7DEOH GHV PDWLqUHV
$ /·$77(17,21 '( /·87,/,6$7(85
$ /·$77(17,21 '( /·,167$//$7(85
$YHUWLVVHPHQWV LPSRUWDQWV &$5$&7(5,67,48(6 7(&+1,48(6 '(6&5,37,21 '( 9275( &8,6,1,(5(
,167$//$7,21 /·,17(5,(85 '8 )285 &+$1*(0(17 '( *$= /( 352*5$00$7(85 (/(&7521,48(
&216(,/6 $9$17 /$ 35(0,(5(
87,/,6$7,21 5(03/$&(0(17 '( /·$0328/(
'·(&/$,5$*( &200(17 87,/,6(5 /$ 7$%/( '(
&8,6621 &200(17 87,/,6(5 /( )285 /(6 ',))(5(17(6 326,7,216 '(
&8,6621 &216(,/6 '·87,/,6$7,21 /$ 7$%/(
'( &8,6621 &216(,/6 '·87,/,6$7,21 /( )285
*8,'(6 '(6 &8,66216 (175(7,(1 (7 1(772<$*( /HV DFFHVVRLUHV GX IRXU /D FXLVVRQ WUDGLWLRQQHOOH /D FXLVVRQ DX PD[L JULO /D FXLVVRQ GHV YLDQGHV /D FXLVVRQ DX WRXUQHEURFKH 3URJUDPPDWLRQ VHPLDXWRPDWLTXH
GX QHWWR\DJH S\URO\VH 3URJUDPPDWLRQ DXWRPDWLTXH GX
QHWWR\DJH S\URO\VH (1 &$6 '·$120$/,( '(
)21&7,211(0(17 &21',7,216 '( *$5$17,( 6(59,&( $35(69(17( &RPPHQW XWLOLVHU YRWUH QRWLFH "
/HV V\PEROHV VXLYDQWV YRXV JXLGHURQW WRXW DX ORQJ GH
O·XWLOLVDWLRQ GH YRWUH QRWLFH ,QVWUXFWLRQV GH VpFXULWp
'HVFULSWLRQ G·RSpUDWLRQV pWDSH SDU pWDSH
&RQVHLOV HW UHFRPPDQGDWLRQV
,QIRUPDWLRQV VXU O·HQYLURQQHPHQW
$YHUWLVVHPHQWV LPSRUWDQWV
&RQVHUYH] FHWWH QRWLFH G·XWLOLVDWLRQ DYHF YRWUH DSSDUHLO 6L O·DSSDUHLO GHYDLW rWUH YHQGX RX FpGp j XQH DXWUH SHUVRQQH
DVVXUH]YRXV TXH OD QRWLFH G·XWLOLVDWLRQ O·DFFRPSDJQH /H QRXYHO XWLOLVDWHXU SRXUUD DORUV rWUH LQIRUPp GX
IRQFWLRQQHPHQW GH FHOXLFL HW GHV DYHUWLVVHPHQWV V·\ UDSSRUWDQW &HV DYHUWLVVHPHQWV RQW pWp UpGLJpV SRXU YRWUH
VpFXULWp HW FHOOH G·DXWUXL
1H IDLWHV MDPDLV IRQFWLRQQHU YRWUH WDEOH GH FXLVVRQ
8WLOLVDWLRQ
j YLGH VDQV UpFLSLHQW GHVVXV &HW DSSDUHLO D pWp FRQoX SRXU rWUH XWLOLVp SDU GHV
1·HPSOR\H] MDPDLV OH SODWHDX PXOWLXVDJHV
DGXOWHV 9HXLOOH] j FH TXH OHV HQIDQWV Q·\ WRXFKHQW
FRPPH SODW j U{WLU
SDV HW QH O·XWLOLVHQW SDV FRPPH XQ MRXHW
/RUVTXH OH IRXU HVW HQ IRQFWLRQQHPHQW OH
$ OD UpFHSWLRQ GH O·DSSDUHLO GpEDOOH]OH RX
FRXYHUFOH GRLW rWUH UHOHYp
IDLWHVOH GpEDOOHU LPPpGLDWHPHQW 9pULILH] VRQ
DVSHFW JpQpUDO )DLWHV OHV pYHQWXHOOHV UpVHUYHV
SDU pFULW VXU OH ERQ GH OLYUDLVRQ GRQW YRXV JDUGHUH]
XQ H[HPSODLUH
(WHLJQH] WRXV OHV EUOHXUV DLQVL TXH OD SODTXH
pOHFWULTXH HW DWWHQGH] TXH OH GHVVXV GX SODQ GH
FXLVVRQ VRLW UHIURLGL DYDQW GH UHIHUPHU OH
FRXYHUFOH
$YDQW OD SUHPLqUH XWLOLVDWLRQ GH YRWUH DSSDUHLO
IDLWHV OH FKDXIIHU XQH IRLV j YLGH $VVXUH]YRXV
DORUV TXH OD SLqFH VRLW VXIILVDPPHQW DpUpH 90&
YHQWLODWLRQ
PpFDQLTXH
FRQWU{OpH
HQ
IRQFWLRQQHPHQW RX IHQrWUH RXYHUWH
9RWUH DSSDUHLO HVW GHVWLQp j XQ XVDJH GRPHVWLTXH
QRUPDO 1H O·XWLOLVH] SDV j GHV ILQV FRPPHUFLDOHV
RX LQGXVWULHOOHV RX SRXU G·DXWUHV EXWV TXH FHOXL
SRXU OHTXHO LO D pWp FRQoX
1H PRGLILH] SDV RX Q·HVVD\H] SDV GH PRGLILHU OHV
FDUDFWpULVWLTXHV
GH
FHW
DSSDUHLO
&HOD
UHSUpVHQWHUDLW XQ GDQJHU SRXU YRXV
/D IDoDGH GH YRWUH DSSDUHLO HVW FKDXGH SHQGDQW
O·XWLOLVDWLRQ HW OH QHWWR\DJH pORLJQH] OHV MHXQHV
HQIDQWV
/RUV GH VRQ XWLOLVDWLRQ O·DSSDUHLO GHYLHQW FKDXG 1H
SDV WRXFKHU OHV pOpPHQWV FKDXIIDQWV VLWXpV j
O·LQWpULHXU GX IRXU
(Q HQIRXUQDQW RX HQ VRUWDQW YRV SODWV GX IRXU
SUHQH] OD SUpFDXWLRQ GH QH SDV YRXV DSSURFKHU
GHV pOpPHQWV FKDXIIDQWV VXSpULHXUV HW XWLOLVH] GHV
JDQWV WKHUPLTXHV GH FXLVLQH
1H SODFH] MDPDLV GH SDSLHU G·DOXPLQLXP
GLUHFWHPHQW HQ FRQWDFW DYHF OD VROH OD FKDOHXU
DFFXPXOpH SRXUUDLW HQWUDvQHU XQH GpWpULRUDWLRQ GH
O·pPDLO
6XU OD SRUWH RXYHUWH GX IRXU
$VVXUH]YRXV TXH OHV HQIDQWV QH PDQLSXOHQW SDV
OHV FRPPDQGHV GH O·DSSDUHLO
(ORLJQH] OHV MHXQHV HQIDQWV GH O·DSSDUHLO SHQGDQW
VRQ IRQFWLRQQHPHQW 9RXV pYLWHUH] DLQVL TX·LOV VH
EUOHQW HQ WRXFKDQW OD VXUIDFH GH OD WDEOH RX HQ
UHQYHUVDQW XQ UpFLSLHQW GH FXLVVRQ
1H WLUH] MDPDLV YRWUH DSSDUHLO SDU OD SRLJQpH GH OD
SRUWH
&KDQJH] OH WX\DX G·DUULYpH GX JD] XQ SHX DYDQW
O·H[SLUDWLRQ GH OD GDWH GH YLHLOOLVVHPHQW LPSULPpH
VXU FHOXLFL
1·XWLOLVH] MDPDLV GH ERXWHLOOH GH SURSDQH GDQV
YRWUH FXLVLQH RX DXWUH ORFDO IHUPp
(QOHYH] WRXV OHV SURGXLWV GV j XQ GpERUGHPHQW
GH OD VXUIDFH GX FRXYHUFOH DYDQW GH O·RXYULU
9HLOOH] j QH ULHQ ODLVVHU VXU OD WDEOH SHQGDQW
O·XWLOLVDWLRQ GHV IR\HUV
WRUFKRQV IHXLOOH
G·DOXPLQLXP
1H VWRFNH] SDV GH SURGXLWV G·HQWUHWLHQ RX GH
SURGXLWV LQIODPPDEOHV GDQV OH WLURLU
3RXU OH ERQ FRXOLVVHPHQW GX WLURLU DVVXUH]YRXV
TX·DXFXQ REMHW QH VH WURXYH VRXV OH WLURLU
QH SRVH] SDV GH FKDUJH ORXUGH
DVVXUH]YRXV TX·XQ HQIDQW QH SXLVVH QL
PRQWHU QL V·DVVHRLU
3RXU pYLWHU G·HQGRPPDJHU OHV FRPPDQGHV GH
YRWUH DSSDUHLO QH ODLVVH] SDV OD SRUWH RXYHUWH
ORUVTX·LO HVW HQ IRQFWLRQQHPHQW RX HQFRUH FKDXG
6L YRXV XWLOLVH] XQ DSSDUHLO pOHFWULTXH j ILO j
SUR[LPLWp GH YRWUH FXLVLQLqUH SDU H[HPSOH XQ
EDWWHXU pOHFWULTXH DVVXUH]YRXV TXH OH ILO GH
FHOXLFL QH ULVTXH SDV GH WRXFKHU XQH VXUIDFH WUqV
FKDXGH TXL VHUDLW VXVFHSWLEOH GH OH IDLUH IRQGUH RX
ELHQ TXH VRQ ILO QH ULVTXH SDV G·rWUH FRLQFp GDQV
OD SRUWH GX IRXU
/·XWLOLVDWLRQ G·XQ DSSDUHLO GH FXLVVRQ DX JD]
FRQGXLW j OD SURGXFWLRQ GH FKDOHXU HW G·KXPLGLWp
GDQV OD SLqFH R LO HVW LQVWDOOp 9HLOOH] j DVVXUHU XQH
ERQQH DpUDWLRQ GH OD FXLVLQH PDLQWHQH] RXYHUWV
OHV RULILFHV G·DpUDWLRQ QDWXUHOOH RX LQVWDOOH] XQ
GLVSRVLWLI G·DpUDWLRQ PpFDQLTXH
8QH XWLOLVDWLRQ LQWHQVLYH HW SURORQJpH GH O·DSSDUHLO
SHXW QpFHVVLWHU XQH DpUDWLRQ VXSSOpPHQWDLUH HQ
RXYUDQW OD IHQrWUH RX XQH DpUDWLRQ SOXV HIILFDFH
SDU H[HPSOH HQ DXJPHQWDQW OD SXLVVDQFH GH OD
YHQWLODWLRQ PpFDQLTXH VL HOOH H[LVWH
(Q SOXV GHV DFFHVVRLUHV IRXUQLV DYHF YRWUH
FXLVLQLqUH Q·XWLOLVH] TXH GHV SODWV GHV PRXOHV j
JkWHDX[ UpVLVWDQWV j GH KDXWHV WHPSpUDWXUHV
VXLYH] OHV LQVWUXFWLRQV GHV IDEULFDQWV
$SUqV XWLOLVDWLRQ GH YRWUH FXLVLQLqUH DVVXUH]YRXV
TXH WRXWHV OHV FRPPDQGHV VH WURXYHQW VXU OD
SRVLWLRQ $UUrW
9pULILH] TX·DXFXQ pOpPHQW QH VRLW VRXV WHQVLRQ HW
TXH OHV SDURLV VRLHQW VXIILVDPPHQW UHIURLGLHV
DYDQW GH SURFpGHU DX QHWWR\DJH GH YRWUH
FXLVLQLqUH
3RXU REWHQLU GH ERQV UpVXOWDWV FXOLQDLUHV HW
G·XWLOLVDWLRQ YHLOOH] j FH TXH YRWUH DSSDUHLO VRLW
WRXMRXUV SURSUH ORUV GH OD FXLVVRQ GH FHUWDLQHV
SUpSDUDWLRQV OHV SURMHFWLRQV JUDLVVHXVHV SHXYHQW
GpJDJHU GHV RGHXUV GpVDJUpDEOHV
,QVWDOODWLRQ
6L O·LQVWDOODWLRQ pOHFWULTXH GH YRWUH KDELWDWLRQ
QpFHVVLWH XQH PRGLILFDWLRQ SRXU OH EUDQFKHPHQW
GH YRWUH DSSDUHLO IDLWHV DSSHO j XQ pOHFWULFLHQ
TXDOLILp
'HEUDQFKH] O·DSSDUHLO RX HQOHYH] OH IXVLEOH
FRUUHVSRQGDQW j OD OLJQH GH EUDQFKHPHQW GH OD
FXLVLQLqUH VL OD FXLVLQLqUH SUpVHQWH XQH TXHOFRQTXH
DQRPDOLH
(Q FDV G·DQRPDOLH GH IRQFWLRQQHPHQW UHSRUWH]YRXV
G·DERUG DX FKDSLWUH ´(1 &$6 '·$120$/,( '(
)21&7,211(0(17´ 6L PDOJUp WRXWHV OHV
YpULILFDWLRQV XQH LQWHUYHQWLRQ V·DYqUH QpFHVVDLUH OH
YHQGHXU GH YRWUH DSSDUHLO HVW OH SUHPLHU KDELOLWp j
LQWHUYHQLU $ GpIDXW GpPpQDJHPHQW GH YRWUH SDUW
IHUPHWXUH GX PDJDVLQ R YRXV DYH] HIIHFWXp
O·DFKDW YHXLOOH]
FRQVXOWHU
O·$VVLVWDQFH
&RQVRPPDWHXUV TXL YRXV FRPPXQLTXHUD DORUV
O·DGUHVVH G·XQ 6HUYLFH $SUqV9HQWH ,QGLTXH] OD
UpIpUHQFH FRPPHUFLDOH HW OH QXPpUR GH VpULH GH YRWUH
DSSDUHLO TXL ILJXUHQW VXU OD SODTXH VLJQDOpWLTXH
1·HVVD\H] SDV GH UpSDUHU YRWUH DSSDUHLO YRXVPrPH
