Uploaded by tigab23

WRX Manuel du propriétaire

advertisement
SUBARU CORPORATION
TOKYO, JAPON
3492481_19a_WRX_STI_OM_FR_031918.indd 1
A1720BF-A
Publié en avril 2018
Imprimé 04/18
2019A
WRX/WRX STI 2019 Manuel du propriétaire
MISE EN GARDE : L’utilisation, l’entretien et la
maintenance d’un véhicule de tourisme ou d’un véhicule hors
route peuvent vous exposer à des substances chimiques
telles que les gaz d’échappement, le monoxyde de carbone,
les phtalates et le plomb, que l’État de la Californie reconnaît
comme pouvant causer le cancer et des malformations
congénitales ou autres lésions de l’appareil reproducteur.
Pour réduire l’exposition à ces substances, évitez d’inhaler les
gaz d’échappement, ne faites pas tourner le moteur au
régime de ralenti sauf en cas de nécessité, faites l’entretien
de votre véhicule dans un endroit bien ventilé et portez des
gants ou lavez-vous les mains fréquemment lors de l’entretien
du véhicule. Pour plus d’information, rendez-vous au
www.P65Warnings.ca.gov/passenger-vehicle.
Manuel du propriétaire
WRX
WRX STI
2019
Les véhicules illustrés sur la couverture de ce livret
pourraient ne pas être commercialisés dans tous
les marchés. Veuillez demander une brochure
de produit à votre concessionnaire Subaru pour
connaître tous les détails des modèles disponibles.
3/19/18 12:38 PM
$YDQWSURSRV
7RXWHV QRV IpOLFLWDWLRQV SRXU DYRLU FKRLVL XQ YpKLFXOH 68%$58 &H
0DQXHO GX FRQGXFWHXU FRQWLHQW WRXV OHV UHQVHLJQHPHQWV LQGLVSHQ
VDEOHV SRXU PDLQWHQLU YRWUH 68%$58 HQ SDUIDLW pWDW \ FRPSULV OHV
V\VWqPHV DQWLSROOXWLRQ 3RXU DSSUHQGUH j FRQQDvWUH YRWUH YpKLFXOH
HW OD PDQLqUH GH V¶HQ VHUYLU QRXV YRXV FRQVHLOORQV GH SUHQGUH OD
SHLQH GH OLUH DWWHQWLYHPHQW FH PDQXHO 3RXU WRXW UHQVHLJQHPHQW
FRPSOpPHQWDLUH QH ILJXUDQW SDV GDQV OH 0DQXHO GX FRQGXFWHXU SDU
H[HPSOH VXU OD PDQLqUH G¶HIIHFWXHU XQH UpSDUDWLRQ RX XQ UpJODJH
YHXLOOH] YRXV DGUHVVHU DX FRQFHVVLRQQDLUH 68%$58 FKH] TXL YRXV
DYH] DFKHWp YRWUH 68%$58 RX DX FRQFHVVLRQQDLUH 68%$58 OH SOXV
SURFKH
/HV LQIRUPDWLRQV FDUDFWpULVWLTXHV HW LOOXVWUDWLRQV FRQWHQXHV GDQV
FH PDQXHO VRQW j MRXU j OD GDWH G¶LPSUHVVLRQ GX PDQXHO 68%$58
&25325$7,21 VH UpVHUYH OH GURLW GH PRGLILHU OHV FDUDFWpULVWLTXHV
HW OD SUpVHQWDWLRQ j WRXW PRPHQW VDQV SUpDYLV HW VDQV HQFRXULU
O¶REOLJDWLRQ G¶HIIHFWXHU GHV PRGLILFDWLRQV LGHQWLTXHV RX VLPLODLUHV
VXU OHV YpKLFXOHV YHQGXV SUpFpGHPPHQW &H 0DQXHO GX FRQGXFWHXU
HVW FRPPXQ j WRXV OHV PRGqOHV HW SUpVHQWH O¶HQVHPEOH GHV
pTXLSHPHQWV \ FRPSULV OHV RSWLRQV PRQWpHV HQ XVLQH 'H FH IDLW
FHUWDLQHV H[SOLFDWLRQV SHXYHQW FRQFHUQHU GHV pTXLSHPHQWV GRQW
YRWUH YpKLFXOH Q¶HVW SDV SRXUYX
¬ OD UHYHQWH SULqUH GH ODLVVHU FH PDQXHO GDQV OH YpKLFXOH
/¶DFKHWHXU HQ DXUD EHVRLQ
68%$58 &25325$7,21 72.<2 -$321
³68%$58´ HW OH PRWLI UHSUpVHQWDQW XQ DPDV GH VL[ pWRLOHV VRQW GHV PDUTXHV GpSRVpHV GH 68%$58
&25325$7,21
& &RS\ULJKW 68%$58 &25325$7,21
*
&H PDQXHO FRXYUH OHV W\SHV GH YpKLFXOH VXLYDQWV
*DUDQWLHV
& *DUDQWLHV SRXU OH &DQDGD
& *DUDQWLHV SRXU OHV eWDWV8QLV
7RXV OHV YpKLFXOHV 68%$58 GLVWULEXpV SDU
6XEDUX &DQDGD ,QF HW YHQGXV SDU OHV
FRQFHVVLRQQDLUHV DJUppV 68%$58 DX
&DQDGD VRQW FRXYHUWV SDU OHV JDUDQWLHV
VXLYDQWHV
. *DUDQWLH /LPLWpH 68%$58
. *DUDQWLH FRQWUH OD FRUURVLRQ
. *DUDQWLH DQWLSROOXWLRQ
7RXV OHV YpKLFXOHV 68%$58 GLVWULEXpV SDU
6XEDUX RI $PHULFD ,QF HW YHQGXV SDU OHV
FRQFHVVLRQQDLUHV DJUppV 68%$58 DX[
eWDWV8QLV VRQW FRXYHUWV SDU OHV JDUDQWLHV
VXLYDQWHV
. *DUDQWLH /LPLWpH 68%$58
. *DUDQWLH GHV V\VWqPHV DQWLSROOXWLRQ
. *DUDQWLH GHV SHUIRUPDQFHV HQ PD
WLqUH GH JD] G¶pFKDSSHPHQW
9RXV WURXYHUH] WRXWHV OHV LQIRUPDWLRQV
XWLOHV VXU OHV JDUDQWLHV \ FRPSULV OD
SUpVHQWDWLRQ GpWDLOOpH GH OD FRXYHUWXUH HW
GHV H[FOXVLRQV GDQV OH ³/LYUHW GH *DUDQWLH
HW G¶(QWUHWLHQ´ /LVH] DWWHQWLYHPHQW FHV
FODXVHV GH JDUDQWLH
9RXV WURXYHUH] WRXWHV OHV LQIRUPDWLRQV
XWLOHV VXU OHV JDUDQWLHV \ FRPSULV OD
SUpVHQWDWLRQ GpWDLOOpH GH OD FRXYHUWXUH HW
GHV H[FOXVLRQV GDQV OH ³/LYUHW GH *DUDQWLH
HW G¶(QWUHWLHQ´ /LVH] DWWHQWLYHPHQW FHV
FODXVHV GH JDUDQWLH
& *DUDQWLHV VDXI SRXU OHV
eWDWV8QLV HW OH &DQDGD
9RXV WURXYHUH] WRXWHV OHV LQIRUPDWLRQV
XWLOHV VXU OHV JDUDQWLHV \ FRPSULV OD
SUpVHQWDWLRQ GpWDLOOpH GH OD FRXYHUWXUH HW
GHV H[FOXVLRQV GDQV OH ³/LYUHW GH *DUDQWLH
HW G¶(QWUHWLHQ´ /LVH] DWWHQWLYHPHQW FHV
FODXVHV GH JDUDQWLH
,QIRUPDWLRQV LPSRUWDQWHV
SRXU OHV YRODQWV DYHF UHYr
WHPHQW HQ XOWUDVXHGHŠ VHORQ
PRGqOHV
/H YRODQW D XQ UHYrWHPHQW HQ XOWUDVXHGHŠ
$ILQ GH FRQVHUYHU OD WH[WXUH HW O¶DSSDUHQFH
FDUDFWpULVWLTXHV GH O¶XOWUDVXHGHŠ XQ QHW
WR\DJH IUpTXHQW GX YRODQW HVW UHFRP
PDQGp 3RXU OHV SURFpGXUHV G¶HQWUHWLHQ
UHSRUWH]YRXV j ³9RODQW DYHF UHYrWHPHQW
HQ XOWUDVXHGHŠ´ )
8OWUDVXHGHŠ HVW XQH PDUTXH GpSRVpH SDU
7RUD\ ,QGXVWULHV ,QF
&RPPHQW XWLOLVHU FH 0DQXHO
GX FRQGXFWHXU
& 8WLOLVDWLRQ GX 0DQXHO GX
FRQGXFWHXU
$YDQW GH SUHQGUH OD URXWH DYHF YRWUH
QRXYHDX YpKLFXOH OLVH] DWWHQWLYHPHQW FH
PDQXHO 9RXV \ WURXYHUH] OHV UHQVHLJQH
PHQWV LQGLVSHQVDEOHV SRXU JDUDQWLU YRWUH
VpFXULWp HW DVVXUHU OD ORQJpYLWp GH YRWUH
YpKLFXOH /H QRQUHVSHFW GHV LQVWUXFWLRQV
SHXW rWUH j O¶RULJLQH GH JUDYHV EOHVVXUHV
RX GH GRPPDJHV DX QLYHDX GX YpKLFXOH
&H PDQXHO VH FRPSRVH GH TXDWRU]H
FKDSLWUHV &KDTXH FKDSLWUH FRPPHQFH
SDU XQH EUqYH WDEOH GHV PDWLqUHV YRXV
SHUPHWWDQW GH VDYRLU DX SUHPLHU FRXS
G¶°LO V¶LO FRQWLHQW OH UHQVHLJQHPHQW FKHU
FKp
&KDSLWUH 6LqJHV FHLQWXUHV GH VpFX
ULWp HW FRXVVLQV GH VpFXULWp 656
&H FKDSLWUH FRQWLHQW GHV LQIRUPDWLRQV
UHODWLYHV j O¶XWLOLVDWLRQ GHV VLqJHV HW GHV
FHLQWXUHV GH VpFXULWp HW DX[ SUpFDXWLRQV j
REVHUYHU j SURSRV GHV FRXVVLQV GH VpFX
ULWp 656
&KDSLWUH &OpV HW SRUWLqUHV
&H FKDSLWUH FRQWLHQW GHV LQIRUPDWLRQV
UHODWLYHV j O¶XWLOLVDWLRQ GHV FOpV GHV VHUUX
UHV HW GHV YLWUHV GH SRUWLqUH
&KDSLWUH ,QVWUXPHQWV HW FRPPDQGHV
&H FKDSLWUH FRQWLHQW GHV LQIRUPDWLRQV
UHODWLYHV DX IRQFWLRQQHPHQW GHV LQVWUX
PHQWV HW WpPRLQV GX WDEOHDX GH ERUG HW j
O¶XWLOLVDWLRQ GHV LQVWUXPHQWV HW DXWUHV
FRPPDQGHV
&KDSLWUH &OLPDWLVDWLRQ
&H FKDSLWUH FRQWLHQW GHV LQIRUPDWLRQV
UHODWLYHV j O¶XWLOLVDWLRQ GHV FRPPDQGHV
GH FOLPDWLVDWLRQ
&KDSLWUH eTXLSHPHQW DXGLR
&H FKDSLWUH FRQWLHQW GHV LQIRUPDWLRQV
UHODWLYHV DX V\VWqPH DXGLR
&KDSLWUH eTXLSHPHQWV LQWpULHXUV
&H FKDSLWUH FRQWLHQW GHV LQIRUPDWLRQV
UHODWLYHV DX IRQFWLRQQHPHQW GHV pTXLSH
PHQWV GH O¶KDELWDFOH
&KDSLWUH 'pPDUUDJH HW FRQGXLWH
&H FKDSLWUH FRQWLHQW GHV LQIRUPDWLRQV
UHODWLYHV j OD PLVH HQ PDUFKH HW j OD
FRQGXLWH GH YRWUH 68%$58
&KDSLWUH &RQVHLOV GH FRQGXLWH
&H FKDSLWUH FRQWLHQW GHV LQIRUPDWLRQV
UHODWLYHV j OD FRQGXLWH GH YRWUH 68%$58
GDQV OHV FRQGLWLRQV OHV SOXV YDULpHV DLQVL
TXH GHV FRQVHLOV SRXU XQH FRQGXLWH HQ
WRXWH VpFXULWp
&KDSLWUH (Q FDV G¶XUJHQFH
&H FKDSLWUH YRXV H[SOLTXH FH TX¶LO IDXW
IDLUH HQ FDV GH GLIILFXOWp WHOOH TX¶XQH
FUHYDLVRQ RX XQH VXUFKDXIIH GX PRWHXU
&KDSLWUH 6RLQV GX YpKLFXOH
&H FKDSLWUH H[SOLTXH FRPPHQW FRQVHUYHU
YRWUH 68%$58 HQ EHO pWDW
&KDSLWUH (QWUHWLHQ HW UpSDUDWLRQV
9RXV WURXYHUH] GDQV FH FKDSLWUH OHV
LQWHUYDOOHV DX[TXHOV YRWUH 68%$58 GRLW
rWUH FRQILpH DX FRQFHVVLRQQDLUH SRXU GHV
WUDYDX[ G¶HQWUHWLHQ SpULRGLTXH DLQVL TXH
GHV LQIRUPDWLRQV VXU OHV RSpUDWLRQV G¶HQ
WUHWLHQ TXL YRXV SHUPHWWURQW GH FRQVHUYHU
YRWUH 68%$58 HQ ERQ pWDW GH PDUFKH
&KDSLWUH &DUDFWpULVWLTXHV WHFK
QLTXHV
&H FKDSLWUH SUpVHQWH OHV FDUDFWpULVWLTXHV
WHFKQLTXHV GLPHQVLRQV YROXPHV HWF GH
YRWUH 68%$58
&KDSLWUH ,QIRUPDWLRQV DX FRQVRP
PDWHXU HW GpFODUDWLRQ HQ FDV GH GpIDXW
GH VpFXULWp
&H FKDSLWUH SUpVHQWH OD QRWDWLRQ VWDQGDU
GLVpH GHV TXDOLWpV GH SQHXPDWLTXHV HW OD
SURFpGXUH GH GpFODUDWLRQ HQ FDV GH GpIDXW
GH VpFXULWp
&KDSLWUH ,QGH[
&HW LQGH[ HVW XQH OLVWH DOSKDEpWLTXH GH
WRXV OHV VXMHWV WUDLWpV GDQV OH PDQXHO ,O
YRXV SHUPHW GH WURXYHU UDSLGHPHQW OD
SDJH WUDLWDQW GX VXMHW TXH YRXV UHFKHU
FKH]
3RXU OHV PRGqOHV DYHF V\VWqPH
(\H6LJKW
3RXU OHV GpWDLOV FRQFHUQDQW OH V\VWqPH
(\H6LJKW UHSRUWH]YRXV DX VXSSOpPHQW
GX 0DQXHO GX &RQGXFWHXU SRXU OH V\VWqPH
(\H6LJKW
& 0LVHV HQ JDUGH FRQFHUQDQW OD
VpFXULWp
7RXW DX ORQJ GH FH PDQXHO YRXV WURXYHUH]
XQ FHUWDLQ QRPEUH GH PLVHV HQ JDUGH
VLJQDOpHV j YRWUH DWWHQWLRQ SDU OD PHQWLRQ
³'$1*(5´ ³$77(17,21´ RX ³5(
0$548(´
(OOHV YRXV DYHUWLVVHQW GH VLWXDWLRQV SR
WHQWLHOOHPHQW GDQJHUHXVHV VXVFHSWLEOHV
G¶RFFDVLRQQHU GHV EOHVVXUHV VXU YRXV
PrPH RX VXU OHV SHUVRQQHV VH WURXYDQW j
SUR[LPLWp
3RXU DSSUHQGUH j XWLOLVHU YRWUH YpKLFXOH
68%$58 HQ WRXWH VpFXULWp SUHQH] OD
SHLQH GH OLUH DWWHQWLYHPHQW FHV PLVHV HQ
JDUGH FRPPH OHV DXWUHV H[SOLFDWLRQV GX
PDQXHO
'$1*(5
& 6\PEROH GH VpFXULWp
/D PHQWLRQ ³'$1*(5´ DWWLUH YRWUH
DWWHQWLRQ VXU XQH VLWXDWLRQ SRXYDQW
HQWUDvQHU GHV EOHVVXUHV JUDYHV YRLUH
PRUWHOOHV VL OHV FRQVLJQHV GRQQpHV
QH VRQW SDV UHVSHFWpHV
$77(17,21
/D PHQWLRQ ³$77(17,21´ PHW HQ
JDUGH FRQWUH XQ ULVTXH GH EOHVVXUH
RX G¶HQGRPPDJHPHQW GX YpKLFXOH
VL OHV FRQVLJQHV GRQQpHV QH VRQW
SDV UHVSHFWpHV
5(0$548(
/D PHQWLRQ ³5(0$548(´ LQGLTXH GHV
LQIRUPDWLRQV RX VXJJHVWLRQV SRXU XQH
XWLOLVDWLRQ RSWLPDOH GH YRWUH YpKLFXOH
&H V\PEROH UHSUpVHQWDQW XQ FHUFOH EDUUp
DSSDUDvW HQ SOXVLHXUV SRLQWV GX PDQXHO
6HORQ OH FRQWH[WH LO DWWLUH YRWUH DWWHQWLRQ
VXU TXHOTXH FKRVH G¶LQWHUGLW RX j QH SDV
IDLUH RX VXU XQH VLWXDWLRQ TXH YRXV QH
GHYH] SDV ODLVVHU VH SURGXLUH
± 68,7( ±
& /LVWH G¶DEUpYLDWLRQV
9RXV WURXYHUH] GDQV FH PDQXHO SOXVLHXUV
DEUpYLDWLRQV /HV VLJQLILFDWLRQV GH FHV
DEUpYLDWLRQV VRQW PRQWUpHV GDQV OD OLVWH
VXLYDQWH
$EUpYLDWLRQ
$EUpYLDWLRQ
6LJQLILFDWLRQ
$EUpYLDWLRQ
6LJQLILFDWLRQ
&97
&RQWLQXRXVO\ YDULDEOH WUDQV
PLVVLRQ 7UDQVPLVVLRQ j YD
ULDWLRQ FRQWLQXH
/$7&+
/RZHU DQFKRUV DQG WHWKHUV IRU
FKLOGUHQ $QFUDJHV LQIpULHXUV
HW ORQJHV SRXU HQIDQWV
&',))
'&&'
'ULYHU¶V FRQWURO FHQWHU GLIIH
UHQWLDO 'LIIpUHQWLHO FHQWUDO GH
FRQWU{OH GX FRQGXFWHXU
/('
/LJKW HPLWWLQJ GLRGH 'LRGH
pOHFWUROXPLQHVFHQWH
6LJQLILFDWLRQ
$LU FRQGLWLRQHU &OLPDWLVHXU
'5/
'D\WLPH UXQQLQJ OLJKW eFODL
UDJH SRXU FRQGXLWH GH MRXU
/6'
$&
/LPLWHG VOLS GLIIHUHQWLDO 'LIIp
UHQWLHO j PRXYHPHQW OLPLWp
$%6
$QWLORFN EUDNH V\VWHP 6\V
WqPH GH IUHLQV DQWLEORFDJH
(%'
0,/
0DOIXQFWLRQ LQGLFDWRU OLJKW
7pPRLQ LQGLFDWHXU G¶DQRPDOLH
GH IRQFWLRQQHPHQW
$.,
$QWL NQRFN LQGH[ ,QGLFH DQWL
FOLTXHWLV
(OHFWURQLF EUDNH IRUFH GLVWUL
EXWLRQ 5pSDUWLWLRQ pOHFWUR
QLTXH GH OD IRUFH GH IUHLQDJH
(/5
(PHUJHQF\ ORFNLQJ UHWUDFWRU
(QURXOHXU j EORFDJH G¶XU
JHQFH
007
0HWK\OF\FORSHQWDGLHQ\O PDQ
JDQHVH WULFDUERQ\O 0pWK\OF\
FORSHQWDGLpQ\O PDQJDQqVH
WULFDUERQ\OH
*$:
*URVV D[OH ZHLJKW 3RLGV
PD[LPDO VXU O¶HVVLHX
07
0DQXDO WUDQVPLVVLRQ %RvWH GH
YLWHVVHV PDQXHOOH
*$:5
*URVV D[OH ZHLJKW UDWLQJ
3RLGV QRPLQDO EUXW VXU O¶HV
VLHX
2%'
2QERDUG GLDJQRVWLFV 'LDJ
QRVWLFV HPEDUTXpV
$/5
$XWRPDWLF ORFNLQJ UHWUDFWRU
(QURXOHXU j EORFDJH DXWRPD
WLTXH
$/5(/5
$XWRPDWLF ORFNLQJ UHWUDFWRU
(PHUJHQF\ ORFNLQJ UHWUDFWRU
(QURXOHXU j EORFDJH DXWRPD
WLTXHHQURXOHXU j EORFDJH
G¶XUJHQFH
$XWR 9HKLFOH +ROG 0DLQWLHQ
DXWRPDWLTXH GX YpKLFXOH
*36
*OREDO SRVLWLRQLQJ V\VWHP
6\VWqPH GH SRVLWLRQQHPHQW
PRQGLDO
5$%
$9+
5HYHUVH $XWRPDWLF %UDNLQJ
)UHLQDJH DXWRPDWLTXH HQ
PDUFKH DUULqUH
$:'
$OOZKHHO GULYH 7UDFWLRQ LQWp
JUDOH
*9:
*URVV YHKLFOH ZHLJKW 3RLGV
WRWDO HQ FKDUJH
521
5HVHDUFK RFWDQH QXPEHU ,Q
GLFH G¶RFWDQH UHFKHUFKH
%OLQG 6SRW 'HWHFWLRQ5HDU
&URVV 7UDIILF $OHUW 'pWHFWLRQ
G¶DQJOH PRUW$OHUWH GH FURLVH
PHQW HQ PDUFKH DUULqUH
68%$58 ,QWHOOLJHQW 'ULYH
*9:5
*URVV YHKLFOH ZHLJKW UDWLQJ
3RLGV QRPLQDO EUXW GX YpKL
FXOH
6,'5,9(
%6'5&7$
65+
,17
,QWHUPLWWHQW %DOD\DJH LQWHU
PLWWHQW
6WHHULQJ 5HVSRQVLYH +HDG
OLJKW 3KDUHV UpSRQGDQW DX
EUDTXDJH
656
6XSSOHPHQWDO UHVWUDLQW V\V
WHP 6\VWqPH GH UHWHQXH
VXSSOpPHQWDLUH
$EUpYLDWLRQ
6LJQLILFDWLRQ
7,1
7LUH LGHQWLILFDWLRQ QXPEHU
1XPpUR G¶LGHQWLILFDWLRQ GH
SQHXV
7306
7LUH SUHVVXUH PRQLWRULQJ V\V
WHP 6\VWqPH GH VXUYHLOODQFH
GH OD SUHVVLRQ GHV SQHXV
3LFWRJUDPPHV XWLOLVpV VXU OH
YpKLFXOH
3UpFDXWLRQV GH VpFXULWp SHQ
GDQW OD FRQGXLWH
9RXV WURXYHUH] FLGHVVRXV OD VLJQLILFDWLRQ
GH FHV SLFWRJUDPPHV ILJXUDQW VXU YRWUH
YpKLFXOH
3RXU OHV WpPRLQV DYHUWLVVHXUV HW LQGLFD
WHXUV UHSRUWH]YRXV j ³7pPRLQV DYHUWLV
VHXUV HW LQGLFDWHXUV´ )
& &HLQWXUHV GH VpFXULWp HW
FRXVVLQV GH VpFXULWp 656
5HSqUH
6LJQLILFDWLRQ
'$1*(5
$77(17,21
'$1*(5
. 7RXWHV OHV SHUVRQQHV j ERUG GX
YpKLFXOH GRLYHQW ERXFOHU OHXU
FHLQWXUH GH VpFXULWp $9$17 TXH
OH YpKLFXOH QH GpPDUUH 'DQV OH
FDV FRQWUDLUH OH ULVTXH GH EOHV
VXUH JUDYH HVW EHDXFRXS SOXV
pOHYp HQ FDV G¶DUUrW EUXVTXH RX
G¶DFFLGHQW
. 3RXU EpQpILFLHU GH OD PHLOOHXUH
SURWHFWLRQ SRVVLEOH HQ FDV G¶DF
FLGHQW OH FRQGXFWHXU HW WRXV OHV
SDVVDJHUV GRLYHQW WRXMRXUV DYRLU
OHXU FHLQWXUH GH VpFXULWp ERXFOpH
ORUVTX¶LOV VH WURXYHQW GDQV OH
YpKLFXOH /HV FRXVVLQV GH VpFX
ULWp 656 6\VWqPH GH 5HWHQXH
6XSSOpPHQWDLUH QH GLVSHQVHQW
SDV GX SRUW GH OD FHLQWXUH GH
VpFXULWp (Q FRPELQDLVRQ DYHF
OHV FHLQWXUHV GH VpFXULWp LOV
DVVXUHQW OD PHLOOHXUH SURWHFWLRQ
SRVVLEOH HQ FDV G¶DFFLGHQW JUDYH
± 68,7( ±
1H SDV SRUWHU GH FHLQWXUH GH
VpFXULWp DXJPHQWH OH ULVTXH GH
EOHVVXUHV JUDYHV RX PRUWHOOHV HQ
FDV GH FROOLVLRQ PrPH VL OH
YpKLFXOH HVW pTXLSp GH FRXVVLQV
GH VpFXULWp 656
. /HV FRXVVLQV GH VpFXULWp 656 VH
GpSORLHQW WUqV UDSLGHPHQW DYHF
XQH pQHUJLH FRQVLGpUDEOH /HV
SHUVRQQHV TXL QH VH WLHQQHQW
SDV DVVLVHV FRUUHFWHPHQW VXU
OHXU VLqJH ORUVTXH OH FRXVVLQ GH
VpFXULWp 656 VH GpSORLH ULVTXHQW
G¶rWUH JUDYHPHQW EOHVVpHV /HV
FRXVVLQV GH VpFXULWp 656 RFFX
SDQW DVVH] G¶HVSDFH ORUVTX¶LOV VH
GpSORLHQW OH FRQGXFWHXU GRLW VH
WHQLU DVVLV DX IRQG GH VRQ VLqJH
ELHQ GURLW FRQWUH OH GRVVLHU HW VH
WHQLU pORLJQp GX YRODQW DXWDQW TXH
OH SHUPHW OH PDLQWLHQ G¶XQH SDU
IDLWH PDvWULVH GX YpKLFXOH /H
SDVVDJHU DYDQW GRLW UHFXOHU VRQ
VLqJH DX PD[LPXP HW VH WHQLU DX
IRQG GX VLqJH ELHQ GURLW FRQWUH OH
GRVVLHU
/LVH] DWWHQWLYHPHQW OHV VHFWLRQV VXLYDQWHV
SRXU OHV FRQVHLOV HW SUpFDXWLRQV
. 3RXU OH V\VWqPH GH FHLQWXUHV GH
VpFXULWp UHSRUWH]YRXV j ³&HLQWXUHV GH
VpFXULWp´ )
. 3RXU OH V\VWqPH GH FRXVVLQV GH VpFX
ULWp 656 UHSRUWH]YRXV j ³&RXVVLQ GH
VpFXULWp 656 6\VWqPH GH 5HWHQXH 6XS
SOpPHQWDLUH ´ )
& 6pFXULWp GHV HQIDQWV
'$1*(5
. 1H WHQH] MDPDLV XQ HQIDQW VXU YRV
JHQRX[ RX GDQV YRV EUDV SHQ
GDQW TXH OH YpKLFXOH URXOH (Q FDV
GH FROOLVLRQ LO YRXV VHUDLW LPSRV
VLEOH GH SURWpJHU O¶HQIDQW TXL VH
WURXYHUDLW SULV HQWUH YRWUH FRUSV
HW OHV VWUXFWXUHV GX YpKLFXOH
. /RUVTX¶LOV YR\DJHQW j ERUG GX
YpKLFXOH OHV QRXUULVVRQV HW OHV
HQIDQWV HQ EDV kJH GRLYHQW WRX
MRXUV rWUH DVVLV VXU OH VLqJH
$55,Ê5( GDQV GHV V\VWqPHV GH
UHWHQXH SRXU QRXUULVVRQ RX HQ
IDQW DSSURSULpV j OHXU kJH OHXU
WDLOOH HW OHXU SRLGV /HV HQIDQWV
WURS JUDQGV SRXU XQ V\VWqPH GH
UHWHQXH SRXU HQIDQW GRLYHQW rWUH
LQVWDOOpV VXU OH VLqJH $55,Ê5( HW
SRUWHU GHV FHLQWXUHV GH VpFXULWp
/HV VWDWLVWLTXHV G¶DFFLGHQWV
SURXYHQW TXH OHV HQIDQWV VRQW
SOXV HQ VpFXULWp ORUVTX¶LOV VRQW
FRUUHFWHPHQW DWWDFKpV VXU OHV
VLqJHV DUULqUH SOXW{W TXH VXU OHV
VLqJHV DYDQW 1H ODLVVH] MDPDLV
XQ HQIDQW VH WHQLU GHERXW RX j
JHQRX[ VXU OH VLqJH
. /HV HQIDQWV GRLYHQW WRXMRXUV
YR\DJHU VXU OH VLqJH $55,Ê5(
FRUUHFWHPHQW DWWDFKpV GDQV XQ
V\VWqPH GH UHWHQXH SRXU HQIDQW
RX DYHF OD FHLQWXUH GH VpFXULWp
/H FRXVVLQ GH VpFXULWp 656 VH
GpSORLH WUqV UDSLGHPHQW DYHF XQH
pQHUJLH FRQVLGpUDEOH HW LO SHXW
EOHVVHU RX PrPH WXHU XQ HQIDQW
TXL Q¶HVW SDV DWWDFKp RX PDO
DWWDFKp 3OXV OpJHUV HW PRLQV
UREXVWHV TXH OHV DGXOWHV OHV
HQIDQWV VRQW SOXV H[SRVpV DX
ULVTXH GH EOHVVXUHV SDU GpSORLH
PHQW GX FRXVVLQ GH VpFXULWp
. 1¶,167$//(= -$0$,6 81 6,Ê*(
3285 (1)$17 685 /( 6,Ê*(
$9$17 /¶(1)$17 6( 75289(
5$,7 7523 35Ê6 '8 &2866,1
'( 6e&85,7e 656 (7 6(5$,7
'21& (;326e ¬ '(6 5,648(6
'( %/(6685(6 *5$9(6 92,5(
0257(//(6
. 0HWWH] WRXMRXUV OHV YHUURXV GH
VpFXULWp SRXU HQIDQWV HQ SRVLWLRQ
³/2&.´ ORUVTXH GHV HQIDQWV VH
WURXYHQW VXU OH VLqJH DUULqUH 8Q
DFFLGHQW JUDYH SRXUUDLW VH SUR
GXLUH VL XQ HQIDQW RXYUDLW DFFL
GHQWHOOHPHQW XQH SRUWLqUH HW WRP
EDLW GX YpKLFXOH 5HSRUWH]YRXV j
³9HUURX GH VpFXULWp SRXU HQ
IDQWV´ )
. /D FRPPDQGH GH YHUURXLOODJH
GHV OqYHYLWUHV SDVVDJHUV GRLW
WRXMRXUV rWUH HQFOHQFKpH ORUV
TX¶LO \ D GHV HQIDQWV j ERUG GX
YpKLFXOH 'DQV OH FDV FRQWUDLUH
OHV HQIDQWV SRXUUDLHQW VH EOHVVHU
HQ PDQLSXODQW OHV OqYHYLWUHV
pOHFWULTXHV 5HSRUWH]YRXV j ³9L
WUHV´ )
. 1H ODLVVH] MDPDLV GHV HQIDQWV
GHV DGXOWHV RX GHV DQLPDX[ VDQV
VXUYHLOODQFH GDQV OH YpKLFXOH ,OV
SRXUUDLHQW VH EOHVVHU RX SURYR
TXHU XQ DFFLGHQW HQ PDQLSXODQW
DFFLGHQWHOOHPHQW OHV FRPPDQ
GHV GX YpKLFXOH (Q RXWUH SDU
WHPSV FKDXG RX HQVROHLOOp OD
WHPSpUDWXUH j O¶LQWpULHXU G¶XQ
YpKLFXOH IHUPp SHXW UDSLGHPHQW
V¶pOHYHU DX SRLQW G¶HQWUDvQHU GHV
PDODLVHV JUDYHV YRLUH PRUWHOV
. (PSrFKH] OHV HQIDQWV DGXOWHV RX
DQLPDX[ GH V¶HQIHUPHU GDQV OH
FRIIUH 3DU WHPSV FKDXG RX HQVR
OHLOOp OD WHPSpUDWXUH j O¶LQWpULHXU
GX FRIIUH SRXUUDLW DXJPHQWHU DV
VH] SRXU SURYRTXHU OD PRUW RX GH
JUDYHV EOHVVXUHV OLpHV j OD FKD
OHXU \ FRPSULV GHV GRPPDJHV
FpUpEUDX[ j TXLFRQTXH VH WURXYH
HQIHUPp j O¶LQWpULHXU HW FH SDUWL
FXOLqUHPHQW SRXU OHV HQIDQWV HQ
EDV kJH
. /RUVTXH YRXV TXLWWH] OH YpKLFXOH
IHUPH] WRXWHV OHV YLWUHV HW YHU
URXLOOH] WRXWHV OHV SRUWLqUHV $V
VXUH]YRXV DXVVL TXH OH FRIIUH
VRLW IHUPp
/LVH] DWWHQWLYHPHQW OHV VHFWLRQV VXLYDQWHV
SRXU OHV FRQVHLOV HW SUpFDXWLRQV
. 3RXU OH V\VWqPH GH FHLQWXUHV GH
VpFXULWp UHSRUWH]YRXV j ³&HLQWXUHV GH
VpFXULWp´ )
. 3RXU OH V\VWqPH GH UHWHQXH SRXU
HQIDQW UHSRUWH]YRXV j ³6\VWqPHV GH
UHWHQXH SRXU HQIDQW´ )
. 3RXU OH V\VWqPH GH FRXVVLQV GH VpFX
ULWp 656 UHSRUWH]YRXV j ³&RXVVLQ GH
VpFXULWp 656 6\VWqPH GH 5HWHQXH 6XS
SOpPHQWDLUH ´ )
& *D] G¶pFKDSSHPHQW GX PR
WHXU PRQR[\GH GH FDUERQH
'$1*(5
. 1H UHVSLUH] MDPDLV OHV JD] G¶p
FKDSSHPHQW GX PRWHXU /H PR
QR[\GH GH FDUERQH FRQWHQX GDQV
OHV JD] G¶pFKDSSHPHQW GX PR
WHXU HVW LQFRORUH HW LQRGRUH PDLV
VRQ LQKDODWLRQ HVW GDQJHUHXVH
YRLUH PRUWHOOH
. 0DLQWHQH] WRXMRXUV OH V\VWqPH
G¶pFKDSSHPHQW HQ ERQ pWDW SRXU
pYLWHU TXH OHV JD] G¶pFKDSSHPHQW
GX PRWHXU QH SpQqWUHQW GDQV OH
YpKLFXOH
. 1H ODLVVH] MDPDLV WRXUQHU OH PR
WHXU GX YpKLFXOH GDQV XQ JDUDJH
RX XQ ORFDO IHUPp VDXI SHQGDQW
OH PLQLPXP GH WHPSV QpFHVVDLUH
j O¶HQWUpH RX j OD VRUWLH GX
YpKLFXOH
. eYLWH] GH UHVWHU ORQJWHPSV GDQV
OH YpKLFXOH HQ VWDWLRQQHPHQW HQ
ODLVVDQW OH PRWHXU HQ PDUFKH 6L
YRXV QH SRXYH] O¶pYLWHU PHWWH] OD
VRXIIODQWH GH YHQWLODWLRQ HQ PDU
FKH SRXU IRUFHU O¶HQWUpH G¶DLU IUDLV
GDQV OH YpKLFXOH
± 68,7( ±
. 3RXU TXH OH V\VWqPH GH YHQWLOD
WLRQ SXLVVH IRQFWLRQQHU QRUPDOH
PHQW GpEDUUDVVH] OD JULOOH GH OD
SULVH G¶DLU GH YHQWLODWLRQ DYDQW GH
OD QHLJH GHV IHXLOOHV RX GHV
DXWUHV FRUSV pWUDQJHUV TXL O¶HQ
FRPEUHQW
. 6L YRXV DYH] O¶LPSUHVVLRQ TXH OHV
JD] G¶pFKDSSHPHQW SpQqWUHQW
GDQV OH YpKLFXOH IDLWHV FRQWU{OHU
HW UpSDUHU OH YpKLFXOH DX SOXV W{W
6L YRXV GHYH] XWLOLVHU OH YpKLFXOH
GDQV FHW pWDW URXOH] DYHF WRXWHV
OHV YLWUHV JUDQGHV RXYHUWHV
. 3RXU pYLWHU TXH OHV JD] G¶pFKDS
SHPHQW QH SpQqWUHQW GDQV OH
YpKLFXOH QH URXOH] SDV DYHF OH
FRXYHUFOH GH FRIIUH RXYHUW
& $OFRRO HW FRQGXLWH
'$1*(5
,O HVW WUqV GDQJHUHX[ GH FRQGXLUH
DSUqV DYRLU EX /D SUpVHQFH G¶DOFRRO
GDQV OH VDQJ UHQG OHV UpIOH[HV SOXV
OHQWV HW DPRLQGULW OHV IDFXOWpV VHQ
VRULHOOHV OD YLJLODQFH HW OD V€UHWp GH
MXJHPHQW 3UHQGUH OH YRODQW DSUqV
DYRLU EX PrPH SHX DXJPHQWH OH
ULVTXH G¶DFFLGHQW JUDYH YRLUH PRU
WHO SRXU YRXV FRPPH SRXU OHV
SHUVRQQHV DOHQWRXU (Q RXWUH HQ
FDV G¶DFFLGHQW O¶DOFRRO HVW XQ IDF
WHXU G¶DFFURLVVHPHQW GH OD JUDYLWp
GHV EOHVVXUHV
1H FRQGXLVH] SDV DSUqV DYRLU EX
/D FRQGXLWH HQ pWDW G¶LYUHVVH FRPSWH
SDUPL OHV FDXVHV G¶DFFLGHQW OHV SOXV
IUpTXHQWHV /HV HIIHWV GH O¶DOFRRO YDULHQW
G¶XQH SHUVRQQH j O¶DXWUH HW LO HVW SRVVLEOH
TXH YRXV D\H] WURS EX SRXU FRQGXLUH HQ
WRXWH VpFXULWp PrPH DYHF XQ WDX[ G¶DOFRRO
GDQV OH VDQJ LQIpULHXU j OD OLPLWH WROpUpH SDU
OD ORL /H SOXV V€U HVW GH QH SDV FRQGXLUH
DSUqV DYRLU EX 6L YRXV DYH] EX HW QH
SRXYH] IDLUH DXWUHPHQW TXH GH FRQGXLUH
DUUrWH] GH ERLUH HW DYDQW GH SUHQGUH OH
YRODQW DWWHQGH] TXH OHV HIIHWV GH O¶DOFRRO
VH VRLHQW FRPSOqWHPHQW GLVVLSpV
& 0pGLFDPHQWV HW FRQGXLWH
'$1*(5
&HUWDLQV PpGLFDPHQWV HQ YHQWH
OLEUH RX VXU RUGRQQDQFH UHQGHQW
OHV UpIOH[HV SOXV OHQWV HW DPRLQGULV
VHQW OHV IDFXOWpV VHQVRULHOOHV OD
YLJLODQFH HW OD V€UHWp GH MXJHPHQW
6L YRXV FRQGXLVH] DSUqV DYRLU SULV
GH WHOV PpGLFDPHQWV YRXV FRXUH] OH
ULVTXH G¶rWUH JUDYHPHQW EOHVVp RX
GH YRXV WXHU HW YRXV IDLWHV FRXULU FH
ULVTXH j G¶DXWUHV SHUVRQQHV
6L YRXV SUHQH] GHV PpGLFDPHQWV UHQVHL
JQH]YRXV DXSUqV GH YRWUH PpGHFLQ RX GH
YRWUH SKDUPDFLHQ RX OLVH] OD QRWLFH
IRXUQLH DYHF FHV PpGLFDPHQWV SRXU VD
YRLU V¶LOV VRQW VXVFHSWLEOHV GH QXLUH j YRV
IDFXOWpV GH FRQGXLWH 1H FRQGXLVH] SDV
DSUqV DYRLU SULV XQ PpGLFDPHQW SURYR
TXDQW XQH FHUWDLQH VRPQROHQFH RX DIIHF
WDQW OHV UpIOH[HV LQGLVSHQVDEOHV j OD
FRQGXLWH G¶XQ YpKLFXOH DXWRPRELOH HQ
WRXWH VpFXULWp 6L YRWUH pWDW GH VDQWp YRXV
REOLJH j SUHQGUH GHV PpGLFDPHQWV Q¶RX
EOLH] SDV GH GHPDQGHU O¶DYLV GH YRWUH
PpGHFLQ j FH VXMHW
1H FRQGXLVH] MDPDLV VRXV O¶LQIOXHQFH G¶XQ
VWXSpILDQW LQWHUGLW SDU OD ORL TXHO TX¶LO VRLW
3RXU YRWUH VDQWp HW YRWUH ELHQrWUH QRXV
YRXV GpFRQVHLOORQV YLYHPHQW GH SUHQGUH
GHV GURJXHV RX VWXSpILDQWV LQWHUGLWV SDU OD
ORL HW GH VXLYUH XQ WUDLWHPHQW GDQV OH FDV
R YRXV VHULH] VRXV OD GpSHQGDQFH G¶XQH
WHOOH VXEVWDQFH
& )DWLJXH VRPPHLO HW FRQGXLWH
'$1*(5
/D IDWLJXH HW OH VRPPHLO UHQGHQW OHV
UpIOH[HV SOXV OHQWV HW DPRLQGULVVHQW
OHV IDFXOWpV VHQVRULHOOHV OD YLJL
ODQFH HW OD V€UHWp GH MXJHPHQW /D
FRQGXLWH HQ pWDW GH IDWLJXH RX GH
VRPQROHQFH YRXV H[SRVH DLQVL TXH
OHV SHUVRQQHV DOHQWRXU j GHV ULV
TXHV GH EOHVVXUHV JUDYHV YRLUH
PRUWHOOHV
6L YRXV YRXV VHQWH] IDWLJXp RX VL YRXV
DYH] VRPPHLO QH SHUVLVWH] SDV j FRQGXLUH
PDLV FKHUFKH] SOXW{W XQ HQGURLW V€U SRXU
VWDWLRQQHU HW YRXV UHSRVHU $X FRXUV GH
ORQJV GpSODFHPHQWV IDLWHV GHV SDXVHV j
LQWHUYDOOHV UpJXOLHUV SRXU YRXV GpWHQGUH HW
UHSUHQGUH OD URXWH GDQV GH ERQQHV FRQGL
WLRQV 'DQV OD PHVXUH GX SRVVLEOH SDUWD
JH] OH WHPSV GH FRQGXLWH DYHF OHV SHU
VRQQHV YRXV DFFRPSDJQDQW
& 0RGLILFDWLRQ GX YpKLFXOH
$77(17,21
0RGLILH] YRWUH YpKLFXOH DYHF GHV
SLqFHV RX DFFHVVRLUHV 68%$58
G¶RULJLQH XQLTXHPHQW 7RXWH DXWUH
W\SH GH PRGLILFDWLRQ ULVTXH G¶HQ
DIIHFWHU OHV SHUIRUPDQFHV OD VpFX
ULWp RX OD ORQJpYLWp HW SHXW PrPH
FRQVWLWXHU XQH LQIUDFWLRQ GHV UpJOH
PHQWDWLRQV JRXYHUQHPHQWDOHV (Q
RXWUH OHV GpJUDGDWLRQV RX EDLVVHV
GH SHUIRUPDQFHV UpVXOWDQW GH PRGL
ILFDWLRQV QH VRQW SDV FRXYHUWHV SDU
OHV JDUDQWLHV GX YpKLFXOH
5(0$548(
& 7pOpSKRQH GH YRLWXUHFHOOX
ODLUH HW FRQGXLWH
$77(17,21
/¶XVDJH G¶XQ WpOpSKRQH GH YRLWXUH
RX G¶XQ WpOpSKRQH FHOOXODLUH SDU OH
FRQGXFWHXU O¶HPSrFKH GH SRUWHU
WRXWH VRQ DWWHQWLRQ VXU OD FRQGXLWH
FH TXL SHXW HQWUDvQHU XQ DFFLGHQW 6L
YRXV WpOpSKRQH] WRXW HQ FRQGXLVDQW
LO YDXW PLHX[ V¶DUUrWHU VXU O¶DFFRWH
PHQW GH OD URXWH DYDQW G¶XWLOLVHU OH
WpOpSKRQH GH YRLWXUHWpOpSKRQH FHO
OXODLUH 'DQV FHUWDLQV eWDWV3URYLQ
FHV LO HVW LQWHUGLW G¶XWLOLVHU HQ
FRQGXLVDQW XQ WpOpSKRQH DXWUH TXH
GH W\SH PDLQV OLEUHV
&H YpKLFXOH HVW pTXLSp G¶XQH IRQFWLRQ
TXL HQUHJLVWUH FHUWDLQHV GRQQpHV GX
YpKLFXOH DX FDV R OH YpKLFXOH HVW
FRQGXLW RX HQWUHWHQX G¶XQH IDoRQ H[D
JpUpH RX GLIIpUHQWH SDU UDSSRUW j XQ
XVDJH QRUPDO URXWLQLHU
&HV GRQQpHV SHXYHQW rWUH XWLOLVpHV
FRPPH XQ PR\HQ GH GpWHUPLQHU VL OD
FRQGLWLRQ GX YpKLFXOH HVW DGPLVVLEOH
SRXU XQH UpSDUDWLRQ VRXV JDUDQWLH RX
QRQ
± 68,7( ±
& &RQGXLWH GH YpKLFXOHV pTXL
SpV G¶XQ V\VWqPH GH QDYLJD
WLRQ
'$1*(5
1H YRXV ODLVVH] SDV GpFRQFHQWUHU
SDU O¶pFUDQ G¶DIILFKDJH JDUGH] WRXWH
YRWUH DWWHQWLRQ VXU OD FRQGXLWH 1H
PDQLSXOH] SDV OHV FRPPDQGHV GX
V\VWqPH GH QDYLJDWLRQ WRXW HQ
FRQGXLVDQW 9RXV ULVTXHULH] GH YRXV
GpFRQFHQWUHU HW GH SURYRTXHU XQ
DFFLGHQW 3RXU WRXWH PDQLSXODWLRQ
GHV FRPPDQGHV GX V\VWqPH GH
QDYLJDWLRQ FRPPHQFH] SDU JDUHU
OH YpKLFXOH GDQV XQ OLHX V€U
& $QLPDX[ GH FRPSDJQLH j
ERUG GX YpKLFXOH
8Q DQLPDO GH FRPSDJQLH QRQ DWWDFKp
ULVTXH GH YRXV JrQHU RX GH YRXV GLVWUDLUH
ORUV GH OD FRQGXLWH (Q FDV GH FROOLVLRQ RX
G¶DUUrW EUXVTXH XQ DQLPDO RX XQH FDJH
QRQ DWWDFKpH ULVTXH G¶rWUH SURMHWpH HW GH
EOHVVHU OHV RFFXSDQWV GX YpKLFXOH (Q
RXWUH O¶DQLPDO ULVTXH OXLPrPH G¶rWUH
EOHVVp 3RXU YRWUH VpFXULWp FRPPH SRXU
OD OHXU DWWDFKH] GH PDQLqUH DGpTXDWH OHV
DQLPDX[ GH FRPSDJQLH YR\DJHDQW j ERUG
GH YRWUH YpKLFXOH ,O H[LVWH GDQV FH EXW GHV
KDUQDLV VSpFLDX[ VH IL[DQW DX VLqJH DUULqUH
SDU XQH FHLQWXUH GH VpFXULWp RX ELHQ
LQVWDOOH] O¶DQLPDO GDQV XQ SDQLHU GH WUDQV
SRUW HW LPPRELOLVH] OH SDQLHU HQ SDVVDQW
XQH FHLQWXUH GH VpFXULWp GDQV OD SRLJQpH
GX SDQLHU 1¶DWWDFKH] MDPDLV XQ DQLPDO RX
VRQ SDQLHU GH WUDQVSRUW VXU OH VLqJH GX
SDVVDJHU DYDQW 3RXU SOXV GH SUpFLVLRQV
UHQVHLJQH]YRXV DXSUqV G¶XQ YpWpULQDLUH
G¶XQH DVVRFLDWLRQ GH SURWHFWLRQ GHV DQL
PDX[ RX G¶XQH ERXWLTXH G¶DQLPDX[ GH
FRPSDJQLH
& 3UHVVLRQ GHV SQHXV
&RQWU{OH] HW VL QpFHVVDLUH UpJOH] OD
SUHVVLRQ GHV SQHXV URXH GH VHFRXUV
FRPSULVH DX PRLQV XQH IRLV SDU PRLV HW
DYDQW FKDTXH ORQJ WUDMHW
9pULILH] OD SUHVVLRQ GHV SQHXV ORUVTXH OHV
SQHXV VRQW IURLGV 8WLOLVH] XQ JRQIOHXU j
PDQRPqWUH SRXU DMXVWHU OD SUHVVLRQ j OD
YDOHXU LQGLTXpH VXU O¶pWLTXHWWH G¶LQIRUPD
WLRQ GHV SQHXV 3RXU GH SOXV DPSOHV
LQIRUPDWLRQV UHSRUWH]YRXV j ³5RXHV HW
SQHXV´ )
'$1*(5
5RXOHU j JUDQGH YLWHVVH DYHF
GHV SQHXV WURS SHX JRQIOpV
SHXW HQWUDvQHU XQH GpIRUPD
WLRQ LPSRUWDQWH HW XQ pFKDXI
IHPHQW UDSLGH GHV SQHXV 8QH
EUXVTXH pOpYDWLRQ GH OD WHP
SpUDWXUH G¶XQ SQHX SHXW HQ
WUDvQHU OH GpFROOHPHQW GH OD
EDQGH GH URXOHPHQW HW OD GH
VWUXFWLRQ GX SQHX &HFL HQWUDv
QHUDLW XQH SHUWH GH FRQWU{OH GX
YpKLFXOH HW GHV ULVTXHV G¶DF
FLGHQW
& )L[DWLRQ GHV DFFHVVRLUHV
'$1*(5
. 1¶DFFURFKH] DXFXQ DFFHVVRLUH
pWLTXHWWH RX YLJQHWWH DXWUH TXH
OHV YLJQHWWHV G¶LQVSHFWLRQ SOD
FpHV FRUUHFWHPHQW VXU OH SDUH
EULVH 'H WHOV REMHWV SHXYHQW
EORTXHU YRWUH FKDPS GH YLVLRQ
. 6¶LO HVW QpFHVVDLUH G¶DFFURFKHU
XQ DFFHVVRLUH WHO TX¶XQ DSSDUHLO
GH WpOpSpDJH (7& RX XQH FDUWH
GH VpFXULWp VXU OH SDUHEULVH
FRQVXOWH] YRWUH FRQFHVVLRQQDLUH
68%$58 SRXU SOXV GH GpWDLOV VXU
O¶HPSODFHPHQW FRUUHFW
,QIRUPDWLRQV JpQpUDOHV
& (QUHJLVWUHXU GH GRQQpHV
& $YHUWLVVHPHQW GH O¶pWDW GH
&DOLIRUQLH VXU OH 3HUFKORUDWH
&H YpKLFXOH HVW pTXLSp G¶XQ HQUHJLVWUHXU
GH GRQQpHV ('5 /H EXW SULQFLSDO G¶XQ
('5 HVW G¶HQUHJLVWUHU GDQV XQ DFFLGHQW
RX GHV VLWXDWLRQV VLPLODLUHV j GHV FROOL
VLRQV WHO TXH ORUV G¶XQ GpSORLHPHQW GHV
FRXVVLQV JRQIODEOHV RX ORUVTXH YRXV KHXU
WH] XQ REVWDFOH VXU OD URXWH GHV GRQQpHV
TXL DLGHURQW j FRPSUHQGUH FRPPHQW OHV
V\VWqPHV G¶XQ YpKLFXOH RQW IRQFWLRQQp
/¶('5 HVW FRQoX SRXU HQUHJLVWUHU OHV
GRQQpHV UHODWLYHV DX[ V\VWqPHV GH G\QD
PLTXH GX YpKLFXOH HW GH VpFXULWp SRXU XQH
FRXUWH SpULRGH GH WHPSV JpQpUDOHPHQW VHFRQGHV RX PRLQV /¶('5 GDQV FH
YpKLFXOH HVW FRQoX SRXU HQUHJLVWUHU GHV
GRQQpHV WHOOHV TXH
. &RPPHQW OHV GLIIpUHQWV V\VWqPHV GH
YRWUH YpKLFXOH IRQFWLRQQDLHQW
. 6L OHV FHLQWXUHV GH VpFXULWp GX FRQGXF
WHXU HW GX SDVVDJHU pWDLHQW ERXFOpHV
DWWDFKpHV
. ¬ TXHO SRLQW OH FDV pFKpDQW OH
FRQGXFWHXU D HQIRQFp O¶DFFpOpUDWHXU HWRX
OD SpGDOH GH IUHLQ HW
. ¬ TXHOOH YLWHVVH OH YpKLFXOH URXODLW
&HUWDLQV FRPSRVDQWV GX YpKLFXOH WHOV TXH
OHV PRGXOHV GH FRXVVLQ GH VpFXULWp OHV
SUpWHQVLRQQHXUV GH FHLQWXUH GH VpFXULWp HW
OHV SLOHV GH OD WpOpFRPPDQGH G¶HQWUpH
VDQV FOp SHXYHQW FRQWHQLU GX SHUFKORUDWH
8Q WUDLWHPHQW VSpFLDO SHXW rWUH QpFHVVDLUH
SRXU XQH LQWHUYHQWLRQ G¶HQWUHWLHQ RX SRXU
O¶pOLPLQDWLRQ GX YpKLFXOH HQ ILQ GH YLH
&RQVXOWH] ZZZGWVFFDJRYKD]DUGRXV
ZDVWHSHUFKORUDWH SRXU SOXV GH GpWDLOV
& %UXLWV YHQDQW GX GHVVRXV GX
YpKLFXOH
5(0$548(
9RXV SRXYH] HQWHQGUH XQ EUXLW YHQDQW
GX GHVVRXV GX YpKLFXOH HQYLURQ j KHXUHV DSUqV DYRLU pWHLQW OH PRWHXU
&HSHQGDQW FHFL Q¶LQGLTXH SDV XQ G\V
IRQFWLRQQHPHQW &H EUXLW YLHQW GX IRQF
WLRQQHPHQW GX V\VWqPH GH YpULILFDWLRQ
GH IXLWH SDU pYDSRUDWLRQ GH O¶HVVHQFH
HW HVW QRUPDO &H EUXLW V¶DUUrWHUD DSUqV
HQYLURQ PLQXWHV
± 68,7( ±
&HV GRQQpHV SHXYHQW DLGHU j IRXUQLU XQH
PHLOOHXUH FRPSUpKHQVLRQ GHV FLUFRQVWDQ
FHV GDQV OHVTXHOOHV OHV DFFLGHQWV HW OHV
EOHVVXUHV VH SURGXLVHQW 5(0$548(
/HV GRQQpHV ('5 QH VRQW HQUHJLVWUpV
SDU YRWUH YpKLFXOH TX¶HQ FDV GH FROOLVLRQ
QRQ QpJOLJHDEOH DXFXQH GRQQpH Q¶HVW
HQUHJLVWUpH SDU O¶('5 GDQV GHV FRQGLWLRQV
GH FRQGXLWH QRUPDOH HW DXFXQH GRQQpH
SHUVRQQHOOH QRP VH[H kJH HW OLHX GH
O¶DFFLGHQW Q¶HVW HQUHJLVWUpH 7RXWHIRLV
G¶DXWUHV SDUWLHV WHOOHV TXH OHV IRUFHV GH
O¶RUGUH SRXUUDLHQW FRPELQHU OHV GRQQpHV
('5 DYHF OH W\SH GH GRQQpHV G¶LGHQWLILFD
WLRQ SHUVRQQHOOH KDELWXHOOHPHQW DFTXLVH
SHQGDQW XQH HQTXrWH VXU OD FROOLVLRQ
3RXU OLUH OHV GRQQpHV HQUHJLVWUpHV SDU XQ
('5 XQ pTXLSHPHQW VSpFLDO HVW QpFHV
VDLUH DLQVL TXH O¶DFFqV DX YpKLFXOH RX j
O¶('5 (Q SOXV GX FRQVWUXFWHXU GX YpKL
FXOH OHV DXWUHV SDUWLHV WHOOHV TXH OHV
IRUFHV GH O¶RUGUH TXL SRVVqGHQW O¶pTXLSH
PHQW VSpFLDO SHXYHQW OLUH OHV LQIRUPDWLRQV
VL HOOHV RQW DFFqV DX YpKLFXOH RX j O¶('5
7DEOH GHV PDWLqUHV
6LqJHV FHLQWXUHV GH VpFXULWp HW FRXVVLQV GH VpFXULWp 656
&OpV HW SRUWLqUHV
,QVWUXPHQWV HW FRPPDQGHV
&OLPDWLVDWLRQ
eTXLSHPHQW DXGLR
eTXLSHPHQWV LQWpULHXUV
'pPDUUDJH HW FRQGXLWH
&RQVHLOV GH FRQGXLWH
(Q FDV G¶XUJHQFH
6RLQV GX YpKLFXOH
(QWUHWLHQ HW UpSDUDWLRQV
&DUDFWpULVWLTXHV WHFKQLTXHV
,QIRUPDWLRQV DX FRQVRPPDWHXU HW GpFODUDWLRQ HQ FDV GH GpIDXW GH VpFXULWp
,QGH[
,QGH[ LOOXVWUp
& ([WpULHXU
&DSRW PRWHXU SDJH (VVXLHJODFH DYDQW SDJH 3KDUH SDJH 5HPSODFHPHQW GHV DPSRXOHV SDJH 7RLW RXYUDQW RSDTXH SDJH 6HUUXUHV GH SRUWLqUH SDJH 5pWURYLVHXUV H[WpULHXUV SDJH 3UHVVLRQ GHV SQHXV SDJH &UHYDLVRQV SDJH 3QHXV QHLJH SDJH 3KDUH DQWLEURXLOODUG SDJH &URFKHWV G¶DUULPDJH SDJH &URFKHW GH UHPRUTXDJH SDJH 'pVHPEXHXU GH OXQHWWH DUULqUH SDJH 9ROHW HW ERXFKRQ GX UpVHUYRLU GH FDUEX
UDQW SDJH 9HUURXV GH VpFXULWp SRXU HQIDQWV SDJH
7URX G¶DUULPDJH SDJH 5HPSODFHPHQW GHV DPSRXOHV SDJH &RXYHUFOH GH FRIIUH SDJH &URFKHW GH UHPRUTXDJH SDJH ± 68,7( ±
& ,QWpULHXU
! +DELWDFOH
$QFUDJHV LQIpULHXUV SRXU OH V\VWqPH GH
UHWHQXH SRXU HQIDQW SDJH &HLQWXUH GH VpFXULWp SDJH %RXWRQV SRXU 68%$58 67$5/,1.
6LqJH DYDQW SDJH 6LqJH DUULqUH SDJH 5(0$548(
3RXU OHV PRGqOHV DYHF 68%$58
67$5/,1. PRGqOHV VSpFLILFDWLRQV
GHV eWDWV8QLV XQLTXHPHQW 5HSRU
WH]YRXV DX VXSSOpPHQW GX PDQXHO GX
FRQGXFWHXU SRXU OH V\VWqPH GH VpFX
ULWp HW GH V€UHWp 68%$58 67$5/,1.
67,
&RQVROH FHQWUDOH SDJH &RPPDQGHV GX VLqJH FKDXIIDQW SDJH 3RUWHJREHOHW SDJH /HYLHU GH IUHLQ GH VWDWLRQQHPHQW SDJH &RPPDQGHV GHV OqYHYLWUHV pOHFWULTXHV
SDJH 6HUUXUHV GH SRUWLqUH SDJH ,QWHUUXSWHXU GH UpWURYLVHXUV WpOpFRPPDQ
GpV SDJH %RvWH j JDQWV SDJH 3ULVH G¶DOLPHQWDWLRQ pOHFWULTXH DYDQW
SDJH /HYLHU GH YLWHVVHV SDJH &RPPDQGHV 6,'5,9( SDJH &RPPDQGHV GX GLIIpUHQWLHO FHQWUDO j
FRPPDQGH SDU OH FRQGXFWHXU
&',))'&&' SDJH ± 68,7( ±
6DXI 67,
PRGqOHV VDQV V\VWqPH (\H6LJKW
&RQVROH FHQWUDOH SDJH &RPPDQGHV GX VLqJH FKDXIIDQW SDJH 3RUWHJREHOHW SDJH /HYLHU GH IUHLQ GH VWDWLRQQHPHQW SDJH &RPPDQGHV GHV OqYHYLWUHV pOHFWULTXHV
SDJH 6HUUXUHV GH SRUWLqUH SDJH ,QWHUUXSWHXU GH UpWURYLVHXUV WpOpFRPPDQ
GpV SDJH %RvWH j JDQWV SDJH 3ULVH G¶DOLPHQWDWLRQ pOHFWULTXH DYDQW
SDJH /HYLHU GH FKDQJHPHQW GH YLWHVVHV %0
SDJH /HYLHU VpOHFWHXU &97
SDJH 6DXI 67,
PRGqOHV DYHF V\VWqPH (\H6LJKW
&RQVROH FHQWUDOH SDJH &RPPDQGHV GX VLqJH FKDXIIDQW SDJH 3RUWHJREHOHW SDJH &RPPDQGH GH IUHLQ GH VWDWLRQQHPHQW
SDJH &RPPDQGHV GHV OqYHYLWUHV pOHFWULTXHV
SDJH 6HUUXUHV GH SRUWLqUH SDJH ,QWHUUXSWHXU GH UpWURYLVHXUV WpOpFRPPDQ
GpV SDJH %RvWH j JDQWV SDJH 3ULVH G¶DOLPHQWDWLRQ pOHFWULTXH DYDQW
SDJH /HYLHU VpOHFWHXU SDJH &RPPDQGH $XWR 9HKLFOH +ROG SDJH ± 68,7( ±
& 7DEOHDX GH ERUG
0ROHWWH GH UpJODJH G¶LQWHQVLWp OXPLQHXVH
SDJH &RPPDQGH G¶RXYHUWXUH GX FRIIUH SDJH
,QVWUXPHQWV GH ERUG SDJH $IILFKDJH PXOWLIRQFWLRQV pFUDQ /&' HQ
FRXOHXU SDJH &RPPXWDWHXU GHV IHX[ GH GpWUHVVH
SDJH &RPPDQGHV GH UpJODJH GH O¶DIILFKDJH
PXOWLIRQFWLRQ pFUDQ /&' HQ FRXOHXU
SDJH eTXLSHPHQW DXGLR
&OLPDWLVDWLRQ SDJH 9RODQW GH GLUHFWLRQ j LQFOLQDLVRQ UpJODEOH
WpOHVFRSLTXH SDJH $YHUWLVVHXU VRQRUH SDJH &RXVVLQ GH VpFXULWp 656 SDJH &RPPDQGH GH PRGH 2)) GX &RQWU{OH
GH '\QDPLTXH GX 9pKLFXOH SDJH %RvWH j IXVLEOHV SDJH %RXWRQ G¶RXYHUWXUH GX FDSRW SDJH &RPPDQGH GH PRGH 2)) %6'5&7$
VHORQ PRGqOHV SDJH 3RXU SOXV GH GpWDLOV VXU OD IDoRQ G¶XWLOLVHU
OH V\VWqPH DXGLR HW GH QDYLJDWLRQ VHORQ
PRGqOHV UHSRUWH]YRXV DX PDQXHO G¶LQV
WUXFWLRQV GX V\VWqPH GH QDYLJDWLRQDXGLR
IRXUQL VpSDUpPHQW
5(0$548(
3RXU OHV PRGqOHV DYHF V\VWqPH
(\H6LJKW 5HSRUWH]YRXV DX VXSSOp
PHQW GX 0DQXHO GX &RQGXFWHXU SRXU
OH V\VWqPH (\H6LJKW
& 9RODQW
7RXFKHV GH FRPPDQGH DXGLR
5pJXODWHXU GH YLWHVVH SDJH /HYLHU GH SDVVDJH PRGqOHV &97 SDJH
&RPPDQGHV PDLQV OLEUHV 6\VWqPH GH
FRPPDQGH YRFDOH
&RPPDQGHV GH UpJODJH GH O¶DIILFKDJH
GHV LQVWUXPHQWV GH ERUG pFUDQ /&' HQ
FRXOHXU SDJH &RXVVLQ GH VpFXULWp 656 SDJH $YHUWLVVHXU VRQRUH SDJH &RPPDQGHV 6,'5,9( VDXI 67,
SDJH 3RXU SOXV GH GpWDLOV VXU OD IDoRQ G¶XWLOLVHU
OHV FRPPDQGHV UHSRUWH]YRXV DX PDQXHO
G¶LQVWUXFWLRQV GX V\VWqPH GH QDYLJDWLRQ
DXGLR IRXUQL VpSDUpPHQW
± 68,7( ±
& &RPPDQGHVPDQHWWHV GH UpJODJH GHV pFODLUDJHV HW G¶HVVXLH
JODFH
(VVXLHJODFH GH SDUHEULVH SDJH %UXLQH SDJH /DYHJODFH GH SDUHEULVH SDJH ,QWHUUXSWHXU GH UpJODJH GH OD IUpTXHQFH
GH EDOD\DJH GHV HVVXLHJODFHV LQWHUPLW
WHQWV SDJH 0DQHWWH GH FRPPDQGH GHV HVVXLHJOD
FHV SDJH &RPPDQGH GH UpJODJH GHV pFODLUDJHV
SDJH &RPPDQGH GHV SKDUHV DQWLEURXLOODUG
SDJH 212))$872 GHV SKDUHV SDJH $SSHOV GH SKDUH HW LQYHUVHXU IHX[ GH
URXWHIHX[ GH FURLVHPHQW SDJH 0DQHWWH GHV FOLJQRWDQWV GH GLUHFWLRQ
SDJH & ,QVWUXPHQWV GH ERUG
! 0RGqOHV VSpFLILFDWLRQ GHV eWDWV8QLV
&RPSWHWRXUV SDJH $IILFKDJH GHV LQVWUXPHQWV GH ERUG pFUDQ
/&' HQ FRXOHXU SDJH /HYLHU VpOHFWHXULQGLFDWHXU GH OD SRVLWLRQ
GX UDSSRUW HQJDJp SDJH ,QGLFDWHXU GH YLWHVVH SDJH %RXWRQ GX FRPSWHXU MRXUQDOLHU SDJH ,QGLFDWHXU GH QLYHDX GH FDUEXUDQW SDJH
&RPSWHXU MRXUQDOLHU HW WRWDOLVDWHXU SDJH
-DXJH GH WHPSpUDWXUH SDJH /¶LOOXVWUDWLRQ DXGHVVXV HVW XQ H[HPSOH W\SLTXH 3RXU FHUWDLQV PRGqOHV OHV LQVWUXPHQWV
GH ERUG ULVTXHQW G¶rWUH OpJqUHPHQW GLIIpUHQWV GH FHX[ LQGLTXpV VXU O¶LOOXVWUDWLRQ
± 68,7( ±
! 6DXI PRGqOHV VSpFLILFDWLRQ GHV eWDWV8QLV
/¶LOOXVWUDWLRQ DXGHVVXV HVW XQ H[HPSOH W\SLTXH 3RXU FHUWDLQV PRGqOHV OHV LQVWUXPHQWV
GH ERUG ULVTXHQW G¶rWUH OpJqUHPHQW GLIIpUHQWV GH FHX[ LQGLTXpV VXU O¶LOOXVWUDWLRQ
&RPSWHWRXUV SDJH $IILFKDJH GHV LQVWUXPHQWV GH ERUG pFUDQ
/&' HQ FRXOHXU SDJH /HYLHU VpOHFWHXULQGLFDWHXU GH OD SRVLWLRQ
GX UDSSRUW HQJDJp SDJH ,QGLFDWHXU GH YLWHVVH SDJH %RXWRQ GX FRPSWHXU MRXUQDOLHU SDJH ,QGLFDWHXU GH QLYHDX GH FDUEXUDQW SDJH
&RPSWHXU MRXUQDOLHU HW WRWDOLVDWHXU SDJH
-DXJH GH WHPSpUDWXUH SDJH & 7pPRLQV DYHUWLVVHXUV HW LQGL
FDWHXUV
5HSqUH
5HSqUH
6LJQLILFDWLRQ
3DJH
6LJQLILFDWLRQ
3DJH
7pPRLQ DYHUWLVVHXU
GH GLUHFWLRQ DVVLVWpH
VDXI 67,
7pPRLQ DYHUWLVVHXU
GH VXUFKDXIIH GH
O¶KXLOH GH ERvWH GH YL
WHVVHV DXWRPDWLTXH
$7 2,/ 7(03 PRGq
OHV &97
7pPRLQ DYHUWLVVHXU
G¶DLGH DX GpPDUUDJH
HQ F{WH7pPRLQ LQGL
FDWHXU GH GpVDFWLYD
WLRQ G¶DLGH DX GpPDU
UDJH HQ F{WH PRGq
OHV VDQV V\VWqPH GH
IUHLQ GH VWDWLRQQH
PHQW pOHFWURQLTXH
7pPRLQ LQGLFDWHXU
G¶DFWLYDWLRQ $XWR 9H
KLFOH +ROG PRGqOHV
DYHF V\VWqPH GH IUHLQ
GH VWDWLRQQHPHQW
pOHFWURQLTXH
7pPRLQ LQGLFDWHXU GH
IRQFWLRQQHPHQW $XWR
9HKLFOH +ROG PRGq
OHV DYHF V\VWqPH GH
IUHLQ GH VWDWLRQQH
PHQW pOHFWURQLTXH
7pPRLQ DYHUWLVVHXU
GX &RQWU{OH GH '\QD
PLTXH GX 9pKLFXOH
7pPRLQ LQGLFDWHXU GH
IRQFWLRQQHPHQW GX
&RQWU{OH GH '\QD
PLTXH GX 9pKLFXOH
7pPRLQ LQGLFDWHXU GH
GpVDFWLYDWLRQ GX
&RQWU{OH GH '\QD
PLTXH GX 9pKLFXOH
,QGLFDWHXU G¶DYHUWLV
VHPHQW GX QLYHDX
G¶KXLOH PRWHXU VDXI
67,
6LJQLILFDWLRQ
3DJH
7pPRLQ DYHUWLVVHXU
GH FHLQWXUH GH VpFX
ULWp
7pPRLQ DYHUWLVVHXU
GH FHLQWXUH GH VpFX
ULWp GX SDVVDJHU DYDQW
7pPRLQ DYHUWLVVHXU
GX V\VWqPH GH FRXV
VLQ GH VpFXULWp 656
7pPRLQ DYHUWLVVHXU
GH WHPSpUDWXUH
G¶KXLOH GX GLIIpUHQWLHO
DUULqUH 67,
,QGLFDWHXU G¶DFWLYDWLRQ
GX FRXVVLQ GH VpFX
ULWp IURQWDO GH SDVVD
JHU DYDQW
7pPRLQ DYHUWLVVHXU
GHV IUHLQV DQWLEORFDJH
$%6
,QGLFDWHXU GH GpVDFWL
YDWLRQ GX FRXVVLQ GH
VpFXULWp IURQWDO GH
SDVVDJHU DYDQW
7pPRLQ DYHUWLVVHXU
GX V\VWqPH GHV IUHLQV
7pPRLQ DYHUWLVVHXU
G¶DQRPDOLH PRWHXU
&+(&. (1*,1(7p
PRLQ LQGLFDWHXU G¶D
QRPDOLH GH IRQFWLRQ
QHPHQW
7pPRLQ DYHUWLVVHXU
GH FKDUJH
7pPRLQ DYHUWLVVHXU
GH SUHVVLRQ G¶KXLOH
7pPRLQ LQGLFDWHXU GX
IUHLQ GH VWDWLRQQH
PHQW pOHFWURQLTXH
PRGqOHV DYHF V\V
WqPH GH IUHLQ GH VWD
WLRQQHPHQW pOHFWUR
QLTXH
7pPRLQ DYHUWLVVHXU
G¶RXYHUWXUH GH SRU
WLqUH
7pPRLQ DYHUWLVVHXU
$:'
VHORQ PRGqOHV
5HSqUH
± 68,7( ±
5HSqUH
6LJQLILFDWLRQ
7pPRLQV LQGLFDWHXUV
GX FOLJQRWDQW GH GL
UHFWLRQ
7pPRLQ DYHUWLVVHXU
GH SKDUH /(' VHORQ
PRGqOHV
7pPRLQ LQGLFDWHXU GHV
IHX[ GH URXWH
7pPRLQ GH O¶DVVLVWDQW
GHV IHX[ GH URXWH
YHUW
,QGLFDWHXU G¶DYHUWLV
VHPHQW GH O¶DVVLVWDQW
GHV IHX[ GH URXWH
MDXQH
3DJH
5HSqUH
6LJQLILFDWLRQ
3DJH
,QGLFDWHXU GH UpJXOD
WHXU GH YLWHVVH
,QGLFDWHXU GH UpJODJH
GX UpJXODWHXU GH YL
WHVVH
,QGLFDWHXU GH PRGH
GH WUDFWLRQ
7pPRLQ DYHUWLVVHXU
GH EDV QLYHDX GH FDU
EXUDQW
7pPRLQ DYHUWLVVHXU
GH SUHVVLRQ GH JRQ
IODJH EDVVH GHV
SQHXV
PRGqOHV VSpFLILFD
WLRQ GHV eWDWV8QLV
,QGLFDWHXU G¶DYHUWLV
VHPHQW GH OLTXLGH GH
ODYHJODFH GH SDUH
EULVH
7pPRLQ DYHUWLVVHXU
GX GLVSRVLWLI GH Up
JODJH DXWRPDWLTXH GH
SRUWpH GHV SKDUHV
VHORQ PRGqOHV
7pPRLQ LQGLFDWHXU GHV
SKDUHV DQWLEURXLOODUG
DYDQW VHORQ PRGqOHV
7pPRLQ DYHUWLVVHXU
GH FOp G¶DFFqV VHORQ
PRGqOHV
,QGLFDWHXU GH PRGH
6SRUW 6 VHORQ PR
GqOHV
,QGLFDWHXU GH PRGH
,QWHOOLJHQW , VHORQ
PRGqOHV
7pPRLQ LQGLFDWHXU GX
V\VWqPH GH VpFXULWp
,QGLFDWHXU GH PRGH
6SRUW 6KDUS 6 VH
ORQ PRGqOHV
7pPRLQ LQGLFDWHXU GHV
SKDUHV
,QGLFDWHXU GH SDVVDJH
DX UDSSRUW VXSpULHXU
67,
5HSqUH
6LJQLILFDWLRQ
3DJH
,QGLFDWHXU DXWRPD
WLTXH GX GLIIpUHQWLHO
FHQWUDO j FRPPDQGH
SDU OH FRQGXFWHXU
67,
,QGLFDWHXU GH PRGH
$XWR >@ 67,
,QGLFDWHXU GH PRGH
$XWR >í@ 67,
,QGLFDWHXU HW DYHUWLV
VHPHQW GX GLIIpUHQWLHO
FHQWUDO j FRPPDQGH
SDU OH FRQGXFWHXU
67,
7pPRLQ LQGLFDWHXU
5(9 67,
,QGLFDWHXU G¶DYHUWLV
VHPHQW GHV SKDUHV
UpSRQGDQW DX EUD
TXDJH,QGLFDWHXU GH
GpVDFWLYDWLRQ GHV
SKDUHV UpSRQGDQW DX
EUDTXDJH VHORQ PR
GqOHV
,QGLFDWHXU G¶DYHUWLV
VHPHQW %6'5&7$
VHORQ PRGqOHV
,QGLFDWHXU GH GpVDFWL
YDWLRQ %6'5&7$
VHORQ PRGqOHV
5HSqUH
6LJQLILFDWLRQ
3DJH
,QGLFDWHXU G¶DYHUWLV
VHPHQW 5$% VHORQ
PRGqOHV
,QGLFDWHXU GH GpVDFWL
YDWLRQ 5$% VHORQ
PRGqOHV
5pJODJH GHV IRQFWLRQV
& 5pJODJHV HW DMXVWHPHQWV GHV IRQFWLRQV VXU O¶DIILFKDJH PXOWLIRQFWLRQV /&' FRXOHXU
,O HVW SRVVLEOH GH PRGLILHU PDQXHOOHPHQW OHV UpJODJHV GHV RSWLRQV VXLYDQWHV VXU O¶DIILFKDJH PXOWLIRQFWLRQV /&' FRXOHXU SRXU UpSRQGUH
j YRV H[LJHQFHV SHUVRQQHOOHV
eOpPHQW
$FFqV VDQV FOp VHORQ PRGqOHV
)RQFWLRQ
5pJODJHV GLVSRQLEOHV
5pJODJH SDU Gp
IDXW G¶XVLQH
3DJH
)HX[ GH GpWUHVVH
$FWLYpGpVDFWLYp
$FWLYp
9ROXPH GX VLJQDO VRQRUH
2)) j 1LYHDX 3RUWLqUH GX
FRQGXFWHXU XQL
TXHPHQW
GX FRQGXFWHXU
)RQFWLRQ GH VpOHFWLRQ GH GpYHUURXLOODJH GH SRUWLqUH 3RUWLqUH
XQLTXHPHQWWRXWHV OHV
GpYHUURXLOODJH GH OD SRUWLqUH FRQGXFWHXU
SRUWLqUHV
)HX[ GH GpWUHVVH
$FWLYpGpVDFWLYp
$FWLYp
9ROXPH GX VLJQDO VRQRUH
2)) j 1LYHDX 6\VWqPH GH GpVHPEXHXU HW GH GpJL 'pVHPEXHXU GH OXQHWWH DUULqUH GpVHPEXHXU GH
YUHXU SRXU OHV PRGqOHV pTXLSpV GH
UpWURYLVHXU H[WpULHXU HW GpJLYUHXU G¶HVVXLHJODFHV
V\VWqPH GH FOLPDWLVDWLRQ DXWRPD
GH SDUHEULVH
WLTXH
)RQFWLRQQHPHQW SHQGDQW
PLQXWHV)RQFWLRQQH
PHQW HQ FRQWLQX
)RQFWLRQQHPHQW
SHQGDQW PL
QXWHV
3KDUHV j DFWLYDWLRQGpVDFWLYDWLRQ
DXWRPDWLTXH VHORQ PRGqOHV
%DV1RUPDO+DXW7UqV
KDXW
1RUPDO
)RQFWLRQ GH PLQXWHULH GH GpVDFWLYDWLRQ GX SODIRQ 2)) VHFRQGHV VH
/DPSH GH OHFWXUH PRGqOHV DYHF WRLW QLHUGH OD ODPSH GH OHFWXUH
FRQGHV VHFRQGHV
RXYUDQW RSDTXH
VHFRQGHV
/RUVTXH YRXV YRXV DSSURFKH] PLVH HQ URXWH GH OD
PLQXWHULH
2)) VHFRQGHV VH
/RUVTXH YRXV VRUWH] GX YpKLFXOH PLVH HQ URXWH GH FRQGHV VHFRQGHV
OD PLQXWHULH
VHFRQGHV
6\VWqPH G¶HQWUpH VDQV FOp SDU WpOp
FRPPDQGH
6HQVLELOLWp GX IRQFWLRQQHPHQW GHV SKDUHV j DOOX
PDJHH[WLQFWLRQ DXWRPDWLTXH
3ODIRQQLHU
eFODLUDJH GH ELHQYHQXH
& 5pJODJHV HW DMXVWHPHQWV LQGLYLGXHOV j O¶H[FHSWLRQ GH O¶DIILFKDJH PXOWLIRQFWLRQV /&' FRXOHXU
3RXU OHV UpJODJHV GHV RSWLRQV VXLYDQWHV UHSRUWH]YRXV j OD SDJH FRUUHVSRQGDQWH SRXU SOXV GH GpWDLOV
eOpPHQW
)RQFWLRQ
5pJODJHV GLVSRQLEOHV
5pJODJH SDU Gp
IDXW G¶XVLQH
3DJH
6\VWqPH G¶DODUPH
6\VWqPH G¶DODUPH
$FWLYpGpVDFWLYp
$FWLYp
6\VWqPH G¶HQWUpH VDQV FOp SDU WpOp
FRPPDQGH
6LJQDO VRQRUH
$FWLYpGpVDFWLYp
$FWLYp
& 5pJODJHV HW DMXVWHPHQWV GHV IRQFWLRQV HIIHFWXpV SDU XQ FRQFHVVLRQQDLUH
9RXV SRXYH] GHPDQGHU j XQ FRQFHVVLRQQDLUH 68%$58 GH FKDQJHU OH UpJODJH GHV RSWLRQV VXLYDQWHV HQ IRQFWLRQ GH YRV H[LJHQFHV
SHUVRQQHOOHV 3RXU SOXV GH GpWDLOV DGUHVVH]YRXV j YRWUH FRQFHVVLRQQDLUH 68%$58 OH SOXV SURFKH
eOpPHQW
)RQFWLRQ
5pJODJHV GLVSRQLEOHV
5pJODJH SDU Gp
IDXW G¶XVLQH
3DJH
'pODL DYDQW GpEXW GH OD VXUYHLOODQFH DSUqV
IHUPHWXUH GHV SRUWLqUHV
VHFRQGH VHFRQGHV
VHFRQGHV
)RQFWLRQQHPHQW GHV FDSWHXUV G¶LPSDFW PRGqOHV
DYHF FDSWHXUV G¶LPSDFW XQLTXHPHQW >RSWLRQ
FRQFHVVLRQQDLUH@
$FWLYpGpVDFWLYp
'pVDFWLYp
$UPHPHQW SDVVLI PRGqOHV VDQV ³DFFqV VDQV FOp
DYHF V\VWqPH GH GpPDUUDJH j ERXWRQSRXVVRLU´
$FWLYpGpVDFWLYp
'pVDFWLYp
$OOXPDJH GX SODIRQQLHU HW ODPSHV GH OHFWXUH
PRGqOHV DYHF WRLW RXYUDQW RSDTXH
212))
2))
$FWLYDWLRQ GH O¶RXYHUWXUH GX FRIIUH SDU OD WpOpFRP
PDQGHOH SRUWHFOpV G¶DFFqV
$FWLYpGpVDFWLYp
$FWLYp
3UpYHQWLRQ GX YHUURXLOODJH DYHF FOp j 3UpYHQWLRQ GX YHUURXLOODJH DYHF FOp j O¶LQWpULHXU
O¶LQWpULHXU
$FWLYpGpVDFWLYp
$FWLYp
)RQFWLRQ GH SUpYHQWLRQ GH GpFKDU
JHPHQW GH OD EDWWHULH
$FWLYpGpVDFWLYp
$FWLYp
6\VWqPH G¶DODUPH
)RQFWLRQ G¶RXYHUWXUH GX FRIIUH j
GLVWDQFH
)RQFWLRQ GH SUpYHQWLRQ GH GpFKDUJHPHQW GH OD
EDWWHULH
± 68,7( ±
eOpPHQW
)RQFWLRQ
5pJODJHV GLVSRQLEOHV
5pJODJH SDU Gp
IDXW G¶XVLQH
3DJH
7pPRLQ GH FHLQWXUH GH VpFXULWp
ePHW XQ DYHUWLVVHPHQW VRQRUH ORUV GH OD FRQGXLWH
GH UpWURYLVHXU H[WpULHXU HW GpJLYUHXU G¶HVVXLH
$FWLYpGpVDFWLYp
JODFHV GH SDUHEULVH
$FWLYp
(VVXLHJODFH GH SDUHEULVH
3KDUHV UHOLpV j O¶HVVXLHJODFH j DFWLYDWLRQGpVDF
WLYDWLRQ DXWRPDWLTXH
$FWLYpGpVDFWLYp
$FWLYp
$QQXODWLRQ GH O¶DWWpQXDWLRQ DXWRPD
WLTXH
6HQVLELOLWp GX IRQFWLRQQHPHQW GH O¶DQQXODWLRQ GH
O¶DWWpQXDWLRQ DXWRPDWLTXH
2))0LQ%DV0R\HQ
+DXW0D[
0R\HQ
)RQFWLRQ GH O¶DVVLVWDQW GHV IHX[ GH
URXWH PRGqOHV DYHF OH V\VWqPH
(\H6LJKW
)RQFWLRQ GH O¶DVVLVWDQW GHV IHX[ GH URXWH
$FWLYpGpVDFWLYp
$FWLYp
,QGLFDWHXU GH FKDQJHPHQW GH YRLH
SDU VLPSOH SUHVVLRQ
)RQFWLRQQHPHQW GH O¶LQGLFDWHXU GH FKDQJHPHQW GH $FWLYpGpVDFWLYp
YRLH SDU VLPSOH SUHVVLRQ
$FWLYp
6LqJHV FHLQWXUHV GH VpFXULWp HW FRXVVLQV GH VpFXULWp 656
6LqJHV DYDQW 6LqJH j UpJODJH PDQXHO 6LqJH j UpJODJH pOHFWULTXH VLqJH GX FRQGXFWHXU VHORQ PRGqOHV $MXVWHPHQW GHV DSSXLVWrWH 6LqJHV FKDXIIDQWV VHORQ PRGqOHV 6LqJHV DUULqUH $MXVWHPHQW GHV DSSXLVWrWH 'RVVLHU DUULqUH UDEDWWDEOH $FFRXGRLU &HLQWXUHV GH VpFXULWp &RQVHLOV j SURSRV GHV FHLQWXUHV GH VpFXULWp (QURXOHXU j EORFDJH G¶XUJHQFH (/5 (QURXOHXU j EORFDJH DXWRPDWLTXHHQURXOHXU
j EORFDJH G¶XUJHQFH $/5(/5 7pPRLQ DYHUWLVVHXU HW VLJQDO VRQRUH GH FHLQWXUH
GH VpFXULWp 3RXU ERXFOHU YRWUH FHLQWXUH GH VpFXULWp (QWUHWLHQ GHV FHLQWXUHV GH VpFXULWp 3UpWHQVLRQQHXUV GHV FHLQWXUHV GH VpFXULWp
DYDQW &HLQWXUH GH VpFXULWp GX FRQGXFWHXU &HLQWXUH GH VpFXULWp GX SDVVDJHU DYDQW &RPSRVDQWV TXL IRQFWLRQQHQW VLPXOWDQpPHQW
DYHF OHV SUpWHQVLRQQHXUV GH FHLQWXUHV GH
VpFXULWp &RQVHLOV GH VpFXULWp 6XUYHLOODQFH GX V\VWqPH (QWUHWLHQ GX V\VWqPH 3UpFDXWLRQV FRQFHUQDQW OHV PRGLILFDWLRQV
DSSRUWpHV DX YpKLFXOH 6\VWqPHV GH UHWHQXH SRXU HQIDQW &RQVHLOV GH VpFXULWp SRXU O¶LQVWDOODWLRQ GHV
V\VWqPHV GH UHWHQXH SRXU HQIDQW 2 SODFHU OH V\VWqPH GH UHWHQXH SRXU HQIDQW &KRL[ G¶XQ V\VWqPH GH UHWHQXH SRXU HQIDQW ,QVWDOODWLRQ GHV V\VWqPHV GH UHWHQXH DX PR\HQ
GH OD FHLQWXUH GH VpFXULWp $/5(/5 ,QVWDOODWLRQ GX VLqJH UHKDXVVHXU ,QVWDOODWLRQ G¶XQ V\VWqPH GH UHWHQXH SRXU HQIDQW
DX PR\HQ GHV DQFUDJHV LQIpULHXUV HW ORQJHV
/$7&+ $QFUDJHV GH ORQJH VXSpULHXUH &RXVVLQ GH VpFXULWp 656 6\VWqPH GH 5HWHQXH
6XSSOpPHQWDLUH 3UpFDXWLRQV JpQpUDOHV UHODWLYHV DX V\VWqPH GH
FRXVVLQV GH VpFXULWp 656 3UpFDXWLRQV JpQpUDOHV UHODWLYHV DX V\VWqPH GH
FRXVVLQV GH VpFXULWp 656 FRQFHUQDQW OHV
DFFHVVRLUHV HW WRXW DXWUH REMHW 3UpFDXWLRQV JpQpUDOHV UHODWLYHV DX V\VWqPH GH
FRXVVLQV GH VpFXULWp 656 FRQFHUQDQW OHV
HQIDQWV &RPSRVDQWV 6\VWqPH 68%$58 GH FRXVVLQ GH VpFXULWp IURQWDO
SHUIHFWLRQQp &RXVVLQ GH VpFXULWp ODWpUDO 656 HW ULGHDX GH
VpFXULWp 656 6XUYHLOODQFH GX V\VWqPH GHV FRXVVLQV GH
VpFXULWp 656 (QWUHWLHQ GX V\VWqPH GHV FRXVVLQV GH VpFXULWp
656 3UpFDXWLRQV FRQFHUQDQW OHV PRGLILFDWLRQV
DSSRUWpHV DX YpKLFXOH 6LqJHV FHLQWXUHV GH VpFXULWp HW FRXVVLQV GH VpFXULWp 656
&RPPHQW FRQWDFWHU OH FRQVWUXFWHXU GX YpKLFXOH
FRQFHUQDQW GHV PRGLILFDWLRQV SRXU OHV SHUVRQQHV
KDQGLFDSpHV TXL SHXYHQW DIIHFWHU OH V\VWqPH GH
FRXVVLQV GH VpFXULWp SHUIHFWLRQQp 6LqJHV FHLQWXUHV GH VpFXULWp HW FRXVVLQV GH VpFXULWp 6566LqJHV DYDQW
6LqJHV DYDQW
'$1*(5
. 1H UpJOH] MDPDLV YRWUH VLqJH ORUV
GH OD FRQGXLWH SRXU pYLWHU GH
SHUGUH OH FRQWU{OH GX YpKLFXOH HW
GH SURYRTXHU XQ DFFLGHQW
. $YDQW GH UpJOHU OH VLqJH DVVXUH]
YRXV TXH OHV SDVVDJHUV DUULqUH
RQW OHV PDLQV HW OHV SLHGV j O¶pFDUW
GX PpFDQLVPH GH UpJODJH HW
TX¶DXFXQH FKDUJH QH YLHQW EOR
TXHU FH GHUQLHU
. $SUqV DYRLU DMXVWp OH VLqJH Gp
SODFH]OH G¶DYDQW HQ DUULqUH SRXU
YRXV DVVXUHU TX¶LO HVW ELHQ
EORTXp 6L OH VLqJH Q¶HVW SDV ELHQ
EORTXp LO SHXW VH GpSODFHU RX OD
FHLQWXUH SRXUUDLW QH SDV IRQFWLRQ
QHU FRUUHFWHPHQW
. 1H SODFH] SDV G¶REMHWV VRXV OHV
VLqJHV DYDQW ,OV ULVTXHQW GH
JrQHU OH YHUURXLOODJH GX VLqJH
DYDQW HW GH SURYRTXHU XQ DFFL
GHQW
. /D FHLQWXUH GH VpFXULWp DVVXUH
XQH SURWHFWLRQ RSWLPDOH ORUVTXH
O¶RFFXSDQW GX VLqJH VH WLHQW DVVLV
OH SOXV HQ DUULqUH SRVVLEOH VXU OH
FRXVVLQ GURLW FRQWUH OH GRVVLHU
3RXU pYLWHU TXH O¶RFFXSDQW GX
VLqJH QH JOLVVH VRXV VD FHLQWXUH
GH VpFXULWp ORUV G¶XQH FROOLVLRQ OH
GRVVLHU GHV VLqJHV DYDQW GRLW
WRXMRXUV rWUH HQ SRVLWLRQ YHUWL
FDOH ORUVTXH OH YpKLFXOH URXOH 6L
OH GRVVLHU GHV VLqJHV DYDQW VH
WURXYH HQ SRVLWLRQ LQFOLQpH DX
PRPHQW GH OD FROOLVLRQ O¶RFFX
SDQW GX VLqJH ULVTXH GH JOLVVHU
VRXV OD VDQJOH DEGRPLQDOH FHOOH
FL OXL UHPRQWDQW VXU O¶DEGRPHQ
FH TXL SHXW HQWUDvQHU GHV EOHVVX
UHV LQWHUQHV JUDYHV YRLUH PRUWHO
OHV
. /HV FRXVVLQV GH VpFXULWp 656 VH
GpSORLHQW WUqV UDSLGHPHQW DYHF
XQH pQHUJLH FRQVLGpUDEOH /HV
SHUVRQQHV TXL QH VH WLHQQHQW
SDV DVVLVHV FRUUHFWHPHQW VXU
OHXU VLqJH ORUVTXH OH FRXVVLQ GH
VpFXULWp 656 VH GpSORLH ULVTXHQW
G¶rWUH JUDYHPHQW EOHVVpHV /HV
FRXVVLQV GH VpFXULWp 656 RFFX
SDQW DVVH] G¶HVSDFH ORUVTX¶LOV VH
GpSORLHQW OH FRQGXFWHXU GRLW VH
WHQLU DVVLV DX IRQG GH VRQ VLqJH
ELHQ GURLW FRQWUH OH GRVVLHU HW VH
WHQLU pORLJQp GX YRODQW DXWDQW TXH
OH SHUPHW OH PDLQWLHQ G¶XQH SDU
IDLWH PDvWULVH GX YpKLFXOH /H
SDVVDJHU DYDQW GRLW UHFXOHU VRQ
VLqJH DX PD[LPXP HW VH WHQLU DX
IRQG GX VLqJH ELHQ GURLW FRQWUH OH
GRVVLHU
'$1*(5
/HV HQIDQWV GRLYHQW WRXMRXUV rWUH
LQVWDOOpV VXU OHV VLqJHV DUULqUH HW
FRQYHQDEOHPHQW DWWDFKpV /H FRXV
VLQ GH VpFXULWp 656 VH GpSORLH WUqV
UDSLGHPHQW DYHF XQH pQHUJLH FRQVL
GpUDEOH HW LO SHXW EOHVVHU RX PrPH
WXHU XQ HQIDQW TXL Q¶HVW SDV DWWDFKp
RX PDO DWWDFKp 3OXV OpJHUV HW PRLQV
UREXVWHV TXH OHV DGXOWHV OHV HQ
IDQWV VRQW SOXV H[SRVpV DX ULVTXH GH
EOHVVXUHV SDU GpSORLHPHQW GX FRXV
VLQ GH VpFXULWp 3RXU FHWWH UDLVRQ
QRXV YRXV UHFRPPDQGRQV YLYH
± 68,7( ±
6LqJHV FHLQWXUHV GH VpFXULWp HW FRXVVLQV GH VpFXULWp 6566LqJHV DYDQW
PHQW GH YHLOOHU j FH TXH 7286 OHV
HQIDQWV FHX[ XWLOLVDQW XQ V\VWqPH
GH UHWHQXH SRXU HQIDQW HW DXVVL FHX[
TXL VRQW WURS JUDQGV SRXU HQ XWLOLVHU
XQ YR\DJHQW VXU OHV VLqJHV $5
5,Ê5( HW VRLHQW FRQYHQDEOHPHQW
DWWDFKpV DX PR\HQ G¶XQ V\VWqPH
GH UHWHQXH SRXU HQIDQW RX GH OD
FHLQWXUH GH VpFXULWp GX VLqJH FRPS
WH WHQX GH OHXU kJH GH OHXU WDLOOH HW GH
OHXU SRLGV 9HLOOH] j FH TXH 7286 OHV
V\VWqPHV GH UHWHQXH SRXU HQIDQW \
FRPSULV OHV VLqJHV SRXU HQIDQW
WRXUQpV YHUV O¶DYDQW VRLHQW WRXMRXUV
LQVWDOOpV VXU OHV VLqJHV $55,Ê5(
1¶,167$//(= -$0$,6 81 6,Ê*(
3285 (1)$17 685 /( 6,Ê*(
$9$17 /¶(1)$17 6( 75289(5$,7
7523 35Ê6 '8 &2866,1 '( 6e
&85,7e 656 (7 6(5$,7 '21&
(;326e ¬ '(6 5,648(6 '( %/(6
685(6 *5$9(6 92,5( 0257(/
/(6
/HV VWDWLVWLTXHV G¶DFFLGHQWV SURX
YHQW TXH OHV HQIDQWV VRQW SOXV HQ
VpFXULWp ORUVTX¶LOV VRQW FRUUHFWH
PHQW DWWDFKpV VXU OHV VLqJHV DUULqUH
SOXW{W TXH VXU OHV VLqJHV DYDQW 3RXU
GHV FRQVLJQHV HW SUpFDXWLRQV UHODWL
YHV DX[ V\VWqPHV GH UHWHQXH SRXU
HQIDQW UHSRUWH]YRXV j ³6\VWqPHV
GH UHWHQXH SRXU HQIDQW´ )
PRUWHOOHV
'$1*(5
3RXU HPSrFKHU OH SDVVDJHU GH JOLV
VHU VRXV OD FHLQWXUH GH VpFXULWp HQ
FDV GH FROOLVLRQ REVHUYH] OHV SUp
FDXWLRQV VXLYDQWHV
. 0DLQWHQH] OH GRVVLHU GH VLqJH HQ
SRVLWLRQ YHUWLFDOH SHQGDQW TXH OH
YpKLFXOH HVW HQ PRXYHPHQW
. $XFXQ REMHW FRXVVLQ RX DXWUH
QH GRLW VH WURXYHU HQWUH OH SDVVD
JHU HW OH GRVVLHU GH VLqJH
$XWUHPHQW OHV ULVTXHV GH JOLVVHU
VRXV OD VDQJOH DEGRPLQDOH HW OD
VDQJOH DEGRPLQDOH GH JOLVVHU DX
GHVVXV GH O¶DEGRPHQ DXJPHQWHQW
WRXV OHV GHX[ SRXYDQW UpVXOWHU HQ
GHV EOHVVXUHV LQWHUQHV JUDYHV YRLUH
'$1*(5
1H ODLVVH] SDV OHV SDVVDJHUV DUULqUH
UHSRVHU OHXUV SLHGV HQWUH OH GRVVLHU
GX VLqJH DYDQW HW OH FRXVVLQ GH
VLqJH &HOD SHXW SURYRTXHU XQ IRQF
WLRQQHPHQW LQFRUUHFW GHV V\VWqPHV
VXLYDQWV HW rWUH j O¶RULJLQH GH EOHV
VXUHV JUDYHV
. 6\VWqPH GH GpWHFWLRQ GH SUp
VHQFH G¶XQ SDVVDJHU
. &RXVVLQ GH VpFXULWp ODWpUDO 656
. 6LqJHV FKDXIIDQWV VHORQ PRGq
OHV
. 6LqJH j UpJODJH pOHFWULTXH VHORQ
PRGqOHV
6LqJHV FHLQWXUHV GH VpFXULWp HW FRXVVLQV GH VpFXULWp 6566LqJHV DYDQW
& 6LqJH j UpJODJH PDQXHO
! ,QFOLQDLVRQ GX GRVVLHU
! $MXVWHPHQW YHUV O¶DYDQW HW YHUV
O¶DUULqUH
,QVWDOOH]YRXV VXU OH VLqJH SRXU O¶DMXV
WHU
7LUH] OD PDQHWWH YHUV OH KDXW GpSODFH]
OH VLqJH YHUV OD SRVLWLRQ VRXKDLWpH SXLV
UHOkFKH] OD PDQHWWH
(VVD\H] GH GpSODFHU OH VLqJH G¶DYDQW
HQ DUULqUH SRXU V¶DVVXUHU TX¶LO HVW ELHQ
EORTXp HQ SRVLWLRQ
7LUH] OD PDQHWWH G¶LQFOLQDLVRQ YHUV OH
KDXW HW DPHQH] OH GRVVLHU j OD SRVLWLRQ
VRXKDLWpH SXLV UHOkFKH] OD PDQHWWH
$VVXUH]YRXV TXH OH GRVVLHU HVW ELHQ
EORTXp HQ SRVLWLRQ
(Q SRVLWLRQ LQFOLQpH OH GRVVLHU GH VLqJH
ULVTXH GH VH UHGUHVVHU EUXVTXHPHQW HW
DYHF IRUFH ORUVTXH OD PDQHWWH HVW WLUpH
/RUVTXH YRXV DFWLRQQH] OD PDQHWWH UHWH
QH] OpJqUHPHQW OH GRVVLHU SRXU OH UHGUHV
VHU OHQWHPHQW
! $MXVWHPHQW GH OD KDXWHXU GX FRXV
VLQ GH VLqJH VLqJH GX FRQGXFWHXU
/RUVTX¶RQ SRXVVH OD PDQHWWH YHUV OH EDV
OH VLqJH GHVFHQG
/RUVTX¶RQ WLUH OD PDQHWWH YHUV OH KDXW OH
VLqJH PRQWH
'pSODFH] OD PDQHWWH GH UpJODJH GX FRXV
VLQ GH VLqJH YHUV OH KDXW RX YHUV OH EDV
SRXU UpJOHU OD KDXWHXU GX VLqJH
± 68,7( ±
6LqJHV FHLQWXUHV GH VpFXULWp HW FRXVVLQV GH VpFXULWp 6566LqJHV DYDQW
& 6LqJH j UpJODJH pOHFWULTXH
VLqJH GX FRQGXFWHXU VHORQ
PRGqOHV
,QWHUUXSWHXU GH EDVFXOHPHQW DYDQW
DUULqUH GH OD SRVLWLRQ GX VLqJH
3RXU DMXVWHU OH VLqJH YHUV O¶DYDQW RX YHUV
O¶DUULqUH GpSODFH] OD PDQHWWH GH UpJODJH
YHUV O¶DYDQW RX YHUV O¶DUULqUH ,O Q¶HVW SDV
SRVVLEOH GH UpJOHU O¶LQFOLQDLVRQ RX OD
KDXWHXU GX FRXVVLQ GH VLqJH SHQGDQW OH
UpJODJH GH OD SRVLWLRQ DYDQWDUULqUH GX
VLqJH
0DQHWWH GH UpJODJH GH O¶LQFOLQDLVRQ GX
FRXVVLQ GH VLqJH
3RXU UpJOHU O¶DQJOH GX FRXVVLQ GH VLqJH
WLUH] O¶H[WUpPLWp DYDQW GX FRPPXWDWHXU
GH FRPPDQGH YHUV OH KDXW RX SRXVVH]OH
YHUV OH EDV
0DQHWWH GH UpJODJH GH OD KDXWHXU GX
VLqJH
3RXU UpJOHU OD KDXWHXU GX FRXVVLQ GH
VLqJH WLUH] O¶H[WUpPLWp DUULqUH GX
FRPPXWDWHXU GH FRPPDQGH YHUV OH KDXW
RX HQIRQFH]OH
0DQHWWH GH UpJODJH GH O¶DQJOH LQFOL
QDLVRQ GX GRVVLHU GH VLqJH
3RXU UpJOHU O¶DQJOH GX GRVVLHU GH VLqJH
GpSODFH] OD PDQHWWH GH UpJODJH
&RPPDQGH GH UpJODJH GX VXSSRUW
ORPEDLUH XQLTXHPHQW VXU OH VLqJH GX
FRQGXFWHXU
$SSX\H] VXU OD SDUWLH DYDQW GH OD
FRPPDQGH SRXU DXJPHQWHU OH VXSSRUW
GX EDV GX GRV $SSX\H] VXU OD SDUWLH
DUULqUH GH OD FRPPDQGH SRXU UpGXLUH OH
VXSSRUW GX EDV GX GRV
& $MXVWHPHQW GHV DSSXLVWrWH
'$1*(5
. 1H URXOH] MDPDLV DYHF OHV DSSXLV
WrWH HQOHYpV FDU LOV VRQW FRQoXV
SRXU UpGXLUH OH ULVTXH GH EOHV
VXUH j OD QXTXH HQ FDV GH FROOL
VLRQ SDU O¶DUULqUH 'H SOXV Q¶LQV
WDOOH] MDPDLV OHV DSSXLHWrWH j
O¶HQYHUV &HOD HPSrFKHUDLW OHV
DSSXLHWrWH GH IRQFWLRQQHU
FRPPH SUpYX 3DU FRQVpTXHQW
ORUVTXH YRXV HQOHYH] OHV DSSXLV
WrWH WRXV OHV DSSXLVWrWH GHYURQW
rWUH UpLQVWDOOpV FRUUHFWHPHQW
SRXU OD VpFXULWp GHV SDVVDJHUV
. $XFXQ RFFXSDQW OH FRQGXFWHXU
FRPSULV QH GRLW FRQGXLUH OH
YpKLFXOH RX V¶DVVHRLU VXU OHV
VLqJHV WDQW TXH OHV DSSXLVWrWH
QH VRQW SDV UHPLV j OHXU SRVLWLRQ
SRXU PLQLPLVHU OH ULVTXH GH Op
VLRQ FHUYLFDOH HQ FDV GH FROOLVLRQ
. /HV DSSXLVWrWH GHV VLqJHV DYDQW
VRQW FRQoXV SRXU Q¶rWUH LQVWDOOpV
TXH VXU OHV VLqJHV DYDQW /HV
DSSXLVWrWH GHV VLqJHV DUULqUH
VRQW FRQoXV SRXU Q¶rWUH LQVWDOOpV
TXH VXU OHV VLqJHV DUULqUH 1¶HV
VD\H] SDV G¶LQVWDOOHU OHV DSSXLV
WrWH GHV VLqJHV DYDQW VXU OHV
6LqJHV FHLQWXUHV GH VpFXULWp HW FRXVVLQV GH VpFXULWp 6566LqJHV DYDQW
VLqJHV DUULqUH RX OHV DSSXLVWrWH
GHV VLqJHV DUULqUH VXU OHV VLqJHV
DYDQW
! $MXVWHPHQW GH OD KDXWHXU GHV DS
SXLVWrWH
HW PDLQWHQH] HQIRQFp OH ERXWRQ GH OLEpUD
WLRQ SRXU DEDLVVHU O¶DSSXLWrWH
5(0$548(
,O HVW SRVVLEOH GH UpJOHU O¶DQJOH GHV
DSSXLVWrWH GHV VLqJHV DYDQW XQLTXH
PHQW /RUV GH O¶LQVWDOODWLRQ GHV DSSXLV
WrWH GHV VLqJHV DYDQW DVVXUH]YRXV
TXH O¶DQJOH GHV DSSXLVWrWH SHXW rWUH
UpJOp
/H VLqJH GX FRQGXFWHXU HW GX SDVVDJHU
DYDQW VRQW pTXLSpV G¶DSSXLVWrWH /HV
GHX[ DSSXLVWrWH VRQW UpJODEOHV GHV ID
oRQV VXLYDQWHV
$SSXLWrWH
%RXWRQ GH OLEpUDWLRQ
3RXU UHOHYHU
7LUH] OHV DSSXLVWrWH
3RXU DEDLVVHU
3RXVVH] O¶DSSXLWrWH YHUV OH EDV WRXW HQ
DSSX\DQW VXU OH ERXWRQ GH OLEpUDWLRQ TXL VH
WURXYH VXU OH KDXW GX GRVVLHU
3RXU HQOHYHU
7RXW HQ DSSX\DQW VXU OH ERXWRQ GH OLEpUD
WLRQ HQOHYH] O¶DSSXLWrWH
3RXU LQVWDOOHU
,QVWDOOH] O¶DSSXLWrWH GDQV OHV WURXV VLWXpV
HQ KDXW GX GRVVLHU GH VLqJH MXVTX¶j
O¶HQFOHQFKHPHQW GH O¶DSSXLWrWH $SSX\H]
5pJOH] FKDTXH DSSXLWrWH GH VRUWH TXH OH
FHQWUH GH O¶DSSXLWrWH VRLW DX QLYHDX GX
KDXW GHV RUHLOOHV GH O¶RFFXSDQW GX VLqJH
5(0$548(
/RUVTXH O¶DSSXLWrWH QH SHXW SDV rWUH
UHWLUp RX LQVWDOOp j FDXVH G¶XQ PDQTXH
G¶HVSDFH HQWUH O¶DSSXLWrWH HW OH WRLW
LQFOLQH] OH VLqJH SXLV HIIHFWXH] OHV
WkFKHV G¶LQVWDOODWLRQ HW GH GpSRVH
± 68,7( ±
6LqJHV FHLQWXUHV GH VpFXULWp HW FRXVVLQV GH VpFXULWp 6566LqJHV FKDXIIDQWV
! 5pJODJH G¶DQJOH GHV DSSXLVWrWH
6LqJHV FKDXIIDQWV VHORQ
PRGqOHV
/HV VLqJHV DYDQW VRQW FKDXIIDQWV
5(0$548(
/¶XVDJH SURORQJp G¶XQ VLqJH FKDXIIDQW
DYHF OH PRWHXU j O¶DUUrW SHXW GpFKDUJHU
FRPSOqWHPHQW OD EDWWHULH
/HV VLqJHV FKDXIIDQWV IRQFWLRQQHQW
ORUVTXH OH FRQWDFWHXU G¶DOOXPDJH HVW HQ
SRVLWLRQ ³$&&´ RX ³21´
$77(17,21
,O HVW SRVVLEOH GH UpJOHU O¶DQJOH GHV DSSXLV
WrWH HQ SOXVLHXUV pWDSHV 7RXW HQ FRQVHU
YDQW XQH SRVLWLRQ GH FRQGXLWH DGDSWpH
DMXVWH] O¶DSSXLHWrWH GDQV XQH SRVLWLRQ R
O¶DUULqUH GH YRWUH WrWH HVW DXVVL SURFKH GH
O¶DSSXLHWrWH TXH SRVVLEOH
3RXU LQFOLQHU
,QFOLQH] O¶DSSXLHWrWH j OD PDLQ VXU OD
SRVLWLRQ VRXKDLWpH 8Q FOLF VH IHUD HQWHQ
GUH ORUVTXH O¶DSSXLHWrWH HVW YHUURXLOOp
3RXU UHPHWWUH HQ SODFH
,QFOLQH] O¶DSSXLHWrWH XQH IRLV DXVVL ORLQ
TXH SRVVLEOH YHUV O¶DYDQW /¶DSSXLWrWH
UHYLHQGUD DXWRPDWLTXHPHQW j OD SRVLWLRQ
FRPSOqWHPHQW GURLWH 3XLV UpJOH] O¶DS
SXLHWrWH j QRXYHDX j O¶DQJOH VRXKDLWp
. /HV SHUVRQQHV j SHDX GpOLFDWH
SHXYHQW VRXIIULU GH EU€OXUHV Op
JqUHV PrPH j EDVVH WHPSpUDWXUH
VL O¶XVDJH GX VLqJH FKDXIIDQW HVW
SURORQJp $YHUWLVVH] WRXMRXUV OHV
SHUVRQQHV FRQFHUQpHV DYDQW
G¶DFWLYHU OH VLqJH FKDXIIDQW
. 1H UHFRXYUH] SDV OHV VLqJHV G¶XQ
PDWpULDX RX DXWUH REMHW LVRODQW
FRXYHUWXUH FRXVVLQ HWF &HOD
SRXUUDLW HQWUDvQHU XQH VXUFKDXIIH
GHV VLqJHV FKDXIIDQWV
. /RUVTXH OH VLqJH HVW VXIILVDP
PHQW UpFKDXIIp RX DYDQW GH GHV
FHQGUH GX YpKLFXOH Q¶RXEOLH] SDV
GH GpVDFWLYHU OH VLqJH FKDXIIDQW
7\SH $
7\SH %
6LqJHV FHLQWXUHV GH VpFXULWp HW FRXVVLQV GH VpFXULWp 6566LqJHV DUULqUH
FXOH Q¶RXEOLH] SDV GH PHWWUH OD
FRPPDQGH HQ SRVLWLRQ G¶DUUrW
$
%
+,*+ +, ± &KDXIIDJH UDSLGH
/2: /2 ± &KDXIIDJH QRUPDO
'pVDFWLYp
&{Wp JDXFKH
&{Wp GURLW
3RXU XWLOLVHU OH FKDXIIDJH GX VLqJH PHWWH]
OH FRPPXWDWHXU HQ SRVLWLRQ ³/2:´ ³/2´
RX ³+,*+´ ³+,´ VHORQ OD WHPSpUDWXUH TXH
YRXV SUpIpUH]
3RXU XQ UpFKDXIIDJH SOXV UDSLGH GX VLqJH
FKRLVLVVH] OD SRVLWLRQ ³+,*+´ ³+,´ 3RXU pWHLQGUH OH FKDXIIDJH GX VLqJH
DSSX\H] OpJqUHPHQW VXU OH F{Wp RSSRVp
GX FRPPXWDWHXU
/¶LQGLFDWHXU LQWpJUp DX ERXWRQ V¶DOOXPH
ORUVTXH OH FKDXIIDJH GX VLqJH IRQFWLRQQH
/RUVTXH OH VLqJH HVW VXIILVDPPHQW Up
FKDXIIp HW DYDQW GH GHVFHQGUH GX YpKL
6LqJHV DUULqUH
'$1*(5
/D FHLQWXUH GH VpFXULWp DVVXUH XQH
SURWHFWLRQ RSWLPDOH ORUVTXH O¶RFFX
SDQW GX VLqJH VH WLHQW DVVLV OH SOXV
HQ DUULqUH SRVVLEOH VXU OH FRXVVLQ
GURLW FRQWUH OH GRVVLHU $XFXQ REMHW
FRXVVLQV HWF QH GRLW VH WURXYHU
HQWUH O¶RFFXSDQW G¶XQ VLqJH HW OH
GRVVLHU RX OH FRXVVLQ GX VLqJH 'H
FHWWH PDQLqUH OHV ULVTXHV GH JOLVVHU
VRXV OD VDQJOH DEGRPLQDOH HW OD
VDQJOH DEGRPLQDOH GH JOLVVHU DX
GHVVXV GH O¶DEGRPHQ DXJPHQWHQW
WRXV OHV GHX[ SRXYDQW UpVXOWHU HQ
GHV EOHVVXUHV LQWHUQHV JUDYHV YRLUH
PRUWHOOHV
± 68,7( ±
6LqJHV FHLQWXUHV GH VpFXULWp HW FRXVVLQV GH VpFXULWp 6566LqJHV DUULqUH
& $MXVWHPHQW GHV DSSXLVWrWH
! 3ODFHV F{Wp YLWUH j O¶DUULqUH
/HV VLqJHV DUULqUH F{Wp YLWUH HW FHQWUDO VRQW
pTXLSpV G¶DSSXLVWrWH
'$1*(5
'$1*(5
1¶HPSLOH] MDPDLV GH EDJDJHV RX
G¶DXWUHV REMHWV SOXV KDXW TXH OH
GRVVLHU GX VLqJH FDU LOV SRXUUDLHQW
EDVFXOHU YHUV O¶DYDQW HW EOHVVHU OHV
SDVVDJHUV HQ FDV G¶DUUrW EUXVTXH RX
G¶DFFLGHQW
. 1H URXOH] MDPDLV DYHF OHV DSSXLV
WrWH HQOHYpV FDU LOV VRQW FRQoXV
SRXU UpGXLUH OH ULVTXH GH EOHV
VXUH j OD QXTXH HQ FDV GH FROOL
VLRQ SDU O¶DUULqUH 3DU FRQVp
TXHQW ORUVTXH YRXV DYH] HQOHYp
OHV DSSXLVWrWH WRXV OHV DSSXLV
WrWH GHYURQW rWUH UpLQVWDOOpV SRXU
OD VpFXULWp GHV SDVVDJHUV
. $XFXQ RFFXSDQW OH FRQGXFWHXU
FRPSULV QH GRLW FRQGXLUH OH
YpKLFXOH RX V¶DVVHRLU VXU OHV
VLqJHV WDQW TXH OHV DSSXLVWrWH
QH VRQW SDV UHPLV j OHXU SRVLWLRQ
SRXU PLQLPLVHU OH ULVTXH GH Op
VLRQ FHUYLFDOH HQ FDV GH FROOLVLRQ
$SSXLWrWH
%RXWRQ GH OLEpUDWLRQ
3RXU HQOHYHU
7RXW HQ DSSX\DQW VXU OH ERXWRQ GH OLEpUD
WLRQ HQOHYH] O¶DSSXLWrWH
3RXU LQVWDOOHU
,QVWDOOH] O¶DSSXLWrWH GDQV OHV WURXV VLWXpV
HQ KDXW GX GRVVLHU GH VLqJH MXVTX¶j
O¶HQFOHQFKHPHQW GH O¶DSSXLWrWH $SSX\H]
HW PDLQWHQH] HQIRQFp OH ERXWRQ GH OLEpUD
WLRQ SRXU DEDLVVHU O¶DSSXLWrWH
$SUqV DYRLU LQVWDOOp O¶DSSXLWrWH DVVXUH]
YRXV TX¶LO HVW FRUUHFWHPHQW IL[p
5(0$548(
/RUVTXH O¶DSSXLWrWH QH SHXW SDV rWUH
UHWLUp RX LQVWDOOp j FDXVH G¶XQ PDQTXH
6LqJHV FHLQWXUHV GH VpFXULWp HW FRXVVLQV GH VpFXULWp 6566LqJHV DUULqUH
G¶HVSDFH HQWUH O¶DSSXLWrWH HW OH WRLW
LQFOLQH] OH VLqJH SXLV HIIHFWXH] OHV
WkFKHV G¶LQVWDOODWLRQ HW GH GpSRVH
/RUVTXH OD SODFH GX PLOLHX j O¶DUULqUH HVW
RFFXSpH KDXVVH] O¶DSSXLWrWH MXVTX¶j OD
SRVLWLRQ pWHQGXH /RUVTXH OD SODFH GX
PLOLHX j O¶DUULqUH Q¶HVW SDV RFFXSpH
DEDLVVH] O¶DSSXLWrWH SRXU DPpOLRUHU OD
YLVLELOLWp DUULqUH
! 3ODFH GX PLOLHX j O¶DUULqUH
$77(17,21
& 'RVVLHU DUULqUH UDEDWWDEOH
/¶DSSXLWrWH Q¶HVW SDV GHVWLQp j rWUH
XWLOLVp GDQV OD SRVLWLRQ UHQWUpH
$YDQW GH SUHQGUH SODFH VXU OH VLqJH
KDXVVH] O¶DSSXLWrWH MXVTX¶j OD SRVL
WLRQ pWHQGXH
'$1*(5
,QFRUUHFW SRVLWLRQ UpWUDFWpH
&RUUHFW SRVLWLRQ pWHQGXH
$SSXLWrWH
%RXWRQ GH OLEpUDWLRQ
3RXU UHOHYHU
7LUH] OHV DSSXLVWrWH
3RXU DEDLVVHU
3RXVVH] O¶DSSXLWrWH YHUV OH EDV WRXW HQ
DSSX\DQW VXU OH ERXWRQ GH OLEpUDWLRQ TXL VH
WURXYH VXU OH KDXW GX GRVVLHU
3RXU HQOHYHU
7RXW HQ DSSX\DQW VXU OH ERXWRQ GH OLEpUD
WLRQ HQOHYH] O¶DSSXLWrWH
3RXU LQVWDOOHU
,QVWDOOH] O¶DSSXLWrWH GDQV OHV WURXV VLWXpV
HQ KDXW GX GRVVLHU GH VLqJH MXVTX¶j
O¶HQFOHQFKHPHQW GH O¶DSSXLWrWH $SSX\H]
HW PDLQWHQH] HQIRQFp OH ERXWRQ GH OLEpUD
WLRQ SRXU DEDLVVHU O¶DSSXLWrWH
. /RUVTXH YRXV UDEDWWH] OH GRVVLHU
GH VLqJH YpULILH] TX¶LO Q¶\ D SDV
GH SDVVDJHUV RX G¶REMHWV VXU OD
EDQTXHWWH DUULqUH 1H SDV OH IDLUH
FUpH XQ ULVTXH GH EOHVVXUH RX GH
GRPPDJH PDWpULHO VL OH GRVVLHU
GH VLqJH VH UHSOLH VRXGDLQHPHQW
. 1H ODLVVH] MDPDLV YRV SDVVDJHUV
YR\DJHU VXU OH VLqJH DUULqUH UHSOLp
RX GDQV OH FRIIUH &HFL HVW GDQ
JHUHX[ HW SHXW HQWUDvQHU GHV
EOHVVXUHV JUDYHV RX PRUWHOOHV
. $WWDFKH] FRUUHFWHPHQW WRXV OHV
REMHWV HQ SDUWLFXOLHU FHX[ GH
JUDQGH ORQJXHXU FDU LOV SHXYHQW
rWUH j O¶RULJLQH GH JUDYHV EOHVVX
UHV V¶LOV VH WURXYDLHQW SURMHWpV
GDQV O¶KDELWDFOH ORUV G¶XQ DUUrW
EUXVTXH G¶XQH DFFpOpUDWLRQ UD
SLGH RX GDQV XQ YLUDJH VHUUp
± 68,7( ±
6LqJHV FHLQWXUHV GH VpFXULWp HW FRXVVLQV GH VpFXULWp 6566LqJHV DUULqUH
. /RUVTXH YRXV UHPHWWH] OH GRVVLHU
GH VLqJH GDQV VD SRVLWLRQ G¶RUL
JLQH VHFRXH] OpJqUHPHQW OH GRV
VLHU SRXU YRXV DVVXUHU TX¶LO HVW
FRUUHFWHPHQW IL[p HQ SODFH 6L OH
GRVVLHU GH VLqJH Q¶HVW SDV VROL
GHPHQW IL[p HQ SODFH OH GRVVLHU
GH VLqJH SHXW VRXGDLQHPHQW VH
UHSOLHU HQ FDV GH IUHLQDJH
EUXVTXH RX GHV REMHWV SHXYHQW
VH GpSODFHU KRUV GH GX FRIIUH FH
TXL SRXUUDLW FDXVHU GHV EOHVVX
UHV JUDYHV RX OD PRUW
'$1*(5
/RUVTXH OH GRVVLHU HVW UDPHQp j VD
SRVLWLRQ G¶RULJLQH REVHUYH] OHV SUp
FDXWLRQV VXLYDQWHV 1H SDV OH IDLUH
SHXW FRQGXLUH j GH JUDYHV EOHVVXUHV
RX j XQ DFFLGHQW SDUFH TXH O¶HIILFD
FLWp GH O¶RSpUDWLRQ GH OD FHLQWXUH GH
VpFXULWp HVW OLPLWpH
. /D FHLQWXUH GH VpFXULWp QH GRLW
SDV rWUH SULV GDQV OH GRVVLHU HW
HOOH GRLW rWUH HQWLqUHPHQW YLVLEOH
. /D FHLQWXUH GH VpFXULWp QH GRLW
SDV SDVVHU GHUULqUH OH FURFKHW GH
VpFXULWp GX GRVVLHU GH VLqJH
$77(17,21
1¶DFFURFKH] SDV GH EDJDJH HWF DX
FURFKHW GH VpFXULWp ,O HVW SRVVLEOH
TXH OH GRVVLHU GH VLqJH QH SXLVVH
SDV rWUH FRUUHFWHPHQW EORTXp &HOD
SRXUUDLW HQWUDvQHU GHV DFFLGHQWV LQ
DWWHQGXV
%RXWRQ GH GpYHUURXLOODJH
'pYHUURXLOOp
9HUURXLOOp
$ 0DUTXHXU GH GpYHUURXLOODJH HQ URXJH
&URFKHW GH VpFXULWp
%DLVVH] O¶DSSXLWrWH GH OD SRVLWLRQ
DVVLVH FHQWUDOH DUULqUH
6LqJHV FHLQWXUHV GH VpFXULWp HW FRXVVLQV GH VpFXULWp 6566LqJHV DUULqUH
& $FFRXGRLU
%RXWRQ GH OLEpUDWLRQ
7LUH] VXU OH ERXWRQ GH OLEpUDWLRQ SXLV
UDEDWWH] OH GRVVLHU SRXU OH GpEORTXHU
3RXU UDPHQHU OH GRVVLHU GH VLqJH j VD
SRVLWLRQ LQLWLDOH UHOHYH] OH GRVVLHU MXVTX¶j
FH TX¶LO VH YHUURXLOOH HQ SODFH HW YpULILH]
TXH OH UHSqUH GH GpYHUURXLOODJH VXU OH
ERXWRQ GH GpYHUURXLOODJH Q¶HVW SOXV YLVLEOH
%RXWRQ GH GpYHUURXLOODJH
'pYHUURXLOOp
9HUURXLOOp
$ 0DUTXHXU GH GpYHUURXLOODJH HQ URXJH
'$1*(5
$SUqV DYRLU UHPLV OH GRVVLHU GDQV VD
SRVLWLRQ LQLWLDOH YpULILH] TXH OH PDU
TXHXU GH GpYHUURXLOODJH GX ERXWRQ
GH GpYHUURXLOODJH Q¶HVW SOXV YLVLEOH
'DQV OH FDV FRQWUDLUH FHOD SRXUUDLW
rWUH j O¶RULJLQH GH EOHVVXUHV JUDYHV
RX PRUWHOOHV HQ FDV G¶DFFLGHQW
/RUVTXH YRXV UHPHWWH] OH GRVVLHU
GH VLqJH GDQV VD SRVLWLRQ G¶RULJLQH
VHFRXH] OH GRVVLHU SRXU YRXV DVVX
UHU TX¶LO HVW FRUUHFWHPHQW IL[p HQ
SODFH
3RXU DEDLVVHU O¶DFFRXGRLU WLUH] VRQ ERUG
VXSpULHXU
'$1*(5
. $VVXUH]YRXV TXH OHV SDVVDJHUV
DUULqUH SRUWHQW OHV FHLQWXUHV GH
VpFXULWp DYDQW G¶DEDLVVHU O¶DF
FRXGRLU /HV FHLQWXUHV GH VpFX
ULWp QH SHXYHQW SDV DVVXUHU XQH
SURWHFWLRQ RSWLPDOH VL OHV SDVVD
JHUV DUULqUH OHV SRUWHQW DSUqV
DYRLU DEDLVVp O¶DFFRXGRLU FH TXL
SRXUUDLW FDXVHU GHV EOHVVXUHV
JUDYHV
± 68,7( ±
6LqJHV FHLQWXUHV GH VpFXULWp HW FRXVVLQV GH VpFXULWp 656&HLQWXUHV GH VpFXULWp
. 3RXU pYLWHU GH JUDYHV EOHVVXUHV
QH ODLVVH] MDPDLV OHV SDVVDJHUV
V¶DVVHRLU VXU O¶DFFRXGRLU FHQWUDO
SHQGDQW TXH OH YpKLFXOH HVW HQ
PRXYHPHQW
&HLQWXUHV GH VpFXULWp
& &RQVHLOV j SURSRV GHV FHLQ
WXUHV GH VpFXULWp
'$1*(5
. 7RXWHV OHV SHUVRQQHV j ERUG GX
YpKLFXOH GRLYHQW ERXFOHU OHXU
FHLQWXUH GH VpFXULWp $9$17 TXH
OH YpKLFXOH QH GpPDUUH 'DQV OH
FDV FRQWUDLUH OH ULVTXH GH EOHV
VXUH JUDYH HVW EHDXFRXS SOXV
pOHYp HQ FDV G¶DUUrW EUXVTXH RX
G¶DFFLGHQW
. 3RXU DVVXUHU XQH ERQQH SURWHF
WLRQ WRXWHV OHV FHLQWXUHV GRLYHQW
rWUH ELHQ DMXVWpHV 0DO DMXVWpH OD
FHLQWXUH GH VpFXULWp HVW PRLQV
HIILFDFH
. 8QH FHLQWXUH GH VpFXULWp HVW
FRQoXH SRXU UHWHQLU XQH VHXOH
SHUVRQQH 1¶XWLOLVH] MDPDLV GH
FHLQWXUH XQLTXH SRXU GHX[ RX
GDYDQWDJH GH SDVVDJHUV PrPH
SRXU OHV HQIDQWV /H QRQUHVSHFW
GH FHWWH UqJOH IDLW FRXULU OH ULVTXH
GH EOHVVXUHV JUDYHV RX PRUWHOOHV
HQ FDV G¶DFFLGHQW
. 7RXWH FHLQWXUH GH VpFXULWp SRUWpH
SDU XQ RFFXSDQW GX YpKLFXOH ORUV
G¶XQ DFFLGHQW JUDYH GRLW rWUH
UHPSODFpH \ FRPSULV O¶HQURXOHXU
HW OHV IL[DWLRQV $VVXUH]YRXV
pJDOHPHQW GH UHPSODFHU OHV HQ
VHPEOHV GH FHLQWXUH GH VpFXULWp
TXL PRQWUHQW GHV VLJQHV G¶HIILOR
FKDJH LPSRUWDQW RX D\DQW pWp
FRXSpV ,O HVW LQGLVSHQVDEOH GH
UHPSODFHU OD FHLQWXUH FRPSOqWH
PrPH VL DXFXQ GRPPDJH Q¶HVW
DSSDUHQW
. /HV HQIDQWV GRLYHQW WRXMRXUV rWUH
LQVWDOOpV VXU OHV VLqJHV DUULqUH HW
FRQYHQDEOHPHQW DWWDFKpV /H
FRXVVLQ GH VpFXULWp 656 VH Gp
SORLH WUqV UDSLGHPHQW DYHF XQH
pQHUJLH FRQVLGpUDEOH HW LO SHXW
EOHVVHU RX PrPH WXHU XQ HQIDQW
TXL Q¶HVW SDV DWWDFKp RX PDO
DWWDFKp 3OXV OpJHUV HW PRLQV
UREXVWHV TXH OHV DGXOWHV OHV
HQIDQWV VRQW SOXV H[SRVpV DX
ULVTXH GH EOHVVXUHV SDU GpSORLH
PHQW GX FRXVVLQ GH VpFXULWp
3RXU FHWWH UDLVRQ QRXV YRXV
UHFRPPDQGRQV YLYHPHQW GH YHLO
OHU j FH TXH 7286 OHV HQIDQWV
FHX[ XWLOLVDQW XQ V\VWqPH GH
UHWHQXH SRXU HQIDQW HW DXVVL FHX[
TXL VRQW WURS JUDQGV SRXU HQ
XWLOLVHU XQ YR\DJHQW VXU OHV VLq
JHV $55,Ê5( HW VRLHQW FRQYHQD
6LqJHV FHLQWXUHV GH VpFXULWp HW FRXVVLQV GH VpFXULWp 656&HLQWXUHV GH VpFXULWp
EOHPHQW DWWDFKpV DX PR\HQ G¶XQ
V\VWqPH GH UHWHQXH SRXU HQIDQW
RX GH OD FHLQWXUH GH VpFXULWp GX
VLqJH FRPSWH WHQX GH OHXU WDLOOH
HW GH OHXU SRLGV
7286 OHV V\VWqPHV GH UHWHQXH
SRXU HQIDQW \ FRPSULV OHV VLqJHV
SRXU HQIDQW WRXUQpV YHUV O¶DYDQW
GRLYHQW WRXMRXUV rWUH LQVWDOOpV
VXU OHV VLqJHV $55,Ê5(
1¶,167$//(= -$0$,6 81 6,Ê*(
3285 (1)$17 685 /( 6,Ê*(
$9$17 /¶(1)$17 6( 75289(
5$,7 7523 35Ê6 '8 &2866,1
'( 6e&85,7e 656 (7 6(5$,7
'21& (;326e ¬ '(6 5,648(6
'( %/(6685(6 *5$9(6 92,5(
0257(//(6
/HV VWDWLVWLTXHV G¶DFFLGHQWV
SURXYHQW TXH OHV HQIDQWV VRQW
SOXV HQ VpFXULWp ORUVTX¶LOV VRQW
FRUUHFWHPHQW DWWDFKpV VXU OHV
VLqJHV DUULqUH SOXW{W TXH VXU OHV
VLqJHV DYDQW 3RXU GHV FRQVL
JQHV HW SUpFDXWLRQV UHODWLYHV DX
V\VWqPH GH UHWHQXH SRXU HQIDQW
UHSRUWH]YRXV j ³6\VWqPHV GH
UHWHQXH SRXU HQIDQW´ )
9RWUH YpKLFXOH HVW pTXLSp G¶XQ PRGXOH GH
GpWHFWLRQ HW GH GLDJQRVWLF GH FROOLVLRQ TXL
HQUHJLVWUH OH IDLW TXH OD FHLQWXUH GH
VpFXULWp GX SDVVDJHU DYDQW pWDLW ERXFOpH
RX QRQ DX PRPHQW GX GpSORLHPHQW G¶XQ
GHV FRXVVLQV GH VpFXULWp IURQWDX[ 656
ODWpUDX[ RX G¶XQ GHV ULGHDX[ GH VpFXULWp
! 1RXUULVVRQV RX HQIDQWV HQ EDV kJH
8WLOLVH] XQ V\VWqPH GH UHWHQXH SRXU
HQIDQW DGDSWp j YRWUH YpKLFXOH 5HSRUWH]
YRXV j ³6\VWqPHV GH UHWHQXH SRXU HQIDQW´
)
! (QIDQWV
/HV HQIDQWV WURS JUDQGV SRXU XQ V\VWqPH
GH UHWHQXH SRXU HQIDQW GRLYHQW rWUH
LQVWDOOpV VXU OH VLqJH DUULqUH HW SRUWHU GHV
FHLQWXUHV GH VpFXULWp /HV VWDWLVWLTXHV
G¶DFFLGHQWV SURXYHQW TXH OHV HQIDQWV VRQW
SOXV HQ VpFXULWp ORUVTX¶LOV VRQW FRUUHFWH
PHQW DWWDFKpV VXU OHV VLqJHV DUULqUH SOXW{W
TXH VXU OHV VLqJHV DYDQW 1H ODLVVH]
MDPDLV XQ HQIDQW VH WHQLU GHERXW RX j
JHQRX[ VXU OH VLqJH
6L OD VDQJOHEDXGULHU SDVVH DX QLYHDX GX
YLVDJH RX GX FRX GH O¶HQIDQW SODFH]
O¶HQIDQW SOXV SUqV GH OD ERXFOH SRXU TXH
OD VDQJOHEDXGULHU OXL SDVVH FRUUHFWHPHQW
VXU O¶pSDXOH 3UHQH] JUDQG VRLQ GH SODFHU
OD FHLQWXUH VRXVDEGRPLQDOH OH SOXV EDV
SRVVLEOH VXU OH EDVVLQ GH O¶HQIDQW HW QRQ
SDV j KDXWHXU GH OD WDLOOH 6¶LO Q¶HVW SDV
SRVVLEOH GH SDVVHU OD VDQJOHEDXGULHU
FRUUHFWHPHQW XWLOLVH] XQ V\VWqPH GH
UHWHQXH SRXU HQIDQW 1H IDLWHV MDPDLV
SDVVHU OD VDQJOHEDXGULHU VRXV O¶DLVVHOOH
RX GDQV OH GRV GH O¶HQIDQW
! )HPPHV HQFHLQWHV
/HV IHPPHV HQFHLQWHV GRLYHQW pJDOHPHQW
XWLOLVHU OHV FHLQWXUHV GH VpFXULWp (OOHV
GRLYHQW FRQVXOWHU HW V¶HQ WHQLU j O¶DYLV GH
OHXU PpGHFLQ j FH VXMHW /D VDQJOH VRXV
DEGRPLQDOH GRLW rWUH SRUWpH ELHQ DMXVWpH
OH SOXV EDV SRVVLEOH VXU OH EDVVLQ HW QRQ
SDV j KDXWHXU GH OD WDLOOH
± 68,7( ±
6LqJHV FHLQWXUHV GH VpFXULWp HW FRXVVLQV GH VpFXULWp 656&HLQWXUHV GH VpFXULWp
& (QURXOHXU j EORFDJH G¶XU
JHQFH (/5
/D FHLQWXUH GH VpFXULWp GX FRQGXFWHXU
FRPSRUWH XQ HQURXOHXU j EORFDJH G¶XU
JHQFH (/5 /D FHLQWXUH GH VpFXULWp DYHF HQURXOHXU j
EORFDJH G¶XUJHQFH Q¶HPSrFKH SDV OHV
PRXYHPHQWV RUGLQDLUHV GX FRUSV PDLV
HOOH VH EORTXH DXWRPDWLTXHPHQW HQ FDV
G¶DUUrW EUXVTXH RX GH FROOLVLRQ RX VL RQ OD
WLUH WURS YLWH KRUV GH O¶HQURXOHXU
& (QURXOHXU j EORFDJH DXWRPD
WLTXHHQURXOHXU j EORFDJH
G¶XUJHQFH $/5(/5
&KDFXQH GHV FHLQWXUHV GH VpFXULWp GHV
SDVVDJHUV DUULqUH FRPSRUWH XQ HQURXOHXU
j EORFDJH DXWRPDWLTXHHQURXOHXU j EOR
FDJH G¶XUJHQFH $/5(/5 /¶HQURXOHXU j
EORFDJH DXWRPDWLTXHHQURXOHXU j EORFDJH
G¶XUJHQFH IRQFWLRQQH QRUPDOHPHQW
FRPPH XQ HQURXOHXU j EORFDJH G¶XUJHQFH
(/5 /¶$/5(/5 LQFOXW HQ RXWUH XQ
³PRGH HQURXOHXU j EORFDJH DXWRPDWLTXH
$/5 ´ GHVWLQp j IL[HU XQ V\VWqPH GH
UHWHQXH SRXU HQIDQW
/H PRGH $/5 IRQFWLRQQH FRPPH VXLW /RUVTXH OD VDQJOH HVW FRPSOqWHPHQW H[
WUDLWH GH O¶HQURXOHXU SXLV TX¶HOOH VH UpHQ
URXOH PrPH WUqV OpJqUHPHQW O¶HQURXOHXU
VH EORTXH GDQV FHWWH SRVLWLRQ HW OD VDQJOH
QH SHXW SOXV rWUH H[WUDLWH /RUVTXH OD
VDQJOH V¶HQURXOH GDQV O¶HQURXOHXU RQ
HQWHQG XQ FOLTXHWLV TXL LQGLTXH TXH O¶HQ
URXOHXU HVW HQ PRGH $/5 /H PRGH $/5
HVW GpVDFWLYp ORUVTX¶RQ HQURXOH OD VDQJOH
FRPSOqWHPHQW GDQV O¶HQURXOHXU
/RUVTXH YRXV IL[H] XQ V\VWqPH GH UHWHQXH
SRXU HQIDQW j O¶XQ GHV VLqJHV DUULqUH DX
PR\HQ GH OD FHLQWXUH GH VpFXULWp PHWWH]
OD FHLQWXUH GH VpFXULWp GH FH VLqJH HQ
PRGH GH IRQFWLRQQHPHQW G¶HQURXOHXU j
EORFDJH DXWRPDWLTXH $/5 /RUVTXH YRXV HQOHYH] OH V\VWqPH GH
UHWHQXH SRXU HQIDQW Q¶RXEOLH] SDV GH
ODLVVHU UHQWUHU OD FHLQWXUH GH VpFXULWp
FRPSOqWHPHQW GDQV O¶HQURXOHXU SRXU TXH
FH GHUQLHU UHYLHQQH HQ PRGH GH IRQFWLRQ
QHPHQW G¶HQURXOHXU j EORFDJH G¶XUJHQFH
(/5 3RXU GHV FRQVHLOV VXU OD PDQLqUH GH PHWWUH
O¶HQURXOHXU HQ PRGH $/5 HW GH OH UHPHWWUH
HQ PRGH (/5 UHSRUWH]YRXV j ³,QVWDOOD
WLRQ GHV V\VWqPHV GH UHWHQXH DX PR\HQ
GH OD FHLQWXUH GH VpFXULWp $/5(/5´ )
& 7pPRLQ DYHUWLVVHXU HW
VLJQDO VRQRUH GH FHLQ
WXUH GH VpFXULWp
5HSRUWH]YRXV j ³7pPRLQ DYHUWLVVHXU HW
VLJQDO VRQRUH GH FHLQWXUH GH VpFXULWp´ )
& 3RXU ERXFOHU YRWUH FHLQWXUH
GH VpFXULWp
'$1*(5
. 1¶XWLOLVH] MDPDLV XQH FHLQWXUH
DYHF OD VDQJOH HQWRUWLOOpH RX j
O¶HQYHUV (Q FDV G¶DFFLGHQW FHFL
SRXUUDLW DXJPHQWHU OH ULVTXH RX
OD JUDYLWp GHV EOHVVXUHV
. 3ODFH] OD VDQJOH DEGRPLQDOH OH
SOXV EDV SRVVLEOH VXU YRV KDQ
FKHV (Q FDV GH FROOLVLRQ FHFL
UpSDUWLW OD SUHVVLRQ GH OD FHLQWXUH
VXU OHV RV VROLGHV GX EDVVLQ DX
OLHX GH O¶DEGRPHQ PRLQV UpVLV
WDQW
. /D FHLQWXUH GH VpFXULWp DVVXUH
XQH SURWHFWLRQ RSWLPDOH ORUVTXH
O¶RFFXSDQW GX VLqJH VH WLHQW DVVLV
OH SOXV HQ DUULqUH SRVVLEOH VXU OH
FRXVVLQ GURLW FRQWUH OH GRVVLHU
3RXU pYLWHU TXH O¶RFFXSDQW GX
VLqJH QH JOLVVH VRXV VD FHLQWXUH
6LqJHV FHLQWXUHV GH VpFXULWp HW FRXVVLQV GH VpFXULWp 656&HLQWXUHV GH VpFXULWp
GH VpFXULWp ORUV G¶XQH FROOLVLRQ OH
GRVVLHU GHV VLqJHV DYDQW GRLW
WRXMRXUV rWUH HQ SRVLWLRQ YHUWL
FDOH ORUVTXH OH YpKLFXOH URXOH 6L
OH GRVVLHU GHV VLqJHV DYDQW VH
WURXYH HQ SRVLWLRQ LQFOLQpH DX
PRPHQW GH OD FROOLVLRQ O¶RFFX
SDQW GX VLqJH ULVTXH GH JOLVVHU
VRXV OD VDQJOH DEGRPLQDOH FHOOH
FL OXL UHPRQWDQW VXU O¶DEGRPHQ
FH TXL SHXW HQWUDvQHU GHV EOHVVX
UHV LQWHUQHV JUDYHV YRLUH PRUWHO
OHV
. $XFXQ REMHW FRXVVLQV HWF QH
GRLW VH WURXYHU HQWUH O¶RFFXSDQW
G¶XQ VLqJH HW OH GRVVLHU RX OH
FRXVVLQ GX VLqJH 'H FHWWH PD
QLqUH OHV ULVTXHV GH JOLVVHU VRXV
OD VDQJOH DEGRPLQDOH HW OD VDQJOH
DEGRPLQDOH GH JOLVVHU DXGHVVXV
GH O¶DEGRPHQ DXJPHQWHQW WRXV
OHV GHX[ SRXYDQW UpVXOWHU HQ GHV
EOHVVXUHV LQWHUQHV JUDYHV YRLUH
PRUWHOOHV
! &HLQWXUHV GH VpFXULWp GHV VLqJHV
DYDQW
'$1*(5
1H IDLWHV MDPDLV SDVVHU OD VDQJOH
EDXGULHU VRXV O¶DLVVHOOH RX GDQV OH
GRV (Q FDV G¶DFFLGHQW FHFL SRXUUDLW
DXJPHQWHU OH ULVTXH RX OD JUDYLWp
GHV EOHVVXUHV
$77(17,21
/HV SDUWLHV PpWDOOLTXHV GHV FHLQWX
UHV GH VpFXULWp G¶XQ YpKLFXOH UHVWp
IHUPp HQ SOHLQ VROHLO SHXYHQW GHYH
QLU EU€ODQWHV 1H WRXFKH] SDV FHV
SDUWLHV PpWDOOLTXHV ORUVTX¶HOOHV VRQW
FKDXGHV DYDQW TX¶HOOHV QH UHIURLGLV
VHQW
5pJOH] OD SRVLWLRQ GX VLqJH HQ VXLYDQW
OD SURFpGXUH VXLYDQWH
6LqJH FRQGXFWHXU 0HWWH] OH GRVVLHU GH
VLqJH HQ SRVLWLRQ YHUWLFDOH 5HFXOH] OH
VLqJH SDU UDSSRUW DX YRODQW DXWDQW TXH OH
SHUPHW OH PDLQWLHQ G¶XQH SDUIDLWH PDvWULVH
GX YpKLFXOH
6LqJH GX SDVVDJHU DYDQW 0HWWH] OH
GRVVLHU GH VLqJH HQ SRVLWLRQ YHUWLFDOH
5HFXOH] OH VLqJH OH SOXV SRVVLEOH
$VVH\H]YRXV DX IRQG GX VLqJH FRQWUH
OH GRVVLHU
6DLVLVVH] OD ODQJXHWWH HW WLUH] OD FHLQ
WXUH OHQWHPHQW 1H OD ODLVVH] SDV VH WRUGUH
. 6L OD VDQJOH VH EORTXH DYDQW G¶DW
WHLQGUH OD ERXFOH UHYHQH] OpJqUHPHQW
HQ DUULqUH HW WLUH] GH QRXYHDX OHQWH
PHQW
. 6¶LO Q¶HVW WRXMRXUV SDV SRVVLEOH GH
GpEORTXHU OD FHLQWXUH ODLVVH] OD VDQJOH
V¶HQURXOHU OpJqUHPHQW DSUqV OXL DYRLU
DVVpQp XQH IRUWH WUDFWLRQ SXLV GpURX
OH]OD OHQWHPHQW j QRXYHDX
± 68,7( ±
6LqJHV FHLQWXUHV GH VpFXULWp HW FRXVVLQV GH VpFXULWp 656&HLQWXUHV GH VpFXULWp
SDV DX QLYHDX GH YRWUH WDLOOH
! 5pJODJH GH OD KDXWHXU GH O¶DQ
FUDJH GH VDQJOHEDXGULHU GHV
VLqJHV DYDQW
,QWURGXLVH] OD ODQJXHWWH GDQV OD ERXFOH
MXVTX¶j HQFOHQFKHPHQW
5pJOH] O¶DQFUDJH GH OD VDQJOHEDXGULHU j
OD SRVLWLRQ TXL FRQYLHQW OH PLHX[ DX
FRQGXFWHXUSDVVDJHU DYDQW /D KDXWHXU
GH O¶DQFUDJH GH FHLQWXUH GRLW WRXMRXUV rWUH
DMXVWpH GH VRUWH TXH OD VDQJOHEDXGULHU VH
WURXYH DX PLOLHX GH O¶pSDXOH VDQV WRXFKHU
OH FRX
3RXU WHQGUH OD VDQJOH DEGRPLQDOH
WLUH] VXU OD VDQJOHEDXGULHU
)DLWHV SDVVHU OD VDQJOH DEGRPLQDOH OH
SOXV EDV SRVVLEOH VXU YRWUH EDVVLQ HW QRQ
3RXU UHOHYHU
7LUH] O¶DQFUDJH YHUV OH KDXW
3RXU DEDLVVHU
7LUH] VXU OH ERXWRQ GH OLEpUDWLRQ HW IDLWHV
FRXOLVVHU O¶DQFUDJH YHUV OH EDV
)DLWHV HIIRUW VXU O¶DQFUDJH YHUV OH EDV SRXU
YpULILHU TX¶LO V¶HVW YHUURXLOOp HQ SRVLWLRQ
'$1*(5
/RUVTXH YRXV ERXFOH] YRWUH FHLQ
WXUH GH VpFXULWp DVVXUH]YRXV TXH
OD VDQJOHEDXGULHU QH SDVVH SDV
GHYDQW YRWUH FRX /H FDV pFKpDQW
UpJOH] O¶DQFUDJH GH FHLQWXUH GH Vp
FXULWp VXU XQH SRVLWLRQ SOXV EDVVH
8QH VDQJOHEDXGULHU SDVVDQW GHYDQW
OH FRX SHXW rWUH j O¶RULJLQH G¶XQH
EOHVVXUH DX FRX HQ FDV GH IUHLQDJH
EUXVTXH RX GH FROOLVLRQ
6LqJHV FHLQWXUHV GH VpFXULWp HW FRXVVLQV GH VpFXULWp 656&HLQWXUHV GH VpFXULWp
! 3RXU GpWDFKHU YRWUH FHLQWXUH
$SSX\H] VXU OH ERXWRQ GH OD ERXFOH
/DLVVH] OD FHLQWXUH VH UpWUDFWHU GRXFH
PHQW SRXU pYLWHU G¶HPPrOHU RX GH WRUGUH OD
FHLQWXUH
! &HLQWXUHV GH VpFXULWp DUULqUH
5(0$548(
$VVH\H]YRXV DX IRQG GX VLqJH FRQWUH
OH GRVVLHU
6DLVLVVH] OD ODQJXHWWH HW WLUH] OD FHLQ
WXUH OHQWHPHQW 1H OD ODLVVH] SDV VH WRUGUH
. 6L OD VDQJOH VH EORTXH DYDQW G¶DW
WHLQGUH OD ERXFOH UHYHQH] OpJqUHPHQW
HQ DUULqUH HW WLUH] GH QRXYHDX OHQWH
PHQW
. 6¶LO Q¶HVW WRXMRXUV SDV SRVVLEOH GH
GpEORTXHU OD FHLQWXUH ODLVVH] OD VDQJOH
V¶HQURXOHU OpJqUHPHQW DSUqV OXL DYRLU
DVVpQp XQH IRUWH WUDFWLRQ SXLV GpURX
OH]OD OHQWHPHQW j QRXYHDX
/D ERXFOH GH OD FHLQWXUH GH VpFXULWp
FHQWUDOH HVW PDUTXpH GX PRW ³&(1
7(5´
3RXU WHQGUH OD VDQJOH DEGRPLQDOH
WLUH] VXU OD VDQJOHEDXGULHU
)DLWHV SDVVHU OD VDQJOH DEGRPLQDOH OH
SOXV EDV SRVVLEOH VXU YRWUH EDVVLQ HW QRQ
SDV DX QLYHDX GH YRWUH WDLOOH
$YDQW GH UHIHUPHU OD SRUWLqUH YpULILH] TXH
OD FHLQWXUH V¶HVW HQURXOpH FRUUHFWHPHQW HW
TXH OD VDQJOH QH ULVTXH SDV GH VH FRLQFHU
GDQV OD SRUWLqUH
,QWURGXLVH] OD ODQJXHWWH GDQV OD ERXFOH
MXVTX¶j HQFOHQFKHPHQW
± 68,7( ±
6LqJHV FHLQWXUHV GH VpFXULWp HW FRXVVLQV GH VpFXULWp 6563UpWHQVLRQQHXUV GHV FHLQWXUHV GH VpFXULWp DYDQW
! 3RXU GpWDFKHU YRWUH FHLQWXUH
$SSX\H] VXU OH ERXWRQ GH OD ERXFOH
/DLVVH] OD FHLQWXUH VH UpWUDFWHU GRXFH
PHQW SRXU pYLWHU G¶HPPrOHU RX GH WRUGUH OD
FHLQWXUH
$YDQW GH UHIHUPHU OD SRUWLqUH YpULILH] TXH
OD FHLQWXUH V¶HVW HQURXOpH FRUUHFWHPHQW HW
TXH OD VDQJOH QH ULVTXH SDV GH VH FRLQFHU
GDQV OD SRUWLqUH
& (QWUHWLHQ GHV FHLQWXUHV GH
VpFXULWp
3UpWHQVLRQQHXUV GHV FHLQWX
UHV GH VpFXULWp DYDQW
3RXU QHWWR\HU OHV FHLQWXUHV GH VpFXULWp
XWLOLVH] GH O¶HDX WLqGH DYHF GX VDYRQ GRX[
1¶XWLOLVH] SDV OHV FHLQWXUHV GH VpFXULWp
MXVTX¶j FH TX¶HOOHV VqFKHQW 1¶HVVD\H]
MDPDLV GH GpFRORUHU RX GH WHLQGUH OHV
FHLQWXUHV FDU FHOD SRXUUDLW DIIHFWHU VHQVL
EOHPHQW OHXU UpVLVWDQFH
/HV FHLQWXUHV GH VpFXULWp VXLYDQWHV GLV
SRVHQW G¶XQ SUpWHQVLRQQHXU GH FHLQWXUH GH
VpFXULWp
. &HLQWXUH GH VpFXULWp GX FRQGXFWHXU
. &HLQWXUH GH VpFXULWp GX SDVVDJHU DYDQW
&RQWU{OH] UpJXOLqUHPHQW OHV FHLQWXUHV HW
DFFHVVRLUHV GH IL[DWLRQ \ FRPSULV OHV
VDQJOHV HW pOpPHQWV PDWpULHOV HW YpULILH]
O¶DEVHQFH GH ILVVXUHV HQWDLOOHV GpFKLUX
UHV GpIDXWV GH VHUUDJH PDUTXHV G¶XVXUH
RX DXWUHV W\SHV GH GRPPDJHV 5HPSOD
FH] OHV FHLQWXUHV GH VpFXULWp PrPH HQ FDV
GH GpIDXW PLQHXU
$77(17,21
. 9HLOOH] j FH TXH OHV FHLQWXUHV GH
VpFXULWp QH VRLHQW SDV WRXFKpHV
SDU GH O¶KXLOH GH O¶HQFDXVWLTXH RX
GHV SURGXLWV FKLPLTXHV HW WRXW
SDUWLFXOLqUHPHQW SDU GH O¶pOHFWUR
O\WH GH EDWWHULH
. 1¶HVVD\H] MDPDLV GH PRGLILHU RX
GH UpDJHQFHU OHV FHLQWXUHV GH
VpFXULWp FHOD SRXUUDLW QXLUH j
OHXU IRQFWLRQQHPHQW
&HV SUpWHQVLRQQHXUV VRQW FRQoXV SRXU
HQWUHU HQ DFWLRQ GDQV O¶pYHQWXDOLWp G¶XQ
DFFLGHQW HQWUDvQDQW XQH FROOLVLRQ IURQWDOH
RX ODWpUDOH RX ELHQ XQ UHQYHUVHPHQW
G¶LQWHQVLWp PR\HQQH j YLROHQWH
'$1*(5
. 3RXU XQH SURWHFWLRQ PD[LPXP
OHV SHUVRQQHV RFFXSDQW FHV VLq
JHV GRLYHQW VH WHQLU DVVLV ELHQ
GURLW HW DWWDFKHU OHXU FHLQWXUH
FRUUHFWHPHQW 5HSRUWH]YRXV j
³&HLQWXUHV GH VpFXULWp´ )
. ,O QH IDXW MDPDLV PRGLILHU RX
GpSRVHU OHV HQVHPEOHV HQURX
OHXUV GH FHLQWXUH GH VpFXULWp
DYDQW QL WDSHU GHVVXV &HFL SRXU
UDLW GpFOHQFKHU DFFLGHQWHOOHPHQW
OHV SUpWHQVLRQQHXUV GH FHLQWXUH
GH VpFXULWp RX OHV UHQGUH LQRSp
UDQWV YRXV H[SRVDQW j GHV ULV
TXHV GH EOHVVXUHV JUDYHV /HV
6LqJHV FHLQWXUHV GH VpFXULWp HW FRXVVLQV GH VpFXULWp 6563UpWHQVLRQQHXUV GHV FHLQWXUHV GH VpFXULWp DYDQW
SUpWHQVLRQQHXUV GH FHLQWXUH GH
VpFXULWp QH UHQIHUPHQW DXFXQH
SLqFH GRQW O¶XWLOLVDWHXU SXLVVH
DVVXUHU O¶HQWUHWLHQ 3RXU WRXWH
LQWHUYHQWLRQ VXU XQ HQURXOHXU GH
FHLQWXUH GH VpFXULWp DYDQW pTXLSp
G¶XQ SUpWHQVLRQQHXU DGUHVVH]
YRXV j YRWUH FRQFHVVLRQQDLUH
DJUpp 68%$58
. 6L YRXV GHYH] YRXV GpEDUUDVVHU
GHV HQVHPEOHV HQURXOHXU GH
FHLQWXUH GH VpFXULWp DYDQW RX VL
OH YpKLFXOH GRLW rWUH PLV j OD
IHUUDLOOH VXLWH j XQ DFFLGHQW RX
SRXU WRXWH DXWUH UDLVRQ FRQVXO
WH] XQ FRQFHVVLRQQDLUH DJUpp
68%$58
5(0$548(
/HV SUpWHQVLRQQHXUV GH FHLQWXUH GH
VpFXULWp QH VRQW SDV FRQoXV SRXU VH
GpFOHQFKHU ORUV G¶XQ FKRF IDLEOH QL ORUV
G¶XQ FKRF DUULqUH
& &HLQWXUH GH VpFXULWp GX
FRQGXFWHXU
HIILFDFHPHQW PDLQWHQX SDU OD FHLQWXUH GH
VpFXULWp
/H GpFOHQFKHPHQW G¶XQ SUpWHQVLRQQHXU GH
FHLQWXUH GH VpFXULWp HQWUDvQH XQ EUXLW
FDUDFWpULVWLTXH DFFRPSDJQp G¶XQ OpJHU
GpJDJHPHQW GH IXPpH &HV SKpQRPqQHV
VRQW QRUPDX[ HW QH VRQW SDV GDQJHUHX[
/D IXPpH Q¶HVW SDV OH VLJQH G¶XQ GpEXW
G¶LQFHQGLH GDQV OH YpKLFXOH
3UpWHQVLRQQHXU GH FHLQWXUH GH VpFXULWp
DYDQW
$SUqV GpFOHQFKHPHQW GX SUpWHQVLRQQHXU
GH FHLQWXUH GH VpFXULWp OH SUpWHQVLRQQHXU
GH FHLQWXUH GH VpFXULWp UHVWH EORTXp ,O
Q¶HVW GRQF SOXV SRVVLEOH GH GpURXOHU QL
G¶HQURXOHU OD FHLQWXUH GH VpFXULWp TXL GRLW
rWUH UHPSODFpH
/H FDSWHXU GH SUpWHQVLRQQHXU UHPSOLW
pJDOHPHQW OHV U{OHV VXLYDQWV
. &DSWHXU GH FRXVVLQ GH VpFXULWp IURQWDO
656
. &DSWHXU G¶LPSDFW ODWpUDO FDSWHXU G¶LP
SDFW GH SRUWLqUH DYDQW
. &DSWHXU GH UHQYHUVHPHQW
6L DX FRXUV G¶XQH FROOLVLRQ IURQWDOH RX
ODWpUDOH RX ELHQ XQ UHQYHUVHPHQW O¶LQWHQ
VLWp GX FKRF GpWHFWp SDU OH FDSWHXU
GpSDVVH XQ FHUWDLQ VHXLO OD VDQJOH GH OD
FHLQWXUH GH VpFXULWp DYDQW HVW UDSLGHPHQW
WHQGXH SDU O¶HQURXOHXU SRXU VXSSULPHU OH
PRX GH VRUWH TXH OH FRQGXFWHXU VRLW SOXV
± 68,7( ±
6LqJHV FHLQWXUHV GH VpFXULWp HW FRXVVLQV GH VpFXULWp 6563UpWHQVLRQQHXUV GHV FHLQWXUHV GH VpFXULWp DYDQW
& &HLQWXUH GH VpFXULWp GX SDV
VDJHU DYDQW
(QVHPEOH HQURXOHXU GH FHLQWXUH GH
VpFXULWp SUpWHQVLRQQHXU GH VDQJOHEDX
GULHU
3UpWHQVLRQQHXU GH VDQJOH DEGRPLQDOH
/H SUpWHQVLRQQHXU GH VDQJOHEDXGULHU HVW
FRPSOpWp SDU XQ SUpWHQVLRQQHXU GH VDQJOH
DEGRPLQDOH TXL VH WURXYH j OD EDVH GHV
PRQWDQWV FHQWUDX[ &RPPH OH SUpWHQVLRQ
QHXU GH VDQJOHEDXGULHU OH SUpWHQVLRQ
QHXU GH VDQJOH DEGRPLQDOH WHQG LQVWDQWD
QpPHQW OD FHLQWXUH SRXU pOLPLQHU OH PRX VL
XQ FHUWDLQ QLYHDX GH IRUFH GH FROOLVLRQ
IURQWDOH RX ODWpUDOH HVW GpWHFWp $LQVL OD
FHLQWXUH GH VpFXULWp PDLQWLHQW SOXV HIILFD
FHPHQW O¶RFFXSDQW GX VLqJH DYDQW
6LqJHV FHLQWXUHV GH VpFXULWp HW FRXVVLQV GH VpFXULWp 6563UpWHQVLRQQHXUV GHV FHLQWXUHV GH VpFXULWp DYDQW
& &RPSRVDQWV TXL IRQFWLRQQHQW VLPXOWDQpPHQW DYHF OHV SUpWHQVLRQQHXUV GH FHLQWXUHV GH VpFXULWp
&ROOLVLRQ IURQWDOH
6LWXDWLRQV
&ROOLVLRQ IURQWDOH GH
WUDYHUV
$XWUHV FROOLVLRQV IURQ
WDOHV
&ROOLVLRQ ODWpUDOH
3UpWHQVLRQQHXU GH FHLQWXUH GH VpFXULWp SRXU OH
FRQGXFWHXU
*
*
*
3UpWHQVLRQQHXU GH VDQJOHEDXGULHU SRXU OH SDVVD
JHU DYDQW
*
*
*
3UpWHQVLRQQHXU GH VDQJOH DEGRPLQDOH SRXU OH
SDVVDJHU DYDQW
*
*
*
*
&RPSRVDQWV
&RXVVLQ GH VpFXULWp
IURQWDO 656
3RXU OH FRQGXFWHXU
$FFLGHQW SDU UHQYHU
VHPHQW
*
±
±
*
*
&{Wp GH OD FROOLVLRQ
*
±
*
*
&{Wp RSSRVp j FHOXL GH OD
FROOLVLRQ
*
±
±
*
&{Wp GH OD FROOLVLRQ
&RXVVLQ GH VpFXULWp OD
&{Wp RSSRVp j FHOXL GH OD
WpUDO 656
FROOLVLRQ
±
±
*
±
±
±
±
±
5LGHDX GH VpFXULWp
656
3RXU OH SDVVDJHU DYDQW
* )RQFWLRQQH
± 1H IRQFWLRQQH SDV
&HFL QH IRQFWLRQQH SDV VL OH V\VWqPH GH GpWHFWLRQ GH SUpVHQFH G¶XQ SDVVDJHU GpVDFWLYH OH IRQFWLRQQHPHQW GX FRXVVLQ GH VpFXULWp 3RXU SOXV GH GpWDLOV
UHSRUWH]YRXV j ³&RXVVLQ GH VpFXULWp IURQWDO 656 SRXU SDVVDJHU DYDQW´ )
&HFL IRQFWLRQQH VL OH FDSWHXU G¶LPSDFW GH VpFXULWp VDWHOOLWH HW OH FDSWHXU G¶LPSDFW GH SRUWLqUH DYDQW GX F{Wp FRQGXFWHXU GpWHFWHQW XQH IRUFH G¶LPSDFW
&HFL QH IRQFWLRQQH SDV ORUVTX¶XQ FDSWHXU G¶LPSDFW GH PRQWDQW FHQWUDO GpWHFWH XQ VLJQDO SOXV UDSLGHPHQW TXH OH FDSWHXU G¶LPSDFW GH OD SRUWLqUH DYDQW
RX ORUVTXH OHV GHX[ FDSWHXUV GpWHFWHQW OHV VLJQDX[ VLPXOWDQpPHQW
&HFL IRQFWLRQQH VL OH FDSWHXU G¶LPSDFW GH VpFXULWp VDWHOOLWH HW OH FDSWHXU G¶LPSDFW GH SRUWLqUH DYDQW GX F{Wp SDVVDJHU GpWHFWHQW XQH IRUFH G¶LPSDFW
&HFL IRQFWLRQQH VL OH FDSWHXU G¶LPSDFW GH VpFXULWp VDWHOOLWH HW O¶XQ GHV FDSWHXUV G¶LPSDFW GX PRQWDQW FHQWUDOG¶LPSDFW GH SRUWLqUH DYDQW GpWHFWHQW XQH
IRUFH G¶LPSDFW
± 68,7( ±
6LqJHV FHLQWXUHV GH VpFXULWp HW FRXVVLQV GH VpFXULWp 6563UpWHQVLRQQHXUV GHV FHLQWXUHV GH VpFXULWp DYDQW
& &RQVHLOV GH VpFXULWp
& 6XUYHLOODQFH GX V\VWqPH
. /HV SUpWHQVLRQQHXUV VRQW FRQoXV SRXU
QH VH GpFOHQFKHU TX¶XQH VHXOH IRLV 6L XQ
SUpWHQVLRQQHXU V¶HVW GpFOHQFKp YRXV GH
YH] UHPSODFHU OHV GHX[ HQVHPEOHV HQURX
OHXU GH FHLQWXUHV GH VpFXULWp DYDQW H[
FOXVLYHPHQW SDU XQ FRQFHVVLRQQDLUH
68%$58 /RUV GX UHPSODFHPHQW GHV
HQVHPEOHV HQURXOHXU GH FHLQWXUH GH Vp
FXULWp XWLOLVH] WRXMRXUV GHV SLqFHV
68%$58 G¶RULJLQH
. 6L XQH GHV FHLQWXUHV GH VpFXULWp DYDQW
QH V¶HQURXOH RX QH VH GpURXOH SDV VXLWH j
XQ PDXYDLV IRQFWLRQQHPHQW GX SUpWHQ
VLRQQHXU SUpVHQWH] YRWUH YpKLFXOH j XQ
FRQFHVVLRQQDLUH 68%$58 OH SOXV W{W
SRVVLEOH
. 6L O¶HQVHPEOH HQURXOHXU GH FHLQWXUH GH
VpFXULWp DYDQW RX OD ]RQH YRLVLQH GH
O¶HQURXOHXU RQW pWp HQGRPPDJpV SUpVHQ
WH] YRWUH YpKLFXOH j XQ FRQFHVVLRQQDLUH
68%$58 OH SOXV W{W SRVVLEOH
. /RUVTXH YRXV UHYHQGH] YRWUH YpKLFXOH
QRXV YRXV SULRQV LQVWDPPHQW G¶LQIRUPHU
O¶DFKHWHXU TXH OH YpKLFXOH HVW pTXLSp GH
SUpWHQVLRQQHXUV GH FHLQWXUH GH VpFXULWp
$XVVL DWWLUH] O¶DWWHQWLRQ GH O¶DFKHWHXU VXU
OH FRQWHQX GH FHWWH VHFWLRQ
8Q V\VWqPH GH GLDJQRVWLF VXUYHLOOH HQ
SHUPDQHQFH OHV SUpWHQVLRQQHXUV GH FHLQ
WXUH GH VpFXULWp ORUVTXH OH FRQWDFWHXU
G¶DOOXPDJH HVW HQ SRVLWLRQ ³21´ /HV
SUpWHQVLRQQHXUV GH FHLQWXUH GH VpFXULWp
VRQW FRPPDQGpV SDU OH PrPH PRGXOH GH
FRPPDQGH TXH OH V\VWqPH GHV FRXVVLQV
GH VpFXULWp 656 (Q FDV G¶DQRPDOLH DX
QLYHDX GH O¶XQ GHV SUpWHQVLRQQHXUV GH
FHLQWXUH GH VpFXULWp OH WpPRLQ DYHUWLVVHXU
GX V\VWqPH GH FRXVVLQ GH VpFXULWp 656
V¶DOOXPH 5HSRUWH]YRXV j ³6XUYHLOODQFH
GX V\VWqPH GHV FRXVVLQV GH VpFXULWp
656´ ) SRXU SOXV GH GpWDLOV
& (QWUHWLHQ GX V\VWqPH
'$1*(5
. $YDQW GH MHWHU XQ HQVHPEOH HQ
URXOHXU GH FHLQWXUH GH VpFXULWp
RX GH PHWWUH OH YpKLFXOH HQGRP
PDJp GDQV XQ DFFLGHQW j OD
IHUUDLOOH FRQVXOWH] YRWUH FRQFHV
VLRQQDLUH 68%$58
. %ULFROHU OH V\VWqPH RX HQ GpEUDQ
FKHU OH FkEODJH pOHFWULTXH ULVTXH
GH SURYRTXHU OH GpFOHQFKHPHQW
LQRSLQp GX SUpWHQVLRQQHXU GH
FHLQWXUH GH VpFXULWp HWRX FRXV
VLQ GH VpFXULWp 656 RX GH UHQGUH
OH V\VWqPH LQRSpUDQW FH TXL SHXW
HQWUDvQHU GH JUDYHV EOHVVXUHV
1¶XWLOLVH] MDPDLV G¶DSSDUHLO G¶HV
VDL pOHFWULTXH VXU GHV FLUFXLWV
FRQFHUQDQW XQ SUpWHQVLRQQHXU
GH FHLQWXUH GH VpFXULWp RX OHV
V\VWqPHV GHV FRXVVLQV GH VpFX
ULWp 656 3RXU WRXWH LQWHUYHQWLRQ
VXU OH V\VWqPH GHV SUpWHQVLRQ
QHXUV GH FHLQWXUH GH VpFXULWp
FRQVXOWH] OH FRQFHVVLRQQDLUH
68%$58 OH SOXV SURFKH
$77(17,21
/HV FDSWHXUV HW PRGXOHV GH
FRPPDQGH GHV FRXVVLQV GH VpFX
ULWp 656 VRQW VLWXpV GDQV OHV HP
SODFHPHQW VXLYDQWV
. &DSWHXUV DX[LOLDLUHV DYDQW j O¶D
YDQW GX YpKLFXOH GHV F{WpV GURLW
HW JDXFKH
. &DSWHXUV G¶LPSDFW GH SRUWLqUH
DYDQW VXU OHV GHX[ SRUWLqUHV
DYDQW
. &DSWHXU G¶LPSDFW GH VpFXULWp VD
WHOOLWH DXGHVVRXV GX VLqJH DU
ULqUH FHQWUDO
. &DSWHXUV GH FRXVVLQ GH VpFXULWp
ODWpUDO VXU OHV GHX[ PRQWDQWV
FHQWUDX[
6LqJHV FHLQWXUHV GH VpFXULWp HW FRXVVLQV GH VpFXULWp 6566\VWqPHV GH UHWHQXH SRXU HQIDQW
. &DSWHXUV GH ULGHDX GH VpFXULWp
VXU OHV GHX[ ORJHPHQWV GH URXH
DUULqUH
. 0RGXOH GH FRPPDQGH GX FRXVVLQ
GH VpFXULWp 656 \ FRPSULV OHV
FDSWHXUV G¶LPSDFW VRXV OH FHQ
WUH GX WDEOHDX GH ERUG
3RXU OHV WUDYDX[ G¶HQWUHWLHQ RX GH
UpSDUDWLRQ GDQV FHV ]RQHV RX j
SUR[LPLWp GHV HQURXOHXUV GH FHLQ
WXUH GH VpFXULWp DYDQW IDLWHV HIIHF
WXHU OH WUDYDLO SDU XQ FRQFHVVLRQ
QDLUH DJUpp 68%$58
5(0$548(
6L O¶DYDQW RX OH F{Wp GH YRWUH YpKLFXOH D
pWp HQGRPPDJp GDQV XQ DFFLGHQW j WHO
SRLQW TXH OH SUpWHQVLRQQHXU GH FHLQWXUH
GH VpFXULWp QH IRQFWLRQQH SDV FRQWDF
WH] YRWUH FRQFHVVLRQQDLUH 68%$58 OH
SOXV W{W SRVVLEOH
& 3UpFDXWLRQV FRQFHUQDQW OHV
PRGLILFDWLRQV DSSRUWpHV DX
YpKLFXOH
$YDQW G¶LQVWDOOHU XQ DFFHVVRLUH RX XQ
pTXLSHPHQW DX[LOLDLUH VXU YRWUH YpKLFXOH
SUHQH] FRQVHLO DXSUqV GH YRWUH FRQFHV
VLRQQDLUH 68%$58
$77(17,21
$XFXQH GHV PRGLILFDWLRQV pQXPp
UpHV FLDSUqV QH GRLW rWUH HIIHFWXpH
'H WHOOHV PRGLILFDWLRQV VRQW VXVFHS
WLEOHV G¶HPSrFKHU OH ERQ IRQFWLRQ
QHPHQW GX V\VWqPH GHV SUpWHQVLRQ
QHXUV GH FHLQWXUH GH VpFXULWp
. ¬ O¶DYDQW GX YpKLFXOH LQVWDOODWLRQ
GH WRXW pTXLSHPHQW SDUHEURXV
VDLOOH WUHXLO FKDVVHQHLJH W{OH
GH SURWHFWLRQ HWF TXL Q¶HVW SDV
XQ DFFHVVRLUH 68%$58 G¶RUL
JLQH
. 0RGLILFDWLRQ GH OD VXVSHQVLRQ RX
GHV VWUXFWXUHV DYDQW GX YpKLFXOH
. ,QVWDOODWLRQ G¶XQ SQHX GH WDLOOH RX
GH VWUXFWXUH GLIIpUHQWH GHV SQHXV
SUHVFULWV VXU OD SODTXH GX YpKL
FXOH DSSRVpH FRQWUH OH PRQWDQW
GH OD SRUWLqUH GX FRQGXFWHXU RX
SUHVFULWV SRXU OH PRGqOH GX YpKL
FXOH GDQV OH SUpVHQW 0DQXHO GX
FRQGXFWHXU
6\VWqPHV GH UHWHQXH SRXU
HQIDQW
/HV HQIDQWV GRLYHQW WRXMRXUV rWUH DWWDFKpV
DYHF XQ V\VWqPH GH UHWHQXH SRXU EpEp RX
HQIDQW VXU OH VLqJH DUULqUH ORUVTX¶LOV YR\D
JHQW HQ YRLWXUH 8WLOLVH] XQ V\VWqPH GH
UHWHQXH SRXU EpEp RX HQIDQW FRQIRUPH DX[
1RUPHV GHV )HGHUDO 0RWRU 9HKLFOH 6DIHW\
6WDQGDUG DX[ eWDWV8QLV RX DX[ 1RUPHV
&DQDGLHQQHV GH 6pFXULWp GHV 9pKLFXOHV
$XWRPRELOHV HW FRQYHQDQW j YRWUH YpKL
FXOH HW FKRLVLVVH] XQ PRGqOH DSSURSULp j
O¶kJH HW j OD WDLOOH GH O¶HQIDQW 7RXV OHV
V\VWqPHV GH UHWHQXH SRXU HQIDQW VRQW
FRQoXV SRXU rWUH IL[pV DX VLqJH GX
YpKLFXOH SDU XQH FHLQWXUH VRXVDEGRPL
QDOH RX SDU OD VDQJOH VRXVDEGRPLQDOH
G¶XQH FHLQWXUH VDQJOH VRXVDEGRPLQDOH
± 68,7( ±
6LqJHV FHLQWXUHV GH VpFXULWp HW FRXVVLQV GH VpFXULWp 6566\VWqPHV GH UHWHQXH SRXU HQIDQW
VDQJOHEDXGULHU j O¶H[FHSWLRQ GHV V\VWq
PHV GpFULWV VRXV ³,QVWDOODWLRQ G¶XQ V\V
WqPH GH UHWHQXH SRXU HQIDQW DX PR\HQ
GHV DQFUDJHV LQIpULHXUV HW ORQJHV
/$7&+ ´ ) 8Q V\VWqPH GH UHWHQXH PDO IL[p DX
YpKLFXOH PHW O¶HQIDQW HQ GDQJHU HQ FDV
GH FROOLVLRQ /H V\VWqPH GH UHWHQXH SRXU
HQIDQW GRLW rWUH VRLJQHXVHPHQW LQVWDOOp HQ
VXLYDQW OHV LQVWUXFWLRQV GX IDEULFDQW
/HV VWDWLVWLTXHV G¶DFFLGHQWV SURXYHQW TXH
OHV HQIDQWV VRQW SOXV HQ VpFXULWp ORUVTX¶LOV
VRQW FRUUHFWHPHQW DWWDFKpV VXU OHV VLqJHV
DUULqUH SOXW{W TXH VXU OHV VLqJHV DYDQW
'DQV WRXV OHV pWDWV GHV eWDWV8QLV HW GDQV
WRXWHV OHV SURYLQFHV GX &DQDGD OD Up
JOHPHQWDWLRQ LPSRVH TXH SHQGDQW TXH OH
YpKLFXOH URXOH OHV QRXUULVVRQV HW OHV
HQIDQWV HQ EDV kJH VRLHQW WRXMRXUV DWWD
FKpV j O¶DLGH GH V\VWqPHV GH UHWHQXH SRXU
HQIDQW GH W\SH KRPRORJXp
%RXWRQ GH GpYHUURXLOODJH
'pYHUURXLOOp
9HUURXLOOp
$ 0DUTXHXU GH GpYHUURXLOODJH HQ URXJH
'$1*(5
$YDQW G¶LQVWDOOHU XQ V\VWqPH GH
UHWHQXH SRXU HQIDQW DVVXUH]YRXV
GH YpULILHU TXH OH GRVVLHU GH VLqJH
HVW FRUUHFWHPHQW YHUURXLOOp HQ SODFH
/H QRQUHVSHFW GH FHWWH UqJOH IDLW
FRXULU OH ULVTXH GH EOHVVXUHV JUDYHV
RX PRUWHOOHV HQ FDV G¶DFFLGHQW
'$1*(5
,O HVW WUqV GDQJHUHX[ GH WHQLU XQ
HQIDQW VXU OHV JHQRX[ RX OHV EUDV
GDQV XQ YpKLFXOH HQ PRXYHPHQW (Q
FDV GH FROOLVLRQ LO YRXV VHUDLW LP
SRVVLEOH GH SURWpJHU O¶HQIDQW TXL VH
WURXYHUDLW SULV HQWUH YRWUH FRUSV HW
OHV VWUXFWXUHV GX YpKLFXOH
(Q RXWUH XQ HQIDQW WHQX VXU OHV
JHQRX[ RX GDQV OHV EUDV G¶XQH
SHUVRQQH DVVLVH VXU OH VLqJH DYDQW
HVW H[SRVp j XQ DXWUH JUDYH GDQJHU
(Q FDV GH GpSORLHPHQW GX FRXVVLQ
GH VpFXULWp 656 OD YLWHVVH HW OD
IRUFH GH GpSORLHPHQW VRQW WHOOHV
TXH O¶HQIDQW ULVTXHUDLW G¶rWUH EOHVVp
RX PrPH WXp
6LqJHV FHLQWXUHV GH VpFXULWp HW FRXVVLQV GH VpFXULWp 6566\VWqPHV GH UHWHQXH SRXU HQIDQW
& &RQVHLOV GH VpFXULWp SRXU
O¶LQVWDOODWLRQ GHV V\VWqPHV GH
UHWHQXH SRXU HQIDQW
'$1*(5
'$1*(5
/HV HQIDQWV GRLYHQW WRXMRXUV rWUH
FRUUHFWHPHQW DWWDFKpV 1H ODLVVH]
MDPDLV OHV HQIDQWV VH WHQLU GHERXW RX
j JHQRX[ VXU XQ VLqJH 6¶LO Q¶HVW SDV
DWWDFKp XQ HQIDQW ULVTXH G¶rWUH SUR
MHWp HQ DYDQW HQ FDV G¶DUUrW EUXVTXH
RX G¶DFFLGHQW HW G¶rWUH H[SRVp j GH
JUDYHV EOHVVXUHV
(Q RXWUH XQ HQIDQW GHERXW RX j
JHQRX[ j O¶DYDQW GX VLqJH DYDQW HVW
H[SRVp j XQ DXWUH JUDYH GDQJHU (Q
FDV GH GpSORLHPHQW GX FRXVVLQ GH
VpFXULWp 656 OD YLWHVVH HW OD IRUFH
GH GpSORLHPHQW VRQW WHOOHV TXH O¶HQ
IDQW ULVTXHUDLW G¶rWUH EOHVVp RX Pr
PH WXp
. /HV V\VWqPHV GH UHWHQXH SRXU
HQIDQW HW OHV FHLQWXUHV GH VpFX
ULWp G¶XQ YpKLFXOH UHVWp IHUPp HQ
SOHLQ VROHLO SHXYHQW GHYHQLU EU€
ODQWV 9pULILH] OD WHPSpUDWXUH GX
V\VWqPH GH VpFXULWp SRXU HQIDQW
DYDQW G¶\ LQVWDOOHU XQ HQIDQW
. 1H ODLVVH] MDPDLV XQ V\VWqPH GH
UHWHQXH SRXU HQIDQW QRQ IL[p
GDQV YRWUH YpKLFXOH ,O ULVTXHUDLW
G¶rWUH SURMHWp j O¶LQWpULHXU GX
YpKLFXOH HQ FDV GH YLUDJHV G¶DU
UrW EUXVTXH RX G¶DFFLGHQW H[SR
VDQW O¶HQIDQW HW OHV DXWUHV RFFX
SDQWV GX YpKLFXOH j GHV EOHVVX
UHV JUDYHV YRLUH PRUWHOOHV
$77(17,21
/RUVTXH YRXV LQVWDOOH] XQ V\VWqPH
GH UHWHQXH SRXU HQIDQW VXLYH] OHV
LQVWUXFWLRQV IRXUQLHV SDU OH IDEULFDQW
GH FH V\VWqPH $SUqV DYRLU LQVWDOOp
OH V\VWqPH GH UHWHQXH SRXU HQIDQW
DVVXUH]YRXV TX¶LO HVW ELHQ IL[p HQ
SRVLWLRQ 8QH PDXYDLVH IL[DWLRQ RX
XQ PDXYDLV PDLQWLHQ DXJPHQWHUDLW
OH ULVTXH GH EOHVVXUHV SRXU O¶HQIDQW
HQ FDV G¶DFFLGHQW
± 68,7( ±
6LqJHV FHLQWXUHV GH VpFXULWp HW FRXVVLQV GH VpFXULWp 6566\VWqPHV GH UHWHQXH SRXU HQIDQW
& 2 SODFHU OH V\VWqPH GH UHWH
QXH SRXU HQIDQW
9RXV WURXYHUH] FLDSUqV OHV UHFRPPDQGD
WLRQV GH 68%$58 VXU O¶HQGURLW R LO
FRQYLHQW G¶LQVWDOOHU XQ V\VWqPH GH UHWHQXH
SRXU HQIDQW GDQV YRWUH YpKLFXOH
GH UHWHQXH SRXU HQIDQW
. &HLQWXUHV GH VpFXULWp j HQURXOHXU j
EORFDJH DXWRPDWLTXHHQURXOHXU j EORFDJH
G¶XUJHQFH $/5(/5
. $QFUDJHV LQIpULHXUV EDUUHV
. $QFUDJHV VXSpULHXUV DQFUDJHV GH
ORQJHV
&HUWDLQV W\SHV GH V\VWqPH GH UHWHQXH
SRXU HQIDQW QH SHXYHQW SDV VH IL[HU
IHUPHPHQW j FHWWH SODFH HQ UDLVRQ GX
GpSDVVHPHQW GX FRXVVLQ GH VLqJH
1¶LQVWDOOH] XQ V\VWqPH GH UHWHQXH SRXU
HQIDQW j FHWWH SODFH TXH VL OH IRQG GX VLqJH
G¶HQIDQW pSRXVH OD IRUPH GX FRXVVLQ GH
VLqJH GX YpKLFXOH HW V¶LO HVW SRVVLEOH GH OH
PDLQWHQLU IHUPHPHQW DYHF OD FHLQWXUH GH
VpFXULWp
$ 6LqJH GX SDVVDJHU DYDQW
9RXV QH GHYH] SDV LQVWDOOHU GH V\VWqPH GH
UHWHQXH SRXU HQIDQW \ FRPSULV XQ VLqJH
GH UHKDXVVHPHQW VXU FH VLqJH HQ UDLVRQ
GX ULVTXH TXH IHUDLW FRXULU j O¶HQIDQW OH
FRXVVLQ GH VpFXULWp GX SDVVDJHU
% 6LqJH DUULqUH DX[ SODFHV F{Wp YLWUHV
(PSODFHPHQWV UHFRPPDQGpV SRXU O¶LQV
WDOODWLRQ GH WRXV W\SHV GH V\VWqPH GH
UHWHQXH SRXU HQIDQW
'DQV FHV SRVLWLRQV O¶pTXLSHPHQW VXLYDQW
HVW IRXUQL SRXU O¶LQVWDOODWLRQ G¶XQ V\VWqPH
& 6LqJH DUULqUH SODFH GX PLOLHX
/D FHLQWXUH GH VpFXULWp GH W\SH j HQURXOHXU
$/5(/5 HW XQ DQFUDJH KDXW DQFUDJH GH
ORQJH VHORQ PRGqOHV VRQW IRXUQLV GDQV
FHWWH SRVLWLRQ
&HUWDLQV W\SHV GH V\VWqPH GH UHWHQXH
SRXU HQIDQW QH SHXYHQW SDV VH IL[HU
IHUPHPHQW j FHWWH SODFH HQ UDLVRQ GX
GpSDVVHPHQW GX FRXVVLQ GH VLqJH
1¶LQVWDOOH] XQ V\VWqPH GH UHWHQXH SRXU
HQIDQW j FHWWH SODFH TXH VL OH IRQG GX VLqJH
G¶HQIDQW pSRXVH OD IRUPH GX FRXVVLQ GH
VLqJH GX YpKLFXOH HW V¶LO HVW SRVVLEOH GH OH
PDLQWHQLU IHUPHPHQW DYHF OD FHLQWXUH GH
VpFXULWp
/RUVTXH YRXV LQVWDOOH] XQ V\VWqPH GH
UHWHQXH SRXU HQIDQW GDQV OD SRVLWLRQ
DVVLVH FHQWUDOH GH OD EDQTXHWWH DUULqUH
OHYH] O¶DSSXLWrWH FHQWUDO
/HV DQFUDJHV LQIpULHXUV EDUUHV SRXU OHV
SRVLWLRQV DVVLVHV F{Wp YLWUHV SHXYHQW rWUH
XWLOLVpV SRXU XQ VLqJH GDQV OD SRVLWLRQ
DVVLVH FHQWUDOH VL OHV LQVWUXFWLRQV GX
IDEULFDQW GX V\VWqPH GH UHWHQXH SRXU
HQIDQW OH SHUPHWWHQW HW VSpFLILHQW O¶XWLOLVD
WLRQ G¶DQFUHV DXVVL pORLJQpHV O¶XQH GH
O¶DXWUH TXH GDQV FHOOHV GH FH YpKLFXOH
6L XQ V\VWqPH GH UHWHQXH SRXU HQIDQW
Q¶HVW SDV FRUUHFWHPHQW DWWDFKp SDU H[HP
SOH VL XQ V\VWqPH GH UHWHQXH SRXU HQIDQW
SHXW rWUH GpSODFp GH SOXV GH FP SR
G¶XQ F{Wp j O¶DXWUH YRXV GHYH] LQVWDOOHU OH
V\VWqPH GH UHWHQXH SRXU HQIDQW VXU XQ
VLqJH DUULqUH VXU XQH SODFH F{Wp YLWUH
'$1*(5
. 0rPH DYHF GHV FRXVVLQV GH
VpFXULWp DYDQFpV OHV HQIDQWV
SHXYHQW rWUH VpULHXVHPHQW EOHV
VpV SDU OH FRXVVLQ GH VpFXULWp
/HV HQIDQWV GRLYHQW WRXMRXUV rWUH
LQVWDOOpV VXU OHV VLqJHV DUULqUH HW
FRQYHQDEOHPHQW DWWDFKpV /H
FRXVVLQ GH VpFXULWp 656 VH Gp
6LqJHV FHLQWXUHV GH VpFXULWp HW FRXVVLQV GH VpFXULWp 6566\VWqPHV GH UHWHQXH SRXU HQIDQW
SORLH WUqV UDSLGHPHQW DYHF XQH
pQHUJLH FRQVLGpUDEOH HW LO SHXW
EOHVVHU RX PrPH WXHU XQ HQIDQW
TXL Q¶HVW SDV DWWDFKp RX PDO
DWWDFKp 3OXV OpJHUV HW PRLQV
UREXVWHV TXH OHV DGXOWHV OHV
HQIDQWV VRQW SOXV H[SRVpV DX
ULVTXH GH EOHVVXUHV SDU GpSORLH
PHQW GX FRXVVLQ GH VpFXULWp
3RXU FHWWH UDLVRQ YRXV GHYH]
YHLOOHU j FH TXH 7286 OHV V\VWq
PHV GH UHWHQXH SRXU HQIDQW \
FRPSULV OHV VLqJHV SRXU HQIDQW
WRXUQpV YHUV O¶DYDQW VRLHQW WRX
MRXUV LQVWDOOpV VXU OHV VLqJHV
$55,Ê5( 3URFXUH]YRXV XQ V\V
WqPH GH UHWHQXH DSSURSULp j
O¶kJH j OD WDLOOH HW DX SRLGV GH
O¶HQIDQW /HV VWDWLVWLTXHV G¶DFFL
GHQWV SURXYHQW TXH OHV HQIDQWV
VRQW SOXV HQ VpFXULWp ORUVTX¶LOV
VRQW FRUUHFWHPHQW DWWDFKpV VXU
OHV VLqJHV DUULqUH SOXW{W TXH VXU
OHV VLqJHV DYDQW
. 1¶XWLOLVH] SDV G¶DQFUDJHV LQIp
ULHXUV EDUUHV SRXU XQ VLqJH
GDQV OD SRVLWLRQ DVVLVH FHQWUDOH
VDXI VL OHV LQVWUXFWLRQV GX IDEUL
FDQW GX V\VWqPH GH UHWHQXH SRXU
HQIDQW OH SHUPHWWHQW HW VSpFLILHQW
O¶XWLOLVDWLRQ G¶DQFUHV DXVVL pORL
JQpHV O¶XQH GH O¶DXWUH TXH GDQV
FHOOHV GH FH YpKLFXOH
. 1H FRQQHFWH] SDV GHX[ FURFKHWV
LQIpULHXUV RX SOXV DX PrPH DQ
FUDJH EDUUH '$1*(5
e7$17 '211e 48( 9275( 9e+,
&8/( (67 e48,3e '¶81 &2866,1
'( 6e&85,7e 656 '8 &Ð7e '8
3$66$*(5 ,/ 1( )$87 -$0$,6
,167$//(5 '( 6,Ê*( '( 6e&8
5,7e 3285 (1)$17 685 /( 6,Ê*(
'8 3$66$*(5 $9$17 /¶(1)$17
6( 75289(5$,7 7523 35Ê6 '8
&2866,1 '( 6e&85,7e 656 (7
6(5$,7 '21& (;326e ¬ '(6 5,6
48(6 '( %/(6685(6 *5$9(6
92,5( 0257(//(6
& &KRL[ G¶XQ V\VWqPH GH UHWH
QXH SRXU HQIDQW
&KRLVLVVH] OH V\VWqPH GH UHWHQXH SRXU
HQIDQW HQ IRQFWLRQ GH O¶kJH HW GH OD
FRUSXOHQFH GH O¶HQIDQW SRLGV HW WDLOOH SRXU
OH SURWpJHU OH PLHX[ SRVVLEOH /H V\VWqPH
GH UHWHQXH SRXU HQIDQW GRLW rWUH FRQIRUPH
j WRXWHV OHV SUHVFULSWLRQV UpJOHPHQWDLUHV
GHV )HGHUDO 0RWRU 9HKLFOH 6DIHW\ 6WDQ
GDUGV GHV eWDWV8QLV HW 1RUPHV &DQD
GLHQQHV GH 6pFXULWp GHV 9pKLFXOHV j
0RWHXU GX &DQDGD 3RXU YRXV HQ DVVXUHU
FRQVXOWH] O¶pWLTXHWWH GX V\VWqPH GH UHWH
QXH SRXU HQIDQW RX GDQV OD GRFXPHQWD
WLRQ IRXUQLH DYHF OH V\VWqPH OD GpFODUDWLRQ
GH FRQIRUPLWp SDU OH IDEULFDQW
± 68,7( ±
6LqJHV FHLQWXUHV GH VpFXULWp HW FRXVVLQV GH VpFXULWp 6566\VWqPHV GH UHWHQXH SRXU HQIDQW
(Q RXWUH LO HVW LPSRUWDQW GH YpULILHU TXH OH
V\VWqPH GH UHWHQXH SRXU HQIDQW HVW
FRPSDWLEOH DYHF OH YpKLFXOH GDQV OHTXHO LO
GRLW rWUH LQVWDOOp
& ,QVWDOODWLRQ GHV V\VWqPHV GH
UHWHQXH DX PR\HQ GH OD FHLQ
WXUH GH VpFXULWp $/5(/5
$77(17,21
. /RUVTXH YRXV LQVWDOOH] XQ V\V
WqPH GH UHWHQXH SRXU HQIDQW
VXLYH] OHV LQVWUXFWLRQV IRXUQLHV
SDU OH IDEULFDQW GH FH V\VWqPH
$SUqV DYRLU LQVWDOOp OH V\VWqPH GH
UHWHQXH SRXU HQIDQW DVVXUH]
YRXV TX¶LO HVW ELHQ IL[p HQ SRVL
WLRQ 8QH PDXYDLVH IL[DWLRQ RX XQ
PDXYDLV PDLQWLHQ DXJPHQWHUDLW
OH ULVTXH GH EOHVVXUHV SRXU O¶HQ
IDQW HQ FDV G¶DFFLGHQW
. /RUV GH O¶LQVWDOODWLRQ G¶XQ V\V
WqPH GH UHWHQXH SRXU HQIDQW VXU
OD SODFH FHQWUDOH GH OD EDQTXHWWH
DUULqUH UpJOH] OHV GHX[ GRVVLHUV
VXU OD SRVLWLRQ G¶RULJLQH 6LQRQ OH
V\VWqPH GH UHWHQXH SRXU HQIDQW
QH SHXW SDV rWUH FRUUHFWHPHQW
UHWHQX FH TXL SHXW HQWUDvQHU OD
PRUW RX GHV EOHVVXUHV JUDYHV HQ
FDV G¶DUUrW EUXVTXH GH PDQ°X
YUH EUXVTXH GX YRODQW RX G¶XQ
DFFLGHQW
! ,QVWDOODWLRQ G¶XQ V\VWqPH GH UHWHQXH
SRXU HQIDQW WRXUQp YHUV O¶DUULqUH
'$1*(5
$YDQW G¶LQVWDOOHU XQ V\VWqPH GH
UHWHQXH SRXU HQIDQW DVVXUH]YRXV
GH YpULILHU TXH OH GRVVLHU GH VLqJH
HVW FRUUHFWHPHQW YHUURXLOOp HQ SODFH
/H QRQUHVSHFW GH FHWWH UqJOH IDLW
FRXULU OH ULVTXH GH EOHVVXUHV JUDYHV
RX PRUWHOOHV HQ FDV G¶DFFLGHQW
URXLOODJH GH FRXOHXU URXJH TXL HVW
DWWDFKp DX IRQG GX ERXWRQ GH GpYHU
URXLOODJH Q¶HVW SDV YLVLEOH 5HSRUWH]
YRXV j ³'RVVLHU DUULqUH UDEDWWDEOH´ )
SRXU SOXV GH GpWDLOV
,QVWDOOH] OH V\VWqPH GH UHWHQXH SRXU
HQIDQW VXU OD SODFH DUULqUH
'$1*(5
/RUVTXH YRXV HQYLVDJH] G¶LQVWDOOHU
XQ V\VWqPH GH UHWHQXH SRXU HQIDQW
VXU OD SODFH FHQWUDOH DUULqUH VL OH
V\VWqPH GH UHWHQXH SRXU HQIDQWV QH
VH FDOH SDV FRQWUH OHV FRQWRXUV GX
FRXVVLQ GX VLqJH FHQWUDO DUULqUH
LQVWDOOH] OH V\VWqPH GH UHWHQXH SRXU
HQIDQWV VXU XQH SODFH F{Wp YLWUH SRXU
rWUH V€U 5HSRUWH]YRXV j ³2 SODFHU
OH V\VWqPH GH UHWHQXH SRXU HQIDQW´
) SRXU SOXV GH GpWDLOV
3DVVH] OD VDQJOHEDXGULHU HW OD VDQJOH
DEGRPLQDOH DX WUDYHUV HW DXWRXU GX V\V
WqPH GH UHWHQXH SRXU HQIDQW HQ VXLYDQW
OHV LQVWUXFWLRQV IRXUQLHV SDU OH IDEULFDQW
,QWURGXLVH] OD ODQJXHWWH GDQV OD ERXFOH
MXVTX¶j HQFOHQFKHPHQW
6HFRXH] OH GRVVLHU GH VLqJH SRXU
YpULILHU TX¶LO HVW ELHQ YHUURXLOOp HQ SODFH
± 9pULILH] TXH OH PDUTXHXU GH GpYHU
6LqJHV FHLQWXUHV GH VpFXULWp HW FRXVVLQV GH VpFXULWp 6566\VWqPHV GH UHWHQXH SRXU HQIDQW
6XSSULPH] OH PRX GH OD VDQJOH DEGR
PLQDOH
6L O¶XWLOLVDWLRQ GH OD FHLQWXUH GH VpFXULWp
HQ PRGH $/5 HVW UHFRPPDQGpH SDU OHV
LQVWUXFWLRQV GX IDEULFDQW IRXUQLHV DYHF OH
V\VWqPH GH UHWHQXH SRXU HQIDQWV DORUV
SURFpGH] FRPPH VXLW
'pURXOH] FRPSOqWHPHQW OD FHLQWXUH GH
VpFXULWp KRUV GH O¶HQURXOHXU SRXU IDLUH
SDVVHU FH GHUQLHU GH OD IRQFWLRQ G¶HQURX
OHXU j EORFDJH G¶XUJHQFH (/5 DX PRGH
HQURXOHXU j EORFDJH DXWRPDWLTXH $/5 /DLVVH] OD FHLQWXUH V¶HQURXOHU GDQV
O¶HQURXOHXU /RUVTXH OD VDQJOH V¶HQURXOH
GDQV O¶HQURXOHXU RQ HQWHQG XQ FOLTXHWLV TXL
LQGLTXH TXH O¶HQURXOHXU HVW HQ PRGH $/5
3RXVVH] HW WLUH] OH V\VWqPH GH UHWHQXH
SRXU HQIDQW GDQV OH VHQV DYDQWDUULqUH HW
VXU OHV F{WpV SRXU YRXV DVVXUHU TX¶LO HVW
IHUPHPHQW IL[p 8Q V\VWqPH GH UHWHQXH
SRXU HQIDQW HVW VRXYHQW PDLQWHQX SOXV
IHUPHPHQW VL RQ O¶HQIRQFH OH SOXV SRVVLEOH
VXU OH FRXVVLQ GH VLqJH DYDQW GH VHUUHU OD
FHLQWXUH GH VpFXULWp
6L OD FHLQWXUH GH VpFXULWp D pWp UpJOpH
VXU OH PRGH $/5 j O¶pWDSH WLUH] VXU OD
VDQJOHEDXGULHU SRXU YpULILHU TX¶HOOH QH VH
GpURXOH SDV F¶HVWjGLUH TXH O¶$/5 IRQF
WLRQQH ELHQ 3RXU HQOHYHU OH V\VWqPH GH UHWHQXH
SRXU HQIDQW DSSX\H] VXU OH ERXWRQ GH
GpYHUURXLOODJH GH OD ERXFOH GH FHLQWXUH GH
VpFXULWp HW HQURXOH] FRPSOqWHPHQW OD
VDQJOH GDQV O¶HQURXOHXU /¶HQURXOHXU UH
SDVVH HQ PRGH (/5
'$1*(5
1¶,167$//(= -$0$,6 81 6,Ê*(
3285 (1)$17 685 /( 6,Ê*( '8
3$66$*(5 $9$17 /¶(1)$17 6(
75289(5$,7 7523 35Ê6 '8
&2866,1 '( 6e&85,7e 656 (7
6(5$,7 '21& (;326e ¬ '(6 5,6
48(6 '( %/(6685(6 *5$9(6
92,5( 0257(//(6
± 68,7( ±
6LqJHV FHLQWXUHV GH VpFXULWp HW FRXVVLQV GH VpFXULWp 6566\VWqPHV GH UHWHQXH SRXU HQIDQW
5(0$548(
(QOHYH] OH V\VWqPH GH UHWHQXH SRXU
HQIDQWV ORUVTXH YRXV QH YRXV HQ VHUYH]
SDV HW UpWDEOLVVH] O¶HQURXOHXU GDQV VD
IRQFWLRQ G¶(/5 3RXU FH IDLUH LO VXIILW
G¶HQURXOHU FRPSOqWHPHQW OD VDQJOH XQH
IRLV
! ,QVWDOODWLRQ G¶XQ V\VWqPH GH UHWHQXH
SRXU HQIDQW WRXUQp YHUV O¶DYDQW
'$1*(5
$YDQW G¶LQVWDOOHU XQ V\VWqPH GH
UHWHQXH SRXU HQIDQW DVVXUH]YRXV
GH YpULILHU TXH OH GRVVLHU GH VLqJH
HVW FRUUHFWHPHQW YHUURXLOOp HQ SODFH
/H QRQUHVSHFW GH FHWWH UqJOH IDLW
FRXULU OH ULVTXH GH EOHVVXUHV JUDYHV
RX PRUWHOOHV HQ FDV G¶DFFLGHQW
6HFRXH] OH GRVVLHU GH VLqJH SRXU
YpULILHU TX¶LO HVW ELHQ YHUURXLOOp HQ SODFH
± 9pULILH] TXH OH PDUTXHXU GH GpYHU
URXLOODJH GH FRXOHXU URXJH TXL HVW
DWWDFKp DX IRQG GX ERXWRQ GH GpYHU
URXLOODJH Q¶HVW SDV YLVLEOH 5HSRUWH]
YRXV j ³'RVVLHU DUULqUH UDEDWWDEOH´ )
SRXU SOXV GH GpWDLOV
(QOHYH] O¶DSSXLWrWH GX VLqJH DUULqUH
VXU OHTXHO OH V\VWqPH GH UHWHQXH SRXU
HQIDQW GRLW rWUH LQVWDOOp 5HSRUWH]YRXV j
³$MXVWHPHQW GHV DSSXLVWrWH´ ) SRXU
SOXV GH GpWDLOV
$77(17,21
5DQJH] O¶DSSXLWrWH TXL D pWp UHWLUp
GDQV OH FRIIUH eYLWH] GH ODLVVHU
O¶DSSXLWrWH GDQV OH FRPSDUWLPHQW
GHV SDVVDJHUV FDU LO ULVTXHUDLW G¶rWUH
SURMHWp GDQV O¶KDELWDFOH HQ FDV G¶DU
UrW EUXVTXH RX GH YLUDJH VHUUp
,QVWDOOH] OH V\VWqPH GH UHWHQXH SRXU
HQIDQW VXU OD SODFH DUULqUH
'$1*(5
/RUVTXH YRXV HQYLVDJH] G¶LQVWDOOHU
XQ V\VWqPH GH UHWHQXH SRXU HQIDQW
VXU OD SODFH FHQWUDOH DUULqUH VL OH
V\VWqPH GH UHWHQXH SRXU HQIDQWV QH
VH FDOH SDV FRQWUH OHV FRQWRXUV GX
FRXVVLQ GX VLqJH FHQWUDO DUULqUH
LQVWDOOH] OH V\VWqPH GH UHWHQXH SRXU
HQIDQWV VXU XQH SODFH F{Wp YLWUH SRXU
rWUH V€U 5HSRUWH]YRXV j ³2 SODFHU
OH V\VWqPH GH UHWHQXH SRXU HQIDQW´
) SRXU SOXV GH GpWDLOV
3DVVH] OD VDQJOHEDXGULHU HW OD VDQJOH
DEGRPLQDOH DX WUDYHUV HW DXWRXU GX V\V
WqPH GH UHWHQXH SRXU HQIDQW HQ VXLYDQW
OHV LQVWUXFWLRQV IRXUQLHV SDU OH IDEULFDQW
,QWURGXLVH] OD ODQJXHWWH GDQV OD ERXFOH
MXVTX¶j HQFOHQFKHPHQW
6LqJHV FHLQWXUHV GH VpFXULWp HW FRXVVLQV GH VpFXULWp 6566\VWqPHV GH UHWHQXH SRXU HQIDQW
6XSSULPH] OH PRX GH OD VDQJOH DEGR
PLQDOH
(IIHFWXH] OD SURFpGXUH VXLYDQWH
'pURXOH] FRPSOqWHPHQW OD FHLQ
WXUH GH VpFXULWp KRUV GH O¶HQURXOHXU
SRXU IDLUH SDVVHU FH GHUQLHU GH OD
IRQFWLRQ G¶HQURXOHXU j EORFDJH G¶XU
JHQFH (/5 DX PRGH HQURXOHXU j
EORFDJH DXWRPDWLTXH $/5 /DLVVH] OD FHLQWXUH V¶HQURXOHU GDQV
O¶HQURXOHXU /RUVTXH OD VDQJOH V¶HQ
URXOH GDQV O¶HQURXOHXU RQ HQWHQG XQ
FOLTXHWLV TXL LQGLTXH TXH O¶HQURXOHXU HVW
HQ PRGH $/5
$YDQW G¶LQVWDOOHU O¶HQIDQW YpULILH] TXH OH
V\VWqPH GH UHWHQXH SRXU HQIDQW HVW ELHQ
IL[p HQ HVVD\DQW GH OH GpSODFHU GDQV WRXV
OHV VHQV 8Q V\VWqPH GH UHWHQXH SRXU
HQIDQW HVW VRXYHQW PDLQWHQX SOXV IHUPH
PHQW VL RQ O¶HQIRQFH OH SOXV SRVVLEOH VXU OH
FRXVVLQ GH VLqJH DYDQW GH VHUUHU OD
FHLQWXUH GH VpFXULWp
7LUH] VXU OD VDQJOHEDXGULHU SRXU YpUL
ILHU TX¶HOOH QH VH GpURXOH SDV F¶HVWjGLUH
TXH O¶$/5 IRQFWLRQQH ELHQ $FFURFKH] OH FURFKHW G¶DQFUDJH VXSp
ULHXU VXU O¶DQFUDJH G¶DWWDFKH TXL VH WURXYH
GHUULqUH OH VLqJH DUULqUH HW VHUUH] OD VDQJOH
VXSpULHXUH IHUPHPHQW 3RXU GHV LQVWUXF
WLRQV VXSSOpPHQWDLUHV UHSRUWH]YRXV j
³$QFUDJHV GH ORQJH VXSpULHXUH´ )
3RXU HQOHYHU OH V\VWqPH GH UHWHQXH
SRXU HQIDQW DSSX\H] VXU OH ERXWRQ GH
GpYHUURXLOODJH GH OD ERXFOH GH FHLQWXUH GH
VpFXULWp HW HQURXOH] FRPSOqWHPHQW OD
VDQJOH GDQV O¶HQURXOHXU /¶HQURXOHXU UH
SDVVH HQ PRGH (/5
'$1*(5
1¶,167$//(= -$0$,6 81 6,Ê*(
3285 (1)$17 685 /( 6,Ê*( '8
3$66$*(5 $9$17 /¶(1)$17 6(
75289(5$,7 7523 35Ê6 '8
&2866,1 '( 6e&85,7e 656 (7
6(5$,7 '21& (;326e ¬ '(6 5,6
48(6 '( %/(6685(6 *5$9(6
92,5( 0257(//(6
± 68,7( ±
6LqJHV FHLQWXUHV GH VpFXULWp HW FRXVVLQV GH VpFXULWp 6566\VWqPHV GH UHWHQXH SRXU HQIDQW
5(0$548(
(QOHYH] OH V\VWqPH GH UHWHQXH SRXU
HQIDQWV ORUVTXH YRXV QH YRXV HQ VHUYH]
SDV HW UpWDEOLVVH] O¶HQURXOHXU GDQV VD
IRQFWLRQ G¶(/5 3RXU FH IDLUH LO VXIILW
G¶HQURXOHU FRPSOqWHPHQW OD VDQJOH XQH
IRLV
& ,QVWDOODWLRQ GX VLqJH UHKDXV
VHXU
3RVH] OH VLqJH UHKDXVVHXU j OD SODFH
DUULqUH HW DVVH\H] O¶HQIDQW GHVVXV /¶HQ
IDQW GRLW rWUH DVVLV ELHQ HQ DUULqUH VXU OH
VLqJH UHKDXVVHXU
)DLWHV SDVVHU OD VDQJOHEDXGULHU HW OD
VDQJOH DEGRPLQDOH j WUDYHUV OH VLqJH
UHKDXVVHXU RX DXWRXU GX FRXVVLQ HW GH
O¶HQIDQW HQ VXLYDQW OHV LQVWUXFWLRQV IRXU
QLHV SDU OH IDEULFDQW
,QWURGXLVH] OD ODQJXHWWH GDQV OD ERXFOH
MXVTX¶j HQFOHQFKHPHQW 9HLOOH] j QH SDV
HQWRUWLOOHU OD FHLQWXUH GH VpFXULWp
$VVXUH]YRXV TXH OD VDQJOHEDXGULHU
SDVVH HQ WUDYHUV GH O¶pSDXOH GH O¶HQIDQW
DX PLOLHX HW TXH OD VDQJOH DEGRPLQDOH
SDVVH OH SOXV EDV SRVVLEOH VXU OH EDVVLQ GH
O¶HQIDQW
3RXU HQOHYHU OH VLqJH UHKDXVVHXU
DSSX\H] VXU OH ERXWRQ GH GpYHUURXLOODJH
GH OD ERXFOH GH FHLQWXUH GH VpFXULWp SRXU
HQURXOHU OD FHLQWXUH
'$1*(5
. 1¶XWLOLVH] MDPDLV XQH FHLQWXUH
DYHF OD VDQJOH HQWRUWLOOpH RX j
O¶HQYHUV (Q FDV G¶DFFLGHQW FHOD
DXJPHQWHUDLW SRXU O¶HQIDQW OH
ULVTXH GH EOHVVXUHV RX OHXU JUD
YLWp
. 1H IDLWHV MDPDLV SDVVHU OD VDQJOH
EDXGULHU VRXV O¶DLVVHOOH RX GDQV
OH GRV GH O¶HQIDQW (Q FDV G¶DFFL
GHQW FHOD DXJPHQWHUDLW SRXU
O¶HQIDQW OH ULVTXH GH EOHVVXUHV
RX OHXU JUDYLWp
. /D FHLQWXUH GH VpFXULWp GRLW rWUH
SUqV GX FRUSV SRXU XQ PDLQWLHQ
RSWLPDO 0DO DMXVWpH OD FHLQWXUH
GH VpFXULWp HVW PRLQV HIILFDFH
. )DLWHV SDVVHU OD VDQJOH DEGRPL
QDOH OH SOXV EDV SRVVLEOH VXU OH
EDVVLQ GH O¶HQIDQW 8QH VDQJOH
YHQWUDOH KDXW SODFpH DXJPHQWHUD
OH ULVTXH GH JOLVVHU VRXV OD
VDQJOH YHQWUDOH HW GX JOLVVHPHQW
GH OD VDQJOH DXGHVVXV GH O¶DE
GRPHQ OHV GHX[ FDV SRXYDQW
UpVXOWHU HQ GHV EOHVVXUHV LQWHU
QHV JUDYHV YRLUH PRUWHOOHV
. $VVXUH]YRXV TXH OD VDQJOHEDX
GULHU SDVVH HQ WUDYHUV GH O¶pSDXOH
GH O¶HQIDQW DX PLOLHX 8QH VDQJOH
6LqJHV FHLQWXUHV GH VpFXULWp HW FRXVVLQV GH VpFXULWp 6566\VWqPHV GH UHWHQXH SRXU HQIDQW
EDXGULHU SDVVDQW GHYDQW OH FRX
SHXW rWUH j O¶RULJLQH G¶XQH EOHV
VXUH DX FRX HQ FDV GH IUHLQDJH
EUXVTXH RX GH FROOLVLRQ
/RZHU $QFKRUV DQG 7HWKHUV IRU &+LOGUHQ & ,QVWDOODWLRQ G¶XQ V\VWqPH GH
UHWHQXH SRXU HQIDQW DX PR\HQ
GHV DQFUDJHV LQIpULHXUV HW
ORQJHV /$7&+
/HV DQFUDJHV LQIpULHXUV EDUUHV QH V¶XWL
OLVHQW TXH GDQV OH FDV R OH V\VWqPH GH
UHWHQXH SRXU HQIDQW HVW LQVWDOOp VXU XQH
SODFH DUULqUH F{Wp YLWUH 'HX[ DQFUDJHV
LQIpULHXUV VRQW IRXUQLV SRXU FKDFXQH GHV
SODFHV F{Wp YLWUH
&KDTXH DQFUDJH LQIpULHXU HVW VLWXp VRXV OH
FRXYHUFOH GH OD SDUWLH LQIpULHXUH GX GRVVLHU
GH VLqJH
9RWUH YpKLFXOH HVW pTXLSp GH TXDWUH
DQFUDJHV LQIpULHXUV EDUUHV HW GH WURLV
DQFUDJHV VXSpULHXUV DQFUDJHV G¶DWWDFKH
SRXU LQVWDOOHU OHV V\VWqPHV GH UHWHQXH
SRXU HQIDQW GH FH W\SH
&HUWDLQV W\SHV GH V\VWqPH GH UHWHQXH
SRXU HQIDQW SHXYHQW rWUH LQVWDOOpV VXU OH
VLqJH DUULqUH GH YRWUH YpKLFXOH VDQV XWLOLVHU
OHV FHLQWXUHV GH VpFXULWp &HV V\VWqPHV
GH UHWHQXH SRXU HQIDQW VH IL[HQW j GHV
DQFUDJHV SUpYXV j FHW HIIHW VXU OD FDUURV
VHULH GX YpKLFXOH /HV DQFUDJHV LQIpULHXUV
HW DQFUDJHV GH ORQJH VRQW SDUIRLV DSSHOpV
V\VWqPH /$7&+ DEUpYLDWLRQ GH O¶DQJODLV
/HV DQFUDJHV G¶DWWDFKH DQFUDJHV VXSpUL
HXUV VH WURXYHQW DX[ HPSODFHPHQWV
LQGLTXpV VXU O¶LOOXVWUDWLRQ FLGHVVXV 5H
SRUWH]YRXV j ³$QFUDJHV GH ORQJH VXSpUL
HXUH´ ) SRXU SOXV GH GpWDLOV
3RXU LQVWDOOHU XQ V\VWqPH GH UHWHQXH SRXU
HQIDQWV j O¶DLGH G¶DQFUDJHV LQIpULHXUV HW
G¶DWWDFKH VXLYH] OD SURFpGXUH VXLYDQWH
± 68,7( ±
6LqJHV FHLQWXUHV GH VpFXULWp HW FRXVVLQV GH VpFXULWp 6566\VWqPHV GH UHWHQXH SRXU HQIDQW
'$1*(5
$YDQW G¶LQVWDOOHU XQ V\VWqPH GH
UHWHQXH SRXU HQIDQW DVVXUH]YRXV
GH YpULILHU TXH OH GRVVLHU GH VLqJH
HVW FRUUHFWHPHQW YHUURXLOOp HQ SODFH
/H QRQUHVSHFW GH FHWWH UqJOH IDLW
FRXULU OH ULVTXH GH EOHVVXUHV JUDYHV
RX PRUWHOOHV HQ FDV G¶DFFLGHQW
6HFRXH] OH GRVVLHU GH VLqJH SRXU
YpULILHU TX¶LO HVW ELHQ YHUURXLOOp HQ SODFH
± 9pULILH] TXH OH PDUTXHXU GH GpYHU
URXLOODJH GH FRXOHXU URXJH TXL HVW
DWWDFKp DX IRQG GX ERXWRQ GH GpYHU
URXLOODJH Q¶HVW SDV YLVLEOH 5HSRUWH]
YRXV j ³'RVVLHU DUULqUH UDEDWWDEOH´ )
SRXU SOXV GH GpWDLOV
/HV LQVFULSWLRQV ³ ´ ILJXUHQW DX EDV
GHV GRVVLHUV GH VLqJH DUULqUH &HV LQVFULS
WLRQV LQGLTXHQW OD SRVLWLRQ GHV DQFUDJHV
LQIpULHXUV EDUUHV 5HWLUH] OHV FRXYHUFOHV HW VLWXH] OHV DQFUD
JHV LQIpULHXUV EDUUHV 5HWLUH] OHV DSSXLHWrWH GHV VLqJHV
DUULqUH 5HSRUWH]YRXV j ³$MXVWHPHQW GHV
DSSXLVWrWH´ ) SRXU SOXV GH GpWDLOV
$77(17,21
5DQJH] O¶DSSXLWrWH TXL D pWp UHWLUp
GDQV OH FRIIUH eYLWH] GH ODLVVHU
O¶DSSXLWrWH GDQV OH FRPSDUWLPHQW
GHV SDVVDJHUV FDU LO ULVTXHUDLW G¶rWUH
SURMHWp GDQV O¶KDELWDFOH HQ FDV G¶DU
UrW EUXVTXH RX GH YLUDJH VHUUp
(Q VXLYDQW OHV LQVWUXFWLRQV IRXUQLHV SDU
OH IDEULFDQW GX V\VWqPH GH UHWHQXH SRXU
HQIDQW IL[H] OHV FURFKHWV LQIpULHXUV DX[
DQFUDJHV LQIpULHXUV j O¶HQGURLW GHV PDU
TXHV ³ ´ HQ EDV GX GRVVLHU GX VLqJH
DUULqUH (Q DFFURFKDQW OHV FURFKHWV YHLOOH]
j QH SDV SUHQGUH OHV FHLQWXUHV GH VpFXULWp
YRLVLQHV
6LqJHV FHLQWXUHV GH VpFXULWp HW FRXVVLQV GH VpFXULWp 6566\VWqPHV GH UHWHQXH SRXU HQIDQW
& $QFUDJHV GH ORQJH VXSpUL
HXUH
9RWUH YpKLFXOH HVW pTXLSp GH WURLV DQFUD
JHV GH ORQJH VXSpULHXUH SHUPHWWDQW O¶LQV
WDOODWLRQ G¶XQ V\VWqPH GH UHWHQXH SRXU
HQIDQW pTXLSp G¶XQH ORQJH VXSpULHXUH VXU
OHV SODFHV DUULqUH 3RXU LQVWDOOHU XQ V\V
WqPH GH UHWHQXH SRXU HQIDQW DYHF XQH
ORQJH VXSpULHXUH SURFpGH] FRPPH VXLW
HQ YRXV FRQIRUPDQW DX[ LQVWUXFWLRQV GX
IDEULFDQW GX V\VWqPH GH UHWHQXH SRXU
HQIDQW
6L OH V\VWqPH GH UHWHQXH SRXU HQIDQW
HVW GH W\SH j IL[DWLRQ VRXSOH >DYHF OHTXHO OH
V\VWqPH GH UHWHQXH SRXU HQIDQW VH IL[H
DX[ DQFUDJHV LQIpULHXUV DX PR\HQ GH
ORQJHV@
7RXW HQ HQIRQoDQW OH VLqJH SRXU HQIDQW
GDQV OH FRXVVLQ GH VLqJH WLUH] OHV GHX[
ORQJHV LQIpULHXUHV SRXU VXSSULPHU OH PRX
HW LPPRELOLVHU OH V\VWqPH GH UHWHQXH SRXU
HQIDQW
$FFURFKH] OH FURFKHW G¶DQFUDJH VXSp
ULHXU VXU O¶DQFUDJH G¶DWWDFKH TXL VH WURXYH
VXU OD WDEOHWWH DUULqUH HW VHUUH] OD VDQJOH
VXSpULHXUH IHUPHPHQW 3RXU GHV LQVWUXF
WLRQV VXSSOpPHQWDLUHV UHSRUWH]YRXV j
³$QFUDJHV GH ORQJH VXSpULHXUH´ )
$YDQW G¶DVVHRLU XQ HQIDQW GDQV OH
V\VWqPH GH UHWHQXH SRXU HQIDQW HVVD\H]
GH GpSODFHU OH VLqJH GDQV WRXWHV OHV
GLUHFWLRQV SRXU YRXV DVVXUHU TX¶LO HVW
IHUPHPHQW PDLQWHQX HQ SRVLWLRQ
3RXU HQOHYHU OH V\VWqPH GH UHWHQXH
SRXU HQIDQW UHSUHQH] OHV RSpUDWLRQV
G¶LQVWDOODWLRQ GDQV O¶RUGUH LQYHUVH
8QH ORQJH VXSpULHXUH DVVXUDQW XQH SOXV
JUDQGH VWDELOLWp HQ DMRXWDQW XQ SRLQW GH
IL[DWLRQ VXSSOpPHQWDLUH HQWUH OH V\VWqPH
GH UHWHQXH SRXU HQIDQW HW OH YpKLFXOH QRXV
YRXV UHFRPPDQGRQV GH WRXMRXUV XWLOLVHU OD
ORQJH VXSpULHXUH ORUVTX¶HOOH HVW QpFHV
VDLUH RX ORUVTX¶HOOH HVW IRXUQLH
3RXU WRXWH TXHVWLRQ j SURSRV GH FH W\SH GH
V\VWqPH GH UHWHQXH SRXU HQIDQW DGUHV
VH]YRXV j YRWUH FRQFHVVLRQQDLUH
68%$58
± 68,7( ±
6LqJHV FHLQWXUHV GH VpFXULWp HW FRXVVLQV GH VpFXULWp 6566\VWqPHV GH UHWHQXH SRXU HQIDQW
! (PSODFHPHQWV GHV DQFUDJHV
! 3RXU DFFURFKHU OD ORQJH VXSpULHXUH
$77(17,21
5HWLUH] O¶DSSXLWrWH ORUVTXH YRXV
LQVWDOOH] XQ V\VWqPH GH UHWHQXH
SRXU HQIDQW 'DQV OH FDV FRQWUDLUH
OD ORQJH VXSpULHXUH SRXUUDLW QH SDV
V¶DWWDFKHU HW VH WHQGUH FRUUHFWH
PHQW
3RXU VLqJH JDXFKH
3RXU VLqJH FHQWUDO
3RXU VLqJH GURLW
&HV DQFUDJHV VXSpULHXUV VRQW LQVWDOOpV VXU
OD WDEOHWWH DUULqUH GHUULqUH OH VLqJH DUULqUH
2XYUH] OH FRXYHUFOH HW DWWDFKH] OH
FURFKHW GH OD ORQJH VXSpULHXUH GX V\VWqPH
GH UHWHQXH SRXU HQIDQW VXU O¶DQFUDJH
VXSpULHXU DSSURSULp
7HQGH] IHUPHPHQW OD ORQJH VXSpUL
HXUH
3RXU WRXWH TXHVWLRQ FRQFHUQDQW O¶LQVWDOOD
WLRQ G¶XQ V\VWqPH GH UHWHQXH SRXU HQIDQW
DGUHVVH]YRXV j YRWUH FRQFHVVLRQQDLUH
68%$58
6LqJHV FHLQWXUHV GH VpFXULWp HW FRXVVLQV GH VpFXULWp 656&RXVVLQ GH VpFXULWp 656 6\VWqPH GH 5HWHQXH 6XSSOpPHQWDLUH
&RXVVLQ GH VpFXULWp 656
6\VWqPH GH 5HWHQXH 6XS
SOpPHQWDLUH
656 $EUpYLDWLRQ GH O¶H[SUHVVLRQ ³6\V
WqPH GH 5HWHQXH 6XSSOpPHQWDLUH´ &HWWH
DSSHOODWLRQ HVW GXH DX IDLW TXH OH V\VWqPH
GHV FRXVVLQV GH VpFXULWp FRQVWLWXH XQH
SURWHFWLRQ VXSSOpPHQWDLUH HQ SOXV GHV
FHLQWXUHV GH VpFXULWp
9RWUH YpKLFXOH HVW pTXLSp G¶XQ V\VWqPH GH
UHWHQXH VXSSOpPHQWDLUH HQ SOXV GH OD
FHLQWXUH GH VpFXULWp DEGRPLQDOHG¶pSDXOH
j OD SODFH GX FRQGXFWHXU j OD SODFH GX
SDVVDJHU DYDQW HW DX[ GHX[ SODFHV GHV
SDVVDJHUV DUULqUH F{Wp SRUWLqUH /H V\V
WqPH GH UHWHQXH VXSSOpPHQWDLUH 656 VH
FRPSRVH GHV FRXVVLQV GH VpFXULWp VXL
YDQWV . &RXVVLQV GH VpFXULWp IURQWDX[ GX
FRQGXFWHXU HW GX SDVVDJHU DYDQW
. &RXVVLQV GH VpFXULWp ODWpUDX[ GX
FRQGXFWHXU HW GX SDVVDJHU DYDQW
. 5LGHDX[ GH VpFXULWp SRXU OH FRQGXF
WHXU OH SDVVDJHU DYDQW HW OHV SDVVDJHUV
DUULqUH GHV F{WpV SRUWLqUHV
. 3URWqJHJHQRX[ JRQIODEOH SRXU OH
FRQGXFWHXU
&HV FRXVVLQV GH VpFXULWp 656 QH VRQW
FRQoXV TXH FRPPH XQH SURWHFWLRQ
VXSSOpPHQWDLUH HQ SOXV GH OD FHLQWXUH
GH VpFXULWp
/H V\VWqPH FRPPDQGH DXVVL OHV SUpWHQ
VLRQQHXUV GH FHLQWXUH GH VpFXULWp DYDQW
3RXU GHV FRQVHLOV HW SUpFDXWLRQV G¶XWLOLVD
WLRQ VXSSOpPHQWDLUHV FRQFHUQDQW OHV SUp
WHQVLRQQHXUV GH FHLQWXUH GH VpFXULWp
UHSRUWH]YRXV j ³3UpWHQVLRQQHXUV GHV
FHLQWXUHV GH VpFXULWp DYDQW´ )
& 3UpFDXWLRQV JpQpUDOHV UHODWL
YHV DX V\VWqPH GH FRXVVLQV
GH VpFXULWp 656
'$1*(5
. 3RXU EpQpILFLHU GH OD PHLOOHXUH
SURWHFWLRQ SRVVLEOH HQ FDV G¶DF
FLGHQW OH FRQGXFWHXU HW WRXV OHV
SDVVDJHUV GRLYHQW WRXMRXUV DYRLU
OHXU FHLQWXUH GH VpFXULWp ERXFOpH
ORUVTX¶LOV VH WURXYHQW GDQV OH
YpKLFXOH /H FRXVVLQ GH VpFXULWp
656 Q¶HVW FRQoX TXH SRXU rWUH
XQH SURWHFWLRQ VXSSOpPHQWDLUH
HQ SOXV GH OD FHLQWXUH GH VpFXULWp
,O QH GLVSHQVH SDV G¶XWLOLVHU OHV
FHLQWXUHV GH VpFXULWp (Q FRPEL
QDLVRQ DYHF OHV FHLQWXUHV GH
VpFXULWp LOV DVVXUHQW OD PHLOOHXUH
SURWHFWLRQ SRVVLEOH HQ FDV G¶DF
FLGHQW JUDYH
1H SDV SRUWHU GH FHLQWXUH GH
VpFXULWp DXJPHQWH OH ULVTXH GH
EOHVVXUHV JUDYHV RX PRUWHOOHV HQ
FDV GH FROOLVLRQ PrPH VL OH
YpKLFXOH HVW pTXLSp GH FRXVVLQV
GH VpFXULWp 656
3RXU GHV FRQVLJQHV HW SUpFDX
WLRQV UHODWLYHV DX V\VWqPH GH
FHLQWXUHV GH VpFXULWp UHSRUWH]
YRXV j ³&HLQWXUHV GH VpFXULWp´
)
. /H FRXVVLQ GH VpFXULWp ODWpUDO
656 HW OH ULGHDX GH VpFXULWp 656
QH VRQW FRQoXV TXH SRXU rWUH XQH
SURWHFWLRQ VXSSOpPHQWDLUH HQ
SOXV GH OD FHLQWXUH GH VpFXULWp
,OV QH GLVSHQVHQW SDV G¶DWWDFKHU
OHV FHLQWXUHV GH VpFXULWp ,O HVW HQ
RXWUH LPSRUWDQW GH ERXFOHU VD
FHLQWXUH GH VpFXULWp SRXU FRQWUL
EXHU j pYLWHU OHV EOHVVXUHV DX[
TXHOOHV V¶H[SRVH O¶RFFXSDQW TXL
QH VH WLHQW SDV DVVLV ELHQ GURLW
± 68,7( ±
6LqJHV FHLQWXUHV GH VpFXULWp HW FRXVVLQV GH VpFXULWp 656&RXVVLQ GH VpFXULWp 656 6\VWqPH GH 5HWHQXH 6XSSOpPHQWDLUH
VLqJH DX PD[LPXP HW VH WHQLU DX
IRQG GX VLqJH ELHQ GURLW FRQWUH OH
GRVVLHU
'$1*(5
. /HV FRXVVLQV GH VpFXULWp 656 VH
GpSORLHQW WUqV UDSLGHPHQW DYHF
XQH pQHUJLH FRQVLGpUDEOH /HV
SHUVRQQHV TXL QH VH WLHQQHQW
SDV DVVLVHV FRUUHFWHPHQW VXU
OHXU VLqJH ORUVTXH OH FRXVVLQ GH
VpFXULWp 656 VH GpSORLH ULVTXHQW
G¶rWUH JUDYHPHQW EOHVVpHV /HV
FRXVVLQV GH VpFXULWp 656 RFFX
SDQW DVVH] G¶HVSDFH ORUVTX¶LOV VH
GpSORLHQW OH FRQGXFWHXU GRLW VH
WHQLU DVVLV DX IRQG GH VRQ VLqJH
ELHQ GURLW FRQWUH OH GRVVLHU HW VH
WHQLU pORLJQp GX YRODQW DXWDQW TXH
OH SHUPHW OH PDLQWLHQ G¶XQH SDU
IDLWH PDvWULVH GX YpKLFXOH /H
SDVVDJHU DYDQW GRLW UHFXOHU VRQ
'$1*(5
. 1H YRXV WHQH] SDV DSSX\p FRQWUH
RX DVVLV LQXWLOHPHQW SUqV G¶XQH
GHV SRUWLqUHV DYDQW /HV FRXV
VLQV GH VpFXULWp ODWpUDX[ 656
VRQW LQFRUSRUpV DX GRVVLHU GH
FKDFXQ GHV VLqJHV DYDQW GX F{Wp
GH OD SRUWLqUH HW SURWqJHQW HQ FDV
GH FROOLVLRQ ODWpUDOH RX IURQWDOH
HQ VH GpSOR\DQW LQVWDQWDQpPHQW
HQ XQ FOLQ G¶°LO HW PrPH SOXV
YLWH 7RXWHIRLV O¶pQHUJLH GH Gp
SORLHPHQW GX FRXVVLQ GH VpFXULWp
656 HVW FRQVLGpUDEOH HW SRXUUDLW
YRXV EOHVVHU j OD WrWH RX j XQH
DXWUH SDUWLH GX FRUSV VL YRXV
YRXV WHQH] WURS SUqV GX FRXVVLQ
GH VpFXULWp ODWpUDO 656
. 9RWUH YpKLFXOH pWDQW pTXLSp GH
ULGHDX[ GH VpFXULWp 656 QH YRXV
WHQH] SDV DSSX\p FRQWUH RX DVVLV
LQXWLOHPHQW SUqV GH OD SRUWLqUH j
O¶DYDQW FRPPH j O¶DUULqUH 3DU
DLOOHXUV QH SDVVH] SDV YRWUH WrWH
YRV EUDV RX YRV PDLQV SDU OD
YLWUH 'HV GHX[ F{WpV GH O¶KDELWD
FOH OHV ULGHDX[ GH VpFXULWp 656
VRQW ORJpV GDQV OH WRLW HQWUH OH
PRQWDQW DYDQW HW XQ SRLQW GHU
ULqUH OD YLWUH GH FXVWRGH DUULqUH HW DVVXUHQW XQH SURWHFWLRQ HQ VH
GpSOR\DQW LQVWDQWDQpPHQW SOXV
UDSLGHPHQW TX¶XQ EDWWHPHQW GH
FLOV GDQV O¶pYHQWXDOLWp G¶XQH FRO
OLVLRQ ODWpUDOH RX IURQWDOH REOLTXH
RX G¶XQ UHQYHUVHPHQW 7RXWHIRLV
O¶pQHUJLH GH GpSORLHPHQW HVW
FRQVLGpUDEOH HW SRXUUDLW YRXV
EOHVVHU j OD WrWH VL YRXV YRXV
WHQH] WURS SUqV
. 1H YRXV WHQH] SDV DVVLV RX SHQ
FKp WURS SUqV GX FRXVVLQ GH
VpFXULWp 656 &RPPH OH FRXVVLQ
GH VpFXULWp 656 VH GpSORLH j XQH
YLWHVVH FRQVLGpUDEOH ± SOXV UDSL
GHPHQW TX¶XQ EDWWHPHQW GH FLOV ±
6LqJHV FHLQWXUHV GH VpFXULWp HW FRXVVLQV GH VpFXULWp 656&RXVVLQ GH VpFXULWp 656 6\VWqPH GH 5HWHQXH 6XSSOpPHQWDLUH
HW DYHF IRUFH SRXU SURWpJHU O¶RF
FXSDQW GX VLqJH HQ FDV GH FROOL
VLRQ j JUDQGH YLWHVVH FHWWH IRUFH
GH GpSORLHPHQW SHXW EOHVVHU O¶RF
FXSDQW GX VLqJH V¶LO VH WLHQW WURS
SUqV GX FRXVVLQ GH VpFXULWp 656
/H SRUW GH OD FHLQWXUH GH VpFXULWp
SHXW pJDOHPHQW FRQVWLWXHU XQH
SURWHFWLRQ FRQWUH OH ULVTXH GH
EOHVVXUH LQKpUHQW DX GpSORLH
PHQW G¶XQ FRXVVLQ GH VpFXULWp
656 VL O¶RFFXSDQW Q¶HVW SDV GDQV
OD SRVLWLRQ FRUUHFWH HW HVW SURMHWp
HQ DYDQW SHQGDQW OH FRXS GH IUHLQ
DYDQW O¶DFFLGHQW
0rPH VL O¶RFFXSDQW VH WLHQW GDQV
XQH SRVLWLRQ FRUUHFWH LO HVW SRV
VLEOH TXH OD IRUFH GH GpSORLHPHQW
GX FRXVVLQ GH VpFXULWp 656 OXL
SURYRTXH GH OpJqUHV EOHVVXUHV
WHOOHV TXH GHV pFRUFKXUHV DX
YLVDJH RX DX EUDV
$77(17,21
'$1*(5
. 1H UHSRVH] YRWUH EUDV VXU DXFXQH
GHV SRUWLqUHV DYDQW QL VXU OHXU
JDUQLWXUH LQWpULHXUH 9RXV ULVTXH
ULH] GH YRXV EOHVVHU HQ FDV GH
GpSORLHPHQW GX FRXVVLQ GH VpFX
ULWp ODWpUDO 656
. 1H SRVH] DXFXQ REMHW VXU RX j
SUR[LPLWp GX FRXYHUFOH GX FRXV
VLQ GH VpFXULWp 656 RX HQWUH OH
FRXVVLQ GH VpFXULWp 656 HW YRXV
(Q FDV GH GpSORLHPHQW GX FRXV
VLQ GH VpFXULWp 656 FHV REMHWV
SRXUUDLHQW JrQHU VRQ IRQFWLRQQH
PHQW FRUUHFW HW rWUH SURMHWpV j
O¶LQWpULHXU GX YpKLFXOH HQWUDvQDQW
XQ ULVTXH GH EOHVVXUHV
. /H GpSORLHPHQW GHV FRXVVLQV GH
VpFXULWp 656 V¶DFFRPSDJQH G¶XQ
OpJHU GpJDJHPHQW GH IXPpH
&HWWH IXPpH SHXW LQFRPPRGHU
GHV SHUVRQQHV VRXIIUDQW
G¶DVWKPH RX G¶DXWUHV DIIHFWLRQV
UHVSLUDWRLUHV 6L YRXV RX O¶XQ GH
YRV SDVVDJHUV VRXIIUH] G¶DIIHF
WLRQV UHVSLUDWRLUHV SHQVH] j Dp
UHU UDSLGHPHQW HQ FDV GH GpSORLH
PHQW GHV FRXVVLQV GH VpFXULWp
656
. /H GpSORLHPHQW G¶XQ FRXVVLQ GH
VpFXULWp 656 V¶DFFRPSDJQH G¶XQ
GpJDJHPHQW GH JD] FKDXGV /HV
RFFXSDQWV ULVTXHQW G¶rWUH EU€OpV
V¶LOV VRQW H[SRVpV GLUHFWHPHQW j
FHV JD] FKDXGV
5(0$548(
. /RUVTXH YRXV UHYHQGH] YRWUH YpKL
FXOH QRXV YRXV SULRQV LQVWDPPHQW
G¶LQIRUPHU O¶DFKHWHXU TXH OH YpKLFXOH
HVW pTXLSp GH FRXVVLQV GH VpFXULWp
656 $XVVL DWWLUH] O¶DWWHQWLRQ GH O¶D
FKHWHXU VXU OD VHFWLRQ FRUUHVSRQGDQWH
GH FH PDQXHO GX FRQGXFWHXU
. 6L OH FRXVVLQ GH VpFXULWp 656 VH
GpSORLH O¶DOLPHQWDWLRQ HQ FDUEXUDQW
± 68,7( ±
6LqJHV FHLQWXUHV GH VpFXULWp HW FRXVVLQV GH VpFXULWp 656&RXVVLQ GH VpFXULWp 656 6\VWqPH GH 5HWHQXH 6XSSOpPHQWDLUH
VHUD FRXSpH SRXU UpGXLUH OH ULVTXH
G¶LQFHQGLH SURYRTXp SDU XQH IXLWH GH
FDUEXUDQW 3RXU GHV GpWDLOV UHODWLIV DX
UHGpPDUUDJH GX PRWHXU UHSRUWH]YRXV
j ³6L YRWUH YpKLFXOH HVW LPSOLTXp GDQV
XQ DFFLGHQW´ )
& 3UpFDXWLRQV JpQpUDOHV UHODWL
YHV DX V\VWqPH GH FRXVVLQV
GH VpFXULWp 656 FRQFHUQDQW
OHV DFFHVVRLUHV HW WRXW DXWUH
REMHW
'$1*(5
1H PHWWH] SDV G¶REMHWV VXUVRXV OHV SLqFHV
VXLYDQWHV
6XU OH UHPERXUUDJH GX YRODQW GH GLUHFWLRQ
6XU OH WDEOHDX GH ERUG
6RXV OH F{Wp FRQGXFWHXU GX WDEOHDX GH
ERUG
. 1H SRVH] MDPDLV G¶REMHWV \
FRPSULV GHV VDQJOHV RX GHV ILOV
VXU OH UHPERXUUDJH GX YRODQW GH
GLUHFWLRQ OH FDFKH GH OD FRORQQH
GH GLUHFWLRQ RX VXU OH WDEOHDX GH
ERUG
± &HV REMHWV SRXUUDLHQW rWUH HQ
FKHYrWUpV DYHF OH YRODQW GH
GLUHFWLRQ HPSrFKDQW OH FRXV
VLQ GH VpFXULWp IURQWDO 656
HWF GH IRQFWLRQQHU FRUUHFWH
PHQW
± (Q FDV GH GpSORLHPHQW GX
FRXVVLQ GH VpFXULWp IURQWDO
656 FHV REMHWV SRXUUDLHQW
rWUH SURMHWpV j O¶LQWpULHXU GX
YpKLFXOH HQWUDvQDQW XQ ULVTXH
GH EOHVVXUHV
. 1H PHWWH] SDV G¶REMHWV VRXV OH
WDEOHDX GH ERUG GX F{Wp GX
FRQGXFWHXU (Q FDV GH GpSORLH
PHQW GX FRXVVLQ GH VpFXULWp
JHQRX[ 656 FHV REMHWV SRXU
UDLHQW JrQHU VRQ IRQFWLRQQHPHQW
FRUUHFW HW rWUH SURMHWpV j O¶LQWp
ULHXU GX YpKLFXOH HQWUDvQDQW XQ
ULVTXH GH EOHVVXUHV
. /D FOp QH GRLW SDV rWUH DWWDFKpH j
GHV DFFHVVRLUHV ORXUGV SRLQWXV
RX GXUV RX j XQH DXWUH FOp (Q
FDV GH GpSORLHPHQW GX FRXVVLQ
GH VpFXULWp JHQRX[ 656 FHV
REMHWV SRXUUDLHQW JrQHU VRQ IRQF
WLRQQHPHQW FRUUHFW HW rWUH SUR
MHWpV j O¶LQWpULHXU GX YpKLFXOH
HQWUDvQDQW XQ ULVTXH GH EOHVVX
UHV
6LqJHV FHLQWXUHV GH VpFXULWp HW FRXVVLQV GH VpFXULWp 656&RXVVLQ GH VpFXULWp 656 6\VWqPH GH 5HWHQXH 6XSSOpPHQWDLUH
'$1*(5
1H IL[H] SDV G¶DFFHVVRLUHV FRQWUH OH
SDUHEULVH HW QH SRVH] SDV GH UpWUR
YLVHXU H[WUDODUJH VXU OH UpWURYLVHXU
LQWpULHXU (Q FDV GH GpSORLHPHQW GHV
FRXVVLQV GH VpFXULWp 656 FHV RE
MHWV SRXUUDLHQW GHYHQLU GH UHGRXWD
EOHV SURMHFWLOHV LQIOLJHDQW GH JUDYHV
EOHVVXUHV DX[ RFFXSDQWV GX YpKL
FXOH
'$1*(5
. 1H IL[H] SDV G¶DFFHVVRLUHV FRQWUH
OD JDUQLWXUH GH SRUWLqUH HW j
SUR[LPLWp G¶XQ GHV FRXVVLQV GH
VpFXULWp ODWpUDX[ 656 'H PrPH
QH SRVH] DXFXQ REMHW j SUR[LPLWp
GHV FRXVVLQV GH VpFXULWp ODWp
UDX[ 656 (Q FDV GH GpSORLHPHQW
GX FRXVVLQ GH VpFXULWp ODWpUDO
656 FHV REMHWV SRXUUDLHQW VH
WUDQVIRUPHU HQ SURMHFWLOHV GDQ
JHUHX[ HW LQIOLJHU GH JUDYHV EOHV
VXUHV DX[ RFFXSDQWV GX YpKL
FXOH
. 1H IL[H] MDPDLV XQ PLFURSKRQH GH
WpOpSKRQH PDLQV OLEUHV RX WRXW
DXWUH DFFHVVRLUH FRQWUH XQ PRQ
WDQW DYDQW XQ PRQWDQW FHQWUDO XQ
PRQWDQW DUULqUH OH SDUHEULVH
XQH YLWUH ODWpUDOH XQH SRLJQpH
GH PDLQWLHQ RX WRXWH DXWUH SDUWLH
GH O¶KDELWDFOH VLWXpH VXU OH WUDMHW
GX GpSORLHPHQW G¶XQ ULGHDX GH
VpFXULWp 656 8Q PLFURSKRQH GH
WpOpSKRQH PDLQV OLEUHV RX WRXW
DXWUH DFFHVVRLUH SODFp j XQ WHO
HQGURLW SRXUUDLW rWUH SURMHWp YLR
OHPPHQW GDQV OD FDELQH SDU OH
GpSORLHPHQW GX ULGHDX GH VpFX
ULWp RX SRXUUDLW HPSrFKHU OH
GpSORLHPHQW QRUPDO GH FH GHU
QLHU 'DQV XQ FDV FRPPH GDQV
O¶DXWUH LO \ DXUDLW ULVTXH GH JUD
YHV EOHVVXUHV
± 68,7( ±
6LqJHV FHLQWXUHV GH VpFXULWp HW FRXVVLQV GH VpFXULWp 656&RXVVLQ GH VpFXULWp 656 6\VWqPH GH 5HWHQXH 6XSSOpPHQWDLUH
WHDX[ VDQV XWLOLVHU GH FLQWUHV
'$1*(5
1¶DFFURFKH] SDV GH FLQWUHV j YrWH
PHQW RX DXWUHV REMHWV GXUV RX
SRLQWXV DX[ SRUWHPDQWHDX[ 'H WHOV
REMHWV VXVSHQGXV DX[ SRUWHPDQ
WHDX[ SRXUUDLHQW VH GpFURFKHU HW
rWUH YLROHPPHQW SURMHWpV GDQV O¶KD
ELWDFOH ORUV GX GpSORLHPHQW GHV
ULGHDX[ GH VpFXULWp 656 RX LOV SRXU
UDLHQW HPSrFKHU VRQ GpSORLHPHQW
QRUPDO HW rWUH DLQVL j O¶RULJLQH GH
JUDYHV EOHVVXUHV
$YDQW G¶DFFURFKHU GHV YrWHPHQWV DX
SRUWHPDQWHDX DVVXUH]YRXV TX¶LO
Q¶\ D SDV G¶REMHWV WUDQFKDQWV GDQV
OHV SRFKHV $FFURFKH] OHV YrWH
PHQWV GLUHFWHPHQW DX[ SRUWHPDQ
'$1*(5
. ,O QH IDXW SDV SRVHU GH YrWHPHQWV
RX DXWUHV REMHWV VXU OHV GRVVLHUV
GHV VLqJHV DYDQW QL FROOHU GHV
pWLTXHWWHV RX YLJQHWWHV VXU OD
VXUIDFH GHV VLqJHV DYDQW RX VXU
RX j SUR[LPLWp GHV FRXVVLQV GH
VpFXULWp ODWpUDX[ 656 7RXW FHFL
SHXW HPSrFKHU OHV FRXVVLQV GH
VpFXULWp ODWpUDX[ 656 GH VH Gp
SOR\HU FRQYHQDEOHPHQW RX HP
SrFKHU OHV RFFXSDQWV GHV VLqJHV
DYDQW GH EpQpILFLHU GH OD SURWHF
WLRQ GLVSRQLEOH
. 1¶LQVWDOOH] SDV GH KRXVVH GH
VLqJH VDXI V¶LO V¶DJLW G¶XQH
KRXVVH GH VLqJH 68%$58 G¶RUL
JLQH H[FOXVLYHPHQW FRQoXH SRXU
rWUH XWLOLVpH DYHF OH FRXVVLQ GH
VpFXULWp 656 0rPH VL YRXV XWL
OLVH] XQH KRXVVH GH VLqJH
68%$58 G¶RULJLQH OH V\VWqPH
GH FRXVVLQ GH VpFXULWp ODWpUDO
656 SHXW QH SDV IRQFWLRQQHU
QRUPDOHPHQW VL OD KRXVVH GH
VLqJH Q¶HVW SDV LQVWDOOpH FRUUHF
WHPHQW
6LqJHV FHLQWXUHV GH VpFXULWp HW FRXVVLQV GH VpFXULWp 656&RXVVLQ GH VpFXULWp 656 6\VWqPH GH 5HWHQXH 6XSSOpPHQWDLUH
& 3UpFDXWLRQV JpQpUDOHV UHODWL
YHV DX V\VWqPH GH FRXVVLQV
GH VpFXULWp 656 FRQFHUQDQW
OHV HQIDQWV
'$1*(5
/HV HQIDQWV GRLYHQW WRXMRXUV rWUH
LQVWDOOpV VXU OHV VLqJHV DUULqUH HW
FRQYHQDEOHPHQW DWWDFKpV /H FRXV
VLQ GH VpFXULWp 656 VH GpSORLH WUqV
UDSLGHPHQW DYHF XQH pQHUJLH FRQVL
GpUDEOH HW LO SHXW EOHVVHU RX PrPH
WXHU XQ HQIDQW TXL Q¶HVW SDV DWWDFKp
RX PDO DWWDFKp 3OXV OpJHUV HW PRLQV
UREXVWHV TXH OHV DGXOWHV OHV HQ
IDQWV VRQW SOXV H[SRVpV DX ULVTXH GH
EOHVVXUHV SDU GpSORLHPHQW GX FRXV
VLQ GH VpFXULWp
3RXU FHWWH UDLVRQ QRXV YRXV UHFRP
PDQGRQV YLYHPHQW GH YHLOOHU j FH
TXH 7286 OHV HQIDQWV FHX[ XWLOLVDQW
XQ V\VWqPH GH UHWHQXH SRXU HQIDQW
HW DXVVL FHX[ TXL VRQW WURS JUDQGV
SRXU HQ XWLOLVHU XQ YR\DJHQW VXU OHV
VLqJHV $55,Ê5( HW VRLHQW FRQYHQD
EOHPHQW DWWDFKpV DX PR\HQ G¶XQ
V\VWqPH GH UHWHQXH SRXU HQIDQW RX
GH OD FHLQWXUH GH VpFXULWp GX VLqJH
FRPSWH WHQX GH OHXU kJH GH OHXU
WDLOOH HW GH OHXU SRLGV
7286 OHV V\VWqPHV GH UHWHQXH SRXU
HQIDQW \ FRPSULV OHV VLqJHV SRXU
HQIDQW WRXUQpV YHUV O¶DYDQW GRLYHQW
WRXMRXUV rWUH LQVWDOOpV VXU OHV VLqJHV
$55,Ê5(
/HV VWDWLVWLTXHV G¶DFFLGHQWV SURX
YHQW TXH OHV HQIDQWV VRQW SOXV HQ
VpFXULWp ORUVTX¶LOV VRQW FRUUHFWH
PHQW DWWDFKpV VXU OHV VLqJHV DUULqUH
SOXW{W TXH VXU OHV VLqJHV DYDQW
3RXU GHV FRQVLJQHV HW SUpFDXWLRQV
UHODWLYHV DX V\VWqPH GH UHWHQXH
SRXU HQIDQW UHSRUWH]YRXV j ³6\V
WqPHV GH UHWHQXH SRXU HQIDQW´ )
'$1*(5
1¶,167$//(= -$0$,6 81 6,Ê*(
3285 (1)$17 685 /( 6,Ê*(
$9$17 /¶(1)$17 6( 75289(5$,7
7523 35Ê6 '8 &2866,1 '( 6e
&85,7e 656 (7 6(5$,7 '21&
(;326e ¬ '(6 5,648(6 '( %/(6
685(6 *5$9(6 92,5( 0257(/
/(6
± 68,7( ±
6LqJHV FHLQWXUHV GH VpFXULWp HW FRXVVLQV GH VpFXULWp 656&RXVVLQ GH VpFXULWp 656 6\VWqPH GH 5HWHQXH 6XSSOpPHQWDLUH
'$1*(5
9HXLOOH] VXLYUH OHV LQVWUXFWLRQV VXL
YDQWHV
. 1H ODLVVH] MDPDLV XQ HQIDQW VH
WHQLU GHERXW RX j JHQRX[ VXU OH
VLqJH GX SDVVDJHU DYDQW
. 1H WHQH] MDPDLV XQ HQIDQW VXU YRV
JHQRX[ RX GDQV YRV EUDV
&RPPH OH FRXVVLQ GH VpFXULWp 656
VH GpSORLH DYHF XQH pQHUJLH FRQVL
GpUDEOH LO SHXW EOHVVHU YRLUH WXHU
O¶HQIDQW
6LqJHV FHLQWXUHV GH VpFXULWp HW FRXVVLQV GH VpFXULWp 656&RXVVLQ GH VpFXULWp 656 6\VWqPH GH 5HWHQXH 6XSSOpPHQWDLUH
'$1*(5
. 1H ODLVVH] MDPDLV XQ HQIDQW IDLUH
FH TXL VXLW ± 6H WHQLU j JHQRX[ VXU XQ VLqJH
SDVVDJHU HQ IDLVDQW IDFH j OD
YLWUH ODWpUDOH
± 3DVVHU VHV EUDV DXWRXU GX
GRVVLHU GH VLqJH DYDQW
± 3DVVHU OD WrWH OH EUDV RX WRXWH
DXWUH SDUWLH GX FRUSV SDU OD
YLWUH
(Q FDV G¶DFFLGHQW OD IRUFH GH
GpSORLHPHQW GX FRXVVLQ GH VpFX
ULWp ODWpUDO 656 HWRX GX ULGHDX GH
VpFXULWp 656 SRXUUDLW EOHVVHU
JUDYHPHQW XQ HQIDQW TXL DXUDLW
OD WrWH OH EUDV RX WRXWH DXWUH
SDUWLH GX FRUSV WURS SURFKH GX
FRXVVLQ GH VpFXULWp ODWpUDO 656
HWRX GX ULGHDX GH VpFXULWp 656
. &RPPH YRWUH YpKLFXOH HVW pJDOH
PHQW pTXLSp G¶XQ FRXVVLQ GH
VpFXULWp IURQWDO 656 SRXU SDVVD
JHU DYDQW OHV HQIDQWV GRLYHQW
rWUH SODFpV GDQV OH VLqJH DUULqUH
TXRL TX¶LO DUULYH HW rWUH FRUUHFWH
PHQW DWWDFKpV j WRXW PRPHQW
± 68,7( ±
6LqJHV FHLQWXUHV GH VpFXULWp HW FRXVVLQV GH VpFXULWp 656&RXVVLQ GH VpFXULWp 656 6\VWqPH GH 5HWHQXH 6XSSOpPHQWDLUH
& &RPSRVDQWV
/HV FRXVVLQV GH VpFXULWp 656 VRQW LQWp
JUpV GDQV OHV HPSODFHPHQWV VXLYDQWV
&RXVVLQ GH VpFXULWp IURQWDO 656 GX
FRQGXFWHXU GDQV OD SDUWLH FHQWUDOH GX
YRODQW GH GLUHFWLRQ
&RXVVLQ GH VpFXULWp IURQWDO 656 SRXU
SDVVDJHU DYDQW j SUR[LPLWp GH OD SDUWLH
VXSpULHXUH GX WDEOHDX GH ERUG VRXV XQH
PDUTXH ³656 $,5%$*´
&RXVVLQ GH VpFXULWp ODWpUDO 656 VXU OH
F{Wp SRUWLqUH GH FKDTXH GRVVLHU GH VLqJH
DYDQW TXL SRUWH XQH pWLTXHWWH ³656 $,5
%$*´
5LGHDX GH VpFXULWp 656 VXU OH F{Wp GX
WRLW HQWUH OH PRQWDQW DYDQW HW XQ SRLQW
GHUULqUH OD YLWUH GH FXVWRGH DUULqUH
8Q UHSqUH ³656 $,5%$*´ HVW DSSRVp HQ
KDXW GH FKDFXQ GHV PRQWDQWV FHQWUDX[ HW
DUULqUH
&RXVVLQ GH VpFXULWp JHQRX[ 656 VRXV
OD FRORQQH GH GLUHFWLRQ
&RXVVLQ GH VpFXULWp IURQWDO 656
&RXVVLQ GH VpFXULWp ODWpUDO 656
5LGHDX GH VpFXULWp 656
&RXVVLQ GH VpFXULWp JHQRX[ 656
6LqJHV FHLQWXUHV GH VpFXULWp HW FRXVVLQV GH VpFXULWp 656&RXVVLQ GH VpFXULWp 656 6\VWqPH GH 5HWHQXH 6XSSOpPHQWDLUH
0RGXOH GH FRPPDQGH GX FRXVVLQ GH
VpFXULWp \ FRPSULV OH FDSWHXU G¶LPSDFW HW
OH FDSWHXU GH UHQYHUVHPHQW
0RGXOH GH FRXVVLQ GH VpFXULWp IURQWDO
F{Wp FRQGXFWHXU
0RGXOH GH FRXVVLQ GH VpFXULWp IURQWDO
F{Wp SDVVDJHU DYDQW
&DSWHXU DX[LOLDLUH DYDQW F{Wp JDXFKH
&DSWHXU DX[LOLDLUH DYDQW F{Wp GURLW
0RGXOH GH FRXVVLQ GH VpFXULWp ODWpUDO
F{Wp FRQGXFWHXU
0RGXOH GH FRXVVLQ GH VpFXULWp ODWpUDO
F{Wp SDVVDJHU DYDQW
&DSWHXU GH FRXVVLQ GH VpFXULWp ODWpUDO
F{Wp JDXFKH GH PRQWDQW FHQWUDO
&DSWHXU GH FRXVVLQ GH VpFXULWp ODWpUDO
F{Wp GURLW GH PRQWDQW FHQWUDO
&kEODJH GX FRXVVLQ GH VpFXULWp
3UpWHQVLRQQHXU GH FHLQWXUH GH VpFXULWp
F{Wp FRQGXFWHXU
3UpWHQVLRQQHXU GH FHLQWXUH GH VpFXULWp
F{Wp SDVVDJHU DYDQW
&DSWHXU GH ULGHDX GH VpFXULWp ORJHPHQW
GH URXH DUULqUH F{Wp GURLW
&DSWHXU GH ULGHDX GH VpFXULWp ORJHPHQW
GH URXH DUULqUH F{Wp JDXFKH
0RGXOH GH ULGHDX GH VpFXULWp F{Wp GURLW
0RGXOH GH ULGHDX GH VpFXULWp F{Wp
JDXFKH
&RPPDQGH GH ERXFOH GH FHLQWXUH GH
VpFXULWp F{Wp SDVVDJHU DYDQW
0RGXOH GH FRXVVLQ GH VpFXULWp JHQRX[
F{Wp FRQGXFWHXU
&DSWHXU GX V\VWqPH GH GpWHFWLRQ GH
SUpVHQFH G¶XQ SDVVDJHU DYDQW
0RGXOH GH FRPPDQGH GH GpWHFWLRQ GH OD
SUpVHQFH G¶XQ SDVVDJHU VXU OH VLqJH
DYDQW
,QGLFDWHXU G¶DFWLYDWLRQ HW GH GpVDFWLYD
WLRQ GX FRXVVLQ GH VpFXULWp IURQWDO GX
SDVVDJHU DYDQW
7pPRLQ DYHUWLVVHXU GX V\VWqPH GH FRXV
VLQ GH VpFXULWp 656
&DSWHXU G¶LPSDFW GH VpFXULWp VDWHOOLWH
DXGHVVRXV GX VLqJH DUULqUH FHQWUDO
&DSWHXU G¶LPSDFW GH OD SRUWLqUH DYDQW
F{Wp JDXFKH
&DSWHXU G¶LPSDFW GH OD SRUWLqUH DYDQW
F{Wp GURLW
3UpWHQVLRQQHXU GH VDQJOH DEGRPLQDOH
F{Wp SDVVDJHU DYDQW
± 68,7( ±
6LqJHV FHLQWXUHV GH VpFXULWp HW FRXVVLQV GH VpFXULWp 656&RXVVLQ GH VpFXULWp 656 6\VWqPH GH 5HWHQXH 6XSSOpPHQWDLUH
& 6\VWqPH 68%$58 GH FRXVVLQ
GH VpFXULWp IURQWDO SHUIHF
WLRQQp
9RWUH YpKLFXOH HVW pTXLSp GX V\VWqPH
68%$58 GH FRXVVLQ GH VpFXULWp IURQWDO
SHUIHFWLRQQp FRQIRUPH DX[ QRXYHOOHV
H[LJHQFHV GH OD QRUPH UpYLVpH )HGHUDO
0RWRU 9HKLFOH 6DIHW\ 6WDQGDUG )0966
1ž HQ PDWLqUH GH FRXVVLQV GH VpFXULWp
IURQWDX[ SHUIHFWLRQQpV
$X PRPHQW GX GpSORLHPHQW OH V\VWqPH
68%$58 GH FRXVVLQ GH VpFXULWp IURQWDO
SHUIHFWLRQQp GpWHUPLQH DXWRPDWLTXHPHQW
TXHOOH GRLW rWUH OD IRUFH GH GpSORLHPHQW GX
FRXVVLQ GH VpFXULWp IURQWDO 656 GX
FRQGXFWHXU DXVVL ELHQ TXH OH GpSORLHPHQW
RX QRQ GX FRXVVLQ GH VpFXULWp IURQWDO 656
SRXU SDVVDJHU DYDQW HW GDQV OH FDV R LO
GRLW rWUH DFWLYp OD IRUFH GH VRQ GpSORLH
PHQW
9RWUH YpKLFXOH FRPSRUWH GHV pWLTXHWWHV GH
PLVH HQ JDUGH FROOpHV VXU OH SDUHVROHLO GX
FRQGXFWHXU HW GX SDVVDJHU DYDQW
FRPPHQoDQW SDU OD PHQWLRQ ³0Ç0( $9(&
'(6 &2866,16 *21)/$%/(6 ,17(/
/,*(176´ DLQVL TX¶XQH SODTXH DSSRVpH
VXU OD ERvWH j JDQWV FRPPHQoDQW DXVVL SDU
OD PHQWLRQ ³0rPH DYHF GHV FRXVVLQV
JRQIODEOHV LQWHOOLJHQWV´ 1¶RXEOLH] SDV GH
OLUH DWWHQWLYHPHQW OHV LQVWUXFWLRQV GRQQpHV
VXU FHV pWLTXHWWHV GH PLVH HQ JDUGH HW VXU
FHWWH SODTXH
$WWDFKH] WRXMRXUV YRWUH FHLQWXUH GH VpFX
ULWp /H V\VWqPH 68%$58 GH FRXVVLQ GH
VpFXULWp IURQWDO SHUIHFWLRQQp HVW XQ V\V
WqPH GH UHWHQXH VXSSOpPHQWDLUH j XWLOLVHU
HQ FRPELQDLVRQ DYHF OHV FHLQWXUHV GH
VpFXULWp 7RXV OHV RFFXSDQWV GX YpKLFXOH
GRLYHQW SRUWHU XQH FHLQWXUH GH VpFXULWp RX
rWUH LQVWDOOpV GDQV XQ VLqJH SRXU HQIDQWV
DSSURSULp
3RXU GHV LQIRUPDWLRQV UHODWLYHV j O¶HPSOD
FHPHQW GHV FRXVVLQV GH VpFXULWp 656
UHSRUWH]YRXV j ³&RPSRVDQWV´ )
'DQV XQH FROOLVLRQ IURQWDOH PRGpUpH j
VpYqUH OHV FRPSRVDQWV VXLYDQWV VH Gp
SORLHQW
. &RXVVLQ GH VpFXULWp IURQWDO 656 SRXU OH
FRQGXFWHXU
. &RXVVLQ GH VpFXULWp IURQWDO 656 SRXU OH
SDVVDJHU DYDQW
. &RXVVLQ GH VpFXULWp JHQRX[ 656 SRXU
OH FRQGXFWHXU
. 5LGHDX GH VpFXULWp 656 /RUVTX¶XQ LPSDFW IURQWDO GH WUDYHUV DVVH]
IRUW SRXU SURYRTXHU OH GpSORLHPHQW GX FRXVVLQ
GH VpFXULWp IURQWDO VH SURGXLW
&HV FRPSRVDQWV FRPSOqWHQW OHV FHLQWXUHV
GH VpFXULWp HQ UpGXLVDQW O¶LPSDFW j OD WrWH
OD SRLWULQH HW OHV JHQRX[ GH O¶RFFXSDQW
! &RXVVLQ GH VpFXULWp IURQWDO 656 GX
FRQGXFWHXU
/H FRXVVLQ GH VpFXULWp IURQWDO 656 GX
FRQGXFWHXU FRPSRUWH XQ GpFOHQFKHXU EL
pWDJp /H PRGH GH IRQFWLRQQHPHQW GX
GpFOHQFKHXU GpSHQG GH OD YLROHQFH GH
O¶LPSDFW
7pPRLQ DYHUWLVVHXU GX V\VWqPH GH FRXVVLQ
GH VpFXULWp 656
)DLWHV LPPpGLDWHPHQW FRQWU{OHU OH V\V
WqPH SDU XQ FRQFHVVLRQQDLUH 68%$58 VL
OH WpPRLQ DYHUWLVVHXU GX V\VWqPH GH
FRXVVLQ GH VpFXULWp 656 V¶DOOXPH
5(0$548(
/H FRXVVLQ GH VpFXULWp ODWpUDO 656 HW OH
ULGHDX GH VpFXULWp 656 GX FRQGXFWHXU
QH VRQW SDV FRPPDQGpV SDU OH V\VWqPH
68%$58 GH FRXVVLQ GH VpFXULWp IURQWDO
6LqJHV FHLQWXUHV GH VpFXULWp HW FRXVVLQV GH VpFXULWp 656&RXVVLQ GH VpFXULWp 656 6\VWqPH GH 5HWHQXH 6XSSOpPHQWDLUH
SHUIHFWLRQQp
! &RXVVLQ GH VpFXULWp IURQWDO 656
SRXU SDVVDJHU DYDQW
/H FRXVVLQ GH VpFXULWp IURQWDO 656 SRXU
SDVVDJHU DYDQW FRPSRUWH XQ GpFOHQFKHXU
ELpWDJp /H PRGH GH IRQFWLRQQHPHQW GX
GpFOHQFKHXU GpSHQG GH OD YLROHQFH GH
O¶LPSDFW
/H FDSWHXU GX V\VWqPH GH GpWHFWLRQ GH
SUpVHQFH G¶XQ SDVVDJHU HVW LQVWDOOp VRXV
OD JDUQLWXUH GHV VLqJHV HW VXUYHLOOH OH
SK\VLTXH HW OD SRVWXUH GX SDVVDJHU DYDQW
(Q XWLOLVDQW FHWWH LQIRUPDWLRQ OH V\VWqPH
GH GpWHFWLRQ GH SUpVHQFH G¶XQ SDVVDJHU
GpWHUPLQH VL OH FRXVVLQ GH VpFXULWp IURQWDO
656 SRXU SDVVDJHU DYDQW GRLW rWUH Gp
SOR\p RX QRQ
,O SHXW GRQF DUULYHU TXH OH FRXVVLQ GH
VpFXULWp IURQWDO 656 SRXU SDVVDJHU DYDQW
QH VH GpFOHQFKH SDV DORUV TXH OH FRXVVLQ
GH VpFXULWp IURQWDO 656 GX FRQGXFWHXU VH
GpFOHQFKH &HFL HVW QRUPDO 'DQV FH FDV
ELHQ TXH OH FRXVVLQ GH VpFXULWp IURQWDO
656 SRXU SDVVDJHU DYDQW QH IRQFWLRQQH
SDV OH SUpWHQVLRQQHXU GH FHLQWXUH GH
VpFXULWp GX SDVVDJHU DYDQW IRQFWLRQQH
DYHF OH SUpWHQVLRQQHXU GH FHLQWXUH GH
VpFXULWp GX FRQGXFWHXU 3RXU SOXV GH
GpWDLOV FRQFHUQDQW OH SUpWHQVLRQQHXU GH
FHLQWXUH GH VpFXULWp UHSRUWH]YRXV j
³3UpWHQVLRQQHXUV GHV FHLQWXUHV GH VpFX
ULWp DYDQW´ )
$77(17,21
2EVHUYH] OHV SUpFDXWLRQV VXLYDQWHV
'DQV OH FDV FRQWUDLUH OH V\VWqPH
68%$58 GH FRXVVLQ GH VpFXULWp
IURQWDO SHUIHFWLRQQp SRXUUDLW rWUH
GDQV O¶LPSRVVLELOLWp GH IRQFWLRQQHU
RX QH IRQFWLRQQHUDLW SDV FRUUHFWH
PHQW
. 1H VRXPHWWH] SDV OH VLqJH GX
SDVVDJHU DYDQW j GHV IRUWV LP
SDFWV WHOV TXH GHV FRXSV GH
SLHG
. 1H ODLVVH] SDV OHV SDVVDJHUV
DUULqUH UHSRVHU OHXUV SLHGV HQWUH
OH GRVVLHU GX VLqJH DYDQW HW OH
FRXVVLQ GH VLqJH
. 1H UpSDQGH] SDV GH OLTXLGHV VXU
OH VLqJH GX SDVVDJHU DYDQW 6L XQ
OLTXLGH D pWp UpSDQGX pSRQJH]
LPPpGLDWHPHQW
. 1¶HQOHYH] SDV HW QH GpPRQWH]
SDV OH VLqJH GX SDVVDJHU DYDQW
. 1¶LQVWDOOH] SDV VRXV OH VLqJH GX
SDVVDJHU DYDQW XQ DFFHVVRLUH
DPSOLILFDWHXU DXGLR HWF DXWUH
TX¶XQ DFFHVVRLUH 68%$58 G¶RUL
JLQH
. 1H SODFH] DXFXQ REMHW RX HIIHW
.
