Anda di halaman 1dari 34



/
DUFKLWHFWRQLTXHGXWHPSV $9$17352326

/
DUFKLWHFWRQLTXHGXWHPSVGDQVOHVODQJXHVFODVVLTXHV&RSHQKDJXH0XQNVJDDUGUppGLWpDYHF7HPSVHW

YHUEH3DULV&KDPSLRQSS
$9$17352326
,OHVWGHWUDGLWLRQHQOLQJXLVWLTXHGHVHUHSUpVHQWHUODODQJXHFRPPHXQRXYUDJHFRQVWUXLWDYHFGHVXQLWpVGHGHX[
HVSqFHVOHVVpPDQWqPHVHWOHVPRUSKqPHV&
HVWOjSUHQGUHXQHYXHLQFRPSOqWHGHODUpDOLWpGHVFKRVHV/HV
XQLWpVGRQWVHUHFRPSRVHXQLGLRPHTXHOTX
LOVRLWQHVRQWSDVGHGHX[PDLVGHTXDWUHHVSqFHVUpSDUWLHVHQWUH
GHX[YLVpHVRULHQWpHVDXUHERXUV/
XQHSDUWLFXODULVDWULFHSUHQGRULJLQHjO
XQLYHUVHOSRXUDERXWLUDXVLQJXOLHU
HOOHHVWUHSUpVHQWpHHQFRXUVGHGpYHORSSHPHQWSDUGHVVpPDQWqPHVHWjVDOLPLWHSDUGHVQRPVSURSUHVTXL
GpSRXUYXVGHFRQWHQXVpPDQWLTXHVRQWGHVDVpPDQWqPHV/
DXWUHJpQpUDOLVDWULFHSUHQGRULJLQHDXVLQJXOLHU
SRXUDERXWLUjO
XQLYHUVHOHOOHHVWUHSUpVHQWpHHQFRXUVGHGpYHORSSHPHQWHWVXUWRXWDX[DSSURFKHVGHVRQ
WHUPHSDUGHVPRUSKqPHVHWjVDOLPLWHSDUGHVV\VWqPHV6RLWJXUDWLYHPHQW

/
H[LVWHQFHGDQVODODQJXHGHFHVTXDWUHHVSqFHVG
XQLWpVDLQVLTXHGHVGHX[YLVpHVLQYHUVHVHQWUHOHVTXHOOHVHOOHV
VHGLVWULEXHQWGHX[jGHX[WLHQWjODQDWXUHPrPHGHO
HVSULWKXPDLQ/DSXLVVDQFHGHO
HVSULWKXPDLQV
H[HUFH
HQWUHOHVLQJXOLHUHWO
XQLYHUVHOTXLPDUTXHQWVHVOLPLWHVHWOHPRXYHPHQWTX
LODGRSWHHQWUHHOOHVSHXWrWUHDG
OLELWXPFHOXLGHSDUWLFXODULVDWLRQSDUOHTXHOODSHQVpHV
pORLJQHGHO
XQLYHUVHOHWV
DSSURFKHGXVLQJXOLHURXELHQ
FHOXLRSSRVpGHJpQpUDOLVDWLRQSDUOHTXHOHOOHV
pORLJQHGXVLQJXOLHUHWV
DSSURFKHGHO
XQLYHUVHO7RXWHO
DFWLYLWp
GHO
HVSULWKXPDLQFRQVFLHQWHHWLQFRQVFLHQWHUHSRVHVXUODSXLVVDQFHTX
LOSRVVqGHGHVHSRUWHUHQWRXWH
RFFDVLRQGXF{WpGXSOXVRXGXF{WpGXPRLQVSDUWLFXOLHU/
H[HUFLFHSDUO
HVSULWDXVHLQGHOXLPrPHGHFHWWH
GRXEOHSXLVVDQFHHVWOHJUDQGIDLWVRXYHUDLQGXODQJDJHFHOXLTXLWLHQWGDQVVDGpSHQGDQFHWRXVOHVDXWUHVVL
FRQWLQJHQWVVLIRUWXLWVVRLHQWLOVHWODGLVFULPLQDWLRQTX
LOFRPSRUWHGHODYLVpHSDUWLFXODULVDWULFHHWGHODYLVpH
JpQpUDOLVDWULFHVHUHWURXYHVRXVWRXWHVFHOOHVGRQWODODQJXHIDLWpWDW
/HPRXYHPHQWGHSDUWLFXODULVDWLRQTXLDQLPHHQSHUPDQHQFHO
HVSULWHVWJpQpUDWHXUGHVVpPDQWqPHV,OV
DFKqYH
SDUODFUpDWLRQGHVQRPVSURSUHVUHSUpVHQWDWLIVGXPRPHQWRSDUYHQXDXWHUPHGHVDFRXUVHLOUHQFRQWUHFHOOH
GHVGHX[OLPLWHVGHO
HVSULWOHVLQJXOLHUYHUVODTXHOOHLOHVWRULHQWpH
/HVVpPDQWqPHVGLIIqUHQWGHVQRPVSURSUHV GHVDVpPDQWqPHV HQFHTX
LOVUHSUpVHQWHQWXQHSDUWLFXODULVDWLRQQRQ
DFKHYpHDUUrWpHGDQVVDPDUFKHjXQHFHUWDLQHGLVWDQFHGXVLQJXOLHUHWFRQVpTXHPPHQWXQpORLJQHPHQW
LPSDUIDLWQRQWRWDOGHO
XQLYHUVHO/HVVpPDQWqPHVGRLYHQWjFHWWHSRVLWLRQVHORQODTXHOOHODSDUWLFXODULVDWLRQ
GHPHXUHQRQHQWLqUHHWGXIDLWGHVRQLQDFKqYHPHQWODLVVHXQHFHUWDLQHSODFHjODJpQpUDOLVDWLRQGHVLJQLHUGHV
QRWLRQVTXLSDUWLFXOLqUHVGXGHKRUVSDUO
LQWHUGLFWLRQGHGLIIpUHQFHTX
HOOHVSRVHQWVRQWJpQpUDOHVGXGHGDQVSDU
ODSHUPLVVLRQTX
HOOHVDFFRUGHQWjODGLIIpUHQFHGDQVOHVOLPLWHVGHO
LQWHUGLFWLRQSRVpH&
HVWDLQVLTXHOH
VpPDQWqPHKRPPHSRVHXQHLQWHUGLFWLRQGHGLIIpUHQFHHQYHUWXGHODTXHOOHVRQDSSOLFDWLRQVHUHVWUHLQWDX[
VHXOVrWUHVVDWLVIDLVDQWDX[FRQGLWLRQVGLVWLQFWLYHVTXHODQRWLRQLPSOLTXHFHSHQGDQWTXHGDQVOHVOLPLWHVGH
O
LQWHUGLFWLRQSRVpHLODFFRUGHjODGLIIpUHQFHWRXWHSHUPLVVLRQOHPRWKRPPHSRXYDQWVHGLUHG
KRPPHVDXVVL
GLIIpUHQWVTXHO
RQYRXGUDVRXVWRXWHVRUWHGHUDSSRUWV
/DFDUDFWpULVWLTXHGHVDVpPDQWqPHV GHVQRPVSURSUHV HVWTXHSRVDQWDLQVLTXHOHVVpPDQWqPHVGXGHKRUVXQH
LQWHUGLFWLRQGHGLIIpUHQFHLOVQ
DFFRUGHQWSDVH[SUHVVpPHQWDXGHGDQVGHFHOOHFLXQHSHUPLVVLRQjODGLIIpUHQFH
KWWSQOLSSFXDFNUJXVWDYHUHVXOWDVS"OHQDPHV BKWP%0





/
DUFKLWHFWRQLTXHGXWHPSV $9$17352326

/HPRXYHPHQWGHJpQpUDOLVDWLRQTXLGHPrPHTXHFHOXLGHSDUWLFXODULVDWLRQDQLPHHQSHUPDQHQFHO
HVSULWHVW
FUpDWHXUGHVPRUSKqPHV/HVPRUSKqPHVUHSUpVHQWHQWXQDUUrWSOXVRXPRLQVWDUGLIGHODSHQVpHGDQVOH
PRXYHPHQWTXLODSRUWHGXF{WpGXPRLQVSDUWLFXOLHU6LWDUGLIVRLWLOFHWDUUrWVXUYLHQWDYDQWTXHFHPRXYHPHQW
Q
DLWDWWHLQWVRQWHUPHO
XQLYHUVHOHVWDSSURFKpH[WUrPHPHQWHQPDLQWVFDVPDLVQRQUHMRLQW/DVLJQLFDWLRQ
SOXVRXPRLQVDLVpPHQWVDLVLVVDEOHDSSDUWHQDQWLQGLYLGXHOOHPHQWDX[PRUSKqPHVWLHQWjODGLVWDQFHTXLOHVVpSDUH
GHO
XQLYHUVHOGDQVXQPRXYHPHQWG
DSSURFKHGHFHOXLFLOHFDUDFWqUHGLIXHQWHWIXJDFHGHFHWWHVLJQLFDWLRQj
FHTX
HOOHpPDQHG
XQHLPSXOVLRQGHSHQVpHVHSURSDJHDQWHQGLUHFWLRQGHO
LPSDUWLFXOLHU
7RXWFRPPHOHPRXYHPHQWGHSDUWLFXODULVDWLRQV
DFKqYHDXVLQJXOLHUDWWHLQWXQHJUDQGHV\PpWULHUqJQHGDQVOHV
RSpUDWLRQVTXLV
DFFRPSOLVVHQWHQYXHGHODIRUPDWLRQGHODODQJXHDX[DUULqUHSODQVGHO
HVSULWOHPRXYHPHQWGH
JpQpUDOLVDWLRQV
DFKqYHjO
XQLYHUVHOUHMRLQWHWFHWWHUHQFRQWUHGHO
HVSULWDYHFODSOXVDEVWUDLWH^1RWH/HPRPHQW
SV\FKLTXHTX
HOOHPDUTXHHVWFHOXLRO
H[WHQVLRQGHYLHQWWRXWHWODFRPSUpKHQVLRQULHQ`GHVHVGHX[OLPLWHVVXVFLWHODFUpDWLRQ
G
rWUHVGHODQJXHG
XQW\SHFRQVWLWXWLYHPHQWQRXYHDXOHVV\VWqPHVGRQWODIRQFWLRQHQSDUIDLWDFFRUGTXHO
RQ
YHXLOOHELHQOHUHPDUTXHUDYHFOHOLHXSV\FKLTXHOHOHXUGpWHUPLQDWLRQODYLVLRQG
XQLYHUVHVWHVVHQWLHOOHPHQW
XQHYLVLRQWRWDOLVDQWHHVWG
LQWpJUHUGHVVpULHVHQWLqUHVSOXVRXPRLQVpWHQGXHVGHPRUSKqPHV
/
LQWpJUDWLRQGHVPRUSKqPHVGDQVGHVV\VWqPHVGRQWLOVYRQWGRUpQDYDQWGpSHQGUHWRXMRXUVSOXVF
HVW
PDQLIHVWHPHQWGDQVFHVHQVTXHVHSRXUVXLWOHSKpQRPqQHKLVWRULTXHHVWXQHRSpUDWLRQGHSHQVpHVXUODTXHOOH
O
DWWHQWLRQGHVOLQJXLVWHVV
HVWIRUWSHXDUUrWpHVLSHXTX
RQSRXUUDLWGLUHVDQVPDQTXHUjO
H[DFWLWXGHTX
LOHQD
pWpIDLWRPLVVLRQ&
HVWSRXUWDQWFHOOHHQGpQLWLYHTXLSDUFHTX
HOOHH[SULPHODFRQFOXVLRQGHWRXWHVOHVDXWUHV
HWGpFODUHHQTXHOTXHVRUWHFHTXHWRXWHVHQVHPEOHHOOHVRQWYRXOXLQVWLWXHUFRQIqUHjXQLGLRPHVD
SK\VLRQRPLH2QQHVDXUDLWVHIDLUHXQHLGpHH[DFWHHWFRPSOqWHGHFHTX
HVWXQHODQJXHVDQVHQSRUWHUO
pWXGH
MXVTX
DXSRLQWFRQFOXVLIVRXVOHUDSSRUWVWUXFWXUDORHOOHLQWqJUHOHVPRUSKqPHVGDQVOHVV\VWqPHV
$YHFO
pWXGHGHFHWDFWHSV\FKLTXHG
LQWpJUDWLRQHWGHFHOXLOLpGHODGpQLWLRQGHVV\VWqPHVLQWpJUDQWVOD
OLQJXLVWLTXHV
HQJDJHGDQVGHVUHFKHUFKHVG
XQRUGUHWUqVSDUWLFXOLHUTXLVRQWPDQLIHVWHPHQWXQDXGHOjGHFHOOHV
FRXUDPPHQWSUDWLTXpHVHQPRUSKRORJLHHWHOOHGHYUDLWHQFRQVpTXHQFHjSDUWLUGXPRPHQWRHOOHSUHQGFHWWH
GLUHFWLRQSRUWHUXQQRPSDUWLHOH[FOXVLYHPHQWUpVHUYpDXFRPSOpPHQWWUqVLPSRUWDQWGRQWHOOHV
HQULFKLWDLQVL
/HWHUPHGHSV\FKRV\VWpPDWLTXHHVWHQWUHSOXVLHXUVTXLV
RIIUHQWFHOXLTXLSDUDvWOHPLHX[FRQYHQLU/DSV\FKR
V\VWpPDWLTXHVHUDLWGDQVODOLQJXLVWLTXHODSDUWLHUpVHUYpHjO
pWXGHGHVV\VWqPHV/HSUpVHQWRXYUDJHDSSDUWLHQW
WRXWHQWLHUjFHWWHGLYLVLRQQRXYHOOHGHODVFLHQFHGXODQJDJH
/
pWXGHGHVPRUSKqPHVUHYrWXQDVSHFWELHQGLIIpUHQWVHORQTX
RQODPDLQWLHQWGDQVOHFKDPSRUGLQDLUHGHOD
UHFKHUFKHPRUSKRORJLTXHRODYDOHXUTXLOHXUHVWUHFRQQXHHVWFHOOHTX
LOVWLHQQHQWGHO
HPSORLTXHOHGLVFRXUV
HQIDLWRXVHORQTX
RQODSRUWHGDQVOHFKDPSGHUHFKHUFKHGHODSV\FKRV\VWpPDWLTXHRLOVDSSDUDLVVHQWWHQLU
OHXUYDOHXUGHODSRVLWLRQTX
LOVRFFXSHQWGDQVOHV\VWqPHGRQWLOVUHOqYHQW
8QSULQFLSHGHQRWUHHQVHLJQHPHQWHVWGHWRXMRXUVSDUWLUGHODYDOHXUTXHSRVVqGHQWOHVIRUPHVHQV\VWqPHHWGH
QHYRLUGDQVODYDOHXUG
HPSORLTX
HOOHVSUHQQHQWGDQVOHGLVFRXUVTX
XQHDSSOLFDWLRQPRPHQWDQpHHWSOXVRX
PRLQVVLQJXOLqUHGHODSUHPLqUH3RXUO
RUGLQDLUHODPRUSKRORJLHSURFqGHGLIIpUHPPHQWHOOHQHVHSUpRFFXSHSDV
GHODYDOHXUGHVIRUPHVHQV\VWqPHPDLVXQLTXHPHQWGHOHXUYDOHXUG
DSSOLFDWLRQGDQVOHGLVFRXUVFRQVLGpUpH
VHXOHH[LVWDQWH
$VVH]LQFRQVLGpUpPHQWODPRUSKRORJLHORUVTX
HOOHRSqUHDLQVLSDUWGXSRVWXODWLPSOLFLWHTX
XQPRUSKqPH
SRXUUDLWGDQVODODQJXHDYRLUXQHYDOHXULQGpWHUPLQpHQpJDWLYHHWGDQVOHGLVFRXUVXQQRPEUHSOXVRXPRLQV
JUDQGGHYDOHXUVGpWHUPLQpHVSRVLWLYHV&
HVWOjTXHOTXHFKRVHVLO
RQ\UppFKLWELHQG
LQDGPLVVLEOH'
XQH
YDOHXUQXOOHGDQVODODQJXHOHGLVFRXUVQHVDXUDLWWLUHUDXFXQHYDOHXUG
HPSORL/
LPSRVVLELOLWpHVWPDQLIHVWHGH
IDLUHXQHDSSOLFDWLRQVLJQLFDWLYHG
XQpOpPHQWGHODQJXHTXLLQLWLDOHPHQWQHVLJQLHUDLWULHQ
8QIDLWjQHSDVSHUGUHGHYXHF
HVWTXHOHVYDOHXUVGLYHUVHVTXHSUHQGPRPHQWDQpPHQWXQHIRUPHGDQVOHV
HPSORLVYDULpVTX
HQIDLWOHGLVFRXUVQHVRQWSRLQWUpGXFWLEOHVO
XQHjO
DXWUH/HWUDYDLOHVWYDLQSDUFRQVpTXHQW
TXLVHSURSRVHGHGpFRXYULUGDQVO
XQHO
HVVHQFHGHVDXWUHV'HOjO
pFKHFFRQVWDQWGHQRPEUHX[WUDYDX[GH
PRUSKRORJLHWHQGDQWjUDPHQHUODJUDQGHGLYHUVLWpSRXYDQWDOOHUMXVTX
jO
H[SUHVVLRQGHVFRQWUDLUHVGHVYDOHXUV
G
HPSORLG
XQHIRUPHjO
XQHG
HQWUHHOOHVFRQVLGpUpHSDUDEXVG
LQWHUSUpWDWLRQHVVHQWLHOOH/HYUDLHVWTXHOHV
YDOHXUVG
HPSORLG
XQHIRUPHVLGLIIpUHQWHVVRLHQWHOOHVVRQWUpGXFWLEOHVVDQVH[FHSWLRQjXQHYDOHXUG
XQHDXWUH
HVSqFHSUpH[LVWDQWHjWRXWHDSSOLFDWLRQGHGLVFRXUVHWTXLHVWFHOOHTXHODIRUPHWLHQWGHVDSRVLWLRQGDQVOH
KWWSQOLSSFXDFNUJXVWDYHUHVXOWDVS"OHQDPHV BKWP%0





/
DUFKLWHFWRQLTXHGXWHPSV $9$17352326

V\VWqPHGRQWHOOHIDLWSDUWLH
/HVYDOHXUVTX
XQHIRUPHSUpVHQWHSDUHPSORLGDQVOHGLVFRXUVVRQWGHVYDOHXUVDFFLGHQWHOOHVUpVXOWDQWG
XQH
DSSOLFDWLRQODUJHPHQWGLYHUVLpHG
XQHYDOHXUHVVHQWLHOOHTXLVHGpWHUPLQHHOOHHQV\VWqPHHWSRLQWDLOOHXUV
TX
RQQHVDXUDLWGRQFFRQQDvWUHTX
DSUqVDYRLUSUpDODEOHPHQWUpXVVLjUHFRQVWLWXHUO
HQWLHUV\VWpPDWLTXHDXTXHO
HOOHDSSDUWLHQWGRQWODGpQLWLRQHVWXQIDLWGHODQJXHHWQRQXQIDLWGHGLVFRXUV&HWWHUHFRQVWLWXWLRQGHVHQWLHUV
V\VWpPDWLTXHVRSpUDWLRQGLIFLOHGHYDQWODTXHOOHODOLQJXLVWLTXHDYDLWMXVTX
LFLUHFXOpH[LJHSRXUrWUHPHQpHj
ELHQOHUHFRXUVjXQHWHFKQLTXHVSpFLDOHG
DQDO\VHHWGHVFKpPDWLVDWLRQGRQWOHSUpVHQWRXYUDJHTXLHQIDLWXQ
XVDJHFRQWLQXHOSHUPHWWUDHQO
DEVHQFHG
XQHGHVFULSWLRQWKpRULTXHSRXUODTXHOOHODSODFHQRXVPDQTXH
G
DFTXpULUH[SpULPHQWDOHPHQWXQHLGpHH[DFWHHWVXIVDQWH
3RXUFHWUDYDLOGpOLFDWGHUHFRQVWLWXWLRQGHO
HQWLHUG
XQV\VWqPHGHMXVWHPLVHHQSODFHGDQVOHWRXWFRKpUHQWTX
LO
FRQVWLWXHGHVIRUPHVFRPSRVDQWHVODVHXOHGRQQpHGRQWRQGLVSRVHHVWO
HPSORLGHFHOOHVFLGDQVOHGLVFRXUV
SDUOpRXpFULW/DSUpVHQWHpWXGHTXLHVWXQHUHFRQVWLWXWLRQGXV\VWqPHGHUHSUpVHQWDWLRQGXWHPSVGDQVOHV
ODQJXHVFODVVLTXHVDGRQFGFRPPHQFHUSDUO
REVHUYDWLRQGHVIDLWVG
HPSORLTX
RQDYRXOXH[KDXVWLYHHWGH
SOXVDXVVLQHTXHSRVVLEOHDYHFFHFLGHWUqVSDUWLFXOLHUTX
RQOXLGRQQDLWSRXUQGHV
pYDGHUG
HOOHPrPHjOD
IDYHXUGHUHPDUTXHVSURSUHVjPHWWUHVXUODYRLHGHODGpFRXYHUWHGXV\VWqPH$O
REVHUYDWLRQGHVHPSORLVGH
IRUPHLOQ
DpWpGHPDQGpTXHGHVLQGLFDWLRQVG
DSUqVOHVTXHOOHVRQSRXUUDLWVHUHSUpVHQWHUOHVJUDQGHVOLJQHVGX
V\VWqPHG
DERUGSXLVODUpH[LRQDLGDQWOHGpWDLOLQWpULHXUGHVDFRQVWUXFWLRQ
/HWUDYDLOSUpSDUDWRLUHTXLDFRQVLVWpjREVHUYHUGLUHFWHPHQWOHMHXGHVPRUSKqPHVGDQVOHVDFWHVG
H[SUHVVLRQGX
GLVFRXUVQ
RFFXSHDXFXQHSODFHGDQVOHSUpVHQWSHWLWOLYUHRLOHVWHQWLqUHPHQWSDVVpVRXVVLOHQFH,ODSULVGX
WHPSVGHVDQQpHVPDLVYXFHTXHO
RXYUDJHVHSURSRVHLOQ
HQSRXYDLWrWUHUHWHQXTXHFHTXLGqVOHGpEXWHQ
DYDLWpWpO
REMHWQDOjVDYRLUODGpFRXYHUWHGXV\VWqPHTXHUHFRPSRVHQWGDQVO
HVSULWSDUOHXUUpXQLRQOHV
PRUSKqPHVFKDUJpVHQODWLQHWHQJUHFDQFLHQGHO
H[SUHVVLRQGXPRGHHWGXWHPSV
&
HVWGRQFXQLTXHPHQWGHFHV\VWqPHHWGHVRSpUDWLRQVGHSHQVpHTX
LPSOLTXHVDGpQLWLRQTX
LOHVWSDUOpGDQV
FHWWHpWXGH/DTXHVWLRQWUDLWpHHVWFHOOHjODTXDVLH[FOXVLRQGHWRXWHDXWUHGHVPR\HQVFRQVWUXFWLIVHWGHVFULSWLIV
HPSOR\pVSDUODSHQVpHKXPDLQHHWSOXVSDUWLFXOLqUHPHQWSDUODSHQVpHODWLQHHWODSHQVpHJUHFTXHSRXUIRUPHUHQ
HOOHVO
LPDJHWHPSV'HOjOHWLWUHGXOLYUH/
DUFKLWHFWRQLTXHGXWHPSVGDQVOHVODQJXHVFODVVLTXHV6
LOVHIWDJL
VHORQOHSRLQWGHYXHDFFRXWXPpGHODYDOHXUG
HPSORLGHVIRUPHVPRGDOHVHWWHPSRUHOOHVGDQVOHGLVFRXUVTXL
HVWIDLWG
DFWHVG
H[SUHVVLRQHWQRQSDVFRPPHODODQJXHG
DFWHVGHGpQLWLRQGXSHQVDEOHLOHWGV
LQWLWXOHU
/
H[SUHVVLRQGXWHPSVGDQVOHVODQJXHVFODVVLTXHVHWF
HWpWpXQWRXWDXWUHRXYUDJHFLWDQWGHQRPEUHX[
H[HPSOHVUHODWLIVjGHVLGpHVjGHVQXDQFHVUHQGXHVDYHFMXVWHVVHSDUGHVIRUPHVPRGDOHVHWWHPSRUHOOHV
KHXUHXVHPHQWFKRLVLHV$XOLHXGHFHODOHOLYUHSUpVHQWHFHWWHSDUWLFXODULWpjSUHPLqUHYXHDVVH]pWUDQJHGDQVXQ
RXYUDJHWUDLWDQWXQVXMHWJUDPPDWLFDOGHQHSDVFRQWHQLUG
H[HPSOHVOHSKpQRPqQHTX
LOGpFULWpWDQWGDQVOD
SHQVpHXQSKpQRPqQHDQWpFpGHQWjODIRUPDWLRQGHWRXWH[HPSOH8QH[HPSOHHVWHQHIIHWTXHOTXHFKRVHTXLHVW
FHQVpDYRLUDSSDUWHQXDXGLVFRXUVOHWpPRLJQDJHTX
LODSSRUWHGHODYDOHXUG
XQHIRUPHHQVXSSRVHO
HPSORL2U
FHQ
HVWSDVOHSKpQRPqQHG
HPSORLTXHOHOLYUHVHSURSRVHG
pWXGLHUPDLVFHOXLVXEVLGHQWGHODGpQLWLRQGX
V\VWqPHGDQVODODQJXHRXQHIRLVFHWWHGpQLWLRQDFKHYpHOHV\VWqPHVHSUpVHQWHHQSRVVHVVLRQGHWRXWHVVHV
IRUPHVFRQVWLWXWLYHVHWOHVRIIUDQWHQVHPEOHDXGLVFRXUVjXQPRPHQWRFHOXLFLQRQHQFRUHHQJDJpHQOXL
PrPHQ
DHVTXLVVpjO
HQGURLWG
DXFXQHG
HQWUHHOOHVO
DFWHGHFKRLVLUSDUOHTXHOLOHVWWHQXGHGpEXWHU/HIDLWGH
ODQJXHV
pWHQGMXVTX
jFHWDFWHH[FOXVLYHPHQW'qVTXHFHWDFWHGHFKRLVLUFRPPHQFHG
H[LVWHUOHIDLWGHODQJXHD
FpGpODSODFHDXIDLWVXEVpTXHQWGHGLVFRXUV
/DPRUSKRORJLHDMXVTX
jSUpVHQWUpVHUYpVRQDWWHQWLRQHQWLqUHDXIDLWGHGLVFRXUVFRPPHVLFHOXLFLH[LVWDLWVHXO
HWHOOHDQpJOLJpjSHXSUqVFRPSOqWHPHQWOHIDLWGHODQJXH/HIDLWGHGLVFRXUVHQPRUSKRORJLHF
HVWOHFKRL[
PRWLYpSDUGHVEHVRLQVH[SUHVVLIVPRPHQWDQpVTXHODSHQVpHHQLQVWDQFHG
H[SUHVVLRQIDLWGHO
XQHGHVIRUPHV
TXHOHV\VWqPHFRPSUHQG/HIDLWGHODQJXHF
HVWGDQVOHV\VWqPHPrPHODFRH[LVWHQFHGHIRUPHVTXLSDUOD
GLIIpUHQWHSRVLWLRQTX
HOOHV\RFFXSHQWUHSUpVHQWHQWFKDFXQHXQLQVWDQWFDUDFWpULVWLTXHGHVDIRUPDWLRQ
/HVUDLVRQVSRXUOHVTXHOOHVODOLQJXLVWLTXHK\SQRWLVpHSDUOHIDLWGHGLVFRXUVV
HVWWHQXHHQGHojGHO
pWXGHGHV
V\VWqPHVGRQWODGpQLWLRQHVWXQIDLWGHODQJXHHWV
HVWDLQVLUHIXVpVDQVGXUHVWHV
HQUHQGUHXQFRPSWHH[DFW
OHFRPSOpPHQWTXLOXLDXUDLWpWpQpFHVVDLUHSRXUDYRLUDFFqVjWRXWXQRUGUHVXSpULHXUGHFRQQDLVVDQFHVTXHVHXOH
FHWWHpWXGHSHXWSURFXUHUVRQWDLVpPHQWFRQFHYDEOHVHWPpULWHQWTX
RQHQGLVHTXHOTXHVPRWV(OOHVUpVLGHQWSRXU
O
HVVHQWLHOHQFHFLTXHOHV\VWqPHQ
DSDVGDQVODODQJXHGHVLJQLDQWTXLVRLWUHSUpVHQWDWLIGHVRQLQWpJULWpPDLV
KWWSQOLSSFXDFNUJXVWDYHUHVXOWDVS"OHQDPHV BKWP%0





