHX[GHGÚWUHVVH
VXUOHVGHX[YÚKLFXOHV
/DPHLOOHXUHIDØRQGHWUDQVSRUWHUOH
YÚKLFXOHHVWG
XWLOLVHUXQYÚKLFXOHGH
GÚSDQQDJH
$YHUWLVVHPHQW
&RQGXLUHOHQWHPHQWHWGHPDQLÙUH
UÚJXOLÙUH8QHFRQGXLWHDJUHVVLYH
SHXWHQGRPPDJHUOHYÚKLFXOH
9LVVHUO
ŃLOOHWGHUHPRUTXDJHDX
PD[LPXPHWMXVTX
ÑFHTX
LOVRLWHQ
SRVLWLRQKRUL]RQWDOH
)L[HUXQFÓEOHGHUHPRUTXDJHRX
PLHX[XQHEDUUHGHUHPRUTXDJH
ÑO
ŃLOOHWGHUHPRUTXDJH
/
ŃLOOHWGHUHPRUTXDJHQHGRLWÛWUH
XWLOLVÚTXHSRXUOHUHPRUTXDJHHWQRQ
SRXUUÚFXSÚUHUOHYÚKLFXOHHQOLVÚ
0HWWUHOHFRQWDFWDILQGHSRXYRLUGÚಢ
EORTXHUODGLUHFWLRQHWDFWLRQQHUOHV
IHX[VWRSO
DYHUWLVVHXUVRQRUHHWOHV
HVVXLHJODFHV
%RßWHGHYLWHVVHVDXSRLQWPRUWQHXಢ
WUH
4XDQGOHPRWHXUHVWDUUÛWÚOHIUHLಢ
QDJHHWODGLUHFWLRQQÚFHVVLWHQWGH
SOXVJUDQGVHIIRUWV
0HWWUHHQPDUFKHOHV\VWÙPHGHUHಢ
F\FODJHGHO
DLUHWIHUPHUOHVIHQÛWUHV
DILQG
ÚYLWHUWRXWHSÚQÚWUDWLRQGHVJD]
G
ÚFKDSSHPHQWGXYÚKLFXOHWUDFWHXU
9ÚKLFXOHVDYHFERßWHDXWRPDWLTXH
/HYÚKLFXOHGRLWÛWUHUHPRUTXÚGDQV
OHVHQVGHODPDUFKHPDLVVDQVGÚಢ
SDVVHUXQHYLWHVVHGHNPKHWXQH
GLVWDQFHGHNP6LQRQRXELHQVL
ODERßWHGHYLWHVVHVHVWGÚIHFWXHXVH
O
HVVLHXDYDQWGRLWÛWUHVRXOHYÚGXVRO
3UHQGUHFRQWDFWDYHFXQDWHOLHU
$SUÙVOHUHPRUTXDJHGÚYLVVHUO
ŃLOಢ
OHWGHUHPRUTXDJH
,QWURGXLUHOHFDSXFKRQSDUOHEDVHWOH
UHIHUPHU
5HPRUTXDJHG
XQDXWUH
YÚKLFXOH
/LEÚUHUOHFDSXFKRQHQDSSX\DQWVXU
OHUHSÙUHHWHQOHYHUOHFDSXFKRQ
/
ŃLOOHWGHUHPRUTXDJHVHWURXYH
GDQVO
RXWLOODJHGXYÚKLFXOH
6RLQVGXYÚKLFXOH
$YHUWLVVHPHQW
&RQGXLUHOHQWHPHQWHWGHPDQLÙUH
UÚJXOLÙUH8QHFRQGXLWHDJUHVVLYH
SHXWHQGRPPDJHUOHYÚKLFXOH
$SUÙVOHUHPRUTXDJHGÚYLVVHUO
ŃLOಢ
OHWGHUHPRUTXDJH
,QWURGXLUHOHFDSXFKRQSDUOHEDVHW
O
HQFOLTXHWHU
9LVVHUO
ŃLOOHWGHUHPRUTXDJHDX
PD[LPXPHWMXVTX
ÑFHTX
LOVRLWHQ
SRVLWLRQKRUL]RQWDOH
/
DQQHDXG
DUULPDJHVLWXÚÑO
DUULÙUH
VRXVOHYÚKLFXOHQHGRLWHQDXFXQFDV
ÛWUHXWLOLVÚFRPPHŃLOOHWGHUHPRUಢ
TXDJH
)L[HUXQFÓEOHGHUHPRUTXDJHRX
PLHX[XQHEDUUHGHUHPRUTXDJH
ÑO
ŃLOOHWGHUHPRUTXDJH
/
ŃLOOHWGHUHPRUTXDJHQHGRLWÛWUH
XWLOLVÚTXHSRXUOHUHPRUTXDJHHWQRQ
SRXUUÚFXSÚUHUXQYÚKLFXOHHQOLVÚ
6RLQVH[WÚULHXUVHW
LQWÚULHXUV
(QWUHWLHQH[WÚULHXU
6HUUXUHV
/HVVHUUXUHVVRQWOXEULILÚHVHQXVLQH
HQXWLOLVDQWXQHJUDLVVHSRXUEDULOOHWV
GHKDXWHTXDOLWÚ1
XWLOLVHUGHVSURಢ
GXLWVGÚJLYUDQWVTXHVLFHODHVWDEVRಢ
OXPHQWQÚFHVVDLUHFDUOHXUHIIHWGÚಢ
JUDLVVDQWHQWUDYHOHIRQFWLRQQHPHQW
GHVEDULOOHWV$SUÙVDYRLUXWLOLVÚGHV
SURGXLWVGÚJLYUDQWVIDLUHUHJUDLVVHU
OHVEDULOOHWVSDUXQDWHOLHU
/DYDJH
/DSHLQWXUHGXYÚKLFXOHHVWVRXPLVH
ÑGHVDJUHVVLRQVH[WÚULHXUHV,OFRQಢ
YLHQWGÙVORUVGHODYHUHWGHOXVWUHUOD
YRLWXUHUÚJXOLÙUHPHQW3UÚIÚUHUXQ
SURJUDPPHDYHFDSSOLFDWLRQG
XQH
FRXFKHGHFLUHSURWHFWULFHHQFDV
G
XWLOLVDWLRQG
XQHVWDWLRQGHODYDJH
DXWRPDWLTXH
'HVSROOXDQWVH[WHUQHVFRPPHGHV
GÚMHFWLRQVG
RLVHDX[GHVLQVHFWHV
PRUWVGHODUÚVLQHG
DUEUHRXGX
6RLQVGXYÚKLFXOH
SROOHQGHYUDLHQWÛWUHQHWWR\ÚVLPPÚಢ
GLDWHPHQWGXYÚKLFXOHFDULOVSHXYHQW
HQGRPPDJHUODSHLQWXUH
(QFDVGHSDVVDJHÑODVWDWLRQGHODಢ
YDJHVXLYUHOHVLQVWUXFWLRQVGXIDEULಢ
FDQW/HVHVVXLHJODFHVDYDQWHWDUಢ
ULÙUHGRLYHQWÛWUHDUUÛWÚV9HUURXLOOHU
OHYÚKLFXOHGHVRUWHTXHODWUDSSH
ÑFDUEXUDQWQHSXLVVHSDVÛWUHRXಢ
YHUWH(QOHYHUO
DQWHQQHHWOHVDFFHVಢ
VRLUHVH[WHUQHVWHOVTXHJDOHULHGH
WRLWHWF
(QFDVGHODYDJHÑODPDLQULQFHU
DERQGDPPHQWOHVSDUWLHVLQWÚULHXUHV
GHVSDVVDJHVGHURXH
1HWWR\HUÑIRQGOHVUHERUGVHWUHSOLV
LQWÚULHXUVGHVSRUWHVOHFDSRWDLQVL
TXHOHVSDUWLHVGHODFDUURVVHULHTX
LOV
UHFRXYUHQW
)DLUHJUDLVVHUOHVFKDUQLÙUHVGHWRXಢ
WHVOHVSRUWHVSDUXQDWHOLHU
1HSDVQHWWR\HUOHFRPSDUWLPHQWPRಢ
WHXUDYHFXQMHWGHYDSHXURXKDXWH
SUHVVLRQ
5LQFHUDERQGDPPHQWOHYÚKLFXOHHW
O
HVVX\HUÑODSHDXGHFKDPRLV5LQಢ
FHUODSHDXGHFKDPRLV8WLOLVHUGHV
SHDX[GHFKDPRLVGLIIÚUHQWHVSRXU
OHVVXUIDFHVSHLQWHVHWSRXUOHVVXUಢ
IDFHVYLWUÚHVGHVUÚVLGXVGHFLUHVXU
OHVYLWUHVDOWÙUHQWODYLVLRQ
1HSDVÚOLPLQHUOHVWDFKHVGHJRXಢ
GURQDYHFGHVREMHWVGXUV8WLOLVHUXQ
VSUD\ÚOLPLQDQWOHJRXGURQVXUOHV
VXUIDFHVSHLQWHV
ºFODLUDJHH[WÚULHXU
/HVOHQWLOOHVGHVSKDUHVHWGHVDXWUHV
ODPSHVVRQWHQSODVWLTXH1HSDVXWLಢ
OLVHUGHSURGXLWVDEUDVLIVRXFRUURVLIV
QLGHJUDWWRLUVHWQHSDVHIIHFWXHUGH
QHWWR\DJHÑVHF
3ROLVVDJHHWOXVWUDJH
/XVWUHUOHYÚKLFXOHUÚJXOLÙUHPHQWDX
SOXVWDUGORUVTXHO
HDXQHSHUOHSOXV
6LQRQODSHLQWXUHVHGHVVÙFKH
8QSROLVVDJHQ
HVWUHQGXQÚFHVVDLUH
TXHORUVTXHODSHLQWXUHHVWVRXLOOÚH
SDUGHVVXEVWDQFHVVROLGHVRXDSULV
XQDVSHFWPDWHWSHUGXVRQÚFODW
/HSURGXLWDXWRSROLVKDX[VLOLFRQHV
IRUPHDXVVLWåWXQILOPSURWHFWHXUGLVಢ
SHQVDQWDLQVLGXOXVWUDJH
/HVSDUWLHVGHODFDUURVVHULHHQSODVಢ
WLTXHQHGRLYHQWSDVÛWUHWUDLWÚVDYHF
GHVSURGXLWVGHOXVWUDJHRXGHSROLVಢ
VDJH
9LWUHVHWEDODLVG
HVVXLHJODFHV
DYDQW
1HWWR\HUÑO
DLGHG
XQFKLIIRQGRX[
QRQSHOXFKHX[RXG