.
.
.
.
SHUVRQQHO FKDXVVXUHV SDUD
SOXLH HWF VRXV OH VLqJH GX
SDVVDJHU DYDQW
1¶XWLOLVH] SDV OH VLqJH GX SDVVD
JHU DYDQW VL O¶DSSXLWrWH HVW UHWLUp
1H ODLVVH] DXFXQ REMHW VXU OH
VLqJH GX SDVVDJHU DYDQW HW QH
ODLVVH] SDV OD ODQJXHWWH GH FHLQ
WXUH GH VpFXULWp GDQV OD ERXFOH
ORUVTXH YRXV TXLWWH] OH YpKLFXOH
1H SODFH] SDV G¶REMHW V WUDQ
FKDQW V VXU OH VLqJH HW QH SHUFH]
SDV OD JDUQLWXUH GH VLqJH
1H SODFH] SDV GHV DLPDQWV RX
REMHWV DLPDQWpV SUqV GH OD ERXFOH
GHV FHLQWXUHV GH VpFXULWp HW GH
O¶HQURXOHXU GH FHLQWXUH GH VpFX
ULWp
1¶XWLOLVH] SDV OHV VLqJHV DYDQW
VDQV TX¶LOV VRLHQW FRUUHFWHPHQW
YHUURXLOOpV HQ SRVLWLRQ DYDQWDU
ULqUH RX VDQV TXH OH GRVVLHU VRLW
FRUUHFWHPHQW YHUURXLOOp 6L XQ
VLqJH RX VRQ GRVVLHU Q¶HVW SDV
YHUURXLOOp FRUUHFWHPHQW DJLVVH]
VXU OH UpJODJH SRXU TXH OH ORTXHW
V¶HQJDJH FRUUHFWHPHQW 3RXU OHV
SURFpGXUHV GH UpJODJH UHSRUWH]
YRXV j ³6LqJH j UpJODJH PDQXHO´
) PRGqOHV pTXLSpV GH VLqJHV
PDQXHOV XQLTXHPHQW ± 68,7( ±
6LqJHV FHLQWXUHV GH VpFXULWp HW FRXVVLQV GH VpFXULWp 656&RXVVLQ GH VpFXULWp 656 6\VWqPH GH 5HWHQXH 6XSSOpPHQWDLUH
YRWUH FRQFHVVLRQQDLUH 68%$58
5(0$548(
/H FRXVVLQ GH VpFXULWp ODWpUDO 656 HW OH
ULGHDX GH VpFXULWp 656 GX SDVVDJHU
DYDQW QH VRQW SDV FRPPDQGpV SDU OH
V\VWqPH 68%$58 GH FRXVVLQ GH VpFX
ULWp IURQWDO SHUIHFWLRQQp
7pPRLQ DYHUWLVVHXU GX V\VWqPH GH FRXVVLQ
GH VpFXULWp 656
6L OD FRPPDQGH GH ERXFOH GH FHLQWXUH GH
VpFXULWp HWRX OH V\VWqPH GH GpWHFWLRQ G¶XQ
SDVVDJHU DYDQW QH IRQFWLRQQHQW SDV QRU
PDOHPHQW OH WpPRLQ DYHUWLVVHXU GX V\V
WqPH GH FRXVVLQ GH VpFXULWp 656 V¶DO
OXPH )DLWHV LPPpGLDWHPHQW FRQWU{OHU OH
V\VWqPH SDU XQ FRQFHVVLRQQDLUH 68%$58
VL OH WpPRLQ DYHUWLVVHXU GX V\VWqPH GH
FRXVVLQ GH VpFXULWp 656 V¶DOOXPH
/¶LPSOLFDWLRQ GH YRWUH YpKLFXOH GDQV XQH
FROOLVLRQ SHXW DIIHFWHU OH ERQ IRQFWLRQQH
PHQW GX V\VWqPH 68%$58 GH FRXVVLQ GH
VpFXULWp IURQWDO SHUIHFWLRQQp )DLWHV
FRQWU{OHU YRWUH YpKLFXOH SDU XQ FRQFHV
VLRQQDLUH 68%$58 1H ODLVVH] SHUVRQQH
XWLOLVHU OH VLqJH GX SDVVDJHU DYDQW SHQ
GDQW TXH YRXV FRQGXLVH] YRWUH YpKLFXOH j
! ,QGLFDWHXUV G¶DFWLYDWLRQ HW GH GpV
DFWLYDWLRQ GX FRXVVLQ GH VpFXULWp
IURQWDO GX SDVVDJHU
5HSRUWH]YRXV j ³,QGLFDWHXUV G¶DFWLYDWLRQ
HW GH GpVDFWLYDWLRQ GX FRXVVLQ GH VpFXULWp
IURQWDO GX SDVVDJHU DYDQW´ )
! 6\VWqPH GH GpWHFWLRQ GH SUpVHQFH
G¶XQ SDVVDJHU
/H FDSWHXU GX V\VWqPH GH GpWHFWLRQ GH
SUpVHQFH G¶XQ SDVVDJHU HVW LQVWDOOp VRXV
OD JDUQLWXUH GHV VLqJHV HW VXUYHLOOH OH
SK\VLTXH HW OD SRVWXUH GX SDVVDJHU DYDQW
(Q XWLOLVDQW FHWWH LQIRUPDWLRQ OH V\VWqPH
GH GpWHFWLRQ GH SUpVHQFH G¶XQ SDVVDJHU
GpWHUPLQH VL OH FRXVVLQ GH VpFXULWp IURQWDO
656 SRXU SDVVDJHU DYDQW GRLW rWUH Gp
SOR\p RX QRQ
21 ,QGLFDWHXU G¶DFWLYDWLRQ GX FRXVVLQ GH
VpFXULWp IURQWDO GH SDVVDJHU DYDQW
,QGLFDWHXU GH GpVDFWLYDWLRQ GX
FRXVVLQ GH VpFXULWp IURQWDO GH SDV
VDJHU DYDQW
6L OH FRXVVLQ GX VLqJH SDVVDJHU DYDQW HVW
KXPLGH FHOD SHXW QXLUH j OD FDSDFLWp GX
V\VWqPH GH GpWHUPLQHU OH GpSORLHPHQW 6L
OH FRXVVLQ HVW PRXLOOp OH SDVVDJHU DYDQW
GRLW FHVVHU GH V¶DVVHRLU VXU OH VLqJH GX
SDVVDJHU DYDQW (VVX\H] LPPpGLDWHPHQW
WRXW OLTXLGH GX VLqJH ODLVVH] VpFKHU
QDWXUHOOHPHQW OH VLqJH SXLV YpULILH] OH
WpPRLQ DYHUWLVVHXU GX V\VWqPH GH FRXVVLQ
GH VpFXULWp 656 FRPPH VXLW
. 6L OH WpPRLQ DYHUWLVVHXU GX V\VWqPH GH
FRXVVLQ GH VpFXULWp 656 V¶DOOXPH JDUGH]
OH VLqJH DX VHF MXVTX¶j FH TX¶LO V¶pWHLJQH
6L OH WpPRLQ DYHUWLVVHXU GX V\VWqPH GH
FRXVVLQ GH VpFXULWp 656 UHVWH DOOXPp
6LqJHV FHLQWXUHV GH VpFXULWp HW FRXVVLQV GH VpFXULWp 656&RXVVLQ GH VpFXULWp 656 6\VWqPH GH 5HWHQXH 6XSSOpPHQWDLUH
PrPH ORUVTXH OH VLqJH D VpFKp QH ODLVVH]
SHUVRQQH V¶DVVHRLU VXU OH VLqJH GX SDVVD
JHU DYDQW HW IDLWHV YpULILHU OH V\VWqPH SDU
YRWUH FRQFHVVLRQQDLUH 68%$58
. 6L OH WpPRLQ DYHUWLVVHXU GX V\VWqPH GH
FRXVVLQ GH VpFXULWp 656 QH V¶DOOXPH SDV
YpULILH] VL OHV LQGLFDWHXUV G¶DFWLYDWLRQ HW GH
GpVDFWLYDWLRQ GX FRXVVLQ GH VpFXULWp IURQ
WDO GX SDVVDJHU DYDQW IRQFWLRQQHQW FRUUHF
WHPHQW 6L OHV LQGLFDWHXUV QH IRQFWLRQQHQW
SDV FRUUHFWHPHQW QH ODLVVH] SHUVRQQH
V¶DVVHRLU VXU OH VLqJH GX SDVVDJHU DYDQW HW
IDLWHV YpULILHU OH V\VWqPH SDU YRWUH FRQFHV
VLRQQDLUH 68%$58
'H SOXV VL GHV EDJDJHV RX GHV DSSDUHLOV
pOHFWULTXHV VRQW PLV VXU OH VLqJH GX
SDVVDJHU DYDQW FHOD SHXW QXLUH j OD
FDSDFLWp GX V\VWqPH GH GpWHUPLQHU OH
GpSORLHPHQW &HOD SHXW HPSrFKHU OHV
LQGLFDWHXUV G¶DFWLYDWLRQ HW GH GpVDFWLYDWLRQ
GX FRXVVLQ GH VpFXULWp IURQWDO GX SDVVDJHU
DYDQW GH IRQFWLRQQHU FRUUHFWHPHQW 9pUL
ILH] TXH OHV LQGLFDWHXUV IRQFWLRQQHQW FRU
UHFWHPHQW
/RUVTXH O¶LQGLFDWHXU GH GpVDFWLYDWLRQ V¶p
WHLQW HW O¶LQGLFDWHXU G¶DFWLYDWLRQ V¶DOOXPH OH
FRXVVLQ GH VpFXULWp IURQWDO SRXU SDVVDJHU
DYDQW SHXW VH GpSOR\HU ORUV G¶XQH FROOLVLRQ
5HWLUH] OHV EDJDJHV HW OHV DSSDUHLOV
pOHFWULTXHV GX VLqJH GX SDVVDJHU DYDQW
$77(17,21
'HV DSSDUHLOV pOHFWURQLTXHV SHX
YHQW DIIHFWHU OH V\VWqPH GH GpWHF
WLRQ GH SUpVHQFH G¶XQ SDVVDJHU HQ
SDUWLFXOLHU VRXV O¶XQH GHV FRQGLWLRQV
VXLYDQWHV
. /RUVTX¶LOV VRQW EUDQFKpV VXU XQH
SULVH GH FRXUDQW SRXU DFFHVVRL
UHV HW SODFpV VXU OH VLqJH GX
SDVVDJHU DYDQW
. /RUVTX¶LOV VRQW XWLOLVpV SDU OH
SDVVDJHU DYDQW
([HPSOH WpOpSKRQHV SRUWDEOHV
RUGLQDWHXUV SRUWDEOHV OHFWHXUV GH
PXVLTXH SRUWDEOHV RX MHX[ pOHFWUR
QLTXHV
6L O¶XQH GHV VLWXDWLRQV VXLYDQWHV
VXUYLHQW ORUVTXH YRXV XWLOLVH] XQ
DSSDUHLO pOHFWURQLTXH GDQV OH YpKL
FXOH HVVD\H] G¶DERUG GH SODFHU FHW
DSSDUHLO DXWUH SDUW SRXU pYLWHU TX¶LO
QH SURGXLVH G¶LQWHUIpUHQFHV
. /H WpPRLQ DYHUWLVVHXU GX V\V
WqPH GH FRXVVLQ GH VpFXULWp
656 V¶DOOXPH
. /HV LQGLFDWHXUV G¶DFWLYDWLRQ HW GH
GpVDFWLYDWLRQ GX FRXVVLQ GH Vp
FXULWp IURQWDO GX SDVVDJHU DYDQW
IRQFWLRQQHQW GH IDoRQ HUUDWLTXH
6L O¶LQWHUIpUHQFH SHUVLVWH DUUrWH]
G¶XWLOLVHU O¶DSSDUHLO j O¶LQWpULHXU GX
YpKLFXOH
5(0$548(
&H GLVSRVLWLI HVW FRQIRUPH j OD SDUWLH GHV UqJOHV )&& &HW DSSDUHLO SHXW
SURYRTXHU GHV LQWHUIpUHQFHV 6L FHW
DSSDUHLO SURYRTXH GHV LQWHUIpUHQFHV
FRQVXOWH] OH FRQFHVVLRQQDLUH 68%$58
OH SOXV SURFKH (Q RXWUH SRXU O¶HQWUH
WLHQ GX V\VWqPH FRQVXOWH] OH FRQFHV
VLRQQDLUH 68%$58 OH SOXV SURFKH &H
SURGXLW SHXW FDXVHU GHV LQWHUIpUHQFHV j
O¶pTXLSHPHQW UDGLR HW QH GRLW SDV rWUH
LQVWDOOp j SUR[LPLWp G¶XQ pTXLSHPHQW GH
FRPPXQLFDWLRQ SRXU OD VpFXULWp PDUL
WLPH RX G¶DXWUHV pTXLSHPHQWV HVVHQ
WLHOV GH QDYLJDWLRQ RX GH FRPPXQLFD
WLRQ IRQFWLRQQDQW HQWUH HW 0+]
± 68,7( ±
6LqJHV FHLQWXUHV GH VpFXULWp HW FRXVVLQV GH VpFXULWp 656&RXVVLQ GH VpFXULWp 656 6\VWqPH GH 5HWHQXH 6XSSOpPHQWDLUH
! &RQGLWLRQV GDQV OHVTXHOOHV OH
FRXVVLQ GH VpFXULWp IURQWDO 656
SRXU SDVVDJHU DYDQW Q¶HVW SDV PLV
HQ VHUYLFH
/H V\VWqPH HVW FRQoX SRXU TXH OH FRXVVLQ
GH VpFXULWp IURQWDO 656 SRXU SDVVDJHU
DYDQW VRLW PLV KRUV VHUYLFH GDQV O¶XQH GHV
VLWXDWLRQV VXLYDQWHV FRQFHUQDQW OH VLqJH
GX SDVVDJHU DYDQW
. /H VLqJH Q¶HVW SDV RFFXSp
. 8Q V\VWqPH GH UHWHQXH SRXU HQIDQW GH
W\SH WRXUQp YHUV O¶DUULqUH DSSURSULp HVW
LQVWDOOp VXU OH VLqJH HW HVW RFFXSp SDU XQ
QRXUULVVRQ 9RLU '$1*(5 TXL VXLW
. /H V\VWqPH GH GpWHFWLRQ GH SUpVHQFH
G¶XQ SDVVDJHU DYDQW HVW GpIHFWXHX[
'$1*(5
1¶,167$//(= -$0$,6 '( 6,Ê*(
3285 (1)$17 685 /( 6,Ê*( '8
3$66$*(5 $9$17 0Ç0( 6, /(
&2866,1 '( 6e&85,7e )5217$/
656 3285 3$66$*(5 $9$17 (67
+256 6(59,&( ,QVWDOOH]OH FRUUHF
WHPHQW VXU OH VLqJH $55,Ê5(
FRPPH LQGLTXp GDQV FH PDQXHO (Q
RXWUH LO HVW YLYHPHQW UHFRPPDQGp
TX¶XQ VLqJH SRXU HQIDQW WRXUQp GDQV
OH VHQV DYDQW RX XQ VLqJH UHKDXV
VHXU VRLW LQVWDOOp j O¶$55,Ê5( HW
TX¶XQ HQIDQW WURS JUDQG SRXU XWLOLVHU
OH V\VWqPH GH UHWHQXH SRXU HQIDQW
VRLW DVVLV j O¶$55,Ê5( &HWWH SUp
FDXWLRQ HVW SUpFRQLVpH FDU OHV HQ
IDQWV DVVLV VXU OH VLqJH GX SDVVDJHU
DYDQW ULVTXHQW GH VXELU GHV EOHVVX
UHV JUDYHV YRLUH PRUWHOOHV VL OH
FRXVVLQ GH VpFXULWp IURQWDO 656
SRXU SDVVDJHU DYDQW HVW GpSOR\p
/HV VLqJHV $55,Ê5( VRQW OHV SODFHV
OHV SOXV V€UHV SRXU OHV HQIDQWV
$77(17,21
/RUVTXH OH VLqJH GX SDVVDJHU DYDQW
HVW RFFXSp SDU XQ QRXUULVVRQ DVVLV
GDQV XQ V\VWqPH GH UHWHQXH SRXU
HQIDQWV DSSURSULp REVHUYH] OHV SUp
FDXWLRQV VXLYDQWHV 1H SDV VXLYUH
FHV SUpFDXWLRQV SHXW JrQHU OH IRQF
WLRQQHPHQW QRUPDO GX V\VWqPH GH
GpWHFWLRQ GH SUpVHQFH G¶XQ SDVVD
JHU HQ DFWLYDQW OH FRXVVLQ GH VpFX
ULWp IURQWDO 656 SRXU SDVVDJHU DYDQW
PrPH VL FH VLqJH HVW RFFXSp SDU OH
QRXUULVVRQ GDQV OH V\VWqPH GH UHWH
QXH SRXU HQIDQWV
. 1H SODFH] ULHQ DSSDUHLOV pOHFWUR
QLTXHV \ FRPSULV VXU OH VLqJH HQ
GHKRUV GX QRXUULVVRQ GDQV OH
V\VWqPH GH UHWHQXH SRXU HQIDQWV
. 1H SODFH] SDV SOXV G¶XQ QRXUULV
VRQ GDQV OH V\VWqPH GH UHWHQXH
SRXU HQIDQWV
! 6L O¶LQGLFDWHXU G¶DFWLYDWLRQ GX
FRXVVLQ GH VpFXULWp IURQWDO GX
SDVVDJHU DYDQW V¶DOOXPH HW O¶LQ
GLFDWHXU GH GpVDFWLYDWLRQ V¶p
WHLQW PrPH ORUVTX¶XQ
QRXUULVVRQ RX XQ HQIDQW HQ EDV
kJH VH WURXYH GDQV XQ V\VWqPH
GH UHWHQXH SRXU HQIDQW \
FRPSULV UHKDXVVHXU
0HWWH] OH FRQWDFWHXU G¶DOOXPDJH HQ
SRVLWLRQ ³/2&.´³2))´
(QOHYH] OH V\VWqPH GH UHWHQXH SRXU
HQIDQW GX VLqJH
3XLV HQ VXLYDQW OHV UHFRPPDQGDWLRQV
GX IDEULFDQW GX V\VWqPH GH UHWHQXH SRXU
HQIDQWV HW OHV LQVWUXFWLRQV GRQQpHV GDQV
³6\VWqPHV GH UHWHQXH SRXU HQIDQW´ )
LQVWDOOH] FRUUHFWHPHQW OH V\VWqPH GH
UHWHQXH SRXU HQIDQW
0HWWH] OH FRQWDFWHXU G¶DOOXPDJH HQ
SRVLWLRQ ³21´ SXLV YpULILH] TXH O¶LQGLFDWHXU
G¶DFWLYDWLRQ GX FRXVVLQ GH VpFXULWp IURQWDO
GX SDVVDJHU DYDQW QH V¶DOOXPH SOXV HW TXH
F¶HVW O¶LQGLFDWHXU GH GpVDFWLYDWLRQ TXL
V¶DOOXPH
6LqJHV FHLQWXUHV GH VpFXULWp HW FRXVVLQV GH VpFXULWp 656&RXVVLQ GH VpFXULWp 656 6\VWqPH GH 5HWHQXH 6XSSOpPHQWDLUH
6L O¶LQGLFDWHXU G¶DFWLYDWLRQ UHVWH DOOXPp HW
O¶LQGLFDWHXU GH GpVDFWLYDWLRQ pWHLQW SUHQH]
OHV PHVXUHV VXLYDQWHV
. 9pULILH] TX¶LO Q¶\ D VXU OH VLqJH GX
SDVVDJHU ULHQ G¶DXWUH TXH OH V\VWqPH GH
UHWHQXH SRXU HQIDQW HW O¶HQIDQW TXL O¶RF
FXSH
. 9pULILH] TXH OH ORTXHW GH SRVLWLRQ DYDQW
DUULqUH HW OH ORTXHW GX GRVVLHU GX VLqJH GX
SDVVDJHU DYDQW VRQW FRUUHFWHPHQW HQJD
JpV HQ HVVD\DQW GH GpSODFHU OH VLqJH YHUV
O¶DYDQW HW YHUV O¶DUULqUH
6L PDOJUp O¶XQH GHV PHVXUHV FRUUHFWLYHV
DSSURSULpHV GpFULWHV FLGHVVXV SULVHV
O¶LQGLFDWHXU G¶DFWLYDWLRQ SHUVLVWH j V¶DOOX
PHU HW O¶LQGLFDWHXU GH GpVDFWLYDWLRQ j
V¶pWHLQGUH GpSODFH] OH V\VWqPH GH UHWH
QXH SRXU HQIDQW SRXU OH PHWWUH VXU OH VLqJH
DUULqUH HW IDLWHV LPPpGLDWHPHQW HIIHFWXHU
XQ FRQWU{OH SDU XQ FRQFHVVLRQQDLUH
68%$58
5(0$548(
6L OH VLqJH GX SDVVDJHU DYDQW HVW
RFFXSp SDU XQ HQIDQW WURS JUDQG SRXU
XWLOLVHU XQ V\VWqPH GH UHWHQXH SRXU
HQIDQW RX SDU XQ DGXOWH GH SHWLWH WDLOOH
OH IDLW TXH OH V\VWqPH 68%$58 GH
FRXVVLQ GH VpFXULWp IURQWDO SHUIHF
WLRQQp PHWWUD RX QH PHWWUD SDV HQ
VHUYLFH OH FRXVVLQ GH VpFXULWp IURQWDO
656 SRXU SDVVDJHU DYDQW GpSHQGUD GH
OD PDQLqUH GRQW OD SHUVRQQH VH WLHQW
DVVLVH /HV HQIDQWV GRLYHQW WRXMRXUV
PHWWUH OHXU FHLQWXUH GH VpFXULWp ORUV
TX¶LOV VRQW DVVLV GDQV OHXU VLqJH TXH OH
FRXVVLQ GH VpFXULWp VRLW GpVDFWLYp RX
QRQ (Q FDV G¶DFWLYDWLRQ GX FRXVVLQ GH
VpFXULWp IURQWDO 656 SRXU SDVVDJHU
DYDQW LQGLFDWHXU G¶DFWLYDWLRQ DOOXPp
LQGLFDWHXU GH GpVDFWLYDWLRQ pWHLQW DV
VXUH]YRXV TXH ULHQ G¶DXWUH TXH OH
SDVVDJHU QH VRLW VXU OH VLqJH
6L DSUqV OHV YpULILFDWLRQV HW PHVXUHV
FRUUHFWLYHV FLGHVVXV O¶LQGLFDWHXU
G¶DFWLYDWLRQ UHVWH DOOXPp HW O¶LQGLFDWHXU
GH GpVDFWLYDWLRQ pWHLQW GHPDQGH] j
O¶HQIDQW RX O¶DGXOWH GH SHWLWH FRUSXOHQFH
GH V¶DVVHRLU VXU OH VLqJH DUULqUH HW
IDLWHV LPPpGLDWHPHQW HIIHFWXHU XQ
FRQWU{OH SDU XQ FRQFHVVLRQQDLUH
68%$58 3DU OD VXLWH PrPH VL OH ERQ
IRQFWLRQQHPHQW GX V\VWqPH D pWp YpUL
ILp SDU XQ FRQFHVVLRQQDLUH LO HVW SUp
IpUDEOH TXH FHW HQIDQW RX FHW DGXOWH
YR\DJH WRXMRXUV VXU OH VLqJH DUULqUH
,QGpSHQGDPPHQW GX IDLW TXH OH FRXVVLQ GH
VpFXULWp IURQWDO HVW HQ VHUYLFH RX QRQ OHV
HQIDQWV WURS JUDQGV SRXU XWLOLVHU XQ V\V
WqPH GH UHWHQXH SRXU HQIDQW GRLYHQW
WRXMRXUV SRUWHU OD FHLQWXUH GH VpFXULWp GX
VLqJH TXH OH FRXVVLQ GH VpFXULWp VRLW
DFWLYp RX GpVDFWLYp
! &RQGLWLRQV GDQV OHVTXHOOHV OH
FRXVVLQ GH VpFXULWp IURQWDO 656
SRXU SDVVDJHU DYDQW HVW PLV HQ
VHUYLFH
/H FRXVVLQ GH VpFXULWp IURQWDO 656 SRXU
SDVVDJHU DYDQW VHUD PLV HQ VHUYLFH HW VH
GpSORLHUD HQ FDV GH FROOLVLRQ GDQV O¶XQH
GHV VLWXDWLRQV VXLYDQWHV FRQFHUQDQW OH
VLqJH GX SDVVDJHU DYDQW
. /H VLqJH HVW RFFXSp SDU XQ DGXOWH
. /RUVTXH FHUWDLQV REMHWV SDU H[HPSOH
XQH FDUDIH G¶HDX VRQW SODFpV VXU OH VLqJH
± 68,7( ±
6LqJHV FHLQWXUHV GH VpFXULWp HW FRXVVLQV GH VpFXULWp 656&RXVVLQ GH VpFXULWp 656 6\VWqPH GH 5HWHQXH 6XSSOpPHQWDLUH
! 6L O¶LQGLFDWHXU GH GpVDFWLYDWLRQ
GX FRXVVLQ GH VpFXULWp IURQWDO GX
SDVVDJHU HVW DOOXPp HW O¶LQGLFD
WHXU G¶DFWLYDWLRQ pWHLQW DORUV TXH
OH VLqJH GX SDVVDJHU DYDQW HVW
RFFXSp SDU XQ DGXOWH
&HOD SHXW SURYHQLU GX IDLW TXH O¶DGXOWH Q¶HVW
SDV DVVLV FRUUHFWHPHQW VXU OH VLqJH GX
SDVVDJHU DYDQW
0HWWH] OH FRQWDFWHXU G¶DOOXPDJH HQ
SRVLWLRQ ³/2&.´³2))´
'HPDQGH] DX SDVVDJHU DYDQW GH
SODFHU OH GRVVLHU GX VLqJH HQ SRVLWLRQ
YHUWLFDOH GH VH WHQLU GURLW DX FHQWUH GX
FRXVVLQ GH VLqJH GH ERXFOHU FRUUHFWHPHQW
VD FHLQWXUH GH VpFXULWp GH PHWWUH VHV
MDPEHV YHUV O¶DYDQW HW GH UpJOHU OH VLqJH
FRPSOqWHPHQW YHUV O¶DUULqUH
0HWWH] OH FRQWDFWHXU G¶DOOXPDJH HQ
SRVLWLRQ ³21´
6L O¶LQGLFDWHXU GH GpVDFWLYDWLRQ UHVWH DO
OXPp HW O¶LQGLFDWHXU G¶DFWLYDWLRQ pWHLQW
SUHQH] OHV PHVXUHV VXLYDQWHV
0HWWH] OH FRQWDFWHXU G¶DOOXPDJH HQ
SRVLWLRQ ³/2&.´³2))´
9pULILH] TXH OH SDVVDJHU DYDQW Q¶XWLOLVH
SDV GH FRXYHUWXUH GH FRXVVLQ GH VLqJH
GH KRXVVH GH VLqJH GH FKDXIIDJH GH
VLqJH RX GH VLqJH PDVVHXU HWF
6L OH SDVVDJHU DYDQW SRUWH GHV YrWH
PHQWV HQ WURS JUDQG QRPEUH LO GRLW UHWLUHU
WRXW YrWHPHQW TXL Q¶HVW SDV QpFHVVDLUH
DYDQW GH V¶DVVHRLU VXU OH VLqJH GX SDVVD
JHU DYDQW RX V¶DVVHRLU VXU XQ VLqJH
DUULqUH
0HWWH] OH FRQWDFWHXU G¶DOOXPDJH HQ
SRVLWLRQ ³21´ HW DWWHQGH] VHFRQGHV SRXU
TXH OH V\VWqPH WHUPLQH VRQ FRQWU{OH
$SUqV YpULILFDWLRQ GX V\VWqPH OHV GHX[
LQGLFDWHXUV V¶pWHLJQHQW SHQGDQW VHFRQ
GHV /¶LQGLFDWHXU G¶DFWLYDWLRQ GHYUDLW j
SUpVHQW V¶DOOXPHU HW O¶LQGLFDWHXU GH GpV
DFWLYDWLRQ UHVWHU pWHLQW
6L PDOJUp WRXW O¶LQGLFDWHXU GH GpVDFWLYD
WLRQ UHVWH DOOXPp HW O¶LQGLFDWHXU G¶DFWLYDWLRQ
pWHLQW IDLWHV YR\DJHU OD SHUVRQQH VXU OH
VLqJH DUULqUH &RQWDFWH] LPPpGLDWHPHQW
YRWUH FRQFHVVLRQQDLUH 68%$58 HW IDLWHV
FRQWU{OHU OH V\VWqPH
6LqJHV FHLQWXUHV GH VpFXULWp HW FRXVVLQV GH VpFXULWp 656&RXVVLQ GH VpFXULWp 656 6\VWqPH GH 5HWHQXH 6XSSOpPHQWDLUH
! )RQFWLRQQHPHQW
/HV FRXVVLQV GH VpFXULWp 656 QH IRQF
WLRQQHQW TXH ORUVTXH OH FRQWDFWHXU G¶DOOX
PDJH HVW HQ SRVLWLRQ ³21´
/H V\VWqPH 68%$58 GH FRXVVLQ GH
VpFXULWp IURQWDO SHUIHFWLRQQp HVW FRQoX
SRXU GpWHUPLQHU OHV FRQGLWLRQV G¶DFWLYDWLRQ
RX GH GpVDFWLYDWLRQ GX FRXVVLQ GH VpFXULWp
IURQWDO 656 SRXU SDVVDJHU DYDQW HQ
IRQFWLRQ GHV FDUDFWpULVWLTXHV GHV REMHWV
RX SHUVRQQHV VXU OH VLqJH GX SDVVDJHU
DYDQW FHV FDUDFWpULVWLTXHV pWDQW VXUYHLO
OpHV SDU OH FDSWHXU GX V\VWqPH GH GpWHF
WLRQ GH SUpVHQFH G¶XQ SDVVDJHU DYDQW
3RXU FHWWH UDLVRQ LO SHXW DUULYHU TXH VHXO OH
FRXVVLQ GH VpFXULWp IURQWDO 656 GX
FRQGXFWHXU VH GpSORLH HQ FDV GH FROOLVLRQ
PDLV FHFL QH VLJQLILH SDV TXH OH V\VWqPH
HVW GpIDLOODQW
6L OHV FDSWHXUV VXLYDQWV GpWHFWHQW XQH
FROOLVLRQ IURQWDOH G¶XQH LQWHQVLWp SUpGpWHU
PLQpH OH PRGXOH GH FRPPDQGH HQYRLH
DX[ PRGXOHV GH FRXVVLQV GH VpFXULWp
VHXOHPHQW DX PRGXOH FRQGXFWHXU RX j
OD IRLV DX PRGXOH FRQGXFWHXU HW DX PRGXOH
SDVVDJHU DYDQW OH VLJQDO GH GpSORLHPHQW
GX FRXVVLQ GH VpFXULWp IURQWDO 656
$
%
&{Wp FRQGXFWHXU
&{Wp SDVVDJHU
/HV &2866,16 '( 6e&85,7e 656 VH JRQIOHQW GqV TX¶LO \ D XQH FROOLVLRQ
$SUqV JRQIOHPHQW OHV &2866,16 '( 6e&85,7e 656 VH GpJRQIOHQW LPPpGLDWHPHQW SRXU
QH SDV REVWUXHU OD YXH GX FRQGXFWHXU
± 68,7( ±
6LqJHV FHLQWXUHV GH VpFXULWp HW FRXVVLQV GH VpFXULWp 656&RXVVLQ GH VpFXULWp 656 6\VWqPH GH 5HWHQXH 6XSSOpPHQWDLUH
. /HV FDSWHXUV DX[LOLDLUHV DYDQW
. /HV FDSWHXUV G¶LPSDFW LQFRUSRUpV DX
PRGXOH GH FRPPDQGH GX FRXVVLQ GH
VpFXULWp
'X F{Wp FRQGXFWHXU OH FRXVVLQ GH VpFXULWp
JHQRX[ 656 VH JRQIOH pJDOHPHQW DYHF OH
FRXVVLQ GH VpFXULWp IURQWDO 656
/HV FRXVVLQV GH VpFXULWp IURQWDX[ 656 GX
FRQGXFWHXU HW GX SDVVDJHU DYDQW VRQW
pTXLSpV GH GpFOHQFKHXUV ELpWDJpV /HV
GHX[ GpFOHQFKHXUV GH FKDTXH FRXVVLQ GH
VpFXULWp VRQW DFWLRQQpV VRLW O¶XQ DSUqV
O¶DXWUH VRLW VLPXOWDQpPHQW VHORQ OD YLR
OHQFH GH O¶LPSDFW GDQV OH FDV GX FRXVVLQ
GH VpFXULWp IURQWDO 656 GX FRQGXFWHXU RX
GH OD YLROHQFH GH O¶LPSDFW HW GHV FDUDFWp
ULVWLTXHV GHV REMHWV RX SHUVRQQHV VXU OH
VLqJH GDQV OH FDV GX FRXVVLQ GH VpFXULWp
IURQWDO 656 SRXU SDVVDJHU DYDQW
! $SUqV OH GpSORLHPHQW
$SUqV OHXU GpSORLHPHQW OHV FRXVVLQV GH
VpFXULWp 656 FRPPHQFHQW LPPpGLDWH
PHQW j VH GpJRQIOHU SRXU QH SDV REVWUXHU
OD YXH GX FRQGXFWHXU HW SRXU QH SDV
HPSrFKHU OH FRQGXFWHXU GH PDLQWHQLU OH
FRQWU{OH GX YpKLFXOH 7RXWHV FHV RSpUD
WLRQV GH OD GpWHFWLRQ GH O¶LPSDFW DX
GpJRQIOHPHQW GHV FRXVVLQV GH VpFXULWp
656 VH GpURXOHQW HQ PRLQV GH WHPSV TX¶LO
Q¶HQ IDXW SRXU XQ FOLQ G¶°LO
4XH VHXO OH FRXVVLQ GH VpFXULWp IURQWDO
656 GX FRQGXFWHXU VH GpSORLH RX TXH OHV
FRXVVLQV GH VpFXULWp IURQWDX[ 656 GX
FRQGXFWHXU HW GX SDVVDJHU DYDQW VH
GpSORLHQW WRXV GHX[ GDQV OHV GHX[ FDV
OHV SUpWHQVLRQQHXUV GH FHLQWXUH GH VpFX
ULWp GX FRQGXFWHXU HW GX SDVVDJHU DYDQW
VRQW VLPXOWDQpPHQW GpFOHQFKpV
,O HVW KDXWHPHQW LPSUREDEOH TXH OH FRXV
VLQ GH VpFXULWp 656 VH GpFOHQFKH GDQV
XQH VLWXDWLRQ KRUV DFFLGHQW PDLV DX FDV
R FHOD VH SURGXLVH OH FRXVVLQ GH VpFXULWp
656 VH GpJRQIOH UDSLGHPHQW SRXU QH SDV
EORTXHU OD YLVLRQ HW SRXU QH SDV HPSrFKHU
OH FRQGXFWHXU GH PDLQWHQLU OH FRQWU{OH GX
YpKLFXOH
/H GpSORLHPHQW G¶XQ FRXVVLQ GH VpFXULWp
656 V¶DFFRPSDJQH G¶XQ EUXLW GH JRQIOH
PHQW VRXGDLQ HW DVVH] IRUW HW G¶XQ OpJHU
GpJDJHPHQW GH IXPpH &HFL HVW OH UpVXOWDW
QRUPDO GX GpSORLHPHQW /D IXPpH Q¶HVW
SDV OH VLJQH G¶XQ GpEXW G¶LQFHQGLH GDQV OH
YpKLFXOH
$77(17,21
1H WRXFKH] SDV OHV FRPSRVDQWV GX
V\VWqPH HW OHV DOHQWRXUV GX YRODQW HW
GX WDEOHDX GH ERUG j PDLQV QXHV
MXVWH DSUqV OH GpSORLHPHQW GHV
FRXVVLQV GH VpFXULWp 656 9RXV
ULVTXHULH] GH YRXV EU€OHU FDU OH
GpSORLHPHQW HQWUDvQH XQ IRUW GpJD
JHPHQW GH FKDOHXU DX QLYHDX GH
FHUWDLQHV SDUWLHV GX V\VWqPH
! ([HPSOH G¶DFFLGHQW
/H FRXVVLQ GH VpFXULWp IURQWDO 656 GX
FRQGXFWHXU HW OH FRXVVLQ GH VpFXULWp
IURQWDO 656 SRXU SDVVDJHU DYDQW VRQW
FRQoXV GH OD PDQLqUH VXLYDQWH
. 3RXU VH GpSOR\HU HQ FDV G¶XQ DFFLGHQW
LPSOLTXDQW XQH FROOLVLRQ IURQWDOH PRGpUpH
j VpYqUH
. 3RXU QH VH GpFOHQFKHU TX¶XQH VHXOH
IRLV
/H FRXVVLQ GH VpFXULWp IURQWDO 656 GX
FRQGXFWHXU HW OH FRXVVLQ GH VpFXULWp
IURQWDO 656 SRXU SDVVDJHU DYDQW QH VRQW
SDV FRQoXV SRXU OHV FDV VXLYDQWV
6LqJHV FHLQWXUHV GH VpFXULWp HW FRXVVLQV GH VpFXULWp 656&RXVVLQ GH VpFXULWp 656 6\VWqPH GH 5HWHQXH 6XSSOpPHQWDLUH
. 6H GpSOR\HU HQ FDV G¶LPSDFW IURQWDO
OpJHU . 6H GpSOR\HU GDQV OD SOXSDUW GHV DFFL
GHQWV SDU LPSDFW ODWpUDO RX DUULqUH RX GHV
UHWRXUQHPHQWV GX YpKLFXOH ! ([HPSOH G¶DFFLGHQW DX FRXUV
GXTXHO OHV FRXVVLQV GH VpFXULWp
IURQWDX[ 656 GX FRQGXFWHXUGX
FRQGXFWHXU HW GX SDVVDJHU
DYDQW VH GpSORLHURQW YUDLVHP
EODEOHPHQW
! ([HPSOHV GH W\SHV G¶DFFLGHQWV
DX FRXUV GHVTXHOV LO HVW SRVVLEOH
TXH OHV FRXVVLQV GH VpFXULWp
IURQWDX[ 656 GX FRQGXFWHXUGX
FRQGXFWHXU HW GX SDVVDJHU DYDQW
VH GpSORLHQW
&DU OHV FHLQWXUHV GH VpFXULWp VXIILVHQW DORUV j
DVVXUHU XQH ERQQH SURWHFWLRQ
&DU OH GpSORLHPHQW GX FRXVVLQ GH VpFXULWp
IURQWDO 656 GX FRQGXFWHXU RX GHV FRXVVLQV GH
VpFXULWp IURQWDX[ 656 GX FRQGXFWHXU HW GX
SDVVDJHU DYDQW QH FRQVWLWXHUDLW SDV GDQV FHV
VLWXDWLRQV XQH DLGH SRXU OHV RFFXSDQWV
/H GpSORLHPHQW GHV FRXVVLQV GH VpFXULWp
656 GpSHQG GH O¶LQWHQVLWp GX FKRF TXH
VXELW O¶KDELWDFOH GX YpKLFXOH DX PRPHQW GH
OD FROOLVLRQ &HWWH LQWHQVLWp HVW WUqV YDULDEOH
G¶XQ W\SH GH FROOLVLRQ j O¶DXWUH HW Q¶HVW SDV
QpFHVVDLUHPHQW HQ UDSSRUW DYHF OHV GRP
PDJHV YLVLEOHV VXU OH YpKLFXOH
8QH FROOLVLRQ GH IURQW FRQWUH XQ pSDLV PXU
GH EpWRQ DYHF XQH YLWHVVH GX YpKLFXOH GH
O¶RUGUH GH j NPK j PSK RX
SOXV DFWLRQQHUD OH FRXVVLQ GH VpFXULWp
IURQWDO 656 GX FRQGXFWHXU VHXOHPHQW RX
OHV GHX[ FRXVVLQV GH VpFXULWp IURQWDX[
656 GX FRQGXFWHXU HW GX SDVVDJHU DYDQW
/H FRXVVLQ GH VpFXULWp HVW DXVVL DFWLYp
ORUVTXH OH YpKLFXOH VXELW XQ FKRF SDU
O¶DYDQW GX PrPH JHQUH HW GH OD PrPH
LQWHQVLWp TXH OD FROOLVLRQ LQGLTXpH FLGHV
VXV
± 68,7( ±
6LqJHV FHLQWXUHV GH VpFXULWp HW FRXVVLQV GH VpFXULWp 656&RXVVLQ GH VpFXULWp 656 6\VWqPH GH 5HWHQXH 6XSSOpPHQWDLUH
/H FRXVVLQ GH VpFXULWp IURQWDO 656 GX
FRQGXFWHXU VHXOHPHQW RX OHV FRXVVLQV GH
VpFXULWp IURQWDX[ 656 GX FRQGXFWHXU HW GX
SDVVDJHU DYDQW SHXYHQW rWUH DFWLRQQpV VL
OH VRXEDVVHPHQW GX YpKLFXOH VXELW XQ IRUW
LPSDFW SDU OH EDV FRPPH ORUVTXH OH
YpKLFXOH WRPEH GDQV XQ IRVVp SURIRQG RX
KHXUWH YLROHPPHQW XQ REVWDFOH WHO TX¶XQH
ERUGXUH GH WURWWRLU 6LqJHV FHLQWXUHV GH VpFXULWp HW FRXVVLQV GH VpFXULWp 656&RXVVLQ GH VpFXULWp 656 6\VWqPH GH 5HWHQXH 6XSSOpPHQWDLUH
! ([HPSOHV GH W\SHV G¶DFFLGHQWV DX FRXUV GHVTXHOV LO HVW SHX YUDLVHPEODEOH
TXH OH FRXVVLQ GH VpFXULWp IURQWDO 656 GX FRQGXFWHXUGX FRQGXFWHXU HW GX
SDVVDJHU DYDQW VH GpSORLHQW
/H YpKLFXOH SHUFXWH XQ REMHW WHO TX¶XQ
SRWHDX WpOpSKRQLTXH RX XQ SRWHDX GH
VLJQDOLVDWLRQ
/H YpKLFXOH JOLVVH VRXV OH SODWHDX GH
FKDUJHPHQW G¶XQ FDPLRQ
/H YpKLFXOH VXELW XQ LPSDFW IURQWDO GH
WUDYHUV
/H YpKLFXOH VXELW XQ LPSDFW IURQWDO GH
WUDYHUV
/H YpKLFXOH KHXUWH XQ REVWDFOH PRELOH RX
TXL SHXW VH GpIRUPHU FRPPH XQ YpKLFXOH
HQ VWDWLRQQHPHQW
'DQV GLYHUV W\SHV GH FROOLVLRQV OH Gp
SORLHPHQW GX FRXVVLQ GH VpFXULWp IURQWDO
656 GX FRQGXFWHXUGX FRQGXFWHXU HW GX
SDVVDJHU DYDQW Q¶HVW SDV QpFHVVDLUHPHQW
UHTXLV (Q FDV G¶DFFLGHQW WHO TXH FHX[
LOOXVWUpV OHV FRXVVLQV GH VpFXULWp 656 GX
FRQGXFWHXUGX FRQGXFWHXU HW GX SDVVDJHU
DYDQW QH VH GpSORLHQW SDV WRXMRXUV FHOD
GpSHQGDQW GH O¶LQWHQVLWp GHV IRUFHV DJLV
VDQW GDQV O¶DFFLGHQW
± 68,7( ±
6LqJHV FHLQWXUHV GH VpFXULWp HW FRXVVLQV GH VpFXULWp 656&RXVVLQ GH VpFXULWp 656 6\VWqPH GH 5HWHQXH 6XSSOpPHQWDLUH
! ([HPSOHV GH W\SHV G¶DFFLGHQWV
DX FRXUV GHVTXHOV OHV FRXVVLQV
GH VpFXULWp IURQWDX[ 656 GX
FRQGXFWHXU HWRX GX FRQGXFWHXU
HW GX SDVVDJHU DYDQW QH GH
YUDLHQW SDV VH GpSOR\HU HQ UqJOH
JpQpUDOH
/HV FRXVVLQV GH VpFXULWp IURQWDX[ 656
SRXU FRQGXFWHXU HW SDVVDJHU DYDQW QH
VRQW SDV FRQoXV SRXU VH GpSOR\HU GDQV OD
SOXSDUW GHV FDV VXLYDQWV
. 6L OH YpKLFXOH HVW SHUFXWp SDU OH F{Wp RX
SDU O¶DUULqUH
. 6L OH YpKLFXOH VH UHQYHUVH VXU OH F{Wp RX
VXU OH WRLW
. 6L OH YpKLFXOH HVW LPSOLTXp GDQV XQH
FROOLVLRQ IURQWDOH j IDLEOH YLWHVVH
3UHPLHU LPSDFW
6HFRQG LPSDFW
'DQV XQ DFFLGHQW DX FRXUV GXTXHO OH
YpKLFXOH VXELW SOXVLHXUV FKRFV OHV FRXV
VLQV GH VpFXULWp IURQWDX[ 656 GX FRQGXF
WHXU HWRX GX SDVVDJHU DYDQW QH VH
GpSORLHQW TX¶XQH IRLV ORUV GX SUHPLHU FKRF
([HPSOH 'DQV OH FDV G¶XQH GRXEOH FROOL
VLRQ G¶DERUG DYHF XQ DXWUH YpKLFXOH SXLV
HQ VXFFHVVLRQ UDSLGH FRQWUH XQ PXU GH
EpWRQ XQH IRLV TXH OH FRXVVLQ GH VpFXULWp
IURQWDO 656 GX FRQGXFWHXU HWRX GX
SDVVDJHU DYDQW V¶HVW RX VH VRQW GpSOR\p
V ORUV GX SUHPLHU LPSDFW LO V QH SHX
YHQ W SOXV rWUH DFWLRQQp V ORUV GX VHFRQG
LPSDFW
& &RXVVLQ GH VpFXULWp ODWpUDO
656 HW ULGHDX GH VpFXULWp 656
! &RXVVLQ GH VpFXULWp ODWpUDO 656
/H FRXVVLQ GH VpFXULWp ODWpUDO 656 HVW
LQWpJUp DX GRVVLHU GH FKDTXH VLqJH DYDQW
GX F{Wp GH OD SRUWLqUH HW HVW VLJQDOp SDU
O¶pWLTXHWWH ³656 $,5%$*´
(Q FDV GH FROOLVLRQ YLROHQWH RX G¶LQWHQVLWp
PR\HQQH SDU OH F{Wp OH FRXVVLQ GH
6LqJHV FHLQWXUHV GH VpFXULWp HW FRXVVLQV GH VpFXULWp 656&RXVVLQ GH VpFXULWp 656 6\VWqPH GH 5HWHQXH 6XSSOpPHQWDLUH
VpFXULWp ODWpUDO 656 GX F{Wp GH O¶LPSDFW
FRQWUH OH YpKLFXOH VH GpSORLH HQWUH O¶RFFX
SDQW GX VLqJH HW OD SRUWLqUH SRXU FRPSOpWHU
OD SURWHFWLRQ DVVXUpH SDU OD FHLQWXUH GH
VpFXULWp HW UpGXLUH OH FKRF j KDXWHXU GH OD
SRLWULQH HW GH OD WDLOOH /HV FRXVVLQV GH
VpFXULWp ODWpUDX[ 656 QH SURWqJHQW TXH
OHV RFFXSDQWV GHV VLqJHV DYDQW
! 5LGHDX GH VpFXULWp 656
9RWUH YpKLFXOH HVW pTXLSp GX V\VWqPH GH
ULGHDX GH VpFXULWp 656 68%$58
FRQIRUPH j OD QRUPH )HGHUDO 0RWRU
9HKLFOH 6DIHW\ 6WDQGDUG )0966 1ž FHLQWXUH GH VpFXULWp SRXU UpGXLUH O¶LPSDFW
j OD WrWH GX SDVVDJHU
/RUV G¶XQH FROOLVLRQ IURQWDOH GH WUDYHUV OHV
ULGHDX[ GH VpFXULWp 656 GHV GHX[ F{WpV
GX YpKLFXOH VH GpSORLHQW HQWUH OH SDVVDJHU
HW OD YLWUH ODWpUDOH HW FRPSOqWHQW OD FHLQWXUH
GH VpFXULWp SRXU UpGXLUH O¶LPSDFW j OD WrWH
GX SDVVDJHU
! )RQFWLRQQHPHQW
/HV FRXVVLQV GH VpFXULWp ODWpUDX[ 656 HW
OHV ULGHDX[ GH VpFXULWp 656 QH IRQFWLRQ
QHQW TXH ORUVTXH OH FRQWDFWHXU G¶DOOXPDJH
HVW HQ SRVLWLRQ ³21´
'H FKDTXH F{Wp GH O¶KDELWDFOH OH ULGHDX GH
VpFXULWp 656 HVW ORJp GDQV OH WRLW HQWUH OH
PRQWDQW DYDQW HW XQ SRLQW j OD YHUWLFDOH GX
VLqJH DUULqUH 8Q UHSqUH ³656 $,5%$*´
HVW DSSRVp HQ KDXW GH FKDFXQ GHV
PRQWDQWV DYDQW
(Q FDV GH FROOLVLRQ ODWpUDOH YLROHQWH RX
G¶LQWHQVLWp PR\HQQH SDU OH F{Wp OH ULGHDX
GH VpFXULWp 656 GX F{Wp GX YpKLFXOH TXL
VXELW OH FKRF VH GpSORLH HQWUH O¶RFFXSDQW
GX VLqJH HW OD YLWUH GH SRUWLqUH SRXU
FRPSOpWHU OD SURWHFWLRQ DVVXUpH SDU OD
FHLQWXUH GH VpFXULWp HW UpGXLUH OD YLROHQFH
GX FKRF DX QLYHDX GH OD WrWH GH O¶RFFXSDQW
/RUV G¶XQ UHQYHUVHPHQW GX YpKLFXOH OHV
ULGHDX[ GH VpFXULWp 656 GHV GHX[ F{WpV
GX YpKLFXOH VH GpSORLHQW HQWUH OH SDVVDJHU
HW OD YLWUH ODWpUDOH HW FRPSOqWHQW OD
'RWp GH VRQ SURSUH FDSWHXU G¶LPSDFW
FKDFXQ GHV FRXVVLQV GH VpFXULWp VXLYDQWV
IRQFWLRQQH LQGpSHQGDPPHQW GH O¶DXWUH
. &RXVVLQ GH VpFXULWp ODWpUDO 656 GX
FRQGXFWHXU
. &RXVVLQ GH VpFXULWp ODWpUDO 656 SRXU
SDVVDJHU DYDQW
. 5LGHDX GH VpFXULWp 656 F{Wp GURLW
. 5LGHDX GH VpFXULWp 656 F{Wp JDXFKH
HW GDQV OH WDEOHDX GH ERUG
8Q FDSWHXU G¶LPSDFW TXL GpWHFWH OD IRUFH
G¶LPSDFW HVW VLWXp GDQV FKDFXQ GHV
HPSODFHPHQWV VXLYDQWV
. 'DQV OHV SRUWLqUHV DYDQW GH JDXFKH HW
GURLWH
. 'DQV OHV PRQWDQWV FHQWUDX[ JDXFKH HW
GURLW
. 'DQV OHV ORJHPHQWV GH URXH DUULqUH GH
JDXFKH HW GH GURLWH
. 6RXV OH VLqJH DUULqUH FHQWUDO
. 6XU OHV GHX[ F{WpV GX SDQQHDX GX
UDGLDWHXU FDSWHXU G¶LPSDFW IURQWDO
/H FDSWHXU GH UHQYHUVHPHQW HW OH FDSWHXU
G¶LPSDFW IURQWDO VRQW VLWXpV j O¶LQWpULHXU GX
PRGXOH GH FRPPDQGH GX FRXVVLQ GH
VpFXULWp TXL HVW VLWXp VRXV OH FHQWUH GX
WDEOHDX GH ERUG
/RUV G¶XQ DFFLGHQW ,O HVW GRQF SRVVLEOH
TXH VHXOHPHQW O¶XQH GH FHV GHX[ SURWHF
WLRQV VRLW DFWLYpH /HV FRXVVLQV GH VpFXULWp
ODWpUDX[ 656 HW OHV ULGHDX[ GH VpFXULWp
656 IRQFWLRQQHQW DXVVL LQGpSHQGDPPHQW
GX V\VWqPH GHV FRXVVLQV GH VpFXULWp
IURQWDX[ 656 GX FRQGXFWHXU HW GX SDVVD
JHU DYDQW ORJpV GDQV OH YRODQW GH GLUHFWLRQ
± 68,7( ±
6LqJHV FHLQWXUHV GH VpFXULWp HW FRXVVLQV GH VpFXULWp 656&RXVVLQ GH VpFXULWp 656 6\VWqPH GH 5HWHQXH 6XSSOpPHQWDLUH
! (Q FDV G¶DFFLGHQW SDU UHQYHUVHPHQW RX GH FROOLVLRQV ODWpUDOHV OHV FRPSRVDQWV VXLYDQWV IRQFWLRQQHQW HQ PrPH WHPSV
&RXVVLQV GH VpFXULWp ODWpUDX[ 656
5LGHDX[ GH VpFXULWp 656
&DSWHXUV G¶LPSDFW FRQFHUQpV
/HV GHX[ FDS
WHXUV GpWHFWHQW
HQVHPEOH XQH
IRUFH G¶LPSDFW
/HV GHX[ FDS
WHXUV GpWHFWHQW
HQVHPEOH XQH
IRUFH G¶LPSDFW
/HV GHX[ FDS
WHXUV GpWHFWHQW
HQVHPEOH XQH
IRUFH G¶LPSDFW
3UpWHQVLRQQHXU GH FHLQWXUH GH Vp
FXULWp
XQLTXHPHQW OH SUpWHQVLRQQHXU GH
VDQJOHEDXGULHU
&{Wp GH OD FROOL
VLRQ
&{Wp RSSRVp j
FHOXL GH OD FROOL
VLRQ
&{Wp GH OD FROOL
VLRQ
&{Wp RSSRVp j
FHOXL GH OD FROOL
VLRQ
&{Wp GH OD FROOL
VLRQ
&{Wp RSSRVp j
FHOXL GH OD FROOL
VLRQ
*
±
*
±
*
±
*
±
*
±
±
±
±
±
*
±
±
±
&DSWHXU G¶LP
SDFW GDQV OHV
SRUWLqUHV DYDQW
&DSWHXU G¶LP
SDFW VRXV OH
VLqJH FHQWUDO DU
ULqUH
&DSWHXU G¶LP
SDFW GDQV OHV
PRQWDQWV FHQ
WUDX[
&DSWHXU G¶LP
SDFW VRXV OH
VLqJH FHQWUDO DU
ULqUH
&DSWHXU G¶LP
SDFW GDQV OHV OR
JHPHQWV GH URXH
DUULqUH
&DSWHXU G¶LP
SDFW VRXV OH
VLqJH FHQWUDO DU
ULqUH
6LqJHV FHLQWXUHV GH VpFXULWp HW FRXVVLQV GH VpFXULWp 656&RXVVLQ GH VpFXULWp 656 6\VWqPH GH 5HWHQXH 6XSSOpPHQWDLUH
&RXVVLQV GH VpFXULWp ODWpUDX[ 656
5LGHDX[ GH VpFXULWp 656
&DSWHXUV G¶LPSDFW FRQFHUQpV
&DSWHXU GH UHQYHUVHPHQW GDQV OH
PRGXOH GH FRPPDQGH GX FRXVVLQ
GH VpFXULWp
3UpWHQVLRQQHXU GH FHLQWXUH GH Vp
FXULWp
XQLTXHPHQW OH SUpWHQVLRQQHXU GH
VDQJOHEDXGULHU
&{Wp GH OD FROOL
VLRQ
&{Wp RSSRVp j
FHOXL GH OD FROOL
VLRQ
&{Wp GH OD FROOL
VLRQ
&{Wp RSSRVp j
FHOXL GH OD FROOL
VLRQ
&{Wp GH OD FROOL
VLRQ
&{Wp RSSRVp j
FHOXL GH OD FROOL
VLRQ
±
±
*
*
*
*
* $FWLYp
± 1RQ DFWLYp
5(0$548(
/H FRXVVLQ GH VpFXULWp ODWpUDO 656 HW OH ULGHDX GH VpFXULWp 656 GX F{Wp GH O¶LPSDFW VH GpSORLHQW PrPH VL OH VLqJH GH FH F{Wp
Q¶HVW SDV RFFXSp
± 68,7( ±
6LqJHV FHLQWXUHV GH VpFXULWp HW FRXVVLQV GH VpFXULWp 656&RXVVLQ GH VpFXULWp 656 6\VWqPH GH 5HWHQXH 6XSSOpPHQWDLUH
! (Q FDV GH FROOLVLRQ IURQWDOH
/HV ULGHDX[ GH VpFXULWp 656 VRQW FRQoXV
SRXU VH GpSOR\HU GDQV OHV FDV VXLYDQWV
. /RUVTXH OH FRXVVLQ GH VpFXULWp IURQWDO
656 GX FRQGXFWHXU VH GpSORLH ORUV G¶XQH
FROOLVLRQ IURQWDOH
. /RUVTXH OHV FRXVVLQV GH VpFXULWp IURQ
WDX[ 656 GX FRQGXFWHXU HW GX SDVVDJHU
DYDQW VH GpSORLHQW ORUV G¶XQH FROOLVLRQ
IURQWDOH
. /RUVTXH OH V\VWqPH GpWHUPLQH TXH OD
FROOLVLRQ HVW IURQWDOH GH WUDYHUV
/HV ULGHDX[ GH VpFXULWp 656 VRQW HVVHQ
WLHOOHPHQW FRQoXV SRXU QH SDV VH GpSOR\HU
GDQV OHV FDV VXLYDQWV
. /RUVTXH OHV FRXVVLQV GH VpFXULWp IURQ
WDX[ 656 QH VH GpSORLHQW SDV
. /RUVTXH OH V\VWqPH GpWHUPLQH TXH OD
FROOLVLRQ Q¶HVW SDV IURQWDOH GH WUDYHUV
! $SUqV OH GpSORLHPHQW
$SUqV GpSORLHPHQW OH FRXVVLQ GH VpFXULWp
ODWpUDO 656 VH GpJRQIOH LPPpGLDWHPHQW
7RXWHV FHV RSpUDWLRQV GHSXLV OD GpWHFWLRQ
GH O¶LPSDFW DX GpJRQIOHPHQW GHV FRXVVLQV
GH VpFXULWp ODWpUDX[ 656 VH GpURXOHQW HQ
PRLQV GH WHPSV TX¶LO Q¶HQ IDXW SRXU XQ FOLQ
G¶°LO
/H ULGHDX GH VpFXULWp 656 GX F{Wp GH
O¶LPSDFW UHVWH XQ LQVWDQW JRQIOp DSUqV
GpSORLHPHQW SXLV VH GpJRQIOH OHQWHPHQW
/H FRXVVLQ GH VpFXULWp ODWpUDO 656 HW OH
ULGHDX GH VpFXULWp 656 GX F{Wp GH O¶LPSDFW
VH GpSORLHQW PrPH VL OH VLqJH GH FH F{Wp
Q¶HVW SDV RFFXSp
/H GpSORLHPHQW G¶XQ FRXVVLQ GH VpFXULWp
ODWpUDO 656 HW G¶XQ ULGHDX GH VpFXULWp 656
V¶DFFRPSDJQHQW G¶XQ EUXLW VRXGDLQ HW
DVVH] IRUW TXH IDLW OH FRXVVLQ HQ VH
JRQIODQW HW DXVVL G¶XQ OpJHU GpJDJHPHQW
GH IXPpH &HFL HVW OH UpVXOWDW QRUPDO GX
GpSORLHPHQW /D IXPpH Q¶HVW SDV OH VLJQH
G¶XQ GpEXW G¶LQFHQGLH GDQV OH YpKLFXOH
$77(17,21
1H WRXFKH] SDV OHV FRPSRVDQWV GX
V\VWqPH HW OD ]RQH DXWRXU GX GRVVLHU
GH VLqJH DYDQW j PDLQV QXHV MXVWH
DSUqV OH GpSORLHPHQW GHV FRXVVLQV
GH VpFXULWp ODWpUDX[ 656 9RXV ULV
TXHULH] GH YRXV EU€OHU FDU OH Gp
SORLHPHQW HQWUDvQH XQ IRUW GpJDJH
PHQW GH FKDOHXU DX QLYHDX GH FHU
WDLQHV SDUWLHV GX V\VWqPH
$SUqV GpSORLHPHQW QH WRXFKH] j
DXFXQ GHV RUJDQHV GX V\VWqPH
ULGHDX GH VpFXULWp 656 WRXWH OD
SDUWLH GX WRLW HQWUH OH PRQWDQW DYDQW
HW OD YHUWLFDOH GX VLqJH DUULqUH 9RXV
ULVTXHULH] GH YRXV EU€OHU FDU OH
GpSORLHPHQW HQWUDvQH XQ IRUW GpJD
JHPHQW GH FKDOHXU DX QLYHDX GH
FHUWDLQHV SDUWLHV GX V\VWqPH
6LqJHV FHLQWXUHV GH VpFXULWp HW FRXVVLQV GH VpFXULWp 656&RXVVLQ GH VpFXULWp 656 6\VWqPH GH 5HWHQXH 6XSSOpPHQWDLUH
! ([HPSOH G¶DFFLGHQW
/H FRXVVLQ GH VpFXULWp ODWpUDO 656 HW OH
ULGHDX GH VpFXULWp 656 VRQW FRQoXV
FRPPH VXLW . 3RXU VH GpSOR\HU HQ FDV G¶XQ DFFLGHQW
LPSOLTXDQW XQH FROOLVLRQ ODWpUDOH PRGpUpH
j VpYqUH
. 3RXU QH VH GpFOHQFKHU TX¶XQH VHXOH
IRLV
ODWpUDOH &HWWH LQWHQVLWp HVW WUqV YDULDEOH
G¶XQ W\SH GH FROOLVLRQ j O¶DXWUH HW Q¶HVW SDV
QpFHVVDLUHPHQW HQ UDSSRUW DYHF OHV GRP
PDJHV YLVLEOHV VXU OH YpKLFXOH
! ([HPSOH G¶DFFLGHQW W\SH VXVFHS
WLEOH G¶HQWUDvQHU OH GpSORLHPHQW
GX FRXVVLQ GH VpFXULWp ODWpUDO
656
/H FRXVVLQ GH VpFXULWp ODWpUDO 656 HW OH
ULGHDX GH VpFXULWp 656 QH VRQW SDV
FRQoXV SRXU VH GpSOR\HU SRXU OHV FDV
VXLYDQWV . /D SOXSDUW GHV LPSDFWV ODWpUDX[ GH
IDLEOH LQWHQVLWp
. /D SOXSDUW GHV FDV G¶LPSDFW IURQWDO RX
DUULqUH FDU LOV QH SURWpJHUDLHQW SDV XWLOH
PHQW O¶RFFXSDQW GX VLqJH GDQV XQH WHOOH
pYHQWXDOLWp /HV ULGHDX[ GH VpFXULWp 656 VRQW pJDOH
PHQW FRQoXV SRXU VH GpSOR\HU ORUVTXH OH
YpKLFXOH HVW GDQV XQ pWDW H[WUrPHPHQW
LQFOLQp WHO TXH ORUV G¶XQ UHQYHUVHPHQW ,OV
QH VRQW SDV FRQoXV SRXU VH GpSOR\HU GDQV
OD SOXSDUW GHV FDV R OH YpKLFXOH HVW SHX
LQFOLQp
8Q LPSDFW ODWpUDO IRUW j SUR[LPLWp GX VLqJH
DYDQW
/H GpSORLHPHQW GHV FRXVVLQV GH VpFXULWp
ODWpUDX[ 656 HW GHV ULGHDX[ GH VpFXULWp
656 GpSHQG GH O¶LQWHQVLWp GX FKRF TXH
VXELW O¶KDELWDFOH DX PRPHQW G¶XQH FROOLVLRQ
± 68,7( ±
6LqJHV FHLQWXUHV GH VpFXULWp HW FRXVVLQV GH VpFXULWp 656&RXVVLQ GH VpFXULWp 656 6\VWqPH GH 5HWHQXH 6XSSOpPHQWDLUH
! ([HPSOH G¶DFFLGHQW W\SH VXVFHSWLEOH G¶HQWUDvQHU OH GpSORLHPHQW GX ULGHDX GH
VpFXULWp 656
/H YpKLFXOH HVW LPSOLTXp GDQV XQ IRUW
LPSDFW ODWpUDO j SUR[LPLWp GX VLqJH DYDQW
RX GX VLqJH DUULqUH
/H YpKLFXOH VH UHQYHUVH VXU OH F{Wp RX VXU
OH WRLW
/¶DQJOH GH UHQYHUVHPHQW GX YpKLFXOH HVW
PDUJLQDO RX OHV SQHXV GX YpKLFXOH RQW
KHXUWp OH WURWWRLU VXU OH F{Wp HQ GpUDSDQW
8Q LPSDFW IURQWDO GH WUDYHUV DVVH] IRUW
SRXU SURYRTXHU OH GpSORLHPHQW GX FRXV
VLQ GH VpFXULWp IURQWDO
6LqJHV FHLQWXUHV GH VpFXULWp HW FRXVVLQV GH VpFXULWp 656&RXVVLQ GH VpFXULWp 656 6\VWqPH GH 5HWHQXH 6XSSOpPHQWDLUH
! ([HPSOHV GH W\SHV G¶DFFLGHQWV DX FRXUV GHVTXHOV LO HVW SRVVLEOH TXH OH
FRXVVLQ GH VpFXULWp ODWpUDO 656 HW OH ULGHDX GH VpFXULWp 656 VH GpSORLHQW
+HXUWHU XQ WURWWRLU XQH ERUGXUH GH WURWWRLU
RX XQH VXUIDFH GXUH
&KXWH RX SDVVDJH DX GHVVXV G¶XQ WURX
SURIRQG
0DXYDLVH UpFHSWLRQ RX FKXWH GX YpKLFXOH
,O HVW SRVVLEOH TXH OHV FRXVVLQV GH VpFXULWp
ODWpUDX[ 656 HW OHV ULGHDX[ GH VpFXULWp
656 VH GpSORLHQW ORUV G¶XQ IRUW LPSDFW HQ
GHVVRXV GH YRWUH YpKLFXOH 4XHOTXHV
H[HPSOHV VRQW UHSUpVHQWpV GDQV O¶LOOXVWUD
WLRQ
± 68,7( ±
6LqJHV FHLQWXUHV GH VpFXULWp HW FRXVVLQV GH VpFXULWp 656&RXVVLQ GH VpFXULWp 656 6\VWqPH GH 5HWHQXH 6XSSOpPHQWDLUH
! ([HPSOHV G¶DFFLGHQWV W\SHV VXVFHSWLEOHV GH QH SDV HQWUDvQHU OH GpSORLHPHQW
GX FRXVVLQ GH VpFXULWp ODWpUDO 656
/H YpKLFXOH HVW LPSOLTXp GDQV XQH FROOL
VLRQ ODWpUDOH REOLTXH
/H YpKLFXOH HVW LPSOLTXp GDQV XQH FROOL
VLRQ ODWpUDOH Q¶DIIHFWDQW SDV O¶KDELWDFOH
/H YpKLFXOH KHXUWH XQ REVWDFOH FRPPH
XQ SRWHDX WpOpSKRQLTXH RX XQ REMHW
VLPLODLUH
/H YpKLFXOH HVW LPSOLTXp GDQV XQH FROOL
VLRQ ODWpUDOH DYHF XQH PRWRF\FOHWWH
/H YpKLFXOH VH UHQYHUVH VXU OH F{Wp RX VXU
OH WRLW
'DQV GH QRPEUHX[ W\SHV GH FROOLVLRQV LO
Q¶HVW SDV QpFHVVDLUH TXH OHV FRXVVLQV GH
VpFXULWp ODWpUDX[ 656 VH GpSORLHQW /RUV
GH OD VXUYHQDQFH G¶XQ DFFLGHQW VHPEODEOH
j FHX[ LOOXVWUpV OHV FRXVVLQV GH VpFXULWp
ODWpUDX[ 656 QH VH GpSORLHQW SDV WRXMRXUV
FHOD GpSHQG GH O¶LQWHQVLWp GHV IRUFHV
DJLVVDQW GDQV O¶DFFLGHQW
6LqJHV FHLQWXUHV GH VpFXULWp HW FRXVVLQV GH VpFXULWp 656&RXVVLQ GH VpFXULWp 656 6\VWqPH GH 5HWHQXH 6XSSOpPHQWDLUH
! ([HPSOHV G¶DFFLGHQWV W\SHV VXVFHSWLEOHV GH QH SDV HQWUDvQHU OH GpSORLHPHQW
GX ULGHDX GH VpFXULWp 656
/H YpKLFXOH HVW LPSOLTXp GDQV XQH FROOL
VLRQ ODWpUDOH REOLTXH
/H YpKLFXOH HVW LPSOLTXp GDQV XQH FROOL
VLRQ ODWpUDOH Q¶DIIHFWDQW SDV O¶KDELWDFOH
/H YpKLFXOH KHXUWH XQ REVWDFOH FRPPH
XQ SRWHDX WpOpSKRQLTXH RX XQ REMHW
VLPLODLUH
/H YpKLFXOH HVW LPSOLTXp GDQV XQH FROOL
VLRQ ODWpUDOH DYHF XQH PRWRF\FOHWWH
3RXU GH QRPEUHX[ W\SHV GH FROOLVLRQV LO VH
SHXW TXH OHV ULGHDX[ GH VpFXULWp 656 QH
QpFHVVLWHQW SDV GH VH GpSOR\HU /RUV GH OD
VXUYHQDQFH G¶XQ DFFLGHQW WHO TXH FHX[
LOOXVWUpV OHV ULGHDX[ GH VpFXULWp 656 QH VH
GpSORLHQW SDV WRXMRXUV FHOD GpSHQG GH
O¶LQWHQVLWp GHV IRUFHV DJLVVDQW GDQV O¶DFFL
GHQW
± 68,7( ±
6LqJHV FHLQWXUHV GH VpFXULWp HW FRXVVLQV GH VpFXULWp 656&RXVVLQ GH VpFXULWp 656 6\VWqPH GH 5HWHQXH 6XSSOpPHQWDLUH
! ([HPSOHV G¶DFFLGHQWV GDQV OHV
TXHOV OH FRXVVLQ GH VpFXULWp
ODWpUDO 656 HW GX ULGHDX GH VpFX
ULWp 656 QH VRQW SDV FRQoXV SRXU
VH GpSOR\HU GDQV OD SOXSDUW GHV
FDV
/RUV GH OD VXUYHQDQFH G¶XQ DFFLGHQW
VHPEODEOH j FHX[ LOOXVWUpV OHV FRXVVLQV
GH VpFXULWp ODWpUDO 656 HW OHV ULGHDX[ GH
VpFXULWp 656 QH VRQW SDV FRQoXV SRXU VH
GpSOR\HU GDQV OD SOXSDUW GHV FDV
$
%
/H YpKLFXOH HVW LPSOLTXp GDQV XQH FROOL
VLRQ IURQWDOH DYHF XQ DXWUH YpKLFXOH HQ
GpSODFHPHQW RX j O¶DUUrW /H YpKLFXOH HVW KHXUWp SDU O¶DUULqUH
/H YpKLFXOH WDQJXH GH O¶DYDQW YHUV
O¶DUULqUH
3UHPLHU LPSDFW
6HFRQG LPSDFW
5LGHDX GH VpFXULWp 656
&RXVVLQ GH VpFXULWp ODWpUDO 656
/RUV G¶XQ DFFLGHQW R OH YpKLFXOH VXELW SOXV
G¶XQ FKRF ODWpUDO GX PrPH F{Wp OH FRXVVLQ
GH VpFXULWp ODWpUDO 656 HW OH ULGHDX GH
VpFXULWp 656 QH VH GpSORLHQW TX¶XQH IRLV
ORUV GX SUHPLHU LPSDFW
([HPSOH 'DQV OH FDV G¶XQH GRXEOH FROOL
VLRQ ODWpUDOH G¶DERUG XQ LPSDFW DYHF XQ
DXWUH YpKLFXOH VXLYL G¶XQ DXWUH LPSDFW GDQV
OH PrPH VHQV LPPpGLDWHPHQW DSUqV XQH
IRLV TXH OH FRXVVLQ GH VpFXULWp ODWpUDO 656
HW OH ULGHDX GH VpFXULWp 656 RQW pWp DFWLYp
ORUV GX SUHPLHU LPSDFW LOV QH VRQW SDV
DFWLYpV ORUV GX VHFRQG
& 6XUYHLOODQFH GX V\VWqPH GHV
FRXVVLQV GH VpFXULWp 656
7pPRLQ DYHUWLVVHXU GX V\VWqPH GH FRXVVLQ
GH VpFXULWp 656
8Q V\VWqPH GH GLDJQRVWLF VXUYHLOOH HQ
SHUPDQHQFH OHV FRXVVLQV GH VpFXULWp 656
\ FRPSULV OHV SUpWHQVLRQQHXUV GH FHLQWXUH
GH VpFXULWp DYDQW SHQGDQW OD FRQGXLWH
SRXU YpULILHU TX¶LOV VRQW HQ pWDW GH IRQF
WLRQQHU HQ FDV GH EHVRLQ /RUVTXH WRXW HVW
6LqJHV FHLQWXUHV GH VpFXULWp HW FRXVVLQV GH VpFXULWp 656&RXVVLQ GH VpFXULWp 656 6\VWqPH GH 5HWHQXH 6XSSOpPHQWDLUH
QRUPDO OH WpPRLQ DYHUWLVVHXU GX V\VWqPH
GH FRXVVLQ GH VpFXULWp 656 V¶DOOXPH
SHQGDQW VHFRQGHV HQYLURQ ORUVTXH OH
FRQWDFWHXU G¶DOOXPDJH HVW PLV HQ SRVLWLRQ
³21´ SXLV V¶pWHLQW
/HV RUJDQHV FRQWU{OpV SDU OH V\VWqPH GH
VXUYHLOODQFH VRQW OHV VXLYDQWV
. &DSWHXU DX[LOLDLUH DYDQW
± &{Wp GURLW
± &{Wp JDXFKH
. 0RGXOH GH FRPPDQGH GX FRXVVLQ GH
VpFXULWp \ FRPSULV OH FDSWHXU G¶LPSDFW HW
OH FDSWHXU GH UHQYHUVHPHQW
. 0RGXOH GH FRXVVLQ GH VpFXULWp IURQWDO
± &{Wp FRQGXFWHXU
± &{Wp SDVVDJHU DYDQW
. 0RGXOH GH FRXVVLQ GH VpFXULWp JHQRX[
F{Wp FRQGXFWHXU
. &DSWHXU GH FRXVVLQ GH VpFXULWp ODWpUDO
± 0RQWDQW FHQWUDO F{Wp GURLW
± 0RQWDQW FHQWUDO F{Wp JDXFKH
. &DSWHXU G¶LPSDFW GH OD SRUWLqUH DYDQW
± &{Wp GURLW
± &{Wp JDXFKH
. 0RGXOH GH FRXVVLQ GH VpFXULWp ODWpUDO
± &{Wp FRQGXFWHXU
± &{Wp SDVVDJHU DYDQW
. &DSWHXU GH ULGHDX GH VpFXULWp
± /RJHPHQW GH URXH DUULqUH F{Wp GURLW
± /RJHPHQW GH URXH DUULqUH F{Wp
JDXFKH
. 0RGXOH GH ULGHDX GH VpFXULWp
± &{Wp GURLW
± &{Wp JDXFKH
. &DSWHXU G¶LPSDFW GH VpFXULWp VDWHOOLWH
DXGHVVRXV GX VLqJH DUULqUH FHQWUDO
. 3UpWHQVLRQQHXU GH FHLQWXUH GH VpFXULWp
± &{Wp FRQGXFWHXU
± &{Wp SDVVDJHU DYDQW
. 3UpWHQVLRQQHXU GH VDQJOH DEGRPLQDOH
F{Wp SDVVDJHU DYDQW
. &RPPDQGH GH ERXFOH GH FHLQWXUH GH
VpFXULWp F{Wp SDVVDJHU DYDQW
. &DSWHXU GX V\VWqPH GH GpWHFWLRQ GH
SUpVHQFH G¶XQ SDVVDJHU DYDQW
. 0RGXOH GH FRPPDQGH GH GpWHFWLRQ GH
OD SUpVHQFH G¶XQ SDVVDJHU VXU OH VLqJH
DYDQW
. ,QGLFDWHXU G¶DFWLYDWLRQ HW GH GpVDFWLYD
WLRQ GX FRXVVLQ GH VpFXULWp IURQWDO GX
SDVVDJHU DYDQW
. (QVHPEOH GX FkEODJH DVVRFLp
'$1*(5
6L OH WpPRLQ DYHUWLVVHXU SUpVHQWH
O¶XQ GHV pWDWV PHQWLRQQpV FLDSUqV
OHV SUpWHQVLRQQHXUV GH FHLQWXUH GH
VpFXULWp HWRX OH V\VWqPH GHV FRXV
VLQV GH VpFXULWp 656 QH IRQFWLRQ
QHQW SHXWrWUH SDV QRUPDOHPHQW
. /H WpPRLQ DYHUWLVVHXU FOLJQRWH RX
V¶DOOXPH HW V¶pWHLQW
. /H WpPRLQ DYHUWLVVHXU QH V¶DOOXPH
SDV ORUV GH OD PLVH VXU OD SRVLWLRQ
³21´ GX FRQWDFWHXU G¶DOOXPDJH
. /H WpPRLQ DYHUWLVVHXU UHVWH DO
OXPp HQ SHUPDQHQFH
. /H WpPRLQ DYHUWLVVHXU V¶DOOXPH
SHQGDQW OD FRQGXLWH
3UpVHQWH] LPPpGLDWHPHQW YRWUH Yp
KLFXOH DX FRQFHVVLRQQDLUH 68%$58
OH SOXV SURFKH SRXU IDLUH FRQWU{OHU OH
V\VWqPH )DXWH GH IDLUH FRQWU{OHU HW
UHPHWWUH OH V\VWqPH HQ pWDW OHV
SUpWHQVLRQQHXUV GH FHLQWXUH GH Vp
FXULWp HWRX OHV FRXVVLQV GH VpFXULWp
656 QH IRQFWLRQQHURQW SDV FRUUHF
WHPHQW HQ FDV GH FROOLVLRQ FH TXL
SRXUUDLW DFFURvWUH OHV ULVTXHV GH
EOHVVXUHV
± 68,7( ±
6LqJHV FHLQWXUHV GH VpFXULWp HW FRXVVLQV GH VpFXULWp 656&RXVVLQ GH VpFXULWp 656 6\VWqPH GH 5HWHQXH 6XSSOpPHQWDLUH
& (QWUHWLHQ GX V\VWqPH GHV
FRXVVLQV GH VpFXULWp 656
'$1*(5
. $YDQW GH MHWHU XQ PRGXOH GX
FRXVVLQ GH VpFXULWp RX GH PHWWUH
OH YpKLFXOH HQGRPPDJp GDQV XQ
DFFLGHQW j OD IHUUDLOOH FRQVXOWH]
YRWUH FRQFHVVLRQQDLUH 68%$58
. /HV FRXVVLQV GH VpFXULWp 656 QH
VRQW SDV GHV RUJDQHV TXH O¶XWLOL
VDWHXU SHXW HQWUHWHQLU SDU OXL
PrPH 1¶XWLOLVH] MDPDLV G¶DSSD
UHLO G¶HVVDL GHV FLUFXLWV pOHFWUL
TXHV VXU OHV FLUFXLWV GX V\VWqPH
GHV FRXVVLQV GH VpFXULWp 656
3RXU WRXWH LQWHUYHQWLRQ VXU OH
V\VWqPH GHV FRXVVLQV GH VpFX
ULWp 656 FRQVXOWH] OH FRQFHV
VLRQQDLUH 68%$58 OH SOXV SUR
FKH %ULFROHU OH V\VWqPH RX HQ
GpEUDQFKHU OH FkEODJH pOHFWULTXH
ULVTXH GH SURYRTXHU OH JRQIOH
PHQW LQRSLQp GHV FRXVVLQV GH
VpFXULWp 656 RX GH UHQGUH OH
V\VWqPH LQRSpUDQW FH TXL SHXW
HQWUDvQHU GH JUDYHV EOHVVXUHV
$77(17,21
3RXU WRXWH LQWHUYHQWLRQ G¶HQWUHWLHQ
RX GH UpSDUDWLRQ DX[ HQGURLWV PHQ
WLRQQpV GDQV OD OLVWH FLDSUqV IDLWHV
HIIHFWXHU OH WUDYDLO SDU XQ FRQFHV
VLRQQDLUH DJUpp 68%$58 &HV ]R
QHV UHQIHUPHQW OH PRGXOH GH
FRPPDQGH GHV FRXVVLQV GH VpFX
ULWp 656 OHV FDSWHXUV G¶LPSDFW HW OHV
PRGXOHV GH FRXVVLQ GH VpFXULWp
. 6RXV OD SDUWLH FHQWUDOH GX WDEOHDX
GH ERUG
. ¬ O¶DYDQW GX YpKLFXOH F{WpV GURLW
HW JDXFKH
. 9RODQW HW FRORQQH GH GLUHFWLRQ HW
DX[ DOHQWRXUV
. 3DUWLH EDVVH GH OD FRORQQH GH
GLUHFWLRQ HW DX[ DOHQWRXUV
. 'HVVXV GX WDEOHDX GH ERUG F{Wp
SDVVDJHU DYDQW HW DX[ DOHQWRXUV
. &KDTXH VLqJH DYDQW HW DX[ DOHQ
WRXUV
. ,QWpULHXU GH FKDFXQ GHV PRQWDQWV
FHQWUDX[
. ,QWpULHXU GH FKDTXH SRUWLqUH
DYDQW
. 6XU FKDTXH F{Wp GX WRLW GX
PRQWDQW DYDQW j XQ SRLQW DX
GHVVXV GX VLqJH DUULqUH
. (QWUH OH FRXVVLQ GH VLqJH DUULqUH
HW OH ORJHPHQW GH URXH DUULqUH GH
FKDTXH F{Wp
. 6RXV OH VLqJH DUULqUH FHQWUDO
8Q FRXVVLQ GH VpFXULWp 656 TXL V¶HVW
GpSOR\p GRLW rWUH UHPSODFp SDU XQ
FRQFHVVLRQQDLUH DJUpp 68%$58 /HV
FRPSRVDQWV GX V\VWqPH GHV FRXVVLQV
GH VpFXULWp 656 GRLYHQW WRXMRXUV rWUH
UHPSODFpV SDU GHV SLqFHV 68%$58
G¶RULJLQH
5(0$548(
/H FDV pFKpDQW FRQVXOWH] XQ FRQFHV
VLRQQDLUH 68%$58 OH SOXV W{W SRVVLEOH
. /¶DYDQW GX YpKLFXOH D pWp LPSOLTXp
GDQV XQ DFFLGHQW VDQV TXH OH FRXVVLQ
GH VpFXULWp IURQWDO 656 GX FRQGXFWHXU
HWRX FHOXL GX FRQGXFWHXU HW GX SDVVD
JHU QH VH GpSORLHQW
. /H UHPERXUUDJH GX YRODQW GH GLUHF
WLRQ OH SDQQHDX GH FRXYHUWXUH GX
FRXVVLQ GH VpFXULWp IURQWDO 656 GX
SDVVDJHU DYDQW RX OH F{Wp GX WRLW HQWUH
OH PRQWDQW DYDQW HW OD YHUWLFDOH GX VLqJH
DUULqUH SUpVHQWH XQH UD\XUH RX XQH
ILVVXUH RX HVW DXWUHPHQW HQGRPPDJp
. /H PRQWDQW FHQWUDO OD SRUWLqUH DYDQW
OH ORJHPHQW GH URXH DUULqUH RX OH IDX[
FKkVVLV DUULqUH RX OH YRLVLQDJH G¶XQH GH
FHV SDUWLHV GX YpKLFXOH D VXEL XQ FKRF
6LqJHV FHLQWXUHV GH VpFXULWp HW FRXVVLQV GH VpFXULWp 656&RXVVLQ GH VpFXULWp 656 6\VWqPH GH 5HWHQXH 6XSSOpPHQWDLUH
VDQV TXH OH FRXVVLQ GH VpFXULWp ODWpUDO
656 HW OH ULGHDX GH VpFXULWp 656 QH VH
GpSORLHQW
. /H WLVVX RX OH FXLU GX GRVVLHU GH
VLqJH RX GX FRXVVLQ GH VLqJH DYDQW HVW
pOLPp GpFKLUp RX DXWUHPHQW HQGRP
PDJp
. /D SDUWLH DUULqUH GX YpKLFXOH D pWp
LPSOLTXpH GDQV XQ DFFLGHQW
& 3UpFDXWLRQV FRQFHUQDQW OHV
PRGLILFDWLRQV DSSRUWpHV DX
YpKLFXOH
'$1*(5
3RXU pYLWHU TXH OH V\VWqPH VH Gp
FOHQFKH DFFLGHQWHOOHPHQW RX TX¶LO
VRLW UHQGX LQRSpUDQW FH TXL SRXUUDLW
HQWUDvQHU GH JUDYHV EOHVVXUHV LO QH
IDXW PRGLILHU HQ DXFXQH PDQLqUH QL
OHV FRPSRVDQWV QL OH FkEODJH pOHF
WULTXH GX V\VWqPH GHV FRXVVLQV GH
VpFXULWp 656
&HWWH UHPDUTXH FRQFHUQH OHV PRGL
ILFDWLRQV VXLYDQWHV
. ,QVWDOODWLRQ G¶XQ YRODQW DXWUH TXH
FHOXL G¶RULJLQH
. $GMRQFWLRQ GH JDUQLWXUHV VXSSOp
PHQWDLUHV VXU OH WDEOHDX GH ERUG
. ,QVWDOODWLRQ GH VLqJHV DXWUH TXH
FHX[ G¶RULJLQH
. 5HPSODFHPHQW GX WLVVX RX GX
FXLU GHV VLqJHV
. ,QVWDOODWLRQ GH SLqFHV GH WLVVX RX
GH FXLU VXSSOpPHQWDLUHV VXU OHV
VLqJHV DYDQW
. )L[DWLRQ G¶XQ PLFURSKRQH GH W\SH
PDLQV OLEUHV RX GH WRXW DXWUH
DFFHVVRLUH FRQWUH XQ PRQWDQW
DYDQW XQ PRQWDQW FHQWUDO XQ
PRQWDQW DUULqUH OH SDUHEULVH
XQH YLWUH ODWpUDOH XQH SRLJQpH
GH PDLQWLHQ RX WRXW DXWUH HQGURLW
GH O¶KDELWDFOH GX YpKLFXOH VXU OH
SDVVDJH G¶XQ ULGHDX GH VpFXULWp
656 ORUVTX¶LO VH GpSORLH
. ,O HVW GpFRQVHLOOp G¶LQVWDOOHU XQ
pTXLSHPHQW pOHFWULTXHpOHFWUR
QLTXH WHO TX¶XQ pPHWWHXUUpFHS
WHXU UDGLR PRELOH VXU RX j SUR[L
PLWp GHV RUJDQHV G¶XQ V\VWqPH
GH FRXVVLQ GH VpFXULWp 656 HWRX
VRQ FkEODJH pOHFWULTXH &HOD ULV
TXHUDLW G¶LQWHUIpUHU DYHF OH ERQ
IRQFWLRQQHPHQW GX V\VWqPH GH
FRXVVLQ GH VpFXULWp 656
$77(17,21
$XFXQH GHV PRGLILFDWLRQV pQXPp
UpHV FLDSUqV QH GRLW rWUH HIIHFWXpH
'H WHOOHV PRGLILFDWLRQV VRQW VXVFHS
WLEOHV G¶HPSrFKHU OH ERQ IRQFWLRQ
QHPHQW GX V\VWqPH GHV FRXVVLQV GH
VpFXULWp 656
. ¬ O¶DYDQW GX YpKLFXOH LQVWDOODWLRQ
GH WRXW pTXLSHPHQW SDUHEURXV
VDLOOH WUHXLO FKDVVHQHLJH W{OH
GH SURWHFWLRQ HWF TXL Q¶HVW SDV
XQ DFFHVVRLUH 68%$58 G¶RUL
JLQH
. 0RGLILFDWLRQ GH OD VXVSHQVLRQ RX
GHV VWUXFWXUHV DYDQW GX YpKLFXOH
. ,QVWDOODWLRQ G¶XQ SQHX GH WDLOOH RX
GH VWUXFWXUH GLIIpUHQWH GHV SQHXV
SUHVFULWV VXU OD SODTXH GX YpKL
FXOH DSSRVpH FRQWUH OH PRQWDQW
GH OD SRUWLqUH GX FRQGXFWHXU RX
SUHVFULWV SRXU OH PRGqOH GX YpKL
FXOH GDQV OH SUpVHQW 0DQXHO GX
FRQGXFWHXU
. 6XU OH F{Wp GX YpKLFXOH LQVWDOOD
WLRQ GH WRXW pTXLSHPHQW PDUFKH
SLHGV RX SURWHFWLRQV GH EDV GH
PDUFKH HWF TXL Q¶HVW SDV XQ
DFFHVVRLUH 68%$58 G¶RULJLQH
± 68,7( ±
6LqJHV FHLQWXUHV GH VpFXULWp HW FRXVVLQV GH VpFXULWp 656&RXVVLQ GH VpFXULWp 656 6\VWqPH GH 5HWHQXH 6XSSOpPHQWDLUH
$YDQW G¶LQVWDOOHU XQ DFFHVVRLUH RX XQ
pTXLSHPHQW DX[LOLDLUH VXU YRWUH YpKLFXOH
SUHQH] FRQVHLO DXSUqV GH YRWUH FRQFHV
VLRQQDLUH 68%$58
& &RPPHQW FRQWDFWHU OH FRQV
WUXFWHXU GX YpKLFXOH FRQFHU
QDQW GHV PRGLILFDWLRQV SRXU
OHV SHUVRQQHV KDQGLFDSpHV
TXL SHXYHQW DIIHFWHU OH V\V
WqPH GH FRXVVLQV GH VpFXULWp
SHUIHFWLRQQp
0RGLILHU RX GpSODFHU XQH SDUWLH TXHO
FRQTXH GHV VLqJHV DYDQW GHV VLqJHV
DUULqUH GHV FHLQWXUHV GH VpFXULWp GX
SDUHFKRFV DYDQW GH O¶DYDQW HW GHV F{WpV
GH OD FDLVVH GH OD JULOOH GX UDGLDWHXU GX
WDEOHDX GH ERUG GHV LQVWUXPHQWV GH ERUG
GX YRODQW GH GLUHFWLRQ GH OD FRORQQH GH
GLUHFWLRQ GHV URXHV GH OD VXVSHQVLRQ RX
GX SODQFKHU SHXW DIIHFWHU OH IRQFWLRQQH
PHQW GX V\VWqPH 68%$58 GH FRXVVLQ GH
VpFXULWp IURQWDO SHUIHFWLRQQp 3RXU WRXWH
TXHVWLRQ j FH VXMHW YRXV SRXYH] FRQWDFWHU
OHV GLVWULEXWHXUV 68%$58 VXLYDQWV
eWDWV8QLV FRQWLQHQWDX[ $ODVND HW 'LV
WULFW GH &ROXPELD!
6XEDUX RI $PHULFD ,QF
&XVWRPHU 5HWDLOHU 6HUYLFHV 'HSDUWPHQW
32 %R[ &KHUU\ +LOO 1- 68%$58 +DZDLL!
6XEDUX +DZDLL
3XNRORD 6WUHHW 6XLWH +RQROXOX +, *XDP!
6KHQ¶V &RUSRUDWLRQ GED 3UHVWLJH $XWR
PRELOH
(DVW 0DULQH &RUSV 'ULYH 5RXWH 'HGHGR *XDP 3RUWR 5LFR!
7UHERO 0RWRUV
32 %R[ 6DQ -XDQ 3XHUWR 5LFR
&DQDGD!
6XEDUX &DQDGD ,QF
&RQVXPHU 6XSSRUW 'HSDUWPHQW
6XIIRON &RXUW 0LVVLVVDXJD 2QWDULR
/5 -
,O Q¶\ D DFWXHOOHPHQW SDV GH GLVWULEXWHXU
68%$58 VXU OHV DXWUHV WHUULWRLUHV GHV
eWDWV8QLV 6L YRXV YRXV WURXYH] GDQV
O¶XQH GH FHV UpJLRQV YHXLOOH] SUHQGUH
FRQWDFW DYHF OH GLVWULEXWHXU RX FRQFHV
VLRQQDLUH 68%$58 DXSUqV GXTXHO YRXV
DYH] DFKHWp YRWUH YpKLFXOH
&OpV HW SRUWLqUHV
&OpV 0RGqOHV VDQV ³DFFqV VDQV FOp DYHF V\VWqPH GH
GpPDUUDJH j ERXWRQSRXVVRLU´ 0RGqOHV DYHF ³DFFqV VDQV FOp DYHF V\VWqPH GH
GpPDUUDJH j ERXWRQSRXVVRLU´ 3ODTXH GH QXPpUR GH FOp 6HUUXUHV GH SRUWLqUH 9HUURXLOODJH HW GpYHUURXLOODJH SDU O¶H[WpULHXU 9HUURXLOODJH HW GpYHUURXLOODJH SDU O¶LQWpULHXU )RQFWLRQ GH SUpYHQWLRQ GH GpFKDUJHPHQW GH OD
EDWWHULH &RPPXWDWHXUV GH YHUURXLOODJH pOHFWULTXH GHV
SRUWLqUHV )RQFWLRQ GH SUpYHQWLRQ GX YHUURXLOODJH DYHF FOp
j O¶LQWpULHXU $FFqV VDQV FOp DYHF V\VWqPH GH GpPDUUDJH
j ERXWRQSRXVVRLU VHORQ PRGqOHV 3UpFDXWLRQV GH VpFXULWp 9HUURXLOODJH HW GpYHUURXLOODJH HQ WHQDQW OH
SRUWHFOpV G¶DFFqV 'pYHUURXLOODJH j O¶DLGH GH O¶DFFqV SDU FRGH 3,1 )RQFWLRQ G¶pFRQRPLH G¶pQHUJLH 5pJODJH GX VLJQDO VRQRUH GH FRQILUPDWLRQ $YHUWLVVHXUV VRQRUHV HW LQGLFDWHXU
G¶DYHUWLVVHPHQW 'pVDFWLYDWLRQ GH OD IRQFWLRQ G¶DFFqV VDQV FOp 6L OH SRUWHFOpV G¶DFFqV QH IRQFWLRQQH SDV
FRUUHFWHPHQW 5HPSODFHPHQW GH OD SLOH GX SRUWHFOpV G¶DFFqV 5HPSODFHPHQW GX SRUWHFOpV G¶DFFqV &HUWLILFDWLRQ SRXU O¶DFFqV VDQV FOp DYHF V\VWqPH
GH GpPDUUDJH j ERXWRQSRXVVRLU &RQVHLOV 6\VWqPH G¶HQWUpH VDQV FOp SDU
WpOpFRPPDQGH 9HUURXLOODJH GHV SRUWLqUHV 'pYHUURXLOODJH GHV SRUWLqUHV 2XYHUWXUH GX FRXYHUFOH GH FRIIUH )RQFWLRQ GH UHSpUDJH GX YpKLFXOH ePLVVLRQ G¶XQH DODUPH G¶DSSHO DX VHFRXUV 5pJODJH GX VLJQDO VRQRUH GH FRQILUPDWLRQ
PRGqOHV VDQV ³DFFqV VDQV FOp DYHF V\VWqPH
GH GpPDUUDJH j ERXWRQSRXVVRLU´ 5HPSODFHPHQW GH OD SLOH 5HPSODFHPHQW GHV WUDQVPHWWHXUV SHUGXV &HUWLILFDWLRQ GX V\VWqPH G¶HQWUpH VDQV FOp SDU
WpOpFRPPDQGH 6\VWqPH DQWLYRO $QWLGpPDUUDJH 6\VWqPH G¶DODUPH 9HUURX GH VpFXULWp SRXU HQIDQWV 9LWUHV 2SpUDWLRQ GH OqYHYLWUH pOHFWULTXH SDU OH
FRQGXFWHXU 2SpUDWLRQ GH OqYHYLWUH pOHFWULTXH SDU OHV
SDVVDJHUV )RQFWLRQ GH UHWDUGHPHQW ,QLWLDOLVDWLRQ GHV OqYHYLWUHV pOHFWULTXHV &OpV HW SRUWLqUHV
&RXYHUFOH GH FRIIUH 7RLW RXYUDQW RSDTXH VHORQ PRGqOHV 3RXU RXYULU RX IHUPHU OH FRXYHUFOH GH FRIIUH GH
O¶H[WpULHXU 3RXU RXYULU OH FRXYHUFOH GH FRIIUH GH O¶LQWpULHXU 3RLJQpH LQWHUQH GH GpYHUURXLOODJH GH FRXYHUFOH
GH FRIIUH &RPPDQGHV GH WRLW RXYUDQW RSDTXH 3DUHVROHLO &OpV HW SRUWLqUHV&OpV
&OpV
$77(17,21
& 0RGqOHV VDQV ³DFFqV VDQV FOp
DYHF V\VWqPH GH GpPDUUDJH j
ERXWRQSRXVVRLU´
1¶DSSX\H] SDV VXU OH ERXWRQ GH OD
FOp ORUVTXH YRXV YR\DJH] HQ DYLRQ
8QH SUHVVLRQ VXU OHV ERXWRQV GH OD
FOp SURYRTXHUDLW O¶pPLVVLRQ G¶RQGHV
UDGLR VXVFHSWLEOHV G¶DIIHFWHU OH IRQF
WLRQQHPHQW GH O¶DYLRQ /RUVTXH YRXV
WUDQVSRUWH] OD FOp GDQV XQ VDF IDLWHV
OH QpFHVVDLUH SRXU TX¶DXFXQH SUHV
VLRQ DFFLGHQWHOOH QH VH IDVVH VXU OHV
ERXWRQV GH FHWWH GHUQLqUH
5(0$548(
$SSX\H] VXU OHV ERXWRQV GH OD FOp SRXU
YHUURXLOOHUGpYHUURXLOOHU j O¶DLGH GX V\V
WqPH G¶HQWUpH VDQV FOp SDU WpOpFRP
PDQGH 5HSRUWH]YRXV j ³6\VWqPH
G¶HQWUpH VDQV FOp SDU WpOpFRPPDQGH´
) SRXU SOXV GH GpWDLOV
$77(17,21
1¶DWWDFKH] SDV GH SRUWHFOpV RX
G¶pWXL j FOpV GH JUDQGH WDLOOH j YRV
FOpV 6L FHW DFFHVVRLUH YHQDLW KHXU
WHU YRV JHQRX[ SHQGDQW OD FRQGXLWH
OH FRQWDFWHXU G¶DOOXPDJH SRXUUDLW
rWUH WRXUQp GH OD SRVLWLRQ ³21´ j OD
SRVLWLRQ ³$&&´ RX ³/2&.´ FH TXL
DUUrWHUDLW OH PRWHXU
& 0RGqOHV DYHF ³DFFqV VDQV FOp
DYHF V\VWqPH GH GpPDUUDJH j
ERXWRQSRXVVRLU´
&Op SULQFLSDOH
&Op GH VHFRXUV
&Op VHFRQGDLUH
3ODTXH GH QXPpUR GH FOp
/H YpKLFXOH HVW OLYUp DYHF WURLV W\SHV GH
FOp
3RUWHFOpV G¶DFFqV SULQFLSDO
3RUWHFOpV G¶DFFqV VHFRQGDLUH
3ODTXH GH QXPpUR GH FOp
± 68,7( ±
&OpV HW SRUWLqUHV&OpV
5(0$548(
/H YpKLFXOH GLVSRVH GH GHX[ SRUWHFOpV
G¶DFFqV HW G¶XQH SODTXH GH QXPpUR GH FOp
3RXU SOXV GH GpWDLOV FRQFHUQDQW OD SODTXH
GH QXPpUR GH FOp UHSRUWH]YRXV j ³3ODTXH
GH QXPpUR GH FOp´ )
8QH FOp G¶XUJHQFH HVW DWWDFKpH j FKDTXH
SRUWHFOpV G¶DFFqV /D FOp G¶XUJHQFH HVW
XWLOLVpH SRXU OHV DFWLRQV VXLYDQWHV
. 9HUURXLOODJH HW GpYHUURXLOODJH GH OD
SRUWLqUH GX FRQGXFWHXU
. 9HUURXLOODJH HW GpYHUURXLOODJH GH OD
ERvWH j JDQWV
9RXV QH SRXYH] SDV GpYHUURXLOOHU OD ERvWH
j JDQWV VDQV XWLOLVHU OD FOp G¶XUJHQFH 9RXV
SRXYH] FRQVHUYHU OD ERvWH j JDQWV YHU
URXLOOpH ORUVTXH YRXV ODLVVH] YRWUH YpKL
FXOH DYHF OH SRUWHFOpV G¶DFFqV DYHF OD FOp
PpFDQLTXH UHWLUpH GDQV XQ SDUF GH
VWDWLRQQHPHQW
%RXWRQ GH OLEpUDWLRQ
&Op G¶XUJHQFH
7RXW HQ DSSX\DQW VXU OH ERXWRQ GH OLEpUD
WLRQ GX SRUWHFOpV G¶DFFqV UHWLUH] OD FOp
G¶XUJHQFH
$77(17,21
6L YRXV IDLWHV WRPEHU OH SRUWHFOpV
G¶DFFqV OD FOp G¶XUJHQFH LQWpJUpH j
O¶LQWpULHXU ULVTXH GH VH GpWDFKHU
)DLWHV DWWHQWLRQ GH QH SDV SHUGUH OD
FOp G¶XUJHQFH
. /H SRUWHFOpV G¶DFFqV HVW WRXMRXUV
HQ FRPPXQLFDWLRQ DYHF OH YpKLFXOH HW
XWLOLVH OD SLOH HQ FRQWLQX %LHQ TXH OD
GXUpH GH YLH GH OD SLOH YDULH VHORQ OHV
FRQGLWLRQV G¶XWLOLVDWLRQ HOOH HVW G¶HQYL
URQ j DQV 6L OD SLOH HVW FRPSOqWH
PHQW GpFKDUJpH UHPSODFH]OD SDU XQH
QHXYH
. 6L XQ SRUWHFOpV G¶DFFqV HVW SHUGX LO
HVW UHFRPPDQGp TXH OHV SRUWHFOpV
G¶DFFqV UHVWDQWV VRLHQW HQUHJLVWUpV j
QRXYHDX 3RXU XQ QRXYHO HQUHJLVWUH
PHQW G¶XQ SRUWHFOpV G¶DFFqV FRQWDF
WH] XQ FRQFHVVLRQQDLUH 68%$58
. 3RXU XQ YpKLFXOH OH QRPEUH PD[L
PXP GH SRUWHFOpV G¶DFFqV TXH O¶RQ
SHXW HQUHJLVWUHU HVW GH 3RXU REWHQLU
XQ SRUWHFOpV G¶DFFqV GH UHFKDQJH
FRQWDFWH] XQ FRQFHVVLRQQDLUH
68%$58
. 1H ODLVVH] SDV OH SRUWHFOpV G¶DFFqV
GDQV OHV HVSDFHV GH UDQJHPHQW j
O¶LQWpULHXU GX YpKLFXOH /HV YLEUDWLRQV
SHXYHQW HQGRPPDJHU OD FOp RX DFWLYHU
OH FRPPXWDWHXU SRXYDQW FDXVHU XQ
EORFDJH
&OpV HW SRUWLqUHV6HUUXUHV GH SRUWLqUH
& 3ODTXH GH QXPpUR GH FOp
$77(17,21
5DQJH] VRLJQHXVHPHQW OD SODTXH GX
QXPpUR GH FOp (OOH HVW QpFHVVDLUH
SRXU WRXWH UpSDUDWLRQ GX YpKLFXOH HW
SRXU O¶HQUHJLVWUHPHQW G¶XQ SRUWH
FOpV G¶DFFqV VXSSOpPHQWDLUH
/H QXPpUR GH FOp HVW JUDYp VXU OD SODTXH
GH QXPpUR GH FOp DWWDFKpH DX MHX GH FOpV
3UHQH] OD SHLQH GH QRWHU OHV QXPpURV GH
FOp HW GH JDUGHU FHWWH LQIRUPDWLRQ GDQV XQ
HQGURLW V€U DLOOHXUV TXH GDQV OH YpKLFXOH
9RXV DXUH] EHVRLQ GH FH QXPpUR SRXU
IDLUH IDEULTXHU XQ GRXEOH HQ FDV GH SHUWH
GH OD FOp RX ELHQ VL OHV SRUWLqUHV RQW pWp
YHUURXLOOpHV DYHF OHV FOpV j O¶LQWpULHXU GX
YpKLFXOH 5HSRUWH]YRXV j ³5HPSODFH
PHQW GHV FOpV´ )
6HUUXUHV GH SRUWLqUH
& 9HUURXLOODJH HW GpYHUURXLOODJH
SDU O¶H[WpULHXU
5(0$548(
3RXU SOXV GH GpWDLOV FRQFHUQDQW OH
V\VWqPH G¶DODUPH UHSRUWH]YRXV j
³6\VWqPH G¶DODUPH´ )
6L YRXV GpYHUURXLOOH] OD SRUWLqUH GX
FRQGXFWHXU DYHF XQH FOp \ FRPSULV
XQH FOp G¶XUJHQFH HW RXYUH] OD SRUWLqUH
DORUV TXH OH V\VWqPH G¶DODUPH GX
YpKLFXOH HVW DUPp OH V\VWqPH G¶DODUPH
VH GpFOHQFKH HW OD VLUqQH GX YpKLFXOH
UHWHQWLW 'DQV FH FDV HIIHFWXH] OHV
RSpUDWLRQV VXLYDQWHV
0RGqOHV DYHF ³DFFqV VDQV FOp DYHF
V\VWqPH GH GpPDUUDJH j ERXWRQSRXV
VRLU´
. $SSX\H] VXU Q¶LPSRUWH TXHO ERXWRQ
GX SRUWHFOpV G¶DFFqV VDXI VL OD SLOH GX
SRUWHFOpV G¶DFFqV HVW GpFKDUJpH . 0HWWH] OH FRQWDFWHXU G¶DOOXPDJH j
ERXWRQSRXVVRLU HQ SRVLWLRQ ³$&&´
3RXU YHUURXLOOHU OD SRUWLqUH FRQGXFWHXU
GHSXLV O¶H[WpULHXU DYHF OD FOp WRXUQH] OD
FOp YHUV O¶DYDQW 3RXU GpYHUURXLOOHU WRXU
QH] OD FOp YHUV O¶DUULqUH GX YpKLFXOH $SUqV
GpYHUURXLOODJH WLUH] OD SRLJQpH H[WpULHXUH
SRXU RXYULU OD SRUWLqUH
0RGqOHV VDQV ³DFFqV VDQV FOp DYHF
V\VWqPH GH GpPDUUDJH j ERXWRQSRXV
VRLU´
. $SSX\H] VXU Q¶LPSRUWH TXHO ERXWRQ
GX WUDQVPHWWHXU j GLVWDQFH VDXI VL OD
SLOH GX WUDQVPHWWHXU HVW GpFKDUJpH . ,QWURGXLVH] OD FOp GDQV OH FRQWDFWHXU
G¶DOOXPDJH HW WRXUQH]OD HQ SRVLWLRQ
³21´
± 68,7( ±
&OpV HW SRUWLqUHV6HUUXUHV GH SRUWLqUH
5(0$548(
/D FOp G¶XUJHQFH HVW GLUHFWLRQQHOOH 6L
OD FOp QH SHXW SDV rWUH LQVpUpH PRGLILH]
OD GLUHFWLRQ GDQV ODTXHOOH OH F{Wp UDL
QXUp HVW GLULJpH HW LQVpUH]OD j QRX
YHDX
3RXU YHUURXLOOHU OD SRUWLqUH GH O¶H[WpULHXU
VDQV OD FOp OHV PpWKRGHV VXLYDQWHV VRQW
GLVSRQLEOHV
9HUURXLOODJH HQ XWLOLVDQW OH ORTXHW
%DVFXOH] OH ORTXHW YHUV O¶DYDQW
)HUPH] OD SRUWLqUH
9HUURXLOODJH HQ XWLOLVDQW OH FRPPXWDWHXU GH
YHUURXLOODJH pOHFWULTXH GHV SRUWLqUHV
$SSX\H] VXU OH F{Wp DYDQW F{Wp YHUURXLO
ODJH GX FRPPXWDWHXU GH YHUURXLOODJH
pOHFWULTXH GHV SRUWLqUHV
)HUPH] OD SRUWLqUH
&HFL D SRXU HIIHW GH YHUURXLOOHU HQ XQH IRLV
WRXWHV OHV SRUWLqUHV IHUPpHV
$YDQW GH TXLWWHU OH YpKLFXOH YpULILH]
WRXMRXUV TXH WRXWHV OHV SRUWLqUHV HW OH
FRXYHUFOH GH FRIIUH RQW pWp YHUURXLOOpV
5(0$548(
$YDQW GH YHUURXLOOHU OHV SRUWLqUHV GH
O¶H[WpULHXU VDQV FOp DVVXUH]YRXV TXH
OD FOp Q¶HVW SDV UHVWpH j O¶LQWpULHXU GX
YpKLFXOH
&OpV HW SRUWLqUHV6HUUXUHV GH SRUWLqUH
& 9HUURXLOODJH HW GpYHUURXLOODJH
SDU O¶LQWpULHXU
'pYHUURXLOOHU
9HUURXLOOHU
3RXU YHUURXLOOHU OD SRUWLqUH GH O¶LQWpULHXU
EDVFXOH] OH ORTXHW YHUV O¶DYDQW 3RXU
GpYHUURXLOOHU OD SRUWLqUH GH O¶LQWpULHXU
EDVFXOH] OH ORTXHW YHUV O¶DUULqUH
/H UHSqUH URXJH GX ORTXHW HVW YLVLEOH
ORUVTXH OD SRUWLqUH HVW GpYHUURXLOOpH
$SUqV GpYHUURXLOODJH RXYUH] OD SRUWLqUH HQ
WLUDQW OD SRLJQpH LQWpULHXUH
$YDQW GH SUHQGUH OD URXWH YpULILH] WRXMRXUV
TXH WRXWHV OHV SRUWLqUHV HW OH FRXYHUFOH GH
FRIIUH RQW pWp IHUPpV
'$1*(5
/HV SRUWLqUHV GRLYHQW WRXMRXUV rWUH
YHUURXLOOpHV SHQGDQW OD FRQGXLWH
VXUWRXW V¶LO \ D GH MHXQHV HQIDQWV j
ERUG GX YpKLFXOH
(Q SOXV G¶XQH XWLOLVDWLRQ FRUUHFWH
GHV FHLQWXUHV GH VpFXULWp HW GHV
V\VWqPHV GH UHWHQXH SRXU HQIDQWV
OH IDLW GH YHUURXLOOHU OHV SRUWLqUHV
UpGXLW OH ULVTXH G¶rWUH SURMHWp KRUV
GX YpKLFXOH HQ FDV G¶DFFLGHQW
&HOD FRQWULEXH DXVVL j pYLWHU TX¶XQ
SDVVDJHU QH WRPEH KRUV GX YpKLFXOH
HQ HPSrFKDQW WRXWH RXYHUWXUH DFFL
GHQWHOOH GH OD SRUWLqUH HW YRXV
SURWqJH DXVVL FRQWUH OHV LQWUXV TXL
QH SHXYHQW DLQVL RXYULU XQH SRUWLqUH
HW SpQpWUHU GDQV OH YpKLFXOH
& )RQFWLRQ GH SUpYHQWLRQ GH
GpFKDUJHPHQW GH OD EDWWHULH
6L O¶XQH GHV SRUWLqUHV Q¶HVW SDV FRPSOqWH
PHQW IHUPpH O¶pFODLUDJH LQWpULHXU UHVWH
DOOXPp 7RXWHIRLV SOXVLHXUV pFODLUDJHV
VRQW DXWRPDWLTXHPHQW pWHLQWV YLD OD IRQF
WLRQ GH SUpYHQWLRQ GH GpFKDUJH GH OD
EDWWHULH DILQ GH SUpYHQLU OH GpFKDUJHPHQW
GH OD EDWWHULH &HWWH IRQFWLRQ FRQFHUQH OHV
pFODLUDJHV LQWpULHXUV VXLYDQWV
eOpPHQW
3RVLWLRQ
GH OD
FRP
PDQGH
([WLQFWLRQ DXWRPD
WLTXH
/DPSHV GH
OHFWXUH
2))
$X ERXW GH PLQXWHV HQYLURQ
3ODIRQQLHU
'225
$X ERXW GH PLQXWHV HQYLURQ
eFODLUDJH
GX FRQWDF
WHXU G¶DOOX
PDJH
²
$X ERXW GH PLQXWHV HQYLURQ
eFODLUDJH
GH FRIIUH
²
$X ERXW GH PLQXWHV HQYLURQ
/D IRQFWLRQ GH SUpYHQWLRQ GH GpFKDUJHPHQW
GH OD EDWWHULH DIIHFWH XQLTXHPHQW OHV ODPSHV GH
OHFWXUH VXU OHV PRGqOHV DYHF WRLW RXYUDQW
RSDTXH HW XQLTXHPHQW ORUVTXH OHV LQWHUUXSWHXUV
GH ODPSH GH OHFWXUH VRQW HQ SRVLWLRQ 2)) /HV
ODPSHV GH OHFWXUH VXU OHV PRGqOHV VDQV WRLW
RXYUDQW RSDTXH QH V¶pWHLJQHQW SDV DXWRPDWL
TXHPHQW GRQF DSSX\H] VXU OHV FRPPDQGHV
G¶pFODLUDJH SRXU OHV pWHLQGUH
&HWWH IRQFWLRQ SHXW rWUH DFWLYpH RX GpV
DFWLYpH SDU XQ FRQFHVVLRQQDLUH 68%$58
&RQWDFWH] YRWUH FRQFHVVLRQQDLUH
68%$58 SRXU FKDQJHU OH UpJODJH
± 68,7( ±
&OpV HW SRUWLqUHV&RPPXWDWHXUV GH YHUURXLOODJH pOHFWULTXH GHV SRUWLqUHV
5(0$548(
. /H UpJODJH XVLQH SDU GpIDXW HVW
UpJOp VXU ³DFWLYDWLRQ´
. 9pULILH] WRXMRXUV TXH WRXWHV OHV
SRUWLqUHV HW OH FRXYHUFOH GH FRIIUH VRQW
ELHQ IHUPpV ORUVTXH YRXV TXLWWH] OH
YpKLFXOH
. /D IRQFWLRQ GH SUpYHQWLRQ GH Gp
FKDUJHPHQW GH OD EDWWHULH HVW LQRSp
UDQWH WDQW TXH OD FOp HVW GDQV OH
FRQWDFWHXU G¶DOOXPDJH
&RPPXWDWHXUV GH YHUURXLO
ODJH pOHFWULTXH GHV SRUWLqUHV
5(0$548(
$YDQW GH YHUURXLOOHU OHV SRUWLqUHV SDU
O¶H[WpULHXU j O¶DLGH GHV FRPPXWDWHXUV
GH YHUURXLOODJH pOHFWULTXH GHV SRUWLq
UHV YpULILH] TXH YRXV Q¶DYH] SDV ODLVVp
OD FOp j O¶LQWpULHXU GX YpKLFXOH
& )RQFWLRQ GH SUpYHQWLRQ GX
YHUURXLOODJH DYHF FOp j O¶LQWp
ULHXU
9HUURXLOOHU
'pYHUURXLOOHU
7RXWHV OHV SRUWLqUHV SHXYHQW rWUH YHUURXLO
OpHV HW GpYHUURXLOOpHV j SDUWLU GX FRPPX
WDWHXU GH YHUURXLOODJH pOHFWULTXH GH OD
SRUWLqUH DYDQW F{Wp FRQGXFWHXU RX GH OD
SRUWLqUH DYDQW F{Wp SDVVDJHU
3RXU YHUURXLOOHU OHV SRUWLqUHV DSSX\H] VXU
OH F{Wp DYDQW GX FRPPXWDWHXU
3RXU GpYHUURXLOOHU OHV SRUWLqUHV DSSX\H]
VXU OH F{Wp DUULqUH GX FRPPXWDWHXU
/RUVTX¶RQ IHUPH OHV SRUWLqUHV DSUqV DYRLU
HQFOHQFKp OHV VHUUXUHV GH SRUWLqUH OHV
SRUWLqUHV UHVWHQW YHUURXLOOpHV
&HWWH IRQFWLRQ HPSrFKH OH YHUURXLOODJH
GHV SRUWLqUHV VRXV OHV FRQGLWLRQV VXLYDQ
WHV
. /D FOp VH WURXYH HQFRUH GDQV OH
FRQWDFWHXU G¶DOOXPDJH PRGqOHV VDQV ³DF
FqV VDQV FOp DYHF V\VWqPH GH GpPDUUDJH
j ERXWRQSRXVVRLU´
. /H FRQWDFWHXU G¶DOOXPDJH HVW HQ SRVL
WLRQ ³21´ PRGqOHV DYHF ³DFFqV VDQV FOp
DYHF V\VWqPH GH GpPDUUDJH j ERXWRQ
SRXVVRLU´
&HWWH IRQFWLRQ SHXW rWUH DFWLYpH HW GpV
DFWLYpH j YRORQWp SDU XQ FRQFHVVLRQQDLUH
68%$58 3RXU OHV GpWDLOV DGUHVVH]YRXV
j XQ FRQFHVVLRQQDLUH 68%$58
5(0$548(
. /H UpJODJH XVLQH SDU GpIDXW HVW
UpJOp VXU ³DFWLYDWLRQ´
. /RUVTXH YRXV TXLWWH] YRWUH YpKLFXOH
DVVXUH]YRXV G¶HPSRUWHU OD FOp DYHF
&OpV HW SRUWLqUHV$FFqV VDQV FOp DYHF V\VWqPH GH GpPDUUDJH j ERXWRQSRXVVRLU
YRXV DYDQW GH YHUURXLOOHU OHV SRUWLqUHV
. /RUVTXH YRXV VRUWH] GX YpKLFXOH SDU
XQH SRUWLqUH DUULqUH DVVXUH]YRXV GH
GpYHUURXLOOHU WRXWHV OHV SRUWLqUHV HQ
DSSX\DQW VXU OH F{Wp GH GpYHUURXLOODJH
GX FRPPXWDWHXU GH YHUURXLOODJH pOHF
WULTXH GHV SRUWLqUHV
6L XQH SRUWLqUH DUULqUH HVW GpYHUURXLOOpH
SDU OH OHYLHU GH SRUWLqUH LQWpULHXU OD
SRUWLqUH HVW RXYHUWH HW IHUPpH HW OD
IRQFWLRQ GH SUpYHQWLRQ GX YHUURXLOODJH
DYHF FOp j O¶LQWpULHXU VHUD GpFOHQFKpH
7RXWHV OHV SRUWLqUHV VHURQW GpYHUURXLO
OpHV O¶LQGLFDWHXU G¶DYHUWLVVHPHQW GH
SUpYHQWLRQ GX YHUURXLOODJH DYHF FOp j
O¶LQWpULHXU ³
´ V¶DIILFKH HW OH FDULOORQ
G¶DYHUWLVVHPHQW UHWHQWLW pJDOHPHQW
! &RPSRUWHPHQW DSUqV DFWLYDWLRQ GH
OD IRQFWLRQ GH SUpYHQWLRQ GX YHU
URXLOODJH DYHF FOp j O¶LQWpULHXU
$YHF OD SRUWLqUH GX FRQGXFWHXU RXYHUWH
OHV SRUWLqUHV UHVWHQW DXWRPDWLTXHPHQW
GpYHUURXLOOpHV PrPH VL OH FRPPXWDWHXU
GH YHUURXLOODJH pOHFWULTXH GHV SRUWLqUHV HVW
DSSX\p YHUV O¶DYDQW
! &RPSRUWHPHQW DSUqV GpVDFWLYDWLRQ
GH OD IRQFWLRQ GH SUpYHQWLRQ GX
YHUURXLOODJH DYHF FOp j O¶LQWpULHXU
. 6L RQ SRXVVH OH ERXWRQ GH YHUURXLOODJH
YHUV OD SRVLWLRQ DYDQW ³/2&.´ DYHF OD
SRUWLqUH GX FRQGXFWHXU RXYHUWH HW TX¶RQ
UHIHUPH HQVXLWH OD SRUWLqUH GX FRQGXFWHXU
DYHF OH ERXWRQ GH YHUURXLOODJH GDQV FHWWH
SRVLWLRQ OD SRUWLqUH GX FRQGXFWHXU VH
YHUURXLOOH
. 6L RQ YHUURXLOOH OD SRUWLqUH GX FRQGXF
WHXU SDU O¶H[WpULHXU GX YpKLFXOH HQ XWLOLVDQW
OD FOp GH VHFRXUV OD SRUWLqUH VH YHUURXLOOH
$FFqV VDQV FOp DYHF V\VWqPH
GH GpPDUUDJH j ERXWRQ
SRXVVRLU VHORQ PRGqOHV
9RXV SRXYH] HIIHFWXHU OHV RSpUDWLRQV
VXLYDQWHV j O¶DLGH GH ³O¶DFFqV VDQV FOp
DYHF V\VWqPH GH GpPDUUDJH j ERXWRQ
SRXVVRLU´ ORUVTXH YRXV WHQH] OH SRUWHFOpV
G¶DFFqV
. 9HUURXLOODJH HW GpYHUURXLOODJH GHV SRU
WLqUHV
. 2XYHUWXUH GX FRIIUH
. 'pPDUUDJH HW DUUrW GX PRWHXU 5HSRU
WH]YRXV j ³0RGqOHV DYHF OH V\VWqPH GH
GpPDUUDJH j ERXWRQSRXVVRLU´ )
SRXU SOXV GH GpWDLOV
. $UPHPHQW HW GpVDUPHPHQW GX V\V
WqPH G¶DODUPH 5HSRUWH]YRXV j ³6\VWqPH
G¶DODUPH´ ) SRXU SOXV GH GpWDLOV
& 3UpFDXWLRQV GH VpFXULWp
! &RQFHUQDQW OHV RQGHV UDGLR
'$1*(5
6L YRXV SRUWH] XQ VWLPXODWHXU FDU
GLDTXH RX XQ GpILEULOODWHXU LPSODQWp
UHVWH] j XQH GLVWDQFH G¶DX PRLQV FP LQ GHV DQWHQQHV pPHWWULFHV
LQVWDOOpHV VXU OH YpKLFXOH
± 68,7( ±
&OpV HW SRUWLqUHV$FFqV VDQV FOp DYHF V\VWqPH GH GpPDUUDJH j ERXWRQSRXVVRLU
/HV RQGHV UDGLR pPLVHV SDU OHV
DQWHQQHV pPHWWULFHV VXU OH YpKLFXOH
SRXUUDLHQW QXLUH DX IRQFWLRQQHPHQW
GHV VWLPXODWHXUV FDUGLDTXHV RX GHV
GpILEULOODWHXUV LPSODQWpV
6L YRXV SRUWH] XQ pTXLSHPHQW PpGL
FDO pOHFWULTXH DXWUH TX¶XQ VWLPXOD
WHXU FDUGLDTXH RX XQ GpILEULOODWHXU
LPSODQWp DYDQW G¶XWLOLVHU O¶DFFqV
VDQV FOp DYHF V\VWqPH GH GpPDU
UDJH j ERXWRQSRXVVRLU UHSRUWH]
YRXV j ³/HV RQGHV UDGLR XWLOLVpHV
SRXU O¶DFFqV VDQV FOp DYHF V\VWqPH
GH GpPDUUDJH j ERXWRQSRXVVRLU´
) HW FRQWDFWH] OH IDEULFDQW GH
O¶DSSDUHLO PpGLFDO SRXU SOXV G¶LQIRU
PDWLRQV /HV RQGHV UDGLR pPLVHV
SDU OHV DQWHQQHV pPHWWULFHV VXU OH
YpKLFXOH SRXUUDLHQW QXLUH DX ERQ
IRQFWLRQQHPHQW GH O¶pTXLSHPHQW
PpGLFDO pOHFWULTXH
5(0$548(
/H VWDWXW GX SRUWHFOpV G¶DFFqV HW OHV
FRQGLWLRQV HQYLURQQHPHQWDOHV SHXYHQW
LQWHUIpUHU DYHF OD FRPPXQLFDWLRQ HQWUH
OH SRUWHFOpV G¶DFFqV HW OH YpKLFXOH
GDQV OHV FRQGLWLRQV VXLYDQWHV
. /RUV G¶XQH XWLOLVDWLRQ j SUR[LPLWp
G¶XQH VRXUFH GH IRUWHV RQGHV UDGLR RX
G¶DXWUHV LQWHUIpUHQFHV FRPPH XQH VWD
WLRQ GH UDGLR RX GHV OLJQHV pOHFWULTXHV
. /RUVTXH GHV SURGXLWV TXL pPHWWHQW
GHV RQGHV UDGLR VRQW XWLOLVpV WHOV
TX¶XQ SRUWHFOpV G¶DFFqV RX XQ WUDQV
PHWWHXU j GLVWDQFH G¶XQ DXWUH YpKLFXOH
. /RUV GX WUDQVSRUW GX SRUWHFOpV
G¶DFFqV GH YRWUH YpKLFXOH DYHF XQ
SRUWHFOpV G¶DFFqV RX XQ WUDQVPHWWHXU
j GLVWDQFH G¶XQ DXWUH YpKLFXOH
. /RUVTXH OH SRUWHFOpV G¶DFFqV HVW
SODFp j SUR[LPLWp G¶DSSDUHLOV GH
FRPPXQLFDWLRQ VDQV ILO WHOV TX¶XQ
WpOpSKRQH FHOOXODLUH RX j SUR[LPLWp
G¶XQ REMHW PpWDOOLTXH
. /RUVTXH GHV DFFHVVRLUHV PpWDOOL
TXHV VRQW IL[pV DX SRUWHFOpV G¶DFFqV
. /RUVTXH YRXV SRUWH] OH SRUWHFOpV
G¶DFFqV VXU YRXV DYHF GHV DSSDUHLOV
pOHFWURQLTXHV WHOV TX¶XQ RUGLQDWHXU
SRUWDEOH
. /RUVTXH OD SLOH GX SRUWHFOpV G¶DF
FqV HVW GpFKDUJpH
'DQV GH WHOV FDV LO VH SHXW TX¶LO QH VRLW
SDV SRVVLEOH GH YHUURXLOOHU RX GH
GpYHUURXLOOHU OHV SRUWLqUHV RX GH Gp
PDUUHU OH PRWHXU
! &RQFHUQDQW OHV G\VIRQFWLRQQH
PHQWV
$77(17,21
. 1H MDPDLV ODLVVHU QL UDQJHU OH
SRUWHFOpV G¶DFFqV j O¶LQWpULHXU
GX YpKLFXOH RX GDQV OHV P
IW DXWRXU GX YpKLFXOH SDU
H[HPSOH GDQV XQ JDUDJH /H
SRUWHFOpV G¶DFFqV SHXW rWUH HQ
IHUPp j O¶LQWpULHXU GX YpKLFXOH RX
OD EDWWHULH ULVTXH GH VH GpFKDUJHU
UDSLGHPHQW 1RWH] TXH OH FRQWDF
WHXU G¶DOOXPDJH j ERXWRQSRXV
VRLU SHXW QH SDV V¶DOOXPHU GDQV
FHUWDLQV FDV VHORQ O¶HPSODFH
PHQW GX SRUWHFOpV G¶DFFqV
. /H SRUWHFOpV G¶DFFqV FRQWLHQW
GHV FRPSRVDQWV pOHFWULTXHV 2E
VHUYH] OHV SUpFDXWLRQV VXLYDQWHV
SRXU HPSrFKHU OHV G\VIRQFWLRQ
QHPHQWV RX pYLWHU GH GpFKDUJHU
OD SLOH
± ,O HVW UHFRPPDQGp WRXWHIRLV
GH IDLUH UHPSODFHU OD SLOH SDU
XQ FRQFHVVLRQQDLUH 68%$58
SRXU pYLWHU OHV ULVTXHV GH
GpJkW DX PRPHQW GX UHPSOD
FHPHQW
± /H SRUWHFOpV G¶DFFqV GRLW rWUH
SURWpJp GH O¶KXPLGLWp 6L OH
&OpV HW SRUWLqUHV$FFqV VDQV FOp DYHF V\VWqPH GH GpPDUUDJH j ERXWRQSRXVVRLU
±
±
±
±
±
±
±
SRUWHFOpV G¶DFFqV HVW
PRXLOOp HVVX\H]OH LPPpGLD
WHPHQW SXLV ODLVVH]OH VpFKHU
FRPSOqWHPHQW
1¶DSSOLTXH] SDV GH FKRFV YLR
OHQWV DX SRUWHFOpV G¶DFFqV
1H ODLVVH] MDPDLV OH SRUWHFOpV
G¶DFFqV GDQV XQ HQGURLW H[
SRVp GLUHFWHPHQW DX VROHLO RX
GDQV WRXW DXWUH HQGURLW SRX
YDQW rWUH H[SRVp j XQH IRUWH
FKDOHXU FRPPH VXU OH WDEOHDX
GH ERUG
1H PHWWH] SDV OH SRUWHFOpV
G¶DFFqV GDQV XQH PDFKLQH j
ODYHU SDU XOWUDVRQ
1H ODLVVH] SDV OH SRUWHFOpV
G¶DFFqV GDQV GHV HQGURLWV
KXPLGHV RX SRXVVLpUHX[ RX j
SUR[LPLWp G¶RUGLQDWHXUV SHU
VRQQHOV RX G¶DSSDUHLOV PpQD
JHUV pOHFWULTXHV
0HWWH] OH SRUWHFOpV G¶DFFqV j
O¶pFDUW GH VRXUFHV PDJQpWL
TXHV
1H ODLVVH] SDV OH SRUWHFOpV
G¶DFFqV j SUR[LPLWp G¶XQ FKDU
JHXU GH EDWWHULH RX GH WRXW
DFFHVVRLUH pOHFWULTXH
1¶DSSOLTXH] SDV XQH WHLQWH
PpWDOOLTXH DX[ YLWUHV HW Q¶DWWD
FKH] SDV GHV REMHWV PpWDOOL
TXHV DX[ YLWUHV
± 1H SRVH] SDV GHV DFFHVVRLUHV
RX GHV SLqFHV TXL QH VRQW SDV
G¶RULJLQH
5(0$548(
. /RUVTXH OD EDWWHULH GX YpKLFXOH HVW
GpFKDUJpH RX D pWp UHPSODFpH XQH
LQLWLDOLVDWLRQ GX V\VWqPH GH EORFDJH
GX YRODQW SHXW V¶DYpUHU QpFHVVDLUH
SRXU GpPDUUHU OH PRWHXU 'DQV FH FDV
HIIHFWXH] OD SURFpGXUH VXLYDQWH SRXU
LQLWLDOLVHU OH V\VWqPH GH EORFDJH GX
YRODQW
0HWWH] OH FRQWDFWHXU G¶DOOXPDJH j
ERXWRQSRXVVRLU HQ SRVLWLRQ ³2))´
5HSRUWH]YRXV j ³&KDQJHPHQW GH O¶pWDW
G¶DOLPHQWDWLRQ´ ) SRXU SOXV GH
GpWDLOV
2XYUH] HW IHUPH] OD SRUWLqUH GX
FRQGXFWHXU
$WWHQGH] SHQGDQW HQYLURQ VHFRQ
GHV
/RUVTXH OH YRODQW GH GLUHFWLRQ HVW
EORTXp O¶LQLWLDOLVDWLRQ HVW WHUPLQpH
. 1H ODLVVH] SDV OH SRUWHFOpV G¶DFFqV
j O¶LQWpULHXU GHV HPSODFHPHQWV VXL
YDQWV
± 6XU OH WDEOHDX GH ERUG
± 6XU OH VRO
± 'DQV OD ERvWH j JDQWV
± ¬ O¶LQWpULHXU GH OD SRFKH GH OD
JDUQLWXUH GH SRUWLqUH
± 6XU OH VLqJH DUULqUH
± 6XU OD WDEOHWWH DUULqUH
± 'DQV OH FRIIUH
'DQV OH FDV FRQWUDLUH OHV VLWXDWLRQV
VXLYDQWHV SHXYHQW VH SURGXLUH
± /H SRUWHFOpV G¶DFFqV VH UHWURXYH
HQIHUPp SDU HUUHXU j O¶LQWpULHXU GX
YpKLFXOH
± 8QH IDXVVH DOHUWH HVW pPLVH ELHQ
TX¶DXFXQ G\VIRQFWLRQQHPHQW QH VH
SURGXLVH
± $XFXQH DOHUWH Q¶HVW pPLVH PrPH
VL XQ TXHOFRQTXH G\VIRQFWLRQQH
PHQW VH SURGXLW
± 68,7( ±
&OpV HW SRUWLqUHV$FFqV VDQV FOp DYHF V\VWqPH GH GpPDUUDJH j ERXWRQSRXVVRLU
& 9HUURXLOODJH HW GpYHUURXLOODJH
HQ WHQDQW OH SRUWHFOpV G¶DF
FqV
! &RQFHUQDQW OHV UpJODJHV
5(0$548(
. 9RXV SRXYH] PRGLILHU OH UpJODJH
RSpUDWLRQQHOQRQ RSpUDWLRQQHO GH OD
IRQFWLRQ G¶DFFqV VDQV FOp 3RXU OD
SURFpGXUH GH UpJODJH UHSRUWH]YRXV j
³'pVDFWLYDWLRQ GH OD IRQFWLRQ G¶DFFqV
VDQV FOp´ )
. 3RXU REWHQLU GHV LQIRUPDWLRQV Gp
WDLOOpHV j SURSRV GH OD PpWKRGH GH
IRQFWLRQQHPHQW GX FRQWDFWHXU G¶DOOX
PDJH j ERXWRQSRXVVRLU DORUV TXH OD
IRQFWLRQ GX V\VWqPH G¶DFFqV PDLQV
OLEUHV HVW HQ PRGH QRQ RSpUDWLRQQHO
UHSRUWH]YRXV j ³3RUWHFOp G¶DFFqV ± VL
OH SRUWHFOpV G¶DFFqV QH IRQFWLRQQH SDV
FRUUHFWHPHQW´ )
! /HV RQGHV UDGLR XWLOLVpHV SRXU O¶DF
FqV VDQV FOp DYHF V\VWqPH GH Gp
PDUUDJH j ERXWRQSRXVVRLU
/¶DFFqV VDQV FOp DYHF V\VWqPH GH GpPDU
UDJH j ERXWRQSRXVVRLU XWLOLVH GHV RQGHV
UDGLR GH N+] HQ FRPSOpPHQW GHV
RQGHV UDGLR XWLOLVpHV SRXU OH V\VWqPH
G¶HQWUpH VDQV FOp SDU WpOpFRPPDQGH /HV
RQGHV UDGLR VRQW SpULRGLTXHPHQW pPLVHV
SDU OHV DQWHQQHV LQVWDOOpHV VXU OH YpKLFXOH
FRPPH OH PRQWUHQW O¶LOOXVWUDWLRQ VXLYDQWH
/RUVTXH OH SRUWHFOpV G¶DFFqV HVW GDQV OD
]RQH GH SRUWpH GH IRQFWLRQQHPHQW LO YRXV
VXIILW GH WRXFKHU OHV SRLJQpHV GHV SRUWLq
UHV SRXU YHUURXLOOHUGpYHUURXLOOHU FHV GHU
QLqUHV
5(0$548(
9RXV SRXYH] YHUURXLOOHUGpYHUURXLOOHU
OH YpKLFXOH j O¶DLGH GX V\VWqPH G¶HQWUpH
VDQV FOp SDU WpOpFRPPDQGH 3RXU SOXV
GH GpWDLOV UHSRUWH]YRXV j ³6\VWqPH
G¶HQWUpH VDQV FOp SDU WpOpFRPPDQGH´
)
! 3RUWpHV GH IRQFWLRQQHPHQW
$QWHQQH
$QWHQQH
&OpV HW SRUWLqUHV$FFqV VDQV FOp DYHF V\VWqPH GH GpPDUUDJH j ERXWRQSRXVVRLU
3RUWpH GH IRQFWLRQQHPHQW
/D SRUWpH GH IRQFWLRQQHPHQW GHV IRQF
WLRQV GH YHUURXLOODJHGpYHUURXLOODJH GHV
SRUWLqUHV HW GH OD IRQFWLRQ G¶RXYHUWXUH GX
FRXYHUFOH GH FRIIUH HVW G¶HQYLURQ j
FP j LQ GHV SRLJQpHV GH
SRUWLqUH UHVSHFWLYHV HW GH O¶RUQHPHQW GX
FRIIUH
! 2XYHUWXUH GX FRIIUH
! &RPPHQW YHUURXLOOHU HW GpYHUURXLO
OHU
! 'pYHUURXLOODJH
,QGLFDWHXU /('
/H WpPRLQ /(' GX SRUWHFOpV G¶DFFqV
FOLJQRWH ORUVTXH FHOXLFL VH WURXYH GDQV
O¶XQH GHV SODJHV GH IRQFWLRQQHPHQW GHV
SRUWLqUHV DYDQW /RUVTXH OHV IRQFWLRQV GX
V\VWqPH G¶DFFqV VDQV FOp VRQW GpVDFWL
YpHV OH WpPRLQ /(' QH FOLJQRWH SDV j
PRLQV G¶DSSX\HU VXU O¶XQH GHV WRXFKHV GX
SRUWHFOpV G¶DFFqV
3RUWH] OH SRUWHFOpV G¶DFFqV VXU YRXV HW
VDLVLVVH] OD SRLJQpH GH OD SRUWLqUH
. /RUVTXH OD SRLJQpH GH SRUWLqUH GX
FRQGXFWHXU HVW VDLVLH VHXOH OD SRUWLqUH
GX FRQGXFWHXU VHUD GpYHUURXLOOpH
. /RUVTXH OD SRLJQpH GH SRUWLqUH GX
SDVVDJHU DYDQW HVW VDLVLH WRXWHV OHV
SRUWLqUHV VHURQW GpYHUURXLOOpHV
%RXWRQ G¶RXYHUWXUH GX FRIIUH
3RUWH] OH SRUWHFOpV G¶DFFqV VXU YRXV HW
DSSX\H] VXU OH ERXWRQ G¶RXYHUWXUH GX
FRIIUH
. 6HXO OH FRXYHUFOH GH FRIIUH VHUD GpYHU
URXLOOp HW RXYHUW
. 2Q HQWHQG OD WRQDOLWp pOHFWURQLTXH GHX[
IRLV HW OHV IHX[ GH GpWUHVVH FOLJQRWHQW GHX[
IRLV
(Q SOXV GH FHOD RQ HQWHQG OD WRQDOLWp
pOHFWURQLTXH GHX[ IRLV HW OHV IHX[ GH
GpWUHVVH FOLJQRWHQW GHX[ IRLV
± 68,7( ±
&OpV HW SRUWLqUHV$FFqV VDQV FOp DYHF V\VWqPH GH GpPDUUDJH j ERXWRQSRXVVRLU
! 9HUURXLOODJH
&DSWHXU GH YHUURXLOODJH GH SRUWLqUH DX
GHVVXV HW DXGHVVRXV
3RUWH] OH SRUWHFOpV G¶DFFqV VXU YRXV
IHUPH] WRXWHV OHV SRUWLqUHV HW OH FRXYHUFOH
GH FRIIUH HW WRXFKH] OH FDSWHXU GH
YHUURXLOODJH GH SRUWLqUH VXU OD SRLJQpH GH
SRUWLqUH
. 7RXWHV OHV SRUWLqUHV VHURQW YHUURXLOOpHV
. /D WRQDOLWp pOHFWURQLTXH UHWHQWLW XQH IRLV
HW OHV IHX[ GH GpWUHVVH FOLJQRWHQW XQH IRLV
5(0$548(
$SUqV DYRLU WRXFKp OH FDSWHXU GH YHU
URXLOODJH GH SRUWLqUH SRXU YHUURXLOOHU
WRXWHV OHV SRUWLqUHV VL YRXV WRXFKH] OH
FDSWHXU GH YHUURXLOODJH GH SRUWLqUH XQH
IRLV GH SOXV DILQ G¶HVVD\HU OH IRQFWLRQ
QHPHQW GH YHUURXLOODJH VDQV DYRLU
G¶DERUG GpYHUURXLOOp OHV SRUWLqUHV ULHQ
QH VH SURGXLUD PrPH VL OH FDSWHXU GH
YHUURXLOODJH GH SRUWLqUH D pWp WRXFKp
'DQV FH FDV HIIHFWXH] G¶DERUG XQH IRLV
OD SURFpGXUH GH GpYHUURXLOODJH 9RXV
SRXYH] HQVXLWH WRXFKHU OH FDSWHXU GH
YHUURXLOODJH GH SRUWLqUH SRXU YHUURXLOOHU
OHV SRUWLqUHV
! )RQFWLRQ GH GpYHUURXLOODJH VpOHFWLI
GHV SRUWLqUHV
9RXV QH SRXYH] GpYHUURXLOOHU TXH OHV
SRUWLqUHV VpOHFWLRQQpHV
9RXV SRXYH] PRGLILHU OH UpJODJH FRPPH
VXLW
. 8WLOLVH] O¶DIILFKDJH PXOWLIRQFWLRQV
pFUDQ /&' HQ FRXOHXU 3RXU SOXV GH
GpWDLOV UHSRUWH]YRXV j ³5pJODJH GH
O¶DFFqV VDQV FOp´ )
. )DLWHV PRGLILHU OH UpJODJH SDU XQ
FRQFHVVLRQQDLUH 68%$58
& 'pYHUURXLOODJH j O¶DLGH GH
O¶DFFqV SDU FRGH 3,1
%RXWRQ G¶RXYHUWXUH GX FRIIUH
/RUVTXH WRXWHV OHV SRUWLqUHV VRQW YHUURXLO
OpHV YRXV SRXYH] GpYHUURXLOOHU OHV SRUWLq
UHV VDQV XWLOLVHU GH FOp HQ DFWLRQQDQW OH
ERXWRQ G¶RXYHUWXUH GX FRIIUH
5(0$548(
/¶DFFqV SDU FRGH 3,1 VHUD XWLOH VL OD FOp
HVW DFFLGHQWHOOHPHQW ODLVVpH GDQV OH
YpKLFXOH ,O HVW UHFRPPDQGp G¶HQUHJLV
WUHU XQ FRGH GH VpFXULWp FRGH 3,1 j FKLIIUHV
&OpV HW SRUWLqUHV$FFqV VDQV FOp DYHF V\VWqPH GH GpPDUUDJH j ERXWRQSRXVVRLU
! 3UpSDUDWLRQ SRXU O¶HQUHJLVWUHPHQW
G¶XQ FRGH 3,1
)HUPH] WRXWHV OHV SRUWLqUHV \ FRPSULV
OH FRXYHUFOH GH FRIIUH $SSX\H] VXU OH ERXWRQ ³ ´ GX SRUWH
FOpV G¶DFFqV HW PDLQWHQH]OH HQIRQFp
3XLV WRXWHV OHV SRUWLqUHV \ FRPSULV OH
FRIIUH VHURQW YHUURXLOOpHV
0DLQWHQH] HQIRQFp OH ERXWRQ ³ ´ HW
DSSX\H] VXU OH ERXWRQ G¶RXYHUWXUH GX
FRIIUH GDQV OHV VHFRQGHV VXLYDQW O¶pWDSH
$SSX\H] VXU OH ERXWRQ G¶RXYHUWXUH GX
FRIIUH HW PDLQWHQH]OH HQIRQFp SHQGDQW
SOXV GH VHFRQGHV 8Q ELS VRQRUH UHWHQWLW
DORUV
$SSX\H] VXU OH ERXWRQ ³ ´ GX SRUWH
FOpV G¶DFFqV SHQGDQW TXH OH ELS VRQRUH
UHWHQWLW
/H ELS VRQRUH V¶DUUrWH DORUV HW OD SUpSDUD
WLRQ HVW WHUPLQpH
5(0$548(
6L YRXV Q¶DSSX\H] SDV VXU OH ERXWRQ
GX SRUWHFOpV G¶DFFqV OH ELS VRQRUH
UHWHQWLW SHQGDQW VHFRQGHV 'DQV FH
FDV OD SUpSDUDWLRQ j O¶HQUHJLVWUHPHQW
G¶XQ FRGH 3,1 Q¶HVW SDV WHUPLQpH
PrPH VL OH ELS VRQRUH V¶DUUrWH
! (QUHJLVWUHPHQW G¶XQ FRGH 3,1
3DU H[HPSOH SRXU HQUHJLVWUHU FRPPH FRGH 3,1 HIIHFWXH] OD SURFpGXUH
VXLYDQWH
$SSX\H] WURLV IRLV VXU OH ERXWRQ G¶RX
YHUWXUH GX FRIIUH
$SUqV OH UHWHQWLVVHPHQW G¶XQ FDULOORQ
GLQJ DSSX\H] GHX[ IRLV VXU OH ERXWRQ
G¶RXYHUWXUH GX FRIIUH
$SUqV OH UHWHQWLVVHPHQW G¶XQ FDULOORQ
GLQJ DSSX\H] TXDWUH IRLV VXU OH ERXWRQ
G¶RXYHUWXUH GX FRIIUH
$SUqV OH UHWHQWLVVHPHQW G¶XQ FDULOORQ
GLQJ DSSX\H] VL[ IRLV VXU OH ERXWRQ
G¶RXYHUWXUH GX FRIIUH
$SUqV OH UHWHQWLVVHPHQW G¶XQ FDULOORQ
GLQJ DSSX\H] KXLW IRLV VXU OH ERXWRQ
G¶RXYHUWXUH GX FRIIUH
([pFXWH] j QRXYHDX OHV pWDSHV j GDQV XQ GpODL G¶HQYLURQ VHFRQGHV
DSUqV TXH OH FDULOORQ FRPPHQFH j VRQQHU
SDU LQWHUPLWWHQFH
7RXWHV OHV SRUWLqUHV VHURQW GpYHUURXLO
OpHV HW YHUURXLOOpHV /H FRGH 3,1 VHUD
DORUV HQUHJLVWUp
5(0$548(
. 6L YRXV IDLWHV XQH HUUHXU SHQGDQW OD
SURFpGXUH G¶HQUHJLVWUHPHQW RXYUH] OD
SRUWLqUH GX FRQGXFWHXU SXLV IHUPH]OD
3XLV UHFRPPHQFH] OD SURFpGXUH GpF
ULWH GDQV ³3UpSDUDWLRQ´
. 3RXU SURWpJHU YRWUH YpKLFXOH FRQWUH
OH YRO YRXV QH SRXYH] SDV HQUHJLVWUHU
³´ ³´ j ³´ RX ³´
FRPPH FRGH 3,1
. 1¶HQUHJLVWUH] SDV OH QXPpUR GH
SODTXH G¶LPPDWULFXODWLRQ GH YRWUH Yp
KLFXOH RX GH VLPSOHV QXPpURV WHOV TXH
³´ RX ³´ FRPPH FRGH 3,1
&HOD DXJPHQWHUDLW OH ULVTXH GH YRO GX
YpKLFXOH
. /RUVTXH YRXV HVVD\H] G¶HQUHJLVWUHU
³´ OH FRGH 3,1 HQUHJLVWUp VHUD
VXSSULPp 9RXV QH SRXYH] SDV GpYHU
URXLOOHU OHV SRUWLqUHV SDU O¶DFFqV SDU
FRGH 3,1 MXVTX¶j FH TX¶XQ QRXYHDX
FRGH VRLW HQUHJLVWUp
. $SUqV O¶HQUHJLVWUHPHQW G¶XQ QRX
YHDX FRGH 3,1 DVVXUH]YRXV TXH YRXV
SRXYH] GpYHUURXLOOHU OHV SRUWLqUHV j
O¶DLGH GX FRGH 3,1
. /RUVTXH YRXV VXSSULPH] OH FRGH 3,1
SHQGDQW TXH OD IRQFWLRQ G¶DFFqV VDQV
FOp HVW GpVDFWLYpH OD IRQFWLRQ G¶DFFqV
VDQV FOp VHUD DFWLYpH
. 5pHQUHJLVWUH] OH FRGH 3,1 GDQV OH
FDV VXLYDQW
± ORUVTXH YRXV RXEOLH] OH FRGH 3,1
± ORUVTXH YRXV VRXKDLWH] PRGLILHU
OH FRGH 3,1
± 68,7( ±
&OpV HW SRUWLqUHV$FFqV VDQV FOp DYHF V\VWqPH GH GpPDUUDJH j ERXWRQSRXVVRLU
! 'pYHUURXLOODJH
([pFXWH] OHV pWDSHV j GpFULWHV GDQV OD
VHFWLRQ (QUHJLVWUHPHQW
5(0$548(
. 9RXV QH SRXYH] SDV GpYHUURXLOOHU YLD
O¶DFFqV SDU FRGH 3,1 GDQV OHV FDV
VXLYDQWV
± ORUVTXH OH SRUWHFOpV G¶DFFqV VH
WURXYH GDQV OHV SODJHV GH IRQFWLRQ
QHPHQW
± ORUVTXH OH FRQWDFWHXU G¶DOOXPDJH
HVW SODFp VXU ³$&&´ RX ³21´
. 6L YRXV IDLWHV XQH HUUHXU DX FRXUV GH
OD SURFpGXUH GH GpYHUURXLOODJH UHFRP
PHQFH] FHOOHFL DSUqV DYRLU DWWHQGX VHFRQGHV RX SOXV
. 3RXU SURWpJHU YRWUH YpKLFXOH FRQWUH
OH YRO XQH DODUPH VRQRUH UHWHQWLW VL GHV
FRGHV 3,1 HUURQpV VRQW VDLVLV FLQT IRLV
GH VXLWH 6L FHOD VH SURGXLW YRXV QH
SRXYH] SDV GpYHUURXLOOHU OHV SRUWLqUHV
YLD O¶DFFqV SDU FRGH 3,1 SHQGDQW PLQXWHV
& )RQFWLRQ G¶pFRQRPLH G¶pQHU
JLH
/D IRQFWLRQ GX V\VWqPH G¶DFFqV VDQV FOp
HVW GpVDFWLYpH GDQV OHV FDV VXLYDQWV SRXU
SURWpJHU OD SLOH GX SRUWHFOpV G¶DFFqV HW OD
EDWWHULH GX YpKLFXOH
&DV /RUVTXH OD IRQFWLRQ GX V\VWqPH
G¶DFFqV PDLQV OLEUHV HW OH V\VWqPH G¶HQ
WUpH VDQV FOp SDU WpOpFRPPDQGH Q¶RQW SDV
pWp XWLOLVpV SHQGDQW VHPDLQHV RX SOXV
DORUV TXH WRXWHV OHV SRUWLqUHV VRQW YHU
URXLOOpHV
UHV j O¶DLGH GX V\VWqPH G¶HQWUpH VDQV FOp
SDU WpOpFRPPDQGH
. 9HUURXLOOH] RX GpYHUURXLOOH] OHV SRUWLq
UHV j O¶DLGH GX FRPPXWDWHXU GH YHUURXLO
ODJH pOHFWULTXH GHV SRUWLqUHV
. 2XYUH] XQH GHV SRUWLqUHV DYDQW
&DV /RUVTXH OH SRUWHFOpV G¶DFFqV D pWp
ODLVVp GDQV OD SODJH GH IRQFWLRQQHPHQW
SHQGDQW PLQXWHV RX SOXV DORUV TXH
WRXWHV OHV SRUWLqUHV VRQW YHUURXLOOpHV
& 5pJODJH GX VLJQDO VRQRUH GH
FRQILUPDWLRQ
! 5pFXSpUDWLRQ j SDUWLU GX PRGH pFR
QRPLH G¶pQHUJLH
/RUVTXH O¶XQH GHV SURFpGXUHV VXLYDQWHV
HVW XWLOLVpH OD IRQFWLRQ GX V\VWqPH G¶DFFqV
PDLQV OLEUHV VHUD UHVWDXUpH
&DV . 'pYHUURXLOODJH GHV SRUWLqUHV HQ XWLOL
VDQW Q¶LPSRUWH TXHOOH SURFpGXUH DXWUH TXH
OD VDLVLH GH OD SRLJQpH GH SRUWLqUH GX
SDVVDJHU DYDQW
. 9HUURXLOOH] RX GpYHUURXLOOH] OHV SRUWLq
UHV
. 2XYUH] XQH SRUWLqUH SXLV IHUPH]OD
&DV . 'pYHUURXLOOH] OHV SRUWLqUHV HQ VDLVLV
VDQW OD SRLJQpH GH OD SRUWLqUH
. 9HUURXLOOH] OHV SRUWLqUHV HQ WRXFKDQW OH
FDSWHXU GH YHUURXLOODJH GH SRUWLqUH
. 9HUURXLOOH] RX GpYHUURXLOOH] OHV SRUWLq
$X PR\HQ GH OD WRQDOLWp pOHFWURQLTXH OH
V\VWqPH GRQQH XQH FRQILUPDWLRQ VRQRUH
GX YHUURXLOODJH RX GX GpYHUURXLOODJH GHV
SRUWLqUHV 6L YRXV OH VRXKDLWH] YRXV
SRXYH] FKDQJHU OH YROXPH GX VLJQDO
VRQRUH RX OH GpVDFWLYHU 5HSRUWH]YRXV j
³5pJODJH GX YROXPH GH O¶DYHUWLVVHXU VR
QRUH SRXU OH V\VWqPH VDQV FOp´ )
SRXU SOXV GH GpWDLOV
& $YHUWLVVHXUV VRQRUHV HW LQGL
FDWHXU G¶DYHUWLVVHPHQW
/¶DYHUWLVVHXU VRQRUH HW OH WpPRLQ DYHUWLV
VHXU GH FOp G¶DFFqV VHUYHQW j . 0LQLPLVHU OH ULVTXH GH PDXYDLVHV
PDQLSXODWLRQV GX V\VWqPH G¶DFFqV VDQV
FOp DYHF V\VWqPH GH GpPDUUDJH j ERXWRQ
SRXVVRLU
. 3URWpJHU YRWUH YpKLFXOH FRQWUH OH YRO
5HSRUWH]YRXV j ³$YHUWLVVHXUV VRQRUHV HW
LQGLFDWHXU G¶DYHUWLVVHPHQW GH O¶DFFqV VDQV
&OpV HW SRUWLqUHV$FFqV VDQV FOp DYHF V\VWqPH GH GpPDUUDJH j ERXWRQSRXVVRLU
FOp DYHF V\VWqPH GH GpPDUUDJH j ERXWRQ
SRXVVRLU´ ) SRXU SOXV GH GpWDLOV
& 'pVDFWLYDWLRQ GH OD IRQFWLRQ
G¶DFFqV VDQV FOp
'$1*(5
6L YRXV SRUWH] XQ VWLPXODWHXU FDU
GLDTXH RX XQ GpILEULOODWHXU DFWLRQ
QH] OD SRUWLqUH GX FRQGXFWHXU SRXU
GpVDFWLYHU OD IRQFWLRQ G¶DFFqV VDQV
FOp 6LQRQ OH IRQFWLRQQHPHQW G¶XQ
VWLPXODWHXU FDUGLDTXH RX G¶XQ GpIL
EULOODWHXU SHXW rWUH DIIHFWp SDU OHV
RQGHV UDGLR GH O¶DQWHQQH pPHWWULFH
/RUVTXH OH YpKLFXOH Q¶HVW SDV XWLOLVp
SHQGDQW XQH ORQJXH SpULRGH RX ORUVTXH
YRXV FKRLVLVVH] GH QH SDV XWLOLVHU OD
IRQFWLRQ GX V\VWqPH G¶DFFqV PDLQV OLEUHV
OD IRQFWLRQ GX V\VWqPH G¶DFFqV PDLQV
OLEUHV SHXW rWUH GpVDFWLYpH
WLRQ ³'pPDUUDJH GX PRWHXU´ )
. 1RXV YRXV UHFRPPDQGRQV GH GpV
DFWLYHU OHV IRQFWLRQV GDQV OHV FRQGL
WLRQV VXLYDQWHV
± /RUVTXH OH YpKLFXOH Q¶HVW SDV
XWLOLVp SHQGDQW XQH SpULRGH SURORQ
JpH
± /RUVTXH OHV IRQFWLRQV GX V\V
WqPH G¶DFFqV PDLQV OLEUHV QH YRQW
SDV rWUH XWLOLVpHV
! 'pVDFWLYDWLRQ GHV IRQFWLRQV
! (Q DFWLRQQDQW OH SRUWHFOpV G¶DF
FqV
6L YRXV DYH] HQUHJLVWUp XQ FRGH 3,1 SRXU
O¶DFFqV SDU FRGH 3,1 YRXV SRXYH] GpV
DFWLYHU OD IRQFWLRQ G¶DFFqV VDQV FOp HQ
DFWLRQQDQW OH SRUWHFOpV G¶DFFqV 3RXU SOXV
GH GpWDLOV FRQFHUQDQW O¶HQUHJLVWUHPHQW
G¶XQ FRGH 3,1 UHSRUWH]YRXV j ³(QUHJLV
WUHPHQW G¶XQ FRGH 3,1´ )
2XYUH] OD SRUWLqUH GX FRQGXFWHXU
%DVFXOH] OH ORTXHW YHUV O¶DYDQW
5(0$548(
. /D IRQFWLRQ GH YHUURXLOODJH HW GH
GpYHUURXLOODJH j O¶DLGH GX V\VWqPH
G¶HQWUpH VDQV FOp SDU WpOpFRPPDQGH
Q¶HVW SDV GpVDFWLYpH
. 3RXU GpPDUUHU OH PRWHXU DORUV TXH
OHV IRQFWLRQV VRQW GpVDFWLYpHV HIIHF
WXH] OD SURFpGXUH GpFULWH GDQV OD VHF
$SSX\H] VLPXOWDQpPHQW VXU OH ERXWRQ
³ ´ HW ³
´ GX SRUWHFOpV G¶DFFqV HW
PDLQWHQH] FHV GHX[ ERXWRQV HQIRQFpV
SHQGDQW SOXV GH VHFRQGHV
± 68,7( ±
&OpV HW SRUWLqUHV$FFqV VDQV FOp DYHF V\VWqPH GH GpPDUUDJH j ERXWRQSRXVVRLU
8Q ELS VRQRUH VH IHUD HQWHQGUH HW OD
IRQFWLRQ VHUD GpVDFWLYpH
! (Q DFWLRQQDQW OD SRUWLqUH GX
FRQGXFWHXU
$VVH\H]YRXV VXU OH VLqJH GX FRQGXF
WHXU HW IHUPH] OD SRUWLqUH
O¶pWDSH IHUPH] HW RXYUH] j GHX[ UHSULVHV
OD SRUWLqUH GX FRQGXFWHXU
'DQV OHV VHFRQGHV DSUqV DYRLU
HIIHFWXp O¶pWDSH SRXVVH] GHX[ IRLV VXU
OH F{Wp DUULqUH F{Wp GpYHUURXLOODJH GX
FRPPXWDWHXU GH YHUURXLOODJH pOHFWULTXH
GHV SRUWLqUHV ORUVTXH OD SRUWLqUH HVW
RXYHUWH
'DQV OHV VHFRQGHV TXL VXLYHQW
O¶pWDSH IHUPH] HW RXYUH] XQH VHXOH IRLV
OD SRUWLqUH GX FRQGXFWHXU
'DQV OHV VHFRQGHV TXL VXLYHQW
O¶pWDSH IHUPH] OD SRUWLqUH 8Q VLIIOHPHQW
VRQRUH VH IHUD HQWHQGUH HW OHV IRQFWLRQV
VHURQW GpVDFWLYpHV
5(0$548(
$SSX\H] VXU OH F{Wp DUULqUH F{Wp
GpYHUURXLOODJH GX FRPPXWDWHXU GH YHU
URXLOODJH pOHFWULTXH GHV SRUWLqUHV
'DQV OHV VHFRQGHV TXL VXLYHQW
O¶pWDSH RXYUH] OD SRUWLqUH GX FRQGXFWHXU
'DQV OHV VHFRQGHV DSUqV DYRLU
HIIHFWXp O¶pWDSH SRXVVH] GHX[ IRLV VXU
OH F{Wp DUULqUH F{Wp GpYHUURXLOODJH GX
FRPPXWDWHXU GH YHUURXLOODJH pOHFWULTXH
GHV SRUWLqUHV ORUVTXH OD SRUWLqUH HVW
RXYHUWH
'DQV OHV VHFRQGHV TXL VXLYHQW
'DQV OHV pWDSHV HW DSSX\H] GRXFH
PHQW VXU O¶LQWHUUXSWHXU GH YHUURXLOODJH
pOHFWULTXH GHV SRUWLqUHV 6L O¶LQWHUUXS
WHXU HVW HQIRQFp WURS UDSLGHPHQW OHV
IRQFWLRQV SHXYHQW QH SDV rWUH GpVDFWL
YpHV
! $FWLYHU OHV IRQFWLRQV
/RUVTXH OD SURFpGXUH SRXU GpVDFWLYHU OHV
IRQFWLRQV HVW GH QRXYHDX H[pFXWpH OHV
IRQFWLRQV VRQW DFWLYpHV
5(0$548(
. /D IRQFWLRQ G¶DFFqV VDQV FOp HVW
DFWLYpH XQLTXHPHQW VL YRXV HIIHFWXH]
OD SURFpGXUH GH OD PrPH PDQLqUH TXH
FHOOH TXH YRXV DYH] XWLOLVpH SRXU GpV
DFWLYHU OD IRQFWLRQ SDU H[HPSOH ORUV GH
OD GpVDFWLYDWLRQ HQ XWLOLVDQW OD SRUWLqUH
GX FRQGXFWHXU OD IRQFWLRQ Q¶HVW SDV
DFWLYpH PrPH VL YRXV XWLOLVH] OH SRUWH
FOpV G¶DFFqV . $SSX\H] VXU OH FRQWDFWHXU G¶DOOX
PDJH j ERXWRQSRXVVRLU VL YRXV QH
FRQQDLVVH] SDV OD SURFpGXUH DYHF
ODTXHOOH OD IRQFWLRQ G¶DFFqV VDQV FOp
IRQFWLRQ D pWp GpVDFWLYpH
± /RUV GH OD GpVDFWLYDWLRQ SDU O¶DF
WLRQQHPHQW GH OD SRUWLqUH GX
FRQGXFWHXU XQ ELS VRQRUH QH VH
IHUD SDV HQWHQGUH
± /RUV GH OD GpVDFWLYDWLRQ SDU O¶DF
WLRQQHPHQW GX SRUWHFOpV G¶DFFqV
XQ ELS VRQRUH VH IDLW HQWHQGUH
& 6L OH SRUWHFOpV G¶DFFqV QH
IRQFWLRQQH SDV FRUUHFWHPHQW
5HSRUWH]YRXV j ³3RUWHFOp G¶DFFqV ± VL OH
SRUWHFOpV G¶DFFqV QH IRQFWLRQQH SDV
FRUUHFWHPHQW´ )
& 5HPSODFHPHQW GH OD SLOH GX
SRUWHFOpV G¶DFFqV
5HSRUWH]YRXV j ³5HPSODFHPHQW GH OD
SLOH GX SRUWHFOpV G¶DFFqV´ )
&OpV HW SRUWLqUHV$FFqV VDQV FOp DYHF V\VWqPH GH GpPDUUDJH j ERXWRQSRXVVRLU
& 5HPSODFHPHQW GX SRUWHFOpV
G¶DFFqV
/HV SRUWHFOpV G¶DFFqV SHXYHQW rWUH UHP
SODFpV FKH] OHV FRQFHVVLRQQDLUHV
68%$58 3RXU GH SOXV DPSOHV GpWDLOV
YHXLOOH] FRQWDFWHU YRWUH FRQFHVVLRQQDLUH
68%$58
& &HUWLILFDWLRQ SRXU O¶DFFqV
VDQV FOp DYHF V\VWqPH GH
GpPDUUDJH j ERXWRQSRXV
VRLU
5(0$548(
! 0RGqOHV VSpFLILFDWLRQ GX &DQDGD
&H GLVSRVLWLI HVW FRQIRUPH j OD SDUWLH GHV UqJOHV GH OD )&& 6RQ IRQFWLRQQH
PHQW UpSRQG DX[ GHX[ FRQGLWLRQV VXL
YDQWHV &H GLVSRVLWLI QH GRLW SDV
HQJHQGUHU GHV LQWHUIpUHQFHV JrQDQWHV
HW LO GRLW rWUH FDSDEOH GH VXELU WRXWHV
IRUPHV G¶LQWHUIpUHQFH \ FRPSULV GHV
LQWHUIpUHQFHV VXVFHSWLEOHV G¶HQ SHUWXU
EHU OH IRQFWLRQQHPHQW
! 0RGqOHV VSpFLILFDWLRQ GHV eWDWV
8QLV
)&& ,' +<4$+.
)&& ,' <3)-
)&& ,' <3663,0%
$77(17,21
$9(57,66(0(17 )&&
7RXW FKDQJHPHQW RX PRGLILFDWLRQ
HIIHFWXp VDQV O¶DFFRUG H[SUHVV GH
O¶DXWRULWp UHVSRQVDEOH GH OD FRQIRU
PLWp DX[ UqJOHV SHXW HQWUDvQHU OD
SULYDWLRQ GX GURLW G¶XWLOLVHU O¶pTXLSH
PHQW
± 68,7( ±
&OpV HW SRUWLqUHV$FFqV VDQV FOp DYHF V\VWqPH GH GpPDUUDJH j ERXWRQSRXVVRLU
! 0RGqOHV VSpFLILFDWLRQ GX 0H[LTXH
,)7
5/9'(
$+.
'(162
& &RQVHLOV
! &RQVHLOV SRXU OD SRUWpH GH IRQF
WLRQQHPHQW
&RQFHUQDQW OHV G\VIRQFWLRQQHPHQWV /D IRQFWLRQ G¶DFFqV VDQV FOp SRXUUDLW QH
SDV IRQFWLRQQHU FRUUHFWHPHQW SRXU OHV
UDLVRQV VXLYDQWHV
. /H SRUWHFOpV G¶DFFqV VH WURXYH WURS
SUqV GH OD FDUURVVHULH GX YpKLFXOH GDQV
FH FDV pORLJQH]YRXV HW UpSpWH] OD SUR
FpGXUH . /H SRUWHFOpV G¶DFFqV VH WURXYH j
SUR[LPLWp GX VRO RX j XQ HPSODFHPHQW
VXUpOHYp SDU UDSSRUW DX VRO PrPH V¶LO VH
WURXYH GDQV OD SODJH GH IRQFWLRQQHPHQW
. /H VWDWXW GX SRUWHFOpV G¶DFFqV HW OHV
FRQGLWLRQV GHV RQGHV UDGLR DXWRXU GX
YpKLFXOH GDQV FH FDV HIIHFWXH] OD SUR
FpGXUH GpFULWH GDQV ³9HUURXLOODJH HW Gp
YHUURXLOODJH´ ) 3UpFDXWLRQV . /RUVTXH OH SRUWHFOpV G¶DFFqV VH WURXYH
GDQV OD SODJH GH IRQFWLRQQHPHQW LO HVW
SRVVLEOH SRXU Q¶LPSRUWH TXL PrPH TXHO
TX¶XQ TXL Q¶HVW SDV SRUWHXU GX SRUWHFOpV
G¶DFFqV G¶DFWLYHU OD IRQFWLRQ GX V\VWqPH
G¶DFFqV PDLQV OLEUHV 9HXLOOH] QRWHU TXH OD
IRQFWLRQ G¶DFFqV VDQV FOp Q¶HVW GLVSRQLEOH
TXH SRXU OHV pOpPHQWV VXLYDQWV ORUVTXH OH
SRUWHFOpV G¶DFFqV HVW GpWHFWp GDQV OD
SODJH GH IRQFWLRQQHPHQW
± 3RLJQpH GH OD SRUWLqUH
± &DSWHXU GH YHUURXLOODJH GH SRUWLqUH
± %RXWRQ G¶RXYHUWXUH GX FRIIUH
. ,O Q¶HVW SDV SRVVLEOH GH YHUURXLOOHU OHV
SRUWLqUHV DYHF OD IRQFWLRQ GX V\VWqPH
G¶DFFqV VDQV FOp DORUV TXH OH SRUWHFOpV
G¶DFFqV VH WURXYH j O¶LQWpULHXU GX YpKLFXOH
7RXWHIRLV VHORQ O¶pWDW GX SRUWHFOpV G¶DF
FqV HW OHV FRQGLWLRQV HQYLURQQDQWHV OH
SRUWHFOpV G¶DFFqV SHXW rWUH HQIHUPp j
O¶LQWpULHXU GX YpKLFXOH $YDQW GH YHUURXLOOHU
DVVXUH]YRXV TXH YRXV GpWHQH] OH SRUWH
FOpV G¶DFFqV
. /HV SRUWpHV GH IRQFWLRQQHPHQW SHX
YHQW rWUH UpGXLWHV RX OD IRQFWLRQ G¶DFFqV
VDQV FOp SHXW QH SDV IRQFWLRQQHU GDQV OHV
FDV VXLYDQWV ± /RUVTXH OD SLOH GX SRUWHFOpV G¶DF
FqV HVW GpFKDUJpH
± /RUVTXH OH SRUWHFOpV G¶DFFqV HVW
XWLOLVp GDQV XQ HQGURLW DYHF GH IRUWHV
RQGHV UDGLR RX GHV SDUDVLWHV SDU
H[HPSOH SUqV G¶XQH WRXU pPHWWULFH
FHQWUDOH pOHFWULTXH VWDWLRQ GH UDGLR RX
]RQH GDQV ODTXHOOH XQ pTXLSHPHQW
VDQV ILO HVW XWLOLVp
± /RUVTXH YRXV SDUOH] GDQV XQ WpOp
SKRQH PRELOH
'DQV XQ WHO FDV DSSOLTXH] OD SURFpGXUH
GpFULWH GDQV ³9HUURXLOODJH HW GpYHUURXLO
ODJH´ )
. /RUVTX¶XQ SRUWHFOpV G¶DFFqV VH WURXYH
GDQV OD SODJH GH IRQFWLRQQHPHQW VL OD
SRLJQpH GH SRUWLqUH HVW KXPLGH HQ UDLVRQ
G¶XQH H[SRVLWLRQ j XQH JUDQGH TXDQWLWp
G¶HDX ORUV GX ODYDJH GX YpKLFXOH RX GH
IRUWHV SOXLHV OHV SRUWLqUHV SHXYHQW rWUH
YHUURXLOOpHV RX GpYHUURXLOOpHV
! &RQVHLOV UHODWLIV j OD IRQFWLRQ G¶DF
FqV VDQV FOp
. 'pVDFWLYH] OH FRQWDFWHXU G¶DOOXPDJH j
ERXWRQSRXVVRLU DYDQW GH YHUURXLOOHU OHV
&OpV HW SRUWLqUHV6\VWqPH G¶HQWUpH VDQV FOp SDU WpOpFRPPDQGH
SRUWHV HQ XWLOLVDQW OD IRQFWLRQ G¶DFFqV VDQV
FOp ,O Q¶HVW SDV SRVVLEOH GH YHUURXLOOHU OHV
SRUWLqUHV j O¶DLGH GH OD IRQFWLRQ GX V\VWqPH
G¶DFFqV PDLQV OLEUHV ORUVTXH OH FRQWDFWHXU
G¶DOOXPDJH j ERXWRQSRXVVRLU HVW VXU OD
SRVLWLRQ ³$&&´ RX ³21´ 3RXU SOXV GH
GpWDLOV VXU OD GpVDFWLYDWLRQ GX FRQWDFWHXU
G¶DOOXPDJH j ERXWRQSRXVVRLU UHSRUWH]
YRXV j ³&KDQJHPHQW GH O¶pWDW G¶DOLPHQWD
WLRQ´ )
. 6L YRXV VDLVLVVH] OD SRLJQpH GH SRUWLqUH
RX WRXFKH] OH FDSWHXU GH YHUURXLOODJH GH
SRUWLqUH DYHF XQH PDLQ JDQWpH OH YHUURXLO
ODJH RX OH GpYHUURXLOODJH GH OD SRUWLqUH
ULVTXH GH QH SDV rWUH DFWLYp
. 6L OH FDSWHXU GH YHUURXLOODJH GH OD
SRUWLqUH HVW WRXFKp WURLV IRLV RX SOXV j
SOXVLHXUV UHSULVHV OH V\VWqPH YD LJQRUHU OH
IRQFWLRQQHPHQW GX FDSWHXU
. /RUVTXH YRXV HIIHFWXH] OD SURFpGXUH
GH YHUURXLOODJH WURS UDSLGHPHQW OHV SRU
WLqUHV SRXUUDLHQW QH SDV rWUH YHUURXLOOpHV
$SUqV OHV SURFpGXUHV GH YHUURXLOODJH LO HVW
UHFRPPDQGp GH WLUHU VXU OHV SRLJQpHV GH
SRUWLqUH $55,Ê5( DILQ GH YRXV DVVXUHU
TXH OHV SRUWLqUHV RQW ELHQ pWp YHUURXLOOpHV
. ,O HVW SRVVLEOH GH YHUURXLOOHU GHV SRUWLq
UHV PrPH ORUVTXH O¶XQH GHV SRUWLqUHV HVW
RXYHUWH $SUqV DYRLU HIIHFWXp OD SURFpGXUH
GH YHUURXLOODJH IHUPH] OD SRUWLqUH ODLVVpH
RXYHUWH SRXU OH YHUURXLOOHU
. 'DQV OHV VHFRQGHV TXL VXLYHQW OH
YHUURXLOODJH GHV SRUWLqUHV HQ WRXFKDQW OH
FDSWHXU GH YHUURXLOODJH GH SRUWLqUH LO Q¶HVW
SDV SRVVLEOH GH GpYHUURXLOOHU OHV SRUWLqUHV
j O¶DLGH GH OD IRQFWLRQ GX V\VWqPH G¶DFFqV
VDQV FOp
. /RUV GX YHUURXLOODJH DVVXUH]YRXV GH
SRUWHU OH SRUWHFOpV G¶DFFqV VXU YRXV DILQ
G¶HPSrFKHU O¶HQIHUPHPHQW GX SRUWHFOpV
G¶DFFqV j O¶LQWpULHXU GX YpKLFXOH
. 9RWUH FRQFHVVLRQQDLUH 68%$58 SHXW
PRGLILHU OHV UpJODJHV GHV IHX[ GH GpWUHVVH
HW OH YROXPH GX VLJQDO VRQRUH 3RXU OHV
GpWDLOV DGUHVVH]YRXV j YRWUH FRQFHV
VLRQQDLUH 68%$58 9RXV SRXYH] pJDOH
PHQW PRGLILHU OH UpJODJH GHV IHX[ GH
GpWUHVVH j O¶DLGH GH O¶DIILFKDJH PXOWLIRQF
WLRQV pFUDQ /&' HQ FRXOHXU 5HSRUWH]
YRXV j ³5pJODJH GHV IHX[ GH GpWUHVVH´
) SRXU SOXV GH GpWDLOV
6\VWqPH G¶HQWUpH VDQV FOp
SDU WpOpFRPPDQGH
$77(17,21
. 1¶H[SRVH] SDV OH WUDQVPHWWHXU j
GLVWDQFH j GHV FKRFV EUXWDX[
WHOV TXH FHX[ SURYRTXpV SDU XQH
FKXWH RX XQ MHW
. 1H GpPRQWH] SDV OH WUDQVPHWWHXU
j GLVWDQFH VDXI ORUVTX¶LO IDXW
UHPSODFHU OD SLOH
. 3URWpJH] OH WUDQVPHWWHXU j GLV
WDQFH GH O¶KXPLGLWp 6¶LO D pWp
PRXLOOp VpFKH]OH LPPpGLDWH
PHQW HQ O¶HVVX\DQW DYHF XQ FKLI
IRQ
. 1¶DSSX\H] SDV VXU OH ERXWRQ GX
WUDQVPHWWHXU j GLVWDQFH ORUVTXH
YRXV YRXV WURXYH] GDQV XQ DYLRQ
8QH SUHVVLRQ VXU OHV ERXWRQV GX
WUDQVPHWWHXU j GLVWDQFH SURYR
TXHUDLW O¶pPLVVLRQ G¶RQGHV UDGLR
VXVFHSWLEOHV G¶DIIHFWHU OH IRQF
WLRQQHPHQW GH O¶DYLRQ /RUVTXH
YRXV YRXV WURXYH] GDQV XQ DYLRQ
HW TXH YRXV WUDQVSRUWH] OH WUDQV
PHWWHXU j GLVWDQFH GDQV YRWUH
VDF IDLWHV OH QpFHVVDLUH SRXU
TX¶DXFXQH SUHVVLRQ QH VH IDVVH
VXU OHV ERXWRQV GH FH GHUQLHU
± 68,7( ±
&OpV HW SRUWLqUHV6\VWqPH G¶HQWUpH VDQV FOp SDU WpOpFRPPDQGH
3RXU OHV PRGqOHV DYHF ³DFFqV VDQV FOp
DYHF V\VWqPH GH GpPDUUDJH j ERXWRQ
SRXVVRLU´ OH SRUWHFOpV G¶DFFqV HVW XWLOLVp
FRPPH WUDQVPHWWHXU SRXU OH V\VWqPH
G¶HQWUpH VDQV FOp SDU WpOpFRPPDQGH 3RXU
OHV PRGqOHV VDQV ³DFFqV VDQV FOp DYHF
V\VWqPH GH GpPDUUDJH j ERXWRQSRXV
VRLU´ O¶pPHWWHXU GX V\VWqPH G¶HQWUpH VDQV
FOp SDU WpOpFRPPDQGH HVW VLWXp j O¶LQWp
ULHXU GH OD WrWH GH FOp
/H V\VWqPH G¶HQWUpH VDQV FOp SDU WpOp
FRPPDQGH UHPSOLW OHV IRQFWLRQV VXLYDQ
WHV
. 9HUURXLOODJH HW GpYHUURXLOODJH GHV SRU
WLqUHV VDQV OD FOp
. 2XYHUWXUH GX FRIIUH VDQV FOp
. ePLVVLRQ G¶XQH DODUPH G¶DSSHO DX
VHFRXUV
. $UPHPHQW HW GpVDUPHPHQW GX V\V
WqPH G¶DODUPH 3RXU GH SOXV DPSOHV
LQIRUPDWLRQV UHSRUWH]YRXV j ³6\VWqPH
G¶DODUPH´ )
/D SRUWpH GH OD WpOpFRPPDQGH GX V\VWqPH
G¶HQWUpH VDQV FOp SDU WpOpFRPPDQGH HVW
GH O¶RUGUH GH PqWUHV SLHGV 0DLV
FHWWH GLVWDQFH YDULH HQ IRQFWLRQ GH O¶HQYL
URQQHPHQW /D WpOpFRPPDQGH SRUWHUD
PRLQV ORLQ GDQV OHV ]RQHV SURFKHV G¶XQH
LQVWDOODWLRQ RX G¶XQ pTXLSHPHQW pOHFWUR
QLTXH pPHWWDQW GH SXLVVDQWHV RQGHV UDGLR
FRPPH SDU H[HPSOH XQH FHQWUDOH pOHF
WULTXH XQH VWDWLRQ GH UDGLRGLIIXVLRQ XQ
UHODLV GH WpOpYLVLRQ RX XQ V\VWqPH GH
WpOpFRPPDQGH G¶DSSDUHLOV pOHFWURQLTXHV
GRPHVWLTXHV
5(0$548(
. 3RXU OHV PRGqOHV DYHF ³DFFqV VDQV
FOp DYHF V\VWqPH GH GpPDUUDJH j
ERXWRQSRXVVRLU´ OH V\VWqPH G¶HQWUpH
VDQV FOp SDU WpOpFRPPDQGH QH VHUD SDV
DFWLYp ORUVTXH OH FRQWDFWHXU G¶DOOXPDJH
j ERXWRQSRXVVRLU HVW VXU XQH SRVLWLRQ
DXWUH TXH OD SRVLWLRQ ³2))´
. 3RXU OHV PRGqOHV VDQV ³DFFqV VDQV
FOp DYHF V\VWqPH GH GpPDUUDJH j
ERXWRQSRXVVRLU´ OH V\VWqPH G¶HQWUpH
VDQV FOp SDU WpOpFRPPDQGH QH VHUD SDV
DFWLYp ORUVTXH YRXV LQVpUH] OD FOp GDQV
OH FRQWDFWHXU G¶DOOXPDJH
3RUWHFOpV G¶DFFqV
7RXFKH GH YHUURXLOODJHDUPHPHQW
7RXFKH GH GpYHUURXLOODJHGpVDUPHPHQW
%RXWRQ G¶RXYHUWXUH GX FRIIUH
7RXFKH 3$1,& DSSHO DX VHFRXUV
&OpV HW SRUWLqUHV6\VWqPH G¶HQWUpH VDQV FOp SDU WpOpFRPPDQGH
VLRQQDLUH 68%$58 3RXU OHV GpWDLOV
DGUHVVH]YRXV j YRWUH FRQFHVVLRQQDLUH
68%$58 9RXV SRXYH] pJDOHPHQW PR
GLILHU OH UpJODJH j O¶DLGH GH O¶DIILFKDJH
PXOWLIRQFWLRQ pFUDQ /&' HQ FRXOHXU 5HSRUWH]YRXV j ³5pJODJH GHV IHX[ GH
GpWUHVVH´ ) SRXU SOXV GH GpWDLOV
& 9HUURXLOODJH GHV SRUWLqUHV
7UDQVPHWWHXU
7RXFKH GH YHUURXLOODJHDUPHPHQW
7RXFKH GH GpYHUURXLOODJHGpVDUPHPHQW
%RXWRQ G¶RXYHUWXUH GX FRIIUH
7RXFKH 3$1,& DSSHO DX VHFRXUV
5(0$548(
/HV IHX[ GH GpWUHVVH VH PHWWURQW j
FOLJQRWHU XQH RX GHX[ IRLV ORUVTXH OH
ERXWRQ GX WUDQVPHWWHXU HVW HQIRQFp
GDQV OHV FDV VXLYDQWV
± /RUV GX YHUURXLOODJH GHV SRUWLqUHV
± /RUV GX GpYHUURXLOODJH GHV SRUWLqUHV
± /RUV GX GpYHUURXLOODJH GX FRXYHUFOH
GH FRIIUH
/H IRQFWLRQQHPHQW GHV IHX[ GH Gp
WUHVVH GDQV OHV FDV FLGHVVXV SHXW rWUH
UpJOp VXU ³2Q´ RX ³2II´ SDU XQ FRQFHV
$SSX\H] VXU OD WRXFKH GH YHUURXLOODJH
DUPHPHQW SRXU YHUURXLOOHU WRXWHV OHV SRU
WLqUHV 2Q HQWHQG OD WRQDOLWp pOHFWURQLTXH
XQH IRLV HW OHV IHX[ GH GpWUHVVH FOLJQRWHQW
XQH IRLV
6L O¶XQH GHV SRUWLqUHV RX OH FRXYHUFOH GH
FRIIUH Q¶HVW SDV FRPSOqWHPHQW IHUPp RQ
HQWHQG OD WRQDOLWp pOHFWURQLTXH FLQT IRLV HW
OHV IHX[ GH GpWUHVVH FOLJQRWHQW FLQT IRLV
SRXU YRXV DYHUWLU TXH OHV SRUWLqUHV RX OH
FRXYHUFOH GH FRIIUH QH VRQW SDV FRUUHFWH
PHQW IHUPpHV /RUVTXH YRXV IHUPH] OD
SRUWLqUH HOOH VH YHUURXLOOH DXWRPDWLTXH
PHQW HW SXLV RQ HQWHQG OD WRQDOLWp pOHFWUR
QLTXH XQH IRLV HW OHV IHX[ GH GpWUHVVH
FOLJQRWHQW XQH IRLV
& 'pYHUURXLOODJH GHV SRUWLqUHV
$SSX\H] VXU OD WRXFKH GH GpYHUURXLOODJH
GpVDUPHPHQW SRXU GpYHUURXLOOHU OD SRU
WLqUH GX FRQGXFWHXU 2Q HQWHQG OD WRQDOLWp
pOHFWURQLTXH GHX[ IRLV HW OHV IHX[ GH
GpWUHVVH FOLJQRWHQW GHX[ IRLV 3RXU GpYHU
URXLOOHU WRXWHV OHV SRUWLqUHV DSSX\H] XQH
GHX[LqPH IRLV VXU OD WRXFKH GH GpYHUURXLO
ODJHGpVDUPHPHQW GDQV OHV VHFRQGHV
5(0$548(
6L O¶LQWHUYDOOH HQWUH OD SUHPLqUH HW OD
VHFRQGH SUHVVLRQ VXU OD WRXFKH GH
GpYHUURXLOODJHGpVDUPHPHQW SRXU Gp
YHUURXLOOHU WRXWHV OHV SRUWLqUHV HVW WURS
FRXUW LO DUULYH TXH OH V\VWqPH QH
UpDJLVVH SDV
& 2XYHUWXUH GX FRXYHUFOH GH
FRIIUH
/H FRXYHUFOH GH FRIIUH V¶RXYUH ORUVTXH OH
ERXWRQ ³
´ HVW HQIRQFp HQ FRQWLQX
SHQGDQW DX PRLQV VHFRQGHV 2Q HQWHQG
OD WRQDOLWp pOHFWURQLTXH GHX[ IRLV HW OHV
FOLJQRWDQWV RSqUHQW GHX[ IRLV
5(0$548(
9RXV SRXYH] GpVDFWLYHU OH ERXWRQ
³
´ VXU OH SRUWHFOpV G¶DFFqVOH WUDQV
PHWWHXU &RQWDFWH] YRWUH FRQFHVVLRQ
QDLUH 68%$58 SRXU FKDQJHU OH UpJODJH
± 68,7( ±
&OpV HW SRUWLqUHV6\VWqPH G¶HQWUpH VDQV FOp SDU WpOpFRPPDQGH
& )RQFWLRQ GH UHSpUDJH GX Yp
KLFXOH
&HWWH IRQFWLRQ YRXV SHUPHW GH UHWURXYHU
IDFLOHPHQW YRWUH YpKLFXOH JDUp GDQV XQ
SDUF GH VWDWLRQQHPHQW SDUPL GH QRPEUHX
VHV YRLWXUHV 6RXV UpVHUYH TXH YRXV YRXV
WURXYLH] j PRLQV GH PqWUHV SLHGV
GX YpKLFXOH XQH WULSOH SUHVVLRQ VXU OD
WRXFKH GH YHUURXLOODJHDUPHPHQW HQ
PRLQV GH VHFRQGHV IDLW GRQQHU XQ FRXS
G¶DYHUWLVVHXU VRQRUH HW FOLJQRWHU OHV IHX[
GH GpWUHVVH GX YpKLFXOH WURLV IRLV
5(0$548(
6L O¶LQWHUYDOOH HQWUH OHV WURLV SUHVVLRQV
VXFFHVVLYHV VXU OD WRXFKH GH YHUURXLO
ODJHDUPHPHQW HVW WURS FRXUW OH V\V
WqPH QH UpDJLW SDV DX[ VLJQDX[ HQ
YR\pV SDU OH SRUWHFOpV G¶DFFqVOH
WUDQVPHWWHXU j GLVWDQFH
& ePLVVLRQ G¶XQH DODUPH G¶DS
SHO DX VHFRXUV
3RXU ODQFHU O¶DODUPH DSSX\H] XQH IRLV VXU
OD WRXFKH ³3$1,&´
/¶DYHUWLVVHXU VRQRUH UHWHQWLW HW OHV IHX[ GH
GpWUHVVH FOLJQRWHQW
3RXU GpVDFWLYHU O¶DODUPH DSSX\H] VXU
O¶XQH GHV WRXFKHV GX SRUWHFOpV G¶DFFqV
GX WUDQVPHWWHXU j GLVWDQFH 6L RQ QH
WRXFKH j DXFXQH GHV WRXFKHV GX SRUWH
FOpV G¶DFFqVGX WUDQVPHWWHXU j GLVWDQFH
O¶DODUPH HVW GpVDFWLYpH VHFRQGHV SOXV
WDUG HQYLURQ
& 5pJODJH GX VLJQDO VRQRUH GH
FRQILUPDWLRQ PRGqOHV VDQV
³DFFqV VDQV FOp DYHF V\VWqPH
GH GpPDUUDJH j ERXWRQ
SRXVVRLU´
$X PR\HQ GH OD WRQDOLWp pOHFWURQLTXH OH
V\VWqPH GRQQH XQH FRQILUPDWLRQ VRQRUH
GX YHUURXLOODJH RX GX GpYHUURXLOODJH GHV
SRUWLqUHV 6L YRXV OH VRXKDLWH] YRXV
SRXYH] GpVDFWLYHU FH VLJQDO VRQRUH GH
FRQILUPDWLRQ
3RXU GpVDFWLYHU OH VLJQDO VRQRUH GH
FRQILUPDWLRQ HIIHFWXH] FH TXL VXLW 9RXV
SRXUUH] SDU OD VXLWH OH UpDFWLYHU j YRORQWp
HQ UpSpWDQW OHV PrPHV RSpUDWLRQV
$VVH\H]YRXV DX YRODQW HW IHUPH]
WRXWHV OHV SRUWLqUHV HW OH FRIIUH
0DLQWHQH] HQIRQFp OH F{Wp $55,Ê5(
'e9(5528,//$*( GX FRPPXWDWHXU
GH YHUURXLOODJH pOHFWULTXH GHV SRUWLqUHV
7RXW HQ PDLQWHQDQW HQIRQFp OH F{Wp
$55,Ê5( 'e9(5528,//$*( GX
FRPPXWDWHXU GH YHUURXLOODJH pOHFWULTXH
GHV SRUWLqUHV UHWLUH] SXLV UpLQWURGXLVH] OD
FOp GDQV OH FRQWDFWHXU G¶DOOXPDJH j DX
PRLQV UHSULVHV HQ O¶HVSDFH GH VHFRQGHV DSUqV O¶pWDSH 2XYUH] HW UHIHUPH] XQH IRLV OD SRUWLqUH
GX FRQGXFWHXU HQ PRLQV GH VHFRQGHV
DSUqV O¶pWDSH /HV IHX[ GH GpWUHVVH FOLJQRWHQW IRLV
SRXU LQGLTXHU TXH OH UpJODJH HVW WHUPLQp
9RXV SRXYH] GHPDQGHU j XQ FRQFHVVLRQ
QDLUH 68%$58 GH YRXV IDLUH OHV UpJODJHV
FLGHVVXV /HV UpJODJHV SHXYHQW pJDOH
&OpV HW SRUWLqUHV6\VWqPH G¶HQWUpH VDQV FOp SDU WpOpFRPPDQGH
PHQW rWUH PRGLILpV j O¶DLGH GH O¶DIILFKDJH
PXOWLIRQFWLRQ pFUDQ /&' HQ FRXOHXU 5HSRUWH]YRXV j ³5pJODJH GX YROXPH GH
O¶DYHUWLVVHXU VRQRUH SRXU OH V\VWqPH VDQV
FOp´ ) SRXU SOXV GH GpWDLOV
9RXV SRXYH] pJDOHPHQW PRGLILHU OH YR
OXPH GX VLJQDO VRQRUH HQ XWLOLVDQW O¶DIIL
FKDJH PXOWLIRQFWLRQ pFUDQ /&' HQ FRX
OHXU & &HUWLILFDWLRQ GX V\VWqPH
G¶HQWUpH VDQV FOp SDU WpOp
FRPPDQGH
& 5HPSODFHPHQW GHV WUDQV
PHWWHXUV SHUGXV
6L YRXV SHUGH] XQ WUDQVPHWWHXU RX VL YRXV
VRXKDLWH] GLVSRVHU GH WUDQVPHWWHXUV VXS
SOpPHQWDLUHV LO HVW SRVVLEOH G¶HQ SUR
JUDPPHU TXDWUH DX PD[LPXP LO YRXV IDXW
UHSURJUDPPHU O¶HQVHPEOH GH YRV WUDQV
PHWWHXUV SRXU GHV UDLVRQV GH VpFXULWp
3RXU SOXV GH GpWDLOV FRQWDFWH] YRWUH
FRQFHVVLRQQDLUH 68%$58 HW IDLWHV SUR
JUDPPHU YRV WUDQVPHWWHXUV GDQV OH V\V
WqPH G¶HQWUpH VDQV FOp SDU WpOpFRP
PDQGH
! 0RGqOHV VSpFLILFDWLRQ GX &DQDGD
! 0RGqOHV VSpFLILFDWLRQ GHV eWDWV
8QLV
)&& ,' &:7:%8
)&& ,' &:7:'8
$77(17,21
& 5HPSODFHPHQW GH OD SLOH
5HSRUWH]YRXV j ³5HPSODFHPHQW GH OD
SLOH´ )
$9(57,66(0(17 '( /$ )&&
7RXW FKDQJHPHQW RX PRGLILFDWLRQ
HIIHFWXp VDQV O¶DFFRUG H[SUHVV GH
O¶DXWRULWp UHVSRQVDEOH GH OD FRQIRU
PLWp DX[ UqJOHV SHXW HQWUDvQHU OD
SULYDWLRQ GX GURLW G¶XWLOLVHU O¶pTXLSH
PHQW
5(0$548(
&H GLVSRVLWLI HVW FRQIRUPH j OD SDUWLH GHV UqJOHV GH OD )&& 6RQ IRQFWLRQQH
PHQW UpSRQG DX[ GHX[ FRQGLWLRQV VXL
YDQWHV &H GLVSRVLWLI QH GRLW SDV
HQJHQGUHU GHV LQWHUIpUHQFHV JrQDQWHV
HW LO GRLW rWUH FDSDEOH GH VXELU WRXWHV
IRUPHV G¶LQWHUIpUHQFH \ FRPSULV GHV
LQWHUIpUHQFHV VXVFHSWLEOHV G¶HQ SHUWXU
EHU OH IRQFWLRQQHPHQW
± 68,7( ±
&OpV HW SRUWLqUHV6\VWqPH DQWLYRO
! 0RGqOHV VSpFLILFDWLRQ GX 0H[LTXH
6\VWqPH DQWLYRO
& $QWLGpPDUUDJH
/H GLVSRVLWLI DQWLGpPDUUDJH D SRXU EXW
G¶LQWHUGLUH OD PLVH HQ PDUFKH GX PRWHXU
SDU XQH SHUVRQQH QRQ DXWRULVpH j XWLOLVHU
OH YpKLFXOH 6HXOHV OHV FOpV HQUHJLVWUpHV
DX GLVSRVLWLI DQWLGpPDUUDJH GH YRWUH YpKL
FXOH SHXYHQW rWUH XWLOLVpHV SRXU GpPDUUHU
OH YpKLFXOH &H V\VWqPH QH JDUDQWLH
WRXWHIRLV SDV j XQH SURWHFWLRQ
FRQWUH OH YRO
&2)(7(/ 5&3687:
&2)(7(/ 5/968
3RXU OHV PRGqOHV DYHF ³DFFqV VDQV FOp
DYHF V\VWqPH GH GpPDUUDJH j ERXWRQ
SRXVVRLU´
6L YRXV DSSX\H] VXU OH FRQWDFWHXU G¶DOOX
PDJH j ERXWRQSRXVVRLU ORUVTXH YRXV
SRUWH] XQ SRUWHFOpV G¶DFFqV QRQ HQUHJLV
WUp OH FRPPXWDWHXU QH VH PHW SDV VXU OD
SRVLWLRQ ³21´ HW OH PRWHXU QH GpPDUUH SDV
3RXU OHV PRGqOHV VDQV ³DFFqV VDQV FOp
DYHF V\VWqPH GH GpPDUUDJH j ERXWRQ
SRXVVRLU´
8QH FOp QRQ HQUHJLVWUpH PrPH VL HOOH
HQWUH GDQV OH FRQWDFWHXU G¶DOOXPDJH HW
WRXUQH MXVTX¶j OD SRVLWLRQ ³67$57´ QH
SHUPHW SDV G¶XWLOLVHU OH YpKLFXOH FDU OH
PRWHXU V¶DUUrWH DXWRPDWLTXHPHQW DX ERXW
GH TXHOTXHV VHFRQGHV
6L OH PRWHXU QH GpPDUUH SDV HIIHFWXH]
O¶XQH GHV SURFpGXUHV VXLYDQWHV
. (IIHFWXH] OD SURFpGXUH GpFULWH GDQV
³'pPDUUDJH GX PRWHXU´ ) PRGqOHV
DYHF ³DFFqV VDQV FOp DYHF V\VWqPH GH
GpPDUUDJH j ERXWRQSRXVVRLU´ . 6RUWH] OD FOp XQH IRLV DYDQW G¶HVVD\HU j
QRXYHDX PRGqOHV VDQV ³DFFqV VDQV FOp
DYHF V\VWqPH GH GpPDUUDJH j ERXWRQ
SRXVVRLU´ 5HSRUWH]YRXV j ³&RQWDFWHXU
G¶DOOXPDJH´ )
$77(17,21
. 1H ODLVVH] SDV OD FOp GDQV XQ
HQGURLW H[SRVp GLUHFWHPHQW DX
VROHLO RX GDQV WRXW DXWUH HQGURLW
H[SRVp j XQH IRUWH FKDOHXU
. /HV FOpV GRLYHQW rWUH SURWpJpHV
GH O¶KXPLGLWp 6L XQH FOp D pWp
PRXLOOpH VpFKH]OD LPPpGLDWH
PHQW HQ O¶HVVX\DQW DYHF XQ FKLI
IRQ
. 1H PRGLILH] RX QH UHWLUH] SDV OH
V\VWqPH 6LQRQ OH IRQFWLRQQH
PHQW FRUUHFW GX V\VWqPH QH SHXW
SDV rWUH JDUDQWL
5(0$548(
. 3RXU SURWpJHU YRWUH YpKLFXOH FRQWUH
OH YRO REVHUYH] VWULFWHPHQW OHV PHVX
UHV GH VpFXULWp VXLYDQWHV
&OpV HW SRUWLqUHV6\VWqPH DQWLYRO
± 1H TXLWWH] MDPDLV YRWUH YpKLFXOH
HQ ODLVVDQW OHV FOpV j O¶LQWpULHXU
± $YDQW GH TXLWWHU YRWUH YpKLFXOH
IHUPH] WRXWHV OHV YLWUHV HW OH WRLW
RXYUDQW RSDTXH HW YHUURXLOOH] OHV
SRUWLqUHV
± 1H ODLVVH] SDV YRV FOpV GH VH
FRXUV RX OH GRFXPHQW VXU OHTXHO
YRXV DYH] QRWp OHV QXPpURV GH FOp j
O¶LQWpULHXU GX YpKLFXOH
. /H YpKLFXOH HVW pTXLSp G¶XQ GLVSRVL
WLI DQWLGpPDUUDJH QH QpFHVVLWDQW SDV
G¶HQWUHWLHQ
! 7pPRLQ LQGLFDWHXU GX V\VWqPH GH
VpFXULWp
5HSRUWH]YRXV j ³7pPRLQ LQGLFDWHXU GX
V\VWqPH GH VpFXULWp´ )
! 5HPSODFHPHQW GHV FOpV
/D SODTXH GH QXPpUR GH FOp HVW LQGLVSHQ
VDEOH SRXU IDLUH IDEULTXHU XQ GRXEOH $YDQW
HPSORL WRXWH QRXYHOOH FOp GRLW rWUH HQUH
JLVWUpH DILQ G¶rWUH UHFRQQXH SDU OH GLV
SRVLWLI DQWLGpPDUUDJH GH YRWUH YpKLFXOH /H
QRPEUH PD[LPXP GH FOpV SRXYDQW rWUH
HQUHJLVWUpHV SRXU O¶XWLOLVDWLRQ VXU XQ YpKL
FXOH HVW FRPPH VXLW
. 4XDWUH PRGqOHV VDQV ³DFFqV VDQV FOp
DYHF V\VWqPH GH GpPDUUDJH j ERXWRQ
SRXVVRLU´
. 6HSW PRGqOHV DYHF ³DFFqV VDQV FOp
DYHF V\VWqPH GH GpPDUUDJH j ERXWRQ
SRXVVRLU´
8QH FOp TXL D GpMj pWp HQUHJLVWUpH HVW
QpFHVVDLUH DILQ G¶HQUHJLVWUHU XQH QRXYHOOH
FOp
6L YRXV SHUGH] XQH FOp OH FRGH G¶LGHQWL
ILFDWLRQ GH OD FOp SHUGXH UHVWH HQ PpPRLUH
GDQV OH GLVSRVLWLI DQWLGpPDUUDJH GH YRWUH
YpKLFXOH 3RXU GHV UDLVRQV GH VpFXULWp LO
HVW SUpIpUDEOH G¶HIIDFHU GH OD PpPRLUH GX
V\VWqPH OH FRGH G¶LGHQWLILFDWLRQ GH OD FOp
SHUGXH 3RXU HIIDFHU OH FRGH G¶LGHQWLILFD
WLRQ GH OD FOp SHUGXH WRXWHV OHV FOpV j
XWLOLVHU VRQW QpFHVVDLUHV
3RXU WRXW GpWDLO FRQFHUQDQW O¶HQUHJLVWUH
PHQW GH OD QRXYHOOH FOp HW O¶HIIDFHPHQW GX
FRGH G¶LGHQWLILFDWLRQ GH OD FOp SHUGXH
FRQVXOWH] YRWUH FRQFHVVLRQQDLUH
68%$58
! &HUWLILFDWLRQ SRXU OH GLVSRVLWLI DQWL
GpPDUUDJH
3RXU OHV PRGqOHV DYHF ³DFFqV VDQV FOp
DYHF V\VWqPH GH GpPDUUDJH j ERXWRQ
SRXVVRLU´
5HSRUWH]YRXV j ³&HUWLILFDWLRQ SRXU O¶DF
FqV VDQV FOp DYHF V\VWqPH GH GpPDUUDJH
j ERXWRQSRXVVRLU´ )
3RXU OHV PRGqOHV VDQV ³DFFqV VDQV FOp
DYHF V\VWqPH GH GpPDUUDJH j ERXWRQ
SRXVVRLU´
! 0RGqOHV VSpFLILFDWLRQ GHV eWDWV
8QLV
)&& ,' 02=5,%)+
$77(17,21
$9(57,66(0(17 )&&
7RXW FKDQJHPHQW RX PRGLILFDWLRQ
HIIHFWXp VDQV O¶DFFRUG H[SUHVV GH
O¶DXWRULWp UHVSRQVDEOH GH OD FRQIRU
PLWp DX[ UqJOHV SHXW HQWUDvQHU OD
SULYDWLRQ GX GURLW G¶XWLOLVHU O¶pTXLSH
PHQW
&H GLVSRVLWLI HVW FRQIRUPH j OD SDUWLH GHV UqJOHV GH OD )&& 6RQ IRQFWLRQQHPHQW
UpSRQG DX[ GHX[ FRQGLWLRQV VXLYDQWHV &H GLVSRVLWLI QH GRLW SDV HQJHQGUHU GHV
LQWHUIpUHQFHV JrQDQWHV HW LO GRLW rWUH
FDSDEOH GH VXELU WRXWHV IRUPHV G¶LQWHUIp
UHQFH \ FRPSULV GHV LQWHUIpUHQFHV VXV
FHSWLEOHV G¶HQ SHUWXUEHU OH IRQFWLRQQH
PHQW
± 68,7( ±
&OpV HW SRUWLqUHV6\VWqPH DQWLYRO
! 0RGqOHV VSpFLILFDWLRQ GX &DQDGD
! 0RGqOHV VSpFLILFDWLRQ GX
0H[LTXH
FRQWDFWHXU G¶DOOXPDJH j ERXWRQSRXVVRLU
HVW HQ SRVLWLRQ ³$&&´ RX ³21´
3RXU OHV PRGqOHV VDQV ³DFFqV VDQV FOp
DYHF V\VWqPH GH GpPDUUDJH j ERXWRQ
SRXVVRLU´
9RXV SRXYH] DUPHU RX GpVDUPHU OH V\V
WqPH DYHF OH WUDQVPHWWHXU j GLVWDQFH
/H V\VWqPH QH V¶DFWLYH SDV ORUVTXH OD FOp
HVW LQWURGXLWH GDQV OH FRQWDFWHXU G¶DOOX
PDJH
& 6\VWqPH G¶DODUPH
/H V\VWqPH G¶DODUPH YRXV DVVXUH XQH
PHLOOHXUH SURWHFWLRQ FRQWUH OH YRO GX
YpKLFXOH HW GHV REMHWV GH YDOHXU j O¶LQWp
ULHXU 6L TXHOTX¶XQ WHQWH XQH HIIUDFWLRQ VXU
YRWUH YpKLFXOH O¶DYHUWLVVHXU VRQRUH UHWHQWLW
HW OHV IHX[ GH GpWUHVVH VH PHWWHQW j
FOLJQRWHU
3RXU OHV PRGqOHV DYHF ³DFFqV VDQV FOp
DYHF V\VWqPH GH GpPDUUDJH j ERXWRQ
SRXVVRLU´
9RXV SRXYH] DUPHU RX GpVDUPHU OH V\V
WqPH DYHF OD IRQFWLRQ G¶DFFqV VDQV FOp RX
OH SRUWHFOpV G¶DFFqV
/H V\VWqPH QH VHUD SDV DFWLYp ORUVTXH OH
$X PRPHQW GH OD VRUWLH G¶XVLQH GH YRWUH
YpKLFXOH OH V\VWqPH G¶DODUPH HVW DFWLYp
9RXV SRXYH] GpVDFWLYHU OH V\VWqPH RX OH
IDLUH GpVDFWLYHU SDU YRWUH FRQFHVVLRQQDLUH
68%$58
! )RQFWLRQQHPHQW GX V\VWqPH
/H V\VWqPH G¶DODUPH GRQQH O¶DODUPH GH OD
PDQLqUH VXLYDQWH ORUVTX¶LO VH GpFOHQFKH
. /¶DYHUWLVVHXU VRQRUH VRQQHUD SHQGDQW
VHFRQGHV
. /HV IHX[ GH GpWUHVVH FOLJQRWHURQW SHQ
GDQW VHFRQGHV
6L O¶XQH GHV SRUWLqUHV OH FRXYHUFOH GH
FRIIUH RX OH FDSRW PRWHXU UHVWHQW RXYHUWV
DXGHOj GH FHWWH SpULRGH GH VHFRQGHV
O¶DYHUWLVVHXU FRQWLQXH j UHWHQWLU SHQGDQW
XQH GXUpH PD[LPXP GH PLQXWHV 6L OD
SRUWLqUH OH FRXYHUFOH GH FRIIUH RX OH FDSRW
PRWHXU VRQW UHIHUPpV SHQGDQW TXH O¶DYHU
&OpV HW SRUWLqUHV6\VWqPH DQWLYRO
WLVVHXU UHWHQWLW O¶DYHUWLVVHXU FHVVH GH
UHWHQWLU VHFRQGHV SOXV WDUG DX PD[L
PXP
/¶DODUPH HVW GpFOHQFKpH
. 2XYHUWXUH G¶XQH SRUWLqUH RX GX FRXYHU
FOH GH FRIIUH
. 2XYHUWXUH GX FDSRW PRWHXU
. 3DU XQ LPSDFW SK\VLTXH VXU OH YpKLFXOH
FRPPH DX PRPHQW G¶XQH HIIUDFWLRQ PR
GqOHV DYHF FDSWHXUV G¶LPSDFW XQLTXHPHQW
>RSWLRQ FRQFHVVLRQQDLUH@
5(0$548(
9RXV SRXYH] UpJOHU OH V\VWqPH G¶D
ODUPH SRXU TX¶LO SURYRTXH O¶DOOXPDJH
GHV pFODLUDJHV LQWpULHXUV VXLYDQWV
. /DPSHV GH OHFWXUH SRXU OHV PRGq
OHV DYHF WRLW RXYUDQW RSDTXH
. 3ODIRQQLHU V¶DOOXPH XQLTXHPHQW
ORUVTXH OD FRPPDQGH GX SODIRQQLHU
HVW HQ SRVLWLRQ ³'225´
/HV QRWLILFDWLRQV FRQFHUQDQW OHV ODP
SHV GH OHFWXUH SRXU OHV PRGqOHV DYHF
WRLW RXYUDQW RSDTXH HW OH SODIRQQLHU
VRQW GpVDFWLYpHV HQ UpJODJH XVLQH 8Q
FRQFHVVLRQQDLUH 68%$58 SHXW DFWLYHU
OH V\VWqPH 3RXU OHV GpWDLOV DGUHVVH]
YRXV j YRWUH FRQFHVVLRQQDLUH
68%$58
! 3RXU DFWLYHU HW GpVDFWLYHU OH V\V
WqPH G¶DODUPH
3RXU DFWLYHU YRWUH V\VWqPH G¶DODUPH V¶LO
HVW GpVDFWLYp RX YLFHYHUVD SURFpGH]
FRPPH VXLW
'pVDUPH] OH V\VWqPH G¶DODUPH 5H
SRUWH]YRXV j ³3RXU GpVDUPHU OH V\VWqPH
G¶DODUPH´ )
$VVH\H]YRXV DX YRODQW HW IHUPH]
WRXWHV OHV SRUWLqUHV HW OH FRXYHUFOH GH
FRIIUH
0HWWH] OH FRQWDFWHXU G¶DOOXPDJH HQ
SRVLWLRQ ³21´
0DLQWHQH] HQIRQFp OH F{Wp $55,Ê5(
'e9(5528,//$*( GX FRPPXWDWHXU
GH YHUURXLOODJH pOHFWULTXH GH SRUWLqUH GX
FRQGXFWHXU SXLV RXYUH] OD SRUWLqUH GX
FRQGXFWHXU GDQV OD VHFRQGH TXL VXLW
$WWHQGH] VHFRQGHV DYDQW GH OkFKHU OH
ERXWRQ &HFL D SRXU HIIHW GH FKDQJHU OH
UpJODJH FRPPH VXLW
6L OH V\VWqPH pWDLW DFWLYp
/¶pFUDQ GX FRPSWHXU WRWDOLVDWHXUMRXUQDOLHU
DIILFKH ³$/ 2)´ HW O¶DYHUWLVVHXU UHWHQWLW
GHX[ IRLV SRXU LQGLTXHU TXH OH V\VWqPH HVW
PDLQWHQDQW GpVDFWLYp
6L OH V\VWqPH pWDLW GpVDFWLYp
/¶pFUDQ GX FRPSWHXU WRWDOLVDWHXUMRXUQDOLHU
DIILFKH ³$/ 21´ HW O¶DYHUWLVVHXU UHWHQWLW XQH
IRLV SRXU LQGLTXHU TXH OH V\VWqPH HVW
PDLQWHQDQW DFWLI
5(0$548(
9RXV SRXYH] GHPDQGHU j YRWUH FRQFHV
VLRQQDLUH 68%$58 GH YRXV IDLUH OH
UpJODJH FLGHVVXV
! 6L YRXV DYH] GpFOHQFKp O¶DODUPH SDU
LQDGYHUWDQFH
! 3RXU DUUrWHU O¶DODUPH
(IIHFWXH] O¶XQH GHV RSpUDWLRQV VXLYDQWHV
. $SSX\H] VXU O¶XQH GHV WRXFKHV GX
SRUWHFOpV G¶DFFqVGX WUDQVPHWWHXU j GLV
WDQFH
. 0HWWH] OH FRQWDFWHXU G¶DOOXPDJH HQ
SRVLWLRQ ³21´ PRGqOHV VDQV ³DFFqV VDQV
FOp DYHF V\VWqPH GH GpPDUUDJH j ERXWRQ
SRXVVRLU´ . 0HWWH] OH FRQWDFWHXU G¶DOOXPDJH j
ERXWRQSRXVVRLU VXU OD SRVLWLRQ ³$&&´
PRGqOHV DYHF ³DFFqV VDQV FOp DYHF
V\VWqPH GH GpPDUUDJH j ERXWRQSRXV
VRLU´ 5(0$548(
6HXOHV OHV FOpV HQUHJLVWUpHV SHUPHWWHQW
G¶DUUrWHU O¶DODUPH 6L OD FOp Q¶HVW SDV
HQUHJLVWUpH O¶DODUPH QH V¶DUUrWH SDV
± 68,7( ±
&OpV HW SRUWLqUHV6\VWqPH DQWLYRO
! 3RXU DUPHU OH V\VWqPH G¶DODUPH
5(0$548(
. 9RXV SRXYH] DUPHU OH V\VWqPH Pr
PH VL OHV YLWUHV HWRX OH WRLW RXYUDQW
RSDTXH VRQW RXYHUWV 9pULILH] WRXMRXUV
TXH WRXW HVW IHUPp DYDQW G¶DUPHU OH
V\VWqPH
. /RUVTXH YRXV DUPH] OH V\VWqPH VL
O¶XQH GHV SRUWLqUHV RX OH FRXYHUFOH GH
FRIIUH Q¶HVW SDV FRPSOqWHPHQW IHUPpH
RQ HQWHQG OD WRQDOLWp pOHFWURQLTXH FLQT
IRLV HW OHV IHX[ GH GpWUHVVH FOLJQRWHQW
FLQT IRLV SRXU YRXV DYHUWLU TXH OHV
SRUWLqUHV RX OH FRXYHUFOH GH FRIIUH
QH VRQW SDV FRUUHFWHPHQW IHUPpHV
/RUVTXH YRXV IHUPH] OD SRUWLqUH OHV
SRUWLqUHV VH YHUURXLOOHQW DXWRPDWLTXH
PHQW HW OH V\VWqPH V¶DUPH DXWRPDWL
TXHPHQW DSUqV VHFRQGHV
. 9RXV SRXYH] VL YRXV OH SUpIpUH]
VXSSULPHU O¶DWWHQWH GH VHFRQGHV
$GUHVVH]YRXV j YRWUH FRQFHVVLRQ
QDLUH 68%$58 SRXU HIIHFWXHU FHWWH
RSpUDWLRQ
. 6L YRXV RXYUH] OH FRIIUH j O¶DLGH GX
´ GX WUDQVPHWWHXU j GLV
ERXWRQ ³
WDQFH ORUVTX¶LO HVW HQ PRGH GH VXUYHLO
ODQFH RX PRGH G¶DWWHQWH OH V\VWqPH
SDVVH DORUV WHPSRUDLUHPHQW HQ PRGH
G¶DWWHQWH /H V\VWqPH UHSDVVH HQ PRGH
GH VXUYHLOODQFH VHFRQGHV DSUqV
DYRLU YHUURXLOOp OH FRIIUH
. /H V\VWqPH UHVWH HQ PRGH G¶DWWHQWH
SRXU XQH GXUpH GH VHFRQGHV DYDQW
O¶DUPHPHQW GX V\VWqPH 3HQGDQW FH
GpODL OH WpPRLQ LQGLFDWHXU GX V\VWqPH
GH VpFXULWp FOLJQRWH j XQ U\WKPH UDSLGH
. 6L O¶XQH GHV RSpUDWLRQV VXLYDQWHV
HVW HIIHFWXpH SHQGDQW OH GpODL G¶DWWHQWH
OH V\VWqPH Q¶HQWUH SDV HQ PRGH GH
VXUYHLOODQFH
± /HV SRUWLqUHV VRQW GpYHUURXLOOpHV
j O¶DLGH GX SRUWHFOpV G¶DFFqVGX
WUDQVPHWWHXU j GLVWDQFH
± /HV SRUWLqUHV VRQW GpYHUURXLOOpHV
j O¶DLGH GH OD IRQFWLRQ GX V\VWqPH
G¶DFFqV VDQV FOp PRGqOHV DYHF
³DFFqV VDQV FOp DYHF V\VWqPH GH
GpPDUUDJH j ERXWRQSRXVVRLU´ ± 8QH SRUWLqUH HVW RXYHUWH
± /H FRQWDFWHXU G¶DOOXPDJH HVW PLV
HQ SRVLWLRQ ³21´ PRGqOHV VDQV
³DFFqV VDQV FOp DYHF V\VWqPH GH
GpPDUUDJH j ERXWRQSRXVVRLU´ ± /H FRQWDFWHXU G¶DOOXPDJH j ERX
WRQSRXVVRLU HVW PLV HQ SRVLWLRQ
³$&&´ PRGqOHV DYHF ³DFFqV VDQV
FOp DYHF V\VWqPH GH GpPDUUDJH j
ERXWRQSRXVVRLU´ ! 3RXU DUPHU OH V\VWqPH j O¶DLGH GX
SRUWHFOpV G¶DFFqVGX WUDQVPHW
WHXU j GLVWDQFH
)HUPH] WRXWHV OHV YLWUHV HW OH WRLW
RXYUDQW RSDTXH VHORQ PRGqOHV 5HWLUH] OD FOp GX FRQWDFWHXU G¶DOOXPDJH
PRGqOHV VDQV ³DFFqV VDQV FOp DYHF
V\VWqPH GH GpPDUUDJH j ERXWRQSRXV
VRLU´ PHWWH] OH FRQWDFWHXU G¶DOOXPDJH j
ERXWRQSRXVVRLU VXU OD SRVLWLRQ ³2))´
PRGqOHV DYHF ³DFFqV VDQV FOp DYHF
V\VWqPH GH GpPDUUDJH j ERXWRQSRXV
VRLU´ 2XYUH] OHV SRUWLqUHV HW GHVFHQGH] GX
YpKLFXOH
9pULILH] TXH OH FDSRW PRWHXU HVW
YHUURXLOOp
)HUPH] WRXWHV OHV SRUWLqUHV HW OH
FRXYHUFOH GH FRIIUH
&OpV HW SRUWLqUHV6\VWqPH DQWLYRO
3RUWHFOpV G¶DFFqV
7RXFKH G¶DUPHPHQW $SSX\H] SRXU DU
PHU OH V\VWqPH
7RXFKH GH GpVDUPHPHQW $SSX\H] SRXU
GpVDUPHU OH V\VWqPH
7UDQVPHWWHXU
7RXFKH G¶DUPHPHQW $SSX\H] SRXU DU
PHU OH V\VWqPH
7RXFKH GH GpVDUPHPHQW $SSX\H] SRXU
GpVDUPHU OH V\VWqPH
([HUFH] XQH EUqYH SUHVVLRQ VXU OD
WRXFKH G¶DUPHPHQW PRLQV GH VHFRQ
GHV 7RXWHV OHV SRUWLqUHV VH YHUURXLOOHQW OD
WRQDOLWp pOHFWURQLTXH UHWHQWLW XQH IRLV OHV
IHX[ GH GpWUHVVH FOLJQRWHQW XQH IRLV HW OH
WpPRLQ LQGLFDWHXU GH VpFXULWp VH PHW j
FOLJQRWHU j XQ U\WKPH UDSLGH
$SUqV DYRLU FOLJQRWp UDSLGHPHQW SHQGDQW
VHFRQGHV WHPSV GH YHLOOH OH WpPRLQ
LQGLFDWHXU GH VpFXULWp FOLJQRWH HQVXLWH
OHQWHPHQW DX U\WKPH GH IRLV WRXWHV OHV
VHFRQGHV HQYLURQ FH TXL LQGLTXH TXH OH
V\VWqPH HVW DUPp HW VRXV VXUYHLOODQFH
± 68,7( ±
&OpV HW SRUWLqUHV6\VWqPH DQWLYRO
! 3RXU DUPHU OH V\VWqPH DX PR\HQ
GX FRPPXWDWHXU GH YHUURXLOODJH
pOHFWULTXH GHV SRUWLqUHV
! 3RXU DUPHU OH V\VWqPH DX PR\HQ
GH OD IRQFWLRQ G¶DFFqV VDQV FOp
VHORQ PRGqOHV
)HUPH] WRXWHV OHV YLWUHV
5HWLUH] OD FOp GX FRQWDFWHXU G¶DOOXPDJH
PRGqOHV VDQV ³DFFqV VDQV FOp DYHF
V\VWqPH GH GpPDUUDJH j ERXWRQSRXV
VRLU´ PHWWH] OH FRQWDFWHXU G¶DOOXPDJH j
ERXWRQSRXVVRLU VXU OD SRVLWLRQ ³2))´
PRGqOHV DYHF ³DFFqV VDQV FOp DYHF
V\VWqPH GH GpPDUUDJH j ERXWRQSRXV
VRLU´ 2XYUH] OHV SRUWLqUHV HW GHVFHQGH] GX
YpKLFXOH
9pULILH] TXH OH FDSRW PRWHXU HVW
YHUURXLOOp
)HUPH] OHV SRUWLqUHV HW OH FRXYHUFOH GH
FRIIUH PDLV ODLVVH] OD SRUWLqUH GX FRQGXF
WHXU RX GX SDVVDJHU DYDQW RXYHUWH
)HUPH] WRXWHV OHV YLWUHV HW OH WRLW
RXYUDQW RSDTXH VHORQ PRGqOHV
0HWWH] OH FRQWDFWHXU G¶DOOXPDJH j
ERXWRQSRXVVRLU HQ SRVLWLRQ ³2))´
2XYUH] OHV SRUWLqUHV HW GHVFHQGH] GX
YpKLFXOH
9pULILH] TXH OH FDSRW PRWHXU HVW
YHUURXLOOp
)HUPH] WRXWHV OHV SRUWLqUHV HW OH
FRXYHUFOH GH FRIIUH
$SSX\H] VXU OH F{Wp DYDQW F{Wp
³/2&.´ GX FRPPXWDWHXU GH YHUURXLOODJH
pOHFWULTXH GHV SRUWLqUHV SRXU YHUURXLOOHU
OHV SRUWLqUHV
)HUPH] OD SRUWLqUH
/D WRQDOLWp pOHFWURQLTXH UHWHQWLW XQH IRLV
OHV IHX[ GH GpWUHVVH FOLJQRWHQW XQH IRLV HW
OH WpPRLQ LQGLFDWHXU GH VpFXULWp VH PHW j
FOLJQRWHU j XQ U\WKPH UDSLGH
$SUqV DYRLU FOLJQRWp UDSLGHPHQW SHQGDQW
VHFRQGHV WHPSV GH YHLOOH OH WpPRLQ
LQGLFDWHXU GH VpFXULWp FOLJQRWH HQVXLWH
OHQWHPHQW DX U\WKPH GH IRLV WRXWHV OHV
VHFRQGHV HQYLURQ FH TXL LQGLTXH TXH OH
V\VWqPH HVW DUPp HW VRXV VXUYHLOODQFH
&DSWHXU GH YHUURXLOODJH GH SRUWLqUH
&OpV HW SRUWLqUHV6\VWqPH DQWLYRO
! 3RXU GpVDUPHU OH V\VWqPH G¶DODUPH
(IIHFWXH] XQH GHV SURFpGXUHV VXLYDQWHV
. ([HUFH] XQH EUqYH SUHVVLRQ VXU OD
WRXFKH GH GpVDUPHPHQW GX SRUWHFOpV
G¶DFFqVGX WUDQVPHWWHXU j GLVWDQFH PRLQV
GH VHFRQGHV . 3RUWH] OH SRUWHFOpV G¶DFFqV VXU YRXV HW
VDLVLVVH] OD SRLJQpH GH SRUWLqUH DYDQW
PRGqOHV DYHF ³DFFqV VDQV FOp DYHF
V\VWqPH GH GpPDUUDJH j ERXWRQSRXV
VRLU´ 7pPRLQ LQGLFDWHXU GX V\VWqPH GH VpFXULWp
3RUWH] OH SRUWHFOpV G¶DFFqV VXU YRXV
HW WRXFKH] OH FDSWHXU GH YHUURXLOODJH GH
SRUWLqUH
7RXWHV OHV SRUWLqUHV VH YHUURXLOOHQW OD
WRQDOLWp pOHFWURQLTXH UHWHQWLW XQH IRLV OHV
IHX[ GH GpWUHVVH FOLJQRWHQW XQH IRLV HW OH
WpPRLQ LQGLFDWHXU GH VpFXULWp VH PHW j
FOLJQRWHU j XQ U\WKPH UDSLGH
$SUqV XQ FOLJQRWHPHQW UDSLGH GH VHFRQGHV WHPSV GH YHLOOH OH WpPRLQ
LQGLFDWHXU GH VpFXULWp FOLJQRWH DORUV OHQWH
PHQW GHX[ IRLV WRXWHV OHV VHFRQGHV
HQYLURQ FH TXL LQGLTXH TXH OH V\VWqPH D
pWp DPRUFp SRXU OD VXUYHLOODQFH
/D IUpTXHQFH GH FOLJQRWHPHQW GX WpPRLQ
LQGLFDWHXU GX V\VWqPH GH VpFXULWp FKDQJH
DORUV OHQWHPHQW G¶XQ FOLJQRWHPHQW WRXWHV
OHV VHFRQGHV HQYLURQ j GHX[ FOLJQRWH
PHQWV WRXWHV OHV VHFRQGHV HQYLURQ LQGLTXDQW TXH OH V\VWqPH G¶DODUPH D pWp
GpVDUPp
! 'pVDUPHPHQW GX V\VWqPH HQ FDV
G¶XUJHQFH
$X FDV R YRXV QH SRXUULH] SDV GpVDUPHU
OH V\VWqPH SDU OH SRUWHFOpV G¶DFFqVOH
WUDQVPHWWHXU WUDQVPHWWHXU SHUGX FDVVp
SLOH GX WUDQVPHWWHXU WURS IDLEOH HWF OD
PDUFKH j VXLYUH SRXU OH GpVDUPHU VDQV
XWLOLVHU OH SRUWHFOpV G¶DFFqVOH WUDQVPHW
WHXU j GLVWDQFH HVW OD VXLYDQWH
9RXV SRXYH] GpVDUPHU OH V\VWqPH VL YRXV
WRXUQH] OH FRQWDFWHXU G¶DOOXPDJH GH OD
SRVLWLRQ ³/2&.´³2))´ j OD SRVLWLRQ ³21´
DYHF XQH FOp HQUHJLVWUpHXQ SRUWHFOpV
G¶DFFqV
5(0$548(
3RXU OHV PRGqOHV DYHF ³DFFqV VDQV FOp
DYHF V\VWqPH GH GpPDUUDJH j ERXWRQ
SRXVVRLU´ VL OD SLOH GX SRUWHFOpV
G¶DFFqV HVW GpFKDUJpH HIIHFWXH] OD
SURFpGXUH GpFULWH GDQV ³&KDQJHPHQW
GH O¶pWDW G¶DOLPHQWDWLRQ´ ) 'DQV
XQ WHO FDV UHPSODFH] LPPpGLDWHPHQW OD
SLOH 5HSRUWH]YRXV j ³5HPSODFHPHQW
GH OD SLOH GX SRUWHFOpV G¶DFFqV´ )
! 0RGH SDUNLQJ JDUGp
6L YRXV OH PHWWH] HQ PRGH SDUNLQJ JDUGp
OH V\VWqPH G¶DODUPH QH IRQFWLRQQH SDV (Q
PRGH SDUNLQJ JDUGp OH SRUWHFOpV G¶DFFqV
OH WUDQVPHWWHXU QH VHUW TX¶j YHUURXLOOHU HW
GpYHUURXLOOHU OHV SRUWLqUHV HW j GpFOHQFKHU
O¶DODUPH G¶DSSHO DX VHFRXUV
3RXU HQWUHU HQ PRGH SDUNLQJ JDUGp
FKDQJH] OH UpJODJH GX V\VWqPH G¶DODUPH
TXL GRLW rWUH HQ PRGH GpVDFWLYp 5HSRUWH]
YRXV j ³3RXU DFWLYHU HW GpVDFWLYHU OH
V\VWqPH G¶DODUPH´ ) /H WpPRLQ
LQGLFDWHXU GX V\VWqPH GH VpFXULWp FRQWL
QXH j FOLJQRWHU DX U\WKPH G¶XQH IRLV WRXWHV
OHV VHFRQGHV SRXU LQGLTXHU TXH OH
V\VWqPH HVW HQ PRGH SDUNLQJ JDUGp
± 68,7( ±
&OpV HW SRUWLqUHV6\VWqPH DQWLYRO
3RXU TXLWWHU OH PRGH SDUNLQJ JDUGp
FKDQJH] OH UpJODJH GX V\VWqPH G¶DODUPH
SRXU OH UHPHWWUH HQ PRGH DFWLYp 5HSRU
WH]YRXV j ³3RXU DFWLYHU HW GpVDFWLYHU OH
V\VWqPH G¶DODUPH´ )
! $UPHPHQW SDVVLI PRGqOHV VDQV
³DFFqV VDQV FOp DYHF V\VWqPH GH
GpPDUUDJH j ERXWRQSRXVVRLU´
6L OH PRGH G¶DUPHPHQW SDVVLI D pWp
SURJUDPPp SDU OH FRQFHVVLRQQDLUH OH
V\VWqPH HVW DXWRPDWLTXHPHQW DUPp VDQV
OH UHFRXUV DX WUDQVPHWWHXU j GLVWDQFH
6DFKH] WRXWHIRLV TXH GDQV FH FDV OHV
3257,Ê5(6 '2,9(17 Ç75( 9(5
528,//e(6 0$18(//(0(17
! 3RXU HQWUHU HQ PRGH SDVVLI
3RXU SURJUDPPHU OH PRGH G¶DUPHPHQW
SDVVLI GHPDQGH] j YRWUH FRQFHVVLRQQDLUH
68%$58 GH OH IDLUH SRXU YRXV
! 3RXU DUPHU OH V\VWqPH G¶DODUPH
$77(17,21
(Q PRGH SDVVLI OH V\VWqPH DFWLYH
DXWRPDWLTXHPHQW O¶DODUPH PDLV 1(
9(5528,//( 3$6 OHV SRUWLqUHV DX
WRPDWLTXHPHQW /HV SRUWLqUHV GH
YURQW VRLW rWUH YHUURXLOOpHV FRPPH
LQGLTXp DX SRLQW FLGHVVRXV VRLW
rWUH YHUURXLOOpHV DYHF OD FOp DSUqV
DYRLU pWp UHIHUPpHV 'X SRLQW GH YXH
GH OD VpFXULWp OH ULVTXH VHUD GRQF
SOXV JUDQG VL RQ RXEOLH GH YHUURXLOOHU
PDQXHOOHPHQW OHV SRUWLqUHV
0HWWH] OH FRQWDFWHXU G¶DOOXPDJH HQ
SRVLWLRQ ³21´
$YDQW GH UHIHUPHU OHV SRUWLqUHV YHU
URXLOOH] WRXWHV OHV SRUWLqUHV DYHF OH ORTXHW
SDU O¶LQWpULHXU
)HUPH] OHV SRUWLqUHV /H V\VWqPH
V¶DUPH DXWRPDWLTXHPHQW DX ERXW GH PLQXWH
21
/2&.