FHFL SRXUUDLW rWUH OD FDXVH G·LQFLGHQWV
(Q FDV G·LQWHUYHQWLRQ VXU YRWUH DSSDUHLO H[LJH] GX
6HUYLFH $SUqV9HQWH OHV SLqFHV GH UHFKDQJH
FHUWLILpHV &RQVWUXFWHXU
1·XWLOLVH] MDPDLV G·DSSDUHLOV j YDSHXU RX j KDXWH
SUHVVLRQ SRXU QHWWR\HU OH IRXU H[LJHQFHV UHODWLYHV
j OD VpFXULWp pOHFWULTXH 3URWHFWLRQ GH O·HQYLURQQHPHQW
7RXV OHV PDWpULDX[ PDUTXpV SDU OH V\PEROH
VRQW
UHF\FODEOHV 'pSRVH]OHV GDQV XQH GpFKHWWHULH
SUpYXH j FHW HIIHW UHQVHLJQH]YRXV DXSUqV GHV
VHUYLFHV GH YRWUH FRPPXQH SRXU TX·LOV SXLVVHQW rWUH
UpFXSpUpV HW UHF\FOpV
6L YRXV SURFpGH] j OD PLVH j OD FDVVH GH YRWUH
DSSDUHLO PHWWH] KRUV G·XVDJH FH TXL SRXUUDLW
UHSUpVHQWHU XQ GDQJHU SDU H[HPSOH FRXSH] OH FkEOH
G·DOLPHQWDWLRQ DX UDV GH O·DSSDUHLO
$YDQW G·XWLOLVHU YRWUH DSSDUHLO YHXLOOH]
OLUH WRXWHV OHV LQVWUXFWLRQV HW
FRQVHUYH]OHV SRXU UpIpUHQFHV
XOWpULHXUHV
'(6&5,37,21 '( 9275( &8,6,1,(5(
/H EDQGHDX GH FRPPDQGHV
➀
➁ ➂ ➃➄ ➅ ➆
➇
➀ 3URJUDPPDWHXU pOHFWURQLTXH
➁ 9R\DQW ´S\URO\VHµ IRXU
➂ &RPPDQGH GX WKHUPRVWDW GH IRXU
➃ 9R\DQW ´UpJXODWLRQµ IRXU
➄ &RPPDQGH GX VpOHFWHXU GH IRQFWLRQV GX IRXU
➅ 9R\DQW ´PDUFKHµ WDEOH HW IRXU
➆ j ➉ &RPPDQGHV GHV IR\HUV GH WDEOH
%RXWRQ G·DOOXPDJH GHV EUOHXUV JD]
/D WDEOH GH FXLVVRQ
%UOHXU VHPLUDSLGH
N:
3ODTXH j OLPLWHXU
N:
%UOHXU UDSLGH
N:
%UOHXU DX[LOLDLUH
N:
HQ EXWDQHSURSDQH N:
➈
➉
/·,17(5,(85 '8 )285
➀ *UDGLQV
➁ *ULO
➂ (OpPHQW FKDXIIDQW VXSpULHXU
➃ (FODLUDJH GX IRXU
➄ (OpPHQW FKDXIIDQW LQIpULHXU VLWXp VRXV OD VROH
➅ (QWUDvQHPHQW GH OD EURFKH
➊ j➎
1LYHDX[ GH JUDGLQV
/( 352*5$00$7(85 (/(&7521,48(
7pPRLQ LQGLTXDQW O·H[pFXWLRQ
G·XQ SURJUDPPH
7pPRLQ LQGLTXDQW OH IRQFWLRQQHPHQW
DXWRPDWLTXH
qUH WRXFKH PLVH j O·KHXUH
PLQXWHULH DUUrW VLJQDO VRQRUH
qPH WRXFKH GXUpH GH OD
FXLVVRQ RX GX QHWWR\DJH S\URO\VH
%RXWRQ GH UpJODJH
qPH WRXFKH ILQ GH OD FXLVVRQ
RX GX QHWWR\DJH S\URO\VH
qPH WRXFKH IRQFWLRQQHPHQW
PDQXHO
0LVH j O·KHXUH GX SURJUDPPDWHXU
/·KRUORJH HVW SUpGLVSRVpH SRXU LQGLTXHU OHV KHXUHV GH
j HW OHV PLQXWHV GH j $SUqV UDFFRUGHPHQW GH YRWUH IRXU DX UpVHDX
pOHFWULTXH RX DSUqV XQH FRXSXUH G·pOHFWULFLWp YRWUH
SURJUDPPDWHXU DIILFKH µµ HW $872 HQ FOLJQRWDQW
3RXU UpJOHU O·KHXUH DSSX\H] HQ PrPH WHPSV VXU OD qUH HW qPH
WRXFKH HW
VpOHFWLRQQH] O·KHXUH HQ WRXUQDQW OH ERXWRQ GH
UpJODJH YHUV OD GURLWH RX YHUV OD JDXFKH VHORQ
O·KHXUH j DWWHLQGUH
)RQFWLRQQHPHQW PDQXHO
/H IRXU SHXW rWUH XWLOLVp PDQXHOOHPHQW F·HVW j GLUH
VDQV DXFXQH SURJUDPPDWLRQ $YDQW G·HIIHFWXHU WRXWH
RSpUDWLRQ DVVXUH]YRXV TXH OH SURJUDPPDWHXU HVW
ELHQ HQ XWLOLVDWLRQ ´PDQXHOOHµ RX DSSX\H] VXU OD qPH
WRXFKH
8WLOLVDWLRQ GX PLQXWHXU IRQFWLRQ ´VDEOLHUµ
/D IRQFWLRQ PLQXWHXU HVW LQGpSHQGDQWH GX IRXU HW
Q·D DXFXQ HIIHW VXU OD PLVH HQ IRQFWLRQQHPHQW RX
O·DUUrW GX IRXU (OOH QH SHXW rWUH REWHQXH TXH
ORUVTXH OH SURJUDPPDWHXU HVW HQ PRGH GH
IRQFWLRQQHPHQW PDQXHO
$SSX\H] VXU OD qUH WRXFKH HW
VDQV UHOkFKHU UpJOH] OH WHPSV GpVLUp HQ WRXUQDQW
OH ERXWRQ GH UpJODJH WHPSV PD[ K PLQ DSSDUDLW
/RUVTXH OH WHPSV UpJOp HVW pFRXOp OD VRQQHULH VH
FOLJQRWH
GpFOHQFKH SHQGDQW PLQXWHV HQYLURQ HW
3RXU LQWHUURPSUH OH VLJQDO VRQRUH DSSX\H] VXU OD qUH
WRXFKH /D PLQXWHULH Q·LQWHUURPSW SDV OD FXLVVRQ j OD
ILQ GX WHPSV UpJOp 3RXU DUUrWHU OH IRXU UDPHQH] OH
HW OH VpOHFWHXU GH IRQF
WKHUPRVWDW VXU OD SRVLWLRQ
WLRQV VXU OD SRVLWLRQ 3URJUDPPDWLRQ VHPLDXWRPDWLTXH G·XQH
FXLVVRQ 'pSDUW LPPpGLDW $UUrW DXWRPDWLTXH
$SSX\H] VDQV UHOkFKHU VXU OD qPH WRXFKH
DSSDUDLW
(W GH O·DXWUH PDLQ WRXUQH] OH ERXWRQ SRXU REWHQLU
OD GXUpH GH FXLVVRQ GpVLUpH $872 V·DIILFKH
3ODFH] OH VpOHFWHXU GH IRQFWLRQV SXLV OH WKHUPRVWDW
VXU OHV SRVLWLRQV GpVLUpHV
/RUVTXH OD GXUpH GH FXLVVRQ HVW pFRXOpH OD VRQQHULH
VH GpFOHQFKH SHQGDQW GHX[ PLQXWHV HQYLURQ 3RXU
LQWHUURPSUH OH VLJQDO VRQRUH DSSX\H] VXU OD qUH
GLVSDUDvW 5HYHQH] HQ
WRXFKH $872 FOLJQRWH HW
IRQFWLRQQHPHQW PDQXHO HQ DSSX\DQW VXU OD qPH
WRXFKH $872 GLVSDUDLW /H IRXU Q·HVW SOXV HQ
IRQFWLRQQHPHQW &HSHQGDQW YRWUH PHWV FRQWLQXH GH
FXLUH DYHF OD FKDOHXU UpVLGXHOOH
5DPHQH] OHV FRPPDQGHV GX IRXU VXU OD SRVLWLRQ
$UUrW WKHUPRVWDW VXU SXLV VpOHFWHXU VXU 3URJUDPPDWLRQ DXWRPDWLTXH G·XQH
FXLVVRQ 'pSDUW GLIIpUp $UUrW DXWRPDWLTXH
$SSX\H] VDQV UHOkFKHU VXU OD qPH WRXFKH
DSSDUDLW
(W GH O·DXWUH PDLQ WRXUQH] OH ERXWRQ SRXU REWHQLU
OD GXUpH GH FXLVVRQ GpVLUpH $872 V·DIILFKH
(QILQ DSSX\H] VDQV UHOkFKHU VXU OD qPH WRXFKH
HW WRXUQH] j QRXYHDX OH ERXWRQ SRXU UpJOHU O·KHXUH
GH ILQ GH FXLVVRQ
3ODFH] OH VpOHFWHXU GH IRQFWLRQV SXLV OH WKHUPRVWDW
VXU OHV SRVLWLRQV GpVLUpHV
$ OD ILQ GH OD FXLVVRQ OD VRQQHULH VH GpFOHQFKHUD
SHQGDQW GHX[ PLQXWHV HQYLURQ 3RXU LQWHUURPSUH OH
VLJQDO VRQRUH DSSX\H] VXU OD qUH WRXFKH $872
FOLJQRWH HW GLVSDUDvW 5HYHQH] HQ IRQFWLRQQHPHQW
PDQXHO HQ DSSX\DQW VXU OD qPH WRXFKH $872
GLVSDUDLW /H IRXU Q·HVW SOXV HQ IRQFWLRQQHPHQW
&HSHQGDQW YRWUH PHWV FRQWLQXH GH FXLUH DYHF OD
FKDOHXU UpVLGXHOOH
5DPHQH] OHV FRPPDQGHV GX IRXU VXU OD SRVLWLRQ
$UUrW WKHUPRVWDW VXU SXLV VpOHFWHXU VXU &216(,/6 $9$17 /$ 35(0,(5( 87,/,6$7,21
/D WDEOH GH FXLVVRQ
$YDQW OD SUHPLqUH XWLOLVDWLRQ GH OD SODTXH pOHFWULTXH
IDLWHVOD FKDXIIHU PLQXWHV HQ SRVLWLRQ PD[L DILQ
G·pOLPLQHU OHV JUDLVVHV GH SURWHFWLRQ
/H IRXU
3UHPLHU QHWWR\DJH
(QOHYH] OHV DFFHVVRLUHV HW ODYH]OHV j O·HDX
VDYRQQHXVH HQ SUHQDQW VRLQ GH ELHQ OHV ULQFHU HW OHV
HVVX\HU
3UHPLqUH RSpUDWLRQ
$YDQW OD SUHPLqUH XWLOLVDWLRQ GH YRWUH IRXU
IDLWHVOH FKDXIIHU XQH IRLV j YLGH
$VVXUH]YRXV DORUV TXH OD SLqFH VRLW
VXIILVDPPHQW DpUpH 90& YHQWLODWLRQ
PpFDQLTXH FRQWU{OpH HQ IRQFWLRQQHPHQW
RX IHQrWUH RXYHUWH
/( 6(/(&7(85 '( )21&7,216
&RPPHQW SURFpGHU "
/HYH] OH FRXYHUFOH
(QOHYH] WRXV OHV DFFHVVRLUHV GX IRXU
5HWLUH] OHV pWLTXHWWHV SXEOLFLWDLUHV HW OHV
DXWRFROODQWV VDXI OD SODTXH VLJQDOpWLTXH TXL
SRXUUDLHQW VH WURXYHU VXU OD IDoDGH GH YRWUH
DSSDUHLO
0HWWH] OH SURJUDPPDWHXU j O·KHXUH YRLU FKDSLWUH
´/H SURJUDPPDWHXU pOHFWURQLTXHµ 3ODFH] OH VpOHFWHXU GH IRQFWLRQV VXU OD SRVLWLRQ
SXLV OH WKHUPRVWDW VXU )DLWHV FKDXIIHU SHQGDQW XQH KHXUH DILQ G·pOLPLQHU
O·RGHXU SURYHQDQW GX FDORULIXJH
&HV RSpUDWLRQV SHXYHQW V·HIIHFWXHU VRXV OH FRQWU{OH GX
SURJUDPPDWHXU
/H PRGH OD GXUpH HW OD WHPSpUDWXUH GH FXLVVRQ
LQGLTXpV GDQV OHV JXLGHV GH FXLVVRQV VRQW DGDSWpV j
YRWUH QRXYHOOH FXLVLQLqUH 3RXU REWHQLU GH ERQV
UpVXOWDWV FXOLQDLUHV VXLYH] FHV LQGLFDWLRQV
/( 7+(50267$7
&200(17 87,/,6(5 /$ 7$%/( '( &8,6621
/HV EUOHXUV JD]
3RXU DOOXPHU OHV EUOHXUV
RX
3RXVVH] HW WRXUQH] j O·LQYHUVH GHV DLJXLOOHV G·XQH
PRQWUH OD FRPPDQGH GX EUOHXU FKRLVL
HQ PrPH WHPSV DSSX\H] VXU OH ERXWRQ
G·DOOXPDJH pOHFWURQLTXH SRXU REWHQLU GHV
pWLQFHOOHV 0DLQWHQH] OH ERXWRQ HQIRQFp
MXVTX·j DSSDULWLRQ GH OD IODPPH XQH pWLQFHOOH
VH SURGXLW HQYLURQ WRXWHV OHV VHFRQGHV
SUpVHQWH] XQH IODPPH DX EUOHXU DSUqV DYRLU
WRXUQp OD FRPPDQGH HQ FDV GH PDQTXH G·pQHUJLH
pOHFWULTXH 3RXU pWHLQGUH OHV EUOHXUV 7RXUQH] OD FRPPDQGH GDQV OH VHQV GHV DLJXLOOHV
G·XQH PRQWUH MXVTX·j OD EXWpH VXU OD SRVLWLRQ DUUrW
$YDQW GH IHUPHU OH FRXYHUFOH DWWHQGH] TXH OH
GHVVXV GX SODQ GH FXLVVRQ VRLW UHIURLGL DILQ GH QH
