)5
7*9
),&+(352'8,7
*ULOOHVDPRYLEOHV
%UOHXUDX[LOLDLUH
%UOHXUVHPLUDSLGH
%UOHXUVHPLUDSLGH
%UOHXUUDSLGH
%RXWRQGHFRPPDQGHGXEUOHXUDX[LOLDLUH
%RXWRQGHFRPPDQGHGXEUOHXUVHPLUDSLGH
%RXWRQGHFRPPDQGHGXEUOHXUVHPLUDSLGH
%RXWRQGHFRPPDQGHGXEUOHXUUDSLGH
%(
',0(16,216(7',67$1&(6­2%6(59(5 PP
6<0%2/(6
5RELQHWIHUPp
*UDQGHIODPPH
3HWLWHIODPPH
$//80$*('(6%5Õ/(856
3RXUDOOXPHUXQGHVEUOHXUVWRXUQH]OHERXWRQFRUUHVSRQGDQWGDQVOHVHQVLQYHUVHGHVDLJXLOOHVG XQHPRQWUHMXVTX jOD
SRVLWLRQJUDQGHIODPPH $SSX\H]VXUOHERXWRQHWPDLQWHQH]OHGDQVFHWWHSRVLWLRQMXVTX jFHTXHOHEUOHXUV DOOXPH
'qVTXHOHEUOHXUHVWDOOXPpPDLQWHQH]OHERXWRQHQIRQFpSHQGDQWVHFRQGHVHQYLURQSRXUSHUPHWWUHDX
WKHUPRFRXSOHGHFKDXIIHU
&HGLVSRVLWLIGHVpFXULWpGXEUOHXUSHUPHWGHFRXSHUO DUULYpHGXJD]HQFDVG H[WLQFWLRQLQRSLQpHGHODIODPPH VXLWHj 127($YDQWG LQVWDOOHUXQHKRWWHDXGHVVXVGHODWDEOHGHFXLVVRQYHXLOOH]YRXVUpIpUHUDXPDQXHOG XWLOLVDWLRQ
XQFRXUDQWG DLUXQHDEVHQFHPRPHQWDQpHGHJD]XQGpERUGHPHQWGHOLTXLGHVHWF GHODKRWWHTXLVSpFLILHOHVGLVWDQFHVDGpTXDWHV
/HERXWRQGHFRPPDQGHQHGRLWSDVrWUHPDLQWHQXHQIRQFpSHQGDQWSOXVGHVHFRQGHV6LXQHIRLVFH
7$%/($8'(6,1-(&7(856
&$7e*25,( ,,(
WHPSVpFRXOpOHEUOHXUQHUHVWHSDVDOOXPpDWWHQGH]DXPRLQVXQHPLQXWHDYDQWGHUpSpWHUO RSpUDWLRQ
,OVHSHXWTXHOHEUOHXUV pWHLJQHORUVTXHYRXVUHOkFKH]OHERXWRQ&HODVLJQLILHTXHOHWKHUPRFRXSOHQ DSDVFKDXIIp
VXIILVDPPHQW
'DQVXQWHOFDVYHXLOOH]UpSpWHUOHVRSpUDWLRQVGpFULWHVFLGHVVXV
8WLOLVH]GHVXVWHQVLOHVGHFXLVVRQDGDSWpVjODGLPHQVLRQ
GHVEUOHXUV FRQVXOWH]OHWDEOHDXFLFRQWUH 8WLOLVH]H[FOXVLYHPHQWGHVXVWHQVLOHVGHFXLVVRQjIRQG
SODW
&XLVH]OHVDOLPHQWVGDQVXQHTXDQWLWpG HDXDGDSWpHDX[
EHVRLQVHWPDLQWHQH]OHFRXYHUFOHVXUODFDVVHUROH
5HPDUTXHLPSRUWDQWH
8QHXWLOLVDWLRQLQDSSURSULpHGHVJULOOHVSHXWHQGRPPDJHUOD
WDEOHGHFXLVVRQ
QHSRVLWLRQQH]SDVOHVJULOOHVVHQVGHVVXVGHVVRXVRXQHOHV
IDLWHVSDVJOLVVHUVXUODWDEOHGHFXLVVRQ
1 XWLOLVH]SDV
GHVSODTXHVHQIRQWHGHVSLHUUHVROODLUHVGHVXVWHQVLOHV
GHFXLVVRQHQWHUUHFXLWH
GHVGLIIXVHXUVGHFKDOHXUFRPPHGHVPDLOOHVPpWDOOLTXHV
RXWRXWDXWUHW\SH
VLPXOWDQpPHQWGHX[EUOHXUVSRXUXQVHXOUpFLSLHQW SDU
H[HPSOHXQHSRLVVRQQLqUH $
0pWKDQH
%UOHXU
XVWHQVLOHGHFXLVVRQ
0DUTXHGH
O LQMHFWHXU
*
UDSLGH
VHPLUDSLGH
DX[LOLDLUH
OK
OK
OK
UDSLGH
GHjFP
*
UDSLGH
VHPLUDSLGH
DX[LOLDLUH
VHPLUDSLGH
GHjFP
