Anda di halaman 1dari 12

$YLV7HFKQLTXH

$QQXOHHWUHPSODFHO¶$YLV7HFKQLTXH
&RQILUPHO¶DJUpPHQWGHO¶8%$WF$7*



 


,VRODQWWKHUPLTXHQRQSRUWHXU
)RDPJODVŠ76HW
VXSSRUWG¶pWDQFKpLWp
1RQORDGEHDULQJWKHUPDO 7DSHUHG
LQVXODWLRQDVEDVHIRU
ZDWHUSURRILQJ 7LWXODLUH 6$3,776%85*+&251,1*(8523(
/DVQH%XVLQHVV3DUN±%XLOGLQJ)
1LFKWWUDJHQGHU FKDXVVpHGH/RXYDLQ
:lUPHGlPPVWRIIDOV %/DVQH %HOJLTXH 
8QWHUJUXQGIU$EGLFKWXQJHQ 
8VLQH 7HVVHQGHUOR %HOJLTXH 

'LVWULEXWHXU 3,776%85*+&251,1*)UDQFH
UXH6DDULQHQ±6LOLF
)5XQJLV
7pO
)D[
,QWHUQHWZZZIRDPJODVIU
(PDLOLQIR#IRDPJODVIU


&RPPLVVLRQFKDUJpHGHIRUPXOHUGHV$YLV7HFKQLTXHV
 DUUrWpGXGpFHPEUH 
*URXSH6SpFLDOLVpQƒ
7RLWXUHVFRXYHUWXUHVpWDQFKpLWpV

9XSRXUHQUHJLVWUHPHQWOHMDQYLHU

3RXUOH&67%-'0HUOHW'LUHFWHXU7HFKQLTXH

6HFUpWDULDWGHODFRPPLVVLRQGHV$YLV7HFKQLTXHV &67%DYHQXHGX5HFWHXU3RLQFDUp3DULV&HGH[
7pO  )D[  ,QWHUQHWZZZFVWEIU


/HV$YLV7HFKQLTXHVVRQWSXEOLpVSDUOH6HFUpWDULDWGHV$YLV7HFKQLTXHVDVVXUpSDUOH&67%/HVYHUVLRQVDXWKHQWLILpHVVRQWGLVSRQLEOHVJUDWXLWHPHQWVXUOHVLWHLQWHUQHWGX&67% KWWSZZZFVWEIU 
 ”&67%
/H*URXSHVSpFLDOLVpQƒ7RLWXUHVFRXYHUWXUHVpWDQFKpLWpVDH[DPLQpOHVHSWHPEUH
O¶HPSORLGHO¶LVRODQWWKHUPLTXHQRQSRUWHXU)2$0*/$6Š76HW7$3(5('FRPPH
VXSSRUWGHUHYrWHPHQWG¶pWDQFKpLWp,ODIRUPXOpVXUFHWHPSORLO¶$YLV7HFKQLTXHFLDSUqV
TXLFRQILUPHO¶$JUpPHQWEHOJHGHO¶8%$WF$7*HWVHVXEVWLWXHjO¶$YLV7HFKQLTXH
&HW$YLVDpWpIRUPXOpSRXUOHVXWLOLVDWLRQVHQ)UDQFH(XURSpHQQH