/
DUFKLWHFWRQLTXHGXWHPSV $9$17352326

VHXOHPHQWGHVVLJQLDQWVSDUWLHOVUHSUpVHQWDWLIVGHVGLYHUVHVIRUPHVTXHOHV\VWqPHLQWqJUH&
HVWDLQVLTXHOH
V\VWqPHYHUERWHPSRUHOGXODWLQRXFHOXLGXJUHFDQFLHQO
XQHWO
DXWUHVSpFLDOHPHQWpWXGLpVGDQVFHWRXYUDJHRQW
XQVLJQLDQWSRXUFKDFXQHGHVIRUPHVPRGDOHVRXWHPSRUHOOHVSDUHX[LQWpJUpHVPDLVQ
HQRQWSRLQWSRXUOHWRXW
LQWpJUDQWTX
LOVFRQVWLWXHQW/
DEVHQFHG
XQVLJQLDQWTXLUHSUpVHQWHO
HQWLHUGXV\VWqPHYLHQWGHFHTXHFHWHQWLHU
HVWXQHFKRVHTXHOHGLVFRXUVQ
HVWGDQVDXFXQFDVVXMHWjSURGXLUHO
HVVHQFHGXGLVFRXUVpWDQWDLQVLTX
RQDGpMj
HXO
RFFDVLRQGHO
LQGLTXHUGHGpWDFKHUGXV\VWqPHFHOOHGHVHVIRUPHVFRPSRVDQWHVOHPLHX[HQFRQYHQDQFHDYHF
FHTXHO
RQVHSURSRVHG
H[SULPHUHWGHGpODLVVHUOHVDXWUHV/
HQWLHUGXV\VWqPHQHGHYDQWMDPDLVrWUHSURGXLW
GDQVOHGLVFRXUVLOVHFRQoRLWTXHODODQJXHQHFRQWLHQQHDXFXQVLJQLDQWGHVWLQpjO
\WUDQVSRUWHUQHVRQW
SRXUYXVG
XQVLJQLDQWTXHOHVrWUHVGHODQJXHVXVFHSWLEOHVGHSUHQGUHUDQJGDQVOHGLVFRXUVFHX[TXLFRPPH
OHVV\VWqPHVLQWRWRQHVRQWSDVDSSHOpVjVRUWLUGHODODQJXH\KDELWHQWVRXVODFRQGLWLRQpPLQHPPHQWDEVWUDLWH
GHVLJQLpVDQVVLJQLDQW
/HVHQWLHUVV\VWpPDWLTXHVpWDQWGHVrWUHVGHODQJXHFRPSOH[HVGpSRXUYXVGHVLJQLDQWGDQVODODQJXHHWQRQ
GHVWLQpVjrWUHSURGXLWVGDQVOHGLVFRXUVOHTXHOQ
HQXWLOLVHMDPDLVTX
XQHVHXOHSDUWLHFRPSRVDQWHjODIRLVLOVQH
SRXYDLHQWTX
rWUHLJQRUpVG
XQHOLQJXLVWLTXHG
LQVSLUDWLRQWUqVSRVLWLYHFRPPHFHOOHD\DQWVXFFpGpjOD
GpFRXYHUWHGXVDQVNULWTXLV
pWDLWIDLWjWRXWOHPRLQVLPSOLFLWHPHQWXQHUqJOHGHQHSDVVRUWLUGXGLUHFWHPHQW
FRQVWDWDEOHHWQHGLVFHUQDLWSRLQWFHIXWOjVRQXQLTXHPDLVJUDQGHHUUHXUGHSULQFLSHTX
jYRXORLUDLQVLVHUUHU
GHWURSSUqVOHUpHORQV
LQWHUGLWLSVRIDFWRGHOHYRLUWRXWHQWLHUOHUpHOV
pWHQGDQWIRUWDXGHOjGHFHTXLWRPEH
VRXVOHFRXSGHO
REVHUYDWLRQGLUHFWH
'DQVOHFDVGHODODQJXHHWGHVrWUHVGHGLIIpUHQWHHVSqFHTXLSDUWLFLSHQWjVDFRQVWUXFWLRQOHUpHOFRPSUHQGDLQVL
TX
RQO
DH[SOLTXpWRXWDXGpEXWGHFHWDYDQWSURSRVGHVVpPDQWqPHVGHVDVpPDQWqPHV QRPVSURSUHV GHV
PRUSKqPHVHWGHVV\VWqPHV2UOHVWURLVSUHPLqUHVHVSqFHVVHXOHVVRQWGLUHFWHPHQWREVHUYDEOHV/HVV\VWqPHV
SRXUGHVUDLVRQVTXLRQWpWpGLWHVUHVWHQWHQGHKRUVGHO
DWWHLQWHGHO
REVHUYDWLRQGLUHFWH,OIDXWGRQFTXHOD
OLQJXLVWLTXHRXELHQFRPPHHOOHO
DIDLWMXVTX
jSUpVHQWUHQRQFHjHQHQWUHSUHQGUHXQHpWXGHPpWKRGLTXHHW
DFFHSWHSDUFHODPrPHG
rWUHXQHVFLHQFHLQFRPSOqWHTXLCVHGpPHWDYDQWG
DYRLUDWWHLQWVHVEXWVOHSOXVpOHYpVHW
GpoRLWOHVHVSRLUVTX
RQDYDLWPLVSULPLWLYHPHQWHQHOOHRXELHQTXHSOXW{WTXHGHFRQVHQWLUjFHWWHGLPLQXWLRQ
G
HOOHPrPHHOOHUHFRXUHSRXUO
pWXGHGHVV\VWqPHVMXJpHjMXVWHUDLVRQLQGLVSHQVDEOHjGHVPR\HQV
G
REVHUYDWLRQLQGLUHFWVGHFDUDFWqUHDQDO\WLTXH
&HVHFRQGSDUWLHVWFHOXLTXLDpWpSULVGDQVOHSUpVHQWRXYUDJH5RPSDQWDYHFXQHORQJXHWUDGLWLRQGH
SRVLWLYLVPHH[FHVVLITXLDYDLWLPSRVpDX[OLQJXLVWHVFRQWUHWRXWHYpULWpGHQHFRQVLGpUHUUpHOTXHFHTXLpWDLW
GLUHFWHPHQWREVHUYDEOHLOLQWURGXLWOHOHFWHXUSDUODSpQpWUDWLRQDQDO\WLTXHHWGLVFXVVLYHGHODGRQQpH
FRQVWDWDEOHjODFRQQDLVVDQFHGHIDLWVSURIRQGVHWHQTXHOTXHVRUWHVHFUHWVVXUOHVTXHOVUHSRVHODFRQVWUXFWLRQ
GHODODQJXH/DOLQJXLVWLTXHHQWUHDLQVLjVRQWRXU XQSHXWDUGLYHPHQWSHXWrWUH GDQVOHFRXUDQWTXLGpMjD
FRQGXLWG
DXWUHVJUDQGHVVFLHQFHVG
REVHUYDWLRQjVHFUpHUHQVFLHQFHVWKpRULTXHVLOOXLVXIUDLWGHV
\PDLQWHQLU
SRXUV
pOHYHUGHSOXVLHXUVGHJUpVGDQVODKLpUDUFKLHVFLHQWLTXHSHUGUHOHFDUDFWqUHDVVH]GpFHYDQWjSHXSUqV
XQLTXHPHQWGHVFULSWLIHWFODVVLFDWLITX
HOOHDJDUGpMXVTX
jSUpVHQWHQGpSLWGHO
HQVHLJQHPHQWGH)HUGLQDQGGH
6DXVVXUHIRUWDGPLUpHWSHXVXLYLHWQHSOXVGqVORUVPpULWHUOHUHSURFKHTXHOXLRQWDGUHVVpSDUIRLV
G
H[FHOOHQWVHVSULWVTXLHVWDSUqVWDQWG
pFODWDQWVVXFFqVGDQVODUHPRQWpHGXWHPSVHWODGpFRXYHUWHGHVRULJLQHV
GHQHQRXVDYRLUDXGHPHXUDQWTXHSHXLQVWUXLWGHODYpULWDEOHQDWXUHGHODODQJXHHWGHVRQSV\FKLVPHJpQpUDO
GHIRUPDWLRQ

KWWSQOLSSFXDFNUJXVWDYHUHVXOWDVS"OHQDPHV BKWP%0





/
DUFKLWHFWRQLTXHGXWHPSV /(6/$1*8(6&/$66,48(6

/
DUFKLWHFWRQLTXHGXWHPSVGDQVOHVODQJXHVFODVVLTXHV&RSHQKDJXH0XQNVJDDUGUppGLWpDYHF7HPSVHW

YHUEH3DULV&KDPSLRQSS
/$63$7,$/,6$7,21'87(036'$16/(6/$1*8(6&/$66,48(6
/
HVSULWKXPDLQHVWDLQVLIDLWTX
LODO
H[SpULHQFHGXWHPSVPDLVQ
HQDSRLQWODUHSUpVHQWDWLRQ,OOXLIDXWOD
GHPDQGHUjGHVPR\HQVFRQVWUXFWLIVHWGHVFULSWLIVTXLVRQWGHO
RUGUHGHO
HVSDFH/DUHSUpVHQWDWLRQOLQpDLUHGX
WHPSVTXLIXLWIDLWSDUWLHGHFHVPR\HQVHOOHHVWGpMjGDQVVDVLPSOLFLWpSUHPLqUHHWRQOHYHUUDIRQGDPHQWDOH
 XQHFHUWDLQHVSDWLDOLVDWLRQGXWHPSV
/HVPR\HQVFRQVWUXFWLIVHWGHVFULSWLIVG
RUGUHVSDWLDODX[TXHOVODSHQVpHUHFRXUWSRXUVHGRQQHUjHOOHPrPH
XQHYLVLRQGXWHPSVRQWOHXUSHLQWXUHGqOHGDQVOHVIRUPHVJUDPPDWLFDOHVTXHOHVODQJXHVGHVWLQHQWj
O
H[SUHVVLRQGHFHOXLFL,OHVWHQFRQVpTXHQFHSRVVLEOHDYHFOHVHFRXUVG
XQHPpWKRGHDSSURSULpHG
HQIDLUHOD
GpFRXYHUWHHQSDUWDQWGHFHVIRUPHV&
HVWO
REMHWGXSUpVHQWWUDYDLO
/DPpWKRGHORQJXHPHQWPpGLWpHTX
RQ\DSSOLTXHWUqVSURFKHGHFHOOHTXLWULRPSKHDFWXHOOHPHQWHQ
SK\VLTXHSRXUUDLWrWUHGpQLHXQHDOOLDQFHHQWRXWHSURSRUWLRQXWLOHGHO
REVHUYDWLRQQHGXFRQFUHWHWGHOD
UpH[LRQDEVWUDLWHSURIRQGHOHGHUQLHUPRWDSSDUWHQDQWELHQHQWHQGXjODSUHPLqUHVHXOHTXDOLpHSRXUGpFLGHU
HQGHUQLHUUHVVRUWGHODYUDLHQDWXUHGHVFKRVHVOHU{OHGHODUpH[LRQGDQVO
DOOLDQFHTX
HOOHFRQWUDFWHDYHF
O
REVHUYDWLRQQ
pWDQWSRLQWGHFRQFOXUHjVDSODFHPDLVGHODJXLGHUGHODUHQGUHSOXVDLJXsSOXVSpQpWUDQWHHW
SRXUWRXWGLUHG
XQPRWGHOXLFRQIpUHUXQHSXLVVDQFHTXHODLVVpHjVHVVHXOHVIRUFHVHOOHQ
DXUDLWSDV
8QHSUHPLqUHORLPLVHHQOXPLqUHSDUO
DSSOLFDWLRQGHFHWWHPpWKRGH TXLDIDLWVHVSUHXYHVDLOOHXUV DX[
SUREOqPHVGHOLQJXLVWLTXHHVWTX
XQHRSpUDWLRQGHSHQVpHVLEUqYHVRLWHOOHGHPDQGHGXWHPSVSRXUV
DFFRPSOLU
HWSHXWFRQVpTXHPPHQWrWUHUpIpUpHDX[QVG
DQDO\VHDX[LQVWDQWVVXFFHVVLIVGXWHPSVTXLHQSRUWH
O
DFFRPSOLVVHPHQWHWTXHQRXVQRPPHURQVOHWHPSVRSpUDWLI
&HWWHUpIpUHQFHHVWDXVXUSOXVOHVHXOPR\HQTXHODSHQVpHDLWG
RSpUHUXQHVDLVLHLQWpULHXUHGHFHTXLV
DFFRPSOLW
HQHOOHPrPHDXVVLHQXVHWHOOHGDQVWRXWHODPHVXUHYDULDEOHDYHFO
pWDWGHFLYLOLVDWLRQRHOOHQ
DFFHSWHSDV
GHV
LJQRUHU
(WFRPPHLOHVWGHVDQDWXUHGHQHSDVV
DEDQGRQQHUjFHWWHLJQRUDQFHGHVRLHOOHHQXVHVDQVFHVVH/
KLVWRLUHGH
ODPRUSKRORJLHGHVODQJXHVRIIUHjFHWpJDUGOHVWpPRLJQDJHVOHVSOXVSUREDQWV/HVODQJXHVGRQWOD
FRQVWUXFWLRQUHSRVHVXUODSXLVVDQFHTXHSRVVqGHO
HVSULWGHUppFKLUHQOXLPrPHDLQVLTXHGDQVXQPLURLUR
HOOHGHYLHQWYLVLEOHVDSURSUHDFWLYLWpVRQWGDQVOHXUSDUWLHV\VWpPDWLTXHHWOHIDLWDSSDUDvWG
DXWDQWSOXVVHQVLEOH
TX
LOV
DJLWGHVSOXVpYROXpHVG
HQWUHHOOHVODUpVXOWDQWHG
XQHUpIpUHQFHGHFHTXHO
HVSULWpGLHDXWHPSVTX
LOPHW
jO
pGLHU/HVDQDO\VHVVXEWLOHVTX
RSqUHODODQJXHQHVRQWMDPDLVDXWUHFKRVHTXHODGLYLVLRQGHFHWHPSVRSpUDWLI
HQLQVWDQWVRULJLQDX[JUDPPDWLFDOHPHQWGpQRWpV/
LQGLYLVLRQGHFHVLQVWDQWVTXHOTX
HQVRLWOHPRWLI
LPSXLVVDQFHGHOHVGLVWLQJXHURXUHFKHUFKHG
HIIHWVH[SUHVVLIVVHWUDGXLWSDUXQHV\QWKqVH
2QHVWFRQGXLWDLQVLHQVHIRQGDQWVXUO
REVHUYDWLRQKLVWRULTXHDWWHQWLYHGHVIDLWVHWODSHUFHSWLRQDEVWUDLWHPHQW
DFTXLVHTX
LOQ
H[LVWHSRXUO
HVSULWG
DXWUHVPR\HQVGHV
LQWURGXLUHjXQHFRQQDLVVDQFHDQDO\WLTXHGHVHVSURSUHV
GpPDUFKHVTXHGHUpIpUHUFHOOHVFLDXWHPSVTX
HOOHVPHWWHQWjV
DFFRPSOLUHQOXLjSRVHUOHSULQFLSHGRQW
O
LPSRUWDQFHSRXUODOLQJXLVWLTXHJpQpUDOHQHVDXUDLWpFKDSSHUTXHODVWUXFWXUHHQWLqUHGHVODQJXHVGDQVVDSDUWLH
IRUPHOOHSURFqGHG
XQHUpIpUHQFHGXFRQVWUXLWDXWHPSVRSpUDWLIGHVDFRQVWUXFWLRQDQDO\WLTXHPHQWGLYLVpHQ
PRPHQWVGLIIpUHQWVTXHOHXUSRVLWLRQGDQVO
HQWLHUFDUDFWpULVH
&
HVWGHFHWWHPDQLqUHDYHFXQHQHWWHWpIUDSSDQWHHWXQHULJXHXURQDXUDO
RFFDVLRQGHOHFRQVWDWHUTXLQH
VHGpPHQWMDPDLVTXHV
HVWRSpUpHODFRQVWUXFWLRQGXWHPSVOLQJXLVWLTXH
/DSUHPLqUHGpPDUFKHGHO
HVSULWGDQVFHWWHHQWUHSULVHGLIFLOHDpWpGHUpIpUHUFHWWHFRQVWUXFWLRQDXWHPSV
RSpUDWLITX
HOOHH[LJHHWODVHFRQGHGRQWLOFRQYLHQWGHIDLUHUHVVRUWLUOHFDUDFWqUHWRXWSDUWLFXOLqUHPHQW
DUFKLWHFWXUDODFRQVLVWpGDQVO
HPSORLGHFRXSHVGHVWLQpHVjVDLVLUOHWHPSVRSpUDWLIHWDYHFOXLO
RXYUDJHHQ
FRQVWUXFWLRQTX
LOSRUWHHQORQJHWSDUOHWUDYHUVVHORQXQSURFHVVXVTXLDOHPpULWHG
RIIULUjODSHQVpHSHQVDQWH
KWWSQOLSSFXDFNUJXVWDYHUHVXOWDVS"OHQDPHV BKWP%0





/
DUFKLWHFWRQLTXHGXWHPSV /(6/$1*8(6&/$66,48(6

OHVSHFWDFOHLQWpULHXUGHVDSURSUHDFWLYLWp
8QHFRXSHHQORQJSDVVDQWSDUO
D[HGHO
RSpUDWLRQFRQVWUXFWLYHUHSUpVHQWDWLIGHVDGXUpHG
DFFRPSOLVVHPHQWGX
WHPSVTX
LOOXLIDXWSRXUV
DFFRPSOLUODVDLVLWGDQVVRQFRXUVHQWDQWTXHSURFqVORQJLWXGLQDOHPHQWVXLYLDSUqV
TXRLG
DXWUHVFRXSHVSRUWpHVSDUOHWUDYHUVLQWHUYLHQQHQWTXLLQWHUFHSWHQWO
RSpUDWLRQFRQVWUXFWLYHHQJDJpHHW
O
REOLJHQWjVHSUROHUVXUOHSODQG
LQWHUFHSWLRQ
/HVSUROVUpVXOWDWLIVREWHQXVGHFHWWHPDQLqUHG
DXWDQWSOXVFRPSOHWVTX
LOVpPDQHQWGHFRXSHV
WUDQVYHUVDOHVSOXVWDUGLYHPHQWVXUYHQXHVGDQVO
RSpUDWLRQGHSHQVpHFRQVWUXFWLYHTX
HOOHVLQWHUFHSWHQWVRQWDXWDQW
G
LPDJHVSODQHVGXWHPSVSRXUYXHVG
XQHKDXWHXUHWG
XQHODUJHXUTXLVRQWFHOOHVDXPRPHQWFRQVLGpUpGH
O
pGLFHHQWLHUGXWHPSVOLQJXLVWLTXH J &KDFXQHGHFHVLPDJHVH[SULPHVXUVHVGHX[GLPHQVLRQVXQpWDW
SOXVRXPRLQVDYDQFpGHODIRUPDWLRQGXWHPSVIRUPDWLRQTXHODSHQVpHTXLHQHVWO
DXWHXUSRXUVXLWGDQVOH
VHQVORQJLWXGLQDORSpUDWLIDXVVLORQJWHPSVTX
HOOHQHMXJHSDVRSSRUWXQDXSRLQWGHYXHH[SUHVVLIGHIDLUH
LQWHUYHQLUDQG
\PHWWUHXQWHUPHO
REVWDFOHG
XQHFRXSHLQWHUUXSWLYH
7HOHVWUDPHQpjFHTX
LODG
HVVHQWLHOOHPpFDQLVPHFRQVWUXFWHXUDXTXHOOHWHPSVOLQJXLVWLTXHGRLWG
DYRLU
OHVPrPHVWURLVGLPHQVLRQVTX
XQRXYUDJHpGLpGDQVO
HVSDFHSURIRQGHXUKDXWHXUHWODUJHXU&HVGLPHQVLRQV
SURYLHQQHQWGHFHTXHODFRQVWUXFWLRQPrPHGXV\VWqPHGXWHPSVOLQJXLVWLTXHHVWUpIpUpDXWHPSVTX
HOOHH[LJH
SRXUV
RSpUHUVDLVLG
DERUGHQORQJSXLVSDUOHWUDYHUV
/HWHPSVRSpUDWLIVDLVLGDQVOHVHQVORQJLWXGLQDOFRQVWLWXHODSURIRQGHXUGXV\VWqPHpGLp6DLVLGDQVOHVHQV
WUDQVYHUVDOLOGRQQHGXV\VWqPHGHVSUROVSRXUYXVVHXOHPHQWGHKDXWHXUHWGHODUJHXU&HVSUROVVRQWGHV
LPDJHVSODQHVGXWHPSVH[SULPDQWHQUpVXOWDWVXUOHXUVGHX[GLPHQVLRQVWUDQVYHUVDOHVFHTXLV
HVWDFFRPSOL
DQWpFpGHPPHQWDYHFOHFRQFRXUVG
XQHWURLVLqPHGLPHQVLRQORQJLWXGLQDOHMRXDQWUpGXLWHjVRQD[HOHU{OHTXL
HVWHQWHUPHVGHSUDWLTXHGDQVO
DUWGHO
LQJpQLHXUFHOXLGHODOLJQHPDJLVWUDOHRXG
RSpUDWLRQGHVSUROVHQ
WUDYHUV
/DKDXWHXUGHVLPDJHVSODQHVGXWHPSVDLQVLSURGXLWHVUHSUpVHQWHODGLVWDQFHTXLVpSDUHGDQVO
HVSULWOH
SUpVHQWGHFRQVFLHQFHDFWXHOOHOHSUpVHQWSURSUHPHQWGLWHWOHSUpVHQWGHPpPRLUHJpQpUDOHPHQWGpVLJQpVRXV
OHQRPGHSDUIDLW
&HWWHGLVWDQFHHVWVXMHWWHjYDULHUKLVWRULTXHPHQW  PDLVGDQVXQV\VWqPHGHGDWHGpWHUPLQpHRHOOH
LQWHUYLHQWFRPPHpOpPHQWFRQVWUXFWHXUHOOHFRQVWLWXHXQFRPSRVDQWSDUWLFXOLqUHPHQWVWDEOHTXLWHQGjJDUGHUHQ
WRXWHSRVLWLRQVXUWRXVOHVSODQVWUDQVYHUVDX[FRXSDQWODSURIRQGHXU J ODPrPHJUDQGHXUHWOHPrPH
PRXYHPHQW  
/DODUJHXUGHVPrPHVLPDJHVSODQHVGXWHPSVHVWDXFRQWUDLUHVXMHWWHjYDULHUDYHFODSURJUHVVLRQGX
WHPSVRSpUDWLI J $XSUHPLHULQVWDQWGHFHOXLFLVXUO
DUULqUHSODQGpWHUPLQpSDUODSUHPLqUHFRXSH
WUDQVYHUVDOHHWSOXVWDUGVXUOHSODQPR\HQGpWHUPLQpSDUODGHX[LqPHHOOHDSRXUPHVXUHODTXDQWLWpGHWHPSV
TXLYDGLPLQXDQW  TXHUHWLHQQHQWHQHX[DXSOXVKDXWQLYHDXGHO
LPDJHWHPSVOHSUpVHQWHWDXQLYHDXOH
SOXVEDVOHSDUIDLWHWHOOHQLWjO
DYDQWSODQTXDQGFHVIRUPHVYHUEDOHVjIRUFHGHV
pWUpFLUVHORQODORLTXLOHXU
HVWSURSUH  QHFRQWLHQQHQWSOXVTXHOHPLQLPXPGHWHPSVLQGLVSHQVDEOHjOHXUH[LVWHQFHSDUDYRLUSRXU
PHVXUHODTXDQWLWpGHWHPSVGHYHQXHLOOLPLWpHQ
pWDQWSOXVFRQWHQXHSDUULHQTXHOHVGLWHVIRUPHVRQWH[SXOVpH
G
HOOHVPrPHVUHMHWpHjO
H[WpULHXUjJDXFKHHWjGURLWHODJDXFKHJXUDQWSDUFRQYHQWLRQOHSDVVpHWODGURLWHOH
IXWXU/HSUpVHQWDSSDUDvWDLQVLDXWHUPHGHVRQpWUpFLVVHPHQWXQSRLQWjSDUWLUGXTXHOV
pWHQGjJDXFKHXQSDVVp
KRUL]RQWDOG
XQHpWHQGXHLOOLPLWpHHWjGURLWHXQIXWXUKRUL]RQWDOpJDOHPHQWLOOLPLWp/HSDUIDLWTXLUHSURGXLWOH
SUpVHQWjXQQLYHDXV\VWpPDWLTXHSOXVEDVSUHQGGHPrPHODJXUHG
XQSRLQWLQVpUpHQWUHXQSDVVpKRUL]RQWDO
GpYHORSSpjSHUWHGHYXHjVDJDXFKHHWXQIXWXUKRUL]RQWDOGpYHORSSpjSHUWHGHYXHjVDGURLWH
&HWWHFRQVWUXFWLRQJpRPpWUDOHGHO
LPDJHWHPSVVHORQODTXHOOHRQDUpJXOLqUHPHQWHQIDFHGXSDUIDLWXQSDVVpHW
XQIXWXUHVWFHOOHGHVODQJXHVTXLREVHUYHQWDYHFULJXHXUGDQVOHXUDUFKLWHFWRQLTXHGXWHPSVODUqJOHGHV\PpWULH
&
HVWOHFDVGXODWLQ J (OOHVXELWFHUWDLQVFKDQJHPHQWVGDQVOHVODQJXHVGRQWODSURSHQVLRQQDWXUHOOHj
REVHUYHUFHWWHUqJOHHVWPRLQGUHFHTXLHVWRQOHYHUUDOHFDVGXJUHF J ,OH[LVWHHQJUHFXQSDVVpGH
SDUIDLWXQSOXVTXHSDUIDLWLOQ
\H[LVWHSDVGXPRLQVUpJXOLqUHPHQWXQIXWXUGHSDUIDLW^1RWH/DFRQVWUXFWLRQ
SpULSKUDVWLTXHOHOXNZ9HVRPDLLQWURGXLWHGDQVOHVSDUDGLJPHVJUDPPDWLFDX[GHODYRL[DFWLYHSDUTXHOTXHVJUDPPDLULHQVDXWLWUHGHIXWXU
DQWpULHXUHVWVRQFDUDFWqUHGHSpULSKUDVHO
LQGLTXHXQHFRQVWUXFWLRQKRUVV\VWqPH&
HVWXQWUDLWGXJUHFHQHIIHWTXHGHQ
DGPHWWUHj
O
LQWpULHXUGXV\VWqPHTXHGHVFRQVWUXFWLRQVVLPSOHV$YHFOHVFRQVWUXFWLRQVFRPSRVpHVRQSDVVHjO
H[WpULHXUHOOHVVRQWH[R
KWWSQOLSSFXDFNUJXVWDYHUHVXOWDVS"OHQDPHV BKWP%0





/
DUFKLWHFWRQLTXHGXWHPSV /(6/$1*8(6&/$66,48(6

V\VWpPDWLTXHV3RXUFHTXLHVWGHODFRQVWUXFWLRQVLPSOHOHOXVRPDLTXDOLpHJpQpUDOHPHQWGHIXWXUDQWpULHXUGXSDVVLIHOOHQ
HVWSDVDXWUH
FKRVHTXHOHIXWXUVLJPDWLTXHSDUIDLWHPHQWUpJXOLHUGHOHOXPDLSUpVHQWVHFRQGHWGpWHUPLQpGHODYRL[SDVVLYH/DYRL[SDVVLYHGXJUHFDHQ
UpDOLWpQRQSDVXQSUpVHQWHWXQSDUIDLWPDLVGHX[SUpVHQWVO
XQSUHPLHULQGpWHUPLQpOXRPDLTXLSDUH[FOXVLRQGHO
LGpHG
DFKqYHPHQW
FRQIqUHjMHVXLVGpOLpOHVHQVGHRQPHGpOLHRQHVWHQWUDLQGHPHGpOLHUO
DXWUHVHFRQGGpWHUPLQpOHOXPDLTXLSDULQFOXVLRQGHO
LGpH
G
DFKqYHPHQWFRQIqUHjMHVXLVGpOLpOHVHQVGHRQP
DGpOLpRQDQLGHPHGpOLHU/HOXPDLQ
HVWXQSDUIDLWTXHGDQVODYRL[PR\HQQH
6XUODTXHVWLRQGXIXWXUGXSDUIDLW IXWXUDQWpULHXU HWGHODSRVVLELOLWpGHFHWWHIRUPHYRLUHQRXWUHODQRWHDSSDUWHQDQWDX`

$XIXUHWjPHVXUHTXHVHGpYHORSSHOHSKpQRPqQHGHODVSDWLDOLVDWLRQGXWHPSVOLQJXLVWLTXHODTXDQWLWpGH
WHPSVUHWHQXHjO
LQWpULHXUGHVFRQVWUXFWLRQVGHSUpVHQWHWGHSDUIDLWQHFHVVHGHGpFURvWUHFHSHQGDQWTXHFHOOH
UHMHWpHSDUFHVFRQVWUXFWLRQVjO
H[WpULHXUJUDQGLWjSURSRUWLRQ2QYRLWDLQVLOHSUpVHQWHWOHSDUIDLWG
DERUGWUqV
ODUJHVDXSRLQWGHFRQWHQLUDSSUR[LPDWLYHPHQWOHWHPSVLQH[WHQVRGHYHQLUSURJUHVVLYHPHQWGHSOXVHQSOXV
pWURLWVHWDSUqVDYRLUSDUODUJHXUFRQWHQXHIDLWJXUHGHOLJQHVDXGpEXWGXSKpQRPqQHQHSOXVIDLUHJXUH
TXDQGFHOXLFLV
DFKqYHTXHGHSRLQWV  
/HVGHX[VFKqPHVUHSURGXLWVFLGHVVRXVVHUDSSRUWDQWO
XQDXSUpVHQWSURSUHPHQWGLW SUpVHQWGHFRQVFLHQFH
DFWXHOOH O
DXWUHDXSDUIDLW SUpVHQWGHPpPRLUH JXUHQWO
RSpUDWLRQGHSHQVpHTXHO
RQYLHQWGHGpFULUH/D
UHSUpVHQWDWLRQJUDSKLTXHTX
LOVHQGRQQHQWSHUPHWGHV
HQIDLUHDYHFXQHJUDQGHpFRQRPLHG
H[SOLFDWLRQXQHLGpH
WRXWjIDLWH[DFWH


/
pWUpFLVVHPHQWGXSUpVHQWHWGXSDUIDLWDXFRXUVGXSKpQRPqQHGHODVSDWLDOLVDWLRQGXWHPSV

&HVGHX[VFKqPHVUHSUpVHQWDWLIVGXV\VWqPHWHPSRUHOFRQVWUXLWQHIRQWpWDWFKDFXQTXHGHVDODUJHXUHWGH
VDSURIRQGHXU,OPDQTXHjO
pGLFHSRXUTX
LOVRLWFRPSOHWODKDXWHXU,OVXIWSRXUO
DYRLUHWSDUOjVH
FRQIRUPHUjODUpDOLWpSRXUO
DYRLUHWSDUOjVHFRQIRUPHUjODUpDOLWpLQFRPSDWLEOHGqVO
LQVWDQWTX
RQHPEUDVVH
O
HQWLHUV\VWpPDWLTXHDYHFO
DEVHQFHGHO
XQHTXHOFRQTXHGHVWURLVGLPHQVLRQVVSDWLDOHVGHVXSHUSRVHUOHVGHX[
VFKqPHVHQODLVVDQWHQWUHHX[ODGLVWDQFHTXLVpSDUHGDQVO
HVSULWOHSUpVHQWGXSDUIDLW2QREWLHQWGHODVRUWHXQH
JXUHjWURLVGLPHQVLRQVODJXUHFLFRQWUHTXLFRQVWLWXHOHFDGUHJpRPpWUDOGHODIRUPDWLRQGXWHPSV
OLQJXLVWLTXHGDQVOHVODQJXHVLQGRHXURSpHQQHVHQJpQpUDOHWSOXVJpQpUDOHPHQWHQFRUHGDQVWRXWHVOHVODQJXHV
DVVXMHWWLHVHQUDLVRQGHOHXUpYROXWLRQKXPDLQHVHQVLEOHPHQWpJDOHDX[PrPHVQpFHVVLWpVFRQVWUXFWLYHV

KWWSQOLSSFXDFNUJXVWDYHUHVXOWDVS"OHQDPHV BKWP%0





/
DUFKLWHFWRQLTXHGXWHPSV /(6/$1*8(6&/$66,48(6


)LJXUH
6FKpPDJpQpUDOGHODIRUPDWLRQPHQWDOHGHO
LPDJHWHPSV /DqFKHLQWpULHXUHLQGLTXHOHVHQVGHODSURJUHVVLRQGXSKpQRPqQH 

'DQVXQRXYUDJH 7HPSVHW9HUEH&ROOHFWLRQOLQJXLVWLTXH;;9,, WUDLWDQWVSpFLDOHPHQWOHVXMHWRQD


GRQQpjODFRXSHHQORQJGXSKpQRPqQHGHODVSDWLDOLVDWLRQGXWHPSVOHQRPGHFKURQRJpQqVHHWDX[FRXSHVSDU
OHWUDYHUVLQWHUYHQDQWGHPDQLqUHLQWHUUXSWLYHGDQVOHSKpQRPqQHDQG
HQPDUTXHUXQHpWDSHDFFRPSOLHSOXVRX
PRLQVLPSRUWDQWHOHQRPGHFKURQRWKqVH2QFRQWLQXHUDGHVHVHUYLUGHFHVGHX[WHUPHVGDQVOHSUpVHQWWUDYDLOHQ
UDLVRQGHOHXUFRPPRGLWpHWVXUWRXWGHOHXUSURSULpWp/DFKURQRJpQqVHF
HVWODIRUPDWLRQPHQWDOHGXWHPSV
OLQJXLVWLTXHSHUoXHHQJHQqVHVHORQOHVHQVORQJLWXGLQDOGHODSURJUHVVLRQRSpUDWLYH/HVFKURQRWKqVHVVRQWOHV
WKqVHVGXWHPSVUpVXOWDQWGHFHTX
XQHFRXSHWUDQVYHUVDOHDDUUrWpODFKURQRJpQqVHGDQVVDSURJUHVVLRQRSpUDWLYH
HWO
DREOLJpHjVHGHVVLQHUHQUpVXOWDWjVHSUROHUjSODWVXUOHSODQGHODFRXSHLQWHUFHSWLYHVXUYHQXHDQ
G
HPSrFKHUOHSKpQRPqQHGHODVSDWLDOLVDWLRQGXWHPSVDYHFOHTXHOODFKURQRJpQqVHV
LGHQWLHGHVHSRXUVXLYUH
DXGHOjGHFHTXLHVWMXJpXWLOHGXSRLQWGHYXHH[SUHVVLI  
2QFRPSWHGDQVXQHODQJXHDXWDQWGHFKURQRWKqVHVDXWDQWG
LPDJHVSODQHVGXWHPSVLGHQWLpHVSDUO
XQLWp
GHPRGHGHVIRUPHVFRPSRVDQWHVTX
LOV
\SURGXLWGHFRXSHVWUDQVYHUVDOHVGHODFKURQRJpQqVH
'XSRLQWGHYXHJpRPpWUDOULHQQHOLPLWHOHQRPEUHGHFHVFRXSHVWUDQVYHUVDOHVOHTXHOSRXUUDLWWKpRULTXHPHQW
GHYHQLULQQL0DLVGDQVOHODQJDJHGRQWODYLVpHUHVWHHQWRXWpWDWGHFDXVHSUDJPDWLTXHOHQRPEUHGHVFRXSHV
MXJpHVXWLOHVVHUpGXLWjWURLV JHW 
 XQHFRXSHLQLWLDOHTXLPDUTXHGDQVODFKURQRJpQqVHXQHVDLVLHGHUpVXOWDWSUpFRFHHWHQTXHOTXHVRUWH
DQWLFLSpH/HSKpQRPqQHGHODVSDWLDOLVDWLRQGXWHPSVHVWLQWHUURPSXGqVOHVSUHPLHUVSDVDFFRPSOLVHQOXL
PrPHjXQPRPHQWRLOQ
DSRUWpTXHSHXGHVFRQVpTXHQFHVTXLOXLVRQWSURSUHVHWQ
DGRQQpDDXFXQHVRQ
HQWLHUGpYHORSSHPHQW
 XQHFRXSHPpGLDOHTXLPDUTXHGDQVODFKURQRJpQqVHXQHVDLVLHGHUpVXOWDWPRLQVSUpFLSLWpH/HSKpQRPqQH
GHODVSDWLDOLVDWLRQGXWHPSVHVWLQWHUURPSXGDQVVDSKDVHPR\HQQHDORUVTX
LODGpMjSRUWpXQHSDUWLHGHV
FRQVpTXHQFHVTXLOXLVRQWSURSUHVPDLVVDQVOHXUDWWULEXHUWRXWOHGpYHORSSHPHQWGRQWHOOHVVRQWFDSDEOHV
KWWSQOLSSFXDFNUJXVWDYHUHVXOWDVS"OHQDPHV BKWP%0