DX[LOLDLUH
GHjFP
*
UDSLGH
VHPLUDSLGH
DX[LOLDLUH
*$='(3e752/(
/,48e),e
%XWDQH
*$='(3e752/(
/,48e),e
3URSDQH
7\SHGHJD]XWLOLVp
7\SHGXPRGqOH
*PEDU
%UOHXUV
*PEDU
%UOHXUV
*PEDU
%UOHXUV
3XLVVDQFH
WKHUPLTXH
QRPLQDOH
N:
&RQVRPPDWLRQ
QRPLQDOH
7\SHGH
EUOHXU
*$=1$785(/
&216(,/635$7,48(63285/ 87,/,6$7,21'(6%5Õ/(856
$ILQG REWHQLUOHVPHLOOHXUVUpVXOWDWVSRVVLEOHVORUVGH
O·XWLOLVDWLRQGHVEUOHXUVYHXLOOH]YRXVFRQIRUPHUDX[UqJOHV
pQRQFpHVFLGHVVRXV
7\SHGHJD]XWLOLVp
3XLVVDQFHWKHUPLTXH
QRPLQDOH N:
3XLVVDQFH
WKHUPLTXH
UpGXLWH N:
3UHVVLRQGXJD] PEDU
PLQ
QRP
PD[
JK
JK
JK
JK
JK
JK
&RQVRPPDWLRQWRWDOHQRPLQDOH
$LUQpFHVVDLUH P jOD
FRPEXVWLRQGHPGH
JD]
OK
JK
JK
$/,0(17$7,21e/(&75,48(9+]
3RXUWLUHUOHPHLOOHXUSDUWLGHYRWUHDSSDUHLOOLVH]DWWHQWLYHPHQWODQRWLFHG HPSORLHWFRQVHUYH]ODSRXUWRXWHFRQVXOWDWLRQIXWXUH
35e&$87,216(7&216(,/6' 25'5(*e1e5$/
8QHXWLOLVDWLRQLQDSSURSULpHGHVJULOOHVSHXWHQGRPPDJHUODVXUIDFHGHODWDEOHGHFXLVVRQ1HSRVLWLRQQH]SDVOHVJULOOHV
VHQVGHVVXVGHVVRXVRXQHOHVIDLWHVSDVJOLVVHUVXUODWDEOHGHFXLVVRQ
6LYRWUHWDEOHGHFXLVVRQHVWpTXLSpHG XQUHYrWHPHQWYLWURFpUDPLTXHQ XWLOLVH]HQDXFXQFDV
&HVLQVWUXFWLRQVQHVRQWYDODEOHVTXHSRXUOHVSD\VPHQWLRQQpVDXGRVGHODQRWLFHG HPSORLHWVXUO DSSDUHLO
GHSODTXHVHQIRQWHRXGHVXVWHQVLOHVGHFXLVVRQHQWHUUHFXLWH
/HVHPEDOODJHV VDFVHQSODVWLTXHpOpPHQWVHQSRO\VW\UqQHHWF GRLYHQWrWUHWHQXVKRUVGHODSRUWpHGHVHQIDQWVFDULOV
GHGLIIXVHXUVGHFKDOHXU JULOODJHPpWDOOLTXHSDUH[
UHSUpVHQWHQWXQGDQJHUSRWHQWLHO
GHX[EUOHXUVSRXUXQPrPHXVWHQVLOHGHFXLVVRQ
9pULILH]TXHODWDEOHGHFXLVVRQQ DSDVpWpHQGRPPDJpHSHQGDQWOHWUDQVSRUWHWUHWLUH]WRXVOHVILOPVGHSURWHFWLRQGHV
(QFDVG XWLOLVDWLRQSURORQJpHLOSHXWV DYpUHUQpFHVVDLUHGHYHQWLOHUGDYDQWDJHODSLqFHVRLWHQRXYUDQWXQHIHQrWUHVRLW
pOpPHQWVGHYRWUHDSSDUHLO
HQDXJPHQWDQWODSXLVVDQFHG DVSLUDWLRQGHODKRWWH
&HWDSSDUHLO &ODVVH HVWFRQoXH[FOXVLYHPHQWFRPPHDSSDUHLOGHFXLVVRQ7RXWHDXWUHXWLOLVDWLRQ SRXU
0DLQWHQH]OHVHQIDQWVjGLVWDQFHGHO DSSDUHLOORUVTXHFHOXLFLHVWHQVHUYLFHHWHPSrFKH]OHXUGHMRXHUDYHFOHVpOpPHQWV
FKDXIIHUXQHSLqFHSDUH[HPSOH HVWFRQVLGpUpHFRPPHLPSURSUHHWGRQFGDQJHUHXVH
GHO DSSDUHLO
$VVXUH]YRXVTXHO LQVWDOODWLRQHWOHVEUDQFKHPHQWVpOHFWULTXHVRQWpWpUpDOLVpVSDUXQWHFKQLFLHQTXDOLILp
$YHUWLVVHPHQWOHVSLHGVGHSURWHFWLRQHQFDRXWFKRXFDSSOLTXpVVXUOHVJULOOHVVRQWXQHVRXUFHGHGDQJHUSRWHQWLHO