DX[WRLWXUHVDFFHVVLEOHVDX[YpKLFXOHVOpJHUV
 'pILQLWLRQVXFFLQFWH DX[WRLWXUHVMDUGLQV
x /
HPSORLHQWRLWXUHVDFFHVVLEOHVDX[YpKLFXOHVORXUGVQpFHVVLWHXQH
 'HVFULSWLRQVXFFLQFWH pWXGHDSSURSULpHGHFRQFHSWLRQHWG
H[pFXWLRQ/HVFDUDFWpULVWLTXHV
3DQQHDX[LVRODQWVHQYHUUHFHOOXODLUH GHFRPSUHVVLELOLWpGXSURGXLWQRWDPPHQW6VRQWFRPSDWLEOHVDYHF
FHWHPSORL
'LPHQVLRQV   [  PP pSDLVVHXUV   j  PP GH  HQ
PP%RUGVGURLWV (PSORLHQFOLPDWGHPRQWDJQH
/HVSDQQHDX[V
HPSORLHQWHQXQRXSOXVLHXUVOLWVG
LVRODWLRQRXFRPPH &HSDQQHDXSHXWrWUHHPSOR\pGDQVOHVFRQGLWLRQVSUpYXHVSDUOH1)
SUHPLqUH RX GHUQLqUH FRXFKH G
XQH LVRODWLRQ FRPSRVpH ,OV VRQW IL[pV 3 '78 O
pFUDQGHPLVHKRUVG
HDXSURYLVRLUHpWDQWGpFULW
SDUELWXPHFKDXG($&,OVV
HPSORLHQWVXUWRXVpOpPHQWVSRUWHXUVHQ DX 'RVVLHU 7HFKQLTXH †   ,O UHVWH QpFHVVDLUH SRXU SDOOLHU OHV
WRLWXUHQRQDFFHVVLEOHWHFKQLTXHHWDFFHVVLEOH LQFRQYpQLHQWV TX
HQWUDvQH O
LQVXIILVDQFH GH VpFKDJH GHV EpWRQV GDQV
3DQQHDX[ QRQ SRUWHXUV VXSSRUWV GH UHYrWHPHQW G
pWDQFKpLWp OHVFRQGLWLRQVGHVFKDQWLHUVHQFOLPDWGHPRQWDJQH
DGKpUHQWVSDUFROODJH($&RXVRXGDJHVXU($&/DIDFHVXSpULHXUHHW
OHVMRLQWVHQWUHSDQQHDX[GRLYHQWrWUHVXUIDFpVGHELWXPHFKDXG($&  'XUDELOLWp±(QWUHWLHQ
VDXIGDQVOHFDVG
XQUHYrWHPHQWHQDVSKDOWH 'DQVOHGRPDLQHG
HPSORLDFFHSWp
x /DGXUDELOLWpGHVUHYrWHPHQWVG
pWDQFKpLWpWUDGLWLRQQHOVSDUELWXPHV
 ,GHQWLILFDWLRQ DUPpVLQGpSHQGDQWVRXDGKpUHQWVVXUVXSSRUW)2$0*/$6ŠVXUIDFp
/¶pWLTXHWDJH GHV SDOHWWHV FRPSRUWH OH QRP FRPPHUFLDO OHV DXELWXPH($&HVWVDWLVIDLVDQWH
GLPHQVLRQV OH FRGH GH IDEULFDWLRQ OH PDUTXDJH $&(50, HQ FDV GH x /
LVRODQW HVW DSWH j UHFHYRLU OHV UHYrWHPHQWV QRQ WUDGLWLRQQHOV
FHUWLILFDWLRQ ORUVTXH O
$YLV 7HFKQLTXH SDUWLFXOLHU DX UHYrWHPHQW DFFHSWH O
HPSORL
VXU YHUUH FHOOXODLUH RX HQ DGKpUHQFH SDU FROODJH ($& RX VRXGDJH
 $9,6 VXU($&
(QWUHWLHQ
 'RPDLQHG
HPSORLDFFHSWp &IQRUPHV'78VpULH
,GHQWLTXHDXGRPDLQHG¶HPSORLSURSRVpSDUOH'RVVLHUWHFKQLTXH
 )DEULFDWLRQHWFRQWU{OH
 $SSUpFLDWLRQVXUOHSURFpGp (IIHFWXpHHQXVLQHHOOHFRPSUHQGO¶DXWRFRQWU{OHQpFHVVDLUH
 $SWLWXGHjO¶HPSORL  0LVHHQ°XYUH
6pFXULWpDXIHX /DPLVHHQ°XYUHHVWIDLWHSDUOHVHQWUHSULVHVG¶pWDQFKpLWpTXDOLILpHV
HW DYHUWLHV GHV SDUWLFXODULWpV GX SURFpGp $ FHWWH FRQGLWLRQ HOOH QH
'DQV OHV ORLV HW UqJOHPHQWV HQ YLJXHXU OHV GLVSRVLWLRQV j FRQVLGpUHU SUpVHQWHSDVGHGLIILFXOWpVDFKDQWTXHF¶HVWXQHWHFKQLTXHSDUWLFXOLqUH
SRXU OHV WRLWXUHV SURSRVpHV RQW WUDLW j OD WHQXH DX IHX YHQDQW GH QpFHVVLWDQWIRUPDWLRQHWDVVLVWDQFHWHFKQLTXHIRXUQLHVGDQVOHVIDLWV
