6200$,5(
$9$17'·87,/,6(5/(6Ë&+(/,1*(
%5$1&+(0(176
35e&$87,216(75(&200$1'$7,216
*e1e5$/(6
'(6&5,37,21'86Ë&+(/,1*(
6<67(0('(9,'$1*(32855e6(592,5'·($8
'$16/(7$%/($8'(&200$1'(81,48(0(17
5e9(56,%,/,7e'(/$3257(
&21'(16(85
$9$17'·87,/,6(5/(6Ë&+(/,1*(
%5$1&+(0(176
5HWUDLWGHO·HPEDOODJHHWYpULILFDWLRQ
$SUqVOHGpEDOODJHYpULILH]TXHOHVqFKHOLQJHQ·HVWSDV
HQGRPPDJp(QFDVGHGRXWHQ·XWLOLVH]SDVOHVqFKH
OLQJH&RQWDFWH]OH6HUYLFH$SUqV9HQWHRXYRWUH
5HYHQGHXU
*DUGH]OHVpOpPHQWVG·HPEDOODJH VDFVHQSODVWLTXH
SRO\VW\UqQHHWF KRUVGHSRUWpHGHVHQIDQWVFDULOV
SHXYHQWrWUHGDQJHUHX[
5HWLUH]OHILOPGHSURWHFWLRQGXEDQGHDXGHFRPPDQGH
6WDELOLWp
/RUVGHO·LQVWDOODWLRQGXVqFKHOLQJHYHLOOH]jELHQOH
PHWWUHjQLYHDXHQUpJODQWVHVTXDWUHSLHGVHWHQ
XWLOLVDQWXQQLYHDXjEXOOH
5DFFRUGHPHQWpOHFWULTXH
/·LQVWDOODWLRQpOHFWULTXHGRLWrWUHHIIHFWXpVXLYDQW
OHVQRUPHVHQYLJXHXU
(QSDUWLFXOLHUOHVDSSDUHLOVLQVWDOOpVGDQVOHVORFDX[
FRQWHQDQWXQHGRXFKHRXXQHEDLJQRLUHGRLYHQW
rWUHSURWpJpVSDUXQGLVSRVLWLIjFRXUDQW
GLIIpUHQWLHOUpVLGXHODXSOXVpJDOjP$
$VVXUH]YRXVTXHODPLVHjODWHUUHGHFHVqFKH
OLQJHHVWFRQIRUPHDX[SUHVFULSWLRQVHQYLJXHXU
/HVFDUDFWpULVWLTXHVWHFKQLTXHV WHQVLRQSXLVVDQFH
HWIXVLEOH ILJXUHQWVXUODSODTXHVLJQDOpWLTXHVLWXpH
jO·DUULqUHGXVqFKHOLQJH
/HIDEULFDQWGpFOLQHWRXWHUHVSRQVDELOLWpSRXUOHV
GRPPDJHVDX[SHUVRQQHVRXDX[ELHQVUpVXOWDQWGH
ODQRQREVHUYDWLRQGHFHVSUHVFULSWLRQV
/·XWLOLVDWLRQG·DGDSWHXUVGHUDOORQJHVRXGHSULVHV
PXOWLSOHVHVWGpFRQVHLOOpH
$YDQWG·HIIHFWXHUO·HQWUHWLHQPHWWH]OHVqFKHOLQJH
KRUVWHQVLRQ
1HIDLWHVSDVIRQFWLRQQHUOHVqFKHOLQJHV·LODpWp
HQGRPPDJpSHQGDQWVRQWUDQVSRUW&RQVXOWH]XQ
WHFKQLFLHQGX6HUYLFH$SUqV9HQWH
(QFDVGHUHPSODFHPHQWGXFkEOHpOHFWULTXH
FRQVXOWH]XQWHFKQLFLHQGX6HUYLFH$SUqV9HQWH
(QFRPEUHPHQWPLQLPXP
/DUJHXU
PP
+DXWHXU
PP
3URIRQGHXU PP
.LWGHVXSHUSRVLWLRQ
/HVqFKHOLQJHSHXWrWUHSRVpVXUYRWUHODYHOLQJHj
FKDUJHPHQWIURQWDOHQXWLOLVDQWOHNLWGH
VXSHUSRVLWLRQ$0+GLVSRQLEOHDXSUqVGH
YRWUH5HYHQGHXU
,QVWDOODWLRQ
1·LQVWDOOH]SDVYRWUHVqFKHOLQJHGDQVXQHQGURLW
H[SRVpjGHVFRQGLWLRQVFOLPDWLTXHVH[WUrPHVWHOOH
TXHYHQWLODWLRQLQVXIILVDQWHWHPSpUDWXUHVWURSEDVVHV