FRQIRUPpPHQWDX[UpJOHPHQWDWLRQVGHVpFXULWpORFDOHVHQYLJXHXU
SRXUOHVMHXQHVHQIDQWV$SUqVDYRLUQHWWR\pOHVJULOOHVYHXLOOH]YRXVDVVXUHUTXHOHVSLHGVHQFDRXWFKRXFRQWpWp
&HWDSSDUHLOGRLWrWUHXWLOLVpH[FOXVLYHPHQWGDQVXQHSLqFHFRUUHFWHPHQWYHQWLOpHFRQIRUPpPHQWDX[
FRUUHFWHPHQWUHPLVHQSODFH
UpJOHPHQWDWLRQVHQYLJXHXU9HXLOOH]OLUHDWWHQWLYHPHQWOHVLQVWUXFWLRQVDYDQWG LQVWDOOHUHWG XWLOLVHUYRWUH
$WWHQWLRQOHFRXYHUFOHHQYHUUH VLIRXUQL SHXWVHEULVHUVRXVO HIIHWG XQHVXUFKDXIIH$YDQWGHIHUPHUO DSSDUHLO
DSSDUHLO
DVVXUH]YRXVTXHWRXVOHVEUOHXUVVRQWELHQpWHLQWV
/HVGRQQpHVUHODWLYHVDXUpJODJHGXJD]HWjODSUHVVLRQG DOLPHQWDWLRQILJXUHQWVXUODSODTXHVLJQDOpWLTXH
$SUqVXWLOLVDWLRQDVVXUH]YRXVTXHOHVERXWRQVVRQWHQSRVLWLRQG $55È7HWIHUPH]OHURELQHWSULQFLSDOG DUULYpHGXJD]RXOH
SUpVHQWHVRXVODWDEOHGHFXLVVRQ6LOHW\SHGHJD]XWLOLVpHVWGLIIpUHQWGHFHOXLLQGLTXpVXUODSODTXH
URELQHWGHODERXWHLOOHGHJD]
VLJQDOpWLTXHYHXLOOH]YRXVUpIpUH]DXSDUDJUDSKH´$GDSWDWLRQjGLIIpUHQWVW\SHVGHJD]µ
3RXUWLUHUOHPHLOOHXUSDUWLGHYRWUHDSSDUHLOOLVH]DWWHQWLYHPHQWODQRWLFHG HPSORLHWFRQVHUYH]ODSRXUWRXWHFRQVXOWDWLRQ
IXWXUH
5(0$548(6
5e)e5(1&($8;5e*/(0(17$7,216/2&$/(6
,167$//$7,21
%(
,1)250$7,2167(&+1,48(63285/ 87,/,6$7(85
/ DSSDUHLOHVWIRXUQLDYHFXQUDFFRUGjYLVFRQLTXHSRXUWX\DXjUDFFRUGHUjO DOLPHQWDWLRQDXJD] FRQIRUPpPHQWDX[
UpJOHPHQWDWLRQV,62,6253
/HUDFFRUGHPHQWGRLWrWUHUpDOLVpFRQIRUPpPHQWjODQRUPH1%1'DXPR\HQG XQWX\DXULJLGHRXFRQIRUPpPHQW
DXGRFXPHQWGHVVSpFLILFDWLRQV$5*%jO DLGHG XQWX\DXIOH[LEOH
$XPRPHQWGHO LQVWDOODWLRQO DSSDUHLOGRLWrWUHGRWpG XQHYDOYHG DUUrWDJUppH$*%
&216(,/63285/$3527(&7,21'(/ (19,5211(0(17
(PEDOODJH
/ HPEDOODJHVHFRPSRVHGHPDWpULDX[HQWLqUHPHQWUHF\FODEOHVHWSRUWHOHV\PEROHGHUHF\FODJH FHTXLVLJQLILHTXH
FHVPDWpULDX[GRLYHQWrWUHHQYR\pVYHUVGHVFHQWUHVORFDX[G pOLPLQDWLRQGHVGpFKHWV
3URGXLW
&HWDSSDUHLOHVWPDUTXpFRQIRUPpPHQWjOD'LUHFWLYHHXURSpHQQH(&VXUOHV'pFKHWVG eTXLSHPHQWVeOHFWULTXHVHW
eOHFWURQLTXHV '((( (QSURFpGDQWFRUUHFWHPHQWjODPLVHDXUHEXWGHFHWDSSDUHLOYRXVFRQWULEXHUH]jHPSrFKHUWRXWHFRQVpTXHQFHQXLVLEOH
SRXUO HQYLURQQHPHQWHWODVDQWpGHO KRPPH
/HV\PEROH
SUpVHQWVXUO DSSDUHLORXVXUODGRFXPHQWDWLRQTXLO DFFRPSDJQHLQGLTXHTXHFHSURGXLWQHSHXWHQDXFXQ