XQHSHDXGHFKDಢ
PRLVDYHFGXSURGXLWGHQHWWR\DJH
SRXUYLWUHVHWGXSURGXLWG
ÚOLPLQDWLRQ
GHVLQVHFWHV
/RUVGXQHWWR\DJHGHODOXQHWWHDUಢ
ULÙUHQHSDVHQGRPPDJHUOHVILOV
FKDXIIDQWVVHWURXYDQWVXUVDIDFHLQಢ
WÚULHXUH
8WLOLVHUXQJUDWWRLUÑDUÛWHVYLYHVSRXU
ÚOLPLQHUOHJLYUHODJODFHGHIDØRQ
PÚFDQLTXH$SSX\HUOHJUDWWRLUIHUಢ
PHPHQWVXUODYLWUHDILQTXHODFUDVVH
QHSXLVVHSDVSDVVHUHQGHVVRXVHW
UD\HUDLQVLODYLWUH
1HWWR\HUOHVEDODLVG
HVVXLHJODFHV
JUDVDYHFXQFKLIIRQGRX[HWXQSURಢ
GXLWGHQHWWR\DJHSRXUYLWUHV
6RLQVGXYÚKLFXOH
7RLWRXYUDQW
6RXEDVVHPHQW
1HMDPDLVOHQHWWR\HUDYHFGHVVROಢ
YDQWVGHVSURGXLWVDEUDVLIVGHVFDUಢ
EXUDQWVGHVSURGXLWVDJUHVVLIVSDU
H[HPSOHSURGXLWVGHQHWWR\DJHGH
SHLQWXUHVROXWLRQVÑO
DFÚWRQHHWF
GHVDFLGHVGHVSURGXLWVWUÙVDOFDOLQV
RXGHVÚSRQJHVDEUDVLYHV1HSDV
DSSOLTXHUGHVSURGXLWVGHOXVWUDJHRX
GHSROLVVDJHVXUODSDUWLHFHQWUDOHGX
WRLWRXYUDQW
/HVRXEDVVHPHQWHVWSDUWLHOOHPHQW
UHYÛWXGH39&RXG
XQHFRXFKHGH
FLUHGHSURWHFWLRQSHUPDQHQWHGDQV
OHV]RQHVOHVSOXVFULWLTXHV
9ÚULILHUOHVRXEDVVHPHQWDSUÙVVRQ
ODYDJHHWOHIDLUHFLUHUOHFDVÚFKÚDQW
/HVPDWÚULDX[HQELWXPHFDRXWFKRXF
SHXYHQWDEßPHUODFRXFKHGH39&
)DLUHHIIHFWXHUOHVWUDYDX[DXVRXEDVಢ
VHPHQWSDUXQDWHOLHU
'HSUÚIÚUHQFHODYHUOHVRXEDVVHಢ
PHQWDXGÚEXWHWÑODILQGHO
KLYHUHW
IDLUHYÚULILHUODFRXFKHGHFLUHGHSURಢ
WHFWLRQ
-DQWHVHWSQHXV
1HSDVXWLOLVHUGHQHWWR\HXUVÑKDXWH
SUHVVLRQ
1HWWR\HUGHVMDQWHVDYHFXQQHWWR\DQW
SRXUMDQWHVÑS+QHXWUH
/HVMDQWHVVRQWSHLQWHVHWSHXYHQW
ÛWUHQHWWR\ÚHVDYHFOHVPÛPHVSURಢ
GXLWVTXHODFDUURVVHULH
'ÚJÓWVÑODSHLQWXUH
&RUULJHUOHVSHWLWVGÚJÓWVGHSHLQWXUH
DYHFXQFUD\RQGHUHWRXFKHDYDQW
TXHODURXLOOHQHVHIRUPH/HVJUDQGV
GÚJÓWVGHSHLQWXUHRXODURXLOOHGRLಢ
YHQWÛWUHUÚSDUÚVSDUXQDWHOLHU
(QWUHWLHQLQWÚULHXU
,QWÚULHXUHWJDUQLWXUHV
1HQHWWR\HUO
KDELWDFOH\FRPSULVOH
UHYÛWHPHQWGHWDEOHDXGHERUGHWOHV
UHYÛWHPHQWVTX
ÑO
DLGHG
XQFKLIIRQ
VHFRXGHSURGXLWGHQHWWR\DJHLQWÚಢ
ULHXU
1HWWR\HUOHVJDUQLWXUHVHQFXLUÑO
HDX
SURSUHHWDYHFXQFKLIIRQGRX[3RXU
OHVWDFKHVWHQDFHVXWLOLVHUXQSURGXLW
G
HQWUHWLHQSRXUFXLU
1HWWR\HUOHWDEOHDXGHERUGXQLTXHಢ
PHQWDYHFXQFKLIIRQGRX[KXPLGH
/HVJDUQLWXUHVHQWLVVXVHQHWWRLHQWOH
PLHX[ÑO
DVSLUDWHXUHWÑODEURVVH
3RXUÚOLPLQHUOHVWDFKHVXWLOLVHUXQ
SURGXLWGHQHWWR\DJHSRXUWLVVX
1HWWR\HUOHVFHLQWXUHVGHVÚFXULWÚ
ÑO
HDXWLÙGHRXDYHFXQSURGXLWGH
QHWWR\DJHSRXULQWÚULHXU
$YHUWLVVHPHQW
$WWDFKHUOHVIHUPHWXUHV9HOFURGHV
YÛWHPHQWVFDUHOOHVSHXYHQWDEßಢ
PHUODJDUQLWXUHGHVLÙJH
6RLQVGXYÚKLFXOH
ºOÚPHQWVHQPDWLÙUHSODVWLTXH
HWHQFDRXWFKRXF
/HVSLÙFHVHQSODVWLTXHHWHQFDRXWಢ
FKRXFSHXYHQWÛWUHHQWUHWHQXHVDYHF
OHVPÛPHVSURGXLWVTXHODFDUURVVHಢ
ULH/HFDVÚFKÚDQWXWLOLVHUXQSURGXLW
GHQHWWR\DJHSRXULQWÚULHXU1HSDV
XWLOLVHUG
DXWUHVSURGXLWVºYLWHUQRಢ
WDPPHQWOHVVROYDQWVHWO
HVVHQFH1H
SDVXWLOLVHUGHQHWWR\HXUVÑKDXWH
SUHVVLRQ
6HUYLFHHWPDLQWHQDQFH
6HUYLFHHW
PDLQWHQDQFH
,QIRUPDWLRQVJÚQÚUDOHV 0DLQWHQDQFHSODQLILÚH )OXLGHVOXEULILDQWVHWSLÙFHV
UHFRPPDQGÚV ,QIRUPDWLRQVJÚQÚUDOHV
6XUYHLOODQFHGHODGXUÚHGHYLH
GHO
KXLOHVXUOHVPRWHXUVGLHVHO
,QIRUPDWLRQVVXUO
HQWUHWLHQ
/DSÚULRGLFLWÚGHVWUDYDX[G
HQWUHWLHQ
HVWFDOFXOÚHVXUODEDVHGHGLIIÚUHQWV
SDUDPÙWUHVGÚSHQGDQWGHO
XVDJHGX
YÚKLFXOH
/HV\VWÙPHGHVXUYHLOODQFHGHGXUÚH
GHYLHGHO
KXLOHPRWHXUYRXVLQGLTXH
TXDQGFKDQJHUG
KXLOHPRWHXU
,OHVWLPSRUWDQWSRXUODVÚFXULWÚODILDಢ
ELOLWÚDLQVLTXHSRXUOHPDLQWLHQGHOD
YDOHXUGHYRWUHYÚKLFXOHTXHWRXVOHV
WUDYDX[G
HQWUHWLHQVRLHQWHIIHFWXÚV
DX[LQWHUYDOOHVSUÚYXV
&RQILUPDWLRQV
/DFRQILUPDWLRQGHVHQWUHWLHQVHIIHFಢ
WXÚVHVWLQGLTXÚHGDQVOHFDUQHWG
HQಢ
WUHWLHQHWGHJDUDQWLH/DGDWHHWOHNLಢ
ORPÚWUDJHVRQWDMRXWÚVDLQVLTXHOD
VLJQDWXUHHWOHFDFKHWGHO
DWHOLHU
D\DQWHIIHFWXÚO
HQWUHWLHQ
6
DVVXUHUTXHOHFDUQHWG
HQWUHWLHQHW
GHJDUDQWLHHVWFRUUHFWHPHQWUHPSOL
FDUODSUHXYHG
XQHQWUHWLHQVXLYLHVW
HVVHQWLHOOHHQFDVG
DSSHOÑODJDUDQಢ
WLHRXGHGHPDQGHGHJHVWHFRPPHUಢ
FLDOHWFHODFRQVWLWXHUDDXVVLXQDUJXಢ
PHQWSRVLWLIORUVGHODUHYHQWHÚYHQಢ
WXHOOHGXYÚKLFXOH
6HUYLFHHWPDLQWHQDQFH
0DLQWHQDQFHSODQLILÚH
3ODQVG
HQWUHWLHQ
3ÚULRGLFLWÚGHODPDLQWHQDQFH
7RXVOHVDQVRXWRXVOHVNPVHORQO
ÚFKÚDQFHDUULYDQWÑWHUPHHQSUHPLHU
0DLQWHQDQFH,XWLOLVHU0DLQWHQDQFH,SRXUODSUHPLÙUHUÚYLVLRQRXVL0DLQWHQDQFH,,DGÚMÑÚWÚHIIHFWXÚ
0DLQWHQDQFH,,XWLOLVHU0DLQWHQDQFH,,VLODUÚYLVLRQSUÚFÚGHQWHÚWDLW0DLQWHQDQFH,
3RXUOHVYÚKLFXOHVÚTXLSÚVG
XQV\VWÙPHGHVXUYHLOODQFHGHGXUÚHGHYLHGHO
KXLOH
6LOHFRGHHVWDIILFKÚGDQVOH&HQWUHG
LQIRUPDWLRQVGXFRQGXFWHXU',&HWVLODUÚYLVLRQSUÚFÚGHQWHDHXOLHXDXPRLQV
PRLVDXSDUDYDQWODUÚYLVLRQGRLWÛWUHHIIHFWXÚH
7ÓFKH
0DLQWHQDQFH, 0DLQWHQDQFH,,
9LGDQJHUO
KXLOHPRWHXUHWUHPSODFHUOHILOWUHÑKXLOH
5
5
9ÚULILHUODSUÚVHQFHGHIXLWHVRXG