SDV HQGRPPDJHU OH FRXYHUFOH
/H IR\HU pOHFWULTXH SODTXH UDSLGH j
OLPLWHXU SRLQW URXJH
(OOH RIIUH SRVLWLRQV GH FXLVVRQ
&HWWH SODTXH FKDXIIH YLWH HW FRQYLHQW SDUWLFXOLqUHPHQW
DX[ FXLVVRQV TXL GHPDQGHQW XQ GpPDUUDJH j IHX YLI
UHSRUWH]YRXV DX FKDSLWUH ´*XLGHV GHV FXLVVRQVµ /H UHSqUH ´µ FRUUHVSRQG j OD SRVLWLRQ DUUrW
/H UHSqUH ´µ FRUUHVSRQG j OD SRVLWLRQ PD[L
3RXU DOOXPHU OD SODTXH
7RXUQH] OD FRPPDQGH YHUV OD GURLWH RX YHUV OD
JDXFKH
$PHQH] OD PDQHWWH VXU OH UHSqUH FKRLVL OH YR\DQW
´PDUFKHµ V·DOOXPH
3RXU pWHLQGUH OD SODTXH
5DPHQH] OD FRPPDQGH VXU OD SRVLWLRQ ´µ
/H YR\DQW ´PDUFKHµ V·pWHLQW VDXI VL OH IRXU IRQFWLRQQH
/H YR\DQW ´PDUFKHµ
,O V·DOOXPH GqV TXH YRXV WRXUQH] OD PDQHWWH
FRUUHVSRQGDQW j OD SODTXH pOHFWULTXH ,O V·pWHLQW ORUVTXH
YRXV OD UDPHQH] VXU OD SRVLWLRQ ´µ
6pFXULWp
(ORLJQH] OHV MHXQHV HQIDQWV GH O·DSSDUHLO WDQW TX·LO
HVW FKDXG
9HLOOH] j QH SRVHU VXU OD WDEOH GH FXLVVRQ DXFXQ
REMHW RX DOLPHQW VXVFHSWLEOH GH IRQGUH XVWHQVLOHV
DYHF PDQFKH HQ SODVWLTXH IHXLOOH G·DOXPLQLXP
DOLPHQW FRQWHQDQW GX VXFUH HWF HQ FDV
G·LQFLGHQW QHWWR\H] LPPpGLDWHPHQW
&200(17 87,/,6(5 /( )285
/RUVTXH OH IRXU HVW HQ IRQFWLRQQHPHQW OH FRXYHUFOH GRLW rWUH UHOHYp
/HV FRPPDQGHV GH IRXU
/H FKRL[ GX PRGH GH FXLVVRQ V·HIIHFWXH j O·DLGH GX
VpOHFWHXU GH IRQFWLRQV GX IRXU HW GX WKHUPRVWDW
/H VpOHFWHXU GH IRQFWLRQV
3RXU VpOHFWLRQQHU OH PRGH GH FXLVVRQ GpVLUp OD
FRPPDQGH GX VpOHFWHXU GH IRQFWLRQV SHXW rWUH
WRXUQpH YHUV OD GURLWH RX YHUV OD JDXFKH
/·pFODLUDJH GX IRXU
/D FXLVVRQ WUDGLWLRQQHOOH
/D FXLVVRQ DX PD[L JULO
/D FXLVVRQ GHV YLDQGHV
/D FXLVVRQ DX WRXUQHEURFKH
/H QHWWR\DJH S\URO\WLTXH
/( 6(/(&7(85 '( )21&7,216
3RXU PHWWUH OH IRXU HQ IRQFWLRQQHPHQW FKRLVLU OD
SRVLWLRQ GX VpOHFWHXU GH IRQFWLRQV SXLV OD WHPSpUDWXUH
DSSURSULpH j O·DLGH GX WKHUPRVWDW
3RXU DUUrWHU OH IRXU UDPHQHU OH WKHUPRVWDW VXU
OH VpOHFWHXU GH IRQFWLRQV VXU SXLV
/·pFODLUDJH IRQFWLRQQH GqV TXH OD FRPPDQGH GX
VpOHFWHXU GH IRQFWLRQV HVW WRXUQpH /H IRXU UHVWH
pFODLUp SHQGDQW TXH OD FXLVVRQ V·HIIHFWXH
/H WKHUPRVWDW
/( 7+(50267$7
/H UpJODJH GH OD WHPSpUDWXUH V·HIIHFWXH j O·DLGH GX
WKHUPRVWDW HQ WRXUQDQW OD FRPPDQGH GDQV OH VHQV GHV
DLJXLOOHV G·XQH PRQWUH ,O HVW JUDGXp GH j HW UpJXOH
OD WHPSpUDWXUH GX IRXU
/H YR\DQW PDUFKH
/H YR\DQW V·DOOXPH GqV TXH YRXV WRXUQH] OD PDQHWWH
GX VpOHFWHXU GH IRQFWLRQV ,O V·pWHLQW ORUVTXH YRXV OD
UDPHQH] VXU OD SRVLWLRQ /H YR\DQW UpJXODWLRQ
/H YR\DQW V·DOOXPH SHQGDQW OH SUpFKDXIIDJH GX IRXU HW
V·pWHLQW ORUVTXH OD WHPSpUDWXUH VpOHFWLRQQpH HVW
DWWHLQWH ,O VH UDOOXPH ORUV GH OD FXLVVRQ SRXU LQGLTXHU
TXH OD WHPSpUDWXUH GH FXLVVRQ VpOHFWLRQQpH HVW
PDLQWHQXH
/H YHQWLODWHXU GH UHIURLGLVVHPHQW
/H YHQWLODWHXU GH UHIURLGLVVHPHQW SHUPHW GH PDLQWHQLU
O·HQYLURQQHPHQW GH OD FXLVLQLqUH EDQGHDX GH
FRPPDQGHV j IDLEOH WHPSpUDWXUH ,O GpPDUUH HW
V·DUUrWH DXWRPDWLTXHPHQW LO HVW QRUPDO TX·LO VH PHWWH
HQ URXWH DYDQW OH GpEXW G·XQH FXLVVRQ DYHF GpSDUW
GLIIpUp HW TXH YRXV O·HQWHQGLH] HQFRUH TXHOTXHV
LQVWDQWV DSUqV O·DUUrW WRWDO GH YRWUH IRXU
$SUqV
XWLOLVDWLRQ
GH
YRWUH
IRXU
DVVXUH]YRXV TXH OHV FRPPDQGHV VH
WURXYHQW VXU OD SRVLWLRQ $UUrW WKHUPRVWDW
VXU HW VpOHFWHXU GH IRQFWLRQV VXU /HV DFFHVVRLUHV GX IRXU
(Q SOXV GHV DFFHVVRLUHV IRXUQLV DYHF YRWUH
FXLVLQLqUH QRXV YRXV FRQVHLOORQV GH
Q·XWLOLVHU TXH GHV SODWV HW GHV PRXOHV j
JkWHDX[
UpVLVWDQW
j
GH
KDXWHV
WHPSpUDWXUHV VXLYH] OHV LQVWUXFWLRQV GHV
IDEULFDQWV /D JULOOH VXSSRUW GH SODW
9RWUH FXLVLQLqUH HVW pTXLSpH GH
JULOOH VXSSRUW
SODWHDX PXOWLXVDJHV
WRXUQHEURFKH
'pKDQFKHPHQW YHUV OH KDXW
/D JULOOH VXSSRUW GH SODW
(OOH SHUPHW GH SRVHU OHV SODWV U{WLV JUDWLQV OHV
PRXOHV j SkWLVVHULH HWF 9RWUH SODW GRLW rWUH FHQWUp VXU
OD JULOOH
9RXV SRXYH] O·XWLOLVHU GDQV OHV VHQV GH
GpKDQFKHPHQW SRXU DMXVWHU OD SRVLWLRQ GH YRV SODWV SDU
UDSSRUW j OD VRXUFH GH FKDOHXU
3RXU OHV SUpSDUDWLRQV WUqV ORXUGHV SOXV GH NJ SRVLWLRQQH] OD JULOOH VXSSRUW GH SODW GpKDQFKHPHQW
YHUV OH KDXW
/H SODWHDX PXOWLXVDJHV
'pKDQFKHPHQW YHUV OH EDV
/H SODWHDX PXOWLXVDJHV
3ODQ LQFOLQp
YHUV O·DYDQW
,O HVW HPSOR\p SRXU OD FXLVVRQ RX OH UpFKDXIIDJH GH
SL]]DV GH SHWLWV JkWHDX[ LQGLYLGXHOV SRVpV
GLUHFWHPHQW GHVVXV
2Q O·XWLOLVH DXVVL SRXU UHFXHLOOLU OH MXV GHV JULOODGHV RX
GHV FXLVVRQV DX WRXUQHEURFKH
1RXV YRXV UHFRPPDQGRQV GH JOLVVHU OH SODWHDX GDQV
OHV JUDGLQV OHV SHWLWV WURXV FLUFXODLUHV YHUV O·DUULqUH
IRQG GX IRXU HW OH SODQ LQFOLQp YHUV O·DYDQW F{Wp SRUWH
GH IRXU 3HWLWV WURXV
FLUFXODLUHV
YHUV O·DUULqUH
3UHQH] OD SUpFDXWLRQ GH FHQWUHU OH SODWHDX
PXOWLXVDJHV GDQV OH IRXU SRXU SHUPHWWUH XQH
ERQQH FLUFXODWLRQ G·DLU HW REWHQLU XQH FXLVVRQ
KRPRJqQH
3RXU YRXV VLPSOLILHU OH QHWWR\DJH FH SODWHDX
PXOWLXVDJHV HVW S\URO\VDEOH 9RXV SRXYH] OH ODLVVHU
GDQV YRWUH IRXU ORUV GX QHWWR\DJH S\URO\WLTXH HQ
VXLYDQW TXHOTXHV FRQVHLOV YRLU FKDSLWUH ´(175(7,(1
(7 1(772<$*(µ /H WRXUQHEURFKH
)RXUFKHWWHV
/H WRXUQHEURFKH
,O HVW FRPSRVp GH
EURFKH
IRXUFKHWWHV
VXSSRUW GH EURFKH
%URFKH
6XSSRUW GH EURFKH
/(6 ',))(5(17(6 326,7,216 '( &8,6621
/D FXLVVRQ WUDGLWLRQQHOOH
(OOH FRQYLHQW j WRXWHV OHV FXLVVRQV WRXW VSpFLDOHPHQW
GH SkWLVVHULHV GH SRLVVRQV GH WHUULQHV HW GH
SUpSDUDWLRQV j EDVH GH OpJXPHV (OOH SHXW FRQYHQLU
pJDOHPHQW j OD GpFRQJpODWLRQ GH FHUWDLQV SODWV
FXLVLQpV HW DX UpFKDXIIDJH GH YRV SODWV SUpSDUpV j
O·DYDQFH
/D FXLVVRQ DX PD[L JULO
(OOH SHUPHW GH JULOOHU OHV SLqFHV GH YLDQGHV GH GRUHU
OHV WRDVWV RX GH JUDWLQHU GHV SODWV GpMj FXLWV HW FKDXGV
/D FXLVVRQ GHV YLDQGHV
(OOH HVW VSpFLDOHPHQW DGDSWpH j OD FXLVVRQ GH U{WLV HW
GH YRODLOOHV GDQV XQ SODW
/D FXLVVRQ DX WRXUQHEURFKH
(OOH SHUPHW GH FXLUH OHV SRXOHWV OHV U{WLV j OD EURFKH
/D FXLVVRQ WUDGLWLRQQHOOH
(OOH FRQYLHQW j WRXWHV OHV FXLVVRQV WRXW VSpFLDOHPHQW
GH SkWLVVHULHV GH SRLVVRQV GH WHUULQHV HW GH
SUpSDUDWLRQV j EDVH GH OpJXPHV
/H SUpFKDXIIDJH GX IRXU HVW QpFHVVDLUH
&RPPHQW SURFpGHU "
3RXU OHV SkWLVVHULHV OHV JUDWLQV OHV WHUULQHV 3UpFKDXIIH] OH IRXU HQ SODoDQW OH VpOHFWHXU GH
IRQFWLRQV VXU OD SRVLWLRQ GH FXLVVRQ
HW OH
WKHUPRVWDW VXU OH UHSqUH GH FXLVVRQ FKRLVL
&RQVXOWH] OH JXLGH GHV FXLVVRQV
'XUpH GH SUpFKDXIIDJH
PLQXWHV HQYLURQ SRXU OHV UHSqUHV
PLQXWHV HQYLURQ SRXU OH UHSqUH (QIRXUQH] YRWUH SODW
´UpJXODWLRQµ HVW pWHLQW
GqV
TXH
OH
YR\DQW
/D GpFRQJpODWLRQ HWRX OH UpFKDXIIDJH
/D SRVLWLRQ FXLVVRQ WUDGLWLRQQHOOH SHXW FRQYHQLU
pJDOHPHQW j OD GpFRQJpODWLRQ GH FHUWDLQV SODWV HWRX
DX UpFKDXIIDJH GH YRV SODWV SUpSDUpV j O·DYDQFH
'DQV FH FDV SODFH] OH WKHUPRVWDW VXU OD JUDGXDWLRQ
PLQLPXP
(QVXLWH HQIRXUQH] OD SUpSDUDWLRQ GLUHFWHPHQW VDQV
SUpFKDXIIDJH
/D FXLVVRQ DX PD[L JULO
/·XWLOLVDWLRQ GX JULO VH IDLW SRUWH IHUPpH
SRXU pFRQRPLVHU GH O·pQHUJLH pYLWHU WRXW
GpJDJHPHQW G·RGHXUV HW GH IXPpHV HW SRXU
QH SDV HQGRPPDJHU OHV FRPPDQGHV GH
O·DSSDUHLO
7RXWHV OHV FXLVVRQV DX JULO GRLYHQW rWUH IDLWHV
VRXV YRWUH VXUYHLOODQFH
&H PRGH GH FXLVVRQ SHUPHW GH JULOOHU GHV SLqFHV GH
YLDQGH F{WHV GH SRUF VDXFLVVHV TXL UHVWHQW
PRHOOHXVHV GH GRUHU OHV WRDVWV RX GH JUDWLQHU GHV