FDVrWUHWUDLWpFRPPHGpFKHWPpQDJHU,OGRLWSDUFRQVpTXHQWrWUHUHPLVjXQFHQWUHGHFROOHFWHGHVGpFKHWVFKDUJpGX
UHF\FODJHGHVpTXLSHPHQWVpOHFWULTXHVHWpOHFWURQLTXHV
/DPLVHDXUHEXWGRLWrWUHHIIHFWXpHFRQIRUPpPHQWDX[UpJOHPHQWDWLRQVORFDOHVHQYLJXHXUHQPDWLqUHGHSURWHFWLRQGH
O HQYLURQQHPHQW
3RXUGHSOXVDPSOHVLQIRUPDWLRQVVXUOHWUDLWHPHQWODUpFXSpUDWLRQHWOHUHF\FODJHGHFHSURGXLWYHXLOOH]FRQWDFWHUOH
VHUYLFHPXQLFLSDORXODGpFKHWWHULHGHYRWUHYLOOHRXELHQHQFRUHOHPDJDVLQRYRXVDYH]DFKHWpOHSURGXLW
'pFODUDWLRQGHFRQIRUPLWp
&HWWHWDEOHGHFXLVVRQDpWpFRQoXHIDEULTXpHHWFRPPHUFLDOLVpHHQFRQIRUPLWpDX[
QRUPHVGHVpFXULWpGHOD'LUHFWLYH&((´*D]µ
REMHFWLIVGHVpFXULWpGHODGLUHFWLYH&((´%DVVHWHQVLRQµ
H[LJHQFHVGHSURWHFWLRQGHODGLUHFWLYH&((´&(0µ
H[LJHQFHVGHOD'LUHFWLYH&((
&HWWHWDEOHGHFXLVVRQHVWFRQoXHSRXUrWUHPLVHHQFRQWDFWDYHFGHVGHQUpHVDOLPHQWDLUHVHWDpWpIDEULTXpH
FRQIRUPpPHQWjOD'LUHFWLYH&((
D
E
F
G
/DWDEOHGHFXLVVRQSHXWrWUHHQFDVWUpHGDQVXQSODQGHWUDYDLOGHjPPG pSDLVVHXU
6LYRXVQ LQVWDOOH]SDVGHIRXUHQGHVVRXVGHODWDEOHGHFXLVVRQSODFH]XQSDQQHDXGHVpSDUDWLRQGRQWOD
VXUIDFHHVWDXPRLQVpJDOHjFHOOHGHO RXYHUWXUHSUDWLTXpHGDQVOHSODQGHWUDYDLO&HSDQQHDXGRLWrWUH
LQVWDOOpjXQHGLVWDQFHPD[LPXPGHPPHQGHVVRXVGHODVXUIDFHVXSpULHXUHGXSODQGHWUDYDLOHWHQ
DXFXQFDVjPRLQVGH PPGHODSDUWLHLQIpULHXUHGHODWDEOHGHFXLVVRQ6LYRXVDYH]O LQWHQWLRQG LQVWDOOHU
XQIRXUHQGHVVRXVGHODWDEOHGHFXLVVRQDVVXUH]YRXVTX LOHVWIDEULTXpSDU:KLUOSRROHWTX LOHVWGRWpG XQ
V\VWqPHGHUHIURLGLVVHPHQW/HIDEULFDQWGpFOLQHWRXWHUHVSRQVDELOLWpVLOHIRXULQVWDOOpHQGHVVRXVGHODWDEOH
GHFXLVVRQHVWG XQHDXWUHPDUTXH
$YDQWGHSURFpGHUjO LQVWDOODWLRQDVVXUH]YRXVTXH
OHVFRQGLWLRQVGHGLVWULEXWLRQORFDOH QDWXUHHWSUHVVLRQGXJD] VRQWFRPSDWLEOHVDYHFOHVUpJODJHVGHOD
WDEOHGHFXLVVRQLQGLTXpVVXUODILFKHSURGXLWHWGDQVOHWDEOHDXGHVLQMHFWHXUV
OHVVXUIDFHVH[WpULHXUHVGHVPHXEOHVRXGHVDSSDUHLOVDGMDFHQWVjODWDEOHGHFXLVVRQUpVLVWHQWjODFKDOHXUFRQIRUPpPHQW
DX[UpJOHPHQWDWLRQVORFDOHVHQYLJXHXU
OHVSURGXLWVGHODFRPEXVWLRQVRQWpYDFXpVYHUVO H[WpULHXUjWUDYHUVXQHKRWWHRXGHVYHQWLODWHXUVpOHFWULTXHVLQVWDOOpV
VXUXQPXUHWRXVXUXQHIHQrWUH
/DFLUFXODWLRQQDWXUHOOHHWFRQWLQXHGHO DLUHVWJDUDQWLHSDUXQHRXYHUWXUHG DXPRLQVFPSUDWLTXpHGDQVXQPXU
&HWWHRXYHUWXUHPXUDOHGRLWrWUH
SHUPDQHQWHHWSUDWLTXpHGDQVXQPXUGRQQDQWVXUO H[WpULHXUGHODSLqFHjYHQWLOHU