O¶H[WpULHXU GDQVOHVFDVVXLYDQWV
x 2QSHXWFRQVLGpUHUTXHOHVWRLWXUHVVRXVSURWHFWLRQUDSSRUWpHORXUGH x 3RVHSDUWUHPSDJHVXUW{OHVG¶DFLHUQHUYXUpHV
VRQWVXVFHSWLEOHVG¶XQFODVVHPHQW0YLVjYLVG¶XQIHXH[WpULHXU
x )RUWHVSHQWHV
x /H FODVVHPHQW GH WHQXH DX IHX GHV WRLWXUHV UHYrWXHV G¶XQ
UHYrWHPHQW G¶pWDQFKpLWp DXWRSURWpJp HVW LQGLTXp GDQV O¶$YLV x 3DQQHDX[7$3(5('SRXUIRUPHVGHSHQWH XQLTXHPHQWVLO¶pOpPHQW
7HFKQLTXHGXUHYrWHPHQW SRUWHXUHVWHQEpWRQRXEpWRQFHOOXODLUH 
/HV IHXLOOHV G¶pWDQFKpLWp FROOpHV DX ELWXPH VXU LVRODQW GRLYHQW rWUH
3UpYHQWLRQ GHV DFFLGHQWV ORUV GH ODPLVH HQ °XYUH RXGH IL[pHVHQWrWHjSDUWLUGHGHSHQWH
O
HQWUHWLHQ
(OOHSHXWrWUHQRUPDOHPHQWDVVXUpHGDQVOHVFDVFRXUDQWV/
HPSORLGX  &DKLHUGHV3UHVFULSWLRQV7HFKQLTXHV
EDF GH WUHPSDJH VXU W{OHV QHUYXUpHV FRPSRUWH GHV ULVTXHV 'DQVOHFDVG¶XQHUpIHFWLRQVXUW{OHVG¶DFLHUQHUYXUpHVFRPSWHWHQXGH
VXSSOpPHQWDLUHV G
LQFHQGLH GH FKDQWLHU HW GH EU€OXUHV /
HPSORL GX ODPRGLILFDWLRQGHOD1)3 '78 pGLWLRQLODSSDUWLHQW
IRQGRLU RX GX EDF GH WUHPSDJH VXU VXSSRUW ERLV HVW LQWHUGLW SDU OH DX 0DvWUH G
2XYUDJH RX j VRQ UHSUpVHQWDQW GH IDLUH YpULILHU DX
UqJOHPHQWGHVpFXULWp SUpDODEOH OD VWDELOLWp GH O
RXYUDJH GDQV OHV FRQGLWLRQV GH OD 1) 3 
 '78   pGLWLRQ  YLV j YLV GHV ULVTXHV G¶DFFXPXODWLRQ
,VRODWLRQWKHUPLTXH G¶HDXQRWDPPHQWFRPSWHWHQXGHVGLVSRVLWLRQVH[LVWDQWHVFRQFHUQDQW
/H SURFpGp SHUPHW GH VDWLVIDLUH j OD UpJOHPHQWDWLRQ FRQFHUQDQW OD OHV SHQWHV GHV YHUVDQWV OHV SHQWHV GHV QRXHV HW DX[ pYDFXDWLRQV
FRQVWUXFWLRQQHXYH/DYpULILFDWLRQHVWjHIIHFWXHUVHORQOHV5qJOHV7K SOXYLDOHV
8 HQ XWLOLVDQW OHV UpVLVWDQFHV WKHUPLTXHV GX SDQQHDX LVRODQW 
FHUWLILpHV SDU O
$&(50, /H SDUDJUDSKH  GX 'RVVLHU 7HFKQLTXH
GRQQH FHV YDOHXUV YDODEOHV SRXU O
DQQpH  ,O DSSDUWLHQGUD &RQFOXVLRQV
FHSHQGDQW j O
XWLOLVDWHXU GH YpULILHU TXH OH &HUWLILFDW $&(50, HVW
WRXMRXUV YDOLGH  IDXWH GH TXRL LO \ DXUDLW OLHX GH VH UHSRUWHU DX[ $SSUpFLDWLRQJOREDOH
5qJOHV7K8SRXUGpWHUPLQHUODFRQGXFWLYLWpWKHUPLTXHGHO
LVRODQW
/
XWLOLVDWLRQ GX SURFpGp GDQV OH GRPDLQH G
HPSORL SURSRVp HVW
3RXUOHVFRQVWUXFWLRQVQHXYHVTXLHQWUHQWGDQVOHFKDPSG¶DSSOLFDWLRQ DSSUpFLpHIDYRUDEOHPHQW
GH OD 5pJOHPHQWDWLRQ 7KHUPLTXH  OD SDURL R HVW LQFRUSRUp
O¶LVRODQW)2$0*/$6ŠGHYUDVDWLVIDLUHDX[H[LJHQFHVGXWDEOHDX9,,,GX 9DOLGLWp
IDVFLFXOH  ©&RHIILFLHQW 8EkWª GHV 5qJOHV 7K8 TXL GpILQLW OH
FRHIILFLHQW 8 VXUIDFLTXHPD[LPDODGPLVVLEOHSRXUODWRLWXUH DQVYHQDQWjH[SLUDWLRQOHVHSWHPEUH