DYDULHV
,
,
9ÚULILHUOHILOWUHÑDLUGXPRWHXU
,
,
9ÚULILHUODSUHVVLRQHWO
XVXUHGHVSQHXV
,
,
(QFRQGLWLRQVG
XWLOLVDWLRQGLIILFLOHVGLVWDQFHVFRXUWHVUDOHQWLVH[WHQVLIVRXFRQGLWLRQVSRXVVLÚUHXVHVO
KXLOHPRWHXU
GRLWÛWUHYLGDQJÚHHWOHILOWUHUHPSODFÚSOXVIUÚTXHPPHQW6XUOHVPRWHXUVGLHVHOSURFÚGHUÑODYLGDQJHUHPSODFHPHQW
ORUVTXHOHFRGHHVWDIILFKÚGDQVOH',&
4XHOTXHVRLWOHFLUFXLWODSHUWHGHOLTXLGHSHXWVLJQDOHUXQSUREOÙPH,OIDXWLQVSHFWHUHWUÚSDUHUOHFLUFXLWHWYÚULILHUOH
QLYHDXGHOLTXLGH$MRXWHUGXOLTXLGHVLQÚFHVVDLUH
6LOHYÚKLFXOHURXOHVRXYHQWVXUGHVURXWHVSRXVVLÚUHXVHVYÚULILHUOHILOWUHSOXVVRXYHQW,OIDXGUDSHXWÛWUHOHUHPSODFHU
SOXVIUÚTXHPPHQW
6HUYLFHHWPDLQWHQDQFH
7ÓFKH
0DLQWHQDQFH, 0DLQWHQDQFH,,
9ÚULILHUOHV\VWÙPHGHIUHLQDJH
,
,
9ÚULILHUOHQLYHDXGXOLTXLGHGHUHIURLGLVVHPHQWGXPRWHXUHWGXOLTXLGHGHODYHJODFHDYDQW ,
HWHQDMRXWHUVLQÚFHVVDLUH
,
9ÚULILHUOHVFRPSRVDQWVGHODVXVSHQVLRQHWGHODGLUHFWLRQ
,
,
9ÚULILHUOHVEDODLVG
HVVXLHJODFHHWOHIRQFWLRQQHPHQWGHO
ÚFODLUDJHH[WÚULHXU
,
,
9ÚULILHUOHVFRXUURLHVG
HQWUDßQHPHQW
,
,
(IIHFWXHUWRXWHVOHVRSÚUDWLRQVG
HQWUHWLHQVXSSOÚPHQWDLUHVUHTXLVHV9RLUODVHFWLRQ
FRQFHUQÚH
,
,
9ÚULILHUVLGHVDFWLRQVRQWÚWÚHIIHFWXÚHVVXUOHWHUUDLQ
,
,
5HPSODFHUOHOLTXLGHGHIUHLQ
ಥ
5
9ÚULILHUYLVXHOOHPHQWVLOHVFRQGXLWHVHWOHVWX\DX[GHIUHLQVVRQWWRUGXVILVVXUÚVXVÚVSDUIURWWHPHQWHWFRXV
LOVIXLHQW
9ÚULILHUO
XVXUHGHVIUHLQVÑGLVTXHHWO
ÚWDWGHODVXUIDFHGHVGLVTXHV9ÚULILHUVLOHVJDUQLWXUHVVHJPHQWVGHIUHLQVVRQW
XVÚVRXILVVXUÚV9ÚULILHUOHVDXWUHVSLÙFHVGXV\VWÙPHGHIUHLQDJHWDPERXUVF\OLQGUHVGHURXHÚWULHUVIUHLQGH
VWDWLRQQHPHQWHWF
9ÚULILHUYLVXHOOHPHQWVLODVXVSHQVLRQDYDQWHWDUULÙUHHWODGLUHFWLRQVRQWHQGRPPDJÚHVGHVVHUUÚHVV
LOPDQTXHGHV
SLÙFHVRXVLHOOHVSUÚVHQWHQWGHVVLJQHVG
XVXUH9ÚULILHUVLOHVFRPSRVDQWVGHODGLUHFWLRQVRQWWRUGXVILVVXUÚVXVÚV
SDUIURWWHPHQWHWF
9ÚULILHUVLOHVEDODLVG
HVVXLHJODFHVRQWXVÚVILVVXUÚVRXVDOHV1HWWR\HUOHSDUHEULVHHWOHVEDODLVG
HVVXLHJODFHV
LOV
VRQWVDOHV5HPSODFHUOHVEDODLVG
HVVXLHJODFHXVÚVRXHQGRPPDJÚV
6LOHYÚKLFXOHURXOHGDQVGHVFRQGLWLRQVGLIILFLOHVURXWHVYDOORQQÚHVRXPRQWDJQHXVHVWUDFWDJHIUÚTXHQWG
XQH
UHPRUTXHLOIDXGUDSHXWÛWUHUHPSODFHUOHOLTXLGHGHIUHLQSOXVIUÚTXHPPHQW
6HUYLFHHWPDLQWHQDQFH
7ÓFKH
0DLQWHQDQFH, 0DLQWHQDQFH,,
9ÚULILHUOHFLUFXLWGHUHIURLGLVVHPHQWGXPRWHXU
ಥ
,
9ÚULILHUOHVFRPSRVDQWVGXV\VWÙPHGHVÚFXULWÚ
ಥ
,
9ÚULILHUOHVFRPSRVDQWVGXJURXSHPRWRSURSXOVHXUHWGHODFKDßQHFLQÚPDWLTXH
ಥ
,
*UDLVVHUOHVFRPSRVDQWVGHODFDUURVVHULH
ಥ
,
,LQVSHFWHUFHVÚOÚPHQWVHWOHXUVFRPSRVDQWVFRQQH[HV6LQÚFHVVDLUHFRUULJHUQHWWR\HUIDLUHO
DSSRLQWDMXVWHURXUHPಢ
SODFHU
5UHPSODFHURXFKDQJHU
9ÚULILHUYLVXHOOHPHQWOHVIOH[LEOHVHWOHVUHPSODFHUV
LOVVRQWILVVXUÚVJRQIOÚVRXGÚWÚULRUÚV9ÚULILHUWRXVOHVWX\DX[
UDFFRUGVHWFROOLHUVGHVHUUDJH5HPSODFHUSDUGHVSLÙFHVG
RULJLQHVLQÚFHVVDLUH3RXUV
DVVXUHUGXERQIRQFWLRQQHPHQW
GHVV\VWÙPHVLOHVWFRQVHLOOÚGHVRXPHWWUHOHFLUFXLWGHUHIURLGLVVHPHQWHWOHERXFKRQGXUDGLDWHXUÑXQWHVWGHSUHVVLRQ
HWGHQHWWR\HUO
H[WÚULHXUGXUDGLDWHXUHWGXFRQGHQVHXUGHFOLPDWLVDWLRQ
9ÚULILHUTXHOHVHQVHPEOHVWÚPRLQGHFHLQWXUHGHVÚFXULWÚHWFHLQWXUHGHVÚFXULWÚIRQFWLRQQHQWFRUUHFWHPHQW9ÚULILHUVL
GHVSLÙFHVGXV\VWÙPHGHFHLQWXUHGHVÚFXULWÚVRQWGHVVHUUÚHVRXHQGRPPDJÚHV5ÚSDUHUWRXWFRPSRVDQWVXVFHSWLEOH
G
HPSÛFKHUODFHLQWXUHGHVÚFXULWÚGHIDLUHVRQWUDYDLO5HPSODFHUOHVFHLQWXUHVGÚFKLUÚHVRXHIILORFKÚHV
*UDLVVHUWRXVOHVEDULOOHWVGHVHUUXUHVOHVFKDUQLÙUHVHWOHVYHUURXVGHSRUWHVOHVFKDUQLÙUHVHWOHVYHUURXVGHFDSRWHW
OHVFKDUQLÙUHVHWOHVYHUURXVGHFRIIUH,OIDXGUDSHXWÛWUHSURFÚGHUÑXQJUDLVVDJHSOXVIUÚTXHQWHQFDVG
H[SRVLWLRQ
ÑXQHQYLURQQHPHQWFRUURVLI/
DSSOLFDWLRQGHJUDLVVHDXVLOLFRQHVXUOHVERXUUHOHWVG
ÚWDQFKÚLWÚDYHFXQFKLIIRQSURSUH
OHXUSHUPHWWUDGHGXUHUSOXVORQJWHPSVHWG
DVVXUHUXQHPHLOOHXUHÚWDQFKÚLWÚHWOHVHPSÛFKHUDGHFROOHURXGHJULQFHU
6HUYLFHHWPDLQWHQDQFH
7ÓFKH
,QWHUYDOOH
5HPSODFHUOHILOWUHÑSROOHQ
7RXVOHVNPDQV
5HPSODFHUOHILOWUHÑDLU
7RXVOHVNPDQV
5HPSODFHUOHVERXJLHVG
DOOXPDJH
/;77RXVOHVNPDQV
/'(HW+WRXVOHVNPDQV
5HPSODFHUOHFÓEOHG
DOOXPDJH
/;77RXVOHVNPDQV
5HPSODFHUOHILOWUHÑJD]ROH
7RXVOHVNPDQV
5HPSODFHUOHOLTXLGHGHUHIURLGLVVHPHQWGX 7RXVOHVNPDQV
PRWHXU
5HPSODFHUO
KXLOHGHERßWHDXWRPDWLTXH
7RXVOHVNPHQFRQGLWLRQVQRUPDOHVWRXVOHVNPHQ
FRQGLWLRQVGLIILFLOHV
5HPSODFHUODFRXUURLHDX[LOLDLUH
/'(HW+DYHFFRXUURLHH[WHQVLEOHWRXVOHVNPDQV
5HPSODFHUODFRXUURLHGHGLVWULEXWLRQ
/;77RXVOHVNPDQV
/'(HW+WRXVOHVNPDQV
9ÚULILHUOHMHXGHVVRXSDSHV/HUÚJOHUVL
QÚFHVVDLUH
/'(HW+WRXVOHVNPDQV
5HPSODFHUODFKDßQHGHGLVWULEXWLRQ
/137RXVOHVNPDQV
6HUYLFHHWPDLQWHQDQFH
3RVWHVGHPDLQWHQDQFHJÚQÚUDOH
7ÓFKH