FRQoXHGHPDQLqUHjFHTX HOOHQHSXLVVHrWUHREVWUXpH PrPHDFFLGHQWHOOHPHQW WDQWGHO LQWpULHXUTXHGHO H[WpULHXU
SURWpJpHSDUXQHJULOOHHQSODVWLTXHRXXQJULOODJHPpWDOOLTXHHWFGHIDoRQjQHSDVUpGXLUHODVXUIDFHHIIHFWLYHGH
YHQWLODWLRQPHQWLRQQpHFLGHVVXV
VLWXpHSUqVGXQLYHDXGXVROHWSRVLWLRQQpHGHPDQLqUHjQHSDVLQWHUIpUHUDYHFOHVGLVSRVLWLIVG pYDFXDWLRQGHVIXPpHV
,167$//$7,21
3ODQPP
5$&&25'(0(17$8*$=
/HV\VWqPHG DUULYpHGXJD]GRLWrWUHUpDOLVpFRQIRUPpPHQWDX[UpJOHPHQWDWLRQVORFDOHVHQYLJXHXUGDQVOH
SD\VG LQVWDOODWLRQ
9RXVWURXYHUH]OHVUpJOHPHQWDWLRQVORFDOHVHQYLJXHXUGDQVFHUWDLQVSD\VDXSDUDJUDSKH´5pJOHPHQWDWLRQVHQYLJXHXUHQ
PDWLqUHGHVpFXULWpGDQVOHSD\VG LQVWDOODWLRQµ6LDXFXQHLQIRUPDWLRQFRQFHUQDQWYRWUHSD\VQ HVWGRQQpHDGUHVVH]YRXV
jYRWUHLQVWDOODWHXU
/DWDEOHGHFXLVVRQGRLWrWUHUDFFRUGpHDXUpVHDXGHGLVWULEXWLRQGXJD]RXjODERXWHLOOHGHJD]jO DLGHG XQWX\DXULJLGH
HQFXLYUHRXHQDFLHUGRQWOHVUDFFRUGVVRQWFRQIRUPHVDX[UpJOHPHQWDWLRQVORFDOHVHQYLJXHXURXjO DLGHG XQWX\DXHQ
DFLHULQR[\GDEOHjVXUIDFHFRQWLQXHFRQIRUPHDX[UpJOHPHQWDWLRQVORFDOHVHQYLJXHXUGDQVOHSD\VG LQVWDOODWLRQ/D
ORQJXHXUPD[LPDOHGXWX\DXHVWGHPqWUHV
$YDQWGHUDFFRUGHUOHWX\DXDXUDFFRUGFRXGp $ LQVWDOOH]OD
URQGHOOH % IRXUQLHFRQIRUPpPHQWjODQRUPH(1
,QVWDOOH]ODWDEOHGHFXLVVRQGDQVO RXYHUWXUHGXSODQGH
FXLVVRQGRQWOHVGLPHQVLRQVGRLYHQWFRUUHVSRQGLUHQWj
FHOOHVILJXUDQWGDQVODILFKHSURGXLW
5HPDUTXHOHFRUGRQG DOLPHQWDWLRQGRLWrWUHVXIILVDPPHQW
ORQJSRXUSHUPHWWUHVRQH[WUDFWLRQSDUOHKDXW
3RXUIL[HUODWDEOHGHFXLVVRQXWLOLVH]OHVDWWDFKHV $ RX
% IRXUQLHV,QWURGXLVH]OHVDWWDFKHVGDQVOHVRULILFHV
SUpYXVjFHWHIIHW LQGLTXpVSDUODIOqFKH HWIL[H]OHVj
O DLGHGHVYLVHQIRQFWLRQGHO pSDLVVHXUGHODWDEOHGH
FXLVVRQ YRLUILJXUHGHGURLWH 3ODQPP
$7DEOHGH
FXLVVRQHQ
PpWDO
3ODQPP
%7DEOHGHFXLVVRQ
HQYHUUH
$WWHQWLRQ6LYRXVXWLOLVH]XQWX\DXHQDFLHULQR[\GDEOHYHLOOH]jFHTX LOQHWRXFKHDXFXQHSDUWLHPRELOHGHV
PHXEOHV/HWX\DXGRLWrWUHOLEUHG DFFqVVXUWRXWHVDORQJXHXUSRXUSHUPHWWUHVRQLQVSHFWLRQ
8QHIRLVOHWX\DXGXJD]UDFFRUGpYpULILH]O DEVHQFHGHIXLWHVjO DLGHG HDXVDYRQQHXVH
%5$1&+(0(17e/(&75,48(
/HVEUDQFKHPHQWVpOHFWULTXHVGRLYHQWrWUHUpDOLVpHVFRQIRUPpPHQWDX[UpJOHPHQWDWLRQVORFDOHVHQYLJXHXU
/HVGRQQpHVUHODWLYHVjODWHQVLRQHWjODSXLVVDQFHDEVRUEpHVRQWLQGLTXpHVVXUODSODTXHVLJQDOpWLTXH
$'$37$7,21­',))e5(1767<3(6'(*$=