/
DUFKLWHFWRQLTXHGXWHPSV /(6/$1*8(6&/$66,48(6

 XQHFRXSHQDOHPDUTXDQWGDQVODFKURQRJpQqVHXQHVDLVLHGHUpVXOWDWWDUGLYHXOWLPHDSUqVODTXHOOHLOQ
HQ
HVWSOXVG
DXWUHSRVVLEOH/HSKpQRPqQHGHODVSDWLDOLVDWLRQGXWHPSVHVWLQWHUURPSXLQH[WUHPLVDORUVTX
LOD
SRUWpWRXWHVOHVFRQVpTXHQFHVTXLOXLVRQWSURSUHVHWGRQQpjFKDFXQHG
HOOHVVRQHQWLHUGpYHORSSHPHQW
&HVSULQFLSHVJpQpUDX[SRVpVGRQWRQQHPpFRQQDvWSDVOHFDUDFWqUHDEVWUDLWPDLVTXLQ
HQVRQWSDVPRLQV
RQOHYHUUDO
H[SUHVVLRQGqOHGHODUpDOLWpOLQJXLVWLTXHQRWUHWkFKHVWULFWHPHQWGpOLPLWpHSDUOHWLWUHGHFH
WUDYDLOHVWG
HQYpULHUO
H[DFWLWXGHGDQVGHX[ODQJXHVOHODWLQHWOHJUHFTXLOHXURQWDVVXUpHQHOOHVSDU
O
LQWHUSUpWDWLRQKDELOHHWjXQFHUWDLQGHJUpGLIIpUHQWHTX
HOOHVHQRQWIDLWHXQHIRUWXQHFRQVLGpUDEOH
/HPHLOOHXUPR\HQTX
RQDLWG
RSpUHUFHWWHYpULFDWLRQHVWGHVXLYUHSDVjSDVODSURJUHVVLRQRSpUDWLYHGHOD
FKURQRJpQqVHHWGHUHOHYHUGDQVO
RUGUHRHOOHVLQWHUYLHQQHQWOHVFRXSHVWUDQVYHUVDOHVVXUOHSODQGHVTXHOOHVOD
IRUPDWLRQDUFKLWHFWRQLTXHGXWHPSVRSSRUWXQpPHQWLQWHUURPSXHVHSUROHHQXQUpVXOWDWSOXVRXPRLQVDFKHYp
6DLVLUSDUOHWUDYHUVODFKURQRJpQqVHF
HVWHQVXVSHQGUHODPDUFKHHWO
REOLJHUjVHSUROHUHQUpVXOWDWSRXU
FHTXLV
HVWMXVTXHOjDFFRPSOLG
HOOHPrPHVXUOHSODQG
XQHFRXSHWUDQVYHUVDOHVpFDQWH
/DFRQVpTXHQFHGDQVODODQJXHGHODVDLVLHSDUSUROGHODFKURQRJpQqVHF
HVWXQV\VWqPHWHPSRUHOUpVXPDQWj
SODWVXUOHVGHX[VHXOHVGLPHQVLRQVSODQHVKDXWHXUHWODUJHXUFHTXLV
HVWpODERUpDQWpFpGHPPHQWGDQVOD
SURIRQGHXUQRQHQFRUHVDLVLHUpVXOWDWLYHPHQWSDUOHWUDYHUV&HV\VWqPHDSSDUDvWG
DXWDQWSOXVGpYHORSSp
G
DXWDQWSOXVULFKHGHFRQVWUXFWLRQVFRQWHQXHVTX
LOpPDQHG
XQHFRXSHLQWHUFHSWLYHSOXVWDUGLYHPHQWSRUWpHGDQV
ODFKURQRJpQqVH
8QWHOV\VWqPHGXWHPSVLVVXG
XQHVDLVLHSDUOHWUDYHUVGHODSURJUHVVLRQFKURQRJpQpWLTXHHVWFHTX
RQQRPPH
LFLXQHFKURQRWKqVH/HVFRQVWUXFWLRQVWHPSRUHOOHVTX
LODVVHPEOHSRUWHQWWRXWHVXQHLQGLFDWLRQJUDPPDWLFDOH
UHODWLYHDXPRPHQWGHVXUYHQDQFHGHODFKURQRWKqVHGDQVODFKURQRJpQqVHF
HVWjGLUHHQUHPRQWDQWjODVRXUFH
GHVFKRVHVDXPRPHQWGHVXUYHQDQFHGDQVODFKURQRJpQqVHGHODFRXSHLQWHUFHSWLYHTXL\GpFODQFKHUDOD
IRUPDWLRQG
XQHFKURQRWKqVH
&HWWHLQGLFDWLRQJUDPPDWLFDOHF
HVWOHPRGHOHTXHODSSDUDvWWRXWELHQFRQVLGpUpDYRLUSRXUIRQFWLRQH[FOXVLYH
GHGDWHUHWSDUOjG
LQGLYLGXHUGDQVODFKURQRJpQqVHOHVFKURQRWKqVHVVXFFHVVLYHPHQWSURGXLWHVHQHOOH  
2QVHUDLWIRQGpDLQVLjGpQLUOHPRGHODFDWpJRULHJUDPPDWLFDOHFKDUJpHG
LQGLTXHUSRXUFKDFXQHGHV
FKURQRWKqVHVVDSRVLWLRQGHIRUPDWLRQGDQVOHWHPSVRSpUDWLIGHODFKURQRJpQqVH
,OFRQYLHQWG
DMRXWHUDXVVLW{WTXHFHWWHGpQLWLRQGXPRGHTXLYDXWSRXUWRXWHVOHVODQJXHVQHYLVHTXHOHV
VHXOVPRGHVFKURQRJpQpWLTXHVO
LQQLWLIOHSDUWLFLSHO
RSWDWLIOHVXEMRQFWLIO
LQGLFDWLIF
HVWjGLUHFHX[
H[SULPDQWXQHpWDSHG
DFFRPSOLVVHPHQWGHODFKURQRJpQqVHHWODLVVHHQGHKRUVG
HOOHOHVPRGHVDOORFXWLIVWHOVOH
MXVVLIO
LQMRQFWLIOHSURKLELWLIHWFDLQVLTXHQRWUHEDQDOLPSpUDWLITXLVRQWVLPSOHPHQWGHVPDQLqUHVGH
V
DGUHVVHUjODSHUVRQQH
8QHGLIFXOWpG
DQDO\VHPDODLVpPHQWVXUPRQWDEOHQDvWGHFHTXHOHPRGHDOORFXWLIDLQpYLWDEOHPHQWSRXU
VXSSRUWXQPRGHFKURQRJpQpWLTXHGHVRUWHTXHOHPRGHHIIHFWLYHPHQWH[SULPpGHTXHOTXHPDQLqUHTX
RQOH
GpQRPPHVHWURXYHrWUHHQUpDOLWpOHSURGXLWGHO
LQWHUIpUHQFHGHGHX[YLVpHVPRGDOHVG
HVSqFHGLIIpUHQWHGRQWLO
SHXWGHYHQLUIRUWGLIFLOHVLQRQLPSRVVLEOHG
RSpUHUGXSRLQWGHYXHPRUSKRORJLTXHO
H[DFWSDUWDJH
,ODUULYHTX
XQPrPHPRGHDOORFXWLIVHGLVWULEXHVXUGHX[PRGHVFKURQRJpQpWLTXHV&HFLHVWOHFDVQRWDPPHQW
HQIUDQoDLVRVHORQOHYHUEHHPSOR\pO
LPSpUDWLIPRGHDOORFXWLILQWHUIqUHVRLWOHPRGHLQGLFDWLIVRLWOHPRGH
VXEMRQFWLIO
XQHWO
DXWUHFKURQRJpQpWLTXHV/HVXSSRUWKDELWXHOGHO
LPSpUDWLIIUDQoDLVHVWO
LQGLFDWLIPDLVSRXU
TXHOTXHVYHUEHVVSpFLDX[TXLGXSRLQWGHYXHSV\FKLTXHHQIRXUQLVVHQWOHPRWLI rWUHDYRLUVDYRLU FHVXSSRUW
HVWOHVXEMRQFWLI

KWWSQOLSSFXDFNUJXVWDYHUHVXOWDVS"OHQDPHV BKWP%0





/
DUFKLWHFWRQLTXHGXWHPSV /$7,1

/
DUFKLWHFWRQLTXHGXWHPSVGDQVOHVODQJXHVFODVVLTXHV&RSHQKDJXH0XQNVJDDUGUppGLWpDYHF7HPSVHW

YHUEH3DULV&KDPSLRQSS
/$63$7,$/,6$7,21/$7,1('87(036
$3UHPLqUHFRXSHWUDQVYHUVDOHGHODFKURQRJpQqVH
,OUpVXOWHGHFHWWHSUHPLqUHFRXSHWUDQVYHUVDOHGHODFKURQRJpQqVHXQHLPDJHSODQHGXWHPSVXQH
FKURQRWKqVHGRQWOHVFDUDFWpULVWLTXHVJpRPpWUDOHVHWFLQpWLTXHVOHVSUHPLqUHVUHODWLYHVDXWUDFpTXHVXLWOH
WHPSVHWOHVVHFRQGHVDXPRXYHPHQWGXWHPSVVXUOHWUDFpVRQWOHVVXLYDQWHV
$XSRLQWGHYXHJpRPpWUDOOHUDSSRUWV\QHUJLTXHGHVGHX[GLPHQVLRQVLQWpUHVVpHVKDXWHXUHWODUJHXUHVW
FHOXLG
XQHYHUWLFDOLVDWLRQTXLUHWLHQWHQHOOHGHO
KRUL]RQWDOLVDWLRQDXWUHPHQWGLWJDUGHGHODODUJHXUXQHODUJHXU
FRQWHQXHGRQWHOOHQHV
HVWSDVHQFRUHGpSDUWLH
/DYHUWLFDOLVDWLRQUHYrWDLQVLGDQVODSHQVpHODIRUPHQRQSDVG
XQHVLPSOHOLJQHYHUWLFDOHLQQLPHQWpWURLWHPDLV
FHOOHG
XQHpWHQGXHFRPSULVHHQWUHGHX[OLJQHVYHUWLFDOHVOLPLWDWLYHVGRQWO
pFDUWHPHQWV\PEROLVH
O
KRUL]RQWDOLVDWLRQTXHODYHUWLFDOLVDWLRQLQVXIVDPPHQWGpQLHVRXVVRQHVSqFHSURSUHQ
DSDVUHMHWpHHQGHKRUV
G
HOOH
&HVPRXYHPHQWVFRPSOH[HVVHSUrWHQWPLHX[jODUHSUpVHQWDWLRQJUDSKLTXHTX
jODGHVFULSWLRQYHUEDOH(QYRLFL
OHVFKpPD


&DUDFWpULVWLTXHVJpRPpWUDOHVGHODSUHPLqUHFKURQRWKqVHODWLQH

/HVOLJQHVKRUL]RQWDOHV;<HW;
<
GHFHVFKpPDUHSUpVHQWHQWUHVSHFWLYHPHQWOHVKRUL]RQVGHSUpVHQWHWGHSDUIDLW
 /HVYHUWLFDOHVOLPLWDWLYHVHQSRLQWLOOpLQGLTXHQWSDUOHXUKDXWHXU  ODGLVWDQFHH[LVWDQWHGDQVO
HVSULW
HQWUHOHVGHX[KRUL]RQVHWSDUOHXUpFDUWHPHQWODODUJHXUO
KRUL]RQWDOLVDWLRQTXHODYHUWLFDOLVDWLRQQ
DSDVHQFRUH
jFHPRPHQWUpSXGLpH
/
KRUL]RQGHSUpVHQWHVWGDQVODSHQVpHUHSUpVHQWDWLIGXQLYHDXDXTXHORSqUHODFRQVFLHQFHDFWXHOOH
/
KRUL]RQGHSDUIDLWGXQLYHDXDXTXHOGDQVODSURIRQGHXUGHODSHQVpHRSqUHODPpPRLUH  
$X[FDUDFWpULVWLTXHVTX
LQGLTXHODJXUHFLGHVVXVLOIDXWDMRXWHUSRXUODUHQGUHFRPSOqWHOHV
FDUDFWpULVWLTXHVH[SULPDQWOHPRXYHPHQWHWODGLUHFWLRQDWWULEXpVDXWHPSVVXUOHWUDFpOLQpDLUHPLVSDU
FRQVWUXFWLRQJpRPpWUDOHjVDGLVSRVLWLRQ
&HPRXYHPHQWIDLWO
REMHWG
XQHPDQLqUHJpQpUDOHGHGHX[LQWHUSUpWDWLRQVUHODWLYHVjODGLUHFWLRQTX
LOVXLWO
XQH
REMHFWLYHHWIRQGDPHQWDOH  TXHQRXVQRPPHURQVOHFLQpWLVPHGHVFHQGDQW & VHORQODTXHOOHOHWHPSVHVWYX
IX\DQWHQGLUHFWLRQGXSDVVpO
DXWUHVXEMHFWLYHHWLQYHUVpHTXHQRXVQRPPHURQVOHFLQpWLVPHDVFHQGDQW ; 
VHORQODTXHOOHOHWHPSVHVWYXVHGpYHORSSDQWHQGLUHFWLRQGHO
DYHQLU
'HFHVGHX[FLQpWLVPHVOHFLQpWLVPHGHVFHQGDQWREMHFWLIHWIRQGDPHQWDO  HVWVHXOUHSUpVHQWpVXUO
LPDJH
SODQHGXWHPSVUpVXOWDQWGHODSUHPLqUHFRXSHWUDQVYHUVDOHLQWHUYHQXHGDQVODFKURQRJpQqVH/DFKURQRJpQqVHj
KWWSQOLSSFXDFNUJXVWDYHUHVXOWDVS"OHQDPHV BKWP%0





/
DUFKLWHFWRQLTXHGXWHPSV /$7,1

FHPRPHQWQHV
HVWSDVHQFRUHDVVH]DYDQFpHHQHOOHPrPHSRXUTXHODSHQVpHDLWHXOHWHPSVLOIDXWGXWHPSV
VLSHXTXHFHVRLWSRXUFRQVWUXLUHO
LPDJHWHPSV  GHOXLRSSRVHUODUpSOLTXHG
XQFLQpWLVPHDVFHQGDQW ;
GLULJpHQVHQVLQYHUVH/DFKURQRJpQqVHQDLVVDQWHQHGLVSRVHTXHGHVWRXWHVSUHPLqUHVGRQQpHVGHO
HVSULW
/HFLQpWLVPHGHVFHQGDQWHVWUDSSRUWpGqVODSUHPLqUHLPDJHSODQHGXWHPSVHWHQVXLWHVXUWRXWHVOHVDXWUHVDX
SURFqVJpRPpWUDOG
KRUL]RQWDOLVDWLRQHWjFHOXLGHYHUWLFDOLVDWLRQ
5DSSRUWpDXSURFqVG
KRUL]RQWDOLVDWLRQLODQLPHOHVKRUL]RQVGHSUpVHQWHWGHSDUIDLWG
XQPRXYHPHQW
FRQYHQWLRQQHOOHPHQWLQGLTXpGHGURLWHjJDXFKH & GHIXLWHGXWHPSVHQGLUHFWLRQGXSDVVp
5DSSRUWpDXSURFqVGHYHUWLFDOLVDWLRQ LOSURGXLWO
pFDUWHPHQWSOXVRXPRLQVJODQGDXPRPHQWKLVWRULTXH
FRQVLGpUpHQWUHOHSUpVHQWSURSUHPHQWGLWOHSUpVHQWGHFRQVFLHQFHDFWXHOOHHWOHSDUIDLWRXSUpVHQWGHPpPRLUH
'XMHXFRPELQpGHFHVGLYHUVIDFWHXUVOHVXQVVHUDWWDFKDQWSOXVSDUWLFXOLqUHPHQWjO
HVSDFHjODV\QHUJLH
PRUSKRJpQpWLTXHGHVHVGLPHQVLRQVHWOHVDXWUHVSOXVSDUWLFXOLqUHPHQWDXWHPSVHWjVDXHQFHFHX[FLSUHQDQW
DSSXLVXUFHX[Oj  LOUpVXOWHXQHLPDJHSODQHGXWHPSVSUHPLqUHHQGDWHGDQVODFKURQRJpQqVH 
HWjFDXVHGHFHODG
XQHVWUXFWXUHSOXVVLPSOHTXHFHOOHVTXLVHSURGXLURQWHQVXLWHTXDQGODFKURQRJpQqVHVHVHUD
DYDQFpHGDYDQWDJHHQHOOHPrPH JHW 
&HWWHSUHPLqUHLPDJHSODQHGXWHPSVFHWWHSUHPLqUHFKURQRWKqVH  HVWFHOOHTX
H[SULPHQWOHVIRUPHV
YHUEDOHVDSSDUWHQDQWDXPRGHLQQLWLI,O\DOLHXGHODJXUHUFRPPHVXLW


/DFKURQRWKqVHODWLQHLQLWLDOH 7HPSVGXPRGHLQQLWLI 

/DGLVWDQFHTXLVpSDUHOHVGHX[KRUL]RQVUHODWLYHPHQWVWDEOHGDQVXQV\VWqPHPRPHQWDQpPHQWFRQVLGpUp
HVWKLVWRULTXHPHQWYDULDEOH'
XQHPDQLqUHJpQpUDOHHWODGpPRQVWUDWLRQSRXUUDLWHQrWUHIDLWHDLVpPHQWSDU
O
pWXGHFRPSDUDWLYHGHODV\VWpPDWLVDWLRQWHPSRUHOOHGHVODQJXHVURPDQHVHWGHFHOOHGXODWLQHOOHWHQGj
GLPLQXHUPDLVTXHOTXHJUDQGHXUTX
HOOHV
DWWULEXHHOOHSURFqGHLQYDULDEOHPHQWGDQVWRXVOHVPRGHVGXVHXO
FLQpWLVPHGHVFHQGDQWIRQGDPHQWDO  LQWHUSUpWpYHUWLFDOHPHQW
/
KRUL]RQGHSUpVHQWHVWGDQVODSHQVpHXQKRUL]RQSUHPLHUO
KRUL]RQGHSDUIDLWXQKRUL]RQVHFRQG&
HVWOjXQ
RUGUHGHVXFFHVVLRQLUUpYHUVLEOH
&HWWHLUUpYHUVLELOLWpDFHWWHFRQVpTXHQFHTXHVLXQYHUEHDELQLWLRUHUXPSDUVpPDQWqVHQDvWVXUO
KRUL]RQGH
SDUIDLWLOV
LQWHUGLWLSVRIDFWRjOXLPrPHOHPRXYHPHQWGHUHPRQWpHTXLOHSRUWHUDLWVXUO
KRUL]RQGHSUpVHQWHW
GXPrPHFRXSV
REOLJHjDYRLULQFHVVDPPHQWSRXUIRUPHSUHPLqUHODIRUPHGHSDUIDLW/DIRUPHGHSUpVHQWQRQ
UHWHQXHpOXGpHDSSDUDvWLQH[LVWDQWH
&HFLHVWOHFDVVXUWRXWGHYHUEHVHQUDSSRUWpWURLWSDUOHXUVLJQLFDWLRQDYHFO
DFWLYLWpGHODPpPRLUHHWHQFOLQV
FRPPHWHOVjSUHQGUHOHXUQDLVVDQFHVpPDQWLTXHVXUO
KRUL]RQGHSDUIDLWUHSUpVHQWDWLIGDQVODODQJXHGXQLYHDX
DXTXHOODPpPRLUHRSqUHFODQVODSURIRQGHXUGHODSHQVpH
8QYHUEHDVWUHLQWSDUVpPDQWqVHjDWWULEXHUjODFRQVWUXFWLRQGHSDUIDLWOHUDQJSUHPLHUGpYROXHQSULQFLSHDX[
FRQVWUXFWLRQVGHSUpVHQWHVWXQYHUEHTXLpFKDSSHDXPpFDQLVPHGHVXFFHVVLYLWpVHORQOHTXHOOHSUpVHQWVH
GHVVLQHG
DERUGGDQVO
HVSULWjXQQLYHDXVXSpULHXUHWOHSDUIDLWHQVXLWHjXQQLYHDXLQIpULHXUVXEVLGHQW/H
SDUIDLWHQXQWHOFDVQ
HVWSOXVVHQWLXQLQVWDQWYHQXGDQVOHWHPSVDSUqVOHSUpVHQW2UQHSOXVVHQWLUGDQVOH
SDUIDLWXQLQVWDQWYHQXDSUqVOHSUpVHQWFHQ
HVWULHQGHPRLQVTXHWHQLUSRXUQXOGDQVXQFDVSDUWLFXOLHUOH
KWWSQOLSSFXDFNUJXVWDYHUHVXOWDVS"OHQDPHV BKWP%0





/
DUFKLWHFWRQLTXHGXWHPSV /$7,1

PRXYHPHQWPrPHGHGpFDGHQFHYHUWLFDOH J TXLGpWHUPLQHODVXFFHVVLYLWpGHVGHX[


FRQVWUXFWLRQVWHPSRUHOOHV
/
DQQXODWLRQGHFHPRXYHPHQWTXLQ
HVWSDVDXWUHFKRVHTXHOHFLQpWLVPHGHVFHQGDQWIRQGDPHQWDOUDSSRUWpDX
SURFqVJpRPpWUDOGHYHUWLFDOLVDWLRQ  HQWUDvQHLOYDGHVRLFHOXLGHVRQHIIHWO
pORLJQHPHQWSURSRUWLRQQHO
GXSDUIDLWSDUUDSSRUWDXSUpVHQW(WFHWpORLJQHPHQWDQQXOpGHYHQXGDQVODSHQVpHXQIDFWHXUQpJDWLIOHSDUIDLW
DSSDUDvWXQHFRQVWUXFWLRQTX
DXFXQpFDUWHPHQWWHPSRUHOSRVLWLIQHWLHQWjGLVWDQFHGXSUpVHQWHWTXLQ
HQpWDQW
SOXVVpSDUpHGHPDQLqUHSRVLWLYHSDUULHQHVWGHVWLQpHjHQGHYHQLUXQpTXLYDOHQWVHQVLEOH
/
RSpUDWLRQGHSHQVpHTXHO
RQYLHQWGHGpFULUHHVWFHOOHTXLDFRQIpUpDXSDUIDLWODWLQPHPLQLHWDXSDUIDLWJUHF
RLGD FIJHW ODYDOHXUG
XQSUpVHQW'DQVOHVGHX[FDVLOV
DJLWG
XQYHUEHQpSDUVpPDQWqVHVXUO
KRUL]RQ
GHSDUIDLW
,O\DOLHXG
DMRXWHUDQGHELHQVLWXHUOHVFKRVHVGDQVODSHUVSHFWLYHKLVWRULTXHTXHODQDLVVDQFHVpPDQWLTXHGX
YHUEHVXUO
KRUL]RQGHSDUIDLWHVWXQWUDLWG
DUFKDwVPH
/
pYROXWLRQGHVODQJXHVLQGRHXURSpHQQHVV
HVWSRXUVXLYLHVHORQXQHSHQWHHQYHUWXGHODTXHOOHOHVYHUEHVGHSOXV
HQSOXVQDLVVHQWLQGLIIpUHPPHQWTXHOOHTX
HQSXLVVHrWUHODWHQHXUVXUOHVHXOKRUL]RQGHSUpVHQWGHYHQXSRXU
WRXVO
KRUL]RQVpPDQWLTXHSUHPLHU
%'HX[LqPHFRXSHWUDQVYHUVDOHGHODFKURQRJpQqVH
/DFKURQRWKqVH  UpVXOWDQWHPpGLDOHGLIIqUHDVVH]SHXGHODFKURQRWKqVHLQLWLDOHSOXVKDXWGpFULWH
jHWJHW /DGLIIpUHQFHODSOXVVHQVLEOHFRQVLVWHGDQVO
LQWURGXFWLRQGHODSHUVRQQH
&HWWHGLIIpUHQFHPLVHjSDUWOHVFDUDFWpULVWLTXHVJpRPpWUDOHVHWFLQpWLTXHVGHO
LPDJHSODQHGXWHPSVUpVXOWDQW
G
XQHGHX[LqPHFRXSHWUDQVYHUVDOHGHODFKURQRJpQqVHLQWHUURPSXHHQTXHOTXHVRUWHHQVRQPLOLHXVRQWOHV
VXLYDQWHV
,OHVWIDLWpWDWFRPPHSUpFpGHPPHQW  GXFLQpWLVPHGHVFHQGDQWIRQGDPHQWDO  VHORQOHTXHOOH
WHPSVV
pFRXOHHQGLUHFWLRQGXSDVVpPDLVjFHFLQpWLVPHV
RSSRVHHQWDQWTXHUpSOLTXHG
RUGUHVXEMHFWLI  
XQFLQpWLVPHDVFHQGDQWH[SULPDQWSDULQYHUVLRQGXFLQpWLVPHIRQGDPHQWDOO
RXYHUWXUHHWOHGpYHORSSHPHQWGX
WHPSVHQGLUHFWLRQGHO
DYHQLU
,OFRQYLHQWG
REVHUYHUTXHFHFLQpWLVPHGHUpSOLTXHTXLWUDGXLWXQHYLVpHGHODSHUVRQQHGHYDQWODTXHOOHOHWHPSV
DSSDUDvWV
RXYULUHWVHGpYHORSSHUDQTX
HOOH\LQVFULYHVRQDFWLYLWpQ
HVWH[SULPpTX
jSDUWLUGXPRPHQWTXLHVW
FHOXLRVXUYLHQWGDQVODFKURQRJpQqVHOHPRGHVXEMRQFWLI J ROHYHUEHDLQFRUSRUpO
LQGLFDWLRQ
JUDPPDWLFDOHGHODSHUVRQQH'DQVOHPRGHLQQLWLIjODIRLVSUHPLHUHQGDWHGDQVODFKURQRJpQqVHHW
LPSHUVRQQHOOHFLQpWLVPHWHPSRUHODVFHQGDQWQ
H[LVWHSDV2QYRLWSDUOjFRPELHQWRXWVHWLHQWpWURLWHPHQWGDQV
ODODQJXHDLQVLTX
DLPDLWjOHIDLUHUHPDUTXHU0HLOOHW
/HPRXYHPHQWVHORQOHTXHOOHWHPSVHVWYXIXLUHQGLUHFWLRQGXSDVVpIDLVDQWGDQVODFKURQRWKqVHPpGLDOH
O
REMHWG
XQHUpSOLTXHVXEMHFWLYHTXLHQLQYHUVHODGLUHFWLRQOHFLQpWLVPHTXHFHWWHFKURQRWKqVHDWWULEXHDXWHPSV
HVWGRXEOHGHVFHQGDQW & HWDVFHQGDQW ; ,OIDXWWHQLUFRPSWHWRXWHIRLVTXHVLO
KRUL]RQWDOLVDWLRQGXV\VWqPH
DFFHSWHOHVGHX[FLQpWLVPHVODYHUWLFDOLVDWLRQFRQWLQXHHOOHHWLOHQGHPHXUHUDDLQVLGDQVWRXWHODFKURQRJpQqVH
GHQ
HQDFFHSWHUTX
XQFHOXLGHVFHQGDQWTXLH[SULPHODIXLWHGXWHPSVGDQVOHSDVVp,OV
HQVXLWFRPPHRQO
D
GpMjIDLWUHPDUTXHU  TXHODUHODWLRQYHUWLFDOHSDUGpQLWLRQGHSUpVHQWjSDUIDLW  VHSUpVHQWHWRXMRXUV
HQODWLQRTX
HOOHV
H[SULPHVRXVO
DVSHFWG
XQPRXYHPHQWLUUpYHUVLEOH  GXWHPSVHQGLUHFWLRQGXSDVVp
MDPDLVVRXVFHOXLTXLHQVHUDLWO
LQYHUVLRQG
XQHH[WHQVLRQGXWHPSVHQGLUHFWLRQGHO
DYHQLU
4XDQWDXUDSSRUWV\QHUJLTXHGHODYHUWLFDOLVDWLRQHWGHO
KRUL]RQWDOLVDWLRQLOUHVWHGDQVODFKURQRWKqVH
PpGLDOHFHTX
LODpWpGDQVODFKURQRWKqVHLQLWLDOH  /DYHUWLFDOLVDWLRQLQWpULRULVHGHO
KRUL]RQWDOLVDWLRQ
/HVGHX[OLJQHVYHUWLFDOHVOLPLWDWLYHV J HQWUHOHVTXHOOHVO
KRUL]RQWDOLVDWLRQODODUJHXUUHWHQXHSDUOD
YHUWLFDOLVDWLRQVHGpYHORSSHVHVRQWVHXOHPHQWUDSSURFKpHVHQYHUWXGHODWHQGDQFHGpMjVLJQDOpH  GX
SUpVHQWHWGXSDUIDLWjGHYHQLUGHSOXVHQSOXVpWURLWV2QDDIIDLUHGDQVODFKURQRWKqVHPpGLDOHjXQSUpVHQWHWXQ
KWWSQOLSSFXDFNUJXVWDYHUHVXOWDVS"OHQDPHV BKWP%0