3RVWH
7RXV
9ÚULILHUODSUÚVHQFHG
LQWHUIÚUHQFHVRXGHSLÙFHVWRUGXHVDLQVLTXHGHSLÙFHVHQGRPPDJÚHVRX
PDQTXDQWHVVXUWRXVOHVV\VWÙPHV5HPSODFHUOHVSLÙFHVTXLOHQÚFHVVLWHQW5HPSODFHUWRXVOHV
FRPSRVDQWVWUÙVXVÚV
%RßWHDXWRPDWLTXH
9LGDQJHUO
KXLOHGHERßWHDXWRPDWLTXHHWFKDQJHUOHILOWUHÑKXLOHVLOHYÚKLFXOHURXOHSULQFLSDOHPHQW
GDQVO
XQHRXO
DXWUHGHVFRQGLWLRQVVXLYDQWHV
HQWUDILFXUEDLQLQWHQVHRêODWHPSÚUDWXUHH[WÚULHXUHDWWHLQWUÚJXOLÙUHPHQW¡&RXSOXV
HQWHUUDLQVYDOORQQÚVRXPRQWDJQHX[
DYHFWUDFWDJHIUÚTXHQWG
XQHUHPRUTXH
XWLOLVDWLRQFRPPHWD[LYÚKLFXOHGHSROLFHRXYÚKLFXOHGHOLYUDLVRQ
&HLQWXUHV
9ÚULILHUYLVXHOOHPHQWVLODFHLQWXUHHVWHIILORFKÚHRXWUÙVILVVXUÚHRXVLHOOHSUÚVHQWHGHVGRPPDJHV
ÚYLGHQWV
5HPSODFHUODFHLQWXUHVLQÚFHVVDLUH
ºWDWHWSUHVVLRQGH OOIDXWYÚULILHUO
ÚWDWGHVSQHXVDYDQWGHSUHQGUHODURXWHHWFRQWUåOHUODSUHVVLRQGHJRQIODJHÑO
DLGH
JRQIODJHGHVSQHXV G
XQPDQRPÙWUHÑFKDTXHSOHLQGHFDUEXUDQWRXDXPRLQVXQHIRLVSDUPRLV
$OLJQHPHQWGHV
URXHV
6LQÚFHVVDLUHSHUPXWHUHWÚTXLOLEUHUOHVURXHV
6HUYLFHHWPDLQWHQDQFH
(QWUHWLHQVXSSOÚPHQWDLUH
&RQGLWLRQVG
XWLOLVDWLRQ
H[WUÛPHVM
'HVFRQGLWLRQVG
XWLOLVDWLRQVRQWFRQಢ
VLGÚUÚHVFRPPHH[WUÛPHVTXDQGDX
PRLQVXQHGHVFRQGLWLRQVVXLYDQWHV
VHSURGXLWIUÚTXHPPHQW
࿢ GÚPDUUDJHVÑIURLG
࿢ DUUÛWVIUÚTXHQWV
࿢ XWLOLVDWLRQG
XQHUHPRUTXH
࿢ SHQWHVHWRXDOWLWXGHÚOHYÚH
࿢ FKDXVVÚHVGÚJUDGÚHV
࿢ VDEOHHWSRXVVLÙUHV
࿢ YDULDWLRQVH[WUÛPHVGHODWHPSÚUDಢ
WXUH
2QFRQVLGÙUHDXVVLTXHOHVYÚKLFXOHV
GHSROLFHOHVWD[LVHWOHVYÚKLFXOHV
G
DXWRÚFROHVRQWXWLOLVÚVGDQVGHV
FRQGLWLRQVH[WUÛPHV
'DQVGHVFRQGLWLRQVG
XWLOLVDWLRQH[ಢ
WUÛPHVLOSHXWÛWUHQÚFHVVDLUHGH
IDLUHHIIHFWXHUFHUWDLQVWUDYDX[G
HQಢ
WUHWLHQSOXVVRXYHQWTX
DX[LQWHUYDOOHV
SUÚYXV
,OHVWUHFRPPDQGÚGHGHPDQGHUXQ
DYLVWHFKQLTXHVXUOHVEHVRLQVG
HQಢ
WUHWLHQHQIRQFWLRQGHVFRQGLWLRQV
G
XWLOLVDWLRQVSÚFLILTXHVGHYRWUH
YÚKLFXOH
)OXLGHVOXEULILDQWVHW
SLÙFHVUHFRPPDQGÚV
)OXLGHVHWOXEULILDQWV
UHFRPPDQGÚV
8WLOLVHUXQLTXHPHQWGHVSURGXLWVVDಢ
WLVIDLVDQWOHVVSÚFLILFDWLRQVUHFRPಢ
PDQGÚHV/
XWLOLVDWLRQGHSURGXLW
Q
ÚWDQWSDVHQFRQIRUPLWÚÑFHVVSÚಢ
FLILFDWLRQVSHXWFRQGXLUHÑGHVGRPಢ
PDJHVQ
ÚWDQWSDVFRXYHUWVSDUODJDಢ
UDQWLH
$WWHQWLRQ
/HVSURGXLWVQÚFHVVDLUHVDXIRQFಢ
WLRQQHPHQWGXYÚKLFXOHVRQWGDQಢ
JHUHX[HWSHXYHQWÛWUHQRFLIV0Dಢ
QLSXOHUDYHFSUXGHQFH5HVSHFWHU
OHVFRQVLJQHVILJXUDQWVXUOHVUÚFLಢ
SLHQWV
6HUYLFHHWPDLQWHQDQFH
+XLOHPRWHXU
/
KXLOHPRWHXUHVWLGHQWLILÚHSDUVD
TXDOLWÚHWVDYLVFRVLWÚ/RUVGXFKRL[
GHO
KXLOHPRWHXUÑXWLOLVHUODTXDOLWÚ
HVWSOXVLPSRUWDQWHTXHODYLVFRVLWÚ
/DTXDOLWÚGHO
KXLOHJDUDQWLWQRWDPಢ
PHQWODSURSUHWÚGXPRWHXUODSURಢ
WHFWLRQFRQWUHO
XVXUHHWOHFRQWUåOHGX
YLHLOOLVVHPHQWGHO
KXLOHWDQGLVTXHOH
GHJUÚGHYLVFRVLWÚLQGLTXHODIOXLGLWÚ
GHO
KXLOHVXUXQHSODJHGHWHPSÚUDಢ
WXUHGRQQÚH
4XDOLWÚGHO
KXLOHPRWHXU
GH[RV
0RWHXUVÑHVVHQFH
HWGLHVHO
$&($$%
$&($$%
$&($&
$3,60
$3,61
/;7XQLTXHPHQWVL
GHO
KXLOHPRWHXU
DJUÚÚHSDUGH[RV
Q
HVWSDVGLVSRQLEOH
6ÚOHFWLRQGHO
KXLOHPRWHXUDGÚTXDWH
/HFKRL[GHO
KXLOHPRWHXUYDULHVHORQ
OHVFDUDFWÚULVWLTXHVGHO
KXLOHHWVD
YLVFRVLWÚ
'HPDQGHUHWHPSOR\HUGHVKXLOHV
PRWHXUSRUWDQWODFHUWLILFDWLRQGH[RV
/HVKXLOHVUÚSRQGDQWDX[H[LJHQFHV
GXYÚKLFXOHGRLYHQWSRUWHUVXUOHFRQಢ
WHQDQWODFHUWLILFDWLRQGH[RV&HWWH
FHUWLILFDWLRQLQGLTXHTXHO
KXLOHDÚWÚ
DJUÚÚHHWUÚSRQGDX[H[LJHQFHVGH
GH[RV
9RWUHYÚKLFXOHDÚWÚUHPSOLHQXVLQH
G
XQHKXLOHPRWHXUDJUÚÚH'H[RV
2QQHGRLWXWLOLVHUTX
XQHKXLOHPRWHXU
DJUÚÚHSDUGH[RVRXXQHKXLOHPRWHXU
ÚTXLYDOHQWHGHODYLVFRVLWÚDSSURಢ
SULÚH/
XWLOLVDWLRQG
XQHDXWUHKXLOH
TXHO
KXLOHPRWHXUUHFRPPDQGÚHRX
VRQÚTXLYDOHQWSHXWHQWUDßQHUGHV
GRPPDJHVDXPRWHXUQRQFRXYHUWV
SDUODJDUDQWLH
(QFDVG
LQFHUWLWXGHFRQFHUQDQWO
KXLOH
HWVDFHUWLILFDWLRQGH[RVGHPDQGHU
FRQVHLODXFRQFHVVLRQQDLUH
8WLOLVDWLRQG
KXLOHVPRWHXUVGHVXEVWLಢ
WXWLRQVLOHVKXLOHVGH[RVQHVRQWSDV
GLVSRQLEOHV$XFDVRêXQHKXLOHPRಢ
WHXUDJUÚÚHSDUGH[RVQ
HVWSDVGLVಢ
SRQLEOHSRXUODYLGDQJHRXO
DSSRLQW
RQSRXUUDXWLOLVHUXQHKXLOHPRWHXUGH
VXEVWLWXWLRQG
XQHTXDOLWÚLQGLTXÚHFL
GHVVXV/
XWLOLVDWLRQG
KXLOHVQRQ
DJUÚÚHVSDUGH[RVSHXWWRXWHIRLVHQಢ
WUDßQHUXQHUÚGXFWLRQGHVSHUIRUPDQಢ
FHVGDQVFHUWDLQHVFRQGLWLRQV
$SSRLQWG
KXLOHPRWHXU
/HVKXLOHVPRWHXUGHGLIIÚUHQWHVPDUಢ
TXHVHWGLIIÚUHQWVSURGXFWHXUVSHXಢ
YHQWÛWUHPÚODQJÚHVSRXUDXWDQWTXH
YRXVUHVSHFWLH]OHVFULWÙUHVG
KXLOH
PRWHXUVSÚFLILÚVTXDOLWÚHWYLVFRVLWÚ
6LO
KXLOHPRWHXUGHODTXDOLWÚUHTXLVH
Q
HVWSDVGLVSRQLEOHXQPD[LPXPGH
OLWUHG
KXLOHGHW\SH$&($$%RX
$%SHXWÛWUHXWLOLVÚXQHVHXOHIRLV
HQWUHFKDTXHYLGDQJHG
KXLOH/DYLVಢ
FRVLWÚGRLWUHVSHFWHUODYDOHXUVSÚFLಢ
ILÚH
/
XWLOLVDWLRQG
KXLOHVPRWHXU
$&($$%HW$%HVWLQWHUGLWH
FDUHOOHVSHXYHQWHQWUDßQHUGHVGÚಢ