3DVVH] OD FOp GX FRQWDFWHXU G¶DOOX
PDJH GH OD SRVLWLRQ ³21´ j OD SRVLWLRQ
³/2&.´ HW UHWLUH] OD FOp GX FRQWDFWHXU
G¶DOOXPDJH
2XYUH] OHV SRUWLqUHV HW GHVFHQGH] GX
YpKLFXOH
(Q PRGH SDVVLI YRXV SRXYH] pJDOHPHQW
DUPHU OH V\VWqPH j O¶DLGH GX WUDQVPHWWHXU
j GLVWDQFH RX GHV FRPPXWDWHXUV GH
YHUURXLOODJH pOHFWULTXH GHV SRUWLqUHV
/RUVTXH YRXV XWLOLVH] OH WUDQVPHWWHXU j
GLVWDQFH RX OH FRPPXWDWHXU GH YHUURXLO
ODJH pOHFWULTXH GHV SRUWLqUHV SRXU YHUURXLO
OHU OH YpKLFXOH OH V\VWqPH HVW DUPp
LPPpGLDWHPHQW LQGpSHQGDPPHQW GX IDLW
TX¶LO VRLW RX QRQ HQ PRGH SDVVLI
&OpV HW SRUWLqUHV6\VWqPH DQWLYRO
! 3RXU GpVDUPHU OH V\VWqPH G¶D
ODUPH
3RXU GpVDUPHU OH V\VWqPH H[HUFH] XQH
EUqYH SUHVVLRQ VXU OD WRXFKH GH GpVDUPH
PHQW GX WUDQVPHWWHXU j GLVWDQFH
! ,QIRUPDWLRQV VXU OHV WHQWDWLYHV G¶HI
IUDFWLRQ
/H WpPRLQ LQGLFDWHXU GX V\VWqPH GH
VpFXULWp FOLJQRWH VL OH V\VWqPH G¶DODUPH D
pWp GpFOHQFKp /H QRPEUH GH FOLJQRWH
PHQWV GRQQH XQH LQGLFDWLRQ VXU O¶HPSOD
FHPHQW R OD WHQWDWLYH G¶HIIUDFWLRQ D HX OLHX
RX VXU OD YLROHQFH GH O¶LPSDFW VXU OH
YpKLFXOH
/RUVTX¶RQ PHW OH FRQWDFWHXU G¶DOOXPDJH HQ
SRVLWLRQ ³21´ OH WpPRLQ LQGLFDWHXU V¶DO
OXPH SHQGDQW VHFRQGH SXLV LO FOLJQRWH
FRPPH VXLW
. /RUVTX¶XQH SRUWLqUH D pWp RXYHUWH IRLV
. /RUVTXH OH FRIIUH D pWp RXYHUW IRLV
. /RUVTXH OH FDSRW GX PRWHXU HVW RXYHUW IRLV
. /RUVTX¶XQ LPSDFW YLROHQW RX SOXVLHXUV
LPSDFWV RQW pWp GpWHFWpV GHX[ IRLV
PRGqOHV pTXLSpV GH FDSWHXUV GH FKRFV
RSWLRQ GX UHYHQGHXU
. /RUVTX¶XQ LPSDFW OpJHU D pWp GpWHFWp XQH IRLV XQLTXHPHQW VXU OHV PRGqOHV
DYHF FDSWHXUV GH FKRFV RSWLRQ GX UHYHQ
GHXU
5(0$548(
/H FOLJQRWHPHQW GX WpPRLQ LQGLFDWHXU
LQGLTXp FLGHVVXV VH UHSURGXLW FKDTXH
IRLV TXH OH FRQWDFWHXU G¶DOOXPDJH HVW
PLV HQ SRVLWLRQ ³21´ /H IDLW GH UpDU
PHU OH V\VWqPH G¶DODUPH IDLW FHVVHU FH
FOLJQRWHPHQW
! &DSWHXUV G¶LPSDFW RSWLRQ FRQFHV
VLRQQDLUH
/HV FDSWHXUV G¶LPSDFW GpFOHQFKHQW OH
V\VWqPH G¶DODUPH ORUVTX¶LOV GpWHFWHQW XQ
LPSDFW VXU OH YpKLFXOH RX VL RQ FRXSH XQ GH
OHXUV ILOV pOHFWULTXHV /H V\VWqPH G¶DODUPH
IDLW UHWHQWLU O¶DYHUWLVVHXU VRQRUH HW FOLJQRWHU
OHV IHX[ GH GpWUHVVH SHQGDQW XQ FRXUW
LQVWDQW VHXOHPHQW VL O¶LPSDFW HVW OpJHU
PDLV GRQQH O¶DODUPH HQ FDV GH IRUW LPSDFW
RX G¶LPSDFWV PXOWLSOHV HQ IDLVDQW UHWHQWLU
O¶DYHUWLVVHXU HW FOLJQRWHU OHV IHX[ GH
GpWUHVVH SHQGDQW VHFRQGHV HQYLURQ
6L YRXV OH GpVLUH] YRWUH FRQFHVVLRQQDLUH
68%$58 SHXW UDFFRUGHU FHV FDSWHXUV HW
HIIHFWXHU OHV UpJODJHV G¶DFWLYDWLRQ RX GH
GpVDFWLYDWLRQ
5(0$548(
. /HV FDSWHXUV G¶LPSDFW QH UpDJLVVHQW
SDV j WRXWHV OHV HIIUDFWLRQV HQ SDUWL
FXOLHU LOV QH GpWHFWHQW SDV OHV FKRFV
Q¶HQWUDvQDQW SDV GH YLEUDWLRQV SDU
H[HPSOH XQ EULV GH JODFH DYHF XQ RXWLO
GH W\SH PDUWHDX GH VDXYHWHXU . /HV FDSWHXUV G¶LPSDFW UpDJLVVHQW
SDUIRLV j GHV YLEUDWLRQV H[WHUQHV DX
YpKLFXOH FRPPH GDQV OHV FDV LQGLTXpV
FLDSUqV HW GpFOHQFKHQW OH V\VWqPH
G¶DODUPH ,O FRQYLHQW GRQF TXH OHV
UpJODJHV GX V\VWqPH G¶DODUPH HW GHV
FDSWHXUV G¶LPSDFW VRLHQW HIIHFWXpV HQ
IRQFWLRQ GH O¶HQGURLW R OH YpKLFXOH HVW
RUGLQDLUHPHQW JDUp
([HPSOHV
± 9LEUDWLRQV G¶XQ FKDQWLHU GH FRQV
WUXFWLRQ
± 9LEUDWLRQV GH VWUXFWXUH GDQV XQ
SDUF GH VWDWLRQQHPHQW j SOXVLHXUV
pWDJHV
± 9LEUDWLRQV DX SDVVDJH GHV WUDLQV
. 3RXU IDLUH UpJOHU OD VHQVLELOLWp GHV
FDSWHXUV G¶LPSDFW GH YRWUH YpKLFXOH
DGUHVVH]YRXV j YRWUH FRQFHVVLRQQDLUH
68%$58
&OpV HW SRUWLqUHV9HUURX GH VpFXULWp SRXU HQIDQWV
9HUURX GH VpFXULWp SRXU HQ
IDQWV
&KDFXQH GHV SRUWLqUHV DUULqUH HVW pTXLSpH
G¶XQ YHUURX GH VpFXULWp SRXU HQIDQWV
/RUVTXH OH YHUURX GH VpFXULWp SRXU HQIDQWV
HVW HQ SRVLWLRQ YHUURXLOOpH LO HVW LPSRVVLEOH
G¶RXYULU OD SRUWLqUH GH O¶LQWpULHXU /D SRU
WLqUH QH SHXW rWUH RXYHUWH TXH GH O¶H[Wp
ULHXU
'$1*(5
0HWWH] WRXMRXUV OHV YHUURXV GH Vp
FXULWp SRXU HQIDQWV HQ SRVLWLRQ
³/2&.´ ORUVTXH GHV HQIDQWV VH
WURXYHQW VXU OH VLqJH DUULqUH 8Q
DFFLGHQW JUDYH SRXUUDLW VH SURGXLUH
VL XQ HQIDQW RXYUDLW DFFLGHQWHOOH
PHQW XQH SRUWLqUH HW WRPEDLW GX
YpKLFXOH
9LWUHV
'$1*(5
3RXU pYLWHU GHV EOHVVXUHV JUDYHV
FDXVpHV SDU GHV DFFLGHQWV OH PpIDLW
G¶XQ HQIDQW RX XQH XWLOLVDWLRQ LQFRU
UHFWH OH FRQGXFWHXU D OD UHVSRQVD
ELOLWp G¶REpLU DX[ LQVWUXFWLRQV VXL
YDQWHV VDQV H[FHSWLRQ
. /HV OqYHYLWUHV pOHFWULTXHV GRL
YHQW WRXMRXUV rWUH PDQ°XYUpV
DYHF OD SOXV JUDQGH SUXGHQFH
DILQ G¶pYLWHU TXH TXLFRQTXH QH VH
FRLQFH OHV GRLJWV OHV EUDV OH FRX
RX OD WrWH RX TXH G¶DXWUHV REMHWV
QH VH WURXYHQW SULV GDQV OD YLWUH
. /D FRPPDQGH GH FRQGDPQDWLRQ
GHV OqYHYLWUHV SDVVDJHUV GRLW
WRXMRXUV rWUH HQFOHQFKpH ORUV
TX¶LO \ D GHV HQIDQWV j ERUG GX
YpKLFXOH
&OpV HW SRUWLqUHV9LWUHV
. 3RUWH] WRXMRXUV VXU YRXV OD FOp
ORUVTXH YRXV TXLWWH] OH YpKLFXOH
SRXU GHV UDLVRQV GH VpFXULWp HW
QH ODLVVH] MDPDLV XQ HQIDQW VDQV
VXUYHLOODQFH UHVWHU GDQV OH YpKL
FXOH 'DQV OH FDV FRQWUDLUH OHV
HQIDQWV SRXUUDLHQW VH EOHVVHU HQ
PDQLSXODQW OHV OqYHYLWUHV pOHF
WULTXHV
& 2SpUDWLRQ GH OqYHYLWUH pOHF
WULTXH SDU OH FRQGXFWHXU
! $FWLRQQHPHQW GH OD YLWUH GX
FRQGXFWHXUGX SDVVDJHU DYDQW
! &RPPXWDWHXUV GH OqYHYLWUH pOHF
WULTXH F{Wp FRQGXFWHXU
/HV OqYHYLWUHV pOHFWULTXHV QH IRQFWLRQQHQW
TXH VL OH FRQWDFWHXU G¶DOOXPDJH HVW HQ
SRVLWLRQ ³21´
5(0$548(
6L OD EDWWHULH GX YpKLFXOH HVW GpFRQQHF
WpH SDU H[HPSOH HQ UDLVRQ G¶XQ UHP
SODFHPHQW GH EDWWHULH RX GH IXVLEOH OHV IRQFWLRQV VXLYDQWHV VRQW GpVDFWL
YpHV
. )RQFWLRQ G¶RXYHUWXUHIHUPHWXUH
FRPSOqWH SDU VLPSOH SUHVVLRQ
. )RQFWLRQ DQWLHQIHUPHPHQW
,QLWLDOLVH] OH OqYHYLWUH pOHFWULTXH SRXU
UpDFWLYHU GH WHOOHV IRQFWLRQV 5HSRUWH]
YRXV j ³,QLWLDOLVDWLRQ GHV OqYHYLWUHV
pOHFWULTXHV´ ) SRXU SOXV GH Gp
WDLOV
&RPPDQGH GH YHUURXLOODJH
3RXU OD YLWUH GX FRQGXFWHXU DYHF IRQF
WLRQ G¶RXYHUWXUH RX GH IHUPHWXUH
FRPSOqWH SDU VLPSOH SUHVVLRQ
3RXU OD YLWUH GX SDVVDJHU DYDQW DYHF
IRQFWLRQ G¶RXYHUWXUH RX GH IHUPHWXUH
FRPSOqWH SDU VLPSOH SUHVVLRQ
3RXU OD YLWUH GX SDVVDJHU DUULqUH JDXFKH
3RXU OD YLWUH GX SDVVDJHU DUULqUH GURLW
9RXV SRXYH] DFWLRQQHU WRXV OHV OqYHYLWUHV
j SDUWLU GX SDQQHDX GH FRPPDQGH GHV
OqYHYLWUHV pOHFWULTXHV GH OD SRUWLqUH F{Wp
FRQGXFWHXU
2XYULUIHUPHU DXWRPDWLTXHPHQW
2XYULUIHUPHU
3RXU RXYULU
(QIRQFH] OpJqUHPHQW OH ERXWRQ HW PDLQWH
QH]OH GDQV FHWWH SRVLWLRQ /D YLWUH V¶RXYUH
MXVTX¶j FH TXH YRXV OkFKLH] OH ERXWRQ
(QIRQFH] OH ERXWRQ MXVTX¶j VRQ HQFOHQ
FKHPHQW SXLV UHOkFKH]OH /D YLWUH V¶RX
YULUD FRPSOqWHPHQW 3RXU DUUrWHU OD YLWUH j
PLFRXUVH H[HUFH] XQH EUqYH WUDFWLRQ VXU
OH ERXWRQ YHUV OH KDXW
3RXU IHUPHU
7LUH] OH ERXWRQ OpJqUHPHQW YHUV OH KDXW HW
WHQH]OH OHYp /D YLWUH VH IHUPH MXVTX¶j FH
TXH YRXV OkFKLH] OH ERXWRQ
7LUH] OH ERXWRQ DX PD[LPXP YHUV OH KDXW
± 68,7( ±
&OpV HW SRUWLqUHV9LWUHV
MXVTX¶DX GpFOLF OD YLWUH VH IHUPH FRPSOq
WHPHQW PrPH VL YRXV DYH] UHOkFKp OH
ERXWRQ 3RXU DUUrWHU OD YLWUH j PLFRXUVH
HQIRQFH] OpJqUHPHQW OH ERXWRQ
5(0$548(
/RUVTXH OHV RSpUDWLRQV VXLYDQWHV VRQW
HIIHFWXpHV OH GLVMRQFWHXU GX OqYHYLWUH
pOHFWULTXH VH PHW HQ PDUFKH HW LO SHXW
DORUV rWUH LPSRVVLEOH G¶RXYULU RX GH
IHUPHU OD YLWUH
. $SUqV TXH OD YLWUH GX FRQGXFWHXU RX
GX SDVVDJHU DYDQW DLW pWp FRPSOqWH
PHQW RXYHUWH RX IHUPpH OD FRPPDQGH
FRQWLQXH VRQ RSpUDWLRQ GDQV OD PrPH
GLUHFWLRQ SHQGDQW TXHOTXHV VHFRQGHV
. $SUqV TXH OHV YLWUHV GH WURLV VLqJHV
RX SOXV VRLHQW FRPSOqWHPHQW RXYHUWHV
RX IHUPpHV FKDTXH FRPPDQGH FRQWL
QXH VLPXOWDQpPHQW VRQ RSpUDWLRQ GDQV
OD PrPH GLUHFWLRQ SHQGDQW TXHOTXHV
VHFRQGHV
'DQV FH FDV DSUqV OH UpWDEOLVVHPHQW GX
GLVMRQFWHXU DVVXUH]YRXV G¶LQLWLDOLVHU
OHV OqYHYLWUHV pOHFWULTXHV 6L LOV QH VRQW
SDV LQLWLDOLVpV OD IRQFWLRQ G¶RXYHUWXUH
IHUPHWXUH FRPSOqWH SDU VLPSOH SUHV
VLRQ QH IRQFWLRQQHUD SDV
5HSRUWH]YRXV j ³,QLWLDOLVDWLRQ GHV
OqYHYLWUHV pOHFWULTXHV´ )
! )RQFWLRQ DQWLHQIHUPHPHQW
$77(17,21
PDWLTXHPHQW OpJqUHPHQW SXLV V¶DUUrWH
! $FWLRQQHPHQW GHV YLWUHV DUULqUH
. 1H WHQWH] MDPDLV GH WHVWHU FHWWH
IRQFWLRQ HQ SODoDQW YRV GRLJWV
PDLQV RX DXWUHV SDUWLHV GH YRWUH
FRUSV GDQV OD FRXUVH GH IHUPH
WXUH GX WRLW RXYUDQW RSDTXH
. /D IRQFWLRQ DQWLEORFDJH SRXUUDLW
QH SDV IRQFWLRQQHU FRUUHFWHPHQW
VL XQ REMHW TXHOFRQTXH VH FRLQFH
MXVWH DYDQW OD IHUPHWXUH FRPSOqWH
GH OD YLWUH
5(0$548(
. 6L XQH YLWUH GpWHFWH XQ LPSDFW VLPL
ODLUH j FHOXL FDXVp SDU OH FRLQFHPHQW
G¶XQ REMHW SDU H[HPSOH ORUVTXH OH
YpKLFXOH KHXUWH XQ QLG GH SRXOH SUR
IRQG OD IRQFWLRQ DQWLEORFDJH SRXUUDLW
V¶DFWLYHU
. /D YLWUH QH SHXW SDV rWUH PDQLSXOpH
SHQGDQW TXHOTXHV VHFRQGHV DSUqV O¶DF
WLYDWLRQ GH OD IRQFWLRQ DQWLHQIHUPH
PHQW
6L ORUV GH OD IHUPHWXUH DXWRPDWLTXH GH OD
YLWUH FRQGXFWHXU RX SDVVDJHU DYDQW OD
SUpVHQFH G¶XQ REMHW VXIILVDPPHQW JURV
FRLQFp HQWUH OD YLWUH HW O¶HQFDGUHPHQW GH
YLWUH HVW GpWHFWpH HOOH V¶DEDLVVH DXWR
3RXU RXYULU
(QIRQFH] OH ERXWRQ DSSURSULp HW PDLQWH
QH]OH MXVTX¶j FH TXH OD YLWUH DWWHLJQH OD
SRVLWLRQ VRXKDLWpH
3RXU IHUPHU
7LUH] OH ERXWRQ YHUV OH KDXW HW PDLQWHQH]
OH MXVTX¶j FH TXH OD YLWUH DWWHLJQH OD
SRVLWLRQ VRXKDLWpH
&OpV HW SRUWLqUHV9LWUHV
! 9HUURXLOODJH GHV YLWUHV GHV SDVVD
JHUV
& 2SpUDWLRQ GH OqYHYLWUH pOHF
WULTXH SDU OHV SDVVDJHUV
! $FWLRQQHPHQW GH OD YLWUH GX SDVVD
JHU DYDQW
! &RPPXWDWHXUV GH OqYHYLWUH pOHF
WULTXH F{Wp SDVVDJHU
9HUURXLOOHU
'pYHUURXLOOHU
3RXU YHUURXLOOHU
$SSX\H] VXU OD FRPPDQGH GH YHUURXLO
ODJH /RUVTXH OD FRPPDQGH HVW HQ SRVL
WLRQ GH YHUURXLOODJH OHV FRPPDQGHV GHV
SRUWLqUHV SDVVDJHUV QH IRQFWLRQQHQW SDV
3RXU GpYHUURXLOOHU
$SSX\H] j QRXYHDX VXU OD FRPPDQGH GH
YHUURXLOODJH
7RXV OHV YLWUHV SDVVDJHUV SHXYHQW rWUH
DFWLRQQpHV j SDUWLU GH OD FRPPDQGH GHV
OqYHYLWUHV pOHFWULTXHV GH OD SRUWLqUH
2XYULUIHUPHU DXWRPDWLTXHPHQW
2XYULUIHUPHU
3RXU RXYULU
(QIRQFH] OpJqUHPHQW OH ERXWRQ HW PDLQWH
QH]OH GDQV FHWWH SRVLWLRQ /D YLWUH V¶RXYUH
MXVTX¶j FH TXH YRXV OkFKLH] OH ERXWRQ
(QIRQFH] OH ERXWRQ MXVTX¶j VRQ HQFOHQ
FKHPHQW SXLV UHOkFKH]OH /D YLWUH V¶RX
YULUD FRPSOqWHPHQW 3RXU DUUrWHU OD YLWUH j
PLFRXUVH H[HUFH] XQH EUqYH WUDFWLRQ VXU
OH ERXWRQ YHUV OH KDXW
3RXU IHUPHU
7LUH] OH ERXWRQ OpJqUHPHQW YHUV OH KDXW HW
WHQH]OH OHYp /D YLWUH VH IHUPH MXVTX¶j FH
TXH YRXV OkFKLH] OH ERXWRQ
± 68,7( ±
&OpV HW SRUWLqUHV9LWUHV
7LUH] OH ERXWRQ DX PD[LPXP YHUV OH KDXW
MXVTX¶DX GpFOLF OD YLWUH VH IHUPH FRPSOq
WHPHQW PrPH VL YRXV DYH] UHOkFKp OH
ERXWRQ 3RXU DUUrWHU OD YLWUH j PLFRXUVH
HQIRQFH] OpJqUHPHQW OH ERXWRQ
! )RQFWLRQ DQWLHQIHUPHPHQW
5HSRUWH]YRXV j ³)RQFWLRQ DQWLHQIHUPH
PHQW´ )
! $FWLRQQHPHQW GHV YLWUHV GHV SDV
VDJHUV DUULqUH
/RUVTXH OD FRPPDQGH GH YHUURXLOODJH
VLWXpH VXU OH SDQQHDX GH FRPPDQGH GHV
OqYHYLWUHV pOHFWULTXHV GH OD SRUWLqUH
FRQGXFWHXU HVW HQ SRVLWLRQ GH YHUURXLOODJH
OHV YLWUHV SDVVDJHUV QH SHXYHQW SDV rWUH
DFWLRQQpHV j SDUWLU GHV FRPPXWDWHXUV
SDVVDJHUV
& )RQFWLRQ GH UHWDUGHPHQW
9RXV SRXYH] DFWLRQQHU OHV YLWUHV DYDQW
GXUDQW HQYLURQ VHFRQGHV DSUqV DYRLU
WRXUQp OH FRQWDFWHXU G¶DOOXPDJH GH OD
SRVLWLRQ ³21´ j OD SRVLWLRQ ³$&&´ RX
³2))´ 6L XQH SRUWLqUH DYDQW UHVWH RXYHUWH
GDQV OHV VHFRQGHV DORUV OD IRQFWLRQ GH
UHWDUGHPHQW HVW DQQXOpH
& ,QLWLDOLVDWLRQ GHV OqYHYLWUHV
pOHFWULTXHV
3RXU RXYULU
(QIRQFH] OH FRPPXWDWHXU YHUV OH EDV HW
PDLQWHQH]OH MXVTX¶j FH TXH OD YLWUH
DWWHLJQH OD SRVLWLRQ VRXKDLWpH
3RXU IHUPHU
7LUH] OH ERXWRQ YHUV OH KDXW HW PDLQWHQH]
OH MXVTX¶j FH TXH OD YLWUH DWWHLJQH OD
SRVLWLRQ VRXKDLWpH
6L OD EDWWHULH GX YpKLFXOH HVW GpFRQQHFWpH
HQ UDLVRQ G¶XQ UHPSODFHPHQW GH EDWWHULH
RX GH IXVLEOH OHV IRQFWLRQV VXLYDQWHV VRQW
GpVDFWLYpHV
. )RQFWLRQ G¶RXYHUWXUHIHUPHWXUH
FRPSOqWH SDU VLPSOH SUHVVLRQ
. )RQFWLRQ DQWLHQIHUPHPHQW
,QLWLDOLVH] OHV OqYHYLWUHV pOHFWULTXHV GX
FRQGXFWHXU HW GX SDVVDJHU DYDQW HQ
VXLYDQW OD SURFpGXUH VXLYDQWH SRXU UpDF
WLYHU FHV IRQFWLRQV
)HUPH] OD SRUWLqUH
0HWWH] OH FRQWDFWHXU G¶DOOXPDJH HQ
SRVLWLRQ ³21´
2XYUH] OD YLWUH j PRLWLp HQ HQIRQoDQW OD
FRPPDQGH GHV OqYHYLWUHV pOHFWULTXHV
7LUH] OD FRPPDQGH GHV OqYHYLWUHV
pOHFWULTXHV YHUV OH KDXW HW IHUPH] FRPSOq
WHPHQW OD YLWUH &RQWLQXH] j WLUH] OD
FRPPDQGH SHQGDQW HQYLURQ XQH VHFRQGH
DSUqV OD IHUPHWXUH FRPSOqWH GH OD YLWUH
2XYUH] FRPSOqWHPHQW OD YLWUH HQ HQ
IRQoDQW HQWLqUHPHQW OD FRPPDQGH GHV
OqYHYLWUHV pOHFWULTXHV
,O HVW QpFHVVDLUH GH UpSpWHU OD PrPH
SURFpGXUH G¶LQLWLDOLVDWLRQ SRXU OHV
FRPPDQGHV GH OqYHYLWUHV GX FRQGXFWHXU
HW GX SDVVDJHU DYDQW
&OpV HW SRUWLqUHV&RXYHUFOH GH FRIIUH
&RXYHUFOH GH FRIIUH
& 3RXU RXYULU RX IHUPHU OH FRX
YHUFOH GH FRIIUH GH O¶H[WpULHXU
'$1*(5
3RXU RXYULU OH FRXYHUFOH GH FRIIUH GH
O¶H[WpULHXU XWLOLVH] OD IRQFWLRQ G¶DFFqV VDQV
FOp RX OH V\VWqPH G¶HQWUpH VDQV FOp SDU
WpOpFRPPDQGH 3RXU SOXV GH GpWDLOV
UHSRUWH]YRXV j OD VHFWLRQ VXLYDQWH
. 3RXU OHV PRGqOHV DYHF ³DFFqV VDQV FOp
DYHF V\VWqPH GH GpPDUUDJH j ERXWRQ
SRXVVRLU´ UHSRUWH]YRXV j ³2XYHUWXUH GX
FRIIUH´ )
. 3RXU OHV PRGqOHV VDQV ³DFFqV VDQV FOp
DYHF V\VWqPH GH GpPDUUDJH j ERXWRQ
SRXVVRLU´ UHSRUWH]YRXV j ³2XYHUWXUH GX
FRXYHUFOH GH FRIIUH´ )
. 3RXU pYLWHU TXH GH GDQJHUHX[ JD]
G¶pFKDSSHPHQW QH SpQqWUHQW
GDQV OH YpKLFXOH JDUGH] WRXMRXUV
OH FRXYHUFOH GH FRIIUH IHUPp ORUV
GH OD FRQGXLWH
. (PSrFKH] OHV HQIDQWV DGXOWHV RX
DQLPDX[ GH V¶HQIHUPHU GDQV OH
FRIIUH 3DU WHPSV FKDXG RX HQVR
OHLOOp OD WHPSpUDWXUH j O¶LQWpULHXU
GX FRIIUH SRXUUDLW DXJPHQWHU DV
VH] SRXU SURYRTXHU OD PRUW RX GH
JUDYHV EOHVVXUHV OLpHV j OD FKD
OHXU \ FRPSULV GHV GRPPDJHV
FpUpEUDX[ j TXLFRQTXH VH WURXYH
HQIHUPp j O¶LQWpULHXU HW FH SDUWL
FXOLqUHPHQW SRXU OHV HQIDQWV HQ
EDV kJH
. /RUVTXH YRXV TXLWWH] OH YpKLFXOH
IHUPH] WRXWHV OHV YLWUHV HW YHU
URXLOOH] WRXWHV OHV SRUWLqUHV $V
VXUH]YRXV DXVVL TXH OH FRIIUH
VRLW IHUPp
3RXU IHUPHU OH FRXYHUFOH GH FRIIUH DEDLV
VH] OHQWHPHQW OH FRXYHUFOH GH FRIIUH
MXVTX¶j HQFOHQFKHPHQW
5(0$548(
. 1H ODLVVH] SDV YRV REMHWV GH YDOHXU
GDQV OH FRIIUH ORUVTXH YRXV TXLWWH] OH
YpKLFXOH
. 9RXV SRXYH] GpVDFWLYHU OH ERXWRQ
³
´ VXU OH SRUWHFOpV G¶DFFqVOH WUDQV
PHWWHXU &RQWDFWH] YRWUH FRQFHVVLRQ
QDLUH 68%$58 SRXU FKDQJHU OH UpJODJH
& 3RXU RXYULU OH FRXYHUFOH GH
FRIIUH GH O¶LQWpULHXU
&RPPDQGH G¶RXYHUWXUH GX FRIIUH
(QIRQFH] OD FRPPDQGH G¶RXYHUWXUH GX
FRIIUH SHQGDQW SOXV G¶XQH VHFRQGH
5(0$548(
/H FRXYHUFOH GH FRIIUH QH V¶RXYUH SDV
ORUVTXH OH OHYLHU VpOHFWHXU HVW GDQV XQH
SRVLWLRQ DXWUH TXH ³3´ PRGqOHV &97
RX VL OH YpKLFXOH HVW HQ PRXYHPHQW
± 68,7( ±
&OpV HW SRUWLqUHV&RXYHUFOH GH FRIIUH
& 3RLJQpH LQWHUQH GH GpYHU
URXLOODJH GH FRXYHUFOH GH
FRIIUH
/D SRLJQpH LQWHUQH GH GpYHUURXLOODJH GH
FRXYHUFOH GH FRIIUH HVW XQ GLVSRVLWLI FRQoX
SRXU O¶RXYHUWXUH GX FRXYHUFOH GH FRIIUH GH
O¶LQWpULHXU GX FRIIUH 6L GHV HQIDQWV RX GHV
DGXOWHV VH UHWURXYHQW HQIHUPpV GDQV OH
FRIIUH OD SRLJQpH OHXU SHUPHW G¶RXYULU OH
FRXYHUFOH /D SRLJQpH VH WURXYH j O¶LQWp
ULHXU GX FRXYHUFOH GH FRIIUH
KHXUH GDQV OH FRIIUH IHUPp DSUqV DYRLU pWp
H[SRVp PrPH EULqYHPHQW j OD OXPLqUH
DPELDQWH
'$1*(5
1H ODLVVH] MDPDLV XQ HQIDQW HQWUHU
GDQV OH FRIIUH HW MRXHU DYHF OD
SRLJQpH GH GpYHUURXLOODJH 6L OH
FRQGXFWHXU GpPDUUH OH YpKLFXOH
VDQV VDYRLU TX¶XQ HQIDQW VH WURXYH
GDQV OH FRIIUH HW TXH O¶HQIDQW RXYUH
OH FRXYHUFOH j O¶DLGH GH OD SRLJQpH GH
GpYHUURXLOODJH O¶HQIDQW SRXUUDLW
WRPEHU HW DLQVL VH WXHU RX VH EOHVVHU
JUDYHPHQW
OH FKDUJHPHQW FRJQH OD SRLJQpH
SHQGDQW OD FRQGXLWH GX YpKLFXOH
FHOD SHXW WLUHU OD SRLJQpH HW DLQVL
RXYULU OH FRXYHUFOH GH FRIIUH /H
FKDUJHPHQW SHXW DORUV WRPEHU GX
FRIIUH FH TXL SHXW SURYRTXHU XQ
ULVTXH G¶DFFLGHQW GH OD FLUFXOD
WLRQ
! ,QVSHFWLRQ
(IIHFWXH] OHV pWDSHV VXLYDQWHV DX PRLQV
GHX[ IRLV SDU DQ SRXU YpULILHU TXH OD
SRLJQpH GH GpYHUURXLOODJH IRQFWLRQQH FRU
UHFWHPHQW
2XYUH] OH FRXYHUFOH GH FRIIUH
$77(17,21
3RXU RXYULU OH FRXYHUFOH GH FRIIUH j SDUWLU
GH O¶LQWpULHXU GX YpKLFXOH WLUH] VXU OD
SRLJQpH MDXQH WHO TX¶LQGLTXp SDU OD IOqFKH
VXU OD SRLJQpH )DLUH FHFL GpYHUURXLOOH OH
FRXYHUFOH GH FRIIUH 3XLV OHYH] OH FRXYHU
FOH
/D SRLJQpH HVW IDLWH G¶XQ PDWpULDX TXL
UHVWH OXPLQHVFHQW SHQGDQW HQYLURQ XQH
. 1H IHUPH] SDV OH FRXYHUFOH WRXW
HQ VHUUDQW OD SRLJQpH GH GpYHU
URXLOODJH 9RXV SRXUULH] HQGRP
PDJHU OD SRLJQpH
. 1¶XWLOLVH] SDV OD SRLJQpH FRPPH
XQ FURFKHW VHUYDQW j IL[HU GHV
VDQJOHV RX GHV FRUGHV SRXU Vp
FXULVHU YRWUH FDUJDLVRQ GDQV OH
FRIIUH 8QH WHOOH XWLOLVDWLRQ SHXW
HQGRPPDJHU OD SRLJQpH
. &KDUJH] OH FRIIUH GH IDoRQ j FH
TXH OH FKDUJHPHQW QH FRJQH SDV
OD SRLJQpH GH GpYHUURXLOODJH 6L
8WLOLVH] XQ WRXUQHYLV j WrWH SODWH HW
PLQFH )DLWHV JOLVVHU OD ODPH GX WRXUQHYLV
j WrWH SODWH GH O¶RXYHUWXUH GH OD IHQWH GH
&OpV HW SRUWLqUHV7RLW RXYUDQW RSDTXH
O¶HQVHPEOH GH YHUURXLOODJH HQWLqUHPHQW
MXVTX¶DX ERXW MXVTX¶j FH TXH YRXV HQWHQ
GLH] XQ FOLF
GH O¶H[WpULHXU GX YpKLFXOH GDQV OD GLUHFWLRQ
GH OD IOqFKH SRXU YpULILHU VL OH YHUURX HVW
OLEpUp
6L LO QH O¶HVW SDV FRQWDFWH] YRWUH FRQFHV
VLRQQDLUH 68%$58
'DQV FH FDV XWLOLVH] OD FOp SRXU OLEpUHU OH
YHUURX SXLV IHUPH] OH FRXYHUFOH GH FRIIUH
'H SOXV VL OH PRXYHPHQW GH OD SRLJQpH GH
GpYHUURXLOODJH YRXV VHPEOH OLPLWp RX SHX
IOXLGH ORUV GH VRQ IRQFWLRQQHPHQW RX VL
XQH FUDTXHOXUH VH WURXYH VXU OD SRLJQpH RX
j VD EDVH FRQWDFWH] YRWUH FRQFHVVLRQ
QDLUH 68%$58
&HFL SODFH OH YHUURX GDQV OD SRVLWLRQ
YHUURXLOOpH
'pSODFH] OD SRLJQpH GH GpYHUURXLOODJH
7RLW RXYUDQW RSDTXH VHORQ
PRGqOHV
'$1*(5
1H ODLVVH] MDPDLV GpSDVVHU OHV
PDLQV OD WrWH OHV EUDV RX XQ REMHW
TXHOFRQTXH GH TXHOTX¶XQ SDU O¶RX
YHUWXUH GX WRLW RXYUDQW RSDTXH 8QH
SHUVRQQH SHXW rWUH JUDYHPHQW EOHV
VpH VL OH YpKLFXOH V¶DUUrWH VRXGDLQH
PHQW RX VL LO WRXUQH EUXVTXHPHQW
RX HQFRUH VL OH YpKLFXOH HVW LPSOLTXp
GDQV XQ DFFLGHQW
3RXU pYLWHU GHV EOHVVXUHV JUDYHV
FDXVpHV SDU GHV DFFLGHQWV OH PpIDLW
G¶XQ HQIDQW RX XQH XWLOLVDWLRQ LQFRU
UHFWH OH FRQGXFWHXU D OD UHVSRQVD
ELOLWp G¶REpLU DX[ LQVWUXFWLRQV VXL
YDQWHV VDQV H[FHSWLRQ
. $YDQW GH IHUPHU OH WRLW RXYUDQW
RSDTXH YpULILH] TXH SHUVRQQH QH
ULVTXH GH VH IDLUH SUHQGUH OHV
PDLQV OHV EUDV RX OD WrWH
. 3RUWH] WRXMRXUV VXU YRXV OD FOp
ORUVTXH YRXV TXLWWH] OH YpKLFXOH
SRXU GHV UDLVRQV GH VpFXULWp HW
QH ODLVVH] MDPDLV XQ HQIDQW VDQV
VXUYHLOODQFH UHVWHU GDQV OH YpKL
FXOH )DXWH GH TXRL O¶HQIDQW
± 68,7( ±
&OpV HW SRUWLqUHV7RLW RXYUDQW RSDTXH
ULVTXH GH VH EOHVVHU HQ PDQ°X
YUDQW OH WRLW RXYUDQW RSDTXH
. 1H WHQWH] MDPDLV GH YpULILHU OH
IRQFWLRQQHPHQW GH OD VpFXULWp
DQWLEORFDJH HQ SODoDQW LQWHQ
WLRQQHOOHPHQW XQH SDUWLH TXHO
FRQTXH GH YRWUH FRUSV GDQV OH
WRLW RXYUDQW RSDTXH
$77(17,21
. 1H YRXV DVVH\H] SDV DX ERUG GH
O¶RXYHUWXUH GX WRLW RXYUDQW
RSDTXH
. 1¶HVVD\H] SDV GH PDQ°XYUHU OH
WRLW RXYUDQW RSDTXH VL FHOXLFL HVW
EORTXp SDU OD QHLJH RX SDU OH JHO
. /D IRQFWLRQ DQWLEORFDJH HVW LQR
SpUDQWH SHQGDQW OH PRXYHPHQW
G¶DEDLVVHPHQW GX WRLW RXYUDQW
RSDTXH GHSXLV OD SRVLWLRQ LQFOL
QpH $YDQW G¶DEDLVVHU OH WRLW RX
YUDQW RSDTXH DVVXUH]YRXV GH
FRQILUPHU TXH YRXV SRXYH] OH
IDLUH HQ WRXWH VpFXULWp
. 6L OH WRLW RXYUDQW RSDTXH QH VH
IHUPH SDV QRXV YRXV UHFRPPDQ
GRQV GH IDLUH LQVSHFWHU OH V\V
WqPH SDU XQ FRQFHVVLRQQDLUH
68%$58
/H WRLW RXYUDQW RSDTXH FRXOLVVH HW SHXW
DXVVL rWUH LQFOLQp
EUHI PRPHQW /H WRLW RXYUDQW RSDTXH VH
OqYH FRPSOqWHPHQW
/H WRLW RXYUDQW RSDTXH QH IRQFWLRQQH TXH
VL OH FRQWDFWHXU G¶DOOXPDJH HVW HQ SRVLWLRQ
³21´
3RXU DEDLVVHU
$SSX\H] GH IDoRQ FRQWLQXH VXU O¶DYDQW GX
FRPPXWDWHXU ³83'2:1´ MXVTX¶j DWWHLQ
GUH OD SRVLWLRQ VRXKDLWpH
& &RPPDQGHV GH WRLW RXYUDQW
RSDTXH
! 7RLW RXYUDQW RSDTXH LQFOLQDEOH
5HOkFKH] OH FRPPXWDWHXU GqV TXH OH WRLW
RXYUDQW RSDTXH DWWHLQW OD SRVLWLRQ G¶LQFOL
QDLVRQ PD[LPXP RX GH IHUPHWXUH
FRPSOqWH &RQWLQXHU j WHQLU OH FRPPXWD
WHXU HQIRQFp ULVTXHUDLW G¶HQGRPPDJHU OH
WRLW RXYUDQW RSDTXH
5(0$548(
/¶DFWLRQQHPHQW SDU VLPSOH SUHVVLRQ Q¶D
SDV OLHX ORUVTXH OH WRLW RXYUDQW RSDTXH
HVW DEDLVVp 0DLQWHQH] HQIRQFp OH
FRPPXWDWHXU SRXU DEDLVVHU OH WRLW
RXYUDQW RSDTXH
/HYHU
%DLVVHU
/H WRLW RXYUDQW RSDTXH HVW DFWLYp VHXOH
PHQW ORUVTX¶LO HVW HQ SRVLWLRQ GH IHUPHWXUH
FRPSOqWH
3RXU UHOHYHU
$SSX\H] HW PDLQWHQH] HQIRQFp O¶DUULqUH GX
FRPPXWDWHXU ³83'2:1´ SHQGDQW XQ
&OpV HW SRUWLqUHV7RLW RXYUDQW RSDTXH
! 7RLW RXYUDQW RSDTXH FRXOLVVDQW
SRVLWLRQ LQWHUPpGLDLUH VRXKDLWpH SHQGDQW
OH PRXYHPHQW G¶RXYHUWXUH RX GH IHUPH
WXUH H[HUFH] XQH EUqYH SUHVVLRQ VXU OH
F{Wp ³23(1´ RXYHUWXUH RX ³&/26(´
IHUPHWXUH $SUqV OD SOXLH RX VL OH YpKLFXOH YLHQW G¶rWUH
ODYp HVVX\H] OH WRLW DYDQW G¶RXYULU OH WRLW
RXYUDQW RSDTXH SRXU QH SDV PRXLOOHU
O¶LQWpULHXU GX YpKLFXOH
5(0$548(
2XYULU
)HUPHU
,QFOLQH] FRPSOqWHPHQW OH WRLW RXYUDQW
RSDTXH YHUV OH EDV DYDQW G¶HIIHFWXHU OH
JOLVVHPHQW
3RXU RXYULU
$SSX\H] VXU O¶DUULqUH GH OD FRPPDQGH
³23(1&/26(´ /H SDUHVROHLO GH WRLW
V¶RXYUH HQ PrPH WHPSV TXH OH WRLW RXYUDQW
RSDTXH /H WRLW RXYUDQW RSDTXH V¶DUUrWH
XQH IRLV j PLFKHPLQ $SSX\H] j QRXYHDX
VXU O¶DUULqUH GH OD FRPPDQGH SRXU RXYULU
FRPSOqWHPHQW OH WRLW RXYUDQW RSDTXH
3RXU IHUPHU
$SSX\H] VXU O¶DYDQW GH OD FRPPDQGH
G¶³RXYHUWXUHIHUPHWXUH´
3RXU DUUrWHU OH WRLW RXYUDQW RSDTXH VXU OD
/D FRQGXLWH DYHF OH WRLW RXYUDQW RSDTXH
WRWDOHPHQW RXYHUW SHXW HQWUDvQHU XQ
EUXLW DJDoDQW JpQpUp j KDXWH YLWHVVH
6L FHOD VH SURGXLW XWLOLVH] OH WRLW
RXYUDQW RSDTXH VXU XQH SRVLWLRQ RX
YHUWH j PRLWLp ORUVTXH OH WRLW RXYUDQW
RSDTXH HVW RXYHUW
$77(17,21
1H WHQWH] MDPDLV GH WHVWHU FHWWH
IRQFWLRQ HQ SODoDQW YRV GRLJWV
PDLQV RX DXWUHV SDUWLHV GH YRWUH
FRUSV GDQV OD FRXUVH GH IHUPHWXUH
GX WRLW RXYUDQW RSDTXH
5(0$548(
3RXU YRWUH VpFXULWp LO HVW FRQVHLOOp GH
QH SDV URXOHU DYHF OH WRLW RXYUDQW
RSDTXH FRPSOqWHPHQW RXYHUW
! )RQFWLRQ DQWLHQIHUPHPHQW
6L ORUV GH VD IHUPHWXUH OH WRLW RXYUDQW
RSDTXH GpWHFWH OD SUpVHQFH G¶XQ REMHW
VXIILVDPPHQW JURV FRLQFp HQWUH VD YLWUH HW
OH WRLW GX YpKLFXOH LO UHWRXUQH DXWRPDWL
TXHPHQW HQ SRVLWLRQ HQWLqUHPHQW RXYHUWH
SXLV V¶DUUrWH ,O DUULYH TXH PrPH VL DXFXQ
REMHW Q¶HVW SULV GDQV OH WRLW RXYUDQW
RSDTXH XQ IRUW FKRF VXU OH WRLW RXYUDQW
RSDTXH GpFOHQFKH OD VpFXULWp DQWLHQIHU
PHPHQW
± 68,7( ±
&OpV HW SRUWLqUHV7RLW RXYUDQW RSDTXH
& 3DUHVROHLO
9RXV SRXYH] IDLUH JOLVVHU OH SDUHVROHLO
YHUV O¶DYDQW RX YHUV O¶DUULqUH j OD PDLQ
ORUVTXH OH WRLW RXYUDQW RSDTXH HVW IHUPp
¬ O¶RXYHUWXUH GX WRLW RXYUDQW RSDTXH OH
SDUHVROHLO VXLW OH PRXYHPHQW GX WRLW YHUV
O¶DUULqUH
,QVWUXPHQWV HW FRPPDQGHV
&RQWDFWHXU G¶DOOXPDJH &RQWDFWHXU G¶DOOXPDJH RUGLQDLUH &RQWDFWHXU G¶DOOXPDJH j ERXWRQSRXVVRLU )HX[ GH GpWUHVVH ,QGLFDWHXUV HW MDXJHV eFODLUDJH GHV LQVWUXPHQWV GH ERUG 'pVDFWLYDWLRQ GH OD IRQFWLRQ GH PRXYHPHQW GHV
DLJXLOOHV GHV FRPSWHXUV HW MDXJHV j O¶DFWLYDWLRQ
GX FRQWDFWHXU G¶DOOXPDJH ,QGLFDWHXU GH YLWHVVH &RPSWHXU WRWDOLVDWHXU &RPSWHXU MRXUQDOLHU GRXEOH &RPSWHWRXUV ,QGLFDWHXU GH QLYHDX GH FDUEXUDQW -DXJH GH WHPSpUDWXUH -DXJH (&2 7pPRLQ LQGLFDWHXU 5(9 HW DYHUWLVVHXU VRQRUH
67, 7pPRLQV DYHUWLVVHXUV HW LQGLFDWHXUV 7pPRLQ DYHUWLVVHXU HW VLJQDO VRQRUH GH FHLQWXUH
GH VpFXULWp 7pPRLQ DYHUWLVVHXU GX V\VWqPH GH FRXVVLQ GH
VpFXULWp 656 ,QGLFDWHXUV G¶DFWLYDWLRQ HW GH GpVDFWLYDWLRQ GX
FRXVVLQ GH VpFXULWp IURQWDO GX SDVVDJHU DYDQW 7pPRLQ DYHUWLVVHXU G¶DQRPDOLH PRWHXU &+(&.
(1*,1(7pPRLQ LQGLFDWHXU GH
G\VIRQFWLRQQHPHQW 7pPRLQ DYHUWLVVHXU GH FKDUJH 7pPRLQ DYHUWLVVHXU GH SUHVVLRQ G¶KXLOH ,QGLFDWHXU G¶DYHUWLVVHPHQW GH QLYHDX G¶KXLOH
PRWHXU EDV VDXI 67, ,QGLFDWHXU G¶DYHUWLVVHPHQW GH OLTXLGH GH ODYH
JODFH GH SDUHEULVH 7pPRLQ DYHUWLVVHXU GH VXUFKDXIIH GH O¶KXLOH GH
ERvWH GH YLWHVVHV DXWRPDWLTXH $7 2,/ 7(03
PRGqOHV &97 7pPRLQ DYHUWLVVHXU GH WHPSpUDWXUH G¶KXLOH GX
GLIIpUHQWLHO DUULqUH 67, 7pPRLQ DYHUWLVVHXU GH SUHVVLRQ GH JRQIODJH
EDVVH GHV SQHXV PRGqOHV VSpFLILFDWLRQ GHV
eWDWV8QLV 7pPRLQ DYHUWLVVHXU GHV IUHLQV DQWLEORFDJH
$%6 7pPRLQ DYHUWLVVHXU GX V\VWqPH GHV IUHLQV 7pPRLQ LQGLFDWHXU GX IUHLQ GH VWDWLRQQHPHQW
pOHFWURQLTXH PRGqOHV DYHF V\VWqPH GH IUHLQ
GH VWDWLRQQHPHQW pOHFWURQLTXH 7pPRLQ DYHUWLVVHXU GH EDV QLYHDX GH FDUEXUDQW 7pPRLQ DYHUWLVVHXU G¶DLGH DX GpPDUUDJH HQ F{WH
7pPRLQ LQGLFDWHXU GH GpVDFWLYDWLRQ G¶DLGH DX
GpPDUUDJH HQ F{WH PRGqOHV VDQV V\VWqPH GH
IUHLQ GH VWDWLRQQHPHQW pOHFWURQLTXH 7pPRLQ LQGLFDWHXU G¶DFWLYDWLRQ $XWR 9HKLFOH
+ROG PRGqOHV DYHF V\VWqPH GH IUHLQ GH
VWDWLRQQHPHQW pOHFWURQLTXH 7pPRLQ LQGLFDWHXU GH IRQFWLRQQHPHQW $XWR
9HKLFOH +ROG PRGqOHV DYHF V\VWqPH GH IUHLQ
GH VWDWLRQQHPHQW pOHFWURQLTXH 7pPRLQ DYHUWLVVHXU G¶RXYHUWXUH GH SRUWLqUH 7pPRLQ DYHUWLVVHXU GH WUDFWLRQ LQWpJUDOH
VHORQ PRGqOHV 7pPRLQ DYHUWLVVHXU GH GLUHFWLRQ DVVLVWpH
VDXI 67, 7pPRLQ DYHUWLVVHXU GH SKDUH /('
VHORQ PRGqOHV ,QVWUXPHQWV HW FRPPDQGHV
7pPRLQ DYHUWLVVHXU GX &RQWU{OH GH '\QDPLTXH GX
9pKLFXOH7pPRLQ LQGLFDWHXU GH IRQFWLRQQHPHQW
GX &RQWU{OH GH '\QDPLTXH GX 9pKLFXOH 7pPRLQ LQGLFDWHXU GH GpVDFWLYDWLRQ GX &RQWU{OH
GH '\QDPLTXH GX 9pKLFXOH7pPRLQ LQGLFDWHXU
GX PRGH GH WUDFWLRQ $YHUWLVVHXUV VRQRUHV HW LQGLFDWHXU
G¶DYHUWLVVHPHQW GH O¶DFFqV VDQV FOp DYHF
V\VWqPH GH GpPDUUDJH j ERXWRQSRXVVRLU
VHORQ PRGqOHV 7pPRLQ LQGLFDWHXU GX V\VWqPH GH VpFXULWp ,QGLFDWHXU 6,'5,9( VHORQ PRGqOHV ,QGLFDWHXU GH OD SRVLWLRQ GX UDSSRUW HQJDJp
PRGqOHV %0 ,QGLFDWHXU GH SDVVDJH DX
UDSSRUW VXSpULHXU 67, ,QGLFDWHXU GH SRVLWLRQ GX OHYLHU VpOHFWHXUGX
UDSSRUW HQJDJp PRGqOHV &97 7pPRLQV LQGLFDWHXUV GX FOLJQRWDQW GH GLUHFWLRQ 7pPRLQ LQGLFDWHXU GHV IHX[ GH URXWH 7pPRLQ LQGLFDWHXU GH O¶DVVLVWDQW GHV IHX[ GH
URXWH YHUW VHORQ PRGqOHV ,QGLFDWHXU G¶DYHUWLVVHPHQW GH O¶DVVLVWDQW GHV
IHX[ GH URXWH MDXQH VHORQ PRGqOHV ,QGLFDWHXU GH UpJXODWHXU GH YLWHVVH ,QGLFDWHXU GH UpJODJH GX UpJXODWHXU GH YLWHVVH 7pPRLQ DYHUWLVVHXU GX GLVSRVLWLI GH UpJODJH
DXWRPDWLTXH GH SRUWpH GHV SKDUHV PRGqOHV
DYHF SKDUHV /(' 7pPRLQ LQGLFDWHXU GHV SKDUHV DQWLEURXLOODUG
DYDQW VHORQ PRGqOHV 7pPRLQ LQGLFDWHXU GHV SKDUHV ,QGLFDWHXU DXWRPDWLTXH GX GLIIpUHQWLHO FHQWUDO
j FRPPDQGH SDU OH FRQGXFWHXU 67, ,QGLFDWHXU HW DYHUWLVVHPHQW GX GLIIpUHQWLHO FHQWUDO
j FRPPDQGH SDU OH FRQGXFWHXU 67, 7pPRLQ LQGLFDWHXU 5(9 67, ,QGLFDWHXU G¶DYHUWLVVHPHQW GHV SKDUHV UpSRQGDQW
DX EUDTXDJH,QGLFDWHXU GH GpVDFWLYDWLRQ GHV
SKDUHV UpSRQGDQW DX EUDTXDJH
VHORQ PRGqOHV ,QGLFDWHXU G¶DYHUWLVVHPHQW %6'5&7$
VHORQ PRGqOHV ,QGLFDWHXU GH GpVDFWLYDWLRQ %6'5&7$
VHORQ PRGqOHV ,QGLFDWHXU G¶DYHUWLVVHPHQW 5$% VHORQ PRGqOHV 7pPRLQ LQGLFDWHXU GH GpVDFWLYDWLRQ 5$%
VHORQ PRGqOHV $IILFKDJH GHV LQVWUXPHQWV GH ERUG pFUDQ /&'
HQ FRXOHXU )RQFWLRQQHPHQW GH EDVH eFUDQ GH ELHQYHQXH DQLPDWLRQ G¶RXYHUWXUH HW
pFUDQ G¶DX UHYRLU DQLPDWLRQ GH ILQ eFUDQ G¶DYHUWLVVHPHQW eFUDQV SULQFLSDX[ ,QGLFDWHXU G¶DYHUWLVVHPHQW eFUDQV GH PHQX $IILFKDJH PXOWLIRQFWLRQV pFUDQ /&' HQ
FRXOHXU eFUDQ GH ELHQYHQXH eFUDQ G¶DXWRFRQWU{OH eFUDQ G¶LQWHUUXSWLRQ )RQFWLRQQHPHQW GH EDVH eFUDQV SULQFLSDX[ eFUDQ GH UpJODJH ,QVWUXPHQWV HW FRPPDQGHV
&RPPHQW REWHQLU OH FRGH VRXUFH j O¶DLGH GH OD
VRXUFH OLEUH +RUORJH &RPPDQGH GH UpJODJH GHV pFODLUDJHV 'LVSRVLWLI GH UpJODJH GH SRUWpH GHV SKDUHV
VHORQ PRGqOHV 'LVSRVLWLI GH UpJODJH DXWRPDWLTXH GH SRUWpH GHV
SKDUHV PRGqOHV DYHF SKDUHV /(' 3KDUHV ,QYHUVHXU IHX[ GH URXWHIHX[ GH FURLVHPHQW
JUDGXDWHXU $SSHOV GH SKDUHV 6\VWqPH G¶pFODLUDJH SRXU FRQGXLWH GH MRXU &RPPDQGH GHV SKDUHV DQWLEURXLOODUG VHORQ
PRGqOHV (VVXLHJODFH HW ODYHJODFH /HV SKDUHV UpSRQGDQW DX EUDTXDJH 65+
VHORQ PRGqOHV 5pWURYLVHXUV 3RXU DFWLYHUGpVDFWLYHU OH 65+ 0DQHWWH GHV FOLJQRWDQWV GH GLUHFWLRQ ,QGLFDWHXU GH FKDQJHPHQW GH YRLH SDU VLPSOH
SUHVVLRQ 5pJODJH G¶LQWHQVLWp OXPLQHXVH )RQFWLRQ G¶DWWpQXDWLRQ DXWRPDWLTXH )RQFWLRQ G¶DQQXODWLRQ GH O¶DWWpQXDWLRQ
DXWRPDWLTXH &RPPDQGHV G¶HVVXLHJODFH HW GH ODYHJODFH GH
SDUHEULVH 5pWURYLVHXU LQWpULHXU 5pWURYLVHXU G¶DWWpQXDWLRQ DXWRPDWLTXHERXVVROH
VHORQ PRGqOHV 5pWURYLVHXU G¶DWWpQXDWLRQ DXWRPDWLTXHERXVVROH
DYHF +RPH/LQNŠ VHORQ PRGqOHV 5pWURYLVHXUV H[WpULHXUV 'pVHPEXHXU HW GpJLYUHXU 9RODQW GH GLUHFWLRQ j LQFOLQDLVRQ UpJODEOH
WpOHVFRSLTXH $YHUWLVVHXU VRQRUH ,QVWUXPHQWV HW FRPPDQGHV&RQWDFWHXU G¶DOOXPDJH
&RQWDFWHXU G¶DOOXPDJH
&RQWDFWHXU G¶DOOXPDJH RUGLQDLUH
&RQWDFWHXU G¶DOOXPDJH j ERXWRQSRXVVRLU
,QGLFDWHXU GH IRQFWLRQQHPHQW
&RQWDFWHXU G¶DOOXPDJH j ERXWRQSRXV
VRLU
/¶DSSDUHQFH GX FRQWDFWHXU G¶DOOXPDJH j
ERXWRQSRXVVRLU SHXW OpJqUHPHQW YDULHU
VHORQ OHV PRGqOHV
'$1*(5
. $YDQW GH TXLWWHU OH YpKLFXOH
YHXLOOH] VXLYUH OHV LQVWUXFWLRQV
VXLYDQWHV SRXU GHV UDLVRQV GH
VpFXULWp
± 5HWLUH] OD FOp GX FRQWDFWHXU
G¶DOOXPDJH PRGqOHV DYHF XQ
FRQWDFWHXU G¶DOOXPDJH RUGL
QDLUH ± 3RUWH] OH SRUWHFOpV G¶DFFqV
VXU YRXV PRGqOHV DYHF XQ
FRQWDFWHXU G¶DOOXPDJH j ERX
WRQSRXVVRLU ± 1H ODLVVH] MDPDLV XQ HQIDQW
VHXO GDQV OH YpKLFXOH
/H QRQUHVSHFW GH FHV LQVWUXF
WLRQV SRXUUDLW SURYRTXHU GHV
EOHVVXUHV DX[ HQIDQWV RX j G¶DX
WUHV SHUVRQQHV /HV HQIDQWV
SRXUUDLHQW DFWLRQQHU OHV OqYHYL
WUHV pOHFWULTXHV OH WRLW RXYUDQW
RSDTXH RX OHV DXWUHV FRPPDQ
GHV HW PrPH GpSODFHU OH YpKL
FXOH
. 1H PHWWH] MDPDLV OH FRQWDFWHXU
G¶DOOXPDJH HQ SRVLWLRQ ³/2&.´
³2))´ SHQGDQW OD FRQGXLWH RX OH
UHPRUTXDJH &HOD EORTXHUDLW OH
YRODQW GH GLUHFWLRQ HPSrFKDQW OH
FRQWU{OH GH OD GLUHFWLRQ 'H SOXV
ORUVTXH OH PRWHXU HVW j O¶DUUrW LO
IDXW H[HUFHU VXU OH YRODQW EHDX
FRXS SOXV GH IRUFH TXH G¶KDEL
WXGH
$77(17,21
. 3RXU pYLWHU GH GpFKDUJHU OD EDWWH
ULH JDUGH] OH FRQWDFWHXU G¶DOOX
PDJH HQ SRVLWLRQ ³/2&.´³2))´
ORUVTXH OH PRWHXU HVW j O¶DUUrW
,QVWUXPHQWV HW FRPPDQGHV&RQWDFWHXU G¶DOOXPDJH
. 1¶XWLOLVH] SDV GHV DFFHVVRLUHV
pOHFWULTXHV SHQGDQW XQH ORQJXH
GXUpH DYHF OH FRQWDFWHXU G¶DOOX
PDJH HQ SRVLWLRQ ³21´ RX
³$&&´ &HOD SHXW PHWWUH OD EDWWH
ULH j SODW
& &RQWDFWHXU G¶DOOXPDJH RUGL
QDLUH
$77(17,21
1¶DWWDFKH] SDV GH SRUWHFOpV RX
G¶pWXL j FOpV GH JUDQGH WDLOOH j YRV
FOpV 6L FHW DFFHVVRLUH YHQDLW KHXU
WHU YRV JHQRX[ RX YRV PDLQV SHQ
GDQW OD FRQGXLWH OH FRQWDFWHXU G¶DO
OXPDJH SRXUUDLW VH PHWWUH HQ SRVL
WLRQ ³$&&´ RX ³/2&.´ FH TXL
DUUrWHUDLW OH PRWHXU 'H SOXV VL OD
FOp HVW DWWDFKpH j XQ ORXUG SRUWH
FOpV RX j XQ WURXVVHDX GH SOXVLHXUV
FOpV LO SHXW DUULYHU TXH SDU XQ HIIHW
GH IRUFH FHQWULIXJH SURGXLWH SDU OH
GpSODFHPHQW GX YpKLFXOH OD FOp
WRXUQH G¶HOOHPrPH GDQV OH FRQWDF
WHXU G¶DOOXPDJH
5(0$548(
5(0$548(
6L YRXV Q¶DUULYH] SDV j WRXUQHU OD FOp
WRXUQH] OpJqUHPHQW OH YRODQW YHUV OD
GURLWH HW OD JDXFKH WRXW HQ WRXUQDQW OH
FRQWDFWHXU G¶DOOXPDJH
! 3RVLWLRQV GH OD FRPPDQGH
3RVLWLRQ
'HVFULSWLRQ
/2&.
9RXV QH SRXYH] LQVpUHU RX
UHWLUHU OD FOp TXH GDQV FHWWH
SRVLWLRQ /H YRODQW GH GLUHF
WLRQ VH EORTXH ORUVTXH OD FOp
HVW UHWLUpH
$&&
9RXV SRXYH] XWLOLVHU OHV DF
FHVVRLUHV pOHFWULTXHV V\V
WqPH DXGLR SULVH GH FRXUDQW
SRXU DFFHVVRLUH HWF 21
3RVLWLRQ GH IRQFWLRQQHPHQW
QRUPDO DSUqV GpPDUUDJH GX
PRWHXU
67$57
/H PRWHXU GpPDUUH GDQV
FHWWH SRVLWLRQ
$77(17,21
1H PHWWH] SDV OH FRQWDFWHXU G¶DOOX
PDJH HQ SRVLWLRQ ³67$57´ ORUVTXH
OH PRWHXU HVW HQ PDUFKH
. 3RXU WRXUQHU OD FOp GH OD SRVLWLRQ
³$&&´ j OD SRVLWLRQ ³/2&.´ ± 3ODFH] OH OHYLHU VpOHFWHXU VXU OD
SRVLWLRQ ³3´ PRGqOHV &97 ± $SSX\H] HW WRXUQH] OD FOp
. 6L YRXV Q¶DUULYH] SDV j GpPDUUHU OH
PRWHXU j O¶DLGH GH YRWUH FOp HQUHJLVWUpH
HIIHFWXH] OD SURFpGXUH VXLYDQWH SRXU
UHGpPDUUHU OH PRWHXU
6RUWH] OD FOp XQH IRLV OH WpPRLQ
LQGLFDWHXU GX V\VWqPH GH VpFXULWp
FOLJQRWH ,QVpUH] OD FOp j QRXYHDX
5HPHWWH] OH FRQWDFWHXU G¶DOOX
PDJH HQ SRVLWLRQ ³67$57´
± 68,7( ±
,QVWUXPHQWV HW FRPPDQGHV&RQWDFWHXU G¶DOOXPDJH
. /H PRWHXU SHXW QH SDV GpPDUUHU
GDQV OHV FDV VXLYDQWV
± /¶DQQHDX GH OD FOp HVW HQ FRQWDFW
DYHF XQH DXWUH FOp RX DYHF XQ SRUWH
FOpV PpWDOOLTXH
! eFODLUDJH GX FRQWDFWHXU G¶DOOXPDJH
3RXU IDFLOLWHU O¶DFFqV DX FRQWDFWHXU G¶DOOX
PDJH GDQV O¶REVFXULWp VRQ pFODLUDJH
V¶LOOXPLQH DSUqV OD UpDOLVDWLRQ GH O¶RSpUD
WLRQ VXLYDQWH
. 2XYHUWXUH GH OD SRUWLqUH GX FRQGXFWHXU
. 'pYHUURXLOODJH GH OD SRUWLqUH GX
FRQGXFWHXU j O¶DLGH GX WUDQVPHWWHXU G¶HQ
WUpH VDQV FOp SDU WpOpFRPPDQGH
± /D FOp HVW j SUR[LPLWp G¶XQH DXWUH
FOp GRWpH G¶XQ WUDQVSRQGHXU SRXU OH
GLVSRVLWLI DQWLGpPDUUDJH
± /D FOp HVW j SUR[LPLWp RX DX
FRQWDFW G¶XQ DXWUH WUDQVPHWWHXU
! 6LJQDO VRQRUH GH UDSSHO GH FOp
/H VLJQDO VRQRUH GH UDSSHO GH FOp UHWHQWLW j
O¶RXYHUWXUH GH OD SRUWLqUH FRQGXFWHXU HW VL
OH FRQWDFWHXU G¶DOOXPDJH VH WURXYH HQ
SRVLWLRQ ³/2&.´ RX ³$&&´
/H VLJQDO VRQRUH V¶DUUrWH VXLWH j OD
UpDOLVDWLRQ GH O¶RSpUDWLRQ VXLYDQWH
. 0LVH GX FRQWDFWHXU G¶DOOXPDJH HQ
SRVLWLRQ ³21´
. 5HWUDLW GH OD FOp GX FRQWDFWHXU G¶DOOX
PDJH
. )HUPHWXUH GH OD SRUWLqUH FRQGXFWHXU
/¶pFODLUDJH UHVWH DOOXPp SHQGDQW SOXVLHXUV
GL]DLQHV GH VHFRQGHV HW V¶pWHLQW SURJUHV
VLYHPHQW DSUqV O¶RSpUDWLRQ VXLYDQWH
. )HUPHWXUH GH OD SRUWLqUH FRQGXFWHXU
. 'pYHUURXLOODJH GHV SRUWLqUHV j O¶DLGH GX
WUDQVPHWWHXU G¶HQWUpH VDQV FOp SDU WpOp
FRPPDQGH
/¶pFODLUDJH V¶pWHLQW LPPpGLDWHPHQW DSUqV
O¶RSpUDWLRQ VXLYDQWH
. 0LVH GX FRQWDFWHXU G¶DOOXPDJH HQ
SRVLWLRQ ³21´
. 9HUURXLOODJH GHV SRUWLqUHV j O¶DLGH GX
WUDQVPHWWHXU G¶HQWUpH VDQV FOp SDU WpOp
FRPPDQGH
,QVWUXPHQWV HW FRPPDQGHV&RQWDFWHXU G¶DOOXPDJH
& &RQWDFWHXU G¶DOOXPDJH j
ERXWRQSRXVVRLU
! 3UpFDXWLRQV GH VpFXULWp
5HSRUWH]YRXV j ³3UpFDXWLRQV GH VpFXULWp´
)
! 3RUWpH GH IRQFWLRQQHPHQW
$QWHQQH
3RUWpH GH IRQFWLRQQHPHQW
5(0$548(
. 6L OH SRUWHFOpV G¶DFFqV Q¶HVW SDV
GpWHFWp GDQV OD SODJH GH IRQFWLRQQH
PHQW YRXV QH SRXYH] SDV DFWLRQQHU OH
FRQWDFWHXU G¶DOOXPDJH j ERXWRQSRXV
VRLU HW GpPDUUHU OH PRWHXU
. 0rPH ORUVTXH OH SRUWHFOpV G¶DFFqV
VH WURXYH j O¶H[WpULHXU GX YpKLFXOH LO HVW
SRVVLEOH G¶DFWLYHU OH FRQWDFWHXU G¶DOOX
PDJH HW GH GpPDUUHU OH PRWHXU V¶LO HVW
SODFp WURS SUqV GH OD YLWUH
. 1H ODLVVH] SDV OH SRUWHFOpV G¶DFFqV
j O¶LQWpULHXU GHV HPSODFHPHQWV VXL
YDQWV &HOD SRXUUDLW HPSrFKHU OH IRQF
WLRQQHPHQW GX FRQWDFWHXU G¶DOOXPDJH j
ERXWRQSRXVVRLU RX OH GpPDUUDJH GX
PRWHXU
± 6XU OH WDEOHDX GH ERUG
± 6XU OH VRO
± 'DQV OD ERvWH j JDQWV
± ¬ O¶LQWpULHXU GH OD SRFKH GH OD
JDUQLWXUH GH SRUWLqUH
± 6XU OH VLqJH DUULqUH
± 6XU OD WDEOHWWH DUULqUH
± 'DQV OH FRIIUH
. 6L OD SLOH GX SRUWHFOpV G¶DFFqV HVW
GpFKDUJpH HIIHFWXH] OD SURFpGXUH GpF
ULWH GDQV ³3RUWHFOp G¶DFFqV ± VL OH
SRUWHFOpV G¶DFFqV QH IRQFWLRQQH SDV
FRUUHFWHPHQW´ ) SRXU DFWLRQQHU OH
FRQWDFWHXU G¶DOOXPDJH j ERXWRQSRXV
VRLU RX GpPDUUHU OH PRWHXU 'DQV XQ WHO
FDV UHPSODFH] LPPpGLDWHPHQW OD SLOH
5HSRUWH]YRXV j ³5HPSODFHPHQW GH OD
SLOH GX SRUWHFOpV G¶DFFqV´ )
! &KDQJHPHQW GH O¶pWDW G¶DOLPHQWD
WLRQ
eWDW GH
O¶DOL
PHQWD
WLRQ
&RXOHXU GH O¶LQ
GLFDWHXU
)RQFWLRQQHPHQW
2))
2))
/¶DOLPHQWDWLRQ
HVW FRXSpH
$&&
2UDQJH
9RXV SRXYH] XWL
OLVHU OH V\VWqPH
DXGLR HW OD SULVH
GH FRXUDQW SRXU
DFFHVVRLUH
21
2UDQJH ORUVTXH
9RXV SRXYH] XWL
OH PRWHXU HVW j
OLVHU WRXV OHV
O¶DUUrW
V\VWqPHV pOHFWUL
2)) OH PRWHXU TXHV
HVW HQ PDUFKH
/H FRQWDFW HVW pWDEOL FKDTXH IRLV TXH YRXV
DSSX\H] VXU OH FRQWDFWHXU G¶DOOXPDJH j
ERXWRQSRXVVRLU
3RUWH] OH SRUWHFOpV G¶DFFqV HW LQVWDO
OH]YRXV GDQV OH VLqJH GX FRQGXFWHXU
'pSODFH] OH OHYLHU GH FKDQJHPHQW GH
YLWHVVHV DX SRLQW PRUW PRGqOHV %0 RX OH
OHYLHU VpOHFWHXU HQ SRVLWLRQ ³3´ PRGqOHV
&97 $SSX\H] VXU OH FRQWDFWHXU G¶DOOXPDJH
± 68,7( ±
,QVWUXPHQWV HW FRPPDQGHV&RQWDFWHXU G¶DOOXPDJH
j ERXWRQSRXVVRLU VDQV HQIRQFHU OD Sp
GDOH G¶HPEUD\DJH PRGqOHV %0 RX OD
SpGDOH GH IUHLQ PRGqOHV &97 /H FRQWDFW HVW pWDEOL GDQV O¶RUGUH VXLYDQW ³2))´ ³$&&´ ³21´ HW ³2))´
/RUVTXH OH PRWHXU HVW DUUrWp HW TXH OH
FRQWDFWHXU G¶DOOXPDJH j ERXWRQSRXVVRLU
HVW HQ SRVLWLRQ ³$&&´ RX ³21´ OH WpPRLQ
GH IRQFWLRQQHPHQW GX FRQWDFWHXU G¶DOOX
PDJH j ERXWRQSRXVVRLU V¶DOOXPH HQ
RUDQJH
. 6L OH FRQWDFWHXU G¶DOOXPDJH j
ERXWRQSRXVVRLU QH V¶DOOXPH
SDV PrPH VL O¶pFODLUDJH GX WD
EOHDX GH ERUG HVW DOOXPp IDLWHV
FRQWU{OHU OH YpKLFXOH SDU XQ
FRQFHVVLRQQDLUH 68%$58
. 6L OH YpKLFXOH HVW H[SRVp DX VROHLO
SHQGDQW XQ ORQJ PRPHQW OD VXU
IDFH GX FRQWDFWHXU G¶DOOXPDJH j
ERXWRQSRXVVRLU SHXW GHYHQLU
FKDXGH )DLWHV DWWHQWLRQ GH QH
SDV YRXV EU€OHU
$77(17,21
. 3RXU pYLWHU XQ G\VIRQFWLRQQH
PHQW VXLYH] OHV SUpFDXWLRQV VXL
YDQWHV
± 1H UHQYHUVH] SDV GH ERLVVRQV
RX DXWUHV OLTXLGHV VXU OH
FRQWDFWHXU G¶DOOXPDJH j ERX
WRQSRXVVRLU
± 1H WRXFKH] SDV OH FRQWDFWHXU
G¶DOOXPDJH j ERXWRQSRXVVRLU
DYHF XQH PDLQ VDOH SOHLQH
G¶KXLOH RX G¶DXWUHV FRQWDPL
QDQWV
. 6L OH FRQWDFWHXU G¶DOOXPDJH j
ERXWRQSRXVVRLU QH IRQFWLRQQH
SDV IDFLOHPHQW DUUrWH] O¶RSpUD
WLRQ &RQWDFWH] LPPpGLDWHPHQW
XQ FRQFHVVLRQQDLUH 68%$58
5(0$548(
. /RUV GH O¶DFWLRQQHPHQW GX FRQWDF
WHXU G¶DOOXPDJH j ERXWRQSRXVVRLU
DSSX\H] GHVVXV j IRQG
. 6L YRXV HQIRQFH] UDSLGHPHQW OH
FRQWDFWHXU G¶DOOXPDJH j ERXWRQSRXV
VRLU O¶DOLPHQWDWLRQ SHXW QH SDV V¶DOOX
PHU RX V¶pWHLQGUH
. 6L OH WpPRLQ LQGLFDWHXU VXU OH FRQWDF
WHXU G¶DOOXPDJH j ERXWRQSRXVVRLU FOL
JQRWH HQ YHUW ORUVTXH OH FRQWDFWHXU
G¶DOOXPDJH j ERXWRQSRXVVRLU HVW HQ
IRQFp OD GLUHFWLRQ HVW YHUURXLOOpH
/RUVTXH FHOD VH SURGXLW DSSX\H] VXU
OH FRQWDFWHXU G¶DOOXPDJH j ERXWRQ
SRXVVRLU WRXW HQ WRXUQDQW OH YRODQW GH
JDXFKH j GURLWH
! )RQFWLRQ GH SUpYHQWLRQ GH Gp
FKDUJHPHQW GH OD EDWWHULH
/RUVTXH OH FRQWDFWHXU G¶DOOXPDJH j ERX
WRQSRXVVRLU HVW ODLVVp VXU OD SRVLWLRQ
³$&&´ RX ³21´ SHQGDQW HQYLURQ KHXUH
OH FRQWDFWHXU G¶DOOXPDJH j ERXWRQSRXV
VRLU VHUD DXWRPDWLTXHPHQW FRPPXWp VXU
³2))´ DILQ G¶pYLWHU TXH OD EDWWHULH QH
V¶pSXLVH 6XU OHV PRGqOHV &97 FHWWH
IRQFWLRQ HVW DFWLYpH ORUVTXH OH OHYLHU
VpOHFWHXU HVW HQ SRVLWLRQ ³3´
! 6L OH SRUWHFOpV G¶DFFqV QH IRQF
WLRQQH SDV FRUUHFWHPHQW
5HSRUWH]YRXV j ³3RUWHFOp G¶DFFqV ± VL OH
SRUWHFOpV G¶DFFqV QH IRQFWLRQQH SDV
FRUUHFWHPHQW´ )
,QVWUXPHQWV HW FRPPDQGHV)HX[ GH GpWUHVVH
)HX[ GH GpWUHVVH
5(0$548(
/HV FOLJQRWDQWV GH GLUHFWLRQ QH IRQF
WLRQQHQW SDV ORUVTXH OHV IHX[ GH Gp
WUHVVH VRQW DFWLYpV
,QGLFDWHXUV HW MDXJHV
5(0$548(
/HV DIILFKHXUV j FULVWDX[ OLTXLGHV GH
FHUWDLQV GHV LQVWUXPHQWV HW MDXJHV GHV
LQVWUXPHQWV GH ERUG VRQW GHV pFUDQV j
FULVWDX[ OLTXLGHV ,OV SHXYHQW rWUH GLIIL
FLOHPHQW OLVLEOHV HQ FDV GH SRUW GH
OXQHWWHV j YHUUHV SRODULVpV
& eFODLUDJH GHV LQVWUXPHQWV GH
ERUG
8WLOLVH] OHV IHX[ GH GpWUHVVH SRXU VLJQDOHU
DX[ DXWUHV FRQGXFWHXUV TXH YRXV rWHV
FRQWUDLQW GH VWDWLRQQHU YRWUH YpKLFXOH HQ
UDLVRQ G¶XQH VLWXDWLRQ G¶XUJHQFH /HV IHX[
GH GpWUHVVH IRQFWLRQQHQW TXHOOH TXH VRLW OD
SRVLWLRQ GX FRQWDFWHXU G¶DOOXPDJH
/HV IHX[ GH GpWUHVVH V¶DOOXPHQW HQ DS
SX\DQW VXU OD WRXFKH GHV IHX[ GH GpWUHVVH
VLWXpH VXU OH WDEOHDX GH ERUG 7RXV OHV
FOLJQRWDQWV HW OHV WpPRLQV LQGLFDWHXUV GX
FOLJQRWDQW GH GLUHFWLRQ FOLJQRWHQW 3RXU OHV
pWHLQGUH DSSX\H] GH QRXYHDX VXU OD
WRXFKH
/RUVTXH YRXV PHWWH] OH FRQWDFWHXU G¶DOOX
PDJH HQ SRVLWLRQ ³21´ OHV GLIIpUHQWHV
SDUWLHV GHV LQVWUXPHQWV GH ERUG VRQW
pFODLUpHV GDQV O¶RUGUH VXLYDQW
/HV WpPRLQV DYHUWLVVHXUV OHV WpPRLQV
LQGLFDWHXUV HW OHV DLJXLOOHV GHV FRPSWHXUV
HW GHV MDXJHV V¶DOOXPHQW
&KDFXQH GHV LQGLFDWLRQV GHV LQVWUX
PHQWV HW GHV MDXJHV PRQWUH OD SRVLWLRQ
0$;
&KDFXQH GHV LQGLFDWLRQV GHV LQVWUX
PHQWV HW GHV MDXJHV PRQWUH OD SRVLWLRQ
0,1
/¶pFODLUDJH QRUPDO GH FRQGXLWH
FRPPHQFH
± 68,7( ±
,QVWUXPHQWV HW FRPPDQGHV,QGLFDWHXUV HW MDXJHV
5(0$548(
&HWWH VpTXHQFH G¶RSpUDWLRQV SHXW QH
SDV DYRLU OLHX VL YRXV WRXUQH] UDSLGH
PHQW OH FRQWDFWHXU G¶DOOXPDJH SRXU
GpPDUUHU OH PRWHXU ,O QH V¶DJLW SDV
G¶XQH DQRPDOLH
& &RPSWHXU WRWDOLVDWHXU
VL YRXV RXYUH] HW IHUPH] OD SRUWLqUH GX
FRQGXFWHXU GDQV OHV VHFRQGHV VXLYDQW
O¶DOOXPDJH
& &RPSWHXU MRXUQDOLHU GRXEOH
& 'pVDFWLYDWLRQ GH OD IRQFWLRQ
GH PRXYHPHQW GHV DLJXLOOHV
GHV FRPSWHXUV HW MDXJHV j
O¶DFWLYDWLRQ GX FRQWDFWHXU
G¶DOOXPDJH
,O HVW SRVVLEOH G¶DFWLYHU RX GH GpVDFWLYHU OH
PRXYHPHQW GHV DLJXLOOHV GHV LQVWUXPHQWV
HW MDXJHV TXL D OLHX ORUVTXH YRXV PHWWH] OH
FRQWDFWHXU G¶DOOXPDJH HQ SRVLWLRQ ³21´
3RXU FKDQJHU OH UpJODJH H[pFXWH] OD
SURFpGXUH GpFULWH GDQV ³*DXJH ,QLWLDO
0RYHPHQW %DOD\DJH LQLWLDO GHV DLJXLOOHV
GX FRPSWHXU ´ )
& ,QGLFDWHXU GH YLWHVVH
/¶LQGLFDWHXU GH YLWHVVH LQGLTXH OD YLWHVVH
GH GpSODFHPHQW GX YpKLFXOH /¶LQGLFDWHXU
GH YLWHVVH GLJLWDO SHXW pJDOHPHQW rWUH
DIILFKp VXU O¶DIILFKDJH GHV LQVWUXPHQWV GH
ERUG pFUDQ /&' HQ FRXOHXU /¶XQLWp DIILFKpH YDULH HQ IRQFWLRQ GHV
PRGqOHV
%RXWRQ GX FRPSWHXU MRXUQDOLHU
&HW LQVWUXPHQW DIILFKH OH FRPSWHXU WRWDOL
VDWHXU ORUVTXH OH FRQWDFWHXU G¶DOOXPDJH
HVW HQ SRVLWLRQ ³21´
/H FRPSWHXU WRWDOLVDWHXU LQGLTXH OD GLV
WDQFH WRWDOH SDUFRXUXH SDU OH YpKLFXOH
3RXU DOOXPHU OH FRPSWHXU WRWDOLVDWHXU
MRXUQDOLHU DSSX\H] VXU OH ERXWRQ GX
FRPSWHXU MRXUQDOLHU ORUVTXH OH FRQWDFWHXU
G¶DOOXPDJH HVW HQ SRVLWLRQ ³/2&.´³2))´
RX ³$&&´ /H FRPSWHXU WRWDOLVDWHXUMRXU
QDOLHU V¶pWHLQW VL YRXV Q¶DSSX\H] SDV VXU OH
ERXWRQ GX FRPSWHXU MRXUQDOLHU GDQV OHV VHFRQGHV VXLYDQW O¶DOOXPDJH
/H FRPSWHXU WRWDOLVDWHXUMRXUQDOLHU V¶pWHLQW
%RXWRQ GX FRPSWHXU MRXUQDOLHU
&HW LQVWUXPHQW DIILFKH GHX[ FRPSWHXUV
MRXUQDOLHUV ORUVTXH OH FRQWDFWHXU G¶DOOX
PDJH HVW HQ SRVLWLRQ ³21´
/H FRPSWHXU MRXUQDOLHU LQGLTXH OD GLVWDQFH
SDUFRXUXH SDU OH YpKLFXOH GHSXLV OD GHU
QLqUH UHPLVH j ]pUR
3RXU DOOXPHU OH FRPSWHXU WRWDOLVDWHXU
MRXUQDOLHU DSSX\H] VXU OH ERXWRQ GX
FRPSWHXU MRXUQDOLHU ORUVTXH OH FRQWDFWHXU
G¶DOOXPDJH HVW HQ SRVLWLRQ ³/2&.´³2))´
RX ³$&&´ /H EDVFXOHPHQW GH O¶DIILFKDJH
HQWUH OHV GHX[ FRPSWHXUV MRXUQDOLHUV $ HW
,QVWUXPHQWV HW FRPPDQGHV,QGLFDWHXUV HW MDXJHV
% HVW SRVVLEOH ORUVTXH OH FRPSWHXU WRWDOL
VDWHXUMRXUQDOLHU HVW DOOXPp /H FRPSWHXU
WRWDOLVDWHXUMRXUQDOLHU V¶pWHLQW VL YRXV Q¶DS
SX\H] SDV VXU OH ERXWRQ GX FRPSWHXU
MRXUQDOLHU GDQV OHV VHFRQGHV VXLYDQW
O¶DOOXPDJH
/H FRPSWHXU WRWDOLVDWHXUMRXUQDOLHU V¶pWHLQW
VL YRXV RXYUH] HW IHUPH] OD SRUWLqUH GX
FRQGXFWHXU GDQV OHV VHFRQGHV VXLYDQW
O¶DOOXPDJH
9RXV SRXYH] DORUV SDVVHU G¶XQ pFUDQ j
O¶DXWUH FRPPH LQGLTXp GDQV OD VpTXHQFH
VXLYDQWH HQ DSSX\DQW VXU OH ERXWRQ GX
FRPSWHXU MRXUQDOLHU
3RXU UHPHWWUH FH FRPSWHXU j ]pUR FKRL
VLVVH] OD IRQFWLRQ FRPSWHXU MRXUQDOLHU $ RX
% HQ DSSX\DQW VXU OH ERXWRQ HW WHQH] OH
ERXWRQ HQIRQFp SHQGDQW DX PRLQV VHFRQGHV
$77(17,21
3RXU GHV TXHVWLRQV GH VpFXULWp QH
WHQWH] SDV GH FKDQJHU OH PRGH GH
IRQFWLRQQHPHQW GH O¶LQGLFDWHXU WRXW
HQ FRQGXLVDQW YRXV ULVTXHULH] GH
SURYRTXHU XQ DFFLGHQW
5(0$548(
7RXWH LQWHUUXSWLRQ GH OD OLDLVRQ HQWUH OHV
LQVWUXPHQWV GH ERUG HW OD EDWWHULH
WUDYDX[ G¶HQWUHWLHQ UHPSODFHPHQW GX
IXVLEOH HWF HQWUDvQH OD SHUWH GHV
GRQQpHV HQUHJLVWUpHV SDU OH FRPSWHXU
MRXUQDOLHU
& ,QGLFDWHXU GH QLYHDX GH FDU
EXUDQW
& &RPSWHWRXUV
/H FRPSWHWRXUV LQGLTXH OH UpJLPH GX
PRWHXU HQ PLOOLHUV GH WRXUV SDU PLQXWH
$77(17,21
1H IDLWHV SDV WRXUQHU OH PRWHXU DYHF
O¶DLJXLOOH GX FRPSWHWRXUV GDQV OD
]RQH URXJH 'DQV FHWWH ]RQH O¶LQMHF
WLRQ GH FDUEXUDQW VHUD FRXSpH SDU OH
PRGXOH GH FRPPDQGH GX PRWHXU
DILQ GH SURWpJHU OH PRWHXU GHV VXU
UpJLPHV /H PRWHXU UHSUHQG VRQ
IRQFWLRQQHPHQW QRUPDO DSUqV TXH
OH UpJLPH PRWHXU VRLW GHVFHQGX
VRXV OD ]RQH URXJH
7pPRLQ DYHUWLVVHXU GH EDV QLYHDX GH
FDUEXUDQW
/¶LQGLFDWHXU GH QLYHDX GH FDUEXUDQW LQ
GLTXH OD TXDQWLWp UHVWDQWH DSSUR[LPDWLYH
GH FDUEXUDQW GDQV OH UpVHUYRLU
/RUVTXH OH FRQWDFWHXU G¶DOOXPDJH HVW GDQV
OD SRVLWLRQ ³/2&.´³2))´ RX ³$&&´ O¶LQGL
FDWHXU GH QLYHDX GH FDUEXUDQW LQGLTXH ³(´
PrPH VL OH UpVHUYRLU GH FDUEXUDQW FRQWLHQW
GX FDUEXUDQW
/¶LQGLFDWHXU SHXW ERXJHU OpJqUHPHQW HQ
FDV GH IUHLQDJH G¶DFFpOpUDWLRQ RX GH
YLUDJH GX IDLW GH O¶DJLWDWLRQ GX FDUEXUDQW
j O¶LQWpULHXU GX UpVHUYRLU
6L YRXV DSSX\H] VXU OH ERXWRQ GX FRPS
WHXU MRXUQDOLHU ORUVTXH OH FRQWDFWHXU G¶DO
± 68,7( ±
,QVWUXPHQWV HW FRPPDQGHV,QGLFDWHXUV HW MDXJHV
OXPDJH HVW HQ SRVLWLRQ ³/2&.´³2))´ RX
³$&&´ OH FDGUDQ GH OD MDXJH GH FDUEXUDQW
V¶DOOXPH HW O¶DLJXLOOH LQGLTXH OD TXDQWLWp GH
FDUEXUDQW UHVWDQW GDQV OH UpVHUYRLU
/RUVTXH O¶DLJXLOOH GH OD MDXJH GH FDUEXUDQW
LQGLTXH OD TXDQWLWp GH FDUEXUDQW UHVWDQW
GDQV OH UpVHUYRLU VL D YRXV QH WRXFKH]
SDV DX ERXWRQ GX FRPSWHXU WRWDOLVDWHXU
SHQGDQW VHFRQGHV RX VL E YRXV
RXYUH] HW UHIHUPH] OD SRUWLqUH GX FRQGXF
WHXU O¶DLJXLOOH GH O¶LQGLFDWHXU GH OD MDXJH
SORQJH VXU OD SRVLWLRQ ³(´ HW OH FDGUDQ DLQVL
TXH O¶DLJXLOOH V¶pWHLJQHQW
5(0$548(
. 9RXV SRXYH] YRLU OH SLFWRJUDPPH
³
´ VXU OD MDXJH GH FDUEXUDQW
&HWWH LQVFULSWLRQ LQGLTXH TXH OH YROHW
FRXYHUFOH GH UHPSOLVVDJH HQ FDUEX
UDQW VH WURXYH GX F{Wp GURLW GX YpKLFXOH
. $SUqV DYRLU IDLW OH SOHLQ GH FDUEXUDQW
O¶LQGLFDWHXU GH QLYHDX GH FDUEXUDQW
LQGLTXH OD TXDQWLWp GDQV OH UpVHUYRLU
GH FDUEXUDQW DSUqV OH GpPDUUDJH GX
PRWHXU ,O SHXW pJDOHPHQW IDOORLU XQ
FHUWDLQ WHPSV MXVTX¶j FH TXH O¶LQGLFD
WHXU GH QLYHDX GH FDUEXUDQW QH VH
VWDELOLVH
. /¶LQGLFDWHXU QH PRQWUH TXH OD TXDQ
WLWp UHVWDQWH DSSUR[LPDWLYH GH FDUEX
UDQW GDQV OH UpVHUYRLU 1¶XWLOLVH] FHWWH
LQGLFDWLRQ TX¶HQ WDQW TXH UpIpUHQFH
. 6L YRXV IDLWHV OH SOHLQ GH FDUEXUDQW
SHQGDQW TXH OH FRQWDFWHXU G¶DOOXPDJH
HVW VXU OD SRVLWLRQ ³21´ OD MDXJH GH
FDUEXUDQW SHXW QH SDV LQGLTXHU OD
TXDQWLWp FRUUHFWH GH FDUEXUDQW GDQV OH
UpVHUYRLU GH FDUEXUDQW
. 6L OD TXDQWLWp GH UDYLWDLOOHPHQW HVW
LQIpULHXUH j HQYLURQ OLWUHV 86 JDO
,PS JDO LO SHXW IDOORLU XQ FHUWDLQ
WHPSV DYDQW TXH O¶LQGLFDWLRQ GH OD MDXJH
GH FDUEXUDQW QH VH VWDELOLVH
& -DXJH GH WHPSpUDWXUH
*DPPH GH WHPSpUDWXUH QRUPDOH
/D MDXJH GH WHPSpUDWXUH LQGLTXH OD WHP
SpUDWXUH GX OLTXLGH GH UHIURLGLVVHPHQW GX
PRWHXU ORUVTXH OH FRQWDFWHXU G¶DOOXPDJH
HVW HQ SRVLWLRQ ³21´
/D WHPSpUDWXUH GX OLTXLGH GH UHIURLGLVVH
PHQW YDULH VHORQ OD WHPSpUDWXUH H[WpULHXUH
HW OHV FRQGLWLRQV GH FRQGXLWH
1RXV YRXV UHFRPPDQGRQV GH SRXUVXLYUH
XQH FRQGXLWH PRGpUpH MXVTX¶j FH TXH OH
SRLQWHXU GH OD MDXJH GH WHPSpUDWXUH
DWWHLJQH OHV HQYLURQV GX PLOLHX GH OD
JDPPH /H IRQFWLRQQHPHQW GX PRWHXU
HVW RSWLPDO ORUVTXH OH OLTXLGH GH UHIURLGLV
VHPHQW GX PRWHXU VH WURXYH GDQV FHWWH
JDPPH GH WHPSpUDWXUH HW LO HVW FRQVHLOOp
,QVWUXPHQWV HW FRPPDQGHV7pPRLQ LQGLFDWHXU 5(9 HW DYHUWLVVHXU VRQRUH 67,
G¶pYLWHU WRXW IRQFWLRQQHPHQW j KDXW UpJLPH
ORUVTXH OH PRWHXU Q¶HVW SDV VXIILVDPPHQW
FKDXIIp
$77(17,21
6L OH SRLQWHXU VRUW GH OD JDPPH GH
IRQFWLRQQHPHQW QRUPDO DUUrWH] SUX
GHPPHQW OH YpKLFXOH GqV TXH YRXV
HQ DYH] OD SRVVLELOLWp
5HSRUWH]YRXV j ³6XUFKDXIIH GX
PRWHXU´ )
& -DXJH (&2
GHSXLV OD GHUQLqUH UHPLVH j ]pUR GX
FRPSWHXU NLORPpWULTXH HW OD FRQVRPPDWLRQ
PR\HQQH DFWXHOOH GH FDUEXUDQW
7pPRLQ LQGLFDWHXU 5(9 HW
DYHUWLVVHXU VRQRUH 67,
/D MDXJH (&2 LQGLTXH O¶pFRQRPLH GH
FDUEXUDQW WHO TX¶RQ SHXW OH YRLU GDQV OH
WDEOHDX VXLYDQW
3RVLWLRQ GH O¶DLJXLOOH
8QLWp DIIL
FKpH
&{Wp ³´
&{Wp ³í´
03*
0HLOOHXU
3OXV IDLEOH
ONP
3OXV IDLEOH
0HLOOHXU
NPO
0HLOOHXU
3OXV IDLEOH
5(0$548(
. /D MDXJH (&2 PRQWUH VHXOHPHQW XQH
LQGLFDWLRQ DSSUR[LPDWLYH
. $SUqV DYRLU UHPLV j ]pUR OH FRPSWHXU
MRXUQDOLHU OD FRQVRPPDWLRQ PR\HQQH
GH FDUEXUDQW Q¶HVW SDV DIILFKpH DYDQW
GH FRQGXLUH NP PLOH -XVTX¶j
FHOD OD MDXJH (&2 QH IRQFWLRQQH SDV
/¶XQLWp DIILFKpH YDULH HQ IRQFWLRQ GHV
PRGqOHV
7pPRLQ LQGLFDWHXU 5(9
/H V\VWqPH G¶DODUPH 5(9 UHPSOLW OHV
IRQFWLRQV VXLYDQWHV
. /RUVTXH OH UpJLPH GX PRWHXU DWWHLQW XQ
QLYHDX SUpUpJOp OH WpPRLQ LQGLFDWHXU 5(9
V¶DOOXPH SRXU YRXV HQ LQIRUPHU ¬ FH
PRPHQW XQ DYHUWLVVHXU VRQRUH UHWHQWLW
pJDOHPHQW VL OH UpJODJH GH O¶DYHUWLVVHXU
VRQRUH HVW DFWLYp
. /RUVTXH OH UpJLPH PRWHXU HQWUH GDQV OD
]RQH URXJH GX FRPSWHWRXUV OH WpPRLQ
LQGLFDWHXU 5(9 FOLJQRWH
/D MDXJH (&2 LQGLTXH OD GLIIpUHQFH HQWUH
OD FRQVRPPDWLRQ PR\HQQH GH FDUEXUDQW
± 68,7( ±
,QVWUXPHQWV HW FRPPDQGHV7pPRLQV DYHUWLVVHXUV HW LQGLFDWHXUV
5(0$548(
0rPH VL OH V\VWqPH G¶DODUPH 5(9 Q¶HVW
SDV UpJOp OH WpPRLQ LQGLFDWHXU 5(9
FOLJQRWH j FKDTXH IRLV TXH OH UpJLPH
PRWHXU HQWUH GDQV OD ]RQH URXJH GX
FRPSWHWRXUV
3RXU FKDQJHU OHV UpJODJHV GH O¶LQGLFDWHXU
5(9 H[pFXWH] OD SURFpGXUH GpFULWH GDQV
³5(9 VHWWLQJV 3DUDPpWUDJH 5(9 67, ´
)
7pPRLQV DYHUWLVVHXUV HW LQ
GLFDWHXUV
3OXVLHXUV WpPRLQV DYHUWLVVHXUV HW LQGLFD
WHXUV V¶DOOXPHQW ORUVTXH YRXV PHWWH] OH
FRQWDFWHXU G¶DOOXPDJH HQ SRVLWLRQ ³21´
&HFL SHUPHW OH FRQWU{OH GHV DPSRXOHV GH
FHV WpPRLQV
3RXU FRQWU{OHU OH IRQFWLRQQHPHQW GHV
WpPRLQV VHUUH] OH IUHLQ GH VWDWLRQQHPHQW
HW PHWWH] OH FRQWDFWHXU G¶DOOXPDJH HQ
SRVLWLRQ ³21´ 3RXU OH FRQWU{OH GX V\V
WqPH OHV WpPRLQV VXLYDQWV V¶DOOXPHQW HW
V¶pWHLJQHQW DSUqV TXHOTXHV VHFRQGHV RX
DSUqV OH GpPDUUDJH GX PRWHXU
7pPRLQ DYHUWLVVHXU GH FHLQWXUH GH
VpFXULWp
/H WpPRLQ DYHUWLVVHXU GH FHLQWXUH GH
VpFXULWp QH V¶pWHLQW TXH ORUVTXH OH
FRQGXFWHXU DWWDFKH VD FHLQWXUH GH
VpFXULWp
7pPRLQ DYHUWLVVHXU GH FHLQWXUH GH
VpFXULWp GX SDVVDJHU DYDQW
/H WpPRLQ DYHUWLVVHXU GH FHLQWXUH GH
VpFXULWp QH V¶pWHLQW TXH ORUVTXH OH
SDVVDJHU GX VLqJH DYDQW DWWDFKH VD
FHLQWXUH GH VpFXULWp
7pPRLQ DYHUWLVVHXU GX V\VWqPH GH
FRXVVLQ GH VpFXULWp 656
21 7pPRLQ LQGLFDWHXU G¶DFWLYDWLRQ GX
FRXVVLQ GH VpFXULWp IURQWDO GX
SDVVDJHU DYDQW
7pPRLQ LQGLFDWHXU GH GpVDFWLYD
WLRQ GX FRXVVLQ GH VpFXULWp IURQWDO
GX SDVVDJHU DYDQW
7pPRLQ DYHUWLVVHXU G¶DQRPDOLH PR
WHXU &+(&. (1*,1(7pPRLQ LQGLFD
WHXU GH G\VIRQFWLRQQHPHQW
7pPRLQ DYHUWLVVHXU GH FKDUJH
7pPRLQ DYHUWLVVHXU GH SUHVVLRQ
G¶KXLOH
7pPRLQ LQGLFDWHXU 5(9 67,
7pPRLQ DYHUWLVVHXU GH VXUFKDXIIH GH
O¶KXLOH GH ERvWH GH YLWHVVHV DXWRPD
WLTXH $7 2,/ 7(03
PRGqOHV &97
7pPRLQ DYHUWLVVHXU GH WHPSpUDWXUH
G¶KXLOH GX GLIIpUHQWLHO DUULqUH 67,
7pPRLQ DYHUWLVVHXU GH SUHVVLRQ GH
JRQIODJH EDVVH GHV SQHXV
PRGqOHV VSpFLILFDWLRQ GHV eWDWV
8QLV
7pPRLQ DYHUWLVVHXU GHV IUHLQV
DQWLEORFDJH $%6
7pPRLQ DYHUWLVVHXU GX V\VWqPH
GHV IUHLQV
,QVWUXPHQWV HW FRPPDQGHV7pPRLQV DYHUWLVVHXUV HW LQGLFDWHXUV
7pPRLQ LQGLFDWHXU GX IUHLQ GH
VWDWLRQQHPHQW pOHFWURQLTXH PR
GqOHV DYHF OH V\VWqPH GH IUHLQ GH
VWDWLRQQHPHQW pOHFWURQLTXH
7pPRLQ DYHUWLVVHXU GH EDV QLYHDX GH
FDUEXUDQW
7pPRLQ DYHUWLVVHXU G¶DLGH DX GpPDU
UDJH HQ F{WH7pPRLQ LQGLFDWHXU GH
GpVDFWLYDWLRQ G¶DLGH DX GpPDUUDJH HQ
F{WH PRGqOHV VDQV V\VWqPH GH IUHLQ
GH VWDWLRQQHPHQW pOHFWURQLTXH
7pPRLQ DYHUWLVVHXU G¶RXYHUWXUH GH
SRUWLqUH
7pPRLQ DYHUWLVVHXU $:'
PRGqOHV
VHORQ
7pPRLQ DYHUWLVVHXU GH GLUHFWLRQ DVVLV
WpH VDXI 67,
7pPRLQ DYHUWLVVHXU GX &RQWU{OH GH
'\QDPLTXH GX 9pKLFXOH7pPRLQ LQGL
FDWHXU GH IRQFWLRQQHPHQW GX &RQWU{OH
GH '\QDPLTXH GX 9pKLFXOH
7pPRLQ LQGLFDWHXU GH GpVDFWLYDWLRQ GX
&RQWU{OH GH '\QDPLTXH GX 9pKLFXOH
7pPRLQ DYHUWLVVHXU GH SKDUH /('
VHORQ PRGqOHV
7pPRLQ DYHUWLVVHXU GX GLVSRVLWLI GH
UpJODJH DXWRPDWLTXH GH SRUWpH GHV
SKDUHV VHORQ PRGqOHV
7pPRLQ LQGLFDWHXU GH PRGH GH WUDFWLRQ
6L O¶XQ GH FHV WpPRLQV QH V¶DOOXPH SDV
O¶DPSRXOH HVW JULOOpH RX ELHQ OH FLUFXLW GX
WpPRLQ QH IRQFWLRQQH SDV FRUUHFWHPHQW
$GUHVVH]YRXV j YRWUH FRQFHVVLRQQDLUH
DJUpp 68%$58 SRXU OD UpSDUDWLRQ
& 7pPRLQ DYHUWLVVHXU HW
VLJQDO VRQRUH GH FHLQ
WXUH GH VpFXULWp
7pPRLQ DYHUWLVVHXU GX FRQGXFWHXU
&RQIRUPpPHQW j OD UpJOHPHQWDWLRQ HQ
YLJXHXU YRWUH YpKLFXOH HVW pTXLSp G¶XQ
GLVSRVLWLI G¶DODUPH SRXU OD FHLQWXUH GH
VpFXULWp GX FRQGXFWHXU HW GX SDVVDJHU
DYDQW
&H GLVSRVLWLI D SRXU REMHW GH UDSSHOHU DX
FRQGXFWHXU HW DX SDVVDJHU DYDQW DX
PRPHQW R OH FRQWDFWHXU G¶DOOXPDJH HVW
PLV HQ SRVLWLRQ ³21´ TX¶LOV GRLYHQW DWWD
FKHU OHXU FHLQWXUH GH VpFXULWp 'HV Wp
PRLQV DYHUWLVVHXUV V¶DOOXPHQW DX[ HPSOD
FHPHQWV LQGLTXpV VXU O¶LOOXVWUDWLRQ VXLYDQWH
HW XQ VLJQDO VRQRUH VH IDLW HQWHQGUH
7pPRLQ DYHUWLVVHXU GX SDVVDJHU DYDQW
7pPRLQ LQGLFDWHXU GHV SKDUHV
± 68,7( ±
,QVWUXPHQWV HW FRPPDQGHV7pPRLQV DYHUWLVVHXUV HW LQGLFDWHXUV
! )RQFWLRQQHPHQW
6L OH FRQGXFWHXU HWRX OH SDVVDJHU DYDQW
Q¶RQW SDV HQFRUH DWWDFKp OHXU FHLQWXUH GH
VpFXULWp ORUVTXH OH FRQWDFWHXU G¶DOOXPDJH
HVW PLV HQ SRVLWLRQ ³21´ OH V WpPRLQ V
DYHUWLVVHXU V V¶DOOXPH QW SHQGDQW VH
FRQGHV SRXU DYHUWLU TXH OD RX OHV FHLQWXUHV
GH VpFXULWp QH VRQW SDV DWWDFKpHV 6L OD
FHLQWXUH GH VpFXULWp GX FRQGXFWHXU Q¶HVW
SDV DWWDFKpH RQ HQWHQG pJDOHPHQW XQ
VLJQDO VRQRUH
5(0$548(
. 6L OH FRQGXFWHXU HWRX OH SDVVDJHU
DYDQW Q¶HVW QH VRQW SDV DWWDFKp V VHFRQGHV SOXV WDUG OH GLVSRVLWLI DYHU
WLVVHXU GHV FHLQWXUHV GH VpFXULWp IRQF
WLRQQHUD GH OD PDQLqUH VXLYDQWH HQ
IRQFWLRQ GH OD YLWHVVH GX YpKLFXOH
± ¬ XQH YLWHVVH LQIpULHXUH j HQYLURQ
NPK PSK
/H RX OHV WpPRLQV DYHUWLVVHXUV GH OD
RX GHV FHLQWXUHV GH VpFXULWp QRQ
DWWDFKpHV DOWHUQHURQW OHV SKDVHV GH
FOLJQRWHPHQW HW G¶DOOXPDJH HQ
FRQWLQX SDU LQWHUYDOOHV GH VHFRQ
GHV ,O Q¶\ D SDV GH VLJQDO VRQRUH
± ¬ XQH YLWHVVH VXSpULHXUH j HQYL
URQ NPK PSK
/H RX OHV WpPRLQV DYHUWLVVHXUV GH OD
RX GHV FHLQWXUHV GH VpFXULWp QRQ
DWWDFKpHV DOWHUQHURQW OHV SKDVHV GH
FOLJQRWHPHQW HW G¶DOOXPDJH HQ
FRQWLQX j LQWHUYDOOHV GH VHFRQ
GHV DYHF VLJQDO VRQRUH G¶DODUPH
SHQGDQW OHV SKDVHV GH FOLJQRWH
PHQW GX RX GHV WpPRLQV DYHUWLV
VHXUV
. ,O HVW SRVVLEOH GH GpVDFWLYHU OD IRQF
WLRQ G¶DYHUWLVVHPHQW TXL V¶HVW HQFOHQ
FKpH DSUqV OD SpULRGH GH VHFRQGHV
D\DQW VXLYL OH SRVLWLRQQHPHQW VXU 21
GX FRQWDFWHXU G¶DOOXPDJH &HSHQGDQW
ORUVTXH OH FRQWDFWHXU G¶DOOXPDJH HVW
DFWLYp OD IRLV VXLYDQWH FHOD UpDUPH OH
V\VWqPH HW WRXWHV OHV IRQFWLRQV G¶DYHU
WLVVHPHQW GpFULWHV FLGHVVXV VRQW j
QRXYHDX RSpUDWLRQQHOOHV 3RXU SOXV GH
GpWDLOV VXU OD GpVDFWLYDWLRQ GH OD IRQF
WLRQ GH PLVH HQ JDUGH YHXLOOH] FRQWDF
WHU YRWUH FRQFHVVLRQQDLUH 68%$58
6¶LO Q¶\ D SHUVRQQH VXU OH VLqJH GX
SDVVDJHU DYDQW OH GLVSRVLWLI DYHUWLVVHXU
GH FHLQWXUH GH VpFXULWp GX VLqJH GX
SDVVDJHU DYDQW HVW GpVDFWLYp /H GLVSRVLWLI
GH GpWHFWLRQ GH SUpVHQFH G¶XQ SDVVDJHU
DYDQW SHUPHW DX V\VWqPH GH VDYRLU VL OH
VLqJH GX SDVVDJHU DYDQW HVW RFFXSp RX
QRQ
2EVHUYH] OHV SUpFDXWLRQV VXLYDQWHV
)DXWH GH TXRL OH GLVSRVLWLI QH SRXUUD SDV
IRQFWLRQQHU FRUUHFWHPHQW HW ULVTXH GH VH
GpUpJOHU
. 1H IL[H] DXFXQ DFFHVVRLUH DX GRVVLHU
GX VLqJH WDEOHWWH WpOpYLVHXU HWF . 1H SODFH] DXFXQ REMHW ORXUG GDQV OD
SRFKH GX GRVVLHU GH VLqJH
. 9HLOOH] j FH TXH OH SDVVDJHU LQVWDOOp j
O¶DUULqUH QH SRVH SDV OHV EUDV RX OHV
MDPEHV VXU RX FRQWUH OH GRVVLHU GX VLqJH
DYDQW HW TX¶LO QH WLUH SDV OH GRVVLHU GX VLqJH
DYDQW
. 1¶XWLOLVH] SDV OHV VLqJHV DYDQW VDQV
TX¶LOV VRLHQW FRUUHFWHPHQW YHUURXLOOpV HQ
SRVLWLRQ DYDQWDUULqUH RX VDQV TXH OH
GRVVLHU VRLW FRUUHFWHPHQW YHUURXLOOp 6L XQ
VLqJH RX VRQ GRVVLHU Q¶HVW SDV YHUURXLOOp
FRUUHFWHPHQW DJLVVH] VXU OH UpJODJH SRXU
TXH OH ORTXHW V¶HQJDJH FRUUHFWHPHQW 3RXU
OD SURFpGXUH GH UpJODJH UHSRUWH]YRXV j
³6LqJHV DYDQW´ )
6L OH GLVSRVLWLI DYHUWLVVHXU GH FHLQWXUH GH
VpFXULWp SRXU SDVVDJHU DYDQW QH IRQF
WLRQQH SDV FRUUHFWHPHQW F¶HVWjGLUH V¶LO
HVW DFWLYp DORUV TXH OH VLqJH GX SDVVDJHU
DYDQW Q¶HVW SDV RFFXSp RX V¶LO HVW GpV
DFWLYp DORUV TXH OH SDVVDJHU DYDQW Q¶D SDV
DWWDFKp VD FHLQWXUH GH VpFXULWp SUHQH]
OHV PHVXUHV VXLYDQWHV
. $VVXUH]YRXV TX¶DXFXQ REMHW QH VH
WURXYH VXU OH VLqJH H[FHSWp XQ pYHQWXHO
V\VWqPH GH UHWHQXH SRXU HQIDQW HW O¶HQIDQW
O¶RFFXSDQW 1RXV YRXV FRQVHLOORQV FHSHQ
GDQW IRUWHPHQW G¶DVVHRLU WRXV OHV HQIDQWV
VXU OH VLqJH DUULqUH FRUUHFWHPHQW DWWD
,QVWUXPHQWV HW FRPPDQGHV7pPRLQV DYHUWLVVHXUV HW LQGLFDWHXUV
FKpV
. 9pULILH] TXH YRXV Q¶DYH] ODLVVp DXFXQ
REMHW GDQV OD SRFKH GX GRVVLHU GH VLqJH
. 9pULILH] TXH OH ORTXHW GH SRVLWLRQ DYDQW
DUULqUH HW OH ORTXHW GX GRVVLHU GX VLqJH GX
SDVVDJHU DYDQW VRQW FRUUHFWHPHQW HQJD
JpV HQ HVVD\DQW GH GpSODFHU OH VLqJH YHUV
O¶DYDQW HW YHUV O¶DUULqUH
6L OH GLVSRVLWLI DYHUWLVVHXU GH FHLQWXUH GH
VpFXULWp SRXU SDVVDJHU DYDQW QH IRQF
WLRQQH WRXMRXUV SDV FRUUHFWHPHQW DSUqV
TXH OHV PHVXUHV FRUUHFWLYHV FLGHVVXV
DLHQW pWp SULVHV FRQWDFWH] LPPpGLDWHPHQW
XQ FRQFHVVLRQQDLUH 68%$58 SRXU XQ
FRQWU{OH
& 7pPRLQ DYHUWLVVHXU GX
V\VWqPH GH FRXVVLQ GH
VpFXULWp 656
3RXU SOXV GH GpWDLOV FRQFHUQDQW OH WpPRLQ
DYHUWLVVHXU GX V\VWqPH GH FRXVVLQ GH
VpFXULWp 656 UHSRUWH]YRXV j ³6XUYHLO
ODQFH GX V\VWqPH GHV FRXVVLQV GH VpFX
ULWp 656´ )
'$1*(5
6L OH WpPRLQ DYHUWLVVHXU SUpVHQWH
O¶XQ GHV pWDWV PHQWLRQQpV FLDSUqV
OHV SUpWHQVLRQQHXUV GH FHLQWXUH GH
VpFXULWp HWRX OH V\VWqPH GHV FRXV
VLQV GH VpFXULWp 656 QH IRQFWLRQ
QHQW SHXWrWUH SDV QRUPDOHPHQW
. /H WpPRLQ DYHUWLVVHXU FOLJQRWH RX
V¶DOOXPH HW V¶pWHLQW
. /H WpPRLQ DYHUWLVVHXU QH V¶DOOXPH
SDV ORUV GH OD PLVH VXU OD SRVLWLRQ
³21´ GX FRQWDFWHXU G¶DOOXPDJH
. /H WpPRLQ DYHUWLVVHXU UHVWH DO
OXPp HQ SHUPDQHQFH
. /H WpPRLQ DYHUWLVVHXU V¶DOOXPH
SHQGDQW OD FRQGXLWH
3UpVHQWH] LPPpGLDWHPHQW YRWUH Yp
KLFXOH DX FRQFHVVLRQQDLUH 68%$58
OH SOXV SURFKH SRXU IDLUH FRQWU{OHU OH
V\VWqPH )DXWH GH IDLUH FRQWU{OHU HW
UHPHWWUH OH V\VWqPH HQ pWDW OHV
SUpWHQVLRQQHXUV GH FHLQWXUH GH Vp
FXULWp HWRX OHV FRXVVLQV GH VpFXULWp
656 QH IRQFWLRQQHURQW SDV FRUUHF
WHPHQW HQ FDV GH FROOLVLRQ FH TXL
SRXUUDLW DFFURvWUH OHV ULVTXHV GH
EOHVVXUHV
& ,QGLFDWHXUV G¶DFWLYDWLRQ HW GH
GpVDFWLYDWLRQ GX FRXVVLQ GH
VpFXULWp IURQWDO GX SDVVDJHU
DYDQW
21 ,QGLFDWHXU G¶DFWLYDWLRQ GX FRXVVLQ GH
VpFXULWp IURQWDO GH SDVVDJHU DYDQW
,QGLFDWHXU GH GpVDFWLYDWLRQ GX
FRXVVLQ GH VpFXULWp IURQWDO GH SDV
VDJHU DYDQW
/HV LQGLFDWHXUV G¶DFWLYDWLRQ HW GH GpVDFWL
YDWLRQ GX FRXVVLQ GH VpFXULWp IURQWDO GX
SDVVDJHU DYDQW SHUPHWWHQW GH VDYRLU VL OH
V\VWqPH D PLV HQ VHUYLFH RX QRQ OH
FRXVVLQ GH VpFXULWp IURQWDO 656 SRXU
SDVVDJHU DYDQW
&HV LQGLFDWHXUV VH WURXYHQW SUqV GH
O¶KRUORJH DX PLOLHX GX WDEOHDX GH ERUG
/RUVTX¶RQ PHW OH FRQWDFWHXU G¶DOOXPDJH HQ
SRVLWLRQ ³21´ OHV LQGLFDWHXUV G¶DFWLYDWLRQ
± 68,7( ±
,QVWUXPHQWV HW FRPPDQGHV7pPRLQV DYHUWLVVHXUV HW LQGLFDWHXUV
HW GH GpVDFWLYDWLRQ V¶DOOXPHQW WRXV GHX[
SHQGDQW VHFRQGHV SpULRGH SHQGDQW
ODTXHOOH VH IDLW OH FRQWU{OH GX V\VWqPH
$SUqV YpULILFDWLRQ GX V\VWqPH OHV GHX[
LQGLFDWHXUV V¶pWHLJQHQW SHQGDQW VHFRQ
GHV /¶XQ GHV GHX[ LQGLFDWHXUV V¶DOOXPH
HQVXLWH HQ IRQFWLRQ GX VWDWXW GX FRXVVLQ
GH VpFXULWp IURQWDO 656 SRXU SDVVDJHU
DYDQW GpWHUPLQp SDU OH V\VWqPH 68%$58
GH FRXVVLQ GH VpFXULWp IURQWDO SHUIHF
WLRQQp
6L OH FRXVVLQ GH VpFXULWp IURQWDO 656 SRXU
SDVVDJHU DYDQW HVW DFWLYp O¶LQGLFDWHXU
G¶DFWLYDWLRQ V¶DOOXPH HW O¶LQGLFDWHXU GH
GpVDFWLYDWLRQ UHVWH pWHLQW
6L OH FRXVVLQ GH VpFXULWp IURQWDO 656 SRXU
SDVVDJHU DYDQW HVW GpVDFWLYp O¶LQGLFDWHXU
G¶DFWLYDWLRQ GX FRXVVLQ GH VpFXULWp IURQWDO
GH SDVVDJHU UHVWH pWHLQW DORUV TXH O¶LQGL
FDWHXU GH GpVDFWLYDWLRQ V¶DOOXPH
/RUVTXH OH FRQWDFWHXU G¶DOOXPDJH HVW HQ
SRVLWLRQ ³21´ VL OHV LQGLFDWHXUV G¶DFWLYD
WLRQ HW GH GpVDFWLYDWLRQ UHVWHQW WRXV GHX[
DOOXPpV RX pWHLQWV XQH IRLV OD SKDVH GH
FRQWU{OH GX V\VWqPH WHUPLQpH OH V\VWqPH
HVW GpIHFWXHX[ &RQWDFWH] LPPpGLDWHPHQW
YRWUH FRQFHVVLRQQDLUH 68%$58 HW IDLWHV
OH FRQWU{OHU
& 7pPRLQ DYHUWLVVHXU
G¶DQRPDOLH PRWHXU
&+(&. (1*,1(7p
PRLQ LQGLFDWHXU GH G\V
IRQFWLRQQHPHQW
$77(17,21
6L OH WpPRLQ DYHUWLVVHXU G¶DQRPDOLH
PRWHXU &+(&. (1*,1( V¶DOOXPH
SHQGDQW OD FRQGXLWH IDLWHV FRQWU{
OHUUpSDUHU YRWUH YpKLFXOH SDU XQ
FRQFHVVLRQQDLUH DJUpp 68%$58
GqV TXH SRVVLEOH &RQWLQXHU j URXOHU
VDQV IDLUH FRQWU{OHUUpSDUHU OH V\V
WqPH DQWLSROOXWLRQ SHXW HQWUDvQHU GH
JUDYHV GpWpULRUDWLRQV TXL QH VH
UDLHQW SDV FRXYHUWHV SDU OD JDUDQWLH
GH YRWUH YpKLFXOH
6L FH WpPRLQ UHVWH DOOXPp HQ SHUPDQHQFH
RX FOLJQRWH ORUVTXH OH PRWHXU HVW HQ
PDUFKH FHOD SHXW rWUH VLJQH GH OD SUp
VHQFH G¶XQH DQRPDOLH DX PRLQV GDQV OH
V\VWqPH DQWLSROOXWLRQ
! 6L OH WpPRLQ V¶DOOXPH FRQVWDPPHQW
6L OH WpPRLQ UHVWH DOOXPp HQ FRQWLQX
SHQGDQW OD FRQGXLWH RX V¶LO QH V¶pWHLQW
SDV DSUqV OD PLVH HQ PDUFKH GX PRWHXU
XQH DQRPDOLH GH IRQFWLRQQHPHQW GX V\V
WqPH DQWLSROOXWLRQ D pWp GpWHFWpH
,O IDXW DORUV IDLUH LPPpGLDWHPHQW FRQWU{OHU
OH YpKLFXOH SDU XQ FRQFHVVLRQQDLUH DJUpp
68%$58
5(0$548(
/H WpPRLQ V¶DOOXPH pJDOHPHQW VL OH
ERXFKRQ GX UpVHUYRLU GH FDUEXUDQW Q¶D
SDV pWp VHUUp FRUUHFWHPHQW MXVTX¶j
HQFOHQFKHPHQW
6L YRXV DYH] UpFHPPHQW IDLW OH SOHLQ GH
YRWUH YpKLFXOH OD FDXVH GH O¶DOOXPDJH GX
WpPRLQ DYHUWLVVHXU G¶DQRPDOLH PRWHXU
&+(&. (1*,1(WpPRLQ LQGLFDWHXU GH
G\VIRQFWLRQQHPHQW SHXW SURYHQLU G¶XQ
ERXFKRQ GH UpVHUYRLU PDQTXDQW RX PDO
VHUUp 5RXYUH] OH ERXFKRQ HW UHIHUPH]OH
HQ OH WRXUQDQW MXVTX¶j HQFOHQFKHPHQW
9pULILH] TXH ULHQ Q¶HPSrFKH OD IHUPHWXUH
pWDQFKH GX ERXFKRQ /H UHVVHUUDJH GX
ERXFKRQ Q¶D SDV SRXU HIIHW LPPpGLDW
G¶pWHLQGUH OH WpPRLQ DYHUWLVVHXU G¶DQRPD
OLH PRWHXU &+(&. (1*,1(OH WpPRLQ
LQGLFDWHXU GH G\VIRQFWLRQQHPHQW /¶H[WLQF
WLRQ GX WpPRLQ SHXW QH VH SURGXLUH
TX¶DSUqV SOXVLHXUV WUDMHWV DYHF OH YpKLFXOH
6L OH WpPRLQ QH V¶pWHLQW SDV SUpVHQWH]
LPPpGLDWHPHQW YRWUH YpKLFXOH j XQ
FRQFHVVLRQQDLUH DJUpp 68%$58
! 6L OH WpPRLQ FOLJQRWH
6L OH WpPRLQ FOLJQRWH SHQGDQW OD FRQGXLWH
XQ GpIDXW G¶DOOXPDJH GX PRWHXU VXVFHS
WLEOH G¶HQGRPPDJHU OH V\VWqPH DQWLSROOX
,QVWUXPHQWV HW FRPPDQGHV7pPRLQV DYHUWLVVHXUV HW LQGLFDWHXUV
WLRQ D pWp GpWHFWp
3RXU pYLWHU TXH OH V\VWqPH DQWLSROOXWLRQ QH
VRLW JUDYHPHQW HQGRPPDJp YRXV GHYH]
DORUV
. UpGXLUH OD YLWHVVH GX YpKLFXOH
. pYLWHU OHV IRUWHV DFFpOpUDWLRQV
. pYLWHU GH PRQWHU GHV URXWHV WUqV SHQ
WXHV
. VL SRVVLEOH UpGXLUH OD FKDUJH GX YpKL
FXOH
$SUqV SOXVLHXUV WUDMHWV DYHF YpKLFXOH LO
DUULYH TXH OH WpPRLQ DYHUWLVVHXU G¶DQRPD
OLH PRWHXU &+(&. (1*,1( FHVVH GH
FOLJQRWHU SRXU UHVWHU DOOXPp HQ SHUPD
QHQFH ,O IDXW DORUV IDLUH LPPpGLDWHPHQW
FRQWU{OHU OH YpKLFXOH SDU XQ FRQFHVVLRQ
QDLUH DJUpp 68%$58
& 7pPRLQ DYHUWLVVHXU GH
FKDUJH
6L FH WpPRLQ V¶DOOXPH SHQGDQW TXH OH
PRWHXU WRXUQH FHOD VLJQLILH TXH OH FLUFXLW
GH FKDUJH QH IRQFWLRQQH SDV QRUPDOH
PHQW
6L OH WpPRLQ V¶DOOXPH SHQGDQW OD FRQGXLWH
RX V¶LO UHVWH DOOXPp DSUqV OD PLVH HQ
PDUFKH GX PRWHXU DUUrWH] OH PRWHXU GqV
TXH OD VpFXULWp OH SHUPHW SXLV FRQWU{OH] OD
FRXUURLH GH O¶DOWHUQDWHXU 6L OD FRXUURLH HVW
GpWHQGXH RX FDVVpH RX VL OH WpPRLQ UHVWH
DOOXPp DORUV TXH OD FRXUURLH HVW HQ ERQ
pWDW FRQWDFWH] LPPpGLDWHPHQW OH FRQFHV
VLRQQDLUH 68%$58 OH SOXV SURFKH
& 7pPRLQ DYHUWLVVHXU GH
SUHVVLRQ G¶KXLOH
6L FH WpPRLQ V¶DOOXPH SHQGDQW TXH OH
PRWHXU WRXUQH FHOD VLJQLILH TXH OD SUHV
VLRQ G¶KXLOH PRWHXU HVW WURS EDVVH HW TXH OH
FLUFXLW GH OXEULILFDWLRQ QH IRQFWLRQQH SDV
QRUPDOHPHQW
6L OH WpPRLQ V¶DOOXPH SHQGDQW OD FRQGXLWH
RX V¶LO UHVWH DOOXPp DSUqV OD PLVH HQ
PDUFKH GX PRWHXU DUUrWH] OH PRWHXU GqV
TXH OD VpFXULWp OH SHUPHW SXLV FRQWU{OH] OH
QLYHDX G¶KXLOH PRWHXU 6L OH QLYHDX HVW EDV
UDMRXWH] GH O¶KXLOH LPPpGLDWHPHQW 6L OH
QLYHDX G¶KXLOH PRWHXU HVW QRUPDO PDLV TXH
OH WpPRLQ UHVWH DOOXPp FRQWDFWH] LPPp
GLDWHPHQW OH FRQFHVVLRQQDLUH 68%$58 OH
SOXV SURFKH
3RXU SOXV GH GpWDLOV FRQFHUQDQW OH FRQWU{OH
GX QLYHDX G¶KXLOH RX O¶DMRXW G¶KXLOH PRWHXU
UHSRUWH]YRXV j ³+XLOH PRWHXU´ )
& ,QGLFDWHXU G¶DYHUWLVVH
PHQW GH QLYHDX G¶KXLOH
PRWHXU EDV
VDXI 67,
&HW LQGLFDWHXU DSSDUDvW ORUVTXH OH QLYHDX
G¶KXLOH PRWHXU SDVVH HQ GHVVRXV GH OD
OLPLWH PLQLPDOH
6L O¶LQGLFDWHXU G¶DYHUWLVVHPHQW GH EDV
QLYHDX G¶KXLOH PRWHXU DSSDUDvW ORUV GH OD
FRQGXLWH JDUH] OH YpKLFXOH GDQV XQ
HQGURLW V€U HW SODW SXLV YpULILH] OH QLYHDX
G¶KXLOH PRWHXU /RUVTXH OH QLYHDX G¶KXLOH
PRWHXU Q¶HVW SDV GDQV OD IRXUFKHWWH
QRUPDOH UHPSOLU DYHF GH O¶KXLOH PRWHXU
5HSRUWH]YRXV j ³+XLOH PRWHXU´ )
6L O¶LQGLFDWHXU G¶DYHUWLVVHPHQW QH GLVSDUDvW
SDV DSUqV OH UHPSOLVVDJH G¶KXLOH PRWHXU
RX TXH O¶LQGLFDWHXU G¶DYHUWLVVHPHQW DSSD
UDvW PrPH VL OH QLYHDX G¶KXLOH PRWHXU HVW
GDQV OD IRXUFKHWWH QRUPDOH IDLWHV YpULILHU
OH YpKLFXOH SDU XQ FRQFHVVLRQQDLUH
68%$58
$77(17,21
1H IDLWHV SDV IRQFWLRQQHU OH PRWHXU
VL OH WpPRLQ DYHUWLVVHXU GH SUHVVLRQ
G¶KXLOH UHVWH DOOXPp &HOD SHXW HQ
GRPPDJHU JUDYHPHQW OH PRWHXU
± 68,7( ±
,QVWUXPHQWV HW FRPPDQGHV7pPRLQV DYHUWLVVHXUV HW LQGLFDWHXUV
5(0$548(
. $SUqV DYRLU UHPSODFp RX UDMRXWp GH
O¶KXLOH PRWHXU VL OH QLYHDX G¶KXLOH HVW
GDQV OD IRXUFKHWWH QRUPDOH DX PRPHQW
GX UHGpPDUUDJH VXU XQH VXUIDFH SODQH
O¶LQGLFDWHXU G¶DYHUWLVVHPHQW VHUD
pWHLQW
. /¶LQGLFDWHXU G¶DYHUWLVVHPHQW SHXW
DSSDUDvWUH WHPSRUDLUHPHQW GDQV OHV
FRQGLWLRQV VXLYDQWHV FDU XQ IDLEOH
QLYHDX G¶KXLOH SHXW rWUH GpWHFWp j OD
VXLWH G¶XQ PRXYHPHQW VLJQLILFDWLI
G¶KXLOH GDQV OH PRWHXU
± ORUVTXH OH YpKLFXOH HVW IRUWHPHQW
LQFOLQp VXU XQH SHQWH DVFHQGDQWH RX
UDLGH
± ORUVTXH OH YpKLFXOH D FRQWLQXHOOH
PHQW DFFpOpUp HW UDOHQWL
± ORUVTXH OH YpKLFXOH HVW WRXUQp
FRQWLQXHOOHPHQW
± ORUVTXH OH YpKLFXOH HVW FRQGXLW
VXU XQH URXWH TXL DOWHUQH FRQWLQXHO
OHPHQW HQWUH OHV PRQWpHV HW OHV
GHVFHQWHV
& ,QGLFDWHXU G¶DYHUWLVVH
PHQW GH OLTXLGH GH ODYH
JODFH GH SDUHEULVH
&HW LQGLFDWHXU DSSDUDvW ORUVTXH OH QLYHDX
GH OLTXLGH GDQV OH UpVHUYRLU GH OLTXLGH GH
ODYHJODFH GLPLQXH MXVTX¶j OD OLPLWH LQIp
ULHXUH HQYLURQ OLWUH 86 TW ,PS
TW & 7pPRLQ DYHUWLVVHXU GH
VXUFKDXIIH GH O¶KXLOH GH
ERvWH GH YLWHVVHV DXWR
PDWLTXH $7 2,/ 7(03
PRGqOHV &97
6L FH WpPRLQ V¶DOOXPH SHQGDQW TXH OH
PRWHXU WRXUQH FHOD VLJQLILH TXH OH OLTXLGH
GH WUDQVPLVVLRQ HVW WURS FKDXG
6L FH WpPRLQ V¶DOOXPH SHQGDQW OD FRQGXLWH
JDUH] LPPpGLDWHPHQW OH YpKLFXOH GDQV XQ
HQGURLW V€U HW ODLVVH] OH PRWHXU WRXUQHU DX
UDOHQWL MXVTX¶j FH TXH OH WpPRLQ DYHUWLVVHXU
V¶pWHLJQH
! $YHUWLVVHXU GX V\VWqPH GH
FRPPDQGH GH WUDQVPLVVLRQ
6L OH WpPRLQ DYHUWLVVHXU ³$7 2,/ 7(03´
FOLJQRWH DSUqV OD PLVH HQ PDUFKH GX
PRWHXU F¶HVW OH VLJQH G¶XQH DQRPDOLH GDQV
OH V\VWqPH GH FRPPDQGH GH WUDQVPLV
VLRQ )DLWHV LPPpGLDWHPHQW H[DPLQHU
YRWUH YpKLFXOH SDU OH FRQFHVVLRQQDLUH
68%$58 OH SOXV SURFKH
& 7pPRLQ DYHUWLVVHXU GH
WHPSpUDWXUH G¶KXLOH GX
GLIIpUHQWLHO DUULqUH 67,
$77(17,21
6L OH WpPRLQ DYHUWLVVHXU 5',))
7(03 V¶DOOXPH UpGXLVH] OD YLWHVVH
GX YpKLFXOH HW DUUrWH]OH GDQV XQ
HQGURLW V€U GqV TXH SRVVLEOH &RQWL
QXHU j FRQGXLUH DYHF FH WpPRLQ
DOOXPp SHXW HQGRPPDJHU OH GLIIp
UHQWLHO DUULqUH HW G¶DXWUHV SLqFHV GX
JURXSH PRWRSURSXOVHXU
/¶DOOXPDJH GX WpPRLQ ORUVTXH OH PRWHXU
HVW HQ PDUFKH LQGLTXH XQH VXUFKDXIIH GH
O¶KXLOH GX GLIIpUHQWLHO DUULqUH
¬ FH PRPHQW OH GLIIpUHQWLHO FHQWUDO j
FRPPDQGH SDU OH FRQGXFWHXU DQQXOH DXWR
PDWLTXHPHQW OH UpJODJH GX UDSSRUW FRXSOH
GLVWULEXWLRQ DFWXHO HW DGRSWH OH UDSSRUW
PLQLPXP
6L OH WpPRLQ V¶DOOXPH SHQGDQW OD FRQGXLWH
UpGXLVH] OD YLWHVVH GX YpKLFXOH HW DUUrWH]
OH GqV TXH SRVVLEOH GDQV XQ OLHX V€U *DUH]
OH YpKLFXOH TXHOTXHV PLQXWHV $SUqV TXH
OH WpPRLQ V¶HVW pWHLQW YRXV SRXYH]
FRPPHQFHU j FRQGXLUH
,QVWUXPHQWV HW FRPPDQGHV7pPRLQV DYHUWLVVHXUV HW LQGLFDWHXUV
6L OH WpPRLQ QH V¶pWHLQW SDV FRQWDFWH] OH
FRQFHVVLRQQDLUH 68%$58 OH SOXV SURFKH
SRXU HQWUHWLHQ
5(0$548(
. 6L OD SUHVVLRQ GHV SQHXV HVW LQFRU
UHFWH HWRX VL OHV SQHXV QH VRQW SDV GH
PrPH WDLOOH HW PDUTXH OH GLIIpUHQWLHO
DUULqUH VHUD ORXUGHPHQW FKDUJp ORUV GH
OD FRQGXLWH GX YpKLFXOH FH TXL SURYR
TXHUD XQH WHPSpUDWXUH G¶KXLOH H[WUr
PHPHQW pOHYpH
. /¶KXLOH GX GLIIpUHQWLHO DUULqUH VH
GpJUDGH VL OD WHPSpUDWXUH DXJPHQWH
DX SRLQW TXH OH WpPRLQ DYHUWLVVHXU GH
WHPSpUDWXUH G¶KXLOH GX GLIIpUHQWLHO DU
ULqUH V¶DOOXPH ,O HVW FRQVHLOOp GH UHP
SODFHU O¶KXLOH GX GLIIpUHQWLHO DUULqUH GqV
TXH SRVVLEOH
& 7pPRLQ DYHUWLVVHXU GH
SUHVVLRQ GH JRQIODJH
EDVVH GHV SQHXV PR
GqOHV VSpFLILFDWLRQ GHV
eWDWV8QLV
/RUV GH OD PLVH VXU ³21´ GX FRQWDFWHXU
G¶DOOXPDJH OH WpPRLQ DYHUWLVVHXU GH SUHV
VLRQ GH JRQIODJH EDVVH GHV SQHXV V¶DO
OXPH SHQGDQW VHFRQGHV HQYLURQ FH TXL
LQGLTXH TXH OH V\VWqPH GH VXUYHLOODQFH GH
OD SUHVVLRQ GHV SQHXV 7306 IRQFWLRQQH
QRUPDOHPHQW 6¶LO Q¶\ D SDV GH SUREOqPH HW
VL WRXV OHV SQHXV VRQW QRUPDOHPHQW JRQ
IOpV OH WpPRLQ V¶pWHLQW
7RXV OHV SQHXV \ FRPSULV FHOXL GH OD URXH
GH VHFRXUV VL IRXUQL GRLYHQW rWUH FRQWU{
OpV j IURLG XQH IRLV SDU PRLV HW UHJRQIOpV j
OD SUHVVLRQ UHFRPPDQGpH SDU OH FRQVWUXF
WHXU GX YpKLFXOH HW LQGLTXpH VXU OD SODTXH
GX YpKLFXOH RX VXU O¶pWLTXHWWH GHV SUHV
VLRQV GH JRQIODJH GHV SQHXV 6L YRWUH
YpKLFXOH HVW pTXLSp GH SQHXV GH WDLOOH
DXWUH TXH OD WDLOOH LQGLTXpH VXU OD SODTXH GX
YpKLFXOH RX VXU O¶pWLTXHWWH GH SUHVVLRQ GH
JRQIODJH GHV SQHXV YRXV GHYH] GpWHUPL
QHU TXHOOH HVW OD SUHVVLRQ GH JRQIODJH GHV
SQHXV FRUUHFWH GH FHV SQHXV
3RXU XQH PHLOOHXUH VpFXULWp YRWUH YpKL
FXOH HVW GRWp G¶XQ V\VWqPH GH VXUYHLOODQFH
GH OD SUHVVLRQ GHV SQHXV 7306 TXL
DOOXPH XQ WpPRLQ DYHUWLVVHXU GH EDVVH
SUHVVLRQ VL O¶XQ GHV SQHXV RX SOXV HVW
VHQVLEOHPHQW VRXVJRQIOp 3DU FRQVp
TXHQW ORUVTXH OH WpPRLQ DYHUWLVVHXU GH
EDVVH SUHVVLRQ GHV SQHXV V¶DOOXPH YRXV
GHYH] DUUrWHU OH SOXV W{W SRVVLEOH SRXU
YpULILHU YRV SQHXV HW OHV UHJRQIOHU j OD
SUHVVLRQ QRUPDOH 5RXOHU DYHF XQ SQHX
VHQVLEOHPHQW VRXVJRQIOp IDLW VXUFKDXIIHU
FH SQHX DYHF ULVTXH G¶pFODWHPHQW 'H
SOXV XQH SUHVVLRQ GH JRQIODJH LQVXIIL
VDQWH UpGXLW O¶HIILFDFLWp GX FDUEXUDQW UpGXLW
OD ORQJpYLWp QRUPDOH GHV SQHXV HW QXLW j OD
ERQQH WHQXH GH URXWH HW DX[ SHUIRUPDQFHV
GH IUHLQDJH
9RXV GHYH] rWUH FRQVFLHQW TXH OH V\VWqPH
7306 QH GLVSHQVH SDV G¶HQWUHWHQLU QRU
PDOHPHQW OHV SQHXV GH YRWUH YpKLFXOH ,O
UHVWH GH OD UHVSRQVDELOLWp GX FRQGXFWHXU
GH PDLQWHQLU OD SUHVVLRQ GH JRQIODJH GHV
SQHXV PrPH VL OH VRXVJRQIODJH Q¶D SDV
DWWHLQW OH QLYHDX TXL GpFOHQFKH O¶DOOXPDJH
GX WpPRLQ GX 7306 VLJQDODQW XQH WURS
EDVVH SUHVVLRQ GHV SQHXV
9RWUH YpKLFXOH HVW pJDOHPHQW pTXLSp G¶XQ
WpPRLQ G¶DQRPDOLH GH IRQFWLRQQHPHQW GX
7306 SRXU LQGLTXHU ORUVTXH OH V\VWqPH QH
IRQFWLRQQH SDV FRUUHFWHPHQW /H WpPRLQ
G¶DQRPDOLH GH IRQFWLRQQHPHQW GX 7306
HVW FRPELQp DYHF OH WpPRLQ DYHUWLVVHXU GH
EDVVH SUHVVLRQ /RUVTXH OH V\VWqPH Gp
WHFWH XQH DQRPDOLH GH IRQFWLRQQHPHQW OH
WpPRLQ DYHUWLVVHXU GH EDVVH SUHVVLRQ
FOLJQRWHUD SHQGDQW HQYLURQ PLQXWH HW
UHVWHUD HQVXLWH DOOXPp HQ SHUPDQHQFH
&HFL j FKDTXH GpPDUUDJH GX YpKLFXOH WDQW
TXH O¶DQRPDOLH GH IRQFWLRQQHPHQW Q¶HVW
SDV UpJOpH /RUVTXH OH WpPRLQ G¶DQRPDOLH
GH IRQFWLRQQHPHQW HVW DOOXPp OH V\VWqPH
SHXW QH SDV rWUH FDSDEOH GH GpWHFWHU RX GH
VLJQDOHU OD IDLEOH SUHVVLRQ GHV SQHXV
FRPPH LO OH GHYUDLW /HV DQRPDOLHV GH
IRQFWLRQQHPHQW GX 7306 SHXYHQW VXUYH
QLU SRXU GLYHUVHV UDLVRQV FRPPH O¶LQVWDO
ODWLRQ GH OD URXH GH VHFRXUV RX GH
± 68,7( ±
,QVWUXPHQWV HW FRPPDQGHV7pPRLQV DYHUWLVVHXUV HW LQGLFDWHXUV
QRXYHDX[ SQHXV RX URXHV VXU OH YpKLFXOH
TXL HPSrFKHQW OH 7306 GH IRQFWLRQQHU
FRUUHFWHPHQW 9pULILH] WRXMRXUV OH WpPRLQ
DYHUWLVVHXU GH EDVVH SUHVVLRQ GX 7306
DSUqV OH UHPSODFHPHQW G¶XQ RX SOXVLHXUV
SQHXV RX URXHV SRXU V¶DVVXUHU GX ERQ
IRQFWLRQQHPHQW GX 7306 DYHF OHV QRX
YHDX[ SQHXVURXHV
6L FH WpPRLQ DYHUWLVVHXU UHVWH DOOXPp
DSUqV DYRLU FOLJQRWp SHQGDQW HQYLURQ PLQXWH IDLWHV FRQWU{OHU OH V\VWqPH SDU OH
FRQFHVVLRQQDLUH 68%$58 OH SOXV SURFKH
OH SOXV W{W SRVVLEOH
'$1*(5
6L OH WpPRLQ QH V¶DOOXPH SDV EULqYH
PHQW DSUqV TXH OH FRQWDFWHXU G¶DOOX
PDJH HVW DFWLYp RX V¶LO UHVWH DOOXPp
HQ FRQWLQX DSUqV DYRLU FOLJQRWp
SHQGDQW HQYLURQ PLQXWH IDLWHV
FRQWU{OHU OH V\VWqPH GH VXUYHLOODQFH
GH SUHVVLRQ GHV SQHXV SDU XQ
FRQFHVVLRQQDLUH 68%$58 OH SOXV
W{W SRVVLEOH
6L FH WpPRLQ V¶DOOXPH SHQGDQW OD
FRQGXLWH QH IUHLQH] MDPDLV VRXGDL
QHPHQW $X OLHX GH FHOD HIIHFWXH] OD
SURFpGXUH VXLYDQWH )DXWH GH TXRL
YRXV FRXUH] OH ULVTXH G¶XQ DFFLGHQW
DYHF G¶LPSRUWDQWV GpJkWV PDWpULHOV
HW GHV EOHVVXUHV JUDYHV
&RQWLQXH] j DYDQFHU HQ OLJQH
GURLWH WRXW HQ UpGXLVDQW SURJUHV
VLYHPHQW OD YLWHVVH
4XLWWH] OHQWHPHQW OD URXWH HW
JDUH] OH YpKLFXOH GDQV XQ HQGURLW
V€U
6L OH WpPRLQ VH UDOOXPH XQH IRLV OD
SUHVVLRQ GHV SQHXV UpJOpH O¶XQ GHV
SQHXV HVW SUREDEOHPHQW HQ PDXYDLV
pWDW HW SHUG UDSLGHPHQW VRQ DLU (Q
FDV GH FUHYDLVRQ UHSRUWH]YRXV j
³&UHYDLVRQV´ )
/RUVTX¶XQH URXH GH VHFRXUV HVW
PRQWpH RX TXH OD MDQWH GH SQHX HVW
UHPSODFpH VDQV WUDQVIpUHU OH FDS
WHXUWUDQVPHWWHXU GH SUHVVLRQ G¶RUL
JLQH OH WpPRLQ DYHUWLVVHXU GH SUHV
VLRQ GH JRQIODJH EDVVH GHV SQHXV
V¶DOOXPH HQ FRQWLQX DSUqV DYRLU
FOLJQRWp SHQGDQW HQYLURQ XQH PL
QXWH &HOD LQGLTXH TXH OH 7306 Q¶HVW
SDV FDSDEOH GH VXUYHLOOHU OHV TXDWUH
URXHV &RQWDFWH] XQ FRQFHVVLRQ
QDLUH 68%$58 GqV TXH SRVVLEOH
SRXU IDLUH UHPSODFHU OD URXH HW OH
FDSWHXU HWRX UpLQLWLDOLVHU OH V\V
WqPH
6L OH WpPRLQ UHVWH DOOXPp DSUqV DYRLU
FOLJQRWp SHQGDQW HQYLURQ XQH PL
QXWH FRQWDFWH] UDSLGHPHQW XQ
FRQFHVVLRQQDLUH 68%$58 SRXU
IDLUH FRQWU{OHU OH YpKLFXOH
$77(17,21
/H V\VWqPH GH VXUYHLOODQFH GH OD
SUHVVLRQ GHV SQHXV Q¶D 3$6 SRXU
EXW GH YRXV GLVSHQVHU GH FRQWU{OHU
OD SUHVVLRQ GH YRV SQHXV 1¶RXEOLH]
SDV GH FRQWU{OHU UpJXOLqUHPHQW DX
PRLQV XQH IRLV SDU PRLV OD SUHVVLRQ
GH JRQIODJH GHV SQHXV GH YRWUH
YpKLFXOH DYHF XQ PDQRPqWUH SRXU
SQHXV 8Q FKDQJHPHQW GDQV OD
SUHVVLRQ G¶XQ RX SOXVLHXUV SQHXV
Q¶HVW SDV UHFRQQX SDU OH V\VWqPH GH
VXUYHLOODQFH GH OD SUHVVLRQ GHV
SQHXV WDQW TXH OH YpKLFXOH QH UHGp
PDUUH HW Q¶DWWHLJQH XQH YLWHVVH G¶DX
PRLQV NPK PSK /RUVTXH
YRXV YHQH] GH UpJOHU OD SUHVVLRQ GHV
SQHXV YRXV GHYH] UHGpPDUUHU HW
DWWHLQGUH XQH YLWHVVH G¶DX PRLQV NPK PSK DYDQW TXH OH 7306
Q¶HQWUH HQ DFWLRQ HW QH FRQWU{OH OD
SUHVVLRQ GH JRQIODJH GHV SQHXV 6L
WRXV OHV SQHXV VRQW JRQIOpV j XQH
SUHVVLRQ VXSpULHXUH j OD YDOHXU
MXJpH FULWLTXH SDU OH V\VWqPH OH
WpPRLQ DYHUWLVVHXU GH SUHVVLRQ GH
JRQIODJH EDVVH GHV SQHXV GRLW V¶p
WHLQGUH DX ERXW GH TXHOTXHV PLQX
WHV 3DU FRQVpTXHQW XWLOLVH] WRX
,QVWUXPHQWV HW FRPPDQGHV7pPRLQV DYHUWLVVHXUV HW LQGLFDWHXUV
MRXUV GHV SQHXV GH OD WDLOOH SUHVFULWH
SRXU OHV URXHV DYDQW HW OHV URXHV
DUULqUH
& 7pPRLQ DYHUWLVVHXU
GHV IUHLQV DQWLEORFDJH
$%6
$77(17,21
. 'DQV O¶XQH GHV VLWXDWLRQV VXLYDQ
WHV QRXV YRXV UHFRPPDQGRQV
GH IDLUH UpSDUHU OH V\VWqPH $%6
GH YRWUH YpKLFXOH SDU XQ FRQFHV
VLRQQDLUH 68%$58 DX SOXV W{W
± /H WpPRLQ DYHUWLVVHXU QH V¶DO
OXPH SDV ORUV GH OD PLVH VXU OD
SRVLWLRQ ³21´ GX FRQWDFWHXU
G¶DOOXPDJH
± /H WpPRLQ DYHUWLVVHXU V¶DO
OXPH ORUV GH OD PLVH VXU
³21´ GX FRQWDFWHXU G¶DOOX
PDJH PDLV LO QH V¶pWHLQW SDV
PrPH DSUqV OH GpPDUUDJH GX
YpKLFXOH
± /H WpPRLQ DYHUWLVVHXU V¶DO
OXPH SHQGDQW OD FRQGXLWH
. 6L FH WpPRLQ V¶DOOXPH HW OH Wp
PRLQ DYHUWLVVHXU GX V\VWqPH GHV
IUHLQV HVW pWHLQW OH V\VWqPH $%6
HVW GpVDFWLYp 7RXWHIRLV OHV
IUHLQV FRQWLQXHQW j IRQFWLRQQHU
FRPPH GHV IUHLQV RUGLQDLUHV
/H WpPRLQ DYHUWLVVHXU GHV IUHLQV DQWL
EORFDJH $%6 V¶DOOXPH GH SDLU DYHF OH
WpPRLQ DYHUWLVVHXU GX V\VWqPH GHV IUHLQV
HQ FDV GH PDXYDLV IRQFWLRQQHPHQW GX
V\VWqPH (%' 3RXU GH SOXV DPSOHV GpWDLOV
VXU O¶DYHUWLVVHPHQW GH G\VIRQFWLRQQHPHQW
GX V\VWqPH (%' UHSRUWH]YRXV j ³7p
PRLQ DYHUWLVVHXU GX V\VWqPH GHV IUHLQV´
)
5(0$548(
6L OH WpPRLQ DYHUWLVVHXU SUpVHQWH O¶XQ
GHV FRPSRUWHPHQWV VXLYDQWV OH V\V
WqPH $%6 SHXW rWUH FRQVLGpUp FRPPH
IRQFWLRQQDQW QRUPDOHPHQW
. /H WpPRLQ DYHUWLVVHXU V¶DOOXPH ORUV
GH OD PLVH VXU ³21´ GX FRQWDFWHXU
G¶DOOXPDJH SXLV V¶pWHLQW HQYLURQ VHFRQGHV DSUqV OD PLVH HQ PDUFKH GX
PRWHXU
. /H WpPRLQ DYHUWLVVHXU V¶DOOXPH MXVWH
DSUqV OH GpPDUUDJH GX PRWHXU PDLV LO
V¶pWHLQW LPPpGLDWHPHQW HW UHVWH pWHLQW
. /H WpPRLQ DYHUWLVVHXU UHVWH DOOXPp
DSUqV OH GpPDUUDJH GX PRWHXU PDLV
V¶pWHLQW SHQGDQW OD FRQGXLWH
. /H WpPRLQ DYHUWLVVHXU V¶DOOXPH SHQ
GDQW OD FRQGXLWH PDLV LO V¶pWHLQW LPPp
GLDWHPHQW HW UHVWH pWHLQW
(Q FDV GH FRQGXLWH DYHF XQH WHQVLRQ GH OD
EDWWHULH WURS EDVVH SDU H[HPSOH DSUqV XQ
GpPDUUDJH DYHF GHV FkEOHV YRODQWV SRXU
FDXVH GH EDWWHULH GpFKDUJpH LO DUULYH TXH
OH WpPRLQ DYHUWLVVHXU GHV IUHLQV DQWLEOR
FDJH $%6 V¶DOOXPH &HOD HVW G€ j OD
WHQVLRQ IDLEOH GH OD EDWWHULH HW Q¶HVW SDV
XQH DQRPDOLH /H WpPRLQ V¶pWHLQW GqV TXH
OD EDWWHULH HVW VXIILVDPPHQW UHFKDUJpH
& 7pPRLQ DYHUWLVVHXU
GX V\VWqPH GHV IUHLQV
'$1*(5
. &RQGXLUH DYHF OH WpPRLQ DYHUWLV
VHXU GX V\VWqPH GHV IUHLQV DO
OXPp HVW GDQJHUHX[ &HFL LQGLTXH
TXH YRWUH V\VWqPH GH IUHLQV
ULVTXH GH QH SDV IRQFWLRQQHU
QRUPDOHPHQW 6L OH WpPRLQ UHVWH
DOOXPp IDLWHV LPPpGLDWHPHQW
FRQWU{OHU OHV IUHLQV SDU XQ
FRQFHVVLRQQDLUH 68%$58
. 6L YRXV DYH] XQ GRXWH TXDQW DX
ERQ IRQFWLRQQHPHQW GHV IUHLQV
Q¶XWLOLVH] SDV OH YpKLFXOH )DLWHV
OH UHPRUTXHU MXVTX¶DX FRQFHV
VLRQQDLUH 68%$58 OH SOXV SUR
FKH SRXU OH IDLUH UpSDUHU
. 3RXU OHV PRGqOHV DYHF OH IUHLQ GH
± 68,7( ±
,QVWUXPHQWV HW FRPPDQGHV7pPRLQV DYHUWLVVHXUV HW LQGLFDWHXUV
VWDWLRQQHPHQW pOHFWURQLTXH 6L
OH WpPRLQ DYHUWLVVHXU GX V\VWqPH
GHV IUHLQV V¶DOOXPH OH V\VWqPH
GH IUHLQ GH VWDWLRQQHPHQW pOHF
WURQLTXH SHXW rWUH HQ G\VIRQF
WLRQQHPHQW $UUrWH] LPPpGLDWH
PHQW YRWUH YpKLFXOH GDQV XQ
HQGURLW V€U XWLOLVH] GHV FDOHV GH
SQHXV VRXV OHV SQHXV SRXU HP
SrFKHU OH GpSODFHPHQW GX YpKL
FXOH HW FRQWDFWH] YRWUH FRQFHV
VLRQQDLUH 68%$58 5HSRUWH]
YRXV j ³)UHLQ GH VWDWLRQQHPHQW
pOHFWURQLTXH PRGqOHV DYHF V\V
WqPH GH IUHLQ GH VWDWLRQQHPHQW
pOHFWURQLTXH ´ ) SRXU SOXV
GH GpWDLOV
5(0$548(
3RXU OHV PRGqOHV DYHF OH IUHLQ GH
VWDWLRQQHPHQW pOHFWURQLTXH . 0rPH VL OH WpPRLQ DYHUWLVVHXU GX
V\VWqPH GHV IUHLQV V¶DOOXPH VL OH
FRPSRUWHPHQW GX WpPRLQ HVW FRPPH
GpFULW GDQV OHV H[HPSOHV VXLYDQWV OH
V\VWqPH GH IUHLQ GH VWDWLRQQHPHQW
pOHFWURQLTXH Q¶HVW SDV HQ G\VIRQFWLRQ
QHPHQW
± /H WpPRLQ DYHUWLVVHXU V¶pWHLQW
ORUVTXH OH IUHLQ GH VWDWLRQQHPHQW
pOHFWURQLTXH HVW VHUUp RX GHVVHUUp
± /H WpPRLQ DYHUWLVVHXU V¶pWHLQW
ORUV GH OD UHPLVH VXU OD SRVLWLRQ
³21´ GX FRQWDFWHXU G¶DOOXPDJH
. /H WpPRLQ DYHUWLVVHXU GX V\VWqPH
GHV IUHLQV SHXW V¶DOOXPHU LPPpGLDWH
PHQW DSUqV OH GpPDUUDJH GX PRWHXU
7RXWHIRLV LO Q¶HVW SDV GpIHFWXHX[ VL OH
WpPRLQ DYHUWLVVHXU V¶pWHLQW DSUqV TXH OH
IUHLQ GH VWDWLRQQHPHQW pOHFWURQLTXH HVW
UHOkFKp
. /H WpPRLQ DYHUWLVVHXU GX V\VWqPH
GHV IUHLQV SHXW V¶DOOXPHU DSUqV XQ
VHUUDJH RX XQ GHVVHUUDJH IUpTXHQW GX
IUHLQ GH VWDWLRQQHPHQW pOHFWURQLTXH
7RXWHIRLV OH V\VWqPH GH IUHLQ GH VWD
WLRQQHPHQW pOHFWURQLTXH Q¶HVW SDV HQ
G\VIRQFWLRQQHPHQW VL OH WpPRLQ V¶pWHLQW
SHQGDQW XQH FRXUWH SpULRGH GH WHPSV
. /RUVTXH OH PRWHXU HVW GpPDUUp SHQ
GDQW TXH OH IUHLQ GH VWDWLRQQHPHQW
pOHFWURQLTXH HVW VHUUpUHOkFKp OH V\V
WqPH SHXW MXJHU TX¶LO V¶DJLW G¶XQH
VLWXDWLRQ DQRUPDOH HW OH WpPRLQ SHXW
V¶DOOXPHU 6L OH WpPRLQ DYHUWLVVHXU
V¶DOOXPH j QRXYHDX PHWWH] XQH IRLV OH
FRQWDFWHXU G¶DOOXPDJH HQ SRVLWLRQ
³/2&.´³2))´ SXLV UHPHWWH] OH PR
WHXU HQ PDUFKH 3XLV VHUUH]UHOkFKH] OH
IUHLQ GH VWDWLRQQHPHQW pOHFWURQLTXH 6L
OH WpPRLQ DYHUWLVVHXU V¶pWHLQW OH V\V
WqPH HVW UHVWDXUp
&H WpPRLQ UHPSOLW OHV IRQFWLRQV VXLYDQWHV
! ,QGLFDWHXU GX IUHLQ GH VWDWLRQQHPHQW
PRGqOHV VDQV V\VWqPH GH IUHLQ GH
VWDWLRQQHPHQW pOHFWURQLTXH
&H WpPRLQ V¶DOOXPH ORUVTX¶RQ VHUUH OH IUHLQ
GH VWDWLRQQHPHQW DORUV TXH OH FRQWDFWHXU
G¶DOOXPDJH HVW VXU OD SRVLWLRQ ³21´ ,O
V¶pWHLQW ORUVTXH O¶RQ GHVVHUUH FRPSOqWH
PHQW OH IUHLQ GH VWDWLRQQHPHQW
! $YHUWLVVHPHQW GX QLYHDX GH OLTXLGH
GH IUHLQ
/RUVTXH OH FRQWDFWHXU G¶DOOXPDJH HVW VXU
OD SRVLWLRQ ³21´ HW TXH OH IUHLQ GH
VWDWLRQQHPHQW HVW FRPSOqWHPHQW GHV
VHUUp OH WpPRLQ V¶DOOXPH VL OH QLYHDX GDQV
OH UpVHUYRLU GH OLTXLGH GH IUHLQ DWWHLQW OH
UHSqUH GH QLYHDX PLQLPXP ³0,1´
/¶DOOXPDJH GX WpPRLQ DYHUWLVVHXU GX V\V
WqPH GHV IUHLQV SHQGDQW OD FRQGXLWH DORUV
TXH OH IUHLQ GH VWDWLRQQHPHQW HVW FRPSOq
WHPHQW GHVVHUUp HW TXH OH FRQWDFWHXU
G¶DOOXPDJH HVW HQ ³21´ SHXW VLJQDOHU
XQH IXLWH GH OLTXLGH GH IUHLQ RX O¶XVXUH GHV
SODTXHWWHV GH IUHLQ /H FDV pFKpDQW
LPPRELOLVH] LPPpGLDWHPHQW OH YpKLFXOH
GqV TX¶LO HVW SRVVLEOH GH OH IDLUH HQ WRXWH
VpFXULWp HW FRQWU{OH] OH QLYHDX GH OLTXLGH
GH IUHLQ 6L OH QLYHDX GH OLTXLGH GDQV OH
UpVHUYRLU HVW HQ GHVVRXV GX UHSqUH ³0,1´
QH URXOH] SDV DYHF OH YpKLFXOH )DLWHVOH
UHPRUTXHU MXVTX¶DX FRQFHVVLRQQDLUH
68%$58 OH SOXV SURFKH SRXU UpSDUDWLRQ
,QVWUXPHQWV HW FRPPDQGHV7pPRLQV DYHUWLVVHXUV HW LQGLFDWHXUV
! $YHUWLVVHPHQW GX V\VWqPH GH Up
SDUWLWLRQ pOHFWURQLTXH GH OD IRUFH GH
IUHLQDJH (%'
/H WpPRLQ DYHUWLVVHXU GX V\VWqPH GHV
IUHLQV V¶DOOXPH pJDOHPHQW HQ FDV G¶DQR
PDOLH DX QLYHDX GX V\VWqPH (%' 'DQV FH
FDV OH WpPRLQ V¶DOOXPH GH SDLU DYHF OH
WpPRLQ DYHUWLVVHXU GHV IUHLQV DQWLEORFDJH
$%6
6L OH WpPRLQ DYHUWLVVHXU GX V\VWqPH GHV
IUHLQV HW OH WpPRLQ DYHUWLVVHXU GHV IUHLQV
DQWLEORFDJH $%6 V¶DOOXPHQW WRXV OHV GHX[
SHQGDQW OD FRQGXLWH F¶HVW OH VLJQH G¶XQH
GpIHFWXRVLWp GX V\VWqPH (%'
0rPH VL OH V\VWqPH (%' HVW HQ SDQQH OHV
IUHLQV FRQWLQXHQW j IRQFWLRQQHU &HSHQ
GDQW OHV URXHV DUULqUH DXURQW WHQGDQFH j
VH EORTXHU SOXV IDFLOHPHQW HQ FDV GH
IUHLQDJH EUXVTXH UHQGDQW OH YpKLFXOH
VHQVLEOHPHQW SOXV GLIILFLOH j FRQWU{OHU
(Q FDV G¶DOOXPDJH VLPXOWDQp GX WpPRLQ
DYHUWLVVHXU GX V\VWqPH GHV IUHLQV HW GX
WpPRLQ DYHUWLVVHXU GHV IUHLQV DQWLEORFDJH
$%6 SUHQH] OHV PHVXUHV VXLYDQWHV
,PPRELOLVH] OH YpKLFXOH GqV TX¶LO HVW
SRVVLEOH GH OH IDLUH HQ WRXWH VpFXULWp
$UUrWH] OH PRWHXU VHUUH] OH IUHLQ GH
VWDWLRQQHPHQW SXLV UHPHWWH] OH PRWHXU HQ
PDUFKH
'HVVHUUH] OH IUHLQ GH VWDWLRQQHPHQW
/¶H[WLQFWLRQ GHV GHX[ WpPRLQV DYHUWLVVHXUV
SHXW rWUH VLJQH G¶XQ G\VIRQFWLRQQHPHQW GX
V\VWqPH (%' 5RXOH] SUXGHPPHQW
MXVTXH FKH] OH FRQFHVVLRQQDLUH 68%$58
OH SOXV SURFKH HW IDLWHV FRQWU{OHU OH
V\VWqPH
6L OHV GHX[ WpPRLQV DYHUWLVVHXUV VH
UDOOXPHQW HW UHVWHQW DOOXPpV XQH IRLV OH
PRWHXU UHPLV HQ PDUFKH DUUrWH] j QRX
YHDX OH PRWHXU VHUUH] OH IUHLQ GH VWDWLRQ
QHPHQW SXLV FRQWU{OH] OH QLYHDX GH OLTXLGH
GH IUHLQ
6L OH QLYHDX GH OLTXLGH GH IUHLQ Q¶HVW
SDV HQ GHVVRXV GX UHSqUH ³0,1´ OH
V\VWqPH (%' HVW YUDLVHPEODEOHPHQW Gp
IHFWXHX[ 5RXOH] SUXGHPPHQW MXVTXH
FKH] OH FRQFHVVLRQQDLUH 68%$58 OH SOXV
SURFKH HW IDLWHV FRQWU{OHU OH V\VWqPH
6L OH QLYHDX GH OLTXLGH GH IUHLQ HVW HQ
GHVVRXV GX UHSqUH ³0,1´ 1( URXOH] 3/86
DYHF OH YpKLFXOH )DLWHVOH UHPRUTXHU
MXVTX¶DX FRQFHVVLRQQDLUH 68%$58 OH
SOXV SURFKH SRXU UpSDUDWLRQ
! $YHUWLVVHPHQW GH IUHLQ GH VWDWLRQ
QHPHQW pOHFWURQLTXH PRGqOHV DYHF
V\VWqPH GH IUHLQ GH VWDWLRQQHPHQW
pOHFWURQLTXH
/H WpPRLQ DYHUWLVVHXU GX V\VWqPH GHV
IUHLQV V¶DOOXPH ORUVTXH OH V\VWqPH GH IUHLQ
GH VWDWLRQQHPHQW pOHFWURQLTXH HVW HQ
G\VIRQFWLRQQHPHQW 6L OH WpPRLQ DYHUWLV
VHXU V¶DOOXPH JDUH]YRXV GDQV XQ HQGURLW
V€U GqV TXH SRVVLEOH HW FRQWDFWH] YRWUH
FRQFHVVLRQQDLUH 68%$58
/H WpPRLQ DYHUWLVVHXU GX V\VWqPH GHV
IUHLQV UHVWH DOOXPp ORUVTXH OH IUHLQ GH
VWDWLRQQHPHQW QH SHXW SDV rWUH UHOkFKp
PrPH VL OD FRPPDQGH GH IUHLQ GH VWD
WLRQQHPHQW HVW HQIRQFpH 5HSRUWH]YRXV
j ³)UHLQ GH VWDWLRQQHPHQW pOHFWURQLTXH
PRGqOHV DYHF V\VWqPH GH IUHLQ GH VWD
WLRQQHPHQW pOHFWURQLTXH ´ ) SRXU
SOXV GH GpWDLOV
! $YHUWLVVHPHQW G¶XVDJH IUpTXHQW
/H WpPRLQ DYHUWLVVHXU GX V\VWqPH GHV
IUHLQV V¶DOOXPH HW XQ ELS VRQRUH UHWHQWLW VL
OD FRPPDQGH GH IUHLQ GH VWDWLRQQHPHQW
HVW DFWLRQQpH WURS IUpTXHPPHQW 'DQV FH
FDV O¶DFWLRQQHPHQW GH OD FRPPDQGH GH
IUHLQ GH VWDWLRQQHPHQW HVW OLPLWp DILQ GH
SURWpJHU OH V\VWqPH GH IUHLQ GH VWDWLRQQH
PHQW pOHFWURQLTXH
! 7pPRLQ DYHUWLVVHXU GX V\VWqPH GH
SRPSH j YLGH VDXI 67,
&H YR\DQW V¶DOOXPH ORUVTX¶XQ G\VIRQFWLRQ
QHPHQW HVW GpWHFWp GDQV OH V\VWqPH GH OD
SRPSH j YLGH
5(0$548(
/H V\VWqPH GH SRPSH j YLGH DVVLVWH OD
SUHVVLRQ GH VXUDOLPHQWDWLRQ ORUV GH OD
FRQGXLWH j KDXWH DOWLWXGH ORUVTXH OH
PRWHXU HVW IURLG
± 68,7( ±
,QVWUXPHQWV HW FRPPDQGHV7pPRLQV DYHUWLVVHXUV HW LQGLFDWHXUV
& 7pPRLQ LQGLFDWHXU
GX IUHLQ GH VWDWLRQQH
PHQW pOHFWURQLTXH PR
GqOHV DYHF V\VWqPH GH
IUHLQ GH VWDWLRQQHPHQW
pOHFWURQLTXH
! ,QGLFDWHXU GH IUHLQ GH VWDWLRQQHPHQW
/H WpPRLQ V¶DOOXPH ORUVTX¶RQ VHUUH OH IUHLQ
GH VWDWLRQQHPHQW DORUV TXH OH FRQWDFWHXU
G¶DOOXPDJH HVW VXU OD SRVLWLRQ ³21´ ,O
V¶pWHLQW ORUVTXH O¶RQ GHVVHUUH FRPSOqWH
PHQW OH IUHLQ GH VWDWLRQQHPHQW
! $YHUWLVVHPHQW GX V\VWqPH GH IUHLQ
GH VWDWLRQQHPHQW pOHFWURQLTXH
'$1*(5
. /RUVTXH YRXV UHOkFKH] OH IUHLQ GH
VWDWLRQQHPHQW pOHFWURQLTXH SHQ
GDQW TXH OH PRWHXU WRXUQH OH
WpPRLQ LQGLFDWHXU GX IUHLQ GH
VWDWLRQQHPHQW pOHFWURQLTXH V¶p
WHLQW 7RXWHIRLV VL OH WpPRLQ UHVWH
DOOXPp DUUrWH] LPPpGLDWHPHQW OH
YpKLFXOH GDQV XQ HQGURLW V€U HW
IDLWHV LQVSHFWHU OH V\VWqPH SDU XQ
FRQFHVVLRQQDLUH 68%$58
. 6L YRXV DYH] XQ GRXWH TXDQW DX
ERQ IRQFWLRQQHPHQW GHV IUHLQV
Q¶XWLOLVH] SDV OH YpKLFXOH )DLWHV
OH UHPRUTXHU MXVTX¶DX FRQFHV
VLRQQDLUH 68%$58 OH SOXV SUR
FKH SRXU OH IDLUH UpSDUHU
. 6L OH WpPRLQ LQGLFDWHXU GX IUHLQ GH
VWDWLRQQHPHQW pOHFWURQLTXH FOL
JQRWH OH V\VWqPH GH IUHLQ GH
VWDWLRQQHPHQW pOHFWURQLTXH SHXW
rWUH HQ G\VIRQFWLRQQHPHQW $UUr
WH] LPPpGLDWHPHQW YRWUH YpKL
FXOH GDQV XQ HQGURLW V€U XWLOLVH]
GHV FDOHV GH SQHXV VRXV OHV
SQHXV SRXU HPSrFKHU OH GpSOD
FHPHQW GX YpKLFXOH HW FRQWDFWH]
YRWUH FRQFHVVLRQQDLUH 68%$58
5HSRUWH]YRXV j ³)UHLQ GH VWD
WLRQQHPHQW pOHFWURQLTXH PRGq
OHV DYHF V\VWqPH GH IUHLQ GH
VWDWLRQQHPHQW pOHFWURQLTXH ´
) SRXU SOXV GH GpWDLOV
5(0$548(
. /RUVTXH OH FRQWDFWHXU G¶DOOXPDJH
HVW PLV VXU ³/2&.´³2))´ DYHF OH IUHLQ
GH VWDWLRQQHPHQW pOHFWURQLTXH VHUUp OH
WpPRLQ LQGLFDWHXU GX IUHLQ GH VWDWLRQ
QHPHQW pOHFWURQLTXH UHVWH DOOXPp SHQ
GDQW HQYLURQ VHFRQGHV SXLV V¶p
WHLQW
. /RUVTXH OD FRPPDQGH GH IUHLQ GH
VWDWLRQQHPHQW pOHFWURQLTXH HVW WLUpH
SRXU VHUUHU OH IUHLQ GH VWDWLRQQHPHQW
pOHFWURQLTXH DORUV TXH OH FRQWDFWHXU
G¶DOOXPDJH HVW VXU OD SRVLWLRQ ³/2&.´
³2))´ OH WpPRLQ LQGLFDWHXU GH IUHLQ GH
VWDWLRQQHPHQW pOHFWURQLTXH V¶DOOXPH
UHVWH DOOXPp SHQGDQW HQYLURQ VH
FRQGHV SXLV V¶pWHLQW
. 0rPH VL OH WpPRLQ LQGLFDWHXU GX IUHLQ
GH VWDWLRQQHPHQW pOHFWURQLTXH FOL
JQRWH VL OH FRPSRUWHPHQW GX WpPRLQ
HVW FRPPH GpFULW GDQV OHV H[HPSOHV
VXLYDQWV OH V\VWqPH GH IUHLQ GH VWD
WLRQQHPHQW pOHFWURQLTXH Q¶HVW SDV HQ
G\VIRQFWLRQQHPHQW
± /H WpPRLQ LQGLFDWHXU V¶pWHLQW
ORUVTXH OH IUHLQ GH VWDWLRQQHPHQW
pOHFWURQLTXH HVW GHVVHUUp
. /H WpPRLQ LQGLFDWHXU GX IUHLQ GH
VWDWLRQQHPHQW pOHFWURQLTXH SHXW FOL
JQRWHU LPPpGLDWHPHQW DSUqV OH GpPDU
UDJH GX PRWHXU 7RXWHIRLV LO Q¶HVW SDV
GpIHFWXHX[ VL OH WpPRLQ LQGLFDWHXU
V¶pWHLQW DSUqV TXH OH IUHLQ GH VWDWLRQQH
PHQW pOHFWURQLTXH HVW UHOkFKp
. /H WpPRLQ LQGLFDWHXU GX IUHLQ GH
VWDWLRQQHPHQW pOHFWURQLTXH SHXW FOL
JQRWHU DSUqV XQ VHUUDJH RX XQ GHV
VHUUDJH IUpTXHQW GX IUHLQ GH VWDWLRQQH
PHQW pOHFWURQLTXH 7RXWHIRLV OH V\V
WqPH GH IUHLQ GH VWDWLRQQHPHQW pOHFWUR
QLTXH Q¶HVW SDV HQ G\VIRQFWLRQQHPHQW
VL OH WpPRLQ V¶pWHLQW SHQGDQW XQH FRXUWH
,QVWUXPHQWV HW FRPPDQGHV7pPRLQV DYHUWLVVHXUV HW LQGLFDWHXUV
SpULRGH GH WHPSV
/H WpPRLQ LQGLFDWHXU GX IUHLQ GH VWDWLRQQH
PHQW pOHFWURQLTXH FOLJQRWH ORUVTXH OH
V\VWqPH GH IUHLQ GH VWDWLRQQHPHQW pOHF
WURQLTXH HVW HQ G\VIRQFWLRQQHPHQW 6L OH
WpPRLQ LQGLFDWHXU FOLJQRWH JDUH]YRXV
GDQV XQ HQGURLW V€U GqV TXH SRVVLEOH HW
FRQWDFWH] YRWUH FRQFHVVLRQQDLUH
68%$58
/H WpPRLQ LQGLFDWHXU GH IUHLQ GH VWDWLRQQH
PHQW pOHFWURQLTXH UHVWH DOOXPp ORUVTXH OH
IUHLQ GH VWDWLRQQHPHQW QH SHXW SDV rWUH
GHVVHUUp PrPH VL OD FRPPDQGH GH IUHLQ
GH VWDWLRQQHPHQW HVW HQIRQFpH 5HSRUWH]
YRXV j ³)UHLQ GH VWDWLRQQHPHQW pOHFWUR
QLTXH PRGqOHV DYHF V\VWqPH GH IUHLQ GH
VWDWLRQQHPHQW pOHFWURQLTXH ´ ) SRXU
SOXV GH GpWDLOV
! $YHUWLVVHPHQW G¶HPSrFKHPHQW
G¶DSSOLFDWLRQ GX IUHLQ GH VWD
WLRQQHPHQW
/H WpPRLQ LQGLFDWHXU GX IUHLQ GH VWDWLRQQH
PHQW pOHFWURQLTXH FOLJQRWH SHQGDQW VHFRQGHV HW XQ ELS VRQRUH UHWHQWLW VL OD
FRPPDQGH GH IUHLQ GH VWDWLRQQHPHQW HVW
DFWLRQQpH ORUVTXH OH IUHLQ GH VWDWLRQQH
PHQW QH SHXW SDV rWUH DSSOLTXp
! $YHUWLVVHPHQW G¶XVDJH IUpTXHQW
/H WpPRLQ LQGLFDWHXU GX IUHLQ GH VWDWLRQQH
PHQW pOHFWURQLTXH FOLJQRWH SHQGDQW VHFRQGHV HW XQ ELS VRQRUH UHWHQWLW VL OD
FRPPDQGH GH IUHLQ GH VWDWLRQQHPHQW HVW
DFWLRQQpH WURS IUpTXHPPHQW 'DQV FH FDV
O¶DFWLRQQHPHQW GH OD FRPPDQGH GH IUHLQ
GH VWDWLRQQHPHQW HVW OLPLWp DILQ GH SUR
WpJHU OH V\VWqPH GH IUHLQ GH VWDWLRQQHPHQW
pOHFWURQLTXH
5(0$548(
3DWLHQWH] MXVTX¶j FH TXH OH WpPRLQ
V¶pWHLJQH
& 7pPRLQ DYHUWLVVHXU GH
EDV QLYHDX GH FDUEXUDQW
/H WpPRLQ DYHUWLVVHXU GH EDV QLYHDX GH
FDUEXUDQW V¶DOOXPH ORUVTXH OH UpVHUYRLU HVW
SUHVTXH YLGH j HQYLURQ OLWUHV 86
JDO ,PS JDO ,O QH IRQFWLRQQH TXH
ORUVTXH OH FRQWDFWHXU G¶DOOXPDJH HVW HQ
SRVLWLRQ ³21´
$77(17,21
5DYLWDLOOH] OH YpKLFXOH HQ FDUEXUDQW
GqV TXH SRVVLEOH ORUVTXH OH WpPRLQ
DYHUWLVVHXU GH EDV QLYHDX GH FDUEX
UDQW V¶DOOXPH /HV UDWpV G¶DOOXPDJH
SURYRTXpV SDU OH PDQTXH GH FDUEX
UDQW GDQV OH UpVHUYRLU VRQW VXVFHSWL
EOHV G¶HQGRPPDJHU OH PRWHXU
& 7pPRLQ DYHUWLVVHXU
G¶DLGH DX GpPDUUDJH HQ
F{WH7pPRLQ LQGLFDWHXU
GH
GpVDFWLYDWLRQ G¶DLGH DX
GpPDUUDJH HQ F{WH
PRGqOHV VDQV V\VWqPH
GH IUHLQ GH VWDWLRQQH
PHQW pOHFWURQLTXH
! 7pPRLQ DYHUWLVVHXU G¶DLGH DX Gp
PDUUDJH HQ F{WH
,O V¶DOOXPH HQ FDV GH GpIHFWXRVLWp GX
V\VWqPH G¶DLGH DX GpPDUUDJH HQ F{WH
ORUVTXH OH PRWHXU WRXUQH
'$1*(5
(Q FDV G¶DOOXPDJH GX WpPRLQ DYHU
WLVVHXU G¶DLGH DX GpPDUUDJH HQ F{WH
IDLWHV LQVSHFWHU OH YpKLFXOH SDU XQ
FRQFHVVLRQQDLUH DJUpp 68%$58
± 68,7( ±
,QVWUXPHQWV HW FRPPDQGHV7pPRLQV DYHUWLVVHXUV HW LQGLFDWHXUV
! 7pPRLQ LQGLFDWHXU GH GpVDFWLYDWLRQ
G¶DLGH DX GpPDUUDJH HQ F{WH
/RUVTXH OH V\VWqPH G¶DLGH DX GpPDUUDJH
HQ F{WH HVW GpVDFWLYp OH WpPRLQ LQGLFDWHXU
GH GpVDFWLYDWLRQ G¶DLGH DX GpPDUUDJH HQ
F{WH V¶DOOXPH HQ FRQWLQX SRXU LQIRUPHU OH
FRQGXFWHXU TXH OH V\VWqPH G¶DLGH DX
GpPDUUDJH HQ F{WH Q¶HVW SDV RSpUDWLRQQHO
& 7pPRLQ LQGLFDWHXU
G¶DFWLYDWLRQ $XWR 9HKL
FOH +ROG PRGqOHV DYHF
V\VWqPH GH IUHLQ GH
VWDWLRQQHPHQW pOHFWUR
QLTXH
$77(17,21
6L OH WpPRLQ LQGLFDWHXU G¶DFWLYDWLRQ
$XWR 9HKLFOH +ROG QH V¶DOOXPH SDV
PrPH ORUVTXH OD FRPPDQGH $XWR
9HKLFOH +ROG HVW HQIRQFpH SRXU
DFWLYHU OD IRQFWLRQ $XWR 9HKLFOH
+ROG OH V\VWqPH GH IUHLQ GH VWDWLRQ
QHPHQW pOHFWURQLTXH SHXW rWUH Gp
IHFWXHX[ $UUrWH] LPPpGLDWHPHQW OH
YpKLFXOH GDQV XQ HQGURLW V€U HW
FRQWDFWH] YRWUH FRQFHVVLRQQDLUH
68%$58
&H WpPRLQ LQGLFDWHXU V¶DOOXPH ORUVTXH OD
IRQFWLRQ $XWR 9HKLFOH +ROG HVW DFWLYpH
5HSRUWH]YRXV j ³3RXU DFWLYHUGpVDFWLYHU
OD IRQFWLRQ $XWR 9HKLFOH +ROG´ ) SRXU
SOXV GH GpWDLOV
& 7pPRLQ DYHUWLVVHXU GH
WUDFWLRQ LQWpJUDOH VHORQ
PRGqOHV
& 7pPRLQ LQGLFDWHXU GH
IRQFWLRQQHPHQW $XWR
9HKLFOH +ROG PRGqOHV
DYHF V\VWqPH GH IUHLQ
GH VWDWLRQQHPHQW pOHF
WURQLTXH
&H WpPRLQ FOLJQRWH GDQV OH FDV R OHV
SQHXV PRQWpV VXU OHV URXHV QH VRQW SDV
WRXV GH OD PrPH WDLOOH RX VL OD SUHVVLRQ GH
JRQIODJH GH O¶XQ GHV SQHXV HVW H[FHVVLYH
PHQW EDVVH
&H WpPRLQ LQGLFDWHXU V¶DOOXPH ORUVTXH OH
YpKLFXOH HVW DUUrWp j O¶DLGH GH OD IRQFWLRQ
$XWR 9HKLFOH +ROG 5HSRUWH]YRXV j ³3RXU
PHWWUH OD IRQFWLRQ $XWR 9HKLFOH +ROG HQ
PDUFKH´ ) SRXU SOXV GH GpWDLOV
& 7pPRLQ DYHUWLVVHXU
G¶RXYHUWXUH GH SRUWLqUH
/H WpPRLQ DYHUWLVVHXU V¶DOOXPH VL O¶XQH GHV
SRUWLqUHV RX OH FRXYHUFOH GH FRIIUH Q¶HVW
SDV FRPSOqWHPHQW IHUPp &HWWH IRQFWLRQ
HVW HIILFDFH PrPH VL OH FRQWDFWHXU G¶DOOX
PDJH HVW HQ SRVLWLRQ ³/2&.´³2))´ RX
³$&&´ RX PrPH VL OD FOp HVW UHWLUpH GX
FRQWDFWHXU G¶DOOXPDJH
9pULILH] WRXMRXUV TXH FH WpPRLQ HVW pWHLQW
DYDQW GH SUHQGUH OD URXWH
'$1*(5
&HUWDLQV RUJDQHV GH WUDQVPLVVLRQ
ULVTXHQW G¶rWUH HQGRPPDJpV VL YRXV
FRQWLQXH] j URXOHU ORUVTXH OH WpPRLQ
DYHUWLVVHXU $:' FOLJQRWH 6L OH Wp
PRLQ DYHUWLVVHXU $:' VH PHW j
FOLJQRWHU JDUH] UDSLGHPHQW OH YpKL
FXOH GDQV XQ HQGURLW V€U HW YpULILH]
TXH WRXV OHV SQHXV VRQW GH PrPH
GLDPqWUH HW V¶LO \ D XQH URXH GpJRQ
IOpH SDU VXLWH GH FUHYDLVRQ RX GH
SHUWH G¶DLU
5(0$548(
6L OD URXH GH VHFRXUV GH W\SH SURYLVRLUH
HVW XWLOLVpH OH WpPRLQ DYHUWLVVHXU $:'
SHXW FOLJQRWHU /¶XWLOLVDWLRQ GH OD URXH
GH VHFRXUV GH W\SH SURYLVRLUH GHYUDLW
SDU FRQVpTXHQW rWUH OLPLWpH j OD GXUpH
PLQLPXP QpFHVVDLUH 5HPSODFH] OD
URXH GH VHFRXUV GH W\SH SURYLVRLUH
,QVWUXPHQWV HW FRPPDQGHV7pPRLQV DYHUWLVVHXUV HW LQGLFDWHXUV
DYHF XQH URXH FRQYHQWLRQQHOOH GqV TXH
SRVVLEOH
& 7pPRLQ DYHUWLVVHXU GH
GLUHFWLRQ DVVLVWpH VDXI
67,
/RUVTXH OH PRWHXU HVW HQ PDUFKH FH
WpPRLQ DYHUWLVVHXU V¶DOOXPH HQ FDV GH
GpWHFWLRQ G¶XQH GpIHFWXRVLWp DX QLYHDX GX
FLUFXLW pOHFWULTXH GH GLUHFWLRQ DVVLVWpH
$77(17,21
/RUVTXH OH WpPRLQ DYHUWLVVHXU GH
GLUHFWLRQ DVVLVWpH HVW DOOXPp OD
UpVLVWDQFH UHVVHQWLH ORUVTXH O¶RQ
WRXUQH OH YRODQW ULVTXH G¶rWUH DF
FUXH 5RXOH] SUXGHPPHQW MXVTXH
FKH] OH FRQFHVVLRQQDLUH 68%$58
OH SOXV SURFKH HW IDLWHV FRQWU{OHU OH
YpKLFXOH LPPpGLDWHPHQW
5(0$548(
6L OH YRODQW HVW DFWLRQQp GHV IDoRQV
VXLYDQWHV OH V\VWqPH GH FRQWU{OH GH OD
GLUHFWLRQ DVVLVWpH SHXW WHPSRUDLUHPHQW
OLPLWHU OD GLUHFWLRQ DVVLVWpH DILQ G¶pYL
WHU XQH VXUFKDXIIH GHV FRPSRVDQWV GX
V\VWqPH WHOV TXH O¶RUGLQDWHXU GH
FRQWU{OH HW OH PRWHXU G¶HQWUDvQHPHQW
. /H YRODQW HVW DFWLRQQp IUpTXHPPHQW
HW HVW WRXUQp EUXVTXHPHQW ORUVTXH OH
YpKLFXOH HVW PDQ°XYUp j GHV YLWHVVHV
H[WUrPHPHQW IDLEOHV FRPPH HQ WRXU
QDQW IUpTXHPPHQW OH YRODQW ORUV G¶XQ
VWDWLRQQHPHQW HQ SDUDOOqOH
. /H YRODQW UHVWH GDQV OD SRVLWLRQ
FRPSOqWHPHQW WRXUQpH SHQGDQW XQH
ORQJXH SpULRGH
¬ FH PRPHQWOj XQH UpVLVWDQFH VXSp
ULHXUH HVW DORUV UHVVHQWLH DX QLYHDX GX
YRODQW ,O QH V¶DJLW WRXWHIRLV SDV G¶XQH
DQRPDOLH /D IRUFH GH EUDTXDJH QRU
PDOH VHUD UpWDEOLH DSUqV TXH OH YRODQW
QH VRLW SDV XWLOLVp SHQGDQW XQ FHUWDLQ
WHPSV HW TXH OH V\VWqPH GH FRQWU{OH GH
OD GLUHFWLRQ DVVLVWpH D SX UHIURLGLU
&HSHQGDQW VL OD GLUHFWLRQ DVVLVWpH HVW
DFWLRQQpH G¶XQH PDQLqUH DW\SLTXH TXL
SURYRTXH WURS IUpTXHPPHQW XQH OLPLWD
WLRQ GH OD GLUHFWLRQ DVVLVWpH FHOD SHXW
HQWUDvQHU XQ G\VIRQFWLRQQHPHQW GX
V\VWqPH GH FRQWU{OH GH OD GLUHFWLRQ
DVVLVWpH
& 7pPRLQ DYHUWLVVHXU GH
SKDUH /(' VHORQ PR
GqOHV
&H WpPRLQ V¶DOOXPH HQ FDV GH G\VIRQF
WLRQQHPHQW GHV SKDUHV /(' )DLWHV
FRQWU{OHU YRWUH YpKLFXOH SDU XQ FRQFHV
VLRQQDLUH 68%$58 OH SOXV W{W SRVVLEOH
& 7pPRLQ DYHUWLVVHXU GX
&RQWU{OH GH '\QDPLTXH
GX 9pKLFXOH7pPRLQ LQ
GLFDWHXU GH IRQFWLRQQH
PHQW GX &RQWU{OH GH
'\QDPLTXH GX 9pKLFXOH
! 7pPRLQ DYHUWLVVHXU GX &RQWU{OH GH
'\QDPLTXH GX 9pKLFXOH
$77(17,21
/H V\VWqPH GX &RQWU{OH GH '\QD
PLTXH GX 9pKLFXOH H[HUFH VRQ
FRQWU{OH VXU O¶$%6 SDU O¶LQWHUPp
GLDLUH GX FLUFXLW pOHFWULTXH GH O¶$%6
$XWUHPHQW GLW HQ FDV GH SDQQH GX
V\VWqPH $%6 OH V\VWqPH GX
&RQWU{OH GH '\QDPLTXH GX 9pKLFXOH
QH SHXW SOXV FRQWU{OHU O¶$%6 /H
V\VWqPH GX &RQWU{OH GH '\QDPLTXH
GX 9pKLFXOH QH IRQFWLRQQDQW SOXV
FHOD SURYRTXH O¶DOOXPDJH GX WpPRLQ
DYHUWLVVHXU %LHQ TXH OH &RQWU{OH GH
'\QDPLTXH GX 9pKLFXOH HW O¶$%6
VRLHQW DORUV WRXV OHV GHX[ KRUV
VHUYLFH OHV IUHLQV FRQWLQXHQW j
IRQFWLRQQHU FRPPH GHV IUHLQV RUGL
QDLUHV 9RXV SRXYH] FRQWLQXHU j
URXOHU HQ VpFXULWp GDQV FHW pWDW
PDLV FRQGXLVH] DYHF SUXGHQFH HW
± 68,7( ±
,QVWUXPHQWV HW FRPPDQGHV7pPRLQV DYHUWLVVHXUV HW LQGLFDWHXUV
IDLWHV FRQWU{OHU OH YpKLFXOH SDU XQ
FRQFHVVLRQQDLUH 68%$58 OH SOXV
W{W SRVVLEOH
5(0$548(
. (Q FDV GH GpIHFWXRVLWp GX FLUFXLW
pOHFWULTXH GX V\VWqPH GX &RQWU{OH GH
'\QDPLTXH GX 9pKLFXOH SURSUHPHQW
GLW VHXO OH WpPRLQ DYHUWLVVHXU V¶DOOXPH
/H V\VWqPH GH IUHLQV DQWLEORFDJH $%6
FRQWLQXH j IRQFWLRQQHU QRUPDOHPHQW
. /H WpPRLQ DYHUWLVVHXU V¶DOOXPH HQ
FDV GH GpIHFWXRVLWp GX V\VWqPH GH
FRPPDQGH pOHFWURQLTXH $%6GX
&RQWU{OH GH '\QDPLTXH GX 9pKLFXOH
/¶XQH GHV VLWXDWLRQV VXLYDQWHV HVW OH VLJQH
TXH OH V\VWqPH GX &RQWU{OH GH '\QDPLTXH
GX 9pKLFXOH HVW SUREDEOHPHQW HQ SDQQH
/H FDV pFKpDQW IDLWHV LPPpGLDWHPHQW
FRQWU{OHU YRWUH YpKLFXOH SDU XQ FRQFHV
VLRQQDLUH 68%$58
. /H WpPRLQ DYHUWLVVHXU QH V¶DOOXPH SDV
ORUV GH OD PLVH VXU OD SRVLWLRQ ³21´ GX
FRQWDFWHXU G¶DOOXPDJH
. /H WpPRLQ DYHUWLVVHXU V¶DOOXPH SHQGDQW
TXH OH YpKLFXOH URXOH
5(0$548(
6L OH WpPRLQ DYHUWLVVHXU VH FRPSRUWH
FRPPH GDQV OHV H[HPSOHV VXLYDQWV OH
V\VWqPH GX &RQWU{OH GH '\QDPLTXH GX
9pKLFXOH SHXW rWUH FRQVLGpUp FRPPH
IRQFWLRQQDQW QRUPDOHPHQW
. /H WpPRLQ DYHUWLVVHXU V¶DOOXPH ORUV
GH OD PLVH VXU ³21´ GX FRQWDFWHXU
G¶DOOXPDJH SXLV V¶pWHLQW HQYLURQ VHFRQGHV DSUqV OD PLVH HQ PDUFKH GX
PRWHXU
. /H WpPRLQ DYHUWLVVHXU V¶DOOXPH MXVWH
DSUqV OH GpPDUUDJH GX PRWHXU PDLV LO
V¶pWHLQW LPPpGLDWHPHQW HW UHVWH pWHLQW
. /H WpPRLQ DYHUWLVVHXU V¶DOOXPH
DSUqV OH GpPDUUDJH GX PRWHXU PDLV
V¶pWHLQW ORUVTXH OH YpKLFXOH FRPPHQFH
j URXOHU
. /H WpPRLQ DYHUWLVVHXU V¶DOOXPH SHQ
GDQW OD FRQGXLWH PDLV LO V¶pWHLQW LPPp
GLDWHPHQW HW UHVWH pWHLQW
. /H WpPRLQ DYHUWLVVHXU V¶DOOXPH
ORUVTXH OH PRWHXU D FDOp HW UHVWH DOOXPp
DSUqV OH UHGpPDUUDJH GX PRWHXU 7RX
WHIRLV FH WpPRLQ V¶pWHLQW XQH IRLV TXH OH
YpKLFXOH D FRPPHQFp j URXOHU
! 7pPRLQ LQGLFDWHXU GH IRQFWLRQQH
PHQW GX &RQWU{OH GH '\QDPLTXH GX
9pKLFXOH
/H WpPRLQ FOLJQRWH ORUV GH O¶DFWLYDWLRQ GH OD
IRQFWLRQ GH VXSSUHVVLRQ GH GpUDSDJH HW
ORUV GH O¶DFWLYDWLRQ GH OD IRQFWLRQ GH
FRQWU{OH GH WUDFWLRQ
5(0$548(
. ,O DUULYH TXH OH WpPRLQ UHVWH DOOXPp
SHQGDQW XQH FRXUWH SpULRGH DSUqV OD
PLVH HQ PDUFKH GX PRWHXU VXUWRXW SDU
WHPSV IURLG &HFL Q¶HVW SDV DQRUPDO /H
WpPRLQ GRLW V¶pWHLQGUH GqV TXH OH PR
WHXU D PRQWp HQ WHPSpUDWXUH
. /H WpPRLQ LQGLFDWHXU V¶DOOXPH HQ FDV
G¶DQRPDOLH DX QLYHDX GX PRWHXU
ORUVTXH OH WpPRLQ DYHUWLVVHXU G¶DQRPD
OLH PRWHXU &+(&. (1*,1(WpPRLQ LQ
GLFDWHXU GH G\VIRQFWLRQQHPHQW HVW DO
OXPp
/D VLWXDWLRQ VXLYDQWH LQGLTXH XQH GpIHF
WXRVLWp SUREDEOH GX V\VWqPH GH &RQWU{OH
GH '\QDPLTXH GX 9pKLFXOH /H FDV
pFKpDQW IDLWHV FRQWU{OHU YRWUH YpKLFXOH
SDU XQ FRQFHVVLRQQDLUH 68%$58 OH SOXV
W{W SRVVLEOH
. /H WpPRLQ QH V¶pWHLQW SDV DORUV TXH
SOXVLHXUV PLQXWHV VH VRQW GpMj pFRXOpHV
GHSXLV OD PLVH HQ PDUFKH GX PRWHXU
PRWHXU GpMj FKDXG ,QVWUXPHQWV HW FRPPDQGHV7pPRLQV DYHUWLVVHXUV HW LQGLFDWHXUV
& 7pPRLQ LQGLFDWHXU GH GpVDFWLYDWLRQ GX &RQWU{OH GH '\QDPLTXH GX
9pKLFXOH7pPRLQ LQGLFDWHXU GX PRGH GH WUDFWLRQ &H WpPRLQ PRQWUH OHV pWDWV G¶DFWLYDWLRQGH GpVDFWLYDWLRQ FRPPH VXLW
eWDW DFWLYpGpVDFWLYp GH FKDTXH IRQFWLRQ
eWHLQW
7pPRLQ LQGL
FDWHXU
&RQWU{OH GH WUDF
WLRQ
6\VWqPH GX
&RQWU{OH GH
'\QDPLTXH GX
9pKLFXOH
$%6
$FWLYp
$FWLYp
$FWLYp
'pVDFWLYp
$FWLYp
$FWLYp
'pVDFWLYp
'pVDFWLYp
$FWLYp
3RXU SOXV GH GpWDLOV VXU OH FRQWU{OH GH WUDFWLRQ HW OH V\VWqPH GX &RQWU{OH GH '\QDPLTXH
GX 9pKLFXOH UHSRUWH]YRXV j ³6\VWqPH GX &RQWU{OH GH '\QDPLTXH GX 9pKLFXOH´ )
! 7pPRLQ LQGLFDWHXU GH GpVDFWLYDWLRQ
GX &RQWU{OH GH '\QDPLTXH GX 9p
KLFXOH
&H WpPRLQ V¶DOOXPH ORUVTXH O¶RQ DFWLYH OD
FRPPDQGH GH GpVDFWLYDWLRQ GX &RQWU{OH
GH '\QDPLTXH GX 9pKLFXOH SRXU VpOHF
WLRQQHU OH PRGH GH WUDFWLRQ RX OH PRGH GH
GpVDFWLYDWLRQ GX &RQWU{OH GH '\QDPLTXH
GX 9pKLFXOH 5HSRUWH]YRXV j ³6\VWqPH
GX &RQWU{OH GH '\QDPLTXH GX 9pKLFXOH´
) SRXU SOXV GH GpWDLOV
5(0$548(
. ,O DUULYH TXH OH WpPRLQ UHVWH DOOXPp
SHQGDQW XQ PRPHQW DSUqV OD PLVH HQ
PDUFKH GX PRWHXU VXUWRXW SDU WHPSV
IURLG &HFL Q¶HVW SDV DQRUPDO /H WpPRLQ
GRLW V¶pWHLQGUH GqV TXH OH PRWHXU D
PRQWp HQ WHPSpUDWXUH
. /H WpPRLQ LQGLFDWHXU V¶DOOXPH HQ FDV
G¶DQRPDOLH DX QLYHDX GX PRWHXU
ORUVTXH OH WpPRLQ DYHUWLVVHXU G¶DQRPD
OLH PRWHXU &+(&. (1*,1(WpPRLQ LQ
GLFDWHXU GH G\VIRQFWLRQQHPHQW HVW DO
OXPp
/HV VLWXDWLRQV VXLYDQWHV LQGLTXHQW XQH
GpIHFWXRVLWp SUREDEOH GX V\VWqPH GH
&RQWU{OH GH '\QDPLTXH GX 9pKLFXOH /H
FDV pFKpDQW IDLWHV FRQWU{OHU YRWUH YpKL
FXOH SDU XQ FRQFHVVLRQQDLUH 68%$58 OH
SOXV W{W SRVVLEOH
± 68,7( ±
,QVWUXPHQWV HW FRPPDQGHV7pPRLQV DYHUWLVVHXUV HW LQGLFDWHXUV
. /H WpPRLQ QH V¶DOOXPH SDV ORUV GH OD
PLVH VXU OD SRVLWLRQ ³21´ GX FRQWDFWHXU
G¶DOOXPDJH
. /H WpPRLQ QH V¶pWHLQW SDV DORUV TXH
SOXVLHXUV PLQXWHV VH VRQW GpMj pFRXOpHV
GHSXLV OD PLVH HQ PDUFKH GX PRWHXU
PRWHXU GpMj FKDXG ! 7pPRLQ LQGLFDWHXU GH PRGH GH WUDF
WLRQ
&H WpPRLQ V¶DOOXPH ORUVTXH O¶RQ DSSXLH
EULqYHPHQW VXU OD FRPPDQGH GH GpVDFWL
YDWLRQ GX &RQWU{OH GH '\QDPLTXH GX
9pKLFXOH SRXU VpOHFWLRQQHU OH PRGH GH
WUDFWLRQ 5HSRUWH]YRXV j ³0RGH GH WUDF
WLRQ´ ) SRXU SOXV GH GpWDLOV
& $YHUWLVVHXUV VRQRUHV HW
LQGLFDWHXU G¶DYHUWLVVH
PHQW GH O¶DFFqV VDQV FOp
DYHF V\VWqPH GH Gp
PDUUDJH j ERXWRQ
SRXVVRLU VHORQ PRGq
OHV
'$1*(5
1H FRQGXLVH] MDPDLV FH YpKLFXOH VL
OH WpPRLQ GX FRQWDFWHXU G¶DOOXPDJH
j ERXWRQSRXVVRLU FOLJQRWH HQ YHUW
ORUV GX GpPDUUDJH GX PRWHXU &HFL
HVW VLJQH TXH OH YRODQW Q¶HVW SDV
GpEORTXp FH TXL SRXUUDLW SURYRTXHU
XQ DFFLGHQW DYHF ULVTXHV GH EOHVVX
UHV JUDYHV YRLUH PRUWHOOHV
$77(17,21
7pPRLQ DYHUWLVVHXU GH FOp G¶DFFqV
/¶DYHUWLVVHXU VRQRUH HW OH WpPRLQ DYHUWLV
VHXU GH FOp G¶DFFqV VHUYHQW j . 0LQLPLVHU OH ULVTXH GH PDXYDLVHV
PDQLSXODWLRQV GH O¶DFFqV VDQV FOp DYHF
V\VWqPH GH GpPDUUDJH j ERXWRQSRXVVRLU
. 3URWpJHU YRWUH YpKLFXOH FRQWUH OH YRO
/RUVTXH O¶DYHUWLVVHXU VRQRUH UHWHQWLW HWRX
O¶LQGLFDWHXU G¶DYHUWLVVHPHQW DSSDUDvW
SUHQH] OHV PHVXUHV QpFHVVDLUHV
. /RUVTXH OH PRWHXU HVW UHGpPDUUp
DSUqV TXH OH WpPRLQ GH IRQFWLRQ
QHPHQW GX FRQWDFWHXU G¶DOOX
PDJH j ERXWRQSRXVVRLU DLW FOL
JQRWp HQ YHUW HW VL FH WpPRLQ
FOLJQRWH WRXMRXUV HQ YHUW LO HVW
SRVVLEOH TX¶XQ GpIDXW GH IRQF
WLRQQHPHQW VRLW SUpVHQW DX QL
YHDX GX EORFDJH GX YRODQW
&RQWDFWH] YRWUH FRQFHVVLRQQDLUH
68%$58 OH SOXV W{W SRVVLEOH
. /RUVTXH O¶LQGLFDWHXU GH IRQFWLRQ
QHPHQW VXU OH FRQWDFWHXU G¶DOOX
PDJH j ERXWRQSRXVVRLU FOLJQRWH
HQ RUDQJH FRQWDFWH] XQ FRQFHV
VLRQQDLUH 68%$58 GDQV OHV SOXV
EUHIV GpODLV
,QVWUXPHQWV HW FRPPDQGHV7pPRLQV DYHUWLVVHXUV HW LQGLFDWHXUV
5(0$548(
. /RUVTXH OHV SRUWLqUHV QH VRQW SDV
YHUURXLOOpHV SDUFH TXH OH SRUWHFOpV
G¶DFFqV HVW GpSRVp j O¶LQWpULHXU GX
FRIIUH YRXV QH SRXYH] SDV RXYULU OH
FRXYHUFOH GH FRIIUH HQ DSSX\DQW VXU OH
ERXWRQ G¶RXYHUWXUH GX FRIIUH VLWXp VXU
OH FRXYHUFOH GH FRIIUH $SSX\H] VXU OD
FRPPDQGH G¶RXYHUWXUH GX FRIIUH GX
UDQW XQH VHFRQGH HQYLURQ DILQ G¶RXYULU
OH FRXYHUFOH GH FRIIUH 5HSRUWH]YRXV j
³3RXU RXYULU OH FRXYHUFOH GH FRIIUH GH
O¶LQWpULHXU´ )
. 1H ODLVVH] SDV OH SRUWHFOpV G¶DFFqV
j O¶LQWpULHXU GX FRIIUH 6HORQ O¶pWDW GX
SRUWHFOpV G¶DFFqV HW GH OD VLWXDWLRQ OD
IRQFWLRQ GH SURWHFWLRQ FRQWUH O¶HQIHU
PHPHQW GDQV OH FRIIUH SRXUUDLW QH SDV
IRQFWLRQQHU $VVXUH]YRXV TXH YRXV
GpWHQH] OH SRUWHFOpV G¶DFFqV SXLV
IHUPH] OH FRXYHUFOH GH FRIIUH
. 0rPH VL OH SRUWHFOpV G¶DFFqV HVW
GDQV OD ]RQH GH SRUWpH GX YpKLFXOH
O¶DYHUWLVVHPHQW GH FOp G¶DFFqV SRXU
GpPDUUDJH GX PRWHXU SHXW rWUH pPLV
HQ IRQFWLRQ GX VWDWXW GX SRUWHFOpV
G¶DFFqV HW GHV FRQGLWLRQV HQYLURQQH
PHQWDOHV
. 6L OH SRUWHFOpV G¶DFFqV HVW UHWLUp GX
YpKLFXOH SDU XQH YLWUH RXYHUWH O¶DYHU
WLVVHPHQW GH VRUWLH GH OD FOp G¶DFFqV HW
O¶DYHUWLVVHPHQW GH VRUWLH GH OD FOp
G¶DFFqV SDVVDJHU QH VRQW SDV pPLV
! /LVWH GHV DYHUWLVVHPHQWV
$77(17,21
/RUVTXH O¶XQ GHV DYHUWLVVHPHQWV
VXLYDQW VH SURGXLW PrPH VL O¶LQGLFD
WHXU G¶DYHUWLVVHPHQW GH FOp G¶DFFqV
Q¶DSSDUDvW SDV SUHQH] OHV PHVXUHV
QpFHVVDLUHV
± 68,7( ±
,QVWUXPHQWV HW FRPPDQGHV7pPRLQV DYHUWLVVHXUV HW LQGLFDWHXUV
$YHUWLVVHXU VRQRUH $YHUWLVVHXU VRQRUH
LQWpULHXU
H[WpULHXU
'LQJ GLQJ LQWHUPLWWHQW
²
,QGLFDWHXU GH IRQF
WLRQQHPHQW VXU OH
FRQWDFWHXU G¶DOOX
PDJH j ERXWRQ
SRXVVRLU
²
eWDW
$FWLRQ
/D SRUWLqUH FRQGXFWHXU HVW RXYHUWH DORUV
TXH OH FRQWDFWHXU G¶DOOXPDJH j ERXWRQ
SRXVVRLU HVW SODFp VXU ³$&&´ SRXU OHV
PRGqOHV &97 ORUVTXH OH OHYLHU VpOHFWHXU
HVW SODFp VXU OD SRVLWLRQ ³3´
0HWWH] OH FRQWDFWHXU G¶DOOXPDJH j ERX
WRQSRXVVRLU HQ SRVLWLRQ ³2))´ RX IHU
PH] OD SRUWLqUH GX FRQGXFWHXU
/RUVTXH YRXV TXLWWH] OH YpKLFXOH DVVX
UH]YRXV GH PHWWUH OH FRQWDFWHXU G¶DOOX
PDJH j ERXWRQSRXVVRLU VXU ³2))´
/H FRQWDFWHXU G¶DOOXPDJH j ERXWRQ
SRXVVRLU HVW HQ SRVLWLRQ ³2))´ DORUV TXH )HUPH] OD SRUWLqUH FRQGXFWHXU
OD SRUWLqUH GX FRQGXFWHXU HVW RXYHUWH
'LQJ
²
%LS FRXUW
VHFRQGHV
%LS FRXUW
VHFRQGHV
²
²
$YHUWLVVHPHQW G¶HQIHUPHPHQW
7RXWHV OHV SRUWLqUHV VRQW IHUPpHV DSUqV
OH YHUURXLOODJH GH WRXWHV OHV SRUWLqUHV YLD
OH OHYLHU GH YHUURXLOODJH GH SRUWLqUH RX OH
FRPPXWDWHXU GH YHUURXLOODJH pOHFWULTXH
GHV SRUWLqUHV SHQGDQW TXH OH SRUWHFOpV
G¶DFFqV HVW j O¶LQWpULHXU GX YpKLFXOH
6RUWH] OH SRUWHFOpV G¶DFFqV GX YpKLFXOH
SXLV YHUURXLOOH] OHV SRUWLqUHV
9RXV QH SRXYH] SDV YHUURXLOOHU OHV
SRUWLqUHV DORUV TXH OH SRUWHFOpV G¶DFFqV
VH WURXYH j O¶LQWpULHXU GX YpKLFXOH
8Q VLIIOHPHQW VRQRUH VH IHUD HQWHQGUH HW
WRXWHV OHV SRUWLqUHV VH GpYHUURXLOOHURQW
$YHUWLVVHPHQW G¶HQIHUPHPHQW GDQV OH
FRIIUH
/H FRIIUH HVW IHUPp DYHF OH SRUWHFOpV
G¶DFFqV j O¶LQWpULHXU SHQGDQW TXH WRXWHV
OHV SRUWLqUHV VRQW YHUURXLOOpHV RX SHQ
GDQW OD SpULRGH GH YHUURXLOODJH DXWR
PDWLTXH 6RUWH] OH SRUWHFOpV G¶DFFqV GX FRIIUH
SXLV IHUPH] OH FRIIUH
9RXV SRXYH] GpYHUURXLOOHU OH FRIIUH HQ
DSSX\DQW VXU OH ERXWRQ G¶RXYHUWXUH GX
FRIIUH DSUqV OH UHWHQWLVVHPHQW GH FH
FDULOORQ G¶DYHUWLVVHPHQW
$YHUWLVVHPHQW GH YHUURXLOODJH DYHF
FOp G¶DFFqV j O¶LQWpULHXU
/H FDSWHXU GH YHUURXLOODJH GH OD SRUWLqUH
HVW WRXFKp DORUV OH FRQWDFWHXU G¶DOOXPDJH
j ERXWRQSRXVVRLU HVW HQ SRVLWLRQ ³2))´
HW TXH OH SRUWHFOpV G¶DFFqV VH WURXYH j
O¶LQWpULHXU GX YpKLFXOH
6RUWH] OH SRUWHFOpV G¶DFFqV GX YpKLFXOH
SXLV YHUURXLOOH] OHV SRUWLqUHV
6L OH SRUWHFOpV G¶DFFqV VH WURXYH j
O¶LQWpULHXU GX YpKLFXOH OHV SRUWLqUHV QH
SHXYHQW SDV rWUH YHUURXLOOpHV
,QVWUXPHQWV HW FRPPDQGHV7pPRLQV DYHUWLVVHXUV HW LQGLFDWHXUV
$YHUWLVVHXU VRQRUH $YHUWLVVHXU VRQRUH
LQWpULHXU
H[WpULHXU
²
%LS ELS ELSV
,QGLFDWHXU GH IRQF
WLRQQHPHQW VXU OH
FRQWDFWHXU G¶DOOX
PDJH j ERXWRQ
SRXVVRLU
eWDW
$FWLRQ
²
$YHUWLVVHPHQW GH SRUWLqUH HQWURX
YHUWH
/H FDSWHXU GH YHUURXLOODJH GH OD SRUWLqUH
HVW WRXFKp DORUV TXH OH FRQWDFWHXU
G¶DOOXPDJH j ERXWRQSRXVVRLU HVW HQ
SRVLWLRQ ³2))´ HW XQH DXWUH SRUWLqUH RX
OH FRIIUH HVW RXYHUW
)HUPH] ELHQ OHV SRUWLqUHV HW YHUURXLOOH]
OHV
6L O¶XQH GHV SRUWLqUHV HVW RXYHUWH OHV
SRUWLqUHV QH SHXYHQW SDV rWUH YHUURXLO
OpHV
2XYUH] OD SRUWLqUH HW UDPHQH] OH SRUWH
FOpV G¶DFFqV j O¶LQWpULHXU GX YpKLFXOH RX
PHWWH] OH FRQWDFWHXU G¶DOOXPDJH j ERX
WRQSRXVVRLU VXU ³2))´
6L OH FRQWDFWHXU G¶DOOXPDJH j ERXWRQ
SRXVVRLU Q¶HVW SDV PLV VXU ³2))´ OHV
SRUWLqUHV QH SHXYHQW SDV rWUH YHUURXLO
OpHV
3RUWH] OH SRUWHFOpV G¶DFFqV VXU YRXV HW
FRQGXLVH] OH YpKLFXOH
'LQJ
8Q ELS ORQJ
VHFRQGHV
PD[
²
$YHUWLVVHPHQW GH O¶DOLPHQWDWLRQ
/H FDSWHXU GH YHUURXLOODJH GH SRUWLqUH HVW
WRXFKp DORUV TXH YRXV SRUWH] OH SRUWH
FOpV G¶DFFqV VXU YRXV HW OH FRQWDFWHXU
G¶DOOXPDJH j ERXWRQSRXVVRLU HVW VXU
XQH SRVLWLRQ DXWUH TXH ³2))´ HW OH OHYLHU
VpOHFWHXU HVW VXU OD SRVLWLRQ ³3´
'LQJ GLQJ VHFRQGHV
²
²
$YHUWLVVHPHQW GH OD FOp G¶DFFqV
9RXV FRQGXLVH] OH YpKLFXOH DORUV TXH OH
SRUWHFOpV G¶DFFqV QH VH WURXYH SDV j
O¶LQWpULHXU GX YpKLFXOH
²
$YHUWLVVHPHQW GH FOp G¶DFFqV SRXU
GpPDUUDJH GX PRWHXU
3RUWH] OH SRUWHFOpV G¶DFFqV VXU YRXV HW
/H FRQWDFWHXU G¶DOOXPDJH j ERXWRQ
DSSX\H] VXU OH FRQWDFWHXU G¶DOOXPDJH j
SRXVVRLU HVW HQIRQFp DORUV TXH OH SRUWH ERXWRQSRXVVRLU
FOpV G¶DFFqV Q¶HVW SDV j O¶LQWpULHXU GX
YpKLFXOH
'LQJ
'LQJ
²
%LS ELS ELS ELSV
²
$YHUWLVVHPHQW GH VRUWLH GH OD FOp
G¶DFFqV
/H FRQGXFWHXU TXLWWH OH YpKLFXOH DYHF OH 0HWWH] OH FRQWDFWHXU G¶DOOXPDJH j ERX
SRUWHFOpV G¶DFFqV HW IHUPH OD SRUWLqUH GX WRQSRXVVRLU HQ SRVLWLRQ ³2))´ HW TXLWWH]
FRQGXFWHXU DORUV TXH OH FRQWDFWHXU G¶DO OH YpKLFXOH
OXPDJH j ERXWRQSRXVVRLU HVW VXU XQH
SRVLWLRQ DXWUH TXH ³2))´ HW TXH OH OHYLHU
VpOHFWHXU HVW VXU OD SRVLWLRQ ³3´
± 68,7( ±
,QVWUXPHQWV HW FRPPDQGHV7pPRLQV DYHUWLVVHXUV HW LQGLFDWHXUV
$YHUWLVVHXU VRQRUH $YHUWLVVHXU VRQRUH
LQWpULHXU
H[WpULHXU
'LQJ
%LS ORQJ
FRQWLQX
%LS ELS ELS ELSV
%LS ORQJ
FRQWLQX
,QGLFDWHXU GH IRQF
WLRQQHPHQW VXU OH
FRQWDFWHXU G¶DOOX
PDJH j ERXWRQ
SRXVVRLU
eWDW
$FWLRQ
²
$YHUWLVVHPHQW GH VRUWLH GH OD FOp
G¶DFFqV SDVVDJHU
8Q DXWUH SDVVDJHU TXLWWH OH YpKLFXOH
5DPHQH] OH SRUWHFOpV G¶DFFqV j O¶LQWp
DYHF OH SRUWHFOpV G¶DFFqV HW IHUPH XQH ULHXU GX YpKLFXOH RX PHWWH] OH FRQWDFWHXU
SRUWLqUH DXWUH TXH OD SRUWLqUH GX
G¶DOOXPDJH j ERXWRQSRXVVRLU VXU ³2))´
FRQGXFWHXU DORUV TXH OH FRQWDFWHXU G¶DO
OXPDJH j ERXWRQSRXVVRLU HVW VXU XQH
SRVLWLRQ DXWUH TXH ³2))´
²
$YHUWLVVHPHQW GH UHWUDLW GH OD FOp
G¶DFFqV VDQV rWUH HQ SRVLWLRQ ³3´
/H FRQGXFWHXU TXLWWH OH YpKLFXOH DYHF OH
SRUWHFOpV G¶DFFqV HW IHUPH OD SRUWLqUH GX
FRQGXFWHXU DORUV TXH OH FRQWDFWHXU G¶DO
OXPDJH j ERXWRQSRXVVRLU HVW VXU XQH
SRVLWLRQ DXWUH TXH ³2))´ HW TXH OH OHYLHU
VpOHFWHXU HVW VXU XQH SRVLWLRQ DXWUH TXH
³3´
0HWWH] OH OHYLHU VpOHFWHXU VXU OD SRVLWLRQ
³3´ PHWWH] OH FRQWDFWHXU G¶DOOXPDJH j
ERXWRQSRXVVRLU VXU ³2))´ HW VRUWH] GX
YpKLFXOH
%LS ORQJ
FRQWLQX
²
²
$YHUWLVVHPHQW GH OD SRVLWLRQ GX OHYLHU
VpOHFWHXU
. &DV /D SRUWLqUH GX FRQGXFWHXU HVW .