/
DUFKLWHFWRQLTXHGXWHPSV /$7,1

SDUIDLWTXLRQWJDUGpHQHX[GHODODUJHXUF
HVWjGLUHUHWHQXGHO
KRUL]RQWDOLVDWLRQPDLVTXLQ
HQRQWSDVJDUGp
DXWDQWTX
LOVHQDYDLHQWGDQVODFKURQRWKqVHLQLWLDOH J ROHXUpWUpFLVVHPHQW  pWDLWPRLQVDYDQFp
'XMHXFRPELQpGHFHVIDFWHXUVLOUpVXOWHXQHGHX[LqPHLPDJHSODQHGXWHPSVVLPSOHGXSRLQWGHYXH
JpRPpWUDOSDUFHTX
HOOHSURFqGHG
XQHVHXOHHWPrPHFRXSHSRUWpHGDQVODFKURQRJpQqVHjXQPRPHQWRFHOOH
FLDGpMjVHQVLEOHPHQWSURJUHVVpHQHOOHPrPH J PDLVGRXEOHGXSRLQWGHYXHFLQpWLTXHGXIDLWTXHOH
WHPSVHQVXLWOHWUDFpOLQpDLUHGDQVGHX[GLUHFWLRQVRSSRVpHVDOWHUQDQWHVVHORQOHFLQpWLVPHGHVFHQGDQWREMHFWLI
HWIRQGDPHQWDOHWVHORQOHFLQpWLVPHDVFHQGDQWVXEMHFWLIHWVHFRQGTXLHQFRQVWLWXHODUpSOLTXH  
&HWWHGHX[LqPHLPDJHSODQHGXWHPSVFHWWHFKURQRWKqVHGHX[LqPHHQGDWHGDQVODFKURQRJpQqVH  HWSDUOj
G
XQHVWUXFWXUHPRLQVVLPSOHTXHODSUpFpGHQWH J HVWFHOOHTX
H[SULPHQWOHVIRUPHVYHUEDOHVGXPRGH
VXEMRQFWLI(OOHSHXWrWUHJXUpHFRPPHVXLW

/DFKURQRWKqVHODWLQHPpGLDOH 7HPSVGXPRGHVXEMRQFWLI 

2QQHPDQTXHUDSDVG
REVHUYHUTXHOHFLQpWLVPHGHVFHQGDQWKRUL]RQWDO & DSRXUV
H[SULPHUGDQVOHVGHX[
FKURQRWKqVHVLQLWLDOH J HWPpGLDOH J XQHIRUPHVSpFLTXHTXLQHFKDQJHSDV(QIDFHGHVIRUPHVGH
VXEMRQFWLIDPDUHPHWDPDXLVVHPRQDOHFLQpWLVPHQ
D\DQWSDVYDULpOHVIRUPHVG
LQQLWLIDPDUHHWDPDXLVVH
TXLQHGLIIqUHQWGHVIRUPHVVXEMRQFWLYHVTXHSDUO
DEVHQFHGHODGpVLQHQFHSHUVRQQHOOHODSHUVRQQHQH
V
H[SULPDQWSDVGDQVODSUHPLqUHFKURQRWKqVHWURSSURFKHGXQRP
2QVXUSUHQGOjGDQVO
XQGHVHVHIIHWVIUDSSDQWVODORLTXLIDLWUHSRVHUODFRQVWUXFWLRQGHVODQJXHVVXUOD
UHFKHUFKHLQLQWHUURPSXHG
XQHFRQJUXHQFHGHSOXVHQSOXVPDUTXpHHWGRQWODPDUTXHQHVHUDMDPDLVH[FHVVLYH
HQWUHOHIDLWGHSDUROHHWOHIDLWGHSHQVpH
&7URLVLqPHFRXSHWUDQVYHUVDOHGHODFKURQRJpQqVH
/
LPDJHSODQHGXWHPSVUpVXOWDQWGHFHWWHXOWLPHFRXSHGHODFKURQRJpQqVHVDLVLHDXPRPHQWRSDUYHQXH
DXYRLVLQDJHLPPpGLDWGHO
HQWLHUHOOHQ
DSOXVGHYDQWHOOHGHGHYHQLUDSSUpFLDEOHFRQVWLWXHGXSRLQWGHYXH
JpRPpWUDOXQHDQWLWKqVHGHVLPDJHVSODQpVGXWHPSVLVVXHVGHFRXSHVSRUWpHVSOXVW{WGDQVODFKURQRJpQqVHHW
TXLO
DYDLHQWDWWHLQWHjXQPRPHQWRHOOHGLVSRVDLWHQFRUHGHODSRVVLELOLWpGHSURJUHVVHUHQHOOHPrPH
$ODYHUWLFDOLVDWLRQFRQWHQDQWGHO
KRUL]RQWDOLVDWLRQHWGHFHFKHIH[SULPpHSDUGHX[YHUWLFDOHVGRQWO
pFDUWHPHQW
VLJQLHO
KRUL]RQWDOLVDWLRQFRQWHQXHODODUJHXUFRQVHUYpHDVXFFpGpODVLWXDWLRQLQYHUVHXQHYHUWLFDOLVDWLRQ
GpQXpHGHWRXWHODUJHXUSRXUYXHVHXOHPHQWG
XQHKDXWHXUHWLQVFULWHVRXVFHWWHIRUPHFHOOHG
XQHVLPSOHOLJQH
YHUWLFDOHG
XQHpWURLWHVVHLQGpSDVVDEOH  HQWUHGHX[OLJQHVKRUL]RQWDOHVLOOLPLWpHV
)LJXUDWLYHPHQWFHTXLVXLW

KWWSQOLSSFXDFNUJXVWDYHUHVXOWDVS"OHQDPHV BKWP%0





/
DUFKLWHFWRQLTXHGXWHPSV /$7,1

&DUDFWpULVWLTXHVJpRPpWUDOHVGHODWURLVLqPHHWGHUQLqUHFKURQRWKqVHODWLQH

8QHFRQVpTXHQFHDXVVLYLVLEOHTX
LPSRUWDQWHGHODWUDQVIRUPDWLRQJpRPpWUDOHTXHDDPHQpFHQRXYHOpWDW
GHO
LPDJHWHPSVF
HVWTXHFHWWHLPDJHVHWURXYHSDUODYHUWLFDOHLQVFULWHHQWUHOHVGHX[KRUL]RQWDOHVSDUWDJpHHQ
GHX[SODQVO
XQVLWXpjJDXFKHGHODYHUWLFDOHGHSDUWDJHTXHQRXVQRPPHURQVOHSODQ:O
DXWUHVLWXpjGURLWH
TXHQRXVQRPPHURQVOHSODQ$
&
HVWGDQVXQHLPDJHSODQHGXWHPSVDLQVLFRQVWUXLWHGLYLVpHHQGHX[SODQVTXHVpSDUHXQHYHUWLFDOLVDWLRQ
D[LDOHTX
DXURQWjVHVLWXHUOHVGHX[FLQpWLVPHVGHVFHQGDQW & HWDVFHQGDQW ; VXUOHVTXHOOHVUHSRVH
O
LQWHUSUpWDWLRQODWLQH  GHODPRELOLWpGXWHPSV&HVGHX[FLQpWLVPHVGHGLUHFWLRQFRQWUDLUHWURXYHQWGDQV
O
RSSRVLWLRQGHVGHX[SODQVXQVXEVWUDWHQFRQYHQDQFHDYHFOHXURSSRVLWLRQSURSUH/HFLQpWLVPHGHVFHQGDQWVH
UpVHUYHOHSODQ:HWOHFLQpWLVPHDVFHQGDQWOHSODQ$&RQVpTXHPPHQWOHSODQ:GHYLHQWOHSODQGXSDVVpHWOH
SODQ$OHSODQGXIXWXU
)LJXUDWLYHPHQW


&DUDFWpULVWLTXHVJpRPpWUDOHVHWFLQpWLTXHVGHODWURLVLqPHHWGHUQLqUHFKURQRWKqVHODWLQH

,OVXIWGHSRUWHUjOHXUMXVWHSODFHVXUFHVFKpPDOHVIRUPHVYHUEDOHVODWLQHVTXLHQFRQVWLWXHQWOD
UHSUpVHQWDWLRQOLQJXLVWLTXHSRXUDYRLUVRXVOHV\HX[GDQVVRQHQWLHUODFKURQRWKqVHQDOHGXODWLQGHUQLqUHHQ
GDWH  GDQVODFKURQRJpQqVHHWSRXUFHWWHUDLVRQG
XQHVWUXFWXUHSOXVFRPSOqWH  TXHOHV
SUpFpGHQWHV JHW 
/DJXUHVXLYDQWHUHSUpVHQWHFHWWHFKURQRWKqVHQDOHGXODWLQ


KWWSQOLSSFXDFNUJXVWDYHUHVXOWDVS"OHQDPHV BKWP%0





/
DUFKLWHFWRQLTXHGXWHPSV /$7,1

/DFKURQRWKqVHODWLQHQDOH 7HPSVGXPRGHLQGLFDWLI 

'DQVFHWWHLPDJHSODQHGXWHPSVTXLHVWFHOOHTX
HPSRUWHDYHFVRLOHPRGHLQGLFDWLIODUHODWLRQGHSUpVHQW
jSDUIDLWTXLDYDLWpWpMXVTXHOjGDQVOHVFKURQRWKqVHVPpGLDOHHWLQLWLDOH JHW XQHUHODWLRQLQWHUOLQpDLUH
ODUJHHPEUDVVDQWXQHYDVWHH[WHQVLRQGHVKRUL]RQVGHSUpVHQWHWGHSDUIDLWHVWGHYHQXHXQHUHODWLRQ
LQWHUSRQFWXHOOHpWURLWHQ
HPEUDVVDQWSOXVTX
XQSRLQWSDUWLFXOLHUGHVGHX[KRUL]RQVOHSRLQWDPRSRXUO
KRUL]RQ
GHSUpVHQWOHSRLQWDPDXLSRXUFHOXLGHSDUIDLW
$XWUHPHQWGLWDXVVLORQJWHPSVTXHODYHUWLFDOLVDWLRQDJDUGpGHODODUJHXUHWSRXUDXWDQWUHWHQXGH
O
KRUL]RQWDOLVDWLRQ HW HOOHDVLJQLpOHUDSSRUWGHWRXVOHVSRLQWVGHO
KRUL]RQGHSUpVHQWDYHFWRXVOHV
SRLQWVGHO
KRUL]RQGHSDUIDLWPDLVTXDQGHOOHDSHUGXWRXWHODUJHXUD\DQWUHMHWpHQGHKRUVG
HOOHELODWpUDOHPHQW
WRXWHKRUL]RQWDOLVDWLRQ  HOOHQ
DSOXVVLJQLpTXHOHUDSSRUWG
XQSRLQWVLQJXOLHUGHO
KRUL]RQGH
SUpVHQWDYHFXQSRLQWVXEVLGHQWV\PpWULTXHHWQRQPRLQVVLQJXOLHUGHO
KRUL]RQGHSDUIDLW
/HIDLWQRXYHDXF
HVWTXHGHX[SRLQWVVLQJXOLHUVQRQHQFRUHSHUoXVFRPPHWHOVGHO
LPDJHSODQHGXWHPSVRQW
pWpLGHQWLpVOHSRLQWGXSUpVHQWVLWXpDXPLOLHXGHO
KRUL]RQGHSUpVHQWHWOHSRLQWGXSDUIDLWVLWXpHQPrPH
SRVLWLRQVXUO
KRUL]RQGHSDUIDLW JHW 
$FHWWHLGHQWLFDWLRQGHGHX[SRLQWVMXVTXHOjQRQH[SUHVVpPHQWGpWHUPLQpVDFRUUHVSRQGXGDQVODODQJXH
O
LQYHQWLRQGHGHX[IRUPHVYHUEDOHVFKDUJpHVVSpFLDOHPHQWGHOHXUH[SUHVVLRQODIRUPHGHSUpVHQW DPR HWOD
IRUPHGHSDUIDLW DPDXL 
/
H[LVWHQFHGHFHVGHX[IRUPHVOHVSUHPLqUHVIRUPHVSRQFWXHOOHVGXV\VWqPHGXWHPSVTXLQ
DYDLWFRQQXMXVTX
j
FHPRPHQWTXHGHVIRUPHVOLQpDLUHV JHW HVWXQHFDUDFWpULVWLTXHGHODFKURQRWKqVHQDOH&HQ
HVWHQ
HIIHWTX
HQQGHFKURQRJpQqVHGDQVOHPRGHLQGLFDWLITXHOHSUpVHQWHWOHSDUIDLWHQFRQVpTXHQFHG
XQ
pWUpFLVVHPHQWSRUWpDXPD[LPXP  IRQWJXUHGHSRLQW J 
'DQVXQHFKURQRJpQqVHPRLQVDYDQFpHHQHOOHPrPH JHW OHSUpVHQWHWOHSDUIDLWIRQWJXUHGHOLJQHSOXV
RXPRLQVpWHQGXH
2QV
HVWGDQVFHWWHpWXGHGHODVSDWLDOLVDWLRQODWLQHGXWHPSVDWWDFKpMXVTX
LFLSOXVSDUWLFXOLqUHPHQWDX
F{WpJpRPpWUDOGXSKpQRPqQH,OV
DJLVVDLWG
HQVXUSUHQGUHOHPpFDQLVPHFRQVWUXFWHXU/HPRPHQWHVWYHQXGH
PRQWUHUTXHFHPpFDQLVPHGDQVVHVMHX[VDYDQWVG
XQHpOpJDQFHVRXYHUDLQHQ
DMDPDLVFHVVpVLDEVWUDLWHTX
DLW
SXHQSDUDvWUHSDULQVWDQWODGHVFULSWLRQG
rWUHDXVHUYLFHG
XQHYLVpHSUDJPDWLTXH/DYHUWLFDOLVDWLRQTXLV
pWUpFLW
TXLUpSXGLHWRXWHKRUL]RQWDOLVDWLRQFRQWHQXHFHQ
HVWSDVDXWUHFKRVHTXHOHSUpVHQWDOODQWWRXMRXUVjSOXV
G
pWURLWHVVH  /HSUpVHQWHVWXQrWUHVWpQRQRPHTXLREpLWjXQHORLVDORL  VHORQODTXHOOHWRXWHQ
GHPHXUDQWXQHTXDQWLWpSRVLWLYHGHWHPSVLOOXLIDXWVHUDSSURFKHUGHSOXVHQSOXVGHODTXDQWLWpQpJDWLYHHW
DXWDQWTX
LOVHSHXWVDQVSRXUFHODFHVVHUG
H[LVWHUHIIHFWLYHPHQWDYRLVLQHU]pUR
$XFRPPHQFHPHQWOHSUpVHQWpWDLWWRXWLOHQIHUPDLWHQOXLOHWHPSVLQH[WHQVRO
H[SpULHQFHHQWLqUHGXWHPSV
2EpLVVDQWjVDORLG
pWURLWHVVHLOV
HVWpWUpFLSURJUHVVLYHPHQWHWSDUFHWpWUpFLVVHPHQWLODH[SXOVpGHOXLPrPH
GHVGHX[F{WpVGHOXLPrPHO
H[SXOVLRQHVWELODWpUDOH  OHWHPSVFRQWHQXHQH[FqV&
HVWGHFHWWHH[SXOVLRQ
ELODWpUDOHTXHVRQWQpVOHSDVVpHWOHIXWXU/HSDVVpF
HVWOHWHPSVTXHOHSUpVHQWHQV
pWUpFLVVDQWUHMHWWHHQ
GHKRUVGHOXLGXF{WpGHODPpPRLUH/HIXWXUOHWHPSVTXHOHSUpVHQWHQV
pWUpFLVVDQWUHMHWWHHQGHKRUVGHOXLGX
F{WpGHO
LPDJLQDWLRQ/HVODQJXHVG
XQHPDQLqUHJpQpUDOHRQWFKHUFKpHWVRXYHQWWURXYpXQpTXLOLEUH
VDWLVIDLVDQWGHFHVGHX[PRXYHPHQWVH[SXOVLIV
8QHFRQVpTXHQFHGHO
pWUpFLVVHPHQWGXSUpVHQWTX
RQYRLWKLVWRULTXHPHQWVHYLGHUGHSOXVHQSOXVGHVRQ
FRQWHQXGHWHPSVF
HVWTX
jXQPRPHQWGRQQpjIRUFHGHV
pWUpFLULOV
HVWWURXYpIRUPHUDXVHLQGHVRQDQFLHQQH
ODUJHXUUHMHWpHGHVGHX[F{WpVGHOXLPrPH  XQSRLQWGHSOXVHQSOXVpWURLWHPHQWVHUUpLQVpUpHQWUHOHV
TXDQWLWpVGHFHWWHODUJHXU  pWHQGXHVjGURLWHHWjJDXFKHTX
LOQ
DFFHSWHSDVGHJDUGHUHQOXLGDQVVRQEHVRLQ
G
pWURLWHVVH  
/DVLWXDWLRQGXSUpVHQWDSSDUDvWjFHPRPHQWLQYHUVpH,ODYDLWpWpMXVTXHOjGDQVOHVPRGHVLQQLWLIHW
VXEMRQFWLIDSSDUWHQDQWjXQHFKURQRJpQqVHPRLQVDYDQFpH HW OHFRQWHQDQWGHVRQKRUL]RQ
J GHODODUJHXUGHWHPSVTXHO
H[WHQVLRQGHFHWKRUL]RQJXUHLOGHYLHQWXQHIRLVSULYpGHODODUJHXU
KWWSQOLSSFXDFNUJXVWDYHUHVXOWDVS"OHQDPHV BKWP%0





/
DUFKLWHFWRQLTXHGXWHPSV /$7,1

QpFHVVDLUHSRXUFRQWHQLUXQHIRUPHQRQSOXVFRQWHQDQWHPDLVHVVHQWLHOOHPHQWFRQWHQXHF
HVWjGLUHXQHIRUPH
SRQFWXHOOH^1RWH/HSRLQWHVWGDQVODSHQVpHOHV\PEROH V\PEROLVPHQDWXUHO GHO
LQQLPHQWFRQWHQXQRQFRQWHQDQW`TXLRSqUH
DXVHLQGHO
KRUL]RQLQQLTXLODSRUWHXQHVpSDUDWLRQHQYHUWXGHODTXHOOHFHWKRUL]RQVHGLYLVHHQGHX[
VHJPHQWV/(3$66e(7/()87855(/$7,)6 J WRXVGHX[LQGpQLPHQWH[WHQVLEOHVjSDUWLUGHOHXU
OLPLWHGHVpSDUDWLRQ
(QWUHFHVGHX[VHJPHQWVTXLDERXWLVVHQWjOXLGRQWLOHVWODOLPLWHGHGpSDUWFHQWULTXHOHSUpVHQWWLHQWGDQVOH
PRGHLQGLFDWLIRLODSULVODIRUPHG
XQSRLQWOHU{OHG
XQRSpUDWHXUGHVpSDUDWLRQGDQVOHVPRGHVDQWpFpGHQWV
ROHSUpVHQWJDUGHODIRUPHOLQpDLUHVRQU{OHHVWDXFRQWUDLUHGHQHSDVOHVODLVVHUVHVpSDUHUG
HQSURGXLUH
DXWDQWTXHSRVVLEOHO
LQGLYLVLRQ FIJHW &HU{OHHVWFHOXLG
XQRSpUDWHXUGHOLDLVRQ
/DOLJQHKRUL]RQWDOHVXSpULHXUH JHW TXLGDQVOHPRGHLQGLFDWLIVHUHFRPSRVHGXSDVVp pWHQGX GXSUpVHQW
SRQFWXHO HWGXIXWXU pWHQGX FODLUHPHQWGLVFULPLQpVHVWGDQVOHVPRGHVLQQLWLIHWVXEMRQFWLIXQHOLJQHGH
V\QWKqVHTXLHQIHUPHFHVWURLVpSRTXHVVDQVHQIDLUHQHWWHPHQWODGLVWLQFWLRQ(OOHVIRUPHQWHQVHPEOHGDQVFHV
GHX[PRGHVO
pWHQGXHLQGLYLVHG
XQSUpVHQWODUJHDSSHOpHQYHUWXGHODORLG
pWURLWHVVHGXSUpVHQW  j
GHYHQLUGDQVXQPRGHVXEVpTXHQWHWQDOO
LQGLFDWLIXQSRLQWG
DQDO\VHGHFRXSXUHGDQVO
pWHQGXHRULJLQHOOH
GHPHXUpHMXVTXHOjV\QWKpWLTXH
/DGpSOpWLRQGXSUpVHQWO
H[SXOVLRQTX
LODFFRPSOLWDXFRXUVGHODFKURQRJpQqVHGHVDSURSUHODUJHXUFRQWHQXH
JXUpHDXSOXVKDXWQLYHDXGXV\VWqPHSDUO
KRUL]RQGHSUpVHQW JHW HVWXQHRSpUDWLRQTXLVHUHSURGXLW
GHPDQLqUHV\PpWULTXHHWLGHQWLTXHDXSOXVEDVQLYHDXGXV\VWqPHVXUO
KRUL]RQGHSDUIDLW
/HSDUIDLWHVWXQHUppGLWLRQGDQVODPpPRLUHGHFHTX
DpWpOHSUpVHQWGDQVODFRQVFLHQFHDFWXHOOH  ,OH[SXOVH
FRPPHFHGHUQLHUGHVGHX[F{WpVGHOXLPrPHOHWHPSVTX
LODYDLWMXVTXHOjGDQVOHVPRGHVLQQLWLIHW
VXEMRQFWLIDQWpFpGHQWVHQFKURQRJpQqVHjO
LQGLFDWLIUHWHQXHQOXLHWLODSSDUDvWDLQVLDXWHUPHGHFHWWH
H[SXOVLRQTXDQGLOQ
HVWSOXVTX
XQSRLQWRSpUHUVXUO
KRUL]RQGHSDUIDLWODPrPHVpSDUDWLRQTX
RSqUHOpSUpVHQW
VXUO
KRUL]RQVLHQ/DSRVLWLRQSRQFWXHOOHGHSDUIDLWPDUTXHVXUO
KRUL]RQGHSDUIDLWXQHOLPLWHFHQWULTXHGH
SDUWDJHHWGHGpSDUWGHVGHX[F{WpVGHODTXHOOHV
pWHQGHQWVDQVOLPLWDWLRQjSHUWHGHYXHXQSDVVpHWXQIXWXU
UHODWLIV
/DFRQVWUXFWLRQVSDWLDOHGXWHPSVFRQVLGpUpHLQWRWRVXUOHVWURLVGLPHQVLRQVG
HVSDFHSURFqGHG
XQH
PDQLqUHJpQpUDOHGDQVQRPEUHGHODQJXHVLQGRHXURSpHQQHVGHFHTXHO
RSpUDWLRQG
pWUpFLVVHPHQWGXSUpVHQW
YDULDEOHG
LQVWDQWHQLQVWDQWHVWLQFHVVDPPHQWLQWHUIpUpHSDUFHOOHFRQVWDQWHG
LQVWDQWHQLQVWDQWGHOD
GpWHUPLQDWLRQG
XQHGLVWDQFHYHUWLFDOHHQWUHFHVGHX[SRVWHV J 
/
LPDJHWHPSVFRQVWUXLWHHVWHQWRXWpWDWGHFDXVHXQFHUWDLQPRPHQWGXSKpQRPqQHFRPSOH[HUpVXOWDQWGHFH
TXHFHVGHX[RSpUDWLRQVGHSHQVpHO
XQHLQVWDEOHHWO
DXWUHVWDEOHV
LQWHUIqUHQW$XIXUHWjPHVXUHTXHOHSUpVHQW
HWOHSDUIDLWREpLVVDQWjODVWpQRQRPLHTXLOHXUHVWSURSUH  VHIRQWSOXVpWURLWVVDQVSRXUFHODTXHOD
GLVWDQFHYHUWLFDOHLQVpUpHjSULRULHQWUHHX[YDULH/DFRQVWUXFWLRQVSDWLRWHPSRUHOOHpGLpHFKDQJH
LQWpULHXUHPHQWGHGLVSRVLWLIV
RSSRVHjHOOHPrPHVRXVO
HVSqFHGHFDVVWUXFWXUDX[GLIIpUHQWVHWFRQVpFXWLIV
LQGLTXpVFKDFXQSDUXQPRGHHWGRQWODYLVLRQG
HQVHPEOHFRQVWLWXHGDQVO
LGLRPHRHOOHVHSURGXLWOD
FRQFHSWLRQDUFKLWHFWRQLTXHTXHFHWLGLRPHV
HVWGRQQpHGXWHPSV
/HVJUDQGVWUDLWVGHFHWWHFRQFHSWLRQDUFKLWHFWRQLTXHGXWHPSVVRQWGDQVOHVODQJXHVFODVVLTXHVFHTXLVXLW
D OHPRGHGDWHOHVFKURQRWKqVHVGDQVODFKURQRJpQqVH  HWODGHUQLqUHFKURQRWKqVHDLQVLGDWpHHQ
FKURQRJpQqVHHVWFHOOHROHSUpVHQWHWOHSDUIDLWSDUYHQXVjODOLPLWHGHO
pWUpFLVVHPHQWSRVVLEOHSUHQQHQWOD
IRUPHG
XQSRLQW'DQVOHVFKURQRWKqVHVDQWpFpGHQWHVOHSUpVHQWHWOHSDUIDLWIRQWJXUHGHOLJQH JHW 
E /HVFKURQRWKqVHVGDWpHVSDUXQHLQGLFDWLRQGHPRGHGDQVODFKURQRJpQqVHV
\pFKHORQQHQWHWOHXU
pFKHORQQHPHQWGRQWODGLPHQVLRQSRUWDQWHHVWODSURIRQGHXU  FRQVWLWXHFHTXHQRXVQRPPHURQVOD
SHUVSHFWLYHPRGDOH
,OVXIWGHVLWXHUjOHXUMXVWHSODFHGDQVFHWWHSHUVSHFWLYHOHVGLIIpUHQWHVLPDJHVSODQHVGXWHPSVGRQWRQD
IDLWSOXVKDXWVpSDUpPHQWO
pWXGHSRXUDYRLUXQHYXHGHV\QWKqVHGXV\VWqPHYHUERWHPSRUHOODWLQ
/HVFKqPHFLGHVVRXVIRUWH[SOLFDWLIjWRXVOHVSRLQWVGHYXHRIIUHFHWWHYXHGHV\QWKqVHRODSURIRQGHXU
KWWSQOLSSFXDFNUJXVWDYHUHVXOWDVS"OHQDPHV BKWP%0





/
DUFKLWHFWRQLTXHGXWHPSV /$7,1

DSSDUDvWODWURLVLqPHGLPHQVLRQSRUWDQWO
pFKHORQQHPHQWSHUVSHFWLIGHVPRGHV


/DVSDWLDOLVDWLRQODWLQHGXWHPSVVXUWURLVGLPHQVLRQV /DqFKHFHQWUDOHLQGLTXHOHVHQVGHSURJUHVVLRQGXSKpQRPqQH 

/HVFKqPHUHSURGXLWFLGHVVXVSHUPHWG
HPEUDVVHUG
XQXQLTXHUHJDUGO
HQWLHUGpYHORSSpVXUOHVWURLVGLPHQVLRQV
G
HVSDFHGXV\VWqPHYHUERWHPSRUHOODWLQ
7RXWHVOHVIRUPHVH[FOXVLYHPHQWYHUEDOHVGXODWLQ  \JXUHQWHWODSRVLWLRQTX
HOOHV\RFFXSHQWHQLQGLTXH
ODYDOHXUHQSXLVVDQFHTXLQHFKDQJHSDVHWGRQWODFRQVWDQFHVHGpFRXYUHjO
H[DPHQVRXVOHVHIIHWVGHVHQV
QRPEUHX[HWYDULpVTXHOHGLVFRXUVHQVDLWREWHQLU^1RWH/DWHQGDQFHGXODQJDJHHVWG
REWHQLUjSDUWLUG
XQHVHXOHHWPrPH
IRUPHSV\FKRSKRQpWLTXHTXLHQVRLQHFKDQJHSDVVDSRVLWLRQPHQWDOHHQV\VWqPHpWDQWGpWHUPLQpHXQHIRLVSRXUWRXWHVODGLYHUVLWp
G
HIIHWVGHVHQVGRQWHOOHVHPRQWUHFDSDEOHVDQVDEDQGRQGHVDQDWXUHHVVHQWLHOOHLQYDULDQWH6LQRPEUHXVHVTXHSXLVVHQWrWUHOHV
FRQVpTXHQFHVGXVLJQHOLQJXLVWLTXHHOOHVWURXYHQWOHXUOLPLWHGDQVO
XQLWpPDLQWHQXHDXIRQGGHODSHQVpHGHVDFRQGLWLRQ&
HVWFRPPH
FRQGLWLRQXQHTXHOHVLJQHOLQJXLVWLTXHH[LVWHGDQVODODQJXHHWFRPPHYpKLFXOHGHFRQVpTXHQFHVYDULpHVTX
LOVHPDQLIHVWHGDQVOH
ODQJDJH GDQVOHGLVFRXUV 8QHWkFKHGXOLQJXLVWHJUDPPDLULHQHVWGHIDLUHDSSDUDvWUHO
XQLWpGHODFRQGLWLRQVRXVODGLYHUVLWpGHV
FRQVpTXHQFHVSURGXLWHV`

/DSODFHQRXVPDQTXHSRXUHQWUHSUHQGUHGDQVOHFDGUHG
XQHpWXGHGHVHPSORLVODGpPRQVWUDWLRQGX
SULQFLSHGHO
LQYDULDQFHGHODYDOHXUHQSXLVVDQFHGHVIRUPHVYDOHXUGpWHUPLQpHXQLTXHPHQWSDUOHXUSRVLWLRQHQ
V\VWqPHHWGHODYDULDELOLWpGHOHXUYDOHXUG
HPSORLTXLQ
HVWMDPDLVDXWUHFKRVHTXHO
H[SORLWDWLRQSUDJPDWLTXH
DXVVLGLIIpUHQFLpHDXVVLQXDQFpHTXHSRVVLEOHGHODSXLVVDQFHGHVLJQLFDWLRQTX
HOOHVWLHQQHQWGHOHXUSRVLWLRQ
V\VWpPDWLTXH/HOHFWHXUTXLDHQPpPRLUHSUpVHQWHOHVSDUWLFXODULWpVG
HPSORLGHVIRUPHVYHUEDOHVODWLQHVQ
DXUD
GXUHVWHDXFXQHSHLQHjOHVIRQGHUHWjOHVMXVWLHUWRXWHVHQVHUHSRUWDQWPrPHVDQVO
DLGHG
XQFRPPHQWDLUH
SUHVTXHLQXWLOHDXVFKqPHJpQpUDOGHODVSDWLDOLVDWLRQGXWHPSVGRQWLODPDLQWHQDQWO
LPDJHVRXVOHV\HX[ J
 
&HVFKqPHjOXLVHXOH[SOLTXHGDQVWRXWHO
pWHQGXHGHVDSDUWLFXODULWpOHMHXG
RSSRVLWLRQGHVIRUPHVYHUEDOHV
TX
LOSHUPHWG
HPEUDVVHUHQHQWLHUG
XQVHXOUHJDUGHWO
H[SOLFDWLRQTX
LOHQSURSRVHSDUFHTX
HOOHVHUDSSRUWHDX
WRXWG
XQV\VWqPHGRQWODFRKpUHQFHHVWO
pWDWHWVDLVLWLQWpJUDOHPHQWHQWRXWHGLUHFWLRQSRVVLEOHODUHODWLYLWp
KWWSQOLSSFXDFNUJXVWDYHUHVXOWDVS"OHQDPHV BKWP%0