SODWV GpMj FXLWV HW FKDXGV GH SUpIpUHQFH JUDWLQV GH
SkWHV &RPPHQW SURFpGHU "
/HV JULOODGHV
3UpSDUH] OD SLqFH j JULOOHU
3ODFH]OD GLUHFWHPHQW VXU OD JULOOH VXSSRUW GH SODW
SXLV OH
3ODFH] OH VpOHFWHXU GH IRQFWLRQV VXU
WKHUPRVWDW VXU OH UHSqUH GH FXLVVRQ FKRLVL VDQV
GpSDVVHU OHV YDOHXUV SUpFRQLVpHV GDQV OH JXLGH
GHV FXLVVRQV
/RUVTXH OH JULO HVW URXJH *OLVVH] OH SODWHDX PXOWLXVDJHV DX JUDGLQ ➀
*OLVVH] OD JULOOH DX JUDGLQ ➂ RX ➃ VXLYDQW
O·pSDLVVHXU GH OD SLqFH j JULOOHU
/RUVTXH OD SUHPLqUH IDFH HVW GRUpH UHWRXUQH] OD
SLqFH VDQV OD SLTXHU SRXU pYLWHU GH OXL IDLUH SHUGUH
VRQ MXV
)DLWHV JULOOHU OD GHX[LqPH IDFH
6DOH] HQ ILQ GH FXLVVRQ
/H WHPSV GH FXLVVRQ GRLW rWUH GpWHUPLQp HQ IRQFWLRQ GH
O·pSDLVVHXU GH OD SLqFH j JULOOHU HW QRQ GH VRQ SRLGV
/HV JUDWLQV
3RVLWLRQQH] OH VpOHFWHXU GH IRQFWLRQV VXU
SXLV
OH WKHUPRVWDW VXU OH UHSqUH GH FXLVVRQ FKRLVL VDQV
GpSDVVHU OHV YDOHXUV SUpFRQLVpHV GDQV OH JXLGH
GHV FXLVVRQV
3ODFH] OH SODW VXU OD JULOOH VXSSRUW HW JOLVVH]
O·HQVHPEOH DX JUDGLQ ➂ RX ➃
/DLVVH] OH PHWV H[SRVp TXHOTXHV PLQXWHV DX
UD\RQQHPHQW GX JULO
3OXV OD SUpSDUDWLRQ VHUD SURFKH GH O·pOpPHQW
UD\RQQDQW SOXV OH ´JUDWLQDJHµ VHUD UDSLGH
/D FXLVVRQ GHV YLDQGHV
&HWWH SRVLWLRQ HVW VSpFLDOHPHQW DGDSWpH j OD FXLVVRQ
GHV YLDQGHV
/HV SURMHFWLRQV GH JUDLVVH OH GpJDJHPHQW GH IXPpHV
HW
OHV
RGHXUV
GpVDJUpDEOHV
GLPLQXHQW
FRQVLGpUDEOHPHQW
9RWUH YLDQGH VHUD GRUpH HW PRHOOHXVH YRWUH IRXU
UHVWHUD SURSUH SOXV ORQJWHPSV
&RPPHQW SURFpGHU "
3UpFKDXIIH] OH IRXU HQ SODoDQW OH VpOHFWHXU GH
SXLV OH WKHUPRVWDW VXU
IRQFWLRQV VXU OD SRVLWLRQ
OH UHSqUH GH FXLVVRQ FKRLVL
$ OD SUHPLqUH H[WLQFWLRQ GX YR\DQW ´UpJXODWLRQµ
HQIRXUQH] OD SLqFH j U{WLU SXLV VDQV PRGLILHU OD
SRVLWLRQ GX WKHUPRVWDW SODFH] OH VpOHFWHXU GH
UpVHUYpH j OD FXLVVRQ
IRQFWLRQV VXU OD SRVLWLRQ
GHV YLDQGHV U{WLHV
/D FXLVVRQ DX WRXUQHEURFKH
/D EURFKH HW VRQ VXSSRUW VRQW WUqV FKDXGV
DSUqV OD FXLVVRQ 8WLOLVH] GHV JDQWV
WKHUPLTXHV GH FXLVLQH
&RPPHQW SURFpGHU "
(QILOH] XQH IRXUFKHWWH VXU OD EURFKH SXLV OD SLqFH
j U{WLU HQ YHLOODQW j FH TX·HOOH VRLW ELHQ FHQWUpH
(QILOH] HQVXLWH OD GHX[LqPH IRXUFKHWWH
%ORTXH] OHV IRXUFKHWWHV j O·DLGH GHV YLV
3RVH] OD EURFKH VXU OH VXSSRUW HW JOLVVH]
O·HQVHPEOH DX JUDGLQ ➂
/H WRXUQHEURFKH
3RXVVH] OD EURFKH SRXU HQJDJHU VRQ H[WUpPLWp
GDQV OH FDUUp G·HQWUDvQHPHQW GH OD EURFKH RULILFH
VLWXp DX IRQG GX IRXU j JDXFKH %URFKH
*OLVVH] OH SODWHDX PXOWLXVDJHV DX JUDGLQ ➀
)HUPH] OD SRUWH GX IRXU
3ODFH] OH VpOHFWHXU GH IRQFWLRQV VXU OD SRVLWLRQ
SXLV OH WKHUPRVWDW VXU OH UHSqUH GH FXLVVRQ FKRLVL
VDQV GpSDVVHU OHV YDOHXUV SUpFRQLVpHV GDQV OH
JXLGH GHV FXLVVRQV
9pULILH] TXH OD EURFKH WRXUQH
3RXU VRUWLU OD SLqFH U{WLH UHPHWWH] OH WKHUPRVWDW
SXLV OH VpOHFWHXU GH IRQFWLRQV VXU OD SRVLWLRQ $UUrW
7LUH] GRXFHPHQW HW VRUWH] VLPXOWDQpPHQW GX IRXU
OH SODWHDX PXOWLXVDJHV O·HQVHPEOH VXSSRUW GH
EURFKH HW OD EURFKH
)RXUFKHWWHV
6XSSRUW GH EURFKH
&216(,/6 '·87,/,6$7,21 /$ 7$%/( '( &8,6621
$YDQW GH IHUPHU OH FRXYHUFOH DWWHQGH] TXH
OH GHVVXV GX SODQ GH FXLVVRQ VRLW UHIURLGL
DILQ GH QH SDV HQGRPPDJHU OH FRXYHUFOH
/HV EUOHXUV JD]
&KRL[ GHV UpFLSLHQWV
&KRLVLVVH] WRXMRXUV XQ UpFLSLHQW SURSRUWLRQQp DX
GLDPqWUH GX EUOHXU XWLOLVp
j FP GH GLDPqWUH SRXU OH EUOHXU UDSLGH
DYDQW JDXFKH
j FP GH GLDPqWUH SRXU OH EUOHXU
VHPLUDSLGH DUULqUH JDXFKH
j FP GH GLDPqWUH SRXU OH EUOHXU DX[LOLDLUH
DYDQW GURLW
6L YRXV XWLOLVH] XQ UpFLSLHQW j ODUJH IRQG VWpULOLVDWHXU
EDVVLQH j FRQILWXUH FRXVFRXVVLHU SODFH]OH
OpJqUHPHQW GpFDOp YHUV O·DUULqUH GH OD WDEOH GH FXLVVRQ
GH WHOOH VRUWH TXH OD EDVH GX UpFLSLHQW QH GpSDVVH SDV
OH ERUG DYDQW GH OD WDEOH pPDLOOpH &HFL pYLWH OH
GpERUGHPHQW GHV IODPPHV HW XQH VXUFKDXIIH DX
QLYHDX GX EDQGHDX GH FRPPDQGHV
%RQQH XWLOLVDWLRQ
0DXYDLVH XWLOLVDWLRQ
JDVSLOODJH G·pQHUJLH
&RQVHLOV SUDWLTXHV
3RXU OD UpXVVLWH GH FHUWDLQHV SUpSDUDWLRQV GpOLFDWHV
SDU H[HPSOH FUqPH DQJODLVH VDXFH EpFKDPHO UL] DX
ODLW QRXV YRXV VXJJpURQV FHV TXHOTXHV FRQVHLOV
XWLOLVH] GH SUpIpUHQFH XQ UpFLSLHQW GH FP GH
GLDPqWUH PD[LPXP
XWLOLVH] GH SUpIpUHQFH OH EUOHXU DYDQW GURLW
3RXU XQ ERQ DOOXPDJH GH YRV EUOHXUV
9HLOOH] j JDUGHU OHV FRXURQQHV GHV EUOHXUV HQ
SDUIDLW pWDW GH SURSUHWp OHXU HQFUDVVHPHQW
SRXUUDLW rWUH OD FDXVH G·XQ PDXYDLV DOOXPDJH JD]
6L YRXV DYH] GpPRQWp OHV EUOHXUV SRXU OHV
QHWWR\HU DVVXUH]YRXV DYDQW O·DOOXPDJH TXH OHV
FRXURQQHV HW OHV FKDSHDX[ GHV EUOHXUV VRLHQW FRUUHFWHPHQW UHPLV HQ SODFH
HW SDUIDLWHPHQW VHFV
/D SODTXH pOHFWULTXH
1H IDLWHV SDV FKDXIIHU OD SODTXH j YLGH HW
Q·LQWHUFDOH] DXFXQ SURGXLW RX PDWpULDX HQWUH OD
SODTXH HW OH UpFLSLHQW
&KDTXH IRLV TXH OD UHFHWWH OH SHUPHW FRXYUH]
YRWUH UpFLSLHQW YRXV UpDOLVHUH] GHV pFRQRPLHV
G·pQHUJLH
3HQVH] j UDPHQHU OD PDQHWWH VXU OD SRVLWLRQ $UUrW
DYDQW OD ILQ GH OD FXLVVRQ FHOOHFL WHUPLQHUD JUkFH
j OD FKDOHXU DFFXPXOpH FXLVVRQ GHV SkWHV GX UL]
PLMRWDJH
3RXU SUpYHQLU OHV GpERUGHPHQWV ODLW KXLOH VDXFH
SRVLWLRQQH] OD PDQHWWH VXU XQ UHSqUH PRLQV
pOHYp TXHOTXHV PLQXWHV DYDQW O·pEXOOLWLRQ
1·HPSOLVVH] SDV WURS YRV UpFLSLHQWV
/RUVTXH YRXV UpGXLVH] OD SXLVVDQFH GH FXLVVRQ RX
TXH YRXV DUUrWH] OD SODTXH VD WHPSpUDWXUH EDLVVH
OHQWHPHQW
&KRL[ GHV UpFLSLHQWV
&KRLVLVVH] WRXMRXUV XQ UpFLSLHQW SURSRUWLRQQp DX
GLDPqWUH GH OD SODTXH
j FP GH GLDPqWUH
&KRLVLVVH] GHV UpFLSLHQWV j IRQG pSDLV HW ELHQ SODW
IRQG GUHVVp %RQQH XWLOLVDWLRQ
0DXYDLVHV XWLOLVDWLRQV
&216(,/6 '·87,/,6$7,21 /( )285
&KRL[ GHV UpFLSLHQWV
&RQVHLOV SUDWLTXHV
/·pSDLVVHXU OD FRQGXFWLELOLWp HW OD FRXOHXU GHV
UpFLSLHQWV LQIOXHQFHQW OHV UpVXOWDWV FXOLQDLUHV
3HQGDQW OD FXLVVRQ FHUWDLQHV SUpSDUDWLRQV
DXJPHQWHQW GH YROXPH SDU FRQVpTXHQW
FKRLVLVVH] YRV UpFLSLHQWV GH PDQLqUH j FH TXH OD
SUpSDUDWLRQ FUXH ODLVVH OH WLHUV VXSpULHXU GX PRXOH
OLEUH
3RXU SUpYHQLU OHV pFODERXVVXUHV WURS DERQGDQWHV
XWLOLVH] SRXU OD FXLVVRQ GHV U{WLV HW GHV YRODLOOHV
GHV SODWV j ERUGV KDXWV RX GHV FRFRWWHV HQ YHUUH
j IHX PXQLHV GH OHXU FRXYHUFOH GRQW OHV
GLPHQVLRQV VRQW SURSRUWLRQQpHV j OD SLqFH j U{WLU
1H SODFH] MDPDLV OH SDSLHU G·DOXPLQLXP
GLUHFWHPHQW HQ FRQWDFW DYHF OH EDV GH YRWUH
IRXU FHFL HQWUDvQHUDLW XQH GpWpULRUDWLRQ GH
O·pPDLO
/RUV GH VRQ XWLOLVDWLRQ O·DSSDUHLO GHYLHQW
FKDXG 1H SDV WRXFKHU OHV pOpPHQWV
FKDXIIDQWV VLWXpV j O·LQWpULHXU GX IRXU
3RXU SUpVHUYHU OD SURSUHWp GH YRWUH IRXU XQH IHXLOOH
G·DOXPLQLXP LQWHUFDOpH HQWUH OH SODW HW OD JULOOH
VXSSRUW SURWpJHUD OD VROH HQ FDV GH GpERUGHPHQW
$ILQ GH SHUPHWWUH XQH ERQQH FLUFXODWLRQ G·DLU
FHWWH IHXLOOH QH GRLW SDV FRXYULU OD WRWDOLWp GH OD
VXUIDFH GH OD JULOOH
3LTXH] OD SHDX GHV YRODLOOHV HW VDXFLVVHV j O·DLGH
G·XQH IRXUFKHWWH DYDQW FXLVVRQ 9RXV pYLWHUH] TXH
OD SHDX QH JRQIOH HW Q·pFODWH VRXV O·HIIHW GH OD
FKDOHXU
/DLVVH] OH PRLQV GH EDUGH SRVVLEOH DXWRXU GH YRV
U{WLV SRXU UpGXLUH OHV SURMHFWLRQV HW REWHQLU XQ PHWV
PRLQV ULFKH HQ JUDLVVH
1H GpSDVVH] SDV OHV UHSqUHV GH WKHUPRVWDW
SUpFRQLVpV GDQV OH JXLGH GH FXLVVRQV GHV YLDQGHV
5pVHUYH] OHV SODWV HQ YHUUH j IHX SRXU YRV JUDWLQV
HW YRV VRXIIOpV
,QIOXHQFH GHV UpFLSLHQWV VXU OHV UpVXOWDWV