RXYHUWH DORUV TXH OH FRQWDFWHXU
G¶DOOXPDJH j ERXWRQSRXVVRLU HVW
VXU XQH SRVLWLRQ DXWUH TXH ³2))´ HW
.
TXH OH OHYLHU VpOHFWHXU HVW VXU XQH
SRVLWLRQ DXWUH TXH OD SRVLWLRQ ³3´
. &DV /H PRWHXU HVW pWHLQW HQ
DSSX\DQW VXU OH FRQWDFWHXU G¶DOOX
PDJH j ERXWRQSRXVVRLU HW OH OHYLHU
VpOHFWHXU HVW GDQV XQH SRVLWLRQ DXWUH
TXH OD SRVLWLRQ ³3´
'LQJ
²
²
/D SLOH GX SRUWHFOpV G¶DFFqV HVW Gp
FKDUJpH
&DV 0HWWH] OH OHYLHU VpOHFWHXU VXU
OD SRVLWLRQ ³3´ PHWWH] OH FRQWDFWHXU
G¶DOOXPDJH j ERXWRQSRXVVRLU VXU
³2))´ HW VRUWH] GX YpKLFXOH
&DV 'pPDUUH] OH PRWHXU PHWWH]
OH OHYLHU VpOHFWHXU VXU OD SRVLWLRQ ³3´
PHWWH] OH FRQWDFWHXU G¶DOOXPDJH j
ERXWRQSRXVVRLU VXU ³2))´ HW VRUWH]
GX YpKLFXOH
5HPSODFH] OD SLOH GX SRUWHFOpV G¶DFFqV
,QVWUXPHQWV HW FRPPDQGHV7pPRLQV DYHUWLVVHXUV HW LQGLFDWHXUV
$YHUWLVVHXU VRQRUH $YHUWLVVHXU VRQRUH
LQWpULHXU
H[WpULHXU
'LQJ
'LQJ
²
²
,QGLFDWHXU GH IRQF
WLRQQHPHQW VXU OH
FRQWDFWHXU G¶DOOX
PDJH j ERXWRQ
SRXVVRLU
eWDW
$FWLRQ
&OLJQRWH HQ YHUW
VHFRQGHV PD[
$YHUWLVVHPHQW GH EORFDJH GH GLUHF
WLRQ
/D SURFpGXUH GH GpPDUUDJH GX PRWHXU D
pWp VXLYLH PDLV OH YRODQW HVW WRXMRXUV
EORTXp
7RXW HQ WRXUQDQW OH YRODQW OpJqUHPHQW j
GURLWH HW j JDXFKH HQIRQFH] OD SpGDOH GH
IUHLQ HW DSSX\H] VXU OH ERXWRQ GX
FRQWDFWHXU G¶DOOXPDJH j ERXWRQSRXV
VRLU
&OLJQRWH HQ RUDQJH
$YHUWLVVHPHQW GH G\VIRQFWLRQQHPHQW
&RQWDFWH] LPPpGLDWHPHQW XQ FRQFHV
GX V\VWqPH
VLRQQDLUH 68%$58 HW IDLWHV FRQWU{OHU OH
8Q G\VIRQFWLRQQHPHQW D pWp GpWHFWp
YpKLFXOH
GDQV OH FLUFXLW G¶DOLPHQWDWLRQ RX OH
YHUURXLOODJH GH GLUHFWLRQ
5(0$548(
8Q VLIIOHPHQW pOHFWURQLTXH UHWHQWLW DORUV TXH OH OHYLHU VpOHFWHXU HVW HQ SRVLWLRQ ³5´ 'DQV FH FDV O¶DYHUWLVVHPHQW VRQRUH GH OD
SRVLWLRQ GX OHYLHU VpOHFWHXU QH VRQQHUD SDV
± 68,7( ±
,QVWUXPHQWV HW FRPPDQGHV7pPRLQV DYHUWLVVHXUV HW LQGLFDWHXUV
& 7pPRLQ LQGLFDWHXU GX
V\VWqPH GH VpFXULWp
&H WpPRLQ LQGLFDWHXU DIILFKH O¶pWDW GX
V\VWqPH G¶DODUPH ,O LQGLTXH pJDOHPHQW
OH IRQFWLRQQHPHQW GX GLVSRVLWLI DQWLGpPDU
UDJH
! 6\VWqPH G¶DODUPH
,O FOLJQRWH SRXU LQGLTXHU O¶pWDW GH IRQFWLRQ
QHPHQW GX V\VWqPH G¶DODUPH 3RXU GH
SOXV DPSOHV LQIRUPDWLRQV UHSRUWH]YRXV j
³6\VWqPH G¶DODUPH´ )
! 'LVSRVLWLI DQWLGpPDUUDJH
/H WpPRLQ LQGLFDWHXU GX V\VWqPH GH
VpFXULWp FRPPHQFH j FOLJQRWHU GDQV OHV
FRQGLWLRQV VXLYDQWHV
3RXU OHV PRGqOHV DYHF ³DFFqV VDQV FOp
DYHF V\VWqPH GH GpPDUUDJH j ERXWRQ
SRXVVRLU´
. ,PPpGLDWHPHQW DSUqV TXH OH FRQWDF
WHXU G¶DOOXPDJH j ERXWRQSRXVVRLU HVW PLV
HQ SRVLWLRQ ³2))´
. ,PPpGLDWHPHQW DSUqV O¶RXYHUWXUH RX OD
IHUPHWXUH GH OD SRUWLqUH GX FRQGXFWHXU
ORUVTXH WRXWHV OHV FRQGLWLRQV VXLYDQWHV
VRQW UHPSOLHV
± /H FRQWDFWHXU G¶DOOXPDJH j ERXWRQ
SRXVVRLU HVW HQ SRVLWLRQ ³21´ RX
³$&&´
± /H SRUWHFOpV G¶DFFqV HVW j O¶H[Wp
ULHXU GX YpKLFXOH
± /H PRWHXU Q¶HVW SDV HQ PDUFKH
± (Q FDV G¶XWLOLVDWLRQ G¶XQH FOp QRQ
DXWRULVpH SDU H[HPSOH XQH FOp QRQ
HQUHJLVWUpH RX XQH FOp GRQW OH FRGH
G¶LGHQWLILFDWLRQ QH FRUUHVSRQG SDV OH
YpKLFXOH Q¶HVW SDV PLV VRXV WHQVLRQ HW
OH WpPRLQ LQGLFDWHXU GH VpFXULWp FRQWL
QXH j FOLJQRWHU
3RXU OHV PRGqOHV VDQV ³DFFqV VDQV FOp
DYHF V\VWqPH GH GpPDUUDJH j ERXWRQ
SRXVVRLU´
. (QYLURQ VHFRQGHV DSUqV TXH OH
FRQWDFWHXU G¶DOOXPDJH HVW WRXUQp GH OD
SRVLWLRQ ³21´ j OD SRVLWLRQ ³$&&´ RX
³/2&.´
. ,PPpGLDWHPHQW DSUqV OH UHWUDLW GH OD
FOp
6L OH WpPRLQ LQGLFDWHXU QH FOLJQRWH SDV
GDQV OHV FRQGLWLRQV FLGHVVXV OH GLVSRVLWLI
G¶LPPRELOLVDWLRQ HVW SHXWrWUH GpIHFWXHX[
&RQWDFWH] LPPpGLDWHPHQW YRWUH FRQFHV
VLRQQDLUH 68%$58 OH SOXV SURFKH
7RXWH WHQWDWLYH G¶XWLOLVDWLRQ G¶XQH FOp QRQ
UHFRQQXH GRXEOH QRQ DXWRULVp SDU H[HP
SOH HQWUDvQH O¶DOOXPDJH GX WpPRLQ LQGLFD
WHXU GX V\VWqPH GH VpFXULWp 3RXU SOXV GH
GpWDLOV FRQFHUQDQW OH GLVSRVLWLI DQWLGpPDU
UDJH UHSRUWH]YRXV j ³$QWLGpPDUUDJH´
)
5(0$548(
. /H WpPRLQ LQGLFDWHXU GX V\VWqPH GH
VpFXULWp UHVWH pWHLQW GDQV OHV FRQGL
WLRQV VXLYDQWHV &HOD VLJQLILH TXH O¶DS
SDULHPHQW GX FRGH G¶LGHQWLILFDWLRQ HVW
ILQL HW TXH OH GLVSRVLWLI DQWLGpPDUUDJH
HVW GpVDFWLYp HW FHOD Q¶LQGLTXH SDV XQ
G\VIRQFWLRQQHPHQW
0RGqOHV DYHF ³DFFqV VDQV FOp DYHF
V\VWqPH GH GpPDUUDJH j ERXWRQ
SRXVVRLU´
± /RUVTXH OH PRWHXU HVW HQ PDUFKH
± /H FRQWDFWHXU G¶DOOXPDJH j ERX
WRQSRXVVRLU D pWp PLV VXU OD SRVL
WLRQ ³21´ RX ³$&&´ HW OD SRUWLqUH GX
FRQGXFWHXU Q¶D SDV pWp RXYHUWH RX
IHUPpH
0RGqOHV VDQV ³DFFqV VDQV FOp DYHF
V\VWqPH GH GpPDUUDJH j ERXWRQ
SRXVVRLU´
± /RUVTXH OH PRWHXU HVW HQ PDUFKH
± 3HQGDQW HQYLURQ VHFRQGHV
DSUqV TXH OH FRQWDFWHXU G¶DOOXPDJH
HVW WRXUQp GH OD SRVLWLRQ ³21´ j OD
SRVLWLRQ ³$&&´ RX ³/2&.´
± /RUVTXH OH FRQWDFWHXU G¶DOOX
PDJH HVW HQ SRVLWLRQ ³21´
. 0rPH HQ FDV GH G\VIRQFWLRQQHPHQW
FRPPH XQ FOLJQRWHPHQW LUUpJXOLHU GX
WpPRLQ LQGLFDWHXU GH VpFXULWp FHOD
,QVWUXPHQWV HW FRPPDQGHV7pPRLQV DYHUWLVVHXUV HW LQGLFDWHXUV
Q¶DIIHFWH SDV OD IRQFWLRQQDOLWp GX GLV
SRVLWLI DQWLGpPDUUDJH
& ,QGLFDWHXU 6,'5,9( VHORQ
PRGqOHV
& ,QGLFDWHXU GH OD SRVLWLRQ GX
UDSSRUW HQJDJp PRGqOHV %
0 ,QGLFDWHXU GH SDVVDJH DX
UDSSRUW VXSpULHXU 67,
0RGH 6SRUW 6
0RGH ,QWHOOLJHQW ,
0RGH 6SRUW 6KDUS 6
&HW LQGLFDWHXU PRQWUH OH PRGH 6,'5,9(
DFWXHO
3RXU GHV GpWDLOV UHODWLIV DX PRGH 6,
'5,9( UHSRUWH]YRXV j ³6,'5,9(´ )
,QGLFDWHXU GH SDVVDJH DX UDSSRUW VXSp
ULHXU 67,
,QGLFDWHXU GX UDSSRUW HQJDJp
/¶LQGLFDWHXU GH SRVLWLRQ GX UDSSRUW HQJDJp
LQGLTXH OD SRVLWLRQ GX OHYLHU GH YLWHVVHV
/¶LQGLFDWHXU GH SDVVDJH DX UDSSRUW VXSp
ULHXU DSSDUDvW SHQGDQW OD FRQGXLWH HW
VLJQDOH DX FRQGXFWHXU OH PRPHQW GH
SDVVDJH DX UDSSRUW VXSpULHXU SRXU XQH
FRQGXLWH pFRQRPLTXH HQ FDUEXUDQW
&HW LQGLFDWHXU SHXW rWUH DFWLYp RX GpV
DFWLYp
5HSRUWH]YRXV j ³*HDU 3RVLWLRQ ,QGLFDWRU
6HWWLQJ 5pJODJHV GH O¶LQGLFDWHXU GH UDS
SRUW PRGqOHV %0 ´ )
& ,QGLFDWHXU GH SRVLWLRQ GX OH
YLHU VpOHFWHXUGX UDSSRUW HQ
JDJp PRGqOHV &97
,QGLFDWHXU GH SDVVDJH DX UDSSRUW VXSp
ULHXU
,QGLFDWHXU GH SDVVDJH DX UDSSRUW LQIp
ULHXU
,QGLFDWHXU GH SRVLWLRQ GX OHYLHU VpOHFWHXU
GX UDSSRUW HQJDJp
&HW LQGLFDWHXU LQGLTXH OD SRVLWLRQ GX OHYLHU
VpOHFWHXU
¬ OD VpOHFWLRQ GX PRGH PDQXHO O¶LQGLFD
WHXU GH OD SRVLWLRQ GX UDSSRUW HQJDJp TXL
LQGLTXH TXHO HVW OH UDSSRUW HQ SULVH HW OH
WpPRLQ LQGLFDWHXU GH SDVVDJH DX UDSSRUW
VXSpULHXULQIpULHXU V¶DOOXPHQW 5HSRUWH]
± 68,7( ±
,QVWUXPHQWV HW FRPPDQGHV7pPRLQV DYHUWLVVHXUV HW LQGLFDWHXUV
YRXV j ³7UDQVPLVVLRQ j YDULDWLRQ FRQWLQXH´
)
& 7pPRLQ LQGLFDWHXU GHV
IHX[ GH URXWH
& ,QGLFDWHXU GH UpJXODWHXU
GH YLWHVVH
/RUVTXH OH PRGH 6SRUW 6KDUS 6 HVW
VpOHFWLRQQp O¶LQGLFDWHXU GH SRVLWLRQ GX
OHYLHU VpOHFWHXUGX UDSSRUW HQJDJp UHVWH
DOOXPp HW O¶LQGLFDWHXU GH SDVVDJH DX
UDSSRUW LQIpULHXUVXSpULHXU HVW pWHLQW 7RX
WHIRLV ORUV GH O¶XWLOLVDWLRQ GX PRGH PDQXHO
DYHF OH PRGH 6SRUW 6KDUS 6 VpOHF
WLRQQp O¶LQGLFDWHXU GH SDVVDJH DX UDSSRUW
LQIpULHXUVXSpULHXU HVW DOOXPp
&H WpPRLQ V¶DOOXPH ORUVTXH OHV SKDUHV
VRQW HQ SRVLWLRQ GH IHX[ GH URXWH
&H WpPRLQ LQGLFDWHXU V¶DOOXPH pJDOHPHQW
SHQGDQW OHV DSSHOV GH SKDUHV
&HW LQGLFDWHXU DSSDUDvW HQ FDV GH SUHVVLRQ
VXU OH ERXWRQ SULQFLSDO GX UpJXODWHXU GH
YLWHVVH SRXU DFWLYHU OD IRQFWLRQ GH UpJXOD
WHXU GH YLWHVVH 5HSRUWH]YRXV j ³3RXU
UpJOHU OH UpJXODWHXU GH YLWHVVH´ )
SRXU SOXV GH GpWDLOV
6L FH WpPRLQ FOLJQRWH Q¶XWLOLVH] SDV OH
UpJXODWHXU GH YLWHVVH (Q SOXV V¶LO FOLJQRWH
IUpTXHPPHQW FRQWDFWH] YRWUH FRQFHV
VLRQQDLUH 68%$58 SRXU XQ FRQWU{OH
& 7pPRLQV LQGLFDWHXUV GX
FOLJQRWDQW GH GLUHFWLRQ
&HV WpPRLQV FOLJQRWHQW HQ PrPH WHPSV
TXH OHV IHX[ FOLJQRWDQWV GH GLUHFWLRQ GDQV
OHV WRXUQDQWV HW ORUV GHV FKDQJHPHQWV GH
YRLH
6L O¶XQ GH FHV WpPRLQV LQGLFDWHXU QH
IRQFWLRQQH SDV RX FOLJQRWH WUqV UDSLGH
PHQW F¶HVW OH VLJQH TX¶XQH GHV DPSRXOHV
GHV IHX[ FOLJQRWDQWV HVW JULOOpH 5HPSOD
FH] FHWWH DPSRXOH OH SOXV W{W SRVVLEOH
5HSRUWH]YRXV j ³5HPSODFHPHQW GHV DP
SRXOHV´ )
& 7pPRLQ LQGLFDWHXU GH
O¶DVVLVWDQW GHV IHX[ GH
URXWH YHUW VHORQ PR
GqOHV
&H WpPRLQ V¶DOOXPH ORUVTXH OD IRQFWLRQ GH
O¶DVVLVWDQW GHV IHX[ GH URXWH HVW DFWLYpH
3RXU SOXV GH GpWDLOV VXU OD IRQFWLRQ GH
O¶DVVLVWDQW GHV IHX[ GH URXWH UHSRUWH]
YRXV j ³)RQFWLRQ GH O¶DVVLVWDQW GHV IHX[ GH
URXWH PRGqOHV DYHF OH V\VWqPH
(\H6LJKW ´ )
& ,QGLFDWHXU G¶DYHUWLVVH
PHQW GH O¶DVVLVWDQW GHV
IHX[ GH URXWH
MDXQH VHORQ PRGqOHV
&HW LQGLFDWHXU G¶DYHUWLVVHPHQW V¶DIILFKH
ORUVTXH OD IRQFWLRQ GH O¶DVVLVWDQW GHV IHX[
GH URXWH QH IRQFWLRQQH SDV FRUUHFWHPHQW
/RUVTXH FHW LQGLFDWHXU G¶DYHUWLVVHPHQW
V¶DIILFKH IDLWHV FRQWU{OHU YRWUH YpKLFXOH
SDU YRWUH FRQFHVVLRQQDLUH 68%$58
$77(17,21
6L OH WpPRLQ DYHUWLVVHXU G¶DQRPDOLH
PRWHXU &+(&. (1*,1(OH WpPRLQ
LQGLFDWHXU GH G\VIRQFWLRQQHPHQW
V¶DOOXPH OH WpPRLQ LQGLFDWHXU GH
UpJXODWHXU GH YLWHVVH FOLJQRWH VLPXO
WDQpPHQW 'DQV FH FDV pYLWH] GH
URXOHU j JUDQGH YLWHVVH HW IDLWHV
FRQWU{OHU OH YpKLFXOH SDU YRWUH
FRQFHVVLRQQDLUH 68%$58 GqV TXH
SRVVLEOH
,QVWUXPHQWV HW FRPPDQGHV7pPRLQV DYHUWLVVHXUV HW LQGLFDWHXUV
& ,QGLFDWHXU GH UpJODJH GX
UpJXODWHXU GH YLWHVVH
& 7pPRLQ LQGLFDWHXU GHV
SKDUHV
&HW LQGLFDWHXU DSSDUDvW ORUVTXH OD YLWHVVH
GX YpKLFXOH D pWp UpJOp SRXU XWLOLVHU OD
IRQFWLRQ GH UpJXODWHXU GH YLWHVVH 5HSRU
WH]YRXV j ³3RXU UpJOHU OH UpJXODWHXU GH
YLWHVVH´ )
&H WpPRLQ LQGLFDWHXU V¶DOOXPH GDQV OHV
FRQGLWLRQV VXLYDQWHV
. ORUVTXH OD FRPPDQGH G¶pFODLUDJH HVW
´ RX ³ ´
PLVH HQ SRVLWLRQ ³
. ORUVTXH OD FRPPDQGH GH UpJODJH GHV
pFODLUDJHV HVW HQ SRVLWLRQ ³$872´ HW TXH
OHV SKDUHV V¶DOOXPHQW DXWRPDWLTXHPHQW
& 7pPRLQ DYHUWLVVHXU GX
GLVSRVLWLI GH UpJODJH
DXWRPDWLTXH GH SRUWpH
GHV SKDUHV PRGqOHV
DYHF SKDUHV /('
&H WpPRLQ V¶DOOXPH ORUVTXH OH GLVSRVLWLI GH
UpJODJH DXWRPDWLTXH GH SRUWpH GHV SKDUHV
QH IRQFWLRQQH SDV QRUPDOHPHQW
6L OH WpPRLQ V¶DOOXPH SHQGDQW OD FRQGXLWH
RX QH V¶DOOXPH SDV SHQGDQW HQYLURQ VHFRQGHV DSUqV OH SRVLWLRQQHPHQW VXU OD
SRVLWLRQ ³21´ GX FRQWDFWHXU G¶DOOXPDJH
IDLWHV LQVSHFWHU OH YpKLFXOH SDU YRWUH
FRQFHVVLRQQDLUH 68%$58
& ,QGLFDWHXU DXWRPDWLTXH GX
GLIIpUHQWLHO FHQWUDO j
FRPPDQGH SDU OH FRQGXFWHXU
67,
HVW UpJOp VXU OH PRGH DXWRPDWLTXH ,O
GLVSDUDvW ORUVTXH OH GLIIpUHQWLHO FHQWUDO j
FRPPDQGH SDU OH FRQGXFWHXU HVW UpJOp VXU
OH PRGH PDQXHO 5HSRUWH]YRXV j ³'LIIp
UHQWLHO FHQWUDO j FRPPDQGH SDU OH FRQGXF
WHXU &',))'&&' 67, ´ ) SRXU
SOXV GH GpWDLOV
! ,QGLFDWHXU DXWRPDWLTXH >@
GX GLIIpUHQWLHO FHQWUDO j
FRPPDQGH SDU OH FRQGXF
WHXU 67,
/¶LQGLFDWHXU $872 >@ DSSDUDvW ORUVTXH OH
PRGH $872 >@ HVW UpJOp
5HSRUWH]YRXV j ³'LIIpUHQWLHO FHQWUDO j
FRPPDQGH SDU OH FRQGXFWHXU &',))
'&&' 67, ´ ) SRXU SOXV GH GpWDLOV
! ,QGLFDWHXU DXWRPDWLTXH >í@
GX GLIIpUHQWLHO FHQWUDO j
FRPPDQGH SDU OH FRQGXF
WHXU 67,
/¶LQGLFDWHXU $872 >í@ DSSDUDvW ORUVTXH OH
PRGH $872 >í@ HVW UpJOp
5HSRUWH]YRXV j ³'LIIpUHQWLHO FHQWUDO j
FRPPDQGH SDU OH FRQGXFWHXU &',))
'&&' 67, ´ ) SRXU SOXV GH GpWDLOV
& 7pPRLQ LQGLFDWHXU GHV
SKDUHV DQWLEURXLOODUG
DYDQW VHORQ PRGqOHV
&H WpPRLQ LQGLFDWHXU V¶DOOXPH ORUVTXH OHV
SKDUHV DQWLEURXLOODUG DYDQW VRQW DOOXPpV
&HW LQGLFDWHXU IRQFWLRQQH ORUVTXH OH
FRQWDFWHXU G¶DOOXPDJH HVW VXU ³21´ /RUV
TX¶LO DSSDUDvW FHOD LQGLTXH TXH OH GLIIpUHQ
WLHO FHQWUDO j FRPPDQGH SDU OH FRQGXFWHXU
± 68,7( ±
,QVWUXPHQWV HW FRPPDQGHV7pPRLQV DYHUWLVVHXUV HW LQGLFDWHXUV
& ,QGLFDWHXU HW DYHUWLVVHPHQW
GX GLIIpUHQWLHO FHQWUDO j
FRPPDQGH SDU OH FRQGXFWHXU
67,
! ,QGLFDWHXU G¶DYHUWLVVHPHQW
&H WpPRLQ LQGLFDWHXU V¶DOOXPH ORUVTXH OH
UpJLPH PRWHXU DWWHLQW XQ QLYHDX SUpUpJOp
&H WpPRLQ LQGLFDWHXU FOLJQRWH pJDOHPHQW
ORUVTXH O¶DLJXLOOH GX FRPSWHWRXUV HQWUH
GDQV OD ]RQH URXJH 5HSRUWH]YRXV j
³7pPRLQ LQGLFDWHXU 5(9 HW DYHUWLVVHXU
VRQRUH 67, ´ ) SRXU SOXV GH GpWDLOV
! ,QGLFDWHXU
/RUVTXH YRXV VpOHFWLRQQH] OH PRGH PD
QXHO GX GLIIpUHQWLHO FHQWUDO j FRPPDQGH
SDU OH FRQGXFWHXU OHV LQGLFDWHXUV VXLYDQWV
V¶DIILFKHQW ,OV LQGLTXHQW OH FRXSOH GX
GLIIpUHQWLHO j JOLVVHPHQW OLPLWp /6' LQLWLDO
TXL HVW DFWXHOOHPHQW VpOHFWLRQQp SRXU OH
GLIIpUHQWLHO FHQWUDO
& 7pPRLQ LQGLFDWHXU 5(9
67,
7RXV OHV LQGLFDWHXUV FOLJQRWHQW HQ FDV GH
G\VIRQFWLRQQHPHQW GX GLIIpUHQWLHO FHQWUDO j
FRPPDQGH SDU OH FRQGXFWHXU )DLWHV
FRQWU{OHU OH YpKLFXOH SDU XQ FRQFHVVLRQ
QDLUH 68%$58 5HSRUWH]YRXV j ³'LIIp
UHQWLHO FHQWUDO j FRPPDQGH SDU OH FRQGXF
WHXU &',))'&&' 67, ´ ) SRXU
SOXV GH GpWDLOV
(Q FDV GH G\VIRQFWLRQQHPHQW GX YpKLFXOH
SDU H[HPSOH ORUV G¶XQH VXUFKDXIIH GH
O¶KXLOH GX GLIIpUHQWLHO DUULqUH WRXV OHV
LQGLFDWHXUV SHXYHQW GLVSDUDvWUH 'DQV FH
FDV OD YDOHXU GH UpJODJH SRXU OH FRXSOH
LQLWLDO GX GLIIpUHQWLHO j JOLVVHPHQW OLPLWp
/6' GX GLIIpUHQWLHO FHQWUDO j FRPPDQGH
SDU OH FRQGXFWHXU &',))'&&' HVW
DQQXOpH 7RXWHIRLV FHOD Q¶LQGLTXH SDV XQ
G\VIRQFWLRQQHPHQW GX &',))'&&'
& ,QGLFDWHXU G¶DYHUWLVVH
PHQW GHV SKDUHV Up
SRQGDQW DX EUDTXDJH
,QGLFDWHXU GH GpVDFWL
YDWLRQ GHV SKDUHV Up
SRQGDQW DX EUDTXDJH
VHORQ PRGqOHV
&HW LQGLFDWHXU V¶DIILFKH ORUVTXH OH V\VWqPH
GH SKDUHV UpSRQGDQW DX EUDTXDJH HVW
GpVDFWLYp $XVVL OH WpPRLQ LQGLFDWHXU
FOLJQRWH ORUVTX¶XQ G\VIRQFWLRQQHPHQW VH
SURGXLW GDQV OHV SKDUHV UpSRQGDQW DX
EUDTXDJH 5HSRUWH]YRXV j ³/HV SKDUHV
UpSRQGDQW DX EUDTXDJH 65+ ´ )
,QVWUXPHQWV HW FRPPDQGHV$IILFKDJH GHV LQVWUXPHQWV GH ERUG pFUDQ /&' HQ FRXOHXU
& ,QGLFDWHXU G¶DYHUWLVVH
PHQW %6'5&7$ VHORQ
PRGqOHV
& ,QGLFDWHXU
G¶DYHUWLVVHPHQW 5$%
VHORQ PRGqOHV
&HW LQGLFDWHXU G¶DYHUWLVVHPHQW V¶DIILFKH
ORUVTXH OH %6'5&7$ HVW GpIHFWXHX[
'DQV FH FDV O¶LQGLFDWHXU G¶DYHUWLVVHPHQW
%6'5&7$ V¶DIILFKH VXU O¶DIILFKDJH GHV
LQVWUXPHQWV GH ERUG pFUDQ /&' HQ
FRXOHXU /RUVTXH FHW LQGLFDWHXU V¶DIILFKH
IDLWHV FRQWU{OHU YRWUH YpKLFXOH SDU YRWUH
FRQFHVVLRQQDLUH 68%$58 GqV TXH SRV
VLEOH
&H WpPRLQ V¶DOOXPH VL OH V\VWqPH GH
IUHLQDJH DXWRPDWLTXH HQ PDUFKH DUULqUH
HVW GpIDLOODQW 5HSRUWH]YRXV j ³6\VWqPH
GH IUHLQDJH DXWRPDWLTXH HQ PDUFKH DU
ULqUH´ )
& ,QGLFDWHXU GH GpVDFWL
YDWLRQ %6'5&7$ VH
ORQ PRGqOHV
&H WpPRLQ V¶DOOXPH ORUVTXH OH V\VWqPH GH
IUHLQDJH DXWRPDWLTXH HQ PDUFKH DUULqUH
HVW GpVDFWLYp RX ORUVTXH OH V\VWqPH GH
IUHLQDJH DXWRPDWLTXH HQ PDUFKH DUULqUH
HVW WHPSRUDLUHPHQW VXVSHQGX 5HSRUWH]
YRXV j ³6\VWqPH GH IUHLQDJH DXWRPDWLTXH
HQ PDUFKH DUULqUH´ )
&HW LQGLFDWHXU V¶DIILFKH ORUVTXH OH %6'
5&7$ HVW GpVDFWLYp 'DQV FH FDV O¶LQGL
FDWHXU GH GpVDFWLYDWLRQ GX %6'5&7$
V¶DIILFKH VXU O¶DIILFKDJH GHV LQVWUXPHQWV
GH ERUG pFUDQ /&' HQ FRXOHXU 5HSRU
WH]YRXV j ³%6'5&7$´ ) SRXU SOXV
GH GpWDLOV
& 7pPRLQ LQGLFDWHXU GH
GpVDFWLYDWLRQ 5$% VH
ORQ PRGqOHV
$IILFKDJH GHV LQVWUXPHQWV
GH ERUG pFUDQ /&' HQ FRX
OHXU
'$1*(5
1H QpJOLJH] MDPDLV OHV LPSpUDWLIV GH
VpFXULWp ORUVTXH YRXV XWLOLVH] O¶DIIL
FKDJH GHV LQVWUXPHQWV GH ERUG
pFUDQ /&' HQ FRXOHXU DORUV TXH OH
YpKLFXOH HVW HQ GpSODFHPHQW
/RUVTXH O¶XWLOLVDWLRQ GH O¶DIILFKDJH
GHV LQVWUXPHQWV GH ERUG pFUDQ /&'
HQ FRXOHXU YRXV HPSrFKH GH YRXV
FRQFHQWUHU VXU OD FRQGXLWH DUUrWH]
OH YpKLFXOH DYDQW G¶HIIHFWXHU GHV
RSpUDWLRQV VXU O¶pFUDQ $XVVL QH
YRXV FRQFHQWUH] SDV VXU O¶pFUDQ
SHQGDQW OD FRQGXLWH &HOD SHXW YRXV
DPHQHU j GpWRXUQHU OHV \HX[ GH OD
URXWH HW HQWUDvQHU XQ DFFLGHQW
'LYHUVHV LQIRUPDWLRQV VRQW LQGLTXpHV VXU
O¶DIILFKDJH GHV LQVWUXPHQWV GH ERUG pFUDQ
/&' HQ FRXOHXU 'H SOXV XQ PHVVDJH
G¶DYHUWLVVHPHQW DSSDUDvW VXU O¶DIILFKDJH VL
XQ G\VIRQFWLRQQHPHQW HWF HVW GpWHFWp
(Q SOXV YRXV SRXYH] HIIHFWXHU SOXVLHXUV
UpJODJHV SRXU OH FRQWHQX DIILFKp
± 68,7( ±
,QVWUXPHQWV HW FRPPDQGHV$IILFKDJH GHV LQVWUXPHQWV GH ERUG pFUDQ /&' HQ FRXOHXU
$IILFKDJH G¶LQIRUPDWLRQV VXU OH UpJXODWHXU
GH YLWHVVH
,QGLFDWHXU &',))'&&'
,QGLFDWHXU G¶DYHUWLVVHPHQW UHSRUWH]
YRXV j ³,QGLFDWHXU G¶DYHUWLVVHPHQW´ )
,QGLFDWHXU GH SRVLWLRQ GX OHYLHU VpOHFWHXU
GX UDSSRUW HQJDJp UHSRUWH]YRXV j
³,QGLFDWHXU GH SRVLWLRQ GX OHYLHU VpOHF
WHXUGX UDSSRUW HQJDJp PRGqOHV &97 ´
)
7pPRLQ LQGLFDWHXU 6,'5,9( UHSRUWH]
YRXV j ³,QGLFDWHXU 6,'5,9(´ )
&RPSWHXU WRWDOLVDWHXU UHSRUWH]YRXV j
³&RPSWHXU WRWDOLVDWHXU´ ) FRPS
WHXU MRXUQDOLHU GRXEOH UHSRUWH]YRXV j
³&RPSWHXU MRXUQDOLHU GRXEOH´ )
& )RQFWLRQQHPHQW GH EDVH
7LUH] ³ ´ RX ³ ´ GH OD FRPPDQGH GH
UpJODJH YHUV YRXV SRXU FKDQJHU G¶pFUDQ
RX VpOHFWLRQQHU OHV pOpPHQWV 7LUH] OD
FRPPDQGH ³ 6(7´ YHUV YRXV SRXU Vp
OHFWLRQQHU HW UpJOHU O¶pOpPHQW
'HV PHVVDJHV XWLOHV WHOV TXH OHV LQIRU
PDWLRQV VXU OH YpKLFXOH OHV LQIRUPDWLRQV
G¶DOHUWH HWF LQWHUURPSHQW O¶pFUDQ DFWXHO
HW DSSDUDLVVHQW j O¶pFUDQ DFFRPSDJQp
G¶XQ ELS (Q FDV G¶DIILFKDJH G¶XQ WHO pFUDQ
SUHQH] OHV PHVXUHV QpFHVVDLUHV VHORQ OH
PHVVDJH DIILFKp j O¶pFUDQ
/¶pFUDQ G¶DYHUWLVVHPHQW UHYLHQGUD j O¶p
FUDQ RULJLQDO DSUqV TXHOTXHV VHFRQGHV
3HQGDQW TXH OH UDSSHO G¶LQIRUPDWLRQ ³ ´
HVW DIILFKp VXU O¶pFUDQ LO SHXW rWUH SRVVLEOH
G¶DIILFKHU O¶pFUDQ G¶DYHUWLVVHPHQW j QRX
YHDX 3RXU UDSSHOHU OH PHVVDJH PDUTXp
DYHF ³ ´ VXU O¶pFUDQ WLUH] OD FRPPDQGH
³ 6(7´ YHUV YRXV
$IILFKDJH GHV LQVWUXPHQWV GH ERUG pFUDQ
/&' HQ FRXOHXU
-DXJH (&2 UHSRUWH]YRXV j ³-DXJH
(&2´ )
eFUDQ G¶DYHUWLVVHPHQW UHSRUWH]YRXV j
³eFUDQ G¶DYHUWLVVHPHQW´ ) eFUDQ
GH EDVH UHSRUWH]YRXV j ³eFUDQV SULQFL
SDX[´ )
&RPPDQGH GH UpJODJH
9HUV OH KDXW VpOHFWLRQQHU
6(7 HQWUHU
9HUV OH EDV VpOHFWLRQQHU
,QVWUXPHQWV HW FRPPDQGHV$IILFKDJH GHV LQVWUXPHQWV GH ERUG pFUDQ /&' HQ FRXOHXU
& eFUDQ GH ELHQYHQXH DQLPD
WLRQ G¶RXYHUWXUH HW pFUDQ
G¶DX UHYRLU DQLPDWLRQ GH ILQ
/RUVTXH OD SRUWLqUH GX FRQGXFWHXU HVW
RXYHUWH SXLV IHUPpH DSUqV OH GpYHUURXLO
ODJH GH OD SRUWLqUH O¶pFUDQ GH ELHQYHQXH
DQLPDWLRQ G¶RXYHUWXUH V¶DIILFKH VXU O¶DIIL
FKDJH GHV LQVWUXPHQWV GH ERUG pFUDQ
/&' HQ FRXOHXU SHQGDQW HQYLURQ VH
FRQGHV
/RUVTXH OH FRQWDFWHXU G¶DOOXPDJH HVW PLV
VXU ³/2&.´³2))´ O¶DIILFKDJH GHV LQVWUX
PHQWV GH ERUG pFUDQ /&' HQ FRXOHXU
V¶pWHLQW SURJUHVVLYHPHQW WRXW HQ DIILFKDQW
O¶pFUDQ G¶DX UHYRLU DQLPDWLRQ GH ILQ UHYRLU SHXYHQW rWUH DFWLYpV RX GpVDFWL
YpV 5HSRUWH]YRXV j ³:HOFRPH *RRG
E\H 6FUHHQ eFUDQG¶DFFXHLO ´ )
SRXU SOXV GH GpWDLOV
& eFUDQV SULQFLSDX[
& eFUDQ G¶DYHUWLVVHPHQW
eFUDQ SDU GpIDXW
7LUH] OD FRPPDQGH ³ ´ RX ³ ´ GX YRODQW
SRXU FKDQJHU O¶pFUDQ TXL HVW WRXMRXUV
DIILFKp
5(0$548(
. /¶DSSDUHQFH HW OHV PRWV DIILFKpV VXU
O¶pFUDQ GH ELHQYHQXH HW O¶pFUDQ G¶DX
UHYRLU SHXYHQW YDULHU
. 8QH IRLV TXH O¶pFUDQ GH ELHQYHQXH
DSSDUDvW LO IDXW XQ FHUWDLQ WHPSV SRXU
TX¶LO V¶DIILFKH j QRXYHDX
. /¶pFUDQ GH ELHQYHQXH GLVSDUDvW
DSUqV OD PLVH GX FRQWDFWHXU G¶DOOXPDJH
VXU OD SRVLWLRQ ³21´ ORUVTXH O¶pFUDQ GH
ELHQYHQXH HVW DIILFKp
. (Q FDV G¶RXYHUWXUH GH O¶XQH GHV
SRUWLqUHV ORUVTXH O¶pFUDQ GH ELHQYHQXH
HVW DIILFKp O¶DYHUWLVVHPHQW GH SRUWLqUH
HQWURXYHUWH DSSDUDvW
. /¶pFUDQ GH ELHQYHQXH HW O¶pFUDQ G¶DX
([HPSOH G¶DYHUWLVVHPHQW
(Q FDV GH GpWHFWLRQ G¶XQ DYHUWLVVHPHQW RX
G¶XQ G\VIRQFWLRQQHPHQW XQ PHVVDJH DS
SDUDvW 3UHQH] OHV PHVXUHV DSSURSULpHV
HQ IRQFWLRQ GHV PHVVDJHV LQGLTXpV
± 68,7( ±
,QVWUXPHQWV HW FRPPDQGHV$IILFKDJH GHV LQVWUXPHQWV GH ERUG pFUDQ /&' HQ FRXOHXU
eFUDQ GH OD GXUpH GH WUDMHW
&HW pFUDQ DIILFKH OD GXUpH GX WUDMHW OH
WHPSV TXL V¶HVW pFRXOp GHSXLV OD PLVH VXU
OD SRVLWLRQ ³21´ GX FRQWDFWHXU G¶DOOX
PDJH ,QGLFDWHXU GH YLWHVVH GLJLWDO
eFUDQ GX PRGH 6,'5,9(
&HW pFUDQ PRQWUH OH PRGH 6,'5,9(
DFWXHO DYHF VRQ DQJOH G¶RXYHUWXUH GX
SDSLOORQ GHV JD]
,QVWUXPHQWV HW FRPPDQGHV$IILFKDJH GHV LQVWUXPHQWV GH ERUG pFUDQ /&' HQ FRXOHXU
eFUDQ G¶HQWUpH GDQV O¶pFUDQ GH PHQX
/RUVTXH FHW pFUDQ HVW VpOHFWLRQQp PDLQ
WHQH] OD FRPPDQGH ³ 6(7´ WLUpH YHUV
YRXV SRXU HQWUHU GDQV O¶pFUDQ GH PHQX
& ,QGLFDWHXU G¶DYHUWLVVHPHQW
,QGLFDWHXU G¶DYHUWLVVHPHQW
/RUVTXH OD VLWXDWLRQ FRUUHVSRQGDQWH VXU
YLHQW OHV LQGLFDWHXUV G¶DYHUWLVVHPHQW VXL
YDQWV V¶DIILFKHQW
5HSqUH
6LJQLILFDWLRQ
3DJH
,QGLFDWHXU G¶DYHUWLVVH
PHQW GH QLYHDX G¶KXLOH
PRWHXU EDV
,QGLFDWHXU G¶DYHUWLVVH
PHQW %6'5&7$ VHORQ
PRGqOHV
,QGLFDWHXU GH GpVDFWL
YDWLRQ %6'5&7$ VH
ORQ PRGqOHV
,QGLFDWHXU GH GpVDFWL
YDWLRQ GHV SKDUHV Up
SRQGDQW DX EUDTXDJH
VHORQ PRGqOHV
,QGLFDWHXU G¶DYHUWLVVH
PHQW GH O¶DVVLVWDQW GHV
IHX[ GH URXWH MDXQH
,QGLFDWHXU G¶DYHUWLVVH
PHQW GH OLTXLGH GH ODYH JODFH GH SDUHEULVH
,QGLFDWHXU G¶DYHUWLVVH
PHQW GH FOp G¶DFFqV
VHORQ PRGqOHV
,QGLFDWHXU G¶DYHUWLVVH
PHQW 5$% VHORQ PR
GqOHV
,QGLFDWHXU GH GpVDFWL
YDWLRQ 5$% VHORQ PR
GqOHV
± 68,7( ±
,QVWUXPHQWV HW FRPPDQGHV$IILFKDJH GHV LQVWUXPHQWV GH ERUG pFUDQ /&' HQ FRXOHXU
& eFUDQV GH PHQX
0DLQWHQH] OD FRPPDQGH ³ 6(7´ WLUpH
YHUV YRXV SRXU HQWUHU GDQV OHV pFUDQV GH
PHQX ORUVTXH WRXWHV OHV FRQGLWLRQV VXL
YDQWHV VRQW UHPSOLHV
. /H YpKLFXOH D pWp FRPSOqWHPHQW DUUrWp
. /H OHYLHU VpOHFWHXU HVW HQ SRVLWLRQ ³3´
PRGqOHV &97 . /H OHYLHU GH FKDQJHPHQW GH YLWHVVH HVW
DX SRLQW PRUW PRGqOHV %0 . /¶pFUDQ G¶HQWUpH GDQV O¶pFUDQ GH PHQX
HVW VpOHFWLRQQp
7LUH] OD FRPPDQGH ³ ´ RX ³ ´ SRXU
VpOHFWLRQQHU OH PHQX 7LUH] OD FRPPDQGH
³ 6(7´ YHUV YRXV SRXU HQWUHU GDQV OH
PHQX VpOHFWLRQQp
5(0$548(
6L YRXV HQWUH] GDQV OH PHQX ³*R %DFN
5HWRXU ´ OH V\VWqPH UHYLHQW j O¶pFUDQ
SUpFpGHQW
,QVWUXPHQWV HW FRPPDQGHV$IILFKDJH GHV LQVWUXPHQWV GH ERUG pFUDQ /&' HQ FRXOHXU
/D OLVWH GH PHQX HVW FRPPH FH TXL VXLW
0HQX VXSpULHXU
6FUHHQ 6HWWLQJV 5pJODJHV pFUDQ
2SWLRQV GX PHQX
5pJODJHV LQLWLDX[
2Q2II $FWLYp$UUrW
2Q $FWLYp
*DXJH ,QLWLDO 0RYHPHQW %DOD\DJH LQLWLDO GHV
DLJXLOOHV GX FRPSWHXU
2Q2II $FWLYp$UUrW
2Q $FWLYp
*HDU 3RVLWLRQ ,QGLFDWRU 6HWWLQJ 5pJODJHV GH
O¶LQGLFDWHXU GH UDSSRUW PRGqOHV %0
2Q2II $FWLYp$UUrW
2Q $FWLYp
/DQJXDJHV /DQJXHV
6pOHFWLRQQH OD ODQJXH G¶DIIL
FKDJH
/HV UpJODJHV SDU GpIDXW GH OD
ODQJXH YDULHQW VHORQ OHV SD\V
3RXU OHV PRGqOHV SRXU OHV
eWDWV8QLV $QJODLV
2Q2II $FWLYp$UUrW
2Q $FWLYp
65+ VHORQ PRGqOHV
5(9 VHWWLQJV 3DUDPpWUDJH 5(9
67,
5pJODJHV SRVVLEOHV
:HOFRPH *RRGE\H 6FUHHQ eFUDQ G¶DFFXHLO
²
5(9 ,QGLFDWRU /LJKW 9R\DQW LQGLFDWHXU
2Q2II $FWLYp$UUrW
2II $UUrW
5(9 $ODUP /HYHO (QJLQH 6SHHG 1LYHDX DODUPH
5pJLPH PRWHXU
USP 5(' =21(
USP
5(9 %X]]HU %X]]HU
2Q2II $FWLYp$UUrW
2II $UUrW
± 68,7( ±
,QVWUXPHQWV HW FRPPDQGHV$IILFKDJH GHV LQVWUXPHQWV GH ERUG pFUDQ /&' HQ FRXOHXU
(\H6LJKW SRXU OHV PRGqOHV DYHF
V\VWqPH (\H6LJKW
%6'5&7$ VHORQ PRGqOHV
5$% SRXU OHV PRGqOHV DYHF V\V
WqPH (\H6LJKW
5pJODJHV SDU GpIDXW
:DUQLQJ 9ROXPH 9ROXPH GHV DOHUWHV
0D[0LG0LQ 0D[0R\HQ
0LQ
0LG 0R\HQ
/HDG 9HKLFOH $FTXLVLWLRQ 6RXQG 6LJQDO VRQRUH
G¶DFTXLVLWLRQ YRLWXUH GHYDQW
2Q2II $FWLYp$UUrW
2Q $FWLYp
/HDG 9HKLFOH 0RYLQJ 0RQLWRU )XQFWLRQ 'pWHFWLRQ 2Q2II $FWLYp$UUrW
GH PRXYHPHQW YRLWXUH GHYDQW
2Q $FWLYp
(\H6LJKW $VVLVW 0RQLWRU (\H6LJKW $VVLVW 0RQLWRU 2Q2II $FWLYp$UUrW
5HG LQGLFDWRU eFUDQ
eFUDQ G¶DVVLVWDQFH
G¶DVVLVWDQFH (\H6LJKW
(\H6LJKW
9R\DQW URXJH
2Q $FWLYp
(\H6LJKW $VVLVW 0RQLWRU 2Q2II $FWLYp$UUrW
<HOORZ LQGLFDWRU eFUDQ
G¶DVVLVWDQFH (\H6LJKW
9R\DQW MDXQH
2Q $FWLYp
(\H6LJKW $VVLVW 0RQLWRU 2Q2II $FWLYp$UUrW
*UHHQ LQGLFDWRU eFUDQ
G¶DVVLVWDQFH (\H6LJKW
9R\DQW YHUW
2Q $FWLYp
:DUQLQJ 9ROXPH 9ROXPH GHV DOHUWHV
0D[0LG0LQ2II 0D[
0R\HQ0LQ$UUrW
0LG 0R\HQ
:DUQLQJ 9ROXPH 9ROXPH GHV DOHUWHV
0D[0LG0LQ 0D[0R\HQ
0LQ
0LG 0R\HQ
6RQDU $XGLEOH $ODUP $ODUPH GX VRQDU DXGLEOH
2Q2II $FWLYp$UUrW
2Q $FWLYp
ʊ
<HV 2XL 1R 1RQ
ʊ
,QVWUXPHQWV HW FRPPDQGHV$IILFKDJH GHV LQVWUXPHQWV GH ERUG pFUDQ /&' HQ FRXOHXU
! 6FUHHQ 6HWWLQJV 5pJODJHV pFUDQ
$SUqV rWUH HQWUp GDQV OH PHQX ³6FUHHQ
6HWWLQJV 5pJODJHV pFUDQ ´ VpOHFWLRQQH]
XQ GHV PHQXV VXLYDQWV
! :HOFRPH *RRGE\H 6FUHHQ
eFUDQG¶DFFXHLO
/HV pFUDQV GH ELHQYHQXHG¶DXUHYRLU SHX
YHQW rWUH DFWLYpV RX GpVDFWLYpV 6pOHFWLRQ
QH] ³2Q $FWLYp ´ SRXU DFWLYHU OHV pFUDQV
6pOHFWLRQQH] ³2II $UUrW ´ SRXU GpVDFWLYHU
OHV pFUDQV
! *DXJH ,QLWLDO 0RYHPHQW %D
OD\DJH LQLWLDO GHV DLJXLOOHV GX
FRPSWHXU
/H PRXYHPHQW GHV DLJXLOOHV GX FRPSWHXU
HW GH OD MDXJH TXL VH SURGXLW ORUVTXH OH
FRQWDFWHXU G¶DOOXPDJH HVW PLV VXU OD
SRVLWLRQ ³21´ SHXW rWUH DFWLYp RX GpV
DFWLYp 6pOHFWLRQQH] ³2Q $FWLYp ´ SRXU
O¶DFWLYDWLRQ GH FH UpJODJH 6pOHFWLRQQH]
³2II $UUrW ´ SRXU OD GpVDFWLYDWLRQ GH FH
UpJODJH
! *HDU 3RVLWLRQ ,QGLFDWRU 6HWWLQJ
5pJODJHV GH O¶LQGLFDWHXU GH
UDSSRUW PRGqOHV %0
/¶DIILFKDJH GH O¶LQGLFDWHXU GH OD SRVLWLRQ GX
UDSSRUW HQJDJp SHXW rWUH DFWLYp RX GpV
DFWLYp 6pOHFWLRQQH] ³2Q $FWLYp ´ SRXU
DFWLYHU O¶DIILFKDJH GH O¶LQGLFDWHXU GH OD
SRVLWLRQ GX UDSSRUW HQJDJp RX ³2II $UUrW ´
SRXU OH GpVDFWLYHU
! /DQJXDJHV /DQJXHV
$FWLRQQH] OD FRPPDQGH ³ ´ RX ³ ´ VXU OH
YRODQW SRXU DIILFKHU OD ODQJXH GH YRWUH
FKRL[ 3XLV WLUH] VXU OD FRPPDQGH
³ 6(7´ SRXU VpOHFWLRQQHU OD ODQJXH DIIL
FKpH
! 65+ VHORQ PRGqOHV
6pOHFWLRQQH] ³2Q $FWLYp ´ SRXU DFWLYHU OHV
SKDUHV UpSRQGDQW DX EUDTXDJH 65+ 6pOHFWLRQQH] ³2II $UUrW ´ SRXU GpVDFWLYHU
OH 65+
! 5(9 VHWWLQJV 3DUDPpWUDJH 5(9
67,
5(0$548(
6L OH UpJODJH GH 5(9 ,QGLFDWRU /LJKW
9R\DQW LQGLFDWHXU HVW VXU ³2II $UUrW ´
OHV PHQXV GH UpJODJH GH 5(9 $ODUP
/HYHO (QJLQH 6SHHG 1LYHDX DODUPH
5pJLPH PRWHXU HW GH 5(9 %X]]HU
%X]]HU QH VRQW SDV DIILFKpV
$SUqV rWUH HQWUp GDQV OH PHQX ³5(9
VHWWLQJV 3DUDPpWUDJH 5(9 ´ VpOHFWLRQ
QH] XQ GHV PHQXV VXLYDQWV
! 7pPRLQ LQGLFDWHXU 5(9 9R\DQW
LQGLFDWHXU
/¶DIILFKDJH GX WpPRLQ LQGLFDWHXU 5(9 SHXW
rWUH DFWLYp RX GpVDFWLYp 6pOHFWLRQQH] ³2Q
$FWLYp ´ SRXU DFWLYHU O¶DIILFKDJH GX WpPRLQ
LQGLFDWHXU 5(9 RX ³2II $UUrW ´ SRXU OH
GpVDFWLYHU
! 5(9 $ODUP /HYHO (QJLQH 6SHHG
1LYHDX DODUPH 5pJLPH PRWHXU
/H UpJLPH PRWHXU SRXU QLYHDX G¶DODUPH
SHXW rWUH UpJOp SDU pFKHORQV GH WU
PLQ HQWUH OD JDPPH DOODQW GH WUPLQ
MXVTX¶j OD ]RQH URXJH
! 5(9 %X]]HU %X]]HU
/H FDULOORQ 5(9 SHXW rWUH DFWLYp RX
GpVDFWLYp 6pOHFWLRQQH] ³2Q $FWLYp ´ SRXU
DFWLYHU OH FDULOORQ 5(9 RX ³2II $UUrW ´ SRXU
OH GpVDFWLYHU
! (\H6LJKW SRXU OHV PRGqOHV DYHF
V\VWqPH (\H6LJKW
5(0$548(
5HSRUWH]YRXV DX VXSSOpPHQW GX 0D
QXHO GX &RQGXFWHXU SRXU OH V\VWqPH
(\H6LJKW
! %6'5&7$ VHORQ PRGqOHV
$SUqV rWUH HQWUp GDQV OH PHQX ³%6'
5&7$´ VpOHFWLRQQH] OH PHQX ³:DUQLQJ
9ROXPH 9ROXPH GHV DOHUWHV ´ 9RXV SRX
YH] UpJOHU OH YROXPH GX VLJQDO VRQRUH
G¶DYHUWLVVHPHQW SRXU OH 5&7$ $OHUWH GH
FURLVHPHQW HQ PDUFKH DUULqUH 9RXV
SRXYH] VpOHFWLRQQHU ³0D[´ ³0LG 0R\HQ ´
³0LQ´ RX ³2II $UUrW ´
± 68,7( ±
,QVWUXPHQWV HW FRPPDQGHV$IILFKDJH PXOWLIRQFWLRQV pFUDQ /&' HQ FRXOHXU
! 5$% SRXU OHV PRGqOHV DYHF V\V
WqPH (\H6LJKW
$SUqV rWUH HQWUp GDQV OH PHQX ³5$%´
VpOHFWLRQQH] XQ GHV PHQXV VXLYDQWV
5(0$548(
3RXU SOXV GH GpWDLOV VXU OH V\VWqPH GH
IUHLQDJH DXWRPDWLTXH HQ PDUFKH DU
ULqUH UHSRUWH]YRXV j ³6\VWqPH GH
IUHLQDJH DXWRPDWLTXH HQ PDUFKH DU
ULqUH´ )
! :DUQLQJ 9ROXPH 9ROXPH GHV
DOHUWHV
/H YROXPH GX VRQ G¶DYHUWLVVHPHQW TXL
UHWHQWLW ORUVTXH OH V\VWqPH GH IUHLQDJH
DXWRPDWLTXH HQ PDUFKH DUULqUH HVW HQ
FRXUV GH IRQFWLRQQHPHQW SHXW rWUH UpJOp
VXU QLYHDX[ ³0D[´ ³0LG 0R\HQ ´ HW
³0LQ´ ! 6RQDU $XGLEOH $ODUP $ODUPH GX
VRQDU DXGLEOH
/H V\VWqPH GH IUHLQDJH DXWRPDWLTXH HQ
PDUFKH DUULqUH HVW pTXLSp G¶XQH IRQFWLRQ
TXL pPHW XQ DYHUWLVVHPHQW VRQRUH ORUVTXH
OH V\VWqPH IRQFWLRQQH /D IRQFWLRQ SHXW
rWUH DFWLYpH RX GpVDFWLYpH 6pOHFWLRQQH]
³2Q $FWLYp ´ SRXU UpJOHU O¶DYHUWLVVHPHQW
VRQRUH VXU DFWLYHU 6pOHFWLRQQH] ³2II
$UUrW ´ SRXU UpJOHU O¶DYHUWLVVHPHQW VRQRUH
VXU GpVDFWLYHU
! 'HIDXOW 6HWWLQJV 5pJODJHV SDU Gp
IDXW
6pOHFWLRQQH] ³<HV 2XL ´ j SDUWLU GH O¶pFUDQ
GH PHQX SRXU UHVWDXUHU YRV UpJODJHV
SHUVRQQDOLVpV VXU OHV UpJODJHV SDU GpIDXW
G¶XVLQH 6pOHFWLRQQH] ³1R 1RQ ´ SRXU
UHWRXUQHU j O¶pFUDQ SUpFpGHQW VDQV UHVWDX
UHU OHV UpJODJHV SDU GpIDXW G¶XVLQH
$IILFKDJH PXOWLIRQFWLRQV
pFUDQ /&' HQ FRXOHXU
'$1*(5
1H QpJOLJH] MDPDLV OHV LPSpUDWLIV GH
VpFXULWp ORUVTXH YRXV DFWLYH] O¶DIIL
FKDJH PXOWLIRQFWLRQV DORUV TXH OH
YpKLFXOH HVW HQ GpSODFHPHQW
/RUVTXH OH IRQFWLRQQHPHQW GH O¶DIIL
FKDJH PXOWLIRQFWLRQ GpUDQJH YRWUH
DWWHQWLRQ HW OD FDSDFLWp j VH FRQFHQ
WUHU VXU OD FRQGXLWH DUUrWH] OH YpKL
FXOH GDQV XQ HQGURLW V€U DYDQW
G¶HIIHFWXHU GHV RSpUDWLRQV VXU O¶p
FUDQ $XVVL QH YRXV FRQFHQWUH] SDV
VXU O¶pFUDQ SHQGDQW OD FRQGXLWH &HOD
SHXW YRXV DPHQHU j GpWRXUQHU OHV
\HX[ GH OD URXWH HW HQWUDvQHU XQ
DFFLGHQW
/¶DIILFKDJH PXOWLIRQFWLRQV SUpVHQWH OHV
IRQFWLRQV VXLYDQWHV
,QVWUXPHQWV HW FRPPDQGHV$IILFKDJH PXOWLIRQFWLRQV pFUDQ /&' HQ FRXOHXU
'HVFULSWLRQ
3DJH
$IILFKH GHV PHVVDJHV XWLOHV
WHOV TXH GHV LQIRUPDWLRQV G¶D
OHUWH HWF
$IILFKH GHV pFUDQV GH EDVH
SDU H[HPSOH O¶pFUDQ GH
FRQVRPPDWLRQ GH FDUEXUDQW
HWF
&RQILJXUH HW UqJOH OHV QRWLILFD
WLRQV GH OD PDLQWHQDQFH
(QUHJLVWUH O¶KLVWRULTXH GH
FRQGXLWH
5qJOH HW SHUVRQQDOLVH OH IRQF
WLRQQHPHQW GH OD YRLWXUH
6\VWqPH GH IUHLQDJH DXWRPD
WLTXH HQ PDUFKH DUULqUH VHORQ
PRGqOHV
. /RUVTXH OH YpKLFXOH HVW HQ PRXYH
PHQW FHUWDLQHV IRQFWLRQV HW VpOHFWLRQV
SHXYHQW QH SDV rWUH GLVSRQLEOHV
. /HV LPDJHV DIILFKpHV GDQV FH 0D
QXHO GX FRQGXFWHXU VRQW GHV LPDJHV
pFKDQWLOORQV /HV LPDJHV UpHOOHV SHX
YHQW YDULHU HQ IRQFWLRQ GHV PDUFKpV HW
GHV VSpFLILFDWLRQV GX YpKLFXOH
'H SOXV XWLOLVH] O¶DIILFKDJH PXOWLIRQFWLRQV
SRXU UpJOHU HW LQLWLDOLVHU O¶DIILFKDJH PXOWL
IRQFWLRQV OXLPrPH
5(0$548(
. /HV LOOXVWUDWLRQV PRQWUHQW O¶DIIL
FKDJH SRXU OHV PRGqOHV SRXU OHV
eWDWV8QLV HQ WDQW TX¶H[HPSOH 3RXU
OHV PRGqOHV DXWUHV TXH FHX[ SRXU OHV
eWDWV8QLV OHV pOpPHQWV GDQV OHV LOOXV
WUDWLRQV WHOV TXH O¶LQGLFDWHXU GH O¶DIIL
FKDJH HW O¶XQLWp GH PHVXUH SHXYHQW
rWUH GLIIpUHQWV GH FHX[ GHV PRGqOHV
SRXU OHV eWDWV8QLV
$IILFKDJH PXOWLIRQFWLRQV
+RUORJH
/D FOLPDWLVDWLRQ V¶DIILFKH XQLTXHPHQW
ORUVTXH OH FRQWDFWHXU G¶DOOXPDJH HVW HQ
SRVLWLRQ ³21´
7HPSpUDWXUH H[WpULHXUH
eFUDQ G¶LQIRUPDWLRQ
± 68,7( ±
,QVWUXPHQWV HW FRPPDQGHV$IILFKDJH PXOWLIRQFWLRQV pFUDQ /&' HQ FRXOHXU
5(0$548(
/¶DIILFKDJH GH O¶LQGLFDWHXU GH WHPSpUD
WXUH H[WpULHXUH LQGLTXH OHV WHPSpUDWX
UHV DXWRXU GX FDSWHXU $XWUHPHQW GLW OD
WHPSpUDWXUH LQGLTXpH SHXW rWUH VHQVL
EOHPHQW GLIIpUHQWH GH OD WHPSpUDWXUH
H[WpULHXUH UpHOOH
& eFUDQ G¶DXWRFRQWU{OH
/RUVTXH OH FRQWDFWHXU G¶DOOXPDJH HVW
SODFp VXU ³21´ OD YpULILFDWLRQ DXWRPDWLTXH
GX YpKLFXOH HVW HIIHFWXpH /HV pFUDQV
FRUUHVSRQGDQW DX[ pOpPHQWV VXLYDQWV
V¶DIILFKHQW OHV XQV DSUqV OHV DXWUHV
FKDFXQ SHQGDQW SOXVLHXUV VHFRQGHV
& eFUDQ GH ELHQYHQXH
/RUVTXH OD SRUWLqUH GX FRQGXFWHXU HVW
IHUPpH O¶pFUDQ GH ELHQYHQXH V¶DIILFKH
SHQGDQW XQ EUHI PRPHQW
5(0$548(
. /¶pFUDQ GH ELHQYHQXH GLVSDUDvWUD
ORUV GH OD PLVH VXU OD SRVLWLRQ ³21´ GX
FRQWDFWHXU G¶DOOXPDJH ORUVTXH O¶pFUDQ
GH ELHQYHQXH HVW DIILFKp
. /¶pFUDQ GH ELHQYHQXH SHXW rWUH DF
WLYp RX GpVDFWLYp 5HSRUWH]YRXV j
³5pJODJH GH O¶pFUDQ GH FRQWRXUQH
PHQW´ ) SRXU SOXV GH GpWDLOV
. 3HQGDQW XQ FHUWDLQ WHPSV DSUqV
O¶DIILFKDJH GH O¶pFUDQ GH ELHQYHQXH LO
QH UpDSSDUDvWUD SDV PrPH ORUVTXH OD
SRUWLqUH GX FRQGXFWHXU HVW j QRXYHDX
IHUPpH &HOD Q¶HVW SDV VLJQH GH GpIHF
WXRVLWp
,QVSHFWLRQ HW HQWUHWLHQ 9pULILH O¶LQWHUYDOOH
G¶LQVSHFWLRQ HW HQWUHWLHQ
+XLOH PRWHXU 9pULILH O¶LQWHUYDOOH GH UHP
SODFHPHQW GH O¶KXLOH PRWHXU
)LOWUH j KXLOH 9pULILH O¶LQWHUYDOOH GH UHP
SODFHPHQW GX ILOWUH j KXLOH
3QHXV 9pULILH O¶LQWHUYDOOH GH SHUPXWDWLRQ
GHV SQHXV
/RUVTXH OHV YpULILFDWLRQV VRQW HIIHFWXpHV
OD FRXOHXU GH O¶LF{QH FRUUHVSRQGDQW j
O¶pOpPHQW YpULILp FKDQJH FRPPH VXLW . 6L O¶pOpPHQW YpULILp QH SUpVHQWH DXFXQH
QRWLILFDWLRQ LO GHYLHQW YHUW
. 6L O¶pOpPHQW YpULILp SUpVHQWH GHV QRWLIL
FDWLRQV GH PDLQWHQDQFH LO GHYLHQW MDXQH
(Q FDV GH QRWLILFDWLRQ OH PHVVDJH V¶DIIL
FKH 3UHQH] OHV PHVXUHV DSSURSULpHV HQ
IRQFWLRQ GX PHVVDJH LQGLTXp
5(0$548(
. /¶pFUDQ G¶DXWRFRQWU{OH SHXW rWUH
DFWLYp RX GpVDFWLYp /H UpJODJH HVW
GpVDFWLYp SDU GpIDXW 5HSRUWH]YRXV j
³5pJODJH 2Q2II´ ) SRXU SOXV GH
GpWDLOV
. $SUqV DYRLU HIIHFWXp O¶HQWUHWLHQ
FKDQJH] OH UpJODJH GH O¶pOpPHQW G¶HQ
WUHWLHQ FRUUHVSRQGDQW 5HSRUWH]YRXV j
³5pJODJHV GH PDLQWHQDQFH´ )
SRXU SOXV GH GpWDLOV
. /¶pFUDQ GH QRWLILFDWLRQ G¶HQWUHWLHQ QH
V¶DIILFKH TXH VRXV O¶XQH GHV FRQGLWLRQV
VXLYDQWHV
± /D SpULRGH GH WHPSV UHVWDQWH
MXVTX¶j OD GDWH GH OD QRWLILFDWLRQ
HQUHJLVWUpH HVW GH MRXUV RX
PRLQV
± /D GLVWDQFH WRWDOH j SDUFRXULU
UHVWDQWH MXVTX¶j OD QRWLILFDWLRQ HQ
UHJLVWUpH HVW G¶HQYLURQ NP PLOHV RX PRLQV
. /¶pFUDQ GH QRWLILFDWLRQ G¶HQWUHWLHQ QH
V¶DIILFKH TXH VL O¶XQH GHV FRQGLWLRQV
VXLYDQWHV HVW UHPSOLH
,QVWUXPHQWV HW FRPPDQGHV$IILFKDJH PXOWLIRQFWLRQV pFUDQ /&' HQ FRXOHXU
± /D SpULRGH GH WHPSV pFRXOpH
DSUqV OD GDWH GH QRWLILFDWLRQ HQUH
JLVWUpH HVW GH MRXUV RX SOXV
± /D GLVWDQFH WRWDOH SDUFRXUXH
DSUqV OD QRWLILFDWLRQ HQUHJLVWUpH
HVW G¶HQYLURQ NP PLOHV RX
SOXV
& )RQFWLRQQHPHQW GH EDVH
/¶pFUDQ G¶DYHUWLVVHPHQW UHYLHQGUD j O¶p
FUDQ RULJLQDO DSUqV TXHOTXHV VHFRQGHV
(Q XWLOLVDQW ³ ´ RX ³ ´ GH OD FRPPDQGH
GH UpJODJH OHV pFUDQV HW OHV pOpPHQWV GH
VpOHFWLRQ SHXYHQW rWUH FKDQJpV /RUVTXH
OH ERXWRQ (17(5 HVW HQIRQFp O¶pOpPHQW
SHXW rWUH VpOHFWLRQQp HW UpJOp
& eFUDQV SULQFLSDX[
! eFUDQ GH OD FOLPDWLVDWLRQ
& eFUDQ G¶LQWHUUXSWLRQ
'HV PHVVDJHV XWLOHV WHOV TXH OHV LQIRU
PDWLRQV GH UDSSHO OHV LQIRUPDWLRQV VXU OH
YpKLFXOH OHV LQIRUPDWLRQV G¶DOHUWH HWF
LQWHUURPSHQW O¶pFUDQ DFWXHO HW DSSDUDLV
VHQW j O¶pFUDQ DFFRPSDJQp G¶XQ ELS
3UHQH] GHV PHVXUHV DSSURSULpHV HQ
IRQFWLRQ GX PHVVDJH
&RPPDQGH GH UpJODJH W\SH $
&RPPDQGH GH UpJODJH W\SH %
9HUV OH KDXW VpOHFWLRQQHU
(17(5 DSSX\H]
9HUV OH EDV VpOHFWLRQQHU
eFUDQ GH OD FOLPDWLVDWLRQ
,QGLFDWHXU GH OD WHPSpUDWXUH UpJOpH F{Wp
JDXFKH
,QGLFDWHXU )8// $872
,QGLFDWHXU $872
,QGLFDWHXU GX PRGH GH FLUFXODWLRQ G¶DLU
,QGLFDWHXU GH OD WHPSpUDWXUH UpJOpH F{Wp
GURLW
,QGLFDWHXU GH VpOHFWLRQ GH O¶HQWUpH G¶DLU
,QGLFDWHXU GH YLWHVVH GH VRXIIODQWH
,QGLFDWHXU GH O¶DFWLYDWLRQ GX FOLPDWLVHXU
± 68,7( ±
,QVWUXPHQWV HW FRPPDQGHV$IILFKDJH PXOWLIRQFWLRQV pFUDQ /&' HQ FRXOHXU
/RUV GH OD PLVH HQ PDUFKH GX V\VWqPH GH
FOLPDWLVDWLRQ O¶pFUDQ GH FOLPDWLVDWLRQ UHP
SODFH O¶pFUDQ SULQFLSDO 3RXU SOXV GH GpWDLOV
FRQFHUQDQW OH V\VWqPH GH FOLPDWLVDWLRQ
UHSRUWH]YRXV j ³&OLPDWLVDWLRQ´ )
! eFUDQ G¶LQIRUPDWLRQ
8WLOLVH] OD SDUWLH ³ ´ RX ³ ´ GH OD
FRPPDQGH SRXU VpOHFWLRQQHU O¶pFUDQ TXL
HVW WRXMRXUV DIILFKp
&RQWHQX
'HVFULSWLRQ
3DJH
eFUDQ GH OD FRQVRPPDWLRQ $IILFKH O¶pFUDQ GH OD FRQVRPPDWLRQ GH FDUEX
GH FDUEXUDQW
UDQW
eFUDQ GH WULSOH FRPSWHXU
$IILFKH pOpPHQWV RSWLRQQHOV
eFUDQ GH VpFXULWp SUpYHQ
WLYH
$IILFKH O¶pWDW GH YRWUH YpKLFXOH
eFUDQ GH SUHVVLRQ GH VXU
DOLPHQWDWLRQ
$IILFKH OD SUHVVLRQ GH VXUDOLPHQWDWLRQ HWF
eFUDQ GH JXLGDJH
$FFqGH j O¶pFUDQ GH UpJODJH
eFUDQ GH O¶KRUORJHGX FD
OHQGULHU
$IILFKH O¶KRUORJHOH FDOHQGULHU
,QVWUXPHQWV HW FRPPDQGHV$IILFKDJH PXOWLIRQFWLRQV pFUDQ /&' HQ FRXOHXU
! eFUDQ GH OD FRQVRPPDWLRQ GH
FDUEXUDQW
! eFUDQ GH WULSOH FRPSWHXU
eOpPHQW
'pWDLOV
,QFOLQDLVRQ GX YpKLFXOH
&RQVRPPDWLRQ PR\HQQH GH
FDUEXUDQW FRUUHVSRQGDQW j OD
GLVWDQFH SDUFRXUXH DIILFKpH
SDU OH FRPSWHXU WRWDOLVDWHXU
3UHVVLRQ GH VXUDOLPHQWDWLRQ
&RQVRPPDWLRQ PR\HQQH GH FDUEXUDQW
FRUUHVSRQGDQW j OD GLVWDQFH SDUFRXUXH
SDU FKDTXH FRPSWHXU MRXUQDOLHU
&RQVRPPDWLRQ DFWXHOOH GH FDUEXUDQW
'LVWDQFH GH FRQGXLWH DYHF OH FDUEXUDQW
UHVWDQW
5(0$548(
/D GLVWDQFH GH FRQGXLWH DYHF OH FDUEX
UDQW UHVWDQW Q¶HVW GRQQpH TX¶j WLWUH
LQGLFDWLI /D YDOHXU LQGLTXpH SHXW rWUH
GLIIpUHQWH GH OD GLVWDQFH GH FRQGXLWH
UpHOOH DYHF OH FDUEXUDQW UHVWDQW YRXV
GHYH] GRQF IDLUH OH SOHLQ GqV TXH OH
WpPRLQ DYHUWLVVHXU GH EDV QLYHDX GH
FDUEXUDQW V¶DOOXPH
eFUDQ GH FRPSWHXU WULSOH H[HPSOH G¶DIIL
FKDJH
9RXV SRXYH] VpOHFWLRQQHU MXVTX¶j pOp
PHQWV j DIILFKHU j SDUWLU GHV LQIRUPDWLRQV
VXLYDQWHV
eOpPHQW
'pWDLOV
'LVWDQFH GX WUDMHW OD GLVWDQFH
VXU ODTXHOOH OH YpKLFXOH D pWp
FRQGXLW GHSXLV OD PLVH VXU OD
SRVLWLRQ ³21´ GX FRQWDFWHXU
G¶DOOXPDJH
&RQVRPPDWLRQ PR\HQQH GH
FDUEXUDQW SRXU OD GLVWDQFH WR
WDOH SDUFRXUXH GHSXLV TXH OH
FRQWDFWHXU G¶DOOXPDJH D pWp
SODFp VXU ³21´
7HPSpUDWXUH GH O¶KXLOH PRWHXU
VDXI 67,
9LWHVVH PR\HQQH GX YpKLFXOH
7DX[ G¶RXYHUWXUH GH O¶DFFpOp
UDWHXU
± 68,7( ±
,QVWUXPHQWV HW FRPPDQGHV$IILFKDJH PXOWLIRQFWLRQV pFUDQ /&' HQ FRXOHXU
! eFUDQ GH VpFXULWp SUpYHQWLYH
eFUDQ GH YR\DQWV OXPLQHX[
$QJOH GH EUDTXDJH
,QFOLQDLVRQ GX YpKLFXOH
&RQGLWLRQ GH FRQGXLWH
/¶LQGLFDWHXU FRUUHVSRQGDQW DX[ IRQFWLRQV
HQ PDUFKH V¶DOOXPH RX FOLJQRWH
5(0$548(
/¶LQGLFDWLRQ GH O¶LQFOLQDLVRQ GX YpKL
FXOH SRXUUDLW rWUH GLIIpUHQWH GH O¶LQFOL
QDLVRQ UpHOOH
! eFUDQ GH SUHVVLRQ GH VXUDOLPHQ
WDWLRQ
/D YDOHXU GH SRLQWH GH OD SUHVVLRQ GH
VXUDOLPHQWDWLRQ DIILFKDJH QXPpULTXH
3UHVVLRQ GH VXUDOLPHQWDWLRQ DIILFKDJH
DQDORJLTXH
7DX[ G¶RXYHUWXUH GH O¶DFFpOpUDWHXU DIIL
FKDJH QXPpULTXH
7DX[ G¶RXYHUWXUH GH O¶DFFpOpUDWHXU DIIL
FKDJH DQDORJLTXH
/D YDOHXU GH SRLQWH GH OD SUHVVLRQ GH
VXUDOLPHQWDWLRQ DIILFKDJH DQDORJLTXH
3UHVVLRQ GH VXUDOLPHQWDWLRQ DIILFKDJH
QXPpULTXH
9RXV SRXYH] UpLQLWLDOLVHU OD YDOHXU GH
SRLQWH GH OD SUHVVLRQ GH VXUDOLPHQWDWLRQ
$SSX\H] VXU OH ERXWRQ (17(5 SRXU
DFFpGHU j O¶pFUDQ GH UpLQLWLDOLVDWLRQ
6pOHFWLRQQH] ³<HV 2XL ´ SRXU UpLQLWLDOLVHU
OD YDOHXU GH SRLQWH 6pOHFWLRQQH] ³1R
1RQ ´ SRXU JDUGHU OD YDOHXU GH SRLQWH
DFWXHOOH
,QVWUXPHQWV HW FRPPDQGHV$IILFKDJH PXOWLIRQFWLRQV pFUDQ /&' HQ FRXOHXU
! eFUDQ GH JXLGDJH
! eFUDQ GH O¶KRUORJHGX FDOHQGULHU
&DOHQGULHU
eFUDQ GH JXLGDJH H[HPSOH G¶DIILFKDJH
$SSX\H] VXU OH ERXWRQ (17(5 HW PDLQWH
QH]OH HQIRQFp SRXU DFFpGHU j O¶pFUDQ GH
UpJODJH 5HSRUWH]YRXV j ³eFUDQ GH Up
JODJH´ ) SRXU SOXV GH GpWDLOV
+RUORJH
9RXV SRXYH] VpOHFWLRQQHU O¶DIILFKDJH GH
O¶KRUORJH RX GX FDOHQGULHU 9RXV SRXYH]
pJDOHPHQW pWHLQGUH O¶pFUDQ 3RXU OD SUR
FpGXUH GH UpJODJH UHSRUWH]YRXV j ³5p
JODJH GH O¶KRUORJH´ )
± 68,7( ±
,QVWUXPHQWV HW FRPPDQGHV$IILFKDJH PXOWLIRQFWLRQV pFUDQ /&' HQ FRXOHXU
& eFUDQ GH UpJODJH
$SSX\H] VXU OH ERXWRQ (17(5 HW PDLQWHQH]OH HQIRQFp SRXU DIILFKHU O¶pFUDQ GH UpJODJH 6pOHFWLRQQH] OH PHQX GH YRWUH FKRL[ HQ
DFWLRQQDQW OD FRPPDQGH ³ ´ RX ³ ´
0HQX VXSp
ULHXU
7LPH'DWH
+HXUH
'DWH
2SWLRQV GX PHQX
'HVFULSWLRQ
3DJH
'DWH
5qJOH HW DMXVWH OD GDWH 9RXV SRXYH] VpOHFWLRQQHU OHV IRUPDWV K RX K
%LUWKGD\ $QQLYHUVDLUH
5qJOH XQ DQQLYHUVDLUH PD[ $QQLYHUVDU\ $QQLYHUVDLUH
5qJOH XQ MRXU FRPPpPRUDWLI PD[ 'D\OLJKW 6DYLQJ 7LPH
+HXUH G¶pWp
$FWLYH] RX GpVDFWLYH] O¶KHXUH G¶pWp
*R %DFN 5HWRXU
'LVSOD\ $IIL &RQWUDVW &RQWUDVWH
FKDJH
6FUHHQ 2II eFUDQ pWHLQW
5HYHQLU DX PHQX VXSpULHXU
²
5qJOH OH FRQWUDVWH
ļ í
$OOXPH RX pWHLQW O¶pFUDQ
2Q2II $FWLYp'pVDFWLYp
%HHS %LS
5qJOH OH YROXPH VRQRUH GHV ELSV
+LJK +DXW /RZ )DLEOH 2II
'pVDFWLYp
*R %DFN 5HWRXU
5HYHQLU DX PHQX VXSpULHXU
²
,QVWUXPHQWV HW FRPPDQGHV$IILFKDJH PXOWLIRQFWLRQV pFUDQ /&' HQ FRXOHXU
0HQX VXSp
ULHXU
6FUHHQ
6HWWLQJ 5p
JODJH GH O¶p
FUDQ
2SWLRQV GX PHQX
'HVFULSWLRQ
3DJH
7ULSOH 0HWHU &RPSWHXU WUL 5qJOH HW SHUVRQQDOLVH OH FRPSWHXU WULSOH
SOH
&ORFN +RUORJH
6pOHFWLRQQH OH IRUPDW KRUDLUH GH O¶KRUORJH
$QDORJ &ORFN +RUORJH DQDOR
JLTXH &DOHQGDU &DOHQGULHU 2II
'pVDFWLYp
%\SDVV 6FUHHQ eFUDQ GH
FRQWRXUQHPHQW
5qJOH O¶pFUDQ GH FRQWRXUQHPHQW SRXU FKDTXH pOp
PHQW
2Q2II $FWLYp'pVDFWLYp
/DQJXDJHV /DQJXHV
6pOHFWLRQQH OD ODQJXH G¶DIILFKDJH
(QJOLVK RX )UHQFK RX 6SDQLVK
PRGqOHV VSpFLILFDWLRQ GHV eWDWV
8QLV XQLTXHPHQW
2Q2II $FWLYp'pVDFWLYp
&DPHUD 6KLIW /LQN /LDLVRQ 5qJOH O¶pFUDQ GH YXH DYDQW
OHYLHU FDP *R %DFN 5HWRXU
0DLQWHQDQFH 0DLQWHQDQFH 6FKHGXOH
(QWUHWLHQ
3URJUDPPH G¶HQWUHWLHQ
5HYHQLU DX PHQX VXSpULHXU
5qJOH HW DMXVWH OD GDWH GH QRWLILFDWLRQ G¶HQWUHWLHQ GX YpKLFXOH
²
(QJLQH 2LO +XLOH PRWHXU
5qJOH HW DMXVWH OD GDWH GH QRWLILFDWLRQ G¶HQWUHWLHQ G¶KXLOH
2LO )LOWHU )LOWUH j KXLOH
5qJOH HW DMXVWH OD GDWH GH QRWLILFDWLRQ G¶HQWUHWLHQ GX ILOWUH j KXLOH
7LUHV 3QHXV
5qJOH HW DMXVWH OD GDWH GH QRWLILFDWLRQ G¶HQWUHWLHQ GHV SQHXV
2Q2II $FWLYp'pVDFWLYp
$OOXPH RX pWHLQW O¶pFUDQ G¶DXWRFRQWU{OH DFWLYp
ORUVTXH OH FRQWDFWHXU G¶DOOXPDJH HVW PLV HQ SRVLWLRQ 2Q2II $FWLYp'pVDFWLYp
³21´
&OHDU $OO 6HWWLQJV (IIDFH] 5pLQLWLDOLVH WRXV OHV pOpPHQWV DX[ UpJODJHV SDU GpIDXW <HV 2XL 1R 1RQ
WRXV OHV UpJODJHV
G¶XVLQH
*R %DFN 5HWRXU
5HYHQLU DX PHQX VXSpULHXU
²
± 68,7( ±
,QVWUXPHQWV HW FRPPDQGHV$IILFKDJH PXOWLIRQFWLRQV pFUDQ /&' HQ FRXOHXU
0HQX VXSp
ULHXU
2SWLRQV GX PHQX
'HVFULSWLRQ
3DJH
'ULYLQJ +LV
WRU\ +LVWR
ULTXH GH
FRQGXLWH
6HW 5pJOH]
(QUHJLVWUH HW pFUDVH OH UHJLVWUH GH FRQGXLWH
*R %DFN 5HWRXU
5HYHQLU DX PHQX VXSpULHXU
&DU 6HWWLQJ
5pJODJH GX
YpKLFXOH
.H\OHVV %X]]HU 9ROXPH
9ROXPH EX]]HU $FFqV
VDQV FOp
5qJOH OH YROXPH GX VLJQDO VRQRUH
2)) j +D]DUG :DUQLQJ )ODVKHU
)HX[ GH GpWUHVVH
5qJOH OHV IHX[ GH GpWUHVVH
2Q2II $FWLYp'pVDFWLYp
'HIRJJHU 'pVHPEXHXU
5qJOH HW SHUVRQQDOLVH OH IRQFWLRQQHPHQW GX GpVHP
EXHXU
PLQXWHV&RQWLQXRXV &RQWLQX
,QWHULRU /LJKW eFODLUDJH LQ 5qJOH HW SHUVRQQDOLVH OD PLQXWHULH G¶H[WLQFWLRQ GH
WpULHXU
O¶pFODLUDJH LQWpULHXU
VHFRQGV2II 'pVDF
WLYp
$XWR /LJKW 6HQVRU &DS
WHXU G¶pFODLUDJH DXWRPD
WLTXH /RZ )DLEOH 0LG 0LOLHX +LJK
+DXW 0D[
5qJOH HW SHUVRQQDOLVH OD VHQVLELOLWp GX FDSWHXU
G¶pFODLUDJH DXWRPDWLTXH
²
.H\OHVV $FFHVV 6HWWLQJ
3DUDPpWUDJH GX V\VWqPH
5qJOH HW SHUVRQQDOLVH OD IRQFWLRQ GX V\VWqPH G¶DFFqV 'ULYHU¶V 'RRU 2QO\ 3RUWLqUH GX
G¶HQWUpH VDQV FOp
'ULYHU¶V 'RRU 8QORFN 3RU PDLQV OLEUHV
FRQGXFWHXU XQLTXHPHQW $OO 7RXW
WLqUH GX FRQGXFWHXU QRQ
YHUURXLOOpH :HOFRPH /LJKWLQJ eFODL
UDJH G¶DFFXHLO
5qJOH OH WHPSV GH GpSDUW HW G¶DSSURFKH
*R %DFN 5HWRXU
5HYLHQW DX PHQX VXSpULHXU
VHFRQGV2II 'pVDF
WLYp
²
,QVWUXPHQWV HW FRPPDQGHV$IILFKDJH PXOWLIRQFWLRQV pFUDQ /&' HQ FRXOHXU
0HQX VXSp
ULHXU
2SWLRQV GX PHQX
,QLWLDOL]H ,QL 5HVHW WR 'HIDXOWV 5pWD
WLDOLVH]
EOLVVH] OHV YDOHXUV SDU Gp
IDXW
'HVFULSWLRQ
5pLQLWLDOLVHU WRXV OHV UpJODJHV DX[ UpJODJHV SDU
GpIDXW
3DJH
<HV 2XL 1R 1RQ
/LIHWLPH )XHO &RQV 5HVHW
5pLQLWLDOLVDWLRQ GH OD
FRQVRPPDWLRQ GH FDUEX
UDQW j YLH
(IIDFHU OHV GRQQpHV HQUHJLVWUpHV FRQFHUQDQW OD
FRQVRPPDWLRQ GH FDUEXUDQW GH WRXWH OD GXUpH GH YLH <HV 2XL 1R 1RQ
*R %DFN 5HWRXU
5HYHQLU DX PHQX VXSpULHXU
²
5HYHQLU DX PHQX VXSpULHXU
²
*R %DFN
5HWRXU
²
6HORQ PRGqOHV
± 68,7( ±
,QVWUXPHQWV HW FRPPDQGHV$IILFKDJH PXOWLIRQFWLRQV pFUDQ /&' HQ FRXOHXU
! 5pJODJHV GH OD GDWH HW GH O¶KHXUH
6L XQH GDWH G¶DQQLYHUVDLUH RX GH FRPPp
PRUDWLRQ DSSURFKH XQ PHVVDJH V¶DIILFKH
ORUV GH OD PLVH GX FRQWDFWHXU G¶DOOXPDJH
HQ SRVLWLRQ ³21´ 9RXV SRXYH] DFWLYHU RX
GpVDFWLYHU FHWWH IRQFWLRQ 5HSRUWH]YRXV j
³5pJODJH GH O¶pFUDQ GH FRQWRXUQHPHQW´
) SRXU SOXV GH GpWDLOV
6pOHFWLRQQH] GDQV OD OLVWH XQ QXPpUR
TXH YRXV VRXKDLWH] HQUHJLVWUHU
! 5pJODJH GH O¶DQQLYHUVDLUH
5(0$548(
9RXV SRXYH] VDXYHJDUGHU MXVTX¶j
FRPPpPRUDWLRQV
! 5pJODJH GH O¶KHXUH G¶pWp
6pOHFWLRQQH] ³'D\OLJKW 6DYLQJ 7LPH
+HXUH G¶pWp ´ GDQV OH VHFRQG PHQX GH
O¶pFUDQ GH UpJODJH 5HSRUWH]YRXV j
³eFUDQ GH UpJODJH´ )
! 5pJODJH GH OD GDWH HW GH O¶KHXUH
DFWXHOOHV
3RXU SOXV GH GpWDLOV FRQFHUQDQW OH UpJODJH
GH O¶KRUORJH UHSRUWH]YRXV j ³+RUORJH´
)
6pOHFWLRQQH] ³%LUWKGD\ $QQLYHUVDLUH ´
GDQV OH VHFRQG PHQX GH O¶pFUDQ GH
UpJODJH 5HSRUWH]YRXV j ³eFUDQ GH Up
JODJH´ )
QLYHUVDLUH ´ j O¶pWDSH 6DLVLVVH] OD GDWH HW OH WH[WH j O¶DLGH GHV
FRPPDQGHV GH UpJODJH
6pOHFWLRQQH] ³6HW 5pJOH] ´ SRXU TXLW
WHU OHV UpJODJHV 6pOHFWLRQQH] ³*R %DFN
5HWRXU ´ SRXU UHYHQLU j O¶pFUDQ SUpFpGHQW
VDQV VDXYHJDUGHU OHV PRGLILFDWLRQV GX
UpJODJH
5(0$548(
9RXV SRXYH] VDXYHJDUGHU MXVTX¶j DQ
QLYHUVDLUHV
! 5pJODJH G¶XQH FRPPpPRUDWLRQ
/D SURFpGXUH GH UpJODJH HVW LGHQWLTXH j
³5pJODJH GH O¶DQQLYHUVDLUH´ ) PDLV
VpOHFWLRQQH] O¶pOpPHQW ³$QQLYHUVDU\ $Q
6pOHFWLRQQH] ³2Q $FWLYp ´ RX ³2II
'pVDFWLYp ´ j O¶DLGH GHV FRPPDQGHV GH
UpJODJH
6pOHFWLRQQH] ³6HW 5pJOH] ´ SRXU TXLW
WHU OHV UpJODJHV 6pOHFWLRQQH] ³*R %DFN
5HWRXU ´ SRXU UHYHQLU j O¶pFUDQ SUpFpGHQW
VDQV VDXYHJDUGHU OHV PRGLILFDWLRQV GX
UpJODJH
,QVWUXPHQWV HW FRPPDQGHV$IILFKDJH PXOWLIRQFWLRQV pFUDQ /&' HQ FRXOHXU
! 5pJODJHV GH O¶DIILFKDJH HW GHV ELSV
9RXV SRXYH] DMXVWHU OHV UpJODJHV GH
O¶DIILFKDJH HW GX YROXPH
GH UpJODJH 5HSRUWH]YRXV j ³eFUDQ GH
UpJODJH´ )
! 5pJODJH GX FRQWUDVWH
6pOHFWLRQQH] ³&RQWUDVW &RQWUDVWH ´
GDQV OH VHFRQG PHQX GH O¶pFUDQ GH
UpJODJH 5HSRUWH]YRXV j ³eFUDQ GH Up
JODJH´ )
! 5pJODJH GHV ELSV
6pOHFWLRQQH] ³%HHS %LS ´ GDQV OH
VHFRQG PHQX GH O¶pFUDQ GH UpJODJH
5HSRUWH]YRXV j ³eFUDQ GH UpJODJH´ )
$SSX\H] VXU OH ERXWRQ (17(5 SRXU
pWHLQGUH O¶pFUDQ
6pOHFWLRQQH] OH QLYHDX GH FRQWUDVWH j
O¶DLGH GHV FRPPDQGHV GH UpJODJH
$SSX\H] VXU OH ERXWRQ (17(5 SRXU
FRQILUPHU OH UpJODJH
! 5pJODJH GH OD GpVDFWLYDWLRQ GH
O¶pFUDQ
6pOHFWLRQQH] ³6FUHHQ 2II eFUDQ
pWHLQW ´ GDQV OH VHFRQG PHQX GH O¶pFUDQ
5pWDEOLU O¶pFUDQ
/¶pFUDQ HVW UpWDEOL VL YRXV XWLOLVH] OHV
FRPPDQGHV GH UpJODJH DYHF OH FRQWDFWHXU
G¶DOOXPDJH HQ SRVLWLRQ ³21´ RU ³$&&´
/¶pFUDQ HVW UpWDEOL DYHF O¶pFUDQ GH EDVH TXL
pWDLW DIILFKp ORUVTXH O¶pFUDQ pWDLW pWHLQW
5(0$548(
6pOHFWLRQQH] OH YROXPH GX ELS j O¶DLGH
GHV FRPPDQGHV GH UpJODJH
6pOHFWLRQQH] ³6HW 5pJOH] ´ SRXU TXLW
WHU OHV UpJODJHV 6pOHFWLRQQH] ³*R %DFN
5HWRXU ´ SRXU UHYHQLU j O¶pFUDQ SUpFpGHQW
VDQV VDXYHJDUGHU OHV PRGLILFDWLRQV GX
UpJODJH
/RUVTXH O¶pFUDQ HVW pWHLQW LO EDVFXOH
YHUV O¶pFUDQ GH FOLPDWLVDWLRQ XQLTXH
PHQW ORUVTXH OH FOLPDWLVHXU HVW HQ
PDUFKH
± 68,7( ±
,QVWUXPHQWV HW FRPPDQGHV$IILFKDJH PXOWLIRQFWLRQV pFUDQ /&' HQ FRXOHXU
! 5pJODJHV GH O¶pFUDQ
! 5pJODJH GX WULSOH FRPSWHXU
6pOHFWLRQQH] ³7ULSOH 0HWHU &RPSWHXU
WULSOH ´ GDQV OH VHFRQG PHQX GH O¶pFUDQ GH
UpJODJH 5HSRUWH]YRXV j ³eFUDQ GH Up
JODJH´ )
5(0$548(
. 9RXV SRXYH] DIILFKHU MXVTX¶j pOp
PHQWV
. /H PrPH pOpPHQW QH SHXW SDV rWUH
VpOHFWLRQQp SRXU O¶HPSODFHPHQW GH
JDXFKH FHQWUDO RX GH GURLWH
! 5pJODJH GH O¶KRUORJH
6pOHFWLRQQH] ³&ORFN +RUORJH ´ GDQV OH
VHFRQG PHQX GH O¶pFUDQ GH UpJODJH
5HSRUWH]YRXV j ³eFUDQ GH UpJODJH´ )
6pOHFWLRQQH] OHV pOpPHQWV VRXKDLWpV j
O¶DLGH GHV FRPPDQGHV GH UpJODJH 3RXU
GHV GpWDLOV UHODWLIV DX[ pOpPHQWV UHSRUWH]
YRXV j ³eFUDQ GH WULSOH FRPSWHXU´ )
6pOHFWLRQQH] ³6HW 5pJOH] ´ SRXU TXLW
WHU OHV UpJODJHV 6pOHFWLRQQH] ³*R %DFN
5HWRXU ´ SRXU UHYHQLU j O¶pFUDQ SUpFpGHQW
VDQV VDXYHJDUGHU OHV PRGLILFDWLRQV GX
UpJODJH
6pOHFWLRQQH] ³$QDORJ &ORFN +RUORJH
DQDORJLTXH ´ ³&DOHQGDU &DOHQGULHU ´ RX
³2II 'pVDFWLYp ´ j O¶DLGH GHV FRPPDQGHV
GH UpJODJH
6pOHFWLRQQH] ³6HW 5pJOH] ´ SRXU TXLW
WHU OHV UpJODJHV 6pOHFWLRQQH] ³*R %DFN
5HWRXU ´ SRXU UHYHQLU j O¶pFUDQ SUpFpGHQW
VDQV VDXYHJDUGHU OHV PRGLILFDWLRQV GX
UpJODJH
! 5pJODJH GH O¶pFUDQ GH FRQWRXUQH
PHQW
6pOHFWLRQQH] ³%\SDVV 6FUHHQ eFUDQ
GH FRQWRXUQHPHQW ´ GDQV OH VHFRQG PHQX
GH O¶pFUDQ GH UpJODJH 5HSRUWH]YRXV j
³eFUDQ GH UpJODJH´ )
6pOHFWLRQQH] ³2Q $FWLYp ´ RX ³2II
'pVDFWLYp ´ SRXU DFWLYHU RX GpVDFWLYHU
O¶DIILFKDJH GHV pOpPHQWV j O¶DLGH GHV
FRPPDQGHV GH UpJODJH
6pOHFWLRQQH] ³6HW 5pJOH] ´ SRXU TXLW
WHU OHV UpJODJHV 6pOHFWLRQQH] ³*R %DFN
5HWRXU ´ SRXU UHYHQLU j O¶pFUDQ SUpFpGHQW
VDQV VDXYHJDUGHU OHV PRGLILFDWLRQV GX
UpJODJH
,QVWUXPHQWV HW FRPPDQGHV$IILFKDJH PXOWLIRQFWLRQV pFUDQ /&' HQ FRXOHXU
! 5pJODJH GH OD ODQJXH
6pOHFWLRQQH] ³/DQJXDJHV /DQJXHV ´
GDQV OH VHFRQG PHQX GH O¶pFUDQ GH
UpJODJH 5HSRUWH]YRXV j ³eFUDQ GH Up
JODJH´ )
6pOHFWLRQQH] OD ODQJXH GH YRWUH FKRL[
j O¶DLGH GHV FRPPDQGHV GH UpJODJH
6pOHFWLRQQH] ³6HW 5pJOH] ´ SRXU TXLW
WHU OHV UpJODJHV 6pOHFWLRQQH] ³*R %DFN
5HWRXU ´ SRXU UHYHQLU j O¶pFUDQ SUpFpGHQW
VDQV VDXYHJDUGHU OHV PRGLILFDWLRQV GX
UpJODJH
! 5pJODJH GH OD &DPHUD 6KLIW /LQN
VHORQ PRGqOHV
6pOHFWLRQQH] ³&DPHUD 6KLIW /LQN /LDL
VRQ OHYLHU FDP ´ GDQV OH VHFRQG PHQX GH
O¶pFUDQ GH UpJODJH 5HSRUWH]YRXV j
³eFUDQ GH UpJODJH´ )
6pOHFWLRQQH] ³2Q $FWLYp ´ RX ³2II
'pVDFWLYp ´ j O¶DLGH GHV FRPPDQGHV GH
UpJODJH
6pOHFWLRQQH] ³6HW 5pJOH] ´ SRXU TXLW
WHU OHV UpJODJHV 6pOHFWLRQQH] ³*R %DFN
5HWRXU ´ SRXU UHYHQLU j O¶pFUDQ SUpFpGHQW
VDQV VDXYHJDUGHU OHV PRGLILFDWLRQV GX
UpJODJH
! 5pJODJHV GH PDLQWHQDQFH
9RXV SRXYH] SURJUDPPHU GHV UDSSHOV GH
PDLQWHQDQFH
! 5pJODJH GH O¶KXLOH PRWHXU
6pOHFWLRQQH] ³(QJLQH 2LO +XLOH PR
WHXU ´ GDQV OH VHFRQG PHQX GH O¶pFUDQ GH
UpJODJH 5HSRUWH]YRXV j ³eFUDQ GH Up
JODJH´ )
3URJUDPPH] OD GDWH HW OD GLVWDQFH GX
UDSSHO j O¶DLGH GHV FRPPDQGHV GH Up
JODJH
6pOHFWLRQQH] ³6HW 5pJOH] ´ SRXU TXLW
WHU OHV UpJODJHV 6pOHFWLRQQH] ³*R %DFN
5HWRXU ´ SRXU UHYHQLU j O¶pFUDQ SUpFpGHQW
VDQV VDXYHJDUGHU OHV PRGLILFDWLRQV GX
UpJODJH
± 68,7( ±
,QVWUXPHQWV HW FRPPDQGHV$IILFKDJH PXOWLIRQFWLRQV pFUDQ /&' HQ FRXOHXU
5(0$548(
. /H UDSSHO V¶DIILFKH VHORQ OD GDWH RX
OD GLVWDQFH HQ IRQFWLRQ GX UpJODJH
. 0rPH VL OHV pOpPHQWV ³'D\´ RX
³'LVWDQFH´ VRQW DIILFKpV FRPPH ³B B´
XQ pFUDQ FRQWH[WXHO DSSDUDLW
. /H UDSSHO UHVWH DIILFKp MXVTX¶j FH
TXH O¶XQH GHV FRQGLWLRQV VXLYDQWHV VRLW
UHPSOLH
± /D SpULRGH GH WHPSV pFRXOpH
DSUqV OD GDWH GH QRWLILFDWLRQ HQUH
JLVWUpH HVW GH MRXUV RX SOXV
± /D GLVWDQFH WRWDOH SDUFRXUXH
DSUqV OD QRWLILFDWLRQ HQUHJLVWUpH
HVW G¶HQYLURQ NP PLOHV RX
SOXV
! 5pJODJH GX ILOWUH j KXLOH
/D SURFpGXUH GH UpJODJH HVW OD PrPH TXH
SRXU ³5pJODJH GH O¶KXLOH PRWHXU´ )
PDLV VpOHFWLRQQH] O¶pOpPHQW ³2LO )LOWHU
)LOWUH j KXLOH ´ j O¶pWDSH ! 5pJODJH 2Q2II
6pOHFWLRQQH] ³2Q2II $FWLYp'pVDF
WLYp ´ GDQV OH VHFRQG PHQX GH O¶pFUDQ GH
UpJODJH 5HSRUWH]YRXV j ³eFUDQ GH Up
JODJH´ )
! 5pJODJH GHV SQHXV
/D SURFpGXUH GH UpJODJH HVW OD PrPH TXH
SRXU ³5pJODJH GH O¶KXLOH PRWHXU´ )
PDLV VpOHFWLRQQH] O¶pOpPHQW ³7LUHV
3QHXV ´ j O¶pWDSH ! 5pJODJH GX SURJUDPPH G¶HQWUH
WLHQ
/D SURFpGXUH GH UpJODJH HVW LGHQWLTXH j
³5pJODJH GH O¶KXLOH PRWHXU´ ) PDLV
VpOHFWLRQQH] O¶pOpPHQW ³0DLQWHQDQFH
6FKHGXOH 3URJUDPPH GH PDLQWHQDQFH ´
j O¶pWDSH 6pOHFWLRQQH] ³2Q $FWLYp ´ RX ³2II
'pVDFWLYp ´ SRXU DFWLYHU RX GpVDFWLYHU
O¶pFUDQ G¶RXYHUWXUH HQ XWLOLVDQW OHV
FRPPDQGHV
6pOHFWLRQQH] ³6HW 5pJOH] ´ SRXU TXLW
WHU OHV UpJODJHV 6pOHFWLRQQH] ³*R %DFN
5HWRXU ´ SRXU UHYHQLU j O¶pFUDQ SUpFpGHQW
VDQV VDXYHJDUGHU OHV PRGLILFDWLRQV GX
UpJODJH
,QVWUXPHQWV HW FRPPDQGHV$IILFKDJH PXOWLIRQFWLRQV pFUDQ /&' HQ FRXOHXU
! (IIDFHU XQ UpJODJH
6pOHFWLRQQH] ³&OHDU $OO 6HWWLQJV (IID
FH] WRXV OHV UpJODJHV ´ GDQV OH VHFRQG
PHQX GH O¶pFUDQ GH UpJODJH 5HSRUWH]
YRXV j ³eFUDQ GH UpJODJH´ )
! 5pJODJH GH O¶KLVWRULTXH GH FRQGXLWH
9RXV SRXYH] HQUHJLVWUHU OHV pOpPHQWV
GDQV O¶KLVWRULTXH GH FRQGXLWH
6pOHFWLRQQH] ³'ULYLQJ +LVWRU\ +LVWR
ULTXH GH FRQGXLWH ´ GDQV OH PHQX VXSpUL
HXU GH O¶pFUDQ GH UpJODJH 5HSRUWH]YRXV j
³eFUDQ GH UpJODJH´ )
6pOHFWLRQQH] ³6HW 5pJOH] ´ SRXU pFUD
VHU O¶HQUHJLVWUHPHQW SUpFpGHQW 6pOHFWLRQ
QH] ³*R %DFN 5HWRXU ´ SRXU UHYHQLU j
O¶pFUDQ SUpFpGHQW VDQV pFUDVHU O¶HQUHJLV
WUHPHQW SUpFpGHQW
6pOHFWLRQQH] ³6HW 5pJOH] ´ SRXU HIID
FHU OHV UpJODJHV 6pOHFWLRQQH] ³*R %DFN
5HWRXU ´ SRXU UHYHQLU j O¶pFUDQ SUpFpGHQW
VDQV HIIDFHU OHV UpJODJHV
6pOHFWLRQQH] XQH GHV OLJQHV G¶HQUHJLV
WUHPHQW j O¶DLGH GHV FRPPDQGHV GH
UpJODJH
± 68,7( ±
,QVWUXPHQWV HW FRPPDQGHV$IILFKDJH PXOWLIRQFWLRQV pFUDQ /&' HQ FRXOHXU
! 5pJODJHV GX YpKLFXOH
9RXV SRXYH] DMXVWHU OHV UpJODJHV GX
YpKLFXOH
! 5pJODJH GX YROXPH GH O¶DYHUWLV
VHXU VRQRUH SRXU OH V\VWqPH
VDQV FOp
! 5pJODJH GHV IHX[ GH GpWUHVVH
! 5pJODJH GX GpVHPEXDJH
6pOHFWLRQQH] ³+D]DUG :DUQLQJ )ODV
KHU )HX[ GH GpWUHVVH ´ GDQV OH VHFRQG
PHQX GH O¶pFUDQ GH UpJODJH 5HSRUWH]
YRXV j ³eFUDQ GH UpJODJH´ )
6pOHFWLRQQH] ³'HIRJJHU 'pVHP
EXHXU ´ GDQV OH VHFRQG PHQX GH O¶pFUDQ
GH UpJODJH 5HSRUWH]YRXV j ³eFUDQ GH
UpJODJH´ )
6pOHFWLRQQH] ³2Q $FWLYp ´ RX ³2II
'pVDFWLYp ´ j O¶DLGH GHV FRPPDQGHV GH
UpJODJH
6pOHFWLRQQH] ³6HW 5pJOH] ´ SRXU TXLW
WHU OHV UpJODJHV 6pOHFWLRQQH] ³*R %DFN
5HWRXU ´ SRXU UHYHQLU j O¶pFUDQ SUpFpGHQW
VDQV VDXYHJDUGHU OHV PRGLILFDWLRQV GX
UpJODJH
6pOHFWLRQQH] OH UpJODJH GH YRWUH FKRL[
j O¶DLGH GHV FRPPDQGHV GH UpJODJH
6pOHFWLRQQH] ³6HW 5pJOH] ´ SRXU TXLW
WHU OHV UpJODJHV 6pOHFWLRQQH] ³*R %DFN
5HWRXU ´ SRXU UHYHQLU j O¶pFUDQ SUpFpGHQW
VDQV VDXYHJDUGHU OHV PRGLILFDWLRQV GX
UpJODJH
6pOHFWLRQQH] ³.H\OHVV %X]]HU 9ROXPH
eFUDQ GH GpULYDWLRQ ´ GDQV OH VHFRQG
PHQX GH O¶pFUDQ GH UpJODJH 5HSRUWH]
YRXV j ³eFUDQ GH UpJODJH´ )
6pOHFWLRQQH] XQ QLYHDX GH YROXPH j
O¶DLGH GHV FRPPDQGHV GH UpJODJH
$SSX\H] VXU OH ERXWRQ (17(5 SRXU
FRQILUPHU OH UpJODJH
,QVWUXPHQWV HW FRPPDQGHV$IILFKDJH PXOWLIRQFWLRQV pFUDQ /&' HQ FRXOHXU
! 5pJODJH GH O¶pFODLUDJH LQWpULHXU
/D SURFpGXUH GH UpJODJH HVW LGHQWLTXH j
³5pJODJH GX GpVHPEXDJH´ ) PDLV
VpOHFWLRQQH] O¶pOpPHQW ³,QWHULRU /LJKW
eFODLUDJH LQWpULHXU ´ j O¶pWDSH ! 5pJODJH GX FDSWHXU G¶pFODLUDJH
DXWRPDWLTXH VHORQ PRGqOHV
/D SURFpGXUH GH UpJODJH HVW LGHQWLTXH j
³5pJODJH GX GpVHPEXDJH´ ) PDLV
VpOHFWLRQQH] O¶pOpPHQW ³$XWR /LJKW 6HQVRU
&DSWHXU G¶pFODLUDJH DXWRPDWLTXH ´ j O¶p
WDSH ! 5pJODJH GH O¶DFFqV VDQV FOp
VHORQ PRGqOHV
6pOHFWLRQQH] ³.H\OHVV $FFHVV 6HWWLQJ
3DUDPpWUDJH GX V\VWqPH G¶HQWUpH VDQV
FOp ´ GDQV OH VHFRQG PHQX GH O¶pFUDQ GH
UpJODJH 5HSRUWH]YRXV j ³eFUDQ GH Up
JODJH´ )
6pOHFWLRQQH] ³'ULYHU¶V 'RRU 8QORFN
3RUWLqUH GX FRQGXFWHXU QRQ YHUURXLOOpH ´
! 5pJODJH GH O¶pFODLUDJH GH ELHQ
YHQXH
9RXV SRXYH] PRGLILHU OH UpJODJH GH OD
GXUpH GXUDQW ODTXHOOH O¶pFODLUDJH H[WpULHXU
UHVWH DOOXPp j O¶DLGH GH OD IRQFWLRQ GH
O¶pFODLUDJH GH ELHQYHQXH
6pOHFWLRQQH] ³:HOFRPH /LJKWLQJ
eFODLUDJH G¶DFFXHLO ´ GDQV OH VHFRQG
PHQX GH O¶pFUDQ GH UpJODJH 5HSRUWH]
YRXV j ³eFUDQ GH UpJODJH´ )
6pOHFWLRQQH] ³/HDYLQJ WLPH VHW eFODL
UDJH G¶DFFXHLO GpSDUW ´ SRXU PRGLILHU OH
UpJODJH GX PRPHQW R YRXV TXLWWH] OH
YpKLFXOH 6pOHFWLRQQH] ³$SSURDFKLQJ WLPH
VHW eFODLUDJH G¶DFFXHLO DUULYpH ´ SRXU
PRGLILHU OH UpJODJH GX PRPHQW R YRXV
YRXV DSSURFKH] GX YpKLFXOH
6pOHFWLRQQH] OH UpJODJH GH YRWUH FKRL[
j O¶DLGH GHV FRPPDQGHV GH UpJODJH
6pOHFWLRQQH] ³6HW 5pJOH] ´ SRXU TXLW
WHU OHV UpJODJHV 6pOHFWLRQQH] ³*R %DFN
5HWRXU ´ SRXU UHYHQLU j O¶pFUDQ SUpFpGHQW
VDQV VDXYHJDUGHU OHV PRGLILFDWLRQV GX
UpJODJH
6pOHFWLRQQH] OH UpJODJH GH YRWUH FKRL[
j O¶DLGH GHV FRPPDQGHV GH UpJODJH
± 68,7( ±
,QVWUXPHQWV HW FRPPDQGHV$IILFKDJH PXOWLIRQFWLRQV pFUDQ /&' HQ FRXOHXU
6pOHFWLRQQH] ³6HW 5pJOH] ´ SRXU TXLW
WHU OHV UpJODJHV 6pOHFWLRQQH] ³*R %DFN
5HWRXU ´ SRXU UHYHQLU j O¶pFUDQ SUpFpGHQW
VDQV VDXYHJDUGHU OHV PRGLILFDWLRQV GX
UpJODJH
! ,QLWLDOLVHU
9RXV SRXYH] LQLWLDOLVHU OHV pOpPHQWV TXL
RQW pWp UpJOpV VHORQ YRV SUpIpUHQFHV
! 5pLQLWLDOLVHU OHV UpJODJHV G¶XVLQH
SDU GpIDXW
5HWRXU ´ SRXU UHYHQLU j O¶pFUDQ SUpFpGHQW
VDQV LQLWLDOLVHU
! 5pLQLWLDOLVDWLRQ GH OD FRQVRPPD
WLRQ GH FDUEXUDQW SRXU WRXWH OD
GXUpH GH YLH GX YpKLFXOH
6pOHFWLRQQH] ³/LIHWLPH )XHO &RQV 5H
VHW 5pLQLWLDOLVDWLRQ GH OD FRQVRPPDWLRQ
GH FDUEXUDQW j YLH ´ GDQV OH VHFRQG PHQX
GH O¶pFUDQ GH UpJODJH 5HSRUWH]YRXV j
³eFUDQ GH UpJODJH´ )
6pOHFWLRQQH] ³5HVHW WR 'HIDXOWV 5pWD
EOLVVH] OHV YDOHXUV SDU GpIDXW ´ GDQV OH
VHFRQG PHQX GH O¶pFUDQ GH UpJODJH
5HSRUWH]YRXV j ³eFUDQ GH UpJODJH´ )
6pOHFWLRQQH] ³6HW 5pJOH] ´ SRXU TXLW
WHU OHV UpJODJHV 6pOHFWLRQQH] ³*R %DFN
5HWRXU ´ SRXU UHYHQLU j O¶pFUDQ SUpFpGHQW
VDQV LQLWLDOLVHU
6pOHFWLRQQH] ³6HW 5pJOH] ´ SRXU TXLW
WHU OHV UpJODJHV 6pOHFWLRQQH] ³*R %DFN
& &RPPHQW REWHQLU OH FRGH
VRXUFH j O¶DLGH GH OD VRXUFH
OLEUH
,QIRUPDWLRQV VXU OH ORJLFLHO OLEUH HW RXYHUW
&H SURGXLW XWLOLVH XQ ORJLFLHO OLEUH HW RXYHUW
)UHH2SHQ 6RXUFH 6RIWZDUH )266 /HV LQIRUPDWLRQV VXU OD OLFHQFH HWRX OH
FRGH VRXUFH GH FH ORJLFLHO VRQW GLVSRQLEOHV
HQ VXLYDQW OH OLHQ VXLYDQW KWWSZZZJOREDOGHQVRFRPHQRSHQ
VRXUFHLYLVXEDUX
,QVWUXPHQWV HW FRPPDQGHV+RUORJH
+RUORJH
7RXUQH] OH FRQWDFWHXU G¶DOOXPDJH HQ
SRVLWLRQ ³21´
GDJH DSSX\H] VXU OD FRPPDQGH GH
UpJODJH VXU OH WDEOHDX GH ERUG HW PDLQWH
QH]OD HQIRQFpH /¶pFUDQ SDVVH DX PHQX
GH UpJODJHV
6pOHFWLRQQH] ³'DWH´ HW DSSX\H] VXU OD
FRPPDQGH GH UpJODJH
6pOHFWLRQQH] ³7LPH'DWH +HXUH
'DWH ´ HW DSSX\H] VXU OD FRPPDQGH GH
UpJODJH
&RPPDQGH GH UpJODJH
3HQGDQW O¶DIILFKDJH GH O¶pFUDQ GH JXL
8WLOLVH] OD FRPPDQGH GH UpJODJH SRXU
IDLUH GpILOHU MXVTX¶DX[ RSWLRQV TXH YRXV
SRXYH] UpJOHU
8WLOLVH] OD FRPPDQGH GH UpJODJH
± 68,7( ±
,QVWUXPHQWV HW FRPPDQGHV&RPPDQGH GH UpJODJH GHV pFODLUDJHV
SRXU FKRLVLU O¶RSWLRQ TXH YRXV VRXKDL
WH] PRGLILHU
$SSX\H] VXU OD FRPPDQGH GH
UpJODJH SRXU SDUDPpWUHU OHV RSWLRQV
6pOHFWLRQQH] ³6HW 5pJOH] ´ HW DS
SX\H] VXU OD FRPPDQGH GH UpJODJH SRXU
WHUPLQHU OH UpJODJH GH O¶KRUORJH
6pOHFWLRQQH] ³*R %DFN 5HWRXU ´ SRXU
UHYHQLU j O¶pFUDQ SUpFpGHQW VDQV VDXYH
JDUGHU OHV UpJODJHV
5(0$548(
/¶DQQLYHUVDLUHOD GDWH FRPPpPRUDWLYH
HW OH V\VWqPH GH UDSSHO G¶HQWUHWLHQ VH
EDVHQW VXU O¶KHXUH HW OD GDWH GH O¶DIIL
FKDJH PXOWLIRQFWLRQV pFUDQ /&' HQ
FRXOHXU &RPPDQGH GH UpJODJH GHV
pFODLUDJHV
$77(17,21
. /¶XVDJH SURORQJp GHV pFODLUDJHV
ORUVTXH OH PRWHXU HVW j O¶DUUrW
SHXW GpFKDUJHU FRPSOqWHPHQW OD
EDWWHULH
. $VVXUH]YRXV TXH WRXWHV OHV OX
PLqUHV VRQW pWHLQWHV DYDQW GH
TXLWWHU OH YpKLFXOH /D EDWWHULH
ULVTXH GH VH GpFKDUJHU VL YRXV
TXLWWH] OH YpKLFXOH SRXU XQH Sp
ULRGH SURORQJpH DYHF WRXWHV OHV
OXPLqUHV DOOXPpHV
0RGqOHV DYHF ³DFFqV VDQV FOp DYHF
V\VWqPH GH GpPDUUDJH j ERXWRQSRXV
VRLU´
/D FRPPDQGH GH UpJODJH GHV pFODLUDJHV
IRQFWLRQQH ORUVTXH OH FRQWDFWHXU G¶DOOX
PDJH j ERXWRQSRXVVRLU HVW SODFp VXU OD
SRVLWLRQ ³$&&´ RX ³21´
4XHOOH TXH VRLW OD SRVLWLRQ GH OD
FRPPDQGH GH UpJODJH GHV pFODLUDJHV
OHV pFODLUDJHV DOOXPpV V¶pWHLJQHQW ORUVTXH
OH FRQWDFWHXU G¶DOOXPDJH j ERXWRQSRXV
VRLU HVW SODFp VXU OD SRVLWLRQ G¶DUUrW
0RGqOHV VDQV ³DFFqV VDQV FOp DYHF
V\VWqPH GH GpPDUUDJH j ERXWRQSRXV
VRLU´
/D FRPPDQGH GH UpJODJH GHV pFODLUDJHV
IRQFWLRQQH ORUVTXH OD FOp HVW LQVpUpH GDQV
OH FRQWDFWHXU G¶DOOXPDJH
4XHOOH TXH VRLW OD SRVLWLRQ GH OD
FRPPDQGH GH UpJODJH GHV pFODLUDJHV
OHV pFODLUDJHV DOOXPpV V¶pWHLJQHQW ORUVTXH
OD FOp HVW UHWLUp GX FRQWDFWHXU G¶DOOXPDJH
5(0$548(
/D FRPPDQGH GH UpJODJH GHV pFODLUD
JHV SHXW rWUH DFWLYpH VDXI OHV SKDUHV j
DFWLYDWLRQGpVDFWLYDWLRQ DXWRPDWLTXH
PrPH GDQV OHV FRQGLWLRQV VXLYDQWHV
. ORUVTXH OH FRQWDFWHXU G¶DOOXPDJH j
ERXWRQSRXVVRLU HVW pWHLQW PRGqOHV
DYHF ³DFFqV VDQV FOp DYHF V\VWqPH GH
GpPDUUDJH j ERXWRQSRXVVRLU´
. ORUVTXH OD FOp Q¶HVW SDV LQVpUpH GDQV
OH FRQWDFWHXU G¶DOOXPDJH PRGqOHV
VDQV ³DFFqV VDQV FOp DYHF V\VWqPH GH
GpPDUUDJH j ERXWRQSRXVVRLU´
/RUV GH O¶RXYHUWXUH GH OD SRUWLqUH GX
FRQGXFWHXU DORUV TXH OHV SKDUHV VRQW
DOOXPpV VRXV GH WHOOHV FRQGLWLRQV OH
ELS LQIRUPH OH FRQGXFWHXU TXH OHV
OXPLqUHV VRQW DOOXPpHV
,QVWUXPHQWV HW FRPPDQGHV&RPPDQGH GH UpJODJH GHV pFODLUDJHV
& 3KDUHV
´ SKDUHV j DFWLYDWLRQ
3RVLWLRQ ³
GpVDFWLYDWLRQ DXWRPDWLTXH VHORQ PR
GqOHV
/RUVTXH OH FRQWDFWHXU G¶DOOXPDJH HVW HQ
SRVLWLRQ ³21´ OHV SKDUHV OHV IHX[ GH
VWDWLRQQHPHQW OHV IHX[ GH JDEDULW DYDQW
OHV IHX[ GH JDEDULW DUULqUH OHV IHX[ DUULqUHV
HW O¶pFODLUDJH GH SODTXH G¶LPPDWULFXODWLRQ
VRQW DOOXPpV RX pWHLQWV VHORQ OH QLYHDX GH
O¶pFODLUDJH DPELDQW
3RVLWLRQ ³ ´
/HV SKDUHV VRQW WRXV pWHLQWV
3RXU DOOXPHU OHV SKDUHV WRXUQH] OH ERXWRQ
VLWXp j O¶H[WUpPLWp GH OD PDQHWWH GHV
FOLJQRWDQWV GH GLUHFWLRQ
3RVLWLRQ ³ ´
/HV SKDUHV OHV IHX[ GH VWDWLRQQHPHQW OHV
IHX[ GH JDEDULW DYDQW OHV IHX[ GH JDEDULW
DUULqUH OHV IHX[ DUULqUHV HW O¶pFODLUDJH GH
SODTXH G¶LPPDWULFXODWLRQ VRQW DOOXPpV
´
3RVLWLRQ ³
/HV IHX[ GH VWDWLRQQHPHQW OHV IHX[ GH
JDEDULW DYDQW OHV IHX[ GH JDEDULW DUULqUH
OHV IHX[ DUULqUHV HW O¶pFODLUDJH GH SODTXH
G¶LPPDWULFXODWLRQ VRQW DOOXPpV
5(0$548(
/D VHQVLELOLWp GHV SKDUHV j DFWLYDWLRQ
GpVDFWLYDWLRQ DXWRPDWLTXH SHXW rWUH
FKDQJpH SDU XQ FRQFHVVLRQQDLUH
68%$58 3RXU OHV GpWDLOV DGUHVVH]
YRXV j YRWUH FRQFHVVLRQQDLUH
68%$58 9RXV SRXYH] pJDOHPHQW PR
GLILHU OHV UpJODJHV j O¶DLGH GH O¶DIILFKDJH
PXOWLIRQFWLRQV pFUDQ /&' HQ FRXOHXU 5HSRUWH]YRXV j ³5pJODJH GX FDSWHXU
G¶pFODLUDJH DXWRPDWLTXH´ ) SRXU
SOXV GH GpWDLOV
! 3KDUHV UHOLpV j O¶HVVXLHJODFH j
DFWLYDWLRQGpVDFWLYDWLRQ DXWRPD
WLTXH PRGqOHV DYHF SKDUHV j DFWL
YDWLRQGpVDFWLYDWLRQ DXWRPDWLTXH
4XDQG OD FRPPDQGH GH UpJODJH GHV
pFODLUDJHV HVW HQ SRVLWLRQ ³$872´ OHV
SKDUHV V¶DOOXPHQW DXWRPDWLTXHPHQW
ORUVTXH OHV HVVXLHJODFHV GH SDUHEULVH
IRQFWLRQQHQW SOXVLHXUV IRLV /HV SKDUHV
V¶pWHLJQHQW DXWRPDWLTXHPHQW ORUVTXH OHV
HVVXLHJODFHV V¶DUUrWHQW
/¶DFWLYDWLRQ RX OD GpVDFWLYDWLRQ GH FHWWH
IRQFWLRQ SHXW rWUH UpDOLVpH SDU XQ FRQFHV
VLRQQDLUH 68%$58 3RXU OHV GpWDLOV
DGUHVVH]YRXV j YRWUH FRQFHVVLRQQDLUH
68%$58
! )RQFWLRQ G¶pFODLUDJH GH ELHQYHQXH
VHORQ PRGqOHV
/D IRQFWLRQ G¶pFODLUDJH GH ELHQYHQXH
DOOXPH XQH SDUWLH GH O¶pFODLUDJH H[WpULHXU
SRXU XQH DSSURFKH RX XQH VRUWLH GX
YpKLFXOH FRQIRUWDEOHV SHQGDQW OD QXLW RX
GDQV GHV HQGURLWV VRPEUHV
/D IRQFWLRQ HVW DFWLYpH ORUVTXH WRXWHV OHV
FRQGLWLRQV VXLYDQWHV VRQW UHPSOLHV
. /D FRPPDQGH GH UpJODJH GHV pFODLUD
JHV HVW HQ SRVLWLRQ ³$872´
. ,O IDLW VXIILVDPPHQW VRPEUH SRXU DOOX
PHU OHV SKDUHV j DFWLYDWLRQGpVDFWLYDWLRQ
DXWRPDWLTXH
± 68,7( ±
,QVWUXPHQWV HW FRPPDQGHV&RPPDQGH GH UpJODJH GHV pFODLUDJHV
/RUV GH O¶DSSURFKH 4XDQG OD IRQFWLRQ G¶pFODLUDJH GH ELHQ
YHQXH HVW DFWLYpH XQH SDUWLH GH O¶pFODLUDJH
H[WpULHXU V¶DOOXPH DXWRPDWLTXHPHQW ORUV
GX GpYHUURXLOODJH GHV SRUWLqUHV j O¶DLGH GX
V\VWqPH G¶HQWUpH VDQV FOp SDU WpOpFRP
PDQGH
/¶pFODLUDJH H[WpULHXU UHVWH DOOXPp SHQGDQW
VHFRQGHV SXLV LO V¶pWHLQW 7RXWHIRLV VL
O¶XQH GHV RSpUDWLRQV VXLYDQWHV HVW HIIHF
WXpH O¶pFODLUDJH H[WpULHXU V¶pWHLQW
. 9HUURXLOODJH GHV SRUWLqUHV j O¶DLGH GH OD
IRQFWLRQ G¶DFFqV VDQV FOp VHORQ PRGqOHV
RX GX V\VWqPH G¶HQWUpH VDQV FOp SDU
WpOpFRPPDQGH
. 0LVH GH OD FRPPDQGH GH UpJODJH GHV
pFODLUDJHV VXU XQH SRVLWLRQ DXWUH TXH
³$872´
. 0LVH GX FRQWDFWHXU G¶DOOXPDJH HQ
SRVLWLRQ ³21´
/RUV GH OD VRUWLH 4XDQG OD IRQFWLRQ G¶pFODLUDJH GH ELHQ
YHQXH HVW DFWLYpH XQH SDUWLH GH O¶pFODLUDJH
H[WpULHXU UHVWH DOOXPpH PrPH VL O¶XQH GHV
RSpUDWLRQV VXLYDQWHV HVW HIIHFWXpH
. 0LVH GX FRQWDFWHXU G¶DOOXPDJH j ERX
WRQSRXVVRLU VXU OD SRVLWLRQ ³2))´ PRGq
OHV DYHF ³DFFqV VDQV FOp DYHF V\VWqPH GH
GpPDUUDJH j ERXWRQSRXVVRLU´ . 6RUWLH GH OD FOp GX FRQWDFWHXU G¶DOOX
PDJH PRGqOHV VDQV ³DFFqV VDQV FOp DYHF
V\VWqPH GH GpPDUUDJH j ERXWRQSRXV
VRLU´
pFUDQ /&' HQ FRXOHXU 5HSRUWH]YRXV j
³5pJODJH GH O¶pFODLUDJH GH ELHQYHQXH´ )
SRXU SOXV GH GpWDLOV
/HV pFODLUDJHV H[WpULHXUV V¶pWHLJQHQW VRXV
O¶XQH GHV FRQGLWLRQV VXLYDQWHV
. PLQXWHV VH VRQW pFRXOpHV GHSXLV
O¶LOOXPLQDWLRQ GH O¶pFODLUDJH H[WpULHXU j
O¶DLGH GH OD IRQFWLRQ G¶pFODLUDJH GH ELHQ
YHQXH
. VHFRQGHV VH VRQW pFRXOpHV GHSXLV
O¶RXYHUWXUH HW OD IHUPHWXUH GH OD SRUWLqUH . /D FRPPDQGH GH UpJODJH GHV pFODLUD
JHV HVW PLVH VXU XQH SRVLWLRQ DXWUH TXH
³$872´
. /HV SURFpGXUHV GH YHUURXLOODJH j O¶DLGH
GH OD IRQFWLRQ G¶DFFqV VDQV FOp VHORQ
PRGqOHV RX GX V\VWqPH G¶HQWUpH VDQV FOp
SDU WpOpFRPPDQGH VRQW HIIHFWXpHV j GHX[
UHSULVHV /RUV GH OD UpDOLVDWLRQ GH OD
SURFpGXUH GH GpYHUURXLOODJH VXLWH j OD
UpDOLVDWLRQ GH OD SURFpGXUH GH YHUURXLO
ODJH HIIHFWXH] HQFRUH OD SURFpGXUH GH
YHUURXLOODJH j GHX[ UHSULVHV
! &DSWHXU SRXU OHV SKDUHV j DFWLYD
WLRQGpVDFWLYDWLRQ DXWRPDWLTXH VH
ORQ PRGqOHV
/H GpODL DYDQW O¶H[WLQFWLRQ GHV pFODLUDJHV
H[WpULHXUV DOOXPpV j O¶DLGH GH OD IRQFWLRQ
G¶pFODLUDJH GH ELHQYHQXH SHXW rWUH FKDQJp SDU
XQ FRQFHVVLRQQDLUH 68%$58 3RXU OHV GpWDLOV
DGUHVVH]YRXV j YRWUH FRQFHVVLRQQDLUH
68%$58 9RXV SRXYH] pJDOHPHQW PRGLILHU OH
UpJODJH j O¶DLGH GH O¶DIILFKDJH PXOWLIRQFWLRQ
/H FDSWHXU HVW VXU OH WDEOHDX GH ERUG
FRPPH LQGLTXp VXU O¶LOOXVWUDWLRQ
$77(17,21
6L XQ REMHW HVW SODFp VXU RX SUqV GX
FDSWHXU OH FDSWHXU SHXW QH SDV
GpWHFWHU OH QLYHDX GH OD OXPLqUH
DPELDQWH FRUUHFWHPHQW HW OHV SKDUHV
j DFWLYDWLRQGpVDFWLYDWLRQ DXWRPD
WLTXH SHXYHQW QH SDV IRQFWLRQQHU
FRUUHFWHPHQW
,QVWUXPHQWV HW FRPPDQGHV&RPPDQGH GH UpJODJH GHV pFODLUDJHV
& ,QYHUVHXU IHX[ GH URXWHIHX[
GH FURLVHPHQW
JUDGXDWHXU
3RXU SDVVHU GHV IHX[ GH FURLVHPHQW DX[
IHX[ GH URXWH SRXVVH] OD PDQHWWH GHV
FOLJQRWDQWV GH GLUHFWLRQ YHUV O¶DYDQW /H
WpPRLQ LQGLFDWHXU GHV IHX[ GH URXWH ³ ´
VLWXp VXU OHV LQVWUXPHQWV GH ERUG V¶DOOXPH
HQ PrPH WHPSV TXH OHV IHX[ GH URXWH
3RXU UHYHQLU HQ SRVLWLRQ GH IHX[ GH
FURLVHPHQW WLUH] OD PDQHWWH HQ DUULqUH
MXVTX¶j OD SRVLWLRQ FHQWUDOH
! )RQFWLRQ GH O¶DVVLVWDQW GHV IHX[ GH
URXWH PRGqOHV DYHF OH V\VWqPH
(\H6LJKW
5(0$548(
. /D IRQFWLRQ GH O¶DVVLVWDQW GHV IHX[
GH URXWH XWLOLVH OD FDPpUD VWpUpR LQVWDO
OpH j OD SODFH GH OD ODPSH GH OHFWXUH
DYDQW
. 3RXU OHV GpWDLOV FRQFHUQDQW OD PDQL
SXODWLRQ GH OD FDPpUD VWpUpR UHSRUWH]
YRXV DX VXSSOpPHQW GX 0DQXHO GX
&RQGXFWHXU SRXU OH V\VWqPH (\H6LJKW
/D IRQFWLRQ GH O¶DVVLVWDQW GHV IHX[ GH URXWH
EDVFXOH DXWRPDWLTXHPHQW HQWUH OH IHX GH
URXWH HW OH IHX GH FURLVHPHQW RX YLFH
YHUVD /RUVTXH WRXWHV OHV FRQGLWLRQV VXLYDQWHV
VRQW UpXQLHV OHV SKDUHV EDVFXOHQW YHUV OHV
IHX[ GH URXWH
. /D YLWHVVH GX YpKLFXOH DWWHLQW RX Gp
SDVVH OHV NPK PSK . $XFXQ YpKLFXOH QH YRXV SUpFqGH RX
Q¶DUULYH HQ VHQV LQYHUVH
. /D ]RQH GHYDQW OH YpKLFXOH HVW VRPEUH
. /D URXWH QH SUpVHQWH SDV XQ YLUDJH
VHUUp
/RUVTXH O¶XQH GHV FRQGLWLRQV VXLYDQWHV HVW
UHPSOLH OHV SKDUHV EDVFXOHQW YHUV OHV IHX[
GH FURLVHPHQW
. /D YLWHVVH GX YpKLFXOH SDVVH HQ GHV
VRXV GH NPK PSK . /D ]RQH GHYDQW OH YpKLFXOH HVW OXPL
QHXVH
. ,O \ D XQ YpKLFXOH TXL YRXV SUpFqGH RX
TXL DUULYH HQ VHQV LQYHUVH
. /H V\VWqPH (\H6LJKW HVW GpIHFWXHX[
RX LO V¶HVW DUUrWp GH IRQFWLRQQHU WHPSRUDL
UHPHQW
5(0$548(
/H UpJODJH XVLQH SDU GpIDXW HVW UpJOp
VXU ³DFWLYDWLRQ´ &H UpJODJH SHXW rWUH
GpVDFWLYp FKH] YRWUH FRQFHVVLRQQDLUH
68%$58 3RXU GH SOXV DPSOHV GpWDLOV
YHXLOOH] FRQWDFWHU YRWUH FRQFHVVLRQ
QDLUH 68%$58
! &RPPHQW XWLOLVHU OD IRQFWLRQ GH
O¶DVVLVWDQW GHV IHX[ GH URXWH
/D IRQFWLRQ GH O¶DVVLVWDQW GHV IHX[ GH URXWH
HVW DFWLYpH ORUVTXH WRXWHV OHV FRQGLWLRQV
VXLYDQWHV VRQW UpXQLHV
. /RUVTXH OD FRPPDQGH GH UpJODJH GHV
pFODLUDJHV HVW HQ SRVLWLRQ ³$872´ HW TXH
OHV IHX[ GH FURLVHPHQW V¶DOOXPHQW DXWR
PDWLTXHPHQW
. /H OHYLHU GH FOLJQRWDQWV GH GLUHFWLRQ HVW
SRXVVp YHUV O¶DYDQW
± 68,7( ±
,QVWUXPHQWV HW FRPPDQGHV&RPPDQGH GH UpJODJH GHV pFODLUDJHV
7pPRLQ GH O¶DVVLVWDQW GHV IHX[ GH URXWH
YHUW
/RUVTXH OD IRQFWLRQ GH O¶DVVLVWDQW GHV IHX[
GH URXWH HVW DFWLYpH O¶LQGLFDWHXU GH O¶DV
VLVWDQW GHV IHX[ GH URXWH VLWXp VXU OHV
LQVWUXPHQWV GH ERUG V¶DOOXPH
5(0$548(
6L OD IRQFWLRQ GH O¶DVVLVWDQW GHV IHX[ GH
URXWH HVW GpIHFWXHXVH RX HOOH V¶HVW
DUUrWpH GH IRQFWLRQQHU WHPSRUDLUHPHQW
OHV SKDUHV VRQW EORTXpV VXU OHV IHX[ GH
FURLVHPHQW 3RXU SOXV GH GpWDLOV UH
SRUWH]YRXV DX VXSSOpPHQW GX 0DQXHO
GX &RQGXFWHXU SRXU OH V\VWqPH
(\H6LJKW
! &RPPHQW UpGXLUH WHPSRUDLUH
PHQW OD VHQVLELOLWp GH OD IRQF
WLRQ GH O¶DVVLVWDQW GHV IHX[ GH
URXWH
9RXV SRXYH] UpGXLUH OD VHQVLELOLWp GH OD
IRQFWLRQ GH O¶DVVLVWDQW GHV IHX[ GH URXWH HQ
HIIHFWXDQW OHV RSpUDWLRQV VXLYDQWHV
$YDQW OD PLVH GX FRQWDFWHXU G¶DOOX
PDJH HQ SRVLWLRQ ³21´ UpJOH] OD
FRPPDQGH GH UpJODJH GHV pFODLUDJHV VXU
OD SRVLWLRQ ³$872´ HW SRXVVH] OH OHYLHU GH
FOLJQRWDQWV GH GLUHFWLRQ YHUV O¶DYDQW SRVL
WLRQ GHV IHX[ GH URXWH 0HWWH] OH FRQWDFWHXU G¶DOOXPDJH HQ
SRVLWLRQ ³21´ HW GDQV OHV VHFRQGHV TXL
´
VXLYHQW DSSX\H] VXU OD FRPPDQGH ³
UpJODJH GH GLVWDQFH GH VpFXULWp SOXV GH
IRLV VXFFHVVLYHV
/RUVTXH OD VHQVLELOLWp GH OD IRQFWLRQ GH
O¶DVVLVWDQW GHV IHX[ GH URXWH HVW UpGXLWH OH
WpPRLQ LQGLFDWHXU GH O¶DVVLVWDQW GHV IHX[
´ VLWXp VXU OHV LQVWUXPHQWV GH
GH URXWH ³
ERUG FOLJQRWH
5(0$548(
. 9RXV QH SRXYH] SDV UpGXLUH OD
VHQVLELOLWp GH OD IRQFWLRQ GH O¶DVVLVWDQW
GHV IHX[ GH URXWH GDQV OHV FRQGLWLRQV
VXLYDQWHV
± /H UpJXODWHXU GH YLWHVVH RX OH
UpJXODWHXU GH YLWHVVH DGDSWDWLI HVW
HQ PDUFKH
± /¶LQGLFDWHXU G¶DYHUWLVVHPHQW
(\H6LJKW MDXQH HVW DOOXPp
. /D VHQVLELOLWp GH OD IRQFWLRQ GH
O¶DVVLVWDQW GHV IHX[ GH URXWH UHYLHQW j
VRQ QLYHDX QRUPDO ORUVTXH OH FRQWDF
WHXU G¶DOOXPDJH HVW PLV VXU OD SRVLWLRQ
³/2&.´³2))´ HW OH PRWHXU HVW UHGp
PDUUp
! &RPPHQW PRGLILHU PDQXHOOHPHQW
OH PRGH GHV SKDUHV
%DVFXOHU YHUV OH IHX GH FURLVHPHQW 5DPHQH] OH OHYLHU GHV FOLJQRWDQWV GH
GLUHFWLRQ j OD SRVLWLRQ FHQWUDOH SRXU GpV
DFWLYHU OD IRQFWLRQ GH O¶DVVLVWDQW GHV IHX[
GH URXWH (QVXLWH O¶LQGLFDWHXU GH O¶DVVLV
WDQW GHV IHX[ GH URXWH HVW GpVDFWLYp
%DVFXOHU YHUV OH IHX GH URXWH 3ODFH] OD FRPPDQGH GH UpJODJH GHV
pFODLUDJHV VXU OD SRVLWLRQ ³ ´ SRXU PRGL
ILHU OH PRGH GHV SKDUHV HW OH SODFHU VXU OHV
IHX[ GH URXWH
¬ FH PRPHQW OD IRQFWLRQ GH O¶DVVLVWDQW GHV
,QVWUXPHQWV HW FRPPDQGHV&RPPDQGH GH UpJODJH GHV pFODLUDJHV
IHX[ GH URXWH HVW GpVDFWLYpH O¶LQGLFDWHXU
GH O¶DVVLVWDQW GHV IHX[ GH URXWH V¶pWHLQW HW
OH WpPRLQ LQGLFDWHXU GHV IHX[ GH URXWH
V¶DOOXPH
5(0$548(
$SUqV OD VpOHFWLRQ PDQXHOOH GX PRGH
IHX[ GH URXWH . 6L YRXV YRXOH] DFWLYHU OD IRQFWLRQ GH
O¶DVVLVWDQW GHV IHX[ GH URXWH UDPHQH]
OD FRPPDQGH GH UpJODJH GHV pFODLUDJHV
j OD SRVLWLRQ ³$872´
. 0HWWH] OD FRPPDQGH GH UpJODJH GHV
pFODLUDJHV VXU OD SRVLWLRQ ³
´ SRXU
DOOXPHU O¶pFODLUDJH GX WDEOHDX GH ERUG
OHV IHX[ GH VWDWLRQQHPHQW OHV IHX[ GH
JDEDULW DYDQW OHV IHX[ GH JDEDULW
DUULqUH OHV IHX[ DUULqUH HW O¶pFODLUDJH
GH SODTXH G¶LPPDWULFXODWLRQ
! &RQVHLOV SRXU XWLOLVHU OD IRQFWLRQ
GH O¶DVVLVWDQW GHV IHX[ GH URXWH
. /D IRQFWLRQ GH O¶DVVLVWDQW GHV IHX[ GH
URXWH GpWHFWH OHV FRQGLWLRQV HQWRXUDQW OH
YpKLFXOH HQ IRQFWLRQ GH O¶LQWHQVLWp GH
O¶pFODLUDJH GHYDQW OH YpKLFXOH HWF 3DU
FRQVpTXHQW OH PRGH GHV SKDUHV SRXUUDLW
EDVFXOHU GDQV FHUWDLQHV VLWXDWLRQV TXL QH
FRUUHVSRQGHQW SDV j O¶DSSUpFLDWLRQ GX
FRQGXFWHXU
. 8Q YpOR RX XQ YpOR GH WUDQVSRUW SRXUUDLW
QH SDV rWUH GpWHFWp
. /D IRQFWLRQ GH O¶DVVLVWDQW GHV IHX[ GH
URXWH SRXUUDLW QH SDV IRQFWLRQQHU FRUUHF
WHPHQW GDQV OHV VLWXDWLRQV VXLYDQWHV
/¶pEORXLVVHPHQW G€ DX[ IHX[ GH URXWH
SRXUUDLW DORUV SHUWXUEHU OHV YpKLFXOHV TXL
DUULYHQW HQ VHQV LQYHUVH RX OHV YpKLFXOHV
GHYDQW YRXV $XVVL OH PRGH IHX GH
FURLVHPHQW SRXUUDLW SHUVLVWHU PDOJUp O¶DE
VHQFH GH YpKLFXOHV TXL DUULYHQW HQ VHQV
LQYHUVH RX GH YpKLFXOHV GHYDQW YRXV
'DQV GH WHOV FDV PRGLILH] OH PRGH GHV
SKDUHV PDQXHOOHPHQW
± 3DU PDXYDLV WHPSV EURXLOODUG
QHLJH WHPSrWH GH VDEOH IRUWHV SOXLHV
HWF
± /RUVTXH OH SDUHEULVH HVW VDOH
HPEXp ILVVXUp RX HQGRPPDJp
± /RUVTXH OD FDPpUD VWpUpR HVW Gp
IRUPpH RX ORUVTXH VHV REMHFWLIV VRQW
VDOHV
± 6¶LO \ D GDQV OD ]RQH HQYLURQQDQWH
GHV OXPLqUHV TXL UHVVHPEOHQW j GHV
SKDUHV RX j GHV IHX[ DUULqUH
± /RUVTXH OH YpKLFXOH TXL DUULYH HQ
VHQV LQYHUVH RX TXL HVW GHYDQW YRXV
URXOH DYHF OHV SKDUHV HW OHV IHX[
DUULqUH pWHLQWV
± 6L OHV SKDUHV GX YpKLFXOH TXL DUULYH
HQ VHQV LQYHUVH RX OHV IHX[ DUULqUH GX
YpKLFXOH TXL HVW GHYDQW YRXV VRQW VDOHV
RX GpFRORUpV RX VL OHV IDLVFHDX[
OXPLQHX[ QH VRQW SDV RULHQWpV FRUUHF
WHPHQW
± /RUVTX¶XQ FKDQJHPHQW UDSLGH GH
OXPLQRVLWp VH SRXUVXLW SHQGDQW OD
FRQGXLWH
± /RUV GH OD FRQGXLWH VXU XQH URXWH
DYHF SOXVLHXUV PRQWpHV HW GHVFHQWHV
HW GHV VXUIDFHV LQpJDOHV RX GHV
YLUDJHV
± /RUVTX¶LO \ D GHV REMHWV TXL UpIOp
FKLVVHQW IRUWHPHQW OD OXPLqUH FRPPH
XQ SDQQHDX URXWLHU RX XQ PLURLU GDQV OH
YpKLFXOH GHYDQW
± /RUVTXH OD SDUWLH DUULqUH GX YpKLFXOH
GHYDQW YRXV UpIOpFKLW IRUWHPHQW OD
OXPLqUH FRPPH XQ FDPLRQFLWHUQH
± /RUVTXH OHV SKDUHV GH YRWUH YpKL
FXOH VRQW HQGRPPDJpV RX VDOHV
± /RUVTXH YRWUH YpKLFXOH HVW LQFOLQp
SDU H[HPSOH ORUVTX¶XQ SQHX HVW FUHYp
RX VL OH YpKLFXOH HVW UHPRUTXp
± ,PPpGLDWHPHQW DSUqV OH GpPDUUDJH
GX PRWHXU
. 'DQV OHV FRQGLWLRQV VXLYDQWHV OH PRGH
GHV SKDUHV QH EDVFXOH SDV DXWRPDWLTXH
PHQW GHV IHX[ GH URXWH YHUV OHV IHX[ GH
FURLVHPHQW
± /RUVTXH YRWUH YpKLFXOH FURLVH VRX
GDLQHPHQW XQ YpKLFXOH TXL DUULYH HQ
VHQV LQYHUVH GDQV XQ YLUDJH VDQV
YLVLELOLWp
± /RUVTX¶XQ DXWUH YpKLFXOH SDVVH
GHYDQW OH Y{WUH
± 68,7( ±
,QVWUXPHQWV HW FRPPDQGHV&RPPDQGH GH UpJODJH GHV pFODLUDJHV
± /RUVTX¶XQ YpKLFXOH TXL DUULYH HQ
VHQV LQYHUVH RX TXL HVW GHYDQW YRXV
DSSDUDLW SXLV GLVSDUDLW HQ UDLVRQ GHV
YLUDJHV VXFFHVVLIV GHV EDQGHV Pp
GLDQHV RX GHV DUEUHV HQ ERUGXUH GH
URXWH HWF
. 6L OD FDPpUD VWpUpR GpWHFWH OD OXPLqUH
GHV SKDUHV DQWLEURXLOODUG DYDQW G¶XQ YpKL
FXOH TXL DUULYH HQ VHQV LQYHUVH OH PRGH
GHV SKDUHV SHXW EDVFXOHU DXWRPDWLTXH
PHQW GHV IHX[ GH URXWH YHUV OHV IHX[ GH
FURLVHPHQW
. /H PRGH GHV SKDUHV SHXW EDVFXOHU GHV
IHX[ GH URXWH YHUV OHV IHX[ GH FURLVHPHQW
RX OH PRGH GH IHX[ GH FURLVHPHQW SHXW
SHUVLVWHU ORUVTX¶LO HVW LQIOXHQFp SDU O¶pFODL
UDJH SXEOLF OHV IHX[ GH VLJQDOLVDWLRQ
O¶pFODLUDJH G¶XQ SDQQHDX GH SXEOLFLWp RX
G¶XQ REMHW UpIOpFKLVVDQW WHO TX¶XQ SDQQHDX
URXWLHU RX XQH HQVHLJQH
. /H PRPHQW GX FKDQJHPHQW GH PRGH
GHV SKDUHV SHXW GLIIpUHU HQ UDLVRQ GHV
IDFWHXUV VXLYDQWV
± /¶pWDW GX YpKLFXOH SDU H[HPSOH OH
QRPEUH GH SDVVDJHUV RX OH SRLGV GH OD
FDUJDLVRQ FKDUJpH
± /D VLWXDWLRQ HQYLURQQDQWH SDU
H[HPSOH OH PRXYHPHQW HW OD GLUHFWLRQ
G¶XQ YpKLFXOH TXL DUULYH HQ VHQV
LQYHUVH RX G¶XQ YpKLFXOH GHYDQW
± 'HV OLPLWDWLRQV GH OD GpWHFWLRQ GXHV
j O¶DQJOH GH OD FDPpUD
& $SSHOV GH SKDUHV
& 6\VWqPH G¶pFODLUDJH SRXU
FRQGXLWH GH MRXU
'$1*(5
/RUVTXH O¶pFODLUDJH GH MRXU HVW DO
OXPp OHV IHX[ DUULqUH QH V¶DOOXPHQW
SDV /RUVTX¶LO IDLW VRPEUH SODFH] OD
FRPPDQGH GHV SKDUHV HQ SRVLWLRQ
³ ´ SRXU DOOXPHU OHV SKDUHV HW OHV
IHX[ DUULqUH &HOD DPpOLRUH OD YLVLEL
OLWp HW SHUPHW j G¶DXWUHV FRQGXF
WHXUV GH YRLU YRWUH YpKLFXOH SOXV
IDFLOHPHQW
$77(17,21
1H WHQH] SDV OD PDQHWWH HQ SRVLWLRQ
WLUpH SHQGDQW SOXV GH TXHOTXHV
VHFRQGHV
3RXU IDLUH XQ DSSHO GH SKDUHV WLUH] OD
PDQHWWH YHUV YRXV SXLV UHOkFKH]OD /HV
IHX[ GH URXWH UHVWHQW DOOXPpV WDQW TXH
YRXV WHQH] OD PDQHWWH ,O HVW SRVVLEOH GH
IDLUH GHV DSSHOV GH SKDUHV PrPH ORUVTXH
OD FRPPDQGH GHV SKDUHV HVW HQ SRVLWLRQ
³ ´ RII /H WpPRLQ LQGLFDWHXU GHV IHX[ GH URXWH
³ ´ VLWXp VXU OHV LQVWUXPHQWV GH ERUG
V¶DOOXPH HQ PrPH WHPSV TXH OHV IHX[ GH
URXWH
/¶pFODLUDJH GH MRXU V¶DOOXPH DXWRPDWLTXH
PHQW ORUVTXH OHV FRQGLWLRQV VXLYDQWHV VRQW
UpXQLHV
. /H PRWHXU HVW HQ PDUFKH
. /H IUHLQ GH VWDWLRQQHPHQW HVW GHVVHUUp
j IRQG
. /D FRPPDQGH GH UpJODJH GHV pFODLUD
JHV HVW HQ SRVLWLRQ ³$872´ VHORQ PRGq
´ RX RII
OHV ³
. 3RXU OHV PRGqOHV &97 OH OHYLHU VpOHF
WHXU HVW VXU XQH SRVLWLRQ DXWUH TXH ³3´
,QVWUXPHQWV HW FRPPDQGHV/HV SKDUHV UpSRQGDQW DX EUDTXDJH 65+
5(0$548(
/RUVTXH OD FRPPDQGH G¶pFODLUDJH HVW
HQ SRVLWLRQ ³
´ O¶pFODLUDJH GX WD
EOHDX GH ERUG OHV IHX[ GH JDEDULW
DYDQW OHV IHX[ DUULqUH HW O¶pFODLUDJH GH
SODTXH G¶LPPDWULFXODWLRQ V¶DOOXPHQW
pJDOHPHQW
/HV SKDUHV UpSRQGDQW DX
EUDTXDJH 65+ VHORQ PR
GqOHV
5(0$548(
65+ QH V¶DFWLYH TXH ORUVTXH OH YpKLFXOH
DYDQFH YHUV O¶DYDQW j XQH YLWHVVH TXL
GpSDVVH NPK PSK & 3RXU DFWLYHUGpVDFWLYHU OH
65+
8WLOLVH] O¶DIILFKDJH GHV LQVWUXPHQWV GH
ERUG pFUDQ /&' HQ FRXOHXU SRXU DFWL
YHUGpVDFWLYHU OH 65+ 5HSRUWH]YRXV j
³65+´ ) SRXU SOXV GH GpWDLOV
/D ]RQH G¶pFODLUDJH ORUVTXH OH 65+ HVW
DFWLYp
/D ]RQH G¶pFODLUDJH ORUVTXH OH 65+ Q¶HVW
SDV DFWLYp
65+ HVW XQH IRQFWLRQ TXL GpSODFH DXWR
PDWLTXHPHQW OH IDLVFHDX GHV SKDUHV YHUV
OD JDXFKH RX YHUV OD GURLWH HQ IRQFWLRQ GH
O¶DQJOH GH EUDTXDJH HW GH OD YLWHVVH GX
YpKLFXOH &HWWH IRQFWLRQ SHUPHW G¶DPpOLR
UHU OD YLVLELOLWp OD QXLW HQ pFODLUDQW OD URXWH
GHYDQW DX QLYHDX GHV YLUDJHV HW GHV
LQWHUVHFWLRQV
,QGLFDWHXU 65+ 2))
/¶LQGLFDWHXU 65+ 2)) VLWXp VXU OHV LQV
WUXPHQWV GH ERUG V¶pWHLQW ORUVTXH OH 65+
HVW DFWLYp
/¶LQGLFDWHXU 65+ 2)) VLWXp VXU OHV LQV
WUXPHQWV GH ERUG V¶DOOXPH ORUVTXH OH 65+
HVW GpVDFWLYp
± 68,7( ±
,QVWUXPHQWV HW FRPPDQGHV0DQHWWH GHV FOLJQRWDQWV GH GLUHFWLRQ
(Q FDV GH G\VIRQFWLRQQHPHQW GX V\VWqPH
65+ O¶LQGLFDWHXU 65+ 2)) FOLJQRWH VXU
OHV LQVWUXPHQWV GH ERUG ORUVTXH OH FRQWDF
WHXU G¶DOOXPDJH HVW VXU OD SRVLWLRQ ³21´ ,O
LQGLTXH TXH OH 65+ D pWp GpVDFWLYp
&RQWDFWH] XQ FRQFHVVLRQQDLUH 68%$58
SRXU XQH LQVSHFWLRQ
0DQHWWH GHV FOLJQRWDQWV GH
GLUHFWLRQ
FKDQJHPHQW GH YRLH /D PDQHWWH UHYLHQW
DXWRPDWLTXHPHQW HQ SRVLWLRQ FHQWUDOH
ORUVTXH YRXV OD OkFKH]
& ,QGLFDWHXU GH FKDQJHPHQW GH
YRLH SDU VLPSOH SUHVVLRQ
3RXU IDLUH FOLJQRWHU WURLV IRLV OH FOLJQRWDQW
HW OH WpPRLQ LQGLFDWHXU GX FOLJQRWDQWV GH
GLUHFWLRQ OHYH] RX EDLVVH] OpJqUHPHQW OH
OHYLHU GHV FOLJQRWDQWV SXLV UHOkFKH]OH
LPPpGLDWHPHQW
5(0$548(
/RUVTXH YRXV PHWWH] OH FRQWDFWHXU
G¶DOOXPDJH HQ SRVLWLRQ ³21´ O¶LQGLFD
WHXU 65+ 2)) V¶DOOXPH SXLV V¶pWHLQW
DSUqV TXHOTXHV VHFRQGHV
3RXU VLJQDOHU XQ YLUDJH j GURLWH SRXVVH]
OD PDQHWWH GHV FOLJQRWDQWV GH GLUHFWLRQ
YHUV OH KDXW 3RXU VLJQDOHU XQ YLUDJH j
JDXFKH SRXVVH] OD PDQHWWH YHUV OH EDV
/D PDQHWWH UHYLHQW DXWRPDWLTXHPHQW HQ
SRVLWLRQ FHQWUDOH HQ VRUWLH GH YLUDJH 6L OD
PDQHWWH QH UHYLHQW SDV G¶HOOHPrPH HQ
VRUWLH GH YLUDJH UDPHQH]OD PDQXHOOH
PHQW HQ SRVLWLRQ FHQWUDOH
3RXU VLJQDOHU XQ FKDQJHPHQW GH YRLH
DSSX\H] OpJqUHPHQW VXU OD PDQHWWH YHUV OH
KDXW RX OH EDV HW HQIRQFH] SHQGDQW OH
FKDQJHPHQW GH YRLH /HV WpPRLQV LQGLFD
WHXUV GX VLJQDO GH GLUHFWLRQ FOLJQRWHUD
GDQV OD GLUHFWLRQ GH FLUFXODWLRQ RX GX
/H UpJODJH GH O¶LQGLFDWHXU GH FKDQJHPHQW
GH YRLH SDU VLPSOH SUHVVLRQ SHXW rWUH
DFWLYp RX GpVDFWLYp SDU XQ FRQFHVVLRQ
QDLUH 68%$58 3RXU SOXV GH GpWDLOV
DGUHVVH]YRXV j YRWUH FRQFHVVLRQQDLUH
68%$58 OH SOXV SURFKH
,QVWUXPHQWV HW FRPPDQGHV5pJODJH G¶LQWHQVLWp OXPLQHXVH
5pJODJH G¶LQWHQVLWp OXPL
QHXVH
5(0$548(
/H UpJODJH GH OXPLQRVLWp HVW FRQVHUYp
HQ PpPRLUH PrPH ORUVTXH OH FRQWDF
WHXU G¶DOOXPDJH HVW UDPHQp HQ SRVLWLRQ
³/2&.´³2))´
& )RQFWLRQ G¶DWWpQXDWLRQ DXWR
PDWLTXH
6L YRXV DOOXPH] OHV IHX[ GH VWDWLRQQHPHQW
O¶LQWHQVLWp OXPLQHXVH GHV LQVWUXPHQWV GH
ERUG GX WDEOHDX GHV FRPPDQGHV GH
FOLPDWLVDWLRQ RX GHV DXWUHV IRQFWLRQV HVW
UpGXLWH DXWRPDWLTXHPHQW
5(0$548(
9RXV SRXYH] UpJOHU OD OXPLQRVLWp GHV
LQVWUXPHQWV GH ERUG GX WDEOHDX GHV
FRPPDQGHV GH FOLPDWLVDWLRQ HWF HQ
WRXUQDQW OD PROHWWH GH UpJODJH
. 3RXU UHQGUH O¶pFODLUDJH SOXV OXPLQHX[
WRXUQH] OD PROHWWH YHUV OH KDXW
. 3RXU UHQGUH O¶pFODLUDJH PRLQV OXPL
QHX[ WRXUQH] OD PROHWWH YHUV OH EDV
/¶DIILFKDJH PXOWLIRQFWLRQV pFUDQ /&' HQ
FRXOHXU DMXVWH DXWRPDWLTXHPHQW VD OXPL
QRVLWp HQ PrPH WHPSV TXH OH QLYHDX GH
OXPLQRVLWp GX WDEOHDX GH ERUG 3RXU UpJOHU
OH FRQWUDVWH GH O¶DIILFKDJH UHSRUWH]YRXV j
³5pJODJH GX FRQWUDVWH´ )
/RUVTXH YRXV WRXUQH] OD PROHWWH j IRQG
YHUV OH KDXW O¶LQWHQVLWp OXPLQHXVH
SDVVH DX QLYHDX PD[LPXP HW OD IRQF
WLRQ G¶DWWpQXDWLRQ DXWRPDWLTXH GHYLHQW
FRPSOqWHPHQW LQRSpUDQWH
& )RQFWLRQ G¶DQQXODWLRQ GH O¶DW
WpQXDWLRQ DXWRPDWLTXH
6L YRXV DOOXPH] OHV IHX[ GH VWDWLRQQHPHQW
HQ SUpVHQFH G¶XQH OXPLQRVLWp DPELDQWH
O¶LQWHQVLWp OXPLQHXVH GH FHV pOpPHQWV
Q¶HVW SDV UpGXLWH
/¶DFWLYDWLRQGpVDFWLYDWLRQ GX UpJODJH HW GH
OD VHQVLELOLWp GH OD IRQFWLRQ G¶DQQXODWLRQ GH
O¶DWWpQXDWLRQ DXWRPDWLTXH SDU XQ FRQFHV
VLRQQDLUH 68%$58 3RXU OHV GpWDLOV
DGUHVVH]YRXV j YRWUH FRQFHVVLRQQDLUH
68%$58
,QVWUXPHQWV HW FRPPDQGHV'LVSRVLWLI GH UpJODJH GH SRUWpH GHV SKDUHV
'LVSRVLWLI GH UpJODJH GH SRU
WpH GHV SKDUHV VHORQ PRGq
OHV
&RPPDQGH GHV SKDUHV DQWL
EURXLOODUG VHORQ PRGqOHV
& 'LVSRVLWLI GH UpJODJH DXWR
PDWLTXH GH SRUWpH GHV SKDUHV
PRGqOHV DYHF SKDUHV /('
/HV SKDUHV /(' pFODLUHQW PLHX[ TXH OHV
SKDUHV j KDORJqQH FODVVLTXHV
3DU FRQVpTXHQW ORUVTXH YRWUH YpKLFXOH
HVW WUqV FKDUJp VDQV FRUUHFWLRQ GH SRUWpH
GHV SKDUHV OHV SKDUHV pFODLUHUDLHQW SOXV
KDXW TX¶HQ WHPSV QRUPDO FH TXL FRQVWL
WXHUDLW XQH JrQH SRXU OHV FRQGXFWHXUV GHV
YpKLFXOHV URXODQW HQ VHQV RSSRVp
/H GLVSRVLWLI GH UpJODJH DXWRPDWLTXH GH
SRUWpH GHV SKDUHV DMXVWH DXWRPDWLTXH
PHQW HW GH PDQLqUH RSWLPDOH OD SRUWpH GHV
SKDUHV HQ IRQFWLRQ GH OD FKDUJH WUDQV
SRUWpH SDU OH YpKLFXOH
7pPRLQ LQGLFDWHXU GHV SKDUHV DQWLEURXLO
ODUG DYDQW
&RPPDQGH GHV SKDUHV
&RPPDQGH GHV SKDUHV DQWLEURXLOODUG
/HV SKDUHV DQWLEURXLOODUG DYDQW V¶DOOXPHQW
ORUVTXH OD FRPPDQGH GHV SKDUHV DQWL
EURXLOODUG HVW PLVH HQ SRVLWLRQ ³ ´ DORUV
TXH OHV SKDUHV VRQW DOOXPpV SDU H[HPSOH
OD FRPPDQGH GHV SKDUHV HVW HQ SRVLWLRQ
³ ´
3RXU pWHLQGUH OHV SKDUHV DQWLEURXLOODUG
DYDQW UDPHQH] OD FRPPDQGH HQ SRVLWLRQ
³ ´
/H WpPRLQ LQGLFDWHXU VLWXp VXU OHV LQVWUX
PHQWV GH ERUG V¶DOOXPH ORUVTXH OHV SKDUHV
DQWLEURXLOODUG DYDQW VRQW DOOXPpV
,QVWUXPHQWV HW FRPPDQGHV(VVXLHJODFH HW ODYHJODFH
(VVXLHJODFH HW ODYHJODFH
'$1*(5
3DU WHPSV GH JHO Q¶DFWLRQQH] SDV OH
ODYHJODFH DYDQW G¶DYRLU VXIILVDP
PHQW UpFKDXIIp OH SDUHEULVH DX
PR\HQ GX GpJLYUDJH
/H OLTXLGH GH ODYDJH SRXUUDLW JHOHU
VXU OH SDUHEULVH HW JrQHU OD YLVLEL
OLWp
$77(17,21
. 1¶DFWLRQQH] SDV OH ODYHJODFH
SHQGDQW SOXV GH VHFRQGHV
VDQV LQWHUUXSWLRQ RX ORUVTXH OH
UpVHUYRLU HVW YLGH &HOD SRXUUDLW
HQWUDvQHU XQH VXUFKDXIIH GX PR
WHXU GH SURMHFWLRQ GH OLTXLGH GH
ODYDJH 9pULILH] IUpTXHPPHQW OH
QLYHDX GH OLTXLGH GX ODYHJODFH
SDU H[HPSOH j O¶RFFDVLRQ GH
FKDTXH UDYLWDLOOHPHQW HQ FDUEX
UDQW
. 1¶DFWLRQQH] SDV OHV HVVXLHJOD
FHV ORUVTXH OH SDUHEULVH HVW VHF
&HOD ULVTXH GH UD\HU OH YHUUH
G¶HQGRPPDJHU OHV FDRXWFKRXFV
GHV EDODLV G¶HVVXLHJODFHV HW
SHXW FDXVHU OD SDQQH GX PRWHXU
G¶HVVXLHJODFHV $YDQW GH PHWWUH
O¶HVVXLHJODFH HQ PDUFKH VXU XQ
SDUHEULVH VHF XWLOLVH] WRXMRXUV
OH ODYHJODFH GH SDUHEULVH
. 3DU WHPSV GH JHO DYDQW G¶DFWLRQ
QHU OHV HVVXLHJODFHV Q¶RXEOLH]
SDV GH YpULILHU TXH OHV FDRXW
FKRXFV GHV EDODLV G¶HVVXLHJODFH
QH VRQW SDV FROOpV SDU OH JHO
FRQWUH OH SDUHEULVH 0HWWUH O¶HV
VXLHJODFH HQ PDUFKH ORUVTXH OHV
FDRXWFKRXFV GHV EDODLV VRQW FRO
OpV FRQWUH OD YLWUH SDU OH JHO ULVTXH
QRQ VHXOHPHQW G¶HQGRPPDJHU
OHV FDRXWFKRXFV GHV EDODLV G¶HV
VXLHJODFH PDLV SHXW DXVVL FDX
VHU OD SDQQH GX PRWHXU G¶HVVXLH
JODFH 6L OHV FDRXWFKRXFV GHV
EDODLV G¶HVVXLHJODFH VRQW FROOpV
FRQWUH OD YLWUH SDU OH JHO
FRPPHQFH] SDU DFWLRQQHU OH Gp
JLYUDJH GH SDUHEULVH RX OH GpJL
YUHXU G¶HVVXLHJODFH GH SDUH
EULVH VHORQ PRGqOHV DYDQW GH
PHWWUH O¶HVVXLHJODFH HQ PDUFKH
. 6L OHV HVVXLHJODFHV VRQW EORTXpV
SHQGDQW OHXU IRQFWLRQQHPHQW SDU
GH OD JODFH RX WRXW DXWUH REVWDFOH
VXU OD OXQHWWH FHOD SHXW FDXVHU OD
SDQQH GX PRWHXU G¶HVVXLHJODFHV
PrPH VL YRXV UHPHWWH] OD
FRPPDQGH HQ SRVLWLRQ G¶DUUrW 6L
FHOD YHQDLW j VH SURGXLUH JDUH]
UDSLGHPHQW OH YpKLFXOH GDQV XQ
HQGURLW V€U PHWWH] OH FRQWDFWHXU
G¶DOOXPDJH HQ SRVLWLRQ ³/2&.´
³2))´ SXLV QHWWR\H] OD YLWUH GH
OXQHWWH SRXU TXH O¶HVVXLHJODFH
SXLVVH IRQFWLRQQHU QRUPDOHPHQW
. 8WLOLVH] GH O¶HDX GRXFH VL YRXV QH
GLVSRVH] SDV GH OLTXLGH SRXU
ODYHJODFH 'DQV OHV UpJLRQV R
LO JqOH HQ KLYHU XWLOLVH] GX OLTXLGH
GH ODYHJODFH GH SDUHEULVH
68%$58 RX XQ SURGXLW pTXLYD
OHQW 5HSRUWH]YRXV j ³/LTXLGH GH
ODYHJODFH GH SDUHEULVH´ )
(Q RXWUH VL OH YpKLFXOH HVW XWLOLVp
GDQV XQH UpJLRQ R LO JqOH HQ
KLYHU HPSOR\H] GHV EDODLV G¶HV
VXLHJODFH DGDSWpV DX JHO
. 1H QHWWR\H] SDV OHV EDODLV G¶HV
VXLHJODFH DYHF GH O¶HVVHQFH RX
GX VROYDQW GLOXDQW j SHLQWXUH
EHQ]LQH HWF &HV SURGXLWV OHV
HQGRPPDJHUDLHQW
± 68,7( ±
,QVWUXPHQWV HW FRPPDQGHV(VVXLHJODFH HW ODYHJODFH
5(0$548(
. /H PRWHXU pOHFWULTXH G¶HVVXLHJODFH
HVW SURWpJp GHV VXUFKDUJHV SDU XQ
GLVMRQFWHXU 6L OH PRWHXU IRQFWLRQQH
HQ FRQWLQX VRXV XQH FKDUJH DQRUPDOH
PHQW IRUWH OH GLVMRQFWHXU VH GpFOHQFKH
HW DUUrWH SURYLVRLUHPHQW OH PRWHXU
pOHFWULTXH 6L FHOD VH SURGXLW JDUH]
YRWUH YpKLFXOH GDQV XQ HQGURLW V€U
PHWWH] OD FRPPDQGH G¶HVVXLHJODFH
HQ SRVLWLRQ G¶DUUrW HW DWWHQGH] XQH
GL]DLQH GH PLQXWHV /H GLVMRQFWHXU VH
UpDUPH DXWRPDWLTXHPHQW HW OHV HVVXLH
JODFHV IRQFWLRQQHQW j QRXYHDX QRUPD
OHPHQW
. 3RXU pYLWHU OD IRUPDWLRQ GH PDUTXHV
VXU OH SDUHEULVH HW SRXU pOLPLQHU OHV
GpS{WV GH VHO HW G¶HQUREp URXWLHU
QHWWR\H] IUpTXHPPHQW OD YLWUH HW OHV
FDRXWFKRXFV GHV EDODLV G¶HVVXLHJODFH
DYHF XQH VROXWLRQ GH ODYDJH $FWLRQQH]
OH ODYHJODFH SHQGDQW VHFRQGH DX
PLQLPXP SRXU TXH OD VROXWLRQ GH
ODYDJH VH UpSDQGH VXU WRXWH OD VXUIDFH
GX SDUHEULVH
. /D JUDLVVH OD FLUH OHV LQVHFWHV HW
WRXWH DXWUH VXEVWDQFH DGKpUDQW DX
SDUHEULVH HW DX[ FDRXWFKRXFV GHV
EDODLV G¶HVVXLHJODFH UHQGHQW OH IRQF
WLRQQHPHQW G¶HVVXLHJODFH LUUpJXOLHU HW
IRUPHQW GHV PDUTXHV VXU OD YLWUH 6L
YRXV QH SDUYHQH] SDV j pOLPLQHU FHV
LPSXUHWpV DSUqV DYRLU DFWLRQQp OH ODYH
JODFH RX VL OH PRXYHPHQW GH O¶HVVXLH
JODFH HVW LUUpJXOLHU QHWWR\H] OHV FDRXW
FKRXFV GHV EDODLV G¶HVVXLHJODFH HW OD
IDFH H[WHUQH GX SDUHEULVH HQ IURWWDQW
DYHF XQH pSRQJH RX XQ FKLIIRQ GRX[
LPELEp GH GpWHUJHQW QHXWUH RX IDLEOH
PHQW DEUDVLI $SUqV QHWWR\DJH ULQFH]
OD YLWUH HW OHV FDRXWFKRXFV GHV EDODLV
G¶HVVXLHJODFH j O¶HDX SURSUH /D YLWUH
HVW SURSUH V¶LO QH V¶\ IRUPH SDV G¶DX
UpROHV SHQGDQW OH ULQoDJH j O¶HDX
. 6L YRXV QH SDUYHQH] SDV j pOLPLQHU
OHV PDUTXHV SDU ODYDJH VHORQ OD Pp
WKRGH FLGHVVXV UHPSODFH] OHV EDODLV
G¶HVVXLHJODFH RX OHV FDRXWFKRXFV
GHV EDODLV G¶HVVXLHJODFH SDU GHV
QHXIV 3RXU GH SOXV DPSOHV FRQVHLOV
GH UHPSODFHPHQW UHSRUWH]YRXV j
³5HPSODFHPHQW GHV EDODLV G¶HVVXLH
JODFH´ )
& &RPPDQGHV G¶HVVXLHJODFH
HW GH ODYHJODFH GH SDUHEULVH
/¶HVVXLHJODFHV QH IRQFWLRQQH TXH VL OH
FRQWDFWHXU G¶DOOXPDJH HVW HQ SRVLWLRQ
³21´
! (VVXLHJODFH GH SDUHEULVH
%UXLQH SRXU EDOD\DJH XQLTXH
$UUrW
%DOD\DJH LQWHUPLWWHQW
%DOD\DJH OHQW
%DOD\DJH UDSLGH
3RXU PHWWUH OHV HVVXLHJODFHV HQ PDUFKH
DEDLVVH] OD PDQHWWH GH FRPPDQGH G¶HV
VXLHJODFHV MXVTX¶j OD SRVLWLRQ TXL
FRQYLHQW
,QVWUXPHQWV HW FRPPDQGHV(VVXLHJODFH HW ODYHJODFH
3RXU DUUrWHU OHV HVVXLHJODFHV UDPHQH] OD
PDQHWWH HQ SRVLWLRQ ³ ´
! /DYHJODFH GH SDUHEULVH
5(0$548(
3RXVVH] OD PDQHWWH YHUV OH KDXW SRXU
GRQQHU XQ VHXO FRXS G¶HVVXLHJODFH /HV
HVVXLHJODFHV IRQFWLRQQHQW WDQW TXH YRXV
WHQH] OD PDQHWWH WLUpH
! 5pJODJH GH OD IUpTXHQFH GH ED
OD\DJH GHV HVVXLHJODFHV LQWHUPLW
WHQWV
3RXU ODYHU OH SDUHEULVH WLUH] OD PDQHWWH
GH FRPPDQGH G¶HVVXLHJODFHV YHUV YRXV
/D SURMHFWLRQ GH OLTXLGH GH ODYDJH FHVVH
GqV TXH YRXV UHOkFKH] OD PDQHWWH /HV
HVVXLHJODFHV IRQFWLRQQHQW WDQW TXH YRXV
WHQH] OD PDQHWWH WLUpH
/RUVTXH OD FRPPDQGH G¶HVVXLHJODFH HVW
HQ SRVLWLRQ ³ ´ WRXUQH] OD PROHWWH SRXU
UpJOHU OD IUpTXHQFH GH EDOD\DJH G¶HVVXLH
JODFH 9RXV SRXYH] UpJOHU OD IUpTXHQFH GH
EDOD\DJH HQ SOXVLHXUV pWDSHV
/¶LQGLFDWHXU G¶DYHUWLVVHPHQW GH OLTXLGH
GH ODYHJODFH GH SDUHEULVH DSSDUDvW
ORUVTXH OH QLYHDX GH OLTXLGH GH ODYH
JODFH GDQV OH UpVHUYRLU D FKXWp j OD
OLPLWH LQIpULHXUH 6L O¶LQGLFDWHXU G¶DYHU
WLVVHPHQW DSSDUDvW UHPSOLVVH] OH Up
VHUYRLU DYHF GX OLTXLGH 3RXU OD SUR
FpGXUH GH UHPSOLVVDJH UHSRUWH]YRXV
j ³/LTXLGH GH ODYHJODFH GH SDUHEULVH´
)
,QVWUXPHQWV HW FRPPDQGHV5pWURYLVHXUV
5pWURYLVHXUV
$YDQW GH SUHQGUH OD URXWH YpULILH] WRXMRXUV
TXH OHV UpWURYLVHXUV H[WpULHXUV HW OH UpWUR
YLVHXU LQWpULHXU VRQW FRQYHQDEOHPHQW Up
JOpV
& 5pWURYLVHXU G¶DWWpQXDWLRQ DX
WRPDWLTXHERXVVROH VHORQ
PRGqOHV
& 5pWURYLVHXU LQWpULHXU
3RVLWLRQ QRUPDOH
3RVLWLRQ DQWLUHIOHW
3RXVVH] OD SDWWH VLWXpH VXU OH UpWURYLVHXU
SRXU XQH XWLOLVDWLRQ QRUPDOH 3RXU UpGXLUH
OHV UHIOHWV GHV SKDUHV GX YpKLFXOH GHUULqUH
YRXV WLUH] OD SDWWH YHUV OD SRVLWLRQ DQWL
UHIOHW
$IILFKDJH
&RPPDQGH
3HQGDQW OD FRQGXLWH GH QXLW OD IRQFWLRQ GH
JUDGDWLRQ DXWRPDWLTXH GpWHFWH OHV UHIOHWV
GLVWUD\DQWV GHV SKDUHV GX YpKLFXOH GH
GHUULqUH HW V¶REVFXUFLW DXWRPDWLTXHPHQW
SRXU pOLPLQHU OHV UHIOHWV HW SUpVHUYHU YRWUH
YXH
! 3RXU XWLOLVHU OD IRQFWLRQ GH JUDGD
WLRQ DXWRPDWLTXH
$SSX\H] VXU OD FRPPDQGH ³ ´ SRXU
DFWLYHUGpVDFWLYHU OD IRQFWLRQ GH JUDGDWLRQ
DXWRPDWLTXH /D IRQFWLRQ GH JUDGDWLRQ
DXWRPDWLTXH HVW DFWLYpH ORUVTXH O¶LQGLFD
WHXU /(' YHUW GH OD FRPPDQGH HVW DOOXPp
/D IRQFWLRQ GH JUDGDWLRQ DXWRPDWLTXH VHUD
DFWLYpH SDU GpIDXW j FKDTXH F\FOH G¶DOOX
PDJH
! 3RXU XWLOLVHU OD IRQFWLRQ GH ERXVVROH
3RXU DFWLYHUGpVDFWLYHU OD IRQFWLRQ GH
ERXVVROH DSSX\H] VXU OD FRPPDQGH ³ ´
HW PDLQWHQH]OD HQIRQFpH SHQGDQW SOXV GH
VHFRQGHV RX MXVTX¶j FH TXH O¶DIILFKDJH
V¶DOOXPHV¶pWHLJQH /D IRQFWLRQ GH ERXV
VROH VHUD DFWLYpH SDU GpIDXW j FKDTXH
F\FOH G¶DOOXPDJH
6L O¶DIILFKDJH LQGLTXH ³&´ GpSODFH]
OHQWHPHQW OH YpKLFXOH HQ FHUFOHV MXVTX¶j
FH TXH OD ERXVVROH VRLW pWDORQQpH
,QVWUXPHQWV HW FRPPDQGHV5pWURYLVHXUV
6L OHV SDUWLHV PDJQpWLTXHV GH YRWUH
YpKLFXOH RQW FKDQJp RX VL OD ERXVVROH
VHPEOH LQH[DFWH UppWDORQQH] OD ERXVVROH
$SSX\H] VXU OD FRPPDQGH ³ ´ HW PDLQWH
QH]OD HQIRQFpH SHQGDQW SOXV GH VHFRQ
GHV RX MXVTX¶j FH TX¶XQ ³&´ V¶DIILFKH j
O¶pFUDQ 8QH IRLV TX¶XQ ³&´ V¶DIILFKH j
O¶pFUDQ GpSODFH] OHQWHPHQW OH YpKLFXOH
HQ FHUFOHV MXVTX¶j FH TXH OD ERXVVROH VRLW
pWDORQQpH
=RQH G¶pWDORQQDJH GH OD ERXVVROH
3RXU DMXVWHU O¶pFDUW GH OD ERXVVROH
VHORQ OHV ]RQHV
7URXYH] YRWUH HPSODFHPHQW DFWXHO
HW OH QXPpUR GH ]RQH VXU OD FDUWH
$SSX\H] VXU OD FRPPDQGH ³ ´ HW
PDLQWHQH]OD HQIRQFpH SHQGDQW SOXV
GH VHFRQGHV RX MXVTX¶j FH TX¶XQ
QXPpUR GH ]RQH V¶DIILFKH j O¶pFUDQ
8QH IRLV TXH OH QXPpUR GH ]RQH
V¶DIILFKH j O¶pFUDQ IDLWHV j QRXYHDX
EDVFXOHU OD FRPPDQGH ³ ´ MXVTX¶j FH
TXH OH QXPpUR GH ]RQH GH YRWUH
HPSODFHPHQW DFWXHO V¶DIILFKH 9RWUH
QXPpUR GH ]RQH VHUD HQUHJLVWUp GqV
TXH YRXV DUUrWH] G¶DSSX\HU VXU OD
FRPPDQGH $SUqV TXHOTXHV VHFRQ
GHV O¶DIILFKDJH PRQWUHUD O¶RULHQWDWLRQ
GH OD ERXVVROH
& 5pWURYLVHXU G¶DWWpQXDWLRQ DX
WRPDWLTXHERXVVROH DYHF
+RPH/LQNŠ VHORQ PRGqOHV
JUDGDWLRQ DXWRPDWLTXH GpWHFWH OHV UHIOHWV
GLVWUD\DQWV GHV SKDUHV GX YpKLFXOH GH
GHUULqUH HW V¶REVFXUFLW DXWRPDWLTXHPHQW
SRXU pOLPLQHU OHV UHIOHWV HW SUpVHUYHU YRWUH
YXH
! 3RXU XWLOLVHU OD IRQFWLRQ GH JUDGD
WLRQ DXWRPDWLTXH
$SSX\H] VXU OD FRPPDQGH ³ ´ SRXU
DFWLYHUGpVDFWLYHU OD IRQFWLRQ GH JUDGDWLRQ
DXWRPDWLTXH /D IRQFWLRQ GH JUDGDWLRQ
DXWRPDWLTXH HVW DFWLYpH ORUVTXH O¶LQGLFD
WHXU /(' YHUW GH OD FRPPDQGH HVW DOOXPp
/D IRQFWLRQ GH JUDGDWLRQ DXWRPDWLTXH VHUD
DFWLYpH SDU GpIDXW j FKDTXH F\FOH G¶DOOX
PDJH
! 3RXU XWLOLVHU OD IRQFWLRQ GH ERXVVROH
3RXU DFWLYHUGpVDFWLYHU OD IRQFWLRQ GH
ERXVVROH DSSX\H] VXU OD FRPPDQGH ³ ´
HW PDLQWHQH]OD HQIRQFpH SHQGDQW SOXV GH
VHFRQGHV RX MXVTX¶j FH TXH O¶DIILFKDJH
V¶DOOXPHV¶pWHLJQH /D IRQFWLRQ GH ERXV
VROH VHUD DFWLYpH SDU GpIDXW j FKDTXH
F\FOH G¶DOOXPDJH
6L O¶DIILFKDJH LQGLTXH ³&´ GpSODFH]
OHQWHPHQW OH YpKLFXOH HQ FHUFOHV MXVTX¶j
FH TXH OD ERXVVROH VRLW pWDORQQpH
$IILFKDJH
%RXWRQV +RPH/LQN
&RPPDQGH
3HQGDQW OD FRQGXLWH GH QXLW OD IRQFWLRQ GH
± 68,7( ±
,QVWUXPHQWV HW FRPPDQGHV5pWURYLVHXUV
6L OHV SDUWLHV PDJQpWLTXHV GH YRWUH
YpKLFXOH RQW FKDQJp RX VL OD ERXVVROH
VHPEOH LQH[DFWH UppWDORQQH] OD ERXVVROH
$SSX\H] VXU OD FRPPDQGH ³ ´ HW PDLQWH
QH]OD HQIRQFpH SHQGDQW SOXV GH VHFRQ
GHV RX MXVTX¶j FH TX¶XQ ³&´ V¶DIILFKH j
O¶pFUDQ 8QH IRLV TX¶XQ ³&´ V¶DIILFKH j
O¶pFUDQ GpSODFH] OHQWHPHQW OH YpKLFXOH
HQ FHUFOHV MXVTX¶j FH TXH OD ERXVVROH VRLW
pWDORQQpH
=RQH G¶pWDORQQDJH GH OD ERXVVROH
3RXU DMXVWHU O¶pFDUW GH OD ERXVVROH
VHORQ OHV ]RQHV
7URXYH] YRWUH HPSODFHPHQW DFWXHO
HW OH QXPpUR GH ]RQH VXU OD FDUWH
$SSX\H] VXU OD FRPPDQGH ³ ´ HW
PDLQWHQH]OD HQIRQFpH SHQGDQW SOXV
GH VHFRQGHV RX MXVTX¶j FH TX¶XQ
QXPpUR GH ]RQH V¶DIILFKH j O¶pFUDQ
8QH IRLV TXH OH QXPpUR GH ]RQH
V¶DIILFKH j O¶pFUDQ IDLWHV j QRXYHDX
EDVFXOHU OD FRPPDQGH ³ ´ MXVTX¶j FH
TXH OH QXPpUR GH ]RQH GH YRWUH
HPSODFHPHQW DFWXHO V¶DIILFKH 9RWUH
QXPpUR GH ]RQH VHUD HQUHJLVWUp GqV
TXH YRXV DUUrWH] G¶DSSX\HU VXU OD
FRPPDQGH $SUqV TXHOTXHV VHFRQ
GHV O¶DIILFKDJH PRQWUHUD O¶RULHQWDWLRQ
GH OD ERXVVROH
! 6\VWqPH GH FRPPDQGH VDQV ILOV
+RPH/LQNŠ
/H V\VWqPH GH FRPPDQGH VDQV ILO
+RPH/LQNŠ IRXUQLW XQ PR\HQ SUDWLTXH GH
UHPSODFHU MXVTX¶j WURLV WpOpFRPPDQGHV
SRUWDEOHV j UDGLRIUpTXHQFH XWLOLVpHV SRXU
DFWLYHU GHV DSSDUHLOV WHOV TXH OHV SRUWDLOV
G¶HQWUpH OHV RXYUHSRUWH GH JDUDJH OHV
VHUUXUHV GH SRUWH G¶HQWUpH OHV V\VWqPHV
GH VpFXULWp HW PrPH O¶pFODLUDJH GX GRPL
FLOH /HV pWDSHV FLGHVVRXV VRQW GHV
LQVWUXFWLRQV GH SURJUDPPDWLRQ JpQpUL
TXHV YHXLOOH] YRXV UHQGUH GLUHFWHPHQW
VXU OH VLWH ZHE +RPH/LQN SRXU OHV RXYUH
SRUWH GH JDUDJH *HQLH HW 6RPPHU 'HV
LQIRUPDWLRQV VXSSOpPHQWDLUHV HW GHV YL
GpRV VXU OD SURJUDPPDWLRQ VRQW GLVSRQL
EOHV VXU OHV VLWHV
ZZZ+RPH/LQNFRP HW
ZZZ\RXWXEHFRP+RPH/LQN*HQWH[
$77(17,21
. $YDQW GH SURJUDPPHU +RPH/LQN
VXU XQ RXYUHSRUWH GH JDUDJH RX
XQ SRUWDLO G¶HQWUpH DVVXUH]YRXV
TXH SHUVRQQH QL DXFXQ REMHW QH
VH WURXYH VXU OH FKHPLQ GH O¶DS
SDUHLO SRXU pYLWHU OHV ULVTXHV GH
GRPPDJHV RX GH GpJkWV
. /RUV GH OD SURJUDPPDWLRQ G¶XQ
RXYUHSRUWH GH JDUDJH LO HVW
FRQVHLOOp GH VH VWDWLRQQHU j O¶H[
WpULHXU GX JDUDJH
. 1¶XWLOLVH] SDV +RPH/LQN DYHF XQ
RXYUHSRUWH GH JDUDJH QRQ
pTXLSp G¶XQ DUUrW GH VpFXULWp HW
GH IRQFWLRQV GH UHWRXU HQ DUULqUH
FRPPH UHTXLV SDU OHV QRUPHV GH
VpFXULWp IpGpUDOHV DPpULFDLQHV
FHOD FRPSUHQG WRXW PRGqOH
G¶RXYUHSRUWH GH JDUDJH IDEULTXp
DYDQW OH HU DYULO 8QH SRUWH
GH JDUDJH TXL QH GpWHFWH SDV OHV
REVWDFOHV QH V¶DUUrWH QL QH UHSDUW
HQ VHQV LQYHUVH V¶LO \ D XQ
REVWDFOH VXU VD FRXUVH Q¶HVW SDV
FRQIRUPH DX[ QRUPHV GH VpFX
ULWp IpGpUDOHV DPpULFDLQHV
. ,O HVW pJDOHPHQW UHFRPPDQGp
TX¶XQH QRXYHOOH SLOH VRLW SODFpH
GDQV OD WpOpFRPPDQGH WpOpFRP
PDQGH G¶RXYUHSRUWH GH JDUDJH
,QVWUXPHQWV HW FRPPDQGHV5pWURYLVHXUV
GH O¶DSSDUHLO SRXU XQH SURJUDP
PDWLRQ SOXV UDSLGH HW SOXV SUp
FLVH
. &HUWDLQV YpKLFXOHV SHXYHQW Qp
FHVVLWHU TXH OH FRQWDFWHXU G¶DOOX
PDJH VRLW PLV HQ SRVLWLRQ ³21´
RX ³$&&´ SRXU OD SURJUDPPDWLRQ
HWRX O¶XWLOLVDWLRQ GH +RPH/LQN
. *DUGH] OD WpOpFRPPDQGH WpOp
FRPPDQGH G¶RXYUHSRUWH GH JD
UDJH GH O¶DSSDUHLO TXH YRXV SUR
JUDPPH] SRXU O¶XWLOLVHU GDQV
G¶DXWUHV YpKLFXOHV DLQVL TXH SRXU
OHV IXWXUHV SURJUDPPDWLRQV
+RPH/LQN 3RXU GHV UDLVRQV GH
VpFXULWp LO HVW pJDOHPHQW
FRQVHLOOp G¶HIIDFHU OD PpPRLUH
GH WRXV OHV ERXWRQV +RPH/LQN
SURJUDPPpV HQ FDV GH UHYHQWH
GX YpKLFXOH 5HSRUWH]YRXV j
³(IIDFHU OD PpPRLUH GHV ERXWRQV
+RPH/LQN´ )
! 3URJUDPPDWLRQ G¶XQ QRXYHDX
ERXWRQ +RPH/LQN
7pPRLQ LQGLFDWHXU
%RXWRQV +RPH/LQN
$SSX\H] VXU OH ERXWRQ +RPH/LQN TXH
YRXV VRXKDLWH] SURJUDPPHU SXLV UHOk
FKH]OH /H WpPRLQ LQGLFDWHXU +RPH/LQN
FOLJQRWH OHQWHPHQW HQ RUDQJH GDQV OH FDV
FRQWUDLUH UHSRUWH]YRXV j ³(IIDFHU OD
PpPRLUH GHV ERXWRQV +RPH/LQN´ )
7pOpFRPPDQGH G¶RXYUHSRUWH GH JDUDJH
3ODFH] OD WpOpFRPPDQGH WpOpFRP
PDQGH G¶RXYUHSRUWH GH JDUDJH j j FP j SRXFHV GX ERXWRQ +RPH/LQN
TXH YRXV VRXKDLWH] SURJUDPPHU
5(0$548(
&HUWDLQHV WpOpFRPPDQGHV WpOpFRP
PDQGHV G¶RXYUHSRUWH GH JDUDJH SHX
YHQW rWUH SURJUDPPpHV SOXV HIILFDFH
PHQW j XQH GLVWDQFH GH j FP j
SRXFHV *DUGH] FHOD j O¶HVSULW VL
YRXV DYH] GHV GLIILFXOWpV DYHF OH SUR
FHVVXV GH SURJUDPPDWLRQ
± 68,7( ±
,QVWUXPHQWV HW FRPPDQGHV5pWURYLVHXUV
WLRQQH SDV FRQWLQXH] DYHF O¶pWDSH
VXLYDQWH GHV LQVWUXFWLRQV GH SURJUDP
PDWLRQ
3HQGDQW TXH OH WpPRLQ LQGLFDWHXU
+RPH/LQN FOLJQRWH HQ RUDQJH DSSX\H]
VXU OH ERXWRQ GH OD WpOpFRPPDQGH HW
PDLQWHQH]OH HQIRQFp &RQWLQXH] G¶DS
SX\HU VXU OH ERXWRQ GH OD WpOpFRPPDQGH
MXVTX¶j FH TXH OH WpPRLQ LQGLFDWHXU
+RPH/LQN SDVVH GH O¶RUDQJH DX YHUW 9RXV
SRXYH] PDLQWHQDQW UHOkFKHU OH ERXWRQ GH
OD WpOpFRPPDQGH
5(0$548(
&HUWDLQV DSSDUHLOV SHXYHQW QpFHVVLWHU
GH UHPSODFHU FHWWH pWDSH ³3URJUDP
PDWLRQ G¶XQ QRXYHDX ERXWRQ
+RPH/LQN´ DYHF OHV SURFpGXUHV GpFUL
WHV GDQV OD VHFWLRQ ³3RUWDLO G¶HQWUpH 3URJUDPPDWLRQ SRXU OH &DQDGD´ 5H
SRUWH]YRXV j ³3RUWDLO G¶HQWUpH3UR
JUDPPDWLRQ SRXU OH &DQDGD´ )
7pPRLQ LQGLFDWHXU
$SSX\H] VXU OH ERXWRQ +RPH/LQN TXH
YRXV VRXKDLWH] SURJUDPPHU HW REVHUYH]
OH WpPRLQ LQGLFDWHXU
. 6L OH WpPRLQ LQGLFDWHXU UHVWH FRQV
WDPPHQW HQ YHUW YRWUH DSSDUHLO GRLW
IRQFWLRQQHU ORUVTXH OH ERXWRQ
+RPH/LQN HVW HQIRQFp ¬ FH VWDGH VL
YRWUH DSSDUHLO IRQFWLRQQH OD SURJUDP
PDWLRQ HVW WHUPLQpH
. 6L OH WpPRLQ LQGLFDWHXU FOLJQRWH
UDSLGHPHQW HQ YHUW DSSX\H] IHUPH
PHQW VXU OH ERXWRQ +RPH/LQN PDLQWH
QH]OH HQIRQFp SHQGDQW GHX[ VHFRQ
GHV SXLV UHOkFKH]OH MXVTX¶j WURLV IRLV
SRXU WHUPLQHU OH SURFHVVXV GH SUR
JUDPPDWLRQ ¬ FH VWDGH VL YRWUH
DSSDUHLO IRQFWLRQQH OD SURJUDPPDWLRQ
HVW WHUPLQpH 6L O¶DSSDUHLO QH IRQF
%RXWRQ ³/HDUQ´
6XU OH PRWHXU GH O¶RXYUHSRUWH GH
JDUDJH PRWHXU GX SRUWDLO GH VpFXULWp
HWF ORFDOLVH] OH ERXWRQ ³/HDUQ´ ³6PDUW´
RX ³3URJUDP´ ,O VH WURXYH KDELWXHOOHPHQW j
O¶HQGURLW R OH ILO G¶DQWHQQH VXVSHQGX HVW
DWWDFKp j O¶XQLWp PRWULFHSULQFLSDOH UHSRU
WH]YRXV DX PDQXHO GH O¶DSSDUHLO SRXU
LGHQWLILHU FH ERXWRQ /H QRP HW OD FRXOHXU
GX ERXWRQ SHXYHQW YDULHU HQ IRQFWLRQ GX
IDEULFDQW
5(0$548(
8QH pFKHOOH HWRX XQH GHX[LqPH SHU
VRQQH SHX YHQ W VLPSOLILHU OHV pWDSHV
,QVWUXPHQWV HW FRPPDQGHV5pWURYLVHXUV
VXLYDQWHV
$SSX\H] IHUPHPHQW VXU OH ERXWRQ
³/HDUQ´ ³6PDUW´ RX ³3URJUDP´ SXLV UHOk
FKH]OH 9RXV GLVSRVH] GpVRUPDLV GH VHFRQGHV SRXU WHUPLQHU O¶pWDSH 5HWRXUQH] YHUV YRWUH YpKLFXOH HW DS
SX\H] IHUPHPHQW VXU OH ERXWRQ +RPH/LQN
PDLQWHQH]OH HQIRQFp SHQGDQW GHX[ VH
FRQGHV SXLV UHOkFKH]OH MXVTX¶j WURLV IRLV
¬ FH VWDGH OD SURJUDPPDWLRQ HVW WHUPLQpH
HW YRWUH DSSDUHLO GRLW IRQFWLRQQHU ORUVTXH OH
ERXWRQ +RPH/LQN HVW HQIRQFp SXLV UHOk
FKp
,QGLFDWHXUV G¶pWDW
6L OHV IOqFKHV GH O¶LQGLFDWHXU G¶pWDW
V¶DIILFKHQW j F{Wp GX WpPRLQ LQGLFDWHXU
YHXLOOH] YRXV UHSRUWHU j ³&RPPXQLFDWLRQ j
GRXEOH VHQV DYHF OD SRUWH GH JDUDJH´ )
6L YRXV DYH] WRXMRXUV GHV GLIILFXOWpV GH
SURJUDPPDWLRQ RX GHV TXHVWLRQV GHV
LQIRUPDWLRQV VXSSOpPHQWDLUHV VXU
+RPH/LQN HW GHV YLGpRV VXU OD SURJUDP
PDWLRQ VRQW GLVSRQLEOHV VXU OHV VLWHV
ZZZ+RPH/LQNFRP HW
ZZZ\RXWXEHFRP+RPH/LQN*HQWH[
9HXLOOH] YRXV UHQGUH GLUHFWHPHQW VXU OH
VLWH ZHE +RPH/LQN SRXU OHV RXYUHSRUWH
GH JDUDJH *HQLH HW 6RPPHU
! 3RUWDLO G¶HQWUpH3URJUDPPDWLRQ
SRXU OH &DQDGD
/HV ORLV FDQDGLHQQHV VXU OHV IUpTXHQFHV
UDGLR QpFHVVLWHQW TXH OH GpODL LPSDUWL DX[
VLJQDX[ GHV WpOpFRPPDQGHV V¶³pFRXOH´
RX V¶DUUrWH DSUqV SOXVLHXUV VHFRQGHV
GH WUDQVPLVVLRQ FH TXL SHXW QH SDV rWUH
DVVH] ORQJ SRXU TXH +RPH/LQN FDSWH OH
VLJQDO SHQGDQW OD SURJUDPPDWLRQ '¶XQH
IDoRQ VLPLODLUH j FHWWH ORL FDQDGLHQQH
FHUWDLQV SRUWDLOV G¶HQWUpH DPpULFDLQV VRQW
FRQoXV SRXU V¶³pFRXOHU´ GH OD PrPH
PDQLqUH /¶LQGLFDWHXU /(' VXU OD WpOpFRP
PDQGH V¶pWHLQW ORUVTXH O¶DSSDUHLO GpSDVVH
FH GpODL FH TXL LQGLTXH TX¶LO D ILQL GH
WUDQVPHWWUH
6L YRXV KDELWH] DX &DQDGD RX TXH YRXV
UHQFRQWUH] GHV GLIILFXOWpV ORUV GH OD SUR
JUDPPDWLRQ G¶XQ SRUWDLO G¶HQWUpH RX G¶XQ
RXYUHSRUWH GH JDUDJH HQ VXLYDQW OHV
SURFpGXUHV GH SURJUDPPDWLRQ UHPSODFH]
O¶pWDSH GH ³3URJUDPPDWLRQ G¶XQ QRX
YHDX ERXWRQ +RPH/LQN´ SDU OHV LQVWUXF
WLRQV VXLYDQWHV
3HQGDQW TXH OH WpPRLQ LQGLFDWHXU
+RPH/LQN FOLJQRWH HQ RUDQJH HQIRQFH]
SXLV UHOkFKH] ³F\FOH´ OD WpOpFRPPDQGH
GH YRWUH DSSDUHLO WRXWHV OHV GHX[ VHFRQ
GHV MXVTX¶j FH TXH OH WpPRLQ LQGLFDWHXU
+RPH/LQN SDVVH GH O¶RUDQJH DX YHUW 9RXV
SRXYH] PDLQWHQDQW UHOkFKHU OH ERXWRQ GH
± 68,7( ±
,QVWUXPHQWV HW FRPPDQGHV5pWURYLVHXUV
OD WpOpFRPPDQGH
5(0$548(
6L YRXV SURJUDPPH] XQ RXYUHSRUWH GH
JDUDJH RX XQ SRUWDLO G¶HQWUpH LO HVW
FRQVHLOOp GH GpEUDQFKHU O¶DSSDUHLO ORUV
GX ³F\FOH´ SRXU pYLWHU XQH VXUFKDXIIH
3DVVH] j O¶pWDSH GH ³3URJUDPPDWLRQ
G¶XQ QRXYHDX ERXWRQ +RPH/LQN´ SRXU ILQLU
! 8WLOLVDWLRQ GH +RPH/LQN
3RXU O¶XWLOLVDWLRQ LO YRXV VXIILW G¶DSSX\HU
VXU OH ERXWRQ +RPH/LQN SURJUDPPp SXLV
GH OH UHOkFKHU /¶DFWLYDWLRQ VH SURGXLW
GpVRUPDLV SRXU O¶DSSDUHLO SURJUDPPp
F¶HVWjGLUH RXYUHSRUWH GH JDUDJH SRUWDLO
G¶HQWUpH V\VWqPH GH VpFXULWp VHUUXUH GH
SRUWH G¶HQWUpH pFODLUDJH GX GRPLFLOHGX
EXUHDX HWF 3RXU SOXV GH FRPPRGLWp OD
WpOpFRPPDQGH GH O¶DSSDUHLO SHXW pJDOH
PHQW rWUH XWLOLVpH j WRXW PRPHQW
! (IIDFHU OD PpPRLUH GHV ERXWRQV
+RPH/LQN
3RXU HIIDFHU OD SURJUDPPDWLRQ GHV WURLV
ERXWRQV OD PpPRLUH GHV ERXWRQV QH SHXW
SDV rWUH HIIDFpH LQGLYLGXHOOHPHQW PDLV
SHXW rWUH UHSURJUDPPpH FRPPH H[SOLTXp
FLGHVVRXV VXLYH] O¶pWDSH QRWpH
$SSX\H] VXU OHV GHX[ ERXWRQV +RPH/LQN
H[WpULHXUV HW PDLQWHQH]OHV HQIRQFpV SHQ
GDQW DX PRLQV VHFRQGHV /¶LQGLFDWHXU
/(' SDVVH G¶XQ DOOXPDJH FRQVWDQW j XQ
FOLJQRWHPHQW UDSLGH 5HOkFKH] OHV GHX[
ERXWRQV 1H PDLQWHQH] SDV HQIRQFp SHQ
GDQW SOXV GH VHFRQGHV +RPH/LQN HVW
PDLQWHQDQW SUrW j rWUH SURJUDPPp j WRXW
PRPHQW j SDUWLU GH ³3URJUDPPDWLRQ G¶XQ
QRXYHDX ERXWRQ +RPH/LQN´ pWDSH ! 5HSURJUDPPDWLRQ G¶XQ VHXO ERX
WRQ +RPH/LQN
3RXU SURJUDPPHU XQ ERXWRQ GpMj SUR
JUDPPp VXLYH] FHV pWDSHV
0DLQWHQH] OH ERXWRQ +RPH/LQN GH
YRWUH FKRL[ HQIRQFp 1( UHOkFKH] 3$6 OH
ERXWRQ
/H WpPRLQ LQGLFDWHXU FRPPHQFH j
FOLJQRWHU OHQWHPHQW HQ RUDQJH DSUqV VHFRQGHV 9RXV SRXYH] UHOkFKHU OH ERXWRQ
+RPH/LQN j FH PRPHQW &RQWLQXH] DYHF
³3URJUDPPDWLRQ G¶XQ QRXYHDX ERXWRQ
+RPH/LQN´ pWDSH 6L YRXV QH ILQLVVH] SDV OD SURJUDPPD
WLRQ G¶XQ QRXYHO DSSDUHLO SRXU OH ERXWRQ LO
UHYLHQGUD j OD SURJUDPPDWLRQ SUpFpGHQWH
! &RPPXQLFDWLRQ j GRXEOH VHQV
DYHF OD SRUWH GH JDUDJH
+RPH/LQN D OD FDSDFLWp GH FRPPXQLTXHU
DYHF YRWUH RXYUHSRUWH GH JDUDJH
+RPH/LQN SHXW UHFHYRLU HW DIILFKHU GHV
PHVVDJHV G¶pWDW ³IHUPHWXUH´ RX ³RXYHU
WXUH´ GHV V\VWqPHV G¶RXYUHSRUWH GH JD
UDJH FRPSDWLEOHV ¬ WRXW PRPHQW
+RPH/LQN SHXW pJDOHPHQW UDSSHOHU HW
DIILFKHU OH GHUQLHU pWDW HQUHJLVWUp FRPPX
QLTXp SDU O¶RXYUHSRUWH GH JDUDJH SRXU
LQGLTXHU TXH YRWUH SRUWH GH JDUDJH HVW HQ
WUDLQ G¶rWUH ³IHUPpH´ RX ³RXYHUWH´
+RPH/LQN D OD FDSDFLWp GH UHFHYRLU FHWWH
FRPPXQLFDWLRQ GH O¶RXYUHSRUWH GH JDUDJH
j XQH SRUWpH DOODQW MXVTX¶j P SLHGV /D SRUWpH SHXW rWUH UpGXLWH SDU GHV
REVWDFOHV WHOV TXH GHV PDLVRQV RX GHV
DUEUHV ,O SHXW rWUH QpFHVVDLUH GH UDOHQWLU OD
YLWHVVH GH YRWUH YpKLFXOH SRXU SRXYRLU
UHFHYRLU OHV FRPPXQLFDWLRQV GH O¶RXYUH
SRUWH GH JDUDJH
! 3URJUDPPDWLRQ GH OD FRPPXQL
FDWLRQ j GRXEOH VHQV
,QGLFDWHXUV G¶pWDW
,QVWUXPHQWV HW FRPPDQGHV5pWURYLVHXUV
! 8WLOLVDWLRQ GH OD FRPPXQLFDWLRQ j
GRXEOH VHQV
'DQV OHV FLQT VHFRQGHV VXLYDQW OD SUR
JUDPPDWLRQ G¶XQ QRXYHDX ERXWRQ
+RPH/LQN OHV GHX[ LQGLFDWHXUV G¶pWDW GH
OD SRUWH GH JDUDJH +RPH/LQN FOLJQRWHQW
UDSLGHPHQW HQ YHUW SRXU LQGLTXHU TXH OD
FRPPXQLFDWLRQ j GRXEOH VHQV DYHF OD
SRUWH GH JDUDJH D pWp DFWLYpH 6L YRV
LQGLFDWHXUV G¶pWDW GH SRUWH GH JDUDJH RQW
FOLJQRWp OD SURJUDPPDWLRQ GH OD FRPPX
QLFDWLRQ j GRXEOH VHQV HVW WHUPLQpH
6L OHV LQGLFDWHXUV G¶pWDW GH SRUWH GH JDUDJH
QH FOLJQRWHQW SDV YRXV SRXYH] WURXYH]
GHV LQIRUPDWLRQV VXSSOpPHQWDLUHV VXU
+RPH/LQN HW GHV YLGpRV VXU OD SURJUDP
PDWLRQ VXU OHV VLWHV HQ OLJQH ZZZ
+RPH/LQNFRP HW
ZZZ\RXWXEHFRP+RPH/LQN*HQWH[
,QGLFDWHXUV G¶pWDW
5DSSHOH] HW DIILFKH] j WRXW PRPHQW OH
GHUQLHU PHVVDJH G¶pWDW HQUHJLVWUp GH OD
SRUWH GH JDUDJH FRPPXQLTXp j +RPH/LQN
HQ DSSX\DQW VLPXOWDQpPHQW VXU OHV ERX
WRQV +RPH/LQN HW SHQGDQW GHX[
VHFRQGHV +RPH/LQN DIILFKHUD OH GHUQLHU
pWDW HQUHJLVWUp SHQGDQW WURLV VHFRQGHV
2XYUHSRUWH GH JDUDJH (1 75$,1 '¶Ç
75( )(50e FOLJQRWH HQ RUDQJH
2XYUHSRUWH GH JDUDJH )(50e DOOXPp
HQ YHUW IL[H
2XYUHSRUWH GH JDUDJH (1 75$,1 '¶Ç
75( 289(57 FOLJQRWH HQ RUDQJH
2XYUHSRUWH GH JDUDJH 289(57 DOOXPp
HQ YHUW IL[H
6L OD SURJUDPPDWLRQ GH OD FRPPXQLFDWLRQ
j GRXEOH VHQV HVW UpXVVLH +RPH/LQN
DIILFKHUD O¶pWDW GH YRWUH RXYUHSRUWH GH
JDUDJH DYHF GHV LQGLFDWHXUV IOpFKpV
± 68,7( ±
,QVWUXPHQWV HW FRPPDQGHV5pWURYLVHXUV
! &HUWLILFDWLRQ
6L YRXV DYH] WRXMRXUV GHV GLIILFXOWpV GH
SURJUDPPDWLRQ RX GHV TXHVWLRQV GHV
LQIRUPDWLRQV VXSSOpPHQWDLUHV VXU
+RPH/LQN HW GHV YLGpRV VXU OD SURJUDP
PDWLRQ VRQW GLVSRQLEOHV VXU OHV VLWHV
ZZZ+RPH/LQNFRP HW
ZZZ\RXWXEHFRP+RPH/LQN*HQWH[ RX
HQ DSSHODQW OH QXPpUR JUDWXLW GH O¶DVVLV
WDQFH WpOpSKRQLTXH +RPH/LQN DX . 0RGqOHV VSpFLILFDWLRQ GHV eWDWV
8QLV
EHU OH IRQFWLRQQHPHQW
. 0RGqOHV VSpFLILFDWLRQ GX &DQDGD
$77(17,21
$9(57,66(0(17 )&&
7RXW FKDQJHPHQW RX PRGLILFDWLRQ
HIIHFWXp VDQV O¶DFFRUG H[SUHVV GH
O¶DXWRULWp UHVSRQVDEOH GH OD FRQIRU
PLWp DX[ UqJOHV SHXW HQWUDvQHU OD
SULYDWLRQ GX GURLW G¶XWLOLVHU O¶pTXLSH
PHQW
&H GLVSRVLWLI HVW FRQIRUPH j OD SDUWLH GHV UqJOHV GH OD )&& 6RQ IRQFWLRQQH
PHQW UpSRQG DX[ GHX[ FRQGLWLRQV VXL
YDQWHV &H GLVSRVLWLI QH GRLW SDV
HQJHQGUHU GHV LQWHUIpUHQFHV JrQDQWHV
HW LO GRLW rWUH FDSDEOH GH VXELU WRXWHV
IRUPHV G¶LQWHUIpUHQFH \ FRPSULV GHV
LQWHUIpUHQFHV VXVFHSWLEOHV G¶HQ SHUWXU
+RPH/LQN Š HW OH ORJR GH OD PDLVRQ
+RPH/LQNŠ VRQW GHV PDUTXHV GpSRVpHV
SDU *HQWH[ &RUSRUDWLRQ
'$1*(5
. 3HQGDQW OD SURJUDPPDWLRQ GX
V\VWqPH GH FRPPDQGH VDQV ILO
+RPH/LQNŠ LO VH SHXW TXH YRXV
DFWLRQQLH] LQRSLQpPHQW OD SRUWH
GX JDUDJH RX XQ DXWUH GLVSRVLWLI
(Q UDLVRQ GX ULVTXH GH EOHVVXUHV
RX GH GRPPDJHV PDWpULHOV YpUL
ILH] DX SUpDODEOH TX¶LO Q¶\ D QL
SHUVRQQH QL REMHW GDQV OH FKDPS
G¶DFWLRQ GH OD SRUWH GX JDUDJH RX
GX GLVSRVLWLI TXHO TX¶LO VRLW
. 1¶XWLOLVH] SDV OH V\VWqPH GH
FRPPDQGH VDQV ILO +RPH/LQNŠ
DYHF XQH SRUWH GH JDUDJH DXWR
PDWLTXH GpQXpH GH OD IRQFWLRQ
G¶DUUrW GH VpFXULWp HW G¶LQYHUVLRQ
SUpYXH GDQV OHV QRUPHV GH VpFX
ULWp DIIpUHQWHV 8QH SRUWH GH JD
UDJH DXWRPDWLTXH TXL QH GpWHFWH
SDV OHV REVWDFOHV QH V¶DUUrWH QL
QH UHSDUW HQ VHQV LQYHUVH V¶LO \ D
XQ REVWDFOH VXU VD FRXUVH Q¶HVW
SDV FRQIRUPH j FHV QRUPHV GH
VpFXULWp /¶XWLOLVDWLRQ G¶XQH SRUWH
GH JDUDJH DXWRPDWLTXH QRQ GR
WpH GH FHWWH IRQFWLRQ IDLW FRXULU OH
ULVTXH GH EOHVVXUHV JUDYHV RX
PRUWHOOHV 3RXU WRXW UHQVHLJQH
PHQW FRQVXOWH] OH VLWH ,QWHUQHW GH
+RPH/LQNŠ j O¶DGUHVVH
,QVWUXPHQWV HW FRPPDQGHV5pWURYLVHXUV
ZZZKRPHOLQNFRP RX DSSHOH] OH
! ,QWHUUXSWHXU GH UpWURYLVHXUV WpOp
FRPPDQGpV
& 5pWURYLVHXUV H[WpULHXUV
! 5pWURYLVHXU FRQYH[H F{Wp SDVVD
JHU
'$1*(5
9XV GDQV XQ UpWURYLVHXU FRQYH[H
OHV REMHWV VHPEOHQW SOXV SHWLWV HW
SOXV pORLJQpV TXH GDQV XQ UpWURYL
VHXU RUGLQDLUH SODW (Q FDV GH FKDQ
JHPHQW GH YRLH Q¶XWLOLVH] SDV OH
UpWURYLVHXU FRQYH[H SRXU HVWLPHU OD
GLVWDQFH YRXV VpSDUDQW GHV YpKLFX
OHV TXL YRXV VXLYHQW 3RXU FRQILUPHU
OD WDLOOH RX O¶pORLJQHPHQW GHV REMHWV
GRQW OD SUpVHQFH D pWp GpWHFWpH GDQV
OH UpWURYLVHXU FRQYH[H XWLOLVH] OH
UpWURYLVHXU LQWpULHXU RX MHWH] XQ
FRXS G¶°LO YHUV O¶DUULqUH 6pOHFWLRQQH] OH F{Wp j UpJOHU
&RQWU{OH GH GLUHFWLRQ
/HV UpWURYLVHXUV WpOpFRPPDQGpV QH IRQF
WLRQQHQW TXH ORUVTXH OH FRQWDFWHXU G¶DOOX
PDJH HVW HQ SRVLWLRQ ³21´ RX ³$&&´
7RXUQH] OD FRPPDQGH GH UpJODJH VXU
OH F{Wp TXH YRXV YRXOH] UpJOHU ³/´ HVW SRXU
OH UpWURYLVHXU JDXFKH ³5´ SRXU OH UpWUR
YLVHXU GURLW
'pSODFH] OH ERXWRQ GH FRPPDQGH
GDQV OH VHQV GX PRXYHPHQW j LPSULPHU
DX UpWURYLVHXU
5HPHWWH] OH ERXWRQ GH FRPPDQGH HQ
SRVLWLRQ QHXWUH SRXU pYLWHU GH GpUpJOHU OHV
UpWURYLVHXUV SDU LQDGYHUWDQFH
9RXV SRXYH] pJDOHPHQW UpJOHU OHV UpWUR
YLVHXUV PDQXHOOHPHQW
,QVWUXPHQWV HW FRPPDQGHV'pVHPEXHXU HW GpJLYUHXU
'pVHPEXHXU HW GpJLYUHXU
/H V\VWqPH GH GpVHPEXHXU HW GH GpJL
YUHXU QH IRQFWLRQQH TXH ORUVTXH OH FRQWDF
WHXU G¶DOOXPDJH HVW HQ SRVLWLRQ ³21´
&RPPDQGH GH UpJODJH
'pVHPEXHXU GH OXQHWWH DUULqUH
'pVHPEXHXU GH UpWURYLVHXU H[WpULHXU
'pJLYUHXU G¶HVVXLHJODFH GH SDUHEULVH
VHORQ PRGqOHV
3RXU DFWLYHU OH V\VWqPH GH GpVHPEXHXU HW
GH GpJLYUHXU DSSX\H] VXU OD FRPPDQGH
GH UpJODJH VLWXpH VXU OH WDEOHDX GH
FRPPDQGH GH FOLPDWLVDWLRQ /H GpVHP
EXHXU GH OXQHWWH DUULqUH OH GpVHPEXHXU GH
UpWURYLVHXU H[WpULHXU HW OH GpJLYUHXU G¶HV
VXLHJODFH GH SDUHEULVH VRQW DFWLYpV
VLPXOWDQpPHQW /H WpPRLQ LQGLFDWHXU GH
OD FRPPDQGH GH UpJODJH V¶LOOXPLQH
ORUVTXH OH V\VWqPH GH GpVHPEXHXU HW GH
GpJLYUHXU HVW DFWLYp
3RXU OHV DUUrWHU DSSX\H] GH QRXYHDX VXU
OD FRPPDQGH GH UpJODJH ,OV VH GpVDFWL
YHQW pJDOHPHQW ORUVTXH OH FRQWDFWHXU
G¶DOOXPDJH HVW SODFp VXU ³$&&´ RX
³/2&.´³2))´
/H V\VWqPH GH GpVHPEXHXU HW GH GpJL
YUHXU VH GpVDFWLYH DXWRPDWLTXHPHQW DX
ERXW GH PLQXWHV HQYLURQ 6L OD OXQHWWH
DUULqUH HW OHV UpWURYLVHXUV H[WpULHXUV VRQW
GpJDJpV HW OHV FDRXWFKRXFV GHV EDODLV
G¶HVVXLHJODFH GH SDUHEULVH RQW pWp
FRPSOqWHPHQW GpJLYUpV DXSDUDYDQW DS
SX\H] VXU OD FRPPDQGH GH UpJODJH SRXU
GpVDFWLYHU OH GpJLYUHXU 6¶LO HVW QpFHVVDLUH
GH FRQWLQXHU j GpVHPEXHU RX j GpJLYUHU
UHPHWWH] OH GpJLYUHXU HQ PDUFKH HQ
DSSX\DQW j QRXYHDX VXU OH ERXWRQ GH
FRPPDQGH
,O HVW SRVVLEOH GH IDLUH UpJOHU OH V\VWqPH GH
GpVHPEXDJH HW GH GpJLYUDJH HQ PRGH GH
IRQFWLRQQHPHQW FRQWLQX SDU XQ FRQFHV
VLRQQDLUH 68%$58 3RXU OHV GpWDLOV
DGUHVVH]YRXV j YRWUH FRQFHVVLRQQDLUH
68%$58 9RXV SRXYH] pJDOHPHQW PRGL
ILHU OH UpJODJH j O¶DLGH GH O¶DIILFKDJH
PXOWLIRQFWLRQ pFUDQ /&' HQ FRXOHXU 5HSRUWH]YRXV j ³5pJODJH GX GpVHP
EXDJH´ ) SRXU SOXV GH GpWDLOV
6L OD WHQVLRQ GH EDWWHULH WRPEH HQGHVVRXV
GX QLYHDX DGPLVVLEOH OH IRQFWLRQQHPHQW
HQ FRQWLQX GX V\VWqPH GH GpVHPEXHXU HW
GH GpJLYUHXU HVW DQQXOp HW OH V\VWqPH
V¶DUUrWH
,QVWUXPHQWV HW FRPPDQGHV9RODQW GH GLUHFWLRQ j LQFOLQDLVRQ UpJODEOHWpOHVFRSLTXH
$77(17,21
. 3RXU QH SDV GpFKDUJHU LQXWLOH
PHQW OD EDWWHULH QH ODLVVH] SDV
IRQFWLRQQHU OH V\VWqPH GH GpV
HPEXHXU HW GH GpJLYUHXU HQ
FRQWLQX SOXV ORQJWHPSV TXH Qp
FHVVDLUH
. 3RXU QHWWR\HU OD IDFH LQWpULHXUH
GH OD OXQHWWH DUULqUH Q¶XWLOLVH] SDV
XQ SURGXLW GH QHWWR\DJH DEUDVLI
HW QH JUDWWH] SDV OD YLWUH DYHF XQH
UDFOHWWH GXUH RX WUDQFKDQWH &HOD
ULVTXHUDLW G¶HQGRPPDJHU OH ILO
FKDXIIDQW DSSOLTXp FRQWUH OD YL
WUH
5(0$548(
PLQXWHV OH GpJLYUHXU G¶HVVXLH
JODFH GH SDUHEULVH V¶DUUrWH DXWR
PDWLTXHPHQW 7RXWHIRLV OH V\VWqPH
GH GpVHPEXHXU GH OXQHWWH DUULqUH HW
GH GpVHPEXHXU GH UpWURYLVHXU H[Wp
ULHXU FRQWLQXH GH IRQFWLRQQHU
± 6L OD WHQVLRQ GH OD EDWWHULH GX
YpKLFXOH WRPEH HQ GHVVRXV GX
QLYHDX DGPLVVLEOH OH IRQFWLRQQH
PHQW HQ FRQWLQX GX V\VWqPH GH
GpVHPEXHXU HW GH GpJLYUHXU HVW
DQQXOp HW OH V\VWqPH V¶DUUrWH
9RODQW GH GLUHFWLRQ j LQFOL
QDLVRQ UpJODEOHWpOHVFRSLTXH
'$1*(5
. 1H UpJOH] MDPDLV OH YRODQW LQFOL
QDEOHWpOHVFRSLTXH SHQGDQW OD
FRQGXLWH &HOD HQ UDLVRQ GX
ULVTXH GH SHUWH GH FRQWU{OH GX
YpKLFXOH HW GH EOHVVXUHV
. 6L OH OHYLHU QH SHXW SDV rWUH PLV HQ
SRVLWLRQ GH EORFDJH UpDMXVWH] OD
SRVLWLRQ GX YRODQW ,O HVW GDQJH
UHX[ GH FRQGXLUH VDQV DYRLU
EORTXp OH YRODQW &HOD HQ UDLVRQ
GX ULVTXH GH SHUWH GH FRQWU{OH GX
YpKLFXOH HW GH EOHVVXUHV
. $FWLYH] OH V\VWqPH GH GpVHPEXHXU
HW GH GpJLYUHXU VL OHV EDODLV G¶HVVXLH
JODFH VRQW FROOpV SDU OH JHO FRQWUH OH
SDUHEULVH
. 6L OH SDUHEULVH HVW FRXYHUW GH QHLJH
HQOHYH] OD QHLJH SRXU SHUPHWWUH XQ
IRQFWLRQQHPHQW HIILFDFH GX GpJLYUHXU
G¶HVVXLHJODFH GH SDUHEULVH
. 3HQGDQW TXH OH V\VWqPH GH GpVHP
EXHXU HW GH GpJLYUHXU HVW HQ PRGH GH
IRQFWLRQQHPHQW FRQWLQX ± 6L OD YLWHVVH GX YpKLFXOH GHPHXUH
j NPK PSK RX PRLQV SHQGDQW
± 68,7( ±
,QVWUXPHQWV HW FRPPDQGHV$YHUWLVVHXU VRQRUH
$YHUWLVVHXU VRQRUH
,QFOLQDLVRQ UpJODEOH
,QFOLQDLVRQ WpOHVFRSLTXH
5pJOH] OD SRVLWLRQ GX VLqJH 5HSRUWH]
YRXV j ³6LqJHV DYDQW´ )
7LUH] YHUV OH EDV OH OHYLHU GH EORFDJH
GX YRODQW LQFOLQDEOHWpOHVFRSLTXH
$PHQH] OH YRODQW j OD SRVLWLRQ VRXKDL
WpH
7LUH] OD PDQHWWH YHUV OH KDXW SRXU
EORTXHU OH YRODQW GDQV OD SRVLWLRQ FKRLVLH
(VVD\H] GH IDLUH ERXJHU OH YRODQW YHUV
OH KDXW HW YHUV OH EDV YHUV O¶DYDQW HW YHUV
O¶DUULqUH SRXU YpULILHU TX¶LO HVW ELHQ YHU
URXLOOp HQ SRVLWLRQ
6\PEROH GH O¶DYHUWLVVHXU VRQRUH
3RXU DFWLRQQHU O¶DYHUWLVVHXU VRQRUH DS
SX\H] VXU OH UHPERXUUDJH FHQWUDO GX
YRODQW
&OLPDWLVDWLRQ
&RPPDQGH GHV DpUDWHXUV $pUDWHXUV FHQWUDX[ HW ODWpUDX[ 7DEOHDX GHV FRPPDQGHV GH FOLPDWLVDWLRQ 7\SH $ 7\SH % )RQFWLRQQHPHQW DXWRPDWLTXH GH OD
FOLPDWLVDWLRQ &DSWHXUV )RQFWLRQQHPHQW GH OD FOLPDWLVDWLRQ PDQXHOOH 6pOHFWLRQ GX PRGH GH FLUFXODWLRQ G¶DLU
&RPPDQGH GH WHPSpUDWXUH &RPPDQGH GH YLWHVVH GH VRXIIODQWH &OLPDWLVDWLRQ
6pOHFWLRQ GH O¶HQWUpH G¶DLU
&RQVHLOV G¶XWLOLVDWLRQ GX FKDXIIDJH HW GX
FOLPDWLVHXU 1HWWR\DJH GH OD JULOOH GH SULVH G¶DLU 3RXU XQ UHIURLGLVVHPHQW SOXV UDSLGH DSUqV DYRLU
VWDWLRQQp HQ SOHLQ VROHLO &LUFXODWLRQ GH O¶KXLOH GH OXEULILFDWLRQ GDQV OH
FLUFXLW GX UpIULJpUDQW &RQWU{OH GX V\VWqPH GH FOLPDWLVDWLRQ DYDQW OD
VDLVRQ FKDXGH 5HIURLGLVVHPHQW HW GpVKXPLGLILFDWLRQ SDU WHPSV
WUqV KXPLGH HW EDVVH WHPSpUDWXUH $UUrW GX FRPSUHVVHXU GX FOLPDWLVHXU HQ FDV GH
VXUFKDUJH GX PRWHXU 5pIULJpUDQW GH YRWUH V\VWqPH GH FOLPDWLVDWLRQ 6\VWqPH GH ILOWUDWLRQ G¶DLU
'pJLYUDJH 5HPSODFHPHQW G¶XQ ILOWUH j DLU GH O¶KDELWDFOH &OLPDWLVDWLRQ&RPPDQGH GHV DpUDWHXUV
&RPPDQGH GHV DpUDWHXUV
& $pUDWHXUV FHQWUDX[ HW ODWp
UDX[
$pUDWHXUV ODWpUDX[
2XYULU
)HUPHU
$pUDWHXUV FHQWUDX[
2XYULU
)HUPHU
3RXU RULHQWHU OH FRXUDQW G¶DLU j YRORQWp
GpSODFH] OD JULOOH
3RXU RXYULU RX IHUPHU O¶DpUDWHXU WRXUQH] OD
PROHWWH GDQV OH VHQV KDXWEDV
&OLPDWLVDWLRQ7DEOHDX GHV FRPPDQGHV GH FOLPDWLVDWLRQ
7DEOHDX GHV FRPPDQGHV GH FOLPDWLVDWLRQ
& 7\SH $
0ROHWWH VpOHFWULFH GH PRGH GH GpELW G¶DLU
5HSRUWH]YRXV j ³6pOHFWLRQ GX PRGH GH
FLUFXODWLRQ G¶DLU´ )
%RXWRQ GX GpJLYUHXU 5HSRUWH]YRXV j
³6pOHFWLRQ GX PRGH GH FLUFXODWLRQ G¶DLU´
)
%RXWRQ GH GpVHPEXDJH GH OXQHWWH DU
ULqUH 5HSRUWH]YRXV j ³'pVHPEXHXU HW
GpJLYUHXU´ )
0ROHWWH GH UpJODJH GH YLWHVVH GH OD
VRXIIODQWH 5HSRUWH]YRXV j
³&RPPDQGH GH YLWHVVH GH VRXIIODQWH´
)
%RXWRQ GX FOLPDWLVHXU 5HSRUWH]YRXV j
³&OLPDWLVDWLRQ´ )
%RXWRQ GH VpOHFWLRQ G¶DGPLVVLRQ G¶DLU
5HSRUWH]YRXV j ³6pOHFWLRQ GH O¶HQWUpH
G¶DLU´ )
0ROHWWH GH UpJODJH GH OD WHPSpUDWXUH
5HSRUWH]YRXV j ³)RQFWLRQQHPHQW DX
WRPDWLTXH GH OD FOLPDWLVDWLRQ´ ) HWRX
³&RPPDQGH GH WHPSpUDWXUH´ )
%RXWRQ $872 5HSRUWH]YRXV j ³)RQF
WLRQQHPHQW DXWRPDWLTXH GH OD FOLPDWLVD
WLRQ´ )
%RXWRQ 2)) 5HSRUWH]YRXV j ³)RQFWLRQ
QHPHQW DXWRPDWLTXH GH OD FOLPDWLVDWLRQ´
)
± 68,7( ±
&OLPDWLVDWLRQ7DEOHDX GHV FRPPDQGHV GH FOLPDWLVDWLRQ
& 7\SH %
0ROHWWH GH UpJODJH GH OD WHPSpUDWXUH
5HSRUWH]YRXV j ³)RQFWLRQQHPHQW DX
WRPDWLTXH GH OD FOLPDWLVDWLRQ´ ) HWRX
³&RPPDQGH GH WHPSpUDWXUH´ )
%RXWRQ GX GpJLYUHXU 5HSRUWH]YRXV j
³6pOHFWLRQ GX PRGH GH FLUFXODWLRQ G¶DLU´
)
%RXWRQ GH GpVHPEXDJH GH OXQHWWH DU
ULqUH 5HSRUWH]YRXV j ³'pVHPEXHXU HW
GpJLYUHXU´ )
%RXWRQ GH PRGH '8$/ 5HSRUWH]YRXV j
³0RGH ³'8$/´ W\SH % ´ )
0ROHWWH GH UpJODJH GH YLWHVVH GH OD
VRXIIODQWH 5HSRUWH]YRXV j
³&RPPDQGH GH YLWHVVH GH VRXIIODQWH´
)
%RXWRQ GX FOLPDWLVHXU 5HSRUWH]YRXV j
³&OLPDWLVDWLRQ´ )
%RXWRQ GH VpOHFWLRQ G¶DGPLVVLRQ G¶DLU
5HSRUWH]YRXV j ³6pOHFWLRQ GH O¶HQWUpH
G¶DLU´ )
%RXWRQ VpOHFWHXU GH PRGH GH GpELW G¶DLU
5HSRUWH]YRXV j ³6pOHFWLRQ GX PRGH GH
FLUFXODWLRQ G¶DLU´ )
0ROHWWH GH UpJODJH GH OD WHPSpUDWXUH
5HSRUWH]YRXV j ³)RQFWLRQQHPHQW DX
WRPDWLTXH GH OD FOLPDWLVDWLRQ´ ) HWRX
³&RPPDQGH GH WHPSpUDWXUH´ )
%RXWRQ $872 5HSRUWH]YRXV j ³)RQF
WLRQQHPHQW DXWRPDWLTXH GH OD FOLPDWLVD
WLRQ´ )
%RXWRQ 2)) 5HSRUWH]YRXV j ³)RQFWLRQ
QHPHQW DXWRPDWLTXH GH OD FOLPDWLVDWLRQ´
)
&OLPDWLVDWLRQ)RQFWLRQQHPHQW DXWRPDWLTXH GH OD FOLPDWLVDWLRQ
)RQFWLRQQHPHQW DXWRPD
WLTXH GH OD FOLPDWLVDWLRQ
/RUVTXH FH PRGH HVW VpOHFWLRQQp OH
IRQFWLRQQHPHQW GH OD YLWHVVH GH VRXI
IODQWH GH OD GLVWULEXWLRQ GH O¶DLU GX FRQWU{OH
GH O¶HQWUpH G¶DLU HW GX FRPSUHVVHXU GH
FOLPDWLVDWLRQ VRQW DXWRPDWLTXHPHQW
FRQWU{OpV 3RXU DFWLYHU FH PRGH HIIHFWXH]
FH TXL VXLW
5(0$548(
. 8WLOLVH] WRXMRXUV OH V\VWqPH GH FOL
PDWLVDWLRQ DXWRPDWLTXH DYHF OH PRWHXU
HQ PDUFKH
. 0rPH ORUVTXH OH UHIURLGLVVHPHQW
Q¶HVW SDV QpFHVVDLUH OH FRPSUHVVHXU
GH FOLPDWLVHXU V¶DFWLYH DXWRPDWLTXH
PHQW VL OD WHPSpUDWXUH HVW UpJOpH VXU
XQ QLYHDX ELHQ SOXV EDV TXH OD WHPSp
UDWXUH DFWXHOOH GH VRUWLH GH O¶DLU 0rPH
GDQV FH FDV OH WpPRLQ LQGLFDWHXU ³$&´
V¶DOOXPH VXU OH WDEOHDX GH ERUG
$SSX\H] VXU OD WRXFKH ³$872´ /¶LQGL
FDWHXU ³)8// $872´ V¶DOOXPH VXU O¶DIIL
FKDJH
5pJOH] OD WHPSpUDWXUH VRXKDLWpH HQ
XWLOLVDQW OD PROHWWH GH UpJODJH GH OD
WHPSpUDWXUH
OXQHWWH DUULqUH HW OD OHV PROHWWH V GH
UpJODJH GH WHPSpUDWXUH SHQGDQW OH
PRGH GH IRQFWLRQQHPHQW )8// $872
O¶LQGLFDWHXU ³)8//´ GX WDEOHDX GHV
FRPPDQGHV V¶pWHLQW HW O¶LQGLFDWHXU
³$872´ UHVWH DOOXPp 9RXV SRXYH]
HQVXLWH FRQWU{OHU PDQXHOOHPHQW OH V\V
WqPH j YRORQWp HQ XWLOLVDQW OH ERXWRQ
TXH YRXV DYH] DFWLRQQp 3RXU UHYHQLU
HQ PRGH )8// $872 DSSX\H] VXU OH
ERXWRQ ³$872´
. /RUVTXH OH V\VWqPH GH FOLPDWLVDWLRQ
V¶pWHLQW OD VpOHFWLRQ G¶HQWUpH G¶DLU HVW
UpJOpH VXU OH PRGH G¶DLU H[WpULHXU
3RXU pWHLQGUH OH V\VWqPH GH FOLPDWLVDWLRQ
DSSX\H] VXU OH ERXWRQ ³2))´
5(0$548(
. /D SODJH GH WHPSpUDWXUH FRQWU{ODEOH
SHXW YDULHU VHORQ OHV VSpFLILFDWLRQV
UpJLRQDOHV GX YpKLFXOH
. 3HQGDQW OH IRQFWLRQQHPHQW GX PRGH
)8// $872 XQH SHWLWH TXDQWLWp G¶DLU
SHXW V¶pFRXOHU SDU OHV VRUWLHV YHUV OHV
SLHGV ORUVTXH OH PRGH GH YHQWLODWLRQ
HVW DIILFKp
. 6L YRXV DFWLRQQH] XQ GHV ERXWRQV
GX WDEOHDX GHV FRPPDQGHV DXWUH TXH
OHV ERXWRQV ³2))´ GH GpVHPEXDJH GH
± 68,7( ±
&OLPDWLVDWLRQ)RQFWLRQQHPHQW GH OD FOLPDWLVDWLRQ PDQXHOOH
& &DSWHXUV
/HV FDSWHXUV VH WURXYHQW DX[ HQGURLWV
VXLYDQWV
± &DSWHXU VRODLUH j F{Wp GH OD JULOOH GH
GpJLYUDJH GX SDUHEULVH
± &DSWHXU GH OD WHPSpUDWXUH GH O¶DLU
LQWpULHXU SUqV GH OD FRORQQH GH GLUHFWLRQ
± &DSWHXU GH OD WHPSpUDWXUH H[WpULHXUH SUqV GH O¶RXYHUWXUH GX SDUHFKRFV DYDQW
&HV FDSWHXUV VRQW IUDJLOHV 6¶LOV VRQW
PDOWUDLWpV HW HQGRPPDJpV OH V\VWqPH
QH SHXW SOXV PDLQWHQLU FRUUHFWHPHQW OD
WHPSpUDWXUH GHPDQGpH GDQV O¶KDELWDFOH
3RXU pYLWHU G¶HQGRPPDJHU OHV FDSWHXUV
VXLYH] OHV SUpFDXWLRQV VXLYDQWHV
± 1H VRXPHWWH] SDV OHV FDSWHXUV j GHV
FKRFV
± 1H PRXLOOH] SDV OHV FDSWHXUV
± 1H UHFRXYUH] SDV OHV FDSWHXUV
)RQFWLRQQHPHQW GH OD FOLPD
WLVDWLRQ PDQXHOOH
& 6pOHFWLRQ GX PRGH GH FLUFX
ODWLRQ G¶DLU
3RXU VpOHFWLRQQHU OH PRGH GH VRUWLH
G¶DLU
7\SH $ 7RXUQH] OD PROHWWH GH VpOHFWLRQ GH
PRGH GH GpELW G¶DLU
7\SH % $SSX\H] VXU OH ERXWRQ GH VpOHF
WLRQ GH PRGH GH GpELW G¶DLU
3RXU VpOHFWLRQQHU OH PRGH GH GpJL
YUDJH
$SSX\H] VXU OH ERXWRQ GX GpJLYUHXU
/HV PRGHV GH VRUWLH G¶DLU VRQW OHV VXL
YDQWV
&DSWHXU GH WHPSpUDWXUH G¶DLU GH O¶KDEL
WDFOH
&DSWHXU G¶HQVROHLOOHPHQW
/H V\VWqPH GH FOLPDWLVDWLRQ DXWRPDWLTXH
HVW pTXLSp GH SOXVLHXUV FDSWHXUV
9HQWLODWLRQ 6RUWLHV GX WDEOHDX GH ERUG
&OLPDWLVDWLRQ)RQFWLRQQHPHQW GH OD FOLPDWLVDWLRQ PDQXHOOH
OH SDUHEULVH HW OHV YLWUHV GHV GHX[ F{WpV
SRXU pYLWHU O¶HPEXHPHQW
QLYHDX[ 6RUWLHV GX WDEOHDX GH ERUG HW
VRUWLHV YHUV OHV SLHGV
&KDXIIDJHGpJLYUDJH 6RUWLHV GH GpJL
YUHXU GX SDUHEULVH VRUWLHV YHUV OHV SLHGV
HW VRUWLHV GHV GHX[ F{WpV GX WDEOHDX GH
ERUG UHSRUWH]YRXV j ³'pJLYUDJH´ )
&KDXIIDJH 6RUWLHV YHUV OHV SLHGV VRU
WLHV GHV GHX[ F{WpV GX WDEOHDX GH ERUG HW
FHUWDLQHV VRUWLHV SDU OH GpJLYUHXU GX SDUH
EULVH 8QH IDLEOH TXDQWLWp G¶DLU FLUFXOH YHUV
'pJLYUDJH 6RUWLHV GH GpJLYUHXU GX
SDUHEULVH HW VRUWLHV GHV GHX[ F{WpV GX
WDEOHDX GH ERUG UHSRUWH]YRXV j ³'pJL
YUDJH´ )
5(0$548(
/RUVTXH OH PRGH ³ ´ RX OH PRGH ³ ´
HVW VpOHFWLRQQp OH FRPSUHVVHXU GX
FOLPDWLVHXU VH PHW HQ PDUFKH DXWR
PDWLTXHPHQW SRXU GpJLYUHU OH SDUH
EULVH SOXV UDSLGHPHQW VDQV WHQLU FRPS
WH GH OD SRVLWLRQ GX ERXWRQ GX FOLPDWL
VHXU 7RXWHIRLV O¶LQGLFDWHXU VXU OH ERX
WRQ GH FOLPDWLVHXU QH V¶DOOXPH SDV (Q
PrPH WHPSV OH VpOHFWHXU G¶DGPLVVLRQ
G¶DLU HVW DXWRPDWLTXHPHQW PLV HQ PRGH
G¶DLU H[WpULHXU $SUqV DYRLU GpJLYUp OH
SDUHEULVH HQ DSSX\DQW VXU OH ERXWRQ
GH GpJLYUDJH ³ ´ DSSX\HU j QRXYHDX
± 68,7( ±
&OLPDWLVDWLRQ)RQFWLRQQHPHQW GH OD FOLPDWLVDWLRQ PDQXHOOH
VXU FH ERXWRQ UDPqQH OH V\VWqPH DX
UpJODJH TXL DYDLW pWp VpOHFWLRQQp DYDQW
TXH OH GpJLYUDJH VRLW DFWLYp
! 0RGH ³'8$/´ W\SH %
& &RPPDQGH GH WHPSpUDWXUH
7RXUQH] OD PROHWWH GH UpJODJH GH WHPSp
UDWXUH SRXU UpJOHU OD WHPSpUDWXUH LQWpU
LHXUH YRXOXH 3ODFH] FHWWH PROHWWH GDQV OD
SRVLWLRQ FRUUHVSRQGDQW j OD WHPSpUDWXUH
VRXKDLWpH OH V\VWqPH FRQWU{OH DXWRPDWL
TXHPHQW OD WHPSpUDWXUH GH O¶DLU LQVXIIOp
SDU OHV ERXFKHV G¶DLU GH IDoRQ j DWWHLQGUH
SXLV PDLQWHQLU OD WHPSpUDWXUH VRXKDLWpH
6L OD PROHWWH HVW WRXUQpH DX PD[LPXP
GDQV OH VHQV LQYHUVH GHV DLJXLOOHV G¶XQH
PRQWUH OH V\VWqPH IRQFWLRQQH DX PD[L
PXP GH VHV SHUIRUPDQFHV GH UHIURLGLVVH
PHQW 6L OD PROHWWH HVW WRXUQpH DX PD[L
PXP GDQV OH VHQV GHV DLJXLOOHV G¶XQH
PRQWUH OH V\VWqPH IRQFWLRQQH DX PD[L
PXP GH VHV SHUIRUPDQFHV GH FKDXIIDJH
5(0$548(
/D SODJH GH WHPSpUDWXUH FRQWU{ODEOH
SHXW YDULHU VHORQ OHV VSpFLILFDWLRQV
UpJLRQDOHV GX YpKLFXOH
/RUVTXH OH PRGH ³'8$/´ HVW VpOHF
WLRQQp
3RXU UpJOHU OD WHPSpUDWXUH GX F{Wp
FRQGXFWHXU WRXUQH] OD PROHWWH GX F{Wp
FRQGXFWHXU 3RXU UpJOHU OD WHPSpUDWXUH GX
F{Wp SDVVDJHU DYDQW WRXUQH] OD PROHWWH GX
F{Wp SDVVDJHU DYDQW
/RUVTXH OH PRGH ³'8$/´ HVW DQQXOp
3RXU UpJOHU OD WHPSpUDWXUH VRXKDLWpH
WRXUQH] OD PROHWWH GX F{Wp FRQGXFWHXU
/RUVTXH OH PRGH ³'8$/´ HVW DQQXOp VHXOH
OD WHPSpUDWXUH GX F{Wp GX FRQGXFWHXU HVW
DIILFKpH
7HPSpUDWXUH GX F{Wp GX FRQGXFWHXU
7HPSpUDWXUH GX F{Wp GX SDVVDJHU DYDQW
9RXV SRXYH] PRGLILHU OH UpJODJH GH OD
WHPSpUDWXUH GX F{Wp GX FRQGXFWHXU HW GX
F{Wp GX SDVVDJHU DYDQW LQGpSHQGDPPHQW
HQ VpOHFWLRQQDQW OH PRGH ³'8$/´
(IIHFWXH] XQH GHV SURFpGXUHV VXLYDQWHV
SRXU VpOHFWLRQQHU OH PRGH ³'8$/´
. $SSX\H] VXU OH ERXWRQ ³'8$/´
. 7RXUQH] OD PROHWWH GH UpJODJH GH OD
WHPSpUDWXUH GX F{Wp SDVVDJHU
$SSX\H] VXU OH ERXWRQ ³'8$/´ SRXU
DQQXOHU OH PRGH ³'8$/´
& &RPPDQGH GH YLWHVVH GH
VRXIIODQWH
/D VRXIIODQWH QH IRQFWLRQQH TXH VL OH
FRQWDFWHXU G¶DOOXPDJH HVW HQ SRVLWLRQ
³21´ 7RXUQH] OD PROHWWH GH UpJODJH GH
YLWHVVH GH OD VRXIIODQWH SRXU VpOHFWLRQQHU
OD YLWHVVH VRXKDLWpH
&OLPDWLVDWLRQ'pJLYUDJH
& &OLPDWLVDWLRQ
SRVLWLRQ 21
/H FOLPDWLVHXU QH IRQFWLRQQH TXH ORUVTXH
OH PRWHXU WRXUQH
3RXU PHWWUH OH FOLPDWLVHXU HQ PDUFKH
DSSX\H] VXU FH ERXWRQ SHQGDQW TXH OD
VRXIIODQWH HVW HQ PDUFKH /RUVTXH OH
FOLPDWLVHXU HVW DOOXPp OH WpPRLQ LQGLFDWHXU
³$&´ V¶DOOXPH
3RXU pWHLQGUH OH FOLPDWLVHXU DSSX\H] GH
QRXYHDX VXU OH ERXWRQ
3RVLWLRQ 2)) DLU H[WpULHXU ,O \ D
DGPLVVLRQ G¶DLU H[WpULHXU GDQV O¶KDELWDFOH
/RUVTXH O¶KDELWDFOH HVW VXIILVDPPHQW UH
IURLGL RX TXH OD URXWH Q¶HVW SOXV SRXVVLp
UHXVH DSSX\H] GH QRXYHDX VXU OH ERXWRQ
GH VpOHFWLRQ G¶HQWUpH G¶DLU SRXU OH UHPHWWUH
HQ SRVLWLRQ 2))
5(0$548(
3RXU TXH OH GpVHPEXDJH HW OD GpVKX
PLGLILFDWLRQ VRLHQW SOXV HIILFDFHV SDU
WHPSV IURLG DFWLYH] OH FOLPDWLVHXU
7RXWHIRLV VL OD WHPSpUDWXUH DPELDQWH
GLPLQXH MXVTX¶j HQYLURQ 8& 8) OH
FRPSUHVVHXU GH FOLPDWLVDWLRQ V¶DUUrWH
UD GH IRQFWLRQQHU
& 6pOHFWLRQ GH O¶HQWUpH G¶DLU
6pOHFWLRQQH] O¶HQWUpH G¶DLU HQ DSSX\DQW
VXU OH ERXWRQ GH VpOHFWLRQ GH O¶HQWUpH G¶DLU
3RVLWLRQ 21 DLU UHF\FOp /¶DLU GH O¶KDEL
WDFOH HVW UHF\FOp F¶HVWjGLUH TX¶LO UHFLUFXOH
j O¶LQWpULHXU GX YpKLFXOH 3RXU REWHQLU XQ
UHIURLGLVVHPHQW SOXV UDSLGH SDU OH FOLPDWL
VHXU RX ORUVTXH YRXV URXOH] VXU XQH URXWH
SRXVVLpUHXVH DSSX\H] VXU OH ERXWRQ GH
VpOHFWLRQ G¶HQWUpH G¶DLU SRXU OH PHWWUH HQ
'pJLYUDJH
'$1*(5
/¶XWLOLVDWLRQ SURORQJpH GH OD SRVLWLRQ
21 HQWUDvQH OD IRUPDWLRQ GH EXpH VXU
OHV YLWUHV 5HYHQH] j OD SRVLWLRQ 2))
GqV TXH O¶DLU H[WpULHXU HVW j QRXYHDX
SURSUH
5(0$548(
/RUVTXH OD EDWWHULH HVW GpEUDQFKpH RX
TXH OD WHQVLRQ GH OD EDWWHULH FKXWH OH
WpPRLQ LQGLFDWHXU GH IRQFWLRQQHPHQW
GH OD VpOHFWLRQ G¶HQWUpH G¶DLU SHXW
FOLJQRWHU &HOD Q¶HVW SDV VLJQH GH
GpIHFWXRVLWp 7RXWHIRLV VL OH WpPRLQ
LQGLFDWHXU FOLJQRWH FKDTXH IRLV TXH
YRXV GpPDUUH] OH PRWHXU XQ G\VIRQF
WLRQQHPHQW SHXW VH SURGXLUH GDQV OH
FLUFXLW pOHFWULTXH )DLWHV FRQWU{OHU OH
YpKLFXOH SDU OH FRQFHVVLRQQDLUH
68%$58 OH SOXV SURFKH
(IIHFWXH] O¶XQH GHV RSpUDWLRQV VXLYDQWHV
SRXU GpJLYUHU RX GpVKXPLGLILHU OH SDUH
EULVH HW OHV YLWUHV GHV SRUWLqUHV DYDQW
. 6pOHFWLRQQH] OH PRGH ³ ´ HQ DS
SX\DQW VXU OH ERXWRQ GH GpJLYUHXU W\SHV
$ HW %
. 6pOHFWLRQQH] OH PRGH ³ ´ HQ WRXUQDQW
OD PROHWWH GH VpOHFWLRQ GX PRGH GH
FLUFXODWLRQ G¶DLU W\SH $
. 6pOHFWLRQQH] OH PRGH ³ ´ HQ DSSX\DQW
VXU OH ERXWRQ GH VpOHFWLRQ GX PRGH GH
FLUFXODWLRQ G¶DLU W\SH %
5(0$548(
/RUVTXH OH PRGH ³ ´ RX OH PRGH ³ ´
HVW VpOHFWLRQQp OH FRPSUHVVHXU GX
FOLPDWLVHXU VH PHW HQ PDUFKH DXWR
PDWLTXHPHQW SRXU GpJLYUHU OH SDUH
EULVH SOXV UDSLGHPHQW VDQV WHQLU FRPS
WH GH OD SRVLWLRQ GX ERXWRQ GX FOLPDWL
VHXU 7RXWHIRLV O¶LQGLFDWHXU VXU OH ERX
WRQ GH FOLPDWLVHXU QH V¶DOOXPH SDV (Q
PrPH WHPSV OH VpOHFWHXU G¶DGPLVVLRQ
G¶DLU HVW DXWRPDWLTXHPHQW PLV HQ PRGH
G¶DLU H[WpULHXU $SUqV DYRLU GpJLYUp OH
SDUHEULVH HQ DSSX\DQW VXU OH ERXWRQ
GH GpJLYUDJH ³ ´ DSSX\HU j QRXYHDX
VXU FH ERXWRQ UDPqQH OH V\VWqPH DX
UpJODJH TXL DYDLW pWp VpOHFWLRQQp DYDQW
TXH OH GpJLYUDJH VRLW DFWLYp
&OLPDWLVDWLRQ&RQVHLOV G¶XWLOLVDWLRQ GX FKDXIIDJH HW GX FOLPDWLVHXU
&RQVHLOV G¶XWLOLVDWLRQ GX
FKDXIIDJH HW GX FOLPDWLVHXU
& 1HWWR\DJH GH OD JULOOH GH SULVH
G¶DLU
& 3RXU XQ UHIURLGLVVHPHQW SOXV
UDSLGH DSUqV DYRLU VWDWLRQQp
HQ SOHLQ VROHLO
& 5HIURLGLVVHPHQW HW GpVKXPL
GLILFDWLRQ SDU WHPSV WUqV KX
PLGH HW EDVVH WHPSpUDWXUH
6L OH YpKLFXOH D pWp JDUp HQ SOHLQ VROHLO
URXOH] SHQGDQW TXHOTXHV PLQXWHV DYHF OHV
YLWUHV RXYHUWHV SRXU IDLUH FLUFXOHU O¶DLU
H[WpULHXU GDQV O¶KDELWDFOH /H FOLPDWLVHXU
SRXUUD HQVXLWH UHIURLGLU O¶KDELWDFOH SOXV
UDSLGHPHQW 3RXU TXH OH FOLPDWLVHXU VRLW
DX PD[LPXP GH VRQ HIILFDFLWp OHV YLWUHV
GRLYHQW HQVXLWH rWUH WHQXHV IHUPpHV
'DQV FHUWDLQHV FRQGLWLRQV PpWpRURORJL
TXHV KXPLGLWp UHODWLYH pOHYpH WHPSpUD
WXUHV EDVVHV HWF XQH pPLVVLRQ G¶XQH
SHWLWH TXDQWLWp GH YDSHXU G¶HDX SURYHQDQW
GHV ERXFKHV G¶DLU SHXW rWUH UHPDUTXpH
&HFL HVW QRUPDO HW Q¶LQGLTXH SDV XQH
GpIHFWXRVLWp GX V\VWqPH GH FOLPDWLVDWLRQ
& &LUFXODWLRQ GH O¶KXLOH GH OX
EULILFDWLRQ GDQV OH FLUFXLW GX
UpIULJpUDQW
*ULOOH GH SULVH G¶DLU H[WpULHXU DYDQW
3RXU DVVXUHU XQH ERQQH SXLVVDQFH GH
FKDXIIDJH HW GH GpJLYUDJH YHLOOH] j FH TXH
OD JULOOH GH SULVH G¶DLU H[WpULHXU DYDQW QH
VRLW SDV REVWUXpH SDU GH OD QHLJH GHV
IHXLOOHV RX G¶DXWUHV FRUSV pWUDQJHUV /H
SRXYRLU GH UHIURLGLVVHPHQW GX FOLPDWLVHXU
GLPLQXH VL OH FRQGHQVDWHXU VLWXp GHYDQW OH
UDGLDWHXU HVW HQFUDVVp SDU GHV LQVHFWHV
GHV IHXLOOHV HWF 7HQH] FHW HQGURLW WRXMRXUV
SURSUH
+RUV VDLVRQ IDLWHV IRQFWLRQQHU OH
FRPSUHVVHXU GX FOLPDWLVHXU j EDV UpJLPH
DX UDOHQWL RX HQ URXODQW OHQWHPHQW XQH
IRLV SDU PRLV SHQGDQW TXHOTXHV PLQXWHV
SRXU HQ IDLUH FLUFXOHU O¶KXLOH
& &RQWU{OH GX V\VWqPH GH FOL
PDWLVDWLRQ DYDQW OD VDLVRQ
FKDXGH
&KDTXH SULQWHPSV OH FOLPDWLVHXU GRLW rWUH
FRQWU{Op SRXU V¶DVVXUHU TXH OH UpIULJpUDQW
QH IXLW SDV TXH OHV WX\DX[ VRQW HQ ERQ pWDW
HW TXH OH IRQFWLRQQHPHQW HVW QRUPDO
)DLWHV FRQWU{OHU OH V\VWqPH GH FOLPDWLVD
WLRQ SDU YRWUH FRQFHVVLRQQDLUH 68%$58
& $UUrW GX FRPSUHVVHXU GX FOL
PDWLVHXU HQ FDV GH VXUFKDUJH
GX PRWHXU
3RXU DPpOLRUHU OHV UHSULVHV HW pFRQRPLVHU
OH FDUEXUDQW OH FRPSUHVVHXU GX FOLPDWL
VHXU VH GpVDFWLYH PRPHQWDQpPHQW PrPH VL OH FOLPDWLVHXU HVW HQ PDUFKH ORUVTXH O¶RQ DSSXLH DX PD[LPXP VXU OD
SpGDOH G¶DFFpOpUDWHXU SRXU REWHQLU XQH
DFFpOpUDWLRQ UDSLGH RX JUDYLU XQH IRUWH
SHQWH
&OLPDWLVDWLRQ6\VWqPH GH ILOWUDWLRQ G¶DLU
& 5pIULJpUDQW GH YRWUH V\VWqPH
GH FOLPDWLVDWLRQ
eWLTXHWWH GH FOLPDWLVDWLRQ
/H FOLPDWLVHXU GH FH YpKLFXOH IRQFWLRQQH
DYHF GX UpIULJpUDQW 5D +)&D
QRQ QRFLI SRXU OD FRXFKH G¶R]RQH 3DU
FRQVpTXHQW OD PpWKRGH G¶DMRXW GH PRGL
ILFDWLRQ RX GH YpULILFDWLRQ GX UpIULJpUDQW HVW
GLIIpUHQWH GH OD PpWKRGH SRXU OH )UHRQ 5
&)& $YDQW G¶DMRXWHU GH PRGLILHU
RX GH YpULILHU OH UpIULJpUDQW YpULILH] O¶pWL
TXHWWH GH FOLPDWLVDWLRQ GDQV O¶HPSODFH
PHQW LQGLTXp VXU O¶LOOXVWUDWLRQ SRXU FRQILU
PHU OH W\SH GH UpIULJpUDQW TXL HVW XWLOLVp
GDQV YRWUH YpKLFXOH 3RXU WRXWH LQWHUYHQ
WLRQ FRQVXOWH] XQ FRQFHVVLRQQDLUH
68%$58 /HV UpSDUDWLRQV UHQGXHV Qp
FHVVDLUHV SDU O¶XWLOLVDWLRQ G¶XQ UpIULJpUDQW
GH W\SH LQDSSURSULp QH VRQW SDV FRXYHUWHV
SDU OD JDUDQWLH
6\VWqPH GH ILOWUDWLRQ G¶DLU
/H V\VWqPH GH FOLPDWLVDWLRQ GH YRWUH
YpKLFXOH HVW pTXLSp G¶XQ V\VWqPH GH
ILOWUDWLRQ G¶DLU (IIHFWXH] OHV UHPSODFH
PHQWV GH O¶pOpPHQW GX ILOWUH j DLU GH
O¶KDELWDFOH HQ VXLYDQW OH SURJUDPPH GH
UHPSODFHPHQW LQFOXV GDQV OH ³/LYUHW GH
*DUDQWLH HW G¶(QWUHWLHQ´ ,O HVW LPSRUWDQW GH
UHVSHFWHU FHWWH IUpTXHQFH GH UHPSODFH
PHQW SRXU PDLQWHQLU OH SRXYRLU G¶pOLPLQD
WLRQ GH OD SRXVVLqUH SDU OH ILOWUH 6L OH
YpKLFXOH HVW XWLOLVp GDQV XQ HQYLURQQHPHQW
WUqV SRXVVLpUHX[ UHPSODFH] OH ILOWUH SOXV
IUpTXHPPHQW 1RXV YRXV LQYLWRQV j YRXV
DGUHVVHU j XQ FRQFHVVLRQQDLUH 68%$58
SRXU IDLUH FRQWU{OHU RX UHPSODFHU OH ILOWUH
&RPPH UHFKDQJH XWLOLVH] XQLTXHPHQW XQ
NLW GH ILOWUH j DLU 68%$58 G¶RULJLQH
$77(17,21
$GUHVVH]YRXV j YRWUH FRQFHVVLRQ
QDLUH 68%$58 PrPH VL OH PRPHQW
GH UHPSODFHU OH ILOWUH Q¶HVW SDV