/DPLVHjODWHUUHGHO DSSDUHLOHVWREOLJDWRLUHDX[WHUPHVGHODORL
/
7HUUH
MDXQHYHUW
1
/HIDEULFDQWGpFOLQHWRXWHUHVSRQVDELOLWpHQFDVGHEOHVVXUH
FDXVpHjGHVSHUVRQQHVRXDQLPDX[RXHQFDVGHGRPPDJHPDWpULHOUpVXOWDQWGXQRQUHVSHFWGHFHV
H[LJHQFHV
$XPRPHQWGHO LQVWDOODWLRQLOIDXWSUpYRLUXQGLVSRVLWLIjFRXSXUHRPQLSRODLUHD\DQWXQHGLVWDQFHG DX
PRLQVPPHQWUHOHVFRQWDFWV
6LFHODV DYqUHQpFHVVDLUHLOFRQYLHQWGHUHPSODFHUOHFRUGRQG DOLPHQWDWLRQH[FOXVLYHPHQWSDUXQFRUGRQ
SRVVpGDQWOHVPrPHVFDUDFWpULVWLTXHVTXHFHOXLG RULJLQHIRXUQLSDUOHIDEULFDQW W\SH+99)7&RX
+55) &HWWHRSpUDWLRQGRLWrWUHUpDOLVpHSDUXQpOHFWULFLHQTXDOLILp
$66(0%/$*(
$SUqVDYRLUQHWWR\pOHSRXUWRXUGHODWDEOHGHFXLVVRQ
DSSOLTXH]OHMRLQWIRXUQLFRPPHLOOXVWUpGDQVODILJXUH
6LYRWUHDSSDUHLOHVWFRQoXSRXUXWLOLVHUXQW\SHGHJD]GLIIpUHQWGHFHOXLLQGLTXpVXUODSODTXHVLJQDOpWLTXHHWVXUO DXWRFROODQW
RUDQJHDSSOLTXpVXUOHGHVVXVGHODWDEOHGHFXLVVRQFKDQJH]OHVLQMHFWHXUV
'pWDFKH]O DXWRFROODQWRUDQJHHWFRQVHUYH]OHDYHFODQRWLFHG HPSORL
8WLOLVH]GHVGpWHQGHXUVFRPSDWLEOHVDYHFODSUHVVLRQGXJD]LQGLTXpHVXUODILFKHSURGXLW
/HVLQMHFWHXUVGRLYHQWrWUHUHPSODFpVSDUOH6HUYLFH$SUqVYHQWHRXSDUXQWHFKQLFLHQTXDOLILp
/HVLQMHFWHXUVQRQOLYUpVDYHFO DSSDUHLOGRLYHQWrWUHFRPPDQGpVDXSUqVGX6HUYLFH$SUqVYHQWH
5pJOH]OHUDOHQWLGHVURELQHWV
5HPDUTXHVLYRXVXWLOLVH]GXJD]GHSpWUROHOLTXpILp ** ODYLVGHUpJODJHGXUDOHQWLGXJD]GRLWrWUHVHUUpH
jIRQG
6LOHVERXWRQVGHFRPPDQGHGHVEUOHXUVWRXUQHQWGLIILFLOHPHQWIDLWHVUHPSODFHUOHURELQHWGXEUOHXUSDUOH
6HUYLFH$SUqVYHQWHVLFHOXLFLHVWGpIHFWXHX[
5(03/$&(0(17'(6,1-(&7(856 YRLUOHWDEOHDXGHVLQMHFWHXUVGDQVODILFKHSURGXLW
5HWLUH]OHVJULOOHV $
5HWLUH]OHVEUOHXUV %
8WLOLVH]XQHFOHIjGRXLOOHGHGLPHQVLRQDSSURSULpHSRXUGpYLVVHUO LQMHFWHXU & 5HPSODFH]OHSDUO LQMHFWHXUFRPSDWLEOHDYHFOHQRXYHDXW\SHGHJD]
$YDQWG LQVWDOOHUODWDEOHGHFXLVVRQQ RXEOLH]SDVGHFROOHUO pWLTXHWWHIRXUQLHDYHF
OHVLQMHFWHXUVFRQWHQDQWOHVLQIRUPDWLRQVFRUUHVSRQGDQWDXJD]XWLOLVp
5e*/$*('(65$/(17,6'(652%,1(76
',$*1267,&'(63$11(6
3RXUYRXVDVVXUHUTXHOHUDOHQWLHVWFRUUHFWHPHQWUpJOp
UHWLUH]OHERXWRQHWSURFpGH]FRPPHVXLW
VHUUH]ODYLVSRXUUpGXLUHODKDXWHXUGHODIODPPH GHVVHUUH]ODYLVSRXUDXJPHQWHUODKDXWHXUGHODIODPPH /HUpJODJHGRLWrWUHUpDOLVpDYHFOHURELQHWHQSRVLWLRQGH
UDOHQWL SHWLWHIODPPH / DLUSULPDLUHGHVEUOHXUVQHGRLWSDVrWUHUpJOp