ULVTXHGHJHO RXWURSKDXWHV VXSpULHXUHVj & $YDQWODSUHPLqUHXWLOLVDWLRQYpULILH]TXHOH
UpVHUYRLUG·HDXHWOHFRQGHQVHXUVRQWFRUUHFWHPHQW
SODFpV
6HXOHPHQWSRXUDSSDUHLOVGRWpVGXUpVHUYRLUG·HDX
GDQVOHWDEOHDXGHFRPPDQGHVLSRVVLEOHXWLOLVH]
OHWX\DXIRXUQLSRXUpYDFXHUO·HDXGLUHFWHPHQWGDQV
XQV\VWqPHGHYLGDQJHYRLUOHSDUDJUDSKH´6\VWqPH
GHYLGDQJHµ9RXVpYLWHUH]DLQVLGHGHYRLUYLGHUOH
UpVHUYRLUG·HDXjODILQGHFKDTXHF\FOHGHVpFKDJH
9HLOOH]jQHSDVFRLQFHUOHFkEOHpOHFWULTXHHQWUHOH
VqFKHOLQJHHWOHPXU
35e&$87,216(75(&200$1'$7,216
*e1e5$/(6
(PEDOODJH
/HVPDWpULDX[G·HPEDOODJHVRQWUHF\FODEOHVj
HWSRUWHQWOH
V\PEROHGHUHF\FODJH
&RQVHLOVSRXUpFRQRPLVHUO·pQHUJLH
6pFKH]WRXMRXUVXQHSOHLQHFKDUJHHQIRQFWLRQGX
WH[WLOHHWGXSURJUDPPHWHPSVGHVpFKDJH
8WLOLVH]GHSUpIpUHQFHODYLWHVVHG·HVVRUDJHPD[LPDOH
DXWRULVpHGHYRWUHPDFKLQHjODYHU9RXVJDJQHUH]GX
WHPSVHWYRXVpFRQRPLVHUH]GHO·pQHUJLHORUVGH
O·XWLOLVDWLRQGXVqFKHOLQJH
1HVpFKH]SDVOHOLQJHSOXVTX·LOQ·HVWQpFHVVDLUH
1HWWR\H]OHILOWUHDSUqVFKDTXHF\FOHGHVpFKDJH
,QVWDOOH]YRWUHVqFKHOLQJHGDQVXQHSLqFHj
WHPSpUDWXUHPRGpUpH &j& (QFDVGH
WHPSpUDWXUHVXSpULHXUHDpUH]ODSLqFH
6pOHFWLRQQH]WRXMRXUVXQSURJUDPPHWHPSVGH
VpFKDJHTXLFRQYLHQWjODFKDUJHDILQG·REWHQLUOHV
UpVXOWDWVGHVpFKDJHUHTXLV
6pOHFWLRQQH]O·RSWLRQ'pOLFDWVHXOHPHQWSRXUOHV
SHWLWHVFKDUJHV
3DUH[HPSOHSRXUOHVpFKDJHGHOLQJHHQFRWRQ
YRXVSRXYH]PpODQJHUGXOLQJHSUrWjUHSDVVHUHWGX
OLQJHSUrWjUDQJHU&RPPHQFH]SDUOHSURJUDPPH
WHPSVGHVpFKDJHSUrWjUHSDVVHU(QILQGHF\FOH
UHWLUH]OHOLQJHjUHSDVVHUSXLVVpFKH]OHUHVWHGHOD
FKDUJHHQVpOHFWLRQQDQWOHF\FOHSUrWjUDQJHU
0LVHDXUHEXWGHO·HPEDOODJHHWG·XQDQFLHQ
VqFKHOLQJHKRUVG·XVDJH
&HVqFKHOLQJHHVWIDEULTXpjSDUWLUGHPDWpULDX[
UpXWLOLVDEOHV6LYRXVGpFLGH]GHYRXVVpSDUHUGH
YRWUHVqFKHOLQJHYRXVGHYH]OHIDLUHHQFRQIRUPLWp
DYHFODOpJLVODWLRQHQYLJXHXUORFDOHPHQWVXU
O·pYDFXDWLRQGHVGpFKHWV
$YDQWODPLVHDXUHEXWFRXSH]OHFRUGRQ
G·DOLPHQWDWLRQDILQGHUHQGUHOHVqFKHOLQJH
LQXWLOLVDEOH
6pFXULWpGHVHQIDQWV
,OHVWIRUWHPHQWGpFRQVHLOOpGHODLVVHUMRXHUOHV
HQIDQWVDYHFOHVqFKHOLQJH
5HFRPPDQGDWLRQVJpQpUDOHV $SUqVO·XWLOLVDWLRQUDPHQH]WRXMRXUVOHERXWRQGH