HQFRUH YHQX VL YRXV FRQVWDWH]
. $IIDLEOLVVHPHQW GX GpELW G¶DLU
LQVXIIOp SDU OHV DpUDWHXUV
. 7HQGDQFH GX SDUHEULVH j V¶HP
EXHU
± 68,7( ±
&OLPDWLVDWLRQ6\VWqPH GH ILOWUDWLRQ G¶DLU
5(0$548(
1pJOLJHU O¶HQWUHWLHQ GX ILOWUH DIIHFWH OHV
SHUIRUPDQFHV GH OD FOLPDWLVDWLRQ GX
FKDXIIDJH HW GX GpJLYUDJH
& 5HPSODFHPHQW G¶XQ ILOWUH j DLU
GH O¶KDELWDFOH
5HWLUH] OD ERvWH j JDQWV
5(0$548(
1RXV YRXV UHFRPPDQGRQV GH SUHQGUH
GHV PHVXUHV SRXU SURWpJHU G¶DERUG OD
FRQVROH FHQWUDOH j O¶DLGH GH UXEDQ GH
PDVTXDJH SRXU TXH YRXV pYLWLH] GH
UD\HU OD FRQVROH FHQWUDOH DYHF OD ERvWH j
JDQWV
2XYUH] OD ERvWH j JDQWV
%XWpH
3RXVVH] GHX[ F{WpV GH OD ERvWH j
JDQW YHUV O¶LQWpULHXU SRXU GpYHUURXLOOHU
OHV EXWpHV SXLV WLUH] OD ERvWH j JDQWV
DXWDQW TXH SRVVLEOH
5HWLUH] OD WLJH G¶DPRUWLVVHPHQW GH
OD ERvWH j JDQWV
&OLPDWLVDWLRQ6\VWqPH GH ILOWUDWLRQ G¶DLU
([WUD\H] OD ERvWH j JDQWV HW UHWLUH]
OD SDUWLH GH OD FKDUQLqUH /RUVTXH YRXV
HIIHFWXH] FHFL IDLWHV DWWHQWLRQ GH QH
SDV HQGRPPDJHU OD FKDUQLqUH
'pSRVH] OH ILOWUH j DLU GH O¶KDELWDFOH HQ
VXLYDQW OD SURFpGXUH FLGHVVRXV DILQ G¶p
YLWHU TXH OD SRXVVLqUH VXU OH ILOWUH j DLU QH
WRPEH j O¶LQWpULHXU GH VRQ ORJHPHQW
(QIRQFH] OHV TXDWUH EXWpHV SRXU OH
GpYHUURXLOOHU SXLV VRUWH] GRXFHPHQW OH
ILOWUH GH FP LQ GX ORJHPHQW HQ
WLUDQW GHVVXV
6RUWH] FRPSOqWHPHQW OH ILOWUH HQ
LQFOLQDQW OpJqUHPHQW OH F{Wp DYDQW GX
ILOWUH YHUV OH EDV
5HPSODFH] O¶pOpPHQW GX ILOWUH j DLU GH
O¶KDELWDFOH SDU XQ QHXI
$77(17,21
/D IOqFKH LQVFULWH VXU OH ILOWUH GRLW
SRLQWHU YHUV OH +$87
± 68,7( ±
&OLPDWLVDWLRQ6\VWqPH GH ILOWUDWLRQ G¶DLU
5pLQVWDOOH] OD ERvWH j JDQWV SXLV
FRQQHFWH] OD WLJH G¶DPRUWLVVHPHQW
5HIHUPH] OD ERvWH j JDQWV
eTXLSHPHQW DXGLR
$QWHQQH eTXLSHPHQW DXGLR $QWHQQH GH WRLW eTXLSHPHQW DXGLR$QWHQQH
$QWHQQH
eTXLSHPHQW DXGLR
& $QWHQQH GH WRLW
6L YRWUH YpKLFXOH HVW pTXLSp G¶XQ V\VWqPH
GH QDYLJDWLRQ RX DXGLR 68%$58 G¶RULJLQH
UHSRUWH]YRXV DX PDQXHO G¶LQVWUXFWLRQV GX
V\VWqPH GH QDYLJDWLRQDXGLR IRXUQL VpSD
UpPHQW SRXU REWHQLU SOXV GH GpWDLOV
/¶DQWHQQH GH WRLW HQ IRUPH G¶DLOHURQ GH
UHTXLQ HVW PRQWpH DX FHQWUH GH O¶DUULqUH GX
WRLW
eTXLSHPHQWV LQWpULHXUV
eFODLUDJH LQWpULHXU 3ODIRQQLHU /DPSHV GH OHFWXUH 0LQXWHULH G¶H[WLQFWLRQ 3DUHVROHLO 3ODTXH G¶H[WHQVLRQ GX SDUHVROHLO PRGqOHV DYHF
OH V\VWqPH (\H6LJKW 0LURLU GH FRXUWRLVLH DYHF pFODLUDJH (VSDFH GH UDQJHPHQW %RvWH j JDQWV &RQVROH FHQWUDOH 3RUWHJREHOHWV 3RUWHJREHOHW GX SDVVDJHU DYDQW 3RUWHJREHOHW GHV SDVVDJHUV DUULqUH 3RUWHERXWHLOOHV 3ULVHV GH FRXUDQW SRXU DFFHVVRLUH 8WLOLVDWLRQ DYHF XQ DOOXPHFLJDUH VHORQ
PRGqOHV &HQGULHU VHORQ PRGqOHV 7DSLV GH VRO VHORQ PRGqOHV 3RUWHPDQWHDX (VSDFH GH UDQJHPHQW VRXV SODQFKHU &DPpUD GH UHFXO eFUDQ GH YXH DYDQW VHORQ PRGqOHV &RPPHQW DFFpGHU j O¶pFUDQ GH YXH DYDQW &RPPHQW DQQXOHU O¶pFUDQ GH YXH DYDQW 3RUWpH GHV LPDJHV VXU O¶pFUDQ /LJQH GH JXLGDJH 0DQLSXODWLRQ GH OD FDPpUD eTXLSHPHQWV LQWpULHXUVeFODLUDJH LQWpULHXU
eFODLUDJH LQWpULHXU
$77(17,21
3RXU pYLWHU GH GpFKDUJHU OD EDWWHULH
YpULILH] TXH OHV pFODLUDJHV VRQW
pWHLQWV DYDQW GH TXLWWHU OH YpKLFXOH
& 3ODIRQQLHU
21 /¶pFODLUDJH UHVWH DOOXPp HQ SHUPD
QHQFH
2)) /¶pFODLUDJH UHVWH pWHLQW
'225 /H SODIRQQLHU V¶LOOXPLQH DXWRPDWL
TXHPHQW VL O¶XQH GHV RSpUDWLRQV VXLYDQWHV
HVW HIIHFWXpH
. 2XYHUWXUH GH O¶XQH GHV SRUWLqUHV
. 'pYHUURXLOODJH GHV SRUWLqUHV j O¶DLGH GH
OD IRQFWLRQ G¶DFFqV VDQV FOp VHORQ PRGq
OHV 5HSRUWH]YRXV j ³'pYHUURXLOODJH´
)
. 'pYHUURXLOODJH GHV SRUWLqUHV j O¶DLGH GX
V\VWqPH G¶HQWUpH VDQV FOp SDU WpOpFRP
PDQGH 5HSRUWH]YRXV j ³6\VWqPH G¶HQ
WUpH VDQV FOp SDU WpOpFRPPDQGH´ )
. 6L YRXV WRXUQH] OH FRQWDFWHXU G¶DOOX
PDJH GH OD SRVLWLRQ ³$&&´ j OD SRVLWLRQ
³/2&.´³2))´
& /DPSHV GH OHFWXUH
7\SH $
21
'225
2))
/¶LQWHUUXSWHXU GX SODIRQQLHU SHXW VH SODFHU
GDQV OHV WURLV SRVLWLRQV VXLYDQWHV
7\SH %
$SSX\H] VXU OH FRPPXWDWHXU SRXU DOOXPHU
OD ODPSH GH OHFWXUH
3RXU O¶DUUrWHU DSSX\H] GH QRXYHDX VXU OH
eTXLSHPHQWV LQWpULHXUV3DUHVROHLO
FRPPXWDWHXU
! eFODLUDJH DXWRPDWLTXH ODPSHV GH
OHFWXUH GH W\SH $
/HV ODPSHV GH OHFWXUH V¶LOOXPLQHQW DXWR
PDWLTXHPHQW GDQV OHV FDV VXLYDQWV
. 8QH GHV SRUWLqUHV HVW RXYHUWH
. /HV SRUWLqUHV VRQW GpYHUURXLOOpHV j
O¶DLGH GH OD IRQFWLRQ GX V\VWqPH G¶DFFqV
PDLQV OLEUHV VXU PRGqOHV pTXLSpV 5H
SRUWH]YRXV j ³'pYHUURXLOODJH´ )
. /HV SRUWLqUHV VRQW GpYHUURXLOOpHV DX
PR\HQ GX WUDQVPHWWHXU G¶HQWUpH VDQV FOp j
GLVWDQFH
. /H FRQWDFWHXU G¶DOOXPDJH HVW WRXUQp GH
OD SRVLWLRQ ³$&&´ j OD SRVLWLRQ ³/2&.´
³2))´
& 0LQXWHULH G¶H[WLQFWLRQ
/HV pFODLUDJHV VXLYDQWV RQW XQH IRQFWLRQ
G¶DOOXPDJH DXWRPDWLTXH
. SODIRQQLHU ORUVTXH OD FRPPDQGH GX
SODIRQQLHU HVW HQ SRVLWLRQ ³'225´
. ODPSH GH OHFWXUH W\SH $
GHV RSpUDWLRQV VXLYDQWHV
. 6L YRXV WRXUQH] OH FRQWDFWHXU G¶DOOX
PDJH GH OD SRVLWLRQ ³/2&.´³2))´ j OD
SRVLWLRQ ³$&&´ RX ³21´
. 9HUURXLOODJH GH WRXWHV OHV SRUWLqUHV j
O¶DLGH GH OD IRQFWLRQ G¶DFFqV VDQV FOp
VHORQ PRGqOHV . 9HUURXLOODJH GH WRXWHV OHV SRUWLqUHV j
O¶DLGH GX V\VWqPH G¶HQWUpH VDQV FOp SDU
WpOpFRPPDQGH
/H GpODL DYDQW O¶H[WLQFWLRQ GHV pFODLUDJHV
PLQXWHULH G¶H[WLQFWLRQ SHXW rWUH FKDQJp
SDU XQ FRQFHVVLRQQDLUH 68%$58 3RXU
OHV GpWDLOV DGUHVVH]YRXV j YRWUH FRQFHV
VLRQQDLUH 68%$58 /HV UpJODJHV SHXYHQW
pJDOHPHQW rWUH PRGLILpV HQ XWLOLVDQW O¶DIIL
FKDJH PXOWLIRQFWLRQ pFUDQ /&' HQ FRX
OHXU 5HSRUWH]YRXV j ³5pJODJH GH O¶p
FODLUDJH LQWpULHXU´ ) SRXU SOXV GH
GpWDLOV
3DUHVROHLO
$EDLVVH] OH SDUHVROHLO SRXU YRXV SURWpJHU
GHV pEORXLVVHPHQWV
/HV SDUHVROHLO SHXYHQW SLYRWHU HW VH
SODFHU VXU OH F{Wp
$SUqV V¶rWUH DOOXPpV DXWRPDWLTXHPHQW
FHV pFODLUDJHV UHVWHQW DOOXPpV HQFRUH
TXHOTXHV VHFRQGHV SXLV V¶pWHLJQHQW DX
IXU HW j PHVXUH DSUqV TXH WRXWHV OHV
SRUWLqUHV VRLHQW IHUPpHV
4XDQG OHV pFODLUDJHV VRQW DOOXPpV LOV
V¶pWHLJQHQW LPPpGLDWHPHQW DSUqV O¶XQH
± 68,7( ±
eTXLSHPHQWV LQWpULHXUV3DUHVROHLO
& 3ODTXH G¶H[WHQVLRQ GX SDUH
VROHLO PRGqOHV DYHF OH V\V
WqPH (\H6LJKW
& 0LURLU GH FRXUWRLVLH DYHF
pFODLUDJH
$77(17,21
$ILQ G¶pYLWHU G¶rWUH pEORXL SDU OD
OXPLqUH YLYH PDLQWHQH] OH FRXYHUFOH
GX PLURLU GH FRXUWRLVLH IHUPp ORUV GH
OD FRQGXLWH GX YpKLFXOH
$77(17,21
$YHF OH SDUHVROHLO SODFp DXGHVVXV GH OD
YLWUH ODWpUDOH YRXV SRXYH] XWLOLVHU OD
SODTXH G¶H[WHQVLRQ GX SDUHVROHLO SRXU
pYLWHU O¶pEORXLVVHPHQW YHQDQW GH O¶HVSDFH
HQWUH OH SDUHVROHLO HW OH PRQWDQW FHQWUDO
3RXU XWLOLVHU OD SODTXH G¶H[WHQVLRQ WLUH]OD
YHUV O¶DUULqUH GX YpKLFXOH /RUVTXH YRXV
DYH] ILQL GH O¶XWLOLVHU UDQJH]OD HQ OD
SRXVVDQW YHUV O¶DYDQW GX YpKLFXOH
1H VRUWH] SDV OD SODTXH G¶H[WHQVLRQ
ORUVTXH OH SDUHVROHLO HVW VLWXp DX
GHVVXV GX SDUHEULVH /D SODTXH
G¶H[WHQVLRQ SRXUUDLW REVWUXHU OD
YXH GX UpWURYLVHXU
3RXU XWLOLVHU OH PLURLU GH FRXUWRLVLH DEDLV
VH] OH SDUHVROHLO HW RXYUH] OH FRXYHUFOH GX
PLURLU GH FRXUWRLVLH
/¶pFODLUDJH VH WURXYDQW j F{Wp GX PLURLU GH
FRXUWRLVLH V¶DOOXPH ORUVTXH OH FRXYHUFOH GX
PLURLU HVW RXYHUW
eTXLSHPHQWV LQWpULHXUV(VSDFH GH UDQJHPHQW
5(0$548(
1¶XWLOLVH] SDV O¶pFODLUDJH GX PLURLU GH
FRXUWRLVLH SHQGDQW XQH ORQJXH SpULRGH
DYHF OH PRWHXU j O¶DUUrW &HOD SHXW
GpFKDUJHU FRPSOqWHPHQW OD EDWWHULH
(VSDFH GH UDQJHPHQW
& %RvWH j JDQWV
$77(17,21
. 3RXU UpGXLUH OHV ULVTXHV GH EOHV
VXUHV HQ FDV G¶DUUrW EUXVTXH RX
G¶DFFLGHQW QH ODLVVH] MDPDLV O¶HV
SDFH GH UDQJHPHQW RXYHUW SHQ
GDQW OD FRQGXLWH
. 1H PHWWH] SDV G¶DWRPLVHXUV RX
GH UpFLSLHQWV FRQWHQDQW GHV SUR
GXLWV LQIODPPDEOHV RX FRUURVLIV
QL DXFXQ DXWUH DUWLFOH GDQJHUHX[
GDQV O¶HVSDFH GH UDQJHPHQW
7RXUQH] OD FOp GDQV OH VHQV GHV DLJXLOOHV
G¶XQH PRQWUH SRXU YHUURXLOOHU
7RXUQH] OD FOp GDQV OH VHQV LQYHUVH GHV
DLJXLOOHV G¶XQH PRQWUH SRXU GpYHUURXLOOHU
3RXU RXYULU OD ERvWH j JDQWV WLUH] OD
SRLJQpH YHUV YRXV
3RXU OD UHIHUPHU SRXVVH] IHUPHPHQW OH
YROHW YHUV OH KDXW
5(0$548(
. 3RXU OHV PRGqOHV DYHF ³DFFqV VDQV
FOp DYHF V\VWqPH GH GpPDUUDJH j
ERXWRQSRXVVRLU´ XWLOLVH] OD FOp G¶XU
JHQFH SRXU YHUURXLOOHU RX GpYHUURXLOOHU
OD ERvWH j JDQWV
. /D FOp G¶XUJHQFH HVW GLUHFWLRQQHOOH
6L OD FOp QH SHXW SDV rWUH LQVpUpH
PRGLILH] OD GLUHFWLRQ GDQV ODTXHOOH OH
± 68,7( ±
eTXLSHPHQWV LQWpULHXUV3RUWHJREHOHWV
F{Wp UDLQXUp HVW GLULJpH HW LQVpUH]OD j
QRXYHDX
& &RQVROH FHQWUDOH
3RUWHJREHOHWV
! 6DXI 67,
$77(17,21
3UHQH] JDUGH j QH SDV UHQYHUVHU OH
JREHOHW 9RXV SRXUULH] YRXV EU€OHU
RX EU€OHU YRV SDVVDJHUV DYHF OD
ERLVVRQ FKDXGH (Q RXWUH WRXWH
ERLVVRQ UHQYHUVpH SHXW HQGRPPD
JHU OD VHOOHULH OHV WDSLV HW O¶pTXLSH
PHQW DXGLR
& 3RUWHJREHOHW GX SDVVDJHU
DYDQW
3RXU RXYULU OH FRXYHUFOH OHYH] OH YHUURX
7\SH $
$77(17,21
1H SUHQH] SDV YRWUH JREHOHW GX
SRUWHJREHOHW RX QH O¶\ UHPHWWH]
SDV SHQGDQW TXH YRXV FRQGXLVH]
&HOD GLVWUDLUDLW YRWUH DWWHQWLRQ GH OD
FRQGXLWH HW SRXUUDLW rWUH j O¶RULJLQH
G¶XQ DFFLGHQW
7\SH %
8Q SRUWHJREHOHW GRXEOH HVW LQWpJUp j OD
FRQVROH FHQWUDOH
eTXLSHPHQWV LQWpULHXUV3RUWHJREHOHWV
5(0$548(
! 67,
/RUVTXH OD FORLVRQ PpGLDQH HVW UHWLUpH
YRXV SRXYH] XWLOLVHU OH SRUWHJREHOHW
FRPPH XQ HVSDFH GH UDQJHPHQW
& 3RUWHJREHOHW GHV SDVVDJHUV
DUULqUH
/H SRUWHJREHOHW GRXEOH HVW LQWpJUp j OD
FRQVROH FHQWUDOH SUqV GX OHYLHU GH IUHLQ GH
VWDWLRQQHPHQW
9RXV SRXYH] UHWLUHU OD FORLVRQ PpGLDQH GX
SRUWHJREHOHW HW O¶LQVpUHU GDQV XQH DXWUH
SRVLWLRQ SOXV YHUV O¶DYDQW RX YHUV O¶DUULqUH
SRXU SRXYRLU SRVHU GHV YHUUHV GH GLIIpUHQ
WHV WDLOOHV
8Q SRUWHJREHOHW GRXEOH HVW LQWpJUp j
O¶DFFRXGRLU
3RXU DFFpGHU DX SRUWHJREHOHW WLUH] OH
FRXYHUFOH YHUV O¶DUULqUH
± 68,7( ±
eTXLSHPHQWV LQWpULHXUV3RUWHERXWHLOOHV
$77(17,21
1H UDEDWWH] SDV OHV VLqJHV DUULqUH
ORUVTX¶XQ YHUUH FRQWHQDQW XQH ERLV
VRQ HVW GpSRVp GDQV OH SRUWHJREH
OHW )DXWH GH TXRL OH OLTXLGH ULVTXH
GH VH UpSDQGUH SHQGDQW OD FRQGXLWH
HW VL OD ERLVVRQ HVW FKDXGH YRXV
ULVTXHULH] DORUV G¶rWUH EU€Op RX TXH
O¶XQ GH YRV SDVVDJHUV VRLW EU€Op
3RUWHERXWHLOOHV
$77(17,21
. 1H SUHQH] SDV YRWUH ERXWHLOOH GX
SRUWHERXWHLOOHV RX QH O¶\ UHPHW
WH] SDV SHQGDQW TXH YRXV
FRQGXLVH] &HOD GLVWUDLUDLW YRWUH
DWWHQWLRQ GH OD FRQGXLWH HW SRXU
UDLW rWUH j O¶RULJLQH G¶XQ DFFLGHQW
. /RUVTXH YRXV SODFH] XQH ERLVVRQ
GDQV OD SRFKH GH SRUWLqUH SHQVH]
j PHWWUH XQ FRXYHUFOH )DXWH GH
TXRL OH OLTXLGH ULVTXH GH VH
UpSDQGUH SHQGDQW OD FRQGXLWH RX
j O¶RXYHUWXUHIHUPHWXUH GH OD SRU
WLqUH HW VL OD ERLVVRQ HVW FKDXGH
YRXV ULVTXHULH] DORUV G¶rWUH EU€Op
RX YRV SDVVDJHUV GH O¶rWUH
9RXV SRXYH] XWLOLVHU OH SRUWHERXWHLOOH
LQWpJUp DX[ JDUQLWXUHV GH SRUWLqUHV SRXU
UDQJHU XQH ERXWHLOOH RX G¶DXWUHV REMHWV
eTXLSHPHQWV LQWpULHXUV3ULVHV GH FRXUDQW SRXU DFFHVVRLUH
3ULVHV GH FRXUDQW SRXU DF
FHVVRLUH
3ULVH GH FRXUDQW VRXV OHV FRPPDQGHV GH
FOLPDWLVDWLRQ
'HV SULVHV GH FRXUDQW SRXU DFFHVVRLUH VH
WURXYHQW VRXV OHV FRPPDQGHV GH FOLPDWL
VDWLRQ HW GDQV OD FRQVROH FHQWUDOH /H
FRXUDQW pOHFWULTXH GH OD EDWWHULH 9 &&
HVW GLVSRQLEOH GHSXLV Q¶LPSRUWH TXHOOH
SULVH GH FRXUDQW ORUVTXH OH FRQWDFWHXU
G¶DOOXPDJH HVW HQ SRVLWLRQ ³$&&´ RX ³21´
9RXV SRXYH] XWLOLVHU XQ DFFHVVRLUH pOHF
WULTXH SRXU DXWRPRELOH HQ OH EUDQFKDQW j
XQH SULVH
/D SXLVVDQFH PD[LPXP GH O¶DSSDUHLO
EUDQFKp HVW GH : 1¶XWLOLVH] MDPDLV
G¶DSSDUHLOV GRQW OD SXLVVDQFH GpSDVVH OD
SXLVVDQFH PD[LPXP LQGLTXpH FLDSUqV
SRXU FKDTXH SULVH
/RUVTXH YRXV XWLOLVH] VLPXOWDQpPHQW GHX[
DSSDUHLOV EUDQFKpV RX SOXV j FHV SULVHV GH
FRXUDQW OD FRQVRPPDWLRQ WRWDOH GH FHV
DSSDUHLOV QH GRLW SDV GpSDVVHU :
$77(17,21
3ULVH GH FRXUDQW GH OD FRQVROH FHQWUDOH
. 1H WHQWH] SDV G¶XWLOLVHU XQ DO
OXPHFLJDUH GDQV OHV SULVHV GH
FRXUDQW SRXU DFFHVVRLUH
. 1¶LQWURGXLVH] SDV GH FRUSV pWUDQ
JHUV HQ SDUWLFXOLHU GHV REMHWV
PpWDOOLTXHV FRPPH GHV SLqFHV
GH PRQQDLH RX GX SDSLHU DOXPL
QLXP GDQV OD SULVH GH FRXUDQW
SRXU DFFHVVRLUH &HOD SRXUUDLW
SURGXLUH XQ FRXUWFLUFXLW 1¶RX
EOLH] SDV GH UHPHWWUH OH FRXYHUFOH
GH SURWHFWLRQ VXU OD SULVH ORUV
TX¶HOOH Q¶HVW SDV HQ VHUYLFH
. 1¶XWLOLVH] TXH GHV DSSDUHLOV pOHF
WULTXHV FRQoXV SRXU IRQFWLRQQHU
HQ 9 &&
/D SXLVVDQFH PD[LPXP GH O¶DS
SDUHLO EUDQFKp HVW GH :
1¶XWLOLVH] MDPDLV G¶DSSDUHLOV GRQW
OD SXLVVDQFH GpSDVVH OD SXLV
VDQFH PD[LPXP LQGLTXpH FL
DSUqV SRXU FKDTXH SULVH
/RUVTXH YRXV XWLOLVH] VLPXOWDQp
PHQW GHX[ DSSDUHLOV EUDQFKpV RX
SOXV j FHV SULVHV GH FRXUDQW OD
FRQVRPPDWLRQ WRWDOH GH FHV DS
SDUHLOV QH GRLW SDV GpSDVVHU : 8QH VXUFKDUJH GH OD SULVH GH
FRXUDQW SRXU DFFHVVRLUH SHXW
FDXVHU XQ FRXUWFLUFXLW 1H EUDQ
FKH] SDV GH ILFKH GH GpGRXEOH
PHQW HW Q¶XWLOLVH] TX¶XQ DSSDUHLO
pOHFWULTXH SDU SULVH GH FRXUDQW
. 6L OD ILFKH GH O¶DSSDUHLO pOHFWULTXH
VHUUH WURS RX HVW WURS OkFKH GDQV
OD SULVH GH FRXUDQW SRXU DFFHV
VRLUH LO SHXW HQ UpVXOWHU XQ
PDXYDLV FRQWDFW pOHFWULTXH HW XQ
JULSSDJH GH OD ILFKH GDQV OD SULVH
1¶XWLOLVH] TXH GHV DSSDUHLOV GRQW
OD ILFKH HVW ELHQ DGDSWpH
± 68,7( ±
eTXLSHPHQWV LQWpULHXUV3ULVHV GH FRXUDQW SRXU DFFHVVRLUH
. /¶XVDJH SURORQJp G¶XQ DSSDUHLO
pOHFWULTXH EUDQFKp VXU OD SULVH GH
FRXUDQW SRXU DFFHVVRLUH DYHF OH
PRWHXU GX YpKLFXOH j O¶DUUrW SHXW
GpFKDUJHU OD EDWWHULH
. $YDQW GH SUHQGUH OD URXWH YpULILH]
TXH OD ILFKH OH FkEOH HW O¶DSSDUHLO
pOHFWULTXH QH ULVTXHQW SDV GH
YRXV JrQHU SRXU DFWLRQQHU OH
OHYLHU GH FKDQJHPHQW GH YLWHVVH
OD SpGDOH GH IUHLQ RX OD SpGDOH
G¶DFFpOpUDWHXU 6L YRXV rWHV
JrQp Q¶XWLOLVH] SDV O¶DSSDUHLO
pOHFWULTXH HQ FRQGXLVDQW
& 8WLOLVDWLRQ DYHF XQ DOOXPH
FLJDUH VHORQ PRGqOHV
3RXU XWLOLVHU OD SULVH GH FRXUDQW SRXU
DFFHVVRLUH FRPPH DOOXPHFLJDUH DFKHWH]
XQH SULVH G¶DOOXPHFLJDUH HQ RSWLRQ /HV
SULVHV pOHFWULTXHV SRXU O¶DOOXPHFLJDUH
VRQW GLVSRQLEOHV FKH] YRWUH FRQFHVVLRQ
QDLUH 68%$58
/¶DOOXPHFLJDUH QH IRQFWLRQQH TXH VL OH
FRQWDFWHXU G¶DOOXPDJH HVW HQ SRVLWLRQ
³21´ RX ³$&&´
3RXU XWLOLVHU O¶DOOXPHFLJDUH DSSX\H] VXU
OH ERXWRQ HW DWWHQGH] XQ LQVWDQW /¶DOOXPH
FLJDUH HVW SUrW j O¶HPSORL ORUVTX¶LO UHFXOH
DXWRPDWLTXHPHQW
'$1*(5
1H WHQH] MDPDLV O¶DOOXPHFLJDUH SDU
OH F{Wp GH O¶pOpPHQW FKDXIIDQW SRXU
pYLWHU GH YRXV EU€OHU 9RXV ULVTXH
ULH] j OD IRLV GH YRXV EU€OHU HW
G¶HQGRPPDJHU O¶pOpPHQW FKDXIIDQW
$77(17,21
. 1H WHQH] SDV O¶DOOXPHFLJDUH HQ
SRVLWLRQ HQIRQFpH FDU FHOD OH
IHUDLW VXUFKDXIIHU
. /D SULVH pOHFWULTXH HVW FRQoXH
SRXU UHFHYRLU XQ DOOXPHFLJDUH
68%$58 G¶RULJLQH 1H EUDQFKH]
MDPDLV GDQV FHWWH SULVH XQ DO
OXPHFLJDUH Q¶pWDQW SDV G¶RUL
JLQH &HFL SRXUUDLW SURYRTXHU XQ
FRXUWFLUFXLW RX XQH VXUFKDXIIH HW
GpFOHQFKHU XQ LQFHQGLH
. /¶XVDJH GH FHWWH SULVH SRXU XQ
DFFHVVRLUH SpULSKpULTXH FRPPH
XQ WpOpSKRQH FHOOXODLUH HWF
ULVTXH G¶HQGRPPDJHU OH PpFD
QLVPH LQWHUQH GH OD SULVH TXL
OLEqUH O¶DOOXPHFLJDUH HW OH IDLW
³VDXWHU´ ORUVTXH O¶pOpPHQW D VXI
ILVDPPHQW FKDXIIp ,O QH IDXW
GRQF SDV PHWWUH XQ DOOXPHFLJDUH
GDQV XQH SULVH TXL D pWp XWLOLVpH
PrPH XQH IRLV VHXOHPHQW SRXU
UDFFRUGHU XQ DFFHVVRLUH SpULSKp
ULTXH /¶DOOXPHFLJDUH ULVTXHUDLW
GH VH EORTXHU GH VXUFKDXIIHU HW
GH SURYRTXHU XQ LQFHQGLH
eTXLSHPHQWV LQWpULHXUV&HQGULHU
&HQGULHU VHORQ PRGqOHV
7DSLV GH VRO VHORQ PRGqOHV
$77(17,21
2EVHUYH] OHV SUpFDXWLRQV VXLYDQWHV
1H SDV OHV UHVSHFWHU ULVTXHUDLW GH
SURYRTXHU XQ LQFHQGLH
. eWHLJQH] WRXMRXUV OHV DOOXPHWWHV
HW FLJDUHWWHV DYDQW GH OHV PHWWUH
GDQV OH FHQGULHU SXLV UHIHUPH]
ELHQ FH GHUQLHU
. 1H PHWWH] SDV GH PDWpULDX[ LQ
IODPPDEOHV GDQV OH FHQGULHU
. 1H ODLVVH] SDV XQH FLJDUHWWH DOOX
PpH GDQV OH FHQGULHU
. 1H ODLVVH] SDV XQH JUDQGH TXDQ
WLWp GH PpJRWV GDQV OH FHQGULHU
5(0$548(
'H OD FHQGUH HW GHV SDUWLFXOHV GH WDEDF
V¶DJJORPqUHQW DXWRXU GHV FKDUQLqUHV
GX YROHW LQWpULHXU GX FHQGULHU 1HWWR\H]
OHV j O¶DLGH G¶XQH EURVVH j GHQWV RX
G¶XQ DXWUH XVWHQVLOH VLPLODLUH j ERXW
pWURLW
9RXV SRXYH] LQVWDOOHU XQ FHQGULHU SRUWDEOH
GDQV FKDTXH SRUWHJREHOHW RX SRUWHERX
WHLOOH 3RXU GHV LQIRUPDWLRQV UHODWLYHV j
O¶HPSODFHPHQW GHV SRUWHJREHOHWV UHSRU
WH]YRXV j ³3RUWHJREHOHWV´ ) 3RXU
GHV LQIRUPDWLRQV UHODWLYHV j O¶HPSODFH
PHQW GHV SRUWHERXWHLOOHV UHSRUWH]YRXV
j ³3RUWHERXWHLOOHV´ )
/RUVTXH YRXV XWLOLVH] OH FHQGULHU RXYUH]
VRQ FRXYHUFOH $SUqV XWLOLVDWLRQ UHIHUPH]
OH FHQGULHU FRPSOqWHPHQW SRXU pYLWHU OH
GpJDJHPHQW GH IXPpH
$77(17,21
6L OH WDSLV GH VRO JOLVVH YHUV O¶DYDQW
LO ULVTXH GH FRQWUDULHU OH PRXYHPHQW
GHV SpGDOHV SHQGDQW OD FRQGXLWH FH
TXL SHXW FDXVHU XQ DFFLGHQW 6XLYH]
OHV SUpFDXWLRQV VXLYDQWHV SRXU pYL
WHU TXH OH WDSLV GH VRO JOLVVH YHUV
O¶DYDQW
. $VVXUH]YRXV G¶XWLOLVHU XQ WDSLV
GH VRO 68%$58 G¶RULJLQH RX
pTXLYDOHQW FRQoX DYHF GHV °LO
OHWV GDQV OHV HPSODFHPHQWV FRU
UHFWV
. /H WDSLV GH VRO GX FRQGXFWHXU
GRLW rWUH LPPRELOLVp j VD SRVLWLRQ
± 68,7( ±
eTXLSHPHQWV LQWpULHXUV3RUWHPDQWHDX
QRUPDOH F¶HVWjGLUH HQJDJp VXU
OHV HUJRWV GH IL[DWLRQ
. 1¶XWLOLVH] SDV SOXV G¶XQ WDSLV GH
VRO
3RUWHPDQWHDX
/H SRUWHPDQWHDX HVW DWWDFKp j OD SRLJQpH
GH FKDTXH SDVVDJHU DUULqUH
/H SODQFKHU F{Wp FRQGXFWHXU HVW pTXLSp
G¶HUJRWV GH IL[DWLRQ
,PPRELOLVH] FRUUHFWHPHQW OH WDSLV GH VRO
HQ SDVVDQW OHV °LOOHWV GX WDSLV VXU OHV
HUJRWV HW HQ OHV SRXVVDQW YHUV OH EDV
'$1*(5
9HXLOOH] VXLYUH OHV LQVWUXFWLRQV VXL
YDQWHV
. 1¶DFFURFKH] SDV GH FLQWUHV j
YrWHPHQW RX DXWUHV REMHWV GXUV
RX SRLQWXV DX[ SRUWHPDQWHDX[
$FFURFKH] OHV YrWHPHQWV GLUHF
WHPHQW DX[ SRUWHPDQWHDX[ VDQV
XWLOLVHU GH FLQWUHV
. $YDQW G¶DFFURFKHU GHV YrWHPHQWV
DX SRUWHPDQWHDX DVVXUH]YRXV
TX¶LO Q¶\ D SDV G¶REMHWV SRLQWXV
GDQV OHV SRFKHV
(Q FDV G¶LQREVHUYDWLRQ GH FHV LQV
WUXFWLRQV OHV ULVTXHV VXLYDQWV SHX
YHQW VXUYHQLU ORUV G¶XQ DUUrW
EUXVTXH RX G¶XQH FROOLVLRQ FDXVDQW
DLQVL GH JUDYHV EOHVVXUHV
. 'HV REMHWV SHXYHQW rWUH pMHFWpV
GH O¶KDELWDFOH
. /HV ULGHDX[ GH VpFXULWp 656
SHXYHQW rWUH HPSrFKpV GH VH
GpSOR\HU G¶XQH PDQLqUH DSSUR
SULpH
eTXLSHPHQWV LQWpULHXUV(VSDFH GH UDQJHPHQW VRXV SODQFKHU
$77(17,21
1¶DFFURFKH] MDPDLV TXHOTXH FKRVH
TXL SRXUUDLW REVWUXHU OD YLVLRQ GX
FRQGXFWHXU VXU OH SRUWHPDQWHDX RX
FHOD SRXUUDLW FDXVHU GHV EOHVVXUHV
ORUV G¶DUUrWV EUXVTXHV RX GH FROOL
VLRQV (W Q¶DFFURFKH] SDV G¶REMHWV
SHVDQW NJ OEV RX SOXV VXU OH
SRUWHPDQWHDX
(VSDFH GH UDQJHPHQW VRXV
SODQFKHU
/¶HVSDFH GH UDQJHPHQW HVW VLWXp VRXV OH
SODQFKHU GX FRIIUH HW SHXW rWUH XWLOLVp SRXU
UDQJHU GHV REMHWV GH SHWLWH WDLOOH 7LUH] VXU
OD VDQJOH SRXU RXYULU OH FRXYHUFOH GX
SODQFKHU GX FRIIUH SXLV UHWLUH] OH FRXYHU
FOH
5(0$548(
. /D IRUPH GH O¶HVSDFH GH UDQJHPHQW
SHXW GLIIpUHU VHORQ OH PRGqOH
. /RUVTXH YRXV UDQJH] XQ SQHX FUHYp
PHWWH] OH SODWHDX GH UDQJHPHQW GDQV OH
FRIIUH
$77(17,21
. 3RXU UpGXLUH OHV ULVTXHV GH EOHV
VXUHV HQ FDV G¶DUUrW EUXVTXH RX
G¶DFFLGHQW QH ODLVVH] MDPDLV OHV
FRXYHUFOHV RXYHUWV SHQGDQW OD
FRQGXLWH
. 1H PHWWH] SDV G¶DWRPLVHXUV RX
GH UpFLSLHQWV FRQWHQDQW GHV SUR
GXLWV LQIODPPDEOHV RX FRUURVLIV
QL DXFXQ DXWUH DUWLFOH GDQJHUHX[
GDQV O¶HVSDFH GH UDQJHPHQW
eTXLSHPHQWV LQWpULHXUV&DPpUD GH UHFXO
&DPpUD GH UHFXO
5HSRUWH]YRXV DX PDQXHO G¶LQVWUXFWLRQV
GX V\VWqPH GH QDYLJDWLRQDXGLR IRXUQL
VpSDUpPHQW
eFUDQ GH YXH DYDQW VHORQ
PRGqOHV
/¶LPDJH GH OD FDPpUD LQWpJUpH j O¶LQWpULHXU
GH OD JULOOH DYDQW HVW DIILFKpH GDQV O¶DIIL
FKDJH PXOWLIRQFWLRQV pFUDQ /&' HQ FRX
OHXU (OOH pOLPLQH OHV DQJOHV PRUWV HW
SHUPHW DX FRQGXFWHXU GH YpULILHU OD GLUHF
WLRQ GHYDQW OH YpKLFXOH GHV GHX[ F{WpV
'$1*(5
. 1H FRPSWH] MDPDLV VHXOHPHQW VXU
O¶pFUDQ GH YXH DYDQW ORUVTXH YRXV
FRQGXLVH] OH YpKLFXOH /¶LPDJH
VXU O¶pFUDQ SHXW rWUH GLIIpUHQWH
GH OD VLWXDWLRQ UpHOOH 6L YRXV
FRQGXLVH] OH YpKLFXOH HQ UHJDU
GDQW XQLTXHPHQW O¶LPDJH VXU O¶p
FUDQ XQH FROOLVLRQ RX XQ DFFL
GHQW LQDWWHQGX SHXW VH SURGXLUH
/RUV GH OD FRQGXLWH GX YpKLFXOH
YpULILH] WRXMRXUV OD FLUFXODWLRQ
DXWRXU GX YpKLFXOH GLUHFWHPHQW
DYHF YRV \HX[ HW HQ XWLOLVDQW OHV
UpWURYLVHXUV
. &RQGXLVH] WRXMRXUV OH YpKLFXOH
FRPPH VL YRXV QH GLVSRVLH] SDV
GH O¶pFUDQ GH YXH DYDQW
. 1¶XWLOLVH] SDV O¶pFUDQ GH YXH
DYDQW GDQV OHV VLWXDWLRQV VXLYDQ
WHV
± 9RXV URXOH] VXU XQ FKHPLQ GH
WHUUH RX VXU XQH URXWH FRX
YHUWH GH QHLJH
± /D FDPpUD HVW GpIHFWXHXVH
SDU H[HPSOH O¶REMHFWLI RX OH
VXSSRUW VRQW FDVVpV . 6L OD WHPSpUDWXUH H[WpULHXUH HVW
EDVVH O¶pFUDQ SHXW GHYHQLU VRP
EUH RX OD OXPLQRVLWp GH O¶LPDJH
SHXW rWUH UpGXLWH (Q SDUWLFXOLHU
O¶LPDJH G¶XQ REMHW HQ PRXYHPHQW
SHXW rWUH GpIRUPpH RX GLVSDUDvWUH
GH O¶pFUDQ 9RXV GHYH] WRXMRXUV
YpULILHU OD FLUFXODWLRQ DXWRXU GX
YpKLFXOH GLUHFWHPHQW DYHF YRV
\HX[ ORUVTXH YRXV FRQGXLVH]
eTXLSHPHQWV LQWpULHXUVeFUDQ GH YXH DYDQW
& &RPPHQW DFFpGHU j O¶pFUDQ
GH YXH DYDQW
&RPPDQGH 9,(:
3RXU EDVFXOHU YHUV O¶pFUDQ GH OD FDPpUD
HIIHFWXH] O¶XQH GHV RSpUDWLRQV VXLYDQWHV
ORUVTXH OH FRQWDFWHXU G¶DOOXPDJH HVW HQ
SRVLWLRQ ³21´
. $SSX\H] VXU OD FRPPDQGH 9,(:
. )DLWHV SDVVHU OH OHYLHU VpOHFWHXU GH OD
SRVLWLRQ ³5´ j ³'´ XQLTXHPHQW ORUVTXH
&DPHUD 6KLIW /LQN HVW UpJOp VXU ³2Q´ SRXU
SOXV GH GpWDLOV UHSRUWH]YRXV j ³5pJODJH
GH OD &DPHUD 6KLIW /LQN´ )
& &RPPHQW DQQXOHU O¶pFUDQ GH
YXH DYDQW
& 3RUWpH GHV LPDJHV VXU O¶pFUDQ
! $QQXODWLRQ PDQXHOOH
$SSX\H] j QRXYHDX VXU OD FRPPDQGH
9,(:
! $QQXODWLRQ DXWRPDWLTXH
6L O¶XQH GHV FRQGLWLRQV VXLYDQWHV HVW
UHPSOLH O¶pFUDQ GH YXH DYDQW HVW DQQXOp
DXWRPDWLTXHPHQW
$SUqV DYRLU DFFpGp j O¶pFUDQ GH YXH
DYDQW HQ DSSX\DQW VXU OD FRPPDQGH
9,(:
. PLQXWHV VH VRQW pFRXOpHV GHSXLV OD
GHUQLqUH RSpUDWLRQ
. /D YLWHVVH GX YpKLFXOH GpSDVVH OHV
NPK PSK . /H OHYLHU VpOHFWHXU PRGqOHV &97 HVW
SODFp VXU OD SRVLWLRQ ³3´
. /H IUHLQ GH VWDWLRQQHPHQW HVW VHUUp
$SUqV DYRLU DFFpGp j O¶pFUDQ GH YXH
DYDQW HQ XWLOLVDQW OH OHYLHU VpOHFWHXU
. 0HWWH] OH OHYLHU VpOHFWHXU HQ SRVLWLRQ
³3´
. /D YLWHVVH GX YpKLFXOH DWWHLQW RX Gp
SDVVH OHV NPK PSK . (QYLURQ VHFRQGHV VH VRQW pFRXOpHV
GHSXLV OD GHUQLqUH RSpUDWLRQ
. /H IUHLQ GH VWDWLRQQHPHQW HVW VHUUp
$
%
,QWHUVHFWLRQ URXWLqUH DYHF XQH IDLEOH
YLVLELOLWp
6WDWLRQQHPHQW HQ IDFH G¶XQ PXU
3RUWpH GH O¶LPDJH DIILFKpH
2EVWDFOHV SDU H[HPSOH LPPHXEOHV
FO{WXUHV RX G¶DXWUHV YpKLFXOHV
± 68,7( ±
eTXLSHPHQWV LQWpULHXUVeFUDQ GH YXH DYDQW
'$1*(5
eWDQW GRQQp TXH OD SRUWpH GH O¶LPDJH
FDSWpH SDU OD FDPpUD HVW OLPLWpH
YpULILH] WRXMRXUV OD FLUFXODWLRQ DX
WRXU GX YpKLFXOH GLUHFWHPHQW DYHF
YRV \HX[ ORUVTXH YRXV FRQGXLVH] OH
YpKLFXOH
5(0$548(
. /D SRUWpH GH O¶LPDJH DIILFKpH SHXW
YDULHU HQ IRQFWLRQ GH O¶pWDW GX YpKLFXOH
RX GH O¶pWDW GH OD URXWH
. eWDQW GRQQp TXH OH V\VWqPH GH
O¶pFUDQ GH YXH DYDQW XWLOLVH XQ REMHFWLI
VSpFLDOHPHQW FRQoX OD QRWLRQ GH OD
GLVWDQFH GDQV O¶LPDJH DIILFKpH HVW
GLIIpUHQWH GH OD GLVWDQFH UpHOOH
. /¶LPDJH GH OD FDPpUD SHXW rWUH
GLIILFLOH j YLVXDOLVHU GDQV OHV VLWXDWLRQV
VXLYDQWHV ,O QH V¶DJLW SDV G¶XQH DQR
PDOLH
± 'DQV XQ OLHX VRPEUH OD QXLW
± /D WHPSpUDWXUH HVW pOHYpH RX
EDVVH DXWRXU GH O¶REMHFWLI
± /¶REMHFWLI HVW HQ FRQWDFW DYHF
O¶HDX RX HQ VLWXDWLRQ G¶KXPLGLWp
pOHYpH WHPSV SOXYLHX[
± ,O \ D GHV FRUSV pWUDQJHUV
FRPPH OD ERXH DXWRXU GH OD FDPp
UD
± /D OXPLqUH GX VROHLO RX OH IDLV
FHDX GHV SKDUHV VH GLULJH GLUHFWH
PHQW YHUV O¶REMHFWLI GH OD FDPpUD
. 6RXV XQH OXPLqUH DUWLILFLHOOH WHOOH
TX¶XQH ODPSH IOXRUHVFHQWH XQH ODPSH
j YDSHXU GH VRGLXP RX XQH ODPSH j
PHUFXUH OD SDUWLH pFODLUpH SHXW VFLQWLO
OHU SKpQRPqQH GH VFLQWLOOHPHQW . /RUVTXH O¶pFUDQ D UHIURLGL O¶LPDJH
SHXW ODLVVHU GHV WUDFHV RX GHYHQLU SOXV
VRPEUH TXH G¶KDELWXGH FH TXL HQWUDvQH
XQH GLIILFXOWp j YLVXDOLVHU O¶pFUDQ 9pUL
ILH] WRXMRXUV OD FLUFXODWLRQ DXWRXU GX
YpKLFXOH GLUHFWHPHQW DYHF YRV \HX[
ORUVTXH YRXV FRQGXLVH]
. /HV LQFLGHQWV VXLYDQWV QH GRLYHQW
SDV rWUH FRQVLGpUpV FRPPH XQ G\V
IRQFWLRQQHPHQW
± /¶REMHFWLI GH OD FDPpUD SHXW GH
YHQLU YRLOp ORUVTXH O¶KXPLGLWp HVW
pOHYpH ORUV G¶XQH MRXUQpH SOXYLHXVH
± /D OXPLqUH SURYHQDQW G¶XQ YpKL
FXOH RX G¶XQ EkWLPHQW VLWXp j O¶DYDQW
SHXW VH UHIOpWHU YHUV O¶LPDJH GH OD
FDPpUD HQ FRQGXLVDQW OD QXLW
± 'DQV XQ HQGURLW VRPEUH RX HQ
FRQGXLVDQW OD QXLW O¶LPDJH GH OD
FDPpUD SHXW rWUH UpJOpH SRXU UHQGUH
OHV SDUDVLWHV PRLQV YLVLEOHV 3DU
FRQVpTXHQW O¶LPDJH SHXW UHVVHP
EOHU j XQH LPDJH PRQRFKURPDWLTXH
RX OHV FRXOHXUV GH O¶LPDJH SHXYHQW
GLIIpUHU GHV FRXOHXUV UpHOOHV /¶L
PDJH GH OD FDPpUD SHXW rWUH GpWp
ULRUpH HQ FH TXL FRQFHUQH OD QHWWHWp
DX FHQWUH HW DX[ TXDWUH FRLQV GH
O¶pFUDQ ,O QH V¶DJLW SDV G¶XQH DQR
PDOLH
& /LJQH GH JXLGDJH
/LJQH GH JXLGDJH
0HVVDJH G¶DYHUWLVVHPHQW
/D OLJQH GH JXLGDJH LQGLTXDQW OD ODUJHXU HW
O¶H[WUpPLWp DYDQW GH YRWUH YpKLFXOH V¶DIIL
FKH j O¶pFUDQ
eTXLSHPHQWV LQWpULHXUVeFUDQ GH YXH DYDQW
& 0DQLSXODWLRQ GH OD FDPpUD
$77(17,21
9HXLOOH] VXLYUH OHV LQVWUXFWLRQV VXL
YDQWHV 6LQRQ OH V\VWqPH ULVTXH GH
QH SDV IRQFWLRQQHU FRUUHFWHPHQW
. 1¶H[HUFH] DXFXQ LPSDFW LPSRU
WDQW VXU OD FDPpUD SDU H[HPSOH
HQ OD FRJQDQW RX HQ OD IUDSSDQW
DYHF XQ REMHW /¶DQJOH GH PRQ
WDJH SHXW FKDQJHU
. /¶HQVHPEOH GH OD FDPpUD HVW XQH
VWUXFWXUH pWDQFKH 1¶HVVD\H] SDV
GH UHWLUHU GH GpPRQWHU RX GH
PRGLILHU O¶HQVHPEOH
. 1H IURWWH] SDV IRUWHPHQW HW QH
SROLVVH] SDV O¶REMHFWLI GH OD FD
PpUD DYHF XQH EURVVH GXUH RX
GHV FRPSRVpV DEUDVLIV /¶REMHF
WLI SHXW rWUH UD\p FH TXL HQWUDvQH
XQ HIIHW GpIDYRUDEOH VXU O¶LPDJH
GH OD FDPpUD
. /¶REMHFWLI GH OD FDPpUD HVW ID
EULTXp HQ YHUUH RX HQ SODVWLTXH
1H ODLVVH] SDV XQ VROYDQW RUJD
QLTXH XQH FLUH FRUSRUHOOH XQ
GpFDSDQW GH ILOP G¶KXLOH RX XQ
DJHQW GH UHYrWHPHQW GH YHUUH VH
IL[HU VXU OD VXUIDFH GH O¶REMHFWLI
6L O¶XQ GH FHV SURGXLWV VH IL[H VXU
.
.
.
.
.
O¶REMHFWLI UHWLUH]OH LPPpGLDWH
PHQW
1¶H[SRVH] SDV O¶REMHFWLI GH OD
FDPpUD j XQ FKDQJHPHQW VRX
GDLQ GH WHPSpUDWXUH SDU H[HPSOH
HQ OH YDSRULVDQW G¶HDX FKDXGH
SDU WHPSV IURLG
1¶RULHQWH] SDV OH MHW G¶HDX G¶XQH
ODYHXVH j KDXWH SUHVVLRQ YHUV OD
FDPpUD RX VD ]RQH HQYLURQQDQWH
ORUV GX QHWWR\DJH GX YpKLFXOH /D
FDPpUD SRXUUDLW VH GpWDFKHU j
FDXVH GH O¶LPSDFW GH OD IRUWH
SUHVVLRQ GH O¶HDX 'H SOXV O¶HDX
SHXW SpQpWUHU j O¶LQWpULHXU GH OD
FDPpUD HW SURYRTXHU XQ G\VIRQF
WLRQQHPHQW
6L OD FDPpUD HVW H[SRVpH j XQ
FKRF FHOD SHXW HQWUDvQHU VRQ
G\VIRQFWLRQQHPHQW )DLWHV
FRQWU{OHU YRWUH FDPpUD SDU XQ
FRQFHVVLRQQDLUH 68%$58 OH
SOXV W{W SRVVLEOH
1¶XWLOLVH] HQ DXFXQ FDV XQ QHW
WR\HXU j YDSHXU &HUWDLQV W\SHV
GH QHWWR\HXUV j YDSHXU LQMHFWHQW
GH OD YDSHXU FKDXGH
/D VXUIDFH GH OD FDPpUD SHXW rWUH
HQGRPPDJpH SDU XQH SURMHFWLRQ
GH SLHUUHV
5(0$548(
,O HVW LPSRVVLEOH G¶REWHQLU XQH LPDJH
QHWWH VL O¶REMHFWLI GH OD FDPpUD HVW
VRXLOOp /RUVTXH OD FDPpUD HVW VRXLOOpH
SDU GHV JRXWWHV G¶HDX GH OD QHLJH RX GH
OD ERXH ODYH]OD DYHF GH O¶HDX HW
HVVX\H] WRXWH KXPLGLWp DYHF XQ FKLIIRQ
GRX[ 6L HOOH HVW IRUWHPHQW VDOH ODYH]OD
DYHF XQ GpWHUJHQW QHXWUH
²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²
²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²
²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²
²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²
²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²
²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²
²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²
²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²
²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²
²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²
²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²
²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²
²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²
'pPDUUDJH HW FRQGXLWH
&DUEXUDQW 3UHVFULSWLRQV FRQFHUQDQW OH FDUEXUDQW 9ROHW HW ERXFKRQ GX UpVHUYRLU GH FDUEXUDQW (VVDL G¶pPLVVLRQ GH SROOXDQWV eWDWV8QLV
XQLTXHPHQW $YDQW GH SUHQGUH OD URXWH 'pPDUUDJH HW DUUrW GX PRWHXU 3UpFDXWLRQV JpQpUDOHV ORUV GX GpPDUUDJHGH
O¶DUUrW GX PRWHXU 0RGqOHV VDQV OH V\VWqPH GH GpPDUUDJH j ERXWRQ
SRXVVRLU 0RGqOHV DYHF OH V\VWqPH GH GpPDUUDJH j ERXWRQ
SRXVVRLU 6\VWqPH GH GpPDUUDJH j GLVWDQFH GX PRWHXU
RSWLRQ FRQFHVVLRQQDLUH %RvWH GH YLWHVVHV PDQXHOOH 5DSSRUWV GH ERvWH &RQVHLOV GH FRQGXLWH 'LIIpUHQWLHO FHQWUDO j FRPPDQGH SDU OH
FRQGXFWHXU &',))'&&' 67, 3RXU FKDQJHU OH PRGH GX GLIIpUHQWLHO FHQWUDO j
FRPPDQGH SDU OH FRQGXFWHXU 0RGH DXWRPDWLTXH 0RGH PDQXHO /LEpUDWLRQ WHPSRUDLUH 7UDQVPLVVLRQ j YDULDWLRQ FRQWLQXH /HYLHU VpOHFWHXU 6pOHFWLRQ GX PRGH PDQXHO )RQFWLRQ GH YHUURXLOODJH GX OHYLHU VpOHFWHXU &RQVHLOV GH FRQGXLWH 6,'5,9( VHORQ PRGqOHV 0RGH ,QWHOOLJHQW , 0RGH 6SRUW 6 0RGH 6SRUW 6KDUS 6 &RPPDQGHV 6,'5,9( 'LIIpUHQWLHO j JOLVVHPHQW OLPLWp /6' 67, 6HUYRGLUHFWLRQ 67, 6DXI 67, )UHLQDJH 5HPDUTXHV G¶RUGUH JpQpUDO VXU OH IUHLQDJH 6\VWqPH GHV IUHLQV ,QGLFDWHXUV G¶XVXUH GHV SODTXHWWHV GH IUHLQ
j GLVTXH 6\VWqPH GH IUHLQDJH KDXWHV SHUIRUPDQFHV 67, eWULHU URXJH DYHF SODTXHWWH GH IUHLQ VSRUWLYH
VHORQ PRGqOHV $%6 V\VWqPH GH IUHLQV DQWLEORFDJH $XWRFRQWU{OH GH O¶$%6 7pPRLQ DYHUWLVVHXU GHV IUHLQV DQWLEORFDJH
$%6 6\VWqPH (%' UpSDUWLWLRQ pOHFWURQLTXH GH OD
IRUFH GH IUHLQDJH 0HVXUHV j SUHQGUH HQ FDV GH G\VIRQFWLRQQHPHQW
GX V\VWqPH (%' 6\VWqPH GX &RQWU{OH GH '\QDPLTXH GX
9pKLFXOH 0RQLWHXU GH V\VWqPH GX &RQWU{OH GH '\QDPLTXH
GX 9pKLFXOH &RPPDQGH GH GpVDFWLYDWLRQ GX &RQWU{OH GH
'\QDPLTXH GX 9pKLFXOH 'pPDUUDJH HW FRQGXLWH
6\VWqPH GH VXUYHLOODQFH GH OD SUHVVLRQ GHV
SQHXV 7306 PRGqOHV VSpFLILFDWLRQ GHV
eWDWV8QLV 6WDWLRQQHPHQW GX YpKLFXOH )UHLQ GH VWDWLRQQHPHQW PRGqOHV VDQV V\VWqPH
GH IUHLQ GH VWDWLRQQHPHQW pOHFWURQLTXH )UHLQ GH VWDWLRQQHPHQW pOHFWURQLTXH PRGqOHV
DYHF V\VWqPH GH IUHLQ GH VWDWLRQQHPHQW
pOHFWURQLTXH &RQVHLOV GH VWDWLRQQHPHQW )RQFWLRQ $XWR 9HKLFOH +ROG 3RXU DFWLYHUGpVDFWLYHU OD IRQFWLRQ $XWR 9HKLFOH
+ROG 3RXU PHWWUH OD IRQFWLRQ $XWR 9HKLFOH +ROG HQ
PDUFKH 3RXU UHOkFKHU OD IRQFWLRQ $XWR 9HKLFOH +ROG &RQVHLOV 6\VWqPH G¶DLGH DX GpPDUUDJH HQ F{WH 3RXU DFWLYHUGpVDFWLYHU OH V\VWqPH G¶DLGH DX
GpPDUUDJH HQ F{WH PRGqOHV VDQV V\VWqPH GH
IUHLQ GH VWDWLRQQHPHQW pOHFWURQLTXH 7pPRLQ DYHUWLVVHXU G¶DLGH DX GpPDUUDJH HQ F{WH
7pPRLQ LQGLFDWHXU GH GpVDFWLYDWLRQ G¶DLGH DX
GpPDUUDJH HQ F{WH PRGqOHV VDQV V\VWqPH GH
IUHLQ GH VWDWLRQQHPHQW pOHFWURQLTXH 5pJXODWHXU GH YLWHVVH 3RXU UpJOHU OH UpJXODWHXU GH YLWHVVH 'pVDFWLYDWLRQ WHPSRUDLUH GX UpJXODWHXU GH
YLWHVVH 0LVH KRUV VHUYLFH GX UpJXODWHXU GH YLWHVVH 3RXU FKDQJHU OD YLWHVVH UpJOpH ,QGLFDWHXU GH UpJXODWHXU GH YLWHVVH ,QGLFDWHXU GH UpJODJH GX UpJXODWHXU GH YLWHVVH %6'5&7$ VHORQ PRGqOHV &DUDFWpULVWLTXHV GX V\VWqPH )RQFWLRQQHPHQW GX V\VWqPH 7pPRLQ LQGLFDWHXUVLJQDO VRQRUH G¶DYHUWLVVHPHQW
G¶DSSURFKH %6'5&7$ ,QGLFDWHXU GH GpVDFWLYDWLRQ %6'5&7$ ,QGLFDWHXU G¶DYHUWLVVHPHQW %6'5&7$ &RPPDQGH GH GpVDFWLYDWLRQ %6'5&7$ &HUWLILFDWLRQ SRXU OH %6'5&7$ 0DQLSXODWLRQ GHV FDSWHXUV UDGDU 6\VWqPH GH IUHLQDJH DXWRPDWLTXH HQ PDUFKH
DUULqUH VHORQ PRGqOHV $SHUoX GX V\VWqPH GH IUHLQDJH DXWRPDWLTXH HQ
PDUFKH DUULqUH &RQGLWLRQV GH IRQFWLRQQHPHQW )RQFWLRQQHPHQW GX V\VWqPH GH IUHLQDJH
DXWRPDWLTXH HQ PDUFKH DUULqUH $QQXODWLRQ GX IRQFWLRQQHPHQW GX V\VWqPH GH
IUHLQDJH DXWRPDWLTXH HQ PDUFKH DUULqUH 5pJODJH G¶DFWLYDWLRQGH GpVDFWLYDWLRQ GX
V\VWqPH GH IUHLQDJH DXWRPDWLTXH HQ PDUFKH
DUULqUH ,QGLFDWHXU G¶DYHUWLVVHPHQW 5$% 0DQLSXODWLRQ GHV FDSWHXUV VRQDUV 'pPDUUDJH HW FRQGXLWH&DUEXUDQW
&DUEXUDQW
$77(17,21
/¶XWLOLVDWLRQ G¶XQ FDUEXUDQW GH TXD
OLWp PpGLRFUH RX FRQWHQDQW XQ DGGL
WLI GX FDUEXUDQW LQDSSURSULp SHXW
DYRLU XQH PDXYDLVH LQIOXHQFH VXU OH
PRWHXU
& 3UHVFULSWLRQV FRQFHUQDQW OH
FDUEXUDQW
! 67,
/H PRWHXU HVW FRQoX SRXU IRQFWLRQQHU j XQ
QLYHDX GH SHUIRUPDQFH PD[LPDO DYHF GH
O¶HVVHQFH VDQV SORPE DYHF XQ LQGLFH
G¶RFWDQH pJDO RX VXSpULHXU j $., 521 6L GX FDUEXUDQW DYHF XQ LQGLFH
G¶RFWDQH GH $., 521 Q¶HVW SDV
GLVSRQLEOH GDQV YRWUH UpJLRQ YRXV SRXYH]
XWLOLVHU GH O¶HVVHQFH VDQV SORPE DYHF XQ
LQGLFH G¶RFWDQH GH $., 521 VDQV
TXH FHOD QXLVH j OD GXUDELOLWp GX PRWHXU RX
j OD PRWULFLWp 7RXWHIRLV LO VH SHXW TXH YRXV
UHPDUTXLH] XQH EDLVVH HQ SHUIRUPDQFH
PD[LPDOH GX PRWHXU HQ XWLOLVDQW GX FDUEX
UDQW DYHF XQ LQGLFH G¶RFWDQH GH $., 521 /¶XWLOLVDWLRQ G¶XQ FDUEXUDQW DYHF XQ
LQGLFH G¶RFWDQH GH $., 521 Q¶D
DXFXQH LQFLGHQFH VXU OD FRXYHUWXUH GH
YRWUH JDUDQWLH
! 6DXI 67,
/H PRWHXU HVW FRQoX SRXU IRQFWLRQQHU DYHF
GH O¶HVVHQFH VDQV SORPE DYHF XQ LQGLFH
G¶RFWDQH pJDO RX VXSpULHXU j $., 521 6L GX FDUEXUDQW DYHF XQ LQGLFH
G¶RFWDQH GH $., 521 Q¶HVW SDV
GLVSRQLEOH YRXV SRXYH] XWLOLVHU GH O¶HV
VHQFH VDQV SORPE DYHF XQ LQGLFH G¶RFWDQH
GH $., 521 9RXV SRXYH] pJDOHPHQW XWLOLVHU GH O¶HV
VHQFH VDQV SORPE RUGLQDLUH DYHF XQ LQGLFH
G¶RFWDQH pJDO RX VXSpULHXU j $., 521 8WLOLVHU GH O¶HVVHQFH VDQV SORPE
RUGLQDLUH QH QXLUD SDV j OD GXUDELOLWp GX
PRWHXU HW Q¶D DXFXQH LQFLGHQFH VXU OD
FRXYHUWXUH GH YRWUH JDUDQWLH 7RXWHIRLV
VHORQ YRV KDELWXGHV GH FRQGXLWH HW OHV
FRQGLWLRQV GH FRQGXLWH LO VH SHXW TXH YRXV
UHPDUTXLH] XQH EDLVVH GHV SHUIRUPDQFHV
PD[LPDOHV GX PRWHXU GHV pFRQRPLHV HQ
FRQVRPPDWLRQ GH FDUEXUDQW RX GHV YL
EUDWLRQV RX FRJQHPHQWV GX PRWHXU 6L XQH
GH FHV FRQGLWLRQV VH SURGXLW ORUVTXH YRXV
XWLOLVH] XQ FDUEXUDQW DYHF XQ LQGLFH
G¶RFWDQH SOXV IDLEOH LO HVW SUpIpUDEOH GH
UHYHQLU j XQ FDUEXUDQW DYHF XQ LQGLFH
G¶RFWDQH GH $., 521 GqV TXH
SRVVLEOH 'H SOXV VL OHV FRJQHPHQWV GH
YRWUH YpKLFXOH VRQW IRUWV RX SHUVLVWDQWV
O¶XWLOLVDWLRQ G¶XQH HVVHQFH VDQV SORPE
DYHF XQ LQGLFH G¶RFWDQH GH $., 521 HVW QpFHVVDLUH
! ,QGLFH G¶RFWDQH GHV FDUEXUDQWV
$YHF XQH HVVHQFH G¶XQ LQGLFH G¶RFWDQH
WURS EDV OH FOLTXHWLV GX PRWHXU HVW IRUW HW
SHUVLVWDQW HW FHOD SHXW j OD ORQJXH
HQGRPPDJHU OH PRWHXU ,O Q¶\ D SDV OLHX
GH V¶LQTXLpWHU VL OH PRWHXU GH YRWUH
YpKLFXOH FOLTXHWWH OpJqUHPHQW GH WHPSV j
DXWUH RX SHQGDQW OHV DFFpOpUDWLRQV
&RQWDFWH] YRWUH FRQFHVVLRQQDLUH
68%$58 VL YRWUH YpKLFXOH IDLW GHV j FRXSV
IRUWV RX FRQVWDPPHQW DORUV TXH YRXV
XWLOLVH] XQ FDUEXUDQW D\DQW XQ LQGLFH
G¶RFWDQH VSpFLILp
! 521
&HW LQGLFH G¶RFWDQH HVW O¶LQGLFH G¶RFWDQH
UHFKHUFKH
! $.,
&HW LQGLFH G¶RFWDQH DXTXHO QRXV IDLVRQV
UpIpUHQFH HVW OD PR\HQQH HQWUH OHV LQGLFHV
GH 5HFKHUFKH G¶RFWDQH HW G¶2FWDQH GX
PRWHXU 2Q O¶DSSHOOH DXVVL FRXUDPPHQW
³LQGLFH DQWLFOLTXHWLV´ RX $., GH O¶DQJODLV
³$QWL.QRFN ,QGH[´ ± 68,7( ±
'pPDUUDJH HW FRQGXLWH&DUEXUDQW
! (VVHQFH VDQV SORPE
/D JRXORWWH GH UHPSOLVVDJH GX UpVHUYRLU GH
FDUEXUDQW HVW SUpYXH SRXU Q¶DFFHSWHU TXH
OHV SLVWROHWV GHV SRPSHV GLVWULEXWULFHV
G¶HVVHQFH VDQV SORPE 1¶XWLOLVH] MDPDLV
TXHOOHV TXH VRLHQW OHV FLUFRQVWDQFHV GH
O¶HVVHQFH DX SORPE HOOH HQGRPPDJHUDLW
OH V\VWqPH DQWLSROOXWLRQ HW SRXUUDLW DIIHFWHU
OD VRXSOHVVH GX PRWHXU
! (VVHQFH UHIRUPXOpH
68%$58 HQFRXUDJH O¶XVDJH GH O¶HVVHQFH
UHIRUPXOpH ORUVTXH FHOOHFL HVW GLVSRQLEOH
/¶HVVHQFH UHIRUPXOpH D pWp PpODQJpH GH
IDoRQ j EU€OHU SURSUHPHQW HW j UpGXLUH OHV
pPLVVLRQV SROOXDQWHV GHV YpKLFXOHV
! 007
&HUWDLQHV HVVHQFHV FRQWLHQQHQW XQ DGGLWLI
G¶DPpOLRUDWLRQ GH O¶LQGLFH G¶RFWDQH DSSHOp
007 0pWK\OF\FORSHQWDGLpQ\O 0DQJD
QqVH 7ULFDUERQ\OH $YHF XQ WHO FDUEXUDQW
OHV SHUIRUPDQFHV GX V\VWqPH DQWLSROOXWLRQ
VRQW PpGLRFUHV HW LO DUULYH TXH OH WpPRLQ
DYHUWLVVHXU G¶DQRPDOLH PRWHXU &+(&.
(1*,1( RX OH WpPRLQ LQGLFDWHXU GH G\V
IRQFWLRQQHPHQW V¶DOOXPH /H FDV pFKpDQW
SUpVHQWH] YRWUH YpKLFXOH j XQ FRQFHVVLRQ
QDLUH DJUpp 68%$58 SRXU OH IDLUH FRQWU{
OHU 6¶LO V¶DYqUH TXH OH W\SH GH FDUEXUDQW
XWLOLVp HVW j O¶RULJLQH GX SUREOqPH OHV
UpSDUDWLRQV QH SRXUURQW SDV rWUH SULVHV HQ
FKDUJH GDQV OH FDGUH GH OD JDUDQWLH GH
YRWUH YpKLFXOH
! 'HV HVVHQFHV PRLQV SROOXDQWHV
/¶XWLOLVDWLRQ G¶XQH HVVHQFH FRQWHQDQW GHV
DGGLWLIV GpWHUJHQWV pYLWH OD IRUPDWLRQ GH
GpS{WV j O¶LQWpULHXU GX PRWHXU HW GDQV OH
V\VWqPH G¶DOLPHQWDWLRQ HQ FDUEXUDQW &HOD
DLGH j PDLQWHQLU OH PRWHXU HW VHV V\VWqPHV
DQWLSROOXWLRQ DX PLHX[ GH OHXUV SHUIRUPDQ
FHV HW HQ FH VHQV FHOD FRQWULEXH j OD OXWWH
FRQWUH OD SROOXWLRQ DWPRVSKpULTXH 6L YRXV
XWLOLVH] HQ SHUPDQHQFH XQ FDUEXUDQW GH
ERQQH TXDOLWp FRQWHQDQW GX GpWHUJHQW HW
OHV DXWUHV DGGLWLIV DSSURSULpV YRXV Q¶DX
UH] MDPDLV j LQWURGXLUH GDQV OH UpVHUYRLU GH
FDUEXUDQW XQ DJHQW GH QHWWR\DJH GX
V\VWqPH G¶DOLPHQWDWLRQ HQ FDUEXUDQW /HV
HVVHQFHV VRQW VRXYHQW PpODQJpHV j GHV
SURGXLWV R[\JpQpV
/¶XWLOLVDWLRQ GH WHOV FDUEXUDQWV FRQWULEXH j
OD OXWWH FRQWUH OD SROOXWLRQ /¶XWLOLVDWLRQ GH
WHOV FDUEXUDQWV FRQWULEXH j OD OXWWH FRQWUH
OD SROOXWLRQ ,O HVW SRVVLEOH G¶XWLOLVHU DYHF
YRWUH YpKLFXOH XQ FDUEXUDQW PpODQJp
R[\JpQp WHO TXH O¶pWKDQRO DOFRRO pWK\OLTXH
RX GH JUDLQ 7RXWHIRLV SRXU TXH YRWUH
YpKLFXOH 68%$58 IRQFWLRQQH ELHQ OH
PpODQJH QH GRLW SDV FRQWHQLU SOXV GH
G¶pWKDQRO
1¶XWLOLVH] SDV G¶HVVHQFH TXL FRQWLHQQH
SOXV GH G¶pWKDQRO \ FRPSULV FHOOHV
YHQDQW GH SRPSHV pWLTXHWpHV ( (
( RX ( TXL QH VRQW TXH TXHOTXHV
H[HPSOHV GH FDUEXUDQW FRQWHQDQW SOXV GH
G¶pWKDQRO 3DU DLOOHXUV FHUWDLQV IRXUQLVVHXUV G¶HV
VHQFH SURSRVHQW PDLQWHQDQW GHV HVVHQ
FHV GLWHV ³UHIRUPXOpHV´ FRQoXHV SRXU
UpGXLUH OHV pPLVVLRQV GH SROOXDQWV SDU OHV
YpKLFXOHV 68%$58 DSSURXYH O¶XVDJH GH
O¶HVVHQFH UHIRUPXOpH
(Q FDV GH GRXWH VXU OD FRPSRVLWLRQ GHV
FDUEXUDQWV UHQVHLJQH]YRXV DXSUqV GX
SHUVRQQHO GH OD VWDWLRQVHUYLFH TXL SRXUUD
LQGLTXHU VL OHV HVVHQFHV YHQGXHV FRQWLHQ
QHQW GHV GpWHUJHQWV HW GHV SURGXLWV
R[\JpQpV HW VL HOOHV RQW pWp UHIRUPXOpHV
SRXU UpGXLUH OHV pPLVVLRQV GH SROOXDQWV
(Q RXWUH XWLOLVH] XQLTXHPHQW GX FDUEXUDQW
DGDSWp j YRWUH YpKLFXOH FRPPH GpFULW FL
DSUqV
. /H FDUEXUDQW QH GRLW SDV FRQWHQLU GH
SORPE HW SUpVHQWHU XQ LQGLFH G¶RFWDQH DX
PRLQV pJDO j OD YDOHXU SUHVFULWH GDQV FH
PDQXHO
. 'X PpWKDQRO DOFRRO PpWK\OLTXH RX
DOFRRO GH ERLV HVW SDUIRLV PpODQJp j
O¶HVVHQFH VDQV SORPE /H PpWKDQRO HVW
DGPLVVLEOH DYHF FH YpKLFXOH 81,48(
0(17 HQ SURSRUWLRQ LQIpULHXUH j GX
PpODQJH GX FDUEXUDQW TXL GRLW $866,
FRQWHQLU OHV GLVVROYDQWV HW LQKLELWHXUV GH
FRUURVLRQ DSSURSULpV SRXU QH SDV HQGRP
'pPDUUDJH HW FRQGXLWH&DUEXUDQW
PDJHU OH V\VWqPH G¶DOLPHQWDWLRQ HQ FDU
EXUDQW 8WLOLVH] XQ FDUEXUDQW FRQWHQDQW GX
PpWKDQRO 81,48(0(17 VL FHV FRQGLWLRQV
VRQW UHPSOLHV
. (Q FDV GH GLIILFXOWpV DYHF OH PRWHXU VL
FHV GLIILFXOWpV VHPEOHQW rWUH FDXVpHV SDU
OH FDUEXUDQW HVVD\H] XQH DXWUH PDUTXH
G¶HVVHQFH DYDQW GH GHPDQGHU DVVLVWDQFH
j YRWUH FRQFHVVLRQQDLUH 68%$58
. /HV SUREOqPHV G¶HQGRPPDJHPHQW GX
V\VWqPH G¶DOLPHQWDWLRQ HQ FDUEXUDQW RX GH
PDQTXH GH VRXSOHVVH GX PRWHXU GXV j
O¶HPSORL GH FDUEXUDQW GH TXDOLWp LQDG
pTXDWH QH VRQW SDV FRXYHUWV SDU OD
*DUDQWLH /LPLWpH 68%$58
$77(17,21
9HLOOH] j QH SDV UpSDQGUH GH FDUEX
UDQW VXU OD FDUURVVHULH GX YpKLFXOH
'HV FDUEXUDQWV FRQWHQDQW GH O¶DO
FRRO SHXYHQW HQGRPPDJHU OD SHLQ
WXUH FH TXL Q¶HVW SDV FRXYHUW SDU OD
*DUDQWLH /LPLWpH 68%$58
& 9ROHW HW ERXFKRQ GX UpVHUYRLU
GH FDUEXUDQW
! 5DYLWDLOOHPHQW HQ FDUEXUDQW
/H UDYLWDLOOHPHQW HQ FDUEXUDQW GRLW rWUH
HIIHFWXp SDU XQH SHUVRQQH XQLTXHPHQW
1H ODLVVH] SHUVRQQH V¶DSSURFKHU GH OD
JRXORWWH GH UHPSOLVVDJH GH FDUEXUDQW ORUV
GX UDYLWDLOOHPHQW HQ FDUEXUDQW
5HVSHFWH] WRXMRXUV WRXWHV OHV SUpFDXWLRQV
LQGLTXpHV j OD VWDWLRQ VHUYLFH
/HYLHU G¶RXYHUWXUH GX ERXFKRQ GH UpVHU
YRLU GX FDUEXUDQW
3RXU RXYULU OH YROHW GX ERXFKRQ GH
UpVHUYRLU GX FDUEXUDQW WLUH] OH OHYLHU
G¶RXYHUWXUH YHUV OH KDXW /H OHYLHU G¶RX
YHUWXUH VH WURXYH VXU OH SODQFKHU VXU OD
JDXFKH GX VLqJH GX FRQGXFWHXU
'$1*(5
$YDQW G¶RXYULU OH ERXFKRQ GH UpVHU
YRLU GX FDUEXUDQW WRXFKH] G¶DERUG
OD FDUURVVHULH GX YpKLFXOH RX XQH
SDUWLH PpWDOOLTXH GH OD SRPSH GX
FDUEXUDQW RX XQ REMHW VLPLODLUH SRXU
GpFKDUJHU O¶pOHFWULFLWp VWDWLTXH TXL
SRXUUDLW rWUH SUpVHQW VXU YRXV 6L
YRWUH FRUSV WUDQVSRUWH GH O¶pOHFWUL
FLWp VWDWLTXH LO \ XQ ULVTXH TX¶XQH
pWLQFHOOH pOHFWULTXH HQIODPPH OH FDU
± 68,7( ±
'pPDUUDJH HW FRQGXLWH&DUEXUDQW
EXUDQW FH TXL SRXUUDLW YRXV EU€OHU
3RXU pYLWHU G¶DFFXPXOHU j QRXYHDX
GH O¶pOHFWULFLWp VWDWLTXH QH UHQWUH]
SDV GDQV OH YpKLFXOH SHQGDQW OH
UDYLWDLOOHPHQW HQ FDUEXUDQW
2XYULU
)HUPHU
2XYUH] OH ERXFKRQ GH UHPSOLVVDJH HQ
FDUEXUDQW HQ OH WRXUQDQW OHQWHPHQW GDQV OH
VHQV LQYHUVH GHV DLJXLOOHV G¶XQH PRQWUH
'$1*(5
. /HV YDSHXUV G¶HVVHQFH VRQW WUqV
LQIODPPDEOHV $YDQW XQ UDYLWDLO
OHPHQW HQ FDUEXUDQW DUUrWH] G¶D
ERUG OH PRWHXU HW IHUPH] WRXWHV
OHV SRUWLqUHV HW YLWUHV GX YpKL
FXOH 9pULILH] TX¶LO Q¶\ D QL FLJD
UHWWH DOOXPpH QL IODPPH YLYH QL
VRXUFH G¶pWLQFHOOHV pOHFWULTXHV j
SUR[LPLWp 1H PDQLSXOH] OH FDU
EXUDQW TX¶j O¶H[WpULHXU )URWWH]
LPPpGLDWHPHQW GX FDUEXUDQW
UHQYHUVp
. /RUV GH O¶RXYHUWXUH GX ERXFKRQ
VDLVLVVH]OH IHUPHPHQW HW WRXU
QH]OH OHQWHPHQW YHUV OD JDXFKH
1H O¶HQOHYH] SDV EUXVTXHPHQW
(Q SDUWLFXOLHU SDU WHPSV FKDXG OH
FDUEXUDQW VRXV SUHVVLRQ ULVTXH
UDLW GH JLFOHU DYHF IRUFH SDU OD
JRXORWWH GH UHPSOLVVDJH GX FDU
EXUDQW RFFDVLRQQDQW GRPPDJHV
RX EOHVVXUHV 6L YRXV HQWHQGH]
XQ VLIIOHPHQW SHQGDQW TXH YRXV
GpYLVVH] OH ERXFKRQ DWWHQGH]
TXH OH EUXLW V¶DUUrWH SXLV RXYUH]
OH ERXFKRQ GpOLFDWHPHQW SRXU
pYLWHU TXH OH FDUEXUDQW VH Up
SDQGH HW FRQVWLWXH XQ ULVTXH
G¶LQFHQGLH
3ODFH] OH ERXFKRQ GH UHPSOLVVDJH GX
FDUEXUDQW VXU OH VXSSRUW GX ERXFKRQ j
O¶LQWpULHXU GX YROHW GH UHPSOLVVDJH GX
FDUEXUDQW
'$1*(5
. /RUV GX UDYLWDLOOHPHQW HQ FDUEX
UDQW LQVpUH] OH SLVWROHW GX FDUEX
UDQW FRQYHQDEOHPHQW GDQV OH
WX\DX GH UHPSOLVVDJH GH FDUEX
UDQW 6L OH SLVWROHW Q¶HVW SDV
VRXOHYp RX LQVpUp j IRQG VRQ
PpFDQLVPH G¶DUUrW DXWRPDWLTXH
ULVTXH GH QH SDV IRQFWLRQQHU FH
TXL SURYRTXHUD OH GpERUGHPHQW
GX FDUEXUDQW HW UHSUpVHQWHUD XQ
ULVTXH G¶LQFHQGLH
. $UUrWH] OH UDYLWDLOOHPHQW HQ FDU
'pPDUUDJH HW FRQGXLWH&DUEXUDQW
EXUDQW ORUVTXH OH PpFDQLVPH
G¶DUUrW DXWRPDWLTXH GX SLVWROHW
GX FDUEXUDQW V¶DFWLYH 6L YRXV
FRQWLQXH] j DMRXWHU GX FDUEXUDQW
GHV YDULDWLRQV GH WHPSpUDWXUH RX
G¶DXWUHV FRQGLWLRQV SHXYHQW SUR
YRTXHU OH GpERUGHPHQW GX FDU
EXUDQW HW UHSUpVHQWHU XQ ULVTXH
G¶LQFHQGLH
/H UHPSOLVVDJH HQ FDUEXUDQW HVW WHU
PLQp ORUVTXH OH GLVWULEXWHXU GH OD VWDWLRQ
VHUYLFH V¶DUUrWH DXWRPDWLTXHPHQW 1H
WHQWH] SDV G¶DMRXWHU HQFRUH GX FDUEXUDQW
5HIHUPH] OH ERXFKRQ HQ OH WRXUQDQW
GDQV OH VHQV GHV DLJXLOOHV G¶XQH PRQWUH
MXVTX¶j HQFOHQFKHPHQW $X VHUUDJH YHLO
OH] j FH TXH OD VDQJOH GH UHWHQXH QH VRLW
SDV SULVH VRXV OH ERXFKRQ
$77(17,21
$VVXUH]YRXV TXH OH ERXFKRQ HVW
VHUUp MXVTX¶j FH TX¶LO V¶HQFOHQFKH
DILQ G¶pYLWHU OHV IXLWHV GH FDUEXUDQW
HQ FDV G¶DFFLGHQW
5HIHUPH] FRPSOqWHPHQW OH YROHW G¶DF
FqV DX ERXFKRQ GH UHPSOLVVDJH GX FDUEX
UDQW
$77(17,21
6L YRXV DYH] UpSDQGX GX FDUEXUDQW
VXU XQH VXUIDFH SHLQWH ULQFH] LPPp
GLDWHPHQW 'DQV OH FDV FRQWUDLUH OD
SHLQWXUH SRXUUDLW rWUH HQGRPPDJpH
5(0$548(
. 9RXV SRXYH] YRLU OH SLFWRJUDPPH
³
´ VXU OD MDXJH GH FDUEXUDQW &HWWH
LQVFULSWLRQ LQGLTXH TXH OH YROHW FRX
YHUFOH GH UHPSOLVVDJH HQ FDUEXUDQW VH
WURXYH GX F{Wp GURLW GX YpKLFXOH
. 6L OH ERXFKRQ GH UHPSOLVVDJH HQ
FDUEXUDQW Q¶D SDV pWp UHIHUPp MXVTX¶DX
FOLF RX VL OD ORQJH GH UHWHQXH HVW SULVH
VRXV OH ERXFKRQ FHOD SHXW SURYRTXHU
O¶DOOXPDJH GX WpPRLQ DYHUWLVVHXU G¶D
QRPDOLH PRWHXU &+(&. (1*,1(Wp
PRLQ LQGLFDWHXU GH G\VIRQFWLRQQHPHQW
5HSRUWH]YRXV j ³7pPRLQ DYHUWLVVHXU
G¶DQRPDOLH PRWHXU &+(&. (1*,1(
7pPRLQ LQGLFDWHXU GH G\VIRQFWLRQQH
PHQW´ )
$77(17,21
. 1H PHWWH] MDPDLV GH SURGXLWV GH
QHWWR\DJH GDQV OH UpVHUYRLU GH
FDUEXUDQW /¶DMRXW GH SURGXLWV GH
QHWWR\DJH ULVTXHUDLW G¶HQGRPPD
JHU OH V\VWqPH G¶DOLPHQWDWLRQ HQ
FDUEXUDQW
. $SUqV OH UDYLWDLOOHPHQW HQ FDUEX
UDQW WRXUQH] OH ERXFKRQ GDQV OH
VHQV GHV DLJXLOOHV G¶XQH PRQWUH
MXVTX¶j HQFOHQFKHPHQW SRXU JD
UDQWLU XQ VHUUDJH PD[LPDO 6L OH
ERXFKRQ Q¶HVW SDV ELHQ VHUUp GX
FDUEXUDQW SHXW V¶pFRXOHU SHQGDQW
OD FRQGXLWH GX YpKLFXOH RX GX
FDUEXUDQW SHXW VH UHQYHUVHU HQ
FDV G¶DFFLGHQW FH TXL SHXW UHSUp
VHQWHU XQ ULVTXH G¶LQFHQGLH
. 9HLOOH] j QH SDV UpSDQGUH GH
FDUEXUDQW VXU OD FDUURVVHULH GX
YpKLFXOH 'X IDLW TXH OH FDUEXUDQW
SHXW HQGRPPDJHU OD SHLQWXUH
YHLOOH] j QHWWR\HU UDSLGHPHQW WRXW
FDUEXUDQW TXL VH VHUDLW UpSDQGX
/HV GpJkWV j OD SHLQWXUH SURYR
TXpV SDU GX FDUEXUDQW QH VRQW
SDV FRXYHUWV SDU OD *DUDQWLH
/LPLWpH 68%$58
. 1¶XWLOLVH] TX¶XQ ERXFKRQ GH FDU
EXUDQW 68%$58 G¶RULJLQH 6L
YRXV XWLOLVH] OH PDXYDLV ERX
FKRQ LO ULVTXH GH PDO V¶DGDSWHU
j OD JRXORWWH GH QH SDV DVVXUHU
XQH SULVH G¶DLU VXIILVDQWH HW LO
SRXUUDLW HQ UpVXOWHU XQ PDXYDLV
IRQFWLRQQHPHQW GH O¶DOLPHQWDWLRQ
HW GH YRWUH UpVHUYRLU HW GX FDUEX
± 68,7( ±
'pPDUUDJH HW FRQGXLWH(VVDL G¶pPLVVLRQ GH SROOXDQWV eWDWV8QLV XQLTXHPHQW
UDQW GX V\VWqPH DQWLSROOXWLRQ
&HOD SHXW pJDOHPHQW HQWUDvQHU
XQ GpERUGHPHQW GX FDUEXUDQW HW
XQ LQFHQGLH
. 6L OH WpPRLQ DYHUWLVVHXU GH EDV
QLYHDX GH FDUEXUDQW V¶DOOXPH
UDYLWDLOOH] OH YpKLFXOH HQ FDUEX
UDQW LPPpGLDWHPHQW /HV UDWpV
G¶DOOXPDJH SURYRTXpV SDU OH
PDQTXH GH FDUEXUDQW GDQV OH
UpVHUYRLU VRQW VXVFHSWLEOHV G¶HQ
GRPPDJHU OH PRWHXU &RQWLQXHU
GH FRQGXLUH YRWUH YpKLFXOH j XQ
WUqV IDLEOH QLYHDX GH FDUEXUDQW
SHXW HQWUDvQHU XQH UpGXFWLRQ GHV
SHUIRUPDQFHV GX PRWHXU
(VVDL G¶pPLVVLRQ GH SROOX
DQWV eWDWV8QLV XQLTXHPHQW
'$1*(5
8WLOLVH] XQLTXHPHQW OHV G\QDPRPq
WUHV URXHV ORUV GHV HVVDLV VXU XQ
PRGqOH j WUDFWLRQ LQWpJUDOH $:' /HV HVVDLV GHV PRGqOHV j WUDFWLRQ
LQWpJUDOH $:' QH GRLYHQW -$0$,6
rWUH HIIHFWXpV VXU XQ G\QDPRPqWUH
VLPSOH SRXU GHX[ URXHV PRWULFHV
6XU FH W\SH G¶LQVWDOODWLRQ YRXV
ULVTXH] XQ DFFLGHQW HW GHV EOHVVXUHV
FDU OHV PRXYHPHQWV GX YpKLFXOH
VHUDLHQW LQFRQWU{ODEOHV HW LO \ D
ULVTXH G¶DFFLGHQW HW GH EOHVVXUHV
SRXU OHV SHUVRQQHV DX[ DOHQWRXUV
$77(17,21
. $X PRPHQW GH O¶LQVSHFWLRQ SDU
OHV VHUYLFHV RIILFLHOV Q¶RXEOLH]
SDV G¶DWWLUHU j O¶DYDQFH O¶DWWHQWLRQ
GH OD VWDWLRQ G¶LQVSHFWLRQ RX OD
VWDWLRQVHUYLFH VXU OH IDLW TXH
YRWUH YpKLFXOH 68%$58 $:' QH
GRLW SDV rWUH SODFp VXU XQ G\QD
PRPqWUH URXHV ,O SRXUUDLW HQ
UpVXOWHU XQ JUDYH HQGRPPDJH
PHQW GH OD WUDQVPLVVLRQ
. /D *DUDQWLH /LPLWpH 68%$58 QH
FRXYUH SDV OHV GRPPDJHV VXELV
SDU OH YpKLFXOH GX IDLW G¶XQH
PpWKRGH G¶HVVDL LQDSSURSULpH
GH WHOV GRPPDJHV pWDQW GH OD
UHVSRQVDELOLWp GX 3URJUDPPH
,QVSHFWLRQ 6WDWH GH VHV HQWUH
SUHQHXUV RX GH VHV OLFHQFLpV
/D &DOLIRUQLH HW G¶DXWUHV pWDWV IpGpUDX[ RQW
GHV SURJUDPPHV G¶LQVSHFWLRQG¶HQWUHWLHQ
SRXU LQVSHFWHU OH IRQFWLRQQHPHQW GX V\V
WqPH DQWLSROOXWLRQ GX YpKLFXOH 6L YRWUH
YpKLFXOH QH UpXVVLW SDV FH WHVW FHUWDLQV
pWDWV SHXYHQW UHIXVHU OH UHQRXYHOOHPHQW
GH O¶HQUHJLVWUHPHQW GX YpKLFXOH
9RWUH YpKLFXOH HVW pTXLSp G¶XQ RUGLQDWHXU
TXL VXUYHLOOH OD SHUIRUPDQFH GX V\VWqPH
DQWLSROOXWLRQ GX YpKLFXOH 'HV LQVSHFWHXUV
FHUWLILpV LQVSHFWHURQW OH V\VWqPH GH GLDJ
QRVWLF HPEDUTXp 2%',, GDQV OH FDGUH GX
SURFHVVXV G¶LQVSHFWLRQ DQWLSROOXWLRQ GH
O¶pWDW /H V\VWqPH 2%',, HVW FRQoX SRXU
GpWHFWHU OHV SUREOqPHV GH PRWHXU RX GH
WUDQVPLVVLRQ VXVFHSWLEOHV G¶HQWUDvQHU XQ
GpSDVVHPHQW GHV OLPLWHV G¶pPLVVLRQV SRO
OXDQWHV DGPLVVLEOHV SRXU OH YpKLFXOH /HV
FRQWU{OHV 2%',, FRQFHUQHQW WRXWHV OHV
YRLWXUHV GH WRXULVPH HW FDPLRQV G¶DQQpH
GH PRGqOH RX SOXV UpFHQWV /¶LQVSHF
WLRQ DQWLSROOXWLRQ GX V\VWqPH 2%',, HVW
'pPDUUDJH HW FRQGXLWH(VVDL G¶pPLVVLRQ GH SROOXDQWV eWDWV8QLV XQLTXHPHQW
GpMj HQWUpH HQ YLJXHXU GDQV SOXV GH pWDWV DLQVL TXH GDQV OH 'LVWULFW GH &ROXP
ELD
. /¶LQVSHFWLRQ GX V\VWqPH 2%',,
FRQVLVWH HQ XQ FRQWU{OH YLVXHO GX IRQFWLRQ
QHPHQW GX WpPRLQ DYHUWLVVHXU G¶DQRPDOLH
PRWHXU ³&+(&. (1*,1(´GX WpPRLQ LQGL
FDWHXU GH G\VIRQFWLRQQHPHQW 0,/ HW HQ
XQ H[DPHQ GX V\VWqPH 2%',, DX PR\HQ
G¶XQ RXWLO GH GpWHFWLRQ pOHFWURQLTXH
. 8Q YpKLFXOH HVW DFFHSWp j O¶LQVSHFWLRQ
GX V\VWqPH 2%',, VL RQ FRQVWDWH XQ
IRQFWLRQQHPHQW FRUUHFW GX WpPRLQ DYHUWLV
VHXU G¶DQRPDOLH PRWHXU ³&+(&. (1
*,1(´ V¶LO Q¶\ D SDV HQ PpPRLUH GH FRGH
GLDJQRVWLTXDQW XQH SDQQH HW VL OHV PRQL
WHXUV G¶pWDW 2%',, VRQW DFKHYpV
. 8Q YpKLFXOH pFKRXH j O¶LQVSHFWLRQ
2%',, VL OH WpPRLQ DYHUWLVVHXU G¶DQRPDOLH
PRWHXU ³&+(&. (1*,1(´ QH IRQFWLRQQH
SDV FRUUHFWHPHQW LO V¶DOOXPH RX QH PDU
FKH SDV j FDXVH G¶XQH /(' >'LRGH
pOHFWUROXPLQHVFHQWH@ GpIHFWXHXVH RX HQ
SUpVHQFH G¶XQ RX GH SOXVLHXUV DXWUHV
FRGHV GLDJQRVWLTXDQW GHV SDQQHV GDQV
OD PpPRLUH GX SURFHVVHXU GX YpKLFXOH
. /¶LQVSHFWLRQ DQWLSROOXWLRQ SHXW UHIXVHU
GH VH SURQRQFHU VDQV GpFLVLRQ G¶DFFHS
WDWLRQ RX GH UHIXV GX YpKLFXOH VL OH QRPEUH
GH PRQLWHXUV ³127 5($'<´ G¶pWDWV GX
V\VWqPH 2%',, HVW VXSpULHXU j XQ 6L OD
EDWWHULH GX YpKLFXOH D pWp UHPSODFpH RX
GpFRQQHFWpH UpFHPPHQW O¶LQVSHFWLRQ GX
V\VWqPH 2%',, LQGLTXH TXH OH YpKLFXOH
Q¶HVW SDV SUrW SRXU OH WHVW DQWLSROOXWLRQ
'DQV FH FDV LO VHUD GHPDQGp DX FRQGXF
WHXU GX YpKLFXOH GH URXOHU DYHF OH YpKLFXOH
SHQGDQW TXHOTXHV MRXUV SRXU UHPHWWUH j
]pUR OHV PRQLWHXUV G¶pWDWV HW GH YHQLU
SUpVHQWHU j QRXYHDX OH YpKLFXOH j O¶LQV
SHFWLRQ DQWLSROOXWLRQ
. /HV SURSULpWDLUHV GHV YpKLFXOHV UHIXVpV
ORUV GH FHWWH LQVSHFWLRQ VRQW SULpV GH
FRQWDFWHU OHXU FRQFHVVLRQQDLUH 68%$58
SRXU OD PLVH HQ pWDW GX YpKLFXOH
&HUWDLQV pWDWV XWLOLVHQW HQFRUH GHV G\QD
PRPqWUHV GDQV OHXU SURJUDPPH G¶LQVSHF
WLRQ DQWLSROOXWLRQ &HV G\QDPRPqWUHV VH
SUpVHQWHQW VRXV OD IRUPH G¶XQ GLVSRVLWLI
UHVVHPEODQW j XQ EDQF j URXOHDX[ VXU
OHTXHO OHV URXHV GX YpKLFXOH WHVWp SHXYHQW
WRXUQHU DYHF OH YpKLFXOH UHVWDQW HQ SODFH
$YDQW TXH YRWUH YpKLFXOH QH VRLW SODFp VXU
XQ G\QDPRPqWUH GLWHV j YRWUH LQVSHFWHXU
DQWLSROOXWLRQ GH QH SDV SODFHU YRWUH YpKL
FXOH j WUDFWLRQ LQWpJUDOH 68%$58 VXU XQ
G\QDPRPqWUH URXHV ,O SRXUUDLW HQ
UpVXOWHU XQ JUDYH HQGRPPDJHPHQW GH
OD WUDQVPLVVLRQ
/¶$JHQFH SRXU OD 3URWHFWLRQ GH O¶(QYLURQ
QHPHQW GHV eWDWV8QLV (3$ HW OHV pWDWV
XWLOLVDQW GHV G\QDPRPqWUHV URXHV SRXU
OHXU SURJUDPPH G¶HVVDL G¶pPLVVLRQ GH
SROOXDQWV RQW ',63(16e OHV YpKLFXOHV j
WUDFWLRQ LQWpJUDOH 68%$58 GH OD SDUWLH GHV
HVVDLV j HIIHFWXHU VXU G\QDPRPqWUH URXHV &HUWDLQV pWDWV XWLOLVHQW SRXU OHXU
SURJUDPPH G¶HVVDL GHV G\QDPRPqWUHV URXHV &HX[FL FRQYHQDEOHPHQW XWLOLVpV
QH ULVTXHQW SDV G¶HQGRPPDJHU OHV YpKL
FXOHV j WUDFWLRQ LQWpJUDOH 68%$58
4XHOOHV TXH VRLHQW OHV FLUFRQVWDQFHV GDQV
OHVTXHOOHV O¶HVVDL G¶pPLVVLRQ GH SROOXDQW
HVW HIIHFWXp LO QH IDXW MDPDLV IDLUH GpFROOHU
OHV URXHV DUULqUH GX VRO DX FULF RX GpFRX
SOHU OHV DUEUHV GH URXHV SRXU HVVD\HU GH
FRQWRXUQHU OD WUDFWLRQ LQWpJUDOH $:' /HV
HVVDLV GHV YpKLFXOHV $:' GRLYHQW rWUH
HIIHFWXpV j O¶DLGH G¶XQ G\QDPRPqWUH $:'
DYHF OHV URXHV FKDUJpHV HW HQWUDvQpHV
'pPDUUDJH HW FRQGXLWH$YDQW GH SUHQGUH OD URXWH
$YDQW GH SUHQGUH OD URXWH
(IIHFWXH] OHV FRQWU{OHV RX UpJODJHV VXL
YDQWV WRXV OHV MRXUV DYDQW GH SUHQGUH OD
URXWH
9pULILH] TXH OHV YLWUHV OHV UpWURYLVHXUV
HW OHV IHX[ VRQW SURSUHV HW GpJDJpV
9pULILH] TXH OHV SQHXV VRQW HQ ERQ pWDW
HW SUpVHQWHQW XQ DVSHFW QRUPDO $VVXUH]
YRXV pJDOHPHQW TXH OD SUHVVLRQ GH JRQ
IODJH GHV SQHXV HVW FRUUHFWH
9pULILH] OD SUpVHQFH GH IXLWHV HW GH
SHWLWV DQLPDX[ VRXV OH YpKLFXOH
9pULILH] TX¶DXFXQ SHWLW DQLPDO Q¶HQWUH
GDQV OH FRPSDUWLPHQW PRWHXU
9pULILH] TXH OH FDSRW HW OH FRXYHUFOH GH
FRIIUH VRQW ELHQ IHUPpV
9pULILH] TXH YRWUH VLqJH HVW FRQYHQD
EOHPHQW UpJOp
9pULILH] TXH OHV UpWURYLVHXUV H[WpULHXUV
HW OH UpWURYLVHXU LQWpULHXU VRQW ELHQ UpJOpV
$WWDFKH] YRWUH FHLQWXUH GH VpFXULWp
9pULILH] TXH WRXV OHV SDVVDJHUV RQW DWWD
FKp OHXU FHLQWXUH
9pULILH] TXH WRXV OHV WpPRLQV DYHUWLV
VHXUV HW LQGLFDWHXUV IRQFWLRQQHQW QRUPD
OHPHQW ORUVTXH OH FRQWDFWHXU G¶DOOXPDJH
HVW PLV HQ SRVLWLRQ ³21´
$SUqV OD PLVH HQ PDUFKH GX PRWHXU
FRQWU{OH] OHV MDXJHV WpPRLQV LQGLFDWHXUV
HW DYHUWLVVHXUV
$77(17,21
'HV SHWLWV DQLPDX[ VH UHWURXYDQW
SLpJpV GDQV OH YHQWLODWHXU GH UHIURL
GLVVHPHQW HW OHV FRXUURLHV GX PR
WHXU SHXYHQW HQWUDvQHU XQ G\VIRQF
WLRQQHPHQW 9pULILH] TX¶DXFXQ SHWLW
DQLPDO QH SpQqWUH GDQV OH FRPSDUWL
PHQW PRWHXU HW VRXV OH YpKLFXOH
DYDQW GH GpPDUUHU OH PRWHXU
5(0$548(
/HV QLYHDX[ GH IOXLGHV WHOV TXH O¶KXLOH
PRWHXU OH OLTXLGH GH UHIURLGLVVHPHQW
GX PRWHXU OH OLTXLGH GH IUHLQ OH OLTXLGH
GH ODYHJODFH HWF VRQW j YpULILHU UpJX
OLqUHPHQW VRLW XQH IRLV SDU MRXU XQH IRLV
SDU VHPDLQH RX j FKDTXH UDYLWDLOOHPHQW
HQ FDUEXUDQW
'pPDUUDJH HW DUUrW GX PR
WHXU
& 3UpFDXWLRQV JpQpUDOHV ORUV
GX GpPDUUDJHGH O¶DUUrW GX
PRWHXU
'$1*(5
. 1H GpPDUUH] MDPDLV OH PRWHXU GH
O¶H[WpULHXU GX YpKLFXOH &HOD
SRXUUDLW HQWUDvQHU XQ DFFLGHQW
. 1H GpPDUUH] SDV OH PRWHXU j
SUR[LPLWp GH IHXLOOHV VqFKHV GH
SDSLHUV RX G¶DXWUHV VXEVWDQFHV
LQIODPPDEOHV /H WX\DX G¶pFKDS
SHPHQW HW OHV JD] G¶pFKDSSHPHQW
ULVTXHQW GH FUpHU GHV LQFHQGLHV
ORUVTXH OHV WHPSpUDWXUHV VRQW
pOHYpHV
. 1H ODLVVH] SDV WRXUQHU OH PRWHXU
GDQV GHV HQGURLWV PDO YHQWLOpV
FRPPH XQ JDUDJH HW j O¶LQWpULHXU
/HV JD] G¶pFKDSSHPHQW SHXYHQW
SpQpWUHU GDQV OH YpKLFXOH RX j
O¶LQWpULHXU HW FHOD SHXW HQWUDvQHU
XQ HPSRLVRQQHPHQW DX PRQR
[\GH GH FDUERQH
'pPDUUDJH HW FRQGXLWH'pPDUUDJH HW DUUrW GX PRWHXU
$77(17,21
. 1¶DUUrWH] SDV OH PRWHXU SHQGDQW
OD FRQGXLWH 6LQRQ OH SRW FDWDO\
VHXU SHXW VXUFKDXIIHU HW EU€OHU
. /RUV GX GpPDUUDJH GX PRWHXU
DVVXUH]YRXV G¶rWUH ELHQ DVVLV j
OD SODFH GX FRQGXFWHXU VDXI VL
YRXV XWLOLVH] OH V\VWqPH GH Gp
PDUUDJH j GLVWDQFH GX PRWHXU 5(0$548(
. eYLWH] OHV DFFpOpUDWLRQV UDSLGHV LP
PpGLDWHPHQW DSUqV OH GpPDUUDJH GX
PRWHXU (Q SOXV pYLWH] OHV PRQWpHV HQ
UpJLPH
. /H UpJLPH PRWHXU HVW PDLQWHQX j XQ
QLYHDX pOHYp MXVTX¶j FH TXH OH PRWHXU
VRLW VXIILVDPPHQW FKDXG /H UpJLPH
PRWHXU EDLVVH JUDGXHOOHPHQW j PHVXUH
TXH OH PRWHXU VH UpFKDXIIH
. 'DQV GH UDUHV RFFDVLRQV LO SHXW rWUH
GLIILFLOH GH GpPDUUHU OH PRWHXU HQ
UDLVRQ GH OD TXDOLWp GX FDUEXUDQW XWLOLVp
HW GHV FRQGLWLRQV GH FRQGXLWH SOX
VLHXUV WUDMHWV FRXUWV SHQGDQW OHVTXHOV
OH PRWHXU Q¶HVW SDV VXIILVDPPHQW
PRQWp HQ WHPSpUDWXUH 'DQV SDUHLO
FDV LO HVW UHFRPPDQGp GH FKDQJHU GH
PDUTXH GH FDUEXUDQW
. 'DQV GH UDUHV RFFDVLRQV GHV FR
JQHPHQWV SDVVDJHUV VH IRQW HQWHQGUH
HQ SURYHQDQFH GX PRWHXU ORUVTXH O¶RQ
XWLOLVH O¶DFFpOpUDWHXU XQ SHX WURS UDSL
GHPHQW FRPPH ORUV G¶XQ GpPDUUDJH RX
G¶XQH DFFpOpUDWLRQ ,O QH V¶DJLW SDV
G¶XQH DQRPDOLH
. /H PRWHXU GpPDUUH SOXV IDFLOHPHQW
ORUVTXH OHV SKDUHV OD FOLPDWLVDWLRQ HW OH
GpVHPEXHXU GH OXQHWWH DUULqUH VRQW
GpVDFWLYpV
. ,O SHXW rWUH GLIILFLOH GH GpPDUUHU OH
PRWHXU DSUqV TXH OD EDWWHULH DLW pWp
GpEUDQFKpH HW UHEUDQFKpH DSUqV XQH
LQWHUYHQWLRQ G¶HQWUHWLHQ SDU H[HPSOH &HWWH GLIILFXOWp SURYLHQW GH OD IRQFWLRQ
G¶DXWRGLDJQRVWLF GX SDSLOORQ GHV JD] j
FRPPDQGH pOHFWURQLTXH 'DQV FH FDV
Oj LO VXIILW GH ODLVVHU OH FRQWDFWHXU
G¶DOOXPDJH HQ SRVLWLRQ ³21´ SHQGDQW
XQH GL]DLQH GH VHFRQGHV DYDQW GH
PHWWUH OH PRWHXU HQ PDUFKH
& 0RGqOHV VDQV OH V\VWqPH GH
GpPDUUDJH j ERXWRQSRXV
VRLU
! 'pPDUUDJH GX PRWHXU
$77(17,21
1¶DFWLRQQH] SDV OH GpPDUUHXU SHQ
GDQW SOXV GH VHFRQGHV G¶DIILOpH
6L OH PRWHXU Q¶D SDV GpPDUUp DX ERXW
GH j VHFRQGHV GH ODQFHPHQW DX
GpPDUUHXU DWWHQGH] DX PRLQV VHFRQGHV DYDQW GH IDLUH XQH QRX
YHOOH WHQWDWLYH
5(0$548(
1H GpSODFH] SDV OH OHYLHU GH YLWHVVHV
OHYLHU VpOHFWHXU ORUVTXH OH GpPDUUHXU
HVW HQ PDUFKH
! 0RGqOHV %0
6HUUH] OH IUHLQ GH VWDWLRQQHPHQW
eWHLJQH] OHV OXPLqUHV HW DFFHVVRLUHV
pOHFWULTXHV LQXWLOHV
$SSX\H] j IRQG VXU OD SpGDOH G¶HP
EUD\DJH HW PHWWH] OH OHYLHU GH FKDQJHPHQW
GH YLWHVVHV DX SRLQW PRUW 7HQH] OD SpGDOH
G¶HPEUD\DJH HQIRQFpH SHQGDQW OH GpPDU
UDJH GX PRWHXU
/H GpPDUUHXU QH SHXW IRQFWLRQQHU TXH
ORUVTXH OD SpGDOH G¶HPEUD\DJH HVW HQIRQ
FpH MXVTX¶DX SODQFKHU
0HWWH] OH FRQWDFWHXU G¶DOOXPDJH HQ
SRVLWLRQ ³21´ HW YpULILH] TXH WRXV OHV
WpPRLQV DYHUWLVVHXUV HW LQGLFDWHXUV IRQF
WLRQQHQW QRUPDOHPHQW 5HSRUWH]YRXV j
³7pPRLQV DYHUWLVVHXUV HW LQGLFDWHXUV´ )
0HWWH] OH FRQWDFWHXU G¶DOOXPDJH HQ
SRVLWLRQ ³67$57´ VDQV HQIRQFHU OD SpGDOH
G¶DFFpOpUDWHXU 5HOkFKH] OD FOp GqV TXH OH
± 68,7( ±
'pPDUUDJH HW FRQGXLWH'pPDUUDJH HW DUUrW GX PRWHXU
PRWHXU GpPDUUH
6L OH PRWHXU QH GpPDUUH SDV HIIHFWXH] OD
SURFpGXUH GpFULWH GDQV ³6L OH PRWHXU QH
GpPDUUH SDV´ )
$VVXUH]YRXV TXH WRXV OHV WpPRLQV
DYHUWLVVHXUV HW LQGLFDWHXUV V¶pWHLJQHQW XQH
IRLV OH PRWHXU GpPDUUp
! 0RGqOHV &97
6HUUH] OH IUHLQ GH VWDWLRQQHPHQW
eWHLJQH] OHV OXPLqUHV HW DFFHVVRLUHV
pOHFWULTXHV LQXWLOHV
0HWWH] OH OHYLHU VpOHFWHXU HQ SRVLWLRQ
³3´ RX ³1´ GH SUpIpUHQFH OD SRVLWLRQ ³3´ /H GpPDUUHXU QH SHXW IRQFWLRQQHU TXH
ORUVTXH OH OHYLHU VpOHFWHXU HVW HQ SRVLWLRQ
³3´ RX ³1´
0HWWH] OH FRQWDFWHXU G¶DOOXPDJH HQ
SRVLWLRQ ³21´ HW YpULILH] TXH WRXV OHV
WpPRLQV DYHUWLVVHXUV HW LQGLFDWHXUV IRQF
WLRQQHQW QRUPDOHPHQW 5HSRUWH]YRXV j
³7pPRLQV DYHUWLVVHXUV HW LQGLFDWHXUV´ )
0HWWH] OH FRQWDFWHXU G¶DOOXPDJH HQ
SRVLWLRQ ³67$57´ VDQV HQIRQFHU OD SpGDOH
G¶DFFpOpUDWHXU 5HOkFKH] OD FOp GqV TXH OH
PRWHXU GpPDUUH
6L OH PRWHXU QH GpPDUUH SDV HIIHFWXH] OD
SURFpGXUH GpFULWH GDQV ³6L OH PRWHXU QH
GpPDUUH SDV´ )
$VVXUH]YRXV TXH WRXV OHV WpPRLQV
DYHUWLVVHXUV HW LQGLFDWHXUV V¶pWHLJQHQW XQH
IRLV OH PRWHXU GpPDUUp
3HQGDQW OD PLVH HQ WHPSpUDWXUH GX
PRWHXU OH OHYLHU VpOHFWHXU GRLW UHVWHU HQ
SRVLWLRQ ³3´ RX ³1´ HW OH IUHLQ GH VWDWLRQQH
PHQW GRLW UHVWHU VHUUp
$77(17,21
6L YRXV UHPHWWH] OH PRWHXU HQ PDU
FKH DORUV TXH OH YpKLFXOH HVW HQ
PRXYHPHQW SODFH] OH OHYLHU VpOHF
WHXU HQ SRVLWLRQ ³1´ 1H WHQWH] SDV
G¶HQJDJHU OH OHYLHU VpOHFWHXU HQ
SRVLWLRQ ³3´ WDQW TXH OH YpKLFXOH
HVW HQ PRXYHPHQW
! 6L OH PRWHXU QH GpPDUUH SDV
$77(17,21
3RXU GHV UDLVRQV GH VpFXULWp UHOk
FKH] OD SpGDOH G¶DFFpOpUDWHXU GqV
TXH OH PRWHXU GpPDUUH
(VVD\H] OD SURFpGXUH VXLYDQWH
5DPHQH] OH FRQWDFWHXU G¶DOOXPDJH HQ
SRVLWLRQ ³/2&.´ HW DWWHQGH] DX PRLQV VHFRQGHV
$SUqV DYRLU YpULILp TXH OH IUHLQ GH
VWDWLRQQHPHQW HVW ELHQ VHUUp PHWWH] OH
FRQWDFWHXU G¶DOOXPDJH HQ SRVLWLRQ
³67$57´ HQ WHQDQW OD SpGDOH G¶DFFpOpUD
WHXU OpJqUHPHQW HQIRQFpH HQYLURQ XQ
TXDUW GH OD FRXUVH FRPSOqWH 6L OH PRWHXU QH GpPDUUH SDV UDPHQH]
OH FRQWDFWHXU G¶DOOXPDJH HQ SRVLWLRQ
³/2&.´ HW DWWHQGH] DX PRLQV VHFRQ
GHV
(QIRQFH] FRPSOqWHPHQW OD SpGDOH
G¶DFFpOpUDWHXU HW PHWWH] OH FRQWDFWHXU
G¶DOOXPDJH HQ SRVLWLRQ ³67$57´
6L OH PRWHXU QH GpPDUUH SDV VXLWH j FHWWH
PDQ°XYUH HVVD\H] OD SURFpGXUH VXL
YDQWH
0HWWH] j QRXYHDX OH FRQWDFWHXU G¶DOOX
PDJH HQ SRVLWLRQ ³/2&.´
$SUqV DYRLU DWWHQGX DX PRLQV VHFRQGHV PHWWH] OH FRQWDFWHXU G¶DOOX
PDJH HQ SRVLWLRQ ³67$57´ VDQV WRXFKHU
j OD SpGDOH G¶DFFpOpUDWHXU
6L OH PRWHXU QH GpPDUUH WRXMRXUV SDV
FRQWDFWH] YRWUH FRQFHVVLRQQDLUH
68%$58 OH SOXV SURFKH SRXU GHPDQGHU
GH O¶DLGH
! $UUrW GX PRWHXU
/H FRQWDFWHXU G¶DOOXPDJH QH GRLW rWUH
FRXSp TXH ORUVTXH OH YpKLFXOH HVW LPPR
ELOH HW TXH OH PRWHXU WRXUQH DX UDOHQWL
'pPDUUDJH HW FRQGXLWH'pPDUUDJH HW DUUrW GX PRWHXU
'$1*(5
1¶DUUrWH] MDPDLV OH PRWHXU SHQGDQW
TXH OH YpKLFXOH URXOH &HOD HQWUDvQH
UDLW OD SHUWH GH OD VHUYRGLUHFWLRQ HW
GX VHUYRIUHLQ UHQGDQW OD PDQLSXOD
WLRQ GX YRODQW GH GLUHFWLRQ HW GHV
IUHLQV WUqV GXUV j DFWLRQQHU (Q
RXWUH OH FRQWDFWHXU G¶DOOXPDJH
SRXUUDLW rWUH DFFLGHQWHOOHPHQW PLV
HQ SRVLWLRQ ³/2&.´ HW OH YRODQW GH
GLUHFWLRQ VHUDLW EORTXp
& 0RGqOHV DYHF OH V\VWqPH GH
GpPDUUDJH j ERXWRQSRXV
VRLU
! 3UpFDXWLRQV GH VpFXULWp
5HSRUWH]YRXV j ³3UpFDXWLRQV GH VpFXULWp´
)
! 3RUWpH GH IRQFWLRQQHPHQW GX V\V
WqPH GH GpPDUUDJH j ERXWRQSRXV
VRLU
5HSRUWH]YRXV j ³3RUWpH GH IRQFWLRQQH
PHQW´ )
! 'pPDUUDJH GX PRWHXU
'$1*(5
6L O¶LQGLFDWHXU GX FRQWDFWHXU G¶DOOX
PDJH j ERXWRQSRXVVRLU FOLJQRWH HQ
YHUW XQH IRLV TXH OH PRWHXU D Gp
PDUUp QH FRQGXLVH] MDPDLV OH YpKL
FXOH /H YRODQW GH GLUHFWLRQ HVW
WRXMRXUV YHUURXLOOp HW FHOD SHXW SUR
YRTXHU XQ DFFLGHQW 'DQV FH FDV
DSSX\H] VXU OH FRQWDFWHXU G¶DOOX
PDJH j ERXWRQSRXVVRLU HQ HQIRQ
oDQW OD SpGDOH GH IUHLQ HW HQ WRXUQDQW
OH YRODQW GH GLUHFWLRQ GH OD GURLWH
YHUV OD JDXFKH
$77(17,21
. 6L OH WpPRLQ GH IRQFWLRQQHPHQW
GX FRQWDFWHXU G¶DOOXPDJH j ERX
WRQSRXVVRLU FOLJQRWH HQ RUDQJH
LO SHXW \ DYRLU XQH GpIHFWXRVLWp
GX YpKLFXOH &RQWDFWH] LPPpGLD
WHPHQW XQ FRQFHVVLRQQDLUH
68%$58
. 1H FRQWLQXH] SDV G¶DSSX\HU VXU
OH FRQWDFWHXU G¶DOOXPDJH j ERX
WRQSRXVVRLU SHQGDQW SOXV GH
VHFRQGHV &HOD SHXW SURYR
TXHU XQ G\VIRQFWLRQQHPHQW 6L OH
PRWHXU QH GpPDUUH SDV DUUrWH]
G¶DSSX\HU VXU OH FRQWDFWHXU G¶DO
OXPDJH j ERXWRQSRXVVRLU ¬ OD
SODFH DSSX\H] VXU OH FRQWDFWHXU
G¶DOOXPDJH j ERXWRQSRXVVRLU
VDQV HQIRQFHU OD SpGDOH GH IUHLQ
SRXU PHWWUH O¶DOLPHQWDWLRQ VXU
³2))´ $WWHQGH] VHFRQGHV
SXLV DSSX\H] VXU OH FRQWDFWHXU
G¶DOOXPDJH j ERXWRQSRXVVRLU
SRXU GpPDUUHU OH PRWHXU
5(0$548(
. /RUVTXH YRXV DSSX\H] VXU OH
FRQWDFWHXU G¶DOOXPDJH j ERXWRQSRXV
VRLU HQ HQIRQoDQW OD SpGDOH G¶HP
EUD\DJH PRGqOHV %0 RX OD SpGDOH
GH IUHLQ PRGqOHV &97 ± /H GpPDUUHXU GX PRWHXU IRQF
WLRQQH SHQGDQW PD[LPXP VHFRQ
GHV HW DSUqV OH GpPDUUDJH GX PR
WHXU OH GpPDUUHXU V¶DUUrWH DXWRPD
WLTXHPHQW
± 9RXV SRXYH] GpPDUUHU OH PRWHXU
LQGpSHQGDPPHQW GH O¶pWDW GH O¶DOL
PHQWDWLRQ
. 6L OH PRWHXU QH GpPDUUH SDV YpULILH]
OH WpPRLQ LQGLFDWHXU GX V\VWqPH GH
VpFXULWp 3XLV DSSX\H] VXU OH FRQWDF
WHXU G¶DOOXPDJH j ERXWRQSRXVVRLU
VDQV HQIRQFHU OD SpGDOH G¶HPEUD\DJH
PRGqOHV %0 RX OD SpGDOH GH IUHLQ
± 68,7( ±
'pPDUUDJH HW FRQGXLWH'pPDUUDJH HW DUUrW GX PRWHXU
PRGqOHV &97 SRXU PHWWUH OH FRQWDFW
VXU ³2))´
± 6L OH WpPRLQ V¶HVW DOOXPp HVVD\H]
GH GpPDUUHU OH PRWHXU j QRXYHDX
± 6L OH WpPRLQ V¶pWHLQW DSSX\H] VXU
OH FRQWDFWHXU G¶DOOXPDJH j ERXWRQ
SRXVVRLU HQ HQIRQoDQW HQFRUH SOXV
OD SpGDOH G¶HPEUD\DJH PRGqOHV %
0 RX OD SpGDOH GH IUHLQ PRGqOHV
&97 . /H PRWHXU SHXW QH SDV GpPDUUHU HQ
IRQFWLRQ GHV FRQGLWLRQV GHV RQGHV
UDGLR DXWRXU GX YpKLFXOH 'DQV FH FDV
UHSRUWH]YRXV j ³'pPDUUDJH GX PR
WHXU´ )
. 6L OD EDWWHULH GX YpKLFXOH HVW GpFKDU
JpH OH YRODQW QH SHXW SDV rWUH Gp
EORTXp 5HFKDUJH] OD EDWWHULH
. 1H GpSODFH] SDV OH OHYLHU GH YLWHV
VHVOHYLHU VpOHFWHXU ORUVTXH OH GpPDU
UHXU HVW HQ PDUFKH
$SSX\H] VXU OD SpGDOH GH IUHLQ
$SSX\H] VXU OD SpGDOH G¶HPEUD\DJH
MXVTX¶j FH TXH OH WpPRLQ GX FRQWDFWHXU
G¶DOOXPDJH j ERXWRQSRXVVRLU GHYLHQQH
YHUW
7RXW HQ DSSX\DQW VXU OD SpGDOH G¶HP
EUD\DJH DSSX\H] VXU OH FRQWDFWHXU G¶DO
OXPDJH j ERXWRQSRXVVRLU
! 0RGqOHV &97
,QGLFDWHXU GH IRQFWLRQQHPHQW
&RQWDFWHXU G¶DOOXPDJH j ERXWRQSRXV
VRLU
/¶DSSDUHQFH GX FRQWDFWHXU G¶DOOXPDJH j
ERXWRQSRXVVRLU SHXW OpJqUHPHQW YDULHU
VHORQ OHV PRGqOHV
/RUVTXH YRXV DSSX\H] VXU OH FRQWDFWHXU
G¶DOOXPDJH j ERXWRQSRXVVRLU WRXW HQ
HQIRQoDQW OD SpGDOH G¶HPEUD\DJH PRGq
OHV %0 SpGDOH GH IUHLQ PRGqOHV &97 OH
PRWHXU GpPDUUH /D SURFpGXUH GH GpPDU
UDJH GX PRWHXU HVW OD VXLYDQWH
! 0RGqOHV %0
3RUWH] OH SRUWHFOpV G¶DFFqV HW LQVWDO
OH]YRXV GDQV OH VLqJH GX FRQGXFWHXU
6HUUH] OH IUHLQ GH VWDWLRQQHPHQW
0HWWH] OH OHYLHU GH FKDQJHPHQW GH
YLWHVVHV DX SRLQW PRUW
3RUWH] OH SRUWHFOpV G¶DFFqV HW LQVWDO
OH]YRXV GDQV OH VLqJH GX FRQGXFWHXU
6HUUH] OH IUHLQ GH VWDWLRQQHPHQW
0HWWH] OH OHYLHU VpOHFWHXU HQ SRVLWLRQ
³3´ /H PRWHXU SHXW pJDOHPHQW GpPDUUHU
ORUVTXH OH OHYLHU VpOHFWHXU HVW HQ SRVLWLRQ
³1´ WRXWHIRLV SRXU GHV UDLVRQV GH VpFX
ULWp GpPDUUH] HQ SRVLWLRQ ³3´
$SSX\H] VXU OD SpGDOH GH IUHLQ MXVTX¶j
FH TXH OH WpPRLQ GH IRQFWLRQQHPHQW GX
FRQWDFWHXU G¶DOOXPDJH j ERXWRQSRXVVRLU
GHYLHQQH YHUW /RUV GX GpPDUUDJH DYHF OH
OHYLHU VpOHFWHXU HQ SRVLWLRQ ³1´ O¶LQGLFDWHXU
QH V¶DOOXPH SDV HQ YHUW
7RXW HQ HQIRQoDQW OD SpGDOH GH IUHLQ
DSSX\H] VXU OH FRQWDFWHXU G¶DOOXPDJH j
ERXWRQSRXVVRLU
'pPDUUDJH HW FRQGXLWH'pPDUUDJH HW DUUrW GX PRWHXU
5(0$548(
. 7RXW HQ DSSX\DQW VXU OH ERXWRQ GX
OHYLHU VpOHFWHXU OH WpPRLQ VXU OH FRQWDF
WHXU G¶DOOXPDJH j ERXWRQSRXVVRLU QH
V¶DOOXPHUD SDV HQ YHUW PrPH ORUVTXH OH
OHYLHU VpOHFWHXU HVW VXU OD SRVLWLRQ ³3´
. 7DQW TXH OH PRWHXU Q¶D SDV GpPDUUp
OD SpGDOH GH IUHLQ SHXW VHPEOHU GXUH
'DQV FH FDV DSSX\H] SOXV IHUPHPHQW
TXH G¶KDELWXGH VXU OD SpGDOH GH IUHLQ
9pULILH] TXH O¶LQGLFDWHXU GH IRQFWLRQQH
PHQW GX FRQWDFWHXU G¶DOOXPDJH j ERX
WRQSRXVVRLU GHYLHQW YHUW SXLV DS
SX\H] VXU OH ERXWRQ GX FRQWDFWHXU
G¶DOOXPDJH SRXU GpPDUUHU OH PRWHXU
! 'DQV OH FDV R OH PRWHXU QH
GpPDUUH SDV j O¶DLGH GH OD SUR
FpGXUH QRUPDOH GH GpPDUUDJH
GX PRWHXU
3ODFH] OH OHYLHU GH YLWHVVHV VXU OH SRLQW
PRUW PRGqOHV %0 RX OH OHYLHU VpOHFWHXU
VXU OD SRVLWLRQ ³3´ PRGqOHV &97 0HWWH] O¶pWDW GH O¶DOLPHQWDWLRQ VXU
³$&&´
$SSX\H] VXU OH FRQWDFWHXU G¶DOOXPDJH
j ERXWRQSRXVVRLU HW PDLQWHQH]OH HQ
IRQFp SHQGDQW DX PRLQV VHFRQGHV WRXW
HQ HQIRQoDQW OD SpGDOH G¶HPEUD\DJH
PRGqOHV %0 SpGDOH GH IUHLQ PRGqOHV
&97 0rPH V¶LO HVW SRVVLEOH TXH OH PRWHXU
GpPDUUH Q¶XWLOLVH] FHWWH SURFpGXUH TX¶HQ
FDV G¶XUJHQFH 6L OH PRWHXU QH GpPDUUH
WRXMRXUV SDV UHSRUWH]YRXV j ³'pPDUUDJH
GX PRWHXU´ )
! $UUrW GX PRWHXU
,PPRELOLVH] OH YpKLFXOH FRPSOqWHPHQW
'pSODFH] OH OHYLHU VpOHFWHXU VXU OD
SRVLWLRQ ³3´ PRGqOHV &97 $SSX\H] VXU OH FRQWDFWHXU G¶DOOXPDJH
j ERXWRQSRXVVRLU /H PRWHXU V¶DUUrWHUD
HW OH FRQWDFW VHUD PLV VXU ³2))´
'$1*(5
. 1H WRXFKH] SOXV DX FRQWDFWHXU
G¶DOOXPDJH j ERXWRQSRXVVRLU HQ
FRXUV GH FRQGXLWH
/RUVTXH YRXV DFWLRQQH] OH
FRQWDFWHXU G¶DOOXPDJH j ERXWRQ
SRXVVRLU FRPPH VXLW OH PRWHXU
V¶DUUrWH
± (Q DSSX\DQW VXU OH FRQWDFWHXU
HW HQ OH PDLQWHQDQW HQIRQFp
SHQGDQW VHFRQGHV RX SOXV
± (Q DSSX\DQW VXU OH FRQWDFWHXU
EULqYHPHQW IRLV RX SOXV GH
PDQLqUH FRQVpFXWLYH
/RUVTXH OH PRWHXU V¶DUUrWH OH
VHUYRIUHLQ QH IRQFWLRQQHUD SDV
8QH SUHVVLRQ SOXV IRUWH GX SLHG
VXU OD SpGDOH GH IUHLQ VHUD QpFHV
VDLUH
/H V\VWqPH GH GLUHFWLRQ DVVLVWpH
QH IRQFWLRQQH SDV QRQ SOXV 8QH
IRUFH VXSpULHXUH VHUD QpFHVVDLUH
SRXU WRXUQHU OH YRODQW HW FHOD
SRXUUDLW HQWUDvQHU XQ DFFLGHQW
. 6L OH PRWHXU V¶DUUrWH HQ FRXUV GH
FRQGXLWH Q¶DFWLRQQH] SDV OH
FRQWDFWHXU G¶DOOXPDJH j ERXWRQ
SRXVVRLU HW Q¶RXYUH] DXFXQH SRU
WLqUH WDQW TXH OH YpKLFXOH Q¶HVW
SDV LPPRELOLVp GDQV XQ HQGURLW
V€U &HOD HVW GDQJHUHX[ FDU OH
YRODQW GH GLUHFWLRQ SRXUUDLW VH
EORTXHU $UUrWH] OH YpKLFXOH GDQV
XQ HQGURLW V€U HW FRQWDFWH] LP
PpGLDWHPHQW XQ FRQFHVVLRQ
QDLUH 68%$58
$77(17,21
3RXU OHV PRGqOHV &97
. 1¶DUUrWH] SDV OH PRWHXU WDQW TXH
OH OHYLHU VpOHFWHXU HVW GDQV XQH
SRVLWLRQ DXWUH TXH OD SRVLWLRQ
³3´
. 6L OH PRWHXU V¶DUUrWH SHQGDQW TXH
OH OHYLHU VpOHFWHXU HVW GDQV XQH
SRVLWLRQ DXWUH TXH OD SRVLWLRQ
± 68,7( ±
'pPDUUDJH HW FRQGXLWH'pPDUUDJH HW DUUrW GX PRWHXU
³3´ OH FRQWDFW VHUD PLV VXU
³$&&´ 6L OH YpKLFXOH UHVWH GDQV
FHWWH VLWXDWLRQ OD EDWWHULH ULVTXH
GH VH GpFKDUJHU
5(0$548(
%LHQ TXH YRXV SXLVVLH] DUUrWHU OH
PRWHXU HQ DFWLRQQDQW OH FRQWDFWHXU
G¶DOOXPDJH j ERXWRQSRXVVRLU Q¶DUUr
WH] SDV OH PRWHXU ORUV GH OD FRQGXLWH
VDXI HQ FDV G¶XUJHQFH
! 6L OH SRUWHFOpV G¶DFFqV QH IRQF
WLRQQH SDV FRUUHFWHPHQW
5HSRUWH]YRXV j ³3RUWHFOp G¶DFFqV ± VL OH
SRUWHFOpV G¶DFFqV QH IRQFWLRQQH SDV
FRUUHFWHPHQW´ )
& 6\VWqPH GH GpPDUUDJH j GLV
WDQFH GX PRWHXU RSWLRQ
FRQFHVVLRQQDLUH
'$1*(5
. 1H GpPDUUH] SDV OH PRWHXU j
GLVWDQFH GDQV XQ HQYLURQQHPHQW
FRQILQp SDU H[HPSOH GDQV XQ
JDUDJH IHUPp /¶XWLOLVDWLRQ SUR
ORQJpH G¶XQ YpKLFXOH j PRWHXU
GDQV XQ HVSDFH FORV SHXW SUR
YRTXHU XQH DFFXPXODWLRQ QRFLYH
GH PRQR[\GH GH FDUERQH /H
PRQR[\GH GH FDUERQH HVW QXL
VLEOH SRXU OD VDQWp /¶H[SRVLWLRQ j
XQH FRQFHQWUDWLRQ pOHYpH GH PR
QR[\GH GH FDUERQH HVW VXVFHS
WLEOH GH SURYRTXHU PDX[ GH WrWH
pWRXUGLVVHPHQWV RX GDQV OH SLUH
GHV FDV XQH SHUWH GH FRQVFLHQFH
HWRX OD PRUW
. $YDQW G¶HIIHFWXHU XQ TXHOFRQTXH
HQWUHWLHQ VXU OH YpKLFXOH SODFH]
SURYLVRLUHPHQW OH V\VWqPH GH
GpPDUUDJH j GLVWDQFH GX PRWHXU
HQ PRGH GH PDLQWHQDQFH DILQ
G¶pYLWHU WRXW GpPDUUDJH DFFLGHQ
WHO GX PRWHXU SDU OH V\VWqPH
/H V\VWqPH GH GpPDUUDJH GX PRWHXU j
GLVWDQFH YRXV SHUPHW GH GpPDUUHU OH
PRWHXU GHSXLV O¶H[WpULHXU GX YpKLFXOH (Q
RXWUH OH V\VWqPH GH GpPDUUDJH GX PRWHXU
j GLVWDQFH SHXW DFWLYHU OH FKDXIIDJH RX OH
FOLPDWLVHXU YRXV RIIUDQW XQ FHUWDLQ FRQIRUW
HQ HQWUDQW GDQV O¶KDELWDFOH
5(0$548(
/D GXUpH SHQGDQW ODTXHOOH LO HVW DFFHS
WDEOH GH ODLVVHU OH PRWHXU DX UDOHQWL
SHXW rWUH GpILQLH SDU OHV ORLV HW OHV
UpJOHPHQWDWLRQV ORFDOHV 9pULILH] OHV
UqJOHPHQWV ORFDX[ ORUVTXH YRXV XWLOL
VH] OH V\VWqPH GH GpPDUUDJH j GLV
WDQFH GX PRWHXU
! 0RGqOHV DYHF ³DFFqV VDQV FOp DYHF
V\VWqPH GH GpPDUUDJH j ERXWRQ
SRXVVRLU´
5(0$548(
3RXU SOXV GH GpWDLOV UHSRUWH]YRXV DX
VXSSOpPHQW GX PDQXHO GX SURSULpWDLUH
SRXU OH V\VWqPH GH GpPDUUDJH GX
PRWHXU j GLVWDQFH
3RUWHFOpV G¶DFFqV
%RXWRQ GH YHUURXLOODJH
8Q SRUWHFOpV G¶DFFqV VHUW GH WUDQVPHWWHXU
GH GpPDUUDJH GX PRWHXU j GLVWDQFH
$FWLRQQH] OH ERXWRQ GH YHUURXLOODJH SRXU
GpPDUUHU RX DUUrWHU OH PRWHXU FRPPH VXLW
'pPDUUDJH HW FRQGXLWH'pPDUUDJH HW DUUrW GX PRWHXU
! $YDQW GH GpPDUUHU OH PRWHXU
$YDQW G¶XWLOLVHU OH V\VWqPH GH GpPDUUDJH
GX PRWHXU j GLVWDQFH SRXU GpPDUUHU OH
PRWHXU FRQILUPH] OHV FRQGLWLRQV VXLYDQ
WHV
. /H OHYLHU VpOHFWHXU HVW HQ SRVLWLRQ ³3´
. 7RXWHV OHV SRUWLqUHV VRQW IHUPpHV
. /H FDSRW GX PRWHXU HVW IHUPp
. /H FRQWDFWHXU G¶DOOXPDJH j ERXWRQ
SRXVVRLU HVW HQ SRVLWLRQ ³2))´
! 'pPDUUDJH GX PRWHXU
$SSX\H] EULqYHPHQW VXU OH ERXWRQ GH
YHUURXLOODJH /HV IHX[ GH GpWUHVVH FOLJQR
WHQW SXLV FOLJQRWHQW XQH IRLV
'DQV OHV VHFRQGHV DSSX\H] GH
QRXYHDX VXU OH ERXWRQ GH YHUURXLOODJH
EULqYHPHQW /HV IHX[ GH GpWUHVVH FOLJQR
WHQW SXLV FOLJQRWHQW XQH IRLV GH SOXV
$SUqV O¶pWDSH DSSX\H] LPPpGLDWH
PHQW HW PDLQWHQH] HQIRQFp OH ERXWRQ GH
YHUURXLOODJH /HV IHX[ GH GpWUHVVH FOLJQR
WHQW SXLV FOLJQRWHQW XQH IRLV
(QYLURQ VHFRQGHV DSUqV O¶pWDSH UHOkFKH] OH ERXWRQ GH YHUURXLOODJH /H
PRWHXU GpPDUUH DORUV DYHF VXFFqV
! $UUrW GX PRWHXU
$SSX\H] HW PDLQWHQH] HQIRQFp OH ERXWRQ
GH YHUURXLOODJH SRXU DUUrWHU OH PRWHXU DYHF
OH V\VWqPH GH GpPDUUDJH GX PRWHXU j
GLVWDQFH
! $UUrW DXWRPDWLTXH GX PRWHXU
/H V\VWqPH GH GpPDUUDJH GX PRWHXU j
GLVWDQFH V¶pWHLQW DXWRPDWLTXHPHQW RX QH
GpPDUUH SDV OH PRWHXU GDQV OHV FRQGLWLRQV
VXLYDQWHV
. /D GXUpH GH IRQFWLRQQHPHQW WRWDOH D
GpSDVVp OHV PLQXWHV
. 8QH SRUWLqUH HVW RXYHUWH
. /H OHYLHU VpOHFWHXU HVW GpSODFp VXU XQH
SRVLWLRQ DXWUH TXH ³3´
. /H FDSRW GX PRWHXU HVW RXYHUW
. /H FRQWDFWHXU G¶DOOXPDJH j ERXWRQ
SRXVVRLU HVW HQIRQFp
. /D SpGDOH GH IUHLQ HVW HQIRQFpH
. /H UpJLPH GX PRWHXU HVW GH WU
PLQ RX SOXV
/H UpJODJH GH O¶KHXUH SHXW rWUH PRGLILp
XQH IRLV TXH OH PRWHXU V¶DUUrWH DXWR
PDWLTXHPHQW 3RXU OH PRGLILHU YHXLOOH]
FRQWDFWHU YRWUH FRQFHVVLRQQDLUH
68%$58 1RWH] TXH FHUWDLQV UpJODJHV
SHXYHQW HQIUHLQGUH OHV ORLV HW OHV UpJOH
PHQWDWLRQV ORFDOHV pWDWLTXHV RX SURYLQ
FLDOHV 9pULILH] OHV ORLV HQ YLJXHXU GDQV
YRWUH UpJLRQ SRXU GpWHUPLQHU OH UpJODJH
DXWRULVp
! 3pQpWUDWLRQ GDQV OH YpKLFXOH
ORUVTXH FH GHUQLHU HVW GpPDUUp YLD OH
V\VWqPH GH FRPPDQGH j GLVWDQFH
'pYHUURXLOOH] OHV SRUWLqUHV GX YpKLFXOH
DX PR\HQ GH OD IRQFWLRQ G¶DFFqV VDQV FOp
6L YRXV GpYHUURXLOOH] PDQXHOOHPHQW OHV
SRUWLqUHV GX YpKLFXOH j O¶DLGH GH OD FOp OH
V\VWqPH G¶DODUPH GX YpKLFXOH V¶DFWLYH VL
OH V\VWqPH G¶DODUPH HVW DUPp DYDQW
G¶DFWLYHU OH V\VWqPH GH GpPDUUDJH j
GLVWDQFH GX PRWHXU HW OH PRWHXU V¶pWHLQW
(IIHFWXH] XQH GHV SURFpGXUHV VXLYDQWHV
SRXU GpVDUPHU OH V\VWqPH G¶DODUPH 5H
SRUWH]YRXV j ³6\VWqPH G¶DODUPH´ )
. 0HWWH] OH FRQWDFW VXU OD SRVLWLRQ
³$&&´ RX ³21´ HQ DSSX\DQW VXU OH
FRQWDFWHXU G¶DOOXPDJH j ERXWRQSRXV
VRLU XQH RX GHX[ IRLV UHVSHFWLYHPHQW
. $SSX\H] VXU O¶XQH GHV WRXFKHV GX
SRUWHFOpV G¶DFFqVGX WUDQVPHWWHXU
3pQpWUH] GDQV OH YpKLFXOH
/H PRWHXU V¶DUUrWH ORUVTX¶XQH SRUWLqUH
HVW RXYHUWH
$SSX\H] VXU OH FRQWDFWHXU G¶DOOXPDJH
j ERXWRQSRXVVRLU WRXW HQ DSSX\DQW VXU OD
SpGDOH GH IUHLQ SRXU UHGpPDUUHU OH PRWHXU
± 68,7( ±
'pPDUUDJH HW FRQGXLWH%RvWH GH YLWHVVHV PDQXHOOH
! 3pQpWUDWLRQ GDQV OH YpKLFXOH DSUqV
DUUrW GX PRWHXU j O¶DLGH GX V\VWqPH
GH GpPDUUDJH j GLVWDQFH GX PRWHXU
/¶DODUPH SHXW VH GpFOHQFKHU VL OH YpKLFXOH
HVW RXYHUW j O¶DLGH GH OD WpOpFRPPDQGH
G¶HQWUpH VDQV FOp TXHOTXHV VHFRQGHV
DSUqV O¶DUUrW GX PRWHXU j O¶DLGH GX V\VWqPH
GH GpPDUUDJH j GLVWDQFH
! 3UpFKDXIIDJH RX SUpUHIURLGLVVH
PHQW GH O¶LQWpULHXU GX YpKLFXOH
$YDQW GH TXLWWHU OH YpKLFXOH UpJOH] OHV
FRPPDQGHV GH WHPSpUDWXUH VHORQ OHV
SDUDPqWUHV GH YRWUH FKRL[ 8QH IRLV TXH
OH V\VWqPH D GpPDUUp OH PRWHXU OH
FKDXIIDJH RX OD FOLPDWLVDWLRQ V¶DFWLYH SRXU
UpFKDXIIHU RX UHIURLGLU O¶LQWpULHXU HQ IRQF
WLRQ GH YRV UpJODJHV
! 0DLQWHQDQFH GX V\VWqPH
(IIHFWXH] OD SURFpGXUH GpFULWH GDQV ³5HP
SODFHPHQW GH OD SLOH GX SRUWHFOpV G¶DFFqV´
)
%RvWH GH YLWHVVHV PDQXHOOH
&HWWH ERvWH GH YLWHVVHV PDQXHOOH HVW XQH
ERvWH j UDSSRUWV HQ PDUFKH DYDQW HW UDSSRUW HQ PDUFKH DUULqUH HQWLqUHPHQW
V\QFKURQLVpV
/D JULOOH GHV YLWHVVHV ILJXUH VXU OH SRP
PHDX GX OHYLHU GH FKDQJHPHQW GH YLWHV
VHV
3RXU FKDQJHU OD SRVLWLRQ GX OHYLHU GH
YLWHVVHV
(QIRQFH] OD SpGDOH G¶HPEUD\DJH
3RXU SDVVHU j WRXWHV OHV SRVLWLRQV VDXI
³5´ GpSODFH] OH OHYLHU GH YLWHVVHV HQ
FRQVpTXHQFH
%DJXH FRXOLVVDQWH
3RXU SDVVHU j OD SRVLWLRQ ³5´ OHYH] HW
WHQH] OD EDJXH FRXOLVVDQWH GpSODFH] OH
OHYLHU j OD SRVLWLRQ ³5´ SXLV UHOkFKH] OD
EDJXH FRXOLVVDQWH
5HOkFKH] SURJUHVVLYHPHQW OD SpGDOH
G¶HPEUD\DJH
6¶LO HVW GLIILFLOH G¶HQJDJHU OD YLWHVVH
UDPHQH] OH OHYLHU DX SRLQW PRUW HW UHOkFKH]
OD SpGDOH G¶HPEUD\DJH DYDQW G¶HVVD\HU j
QRXYHDX
'pPDUUDJH HW FRQGXLWH%RvWH GH YLWHVVHV PDQXHOOH
'$1*(5
. 1H URXOH] SDV HQ SRVLWLRQ Gp
EUD\pH F¶HVWjGLUH DYHF OD Sp
GDOH G¶HPEUD\DJH HQIRQFpH RX
DYHF OH OHYLHU GH FKDQJHPHQW GH
YLWHVVHV DX SRLQW PRUW 9RXV QH
GLVSRVH] DORUV G¶DXFXQ HIIHW GH
IUHLQ PRWHXU HW FHOD DFFURvW FRQVL
GpUDEOHPHQW OH ULVTXH G¶DFFLGHQW
. 1¶HQJDJH] SDV O¶HPEUD\DJH
F¶HVWjGLUH QH UHOkFKH] SDV OD
SpGDOH G¶HPEUD\DJH VXELWHPHQW
ORUV GX GpPDUUDJH GX YpKLFXOH
/H YpKLFXOH SRXUUDLW DFFpOpUHU
EUXWDOHPHQW RX OD WUDQVPLVVLRQ
SRXUUDLW DIILFKHU XQ G\VIRQFWLRQ
QHPHQW
$77(17,21
/D PDUFKH DUULqUH QH GRLW rWUH HQJD
JpH TX¶$35Ê6 O¶DUUrW FRPSOHW GX
YpKLFXOH (VVD\HU G¶HQJDJHU OD PDU
FKH DUULqUH SHQGDQW TXH OH YpKLFXOH
HVW HQ PRXYHPHQW ULVTXH G¶HQGRP
PDJHU OD ERvWH GH YLWHVVHV
& 5DSSRUWV GH ERvWH
! 5DSSRUWV GH ERvWH UHFRPPDQGpV
/H PHLOOHXU FRPSURPLV HQWUH pFRQRPLH GX
FDUEXUDQW HW SHUIRUPDQFHV GX YpKLFXOH HQ
FRQGXLWH QRUPDOH HVW DWWHLQW HQ HQJDJHDQW
OH UDSSRUW VXSpULHXU DX[ YLWHVVHV GH
GpSODFHPHQW LQGLTXpHV FLDSUqV
3DVVDJH DX UDSSRUW
VXSpULHXU
NPK PSK
'H qUH HQ qPH
'H qPH HQ qPH
'H qPH HQ qPH
'H qPH HQ qPH
'H qPH HQ qPH
! ,QGLFDWHXU GH SDVVDJH DX UDSSRUW
VXSpULHXU 67,
/¶LQGLFDWHXU GH SDVVDJH DX UDSSRUW VXSp
ULHXU DSSDUDvW SRXU VLJQDOHU DX FRQGXFWHXU
OH PRPHQW SURSLFH GH SDVVDJH DX UDSSRUW
VXSpULHXU
&HW LQGLFDWHXU SHXW rWUH DFWLYp RX GpV
DFWLYp 5HSRUWH]YRXV j ³,QGLFDWHXU GH OD
SRVLWLRQ GX UDSSRUW HQJDJp PRGqOHV %
0 ,QGLFDWHXU GH SDVVDJH DX UDSSRUW
VXSpULHXU 67, ´ ) SRXU SOXV GH
GpWDLOV
! 9LWHVVHV PD[LPXPV DGPLVVLEOHV
/HV WDEOHDX[ FLDSUqV LQGLTXHQW OD YLWHVVH
PD[LPXP DGPLVVLEOH SRXU FKDFXQ GHV
UDSSRUWV GH OD ERvWH GH YLWHVVHV /¶DLJXLOOH
GX FRPSWHWRXUV HQWUH GDQV OD ]RQH URXJH
VL RQ GpSDVVH FHV YLWHVVHV
± 68,7( ±
'pPDUUDJH HW FRQGXLWH%RvWH GH YLWHVVHV PDQXHOOH
¬ O¶H[FHSWLRQ GHV VLWXDWLRQV R O¶DFFpOpUD
WLRQ EUXVTXH HVW QpFHVVDLUH QH FRQGXLVH]
SDV OH YpKLFXOH DYHF O¶DLJXLOOH GX FRPSWH
WRXUV GDQV OD ]RQH URXJH /H QRQUHVSHFW
GH FHWWH SUpFDXWLRQ HQWUDvQH XQH XVXUH
H[FHVVLYH GX PRWHXU RXWUH TX¶LO QXLW DX[
pFRQRPLHV GH FDUEXUDQW
5DSSRUW
67,
NPK PSK
6DXI 67,
NPK PSK
qUH
qPH
'$1*(5
$YDQW GH UpWURJUDGHU YpULILH] TXH OD
YLWHVVH GX YpKLFXOH Q¶H[FqGH SDV OD
YLWHVVH PD[LPXP DGPLVVLEOH SRXU OH
UDSSRUW j HQJDJHU /H QRQUHVSHFW
GH FHWWH SUpFDXWLRQ ULVTXHUDLW G¶HP
EDOOHU OH PRWHXU HW GH O¶HQGRPPDJHU
(Q RXWUH LO IDXW VDYRLU TXH O¶DSSOLFD
WLRQ G¶XQ SXLVVDQW HIIHW GH IUHLQ
PRWHXU ORUVTXH OH YpKLFXOH URXOH
VXU XQH VXUIDFH JOLVVDQWH SHXW HQ
WUDvQHU XQ EORFDJH GX YRODQW HW SDU
FRQVpTXHQW XQH SHUWH GX FRQWU{OH
GX YpKLFXOH DYHF OH ULVTXH G¶DFFL
GHQW TXL V¶HQVXLW
5(0$548(
1H GpSDVVH] MDPDLV OD OLPLWH GH YLWHVVH
LQGLTXpH
& &RQVHLOV GH FRQGXLWH
5(0$548(
6L OHV SpGDOHV G¶DFFpOpUDWHXU HW GH IUHLQ
VRQW HQIRQFpHV HQ PrPH WHPSV OH
FRXSOH PRWHXU SHXW rWUH UHWHQX ,O QH
V¶DJLW SDV G¶XQH DQRPDOLH
1H ODLVVH] SDV YRWUH SLHG SRVp VXU OD
SpGDOH G¶HPEUD\DJH SHQGDQW OD FRQGXLWH
HW QH UHWHQH] SDV OH YpKLFXOH j O¶DUUrW GDQV
OHV F{WHV DX PR\HQ GH OD SpGDOH G¶HP
EUD\DJH ¬ OD ORQJXH FHV SUDWLTXHV
ULVTXHQW G¶HQGRPPDJHU O¶HPEUD\DJH
1H ODLVVH] SDV YRWUH PDLQ SRVpH VXU OH
OHYLHU GH FKDQJHPHQW GH YLWHVVHV SHQGDQW
OD FRQGXLWH &HOD SHXW HQWUDvQHU XQH XVXUH
H[FHVVLYH GH FHUWDLQV RUJDQHV GH OD ERvWH
GH YLWHVVHV
/RUVTXH OD YLWHVVH GX YpKLFXOH GRLW rWUH
UpGXLWH SDU VXLWH GX UDOHQWLVVHPHQW GH OD
FLUFXODWLRQ j O¶HQWUpH G¶XQ YLUDJH RX GDQV
XQH F{WH UpWURJUDGH] DYDQW TXH OH PRWHXU
QH FRPPHQFH j SHLQHU
'DQV OHV GHVFHQWHV HQ IRUWH SHQWH UpWUR
JUDGH] HQ qPH qPH qPH RX qPH
VHORQ OH FDV &HFL DLGH j PDLQWHQLU OD
YLWHVVH GH VpFXULWp HW OLPLWH O¶XVXUH GHV
SODTXHWWHV GH IUHLQ
9RXV GLVSRVHUH] DLQVL G¶XQ HIIHW GH IUHLQ
PRWHXU 1¶RXEOLH] SDV TX¶XQH XWLOLVDWLRQ
WURS SURORQJpH GHV IUHLQV HQ GHVFHQWH
HQWUDvQH XQH SHUWH GH SXLVVDQFH GH
IUHLQDJH SDU VXUFKDXIIH GHV IUHLQV
%LHQ TXH FHOD VH SURGXLVH UDUHPHQW LO
DUULYH TXH OH PRWHXU FOLTXHWWH ORUVTXH OH
YpKLFXOH DFFpOqUH IRUWHPHQW RX GpPDUUH
UDSLGHPHQW j SDUWLU GH O¶DUUrW FRPSOHW &H
SKpQRPqQH Q¶LQGLTXH SDV XQ SUREOqPH
GDQV YRWUH YpKLFXOH
'pPDUUDJH HW FRQGXLWH'LIIpUHQWLHO FHQWUDO j FRPPDQGH SDU OH FRQGXFWHXU &',))'&&' 67,
'LIIpUHQWLHO FHQWUDO j
FRPPDQGH SDU OH FRQGXFWHXU
&',))'&&' 67,
'$1*(5
6R\H] WRXMRXUV WUqV SUXGHQW ORUV GH
OD FRQGXLWH 8Q H[FqV GH FRQILDQFH
YHQDQW GX IDLW TXH YRXV FRQGXLVH]
XQ YpKLFXOH pTXLSp G¶XQ GLIIpUHQWLHO
FHQWUDO j FRPPDQGH SDU OH FRQGXF
WHXU SHXW rWUH OD FDXVH G¶XQ DFFLGHQW
JUDYH
$77(17,21
. 7RXV OHV LQGLFDWHXUV FOLJQRWHQW
HQ FDV GH G\VIRQFWLRQQHPHQW GX
GLIIpUHQWLHO FHQWUDO j FRPPDQGH
SDU OH FRQGXFWHXU )DLWHV FRQWU{
OHU OH YpKLFXOH SDU XQ FRQFHVVLRQ
QDLUH 68%$58
. (Q FDV GH G\VIRQFWLRQQHPHQW GX
YpKLFXOH SDU H[HPSOH ORUVTXH OH
WpPRLQ DYHUWLVVHXU GH WHPSpUD
WXUH G¶KXLOH GX GLIIpUHQWLHO DUULqUH
V¶DOOXPH WRXV OHV LQGLFDWHXUV
SHXYHQW GLVSDUDvWUH HW OD YDOHXU
GH UpJODJH SRXU OH FRXSOH LQLWLDO
GX GLIIpUHQWLHO j JOLVVHPHQW OLPLWp
/6' GX GLIIpUHQWLHO FHQWUDO j
FRPPDQGH SDU OH FRQGXFWHXU &
',))'&&' SHXW rWUH DQQXOp
7RXWHIRLV FHOD Q¶LQGLTXH SDV XQ
G\VIRQFWLRQQHPHQW GX &',))
'&&'
FRQGLWLRQV GH VXUIDFH GH OD URXWH DX[
FRQGLWLRQV GH FRQGXLWH HW j YRWUH VW\OH GH
FRQGXLWH
/H GLIIpUHQWLHO FHQWUDO j FRPPDQGH SDU OH
FRQGXFWHXU GLVSRVH GHV PRGHV VXLYDQWV
. 0RGH DXWRPDWLTXH OH V\VWqPH UqJOH
DXWRPDWLTXHPHQW OH FRXSOH /6' LQLWLDO
. 0RGH PDQXHO YRXV SRXYH] FKDQJHU GH
PRGH PDQXHOOHPHQW HQ XWLOLVDQW OD
FRPPDQGH GH UpJODJH GX GLIIpUHQWLHO FHQ
WUDO
5(0$548(
6L YRXV HQIRQFH] SXLV UHOkFKH] UDSLGH
PHQW OD SpGDOH G¶DFFpOpUDWHXU ORUV
G¶XQH FRQGXLWH j IDLEOH YLWHVVH YRXV
SRXUULH] HQWHQGUH XQ EUXLW GH FRJQH
PHQW SURYHQDQW GHV HQYLURQV GX GLIIp
UHQWLHO FHQWUDO HW GX GLIIpUHQWLHO DUULqUH
&H VRQ VH SURGXLW j FDXVH GH OD
VWUXFWXUH GX GLIIpUHQWLHO FHQWUDO &HOD
QH GRLW SDV rWUH FRQVLGpUp FRPPH XQ
SUREOqPH
(Q XWLOLVDQW OD FRPPDQGH GH UpJODJH GX
GLIIpUHQWLHO FHQWUDO GX FRQGXFWHXU YRXV
SRXYH] UpJOHU XQ FRXSOH /6' LQLWLDO FRU
UHVSRQGDQW DX[ FRQGLWLRQV GH VXUIDFH GH
OD URXWH DX[ FRQGLWLRQV GH FRQGXLWH HW j
YRWUH VW\OH GH FRQGXLWH
(Q XWLOLVDQW OD FRPPDQGH GH UpJODJH GX
GLIIpUHQWLHO FHQWUDO YRXV SRXYH] GpILQLU XQ
FRXSOH /6' LQLWLDO SRXU FRUUHVSRQGUH DX[
± 68,7( ±
'pPDUUDJH HW FRQGXLWH'LIIpUHQWLHO FHQWUDO j FRPPDQGH SDU OH FRQGXFWHXU &',))'&&' 67,
& 3RXU FKDQJHU OH PRGH GX
GLIIpUHQWLHO FHQWUDO j
FRPPDQGH SDU OH FRQGXFWHXU
$SSX\H] VXU OD FRPPDQGH ³$8720$
18´ VXU OD FRQVROH FHQWUDOH SRXU SDVVHU GX
PRGH DXWRPDWLTXH DX PRGH PDQXHO RX
YLFH YHUVD /RUVTXH YRXV VpOHFWLRQQH] OH
PRGH DXWRPDWLTXH O¶LQGLFDWHXU ³$872´
DSSDUDvW /RUVTXH YRXV VpOHFWLRQQH] OH
PRGH PDQXHO O¶LQGLFDWHXU ³$872´ GLVSD
UDvW
& 0RGH DXWRPDWLTXH
(Q PRGH DXWRPDWLTXH OH V\VWqPH pYDOXH
OHV FRQGLWLRQV GH FRQGXLWH HW GH URXWH HQ
XWLOLVDQW OHV VLJQDX[ GX FDSWHXU GH YLWHVVH
GX YRODQW GX FDSWHXU GH SRVLWLRQ GX
SDSLOORQ OH FDSWHXU G¶DQJOH GH GLUHFWLRQ
HWF 6HORQ OH UpVXOWDW LO FRQWU{OH pOHFWUR
QLTXHPHQW HW DXWRPDWLTXHPHQW OH GHJUp
GH OLPLWDWLRQ GH O¶DFWLRQ GLIIpUHQWLHOOH FRX
SOH /6' SRXU RSWLPLVHU O¶DFWLRQ GLIIpUHQ
WLHOOH GX GLIIpUHQWLHO FHQWUDO /RUVTXH OH
FRQWDFWHXU G¶DOOXPDJH HVW PLV VXU 21
O¶LQGLFDWHXU ³$872´ V¶DIILFKH TXH OHV LQV
WUXPHQWV GH ERUG
/H PRGH DXWRPDWLTXH GLVSRVH GHV PRGHV VXLYDQWV
0RGH
)RQFWLRQQHPHQW
$872 >@
&H PRGH PHW O¶DFFHQW VXU OH
FRQWU{OH GH WUDFWLRQ HW UHQIRUFH
OD OLPLWDWLRQ GH O¶DFWLRQ GLIIpUHQ
WLHOOH FRQYHQDQW j XQH FRQGXLWH
VXU GHV URXWHV JOLVVDQWHV SRXU OD
VWDELOLWp GX YpKLFXOH
$872
&H PRGH FRQYLHQW j OD SOXSDUW
GHV VLWXDWLRQV GH FRQGXLWH
$872 >í@
&H PRGH FRQYLHQW VL YRXV VRX
KDLWH] XQH UpSRQVH UDSLGH GX
YRODQW HW XQH FRQGXLWH HQ GRX
FHXU
'pPDUUDJH HW FRQGXLWH'LIIpUHQWLHO FHQWUDO j FRPPDQGH SDU OH FRQGXFWHXU &',))'&&' 67,
& 0RGH PDQXHO
! 0pWKRGH GH UpJODJH GH PRGH
'DQV OD SOXSDUW GHV VLWXDWLRQV LO HVW
UHFRPPDQGp GH VpOHFWLRQQHU OH PRGH
³$872´
7LUH] OD FRPPDQGH GH UpJODJH YHUV
O¶DUULqUH SRXU VpOHFWLRQQHU OH PRGH ³$872
>í@´ $SUqV DYRLU UpJOp OH PRGH ³$872 >í@´
DSSDUDvW
3RXVVH] OD FRPPDQGH GH UpJODJH YHUV
O¶DYDQW SRXU VpOHFWLRQQHU OH PRGH ³$872
>@´ $SUqV DYRLU UpJOp OH PRGH ³$872 >@´
DSSDUDvW
/RUVTXH OH PRGH ³$872 >@´ HVW VpOHF
WLRQQp WLUH] OD FRPPDQGH GH UpJODJH YHUV
O¶DUULqUH SRXU SDVVHU DX PRGH ³$872´
/RUVTXH OH PRGH ³$872 >í@´ HVW VpOHF
WLRQQp SRXVVH] OD FRPPDQGH GH UpJODJH
YHUV O¶DYDQW SRXU SDVVHU DX PRGH ³$872´
(Q PRGH PDQXHO YRXV SRXYH] XWLOLVHU OD
FRPPDQGH GH UpJODJH GX GLIIpUHQWLHO FHQ
WUDO SRXU UpJOHU OH FRXSOH /6' LQLWLDO
FRPPH VRXKDLWp /RUVTXH FH PRGH HVW
VpOHFWLRQQp O¶LQGLFDWHXU ³$872´ GLVSDUDvW
± 68,7( ±
'pPDUUDJH HW FRQGXLWH'LIIpUHQWLHO FHQWUDO j FRPPDQGH SDU OH FRQGXFWHXU &',))'&&' 67,
! &RPPDQGH GH UpJODJH HW LQGLFDWHXU
GX GLIIpUHQWLHO FHQWUDO
/D FRPPDQGH GH UpJODJH HVW VLWXpH j F{Wp
GX OHYLHU GH IUHLQ GH VWDWLRQQHPHQW
3RXVVH] OD FRPPDQGH GH UpJODJH YHUV
O¶DYDQW RX WLUH]OD YHUV O¶DUULqUH SRXU
FKDQJHU OH FRXSOH /6' LQLWLDO
/¶LQGLFDWHXU GH GLIIpUHQWLHO FHQWUDO VXU OHV
LQVWUXPHQWV GH ERUG GRQQH VL[ QLYHDX[
G¶LQGLFDWLRQ /¶LQGLFDWHXU HW OD FRPPDQGH
GH UpJODJH IRQFWLRQQHQW HQVHPEOH ORUVTXH YRXV DFWLRQQH] OD FRPPDQGH SRXU
FKDQJHU OH FRXSOH /6' LQLWLDO O¶LQGLFDWHXU
FKDQJH HQ FRQVpTXHQFH
3RXVVH] OD FRPPDQGH YHUV O¶DYDQW SRXU
DXJPHQWHU OH FRXSOH /6' LQLWLDO ORUVTXH
O¶LQGLFDWHXU ³/2&.´ DSSDUDvW OH UpJODJH GX
FRXSOH /6' LQLWLDO HVW DX PD[LPXP /H
GLIIpUHQWLHO FHQWUDO VHUD DORUV SUHVTXH
FRPSOqWHPHQW YHUURXLOOp
7LUH] OD FRPPDQGH YHUV O¶DUULqUH SRXU
UpGXLUH OH FRXSOH /6' LQLWLDO /RUVTXH OD
SRVLWLRQ OD SOXV EDVVH GH O¶LQGLFDWHXU GX
GLIIpUHQWLHO FHQWUDO j FRPPDQGH SDU OH
FRQGXFWHXU HVW DIILFKpH OH FRXSOH /6'
LQLWLDO VHUD DX PLQLPXP
$77(17,21
. 1¶XWLOLVH] SDV OD FRPPDQGH GH
UpJODJH HQ FDV GH SDWLQDJH GHV
URXHV $WWHQGH] TXH OH SDWLQDJH
DLW pWp PDvWULVp
. 6RXV XQH GHV FRQGLWLRQV VXLYDQ
WHV DSUqV OH SDVVDJH DX PRGH
PDQXHO WLUH] OD FRPPDQGH GH
UpJODJH GX GLIIpUHQWLHO FHQWUDO
SRXU PLQLPLVHU OH FRXSOH /6'
LQLWLDO
'pPDUUDJH HW FRQGXLWH'LIIpUHQWLHO FHQWUDO j FRPPDQGH SDU OH FRQGXFWHXU &',))'&&' 67,
± (Q FDV G¶LQVWDOODWLRQ G¶XQH
URXH GH VHFRXUV GH W\SH SUR
YLVRLUH
± /RUVTXH OH YpKLFXOH HVW UH
PRUTXp
± /RUVTXH OH YpKLFXOH HVW DUUrWp
DYHF OH PRGH PDQXHO VpOHF
WLRQQp
5(0$548(
. 8Q UpJODJH SOXV pOHYp GX FRXSOH /6'
LQLWLDO GRQQH DX YpKLFXOH XQH PHLOOHXUH
WUDFWLRQ ORUVTXH YRXV FRQGXLVH] VXU
XQH URXWH GURLWH PDLV UHQG OHV YLUDJHV
SOXV GLIILFLOHV 3UHQH] FHFL HQ FRPSWH
ORUVTXH YRXV UpJOH] OH FRXSOH /6'
LQLWLDO (Q JpQpUDO GHV UpJODJHV SOXV
pOHYpV GX FRXSOH /6' LQLWLDO DLGHQW j OD
FRQGXLWH VXU URXWHV JOLVVDQWHV HW GHV
UpJODJHV PRLQV pOHYpV j OD FRQGXLWH VXU
GHV URXWHV QRQJOLVVDQWHV /RUVTXH OH
YpKLFXOH HVW EORTXp GDQV OD QHLJH RX OD
ERXH UpJOHU OH FRXSOH /6' LQLWLDO DX
PD[LPXP DLGH j OLEpUHU OH YpKLFXOH
. /H UpJODJH GX FRXSOH /6' LQLWLDO
UHVWH pJDO ORUVTXH OH PRGH DXWRPDWLTXH
HVW VpOHFWLRQQp RX TXH OH FRQWDFWHXU
G¶DOOXPDJH HVW PLV VXU OD SRVLWLRQ
³/2&.´³2))´ 7RXWHIRLV OH FRXSOH
/6' LQLWLDO VHUD PLQLPLVp ORUVTXH OD
EDWWHULH HVW GpEUDQFKpH SXLV UHEUDQ
FKpH
. 'DQV OHV FRXUEHV RX OHV YLUDJHV
SDUWLFXOLqUHPHQW ORUVTXH YRXV UHQWUH]
GDQV XQ JDUDJH OD GLIIpUHQFH GH URWD
WLRQ HQWUH OHV URXHV DYDQW HW DUULqUH
SHXW SURYRTXHU XQ HIIHW GH IUHLQDJH
DFFRPSDJQp GH YLEUDWLRQV HW GH EUXLWV
&HOD Q¶LQGLTXH SDV XQ SUREOqPH &H
SKpQRPqQH GLVSDUDvW ORUVTXH YRXV Up
JOH] OH FRXSOH /6' LQLWLDO DX PLQLPXP
(Q PRGH DXWRPDWLTXH OH FRXSOH /6'
LQLWLDO HVW FRQWU{Op DXWRPDWLTXHPHQW
/RUVTXH YRXV rWHV HQ PRGH DXWRPD
WLTXH FH SKpQRPqQH VH SURGXLW SDUIRLV
VHORQ OD FRQGLWLRQ GH FRQGXLWH PDLV LO
Q¶LQGLTXH WRXWHIRLV SDV XQ SUREOqPH
. 1¶XWLOLVH] O¶LQGLFDWHXU GH GLIIpUHQWLHO
FHQWUDO TX¶HQ WDQW TX¶LQGLFDWLRQ DS
SUR[LPDWLYH GX FRXSOH /6' LQLWLDO
. 6L YRXV DFWLRQQH] OD FRPPDQGH GH
UpJODJH GX GLIIpUHQWLHO FHQWUDO WRXW HQ
DFFpOpUDQW UDSLGHPHQW RX ORUV G¶XQ
YLUDJH VHUUp LO VH SHXW TXH YRXV
UHVVHQWLH] GH OpJHUV FKRFV &HOD YLHQW
GH O¶DFWLRQ GLIIpUHQWLHOOH GX GLIIpUHQWLHO
FHQWUDO HW FHOD Q¶LQGLTXH SDV XQ SUR
EOqPH
& /LEpUDWLRQ WHPSRUDLUH
/RUVTXH OH FRQGXFWHXU DUUrWH OH YpKLFXOH HW
WLUH OH OHYLHU GH IUHLQ GH VWDWLRQQHPHQW
DSUqV DYRLU UpJOp PDQXHOOHPHQW OH FRXSOH
/6' LQLWLDO OH FRXSOH /6' HVW WHPSRUDLUH
PHQW PLQLPLVp 7RXWHIRLV O¶LQGLFDWHXU VXU
OHV LQVWUXPHQWV GH ERUG FRQWLQXH j LQGL
TXHU OH FRXSOH /6' LQLWLDO VpOHFWLRQQp SDU
OH FRQGXFWHXU /RUVTXH OH FRQGXFWHXU
OkFKH OH OHYLHU GH IUHLQ GH VWDWLRQQHPHQW
OH FRXSOH /6' LQLWLDO UpJOp SDU OH FRQGXF
WHXU HVW UHVWDXUp
'pPDUUDJH HW FRQGXLWH7UDQVPLVVLRQ j YDULDWLRQ FRQWLQXH
7UDQVPLVVLRQ j YDULDWLRQ
FRQWLQXH
/D WUDQVPLVVLRQ j YDULDWLRQ FRQWLQXH GH
W\SH UDSSRUWV HQ PDUFKH DYDQW PXOWLSOH HW
XQ UDSSRUW HQ PDUFKH DUULqUH HVW
FRPPDQGp pOHFWURQLTXHPHQW (OOH GLV
SRVH pJDOHPHQW G¶XQ PRGH PDQXHO
'$1*(5
1H SDVVH] MDPDLV GH OD SRVLWLRQ ³3´
RX ³1´ j OD SRVLWLRQ ³'´ RX ³5´ WRXW
HQ DSSX\DQW VXU OD SpGDOH G¶DFFpOp
UDWHXU /H YpKLFXOH IHUDLW XQH HPEDU
GpH HQ DYDQW RX HQ DUULqUH
$77(17,21
. 2EVHUYH] OHV SUpFDXWLRQV VXLYDQ
WHV 'DQV OH FDV FRQWUDLUH OD
WUDQVPLVVLRQ SRXUUDLW rWUH HQ
GRPPDJpH
± 1H SDVVH] j OD SRVLWLRQ ³3´ RX
³5´ TX¶DSUqV O¶DUUrW FRPSOHW
GX YpKLFXOH
± 1H SDVVH] SDV GH OD SRVLWLRQ
³'´ j OD SRVLWLRQ ³5´ RX YLFH
YHUVD DYDQW O¶DUUrW FRPSOHW GX
YpKLFXOH
. 1H IDLWHV MDPDLV WRXUQHU OH PRWHXU
SHQGDQW SOXV GH VHFRQGHV j
UpJLPH pOHYp GDQV XQH SRVLWLRQ
DXWUH TXH ³1´ RX ³3´ DYHF OH IUHLQ
VHUUp RX DYHF OHV URXHV FDOpHV
SDU OHV FDOHV GH URXH &HWWH
SUDWLTXH ULVTXH HQ HIIHW GH IDLUH
VXUFKDXIIHU OH OLTXLGH GH WUDQV
PLVVLRQ
. 1H GpSODFH] MDPDLV OH YpKLFXOH
FRPPH VXLW &HFL HVW GDQJHUHX[
HW SHXW HQWUDvQHU XQ DFFLGHQW RX
XQ G\VIRQFWLRQQHPHQW LQDWWHQGX
± 6H GpSODFHU YHUV O¶DUULqUH SDU
LQHUWLH DYHF OH OHYLHU VpOHFWHXU
VXU XQH SRVLWLRQ GH PDUFKH
DYDQW
± 6H GpSODFHU YHUV O¶DYDQW SDU
LQHUWLH DYHF OH OHYLHU VpOHFWHXU
HQ SRVLWLRQ GH PDUFKH DUULqUH
³5´
. 3RXU JDUHU OH YpKLFXOH VHUUH]
G¶DERUG IHUPHPHQW OH IUHLQ GH
VWDWLRQQHPHQW SXLV SODFH] OH
OHYLHU VpOHFWHXU HQ SRVLWLRQ ³3´
1H ODLVVH] SDV OH YpKLFXOH HQ
VWDWLRQQHPHQW SHQGDQW ORQJ
WHPSV DYHF OH OHYLHU VpOHFWHXU
GDQV WRXWH DXWUH SRVLWLRQ FDU FHOD
SHXW GpFKDUJHU FRPSOqWHPHQW OD
EDWWHULH
5(0$548(
. 7DQW TXH OD WHPSpUDWXUH GX OLTXLGH
GH UHIURLGLVVHPHQW GX PRWHXU HVW HQ
FRUH EDVVH OD ERvWH GH YLWHVVHV SDVVH
DX UDSSRUW VXSpULHXU j XQ UpJLPH
PRWHXU SOXV pOHYp TXH ORUVTXH OD WHP
SpUDWXUH GX OLTXLGH GH UHIURLGLVVHPHQW
HVW VXIILVDPPHQW KDXWH FHFL GDQV OH
EXW GH IDLUH PRQWHU OH PRWHXU SOXV
UDSLGHPHQW HQ WHPSpUDWXUH HW G¶HQ
DPpOLRUHU OD VRXSOHVVH $SUqV OD PRQ
WpH HQ WHPSpUDWXUH GX PRWHXU OHV
SRLQWV GH SDVVDJH GHV YLWHVVHV UHGH
YLHQQHQW DXWRPDWLTXHPHQW QRUPDX[
. /RUVTXH OH OLTXLGH GH WUDQVPLVVLRQ
DXWRPDWLTXH YLHQW G¶rWUH YLGDQJp OH
IRQFWLRQQHPHQW GH OD ERvWH GH YLWHVVHV
SHXW VHPEOHU LQKDELWXHO &HFL HVW G€ j
O¶DQQXODWLRQ GHV GRQQpHV UHFXHLOOLHV HW
PpPRULVpHV SDU OH PLFURSURFHVVHXU
SRXU RSWLPLVHU OH PRPHQW R D OLHX OH
SDVVDJH GHV YLWHVVHV HQ IRQFWLRQ GH
O¶pWDW DFWXHO GX YpKLFXOH /H UHWRXU DX
IRQFWLRQQHPHQW RSWLPDO GH OD ERvWH GH
YLWHVVHV VH IDLW ORUVTXH OH YpKLFXOH D
URXOp XQ FHUWDLQ WHPSV
. /RUVTXH YRXV FRQGXLVH] VRXV GHV
FRQGLWLRQV GH FKDUJH ORXUGH FRQWLQXH
WHOOHV TXH OD PRQWpH G¶XQH ORQJXH
SHQWH UDLGH OH UpJLPH PRWHXU RX OD
YLWHVVH GX YpKLFXOH SHXYHQW rWUH DXWR
PDWLTXHPHQW UpGXLWV ,O QH V¶DJLW SDV
'pPDUUDJH HW FRQGXLWH7UDQVPLVVLRQ j YDULDWLRQ FRQWLQXH
G¶XQH DQRPDOLH &H SKpQRPqQH UpVXOWH
GH OD IRQFWLRQ GH FRQWU{OH GX PRWHXU
TXL PDLQWLHQW OHV SHUIRUPDQFHV GH
UHIURLGLVVHPHQW GX YpKLFXOH /H UpJLPH
PRWHXU HW OD YLWHVVH GX YpKLFXOH UHYLHQ
QHQW j OD YLWHVVH QRUPDOH ORUVTXH OH
PRWHXU HVW FDSDEOH GH PDLQWHQLU OD
SHUIRUPDQFH GH UHIURLGLVVHPHQW RSWL
PXP DSUqV OD GLPLQXWLRQ GH OD FKDUJH
6R\H] WUqV SUXGHQW ORUV GH OD FRQGXLWH
VRXV GHV FRQGLWLRQV GH FKDUJH ORXUGH
. /D WUDQVPLVVLRQ j YDULDWLRQ FRQWLQXH
HVW XQ V\VWqPH GH W\SH j FKDvQH TXL
RIIUH XQH HIILFDFLWp GH WUDQVPLVVLRQ
VXSpULHXUH SRXU XQH pFRQRPLH GH FDU
EXUDQW PD[LPDOH ¬ FHUWDLQV PRPHQWV
HQ IRQFWLRQ GHV GLIIpUHQWHV FRQGLWLRQV
GH FRQGXLWH XQ EUXLW GH IRQFWLRQQH
PHQW GH OD FKDvQH SHXW rWUH HQWHQGX FH
TXL HVW FDUDFWpULVWLTXH GH FH W\SH GH
V\VWqPH
& /HYLHU VpOHFWHXU
%RXWRQ GX OHYLHU VpOHFWHXU
$YHF OD SpGDOH GH IUHLQ HQIRQFpH
FKDQJH] GH YLWHVVH WRXW HQ HQIRQoDQW OH
ERXWRQ GH OHYLHU VpOHFWHXU
&KDQJH] GH YLWHVVH WRXW HQ HQIRQoDQW OH
ERXWRQ GH OHYLHU VpOHFWHXU
&KDQJH] GH UDSSRUW VDQV HQIRQFHU OH
ERXWRQ GH OHYLHU VpOHFWHXU
/H OHYLHU VpOHFWHXU SHXW SUHQGUH TXDWUH
SRVLWLRQV GLIIpUHQWHV ³3´ ³5´ ³1´ ³'´ HW LO D
pJDOHPHQW XQH SRVLWLRQ ³0´ SRXU XWLOLVHU OH
PRGH PDQXHO
5(0$548(
3RXU FHUWDLQV PRGqOHV DILQ GH SURWpJHU
OH PRWHXU SHQGDQW TXH OH OHYLHU VpOHF
WHXU HVW VXU ³3´ RX ³1´ OH PRWHXU HVW
FRPPDQGp GH IDoRQ j FH TXH OH UpJLPH
PRWHXU QH SXLVVH SDV GHYHQLU WURS
pOHYp PrPH VL OD SpGDOH G¶DFFpOpUDWHXU
HVW HQIRQFpH IRUWHPHQW
± 68,7( ±
'pPDUUDJH HW FRQGXLWH7UDQVPLVVLRQ j YDULDWLRQ FRQWLQXH
! 3 VWDWLRQQHPHQW
&HWWH SRVLWLRQ V¶XWLOLVH SRXU JDUHU OH
YpKLFXOH HW SHQGDQW OH GpPDUUDJH GX
PRWHXU 'DQV FHWWH SRVLWLRQ OD ERvWH GH
YLWHVVHV HVW PpFDQLTXHPHQW YHUURXLOOpH
SRXU HPSrFKHU OH YpKLFXOH GH ERXJHU
3RXU VWDWLRQQHU FRPPHQFH] SDU VHUUHU
IHUPHPHQW OH IUHLQ GH VWDWLRQQHPHQW DX
PD[LPXP SXLV SDVVH] VXU OD SRVLWLRQ ³3´
1H FRPSWH] SDV VXU OH IURWWHPHQW PpFD
QLTXH GH OD ERvWH GH YLWHVVHV VHXOH SRXU
PDLQWHQLU OH YpKLFXOH LPPRELOH
3RXU SDVVHU OH OHYLHU VpOHFWHXU GH OD
SRVLWLRQ ³3´ j WRXWH DXWUH SRVLWLRQ LO IDXW
DSSX\HU VXU OD SpGDOH GH IUHLQ j IRQG
SHQGDQW TX¶RQ GpSODFH OH OHYLHU &HFL pYLWH
TXH OH YpKLFXOH QH IDVVH XQH HPEDUGpH DX
GpPDUUDJH
! 5 PDUFKH DUULqUH
&HWWH SRVLWLRQ V¶XWLOLVH SRXU IDLUH PDUFKH
DUULqUH 3RXU SDVVHU GH OD SRVLWLRQ ³1´ j
³5´ LPPRELOLVH] FRPSOqWHPHQW OH YpKLFXOH
SXLV PHWWH] OH OHYLHU HQ SRVLWLRQ ³5´ WRXW HQ
HQIRQoDQW OH ERXWRQ GH OHYLHU VpOHFWHXU
0rPH VL YRXV SODFH] OH FRQWDFWHXU G¶DOOX
PDJH VXU OD SRVLWLRQ ³/2&.´³2))´ YRXV
SRXYH] WRXMRXUV GpSODFHU OH OHYLHU VpOHF
WHXU GH OD SRVLWLRQ ³1´ j OD SRVLWLRQ ³5´
SHQGDQW XQ FRXUW ODSV GH WHPSV HQ
HQIRQoDQW OD SpGDOH GH IUHLQ SXLV FHOD
GHYLHQW LPSRVVLEOH 5HSRUWH]YRXV j
³)RQFWLRQ GH YHUURXLOODJH GX OHYLHU VpOHF
WHXU´ ) SRXU SOXV GH GpWDLOV
! 1 QHXWUH
&HWWH SRVLWLRQ V¶XWLOLVH SRXU UHPHWWUH OH
PRWHXU HQ PDUFKH ORUVTX¶LO D FDOp 'DQV
FHWWH SRVLWLRQ OD ERvWH GH YLWHVVHV HVW DX
SRLQW PRUW FH TXL VLJQLILH TXH OHV URXHV HW
OD ERvWH GH YLWHVVHV QH VRQW SDV EORTXpHV
$LQVL PrPH VL OD SHQWH HVW WUqV IDLEOH OH
YpKLFXOH URXOH GH VRQ SURSUH SRLGV VL OH
IUHLQ GH VWDWLRQQHPHQW Q¶HVW SDV VHUUpOD
SpGDOH GH IUHLQ HQIRQFpH
'$1*(5
1H URXOH] SDV DYHF OH OHYLHU VpOHF
WHXU HQ SRVLWLRQ ³1´ QHXWUH 9RXV
QH GLVSRVHULH] DORUV G¶DXFXQ HIIHW
GH IUHLQ PRWHXU FH TXL DXJPHQWHUDLW
FRQVLGpUDEOHPHQW OH ULVTXH G¶DFFL
GHQW
5(0$548(
6L YRXV PHWWH] OH OHYLHU VpOHFWHXU HQ
SRVLWLRQ ³1´ HQ DUUrWDQW OH PRWHXU SRXU
VWDWLRQQHU LO SHXW rWUH HQVXLWH LPSRV
VLEOH GH OH GpSODFHU MXVTX¶HQ SRVLWLRQ
³5´ SXLV ³3´ 6L FHOD VH SURGXLW PHWWH]
OH FRQWDFWHXU G¶DOOXPDJH HQ SRVLWLRQ
³21´ ,O HVW DORUV SRVVLEOH GH GpSODFHU
OH OHYLHU VpOHFWHXU HQ SRVLWLRQ ³3´
! ' FRQGXLWH
&HWWH SRVLWLRQ V¶XWLOLVH SRXU OD FRQGXLWH
RUGLQDLUH /H SDVVDJH GHV UDSSRUWV VH IDLW
DXWRPDWLTXHPHQW HW GH IDoRQ FRQWLQXH HQ
IRQFWLRQ GH OD YLWHVVH GX YpKLFXOH HW GHV
DFFpOpUDWLRQV GHPDQGpHV SDU OH FRQGXF
WHXU $XVVL ORUV GH OD FRQGXLWH HQ PRQWpH
HW HQ GHVFHQWH G¶XQH FROOLQH OD WUDQVPLV
VLRQ DVVLVWH HW FRQWU{OH OD SHUIRUPDQFH GH
FRQGXLWH HW OH IUHLQDJH GX PRWHXU WRXW HQ
V¶DOLJQDQW VXU OD SHQWH GH OD URXWH
3RXU REWHQLU XQH DFFpOpUDWLRQ SOXV SUR
QRQFpH GDQV OD SRVLWLRQ ³'´ HQIRQFH] OD
SpGDOH G¶DFFpOpUDWHXU MXVTX¶DX SODQFKHU HW
PDLQWHQH]OD DLQVL /D ERvWH UpWURJUDGH
DXWRPDWLTXHPHQW 6L OH PRGH ,QWHOOLJHQW ,
RX OH PRGH 6SRUW 6 D pWp VpOHFWLRQQp OD
ERvWH GH YLWHVVHV IRQFWLRQQH FRPPH XQH
ERvWH GH YLWHVVHV DXWRPDWLTXH FRQYHQWLRQ
QHOOH /H UDSSRUW SUpFpGHQW HVW UpDGDSWp
DX PRPHQW R YRXV UHOkFKH] OD SpGDOH
6L YRXV DFWLRQQH] O¶XQ GHV OHYLHUV GH
SDVVDJH GHUULqUH OH YRODQW ORUVTXH YRXV
FRQGXLVH] HQ SRVLWLRQ ³'´ OD WUDQVPLVVLRQ
SDVVH WHPSRUDLUHPHQW HQ PRGH PDQXHO
$YHF FH PRGH YRXV SRXYH] SDVVHU GDQV
Q¶LPSRUWH TXHO UDSSRUW HQ XWLOLVDQW OHV
OHYLHUV GH SDVVDJH 3RXU SOXV GH GpWDLOV
FRQFHUQDQW OH PRGH PDQXHO UHSRUWH]
'pPDUUDJH HW FRQGXLWH7UDQVPLVVLRQ j YDULDWLRQ FRQWLQXH
YRXV j ³6pOHFWLRQ GX PRGH PDQXHO´ )
8QH IRLV TXH OD YLWHVVH GX YpKLFXOH VH
VWDELOLVH OD WUDQVPLVVLRQ SDVVH GX PRGH
PDQXHO SRXU UHYHQLU HQ SRVLWLRQ ³'´ SRXU
XQH FRQGXLWH QRUPDOH
/HV LQGLFDWHXUV GH SDVVDJH DX UDSSRUW
VXSpULHXU HW LQIpULHXU LQGLTXHQW TX¶XQ
FKDQJHPHQW GH UDSSRUW HVW SRVVLEOH ,O
HVW SRVVLEOH GH SDVVHU DX UDSSRUW VXSpUL
HXU ORUVTXH O¶LQGLFDWHXU ³ ´ DSSDUDvW ,O HVW
SRVVLEOH GH SDVVHU DX UDSSRUW LQIpULHXU
ORUVTXH O¶LQGLFDWHXU ³ ´ DSSDUDvW /RUVTXH
OHV GHX[ LQGLFDWHXUV DSSDUDLVVHQW LO HVW
SRVVLEOH GH SDVVHU j YRORQWp DX UDSSRUW
VXSpULHXU RX LQIpULHXU /RUVTXH OH YpKLFXOH
V¶DUUrWH SDU H[HPSOH DX[ IHX[ GH FLUFXOD
WLRQ OHV LQGLFDWHXUV GH SDVVDJH DX
UDSSRUW LQIpULHXU V¶pWHLJQHQW
& 6pOHFWLRQ GX PRGH PDQXHO
/D VpOHFWLRQ GX PRGH PDQXHO SHXW VH IDLUH
DXVVL ELHQ SHQGDQW TXH OH YpKLFXOH URXOH
TX¶j O¶DUUrW 'pSODFH] OH OHYLHU VpOHFWHXU GH
OD SRVLWLRQ ³'´ j OD SRVLWLRQ ³0´ SRXU
VpOHFWLRQQHU OH PRGH PDQXHO
,QGLFDWHXU GH SDVVDJH DX UDSSRUW VXSp
ULHXU
,QGLFDWHXU GH SDVVDJH DX UDSSRUW LQIp
ULHXU
,QGLFDWHXU GX UDSSRUW HQJDJp
/HV FKDQJHPHQWV GH YLWHVVH SHXYHQW rWUH
HIIHFWXpV HQ XWLOLVDQW OH OHYLHU GH SDVVDJH
GHUULqUH OH YRODQW
/RUVTXH OH PRGH PDQXHO HVW VpOHFWLRQQp
O¶LQGLFDWHXU GX UDSSRUW HQJDJp HW O¶LQGLFD
WHXU GH SDVVDJH DX UDSSRUW VXSpULHXU HWRX
LQIpULHXU VLWXpV VXU OHV LQVWUXPHQWV GH ERUG
DSSDUDLVVHQW
/¶LQGLFDWHXU GH OD SRVLWLRQ GX UDSSRUW
HQJDJp LQGLTXH TXHOOH HVW OD YLWHVVH
DFWXHOOHPHQW HQ SULVH GDQV OD JDPPH
VXLYDQWH
. 'X HU DX qPH UDSSRUW ORUVTXH OH
PRGH 6SRUW 6KDUS 6 HVW VpOHFWLRQQp
. 'X HU DX qPH UDSSRUW GDQV OHV
DXWUHV FDV
3RXU SDVVHU DX UDSSRUW GLUHFWHPHQW VXSp
ULHXU WLUH] OH OHYLHU GH SDVVDJH TXL D ³´
LQGLTXp GHVVXV 3RXU SDVVHU DX UDSSRUW
± 68,7( ±
'pPDUUDJH HW FRQGXLWH7UDQVPLVVLRQ j YDULDWLRQ FRQWLQXH
GLUHFWHPHQW LQIpULHXU WLUH] OH OHYLHU GH
SDVVDJH TXL D ³±´ LQGLTXp GHVVXV
$77(17,21
1H SRVH] RX Q¶DFFURFKH] ULHQ VXU OHV
OHYLHUV GH SDVVDJH &HFL SHXW HQ
WUDvQHU GHV FKDQJHPHQWV GH YLWHVVH
LQGpVLUDEOHV
5(0$548(
/LVH] DWWHQWLYHPHQW OHV REVHUYDWLRQV
VXLYDQWHV TXH YRXV GHYH] JDUGHU SUp
VHQWHV j O¶HVSULW ORUVTXH YRXV XWLOLVH] OH
PRGH PDQXHO
. 6L YRXV HVVD\H] GH SDVVHU DX UDS
SRUW LQIpULHXU ORUVTXH OH UpJLPH PRWHXU
HVW WURS pOHYp F¶HVWjGLUH ORUVTXH FHOD
IHUDLW HQWUHU O¶DLJXLOOH GX FRPSWHWRXUV
GDQV OD ]RQH URXJH OH V\VWqPH pPHW
GHV ELSV VRQRUHV SRXU YRXV DYHUWLU TXH
FHOD Q¶HVW SDV SRVVLEOH
. 6L YRXV HVVD\H] GH SDVVHU DX UDS
SRUW VXSpULHXU ORUVTXH OD YLWHVVH GX
YpKLFXOH HVW WURS EDVVH OD ERvWH GH
YLWHVVHV QH UpSRQG SDV
. 9RXV SRXYH] VDXWHU GHV UDSSRUWV
SDU H[HPSOH SDVVHU GH qPH HQ
qPH HQ DFWLRQQDQW OH OHYLHU GH SDV
VDJH j GHX[ UHSULVHV UDSLGHPHQW
. /RUVTXH OH YpKLFXOH VH PHW j O¶DUUrW
OD ERvWH HQWUH DXWRPDWLTXHPHQW HQ
qUH
. 6L OD WHPSpUDWXUH GX OLTXLGH GH
WUDQVPLVVLRQ GHYLHQW WURS pOHYpH OH
WpPRLQ DYHUWLVVHXU GH VXUFKDXIIH GH
O¶KXLOH GH ERvWH GH YLWHVVHV DXWRPD
WLTXH ³$7 2,/ 7(03´ GHV LQVWUXPHQWV
GH ERUG V¶DOOXPH *DUH] LPPpGLDWH
PHQW OH YpKLFXOH GDQV XQ HQGURLW V€U
SXLV ODLVVH] OH PRWHXU WRXUQHU DX UDOHQWL
MXVTX¶j FH TXH OH WpPRLQ DYHUWLVVHXU
V¶pWHLJQH
. (Q VpOHFWLRQQDQW OH PRGH 6SRUW
6KDUS 6 SDVVHU DX UDSSRUW VXSpULHXU
QH VH IDLW SDV DXWRPDWLTXHPHQW 6HORQ
OHV FRQGLWLRQV GH OD URXWH FKDQJH] GH
UDSSRUW PDQXHOOHPHQW GH IDoRQ j FH
TXH O¶DLJXLOOH GX FRPSWHWRXUV Q¶HQWUH
SDV GDQV OD ]RQH URXJH 'H SOXV VL OH
UpJLPH GX PRWHXU DWWHLQW XQ FKLIIUH
VSpFLILp OD SURYLVLRQ HQ FDUEXUDQW VHUD
FRXSpH 'DQV FH FDV SDVVH] DX UDSSRUW
VXSpULHXU
! 3RXU GpVpOHFWLRQQHU OH PRGH PD
QXHO
3RXU TXLWWHU OH PRGH PDQXHO VRUWH] OH
OHYLHU VpOHFWHXU GH OD SRVLWLRQ ³0´ SRXU OH
UDPHQHU HQ SRVLWLRQ ³'´
& )RQFWLRQ GH YHUURXLOODJH GX
OHYLHU VpOHFWHXU
/D IRQFWLRQ GH YHUURXLOODJH GX OHYLHU
VpOHFWHXU DLGH j SUpYHQLU XQH PDXYDLVH
PDQLSXODWLRQ GX OHYLHU VpOHFWHXU
. 9RXV QH SRXYH] SDV GpSODFHU OH OHYLHU
VpOHFWHXU ORUVTXH OH FRQWDFWHXU G¶DOOXPDJH
HVW HQ SRVLWLRQ ³21´ HW OD SpGDOH GH IUHLQ
HQIRQFpH
. 9RXV QH SRXYH] GpSODFHU OH OHYLHU
VpOHFWHXU GH OD SRVLWLRQ ³3´ YHUV XQH DXWUH
SRVLWLRQ TXH VL OD SpGDOH GH IUHLQ HVW
HQIRQFpH (QIRQFH] G¶DERUG OD SpGDOH GH
IUHLQ HW PDQLSXOH] OH OHYLHU VpOHFWHXU
. 6HXOH OD SRVLWLRQ ³3´ SHUPHW GH WRXUQHU
OH FRQWDFWHXU G¶DOOXPDJH GH OD SRVLWLRQ
³$&&´ j OD SRVLWLRQ ³/2&.´³2))´ HW GH
UHWLUHU OD FOp GX FRQWDFWHXU G¶DOOXPDJH
. 6L YRXV WRXUQH] OH FRQWDFWHXU G¶DOOX
PDJH j OD SRVLWLRQ ³/2&.´³2))´ ORUVTXH
OH OHYLHU VpOHFWHXU HVW HQ SRVLWLRQ ³1´ LO
SHXW rWUH LPSRVVLEOH GH GpSODFHU OH OHYLHU
VpOHFWHXU HQ SRVLWLRQ ³3´ DSUqV XQ FHUWDLQ
WHPSV 3DU FRQVpTXHQW GpSODFH] OH OHYLHU
VpOHFWHXU HQ SRVLWLRQ ³3´ DYHF OD SpGDOH GH
IUHLQ HQIRQFpH MXVWH DSUqV OD PLVH GX
FRQWDFWHXU G¶DOOXPDJH HQ SRVLWLRQ
³/2&.´³2))´
'pPDUUDJH HW FRQGXLWH7UDQVPLVVLRQ j YDULDWLRQ FRQWLQXH
! 'pYHUURXLOODJH GX OHYLHU VpOHFWHXU
6L YRXV QH SRXYH] SDV GpSODFHU OH OHYLHU
VpOHFWHXU UHPHWWH] OH FRQWDFWHXU G¶DOOX
PDJH HQ SRVLWLRQ ³21´ HW GpSODFH] OH
OHYLHU VpOHFWHXU HQ SRVLWLRQ ³3´ DYHF OH
ERXWRQ GH OHYLHU VpOHFWHXU HQIRQFp HW OD
SpGDOH GH IUHLQ HQIRQFpH
6L OH OHYLHU VpOHFWHXU QH VH GpSODFH SDV
DSUqV DYRLU HIIHFWXp OD SURFpGXUH FLGHV
VXV SURFpGH] FRPPH LQGLTXp FLDSUqV
. /RUVTXH YRXV QH SRXYH] SDV GpSOD
FHU OH OHYLHU VpOHFWHXU GH OD SRVLWLRQ ³3´
YHUV ³1´
5HSRUWH]YRXV j ³'pYHUURXLOODJH GX OHYLHU
VpOHFWHXU j O¶DLGH GX ERXWRQ GH GpYHUURXLO
ODJH GX OHYLHU VpOHFWHXU´ )
. /RUVTXH YRXV QH SRXYH] SDV GpSOD
FHU OH OHYLHU VpOHFWHXU GH OD SRVLWLRQ ³1´
YHUV ³5´ ³3´
'DQV OHV VHFRQGHV DSUqV DYRLU SODFp OH
FRQWDFWHXU G¶DOOXPDJH HQ SRVLWLRQ ³$&&´
GpSODFH] OH OHYLHU VpOHFWHXU HQ SRVLWLRQ ³3´
DYHF OH ERXWRQ GH OHYLHU VpOHFWHXU HQIRQFp
HW OD SpGDOH GH IUHLQ VHUUpH
6L YRXV GHYH] HIIHFWXHU OD SURFpGXUH FL
GHVVXV OH V\VWqPH GH YHUURXLOODJH GX
OHYLHU VpOHFWHXU RX OH V\VWqPH GH FRQWU{OH
GX YpKLFXOH SHXW rWUH HQ G\VIRQFWLRQQH
PHQW &RQWDFWH] XQ FRQFHVVLRQQDLUH
68%$58 OH SOXV W{W SRVVLEOH SRXU XQH
LQVSHFWLRQ
6L OH OHYLHU VpOHFWHXU QH VH GpSODFH SDV
DSUqV DYRLU HIIHFWXp OD SURFpGXUH FLGHV
VXV UHSRUWH]YRXV j ³'pYHUURXLOODJH GX
OHYLHU VpOHFWHXU j O¶DLGH GX ERXWRQ GH
GpYHUURXLOODJH GX OHYLHU VpOHFWHXU´ )
GH GpYHUURXLOODJH GX OHYLHU VpOHFWHXU HVW
VLWXp VRXV OH FRXYHUFOH GH YHUURXLOODJH GX
OHYLHU VpOHFWHXU
! 'pYHUURXLOODJH GX OHYLHU VpOHFWHXU j
O¶DLGH GX ERXWRQ GH GpYHUURXLOODJH
GX OHYLHU VpOHFWHXU
(IIHFWXH] OD SURFpGXUH VXLYDQWH SRXU
GpYHUURXLOOHU OH YHUURXLOODJH GX OHYLHU Vp
OHFWHXU
6HUUH] OH IUHLQ GH VWDWLRQQHPHQW HW
DUUrWH] OH PRWHXU
5HWLUH] OD SRLJQpH GX WRXUQHYLV
&RXYUH] OD ODPH G¶XQ WRXUQHYLV G¶XQ
PRUFHDX GH UXEDQ DGKpVLI RX G¶XQ FKLIIRQ
HW XWLOLVH]OD SRXU UHWLUHU OH FRXYHUFOH GH
YHUURXLOODJH GX OHYLHU VpOHFWHXU /H ERXWRQ
± 68,7( ±
'pPDUUDJH HW FRQGXLWH6,'5,9(
& &RQVHLOV GH FRQGXLWH
5(0$548(
(Q VHUUDQW OD SpGDOH GH IUHLQ LQVpUH]
XQ WRXUQHYLV GDQV O¶RULILFH DSSX\H] VXU OH
ERXWRQ GH GpYHUURXLOODJH GX OHYLHU VpOHF
WHXU DYHF OH WRXUQHYLV HW GpSODFH] OH OHYLHU
VpOHFWHXU
6L OH OHYLHU VpOHFWHXU QH VH GpSODFH SDV
DSUqV DYRLU HIIHFWXp OD SURFpGXUH FLGHV
VXV OH V\VWqPH GH YHUURXLOODJH GX OHYLHU
VpOHFWHXU SHXW rWUH HQ G\VIRQFWLRQQHPHQW
&RQWDFWH] XQ FRQFHVVLRQQDLUH 68%$58
OH SOXV W{W SRVVLEOH SRXU XQH LQVSHFWLRQ
6L OHV SpGDOHV G¶DFFpOpUDWHXU HW GH IUHLQ
VRQW HQIRQFpHV HQ PrPH WHPSV OH
FRXSOH PRWHXU SHXW rWUH UHWHQX ,O QH
V¶DJLW SDV G¶XQH DQRPDOLH
. 8WLOLVH] WRXMRXUV OH IUHLQ j SLHG RX OH
IUHLQ GH VWDWLRQQHPHQW ORUVTXH OH YpKLFXOH
HVW j O¶DUUrW DYHF OH OHYLHU HQ SRVLWLRQ ³'´ RX
³5´
. 9HLOOH] j VHUUHU OH IUHLQ GH VWDWLRQQH
PHQW ORUVTXH YRXV VWDWLRQQH] OH YpKLFXOH
1H FRPSWH] SDV VXU OH IURWWHPHQW PpFD
QLTXH GH OD ERvWH GH YLWHVVHV VHXOH SRXU
PDLQWHQLU OH YpKLFXOH LPPRELOH
. 1H UHWHQH] SDV OH YpKLFXOH j O¶DUUrW
GDQV OHV F{WHV DX PR\HQ GH OD ERvWH HQ
SRVLWLRQ ³'´ 8WLOLVH] OHV IUHLQV
. %LHQ TXH FHOD VH SURGXLVH UDUHPHQW LO
DUULYH TXH OH PRWHXU FOLTXHWWH ORUVTXH OH
YpKLFXOH DFFpOqUH IRUWHPHQW RX GpPDUUH
UDSLGHPHQW j SDUWLU GH O¶DUUrW FRPSOHW &HOD
Q¶HVW SDV XQH GpIHFWXRVLWp
6,'5,9( VHORQ PRGqOHV
/H V\VWqPH 6,'5,9( 68%$58 ,QWHOOL
JHQW 'ULYH PD[LPLVH OHV SHUIRUPDQFHV OH
FRQWU{OH HW O¶HIILFDFLWp GX PRWHXU
&H V\VWqPH FRPSUHQG WURLV PRGHV
. 0RGH ,QWHOOLJHQW ,
. 0RGH 6SRUW 6
. 0RGH 6SRUW 6KDUS 6
9RXV SRXYH] PRGLILHU OHV FDUDFWpULVWLTXHV
GX JURXSH PRWHXU HQ UpJODQW OH VpOHFWHXU
6,'5,9(
& 0RGH ,QWHOOLJHQW ,
! 3RXU XQH FRQGXLWH HIILFDFH HW HQ
GRXFHXU
/H PRGH ,QWHOOLJHQW , pTXLOLEUH OD SHU
'pPDUUDJH HW FRQGXLWH6,'5,9(
IRUPDQFH GX YpKLFXOH SHUPHWWDQW XQH
PHLOOHXUH pFRQRPLH GH FDUEXUDQW HW XQH
FRQGXLWH HQ GRXFHXU VDQV VWUHVV /D
SXLVVDQFH pPLVH SHQGDQW OHV DFFpOpUD
WLRQV HVW PRGpUpH SRXU XQH pFRQRPLH GH
FDUEXUDQW PD[LPXP
&¶HVW OH PRGH LGpDO SRXU OD FRQGXLWH
XUEDLQH HW GDQV GHV VLWXDWLRQV SRXU OHV
TXHOOHV XQH SXLVVDQFH PD[LPDOH Q¶HVW SDV
QpFHVVDLUH &HFL SHUPHW XQ PHLOOHXU
FRQWU{OH GDQV GHV FRQGLWLRQV GH FRQGXLWH
GLIILFLOHV VXU FKDXVVpH JOLVVDQWH RX VXU
IDFH PROOH RX IULDEOH SDU H[HPSOH HQ
UDLVRQ GH OD UpSRQVH GHV JD] SOXV PRGp
UpH
FOLJQRWHUD SRXU VLJQDOHU OH PRPHQW SUR
SLFH DX FKDQJHPHQW GH UDSSRUW SRXU XQH
pFRQRPLH GH FDUEXUDQW PD[LPXP
6DXI 67,
/HV FDUDFWpULVWLTXHV G¶DFFpOpUDWLRQ OLQpDL
UHV GX PRGH ,QWHOOLJHQW , VRQW LGpDOHV
SRXU XQH FRQGXLWH QRUPDOH
UHV GX PRGH 6SRUW 6 VRQW LGpDOHV SRXU
XQH FRQGXLWH QRUPDOH
& 0RGH 6SRUW 6KDUS 6
! 3RXU GHV SHUIRUPDQFHV GH FRQGXLWH
RSWLPDOHV
& 0RGH 6SRUW 6
! 3RXU XQH FRQGXLWH HIILFDFH GDQV
WRXWHV OHV FRQGLWLRQV
67,
/H PRGH 6SRUW 6 IRXUQLW XQH SXLVVDQFH
PRWHXU GH FKRL[ SRXU FHX[ TXL YHXOHQW
IDLUH GH OD FRQGXLWH OHXU DYHQWXUH SHUVRQ
QHOOH
/RUVTXH OH PRGH ,QWHOOLJHQW , HVW VpOHF
WLRQQp O¶LQGLFDWHXU GH SDVVDJH DX UDSSRUW
VXSpULHXU ³ ´ VXU OHV LQVWUXPHQWV GH ERUG
/H PRGH 6SRUW 6KDUS 6 RIIUH DX[
DPRXUHX[ GH OD FRQGXLWH VSRUWLYH GHV
QLYHDX[ JULVDQWV GH SHUIRUPDQFH HW GH
FRQWU{OH PRWHXU /H SDSLOORQ GHV JD] D
GDYDQWDJH GH UpSRQGDQW TXHO TXH VRLW OH
UpJLPH PRWHXU 3URFXUDQW XQ SODLVLU GH
FRQGXLWH PD[LPXP FH PRGH HVW LGpDO
SRXU FRQGXLUH VXU OHV URXWHV VLQXHXVHV HW
UDWWUDSHU RX GRXEOHU G¶DXWUHV YpKLFXOHV HQ
WRXWH FRQILDQFH VXU O¶DXWRURXWH
67,
/HV FDUDFWpULVWLTXHV G¶DFFpOpUDWLRQ OLQpDL
± 68,7( ±
'pPDUUDJH HW FRQGXLWH6,'5,9(
! 6DXI 67,
/RUVTXH YRXV VpOHFWLRQQH] OH PRGH 6SRUW
6KDUS 6 SHQGDQW TXH OH OHYLHU VpOHFWHXU
HVW VXU OD SRVLWLRQ ³'´ OH UDSSRUW G¶HQJUH
QDJH GH OD WUDQVPLVVLRQ SDVVH GX PRGH
9LWHVVH YDULDEOH DX PRGH YLWHVVHV
/¶DIILFKDJH GH O¶LQGLFDWHXU GH SRVLWLRQ GX
OHYLHU VpOHFWHXUGX UDSSRUW HQJDJp SDVVH
GH ³'´ j OD SRVLWLRQ GX UDSSRUW
/RUVTXH YRXV VpOHFWLRQQH] OH PRGH 6SRUW
6KDUS 6 OHV FRQWU{OHV VXLYDQWV VRQW
DSSOLTXpV
. &RQWU{OH GH PRQWpH
(PSrFKH OHV SDVVDJHV DX UDSSRUW VXSp
ULHXULQIpULHXU LQXWLOHV ORUV GHV PRQWpHV
. &RQWU{OH GHV YLUDJHV
/RUV G¶XQ YLUDJH VL XQH IRUWH IRUFH
FHQWULIXJH VXUYLHQW OH SDVVDJH DX UDSSRUW
VXSpULHXU QH VH SURGXLW SDV ORUV GH OD Up
DFFpOpUDWLRQ
. &RQWU{OH GH IUHLQDJH
$X GpEXW GH YLUDJHV HWF XQH IRUWH
SUHVVLRQ VXU OD SpGDOH GH IUHLQ SURYRTXH
XQ SDVVDJH DXWRPDWLTXH DX UDSSRUW LQIp
ULHXU HW XQH UpDFFpOpUDWLRQ HQ GRXFHXU
. &RQWU{OH GX UHWRXU VRXGDLQ GH OD
SpGDOH G¶DFFpOpUDWLRQ
/RUV G¶XQH DFFpOpUDWLRQ VL OD SpGDOH
G¶DFFpOpUDWLRQ HVW UHPLVH VRXGDLQHPHQW
SDU H[HPSOH ORUV GH YLUDJHV HWF DXFXQ
SDVVDJH DX UDSSRUW VXSpULHXU QH VH
SURGXLUD
HQ G\VIRQFWLRQQHPHQW &RQWDFWH] YR
WUH FRQFHVVLRQQDLUH 68%$58
& &RPPDQGHV 6,'5,9(
5(0$548(
! 67,
. /H PRGH 6,'5,9( VXLYDQW HVW Vp
OHFWLRQQp DX SURFKDLQ GpPDUUDJH GX
PRWHXU
± 0RGH ,QWHOOLJHQW , VL OH PRWHXU D
pWp DUUrWp HQ PRGH ,QWHOOLJHQW ,
± 0RGH 6SRUW 6 VL OH PRWHXU D pWp
DUUrWp HQ PRGH 6SRUW 6 RX HQ
PRGH 6SRUW 6KDUS 6
. 6L OH WpPRLQ DYHUWLVVHXU G¶DQRPDOLH
PRWHXU &+(&. (1*,1(WpPRLQ LQGLFD
WHXU GH G\VIRQFWLRQQHPHQW V¶DOOXPH
ORUVTXH OH PRWHXU WRXUQH OH PRGH 6,
'5,9( SDVVH HQ PRGH 6SRUW 6 ,O HVW
DORUV LPSRVVLEOH GH SDVVHU HQ PRGH
6SRUW 6KDUS 6 RX ,QWHOOLJHQW , . 6L OD WHPSpUDWXUH GX OLTXLGH GH
UHIURLGLVVHPHQW GX PRWHXU GHYLHQW WHO
OHPHQW pOHYpH TXH OH PRWHXU ULVTXH GH
VXUFKDXIIHU LO HVW LPSRVVLEOH GH SDVVHU
DX PRGH 6SRUW 6KDUS 6 /RUVTXH OH
YpKLFXOH HVW HQ PRGH 6SRUW 6KDUS 6 LO SDVVH HQ PRGH 6SRUW 6 VL OD
WHPSpUDWXUH GX OLTXLGH GH UHIURLGLVVH
PHQW GX PRWHXU DXJPHQWH
. 6L DXFXQ GHV LQGLFDWHXUV 6,'5,9(
FOLJQRWH OH V\VWqPH 6,'5,9( SHXW rWUH
&RPPDQGHV 6,'5,9(
3RXU VpOHFWLRQQHU OH PRGH ,QWHOOLJHQW
, $SSX\H] VXU OD FRPPDQGH 6,'5,9(
3RXU VpOHFWLRQQHU OH PRGH 6SRUW 6 7RXUQH] OD FRPPDQGH 6,'5,9( YHUV OD
JDXFKH
3RXU VpOHFWLRQQHU OH PRGH 6SRUW 6KDUS
6 7RXUQH] OD FRPPDQGH 6,'5,9( YHUV OD
GURLWH
'pPDUUDJH HW FRQGXLWH'LIIpUHQWLHO j JOLVVHPHQW OLPLWp /6' 67,
$SUqV DYRLU DFWLRQQp OD FRPPDQGH 6,
'5,9( FHOOHFL UHYLHQW j VD SRVLWLRQ
RULJLQDOH
! 6DXI 67,
3RXU VpOHFWLRQQHU OH PRGH 6SRUW 6KDUS
6 $SSX\H] VXU OH FRPPXWDWHXU ³6,´ ORUV
TX¶XQ PRGH DXWUH TXH OH PRGH 6SRUW 6
HVW VpOHFWLRQQp
'LIIpUHQWLHO j JOLVVHPHQW OL
PLWp /6' 67,
/H /6' RIIUH XQH GLVWULEXWLRQ RSWLPDOH GH
FRXUDQW VHORQ OD GLIIpUHQFH GH WRXUV HQWUH
OHV URXHV JDXFKH HW GURLWH SRXYDQW rWUH
FDXVpH SDU FHUWDLQHV FRQGLWLRQV GH
FRQGXLWH FH TXL SHUPHW G¶DPpOLRUHU OD
VWDELOLWp ORUV GH OD FRQGXLWH VXU GHV URXWHV
UHFRXYHUWHV GH QHLJHV ERXHXVHV RX
JOLVVDQWHV RX ELHQ ORUVTXH YRXV FRQGXL
VH] j KDXWH YLWHVVH
$77(17,21
&RPPXWDWHXUV 6,'5,9(
3RXU VpOHFWLRQQHU OH PRGH ,QWHOOLJHQW
, . $SSX\H] VXU OH FRPPXWDWHXU ³6,´
ORUVTXH OH PRGH 6SRUW 6 HVW VpOHFWLRQQp
. $SSX\H] VXU OH FRPPXWDWHXU ³6,´
ORUVTXH OH PRGH 6SRUW 6KDUS 6 HVW
VpOHFWLRQQp
3RXU VpOHFWLRQQHU OH PRGH 6SRUW 6 $SSX\H] VXU OH FRPPXWDWHXU ³6,´ ORUV
TX¶XQ PRGH DXWUH TXH OH PRGH 6SRUW 6
HVW VpOHFWLRQQp
. 1H GpPDUUH] MDPDLV OH PRWHXU
ORUVTX¶XQH URXH HVW VRXOHYpH
SDU XQ FULF FDU FHOD SRXUUDLW
SURYRTXHU XQ PRXYHPHQW GX
YpKLFXOH
. 6L XQ SQHX SDWLQH GDQV OD ERXH
pYLWH] TX¶LO SDWLQH HQ FRQWLQX j
KDXWH YLWHVVH FDU FHOD SRXUUDLW
QXLUH DX /6'
. 6L YRXV YRXV WURXYH] GDQV O¶R
EOLJDWLRQ G¶XWLOLVHU XQH URXH GH
VHFRXUV GH W\SH SURYLVRLUH VXLWH
j XQH FUHYDLVRQ XWLOLVH] OD URXH
GH VHFRXUV GH W\SH SURYLVRLUH
IRXUQLH DYHF OH YpKLFXOH 8WLOLVHU
G¶DXWUHV WDLOOHV SRXUUDLW QXLUH DX
/6'
'pPDUUDJH HW FRQGXLWH6HUYRGLUHFWLRQ
6HUYRGLUHFWLRQ
& 6DXI 67,
& 67,
/RUVTXH OH WpPRLQ DYHUWLVVHXU GH
GLUHFWLRQ DVVLVWpH HVW DOOXPp OD
UpVLVWDQFH UHVVHQWLH ORUVTXH O¶RQ
WRXUQH OH YRODQW ULVTXH G¶rWUH DF
FUXH 5RXOH] SUXGHPPHQW MXVTXH
FKH] OH FRQFHVVLRQQDLUH 68%$58
OH SOXV SURFKH HW IDLWHV FRQWU{OHU OH
YpKLFXOH LPPpGLDWHPHQW
/H YpKLFXOH HVW pTXLSp G¶XQ V\VWqPH GH
GLUHFWLRQ DVVLVWpH K\GUDXOLTXH /H V\V
WqPH GH GLUHFWLRQ DVVLVWpH QH IRQFWLRQQH
TXH ORUVTXH OH PRWHXU HVW HQ PDUFKH
6L O¶DVVLVWDQFH SDU OD VHUYRGLUHFWLRQ VH
GpVDFWLYH SDUFH TXH OH PRWHXU V¶DUUrWH RX
OH V\VWqPH WRPEH HQ SDQQH YRXV SRXYH]
FRQGXLUH PDLV FHFL GHPDQGHUD EHDXFRXS
SOXV G¶HIIRUW
$77(17,21
1H WHQH] SDV OH YRODQW GH GLUHFWLRQ
EUDTXp j IRQG YHUV OD GURLWH RX OD
JDXFKH SHQGDQW SOXV GH VHFRQGHV
&HOD ULVTXH G¶HQGRPPDJHU OD
SRPSH GH VHUYRGLUHFWLRQ
5(0$548(
-XVWH DSUqV OD PLVH HQ PDUFKH GX
PRWHXU HW DYDQW TX¶LO QH VH VRLW PRQWp
HQ WHPSpUDWXUH RQ HQWHQG SDUIRLV XQ
EUXLW HQ SURYHQDQFH GH OD ]RQH GH OD
SRPSH GH VHUYRGLUHFWLRQ VLWXpH j O¶D
YDQW GX FRPSDUWLPHQW PRWHXU j GURLWH
&H EUXLW HVW QRUPDO ,O Q¶LQGLTXH SDV XQH
GpIHFWXRVLWp GX V\VWqPH GH VHUYRGLUHF
WLRQ
$77(17,21
5(0$548(
7pPRLQ DYHUWLVVHXU GH GLUHFWLRQ DVVLVWpH
/H YpKLFXOH HVW pTXLSp G¶XQ V\VWqPH GH
GLUHFWLRQ DVVLVWpH pOHFWULTXH /H V\VWqPH
GH GLUHFWLRQ DVVLVWpH QH IRQFWLRQQH TXH
ORUVTXH OH PRWHXU HVW HQ PDUFKH /RUVTXH
YRXV PHWWH] OH FRQWDFWHXU G¶DOOXPDJH VXU
³21´ OH WpPRLQ DYHUWLVVHXU GH GLUHFWLRQ
DVVLVWpH VLWXp VXU OHV LQVWUXPHQWV GH ERUG
V¶DOOXPH SRXU LQIRUPHU OH FRQGXFWHXU TXH
OH V\VWqPH G¶DYHUWLVVHPHQW IRQFWLRQQH
QRUPDOHPHQW (QVXLWH VL OH PRWHXU D
GpPDUUp OH WpPRLQ V¶pWHLQW SRXU LQIRUPHU
OH FRQGXFWHXU TXH O¶DVVLVWDQFH SDU OD
VHUYRGLUHFWLRQ HVW RSpUDWLRQQHOOH
6L YRXV DFWLRQQH] OH YRODQW GHV IDoRQV
VXLYDQWHV OH V\VWqPH GH FRQWU{OH GH OD
GLUHFWLRQ DVVLVWpH SHXW WHPSRUDLUHPHQW
OLPLWHU OD GLUHFWLRQ DVVLVWpH DILQ G¶pYL
WHU XQH VXUFKDXIIH GHV FRPSRVDQWV GX
V\VWqPH WHOV TXH O¶RUGLQDWHXU GH
FRQWU{OH HW OH PRWHXU G¶HQWUDvQHPHQW
. 9RXV DFWLRQQH] OH YRODQW IUpTXHP
PHQW HW YRXV OH WRXUQH] EUXVTXHPHQW
ORUVTXH OH YpKLFXOH HVW PDQ°XYUp j GHV
YLWHVVHV H[WUrPHPHQW IDLEOHV FRPPH
HQ WRXUQDQW IUpTXHPPHQW OH YRODQW ORUV
G¶XQ VWDWLRQQHPHQW HQ SDUDOOqOH
. 9RXV JDUGH] OH YRODQW GDQV OD SRVL
WLRQ FRPSOqWHPHQW WRXUQpH SHQGDQW
XQH ORQJXH SpULRGH
¬ FH PRPHQWOj XQH UpVLVWDQFH VXSp
ULHXUH HVW DORUV UHVVHQWLH DX QLYHDX GX
YRODQW ,O QH V¶DJLW WRXWHIRLV SDV G¶XQH
'pPDUUDJH HW FRQGXLWH)UHLQDJH
DQRPDOLH /D IRUFH GH EUDTXDJH QRU
PDOH VHUD UpWDEOLH DSUqV TXH OH YRODQW
QH VRLW SDV XWLOLVp SHQGDQW XQ FHUWDLQ
WHPSV HW TXH OH V\VWqPH GH FRQWU{OH GH
OD GLUHFWLRQ DVVLVWpH D SX UHIURLGLU
&HSHQGDQW VL OD GLUHFWLRQ DVVLVWpH HVW
DFWLRQQpH G¶XQH PDQLqUH DW\SLTXH TXL
SURYRTXH WURS IUpTXHPPHQW XQH OLPLWD
WLRQ GH OD GLUHFWLRQ DVVLVWpH FHOD SHXW
HQWUDvQHU XQ G\VIRQFWLRQQHPHQW GX
V\VWqPH GH FRQWU{OH GH OD GLUHFWLRQ
DVVLVWpH
)UHLQDJH
& 5HPDUTXHV G¶RUGUH JpQpUDO
VXU OH IUHLQDJH
'$1*(5
1H JDUGH] SDV OH SLHG SRVp VXU OD
SpGDOH GH IUHLQ SHQGDQW OD FRQGXLWH
&HOD SHXW FDXVHU XQH GDQJHUHXVH
VXUFKDXIIH GHV IUHLQV HW XVH LQXWLOH
PHQW OHV SODTXHWWHV HW JDUQLWXUHV GH
IUHLQ
! 6L OHV IUHLQV RQW pWp PRXLOOpV
/RUVTXH YRXV FRQGXLVH] VRXV OD SOXLH RX
DSUqV DYRLU ODYp OH YpKLFXOH LO VH SHXW TXH
OHV IUHLQV GHYLHQQHQW KXPLGHV /HV GLV
WDQFHV GH IUHLQDJH VRQW DORUV SOXV JUDQ
GHV 3RXU VpFKHU OHV IUHLQV DSSX\H]
OpJqUHPHQW VXU OD SpGDOH GH IUHLQ SRXU
IDLUH UpFKDXIIHU OHV IUHLQV WRXW HQ URXODQW j
YLWHVVH PRGpUpH
! 8WLOLVDWLRQ GX IUHLQ PRWHXU
1¶RXEOLH] SDV G¶XWLOLVHU O¶HIIHW GH IUHLQ
PRWHXU HQ SOXV GH OD SpGDOH GH IUHLQ /RUV
G¶XQH UpWURJUDGDWLRQ VL YRXV Q¶XWLOLVH] TXH
OH IUHLQ j SLHG OHV IUHLQV ILQLVVHQW SDU
SHUGUH OHXU HIILFDFLWp GX IDLW GH O¶pFKDXIIH
PHQW GX OLTXLGH GH IUHLQ TXH SURGXLW OD
VXUFKDXIIH GHV SODTXHWWHV 3RXU pYLWHU
FHOD UpWURJUDGH] j XQ UDSSRUW GH ERvWH
LQIpULHXU SRXU REWHQLU XQ HIIHW GH IUHLQ
PRWHXU SOXV SXLVVDQW
! )UHLQDJH HQ FDV GH FUHYDLVRQ
1¶HQIRQFH] SDV EUXVTXHPHQW OD SpGDOH GH
IUHLQ HQ FDV GH FUHYDLVRQ G¶XQ SQHX &HOD
SRXUUDLW SURYRTXHU XQH SHUWH GH FRQWU{OH
GX YpKLFXOH &RQWLQXH] j DYDQFHU HQ OLJQH
GURLWH WRXW HQ UpGXLVDQW SURJUHVVLYHPHQW
OD YLWHVVH 4XLWWH] OD URXWH HW JDUH] OH
YpKLFXOH GDQV XQ HQGURLW V€U
& 6\VWqPH GHV IUHLQV
! 'HX[ FLUFXLWV VpSDUpV
9RWUH YpKLFXOH HVW pTXLSp GH V\VWqPHV GHV
IUHLQV j GRXEOH FLUFXLW &KDFXQ GHV GHX[
FLUFXLWV FRPPDQGH OHV GHX[ URXHV GLDJR
QDOHPHQW RSSRVpHV (Q FDV GH SDQQH G¶XQ
GHV FLUFXLWV GH IUHLQDJH O¶DXWUH PRLWLp GX
V\VWqPH FRQWLQXH j IRQFWLRQQHU /D SpGDOH
GH IUHLQ GHVFHQG SOXV SUqV GX SODQFKHU
TXH G¶KDELWXGH HW LO IDXW DSSX\HU EHDXFRXS
SOXV IRUW /D GLVWDQFH QpFHVVDLUH SRXU
LPPRELOLVHU OH YpKLFXOH HVW pJDOHPHQW
EHDXFRXS SOXV ORQJXH
! 6HUYRIUHLQ
/H VHUYRIUHLQ XWLOLVH OD GpSUHVVLRQ GX
FROOHFWHXU G¶DGPLVVLRQ GX PRWHXU SRXU
DVVLVWHU OD IRUFH GH IUHLQDJH 1¶DUUrWH]
SDV OH PRWHXU SHQGDQW OD FRQGXLWH FDU OH
± 68,7( ±
'pPDUUDJH HW FRQGXLWH)UHLQDJH
VHUYRIUHLQ QH IRQFWLRQQHUDLW SOXV HQWUDv
QDQW XQH IDLEOH SXLVVDQFH GH IUHLQDJH
7RXWHIRLV OHV IUHLQV FRQWLQXHQW j IRQFWLRQ
QHU PrPH VL OH VHUYRIUHLQ QH IRQFWLRQQH
SOXV 'DQV FH FDV YRXV GHYH] WRXWHIRLV
DSSX\HU VXU OD SpGDOH GH IUHLQ DYHF
EHDXFRXS SOXV GH IRUFH TXH G¶KDELWXGH
HW OD GLVWDQFH GH IUHLQDJH DXJPHQWH
! 6\VWqPH G¶DVVLVWDQFH DX IUHLQDJH
'$1*(5
1¶D\H] SDV XQH FRQILDQFH DYHXJOH
GDQV OH V\VWqPH G¶DVVLVWDQFH DX
IUHLQDJH G¶XUJHQFH &H V\VWqPH
Q¶DXJPHQWH SDV OD FDSDFLWp GH IUHL
QDJH GX YpKLFXOH DXGHOj GH VHV
OLPLWHV (Q FRXUV GH FRQGXLWH SUHQ
H] WRXMRXUV XQ PD[LPXP GH SUpFDX
WLRQV HQ WHQDQW FRPSWH GH OD YLWHVVH
GX YpKLFXOH HW GHV GLVWDQFHV GH
VpFXULWp j UHVSHFWHU
$77(17,21
(Q FDV GH IUHLQDJH VRXGDLQ REOLJD
WRLUH PDLQWHQH] IRUWHPHQW HQIRQFpH
OD SpGDOH GH IUHLQ DILQ G¶REWHQLU
O¶HIIHW GX V\VWqPH G¶DVVLVWDQFH DX
IUHLQDJH
/H V\VWqPH G¶DVVLVWDQFH DX IUHLQDJH HVW
GHVWLQp j DVVLVWHU OH FRQGXFWHXU GDQV VRQ
FRQWU{OH GX YpKLFXOH ,O DVVLVWH OD IRUFH GH
IUHLQDJH ORUVTXH OH FRQGXFWHXU QH SHXW
HQIRQFHU IRUWHPHQW OD SpGDOH GH IUHLQ HW
TXH OD IRUFH GH IUHLQDJH HVW LQVXIILVDQWH
/¶DVVLVWDQFH DX IUHLQDJH JpQqUH XQH IRUFH
GH IUHLQDJH TXL GpSHQG GH OD YLWHVVH j
ODTXHOOH OH FRQGXFWHXU HQIRQFH OD SpGDOH
GH IUHLQ
& ,QGLFDWHXUV G¶XVXUH GHV SOD
TXHWWHV GH IUHLQ j GLVTXH
5(0$548(
8QH SUHVVLRQ IRUWH RX VRXGDLQH VXU OD
SpGDOH GH IUHLQ HQWUDvQH OHV SKpQRPq
QHV VXLYDQWV &HV SKpQRPqQHV QH VRQW
SDV VLJQH GH GpIHFWXRVLWp OH V\VWqPH
G¶DVVLVWDQFH DX IUHLQDJH IRQFWLRQQH
FRUUHFWHPHQW
. 9RXV SRXYH] DYRLU O¶LPSUHVVLRQ TXH
O¶DFWLRQQHPHQW GH OD SpGDOH GH IUHLQ
GHPDQGH PRLQV GH IRUFH HW TXH OD
IRUFH GH IUHLQDJH HVW VXSpULHXUH
. ,O VH SHXW TXH YRXV HQWHQGLH] OH EUXLW
GH IRQFWLRQQHPHQW GH O¶$%6 HQ DFWLRQ
YHQDQW GX FRPSDUWLPHQW PRWHXU
/HV LQGLFDWHXUV G¶XVXUH GHV SODTXHWWHV
GHV IUHLQV j GLVTXH pPHWWHQW XQ EUXLW
FDUDFWpULVWLTXH SRXU YRXV DYHUWLU ORUVTXH
OHV SODTXHWWHV VRQW XVpHV
/RUVTXH YRXV HQWHQGH] XQ FRXLQHPHQW RX
XQ UDFOHPHQW HQ SURYHQDQFH GHV IUHLQV j
GLVTXH SHQGDQW OH IUHLQDJH IDLWHV LPPp
GLDWHPHQW FRQWU{OHU OH YpKLFXOH SDU XQ
FRQFHVVLRQQDLUH 68%$58
& 6\VWqPH GH IUHLQDJH KDXWHV
SHUIRUPDQFHV 67,
9RWUH YpKLFXOH HVW pTXLSp GH JUDQGHV
SODTXHWWHV GH IUHLQ j KDXWH SHUIRUPDQFH
TXL IRXUQLVVHQW XQH IRUFH GH IUHLQDJH
RSWLPDOH GDQV GLIIpUHQWHV FRQGLWLRQV GH
'pPDUUDJH HW FRQGXLWH$%6 V\VWqPH GH IUHLQV DQWLEORFDJH
FRQGXLWH /HV SODTXHWWHV GH IUHLQ RQW OHV
FDUDFWpULVWLTXHV VXLYDQWHV
%UXLWV SURYHQDQW GX IUHLQ
/HV SODTXHWWHV GH IUHLQ VRQW IDEULTXpHV
DYHF GHV PDWpULDX[ j EDVH GH IHU 3DU
FRQVpTXHQW XQ EUXLW LQKDELWXHO SHXW rWUH
HQWHQGX ORUVTXH YRXV HQIRQFH] OpJqUH
PHQW OD SpGDOH GH IUHLQ DYDQW GH V¶DUUrWHU
FRPSOqWHPHQW &HSHQGDQW FHFL Q¶LQGLTXH
SDV XQ G\VIRQFWLRQQHPHQW
'pFRORUDWLRQ
8QH FRQGXLWH ULJRXUHXVH IUpTXHQWH WHOOH
TX¶XQH FRQGXLWH UpSpWpH VXU GHV PRQWpHV
RX GHVFHQWHV UDLGHV SHXW SURYRTXHU OD
GpFRORUDWLRQ GH OD SHLQWXUH VXU OHV pWULHUV
GH IUHLQ /D GpFRORUDWLRQ Q¶DIIHFWH SDV OHV
SHUIRUPDQFHV GH IUHLQDJH
3ODTXHWWHV GH IUHLQ FROOpHV
. 6L OH YpKLFXOH HVW ODLVVp VWDWLRQQp
SHQGDQW XQH ORQJXH SpULRGH GH WHPSV
DYHF OH V\VWqPH GH IUHLQDJH PRXLOOp OH IHU
GHV SODTXHWWHV GH IUHLQ SHXW URXLOOHU FH TXL
FROOH OHV SODTXHWWHV GH IUHLQ DX[ GLVTXHV
&HOD SHXW HQWUDvQHU GHV EUXLWV RX GHV
YLEUDWLRQV SHQGDQW OD FRQGXLWH 6L FHOD VH
SURGXLW HQIRQFH] SOXVLHXUV IRLV OD SpGDOH
GH IUHLQ MXVTX¶DX SODQFKHU SRXU OLEpUHU OHV
SODTXHWWHV GH IUHLQ
. 6L OH YpKLFXOH HVW ODLVVp VWDWLRQQp
SHQGDQW XQH ORQJXH SpULRGH GH WHPSV
SDU WHPSV IURLG OHV SODTXHWWHV GH IUHLQ HW
OHV GLVTXHV SHXYHQW JHOHU HW rWUH FROOpV
HQVHPEOH 'DQV FH FDV LO SHXW rWUH GLIILFLOH
GH GpPDUUHU OH YpKLFXOH
3RXVVLqUH GH IUHLQ
(Q UDLVRQ GX PDWpULDX XWLOLVp SRXU OD
IDEULFDWLRQ GHV SODTXHWWHV GH IUHLQ OHV
URXHV SHXYHQW rWUH FRXYHUWHV SDU GH OD
SRXVVLqUH GH IUHLQ &H Q¶HVW SDV XQ
G\VIRQFWLRQQHPHQW HW FHOD Q¶DIIHFWH SDV
OHV SHUIRUPDQFHV GH IUHLQDJH
& eWULHU URXJH DYHF SODTXHWWH GH
IUHLQ VSRUWLYH VHORQ PRGqOHV
%UXLWV SURYHQDQW GX IUHLQ
/HV SODTXHWWHV GH IUHLQ VRQW IDEULTXpHV
DYHF GHV PDWpULDX[ j EDVH GH IHU 3DU
FRQVpTXHQW XQ EUXLW LQKDELWXHO SHXW rWUH
HQWHQGX ORUVTXH YRXV HQIRQFH] OpJqUH
PHQW OD SpGDOH GH IUHLQ DYDQW GH V¶DUUrWHU
FRPSOqWHPHQW &HSHQGDQW FHFL Q¶LQGLTXH
SDV XQ G\VIRQFWLRQQHPHQW
3RXVVLqUH GH IUHLQ
(Q UDLVRQ GX PDWpULDX XWLOLVp SRXU OD
IDEULFDWLRQ GHV SODTXHWWHV GH IUHLQ OHV
URXHV SHXYHQW rWUH FRXYHUWHV SDU GH OD
SRXVVLqUH GH IUHLQ &H Q¶HVW SDV XQ
G\VIRQFWLRQQHPHQW HW FHOD Q¶DIIHFWH SDV
OHV SHUIRUPDQFHV GH IUHLQDJH
$%6 V\VWqPH GH IUHLQV DQWL
EORFDJH
/H V\VWqPH $%6 HPSrFKH OH EORFDJH GHV
URXHV TXL VH SURGXLW ORUV G¶XQ IUHLQDJH
EUXVTXH RX VXU FKDXVVpHV JOLVVDQWHV ,O
DLGH DLQVL j HPSrFKHU OD SHUWH GH FRQWU{OH
GH OD GLUHFWLRQ HQWUDvQpH SDU OH EORFDJH
GHV URXHV HW DPpOLRUH OD VWDELOLWp GLUHF
WLRQQHOOH
/RUVTXH OH V\VWqPH $%6 V¶DFWLYH LO VH
SHXW TXH YRXV HQWHQGLH] SDUIRLV XQ OpJHU
EUXLW GH FUpFHOOH DFFRPSDJQp GH OpJqUHV
YLEUDWLRQV GH OD SpGDOH GH IUHLQ &HFL HVW
QRUPDO HW HVW OH VLJQH TXH O¶$%6 IRQF
WLRQQH
/H V\VWqPH $%6 QH IRQFWLRQQH SDV
ORUVTXH OD YLWHVVH GH GpSODFHPHQW GX
YpKLFXOH HVW LQIpULHXUH j NPK PSK
HQYLURQ
'$1*(5
2EVHUYH] WRXMRXUV OD SOXV JUDQGH
SUXGHQFH SHQGDQW OD FRQGXLWH 1H
VR\H] SDV WURS FRQILDQW GX IDLW TXH
YRXV FRQGXLVH] XQ YpKLFXOH DYHF
V\VWqPH GH IUHLQV DQWLEORFDJH $%6
FDU LO SRXUUDLW HQ UpVXOWHU XQ JUDYH
DFFLGHQW
± 68,7( ±
'pPDUUDJH HW FRQGXLWH6\VWqPH (%' UpSDUWLWLRQ pOHFWURQLTXH GH OD IRUFH GH IUHLQDJH
$77(17,21
. /H V\VWqPH $%6 QH UHQG SDV
WRXMRXUV OD GLVWDQFH G¶DUUrW SOXV
FRXUWH ,O IDXW GRQF UHVWHU SUXGHQW
HW WRXMRXUV PDLQWHQLU OD GLVWDQFH
GH VpFXULWp DYHF OH YpKLFXOH TXL
YRXV SUpFqGH
. 6XU URXWHV HQ PDXYDLV pWDW VXU
GX JUDYLHU VXU URXWHV JHOpHV RX
GDQV OD QHLJH IUDvFKH OHV GLVWDQ
FHV GH IUHLQDJH SHXYHQW rWUH SOXV
ORQJXHV SRXU XQ YpKLFXOH PXQL
GX V\VWqPH $%6 TXH SRXU XQ
YpKLFXOH j IUHLQV RUGLQDLUHV /RUV
GH OD FRQGXLWH GDQV GH WHOOHV
FRQGLWLRQV UDOHQWLVVH] HW JDUGH]
XQH GLVWDQFH VXIILVDQWH SDU UDS
SRUW DX[ DXWUHV YpKLFXOHV
. /RUVTXH YRXV VHQWH] TXH OH V\V
WqPH $%6 HVW HQ DFWLRQ LO IDXW
PDLQWHQLU FRQVWDQWH OD SUHVVLRQ
VXU OD SpGDOH GH IUHLQ 1H SRPSH]
SDV VXU OD SpGDOH GH IUHLQ FDU FHOD
SHUWXUEH OH ERQ IRQFWLRQQHPHQW
GX V\VWqPH $%6
& $XWRFRQWU{OH GH O¶$%6
-XVWH DX PRPHQW R OH YpKLFXOH GpPDUUH
LO DUULYH TXH YRXV VHQWLH] GHV YLEUDWLRQV GH
OD SpGDOH GH IUHLQ FRPPH ORUVTXH O¶$%6
HVW HQ DFWLRQ HW TXH YRXV HQWHQGLH] HQ
SURYHQDQFH GX FRPSDUWLPHQW PRWHXU OH
EUXLW GH IRQFWLRQQHPHQW GH O¶$%6 &HFL
SURYLHQW GH OD IRQFWLRQ G¶HVVDL DXWRPD
WLTXH GX V\VWqPH $%6 j OD PLVH HQ PDUFKH
HW QH GRLW SDV rWUH FRQVLGpUp FRPPH
DQRUPDO
& 7pPRLQ DYHUWLVVHXU GHV IUHLQV
DQWLEORFDJH $%6
5HSRUWH]YRXV j ³7pPRLQ DYHUWLVVHXU GHV
IUHLQV DQWLEORFDJH $%6 ´ )
6\VWqPH (%' UpSDUWLWLRQ
pOHFWURQLTXH GH OD IRUFH GH
IUHLQDJH
/H V\VWqPH (%' UHQIRUFH O¶HIILFDFLWp GX
IUHLQDJH HQ DIIHFWDQW DX[ IUHLQV DUULqUH XQH
SOXV JUDQGH SURSRUWLRQ GH OD IRUFH GH
IUHLQDJH 6D IRQFWLRQ FRQVLVWH j DMXVWHU OD
UpSDUWLWLRQ GH OD IRUFH GH IUHLQDJH YHUV OHV
URXHV DUULqUH HQ IRQFWLRQ GHV FRQGLWLRQV GH
FKDUJH GX YpKLFXOH HW GH VD YLWHVVH
/H V\VWqPH (%' IDLW SDUWLH LQWpJUDQWH GX
V\VWqPH $%6 HW XWLOLVH FHUWDLQV RUJDQHV
GX V\VWqPH $%6 SRXU DVVXUHU VD IRQFWLRQ
G¶RSWLPLVDWLRQ GH OD IRUFH GH IUHLQDJH (Q
FDV GH G\VIRQFWLRQQHPHQW G¶XQ GHV
FRPSRVDQWV $%6 XWLOLVpV SDU OH V\VWqPH
(%' OH V\VWqPH (%' QH SHXW SOXV
IRQFWLRQQHU OXL QRQ SOXV
/RUVTXH OH V\VWqPH (%' HVW DFWLYp LO
DUULYH TXH YRXV HQWHQGLH] XQ OpJHU EUXLW GH
FUpFHOOH RX TXH YRXV VHQWLH] GH OpJqUHV
YLEUDWLRQV GDQV OD SpGDOH GH IUHLQ &HFL HVW
QRUPDO HW QH GRLW SDV rWUH FRQVLGpUp
FRPPH XQ GpIDXW GH IRQFWLRQQHPHQW
'pPDUUDJH HW FRQGXLWH6\VWqPH (%' UpSDUWLWLRQ pOHFWURQLTXH GH OD IRUFH GH IUHLQDJH
& 0HVXUHV j SUHQGUH HQ FDV GH
G\VIRQFWLRQQHPHQW GX V\V
WqPH (%'
7pPRLQ DYHUWLVVHXU GH IUHLQ HW GHV IUHLQV
DQWLEORFDJH $%6
(Q FDV GH GpIDXW GH IRQFWLRQQHPHQW GX
V\VWqPH (%' OH V\VWqPH FHVVH GH
IRQFWLRQQHU HW OHV WpPRLQV DYHUWLVVHXUV
GX V\VWqPH GHV IUHLQV HW GHV IUHLQV DQWL
EORFDJH $%6 V¶DOOXPHQW VLPXOWDQpPHQW
6L OH WpPRLQ DYHUWLVVHXU GX V\VWqPH GHV
IUHLQV HW OH WpPRLQ DYHUWLVVHXU GHV IUHLQV
DQWLEORFDJH $%6 V¶DOOXPHQW WRXV OHV GHX[
SHQGDQW OD FRQGXLWH F¶HVW OH VLJQH G¶XQH
GpIHFWXRVLWp GX V\VWqPH (%'
0rPH VL OH V\VWqPH (%' HVW HQ G\VIRQF
WLRQQHPHQW OHV IUHLQV FRQWLQXHQW j IRQF
WLRQQHU FRPPH GHV IUHLQV RUGLQDLUHV
&HSHQGDQW OHV URXHV DUULqUH DXURQW WHQ
GDQFH j VH EORTXHU SOXV IDFLOHPHQW HQ FDV
GH IUHLQDJH EUXVTXH UHQGDQW OH YpKLFXOH
VHQVLEOHPHQW SOXV GLIILFLOH j FRQWU{OHU
(Q FDV G¶DOOXPDJH VLPXOWDQp GX WpPRLQ
DYHUWLVVHXU GX V\VWqPH GHV IUHLQV HW GX
WpPRLQ DYHUWLVVHXU GHV IUHLQV DQWLEORFDJH
$%6 SUHQH] OHV PHVXUHV VXLYDQWHV
,PPRELOLVH] OH YpKLFXOH GDQV XQ HQ
GURLW HQ VpFXULWp OH SOXV SURFKH HW GH
QLYHDX
$SSOLTXH] OH IUHLQ GH VWDWLRQQHPHQW HW
FRXSH] OH PRWHXU
5HGpPDUUH] OH PRWHXU
'HVVHUUH] OH IUHLQ GH VWDWLRQQHPHQW
0rPH VL OHV GHX[ WpPRLQV DYHUWLVVHXUV
V¶pWHLJQHQW
/H V\VWqPH (%' SHXW rWUH GpIHFWXHX[
5RXOH] SUXGHPPHQW MXVTXH FKH] OH
FRQFHVVLRQQDLUH 68%$58 OH SOXV SURFKH
HW IDLWHV FRQWU{OHU OH V\VWqPH
6L OHV GHX[ WpPRLQV DYHUWLVVHXUV V¶DO
OXPHQW j QRXYHDX HW UHVWHQW DOOXPpV
DSUqV OH UHGpPDUUDJH GX PRWHXU
eWHLJQH] j QRXYHDX OH PRWHXU
6HUUH] OH IUHLQ GH VWDWLRQQHPHQW
9pULILH] OH QLYHDX GH OLTXLGH GH IUHLQ
3RXU SOXV GH GpWDLOV VXU OD YpULILFDWLRQ GX
QLYHDX GH OLTXLGH GH IUHLQ UHSRUWH]YRXV j
³&RQWU{OH GX QLYHDX GH OLTXLGH´ )
. 6L OH QLYHDX GH OLTXLGH GH IUHLQ Q¶HVW SDV
HQ GHVVRXV GX UHSqUH ³0,1´ OH V\VWqPH
(%' HVW YUDLVHPEODEOHPHQW GpIHFWXHX[
5RXOH] SUXGHPPHQW MXVTXH FKH] OH
FRQFHVVLRQQDLUH 68%$58 OH SOXV SURFKH
HW IDLWHV FRQWU{OHU OH V\VWqPH
. 6L OH QLYHDX GH OLTXLGH GH IUHLQ HVW HQ
GHVVRXV GX UHSqUH ³0,1´ 1( URXOH] 3/86
DYHF OH YpKLFXOH )DLWHVOH UHPRUTXHU
MXVTX¶DX FRQFHVVLRQQDLUH 68%$58 OH
SOXV SURFKH SRXU UpSDUDWLRQ
'$1*(5
. ,O HVW GDQJHUHX[ GH FRQGXLUH DYHF
OH WpPRLQ DYHUWLVVHXU GX V\VWqPH
GHV IUHLQV DOOXPp &HFL LQGLTXH
TXH YRWUH V\VWqPH GH IUHLQV
ULVTXH GH QH SDV IRQFWLRQQHU
QRUPDOHPHQW 6L OH WpPRLQ UHVWH
DOOXPp IDLWHV LPPpGLDWHPHQW
FRQWU{OHU OHV IUHLQV SDU XQ
FRQFHVVLRQQDLUH 68%$58
. 6L YRXV DYH] XQ GRXWH TXDQW DX
ERQ IRQFWLRQQHPHQW GHV IUHLQV
Q¶XWLOLVH] SDV OH YpKLFXOH )DLWHV
OH UHPRUTXHU MXVTX¶DX FRQFHV
VLRQQDLUH 68%$58 OH SOXV SUR
FKH SRXU OH IDLUH UpSDUHU
'pPDUUDJH HW FRQGXLWH6\VWqPH GX &RQWU{OH GH '\QDPLTXH GX 9pKLFXOH
6\VWqPH GX &RQWU{OH GH '\
QDPLTXH GX 9pKLFXOH
'$1*(5
2EVHUYH] WRXMRXUV OD SOXV JUDQGH
SUXGHQFH SHQGDQW OD FRQGXLWH HW
Q¶DFFRUGH] SDV XQH WURS JUDQGH
FRQILDQFH GX IDLW TXH YRXV FRQGXL
VH] DYHF XQ YpKLFXOH pTXLSp GX
V\VWqPH GX &RQWU{OH GH '\QDPLTXH
GX 9pKLFXOH FDU FHFL SRXUUDLW SUR
YRTXHU XQ DFFLGHQW VpYqUH
$77(17,21
. 0rPH VL YRWUH YpKLFXOH HVW
pTXLSp GX V\VWqPH GX &RQWU{OH
GH '\QDPLTXH GX 9pKLFXOH FHOD
QH YRXV GLVSHQVH SDV G¶XWLOLVHU
GHV SQHXV KLYHU VXU OHV URXWHV
HQQHLJpHV RX YHUJODFpHV QL GH
UpGXLUH VHQVLEOHPHQW OD YLWHVVH
GX YpKLFXOH VXU GH WHOOHV VXUID
FHV /H V\VWqPH GX &RQWU{OH GH
'\QDPLTXH GX 9pKLFXOH j OXL VHXO
Q¶HVW SDV XQH JDUDQWLH FRQWUH OH
ULVTXH G¶DFFLGHQW HQ WRXWH VLWX
DWLRQ
. /¶DFWLYDWLRQ GX V\VWqPH GX
&RQWU{OH GH '\QDPLTXH GX 9pKL
FXOH HVW OH VLJQH TXH OD URXWH VXU
ODTXHOOH OH YpKLFXOH URXOH HVW
JOLVVDQWH OH IDLW TXH OH YpKLFXOH
VRLW pTXLSp GX V\VWqPH GX
&RQWU{OH GH '\QDPLTXH GX 9pKL
FXOH QH JDUDQWLW SDV TXH OH
FRQWU{OH GX YpKLFXOH SXLVVH rWUH
PDLQWHQX HQ WRXV WHPSV HW GDQV
WRXWHV OHV VLWXDWLRQV 7RXWH HQ
WUpH HQ DFWLRQ GX V\VWqPH GRLW
rWUH LQWHUSUpWpH FRPPH XQH LQFL
WDWLRQ j UpGXLUH WUqV VHQVLEOH
PHQW OD YLWHVVH GX YpKLFXOH
. &KDTXH IRLV TXH OHV RUJDQHV GH OD
VXVSHQVLRQ OHV RUJDQHV GH OD
GLUHFWLRQ RX XQ HVVLHX RQW pWp
GpSRVpV VXU XQ YpKLFXOH LO IDXW
IDLUH FRQWU{OHU FH V\VWqPH SDU XQ
FRQFHVVLRQQDLUH DJUpp 68%$58
. 9HXLOOH] REVHUYHU OHV SUpFDXWLRQV
VXLYDQWHV SRXU TXH OH V\VWqPH GH
&RQWU{OH GH '\QDPLTXH GX 9pKL
FXOH SXLVVH IRQFWLRQQHU FRUUHFWH
PHQW ± )DLWHV PRQWHU GHV SQHXV GH OD
PrPH WDLOOH GX PrPH W\SH HW
GH OD PrPH PDUTXH VXU OHV
TXDWUH URXHV (Q RXWUH O¶XVXUH
GRLW rWUH OD PrPH VXU OHV
TXDWUH SQHXV
± 0DLQWHQH] OD SUHVVLRQ GHV
SQHXV j XQH YDOHXU DSSUR
SULpH FRPPH LQGLTXp VXU OD
SODTXH GX YpKLFXOH FROOpH
FRQWUH OH PRQWDQW GH SRUWLqUH
F{Wp FRQGXFWHXU
± /RUV GX UHPSODFHPHQW G¶XQ
SQHX FUHYp Q¶XWLOLVH] TXH OD
URXH GH VHFRXUV GH W\SH SUR
YLVRLUH VSpFLILpH &HSHQGDQW
PrPH DYHF OD URXH GH VHFRXUV
GH W\SH SURYLVRLUH VSpFLILpH
O¶HIILFDFLWp GX V\VWqPH GH
&RQWU{OH GH '\QDPLTXH GX
9pKLFXOH VHUD UpGXLWH
. 6L YRXV XWLOLVH] GHV SQHXV GpSD
UHLOOpV OH V\VWqPH GH &RQWU{OH GH
'\QDPLTXH GX 9pKLFXOH SHXW QH
SDV IRQFWLRQQHU FRUUHFWHPHQW
. /H V\VWqPH GH &RQWU{OH GH '\QD
PLTXH GX 9pKLFXOH DLGH j SUpYH
QLU GHV PRXYHPHQWV LQVWDEOHV GX
YpKLFXOH WHOV TXH OHV GpUDSDJHV
HQ XWLOLVDQW OHV IUHLQV HW OD IRUFH
PRWULFH 6DXI HQ FDV GH QpFHVVLWp
DEVROXH QH GpVDFWLYH] SDV OH
V\VWqPH GH &RQWU{OH GH '\QD
PLTXH GX 9pKLFXOH 6L YRXV GHYH]
GpVDFWLYHU OH V\VWqPH GH
&RQWU{OH GH '\QDPLTXH GX 9pKL
FXOH FRQGXLVH] WUqV DWWHQWLYH
PHQW HQ YRXV EDVDQW VXU O¶pWDW
'pPDUUDJH HW FRQGXLWH6\VWqPH GX &RQWU{OH GH '\QDPLTXH GX 9pKLFXOH
GH OD VXUIDFH GH OD URXWH
(Q FDV GH SDWLQDJH HWRX GH GpUDSDJH VXU
FKDXVVpH JOLVVDQWH HWRX HQ YLUDJH RX DX
FRXUV G¶XQH PDQ°XYUH G¶pYLWHPHQW OH
V\VWqPH GX &RQWU{OH GH '\QDPLTXH GX
9pKLFXOH DMXVWH OD SXLVVDQFH GX PRWHXU HW
OHV IRUFHV GH IUHLQDJH UHVSHFWLYHV GHV
GLIIpUHQWHV URXHV SRXU DLGHU j PDLQWHQLU OD
WUDFWLRQ HW OH FRQWU{OH GH GLUHFWLRQ
. )RQFWLRQ GH FRQWU{OH GH WUDFWLRQ
/D IRQFWLRQ GH FRQWU{OH GH WUDFWLRQ HVW
FRQoXH SRXU pYLWHU OH SDWLQDJH GHV URXHV
PRWULFHV VXU FKDXVVpH JOLVVDQWH HW DLGH
GRQF j PDLQWHQLU OD WUDFWLRQ HW OH FRQWU{OH
GH GLUHFWLRQ /H WpPRLQ LQGLFDWHXU GH
IRQFWLRQQHPHQW GX &RQWU{OH GH '\QD
PLTXH GX 9pKLFXOH FOLJQRWH SRXU LQGLTXHU
O¶DFWLYDWLRQ GH FHWWH IRQFWLRQ
. )RQFWLRQ GH VXSSUHVVLRQ GX GpUD
SDJH