JÓWVGXPRWHXUÑORQJWHUPHGDQVFHUಢ
WDLQHVFRQGLWLRQVG
XWLOLVDWLRQ
$GGLWLIVG
KXLOHPRWHXU
/
XWLOLVDWLRQG
DGGLWLIVG
KXLOHPRWHXU
SHXWHQWUDßQHUGHVGÚJÓWVHWUHQGUHOD
JDUDQWLHFDGXTXH
6HUYLFHHWPDLQWHQDQFH
'HJUÚVGHYLVFRVLWÚG
KXLOHPRWHXU
6$(:HVWODPHLOOHXUHYLVFRVLWÚ
SRXUFHYÚKLFXOH1HSDVXWLOLVHUG
KXLಢ
OHVG
XQHDXWUHFDWÚJRULHGHYLVFRVLWÚ
WHOOHTXH6$(::RX
:
3DUWHPSVIURLG
(QFDVGHIURLGH[WUÛPHORUVTXHOD
WHPSÚUDWXUHGHVFHQGHQGHVVRXVGH
¡&XQHKXLOH6$(:GRLWÛWUH
HPSOR\ÚH8QHKXLOHGHFHWWHFDWÚJRಢ
ULHGHYLVFRVLWÚIDFLOLWHOHGÚPDUUDJH
GXPRWHXUÑIURLGSDUWHPSÚUDWXUHV
H[WUÛPHPHQWEDVVHV7RXMRXUVYHLOOHU
ÑFKRLVLUXQHKXLOHUÚSRQGDQWDX[H[Lಢ
JHQFHVGHGH[RVGDQVOHFKRL[G
XQH
KXLOHGHYLVFRVLWÚDSSURSULÚH
࿢ -XVTX
Ñ¡&HWSOXVEDV:
:
࿢ -XVTX
Ñ¡&::
࿢ -XVTX
Ñ¡&::
SRXU/;7XQLTXHPHQW
࿢ -XVTX
Ñ¡&::
SRXU/;7XQLTXHPHQW
/HGHJUÚGHYLVFRVLWÚ6$(LQGLTXHOD
IOXLGLWÚGHO
KXLOH/
KXLOHPXOWLJUDGH
HVWUHSUÚVHQWÚHSDUGHX[FKLIIUHV
/HSUHPLHUFKLIIUHVXLYLG
XQ:LQGLಢ
TXHODYLVFRVLWÚÑEDVVHWHPSÚUDWXUH
HWOHVHFRQGFKLIIUHODYLVFRVLWÚ
ÑKDXWHWHPSÚUDWXUH
/LTXLGHGHUHIURLGLVVHPHQWHW
DQWLJHO
8WLOLVHUXQLTXHPHQWGHO
DQWLJHOSRXU
OLTXLGHGHUHIURLGLVVHPHQWVDQVVLOLFDಢ
WHVHWÑORQJXHGXUÚHGHYLH//&
/HV\VWÙPHHVWUHPSOLHQXVLQHG
XQ
OLTXLGHGHUHIURLGLVVHPHQWDVVXUDQW
XQHH[FHOOHQWHSURWHFWLRQFRQWUHOD
FRUURVLRQHWFRQWUHOHJHOMXVTX
Ñ
¡&HQYLURQ&HWWHFRQFHQWUDWLRQ
GRLWÛWUHFRQVHUYÚHWRXWDXORQJGH
O
DQQÚH/
XWLOLVDWLRQG
DGGLWLISRXUOLಢ
TXLGHGHUHIURLGLVVHPHQWGRQWOHEXW
HVWGHSURFXUHUXQHSURWHFWLRQVXSಢ
SOÚPHQWDLUHFRQWUHODFRUURVLRQRX
G
DVVXUHUO
ÚWDQFKÚLWÚHQFDVGHSHWLಢ
WHVIXLWHVSHXWSURYRTXHUGHVSUREOÙಢ
PHVGHIRQFWLRQQHPHQW1RXVGÚFOLಢ
QRQVWRXWHUHVSRQVDELOLWÚTXDQWDX[
FRQVÚTXHQFHVOLÚHVÑO
XWLOLVDWLRQ
G
DGGLWLIVSRXUOLTXLGHGHUHIURLGLVVHಢ
PHQW
/LTXLGHGHIUHLQG
HPEUD\DJH
8WLOLVHUXQLTXHPHQWGXOLTXLGHGHIUHLQ
'27
$XILOGXWHPSVOHOLTXLGHGHIUHLQDEಢ
VRUEHO
KXPLGLWÚFHTXLUÚGXLWO
HIILFDಢ
FLWÚGXIUHLQDJH/HOLTXLGHGHIUHLQ
GRLWGRQFÛWUHUHPSODFÚÑO
LQWHUYDOOH
VSÚFLILÚ
/HOLTXLGHGHIUHLQGRLWÛWUHVWRFNÚ
GDQVXQUÚFLSLHQWVFHOOÚSRXUÚYLWHU
TX
LOQ
DEVRUEHO
KXPLGLWÚ
6
DVVXUHUTXHOHOLTXLGHGHIUHLQQ
HVW
SDVFRQWDPLQÚ
&DUDFWÚULVWLTXHVWHFKQLTXHV
&DUDFWÚULVWLTXHV
WHFKQLTXHV
,GHQWLILFDWLRQGXYÚKLFXOH 'RQQÚHVGXYÚKLFXOH ,GHQWLILFDWLRQGX
YÚKLFXOH
1XPÚURG
LGHQWLILFDWLRQGX
YÚKLFXOH
/HQXPÚURG
LGHQWLILFDWLRQGXYÚKLFXOH
HVWÚJDOHPHQWYLVLEOHÑWUDYHUVOH
SDUHEULVH
/HQXPÚURG
LGHQWLILFDWLRQGXYÚKLFXOH
VHWURXYHVXUOHSODQFKHUGXYÚKLFXOH
FåWÚGURLWVRXVXQFDFKHHQWUHOD
SRUWHDYDQWHWOHVLÙJH
&DUDFWÚULVWLTXHVWHFKQLTXHV
3ODTXHWWHG
LGHQWLILFDWLRQ
9DULDQWH
9DULDQWH
/DSODTXHWWHG
LGHQWLILFDWLRQVHWURXYH
GDQVOHFRPSDUWLPHQWPRWHXU
/DSODTXHVLJQDOÚWLTXHVHWURXYHVXU
O
HQFDGUHPHQWGHODSRUWHDYDQWJDXಢ
FKH
'RQQÚHVGHODSODTXHWWHVLJQDOÚWLಢ
TXH
1XPÚURG
LGHQWLILFDWLRQGX
YÚKLFXOH
1XPÚURG
KRPRORJDWLRQ
&RQVWUXFWHXU
3RLGVQRPLQDOEUXWGXYÚKLFXOH
HQNJ
3RLGVWRWDOURXODQWDXWRULVÚHQ
NJ
&KDUJHPD[LPDOHDXWRULVÚHVXU
O
HVVLHXDYDQWHQNJ
&KDUJHPD[LPDOHDXWRULVÚHVXU
O
HVVLHXDUULÙUHHQNJ
'RQQÚHVVSÚFLILTXHVDX
YÚKLFXOHRXDXSD\V
&DUDFWÚULVWLTXHVWHFKQLTXHV
/DFKDUJHVXUHVVLHXDYDQWHWOD
FKDUJHVXUHVVLHXDUULÙUHQHGRLYHQW
SDVGÚSDVVHUHQVHPEOHOHSRLGVWRWDO
DXWRULVÚHQFKDUJH6LSDUH[HPSOH
ODFKDUJHVXUO
HVVLHXDYDQWHVWPD[Lಢ
PDOHODFKDUJHVXUO
HVVLHXDUULÙUH
GRLWÛWUHWHOOHTXHOHSRLGVWRWDODXWRಢ
ULVÚHQFKDUJHQ
HVWSDVGÚSDVVÚ
/HVFDUDFWÚULVWLTXHVWHFKQLTXHVRQW
ÚWÚÚWDEOLHVVHORQOHVQRUPHVGHOD
&RPPXQDXWÚ(XURSÚHQQH7RXV
GURLWVGHPRGLILFDWLRQUÚVHUYÚV/HV
LQGLFDWLRQVILJXUDQWVXUOHVSDSLHUVGX
YÚKLFXOHRQWWRXMRXUVSULRULWÚVXUFHOಢ
OHVGXSUÚVHQWPDQXHO
&DUDFWÚULVWLTXHVWHFKQLTXHV
'RQQÚHVGXYÚKLFXOH
'RQQÚHVGXPRWHXU
'ÚVLJQDWLRQGHYHQWH
'
'
'
'VO
$SSHOODWLRQGXPRWHXU
/;7
/'(
+
/13
1RPEUHGHF\OLQGUHV
&\OLQGUÚH>FP@
3XLVVDQFHGXPRWHXU>N:@
ÑXQUÚJLPHGH
&RXSOH>1P@
ÑXQUÚJLPHGH
7\SHGHFDUEXUDQW
(VVHQFH
(VVHQFH
(VVHQFH
*D]ROHGLHVHO
UHFRPPDQGÚ
DXWRULVÚ
,QGLFHG
RFWDQH521
&DUDFWÚULVWLTXHVWHFKQLTXHV
'ÚVLJQDWLRQGHYHQWH
'
'
'
'VO
$SSHOODWLRQGXPRWHXU
/;7
/'(
+
/13
1RPEUHGHF\OLQGUHV
&\OLQGUÚH>FP@
3XLVVDQFHGXPRWHXU>N:@
ÑXQUÚJLPHGH
&RXSOH>1P@
ÑXQUÚJLPHGH
7\SHGHFDUEXUDQW
(VVHQFH
(VVHQFH
(VVHQFH
*D]ROHGLHVHO
UHFRPPDQGÚ
DXWRULVÚ
,QGLFHG
RFWDQH521
&DUDFWÚULVWLTXHVWHFKQLTXHV
3HUIRUPDQFHV
3RUWHV
0RWHXU
/;7
/'(
+
/13
%RßWHPDQXHOOH
%RßWHDXWRPDWLTXH
9LWHVVHPD[LPDOH>NPK@
0RGÙOHSRUWHV
0RWHXU
/;7
/'(
+
/13
%RßWHPDQXHOOH
%RßWHDXWRPDWLTXH
9LWHVVHPD[LPXP
/DYLWHVVHPD[LPDOHLQGLTXÚHSHXWÛWUHDWWHLQWHDYHFOHSRLGVÑYLGHVDQVFRQGXFWHXUSOXVXQHFKDUJHXWLOHGH
NJ'HVÚTXLSHPHQWVHQRSWLRQSHXYHQWUÚGXLUHODYLWHVVHPD[LPDOHLQGLTXÚH