VpOHFWLRQGXSURJUDPPHWHPSVGHVpFKDJHVXUOD
SRVLWLRQ´6WRSµSRXUpYLWHUODPLVHHQPDUFKH
DFFLGHQWHOOHGXVqFKHOLQJH
$YDQWOHQHWWR\DJHRXOHVRSpUDWLRQVGH
PDLQWHQDQFHPHWWH]OHVqFKHOLQJHKRUVWHQVLRQHW
GpEUDQFKH]OHGXVHFWHXU
3RXUQHWWR\HUO·H[WpULHXUGXVqFKHOLQJHXWLOLVH]XQ
GpWHUJHQWQHXWUHHWXQFKLIIRQKXPLGH
1·XWLOLVH]MDPDLVGHSURGXLWVDEUDVLIV
$YHFXQFKLIIRQKXPLGHHQOHYH]OHVSHOXFKHV
GpSRVpHVVXUOHMRLQWHWjO·LQWpULHXUGHODSRUWH
6LOHILOWUHHVWHQFUDVVpQHWWR\H]OHDYHFGHO·HDXHW
XQHEURVVHGRXFH
eWDQWGRQQpTXHOHVSHOXFKHVSHXYHQWWUDYHUVHUOH
ILOWUHLOHVWQpFHVVDLUHGHQHWWR\HUUpJXOLqUHPHQW
WRXWHOD]RQHGXILOWUH ILOWUHFRPSULV HQXWLOLVDQWXQ
FKLIIRQKXPLGHRXXQDVSLUDWHXU
/RUVTXHOHUHPSODFHPHQWGXFkEOHG·DOLPHQWDWLRQ
HVWQpFHVVDLUHXWLOLVH]XQPRGqOHLGHQWLTXHj
O·RULJLQDOTXHYRXVSRXYH]YRXVSURFXUHUDXSUqVGH
QRWUH6HUYLFH$SUqV9HQWH/HFRUGRQ
G·DOLPHQWDWLRQGRLWH[FOXVLYHPHQWrWUHUHPSODFp
SDUXQpOHFWULFLHQTXDOLILp
'pFODUDWLRQGHFRQIRUPLWp&(
&HVqFKHOLQJHDpWpFRQoXIDEULTXpHWGLVWULEXpHQ
FRQIRUPLWpDYHFOHVH[LJHQFHVGHVpFXULWpGHV
GLUHFWLYHV&( &(
&HVqFKHOLQJHHVWFRQoXSRXUXQXVDJH
GRPHVWLTXHVHXOHPHQW
'(6&5,37,21'86Ë&+(/,1*(
3ODQGHWUDYDLO
D 5pVHUYRLUG·HDXGDQVOHWDEOHDXGHFRPPDQGH
RX
E 5pVHUYRLUG·HDXVRXVOHSRUWLOORQGXFRQGHQVHXU
'RLJWGHVpFXULWpGHODSRUWH
3RUWH
3RXURXYULUODSRUWHWLUH]VXUODSRLJQpH
3RXUIHUPHUODSRUWHSRXVVH]ODGpOLFDWHPHQWMXVTX·jOD
IHUPHWXUH
)LOWUH
eFODLUDJHGXWDPERXU VLGLVSRQLEOH eFODLUDJHGXWDPERXUjO·RXYHUWXUHGHODSRUWH OHSURJUDPPH
WHPSVGRLWrWUHVpOHFWLRQQp /DPSHpWHLQWHUDPHQH]WRXMRXUVOHERXWRQGHVpOHFWLRQGX
SURJUDPPHHQSRVLWLRQ´6WRSµ
%RXWRQG·RXYHUWXUHGXYROHWGXFRQGHQVHXU
&RQGHQVHXU
D
E
6<67(0('(9,'$1*(32855e6(592,5'·($8
'$16/(7$%/($8'(&200$1'(81,48(0(17
3RXUpYLWHUGHYLGHUOHUpVHUYRLUG·HDXjODILQGHFKDTXH
F\FOHGHVpFKDJHLOHVWSRVVLEOHGHFRQQHFWHU
GLUHFWHPHQWOHVqFKHOLQJHjXQHFDQDOLVDWLRQRXjXQ
pYLHU
/HUDFFRUGHPHQWSRXUODYLGDQJHGLUHFWHVHWURXYHj
O·DUULqUHGXVqFKHOLQJH
0HWWH]XQHVHUSLOOLqUHSRXUUHFXHLOOLUOHVIXLWHVG·HDXpYHQWXHOOHV
5HWLUH]OHWX\DXVLWXpHQEDVGXVqFKHOLQJHHWSODFH]OHGDQV