GH FXLVVRQ
6DFKH] TXH $
O·DOXPLQLXP OHV SODWV HQ WHUUH FXLWH OD WHUUH j
IHX GLPLQXHQW OD FRORUDWLRQ GHVVRXV HW
SUpVHUYHQW O·KXPLGLWp GHV DOLPHQWV 1RXV YRXV
OHV FRQVHLOORQV SRXU OHV SkWLVVHULHV
PRHOOHXVHV OD FXLVVRQ GHV JUDWLQV GHV U{WLV
%
OD IRQWH pPDLOOpH OH IHU pWDPp OH YHUUH HW OD
SRUFHODLQH j IHX OHV UpFLSLHQWV DYHF LQWpULHXU
DQWLDGKpVLI HW H[WpULHXU FRORUp DXJPHQWHQW
OD FRORUDWLRQ GHVVRXV HW IDYRULVHQW OH
GHVVqFKHPHQW GHV DOLPHQWV 1RXV YRXV OHV
FRQVHLOORQV SRXU OHV WDUWHV OHV TXLFKHV HW
WRXWHV FXLVVRQV FURXVWLOODQWHV TXL GRLYHQW rWUH
DXVVL GRUpHV GHVVRXV TXH GHVVXV
9RXV FRQVWDWH]
4XH IDLUH "
'HVVRXV WURS SkOH
SDV DVVH] FXLW
RX GHVVXV WURS IRQFp
3UHQH] XQ PRXOH GX W\SH %
RX
GHVFHQGH] OH PRXOH G·XQ
QLYHDX
'HVVRXV WURS IRQFp
WURS FXLW
RX GHVVXV WURS FODLU
3UHQH] XQ PRXOH GX W\SH $
RX
UHPRQWH] OH PRXOH G·XQ
QLYHDX
3RXU UpDOLVHU GHV pFRQRPLHV G·pQHUJLH
3UHQH] O·KDELWXGH G·pWHLQGUH YRWUH IRXU TXHOTXHV
PLQXWHV DYDQW OD ILQ GH OD FXLVVRQ 3HQGDQW FH ODSV
GH WHPSV Q·RXYUH] SDV OD SRUWH OD FXLVVRQ VH
WHUPLQHUD JUkFH j OD FKDOHXU DFFXPXOpH GDQV OH
IRXU
)DLWHV VH VXFFpGHU SOXVLHXUV FXLVVRQV YRXV
pFRQRPLVHUH]
O·pQHUJLH
QpFHVVDLUH
DX
SUpFKDXIIDJH GX IRXU
*8,'(6 '(6 &8,66216
*XLGH GHV FXLVVRQV VXU OD SODTXH pOHFWULTXH
3UpSDUDWLRQV
3ODTXH pOHFWULTXH
0DLQWLHQ DX FKDXG EHXUUH HW FKRFRODW IRQGXV
0LMRWDJH VDXFHV GpOLFDWHV UL] OpJXPHV VHFV
0DLQWLHQ j pEXOOLWLRQ SkWHV SRPPHV GH WHUUH OpJXPHV IUDLV SRWDJHV
&XLVVRQ j OD SRrOH YHDX SRUF RPHOHWWH
&XLVVRQ j OD SRrOH ERHXI FUrSHV
)ULWXUHV
*XLGH GHV FXLVVRQV DX WRXUQHEURFKH HW DX PD[L JULO
7RXWHV OHV FXLVVRQV DX JULO GRLYHQW rWUH IDLWHV SRUWH IHUPpH HW VRXV YRWUH VXUYHLOODQFH
3UpSDUDWLRQV
*5,//$'(6
3RXOHW DX
WRXUQHEURFKH
F{WHV GH SRUF
VDXFLVVHV
PHUJXH]
PRUFHDX[ GH
SRXOHW FXLVVHV
&{WH GH ERHXI
1LYHDX GH
FXLVVRQ
JUDGLQ
PLQXWHV GH SUpFKDXIIDJH
3UpFKDXIIDJH
&XLVVRQ
*ULOOH
VXSSRUW 7KHUPRVWDW
7HPSV GH
FXLVVRQ
PLQXWHV
SDU
IDFH
$FFHVVRLUHV
7RXUQHEURFKH SODWHDX PXOWL XVDJHV
*ULOOH VXSSRUW SODWHDX PXOWL XVDJHV
*ULOOH VXSSRUW SODWHDX PXOWL XVDJHV
*ULOOH VXSSRUW SODWHDX PXOWL XVDJHV
*ULOOH VXSSRUW SODWHDX PXOWL XVDJHV
7DEOHDX GH FRUUHVSRQGDQFHV DSSUR[LPDWLYHV UHSqUHV GX WKHUPRVWDW WHPSpUDWXUHV
p&
p&
p&
p&
p&
p&
p&
p&
p&
p&
/H SUpFKDXIIDJH GX IRXU HVW QpFHVVDLUH SRXU O·XWLOLVDWLRQ GHV SRVLWLRQV VXLYDQWHV 3RXU OHV FXLVVRQV SRVLWLRQ
PRGH GH SUpFKDXIIDJH
GXUpH PLQXWHV HQYLURQ SRXU OHV UHSqUHV GXUpH PLQXWHV HQYLURQ SRXU OH UHSqUH 3RXU OHV FXLVVRQV SRVLWLRQ
3UpSDUDWLRQV
0DLQWLHQ DX FKDXG
&KDXIIDJH DVVLHWWHV
9,$1'(6
5{WL GH ERHXI NJ
*LJRW G·DJQHDX
5{WL GH SRUF NJ
5{WL GH YHDX NJ
9RODLOOH NJ
3UpFKDXIIDJH
PRGH GH SUpFKDXIIDJH
&XLVVRQ
1LYHDX GH
FXLVVRQ
JUDGLQ
GXUpH PLQXWHV HQYLURQ SRXU OH UHSqUH *ULOOH
VXSSRUW 7KHUPRVWDW
7HPSV GH
FXLVVRQ
PLQXWHV
$FFHVVRLUHV
*ULOOH VXSSRUW SODW HQ WHUUH j IHX
*ULOOH VXSSRUW SODW HQ WHUUH j IHX
*ULOOH VXSSRUW SODW HQ WHUUH j IHX
*ULOOH VXSSRUW SODW HQ WHUUH j IHX
*ULOOH VXSSRUW SODW HQ WHUUH j IHX
3UpSDUDWLRQV
32,66216
3RLVVRQV HQWLHUV
3RLVVRQ ILOHWV
/(*80(6
*UDWLQ GDXSKLQRLV
7RPDWHV IDUFLHV
/DVDJQHV
3UpFKDXIIDJH
&XLVVRQ
1LYHDX GH
FXLVVRQ
JUDGLQ
*ULOOH
VXSSRUW 7KHUPRVWDW
7HPSV GH
FXLVVRQ
PLQXWHV
$FFHVVRLUHV
*ULOOH VXSSRUW SODW HQ WHUUH j IHX
*ULOOH VXSSRUW SODW HQ WHUUH j IHX
*ULOOH VXSSRUW SODW HQ YHUUH j IHX
*ULOOH VXSSRUW SODW HQ YHUUH j IHX
*ULOOH VXSSRUW SODW HQ YHUUH j IHX
3ODWHDX PXOWL XVDJHV DYHF SDSLHU
VXOIXULVp
*ULOOH VXSSRUW PRXOH j VRXIIOp
7HUULQH DX EDLQ PDULH GDQV SODWHDX
PXOWL XVDJHV
*ULOOH VXSSRUW WRXUWLqUH
*ULOOH VXSSRUW WRXUWLqUH
*ULOOH VXSSRUW PRXOH j PDQTXp
3ODWHDX PXOWL XVDJHV
*ULOOH VXSSRUW PRXOH j EULRFKH
*ULOOH VXSSRUW
*ULOOH VXSSRUW
*ULOOH VXSSRUW PRXOH HQ WHUUH FXLWH
3ODWHDX PXOWL XVDJHV DYHF SDSLHU
VXOIXULVp
3ODWHDX PXOWL XVDJHV
*ULOOH VXSSRUW PRXOH j PDQTXp
3ODWHDX PXOWL XVDJHV DYHF SDSLHU
VXOIXULVp
*ULOOH VXSSRUW WRXUWLqUH
*ULOOH VXSSRUW WRXUWLqUH
(175((6
&URWHV IHXLOOHWpHV
6RXIIOp DX IURPDJH
3kWp HQ WHUULQH
3L]]D
4XLFKH ORUUDLQH
3$7,66(5,(6
%LVFXLW GH 6DYRLH
%ULRFKH
&DNH DX[ UDLVLQV
*pQRLVH
.RXJORI
0HULQJXHV
3kWH j FKRX[
4XDWUH TXDUWV
6DEOpV
7DUWH DX[ IUXLWV
SkWH EULVpH
7DUWH DX[ IUXLWV
SkWH OHYpH
/·LPSRUWDQFH GX YROXPH GHV SUpSDUDWLRQV j FXLUH HW OD JUDQGH YDULpWp GHV PDWpULDX[ FRQVWLWXDQW OHV
UpFLSLHQWV GH FXLVVRQ HW OHV PRXOHV j SkWLVVHULH SHXYHQW YRXV DPHQHU j PRGLILHU OHV LQGLFDWLRQV GRQQpHV
GDQV OHV JXLGHV GHV FXLVVRQV 6HXOH YRWUH H[SpULHQFH YRXV SHUPHWWUD GH WURXYHU OH UpJODJH FRQYHQDQW OH
PLHX[ j YRV KDELWXGHV FXOLQDLUHV
(175(7,(1 (7 1(772<$*(
1HWWR\DJH GH OD WDEOH
3RUWH WLURLU HW F{WpV
$YDQW GH SURFpGHU DX QHWWR\DJH DVVXUH]YRXV TXH
FKDTXH PDQHWWH VRLW VXU OD SRVLWLRQ $UUrW HW DWWHQGH]
TXH O·DSSDUHLO VRLW UHIURLGL
8WLOLVH] XQH pSRQJH KXPLGH DGGLWLRQQpH G·XQ
GpWHUJHQW GRX[ 5LQFH] HW VpFKH] VRLJQHXVHPHQW
1·XWLOLVH] HQ DXFXQ FDV GH SURGXLWV DEUDVLIV
$SUqV FKDTXH XWLOLVDWLRQ SDVVH] XQH pSRQJH LPELEpH
G·HDX WLqGH HW GH GpWHUJHQW GRX[ HQ pYLWDQW WRXW
pFRXOHPHQW GDQV OHV RULILFHV GH OD WDEOH 5LQFH] HW
VpFKH] DYHF XQ FKLIIRQ GRX[
(Q FDV GH GpERUGHPHQW PRXLOOH] HW ODLVVH]
GpWUHPSHU PDLV QH JUDWWH] SDV HW Q·XWLOLVH] MDPDLV GH
SURGXLWV DEUDVLIV FH TXL ULVTXHUDLW GH UD\HU HW
G·HQGRPPDJHU OD VXUIDFH pPDLOOpH
1HWWR\DJH GX FRXYHUFOH
1HWWR\H]OH DYHF XQH pSRQJH KXPLGH DGGLWLRQQpH
G·XQ GpWHUJHQW GRX[ ULQFH] HW VpFKH]
*ULOOHV pPDLOOpHV
/DYH]OHV j O·HDX FKDXGH DGGLWLRQQpH G·XQ GpWHUJHQW
GRX[ ULQFH] HW VpFKH]
%UOHXUV JD] FKDSHDX[ HW FRXURQQHV
/DYH] OHV FKDSHDX[ DYHF GH O·HDX FKDXGH HW XQ
GpWHUJHQW GRX[ 9HLOOH] j JDUGHU OHV FRXURQQHV GHV
EUOHXUV HQ SDUIDLW pWDW GH SURSUHWp OHXU HQFUDVVHPHQW
SRXYDQW rWUH OD FDXVH G·XQ PDXYDLV DOOXPDJH
6L YRXV DYH] GpPRQWp OHV EUOHXUV SRXU OHV QHWWR\HU
DVVXUH]YRXV DYDQW O·DOOXPDJH TXH OHV FRXURQQHV HW
OHV FKDSHDX[ VRLHQW ELHQ HQ SODFH HW SDUIDLWHPHQW
VHFV
3ODTXH pOHFWULTXH
9pULILH] TX·DXFXQ pOpPHQW Q·HVW VRXV WHQVLRQ 7RXWHV
OHV FRPPDQGHV GRLYHQW VH WURXYHU VXU OD SRVLWLRQ $UUrW
OHV YR\DQWV HW OD ODPSH GH IRXU pWHLQWV 8WLOLVH] XQH pSRQJH KXPLGH HW XQ GpWHUJHQW ULQFH] HW
VpFKH]
6L QpFHVVDLUH IDLWHV FKDXIIHU OD SODTXH SUpDODEOHPHQW
SRXU FDUERQLVHU OHV VDOLVVXUHV
/D SODTXH GRLW rWUH PDLQWHQXH ELHQ VqFKH
3pULRGLTXHPHQW YRXV SRXYH] O·HVVX\HU DYHF XQ
SDSLHU DEVRUEDQW OpJqUHPHQW KXLOp
%DQGHDX GH FRPPDQGH HW PDQHWWHV
8WLOLVH] XQH pSRQJH KXPLGH DGGLWLRQQpH G·HDX
VDYRQQHXVH 5LQFH] HW VpFKH] VRLJQHXVHPHQW
1HWWR\DJH GHV DFFHVVRLUHV GH IRXU
*ULOOH VXSSRUW GH SODW HW WRXUQHEURFKH /DYH]OHV j O·HDX VDYRQQHXVH HQ SUHQDQW VRLQ GH ELHQ
OHV ULQFHU HW GH OHV HVVX\HU
3ODWHDX PXOWLXVDJHV &HW DFFHVVRLUH HVW S\URO\VDEOH YRXV SRXYH] OH ODLVVHU
GDQV YRWUH IRXU ORUV G·XQ F\FOH GH QHWWR\DJH
S\URO\WLTXH HQ OH JOLVVDQW DX JUDGLQ SRXU REWHQLU GH
ERQV UpVXOWDWV GH QHWWR\DJH
1HWWR\DJH GX IRXU j pPDLO S\URO\WLTXH
3ULQFLSH
/HV SDURLV VRQW HQ pPDLO VSpFLDO UpVLVWDQW DX[ KDXWHV
WHPSpUDWXUHV G·DVSHFW EULOODQW HW OLVVH DX WRXFKHU
/D WHPSpUDWXUH GX IRXU SRUWpH j & HQYLURQ