$OOXPH]PDLQWHQDQWOHVEUOHXUVHWWRXUQH]OHVERXWRQV
/DWDEOHGHFXLVVRQQHIRQFWLRQQHSDVRXIRQFWLRQQHGHIDoRQLQFRUUHFWH$YDQWGHYRXVDGUHVVH]DX6HUYLFH$SUqVYHQWH
FRQVXOWH]OHFKDSLWUH'LDJQRVWLFUDSLGHSRXULGHQWLILHUOHSUREOqPH
GHODSRVLWLRQPD[LPXP
YHUVODSRVLWLRQPLQLPXP
SRXUYpULILHUODVWDELOLWpGHODIODPPH
8QHIRLVOHUpJODJHWHUPLQpUHIDLWHVOHMRLQWHQXWLOLVDQWXQH
FLUHjFDFKHWHURXXQPDWpULDXpTXLYDOHQW
1(772<$*((7(175(7,(1
3RXUFRQVHUYHUYRWUHWDEOHGHFXLVVRQHQSDUIDLWpWDWYHLOOH]jODQHWWR\HUDSUqVFKDTXHXWLOLVDWLRQHQpOLPLQDQWWRXVOHV
UpVLGXVG DOLPHQW
$YDQWWRXWHRSpUDWLRQGHQHWWR\DJHGpEUDQFKH]ODWDEOHGHFXLVVRQGHO DOLPHQWDWLRQpOHFWULTXHHWDWWHQGH]
TX HOOHVRLWUHIURLGLH
1(772<$*('(/$685)$&('(/$7$%/('(&8,6621
1HWWR\H]OHVSDUWLHVpPDLOOpHVHWHQYHUUHjO HDXFKDXGHHQXWLOLVDQWXQSHXGHGpWHUJHQWQHXWUH
6LOHVVXUIDFHVHQDFLHULQR[\GDEOHVUHVWHQWWURSORQJWHPSVHQFRQWDFWDYHFGHO HDXFDOFDLUHRXGHVGpWHUJHQWVFRUURVLIV
FHODULVTXHG HQJHQGUHUODIRUPDWLRQGHWDFKHVeOLPLQH]WRXWGpERUGHPHQWGHOLTXLGH HDXVDXFHFDIpHWF DYDQWTX LO
QHVqFKH
1HWWR\H]jO HDXFKDXGHHQXWLOLVDQWXQGpWHUJHQWQHXWUHSXLVHVVX\H]jO DLGHG XQFKLIIRQGRX[RXG XQHSHDXGH
FKDPRLVeOLPLQH]OHVUpVLGXVFDUERQLVpVjO DLGHG XQSURGXLWGHQHWWR\DJHVSpFLDOSRXUVXUIDFHVHQDFLHULQR[\GDEOH
1 XWLOLVH]HQDXFXQFDVGHVSURGXLWVDEUDVLIVRXFRUURVLIVGHVSURGXLWVFKORUpVRXGHVWDPSRQVPpWDOOLTXHV
1 XWLOLVH]SDVG DSSDUHLOVGHQHWWR\DJHjODYDSHXU
1 XWLOLVH]SDVGHSURGXLWVLQIODPPDEOHV
(VVX\H]LPPpGLDWHPHQWOHVVXEVWDQFHVDFLGHVRXDOFDOLQHVWHOOHVTXHYLQDLJUHPRXWDUGHVHOVXFUHRXMXVGHFLWURQTXL
VHVRQWGpSRVpHVVXUODWDEOHGHFXLVVRQ
1(772<$*('(6e/e0(176'(/$7$%/('(&8,6621
/HVJULOOHVOHVFKDSHDX[GHVEUOHXUVHWOHVEUOHXUVSHXYHQWrWUHUHWLUpVSRXUrWUHQHWWR\pV
/DYH]OHVjODPDLQjO HDXFKDXGHHQXWLOLVDQWXQGpWHUJHQWQRQDEUDVLI9HLOOH]jpOLPLQHUVRLJQHXVHPHQWWRXVOHVUpVLGXV
G DOLPHQWVHWDVVXUH]YRXVTXHOHVRXYHUWXUHVGXEUOHXUQHVRQWSDVREVWUXpHV
5LQFH]HWVpFKH]VRLJQHXVHPHQW
5pLQVWDOOH]OHVEUOHXUVHWOHVFKDSHDX[GHVEUOHXUVGDQVOHXUVORJHPHQWVUHVSHFWLIV
$XPRPHQWGHUpLQVWDOOHUOHVJULOOHVDVVXUH]YRXVTXHFHOOHVFLVRQWDOLJQpHVSDUUDSSRUWDX[EUOHXUVHWTXHOHVSLHGVHQ
FDRXWFKRXFVRQWFRUUHFWHPHQWLQVWDOOpVGDQVOHVRULILFHVSUpYXVjFHWHIIHWVXUODVXUIDFHGHODWDEOHGHFXLVVRQ6 LOV DJLW
GHJULOOHVVLPSOHVDVVXUH]YRXVTX HOOHVV DGDSWHQWSDUIDLWHPHQWjODSURWXEpUDQFHGHVFKDSHDX[GHVEUOHXUV