/DYDOHXUQ
ÚWDLWSDVGLVSRQLEOHDXPRPHQWGHODPLVHVRXVSUHVVH
&DUDFWÚULVWLTXHVWHFKQLTXHV
&RQVRPPDWLRQGHFDUEXUDQWºPLVVLRQVGH&2
3RUWHV
%RßWHPDQXHOOH%RßWHDXWRPDWLTXH
0RWHXU
/;7
/'(
+
/13
FRQVRPPDWLRQXUEDLQH>ONP@
FRQVRPPDWLRQH[WUDXUEDLQH>ONP@
WRWDOH>ONP@
ÚPLVVLRQGH&2>JNP@
0RGÙOHSRUWHV
%RßWHPDQXHOOH%RßWHDXWRPDWLTXH
0RWHXU
/;7
/'(
+
/13
FRQVRPPDWLRQXUEDLQH>ONP@
FRQVRPPDWLRQH[WUDXUEDLQH>ONP@
WRWDOH>ONP@
ÚPLVVLRQGH&2>JNP@
/DYDOHXUQ
ÚWDLWSDVGLVSRQLEOHDXPRPHQWGHODPLVHVRXVSUHVVH
&DUDFWÚULVWLTXHVWHFKQLTXHV
3RLGVGXYÚKLFXOH
3RLGVÑYLGHPRGÙOHGHEDVHVDQVÚTXLSHPHQWRSWLRQQHO
/HSRLGVÑYLGHLQFOXWOHSRLGVGXFRQGXFWHXUNJGHVEDJDJHVNJHWWRXVOHVOLTXLGHVUÚVHUYRLUUHPSOLÑ
3RUWHV
VDQVDYHFFOLPDWLVDWLRQ
>NJ@
0RWHXU
%RßWHPDQXHOOH
%RßWHDXWRPDWLTXH
/;7
/'(
+
/13
0RWHXU
%RßWHPDQXHOOH
%RßWHDXWRPDWLTXH
/;7
/'(
+
/13
0RGÙOHSRUWHV
VDQVDYHFFOLPDWLVDWLRQ
>NJ@
3RLGVÑYLGHPRGÙOHGHEDVHDYHFWRXVOHVÚTXLSHPHQWVRSWLRQQHOV
/HSRLGVÑYLGHLQFOXWOHSRLGVGXFRQGXFWHXUNJGHVEDJDJHVNJHWWRXVOHVOLTXLGHVUÚVHUYRLUUHPSOLÑ
/DYDOHXUQ
ÚWDLWSDVGLVSRQLEOHDXPRPHQWGHODPLVHVRXVSUHVVH
&DUDFWÚULVWLTXHVWHFKQLTXHV
3RUWHV
VDQVDYHFFOLPDWLVDWLRQ
>NJ@
0RWHXU
%RßWHPDQXHOOH
%RßWHDXWRPDWLTXH
/;7
/'(
+
/13
0RWHXU
%RßWHPDQXHOOH
%RßWHDXWRPDWLTXH
/;7
/'(
+
/13
0RGÙOHSRUWHV
VDQVDYHFFOLPDWLVDWLRQ
>NJ@
/DYDOHXUQ
ÚWDLWSDVGLVSRQLEOHDXPRPHQWGHODPLVHVRXVSUHVVH
&DUDFWÚULVWLTXHVWHFKQLTXHV
'LPHQVLRQVGXYÚKLFXOH
3RUWHV
0RGÙOHSRUWHV
/RQJXHXU>PP@
/DUJHXUVDQVUÚWURYLVHXUV>PP@
/DUJHXUOHVGHX[UÚWURYLVHXUVFRPSULV>PP@
+DXWHXUVDQVDQWHQQH>PP@
/RQJXHXUGXFRIIUHDXQLYHDXGXSODQFKHU>PP@
/DUJHXUGXFRIIUH>PP@
+DXWHXUGXFRIIUH>PP@
(PSDWWHPHQW>PP@
'LDPÙWUHGHEUDTXDJH>P@
&DSDFLWÚV
+XLOHPRWHXU
0RWHXU
/;7
/'(
+
/13
ILOWUHLQFOXV>O@
HQWUH0,1HW0$;>O@
&DUDFWÚULVWLTXHVWHFKQLTXHV
5ÚVHUYRLUGHFDUEXUDQW
(VVHQFHGLHVHOFRQWHQDQFHQRPLQDOH>O@
3UHVVLRQVGHVSQHXV
0RWHXU
/;7
3QHXV
5
DYDQW
DUULÙUH
>N3DEDU@>SVL@
>N3DEDU@>SVL@
5
/'(
5
5
5
+
5
5
5
3UHVVLRQ(&2>N3DEDU@>SVL@
0RWHXU
/13
&DUDFWÚULVWLTXHVWHFKQLTXHV
3QHXV
5
DYDQW
DUULÙUH
>N3DEDU@>SVL@
>N3DEDU@>SVL@
5
5
5
7RXV
5RXHGHGÚSDQQDJHWHPSRUDLUH
,QIRUPDWLRQVDXFOLHQW
,QIRUPDWLRQVDXFOLHQW
(QUHJLVWUHPHQWGHVGRQQÚHVGX
YÚKLFXOHHWYLHSULYÚH (QUHJLVWUHPHQWGHV
GRQQÚHVGXYÚKLFXOHHW
YLHSULYÚH
(QUHJLVWUHPHQWVGHV
GRQQÚHVG
ÚYÚQHPHQWV
/HYÚKLFXOHHVWGRWÚG
XQHVÚULHGH
V\VWÙPHVVRSKLVWLTXÚVTXLVXUYHLOOHQW
HWFRPPDQGHQWSOXVLHXUVSDUDPÙWUHV
GXYÚKLFXOH,OVHSHXWTXHFHUWDLQHV
GRQQÚHVVRLHQWHQUHJLVWUÚHVHQIRQFಢ
WLRQQHPHQWQRUPDOGXYÚKLFXOHDILQ
GHIDFLOLWHUODUÚSDUDWLRQGHGÚIDLOODQಢ
FHVGÚWHFWÚHV'
DXWUHVQHVRQWHQUHಢ
JLVWUÚHVSDUOHVPRGXOHVGHVV\VWÙಢ
PHVGRWÚVG
XQHIRQFWLRQG
HQUHJLVಢ
WUHPHQWGHVGRQQÚHVG
ÚYÚQHPHQWV
FRPPHOHPRGXOHGHFRPPDQGHGH
O
DLUEDJTX
HQFDVG
DFFLGHQWRXG
LQಢ
FLGHQW
/HVV\VWÙPHVSHXYHQWÚYHQWXHOOHಢ
PHQWHQUHJLVWUHUGHVGRQQÚHVGH
GLDJQRVWLFUHODWLYHVÑO
ÚWDWGX
YÚKLFXOHSDUH[HPSOHQLYHDXG
KXLOH
RXNLORPÚWUDJHHWGHVLQIRUPDWLRQV
VXUOHW\SHGHFRQGXLWHSDUH[HPSOH
UÚJLPHPRWHXUIUHLQDJHHWXWLOLVDWLRQ
GHODFHLQWXUHGHVÚFXULWÚ
3RXUOHVOLUHLOIDXWGLVSRVHUG
XQÚTXLಢ
SHPHQWVSÚFLDOHWG
XQDFFÙVDX
YÚKLFXOH&HUWDLQHVGRQQÚHVGHGLDJಢ
QRVWLFVRQWHQYR\ÚHVÚOHFWURQLTXHಢ
PHQWDX[V\VWÙPHVPRQGLDX[GH
&KHYUROHWORUVGHVUÚYLVLRQVHQDWHOLHU
DILQG
ÚWDEOLUO
KLVWRULTXHG
HQWUHWLHQGX
YÚKLFXOH&HODSHUPHWGHYRXVSURSRಢ
VHUGHVLQWHUYHQWLRQVGHUÚYLVLRQHWGH
UÚSDUDWLRQSDUIDLWHPHQWDGDSWÚHV
ÑYRWUHYÚKLFXOHFKDTXHIRLVTXHYRXV
OHFRQILH]ÑO
DWHOLHU
/HFRQVWUXFWHXUQ
DFFÚGHUDSDVDX[
LQIRUPDWLRQVVXUOHFRPSRUWHPHQWGX
FRQGXFWHXUHQFDVG
DFFLGHQWRXQH
OHVSDUWDJHUDSDVDYHFGHVWLHUVVDXI
࿢ HQFDVGHFRQVHQWHPHQWGXSURಢ
SULÚWDLUHGXYÚKLFXOHRXELHQGXORಢ
FDWDLUHGXYÚKLFXOHVLOHYÚKLFXOHHVW
ORXÚ
࿢ VXLWHÑXQHUHTXÛWHRIILFLHOOHGHOD
SROLFHRXG
XQHRUJDQLVDWLRQJRXಢ
YHUQHPHQWDOHVLPLODLUH
,QIRUPDWLRQVDXFOLHQW
࿢ HQWDQWTX
ÚOÚPHQWGHGÚIHQVHGX
FRQVWUXFWHXUGDQVOHFDGUHG
DFಢ
WLRQVMXGLFLDLUHV
࿢ VLFHODHVWSUHVFULWSDUODORL
(QRXWUHOHFRQVWUXFWHXUSHXWXWLOLVHU
OHVGRQQÚHVGHGLDJQRVWLFFROOHFWÚHV
RXUHØXHV
࿢ ÑGHVILQVGHUHFKHUFKHGXFRQVಢ
WUXFWHXU
࿢ SRXUOHVUHQGUHGLVSRQLEOHVSRXUOHV
EHVRLQVGHODUHFKHUFKHSRXUDXಢ
WDQWTXHODFRQILGHQWLDOLWÚVRLWDVVXಢ
UÚHHWTXHOHEHVRLQGÚPRQWUÚ
࿢ SRXUSDUWDJHUOHVGRQQÚHVUÚFDSLಢ
WXODWLYHVTXLQHVRQWSDVOLÚHVÑXQ
YÚKLFXOHVSÚFLILTXHDYHFG
DXWUHV
RUJDQLVDWLRQVÑGHVILQVGHUHFKHUಢ
FKH
,GHQWLILFDWLRQGHIUÚTXHQFH
UDGLR5),'
/DWHFKQRORJLH5),'V
XWLOLVHGDQV
FHUWDLQVYÚKLFXOHVSRXUGHVIRQFWLRQV
WHOOHVTXHVXUYHLOODQFHGHODSUHVVLRQ
GHVSQHXVHWVÚFXULWÚGXFLUFXLWG
DOಢ