HQWUDvQH OD FDUERQLVDWLRQ GH WRXWHV OHV VDOLVVXUHV
SURMHFWLRQV JUDVVHV VXFUHV RHXIV SkWHV /HV
RGHXUV VRQW ILOWUpHV SDU XQ FDWDO\VHXU
/D VpFXULWp
3RXU YRWUH VpFXULWp HQ F\FOH S\URO\VH XQ V\VWqPH GH
YHUURXLOODJH FRQGDPQH DXWRPDWLTXHPHQW OD SRUWH GqV
TXH OD WHPSpUDWXUH GX IRXU DYRLVLQH &
$ SDUWLU GH & OD SRUWH UHVWH YHUURXLOOpH PrPH VL OH
F\FOH GH S\URO\VH HVW VWRSSp SDQQH GH VHFWHXU RX
DUUrW YRORQWDLUH ,O IDXW DWWHQGUH TXH OH IRXU UHIURLGLVVH
SRXU GpYHUURXLOOHU OD SRUWH
3HQGDQW OH F\FOH GH QHWWR\DJH XQ YHQWLODWHXU GH
UHIURLGLVVHPHQW IRQFWLRQQH /D YHQWLODWLRQ HVW
PDLQWHQXH DSUqV O·RSpUDWLRQ GH QHWWR\DJH WDQW TXH OH
IRXU Q·HVW SDV VXIILVDPPHQW UHIURLGL
/RUV GX F\FOH GH QHWWR\DJH SDU S\URO\VH Q·XWLOLVH]
SDV OHV IR\HUV GH WDEOH
/H F\FOH V·HIIHFWXH XQLTXHPHQW VRXV OH FRQWU{OH
GX SURJUDPPDWHXU
(QWUHWLHQ UpJXOLHU
$SUqV FKDTXH FXLVVRQ VDOLVVDQWH SHQVH] j UHWLUHU OHV
SURMHFWLRQV DYHF XQH pSRQJH
(QWUHWLHQ SpULRGLTXH
$SUqV XQ F\FOH GH QHWWR\DJH S\URO\WLTXH SDVVH] XQH
pSRQJH KXPLGH GDQV OH IRXU IURLG SRXU HQOHYHU OHV
UpVLGXV EODQFKkWUHV 1·KpVLWH] SDV j QHWWR\HU YRWUH
IRXU DXVVL VRXYHQW TXH FHOD HVW QpFHVVDLUH
9RXV SRXYH] HIIHFWXHU OH QHWWR\DJH SDU S\URO\VH j OD
VXLWH G·XQH FXLVVRQ SRXU EpQpILFLHU GH OD FKDOHXU GpMj
DFFXPXOpH GDQV OH IRXU
/H QHWWR\DJH SDU S\URO\VH LPPRELOLVH O·XWLOLVDWLRQ GH
YRWUH DSSDUHLO SHQGDQW K j K HQYLURQ
&RPPHQW SURFpGHU "
/HYH] OH FRXYHUFOH GH YRWUH FXLVLQLqUH
5HWLUH] WRXV OHV DFFHVVRLUHV VXLYDQWV GX IRXU JULOOH WRXUQHEURFKH TXL VXSSRUWHUDLHQW PDO OD
WHPSpUDWXUH pOHYpH SHQGDQW OH F\FOH S\URO\VH HW
ULVTXHUDLHQW G·HQGRPPDJHU YRWUH IRXU /H SODWHDX
PXOWLXVDJHV TXL HVW S\URO\VDEOH SHXW UHVWHU
GDQV OH IRXU
6L QpFHVVDLUH HQOHYH] O·H[FpGHQW GH VDOLVVXUHV
GpERUGHPHQWV JUDLVVH TXL HQWUDLQHUDLHQW XQ
GpJDJHPHQW GH IXPpH WURS LPSRUWDQW SRXU rWUH
DEVRUEp SDU OH FDWDO\VHXU
)HUPH] OD SRUWH
3RVLWLRQQH] OH WKHUPRVWDW HW OH VpOHFWHXU GH
IRQFWLRQV VXU OHV SRVLWLRQV
/( 6(/(&7(85 '( )21&7,216
3RXU SURJUDPPHU OH F\FOH GH QHWWR\DJH S\URO\VH
UHSRUWH]YRXV j OD SDJH VXLYDQWH
5pJOH] OH WHPSV GH QHWWR\DJH VXU PLQXWHV 6L
YRWUH IRXU HVW WUqV VDOH YRXV SRXYH] DXJPHQWHU OD
GXUpH PD[LPXP PLQXWHV 9RLU FKDSLWUH µ/H
SURJUDPPDWHXUµ
/RUVTXH OH F\FOH GH QHWWR\DJH HVW WHUPLQp UDPHQH] OHV FRPPDQGHV VXU $UUrW WKHUPRVWDW
VXU SXLV VpOHFWHXU GH IRQFWLRQV VXU /HV YR\DQWV ´PDUFKHµ HW ´S\URO\VHµ V·pWHLJQHQW
/D SRUWH VH GpYHUURXLOOH
/D SRUWH GX IRXU HVW FKDXGH SHQGDQW OH
F\FOH GH QHWWR\DJH SDU S\URO\VH pORLJQH]
OHV MHXQHV HQIDQWV
/( 7+(50267$7
3URJUDPPDWLRQ VHPL DXWRPDWLTXH
GX QHWWR\DJH S\URO\VH
'pSDUW LPPpGLDW $UUrW DXWRPDWLTXH
7RXUQH] OH VpOHFWHXU GH IRQFWLRQV SXLV OH
WKHUPRVWDW VXU OHV SRVLWLRQV
µ3 µ
HW
$872 V·DIILFKHQW S\URO\VH G·XQH GXUpH GH KHXUH
6L YRXV VRXKDLWH] DXJPHQWHU OH WHPSV GX QHWWR\DJH
S\URO\VH IRXU WUqV VDOH $SSX\H] VDQV UHOkFKHU VXU OD qPH WRXFKH HW GH
O·DXWUH PDLQ WRXUQH] OH ERXWRQ GH UpJODJH SRXU
DXJPHQWHU OD GXUpH GH QHWWR\DJH S\URO\WLTXH
GXUpH PD[LPXP KHXUHV /RUVTXH OH QHWWR\DJH S\URO\VH HVW WHUPLQp ´ 3 µ
GLVSDUDvW
HW $872 FOLJQRWHQW
5DPHQH] OHV GHX[ FRPPDQGHV GX IRXU VXU OHV
SRVLWLRQV $UUrW WKHUPRVWDW VXU HW VpOHFWHXU GH
IRQFWLRQV VXU $872 GLVSDUDvW /·KHXUH
V·DIILFKH j QRXYHDX
,O HVW QRUPDO TXH OD SRUWH GX IRXU UHVWH YHUURXLOOpH
DSUqV OD ILQ GX F\FOH GH QHWWR\DJH S\URO\VH WDQW TXH
OH IRXU Q·HVW SDV VXIILVDPPHQW UHIURLGL
3URJUDPPDWLRQ DXWRPDWLTXH GX
QHWWR\DJH S\URO\VH
'pSDUW GLIIpUp $UUrW DXWRPDWLTXH
7RXUQH] OH VpOHFWHXU GH IRQFWLRQV SXLV OH
WKHUPRVWDW VXU OHV SRVLWLRQV
µ3 µ
HW
$872 V·DIILFKHQW S\URO\VH G·XQH GXUpH GH KHXUH
6L YRXV VRXKDLWH] DXJPHQWHU OH WHPSV GX QHWWR\DJH
S\URO\VH IRXU WUqV VDOH $SSX\H] VDQV UHOkFKHU VXU OD qPH WRXFKH HW GH
O·DXWUH PDLQ WRXUQH] OH ERXWRQ GH UpJODJH SRXU
DXJPHQWHU OD GXUpH GH QHWWR\DJH S\URO\WLTXH
GXUpH PD[LPXP KHXUHV (QILQ DSSX\H] VDQV UHOkFKHU VXU OD qPH WRXFKH
HW WRXUQH] j QRXYHDX OH ERXWRQ SRXU UpJOHU O·KHXUH
GLVSDUDvW
GH ILQ GH QHWWR\DJH S\URO\WLTXH
V·DIILFKHUD ORUVTXH O·KHXUH GH GpEXW GH QHWWR\DJH
VHUD DWWHLQWH
5DPHQH] OHV GHX[ FRPPDQGHV GX IRXU VXU OHV
SRVLWLRQV $UUrW WKHUPRVWDW VXU HW VpOHFWHXU GH
IRQFWLRQV VXU $872 GLVSDUDvW /·KHXUH
V·DIILFKH j QRXYHDX
,O HVW QRUPDO TXH OD SRUWH GX IRXU UHVWH YHUURXLOOpH
DSUqV OD ILQ GX F\FOH GH QHWWR\DJH S\URO\VH WDQW TXH
OH IRXU Q·HVW SDV VXIILVDPPHQW UHIURLGL
(1 &$6 '·$120$/,( '( )21&7,211(0(17
1RXV YRXV UHFRPPDQGRQV YLYHPHQW GH IDLUH OHV YpULILFDWLRQV VXLYDQWHV VXU YRWUH FXLVLQLqUH DYDQW G·DSSHOHU XQ
WHFKQLFLHQ GX 6HUYLFH $SUqV9HQWH ,O VH SHXW TXH OH SUREOqPH VRLW VLPSOH HW TXH YRXV SXLVVLH] OH UpVRXGUH
YRXVPrPH
6ROXWLRQV
6\PSW{PHV
$XFXQ EUOHXU QH V·DOOXPH
8Q EUOHXU QH V·DOOXPH SDV
/D SODTXH pOHFWULTXH HW OH IRXU QH IRQFWLRQQHQW SDV
/HV UpVXOWDWV GH FXLVVRQ QH VRQW SDV VDWLVIDLVDQWV
/H IRXU IXPH
9pULILH] TXH
O·DUULYpH GX JD] HVW RXYHUWH
OD SRVLWLRQ GX WX\DX JD] HVW FRUUHFWH
OD ERXWHLOOH RX OD FXYH Q·HVW SDV YLGH
OHV IXVLEOHV VRQW HQ ERQ pWDW
O·DSSDUHLO HVW FRUUHFWHPHQW EUDQFKp
TX·LO Q·\ D SDV GH FRXSXUH GH FRXUDQW
9pULILH] TXH
O·HQVHPEOH GX EUOHXU HVW ELHQ UHPRQWp
OH EUOHXU Q·HVW SDV PRXLOOp
OD ERXJLH G·DOOXPDJH HVW SURSUH HW VqFKH
9pULILH] TXH
OHV IXVLEOHV VRQW HQ ERQ pWDW
O·DSSDUHLO HVW FRUUHFWHPHQW EUDQFKp
TX·LO Q·\ D SDV GH FRXSXUH GH FRXUDQW
9pULILH] TXH
OD SRVLWLRQ GH SUpFKDXIIDJH HVW FRUUHFWH YRLU
FKDSLWUH ´*XLGHV GHV FXLVVRQVµ
OD GXUpH HW OD WHPSpUDWXUH GH SUpFKDXIIDJH VRQW
FRUUHFWHV
OD SRVLWLRQ GH FXLVVRQ HVW DGDSWpH
OD WHPSpUDWXUH VpOHFWLRQQpH HVW FRUUHFWH
OD GXUpH GH FXLVVRQ HVW DGDSWpH
OD JULOOH RX OH SODWHDX PXOWLXVDJHV HVW ELHQ
SRVLWLRQQp GDQV OH IRXU
OH UpFLSLHQW GH FXLVVRQ HVW ELHQ DGDSWp
9pULILH] TXH
OH IRXU QH QpFHVVLWH SDV GH QHWWR\DJH
OD SUpSDUDWLRQ QH GpERUGH SDV
LO Q·\ D SDV GH SURMHFWLRQV H[FHVVLYHV GH
JUDLVVHMXV VXU OHV SDURLV GX IRXU
OD WHPSpUDWXUH HW OD SRVLWLRQ GH FXLVVRQ
VpOHFWLRQQpHV
VRQW
DGDSWpHV
SOXV
SDUWLFXOLqUHPHQW SRXU OD SRVLWLRQ ´&XLVVRQ GHV
YLDQGHVµ YRLU FKDSLWUH ´*XLGHV GHV FXLVVRQVµ 6L DSUqV DYRLU YpULILp FHV GLIIpUHQWV SRLQWV O·DQRPDOLH SHUVLVWH FRQWDFWH] OH 6HUYLFH $SUqV9HQWH GH YRWUH UHYHQGHXU
&21',7,216 '( *$5$17,(
*DUDQWLH FRQWUDFWXHOOH
3HQGDQW DQ j FRPSWHU GH OD PLVH HQ VHUYLFH OH FRQVWUXFWHXU UHPSODFHUD OHV SLqFHV GpIHFWXHXVHV VDXI GDQV OHV
FDV SUpYXV DX FKDSLWUH µ5pVHUYHVµ
&RQGLWLRQV G·DSSOLFDWLRQ
3RXU XQH DSSOLFDWLRQ GH FHWWH JDUDQWLH YRXV GHYH] YRXV DGUHVVHU DX GLVWULEXWHXU TXL YRXV D YHQGX O·DSSDUHLO HW OXL
SUpVHQWHU OH &HUWLILFDW GH *DUDQWLH (Q FRPSOpPHQW OH 'LVWULEXWHXU 9HQGHXU SRXUUD RX QRQ SUHQGUH j VD FKDUJH OHV
IUDLV GH PDLQ G·±XYUH DLQVL TXH OHV IUDLV GH GpSODFHPHQW HW GH WUDQVSRUW VHORQ OHV FRQGLWLRQV GH YHQWH TX·LO SUDWLTXH
5pVHUYHV
1RXV DWWLURQV YRWUH DWWHQWLRQ VXU OH IDLW TXH FHWWH JDUDQWLH QH SRXUUD rWUH DSSOLTXpH
6L OHV GpWpULRUDWLRQV SURYLHQQHQW G·XQH FDXVH pWUDQJqUH j O·DSSDUHLO FKRFV YDULDWLRQV DQRUPDOHV GH OD WHQVLRQ