/
DUFKLWHFWRQLTXHGXWHPSV /$7,1

UpFLSURTXHGHVHVSDUWLHVFRPSRVDQWHVSDVVHHQULJXHXUHWHQQHVVHHQFODUWpDXVVLO
H[SOLFDWLRQTX
LOHVWGH
WUDGLWLRQHQSKLORORJLHGHGHPDQGHUjODVHXOHpWXGHGHVHPSORLV
3DUPLOHVIDLWVJUDPPDWLFDX[LQVXIVDPPHQWH[SOLTXpVTXLWURXYHQWOHXUHQWLqUHUDLVRQG
XQHPDQLqUH
DXVVLSHUWLQHQWHTX
DLVpHGDQVODSRVLWLRQTXHOHVIRUPHVODWLQHVRFFXSHQWGDQVOHV\VWqPHFRKpUHQWTX
HOOHV
FRQVWLWXHQWSDUOHXUDVVHPEODJHO
XQGHVSOXVVXEWLOVHWGLJQHjFHWLWUHG
XQHH[WUrPHDWWHQWLRQHVWOHSDUWLTXHOD
SHQVpHDVXWLUHUDXSRLQWGHYXHGHO
H[SUHVVLRQGXWHPSVGHODYLVLRQGHO
pFKHORQQHPHQWGHVPRGHVGDQVOD
SURIRQGHXUGXV\VWqPHWHPSRUHO
&HWpFKHORQQHPHQWHVWDSSDUXGDQVODODQJXHODWLQHHWGDQVFHOOHVTXLHQGpULYHQWHPSRUWHUDYHFVRLOD
SRVVLELOLWpG
XQHFKURQRORJLHVSpFLDOHV
H[SULPDQWSDUPRGHVGLIIpUHQWVHWQRQSOXVSDUWHPSVGLIIpUHQWV
8QHWHOOHFKURQRORJLHIRQGpHVXUODFRQVpFXWLRQGHVLQVWDQWVFKURQRJpQpWLTXHVOHVLQVWDQWVDSSDUWHQDQWDXWHPSV
RSpUDWLISHQGDQWOHTXHODOLHXODFRQVWUXFWLRQGHO
LPDJHWHPSV  UHSRVHVXUO
REVHUYDWLRQTXHVLXQPRGH
QDvWHQFKURQRJpQqVHDYDQWXQDXWUHPRGHLOVHWURXYHLSVRIDFWRHQrWUHOHSDVVpFKURQRJpQpWLTXH
&HWWHLQWHUSUpWDWLRQGRQWRQQHVDXUDLWPpFRQQDvWUHODMXVWHVVHFRQGXLWjYRLUGDQVOHPRGHVXEMRQFWLIXQSDVVp
SDUUDSSRUWDXPRGHLQGLFDWLIWLUDQWVDTXDOLWpGHSDVVpGHFHTXHOHPRGHVXEMRQFWLIHVWGpMjQpGDQVOD
FKURQRJpQqVH  TXDQGOHPRGHLQGLFDWLI\HVWHQFRUHjQDvWUH  
/DFKURQRORJLHUHQGXHSDUOHVWHPSVGHFKURQRJpQqVHTXHVRQWOHVPRGHVSRXUUDLWjMXVWHWLWUHHQUDLVRQGH
O
HPSORLTX
HQIRQWOHVODQJXHVTXL\RQWUHFRXUVrWUHGpQRPPpHFKURQRORJLHGHUDLVRQ,OOXLHVWUpVHUYpHQ
HIIHWGHVXEVWLWXHUjODVDLVLHGHODVXLWHUpHOOHHWFRQFUqWHGHVFKRVHVXQHVDLVLHLGpHOOHDEVWUDLWHIRQGpHVXUOD
VXFFHVVLYLWpQpFHVVDLUHORJLTXHTXHO
HVSULWGpFRXYUHHQWUHOHVQRWLRQVLQGpSHQGDPPHQWGHODUpDOLWp
FRQWLQJHQWHTXHSDUUHSUpVHQWDWLRQGXUpHOHOOHVVRQWVXMHWWHVjUHFRXYULU
&
HVWDLQVLTX
HQODWLQOHVXEMRQFWLIIDLVDQWIRQFWLRQGHSDVVpFKURQRJpQpWLTXHVHUWjH[SULPHUDSUqVXQH
FRQMRQFWLRQLQWHUSUpWpHHQFRQVpTXHQFHO
DQWpULRULWpDEVWUDLWHQpFHVVDLUHGHODFDXVHSDUUDSSRUWjXQHIIHW
LQGLTXpjO
LQGLFDWLI([&XP&OLWXPLQWHUIHFLVVHWVXLIDFLQRULV$OH[DQGUXPSRHQLWXLWHWTX
HQHVSDJQROG
XQH
PDQLqUHSOXVV\VWpPDWLTXHHQFRUHOHVXEMRQFWLIVHUWjPDUTXHUO
DQWpFpGHQFHREOLJpHQpFHVVDLUHO
DQWpFpGHQFH
GHUDLVRQGHODFRQGLWLRQSDUUDSSRUWjODFRQVpTXHQFH2QGLUD&XDQGRWHQJDGLQHURLUpj0DGULGHWQRQSDV
&XDQGRWHQGUpGLQHUR
,OHVWUHPDUTXDEOHTXHOHVODQJXHVKpULWLqUHVGXODWLQDLHQWFKDFXQHGHOHXUF{WpjXQPRPHQWGRQQpGHOHXU
KLVWRLUHHWDYHFXQVXFFqVLQpJDOSOXVRXPRLQVGXUDEOHUHQRXYHOpODWHQWDWLYHGpMjDPRUFpHHQODWLQGHUpVHUYHU
O
H[SUHVVLRQGXWHPSVDEVWUDLWLQWHUQRWLRQQHOOHWHPSVGHUDLVRQjODFDWpJRULHGXPRGHHWGHODVRXVWUDLUHj
SURSRUWLRQjODFDWpJRULHGXWHPSV^1RWH/DWHQWDWLYHTX
DIDLWHOHIUDQoDLVHQFHVHQVRULJLQDOHSDUSOXVG
XQWUDLWHWTXLDHXVRQ
DERXWLVVDQWOHVHFRXUVGHODYDULDWLRQPRGDOHH[FOXjO
LQWpULHXUGXPRGHLQGLFDWLIGHYHQXFDSDEOHSDUVLPSOHFKDQJHPHQWGHWHPSV
G
H[SULPHUODFKURQRORJLHGHUDLVRQVLMHOHIDLV FRQGLWLRQ MHUpXVVLUDL FRQVpTXHQFH DpWpEULOODPPHQWpWXGLpHSDU0:DJQHUGDQV
VRQEHDXOLYUHVXU/HVSKUDVHVK\SRWKpWLTXHVFRPPHQoDQWSDUVLDXTXHOQRXVUHQYR\RQVOHOHFWHXUTXHOHVXMHWLQWpUHVVH,OVHUDLWGpVLUDEOH
TXHODTXHVWLRQIWH[DPLQpHFRPSDUDWLYHPHQWGDQVOHVDXWUHVODQJXHVURPDQHV,O\DXUDLWOjSRXUXQpWXGLDQWFRPSpWHQWXQLQWpUHVVDQW
VXMHWGHWKqVHTXLSRXUUDLWV
LQWLWXOHU/
H[SUHVVLRQK\SRWKpWLTXHGXWHPSVGDQVOHVODQJXHVURPDQHV RXGDQVXQHVHXOHG
HQWUHHOOHVSDU
H[HPSOHO
HVSDJQRO VLRQERUQDLWO
pWXGHDXUDSSRUWGHODFRQGLWLRQHWGHODFRQVpTXHQFHRXELHQ/DFKURQRORJLHGHUDLVRQGDQVOHV
ODQJXHVURPDQHVVLRQSUHQDLWOHSDUWLGHWUDLWHUOHVXMHWGDQVWRXWHVRQDPSOHXU`

2QDVVLVWHOjGDQVOHVODQJXHVURPDQHVjXQHVVDLFXULHX[GHGLVWLQFWLRQGHODFKURQRORJLHTXLV
pWDEOLWGDQV
O
HVSULWSDULQVWDQWVGHUDLVRQ^1RWH6HORQODMXVWHH[SUHVVLRQGX30DULqVjTXLQRXVO
HPSUXQWRQVHQOXLGHPDQGDQWGHQRXV
SHUPHWWUHGHQRXVHQVHUYLULFLHWDLOOHXUV`HQWUHOHVQRWLRQVHWFHOOHPRLQVDEVWUDLWHTXHODSHQVpHREVHUYHGDQVODUpDOLWp
HQWUHOHVpYpQHPHQWV
'DQVO
pWXGHTXHO
RQYLHQWGHIDLUHGHODVSDWLDOLVDWLRQGXWHPSVHQODWLQLOQ
DSDVpWpIDLWpWDW
LQWHQWLRQQHOOHPHQWGHVIRUPHVGpFOLQDEOHVGXYHUEH&
HVWTXHFHVIRUPHVWRXWHVHQJDJpHVDVVH]SURIRQGpPHQW
GDQVOHV\VWqPHGXQRPGHPDQGHQWjrWUHpWXGLpHVVpSDUpPHQWHQIRQFWLRQSDUWLHOOHGHODFDWpJRULHGXQRPj
ODTXHOOHHOOHVQHVRQWSDVpWUDQJqUHV/HXUpWXGHHQGHYLHQWSRXUSDUWLHH[WUDYHUEDOH
/DGHUQLqUHHWSOXVSURIRQGHFRQVWUXFWLRQYHUEDOHGXODWLQHQVHUDSSURFKDQWGXQRPF
HVWO
LQQLWLI6D
FDUDFWpULVWLTXHHVVHQWLHOOHHVWO
LQYDULDELOLWp$XQHSOXVJUDQGHSURIRQGHXUGDQVODFKURQRJpQqVHOHV
KWWSQOLSSFXDFNUJXVWDYHUHVXOWDVS"OHQDPHV BKWP%0





/
DUFKLWHFWRQLTXHGXWHPSV /$7,1

FRQVWUXFWLRQVUHQFRQWUpHVVRQWGHVFRQVWUXFWLRQVGHYHQXHVVXIVDPPHQWQRPLQDOHVSRXUODYDULDELOLWpUHFRXYUpH
VHODLVVHUGpFOLQHUDLQVLTXHOHIDLWOHQRP/HVIRUPHVGHSDUWLFLSHG
DGMHFWLIYHUEDOGHJpURQGLIHWGHVXSLQVRQW
HQODWLQGHVIRUPHVjFKHYDOHQTXHOTXHVRUWHVXUODFDWpJRULHGXYHUEHHWVXUFHOOHGXQRPHWWURSHQJDJpHVGDQV
FHWWHGHUQLqUHSRXUSRXYRLUrWUHpWXGLpHVLQGpSHQGDPPHQWG
HOOH
&HFLDSSHOOHO
DWWHQWLRQVXUXQHSURSULpWpQRQHQFRUHVLJQDOpHGHODFKURQRJpQqVH(OOHQ
HVWSDVVHXOHPHQW
ODIRUPDWLRQDUFKLWHFWRQLTXHGXWHPSVGDQVODSHQVpHHOOHHVWDXVVLG
XQHPDQLqUHFRQFRPLWDQWHOHPRXYHPHQW
SDUOHTXHOO
HVSULWV
pYDGHGXSODQGXQRPSRXUSpQpWUHUGHSOXVHQSOXVGDQVOHSODQGXYHUEH/DFKURQRJpQqVH
IDLWOHYHUEHjSDUWLUGXQRP7RXWDXGpEXWGHODFKURQRJpQqVHOHYHUEHHVWjSHLQHXQYHUEH/DSRVLWLRQTX
LO\
RFFXSHLQGLTXpHSDUO
LQQLWLIHVWFHOOHG
XQYHUEHVLWXpGDQVOHSODQGXYHUEHjSUR[LPLWpH[WUrPHGXSODQGX
QRPVXUODOLJQHGHSDUWDJHSRXUUDLWRQGLUHGHVGHX[SODQV
&HQ
HVWTXHSOXVDYDQWGDQVODFKURQRJpQqVHTXHOHYHUEHDFTXLHUWVDSOHLQHQDWXUH2QSHXWFRQVLGpUHUFHOOHFL
REWHQXHDYHFOHPRGHVXEMRQFWLISUHPLHUjLQFRUSRUHUGDQVOHYHUEHO
H[SUHVVLRQGHODSHUVRQQH&HQ
HVWHQ
HIIHWTX
DYHFO
H[SUHVVLRQLQWpULHXUHGHODSHUVRQQHTXHOHYHUEHHQWUHHQSRVVHVVLRQGHWRXVVHVWUDLWV
FDUDFWpULVWLTXHV
&HVWUDLWVFDUDFWpULVWLTXHVV
DIUPHQWHQOXLGHSOXVHQSOXVDXIXUHWjPHVXUHTXHOHWHPSVGRQWLOHVW
LQVpSDUDEOHPHQWSRUWHXUVHVSDWLDOLVH&HWWHVSDWLDOLVDWLRQpWDQWDXPD[LPXPGDQVOHPRGHLQGLFDWLIF
HVWOjTXH
OHYHUEHDSSDUDvWSRXUYXGHWRXWFHTXHVDQDWXUHGHYHUEHOXLGHVWLQH
/HIDLWTXHOHGLVFRXUVVDLWDYHFRSSRUWXQLWpHWQHVVHGLIIpUHUO
LQVWDQWUHSUpVHQWpSDUOHPRGHLQGLFDWLITXL
PDUTXHjODIRLVO
DFKqYHPHQWGHODVSDWLDOLVDWLRQGXWHPSVHWO
DFFHVVLRQGXYHUEHjODVRPPHGHVHVSURSULpWpV
LQGLTXHTXHODFRQVWUXFWLRQHQWLqUHGXV\VWqPHYHUERWHPSRUHOUHSRVHHQGHUQLqUHDQDO\VHVXUXQHYLVpH
SUDJPDWLTXHG
pFRQRPLH
/DVSDWLDOLVDWLRQGXWHPSVjODTXHOOHOHYHUEHGRLWRXWUHVRQH[LVWHQFHDFTXLVHjO
LQVWDQWSUpFLVROD
VSDWLDOLVDWLRQV
HQJDJHVHVpWDWVPRGDX[VXFFHVVLIVWULEXWDLUHVGXGpYHORSSHPHQWTX
HOOHV
DWWULEXHHVWXQSURFqV
SV\FKLTXHGRQWOHGLVFRXUVIDLWXQHMXGLFLHXVHpFRQRPLHLOVDLWOHSRUWHUDXGHJUpXWLOHHWQHSDVRXWUHSDVVHUFH
GHJUp
/DFKURQRJpQqVHFUpHG
LQVWDQWHQLQVWDQWXQHSXLVVDQFHJUDQGLVVDQWHGHIRUPHUSDUGHVPR\HQV
DUFKLWHFWRQLTXHVO
LPDJHWHPSV/DFKURQRWKqVHGDQVODVpULHG
LQVWDQWVDLQVLGpYHORSSpHFKRLVLWO
XQG
HQWUHHX[
TXLSRUWHUDO
H[HUFLFHRSSRUWXQGHODSXLVVDQFHDLQVLFUppH(WV
LOH[LVWHGDQVODODQJXHSOXVLHXUVFKURQRWKqVHV
PDUTXDQWGHVSDXVHVVXFFHVVLYHVGDQVODFKURQRJpQqVHODTXHOOHUHVWHHQVRLXQLTXH  F
HVWDQTXH
QHVRLWSDVGpSHQVpjODUHSUpVHQWDWLRQHIIHFWLYHGXWHPSVSOXVGHSXLVVDQFHTX
LOQ
HVWQpFHVVDLUHHWTX
LOHQ
SXLVVHQpDQPRLQVWRXMRXUVrWUHHPSOR\pDXWDQWTX
LOIDXW
4XDQGODSHQVpHSUHQGVRQH[SUHVVLRQGXWHPSVGDQVOHPRGHLQGLFDWLIF
HVWHQYHUWXGXEHVRLQTX
HOOHpSURXYH
GHIDLUHVHUYLUjODFRQVWUXFWLRQGXWHPSVWRXWHODSXLVVDQFHTX
HOOHSRVVqGHG
HQIRUPHUO
LPDJH4XDQGHOOHOD
SUHQGGDQVOHPRGHVXEMRQFWLIF
HVWTX
HOOHpSURXYHLQWLPHPHQWTXHO
H[HUFLFHLQWpJUDOGHFHWWHSXLVVDQFHVHUDLW
GDQVOHFDVGHGLVFRXUVYLVpH[FHVVLI/
HPSORLGXPRGHLQQLWLIWUDGXLWO
RSSRUWXQLWpVHQWLHG
XWLOLVHUPRLQV
HQFRUHODSXLVVDQFHDFTXLVHHQFKURQRJpQqVHGHIRUPHUO
LPDJHWHPSV
'XSRLQWGHYXHGHODOLQJXLVWLTXHJpQpUDOHXQDVSHFWGHODTXHVWLRQjQHSDVQpJOLJHUF
HVWTXHFHWWH
pFRQRPLHGHSXLVVDQFHDFTXLVHTXHOHGLVFRXUVUHFKHUFKHDYHFXQHRSSRUWXQLWpWRXWHSUDJPDWLTXHHVWUHQGXH
SRVVLEOHSDUXQHJUDQGHGpSHQVHG
pQHUJLHIDLWHGDQVXQSODQTXLQ
HVWSDVFHOXLGXGLVFRXUVPDLVFHOXLGHOD
ODQJXHGHODFRQVWUXFWLRQSV\FKLTXHGHFHOOHFL&
HVWGHFHWHIIRUWFRQVWUXFWLIRFFXOWHGRQWOHVGpPDUFKHV
SRXUVXLYLHVGDQVOHVLOHQFHGHODSHQVpHHQGHKRUVGHO
DFWHHIIHFWLIGHODQJDJHpFKDSSHQWjO
REVHUYDWLRQGX
OLQJXLVWHPDLVGRQWOHUpVXOWDWUHSUpVHQWpSDUOHVIRUPHVGHODODQJXHHVWYLVLEOHTXHSURFqGHOHV\VWqPHPRGDO
HWWHPSRUHOSOXVRXPRLQVpOpJDPPHQWpGLpGHWRXWHODQJXHOHTXHOSDUFHTX
LOUpVRXWGpFRXSHHQWUDQFKHV
GLVWLQFWHVODSXLVVDQFHDFTXLVHHQFKURQRJpQqVHGHIRUPHUO
LPDJHWHPSVSHUPHWTX
RQIDVVHGHFHWWHSXLVVDQFH
GLVSRQLEOHXQHPSORLSDUWLHOpFRQRPLTXH
$LQVLO
pFRQRPLHGHSXLVVDQFHGRQWLOV
DJLWV
DYqUHXQHpFRQRPLHVXSpULHXUHGLSORQRPLTXH'DQVOHSODQ
SUDJPDWLTXHGHO
DFWHGHODQJDJHF
HVWODORLGXPRLQGUHHIIRUWTXLUqJQHPDLVHOOHDVDFRQWUHSDUWLHREOLJpHGDQV
KWWSQOLSSFXDFNUJXVWDYHUHVXOWDVS"OHQDPHV BKWP%0





/
DUFKLWHFWRQLTXHGXWHPSV *5(&

/
DUFKLWHFWRQLTXHGXWHPSVGDQVOHVODQJXHVFODVVLTXHV&RSHQKDJXH0XQNVJDDUGUppGLWpDYHF7HPSVHW

YHUEH3DULV&KDPSLRQSS
/$63$7,$/,6$7,21*5(&48('87(036
,OQRXVIDXWjSUpVHQWH[DPLQHUGDQVODYXHG
HQIDLUHUHVVRUWLUOHVWUDLWVRULJLQDX[FHTX
DpWpOD
VSDWLDOLVDWLRQGXWHPSVHQJUHFDQFLHQ
/HVJUDQGVSULQFLSHVFRQVWUXFWLIVUHVWHQWOHVPrPHV(QJUHFFRPPHHQODWLQGHVFRXSHVWUDQVYHUVDOHV
LQWHUURPSHQWODFKURQRJpQqVHGDQVVDPDUFKHHWLOHQUpVXOWHSRXUFKDTXHLQWHUUXSWLRQXQSUROGHOD
FKURQRJpQqVHXQHFKURQRWKqVHVXUOHVGHX[GLPHQVLRQVSODQHVPRQWUDQWGDQVOHFDGUHG
XQHFRQVWUXFWLRQ
V\VWpPDWLTXHUpVXOWDWLYHTXHOHVWO
pWDWLQWpULHXUGHGpYHORSSHPHQWGHODFKURQRJpQqVHjO
LQVWDQWRVXUYLHQWVRQ
LQWHUUXSWLRQ
0DLVDORUVTXHOHODWLQDVVRLWFHWWHFRQVWUXFWLRQV\VWpPDWLTXHUpVXOWDWLYHVXUXQHLQWHUSUpWDWLRQULJRXUHXVHPHQW
V\PpWULTXHGXPRXYHPHQWGXWHPSVVHORQODTXHOOHGHX[FLQpWLVPHVG
RULHQWDWLRQLQYHUVHV
DIIURQWHQWO
XQ
GHVFHQGDQW  UHSUpVHQWDWLIGHO
pFRXOHPHQWGXWHPSVHQGLUHFWLRQGXSDVVpO
DXWUHDVFHQGDQW 
UHSUpVHQWDWLIGHO
H[WHQVLRQGXWHPSVHQGLUHFWLRQGHO
DYHQLUOHVHFRQGVHUYDQWGHUpSOLTXHVXEMHFWLYHDXSUHPLHU
 OHJUHFIUDSSpVXUWRXWSDUOHFRQWUDVWHGHODPRELOLWpGXWHPSVHWGXSRLQWG
LPPRELOLWpTX
\
LQVFULWOHSUpVHQWHWGHVXUFURvWIRUWVXEWLOGDQVO
DQDO\VHTX
LOIDLWGHFHFRQWUDVWHDHXUHFRXUVSRXUVD
UHSUpVHQWDWLRQSODQHHWUpVXOWDWLYHGXWHPSVQRQSDVjGHX[PDLVjWURLVYLVXDOLVDWLRQVFLQpWLTXHVGHO
H[WHQVLRQ
OLQpDLUHGHFHOXLFLWRXWHVWURLVUHODWLYHVjODSRVLWLRQVWDWLTXHGHSUpVHQWjVDYRLU
 O
HIIpUHQFHGXSDVVpSDUUDSSRUWDXSUpVHQW SDVVp&SUpVHQW /HWHPSVHVWYXV
pORLJQDQWGXSUpVHQWHQ
GLUHFWLRQGXSDVVp
 O
HIIpUHQFHGXIXWXUSDUUDSSRUWDXSUpVHQW SUpVHQW;IXWXU /HWHPSVHVWYXV
pORLJQDQWGXSUpVHQWHQ
GLUHFWLRQGHO
DYHQLU
 O
HIIpUHQFHGXIXWXUSDUUDSSRUWDXSUpVHQW SUpVHQW&IXWXU /HWHPSVHVWYXYHQDQWGXIXWXUHWDUULYDQW
G
LQVWDQWHQLQVWDQWDXSUpVHQW
&HWWHGHUQLqUHUHSUpVHQWDWLRQFLQpWLTXHGXIXWXUDMRXpHQJUHFXQU{OHVLLPSRUWDQWTX
LOQ
HVWSDVH[DJpUp
GHGLUHTXHOHV\VWqPHHQWLHUGXYHUEHJUHFOXLHVWUHGHYDEOHG
XQHSDUWLPSRUWDQWHHWODSOXVRULJLQDOHGHVD
SK\VLRQRPLH
$ORUVTXHOHODWLQDYXVHXOHPHQWGDQVOHIXWXUXQHUpSOLTXHLQYHUVpHGXSDVVpOHJUHFVDQVH[FOXUHFHWWHYXH
LQYHUVLYHGRQWLOIDLWpWDWGDQVO
XQGHVHVPRGHV  DFFRUGHODSULPDXWpjXQHLQWHUSUpWDWLRQGXIXWXU
VHORQODTXHOOHFHGHUQLHUV
DWWULEXHGDQVVRQSODQSURSUH OHSODQ$9JHW OHPrPHFLQpWLVPH
GHVFHQGDQWTXHOHSDVVp/HSDVVpHIIpUHQWGXSUpVHQW & DSSDUDvWHQJUHFFRQWLQXHUO
DIIpUHQFHGXIXWXUDX
SUpVHQW & HWHQrWUHOHSURORQJHPHQWDXGHOjGXSUpVHQWPrPH/DGLVWLQFWLRQGHVGHX[pSRTXHVOHSDVVpHWOH
IXWXUVpSDUpHVSDUOHSUpVHQWHVWPDLQWHQXHPDLVOHWHPSVTXHFKDFXQHH[SULPHHVWDQLPpGXPrPH
PRXYHPHQWHQYHUWXG
XQHLQWHUSUpWDWLRQFLQpWLTXHUHPDUTXDEOHSDUVRQREMHFWLYLWpVHORQODTXHOOHOHWHPSVQDvW
GDQVOHIXWXUDUULYHDXSUpVHQWHWV
pFRXOHGDQVOHSDVVp
&HWWHXQLWpGHGLUHFWLRQYLYHPHQWSHUoXHSDUODSHQVpHJUHFTXHpWDEOLWHQWUHOHSDVVpHIIpUHQWSDU
GpQLWLRQ  HWOHIXWXUVDLVLHQDIIpUHQFH HW XQHpWURLWHVVHGHOLHQTXLOHVIDLW
FRPSOpPHQWDLUHVHWLQVpSDUDEOHV
,OV
HQVXLWTXHOHJUHFHVWLQFDSDEOHG
pYRTXHUOHSDVVpHWG
XQHPDQLqUHJpQpUDOHO
pFRXOHPHQWGXWHPSVHQ
GLUHFWLRQGXSDVVpVDQVGXPrPHFRXSDSSHOHUFRPSOpPHQWDLUHPHQWOHIXWXUDIIpUHQW/HFLQpWLVPHGHVFHQGDQW
GXWHPSVIX\DQWjSDUWLUGXSUpVHQWHQGLUHFWLRQGXSDVVpHWFHOXLpJDOHPHQWGHVFHQGDQWHWFRPSOpPHQWDLUHGX
IXWXUSHUoXVHORQO
LQWHUSUpWDWLRQDIIpUHQWHHQFRQWLQXHOOHDSSURFKHGXSUpVHQWQHSHXYHQWHQJUHFrWUHpYRTXpV
O
XQVDQVO
DXWUH/HXUOLDLVRQGDQVO
HVSULWHVWLQpOXFWDEOH
$XVVLOHJUHFTXDQGLOOXLIDXWpYRTXHUOHIXWXUVHORQO
LQWHUSUpWDWLRQVHXOHH[LVWDQWHHQODWLQ HWJ GH
KWWSQOLSSFXDFNUJXVWDYHUHVXOWDVS"OHQDPHV BKWP%0





/
DUFKLWHFWRQLTXHGXWHPSV *5(&

VRQHIIpUHQFHSDUUDSSRUWDXSUpVHQW ; HVWLOREOLJpGHUHQRQFHUjO
H[SUHVVLRQGXSDVVpWRXWHYLVLRQGHFHWWH
pSRTXHHQWUDvQDQWREOLJDWRLUHPHQWODYLVLRQGXIXWXUDIIpUHQWHWGXPrPHFRXSO
H[FOXVLRQGXIXWXUHIIpUHQW
UHMHWpjXQHSRVLWLRQPRGDOHRLOQHSRXUUDMDPDLVrWUHTX
XQIXWXUQRQDGRVVpDXSDVVpVLpJHDQWVHXOHQIDFH
G
XQSDVVpLQRFFXSpDEVHQW J 
$YRLUGLVFHUQpFHVSULQFLSHVFRQVWUXFWLIVF
HVWGpMjV
rWUHLQWURGXLWIRUWDYDQWjODFRQQDLVVDQFHGHOD
V\VWpPDWLTXHYHUERWHPSRUHOOHGXJUHFTXLHQHVWGDQVVHVWUDLWVRULJLQDX[XQHFRQVpTXHQFHGLUHFWH
'HPrPHTXHOHODWLQOHJUHFSRUWHGDQVODFKURQRJpQqVHLQWHUURPSXHjGLIIpUHQWVPRPHQWVG
HOOHPrPHGHV
FRXSHVWUDQVYHUVDOHVTXLHQGHVVLQHQWFKDFXQHXQSUROXQHFKURQRWKqVHDXWUHPHQWGLWXQHLPDJHUpVXOWDWLYH
LQVFULWHVXUOHVGHX[VHXOHVGLPHQVLRQVSODQHV
,OVXIWGRQFFRPPHRQO
DIDLWSRXUOHODWLQ j GHUHOHYHUO
XQHDSUqVO
DXWUHFHVFRXSHVWUDQVYHUVDOHV
HWG
HQLQGLTXHUOHVHIIHWVFRPSWHWHQXGHO
DIIpUHQFHGXIXWXUTXLQ
HVWSDVXQIDLWODWLQSRXUDYRLUXQHYXHDXVVL
FRPSOqWHTX
H[DFWHGXV\VWqPHYHUERWHPSRUHOJUHFGRQWXQHFDUDFWpULVWLTXHHVWODSUpSRQGpUDQFHTX
LO
DFFRUGHFRQWUDLUHPHQWDXODWLQTXLHQSURGXLWO
pTXLOLEUHjODYLVXDOLVDWLRQREMHFWLYHGHVFHQGDQWHGXWHPSVVXUOD
YLVXDOLVDWLRQVXEMHFWLYHDVFHQGDQWH
$3UHPLqUHFRXSHWUDQVYHUVDOHGHODFKURQRJpQqVH
,OQHIDLWSDVGRXWHTXHFRPPHHQODWLQ  OHFLQpWLVPHHQFRQYHQDQFHDYHFFHWWHFRXSHTXLQ
HVW
SUpFpGpHG
DXFXQHDXWUHHVWOHFLQpWLVPHGHVFHQGDQWIRQGDPHQWDOFHOXLGHO
pFRXOHPHQWGXWHPSVHQGLUHFWLRQ
GXSDVVp  0DLVWDQGLVTX
HQODWLQOHFLQpWLVPHGHVFHQGDQWSRVVqGHXQHDXWRQRPLHTXLOXLSHUPHWGH
V
H[SULPHUVHXOLOHVWHQJUHFDLQVLTX
RQYLHQWGHO
H[SOLTXHU  LQVpSDUDEOHGHODYLVLRQGXIXWXUDIIpUHQW
TX
LODSSHOOHjVRLGqVO
LQVWDQWTX
LOSDUDvW/DFRQVpTXHQFHVHGpFRXYUHG
HPEOpHF
HVWTXHOHJUHFVHYRLWGDQV
O
REOLJDWLRQGqVODSUHPLqUHFRXSHSRUWpHHQFKURQRJpQqVHGHMRLQGUHjODUHSUpVHQWDWLRQIRQGDPHQWDOHGXWHPSV
IX\DQWHQGLUHFWLRQGXSDVVpFHOOHFRPSOpPHQWDLUHHWLQpOXFWDEOH  GXIXWXUDIIpUHQWDXSUpVHQW  
HWVLPXOWDQpPHQWG
pFDUWHUODYLVLRQLQDGPLVVLEOHHQFHFDVGXIXWXUHIIpUHQWUHMHWpjXQPRGHTXLDQGH
SRXYRLUUHQGUHFHWWHLQWHUSUpWDWLRQGXIXWXUGHYUDrWUHXQPRGHVDQVSDVVp J 
'HFHWWHOLDLVRQLQpYLWDEOHGXFLQpWLVPHGHVFHQGDQWGXWHPSVIRQGDPHQWDOHWGXIXWXUDIIpUHQWFRPSOpPHQWDLUH
HQJUHFUpVXOWHXQHLPDJHSODQHGXWHPSVTXLHVWODVXLYDQWH

/DFKURQRWKqVHLQLWLDOHGXJUHF 7HPSVGXPRGHRSWDWLI

&HWWHLPDJHSODQHGXWHPSVHVWFHOOHTX
H[SULPHDXPR\HQGHVIRUPHVYHUEDOHVOXLDSSDUWHQDQWOHPRGHRSWDWLI
/HU{OHGHO
DRULVWH OXVDLPL GDQVFHWWHLPDJHSODQHGXWHPSVHVWG
H[SULPHUODSRVVLELOLWpTX
DOHIXWXU
DIIpUHQWGHUHMRLQGUHSDUVLPSOHGpFDGHQFHYHUWLFDOHO
KRUL]RQGHSDUIDLWVDQVTXLWWHUOHSODQ$VDQVSpQpWUHUVL
SHXTXHFHVRLWGDQVOHSODQ:  
2QUHPDUTXHUDTXHGDQVO
LPDJHSODQHGXWHPSVJXUpHFLGHVVXVODUHODWLRQGHSUpVHQWjSDUIDLW
QRQREVWDQWODGLVWLQFWLRQGHVGHX[SODQV:UpVHUYpDXSDVVpHW$UpVHUYpDXIXWXUTXHOHJUHFLQGLTXHG
RUHVHW
GpMjDORUVTXHOHODWLQHQPrPHSRVLWLRQFKURQRJpQpWLTXH j QHODPDUTXHSDVHQFRUHRIIUHO
DVSHFW
G
XQHUHODWLRQLQWHUOLQpDLUHHQWUHXQSUpVHQWpWHQGX OXRLPL HWXQSDUIDLWG
pWHQGXHpJDOH OHOXNRLPL &HQ
HVWTXH
KWWSQOLSSFXDFNUJXVWDYHUHVXOWDVS"OHQDPHV BKWP%0