/D IRQFWLRQ GH VXSSUHVVLRQ GX GpUDSDJH
HVW FRQoXH SRXU DLGHU j PDLQWHQLU OD
VWDELOLWp GH OD GLUHFWLRQ HQ VXSSULPDQW OD
WHQGDQFH GHV URXHV j JOLVVHU VXU OH F{Wp
ORUV GX EUDTXDJH GX YRODQW &HWWH IRQFWLRQ
HVW DFWLYH ORUVTXH OH WpPRLQ LQGLFDWHXU GH
IRQFWLRQQHPHQW GX &RQWU{OH GH '\QD
PLTXH GX 9pKLFXOH FOLJQRWH
7pPRLQ LQGLFDWHXU GH IRQFWLRQQHPHQW GX
&RQWU{OH GH '\QDPLTXH GX 9pKLFXOH
5(0$548(
. /H V\VWqPH GH &RQWU{OH GH '\QD
PLTXH GX 9pKLFXOH SHXW rWUH FRQVLGpUp
FRPPH IRQFWLRQQDQW QRUPDOHPHQW
VRXV OHV FRQGLWLRQV VXLYDQWHV
± 'H OpJqUHV YLEUDWLRQV VXU OD Sp
GDOH GH IUHLQ VRQW UHVVHQWLHV
± 9RXV UHVVHQWH] GH OpJqUHV VH
FRXVVHV GX YpKLFXOH HW GX YRODQW
GH GLUHFWLRQ
± /RUV GH OD PLVH HQ PDUFKH GX
PRWHXU RX ORUV G¶XQ GpPDUUDJH
DSUqV DYRLU PLV OH PRWHXU HQ PDU
FKH YRXV HQWHQGUH] XQ EUXLW FDUDF
WpULVWLTXH GH IRQFWLRQQHPHQW HQ
SURYHQDQFH GX FRPSDUWLPHQW PR
WHXU
± 3HX DSUqV DYRLU PLV OH PRWHXU HQ
PDUFKH HW SULV OD URXWH LO DUULYH
TX¶RQ UHVVHQWH FRPPH GHV VHFRXV
VHV VXU OD SpGDOH GH IUHLQ
. 'DQV OHV VLWXDWLRQV GpPRQWUpHV
GDQV OD OLVWH FLDSUqV OH YpKLFXOH SHXW
rWUH PRLQV VWDEOH TXH OH FRQGXFWHXU
Q¶HQ D O¶LPSUHVVLRQ ,O HVW DORUV SRVVLEOH
TXH OH V\VWqPH GX &RQWU{OH GH '\QD
PLTXH GX 9pKLFXOH V¶DFWLYH 8Q WHO
IRQFWLRQQHPHQW Q¶LQGLTXH SDV XQH DQR
PDOLH GX V\VWqPH
± VXU URXWH FRXYHUWH GH JUDYLOORQV
RX RUQLqUH
± VXU URXWH QRQ UHYrWXH G¶XQ HQ
UREp GH ILQLWLRQ
± ORUVTXH OH YpKLFXOH HVW pTXLSp GH
SQHXV QHLJH RX GH SQHXV KLYHU
. /RUVTXH OH V\VWqPH GX &RQWU{OH GH
'\QDPLTXH GX 9pKLFXOH HVW HQ DFWLRQ
OD VHQVDWLRQ j OD PDQ°XYUH GX YRODQW
GH GLUHFWLRQ HVW OpJqUHPHQW GLIIpUHQWH
GH OD VHQVDWLRQ KDELWXHOOH
. 5pGXLVH] WRXMRXUV YRWUH YLWHVVH j
O¶DSSURFKH G¶XQ YLUDJH PrPH VL YRWUH
YpKLFXOH HVW pTXLSp GX V\VWqPH GH
&RQWU{OH GH '\QDPLTXH GX 9pKLFXOH
± 68,7( ±
'pPDUUDJH HW FRQGXLWH6\VWqPH GX &RQWU{OH GH '\QDPLTXH GX 9pKLFXOH
. $UUrWH] WRXMRXUV OH PRWHXU DYDQW GH
UHPSODFHU XQH URXH /H QRQUHVSHFW GH
FHWWH SUpFDXWLRQ SHXW SHUWXUEHU OH V\V
WqPH GX &RQWU{OH GH '\QDPLTXH GX
9pKLFXOH TXL QH SHXW SOXV IRQFWLRQQHU
FRUUHFWHPHQW
& &RPPDQGH GH GpVDFWLYDWLRQ
GX &RQWU{OH GH '\QDPLTXH GX
9pKLFXOH
& 0RQLWHXU GH V\VWqPH GX
&RQWU{OH GH '\QDPLTXH GX
9pKLFXOH
5HSRUWH]YRXV j ³7pPRLQ DYHUWLVVHXU GX
&RQWU{OH GH '\QDPLTXH GX 9pKLFXOH7p
PRLQ LQGLFDWHXU GH IRQFWLRQQHPHQW GX
&RQWU{OH GH '\QDPLTXH GX 9pKLFXOH´
) HW ³7pPRLQ LQGLFDWHXU GH GpVDFWL
YDWLRQ GX &RQWU{OH GH '\QDPLTXH GX
9pKLFXOH7pPRLQ LQGLFDWHXU GX PRGH GH
WUDFWLRQ ´ )
&RPPDQGH GH GpVDFWLYDWLRQ GX &RQWU{OH
GH '\QDPLTXH GX 9pKLFXOH
7pPRLQ LQGLFDWHXU GH PRGH GH WUDFWLRQ
7pPRLQ LQGLFDWHXU GH GpVDFWLYDWLRQ GX
&RQWU{OH GH '\QDPLTXH GX 9pKLFXOH
/H PRGH GX V\VWqPH GH &RQWU{OH GH
'\QDPLTXH GX 9pKLFXOH FKDQJH ORUVTXH
OD FRPPDQGH HVW HQIRQFpH EULqYHPHQW RX
SHQGDQW SOXV G¶HQYLURQ VHFRQGHV
ORUVTXH OH PRWHXU HVW HQ PDUFKH
! 0RGH GX &RQWU{OH GH '\QDPLTXH GX
9pKLFXOH
/RUVTXH OH FRQWDFWHXU G¶DOOXPDJH HVW
DFWLYp FH PRGH HVW VpOHFWLRQQp HQ SUH
PLHU
&H PRGH DFWLYH WRXV OHV FRQWU{OHV SRXU
O¶$%6 OH V\VWqPH GH FRQWU{OH GH WUDFWLRQ
HW OH V\VWqPH GH &RQWU{OH GH '\QDPLTXH
GX 9pKLFXOH 6pOHFWLRQQH] FH PRGH SRXU OD
SOXSDUW GHV VLWXDWLRQV GH FRQGXLWH
/RUVTXH FH PRGH HVW VpOHFWLRQQp OHV GHX[
'pPDUUDJH HW FRQGXLWH6\VWqPH GX &RQWU{OH GH '\QDPLTXH GX 9pKLFXOH
WpPRLQV LQGLFDWHXUV VXU OHV LQVWUXPHQWV GH
ERUG V¶pWHLJQHQW
! 0RGH GH WUDFWLRQ
&H PRGH OLPLWH OHV IRQFWLRQV GX V\VWqPH
GH FRQWU{OH GH WUDFWLRQ HW GX V\VWqPH GH
&RQWU{OH GH '\QDPLTXH GX 9pKLFXOH HW
UHWDUGH DLQVL O¶XVDJH GH OHXUV IRQFWLRQV HQ
UpDFWLRQ DX FRPSRUWHPHQW GX YpKLFXOH SDU
UDSSRUW DX PRGH GH &RQWU{OH GH '\QD
PLTXH GX 9pKLFXOH 8WLOLVH] FH PRGH GDQV
GHV VLWXDWLRQV GH FRQGXLWH R OHV SHUIRU
PDQFHV G\QDPLTXHV GX YpKLFXOH V¶DPp
OLRUHQW VDQV UpGXLUH OH FRQWU{OH GH FRXSOH
GX PRWHXU
/RUVTXH YRXV DSSX\H] EULqYHPHQW VXU OD
FRPPDQGH SHQGDQW TXH OH PRWHXU HVW HQ
PDUFKH OH WpPRLQ LQGLFDWHXU GH PRGH GH
WUDFWLRQ HW OH WpPRLQ LQGLFDWHXU GH GpV
DFWLYDWLRQ GX &RQWU{OH GH '\QDPLTXH GX
9pKLFXOH VLWXpV VXU OHV LQVWUXPHQWV GH
ERUG V¶DOOXPHQW /RUVTXH YRXV DSSX\H] j
QRXYHDX VXU OD FRPPDQGH SRXU UpDFWLYHU
OH V\VWqPH GX &RQWU{OH GH '\QDPLTXH GX
9pKLFXOH OHV WpPRLQV LQGLFDWHXUV GH PRGH
GH WUDFWLRQ HW GH GpVDFWLYDWLRQ GX &RQWU{OH
GH '\QDPLTXH GX 9pKLFXOH V¶pWHLJQHQW
! 0RGH GH GpVDFWLYDWLRQ GX &RQWU{OH
GH '\QDPLTXH GX 9pKLFXOH
&H PRGH QH SHUPHW TXH OH FRQWU{OH GH
O¶$%6
/RUVTXH YRXV DSSX\H] VXU OD FRPPDQGH
SHQGDQW SOXV G¶HQYLURQ VHFRQGHV SHQ
GDQW TXH OH PRWHXU HVW HQ PDUFKH OH
WpPRLQ LQGLFDWHXU GH GpVDFWLYDWLRQ GX
&RQWU{OH GH '\QDPLTXH GX 9pKLFXOH VLWXp
VXU OHV LQVWUXPHQWV GH ERUG V¶DOOXPH
/RUVTXH YRXV DSSX\H] j QRXYHDX VXU OH
FRPPXWDWHXU SRXU UpDFWLYHU OH V\VWqPH GX
&RQWU{OH GH '\QDPLTXH GX 9pKLFXOH OH
WpPRLQ LQGLFDWHXU GH GpVDFWLYDWLRQ GX
&RQWU{OH GH '\QDPLTXH GX 9pKLFXOH V¶p
WHLQW
/D FUpDWLRQ G¶XQ SDWLQDJH GH URXH PRWULFH
DGpTXDW SDU OD GpVDFWLYDWLRQ GX V\VWqPH
GH &RQWU{OH GH '\QDPLTXH GX 9pKLFXOH
SHXW WHPSRUDLUHPHQW DLGHU j pFKDSSHU
DX[ VLWXDWLRQV VXLYDQWHV 8WLOLVH] OH PRGH
GH GpVDFWLYDWLRQ GX &RQWU{OH GH '\QD
PLTXH GX 9pKLFXOH VL QpFHVVDLUH
. ORUV G¶XQ GpSDUW DUUrWp HQ SHQWH UDLGH
VXU URXWH HQQHLJpH VXU GHV JUDYLOORQV RX
VXU G¶DXWUHV VXUIDFHV JOLVVDQWHV
. SRXU GpJDJHU OH YpKLFXOH ORUVTXH OHV
URXHV VRQW HQOLVpHV GDQV OD ERXH RX OD
QHLJH SURIRQGH
9RXV QH GHYH] SDV PHWWUH OH V\VWqPH GX
&RQWU{OH GH '\QDPLTXH GX 9pKLFXOH KRUV
VHUYLFH VDXI GDQV OHV VLWXDWLRQV PHQWLRQ
QpHV FLGHVVXV
5(0$548(
. 6L YRXV PHWWH] OH FRQWDFWHXU G¶DOOX
PDJH HQ SRVLWLRQ ³/2&.´³2))´
ORUVTXH OH V\VWqPH GX &RQWU{OH GH
'\QDPLTXH GX 9pKLFXOH HVW GpVDFWLYp
OH V\VWqPH HVW UpDFWLYp DXWRPDWLTXH
PHQW OD SURFKDLQH IRLV TXH OH PRWHXU
HVW GpPDUUp
. 6L YRXV DSSX\H] SHQGDQW DX PRLQV
VHFRQGHV VXU OD FRPPDQGH OH
WpPRLQ LQGLFDWHXU GH GpVDFWLYDWLRQ GX
&RQWU{OH GH '\QDPLTXH GX 9pKLFXOH
V¶pWHLQW HW OH V\VWqPH GX &RQWU{OH GH
'\QDPLTXH GX 9pKLFXOH HVW DFWLYp
7RXWH SUHVVLRQ XOWpULHXUH VXU OD
FRPPDQGH UHVWH DORUV VDQV HIIHW 3RXU
SRXYRLU XWLOLVHU j QRXYHDX OD
FRPPDQGH UDPHQH] OH FRQWDFWHXU G¶DO
OXPDJH HQ SRVLWLRQ ³/2&.´³2))´
SXLV UHPHWWH] OH PRWHXU HQ PDUFKH
. 6L OH PRGH GH GpVDFWLYDWLRQ GX
&RQWU{OH GH '\QDPLTXH GX 9pKLFXOH
HVW VpOHFWLRQQp OHV SHUIRUPDQFHV URX
WLqUHV GX YpKLFXOH VRQW FRPSDUDEOHV j
FHOOHV G¶XQ YpKLFXOH TXL Q¶HVW SDV
pTXLSp GX V\VWqPH GX &RQWU{OH GH
'\QDPLTXH GX 9pKLFXOH 6DXI HQ FDV
G¶DEVROXH QpFHVVLWp QH GpVDFWLYH] SDV
OH V\VWqPH GX &RQWU{OH GH '\QDPLTXH
GX 9pKLFXOH
. 0rPH ORUVTXH OH PRGH GH GpVDFWLYD
WLRQ GX &RQWU{OH GH '\QDPLTXH GX
± 68,7( ±
'pPDUUDJH HW FRQGXLWH6\VWqPH GH VXUYHLOODQFH GH OD SUHVVLRQ GHV SQHXV 7306 PRGqOHV VSpFLILFDWLRQ GHV eWDWV8QLV
9pKLFXOH HVW VpOHFWLRQQp OHV FRPSR
VDQWV GX V\VWqPH GH FRPPDQGH GHV
IUHLQV SHXYHQW rWUH DFWLIV /RUVTXH OH
V\VWqPH GH FRPPDQGH GHV IUHLQV HVW
DFWLYp OH WpPRLQ LQGLFDWHXU GH IRQF
WLRQQHPHQW GX &RQWU{OH GH '\QDPLTXH
GX 9pKLFXOH V¶DOOXPH
6\VWqPH GH VXUYHLOODQFH GH
OD SUHVVLRQ GHV SQHXV
7306 PRGqOHV VSpFLILFD
WLRQ GHV eWDWV8QLV
7pPRLQ DYHUWLVVHXU GH SUHVVLRQ GH JRQ
IODJH EDVVH GHV SQHXV
/H V\VWqPH GH VXUYHLOODQFH GH OD SUHVVLRQ
GHV SQHXV IRXUQLW XQ PHVVDJH G¶DYHUWLV
VHPHQW DX FRQGXFWHXU HQ HQYR\DQW XQ
VLJQDO G¶XQ FDSWHXU LQVWDOOp GDQV FKDTXH
URXH ORUVTXH OD SUHVVLRQ G¶XQ SQHX HVW WUqV
EDVVH
/H V\VWqPH GH VXUYHLOODQFH GH OD SUHVVLRQ
GHV SQHXV Q¶HVW RSpUDQW TXH ORUVTXH OH
YpKLFXOH URXOH j XQH YLWHVVH VXSpULHXUH j
HQYLURQ NPK PSK 'H SOXV FH
V\VWqPH SHXW QH SDV UpDJLU LPPpGLDWH
PHQW j XQH EDLVVH VRXGDLQH GH OD SUHVVLRQ
G¶XQ SQHX SDU H[HPSOH ORUV G¶XQH FUH
YDLVRQ SURYRTXpH ORUVTXH YRXV DYH] URXOp
VXU XQ REMHW WUDQFKDQW '$1*(5
. 6L OH WpPRLQ DYHUWLVVHXU GH SUHV
VLRQ GH JRQIODJH EDVVH GHV
SQHXV V¶DOOXPH SHQGDQW OD
FRQGXLWH QH IUHLQH] MDPDLV VRX
GDLQHPHQW $X OLHX GH FHOD HIIHF
WXH] OD SURFpGXUH VXLYDQWH )DXWH
GH TXRL YRXV FRXUH] OH ULVTXH
G¶XQ DFFLGHQW DYHF G¶LPSRUWDQWV
GpJkWV PDWpULHOV HW GHV EOHVVX
UHV JUDYHV
&RQWLQXH] j DYDQFHU HQ OLJQH
GURLWH WRXW HQ UpGXLVDQW SUR
JUHVVLYHPHQW OD YLWHVVH
4XLWWH] OHQWHPHQW OD URXWH HW
JDUH] OH YpKLFXOH GDQV XQ
HQGURLW V€U
9pULILH] OD SUHVVLRQ GHV TXDWUH
SQHXV HW UHJRQIOH] j OD SUHV
VLRQ GH JRQIODJH j )52,'
LQGLTXpH VXU OD SODTXH GH
YpKLFXOH DSSRVpH FRQWUH OH
PRQWDQW GH SRUWLqUH GX F{Wp
FRQGXFWHXU
0rPH VL OH YpKLFXOH Q¶D URXOp TXH
WUqV SHX OHV SQHXV RQW FKDXIIp HW
OHXU SUHVVLRQ D SDU FRQVpTXHQW
'pPDUUDJH HW FRQGXLWH6\VWqPH GH VXUYHLOODQFH GH OD SUHVVLRQ GHV SQHXV 7306 PRGqOHV VSpFLILFDWLRQ GHV eWDWV8QLV
DXJPHQWp $YDQW G¶DMXVWHU OD
SUHVVLRQ GHV SQHXV j OD YDOHXU
SUHVFULWH VXU OD SODTXH G¶LQIRUPD
WLRQ VXU OHV SQHXPDWLTXHV LO IDXW
WRXMRXUV DWWHQGUH TXH OHV SQHXV
DLHQW UHIURLGL 5HSRUWH]YRXV j
³5RXHV HW SQHXV´ ) /H
V\VWqPH GH VXUYHLOODQFH GH OD
SUHVVLRQ GHV SQHXV QH IRQF
WLRQQH SDV ORUVTXH OH YpKLFXOH
HVW LPPRELOH /RUVTXH YRXV YH
QH] GH UpJOHU OD SUHVVLRQ GHV
SQHXV YRXV GHYH] UHGpPDUUHU
HW DWWHLQGUH XQH YLWHVVH G¶DX
PRLQV NPK PSK DYDQW
TXH OH 7306 Q¶HQWUH HQ DFWLRQ HW
QH FRQWU{OH OD SUHVVLRQ GH JRQ
IODJH GHV SQHXV 6L WRXV OHV
SQHXV VRQW JRQIOpV j XQH SUHV
VLRQ VXSpULHXUH j OD YDOHXU MXJpH
FULWLTXH SDU OH V\VWqPH OH WpPRLQ
DYHUWLVVHXU GH SUHVVLRQ GH JRQ
IODJH EDVVH GHV SQHXV GRLW V¶p
WHLQGUH DX ERXW GH TXHOTXHV
PLQXWHV
6L OH WpPRLQ VH UDOOXPH XQH IRLV OD
SUHVVLRQ GHV SQHXV UpJOpH O¶XQ
GHV SQHXV HVW SUREDEOHPHQW HQ
PDXYDLV pWDW HW SHUG UDSLGHPHQW
VRQ DLU (Q FDV GH FUHYDLVRQ
UHSRUWH]YRXV j ³&UHYDLVRQV´
)
. /RUVTX¶XQH URXH GH VHFRXUV HVW
PRQWpH RX TXH OD MDQWH GH SQHX
HVW UHPSODFpH VDQV WUDQVIpUHU OH
FDSWHXUWUDQVPHWWHXU GH SUHV
VLRQ G¶RULJLQH OH WpPRLQ DYHUWLV
VHXU GH SUHVVLRQ GH JRQIODJH
EDVVH GHV SQHXV V¶DOOXPH HQ
FRQWLQX DSUqV DYRLU FOLJQRWp SHQ
GDQW HQYLURQ XQH PLQXWH &HOD
LQGLTXH TXH OH 7306 Q¶HVW SDV
FDSDEOH GH VXUYHLOOHU OHV TXDWUH
URXHV &RQWDFWH] XQ FRQFHVVLRQ
QDLUH 68%$58 GqV TXH SRVVLEOH
SRXU IDLUH UHPSODFHU OD URXH HW OH
FDSWHXU HWRX UpLQLWLDOLVHU OH V\V
WqPH
. /RUVTX¶XQ SQHX HVW UpSDUp DYHF
GX SURGXLW G¶pWDQFKpLWp OLTXLGH OD
VRXSDSH HW O¶pPHWWHXU G¶DYHUWLV
VHPHQW GH SUHVVLRQ GHV SQHXV
SHXYHQW QH SDV IRQFWLRQQHU FRU
UHFWHPHQW 6L GX SURGXLW G¶pWDQ
FKpLWp OLTXLGH D pWp XWLOLVp
FRQWDFWH] YRWUH FRQFHVVLRQQDLUH
68%$58 RX WRXW DXWUH FHQWUH GH
VHUYLFH TXDOLILp OH SOXV SURFKH
GqV TXH SRVVLEOH $VVXUH]YRXV
GH UHPSODFHU OD VRXSDSH HW O¶p
PHWWHXU G¶DYHUWLVVHPHQW GH SUHV
VLRQ GHV SQHXV ORUVTXH YRXV
UHPSODFH] OH SQHX 9RXV SRXYH]
UpXWLOLVHU OD MDQWH VL HOOH QH SUp
VHQWH DXFXQ GRPPDJH HW VL OHV
UpVLGXV GH SURGXLW G¶pWDQFKpLWp
RQW pWp FRUUHFWHPHQW QHWWR\pV
1¶LQMHFWH] SDV GH OLTXLGH SRXU
SQHX RX G¶DJHQW G¶pWDQFKpLWp GH
SQHX HQ DpURVRO GDQV OHV SQHXV
FDU FHOD SRXUUDLW SURYRTXHU XQ
G\VIRQFWLRQQHPHQW GHV FDSWHXUV
GH SUHVVLRQ GHV SQHXV 6L OH
WpPRLQ UHVWH DOOXPp DSUqV DYRLU
FOLJQRWp SHQGDQW HQYLURQ XQH
PLQXWH FRQWDFWH] UDSLGHPHQW
XQ FRQFHVVLRQQDLUH 68%$58
SRXU IDLUH FRQWU{OHU OH YpKLFXOH
$77(17,21
1H SODFH] SDV G¶REMHW QL GH ILOP
PpWDOOLTXHV GDQV OH FRIIUH &HOD
SRXUUDLW SHUWXUEHU OD UpFHSWLRQ GHV
VLJQDX[ GHV FDSWHXUV GH SUHVVLRQ
GHV SQHXV HW OH V\VWqPH GH VXU
YHLOODQFH GH OD SUHVVLRQ GHV SQHXV
QH SRXUUDLW SDV IRQFWLRQQHU QRUPD
OHPHQW
± 68,7( ±
'pPDUUDJH HW FRQGXLWH6WDWLRQQHPHQW GX YpKLFXOH
5(0$548(
&H GLVSRVLWLI HVW FRQIRUPH j OD SDUWLH GHV UqJOHV GH OD )&& 6RQ IRQFWLRQQH
PHQW UpSRQG DX[ GHX[ FRQGLWLRQV VXL
YDQWHV &H GLVSRVLWLI QH GRLW SDV
HQJHQGUHU GHV LQWHUIpUHQFHV JrQDQWHV
HW LO GRLW rWUH FDSDEOH GH VXELU WRXWHV
IRUPHV G¶LQWHUIpUHQFH \ FRPSULV GHV
LQWHUIpUHQFHV VXVFHSWLEOHV G¶HQ SHUWXU
EHU OH IRQFWLRQQHPHQW
$9(57,66(0(17 '( /$ )&&
7RXW FKDQJHPHQW RX PRGLILFDWLRQ HI
IHFWXp VDQV O¶DFFRUG H[SUHVV GH O¶DXWR
ULWp UHVSRQVDEOH GH OD FRQIRUPLWp DX[
UqJOHV SHXW HQWUDvQHU OD SULYDWLRQ GX
GURLW G¶XWLOLVHU O¶pTXLSHPHQW
6WDWLRQQHPHQW GX YpKLFXOH
'$1*(5
. 1H ODLVVH] MDPDLV G¶HQIDQWV QL
G¶DQLPDX[ VDQV VXUYHLOODQFH
GDQV OH YpKLFXOH ,OV SRXUUDLHQW
VH EOHVVHU RX SURYRTXHU XQ DFFL
GHQW HQ PDQLSXODQW DFFLGHQWHOOH
PHQW OHV FRPPDQGHV GX YpKL
FXOH (Q RXWUH SDU WHPSV FKDXG
RX HQVROHLOOp OD WHPSpUDWXUH j
O¶LQWpULHXU G¶XQ YpKLFXOH IHUPp
SHXW V¶pOHYHU DX SRLQW G¶HQWUDvQHU
GH JUDYHV PDODLVHV HW PrPH OD
PRUW
. (Q UDLVRQ GHV ULVTXHV G¶LQFHQGLH
QH JDUH] SDV OH YpKLFXOH VXU GHV
PDWLqUHV LQIODPPDEOHV WHOOHV TXH
GH O¶KHUEH VqFKH GHV YLHX[ SD
SLHUV HW GHV FKLIIRQV FHV GHU
QLHUV SRXYDQW GHYHQLU FKDXGV RX
EU€OpV GX IDLW GH OD KDXWH WHPSp
UDWXUH GX PRWHXU
. 1¶RXEOLH] SDV G¶DUUrWHU OH PRWHXU
DYDQW GH IDLUH OD VLHVWH GDQV OH
YpKLFXOH (Q FDV G¶LQILOWUDWLRQ GHV
JD] G¶pFKDSSHPHQW GDQV O¶KDEL
WDFOH OHV RFFXSDQWV GX YpKLFXOH
ULVTXHQW OD PRUW SDU LQWR[LFDWLRQ
DX PRQR[\GH GH FDUERQH &2
FRQWHQX GDQV OHV JD] G¶pFKDSSH
PHQW
& )UHLQ GH VWDWLRQQHPHQW PR
GqOHV VDQV V\VWqPH GH IUHLQ
GH VWDWLRQQHPHQW pOHFWUR
QLTXH
3RXU VHUUHU OH IUHLQ GH VWDWLRQQHPHQW
DSSX\H] IHUPHPHQW VXU OD SpGDOH GH IUHLQ
MXVTX¶j FH TXH OH OHYLHU GH IUHLQ GH
VWDWLRQQHPHQW VRLW HQWLqUHPHQW WLUp
3RXU GHVVHUUHU OH IUHLQ GH VWDWLRQQHPHQW
H[pFXWH] OD SURFpGXUH VXLYDQWH
7LUH] OH OHYLHU OpJqUHPHQW YHUV OH KDXW
$SSX\H] VXU OH ERXWRQ GH GpYHUURXLO
ODJH
%DLVVH] OH OHYLHU WRXW HQ PDLQWHQDQW OH
'pPDUUDJH HW FRQGXLWH6WDWLRQQHPHQW GX YpKLFXOH
ERXWRQ DSSX\p
/RUVTXH OH PRWHXU HVW HQ PDUFKH OH
WpPRLQ DYHUWLVVHXU GX IUHLQ GH VWDWLRQQH
PHQW V¶DOOXPH ORUVTXH OH IUHLQ GH VWDWLRQ
QHPHQW HVW VHUUp 9pULILH] TXH OH WpPRLQ
DYHUWLVVHXU HVW pWHLQW DYDQW GH SUHQGUH OD
URXWH 5HSRUWH]YRXV j ³,QGLFDWHXU GX IUHLQ
GH VWDWLRQQHPHQW PRGqOHV VDQV V\VWqPH
GH IUHLQ GH VWDWLRQQHPHQW pOHFWURQLTXH ´
)
& )UHLQ GH VWDWLRQQHPHQW pOHF
WURQLTXH PRGqOHV DYHF V\V
WqPH GH IUHLQ GH VWDWLRQQH
PHQW pOHFWURQLTXH
$77(17,21
1H URXOH] MDPDLV DYHF OH IUHLQ GH
VWDWLRQQHPHQW VHUUp FHOD XVHUDLW
LQXWLOHPHQW OHV JDUQLWXUHV GH IUHLQ
$VVXUH]YRXV TXH OH IUHLQ GH VWD
WLRQQHPHQW HVW FRPSOqWHPHQW UHOk
FKp DYDQW GH SUHQGUH OD URXWH
&RPPDQGH GH IUHLQ GH VWDWLRQQHPHQW
7pPRLQ LQGLFDWHXU
'HVVHUUH] OH IUHLQ GH VWDWLRQQHPHQW
pOHFWURQLTXH
6HUUH] OH IUHLQ GH VWDWLRQQHPHQW pOHFWUR
QLTXH
WqPH GHV IUHLQV V¶DOOXPH OH V\V
WqPH GH IUHLQ GH VWDWLRQQHPHQW
pOHFWURQLTXH SHXW rWUH HQ G\V
IRQFWLRQQHPHQW $UUrWH] LPPp
GLDWHPHQW YRWUH YpKLFXOH GDQV
XQ HQGURLW V€U XWLOLVH] GHV FDOHV
GH SQHXV VRXV OHV SQHXV SRXU
HPSrFKHU OH GpSODFHPHQW GX Yp
KLFXOH HW FRQWDFWH] YRWUH FRQFHV
VLRQQDLUH 68%$58
. 6L YRXV DFWLRQQH] OH IUHLQ GH
VWDWLRQQHPHQW pOHFWURQLTXH
ORUVTXH OH IUHLQ D VXUFKDXIIp RX
ORUVTXH OH YpKLFXOH HVW VXU XQH
SHQWH UDLGH OH WpPRLQ LQGLFDWHXU
GH IUHLQ GH VWDWLRQQHPHQW pOHF
WURQLTXH SHXW FOLJQRWHU 'DQV FH
FDV OH YpKLFXOH SHXW FRPPHQFHU
j VH GpSODFHU HW FHOD SHXW rWUH OD
FDXVH G¶XQ DFFLGHQW 8WLOLVH] WRX
MRXUV OHV FDOHV GH SQHX
$77(17,21
'$1*(5
. $YDQW GH TXLWWHU OH YpKLFXOH DV
VXUH]YRXV GH FRXSHU OH PRWHXU
6LQRQ OH IUHLQ GH VWDWLRQQHPHQW
SHXW VH UHOkFKHU HW XQ DFFLGHQW
SHXW VH SURGXLUH
. 6L OH WpPRLQ DYHUWLVVHXU GX V\V
. /RUVTXH OH V\VWqPH GH IUHLQ GH
VWDWLRQQHPHQW pOHFWURQLTXH HVW
GpIHFWXHX[ HW TXH OH IUHLQ GH
VWDWLRQQHPHQW QH SHXW SDV rWUH
DSSOLTXp FRQWDFWH] LPPpGLDWH
PHQW YRWUH FRQFHVVLRQQDLUH
68%$58 SRXU XQH LQVSHFWLRQ
6L YRXV GHYH] VWDWLRQQHU YRWUH
± 68,7( ±
'pPDUUDJH HW FRQGXLWH6WDWLRQQHPHQW GX YpKLFXOH
YpKLFXOH GDQV GH WHOOHV FRQGL
WLRQV VXLYH] OD SURFpGXUH VXL
YDQWH
± $UUrWH] YRWUH YpKLFXOH GDQV XQ
HQGURLW SODW
± 0HWWH] OH OHYLHU VpOHFWHXU HQ
SRVLWLRQ ³3´ /RUVTXH OH OHYLHU
VpOHFWHXU QH SHXW SDV rWUH
GpSODFp HQ SRVLWLRQ ³3´ YRXV
GHYH] OLEpUHU OH YHUURXLOODJH
GX OHYLHU VpOHFWHXU 5HSRUWH]
YRXV j ³)RQFWLRQ GH YHUURXLO
ODJH GX OHYLHU VpOHFWHXU´ )
± 3ODFH] GHV FDOHV VRXV OHV
URXHV SRXU HPSrFKHU OH YpKL
FXOH GH ERXJHU
. 1H URXOH] MDPDLV DYHF OH IUHLQ GH
VWDWLRQQHPHQW VHUUp &HOD XVHUDLW
LQXWLOHPHQW OHV JDUQLWXUHV GH
IUHLQ $YDQW GH SUHQGUH OD URXWH
DVVXUH]YRXV WRXMRXUV TXH OH
IUHLQ GH VWDWLRQQHPHQW D pWp GHV
VHUUp HW TXH OH WpPRLQ DYHUWLVVHXU
GX V\VWqPH GHV IUHLQV V¶HVW
pWHLQW
9RWUH YpKLFXOH HVW pTXLSp G¶XQ IUHLQ GH
VWDWLRQQHPHQW pOHFWURQLTXH 9RXV SRXYH]
VHUUHUGHVVHUUHU OH IUHLQ GH VWDWLRQQHPHQW
HQ XWLOLVDQW OD FRPPDQGH GH IUHLQ GH
VWDWLRQQHPHQW
3RXU VHUUHU $SSX\H] VXU OD SpGDOH GH
IUHLQ HW WLUH] OD FRPPDQGH GH IUHLQ GH
VWDWLRQQHPHQW YHUV OH KDXW
3RXU GHVVHUUHU $SSX\H] IHUPHPHQW VXU
OD FRPPDQGH GH IUHLQ GH VWDWLRQQHPHQW
SHQGDQW TXH OH FRQWDFWHXU G¶DOOXPDJH HVW
HQ SRVLWLRQ ³21´ HW OD SpGDOH GH IUHLQ HVW
HQIRQFpH
/RUVTXH OH IUHLQ GH VWDWLRQQHPHQW HVW
VHUUp SHQGDQW TXH OH FRQWDFWHXU G¶DOOX
PDJH HVW VXU OD SRVLWLRQ ³21´ OH WpPRLQ
LQGLFDWHXU GH IUHLQ GH VWDWLRQQHPHQW HW OH
WpPRLQ LQGLFDWHXU VXU OD FRPPDQGH GH
IUHLQ GH VWDWLRQQHPHQW V¶DOOXPHQW 5HSRU
WH]YRXV j ³7pPRLQ DYHUWLVVHXU GX V\V
WqPH GHV IUHLQV´ )
5(0$548(
. 6L YRXV DSSX\H] VXU OD FRPPDQGH
GX IUHLQ GH VWDWLRQQHPHQW GDQV OHV
FRQGLWLRQV VXLYDQWHV OH IUHLQ GH VWD
WLRQQHPHQW Q¶HVW SDV UHOkFKp
± /H FRQWDFWHXU G¶DOOXPDJH HVW
SODFp VXU ³$&&´ RX ³/2&.´³2))´
± 9RXV Q¶HQIRQFH] SDV OD SpGDOH GH
IUHLQ
. /H V\VWqPH GH IUHLQ GH VWDWLRQQH
PHQW pOHFWURQLTXH XWLOLVH GHV PRWHXUV
SRXU VHUUHU OH IUHLQ GH VWDWLRQQHPHQW
3DU FRQVpTXHQW OHV EUXLWV GH IRQFWLRQ
QHPHQW GHV PRWHXUV VH IHURQW HQWHQGUH
ORUVTXH YRXV VHUUH] RX GHVVHUUH] OH
IUHLQ GH VWDWLRQQHPHQW $VVXUH]YRXV
TXH OHV EUXLWV GH IRQFWLRQQHPHQW GHV
PRWHXUV VH IRQW HQWHQGUH ORUVTXH YRXV
VHUUH] RX GHVVHUUH] OH IUHLQ GH VWDWLRQ
QHPHQW
. 6L YRXV DFWLRQQH] OD FRPPDQGH GX
IUHLQ GH VWDWLRQQHPHQW GDQV OHV FRQGL
WLRQV VXLYDQWHV XQ ELS VRQRUH UHWHQWLW
HW OH WpPRLQ LQGLFDWHXU GH IUHLQ GH
VWDWLRQQHPHQW pOHFWURQLTXH FOLJQRWH
± /RUVTXH OH IUHLQ GH VWDWLRQQH
PHQW pOHFWURQLTXH HVW GpIHFWXHX[
± /RUVTXH OH IRQFWLRQQHPHQW GX
IUHLQ GH VWDWLRQQHPHQW pOHFWURQLTXH
HVW LQWHUGLW WHPSRUDLUHPHQW
. /RUVTXH YRXV QH SRXYH] SDV OLEpUHU
OH IUHLQ GH VWDWLRQQHPHQW HQ UDLVRQ SDU
H[HPSOH G¶XQ G\VIRQFWLRQQHPHQW GX
V\VWqPH FRQWDFWH] YRWUH FRQFHVVLRQ
QDLUH 68%$58 HW IDLWHVOXL OLEpUHU OH
IUHLQ GH VWDWLRQQHPHQW
. 6L OH IRQFWLRQQHPHQW GH OD
FRPPDQGH GH IUHLQ GH VWDWLRQQHPHQW
pOHFWURQLTXH HVW DUUrWp j PLFKHPLQ RX
HIIHFWXp WUqV OHQWHPHQW OH V\VWqPH
SHXW GpWHFWHU XQH HUUHXU HW DOOXPHU OH
WpPRLQ DYHUWLVVHXU GX V\VWqPH GHV
IUHLQV 7RXWHIRLV FHOD Q¶LQGLTXH SDV
XQ G\VIRQFWLRQQHPHQW VL OH WpPRLQ
DYHUWLVVHXU GX V\VWqPH GHV IUHLQV
'pPDUUDJH HW FRQGXLWH6WDWLRQQHPHQW GX YpKLFXOH
V¶pWHLQW DSUqV DYRLU DFWLRQQp OD
FRPPDQGH
. /RUVTXH OH IUHLQ GH VWDWLRQQHPHQW
pOHFWURQLTXH Q¶D SDV pWp XWLOLVp SHQGDQW
XQH ORQJXH SpULRGH GH WHPSV OH IUHLQ
GH VWDWLRQQHPHQW pOHFWURQLTXH SHXW
IRQFWLRQQHU DXWRPDWLTXHPHQW DSUqV
TXH OH FRQWDFWHXU G¶DOOXPDJH VRLW PLV
HQ SRVLWLRQ ³/2&.´³2))´ &HOD VH
SURGXLW HQ UDLVRQ GH OD YpULILFDWLRQ GX
IRQFWLRQQHPHQW FRUUHFW GX IUHLQ GH
VWDWLRQQHPHQW pOHFWURQLTXH HW Q¶LQ
GLTXH SDV XQ G\VIRQFWLRQQHPHQW
. 6L OH IUHLQ GH VWDWLRQQHPHQW pOHFWUR
QLTXH QH SHXW SDV rWUH UHOkFKp j FDXVH
G¶XQ G\VIRQFWLRQQHPHQW GH OD
FRPPDQGH UHSRUWH]YRXV DX[ LQVWUXF
WLRQV GpFULWHV GDQV ³)RQFWLRQ GH GHV
VHUUDJH DXWRPDWLTXH SDU OD SpGDOH
G¶DFFpOpUDWHXU´ )
$SUqV O¶DFWLYDWLRQ GX IUHLQ GH VWDWLRQ
QHPHQW pOHFWURQLTXH YRXV SRXYH] HQ
WHQGUH XQ VRQ EUHI SOXVLHXUV PLQXWHV
DSUqV O¶DOOXPDJH GX WpPRLQ LQGLFDWHXU
GH IUHLQ GH VWDWLRQQHPHQW pOHFWURQLTXH
DORUV TXH OH V\VWqPH FRQILUPH XQ
HQJDJHPHQW FRUUHFW &H VRQ HVW GLIIp
UHQW GH FHOXL GX VHUUDJH HW GX GHVVHU
UDJH
&HOD SHXW VH SURGXLUH
± 6L OHV IUHLQV VRQW H[WUrPHPHQW
FKDXGV
± 6L OH YpKLFXOH HVW JDUp VXU XQH
SHQWH UDLGH
± 6L OH IUHLQ GH VWDWLRQQHPHQW pOHF
WURQLTXH HVW DSSOLTXp DSUqV TXH OH
FRQWDFWHXU G¶DOOXPDJH HVW pWHLQW
&HFL HVW XQ VRQ GH IRQFWLRQQHPHQW
QRUPDO VRXV XQH GH FHV FRQGLWLRQV
! )RQFWLRQ GH GHVVHUUDJH DXWRPD
WLTXH SDU OD SpGDOH G¶DFFpOpUDWHXU
/H IUHLQ GH VWDWLRQQHPHQW VHUD DXWRPDWL
TXHPHQW GHVVHUUp HQ HQIRQoDQW OD SpGDOH
G¶DFFpOpUDWHXU 7RXWHIRLV OD IRQFWLRQ GH
GHVVHUUDJH DXWRPDWLTXH QH IRQFWLRQQH
SDV GDQV OHV FRQGLWLRQV VXLYDQWHV
. 8QH SRUWLqUH DXWUH TXH OH FRXYHUFOH GH
FRIIUH HVW RXYHUWH
. /D FHLQWXUH GH VpFXULWp GX FRQGXFWHXU
Q¶HVW SDV ERXFOpH
6L OH IUHLQ GH VWDWLRQQHPHQW HVW DXWR
PDWLTXHPHQW GHVVHUUp OH WpPRLQ LQGLFD
WHXU GH IUHLQ GH VWDWLRQQHPHQW HW OH WpPRLQ
LQGLFDWHXU VXU OH IUHLQ GH VWDWLRQQHPHQW
V¶pWHLJQHQW
! )UHLQ GH VHFRXUV
$77(17,21
1¶XWLOLVH] OH IUHLQ GH VHFRXUV TX¶HQ
FDV G¶XUJHQFH 6L OH IUHLQ GH VHFRXUV
HVW XWLOLVp GH IDoRQ H[FHVVLYH OHV
SLqFHV GH IUHLQ V¶XVHQW SOXV YLWH RX
OH IUHLQ SHXW QH SDV IRQFWLRQQHU
VXIILVDPPHQW HQ UDLVRQ GH OD VXU
FKDXIIH GHV IUHLQV
5(0$548(
3HQGDQW TXH YRXV VHUUH] OH IUHLQ GH
VHFRXUV . /H WpPRLQ LQGLFDWHXU GH IUHLQ GH
VWDWLRQQHPHQW pOHFWURQLTXH HW OH Wp
PRLQ LQGLFDWHXU VXU OH IUHLQ GH VWDWLRQ
QHPHQW V¶DOOXPHQW HW XQ ELS VRQRUH
UHWHQWLW
. 8Q VRQ SHXW VH IDLUH HQWHQGUH GDQV
OH FRPSDUWLPHQW PRWHXU &¶HVW OH VRQ GH
IRQFWLRQQHPHQW GX IUHLQ TXL HVW DFWLYp
SDU OH V\VWqPH GX &RQWU{OH GH '\QD
PLTXH GX 9pKLFXOH HW LO Q¶LQGLTXH SDV
XQ G\VIRQFWLRQQHPHQW
6L OH IUHLQ j SLHG HVW GpIHFWXHX[ YRXV
SRXYH] DUUrWHU OH YpKLFXOH HQ WLUDQW FRQWL
QXHOOHPHQW VXU OD FRPPDQGH GH IUHLQ GH
VWDWLRQQHPHQW
3HQGDQW TXH YRXV VHUUH] OH IUHLQ GH
± 68,7( ±
'pPDUUDJH HW FRQGXLWH6WDWLRQQHPHQW GX YpKLFXOH
VHFRXUV OH WpPRLQ LQGLFDWHXU GH IUHLQ GH
VWDWLRQQHPHQW HW OH WpPRLQ LQGLFDWHXU VXU
OH IUHLQ GH VWDWLRQQHPHQW V¶DOOXPHQW HW XQ
ELS VRQRUH UHWHQWLW
! $YHUWLVVHPHQW GX V\VWqPH GH IUHLQ
GH VWDWLRQQHPHQW pOHFWURQLTXH
$77(17,21
6L OH WpPRLQ DYHUWLVVHXU GX V\VWqPH
GHV IUHLQV V¶DOOXPH OH V\VWqPH GH
IUHLQ GH VWDWLRQQHPHQW pOHFWURQLTXH
SHXW rWUH HQ G\VIRQFWLRQQHPHQW
$UUrWH] LPPpGLDWHPHQW YRWUH YpKL
FXOH GDQV O¶HQGURLW V€U OH SOXV SUR
FKH HW FRQWDFWH] YRWUH FRQFHVVLRQ
QDLUH 68%$58
& &RQVHLOV GH VWDWLRQQHPHQW
/RUVTXH YRXV JDUH] OH YpKLFXOH HIIHFWXH]
WRXMRXUV OHV DFWLRQV VXLYDQWHV
. 6HUUH] OH IUHLQ GH VWDWLRQQHPHQW IRUWH
PHQW
. 3RXU OHV PRGqOHV %0 SODFH] OH OHYLHU
GH FKDQJHPHQW GH YLWHVVHV HQ ³´ SUH
PLqUH GDQV XQH PRQWpH RX HQ ³5´
PDUFKH DUULqUH GDQV XQH GHVFHQWH
. 3RXU OHV PRGqOHV &97 SODFH] OH OHYLHU
VpOHFWHXU HQ SRVLWLRQ ³3´ VWDWLRQQHPHQW 1H FRPSWH] SDV VXU OH VHXO IURWWHPHQW
PpFDQLTXH GH OD ERvWH GH YLWHVVHV SRXU
PDLQWHQLU OH YpKLFXOH LPPRELOH
'DQV OH VHQV GH OD GHVFHQWH WRXUQH] OHV
URXHV DYDQW YHUV OH WURWWRLU
'$1*(5
6L XQ G\VIRQFWLRQQHPHQW VH SURGXLW GDQV
OH V\VWqPH GH IUHLQ GH VWDWLRQQHPHQW
pOHFWURQLTXH OH WpPRLQ DYHUWLVVHXU GX
V\VWqPH GHV IUHLQV V¶DOOXPH 5HSRUWH]
YRXV j ³7pPRLQ LQGLFDWHXU GX IUHLQ GH
VWDWLRQQHPHQW pOHFWURQLTXH PRGqOHV
DYHF V\VWqPH GH IUHLQ GH VWDWLRQQHPHQW
pOHFWURQLTXH ´ )
3RXU OH VWDWLRQQHPHQW HQ F{WH RULHQWH] OHV
URXHV FRUUHFWHPHQW 6L OH YpKLFXOH HVW
GDQV OH VHQV GH OD PRQWpH WRXUQH] OHV
URXHV DYDQW YHUV OD FKDXVVpH
. 1H ODLVVH] MDPDLV G¶HQIDQWV QL
G¶DQLPDX[ VDQV VXUYHLOODQFH
GDQV OH YpKLFXOH ,OV SRXUUDLHQW
VH EOHVVHU RX SURYRTXHU XQ DFFL
GHQW HQ PDQLSXODQW DFFLGHQWHOOH
PHQW OHV FRPPDQGHV GX YpKL
FXOH (Q RXWUH SDU WHPSV FKDXG
RX HQVROHLOOp OD WHPSpUDWXUH j
O¶LQWpULHXU G¶XQ YpKLFXOH IHUPp
SHXW V¶pOHYHU DX SRLQW G¶HQWUDvQHU
GH JUDYHV PDODLVHV HW PrPH OD
PRUW
. (Q UDLVRQ GHV ULVTXHV G¶LQFHQGLH
QH JDUH] SDV OH YpKLFXOH VXU GHV
'pPDUUDJH HW FRQGXLWH)RQFWLRQ $XWR 9HKLFOH +ROG
PDWLqUHV LQIODPPDEOHV WHOOHV TXH
GH O¶KHUEH VqFKH GHV YLHX[ SD
SLHUV HW GHV FKLIIRQV FHV GHU
QLHUV SRXYDQW GHYHQLU FKDXGV RX
EU€OpV GX IDLW GH OD KDXWH WHPSp
UDWXUH GX PRWHXU
. 1¶RXEOLH] SDV G¶DUUrWHU OH PRWHXU
DYDQW GH IDLUH OD VLHVWH GDQV OH
YpKLFXOH (Q FDV G¶LQILOWUDWLRQ GHV
JD] G¶pFKDSSHPHQW GDQV O¶KDEL
WDFOH OHV RFFXSDQWV GX YpKLFXOH
ULVTXHQW OD PRUW SDU LQWR[LFDWLRQ
DX PRQR[\GH GH FDUERQH &2
FRQWHQX GDQV OHV JD] G¶pFKDSSH
PHQW
$77(17,21
6L YRWUH YpKLFXOH HVW pTXLSp G¶XQ
EHFTXHW DpURG\QDPLTXH LQIpULHXU
DYDQW HW G¶XQ EHFTXHW LQIpULHXU DU
ULqUH WRXV GHX[ HQ RSWLRQ ORUVTXH
YRXV JDUH] OH YpKLFXOH IDLWHV DWWHQ
WLRQ DX[ PRQWLFXOHV HW DXWUHV REVWD
FOHV /HV EHFTXHWV SHXYHQW rWUH
HQGRPPDJpV SDU FRQWDFW
)RQFWLRQ $XWR 9HKLFOH +ROG
/D IRQFWLRQ $XWR 9HKLFOH +ROG PDLQWLHQW
DXWRPDWLTXHPHQW OH YpKLFXOH j O¶DUUrW
PrPH DSUqV DYRLU UHOkFKp OD SpGDOH GH
IUHLQ ORUVTXH OH YpKLFXOH HVW HQ DUUrW WRWDO
SDU H[HPSOH DX[ IHX[ GH FLUFXODWLRQ /D
IRQFWLRQ HVW GpVDFWLYpH SDU O¶XQH GHV
RSpUDWLRQV VXLYDQWHV
. (QIRQFHU OD SpGDOH G¶DFFpOpUDWHXU
. (QIRQFHU j QRXYHDX OD SpGDOH GH IUHLQ
'$1*(5
. 1¶XWLOLVH] SDV OD IRQFWLRQ $XWR
9HKLFOH +ROG VXU XQH SHQWH UDLGH
RX VXU XQH URXWH JOLVVDQWH /H
YpKLFXOH SHXW VH GpSODFHU PrPH
ORUVTXH YRXV XWLOLVH] OD IRQFWLRQ
$XWR 9HKLFOH +ROG FDXVDQW GHV
EOHVVXUHV JUDYHV RX GHV DFFL
GHQWV
. 1¶XWLOLVH] SDV OD IRQFWLRQ $XWR
9HKLFOH +ROG SRXU VWDWLRQQHU OH
YpKLFXOH /H YpKLFXOH SHXW VH
GpSODFHU LQRSLQpPHQW FDXVDQW
GHV EOHVVXUHV JUDYHV RX GHV
DFFLGHQWV $VVXUH]YRXV GH SOD
FHU OH OHYLHU VpOHFWHXU HQ SRVLWLRQ
³3´ HW G¶DSSOLTXHU OH IUHLQ GH
VWDWLRQQHPHQW pOHFWURQLTXH GDQV
OHV FDV VXLYDQWV
± /RUVTXH YRXV DOOH] VWDWLRQQHU
YRWUH YpKLFXOH
± /RUVTXH OHV SDVVDJHUV HQ
WUHQW RX VRUWHQW GX YpKLFXOH
± /RUVTXH YRXV FKDUJH] RX Gp
FKDUJH]
. /RUVTXH YRXV XWLOLVH] OD IRQFWLRQ
$XWR 9HKLFOH +ROG QH UHOkFKH]
SDV OD SpGDOH GH IUHLQ DYDQW TXH
O¶LQGLFDWHXU GH IRQFWLRQQHPHQW
$XWR 9HKLFOH +ROG QH V¶DOOXPH
/H YpKLFXOH SHXW VH GpSODFHU
LQRSLQpPHQW FDXVDQW GHV EOHV
VXUHV JUDYHV RX GHV DFFLGHQWV
. 'pVDFWLYH] OD IRQFWLRQ $XWR 9HKL
FOH +ROG GDQV OHV FDV VXLYDQWV
6LQRQ OH YpKLFXOH SHXW VH GpSOD
FHU LQRSLQpPHQW FDXVDQW GHV
EOHVVXUHV JUDYHV RX GHV DFFL
GHQWV
± /RUVTXH YRXV ODYH] YRWUH Yp
KLFXOH GDQV XQ ODYHDXWR DXWR
PDWLTXH
± /RUVTXH OH YpKLFXOH HVW UH
PRUTXp
± /RUV GH OD WUDFWLRQ G¶XQ YpKL
FXOH
± 68,7( ±
'pPDUUDJH HW FRQGXLWH)RQFWLRQ $XWR 9HKLFOH +ROG
$77(17,21
/RUV GH O¶DUUrW VXU XQH SHQWH UDLGH
DYHF OD IRQFWLRQ $XWR 9HKLFOH +ROG
DFWLYpH OH IUHLQ GH VWDWLRQQHPHQW
pOHFWURQLTXH SHXW rWUH VHUUp DXWR
PDWLTXHPHQW /H WpPRLQ LQGLFDWHXU
GH IUHLQ GH VWDWLRQQHPHQW pOHFWUR
QLTXH FOLJQRWH pJDOHPHQW 'DQV FH
FDV HQIRQFH] OD SpGDOH GH IUHLQ HW
PDLQWHQH]OD HQIRQFpH SHQGDQW O¶DU
UrW 6LQRQ OH YpKLFXOH SHXW VH Gp
SODFHU
5(0$548(
1RXV UHFRPPDQGRQV G¶DFWLYHU OD IRQF
WLRQ $XWR 9HKLFOH +ROG ORUV GX VWDWLRQ
QHPHQW VXU XQH SHQWH 6L OD IRQFWLRQ
$XWR 9HKLFOH +ROG HVW GpVDFWLYpH OH
YpKLFXOH SHXW URXOHU HQ DUULqUH DX
GpPDUUDJH
& 3RXU DFWLYHUGpVDFWLYHU OD
IRQFWLRQ $XWR 9HKLFOH +ROG
&RPPDQGH $XWR 9HKLFOH +ROG
3RXU O¶DFWLYHU
$SSX\H] VXU OD FRPPDQGH $XWR 9HKLFOH
+ROG ORUVTXH OH WpPRLQ LQGLFDWHXU G¶DFWLYD
WLRQ $XWR 9HKLFOH +ROG HVW pWHLQW (QVXLWH
OH WpPRLQ LQGLFDWHXU G¶DFWLYDWLRQ $XWR
9HKLFOH +ROG V¶DOOXPH
0rPH DSUqV DYRLU DFWLYp OD IRQFWLRQ $XWR
9HKLFOH +ROG HOOH VH GpVDFWLYH DXWRPDWL
TXHPHQW XQH IRLV TXH OH FRQWDFWHXU
G¶DOOXPDJH HVW PLV VXU OD SRVLWLRQ
³/2&.´³2))´ /D IRQFWLRQ UHVWHUD GpV
DFWLYpH ORUVTXH OH FRQWDFWHXU G¶DOOXPDJH
HVW UHPLV HQ SRVLWLRQ ³21´
3RXU OD GpVDFWLYHU
$SSX\H] VXU OD FRPPDQGH $XWR 9HKLFOH
+ROG ORUVTXH OH WpPRLQ LQGLFDWHXU G¶DFWLYD
WLRQ $XWR 9HKLFOH +ROG HVW DOOXPp (QVXLWH
OH WpPRLQ LQGLFDWHXU G¶DFWLYDWLRQ $XWR
9HKLFOH +ROG V¶pWHLQW
5(0$548(
7pPRLQ LQGLFDWHXU G¶DFWLYDWLRQ $XWR 9HKL
FOH +ROG
. 6L OD FRPPDQGH $XWR 9HKLFOH +ROG
HVW HQIRQFpH SHQGDQW SOXV GH VHFRQ
GHV OH WpPRLQ LQGLFDWHXU G¶DFWLYDWLRQ
$XWR 9HKLFOH +ROG V¶pWHLQW HW OH V\V
WqPH LJQRUH WRXWH SUHVVLRQ VXSSOpPHQ
WDLUH VXU OD FRPPDQGH 3RXU DFWLYHU OD
FRPPDQGH j QRXYHDX UHGpPDUUH] OH
PRWHXU
. /RUVTXH OD IRQFWLRQ $XWR 9HKLFOH
+ROG HVW GpVDFWLYpH SHQGDQW TXH FHWWH
IRQFWLRQ HVW GpIHFWXHXVH VL YRXV DS
'pPDUUDJH HW FRQGXLWH)RQFWLRQ $XWR 9HKLFOH +ROG
SX\H] VXU OD FRPPDQGH $XWR 9HKLFOH
+ROG XQ ELS VRQRUH UHWHQWLW
& 3RXU PHWWUH OD IRQFWLRQ $XWR
9HKLFOH +ROG HQ PDUFKH
$UUrWH] OH YpKLFXOH HQ DSSX\DQW VXU OD
SpGDOH GH IUHLQ ORUVTXH WRXWHV OHV FRQGL
WLRQV VXLYDQWHV VRQW UpXQLHV (QVXLWH OD
IRQFWLRQ $XWR 9HKLFOH +ROG VH PHW HQ
PDUFKH
. 7RXWHV OHV SRUWLqUHV VRQW IHUPpHV
. /D FHLQWXUH GH VpFXULWp GX FRQGXFWHXU
HVW ERXFOpH
. /H OHYLHU VpOHFWHXU HVW VXU XQH SRVLWLRQ
DXWUH TXH ³3´
O¶DUUrW SDU OD IRQFWLRQ $XWR 9HKLFOH +ROG OH
WpPRLQ LQGLFDWHXU GH IRQFWLRQQHPHQW $XWR
9HKLFOH +ROG GX YpKLFXOH V¶DOOXPH
& 3RXU UHOkFKHU OD IRQFWLRQ $XWR
9HKLFOH +ROG
(IIHFWXH] XQH GHV RSpUDWLRQV VXLYDQWHV
SRXU GpVDFWLYHU OD IRQFWLRQ $XWR 9HKLFOH
+ROG
. (QIRQFH] OD SpGDOH G¶DFFpOpUDWHXU
. (QIRQFH] j QRXYHDX OD SpGDOH GH IUHLQ
. 6HUUH] OH IUHLQ GH VWDWLRQQHPHQW pOHF
WURQLTXH
. 0HWWH] OH OHYLHU VpOHFWHXU VXU OD SRVLWLRQ
³3´ DYHF OD SpGDOH GH IUHLQ HQIRQFpH
. $SSX\H] VXU OD FRPPDQGH $XWR 9HKL
FOH +ROG DYHF OD SpGDOH GH IUHLQ HQIRQFpH
/RUVTXH OD IRQFWLRQ $XWR 9HKLFOH +ROG HVW
GpVDFWLYpH OH WpPRLQ LQGLFDWHXU GH IRQF
WLRQQHPHQW $XWR 9HKLFOH +ROG V¶pWHLQW
7pPRLQ LQGLFDWHXU GH IRQFWLRQQHPHQW $XWR
9HKLFOH +ROG
3HQGDQW TXH OH YpKLFXOH HVW PDLQWHQX j
6RXV O¶XQH GHV FRQGLWLRQV VXLYDQWHV OD
IRQFWLRQ $XWR 9HKLFOH +ROG HVW DXWRPDWL
TXHPHQW GpVDFWLYpH HW OH IUHLQ GH VWDWLRQ
QHPHQW pOHFWURQLTXH VHUD DXWRPDWLTXH
PHQW VHUUp
. /D IRQFWLRQ $XWR 9HKLFOH +ROG D IRQF
WLRQQp SHQGDQW SOXV GH PLQXWHV
. /D FHLQWXUH GH VpFXULWp GX FRQGXFWHXU
Q¶HVW SDV ERXFOpH
. /D SRUWLqUH GX FRQGXFWHXU HVW RXYHUWH
. /H FRQWDFWHXU G¶DOOXPDJH HVW PLV HQ
SRVLWLRQ ³/2&.´³2))´
. /H YpKLFXOH HVW DUUrWp VXU XQH SHQWH
UDLGH
. /D IRQFWLRQ $XWR 9HKLFOH +ROG SUpVHQWH
XQ G\VIRQFWLRQQHPHQW
'DQV GH WHOV FDV OH WpPRLQ LQGLFDWHXU GH
IRQFWLRQQHPHQW $XWR 9HKLFOH +ROG V¶pWHLQW
HW OH WpPRLQ LQGLFDWHXU GH IUHLQ GH VWDWLRQ
QHPHQW pOHFWURQLTXH V¶DOOXPH
& &RQVHLOV
. /RUVTXH OH IUHLQ GH VWDWLRQQHPHQW
pOHFWURQLTXH HVW DXWRPDWLTXHPHQW VHUUp
DYHF OH YpKLFXOH PDLQWHQX j O¶DUUrW SDU OD
IRQFWLRQ $XWR 9HKLFOH +ROG UHOkFKH] OH
IUHLQ GH VWDWLRQQHPHQW pOHFWURQLTXH SDU
O¶XQH GHV RSpUDWLRQV VXLYDQWHV DYDQW GH
GpPDUUHU $VVXUH]YRXV HQVXLWH TXH OH
WpPRLQ LQGLFDWHXU GH IUHLQ GH VWDWLRQQH
PHQW pOHFWULTXH HVW pWHLQW
± (QIRQFH] OD SpGDOH G¶DFFpOpUDWHXU
DYHF OD FHLQWXUH GH VpFXULWp GX
FRQGXFWHXU DWWDFKpH HW OHV SRUWLqUHV
IHUPpHV
± $SSX\H] VXU OD FRPPDQGH GH IUHLQ
GH VWDWLRQQHPHQW pOHFWURQLTXH DYHF OD
SpGDOH GH IUHLQ HQIRQFpH
. 'DQV FHUWDLQHV FRQGLWLRQV \ FRPSULV
XQ G\VIRQFWLRQQHPHQW GH OD IRQFWLRQ $XWR
9HKLFOH +ROG XQ VLJQDO VRQRUH G¶DYHUWLV
± 68,7( ±
'pPDUUDJH HW FRQGXLWH6\VWqPH G¶DLGH DX GpPDUUDJH HQ F{WH
VHPHQW UHWHQWLW HW XQ PHVVDJH G¶DYHUWLV
VHPHQW DSSDUDvW VXU O¶DIILFKDJH GHV LQV
WUXPHQWV GH ERUG pFUDQ /&' HQ FRXOHXU 7RXV OHV PHVVDJHV G¶DYHUWLVVHPHQW GRL
YHQW rWUH VWULFWHPHQW UHVSHFWpV
. /H YpKLFXOH QH SHXW SDV rWUH PDLQWHQX
j O¶DUUrW VXU XQH SHQWH UDLGH HQ XWLOLVDQW OD
IRQFWLRQ $XWR 9HKLFOH +ROG 'DQV FH FDV
HQIRQFH] OD SpGDOH GH IUHLQ HW PDLQWHQH]
OD HQIRQFpH
. /RUVTXH YRXV YRXV DUUrWH] VXU XQH
SHQWH UDLGH DYHF OD IRQFWLRQ $XWR 9HKLFOH
+ROG DFWLYpH OH IUHLQ GH VWDWLRQQHPHQW
pOHFWURQLTXH SHXW rWUH DXWRPDWLTXHPHQW
VHUUp DSUqV O¶DUUrW SXLV OH WpPRLQ LQGLFD
WHXU GH IUHLQ GH VWDWLRQQHPHQW pOHFWUR
QLTXH SHXW FOLJQRWHU 'DQV FH FDV HQIRQ
FH] OD SpGDOH GH IUHLQ HW PDLQWHQH]OD
HQIRQFpH SHQGDQW O¶DUUrW 6LQRQ OH YpKL
FXOH SHXW VH GpSODFHU /RUVTXH YRXV
VRUWH] GX YpKLFXOH DUUrWH] OH YpKLFXOH
VXU XQH VXUIDFH SODQH SXLV VHUUH] OH IUHLQ
GH VWDWLRQQHPHQW pOHFWURQLTXH
. 6L OH WpPRLQ LQGLFDWHXU G¶DFWLYDWLRQ $XWR
9HKLFOH +ROG QH V¶DOOXPH SDV PrPH DSUqV
DYRLU DSSX\p VXU OD FRPPDQGH $XWR
9HKLFOH +ROG DYHF OHV FRQGLWLRQV GH
IRQFWLRQQHPHQW UpXQLHV OD IRQFWLRQ SHXW
SUpVHQWHU XQ G\VIRQFWLRQQHPHQW &RQWDF
WH] YRWUH FRQFHVVLRQQDLUH 68%$58 SRXU
XQH LQVSHFWLRQ
. 9RXV SRXYH] HQWHQGUH XQ VRQ ORUVTXH
OD IRQFWLRQ $XWR 9HKLFOH +ROG PDLQWLHQW OH
YpKLFXOH j O¶DUUrW &HFL HVW QRUPDO HW QH
GRLW SDV rWUH FRQVLGpUp FRPPH XQ GpIDXW
GH IRQFWLRQQHPHQW
. 3HQGDQW TXH OH YpKLFXOH HVW PDLQWHQX j
O¶DUUrW SDU OD IRQFWLRQ $XWR 9HKLFOH +ROG OD
SpGDOH GH IUHLQ SHXW VHPEOHU ULJLGH
&HSHQGDQW LO QH V¶DJLW SDV G¶XQH DQRPD
OLH
. /RUVTXH YRXV XWLOLVH] OD IRQFWLRQ $XWR
9HKLFOH +ROG HQIRQFH] IHUPHPHQW OD
SpGDOH GH IUHLQ $XWUHPHQW OD IRQFWLRQ
$XWR 9HKLFOH +ROG SHXW QH SDV IRQFWLRQQHU
. /RUVTXH OD FRPPDQGH $XWR 9HKLFOH
+ROG HVW PDLQWHQXH HQIRQFpH SHQGDQW
SOXV GH VHFRQGHV OH WpPRLQ LQGLFDWHXU
G¶DFWLYDWLRQ $XWR 9HKLFOH +ROG V¶pWHLQW HW
WRXW DFWLRQQHPHQW XOWpULHXU GH OD
FRPPDQGH VHUD LJQRUp 3RXU SRXYRLU
XWLOLVHU j QRXYHDX OD FRPPDQGH PHWWH]
OH FRQWDFWHXU G¶DOOXPDJH HQ SRVLWLRQ
³/2&.´³2))´ SXLV UHPHWWH]OH VXU OD
SRVLWLRQ ³21´
6\VWqPH G¶DLGH DX GpPDU
UDJH HQ F{WH
'$1*(5
. &H GLVSRVLWLI QH VHUW TX¶j DLGHU OH
FRQGXFWHXU j 'e0$55(5 OH Yp
KLFXOH HQ F{WH 3RXU pYLWHU OHV
DFFLGHQWV ORUVTXH OH YpKLFXOH HVW
JDUp HQ F{WH OH IUHLQ GH VWDWLRQ
QHPHQW GRLW WRXMRXUV rWUH ELHQ
VHUUp /RUVTXH YRXV VHUUH] OH
IUHLQ GH VWDWLRQQHPHQW YpULILH]
TXH OH YpKLFXOH UHVWH LPPRELOH
ORUVTXH YRXV UHOkFKH] OD SpGDOH
G¶HPEUD\DJH PRGqOHV %0 HW OD
SpGDOH GH IUHLQ PRGqOHV %0 HW
&97 . 1H WRXUQH] SDV OH FRQWDFWHXU
G¶DOOXPDJH VXU OD SRVLWLRQ
³/2&.´³2))´ SHQGDQW TXH OH
V\VWqPH G¶DLGH DX GpPDUUDJH HQ
F{WH HVW HQ PDUFKH /H V\VWqPH
G¶DLGH DX GpPDUUDJH HQ F{WH VHUD
GpVDFWLYp SURYRTXDQW XQ DFFL
GHQW
'pPDUUDJH HW FRQGXLWH6\VWqPH G¶DLGH DX GpPDUUDJH HQ F{WH
5(0$548(
'DQV FHV GHX[ FDV OH V\VWqPH G¶DLGH DX
GpPDUUDJH HQ F{WH IRQFWLRQQH GDQV OHV
FRQGLWLRQV VXLYDQWHV
. /RUVTXH YRXV HQIRQFH] OD SpGDOH
G¶HPEUD\DJH HW OD SpGDOH GH IUHLQ HQ
PrPH WHPSV PRGqOHV %0
. ORUVTXH OH YpKLFXOH HVW DUUrWp DYHF OD
SpGDOH GH IUHLQ HQIRQFpH PRGqOHV &97
3RXU OHV PRGqOHV DYHF OH V\VWqPH GH
IUHLQ GH VWDWLRQQHPHQW pOHFWURQLTXH . /H V\VWqPH G¶DLGH DX GpPDUUDJH HQ
F{WH V¶DFWLYH ORUVTXH OD IRQFWLRQ $XWR
9HKLFOH +ROG HVW GpVDFWLYpH
. /H V\VWqPH G¶DLGH DX GpPDUUDJH HQ
F{WH VH GpVDFWLYH ORUVTXH OD IRQFWLRQ
$XWR 9HKLFOH +ROG HVW DFWLYpH
/H V\VWqPH G¶DLGH DX GpPDUUDJH HQ F{WH
IDFLOLWH OHV RSpUDWLRQV VXLYDQWHV GX YpKL
FXOH
/D SXLVVDQFH GH IUHLQDJH HVW SURYLVRLUH
PHQW PDLQWHQXH SHQGDQW HQYLURQ VH
FRQGHV SDU OH V\VWqPH G¶DLGH DX GpPDU
UDJH HQ F{WH DSUqV TXH OD SpGDOH GH IUHLQ
DLW pWp UHOkFKpH /H FRQGXFWHXU SHXW DLQVL
IDLUH GpPDUUHU OH YpKLFXOH FRPPH VXU XQ
VRO SODW HQ XWLOLVDQW VHXOHPHQW OHV SpGDOHV
G¶HPEUD\DJH PRGqOHV %0 XQLTXHPHQW
HW G¶DFFpOpUDWHXU WRXV OHV PRGqOHV 6L OH V\VWqPH G¶DLGH DX GpPDUUDJH HQ F{WH
Q¶H[HUFH SDV XQH IRUFH GH IUHLQDJH VXIIL
VDQWH XQH IRLV OD SpGDOH GH IUHLQ UHOkFKpH
DSSX\H] GH QRXYHDX VXU FHWWH SpGDOH SRXU
REWHQLU XQH SOXV JUDQGH SXLVVDQFH GH
IUHLQDJH
$
%
'pPDUUDJH IDFH j XQH SHQWH PRQWDQWH
'pPDUUDJH YHUV O¶DUULqUH IDFH j XQH
SHQWH GHVFHQGDQWH
3pGDOH GH IUHLQ PRGqOHV %0 HW &97
3pGDOH G¶HPEUD\DJH PRGqOHV %0 XQL
TXHPHQW
,O DUULYH TXH OH V\VWqPH G¶DLGH DX GpPDU
UDJH HQ F{WH QH IRQFWLRQQH SDV GDQV OHV
SHQWHV GRXFHV 'H SOXV OH V\VWqPH G¶DLGH
DX GpPDUUDJH HQ F{WH QH IRQFWLRQQH SDV
GDQV OHV FDV VXLYDQWV
± 68,7( ±
'pPDUUDJH HW FRQGXLWH6\VWqPH G¶DLGH DX GpPDUUDJH HQ F{WH
. DORUV TXH OH FRQWDFWHXU G¶DOOXPDJH HVW
SODFp VXU ³$&&´ RX ³/2&.´³2))´
. /RUVTXH OH WpPRLQ DYHUWLVVHXU G¶DLGH DX
GpPDUUDJH HQ F{WH7pPRLQ LQGLFDWHXU GH
GpVDFWLYDWLRQ G¶DLGH DX GpPDUUDJH HQ F{WH
HVW DOOXPp PRGqOHV VDQV V\VWqPH GH IUHLQ
GH VWDWLRQQHPHQW pOHFWURQLTXH
& 3RXU DFWLYHUGpVDFWLYHU OH
V\VWqPH G¶DLGH DX GpPDUUDJH
HQ F{WH PRGqOHV VDQV V\V
WqPH GH IUHLQ GH VWDWLRQQH
PHQW pOHFWURQLTXH
/RUV GH O¶XWLOLVDWLRQ GX V\VWqPH G¶DLGH DX
GpPDUUDJH HQ F{WH LO SHXW DUULYHU TXH
YRXV UHVVHQWLH] XQ HIIHW GH IUHLQDJH PrPH
DSUqV DYRLU UHOkFKp OD SpGDOH GH IUHLQ
7RXWHIRLV FHW HIIHW GH IUHLQDJH GLVSDUDvW
GqV TXH YRXV DYH] OkFKp OD SpGDOH
G¶HPEUD\DJH
5(0$548(
8QH OpJqUH VHFRXVVH VH SURGXLW SDUIRLV
ORUVTXH OH YpKLFXOH FRPPHQFH j DYDQ
FHU HQ PDUFKH DYDQW DSUqV XQH PDUFKH
DUULqUH
7pPRLQ LQGLFDWHXU GH GpVDFWLYDWLRQ G¶DLGH
DX GpPDUUDJH HQ F{WH
$77(17,21
. ORUV G¶XQ GpPDUUDJH IDFH j XQH SHQWH
PRQWDQWH
. ORUV G¶XQ GpPDUUDJH YHUV O¶DUULqUH IDFH
j XQH SHQWH GHVFHQGDQWH
. ORUVTXH OH IUHLQ GH VWDWLRQQHPHQW HVW
VHUUp
/RUV G¶XQ GpPDUUDJH HQ F{WH YpUL
ILH] TXH OH WpPRLQ LQGLFDWHXU GH
GpVDFWLYDWLRQ G¶DLGH DX GpPDUUDJH
HQ F{WH HVW pWHLQW 6L OH WpPRLQ
LQGLFDWHXU GH GpVDFWLYDWLRQ G¶DLGH
DX GpPDUUDJH HQ F{WH HVW DOOXPp
YpULILH] TXH OH IUHLQ GH VWDWLRQQH
PHQW HVW VHUUp
'pPDUUDJH HW FRQGXLWH6\VWqPH G¶DLGH DX GpPDUUDJH HQ F{WH
3RXU DFWLYHU HW GpVDFWLYHU OH V\VWqPH
G¶DLGH DX GpPDUUDJH HQ F{WH HIIHFWXH]
OHV pWDSHV VXLYDQWHV
5(0$548(
6L YRXV FRPPHWWH] XQH HUUHXU ORUV GH
O¶H[pFXWLRQ GHV pWDSHV GH OD SURFpGXUH
VXLYDQWH SODFH] XQH IRLV OH FRQWDFWHXU
G¶DOOXPDJH GDQV OD SRVLWLRQ ³/2&.´
³2))´ SXLV UHFRPPHQFH]
GHV IUHLQV V¶DOOXPH
/H WpPRLQ DYHUWLVVHXU GX &RQWU{OH
GH '\QDPLTXH GX 9pKLFXOH V¶pWHLQW
/H WpPRLQ LQGLFDWHXU GH GpVDFWLYD
WLRQ GX &RQWU{OH GH '\QDPLTXH GX
9pKLFXOH V¶pWHLQW
/H WpPRLQ DYHUWLVVHXU GHV IUHLQV
DQWLEORFDJH $%6 V¶pWHLQW
'DQV OHV VHFRQGHV TXL VXLYHQW
UHOkFKH] OD FRPPDQGH GH GpVDFWLYDWLRQ
GX &RQWU{OH GH '\QDPLTXH GX 9pKLFXOH
! 'pVDFWLYDWLRQ
*DUH] OH YpKLFXOH GDQV XQ HQGURLW SODW
HW V€U HW VHUUH] OH IUHLQ GH VWDWLRQQHPHQW
0HWWH] OH FRQWDFWHXU G¶DOOXPDJH HQ
SRVLWLRQ ³/2&.´³2))´
5HGpPDUUH] OH PRWHXU
7pPRLQ LQGLFDWHXU GH GpVDFWLYDWLRQ G¶DLGH
DX GpPDUUDJH HQ F{WH
&RPPDQGH GH GpVDFWLYDWLRQ GX &RQWU{OH
GH '\QDPLTXH GX 9pKLFXOH
9pULILH] FH TXL VXLW
/H WpPRLQ DYHUWLVVHXU GX V\VWqPH
$SSX\H] VXU OD FRPPDQGH GH GpVDFWL
YDWLRQ GX &RQWU{OH GH '\QDPLTXH GX
9pKLFXOH HW PDLQWHQH]OD HQIRQFpH SHQ
GDQW VHFRQGHV MXVTX¶j FH TXH OH WpPRLQ
LQGLFDWHXU GH GpVDFWLYDWLRQ GX &RQWU{OH GH
'\QDPLTXH GX 9pKLFXOH ³ ´ VLWXp VXU OHV
LQVWUXPHQWV GH ERUG V¶DOOXPH SXLV V¶pWHL
JQH
'DQV OHV VHFRQGHV TXL VXLYHQW
DSSX\H] j QRXYHDX VXU OD FRPPDQGH GH
GpVDFWLYDWLRQ GX &RQWU{OH GH '\QDPLTXH
GX 9pKLFXOH /H WpPRLQ LQGLFDWHXU GH
GpVDFWLYDWLRQ G¶DLGH DX GpPDUUDJH HQ F{WH
V¶DOOXPH HW V¶pWHLQW
0HWWH] OH FRQWDFWHXU G¶DOOXPDJH HQ
SRVLWLRQ ³/2&.´³2))´ /H V\VWqPH G¶DLGH
DX GpPDUUDJH HQ F{WH HVW GpVDFWLYp
± 68,7( ±
'pPDUUDJH HW FRQGXLWH5pJXODWHXU GH YLWHVVH
5(0$548(
/RUVTXH OH V\VWqPH G¶DLGH DX GpPDU
UDJH HQ F{WH HVW GpVDFWLYp OH WpPRLQ
LQGLFDWHXU GH GpVDFWLYDWLRQ GX V\VWqPH
G¶DLGH DX GpPDUUDJH HQ F{WH UHVWH
DOOXPp HQ FRQWLQX
! 3RXU UpDFWLYHU
3RXU UpDFWLYHU OH V\VWqPH G¶DLGH DX
GpPDUUDJH HQ F{WH UpSpWH] OHV pWDSHV j /RUVTXH OH V\VWqPH G¶DVVLVWDQFH DX
GpPDUUDJH HQ F{WH HVW DFWLYp OH WpPRLQ
LQGLFDWHXU GH GpVDFWLYDWLRQ G¶DLGH DX
GpPDUUDJH HQ F{WH V¶pWHLQW
& 7pPRLQ DYHUWLVVHXU G¶DLGH DX
GpPDUUDJH HQ F{WH7pPRLQ
LQGLFDWHXU GH GpVDFWLYDWLRQ
G¶DLGH DX GpPDUUDJH HQ F{WH
PRGqOHV VDQV V\VWqPH GH
IUHLQ GH VWDWLRQQHPHQW pOHF
WURQLTXH
5HSRUWH]YRXV j ³7pPRLQ DYHUWLVVHXU
G¶DLGH DX GpPDUUDJH HQ F{WH7pPRLQ
LQGLFDWHXU GH GpVDFWLYDWLRQ G¶DLGH DX
GpPDUUDJH HQ F{WH PRGqOHV VDQV V\V
WqPH GH IUHLQ GH VWDWLRQQHPHQW pOHFWUR
QLTXH ´ )
5pJXODWHXU GH YLWHVVH
5(0$548(
3RXU OHV PRGqOHV DYHF V\VWqPH
(\H6LJKW 5HSRUWH]YRXV DX VXSSOp
PHQW GX 0DQXHO GX &RQGXFWHXU SRXU
OH V\VWqPH (\H6LJKW
/H UpJXODWHXU GH YLWHVVH YRXV GLVSHQVH GH
WHQLU OH SLHG VXU OD SpGDOH G¶DFFpOpUDWHXU
ORUVTXH YRXV URXOH] j YLWHVVH ,O IRQFWLRQQH
SRXU XQH YLWHVVH VXSpULHXUH j NPK PSK '$1*(5
. 1¶XWLOLVH] OH UpJXODWHXU GH YLWHVVH
GDQV DXFXQH GHV FRQGLWLRQV VXL
YDQWHV &HFL SRXUUDLW SURYRTXHU
XQH SHUWH GH FRQWU{OH GX YpKL
FXOH
± HQ PRQWDQW RX HQ GHVFHQGDQW
XQH IRUWH SHQWH
± VXU URXWH JOLVVDQWH RX VXU
URXWH VLQXHXVH
± HQ FDV GH FLUFXODWLRQ LQWHQVH
. /RUV GH O¶XWLOLVDWLRQ GX UpJXODWHXU
GH YLWHVVH SURJUDPPH] WRXMRXUV
OD YLWHVVH GH PDQLqUH DSSURSULpH
HQ IRQFWLRQ GH OD OLPLWH GH YL
WHVVH GH OD FLUFXODWLRQ GHV
FRQGLWLRQV GH OD URXWH HW G¶DXWUHV
FRQGLWLRQV
5(0$548(
. 6XU OHV SHQWHV PRQWDQWHV HW GHV
FHQGDQWHV VHORQ OH GHJUp GH OD SHQWH HW
OD FKDUJH GX YpKLFXOH XQH YLWHVVH
FRQVWDQWH QH SHXW SDV rWUH JDUDQWLH
VHORQ OHV FDV
. 6L O¶LQGLFDWHXU GH UpJXODWHXU GH YL
WHVVH Q¶DSSDUDvW SDV PrPH DSUqV DYRLU
HQIRQFp OH ERXWRQ SULQFLSDO GX UpJXOD
WHXU GH YLWHVVH LO HVW SRVVLEOH TX¶LO \ DLW
XQ G\VIRQFWLRQQHPHQW GDQV OH V\V
WqPH 1RXV YRXV UHFRPPDQGRQV GH
FRQWDFWHU XQ FRQFHVVLRQQDLUH DJUpp
68%$58 SRXU O¶LQVSHFWLRQ
. $VVXUH]YRXV TXH OH V\VWqPH GH
UpJXODWHXU GH YLWHVVH HVW GpVDFWLYp
ORUVTXH YRXV Q¶XWLOLVH] SDV OH UpJXOD
WHXU GH YLWHVVH SRXU pYLWHU GH OH UpJOHU
GH IDoRQ DFFLGHQWHOOH
'pPDUUDJH HW FRQGXLWH5pJXODWHXU GH YLWHVVH
& 3RXU UpJOHU OH UpJXODWHXU GH
YLWHVVH
/¶ LQGLFDWHXU GH UpJXODWHXU GH YLWHVVH VLWXp
VXU OHV LQVWUXPHQWV GH ERUG DSSDUDvW
$SSX\H] VXU OD SpGDOH G¶DFFpOpUDWHXU
MXVTX¶j FH TXH OD YLWHVVH GpVLUpH VRLW
DWWHLQWH
,QGLFDWHXU GH UpJODJH GX UpJXODWHXU GH
YLWHVVH
%RXWRQ SULQFLSDO GX UpJXODWHXU GH YLWHVVH
$SSX\H] VXU OH ERXWRQ SULQFLSDO GX
UpJXODWHXU GH YLWHVVH
$SSX\H] VXU OH F{Wp ³6(7´ GH OD
FRPPDQGH ³5(66(7´ SXLV UHOkFKH]OH
5HOkFKH] HQVXLWH OD SpGDOH G¶DFFpOpUD
WHXU
5(0$548(
6DXI 67, /RUV GX UpJODJH GH OD YLWHVVH
GH FURLVLqUH SRXU OD SUHPLqUH IRLV
GXUDQW OD FRQGXLWH OHV FRPPDQGHV
³6(7´ HW ³5(6´ SHXYHQW rWUH XWLOLVpHV
WRXWHV OHV GHX[ SRXU UpJOHU OD YLWHVVH
GH FURLVLqUH LQLWLDOH
/¶LQGLFDWHXU GH UpJODJH GX UpJXODWHXU GH
YLWHVVH DSSDUDvW DORUV VXU OHV LQVWUXPHQWV
GH ERUG
/H YpKLFXOH JDUGH DORUV OD YLWHVVH UpJOpH
9RXV SRXYH] DXJPHQWHU WHPSRUDLUHPHQW
OD YLWHVVH GX YpKLFXOH ORUV GH OD FRQGXLWH
DYHF OH UpJXODWHXU GH YLWHVVH DFWLYp ,O VXIILW
G¶DSSX\HU VXU OD SpGDOH G¶DFFpOpUDWHXU
SRXU IDLUH DFFpOpUHU OH YpKLFXOH /RUVTXH
YRXV UHOkFKH] OD SpGDOH G¶DFFpOpUDWHXU OH
YpKLFXOH UHYLHQW j OD YLWHVVH UpJOpH SUp
FpGHQWH HQ PDLQWHQDQW FHOOHFL
,QGLFDWHXU GH UpJXODWHXU GH YLWHVVH
± 68,7( ±
'pPDUUDJH HW FRQGXLWH5pJXODWHXU GH YLWHVVH
5(0$548(
3RXU OHV PRGqOHV &97 ORUVTXH YRXV
UpJOH] OD YLWHVVH VRXKDLWpH SHQGDQW TXH
OH PRGH 6SRUW 6KDUS 6 HVW VpOHF
WLRQQp O¶LQGLFDWHXU GH SRVLWLRQ GX OH
YLHU VpOHFWHXUGX UDSSRUW HQJDJp SDVVH
GH O¶LQGLFDWLRQ GH OD SRVLWLRQ DFWXHOOH GX
UDSSRUW j O¶LQGLFDWLRQ ³'´
& 'pVDFWLYDWLRQ WHPSRUDLUH GX
UpJXODWHXU GH YLWHVVH
9RXV SRXYH] GpDFWLYHU WHPSRUDLUHPHQW OH
UpJXODWHXU GH YLWHVVH GHV IDoRQV VXLYDQ
WHV
. $SSX\H] VXU OH ERXWRQ ³&$1&(/´
. $SSX\H] VXU OD SpGDOH GH IUHLQ
. $SSX\H] VXU OD SpGDOH G¶HPEUD\DJH
PRGqOHV %0 XQLTXHPHQW '$1*(5
3RXU OHV PRGqOHV &97 YRXV SRXYH]
DQQXOHU OH UpJXODWHXU GH YLWHVVH HQ
SODoDQW OH OHYLHU VpOHFWHXU HQ SRVL
WLRQ ³1´ 7RXWHIRLV QH PHWWH] SDV OH
OHYLHU HQ SRVLWLRQ ³1´ SHQGDQW OD
FRQGXLWH VDXI HQ FDV G¶XUJHQFH 6L OH
OHYLHU VpOHFWHXU SDVVH HQ SRVLWLRQ
³1´ OH IUHLQDJH PRWHXU ULVTXH GH QH
SOXV IRQFWLRQQHU &HOD SHXW SURYR
TXHU XQ DFFLGHQW
/¶LQGLFDWHXU GH UpJODJH GX UpJXODWHXU GH
YLWHVVH VLWXp VXU OHV LQVWUXPHQWV GH ERUG
GLVSDUDvW ORUVTXH OH UpJXODWHXU GH YLWHVVH
HVW GpVDFWLYp
3RXU UpDFWLYHU OH UpJXODWHXU GH YLWHVVH
DSUqV XQH GpVDFWLYDWLRQ WHPSRUDLUH
ORUVTXH OD YLWHVVH GX YpKLFXOH HVW G¶DX
PRLQV NPK PSK DSSX\H] VXU OH
F{Wp ³5(6´ GX ERXWRQ ³5(66(7´ OH
YpKLFXOH UHYLHQW j OD YLWHVVH SUpFpGHP
PHQW UpJOpH
/¶LQGLFDWHXU GH UpJODJH GX UpJXODWHXU GH
YLWHVVH VLWXp VXU OHV LQVWUXPHQWV GH ERUG
DSSDUDvW DORUV DXWRPDWLTXHPHQW
& 0LVH KRUV VHUYLFH GX UpJXOD
WHXU GH YLWHVVH
/H UpJXODWHXU GH YLWHVVH SHXW rWUH PLV KRUV
VHUYLFH GH GHX[ PDQLqUHV GLIIpUHQWHV
. $SSX\H] j QRXYHDX VXU OH ERXWRQ
SULQFLSDO GX UpJXODWHXU GH YLWHVVH
. 5DPHQH] OH FRQWDFWHXU G¶DOOXPDJH HQ
SRVLWLRQ ³$&&´ RX ³/2&.´³2))´ XQLTXH
PHQW DSUqV O¶DUUrW FRPSOHW GX YpKLFXOH 'pPDUUDJH HW FRQGXLWH5pJXODWHXU GH YLWHVVH
& 3RXU FKDQJHU OD YLWHVVH Up
JOpH
! 3RXU DXJPHQWHU OD YLWHVVH DYHF OH
ERXWRQ ³5(66(7´
! 3RXU DXJPHQWHU OD YLWHVVH UpJOpH
DX PR\HQ GH OD SpGDOH G¶DFFpOpUD
WHXU
! 3RXU EDLVVHU OD YLWHVVH DYHF OH
ERXWRQ ³5(66(7´
$SSX\H] VXU OD SpGDOH G¶DFFpOpUDWHXU
MXVTX¶j FH TXH OD YLWHVVH VRXKDLWpH VRLW
DWWHLQWH
$SSX\H] XQH IRLV VXU OH F{Wp ³6(7´ GH
OD FRPPDQGH ³5(66(7´ /H V\VWqPH HVW
j SUpVHQW UpJOp VXU OD YLWHVVH VRXKDLWpH HW
OH YpKLFXOH URXOH j FHWWH YLWHVVH VDQV TX¶LO
VRLW QpFHVVDLUH G¶DSSX\HU VXU OD SpGDOH
G¶DFFpOpUDWHXU
5(0$548(
$SSX\H] VXU OH F{Wp ³5(6´ GX ERXWRQ
³5(66(7´ HW PDLQWHQH]OH HQIRQFp MXV
TX¶j FH TXH OH YpKLFXOH DWWHLJQH OD YLWHVVH
GH YRWUH FKRL[ 5HOkFKH] DORUV OH ERXWRQ
/D YLWHVVH GX YpKLFXOH j FHW LQVWDQW HVW
PpPRULVpH HW GHYLHQW OD QRXYHOOH YLWHVVH
UpJOpH
9RXV SRXYH] DXJPHQWHU OD YLWHVVH UpJOpH
GH NPK PSK RX GH NPK
PSK j FKDTXH SUHVVLRQ EUqYH VXU OH
F{Wp ³5(6´ GX JURXSH ³5(66(7´
0RGqOHV &97
. 6L YRXV HQIRQFH] OD SpGDOH G¶DFFp
OpUDWHXU DYHF OH PRGH 6SRUW 6KDUS 6
VpOHFWLRQQp O¶LQGLFDWHXU GH SRVLWLRQ GX
OHYLHU VpOHFWHXUGX UDSSRUW HQJDJp SHXW
SDVVHU GH O¶LQGLFDWLRQ ³'´ j O¶LQGLFDWHXU
GH OD SRVLWLRQ GX UDSSRUW HQJDJp DFWXHO
. 6L YRXV HQIRQFH] OD SpGDOH G¶DFFp
OpUDWHXU DYHF OH PRGH ,QWHOOLJHQW , RX
OH PRGH 6SRUW 6 VpOHFWLRQQp OD ERvWH
GH YLWHVVHV IRQFWLRQQH FRPPH XQH
ERvWH GH YLWHVVHV DXWRPDWLTXH FRQYHQ
WLRQQHOOH
$SSX\H] VXU OH F{Wp ³6(7´ GX ERXWRQ
³5(66(7´ HW PDLQWHQH]OH HQIRQFp MXV
TX¶j FH TXH OH YpKLFXOH DWWHLJQH OD YLWHVVH
GH YRWUH FKRL[ 5HOkFKH] DORUV OH ERXWRQ
/D YLWHVVH GX YpKLFXOH j FHW LQVWDQW HVW
PpPRULVpH HW GHYLHQW OD QRXYHOOH YLWHVVH
UpJOpH
9RXV SRXYH] UpGXLUH OD YLWHVVH UpJOpH GH
NPK PSK RX GH NPK PSK j
FKDTXH SUHVVLRQ EUqYH VXU OH F{Wp ³6(7´
GX JURXSH ³5(66(7´
± 68,7( ±
'pPDUUDJH HW FRQGXLWH%6'5&7$
! 3RXU GLPLQXHU OD YLWHVVH UpJOpH DX
PR\HQ GH OD SpGDOH GH IUHLQ
%6'5&7$ VHORQ PRGqOHV
$SSX\H] VXU OD SpGDOH GH IUHLQ SRXU
GpVDFWLYHU WHPSRUDLUHPHQW OH UpJXODWHXU
GH YLWHVVH
8QH IRLV OD YLWHVVH UpGXLWH DX QLYHDX
VRXKDLWp DSSX\H] XQH IRLV VXU OH F{Wp
³6(7´ GX ERXWRQ ³5(66(7´ /H V\VWqPH
HVW j SUpVHQW UpJOp VXU OD YLWHVVH VRXKDLWpH
HW OH YpKLFXOH URXOH j FHWWH YLWHVVH VDQV
TX¶LO VRLW QpFHVVDLUH G¶DSSX\HU VXU OD
SpGDOH G¶DFFpOpUDWHXU
/H %6'5&7$ VH FRPSRVH G¶XQ UDGDU
DUULqUH DYHF OD GpWHFWLRQ G¶DQJOH PRUW HW
O¶DOHUWH GH FURLVHPHQW HQ PDUFKH DUULqUH
&HV IRQFWLRQV SHUPHWWHQW DX V\VWqPH GH
GpWHFWHU OHV REMHWV HW OHV YpKLFXOHV j
O¶DUULqUH HW G¶DWWLUHU O¶DWWHQWLRQ GX FRQGXF
WHXU ORUV G¶XQ FKDQJHPHQW GH YRLH RX
SHQGDQW OD FRQGXLWH HQ PDUFKH DUULqUH
& ,QGLFDWHXU GH UpJXODWHXU GH
YLWHVVH
5HSRUWH]YRXV j ³,QGLFDWHXU GH UpJXODWHXU
GH YLWHVVH´ )
& ,QGLFDWHXU GH UpJODJH GX Up
JXODWHXU GH YLWHVVH
5HSRUWH]YRXV j ³,QGLFDWHXU GH UpJODJH GX
UpJXODWHXU GH YLWHVVH´ )
'$1*(5
/H FRQGXFWHXU HVW UHVSRQVDEOH
G¶XQH FRQGXLWH HQ WRXWH VpFXULWp
$VVXUH]YRXV GH WRXMRXUV YpULILHU
OHV DOHQWRXUV GH YRV SURSUHV \HX[
ORUV G¶XQ FKDQJHPHQW GH YRLH RX GH
OD PDUFKH DUULqUH GX YpKLFXOH
/H V\VWqPH HVW FRQoX SRXU DVVLVWHU
OH FRQGXFWHXU ORUV G¶XQ FKDQJHPHQW
GH YRLH RX HQ PDUFKH DUULqUH HQ
VXUYHLOODQW OHV ]RQHV DUULqUH HW ODWp
UDOHV GX YpKLFXOH &HSHQGDQW YRXV
QH SRXYH] SDV FRPSWHU XQLTXHPHQW
VXU FH V\VWqPH SRXU DVVXUHU OD
VpFXULWp ORUV G¶XQ FKDQJHPHQW GH
YRLH RX GH OD PDUFKH DUULqUH 8QH
WURS JUDQGH FRQILDQFH YHQDQW GH
O¶XWLOLVDWLRQ GH FH V\VWqPH SRXUUDLW
HQWUDvQHU XQ DFFLGHQW HW HQWUDvQHU
GHV EOHVVXUHV JUDYHV RX OD PRUW
eWDQW GRQQp TXH OH IRQFWLRQQHPHQW
GX V\VWqPH D GLYHUVHV OLPLWDWLRQV OH
FOLJQRWHPHQW RX O¶DOOXPDJH GX Wp
PRLQ LQGLFDWHXU G¶DSSURFKH %6'
5&7$ SHXW rWUH UHWDUGp RX SHXW QH
SDV IRQFWLRQQHU GX WRXW PrPH ORUV
TX¶XQ YpKLFXOH VH WURXYH GDQV XQH
YRLH DGMDFHQWH RX V¶DSSURFKH G¶XQ
GHV GHX[ F{WpV
/H FRQGXFWHXU HVW FKDUJp GH SUrWHU
DWWHQWLRQ j O¶DUULqUH HW DX[ F{WpV GX
YpKLFXOH
& &DUDFWpULVWLTXHV GX V\VWqPH
/H %6'5&7$ HVW FRQVWLWXp GHV IRQFWLRQV
VXLYDQWHV
. 'pWHFWLRQ G¶XQ YpKLFXOH FDFKp GDQV XQ
DQJOH PRUW VXU XQH YRLH DGMDFHQWH RX G¶XQ
YpKLFXOH V¶DSSURFKDQW j JUDQGH YLWHVVH
SHQGDQW OD FRQGXLWH GX YpKLFXOH DYHUWLV
VHXU G¶DQJOH PRUW
. 'pWHFWLRQ G¶XQ YpKLFXOH DSSURFKDQW GH
OD GURLWH RX GH OD JDXFKH SHQGDQW OD
PDUFKH DUULqUH GX YpKLFXOH DOHUWH GH
FURLVHPHQW HQ PDUFKH DUULqUH
/H V\VWqPH XWLOLVH GHV FDSWHXUV UDGDU SRXU
OHV IRQFWLRQV VXLYDQWHV
'pPDUUDJH HW FRQGXLWH%6'5&7$
5(0$548(
/H FDSWHXU UDGDU %6'5&7$ D pWp
FHUWLILp SDU OHV ORLV FRQFHUQDQW OHV
RQGHV UDGLR GHV eWDWV8QLV HW GX
&DQDGD /RUVTXH YRXV FRQGXLVH] GDQV
G¶DXWUHV SD\V LO IDXW REWHQLU OD FHUWLIL
FDWLRQ GX SD\V R OH YpKLFXOH HVW
FRQGXLW 3RXU OD FHUWLILFDWLRQ DX[
eWDWV8QLV HW DX &DQDGD UHSRUWH]YRXV
j ³&HUWLILFDWLRQ SRXU OH %6'5&7$´ )
5&7$ VLWXpV VXU OHV UpWURYLVHXUV H[Wp
ULHXUV V¶DOOXPHQW
. 6L OH FRQGXFWHXU DFWLRQQH OH OHYLHU GX
FOLJQRWDQW GH GLUHFWLRQ YHUV OH F{Wp R OH
WpPRLQ LQGLFDWHXU G¶DSSURFKH %6'5&7$
V¶DOOXPH OH WpPRLQ LQGLFDWHXU G¶DSSURFKH
%6'5&7$ FRUUHVSRQGDQW FOLJQRWH
! $VVLVWDQFH GH FKDQJHPHQW GH
YRLH /&$
FOLJQRWDQW GH GLUHFWLRQ YHUV OH F{Wp R OH
WpPRLQ LQGLFDWHXU G¶DSSURFKH %6'5&7$
V¶DOOXPH OH WpPRLQ LQGLFDWHXU G¶DSSURFKH
%6'5&7$ FRUUHVSRQGDQW FOLJQRWH
! $OHUWH GH FURLVHPHQW HQ PDUFKH
DUULqUH 5&7$
! 'pWHFWLRQ G¶DQJOH PRUW %6'
3RUWpH GH IRQFWLRQQHPHQW
/H V\VWqPH DYHUWLW OH FRQGXFWHXU GH OD
SUpVHQFH GH GDQJHUV FRPPH VXLW
. 6L OH V\VWqPH GpWHFWH GHV YpKLFXOHV
GDQV OHV DQJOHV PRUWV GX FRQGXFWHXU OHV
WpPRLQV LQGLFDWHXUV G¶DSSURFKH %6'
3RUWpH GH IRQFWLRQQHPHQW
/H V\VWqPH DYHUWLW OH FRQGXFWHXU GH OD
SUpVHQFH GH GDQJHUV FRPPH VXLW
. 6L OH V\VWqPH GpWHFWH GHV YpKLFXOHV TXL
V¶DSSURFKHQW j JUDQGH YLWHVVH VXU OD YRLH
DYRLVLQDQWH OHV WpPRLQV LQGLFDWHXUV G¶DS
SURFKH %6'5&7$ VLWXpV VXU OHV UpWUR
YLVHXUV H[WpULHXUV V¶DOOXPHQW
. 6L OH FRQGXFWHXU DFWLRQQH OH OHYLHU GX
3RUWpH GH IRQFWLRQQHPHQW
/H V\VWqPH DYHUWLW OH FRQGXFWHXU GH OD
SUpVHQFH G¶XQ DXWUH YpKLFXOH V¶DSSURFKDQW
G¶XQ F{Wp RX GH O¶DXWUH ORUV GH OD FRQGXLWH
HQ PDUFKH DUULqUH &HWWH IRQFWLRQ DLGH OH
FRQGXFWHXU j YpULILHU O¶DUULqUH HW OHV ]RQHV
ODWpUDOHV GX YpKLFXOH ORUV G¶XQH PDUFKH
DUULqUH
6L OH V\VWqPH GpWHFWH XQ YpKLFXOH DSSUR
FKDQW G¶XQ F{Wp SHQGDQW OD PDUFKH DUULqUH
LO DYHUWLW OH FRQGXFWHXU GHV GDQJHUV GH OD
IDoRQ VXLYDQWH
± 68,7( ±
'pPDUUDJH HW FRQGXLWH%6'5&7$
. /H V WpPRLQ V LQGLFDWHXU V G¶DSSUR
FKH %6'5&7$ VXU OH V UpWURYLVHXU V
H[WpULHXU V FOLJQRWH QW . 8Q VLJQDO VRQRUH G¶DYHUWLVVHPHQW UH
WHQWLW
! /LPLWHV GH OD FDSDFLWp GH GpWHF
WLRQ GX 5&7$
eWDQW GRQQp TXH OD FDSDFLWp GH GpWHFWLRQ
GX 5&7$ HVW OLPLWpH OH 5&7$ SHXW QH SDV
IRQFWLRQQHU FRUUHFWHPHQW GDQV XQH SODFH
GH VWDWLRQQHPHQW HQ DQJOH
([HPSOH /D SRUWpH GH GpWHFWLRQ GHV FDSWHXUV
UDGDU
=RQHV j O¶H[WpULHXU GH OD SRUWpH GH
GpWHFWLRQ GHV FDSWHXUV UDGDU
$ 9pKLFXOH SRXYDQW QH SDV rWUH GpWHFWp
% 9pKLFXOH VWDWLRQQp
'$1*(5
8Q YpKLFXOH DSSURFKDQW $ SHXW QH
SDV rWUH GpWHFWp FDU OD SRUWpH GH
GpWHFWLRQ HVW OLPLWpH SDU OH YpKLFXOH
VWDWLRQQp % $VVXUH]YRXV GH WRX
MRXUV YpULILHU OHV DOHQWRXUV GH YRV
SURSUHV \HX[ ORUV G¶XQH PDUFKH
DUULqUH GX YpKLFXOH
5(0$548(
/H V\VWqPH SHXW GpWHFWHU TXH OH YpKL
FXOH & SDVVH GHYDQW YRWUH YpKLFXOH
$VVXUH]YRXV GH WRXMRXUV YpULILHU OHV
DOHQWRXUV GH YRV SURSUHV \HX[ ORUV
G¶XQH PDUFKH DUULqUH GX YpKLFXOH
& )RQFWLRQQHPHQW GX V\VWqPH
! &RQGLWLRQV GH IRQFWLRQQHPHQW
/H %6'5&7$ IRQFWLRQQHUD ORUVTXH WRXWHV
OHV FRQGLWLRQV VXLYDQWHV VRQW UHPSOLHV
. /H FRQWDFWHXU G¶DOOXPDJH HVW HQ SRVL
WLRQ ³21´
. /¶LQGLFDWHXU G¶DYHUWLVVHPHQW %6'
5&7$ HW O¶LQGLFDWHXU GH GpVDFWLYDWLRQ
%6'5&7$ VRQW pWHLQWV
. /H YpKLFXOH URXOH j XQH YLWHVVH VXSp
ULHXUH j NPK PSK VDXI ORUV GH OD
PDUFKH DUULqUH . /H OHYLHU GH YLWHVVHVOHYLHU VpOHFWHXU
HVW HQ SRVLWLRQ ³5´ 5&7$ XQLTXHPHQW ([HPSOH /D SRUWpH GH GpWHFWLRQ GHV FDSWHXUV
UDGDU
& 9pKLFXOH SRXYDQW rWUH GpWHFWp
/H %6'5&7$ QH IRQFWLRQQHUD SDV GDQV
OHV VLWXDWLRQV VXLYDQWHV
. /¶LQGLFDWHXU GH GpVDFWLYDWLRQ GX %6'
5&7$ V¶DIILFKH
. /D YLWHVVH GX YpKLFXOH HVW LQIpULHXUH j
NPK PSK PrPH ORUVTXH O¶LQGLFDWHXU
GH GpVDFWLYDWLRQ %6'5&7$ QH V¶DIILFKH
SDV VDXI ORUV GH OD PDUFKH DUULqUH 'pPDUUDJH HW FRQGXLWH%6'5&7$
5(0$548(
. /RUVTX¶XQ G\VIRQFWLRQQHPHQW VH
SURGXLW GDQV OH V\VWqPH \ FRPSULV OH
WpPRLQ LQGLFDWHXU G¶DSSURFKH %6'
5&7$ OH %6'5&7$ DUUrWH GH IRQF
WLRQQHU HW O¶LQGLFDWHXU G¶DYHUWLVVHPHQW
%6'5&7$ DSSDUDvW
. )DLWHV DWWHQWLRQ VL O¶LQGLFDWHXU G¶D
YHUWLVVHPHQW %6'5&7$ V¶DIILFKH 5H
SRUWH]YRXV j ³,QGLFDWHXU G¶DYHUWLVVH
PHQW %6'5&7$´ ) SRXU SOXV GH
GpWDLOV
. 'DQV OHV FDV VXLYDQWV OH %6'5&7$
YD DUUrWHU GH IRQFWLRQQHU WHPSRUDLUH
PHQW RX SHXW DUUrWHU GH IRQFWLRQQHU HW
O¶LQGLFDWHXU GH GpVDFWLYDWLRQ %6'
5&7$ V¶DIILFKH
± /RUVTXH OH FDSWHXU UDGDU GHYLHQW
QHWWHPHQW PDO DOLJQp VL O¶RULHQWD
WLRQ GX FDSWHXU UDGDU HVW GpFDOpH
SRXU XQH UDLVRQ TXHOFRQTXH XQ
UpDMXVWHPHQW HVW QpFHVVDLUH )DLWHV
DMXVWHU OH FDSWHXU SDU XQ FRQFHV
VLRQQDLUH 68%$58
± /RUVTX¶XQH JUDQGH TXDQWLWp GH
QHLJH RX GH JODFH VH FROOH j OD
VXUIDFH GX SDUHFKRFV DUULqUH DX
WRXU GHV FDSWHXUV UDGDU
± /RUVTXH OH YpKLFXOH HVW FRQGXLW
VXU XQH URXWH FRXYHUWH GH QHLJH RX
GDQV XQ HQYLURQQHPHQW R LO Q¶\ D
SDV G¶REMHWV DXWRXU FRPPH GDQV
XQ GpVHUW SRXU XQH GXUpH SURORQ
JpH
± /RUVTXH OD WHPSpUDWXUH DXWRXU
GHV FDSWHXUV UDGDU DXJPHQWH H[
FHVVLYHPHQW HQ UDLVRQ G¶XQH ORQ
JXH FRQGXLWH VXU GHV URXWHV HQ
SHQWH HQ pWp HWF
± /RUVTXH OD WHPSpUDWXUH DXWRXU
GHV FDSWHXUV UDGDU GHYLHQW H[WUr
PHPHQW IDLEOH
± /RUVTXH OD WHQVLRQ GH OD EDWWHULH
GX YpKLFXOH GLPLQXH
± /RUVTXH OD WHQVLRQ GX YpKLFXOH
GpSDVVH OD WHQVLRQ QRPLQDOH GH OD
EDWWHULH
/H %6'5&7$ UHSUHQG VRQ IRQFWLRQ
QHPHQW XQH IRLV TXH FHV FRQGLWLRQV
VRQW FRUULJpHV HW O¶LQGLFDWHXU GH
GpVDFWLYDWLRQ %6'5&7$ GLVSDUDvW
7RXWHIRLV VL O¶LQGLFDWHXU GH GpVDFWL
YDWLRQ %6'5&7$ V¶DIILFKH SHQGDQW
XQH SpULRGH GH WHPSV SURORQJpH
IDLWHV FRQWU{OHU OH V\VWqPH SDU XQ
FRQFHVVLRQQDLUH 68%$58 GqV TXH
SRVVLEOH
. /D FDSDFLWp GH GpWHFWLRQ GHV FDS
WHXUV UDGDU HVW OLPLWpH /D GpWHFWLRQ
%6'5&7$ SHXW rWUH SHUWXUEpH HW OH
V\VWqPH SHXW QH SDV IRQFWLRQQHU FRU
UHFWHPHQW VRXV OHV FRQGLWLRQV VXLYDQ
WHV
± /RUVTXH OH SDUHFKRFV DUULqUH
DXWRXU GHV FDSWHXUV UDGDU HVW Gp
IRUPp
± /RUVTXH GH OD QHLJH GH OD JODFH
RX GH OD ERXH DGKqUH j OD VXUIDFH GX
SDUHFKRFV DUULqUH DXWRXU GHV FDS
WHXUV UDGDU
± /RUVTXH GHV pWLTXHWWHV HWF VRQW
DSSRVpHV VXU OHV ]RQHV GHV FDS
WHXUV UDGDU VXU OH SDUHFKRFV DUULqUH
± (Q FDV GH FRQGLWLRQV FOLPDWLTXHV
GpIDYRUDEOHV WHOOHV TXH OD SOXLH OD
QHLJH RX OH EURXLOODUG
± /RUV GH OD FRQGXLWH VXU GHV
URXWHV PRXLOOpHV FRPPH GHV URXWHV
HQQHLJpHV HW GDQV GHV IODTXHV
. /HV FDSWHXUV UDGDU SHXYHQW QH SDV
GpWHFWHU RX SHXYHQW DYRLU GHV GLIILFXO
WpV j GpWHFWHU OHV YpKLFXOHV HW OHV REMHWV
VXLYDQWV
± 3HWLWHV PRWRF\FOHWWHV ELF\FOHW
WHV SLpWRQV REMHWV LPPRELOHV VXU
OD URXWH RX VXU OH ERUG GH OD URXWH
HWF
± /HV YpKLFXOHV GRQW OD IRUPH HP
SrFKH OD UpIOH[LRQ GX UDGDU YpKLFX
OHV j IDLEOH KDXWHXU FRPPH GHV
YRLWXUHV GH VSRUW RX XQH UHPRUTXH
VDQV FKDUJHPHQW
± 9pKLFXOHV Q¶DSSURFKDQW SDV GH
YRWUH YpKLFXOH PrPH V¶LOV VRQW GDQV
OD ]RQH GH GpWHFWLRQ VRLW VXU XQH
± 68,7( ±
'pPDUUDJH HW FRQGXLWH%6'5&7$
YRLH DGMDFHQWH j O¶DUULqUH RX VXU OH
F{Wp GH YRWUH YpKLFXOH ORUV GH OD
PDUFKH DUULqUH /H V\VWqPH GpWHU
PLQH OD SUpVHQFH GH YpKLFXOHV HQ
DSSURFKH VHORQ OHV GRQQpHV GpWHF
WpHV SDU OHV FDSWHXUV UDGDU
± 9pKLFXOHV FLUFXODQW j GHV YLWHV
VHV FRQVLGpUDEOHPHQW GLIIpUHQWHV
± 9pKLFXOHV URXODQW HQ SDUDOOqOH
SUHVTXH j OD PrPH YLWHVVH TXH
YRWUH YpKLFXOH SHQGDQW XQH SpULRGH
SURORQJpH
± 9pKLFXOHV DUULYDQW HQ VHQV LQ
YHUVH
± 9pKLFXOHV VXU XQH YRLH DXGHOj GH
OD YRLH DGMDFHQWH
± 9pKLFXOHV FLUFXODQW j XQH YLWHVVH
FRQVLGpUDEOHPHQW SOXV OHQWH HW TXH
YRXV WHQWH] GH GpSDVVHU
. 6XU XQH URXWH FRPSUHQDQW GHV YRLHV
H[WUrPHPHQW pWURLWHV OH V\VWqPH SHXW
GpWHFWHU OHV YpKLFXOHV URXODQW GDQV XQH
YRLH j F{Wp GH OD YRLH DGMDFHQWH
. /RUVTXH OH V\VWqPH DXGLRGH QDYL
JDWLRQ SRXFHV HIIHFWXH XQH PLVHj
MRXU GX ORJLFLHO OHV LF{QHV G¶DYHUWLVVH
PHQW 5&7$ SHXYHQW QH SDV V¶DIILFKHU
VXU O¶pFUDQ GX V\VWqPH DXGLRGH QDYL
JDWLRQ MXVTX¶j FH TXH OD PLVHjMRXU
VRLW WHUPLQpH
& 7pPRLQ LQGLFDWHXUVLJQDO VR
QRUH G¶DYHUWLVVHPHQW G¶DS
SURFKH %6'5&7$
3HQGDQW TXH OH %6'5&7$ HVW DFWLI OH RX
OHV pOpPHQWV VXLYDQW V VH PHW WHQW HQ
PDUFKH SRXU DOHUWHU OH FRQGXFWHXU
. /H WpPRLQ LQGLFDWHXU G¶DSSURFKH %6'
5&7$ ORUVTX¶LO \ D GHV YpKLFXOHV GDQV OHV
YRLHV DGMDFHQWHV . /H WpPRLQ LQGLFDWHXU G¶DSSURFKH %6'
5&7$ HW OH VLJQDO VRQRUH G¶DYHUWLVVHPHQW
ORUVTX¶XQ YpKLFXOH V¶DSSURFKH GX F{Wp
JDXFKH RX GURLW SHQGDQW OD PDUFKH DUULqUH
! 7pPRLQ LQGLFDWHXU G¶DSSURFKH %6'
5&7$
H[WpULHXU
/H WpPRLQ LQGLFDWHXU V¶DOOXPH ORUV GH OD
GpWHFWLRQ G¶XQ YpKLFXOH TXL DSSURFKH SDU
GHUULqUH
/H WpPRLQ LQGLFDWHXU FOLJQRWH SRXU DYHUWLU
OH FRQGXFWHXU GHV GDQJHUV GDQV OHV
FRQGLWLRQV VXLYDQWHV
. 3HQGDQW TXH OH WpPRLQ LQGLFDWHXU HVW
DOOXPp VL OH OHYLHU GX FOLJQRWDQW GH
GLUHFWLRQ HVW DFWLRQQp GDQV OH VHQV R OH
WpPRLQ HVW DOOXPp
. /RUV GH OD PDUFKH DUULqUH GX YpKLFXOH
ORUVTXH OH V\VWqPH GpWHFWH XQ YpKLFXOH
DSSURFKDQW G¶XQ F{Wp RX GH O¶DXWUH
! )RQFWLRQ GH JUDGDWLRQ GX WpPRLQ
LQGLFDWHXU G¶DSSURFKH %6'
5&7$
/RUVTXH OHV SKDUHV VRQW DOOXPpV OD
OXPLQRVLWp GX WpPRLQ LQGLFDWHXU G¶DSSUR
FKH %6'5&7$ HVW UpGXLWH
5(0$548(
7pPRLQ LQGLFDWHXU G¶DSSURFKH %6'5&7$
,O HVW PRQWp VXU FKDTXH F{Wp GX UpWURYLVHXU
. ,O SHXW rWUH GLIILFLOH GH YRLU OH WpPRLQ
LQGLFDWHXU G¶DSSURFKH %6'5&7$ GDQV
OHV FRQGLWLRQV VXLYDQWHV
± /RUVTXH OHV UD\RQV GX VROHLO VRQW
GLULJpV GLUHFWHPHQW VXU OXL
± /RUVTXH OHV IDLVFHDX[ GHV SKD
UHV GX YpKLFXOH TXL URXOH GHUULqUH
YRXV VH GLULJHQW GLUHFWHPHQW VXU OXL
. 3HQGDQW TXH OD PROHWWH GH UpJODJH
'pPDUUDJH HW FRQGXLWH%6'5&7$
G¶LQWHQVLWp OXPLQHXVH HVW FRPSOqWH
PHQW RULHQWpH YHUV OH KDXW OD OXPLQR
VLWp GX WpPRLQ LQGLFDWHXU G¶DSSURFKH
%6'5&7$ QH VHUD SDV UpGXLWH PrPH
VL OHV SKDUHV VRQW DOOXPpV 3RXU SOXV
GH GpWDLOV VXU OD PROHWWH GH UpJODJH
G¶LQWHQVLWp OXPLQHXVH UHSRUWH]YRXV j
³5pJODJH G¶LQWHQVLWp OXPLQHXVH´ )
! 6LJQDO VRQRUH G¶DYHUWLVVHPHQW
G¶DSSURFKH %6'5&7$ XQLTXH
PHQW ORUV GH OD PDUFKH DUULqUH
8Q VLJQDO VRQRUH G¶DYHUWLVVHPHQW UHWHQWLW
DYHF OH FOLJQRWHPHQW GX WpPRLQ LQGLFDWHXU
G¶DSSURFKH %6'5&7$ SRXU DYHUWLU OH
FRQGXFWHXU GHV GDQJHUV
9RXV SRXYH] PRGLILHU OH UpJODJH GX
YROXPH GX VLJQDO VRQRUH G¶DYHUWLVVHPHQW
j O¶DLGH GH O¶DIILFKDJH GHV LQVWUXPHQWV GH
ERUG pFUDQ /&' HQ FRXOHXU 5HSRUWH]
YRXV j ³%6'5&7$´ ) SRXU SOXV GH
GpWDLOV
! &RQVHLOV GH VpFXULWp FRQFHUQDQW OH
WpPRLQ LQGLFDWHXUVLJQDO VRQRUH
G¶DYHUWLVVHPHQW G¶DSSURFKH %6'
5&7$
. 'DQV OHV FDV VXLYDQWV OH IRQFWLRQQH
PHQW GX WpPRLQ LQGLFDWHXU HW GX VLJQDO
VRQRUH G¶DYHUWLVVHPHQW G¶DSSURFKH %6'
5&7$ SHXW rWUH UHWDUGp RX OH V\VWqPH SHXW
QH SDV UpXVVLU j GpOLYUHU FHV DYHUWLVVH
PHQWV
± /RUVTX¶XQ YpKLFXOH VH GpSODFH YHUV
OD YRLH DGMDFHQWH j SDUWLU GH OD YRLH
YRLVLQH
± /RUVTXH YRXV FRQGXLVH] VXU XQH
SHQWH UDLGH RX VXU GHV SHQWHV PRQ
WDQWHV HW GHVFHQGDQWHV DEUXSWHV Up
SpWpHV
± /RUVTXH YRXV YRXV GLULJH] DXGHOj
G¶XQ FRO
± /RUVTXH YRWUH YpKLFXOH HW FHOXL GH OD
YRLH DGMDFHQWH VRQW FRQGXLWV DX[ H[
WUpPLWpV GH FKDTXH YRLH
± /RUVTXH SOXVLHXUV YpKLFXOHV pWURLWV
DSSURFKHQW HQ UDQJpH
± 'DQV GHV YLUDJHV j IDLEOH UD\RQ
YLUDJHV VHUUpV RX GDQV OHV YLUDJHV j
XQH LQWHUVHFWLRQ
± /RUVTX¶LO \ D XQH GLIIpUHQFH GH
KDXWHXU HQWUH YRWUH YRLH HW FHOOH DGMD
FHQWH
± ,PPpGLDWHPHQW DSUqV O¶DFWLYDWLRQ
GX %6'5&7$ SDU SUHVVLRQ VXU OD
FRPPDQGH GH GpVDFWLYDWLRQ GX %6'
5&7$
± ,PPpGLDWHPHQW DSUqV TXH OH OHYLHU
GH YLWHVVHVOHYLHU VpOHFWHXU VRLW PLV
VXU OD SRVLWLRQ ³5´
± /RUVTX¶XQH FDUJDLVRQ H[WUrPHPHQW
ORXUGH HVW FKDUJpH GDQV OH FRIIUH
. /RUV G¶XQH PDUFKH DUULqUH OH IRQFWLRQ
QHPHQW GX WpPRLQ LQGLFDWHXU HW GX VLJQDO
VRQRUH G¶DYHUWLVVHPHQW G¶DSSURFKH %6'
5&7$ SHXW rWUH UHWDUGp RX OH V\VWqPH SHXW
QH SDV UpXVVLU j GpOLYUHU FHV DYHUWLVVH
PHQWV GDQV OHV FRQGLWLRQV VXLYDQWHV
± /RUVTXH YRXV UHFXOH] SRXU VRUWLU
G¶XQH SODFH GH VWDWLRQQHPHQW HQ DQJOH
± /RUVTX¶XQ YpKLFXOH GH JUDQGH WDLOOH
HVW VWDWLRQQp j F{Wp GH YRWUH YpKLFXOH
&H YpKLFXOH HPSrFKH OD SURSDJDWLRQ
GHV RQGHV UDGDU
± /RUV G¶XQH PDUFKH DUULqUH VXU GHV
URXWHV LQFOLQpHV
± /RUV G¶XQH PDUFKH DUULqUH j YLWHVVH
pOHYpH
. /H WpPRLQ LQGLFDWHXU G¶DSSURFKH %6'
5&7$ SHXW V¶DOOXPHU HQ URXODQW SUqV
G¶REMHWV VROLGHV VXU OD URXWH RX VXU OH ERUG
GH OD URXWH WHOV TXH GHV EDUULqUHV GHV
± 68,7( ±
'pPDUUDJH HW FRQGXLWH%6'5&7$
WXQQHOV HW GHV SDURLV ODWpUDOHV . /H WpPRLQ LQGLFDWHXU G¶DSSURFKH %6'
5&7$ SHXW FOLJQRWHU ORUVTXH YRXV WRXUQH]
GDQV XQH LQWHUVHFWLRQ GDQV GHV ]RQHV
XUEDLQHV RX GDQV GHV LQWHUVHFWLRQV j
SOXVLHXUV YRLHV
. /H WpPRLQ LQGLFDWHXU G¶DSSURFKH %6'
5&7$ SHXW FOLJQRWHU HW OH VLJQDO VRQRUH
G¶DYHUWLVVHPHQW SHXW UHWHQWLU VL XQ LP
PHXEOH RX XQ PXU VH WURXYH GDQV OD ]RQH
GH PDUFKH DUULqUH
. 'DQV OHV FDV VXLYDQWV OH V\VWqPH SHXW
GpWHFWHU XQ YpKLFXOH URXODQW j GHX[ YRLHV
GH YRWUH YpKLFXOH
± /RUVTXH YRWUH YpKLFXOH URXOH VXU OH
F{Wp SURFKH GH VD YRLH SDU UDSSRUW DX
YpKLFXOH FRUUHVSRQGDQW
± /RUVTXH OH YpKLFXOH URXODQW j GHX[
YRLHV GX Y{WUH URXOH VXU OH F{Wp SURFKH
GH VD YRLH SDU UDSSRUW j YRWUH YpKLFXOH
& ,QGLFDWHXU GH GpVDFWLYDWLRQ
%6'5&7$
! ,QGLFDWHXU G¶DUUrW WHPSRUDLUH GX
V\VWqPH
6L O¶LQGLFDWHXU UHVWH DIILFKp SHQGDQW XQH
GXUpH SURORQJpH OH V\VWqPH GRLW rWUH
H[DPLQp SDU XQ FRQFHVVLRQQDLUH
68%$58
! ,QGLFDWHXU G¶DUUrW WHPSRUDLUH GX
V\VWqPH HQ UDLVRQ GH OD VHQVLELOLWp
UpGXLWH GX UDGDU
,QGLFDWHXU G¶DUUrW WHPSRUDLUH GX V\VWqPH
&HW LQGLFDWHXU V¶DIILFKH ORUVTXH OH V\VWqPH
HVW XWLOLVp GDQV OHV FRQGLWLRQV VXLYDQWHV
. 7HPSpUDWXUHV H[WUrPHPHQW KDXWHV RX
EDVVHV
. (Q FDV GH WHQVLRQ DQRUPDOH SRXU OD
EDWWHULH GX YpKLFXOH
. /RUVTXH OH FDSWHXU UDGDU HVW QHWWHPHQW
PDO DOLJQp
8QH IRLV TXH FHV FRQGLWLRQV VRQW FRUUL
JpHV OH V\VWqPH VRUWLUD GH OD FRQGLWLRQ
G¶DUUrW WHPSRUDLUH HW O¶LQGLFDWHXU GLVSDUDv
WUD
,QGLFDWHXU G¶DUUrW WHPSRUDLUH GX V\VWqPH
HQ UDLVRQ GH OD VHQVLELOLWp UpGXLWH GX UDGDU
&HW LQGLFDWHXU DSSDUDvW ORUVTXH OD FDSDFLWp
GH GpWHFWLRQ GHV FDSWHXUV UDGDU HVW
UpGXLWH 8QH IRLV TXH FHWWH FRQGLWLRQ HVW
FRUULJpH OH V\VWqPH VRUWLUD GH OD FRQGLWLRQ
G¶DUUrW WHPSRUDLUH HW O¶LQGLFDWHXU GLVSDUDv
WUD
6L O¶LQGLFDWHXU UHVWH DIILFKp SHQGDQW XQH
GXUpH SURORQJpH OH V\VWqPH GRLW rWUH
H[DPLQp SDU XQ FRQFHVVLRQQDLUH
'pPDUUDJH HW FRQGXLWH%6'5&7$
68%$58
& ,QGLFDWHXU G¶DYHUWLVVHPHQW
%6'5&7$
& &RPPDQGH GH GpVDFWLYDWLRQ
%6'5&7$
! ,QGLFDWHXU GH G\VIRQFWLRQQHPHQW
GX V\VWqPH
%6'5&7$ (QVXLWH OH WpPRLQ LQGLFDWHXU
GH GpVDFWLYDWLRQ GX %6'5&7$ HVW DIILFKp
VXU O¶DIILFKDJH GHV LQVWUXPHQWV GH ERUG
pFUDQ /&' HQ FRXOHXU $SSX\H] j QRXYHDX VXU FHWWH FRPPDQGH
SRXU DFWLYHU OH %6'5&7$ /¶LQGLFDWHXU GH
GpVDFWLYDWLRQ %6'5&7$ V¶pWHLQW
5(0$548(
&RPPDQGH GH GpVDFWLYDWLRQ %6'5&7$
,QGLFDWHXU GH G\VIRQFWLRQQHPHQW GX V\V
WqPH
&H PHVVDJH V¶DIILFKH G¶DERUG
3XLV FH PHVVDJH V¶DIILFKH
&HW LQGLFDWHXU V¶DIILFKH ORUVTX¶XQ G\VIRQF
WLRQQHPHQW VH SURGXLW GDQV OH V\VWqPH
&RQWDFWH] XQ FRQFHVVLRQQDLUH 68%$58
HW IDLWHV FRQWU{OHU OH V\VWqPH
,QGLFDWHXU GH GpVDFWLYDWLRQ %6'5&7$
$SSX\H] VXU OD FRPPDQGH GH GpVDFWLYD
WLRQ GX %6'5&7$ SRXU GpVDFWLYHU OH
. 'DQV OHV FDV VXLYDQWV DSSX\H] VXU
OD FRPPDQGH GH GpVDFWLYDWLRQ %6'
5&7$ SRXU GpVDFWLYHU OH V\VWqPH /H
V\VWqPH SHXW QH SDV IRQFWLRQQHU FRU
UHFWHPHQW HQ UDLVRQ GHV RQGHV UDGDU
EORTXpHV
± /RUVTX¶XQ SRUWHYpOR RX XQ DXWUH
pOpPHQW HVW PRQWp j O¶DUULqUH GX
YpKLFXOH
± /RUV GH O¶XWLOLVDWLRQ G¶XQ G\QD
PRPqWUH j FKkVVLV RX G¶XQ GLVSR
VLWLI j URXOHDX OLEUH HWF
± /RUVTXH OH PRWHXU HVW HQ PDUFKH
HW TXH OHV URXHV VRQW WRXUQpHV
SHQGDQW TXH OH YpKLFXOH HVW OHYp
. 6L YRXV PHWWH] OH FRQWDFWHXU G¶DOOX
PDJH VXU OD SRVLWLRQ ³/2&.´³2))´ OH
GHUQLHU pWDW FRQQX GX V\VWqPH HVW
PDLQWHQX 3DU H[HPSOH VL YRXV PHWWH]
OH FRQWDFWHXU G¶DOOXPDJH VXU OD SRVLWLRQ
³/2&.´³2))´ SHQGDQW TXH OH %6'
5&7$ HVW GpVDFWLYp OH %6'5&7$ UHVWH
GpVDFWLYp OD SURFKDLQH IRLV TXH OH
± 68,7( ±
'pPDUUDJH HW FRQGXLWH%6'5&7$
FRQWDFWHXU G¶DOOXPDJH HVW PLV VXU OD
SRVLWLRQ ³21´
& &HUWLILFDWLRQ SRXU OH %6'
5&7$
. 0RGqOHV VSpFLILFDWLRQ GHV eWDWV
8QLV
)&& ,' 2$<655$
$77(17,21
$9(57,66(0(17 )&&
7RXW FKDQJHPHQW RX PRGLILFDWLRQ
HIIHFWXp VDQV O¶DFFRUG H[SUHVV GH
O¶DXWRULWp UHVSRQVDEOH GH OD FRQIRU
PLWp DX[ UqJOHV SHXW HQWUDvQHU OD
SULYDWLRQ GX GURLW G¶XWLOLVHU O¶pTXLSH
PHQW
&H GLVSRVLWLI HVW FRQIRUPH j OD SDUWLH GHV UqJOHV GH OD )&& 6RQ IRQFWLRQQHPHQW
UpSRQG DX[ GHX[ FRQGLWLRQV VXLYDQWHV &H GLVSRVLWLI QH GRLW SDV HQJHQGUHU GHV
LQWHUIpUHQFHV JrQDQWHV HW LO GRLW rWUH
FDSDEOH GH VXELU WRXWHV IRUPHV G¶LQWHUIp
UHQFH \ FRPSULV GHV LQWHUIpUHQFHV VXV
FHSWLEOHV G¶HQ SHUWXUEHU OH IRQFWLRQQH
PHQW
. 0RGqOHV VSpFLILFDWLRQ GX &DQDGD
'pPDUUDJH HW FRQGXLWH%6'5&7$
. 0RGqOHV VSpFLILFDWLRQ GX 0H[LTXH
&HUWLILFDGR GH KRPRORJDFLRQ
5/9&265
&RQWLQHQWDO 655$
GHVVXV LOV SpQDOLVHURQW O¶LPSRUWDWHXU HW OH
GLVWULEXWHXU
& 0DQLSXODWLRQ GHV FDSWHXUV
UDGDU
$77(17,21
$77(17,21
&RIHWHO H[LJH O¶LPSUHVVLRQ GH OHXU DYLV VXU
OH PDQXHO XWLOLVDWHXU HQ HVSDJQRO DYHF OHV
PRWV H[DFWV FLGHVVXV
(Q FDV G¶DEVHQFH GH O¶DYLV VXU OH PDQXHO
XWLOLVDWHXU HQ HVSDJQRO FHOXLFL QH VHUD
SDV DFFHSWp SDU &RIHWHO TXL Q¶DFFRUGHUD
DORUV SDV OH FHUWLILFDW 120
(Q RXWUH LO HVW LPSRUWDQW GH GLUH j YRWUH
FOLHQW TXH OHV LQVSHFWHXUV GH &RIHWHO
YpULILHQW OH PDQXHO XWLOLVDWHXU HQ HVSDJQRO
TXL HVW LQFOXV DYHF OH SURGXLW 6L OH PDQXHO
QH FRQWLHQW SDV O¶DYLV &RIHWHO FRPPH FL
&DSWHXUV UDGDU
/HV FDSWHXUV UDGDU XQ GH FKDTXH F{Wp GX
YpKLFXOH VRQW PRQWpV j O¶LQWpULHXU GX SDUH
FKRFV DUULqUH
$ILQ GH JDUDQWLU OH IRQFWLRQQHPHQW
FRUUHFW GX %6'5&7$ REVHUYH] OHV
SUpFDXWLRQV VXLYDQWHV
± 0DLQWHQH] WRXMRXUV OD VXUIDFH GX
SDUHFKRFV SUqV GHV FDSWHXUV
UDGDU SURSUH
± 1¶DSSRVH] DXFXQ DXWRFROODQW RX
DXWUH pOpPHQW VXU OD VXUIDFH GX
SDUHFKRFV SUqV GHV FDSWHXUV
UDGDU
± 1H PRGLILH] SDV OH SDUHFKRFV
SUqV GHV FDSWHXUV UDGDU
± 1H UHFRXYUH] SDV OH SDUHFKRFV
SUqV GHV FDSWHXUV UDGDU GH SHLQ
WXUH
± 68,7( ±
'pPDUUDJH HW FRQGXLWH6\VWqPH GH IUHLQDJH DXWRPDWLTXH HQ PDUFKH DUULqUH
± 1¶H[SRVH] SDV OH SDUHFKRFV
SUqV GHV FDSWHXUV UDGDU j GH
IRUWV LPSDFWV 6L XQ FDSWHXU HVW
PDO DOLJQp XQ G\VIRQFWLRQQH
PHQW GX V\VWqPH SHXW VH SUR
GXLUH \ FRPSULV O¶LQFDSDFLWp j
GpWHFWHU OHV YpKLFXOHV HQWUDQW
GDQV OHV ]RQHV GH GpWHFWLRQ 6L
XQ FKRF IRUW HVW LPSRVp DX SDUH
FKRFV DVVXUH]YRXV GH FRQWDF
WHU YRWUH FRQFHVVLRQQDLUH
68%$58 SRXU HIIHFWXHU XQH LQV
SHFWLRQ
± 1H GpPRQWH] SDV OHV FDSWHXUV
UDGDU
6\VWqPH GH IUHLQDJH DXWR
PDWLTXH HQ PDUFKH DUULqUH
VHORQ PRGqOHV
/H IUHLQDJH DXWRPDWLTXH HQ PDUFKH DU
ULqUH HVW XQ V\VWqPH FRQoX SRXU pYLWHU OHV
FROOLVLRQV RX UpGXLUH OHV GRPPDJHV GH
FROOLVLRQ ORUV GH OD PDUFKH DUULqUH GX
YpKLFXOH 6L XQ PXU RX XQ REVWDFOH HVW
GpWHFWp GDQV OD GLUHFWLRQ GH OD PDUFKH
DUULqUH OH V\VWqPH HQ LQIRUPHUD OH
FRQGXFWHXU DYHF XQ DYHUWLVVHPHQW VRQRUH
HW SHXW DFWLYHU DXWRPDWLTXHPHQW OHV IUHLQV
GX YpKLFXOH
'$1*(5
5(0$548(
6L OHV FDSWHXUV UDGDU QpFHVVLWHQW XQH
UpSDUDWLRQ RX XQ UHPSODFHPHQW RX VL OD
]RQH GX SDUHFKRFV DXWRXU GHV FDS
WHXUV UDGDU QpFHVVLWH XQH UpSDUDWLRQ
XQH SHLQWXUH RX XQ UHPSODFHPHQW
FRQWDFWH] YRWUH FRQFHVVLRQQDLUH
68%$58 SRXU REWHQLU GH O¶DLGH
. /H IUHLQDJH DXWRPDWLTXH HQ PDU
FKH DUULqUH Q¶HVW SDV XQ V\VWqPH
GHVWLQp j UHPSODFHU OD UHVSRQVD
ELOLWp GX FRQGXFWHXU j YpULILHU OD
SUpVHQFH GH YpKLFXOHV RX REVWD
FOHV GDQV OHV HQYLURQV SRXU pYL
WHU XQH FROOLVLRQ
. /H FRQGXFWHXU HVW UHVSRQVDEOH
G¶XQH FRQGXLWH HQ WRXWH VpFXULWp
$VVXUH]YRXV GH WRXMRXUV YpUL
ILHU OHV DOHQWRXUV GH YRV \HX[ ORUV
GH OD PDUFKH DUULqUH GX YpKLFXOH
. 'DQV FHUWDLQV FDV OH YpKLFXOH QH
SHXW SDV pYLWHU OD FROOLVLRQ FDU OH
IRQFWLRQQHPHQW GX V\VWqPH D
GHV OLPLWHV /¶DYHUWLVVHPHQW VR
QRUH RX OH IUHLQDJH DXWRPDWLTXH
SHXW rWUH UHWDUGp RX QH SDV
IRQFWLRQQHU GX WRXW PrPH ORUV
TX¶XQ REVWDFOH HVW SUpVHQW GDQV
OD GLUHFWLRQ GH PDUFKH DUULqUH
. /H V\VWqPH Q¶HVW SDV FRQoX SRXU
GpWHFWHU OHV SHUVRQQHV \
FRPSULV OHV HQIDQWV OHV DQL
PDX[ RX G¶DXWUHV REMHWV HQ PRX
YHPHQW
. 6HORQ OD FRQGLWLRQ GX YpKLFXOH RX
O¶HQYLURQQHPHQW YRXV HQWRXUDQW
OD FDSDFLWp GX FDSWHXU VRQDU j
GpWHFWHU GHV REMHWV SHXW GHYHQLU
LQVWDEOH
5(0$548(
/H V\VWqPH GH IUHLQDJH DXWRPDWLTXH HQ
PDUFKH DUULqUH HQUHJLVWUH HW PpPRULVH
OHV GRQQpHV VXLYDQWHV ORUVTXH OH IUHL
QDJH DXWRPDWLTXH IRQFWLRQQH ,O Q¶HQUH
JLVWUH SDV OHV FRQYHUVDWLRQV OHV UHQ
VHLJQHPHQWV SHUVRQQHOV RX G¶DXWUHV
GRQQpHV DXGLR
. 'LVWDQFH GH O¶REMHW
. 9LWHVVH GX YpKLFXOH
. 3RVLWLRQ GH OD SpGDOH G¶DFFpOpUDWHXU
. 3RVLWLRQ GH OD SpGDOH GH IUHLQ
. 3RVLWLRQ GX OHYLHU VpOHFWHXU
. 7HPSpUDWXUH H[WpULHXUH
'pPDUUDJH HW FRQGXLWH6\VWqPH GH IUHLQDJH DXWRPDWLTXH HQ PDUFKH DUULqUH
. /H UpJODJH GH OD VHQVLELOLWp GHV
FDSWHXUV VRQDUV
68%$58 HW OHV WLHUV FRQWUDFWpV SDU
68%$58 SHXYHQW DFTXpULU HW XWLOLVHU
OHV GRQQpHV HQUHJLVWUpHV GDQV OH EXW
GH OD UHFKHUFKH HW GX GpYHORSSH
PHQW GHV YpKLFXOHV 68%$58 HW OHV
WLHUV FRQWUDFWpV SDU 68%$58 QH
GLYXOJXHURQW HW QH IRXUQLURQW SDV
OHV GRQQpHV DFTXLVHV j GHV WLHUV
H[FHSWp GDQV OHV FRQGLWLRQV VXLYDQ
WHV
± /HOD SURSULpWDLUH GX YpKLFXOH D
GRQQp VRQ FRQVHQWHPHQW
± /D GLYXOJDWLRQPLVH j GLVSRVLWLRQ
HVW RUGRQQpH SDU XQ WULEXQDO RX
DXWUH GpFLVLRQ GH MXVWLFH
± /HV GRQQpHV VRQW FRPPXQL
TXpHV j XQ LQVWLWXW GH UHFKHUFKH HQ
YXH G¶XQ WUDLWHPHQW VWDWLVWLTXH RX
DXWUH SURFHVVXV VLPLODLUH DSUqV
PRGLILFDWLRQ UHQGDQW O¶LGHQWLILFDWLRQ
GH O¶XWLOLVDWHXU HW GX YpKLFXOH LP
SRVVLEOH
& $SHUoX GX V\VWqPH GH IUHL
QDJH DXWRPDWLTXH HQ PDUFKH
DUULqUH
pYHQWXHOOH FROOLVLRQ DYHF XQ REMHW GDQV OD
GLUHFWLRQ GH PDUFKH DUULqUH OH UDOHQWLVVH
PHQW DXWRPDWLTXH VHUD DFWLYp 'H SOXV
GHV ELSV VRQRUHV VH GpFOHQFKHQW 6L OH
YpKLFXOH FRQWLQXH HQFRUH VD PDUFKH DU
ULqUH XQ IUHLQDJH GXU DXWRPDWLTXH VHUD
DSSOLTXp HW XQ ELS VRQRUH FRQWLQX VH
GpFOHQFKH
! 3ODJH GH GpWHFWLRQ
'$1*(5
6L YRWUH YpKLFXOH HVW SLpJp VXU XQ
SDVVDJH j QLYHDX HW TXH YRXV WHQWH]
GH YRXV pFKDSSHU HQ IDLVDQW PDUFKH
DUULqUH SRXU WUDYHUVHU OD EDUULqUH OH
V\VWqPH SHXW FRQVLGpUHU OD EDUULqUH
FRPPH pWDQW XQ REVWDFOH HW OHV
IUHLQV SHXYHQW V¶DFWLYHU 'DQV FH
FDV UHVWH] FDOPH HW FRQWLQXH] j
DSSX\HU VXU OD SpGDOH G¶DFFpOpUDWHXU
RX DQQXOH] OH V\VWqPH 3RXU DQQXOHU
OH V\VWqPH UHSRUWH]YRXV j ³$QQX
ODWLRQ GX IRQFWLRQQHPHQW GX V\V
WqPH GH IUHLQDJH DXWRPDWLTXH HQ
PDUFKH DUULqUH´ )
& &RQGLWLRQV GH IRQFWLRQQH
PHQW
3ODJH GH GpWHFWLRQ ODUJHXU (QYLURQ FP LQ j O¶H[WpULHXU GH OD ODUJHXU GX
YpKLFXOH
3ODJH QH SRXYDQW SDV rWUH GpWHFWpH SDU
OH V\VWqPH (QYLURQ FP LQ
GHUULqUH O¶DUULqUH GX YpKLFXOH
3ODJH GH GpWHFWLRQ ORQJXHXU (QYLURQ
P IW GHSXLV O¶DUULqUH GX YpKLFXOH
/H V\VWqPH GH IUHLQDJH DXWRPDWLTXH HQ
PDUFKH DUULqUH IRQFWLRQQHUD ORUVTXH WRX
WHV OHV FRQGLWLRQV VXLYDQWHV VRQW UHPSOLHV
/H V\VWqPH GpWHFWH OHV REMHWV j O¶DLGH GH
FDSWHXUV VRQDUV LQVWDOOpV GDQV OH SDUH
FKRFV DUULqUH 6L OH V\VWqPH GpWHUPLQH XQH
± 68,7( ±
'pPDUUDJH HW FRQGXLWH6\VWqPH GH IUHLQDJH DXWRPDWLTXH HQ PDUFKH DUULqUH
5(0$548(
,QGLFDWHXU G¶DYHUWLVVHPHQW (\H6LJKW
,QGLFDWHXU G¶DYHUWLVVHPHQW 5$%
,QGLFDWHXU 5$% 2))
. /H FRQWDFWHXU G¶DOOXPDJH HVW HQ SRVL
WLRQ ³21´
. /¶LQGLFDWHXU G¶DYHUWLVVHPHQW (\H6LJKW
HVW pWHLQW
. /¶LQGLFDWHXU G¶DYHUWLVVHPHQW 5$% HVW
pWHLQW
. /¶LQGLFDWHXU G¶DYHUWLVVHPHQW +$/7
5$% 2)) HVW pWHLQW
. /H V\VWqPH GH IUHLQDJH DXWRPDWLTXH
HQ PDUFKH DUULqUH HVW UpJOp VXU RQ
. /H OHYLHU VpOHFWHXU HVW HQ SRVLWLRQ ³5´
. /D YLWHVVH GX YpKLFXOH HVW FRPSULVH
HQWUH j NPK j PSK
. /RUVTXH O¶LQGLFDWHXU GH SDQQH GH
IUHLQDJH DXWRPDWLTXH HQ PDUFKH DUULqUH
HVW DOOXPp OH V\VWqPH GH IUHLQDJH
DXWRPDWLTXH HQ PDUFKH DUULqUH QH SHXW
SDV rWUH XWLOLVp &RQWDFWH] UDSLGHPHQW
XQ FRQFHVVLRQQDLUH 68%$58 SRXU
IDLUH FRQWU{OHU OH V\VWqPH
. /RUVTXH O¶LQGLFDWHXU GH GpVDFWLYD
WLRQ GX V\VWqPH GH IUHLQDJH DXWRPD
WLTXH HQ PDUFKH DUULqUH HVW DOOXPp OH
V\VWqPH GH IUHLQDJH DXWRPDWLTXH HQ
PDUFKH DUULqUH QH SHXW SDV rWUH XWLOLVp
. 'DQV OHV FDV VXLYDQWV OH V\VWqPH
SHXW QH SDV rWUH HQ PHVXUH GH GpWHFWHU
FRUUHFWHPHQW XQ REVWDFOH &RQWDFWH]
UDSLGHPHQW XQ FRQFHVVLRQQDLUH
68%$58 SRXU IDLUH FRQWU{OHU OH V\V
WqPH
± 8QH YLJQHWWH GH OD SHLQWXUH RX
XQ SURGXLW FKLPLTXH HVW DSSOLTXp
VXU OHV FDSWHXUV VRQDUV RX OHV SDUH
FKRFV DUULqUH SUqV GX FDSWHXU VRQDU
± /H SDUHFKRFV DUULqUH HVW PRGLILp
± /H SDUHFKRFV DUULqUH D pWp UHWLUp
HW UHPLV HQ SODFH
± /D JDUGH DX VRO HVW FKDQJpH HQ
UDLVRQ GH O¶pWDW GH FKDUJHPHQW GX
YpKLFXOH RX G¶XQH PRGLILFDWLRQ
± 'H OD QHLJH GH OD JODFH RX GH OD
ERXH DGKqUH DX[ FDSWHXUV VRQDUV
RX DX SDUHFKRFV DUULqUH SUqV GX
FDSWHXU VRQDU
± /H SDUHFKRFV DUULqUH HVW H[SRVp
j XQ IRUW LPSDFW RX HVW GpIRUPp
. /RUVTXH OH V\VWqPH DXGLRGH QDYL
JDWLRQ SRXFHV HIIHFWXH XQH PLVHj
MRXU GX ORJLFLHO OH V\VWqPH GH IUHLQDJH
DXWRPDWLTXH HQ PDUFKH DUULqUH SHXW QH
SDV DIILFKHU OHV pOpPHQWV VXLYDQWV VXU
O¶pFUDQ GX V\VWqPH DXGLRGH QDYLJDWLRQ
MXVTX¶j FH TXH OD PLVHjMRXU VRLW
WHUPLQpH
± )RQFWLRQ G¶DFWLYDWLRQGH GpVDFWL
YDWLRQ GH O¶DIILFKDJH GHV LF{QHV
± ,PDJH GH O¶LQGLFDWHXU GH GLVWDQFH
± 0HVVDJH G¶DYHUWLVVHPHQW
. 6XU XQH SHQWH UDLGH OD FDSDFLWp GH
IUHLQDJH DXWRPDWLTXH GX V\VWqPH VHUD
UpGXLWH
. /H V\VWqPH HVW FRQoX GH IDoRQ j
pYLWHU OHV FROOLVLRQV DYHF XQ IUHLQDJH
GXU DXWRPDWLTXH ORUVTXH OD YLWHVVH HQ
PDUFKH DUULqUH GX YpKLFXOH HVW LQIp
ULHXUH j HQYLURQ NPK PSK 7RXWHIRLV OH V\VWqPH j OXL VHXO Q¶HVW
SDV XQH JDUDQWLH FRQWUH OH ULVTXH GH
FROOLVLRQV HQ WRXWH VLWXDWLRQ
. 6L OH YpKLFXOH URXOH HQ PDUFKH
DUULqUH j XQH YLWHVVH WUqV OHQWH OD
SULRULWp VHUD GRQQpH DX[ PDQ°XYUHV
GX FRQGXFWHXU 'DQV FH FDV OH IUHLQDJH
DXWRPDWLTXH QH IRQFWLRQQH SDV
. /H V\VWqPH SHXW QH SDV rWUH HQ
'pPDUUDJH HW FRQGXLWH6\VWqPH GH IUHLQDJH DXWRPDWLTXH HQ PDUFKH DUULqUH
PHVXUH GH GpWHFWHU OHV REMHWV VXLYDQWV
± 2EMHWV SRLQWXV RX PLQFHV
FRPPH GHV SRWHDX[ GHV FO{WXUHV
HW GHV FRUGHV TXL SHXYHQW QH SDV
UHIOpWHU O¶RQGH VRQRUH pPLVH SDU OH
FDSWHXU VRQDU
± 2EMHWV WURS SURFKHV GX SDUH
FKRFV DUULqUH ORUVTXH OH OHYLHU Vp
OHFWHXU HVW UpJOp VXU OD SRVLWLRQ ³5´
± 2EMHWV DYHF XQH VXUIDFH QH SRX
YDQW SDV UHIOpWHU O¶RQGH VRQRUH
pPLVH SDU OH FDSWHXU VRQDU WHOV
TX¶XQH FO{WXUH j PDLOOHV PpWDOOL
TXHV
. 2EMHWV TXH OH V\VWqPH Q¶HVW SDV
FRQoX SRXU GpWHFWHU
± 3LpWRQV
± 2EMHWV HQ PRXYHPHQW \ FRPSULV
OHV YpKLFXOHV HQ PRXYHPHQW
± 2EMHWV TXL DEVRUEHQW OHV RQGHV
VRQRUHV WHOV TXH OH WLVVX RX OD QHLJH
± 2EMHWV GRQW OD VXUIDFH D XQ DQJOH
GLDJRQDO
± 2EMHWV DX UDV GX VRO WHOV TXH GHV
EORFV GH VWDWLRQQHPHQW
± 2EMHWV pOHYpV DXGHVVXV GX VRO
WHOV TXH GHV REMHWV VXVSHQGXV SDU
GHVVXV
. /H V\VWqPH SHXW QH SDV rWUH HQ
PHVXUH GH GpWHFWHU OHV REMHWV RX SHXW
HQWUDvQHU XQ G\VIRQFWLRQQHPHQW GX
V\VWqPH ORUVTXH OHV FRQGLWLRQV VXLYDQ
WHV VRQW SUpVHQWHV
6RQ j KDXWH IUpTXHQFH SURYHQDQW
G¶DXWUHV VRXUFHV j SUR[LPLWp
± 6RQ GH O¶DYHUWLVVHXU VRQRUH G¶XQ
DXWUH YpKLFXOH
± %UXLW GX PRWHXU SURYHQDQW G¶DX
WUHV YpKLFXOHV
± 6RQ G¶XQ IUHLQ SQHXPDWLTXH
± eTXLSHPHQW GH GpWHFWLRQ GH Yp
KLFXOH RX VRQDU G¶XQ DXWUH YpKLFXOH
± 2QGH VRQRUH DYHF XQH IUpTXHQFH
VLPLODLUH j FHOOH GX V\VWqPH GX
YpKLFXOH WUDQVPLVH j SUR[LPLWp
± 8Q YpKLFXOH pTXLSp GX PrPH
V\VWqPH HVW HQ PDUFKH DUULqUH GDQV
OD GLUHFWLRQ GH YRWUH PDUFKH DUULqUH
&RQGLWLRQV PpWpRURORJLTXHV
± 7HPSpUDWXUHV H[WUrPHPHQW pOH
YpHV RX EDVVHV UHQGDQW OD ]RQH
SUqV GX FDSWHXU GH VRQDU WURS
FKDXGH RX WURS IURLGH SRXU IRQF
WLRQQHU
± /HV FDSWHXUV VRQDUV RX OH SDUH
FKRFV DUULqUH SUqV GHV FDSWHXUV
VRQDUV HVW RX VRQW H[SRVp V j GH
IRUWHV SOXLHV RX XQH TXDQWLWp VLJQL
ILFDWLYH G¶HDX
± %URXLOODUG QHLJH RX WHPSrWH GH
VDEOH HWF
± /¶DLU VH GpSODFH UDSLGHPHQW
FRPPH ORUVTX¶XQ YHQW IRUW VRXIIOH
3LqFHV DWWDFKpHV DX SDUHFKRFV DU
ULqUH SUqV GX FDSWHXU VRQDU
± 'HV SLqFHV pOHFWURQLTXHV
FRPPHUFLDOHV DQWLEURXLOODUG DQ
WHQQH G¶DLOH DQWHQQH UDGLR RX GHV
SLqFHV GH IL[DWLRQ FRPPHUFLDOHV
DWWHODJH GH UHPRUTXH SRUWHYpOR
JDUGH GH EXWRLU VRQW PRQWpHV
± 'HV SLqFHV TXL pPHWWHQW GHV VRQV
j KDXWH IUpTXHQFH WHOOHV TX¶XQ
DYHUWLVVHXU VRQRUH RX XQ KDXWSDU
OHXU VRQW PRQWpHV
&RQGLWLRQV GX YpKLFXOH
± /H YpKLFXOH HVW LQFOLQp GH IDoRQ
VLJQLILFDWLYH
± /D JDUGH DX VRO HVW UpGXLWH GH
PDQLqUH VLJQLILFDWLYH HQ UDLVRQ GH
O¶pWDW GH FKDUJHPHQW GX YpKLFXOH
HWF
± /RUVTXH OH FDSWHXU VRQDU HVW PDO
DOLJQp HQ UDLVRQ G¶XQH FROOLVLRQ RX
G¶XQ DFFLGHQW
0LOLHX HQYLURQQDQW
± 8QH EDQQLqUH HQ WLVVX XQ GUD
SHDX XQH EUDQFKH EDVVH RX GHV
EDUUHV GH SDVVDJHV j QLYHDX GH
FKHPLQ GH IHU VRQW SUpVHQWV GDQV
OD GLUHFWLRQ GH OD PDUFKH DUULqUH
± /RUV GH OD PDUFKH DUULqUH VXU XQH
± 68,7( ±
'pPDUUDJH HW FRQGXLWH6\VWqPH GH IUHLQDJH DXWRPDWLTXH HQ PDUFKH DUULqUH
]RQH UHFRXYHUWH GH JUDYLHU RX KHU
EHXVH
± /RUV GH OD PDUFKH DUULqUH GDQV
XQH ]RQH R OHV REMHWV RX OHV PXUV
VRQW DGMDFHQWV DX YpKLFXOH WHOV TXH
GHV WXQQHOV pWURLWV GHV SRQWV
pWURLWV GHV URXWHV pWURLWHV RX GHV
JDUDJHV pWURLWV
± /RUVTXH GHV WUDFHV GH URXH RX XQ
WURX VRQW SUpVHQWV GDQV OH VRO GH OD
GLUHFWLRQ GH OD PDUFKH DUULqUH
± /RUV GH OD PDUFKH DUULqUH VXU XQ
FRXYHUFOH GH GUDLQDJH FRXYHUFOH
GH JULOOH
± /H FKHPLQ GH OD PDUFKH DUULqUH
HVW LQFOLQp FRPPH VXU XQH IRUWH
SHQWH PRQWDQWH
± 8Q YLUDJH VH WURXYH GDQV OD
GLUHFWLRQ GH OD PDUFKH DUULqUH
± /RUV G¶XQH PDUFKH DUULqUH VXU
SHQWH GHVFHQGDQWH
± /RUV G¶XQH PDUFKH DUULqUH VXU
XQH URXWH LUUpJXOLqUH
. 'DQV GHV FLUFRQVWDQFHV WHOOHV TXH
FHOOHV SUpVHQWpHV FLGHVVRXV LO SHXW QH
SDV rWUH SRVVLEOH G¶pYLWHU XQH FROOLVLRQ
PrPH ORUVTXH OH V\VWqPH IRQFWLRQQH
QRUPDOHPHQW
± /HV URXWHV VRQW JOLVVDQWHV
± /D SUHVVLRQ G¶DLU GHV SQHXV Q¶HVW
SDV FRUUHFWH
± /HV SQHXV VRQW XVpV
± 'HV FKDvQHV DQWLGpUDSDQWHV VRQW
LQVWDOOpHV
± 'HV SQHXV TXL QH VRQW SDV GH OD
WDLOOH GpVLJQpH VRQW LQVWDOOpV
± 'HV UpSDUDWLRQV G¶XUJHQFH RQW
pWp HIIHFWXpHV j O¶DLGH G¶XQ NLW GH
UpSDUDWLRQ GH FUHYDLVRQ
'pPDUUDJH HW FRQGXLWH6\VWqPH GH IUHLQDJH DXWRPDWLTXH HQ PDUFKH DUULqUH
± /D VXVSHQVLRQ D pWp PRGLILpH
± /D FRQGXLWH GX YpKLFXOH HVW LQV
WDEOH HQ UDLVRQ G¶XQ DFFLGHQW RX
G¶XQ G\VIRQFWLRQQHPHQW
± /H WpPRLQ DYHUWLVVHXU GH IUHLQ HVW
DOOXPp
& )RQFWLRQQHPHQW GX V\VWqPH
GH IUHLQDJH DXWRPDWLTXH HQ
PDUFKH DUULqUH
/RUVTXH OH V\VWqPH GH IUHLQDJH DXWR
PDWLTXH HQ PDUFKH DUULqUH HVW HQ FRXUV
GH IRQFWLRQQHPHQW OD GLVWDQFH HQWUH OH
YpKLFXOH HW O¶REMHW GpWHFWp HVW LQGLTXpH VXU
O¶DIILFKDJH PXOWLIRQFWLRQV pFUDQ /&' HQ
FRXOHXU (Q RXWUH GHV DYHUWLVVHPHQWV
VRQRUHV UHWHQWLVVHQW VXU QLYHDX[ SRXU
DYHUWLU OH FRQGXFWHXU G¶XQH FROOLVLRQ SR
WHQWLHOOH
/RUVTXH OH 5$% IRQFWLRQQH XQ PHVVDJH
G¶DYHUWLVVHPHQW HVW DIILFKp VXU O¶DIILFKDJH
PXOWLIRQFWLRQV pFUDQ /&' HQ FRXOHXU HW
VXU O¶DIILFKDJH GHV LQVWUXPHQWV GH ERUG
pFUDQ /&' HQ FRXOHXU /LJQH GLUHFWULFH GH OD SODJH GH GpWHFWLRQ
1LYHDX G¶DOHUWH
3ODJH GH O¶REMHW GpWHFWp
,QGLFDWHXU GH GLV
WDQFH
7\SH G¶DODUPH
3UR[LPLWp SRXU XQH
GLVWDQFH ORQJXH RE
MHW GpWHFWp
FP SRXFHV RX SOXV 9HUW
$XFXQ DYHUWLVVHPHQW
VRQRUH
$OHUWH GH SUR[LPLWp
SRXU XQH GLVWDQFH
PR\HQQH DSSURFKH
GH O¶REMHW
j FP j SRXFHV
-DXQH 9HUW
%LSV FRXUWV
$OHUWH GH SUR[LPLWp
SRXU XQH GLVWDQFH
FRXUWH DSSURFKH
SUqV GH O¶REMHW
j FP j SRXFHV
2UDQJH -DXQH 9HUW
%LSV FRXUWV HW UDSLGHV
5RXJH 2UDQJH -DXQH 9HUW
%LS FRQWLQX
$OHUWH GH SUR[LPLWp
SRXU XQH GLVWDQFH
FP SRXFHV RX
SOXV FRXUWH DSSURFKH DX SOXV SUqV GH O¶RE PRLQV
MHW
/D SODJH GH GpWHFWLRQ SHXW YDULHU HQ IRQFWLRQ GHV FRQGLWLRQV DOHQWRXU
± 68,7( ±
'pPDUUDJH HW FRQGXLWH6\VWqPH GH IUHLQDJH DXWRPDWLTXH HQ PDUFKH DUULqUH
! 2EVWDFOH GpWHFWp HW QLYHDX G¶DOHUWH
$OHUWH GH OD SUR[LPLWp SRXU XQH GLVWDQFH
ORQJXH REMHW GpWHFWp
9HUW FP SRXFHV RX SOXV
$OHUWH GH OD SUR[LPLWp SRXU XQH GLVWDQFH
PR\HQQH j FRXUWH DSSURFKH GH O¶REMHW HW
DSSURFKH SUqV GH O¶REMHW
2UDQJH j FP j SRXFHV
-DXQH j FP j SRXFHV
$OHUWH GH SUR[LPLWp SRXU XQH GLVWDQFH SOXV
FRXUWH DSSURFKH DX SOXV SUqV GH O¶REMHW
5RXJH FP SRXFHV RX PRLQV
/RUVTX¶XQ REMHW HVW GpWHFWp GDQV OD GLUHF
WLRQ GH OD PDUFKH DUULqUH OD SRUWpH GH
O¶REMHW GpWHFWp HVW DIILFKpH VXU O¶DIILFKDJH
PXOWLIRQFWLRQV pFUDQ /&' HQ FRXOHXU 8QH DODUPH G¶DYHUWLVVHPHQW UHWHQWLW HW HQ
IRQFWLRQ GH OD YLWHVVH OH FRQWU{OH GH
FRXSOH SRXU JpQpUHU XQ IUHLQ PRWHXU RX
ELHQ OH IUHLQDJH DXWRPDWLTXH VRQW DSSOL
TXpV
'pPDUUDJH HW FRQGXLWH6\VWqPH GH IUHLQDJH DXWRPDWLTXH HQ PDUFKH DUULqUH
! $YHUWLVVHPHQW SUpVHQFH G¶XQ REMHW
j SUR[LPLWp GH O¶DUULqUH GX YpKLFXOH
$YHUWLVVHPHQW IUHLQDJH DXWRPDWLTXH
6L OH YpKLFXOH FRQWLQXH GH URXOHU HQ
PDUFKH DUULqUH OH V\VWqPH SHXW GpWHUPL
QHU OH ULVTXH GH FROOLVLRQ DYHF O¶REMHW 'DQV
FH FDV GHV ELSV G¶DYHUWLVVHPHQW FRXUWV RX
GHV ELSV G¶DYHUWLVVHPHQW FRQWLQXV UHWHQWL
URQW HW XQ IRUW IUHLQDJH DXWRPDWLTXH RX
ELHQ XQ FRQWU{OH GH FRXSOH VRQW DSSOLTXpV
SRXU pYLWHU OD FROOLVLRQ
¬ FH PRPHQW OH PHVVDJH G¶DYHUWLVVHPHQW
V¶DIILFKH DXVVL VXU O¶DIILFKDJH GHV LQVWUX
PHQWV GH ERUG pFUDQ /&' HQ FRXOHXU ! /RUVTXH OH YpKLFXOH HVW DUUrWp SDU OH
V\VWqPH
$YHUWLVVHPHQW GH SUHVVLRQ VXU OD SpGDOH
GH IUHLQ
$VVXUH]YRXV G¶HQIRQFHU OD SpGDOH GH
IUHLQ XQH IRLV TXH OH YpKLFXOH D pWp DUUrWp
SDU OH IUHLQDJH DXWRPDWLTXH -XVTX¶j FH
TXH OD SpGDOH GH IUHLQ VRLW HQIRQFpH XQ
PHVVDJH V¶DIILFKH VXU O¶DIILFKDJH PXOWL
IRQFWLRQV pFUDQ /&' HQ FRXOHXU HW OH ELS
FRQWLQX UHWHQWLW LQFHVVDPPHQW
¬ FH PRPHQW OH PHVVDJH G¶DYHUWLVVHPHQW
V¶DIILFKH DXVVL VXU O¶DIILFKDJH GHV LQVWUX
PHQWV GH ERUG pFUDQ /&' HQ FRXOHXU ! $SUqV O¶DUUrW GX YpKLFXOH SDU OH
V\VWqPH
,QGLFDWHXU GH GpVDFWLYDWLRQ GX V\VWqPH
GH IUHLQDJH DXWRPDWLTXH HQ PDUFKH
DUULqUH
$SUqV TXH OD SpGDOH GH IUHLQ HVW HQIRQFpH
O¶LQGLFDWHXU GH GpVDFWLYDWLRQ GX V\VWqPH
GH IUHLQDJH DXWRPDWLTXH HQ PDUFKH DU
ULqUH V¶DOOXPH HW OH V\VWqPH V¶DUUrWH GH
IRQFWLRQQHU WHPSRUDLUHPHQW /¶LQGLFDWHXU
GH GpVDFWLYDWLRQ GX V\VWqPH GH IUHLQDJH
DXWRPDWLTXH HQ PDUFKH DUULqUH V¶pWHLQW
ORUVTXH OH OHYLHU VpOHFWHXU HVW PLV VXU XQH
DXWUH SRVLWLRQ TXH ³5´
/H V\VWqPH IRQFWLRQQHUD j QRXYHDX OD
SURFKDLQH IRLV TXH OH OHYLHU VpOHFWHXU HVW
PLV VXU OD SRVLWLRQ ³5´
± 68,7( ±
'pPDUUDJH HW FRQGXLWH6\VWqPH GH IUHLQDJH DXWRPDWLTXH HQ PDUFKH DUULqUH
5(0$548(
. $SUqV TXH OH YpKLFXOH DLW pWp DUUrWp
SDU OH V\VWqPH GH IUHLQDJH DXWRPDWLTXH
HQ PDUFKH DUULqUH OH FRQWU{OH GH IUHL
QDJH HVW UHOkFKp HW OH IUHLQ GH VWDWLRQ
QHPHQW pOHFWURQLTXH VH PHW HQ PDUFKH
GDQV OHV FDV VXLYDQWV 3RXU SOXV GH
GpWDLOV VXU OH GHVVHUUDJH GX IUHLQ GH
VWDWLRQQHPHQW UHSRUWH]YRXV j ³)UHLQ
GH VWDWLRQQHPHQW pOHFWURQLTXH PRGq
OHV DYHF V\VWqPH GH IUHLQ GH VWDWLRQQH
PHQW pOHFWURQLTXH ´ )
± PLQXWHV VH VRQW pFRXOpHV DSUqV
O¶DUUrW GX YpKLFXOH
± 8QH SRUWLqUH HVW RXYHUWH
. /H V\VWqPH GH IUHLQDJH DXWRPDWLTXH
HQ PDUFKH DUULqUH SHXW V¶DUUrWHU GH
IRQFWLRQQHU WHPSRUDLUHPHQW GDQV OHV
FDV VXLYDQWV HW O¶LQGLFDWHXU GH GpVDFWL
YDWLRQ GX V\VWqPH GH IUHLQDJH DXWR
PDWLTXH HQ PDUFKH DUULqUH V¶DOOXPH
± 'H OD QHLJH GH OD JODFH RX GH OD
ERXH DGKqUH DX[ FDSWHXUV VRQDUV
RX DX SDUHFKRFV DUULqUH SUqV GX
FDSWHXU VRQDU
± 2EMHWV WURS SURFKHV GX SDUH
FKRFV DUULqUH ORUVTXH OH OHYLHU Vp
OHFWHXU HVW UpJOp VXU OD SRVLWLRQ ³5´
± /H V\VWqPH GpWHFWH GHV VRQV
G¶XQH IUpTXHQFH VHPEODEOH DX VR
QDU 5$%
& $QQXODWLRQ GX IRQFWLRQQH
PHQW GX V\VWqPH GH IUHLQDJH
DXWRPDWLTXH HQ PDUFKH DU
ULqUH
& 5pJODJH G¶DFWLYDWLRQGH GpV
DFWLYDWLRQ GX V\VWqPH GH
IUHLQDJH DXWRPDWLTXH HQ
PDUFKH DUULqUH
/H V\VWqPH GH IUHLQDJH DXWRPDWLTXH HQ
PDUFKH DUULqUH SHXW rWUH WHPSRUDLUHPHQW
DQQXOp SDU O¶XQH GHV RSpUDWLRQV VXLYDQWHV
. /RUVTXH YRXV HQIRQFH] OD SpGDOH GH
IUHLQ
. /RUVTXH YRXV HQIRQFH] OD SpGDOH G¶DF
FpOpUDWHXU
. /RUVTXH YRXV HQIRQFH] OD SpGDOH G¶DF
FpOpUDWHXU HW OD PDLQWHQH] HQIRQFpH GDQV
FH FDV O¶DFFpOpUDWLRQ OLPLWpH HVW DQQXOpH
HW OH YpKLFXOH FRQWLQXH j URXOHU YHUV
O¶DUULqUH
. /RUVTXH YRXV SODFH] OH OHYLHU VpOHFWHXU
VXU XQH SRVLWLRQ DXWUH TXH OD SRVLWLRQ ³5´
3HQGDQW TXH OH OHYLHU VpOHFWHXU HVW PLV VXU
OD SRVLWLRQ ³5´ OHV IRQFWLRQV FLGHVVRXV GX
V\VWqPH GH IUHLQDJH DXWRPDWLTXH HQ PDU
FKH DUULqUH SHXYHQW rWUH FRQILJXUpHV HQ
XWLOLVDQW O¶DIILFKDJH PXOWLIRQFWLRQV pFUDQ
/&' HQ FRXOHXU 3RXU SOXV GH GpWDLOV VXU O¶XWLOLVDWLRQ GH
O¶DIILFKDJH PXOWLIRQFWLRQV pFUDQ /&' HQ
FRXOHXU UHSRUWH]YRXV j ³)RQFWLRQQH
PHQW GH EDVH´ )
/RUVTXH OH YpKLFXOH HVW DUUrWp SDU OH
IUHLQDJH DXWRPDWLTXH
5(0$548(
/H V\VWqPH VHUD DQQXOp VL O¶REMHW Q¶HVW
SOXV GpWHFWp
5pJODJH G¶DFWLYDWLRQGH GpVDFWLYDWLRQ GX
IUHLQDJH DXWRPDWLTXH HQ PDUFKH DUULqUH
5pJODJH G¶DFWLYDWLRQGH GpVDFWLYDWLRQ GH
O¶DYHUWLVVHPHQW VRQRUH GH GpWHFWLRQ
G¶REMHW
'pPDUUDJH HW FRQGXLWH6\VWqPH GH IUHLQDJH DXWRPDWLTXH HQ PDUFKH DUULqUH
/RUVTXH OH V\VWqPH GH IUHLQDJH DXWR
PDWLTXH HQ PDUFKH DUULqUH HVW GpVDFWLYp
O¶LQGLFDWHXU 5$% 2)) V¶DIILFKH
& ,QGLFDWHXU G¶DYHUWLVVHPHQW
5$%
5HSRUWH]YRXV j ³5$% SRXU OHV PRGqOHV
DYHF V\VWqPH (\H6LJKW ´ ) SRXU SOXV
GH GpWDLOV
& 0DQLSXODWLRQ GHV FDSWHXUV
VRQDUV
/HV FDSWHXUV VRQDUV VRQW VLWXpV GDQV OH
SDUHFKRFV DUULqUH 3RXU DVVXUHU OH ERQ
IRQFWLRQQHPHQW GX V\VWqPH GH IUHLQDJH
DXWRPDWLTXH HQ PDUFKH DUULqUH REVHUYH]
OHV SUpFDXWLRQV VXLYDQWHV
5(0$548(
/HV UpJODJHV GX V\VWqPH GH IUHLQDJH
DXWRPDWLTXH HQ PDUFKH DUULqUH PRGL
ILpV VXU O¶DIILFKDJH PXOWLIRQFWLRQV
pFUDQ /&' HQ FRXOHXU VRQW UpWDEOLV
VXU OHV UpJODJHV SDU GpIDXW UpJODJH
G¶DFWLYDWLRQ OD SURFKDLQH IRLV TXH OH
OHYLHU VpOHFWHXU HVW SODFp VXU OD SRVLWLRQ
³5´
/HV UpJODJHV VXLYDQWV SHXYHQW pJDOHPHQW
rWUH PRGLILpV j O¶DLGH GH O¶DIILFKDJH GHV
LQVWUXPHQWV GH ERUG pFUDQ /&' HQ
FRXOHXU . 9ROXPH G¶DYHUWLVVHPHQW
. $FWLYDWLRQ'pVDFWLYDWLRQ GH O¶DODUPH
DXGLEOH GH VRQDU
(Q FDV GH G\VIRQFWLRQQHPHQW GX V\VWqPH
GH IUHLQDJH DXWRPDWLTXH HQ PDUFKH DU
ULqUH O¶LQGLFDWHXU FLGHVVXV V¶DOOXPH VXU
OHV LQVWUXPHQWV GH ERUG 3RXU SOXV GH
GpWDLOV DGUHVVH]YRXV j YRWUH FRQFHV
VLRQQDLUH 68%$58 OH SOXV SURFKH
. 1¶DSSRVH] DXFXQH YLJQHWWH RX DXWUH
REMHW VXU OHV FDSWHXU VRQDUV RX VXU OD
VXUIDFH GX SDUHFKRFV SUqV GHV FDSWHXUV
VRQDUV
. 0DLQWHQH] WRXMRXUV OHV FDSWHXU VRQDUV
RX OD VXUIDFH GX SDUHFKRFV DUULqUH SUqV
GHV FDSWHXUV VRQDUV SURSUH
. 1H PRGLILH] SDV OH SDUHFKRFV DUULqUH
. 1H UHFRXYUH] SDV OH SDUHFKRFV SUqV
GHV FDSWHXUV VRQDUV GH SHLQWXUH
. 1¶LPSRVH] SDV G¶LPSDFWV YLROHQWV DX
± 68,7( ±
'pPDUUDJH HW FRQGXLWH6\VWqPH GH IUHLQDJH DXWRPDWLTXH HQ PDUFKH DUULqUH
SDUHFKRFV DUULqUH SUqV GHV FDSWHXUV
VRQDUV 6L XQ FDSWHXU HVW PDO DOLJQp XQ
G\VIRQFWLRQQHPHQW GX V\VWqPH SHXW VH
SURGXLUH \ FRPSULV O¶LQFDSDFLWp j GpWHFWHU
OHV REMHWV GDQV OD GLUHFWLRQ GH OD PDUFKH
DUULqUH 6L XQ LPSDFW YLROHQW HVW DSSOLTXp
VXU OH SDUHFKRFV DUULqUH FRQWDFWH] XQ
FRQFHVVLRQQDLUH 68%$58 SRXU IDLUH LQV
SHFWHU OH V\VWqPH
. 1H GpPRQWH] SDV OHV FDSWHXUV VRQDUV
5(0$548(
6L OHV FDSWHXUV VRQDUV QpFHVVLWHQW XQH
UpSDUDWLRQ RX XQ UHPSODFHPHQW RX VL OD
]RQH GX SDUHFKRFV DUULqUH SUqV GHV
FDSWHXUV VRQDUV QpFHVVLWH XQH UpSDUD
WLRQ XQH SHLQWXUH RX XQ UHPSODFHPHQW
FRQWDFWH] YRWUH FRQFHVVLRQQDLUH
68%$58 SRXU REWHQLU GH O¶DLGH
&RQVHLOV GH FRQGXLWH
5RGDJH G¶XQ YpKLFXOH QHXI ± SUHPLHUV NP
PLOHV &RQVHLOV SRXU pFRQRPLVHU OH FDUEXUDQW *D] G¶pFKDSSHPHQW GX PRWHXU PRQR[\GH GH
FDUERQH &RQYHUWLVVHXU FDWDO\WLTXH ,QVSHFWLRQV SpULRGLTXHV &RQGXLWH j O¶pWUDQJHU &RQVHLOV GH FRQGXLWH SRXU OHV PRGqOHV j
WUDFWLRQ LQWpJUDOH $:' 3UpFDXWLRQV GH FRQGXLWH &RQGXLWH HQ KLYHU 3UpFDXWLRQV j SUHQGUH SDU WHPSV IURLG &RQGXLWH VXU URXWHV HQQHLJpHV HW YHUJODFpHV 3URWHFWLRQ FRQWUH OD FRUURVLRQ 3QHXV QHLJH &KDvQHV DQWLGpUDSDQWHV %DODQFHPHQW GX YpKLFXOH &KDUJHPHQW GX YpKLFXOH &KDUJH XWLOH GX YpKLFXOH 3RLGV QRPLQDO EUXW GX YpKLFXOH *9:5 HW SRLGV
QRPLQDO EUXW VXU O¶HVVLHX *$:5 0RXOXUH GH WRLW HW EDUUH GH WRLW VHORQ PRGqOHV 7UDFWLRQ GH UHPRUTXH &RQVHLOV GH FRQGXLWH5RGDJH G¶XQ YpKLFXOH QHXI ± SUHPLHUV NP PLOHV
5RGDJH G¶XQ YpKLFXOH QHXI ±
SUHPLHUV NP PLOHV
/HV SHUIRUPDQFHV HW OD ORQJpYLWp GH YRWUH
YpKLFXOH GpSHQGHQW JUDQGHPHQW GH OD
IDoRQ GRQW LO HVW VRLJQp HW XWLOLVp ORUVTX¶LO
HVW QHXI 2EVHUYH] OHV FRQVLJQHV VXLYDQ
WHV SHQGDQW OHV SUHPLHUV NLORPqWUHV
PLOHV . 1¶HPEDOOH] SDV OH PRWHXU 6DXI HQ FDV
G¶XUJHQFH QH GpSDVVH] SDV OH UpJLPH GH
WUPQ
. 1H URXOH] SDV j XQH YLWHVVH FRQVWDQWH
RX j XQ UpJLPH PRWHXU FRQVWDQW TX¶LOV
VRLHQW pOHYpV RX UpGXLWV
. 6DXI HQ FDV G¶XUJHQFH pYLWH] OHV
DFFpOpUDWLRQV HW OHV GpPDUUDJHV EUXV
TXHV
. 6DXI HQ FDV G¶XUJHQFH pYLWH] OHV FRXSV
GH IUHLQ EUXVTXHV
/HV PrPHV FRQVLJQHV GH URGDJH V¶DS
SOLTXHQW HQ FDV GH UpYLVLRQ GX PRWHXU GH
UHPSODFHPHQW GX PRWHXU SDU XQ QHXI RX
GH UHPSODFHPHQW GHV SODTXHWWHV RX JDU
QLWXUHV GH IUHLQ SDU GHV QHXYHV
&RQVHLOV SRXU pFRQRPLVHU OH
FDUEXUDQW
9RLFL TXHOTXHV VXJJHVWLRQV SRXU YRXV
DLGHU j pFRQRPLVHU OH FDUEXUDQW
. 5RXOH] WRXMRXUV HQ HQJDJHDQW OH UDS
SRUW GH ERvWH GH YLWHVVHV DGDSWp j OD
YLWHVVH GX YpKLFXOH HW DX[ FRQGLWLRQV GH
FRQGXLWH
. eYLWH] OHV DFFpOpUDWLRQV RX GpFpOpUD
WLRQV EUXVTXHV $FFpOpUH] OHQWHPHQW SRXU
DWWHLQGUH OD YLWHVVH VRXKDLWpH SURJUHVVL
YHPHQW 'DQV OD PHVXUH GX SRVVLEOH
HVVD\H] GH PDLQWHQLU HQVXLWH FHWWH YLWHVVH
FRQVWDQWH
. 1¶DFWLRQQH] SDV OD SpGDOH G¶DFFpOpUD
WHXU LQXWLOHPHQW HW pYLWH] G¶HPEDOOHU OH
PRWHXU
. 1H ODLVVH] SDV OH PRWHXU WRXUQHU DX
UDOHQWL LQXWLOHPHQW
. 0DLQWHQH] WRXMRXUV OH PRWHXU ELHQ
UpJOp
. 0DLQWHQH] WRXMRXUV OHV SQHXV JRQIOpV j
OD SUHVVLRQ FRUUHFWH LQGLTXpH VXU O¶DXWR
FROODQW DSSOLTXp VRXV OD VHUUXUH GH OD
SRUWLqUH FRQGXFWHXU 8QH SUHVVLRQ WURS
IDLEOH DXJPHQWH O¶XVXUH GHV SQHXV HW OD
FRQVRPPDWLRQ GH FDUEXUDQW
. 1¶XWLOLVH] OH FOLPDWLVHXU TXH ORUVTXH
FHOD HVW QpFHVVDLUH
. 0DLQWHQH] OHV UpJODJHV FRUUHFWV GH
JpRPpWULH GHV WUDLQV GH URXOHPHQW DYDQW
HW DUULqUH
. 1H WUDQVSRUWH] SDV GH EDJDJHV RX
FKDUJHV LQXWLOHV
. /¶LQGLFDWLRQ GH OD MDXJH (&2 DIILFKH
XQH UpIpUHQFH SRXU pFRQRPLVHU GX FDUEX
UDQW 5HSRUWH]YRXV j ³-DXJH (&2´ )
SRXU SOXV GH GpWDLOV
&RQVHLOV GH FRQGXLWH*D] G¶pFKDSSHPHQW GX PRWHXU PRQR[\GH GH FDUERQH
*D] G¶pFKDSSHPHQW GX PR
WHXU PRQR[\GH GH FDUERQH
'$1*(5
. 1H UHVSLUH] MDPDLV OHV JD] G¶p
FKDSSHPHQW GX PRWHXU /H PR
QR[\GH GH FDUERQH FRQWHQX GDQV
OHV JD] G¶pFKDSSHPHQW GX PR
WHXU HVW LQFRORUH HW LQRGRUH PDLV
VRQ LQKDODWLRQ HVW GDQJHUHXVH
YRLUH PRUWHOOH
. 0DLQWHQH] WRXMRXUV OH V\VWqPH
G¶pFKDSSHPHQW HQ ERQ pWDW SRXU
pYLWHU TXH OHV JD] G¶pFKDSSHPHQW
GX PRWHXU QH SpQqWUHQW GDQV OH
YpKLFXOH
. 1H ODLVVH] MDPDLV WRXUQHU OH PR
WHXU GX YpKLFXOH GDQV XQ JDUDJH
RX XQ ORFDO IHUPp VDXI SHQGDQW
OH PLQLPXP GH WHPSV QpFHVVDLUH
j O¶HQWUpH RX j OD VRUWLH GX
YpKLFXOH
. eYLWH] GH UHVWHU ORQJWHPSV GDQV
OH YpKLFXOH HQ VWDWLRQQHPHQW HQ
ODLVVDQW OH PRWHXU HQ PDUFKH 6L
YRXV QH SRXYH] O¶pYLWHU PHWWH] OD
VRXIIODQWH GH YHQWLODWLRQ HQ PDU
FKH SRXU IRUFHU O¶HQWUpH G¶DLU IUDLV
GDQV OH YpKLFXOH
. 3RXU TXH OH V\VWqPH GH YHQWLOD
WLRQ SXLVVH IRQFWLRQQHU QRUPDOH
PHQW GpEDUUDVVH] OD JULOOH GH OD
SULVH G¶DLU GH YHQWLODWLRQ DYDQW GH
OD QHLJH GHV IHXLOOHV RX GHV
DXWUHV FRUSV pWUDQJHUV TXL O¶HQ
FRPEUHQW
. 6L YRXV DYH] O¶LPSUHVVLRQ TXH OHV
JD] G¶pFKDSSHPHQW SpQqWUHQW
GDQV OH YpKLFXOH IDLWHV FRQWU{OHU
HW UpSDUHU OH YpKLFXOH DX SOXV W{W
6L YRXV GHYH] XWLOLVHU OH YpKLFXOH
GDQV FHW pWDW URXOH] DYHF WRXWHV
OHV YLWUHV JUDQGHV RXYHUWHV
. 3RXU pYLWHU TXH OHV JD] G¶pFKDS
SHPHQW QH SpQqWUHQW GDQV OH
YpKLFXOH QH URXOH] SDV DYHF OH
FRXYHUFOH GH FRIIUH RXYHUW
&RQYHUWLVVHXU FDWDO\WLTXH
67,
5(0$548(
3HX DSUqV O¶DUUrW GX PRWHXU LO VH SHXW
TXH YRXV HQWHQGLH] IUpTXHPPHQW GH
OpJHUV FUDTXHPHQWV HQ SURYHQDQFH GX
V\VWqPH G¶pFKDSSHPHQW &HV EUXLWV
VRQW GXV j OD FRQWUDFWLRQ WKHUPLTXH
SDU UHIURLGLVVHPHQW GHV PpWDX[ DSUqV
O¶DUUrW GX PRWHXU &H EUXLW HVW QRUPDO
6DXI 67,
/H FRQYHUWLVVHXU FDWDO\WLTXH HVW PRQWp VXU
OH WX\DX G¶pFKDSSHPHQW ,O UpGXLW OD WHQHXU
± 68,7( ±
&RQVHLOV GH FRQGXLWH,QVSHFWLRQV SpULRGLTXHV
HQ +& &2 HW 12[ F¶HVWjGLUH TX¶LO
FRPEDW OD SROOXWLRQ SDU OHV JD] G¶pFKDS
SHPHQW
3RXU QH SDV HQGRPPDJHU OH FRQYHUWLVVHXU
FDWDO\WLTXH
. 8WLOLVH] XQLTXHPHQW GX FDUEXUDQW VDQV
SORPE 0rPH HQ SHWLWH TXDQWLWp OH FDUEX
UDQW DX SORPE GpWpULRUH OH FRQYHUWLVVHXU
FDWDO\WLTXH
. 1H IDLWHV MDPDLV GpPDUUHU OH PRWHXU HQ
SRXVVDQW RX HQ WLUDQW OH YpKLFXOH
. eYLWH] G¶HPEDOOHU OH PRWHXU
. 1H FRXSH] MDPDLV OH FRQWDFWHXU G¶DOOX
PDJH SHQGDQW TXH OH YpKLFXOH HVW FRQGXLW
. 9HLOOH] j PDLQWHQLU OH PRWHXU ELHQ UpJOp
'qV OHV SUHPLHUV VLJQHV GH GpUqJOHPHQW
FRJQHPHQW UHWRXU GH IODPPH RX
FRPEXVWLRQ LQFRPSOqWH IDLWHV FRQWU{OHU
HW UpJOHU YRWUH YpKLFXOH SDU XQ FRQFHV
VLRQQDLUH DJUpp 68%$58
. 1¶HQGXLVH] SDV OH SDUHFKDOHXU GX
FRQYHUWLVVHXU FDWDO\WLTXH GH SHLQWXUH G¶DS
SUrW RX GH WRXW DXWUH SURGXLW DQWLFRUURVLRQ
. 1H FRQGXLVH] SDV DYHF XQ QLYHDX
H[WUrPHPHQW EDV GH FDUEXUDQW
'$1*(5
. $WWHQWLRQ DX IHX 1H JDUH] SDV OH
YpKLFXOH VXU RX j SUR[LPLWp GH
PDWLqUHV LQIODPPDEOHV KHUEH
SDSLHUV FKLIIRQV IHXLOOHV HWF FDU OH FRQYHUWLVVHXU FDWDO\WLTXH
IRQFWLRQQH j WUqV KDXWH WHPSpUD
WXUH
. 9HLOOH] j QH SDV H[SRVHU GHV
SHUVRQQHV RX GHV PDWLqUHV LQ
IODPPDEOHV HQ VRUWLH GH WX\DX
G¶pFKDSSHPHQW ORUVTXH OH PR
WHXU GX YpKLFXOH WRXUQH /HV JD]
G¶pFKDSSHPHQW VRQW WUqV
FKDXGV
,QVSHFWLRQV SpULRGLTXHV
3RXU PDLQWHQLU YRWUH YpKLFXOH WRXMRXUV HQ
SDUIDLW pWDW GH PDUFKH LO HVW LPSRUWDQW TXH
YRXV UHVSHFWLH] OHV SpULRGLFLWpV HW NLOR
PpWUDJHV SUHVFULWV SRXU OHV RSpUDWLRQV
G¶HQWUHWLHQ ILJXUDQW GDQV OH SURJUDPPH
G¶HQWUHWLHQ GX ³/LYUHW GH *DUDQWLH HW G¶(Q
WUHWLHQ´
&RQVHLOV GH FRQGXLWH&RQGXLWH j O¶pWUDQJHU
&RQGXLWH j O¶pWUDQJHU
6L YRXV YRXV UHQGH] GDQV XQ SD\V
pWUDQJHU DYHF YRWUH YRLWXUH
. $VVXUH]YRXV TXH YRXV WURXYHUH] GDQV
FH SD\V GX FDUEXUDQW DSSURSULp 5HSRUWH]
YRXV j ³3UHVFULSWLRQV FRQFHUQDQW OH FDU
EXUDQW´ )
. 5HQVHLJQH]YRXV VXU OD UpJOHPHQWDWLRQ
HQ YLJXHXU HW YpULILH] TXH YRWUH YpKLFXOH
HVW HQ FRQIRUPLWp
&RQVHLOV GH FRQGXLWH SRXU
OHV PRGqOHV j WUDFWLRQ LQWp
JUDOH $:'
'$1*(5
. 1H GpSDVVH] MDPDLV OD YLWHVVH GH
VpFXULWp LPSRVpH SDU O¶pWDW GH OD
URXWH HW OHV FRQGLWLRQV FOLPDWL
TXHV DILQ G¶pYLWHU WRXW ULVTXH
G¶DFFLGHQW GDQV OHV YLUDJHV RX
HQ FDV GH FRXS GH IUHLQ EUXVTXH
HWF
. 2EVHUYH] WRXMRXUV OD SOXV JUDQGH
SUXGHQFH SHQGDQW OD FRQGXLWH QH
VR\H] SDV WURS FRQILDQW GX IDLW
TXH YRXV FRQGXLVH] XQ YpKLFXOH
j WUDFWLRQ LQWpJUDOH FDU LO SRXUUDLW
HQ UpVXOWHU XQ JUDYH DFFLGHQW
. /RUV GX UHPSODFHPHQW RX GH
O¶LQVWDOODWLRQ GH SQHX V OHV TXD
WUH SQHXV GRLYHQW rWUH OHV PrPHV
SRXU OHV pOpPHQWV VXLYDQWV
D 7DLOOH
E &LUFRQIpUHQFH
F 6\PEROH GH YLWHVVH
G ,QGLFH GH FKDUJH
H 6WUXFWXUH
I )DEULFDQW
J 0DUTXH PRWLI GH EDQGH GH
URXOHPHQW
K 'HJUp G¶XVXUH
3RXU OHV pOpPHQWV GH D j G YRXV GHYH] VXLYUH OHV VSpFLILFD
WLRQV VXU O¶pWLTXHWWH GHV SQHXV
&HWWH pWLTXHWWH HVW DSSRVpH DX
EDV GX PRQWDQW GH OD SRUWLqUH GX
F{Wp FRQGXFWHXU
6L OHV TXDWUH SQHXV QH VRQW SDV
OHV PrPHV SRXU OHV pOpPHQWV GH
D j K LO HVW SRVVLEOH TXH FHOD
HQGRPPDJH JUDYHPHQW OH WUDLQ
GH URXOHPHQW GH YRWUH YpKLFXOH
HW DIIHFWH OHV pOpPHQWV VXLYDQWV
± &RQGXLWH
± 0DQLSXODWLRQ
± )UHLQDJH
± ([DFWLWXGH GH O¶LQGLFDWHXU GH
YLWHVVHGX FRPSWHXU WRWDOLVD
WHXU
± 'pJDJHPHQW HQWUH OHV URXHV HW
OD FDUURVVHULH
&HFL SHXW rWUH DXVVL WUqV GDQJH
UHX[ HW IDLUH SHUGUH OH FRQWU{OH GX
YpKLFXOH DYHF OH ULVTXH G¶DFFL
GHQW TXL V¶HQVXLW
± 68,7( ±
&RQVHLOV GH FRQGXLWH&RQVHLOV GH FRQGXLWH SRXU OHV PRGqOHV j WUDFWLRQ LQWpJUDOH $:'
$77(17,21
6L YRXV YRXV WURXYH] GDQV O¶REOLJD
WLRQ G¶XWLOLVHU XQH URXH GH VHFRXUV
GH W\SH SURYLVRLUH VXLWH j XQH FUH
YDLVRQ XWLOLVH] OD URXH GH VHFRXUV
GH W\SH SURYLVRLUH IRXUQLH DYHF OH
YpKLFXOH 7RXWH DXWUH WDLOOH GH URXH
SRXUUDLW HQGRPPDJHU JUDYHPHQW OH
WUDLQ GH URXOHPHQW GH YRWUH YpKLFXOH
/D WUDFWLRQ LQWpJUDOH UpSDUWLW OD IRUFH PR
WULFH HQWUH OHV TXDWUH URXHV GX YpKLFXOH
/HV PRGqOHV $:' SUpVHQWHQW XQH PHLO
OHXUH WUDFWLRQ SRXU OD FRQGXLWH VXU URXWH
JOLVVDQWH PRXLOOpH RX YHUJODFpH HW SRXU
GpJDJHU OH YpKLFXOH HQOLVp GDQV OD ERXH RX
OH VDEOH (Q UpSDUWLVVDQW GH PDQLqUH
RSWLPDOH OD IRUFH PRWULFH HQWUH OHV URXHV
DYDQW HW DUULqUH OH YpKLFXOH 68%$58
$:' DVVXUH DXVVL XQH PHLOOHXUH WUDFWLRQ
VXU URXWHV VqFKHV SHQGDQW O¶DFFpOpUDWLRQ
HW OH IUHLQDJH HW HQ YLUDJH DLQVL TXH SRXU
PRQWHU HW GHVFHQGUH OHV F{WHV HW XQ
PHLOOHXU HIIHW GH IUHLQ PRWHXU SHQGDQW OD
GpFpOpUDWLRQ
9RWUH YpKLFXOH 68%$58 $:' VH
FRPSRUWH GRQF GLIIpUHPPHQW G¶XQ YpKL
FXOH j GHX[ URXHV PRWULFHV GDQV FHUWDLQHV
FLUFRQVWDQFHV HW LO SUpVHQWH OHV DYDQWDJHV
VSpFLILTXHV j $:' 3RXU OD VpFXULWp HW
SRXU pYLWHU G¶HQGRPPDJHU OH V\VWqPH
$:' LO YRXV IDXW REVHUYHU FHUWDLQHV
SUpFDXWLRQV
. 8Q PRGqOH $:' D SOXV GH IDFLOLWp TX¶XQ
YpKLFXOH j GHX[ URXHV PRWULFHV SRXU JUDYLU
OHV URXWHV SHQWXHV JOLVVDQWHV RX HQQHL
JpHV &HSHQGDQW RQ QRWH SHX GH GLIIp
UHQFH GH FRPSRUWHPHQW GDQV OHV YLUDJHV
WUqV VHUUpV HW HQ FDV GH IUHLQDJH EUXVTXH
'DQV OHV GHVFHQWHV HW DYDQW OHV YLUDJHV
UDOHQWLVVH] HW YHLOOH] j JDUGHU XQH GLVWDQFH
VXIILVDQWH SDU UDSSRUW DX[ DXWUHV YpKLFX
OHV
. 9pULILH] WRXMRXUV OD SUHVVLRQ GH JRQ
IODJH GHV SQHXV j IURLG DYDQW GH SUHQGUH OD
URXWH /D SUHVVLRQ GH JRQIODJH UHFRP
PDQGpH HVW LQGLTXpH VXU OD SODTXH VLJQD
OpWLTXH GHV SQHXPDWLTXHV VLWXpH DXGHV
VRXV GH OD VHUUXUH GH OD SRUWLqUH GX F{Wp GX
FRQGXFWHXU
. /RUVTX¶XQ YpKLFXOH $:' HVW XWLOLVp
IUpTXHPPHQW GDQV GHV FRQGLWLRQV GH
FRQGXLWH GLIILFLOHV WHOOHV TXH F{WHV HVFDU
SpHV RX URXWHV SRXVVLpUHXVHV OHV pOp
PHQWV VXLYDQWV GRLYHQW rWUH UHPSODFpV
SOXV VRXYHQW TX¶DX[ LQWHUYDOOHV LQGLTXpV
GDQV OH ³/LYUHW GH *DUDQWLH HW G¶(QWUHWLHQ´
± +XLOH PRWHXU
± /LTXLGH GH IUHLQ
± +XLOH GX GLIIpUHQWLHO DUULqUH
± +XLOH GH ERvWH GH YLWHVVHV PDQXHOOH
PRGqOHV %0
± /LTXLGH GH WUDQVPLVVLRQ j YDULDWLRQ
FRQWLQXH PRGqOHV &97
± +XLOH GX GLIIpUHQWLHO DYDQW PRGqOHV
&97
. (Q RXWUH OH UHPRUTXDJH GH FH W\SH GH
YpKLFXOH QpFHVVLWH O¶REVHUYDWLRQ G¶XQ FHU
WDLQ QRPEUH GH SUpFDXWLRQV SDUWLFXOLqUHV
3RXU GH SOXV DPSOHV LQIRUPDWLRQV UHSRU
WH]YRXV j ³5HPRUTXDJH´ )
&RQVHLOV GH FRQGXLWH3UpFDXWLRQV GH FRQGXLWH
3UpFDXWLRQV GH FRQGXLWH
&RQGXLWH HQ KLYHU
/D SpQpWUDWLRQ G¶HDX SDU OD SULVH G¶DLU GX
PRWHXU RX SDU OH WX\DX G¶pFKDSSHPHQW HW
OHV pFODERXVVXUHV VXU OHV RUJDQHV pOHF
WULTXHV ULVTXHUDLHQW G¶HQGRPPDJHU YRWUH
YpKLFXOH HW GH IDLUH FDOHU OH PRWHXU 1H
WHQWH] MDPDLV GH WUDYHUVHU XQ WRUUHQW DX
FRXUDQW UDSLGH PrPH V¶LO HVW SHX SURIRQG
OD YLWHVVH GX FRXUDQW SRXUUDLW PLQHU OH VRO
VRXV OHV URXHV DYHF ULVTXH GH SHUWH GH
WUDFWLRQ HW PrPH GH UHWRXUQHPHQW GX
YpKLFXOH
& 3UpFDXWLRQV j SUHQGUH SDU
WHPSV IURLG
7UDQVSRUWH] WRXMRXUV DYHF YRXV GX PDWp
ULHO GH VHFRXUV UDFOHWWH j YLWUHV VDF GH
VDEOH IXVpHV GH VLJQDOLVDWLRQ SHWLWH SHOOH
HW FkEOHV YRODQWV
&RQWU{OH] O¶pWDW GH OD EDWWHULH HW GH VHV
FkEOHV /H IURLG UpGXLW OD FDSDFLWp GH OD
EDWWHULH /D EDWWHULH GRLW rWUH HQ SDUIDLW pWDW
SRXU DVVXUHU OH GpPDUUDJH GX PRWHXU HQ
KLYHU
,O IDXW QRUPDOHPHQW SOXV GH WHPSV SRXU
GpPDUUHU OH PRWHXU GDQV GHV FRQGLWLRQV
FOLPDWLTXHV WUqV IURLGHV 8WLOLVH] XQH KXLOH
PRWHXU GH TXDOLWp HW YLVFRVLWp FRQYHQDQW j
OD VDLVRQ G¶KLYHU 8WLOLVHU XQH KXLOH G¶pWp
WUqV YLVTXHXVH UHQGUD OH PRWHXU SOXV
GLIILFLOH j GpPDUUHU
3URWpJH] OHV VHUUXUHV GH SRUWLqUH FRQWUH OH
JHO HQ \ SXOYpULVDQW XQ SURGXLW GpJLYUDQW
RX GH OD JO\FpULQH
/¶RXYHUWXUH HQ IRUFH G¶XQH SRUWLqUH JHOpH
ULVTXH G¶HQGRPPDJHU RX GH GpFROOHU OH
MRLQW G¶pWDQFKpLWp HQ FDRXWFKRXF GX SRXU
WRXU GH OD SRUWLqUH 6L XQH SRUWLqUH HVW
JHOpH IDLWHV IRQGUH OD JODFH j O¶HDX WLqGH
SXLV HVVX\H] VRLJQHXVHPHQW SRXU pOLPL
QHU O¶HDX
/H OLTXLGH GH ODYHJODFH XWLOLVp GRLW FRQWH
QLU GH O¶DQWLJHO 1¶HPSOR\H] SDV O¶DQWLJHO
SRXU PRWHXU RX XQ DXWUH SURGXLW GH
UHPSODFHPHQW FDU FHOD SRXUUDLW HQGRP
PDJHU OD SHLQWXUH GX YpKLFXOH
/H OLTXLGH GH ODYHJODFH 68%$58 FRQWLHQW
G¶DOFRRO PpWK\OLTXH HW G¶D
JHQW GH VXUIDFH SDU YROXPH /D WHPSpUD
WXUH GH FRQJpODWLRQ HVW LQGLTXpH GDQV OH
WDEOHDX FLDSUqV (OOH YDULH HQ IRQFWLRQ GX
GHJUp GH FRQFHQWUDWLRQ GH OD VROXWLRQ GDQV
O¶HDX
&RQFHQWUDWLRQ GH OD 7HPSpUDWXUH GH FRQJp
VROXWLRQ
ODWLRQ
í8& 8)
í8& í8)
í8& í8)
3RXU pYLWHU TXH OH OLTXLGH GH ODYHJODFH QH
JqOH DMXVWH] OD FRQFHQWUDWLRQ GX OLTXLGH HQ
IRQFWLRQ GH OD WHPSpUDWXUH H[WpULHXUH VXU
OD EDVH GHV LQGLFDWLRQV GX WDEOHDX FL
GHVVXV
/RUVTXH YRXV UHPSOLVVH] OH UpVHUYRLU DYHF
XQ OLTXLGH GH ODYHJODFH SOXV FRQFHQWUp
TXH FHOXL TXH YRXV XWLOLVLH] SUpFpGHP
PHQW SXUJH] O¶DQFLHQ OLTXLGH VXEVLVWDQW
GDQV OD FDQDOLVDWLRQ HQWUH OH UpVHUYRLU HW
OHV JLFOHXUV HQ IDLVDQW IRQFWLRQQHU OH ODYH
JODFH XQ FHUWDLQ WHPSV 'DQV OH FDV
± 68,7( ±
&RQVHLOV GH FRQGXLWH&RQGXLWH HQ KLYHU
FRQWUDLUH VL OH OLTXLGH VH WURXYDQW GDQV OD
FDQDOLVDWLRQ Q¶pWDLW SDV DVVH] FRQFHQWUp
SRXU OD WHPSpUDWXUH H[WpULHXUH LO ULVTXHUDLW
GH JHOHU HW GH ERXFKHU OHV JLFOHXUV
$77(17,21
. $MXVWH] OD FRQFHQWUDWLRQ GX OL
TXLGH GH ODYHJODFH HQ IRQFWLRQ
GH OD WHPSpUDWXUH H[WpULHXUH 6L OH
OLTXLGH Q¶HVW SDV DVVH] FRQFHQ
WUp LO ULVTXH G¶REVWUXHU OD YLVLRQ
HQ JHODQW FRQWUH OH SDUHEULVH HW
GH JHOHU GDQV OH UpVHUYRLU
. /HV UpJOHPHQWDWLRQV GHV eWDWV RX
ORFDOHV VXU OHV FRPSRVDQWV RUJD
QLTXHV YRODWLOHV SHXYHQW UHV
WUHLQGUH O¶XWLOLVDWLRQ GX PpWKDQRO
XQ DGGLWLI DQWLJHO FRXUDQW GH ODYH
JODFH GH SDUHEULVH 'HV ODYH
JODFHV FRQWHQDQW XQ DQWLJHO QRQ
PpWK\OLTXH QH GRLYHQW rWUH XWLOL
VpV TX¶XQLTXHPHQW V¶LOV SURFX
UHQW XQH SURWHFWLRQ SDU WHPSV
IURLG VDQV HQGRPPDJHU OD SHLQ
WXUH OHV EDODLV G¶HVVXLHJODFH HW
OH V\VWqPH GH ODYHJODFH
! $YDQW GH FRQGXLUH YRWUH YpKLFXOH
$YDQW GH YRXV LQVWDOOHU GDQV OH YpKLFXOH
HQOHYH] OD QHLJH HW OH JLYUH GH YRV
FKDXVVXUHV SRXU TXH YRV SLHGV QH JOLVVHQW
SDV VXU OHV SpGDOHV FH TXL SRXUUDLW rWUH
GDQJHUHX[
3HQGDQW OD PRQWpH HQ WHPSpUDWXUH GX
PRWHXU DYDQW GH SUHQGUH OD URXWH YpULILH]
OH ERQ IRQFWLRQQHPHQW GH OD SpGDOH G¶DF
FpOpUDWHXU GH OD SpGDOH GH IUHLQ HW GH
WRXWHV OHV DXWUHV FRPPDQGHV
(QOHYH] OD QHLJH HW OD JODFH DFFXPXOpHV
VRXV OHV DLOHV FDU HOOHV UHQGHQW OD PD
Q°XYUH GH OD GLUHFWLRQ GLIILFLOH 6L YRXV
URXOH] SDU PDXYDLV WHPSV HQ KLYHU DUUr
WH]YRXV SpULRGLTXHPHQW GDQV XQ HQGURLW
V€U SRXU GpJDJHU OHV ORJHPHQWV GH URXH
VRXV OHV DLOHV
! 6WDWLRQQHPHQW SDU WHPSV IURLG
'$1*(5
/D QHLJH SHXW rWUH GDQJHUHXVH VL HOOH
HPSrFKH OD GLVSHUVLRQ GHV JD] G¶p
FKDSSHPHQW /RUVTXH OH YpKLFXOH
HVW JDUp GDQV OD QHLJH DYHF OH
PRWHXU HQ PDUFKH YHLOOH] j FH TXH
OH WX\DX G¶pFKDSSHPHQW UHVWH OLEUH
GH QHLJH
$77(17,21
. 3DU WHPSV IURLG Q¶XWLOLVH] SDV OH
IUHLQ GH VWDWLRQQHPHQW SRXU OHV
DUUrWV GH ORQJXH GXUpH FDU LO
ULVTXH GH JHOHU HQ SRVLWLRQ VHU
UpH
. /RUVTXH OH YpKLFXOH HVW VWDWLRQQp
j GpFRXYHUW VRXV OD QHLJH UHOH
YH] OHV EDODLV G¶HVVXLHJODFH
SRXU pYLWHU TX¶LOV QH VRLHQW HQ
GRPPDJpV
. 6RXV O¶XQH GHV FRQGLWLRQV VXL
YDQWHV OD QHLJH SHXW V¶DFFXPXOHU
VXU OH V\VWqPH GH IUHLQDJH FH TXL
SRXUUDLW UpGXLUH O¶HIILFDFLWp GX
IUHLQDJH
± /RUVTXH OH YpKLFXOH HVW VWD
WLRQQp DSUqV DYRLU URXOp VXU
GHV URXWHV HQQHLJpHV
± /RUVTXH OH YpKLFXOH HVW VWD
WLRQQp ORUV G¶XQH WHPSrWH GH
QHLJH
(QOHYH] OHV GpS{WV GH QHLJH RX GH
JLYUH DX QLYHDX GH OD VXVSHQVLRQ
GHV IUHLQV j GLVTXHV HW GHV IOH[L
EOHV GH IUHLQ VRXV OH YpKLFXOH
eOLPLQH] OD QHLJH DYHF VRLQ SRXU
QH SDV ULVTXHU G¶HQGRPPDJHU OHV
IUHLQV j GLVTXHV OHV IOH[LEOHV GH
IUHLQ HW OHV ILOV pOHFWULTXHV GH
O¶$%6
&RQVHLOV GH FRQGXLWH&RQGXLWH HQ KLYHU
/RUV G¶XQ VWDWLRQQHPHQW SHQGDQW GH ORQ
JXHV SpULRGHV SDU WHPSV IURLG YRXV GHYH]
UHVSHFWHU OHV FRQVHLOV VXLYDQWV
3RXU OHV PRGqOHV %0 SODFH] OH OHYLHU
GH YLWHVVHV VXU OD SRVLWLRQ ³´ RX ³5´ 3RXU
OHV PRGqOHV &97 SODFH] OH OHYLHU VpOHF
WHXU HQ SRVLWLRQ ³3´
3ODFH] GHV FDOHV VRXV OHV URXHV SRXU
HPSrFKHU OH YpKLFXOH GH ERXJHU
! 5DYLWDLOOHPHQW HQ FDUEXUDQW SDU
WHPSV IURLG
3RXU pYLWHU OH JHO GH O¶HDX GH FRQGHQVDWLRQ
SUpVHQWH GDQV OH V\VWqPH G¶DOLPHQWDWLRQ
HQ FDUEXUDQW LO HVW UHFRPPDQGp G¶XWLOLVHU
SDU WHPSV IURLG XQ DGGLWLI DQWLJHO j LQWUR
GXLUH GDQV OH UpVHUYRLU GH FDUEXUDQW
1¶XWLOLVH] ULHQ G¶DXWUH TX¶XQ DGGLWLI VSpFLD
OHPHQW GHVWLQp j FHW XVDJH 3RXU SURORQ
JHU OHV HIIHWV GH O¶DGGLWLI DQWLJHO IDLWHV OH
SOHLQ VDQV DWWHQGUH GqV TXH OH QLYHDX GX
FDUEXUDQW HVW j PRLWLp YLGH
6L YRXV Q¶HQYLVDJH] SDV G¶XWLOLVHU YRWUH
68%$58 DYDQW ORQJWHPSV LO YDXW PLHX[ OD
JDUHU DYHF OH UpVHUYRLU GH FDUEXUDQW SOHLQ
& &RQGXLWH VXU URXWHV HQQHL
JpHV HW YHUJODFpHV
3RXU QH SDV SURYRTXHU GH GpUDSDJH RX GH
SDWLQDJH pYLWH] OHV IUHLQDJHV EUXVTXHV
OHV DFFpOpUDWLRQV VRXGDLQHV OD FRQGXLWH j
JUDQGH YLWHVVH HW OHV FRXSV GH YRODQW
EUXVTXHV ORUV GH FRQGXLWH VXU URXWHV
HQQHLJpHV RX YHUJODFpHV
0DLQWHQH] WRXMRXUV XQH GLVWDQFH DPSOH
PHQW VXIILVDQWH HQWUH YRWUH YpKLFXOH HW
FHOXL TXL YRXV SUpFqGH SRXU QH SDV DYRLU j
IUHLQHU EUXVTXHPHQW
)DFLOLWH] OH WUDYDLO GH IUHLQDJH DX SLHG HQ
YRXV VHUYDQW HIILFDFHPHQW GX IUHLQDJH
PRWHXU SRXU FRQWU{OHU OD YLWHVVH GX YpKL
FXOH 3DVVH] j XQ UDSSRUW LQIpULHXU
ORUVTXH FHOD HVW QpFHVVDLUH
eYLWH] GH UpWURJUDGHU EUXWDOHPHQW 9RXV
ULVTXHULH] GH EORTXHU OHV URXHV HW G¶HQ
WUDvQHU OD SHUWH GH FRQWU{OH GX YpKLFXOH
/H V\VWqPH GH IUHLQV DQWLEORFDJH $%6
DPpOLRUH OHV SHUIRUPDQFHV GH IUHLQDJH GH
YRWUH YpKLFXOH VXU URXWHV HQQHLJpHV RX
YHUJODFpHV 3RXU GHV LQIRUPDWLRQV UHODWL
YHV DX IUHLQDJH VXU VXUIDFHV JOLVVDQWHV
UHSRUWH]YRXV j ³$%6 V\VWqPH GH IUHLQV
DQWLEORFDJH ´ ) HW ³6\VWqPH GX
&RQWU{OH GH '\QDPLTXH GX 9pKLFXOH´
)
'$1*(5
1¶XWLOLVH] SDV OH UpJXODWHXU GH YL
WHVVH ORUVTXH OD URXWH HVW JOLVVDQWH
HQQHLJpH RX YHUJODFpH ,O SRXUUDLW HQ
UpVXOWHU XQH SHUWH GH FRQWU{OH GX
YpKLFXOH
$77(17,21
eYLWH] GH URXOHU ORQJWHPSV HQ FDV
GH WHPSrWH GH QHLJH /D QHLJH SpQp
WUDQW GDQV OH V\VWqPH G¶DGPLVVLRQ
GX PRWHXU ILQLUDLW SDU REVWUXHU OD
FLUFXODWLRQ GH O¶DLU FH TXL SRXUUDLW
HQWUDvQHU O¶DUUrW YRLUH OD SDQQH GX
PRWHXU
! )RQFWLRQQHPHQW GHV HVVXLHJODFHV
VRXV OD QHLJH
$YDQW GH SUHQGUH OD URXWH SDU WHPSV IURLG
YpULILH] TXH OHV FDRXWFKRXFV GHV EDODLV
G¶HVVXLHJODFH Q¶RQW SDV JHOp FRQWUH OH
SDUHEULVH RX OD OXQHWWH DUULqUH
6L OHV FDRXWFKRXFV GHV EDODLV G¶HVVXLH
JODFHV VRQW JHOpV FRQWUH OH SDUHEULVH
XWLOLVH] OH GpJLYUHXU HW PHWWH] OD WHPSpUD
WXUH HQ SRVLWLRQ GH FKDOHXU PD[LPXP
MXVTX¶j FH TXH OHV FDRXWFKRXFV GHV EDODLV
G¶HVVXLHJODFH VRLHQW FRPSOqWHPHQW Gp
JHOpV 5HSRUWH]YRXV j ³&OLPDWLVDWLRQ´
)
6L YRWUH YpKLFXOH HVW pTXLSp G¶XQ GpJLYUHXU
G¶HVVXLHJODFH XWLOLVH]OH &HOD DLGH j
GpFRQJHOHU OHV FDRXWFKRXFV GHV EDODLV
G¶HVVXLHJODFHV 5HSRUWH]YRXV j ³'pV
HPEXHXU HW GpJLYUHXU´ )
/RUVTXH YRXV FRQGXLVH] VXU OD QHLJH VL OD
QHLJH GXUFLH D WHQGDQFH j VH FROOHU VXU OH
± 68,7( ±
&RQVHLOV GH FRQGXLWH&RQGXLWH HQ KLYHU
SDUHEULVH PDOJUp OH EDOD\DJH GHV HVVXLH
JODFHV XWLOLVH] OH GpJLYUDJH HW OH UpJODJH
GH WHPSpUDWXUH VXU OD FKDOHXU PD[LPXP
/RUVTXH OD QHLJH FROOpH DX SDUHEULVH HVW
VXIILVDPPHQW UDPROOLH SDU OH UpFKDXIIDJH
XWLOLVH] OH ODYHJODFH SRXU O¶pOLPLQHU 5H
SRUWH]YRXV j ³/DYHJODFH GH SDUHEULVH´
)
/D QHLJH FROOpH DX[ EUDV GHV HVVXLH
JODFHV HPSrFKH OH ERQ IRQFWLRQQHPHQW
GHV HVVXLHJODFHV 6L OD QHLJH FROOH DX[
EUDV G¶HVVXLHJODFHV TXLWWH] OD URXWH SRXU
JDUHU OH YpKLFXOH GDQV XQ HQGURLW V€U HW
HQOHYH] FHWWH QHLJH 6L YRXV JDUH] OH
YpKLFXOH VXU OH ERUG GH OD URXWH DOOXPH]
OHV IHX[ GH GpWUHVVH SRXU DWWLUHU O¶DWWHQWLRQ
GHV DXWUHV FRQGXFWHXUV 5HSRUWH]YRXV j
³)HX[ GH GpWUHVVH´ )
1RXV UHFRPPDQGRQV O¶XVDJH GH EDODLV
G¶HVVXLHJODFH DQWLJHO EDODLV G¶KLYHU HQ
FDV GH QHLJH RX GH WHPSpUDWXUHV QpJDWL
YHV /HV EDODLV GH FH W\SH EDODLHQW SOXV
HIILFDFHPHQW OD YLWUH SDU WHPSV GH QHLJH
9HLOOH] j FH TXH OHV EDODLV TXH YRXV XWLOLVH]
VRLHQW G¶XQ PRGqOH DGDSWp j YRWUH YpKL
FXOH
$77(17,21
3HQGDQW OD FRQGXLWH j JUDQGH YL
WHVVH OHV EDODLV G¶HVVXLHJODFH DQWL
JHO QH VRQW SDV DXVVL HIILFDFHV TXH
OHV EDODLV G¶HVVXLHJODFH RUGLQDLUHV
6¶LOV QH VRQW SDV VXIILVDPPHQW HIIL
FDFHV UpGXLVH] OD YLWHVVH GX YpKL
FXOH
5(0$548(
(Q ILQ GH VDLVRQ KLYHUQDOH ORUVTX¶LO
Q¶HVW SOXV QpFHVVDLUH G¶DYRLU GHV EDODLV
G¶HVVXLHJODFH DQWLJHO UHPSODFH]OHV
SDU GHV EDODLV G¶HVVXLHJODFH RUGLQDL
UHV
& 3URWHFWLRQ FRQWUH OD FRUUR
VLRQ
5HSRUWH]YRXV j ³3URWHFWLRQ FRQWUH OD
FRUURVLRQ´ )
& 3QHXV QHLJH
'$1*(5
. /RUV GX UHPSODFHPHQW RX GH
O¶LQVWDOODWLRQ GH SQHX V G¶KLYHU
OHV TXDWUH SQHXV GRLYHQW rWUH OHV
PrPHV SRXU OHV pOpPHQWV VXL
YDQWV
D 7DLOOH
E &LUFRQIpUHQFH
F 6\PEROH GH YLWHVVH
G ,QGLFH GH FKDUJH
H 6WUXFWXUH
I )DEULFDQW
J 0DUTXH PRWLI GH EDQGH GH
URXOHPHQW
K 'HJUp G¶XVXUH
3RXU OHV pOpPHQWV GH D j G YRXV GHYH] VXLYUH OHV VSpFLILFD
WLRQV VXU O¶pWLTXHWWH GHV SQHXV
&HWWH pWLTXHWWH HVW DSSRVpH DX
EDV GX PRQWDQW GH OD SRUWLqUH GX
F{Wp FRQGXFWHXU
6L OHV TXDWUH SQHXV G¶KLYHU QH
VRQW SDV OHV PrPHV SRXU OHV
pOpPHQWV GH D j K LO HVW
SRVVLEOH TXH FHOD HQGRPPDJH
JUDYHPHQW OH WUDLQ GH URXOHPHQW
GH YRWUH YpKLFXOH HW DIIHFWH OHV
&RQVHLOV GH FRQGXLWH&RQGXLWH HQ KLYHU
pOpPHQWV VXLYDQWV
± &RQGXLWH
± 0DQLSXODWLRQ
± )UHLQDJH
± ([DFWLWXGH GH O¶LQGLFDWHXU GH
YLWHVVHGX FRPSWHXU WRWDOLVD
WHXU
± 'pJDJHPHQW HQWUH OHV URXHV HW
OD FDUURVVHULH
&HFL SHXW rWUH DXVVL WUqV GDQJH
UHX[ HW IDLUH SHUGUH OH FRQWU{OH GX
YpKLFXOH DYHF OH ULVTXH G¶DFFL
GHQW TXL V¶HQVXLW
. 1¶XWLOLVH] MDPDLV OD FRPELQDLVRQ
GH SQHXV UDGLDX[ HW GH SQHXV
FHLQWXUpV RX j FDUFDVVH FURLVp
FDU FHOD SRXUUDLW rWUH j O¶RULJLQH
G¶XQH GDQJHUHXVH WHQXH GH URXWH
HW SURYRTXHU XQ DFFLGHQW
9RWUH YpKLFXOH HVW pTXLSp GH ³SQHXV G¶pWp´
HQ WDQW TX¶pTXLSHPHQW GH EDVH TXL VRQW
LQDGDSWpV j OD FRQGXLWH VXU FKDXVVpH
JOLVVDQWH VXU URXWHV HQQHLJpHV RX YHU
JODFpHV SDU H[HPSOH
6L YRXV GpFLGH] GH FKDXVVHU GHV SQHXV
KLYHU VXU YRWUH YpKLFXOH YHLOOH] j FKRLVLU
GHV SQHXV GH WDLOOH HW GH W\SH DSSURSULpV
/HV TXDWUH SQHXV KLYHU GRLYHQW rWUH GH
PrPH WDLOOH GH PrPH W\SH GH PrPH
PDUTXH HW GH PrPH FODVVH GH FKDUJH 1H
PpODQJH] MDPDLV GHV SQHXV UDGLDX[ DYHF
GHV SQHXV FHLQWXUpV RX j FDUFDVVH FURLVpH
FDU LO SHXW HQ UpVXOWHU XQ FRPSRUWHPHQW
GDQJHUHX[ GX YpKLFXOH /RUVTXH YRXV
FKRLVLVVH] XQ SQHX YpULILH] TX¶LO UHVWH
VXIILVDPPHQW G¶HVSDFH HQWUH OH SQHX HW OD
FDUURVVHULH GX YpKLFXOH
3DU DLOOHXUV Q¶RXEOLH] MDPDLV TXH OD
SUXGHQFH HVW GH ULJXHXU TXHOV TXH VRLHQW
OH W\SH HW OD TXDOLWp GHV SQHXV PRQWpV VXU
YRWUH YpKLFXOH
& &KDvQHV DQWLGpUDSDQWHV
$77(17,21
(Q UDLVRQ G¶XQ PDQTXH G¶HVSDFH
HQWUH OHV SQHXV HW OD FDUURVVHULH GX
YpKLFXOH YRXV QH SRXYH] SDV XWLOL
VHU GH FKDvQHV DQWLGpUDSDQWHV VXU
YRWUH YpKLFXOH
WH GH OD WDLOOH GHV SQHXV HW GHV FRQGL
WLRQV URXWLqUHV 6XLYH] OHV LQVWUXFWLRQV
GX IDEULFDQW GX GLVSRVLWLI HQ SDUWLFXOLHU
FHOOHV FRQFHUQDQW OD YLWHVVH PD[LPDOH
GX YpKLFXOH
3RXU pYLWHU G¶HQGRPPDJHU YRWUH YpKL
FXOH FRQGXLVH] OHQWHPHQW UpDMXVWH]
RX UHWLUH] OH GLVSRVLWLI V¶LO HVW HQ FRQWDFW
DYHF YRWUH YpKLFXOH HW QH SDWLQH] SDV
OHV URXHV /HV GRPPDJHV FDXVpV j
YRWUH YpKLFXOH SDU O¶XWLOLVDWLRQ G¶XQ
GLVSRVLWLI GH WUDFWLRQ QH VRQW SDV
FRXYHUWV SDU OD JDUDQWLH
$VVXUH]YRXV TXH WRXW GLVSRVLWLI GH
WUDFWLRQ TXH YRXV XWLOLVH] HVW XQ GLV
SRVLWLI 6$( GH FODVVH 6 HW XWLOLVH]OH
XQLTXHPHQW VXU OHV URXHV DYDQW 6R\H]
WRXMRXUV WUqV SUXGHQW ORUV GH OD
FRQGXLWH DYHF XQ GLVSRVLWLI GH WUDFWLRQ
8Q H[FqV GH FRQILDQFH YHQDQW GH
O¶XWLOLVDWLRQ G¶XQ GLVSRVLWLI GH WUDFWLRQ
SRXUUDLW IDFLOHPHQW FRQGXLUH j XQ JUDYH
DFFLGHQW
5(0$548(
%LHQ TXH YRXV QH SXLVVLH] SDV XWLOLVHU
GHV FKDvQHV DQWLGpUDSDQWHV O¶XWLOLVD
WLRQ G¶XQ DXWUH W\SH GH GLVSRVLWLI GH
WUDFWLRQ FRPPH GHV FKDvQHV j UHV
VRUWV SHXW FRQYHQLU VL O¶XWLOLVDWLRQ VXU
YRWUH YpKLFXOH HVW UHFRPPDQGpH SDU OH
IDEULFDQW GX GLVSRVLWLI HQ WHQDQW FRPS
± 68,7( ±
&RQVHLOV GH FRQGXLWH&KDUJHPHQW GX YpKLFXOH
& %DODQFHPHQW GX YpKLFXOH
/RUVTXH SRXU SUHQGUH GH O¶pODQ HW VRUWLU
G¶XQH ]RQH GH VDEOH GH ERXH RX GH QHLJH
YRXV GHYH] EDODQFHU OH YpKLFXOH HQ DYDQW
HW HQ DUULqUH GpSODFH] OH OHYLHU GH FKDQ
JHPHQW GH YLWHVVHVOHYLHU VpOHFWHXU j
SOXVLHXUV UHSULVHV HQWUH OHV SRVLWLRQV ³´
³'´ HW ³5´ WRXW HQ DSSX\DQW OpJqUHPHQW VXU
OD SpGDOH G¶DFFpOpUDWHXU 1¶HPEDOOH] SDV
OH PRWHXU 6L OHV URXHV QH SDWLQHQW SDV OD
WUDFWLRQ HVW PHLOOHXUH HW YRXV GpJDJHUH] OH
YpKLFXOH SOXV IDFLOHPHQW
6XU XQH FKDXVVpH WUqV JOLVVDQWH YRXV
REWHQH] XQH PHLOOHXUH WUDFWLRQ HQ GpPDU
UDQW OH YpKLFXOH HQ qPH SOXW{W TX¶HQ qUH
PRGqOHV %0 HW &97 6L YRWUH YpKLFXOH HVW XQ PRGqOH &97 SRXU
REWHQLU GHV LQIRUPDWLRQV UHODWLYHV DX
PDLQWLHQ GH OD ERvWH GH YLWHVVHV HQ
qPH UHSRUWH]YRXV j ³6pOHFWLRQ GX
PRGH PDQXHO´ )
&KDUJHPHQW GX YpKLFXOH
'$1*(5
. 1H ODLVVH] MDPDLV YRV SDVVDJHUV
YR\DJHU VXU XQ VLqJH DUULqUH UH
SOLp RX GDQV OH FRIIUH &HFL HVW
GDQJHUHX[ HW SHXW HQWUDvQHU GH
JUDYHV EOHVVXUHV
. 1¶HPSLOH] MDPDLV GH EDJDJHV RX
G¶DXWUHV REMHWV SOXV KDXW TXH OH
GRVVLHU GX VLqJH FDU LOV SRXU
UDLHQW EDVFXOHU YHUV O¶DYDQW HW
EOHVVHU OHV SDVVDJHUV HQ FDV
G¶DUUrW EUXVTXH RX G¶DFFLGHQW
/HV EDJDJHV RX OH FKDUJHPHQW
GRLYHQW rWUH PDLQWHQXV j IDLEOH
KDXWHXU DXVVL SURFKH TXH SRV
VLEOH GX SODQFKHU
. 5DQJH] WRXW FKDUJHPHQW RX ED
JDJH GDQV OH FRIIUH GqV TXH
SRVVLEOH
. 3RXU HPSrFKHU OH FKDUJHPHQW RX
OHV EDJDJHV GH JOLVVHU HQ DYDQW
ORUV GX IUHLQDJH Q¶HPSLOH] ULHQ
GDQV OH FRIIUH pODUJL /HV EDJDJHV
HW OH FKDUJHPHQW GRLYHQW rWUH
SRVpV VXU OH SODQFKHU HQ OLPLWDQW
DX PD[LPXP OD KDXWHXU GH O¶HP
SLOHPHQW
. 'DQV OD PHVXUH GX SRVVLEOH
WRXWH FKDUJH WUDQVSRUWpH GDQV OH
YpKLFXOH GRLW rWUH DWWDFKpH SRXU
pYLWHU TX¶HOOH QH VRLW SURMHWpH
GDQV O¶KDELWDFOH GX YpKLFXOH GDQV
OHV YLUDJHV RX HQ FDV G¶DUUrW
EUXVTXH RX G¶DFFLGHQW
. 1¶DFFXPXOH] SDV GH FKDUJHV LP
SRUWDQWHV VXU OH WRLW &HOD UH
KDXVVH OH FHQWUH GH JUDYLWp GX
YpKLFXOH HW OH UHQG SOXV HQFOLQ j
VH UHQYHUVHU
. $WWDFKH] FRUUHFWHPHQW OHV REMHWV
GH IRUPH DOORQJpH SRXU pYLWHU
TX¶LOV QH VH WUDQVIRUPHQW HQ SUR
MHFWLOHV VXVFHSWLEOHV G¶LQIOLJHU GH
JUDYHV EOHVVXUHV HQ FDV G¶DUUrW
EUXVTXH
. 1H GpSDVVH] MDPDLV OD FKDUJH
&RQVHLOV GH FRQGXLWH&KDUJHPHQW GX YpKLFXOH
PD[LPDOH DGPLVVLEOH (Q FKDU
JHDQW WURS YRWUH YpKLFXOH YRXV
ULVTXH] G¶HQ FDVVHU FHUWDLQV RU
JDQHV HW G¶HQ PRGLILHU GDQJHUHX
VHPHQW OH FRPSRUWHPHQW ,O SRXU
UDLW HQ UpVXOWHU XQH SHUWH GH
FRQWU{OH GX YpKLFXOH DYHF WRXV
OHV ULVTXHV GH EOHVVXUHV TXH FHOD
FRPSRUWH (Q RXWUH VXUFKDUJHU
XQ YpKLFXOH QXLW j VD ORQJpYLWp
. 1H SODFH] SDV OH FKDUJHPHQW RX
OHV EDJDJHV GDQV RX VXU OHV
HQGURLWV VXLYDQWV FDU LOV SRXU
UDLHQW VH UHWURXYHU VRXV OD SpGDOH
G¶HPEUD\DJH GH IUHLQ RX G¶DFFp
OpUDWHXU HW HPSrFKHU OHXU SUHV
VLRQ EORTXHU OD YLVLRQ GX
FRQGXFWHXU RX HQWUHU HQ FROOL
VLRQ DYHF OH FRQGXFWHXU RX OHV
SDVVDJHUV HW DLQVL SURYRTXHU XQ
DFFLGHQW
± $X SLHG GX FRQGXFWHXU
± 6XU OHV VLqJHV GX SDVVDJHU
DYDQW RX DUULqUH VL YRXV HP
SLOH] GHV REMHWV
± 6XU OD WDEOHWWH DUULqUH
± 6XU OH SDQQHDX G¶LQVWUXPHQWV
± 6XU OH WDEOHDX GH ERUG
$77(17,21
1H WUDQVSRUWH] SDV GH SURGXLWV HQ
DWRPLVHXUV GH UpFLSLHQWV GH OLTXL
GHV LQIODPPDEOHV RX FRUURVLIV RX
G¶DXWUHV SURGXLWV GDQJHUHX[ j ERUG
GH YRWUH YpKLFXOH
5(0$548(
3RXU pFRQRPLVHU OH FDUEXUDQW QH
WUDQVSRUWH] SDV GH FKDUJHV LQXWLOHV
YRWUH YpKLFXOH HVW LQGLTXpH VXU OD SODTXH
GH YpKLFXOH DSSRVpH FRQWUH OH PRQWDQW GH
OD SRUWLqUH GX FRQGXFWHXU &HOD FRPSUHQG
OH SRLGV WRWDO GX FRQGXFWHXU HW GHV
SDVVDJHUV GH OHXUV HIIHWV SHUVRQQHOV GX
FKDUJHPHQW HW GH WRXV OHV pTXLSHPHQWV HQ
RSWLRQ WHOV TXH OD JDOHULH GH WRLW OH SRUWH
ELF\FOHWWHV HWF
& 3RLGV QRPLQDO EUXW GX YpKL
FXOH *9:5 HW SRLGV QRPLQDO
EUXW VXU O¶HVVLHX *$:5
& &KDUJH XWLOH GX YpKLFXOH
6FHDX GH FHUWLILFDWLRQ
3ODTXH GX YpKLFXOH
/D FKDUJH DGPLVVLEOH GH YRWUH YpKLFXOH HVW
GpWHUPLQpH SDU OH SRLGV HW QRQ SDV SDU
O¶HVSDFH GLVSRQLEOH /D FKDUJH PD[LPXP
TXH YRXV SRXYH] WUDQVSRUWHU j ERUG GH
/H VFHDX GH FHUWLILFDWLRQ DSSRVp FRQWUH OH
PRQWDQW GH OD SRUWLqUH GX FRQGXFWHXU
LQGLTXH OH SRLGV QRPLQDO EUXW GX YpKLFXOH
*9:5 HW SRLGV QRPLQDO EUXW VXU O¶HVVLHX
*$:5 ± 68,7( ±
&RQVHLOV GH FRQGXLWH&KDUJHPHQW GX YpKLFXOH
/H SRLGV WRWDO HQ FKDUJH *9: QH GRLW
MDPDLV H[FpGHU OH *9:5 /H *9: HVW OH
WRWDO GX SRLGV GX YpKLFXOH GX FDUEXUDQW
GX FRQGXFWHXU GH WRXV OHV SDVVDJHUV GHV
EDJDJHV HW GHV pTXLSHPHQWV HQ RSWLRQ /H
*9: YDULH GRQF HQ IRQFWLRQ GHV FLUFRQV
WDQFHV /H 31%9 HVW pJDO DX SRLGV j YLGH
SRLGV UpHO GX YpKLFXOH \ FRPSULV
O¶pTXLSHPHQW VWDQGDUG OHV OLTXLGHV OHV
RXWLOV GH VHFRXUV HW O¶HQVHPEOH GH OD URXH
GH VHFRXUV SOXV OD FDSDFLWp GH SRLGV GX
YpKLFXOH
3DU DLOOHXUV OH SRLGV WRWDO VXSSRUWp SDU
FKDTXH HVVLHX *$: QH GRLW MDPDLV
H[FpGHU OH *$:5 9RXV SRXYH] UpSDUWLU
OH SRLGV UHSRVDQW VXU OHV HVVLHX[ DYDQW HW
DUULqUH HQ UpSDUWLVVDQW OHV EDJDJHV j
O¶LQWpULHXU GX YpKLFXOH
0rPH VL OH SRLGV WRWDO GH EDJDJHV QH IDLW
SDV GpSDVVHU OD FKDUJH XWLOH GX YpKLFXOH
OH SRLGV UHSRVDQW VXU O¶HVVLHX DYDQW RX
DUULqUH SHXW rWUH VXSpULHXU DX *$:5 VL OHV
EDJDJHV VRQW PDO UpSDUWLV
'DQV OD PHVXUH GX SRVVLEOH OD FKDUJH GRLW
rWUH UpSDUWLH pJDOHPHQW VXU O¶HQVHPEOH GX
YpKLFXOH
6L YRXV WUDQVSRUWH] GH ORXUGHV FKDUJHV
GDQV YRWUH YpKLFXOH YRXV GHYH] SHVHU
YRWUH YpKLFXOH VXU OD EDVFXOH G¶XQH VWDWLRQ
GH SHVDJH FRPPHUFLDOH SRXU YpULILHU TXH
YRXV QH GpSDVVH] QL OH *9:5 VXU OHV
HVVLHX[ DYDQW HW DUULqUH QL OH *$:5
1H UHPSODFH] SDV OHV SQHXV GX YpKLFXOH
SDU G¶DXWUHV G¶XQH FDSDFLWp GH FKDUJH
LQIpULHXUH DX[ SQHXV G¶RULJLQH FDU FHOD
DEDLVVHUDLW OHV YDOHXUV OLPLWHV GH *9:5 HW
GH *$:5 3DU FRQWUH PRQWHU GHV SQHXV
G¶XQH FDSDFLWp GH FKDUJH VXSpULHXUH DX[
SQHXV G¶RULJLQH Q¶D SDV SRXU HIIHW G¶DF
FURvWUH OHV YDOHXUV OLPLWHV GH *9:5 HW GH
*$:5
& 0RXOXUH GH WRLW HW EDUUH GH WRLW
VHORQ PRGqOHV
HW XQ V\VWqPH G¶DWWDFKH DSSUR
SULp 6LQRQ LO SRXUUDLW HQ UpVXOWHU
GHV GpJkWV DX WRLW RX j OD SHLQWXUH
RX XQH VLWXDWLRQ GDQJHUHXVH VXU
OD URXWH HQ UDLVRQ GH OD SHUWH GX
FKDUJHPHQW
. /RUVTXH YRXV XWLOLVH] OH NLW GH
EDUUHV GH WRLW DVVXUH]YRXV TXH
OH SRLGV WRWDO GHV EDUUHV GH WRLW
GX V\VWqPH G¶DWWDFKH HW GX FKDU
JHPHQW QH GpSDVVH SDV OD FKDUJH
PD[LPDOH DGPLVVLEOH 8QH VXU
FKDUJH SHXW HQGRPPDJHU OH Yp
KLFXOH HW SURYRTXHU XQ ULVTXH
G¶DFFLGHQW
/H FKDUJHPHQW SHXW rWUH WUDQVSRUWp DSUqV
DYRLU IL[p OH NLW GH EDUUHV GH WRLW j OD
PRXOXUH GX WRLW HW LQVWDOOp OH V\VWqPH
G¶DWWDFKH DSSURSULp /RUV GH O¶LQVWDOODWLRQ
GX NLW GH EDUUHV GH WRLW VXLYH] OHV
LQVWUXFWLRQV GX IDEULFDQW
$77(17,21
. 3RXU OH WUDQVSRUW GH FKDUJHPHQW
OD PRXOXUH GX WRLW GRLW rWUH XWLOL
VpH DYHF XQ NLW GH EDUUHV GH WRLW
/RUVTXH YRXV WUDQVSRUWH] XQ FKDUJHPHQW
VXU OH WRLW HQ XWLOLVDQW OH NLW GH EDUUHV GH WRLW
HW XQ V\VWqPH G¶DWWDFKHV QH GpSDVVH]
MDPDLV OD FKDUJH PD[LPDOH DGPLVVLEOH
FRPPH H[SOLTXp FLGHVVRXV 9RXV GHYH]
pJDOHPHQW YHLOOHU j FH TXH OH YpKLFXOH QH
GpSDVVH SDV OH SRLGV QRPLQDO EUXW GX
YpKLFXOH *9:5 HW OH SRLGV QRPLQDO EUXW
VXU O¶HVVLHX DYDQW HW DUULqUH *$:5 3RXU
SOXV G¶LQIRUPDWLRQV VXU OH FKDUJHPHQW RX
&RQVHLOV GH FRQGXLWH7UDFWLRQ GH UHPRUTXH
OH GpFKDUJHPHQW VXU YRWUH YpKLFXOH UH
SRUWH]YRXV j ³&KDUJHPHQW GX YpKLFXOH´
) /D FKDUJH WRWDOH PD[LPDOH VXU OH
WRLW \ FRPSULV OHV EDUUHV GH WRLW OH
V\VWqPH G¶DWWDFKH HW OH FKDUJHPHQW QH
GRLW SDV GpSDVVHU NJ OEV 5HSRU
WH]YRXV DX[ LQVWUXFWLRQV G¶LQVWDOODWLRQ GH
OD EDUUH GH WRLW SRXU FRQQDvWUH VD FDSDFLWp
PD[LPDOH 3ODFH] OD FKDUJH OD SOXV ORXUGH
HQ EDV SUqV GX WRLW HW GLVWULEXH] XQLIRU
PpPHQW OH FKDUJHPHQW ,PPRELOLVH] WRX
MRXUV FRUUHFWHPHQW OH FKDUJHPHQW
! ,QVWDOODWLRQ GHV V\VWqPHV G¶DWWD
FKHV VXU OHV EDUUHV GH WRLW
/RUV GH O¶LQVWDOODWLRQ GH V\VWqPHV G¶DWWD
FKHV FRPPH GHV SRUWHVFKDUJHV GHV
EDUUHV GH WRLW XQ SRUWHYpORV XQ SRUWH
VNL XQ SRUWHND\DN XQ SDQLHU GH FKDUJH
PHQW HWF VXLYH] OHV LQVWUXFWLRQV GX
IDEULFDQW VXU OD FDSDFLWp GH FKDUJHPHQW
HW DVVXUH]YRXV TXH OHV V\VWqPHV G¶DWWD
FKH VRQW VROLGHPHQW LQVWDOOpV 1¶XWLOLVH]
TXH GHV V\VWqPHV G¶DWWDFKHV VSpFLDOH
PHQW FRQoXV SRXU OHV EDUUHV GH WRLW $YDQW
GH FRQGXLUH OH YpKLFXOH DVVXUH]YRXV TXH
OH FKDUJHPHQW HVW FRUUHFWHPHQW IL[p VXU OH
V\VWqPH G¶DWWDFKH
5(0$548(
5DSSHOH]YRXV TXH OH FHQWUH GH JUDYLWp
GX YpKLFXOH HVW PRGLILp SDU OH SRLGV GH
OD FKDUJH VXU OH WRLW DIIHFWDQW DLQVL OHV
FDUDFWpULVWLTXHV GH FRQGXLWH
&RQGXLVH] SUXGHPPHQW eYLWH] OHV Gp
PDUUDJHV UDSLGHV OHV YLUDJHV VHUUpV HW
OHV DUUrWV EUXVTXHV /HV HIIHWV GH YHQW
GH WUDYHUV VRQW pJDOHPHQW DXJPHQWpV
! 'pSRVH HW LQVWDOODWLRQ GHV EDUUHV GH
WRLW
&KDFXQH GHV GHX[ PRXOXUHV GH WRLW
SRVVqGH GHX[ SRLQWV GH PRQWDJH SRXU
OHV EDUUHV GH WRLW &KDTXH SRLQW GH
PRQWDJH HVW pTXLSp G¶XQ FRXYHUFOH 8WLOL
VH] XQ WRXUQHYLV SRXU HQOHYHU OH FRXYHU
FOH /RUV GH O¶LQVWDOODWLRQ GHV EDUUHV GH WRLW
VXU OD PRXOXUH GH WRLW VXLYH] OHV LQVWUXF
WLRQV GX IDEULFDQW
7UDFWLRQ GH UHPRUTXH
$77(17,21
9RWUH YpKLFXOH Q¶HVW QL FRQoX QL
GHVWLQp j rWUH XWLOLVp SRXU OH UHPRU
TXDJH 3DU FRQVpTXHQW QH YRXV
VHUYH] MDPDLV GH YRWUH YpKLFXOH SRXU
WUDFWHU XQH UHPRUTXH
68%$58 GpFOLQH WRXWH UHVSRQVDELOLWp
TXDQW DX[ EOHVVXUHV HW j O¶HQGRPPDJH
PHQW GX YpKLFXOH SRXYDQW UpVXOWHU GX
UHPRUTXDJH GX PDWpULHO GH WUDFWLRQ GH
UHPRUTXH RX UpVXOWDQW G¶HUUHXUV RX G¶R
PLVVLRQV GDQV OHV FRQVLJQHV DFFRPSD
JQDQW FHW pTXLSHPHQW /HV JDUDQWLHV GH
68%$58 QH V¶DSSOLTXHQW SDV HQ FDV GH
GpJkW DX YpKLFXOH RX GH G\VIRQFWLRQQH
PHQW FDXVp SDU OD WUDFWLRQ G¶XQH UH
PRUTXH
²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²
²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²
²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²
²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²
²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²
²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²
²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²
²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²
²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²
²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²
²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²
²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²
²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²
(Q FDV G¶XUJHQFH
3RXU JDUHU OH YpKLFXOH HQ FDV G¶XUJHQFH 5RXH GH VHFRXUV GH W\SH SURYLVRLUH VHORQ
PRGqOHV 2XWLOV G¶HQWUHWLHQ &UHYDLVRQV 5HPSODFHPHQW G¶XQ SQHX FUHYp 6\VWqPH GH VXUYHLOODQFH GH OD SUHVVLRQ GHV
SQHXV 7306 PRGqOHV VSpFLILFDWLRQ GHV
eWDWV8QLV 'pPDUUDJH j O¶DLGH GH FkEOHV YRODQWV 0pWKRGH GH GpPDUUDJH DYHF GHV FkEOHV YRODQWV 6XUFKDXIIH GX PRWHXU 6L GH OD YDSHXU VH GpJDJH GX FRPSDUWLPHQW
PRWHXU (Q O¶DEVHQFH G¶XQ GpJDJHPHQW GH YDSHXU SDU OH
FRPSDUWLPHQW PRWHXU 5HPRUTXDJH &URFKHWVWURXV GH UHPRUTXDJH HW G¶DUULPDJH 6XU XQ FDPLRQ j SODWHIRUPH 5HPRUTXDJH DYHF OHV TXDWUH URXHV DX VRO )UHLQ GH VWDWLRQQHPHQW pOHFWURQLTXH VL OH
IUHLQ GH VWDWLRQQHPHQW pOHFWURQLTXH QH SHXW
SDV rWUH UHOkFKp PRGqOHV DYHF V\VWqPH GH
IUHLQ GH VWDWLRQQHPHQW pOHFWURQLTXH 3RUWHFOp G¶DFFqV ± VL OH SRUWHFOpV G¶DFFqV QH
IRQFWLRQQH SDV FRUUHFWHPHQW 9HUURXLOODJH HW GpYHUURXLOODJH &KDQJHPHQW GH O¶pWDW G¶DOLPHQWDWLRQ 'pPDUUDJH GX PRWHXU 7RLW RXYUDQW RSDTXH VHORQ PRGqOHV ± VL OH
WRLW RXYUDQW RSDTXH QH VH IHUPH SDV 6L YRWUH YpKLFXOH HVW LPSOLTXp GDQV XQ
DFFLGHQW (Q FDV G¶XUJHQFH3RXU JDUHU OH YpKLFXOH HQ FDV G¶XUJHQFH
3RXU JDUHU OH YpKLFXOH HQ FDV
G¶XUJHQFH
5(0$548(
/HV FOLJQRWDQWV GH GLUHFWLRQ QH IRQF
WLRQQHQW SDV ORUVTXH OHV IHX[ GH Gp
WUHVVH VRQW DFWLYpV
5RXH GH VHFRXUV GH W\SH
SURYLVRLUH VHORQ PRGqOHV
'$1*(5
8WLOLVH] OHV IHX[ GH GpWUHVVH GH MRXU
FRPPH GH QXLW SRXU VLJQDOHU DX[ DXWUHV
FRQGXFWHXUV TXH YRXV rWHV FRQWUDLQW GH
VWDWLRQQHU YRWUH YpKLFXOH HQ UDLVRQ G¶XQH
VLWXDWLRQ G¶XUJHQFH
eYLWH] GH YRXV DUUrWHU VXU OD URXWH 'DQV OD
PHVXUH GX SRVVLEOH JDUH] OH YpKLFXOH
GDQV XQ HQGURLW V€U
9RXV SRXYH] DFWLYHU OHV IHX[ GH GpWUHVVH
LQGpSHQGDPPHQW GH OD SRVLWLRQ GX FRQWDF
WHXU G¶DOOXPDJH
3RXU DOOXPHU OHV IHX[ GH GpWUHVVH DS
SX\H] VXU OH FRPPXWDWHXU GHV IHX[ GH
GpWUHVVH 3RXU OHV pWHLQGUH DSSX\H] GH
QRXYHDX VXU OH FRPPXWDWHXU
/RUVTX¶XQH URXH GH VHFRXUV HVW
PRQWpH RX TXH OD MDQWH GH SQHX HVW
UHPSODFpH VDQV WUDQVIpUHU OH FDS
WHXUWUDQVPHWWHXU GH SUHVVLRQ G¶RUL
JLQH OH WpPRLQ DYHUWLVVHXU GH SUHV
VLRQ GH JRQIODJH EDVVH GHV SQHXV
V¶DOOXPH HQ FRQWLQX DSUqV DYRLU
FOLJQRWp SHQGDQW HQYLURQ XQH PL
QXWH &HOD LQGLTXH TXH OH V\VWqPH GH
VXUYHLOODQFH GH SUHVVLRQ GHV SQHXV
7306 Q¶HVW SDV FDSDEOH GH VXU
YHLOOHU OHV TXDWUH URXHV &RQWDFWH]
XQ FRQFHVVLRQQDLUH 68%$58 GqV
TXH SRVVLEOH SRXU IDLUH UHPSODFHU
OD URXH HW OH FDSWHXU HWRX UpLQLWLDOL
VHU OH V\VWqPH
$77(17,21
. 1¶XWLOLVH] SDV GH URXH GH VHFRXUV
WHPSRUDLUH G¶XQH WDLOOH DXWUH TXH
OD URXH GH VHFRXUV G¶RULJLQH
IRXUQLH DYHF OH YpKLFXOH 7RXWH
DXWUH WDLOOH GH URXH SRXUUDLW HQ
GRPPDJHU JUDYHPHQW OH WUDLQ GH
URXOHPHQW GH YRWUH YpKLFXOH
(Q FDV G¶XUJHQFH5RXH GH VHFRXUV GH W\SH SURYLVRLUH
. 6XLYH] WRXMRXUV OHV LQVWUXFWLRQV
VXLYDQWHV ORUVTXH YRXV XWLOLVH] OD
URXH GH VHFRXUV GH W\SH SURYL
VRLUH $XWUHPHQW XQH VLWXDWLRQ
WUqV GDQJHUHXVH SHXW VXUYHQLU
/D URXH GH VHFRXUV WHPSRUDLUH HVW SOXV
SHWLWH HW SOXV OpJqUH TX¶XQH URXH RUGLQDLUH
HW Q¶HVW FRQoXH TXH SRXU XQ XVDJH
G¶XUJHQFH 5HPSODFH] OD URXH GH VHFRXUV
SURYLVRLUH SDU XQH URXH QRUPDOH OH SOXV W{W
SRVVLEOH FDU FHWWH URXH GH VHFRXUV Q¶HVW
SUpYXH TXH SRXU GHV GpSDQQDJHV SURYL
VRLUHV
UDLUH 'X IDLW TXH FHWWH URXH HVW SOXV SHWLWH
TX¶XQH URXH QRUPDOH OHV FKDvQHV VHUDLHQW
PDO DMXVWpHV
. 1¶XWLOLVH] MDPDLV GHX[ URXHV GH VH
FRXUV WHPSRUDLUHV RX SOXV HQ PrPH
WHPSV
. 1¶HVVD\H] SDV GH IUDQFKLU GHV REVWD
FOHV /D JDUGH DX VRO GX YpKLFXOH VH WURXYH
UpGXLWH GX IDLW GH OD SOXV SHWLWH WDLOOH GH OD
URXH GH VHFRXUV
3RXU TXH OD URXH GH VHFRXUV VRLW WRXMRXUV
SUrWH j VHUYLU YpULILH]HQ SpULRGLTXHPHQW
OD SUHVVLRQ GH JRQIODJH 3RXU VDYRLU OD
ERQQH SUHVVLRQ GHV SQHXV UHSRUWH]YRXV
j ³5RXH GH VHFRXUV GH W\SH SURYLVRLUH´
)
/RUVTXH YRXV URXOH] DYHF OD URXH GH
VHFRXUV WHPSRUDLUH
. &RQGXLVH] SUXGHPPHQW ORUVTXH OD
URXH GH VHFRXUV GH W\SH SURYLVRLUH HVW
PRQWpH eYLWH] OHV DFFpOpUDWLRQV HW IUHLQD
JHV EUXVTXHV RX OHV YLUDJHV j KDXWH
YLWHVVH FDU FHOD SRXUUDLW YRXV IDLUH SHUGUH
OH FRQWU{OH GX YpKLFXOH
. 1H GpSDVVH] SDV NPK PSK . 1H PRQWH] MDPDLV GHV FKDvQHV DQWL
GpUDSDQWHV VXU OD URXH GH VHFRXUV WHPSR
%DUUH G¶LQGLFDWHXU G¶XVXUH GH EDQGH GH
URXOHPHQW
0DUTXH LQGLTXDQW O¶HPSODFHPHQW GH O¶LQ
GLFDWHXU
. 5HPSODFH] OH SQHX ORUVTXH O¶LQGLFDWHXU
G¶XVXUH GHYLHQW YLVLEOH VXU OD EDQGH GH
URXOHPHQW
. /D URXH GH VHFRXUV WHPSRUDLUH QH GRLW
V¶XWLOLVHU TX¶j OD SODFH G¶XQH URXH DUULqUH
(Q FDV GH FUHYDLVRQ G¶XQH URXH DYDQW
UHPSODFH] OD URXH DYDQW FUHYpH SDU XQH
GHV URXHV DUULqUH HW LQVWDOOH] OD URXH GH
VHFRXUV WHPSRUDLUH j O¶DUULqUH
. 5pJOH] WRXMRXUV OH GLIIpUHQWLHO FHQWUDO
GH FRQWU{OH GX FRQGXFWHXU VXU OH PRGH
PDQXHO HW UpJOH] OH FRXSOH /6' LQLWLDO DX
PLQLPXP
(Q FDV G¶XUJHQFH2XWLOV G¶HQWUHWLHQ
2XWLOV G¶HQWUHWLHQ
/H YpKLFXOH HVW OLYUp DYHF OHV RXWLOV
G¶HQWUHWLHQ VXLYDQWV
.