OXPDJH(OOHVHUWDXVVLSRXUGHVGLVಢ
SRVLWLIVWHOVTXHOHVSRUWHFOÚVDYHF
YHUURXLOODJHGÚYHUURXLOODJHGHVSRUಢ
WHVHWGÚPDUUDJHÑGLVWDQFHHWOHV
WUDQVPHWWHXUVG
RXYHUWXUHGHSRUWHGH
JDUDJHSODFÚVÑO
LQWÚULHXUGHVYÚKLಢ
FXOHV'DQVOHVYÚKLFXOHV&KHYUROHW
ODWHFKQRORJLH5),'Q
XWLOLVHSDVRX
Q
HQUHJLVWUHSDVG
LQIRUPDWLRQVSHUಢ
VRQQHOOHVRXQ
HVWSDVHQOLDLVRQDYHF
G
DXWUHVV\VWÙPHV&KHYUROHWFRQWHಢ
QDQWGHVLQIRUPDWLRQVSHUVRQQHOOHV
,QIRUPDWLRQVDXFOLHQW
,QGH[DOSKDEÚWLTXH
$
$FFHVVRLUHVHWPRGLILFDWLRQVGX
YÚKLFXOH $FFRXGRLU $FWLYDWLRQGHODUDGLR $FWLYDWLRQGXOHFWHXU&' $FWLYDWLRQGXV\VWÙPHGH
QDYLJDWLRQ $GUHVVHœPDLVRQ¬ $IILFKDJHG
LQIRUPDWLRQV
JUDSKLTXHDIILFKDJH
G
LQIRUPDWLRQVFRXOHXUV $IILFKDJHGHODWUDQVPLVVLRQ $IILFKDJHGHVHUYLFH $LGHDXVWDWLRQQHPHQW $LGHDXVWDWLRQQHPHQWSDU
XOWUDVRQV $LUEDJVHWUÚWUDFWHXUVGH
FHLQWXUH $ODUPHDQWLYRO $OOXPHFLJDUHV $QQHDX[G
DUULPDJH $QQRQFHVGHFLUFXODWLRQ $QWLEORFDJHGHVÚFXULWÚ $QWLEORFDJHGHVÚFXULWÚ$%6 $QWLEURXLOODUG $SHUØXGHVV\PEROHV $SSHOGHSKDUHV $SSXLVWÛWH $VVLVWDQFHDXIUHLQDJH $YHUWLVVHXUVRQRUH %
%DWWHULH %ORFDJHGHGÚPDUUDJH %ORFDJHGXGÚPDUUDJH %RßWHÑIXVLEOHVGX
FRPSDUWLPHQWPRWHXU %RßWHÑIXVLEOHVGXWDEOHDXGH
ERUG %RßWHÑJDQWV %RßWHGHYLWHVVHV %RßWHGHYLWHVVHVDXWRPDWLTXH %RßWHGHYLWHVVHVPDQXHOOH %RXFKHVG
DÚUDWLRQIL[HV %RXFKHVG
DÚUDWLRQUÚJODEOHV %RXWRQ%$&.UHWRXU %RXWRQ0(18 &
&DFKHEDJDJHV &DSDFLWÚV &DSRW &DUEXUDQWSRXUPRWHXUV
ÑHVVHQFH &DUEXUDQWSRXUPRWHXUVGLHVHO &DUQHWG
DGUHVVHV &DUWHV &DUWH6' &DUWH6'FDUWRJUDSKLTXH
PDQXWHQWLRQ UHPSODFHU &DWDO\VHXU &HLQWXUHGHVÚFXULWÚ &HLQWXUHGHVÚFXULWÚÑWURLV
SRLQWV &HLQWXUHVGHVÚFXULWÚ &HQGULHUV &HQWUHG
LQIRUPDWLRQVGX
FRQGXFWHXU &KDßQHVÑQHLJH &KDQJHPHQWG
XQHURXH &KDQJHPHQWGHWDLOOHGHSQHXV
HWGHMDQWHV &KDXIIDJH &KDXIIDJHDX[LOLDLUH &KDXIIDJHHWYHQWLODWLRQ &OÚV &OLJQRWDQW &OLJQRWDQWVGHFKDQJHPHQWGH
GLUHFWLRQHWGHILOH &OLJQRWDQWVODWÚUDX[ &OLPDWLVDWLRQ &OLPDWLVDWLRQÚOHFWURQLTXH &RIIUH &RPPDQGHDXWRPDWLTXHGHV
IHX[ &RPPDQGHG
ÚFODLUDJHGX
WDEOHDXGHERUG &RPPDQGHVDXYRODQW &RPPDQGHVGHEDVH &RPPXWDWHXUG
ÚFODLUDJH &RPSWHWRXUV &RPSWHXUGHYLWHVVH &RPSWHXUNLORPÚWULTXH &RPSWHXUNLORPÚWULTXHMRXUQDOLHU &RQILJXUDWLRQGHODPXVLTXH
%OXHWRRWK &RQILJXUDWLRQGX5'6 &RQQH[LRQG
XQDSSDUHLOGH
PXVLTXH%OXHWRRWK &RQVRPPDWLRQGHFDUEXUDQW
ºPLVVLRQVGH&2 &RQWUåOHGXYÚKLFXOH &RXSODJHG
XQDSSDUHLOGH
PXVLTXH%OXHWRRWK &RXSXUHG
DOLPHQWDWLRQHQ
GÚFÚOÚUDWLRQ &RXSXUHGHFRXUDQW '
'DQJHUDWWHQWLRQHW
DYHUWLVVHPHQW 'ÚIDLOODQFH 'ÚPDUUDJHGXOHFWHXU&' 'ÚPDUUDJHGXPRWHXU 'ÚPDUUDJHSDUFÓEOHV
DX[LOLDLUHV 'ÚVDFWLYDWLRQG
DLUEDJ 'ÚVLJQDWLRQVGHVSQHXV 'ÚWHFWHXUGHSOXLH 'ÚYHUURXLOODJHGXYÚKLFXOH 'LPHQVLRQVGXYÚKLFXOH 'LUHFWLRQDVVLVWÚH 'LVSRVLWLIDQWLYRO 'RQQÚHVGXPRWHXU (
ºFODLUDJHGHSODTXH
G
LPPDWULFXODWLRQ ºFODLUDJHGXWDEOHDXGHERUG ºFODLUDJHH[WÚULHXU ºFODLUDJHLQWÚULHXU ºFODLUDJHSRXUHQWUHUGDQVOH
YÚKLFXOH ºFODLUDJHSRXUTXLWWHUOHYÚKLFXOH (FRXWHUXQHVRXUFHDXGLR ºFUDQGHQDYLJDWLRQ (OHFWURQLF6WDELOLW\&RQWURO (OHFWURQLF6WDELOLW\&RQWURO
GÚVDFWLYÚ (OHFWURQLF6WDELOLW\&RQWUROHW
V\VWÙPHDQWLSDWLQDJH (PSODFHPHQWVGHPRQWDJHG
XQ
V\VWÙPHGHVÚFXULWÚSRXU
HQIDQW (QKDQFHG2WKHU1HWZRUNV (QMROLYHXUV (QUHJLVWUHPHQWGHVVWDWLRQV
(QUHJLVWUHPHQWVGHVGRQQÚHV
G
ÚYÚQHPHQWV (QWUÚH$8;
SULVH (QWUHWLHQ (QWUHWLHQH[WÚULHXU (QWUHWLHQLQWÚULHXU (QWUHWLHQVXSSOÚPHQWDLUH (21 (VVXLHJODFHODYHJODFHDYDQW (VVXLHJODFHODYHJODFHGH
OXQHWWHDUULÙUH (VVXLHJODFHVHWODYHJODFHV ([ÚFXWLRQGXWUDYDLO )
)DLUHOHSOHLQ )HXDQWLEURXLOODUGDUULÙUH )HX[DQWLEURXLOODUG )HX[DQWLEURXLOODUGDUULÙUH )HX[DUULÙUH )HX[GHGÚWUHVVH )HX[GHUHFXO )HX[GHURXWH )HX[GHVWDWLRQQHPHQW )LOWUHÑDLUGXPRWHXU )LOWUHÑSDUWLFXOHVSRXUGLHVHO
)LOWUHÑSROOHQV )OXLGHVHWOXEULILDQWV
UHFRPPDQGÚV )RQFWLRQDQWLYRO )RQFWLRQG
ÚSHOODWLRQ )RQFWLRQQHPHQW
)RQFWLRQQHPHQWQRUPDOGHOD
FOLPDWLVDWLRQ )RUPHFRQYH[H )UHLQÑPDLQ )UHLQGHVWDWLRQQHPHQW )UHLQV )XVLEOHV *
*DOHULHGHWRLW *D]G
ÚFKDSSHPHQW *XLGDJH *XLGDJHG
LWLQÚUDLUH *XLGDJHG\QDPLTXH +
+RUORJH +XLOHPRWHXU ,
,GHQWLILFDWLRQGHIUÚTXHQFHUDGLR
5),' ,QIRUPDWLRQVVXUO
HQWUHWLHQ ,QIRUPDWLRQVVXUOHFKDUJHPHQW ,QIRWDLQPHQW6\VWHP
FRPPDQGHV FRPPDQGHVDXGLRDXYRODQW IRQFWLRQQHPHQW PLVHHQPDUFKH SDUDPÙWUHVGHWRQDOLWÚ SDUDPÙWUHVGHYROXPH SHUVRQQDOLVDWLRQ UÚJODJHGXYROXPH VRXUGLQH WDEOHDXGHERUG YROXPHFRPSHQVÚSDUUDSSRUW
ÑODYLWHVVH YROXPHGHVDQQRQFHVGH
FLUFXODWLRQ YROXPHPD[LPDODX
GÚPDUUDJH YROXPHYDULDQWDYHFOD
YLWHVVH ,QWURGXFWLRQ -DQWHVHWSQHXV -DXJHÑFDUEXUDQW -DXJHGHWHPSÚUDWXUHGHOLTXLGH
GHUHIURLGLVVHPHQWGXPRWHXU .