$FFHVVLELOLWpGHODWRLWXUH
x /H)2$0*/$6Š XWLOLVpFRPPHVXSSRUWG
pWDQFKpLWpFRQYLHQW  3RXUOH*URXSH6SpFLDOLVpQƒ
DX[WRLWXUHVQRQDFFHVVLEOHVHWWHFKQLTXHV /H3UpVLGHQW
DX[WRLWXUHVDFFHVVLEOHVDX[SLpWRQVDXVpMRXUGDOOHVVXUSORWV
&'8&+(61(


 

 5HPDUTXHVFRPSOpPHQWDLUHV
GX*URXSH6SpFLDOLVp
x /H'RVVLHU7HFKQLTXHUDSSHOOHH[SUHVVpPHQWO¶H[LJHQFHGHSODQpLWp
UHTXLVHSRXUOHVVXSSRUWVHQPDoRQQHULH
x 'DQV OH FDV G¶XQH UpIHFWLRQ VXU VXSSRUW ERLV RQ DSSOLTXHUD GHV
GLVSRVLWLRQV DQDORJXHV j FHOOHV FRQFHUQDQW OD UpIHFWLRQ VXU W{OHV
G¶DFLHUQHUYXUpHVGpFULWHVDXFKDSLWUHGXSUpVHQW$YLV
x /H )2$0*/$6Š 7$3(5(' HVW XWLOLVDEOH XQLTXHPHQW VXU pOpPHQW
SRUWHXUHQEpWRQRXEpWRQFHOOXODLUH