.
.
.
.
&ULF
0DQLYHOOH GH FULF
7RXUQHYLV
&URFKHW GH UHPRUTXDJH YLV j °LO
&Op j pFURXV GH URXH
0DQLYHOOH GH FULF
(VSDFH GH UDQJHPHQW VRXV SODQFKHU
VHORQ PRGqOHV 5HSRUWH]YRXV j ³(V
SDFH GH UDQJHPHQW VRXV SODQFKHU´ )
%DF j RXWLOV
5RXH GH VHFRXUV
&Op j pFURXV GH URXH
7RXUQHYLV
&ULF
&URFKHW GH UHPRUTXDJH YLV j °LO
8QH PDQLYHOOH GH FULF HVW UDQJpH VRXV OH
SODQFKHU GX FRIIUH 8Q FULF HW XQ FURFKHW GH
UHPRUTXDJH VRQW UDQJpV GDQV OH EDF j
RXWLOV VLWXp GDQV OD FDYLWp GH OD URXH GH
VHFRXUV 8Q WRXUQHYLV HW XQH FOp j pFURXV
GH URXH VRQW UDQJpV GDQV OH VDF HQ YLQ\OH
9RXV SRXYH] pJDOHPHQW UDQJHU FHV RXWLOV
GDQV OH EDF j RXWLOV
5(0$548(
3RXU VDYRLU FRPPHQW XWLOLVHU OH FULF
UHSRUWH]YRXV j OD VHFWLRQ ³&UHYDL
VRQV´ )
(Q FDV G¶XUJHQFH&UHYDLVRQV
&UHYDLVRQV
6L XQ SQHX FUqYH RX VH GpJRQIOH SHQGDQW
OD FRQGXLWH QH IUHLQH] MDPDLV EUXVTXH
PHQW FRQWLQXH] j URXOHU HQ OLJQH GURLWH HQ
UpGXLVDQW SURJUHVVLYHPHQW YRWUH YLWHVVH
4XLWWH] OD URXWH HW JDUH] OH YpKLFXOH GDQV
XQ HQGURLW V€U
& 5HPSODFHPHQW G¶XQ SQHX
FUHYp
'$1*(5
. 1¶XWLOLVH] TXH OH FULF IRXUQL DYHF
OH YpKLFXOH /H FULF IRXUQL DYHF OH
YpKLFXOH HVW FRQoX SRXU FKDQJHU
OHV URXHV XQLTXHPHQW 1H YRXV
JOLVVH] MDPDLV VRXV OH YpKLFXOH
UHSRVDQW VXU OH FULF
. 1H OHYH] SDV OH YpKLFXOH DX FULF
GDQV XQH SHQWH RX VXU XQ VRO
PRX RX IULDEOH /H FULF ULVTXH
G¶pFKDSSHU GX SRLQW GH SULVH RX
GH V¶HQIRQFHU GDQV OH VRO SRX
YDQW FDXVHU XQ DFFLGHQW JUDYH
. $YDQW G¶XWLOLVHU OH FULF DVVXUH]
YRXV TX¶LO Q¶\ D SDV GH SDVVDJHUV
RX GH FKDUJHPHQW GDQV OH YpKL
FXOH
. $UUrWH] WRXMRXUV OH PRWHXU DYDQW
GH OHYHU OH YpKLFXOH DX FULF SRXU
FKDQJHU XQH URXH 1H SRXVVH] HW
QH VHFRXH] MDPDLV OH YpKLFXOH
SHQGDQW TX¶LO UHSRVH VXU OH FULF
/D VHFRXVVH ULVTXHUDLW GH IDLUH
pFKDSSHU OH FULF GX SRLQW GH
SULVH SRXYDQW FDXVHU XQ DFFL
GHQW JUDYH
*DUH] VL SRVVLEOH OH YpKLFXOH VXU XQ VRO
GXU HW SODW SXLV DUUrWH] OH PRWHXU
6HUUH] OH IUHLQ GH VWDWLRQQHPHQW DX
PD[LPXP HW PHWWH] OH OHYLHU GH FKDQJH
PHQW GH YLWHVVHV HQ SRVLWLRQ GH PDUFKH
DUULqUH PRGqOHV %0 RX PHWWH] OH OHYLHU
VpOHFWHXU VXU OD SRVLWLRQ ³3´ VWDWLRQQH
PHQW PRGqOHV &97 $OOXPH] OHV IHX[ GH GpWUHVVH HW IDLWHV
GHVFHQGUH WRXV OHV SDVVDJHUV GX YpKL
FXOH
3ODFH] GHV FDOHV GHYDQW HW GHUULqUH OD
URXH GLDJRQDOHPHQW RSSRVpH DX SQHX
FUHYp
6RUWH] OH FULF OD PDQLYHOOH GH FULF HW OD
FOp j pFURXV GH URXH
/HV RXWLOV HW OD URXH GH VHFRXUV VRQW
VWRFNpV VRXV OH SODQFKHU GX FRIIUH 5H
SRUWH]YRXV j ³2XWLOV G¶HQWUHWLHQ´ )
5(0$548(
$YDQW XVDJH YpULILH] TXH OH FULF HVW
VXIILVDPPHQW OXEULILp
± 68,7( ±
(Q FDV G¶XUJHQFH&UHYDLVRQV
SURFKH GX SQHX FUHYp
6RUWH] OH EDF j RXWLOV HW WRXUQH] OD YLV
GH IL[DWLRQ GDQV OH VHQV LQYHUVH GHV
DLJXLOOHV G¶XQH PRQWUH SXLV VRUWH] OD URXH
GH VHFRXUV
¬ O¶DLGH GH OD FOp j pFURXV GH URXH
GpEORTXH] OHV pFURXV GH URXH VDQV OHV
HQOHYHU
7RXUQH] OD YLV GX FULF j OD PDLQ MXVTX¶j
HQJDJHPHQW FRPSOHW GH OD WrWH GH FULF
GDQV OH SRLQW GH OHYDJH
5(0$548(
6L OD URXH GH VHFRXUV IRXUQLH DYHF OH
YpKLFXOH HVW GH W\SH SURYLVRLUH OLVH]
DWWHQWLYHPHQW OH FKDSLWUH ³5RXH GH
VHFRXUV GH W\SH SURYLVRLUH´ ) HW
VXLYH] VWULFWHPHQW OHV LQVWUXFWLRQV
3RLQWV GH OHYDJH
3ODFH] OH FULF VRXV OH EDV GH PDUFKH
DX SRLQW GH OHYDJH DYDQW RX DUULqUH OH SOXV
3ODFH] OD PDQLYHOOH VXU OD YLV GX FULF HW
WRXUQH] MXVTX¶j FH TXH OD URXH QH WRXFKH
(Q FDV G¶XUJHQFH&UHYDLVRQV
SOXV OH VRO 1H OHYH] SDV OH YpKLFXOH SOXV
KDXW TX¶LO Q¶HVW QpFHVVDLUH
(QOHYH] OHV pFURXV GH URXH HW GpSRVH]
OD URXH FRPSRUWDQW OH SQHX FUHYp
. 1HWWR\H] OD VXUIDFH GH PRQWDJH GH
OD URXH HW OH PR\HX DYHF XQ FKLIIRQ
. 1HWWR\H] OHV SDUWLHV ILOHWpHV DYHF XQ
FKLIIRQ HW YpULILH] OHXUV FRQGLWLRQV
$77(17,21
6L OD SDUWLH ILOHWpH D pWp HQGRPPD
JpH YRXV GHYH] LPPpGLDWHPHQW
FRQWDFWHU XQ FRQFHVVLRQQDLUH
68%$58
0HWWH] OD URXH GH VHFRXUV HQ SODFH
5HPHWWH] OHV pFURXV GH URXH 6HUUH]OHV j
OD PDLQ
'$1*(5
1¶KXLOH] HW QH JUDLVVH] MDPDLV OHV
JRXMRQV RX pFURXV GH URXH ORUVTXH
YRXV LQVWDOOH] XQH URXH GH VHFRXUV
/HV pFURXV DXUDLHQW WHQGDQFH j VH
GHVVHUUHU FH TXL SRXUUDLW FDXVHU XQ
DFFLGHQW
7RXUQH] OD PDQLYHOOH GX FULF GDQV OH
VHQV LQYHUVH GHV DLJXLOOHV G¶XQH PRQWUH
SRXU EDLVVHU OH YpKLFXOH
¬ O¶DLGH GH OD FOp j pFURXV GH URXH
VHUUH] OHV pFURXV GH OD URXH DX FRXSOH
SUHVFULW HQ UHVSHFWDQW O¶RUGUH GHV QXPp
URV GH O¶LOOXVWUDWLRQ
3RXU OH FRXSOH GH VHUUDJH GHV pFURXV GH
URXH UHSRUWH]YRXV j ³3QHXV´ )
3RXU QH SDV GpSDVVHU OH FRXSOH SUHVFULW
QH WRXUQH] SDV OD FOp j pFURXV GH URXH
DYHF OH SLHG QL DX PR\HQ G¶XQ WXEH GH
UDOORQJH )DLWHV FRQWU{OHU OH FRXSOH GH
VHUUDJH GHV pFURXV GH URXH j OD VWDWLRQ
VHUYLFH OD SOXV SURFKH
$YDQW G¶LQVWDOOHU OD URXH GH VHFRXUV
HIIHFWXH] OHV pWDSHV VXLYDQWHV
± 68,7( ±
(Q FDV G¶XUJHQFH&UHYDLVRQV
'$1*(5
6DXI 67,
5DQJH] OH SQHX FUHYp GDQV O¶HVSDFH
GH UDQJHPHQW GH OD URXH GH VHFRXUV 6DXI
SRXU OHV PRGqOHV 67, SODFH] O¶HQWUHWRLVH
HW VHUUH] IHUPHPHQW OD YLV GH IL[DWLRQ
5DQJH] pJDOHPHQW OH FULF OD PDQLYHOOH GH
FULF HW OD FOp j pFURXV GH URXH GDQV OHXUV
HQGURLWV GH UDQJHPHQW
. $SUqV DYRLU UHPSODFp OHV URXHV
QH SODFH] MDPDLV OH SQHX FUHYp RX
OHV RXWLOV XWLOLVpV GDQV O¶KDELWD
FOH (Q FDV G¶DUUrW EUXVTXH RX GH
FROOLVLRQ FH PDWpULHO QRQ IL[p
SRXUUDLW KHXUWHU HW EOHVVHU OHV
RFFXSDQWV GX YpKLFXOH 5DQJH]
OD URXH HW OHV RXWLOV j O¶HQGURLW
SUpYX j FHW HIIHW
. /RUVTXH YRXV UDQJH] XQ SQHX
FUHYp DVVXUH]YRXV GH PHWWUH OH
GRVVLHU GH VLqJH DUULqUH HQ SRVL
WLRQ GURLWH 6L YRXV SOLH] OH GRV
VLHU GH VLqJH XQ DFFLGHQW RX GHV
EOHVVXUHV SHXYHQW VH SURGXLUH
ORUVTXH OH SQHX FUHYp VH GpSODFH
VRXGDLQHPHQW
& 6\VWqPH GH VXUYHLOODQFH GH OD
SUHVVLRQ GHV SQHXV 7306
PRGqOHV VSpFLILFDWLRQ GHV
eWDWV8QLV
7pPRLQ DYHUWLVVHXU GH SUHVVLRQ GH JRQ
IODJH EDVVH GHV SQHXV
/H V\VWqPH GH VXUYHLOODQFH GH OD SUHVVLRQ
GHV SQHXV DYHUWLW OH FRQGXFWHXU VL OH VLJQDO
TX¶LO UHoRLW G¶XQ GHV FDSWHXUV GH URXH
LQGLTXH TXH OD SUHVVLRQ GX SQHX HVW
VHQVLEOHPHQW WURS EDVVH
/H V\VWqPH GH VXUYHLOODQFH GH OD SUHVVLRQ
GHV SQHXV QH IRQFWLRQQH TXH SHQGDQW TXH
OH YpKLFXOH URXOH 'H SOXV FH V\VWqPH SHXW
QH SDV UpDJLU LPPpGLDWHPHQW j XQH EDLVVH
VRXGDLQH GH OD SUHVVLRQ G¶XQ SQHX SDU
H[HPSOH ORUV G¶XQH FUHYDLVRQ SURYRTXpH
ORUVTXH YRXV DYH] URXOp VXU XQ REMHW
WUDQFKDQW (Q FDV G¶XUJHQFH&UHYDLVRQV
'$1*(5
. 6L OH WpPRLQ DYHUWLVVHXU GH SUHV
VLRQ GH JRQIODJH EDVVH GHV
SQHXV V¶DOOXPH SHQGDQW OD
FRQGXLWH QH IUHLQH] MDPDLV VRX
GDLQHPHQW $X OLHX GH FHOD HIIHF
WXH] OD SURFpGXUH VXLYDQWH
&RQWLQXH] j DYDQFHU HQ OLJQH
GURLWH WRXW HQ UpGXLVDQW SUR
JUHVVLYHPHQW OD YLWHVVH
4XLWWH] OHQWHPHQW OD URXWH HW
JDUH] OH YpKLFXOH GDQV XQ
HQGURLW V€U )DXWH GH TXRL
YRXV FRXUH] OH ULVTXH G¶XQ
DFFLGHQW DYHF G¶LPSRUWDQWV
GpJkWV PDWpULHOV HW GHV EOHV
VXUHV JUDYHV
9pULILH] OD SUHVVLRQ GHV TXDWUH
SQHXV HW UHJRQIOH] j OD SUHV
VLRQ GH JRQIODJH j )52,'
LQGLTXpH VXU OD SODTXH GH
YpKLFXOH DSSRVpH FRQWUH OH
PRQWDQW GH SRUWLqUH GX F{Wp
FRQGXFWHXU
6L OH WpPRLQ VH UDOOXPH XQH IRLV OD
SUHVVLRQ GHV SQHXV UpJOpH O¶XQ
GHV SQHXV HVW SUREDEOHPHQW HQ
PDXYDLV pWDW HW SHUG UDSLGHPHQW
VRQ DLU (Q FDV GH FUHYDLVRQ
UHSRUWH]YRXV j ³&UHYDLVRQV´
)
. /RUVTX¶XQH URXH GH VHFRXUV HVW
PRQWpH RX TXH OD MDQWH GH SQHX
HVW UHPSODFpH VDQV WUDQVIpUHU OH
FDSWHXUWUDQVPHWWHXU GH SUHV
VLRQ G¶RULJLQH OH WpPRLQ DYHUWLV
VHXU GH SUHVVLRQ GH JRQIODJH
EDVVH GHV SQHXV V¶DOOXPH HQ
FRQWLQX DSUqV DYRLU FOLJQRWp SHQ
GDQW HQYLURQ XQH PLQXWH &HOD
LQGLTXH TXH OH 7306 Q¶HVW SDV
FDSDEOH GH VXUYHLOOHU OHV TXDWUH
URXHV &RQWDFWH] XQ FRQFHVVLRQ
QDLUH 68%$58 GqV TXH SRVVLEOH
SRXU IDLUH UHPSODFHU OD URXH HW OH
FDSWHXU HWRX UpLQLWLDOLVHU OH V\V
WqPH
. /RUVTX¶XQ SQHX HVW UpSDUp DYHF
GX SURGXLW G¶pWDQFKpLWp OLTXLGH OD
VRXSDSH HW O¶pPHWWHXU G¶DYHUWLV
VHPHQW GH SUHVVLRQ GHV SQHXV
SHXYHQW QH SDV IRQFWLRQQHU FRU
UHFWHPHQW 6L GX SURGXLW G¶pWDQ
FKpLWp OLTXLGH D pWp XWLOLVp
FRQWDFWH] YRWUH FRQFHVVLRQQDLUH
68%$58 RX WRXW DXWUH FHQWUH GH
VHUYLFH TXDOLILp OH SOXV SURFKH
GqV TXH SRVVLEOH $VVXUH]YRXV
GH UHPSODFHU OD VRXSDSH HW O¶p
PHWWHXU G¶DYHUWLVVHPHQW GH SUHV
VLRQ GHV SQHXV ORUVTXH YRXV
UHPSODFH] OH SQHX 9RXV SRXYH]
UpXWLOLVHU OD MDQWH VL HOOH QH SUp
VHQWH DXFXQ GRPPDJH HW VL OHV
UpVLGXV GH SURGXLW G¶pWDQFKpLWp
RQW pWp FRUUHFWHPHQW QHWWR\pV
6L OH WpPRLQ UHVWH DOOXPp DSUqV
DYRLU FOLJQRWp SHQGDQW HQYLURQ
XQH PLQXWH FRQWDFWH] UDSLGH
PHQW XQ FRQFHVVLRQQDLUH
68%$58 SRXU IDLUH FRQWU{OHU OH
YpKLFXOH
(Q FDV G¶XUJHQFH'pPDUUDJH j O¶DLGH GH FkEOHV YRODQWV
'pPDUUDJH j O¶DLGH GH FkEOHV
YRODQWV
'$1*(5
. /D EDWWHULH FRQWLHQW GH O¶$&,'(
68/)85,48( eYLWH] DEVROX
PHQW WRXW FRQWDFW HQWUH OH OLTXLGH
GH EDWWHULH HW OHV \HX[ OD SHDX
OHV YrWHPHQWV RX OH YpKLFXOH
(Q FDV GH FRQWDFW DYHF OD SHDX RX
OHV \HX[ ODYH]YRXV LPPpGLDWH
PHQW j JUDQGH HDX 6L OH OLTXLGH
GH EDWWHULH D SpQpWUp GDQV OHV
\HX[ FRQVXOWH] XQ PpGHFLQ GH
WRXWH XUJHQFH
6L OH OLTXLGH GH EDWWHULH D pWp
DYDOp EXYH] EHDXFRXS GH ODLW RX
G¶HDX HW FRQVXOWH] XQ PpGHFLQ GH
WRXWH XUJHQFH
1H ODLVVH] SHUVRQQH HW VXUWRXW
SDV OHV HQIDQWV V¶DSSURFKHU GH OD
EDWWHULH
. /HV JD] GpJDJpV SDU XQH EDWWHULH
H[SORVHQW j SUR[LPLWp G¶XQH
IODPPH RX G¶XQH pWLQFHOOH 1H
IXPH] MDPDLV HW Q¶DOOXPH] MDPDLV
G¶DOOXPHWWHV SHQGDQW TXH YRXV
GpPDUUH] XQ YpKLFXOH DYHF GHV
FkEOHV YRODQWV
. 1H WHQWH] MDPDLV GH IDLUH GpPDU
UHU XQ YpKLFXOH GRQW OD EDWWHULH
HVW JHOpH DYHF GHV FkEOHV YR
ODQWV /D EDWWHULH ULVTXHUDLW GH VH
IHQGUH RX G¶H[SORVHU
. &KDTXH IRLV TXH YRXV WUDYDLOOH]
VXU RX SUqV G¶XQH EDWWHULH SRUWH]
WRXMRXUV GHV OXQHWWHV GH SURWHF
WLRQ DSSURSULpHV HW HQOHYH] YRV
EDJXHV JRXUPHWWHV HW WRXW DXWUH
ELMRX PpWDOOLTXH
. $VVXUH]YRXV TXH OHV FkEOHV YR
ODQWV HW OHXUV SLQFHV VRQW ELHQ
PXQLV GH OHXU LVRODQW HW TXH FHOXL
FL HVW HQ ERQ pWDW
/H GpPDUUDJH SDU FkEOHV YRODQWV
QH GRLW VH IDLUH TX¶DYHF GHV
FkEOHV HQ ERQ pWDW
. 8Q PRWHXU HQ PDUFKH SHXW rWUH
GDQJHUHX[ 1¶DSSURFKH] MDPDLV
OHV PDLQV GX YHQWLODWHXU GH UDGLD
WHXU GHV FRXUURLHV HW GHV DXWUHV
RUJDQHV HQ PRXYHPHQW GX PR
WHXU HW IDLWHV WUqV DWWHQWLRQ j QH
SDV \ IDLUH SUHQGUH YRV YrWH
PHQWV YRV FKHYHX[ RX XQ RXWLO
,O HVW FRQVHLOOp GH UHWLUHU YRV
EDJXHV YRWUH PRQWUH HW YRWUH
FUDYDWH
. /H GpPDUUDJH DYHF GHV FkEOHV
YRODQWV SHXW rWUH GDQJHUHX[ V¶LO
Q¶HVW SDV H[pFXWp FRUUHFWHPHQW
6L YRXV QH PDvWULVH] SDV SDUIDL
WHPHQW OD PDUFKH j VXLYUH IDLWHV
YRXV DVVLVWHU SDU XQH SHUVRQQH
FRPSpWHQWH
6L YRXV QH SRXYH] IDLUH GpPDUUHU YRWUH
YpKLFXOH SDUFH TXH OD EDWWHULH HVW GpFKDU
JpH YRXV SRXYH] XWLOLVHU XQH DXWUH EDWWH
ULH DSSHOpH FLDSUqV EDWWHULH GH VHFRXUV
HQ UDFFRUGDQW FHWWH GHUQLqUH DX PR\HQ GH
FkEOHV YRODQWV
& 0pWKRGH GH GpPDUUDJH DYHF
GHV FkEOHV YRODQWV
$VVXUH]YRXV TXH OD WHQVLRQ GH OD
EDWWHULH GH VHFRXUV HVW ELHQ GH YROWV
HW TXH OH QpJDWLI HVW j OD PDVVH
6L OD EDWWHULH GH VHFRXUV HVW PRQWpH
VXU XQ DXWUH YpKLFXOH YHLOOH] j FH TXH OHV
GHX[ YpKLFXOHV QH VH WRXFKHQW SDV
eWHLJQH] WRXWHV OHV OXPLqUHV HW DFFHV
VRLUHV pOHFWULTXHV LQXWLOHV
5DFFRUGH] OHV FkEOHV YRODQWV HQ UHV
SHFWDQW VWULFWHPHQW OD PDUFKH j VXLYUH
LOOXVWUpH
(Q FDV G¶XUJHQFH'pPDUUDJH j O¶DLGH GH FkEOHV YRODQWV
5DFFRUGH] OH SUHPLHU FkEOH YRODQW
j OD ERUQH GH OD EDWWHULH GpFKDUJpH
5DFFRUGH] O¶DXWUH H[WUpPLWp GX
SUHPLHU FkEOH YRODQW j OD ERUQH GH
OD EDWWHULH GH VHFRXUV
5DFFRUGH] XQH H[WUpPLWp GH O¶DX
WUH FkEOH j OD ERUQH QpJDWLYH í GH OD
EDWWHULH GH VHFRXUV
5DFFRUGH] O¶DXWUH H[WUpPLWp GX
FkEOH j O¶pFURX GH IL[DWLRQ GH MDPEH
GH IRUFH GX YpKLFXOH DYHF OD EDWWHULH
GpFKDUJpH
$
%
%DWWHULH GH VHFRXUV
eFURX GH IL[DWLRQ GH MDPEH
9pULILH] TXH OHV FkEOHV YRODQWV QH ULVTXHQW
SDV G¶rWUH SULV SDU OHV RUJDQHV PRELOHV
GHV PRWHXUV ORUVTX¶LOV GpPDUUHURQW HW TXH
OHV SLQFHV GHV FkEOHV QH WRXFKHQW DXFXQH
SDUWLH PpWDOOLTXH DXWUH TXH OD ERUQH
0HWWH] OH PRWHXU GX YpKLFXOH GH
VHFRXUV HQ PDUFKH HW ODLVVH]OH WRXUQHU j
UpJLPH PR\HQ )DLWHV HQVXLWH GpPDUUHU OH
PRWHXU GX YpKLFXOH GRQW OD EDWWHULH HVW
GpFKDUJpH
$SUqV GpPDUUDJH GpEUDQFKH] SUX
GHPPHQW OHV FkEOHV YRODQWV HQ VXLYDQW
O¶RUGUH H[DFWHPHQW LQYHUVH GX EUDQFKH
PHQW
(Q FDV G¶XUJHQFH6XUFKDXIIH GX PRWHXU
6XUFKDXIIH GX PRWHXU
'$1*(5
1¶RXYUH] MDPDLV OH ERXFKRQ GX
UDGLDWHXU DYDQW G¶DUUrWHU OH PRWHXU
HW DWWHQGH] TXH OH PRWHXU DLW VXIIL
VDPPHQW UHIURLGL /RUVTXH OH PRWHXU
HVW FKDXG OH OLTXLGH GH UHIURLGLVVH
PHQW HVW VRXV SUHVVLRQ ¬ O¶RXYHU
WXUH GX ERXFKRQ DORUV TXH OH PRWHXU
HVW HQFRUH FKDXG OH OLTXLGH ERXLO
ODQW ULVTXH GH MDLOOLU DYHF IRUFH HW GH
YRXV LQIOLJHU GH WUqV JUDYHV EU€OX
UHV
& (Q O¶DEVHQFH G¶XQ GpJDJH
PHQW GH YDSHXU SDU OH
FRPSDUWLPHQW PRWHXU
/DLVVH] OH PRWHXU WRXUQHU DX UDOHQWL
2XYUH] OH FDSRW PRWHXU SRXU DpUHU OH
FRPSDUWLPHQW PRWHXU 5HSRUWH]YRXV j
³&DSRW PRWHXU´ )
9pULILH] TXH OH YHQWLODWHXU GH UDGLDWHXU
WRXUQH 6¶LO QH WRXUQH SDV DUUrWH] LPPp
GLDWHPHQW OH PRWHXU HW FRQWDFWH] XQ
FRQFHVVLRQQDLUH DJUpp 68%$58 SRXU
IDLUH UpSDUHU
$SUqV TXH OD WHPSpUDWXUH GX OLTXLGH GH
UHIURLGLVVHPHQW GX PRWHXU DLW EDLVVpH
pWHLJQH] OH PRWHXU
6L OH PRWHXU VXUFKDXIIH TXLWWH] OD URXWH
VDQV SUHQGUH GH ULVTXH HW DUUrWH] OH
YpKLFXOH GDQV XQ HQGURLW V€U
5(0$548(
3RXU OHV GpWDLOV UHODWLIV DX FRQWU{OH GH
QLYHDX GH OLTXLGH GH UHIURLGLVVHPHQW RX
O¶DMRXW GH OLTXLGH GH UHIURLGLVVHPHQW
UHSRUWH]YRXV j ³/LTXLGH GH UHIURLGLV
VHPHQW GX PRWHXU´ )
6L OH YDVH G¶H[SDQVLRQ HVW YLGH YHUVH]
G¶DERUG GX OLTXLGH GDQV OH YDVH G¶H[SDQ
VLRQ 2XYUH] HQVXLWH OH ERXFKRQ GX
UpVHUYRLU HW UHPSOLVVH] FRPSOqWHPHQW OH
UDGLDWHXU GH OLTXLGH GH UHIURLGLVVHPHQW
& 6L GH OD YDSHXU VH GpJDJH GX
FRPSDUWLPHQW PRWHXU
. $UUrWH] OH PRWHXU pFDUWH]YRXV GX
YpKLFXOH HW YHLOOH] j QH ODLVVHU SHUVRQQH
V¶DSSURFKHU DYDQW TXH OH YpKLFXOH Q¶DLW
UHIURLGL
. &RQWDFWH] YRWUH FRQFHVVLRQQDLUH DJUpp
68%$58
6L OD MDXJH GH WHPSpUDWXUH UHVWH GDQV OD
]RQH GH VXUFKDXIIH pWHLJQH] OH PRWHXU
5HSRUWH]YRXV j ³-DXJH GH WHPSpUDWXUH´
)
'qV TXH OH PRWHXU HVW DVVH] IURLG
FRQWU{OH] OH QLYHDX GH OLTXLGH GH UHIURLGLV
VHPHQW GDQV OH YDVH G¶H[SDQVLRQ 6L OH
QLYHDX HVW HQ GHVVRXV GX UHSqUH ³/2:´
UDMRXWH] GX OLTXLGH GH UHIURLGLVVHPHQW
MXVTX¶DX UHSqUH ³)8//´
-DXJH GH WHPSpUDWXUH
*DPPH GH WHPSpUDWXUH QRUPDOH
3RXU RXYULU OH ERXFKRQ GX UDGLDWHXU
ORUVTX¶LO HVW HQFRUH FKDXG HQWRXUH]OH
G¶XQ FKLIIRQ pSDLV HW WRXUQH]OH OHQWHPHQW
GDQV OH VHQV LQYHUVH GHV DLJXLOOHV G¶XQH
PRQWUH VDQV DSSX\HU GHVVXV /LEpUH] OD
SUHVVLRQ GX UDGLDWHXU 8QH IRLV OD SUHVVLRQ
FRPSOqWHPHQW OLEpUpH UHWLUH] OH ERXFKRQ
HQ O¶HQIRQoDQW HW HQ OH IDLVDQW WRXUQHU
(Q FDV G¶XUJHQFH5HPRUTXDJH
5HPRUTXDJH
6L OH UHPRUTXDJH HVW QpFHVVDLUH LO HVW
SUpIpUDEOH GH YRXV DGUHVVHU j XQ FRQFHV
VLRQQDLUH 68%$58 RX j XQ VHUYLFH UH
PRUTXDJH SURIHVVLRQQHO 3RXU YRWUH VpFX
ULWp VXLYH] OHV FRQVHLOV VXLYDQWV
'$1*(5
,O QH IDXW MDPDLV UHPRUTXHU OHV
PRGqOHV $:' PRGqOHV &97 HW %
0 QL HQ OHYDQW OHV URXHV DYDQW HW HQ
ODLVVDQW OHV URXHV DUULqUH URXOHU VXU
OH VRO QL HQ OHYDQW OHV URXHV DUULqUH
HW HQ ODLVVDQW OHV URXHV DYDQW URXOHU
VXU OH VRO /H YpKLFXOH QH VHUDLW SDV
FRQWU{ODEOH HQ UDLVRQ GH OD SUpVHQFH
GX GLIIpUHQWLHO FHQWUDO TXL GH VXU
FURvW VHUDLW HQGRPPDJp
&URFKHW GH UHPRUTXDJH DYDQW
6RUWH] OH FURFKHW GH UHPRUTXDJH OH
WRXUQHYLV HW OD FOp j pFURXV GH URXH GX EDF
j RXWLOV
& &URFKHWVWURXV GH UHPRU
TXDJH HW G¶DUULPDJH
/H FURFKHW GH UHPRUTXDJH GHYUDLW rWUH
XWLOLVp XQLTXHPHQW HQ FDV G¶XUJHQFH
$77(17,21
1¶XWLOLVH] TXH OHV FURFKHWVWURXV GH
UHPRUTXDJH HW G¶DUULPDJH SUpYXV j
FHW HIIHW 1¶XWLOLVH] MDPDLV OHV pOp
PHQWV GH OD VXVSHQVLRQ RX G¶DXWUHV
SDUWLHV GH OD FDUURVVHULH SRXU UH
PRUTXHU RX DUULPHU OH YpKLFXOH
&RXYUH] O¶H[WUpPLWp G¶XQ WRXUQHYLV j
ODPH SODWH DYHF XQ PRUFHDX GH UXEDQ
DGKpVLI RX XQ FKLIIRQ DILQ GH QH SDV UD\HU
OH SDUHFKRFV ,QVpUH] OH WRXUQHYLV j ODPH
SODWH GDQV OD GpFRXSH GX FRXYHUFOH SXLV
RXYUH] OH FRXYHUFOH HQ IDLVDQW OHYLHU
± 68,7( ±
(Q FDV G¶XUJHQFH5HPRUTXDJH
URXH
$SUqV OH UHPRUTXDJH HQOHYH] OH FURFKHW
GH UHPRUTXDJH GX YpKLFXOH HW UDQJH]OH
GDQV OH EDF j RXWLOV
5HPHWWH] OH FRXYHUFOH GX FURFKHW GH
UHPRUTXDJH HQ SODFH VXU OH SDUHFKRFV
&URFKHW GH UHPRUTXDJH DUULqUH
6RUWH] OH FURFKHW GH UHPRUTXDJH OH
WRXUQHYLV HW OD FOp j pFURXV GH URXH GX EDF
j RXWLOV
'$1*(5
9LVVH] OH FURFKHW GH UHPRUTXDJH GDQV
OH WURX ILOHWp ELHQ j IRQG 7RXWH OD SDUWLH
ILOHWpH GH O¶DQQHDX GRLW GLVSDUDvWUH GDQV OH
WURX
. 1¶XWLOLVH] SDV OH FURFKHW GH UH
PRUTXDJH GDQV XQ EXW DXWUH TXH
OH UHPRUTXDJH GX YpKLFXOH
. 1¶RXEOLH] SDV G¶HQOHYHU OH FUR
FKHW GH UHPRUTXDJH DSUqV OH
UHPRUTXDJH /DLVVHU OH FURFKHW
GH UHPRUTXDJH HQ SODFH VXU OH
YpKLFXOH SHXW HPSrFKHU OH V\V
WqPH GHV FRXVVLQV GH VpFXULWp
656 GH IRQFWLRQQHU QRUPDOHPHQW
HQ FDV GH FROOLVLRQ IURQWDOH
$77(17,21
3RXU QH SDV GpIRUPHU OH SDUHFKRFV
HW OH FURFKHW YHLOOH] j QH SDV H[HUFHU
GH FRQWUDLQWH H[FHVVLYH VXU OH FUR
FKHW GH UHPRUTXDJH
6HUUH] IRUWHPHQW OH FURFKHW GH UHPRU
TXDJH DX PR\HQ GH OD FOp j pFURXV GH
3RXU DFFpGHU DX WURX ILOHWp GDQV OHTXHO
VH YLVVH OH FURFKHW GH UHPRUTXDJH RXYUH]
OH FRXYHUFOH VXU OH SDUHFKRFV DUULqUH HQ
IDLVDQW OHYLHU DYHF XQ WRXUQHYLV
(Q FDV G¶XUJHQFH5HPRUTXDJH
&URFKHWV G¶DUULPDJH DYDQW
URXH
$SUqV OH UHPRUTXDJH HQOHYH] OH FURFKHW
GH UHPRUTXDJH GX YpKLFXOH HW UDQJH]OH
GDQV OH EDF j RXWLOV
5HPHWWH] OH FRXYHUFOH GX FURFKHW GH
UHPRUTXDJH HQ SODFH VXU OH SDUHFKRFV
'$1*(5
9LVVH] OH FURFKHW GH UHPRUTXDJH GDQV
OH WURX ILOHWp ELHQ j IRQG 7RXWH OD SDUWLH
ILOHWpH GH O¶DQQHDX GRLW GLVSDUDvWUH GDQV OH
WURX
1¶XWLOLVH] SDV OH FURFKHW GH UHPRU
TXDJH GDQV XQ EXW DXWUH TXH OH
UHPRUTXDJH GX YpKLFXOH
1¶RXEOLH] SDV G¶HQOHYHU OH FURFKHW
GH UHPRUTXDJH DSUqV OH UHPRU
TXDJH /DLVVHU OH FURFKHW GH UHPRU
TXDJH PRQWp VXU OH YpKLFXOH SHXW
LQWHUIpUHU DYHF OH IRQFWLRQQHPHQW GH
OD IRQFWLRQ G¶H[WLQFWLRQ GH SRPSH j
FDUEXUDQW ORUVTXH OH YpKLFXOH HVW
KHXUWp SDU GHUULqUH
/HV FURFKHWV G¶DUULPDJH DYDQW VH WURXYHQW
GH FKDTXH F{Wp HQWUH OD URXH DYDQW HW OH
SDUHFKRFV DYDQW
$77(17,21
3RXU QH SDV GpIRUPHU OH SDUHFKRFV
HW OH FURFKHW YHLOOH] j QH SDV H[HUFHU
GH FRQWUDLQWH H[FHVVLYH VXU OH FUR
FKHW GH UHPRUTXDJH
6HUUH] IRUWHPHQW OH FURFKHW GH UHPRU
TXDJH DX PR\HQ GH OD FOp j pFURXV GH
± 68,7( ±
(Q FDV G¶XUJHQFH5HPRUTXDJH
2ULILFHV G¶DUULPDJH DUULqUH
RULILFH G¶DUULPDJH DUULqUH 3RXU XWLOLVHU OHV
RULILFHV G¶DUULPDJH DUULqUH UHWLUH] OHV
REWXUDWHXUV $SUqV DYRLU XWLOLVp OHV RULILFHV
G¶DUULPDJH DUULqUH UHSODFH] OHV REWXUD
WHXUV j OHXUV HPSODFHPHQWV G¶RULJLQH
'$1*(5
8WLOLVH] OHV RULILFHV G¶DUULPDJH DU
ULqUH XQLTXHPHQW SRXU OHV DUULPDJHV
YHUV OH EDV 6¶LOV VRQW XWLOLVpV HQ
SODoDQW OHV pOLQJXHV GDQV WRXWH
DXWUH GLUHFWLRQ FHOOHVFL ULVTXHQW
G¶pFKDSSHU GHV WURXV FH TXL FUpHUDLW
XQH VLWXDWLRQ GDQJHUHXVH
& 6XU XQ FDPLRQ j SODWHIRUPH
WUDQVSRUW SURFpGH] FRPPH VXLW
0HWWH] OH OHYLHU VpOHFWHXU VXU OD SRVL
WLRQ ³3´ SRXU OHV PRGqOHV &97 0HWWH] OH
OHYLHU GH YLWHVVHV VXU OD SRVLWLRQ ³VW´ SRXU
OHV PRGqOHV %0
6HUUH] OH IUHLQ GH VWDWLRQQHPHQW IRUWH
PHQW
$UULPH] FRUUHFWHPHQW OH YpKLFXOH VXU OD
SODWHIRUPH GX FDPLRQ DX PR\HQ GH
FKDvQHV GH VpFXULWp /HV FKDvQHV GRLYHQW
rWUH pJDOHPHQW WHQGXHV HW LO IDXW YHLOOHU j
QH SDV WURS OHV WHQGUH SRXU TXH OD
VXVSHQVLRQ GX YpKLFXOH QH VRLW SDV HQ
ERXW GH FRXUVH
$77(17,21
6L YRWUH YpKLFXOH HVW pTXLSp G¶XQ
EHFTXHW DpURG\QDPLTXH LQIpULHXU
DYDQW HW G¶XQ EHFTXHW DpURG\QD
PLTXH LQIpULHXU DUULqUH WRXV GHX[
HQ RSWLRQ YHLOOH] j QH SDV OHV
pUDIOHU HQ IDLVDQW PRQWHU RX GHV
FHQGUH OH YpKLFXOH GX SODWHDX GH
WUDQVSRUW
2ULILFH G¶DUULPDJH DUULqUH
/HV RULILFHV G¶DUULPDJH DUULqUH VH WURXYHQW
GH FKDTXH F{Wp SUqV GX SRLQW GH SULVH DX
FULF
8Q REWXUDWHXU VH WURXYH GDQV FKDTXH
&HFL HVW OD PHLOOHXUH PDQLqUH GH WUDQV
SRUWHU YRWUH YpKLFXOH 3RXU OD VpFXULWp GX
(Q FDV G¶XUJHQFH)UHLQ GH VWDWLRQQHPHQW pOHFWURQLTXH VL OH IUHLQ GH VWDWLRQQHPHQW pOHFWURQLTXH QH SHXW SDV rWUH UHOkFKp PRGqOHV
DYHF V\VWqPH GH IUHLQ GH VWDWLRQQHPHQW pOHFWURQLTXH
& 5HPRUTXDJH DYHF OHV TXDWUH
URXHV DX VRO
YRXV QH SRXUULH] SOXV GLULJHU OH
YpKLFXOH
. 1¶RXEOLH] SDV TXH OH VHUYRIUHLQ HW
OD VHUYRGLUHFWLRQ QH IRQFWLRQQHQW
SDV ORUVTXH OH PRWHXU HVW j
O¶DUUrW 9RXV GHYH] H[HUFHU SOXV
GH IRUFH TXH G¶KDELWXGH VXU OH
YRODQW GH GLUHFWLRQ HW VXU OD
SpGDOH GH IUHLQ
$77(17,21
'HVVHUUH] OH IUHLQ GH VWDWLRQQHPHQW HW
PHWWH] OD ERvWH GH YLWHVVHV HQ SRVLWLRQ ³1´
GH SRLQW PRUW
3HQGDQW WRXWH OD GXUpH GX UHPRU
TXDJH OH FRQWDFWHXU G¶DOOXPDJH GRLW UHV
WHU HQ SRVLWLRQ ³21´
/D FRUGH GH UHPRUTXDJH GRLW rWUH
WHQGXH WUqV OHQWHPHQW SRXU QH ULHQ HQ
GRPPDJHU
'$1*(5
. 1H PHWWH] MDPDLV OH FRQWDFWHXU
G¶DOOXPDJH HQ SRVLWLRQ ³/2&.´
³2))´ SHQGDQW OH UHPRUTXDJH
FDU OD GLUHFWLRQ VH EORTXHUDLW HW
. 6L OD ERvWH GH YLWHVVHV HVW HQ
SDQQH OH YpKLFXOH GRLW rWUH WUDQV
SRUWp VXU XQ FDPLRQ j SODWH
IRUPH
. 3RXU OHV PRGqOHV &97 OD YLWHVVH
GH GpSODFHPHQW GRLW rWUH OLPLWpH j
PRLQV GH NPK PSK HW OD
GLVWDQFH j SDUFRXULU GRLW rWUH
LQIpULHXUH j NP PLOHV 3RXU GHV YLWHVVHV HW GLVWDQFHV
VXSpULHXUHV OH YpKLFXOH GRLW rWUH
WUDQVSRUWp VXU XQ FDPLRQ j SODWH
IRUPH
)UHLQ GH VWDWLRQQHPHQW pOHF
WURQLTXH VL OH IUHLQ GH
VWDWLRQQHPHQW pOHFWURQLTXH
QH SHXW SDV rWUH UHOkFKp
PRGqOHV DYHF V\VWqPH GH
IUHLQ GH VWDWLRQQHPHQW pOHF
WURQLTXH
&RQWDFWH] YRWUH FRQFHVVLRQQDLUH
68%$58 HW IDLWHVOXL UHOkFKHU OH IUHLQ GH
VWDWLRQQHPHQW pOHFWURQLTXH
(Q FDV G¶XUJHQFH3RUWHFOp G¶DFFqV ± VL OH SRUWHFOpV G¶DFFqV QH IRQFWLRQQH SDV FRUUHFWHPHQW
3RUWHFOp G¶DFFqV ± VL OH
SRUWHFOpV G¶DFFqV QH IRQF
WLRQQH SDV FRUUHFWHPHQW
& 9HUURXLOODJH HW GpYHUURXLOODJH
6HUUH] OH IUHLQ GH VWDWLRQQHPHQW
3ODFH] OH OHYLHU GH FKDQJHPHQW GH
YLWHVVHV VXU OH SRLQW PRUW PRGqOHV %0
RX OH OHYLHU VpOHFWHXU VXU OD SRVLWLRQ ³3´
PRGqOHV &97 $SSX\H] VXU OD SpGDOH G¶HPEUD\DJH
PRGqOHV %0 RX OD SpGDOH GH IUHLQ
PRGqOHV &97 $77(17,21
0DLQWHQH] OHV REMHWV PpWDOOLTXHV
OHV VRXUFHV PDJQpWLTXHV HW OHV
pPHWWHXUV GH VLJQDX[ j O¶pFDUW GH OD
]RQH VLWXpH HQWUH OH SRUWHFOpV G¶DF
FqV HW OH FRQWDFWHXU G¶DOOXPDJH j
ERXWRQSRXVVRLU ,OV SRXUUDLHQW Jr
QHU OD FRPPXQLFDWLRQ HQWUH OH SRUWH
FOpV G¶DFFqV HW OH FRQWDFWHXU G¶DOOX
PDJH j ERXWRQSRXVVRLU
/HV IRQFWLRQV VXLYDQWHV SHXYHQW rWUH
LQXWLOLVDEOHV HQ UDLVRQ GHV IRUWV VLJQDX[
UDGLR GDQV OHV HQYLURQV RX GX GpFKDUJH
PHQW GH OD SLOH GX SRUWHFOpV G¶DFFqV
. 9HUURXLOODJHGpYHUURXLOODJH GHV SRUWLq
UHV
. &KDQJHPHQW GH O¶pWDW G¶DOLPHQWDWLRQ
. 'pPDUUDJH GX PRWHXU
'DQV GH WHOV FDV HIIHFWXH] OD SURFpGXUH
VXLYDQWH /RUVTXH OD SLOH GX SRUWHFOpV
G¶DFFqV HVW GpFKDUJpH UHPSODFH]OD SDU
XQH QHXYH 5HSRUWH]YRXV j ³5HPSODFH
PHQW GH OD SLOH GX SRUWHFOpV G¶DFFqV´
)
& &KDQJHPHQW GH O¶pWDW G¶DOL
PHQWDWLRQ
%RXWRQ GH OLEpUDWLRQ
&Op G¶XUJHQFH
7RXW HQ DSSX\DQW VXU OH ERXWRQ GH OLEpUD
WLRQ GX SRUWHFOpV G¶DFFqV UHWLUH] OD FOp
G¶XUJHQFH
9HUURXLOOH] RX GpYHUURXLOOH] OD SRUWLqUH GX
FRQGXFWHXU j O¶DLGH GH OD FOp G¶XUJHQFH
5(0$548(
$SUqV DYRLU YHUURXLOOp RX GpYHUURXLOOp OD
SRUWLqUH YHLOOH] j UpLQVpUHU OD FOp G¶XU
JHQFH GDQV OH SRUWHFOpV G¶DFFqV
0DLQWHQH] OH SRUWHFOpV G¶DFFqV DYHF
OHV ERXWRQV IDFH j YRXV SXLV WRXFKH] OH
FRQWDFWHXU G¶DOOXPDJH j ERXWRQSRXVVRLU
DYHF HOOH
/RUVTXH OD FRPPXQLFDWLRQ HQWUH OH SRUWH
FOpV G¶DFFqV HW OH YpKLFXOH HVW WHUPLQpH
XQH VRQQHULH GLQJ UHWHQWLW 'DQV OH PrPH
WHPSV O¶pWDW GX FRQWDFWHXU G¶DOOXPDJH j
(Q FDV G¶XUJHQFH3RUWHFOp G¶DFFqV ± VL OH SRUWHFOpV G¶DFFqV QH IRQFWLRQQH SDV FRUUHFWHPHQW
ERXWRQSRXVVRLU SDVVH j O¶XQH GHV RSpUD
WLRQV VXLYDQWHV
. /RUVTXH O¶DFFqV VDQV FOp DYHF V\V
WqPH GH GpPDUUDJH j ERXWRQSRXVVRLU
HVW GpVDFWLYp ³$&&´
. 'DQV G¶DXWUHV FRQGLWLRQV ³21´
/RUVTXH O¶DFFqV VDQV FOp DYHF V\VWqPH
GH GpPDUUDJH j ERXWRQSRXVVRLU HVW GpV
DFWLYp DSSX\H] VXU OH FRQWDFWHXU G¶DOOX
PDJH j ERXWRQSRXVVRLU DYHF OD SpGDOH
G¶HPEUD\DJH PRGqOHV %0 RX OD SpGDOH
GH IUHLQ PRGqOHV &97 UHOkFKpH /¶pWDW GX
FRQWDFWHXU G¶DOOXPDJH j ERXWRQSRXVVRLU
SDVVH DORUV VXU ³21´
& 'pPDUUDJH GX PRWHXU
6HUUH] OH IUHLQ GH VWDWLRQQHPHQW
3ODFH] OH OHYLHU GH FKDQJHPHQW GH
YLWHVVHV VXU OH SRLQW PRUW PRGqOHV %0
RX OH OHYLHU VpOHFWHXU VXU OD SRVLWLRQ ³3´
PRGqOHV &97 (QIRQFH] OD SpGDOH GH IUHLQ WRXV OHV
PRGqOHV $SSX\H] VXU OD SpGDOH G¶HPEUD\DJH
PRGqOHV %0 WRQSRXVVRLU VH PHW HQ SRVLWLRQ ³$&&´ RX
³21´
'DQV OHV VHFRQGHV DSUqV TXH OH
FRQWDFWHXU G¶DOOXPDJH j ERXWRQSRXVVRLU
VRLW PLV VXU OD SRVLWLRQ ³$&&´ RX ³21´ WRXW
HQ HQIRQoDQW OD SpGDOH GH IUHLQ WRXV OHV
PRGqOHV HW OD SpGDOH G¶HPEUD\DJH PR
GqOHV %0 DSSX\H] VXU OH FRQWDFWHXU
G¶DOOXPDJH j ERXWRQSRXVVRLU
5(0$548(
6L OH PRWHXU QH GpPDUUH SDV DORUV
PrPH TXH YRXV DSSOLTXH] VWULFWHPHQW
OD SURFpGXUH FLGHVVXV FRQWDFWH] YRWUH
FRQFHVVLRQQDLUH 68%$58
5(0$548(
6L O¶DOLPHQWDWLRQ QH V¶DOOXPH SDV DORUV
PrPH TXH YRXV DSSOLTXH] VWULFWHPHQW
OD SURFpGXUH FLGHVVXV FRQWDFWH] YRWUH
FRQFHVVLRQQDLUH 68%$58
0DLQWHQH] OH SRUWHFOpV G¶DFFqV DYHF
OHV ERXWRQV IDFH j YRXV SXLV WRXFKH] OH
FRQWDFWHXU G¶DOOXPDJH j ERXWRQSRXVVRLU
DYHF HOOH
/RUVTXH OD FRPPXQLFDWLRQ HQWUH OH SRUWH
FOpV G¶DFFqV HW OH YpKLFXOH HVW WHUPLQpH
XQH VRQQHULH GLQJ UHWHQWLW $X PrPH
PRPHQW OH FRQWDFWHXU G¶DOOXPDJH j ERX
(Q FDV G¶XUJHQFH7RLW RXYUDQW RSDTXH ± VL OH WRLW RXYUDQW RSDTXH QH VH IHUPH SDV
7RLW RXYUDQW RSDTXH VHORQ
PRGqOHV ± VL OH WRLW RXYUDQW
RSDTXH QH VH IHUPH SDV
6L OH WRLW RXYUDQW RSDTXH QH VH IHUPH SDV
QRXV YRXV UHFRPPDQGRQV GH IDLUH LQV
SHFWHU OH V\VWqPH SDU XQ FRQFHVVLRQQDLUH
68%$58
6L YRWUH YpKLFXOH HVW LP
SOLTXp GDQV XQ DFFLGHQW
$77(17,21
6L YRWUH YpKLFXOH HVW LPSOLTXp GDQV
XQ DFFLGHQW YHXLOOH] LQVSHFWHU OH VRO
VRXV OH YpKLFXOH DYDQW GH UHGpPDU
UHU OH PRWHXU 6L YRXV WURXYH] XQH
IXLWH GH FDUEXUDQW VXU OH VRO Q¶HV
VD\H] SDV GH UHGpPDUUHU OH PRWHXU
/H V\VWqPH GH FDUEXUDQW D pWp
HQGRPPDJp HW QpFHVVLWH XQH UpSD
UDWLRQ &RQWDFWH] LPPpGLDWHPHQW OD
VWDWLRQVHUYLFH OD SOXV SURFKH 1RXV
YRXV UHFRPPDQGRQV GH FRQWDFWHU
YRWUH FRQFHVVLRQQDLUH 68%$58
9RWUH YpKLFXOH HVW pTXLSp G¶XQ V\VWqPH
G¶H[WLQFWLRQ GH SRPSH j FDUEXUDQW 3RXU
PLQLPLVHU OH ULVTXH G¶LQFHQGLH G€ DX[
IXLWHV GH FDUEXUDQW ORUVTXH YRWUH YpKLFXOH
HVW VRXPLV j O¶LPSDFW G¶XQ DFFLGHQW RX j XQ
DXWUH IDFWHXU OH V\VWqPH DUUrWH GH IRXUQLU
GX FDUEXUDQW 7RXWHIRLV VHORQ OHV FRQGL
WLRQV G¶LPSDFW DX PRPHQW GH OD FROOLVLRQ OH
V\VWqPH G¶H[WLQFWLRQ GH SRPSH j FDUEX
UDQW SHXW QH SDV IRQFWLRQQHU
(IIHFWXH] OHV SURFpGXUHV VXLYDQWHV SRXU
UHGpPDUUHU OH PRWHXU DSUqV O¶DFWLYDWLRQ GX
V\VWqPH
0RGqOHV VDQV ³DFFqV VDQV FOp DYHF
V\VWqPH GH GpPDUUDJH j ERXWRQSRXV
VRLU´
0HWWH] OH FRQWDFWHXU G¶DOOXPDJH HQ
SRVLWLRQ ³/2&.´ RX ³$&&´
5HGpPDUUH] OH PRWHXU
0RGqOHV DYHF ³DFFqV VDQV FOp DYHF
V\VWqPH GH GpPDUUDJH j ERXWRQSRXV
VRLU´
0HWWH] OH FRQWDFWHXU G¶DOOXPDJH j
ERXWRQSRXVVRLU HQ SRVLWLRQ ³$&&´ RX
³2))´
5HGpPDUUH] OH PRWHXU
6RLQV GX YpKLFXOH
6RLQV H[WpULHXUV /DYDJH (QFDXVWLTXDJH HW SROLVVDJH 1HWWR\DJH GHV MDQWHV HQ DOOLDJH 3URWHFWLRQ FRQWUH OD FRUURVLRQ &DXVHV OHV SOXV FRXUDQWHV GH OD FRUURVLRQ 3RXU pYLWHU OD FRUURVLRQ 1HWWR\DJH GH O¶KDELWDFOH 6LqJHV HQ WLVVX 6LqJHV HQ FXLU &DSLWRQV HQ VLPLOLFXLU 7DEOHDX GHV FRPPDQGHV GH FOLPDWLVDWLRQ
WDEOHDX GHV FRPPDQGHV DXGLR WDEOHDX GH
ERUG HW FRPPXWDWHXUV 0RQLWHXU 9RODQW DYHF UHYrWHPHQW HQ XOWUDVXHGHŠ VHORQ
PRGqOHV 1HWWR\DJH UpJXOLHU 7DFKHV OLTXLGHV 6DOHWp GHV PDLQV 6RLQV GX YpKLFXOH6RLQV H[WpULHXUV
6RLQV H[WpULHXUV
& /DYDJH
$77(17,21
. ,O DUULYH TXH GH O¶HDX SpQqWUH GDQV
OHV IUHLQV SHQGDQW OH ODYDJH GX
YpKLFXOH /D GLVWDQFH GH IUHLQDJH
HVW DORUV SOXV JUDQGH 3RXU Vp
FKHU OHV IUHLQV DSSX\H] OpJqUH
PHQW VXU OD SpGDOH GH IUHLQ SRXU
IDLUH UpFKDXIIHU OHV IUHLQV WRXW HQ
URXODQW j YLWHVVH PRGpUpH
. 1H ODYH] SDV O¶LQWpULHXU HW OHV
SDUWLHV DGMDFHQWHV GX FRPSDUWL
PHQW PRWHXU 6L O¶HDX HQWUDLW GDQV
OD SULVH G¶DLU GX PRWHXU RX GDQV
OHV FRPSRVDQWV pOHFWULTXHV FHFL
SURYRTXHUDLW XQH SDQQH GH PR
WHXU RX FDXVHUDLW XQ PDXYDLV
IRQFWLRQQHPHQW GH O¶pTXLSHPHQW
pOHFWULTXH
. /RUVTXH YRXV ODYH] OHV DLOHV
LQWHUQHV OH GHVVRXV GH FDLVVH
OHV SDUHFKRFV HW OHV REMHWV TXL
GpSDVVHQW WHOV TXH OHV WX\DX[
G¶pFKDSSHPHQW HW OHV ILQLWLRQV
G¶pFKDSSHPHQW YHLOOH] j pYLWHU
WRXW FRQWDFW DYHF GHV ERXWV
SRLQWXV DILQ G¶pYLWHU GHV EOHVVX
UHV
. 1¶XWLOLVH] SDV GH VROYDQWV RUJDQL
TXHV ORUVTXH YRXV ODYH] OD VXU
IDFH GX FRXYHUFOH GH O¶HQVHPEOH
G¶DPSRXOH 7RXWHIRLV VL YRXV
XWLOLVH] XQ GpWHUJHQW DYHF GHV
VROYDQWV RUJDQLTXHV SRXU ODYHU
OD VXUIDFH GX FRXYHUFOH ULQFH]
FRPSOqWHPHQW OH GpWHUJHQW DYHF
GH O¶HDX $XWUHPHQW FHOD SRXUUDLW
HQGRPPDJHU OD VXUIDFH GX FRX
YHUFOH
5(0$548(
$YDQW GH ODYHU YRWUH YpKLFXOH GDQV XQ
ODYHDXWR DXWRPDWLTXH YpULILH] TXH FH
ODYHDXWR HVW GH W\SH DSSURSULp
/D PHLOOHXUH PpWKRGH SRXU SUpVHUYHU
YRWUH YpKLFXOH HQ EHO pWDW HVW GH OH ODYHU
IUpTXHPPHQW /DYH] YRWUH YpKLFXOH DX
PRLQV XQH IRLV SDU PRLV SRXU pYLWHU
O¶LQFUXVWDWLRQ GH OD FUDVVH GH OD URXWH
eOLPLQH] OD VDOHWp DYHF XQH pSRQJH
PRXLOOpH HQ DUURVDQW DERQGDPPHQW j
O¶HDX WLqGH RX IURLGH 1H ODYH] SDV OH
YpKLFXOH j O¶HDX FKDXGH RX HQ SOHLQ VROHLO
/H VHO OHV SURGXLWV FKLPLTXHV OHV LQVHF
WHV OH JRXGURQ OD VXLH OD VqYH G¶DUEUH HW
OHV ILHQWHV G¶RLVHDX[ SHXYHQW rWUH pOLPLQpV
HQ XWLOLVDQW XQ GpWHUJHQW GRX[ VL QpFHV
VDLUH 6L YRXV XWLOLVH] XQ GpWHUJHQW OpJHU
DVVXUH]YRXV TX¶LO HVW FKLPLTXHPHQW QHX
WUH 1¶XWLOLVH] MDPDLV XQ VDYRQ RX XQ
SURGXLW FKLPLTXH DJUHVVLI 1H ODLVVH] SDV
OHV SURGXLWV GH QHWWR\DJH VpFKHU VXU OD
FDUURVVHULH HW pOLPLQH]OHV UDSLGHPHQW SDU
ULQoDJH 5LQFH] OH YpKLFXOH FRPSOqWHPHQW
j JUDQGH HDX eOLPLQH] OHV JRXWWHV HQ
HVVX\DQW DYHF XQH SHDX GH FKDPRLV RX XQ
FKLIIRQ GRX[ 3RUWH] GHV JDQWV HQ FDRXW
FKRXF HW XWLOLVH] XQH EURVVH j PDLQ
ORUVTXH YRXV QHWWR\H] VRXV OH GHVVRXV
GH FDLVVH OHV DLOHV LQWHUQHV HW OD VXVSHQ
VLRQ DILQ GH UHWLUHU HIILFDFHPHQW OD ERXH HW
OD SRXVVLqUH
! 1HWWR\DJH GX GHVVRXV GH FDLVVH
/HV SURGXLWV FKLPLTXHV OH VHO HW OHV
JUDYLOORQV XWLOLVpV SRXU GpJHOHU OHV URXWHV
VRQW H[WUrPHPHQW FRUURVLIV HW DWWDTXHQW OH
GHVVRXV GH FDLVVH OH V\VWqPH G¶pFKDS
SHPHQW OHV FDQDOLVDWLRQV GH FDUEXUDQW HW
GH IUHLQ OHV FkEOHV GH IUHLQ OH SODQFKHU
OHV DLOHV HW OHV pOpPHQWV GH OD VXVSHQVLRQ
/DYH] IUpTXHPPHQW FHV SDUWLHV j O¶HDX
WLqGH RX IURLGH SRXU UpGXLUH OHV HIIHWV
QRFLIV GH FHV SURGXLWV HQ SDUWLFXOLHU OH
GHVVRXV GH FDLVVH HW OHV ORJHPHQWV GH
URXH
/¶DGKpUHQFH GH ERXH HW GH VDEOH VXU OHV
FRPSRVDQWV GX GHVVRXV GH FDLVVH DFFp
OqUH OD FRUURVLRQ
$SUqV DYRLU XWLOLVp OH YpKLFXOH HQ WRXW
6RLQV GX YpKLFXOH6RLQV H[WpULHXUV
WHUUDLQ RX VXU URXWHV ERXHXVHV RX VDEORQ
QHXVHV ODYH] OH GHVVRXV GH FDLVVH SRXU
pOLPLQHU OD ERXH HW OH VDEOH 5LQFH]
VRLJQHXVHPHQW OHV RUJDQHV GH OD VXVSHQ
VLRQ HW OHV HVVLHX[ TXL VRQW OHV SOXV
H[SRVpV j OD ERXH HW DX VDEOH 1¶XWLOLVH]
SDV G¶REMHWV SRLQWXV RX WUDQFKDQWV SRXU
GpFROOHU OHV SDTXHWV GH ERXH
$77(17,21
. 9HLOOH] j QH SDV HQGRPPDJHU OHV
IOH[LEOHV GH IUHLQ OHV ILOV pOHFWUL
TXHV GHV FDSWHXUV HW OHV DXWUHV
SDUWLHV IUDJLOHV ORUVTXH YRXV OD
YH] OD VXVSHQVLRQ
. )DLWHV DWWHQWLRQ j QH SDV ULQFHU
SHQGDQW ORQJWHPSV OH EDV GX
PRWHXU &HFL SRXUUDLW HQGRPPD
JHU FHUWDLQV RUJDQHV pOHFWULTXHV
! 8VDJH G¶XQH ODYHXVH j HDX FKDXGH
. 7HQH] OD ODQFH j ERQQH GLVWDQFH DX
PRLQV FP SR GX YpKLFXOH
. 1¶LPPRELOLVH] SDV OH MHW ORQJWHPSV DX
PrPH HQGURLW
. eOLPLQH] OHV WkFKHV SHUVLVWDQWHV HQ
IURWWDQW j OD PDLQ &HUWDLQHV ODYHXVHV
DWWHLJQHQW GHV WHPSpUDWXUHV HW GHV SUHV
VLRQV WUqV pOHYpHV TXL ULVTXHQW G¶HQGRP
PDJHU OHV pOpPHQWV HQ PDWLqUH SODVWLTXH
WHOV TXH OHV PRXOXUHV RX MRLQW G¶pWDQFKpLWp
HW G¶LQRQGHU O¶LQWpULHXU GX YpKLFXOH
& (QFDXVWLTXDJH HW SROLVVDJH
/H YpKLFXOH GRLW WRXMRXUV rWUH ODYp HW VpFKp
DYDQW GH OH SROLU HW GH O¶HQFDXVWLTXHU
8WLOLVH] GHV SURGXLWV GH SROLVVDJH HW
G¶HQFDXVWLTXDJH GH ERQQH TXDOLWp HW DS
SOLTXH]OHV HQ VXLYDQW OHV LQVWUXFWLRQV GX
IDEULFDQW 3RXU OH SROLVVDJH HW O¶HQFDXVWL
TXDJH OD VXUIDFH SHLQWH QH GRLW SDV rWUH
FKDXGH
3ROLVVH] HW HQFDXVWLTXH] QRQ VHXOHPHQW
OHV FKURPHV PDLV DXVVL OHV VXUIDFHV
SHLQWHV /D GLVSDULWLRQ GH O¶HQFDXVWLTXH
VXU OHV VXUIDFHV SHLQWHV VH WUDGXLW SDU OD
SHUWH GH O¶pFODW RULJLQDO HW DFFpOqUH OH
YLHLOOLVVHPHQW GHV SHLQWXUHV ,O HVW UHFRP
PDQGp G¶DSSOLTXHU XQH FRXFKH G¶HQFDXV
WLTXH DX PRLQV XQH IRLV SDU PRLV RX
ORUVTXH OHV VXUIDFHV SHLQWHV QH UHSRXV
VHQW SOXV O¶HDX
6L O¶DVSHFW GH OD SHLQWXUH HVW GpJUDGp DX
SRLQW TXH O¶pFODW LQLWLDO QH SXLVVH rWUH
UHVWDXUp SROLVVH] OpJqUHPHQW OD VXUIDFH
DYHF XQ SURGXLW GH SROLVVDJH j JUDLQ ILQ /H
SROLVVDJH QH GRLW SDV VH OLPLWHU j OD SDUWLH
GpJUDGpH PDLV GRLW rWUH pWHQGX DX[
DOHQWRXUV 3ROLVVH] G¶XQ PRXYHPHQW Up
JXOLHU WRXMRXUV GDQV OH PrPH VHQV ,O HVW
UHFRPPDQGp G¶HPSOR\HU XQ SURGXLW GH
JUDQXORPpWULH 1ž 1¶XWLOLVH] MDPDLV
XQ SURGXLW j JURV JUDLQ 3OXV OH QXPpUR GH
JUDQXORPpWULH HVW SHWLW SOXV OH JUDLQ HVW
JURV HW XQ JUDLQ WURS JURV HQGRPPDJHUDLW
OD SHLQWXUH $SUqV OH SROLVVDJH HQFDXVWL
TXH] SRXU UHGRQQHU j OD SHLQWXUH VRQ pFODW
G¶RULJLQH 8Q SROLVVDJH WURS IUpTXHQW RX
XQH PDXYDLVH PpWKRGH GH SROLVVDJH
ILQLUDLW SDU XVHU OD FRXFKH GH SHLQWXUH HW
IHUDLW DSSDUDvWUH OD FRXFKH G¶DSSUrW 'DQV
OH GRXWH LO HVW SUpIpUDEOH GH FRQVXOWHU XQ
FRQFHVVLRQQDLUH 68%$58 RX XQ VSpFLD
OLVWH GH OD SHLQWXUH VXU DXWRPRELOHV
$77(17,21
1¶XWLOLVH] SDV GH SURGXLWV FRQWDQW
GHV VROYDQWV RUJDQLTXHV VXU OD VXU
IDFH GX FRXYHUFOH G¶DVVHPEODJH GH
O¶DPSRXOH 7RXWHIRLV VL XQ SURGXLW
GH SROLVVDJH RX G¶HQFDXVWLTXDJH
FRQWHQDQW GHV VROYDQWV RUJDQLTXHV
HVW DSSOLTXp VXU OD VXUIDFH GX FRX
YHUFOH HVVX\H]OH FRPSOqWHPHQW
$XWUHPHQW FHOD SRXUUDLW HQGRPPD
JHU OD VXUIDFH GX FRXYHUFOH
5(0$548(
6L YRXV HQFDXVWLTXH] OH YpKLFXOH YHLO
OH] j QH SDV REVWUXHU OHV JLFOHXUV GX
ODYHJODFH GH SDUHEULVH DYHF GH OD FLUH
± 68,7( ±
6RLQV GX YpKLFXOH3URWHFWLRQ FRQWUH OD FRUURVLRQ
& 1HWWR\DJH GHV MDQWHV HQ DO
OLDJH
. eOLPLQH] UDSLGHPHQW OHV VDOHWpV RX
DXWUHV FRUSV pWUDQJHUV GHV MDQWHV HQ
DOOLDJH 6L YRXV DWWHQGH] WURS ORQJWHPSV
OH QHWWR\DJH ULVTXH G¶rWUH GLIILFLOH
. 1¶XWLOLVH] SDV GH VDYRQ FRQWHQDQW GHV
SDUWLFXOHV DEUDVLYHV SRXU QHWWR\HU OHV
MDQWHV (PSOR\H] XQ SURGXLW GH QHWWR\DJH
QHXWUH HW ELHQ ULQFH] j O¶HDX 1H QHWWR\H]
SDV OHV MDQWHV DYHF XQH EURVVH GXUH RX XQ
DSSDUHLO GH ODYDJH UDSLGH
. /RUVTXH OH YpKLFXOH D pWp pFODERXVVp
G¶HDX GH PHU H[SRVp DX YHQW PDULQ RX
XWLOLVp VXU GHV URXWHV VXU OHVTXHOOHV GX VHO
RX DXWUHV SURGXLWV G¶pSDQGDJH RQW pWp
HPSOR\pV ODYH]OH \ FRPSULV OHV MDQWHV
HQ DOOLDJH j O¶HDX OH SOXV W{W SRVVLEOH
3URWHFWLRQ FRQWUH OD FRUUR
VLRQ
9RWUH 68%$58 D pWp FRQoXH HW FRQVWUXLWH
SRXU UpVLVWHU j OD FRUURVLRQ 'HV PDWpULDX[
VSpFLDX[ j ILQLWLRQ GH SURWHFWLRQ RQW pWp
XWLOLVpV SRXU OD SOXSDUW GHV pOpPHQWV GX
YpKLFXOH j OD IRLV SRXU DVVXUHU OD UREXV
WHVVH HW OD ILDELOLWp HW SRXU PDLQWHQLU XQ EHO
DVSHFW H[WpULHXU
& &DXVHV OHV SOXV FRXUDQWHV GH
OD FRUURVLRQ
/HV FDXVHV OHV SOXV FRXUDQWHV GH OD
FRUURVLRQ VRQW
. /¶DFFXPXODWLRQ GH O¶KXPLGLWp TXL IL[H OD
VDOHWp HW OHV FRUSV pWUDQJHUV DX[ W{OHV GH
OD FDUURVVHULH GDQV OHV UHFRLQV HWF
. /HV EOHVVXUHV LQIOLJpHV j OD SHLQWXUH HW
DX[ DXWUHV UHYrWHPHQWV SURWHFWHXUV SDU
OHV JUDYLOORQV OHV pFODWV GH SLHUUH HW OHV
SHWLWV DFFURFKDJHV
)DFWHXUV IDYRULVDQW OD FRUURVLRQ
. /H YpKLFXOH HVW XWLOLVp VXU GHV URXWHV
VDOpHV RX WUDLWpHV DYHF GHV SURGXLWV
FKLPLTXHV DQWLSRXVVLqUH VXU OH OLWWRUDO
R O¶DLU HVW VDOLQ RX HQFRUH GDQV GHV
]RQHV LQGXVWULHOOHV WUqV SROOXpHV
. /H YpKLFXOH HVW XWLOLVp GDQV GHV UpJLRQV
WUqV KXPLGHV VXUWRXW ORUVTXH OD WHPSpUD
WXUH DWPRVSKpULTXH IULVH OH JHO
. &HUWDLQHV SDUWLHV GX YpKLFXOH UHVWHQW
IUpTXHPPHQW KXPLGHV SHQGDQW ORQJ
WHPSV PrPH VL OH UHVWH GX YpKLFXOH HVW
VHF
. &HUWDLQHV SDUWLHV GX YpKLFXOH H[SRVpHV
j GHV WHPSpUDWXUHV pOHYpHV UHVWHQW KXPL
GHV SDU PDQTXH GH YHQWLODWLRQ
& 3RXU pYLWHU OD FRUURVLRQ
/DYH] OH YpKLFXOH UpJXOLqUHPHQW SRXU
pYLWHU OD FRUURVLRQ GH OD FDUURVVHULH HW
GHV pOpPHQWV GH OD VXVSHQVLRQ (Q RXWUH
OH YpKLFXOH GRLW rWUH ODYp UDSLGHPHQW DSUqV
DYRLU URXOp VXU XQH GHV VXUIDFHV VXLYDQ
WHV
. URXWHV VDOpHV FRQWUH OH YHUJODV HQ KLYHU
. ERXH VDEOH RX JUDYLOORQV
. URXWHV HQ ERUG GH PHU
(Q ILQ GH VDLVRQ IURLGH LO HVW UHFRPPDQGp
GH ODYHU VRLJQHXVHPHQW HW FRPSOqWHPHQW
OH GHVVRXV GH FDLVVH
$YDQW O¶KLYHU FRQWU{OH] O¶pWDW GHV pOpPHQWV
TXL VH WURXYHQW VRXV OH YpKLFXOH WHOV TXH OH
V\VWqPH G¶pFKDSSHPHQW OHV FDQDOLVD
WLRQV GH FDUEXUDQW HW GH IUHLQ OHV FkEOHV
GH IUHLQ OD VXVSHQVLRQ OD GLUHFWLRQ OH
SODQFKHU HW O¶LQWpULHXU GHV DLOHV /HV SLqFHV
URXLOOpHV GRLYHQW UHFHYRLU XQ WUDLWHPHQW
DQWLURXLOOH RX GRLYHQW rWUH UHPSODFpHV 6L
6RLQV GX YpKLFXOH1HWWR\DJH GH O¶KDELWDFOH
YRXV DYH] EHVRLQ G¶DLGH YRXV SRXYH]
pJDOHPHQW SRXU FH JHQUH GH WUDYDX[ YRXV
DGUHVVHU j XQ FRQFHVVLRQQDLUH 68%$58
5pSDUH] VDQV DWWHQGUH OHV pFDLOOHV RX OHV
pUDIOXUHV GH OD SHLQWXUH
&RQWU{OH] O¶LQWpULHXU GX YpKLFXOH WRXWH
DFFXPXODWLRQ G¶KXPLGLWp RX GH VDOHWp VRXV
OHV WDSLV GH VRO IDYRULVH OD FRUURVLRQ
$VVXUH]YRXV GH WHPSV j DXWUH TXH OH
GHVVRXV GHV WDSLV HVW VHF
*DUGH] YRWUH JDUDJH VHF eYLWH] G¶XWLOLVHU
FRPPH JDUDJH XQ ORFDO KXPLGH RX PDO
YHQWLOp /¶KXPLGLWp DPELDQWH HVW DXVVL XQ
IDFWHXU IDYRULVDQW OD FRUURVLRQ /DYHU OH
YpKLFXOH j O¶LQWpULHXU GX JDUDJH RX UHQWUHU
DX JDUDJH XQ YpKLFXOH PRXLOOp RX FRXYHUW
GH QHLJH FRQWULEXH j PDLQWHQLU OH JDUDJH
KXPLGH
6L OH YpKLFXOH HVW XWLOLVp SDU WHPSV IURLG HW
RX GDQV GHV UpJLRQV R GX VHO RX G¶DXWUHV
SURGXLWV FRUURVLIV VRQW HPSOR\pV VXU OHV
URXWHV OHV FKDUQLqUHV HW OHV VHUUXUHV GHV
SRUWLqUHV HW O¶DWWDFKH GX FDSRW GRLYHQW rWUH
YpULILpHV HW OXEULILpHV SpULRGLTXHPHQW
1HWWR\DJH GH O¶KDELWDFOH
3RXU QHWWR\HU OH WDEOHDX GHV FRPPDQGHV
GH FOLPDWLVDWLRQ O¶pTXLSHPHQW DXGLR OH
WDEOHDX GH ERUG OD FRQVROH FHQWUDOH OH
WDEOHDX GHV LQVWUXPHQWV GH ERUG HW OHV
FRPPXWDWHXUV XWLOLVH] XQ FKLIIRQ GRX[
OpJqUHPHQW KXPLGH 1¶XWLOLVH] SDV GH
VROYDQWV RUJDQLTXHV
$77(17,21
3RXU OH QHWWR\DJH GHV VLqJHV Q¶HP
SOR\H] DXFXQ SURGXLW FKLPLTXH
FRPPH OH EHQ]LQH OH GLOXDQW j
SHLQWXUH HWF 6LQRQ YRXV ULVTXHULH]
G¶HQGRPPDJHU OD VXUIDFH HW G¶HQ
WUDvQHU XQH GpFRORUDWLRQ
& 6LqJHV HQ WLVVX
& 6LqJHV HQ FXLU
eOLPLQH] OHV VDOHWpV OD SRXVVLqUH HW OHV
GpWULWXV j O¶DVSLUDWHXU 3RXU OHV VDOHWpV
LQFUXVWpHV GDQV OH WLVVX HW UpVLVWDQW j
O¶DVSLUDWHXU XWLOLVH] XQH EURVVH GRXFH
DYDQW GH OHV DVSLUHU
)URWWH] OH WLVVX DYHF XQ FKLIIRQ KXPLGH
ELHQ HVVRUp HW VpFKH] HQVXLWH OH WLVVX
FRPSOqWHPHQW 6L OD WDFKH HVW HQFRUH
YLVLEOH IURWWH] DYHF XQ VDYRQ GRX[ HQ
VROXWLRQ GDQV O¶HDX WLqGH HW VpFKH]
FRPSOqWHPHQW
/H FXLU DGRSWp SDU 68%$58 HVW XQ SURGXLW
QDWXUHO GH JUDQGH TXDOLWp TXL FRQVHUYHUD
XQ WUqV EHO DVSHFW SHQGDQW GH ORQJXHV
DQQpHV V¶LO HVW FRQYHQDEOHPHQW HQWUHWHQX
1H ODLVVH] SDV OD ERXH RX OD VDOHWp VpFKHU
VXU OH FXLU FDU FHOD OH IUDJLOLVH HW OH YLHLOOLW
SUpPDWXUpPHQW 1HWWR\H] GH WHPSV j
DXWUH HQ IURWWDQW DYHF XQ FKLIIRQ GRX[ HQ
ILEUHV QDWXUHOOHV OpJqUHPHQW LPELEp G¶HDX
1H GpWUHPSH] MDPDLV OH FXLU HW YHLOOH] j QH
SDV IDLUH SpQpWUHU GH O¶HDX SDU OHV FRXWX
UHV
3RXU pOLPLQHU OHV WDFKHV UHEHOOHV YRXV
SRXUUH] HPSOR\HU XQ GpWHUJHQW GRX[ SRXU
ODLQH HW VpFKHU HQVXLWH HQ IURWWDQW DYHF XQ
FKLIIRQ VHF SRXU IDLUH EULOOHU 6L YRWUH
68%$58 GRLW rWUH JDUpH HQ SOHLQ VROHLO
SHQGDQW XQH SpULRGH SURORQJpH LO HVW
UHFRPPDQGp GH FRXYULU OHV VLqJHV HW OHV
DSSXLVWrWH RX GH PDVTXHU OHV YLWUHV SRXU
pYLWHU TXH OH FXLU QH SHUGH VRQ pFODW HW QH
3RXU pOLPLQHU OHV WDFKHV SHUVLVWDQWHV
YRXV SRXYH] HVVD\HU XQ GpWDFKDQW SRXU
WLVVXV HQ YHQWH GDQV OH FRPPHUFH
&RPPHQFH] SDU DSSOLTXHU OH SURGXLW VXU
XQ HQGURLW QRQ DSSDUHQW SRXU YpULILHU TX¶LO
QH GpJUDGH SDV OH WLVVX GHV VLqJHV 6XLYH]
OH PRGH G¶HPSORL IRXUQL DYHF OH SURGXLW
± 68,7( ±
6RLQV GX YpKLFXOH1HWWR\DJH GH O¶KDELWDFOH
UpWUpFLVVH 9HLOOH] j HQOHYHU WRXWHV OHV
KRXVVHV GH VLqJH HW G¶DSSXLHWrWH ORUV GH
OD FRQGXLWH GX YpKLFXOH
6L OH FXLU HVW WHUQL RX OXVWUp ORFDOHPHQW
YRXV SRXUUH] OH WUDLWHU DYHF XQH ODTXH SRXU
FXLUV HQ DWRPLVHXU HQ YHQWH GDQV OH
FRPPHUFH ¬ O¶XVDJH FKDTXH VHFWLRQ
GHV VLqJHV GpYHORSSH OHV SOLV HW ULGHV
FDUDFWpULVWLTXHV GX FXLU YpULWDEOH
& &DSLWRQV HQ VLPLOLFXLU
/H VLPLOLFXLU DGRSWp SDU 68%$58 SHXW
rWUH QHWWR\p DYHF XQ VDYRQ GRX[ RX XQH
VROXWLRQ GH GpWHUJHQW DSUqV DYRLU pOLPLQp
OD SOXV JUDQGH SDUWLH GH OD VDOHWp j
O¶DVSLUDWHXU RX j OD EURVVH $WWHQGH]
TXHOTXHV PLQXWHV TXH OH VDYRQ DLW Gp
WUHPSp OD VDOHWp LQFUXVWpH SXLV HVVX\H]
DYHF XQ FKLIIRQ SURSUH PRXLOOp 6L QpFHV
VDLUH XWLOLVH] XQ SURGXLW GH QHWWR\DJH
PRXVVDQW SRXU FXLUV V\QWKpWLTXHV HQ
YHQWH GDQV OH FRPPHUFH
$77(17,21
1¶XWLOLVH] MDPDLV GH SURGXLW DJUHVVLI
VROYDQW FKLPLTXH GLOXDQW j SHLQ
WXUH SURGXLW GH QHWWR\DJH GHV YLWUHV
RX FDUEXUDQW VXU OHV JDUQLWXUHV HQ
FXLU YpULWDEOH RX HQ PDWLqUH V\QWKp
WLTXH 6LQRQ YRXV ULVTXHULH] G¶HQ
GRPPDJHU OD VXUIDFH HW G¶HQWUDvQHU
XQH GpFRORUDWLRQ
& 7DEOHDX GHV FRPPDQGHV GH
FOLPDWLVDWLRQ WDEOHDX GHV
FRPPDQGHV DXGLR WDEOHDX
GH ERUG HW FRPPXWDWHXUV
3RXU QHWWR\HU OH WDEOHDX GHV FRPPDQGHV
GH FOLPDWLVDWLRQ O¶pTXLSHPHQW DXGLR OH
WDEOHDX GH ERUG OD FRQVROH FHQWUDOH OH
WDEOHDX GHV LQVWUXPHQWV GH ERUG HW OHV
FRPPXWDWHXUV XWLOLVH] XQ FKLIIRQ GRX[
OpJqUHPHQW KXPLGH
$77(17,21
. 1¶XWLOLVH] QL VROYDQWV RUJDQLTXHV
FRPPH GX GLOXDQW j SHLQWXUH RX
GX FDUEXUDQW QL SURGXLWV GpWHU
JHQWV IRUWV FRQWHQDQW GH WHOV
VROYDQWV 6LQRQ YRXV ULVTXHULH]
G¶HQGRPPDJHU OD VXUIDFH HW G¶HQ
WUDvQHU XQH GpFRORUDWLRQ
. 1H SDV XWLOLVHU GH VROYDQWV FKLPL
TXHV TXL FRQWLHQQHQW GX VLOLFRQH
VXU OH V\VWqPH DXGLR GX YpKLFXOH
VXU OHV FRPSRVDQWV pOHFWULTXHV
GH O¶DLU FRQGLWLRQQp RX VXU WRXWH
FRPPDQGH 6L OH VLOLFRQH DGKqUH
j FHV SDUWLHV LO SHXW FDXVHU GHV
GRPPDJHV DX[ FRPSRVDQWV
pOHFWULTXHV
& 0RQLWHXU
3RXU QHWWR\HU OH PRQLWHXU DXGLRGH QDYL
JDWLRQG¶DIILFKDJH PXOWLIRQFWLRQV HV
VX\H]OH DYHF XQ FKLIIRQ DX VLOLFRQH RX
DYHF XQ FKLIIRQ GRX[ 6L OH PRQLWHXU HVW
WUqV VDOH QHWWR\H] DYHF XQ FKLIIRQ GRX[
LPELEp GH GpWHUJHQW QHXWUH SXLV HVVX\H]
VRLJQHXVHPHQW SRXU pOLPLQHU OH GpWHUJHQW
UHVWDQW
$77(17,21
. 1H YDSRULVH] SDV GH GpWHUJHQW
QHXWUH GLUHFWHPHQW VXU OH PRQL
WHXU &HOD SRXUUDLW HQGRPPDJHU
OHV FRPSRVDQWV GX PRQLWHXU
. 1¶HVVX\H] SDV OH PRQLWHXU DYHF
XQ FKLIIRQ UrFKH &HOD SRXUUDLW
UD\HU OH PRQLWHXU
. 1¶XWLOLVH] SDV GH SURGXLWV GH
QHWWR\DJH FRQWHQDQW GX GLOXDQW
6RLQV GX YpKLFXOH9RODQW DYHF UHYrWHPHQW HQ XOWUDVXHGHŠ
GX FDUEXUDQW RX WRXWH DXWUH VXE
VWDQFH YRODWLOH &HV SURGXLWV GH
QHWWR\DJH SRXUUDLHQW HIIDFHU OHV
LQGLFDWLRQV LQVFULWHV VXU OHV WRX
FKHV GX EDV GH O¶pFUDQ
9RODQW DYHF UHYrWHPHQW HQ
XOWUDVXHGHŠ VHORQ PRGqOHV
$ILQ GH FRQVHUYHU OD WH[WXUH HW O¶DSSDUHQFH
FDUDFWpULVWLTXHV GH O¶XOWUDVXHGHŠ XQ QHW
WR\DJH IUpTXHQW GX YRODQW HVW UHFRP
PDQGp
5(0$548(
6L OH YRODQW HVW XWLOLVp FRQWLQXHOOHPHQW
VDQV rWUH QHWWR\p OD VXUIDFH SDUDvWUD
XVpH &HOD YLHQW GH OD VDOHWp GHV PDLQV
HW G¶DXWUHV VRXUFHV TXL SURYRTXHQW OH
GXUFLVVHPHQW GHV ILEUHV GH O¶XOWUD
VXHGHŠ ,O QH V¶DJLW SDV G¶XQ GpIDXW
6XLYH] OD SURFpGXUH FLGHVVRXV SRXU
QHWWR\HU
& 1HWWR\DJH UpJXOLHU
,O HVW UHFRPPDQGp G¶HIIHFWXHU XQ QHW
WR\DJH UpJXOLHU XQH IRLV SDU PRLV HQYLURQ
HQ VXLYDQW OD SURFpGXUH FLGHVVRXV
+XPLGLILH] XQ FKLIIRQ RX XQ REMHW
VLPLODLUH DYHF GH O¶HDX FKDXGH j HQYLURQ
8& 8) HVVRUH]OH IRUWHPHQW HW
HVVX\H] O¶HQVHPEOH GX YRODQW
/RUVTXH OD VXUIDFH GH O¶XOWUDVXHGHŠ HVW
VqFKH XWLOLVH] XQH EURVVH j FKDUSLH RX XQ
REMHW VLPLODLUH SRXU UHGUHVVHU OHV ILEUHV
5(0$548(
. /RUVTXH YRXV HVVX\H] IDLWHV DWWHQ
WLRQ j QH SDV IRUWHPHQW SHUWXUEHU OHV
SRLOV GH O¶XOWUDVXHGHŠ
. 8WLOLVH] XQ FKLIIRQ SURSUH /RUVTXH
YRXV HVVX\H] ULQFH] VRLJQHXVHPHQW OH
FKLIIRQ HW pOLPLQH] FRPSOqWHPHQW WRX
WHV OHV VDOHWpV GH FHOXLFL
& 7DFKHV OLTXLGHV
3RXU QHWWR\HU OHV OLTXLGHV UHQYHUVpV
HIIHFWXH] OHV PpWKRGHV VXLYDQWHV
. /LTXLGHV UHQYHUVpV 8WLOLVH] XQ PRX
FKRLU HQ SDSLHU RX XQ PDWpULHO VLPLODLUH
SRXU DEVRUEHU OH OLTXLGH HQ GRXFHXU
. 6L GH OD ERXH GX FDIp RX G¶DXWUHV
VDOHWpV GXUFLVVHQW DSUqV VpFKDJH XWLOLVH]
XQH EURVVH j FKDUSLH RX XQ REMHW VLPLODLUH
HW EURVVH] GRXFHPHQW OD WDFKH SRXU
HQOHYHU OD VDOHWp
6L OD VDOHWp QH SHXW SDV rWUH HQOHYpH DSUqV
DYRLU HIIHFWXp OH QHWWR\DJH FLGHVVXV
UHSRUWH]YRXV j ³6DOHWp GHV PDLQV´ )
± 68,7( ±
6RLQV GX YpKLFXOH9RODQW DYHF UHYrWHPHQW HQ XOWUDVXHGHŠ
& 6DOHWp GHV PDLQV
6L OD WH[WXUH RX O¶DSSDUHQFH V¶HVW GpWpULR
UpH j FDXVH GH OD VDOHWp GHV PDLQV RX
G¶DXWUHV VRXUFHV VXLYH] OD SURFpGXUH FL
GHVVRXV SRXU OH QHWWR\DJH
2EMHWV j SUpSDUHU
$ &KLIIRQ LPELEp G¶XQH VROXWLRQ GH GpWHU
JHQW QHXWUH HW IRUWHPHQW HVVRUp
% &KLIIRQ LPELEp G¶HDX FKDXGH j HQYLURQ
8& 8)
3URFpGXUH
8WLOLVH] XQH EURVVH j FKDUSLH RX XQ
REMHW VLPLODLUH HW EURVVH] GRXFHPHQW SRXU
pOLPLQHU OHV SRXVVLqUHV HW VDOHWpV FROOpHV
8WLOLVH] OH FKLIIRQ TXL D pWp LPELEp
G¶XQH VROXWLRQ GH GpWHUJHQW QHXWUH HW IRUWHPHQW HVVRUp $ HW VDLVLVVH]
OH YRODQW DYHF SXLV HVVX\H] HQ GpSODoDQW
OH FKLIIRQ DXWRXU GX YRODQW WHO TX¶LQGLTXp
GDQV O¶LOOXVWUDWLRQ
$ILQ G¶pOLPLQHU OH GpWHUJHQW QHXWUH
UHVWp VXU O¶XOWUDVXHGHŠ XWLOLVH] OH FKLIIRQ
TXL D pWp LPELEp G¶HDX FKDXGH j HQYLURQ
8& 8) % SRXU VDLVLU OH YRODQW SXLV
HVVX\H] HQ GpSODoDQW OH FKLIIRQ DXWRXU GX
YRODQW 5LQFH] OH FKLIIRQ DYHF GH O¶HDX
FKDXGH HW UpSpWH] FHWWH pWDSH IRLV
6L OHV SRLOV GH OD VXUIDFH RQW pWp
SHUWXUEpV EURVVH] GRXFHPHQW j O¶DLGH
G¶XQH EURVVH j FKDUSLH RX HQ VXLYDQW XQH
PpWKRGH VLPLODLUH
$77(17,21
. 1¶XWLOLVH] SDV GH EHQ]qQH G¶HV
VHQFH RX G¶DXWUHV VROYDQWV RUJD
QLTXHV GH GpWHUJHQWV DFLGHV RX
DOFDOLQV GH FRORUDQWV G¶HDX GH
MDYHO RX GH VXEVWDQFHV VLPLODL
UHV &HOD SHXW SURYRTXHU XQH
GpFRORUDWLRQ GHV SOLV RX XQ
pFDLOODJH GH OD SHLQWXUH
. 1¶XWLOLVH] SDV GH SURGXLWV GH
QHWWR\DJH GLVSRQLEOHV GDQV OH
FRPPHUFH ,OV SHXYHQW FRQWHQLU
GHV FRPSRVDQWV TXL FDXVHQW OD
GpFRORUDWLRQ GHV SOLV RX XQ
pFDLOODJH GH OD SHLQWXUH
. (VVRUH] IRUWHPHQW OH FKLIIRQ LP
ELEp GH OD VROXWLRQ GH GpWHUJHQW
QHXWUH RX GH O¶HDX FKDXGH 6L GH
O¶HDX RX GX GpWHUJHQW SpQqWUH
GDQV OHV FRPPDQGHV GX YRODQW
RX GDQV OH FRXVVLQ GH VpFXULWp
FHOD ULVTXH GH FDXVHU GHV G\V
IRQFWLRQQHPHQWV
(QWUHWLHQ HW UpSDUDWLRQV
3URJUDPPH G¶HQWUHWLHQ 3UpFDXWLRQV FRQFHUQDQW O¶HQWUHWLHQ $YDQW WRXWH LQWHUYHQWLRQ GH FRQWU{OH RX GH
UpSDUDWLRQ GDQV OH FRPSDUWLPHQW PRWHXU /RUV GH WRXWH LQWHUYHQWLRQ GH FRQWU{OH RX GH
UpSDUDWLRQ GDQV OH FRPSDUWLPHQW PRWHXU /RUV GHV FRQWU{OHV RX WUDYDX[ GDQV OH
FRPSDUWLPHQW PRWHXU DYHF OH PRWHXU HQ
PDUFKH &RQVHLOV G¶HQWUHWLHQ 5HWUDLW HW UpLQVWDOODWLRQ GHV DJUDIHV &DSRW PRWHXU 9XH G¶HQVHPEOH GX FRPSDUWLPHQW PRWHXU 67, 6DXI 67, +XLOH PRWHXU &RQVRPPDWLRQ GH O¶KXLOH PRWHXU &RQWU{OH GX QLYHDX G¶KXLOH 9LGDQJH GH O¶KXLOH HW UHPSODFHPHQW GX ILOWUH 4XDOLWp HW YLVFRVLWp G¶KXLOH UHFRPPDQGpHV +XLOH V\QWKpWLTXH 6\VWqPH GH UHIURLGLVVHPHQW 9HQWLODWHXU WX\DX[ HW UDFFRUGV /LTXLGH GH UHIURLGLVVHPHQW GX PRWHXU eOpPHQW GX ILOWUH j DLU 5HPSODFHPHQW GH O¶pOpPHQW GX ILOWUH j DLU %RXJLHV G¶DOOXPDJH %RXJLHV G¶DOOXPDJH UHFRPPDQGpHV &RXUURLHV G¶HQWUDvQHPHQW +XLOH GH ERvWH GH YLWHVVHV PDQXHOOH 4XDOLWp HW YLVFRVLWp G¶KXLOH UHFRPPDQGpHV /LTXLGH GH WUDQVPLVVLRQ j YDULDWLRQ FRQWLQXH
+XLOH GX GLIIpUHQWLHO DYDQW PRGqOHV &97 HW
KXLOH GX GLIIpUHQWLHO DUULqUH 4XDOLWp HW YLVFRVLWp G¶KXLOH UHFRPPDQGpHV +XLOH GH GLUHFWLRQ DVVLVWpH 67, &RQWU{OH GX QLYHDX GH OLTXLGH /LTXLGH UHFRPPDQGp /LTXLGH GH IUHLQ
&RQWU{OH GX QLYHDX GH OLTXLGH /LTXLGH GH IUHLQ UHFRPPDQGp /LTXLGH G¶HPEUD\DJH PRGqOHV %0 &RQWU{OH GX QLYHDX GH OLTXLGH /LTXLGH G¶HPEUD\DJH UHFRPPDQGp 6HUYRIUHLQ
3pGDOH GH IUHLQ
&RQWU{OH GH OD FRXUVH OLEUH GH OD SpGDOH GH
IUHLQ &RQWU{OH GH OD JDUGH GH OD SpGDOH GH IUHLQ 3pGDOH G¶HPEUD\DJH PRGqOHV %0 &RQWU{OH GX IRQFWLRQQHPHQW GH O¶HPEUD\DJH &RQWU{OH GH OD FRXUVH OLEUH GH OD SpGDOH
G¶HPEUD\DJH 6\VWqPH G¶DLGH DX GpPDUUDJH HQ F{WH 5HPSODFHPHQW GHV SODTXHWWHV HW JDUQLWXUHV
GH IUHLQ 5RGDJH GHV SODTXHWWHV GH IUHLQ QHXYHV PRGqOHV
DYHF V\VWqPH GH IUHLQ GH VWDWLRQQHPHQW
pOHFWURQLTXH (QWUHWLHQ HW UpSDUDWLRQV
5RGDJH GHV SODTXHWWHV HW JDUQLWXUHV GH IUHLQ
QHXYHV PRGqOHV VDQV V\VWqPH GH IUHLQ GH
VWDWLRQQHPHQW pOHFWURQLTXH &RXUVH GX IUHLQ GH VWDWLRQQHPHQW PRGqOHV
VDQV V\VWqPH GH IUHLQ GH VWDWLRQQHPHQW
pOHFWURQLTXH 5RXHV HW SQHXV 7\SHV GH SQHXV 6\VWqPH GH VXUYHLOODQFH GH OD SUHVVLRQ GHV
SQHXV 7306 VHORQ PRGqOHV ,QVSHFWLRQ GHV SQHXV 3UHVVLRQ HW XVXUH GHV SQHXV eTXLOLEUDJH GHV URXHV ,QGLFDWHXUV G¶XVXUH 6HQV GH URWDWLRQ GHV SQHXV 3HUPXWDWLRQ GHV URXHV 5HPSODFHPHQW GHV SQHXV 5HPSODFHPHQW GHV MDQWHV -DQWHV HQ DOOLDJH /LTXLGH GH ODYHJODFH GH SDUHEULVH 5HPSODFHPHQW GHV EDODLV G¶HVVXLHJODFH (QVHPEOH EDODLV G¶HVVXLHJODFH GH SDUHEULVH &DRXWFKRXF GH EDODLV G¶HVVXLHJODFH GH SDUH
EULVH %DWWHULH )XVLEOHV ,QVWDOODWLRQ G¶DFFHVVRLUHV 5HPSODFHPHQW GHV DPSRXOHV 3KDUHV PRGqOHV DYHF SKDUHV /(' )HX GH URXWH PRGqOHV VDQV SKDUHV /(' )HX GH FURLVHPHQW IHX GH JDEDULW DYDQW IHX
GH VWDWLRQQHPHQW HW FOLJQRWDQW GH GLUHFWLRQ
DYDQW &OLJQRWDQW GH GLUHFWLRQ DYDQW PRGqOHV DYHF OHV
SKDUHV /(' 3KDUH DQWLEURXLOODUG DYDQW PRGqOHV DYHF SKDUH
DQWLEURXLOODUG DYDQW /(' 3KDUH DQWLEURXLOODUG DYDQW PRGqOHV VDQV SKDUH
DQWLEURXLOODUG DYDQW /(' VHORQ PRGqOHV )HX[ FRPELQpV DUULqUH eFODLUDJH GH SODTXH G¶LPPDWULFXODWLRQ $XWUHV DPSRXOHV 5HPSODFHPHQW GH OD SLOH
3UpFDXWLRQV GH VpFXULWp 5HPSODFHPHQW GH OD SLOH GX SRUWHFOpV G¶DFFqV 5HPSODFHPHQW GH OD SLOH GX WUDQVPHWWHXU (QWUHWLHQ HW UpSDUDWLRQV3URJUDPPH G¶HQWUHWLHQ
3URJUDPPH G¶HQWUHWLHQ
0RGqOHV SRXU OHV eWDWV8QLV
/HV WUDYDX[ G¶HQWUHWLHQ j HIIHFWXHU j
LQWHUYDOOHV UpJXOLHUV VRQW LQGLTXpV GDQV OH
³/LYUHW GH *DUDQWLH HW G¶(QWUHWLHQ´ 3RXU GH
SOXV DPSOHV GpWDLOV YHXLOOH] YRXV UHSRUWHU
DX ³/LYUHW GH *DUDQWLH HW G¶(QWUHWLHQ´ IRXUQL
VpSDUpPHQW
0RGqOHV SRXU OH &DQDGD
/HV WUDYDX[ G¶HQWUHWLHQ j HIIHFWXHU j
LQWHUYDOOHV UpJXOLHUV VRQW LQGLTXpV GDQV OH
³/LYUHW GH *DUDQWLH HW GH 5pYLVLRQ´ 3RXU
GH SOXV DPSOHV GpWDLOV YHXLOOH] YRXV
UHSRUWHU DX ³/LYUHW GH *DUDQWLH HW GH
5pYLVLRQ´
$XWUHV PRGqOHV
&HUWDLQV pOpPHQWV GH YRWUH YpKLFXOH GRL
YHQW rWUH HQWUHWHQXV j LQWHUYDOOHV SODQLILpV
3RXU SOXV GH GpWDLOV VXU YRWUH SURJUDPPH
G¶HQWUHWLHQ YHXLOOH] YRXV UHSRUWHU DX
³/LYUHW GH *DUDQWLH HW G¶(QWUHWLHQ´
5(0$548(
9RXV SRXYH] SURJUDPPHU XQ UDSSHO j
DIILFKHU ORUVTX¶XQ pOpPHQW G¶HQWUHWLHQ
SODQLILp HVW SUHVTXH G€ 5HSRUWH]YRXV
j ³5pJODJHV GH PDLQWHQDQFH´ )
SRXU SOXV GH GpWDLOV
3UpFDXWLRQV FRQFHUQDQW O¶HQ
WUHWLHQ
,O HVW UHFRPPDQGp GH IDLUH HIIHFWXHU WRXV
OHV WUDYDX[ G¶HQWUHWLHQ HW GH UpSDUDWLRQ SDU
XQ FRQFHVVLRQQDLUH DJUpp 68%$58
6L YRXV VRXKDLWH] HIIHFWXHU YRXVPrPH
FHUWDLQV WUDYDX[ G¶HQWUHWLHQ HW GH UpSDUD
WLRQ YRXV GHYH] DX SUpDODEOH YRXV IDPL
OLDULVHU DYHF OHV FRQVLJQHV JpQpUDOHV
G¶HQWUHWLHQ GH YRWUH 68%$58 SUpVHQWpHV
GDQV FH FKDSLWUH
7RXWH HUUHXU RX RPLVVLRQ ORUV GHV WUDYDX[
G¶HQWUHWLHQ SHXW FRPSURPHWWUH OH ERQ
IRQFWLRQQHPHQW GX YpKLFXOH HW VD VpFXULWp
/D JDUDQWLH QH FRXYUH SDV OHV DQRPDOLHV
UpVXOWDQW G¶HUUHXUV RX G¶RPLVVLRQV ORUV GHV
WUDYDX[ G¶HQWUHWLHQ TXH YRXV DXULH] HIIHF
WXpV SDU YRXVPrPH
.
.
.
'$1*(5
. /HV HVVDLV GHV PRGqOHV j WUDF
WLRQ LQWpJUDOH QH GRLYHQW -$0$,6
rWUH HIIHFWXpV VXU XQ G\QDPRPq
WUH VLPSOH SRXU GHX[ URXHV PR
WULFHV RX XQ DSSDUHLO VLPLODLUH
6XU FH W\SH G¶LQVWDOODWLRQ YRXV
ULVTXH] G¶HQGRPPDJHU OD ERvWH
GH YLWHVVHV HW XQ DFFLGHQW HW GHV
EOHVVXUHV FDU OHV PRXYHPHQWV
.
.
.