pOHFWULTXH HWF RX GX QRQUHVSHFW GHV FRQGLWLRQV G·LQVWDOODWLRQ RX G·XWLOLVDWLRQ LQGLTXpHV GDQV OD QRWLFH
G·XWLOLVDWLRQ IDXVVH PDQRHXYUH QpJOLJHQFH LQVWDOODWLRQ GpIHFWXHXVH RX QRQ FRQIRUPH DX[ UqJOHV HW
SUHVFULSWLRQV LPSRVpHV SDU OHV RUJDQLVPHV GH GLVWULEXWLRQ GH O·(OHFWULFLWp GH O·(DX GX *D] HWF
6L O·XWLOLVDWHXU D DSSRUWp XQH PRGLILFDWLRQ VXU OH PDWpULHO RX HQOHYp OHV PDUTXHV RX QXPpURV GH VpULH
6L XQH UpSDUDWLRQ D pWp HIIHFWXpH SDU XQH SHUVRQQH QRQ DJUppH SDU OH FRQVWUXFWHXU RX OH YHQGHXU
6L O·DSSDUHLO D pWp XWLOLVp j GHV ILQV FRPPHUFLDOHV RX LQGXVWULHOOHV RX SRXU G·DXWUHV EXWV TXH GHV EXWV PpQDJHUV
SRXU OHVTXHOV LO D pWp FRQoX
6L O·DSSDUHLO D pWp DFKHWp RX UpSDUp KRUV GX WHUULWRLUH IUDQoDLV
*DUDQWLH OpJDOH
/HV GLVSRVLWLRQV GH OD JDUDQWLH FRQWUDFWXHOOH QH VRQW SDV H[FOXVLYHV GX EpQpILFH DX SURILW GH O·DFKHWHXU GH OD JDUDQWLH
OpJDOH SRXU GpIDXWV HW YLFHV FDFKpV OD GLWH JDUDQWLH V·DSSOLTXDQW HQ WRXW pWDW GH FDXVH GDQV OHV FRQGLWLRQV GHV DUWLFOHV
HW VXLYDQWV GX &RGH &LYLO
6(59,&( $35(69(17(
(Q FDV G·DQRPDOLH GH IRQFWLRQQHPHQW UHSRUWH]YRXV j OD UXEULTXH ´(1 &$6 '·$120$/,( '( )21&7,211(0(17µ
6L PDOJUp WRXWHV OHV YpULILFDWLRQV XQH LQWHUYHQWLRQ V·DYqUH QpFHVVDLUH OH YHQGHXU GH YRWUH DSSDUHLO HVW OH SUHPLHU KDELOLWp
j LQWHUYHQLU $ GpIDXW GpPpQDJHPHQW GH YRWUH SDUW IHUPHWXUH GX PDJDVLQ R YRXV DYH] HIIHFWXp O·DFKDW YHXLOOH]
FRQVXOWHU O·$VVLVWDQFH 7HFKQLTXH &RQVRPPDWHXUV TXL YRXV FRPPXQLTXHUD DORUV O·DGUHVVH G·XQ 6HUYLFH $SUqV9HQWH
(Q FDV G·LQWHUYHQWLRQ VXU YRWUH DSSDUHLO H[LJH] GX 6HUYLFH $SUqV9HQWH OHV 3LqFHV GH 5HFKDQJH FHUWLILpHV &RQVWUXFWHXU
(Q DSSHODQW XQ 6HUYLFH $SUqV9HQWH LQGLTXH]OXL OD UpIpUHQFH FRPPHUFLDOH HW OH QXPpUR GH VpULH GH YRWUH DSSDUHLO
&HV LQGLFDWLRQV ILJXUHQW VXU OD SODTXH VLJQDOpWLTXH GH YRWUH DSSDUHLO
/D SODTXH VLJQDOpWLTXH
(Q DSSHODQW XQ 6HUYLFH $SUqV9HQWH LQGLTXH]OXL OD
UpIpUHQFH FRPPHUFLDOH OH QXPpUR GH SURGXLW HW OH
QXPpUR GH VpULH GH O·DSSDUHLO &HV LQGLFDWLRQV ILJXUHQW
VXU OD SODTXH VLJQDOpWLTXH VLWXpH VXU YRWUH DSSDUHLO
/D SODTXH HVW YLVLEOH VXU OH VRFOH GH O·DSSDUHLO HQ
IDoDGH ORUVTXH OH WLURLU HVW HQOHYp UHSRUWH]YRXV DX
FKDSLWUH ´,167$//$7,21µ /HV LQIRUPDWLRQV LQVFULWHV VXU FHWWH SODTXH YRXV
VHURQW QpFHVVDLUHV HQ FDV GH SDQQH HW SRXU OD
FRPPDQGH GH SLqFHV DX 6HUYLFH $SUqV9HQWH
$ /·$77(17,21 '( /·,167$//$7(85
&RQVLJQHV GH VpFXULWp
$YDQW O·LQVWDOODWLRQ DVVXUH]YRXV TXH OHV
FRQGLWLRQV GH GLVWULEXWLRQ ORFDOH QDWXUH HW
SUHVVLRQ GX JD] HW OH UpJODJH GH O·DSSDUHLO VRQW
FRPSDWLEOHV
/·DSSDUHLO GRLW rWUH LQVWDOOp GDQV XQ ORFDO
VXIILVDPPHQW DpUp
/HV FRQGLWLRQV GH UpJODJH GH O·DSSDUHLO VRQW
LQVFULWHV VXU OD SODTXH VLJQDOpWLTXH
&HW DSSDUHLO Q·HVW SDV UDFFRUGp j XQ GLVSRVLWLI
G·pYDFXDWLRQ GHV SURGXLWV GH FRPEXVWLRQ ,O GRLW
rWUH LQVWDOOp HW UDFFRUGp FRQIRUPpPHQW DX[ UqJOHV
G·LQVWDOODWLRQ HQ YLJXHXU 8QH DWWHQWLRQ SDUWLFXOLqUH
VHUD DFFRUGpH DX[ GLVSRVLWLRQV DSSOLFDEOHV HQ
PDWLqUH GH YHQWLODWLRQ
5DFFRUGHPHQW j XQ UpVHDX JD]
9pULILH] TXH
OH GpELW GX FRPSWHXU HW OH GLDPqWUH GHV
FDQDOLVDWLRQV VRQW VXIILVDQWV SRXU DOLPHQWHU WRXV
OHV DSSDUHLOV GH O·LQVWDOODWLRQ FRQVXOWH] YRWUH
FRPSDJQLH GH GLVWULEXWLRQ GX JD]
WRXV OHV UDFFRUGV VRQW pWDQFKHV
,QVWDOOH] XQ URELQHW GH EDUUDJH YLVLEOH HW
DFFHVVLEOH
6L YRXV XWLOLVH] XQ WXEH VRXSOH LO GRLW rWUH YLVLEOH
HW DFFHVVLEOH VXU WRXWH VD ORQJXHXU HW QH GRLW SDV
SDVVHU GHUULqUH O·DSSDUHLO
&KDQJHU OH WXEH VRXSOH XQ SHX DYDQW OD GDWH
G·H[SLUDWLRQ LPSULPpH VXU FHOXLFL
/H GpELW G·DLU QHXI UHTXLV HVW GH PK
&HWWH FXLVLQLqUH HVW XQ DSSDUHLO GX W\SH ; F·HVW j
GLUH TXH OHV PHXEOHV MX[WDSRVpV j O·DSSDUHLO QH
GRLYHQW SDV GpSDVVHU OD KDXWHXU GH FHOOHFL &HWWH
GLVSRVLWLRQ DVVXUH OD SURWHFWLRQ GX PRELOLHU
/·LQVWDOODWLRQ HW O·HQWUHWLHQ GRLYHQW rWUH HIIHFWXpV SDU XQ
SURIHVVLRQQHO TXDOLILp FRQIRUPpPHQW DX[ WH[WHV
UpJOHPHQWDLUHV HW UqJOHV GH O·DUW HQ YLJXHXU
QRWDPPHQW
/HV SDURLV DGMDFHQWHV j OD FXLVLQLqUH GRLYHQW rWUH
VRLW HQ PDWpULDX UpVLVWDQW j OD FKDOHXU VRLW
UHYrWXHV G·XQ WHO PDWpULDX
DUUrWp GX DRW UqJOHV WHFKQLTXHV HW GH
VpFXULWp DSSOLFDEOHV DX[ LQVWDOODWLRQV GH JD]
FRPEXVWLEOHV HW G·K\GURFDUEXUHV OLTXpILpV j
O·LQWpULHXU GHV EkWLPHQWV G·KDELWDWLRQ HW GH OHXUV
GpSHQGDQFHV
QRUPHV '78 3 LQVWDOODWLRQV GH JD]
UqJOHPHQW VDQLWDLUH GpSDUWHPHQWDO
QRUPH 1) & LQVWDOODWLRQV pOHFWULTXHV j
EDVVH WHQVLRQ
5DFFRUGHPHQW pOHFWULTXH
/HV FXLVLQLqUHV VRQW OLYUpHV H[FOXVLYHPHQW SRXU
FRXUDQW DOWHUQDWLI +] UHSRUWH]YRXV DX 7DEOHDX
Q DX FKDSLWUH ´,QVWDOODWLRQµ 9pULILH] TXH
OD SXLVVDQFH GH O·LQVWDOODWLRQ HVW VXIILVDQWH
OHV OLJQHV G·DOLPHQWDWLRQ VRQW HQ ERQ pWDW
OH GLDPqWUH GHV ILOV HVW FRQIRUPH DX[ UqJOHV
G·LQVWDOODWLRQ
O·LQVWDOODWLRQ IL[H FRPSRUWH XQ GLVSRVLWLI SRVVpGDQW
GHV FRQWDFWV j FRXSXUH RPQLSRODLUH D\DQW XQH
GLVWDQFH G·RXYHUWXUH GHV FRQWDFWV G·DX PRLQV PP
1RWUH UHVSRQVDELOLWp QH VDXUDLW rWUH HQYLVDJpH HQ
FDV G·DFFLGHQWV RX G·LQFLGHQWV SURYRTXpV SDU XQH
PLVH j OD WHUUH LQH[LVWDQWH RX GpIHFWXHXVH
&$5$&7(5,67,48(6 7(&+1,48(6
&03
&ODVVH 5pIpUHQFH FRPPHUFLDOH
7\SH GH OD FXLVLQLqUH
$SSDUHLO LVROp
$SSDUHLO UpJOp HQ JD] QDWXUHO
&RQYHUVLRQ SRVVLEOH HQ JD] EXWDQH SURSDQH
3D\V GH GHVWLQDWLRQ &DWpJRULH
'pELW FDORULILTXH WRWDO
'pELW PDVVLTXH WRWDO
5DFFRUGHPHQW pOHFWULTXH
/D WDEOH GH FXLVVRQ
)5 ,,,F(
N:
JK
9 +]
&RXYHUFOH GH WDEOH
*ULOOHV GH WDEOH
)R\HU DYDQW GURLW
)R\HU DUULqUH GURLW
)R\HU DYDQW JDXFKH
)R\HU DUULqUH JDXFKH
$OOXPDJH pOHFWURQLTXH
W{OH
JULOOHV VXSSRUW GH FDVVHUROHV HQ
DFLHU pPDLOOp
EUOHXU DX[LOLDLUH N:
SODTXH j OLPLWHXU N: ® PP
EUOHXU UDSLGH N:
EUOHXU VHPLUDSLGH N:
/H IRXU
)RXU
3XLVVDQFH GX IRXU
*ULO
3XLVVDQFH GX JULO
(FODLUDJH GH IRXU
1HWWR\DJH
pOHFWULTXH
N:
pOHFWULTXH
N:
DPSRXOH : W\SH (
S\URO\VH
0LQXWHULH SURJUDPPDWLRQ GX
WHPSV
3URJUDPPDWHXU pOHFWURQLTXH GpEXW
HW ILQ GH FXLVVRQ
$FFHVVRLUHV
JULOOH VXSSRUW
SODWHDX PXOWLXVDJHV
HQVHPEOH WRXUQHEURFKH
7LURLU GH UDQJHPHQW GHV
DFFHVVRLUHV
&RUGRQ GH UDFFRUGHPHQW pOHFWULTXH P
'LPHQVLRQV
+DXWHXU FRXYHUFOH IHUPp
+DXWHXU DX SODQ GH FXLVVRQ
/DUJHXU
3URIRQGHXU
3RLGV
FP
FP
FP
FP
NJ
%XWDQHSURSDQH N:
/H PDUTXDJH
FRUUHVSRQG j O·DSSOLFDWLRQ GHV GLUHFWLYHV FRPSDWLELOLWp pOHFWURPDJQpWLTXH PDUTXDJH
HW EDVVH WHQVLRQ ,167$//$7,21
0LVH HQ SODFH GH O·DSSDUHLO
(PSODFHPHQW
9RWUH DSSDUHLO GRLW rWUH LQVWDOOp FRPPH VXU OHV ILJXUHV
FLFRQWUH HW OHV GLVWDQFHV PLQLPDOHV HQWUH O·DSSDUHLO HW
OHV SDURLV DGMDFHQWHV GH WRXV OHV PHXEOHV GRLYHQW rWUH
UHVSHFWpHV FRPPH O·LQGLTXHQW OHV GHVVLQV )LJ /·DSSDUHLO QH GRLW SDV rWUH SODFp VXU XQ VRFOH
&ODVVH )LJ
$SSDUHLO LVROp
0LVH j QLYHDX
9RWUH FXLVLQLqUH HVW pTXLSpH GH SLHGV UpJODEOHV j
O·DUULqUH SHUPHWWDQW XQH SDUIDLWH PLVH j QLYHDX
3RXU YLVVHU RX GpYLVVHU OHV SLHGV XWLOLVH] XQH FOp SODWH
Q 'pJDJHPHQW HW UHPRQWDJH GX WLURLU
3RXU FRQVXOWHU OD SODTXH VLJQDOpWLTXH R ILJXUHQW OD
UpIpUHQFH FRPPHUFLDOH HW OH QXPpUR GH VpULH GH YRWUH
FXLVLQLqUH LO YRXV VXIILW GH GpJDJHU OH WLURLU FRPPH
VXLW FRXOLVVH] OH WLURLU YHUV O·DYDQW MXVTX·j O·DJUDIH
´EXWpHµ
j O·DLGH G·XQ WRXUQHYLV ILQ HQOHYH] O·DJUDIH ´EXWpHµ
HQ VRXOHYDQW