/H5DSSRUWHXUGX*URXSH6SpFLDOLVpQƒ
(OLHWWH6$/,0%(1,



 
'RVVLHU7HFKQLTXH
pWDEOLSDUOHGHPDQGHXU
$SUqV O¶REWHQWLRQ G¶XQ UHOHYp HW GHV F{WHV RX G¶XQ SODQ SUpFLV GH OD

$ 'HVFULSWLRQ
WRLWXUH XQ FDOHSLQDJH HVW UpDOLVp DYDQW OD PLVH HQ °XYUH GHV
SDQQHDX[
2Q YHLOOHUD j PHWWUH HQ °XYUH XQH FRXFKH G
($& SRXU DVVXUHU XQ
FROODJHHQSOHLQGHVSDQQHDX[
 3ULQFLSH
5HPSOLVVDJH GH MRLQWV OHV SDQQHDX[ VRQW SRVpV MRLQWLIV HW OHV MRLQWV
,VRODQW WKHUPLTXH GLVSRVp HQ XQ RX SOXVLHXUV OLWV VXSSRUW GLUHFW GH VRQWUHPSOLVGHELWXPHGHFROODJHSDUUHIRXOHPHQWORUVGHODSRVH FI
UHYrWHPHQW G
pWDQFKpLWp HQ WRLWXUHV QRQ DFFHVVLEOHV DFFHVVLEOHVj OD ILJXUH 
FLUFXODWLRQ SLpWRQQLqUH HW DX VpMRXU \ FRPSULV VRXV SURWHFWLRQ SDU
GDOOHV VXU SORWV WHUUDVVHV YpJpWDOLVpHV WHUUDVVHV MDUGLQV WHUUDVVHV /DTXDQWLWpGHELWXPHSRXUOHFROODJHHWOHWUDLWHPHQWGHVMRLQWVHVWGH
FLUFXODEOHV FKHPLQ GH QDFHOOH YpKLFXOHV OpJHUV HW ORXUGV VXU OHV NJPðPLQLPXP
pOpPHQWVSRUWHXUVVXLYDQWV 
x HQ PDoRQQHULH FRQIRUPH DX[ 1) 3  '78   1) 3  /
HPSORL GH FKDQIUHLQV GH VHFWLRQ  [  PP RX  [  PP
 '78 1)3 '78  GDQV O
DQJOH GHV DFURWqUHV HW FRVWLqUHV SHUPHW XQH PHLOOHXUH
UpDOLVDWLRQGHVUHOHYpV'DQVFHFDVODODUJHXUGHODEDQGHGHUHQIRUW
x HQW{OHG
DFLHUQHUYXUpHFRQIRUPHDX1)3 '78 
HVW DGDSWpH j OD VHFWLRQ GX FKDQIUHLQ &HWWH GLVSRVLWLRQ Q¶HVW SDV
x HQ ERLV HW SDQQHDX[ GpULYpV GX ERLV FRQIRUPHV DX 1) 3  REOLJDWRLUH
'78  
x HQ EpWRQ FHOOXODLUH FRQIRUPHV j O
$YLV 7HFKQLTXH SDUWLFXOLHU SRXU ,O HVW DSSRUWp XQH DVVLVWDQFH WHFKQLTXH SRXU OH 7DSHUHG DLQVL TXH OD
O
HPSORLHQpOpPHQWSRUWHXUG
LVRODWLRQHWG
pWDQFKpLWp IRXUQLWXUHV\VWpPDWLTXHG
XQSODQGHSRVH FDOHSLQDJHHWQXPpURWDWLRQ
HWVXU GHVSODTXHV 
x WRLWXUHVSODWHVHWLQFOLQpHVVDQVOLPLWDWLRQGHSHQWH
x ORFDX[ j IDLEOH PR\HQQH IRUWH HW WUqV IRUWH K\JURPpWULH VDXI VXU  )DEULFDWLRQ
VXSSRUW ERLV SRXU WUqV IRUWH K\JURPpWULH YRLU 1) 3  '78
  O
pFUDQ SDUH YDSHXU Q
HVW SDV QpFHVVDLUH VDXI VRXV  &HQWUHGHIDEULFDWLRQ
pWDQFKpLWpVDVSKDOWHSRVpVXU)2$0*/$6ŠHQXQVHXOOLW 
8VLQHGH7HVVHQGHUOR %HOJLTXH 
x HQFOLPDWGHSODLQHHWGHPRQWDJQH
x GDQVOHV]RQHVGHYHQWWRXVVLWHV  'HVFULSWLRQVRPPDLUH
&RPPH EDVH GH IDEULFDWLRQ RQ XWLOLVH GX VDEOH SXU PpODQJp
PpFDQLTXHPHQW j GHV DGMXYDQWV &HVPDWLqUHV VHUYHQW j SURGXLUH GX
 'HVFULSWLRQGXPDWpULDX YHUUH TXL HVW HQVXLWH EUR\p HW DXTXHO HVW DMRXWp O¶DJHQW PRXVVDQW HW
SOXV GH  GH YHUUH UHF\FOp VpOHFWLRQQp HW V\VWpPDWLTXHPHQW
 1DWXUH FRQWU{Op /D SRXGUH DLQVL REWHQXH HVW SODFpH GDQV GHV PRXOHV TXL
/H )2$0*/$6Š HVW XQ YHUUH FHOOXODLUH DOXPLQRVLOLFDWp FODVVH SDVVHQW GDQV GHV IRXUV /HV FRQGLWLRQV G
H[SDQVLRQ HW GH
K\GURO\WLTXH ,,, VHORQ ',1  G¶XQH FRPSRVLWLRQ WRWDOHPHQW UHIURLGLVVHPHQWVRQWFRQWU{OpHVDXWRPDWLTXHPHQW