O·RULILFHjF{Wp
)L[H]OHWX\DXIOH[LEOHIRXUQLDYHFOHVqFKHOLQJH G·XQHORQJXHXUGH
P jODFDQDOLVDWLRQGHVRUWLH
/DGLIIpUHQFHGHKDXWHXUHQWUHOHVGHX[UDFFRUGHPHQWVGHYLGDQJH
QHGRLWSDVGpSDVVHUP
1%
(QFDVGHYLGDQJHGDQVXQpYLHUO·H[WUpPLWpGXWX\DX
IOH[LEOHQHGRLWSDVrWUHLPPHUJpHGDQVO·HDXGH
YLGDQJH
5e9(56,%,/,7e'(/$3257(
5pYHUVLELOLWpGHODSRUWH
'pEUDQFKH]OHVqFKHOLQJH
2XYUH]ODSRUWH
5HWLUH]DYHFXQHFOpOHGRLJWGHVpFXULWpGHODSRUWHSODFpVXUOD
SDUWLHVXSpULHXUHGHODSRUWH)DLWHVWRXUQHUGHOHGRLJWGH
VpFXULWpGHODSRUWHHWHQOHYH]OH
'pYLVVH]OHVGHX[YLVGHODFKDUQLqUHGHODSRUWHHWHQOHYH]OD
SRUWH
3RXUHQOHYHUOHYHUURXGHVpFXULWp
'pYLVVH]OHVGHX[YLVVLWXpHVDXGHVVXVHWDXGHVVRXVGX
V\VWqPHGHIHUPHWXUHGHODSRUWH
)DLWHVOHJOLVVHUYHUVOHKDXW FP HQOHWHQDQWSDUODEDVH
(QOHYH]OH
3RXUFKDQJHUOHVHQVGHO·RXYHUWXUHGHODSRUWH
5HWRXUQH]ODSRUWH
)L[H]ODSRUWHDYHFOHVYLVjO·HPSODFHPHQWFKRLVL
,QVpUH]OHV\VWqPHGHIHUPHWXUHVXUOHF{WpRSSRVpGHODSRUWH
HWGpSODFH]OH FP YHUVOHEDV
9LVVH]OHVYLVVLWXpHVDXGHVVXVHWDXGHVVRXVGXV\VWqPHGH
IHUPHWXUHGHODSRUWH
9HLOOH]jQHSDVPHWWUHjO·HQYHUVOHV\VWqPHGHVpFXULWpGHOD
SRUWH/HGLVSRVLWLISRXUODVpFXULWpGHVHQIDQWVGRLWUHFRXYULUOH
PpFDQLVPHGHIHUPHWXUH
5HPHWWH]HQSODFHOHGRLJWGHVpFXULWpVXUODSDUWLHVXSpULHXUHGHOD
SRUWH
&21'(16(85
$YDQWOHQHWWR\DJHRXWRXWHRSpUDWLRQGHPDLQWHQDQFHPHWWH]
OHVqFKHOLQJHKRUVWHQVLRQ
1HWWR\H]OHFRQGHQVHXUDXPRLQVWRXVOHVWURLVPRLVHQ
SURFpGDQWFRPPHVXLW
2XYUH]ODSRUWHHWDSSX\H]VXUOHERXWRQGXYROHWGXFRQGHQVHXU
VLWXpHQEDVGHO·RXYHUWXUHGHODSRUWH
/HYROHWGXFRQGHQVHXUV·RXYUH
'pYHUURXLOOHUOHFRQGHQVHXUHQWLUDQWODSRLJQpHSRXUODVRXOHYHU
HWODVRUWLUGHVRQORJHPHQW
1HWWR\H]OHFRQGHQVHXUVRXVO·HDXFRXUDQWH
(QOHYH]OHVUpVLGXVHWOHVSHOXFKHVGpSRVpVVXUOHVMRLQWVHWOH
ORJHPHQWGXFRQGHQVHXU
9HLOOH]jJDUGHUWRXMRXUVSURSUH VDQVSHOXFKHV OHORJHPHQWGX
FRQGHQVHXUHWO RULILFHGHYLGDQJHHQQHWWR\DQWjO·DLGHG·XQFKLIIRQ
KXPLGH
5HPHWWH]OHFRQGHQVHXUHQSODFHHQUHVSHFWDQWO·RULHQWDWLRQGX
VLJOH723HQKDXWHWDSSX\H]VXUODSRLJQpHSRXUYHUURXLOOHUOH
FRQGHQVHXU
)HUPH]OHYROHW
/HVSODTXHVHQDOXPLQLXPGXFRQGHQVHXUSHXYHQWVHGpFRORUHUDYHFOH
WHPSV
">