HQILQ GpJDJH] OH WLURLU FRPSOqWHPHQW
3RXU UHPRQWHU OH WLURLU SURFpGH] j O·LQYHUVH HQ V·DVVXUDQW TXH OH WLURLU HVW
VXIILVDPPHQW HQJDJp GDQV VHV JOLVVLqUHV SRXU
UHSRVLWLRQQHU O·DJUDIH ´EXWpHµ
5DFFRUGHPHQW JD]
9RWUH FXLVLQLqUH HVW OLYUpH SRXU IRQFWLRQQHU DX W\SH GH
JD] LQGLTXp VXU OD SODTXH VLJQDOpWLTXH
,O SHXW V·DYpUHU QpFHVVDLUH GH SDVVHU GH O·XWLOLVDWLRQ
G·XQ JD] j XQ DXWUH 'DQV FH FDV LO IDXW HIIHFWXHU OHV
RSpUDWLRQV GpFULWHV FLDSUqV
3RXU OHV LQVWDOODWLRQV DQFLHQQHV HW HQ EXWDQH YRXV
SRXYH] XWLOLVHU XQ WXEH VRXSOH HQ FDRXWFKRXF
G·XQH ORQJXHXU PD[L GH P HW GH PP GH
GLDPqWUH LQWpULHXU PRQWp DYHF O·DERXW VSpFLDO
EXWDQH )LJ
9HLOOH] j O·HQIRQFHU VXIILVDPPHQW HW j OH IL[HU DYHF
XQ FROOLHU j FKDTXH H[WUpPLWp
,PSRUWDQW 3RXU XQ IRQFWLRQQHPHQW FRUUHFW XQH FRQVRPPDWLRQ
UpGXLWH HW XQH SOXV JUDQGH GXUpH GH YLH GH O·DSSDUHLO
DVVXUH]YRXV TXH OD SUHVVLRQ G·DOLPHQWDWLRQ
FRUUHVSRQG DX[ YDOHXUV LQGLTXpHV GDQV OH WDEOHDX Q
6L O·DSSDUHLO HVW DOLPHQWp HQ JD] %XWDQH RX 3URSDQH
FRQWU{OH] TXH OH UpJXODWHXU GH SUHVVLRQ GpELWH OH JD]
j XQH SUHVVLRQ GH PEDU SRXU OH %XWDQH HW PEDU SRXU OH 3URSDQH
3RXU O·DFKDW GHV WX\DX[
&KRL[ GX WX\DX RX WXEH SRXU XQ DSSDUHLO
LVROp FODVVH -RLQW
7XEH VRXSOH HQ FDRXWFKRXF LO GRLW rWUH PDUTXp 1)
*$=
7X\DX IOH[LEOH LO GRLW rWUH FRQIRUPH j OD QRUPH
1)' RX 1)' RX 1)' SRXU
OHV JD] QDWXUHOV RX ;3' RX 1)' SRXU OHV JD] EXWDQH HW SURSDQH
)LJ
3RXU OHV JD] GLVWULEXpV SDU UpVHDX 7XEH VRXSOH
8WLOLVH] XQ WXEH VRXSOH HQ FDRXWFKRXF G·XQH
ORQJXHXU PD[L GH P HW GH PP GH GLDPqWUH
LQWpULHXU PRQWp DYHF VRQ DERXW JD] )LJ
9HLOOH] j O·HQIRQFHU MXVTX·HQ EXWpH HW j OH IL[HU
DYHF XQ FROOLHU
7X\DX IOH[LEOH
8Q WX\DX IOH[LEOH j HPERXWV PpFDQLTXHV
ORQJXHXU PD[L P )LJ
1RXV UHFRPPDQGRQV O·HPSORL G·XQ WX\DX IOH[LEOH
QRUPDOLVp G·XQH ORQJXHXU PLQL GH P GRQW OD
ORQJXHXU HVW j FKRLVLU HQ IRQFWLRQ GH OD SRVLWLRQ GX
URELQHW GH EDUUDJH
5DFFRUGH] XQH H[WUrPLWp GX WX\DX IOH[LEOH DX
URELQHW GH EDUUDJH SXLV DYDQW GH SRVLWLRQQHU
O·DSSDUHLO HQWUH OHV PHXEOHV UDFFRUGH] O·DXWUH
H[WUpPLWp VXU OH SURORQJDWHXU GH UDPSH HQ
LQWHUFDODQW XQ MRLQW
3RVLWLRQQH] O·DSSDUHLO HQ YpULILDQW TXH OD ERXFOH
IRUPpH SDU OH WX\DX IOH[LEOH VH GpYHORSSH GDQV OH
YLGH VDQLWDLUH GX PHXEOH DGMDFHQW
7X\DX ULJLGH
8Q WX\DX ULJLGH DYHF pFURX
3RXU OHV JD] EXWDQHSURSDQH HQ ERXWHLOOH
RX HQ FXYH
1RXV YRXV UHFRPPDQGRQV O·HPSORL G·XQ WX\DX
IOH[LEOH QRUPDOLVp G·XQH ORQJXHXU PLQLPXP GH P FHWWH ORQJXHXU HVW j FKRLVLU HQ IRQFWLRQ GH OD
SRVLWLRQ GX UDFFRUGHPHQW j O·DOLPHQWDWLRQ JD]
$ERXW
JD]
UpVHDX
7XEH
VRXSOH
&ROOLHU
)LJ
7X\DX IOH[LEOH
-RLQW
$ERXW JD] EXWDQH SURSDQH
7XEH
VRXSOH
&ROOLHU
7X\DX IOH[LEOH
)LJ
5DFFRUGHPHQW pOHFWULTXH
7DEOHDX Q 9pULILH] TXH 7\SH GH EUDQFKHPHQW
0RQRSKDVp
OD SXLVVDQFH GH O·LQVWDOODWLRQ HVW VXIILVDQWH
7HQVLRQ GX UpVHDX
9
OHV OLJQHV G·DOLPHQWDWLRQ VRQW HQ ERQ pWDW
7\SH GH FkEOH GH UDFFRUGHPHQW
OH GLDPqWUH GHV ILOV HVW FRQIRUPH DX[ UqJOHV
G·LQVWDOODWLRQ HQ YLJXHXU
+ 99)
PP
&DOLEUH GX IXVLEOH RX GX GLVMRQFWHXU
$
O·LQVWDOODWLRQ IL[H GH O·XWLOLVDWHXU FRPSRUWH XQ
GLVSRVLWLI j FRXSXUH RPQLSRODLUH D\DQW XQH
GLVWDQFH G·RXYHUWXUH GHV FRQWDFWV G·DX PRLQV
PP
FDOLEUH GH IXVLEOH FRQVXOWH] OH 7DEOHDX Q &RPPHQW SURFpGHU "
'pYLVVH] OHV YLV GH OD WUDSSH GH UDFFRUGHPHQW
VLWXpH j O·DUULqUH GH O·DSSDUHLO
UHWLUH] OD WUDSSH GH UDFFRUGHPHQW
GHVVHUUH] OHV YLV GH O·DUUrW GH WUDFWLRQ VLWXp VRXV
OH FDUWHU
LQWURGXLVH] O·H[WUpPLWp GX FkEOH GDQV OH WURX DX
GHVVXV GH O·DUUrW GH WUDFWLRQ
HQVXLWH FRQQHFWH] OH FkEOH j OD EDUUHWWH GH
UDFFRUGHPHQW FRQIRUPpPHQW DX 7DEOHDX Q HW
j OD )LJ UHVVHUUH] OHV YLV GH O·DUUrW GH WUDFWLRQ
UHPHWWH] OD WUDSSH GH UDFFRUGHPHQW HQJDJH] OHV HUJRWV LQIpULHXUV GH OD WUDSSH j
O·LQWpULHXU GH OD GpFRXSH GX FDUWHU
UHIHUPH] OD WUDSSH SDU OH ERUG VXSpULHXU
HW HQILQ UHPHWWH] OHV YLV
)LJ
&+$1*(0(17 '( *$=
$ O·DFKDW YRWUH DSSDUHLO HVW SUpYX SRXU IRQFWLRQQHU HQ
JD] QDWXUHO 3RXU O·XWLOLVDWLRQ HQ JD] EXWDQH RX
SURSDQH XQH SRFKHWWH LQMHFWHXUVDERXW HVW IRXUQLH
DYHF O·DSSDUHLO 3RXU O·XWLOLVDWLRQ HQ DLU SURSDQpDLU
EXWDQp FRQVXOWH] YRWUH 6HUYLFH $SUqV9HQWH
3RXU FKDQJHU OH W\SH GH JD] GH OD WDEOH GH FXLVVRQ LO
HVW QpFHVVDLUH GH
FKDQJHU OHV LQMHFWHXUV
PRGLILHU OHV UpJODJHV GH GpELW UpGXLW
YpULILHU OH PRGH GH UDFFRUGHPHQW JD]
&KDQJHPHQW GHV LQMHFWHXUV GHV EUOHXUV
GH WDEOH
/HYH] OH FRXYHUFOH
(QOHYH] OHV JULOOHV GH WDEOH OHV FKDSHDX[ HW OHV
FRXURQQHV GH EUOHXUV
'pYLVVH] OHV LQMHFWHXUV DYHF XQH FOp GRXLOOH GH HW PRQWH] j OD SODFH OHV LQMHFWHXUV FRUUHVSRQGDQW
DX QRXYHDX JD] YRLU 7DEOHDX Q 7DEOHDX Q 3XLVVDQFH
QRUPDOH
%UOHXUV
3XLVVDQFH
UpGXLWH
%XWDQH 3URSDQH
*D] QDWXUHO
GPK &
N:
N:
,QMHFWHXUV
JK
,QMHFWHXUV
*
PEDU
*
PEDU
$X[LOLDLUH ®PP
6HPLUDSLGH ®PP
5DSLGH ®PP
35(66,21 '·$/,0(17$7,21
PEDU
QRPPEDU
PLQPEDU
PD[PEDU
%XWDQH
3URSDQH
*
*
PP GH FRORQQH G·HDX
EXWDQHSURSDQH
,PSRUWDQW 'DQV OH FDV G·XQ FKDQJHPHQW GH JD] YRXV GHYH]
FRFKHU OH QRXYHDX UpJODJH HW UD\HU O·DQFLHQ VXU OD
SODTXH VLJQDOpWLTXH
/H UpJODJH G·DLU GHV EUOHXUV GH WDEOH HVW REWHQX
DXWRPDWLTXHPHQW SDU O·LQMHFWHXU HW Q·HVW SDV DMXVWDEOH
SDU G·DXWUHV PR\HQV
/H
FKDQJHPHQW
GHV
LQMHFWHXUV
GRLW
LPSpUDWLYHPHQW rWUH VXLYL GX UpJODJH GX GpELW
UpGXLW YRLU FLDSUqV 5pJODJH GHV GpELWV UpGXLWV GHV EUOHXUV
GH WDEOH
)LJ
3RXU DMXVWHU OH UpJODJH GHV GpELWV UpGXLWV $VVXUH]YRXV TXH O·DSSDUHLO Q·HVW SOXV UDFFRUGp
DX UpVHDX pOHFWULTXH
/HYH] OH FRXYHUFOH
$OOXPH] OHV EUOHXUV HQ SRVLWLRQ PD[L
3ODFH] OHV ERXWRQV GH FRPPDQGH HQ SRVLWLRQ PLQL
5HWLUH] WRXV OHV ERXWRQV GH FRPPDQGH )LJ /D YLV GH UpJODJH GX GpELW UpGXLW GH FKDTXH EUOHXU
HVW VLWXpH VXU OH FRUSV GX URELQHW )LJ (OOH HVW
DFFHVVLEOH DYHF XQ WRXUQHYLV
)LJ
3URFpGH] HQ VXLYDQW OHV LQGLFDWLRQV GX 7DEOHDX
Q
9pULILFDWLRQ
5HPRQWH] OHV ERXWRQV GH FRPPDQGHV $OOXPH]
OHV EUOHXUV
7RXUQH] OHV FRPPDQGHV SOXVLHXUV IRLV GH OD
SRVLWLRQ PD[L YHUV OD SRVLWLRQ PLQL SRXU YpULILHU OD
VWDELOLWp GHV IODPPHV 6L XQ EUOHXU V·pWHLQW
GpYLVVH] OpJqUHPHQW VD YLV GH UpJODJH
VIS DE REGLAGE
7DEOHDX Q %XWDQH 3URSDQH
*D] QDWXUHO
9LVVH] WRWDOHPHQW OD YLV
GDQV OH VHQV GHV DLJXLOOHV
G·XQH PRQWUH
9LVVH] RX GpYLVVH] OD YLV
MXVTX·j O·REWHQWLRQ
G·XQH IODPPH WUqV FRXUWH
5(03/$&(0(17 '( /·$0328/( '·(&/$,5$*(
$YDQW GH SURFpGHU DX FKDQJHPHQW GH
O·DPSRXOH GX IRXU YHLOOH] j FH TXH OHV
FRPPDQGHV VRLHQW VXU OD SRVLWLRQ $UUrW
SXLV VpOHFWHXU GH
WKHUPRVWDW VXU
IRQFWLRQV VXU 'pEUDQFKH]
O·DOLPHQWDWLRQ
pOHFWULTXH
GH
O·DSSDUHLO $VVXUH]YRXV DXVVL TXH O·LQWpULHXU GX
IRXU VRLW IURLG
&HWWH DPSRXOH GH : GX W\SH FXORW j YLV (
9 HVW XQH DPSRXOH VSpFLDOH ´FKDOHXUµ
UpVLVWDQW j XQH WHPSpUDWXUH GH & (OOH HVW
GLVSRQLEOH DXSUqV GX 6HUYLFH $SUqV9HQWH GH YRWUH
UHYHQGHXU
/·DPSRXOH HVW VLWXpH DX IRQG GX IRXU HW DFFHVVLEOH SDU
O·LQWpULHXU GX IRXU
3RXU DYRLU DFFqV 'pYLVVH] OH FDSXFKRQ HQ YHUUH SURWpJHDQW
O·DPSRXOH GDQV OH VHQV LQYHUVH GHV DLJXLOOHV G·XQH
PRQWUH
'pYLVVH] O·DPSRXOH
5HPSODFH] O·DPSRXOH
5HVVHUUH] ELHQ OH FDSXFKRQ HQ YHUUH
">
Public link updated
The public link to your chat has been updated.