LQRUJDQLTXHVDQVDGGLWLRQGHOLDQWV /HV EORFV DLQVL FRQIHFWLRQQpV VRQW VFLpV VXU WRXWHV OHV IDFHV DX[
GLPHQVLRQVUHTXLVHV
 &DUDFWpULVWLTXHV
/HVFDUDFWpULVWLTXHVGHVW\SHV76VRQWLQGLTXpHVGDQVOHVWDEOHDX[  &RQWU{OHVGHIDEULFDWLRQ
HW 6XU SURGXLWV ILQLV VRQW QRWDPPHQW FRQWU{OpHV  OHV GLPHQVLRQV OD
UpVLVWDQFH j OD FRPSUHVVLRQ OD FRQGXFWLYLWp WKHUPLTXH OD PDVVH
 5pVLVWDQFHWKHUPLTXH YROXPLTXH/
DXWRFRQWU{OHHVWVXSHUYLVpSDUO
8%$WF
/H WDEOHDX  GRQQH SRXU FKDTXH pSDLVVHXU OD UpVLVWDQFH WKHUPLTXH /D IDEULFDWLRQ GX YHUUH FHOOXODLUH )2$0*/$6Š EpQpILFLH GH OD
XWLOHjSUHQGUHHQFRPSWHSRXUOHFDOFXOGHVFRHIILFLHQWVGHGpSHUGLWLRQ FHUWLILFDWLRQ,62
WKHUPLTXH
/HV YDOHXUV VRQW FHOOHV GX &HUWLILFDW $&(50, HQ FRXUV GH YDOLGLWp HQ
,ODSSDUWLHQGUDjO
XWLOLVDWHXUGHVHUpIpUHUDX&HUWLILFDW$&(50,
 &RQGLWLRQQHPHQWeWLTXHWDJH
GH O
DQQpH HQ FRXUV $ GpIDXW G
XQ FHUWLILFDW YDOLGH OHV UpVLVWDQFHV /HV SDQQHDX[ VRQW FRQGLWLRQQpV HQ SDTXHWV VRXV ILOP SRO\pWK\OqQH
WKHUPLTXHV GH O
LVRODQW VHURQW FDOFXOpHV HQ SUHQDQW OD FRQGXFWLYLWp UpWUDFWDEOH (X[0rPHV HQVXLWH FRQGLWLRQQpV VXU SDOHWWHV HW VRXV
VHORQOHV©5qJOHV7K8ª KRXVVHSRO\pWK\OqQH
 &KDTXH SDTXHW FRPSRUWH XQH pWLTXHWWH LQGLTXDQW QRWDPPHQW OH W\SH
6XUGHPDQGHOHVSDQQHDX[SHXYHQWrWUHGpFRXSpVHQXVLQHHQGHPL )2$0*/$6Š 7 6 OHV GLPHQVLRQV GHV SDQQHDX[ HW OH VHQV GH
SDQQHDX[EDQGHVGRXHOOHVHWFKDQIUHLQV VWRFNDJHGHVSDTXHWV/DFHUWLILFDWLRQ$&(50,GHVW\SHV7HW6HVW
LQGLTXpHVXUFKDTXHSDOHWWH
 3DQQHDX[3HQWpV©7DSHUHGª 6XU OHV SDTXHWV GH 7DSHUHG HVW LQGLTXp OH QXPpUR GHV SODTXHV HQ
&HWWH GLVSRVLWLRQ HVW DSSOLFDEOH XQLTXHPHQW VXU pOpPHQW SRUWHXU HQ UpIpUHQFHDXSODQGHFDOHSLQDJH
EpWRQRXEpWRQFHOOXODLUH
/HVSDQQHDX[)2$0*/$6Š SHXYHQWpJDOHPHQWrWUHOLYUpVHQSODTXHV  0LVHHQ°XYUH
GLWHV 7DSHUHG GH VHFWLRQ WUDQVYHUVDOH WUDSp]RwGDOH SHUPHWWDQW GH
IRUPHUXQHSHQWHGDQVODFRXFKHLVRODQWH/HVSHQWHV &RQGLWLRQVJpQpUDOHV
HW   VRQW VWDQGDUG G¶DXWUHV SHQWHV SHXYHQW rWUH IRXUQLHV VXU
/HV SDQQHDX[ )2$0*/$6Š 7 6 VRQW PLV HQ °XYUH VXU OHV
GHPDQGH  8Q MHX GH SODTXHV VSpFLDOHPHQW UHSpUpHV HW QXPpURWpHV
pOpPHQWV SRUWHXUV SDU FROODJH j O
($& VDQV pFUDQ SDUH YDSHXU VDXI
V
DSSOLTXDQWGDQVXQRUGUHGpWHUPLQpSHUPHWODPLVHHQRHXYUH3RXU
VRXVDVSKDOWHSRVpVXU)2$0*/$6ŠHQXQVHXOOLW 
OHV YHUVDQWV GH JUDQGH ORQJXHXU TXL FRQGXLVHQW j GH IRUWHV
pSDLVVHXUV OHV SODTXHV WUDSp]RwGDOHV VRQW SUpHQFROOpHV HQ XVLQH VXU 6LOHVFKDQIUHLQVVRQWXWLOLVpVVXUDFURWqUHVLOVVHURQWFROOpVjO
($&
GHV SODTXHV GH VHFWLRQ UHFWDQJXODLUH SHUPHWWDQW DLQVL OD SRVH HQ XQ /
($& VHUD FKDXIIp SRXU REWHQLU XQ ELWXPH IOXLGH TXL SHUPHW
VHXOOLW O
DGKpUHQFHFRPSOqWHGHODSODTXHHWOHUHIOX[GDQVOHVMRLQWVVDXIVLOH
/¶pSDLVVHXUPLQLGHVSDQQHDX[HVWGHPP UHYrWHPHQWHVWHQDVSKDOWH/HVWHPSpUDWXUHVGHIXVLRQHWO
XWLOLVDWLRQ
VRQWFHOOHVGpFULWHVGDQVOHVQRUPHV'78GHODVpULH “ƒ& 