/
DUFKLWHFWRQLTXHGXWHPSV *5(&

GDQVOHPRGHLQGLFDWLIOHGHUQLHUjVXUYHQLUHQFKURQRJpQqVHTX
HOOHUHYrWHQRXWUHO
DVSHFWLQWHUSRQFWXHOG
XQH
UHODWLRQHQWUHGHX[IRUPHVYHUEDOHVOXZHWOHOXNDUHSUpVHQWDWLYHVO
XQHHWO
DXWUHG
XQSRLQWQ
D\DQWJDUGpTXHOD
ODUJHXUPLQLPDOHLQGLVSHQVDEOHjVRQH[LVWHQFH J ,OQ
HQYDSDVDXWUHPHQWHQODWLQ J 
/HPRGHRSWDWLIUHSUpVHQWHODVDLVLHSDUSUROG
XQHFKURQRJpQqVHSHXDYDQFpHHQHOOHPrPHTXRLTXH
GpMjSDUYHQXHjXQSRLQWGHVRQGpYHORSSHPHQWROHYHUEHTXLDLQFRUSRUpODPDUTXHGHODSHUVRQQHLQGLTXHSDU
OjTX
LOHVWGHYHQXSOHLQHPHQWOXLPrPHV
HVWDEVWUDLWHQWLqUHPHQWGHODFDWpJRULHQRPLQDOH3OXVHQDPRQWYHUV
ODVRXUFHGHODFKURQRJpQqVHRQUHQFRQWUHOHVPRGHVQRPLQDX[GXYHUEHLQQLWLIHWSDUWLFLSHTXHOHXUSUR[LPLWp
SOXVJUDQGHGXQRPIDLWHQXQFHUWDLQVHQVSOXVYLUWXHOVTXHOHVPRGHVH[SUHVVpPHQWYHUEDX[  
&HWWHYLUWXDOLWpDFFUXHQ
HQWUDvQHFHSHQGDQWDXFXQFKDQJHPHQWGDQVODVWUXFWXUHGHO
LPDJHSODQHGXWHPSV/D
VWUXFWXUHGHVPRGHVQRPLQDX[QHIDLWHQJUHFTXHUHSURGXLUHFHOOHGXPRGHRSWDWLIDLQVLTXHOHPRQWUHQWOHV
GHX[VFKqPHVVXLYDQWVTXLVRQWFHX[GHO
LQQLWLIHWGXSDUWLFLSH

/DUDLVRQGHFHWWHLGHQWLWpGHVWUXFWXUHGHO
RSWDWLIHWGHVPRGHVQRPLQDX[LQQLWLIHWSDUWLFLSHUpVLGHHQFHTXH
OHPRGHRSWDWLIGXJUHF J FRPSRUWHGXF{WpGXIXWXUXQHYLUWXDOLVDWLRQGXWHPSVLQGpSDVVDEOHSRUWpHjVRQ
PD[LPXPGHVRUWHTXHOHVPRGHVQRPLQDX[RQWEHDXHQV
pORLJQDQWGXYHUEHSRXUV
DSSURFKHUGXQRP  
WHQGUHjSOXVGHYLUWXDOLWpHQFRUHO
HIIHWGHFHWWHWHQGDQFHHVWDXSRLQWGHYXHVWUXFWXUDOQXO,OOHXUIDXWV
HQWHQLU
jODVWUXFWXUHGHO
RSWDWLITXLPDUTXHHQFHTXLFRQFHUQHOHWHPSVODOLPLWHGHODYLUWXDOLVDWLRQSRVVLEOH
&HPD[LPXPGHYLUWXDOLVDWLRQGHO
LPDJHWHPSVTX
HPSRUWHDYHFVRLOHPRGHRSWDWLIWLHQWjFHTXHOHIXWXU
DIIpUHQWGRQWLOHQIHUPHO
H[SUHVVLRQ\FRQVWLWXHODUHSUpVHQWDWLRQYLUWXDOLVpHG
XQHIRUPHGpMjYLUWXHOOHSDUHOOH
PrPHOHIXWXUDIIpUHQWG
LQGLFDWLIHVWLQWULQVqTXHPHQWGXWHPSVTXLYLHQW  TXLQ
DGRQFSDVHQFRUH
pWpUpDOLVpSDUODSHQVpHTXLHVWVHXOHPHQWDWWHQGXLPDJLQpHWQ
DGHUULqUHVRLO
DSSXLG
DXFXQHSUpVHQFHSRVLWLYH
,OSDVVHSDUOjHQYLUWXDOLWpVRXVODUpVHUYHELHQHQWHQGXG
RSpUHUODFRPSDUDLVRQHQPrPHSRVLWLRQPRGDOH 9
 OHIXWXUHIIpUHQWTXLDQpFHVVDLUHPHQWGHUULqUHVRLO
DSSXLG
XQSUpVHQWGpMjDFTXLVGRQWLOV
pORLJQH/H
IXWXUDIIpUHQWFRQVWLWXHHQVRLXQHDQWLFLSDWLRQGXIXWXUHIIpUHQWOHSUpVHQWDXTXHOLOVHUpIqUHVLJQLHSRXUOXL
O
DYHQLUOHSUpVHQWDXTXHOVHUpIqUHOHIXWXUHIIpUHQWVLJQLHSRXUOXLOHSDVVp1HIDXWLOSDVDXIXWXUDUULYHUDX
SUpVHQWDYDQWTXHGHSRXYRLUHQVRUWLUHWV
HQpORLJQHU"
%'HX[LqPHFRXSHWUDQVYHUVDOHGHODFKURQRJpQqVH
/HSUROUpVXOWDQWGHFHWWHFRXSHGHODFKURQRJpQqVHHVWUHSUpVHQWpHQJUHFSDUOHPRGHVXEMRQFWLIHWQ
D
SDVSRXUFHTXLHVWGHVDWHQHXUVLQRQGHVDSRVLWLRQGHFRUUHVSRQGDQWH[DFWHQODWLQ
/HPRGHVXEMRQFWLIGXJUHFF
HVWOHIXWXUHIIpUHQWH[LOpGHVDXWUHVPRGHVSRXUOHVUDLVRQVTXLRQWpWpH[SRVpHV
SOXVKDXW  HWVLpJHDQWGDQVXQPRGHGRQWLOFRQVWLWXHO
HQWLqUHVXEVWDQFHHWGRQWODFDUDFWpULVWLTXHHVWGH
Q
RSSRVHUDXIXWXUDXFXQHFRQWUHSDUWLHGDQVOHSODQGXSDVVp J /HSODQ:UHVWHLQRFFXSp
$SUqVV
rWUHUpIpUpDXSUpVHQWOHIXWXUHIIpUHQWVHUpIqUHV\PpWULTXHPHQWDXSDUIDLW'HFHWWHGRXEOHUpIpUHQFH
^1RWH2QQHPDQTXHUDSDVG
REVHUYHUTXHOHIXWXUHIIpUHQWTXLH[LVWHHQJUHFFRPPHHQODWLQPDLVSDVHQPrPHSRVLWLRQPRGDOHVH
FRPSRUWHGDQVOHVGHX[ODQJXHVGHPDQLqUHLGHQWLTXH,OVHUpSqWHVXUOHVGHX[KRUL]RQVGXV\VWqPHO
KRUL]RQGHSUpVHQWHWO
KRUL]RQGH
SDUIDLWWDQGLVTXHOHIXWXUDIIpUHQWQHSHXWH[LVWHUTXHVXUOHVHXOKRUL]RQGHSUpVHQW FIJ /DGLIIpUHQFHG
XQHODQJXHj
O
DXWUHHVWTXHO
HIIpUHQFHGXIXWXUVHPDUTXHHQODWLQGDQVOHPRGHLQGLFDWLIDORUVTX
HOOHVHPDUTXHHQJUHFGDQVOHPRGHVXEMRQFWLIOLHX
GHUHIXJH  GXIXWXUHIIpUHQWH[SXOVpGHVDXWUHVPRGHV,OQ
HVWSDVGpQXpG
LQWpUrWG
DXWUHSDUWG
DWWLUHUO
DWWHQWLRQVXUFH
KWWSQOLSSFXDFNUJXVWDYHUHVXOWDVS"OHQDPHV BKWP%0





/
DUFKLWHFWRQLTXHGXWHPSV *5(&

TXHOHJUHFPRGHUQHTXLDVXEVWLWXpSDUWRXWjODFRQFHSWLRQDIIpUHQWHGXIXWXUFHOOHGXIXWXUHIIpUHQWV
HVWDGUHVVpTXDQGLODHXEHVRLQGH
FHWWHGHUQLqUHDXPRGHVXEMRQFWLIRHOOHDYDLWGDQVOHJUHFDQFLHQWURXYpDVLOH/HJUHFPRGHUQHFRQVWUXLWVRQIXWXUDXPR\HQG
XQH
SpULSKUDVHFRPSRVpHGHODSDUWLFXOHTDVXLYLHGXPRGHVXEMRQFWLI/HVFRQVpTXHQFHVV
HQFKDvQHQWGDQVOHUHQRXYHOOHPHQWKLVWRULTXHGHV
JUDQGVV\VWqPHVGHODODQJXHDYHFXQHULJXHXUVXUSUHQDQWHTXLQ
HVWMDPDLVHQGpIDXW0DLVSRXUSHUFHYRLUFHWWHULJXHXULOIDXWDYRLUDX
SUpDODEOHUpXVVLjUHFRQVWUXLUHDXPR\HQGHVFKqPHVOHV\VWqPHPrPHTXLHVWO
H[SUHVVLRQGHODORLG
DVVHPEODJHGHVSDUWLHV
FRPSRVDQWHV2UOHOLQJXLVWHQ
HVWSDVWHQXSDUODFRQQDLVVDQFHVLSDUIDLWHVRLWHOOHTX
LODGHFHVSDUWLHVG
DYRLUVDLVLODORLTXLOHVWLHQW
UDVVHPEOpHV2QQHSDUYLHQWjODFRQQDLVVDQFHGHFHWWHORLHWSDUFRQVpTXHQWGXV\VWqPHTXLQHV
HQGLVWLQJXHSDVTXHSDUXQWUDYDLO
FRQVLGpUDEOHG
DQDO\VHHWGHV\QWKqVHGRQWOHSUpVHQWDUWLFOHVXIWjGRQQHUXQHLGpHHWTXLHVWHQOLQJXLVWLTXHTXHOTXHFKRVHGHWRXWjIDLW
QRXYHDX/HVIRUPHVFRPSRVDQWHVG
XQV\VWqPHVRQWGHVrWUHVGHODQJXHjSULRULYLVLEOHV/HV\VWqPHOXLPrPHHVWXQHHQWLWpDEVWUDLWHTXL
QHWRPEHSDVVRXVOHFRXSGHODVLPSOHREVHUYDWLRQGLUHFWHPDLVTXLQ
HQHVWSDVPRLQVDYHFVRQFDUDFWqUHDEVWUDLWLQKpUHQWjVDQDWXUH
XQHUpDOLWpSURIRQGHGHODODQJXHGRQWO
pGLFDWLRQHWODWUDQVIRUPDWLRQKLVWRULTXHSHXYHQWrWUHREVHUYpHVHWGpFULWHVHQIDLVDQWDSSHOjXQH
PpWKRGHDSSURSULpH/
KLVWRLUHGXV\VWqPHQHVHFRQIRQGSDVDYHFFHOOHGHVFRQVWUXFWLRQVTXLHQIRQWSDUWLH(OOHHVWDXWUHFKRVHVRQREMHW
Q
HVWSDVODIRUPDWLRQGHVrWUHVOLpHVHQV\VWqPHPDLVODIRUPDWLRQDEVWUDLWHGHOHXUFRKpUHQFH/HVGHX[KLVWRLUHVDXVXUSOXVV
pFODLUHQW
UpFLSURTXHPHQW`DVVXMHWWLHDX[FRQGLWLRQVTXLYLHQQHQWG
rWUHLQGLTXpHVOHUpVXOWDWHVWXQHLPDJHSODQHGXWHPSV

UHSUpVHQWDEOHFRPPHVXLW


/DFKURQRWKqVHPpGLDOHGXJUHF 7HPSVGXPRGHVXEMRQFWLI 

4XHOHIXWXUHIIpUHQWFRQVWLWXHjOXLVHXOOHPRGHVXEMRQFWLIHWQ
DLWSDVGHYLVjYLVGDQVOHSODQGXSDVVp
: HVWXQHFKRVHTXLV
H[SOLTXHWRXWQDWXUHOOHPHQWVLO
RQVHUHSRUWHDX[SULQFLSHVFRQVWUXFWLIVTXLRQWpWpSRVpV
DXGpEXWGHO
pWXGHGHVIDLWVJUHFV  
/
H[SUHVVLRQGXSDVVpHVWHQJUHFLQVpSDUDEOH  GHFHOOHGXIXWXUDIIpUHQW6LGRQFGDQVOHPRGHVXEMRQFWLI
RQYRXODLWH[SULPHUIWFHGHODPDQLqUHODSOXVJpQpUDOHOHSDVVpLOV
HQVXLYUDLWXQDSSHOLQpOXFWDEOHGXIXWXU
DIIpUHQWFRPSOpPHQWDLUH  FHTXLHQWUDvQHUDLWLOYDGHVRLO
H[SXOVLRQGXIXWXUHIIpUHQWUHMHWp
DXWRPDWLTXHPHQWjXQPRGHGRQWLOGHYLHQGUDLWHWF
HVWFHTXLDOLHXHIIHFWLYHPHQWHQJUHFO
XQLTXH
FRPSRVDQW
&HPRGHUpVHUYpDXVHXOIXWXUHIIpUHQWF
HVWOHVXEMRQFWLIJUHFGRQWODGLVSDULWLRQpTXLYDXGUDLWjODSHUWHSDUFHWWH
ODQJXHGHWRXWHH[SUHVVLRQGHO
HIIpUHQFHGXIXWXU
3HUWHWRWDOHTX
XQHODQJXHDXVVLpYROXpHTXHOHJUHFDQFLHQQHSRXUUDLWRQOHFRQoRLWTXHWUqVGLIFLOHPHQW
DFFHSWHU,OOXLIDXGUDLWHQHIIHWSRXUFHODUHQRQFHUjYRLUGDQVOHIXWXUODVLPSOHLQYHUVLRQFLQpWLTXHGXSDVVp
 HWVHSULYHUSDUOjGXPrPHFRXSGHODUHSUpVHQWDWLRQODSOXVDFWLYHGXWHPSV
/HIXWXUHIIpUHQWF
HVWOHWHPSVGRQWO
H[WHQVLRQSDUWGHODSHUVRQQHKXPDLQHHWVHGpYHORSSHV
RXYUHGHYDQWHOOH
DQTX
HOOH\SXLVVHSRUWHUVRQDFWLYLWp  /HIXWXUDIIpUHQWF
HVWO
DUULYpHjODSHUVRQQHKXPDLQHGXWHPSV
GHVWUXFWHXUTXLOLYUHWRXWHFKRVHHWODSHUVRQQHKXPDLQHHOOHPrPHDXSDVVpPRUW
/DSUpVHQFHG
XQDRULVWH OXVZ SDUPLOHVIRUPHVGXPRGHVXEMRQFWLI J HVWMXVWLpHSDUOHIDLWGHOD
UpVLGHQFHREOLJpHGXPRGHVXEMRQFWLIGDQVOHSODQ$,ODpWpLQGLTXp  HWRQOHFRQVWDWHUDGHQRXYHDXSOXV
ORLQ  TXDQGLOVHUDTXHVWLRQGXPRGHLQGLFDWLI J TXHO
DRULVWHHVWODPDUTXHGHVFRQVWUXFWLRQV
YHUEDOHVVRXPLVHVG
XQHSDUWDXFLQpWLVPHGHVFHQGDQWLQWHUSUpWpYHUWLFDOHPHQW  HWG
DXWUHSDUWDVWUHLQWHV
jQHSDVSpQpWUHUVLSHXTXHFHVRLWGDQVOHSODQ:  
4XDQWjODUHODWLRQGHSUpVHQWjSDUIDLWHOOHHVWGDQVOHPRGHVXEMRQFWLIGXJUHFFHTX
HOOHHVWHQPrPH
SRVLWLRQFKURQRJpQpWLTXHHQODWLQ  XQHUHODWLRQLQWHUOLQpDLUHHQWUHXQKRUL]RQpWHQGXGHSUpVHQWHW
XQKRUL]RQpWHQGXGHSDUIDLW(OOHQ
DSDVHQFRUHUHYrWXODIRUPHLQWHUSRQFWXHOOHTX
HOOHSUHQGUDGDQVOHPRGH
KWWSQOLSSFXDFNUJXVWDYHUHVXOWDVS"OHQDPHV BKWP%0





/
DUFKLWHFWRQLTXHGXWHPSV *5(&

LQGLFDWLIROHSUpVHQWHWOHSDUIDLWSDUYHQXVWRXVGHX[DXPD[LPXPGHOHXUpWUpFLVVHPHQWIRQWDXPLOLHXGHOHXU
KRUL]RQUHVSHFWLIJXUHGHSRLQWV JHW 
8QHVLQJXODULWpGXJUHFTXLDXUDLWGVHPEOHWLOUHWHQLUGDYDQWDJHO
DWWHQWLRQHVWTXHOHPRGHVXEMRQFWLI
QHSRVVqGHSDVGDQVFHWWHODQJXHGHIXWXU2QQ
DMDPDLVLQGLTXpODUDLVRQGHFHIDLWIUDSSDQW(OOHUHVVRUWDYHF
XQHHQWLqUHpYLGHQFHGHFHTXLYLHQWG
rWUHH[SRVp6LOHPRGHVXEMRQFWLIQ
DSDVHQJUHFGHIXWXUF
HVWTX
LOHVW
OXLPrPHLQWULQVqTXHPHQWXQIXWXUOHIXWXUHIIpUHQWGHFHWWHODQJXHTXHOHVDXWUHVPRGHVSRXUGHVUDLVRQVTXLRQW
pWpGLWHV  H[SXOVHQWHWREOLJHQWjVHGpWHUPLQHUVRXVXQPRGHGLVWLQFW2QFRQVWDWHXQHIRLVGHSOXV
FRPELHQWRXWVHWLHQWGDQVODVWUXFWXUHGHVODQJXHV  
&7URLVLqPHHWGHUQLqUHFRXSHWUDQVYHUVDOHGHODFKURQRJpQqVH
/
LPDJHSODQHGXWHPSVTXLUpVXOWHGHFHWWHFRXSHHVWSDUFHTXHGHUQLqUHHQGDWHGDQVODFKURQRJpQqVH
SOXVFRPSOqWHTXHFHOOHVTXLO
RQWSUpFpGpH  6XUO
KRUL]RQPrPHGHSUpVHQWHWVDQVTX
LOVRLWEHVRLQ
FRPPHF
HVWOHFDVGDQVOHVDXWUHVPRGHV J GHGHVFHQGUHDXQLYHDXGXSDUIDLWHOOHH[SULPH
GLVWLQFWHPHQWHQHOOHOHSDVVpHWOXLRSSRVHVHORQXQHORLFRQVWUXFWLYHTXHOHJUHFQ
HQIUHLQWMDPDLVOHIXWXU
DIIpUHQWVHXOSRVVLEOHRQOHVDLW  GqVO
LQVWDQWTXHOHSODQGXSDVVp:QHUHVWHSDVYLGHGHIRUPHV
YHUEDOHV/HIXWXUHIIpUHQWLQFRPSDWLEOHDYHFO
H[SUHVVLRQGXSDVVpHVWUHMHWpHQGHKRUVGXPRGHLQGLFDWLIGDQV
ODSHUVSHFWLYHPRGDOHRLOFRQVWLWXHDLQVLTX
RQO
DH[SOLTXpSUpFpGHPPHQWjSURSRVGHO
RSWDWLI  XQ
PRGHGLVWLQFWOHPRGHVXEMRQFWLI&HPRGHUHSUpVHQWHGDQVODSHUVSHFWLYHPRGDOHGXJUHFOHOLHXGHUHIXJHGX
IXWXUHIIpUHQWH[FOXGHVDXWUHVPRGHVSDUODQpFHVVLWpG
\SURGXLUHOHIXWXUDIIpUHQWVHXOSRVVLEOHGqVO
LQVWDQWTXH
OHSODQ:Q
HVWSDVODLVVpLQRFFXSp'DQVOHFDVGXPRGHLQGLFDWLIOHSODQ:HVWRFFXSpSDUO
H[WHQVLRQOLQpDLUH
GHO
LPSDUIDLWHWGXSOXVTXHSDUIDLW'DQVFHOXLGXPRGHRSWDWLIOHSODQ:HVWRFFXSpSDUXQHH[WHQVLRQOLQpDLUH
GXSUpVHQWHWGXSDUIDLWQRQHQFRUHSDUYHQXVGDQVFHPRGHDXGHJUpG
pWUpFLVVHPHQWTXLO
LQGLFDWLIDWWHLQWHQ
IHUDGHVIRUPHVSRQFWXHOOHV J 
/
REOLJDWLRQG
LQWURGXLUHOHIXWXUDIIpUHQWGDQVODFKURQRWKqVHQDOHG
LQGLFDWLIDXWLWUHGHYLVjYLVG
XQ
SDVVpO
LPSDUIDLWDSSDUWHQDQWjO
KRUL]RQGHSUpVHQW J FRQIqUHjFHWWHFKURQRWKqVHXQHVWUXFWXUHTXLGDQV
OHVJUDQGHVOLJQHVUHSURGXLWFHOOHTX
RQDHQJUHFGDQVODFKURQRWKqVHG
RSWDWLIVLWXpHjO
DUULqUHSODQGXV\VWqPH
&HWWHVLPLOLWXGHGHVWUXFWXUHGXPRGHTXLRFFXSHOHIRQGGHODSHUVSHFWLYHPRGDOHHWGHFHOXLTXLHQRFFXSHOH
GHYDQWHVWXQWUDLWGXJUHF/HODWLQQ
RIIUHULHQGHVHPEODEOH$FKDTXHFRXSHSRUWpHSDUOHWUDYHUVGHOD
FKURQRJpQqVHFRUUHVSRQGGDQVFHWWHODQJXHXQPRGHG
XQHVWUXFWXUHGLIIpUHQWH FIJHW 
(QWUHO
RSWDWLIPRGHG
DUULqUHSODQGXJUHFHWO
LQGLFDWLIPRGHG
DYDQWSODQODGLIIpUHQFHTXLHVWPRLQVGH
VWUXFWXUHTXHGHFRQWHQXUpVLGHXQLTXHPHQWHQFHTXHO
RSWDWLILQFDSDEOHG
DYRLUQLXQLPSDUIDLWQLXQSOXVTXH
SDUIDLWIRUPHVDPRGDOHVSDUGpQLWLRQ  OHVUHPSODFHUHVSHFWLYHPHQWGDQVOHSODQGXSDVVp:SDUXQ
SUpVHQWHWXQSDUIDLWpWHQGXVQRQHQFRUHUpGXLWVVHORQODORLG
pWUpFLVVHPHQWTXLHVWODOHXU  jO
pWDWGH
SRLQWV FIJHW 
$LQVLWDQGLVTXHGDQVODSUHPLqUHLPDJHSODQHGXWHPSVFHOOHG
RSWDWLIDSSDUWHQDQWDXGpEXWGHOD
FKURQRJpQqVHODUHODWLRQGHSUpVHQWjSDUIDLWGHPHXUpHLQWHUOLQpDLUHQHUHFRXUWSDVSRXUV
H[SOLFLWHUjGHV
IRUPHVYHUEDOHVSRQFWXHOOHVDEVHQWHVQRQHQFRUHGpQLHV  GDQVODGHUQLqUHLPDJHSODQH
GXWHPSVFHOOHG
LQGLFDWLIDSSDUWHQDQWjODFKURQRJpQqVHDFKHYpHODPrPHUHODWLRQWHQXHHQWUHGHVWHUPHV
GHYHQXVG
XQHpWURLWHVVHH[WUrPHIDLWDSSHOSRXUV
H[SOLFLWHUjGHVIRUPHVYHUEDOHVQRQPRLQVGpSRXUYXHV
G
pWHQGXHHWSDUOjSRQFWXHOOHV
&HVIRUPHVSRQFWXHOOHVTXLVRQWHQJUHFOXZHWOHOXNDLQGLTXHQWVXUOHVGHX[KRUL]RQVGHSUpVHQWHWGHSDUIDLWOH
SRLQWGHGpSDUWHWFHOXLG
DUULYpHGHODOLJQHYHUWLFDOHGHSDUWDJHGXV\VWqPHYHUERWHPSRUHOHQGHX[SODQV:HW
$&HWWHOLJQHYHUWLFDOHGHSDUWDJHGRQWOHFLQpWLVPHHVWGHVFHQGDQW  FRQVWLWXHO
D[HGXV\VWqPH
(OOHQ
HVWH[SUHVVpPHQWUHSUpVHQWpHSDUGHVSRLQWVOLPLWHVDX[TXHOVFRUUHVSRQGHQWGHVIRUPHVYHUEDOHV
SRQFWXHOOHVVSpFLDOHVTXHGDQVOHPRGHLQGLFDWLI JFIJ 
/HVIRUPHVYHUEDOHVSRQFWXHOOHVDPRDPDXLV
DWWULEXHQWHQODWLQOHPrPHU{OHGHSRLQWVOLPLWHVGHO
D[HGX
V\VWqPHD[HGRQWODGpQLWLRQFRUUpODWLYHGHO
pWURLWHVVHDFTXLVHQ
DSSDUDvWHQWLqUHPHQWDFKHYpHHQODWLQ
FRPPHHQJUHFTXHGDQVOHPRGHLQGLFDWLI JFIJ 
KWWSQOLSSFXDFNUJXVWDYHUHVXOWDVS"OHQDPHV BKWP%0





/
DUFKLWHFWRQLTXHGXWHPSV *5(&

&RPSWHWHQXGHVFRQGLWLRQVGHVWUXFWXUHTXLYLHQQHQWG
rWUHH[SRVpHVO
LPDJHSODQHGXWHPSVLVVXHG
XQH
XOWLPHFRXSHGHODFKURQRJpQqVHGRLWrWUHUHSUpVHQWpHFRPPHVXLW


/DFKURQRWKqVHQDOHGXJUHF 7HPSVGXPRGHLQGLFDWLI 

&HWWHLPDJHSODQHGXWHPSVHVWFHOOHTX
H[SULPHHQJUHFDXPR\HQGHVWHPSVTXLOXLDSSDUWLHQQHQWOHPRGH
LQGLFDWLI
/HVREVHUYDWLRQVTX
HOOHDSSHOOHVRQWDVVH]QRPEUHXVHVHWGpFRXOHQWWRXWHVGXFLQpWLVPHWHPSRUHO
LQYDULDEOHPHQWGHVFHQGDQW  TXLV
\H[SULPH2Q\YRLWOHWHPSVQDvWUHGDQVOHIXWXUHWVRXVOHVWUDLWVGX
IXWXUDIIpUHQW  DUULYHUDXSUpVHQWTX
LOVHWURXYHDXPRPHQWRLO\DFFqGHGDQVO
DOWHUQDWLYHGH
IUDQFKLURXGHQHSDVIUDQFKLU J 
1HSDVIUDQFKLUOHSUpVHQWF
HVWSRXUOHIXWXUDIIpUHQWV
LQWHUGLUHODSpQpWUDWLRQGDQVOHSODQ:HWGHYRLU
GqVORUVVHFRQWLQXHUOHSUpVHQWUHQFRQWUpPDLVQRQIUDQFKLGDQVOHSODQ$SDUXQHVRUWHGHJOLVVHPHQW J
 OHORQJGHO
D[HGXV\VWqPHUHSUpVHQWpSDUODUHODWLRQLQWHUSRQFWXHOOHOXZOHOXND
/
DRULVWHH[SULPHFHJOLVVHPHQWYHUWLFDOJpQpUDWHXUG
XQSDVVpTXLDODSURSULpWpUHPDUTXDEOHGHQHSDVSpQpWUHU
GDQVOHSODQ:HWGHUHVWHUVDQVSRXUFHODSHUGUHVDYDOHXUGHSDVVpGDQVOHSODQGXIXWXU$  /D
PRLQGUHSpQpWUDWLRQGDQVOHSODQ:DPqQHUDLWDXOLHXGHO
DRULVWHO
LPSDUIDLW  $SUqVO
DRULVWHRQUHQFRQWUH
WRXMRXUVHQVXLYDQWODPDUFKHQDWXUHOOHIX\DQWHGXWHPSV  VXUOHWUDFpJpRPpWUDOTXLOXLHVWLPSRVp  
OHSDUIDLWOHTXHOFRQVWLWXHGDQVODVXEVLGHQFHYHUWLFDOHGXSUpVHQWGHFRQVFLHQFHDFWXHOOHXQSUpVHQWGHPpPRLUH
XQDEVHQWUDWWUDSp FRQVWUXLWjO
LPDJHGXSUpVHQWGHFRQVFLHQFHDFWXHOOHGRQWLOUpSqWHODIRUPHjXQQLYHDX
LQIpULHXUGDQVO
HVSULW  
/HSDUIDLWDHQFRPPXQDYHFOHSUpVHQWG
rWUHFRPPHFHOXLFLXQHIRUPHSRQFWXHOOH  D[LDOHHWVWDWLTXH
J PDUTXDQWGHPDQLqUHVXEMHFWLYHHWFWLYHXQDUUrWGHO
pFRXOHPHQWGXWHPSV
$UUrWTXHODSHQVpHSDUXQHYLROHQFHIDLWHDXUpHOV
DFFRUGHSRXUXQLQVWDQWVDQVSRXYRLUV
RSSRVHUjFHTXH
GDQVO
LPPpGLDWOHWHPSVUHSUHQQHVRQPRXYHPHQWGHIXLWHHQGpQLWLYHLQFRHUFLEOHHWDSUqVDYRLUDXSRLQW
TX
LQGLTXHOHSDUIDLWIUDQFKLO
D[HGXV\VWqPHVSDWLRWHPSRUHOV
HQJDJHGDQVOHSODQ:  /DIRUPH
UpVXOWDQWGHO
LPSXLVVDQFHQDOHGHODSHQVpHjVXVSHQGUHODXHQFHGXWHPSVVXUODSRVLWLRQGHSDUIDLWF
HVWOH
SOXVTXHSDUIDLWXQHIRUPHTXLGDQVOHVHQVGHODPDUFKHQDWXUHOOHGXWHPSV  DOODQWGXIXWXU
DXSDVVpQ
DSDVG
DXGHOj
,OVXIWFRPPHRQO
DIDLWSRXUOHODWLQ  G
pFKHORQQHUHQSURIRQGHXUVHORQOHXURUGUHGH
VXUYHQDQFHVXUFHWWHGLPHQVLRQTXLSRUWHODFKURQRJpQqVHHWVRQSURJUqVOHVWURLVLPDJHVSODQHVGXWHPSVOHV
WURLVFKURQRWKqVHVFLGHVVXVGpFULWHVSRXUDYRLUXQHYXHG
HQVHPEOHGXV\VWqPHYHUERWHPSRUHOGXJUHF/D
JXUHUHSRUWpHjODSDJHVXLYDQWHLQGLTXHFHWpFKHORQQHPHQW
/HVOLJQHVREOLTXHVHQSRLQWLOOpIDLVDQWSDUWLHGHFHWWHJXUHFRPSOLTXpHVHUYHQWj\GpOLPLWHUOD
FKURQRJpQqVHSURSUHPHQWGLWHVLPSOHpWUpFLVVHPHQWSURJUHVVLIGHODODUJHXULQLWLDOHGXSUpVHQWHWGXSDUIDLWHWOD
VpSDUHQWG
RSpUDWLRQVGHSHQVpHTXLHQJUHFV
DGRVVHQWjHOOHDXFRXUVGHVRQGpYHORSSHPHQWWRXWHQOXL
GHPHXUDQWLQWULQVqTXHPHQWpWUDQJqUHVjVDYRLUO
DIIpUHQFHSUHPLqUHGXIXWXUGDQVOHPRGHRSWDWLIHWVD
KWWSQOLSSFXDFNUJXVWDYHUHVXOWDVS"OHQDPHV BKWP%0