.LWGHUÚSDUDWLRQGHVSQHXV /
/DPSHVGHFRXUWRLVH /DPSHVGHOHFWXUH /HFWHXU&'
DFWLYDWLRQ IRQFWLRQQHPHQW LQIRUPDWLRQVLPSRUWDQWHV /HQWLOOHVGHIHXHPEXÚHV /ÙYHYLWUHVÚOHFWULTXHV /ÙYHYLWUHVPDQXHOV /HYLHUVÚOHFWHXU /LTXLGHGHGLUHFWLRQDVVLVWÚH /LTXLGHGHIUHLQ /LTXLGHGHIUHLQG
HPEUD\DJH /LTXLGHGHODYHJODFH /LTXLGHGHUHIURLGLVVHPHQWGX
PRWHXU /LTXLGHGHUHIURLGLVVHPHQWHW
DQWLJHO /LVWHVGಫHQUHJLVWUHPHQW
DXWRPDWLTXH /LVWHVGHIDYRULV /XQHWWHDUULÙUHFKDXIIDQWH 0
0HQXVGHEDQGHVGH
IUÚTXHQFHV 0HVVDJHVGXYÚKLFXOH 0LVHÑMRXUGHVOLVWHVGH
VWDWLRQV 0LVHHQPDUFKHHWDUUÛWGH
O
,QIRWDLQPHQW6\VWHP 0RGHPDQXHO P\32,V 1
1DYLJDWLRQ
DFWLYDWLRQ ÑO
DLGHGHODIRQFWLRQ
G
ÚSHOODWLRQ $GUHVVHœPDLVRQ¬ $SHUØXGHVV\PEROHV DOHUWHGHQLYHDXGHFDUEXUDQW
EDV EORFDJHG
LWLQÚUDLUH &DUQHWG
DGUHVVHV FDUWH6'FDUWRJUDSKLTXH FRPPDQGHV GÚPDUUHUQDYLJDWLRQ ÚFUDQGHQDYLJDWLRQ HIIDFHPHQWGHVSRLQWV
G
LQWÚUÛWLPSRUWÚV HIIDFHUO
DGUHVVHœPDLVRQ¬ IRQFWLRQQHPHQW JXLGDJHG
LWLQÚUDLUH JXLGDJHGHYRLHG
DXWRURXWH JXLGDJHG\QDPLTXH LPSRUWHUH[SRUWHUGHVSRLQWV
G
LQWÚUÛW32, OLVWHG
LWLQÚUDLUHV PHVVDJHV70& P\32,V RSWLRQVGHQDYLJDWLRQ 3RLQWVG
LQWÚUÛW UÚSÚWLWLRQGXGHUQLHUPHVVDJH
GHQDYLJDWLRQ VDLVLHGHODGHVWLQDWLRQ XWLOLVDWLRQ YROXPHGHQDYLJDWLRQ 1LYHDXEDVGHFDUEXUDQW 1XPÚURG
LGHQWLILFDWLRQGX
YÚKLFXOH 2
2UGLQDWHXUGHERUG 2XWLOODJH 3
3DUDPÙWUHVGHWRQDOLWÚ 3DUDPÙWUHVGHYROXPH 3DUHVROHLO 3DVVDJHDXUDSSRUWVXSÚULHXU 3HUIRUPDQFHV 3HUVRQQDOLVDWLRQ 3HUVRQQDOLVDWLRQGXYÚKLFXOH 3KDUHVDQWLEURXLOODUG 3KDUHVKDORJÙQHV 3KDUHVSRXUFRQGXLWH
ÑO
ÚWUDQJHU 3ODQVG
HQWUHWLHQ 3ODTXHWWHG
LGHQWLILFDWLRQ 3QHXVG
KLYHU 3RLGVGXYÚKLFXOH 3RLQWVG
LQWÚUÛWGÚILQLVSDU
O
XWLOLVDWHXU 3RLQWVG
LQWÚUÛWLQGLYLGXHOV 3RUWHJREHOHWV 3RUWHRXYHUWH 3RUW86%
ÚFRXWHUXQHVRXUFHDXGLR )RQFWLRQVL3RG LQIRUPDWLRQVLPSRUWDQWHV PRGÙOHVL3RGFRPSDWLEOHV 3RVLWLRQGHVLÙJH 3RVLWLRQQXLWDXWRPDWLTXH 3RVLWLRQQXLWPDQXHOOH 3RVLWLRQVGHODVHUUXUHGH
FRQWDFW 3UÚFKDXIIDJH 3UHQGUHODURXWH 3UÚVHQWDWLRQGHVÚOÚPHQWVGH
FRPPDQGH 3UHVVLRQG
KXLOHPRWHXU 3UHVVLRQGHVSQHXV 3UHVVLRQVGHVSQHXV 3ULVHG
DLU 3ULVHVGHFRXUDQW 3URFKDLQHQWUHWLHQGXYÚKLFXOH 3URIRQGHXUGHVFXOSWXUHV 3URJUDPPHVGHFRQGXLWH
ÚOHFWURQLTXH 3URWHFWLRQFRQWUHODGÚFKDUJHGH
ODEDWWHULH 3XUJHGXV\VWÙPH
G
DOLPHQWDWLRQHQJD]ROH
GLHVHO 4
4XLFNKHDW 5
5DEDWWHPHQW 5DGLR
5DGLR'DWD6\VWHP5'6 DFWLYDWLRQ IRQFWLRQQHPHQW OLVWHVGಫHQUHJLVWUHPHQW
DXWRPDWLTXH /LVWHVGHIDYRULV OLVWHVGHVWDWLRQV PHQXVGHEDQGHVGH
IUÚTXHQFHV UHFKHUFKHGHVWDWLRQV VÚOHFWLRQGHODEDQGHGH
IUÚTXHQFHV 5DGLR'DWD6\VWHP5'6 5DQJHPHQWGDQVOHVDFFRXGRLUV 5DQJHPHQWGDQVOHWDEOHDXGH
ERUG 5DQJHPHQWSRXUOXQHWWHVGH
VROHLO 5DSSHOGHFHLQWXUHGHVÚFXULWÚ 5'6 5HFKHUFKHGHVWDWLRQV 5ÚJLRQDOLVDWLRQ 5ÚJODJHGHODSRUWÚHGHVSKDUHV 5ÚJODJHGHVDSSXLVWÛWH 5ÚJODJHGHVLÙJH 5ÚJODJHGHVUÚWURYLVHXUV 5ÚJODJHGHVVLÙJHV 5ÚJODJHGXYRODQW 5ÚJODJHGXYROXPH 5ÚJODJHGXYROXPHGH
QDYLJDWLRQ 5ÚJODJHÚOHFWULTXH 5ÚJODJHVPÚPRULVÚV 5ÚJXODWHXUGHYLWHVVH 5HPDUTXHVJÚQÚUDOHV
5HPRUTXDJHG
XQDXWUH
YÚKLFXOH 5HPRUTXDJHGXYÚKLFXOH 5HPSODFHPHQWGHVDPSRXOHV 5HPSODFHPHQWGHVEDODLV
G
HVVXLHJODFH 5HSULVHGHVYÚKLFXOHVKRUV
G
XVDJH 5HWURXYHUOHVVWDWLRQV 5RGDJHG
XQYÚKLFXOHQHXI 5RXHGHVHFRXUV 6\VWÙPHG
DLUEDJIURQWDO 6\VWÙPHG
DLUEDJODWÚUDO 6\VWÙPHG
DLUEDJULGHDX 6\VWÙPHGHFKDUJH 6\VWÙPHGHIUHLQDJHHW
G
HPEUD\DJH 6\VWÙPHVGHVÚFXULWÚSRXU
HQIDQW 6\VWÙPHVGHVÚFXULWÚSRXU
HQIDQW,VRIL[ 6\VWÙPHVGHVÚFXULWÚSRXU
HQIDQW7RS7HWKHU 6
7ÚOÚFRPPDQGHUDGLR 7ÚOÚSKRQHVPRELOHVHW
ÚTXLSHPHQWUDGLR&% 7ÚPRLQGHG\VIRQFWLRQQHPHQW 7ÚPRLQV 7HPSÚUDWXUHH[WÚULHXUH 7RLWRXYUDQW 7ULDQJOHGHSUÚVLJQDOLVDWLRQ 7URXVVHGHVHFRXUV 6DLVLHG
DGUHVVH 6DLVLHGHODGHVWLQDWLRQ 6ÚFXULWÚHQIDQWV 6ÚOHFWLRQGHODEDQGHGH
IUÚTXHQFHV 6HUYLFH 6LJQDX[VRQRUHV 6RQGHGHTXDOLWÚGHO
DLU 6RXUGLQH 6WDWLRQQHPHQW 6WRFNDJHGXYÚKLFXOH 6\PEROHV 6\VWÙPHDQWLSDWLQDJH 6\VWÙPHDQWLSDWLQDJHGÚVDFWLYÚ 6\VWÙPHG
DLUEDJ 7
8
8WLOLVDWLRQ 8WLOLVDWLRQG
XQDSSDUHLOGH
PXVLTXH%OXHWRRWK 8WLOLVDWLRQGHFHPDQXHO 8WLOLVDWLRQGHO
HQWUÚH$8; 8WLOLVDWLRQGHO
,QIRWDLQPHQW
6\VWHP 8WLOLVDWLRQGHODUDGLR 8WLOLVDWLRQGHVPHQXV 8WLOLVDWLRQGXOHFWHXU&' 8WLOLVDWLRQGXSRUW86% 8WLOLVDWLRQGXV\VWÙPHGH
QDYLJDWLRQ 9
9HQWLODWLRQ 9HUURXLOODJHFHQWUDO 9ROXPHFRPSHQVÚSDUUDSSRUW
ÑODYLWHVVH 9ROXPHGHQDYLJDWLRQ 9XHG
HQVHPEOHGX
FRPSDUWLPHQWPRWHXU 9XHG
HQVHPEOHGXWDEOHDXGH
ERUG