 

/H UHIOX[ GH ELWXPH GDQV OHV MRLQWV QH V¶DSSOLTXH SDV ORUVTXH OH  3UHVFULSWLRQFRQFHUQDQWO
HPSORL
UHYrWHPHQWG¶pWDQFKpLWpHVWHQDVSKDOWH
 HQPRQWDJQH
&RQIRUPpPHQW DX[ QRUPHV '78 HQ YLJXHXU DXFXQ WUDYDLO j O
($& 6XU pOpPHQW SRUWHXU HQ PDoRQQHULH OD SRVH GHV SDQQHDX[ HVW
Q
HVW HQWUHSULV ORUVTXH OH VXSSRUW HVW j XQH WHPSpUDWXUH LQIpULHXUH j SUpFpGpHSDUODPLVHHQ°XYUHGH
ƒ& x 8QHQGXLWG
LPSUpJQDWLRQjIURLG

x 8QHQGXLWG
DSSOLFDWLRQjFKDXG
3HQGDQW OD PLVH HQ °XYUH OHV SDQQHDX[ GRLYHQW rWUH SURWpJpV GHV
LQWHPSpULHVHWOHUHYrWHPHQWG
pWDQFKpLWpRXVDSUHPLqUHFRXFKHGRLW x 8QELWXPHDUPpW\SH
rWUHH[pFXWpjO
DYDQFHPHQW x 8Q HQGXLW G
DSSOLFDWLRQ j FKDXG VHUYDQW DX FROODJH GHV SDQQHDX[
 LVRODQWV
(Q FDV GHFLUFXODWLRQ LQWHQVH VXUOH FKDQWLHU SUpYRLU XQ HQJLQ DGDSWp  3RVHGHO
LVRODQW
RX XQH SURWHFWLRQ GHV ]RQHV GH FKHPLQHPHQW GH URXODJH HW
G
DSSURYLVLRQQHPHQW  3RVHVXUpOpPHQWSRUWHXUHQEpWRQHWEpWRQ
6WRFNDJH FHOOXODLUH FIILJXUHVHW 
/HV SDQQHDX[ VRUWLV GHV KRXVVHV GH SURWHFWLRQ GHV SDOHWWHV GRLYHQW x 6LFFLWpGXVXSSRUWEpWRQOH)2$0*/$6ŠQHSHXWrWUHDSSOLTXpTXH
rWUHSURWpJpVFRQWUHOHVLQWHPSpULHVSDUEkFKDJH VXUXQHVXUIDFHQRUPDOHPHQWVqFKH