6XUOHVPRGqOHVpTXLSpVGHERXJLHVG DOOXPDJHpOHFWULTXHVHWGHWKHUPRFRXSOHVGHVpFXULWpYHLOOH]jQHWWR\HU
VRLJQHXVHPHQWO H[WUpPLWpGHODERXJLHSRXUHQJDUDQWLUOHERQIRQFWLRQQHPHQW9pULILH]UpJXOLqUHPHQWO pWDWGHFHV
FRPSRVDQWVHWQHWWR\H]OHVjO DLGHG XQFKLIIRQKXPLGHVLQpFHVVDLUHeOLPLQH]WRXWUpVLGXG DOLPHQWjO DLGHG XQFXUH
GHQWRXG XQHDLJXLOOH
5HPDUTXH$ILQGHQHSDVHQGRPPDJHUOHGLVSRVLWLIG DOOXPDJHpOHFWULTXHDFWLRQQH]OHXQLTXHPHQWORUVTXH
OHVEUOHXUVRQWpWpUHPLVHQSODFH
/HEUOHXUQHV DOOXPHSDVRXODIODPPHHVWLUUpJXOLqUH
9pULILH]TXH
O DOLPHQWDWLRQGXJD]RXO DOLPHQWDWLRQpOHFWULTXHQ HVWSDVFRXSpHHWHQSDUWLFXOLHUTXHOHURELQHWG DUULYpHGXJD]HVW
RXYHUW
ODERXWHLOOHGHJD] JD]OLTXLGH Q HVWSDVYLGH
OHVRXYHUWXUHVGHVEUOHXUVQHVRQWSDVREVWUXpHV
O H[WUpPLWpGHODERXJLHQ HVWSDVHQFUDVVpH
WRXVOHVpOpPHQWVGHVEUOHXUVVRQWSRVLWLRQQpVFRUUHFWHPHQW
LOQ \DSDVGHFRXUDQWG DLUjSUR[LPLWpGHODWDEOHGHFXLVVRQ
/HEUOHXUQHUHVWHSDVDOOXPp
9pULILH]TXH
ORUVGHO DOOXPDJHGXEUOHXUOHERXWRQHVWPDLQWHQXHQIRQFpSHQGDQWXQODSVGHWHPSVVXIILVDQWSRXUSHUPHWWUHDX
GLVSRVLWLIGHSURWHFWLRQGHV HQFOHQFKHU
OHVRXYHUWXUHVGXEUOHXUQHVRQWSDVREVWUXpHVjSUR[LPLWpGXWKHUPRFRXSOH
O H[WUpPLWpGHODERXJLHQ HVWSDVHQFUDVVpH
OHUpJODJHGXUDOHQWLHVWFRUUHFW YRLUSDUDJUDSKHFRUUHVSRQGDQW
/HVXVWHQVLOHVGHFXLVVRQQHVRQWSDVVWDEOHV
9pULILH]TXH
OHIRQGGHVXVWHQVLOHVGHFXLVVRQHVWSDUIDLWHPHQWSODW
O XVWHQVLOHGHFXLVVRQHVWFRUUHFWHPHQWFHQWUpVXUOHEUOHXU
OHVJULOOHVQ RQWSDVpWpLQYHUVpHVRXPLVHVHQSODFHGHIDoRQLQFRUUHFWH
6LDSUqVFHVYpULILFDWLRQVOHSUREOqPHSHUVLVWHFRQWDFWH]YRWUH6HUYLFH$SUqVYHQWH
6(59,&($35Ë69(17(
$XPRPHQWGHFRQWDWFHOH6HUYLFH$SUqVYHQWHLOIDXWTXHYRXVVR\H]HQPHVXUHGHIRXUQLUOHVLQGLFDWLRQVVXLYDQWHV
W\SHGHSDQQHRXGHSUREOqPH
OHPRGqOHH[DFW ILJXUDQWGDQVODILFKHSURGXLWHWGDQVODJDUDQWLH OHFRGHVHUYLFH QXPpURVXLYDQWOHPRW6(59,&(VXUODSODTXHVLJQDOpWLTXHDSSOLTXpHVRXVODWDEOHGHFXLVVRQHWILJXUDQW
pJDOHPHQWGDQVOHOLYUHWGHJDUDQWLH YRWUHDGUHVVHFRPSOqWHHWYRWUHQXPpURGHWpOpSKRQH
6LXQHUpSDUDWLRQHVWQpFHVVDLUHYHXLOOH]FRQWDFWHUXQ6HUYLFH$SUqVYHQWHDJUppFRPPHLQGLTXpGDQVODJDUDQWLH
5HPDUTXH/HQRQUHVSHFWGHVLQVWUXFWLRQVpQRQFpHVFLGHVVXVSRXUUDLWFRPSURPHWWUHODVpFXULWpHWODTXDOLWp
GXSURGXLW
)DEULFDQW
:KLUOSRRO(XURSH6UO
9LDOH*%RUJKL
&RPHULR 9$
,7$/,(
">