/
DUFKLWHFWRQLTXHGXWHPSV *5(&

VXLWHDRULVWLTXHGDQVFHPRGHO
LQYHUVLRQGXPRXYHPHQWG
DIIpUHQFHGXIXWXUHQXQPRXYHPHQWG
HIIpUHQFH
DSSDUWHQDQWDXPRGHVXEMRQFWLIHWFRPSRUWDQWOXLDXVVLDXPRPHQWRLOV
DFKqYHXQHVXLWHDRULVWLTXH  
O
LQYHUVLRQGHFHPRXYHPHQWG
HIIpUHQFHLQYHUVLRQREWHQXHSDUOHWRXUQDQWGXSURORQJHPHQWDRULVWLTXH 9
LQIUDHWJ HQXQHDIIpUHQFHVHFRQGHFRPPHSUpFpGHPPHQWIXWXUHHWDRULVWLTXHDWWULEXpHDXPRGH
LQGLFDWLI


/DVSDWLDOLVDWLRQJUHFTXHGXWHPSVVXUWURLVGLPHQVLRQV /DqFKHFHQWUDOHLQGLTXHOHVHQVGHSURJUHVVLRQGXSKpQRPqQH 

&HVRSpUDWLRQVGHSHQVpHH[WpULHXUHVjODFKURQRJpQqVHHWHQTXHOTXHVRUWHJUHIIpHVVXUHOOHVRQWWRXWHV
LQH[LVWDQWHVHQODWLQ &IJ  /DUDLVRQHQHVWTX
HOOHVFRQVWLWXHQWFKDFXQHXQHH[SUHVVLRQHQOXLPrPH
RXGDQVTXHOTX
XQHGHVHVFRQVpTXHQFHVGXPRXYHPHQWG
DIIpUHQFHGXIXWXUTXHOHODWLQLJQRUH
/HVFRQVpTXHQFHVQRPEUHXVHVHWYDULpHVGXPRXYHPHQWG
DIIpUHQFHSURSUHDXIXWXUGXJUHFVRQWOHVXQHV
FKURQRWKpWLTXHVHWOHVDXWUHVFKURQRJpQpWLTXHV8QHFRQVpTXHQFHFKURQRWKpWLTXHUHSURGXLWHGDQVFKDTXHPRGH
HVWODVXLWHYHUWLFDOHDRULVWLTXHDWWULEXpHDXPRXYHPHQWKRUL]RQWDOGXIXWXUTXHOOHTX
HQVRLWODGLUHFWLRQ
DIIpUHQWHRXHIIpUHQWH/HPRXYHPHQWG
DIIpUHQFHGXIXWXUVHUpVRXWjODOLPLWHGDQVOHPRGHRSWDWLIHQXQ
DRULVWHG
RSWDWLIHWGDQVOHPRGHLQGLFDWLIHQXQDRULVWHG
LQGLFDWLIFHSHQGDQWTXHGDQVOHPRGHVXEMRQFWLIOHIXWXU
HIIpUHQWVHUpVRXWjODOLPLWHpJDOHPHQWHQXQDRULVWHVXEMRQFWLILQGLTXDQWOHPRPHQWpWHQGXjO
LQWHUYDOOH
SHUVSHFWLIGHGHX[PRGHV 9J RO
HIIpUHQFHGXVXEMRQFWLISUpVHQW OXZ TXLHVWHOOHPrPHXQH
LQYHUVLRQGHO
DIIpUHQFHDQWpFpGHQWHGXIXWXURSWDWLI OXVRLPL V
LQYHUVHjVRQWRXUHQXQHQRXYHOOHHWGHUQLqUH
DIIpUHQFH OXVZ GHVWLQpHDXPRGHLQGLFDWLI
$YHFFHVPRXYHPHQWVG
LQYHUVLRQDFFRPSDJQpVFKDTXHIRLVG
XQFKDQJHPHQWGHPRGHVHGpYHORSSHQWOHV
FRQVpTXHQFHVFKURQRJpQpWLTXHVGHO
DIIpUHQFHGXIXWXUJUHF/
DRULVWHGHVXEMRQFWLI OXVZ FRQVWLWXHSDUVD
SRVLWLRQHQV\VWqPH J XQHIRUPHGHWUDQVLWLRQXQWRXUQDQWHQWUHO
HIIpUHQFHVXEMRQFWLYHGHOXZ
SDUYHQXHjVRQWHUPHHWVRQUHQYHUVHPHQWGDQVOHPRGHLQGLFDWLIFRQVpTXHQWHQXQHDIIpUHQFHOXVZH[SULPDQW
HQJUHFGHODPDQLqUHODPRLQVYLUWXHOOHSRVVLEOHODSOXVUpDOLVpHDLQVLTX
LOVLHGGDQVOHPRGHLQGLFDWLI
O
DSSURFKHLQFHVVDQWHGXIXWXU&HWWHWUDQVLWLRQRSpUpHSDUO
DRULVWHGHVXEMRQFWLI J HQWUHOHSUpVHQWGH
KWWSQOLSSFXDFNUJXVWDYHUHVXOWDVS"OHQDPHV BKWP%0





/
DUFKLWHFWRQLTXHGXWHPSV *5(&

VXEMRQFWLIQLVVDQWSRXUYXjFHPRPHQWG
XQHYDOHXUGHIXWXUYLUWXHOHWO
DIIpUHQFHQDLVVDQWHGXIXWXUG
LQGLFDWLI
VHSUpVHQWHDVVH]FRQWLQXHSRXUTXHODIRUPHG
DRULVWHVXEMRQFWLIHWFHOOHGHIXWXUG
LQGLFDWLIQHVHGLVWLQJXHQWSDV
jODSUHPLqUHSHUVRQQHGXVLQJXOLHUUHSUpVHQWDWLYHLFLGXFRQWDFWHQWUHGHX[SRVLWLRQVV\VWpPDWLTXHVHWH[HUoDQW
HQWUHHOOHVXQHIRQFWLRQVSpFLDOHGHOLDLVRQQRQREVHUYpHMXVTX
jSUpVHQWTX
RQSRXUUDLWDSSHOHUODIRQFWLRQ
V\QDSWLTXH
/
LGHQWLWpGHIRUPHGXVXEMRQFWLISUpVHQWHWGXSUpVHQWGHO
LQGLFDWLIOLPLWpHHOOHDXVVLjODSUHPLqUHSHUVRQQH
FKDUJpHVHXOHGHODIRQFWLRQV\QDSWLTXHGpQRQFHSDUHLOOHPHQWXQHVRUWHGHFRQWLQXLWpGHVGHX[SUpVHQWV
UpVXOWDQWGHOHXUSUR[LPLWpHWGHOHXUFRQVpFXWLRQLPPpGLDWHSRVVLEOHGDQVOHV\VWqPHFKURQRJpQpWLTXH/H
VXEMRQFWLISUpVHQWOXZRFFXSHHQHIIHWjVRQGpSDUWVXUO
D[HORQJLWXGLQDOGHODFKURQRJpQqVHXQHSRVLWLRQ J
 TXLYDGHYHQLUGDQVOHPRGHLQGLFDWLIFHOOHGXSUpVHQWOXZVDQVTXHSRXUFHODLOVRLWEHVRLQGXPRLQGUH
GpSODFHPHQWGHSHQVpHGDQVOHVHQVWUDQVYHUVDO,OVXIWjODSHQVpHSRXUDWWHLQGUHOXZLQGLFDWLIHQSDUWDQWGX
VXEMRQFWLIOXZVDLVLjO
pWDWQDLVVDQWGHV
DEDQGRQQHUSXUHPHQWHWVLPSOHPHQWDXPRXYHPHQWORQJLWXGLQDOQRQ
LQWHUFHSWpHWFRQVpTXHPPHQWFRQWLQXGHODFKURQRJpQqVH2QFRQoRLWTXHSOXW{WTXHGHVXLYUHGDQVODWUDQVLWLRQ
GHOXZVXEMRQFWLIjOXZLQGLFDWLIOHVORQJVFKHPLQVODWpUDX[PHQDQWGXSUpVHQWGHVXEMRQFWLIOXZjO
DRULVWHOXVZ
HWGHFHOXLFLDXIXWXULQGLFDWLIGHPrPHIRUPH 9VXSUD SRXUDWWHLQGUHHQQOHSUpVHQWG
LQGLFDWLI J OD
SHQVpHSUpIqUHSUHQGUHSOXVpFRQRPLTXHPHQWODYRLHFKURQRJpQpWLTXHFRQGXLVDQWGLUHFWHPHQWGXSUpVHQWGH
VXEMRQFWLIDXSUpVHQWG
LQGLFDWLI/DIRQFWLRQV\QDSWLTXHH[HUFpHHQWUHOHVGHX[PRGHVSDUODSUHPLqUHSHUVRQQH
OXZWHQXHLQFKDQJpHGDQVOHSDVVDJHGHO
XQjO
DXWUHQ
HVWSDVDXWUHFKRVHTXHO
LQGLFDWLRQJUDPPDWLFDOHGHFHWWH
YRLHFRXUWH
/HVPRXYHPHQWVVXFFHVVLIVG
LQYHUVLRQGXIXWXUG
DERUGDIIpUHQWGDQVOHPRGHRSWDWLISXLVHIIpUHQWGDQVOHPRGH
VXEMRQFWLIHWQDOHPHQWDIIpUHQWGHQRXYHDXGDQVOHPRGHLQGLFDWLISRVHQWDXOLQJXLVWHGDQVXQHFRQVWUXFWLRQ
DXVVLFRKpUHQWHTXHOHV\VWqPHVSDWLRWHPSRUHOGXJUHFODTXHVWLRQGHOHXUUDLVRQG
rWUH(OOHUpVLGHGDQVOD
FKURQRORJLHQpFHVVDLUHGHVPRXYHPHQWVGHSHQVpH &I /
DIIpUHQFHGXIXWXUDXSUpVHQWHVWXQPRXYHPHQW
G
DSSURFKH2UXQHDSSURFKHTXLV
HVWDFFRPSOLHVLHOOHGRLWVHUHQRXYHOHUUHODWLYHPHQWDXPrPHEXWQHOHSHXW
TX
jODFRQGLWLRQTXHODSHQVpHSDUXQPRXYHPHQWG
pORLJQHPHQWF
HVWjGLUHG
HIIpUHQFHUHYLHQQHVXUVHVSDV
DQGHUHSUHQGUHVRQDQFLHQQHSRVLWLRQGHGpSDUW&HWWHLQWHUSRODWLRQREOLJpHG
XQHHIIpUHQFHHQWUHXQHDIIpUHQFH
DFKHYpHFHOOHG
RSWDWLIHWXQHDIIpUHQFHjUHFRPPHQFHUFHOOHG
LQGLFDWLIDSSDUDvWHQGHUQLqUHDQDO\VHDYRLUpWp
ODFDXVHSURIRQGHGHO
H[LVWHQFHHQJUHFG
XQIXWXUHIIpUHQWLQWHUPRGDOGRQWRQQ
DSHUFHYUDLWSDVDXWUHPHQWOD
UDLVRQG
H[LVWHUGDQVXQV\VWqPHjFHSRLQWGRPLQpSDUODFRQFHSWLRQDIIpUHQWHGXGHYHQLUTXHOHIXWXUHIIpUHQWQ
D
SX\WURXYHUSODFHTX
HQ\IRUPDQWXQPRGHjSDUW  LQVpUpGDQVODSHUVSHFWLYHPRGDOHHQWUHOHVGHX[
PRGHVSHUVRQQHOVH[WUrPHVO
XQHWO
DXWUHLQFRPSRVVLEOHVDYHFOXL
/
LQH[LVWHQFHHQODWLQHWO
H[LVWHQFHHQJUHFG
XQHSDUDFKURQRJpQqVHODWpUDOHUpVHUYpHDX[PRXYHPHQWV
VXFFHVVLYHPHQWLQYHUVLIVGXIXWXUHWYHQDQWV
DGRVVHUjODFKURQRJpQqVHSURSUHPHQWGLWHVRLWGXF{WpGHODQVRLW
GXF{WpGXFRPPHQFHPHQWGHFHVPRXYHPHQWV J H[SOLTXHQWTXHODODQJXHODWLQHQHIDVVHODVpSDUDWLRQ
GHVSODQV:HW$TX
DXWHUPHGHODFKURQRJpQqVHGDQVOHPRGHLQGLFDWLIDORUVTXHOHJUHFODPDUTXHWRXWOHORQJ
GHODFKURQRJpQqVHGDQVWRXVOHVPRGHVTXLV
\pFKHORQQHQWHQGHVSRVLWLRQVSOXVRXPRLQVDYDQFpHV/D
GLVWLQFWLRQLQLQWHUURPSXHTXHIDLWOHJUHFGHVSODQV:HW$Q
HVWDXIRQGTXHFHOOHGHODFKURQRJpQqVH
SURGXLVDQWOHSUpVHQWSDUpWUpFLVVHPHQWGHODYLVLRQWHPSRUHOOHSULPRUGLDOHHWGHO
DIIpUHQFHGXIXWXUGHYDQW
DERXWLUGHX[IRLVGHVXLWHDXSUpVHQWFHTXLVXSSRVHDLQVLTX
RQYLHQWGHO
H[SOLTXHU  O
LQWHUSRODWLRQHQWUH
OHVGHX[PRXYHPHQWVG
DIIpUHQFHG
XQPRXYHPHQWPpGLDWHXUG
HIIpUHQFH
/HSODQ:UHSUpVHQWHLQYDULDEOHPHQWGDQVOHVGHX[ODQJXHVOHUpFHSWDFOHGXSDVVpPDLVWDQGLVTX
HQJUHFGDQVOH
PRGHLQGLFDWLIOHSDVVpORJpGDQVOHSODQ:V
DQWpULRULVHDXSUpVHQWSUHQDQWGXPrPHFRXSODIRUPHVSpFLTXH
GHSDVVpGDQVOHVPRGHVPRLQVDYDQFpVHQFKURQRJpQqVHOHSDVVpORJpGDQVOHSODQ:V
DQWpULRULVHGLUHFWHPHQW
DXIXWXUHWSUHQGLSVRIDFWRODIRUPHLPPpGLDWHPHQWDQWpFpGHQWHGHSUpVHQWGRQWOHSDUIDLWQ
HVWRQOHVDLW
 TX
XQHUppGLWLRQVXEVLGHQWH
/HVIRUPHVGHSUpVHQWHWGHSDUIDLWREWHQXHVDLQVLSDUXQHDQWpULRULVDWLRQLPPpGLDWHGXSDVVpDXIXWXUDFFHSWHQW
HQGLUHFWLRQGXSDVVpTX
HOOHVVXEVXPHQWHQWLqUHPHQWXQHH[WHQVLRQLOOLPLWpHTXLOHXUSHUPHWGHIDLUHO
pTXDWLRQ
GXIXWXUHQWLHUWRXWDXVVLELHQTXHSRXUUDLWOHIDLUHGHVIRUPHVVSpFLTXHVGHSDVVp&HWWHpTXDWLRQHVWXQH
FRQGLWLRQG
pTXLOLEUHjODTXHOOHVDWLVIRQWJUkFHjXQSUpVHQWHWXQVRXVSUpVHQW SDUIDLW pWHQGXVWHQDQWOLHXHQ
HX[GHSDVVpVSpFLTXHOHVPRGHVLQQLWLISDUWLFLSHHWRSWDWLIGXJUHFF
HVWjGLUHWRXVFHX[GHVPRGHV
KWWSQOLSSFXDFNUJXVWDYHUHVXOWDVS"OHQDPHV BKWP%0





/
DUFKLWHFWRQLTXHGXWHPSV *5(&

DQWpULHXUVGDQVODSHUVSHFWLYHPRGDOHjODSUHPLqUHLQYHUVLRQGXIXWXUSDVVDQWGHVRQDIIpUHQFHLQLWLDOHjXQH
HIIpUHQFHPpGLDWULFHGRQWOHPRGHVXEMRQFWLIHVWVDQVSOXVO
H[SUHVVLRQ J 
2QSHXWSRVHUHQWKqVHJpQpUDOHTXHVHXOOHG\QDPLVPHGHUpGXFWLRQGXSUpVHQWHWGXSDUIDLWO
XQHWO
DXWUHHQ
SURJUHVVLRQpJDOHHWVROLGDLUHYHUVO
pWURLWjSDUWLUGHOHXUH[WHQVLRQRULJLQHOOHLOOLPLWpHH[SULPDQWOHPRPHQWR
O
HVSULWKXPDLQQ
DYDLWTXHO
H[SpULHQFHLQGLYLVHHWSRLQWHQFRUHODUHSUpVHQWDWLRQGLYLVHGXWHPSVHQSHXWSRVHU
TXHVHXOFHG\QDPLVPHFRQVWLWXHODFKURQRJpQqVH7RXWFHTXLQHOXLDSSDUWLHQWSDVHQSURSUHVRLWTX
LO
O
DFFRPSDJQHVRLWTX
LOOXLVXFFqGHHVWSDUDFKURQRJpQpWLTXH
/DFKURQRJpQqVHjVRQSRLQWGHGpSDUWHWHQFRXUVGHSURJUHVVLRQSRUWHXQSUpVHQWHWXQSDUIDLWpWHQGXVG
DVSHFW
OLQpDLUHTX
HOOHUpGXLWHWTXDQGODSURJUHVVLRQFHVVHXQSUpVHQWHWXQSDUIDLWpWURLWVG
DVSHFWSRQFWXHOGHYHQXV
SRXUHOOHLUUpGXFWLEOHV$FHPRPHQWTXLPDUTXHHQODWLQFRPPHHQJUHFODFHVVDWLRQGXSKpQRPqQHVXUOD
GLPHQVLRQORQJLWXGLQDOH &IJ  RQYRLWGDQVOHVGHX[ODQJXHVODSDUDFKURQRJpQqVHSUHQGUHEL
ODWpUDOHPHQWGXF{WpGXSDVVp : HWGXF{WpGXIXWXU $ XQHH[WHQVLRQGDQVOHVHQVGHODODUJHXUTXHULHQQH
OLPLWHDYHFFHWWHGLIIpUHQFHTX
HQODWLQOHPRXYHPHQWH[WHQVLIHVWXQLIRUPpPHQWGHVGHX[F{WpVXQPRXYHPHQW
G
pORLJQHPHQWGXSUpVHQWWDQGLVTX
HQJUHFLOHVWXQPRXYHPHQWG
pORLJQHPHQWGXF{WpGXSDVVpHWG
DSSURFKHGX
F{WpGXIXWXUO
pORLJQHPHQWSRXYDQWrWUHSUDWLTXHPHQWDSSUpKHQGpjSOXVRXPRLQVJUDQGHGLVWDQFHGHVRQ
WHUPLQXVDTXRHWO
DSSURFKHjSOXVRXPRLQVJUDQGHGLVWDQFHGHVRQWHUPLQXVDGTXHP
'XODWLQDXJUHFLOH[LVWHFHWWHGLIIpUHQFHFDSLWDOHDXSRLQWGHYXHV\VWpPDWLTXHTXHOHODWLQQHVRUWGHOD
FKURQRJpQqVHTX
DXWHUPHGHFHOOHFLUpVXOWDQWGHVRQpSXLVHPHQWDORUVTXHOHJUHFVDQVDYRLUjDWWHQGUHFHW
pSXLVHPHQWVDLWV
HQpYDGHUjWRXVPRPHQWVPDLVGXF{WpGXIXWXUVHXOHPHQW
7RXWHVFHVUHODWLRQVG
XQHVLJQLFDWLRQSKLORVRSKLTXHSURIRQGHVXUODTXHOOHO
RFFDVLRQQRXVVHUDSHXWrWUHRIIHUWH
GHQRXVDUUrWHUXQMRXUDVVH]ORQJXHPHQWSRXUO
pOXFLGHUUHVVRUWHQWDYHFpYLGHQFHGHODFRPSDUDLVRQPpGLWpHGHV
JXUHVHWTXLGRLYHQWOHXUYHUWXH[SOLFDWLYHjFHTX
HOOHVVLPXOWDQpLVHQWjXQGHJUpTXLQHSRXUUDLWrWUH
DWWHLQWDXPrPHGHJUpG
DXFXQHDXWUHPDQLqUHODV\QWKqVHHWO
DQDO\VHGHVV\VWqPHVVXEWLOVHWFRPSOLTXpVTX
HOOHV
LGHQWLHQWGpOLPLWHQWHWUHSUpVHQWHQWHQWRWDOLWpHWSDUWLHSDUSDUWLH
/DUHPDUTXHDGXUHVWHGpMjpWpIDLWHjSURSRVGXODWLQTXHODGpFRXYHUWHSDUOHVYRLHVGHO
DQDO\VHGX
V\VWqPHVSDWLRWHPSRUHOG
XQHODQJXHTXHOOHTX
HOOHVRLWSURFXUHGXMHXG
RSSRVLWLRQGHVIRUPHVPRGDOHVHW
WHPSRUHOOHVGHFHWWHODQJXHXQHYXHG
HQVHPEOHLQWpJUDQWHTXLSDVVHHQSXLVVDQFHH[SOLFDWLYHFHTX
RQSRXUUDLW
REWHQLUGHODVHXOHFRQVLGpUDWLRQVLDWWHQWLYHIWHOOHGHOHXUVHPSORLV
'DQVOHFDVSDUWLFXOLHUGXJUHFELHQGHVIDLWVTXLSULVHQGHKRUVGHO
HQWLHUV\VWpPDWLTXHGRQWLOVIRQWSDUWLH
SDUDvWUDLHQWDUELWUDLUHVLPPRWLYpVWURXYHQWGDQVFHWHQWLHUUDPHQpjXQVFKpPDTXLSHUPHWGHO
HPEUDVVHUG
XQ
UHJDUGXQLTXHXQHUDLVRQSURIRQGHG
H[LVWHUTXLQHGHYLHQWVHQVLEOHTXHOj
8QSUHPLHUH[HPSOHSUREDQWjFHWpJDUGDpWpIRXUQLSDUO
LQH[LVWHQFHHQJUHFG
XQIXWXUGXVXEMRQFWLI  
6LOHIXWXUIDLWGpIDXWGDQVOHPRGHVXEMRQFWLIF
HVWTXHFHPRGHHVWOXLPrPHLQWRWRXQIXWXUFHTXLH[FOXWSRXU
OXLLOYDGHVRLODSRVVLELOLWpG
HQDYRLUXQ  
/DSXLVVDQFHH[SOLFDWLYHTXHSRVVqGHGHTXHOTXHODQJXHTX
LOV
DJLVVHOHVFKqPHLQWpJUDOGHVDVSDWLDOLVDWLRQGX
WHPSVWLHQWjFHTX
XQHODQJXHQ
HVWSDVVHXOHPHQWVHORQODMXVWHGpQLWLRQGH)GH6DXVVXUHXQV\VWqPH
G
RSSRVLWLRQVPDLVGHSOXVSDUDQWpFpGHQFHXQV\VWqPHGHSRVLWLRQV/HMHXSUDJPDWLTXHGHO
RSSRVLWLRQGHV
IRUPHVVLYDULpVRLWLOQ
HVWMDPDLVTX
XQHFRQVpTXHQFHGHOHXUSRVLWLRQHQV\VWqPHTXLHOOHQHYDULHSDV  
&HWWHYpULWpGpMjVLJQDOpHHQGHVWHUPHVXQSHXGLIIpUHQWVjO
RFFDVLRQGHVIDLWVODWLQV  H[LJHUDLWSRXUVD
GpPRQVWUDWLRQGHVGpYHORSSHPHQWVTXLQHVDXUDLHQWWURXYHUSODFHGDQVFHWUDYDLORODSODFHQRXVHVWPHVXUpH,O
HVWWRXWHIRLVSRVVLEOHVDQVHQDFFURvWUHEHDXFRXSODORQJXHXUGHSUpVHQWHUUHODWLYHPHQWDX[IDLWVJUHFVTXLV
\
SUrWHQWDLVpPHQWGHVREVHUYDWLRQVSURSUHVjODPHWWUHHQOXPLqUH
,OH[LVWHHQJUHFXQPRUSKqPHVTXLLQWHUYLHQWG
XQHPDQLqUHGRPLQDQWHOHVWUDLWHPHQWVDVLJPDWLTXHV
TXLFRQWLQXHQWG
H[LVWHURQWSHUGXOHXUSRXYRLUGHSURSDJDWLRQHWUHSUpVHQWHQWODUpVLVWDQFHDXIXWXUHWj
O
DRULVWH&HWWHSUpVHQFHGXVLJPDGDQVOHVGHX[IRUPHVQHVLJQLHSDVTXHFHWLQGLFHJUDPPDWLFDOUHPRQWHGDQV
O
XQHHWO
DXWUHjXQHFRPPXQHRULJLQHHOOHGpQRQFHVHXOHPHQWTX
LOHVWGHYHQXjXQPRPHQWGRQQpGDQVOHV
KWWSQOLSSFXDFNUJXVWDYHUHVXOWDVS"OHQDPHV BKWP%0





/
DUFKLWHFWRQLTXHGXWHPSV *5(&

GHX[OHVLJQHG
XQHSURSULpWpFRPPXQHjVDYRLUOHXULQFDSDFLWpGHVRUWLUGXSODQ$/HVLJPDGHVFRQVWUXFWLRQV
G
DRULVWHDXVVLELHQTXHFHOXLGHVFRQVWUXFWLRQVGHIXWXUHVWXQPRUSKqPHGHSRVLWLRQH[FOXDQWSRXUFHV
FRQVWUXFWLRQVWRXWHSpQpWUDWLRQVLPLQLPHVRLWHOOH J GDQVOHSODQ:
'qVO
LQVWDQWTX
XQHIRUPHSpQqWUHVLSHXTXHFHVRLWGDQVOHSODQ:FHTXLHVWOHFDVGHVIRUPHVGHSUpVHQWHWGH
SDUIDLWjFKHYDOVXUOHVGHX[SODQV J HWHQJDJpHVO
XQHHWO
DXWUHSRXUXQHpJDOHHWLQPHSDUWLH
G
HOOHVPrPHV^1RWH3DUFHOOHVTXHO
RQDGDQV7HPSVHWYHUEH &ROOHFWLRQOLQJXLVWLTXH;;9,, GpVLJQpHVVRXVOHQRPGHFKURQRW\SHV
O
XQZUHSUpVHQWDWLIGHFHTXHOHSUpVHQWUHWLHQWHQOXLGXSDVVpO
DXWUHDUHSUpVHQWDWLIGHFHTXHOHSUpVHQWUHWLHQWHQOXLGXIXWXU&HWWH
pQH[LHGHSDVVpHWGHIXWXUTXLHVWODFDUDFWpULVWLTXHGXSUpVHQWWHQGLQFHVVDPPHQWGHVGHX[F{WpVYHUVODOLPLWH]pURWRXMRXUVSOXV
DSSURFKpHPDLVQRQDWWHLQWH SUR[LPLWpDV\PSWRWLTXH `GDQVOHSODQ$HWGDQVOHSODQ:OHPRUSKqPHVQ
DSOXVGDQV

FHWWHIRUPHGHUDLVRQG
H[LVWHU
/HVLJPDSHUVLVWHGDQVOHVDRULVWHVPRGDX[GHVXEMRQFWLIG
RSWDWLIG
LQQLWLIHWGHSDUWLFLSHSDUFHTXHFHV
DRULVWHVDLQVLTX
RQSHXWV
HQUHQGUHFRPSWHSDUO
H[DPHQGHOHXUSRVLWLRQHQV\VWqPH JHW 
QHVRUWHQWSDVGXSODQ$
8QDXWUHPRUSKqPHLQWpUHVVDQWGXJUHFHVWO
DXJPHQW/
DXJPHQWHVWHQJUHFXQPRUSKqPHGH
PRXYHPHQW,OGpQRWHXQpORLJQHPHQWG
XQHIRUPHGHYHQXHSRQFWXHOOHF
HVWOjVDYDOHXUJpQpUDOH
'DQVOHPRGHLQGLFDWLIG
RLOQHVRUWSDVO
DXJPHQWLQGLTXHXQpORLJQHPHQWVRLWGHODIRUPHGXSUpVHQWVRLWGH
FHOOHGXSDUIDLWGHYHQXHVO
XQHHWO
DXWUHRQOHVDLW  SRQFWXHOOHVGDQVFHPRGH$XVVLVHUHQFRQWUHWLO
GDQVOHVWURLVFRQVWUXFWLRQVTXLH[SULPHQWFHPRXYHPHQWO
LPSDUIDLWO
DRULVWHHWOHSOXVTXHSDUIDLW J 
/
LPSDUIDLWV
pORLJQHKRUL]RQWDOHPHQWGXSUpVHQWO
DRULVWHV
HQpORLJQHYHUWLFDOHPHQWOHSOXVTXHSDUIDLW
V
pORLJQHKRUL]RQWDOHPHQWGXSDUIDLW
(WVLRQQHUHQFRQWUHSDVO
DXJPHQWGDQVOHVDRULVWHVGHVXEMRQFWLIHWG
RSWDWLIF
HVWTXHOHSUpVHQWHWOHSDUIDLWQH
VRQWSDVGDQVFHVPRGHVSRXUGHVUDLVRQVTXLRQWpWpH[SRVpHV  GHVSRLQWVPDLVGHVOLJQHV J 
,OIDXWDYRLUDWWHLQWOHPRGHLQGLFDWLISRXUTXHODUHODWLRQGHSUpVHQWjSDUIDLWGHYLHQQHLQWHUSRQFWXHOOH  
'DQVOHVPRGHVVXUYHQDQWSOXVW{WHQFKURQRJpQqVHHOOHUHVWHLQWHUOLQpDLUH J 
/HIDLWTXHOHSOXVTXHSDUIDLWHQIHUPHHQOXLHWO
DXJPHQWHWOHUHGRXEOHPHQWDWWLUHO
DWWHQWLRQVXUOHU{OH
RSSRVpGHFHVGHX[PRUSKqPHV
/HU{OHGXUHGRXEOHPHQWGRQWO
HPSORLJUDPPDWLFDOVHOLPLWHDXSDVVpO
DSSOLFDWLRQGXUHGRXEOHPHQWDX
SUpVHQWHVWXQIDLWGHVpPDQWqVH  HVWGHPDUTXHUSRXUXQLQVWDQWFWLITXHODSHQVpHVHGRQQHjHOOH
PrPHHQYXHGHQVH[SUHVVLYHVXQDUUrWGHODIXLWHGXSDVVp&HWDUUrWFRQVWLWXHXQHVRUWHGHUHSURGXFWLRQGDQV
OHSDVVpGXU{OHTX
DMRXpDQWpFpGHPPHQWOHSUpVHQWFRPPHRSpUDWHXUGHVpSDUDWLRQHQWUHOHSDVVpHWOHIXWXU
&
HVWFHWWHUHSURGXFWLRQGXSUpVHQWGDQVGHVFRQGLWLRQVLUUpHOOHVTXLVRQWFHOOHVGHO
DEVHQWOHSDVVpHVWHQVRL
XQHDEVHQFHHWQHUHVWHSUpVHQWTXHSDUO
LQWHUYHQWLRQGHODPpPRLUHTX
H[SULPHOHUHGRXEOHPHQWJUDPPDWLFDO
$LQVLWDQGLVTXHO
DXJPHQWDSSDUDvWXQPRUSKqPHFLQpWLTXHXQPRUSKqPHGHPRXYHPHQWLQGLTXDQW
O
pORLJQHPHQWG
XQHSRVLWLRQSRQFWXHOOH J OHUHGRXEOHPHQWDSSDUDvWjO
LQYHUVHXQPRUSKqPH
VWDWLTXHXQPRUSKqPHG
LPPRELOLVDWLRQGRQWOHU{OHHVWGHPDUTXHUGDQVODVXEVLGHQFHYHUWLFDOHGXSRLQW
VWDWLTXH J TXHFRQVWLWXHOHSUpVHQWGHFRQVFLHQFHDFWXHOOHXQSRLQWVWDWLTXHQRXYHDXOHSUpVHQWGH
PpPRLUH
/HSUpVHQWGHFRQVFLHQFHDFWXHOOHDSRXUH[SUHVVLRQJUDPPDWLFDOHOHSUpVHQWSURSUHPHQWGLW/HSUpVHQWGH
PpPRLUHOHWHPSVGpVLJQpGDQVOHVGHX[ODQJXHVFODVVLTXHVHWGDQVXQHIRXOHG
DXWUHVVRXVOHQRPGHSDUIDLW
'DQVOHSOXVTXHSDUIDLWTXLIDLWVXLWHGDQVOHVHQVGHODPDUFKHKRUL]RQWDOHPHQWUHSULVHGXWHPSV J 
DXSDUIDLWRQYRLWO
DXJPHQWPRUSKqPHFLQpWLTXHGpWUXLUHHQTXHOTXHVRUWHFHTX
DYDLWSURGXLWOH
UHGRXEOHPHQWPRUSKqPHVWDWLTXH
/HSDVVpDSUqVV
rWUHHQHIIHWDUUrWpSDUXQHFWLRQH[SUHVVLYHVXUODSRVLWLRQGHSDUIDLWUHSUHQGVDPDUFKH
IX\DQWHGDQVO
DXGHOjKRUL]RQWDO J GHFHWWHIRUPHVDQVTX
DXFXQQRXYHODUUrWSXLVVHGqVORUVWURXYHU
GDQVODVWUXFWXUHJpRPpWUDOHGXV\VWqPHXQHRFFDVLRQGHVHPDUTXHU J $LQVLGDQVOHSOXVTXHSDUIDLWOH
U{OHGXUHGRXEOHPHQWHVWG
LQGLTXHUXQDUUrWFWLIGHODPDUFKHGXWHPSVVXUXQHSRVLWLRQFDUDFWpULVWLTXHGX
KWWSQOLSSFXDFNUJXVWDYHUHVXOWDVS"OHQDPHV BKWP%0