GX YpKLFXOH VHUDLHQW LQFRQWU{OD
EOHV HW LO \ D ULVTXH G¶DFFLGHQW HW
GH EOHVVXUHV SRXU OHV SHUVRQQHV
DX[ DOHQWRXUV
$YDQW WRXWH LQWHUYHQWLRQ G¶HQWUH
WLHQ FRPPHQFH] SDU JDUHU YRWUH
YpKLFXOH GDQV XQ HQGURLW V€U
2EVHUYH] WRXMRXUV OD SOXV JUDQGH
SUXGHQFH ORUVTXH YRXV WUDYDLOOH]
VXU YRWUH YpKLFXOH SRXU QH SDV
ULVTXHU GH YRXV EOHVVHU 1¶RX
EOLH] SDV TXH FHUWDLQHV GHV VXE
VWDQFHV XWLOLVpHV SDU OH YpKLFXOH
VRQW GDQJHUHXVHV VL HOOHV VRQW
PDQLSXOpHV VDQV SUpFDXWLRQV
SDU H[HPSOH O¶DFLGH GH EDWWHULH
1H FRQILH] O¶HQWUHWLHQ GH YRWUH
YpKLFXOH TX¶j GX SHUVRQQHO
FRPSpWHQW 7RXWH SHUVRQQH LQH[
SpULPHQWpH SRXUUDLW VH EOHVVHU
JUDYHPHQW HQ WUDYDLOODQW VXU YR
WUH YpKLFXOH
1¶XWLOLVH] MDPDLV G¶RXWLOV GH IRU
WXQH RX HQ PDXYDLV pWDW
1H YRXV SODFH] MDPDLV VRXV XQ
YpKLFXOH VRXWHQX VHXOHPHQW SDU
XQ FULF )DLWHV UHSRVHU OH YpKLFXOH
VXU GHV FKDQGHOOHV
1H ODLVVH] MDPDLV WRXUQHU OH PR
WHXU GDQV XQ HQGURLW PDO DpUp WHO
TX¶XQ JDUDJH RX DXWUH ORFDO
± 68,7( ±
(QWUHWLHQ HW UpSDUDWLRQV3UpFDXWLRQV FRQFHUQDQW O¶HQWUHWLHQ
IHUPp
. 1H IXPH] SDV j SUR[LPLWp GX
FDUEXUDQW RX GH OD EDWWHULH &HOD
SRXUUDLW FDXVHU XQ LQFHQGLH
. /¶DOLPHQWDWLRQ HQ FDUEXUDQW pWDQW
XQ FLUFXLW VRXV SUHVVLRQ OH UHP
SODFHPHQW GX ILOWUH j FDUEXUDQW QH
GRLW rWUH H[pFXWp TXH SDU XQ
FRQFHVVLRQQDLUH 68%$58
. 3URWpJH]YRXV OHV \HX[ DYHF XQH
SURWHFWLRQ DSSURSULpH SRXU pYLWHU
WRXWH SpQpWUDWLRQ RX SURMHFWLRQ
G¶KXLOH RX GH IOXLGH GDQV OHV
\HX[ (Q FDV GH FRQWDFW DYHF OHV
\HX[ ULQFH]YRXV DERQGDPPHQW
DYHF GH O¶HDX SURSUH
. 1H PRGLILH] SDV OH FkEODJH pOHF
WULTXH GX V\VWqPH GHV FRXVVLQV
GH VpFXULWp 656 HW GX V\VWqPH
GHV SUpWHQVLRQQHXUV GH FHLQWXUH
GH VpFXULWp QH WHQWH] SDV GH
GpEUDQFKHU OHV FRQQHFWHXUV GH
FHV V\VWqPHV FDU FHOD SRXUUDLW
SURYRTXHU OHXU GpFOHQFKHPHQW
RX DX FRQWUDLUH OHV UHQGUH LQR
SpUDQWV 1( IDLWHV -$0$,6 GH
FRQWU{OHV VXU FH FkEODJH HQ XWLOL
VDQW XQ WHVWHXU GH FLUFXLWV 3RXU
WRXWH LQWHUYHQWLRQ VXU OH V\VWqPH
GHV FRXVVLQV GH VpFXULWp 656 RX
VXU OH SUpWHQVLRQQHXU GH FHLQWXUH
GH VpFXULWp DGUHVVH]YRXV DX
FRQFHVVLRQQDLUH 68%$58 OH
SOXV SURFKH
5(0$548(
68%$58 QH FDXWLRQQH SDV O¶XWLOLVDWLRQ
GH V\VWqPHV GH ULQoDJH QRQDSSURXYpV
SDU 68%$58 HW GpFRQVHLOOH IRUWHPHQW
O¶H[pFXWLRQ GH FHV VHUYLFHV VXU XQ
YpKLFXOH 68%$58 /HV V\VWqPHV GH
ULQoDJH QRQDSSURXYpV SDU 68%$58
XWLOLVHQW GHV SURGXLWV FKLPLTXHV HWRX
GHV VROYDQWV TXL Q¶RQW SDV pWp WHVWpV RX
DSSURXYpV SDU 68%$58 /HV JDUDQWLHV
68%$58 QH FRXYUHQW DXFXQH SLqFH GX
YpKLFXOH HQGRPPDJpH SDU O¶DMRXW RX
O¶DSSOLFDWLRQ GH SURGXLWV FKLPLTXHV HW
RX GH VROYDQWV DXWUHV TXH FHX[ DS
SURXYpV RX UHFRPPDQGpV SDU
68%$58
& $YDQW WRXWH LQWHUYHQWLRQ GH
FRQWU{OH RX GH UpSDUDWLRQ
GDQV OH FRPSDUWLPHQW PRWHXU
'$1*(5
. $UUrWH] OH PRWHXU HW VHUUH] OH IUHLQ
GH VWDWLRQQHPHQW SRXU pYLWHU TXH
OH YpKLFXOH QH ERXJH
. $WWHQGH] TXH OH PRWHXU DLW UHIURL
GL /H PRWHXU HVW WUqV FKDXG
SHQGDQW OD PDUFKH HW LO UHVWH
EU€ODQW XQ FHUWDLQ WHPSV DSUqV
O¶DUUrW GX PRWHXU
. 9HLOOH] j QH SDV UpSDQGUH G¶KXLOH
PRWHXU GH OLTXLGH GH UHIURLGLVVH
PHQW GH OLTXLGH GH IUHLQ RX WRXW
DXWUH IOXLGH VXU OH PRWHXU HQFRUH
FKDXG &HOD SRXUUDLW SURYRTXHU
XQ LQFHQGLH
. /RUVTXH OH FRQWDFWHXU G¶DOOXPDJH
HVW HQ SRVLWLRQ ³21´ OH YHQWLOD
WHXU GX UDGLDWHXU SHXW VH PHWWUH
VRXGDLQHPHQW HQ PDUFKH PrPH
DSUqV O¶DUUrW GX PRWHXU 6L YRWUH
FRUSV RX YRV KDELWV HQWUHQW HQ
FRQWDFW DYHF XQ YHQWLODWHXU HQ
URWDWLRQ LO SRXUUDLW HQ UpVXOWHU
GHV EOHVVXUHV JUDYHV $ILQ G¶pYL
WHU WRXW ULVTXH GH EOHVVXUH VXL
YH] OHV SUpFDXWLRQV VXLYDQWHV
± 0RGqOHV DYHF V\VWqPH GH Gp
PDUUDJH j ERXWRQSRXVVRLU
7RXUQH] WRXMRXUV OH FRQWDF
WHXU G¶DOOXPDJH j ERXWRQ
SRXVVRLU VXU OD SRVLWLRQ
³2))´ HW FRQILUPH] TXH O¶LQGL
FDWHXU GH IRQFWLRQQHPHQW VXU
OD FRPPDQGH HVW pWHLQW 3XLV
VRUWH] OH SRUWHFOpV G¶DFFqV
GX YpKLFXOH
(QWUHWLHQ HW UpSDUDWLRQV3UpFDXWLRQV FRQFHUQDQW O¶HQWUHWLHQ
± 0RGqOHV VDQV V\VWqPH GH Gp
PDUUDJH j ERXWRQSRXVVRLU
5HWLUH] WRXMRXUV OD FOp GX
FRQWDFWHXU G¶DOOXPDJH
. $YDQW WRXWH LQWHUYHQWLRQ G¶HQWUH
WLHQ VXU XQ YpKLFXOH pTXLSp G¶XQ
V\VWqPH GH GpPDUUDJH j GLV
WDQFH RSWLRQ FRQFHVVLRQQDLUH PHWWH] SURYLVRLUHPHQW FH V\V
WqPH HQ PRGH GH PDLQWHQDQFH
DILQ GH O¶HPSrFKHU GH GpPDUUHU OH
PRWHXU GH PDQLqUH LQWHPSHVWLYH
&HFL SRXUUDLW IDLUH JOLVVHU YRWUH
PDLQ GH OD SURWHFWLRQ HW HQWUDvQHU
XQ DFFLGHQW VRXGDLQ
. 1H WRXFKH] SDV OH ILOWUH j KXLOH
MXVTX¶j FH TXH OH PRWHXU DLW
UHIURLGL FRPSOqWHPHQW &HFL HVW
GDQJHUHX[ HW SHXW HQWUDvQHU GHV
EU€OXUHV RX G¶DXWUHV EOHVVXUHV
1RWH] ELHQ TXH OH ILOWUH j KXLOH HVW
WUqV FKDXG SHQGDQW TXH OH PRWHXU
HVW HQ PDUFKH HW LO UHVWH EU€ODQW
XQ FHUWDLQ WHPSV DSUqV O¶DUUrW
. 1¶DSSOLTXH] SDV GH IRUFH VXU OD
SODTXH LVRODQWH HQ SODoDQW YRV
PDLQV GHVVXV HWF 8QH GpIRUPD
WLRQ GH OD SODTXH LVRODQWH HW GH
VRQ VXSSRUW SHXYHQW VH SURGXLUH
& /RUV GH WRXWH LQWHUYHQWLRQ GH
FRQWU{OH RX GH UpSDUDWLRQ
GDQV OH FRPSDUWLPHQW PRWHXU
$77(17,21
. 1H WRXFKH] SDV OD SURWHFWLRQ GH
FRXUURLH G¶HQWUDvQHPHQW ORUVTXH
YRXV YpULILH] OHV FRPSRVDQWV
GDQV OH FRPSDUWLPHQW PRWHXU
± 68,7( ±
(QWUHWLHQ HW UpSDUDWLRQV&RQVHLOV G¶HQWUHWLHQ
& /RUV GHV FRQWU{OHV RX WUDYDX[
GDQV OH FRPSDUWLPHQW PRWHXU
DYHF OH PRWHXU HQ PDUFKH
'$1*(5
8Q PRWHXU HQ PDUFKH SHXW rWUH
GDQJHUHX[ 1¶DSSURFKH] MDPDLV OHV
PDLQV GX YHQWLODWHXU GH UDGLDWHXU
GHV FRXUURLHV G¶HQWUDvQHPHQW HW GHV
DXWUHV RUJDQHV HQ PRXYHPHQW GX
PRWHXU HW IDLWHV WUqV DWWHQWLRQ j QH
SDV \ IDLUH SUHQGUH YRV YrWHPHQWV
YRV FKHYHX[ RX XQ RXWLO ,O HVW
FRQVHLOOp GH UHWLUHU YRV EDJXHV
YRWUH PRQWUH HW YRWUH FUDYDWH
&RQVHLOV G¶HQWUHWLHQ
&HUWDLQHV DJUDIHV HW JDUQLWXUHV GX JDUGH
ERXH GRLYHQW rWUH UHWLUpV DYDQW GH UHP
SODFHU OHV pOpPHQWV GX ILOWUH j DLU RX OHV
DPSRXOHV VSpFLILTXHV
& 5HWUDLW HW UpLQVWDOODWLRQ GHV
DJUDIHV
! 5HWUDLW GHV DJUDIHV
,O H[LVWH SOXVLHXUV W\SHV G¶DJUDIHV XWLOLVpV
SRXU YRWUH YpKLFXOH
! $JUDIHV GH W\SH $
7RXUQH] O¶DJUDIH GDQV OH VHQV LQYHUVH
GHV DLJXLOOHV G¶XQH PRQWUH j O¶DLGH G¶XQ
WRXUQHYLV j WrWH SODWH MXVTX¶j FH TXH OD
SDUWLH FHQWUDOH GH O¶DJUDIH VH OqYH
5HWLUH] OHV DJUDIHV j O¶DLGH G¶XQ WRXU
QHYLV j WrWH SODWH DYHF HIIHW GH OHYLHU
(QOHYH] O¶HQVHPEOH GH O¶DJUDIH HQ OD
WLUDQW YHUV OH KDXW
! $JUDIHV GH W\SH %
(QWUHWLHQ HW UpSDUDWLRQV&RQVHLOV G¶HQWUHWLHQ
! $JUDIHV GH W\SH &
7LUH] VXU OD SDUWLH FHQWUDOH GH O¶DJUDIH j
O¶DLGH G¶XQ WRXUQHYLV j WrWH SODWH FRPPH
LQGLTXp GDQV O¶LOOXVWUDWLRQ
7LUH] VXU OD SDUWLH VDLOODQWH FHQWUDOH
SRXU UHWLUHU WRXW OH EORF GH O¶DJUDIH
! $JUDIHV GH W\SH '
7RXUQH] O¶DJUDIH GDQV OH VHQV LQYHUVH
GHV DLJXLOOHV G¶XQH PRQWUH j O¶DLGH G¶XQ
WRXUQHYLV FUXFLIRUPH MXVTX¶j FH TXH OD
SDUWLH FHQWUDOH GH O¶DJUDIH VH OqYH
(QOHYH] O¶HQVHPEOH GH O¶DJUDIH HQ OD
WLUDQW YHUV OH KDXW
! $JUDIHV GH W\SH (
$SSX\H] VXU OD SRUWLRQ FHQWUDOH GH
O¶DJUDIH j O¶DLGH G¶XQ WRXUQHYLV FUXFLIRUPH
MXVTX¶j FH TXH O¶DJUDIH VH OqYH
(QOHYH] O¶HQVHPEOH GH O¶DJUDIH HQ OD
WLUDQW YHUV OH KDXW
± 68,7( ±
(QWUHWLHQ HW UpSDUDWLRQV&RQVHLOV G¶HQWUHWLHQ
! $JUDIHV GH W\SH )
! 5pLQVWDOODWLRQ GHV DJUDIHV
! $JUDIHV GH W\SH &
! $JUDIHV GH W\SH $
7LUH] VXU OD WrWH GH O¶DJUDIH j O¶DLGH G¶XQ
WRXUQHYLV j WrWH SODWH FRPPH LQGLTXp GDQV
O¶LOOXVWUDWLRQ
(QOHYH] O¶HQVHPEOH GH O¶DJUDIH HQ OD
WLUDQW YHUV OH KDXW
! $JUDIHV GH W\SH '
! $JUDIHV GH W\SH %
(QWUHWLHQ HW UpSDUDWLRQV&DSRW PRWHXU
! $JUDIHV GH W\SH (
! $JUDIHV GH W\SH )
&DSRW PRWHXU
2XYHUWXUH GX FDSRW
6L OHV EDODLV G¶HVVXLHJODFH RQW pWp
pFDUWpV GX SDUHEULVH UHPHWWH]OHV HQ
SRVLWLRQ QRUPDOH FRQWUH OD YLWUH
,QVpUH] O¶DJUDIH VDQV OD SDUWLH FHQWUDOH WRXW
G¶DERUG SXLV SRXVVH] VXU OD SDUWLH FHQ
WUDOH GH O¶DJUDIH GDQV O¶RULILFH
,QVpUH] O¶DJUDIH VDQV OD WrWH WRXW G¶DERUG
SXLV SRXVVH] VXU OD WrWH GH O¶DJUDIH GDQV
O¶RULILFH
7LUH] OH ERXWRQ G¶RXYHUWXUH GX FDSRW
VRXV OH WDEOHDX GH ERUG
± 68,7( ±
(QWUHWLHQ HW UpSDUDWLRQV&DSRW PRWHXU
'$1*(5
$YDQW GH SUHQGUH OD URXWH YpULILH]
WRXMRXUV TXH OH FDSRW HVW ELHQ YHU
URXLOOp ,PSDUIDLWHPHQW YHUURXLOOp LO
ULVTXH GH V¶RXYULU SHQGDQW OD
FRQGXLWH FH TXL SHXW FDXVHU XQ
JUDYH DFFLGHQW FDU OH FRQGXFWHXU
QH SHXW SOXV YRLU OD URXWH
$77(17,21
/LEpUH] OH FURFKHW GH VpFXULWp HQ
SRXVVDQW YHUV OD JDXFKH OH OHYLHU SDU
O¶HQWUHEkLOOHPHQW HQWUH OD FDODQGUH DYDQW
HW OH FDSRW
/HYH] OH FDSRW
)HUPHWXUH GX FDSRW
$EDLVVH] OH FDSRW MXVTX¶j XQH KDXWHXU
GH FP LQ HQYLURQ GH OD SRVLWLRQ GH
IHUPHWXUH FRPSOqWH SXLV OkFKH]OH
$SUqV IHUPHWXUH YpULILH] WRXMRXUV TXH
OH FDSRW HVW FRQYHQDEOHPHQW YHUURXLOOp
6L OH FDSRW QH VH YHUURXLOOH SDV UHFRP
PHQFH] HQ OH OkFKDQW G¶XQ SHX SOXV KDXW
1¶DSSX\H] SDV IRUWHPHQW VXU OH FDSRW SRXU
OH IHUPHU &HOD SRXUUDLW GpIRUPHU OH PpWDO
. /RUVTXH YRXV RXYUH] OH FDSRW GX
PRWHXU QH OHYH] SDV OHV EDODLV
G¶HVVXLHJODFHV 'H SOXV SHQ
GDQW TXH OH FDSRW HVW RXYHUW
Q¶DFWLRQQH] SDV OHV HVVXLHJOD
FHV GH SDUHEULVH &HOD SRXUUDLW
HQWUDvQHU GHV GRPPDJHV DX FD
SRW GX PRWHXU HW DX[ EDODLV
G¶HVVXLHJODFH
. )DLWHV H[WUrPHPHQW DWWHQWLRQ j
QH SDV FRLQFHU YRV GRLJWV RX
G¶DXWUHV REMHWV ORUV GH OD IHUPH
WXUH GX FDSRW GX PRWHXU
. 1¶DSSX\H] SDV IRUWHPHQW VXU OH
FDSRW SRXU OH IHUPHU &HOD SRXU
UDLW GpIRUPHU OH PpWDO
. 6R\H] H[WUrPHPHQW SUXGHQW ORUV
GH O¶RXYHUWXUH GX FDSRW GX PR
WHXU ORUVTXH OH YHQW HVW IRUW /H
FDSRW PRWHXU SHXW VH IHUPHU
VRXGDLQHPHQW HQWUDvQDQW pYHQ
WXHOOHPHQW GHV EOHVVXUHV GXHV
DX FODTXHPHQW
. 1H PRQWH] SDV G¶DFFHVVRLUHV DX
WUHV TXH GHV SLqFHV 68%$58
G¶RULJLQH VXU OH FDSRW PRWHXU 6L
OH FDSRW GX PRWHXU GHYLHQW WURS
ORXUG OH VXSSRUW SHXW QH SDV rWUH
HQ PHVXUH GH OH PDLQWHQLU RXYHUW
(QWUHWLHQ HW UpSDUDWLRQV9XH G¶HQVHPEOH GX FRPSDUWLPHQW PRWHXU
9XH G¶HQVHPEOH GX FRPSDUWLPHQW PRWHXU
& 67,
5pVHUYRLU GH OLTXLGH GH GLUHFWLRQ DVVLVWpH
SDJH 5pVHUYRLU GH OLTXLGH GH IUHLQG¶HP
EUD\DJH SDJH %RvWH j IXVLEOHV SDJH %DWWHULH SDJH 5pVHUYRLU GH OLTXLGH GH ODYHJODFH GH
SDUHEULVH SDJH %RXFKRQ GH UHPSOLVVDJH G¶KXLOH PRWHXU
SDJH 5pVHUYRLU GX OLTXLGH GH UHIURLGLVVHPHQW
GX PRWHXU SDJH -DXJH GH QLYHDX G¶KXLOH PRWHXU SDJH %RXFKRQ GX UpVHUYRLU GH UHPSOLVVDJH GH
OLTXLGH GH UHIURLGLVVHPHQW SDJH %RvWLHU GH ILOWUH j DLU SDJH ± 68,7( ±
(QWUHWLHQ HW UpSDUDWLRQV9XH G¶HQVHPEOH GX FRPSDUWLPHQW PRWHXU
& 6DXI 67,
5pVHUYRLU GH OLTXLGH GH IUHLQG¶HP
EUD\DJH PRGqOHV %0 SDJH %RvWH j IXVLEOHV SDJH %DWWHULH SDJH 5pVHUYRLU GH OLTXLGH GH ODYHJODFH GH
SDUHEULVH SDJH %RXFKRQ GH UHPSOLVVDJH G¶KXLOH PRWHXU
SDJH 5pVHUYRLU GX OLTXLGH GH UHIURLGLVVHPHQW
GX PRWHXU SDJH %RXFKRQ GX UDGLDWHXU SDJH )LOWUH j KXLOH PRWHXU SDJH -DXJH GH QLYHDX G¶KXLOH PRWHXU SDJH %RvWLHU GH ILOWUH j DLU SDJH (QWUHWLHQ HW UpSDUDWLRQV+XLOH PRWHXU
+XLOH PRWHXU
$77(17,21
. 6L OD MDXJH GH QLYHDX QH V¶HQOqYH
SDV IDFLOHPHQW WRXUQH]OD j
GURLWH HW j JDXFKH SXLV WLUH]OD
6LQRQ YRXV SRXUULH] YRXV EOHV
VHU DFFLGHQWHOOHPHQW HQ IRUoDQW
. 1¶XWLOLVH] TXH GH O¶KXLOH PRWHXU
GH OD TXDOLWp HW GH OD YLVFRVLWp
UHFRPPDQGpHV
. 9HLOOH] j QH SDV UpSDQGUH GH
O¶KXLOH PRWHXU SHQGDQW OH UHP
SOLVVDJH /¶KXLOH UpSDQGXH VXU OH
WX\DX G¶pFKDSSHPHQW ULVTXH GH
SURGXLUH XQH PDXYDLVH RGHXU HW
GH OD IXPpH HW SHXW PrPH V¶HQ
IODPPHU 6L O¶KXLOH PRWHXU FRXOH
VXU OH WX\DX G¶pFKDSSHPHQW
Q¶RXEOLH] SDV GH O¶HVVX\HU
& &RQVRPPDWLRQ GH O¶KXLOH
PRWHXU
&HUWDLQHV KXLOHV PRWHXU VHURQW FRQVRP
PpHV SHQGDQW OD FRQGXLWH /H WDX[ GH
FRQVRPPDWLRQ SHXW rWUH DIIHFWp SDU GHV
IDFWHXUV WHOV TXH OH W\SH GH WUDQVPLVVLRQ
OH VW\OH GH FRQGXLWH OH WHUUDLQ HW OD
WHPSpUDWXUH 'DQV OHV FRQGLWLRQV VXLYDQ
WHV OD FRQVRPPDWLRQ G¶KXLOH SHXW DXJ
PHQWHU HW GRQF QpFHVVLWH XQ UHPSOLVVDJH
HQWUH OHV LQWHUYDOOHV GH PDLQWHQDQFH
. /RUVTXH OH PRWHXU HVW QHXI HW HQ
SpULRGH GH URGDJH
. /RUVTXH O¶KXLOH PRWHXU HVW GH TXDOLWp
LQIpULHXUH
. /RUVTXH YRXV XWLOLVH] XQH KXLOH GRQW OD
YLVFRVLWp HVW LQDSSURSULpH
. /RUVTXH OH IUHLQDJH PRWHXU HVW XWLOLVp j
SOXVLHXUV UHSULVHV
. /RUVTXH OH PRWHXU IRQFWLRQQH j XQ
UpJLPH pOHYp SHQGDQW GH ORQJXHV SpULR
GHV
. /RUVTXH OH PRWHXU D XQH FKDUJH RX XQH
GHPDQGH H[FHVVLYH SHQGDQW GH ORQJXHV
SpULRGHV
. /RUVTXH OH PRWHXU WRXUQH DX UDOHQWL
SHQGDQW GH ORQJXHV SpULRGHV
. /RUVTXH OH YpKLFXOH HVW XWLOLVp HQ DUUrW
HW GpPDUUDJH HWRX GDQV GHV FRQGLWLRQV GH
FLUFXODWLRQ LQWHQVH
. /RUVTXH OH YpKLFXOH HVW XWLOLVp GDQV GHV
FRQGLWLRQV WKHUPLTXHV H[WUrPHV
. /RUVTXH OH YpKLFXOH DFFpOqUH HW GpFp
OqUH IUpTXHPPHQW
'DQV FHV FRQGLWLRQV RX GHV FRQGLWLRQV
VLPLODLUHV YHXLOOH] YpULILHU OH QLYHDX G¶KXLOH
DX PRLQV WRXV OHV GHX[ SOHLQV GH FDUEX
UDQW HW FKDQJH] O¶KXLOH PRWHXU SOXV IUp
TXHPPHQW 'LIIpUHQWV FRQGXFWHXUV GX
PrPH YpKLFXOH SHXYHQW H[SpULPHQWHU
GHV UpVXOWDWV GLIIpUHQWV 6L YRWUH WDX[ GH
FRQVRPPDWLRQ G¶KXLOH HVW SOXV LPSRUWDQW
TXH SUpYX YHXLOOH] FRQWDFWHU YRWUH GpWDLO
ODQW 68%$58 DJUpp SRXYDQW HIIHFWXHU XQ
WHVW GDQV GHV FRQGLWLRQV FRQWU{OpHV
& &RQWU{OH GX QLYHDX G¶KXLOH
*DUH] OH YpKLFXOH VXU XQH VXUIDFH
SODQH HW DUUrWH] OH PRWHXU 1H FRQWU{OH]
SDV OH QLYHDX G¶KXLOH MXVWH DSUqV O¶DUUrW GX
PRWHXU PDLV DWWHQGH] TXHOTXHV PLQXWHV
SRXU ODLVVHU j O¶KXLOH OH WHPSV GH UHGHV
FHQGUH DX FDUWHU LQIpULHXU
67,
-DXJH GH QLYHDX G¶KXLOH
%RXFKRQ GH UHPSOLVVDJH G¶KXLOH
± 68,7( ±
(QWUHWLHQ HW UpSDUDWLRQV+XLOH PRWHXU
6DXI 67,
-DXJH GH QLYHDX G¶KXLOH
%RXFKRQ GH UHPSOLVVDJH G¶KXLOH
)LOWUH j KXLOH
$77(17,21
6L OD MDXJH GH QLYHDX QH V¶HQOqYH SDV
IDFLOHPHQW WRXUQH]OD j GURLWH HW j
JDXFKH SXLV WLUH]OD 6LQRQ YRXV
SRXUULH] YRXV EOHVVHU DFFLGHQWHOOH
PHQW HQ IRUoDQW
7LUH] OD MDXJH GH QLYHDX HVVX\H]OD HW
UHPHWWH]OD HQ SODFH
$VVXUH]YRXV GH ELHQ LQVpUHU OD MDXJH
GH QLYHDX DX PD[LPXP
67,
(QFRFKH
1LYHDX SOHLQ
1LYHDX EDV
(QYLURQ OLWUH 86 TW ,PS TW GX
QLYHDX EDV DX QLYHDX SOHLQ
6DXI 67,
1LYHDX SOHLQ
1LYHDX EDV
(QYLURQ OLWUH 86 TW ,PS TW GX
QLYHDX EDV DX QLYHDX SOHLQ
7LUH] OD MDXJH GH QLYHDX G¶KXLOH XQH
QRXYHOOH IRLV
67,
9pULILH] OH QLYHDX G¶KXLOH VXU OD MDXJH 6L OH
QLYHDX G¶KXLOH HVW SOXV EDV TXH OH UHSqUH
GH QLYHDX EDV DMRXWH] GH O¶KXLOH SRXU TX¶LO
DWWHLJQH OH QLYHDX SOHLQ
(QWUHWLHQ HW UpSDUDWLRQV+XLOH PRWHXU
6DXI 67,
9pULILH] OHV QLYHDX[ G¶KXLOH GHV GHX[ F{WpV
GH OD MDXJH GH QLYHDX -XJH] OH QLYHDX GH
O¶KXLOH GH PRWHXU SDU OH SOXV IDLEOH GHV
GHX[ QLYHDX[ 6L OH QLYHDX G¶KXLOH HVW SOXV
EDV TXH OH UHSqUH GH QLYHDX EDV DMRXWH]
GH O¶KXLOH SRXU TX¶LO DWWHLJQH OH QLYHDX
SOHLQ
$77(17,21
. 3RXU OHV PRGqOHV DXWUHV TXH 67,
DWWHQWLRQ j QH SDV WRXFKHU OH ILOWUH
j KXLOH PRWHXU ORUVTXH YRXV
UHWLUH] OH ERXFKRQ GH UHPSOLV
VDJH G¶KXLOH &HFL SRXUUDLW SUR
YRTXHU XQH EU€OXUH XQ SLQFH
PHQW GH GRLJW RX WRXWH DXWUH
EOHVVXUH
. 1¶XWLOLVH] TXH GH O¶KXLOH PRWHXU
GH OD TXDOLWp HW GH OD YLVFRVLWp
UHFRPPDQGpHV
. 9HLOOH] j QH SDV UpSDQGUH GH
O¶KXLOH PRWHXU SHQGDQW OH UHP
SOLVVDJH /¶KXLOH UpSDQGXH VXU OH
WX\DX G¶pFKDSSHPHQW ULVTXH GH
SURGXLUH XQH PDXYDLVH RGHXU HW
GH OD IXPpH HW SHXW PrPH V¶HQ
IODPPHU 6L O¶KXLOH PRWHXU FRXOH
VXU OH WX\DX G¶pFKDSSHPHQW
Q¶RXEOLH] SDV GH O¶HVVX\HU
3RXU DMRXWHU GH O¶KXLOH PRWHXU UHWLUH] OH
ERXFKRQ GH UHPSOLVVDJH G¶KXLOH PRWHXU HW
YHUVH] OHQWHPHQW GH O¶KXLOH PRWHXU j
WUDYHUV OH JRXORW GH UHPSOLVVDJH $SUqV
DYRLU YHUVp O¶KXLOH GDQV OH PRWHXU YpULILH]
TXH OH QLYHDX G¶KXLOH HVW FRUUHFW j O¶DLGH GH
OD MDXJH GH QLYHDX
3RXU OHV PRGqOHV 67, MXVWH DSUqV OD
FRQGXLWH RX ORUVTXH OH PRWHXU HVW FKDXG
O¶LQGLFDWLRQ GX QLYHDX G¶KXLOH PRWHXU SHXW
VH WURXYHU GDQV XQH JDPPH HQWUH OH
QLYHDX VXSpULHXU HW OH UHSqUH GH O¶HQFRFKH
&HFL HVW SURYRTXp SDU OD GLODWDWLRQ WKHU
PLTXH GH O¶KXLOH PRWHXU
5(0$548(
3RXU pYLWHU WRXW H[FqV GH UHPSOLVVDJH
G¶KXLOH PRWHXU SHQGDQW OH UHPSOLVVDJH
Q¶DMRXWH] SDV G¶KXLOH DGGLWLRQQHOOH DX
GHVVXV GX QLYHDX VXSpULHXU ORUVTXH OH
PRWHXU HVW IURLG
GH FRXUWV WUDMHWV RX SDU WHPSV H[WUrPH
PHQW IURLG
5(0$548(
. /D YLGDQJH GH O¶KXLOH PRWHXU HW OH
UHPSODFHPHQW GX ILOWUH j KXLOH GRLYHQW
rWUH HIIHFWXpV SDU XQ H[SHUW TXDOLILp
&RQWDFWH] YRWUH FRQFHVVLRQQDLUH
68%$58 SRXU YLGDQJHU O¶KXLOH PRWHXU
HW UHPSODFHU OH ILOWUH j KXLOH 'HV
PpFDQLFLHQV SOHLQHPHQW IRUPpV VRQW
GLVSRQLEOHV FKH] OHV FRQFHVVLRQQDLUHV
68%$58 SRXU XWLOLVHU OHV RXWLOV VSp
FLDX[ OHV SLqFHV GH UHFKDQJH HW O¶KXLOH
UHFRPPDQGpH SRXU FH WUDYDLO GH SOXV
OHV KXLOHV XVDJpHV VRQW FRUUHFWHPHQW
pOLPLQpHV
. 6L YRXV HIIHFWXH] OD YLGDQJH GH
O¶KXLOH YRXVPrPH UHVSHFWH] OHV UpJOH
PHQWDWLRQV ORFDOHV HW GLVSRVH] FRUUHF
WHPHQW GHV KXLOHV XVpHV
& 9LGDQJH GH O¶KXLOH HW UHPSOD
FHPHQW GX ILOWUH
(IIHFWXH] OHV YLGDQJHV G¶KXLOH HW UHPSOD
FHPHQWV GX ILOWUH j KXLOH HQ VXLYDQW OH
SURJUDPPH G¶HQWUHWLHQ LQFOXV GDQV OH
³/LYUHW GH *DUDQWLH HW G¶(QWUHWLHQ´
&HV RSpUDWLRQV GRLYHQW rWUH HIIHFWXpHV
SOXV IUpTXHPPHQW TXH QH O¶LQGLTXH OH
SURJUDPPH G¶HQWUHWLHQ VL OH YpKLFXOH HVW
XWLOLVp VXU GHV URXWHV SRXVVLpUHXVHV SRXU
± 68,7( ±
(QWUHWLHQ HW UpSDUDWLRQV6\VWqPH GH UHIURLGLVVHPHQW
& 4XDOLWp HW YLVFRVLWp G¶KXLOH
UHFRPPDQGpHV
$77(17,21
1¶XWLOLVH] TXH GH O¶KXLOH PRWHXU GH OD
TXDOLWp HW GH OD YLVFRVLWp UHFRPPDQ
GpHV
5HSRUWH]YRXV j ³+XLOH PRWHXU´ )
5(0$548(
/D YLVFRVLWp F¶HVWjGLUH O¶pSDLVVHXU GH
O¶KXLOH PRWHXU LQIOXH VXU OD FRQVRPPD
WLRQ GH FDUEXUDQW /HV KXLOHV GH IDLEOH
YLVFRVLWp SHUPHWWHQW G¶pFRQRPLVHU OH
FDUEXUDQW &HSHQGDQW SDU WHPSV
FKDXG LO IDXW XQH KXLOH SOXV YLVTXHXVH
SRXU DVVXUHU OD OXEULILFDWLRQ FRUUHFWH
GX PRWHXU
& +XLOH V\QWKpWLTXH
5HVSHFWH] OHV IUpTXHQFHV GH UHPSODFH
PHQW GH O¶KXLOH HW GX ILOWUH j KXLOH SUpYXHV
GDQV OH /LYUHW GH *DUDQWLH HW G¶(QWUHWLHQ
5(0$548(
/¶KXLOH V\QWKpWLTXH GH JUDGH HW YLVFR
VLWp QRWp GDQV OH FKDSLWUH HVW
UHFRPPDQGpH SRXU GHV SHUIRUPDQFHV
RSWLPDOHV GX PRWHXU 9RXV SRXYH]
XWLOLVHU GH O¶KXLOH FRQYHQWLRQQHOOH VL GH
O¶KXLOH V\QWKpWLTXH Q¶HVW SDV GLVSR
QLEOH
6\VWqPH GH UHIURLGLVVHPHQW
'$1*(5
. 1¶RXYUH] MDPDLV OH ERXFKRQ GX
UDGLDWHXU DYDQW G¶DUUrWHU OH PR
WHXU HW DWWHQGH] TXH OH PRWHXU DLW
VXIILVDPPHQW UHIURLGL ¬ O¶RXYHU
WXUH GX ERXFKRQ DORUV TXH OH
PRWHXU HVW HQFRUH FKDXG OH OL
TXLGH ERXLOODQW ULVTXH GH MDLOOLU
DYHF IRUFH HW G¶LQIOLJHU GH WUqV
JUDYHV EU€OXUHV
. )DLWHV DWWHQWLRQ DX YHQWLODWHXU GH
UDGLDWHXU HQ URWDWLRQ ORUVTXH OH
FDSRW GX PRWHXU HVW RXYHUW
/RUVTXH OD WHPSpUDWXUH GX PR
WHXU HVW KDXWH OH YHQWLODWHXU GH
UDGLDWHXU GDQV OH FRPSDUWLPHQW
PRWHXU SHXW IRQFWLRQQHU ORUVTXH
OH FRQWDFWHXU G¶DOOXPDJH HVW VXU
OD SRVLWLRQ ³21´ PrPH VL OH
PRWHXU HVW DUUrWp 9RXV SRXYH]
YRXV EOHVVHU VL YRXV WRXFKHU OH
YHQWLODWHXU GH UDGLDWHXU SHQGDQW
TX¶LO HVW HQ URWDWLRQ
$77(17,21
. /HV YpKLFXOHV VRQW FKDUJpV HQ
XVLQH DYHF GX OLTXLGH GH UHIURL
(QWUHWLHQ HW UpSDUDWLRQV6\VWqPH GH UHIURLGLVVHPHQW
GLVVHPHQW 6XSHU 68%$58 TXL
Q¶D SDV EHVRLQ G¶rWUH UHPSODFp
SHQGDQW DQV NP
PLOHV 1H PpODQJH]
SDV FH OLTXLGH GH UHIURLGLVVHPHQW
DYHF GX OLTXLGH G¶XQH DXWUH
PDUTXH RX G¶XQ DXWUH W\SH SHQ
GDQW FHWWH SpULRGH &HFL UpGXLUDLW
OD GXUpH GH YLH GX OLTXLGH GH
UHIURLGLVVHPHQW 6L SRXU
TXHOTXH UDLVRQ TXH FH VRLW LO
V¶DYpUDLW QpFHVVDLUH GH UpWDEOLU
OH QLYHDX GH OLTXLGH GH UHIURLGLV
VHPHQW XWLOLVH] GX OLTXLGH GH
UHIURLGLVVHPHQW 6XSHU 68%$58
XQLTXHPHQW
(Q FDV GH PpODQJH GX OLTXLGH GH
UHIURLGLVVHPHQW 6XSHU 68%$58
DYHF XQ OLTXLGH G¶XQH DXWUH
PDUTXH RX G¶XQ DXWUH W\SH F¶HVW
O¶LQWHUYDOOH G¶HQWUHWLHQ GX OLTXLGH
XWLOLVp SRXU OH PpODQJH TXL V¶DS
SOLTXH
. 9HLOOH] j QH SDV UpSDQGUH GH
OLTXLGH GH UHIURLGLVVHPHQW GX
PRWHXU VXU OHV SHLQWXUHV /H
OLTXLGH GH UHIURLGLVVHPHQW
FRQWLHQW GH O¶DOFRRO TXL SRXUUDLW
HQGRPPDJHU OHV SHLQWXUHV
& 9HQWLODWHXU WX\DX[ HW UDF
FRUGV
/H V\VWqPH GH UHIURLGLVVHPHQW GH YRWUH
YpKLFXOH HVW PXQL G¶XQ YHQWLODWHXU GH
UDGLDWHXU pOHFWULTXH j FRPPDQGH WKHU
PRVWDWLTXH TXL VH PHW HQ PDUFKH ORUVTXH
OH OLTXLGH GH UHIURLGLVVHPHQW GX PRWHXU
DWWHLQW XQH FHUWDLQH WHPSpUDWXUH
QpFHVVDLUH 5HSRUWH]YRXV j ³)XVLEOHV´
) HW ³)XVLEOHV HW FLUFXLWV´ )
6L OH IXVLEOH Q¶HVW SDV JULOOp IDLWHV H[DPL
QHU OH V\VWqPH GH UHIURLGLVVHPHQW SDU XQ
FRQFHVVLRQQDLUH 68%$58
6¶LO HVW QpFHVVDLUH GH UDMRXWHU IUpTXHP
PHQW GX OLTXLGH GH UHIURLGLVVHPHQW LO \ D
YUDLVHPEODEOHPHQW XQH IXLWH DX QLYHDX GX
V\VWqPH GH UHIURLGLVVHPHQW &RQWU{OH]
O¶pWDQFKpLWp GX V\VWqPH HW YpULILH] TXH
OHV WX\DX[ VRQW HQ ERQ pWDW HW OHV UDFFRUGV
ELHQ VHUUpV
-DXJH GH WHPSpUDWXUH
*DPPH GH WHPSpUDWXUH QRUPDOH
6L OH YHQWLODWHXU GX UDGLDWHXU QH IRQFWLRQQH
SDV ORUVTXH OD MDXJH GH WHPSpUDWXUH GX
OLTXLGH GH UHIURLGLVVHPHQW GpSDVVH OD
JDPPH GH IRQFWLRQQHPHQW QRUPDO LO \ D
XQH DQRPDOLH GDQV OH FLUFXLW GX YHQWLODWHXU
5HSRUWH]YRXV j ³-DXJH GH WHPSpUDWXUH´
)
&RQWU{OH] OH IXVLEOH HW UHPSODFH]OH VL
± 68,7( ±
(QWUHWLHQ HW UpSDUDWLRQV6\VWqPH GH UHIURLGLVVHPHQW
& /LTXLGH GH UHIURLGLVVHPHQW
GX PRWHXU
! &RQWU{OH GX QLYHDX GH OLTXLGH GH
UHIURLGLVVHPHQW
HW UHPSOLVVH] MXVTX¶j MXVWH HQ GHVVRXV GX
JRXORW GH UHPSOLVVDJH FRPPH LQGLTXp
GDQV O¶LOOXVWUDWLRQ VXLYDQWH
6DXI 67,
5HPSOLVVH] MXVTX¶LFL
67,
5HPSOLVVH] MXVTX¶LFL
5HSqUH GH OLPLWH VXSpULHXU ³)8//´
5HSqUH GH OLPLWH LQIpULHXU ³/2:´
&RQWU{OH] OH QLYHDX GH OLTXLGH GH UHIURL
GLVVHPHQW j FKDTXH UDYLWDLOOHPHQW HQ
FDUEXUDQW
&RQWU{OH] OH QLYHDX GX OLTXLGH GH
UHIURLGLVVHPHQW GDQV OH YDVH G¶H[SDQVLRQ
WUDQVSDUHQW ORUVTXH OH PRWHXU HVW IURLG
6L OH QLYHDX HVW SURFKH RX SOXV EDV TXH
OH UHSqUH GH OLPLWH LQIpULHXU ³/2:´ DMRXWH]
GX OLTXLGH GH UHIURLGLVVHPHQW MXVTX¶DX
UHSqUH GH OLPLWH VXSpULHXU ³)8//´ 6L OH
UpVHUYRLU GH UpVHUYH HVW YLGH UHWLUH] OH
ERXFKRQ GX UDGLDWHXU GH UHIURLGLVVHPHQW
(QWUHWLHQ HW UpSDUDWLRQVeOpPHQW GX ILOWUH j DLU
. 9HLOOH] j QH SDV UpSDQGUH GH
OLTXLGH GH UHIURLGLVVHPHQW GX
PRWHXU VXU OHV SHLQWXUHV /H
OLTXLGH GH UHIURLGLVVHPHQW
FRQWLHQW GH O¶DOFRRO TXL SRXUUDLW
HQGRPPDJHU OHV SHLQWXUHV
$SUqV OH UHPSOLVVDJH GX YDVH G¶H[SDQ
VLRQ HW GX UDGLDWHXU UHIHUPH] OH ERXFKRQ
HQ YpULILDQW TXH OHV MRLQWV GH FDRXWFKRXF
GX ERXFKRQ GH UDGLDWHXU VRQW ELHQ HQ
SODFH
$77(17,21
. 9HLOOH] j QH SDV UpSDQGUH GH
OLTXLGH GH UHIURLGLVVHPHQW GX
PRWHXU SHQGDQW OH UHPSOLVVDJH
/H OLTXLGH GH UHIURLGLVVHPHQW
UpSDQGX VXU OH WX\DX G¶pFKDSSH
PHQW ULVTXH GH SURGXLUH XQH
PDXYDLVH RGHXU HW GH OD IXPpH
YRLUH GH V¶HQIODPPHU 6L OH OLTXLGH
GH UHIURLGLVVHPHQW GX PRWHXU D
FRXOp VXU OH WX\DX G¶pFKDSSH
PHQW Q¶RXEOLH] SDV GH O¶HVVX\HU
! 9LGDQJH GX OLTXLGH GH UHIURLGLVVH
PHQW
,O SHXW rWUH GLIILFLOH GH YLGDQJHU OH OLTXLGH
GH UHIURLGLVVHPHQW )DLWHV YLGDQJHU OH
OLTXLGH GH UHIURLGLVVHPHQW SDU YRWUH
FRQFHVVLRQQDLUH 68%$58 VL QpFHVVDLUH
9LGDQJH] OH OLTXLGH GH UHIURLGLVVHPHQW
VHORQ OH SURJUDPPH G¶HQWUHWLHQ LQFOXV
GDQV OH ³/LYUHW GH *DUDQWLH HW G¶(QWUHWLHQ´
eOpPHQW GX ILOWUH j DLU
'$1*(5
1H IDLWHV SDV WRXUQHU OH PRWHXU VL
O¶pOpPHQW GX ILOWUH j DLU Q¶HVW SDV HQ
SODFH (Q SOXV GH VD IRQFWLRQ GH
ILOWUDJH O¶pOpPHQW GX ILOWUH j DLU DUUrWH
OHV IODPPHV HQ FDV GH UHWRXU GH
IODPPHV GHSXLV OH PRWHXU 6DQV
O¶pOpPHQW GX ILOWUH j DLU YRXV ULVTXH]
G¶rWUH EU€Op SDU XQ UHWRXU GH IODP
PHV GX PRWHXU
$77(17,21
5HPSODFH] WRXMRXUV O¶pOpPHQW GX
ILOWUH j DLU SDU XQH SLqFH 68%$58
G¶RULJLQH 'DQV OH FDV FRQWUDLUH
YRXV ULVTXHULH] G¶HQGRPPDJHU OH
PRWHXU
/¶pOpPHQW GX ILOWUH j DLU IRQFWLRQQH FRPPH
XQ pFUDQ GH ILOWUDJH 6L FHW pOpPHQW HVW
HQOHYp RX GpFKLUp FHFL FRPSURPHW OD
ORQJpYLWp GX PRWHXU FDU O¶XVXUH HVW SOXV
UDSLGH
,O Q¶HVW SDV QpFHVVDLUH GH QHWWR\HU RX ODYHU
O¶pOpPHQW GX ILOWUH j DLU
± 68,7( ±
(QWUHWLHQ HW UpSDUDWLRQVeOpPHQW GX ILOWUH j DLU
& 5HPSODFHPHQW GH O¶pOpPHQW
GX ILOWUH j DLU
! 6DXI 67,
(IIHFWXH] OHV UHPSODFHPHQWV GH O¶pOpPHQW
GX ILOWUH j DLU HQ VXLYDQW OH SURJUDPPH
G¶HQWUHWLHQ LQFOXV GDQV OH ³/LYUHW GH *D
UDQWLH HW G¶(QWUHWLHQ´ 6L OH YpKLFXOH HVW
XWLOLVp GDQV XQ HQYLURQQHPHQW H[WUrPH
PHQW SRXVVLpUHX[ UHPSODFH]OH SOXV IUp
TXHPPHQW ,O HVW UHFRPPDQGp GH WRXMRXUV
XWLOLVHU GHV SLqFHV 68%$58 G¶RULJLQH
! 67,
5(0$548(
,O SHXW rWUH GLIILFLOH GH UHPSODFHU O¶pOp
PHQW GX ILOWUH j DLU )DLWHV UHPSODFHU
O¶pOpPHQW GX ILOWUH j DLU SDU YRWUH
FRQFHVVLRQQDLUH 68%$58 VL QpFHV
VDLUH
$JUDIHV
'pFURFKH] OHV GHX[ DJUDIHV GH PDLQ
WLHQ GX FRXYHUFOH GH ERvWLHU GH ILOWUH j DLU
%RvWLHU GH ILOWUH j DLU
&RXYHUFOH GX ERvWLHU GH ILOWUH j DLU
2XYUH] OH ERvWLHU GH ILOWUH j DLU HW WLUH] OH
FRXYHUFOH YHUV O¶DUULqUH WRXW HQ OH OHYDQW
(QWUHWLHQ HW UpSDUDWLRQV%RXJLHV G¶DOOXPDJH
%RXJLHV G¶DOOXPDJH
/H UHPSODFHPHQW GHV ERXJLHV G¶DOOXPDJH
GX YpKLFXOH SHXW SUpVHQWHU GHV GLIILFXOWpV
1RXV YRXV UHFRPPDQGRQV GH IDLUH UHP
SODFHU OHV ERXJLHV G¶DOOXPDJH SDU YRWUH
FRQFHVVLRQQDLUH 68%$58
5HPSODFH] OHV ERXJLHV G¶DOOXPDJH VHORQ
OH SURJUDPPH G¶HQWUHWLHQ LQFOXV GDQV OH
³/LYUHW GH *DUDQWLH HW G¶(QWUHWLHQ´
5HWLUH] O¶pOpPHQW GX ILOWUH j DLU
1HWWR\H] O¶LQWpULHXU GX ERvWLHU GH ILOWUH j
DLU HW OH FRXYHUFOH GX ERvWLHU DYHF XQ
FKLIIRQ KXPLGH HW LQVWDOOH] XQ pOpPHQW GX
ILOWUH j DLU QHXI
3RXU LQVWDOOHU OH FRXYHUFOH GH ERvWLHU GH
ILOWUH j DLU LQWURGXLVH] OHV WDTXHWV GX
FRXYHUFOH GX ERvWLHU GDQV OHV HQFRFKHV
GX FRXYHUFOH VXU OH ERvWLHU GH ILOWUH j DLU
/¶LOOXVWUDWLRQ FLGHVVXV PRQWUH XQ H[HPSOH
GDQV OHTXHO OHV WDTXHWV QH VRQW SDV
LQWURGXLWV FRUUHFWHPHQW GDQV OHV HQFR
FKHV
,QVWDOOH] HQ VXLYDQW OD SURFpGXUH GH
GpSRVH GDQV O¶RUGUH LQYHUVH
& %RXJLHV G¶DOOXPDJH UHFRP
PDQGpHV
3RXU OHV ERXJLHV UHFRPPDQGpHV UHSRU
WH]YRXV j ³eOHFWULFLWp´ )
(QWUHWLHQ HW UpSDUDWLRQV&RXUURLHV G¶HQWUDvQHPHQW
&RXUURLHV G¶HQWUDvQHPHQW
5(0$548(
3RXU OHV PRGqOHV DXWUHV TXH 67, LO
Q¶HVW SDV QpFHVVDLUH GH YpULILHU OD
GpIOH[LRQ GH OD FRXUURLH G¶HQWUDvQHPHQW
UpJXOLqUHPHQW SDUFH TXH FH PRWHXU HVW
pTXLSp G¶XQ FRUUHFWHXU GH WHQVLRQ GH
FRXUURLH DXWRPDWLTXH 7RXWHIRLV UHP
SODFH] OD FRXUURLH VHORQ OH SURJUDPPH
G¶HQWUHWLHQ LQFOXV GDQV OH ³/LYUHW GH
*DUDQWLH HW G¶(QWUHWLHQ´ 3RXU OHXU
UHPSODFHPHQW DGUHVVH]YRXV j XQ
FRQFHVVLRQQDLUH 68%$58
6L OD FRXUURLH G¶HQWUDvQHPHQW HVW Gp
WHQGXH IHQGLOOpH RX XVpH FRQWDFWH] XQ
FRQFHVVLRQQDLUH 68%$58
67,
3RXOLH GH SRPSH j KXLOH GH GLUHFWLRQ
DVVLVWpH
&RXUURLH GX F{Wp DYDQW
3RXOLH GH O¶DOWHUQDWHXU
3RXOLH GH FRPSUHVVHXU GX FOLPDWLVHXU
&RXUURLH GX F{Wp DUULqUH
3RXOLH GH YLOHEUHTXLQ
$ 1 NJI OEI
$77(17,21
/D FRXUURLH GX F{Wp DYDQW TXL
IRQFWLRQQH HQ FRQMRQFWLRQ DYHF OHV
FRPSRVDQWV VXLYDQWV GRLW rWUH XWLOL
VpH GDQV OD JDPPH GH GpIOH[LRQ
VSpFLILpH
. 3RXOLH GH SRPSH j KXLOH GH
GLUHFWLRQ DVVLVWpH
. 3RXOLH GH O¶DOWHUQDWHXU
. 3RXOLH GH YLOHEUHTXLQ
9pULILH] OD GpIOH[LRQ GH OD FRXUURLH
GX F{Wp DYDQW HW HQ FDV GH SUpVHQFH
GH GHVVHUUDJH GH ILVVXUHV G¶XVXUH
RX GH EUXLW LQKDELWXHO YHQDQW GH OD
FRXUURLH GX F{Wp DYDQW FRQWDFWH] XQ
FRQFHVVLRQQDLUH 68%$58
&RQWLQXHU j XWLOLVHU OH YpKLFXOH DYHF
OD FRXUURLH GDQV XQ pWDW GLIIpUHQW SDU
UDSSRUW DX[ VSpFLILFDWLRQV SHXW SUR
YRTXHU XQ G\VIRQFWLRQQHPHQW GX
PRWHXU HW GHV FRPSRVDQWV FLGHV
VXV
3RXU YpULILHU OD GpIOH[LRQ GH OD FRXUURLH GX
F{Wp DYDQW SODFH] XQH UqJOH DX WUDYHUV
GHV SRXOLHV DGMDFHQWHV SRXOLH GH
O¶DOWHUQDWHXU HW SRXOLH GH YLOHEUHTXLQ HW
DSSOLTXH] XQH IRUFH GH 1 NJI OEI
j PLFKHPLQ HQWUH OHV SRXOLHV HQ XWLOLVDQW
XQH EDODQFH j UHVVRUW /D GpIOH[LRQ GH OD
FRXUURLH GRLW rWUH GH OD TXDQWLWp VSpFLILpH
6L OD FRXUURLH GX F{Wp DYDQW HVW GpWHQGXH
IHQGLOOpH RX XVpH FRQWDFWH] XQ FRQFHV
VLRQQDLUH 68%$58
PP LQ
'pIOH[LRQ
$
1RXYHOOH FRXUURLH
&RXUURLH XVpH
(QWUHWLHQ HW UpSDUDWLRQV+XLOH GH ERvWH GH YLWHVVHV PDQXHOOH
/D FRXUURLH GX F{Wp DUULqUH HVW GH W\SH
IOH[LEOH HW QH QpFHVVLWH GRQF SDV G¶rWUH
YpULILpH (Q FDV GH ILVVXUHV RX G¶XVXUH VXU
OHV FRXUURLHV HW VL XQ JULQFHPHQW VH IDLW
HQWHQGUH j SDUWLU GH FHX[FL FRQWDFWH]
YRWUH FRQFHVVLRQQDLUH 68%$58
+XLOH GH ERvWH GH YLWHVVHV
PDQXHOOH
/LTXLGH GH WUDQVPLVVLRQ j
YDULDWLRQ FRQWLQXH
,O Q¶HVW SDV QpFHVVDLUH GH YpULILHU OH QLYHDX
G¶KXLOH GH OD ERvWH GH YLWHVVHV 9pULILH]
O¶DEVHQFH GH ILVVXUHV GH GRPPDJHV RX
IXLWHV 7RXWHIRLV IDLWHV YpULILHU O¶KXLOH SDU
YRWUH FRQFHVVLRQQDLUH 68%$58 VHORQ OH
SURJUDPPH G¶HQWUHWLHQ LQFOXV GDQV OH
³/LYUHW GH *DUDQWLH HW G¶(QWUHWLHQ´ 3RXU
OHV GpWDLOV DGUHVVH]YRXV j YRWUH FRQFHV
VLRQQDLUH 68%$58
,O Q¶HVW SDV QpFHVVDLUH GH YpULILHU OH QLYHDX
G¶KXLOH GH OLTXLGH GH WUDQVPLVVLRQ 9pULILH]
O¶DEVHQFH GH ILVVXUHV GH GRPPDJHV RX
IXLWHV 7RXWHIRLV IDLWHV YpULILHU OH OLTXLGH GH
WUDQVPLVVLRQ SDU YRWUH FRQFHVVLRQQDLUH
68%$58 VHORQ OH SURJUDPPH G¶HQWUHWLHQ
LQFOXV GDQV OH ³/LYUHW GH *DUDQWLH HW
G¶(QWUHWLHQ´ 3RXU OHV GpWDLOV DGUHVVH]
YRXV j YRWUH FRQFHVVLRQQDLUH 68%$58
& 4XDOLWp HW YLVFRVLWp G¶KXLOH
UHFRPPDQGpHV
&KDTXH IDEULFDQW D VD SURSUH IRUPXOH SRXU
O¶KXLOH GH EDVH HW XWLOLVH VHV SURSUHV
DGGLWLIV 1H PpODQJH] MDPDLV GHV KXLOHV
GH PDUTXHV GLIIpUHQWHV 5HSRUWH]YRXV j
³%RvWH GH YLWHVVHV PDQXHOOH KXLOH GX
GLIIpUHQWLHO DYDQW HW DUULqUH´ ) SRXU
SOXV GH GpWDLOV
(QWUHWLHQ HW UpSDUDWLRQV+XLOH GX GLIIpUHQWLHO DYDQW
PRGqOHV &97 HW KXLOH GX GLIIpUHQWLHO DUULqUH
,O Q¶HVW SDV QpFHVVDLUH GH YpULILHU OH QLYHDX
G¶KXLOH GH GLIIpUHQWLHO 9pULILH] O¶DEVHQFH
GH ILVVXUHV GH GRPPDJHV RX IXLWHV
7RXWHIRLV IDLWHV YpULILHU O¶KXLOH SDU YRWUH
FRQFHVVLRQQDLUH 68%$58 VHORQ OH SUR
JUDPPH G¶HQWUHWLHQ LQFOXV GDQV OH ³/LYUHW
GH *DUDQWLH HW G¶(QWUHWLHQ´ 3RXU OHV
GpWDLOV DGUHVVH]YRXV j YRWUH FRQFHV
VLRQQDLUH 68%$58
/RUVTXH O¶KXLOH HVW FKDXGH DSUqV TXH OH
YpKLFXOH DLW URXOp 9pULILH] VL OH QLYHDX
G¶KXLOH VH PDLQWLHQW HQWUH ³+27 0,1´ HW
³+27 0$;´ VXU OD VXUIDFH GX UpVHUYRLU
/RUVTXH O¶KXLOH HVW IURLGH DYDQW TXH OH
YpKLFXOH DLW URXOp 9pULILH] VL OH QLYHDX
G¶KXLOH VH PDLQWLHQW HQWUH ³&2/' 0,1´ HW
³&2/' 0$;´ VXU OD VXUIDFH GX UpVHUYRLU
6L OH QLYHDX HVW SOXV EDV TXH OH UHSqUH
³0,1´ FRUUHVSRQGDQW DMRXWH] GX OLTXLGH
GH OD TXDOLWp SUpFRQLVpH SRXU IDLUH UHPRQ
WHU OH QLYHDX HQWUH OHV UHSqUHV ³0,1´ HW
³0$;´
& 4XDOLWp HW YLVFRVLWp G¶KXLOH
UHFRPPDQGpHV
8Q QLYHDX WUqV EDV SHXW VLJQLILHU TX¶LO \ D
XQH IXLWH &RQVXOWH] YRWUH FRQFHVVLRQ
QDLUH 68%$58 SRXU XQH LQVSHFWLRQ
+XLOH GX GLIIpUHQWLHO DYDQW
PRGqOHV &97 HW KXLOH GX
GLIIpUHQWLHO DUULqUH
&KDTXH IDEULFDQW D VD SURSUH IRUPXOH SRXU
O¶KXLOH GH EDVH HW XWLOLVH VHV SURSUHV
DGGLWLIV 1H PpODQJH] MDPDLV GHV KXLOHV
GH PDUTXHV GLIIpUHQWHV 5HSRUWH]YRXV j
³%RvWH GH YLWHVVHV PDQXHOOH KXLOH GX
GLIIpUHQWLHO DYDQW HW DUULqUH´ ) SRXU
SOXV GH GpWDLOV
$77(17,21
8WLOLVHU XQH KXLOH GH GLIIpUHQWLHO
GLIIpUHQWH TXH FHOOH VSpFLILpH SHXW
SURYRTXHU XQH EDLVVH GHV SHUIRU
PDQFHV GX YpKLFXOH
+XLOH GH GLUHFWLRQ DVVLVWpH
67,
& &RQWU{OH GX QLYHDX GH OLTXLGH
/H OLTXLGH GH VHUYRGLUHFWLRQ VH GLODWH
IRUWHPHQW ORUVTXH VD WHPSpUDWXUH DXJ
PHQWH HW OH QLYHDX GpSHQG GRQF GH OD
WHPSpUDWXUH GH O¶KXLOH 3RXU FHWWH UDLVRQ
GHX[ SODJHV GH FRQWU{OH GH QLYHDX VRQW
LQGLTXpHV VXU OH UpVHUYRLU XWLOLVH] FHOOH TXL
FRQYLHQW VHORQ TXH O¶KXLOH HVW FKDXGH RX
IURLGH
&RQWU{OH] OH QLYHDX GX OLTXLGH GH VHUYRGL
UHFWLRQ XQH IRLV SDU PRLV
*DUH] OH YpKLFXOH VXU XQ VRO KRUL]RQWDO
HW DUUrWH] OH PRWHXU
&RQWU{OH] OH QLYHDX GH OLTXLGH GDQV OH
UpVHUYRLU
'$1*(5
$WWHQWLRQ DX[ EU€OXUHV FDU OH OLTXLGH
SHXW rWUH FKDXG
$77(17,21
. /RUVTXH YRXV DMRXWH] GX OLTXLGH
GH VHUYRGLUHFWLRQ Q¶XWLOLVH] TXH
GX OLTXLGH SURSUH HW YHLOOH] j
Q¶LQWURGXLUH DXFXQH LPSXUHWp
GDQV OH UpVHUYRLU (Q RXWUH QH
PpODQJH] MDPDLV GHV KXLOHV GH
PDUTXHV GLIIpUHQWHV
(QWUHWLHQ HW UpSDUDWLRQV/LTXLGH GH IUHLQ
. 9HLOOH] j QH SDV UpSDQGUH GX
OLTXLGH GH VHUYRGLUHFWLRQ SHQ
GDQW OH UHPSOLVVDJH /H OLTXLGH
GH VHUYRGLUHFWLRQ UpSDQGX VXU OH
WX\DX G¶pFKDSSHPHQW ULVTXHUDLW
GH SURGXLUH XQH PDXYDLVH RGHXU
HW GH OD IXPpH YRLUH GH V¶HQIODP
PHU 6L OH OLTXLGH GH VHUYRGLUHF
WLRQ D FRXOp VXU OH WX\DX G¶pFKDS
SHPHQW Q¶RXEOLH] SDV G¶HVVX\HU
OH OLTXLGH UpSDQGX
& /LTXLGH UHFRPPDQGp
5HSRUWH]YRXV j ³/LTXLGHV´ )
/LTXLGH GH IUHLQ
& &RQWU{OH GX QLYHDX GH OLTXLGH
'$1*(5
. eYLWH] VRLJQHXVHPHQW WRXW
FRQWDFW GX OLTXLGH GH IUHLQ DYHF
OHV \HX[ FDU FH OLTXLGH HVW DJUHV
VLI SRXU OHV \HX[ (Q FDV GH
SpQpWUDWLRQ GDQV OHV \HX[ ULQ
FH]YRXV LPPpGLDWHPHQW HW
DERQGDPPHQW DYHF GH O¶HDX SUR
SUH 3RXU GHV UDLVRQV GH VpFXULWp
LO HVW UHFRPPDQGp GH SRUWHU GHV
OXQHWWHV GH SURWHFWLRQ HQ HIIHF
WXDQW FH WUDYDLO
. ([SRVp j O¶DLU OH OLTXLGH GH IUHLQ
DEVRUEH O¶KXPLGLWp GH O¶DLU /D
SUpVHQFH G¶KXPLGLWp GDQV OH OL
TXLGH GH IUHLQ HQWUDvQH XQH GDQ
JHUHXVH SHUWH G¶HIILFDFLWp DX IUHL
QDJH
. 6¶LO HVW QpFHVVDLUH G¶DMRXWHU IUp
TXHPPHQW GX OLTXLGH LO \ D
YUDLVHPEODEOHPHQW XQH IXLWH /H
FDV pFKpDQW IDLWHV FRQWU{OHU OH
YpKLFXOH FKH] XQ FRQFHVVLRQ
QDLUH 68%$58
$77(17,21
. /RUVTXH YRXV DMRXWH] GX OLTXLGH
GH IUHLQ SUHQH] JUDQG VRLQ GH QH
SDV LQWURGXLUH G¶LPSXUHWpV GDQV
OH UpVHUYRLU
. 9HLOOH] j QH SDV UpSDQGUH GH
OLTXLGH GH IUHLQ VXU OHV SHLQWXUHV
RX OHV SLqFHV HQ FDRXWFKRXF
/¶DOFRRO FRQWHQX GDQV OH OLTXLGH
GH IUHLQ SRXUUDLW OHV HQGRPPD
JHU
. 9HLOOH] j QH SDV UpSDQGUH GH
OLTXLGH GH IUHLQ SHQGDQW OH UHP
SOLVVDJH /H OLTXLGH GH IUHLQ Up
SDQGX VXU OH WX\DX G¶pFKDSSH
PHQW ULVTXHUDLW GH SURGXLUH XQH
PDXYDLVH RGHXU HW GH OD IXPpH
YRLUH GH V¶HQIODPPHU 6L OH OLTXLGH
GH IUHLQ D FRXOp VXU OH WX\DX
G¶pFKDSSHPHQW Q¶RXEOLH] SDV
GH O¶HVVX\HU
± 68,7( ±
(QWUHWLHQ HW UpSDUDWLRQV/LTXLGH G¶HPEUD\DJH
PRGqOHV %0
& /LTXLGH GH IUHLQ UHFRPPDQGp
5HSRUWH]YRXV j ³/LTXLGHV´ )
$77(17,21
1H PpODQJH] MDPDLV GHV OLTXLGHV GH
IUHLQ GH PDUTXHV GLIIpUHQWHV eYLWH]
pJDOHPHQW GH PpODQJHU GHV OLTXLGHV
GH IUHLQ '27 HW '27 PrPH V¶LOV
VRQW GH PDUTXH LGHQWLTXH
/LJQH GH OLPLWH VXSpULHXUH ³0$;´
9pULILH] OH QLYHDX GH OLTXLGH GH IUHLQ GDQV
FHWWH ]RQH
/LJQH GH OLPLWH LQIpULHXUH ³0,1´
&RQWU{OH] OH QLYHDX GH OLTXLGH XQH IRLV SDU
PRLV
&RQWU{OH] OH QLYHDX GH OLTXLGH GH O¶H[Wp
ULHXU GX UpVHUYRLU &H UpVHUYRLU pWDQW XWLOLVp
SRXU OHV V\VWqPHV GH IUHLQ HW G¶HPEUD\DJH
HW pWDQW pTXLSp GH FKDPEUHV SRXU FKDTXH
V\VWqPH YpULILH] OH QLYHDX GH OLTXLGH GX
V\VWqPH GH IUHLQ DX QLYHDX GH OD SDUWLH
DYDQW GX UpVHUYRLU OD ]RQH RPEUpH VXU
O¶LOOXVWUDWLRQ 6L OH QLYHDX GH OLTXLGH VH
VLWXH HQ GHVVRXV GX UHSqUH ³0,1´ DMRXWH]
GX OLTXLGH GH IUHLQ GH OD TXDOLWp UHFRP
PDQGpH MXVTX¶DX UHSqUH ³0$;´
1¶XWLOLVH] TXH GX OLTXLGH GH IUHLQ SURYHQDQW
G¶XQ UpFLSLHQW KHUPpWLTXHPHQW ERXFKp
/LTXLGH G¶HPEUD\DJH PRGq
OHV %0
& &RQWU{OH GX QLYHDX GH OLTXLGH
'$1*(5
eYLWH] VRLJQHXVHPHQW WRXW FRQWDFW
GX OLTXLGH G¶HPEUD\DJH DYHF OHV
\HX[ FDU FH OLTXLGH HVW DJUHVVLI SRXU
OHV \HX[ (Q FDV GH SpQpWUDWLRQ GDQV
OHV \HX[ ULQFH]YRXV LPPpGLDWH
PHQW HW DERQGDPPHQW DYHF GH O¶HDX
SURSUH 3RXU GHV UDLVRQV GH VpFX
ULWp LO HVW UHFRPPDQGp GH SRUWHU GHV
OXQHWWHV GH SURWHFWLRQ HQ HIIHFWXDQW
FH WUDYDLO
$77(17,21
. ([SRVp j O¶DLU OH OLTXLGH G¶HP
EUD\DJH DEVRUEH O¶KXPLGLWp GH
O¶DLU 7RXWH KXPLGLWp DEVRUEpH
SHXW SURYRTXHU XQ IRQFWLRQQH
PHQW LQFRUUHFW GH O¶HPEUD\DJH
. 6¶LO HVW QpFHVVDLUH G¶DMRXWHU IUp
TXHPPHQW GX OLTXLGH LO \ D
YUDLVHPEODEOHPHQW XQH IXLWH /H
FDV pFKpDQW IDLWHV FRQWU{OHU OH
YpKLFXOH FKH] XQ FRQFHVVLRQ
QDLUH 68%$58
(QWUHWLHQ HW UpSDUDWLRQV/LTXLGH G¶HPEUD\DJH PRGqOHV %0
. /RUVTXH YRXV DMRXWH] GX OLTXLGH
G¶HPEUD\DJH SUHQH] JUDQG VRLQ
GH QH SDV LQWURGXLUH G¶LPSXUHWpV
GDQV OH UpVHUYRLU
. 9HLOOH] j QH SDV UpSDQGUH GH
OLTXLGH G¶HPEUD\DJH VXU OHV SHLQ
WXUHV RX OHV SLqFHV HQ FDRXW
FKRXF /¶DOFRRO FRQWHQX GDQV OH
OLTXLGH G¶HPEUD\DJH SRXUUDLW OHV
HQGRPPDJHU
. 9HLOOH] j QH SDV UpSDQGUH GH
OLTXLGH G¶HPEUD\DJH SHQGDQW OH
UHPSOLVVDJH /H OLTXLGH G¶HP
EUD\DJH UpSDQGX VXU OH WX\DX
G¶pFKDSSHPHQW ULVTXHUDLW GH SUR
GXLUH XQH PDXYDLVH RGHXU HW GH OD
IXPpH YRLUH GH V¶HQIODPPHU 6L OH
OLTXLGH G¶HPEUD\DJH D FRXOp VXU
OH WX\DX G¶pFKDSSHPHQW Q¶RX
EOLH] SDV GH O¶HVVX\HU
. 9pULILH] OH QLYHDX GH OLTXLGH GX
V\VWqPH G¶HPEUD\DJH GX F{Wp
LQWpULHXU GX UpVHUYRLU 9RXV QH
SRXYH] SDV YpULILHU OH QLYHDX GX
OLTXLGH GX F{Wp H[WpULHXU GX Up
VHUYRLU
SURYHQDQW G¶XQ UpFLSLHQW KHUPpWLTXHPHQW
ERXFKp
& /LTXLGH G¶HPEUD\DJH UHFRP
PDQGp
5HSRUWH]YRXV j ³/LTXLGHV´ )
$77(17,21
/LJQH GH OLPLWH VXSpULHXUH ³0$;´
9pULILH] OH QLYHDX GH OLTXLGH G¶HPEUD\DJH
GDQV FHWWH ]RQH
/LJQH GH OLPLWH LQIpULHXUH ³0,1´
&RQWU{OH] OH QLYHDX GH OLTXLGH XQH IRLV SDU
PRLV
&RQWU{OH] OH QLYHDX GH OLTXLGH GH O¶H[Wp
ULHXU GX UpVHUYRLU &H UpVHUYRLU pWDQW XWLOLVp
SRXU OHV V\VWqPHV GH IUHLQ HW G¶HPEUD\DJH
HW pWDQW pTXLSp GH FKDPEUHV SRXU FKDTXH
V\VWqPH YpULILH] OH QLYHDX GH OLTXLGH GX
V\VWqPH G¶HPEUD\DJH DX QLYHDX GH OD
SDUWLH LQWpULHXUH GX UpVHUYRLU OD ]RQH
RPEUpH VXU O¶LOOXVWUDWLRQ 6L OH QLYHDX GH
OLTXLGH VH VLWXH HQ GHVVRXV GX UHSqUH
³0,1´ DMRXWH] GX OLTXLGH G¶HPEUD\DJH GH
OD TXDOLWp UHFRPPDQGpH MXVTX¶DX UHSqUH
³0$;´
1¶XWLOLVH] TXH GX OLTXLGH G¶HPEUD\DJH
1H PpODQJH] MDPDLV GHV OLTXLGHV
G¶HPEUD\DJH GH PDUTXHV GLIIpUHQ
WHV eYLWH] pJDOHPHQW GH PpODQJHU
GHV OLTXLGHV GH IUHLQ '27 HW '27 PrPH V¶LOV VRQW GH PDUTXH LGHQ
WLTXH
(QWUHWLHQ HW UpSDUDWLRQV6HUYRIUHLQ
6HUYRIUHLQ
6L OH VHUYRIUHLQ QH IRQFWLRQQH SDV FRPPH
LO HVW GpFULW DX FRXUV GHV YpULILFDWLRQV FL
DSUqV IDLWHVOH FRQWU{OHU SDU XQ FRQFHV
VLRQQDLUH 68%$58
$YHF OH PRWHXU DUUrWp DSSX\H] j
SOXVLHXUV UHSULVHV VXU OD SpGDOH GH IUHLQ
DYHF XQH IRUFH pJDOH /D FRXUVH GH OD
SpGDOH GRLW UHVWHU LGHQWLTXH
7RXW HQ WHQDQW OD SpGDOH GH IUHLQ
HQIRQFpH PHWWH] OH PRWHXU HQ PDUFKH
/D SpGDOH GRLW GHVFHQGUH OpJqUHPHQW YHUV
OH SODQFKHU
7RXW HQ WHQDQW OD SpGDOH GH IUHLQ
HQIRQFpH DUUrWH] OH PRWHXU 0DLQWHQH]
OD SpGDOH HQIRQFpH SHQGDQW VHFRQGHV
/D KDXWHXU GH OD SpGDOH QH GRLW SDV
FKDQJHU
0HWWH] OH PRWHXU HQ PDUFKH HW ODLVVH]
OH WRXUQHU XQH PLQXWH HQYLURQ DYDQW GH
O¶DUUrWHU $SSX\H] j SOXVLHXUV UHSULVHV VXU
OD SpGDOH GH IUHLQ SRXU FRQWU{OHU OH
IRQFWLRQQHPHQW GX VHUYRIUHLQ /H VHUYR
IUHLQ IRQFWLRQQH QRUPDOHPHQW VL OD FRXUVH
GH OD SpGDOH GLPLQXH j FKDTXH SUHVVLRQ
5(0$548(
6L YRXV HQIRQFH] IRUWHPHQW RX VRXGDL
QHPHQW OD SpGDOH GH IUHLQ LO VH SHXW TXH
YRXV WURXYLH] TX¶XQH SUHVVLRQ SOXV
IDLEOH JpQqUH XQH SOXV IRUWH IRUFH GH
IUHLQDJH &HV SKpQRPqQHV QH VRQW SDV
VLJQH GH GpIHFWXRVLWp OH V\VWqPH G¶DV
VLVWDQFH DX IUHLQDJH IRQFWLRQQH FRUUHF
WHPHQW
3pGDOH GH IUHLQ
&RQWU{OH] OD FRXUVH OLEUH HW OD JDUGH GH OD
SpGDOH GH IUHLQ ORUVTXH FHOD HVW LQGLTXp
GDQV OH SURJUDPPH G¶HQWUHWLHQ LQFOXV GDQV
OH ³/LYUHW GH *DUDQWLH HW G¶(QWUHWLHQ´
& &RQWU{OH GH OD FRXUVH OLEUH GH
OD SpGDOH GH IUHLQ
/¶DVVLVWDQFH DX IUHLQ Q¶DXJPHQWH SDV OD
FDSDFLWp GH IUHLQDJH GX YpKLFXOH DX
GHOj GH VHV OLPLWHV
j PP j LQ
$UUrWH] OH PRWHXU HW DSSX\H] IRUWHPHQW
VXU OD SpGDOH GH IUHLQ j SOXVLHXUV UHSULVHV
0HVXUH] HQVXLWH OD FRXUVH OLEUH HQ DS
SX\DQW OpJqUHPHQW DYHF XQ GRLJW VXU OD
SpGDOH GH IUHLQ DYHF XQH IRUFH QH GpSDV
VDQW SDV 1 NJI OEI (QWUHWLHQ HW UpSDUDWLRQV3pGDOH G¶HPEUD\DJH PRGqOHV %0
6L OD FRXUVH OLEUH HVW KRUV SUHVFULSWLRQ
DGUHVVH]YRXV j XQ FRQFHVVLRQQDLUH
68%$58
3pGDOH G¶HPEUD\DJH PRGq
OHV %0
& &RQWU{OH GH OD JDUGH GH OD
SpGDOH GH IUHLQ
&RQWU{OH] OD FRXUVH OLEUH GH OD SpGDOH
G¶HPEUD\DJH ORUVTXH FHOD HVW LQGLTXp
GDQV OH SURJUDPPH G¶HQWUHWLHQ LQFOXV GDQV
OH ³/LYUHW GH *DUDQWLH HW G¶(QWUHWLHQ´
& &RQWU{OH GH OD FRXUVH OLEUH GH
OD SpGDOH G¶HPEUD\DJH
& &RQWU{OH GX IRQFWLRQQHPHQW
GH O¶HPEUD\DJH
3OXV GH PP LQ
$SSX\H] VXU OD SpGDOH GH IUHLQ DYHF XQH
IRUFH G¶HQYLURQ 1 NJI OEI HW
PHVXUH] OD GLVWDQFH HQWUH OH GHVVXV GX
SDWLQ GH SpGDOH HW OH SODQFKHU
6L OD PHVXUH HVW LQIpULHXUH j OD YDOHXU
SUHVFULWH RX ELHQ VL OD PDQ°XYUH GH OD
SpGDOH Q¶HVW SDV VRXSOH DGUHVVH]YRXV j
XQ FRQFHVVLRQQDLUH 68%$58
9pULILH] TXH OH PpFDQLVPH HPEUD\H HW
GpEUD\H QRUPDOHPHQW
$YHF OH PRWHXU WRXUQDQW DX UDOHQWL
YpULILH] TX¶LO Q¶\ D SDV GH EUXLWV DQRUPDX[
ORUVTXH YRXV HQIRQFH] OD SpGDOH G¶HP
EUD\DJH HW TXH OH SDVVDJH HQ SUHPLqUH RX
HQ PDUFKH DUULqUH V¶HIIHFWXH HQ GRXFHXU
(PEUD\H] OHQWHPHQW SRXU PHWWUH OH
YpKLFXOH HQ PDUFKH 9pULILH] TXH OH PRWHXU
HW OD ERvWH GH YLWHVVHV HQWUHQW HQ SULVH HQ
GRXFHXU VDQV SDWLQDJH
j PP j LQ
$SSX\H] OpJqUHPHQW GX GRLJW VXU OD
SpGDOH G¶HPEUD\DJH MXVTX¶DX SRLQW GH
UpVLVWDQFH HW PHVXUH] OD FRXUVH OLEUH
6L OD FRXUVH OLEUH HVW KRUV SUHVFULSWLRQ
DGUHVVH]YRXV j XQ FRQFHVVLRQQDLUH
68%$58
(QWUHWLHQ HW UpSDUDWLRQV6\VWqPH G¶DLGH DX GpPDUUDJH HQ F{WH
6\VWqPH G¶DLGH DX GpPDU
UDJH HQ F{WH
9pULILH] TXH OH V\VWqPH G¶DLGH DX GpPDU
UDJH HQ F{Wp IRQFWLRQQH FRUUHFWHPHQW
GDQV OHV FLUFRQVWDQFHV VXLYDQWHV
$UUrWH] OH YpKLFXOH GDQV XQH PRQWpH
HQ DSSX\DQW VXU OD SpGDOH GH IUHLQ WRXV
OHV PRGqOHV HW OD SpGDOH G¶HPEUD\DJH
PRGqOHV %0 XQLTXHPHQW PRWHXU HQ
PDUFKH
9pULILH] TXH OH YpKLFXOH QH UHFXOH SDV
SHQGDQW SOXVLHXUV VHFRQGHV DSUqV DYRLU
UHOkFKp OD SpGDOH GH IUHLQ
9pULILH] TXH OH GpPDUUDJH HQ F{WH HVW
SRVVLEOH SDU OD PpWKRGH GH GpPDUUDJH
QRUPDOH
6L OH V\VWqPH G¶DLGH DX GpPDUUDJH HQ F{WH
QH VHPEOH SDV IRQFWLRQQHU QRUPDOHPHQW
DGUHVVH]YRXV j XQ FRQFHVVLRQQDLUH
68%$58
5HPSODFHPHQW GHV SODTXHW
WHV HW JDUQLWXUHV GH IUHLQ
/HV IUHLQV j GLVTXH GLVSRVHQW G¶LQGLFDWHXUV
G¶XVXUH DXGLEOHV VXU OHV SODTXHWWHV GH
IUHLQ 6L O¶XVXUH GHV SODTXHWWHV GH IUHLQ HVW
SURFKH GH OD OLPLWH GH VHUYLFH FHV LQGLFD
WHXUV pPHWWHQW XQ FRXLQHPHQW FDUDFWpULV
WLTXH HW ELHQ DXGLEOH ORUVTXH YRXV DSSX\H]
VXU OD SpGDOH GH IUHLQ
6L YRXV HQWHQGH] FH FRXLQHPHQW FKDTXH
IRLV TXH YRXV DSSX\H] VXU OD SpGDOH GH
IUHLQ IDLWHV FRQWU{OHU OHV SODTXHWWHV GH
IUHLQ SDU XQ FRQFHVVLRQQDLUH 68%$58 OH
SOXV W{W SRVVLEOH
$77(17,21
. ,O HVW UHFRPPDQGp GH GpEUDQFKHU
OD EDWWHULH GX YpKLFXOH DYDQW GH
UHPSODFHU OD SODTXHWWH GH IUHLQ
&HSHQGDQW LO HVW GDQJHUHX[ GH
GpEUDQFKHU OD EDWWHULH GX YpKL
FXOH 1RXV YRXV UHFRPPDQGRQV
GH IDLUH UHPSODFHU OD SODTXHWWH GH
IUHLQ SDU YRWUH FRQFHVVLRQQDLUH
68%$58
. &RQWLQXHU j XWLOLVHU OH YpKLFXOH
DYHF GHV LQGLFDWHXUV G¶XVXUH GHV
SODTXHWWHV GH IUHLQ TXL FRXLQHQW
HQWUDvQHUD HQVXLWH XQH LQWHUYHQ
WLRQ FR€WHXVH SRXU OD UpSDUDWLRQ
RX OH UHPSODFHPHQW GHV URWRUV GH
IUHLQ
(QWUHWLHQ HW UpSDUDWLRQV5HPSODFHPHQW GHV SODTXHWWHV HW JDUQLWXUHV GH IUHLQ
& 5RGDJH GHV SODTXHWWHV GH
IUHLQ QHXYHV PRGqOHV DYHF
V\VWqPH GH IUHLQ GH VWDWLRQ
QHPHQW pOHFWURQLTXH
3RXU OH UHPSODFHPHQW GHV SODTXHWWHV GH
IUHLQ Q¶XWLOLVH] TXH GHV SLqFHV GH UH
FKDQJH 68%$58 G¶RULJLQH $SUqV OH UHP
SODFHPHQW SURFpGH] DX URGDJH GHV QRX
YHOOHV SLqFHV FRPPH VXLW
! 3ODTXHWWH GH IUHLQ
7RXW HQ URXODQW j XQH YLWHVVH HQWUH HW
NPK HW PSK DSSX\H] OpJqUH
PHQW VXU OD SpGDOH GH IUHLQ 5pSpWH] FHWWH
RSpUDWLRQ DX PRLQV FLQT IRLV 'H SOXV
VHUUH] HW GHVVHUUH] OH IUHLQ GH VWDWLRQQH
PHQW pOHFWURQLTXH FLQT IRLV RX SOXV
& 5RGDJH GHV SODTXHWWHV HW
JDUQLWXUHV GH IUHLQ QHXYHV
PRGqOHV VDQV V\VWqPH GH
IUHLQ GH VWDWLRQQHPHQW pOHF
WURQLTXH
3RXU OH UHPSODFHPHQW GHV SODTXHWWHV HW
JDUQLWXUHV GH IUHLQ Q¶XWLOLVH] TXH GHV
SLqFHV GH UHFKDQJH 68%$58 G¶RULJLQH
$SUqV OH UHPSODFHPHQW SURFpGH] DX
URGDJH GHV QRXYHOOHV SLqFHV FRPPH VXLW
! 3ODTXHWWHV HW JDUQLWXUHV GH IUHLQ
7RXW HQ URXODQW j XQH YLWHVVH HQWUH HW
NPK HW PSK DSSX\H] OpJqUH
PHQW VXU OD SpGDOH GH IUHLQ 5pSpWH] FHWWH
RSpUDWLRQ DX PRLQV FLQT IRLV
! *DUQLWXUHV GH IUHLQ GH VWDWLRQQH
PHQW
5RXOH] j XQH YLWHVVH GH NPK PSK HQYLURQ
7RXW HQ DSSX\DQW VXU OH ERXWRQ GH
GpYHUURXLOODJH GX IUHLQ GH VWDWLRQQHPHQW
WLUH] OH OHYLHU GH IUHLQ GH VWDWLRQQHPHQW
/(17(0(17 HW (1 '28&(85 WLUH]
DYHF XQH IRUFH G¶HQYLURQ 1 > NJI
OEI@ 5RXOH] DLQVL VXU XQH GLVWDQFH GH PqWUHV \DUGV HQYLURQ
$WWHQGH] j PLQXWHV SRXU ODLVVHU OH
IUHLQ GH VWDWLRQQHPHQW UHIURLGLU 5HFRP
PHQFH] OD PrPH RSpUDWLRQ
&RQWU{OH] OD FRXUVH GX IUHLQ GH VWD
WLRQQHPHQW 6L OD FRXUVH HVW KRUV SUHVFULS
WLRQ UpJOH]OD HQ WRXUQDQW O¶pFURX GH
UpJODJH TXL VH WURXYH VXU OH OHYLHU GH IUHLQ
GH VWDWLRQQHPHQW
&RXUVH GX IUHLQ GH VWDWLRQQHPHQW
± FUDQV 1 NJI OEI
'$1*(5
&KRLVLVVH] XQ HQGURLW VDQV GDQJHU
SRXU HIIHFWXHU XQH FRQGXLWH GH UR
GDJH
$77(17,21
9RXV ULVTXHULH] GH EORTXHU OHV URXHV
DUULqUH HQ WLUDQW VXU OH OHYLHU GH IUHLQ
GH VWDWLRQQHPHQW WURS pQHUJLTXH
PHQW 3RXU pYLWHU FHOD WLUH] OH OHYLHU
SURJUHVVLYHPHQW HW HQ GRXFHXU
(QWUHWLHQ HW UpSDUDWLRQV&RXUVH GX IUHLQ GH VWDWLRQQHPHQW
&RXUVH GX IUHLQ GH VWDWLRQ
QHPHQW PRGqOHV VDQV V\V
WqPH GH IUHLQ GH
VWDWLRQQHPHQW pOHFWURQLTXH
9pULILH] OD FRXUVH GX IUHLQ GH VWDWLRQQH
PHQW ORUVTXH FHOD HVW LQGLTXp GDQV OH
SURJUDPPH G¶HQWUHWLHQ LQFOXV GDQV OH
³/LYUHW GH *DUDQWLH HW G¶(QWUHWLHQ´
/RUVTXH OH IUHLQ GH VWDWLRQQHPHQW HVW
FRQYHQDEOHPHQW UpJOp OD SXLVVDQFH GH
IUHLQDJH PD[LPDOH V¶DSSOLTXH ORUVTXH OH
OHYLHU HVW WLUp YHUV OH KDXW OHQWHPHQW PDLV
IHUPHPHQW GH j FUDQV IRUFH j H[HUFHU
1 > NJI OEI@ HQYLURQ 6L OD
FRXUVH GX OHYLHU GH IUHLQ GH VWDWLRQQHPHQW
HVW KRUV SUHVFULSWLRQ IDLWHVOH FRQWU{OHU HW
UpJOHU SDU XQ FRQFHVVLRQQDLUH 68%$58
PRGqOHV VDQV V\VWqPH GH IUHLQ GH VWDWLRQQHPHQW pOHFWURQLTXH
5RXHV HW SQHXV
& 7\SHV GH SQHXV
9RXV GHYH] ELHQ FRQQDvWUH OH W\SH GH
SQHXV GRQW YRWUH YpKLFXOH HVW pTXLSp
! 3QHXV WRXWHV VDLVRQV
/HV SQHXV WRXWHV VDLVRQV VRQW FRQoXV
SRXU DVVXUHU GH ERQQHV SHUIRUPDQFHV GH
WUDFWLRQ GH WHQXH GH URXWH HW GH IUHLQDJH
WRXW DX ORQJ GH O¶DQQpH HW LOV SHXYHQW rWUH
XWLOLVpV VXU URXWHV HQQHLJpHV RX YHUJOD
FpHV 7RXWHIRLV VXU OD QHLJH IUDvFKH RX
GHQVH HW VXU OH YHUJODV OHV SQHXV WRXWHV
VDLVRQV Q¶RQW SDV GHV SHUIRUPDQFHV GH
WUDFWLRQ DXVVL ERQQHV TXH OHV SQHXV KLYHU
SQHXV QHLJH /HV SQHXV WRXWHV VDLVRQV VH UHFRQQDLV
VHQW j O¶LQVFULSWLRQ ³$// 6($621´ HWRX
³06´ ERXH HW QHLJH TX¶LOV SRUWHQW VXU OH
IODQF
! 3QHXV pWp
/HV SQHXV pWp VRQW FRQoXV SRXU OHV
YLWHVVHV pOHYpHV HW FRQYLHQQHQW SDUWLFX
OLqUHPHQW ELHQ j OD FRQGXLWH VXU DXWRURXWH
SDU WHPSV VHF
/HV SQHXV pWp VRQW LQDGDSWpV j OD FRQGXLWH
VXU FKDXVVpH JOLVVDQWH VXU URXWHV HQQHL
JpHV RX YHUJODFpHV SDU H[HPSOH
6L YRXV GHYH] FRQGXLUH VXU URXWHV HQQHL
JpHV RX YHUJODFpHV QRXV YRXV UHFRP
PDQGRQV YLYHPHQW G¶XWLOLVHU GHV SQHXV
KLYHUV SQHXV QHLJH /RUVTXH YRXV PRQWH] GHV SQHXV KLYHU
YRXV GHYH] HQ PRQWHU VXU OHV TXDWUH
URXHV
! 3QHXV KLYHU SQHXV QHLJH
/HV SQHXV KLYHU VRQW OHV PLHX[ DGDSWpV j
OD FRQGXLWH VXU URXWHV HQQHLJpHV RX
YHUJODFpHV 7RXWHIRLV VXU OHV URXWHV TXL
QH VRQW QL HQQHLJpHV QL YHUJODFpHV OHV
SQHXV KLYHU Q¶RQW SDV GHV SHUIRUPDQFHV
DXVVL ERQQHV TXH OHV SQHXV pWp RX OHV
SQHXV WRXWHV VDLVRQV
& 6\VWqPH GH VXUYHLOODQFH GH OD
SUHVVLRQ GHV SQHXV 7306
VHORQ PRGqOHV
/H V\VWqPH GH VXUYHLOODQFH GH OD SUHVVLRQ
GHV SQHXV IRXUQLW XQ PHVVDJH G¶DYHUWLV
VHPHQW DX FRQGXFWHXU HQ HQYR\DQW XQ
VLJQDO G¶XQ FDSWHXU LQVWDOOp GDQV FKDTXH
URXH ORUVTXH OD SUHVVLRQ G¶XQ SQHX HVW WUqV
EDVVH /H V\VWqPH GH VXUYHLOODQFH GH OD
SUHVVLRQ GHV SQHXV QH IRQFWLRQQH TXH
SHQGDQW TXH OH YpKLFXOH URXOH 'H SOXV FH
V\VWqPH SHXW QH SDV UpDJLU LPPpGLDWH
PHQW j XQH EDLVVH VRXGDLQH GH OD SUHVVLRQ
G¶XQ SQHX SDU H[HPSOH ORUV G¶XQH FUH
YDLVRQ SURYRTXpH ORUVTXH YRXV DYH] URXOp
VXU XQ REMHW WUDQFKDQW (QWUHWLHQ HW UpSDUDWLRQV5RXHV HW SQHXV
GH JRQIODJH UHTXLVHV SRXU FHUWDLQHV WHP
SpUDWXUHV H[WpULHXUHV HQ VXSSRVDQW TXH OD
WHPSpUDWXUH GX JDUDJH HVW GH 8&
8) ([HPSOH
7DLOOH GHV SQHXV 5 :
3UHVVLRQV GH JRQIODJH VWDQGDUG
$YDQW N3D NJIFP SVL
$UULqUH N3D NJIFP SVL
7HPSpUDWXUH GX JDUDJH 8& 8)
7pPRLQ DYHUWLVVHXU GH SUHVVLRQ GH JRQ
IODJH EDVVH GHV SQHXV
6L YRXV UpJOH] OD SUHVVLRQ GHV SQHXV GDQV
XQ JDUDJH FKDXIIp HW URXOH] HQVXLWH SDU
WHPSV WUqV IURLG LO SHXW HQ UpVXOWHU XQH
EDLVVH GH OD SUHVVLRQ GHV SQHXV VXIILVDQWH
SRXU FDXVHU O¶DOOXPDJH GX WpPRLQ DYHUWLV
VHXU GH SUHVVLRQ GH JRQIODJH EDVVH GHV
SQHXV 3RXU pYLWHU FH SUREOqPH ORUVTXH
YRXV UpJOH] OD SUHVVLRQ GHV SQHXV GDQV XQ
JDUDJH FKDXIIp JRQIOH] OHV SQHXV j XQH
SUHVVLRQ SOXV pOHYpH TXH OD YDOHXU SUH
VFULWH VXU O¶pWLTXHWWH G¶LQIRUPDWLRQ VXU OHV
SQHXV ¬ VDYRLU OD SUHVVLRQ GH JRQIODJH
GRLW rWUH DXJPHQWpH GH N3D NJIFP SVL SRXU FKDTXH pFDUW GH 8&
8) HQWUH OD WHPSpUDWXUH GX JDUDJH HW OD
WHPSpUDWXUH H[WpULHXUH ¬ WLWUH G¶LOOXVWUD
WLRQ OD WDEOH FLDSUqV LQGLTXH OHV SUHVVLRQV
7HPSpUDWXUH
H[WpULHXUH
3UHVVLRQ FRUULJpH
N3D >NJIFP SVL@
$YDQW
$UULqUH
í8& 8)
í8& í8)
í8& 8)
/RUVTXH YRXV DYH] UpJOp OD SUHVVLRQ GHV
SQHXV GDQV XQ JDUDJH FKDXIIp VL OH
WpPRLQ DYHUWLVVHXU GH SUHVVLRQ GH JRQ
IODJH EDVVH GHV SQHXV V¶DOOXPH ORUVTXH
YRXV URXOH] SDU WHPSV IURLG UHJRQIOH] YRV
SQHXV j OD YDOHXU FRUULJpH VHORQ OD
PpWKRGH GpFULWH FLGHVVXV $XJPHQWH]
HQVXLWH OD YLWHVVH GX YpKLFXOH MXVTX¶j NPK PSK DX PRLQV SXLV YpULILH] TXH
OH WpPRLQ DYHUWLVVHXU GH SUHVVLRQ GH
JRQIODJH EDVVH GHV SQHXV V¶pWHLQW DX ERXW
GH TXHOTXHV PLQXWHV 6L OH WpPRLQ DYHUWLV
VHXU QH V¶pWHLQW SDV LO HVW SRVVLEOH TXH OH
V\VWqPH GH VXUYHLOODQFH GH OD SUHVVLRQ
GHV SQHXV QH IRQFWLRQQH SDV QRUPDOH
PHQW /H FDV pFKpDQW IDLWHV FRQWU{OHU OH
V\VWqPH SDU XQ FRQFHVVLRQQDLUH 68%$58
OH SOXV W{W SRVVLEOH
/RUVTXH OH YpKLFXOH URXOH OH IURWWHPHQW
HQWUH OHV SQHXV HW OD FKDXVVpH SURGXLW XQ
FHUWDLQ pFKDXIIHPHQW GHV SQHXV /RUVTXH
YRXV URXOH] DYHF OH WpPRLQ DYHUWLVVHXU GH
SUHVVLRQ GH JRQIODJH EDVVH GHV SQHXV
DOOXPp XQH UHPRQWpH GH OD WHPSpUDWXUH
DWPRVSKpULTXH RX O¶pFKDXIIHPHQW QRUPDO
GHV SQHXV G€ DX URXODJH SHXYHQW HQWUDv
QHU XQH pOpYDWLRQ GH SUHVVLRQ GHV SQHXV
VXIILVDQWH SRXU FDXVHU O¶H[WLQFWLRQ GX
WpPRLQ DYHUWLVVHXU
,O HVW QpFHVVDLUH GH SURFpGHU j XQH
UpLQLWLDOLVDWLRQ GX V\VWqPH ORUVTX¶RQ
FKDQJH OHV URXHV SDU H[HPSOH SRXU
FKDXVVHU GHV SQHXV QHLJH HW LO IDXW
LQVWDOOHU VXU OHV QRXYHDX[ SQHXV GH
QRXYHOOHV YDOYHV 7306 6XLWH j XQ UHP
SODFHPHQW GHV URXHV IDLWHV H[pFXWHU FHWWH
RSpUDWLRQ SDU XQ FRQFHVVLRQQDLUH
68%$58
&HUWDLQHV MDQWHV GX FRPPHUFH SHXYHQW
rWUH LQFRPSDWLEOHV DYHF OHV YDOYHV 7306
/RUVTXH YRXV FKDQJH] YRV URXHV SDU
H[HPSOH SRXU FKDXVVHU GHV SQHXV
QHLJH XWLOLVH] GHV MDQWHV SRUWDQW OH PrPH
QXPpUR GH SLqFHV TXH OHV MDQWHV G¶RULJLQH
± 68,7( ±
(QWUHWLHQ HW UpSDUDWLRQV5RXHV HW SQHXV
(Q O¶DEVHQFH GH YDOYHVFDSWHXUV 7306
DSSURSULpV VXU O¶HQVHPEOH GHV TXDWUH
URXHV OH V\VWqPH 7306 QH SHXW SDV
IRQFWLRQQHU HQWLqUHPHQW HW OH WpPRLQ
DYHUWLVVHXU VLWXp VXU OHV LQVWUXPHQWV GH
ERUG UHVWH DOOXPp DSUqV DYRLU FOLJQRWp
SHQGDQW XQH PLQXWH HQYLURQ
/RUVTXH YRXV UHPSODFH] XQ SQHX GHV
UpJODJHV VRQW QpFHVVDLUHV SRXU TXH OH
V\VWqPH GH VXUYHLOODQFH GH OD SUHVVLRQ
GHV SQHXV FRQWLQXH j IRQFWLRQQHU QRUPD
OHPHQW /RUV G¶XQ FKDQJHPHQW GH URXH
YRXV GHYH] GRQF IDLUH H[pFXWHU FHWWH
RSpUDWLRQ SDU XQ FRQFHVVLRQQDLUH
68%$58
'$1*(5
6L OH WpPRLQ DYHUWLVVHXU GH SUHVVLRQ
GH JRQIODJH EDVVH GHV SQHXV QH
V¶DOOXPH SDV GX WRXW ORUV GH OD PLVH
VXU 21 GX FRQWDFWHXU G¶DOOXPDJH
RX V¶LO UHVWH DOOXPp DSUqV DYRLU
FOLJQRWp SHQGDQW HQYLURQ PLQXWH
IDLWHV FRQWU{OHU OH V\VWqPH GH VXU
YHLOODQFH GH OD SUHVVLRQ GHV SQHXV
SDU XQ FRQFHVVLRQQDLUH 68%$58 OH
SOXV W{W SRVVLEOH
6L FH WpPRLQ V¶DOOXPH SHQGDQW OD
FRQGXLWH QH IUHLQH] MDPDLV VRXGDL
QHPHQW $X OLHX GH FHOD HIIHFWXH] OD
SURFpGXUH VXLYDQWH )DXWH GH TXRL
YRXV FRXUH] OH ULVTXH G¶XQ DFFLGHQW
DYHF G¶LPSRUWDQWV GpJkWV PDWpULHOV
HW GHV EOHVVXUHV JUDYHV
&RQWLQXH] j DYDQFHU HQ OLJQH
GURLWH WRXW HQ UpGXLVDQW SURJUHV
VLYHPHQW OD YLWHVVH
4XLWWH] OHQWHPHQW OD URXWH HW
JDUH] OH YpKLFXOH GDQV XQ HQGURLW
V€U
6L OH WpPRLQ VH UDOOXPH XQH IRLV OD
SUHVVLRQ GHV SQHXV UpJOpH O¶XQ GHV
SQHXV HVW SUREDEOHPHQW HQ PDXYDLV
pWDW HW SHUG UDSLGHPHQW VRQ DLU (Q
FDV GH FUHYDLVRQ UHSRUWH]YRXV j
³&UHYDLVRQV´ )
/RUVTX¶XQH URXH GH VHFRXUV HVW
PRQWpH RX TXH OD MDQWH GH SQHX HVW
UHPSODFpH VDQV WUDQVIpUHU OH FDS
WHXUWUDQVPHWWHXU GH SUHVVLRQ G¶RUL
JLQH OH WpPRLQ DYHUWLVVHXU GH SUHV
VLRQ GH JRQIODJH EDVVH GHV SQHXV
V¶DOOXPH HQ FRQWLQX DSUqV DYRLU
FOLJQRWp SHQGDQW HQYLURQ XQH PL
QXWH &HOD LQGLTXH TXH OH 7306 Q¶HVW
SDV FDSDEOH GH VXUYHLOOHU OHV TXDWUH
URXHV &RQWDFWH] XQ FRQFHVVLRQ
QDLUH 68%$58 GqV TXH SRVVLEOH
SRXU IDLUH UHPSODFHU OD URXH HW OH
FDSWHXU HWRX UpLQLWLDOLVHU OH V\V
WqPH 6L OH WpPRLQ UHVWH DOOXPp DSUqV
DYRLU FOLJQRWp SHQGDQW HQYLURQ XQH
PLQXWH FRQWDFWH] UDSLGHPHQW XQ
FRQFHVVLRQQDLUH 68%$58 SRXU
IDLUH FRQWU{OHU OH YpKLFXOH
& ,QVSHFWLRQ GHV SQHXV
9pULILH] TXRWLGLHQQHPHQW TXH OHV
SQHXV QH SUpVHQWHQW QL GRPPDJHV
JUDYHV YLVLEOHV QL LQFUXVWDWLRQV GH
FORXV RX GH SLHUUH 9pULILH] pJDOH
PHQW TXH OHV SQHXV QH SUpVHQWHQW
SDV GH VLJQHV G¶XVXUH DQRUPDOH
(Q FDV GH SUREOqPH FRQVXOWH]
LPPpGLDWHPHQW XQ FRQFHVVLRQ
QDLUH 68%$58
5(0$548(
. 6L OHV MDQWHV HW OHV SQHXV
KHXUWHQW GHV ERUGXUHV GH WURWWRLU
RX VRQW PLV j UXGH pSUHXYH SDU
H[HPSOH HQ FDV GH FRQGXLWH VXU
URXWH GpIRUPpH OHV GRPPDJHV
TXL OHXU VRQW DLQVL LQIOLJpV QH
VRQW SDV WRXMRXUV YLVLEOHV j O¶°LO
QX 'H WHOOHV GpJUDGDWLRQV QH VH
PDQLIHVWHQW SDUIRLV TX¶DSUqV XQ
FHUWDLQ WHPSV eYLWH] GH IUDQFKLU
GHV ERUGXUHV GH WURWWRLU RX GH
(QWUHWLHQ HW UpSDUDWLRQV5RXHV HW SQHXV
SDVVHU VXU GHV QLGVGHSRXOH RX
DXWUHV LUUpJXODULWpV GH WHUUDLQ 6L
YRXV QH SRXYH] O¶pYLWHU IDLWHVOH
j XQH YLWHVVH DXVVL UpGXLWH TXH
FHOOH G¶XQ SLpWRQ YRLUH LQIp
ULHXUH HW DERUGH] OD ERUGXUH GH
WURWWRLU SHUSHQGLFXODLUHPHQW (Q
RXWUH ORUVTXH YRXV JDUH] OH
YpKLFXOH YHLOOH] j FH TXH OHV
SQHXV QH VRLHQW SDV pFUDVpV
FRQWUH OD ERUGXUH GH WURWWRLU
. (Q URXODQW VL YRXV UHVVHQWH]
GHV YLEUDWLRQV LQKDELWXHOOHV RX
V¶LO HVW GLIILFLOH GH PDLQWHQLU OH
YpKLFXOH HQ OLJQH GURLWH FHOD
SHXW SURYHQLU GH O¶HQGRPPDJH
PHQW GH O¶XQ GHV SQHXV RX GH
O¶XQH GHV MDQWHV 5RXOH] OHQWH
PHQW MXVTXH FKH] XQ FRQFHV
VLRQQDLUH DJUpp 68%$58 OH SOXV
SURFKH HW IDLWHV FRQWU{OHU OH
YpKLFXOH
& 3UHVVLRQ HW XVXUH GHV SQHXV
0DLQWHQLU OHV SQHXV j OD SUHVVLRQ GH
JRQIODJH FRUUHFWH HQ SURORQJH OD
GXUpH GH VHUYLFH HW HVW LQGLVSHQ
VDEOH j OD ERQQH WHQXH GH URXWH GX
YpKLFXOH 9pULILH] HW VL QpFHVVDLUH
DMXVWH] OD SUHVVLRQ GH WRXV OHV
SQHXV URXH GH VHFRXUV FRPSULVH
DX PRLQV XQH IRLV SDU PRLV SDU
H[HPSOH ORUV G¶XQ UDYLWDLOOHPHQW HQ
FDUEXUDQW HW DYDQW FKDTXH ORQJ
WUDMHW
DMXVWHU OD SUHVVLRQ j OD YDOHXU
LQGLTXpH VXU O¶pWLTXHWWH G¶LQIRUPD
WLRQ GHV SQHXV &HWWH pWLTXHWWH HVW
DSSRVpH FRQWUH OH PRQWDQW GH OD
SRUWLqUH GX F{Wp FRQGXFWHXU
0rPH VL OH YpKLFXOH D SHX URXOp OHV
SQHXV VRQW FKDXGV HW OHXU SUHVVLRQ
HVW SOXV pOHYpH TX¶j IURLG /D
SUHVVLRQ GHV SQHXV GpSHQG pJDOH
PHQW GH OD WHPSpUDWXUH H[WpULHXUH
/H PLHX[ HVW GH FRQWU{OHU OD SUHV
VLRQ GHV SQHXV j O¶H[WpULHXU DYDQW
TXH OH YpKLFXOH Q¶DLW URXOp
/RUVTX¶XQ SQHX PRQWH HQ WHPSpUD
WXUH O¶DLU TX¶LO UHQIHUPH VH GLODWH
DXJPHQWDQW OD SUHVVLRQ GX SQHX ,O
QH IDXW GRQF SDV GpJRQIOHU XQ SQHX
FKDXG SRXU HQ UpGXLUH OD SUHVVLRQ
eWLTXHWWH GHV SQHXV
&RQWU{OH] OD SUHVVLRQ GH JRQIODJH
ORUVTXH OHV SQHXV VRQW IURLGV 8WLOL
VH] XQ JRQIOHXU j PDQRPqWUH SRXU
± 68,7( ±
(QWUHWLHQ HW UpSDUDWLRQV5RXHV HW SQHXV
5(0$548(
. /D SUHVVLRQ GH O¶DLU GDQV XQ
SQHX DXJPHQWH G¶HQYLURQ N3D
NJIFP SVL ORUVTXH OH
SQHX VH UpFKDXIIH
. /HV SQHXV VRQW FRQVLGpUpV
IURLGV ORUVTXH OH YpKLFXOH Q¶D
SDV URXOp GHSXLV SOXV GH WURLV
KHXUHV RX V¶LO D URXOp PRLQV GH
NP PLOH . 3UHVVLRQ GH SQHX FRUUHFWH
EDQGH XVpH XQLIRUPpPHQW
. 3QHX VRXVJRQIOp
EDQGH XVpH
VXU OHV ERUGV
'$1*(5
1H GpJRQIOH] SDV GHV SQHXV
FKDXGV SRXU UpJOHU OD SUHV
VLRQ ,O HQ UpVXOWHUDLW XQH SUHV
VLRQ GH JRQIODJH WURS EDVVH
8QH SUHVVLRQ GH JRQIODJH LQFRU
UHFWH QXLW j OD ERQQH WHQXH GH URXWH
GX YpKLFXOH HW DX FRQIRUW HW HOOH
HQWUDvQH XQH XVXUH DQRUPDOH GHV
SQHXV
/D WHQXH GH URXWH HW OH FRQWU{OH GH
OD GLUHFWLRQ VRQW ERQV /D UpVLV
WDQFH DX URXOHPHQW HVW IDLEOH FH
TXL UpGXLW OD FRQVRPPDWLRQ GH
FDUEXUDQW
/D UpVLVWDQFH DX URXOHPHQW HVW
IRUWH HW OD FRQVRPPDWLRQ GH FDUEX
UDQW HVW GRQF SOXV pOHYpH
(QWUHWLHQ HW UpSDUDWLRQV5RXHV HW SQHXV
. 3QHX VXUJRQIOp EDQGH XVpH DX
FHQWUH
/H FRQIRUW URXWLHU HVW PpGLRFUH
/¶HIIHW GHV LUUpJXODULWpV GH OD FKDXV
VpH HVW DPSOLILp SDU OHV SQHXV FH
TXL SHXW HQGRPPDJHU OH YpKLFXOH
6L OD SODTXH GH UHQVHLJQHPHQWV VXU
OHV SQHXV LQGLTXH OHV SUHVVLRQV GH
JRQIODJH j DSSOLTXHU ORUVTXH OH
YpKLFXOH HVW j SOHLQH FKDUJH UpJOH]
OD SUHVVLRQ GH JRQIODJH j OD YDOHXU
FRUUHVSRQGDQW DX[ FRQGLWLRQV G¶XWL
OLVDWLRQ GX YpKLFXOH
'$1*(5
5RXOHU j JUDQGH YLWHVVH DYHF
GHV SQHXV WURS SHX JRQIOpV
SHXW HQWUDvQHU XQH GpIRUPD
WLRQ LPSRUWDQWH HW XQ pFKDXI
IHPHQW UDSLGH GHV SQHXV 8QH
EUXVTXH pOpYDWLRQ GH OD WHP
SpUDWXUH G¶XQ SQHX SHXW HQ
WUDvQHU OH GpFROOHPHQW GH OD
EDQGH GH URXOHPHQW HW OD GH
VWUXFWLRQ GX SQHX &HFL HQWUDv
QHUDLW XQH SHUWH GH FRQWU{OH GX
YpKLFXOH HW GHV ULVTXHV G¶DF
FLGHQW
& eTXLOLEUDJH GHV URXHV
&KDFXQH GHV URXHV pWDLW FRUUHFWH
PHQW pTXLOLEUpH ORUVTXH YRWUH YpKL
FXOH pWDLW QHXI PDLV OHV SQHXV
V¶XVHQW DYHF OH WHPSV HQWUDvQDQW
XQ GpIDXW G¶pTXLOLEUDJH GHV URXHV
8Q GpIDXW G¶pTXLOLEUDJH GHV URXHV
VH WUDGXLW SDU GHV YLEUDWLRQV GX
YRODQW GH GLUHFWLRQ j FHUWDLQHV
YLWHVVHV GH GpSODFHPHQW HW QXLW j
OD VWDELOLWp GX YpKLFXOH HQ OLJQH
GURLWH &HOD SHXW DXVVL SURYRTXHU
GHV SUREOqPHV DX QLYHDX GH OD
GLUHFWLRQ HW GH OD VXVSHQVLRQ GX
YpKLFXOH HW XQH XVXUH DQRUPDOH
GHV SQHXV 6L YRXV SHQVH] TXH OHV
URXHV GH YRWUH YpKLFXOH QH VRQW SDV
FRUUHFWHPHQW pTXLOLEUpHV IDLWHVOHV
FRQWU{OHU HW UpJOHU SDU XQ FRQFHV
VLRQQDLUH 68%$58 )DLWHV pJDOH
PHQW UppTXLOLEUHU YRV URXHV DSUqV
SHUPXWDWLRQ HW DSUqV UpSDUDWLRQ
G¶XQH FUHYDLVRQ
± 68,7( ±
(QWUHWLHQ HW UpSDUDWLRQV5RXHV HW SQHXV
$77(17,21
& ,QGLFDWHXUV G¶XVXUH
8Q GpIDXW GH JpRPpWULH GX
WUDLQ GH URXOHPHQW HQWUDvQH
XQH XVXUH LUUpJXOLqUH GHV
SQHXV HW XQH PRLQV ERQQH
WHQXH GH URXWH GX YpKLFXOH 6L
YRXV FRQVWDWH] XQH XVXUH
DQRUPDOH GHV SQHXV GH YRWUH
YpKLFXOH FRQWDFWH] XQ
FRQFHVVLRQQDLUH 68%$58
5(0$548(
/D VXVSHQVLRQ HVW FRQoXH GH
PDQLqUH j PDLQWHQLU XQH FHUWDLQH
JpRPpWULH GX WUDLQ GH URXOHPHQW
F¶HVWjGLUH XQH SRVLWLRQ GpWHU
PLQpH GH FKDFXQH GHV URXHV SDU
UDSSRUW DX[ DXWUHV URXHV HW j OD
URXWH SRXU XQH ERQQH VWDELOLWp
HQ OLJQH GURLWH HW GHV SHUIRUPDQ
FHV HQ YLUDJH RSWLPDOHV
%DQGH GH URXOHPHQW QHXYH
%DQGH GH URXOHPHQW XVpH
,QGLFDWHXU G¶XVXUH GH EDQGH
GH URXOHPHQW
&KDTXH SQHX LQFRUSRUH XQ LQGLFD
WHXU G¶XVXUH TXL GHYLHQW DSSDUHQW
ORUVTXH OD SURIRQGHXU GHV GHVVLQV
GH OD EDQGH GH URXOHPHQW HVW
UpGXLWH j PP LQ 5HP
SODFH] OH SQHX ORUVTXH O¶LQGLFDWHXU
G¶XVXUH HVW YLVLEOH WRXW DXWRXU GH OD
EDQGH GH URXOHPHQW
'$1*(5
/RUVTXH O¶LQGLFDWHXU G¶XVXUH
GH OD EDQGH GH URXOHPHQW
G¶XQ SQHX HVW DSSDUHQW OH
SQHX HVW XVp DXGHOj GH OD
OLPLWH DFFHSWDEOH HW GRLW rWUH
LPPpGLDWHPHQW UHPSODFp
5RXOHU j JUDQGH YLWHVVH SDU
WHPSV GH SOXLH DYHF XQ SQHX
GDQV FHW pWDW SHXW SURYRTXHU
XQ HIIHW G¶DTXDSODQDJH ,O SHXW
HQ UpVXOWHU XQ DFFLGHQW SDU
SHUWH GH FRQWU{OH GX YpKLFXOH
5(0$548(
3RXU OD VpFXULWp LQVSHFWH] UpJX
OLqUHPHQW OD EDQGH GH URXOHPHQW
GHV SQHXV GH YRWUH YpKLFXOH HW
UHPSODFH] OHV SQHXV DYDQW TXH
OHV LQGLFDWHXUV G¶XVXUH QH VRLHQW
DSSDUHQWV
(QWUHWLHQ HW UpSDUDWLRQV5RXHV HW SQHXV
& 6HQV GH URWDWLRQ GHV SQHXV
([HPSOH GH VHQV GH URWDWLRQ
PDUTXp VXU OH IODQF
$YDQW
6L OHV SQHXV GLVSRVHQW G¶XQ VHQV GH
URWDWLRQ VSpFLILTXH UHSRUWH]YRXV j
OD IOqFKH LQGLTXpH VXU OH IODQF
/D IOqFKH GRLW SRLQWHU YHUV O¶DYDQW
ORUVTXH OHV SQHXV VRQW PRQWpV
& 3HUPXWDWLRQ GHV URXHV
9pKLFXOHV pTXLSpV GH TXDWUH
SQHXV QRQ XQLGLUHFWLRQQHOV
$YDQW
9pKLFXOHV pTXLSpV GH SQHXV
XQLGLUHFWLRQQHOV
$YDQW
/¶XVXUH GHV SQHXV HVW YDULDEOH
G¶XQH URXH j O¶DXWUH ¬ FKDTXH
URWDWLRQ GH SQHX GpSODFH] OHV
SQHXV GDQV OHV SRVLWLRQV LOOXVWUpHV
3RXU OD IUpTXHQFH GH SHUPXWDWLRQ
GHV SQHXV UHSRUWH]YRXV DX ³/LYUHW
GH *DUDQWLH HW G¶(QWUHWLHQ´
$X PRPHQW GH OD SHUPXWDWLRQ GHV
URXHV UHPSODFH] WRXW SQHX HQGRP
PDJp RX SUpVHQWDQW XQH XVXUH
LQpJDOH $SUqV SHUPXWDWLRQ UpJOH]
OD SUHVVLRQ GH JRQIODJH GHV SQHXV
± 68,7( ±
(QWUHWLHQ HW UpSDUDWLRQV5RXHV HW SQHXV
HW YpULILH] TXH OHV pFURXV GH URXH
VRQW FRUUHFWHPHQW VHUUpV
$SUqV DYRLU URXOp NP PLOHV HQYLURQ FRQWU{OH] j QRXYHDX
OH VHUUDJH GHV pFURXV GH URXH HW
UHVVHUUH] VL QpFHVVDLUH
& 5HPSODFHPHQW GHV SQHXV
/HV MDQWHV HW OHV SQHXV VRQW XQH SDUWLH
LPSRUWDQWH HW LQWpJUDQWH GH YRWUH YpKLFXOH
HW QH GRLYHQW SDV rWUH UHPSODFpV DUEL
WUDLUHPHQW /HV SQHXV PRQWpV HQ pTXLSH
PHQW VWDQGDUG VRQW OHV PLHX[ DGDSWpV DX[
FDUDFWpULVWLTXHV GH YRWUH YpKLFXOH ,OV RQW
pWp FKRLVLV SRXU FRQFLOLHU GH PDQLqUH
RSWLPDOH OHV H[LJHQFHV GH SHUIRUPDQFH
GH FRQIRUW HW GH ORQJpYLWp ,O HVW HVVHQWLHO
TXH FKDFXQ GHV SQHXV XWLOLVpV VRLW GH OD
WDLOOH HW GH OD VWUXFWXUH LQGLTXpHV VXU
O¶pWLTXHWWH GHV SQHXV HW TX¶LO SRUWH XQ
V\PEROH GH YLWHVVH HW XQ LQGLFH GH FKDUJH
LGHQWLTXHV j FHX[ LQGLTXpV VXU ODGLWH
pWLTXHWWH
/¶XWLOLVDWLRQ GH SQHXV G¶XQH WDLOOH DXWUH TXH
OD WDLOOH SUHVFULWH QXLW j OD PDQLDELOLWp DX
FRQIRUW GH FRQGXLWH DX[ SHUIRUPDQFHV GH
IUHLQDJH HW j OD SUpFLVLRQ GX FRPSWHXU
WRWDOLVDWHXU HW GX FRPSWHXU MRXUQDOLHU (OOH
HQWUDvQH HQ RXWUH XQ GpEDWWHPHQW LQFRU
UHFW HQWUH OHV SQHXV HW OD FDUURVVHULH HW
PRGLILH OD JDUGH DX VRO
/HV TXDWUH SQHXV GRLYHQW rWUH LGHQWLTXHV
HQ WHUPHV GH IDEULFDQW GH PDUTXH PRWLI
GH EDQGH GH URXOHPHQW GH VWUXFWXUH HW GH
WDLOOH ,O HVW FRQVHLOOp GH UHPSODFHU OHV
SQHXV SDU GHV SQHXV QHXIV LGHQWLTXHV j
FHX[ PRQWpV VXU OH YpKLFXOH HQ pTXLSH
PHQW VWDQGDUG
3RXU XWLOLVHU FH YpKLFXOH HQ WRXWH VpFXULWp
68%$58 UHFRPPDQGH GH UHPSODFHU OHV
TXDWUH SQHXV VLPXOWDQpPHQW
'$1*(5
. /RUV GX UHPSODFHPHQW RX GH
O¶LQVWDOODWLRQ GH SQHX V OHV TXD
WUH SQHXV GRLYHQW rWUH OHV PrPHV
SRXU OHV pOpPHQWV VXLYDQWV
D 7DLOOH
E &LUFRQIpUHQFH
F 6\PEROH GH YLWHVVH
G ,QGLFH GH FKDUJH
H 6WUXFWXUH
I )DEULFDQW
J 0DUTXH PRWLI GH EDQGH GH
URXOHPHQW
K 'HJUp G¶XVXUH
3RXU OHV pOpPHQWV D j G YRXV
GHYH] VXLYUH OHV VSpFLILFDWLRQV
VXU O¶pWLTXHWWH GHV SQHXV &HWWH
pWLTXHWWH HVW DSSRVpH FRQWUH OH
PRQWDQW GH OD SRUWLqUH GX F{Wp
FRQGXFWHXU
6L OHV TXDWUH SQHXV QH VRQW SDV
OHV PrPHV SRXU OHV pOpPHQWV D
j K LO HVW SRVVLEOH TXH FHOD
HQGRPPDJH JUDYHPHQW OH WUDLQ
GH URXOHPHQW GH YRWUH YpKLFXOH
HW DIIHFWH OHV pOpPHQWV VXLYDQWV
± &RQGXLWH
± 0DQLSXODWLRQ
± )UHLQDJH
± ([DFWLWXGH GH O¶LQGLFDWHXU GH
YLWHVVHGX FRPSWHXU WRWDOLVD
WHXU
± 'pJDJHPHQW HQWUH OHV URXHV HW
OD FDUURVVHULH
&HFL SHXW rWUH DXVVL WUqV GDQJH
UHX[ HW IDLUH SHUGUH OH FRQWU{OH GX
YpKLFXOH DYHF OH ULVTXH G¶DFFL
GHQW TXL V¶HQVXLW
. 8WLOLVH] GHV SQHXV UDGLDX[ XQL
TXHPHQW 1¶XWLOLVH] SDV GHV
SQHXV UDGLDX[ HQ PrPH WHPSV
TXH GHV SQHXV j VWUXFWXUH FHLQ
WXUpH FURLVpH HWRX GHV SQHXV j
VWUXFWXUH GLDJRQDOH &HOD SRXU
UDLW UpGXLUH GDQJHUHXVHPHQW OD
PDQLDELOLWp GX YpKLFXOH HW rWUH j
(QWUHWLHQ HW UpSDUDWLRQV-DQWHV HQ DOOLDJH
O¶RULJLQH G¶XQ DFFLGHQW
& 5HPSODFHPHQW GHV MDQWHV
6L YRXV GHYH] UHPSODFHU OHV MDQWHV SDUFH
TX¶HOOHV VRQW HQGRPPDJpHV SDU H[HPSOH
YpULILH] TXH OHV MDQWHV GH UHFKDQJH RQW OHV
PrPHV FDUDFWpULVWLTXHV TXH FHOOHV PRQ
WpHV HQ pTXLSHPHQW VWDQGDUG 'HV MDQWHV
GH UHFKDQJH VRQW GLVSRQLEOHV FKH] OHV
FRQFHVVLRQQDLUHV 68%$58
'$1*(5
1¶XWLOLVH] SDV GHV MDQWHV DXWUHV TXH
FHOOHV SUHVFULWHV SRXU YRWUH YpKL
FXOH 'HV MDQWHV QRQ FRQIRUPHV DX[
VSpFLILFDWLRQV ULVTXHQW G¶HPSrFKHU
OH ERQ IRQFWLRQQHPHQW GHV pWULHUV
GH IUHLQ HW OHV SQHXV ULVTXHQW GH
IURWWHU FRQWUH OHV ORJHPHQWV GH URXH
GDQV OHV YLUDJHV &HFL HQWUDvQHUDLW
XQH SHUWH GH FRQWU{OH GX YpKLFXOH HW
GHV ULVTXHV G¶DFFLGHQW
5(0$548(
$SUqV SHUPXWDWLRQ GHV URXHV DLQVL TXH
FKDTXH IRLV TX¶XQH URXH D pWp GpSRVpH
HW UHPLVH HQ SODFH HQ FDV GH FUHYDLVRQ
HWF YpULILH] WRXMRXUV OH VHUUDJH GHV
pFURXV GH URXH DSUqV DYRLU SDUFRXUX
NP PLOHV HQYLURQ 7RXW
pFURX PDO VHUUp GRLW rWUH UHVVHUUp DX
FRXSOH VSpFLILp
-DQWHV HQ DOOLDJH
/HV MDQWHV HQ DOOLDJH SHXYHQW VH UD\HU HW
VXELU GHV GpJkWV IDFLOHPHQW 3UHQH]HQ
VRLQ SRXU TX¶HOOHV FRQVHUYHQW OHXU DVSHFW
OHXUV SHUIRUPDQFHV HW OHXU UpVLVWDQFH
. $SUqV SHUPXWDWLRQ GHV URXHV DLQVL TXH
FKDTXH IRLV TX¶XQH URXH D pWp GpSRVpH HW
UHPLVH HQ SODFH HQ FDV GH FUHYDLVRQ HWF
YpULILH] WRXMRXUV OH VHUUDJH GHV pFURXV GH
URXH DSUqV DYRLU SDUFRXUX NP PLOHV HQYLURQ 7RXW pFURX PDO VHUUp GRLW
rWUH UHVVHUUp DX FRXSOH VSpFLILp
. 1¶KXLOH] MDPDLV OHV SDUWLHV ILOHWpHV OHV
pFURXV GH URXH RX OHV SRUWpHV FRQLTXHV
GHV MDQWHV
. 1H ODLVVH] MDPDLV OHV URXHV IURWWHU
FRQWUH GHV ERVVHV RX ERUGXUHV GH WURWWRLU
. /RUVTXH YRXV UHPSODFH] OHV pFURXV GH
URXH OHV PDVVHORWWHV G¶pTXLOLEUDJH RX
O¶HQMROLYHXU FHQWUDO XWLOLVH] GHV SLqFHV
68%$58 G¶RULJLQH VSpFLDOHV SRXU MDQWHV
HQ DOOLDJH
(QWUHWLHQ HW UpSDUDWLRQV/LTXLGH GH ODYHJODFH GH SDUHEULVH
/LTXLGH GH ODYHJODFH GH
SDUHEULVH
FRPPH VXLW
$77(17,21
1¶HPSOR\H] MDPDLV GX OLTXLGH GH
UHIURLGLVVHPHQW SRXU PRWHXU
FRPPH OLTXLGH GH ODYHJODFH FHOD
SRXUUDLW HQGRPPDJHU OD SHLQWXUH GX
YpKLFXOH
5HWLUH] OH ERXFKRQ GX UpVHUYRLU GH OLTXLGH
GH ODYHJODFH SXLV DMRXWH] GX OLTXLGH GH
ODYHJODFH GH SDUHEULVH MXVTX¶j FH TXH OH
QLYHDX DWWHLJQH OH UHSqUH ³)8//´ GX
UpVHUYRLU 8WLOLVH] GH O¶HDX GRXFH ORUVTXH
OH OLTXLGH SRXU ODYHJODFH Q¶HVW SDV GLV
SRQLEOH
,QGLFDWHXU G¶DYHUWLVVHPHQW GH OLTXLGH
GH ODYHJODFH GH SDUHEULVH
/RUVTX¶LO QH UHVWH TX¶XQH XQH SHWLWH TXDQ
WLWp GH OLTXLGH GH ODYHJODFH O¶LQGLFDWHXU
G¶DYHUWLVVHPHQW GH OLTXLGH GH ODYHJODFH
GH SDUHEULVH V¶DOOXPH /RUVTXH FHFL VH
SURGXLW DMRXWH] GX OLTXLGH GH ODYHJODFH
'DQV OHV UpJLRQV IURLGHV XWLOLVH] HQ KLYHU
XQ OLTXLGH GH ODYHJODFH GH W\SH DQWLJHO /H
OLTXLGH GH ODYHJODFH 68%$58 FRQWLHQW
G¶DOFRRO PpWK\OLTXH HW G¶D
JHQW GH VXUIDFH SDU YROXPH /D WHPSpUD
WXUH GH FRQJpODWLRQ HVW LQGLTXpH GDQV OH
WDEOHDX FLDSUqV (OOH YDULH HQ IRQFWLRQ GX
GHJUp GH FRQFHQWUDWLRQ GH OD VROXWLRQ GDQV
O¶HDX
&RQFHQWUDWLRQ
GH OD VROXWLRQ
7HPSpUDWXUH
GH FRQJpODWLRQ
í8& 8)
í8& í8)
í8& í8)
3RXU pYLWHU TXH OH OLTXLGH GH ODYHJODFH QH
JqOH DMXVWH] OD FRQFHQWUDWLRQ GX OLTXLGH HQ
IRQFWLRQ GH OD WHPSpUDWXUH H[WpULHXUH VXU
OD EDVH GHV LQGLFDWLRQV GX WDEOHDX FL
GHVVXV
/RUVTXH YRXV UHPSOLVVH] OH UpVHUYRLU DYHF
XQ OLTXLGH GH ODYHJODFH SOXV FRQFHQWUp
TXH FHOXL TXH YRXV XWLOLVLH] SUpFpGHP
PHQW SXUJH] O¶DQFLHQ OLTXLGH VXEVLVWDQW
GDQV OD FDQDOLVDWLRQ HQWUH OH UpVHUYRLU HW
OHV JLFOHXUV HQ IDLVDQW IRQFWLRQQHU OH ODYH
JODFH XQ FHUWDLQ WHPSV 'DQV OH FDV
FRQWUDLUH VL OH OLTXLGH VH WURXYDQW GDQV OD
FDQDOLVDWLRQ Q¶pWDLW SDV DVVH] FRQFHQWUp
SRXU OD WHPSpUDWXUH H[WpULHXUH LO ULVTXHUDLW
GH JHOHU HW GH ERXFKHU OHV JLFOHXUV
(QWUHWLHQ HW UpSDUDWLRQV5HPSODFHPHQW GHV EDODLV G¶HVVXLHJODFH
$77(17,21
. $MXVWH] OD FRQFHQWUDWLRQ GX OL
TXLGH GH ODYHJODFH HQ IRQFWLRQ
GH OD WHPSpUDWXUH H[WpULHXUH 6L OH
OLTXLGH Q¶HVW SDV DVVH] FRQFHQ
WUp LO ULVTXH G¶REVWUXHU OD YLVLRQ
HQ JHODQW FRQWUH OH SDUHEULVH HW
GH JHOHU GDQV OH UpVHUYRLU
. /HV UpJOHPHQWDWLRQV GHV eWDWV RX
ORFDOHV VXU OHV FRPSRVDQWV RUJD
QLTXHV YRODWLOHV SHXYHQW UHV
WUHLQGUH O¶XWLOLVDWLRQ GX PpWKDQRO
XQ DGGLWLI DQWLJHO FRXUDQW GH ODYH
JODFH GH SDUHEULVH 'HV ODYH
JODFHV FRQWHQDQW XQ DQWLJHO QRQ
PpWK\OLTXH QH GRLYHQW rWUH XWLOL
VpV TXH V¶LOV SURFXUHQW XQH SUR
WHFWLRQ SDU WHPSV IURLG VDQV
HQGRPPDJHU OD SHLQWXUH OHV ED
ODLV G¶HVVXLHJODFH HW OH V\VWqPH
GH ODYHJODFH
5HPSODFHPHQW GHV EDODLV
G¶HVVXLHJODFH
/D JUDLVVH OD FLUH OHV LQVHFWHV HW WRXWH
DXWUH VXEVWDQFH DGKpUDQW DX SDUHEULVH HW
DX[ EDODLV G¶HVVXLHJODFH UHQGHQW OH IRQF
WLRQQHPHQW GHV HVVXLHJODFHV LUUpJXOLHU HW
IRUPHQW GHV PDUTXHV VXU OD YLWUH 6L YRXV
QH SDUYHQH] SDV j pOLPLQHU FHV LPSXUHWpV
VLPSOHPHQW HQ DFWLRQQDQW OH ODYHJODFH
RX VL OH PRXYHPHQW GHV HVVXLHJODFHV HVW
LUUpJXOLHU QHWWR\H] OHV EDODLV G¶HVVXLH
JODFH HW OD IDFH H[WHUQH GX SDUHEULVH HQ
IURWWDQW DYHF XQH pSRQJH RX XQ FKLIIRQ
GRX[ LPELEp GH GpWHUJHQW QHXWUH RX
IDLEOHPHQW DEUDVLI $SUqV QHWWR\DJH ULQ
FH] OD YLWUH HW OHV EDODLV G¶HVVXLHJODFH j
O¶HDX SURSUH /D YLWUH HVW SURSUH V¶LO QH V¶\
IRUPH SDV G¶DXUpROHV SHQGDQW OH ULQoDJH j
O¶HDX
$77(17,21
. 1H QHWWR\H] SDV OHV EDODLV G¶HV
VXLHJODFH DYHF GH O¶HVVHQFH RX
GX VROYDQW GLOXDQW j SHLQWXUH
EHQ]LQH HWF &HV SURGXLWV OHV
HQGRPPDJHUDLHQW
. /RUVTXH YRXV VRXOHYH] OH EUDV
G¶HVVXLHJODFH GX F{Wp SDVVDJHU
VRXOHYH] G¶DERUG OH EUDV G¶HV
VXLHJODFH GX F{Wp FRQGXFWHXU
$XWUHPHQW O¶HQVHPEOH G¶HVVXLH
JODFH GX F{Wp SDVVDJHU HW FHOXL
GX F{Wp FRQGXFWHXU HQWUHURQW HQ
FRQWDFW O¶XQ DYHF O¶DXWUH FH TXL
SHXW SURYRTXHU GHV UD\XUHV
. 5HPHWWH] OH EUDV G¶HVVXLHJODFH
GX F{Wp SDVVDJHU j VD SRVLWLRQ
G¶RULJLQH DYDQW GH UHPHWWUH FHOXL
GX F{Wp FRQGXFWHXU j VD SRVLWLRQ
G¶RULJLQH $XWUHPHQW O¶HQVHPEOH
G¶HVVXLHJODFH GX F{Wp SDVVDJHU
HW FHOXL GX F{Wp FRQGXFWHXU HQ
WUHURQW HQ FRQWDFW O¶XQ DYHF O¶DX
WUH FH TXL SHXW SURYRTXHU GHV
UD\XUHV
. /RUV GX UHWUDLW GH EDODLV G¶HVVXLH
JODFH GHV EUDV G¶HVVXLHJODFH QH
UHPHWWH] SDV OHV EUDV G¶HVVXLH
JODFH HQ SRVLWLRQ G¶RULJLQH $X
WUHPHQW OD VXUIDFH GX SDUHEULVH
VHUDLW UD\p
. /RUV GH OD UHPLVH GHV EUDV G¶HV
VXLHJODFH j OD SRVLWLRQ G¶RULJLQH
UHPHWWH] OHV EUDV G¶HVVXLHJODFH
VXU OH SDUHEULVH j OD PDLQ 9RXV
QH GHYH] SDV UHPHWWUH OHV EUDV
G¶HVVXLHJODFH DX SDUHEULVH SDU
VHXO VDXW GH UHWRXU $XWUHPHQW
OHV EUDV G¶HVVXLHJODFH VHUDLHQW
GpIRUPpV HWRX OD VXUIDFH GH
SDUHEULVH VHUDLW UD\p
± 68,7( ±
(QWUHWLHQ HW UpSDUDWLRQV5HPSODFHPHQW GHV EDODLV G¶HVVXLHJODFH
& &DRXWFKRXF GH EDODLV G¶HV
VXLHJODFH GH SDUHEULVH
6L YRXV QH SDUYHQH] SDV j pOLPLQHU OHV
PDUTXHV SDU ODYDJH VHORQ OD PpWKRGH FL
GHVVXV UHPSODFH] OHV EDODLV G¶HVVXLH
JODFH HQ SURFpGDQW FRPPH LQGLTXp FL
DSUqV
& (QVHPEOH EDODLV G¶HVVXLH
JODFH GH SDUHEULVH
eFDUWH] OH EUDV G¶HVVXLHJODFH GX
SDUHEULVH
$77(17,21
7HQH] OH EUDV G¶HVVXLHJODFH ORUV GX
UHPSODFHPHQW GX EDODL G¶HVVXLH
JODFH 7HQLU OH EDODL G¶HVVXLHJODFH
SHXW HQWUDvQHU OD GpIRUPDWLRQ GH
FHOXLFL
%XWpH
5HWLUH] O¶HQVHPEOH EDODL G¶HVVXLH
JODFH HQ OH WHQDQW SDU OH SLYRW HW HQ OH
SRXVVDQW GDQV OH VHQV GH OD IOqFKH GH
O¶LOOXVWUDWLRQ WRXW HQ DSSX\DQW VXU OD EXWpH
GH EDODL
,QVWDOOH] O¶HQVHPEOH EDODL G¶HVVXLH
JODFH VXU OH EUDV G¶HVVXLHJODFH 9pULILH]
TX¶LO V¶HVW FRUUHFWHPHQW YHUURXLOOp HQ SRVL
WLRQ
7HQH] OH EUDV G¶HVVXLHJODFH j OD PDLQ
HW DEDLVVH]OH GRXFHPHQW HQ SRVLWLRQ
6XSSRUW PpWDOOLTXH
6DLVLVVH] O¶HQVHPEOH FDRXWFKRXF GH
EDODL SDU OH ERXW SULVRQQLHU HW WLUH] DYHF
DVVH] GH IRUFH SRXU OLEpUHU OHV EXWpHV GX
FDRXWFKRXF GX VXSSRUW PpWDOOLTXH
(QWUHWLHQ HW UpSDUDWLRQV%DWWHULH
3ODFH] OHV JULIIHV GX VXSSRUW PpWDO
OLTXH HQ IDFH GHV UDLQXUHV GX FDRXWFKRXF
HW IDLWHV JOLVVHU OH FDRXWFKRXF GDQV OH
VXSSRUW PpWDOOLTXH MXVTX¶j FH TX¶LO VH
YHUURXLOOH HQ SRVLWLRQ
-RQFV PpWDOOLTXHV
6L OH QRXYHDX FDRXWFKRXF GH EDODL HVW
OLYUp VDQV OHV GHX[ MRQFV PpWDOOLTXHV
UpFXSpUH] OHV MRQFV PpWDOOLTXHV GH O¶DQ
FLHQ FDRXWFKRXF GH EDODL SRXU OHV LQVWDOOHU
VXU OH QRXYHDX
%XWpH
9HLOOH] j SODFHU OHV JULIIHV GX ERXW GX
VXSSRUW PpWDOOLTXH HQWUH OHV EXWpHV GX
FDRXWFKRXF FRPPH LQGLTXp VXU O¶LOOXVWUD
WLRQ 6L OH FDRXWFKRXF Q¶HVW SDV PDLQWHQX
FRUUHFWHPHQW OH PpWDO GX EDODL ULVTXH GH
UD\HU OH SDUHEULVH
%DWWHULH
'$1*(5
. &KDTXH IRLV TXH YRXV WUDYDLOOH]
VXU RX SUqV G¶XQH EDWWHULH pWHL
JQH] WRXWH FLJDUHWWH DOOXPHWWH RX
EULTXHW 1¶H[SRVH] MDPDLV XQH
EDWWHULH j XQH IODPPH YLYH RX j
GHV pWLQFHOOHV /HV EDWWHULHV Gp
JDJHQW GHV JD] LQIODPPDEOHV HW
H[SORVLIV
. 3RXU OD VpFXULWp HQ SUpYLVLRQ
G¶XQH H[SORVLRQ SRUWH] WRXMRXUV
GHV OXQHWWHV GH SURWHFWLRQ RX
SURWpJH]YRXV OHV \HX[ ORUVTXH
YRXV YRXV DSSURFKH] G¶XQH EDW
WHULH 1H YRXV SHQFKH] MDPDLV DX
GHVVXV G¶XQH EDWWHULH
. eYLWH] DEVROXPHQW WRXW FRQWDFW
HQWUH OH OLTXLGH GH EDWWHULH HW OHV
\HX[ OD SHDX OHV YrWHPHQWV RX OD
SHLQWXUH GX YpKLFXOH FDU OH OL
TXLGH GH EDWWHULH HVW XQ DFLGH
WUqV FRUURVLI (Q FDV GH FRQWDFW
DYHF OD SHDX RX OHV \HX[ ODYH]
YRXV LPPpGLDWHPHQW j JUDQGH
HDX 6L OH OLTXLGH GH EDWWHULH D
SpQpWUp GDQV OHV \HX[ FRQVXOWH]
XQ PpGHFLQ GH WRXWH XUJHQFH
(Q FDV G¶LQJHVWLRQ DFFLGHQWHOOH
± 68,7( ±
(QWUHWLHQ HW UpSDUDWLRQV%DWWHULH
.
.
.
.
GX OLTXLGH GH EDWWHULH EXYH]
LPPpGLDWHPHQW XQH JUDQGH
TXDQWLWp GH ODLW RX G¶HDX HW
FRQVXOWH] XQ PpGHFLQ
3RXU OLPLWHU OH ULVTXH GH SURGXF
WLRQ G¶pWLQFHOOHV HQOHYH] YRV ED
JXHV YRWUH PRQWUH j EUDFHOHW
PpWDOOLTXH HW WRXW DXWUH ELMRX
PpWDOOLTXH 1H ODLVVH] MDPDLV XQ
RXWLO PpWDOOLTXH WRXFKHU 6,08/
7$1e0(17 OD ERUQH SRVLWLYH GH
OD EDWWHULH RX WRXW DXWUH REMHW HQ
FRQWDFW DYHF FHWWH ERUQH WDQW TXH
YRXV rWHV YRXVPrPH HQ FRQWDFW
DYHF XQH DXWUH SDUWLH PpWDOOLTXH
TXHOFRQTXH GX YpKLFXOH FDU
FHWWH VLWXDWLRQ SURGXLUDLW XQ
FRXUWFLUFXLW
1H ODLVVH] SHUVRQQH HW VXUWRXW
SDV OHV HQIDQWV V¶DSSURFKHU GH OD
EDWWHULH
0HWWH] OD EDWWHULH HQ FKDUJH GDQV
XQ HQGURLW ELHQ DpUp
/HV SORWV HW FRVVHV GH EDWWHULHV
HW OHV DFFHVVRLUHV DVVRFLpV
FRQWLHQQHQW GX SORPE HW GHV
FRPSRVpV GH SORPE VXEVWDQFHV
UHFRQQXHV SDU O¶eWDW GH &DOLIRUQLH
FRPPH FDQFpULJqQHV HW VXVFHS
WLEOHV GH FDXVHU GHV GpIDXWV GH
UHSURGXFWLRQ /HV EDWWHULHV UHQ
IHUPHQW DXVVL G¶DXWUHV VXEVWDQ
FHV FKLPLTXHV UHFRQQXHV
FRPPH FDQFpULJqQHV SDU O¶eWDW
GH &DOLIRUQLH /DYH]YRXV OHV
PDLQV DSUqV \ DYRLU WRXFKp
%RXFKRQ
1LYHDX VXSpULHXU
1LYHDX LQIpULHXU
,O Q¶HVW HQ SULQFLSH SDV QpFHVVDLUH GH
FRQWU{OHU SpULRGLTXHPHQW OH QLYHDX GX
OLTXLGH GDQV OD EDWWHULH RX GH UDMRXWHU GH
O¶HDX GLVWLOOpH
&HSHQGDQW VL OH QLYHDX GH OLTXLGH GH
EDWWHULH HVW LQIpULHXU DX QLYHDX EDV UHWLUH]
OH FDSXFKRQ 5HPSOLVVH] MXVTX¶DX QLYHDX
VXSpULHXU DYHF GH O¶HDX GLVWLOOpH
$77(17,21
1H UHFKDUJH] MDPDLV OD EDWWHULH DYHF
XQ FRXUDQW GH FKDUJH VXSpULHXU j DPSqUHV FHOD QXLUDLW j OD ORQJpYLWp
GH OD EDWWHULH
(QWUHWLHQ HW UpSDUDWLRQV)XVLEOHV
OH FRXYHUFOH VRUWH]OH HQ WLUDQW
)XVLEOHV
/¶H[WUDFWHXU GH IXVLEOH VH WURXYH DX UHYHUV
GH OD ERvWH j IXVLEOHV SULQFLSDOH GDQV OH
FRPSDUWLPHQW PRWHXU
$77(17,21
1H UHPSODFH] MDPDLV XQ IXVLEOH SDU
XQ DXWUH GH SOXV IRUWH LQWHQVLWp RX
SDU XQ FRUSV FRQGXFWHXU TXHO
FRQTXH FHOD SRXUUDLW FDXVHU GH
VpULHX[ GpJkWV RX XQ LQFHQGLH
/HV IXVLEOHV VRQW SUpYXV SRXU IRQGUH HQ
FDV GH VXUFKDUJH GHV FLUFXLWV pOHFWULTXHV
DILQ GH SURWpJHU OHV ILOV HW pTXLSHPHQWV
pOHFWULTXHV /HV IXVLEOHV VRQW UpSDUWLV
HQWUH GHX[ ERvWHV j IXVLEOHV
/¶XQH VH WURXYH VRXV OH WDEOHDX GH ERUG DX
GRV GX FRXYHUFOH GH OD ERvWH j IXVLEOHV GX
F{Wp GX VLqJH GX FRQGXFWHXU 3RXU UHWLUHU
)XVLEOH GH UHFKDQJH
/¶DXWUH ERvWH j IXVLEOHV SULQFLSDX[ VH
WURXYH GDQV OH FRPSDUWLPHQW PRWHXU 'H
SOXV OHV IXVLEOHV GH UHFKDQJH VRQW VWRF
NpV GDQV OD ERvWH j IXVLEOHV
%RQ pWDW
)RQGX
/RUVTX¶XQH OXPLqUH XQ DFFHVVRLUH RX XQH
FRPPDQGH pOHFWULTXH QH IRQFWLRQQH SDV
FRPPHQFH] SDU H[DPLQHU OH IXVLEOH FRU
UHVSRQGDQW 5HPSODFH]OH V¶LO HVW IRQGX
0HWWH] OH FRQWDFWHXU G¶DOOXPDJH HQ
SRVLWLRQ ³/2&.´³2))´ HW pWHLJQH] WRXV
OHV pTXLSHPHQWV pOHFWULTXHV
(QOHYH] OH FRXYHUFOH
/RFDOLVH] OH IXVLEOH TXL SRXUUDLW rWUH
JULOOp 5HJDUGH] O¶HQYHUV GH FKDTXH FRX
YHUFOH GH ERvWH j IXVLEOH HW UHSRUWH]YRXV
j ³)XVLEOHV HW FLUFXLWV´ )
± 68,7( ±
(QWUHWLHQ HW UpSDUDWLRQV,QVWDOODWLRQ G¶DFFHVVRLUHV
,QVWDOODWLRQ G¶DFFHVVRLUHV
$YDQW G¶LQVWDOOHU GHV SKDUHV DQWLEURXLOODUG
RX WRXW DXWUH DFFHVVRLUH pOHFWULTXH VXU
YRWUH YpKLFXOH LO HVW LQGLVSHQVDEOH TXH
YRXV FRQVXOWLH] XQ FRQFHVVLRQQDLUH
68%$58 'H WHOV DFFHVVRLUHV ULVTXHQW
GH SHUWXUEHU OH IRQFWLRQQHPHQW GHV V\VWq
PHV pOHFWURQLTXHV GX YpKLFXOH V¶LOV Q¶RQW
SDV pWp LQVWDOOpV FRUUHFWHPHQW RX V¶LOV VRQW
G¶XQ W\SH LQFRPSDWLEOH DYHF OH YpKLFXOH
(QOHYH] OH IXVLEOH DX PR\HQ GH O¶H[
WUDFWHXU GH IXVLEOH
([DPLQH] OH IXVLEOH 6¶LO HVW IRQGX
UHPSODFH]OH SDU XQ IXVLEOH GH UHFKDQJH
GH PrPH LQWHQVLWp
6L OH PrPH IXVLEOH IRQG j QRXYHDX
F¶HVW OH VLJQH TX¶LO \ D XQH DQRPDOLH GDQV
OH FLUFXLW )DLWHV UpSDUHU SDU XQ FRQFHV
VLRQQDLUH 68%$58
5HPSODFHPHQW GHV DPSRX
OHV
'$1*(5
/HV DPSRXOHV SRXUUDLHQW rWUH H[WUr
PHPHQW FKDXGHV ORUVTX¶HOOHV VRQW
DOOXPpHV $YDQW GH UHPSODFHU OHV
DPSRXOHV pWHLJQH] OHV pFODLUDJHV HW
DWWHQGH] TXH OHV DPSRXOHV UHIURL
GLVVHQW ¬ GpIDXW YRXV ULVTXHULH] GH
YRXV EU€OHU
$77(17,21
. /RUVTXH YRXV UHPSODFH] XQH DP
SRXOH XWLOLVH] WRXMRXUV XQH QRX
YHOOH DPSRXOH GH PrPH SXLV
VDQFH TXH O¶DQFLHQQH /¶XWLOLVD
WLRQ G¶XQH DPSRXOH GH SXLVVDQFH
GLIIpUHQWH ULVTXHUDLW GH SURYR
TXHU XQ LQFHQGLH 3RXU OD SXLV
VDQFH VSpFLILTXH GH FKDTXH DP
SRXOH UHSRUWH]YRXV j ³$PSRX
OHV pOHFWULTXHV´ )
. 1H WRXFKH] SDV OD SDUWLH HQ YHUUH
GH O¶DPSRXOH j PDLQV QXHV /RUV
TX¶LO YRXV IDXW WHQLU OD SDUWLH HQ
YHUUH WHQH]OD DYHF XQ FKLIIRQ
SURSUH HW VHF SRXU pYLWHU WRXWH
(QWUHWLHQ HW UpSDUDWLRQV5HPSODFHPHQW GHV DPSRXOHV
SpQpWUDWLRQ G¶KXPLGLWp HW GH
JUDLVVH GDQV O¶DPSRXOH 3RXU
pOLPLQHU OHV HPSUHLQWHV GLJLWDOHV
RX OD JUDLVVH IURWWH] OH YHUUH GH
O¶DPSRXOH DYHF XQ FKLIIRQ GRX[
LPELEp G¶DOFRRO (Q RXWUH VL
O¶DPSRXOH HVW UD\pH RX TX¶HOOH
WRPEH HOOH SHXW pFODWHU RX VH
ILVVXUHU
& 3KDUHV PRGqOHV DYHF SKDUHV
/('
& )HX GH URXWH PRGqOHV VDQV
SKDUHV /('
5(0$548(
. 6¶LO HVW QpFHVVDLUH GH UpJOHU OHV D[HV
RSWLTXHV GHV SKDUHV GHPDQGH] j XQ
FRQFHVVLRQQDLUH 68%$58 G¶HIIHFWXHU
FH WUDYDLO SRXU TXH OH UpJODJH VRLW
FRUUHFWHPHQW IDLW
. &HV DPSRXOHV VRQW GLIILFLOHV j UHP
SODFHU )DLWHV UHPSODFHU OHV DPSRXOHV
SDU YRWUH FRQFHVVLRQQDLUH 68%$58 VL
QpFHVVDLUH
(IIHFWXH] OHV pWDSHV VXLYDQWHV SRXU UHP
SODFHU OHV DPSRXOHV
&{Wp JDXFKH
/H WpPRLQ DYHUWLVVHXU GH SKDUH /('
V¶DOOXPH HQ FDV GH G\VIRQFWLRQQHPHQW
GHV SKDUHV /(' )DLWHV FRQWU{OHU YRWUH
YpKLFXOH SDU XQ FRQFHVVLRQQDLUH 68%$58
OH SOXV W{W SRVVLEOH
&{Wp JDXFKH 8WLOLVH] XQ WRXUQHYLV
SRXU UHWLUHU O¶DJUDIH GH IL[DWLRQ GX UpVHUYRLU
GH OLTXLGH GH ODYHJODFH $ILQ G¶DFFpGHU
SOXV IDFLOHPHQW j O¶DPSRXOH WRXUQH] OH
JRXORW GX WX\DX GH UHPSOLVVDJH GX UpVHU
YRLU GH OLTXLGH GH ODYHJODFH WHO TX¶LOOXVWUp
± 68,7( ±
(QWUHWLHQ HW UpSDUDWLRQV5HPSODFHPHQW GHV DPSRXOHV
&{Wp GURLW
&{Wp GURLW /LEpUH] OHV DJUDIHV VXU OD
JDLQH G¶DGPLVVLRQ G¶DLU j O¶DLGH G¶XQ
WRXUQHYLV SXLV GpSRVH] OD JDLQH G¶DGPLV
VLRQ G¶DLU
'pEUDQFKH] OH FRQQHFWHXU pOHFWULTXH
GH O¶DPSRXOH WRXW HQ HQIRQoDQW OD ODQ
JXHWWH
&{Wp JDXFKH
&{Wp GURLW
&{Wp JDXFKH 6RUWH] O¶DPSRXOH GH
O¶HQVHPEOH SKDUH HQ OD WRXUQDQW GDQV OH
VHQV LQYHUVH GHV DLJXLOOHV G¶XQH PRQWUH
&{Wp GURLW 6RUWH] O¶DPSRXOH GH O¶HQ
VHPEOH SKDUH HQ OD WRXUQDQW GDQV OH VHQV
GHV DLJXLOOHV G¶XQH PRQWUH
5HPSODFH] O¶DPSRXOH SDU XQH QHXYH
3RXU FH IDLUH YHLOOH] j QH SDV WRXFKHU j
O¶DPSRXOH
3RXU PHWWUH O¶DPSRXOH HQ SODFH VXU
O¶HQVHPEOH SKDUH WRXUQH] GDQV OH VHQV
LQYHUVH MXVTX¶j HQFOHQFKHPHQW
5HEUDQFKH] OH FRQQHFWHXU pOHFWULTXH
&{Wp JDXFKH 5HSODFH] OH WX\DX GH
UHPSOLVVDJH GX UpVHUYRLU GH OLTXLGH GH
ODYHJODFH GDQV VD SRVLWLRQ G¶RULJLQH HW
IL[H]OH j O¶DLGH G¶XQH DJUDIH
(QWUHWLHQ HW UpSDUDWLRQV5HPSODFHPHQW GHV DPSRXOHV
! )HX GH FURLVHPHQW
&{Wp GURLW ,QVWDOOH] OD FRQGXLWH G¶DGPLV
VLRQ G¶DLU DYHF GHV DJUDIHV
& )HX GH FURLVHPHQW IHX GH
JDEDULW DYDQW IHX GH VWDWLRQ
QHPHQW HW FOLJQRWDQW GH GL
UHFWLRQ DYDQW
0RGqOHV VDQV OHV SKDUHV /('
5(0$548(
. 6¶LO HVW QpFHVVDLUH GH UpJOHU OHV D[HV
RSWLTXHV GHV SKDUHV GHPDQGH] j XQ
FRQFHVVLRQQDLUH 68%$58 G¶HIIHFWXHU
FH WUDYDLO SRXU TXH OH UpJODJH VRLW
FRUUHFWHPHQW IDLW
. &HV DPSRXOHV VRQW GLIILFLOHV j UHP
SODFHU )DLWHV UHPSODFHU OHV DPSRXOHV
SDU YRWUH FRQFHVVLRQQDLUH 68%$58 VL
QpFHVVDLUH
5HWLUH] OHV DJUDIHV GX JDUGHERXH
'pPDUUH] OH PRWHXU HW WRXUQH] OH
YRODQW FRPSOqWHPHQW GDQV OD GLUHFWLRQ
RSSRVpH j FHOOH GH O¶DPSRXOH j UHPSODFHU
$UUrWH] OH PRWHXU
5HWLUH] OH JDUGHERXH
'pEUDQFKH] OH FRQQHFWHXU pOHFWULTXH
GH O¶DPSRXOH WRXW HQ HQIRQoDQW OD ODQ
JXHWWH
± 68,7( ±
(QWUHWLHQ HW UpSDUDWLRQV5HPSODFHPHQW GHV DPSRXOHV
! )HX GH JDEDULW DYDQW IHX GH VWD
WLRQQHPHQW HW FOLJQRWDQW GH GLUHF
WLRQ DYDQW
6RUWH] O¶DPSRXOH GH O¶HQVHPEOH SKDUH
HQ OD WRXUQDQW GDQV OH VHQV LQYHUVH GHV
DLJXLOOHV G¶XQH PRQWUH
5HPSODFH] O¶DPSRXOH SDU XQH QHXYH
3RXU FH IDLUH YHLOOH] j QH SDV WRXFKHU j
O¶DPSRXOH
3RXU PHWWUH O¶DPSRXOH HQ SODFH VXU
O¶HQVHPEOH SKDUH WRXUQH] GDQV OH VHQV
GHV DLJXLOOHV G¶XQH PRQWUH MXVTX¶j HQFOHQ
FKHPHQW
5HEUDQFKH] OH FRQQHFWHXU pOHFWULTXH
5pLQVWDOOH] OH JDUGHERXH
&OLJQRWDQW GH GLUHFWLRQ DYDQW
7RXUQH] OD GRXLOOH GDQV OH VHQV LQYHUVH
GHV DLJXLOOHV G¶XQH PRQWUH HW WLUH]OD YHUV
OH KDXW
6RUWH] O¶DPSRXOH GH OD GRXLOOH G¶DP
SRXOH HW UHPSODFH]OD SDU XQH QHXYH
$SUqV DYRLU UHPSODFp O¶DPSRXOH UDWWD
FKH] OH JDUGHERXH
)HX GH JDEDULW DYDQW
)HX GH VWDWLRQQHPHQW
(QWUHWLHQ HW UpSDUDWLRQV5HPSODFHPHQW GHV DPSRXOHV
& &OLJQRWDQW GH GLUHFWLRQ DYDQW
PRGqOHV DYHF OHV SKDUHV
/('
GH OLTXLGH GH ODYHJODFH $ILQ G¶DFFpGHU
SOXV IDFLOHPHQW j O¶DPSRXOH WRXUQH] OH
JRXORW GX WX\DX GH UHPSOLVVDJH GX UpVHU
YRLU GH OLTXLGH GH ODYHJODFH WHO TX¶LOOXVWUp
&{Wp GURLW
&{Wp GURLW /LEpUH] OHV DJUDIHV VXU OD
JDLQH G¶DGPLVVLRQ G¶DLU j O¶DLGH G¶XQ
WRXUQHYLV SXLV GpSRVH] OD JDLQH G¶DGPLV
VLRQ G¶DLU
&{Wp JDXFKH
6RUWH] O¶DPSRXOH GH O¶HQVHPEOH SKDUH
HQ OD WRXUQDQW GDQV OH VHQV LQYHUVH GHV
DLJXLOOHV G¶XQH PRQWUH
5HPSODFH] O¶DPSRXOH SDU XQH QHXYH
3RXU FH IDLUH YHLOOH] j QH SDV WRXFKHU j
O¶DPSRXOH
3RXU PHWWUH O¶DPSRXOH HQ SODFH VXU
O¶HQVHPEOH SKDUH WRXUQH] GDQV OH VHQV
GHV DLJXLOOHV G¶XQH PRQWUH MXVTX¶j HQFOHQ
FKHPHQW
&{Wp JDXFKH 5HSODFH] OH WX\DX GH
UHPSOLVVDJH GX UpVHUYRLU GH OLTXLGH GH
ODYHJODFH GDQV VD SRVLWLRQ G¶RULJLQH HW
IL[H]OH j O¶DLGH G¶XQH DJUDIH
&{Wp GURLW ,QVWDOOH] OD FRQGXLWH G¶DGPLV
VLRQ G¶DLU DYHF GHV DJUDIHV
&{Wp JDXFKH 8WLOLVH] XQ WRXUQHYLV
SRXU UHWLUHU O¶DJUDIH GH IL[DWLRQ GX UpVHUYRLU
± 68,7( ±
(QWUHWLHQ HW UpSDUDWLRQV5HPSODFHPHQW GHV DPSRXOHV
& 3KDUH DQWLEURXLOODUG DYDQW
PRGqOHV DYHF SKDUH DQWL
EURXLOODUG DYDQW /('
)DLWHV FRQWU{OHU O¶HQVHPEOH SKDUH DQWL
EURXLOODUG DYDQW SDU YRWUH FRQFHVVLRQQDLUH
68%$58
& 3KDUH DQWLEURXLOODUG DYDQW
PRGqOHV VDQV SKDUH DQWL
EURXLOODUG DYDQW /(' VHORQ
PRGqOHV
5(0$548(
&HV DPSRXOHV VRQW GLIILFLOHV j UHPSOD
FHU )DLWHV UHPSODFHU OHV DPSRXOHV SDU
YRWUH FRQFHVVLRQQDLUH 68%$58 VL Qp
FHVVDLUH
5HWRXUQH] OH JDUGHERXH
5HWLUH] OHV DJUDIHV
'pEUDQFKH] OH FRQQHFWHXU pOHFWULTXH
GH O¶DPSRXOH WRXW HQ HQIRQoDQW OD ODQ
JXHWWH
(QWUHWLHQ HW UpSDUDWLRQV5HPSODFHPHQW GHV DPSRXOHV
& )HX[ FRPELQpV DUULqUH
WLRQ
5(0$548(
$VVXUH]YRXV TXH OD SDUWLH ³ ´ GH OD
JDUQLWXUH GH FRIIUH VXU O¶LOOXVWUDWLRQ
Q¶HQWUH SDV HQ FRQWDFW DYHF OH VXSSRUW
GH FRXYHUFOH GH FRIIUH 6L OD SDUWLH ³ ´
HVW SOLpH LO VH SHXW TXH OD JDUQLWXUH GH
FRIIUH VRLW GpFKLUpH
5HWLUH] O¶DPSRXOH HQ OD WRXUQDQW GDQV
OH VHQV LQYHUVH GHV DLJXLOOHV G¶XQH PRQWUH
5HPSODFH] O¶DPSRXOH SDU XQH QHXYH
5pLQVWDOOH] OH JDUGHERXH
5HWLUH] OHV DJUDIHV GH OD JDUQLWXUH GH
FRIIUH DYHF XQ WRXUQHYLV j WrWH SODWH
2XYUH] OD SDUWLH DUULqUH GX SDQQHDX GH
OD JDUQLWXUH GH FRIIUH WHO TXH VXU O¶LOOXVWUD
)HX GH JDEDULW DUULqUH
)HX GH UHFXO
&OLJQRWDQW GH GLUHFWLRQ DUULqUH
6pSDUH] OD GRXLOOH G¶DPSRXOH GH O¶HQ
VHPEOH IHX FRPELQp DUULqUH HQ OD WRXUQDQW
GDQV OH VHQV LQYHUVH GHV DLJXLOOHV G¶XQH
PRQWUH
6RUWH] O¶DPSRXOH GH OD GRXLOOH G¶DP
SRXOH HW UHPSODFH]OD SDU XQH QHXYH
± 68,7( ±
(QWUHWLHQ HW UpSDUDWLRQV5HPSODFHPHQW GHV DPSRXOHV
,QWURGXLVH] OD GRXLOOH G¶DPSRXOH GDQV
O¶HQVHPEOH IHX[ FRPELQpV DUULqUH HW WRXU
QH]OD GDQV OH VHQV GHV DLJXLOOHV G¶XQH
PRQWUH SRXU YHUURXLOOHU
$WWDFKH] OH SDQQHDX GH JDUQLWXUH GH
FRIIUH DUULqUH DYHF OHV DJUDIHV
& eFODLUDJH GH SODTXH G¶LPPD
WULFXODWLRQ
5(0$548(
/RUVTXH YRXV UHPSODFH] XQH DPSRXOH
GX IHX GH JDEDULW DUULqUH GpWDFKH] OD
GRXLOOH GH O¶DPSRXOH GX IHX GH UHFXO j
O¶DYDQFH $SUqV DYRLU UHPSODFp O¶DP
SRXOH DWWDFKH] G¶DERUG OH IHX GH JDED
ULW SXLV DWWDFKH] OH IHX GH UHFXO
2XYUH] OH FRIIUH HW UHWLUH] OHV DJUDIHV
GH OD JDUQLWXUH GX FRXYHUFOH GH FRIIUH DYHF
XQ WRXUQHYLV j WrWH SODWH
5HWRXUQH] OD JDUQLWXUH GX FRXYHUFOH GH
FRIIUH
7RXUQH] OD GRXLOOH G¶DPSRXOH GDQV OH
VHQV LQYHUVH GHV DLJXLOOHV G¶XQH PRQWUH
SXLV H[WUD\H]OD
6RUWH] O¶DPSRXOH GH OD GRXLOOH HQ WLUDQW
,QVWDOOH] XQH DPSRXOH QHXYH
5pLQVWDOOH] OD GRXLOOH GH O¶DPSRXOH HW OD
JDUQLWXUH GX FRXYHUFOH GH FRIIUH
& $XWUHV DPSRXOHV
&HV DPSRXOHV VRQW GLIILFLOHV j UHPSOD
FHU )DLWHV UHPSODFHU OHV DPSRXOHV SDU
YRWUH FRQFHVVLRQQDLUH 68%$58 VL Qp
FHVVDLUH
(QWUHWLHQ HW UpSDUDWLRQV5HPSODFHPHQW GH OD SLOH
5HPSODFHPHQW GH OD SLOH
/D SLOH GX SRUWHFOpV G¶DFFqVGX WUDQV
PHWWHXU SHXW rWUH GpFKDUJpH GDQV OHV
FRQGLWLRQV VXLYDQWHV
. /H IRQFWLRQQHPHQW GH OD IRQFWLRQ G¶DF
FqV FOp HQ SRFKH HVW LQVWDEOH
. /D SRUWpH RSpUDWLRQQHOOH GX V\VWqPH
G¶HQWUpH VDQV FOp SDU WpOpFRPPDQGH HVW
LQVWDEOH
. /H WUDQVPHWWHXU QH IRQFWLRQQH SDV
FRUUHFWHPHQW ORUVTX¶LO HVW XWLOLVp j OD
GLVWDQFH VWDQGDUG
5HPSODFH] OD SLOH SDU XQH QHXYH
& 3UpFDXWLRQV GH VpFXULWp
$77(17,21
. 9HLOOH] j QH SDV LQWURGXLUH GH
SRXVVLqUH G¶KXLOH QL G¶HDX j
O¶LQWpULHXU GX SRUWHFOpV G¶DFFqV
GX WUDQVPHWWHXU SHQGDQW OH UHP
SODFHPHQW GH OD SLOH
. 'pEDUUDVVH]YRXV GH WRXWH pOHF
WULFLWp VWDWLTXH DYDQW GH UHPSOD
FHU OD SLOH
. (Q UHPSODoDQW OD SLOH YHLOOH] j QH
SDV WRXFKHU RX HQGRPPDJHU OH
FLUFXLW LPSULPp VH WURXYDQW j
O¶LQWpULHXU GX SRUWHFOpV G¶DFFqV
GX WUDQVPHWWHXU
. 9HLOOH] j QH SDV ODLVVHU OD SLOH HW
OHV DXWUHV SLqFHV GX ERvWLHU Gp
PRQWp j SRUWpH GH MHXQHV HQ
IDQWV FDU LOV ULVTXHUDLHQW GH OHV
DYDOHU
. 6L OD SLOH HVW UHPSODFpH GH IDoRQ
LQFRUUHFWH FHOD SHXW YRXV H[SR
VHU j GHV ULVTXHV G¶H[SORVLRQ
,QVpUH] XQLTXHPHQW XQH SLOH GH
W\SH LGHQWLTXH RX pTXLYDOHQW
. 1¶H[SRVH] SDV OHV SLOHV j GHV
WHPSpUDWXUHV H[FHVVLYHV FRPPH
OHV UD\RQV GLUHFWV GX VROHLO OH IHX
RX pTXLYDOHQW
. $SUqV DYRLU UHPSODFp OD SLOH YpULILH]
TXH OH SRUWHFOpV G¶DFFqVOH WUDQVPHW
WHXU IRQFWLRQQH FRUUHFWHPHQW
& 5HPSODFHPHQW GH OD SLOH GX
SRUWHFOpV G¶DFFqV
$77(17,21
/RUV GH OD GpSRVH RX GH OD UpLQVWDO
ODWLRQ GX FRXYHUFOH GX SRUWHFOpV
G¶DFFqV DVVXUH]YRXV TXH OD SDUWLH
HQ SODVWLTXH QH VH GpWDFKH SDV RX
QH ILQLVVH SDV PDO DOLJQpH
3LOH 3LOH ERXWRQ &5 RX pTXLYDOHQW
5(0$548(
. ,QVpUH] XQLTXHPHQW XQH SLOH GH W\SH
LGHQWLTXH RX pTXLYDOHQW UHFRPPDQGpH
SDU OH IDEULFDQW
. -HWH] OHV SLOHV XVDJpHV FRQIRUPp
PHQW DX[ ORLV ORFDOHV
. 0RQWH] OD SLOH GDQV OH ERQ VHQV SRXU
pYLWHU OHV IXLWHV GH OLTXLGH )DLWHV
DWWHQWLRQ GH QH SDV SOLHU OHV ERUQHV
&HOD SHXW FDXVHU XQ G\VIRQFWLRQQH
PHQW
. 1RXV YRXV UHFRPPDQGRQV GH IDLUH
UHPSODFHU OD SLOH SDU YRWUH FRQFHVVLRQ
QDLUH 68%$58
. 8WLOLVH] XQH QRXYHOOH SLOH
%RXWRQ GH OLEpUDWLRQ
&Op G¶XUJHQFH
± 68,7( ±
(QWUHWLHQ HW UpSDUDWLRQV5HPSODFHPHQW GH OD SLOH
6RUWH] OD FOp G¶XUJHQFH
&RXYUH] XQ WRXUQHYLV j WrWH SODWH G¶XQ
PRUFHDX GH UXEDQ DGKpVLI RX G¶XQ FKLIIRQ
HW LQVpUH]OH GDQV O¶LQWHUVWLFH SRXU UHWLUHU OH
FRXYHUFOH
6RUWH] OD EDWWHULH j O¶DLGH G¶XQ WRXUQH
YLV j WrWH SODWH UHFRXYHUW GH UXEDQ DGKpVLI
RX G¶XQ FKLIIRQ
,QVpUH] XQH QRXYHOOH EDWWHULH DYHF VRQ
F{Wp SRVLWLI YHUV OH KDXW FRPPH LQGLTXp
VXU O¶LOOXVWUDWLRQ
)L[H] OH FRXYHUFOH VXU OH SRUWHFOpV
G¶DFFqV HQ LPEULTXDQW OHV SDUWLHV SURMH
WpHV HW OHV UHQIRQFHPHQWV
5pLQVWDOOH] OD FOp G¶XUJHQFH
(QWUHWLHQ HW UpSDUDWLRQV5HPSODFHPHQW GH OD SLOH
& 5HPSODFHPHQW GH OD SLOH GX
WUDQVPHWWHXU
5HWLUH] OH ERvWLHU GH WUDQVPHWWHXU GH OD
WrWH GH FOp
&{Wp ERUQH QpJDWLYH í WRXUQp YHUV OH
KDXW
5HPSODFH] OD SLOH XVpH SDU XQH QHXYH
W\SH &5 RX pTXLYDOHQW HQ YHLOODQW j
SODFHU OH S{OH QpJDWLI í YHUV OH KDXW
$VVHPEOH] OH ERvWLHU GX WUDQVPHWWHXU
HQ DMXVWDQW OHV FURFKHWV VXU OH ERvWLHU
5pLQVWDOOH] OH ERvWLHU GX WUDQVPHWWHXU
GDQV OD WrWH GH FOp
5HIHUPH] OD GHPLFRTXH GH OD WrWH GH
FOp
2XYUH] OD WrWH GH OD FOp DX PR\HQ G¶XQ
WRXUQHYLV j ODPH SODWH
2XYUH] OH ERvWLHU GH WUDQVPHWWHXU HQ
OLEpUDQW OHV FURFKHWV
$SUqV DYRLU UHPSODFp OD SLOH OH WUDQV
PHWWHXU GRLW rWUH V\QFKURQLVp DYHF OH
ERvWLHU GH FRPPDQGH GX V\VWqPH G¶HQ
WUpH VDQV FOp SDU WpOpFRPPDQGH 3RXU
SURFpGHU j FHWWH V\QFKURQLVDWLRQ DS
SX\H] VL[ IRLV VXU OD WRXFKH ³ ´ RX
³ ´
²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²
²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²
²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²
²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²
²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²
²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²
²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²
²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²
²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²
²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²
²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²
²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²
²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²
&DUDFWpULVWLTXHV WHFKQLTXHV
&DUDFWpULVWLTXHV WHFKQLTXHV 'LPHQVLRQV 0RWHXU &DUEXUDQW +XLOH PRWHXU %RvWH GH YLWHVVHV PDQXHOOH KXLOH GX GLIIpUHQWLHO
DYDQW HW DUULqUH /LTXLGHV /LTXLGH GH UHIURLGLVVHPHQW GX PRWHXU eOHFWULFLWp 3QHXV 5RXH GH VHFRXUV GH W\SH SURYLVRLUH 'LVTXH GH IUHLQ )XVLEOHV HW FLUFXLWV %RvWH j IXVLEOHV VLWXpH GDQV O¶KDELWDFOH %RvWH j IXVLEOHV VLWXpH GDQV OH FRPSDUWLPHQW
PRWHXU $PSRXOHV pOHFWULTXHV ,GHQWLILFDWLRQ GX YpKLFXOH &DUDFWpULVWLTXHV WHFKQLTXHV&DUDFWpULVWLTXHV WHFKQLTXHV
&DUDFWpULVWLTXHV WHFKQLTXHV
&HV FDUDFWpULVWLTXHV VRQW VXMHWV j PRGLILFDWLRQV VDQV SUpDYLV
& 'LPHQVLRQV
PP LQ
/RQJXHXU KRUVWRXW
/DUJHXU KRUVWRXW
+DXWHXU KRUVWRXW
(PSDWWHPHQW
%DQGH GH URXOHPHQW
*DUGH DX VRO
$YDQW
$UULqUH
&DUDFWpULVWLTXHV WHFKQLTXHV&DUDFWpULVWLTXHV WHFKQLTXHV
& 0RWHXU
0RGqOH
0RGqOH GX PRWHXU
7\SH GX PRWHXU
&\OLQGUpH FP FXLQ
$OpVDJH 6 &RXUVH PP LQ
7DX[ GH FRPSUHVVLRQ
67,
6DXI 67,
(-
/ '2+& DYHF WXUER
)$
/ '2+& DYHF WXUER
0RWHXU j HVVHQFH j WHPSV F\OLQGUHV RSSRVpV KRUL]RQWDX[ UHIURLGL SDU OLTXLGH
6 6 6 6 ±±±
2UGUH G¶DOOXPDJH
& &DUEXUDQW
5(0$548(
/H PRWHXU HVW FRQoX SRXU IRQFWLRQQHU DYHF GH O¶HVVHQFH VDQV SORPE
0RGqOH
&DUEXUDQW
&RQWHQDQFH GX UpVHUYRLU GH FDUEXUDQW
67,
$., 521 RX SOXV
6DXI 67,
$., 521 RX SOXV
OLWUHV 86 JDO ,PS JDO
6L GH O¶HVVHQFH VDQV SORPE DYHF XQ LQGLFH G¶RFWDQH GH $., 521 Q¶HVW SDV GLVSRQLEOH YRXV SRXYH] XWLOLVHU GH O¶HVVHQFH VDQV SORPE DYHF XQ
LQGLFH G¶RFWDQH GH $., 521 VDQV TXH FHOD QXLVH j OD GXUDELOLWp GX PRWHXU RX j OD PRWULFLWp
6L GH O¶HVVHQFH VDQV SORPE DYHF XQ LQGLFH G¶RFWDQH GH $., 521 Q¶HVW SDV GLVSRQLEOH LO HVW SRVVLEOH G¶XWLOLVHU GH O¶HVVHQFH VDQV SORPE D\DQW XQ
LQGLFH G¶RFWDQH VXSpULHXU RX pJDO j $., 521 ± 68,7( ±
&DUDFWpULVWLTXHV WHFKQLTXHV&DUDFWpULVWLTXHV WHFKQLTXHV
& +XLOH PRWHXU
3RXU OHV SURFpGXUHV GH YpULILFDWLRQ GH UHPSOLVVDJH HW GH UHPSODFHPHQW RX WRXW DXWUH GpWDLO UHSRUWH]YRXV j ³+XLOH PRWHXU´ )
5(0$548(
/D SURFpGXUH GH YLGDQJH GH O¶KXLOH PRWHXU HW GH UHPSODFHPHQW GX ILOWUH j KXLOH GRLW rWUH HIIHFWXpH SDU XQ SURIHVVLRQQHO ,O HVW
UHFRPPDQGp GH IDLUH HIIHFWXHU FHW HQWUHWLHQ SDU YRWUH FRQFHVVLRQQDLUH 68%$58
! +XLOH PRWHXU DSSURXYpH
8WLOLVH] WRXMRXUV O¶KXLOH PRWHXU DSSURXYpH SDU 68%$58 3RXU GH SOXV DPSOHV GpWDLOV YHXLOOH] FRQWDFWHU YRWUH FRQFHVVLRQQDLUH
68%$58
6L O¶KXLOH PRWHXU DSSURXYpH Q¶HVW SDV GLVSRQLEOH XWLOLVH] O¶KXLOH PRWHXU DOWHUQDWLYH GpFULWH GDQV OD SDJH VXLYDQWH
! +XLOH PRWHXU DOWHUQDWLYH
6L O¶KXLOH PRWHXU DSSURXYpH SDU 68%$58 Q¶HVW SDV GLVSRQLEOH YRXV SRXYH] XWLOLVHU O¶KXLOH DOWHUQDWLYH VXLYDQWH
5(0$548(
. &KDTXH TXDQWLWp Q¶HVW GRQQpH LFL TX¶j WLWUH LQGLFDWLI /D TXDQWLWp QpFHVVDLUH SRXU OH UHPSODFHPHQW SHXW OpJqUHPHQW YDULHU
VHORQ OD WHPSpUDWXUH HW G¶DXWUHV IDFWHXUV
. /RUVTXH YRXV FKRLVLVVH] XQH KXLOH FKRLVLVVH]HQ XQH GH ERQQH TXDOLWp HW YLVFRVLWp HW TXL YRXV SHUPHW G¶pFRQRPLVHU SOXV
GH FDUEXUDQW /HV KXLOHV GH IDLEOH YLVFRVLWp SHUPHWWHQW G¶pFRQRPLVHU OH FDUEXUDQW &HSHQGDQW SDU WHPSV FKDXG LO IDXW XQH
KXLOH SOXV YLVTXHXVH SRXU DVVXUHU OD OXEULILFDWLRQ FRUUHFWH GX PRWHXU /H WDEOHDX VXLYDQW UpSHUWRULH OHV YLVFRVLWpV
UHFRPPDQGpHV HW OHV WHPSpUDWXUHV DSSOLFDEOHV
. /RUV GH O¶DMRXW G¶KXLOH YRXV SRXYH] XWLOLVHU GHV PDUTXHV GLIIpUHQWHV HQVHPEOH WDQW TX¶HOOHV VRQW GH OD PrPH FODVVH $3, HW
GH OD PrPH YLVFRVLWp 6$( TXH FHOOHV UHFRPPDQGpHV SDU 68%$58
&DUDFWpULVWLTXHV WHFKQLTXHV&DUDFWpULVWLTXHV WHFKQLTXHV
4XDOLWp G¶KXLOH
RX
&ODVVH 61 VHORQ $3, $PHULFDQ
3HWUROHXP ,QVWLWXWH FRPSRUWDQW
OD PHQWLRQ ³5(6285&(
&216(59,1*´
,/6$& ,QWHUQDWLRQDO /XEULFDQW
6SHFLILFDWLRQ $GYLVRU\ &RPPLW
WHH *) UHFRQQDLVVDEOH j OD
PDUTXH G¶HVWDPSLOOH ,/6$&
HPEOqPH pWRLOp
1ž GH YLVFRVLWp 6$( HW
WHPSpUDWXUH DSSOLFDEOH
&RQWHQDQFH HQ KXLOH PRWHXU
/¶KXLOH V\QWKpWLTXH : HVW O¶KXLOH
UHTXLVH SRXU GHV SHUIRUPDQFHV HW OD
SURWHFWLRQ RSWLPDOHV GX PRWHXU 9RXV
SRXYH] XWLOLVHU GH O¶KXLOH FRQYHQWLRQ
QHOOH VL GH O¶KXLOH V\QWKpWLTXH Q¶HVW SDV
GLVSRQLEOH
67,
$MRXWHU GH O¶KXLOH GX QLYHDX / DX
QLYHDX )
OLWUH 86 TW ,PS TW
6L GH O¶KXLOH V\QWKpWLTXH : Q¶HVW
SDV GLVSRQLEOH YRXV SRXYH] XWLOLVHU GH
O¶KXLOH FRQYHQWLRQQHOOH : VL XQ
UHPSOLVVDJH HVW QpFHVVDLUH PDLV LO HVW
UHFRPPDQGp GH OD UHPSODFHU SDU GH
O¶KXLOH V\QWKpWLTXH : DX SURFKDLQ
FKDQJHPHQW G¶KXLOH
9LGDQJH GH O¶KXLOH
OLWUHV 86 TW ,PS TW
&KDQJHU O¶KXLOH HW OH ILOWUH j
KXLOH
OLWUHV 86 TW ,PS TW
6DXI 67,
$MRXWHU GH O¶KXLOH GX QLYHDX / DX
QLYHDX )
OLWUH 86 TW ,PS TW
&KDQJHU O¶KXLOH HW OH ILOWUH j
KXLOH
OLWUHV 86 TW ,PS TW
9LGDQJH GH O¶KXLOH
OLWUHV 86 TW ,PS TW
± 68,7( ±
&DUDFWpULVWLTXHV WHFKQLTXHV&DUDFWpULVWLTXHV WHFKQLTXHV
& %RvWH GH YLWHVVHV PDQXHOOH KXLOH GX GLIIpUHQWLHO DYDQW HW DUULqUH
+XLOH GH ERvWH GH YLWHVVHV PD
QXHOOH
+XLOH
4XDOLWp
G¶KXLOH
67,
.
*/ GDQV OD
FODVVLILFDWLRQ $3, :
6DXI 67,
.
.
68%$58 ([WUD %0 */ GDQV OD
FODVVLILFDWLRQ $3, :
+XLOH GX GLIIpUHQWLHO DYDQW
PRGqOHV &97
²
+XLOH GX GLIIpUHQWLHO DUULqUH
.
.
68%$58 ([WUD %0 */ GDQV OD
FODVVLILFDWLRQ $3, :
*/ GDQV OD FODVVLILFDWLRQ GH O¶$3,
.
.
1ž GH YLVFRVLWp 6$(
HW WHPSpUDWXUH DSSOL
FDEOH
²
:
²
UHFRPPDQGp
&RQWH
QDQFH
HQ
KXLOH 67,
OLWUHV 86 TW ,PS TW
6DXI 67,
OLWUHV 86 TW ,PS TW
OLWUH 86 TW ,PS TW
³+XLOH GH ERvWH GH YLWHVVHV PD
QXHOOH´ )
³+XLOH GX GLIIpUHQWLHO DYDQW PR ³+XLOH GX GLIIpUHQWLHO DYDQW PRGqOHV &97 HW KXLOH GX
GqOHV &97 HW KXLOH GX GLIIpUHQ GLIIpUHQWLHO DUULqUH´ )
WLHO DUULqUH´ )
5HPDUTXHV
²
OLWUH 86 TW ,PS TW
OLWUH 86 TW ,PS TW
/D TXDQWLWp G¶KXLOH Q¶HVW GRQQpH LFL TX¶j WLWUH LQGLFDWLI /D TXDQWLWp QpFHVVDLUH SRXU OH UHPSODFHPHQW SHXW OpJqUHPHQW YDULHU VHORQ OD WHPSpUDWXUH HW
G¶DXWUHV IDFWHXUV 9pULILH] OH QLYHDX G¶KXLOH DSUqV DYRLU UHPSOL OD ERvWH GH YLWHVVH DYHF GH O¶KXLOH
3RXU SOXV GH GpWDLOV VXU OD PDLQWHQDQFH HW O¶HQWUHWLHQ UHSRUWH]YRXV j OD VHFWLRQ VXLYDQWH
&HWWH KXLOH D pWp UHPSOLH GDQV OH YpKLFXOH HQ XVLQH
&DUDFWpULVWLTXHV WHFKQLTXHV&DUDFWpULVWLTXHV WHFKQLTXHV
9RXV SRXYH] XWLOLVHU FH W\SH G¶KXLOH SRXU ERvWH GH YLWHVVHV PDQXHOOH 7RXWHIRLV O¶XWLOLVDWLRQ GH FH W\SH G¶KXLOH DIIHFWHUDLW OD PDQLDELOLWp HW DXJPHQWHUDLW
OD FRQVRPPDWLRQ GH FDUEXUDQW
& /LTXLGHV
/LTXLGH
7\SH GH OLTXLGH
/LTXLGH GH WUDQVPLVVLRQ j YDULDWLRQ &RQVXOWH] YRWUH FRQFHVVLRQQDLUH
FRQWLQXH PRGqOHV &97
68%$58
/LTXLGH GH IUHLQ
/LTXLGH GH IUHLQ '27 RX '27 VHORQ
)0966 1ž /LTXLGH G¶HPEUD\DJH PRGqOHV %
0
/LTXLGH GH IUHLQ '27 RX '27 VHORQ
)0966 1ž +XLOH GH GLUHFWLRQ DVVLVWpH 67,
ā 68%$58 $7)
ā /LTXLGH GH ERvWH GH YLWHVVH DXWRPD
WLTXH W\SH ³'H[URQ ,,,´
ā ,'(0,768 $7) +3
&RQWHQDQFH HQ OLTXLGH
OLWUHV 86 TW ,PS TW
5HPDUTXHV
³/LTXLGH GH WUDQVPLVVLRQ j YD
ULDWLRQ FRQWLQXH´ )
²
³/LTXLGH GH IUHLQ´ )
²
³/LTXLGH G¶HPEUD\DJH PRGqOHV
%0 ´ )
OLWUH 86 TW ,PS TW
³+XLOH GH GLUHFWLRQ DVVLVWpH
67, ´ )
8WLOLVH] XQ GHV W\SHV GH OLTXLGH LQGLTXpV
/D TXDQWLWp GH OLTXLGH Q¶HVW GRQQpH LFL TX¶j WLWUH LQGLFDWLI /D TXDQWLWp QpFHVVDLUH SRXU OH UHPSODFHPHQW SHXW OpJqUHPHQW YDULHU VHORQ OD WHPSpUDWXUH HW
G¶DXWUHV IDFWHXUV
3RXU SOXV GH GpWDLOV VXU OD PDLQWHQDQFH HW O¶HQWUHWLHQ UHSRUWH]YRXV j OD VHFWLRQ VXLYDQWH
& /LTXLGH GH UHIURLGLVVHPHQW
GX PRWHXU
0RGqOH GX YpKLFXOH
67,
6DXI 67,
&RQWHQDQFH GX OLTXLGH GH UHIURLGLVVHPHQW
7\SH GH OLTXLGH GH UHIURLGLVVHPHQW
OLWUHV 86 TW ,PS TW
0RGqOHV %0
OLWUHV 86 TW ,PS TW
0RGqOHV &97
OLWUHV 86 TW ,PS TW
/LTXLGH GH UHIURLGLVVHPHQW 6XSHU 68%$58
/D TXDQWLWp GH OLTXLGH GH UHIURLGLVVHPHQW Q¶HVW GRQQpH LFL TX¶j WLWUH LQGLFDWLI /D TXDQWLWp QpFHVVDLUH SRXU OH UHPSODFHPHQW SHXW OpJqUHPHQW YDULHU VHORQ OD
WHPSpUDWXUH HW G¶DXWUHV IDFWHXUV 3RXU SOXV GH GpWDLOV FRQFHUQDQW OHV HQWUHWLHQV HW OHV UpSDUDWLRQV UHSRUWH]YRXV j ³6\VWqPH GH UHIURLGLVVHPHQW´ )
± 68,7( ±
&DUDFWpULVWLTXHV WHFKQLTXHV&DUDFWpULVWLTXHV WHFKQLTXHV
& eOHFWULFLWp
7\SH GH EDWWHULH
'/
67,
$OWHUQDWHXU
9$
6DXI 67,
%RXJLHV G¶DOOXPDJH
9$
67,
,/)5+ 1*.
,/.$5+ 1*.
6DXI 67,
& 3QHXV
7DLOOH GHV
SQHXV
67,
6DXI 67,
7DLOOH GHV MDQWHV
3UHVVLRQ
²
5 :
5 :
5 :
²
6 -
6 -
6 -
$YDQW
N3D NJIFP SVL
$UULqUH
N3D NJIFP SVL
&RXSOH GH VHUUDJH GHV pFURXV
GH URXH
1āP NJIāP OEIāIW
5 :
&H FRXSOH pTXLYDXW j H[HUFHU XQH IRUFH GH j NJI j OEI DX ERXW GH OD FOp j pFURXV GH URXH 6L YRXV DYH] VHUUp OHV pFURXV GH URXH SDU YRXV
PrPH IDLWHV FRQWU{OHU OH FRXSOH GH VHUUDJH j OD VWDWLRQVHUYLFH OD SOXV SURFKH 3RXU OD SURFpGXUH GH VHUUDJH GHV pFURXV GH URXH UHSRUWH]YRXV j
³5HPSODFHPHQW G¶XQ SQHX FUHYp´ )
&DUDFWpULVWLTXHV WHFKQLTXHV&DUDFWpULVWLTXHV WHFKQLTXHV
& 5RXH GH VHFRXUV GH W\SH SURYLVRLUH
7DLOOH GH URXH GH VHFRXUV GH W\SH SUR
YLVRLUH
3UHVVLRQ GH JRQIODJH GH OD URXH GH
VHFRXUV SURYLVRLUH
SUHVVLRQ UHFRPPDQGpH GH JRQIODJH j
IURLG
&RXSOH GH VHUUDJH GHV pFURXV GH URXH
7'
7'
N3D NJIFP SVL
5
5
N3D NJIFP SVL
N3D NJIFP SVL
1āP NJIāP OEIāIW
&H FRXSOH pTXLYDXW j H[HUFHU XQH IRUFH GH j NJI j OEI DX ERXW GH OD FOp j pFURXV GH URXH 6L YRXV DYH] VHUUp OHV pFURXV GH URXH SDU YRXV
PrPH IDLWHV FRQWU{OHU OH FRXSOH GH VHUUDJH j OD VWDWLRQVHUYLFH OD SOXV SURFKH
3RXU OD SURFpGXUH GH VHUUDJH GHV pFURXV GH URXH UHSRUWH]YRXV j ³5HPSODFHPHQW G¶XQ SQHX FUHYp´ )
& 'LVTXH GH IUHLQ
6L YRXV DYH] EHVRLQ G¶LQIRUPDWLRQV VXU OD YDOHXU GH OLPLWH G¶XWLOLVDWLRQ GHV GLVTXHV GH IUHLQ HW VXU OD PpWKRGH GH PHVXUH FRQVXOWH] YRWUH
FRQFHVVLRQQDLUH 68%$58
&DUDFWpULVWLTXHV WHFKQLTXHV)XVLEOHV HW FLUFXLWV
)XVLEOHV HW FLUFXLWV
& %RvWH j IXVLEOHV VLWXpH GDQV O¶KDELWDFOH
(PSODFH
PHQW GX ,QWHQVLWp
IXVLEOH
&LUFXLW
$
5)2* 75$,/
$
0(7(5 ,*
$
'225 /2&.
$
,*
9LGH
$
0,5
$
81,7%
$
6723
$
:,3(5 '(,&(
$
'23%
$
7851 ,*
$
81,7 ,*
$
9 3/8*
$
7$,/ &/($5$1&(
$
%.83%
$
,/0
$
6($7 +75
$
/$03 ,*
9LGH
$
&,*$5
$
67$57
$
$& ,*
&DUDFWpULVWLTXHV WHFKQLTXHV)XVLEOHV HW FLUFXLWV
(PSODFH
PHQW GX ,QWHQVLWp
IXVLEOH
&LUFXLW
9LGH
$
$8',2 1$9,
$
656 $,5 %$*
$
,*
$
%/2:(5
$
%/2:(5
$
))2*
9LGH
$
$&&
$
675 /2&.
$
81,7 ,*
± 68,7( ±
&DUDFWpULVWLTXHV WHFKQLTXHV)XVLEOHV HW FLUFXLWV
& %RvWH j IXVLEOHV VLWXpH GDQV OH FRPSDUWLPHQW PRWHXU
! 67,
$
)XVLEOH SULQFLSDO
(PSODFH
PHQW GX ,QWHQVLWp
IXVLEOH
&LUFXLW
$
$%6 62/
$
0$,1 )$1
$
68% )$1
9LGH
$
$
+/ /2
$
+/ +,
$
%$&. 83
$
+251
$
5'()
$
)8(/ 3, 3
$
8QLWp GH FRQWU{OH GH
OD WUDQVPLVVLRQ
$
(*,%
$
+$=$5'
$
/,*+7,1*
$
$/76
9LGH
$
$
+/ /2 5+
$
+/ /2 /+
$8',2 $03
,1-
&DUDFWpULVWLTXHV WHFKQLTXHV)XVLEOHV HW FLUFXLWV
(PSODFH
PHQW GX ,QWHQVLWp
IXVLEOH
$
$
&LUFXLW
$,5 &87
7pOpPDWLTXH
± 68,7( ±
&DUDFWpULVWLTXHV WHFKQLTXHV)XVLEOHV HW FLUFXLWV
! 6DXI 67,
$
)XVLEOH SULQFLSDO
(PSODFH
PHQW GX ,QWHQVLWp
IXVLEOH
&LUFXLW
$
$%6 62/
$
0$,1 )$1
$
68% )$1
9LGH
$
$
+/ /2
$
+/ +,
$
%$&. 83
$
+251
$
5'()
$
)8(/ 3, 3
$
8QLWp GH FRQWU{OH GH
OD WUDQVPLVVLRQ
$
(*,%
$
+$=$5'
$
/,*+7,1*
$
$/76
9LGH
$
,1-
$
+/ /2 5+
$
+/ /2 /+
$8',2 $03
&DUDFWpULVWLTXHV WHFKQLTXHV$PSRXOHV pOHFWULTXHV
$PSRXOHV pOHFWULTXHV
5(0$548(
/HV pFODLUDJHV LQGLTXpV SDU GHV OHWWUHV VRQW GH W\SH /(' GLRGH pOHFWUROXPLQHVFHQWH 3RXU OHXU UHPSODFHPHQW DGUHVVH]
YRXV j XQ FRQFHVVLRQQDLUH 68%$58
± 68,7( ±
&DUDFWpULVWLTXHV WHFKQLTXHV$PSRXOHV pOHFWULTXHV
3XLVVDQFH
1ž G¶DPSRXOH
)HX GH URXWH PRGqOHV VDQV SKDUHV /('
9 :
+%
)HX GH FURLVHPHQW PRGqOHV VDQV SKDUHV /('
)HX GH VWDWLRQQHPHQW PRGqOHV VDQV SKDUHV /('
9 :
9 :
+
::
/DPSH GH OHFWXUH
3ODIRQQLHU
9 :
9 :
±
±
eFODLUDJH GH SODTXH G¶LPPDWULFXODWLRQ
9 :
::
eFODLUDJH GH FRIIUH
9 :
::
)HX GH JDEDULW DUULqUH
9 :
::
)HX GH UHFXO
9 :
::
&OLJQRWDQW GH GLUHFWLRQ DUULqUH
9 :
:<:
eFODLUDJH GX PLURLU GH FRXUWRLVLH
9 :
±
)HX GH JDEDULW DYDQW
9 :
::
3KDUH DQWLEURXLOODUG DYDQW PRGqOHV VDQV SKDUH DQWL
EURXLOODUG /('
9 :
+
9 :
:<:
&OLJQRWDQW GH GLUHFWLRQ DYDQW
$
)HX[ GH URXWH HW GH FURLVHPHQW PRGqOHV DYHF SKDUHV ±
/('
±
%
)HX GH VWDWLRQQHPHQW PRGqOHV DYHF SKDUHV /('
±
±
&
&OLJQRWDQW ODWpUDO VHORQ PRGqOHV
±
±
'
)HX VWRS PRQWp HQ KDXWHXU
±
±
(
)HX VWRSDUULqUH
±
±
)
3KDUH DQWLEURXLOODUG DYDQW PRGqOHV DYHF SKDUH DQWL
EURXLOODUG /('
±
±
'$1*(5
/HV DPSRXOHV SRXUUDLHQW rWUH H[WUr
PHPHQW FKDXGHV ORUVTX¶HOOHV VRQW
DOOXPpHV $YDQW GH UHPSODFHU OHV
DPSRXOHV pWHLJQH] OHV pFODLUDJHV HW
DWWHQGH] TXH OHV DPSRXOHV UHIURL
GLVVHQW ¬ GpIDXW YRXV ULVTXHULH] GH
YRXV EU€OHU
$77(17,21
/RUVTXH YRXV UHPSODFH] XQH DP
SRXOH XWLOLVH] WRXMRXUV XQH QRXYHOOH
DPSRXOH GH PrPH SXLVVDQFH TXH
O¶DQFLHQQH /¶XWLOLVDWLRQ G¶XQH DP
SRXOH GH SXLVVDQFH GLIIpUHQWH ULV
TXHUDLW GH SURYRTXHU XQ LQFHQGLH
&DUDFWpULVWLTXHV WHFKQLTXHV,GHQWLILFDWLRQ GX YpKLFXOH
,GHQWLILFDWLRQ GX YpKLFXOH
1XPpUR G¶LGHQWLILFDWLRQ GX YpKLFXOH VRXV
OH WDSLV GH VRO GX VLqJH DYDQW GURLW
eWLTXHWWH GHV UHQVHLJQHPHQWV DQWLSROOX
WLRQ
eWLTXHWWH GH SUHVVLRQ GH JRQIODJH GHV
SQHXV
6FHDX GH FHUWLILFDWLRQ
3ODTXH GH QXPpUR G¶LGHQWLILFDWLRQ GX
YpKLFXOH
eWLTXHWWH GX QXPpUR GH PRGqOH
eWLTXHWWH GH FDUEXUDQW
eWLTXHWWH GH FOLPDWLVDWLRQ
²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²
²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²
²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²
²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²
²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²
²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²
²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²
²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²
²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²
²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²
²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²
²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²
²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²
,QIRUPDWLRQV DX FRQVRPPDWHXU HW GpFODUDWLRQ HQ FDV GH GpIDXW GH VpFXULWp
3RXU OHV eWDWV8QLV ,QIRUPDWLRQV VXU OHV SQHXV 0DUTXDJH GHV SQHXV 3UHVVLRQ GH JRQIODJH UHFRPPDQGpH GHV SQHXV *ORVVDLUH GHV WHUPHV UHODWLIV DX[ SQHXV 6RLQV GHV SQHXV ± HQWUHWLHQ HW SUDWLTXHV GH
VpFXULWp /LPLWH GH FKDUJH GX YpKLFXOH ± FRPPHQW OD
GpWHUPLQHU 3RXU GpWHUPLQHU OD FRPSDWLELOLWp HQWUH FDSDFLWpV
GH FKDUJH HW SQHXV GX YpKLFXOH &RQVpTXHQFHV VXU OD VpFXULWp G¶XQH VXUFKDUJH
GX YpKLFXOH FRPSRUWHPHQW DUUrW SQHXV
HWF eWDSHV GH GpWHUPLQDWLRQ GH OD OLPLWH GH FKDUJH
FRUUHFWH 1RWDWLRQ VWDQGDUGLVpH GH OD TXDOLWp GHV
SQHXV 8685( '( /$ %$1'( '( 528/(0(17 75$&7,21 $$ $ % & 7(03e5$785( $ % & 'pFODUDWLRQ HQ FDV GH GpIDXW GH VpFXULWp
SRXU OHV eWDWV8QLV G¶$PpULTXH ,QIRUPDWLRQV DX FRQVRPPDWHXU HW GpFODUDWLRQ HQ FDV GH GpIDXW GH VpFXULWp3RXU OHV eWDWV8QLV
3RXU OHV eWDWV8QLV
,QIRUPDWLRQV VXU OHV SQHXV
/HV LQIRUPDWLRQV VXLYDQWHV VRQW
SUpVHQWpHV HQ FRQIRUPLWp DYHF OH
&RGH GHV 5qJOHPHQWV )pGpUDX[
³7LWUH $OLQpD ´
& 0DUTXDJH GHV SQHXV
'LYHUVHV LQGLFDWLRQV FRPPH OD
WDLOOH GHV SQHXV OH 1XPpUR G¶,GHQ
WLILFDWLRQ GH 3QHXV RX 7,1 VRQW
LQVFULWHV VXU OH IODQF GHV SQHXV SDU
OHV IDEULFDQWV GH SQHXPDWLTXHV
&HV LQGLFDWLRQV IRXUQLVVHQW G¶XWLOHV
LQIRUPDWLRQV VXU OHV SQHXV TXH
YRXV XWLOLVH]
! 7DLOOH GHV SQHXV
9RWUH YpKLFXOH HVW pTXLSp GH SQHXV
GRQW OD WDLOOH HVW H[SULPpH HQ QRWD
WLRQ 30HWULF 3RXU FKRLVLU GHV
SQHXV TXL FRQYLHQQHQW j YRWUH
YpKLFXOH LO HVW LPSRUWDQW GH
FRPSUHQGUH OH V\VWqPH G¶LQGLFDWLRQ
GH WDLOOH 9RLFL XQH UDSLGH SUpVHQWD
WLRQ GX V\VWqPH G¶LQGLFDWLRQ GH
WDLOOH GHV SQHXV SRXU YRXV SHUPHW
WUH G¶LQWHUSUpWHU OHV LQIRUPDWLRQV
IRXUQLHV
! 1RWDWLRQ 30HWULF
(Q QRWDWLRQ 30HWULF OD ODUJHXU GH
VHFWLRQ HVW GRQQpH HQ PLOOLPqWUHV
3RXU FRQYHUWLU OHV PLOOLPqWUHV HQ
SRXFHV LO IDXW GLYLVHU SDU /H
UDSSRUW GH IRUPH RX UDSSRUW +/
+DXWHXU GLYLVpH SDU /DUJHXU GH OD
VHFWLRQ GX SQHX HVW XQH LQIRUPD
WLRQ VXSSOpPHQWDLUH VXU OD WDLOOH HW OD
IRUPH GX SQHX
([HPSOH
3
6LJQLILH TX¶LO V¶DJLW G¶XQ
SQHX SRXU YpKLFXOHV OpJHUV FRPPH
OHV YRLWXUHV GH WRXULVPH
/DUJHXU GH VHFWLRQ HQ PLOOLPq
WUHV
5DSSRUW +/ KDXWHXU GH OD
VHFWLRQ GLYLVpH SDU ODUJHXU GH OD
VHFWLRQ
5
6LJQLILH TX¶LO V¶DJLW G¶XQ
SQHX j FDUFDVVH UDGLDOH
'LDPqWUH GH OD MDQWH HQ SRX
FHV
,QIRUPDWLRQV DX FRQVRPPDWHXU HW GpFODUDWLRQ HQ FDV GH GpIDXW GH VpFXULWp,QIRUPDWLRQV VXU OHV SQHXV
! ,QGLFHV GH FKDUJH HW GH
YLWHVVH
/HV LQGLFDWLRQV FRQFHUQDQW OHV SUH
VFULSWLRQV GH FKDUJH HW GH YLWHVVH
DSSDUDLVVHQW j OD VXLWH GHV LQGLFD
WLRQV GH WDLOOH
(OOHV IRXUQLVVHQW GHX[ LQIRUPDWLRQV
LPSRUWDQWHV FRQFHUQDQW OH SQHX /D
SUHPLqUH LQGLFDWLRQ FKLIIUH HVW
O¶LQGLFH GH FKDUJH GX SQHX /D
GHX[LqPH OHWWUH HVW O¶LQGLFH GH
YLWHVVH GX SQHX
([HPSOH
,QGLFH GH FKDUJH &H FRGH
QXPpULTXH LQGLTXH OD FKDUJH PD[L
PDOH TXH SHXW VXSSRUWHU OH SQHX j
OD YLWHVVH PD[LPDOH FRUUHVSRQGDQW
j O¶LQGLFH GH YLWHVVH j OD SUHVVLRQ
GH JRQIODJH PD[LPDOH
3DU H[HPSOH ³´ VLJQLILH NJ
OEV ³´ VLJQLILH NJ
OEV '$1*(5
/¶LQGLFH GH FKDUJH FRQFHUQH
XQLTXHPHQW OH SQHX HW QRQ
SDV OH YpKLFXOH 0RQWHU GHV
SQHXV G¶XQ LQGLFH GH FKDUJH
GRQQp VXU XQ YpKLFXOH QH
VLJQLILH SDV TX¶RQ SRXUUD FKDU
JHU FH YpKLFXOH MXVTX¶j OD
FKDUJH QRPLQDOH FRUUHVSRQ
GDQW j O¶LQGLFH GH FKDUJH GHV
SQHXV
,QGLFH GH YLWHVVH &H FRGH
DOSKDEpWLTXH LQGLTXH TXHOOH HVW OD
YLWHVVH PD[LPDOH j ODTXHOOH OH SQHX
HVW FRQoX SRXU URXOHU
3DU H[HPSOH ³9´ VLJQLILH NPK
PSK '$1*(5
.
VLJQLILH SDV TX¶RQ SRXUUD
URXOHU DYHF FH YpKLFXOH MXV
TX¶j OD YLWHVVH QRPLQDOH
FRUUHVSRQGDQW j O¶LQGLFH GH
YLWHVVH GHV SQHXV
. /¶LQGLFH GH YLWHVVH Q¶D SOXV
DXFXQH YDOHXU VLJQLILFDWLYH
GDQV OH FDV GH SQHXV WUqV
XVpV RX HQGRPPDJpV RX
GH SQHXV TXL RQW pWp UpSD
UpV RX UHFKDSpV RX GRQW
O¶pWDW RULJLQDO D pWp DOWpUp
G¶XQH PDQLqUH TXHOFRQTXH
'HV SQHXV UpSDUpV UHFKD
SpV RX DOWpUpV G¶XQH PD
QLqUH TXHOFRQTXH QH SHX
YHQW SOXV rWUH FRQVLGpUpV
FRPPH FRQIRUPHV DX[ LQGL
FHV GH FKDUJH HW GH YLWHVVH
G¶RULJLQH
/¶ L Q G L F H G H Y L W H V V H
FRQFHUQH XQLTXHPHQW OH
SQHX HW QRQ SDV OH YpKL
FXOH 0RQWHU GHV SQHXV
G¶XQ LQGLFH GH YLWHVVH
GRQQp VXU XQ YpKLFXOH QH
± 68,7( ±
,QIRUPDWLRQV DX FRQVRPPDWHXU HW GpFODUDWLRQ HQ FDV GH GpIDXW GH VpFXULWp,QIRUPDWLRQV VXU OHV SQHXV
! 1XPpUR G¶LGHQWLILFDWLRQ GH
SQHX 7,1
/H QXPpUR G¶LGHQWLILFDWLRQ GH SQHX
7,1 HVW LQVFULW VXU OH IODQF GX SQHX
j SODFHU YHUV O¶H[WpULHXU /H QXPpUR
7,1 VH FRPSRVH GH TXDWUH LQGLFD
WLRQV /HV LQGLFDWLRQV FRQWHQXHV
GDQV XQ QXPpUR 7,1 V¶LQWHUSUqWHQW
FRPPH VXLW
,GHQWLILFDWLRQ GX IDEULFDQW
7DLOOH
&RGH GX W\SH GH SQHX
'DWH GH IDEULFDWLRQ
/HV GHX[ SUHPLHUV FKLIIUHV FRUUHV
SRQGHQW j OD VHPDLQH ³´ pWDQW OD
SUHPLqUH VHPDLQH FRPSOqWH GH
O¶DQQpH FDOHQGDLUH OHV GHX[ FKLI
IUHV VXLYDQWV LQGLTXHQW O¶DQQpH 3DU
H[HPSOH O¶LQGLFDWLRQ VLJQLILH
TXH OH SQHX D pWp IDEULTXp OD
SUHPLqUH VHPDLQH GH O¶DQQpH ! $XWUHV LQVFULSWLRQV
/H IODQF GX SQHX SRUWH DXVVL OHV
LQVFULSWLRQV VXLYDQWHV
! 3UHVVLRQ GH JRQIODJH PD[L
PDOH DGPLVVLEOH
&¶HVW OD SUHVVLRQ PD[LPDOH j OD
TXHOOH OH SQHX SHXW rWUH JRQIOp j
IURLG ([HPSOH G¶LQVFULSWLRQ ³
N3D 36, 0$; 35(66´
! ,QGLFH GH FKDUJH PD[LPDOH
&¶HVW OD FKDUJH PD[LPDOH DGPLV
VLEOH H[SULPpH HQ SRLGV PD[LPDO
TXH SHXW VXSSRUWHU OH SQHX 3DU
H[HPSOH ³0$; /2$' NJ
/%6 # N3D 36,
0$; 35(66´
'$1*(5
/D FKDUJH PD[LPDOH FRQFHUQH
XQLTXHPHQW OH SQHX HW QRQ
SDV OH YpKLFXOH 0RQWHU GHV
SQHXV G¶XQ LQGLFH GH FKDUJH
GRQQp VXU XQ YpKLFXOH QH
VLJQLILH SDV TX¶RQ SRXUUD FKDU
JHU FH YpKLFXOH MXVTX¶j OD
FKDUJH QRPLQDOH FRUUHVSRQ
GDQW j O¶LQGLFH GH FKDUJH GHV
SQHXV
! 7\SH GH VWUXFWXUH
,QGLFDWLRQ GX W\SH VWUXFWXUHO GX
SQHX
3DU H[HPSOH ³78%(/(66 67((/
%(/7(' 5$',$/´ SQHX VDQV
FKDPEUH j FDUFDVVH UDGLDOH HW
FHLQWXUH PpWDOOLTXH
! 6WUXFWXUH
,QGLFDWLRQ GX QRP JpQpULTXH GHV
PDWpULDX[ GHV FkEOHV FRPSRVDQW
OHV QDSSHV GX SQHX VXU OHV IODQFV
HW VXU OD EDQGH GH URXOHPHQW 3DU H[HPSOH ³3/,(6 75($' 67((/ 32/<(67(5 6,'(
:$// 32/<(67(5´
! &ODVVH GH TXDOLWp QRUPDOL
VpH GX SQHX 874*
5HSRUWH]YRXV j ³1RWDWLRQ VWDQGDU
GLVpH GH OD TXDOLWp GHV SQHXV´ )
SRXU SOXV GH GpWDLOV
,QIRUPDWLRQV DX FRQVRPPDWHXU HW GpFODUDWLRQ HQ FDV GH GpIDXW GH VpFXULWp,QIRUPDWLRQV VXU OHV SQHXV
& 3UHVVLRQ GH JRQIODJH UHFRP
PDQGpH GHV SQHXV
([HPSOH
! 3UHVVLRQ GH JRQIODJH UHFRP
PDQGpH GHV SQHXV j IURLG
3RXU FRQQDvWUH OD SUHVVLRQ GH JRQ
IODJH UHFRPPDQGpH SRXU OHV SQHXV
GH YRWUH YpKLFXOH UHSRUWH]YRXV j
³3QHXV´ )
! 3ODTXH GX YpKLFXOH
/D SODTXH GX YpKLFXOH HVW IL[pH
FRQWUH OH PRQWDQW % GX F{Wp GX
FRQGXFWHXU
/D SODTXH GX YpKLFXOH LQGLTXH OD
WDLOOH GHV SQHXV G¶RULJLQH OD SUHV
VLRQ GH JRQIODJH UHFRPPDQGpH
SRXU FKDFXQ GHV SQHXV j IURLG SRXU
OH YpKLFXOH FKDUJp j OD FKDUJH
PD[LPDOH OH QRPEUH GH SODFHV HW
OD FKDUJH DXWRULVpH
! &RQVpTXHQFHV VXU OD VpFXULWp
G¶XQH SUHVVLRQ GH JRQIODJH
GHV SQHXV LQVXIILVDQWH
6L RQ URXOH j JUDQGH YLWHVVH DYHF
XQH SUHVVLRQ GH JRQIODJH GHV
SQHXV H[FHVVLYHPHQW EDVVH OHV
SQHXV VRQW VRXPLV j XQH GpIRUPD
WLRQ LPSRUWDQWH TXL HQWUDvQH XQ
pFKDXIIHPHQW UDSLGH 8QH IRUWH
pOpYDWLRQ GH OD WHPSpUDWXUH G¶XQ
SQHX SHXW HQWUDvQHU O¶DUUDFKHPHQW
GH OD EDQGH GH URXOHPHQW HW O¶pFOD
WHPHQW GX SQHX ,O SHXW HQ UpVXOWHU
XQ DFFLGHQW SDU SHUWH GH FRQWU{OH GX
YpKLFXOH
! 0HVXUH HW UpJODJH GH OD SUHV
VLRQ SRXU PDLQWHQLU XQH
SUHVVLRQ GH JRQIODJH DGp
TXDWH
&RQWU{OH] HW VL QpFHVVDLUH UpJOH]
OD SUHVVLRQ GHV SQHXV URXH GH
VHFRXUV FRPSULVH DX PRLQV XQH
IRLV SDU PRLV HW DYDQW FKDTXH ORQJ
WUDMHW &RQWU{OH] OD SUHVVLRQ GH
JRQIODJH ORUVTXH OHV SQHXV VRQW
IURLGV 8WLOLVH] XQ PDQRPqWUH SRXU
UpJOHU OD SUHVVLRQ GH FKDTXH SQHX j
OD YDOHXU SUHVFULWH 0rPH VL OH
YpKLFXOH D SHX URXOp OHV SQHXV
VRQW FKDXGV HW OHXU SUHVVLRQ HVW
SOXV pOHYpH TX¶j IURLG /D SUHVVLRQ
GHV SQHXV GpSHQG pJDOHPHQW GH OD
WHPSpUDWXUH H[WpULHXUH /H PLHX[
HVW GH FRQWU{OHU OD SUHVVLRQ GHV
SQHXV j O¶H[WpULHXU DYDQW TXH OH
± 68,7( ±
,QIRUPDWLRQV DX FRQVRPPDWHXU HW GpFODUDWLRQ HQ FDV GH GpIDXW GH VpFXULWp,QIRUPDWLRQV VXU OHV SQHXV
YpKLFXOH Q¶DLW URXOp /RUVTX¶XQ SQHX
PRQWH HQ WHPSpUDWXUH O¶DLU TX¶LO
UHQIHUPH VH GLODWH DXJPHQWDQW OD
SUHVVLRQ GX SQHX ,O QH IDXW GRQF
SDV GpJRQIOHU XQ SQHX FKDXG SRXU
HQ UpGXLUH OD SUHVVLRQ
& *ORVVDLUH GHV WHUPHV UHODWLIV
DX[ SQHXV
. 3RLGV GHV DFFHVVRLUHV
3RLGV WRWDO HQ SOXV GHV pTXLSH
PHQWV VWDQGDUGV UHPSODoDEOHV GH
OD WUDQVPLVVLRQ DXWRPDWLTXH GX
VHUYRGLUHFWLRQ GX IUHLQDJH DVVLVWp
GHV YLWUHV pOHFWULTXHV GHV VLqJHV j
UpJODJHV pOHFWULTXHV GH OD UDGLR HW
GX UDGLDWHXU GDQV OD PHVXUH R FHV
DUWLFOHV VRQW GLVSRQLEOHV FRPPH
RSWLRQV PRQWpHV HQ XVLQH TX¶LOV
VRLHQW LQVWDOOpV RX QRQ . 7DORQ
3DUWLH GX SQHX IDLWH GH ILOV HQ DFLHU
HQWRXUpH RX UHQIRUFpH SDU GHV
FRXFKHV GH FkEOHV PRGHOpH SRXU
V¶DGDSWHU j OD MDQWH
. 6pSDUDWLRQ GX WDORQ
5XSWXUH GX OLHQ HQWUH OHV FRPSR
VDQWV GX WDORQ
. 'pYLDWLRQ GHV FRXFKHV GX SQHX
3QHX SQHXPDWLTXH DX QLYHDX GX
TXHO OHV FRXFKHV GH ILOV FkEOpV TXL
VH SURORQJHQW DX[ WDORQV VRQW GLV
SRVpHV HQ DQJOHV DOWHUQpV QHWWH
PHQW LQIpULHXUV j GHJUpV SDU
UDSSRUW DX FHQWUH GH OD EDQGH GH
URXOHPHQW GX SQHX
. &DUFDVVH
6WUXFWXUH GX SQHX H[FHSWpH OH
FDRXWFKRXF GH OD EDQGH GH URXOH
PHQW HW FHOXL GX IODQF GX SQHX TXL
ORUVTX¶LO HVW JRQIOp VXSSRUWH OD
FKDUJH
. $UUDFKHPHQW
'pWDFKHPHQW GHV SLqFHV GH OD
EDQGH GH URXOHPHQW RX GX IODQF
GX SQHX
. 3UHVVLRQ GHV SQHXV j IURLG
3UHVVLRQ GDQV XQ SQHX GH YpKLFXOH
D\DQW URXOp PRLQV GH NP PLOH RX j O¶DUUrW GHSXLV DX PRLQV
WURLV KHXUHV
. )LO FkEOp
)LOV IRUPDQW GHV FRXFKHV GDQV OH
SQHX
. 6pSDUDWLRQ GH ILO FkEOp
6pSDUDWLRQ HQWUH OHV ILOV FkEOpV HW
OHV FRPSRVDQWV DGMDFHQWV HQ
FDRXWFKRXF
. &UDTXHOXUH
7RXWH VpSDUDWLRQ LQWHUQH GH OD
EDQGH GH URXOHPHQW GX IODQF RX
GX SURORQJHPHQW GH OD FKHPLVH
LQWpULHXUH GX SQHX YHUV OH PDWpULDX
GX ILO FkEOp
. 3RLGV HQ RUGUH GH PDUFKH
3RLGV GX YpKLFXOH j PRWHXU DYHF
VRQ pTXLSHPHQW VWDQGDUG \
FRPSULV OH SOHLQ GH FDUEXUDQW
G¶KXLOH HW GH OLTXLGH GH UHIURLGLVVH
PHQW HW VL LQVWDOOpV OH SRLGV VXS
SOpPHQWDLUH GH OD FOLPDWLVDWLRQ HW
GX PRWHXU HQ RSWLRQ
. 3QHX j FKDUJH pOHYpH
3QHX FRQoX SRXU VXSSRUWHU GHV
FKDUJHV HW XQH SUHVVLRQ GH JRQ
IODJH SOXV pOHYpHV TXH FHOOHV GX
SQHX VWDQGDUG pTXLYDOHQW
. 6LOORQ
(VSDFH HQWUH GHX[ VWULHV DGMDFHQ
WHV GH EDQGH GH URXOHPHQW GH
SQHX
,QIRUPDWLRQV DX FRQVRPPDWHXU HW GpFODUDWLRQ HQ FDV GH GpIDXW GH VpFXULWp,QIRUPDWLRQV VXU OHV SQHXV
. &KHPLVH LQWpULHXUH
&RXFKH V IRUPDQW OD VXUIDFH LQ
WHUQH G¶XQ SQHX VDQV FKDPEUH j DLU
TXL FRQWLHQW OH PLOLHX GH JRQIOHPHQW
GX SQHX
. 6pSDUDWLRQ GH OD FKHPLVH LQWpU
LHXUH
6pSDUDWLRQ HQWUH OD FKHPLVH LQWpU
LHXUH HW OH FRPSRVDQW GX ILO FkEOp
GDQV OD FDUFDVVH
. )ODQF SUpYX SRXU O¶H[WpULHXU
)ODQF GX SQHX UHQIHUPDQW
XQH EDQGH EODQFKH GHV LQVFULS
WLRQV QRP GX IDEULFDQW QRP GH
PDUTXH HWRX GH PRGqOH HQ
OHWWUHV EODQFKHV RX HQ UHOLHI RX
HQ FUHX[ SOXV KDXW RX SOXV
SURIRQG TXH OHV PrPHV LQVFULS
WLRQV VXU O¶DXWUH IODQF GX SQHX
RX
'DQV OH FDV GHV SQHXV DV\
PpWULTXHV OH IODQF TXL GRLW REOL
JDWRLUHPHQW rWUH PRQWp GX F{Wp
H[WpULHXU GX YpKLFXOH
. 3QHX SRXU FDPLRQ OpJHU
/7
/LJKW 7UXFN
3QHX FRQoX HQ SUHPLqUH LQWHQWLRQ
SRXU rWUH XWLOLVp VXU GHV FDPLRQV GH
SRLGV OpJHUV RX GHV YpKLFXOHV GH
WRXULVPH j XVDJHV PXOWLSOHV
. ,QGLFH GH FKDUJH
&KDUJH PD[LPDOH TX¶XQ SQHX SHXW
VXSSRUWHU SRXU XQH SUHVVLRQ GH
JRQIODJH GRQQpH
. 3UHVVLRQ GH JRQIODJH PD[LPDOH
0D[LPXP GH SUHVVLRQ j QH SDV
GpSDVVHU ORUVTX¶RQ JRQIOH XQ SQHX
j IURLG
. ,QGLFH GH FKDUJH PD[LPDOH
,QGLFH GH FKDUJH PD[LPDOH SRXU XQ
SQHX j OD SUHVVLRQ PD[LPDOH GH
JRQIODJH DGPLVVLEOH
. 3RLGV GX YpKLFXOH j OD FKDUJH
PD[LPDOH
/D VRPPH GH
D 3RLGV HQ RUGUH GH PDUFKH
E 3RLGV GHV DFFHVVRLUHV
F &KDUJH XWLOH GX YpKLFXOH
G 3RLGV GHV RSWLRQV GH SURGXF
WLRQ
. 3UHVVLRQ GH JRQIODJH PD[LPDOH
DGPLVVLEOH
0D[LPXP GH SUHVVLRQ j QH SDV
GpSDVVHU ORUVTX¶RQ JRQIOH XQ SQHX
j IURLG
. -DQWH JUDGXpH
-DQWH VXU ODTXHOOH OH SQHX HVW
PRQWp SRXU UpSRQGUH DX[ VSpFLIL
FDWLRQV SK\VLTXHV
. 3RLGV QRUPDO GHV RFFXSDQWV
NJ OEV PXOWLSOLp SDU OH
QRPEUH G¶RFFXSDQWV LQGLTXp GDQV
OD GHX[LqPH FRORQQH GX 7DEOHDX DMRXWp j OD ILQ GH FHWWH VHFWLRQ
. 5pSDUWLWLRQ GHV RFFXSDQWV
5pSDUWLWLRQ GHV RFFXSDQWV GDQV XQ
YpKLFXOH FRQIRUPpPHQW j OD WURL
VLqPH FRORQQH GX 7DEOHDX DMRXWp
j OD ILQ GH FHWWH VHFWLRQ
. 5DFFRUG RXYHUW
7RXWH VpSDUDWLRQ DX QLYHDX GX
UDFFRUGHPHQW G¶XQH EDQGH GH URX
OHPHQW G¶XQ IODQF G¶XQH FKHPLVH
LQWpULHXUH GH SQHX TXL V¶pWHQG DX
FRPSRVDQW GX ILO FkEOp
. 'LDPqWUH H[WHUQH
'LDPqWUH WRWDO G¶XQ SQHX QHXI JRQ
IOp
. /DUJHXU KRUVWRXW
'LVWDQFH OLQpDLUH HQWUH OHV H[Wp
ULHXUV GHV IODQFV G¶XQ SQHX JRQIOp
\ FRPSULV OHV pOpYDWLRQV OLpHV j
± 68,7( ±
,QIRUPDWLRQV DX FRQVRPPDWHXU HW GpFODUDWLRQ HQ FDV GH GpIDXW GH VpFXULWp,QIRUPDWLRQV VXU OHV SQHXV
O¶pWLTXHWDJH DX[ GpFRUDWLRQV DX[
EDQGHV RX VWULHV SURWHFWULFHV
. 3QHX GH YpKLFXOH GH WRXULVPH
3QHX GHVWLQp j O¶XWLOLVDWLRQ VXU GHV
YpKLFXOHV GH WRXULVPH GHV YpKLFX
OHV GH WRXULVPH j XVDJHV PXOWLSOHV
HW GHV FDPLRQV TXL RQW XQ SRLGV
QRPLQDO EUXW GX YpKLFXOH *9:5
JURVV YHKLFOH ZHLJKW UDWLQJ GH
NJ OEV RX PRLQV
. &RXFKHV
&RXFKH GH ILOV FkEOpV SDUDOOqOHV
HQUREpV GH FDRXWFKRXF
. 6pSDUDWLRQ GHV FRXFKHV
6pSDUDWLRQ GX FRPSRVp HQ FDRXW
FKRXF HQWUH OHV FRXFKHV DGMDFHQ
WHV
. 3QHX SQHXPDWLTXH
'LVSRVLWLI PpFDQLTXH IDLW GH FDRXW
FKRXF GH FRPSRVDQW FKLPLTXH GH
PpWDO HW G¶DFLHU RX G¶DXWUHV PDWp
ULDX[ TXL PRQWp VXU XQH URXH
G¶DXWRPRELOH JpQqUH XQH WUDFWLRQ
HW UHWLHQW OH JD] RX OH OLTXLGH TXL
VXSSRUWH OD FKDUJH
. 3RLGV GHV RSWLRQV GH SURGXFWLRQ
3RLGV WRWDO GHV RSWLRQV GH SURGXF
WLRQ RUGLQDLUHV HIIHFWLYHPHQW LQVWDO
OpHV HQWUDvQDQW XQ VXUSRLGV GH SOXV
GH NJ OEV SDU UDSSRUW DX[
pTXLSHPHQWV VWDQGDUG TX¶LOV UHP
SODFHQW HW TXL Q¶RQW SDV pWp SUp
FpGHPPHQW SULV HQ FRPSWH GDQV OH
SRLGV HQ RUGUH GH PDUFKH RX GDQV
OH SRLGV GHV DFFHVVRLUHV LQFOXDQW
OHV IUHLQV SRXU YpKLFXOHV ORXUGV OHV
QLYHOHXUV GH FRQGXLWH OH VXSSRUW GH
WRLW OD EDWWHULH SRXU YpKLFXOHV
ORXUGV HW OD ILQLWLRQ VSpFLDOH
IODJH SOXV pOHYpHV TXH FHOOHV GX
SQHX VWDQGDUG pTXLYDOHQW
. 3QHX DYHF FRXFKHV UDGLDOHV
. 'pVLJQDWLRQ GX W\SH GH MDQWH
3QHX SQHXPDWLTXH DX QLYHDX GX
TXHO OHV QDSSHV GH ILOV FkEOpV TXL VH
SURORQJHQW DX[ WDORQV VRQW GLVSR
VpHV HQ DQJOHV G¶HQYLURQ GHJUpV
SDU UDSSRUW DX FHQWUH GH OD EDQGH
GH URXOHPHQW GX SQHX
. 3UHVVLRQ GH JRQIODJH UHFRP
PDQGpH
3UHVVLRQ GH JRQIODJH j IURLG UHFRP
PDQGpH SDU OH FRQVWUXFWHXU GX
YpKLFXOH
. 3QHX UHQIRUFp
3QHX FRQoX SRXU VXSSRUWHU GHV
FKDUJHV HW XQH SUHVVLRQ GH JRQ
. -DQWH
0pWDO GH VRXWLHQ GH SQHX RX DV
VHPEODJH GH WXEH HW GH SQHX VXU
OHTXHO UHSRVHQW OHV WDORQV GX SQHX
. 'LDPqWUH GH OD MDQWH
'LDPqWUH QRPLQDO GX VLqJH GX
WDORQ
. 'pVLJQDWLRQ GH OD WDLOOH GH OD
MDQWH
/DUJHXU HW GLDPqWUH GH OD MDQWH
/HV IDEULFDQWV XWLOLVHQW XQ VW\OH RX
XQ FRGH SRXU GpVLJQHU OD MDQWH
. /DUJHXU GH OD MDQWH
'LVWDQFH QRPLQDOH HQWUH OHV EULGHV
GH OD MDQWH
. /DUJHXU GH OD VHFWLRQ
'LVWDQFH OLQpDLUH HQWUH OHV H[Wp
ULHXUV GHV IODQFV G¶XQ SQHX JRQIOp
QRQFRPSULV OHV pOpYDWLRQV OLpHV j
O¶pWLTXHWDJH DX[ GpFRUDWLRQV RX
DX[ EDQGHV SURWHFWULFHV
. )ODQF
3RUWLRQ GX SQHX FRPSULVH HQWUH OD
EDQGH GH URXOHPHQW HW OH WDORQ
,QIRUPDWLRQV DX FRQVRPPDWHXU HW GpFODUDWLRQ HQ FDV GH GpIDXW GH VpFXULWp,QIRUPDWLRQV VXU OHV SQHXV
. 6pSDUDWLRQ GX IODQF
. 6WULH GH OD EDQGH GH URXOHPHQW
6pSDUDWLRQ HQWUH OH FRPSRVp HQ
FDRXWFKRXF HW OH FRPSRVDQW GX ILO
FkEOp GDQV OH IODQF
6HFWLRQ GH OD EDQGH URXODQW HQ
FLUFRQIpUHQFH DXWRXU G¶XQ SQHX
. 6pSDUDWLRQ GH OD EDQGH GH URXOH
. 3QHX QHLJH
PHQW
8Q SQHX TXL DWWHLQW XQ LQGLFH GH
WUDFWLRQ pJDO RX VXSpULHXU j FRPSDUp DX SQHX G¶HVVDL GH UpIp
UHQFH VWDQGDUG $670 ( ORUV
GH O¶H[pFXWLRQ GH O¶HVVDL GH WUDFWLRQ
GDQV OD QHLJH FRPPH GpFULW GDQV
$670 ) 0pWKRGH G¶HVVDL
VWDQGDUG SRXU WUDFWLRQ GH FRQGXLWH
VXU URXH XQLTXH HQ OLJQH GURLWH VXU
GHV VXUIDFHV FRXYHUWHV GH QHLJH HW
GH JODFH HW TXL HVW PDUTXp G¶XQ
V\PEROH DOSLQ ³ ´ VXU DX PRLQV XQ
IODQF
'pWDFKHU OD EDQGH GH URXOHPHQW GH
OD FDUFDVVH GX SQHX
. -DQWH G¶HVVDL
-DQWH VXU ODTXHOOH HVW PRQWp XQ
SQHX SRXU OH WHVW HW FH TXL SHXW rWUH
WRXWH MDQWH MXJpH DSWH j O¶XWLOLVDWLRQ
DYHF FH SQHX
. %DQGH GH URXOHPHQW
3RUWLRQ GX SQHX TXL HQWUH HQ
FRQWDFW DYHF OD URXWH
. ,QGLFDWHXUV G¶XVXUH GH OD EDQGH
GH URXOHPHQW 7:, 7UHDGZHDU LQGL
FDWRUV
/HV SURMHFWLRQV GHV VLOORQV SULQFL
SDX[ VRQW FRQoXHV SRXU GRQQHU
XQH LQGLFDWLRQ YLVXHOOH VXU OH QLYHDX
G¶XVXUH GH OD EDQGH
. &KDUJH XWLOH GX YpKLFXOH
&KDUJH GH PDUFKDQGLVHV HW EDJD
JHV KRPRORJXpH SOXV NJ OEV PXOWLSOLp SDU OD FDSDFLWp HQ
SODFHV UHFRPPDQGpH SRXU OH YpKL
FXOH
. &KDUJH QRUPDOH GX YpKLFXOH SDU
SQHX
&KDUJH VXSSRUWpH SDU XQ SQHX TXL
VH GpWHUPLQH SDU UpSDUWLWLRQ VXU
FKDTXH HVVLHX GX WRWDO GX SRLGV
GX YpKLFXOH HQ RUGUH GH PDUFKH GX
SRLGV GHV DFFHVVRLUHV HW GX SRLGV
QRUPDO G¶XQ RFFXSDQW GLVWULEXp
FRQIRUPpPHQW DX 7DEOHDX TXL
HVW DMRXWp j OD ILQ GH FHWWH VHFWLRQ
HW HQ GLYLVDQW FHWWH FKDUJH j O¶HV
VLHX SDU . eTXLSHPHQW GH PDLQWLHQ GH OD
URXH
eTXLSHPHQW XWLOLVp SRXU PDLQWHQLU
IHUPHPHQW O¶DVVHPEODJH SQHX HW
URXH SHQGDQW O¶HVVDL
. &KDUJH PD[LPDOH GX YpKLFXOH
SDU SQHX
&KDUJH VXSSRUWpH SDU XQ SQHX TXL
VH GpWHUPLQH SDU UpSDUWLWLRQ VXU
FKDTXH HVVLHX GX SRLGV GX YpKLFXOH
j OD FKDUJH PD[LPDOH HW HQ GLYLVDQW
FHWWH FKDUJH j O¶HVVLHX SDU ± 68,7( ±
,QIRUPDWLRQV DX FRQVRPPDWHXU HW GpFODUDWLRQ HQ FDV GH GpIDXW GH VpFXULWp,QIRUPDWLRQV VXU OHV SQHXV
7DEOHDX ² 5pSDUWLWLRQ GH OD FKDUJH HW GHV RFFXSDQWV SRXU OD FKDUJH
QRUPDOH GX YpKLFXOH SRXU OD FDSDFLWp HQ SODFHV UHFRPPDQGpH
1RPEUH GH SODFHV &KDUJH QRUPDOH GX Yp 5pSDUWLWLRQ GHV RFFXSDQWV
UHFRPPDQGpHV
KLFXOH QRPEUH G¶RFFX GDQV XQ YpKLFXOH QRUPD
QRPEUH G¶RFFXSDQWV
SDQWV
OHPHQW FKDUJp
j
j O¶DYDQW
j O¶DYDQW GDQV OH
j GHX[LqPH VLqJH
j O¶DYDQW GDQV OH
GHX[LqPH VLqJH GDQV OH
j WURLVLqPH VLqJH GDQV OH
TXDWULqPH VLqJH
j O¶DYDQW GDQV OH
GHX[LqPH VLqJH GDQV OH
j WURLVLqPH VLqJH GDQV OH
TXDWULqPH VLqJH
& 6RLQV GHV SQHXV ± HQWUHWLHQ HW
SUDWLTXHV GH VpFXULWp
. 9pULILH] TXRWLGLHQQHPHQW TXH OHV
SQHXV QH SUpVHQWHQW QL GRPPDJHV
JUDYHV YLVLEOHV QL LQFUXVWDWLRQV GH
FORXV RX GH SLHUUH 9pULILH] pJDOH
PHQW TXH OHV SQHXV QH SUpVHQWHQW
SDV GH VLJQHV G¶XVXUH DQRUPDOH
.
,QVSHFWH] UpJXOLqUHPHQW OD
EDQGH GH URXOHPHQW GHV SQHXV HW
UHPSODFH] OHV SQHXV DYDQW TXH OHV
LQGLFDWHXUV G¶XVXUH GH OD EDQGH GH
URXOHPHQW QH GHYLHQQHQW YLVLEOHV
/RUVTXH O¶LQGLFDWHXU G¶XVXUH GH OD
EDQGH GH URXOHPHQW G¶XQ SQHX HVW
DSSDUHQW OH SQHX HVW XVp DXGHOj
GH OD OLPLWH DFFHSWDEOH HW GRLW rWUH
LPPpGLDWHPHQW UHPSODFp $YHF XQ
SQHX GDQV FHW pWDW OD FRQGXLWH SDU
WHPSV GH SOXLH PrPH j SHWLWH
YLWHVVH SHXW IDLUH SDUWLU OH YpKLFXOH
HQ DTXDSODQDJH ,O SHXW HQ UpVXOWHU
XQ DFFLGHQW SDU SHUWH GH FRQWU{OH GX
YpKLFXOH
,QIRUPDWLRQV DX FRQVRPPDWHXU HW GpFODUDWLRQ HQ FDV GH GpIDXW GH VpFXULWp,QIRUPDWLRQV VXU OHV SQHXV
. $X PRPHQW GH OD SHUPXWDWLRQ
GHV URXHV UHPSODFH] WRXW SQHX
HQGRPPDJp RX SUpVHQWDQW XQH
XVXUH LQpJDOH 3RXU GHV LQIRUPD
WLRQV UHODWLYHV j O¶RUGUH GH URWDWLRQ
GHV SQHXV UHSRUWH]YRXV j ³3HU
PXWDWLRQ GHV URXHV´ ) $SUqV
SHUPXWDWLRQ UpJOH] OD SUHVVLRQ GH
JRQIODJH GHV SQHXV HW YpULILH] TXH
OHV pFURXV GH URXH VRQW FRUUHFWH
PHQW VHUUpV 3RXU GHV LQIRUPDWLRQV
VXU OH FRXSOH GH VHUUDJH HW O¶RUGUH
GH VHUUDJH GHV pFURXV GH URXH
UHSRUWH]YRXV j ³&UHYDLVRQV´ )
& /LPLWH GH FKDUJH GX YpKLFXOH
± FRPPHQW OD GpWHUPLQHU
/D FKDUJH DGPLVVLEOH GH YRWUH
YpKLFXOH HVW GpWHUPLQpH SDU OH
SRLGV HW QRQ SDV SDU O¶HVSDFH
GLVSRQLEOH /D OLPLWH GH FKDUJH GH
YRWUH YpKLFXOH HVW LQGLTXpH VXU OD
SODTXH GH YpKLFXOH IL[pH DX PRQ
WDQW % GX F{Wp GX FRQGXFWHXU 6XU
FHWWH SODTXH YRXV WURXYHUH] O¶LQGL
FDWLRQ ³/H WRWDO GX SRLGV GHV
RFFXSDQWV HW GX SRLGV GX FKDUJH
PHQW QH GRLW MDPDLV GpSDVVHU ;;;
NJ RX ;;; OEV´
/D SODTXH GH YpKLFXOH LQGLTXH DXVVL
OH QRPEUH GH SODFHV DVVLVHV GH
YRWUH YpKLFXOH
/D FDSDFLWp GH FKDUJH WRWDOH
FRPSUHQG OH SRLGV WRWDO GX FRQGXF
WHXU HW GH SDVVDJHUV GH OHXUV HIIHWV
SHUVRQQHOV GX FKDUJHPHQW HW GH
WRXV OHV pTXLSHPHQWV HQ RSWLRQ WHOV
TXH JDOHULH GH WRLW SRUWHELF\FOHW
WHV HWF /D FDSDFLWp GH FKDUJHPHQW
SHXW VH FDOFXOHU SDU OD IRUPXOH
VXLYDQWH
UHPRUTXDJH 3DU FRQVpTXHQW
QH YRXV VHUYH] MDPDLV GH YRWUH
YpKLFXOH SRXU WUDFWHU XQH UH
PRUTXH
! &DOFXO GH OD FKDUJH WRWDOH HW
GH OD FDSDFLWp GH FKDUJH VHORQ
OD FRQILJXUDWLRQ HQ RFFXSDQWV
&DOFXORQV OD FDSDFLWp GH FKDUJH
GLVSRQLEOH GDQV OH FDV GHV H[HP
SOHV VXLYDQWV
([HPSOH $
&DSDFLWp GH FKDUJHPHQW
/LPLWH
GH FKDUJH í SRLGV WRWDO G¶RFFX
SDQWV SRLGV WRWDO G¶pTXLSHPHQWV
HQ RSWLRQ
3RXU GH SOXV DPSOHV LQIRUPDWLRQV
VXU OH FKDUJHPHQW GX YpKLFXOH
UHSRUWH]YRXV j ³&KDUJHPHQW GX
YpKLFXOH´ )
$77(17,21
9RWUH YpKLFXOH Q¶HVW QL FRQoX
QL GHVWLQp j rWUH XWLOLVp SRXU OH
/D FKDUJH XWLOH GX YpKLFXOH HVW GH
NJ OEV FH TXL HVW LQGLTXp
VXU OD SODTXH GX YpKLFXOH TXL SRUWH
± 68,7( ±
,QIRUPDWLRQV DX FRQVRPPDWHXU HW GpFODUDWLRQ HQ FDV GH GpIDXW GH VpFXULWp,QIRUPDWLRQV VXU OHV SQHXV
OD PHQWLRQ ³/H WRWDO GX SRLGV GHV
RFFXSDQWV HW GX SRLGV GX FKDUJH
PHQW QH GRLW MDPDLV GpSDVVHU NJ RX OEV´
TX¶RQ SRXUUDLW HQFRUH WUDQVSRUWHU
XQ FKDUJHPHQW VXSSOpPHQWDLUH GH
NJ OEV ([HPSOH %
3DU H[HPSOH OH YpKLFXOH WUDQVSRUWH
XQH SHUVRQQH SHVDQW NJ OEV SOXV XQ FKDUJHPHQW GH NJ
OEV &DOFXORQV OH SRLGV WRWDO
&DOFXORQV OD FDSDFLWp GH FKDUJH
HQFRUH GLVSRQLEOH 3RXU FHOD LO IDXW
VRXVWUDLUH OH SRLGV WRWDO FLGHVVXV
GH OD FKDUJH XWLOH GX YpKLFXOH GH
NJ OEV &DOFXORQV OD FDSDFLWp GH FKDUJH
HQFRUH GLVSRQLEOH
6XSSRVRQV TX¶XQH SHUVRQQH SH
VDQW NJ OEV PRQWH PDLQWH
QDQW j ERUG GX PrPH YpKLFXOH FH
TXL SRUWH OH QRPEUH G¶RFFXSDQWV j
GHX[ /HV FDOFXOV V¶pWDEOLVVHQW
DORUV FRPPH VXLW
&DOFXORQV OH SRLGV WRWDO
/H SRLGV WRWDO H[FqGH PDLQWH
QDQW OD FKDUJH XWLOH GH NJ OEV HW LO YD GRQF IDOORLU UpGXLUH OH
SRLGV GX FKDUJHPHQW G¶DX PRLQV NJ OEV ([HPSOH $
$77(17,21
'X FDOFXO GH O¶pWDSH LO UpVXOWH
9RWUH YpKLFXOH Q¶HVW QL FRQoX
QL GHVWLQp j rWUH XWLOLVp SRXU OH
UHPRUTXDJH 3DU FRQVpTXHQW
,QIRUPDWLRQV DX FRQVRPPDWHXU HW GpFODUDWLRQ HQ FDV GH GpIDXW GH VpFXULWp,QIRUPDWLRQV VXU OHV SQHXV
QH YRXV VHUYH] MDPDLV GH YRWUH
YpKLFXOH SRXU WUDFWHU XQH UH
PRUTXH
/D FKDUJH XWLOH GX YpKLFXOH HVW GH
NJ OEV FH TXL HVW LQGLTXp
VXU OD SODTXH GX YpKLFXOH TXL SRUWH
OD PHQWLRQ ³/H WRWDO GX SRLGV GHV
RFFXSDQWV HW GX SRLGV GX FKDUJH
PHQW QH GRLW MDPDLV GpSDVVHU NJ RX OEV´
3DU H[HPSOH OH YpKLFXOH WUDQVSRUWH
XQH SHUVRQQH SHVDQW NJ OEV SOXV XQ FKDUJHPHQW GH NJ
OEV 'H SOXV OH YpKLFXOH HVW
pTXLSp G¶XQ DWWHODJH GH UHPRUTXH
SHVDQW NJ OEV j ODTXHOOH HVW
DWWDFKpH XQH UHPRUTXH SHVDQW NJ OEV GX SRLGV GH OD
UHPRUTXH V¶H[HUFH VXU OH WULDQJOH
G¶DWWHODJH F¶HVWjGLUH TXH OD
FKDUJH GX WULDQJOH G¶DWWHODJH HVW
GH NJ > OEV@ &DOFXORQV OH SRLGV WRWDO
XQ FKDUJHPHQW VXSSOpPHQWDLUH GH
NJ OEV ([HPSOH %
$77(17,21
9RWUH YpKLFXOH Q¶HVW QL FRQoX
QL GHVWLQp j rWUH XWLOLVp SRXU OH
UHPRUTXDJH 3DU FRQVpTXHQW
QH YRXV VHUYH] MDPDLV GH YRWUH
YpKLFXOH SRXU WUDFWHU XQH UH
PRUTXH
&DOFXORQV OD FDSDFLWp GH FKDUJH
HQFRUH GLVSRQLEOH
'X FDOFXO GH O¶pWDSH LO UpVXOWH
TX¶RQ SRXUUDLW HQFRUH WUDQVSRUWHU
6XSSRVRQV TX¶XQH SHUVRQQH SH
VDQW NJ OEV HW TX¶XQ HQIDQW
SHVDQW NJ OEV PRQWHQW
PDLQWHQDQW j ERUG GX PrPH YpKL
± 68,7( ±
,QIRUPDWLRQV DX FRQVRPPDWHXU HW GpFODUDWLRQ HQ FDV GH GpIDXW GH VpFXULWp,QIRUPDWLRQV VXU OHV SQHXV
FXOH FH TXL SRUWH OH QRPEUH G¶RF
FXSDQWV j WURLV HW TX¶RQ LQVWDOOH
SRXU O¶HQIDQW XQ VLqJH G¶HQIDQW G¶XQ
SRLGV GH NJ OEV /HV FDOFXOV
V¶pWDEOLVVHQW DORUV FRPPH VXLW
&DOFXORQV OH SRLGV WRWDO
/H SRLGV WRWDO H[FqGH PDLQWH
QDQW OD FKDUJH XWLOH GH NJ OEV HW LO YD GRQF IDOORLU UpGXLUH OH
SRLGV GX FKDUJHPHQW G¶DX PRLQV NJ OEV &DOFXORQV OD FDSDFLWp GH FKDUJH
HQFRUH GLVSRQLEOH
& 3RXU GpWHUPLQHU OD FRPSDWL
ELOLWp HQWUH FDSDFLWpV GH
FKDUJH HW SQHXV GX YpKLFXOH
/D VRPPH GHV FKDUJHV PD[LPDOHV
DGPLVVLEOHV GHV TXDWUH SQHXV GRLW
rWUH VXSpULHXUH DX SRLGV QRPLQDO
EUXW GX YpKLFXOH ³*9:5´ 'H
SOXV OD VRPPH GHV FKDUJHV PD[L
PDOHV DGPLVVLEOHV GHV GHX[ SQHXV
DYDQW HW GHV GHX[ SQHXV DUULqUH GRLW
rWUH VXSpULHXUH DX SRLGV QRPLQDO
EUXW VXU O¶HVVLHX ³*$:5´ /HV
SQHXV G¶RULJLQH pTXLSDQW OH YpKL
FXOH VRQW FRQoXV SRXU UHPSOLU FHV
FRQGLWLRQV
/H SRLGV QRPLQDO EUXW GX YpKLFXOH
HVW DSSHOp HQ DQJODLV *URVV 9HKLFOH
:HLJKW 5DWLQJ *9:5 /D VRPPH
GHV FKDUJHV PD[LPDOHV DGPLVVL
EOHV SDU FKDTXH HVVLHX[ HVW DSSHOp
SRLGV QRPLQDO EUXW VXU O¶HVVLHX VRLW
HQ DQJODLV *URVV $[OH :HLJKW 5DW
LQJ *$:5 /H *9:5 HW OH *$:5
GH FKDFXQ GHV HVVLHX[ VRQW LQGL
TXpV VXU OH VFHDX GH FHUWLILFDWLRQ GX
YpKLFXOH DSSRVp FRQWUH OD SRUWLqUH
GX FRQGXFWHXU
3RXU OD GpWHUPLQDWLRQ GX *9:5 HW
GX *$:5 GHV HVVLHX[ DYDQW HW
DUULqUH LO HVW WHQX FRPSWH QRQ
VHXOHPHQW GH OD FKDUJH PD[LPDOH
DGPLVVLEOH GHV SQHXV PDLV DXVVL
GHV FDSDFLWpV GH FKDUJH GH OD
VXVSHQVLRQ GHV HVVLHX[ HW G¶DXWUHV
pOpPHQWV GH OD FDLVVH GX YpKLFXOH
$XWUHPHQW GLW RQ QH SHXW SDV
FRQVLGpUHU TXH OD FKDUJH GX YpKL
FXOH SHXW WRXMRXUV DOOHU MXVTX¶j OD
FKDUJH PD[LPDOH DGPLVVLEOH LQGL
TXpH VXU OH IODQF GHV SQHXV
,QIRUPDWLRQV DX FRQVRPPDWHXU HW GpFODUDWLRQ HQ FDV GH GpIDXW GH VpFXULWp,QIRUPDWLRQV VXU OHV SQHXV
& &RQVpTXHQFHV VXU OD VpFXULWp
G¶XQH VXUFKDUJH GX YpKLFXOH
FRPSRUWHPHQW DUUrW SQHXV
HWF
6XUFKDUJHU XQ YpKLFXOH SHXW DIIHF
WHU VRQ FRPSRUWHPHQW URXWLHU HW OHV
GLVWDQFHV G¶DUUrW DLQVL TXH OHV
SHUIRUPDQFHV GX YpKLFXOH HW GHV
SQHXV FRPPH LQGLTXp FLDSUqV ,O
SHXW HQ UpVXOWHU XQ DFFLGHQW DYHF
ULVTXH GH JUDYHV EOHVVXUHV SHUVRQ
QHOOHV
. /D VWDELOLWp GX YpKLFXOH HVW
FRPSURPLVH
. /HV FKDUJHV ORXUGHV RX SODFpHV
HQ KDXWHXU DXJPHQWHQW OH ULVTXH GH
UHWRXUQHPHQW GX YpKLFXOH
. /HV GLVWDQFHV G¶DUUrW DXJPHQ
WHQW
. /HV IUHLQV ULVTXHQW GH VXUFKDXI
IHU HW GH QH SOXV IRQFWLRQQHU
. /D VXVSHQVLRQ OHV URXOHPHQWV
OHV HVVLHX[ HW G¶DXWUHV pOpPHQWV GH
OD FDLVVH GX YpKLFXOH ULVTXHQW GH
FDVVHU HW VXELVVHQW XQH XVXUH HW XQ
YLHLOOLVVHPHQW DFFpOpUpV
. /HV SQHXV ULVTXHQW G¶pFODWHU
. /HV EDQGHV GH URXOHPHQW GHV
SQHXV ULVTXHQW GH VH VpSDUHU GHV
SQHXV
. /HV SQHXV ULVTXHQW GH VH VpSD
UHU GH OHXU MDQWH
& eWDSHV GH GpWHUPLQDWLRQ GH OD
OLPLWH GH FKDUJH FRUUHFWH
6XU FHWWH SODTXH YRXV WURXYHUH]
O¶LQGLFDWLRQ ³/H WRWDO GX SRLGV GHV
RFFXSDQWV HW GX SRLGV GX FKDUJH
PHQW QH GRLW MDPDLV GpSDVVHU ;;;
NJ RX ;;; OEV´
&DOFXOH] OH SRLGV WRWDO GX
FRQGXFWHXU HW GHV SDVVDJHUV TXL
VHURQW GDQV OH YpKLFXOH
6RXVWUD\H] FH WRWDO GH OD YDOHXU
;;; NJ RX ;;; OLYUHV
/H UpVXOWDW GH FHWWH VRXVWUDFWLRQ
HVW OH SRLGV PD[LPXP GH PDUFKDQ
GLVHV HW EDJDJHV TXH YRXV SRXUUH]
WUDQVSRUWHU 3DU H[HPSOH VL OD
YDOHXU ³;;;´ HVW NJ OEV
HW TX¶LO \ DXUD SHUVRQQHV GH NJ
OEV j ERUG GX YpKLFXOH YRXV
GLVSRVH] G¶XQH FDSDFLWp GH FKDUJH
GH OEV GH PDUFKDQGLVHV RX
EDJDJHV í 6 OEV
&DOFXOH] OH SRLGV WRWDO GHV PDU
FKDQGLVHV HW EDJDJHV TXH YRXV
DYH] O¶LQWHQWLRQ GH FKDUJHU GDQV OH
YpKLFXOH 3RXU OD VpFXULWp FH SRLGV
QH GRLW SDV GpSDVVHU OD FDSDFLWp GH
FKDUJH TXH YRXV DYH] FDOFXOpH j
O¶pWDSH FLGHVVXV
6L YRXV WUDFWH] XQH UHPRUTXH
DYHF YRWUH YpKLFXOH LO IDXW WHQLU
FRPSWH GH OD FKDUJH TXH OD UH
PRUTXH LPSRVH DX YpKLFXOH
&RQVXOWH] OHV LQIRUPDWLRQV FRUUHV
SRQGDQWHV GX SUpVHQW PDQXHO SRXU
VDYRLU GH FRPELHQ OD FDSDFLWp GH
FKDUJH GLVSRQLEOH SRXU YRV PDU
FKDQGLVHV HW EDJDJHV V¶HQ WURXYH
UpGXLWH
,QIRUPDWLRQV DX FRQVRPPDWHXU HW GpFODUDWLRQ HQ FDV GH GpIDXW GH VpFXULWp1RWDWLRQ VWDQGDUGLVpH GH OD TXDOLWp GHV SQHXV
1RWDWLRQ VWDQGDUGLVpH GH OD
TXDOLWp GHV SQHXV
&HWWH UXEULTXH WUDLWH GHV SHUIRU
PDQFHV GHV SQHXV GH YRLWXUH GH
WRXULVPH HQ FH TXL FRQFHUQH O¶XVXUH
GH OD EDQGH GH URXOHPHQW OD WUDF
WLRQ HW OD UpVLVWDQFH j O¶pFKDXIIH
PHQW (OOH YLVH j DLGHU OH FRQVRP
PDWHXU GDQV VRQ FKRL[ ORUV G¶XQ
DFKDW GH SQHXPDWLTXHV
/HV SQHXV SRUWHQW XQH QRWH GH
TXDOLWp LQVFULWH VXU OH IODQF HQWUH
O¶pSDXOHPHQW GH OD EDQGH GH URXOH
PHQW HW OD SDUWLH ODUJH GX WDORQ 3DU
H[HPSOH
8685( '( /$ %$1'( '( 528/(
0(17 75$&7,21 $$ 7(03e
5$785( $
&HV QRWHV GH TXDOLWp FRQFHUQHQW OHV
SQHXV QHXIV XWLOLVpV VXU OHV YpKLFX
OHV GH WRXULVPH (OOHV QH VRQW
WRXWHIRLV DSSOLFDEOHV QL DX[ SQHXV
j VFXOSWXUHV SURIRQGHV QL DX[
SQHXV QHLJH SRXU O¶KLYHU HW DX[
SQHXV j HQFRPEUHPHQW UpGXLW SRXU
URXHV GH VHFRXUV j XVDJH WHPSR
UDLUH QL DX[ SQHXV SRXU GLDPqWUH
QRPLQDO GH MDQWH LQIpULHXU RX pJDO j
SRXFHV QL j FHUWDLQV SQHXV GH
SURGXFWLRQ OLPLWpH
PHVXUH GHV FRQGLWLRQV G¶XWLOLVDWLRQ
HW YDULHQW GH IDoRQ DSSUpFLDEOH HQ
IRQFWLRQ GHV KDELWXGHV GH FRQGXLWH
GH OD QDWXUH HW GH O¶pWDW GHV URXWHV
HW GX FOLPDW
(Q SOXV GH FHWWH QRWH GH TXDOLWp
WRXV OHV SQHXV SRXU YpKLFXOHV GH
WRXULVPH GRLYHQW rWUH FRQIRUPHV
DX[ )HGHUDO 6DIHW\ 5HTXLUHPHQWV
SUHVFULSWLRQV GH VpFXULWp IpGpUD
OHV & 75$&7,21 $$ $ % &
3RXU OD WUDFWLRQ OHV QRWHV DWWUL
EXpHV VRQW GH OD SOXV KDXWH j OD
SOXV EDVVH $$ $ % HW & &HV
QRWHV UHSUpVHQWHQW O¶DSWLWXGH GX
SQHX j V¶DUUrWHU VXU UHYrWHPHQW
KXPLGH WHOOH TX¶HOOH D pWp PHVXUpH
DX FRXUV G¶HVVDLV HIIHFWXpV GDQV
GHV FRQGLWLRQV GpWHUPLQpHV VXU GHV
VXUIDFHV G¶HVVDLV RIILFLHOOHV HQ Ep
WRQ HW HQ DVSKDOWH 8Q SQHX QRWp &
ULVTXH GH SUpVHQWHU GH PpGLRFUHV
SHUIRUPDQFHV GH WUDFWLRQ
& 8685( '( /$ %$1'( '(
528/(0(17
/D QRWH G¶XVXUH GH OD EDQGH GH
URXOHPHQW pWDEOLW XQH FRPSDUDLVRQ
HQWUH GHV SQHXV VRXPLV j GHV
HVVDLV GDQV OHV FRQGLWLRQV VWULFWH
PHQW GpWHUPLQpHV G¶XQ FLUFXLW G¶HV
VDL RIILFLHO
3DU H[HPSOH VXU FH FLUFXLW G¶HVVDL
RIILFLHO XQ SQHX QRWp V¶XVH XQH
IRLV HW GHPLH PRLQV YLWH
TX¶XQ SQHX QRWp 'DQV OD
SUDWLTXH LO HVW GLIILFLOH GH FRPSDUHU
OHV SHUIRUPDQFHV GHV SQHXV FDU
HOOHV GpSHQGHQW SRXU XQH ODUJH
'$1*(5
/D QRWH GH WUDFWLRQ DWWULEXpH j
XQ SQHX HVW GpWHUPLQpH DX
WHUPH G¶HVVDLV GH IUHLQDJH HQ
OLJQH GURLWH HW QH SUpVXPH SDV
GHV SHUIRUPDQFHV GH WUDFWLRQ
HQ DFFpOpUDWLRQ HQ YLUDJH HQ
,QIRUPDWLRQV DX FRQVRPPDWHXU HW GpFODUDWLRQ HQ FDV GH GpIDXW GH VpFXULWp'pFODUDWLRQ HQ FDV GH GpIDXW GH VpFXULWp SRXU OHV eWDWV
8QLV G¶$PpULTXH
VLWXDWLRQ G¶DTXDSODQDJH RX HQ
SRLQWH
& 7(03e5$785( $ % &
/HV QRWHV GH WHPSpUDWXUH VRQW $ OD
SOXV KDXWH % HW & (OOHV UHSUpVHQ
WHQW OD UpVLVWDQFH GX SQHX j OD
JpQpUDWLRQ GH FKDOHXU HW VRQ DSWL
WXGH j GLVVLSHU OD FKDOHXU FHV
TXDOLWpV D\DQW pWp DSSUpFLpHV HQ
ODERUDWRLUH GDQV GHV FRQGLWLRQV
GpWHUPLQpHV DX PR\HQ G¶XQH URXH
G¶HVVDL 8QH WHPSpUDWXUH pOHYpH
SHUVLVWDQWH SHXW HQWUDvQHU OD GpJUD
GDWLRQ GX PDWpULDX HW OD UpGXFWLRQ
GH OD GXUpH GH VHUYLFH GX SQHX HW
XQH WHPSpUDWXUH H[FHVVLYH SHXW
HQWUDvQHU XQH GpIDLOODQFH VRXGDLQH
/D QRWH & FRUUHVSRQG DX QLYHDX GH
SHUIRUPDQFHV TXH WRXV OHV SQHXV
GH YpKLFXOHV GH WRXULVPH GRLYHQW
DWWHLQGUH VHORQ OHV 1RUPHV IpGpUD
OHV GH VpFXULWp GHV YpKLFXOHV DXWR
PRELOHV )0966 1ž /HV
QRWHV % HW $ VRQW DWWULEXpHV DX[
SQHXPDWLTXHV TXL VXU OD URXH G¶HV
VDL HQ ODERUDWRLUH SUpVHQWHQW XQ
QLYHDX GH SHUIRUPDQFHV VXSpULHXU
DX PLQLPXP H[LJp SDU OD ORL
'$1*(5
/D QRWH GH WHPSpUDWXUH DWWUL
EXpH j XQ SQHX HVW VLJQLILFD
WLYH SRXU XQ SQHX FRQYHQDEOH
PHQW JRQIOp HW TXL Q¶HVW SDV HQ
pWDW GH VXUFKDUJH /D YLWHVVH
H[FHVVLYH OH JRQIODJH LQVXIIL
VDQW HW O¶pWDW GH VXUFKDUJH
LVROpPHQW RX HQ FRPELQDLVRQ
SHXYHQW SURYRTXHU O¶pFKDXIIH
PHQW HW OD GpIDLOODQFH GX SQHX
'pFODUDWLRQ HQ FDV GH GpIDXW
GH VpFXULWp SRXU OHV eWDWV
8QLV G¶$PpULTXH
6L YRXV DYH] GHV UDLVRQV GH FURLUH
TXH YRWUH YpKLFXOH SUpVHQWH XQ
GpIDXW GH QDWXUH j FDXVHU XQ JUDYH
DFFLGHQW DYHF GDQJHU GH EOHVVXUH
RX GH PRUW LO IDXW HQ DYHUWLU
O¶$GPLQLVWUDWLRQ 1DWLRQDOH GH OD
6pFXULWp 5RXWLqUH 1+76$ HQ SOXV
GH OD UpFODPDWLRQ TXH YRXV IHUH]
DXSUqV GH 6XEDUX RI $PHULFD ,QF
6L OD 1+76$ UHoRLW G¶DXWUHV SODLQWHV
VLPLODLUHV HOOH SHXW RXYULU XQH
HQTXrWH HW V¶LO V¶DYqUH TX¶XQH VpULH
GH YpKLFXOHV SUpVHQWH XQ GpIDXW GH
VpFXULWp HOOH SHXW H[LJHU OH UDSSHO
HW OD PRGLILFDWLRQ GH FHV YpKLFXOHV
/D 1+76$ Q¶HVW WRXWHIRLV SDV KD
ELOLWpH j LQWHUYHQLU GDQV OHV GLIIp
UHQGV HQWUH 6XEDUX RI $PHULFD ,QF
VHV FRQFHVVLRQQDLUHV HW VHV FOL
HQWV 3RXU HQWUHU HQ FRQWDFW DYHF
OH VHUYLFH 6pFXULWp $XWRPRELOH GH OD
1+76$ YRXV SRXYH] WpOpSKRQHU
HQ XWLOLVDQW OD OLJQH GLUHFWH j DSSHO
± 68,7( ±
,QIRUPDWLRQV DX FRQVRPPDWHXU HW GpFODUDWLRQ HQ FDV GH GpIDXW GH VpFXULWp'pFODUDWLRQ HQ FDV GH GpIDXW GH VpFXULWp SRXU OHV eWDWV
8QLV G¶$PpULTXH
OLEUH 77< DOOH] VXU KWWSZZZVD
IHUFDUJRY RX DGUHVVH]YRXV j
$GPLQLVWUDWRU 1+76$ 1HZ
-HUVH\ $YHQXH 6( :HVW %XLOGLQJ
:DVKLQJWRQ '& 9RXV SRX
YH] pJDOHPHQW REWHQLU GH SOXV
DPSOHV LQIRUPDWLRQV FRQFHUQDQW OD
VpFXULWp GHV YpKLFXOHV j PRWHXU VXU
KWWSZZZVDIHUFDUJRY
,QGH[
,QGH[
$
$%6 V\VWqPH GH IUHLQV DQWLEORFDJH $FFqV VDQV FOp DYHF V\VWqPH GH GpPDUUDJH j ERXWRQ
SRXVVRLU $FFHVVRLUHV $FFRXGRLU $IILFKDJH GHV LQVWUXPHQWV GH ERUG
pFUDQ /&' HQ FRXOHXU $IILFKDJH PXOWLIRQFWLRQV pFUDQ /&' HQ FRXOHXU $MXVWHPHQW GH OD KDXWHXU GX FRXVVLQ GH VLqJH
VLqJH GX FRQGXFWHXU $MXVWHPHQW GHV DSSXLVWrWH $MXVWHPHQW YHUV O¶DYDQW HW YHUV O¶DUULqUH $OFRRO HW FRQGXLWH $OHUWH GH FURLVHPHQW HQ PDUFKH DUULqUH 5&7$ $PSRXOHV pOHFWULTXHV $QFUDJHV GH ORQJH VXSpULHXUH $QLPDX[ GH FRPSDJQLH j ERUG GX YpKLFXOH $QWHQQH $QWHQQH GH WRLW $SSHOV GH SKDUHV $VVLVWDQFH GH FKDQJHPHQW GH YRLH /&$ $YDQW GH SUHQGUH OD URXWH $YHUWLVVHPHQW GH IUHLQ GH VWDWLRQQHPHQW pOHFWURQLTXH
PRGqOHV DYHF V\VWqPH GH IUHLQ GH VWDWLRQQHPHQW
pOHFWURQLTXH $YHUWLVVHPHQW GX V\VWqPH GH IUHLQ GH VWDWLRQQHPHQW
pOHFWURQLTXH $YHUWLVVHXU VRQRUH $YHUWLVVHXUV VRQRUHV HW LQGLFDWHXU G¶DYHUWLVVHPHQW $YHUWLVVHXUV VRQRUHV HW LQGLFDWHXU G¶DYHUWLVVHPHQW GH
O¶DFFqV VDQV FOp DYHF V\VWqPH GH GpPDUUDJH
j ERXWRQSRXVVRLU %
%DODQFHPHQW GX YpKLFXOH %DWWHULH %RvWH j JDQWV %RvWH GH YLWHVVHV PDQXHOOH %RvWH GH YLWHVVHV PDQXHOOH KXLOH GX GLIIpUHQWLHO DYDQW
HW DUULqUH %RXJLHV G¶DOOXPDJH %RXJLHV G¶DOOXPDJH UHFRPPDQGpHV %6'5&7$ &
&DPpUD GH UHFXO &DSLWRQV HQ VLPLOLFXLU &DSRW PRWHXU &DSWHXU SRXU OHV SKDUHV j DFWLYDWLRQGpVDFWLYDWLRQ
DXWRPDWLTXH &DUDFWpULVWLTXHV WHFKQLTXHV &DUEXUDQW &HLQWXUHV GH VpFXULWp &HQGULHU &KDvQHV DQWLGpUDSDQWHV &KDUJH XWLOH GX YpKLFXOH &KDUJHPHQW GX YpKLFXOH &OpV &OLJQRWDQW GH GLUHFWLRQ DYDQW
PRGqOHV DYHF OHV SKDUHV /(' ,QGH[
&RIIUH j EDJDJHV &RPPDQGH GH GpVDFWLYDWLRQ %6'5&7$ &RPPDQGH GH GpVDFWLYDWLRQ GX &RQWU{OH GH
'\QDPLTXH GX 9pKLFXOH &RPPDQGH GH UpJODJH GHV pFODLUDJHV &RPPDQGH GHV DpUDWHXUV &RPPDQGH GHV SKDUHV DQWLEURXLOODUG &RPPDQGHV G¶HVVXLHJODFH HW GH ODYHJODFH GH
SDUHEULVH &RPPHQW YHUURXLOOHU HW GpYHUURXLOOHU &RPPXWDWHXUV GH YHUURXLOODJH pOHFWULTXH GHV SRUWLqUHV &RPSWHWRXUV &RPSWHXU MRXUQDOLHU &RPSWHXU WRWDOLVDWHXU &RPSWHXUV HW MDXJHV &RQGXLWH j O¶pWUDQJHU &RQGXLWH HQ KLYHU &RQGXLWH VXU URXWHV HQQHLJpHV HW YHUJODFpHV &RQVHLOV j SURSRV GHV FHLQWXUHV GH VpFXULWp &RQVHLOV G¶HQWUHWLHQ &RQVHLOV GH FRQGXLWH &RQVHLOV GH FRQGXLWH SRXU OHV PRGqOHV j WUDFWLRQ
LQWpJUDOH $:' &RQVHLOV GH VWDWLRQQHPHQW &RQVHLOV SRXU pFRQRPLVHU OH FDUEXUDQW &RQVROH FHQWUDOH &RQWDFWHXU G¶DOOXPDJH &RQWU{OH GH OD FRXUVH OLEUH GH OD SpGDOH G¶HPEUD\DJH &RQWU{OH GH OD FRXUVH OLEUH GH OD SpGDOH GH IUHLQ &RQWU{OH GH OD JDUGH GH OD SpGDOH GH IUHLQ &RQWU{OH GX IRQFWLRQQHPHQW GH O¶HPEUD\DJH &RQWU{OH GX QLYHDX G¶KXLOH &RQWU{OH GX QLYHDX GH OLTXLGH &RQWU{OH GX QLYHDX GH OLTXLGH GH UHIURLGLVVHPHQW &RQYHUWLVVHXU FDWDO\WLTXH &RXUURLHV G¶HQWUDvQHPHQW &RXUVH GX IUHLQ GH VWDWLRQQHPHQW PRGqOHV VDQV
V\VWqPH GH IUHLQ GH VWDWLRQQHPHQW pOHFWURQLTXH &RXVVLQ GH VpFXULWp ODWpUDO 656 HW ULGHDX GH VpFXULWp
656 &RXVVLQV GH VpFXULWp 656 FRXVVLQV GH VpFXULWp GX
6\VWqPH GH 5HWHQXH 6XSSOpPHQWDLUH &UHYDLVRQV &URFKHWVWURXV GH UHPRUTXDJH HW G¶DUULPDJH '
'pJLYUDJH 'pPDUUDJH j O¶DLGH GH FkEOHV YRODQWV 'pPDUUDJH HW DUUrW GX PRWHXU 'pVDFWLYDWLRQ GH OD IRQFWLRQ G¶DFFqV VDQV FOp 'pVHPEXHXU HW GpJLYUHXU 'pYHUURXLOODJH j O¶DLGH GH O¶DFFqV SDU FRGH 3,1 'LIIpUHQWLHO j PRXYHPHQW OLPLWp /6' 'LIIpUHQWLHO FHQWUDO j FRPPDQGH SDU OH FRQGXFWHXU 'LPHQVLRQV 'LVSRVLWLI GH PDLQWLHQ SRXU GpPDUUDJH HQ F{WH
YpKLFXOHV j ERvWH GH YLWHVVHV PDQXHOOH 'LVSRVLWLI GH UpJODJH DXWRPDWLTXH GH SRUWpH GHV
SKDUHV PRGqOHV DYHF SKDUHV /(' 'LVSRVLWLI GH UpJODJH GH SRUWpH GHV SKDUHV 'LVTXH GH IUHLQ ,QGH[
(
(%' UpSDUWLWLRQ pOHFWURQLTXH GH OD IRUFH GH
IUHLQDJH eFODLUDJH GH SODTXH G¶LPPDWULFXODWLRQ eFODLUDJH LQWpULHXU eFUDQ GH OD FRQVRPPDWLRQ GH FDUEXUDQW eFUDQV SULQFLSDX[ eOHFWULFLWp eOpPHQW GX ILOWUH j DLU ePLVVLRQ G¶XQH DODUPH G¶DSSHO DX VHFRXUV (QFDXVWLTXDJH HW SROLVVDJH (QUHJLVWUHXU GH GRQQpHV (QURXOHXU j EORFDJH DXWRPDWLTXHHQURXOHXU j EORFDJH
G¶XUJHQFH $/5(/5 (QURXOHXU j EORFDJH G¶XUJHQFH (/5 (QVHPEOH EDODLV G¶HVVXLHJODFH GH SDUHEULVH (QWUHWLHQ GHV FHLQWXUHV GH VpFXULWp (QWUHWLHQ GX V\VWqPH GHV FRXVVLQV GH VpFXULWp 656 eTXLOLEUDJH GHV URXHV eTXLSHPHQW DXGLR (VSDFH GH UDQJHPHQW (VVDL G¶pPLVVLRQ GH SROOXDQWV eWDWV8QLV XQLTXHPHQW (VVXLHJODFH GH SDUHEULVH (VVXLHJODFH HW ODYHJODFH )
)DWLJXH VRPPHLO HW FRQGXLWH )HX GH FURLVHPHQW IHX GH JDEDULW DYDQW IHX GH
VWDWLRQQHPHQW HW FOLJQRWDQW GH GLUHFWLRQ DYDQW )HX GH JDEDULW DYDQW IHX GH VWDWLRQQHPHQW HW
FOLJQRWDQW GH GLUHFWLRQ DYDQW )HX GH URXWH PRGqOHV VDQV SKDUHV /(' )HX[ FRPELQpV DUULqUH )HX[ GH GpWUHVVH )LOWUH j KXLOH )RQFWLRQ G¶DQQXODWLRQ GH O¶DWWpQXDWLRQ DXWRPDWLTXH )RQFWLRQ G¶pFODLUDJH GH ELHQYHQXH )RQFWLRQ GH GHVVHUUDJH DXWRPDWLTXH SDU OD SpGDOH
G¶DFFpOpUDWHXU )RQFWLRQ GH O¶DVVLVWDQW GHV IHX[ GH URXWH
PRGqOHV DYHF OH V\VWqPH (\H6LJKW )RQFWLRQ GH SUpYHQWLRQ GH GpFKDUJHPHQW GH OD EDWWHULH )RQFWLRQ GH YHUURXLOODJH GX OHYLHU VpOHFWHXU )RQFWLRQQHPHQW DXWRPDWLTXH GH OD FOLPDWLVDWLRQ )RQFWLRQQHPHQW GH OD FOLPDWLVDWLRQ PDQXHOOH )UHLQ GH VWDWLRQQHPHQW PRGqOHV VDQV V\VWqPH GH
IUHLQ GH VWDWLRQQHPHQW pOHFWURQLTXH )UHLQ GH VWDWLRQQHPHQW pOHFWURQLTXH PRGqOHV DYHF
V\VWqPH GH IUHLQ GH VWDWLRQQHPHQW pOHFWURQLTXH )UHLQDJH )XVLEOHV )XVLEOHV HW FLUFXLWV *
*DUDQWLHV *$:5 SRLGV QRPLQDO EUXW VXU O¶HVVLHX *D] G¶pFKDSSHPHQW GX PRWHXU
PRQR[\GH GH FDUERQH *9:5 SRLGV QRPLQDO EUXW GX YpKLFXOH +
+RUORJH ,QGH[
+XLOH GH ERvWH GH YLWHVVHV PDQXHOOH +XLOH GH GLUHFWLRQ DVVLVWpH 67, +XLOH GX GLIIpUHQWLHO DYDQW PRGqOHV &97 HW KXLOH GX
GLIIpUHQWLHO DUULqUH +XLOH PRWHXU ,
,GHQWLILFDWLRQ GX YpKLFXOH ,QFOLQDLVRQ GX GRVVLHU ,QGLFDWHXU G¶DYHUWLVVHPHQW ,QGLFDWHXU G¶DYHUWLVVHPHQW %6'5&7$ ,QGLFDWHXU G¶DYHUWLVVHPHQW GH O¶DVVLVWDQW GHV IHX[
GH URXWH MDXQH ,QGLFDWHXU G¶DYHUWLVVHPHQW GH OLTXLGH GH ODYHJODFH GH
SDUHEULVH ,QGLFDWHXU G¶DYHUWLVVHPHQW GH QLYHDX G¶KXLOH PRWHXU EDV
VDXI 67, ,QGLFDWHXU G¶DYHUWLVVHPHQW GHV SKDUHV UpSRQGDQW DX
EUDTXDJH,QGLFDWHXU GH GpVDFWLYDWLRQ GHV SKDUHV
UpSRQGDQW DX EUDTXDJH ,QGLFDWHXU G¶DYHUWLVVHPHQW 5$% ,QGLFDWHXU GH FKDQJHPHQW GH YRLH SDU VLPSOH
SUHVVLRQ ,QGLFDWHXU GH GpVDFWLYDWLRQ %6'5&7$ ,QGLFDWHXU GH OD SRVLWLRQ GX UDSSRUW HQJDJp PRGqOHV
%0 ,QGLFDWHXU GH SDVVDJH DX UDSSRUW VXSpULHXU
67, ,QGLFDWHXU GH QLYHDX GH FDUEXUDQW ,QGLFDWHXU GH SRVLWLRQ GX OHYLHU VpOHFWHXUGX UDSSRUW
HQJDJp PRGqOHV &97 ,QGLFDWHXU GH UpJODJH GX UpJXODWHXU GH YLWHVVH ,QGLFDWHXU GH UpJXODWHXU GH YLWHVVH ,QGLFDWHXU GH YLWHVVH ,QGLFDWHXU 6,'5,9( ,QGLFDWHXUV G¶XVXUH ,QGLFDWHXUV G¶XVXUH GHV SODTXHWWHV GH IUHLQ j GLVTXH ,QVSHFWLRQ GHV SQHXV ,QVSHFWLRQV SpULRGLTXHV ,QVWDOODWLRQ G¶XQ V\VWqPH GH UHWHQXH SRXU HQIDQW DX
PR\HQ GHV DQFUDJHV LQIpULHXUV HW ORQJHV /$7&+ ,QVWDOODWLRQ GHV V\VWqPHV GH UHWHQXH DX PR\HQ GH OD
FHLQWXUH GH VpFXULWp $/5(/5 ,QVWDOODWLRQ GX VLqJH UHKDXVVHXU ,QWHUUXSWHXU GH UpWURYLVHXUV WpOpFRPPDQGpV ,QYHUVHXU IHX[ GH URXWHIHX[ GH FURLVHPHQW
JUDGXDWHXU -DQWHV HQ DOOLDJH -DXJH GH WHPSpUDWXUH -DXJH (&2 /
/DPSHV GH OHFWXUH /DYDJH /HV SKDUHV UpSRQGDQW DX EUDTXDJH 65+ /LTXLGH G¶HPEUD\DJH PRGqOHV %0 /LTXLGH G¶HPEUD\DJH UHFRPPDQGp /LTXLGH GH IUHLQ /LTXLGH GH IUHLQ UHFRPPDQGp /LTXLGH GH ODYHJODFH GH SDUHEULVH /LTXLGH GH UHIURLGLVVHPHQW GX PRWHXU /LTXLGH GH WUDQVPLVVLRQ j YDULDWLRQ FRQWLQXH ,QGH[
/LTXLGH UHFRPPDQGp /LTXLGHV /LVWH G¶DEUpYLDWLRQV /LVWH GHV DYHUWLVVHPHQWV /6' GLIIpUHQWLHO j PRXYHPHQW OLPLWp 0
0DQHWWH GHV FOLJQRWDQWV GH GLUHFWLRQ 0pGLFDPHQWV HW FRQGXLWH 0LURLU GH FRXUWRLVLH 0LVHV HQ JDUGH FRQFHUQDQW OD VpFXULWp 0RQLWHXU GH V\VWqPH GX &RQWU{OH GH '\QDPLTXH GX
9pKLFXOH 0RXOXUH GH WRLW HW EDUUH GH WRLW 1
1HWWR\DJH GH O¶KDELWDFOH 1HWWR\DJH GH OD JULOOH GH SULVH G¶DLU 1HWWR\DJH GHV MDQWHV HQ DOOLDJH 2
2XWLOV G¶HQWUHWLHQ 2XYHUWXUH GX FRIIUH 3
3DUHVROHLO 3pGDOH G¶HPEUD\DJH 3pGDOH GH IUHLQ 3HUPXWDWLRQ GHV URXHV 3KDUH DQWLEURXLOODUG DYDQW PRGqOHV VDQV SKDUH
DQWLEURXLOODUG DYDQW /(' 3KDUHV 3LFWRJUDPPHV XWLOLVpV VXU OH YpKLFXOH 3ODIRQQLHU 3ODTXH GH QXPpUR GH FOp 3ODTXHWWHV HW JDUQLWXUHV GH IUHLQ 3ODWHDX GH UDQJHPHQW VRXV SODQFKHU 3QHXV 3QHXV KLYHU SQHXV QHLJH 3QHXV QHLJH 3RLJQpH LQWHUQH GH GpYHUURXLOODJH GH FRXYHUFOH GH
FRIIUH 3RUWHERXWHLOOHV 3RUWHFOp G¶DFFqV ± VL OH SRUWHFOpV G¶DFFqV QH
IRQFWLRQQH SDV FRUUHFWHPHQW 3RUWHJREHOHW GHV SDVVDJHUV DUULqUH 3RUWHJREHOHW GX SDVVDJHU DYDQW 3RUWHJREHOHWV 3RUWHPDQWHDX 3RXU DFWLYHUGpVDFWLYHU OH V\VWqPH G¶DLGH DX
GpPDUUDJH HQ F{WH PRGqOHV VDQV V\VWqPH GH
IUHLQ GH VWDWLRQQHPHQW pOHFWURQLTXH 3RXU ERXFOHU YRWUH FHLQWXUH GH VpFXULWp 3RXU UpJOHU OH UpJXODWHXU GH YLWHVVH 3UpFDXWLRQV FRQFHUQDQW O¶HQWUHWLHQ 3UpFDXWLRQV FRQFHUQDQW OHV PRGLILFDWLRQV DSSRUWpHV
DX YpKLFXOH 3UpFDXWLRQV GH VpFXULWp SHQGDQW OD FRQGXLWH 3UHVFULSWLRQV FRQFHUQDQW OH FDUEXUDQW 3UHVVLRQ HW XVXUH GHV SQHXV 3UpWHQVLRQQHXUV GHV FHLQWXUHV GH VpFXULWp DYDQW 3ULVH GH FRXUDQW SRXU DFFHVVRLUH 3URJUDPPH G¶HQWUHWLHQ ,QGH[
3URWHFWLRQ FRQWUH OD FRUURVLRQ 4
4XDOLWp HW YLVFRVLWp G¶KXLOH UHFRPPDQGpHV 5
5DYLWDLOOHPHQW HQ FDUEXUDQW 5pJODJH G¶DFWLYDWLRQGH GpVDFWLYDWLRQ GX V\VWqPH GH
IUHLQDJH DXWRPDWLTXH HQ PDUFKH DUULqUH 5pJODJH G¶LQWHQVLWp OXPLQHXVH 5pJXODWHXU GH YLWHVVH FRQVWDQWH 5HPDUTXHV G¶RUGUH JpQpUDO VXU OH IUHLQDJH 5HPRUTXDJH 5HPRUTXDJH DYHF OHV TXDWUH URXHV DX VRO 5HPSODFHPHQW G¶XQ SQHX FUHYp 5HPSODFHPHQW GH O¶pOpPHQW GX ILOWUH j DLU 5HPSODFHPHQW GH OD SLOH 5HPSODFHPHQW GH OD SLOH GX SRUWHFOpV G¶DFFqV 5HPSODFHPHQW GH OD SLOH GX WUDQVPHWWHXU 5HPSODFHPHQW GHV DPSRXOHV 5HPSODFHPHQW GHV EDODLV G¶HVVXLHJODFH 5HPSODFHPHQW GHV MDQWHV 5HPSODFHPHQW GHV SODTXHWWHV HW JDUQLWXUHV GH IUHLQ 5HPSODFHPHQW GHV SQHXV 5HPSODFHPHQW GHV WUDQVPHWWHXUV SHUGXV 5pWURYLVHXU G¶DWWpQXDWLRQ DXWRPDWLTXHERXVVROH 5pWURYLVHXU G¶DWWpQXDWLRQ DXWRPDWLTXHERXVVROH DYHF
+RPH/LQNŠ 5pWURYLVHXU LQWpULHXU 5pWURYLVHXUV 5pWURYLVHXUV H[WpULHXUV 5RGDJH G¶XQ YpKLFXOH QHXI 5RGDJH GHV SODTXHWWHV HW JDUQLWXUHV GH IUHLQ QHXYHV
PRGqOHV VDQV V\VWqPH GH IUHLQ GH VWDWLRQQHPHQW
pOHFWURQLTXH 5RXH GH VHFRXUV GH W\SH SURYLVRLUH 5RXHV HW SQHXV 5RXWHV HQQHLJpHV HW YHUJODFpHV 6
6pFXULWp GHV HQIDQWV 6pOHFWLRQ GX PRGH GH FLUFXODWLRQ G¶DLU 6pOHFWLRQ GX PRGH PDQXHO 6HUUXUHV GH SRUWLqUH 6HUYRGLUHFWLRQ 6HUYRIUHLQ 6L OH SRUWHFOpV G¶DFFqV QH IRQFWLRQQH SDV
FRUUHFWHPHQW 6,'5,9( 6LqJH j UpJODJH pOHFWULTXH 6LqJH j UpJODJH PDQXHO 6LqJH DUULqUH UDEDWWDEOH 6LqJHV DUULqUH 6LqJHV DYDQW 6LqJHV FKDXIIDQWV 6LqJHV HQ FXLU 6LqJHV HQ WLVVX 6LJQDO VRQRUH G¶DYHUWLVVHPHQW G¶DSSURFKH %6'5&7$
XQLTXHPHQW ORUV GH OD PDUFKH DUULqUH 6RLQV H[WpULHXUV 6WDWLRQQHPHQW GX YpKLFXOH 6XU XQ FDPLRQ j SODWHIRUPH ,QGH[
6XUFKDXIIH GX PRWHXU 6XUYHLOODQFH GX V\VWqPH GHV FRXVVLQV GH VpFXULWp
656 6\PEROH GH VpFXULWp 6\VWqPH G¶DVVLVWDQFH DX IUHLQDJH 6\VWqPH G¶pFODLUDJH SRXU FRQGXLWH GH MRXU 6\VWqPH G¶HQWUpH VDQV FOp SDU WpOpFRPPDQGH 6\VWqPH GH ILOWUDWLRQ G¶DLU 6\VWqPH GH IUHLQDJH DXWRPDWLTXH HQ PDUFKH DUULqUH 6\VWqPH GH IUHLQV DQWLEORFDJH $%6 6\VWqPH GH UHIURLGLVVHPHQW 6\VWqPH GH VXUYHLOODQFH GH OD SUHVVLRQ GHV SQHXV
7306 6\VWqPH GH VXUYHLOODQFH GH OD SUHVVLRQ GHV SQHXV
7306 PRGqOHV VSpFLILFDWLRQ GHV eWDWV8QLV 6\VWqPH GHV IUHLQV 6\VWqPH GX &RQWU{OH GH '\QDPLTXH GX 9pKLFXOH 6\VWqPH 68%$58 GH FRXVVLQ GH VpFXULWp IURQWDO
SHUIHFWLRQQp 6\VWqPHV GH UHWHQXH SRXU HQIDQW 7
7DEOHDX GHV FRPPDQGHV GH FOLPDWLVDWLRQ 7DSLV GH VRO 7pOpSKRQH GH YRLWXUHFHOOXODLUH HW FRQGXLWH 7pPRLQ DYHUWLVVHXU G¶DLGH DX GpPDUUDJH HQ F{WH 7pPRLQ DYHUWLVVHXU G¶DLGH DX GpPDUUDJH HQ F{WH
7pPRLQ LQGLFDWHXU GH GpVDFWLYDWLRQ G¶DLGH DX
GpPDUUDJH HQ F{WH PRGqOHV VDQV V\VWqPH GH
IUHLQ GH VWDWLRQQHPHQW pOHFWURQLTXH 7pPRLQ DYHUWLVVHXU G¶DQRPDOLH PRWHXU &+(&.
(1*,1(7pPRLQ LQGLFDWHXU GH G\VIRQFWLRQQHPHQW 7pPRLQ DYHUWLVVHXU G¶RXYHUWXUH GH SRUWLqUH 7pPRLQ DYHUWLVVHXU GH EDV QLYHDX GH FDUEXUDQW 7pPRLQ DYHUWLVVHXU GH FKDUJH 7pPRLQ DYHUWLVVHXU GH GLUHFWLRQ DVVLVWpH VDXI 67, 7pPRLQ DYHUWLVVHXU GH SKDUH /(' 7pPRLQ DYHUWLVVHXU GH SUHVVLRQ G¶KXLOH 7pPRLQ DYHUWLVVHXU GH SUHVVLRQ GH JRQIODJH EDVVH
GHV SQHXV PRGqOHV VSpFLILFDWLRQ GHV eWDWV8QLV 7pPRLQ DYHUWLVVHXU GH VXUFKDXIIH GH O¶KXLOH GH ERvWH GH
YLWHVVHV DXWRPDWLTXH $7 2,/ 7(03 PRGqOHV &97 7pPRLQ DYHUWLVVHXU GH WUDFWLRQ LQWpJUDOH 7pPRLQ DYHUWLVVHXU GHV IUHLQV DQWLEORFDJH $%6 7pPRLQ DYHUWLVVHXU GX &RQWU{OH GH '\QDPLTXH GX
9pKLFXOH 7pPRLQ DYHUWLVVHXU GX GLVSRVLWLI GH UpJODJH DXWRPDWLTXH
GH SRUWpH GHV SKDUHV 7pPRLQ DYHUWLVVHXU GX V\VWqPH GH FRXVVLQ GH VpFXULWp
656 7pPRLQ DYHUWLVVHXU GX V\VWqPH GHV IUHLQV 7pPRLQ DYHUWLVVHXU HW FDULOORQ GH FHLQWXUH GH VpFXULWp 7pPRLQ DYHUWLVVHXU HW VLJQDO VRQRUH GH FHLQWXUH GH
VpFXULWp 7pPRLQ G¶DQRPDOLH GH WHPSpUDWXUH G¶KXLOH GX GLIIpUHQWLHO
DUULqUH PRGqOHV DYHF WXUER 7pPRLQ GH PRGH DXWRPDWLTXH GX GLIIpUHQWLHO FHQWUDO j
FRPPDQGH SDU OH FRQGXFWHXU 7pPRLQ LQGLFDWHXU G¶DFWLYDWLRQ $XWR 9HKLFOH +ROG
PRGqOHV DYHF V\VWqPH GH IUHLQ GH VWDWLRQQHPHQW
pOHFWURQLTXH 7pPRLQ LQGLFDWHXU GH GpVDFWLYDWLRQ G¶DLGH DX GpPDUUDJH
HQ F{WH 7pPRLQ LQGLFDWHXU GH GpVDFWLYDWLRQ GX &RQWU{OH GH
'\QDPLTXH GX 9pKLFXOH7pPRLQ LQGLFDWHXU GX PRGH
,QGH[
GH WUDFWLRQ 7pPRLQ LQGLFDWHXU GH GpVDFWLYDWLRQ 5$% 7pPRLQ LQGLFDWHXU GH IRQFWLRQQHPHQW $XWR 9HKLFOH +ROG
PRGqOHV DYHF V\VWqPH GH IUHLQ GH VWDWLRQQHPHQW
pOHFWURQLTXH 7pPRLQ LQGLFDWHXU GH IRQFWLRQQHPHQW GX &RQWU{OH GH
'\QDPLTXH GX 9pKLFXOH 7pPRLQ LQGLFDWHXU GH O¶DVVLVWDQW GHV IHX[ GH URXWH
YHUW 7pPRLQ LQGLFDWHXU GH UpJLPH PRWHXU 7pPRLQ LQGLFDWHXU GH UpJODJH GX UpJXODWHXU GH YLWHVVH
FRQVWDQWH 7pPRLQ LQGLFDWHXU GH UpJXODWHXU GH YLWHVVH FRQVWDQWH 7pPRLQ LQGLFDWHXU GHV IHX[ GH URXWH 7pPRLQ LQGLFDWHXU GHV SKDUHV 7pPRLQ LQGLFDWHXU GHV SKDUHV DQWLEURXLOODUG DYDQW 7pPRLQ LQGLFDWHXU GX IUHLQ GH VWDWLRQQHPHQW pOHFWURQLTXH
PRGqOHV DYHF V\VWqPH GH IUHLQ GH VWDWLRQQHPHQW
pOHFWURQLTXH 7pPRLQ LQGLFDWHXU GX V\VWqPH GH VpFXULWp 7pPRLQ LQGLFDWHXU 5(9 HW DYHUWLVVHXU VRQRUH GH UpJLPH
PRWHXU 7pPRLQ LQGLFDWHXUVLJQDO VRQRUH G¶DYHUWLVVHPHQW
G¶DSSURFKH %6'5&7$ 7pPRLQV DYHUWLVVHXUV HW LQGLFDWHXUV 7pPRLQV GH IRQFWLRQQHPHQW HW G¶DQRPDOLH GX GLIIpUHQWLHO
FHQWUDO j FRPPDQGH SDU OH FRQGXFWHXU 7pPRLQV LQGLFDWHXUV GX FOLJQRWDQW GH GLUHFWLRQ 7RLW RXYUDQW RSDTXH 7RLW RXYUDQW RSDTXH ± VL OH WRLW RXYUDQW RSDTXH QH VH
IHUPH SDV 7UDFWLRQ GH UHPRUTXH 7UDQVPLVVLRQ j YDULDWLRQ FRQWLQXH 7X\DX[ HW UDFFRUGV 7\SHV GH SQHXV 8
8WLOLVDWLRQ DYHF XQ DOOXPHFLJDUH 9
9HUURX GH VpFXULWp SRXU HQIDQWV 9LGDQJH GH O¶KXLOH HW UHPSODFHPHQW GX ILOWUH 9LGDQJH GX OLTXLGH GH UHIURLGLVVHPHQW 9LWUHV 9RODQW DYHF UHYrWHPHQW HQ XOWUDVXHGHŠ 9RODQW GH GLUHFWLRQ j LQFOLQDLVRQ UpJODEOHWpOHVFRSLTXH 9ROHW HW ERXFKRQ GX UpVHUYRLU GH FDUEXUDQW 9XH G¶HQVHPEOH GX FRPSDUWLPHQW PRWHXU ²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²
²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²
²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²
²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²
²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²
²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²
²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²
²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²
²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²
²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²
²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²
²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²
²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²
————————————————————————————————————————
————————————————————————————————————————
————————————————————————————————————————
————————————————————————————————————————
————————————————————————————————————————
————————————————————————————————————————
————————————————————————————————————————
————————————————————————————————————————
————————————————————————————————————————
————————————————————————————————————————
————————————————————————————————————————
————————————————————————————————————————
————————————————————————————————————————
————————————————————————————————————————
————————————————————————————————————————
————————————————————————————————————————
————————————————————————————————————————
————————————————————————————————————————
————————————————————————————————————————
————————————————————————————————————————
————————————————————————————————————————
————————————————————————————————————————
————————————————————————————————————————
————————————————————————————————————————
————————————————————————————————————————
————————————————————————————————————————
————————————————————————————————————————
————————————————————————————————————————
————————————————————————————————————————
————————————————————————————————————————
————————————————————————————————————————
————————————————————————————————————————
————————————————————————————————————————
————————————————————————————————————————
————————————————————————————————————————
————————————————————————————————————————
————————————————————————————————————————
————————————————————————————————————————
————————————————————————————————————————
& &DUEXUDQW
5e)e5(1&(6 3285 /$ 67$7,216(59,&(
& &RQWHQDQFH GX UpVHUYRLU GH FDUEXUDQW
! 67,
/H PRWHXU HVW FRQoX SRXU IRQFWLRQQHU j XQ QLYHDX GH
SHUIRUPDQFH PD[LPDO DYHF GH O¶HVVHQFH VDQV SORPE DYHF
XQ LQGLFH G¶RFWDQH pJDO RX VXSpULHXU j $., 521 6L GX
FDUEXUDQW DYHF XQ LQGLFH G¶RFWDQH GH $., 521 Q¶HVW SDV
GLVSRQLEOH GDQV YRWUH UpJLRQ YRXV SRXYH] XWLOLVHU GH O¶HVVHQFH
VDQV SORPE DYHF XQ LQGLFH G¶RFWDQH GH $., 521 VDQV
TXH FHOD QXLVH j OD GXUDELOLWp GX PRWHXU RX j OD PRWULFLWp
7RXWHIRLV LO VH SHXW TXH YRXV UHPDUTXLH] XQH EDLVVH HQ
SHUIRUPDQFH PD[LPDOH GX PRWHXU HQ XWLOLVDQW GX FDUEXUDQW DYHF
XQ LQGLFH G¶RFWDQH GH $., 521 /¶XWLOLVDWLRQ G¶XQ
FDUEXUDQW DYHF XQ LQGLFH G¶RFWDQH GH $., 521 Q¶D
DXFXQH LQFLGHQFH VXU OD FRXYHUWXUH GH YRWUH JDUDQWLH
! 6DXI 67,
8WLOLVH] GH O¶HVVHQFH VDQV SORPE DYHF O¶LQGLFH G¶RFWDQH pJDO
RX VXSpULHXU j $., 521 6L GX FDUEXUDQW DYHF XQ
LQGLFH G¶RFWDQH GH $., 521 Q¶HVW SDV GLVSRQLEOH YRXV
SRXYH] XWLOLVHU GH O¶HVVHQFH VDQV SORPE DYHF XQ LQGLFH G¶RFWDQH
GH $., 521 & ,QGLFH G¶RFWDQH GHV FDUEXUDQWV
! $.,
&HW LQGLFH G¶RFWDQH DXTXHO QRXV IDLVRQV UpIpUHQFH HVW OD
PR\HQQH HQWUH OHV LQGLFHV GH 5HFKHUFKH G¶RFWDQH HW G¶2FWDQH
GX PRWHXU 2Q O¶DSSHOOH DXVVL FRXUDPPHQW ³LQGLFH DQWLFOLTXHWLV´
RX $., GH O¶DQJODLV ³$QWL.QRFN ,QGH[´ ! 521
&HW LQGLFH G¶RFWDQH HVW O¶LQGLFH G¶RFWDQH UHFKHUFKH
OLWUHV 86 JDO ,PS JDO
& +XLOH PRWHXU
8WLOLVH] XQLTXHPHQW OHV KXLOHV VXLYDQWHV
. ,/6$& *) UHFRQQDLVVDEOH j OD PDUTXH G¶HVWDPSLOOH
,/6$& HPEOqPH pWRLOp
. RX FODVVH 61 VHORQ $3, FRPSRUWDQW OD PHQWLRQ ³5(6285&(
&216(59,1*´
5HSRUWH]YRXV j ³+XLOH PRWHXU´ ) SRXU GHV LQIRUPDWLRQV
FRPSOqWHV VXU OHV QLYHDX[ GH YLVFRVLWp
& &RQWHQDQFH HQ KXLOH PRWHXU
! 67,
OLWUHV 86 TW ,PS TW
! 6DXI 67,
OLWUHV 86 TW ,PS TW
/D TXDQWLWp G¶KXLOH LQGLTXpH Q¶HVW TX¶XQH LQGLFDWLRQ HW HVW
HVWLPpH VXU OD EDVH G¶XQ FDV R O¶KXLOH GX PRWHXU HVW PRGLILpH
DYHF XQ ILOWUH j KXLOH 9pULILH] OH QLYHDX GH O¶KXLOH j O¶DLGH G¶XQH
MDXJH GH QLYHDX G¶KXLOH DSUqV DYRLU UHPSOL OH PRWHXU DYHF GH
O¶KXLOH 3RXU SOXV GH GpWDLOV FRQFHUQDQW OHV HQWUHWLHQV HW OHV
UpSDUDWLRQV UHSRUWH]YRXV j ³+XLOH PRWHXU´ )
& 3UHVVLRQ GHV SQHXV j IURLG
5HSRUWH]YRXV j ³3QHXV´ )
SUBARU CORPORATION
TOKYO, JAPON
3492481_19a_WRX_STI_OM_FR_031918.indd 1
A1720BF-A
Publié en avril 2018
Imprimé 04/18
2019A
WRX/WRX STI 2019 Manuel du propriétaire
MISE EN GARDE : L’utilisation, l’entretien et la
maintenance d’un véhicule de tourisme ou d’un véhicule hors
route peuvent vous exposer à des substances chimiques
telles que les gaz d’échappement, le monoxyde de carbone,
les phtalates et le plomb, que l’État de la Californie reconnaît
comme pouvant causer le cancer et des malformations
congénitales ou autres lésions de l’appareil reproducteur.
Pour réduire l’exposition à ces substances, évitez d’inhaler les
gaz d’échappement, ne faites pas tourner le moteur au
régime de ralenti sauf en cas de nécessité, faites l’entretien
de votre véhicule dans un endroit bien ventilé et portez des
gants ou lavez-vous les mains fréquemment lors de l’entretien
du véhicule. Pour plus d’information, rendez-vous au
www.P65Warnings.ca.gov/passenger-vehicle.
Manuel du propriétaire
WRX
WRX STI
2019
Les véhicules illustrés sur la couverture de ce livret
pourraient ne pas être commercialisés dans tous
les marchés. Veuillez demander une brochure
de produit à votre concessionnaire Subaru pour
connaître tous les détails des modèles disponibles.
3/19/18 12:38 PM
Download