/
DUFKLWHFWRQLTXHGXWHPSV *5(&

V\VWqPHVSDWLRWHPSRUHOHWFHOXLGHO
DXJPHQWGHUpYRTXHUFHWDUUrWHWGHUpWDEOLUG
XQHPDQLqUHGpQLWLYHFHWWH
IRLVOHPRXYHPHQWGXWHPSVPRPHQWDQpPHQWVXVSHQGX
/HUHGRXEOHPHQWGRQWLOYLHQWG
rWUHSDUOpHVWOHUHGRXEOHPHQWJUDPPDWLFDOFHOXLTXLVHUWG
XQHPDQLqUH
JpQpUDOHjIRUPHUOHSDUIDLW$F{WpGHFHUHGRXEOHPHQWGHFDUDFWqUHJUDPPDWLFDOLOH[LVWHXQUHGRXEOHPHQW
G
XQHDXWUHHVSqFHHWG
XQHDXWUHLQWHQWLRQTX
RQSRXUUDLWDSSHOHUDQGHO
RSSRVHUDXSUHPLHUOHUHGRXEOHPHQW
OH[LFDO
&
HVWFHOXLTX
RQUHQFRQWUHHQJUHFGqVOHSUpVHQWGDQVOHVYHUEHVGLWVjUHGRXEOHPHQW LVWKPL WLTKPL GLGZPL 
&HUHGRXEOHPHQWHVWXQDUFKDwVPHLOUHPRQWHjXQHpSRTXHRO
HVSULWKXPDLQFRQVLGpUDLWPRLQVODIXJLWLYLWp
PrPHIRUWDEVWUDLWHGXWHPSVTXHODIXJLWLYLWpSOXVFRQFUqWHGHVFKRVHVGRQWOHWHPSVHVWOHVXSSRUW
,ODpWpXQPR\HQHWLOHVWHQFRUHFHODHQJUHFFODVVLTXHjXQFHUWDLQGHJUpGHGpFODUHUTXHFHTX
RQH[SULPHGRLW
rWUHFRQVLGpUpVRXVWUDLWjODIXJLWLYLWpEDQDOHGHO
pYpQHPHQW'LGZPLDVLJQLpjO
RULJLQHMHGRQQHHWOHGRQ
TXHMHIDLVMHOHWLHQVLUUpYRFDEOHQRQVRXPLVjODSUpFDULWpRUGLQDLUHGHVDFWHVKXPDLQV
'DQVOHVGHX[FDVRQOHYRLWOHUHGRXEOHPHQWPRUSKqPHVWDWLTXHDSSDUDvWSRUWHXUG
XQHLPSUHVVLRQG
DQWL
IXJLWLYLWpGRQWOHJUHFWLUHSDUWLGDQVOHGRPDLQHV\VWpPDWLTXHGHODPRUSKRORJLHHWDFFHVVRLUHPHQWGDQVFHOXL
RUqJQHGDYDQWDJHODFRQWLQJHQFHGHODVpPDQWqVH
/HVPRUSKqPHVLQFOXVGDQVOHVFRQVWUXFWLRQVPRGDOHVHWWHPSRUHOOHVGXJUHFLQGLTXHQWDYHFXQH
ULJRXUHXVHH[DFWLWXGHODSRVLWLRQTXHFHVFRQVWUXFWLRQVRFFXSHQWHQV\VWqPHHWTXLGpWHUPLQHSDUDYDQFHOHXU
SRVVLELOLWpG
HPSORL  
/
LPSDUIDLWSDUH[HPSOHHVWXQSDVVpTXHO
DXJPHQWHQWUDvQHKRUL]RQWDOHPHQWGDQVOHSODQ: J HWLO
GRLWjFHWWHSRVLWLRQVLHQQHXQHYXHSHUVSHFWLYHVXUOHSODQRSSRVp$TXLHVWFHOXLGXIXWXU&HWWHYXHSHUVSHFWLYH
VXUOHIXWXUTXLOXLHVWLQKpUHQWHHQDIDLWODIRUPHYHUEDOHFKDUJpHSDUWRXWRF
HVWH[SUHVVLYHPHQWXWLOH
G
RSSRVHUjO
DFFRPSOLGpSDVVpGRQWULHQGXUHVWHQHOLPLWHQLHQSOXVQLHQPRLQVO
LPSRUWDQFHTXDQWLWDWLYH
O
LQDFFRPSOLSHUVSHFWLI
&HWWHRXYHUWXUHGHYDQWO
DFFRPSOLG
XQHSHUVSHFWLYHG
LQDFFRPSOL SOXVRXPRLQVVXEWLOHPHQWSHUoXH HVW
XQLYHUVHOOHPHQWGXSRLQWGHYXHSV\FKLTXHODFDUDFWpULVWLTXHGHO
LPSDUIDLW
&HWWHFDUDFWpULVWLTXHHVWDEVHQWHGHO
DRULVWH(OOH\HVWUHPSODFpHSDUODFDUDFWpULVWLTXHFRQWUDLUH/
DRULVWHHVW
XQLYHUVHOOHPHQWGXSRLQWGHYXHSV\FKLTXHODIRUPHYHUEDOHTXLpFDUWHGHODSHQVpHO
RSSRVLWLRQGHO
DFFRPSOL
GpSDVVpjO
LQDFFRPSOLSHUVSHFWLI
(WWRXWFRPPHO
LPSDUIDLWLOHVWUHGHYDEOHGHFHWWHYDOHXUVLJQLFDWLYHjVDSRVLWLRQHQV\VWqPH/
DRULVWH^1RWH,O
Q
HVWH[SUHVVpPHQWTXHVWLRQLFLTXHGHO
DRULVWHG
LQGLFDWLIVHXORSSRVDEOHGLUHFWHPHQWVDQVLQWHUYHQWLRQGHODYDULDWLRQPRGDOHj
O
LPSDUIDLW`HVWXQSDVVpREWHQXVDQVDXFXQHSpQpWUDWLRQGDQVOHSODQ: J XQSDVVp

TXLVLqJHGDQVOHVHXOSODQ$HWQHVDXUDLWSRXUFHWWHUDLVRQDYRLUGHSHUVSHFWLYHRXYHUWHVXUXQSODQVXEVpTXHQW
G
XQHDXWUHHVSqFH(QHIIHWVLDXGHOjGXSDVVpGDQVODSHUVSHFWLYHG
LQDFFRPSOLVVHPHQWRQGpFRXYUHOHIXWXU
DXGHOjGXIXWXUGDQVODPrPHSHUVSHFWLYHF
HVWOHIXWXUHQFRUHOHIXWXUWRXMRXUV/HIXWXUQ
DSDVHQGLUHFWLRQ
GHO
LQDFFRPSOLG
DXGHOjVSpFLTXH
/DFRQFOXVLRQjWLUHUGHFHVUHPDUTXHVD\DQWWUDLWjODSRVLWLRQUHVSHFWLYHGHO
LPSDUIDLWHWGHO
DRULVWHGDQVOH
V\VWqPHYHUERWHPSRUHOGXJUHFF
HVWTXHO
LPSDUIDLW\HVWXQHIRUPHLQWULQVqTXHPHQWSHUVSHFWLYHHPSRUWDQW
DYHFVRLFRPPHWHOOHODGLVWLQFWLRQ GRQWO
LQWHUSUpWDWLRQHVWODLVVpHDXGLVFRXUV GHO
DFFRPSOLHWGHO
LQDFFRPSOL
HWO
DRULVWHXQHIRUPHLQWULQVqTXHPHQWDSHUVSHFWLYHQ
HPSRUWDQWSDVDYHFVRLFHWWHGLVWLQFWLRQTX
HOOHpOXGH
3RVVqGHQWSUDWLTXHPHQWXQDRULVWHGHTXHOTXHPDQLqUHVSDWLDOHTX
HOOHVO
REWLHQQHQWWRXWHVOHVODQJXHV
TXLGLVSRVHQWG
XQHIRUPHGHSDVVpH[FOXDQWODGLYLVLRQPHQWDOHGXSDVVpHQDFFRPSOLHWLQDFFRPSOL&
HVW
QRWDPPHQWOHFDVGXIUDQoDLVGRQWOHSUpWpULWGpQLLQFRPSDWLEOHDYHFODVpSDUDWLRQLQWpULHXUHGHO
DFFRPSOLHW
GHO
LQDFFRPSOLQ
HVWSDVDXWUHFKRVHTX
XQDRULVWHREWHQXGDQVGHVFRQGLWLRQVGHVSDWLDOLVDWLRQGXWHPSVTXLQH
VRQWSDVFHOOHVGXJUHFPDLVGXSRLQWGHYXHSUDJPDWLTXHQ
HQSRUWHQWSDVPRLQVGDQVOHGLVFRXUVOHVPrPHV
FRQVpTXHQFHVXWLOHV
KWWSQOLSSFXDFNUJXVWDYHUHVXOWDVS"OHQDPHV BKWP%0





/
DUFKLWHFWRQLTXHGXWHPSV *5(&

$ORUVTXHGDQVO
LPSDUIDLW3LHUUHPDUFKDLWRQYRLWOHSURFqVVHFRXSHUHQTXHOTXHVRUWHHQGHX[SDUWLHVO
XQH
VHUDSSRUWDQWjODPDUFKHGpMjIDLWHHWO
DXWUHjODPDUFKHHQFRUHjIDLUHGDQVOHSUpWpULWGpQL3LHUUHPDUFKD
O
DRULVWHGXIUDQoDLVRQQHYRLWSDVOHYHUEHRSpUHUHQOXLODPrPHFRXSXUH/
DFFRPSOLHWO
LQDFFRPSOLQHV
\
RSSRVHQWSRLQWHWOHSURSUHGHODIRUPHYHUEDOHHVWSUpFLVpPHQWG
HQLQWHUGLUHODGLVFULPLQDWLRQ
/HVLPSOHH[DPHQGXVFKqPHJpQpUDO J GHODVSDWLDOLVDWLRQGXWHPSVHQJUHFUHQGUDLVRQG
XQH
IRXOHGHWUDLWVGHODPRUSKRORJLHYHUEDOHGHFHWWHODQJXHLQVXIVDPPHQWH[SOLTXpVRXPrPHVLIUDSSDQWVVRLHQW
LOVSDVVpVSRXUO
RUGLQDLUHVRXVVLOHQFH
/
XQGHFHVWUDLWVIUDSSDQWVGXJUHFVXUOHVTXHOVRQQpJOLJHG
DWWLUHUO
DWWHQWLRQHVWO
LPSRVVLELOLWpGHVRXPHWWUHj
ODYDULDWLRQPRGDOHOHVFRQVWUXFWLRQVG
LPSDUIDLWHWGHSOXVTXHSDUIDLW2QOHVUHQFRQWUHGDQVOHPRGHLQGLFDWLIHW
OjVHXOHPHQWOHVDXWUHVPRGHVOHVLJQRUHQW
,OHQIDXWYRLUODUDLVRQHQFHTXHO
LPSDUIDLWHWOHSOXVTXHSDUIDLWVRQWGHVIRUPHVWHPSRUHOOHVTXLRQWIUDQFKL
O
D[HGXV\VWqPH J HWSHUGXHQFRQVpTXHQFHWRXWHDWWDFKHDYHFOHSODQ$/
LPSDUIDLWSRXUDYRLUGDQV
OHVHQVKRUL]RQWDOGXFKDQJHPHQWGHSODQRXWUHSDVVpOHSUpVHQWHWOHSOXVTXHSDUIDLWSRXUDYRLUGDQVOHPrPH
VHQVKRUL]RQWDORXWUHSDVVpOHSDUIDLWVRQWGHVIRUPHVYHUEDOHVVLWXpHVLQWpJUDOHPHQWGDQVOHSODQGXSDVVp:HW
QDQWLHVGqVORUVVDQVDWWpQXDWLRQG
DXFXQHVRUWHGHODUpDOLWpDSSDUWHQDQWjFHWWHpSRTXH
/HKDXWGHJUpGHUpDOLWpDLQVLpFKXSDUSRVLWLRQHQV\VWqPHDX[FRQVWUXFWLRQVG
LPSDUIDLWHWGHSOXVTXHSDUIDLW
HQIDLWGHVIRUPHVYHUEDOHVLQFRPSDWLEOHVDYHFOHVPRGHVYLUWXHOVSDUWLFLSHLQQLWLIRSWDWLIVXEMRQFWLI
PDUTXDQWOHVpWDSHVVXFFHVVLYHVGHODSURJUHVVLRQFKURQRJpQpWLTXHVDLVLHGDQVVRQFRXUVDYDQWTX
HOOHQ
DLW
DWWHLQWVRQWHUPH$XVVLQHUHQFRQWUHWRQFHVGHX[WHPSVTXHGDQVOHVHXOPRGHLQGLFDWLIPRPHQWGHUQLHUG
XQH
FKURQRJpQqVHDFKHYpHFORVHSDUYHQXHjO
pWDWG
HQWLHUHWSRXUYXHGHWRXWHODUpDOLWpTXHFHWpWDWFRPSRUWH
/DORLjODTXHOOHREpLWOHJUHFHQFHTXLFRQFHUQHODYDULDWLRQPRGDOHF
HVWTXHVHXOHVUHOqYHQWGHFHWWHYDULDWLRQ
OHVIRUPHVTXLRQWJDUGpHQHOOHVSDUSRVLWLRQHQV\VWqPHTXHOTXHFKRVHGHODYLUWXDOLWpLQKpUHQWHDXSODQGX
IXWXU$
&HVIRUPHVVRQW FHOOHVGHIXWXUHWG
DRULVWHH[HPSWHVO
XQHHWO
DXWUHGHWRXWHSpQpWUDWLRQGDQVOHSODQ:
J  FHOOHVGHSUpVHQWHWGHSDUIDLWVLWXpHVWRXWHVGHX[VXUODOLJQHGHSDUWDJHGHV
GHX[SODQV:HW$HWDSSDUWHQDQWSRXUXQHPLQLPHSDUWLHG
HOOHVPrPHVjO
XQHWjO
DXWUHTX
HOOHVVpSDUHQW J
 /HSUpVHQWHWOHSDUIDLWVRQWGHVIRUPHVFRQWHQDQWGXF{WpGXSODQ$XQHSDUFHOOHGHIXWXUHWGXF{WpGXSODQ
:XQHSDUFHOOHGHSDVVp
'DQV7HPSVHWYHUEHRXYUDJHTXLWUDLWHOHVXMHWODSDUFHOOHGHSDVVpUHWHQXHSDUOHSUpVHQWDpWpQRPPpHOH
FKURQRW\SHZHWODSDUFHOOHGHIXWXUOHFKURQRW\SHD
/
LPSDUIDLWHWOHSOXVTXHSDUIDLWVRQWGHVIRUPHVDX[TXHOOHVODSDUFHOOHGHIXWXUDIDLWGpIDXW&
HVWFHTXLOHV
UHQGDPRGDOHVLQFDSDEOHVG
DFFHSWHUOHFKDQJHPHQWGHPRGH
2QVXUSUHQGOjVLO
RQYDDXIRQGGHVFKRVHVOHMHXGpOLFDWG
XQHORLG
DFFRUGHQWUHOHVGHX[RSpUDWLRQV
SV\FKLTXHVSRUWpHVVXUGHVGLPHQVLRQVKpWpURJqQHVTXLSUpVLGHQWjO
DUFKLWHFWXUHGXWHPSVODFKURQRJpQqVH
ORQJLWXGLQDOHHWODFKURQRWKqVHWUDQVYHUVDOH JHW $XQHFKURQRJpQqVHLQDFFRPSOLHUHQGXHSDUGHV
PRGHVYLUWXHOVWHOVTXHOHVXEMRQFWLIO
RSWDWLIO
LQQLWLIOHSDUWLFLSHQHSRXUURQWFRUUHVSRQGUHTXHGHVIRUPHVGH
FKURQRWKqVHWHOOHVTXHOHIXWXUHWO
DRULVWHOHSUpVHQWHWOHSDUIDLWTXLJDUGHQWHQHOOHVSDUOHXUSRVLWLRQHQ
V\VWqPHTXHOTXHFKRVHGHODYLUWXDOLWpGHO
LQDFFRPSOLVVHPHQWGXSODQGXIXWXU$
$X[IDLWVJUHFVGpMjFLWpVTXLWURXYHQWHQV\VWqPHXQHMXVWLFDWLRQTX
RQFKHUFKHUDLWYDLQHPHQWDLOOHXUV
DXPrPHGHJUpQRXVQ
DMRXWHURQVSOXVTX
XQVHXODXVVLFRQQXTXHOHVSUpFpGHQWVHWDXVVLSHXH[SOLTXp,OV
DJLW
GHODFDSDFLWpTXHSRVVqGHO
RSWDWLIGHVXSSOpHUOHVPRGHVVXEVpTXHQWVHQFKURQRJpQqVHOHVXEMRQFWLIHW
O
LQGLFDWLIGDQVOHFDVRLO\DOLHXGHUHVVHUUHUOHOLHQG
XQHVXERUGLQDWLRQpWHQGXHDXSDVVp2QHQGpFRXYUHOD
FDXVHGDQVODVLWXDWLRQGHO
RSWDWLIDXIRQGGHODSHUVSHFWLYHPRGDOH J HWGDQVVRQH[WHQVLRQDX[GHX[
SODQVGXV\VWqPHYHUEDO:HW$ J 
/HPRGHRSWDWLIVLWXpWRXWDXIRQGGHODSHUVSHFWLYHPRGDOHHVWSDUH[FHOOHQFHOHPRGHGHODYLUWXDOLVDWLRQ
KWWSQOLSSFXDFNUJXVWDYHUHVXOWDVS"OHQDPHV BKWP%0





/
DUFKLWHFWRQLTXHGXWHPSV *5(&

FHOXLTXLFRQYLHQWOHPLHX[SDUFRQVpTXHQWTXDQGLOV
DJLWGHGLPLQXHUODUpDOLWpLQGpSHQGDQWHGHODVXERUGRQQpH
SDUUDSSRUWjODSULQFLSDOH,OHVWSDUOjpPLQHPPHQWSURSUHjPDUTXHUODVXERUGLQDWLRQGDQVFHTX
HOOHDGHSOXV
pWURLW
8QDXWUHWUDLWGXPRGHRSWDWLIHVWG
rWUHFRQWUDLUHPHQWDXVXEMRQFWLI FIJHW XQPRGHGpYHORSSpGDQV
OHVGHX[SODQV:HW$F
HVWjGLUHH[SULPDQWHQVRLODMRQFWLRQGHO
pSRTXHSDVVpHHWGHO
pSRTXHIXWXUH,OGRLWj
FHODVRQDSWLWXGHVSpFLDOHjH[SULPHUODVXERUGLQDWLRQTXDQGFHOOHFLGHVRQF{WpRSqUHODVRXGXUHGHVGHX[
PrPHVpSRTXHV
&HVGHX[FDUDFWqUHVGXPRGHRSWDWLISXLVVDQFHGHUHVVHUUHUOHOLHQGHVXERUGLQDWLRQHWFRQYHQDQFHGDQVOHFDV
RODVXERUGLQDWLRQFRPSRUWHXQHDWWDFKHGXSDVVpDXVXEVpTXHQWSUpVHQWRXIXWXULQWHUYLHQQHQWVLPXOWDQpPHQW
GDQVO
HPSORLTXHOHJUHFIDLWGHFHPRGHOHTXHOHPSORLDXVXUSOXVQ
HVWSDVLQGpSHQGDQWGHODFRQMRQFWLRQ
FKDUJpHG
H[SULPHUPDWpULHOOHPHQWODVXERUGLQDWLRQG
HQUpJOHUODFRQFHSWLRQHWODIRUFHSDUWLFXOLqUHV
2QSRXUUDLWPXOWLSOLHUODUJHPHQWOHVH[HPSOHVGHGLIFXOWpVUHQFRQWUpHVGDQVO
H[SOLFDWLRQGHVIDLWV
YHUEDX[GXODWLQHWGXJUHFTXHVXIWjOHYHUXQUHJDUGVXUO
DUFKLWHFWXUHGXWHPSVGDQVFHVODQJXHVWHOOHTX
HOOH
UHVVRUWGHVVFKqPHVDQDO\WLTXHVTXLODJXUHQWHQJHQqVHHWHQUpVXOWDWGDQVOHSUpVHQWDUWLFOH
/DYDOHXUH[SOLFDWLYHGHFHVVFKqPHVHVWVLJUDQGHTX
LOSRXUUDLWVRUWLUGHOHXUFRQVLGpUDWLRQPpGLWpHXQORQJ
RXYUDJHTXLUpVRXGUDLWPLHX[TX
RQQ
DVXOHIDLUHMXVTX
jSUpVHQWGHVSUREOqPHVJUDPPDWLFDX[GHWRXWHVRUWHVXU
OHVTXHOVO
DWWHQWLRQG
XQHPDQLqUHJpQpUDOHQHV
pWDLWSRLQWVXIVDPPHQWDUUrWpHHWGRQWRQQ
DYDLWSDVGLVFHUQp
SOHLQHPHQWO
pWURLWHFRQQH[LRQ2QYHUUDLWQRWDPPHQWOHVMHX[G
RSSRVLWLRQOHVSOXVGpOLFDWVFHX[GRQWOHPRWLI
VXEWLOWHQGOHSOXVjpFKDSSHUWURXYHUOHXUUDLVRQpYLGHQWHGDQVODSRVLWLRQGHVIRUPHVDXVHLQGXV\VWqPH
FRKpUHQWGRQWHOOHVIRQWVROLGDLUHPHQWSDUWLH
&HWWHpWXGHQ
DMDPDLVpWpMXVTX
LFLHQWUHSULVHSDUFHTXHQXOQHV
pWDLWSUpRFFXSpGHUHFRQVWLWXHUFRPPHRQYLHQW
GHOHIDLUHOHV\VWqPHDUFKLWHFWXUDOGXWHPSVG
ROHVODQJXHVFODVVLTXHVWLUHQWODYDOHXUG
HPSORLGHOHXUVIRUPHV
PRGDOHVHWWHPSRUHOOHV,O\DOjQRQVHXOHPHQWSRXUOHOLQJXLVWHPDLVSRXUOHSKLORORJXHHWOHSV\FKRORJXHXQH
PDWLqUHTXDVLLQH[SORUpH
(QWKqVHJpQpUDOHRQSHXWSRVHUHWFHVHUDQRWUHFRQFOXVLRQTXHO
KLVWRLUHGHVV\VWqPHVOLQJXLVWLTXHVHVWHQFRUH
WRXWHQWLqUHjpFULUH/DEUqYHpWXGHTX
RQYLHQWGHIDLUHGXV\VWqPHYHUEDOGXODWLQHWGHFHOXLGXJUHFDIDLW
FRQQDvWUHGDQVWRXWHOHXUSUpFLVLRQDQDO\WLTXHGHX[GHVJUDQGVUpVXOWDWVV\VWpPDWLTXHVFKRLVLVSDUPLOHVSOXV
PDUTXDQWVDX[TXHOVDDERXWLjXQPRPHQWGRQQpOHSKpQRPqQHGHODVSDWLDOLVDWLRQGXWHPSVGDQVGHVODQJXHV
TXLRQWpWpO
XQHHWO
DXWUHjFHWpJDUGG
pFODWDQWHVUpXVVLWHV
0DLVFHVUpVXOWDWVV\VWpPDWLTXHVDYDQWGHVHSURGXLUHDYDLHQWpWpSUpFpGpVGHUpVXOWDWVGLIIpUHQWVTXLHQDYDLHQW
FRQVWLWXpHQTXHOTXHVRUWHODSUpSDUDWLRQ(WLOVRQWpWpVXLYLVGDQVOHVODQJXHVURPDQHVSRXUFHTXLHVWGXODWLQ
HWGDQVOHJUHFPRGHUQHSRXUFHTXLHVWGXJUHFDQFLHQG
DXWUHVUpVXOWDWVGLIIpUHQWVjOHXUWRXUHWTXLHQVRQW
DSSDUXVVRLWXQHFRQWLQXDWLRQVRLWXQHUHIRQWH
&HVV\VWqPHVFHVUpVXOWDWVV\VWpPDWLTXHVGHODVSDWLDOLVDWLRQGXWHPSVSKpQRPqQHKXPDLQREOLJpOHVXQV
DQWpFpGHQWVOHVDXWUHVFRQVpTXHQWVDX[GHX[V\VWqPHVVSDWLRWHPSRUHOVTXHO
RQYLHQWGHGpFULUHSRXUUDLHQWOHXU
rWUHXWLOHPHQWFRPSDUpVGDQVOHFDGUHG
XQHPpWKRGHTXLFRPSWHWHQXGHODGLIIpUHQFHG
REMHWQHGLIIpUHUDLWTXH
SHXGHODPpWKRGHWUDGLWLRQQHOOHPHQWSUDWLTXpHHQJUDPPDLUHFRPSDUDWLYH/DFRPSDUDLVRQDXOLHXGHSRUWHUVXU
GHVSKRQqPHVQRWpVDYHFOHVPR\HQVG
XQHDOJqEUHVSpFLDOHKDELOHjOHVpYRTXHUHQGHVPRPHQWVGLIIpUHQWVGH
OHXUpYROXWLRQSK\VLTXHSRUWHUDLWVXUGHVV\VWqPHVQRWpVDYHFOHVPR\HQVG
XQHUHSUpVHQWDWLRQJpRPpWUDOH
DQDO\WLTXHSURSUHjOHVPRQWUHUGDQVODVXFFHVVLYLWpKLVWRULTXHpYROXWLYHRXUpYROXWLYH^1RWH,ODUULYHTXHOD
WUDQVIRUPDWLRQKLVWRULTXHG
XQV\VWqPHOLQJXLVWLTXHV
RSqUHVHORQXQSURFHVVXVUpYROXWLIWHOTXHFHOXLG
XQFKDQJHPHQWGHODUHODWLRQD[LDOH
VHUYDQWGDQVOHV\VWqPHGHEDVHDQDO\WLTXH,OV
HQVXLWGDQVODODQJXHGXF{WpDSSDUHQWOHF{WHVpPLRORJLTXHGHVYDULDWLRQVLPSRUWDQWHV
TXLVXUSUHQQHQWSDUODUDSLGLWpDYHFODTXHOOHHOOHVVHSURGXLVHQW>3DUH[HPSOHGDQVOHSDVVDJHGXV\VWqPHVSDWLRWHPSRUHOGXODWLQjFHOXL
GLIIpUHQWGXIUDQoDLVGXV\VWqPHVSDWLRWHPSRUHOGXJUHFDQFLHQjFHOXLSOXVGLIIpUHQWHQFRUHHWG
DLOOHXUVWUqVSURFKHGHFHOXLGX
IUDQoDLV SDUDOOpOLVPHGHGpYHORSSHPHQWFXULHX[ GXJUHFPRGHUQH@/DUDSLGLWpGHODWUDQVIRUPDWLRQHVWSDUIRLVVLJUDQGHTX
LOGHYLHQW
LPSRVVLEOHG
HQVXLYUHGDQVOHVWH[WHVHQO
DEVHQFHGXODQJDJHSDUOpGRQWOHWpPRLJQDJHIDLWGpIDXWODFRQWLQXLWpSKRQpWLTXHTXLDH[LVWp
FHSHQGDQWO
pYROXWLRQV\VWpPDWLTXHVLUDSLGHVRLWHOOHVHJUHIIDQWWRXMRXUVVXUO
pYROXWLRQSKRQpWLTXHREOLJpHTXDQGO
pYROXWLRQ
V\VWpPDWLTXHV
DFFpOqUHG
DFFHSWHUXQHDFFpOpUDWLRQpJDOH&HWWHGHUQLqUHUHPDUTXHSUpFLVHG
XQHPDQLqUHSURSUHjpFDUWHUSDUDYDQFHWRXW
PDOHQWHQGXQRWUHSRVLWLRQHQGRFWULQHGHPHXUpHVWULFWHPHQWRUWKRGR[H QRVWUDYDX[VRQWDGGLWLIVQRQVXEYHUVLIVUHODWLYHPHQWjFHTXLD
pWpIDLWG
H[FHOOHQWGHSXLVODGpFRXYHUWHGXVDQVNULW HWFRQIRUPHjO
HQVHLJQHPHQWYLYDQWHQQRXVGHQRWUHPDvWUH$QWRLQH0HLOOHW
KWWSQOLSSFXDFNUJXVWDYHUHVXOWDVS"OHQDPHV BKWP%0





/
DUFKLWHFWRQLTXHGXWHPSV *5(&

/
pYROXWLRQV\VWpPDWLTXHGXODQJDJHFHOOHTXHSHXjSHXQRVUHFKHUFKHVPHWWHQWHQOXPLqUHQ
HVWSDVLQGpSHQGDQWHGHO
pYROXWLRQ
SKRQpWLTXHHOOHV
\LQYROXHHWOXLLPSRVHGXGHGDQVXQHWHQVLRQHWXQHGLUHFWLRQ`GHOHXUWUDQVIRUPDWLRQSV\FKLTXHTXLHVWXQH

FUpDWLRQFRQWLQXpH
$LQVLVHWURXYHUDLWIRQGpHHWGRWpHG
XQHPpWKRGHVUHODJUDPPDLUHFRPSDUDWLYHGHODSDUWLHODSOXVDEVWUDLWHHW
ODSOXVGLIFLOHPHQWVDLVLVVDEOHGXODQJDJHODSDUWLHSURSUHPHQWV\VWpPDWLTXH

KWWSQOLSSFXDFNUJXVWDYHUHVXOWDVS"OHQDPHV BKWP%0



Anda mungkin juga menyukai