 (OpPHQWVSRUWHXUVHQPDoRQQHULH
x /HVSDQQHDX[)2$0*/$6ŠVRQWFROOpVVXUWRXWHODVXUIDFHSDUXQH
/HV pOpPHQWV SRUWHXUV GRLYHQW rWUH FRQIRUPHV DX 1) 3  '78 FRXFKH G
($& VXU (,) RX VXU O
pFUDQ YDSHXU ORUVTXH SUpYX HQ
 QRWDPPHQWSRXUFHTXLFRQFHUQHOHW\SH' UDQJpHVSDUDOOqOHVMRLQWVTXLQFRQFHVELHQVHUUpV
x 7ROpUDQFHVG
KRUL]RQWDOLWp 
x 0LVHHQSODFHGHVFOHIV 2QYHLOOHUDjPHWWUHHQ°XYUHXQHFRXFKHG
($&G¶DXPRLQVNJPð
SRXUDVVXUHUXQFROODJHHQSOHLQGHVSDQQHDX[
x $IIOHXUHPHQW GH VXUIDFH HW GpVDIIOHXUHPHQW GHV MRLQWV SRXU OHV
pOpPHQWVIUDFWLRQQpV x 5HPSOLVVDJHGHMRLQWVOHVSDQQHDX[VRQWSRVpVMRLQWLIVHWOHVMRLQWV
 VRQW UHPSOLV GH ELWXPH GH FROODJH SDU UHIRXOHPHQW ORUV GH OD SRVH
FIILJXUH 
7UDLWHPHQW GHV MRLQWV GH IUDFWLRQQHPHQW GHV pOpPHQWV
SRUWHXUV VXUSODQFKHUW\SH'  FIILJXUH  /DTXDQWLWpGHELWXPHSRXUOHFROODJHHWOHWUDLWHPHQWGHVMRLQWVHVWGH
NJPðPLQLPXP
/HV MRLQWV VXU DSSXLV GLWV MRLQWV DFWLIV VHURQW WUDLWpV GH OD IDoRQ
VXLYDQWH  3UHVFULSWLRQVSDUWLFXOLqUHVVXUpOpPHQWV
x 3RQWDJHGHVMRLQWVVXUDSSXLVSDUXQHEDQGHGHODUJHXUPHQ SRUWHXUVHQW{OHG¶DFLHUQHUYXUpH
IHXWUHELWXPp699+5SRVpHOLEUHPHQWVXUO
D[HGHVMRLQWV
FIILJXUHVHW 
x &ROODJH GH SDUW HW G
DXWUH GH OD EDQGH GH SRQWDJH G
XQ DOXPLQLXP
1)3DXELWXPH($&ODUJHXUP x /HV\VWqPHQHQpFHVVLWHQLSODWHODJHQLSDUHYDSHXU
x 3RVHGHO
LVRODQWSDUFROODJHjO
($&GHSDUWHWG
DXWUHGHODOLJQHGH x 3UpSDUDWLRQ GX VXSSRUW  DSSOLTXHU XQ HQGXLW G
LPSUpJQDWLRQ j IURLG
MRLQWHQPpQDJHDQWXQpFDUWHPHQWGHPP (,) VXUVXSSRUWHQW{OHG
DFLHUQHUYXUpHJDOYDQLVpHLQXWLOHVXUW{OH
G
DFLHUQHUYXUpHSUpODTXpH
x 5HPSOLVVDJH GX MRLQW GH PDVWLF 3LWWVHDOŠ  RX 3LWWFRWHŠ 
PDVWLF GLVWULEXp SDU 3,776%85*+ &251,1* j WUqV KDXWH x &KRL[GHO
pSDLVVHXUGHO
LVRODQWHOOHHVWGpWHUPLQpHSDUO
H[LJHQFH
UpVLVWDQFHjODGLIIXVLRQGHYDSHXUG
HDX VXUWRXWHVDKDXWHXU WKHUPLTXH&HSHQGDQWO
pSDLVVHXUPLQLPDOHSRXUOHIUDQFKLVVHPHQW
GHVQHUYXUHVHVWGHPP
x 3RVH DXGHVVXV GX MRLQW DLQVL WUDLWp G
XQ pFUDQ G
LQGpSHQGDQFH
99GHPGHODUJHXUVXUJODFLV($&UHIURLGL 6LO
RQXWLOLVDLWGHVW{OHVGRQWO
RXYHUWXUHGHYDOOpHGpSDVVHPPOHV
pSDLVVHXUV PLQLPDOHV GH SDQQHDX )2$0*/$6Š j PHWWUH HQ °XYUH
x 3RVHGXUHYrWHPHQWG
pWDQFKpLWp VHUDLHQWFHOOHVGXWDEOHDX HQPP 
 (OpPHQWVSRUWHXUVHQGDOOHVDUPpHVGHEpWRQ x 3RVHGHVSDQQHDX[
FHOOXODLUH /H V\VWqPH QH QpFHVVLWH SDV GH SODWHODJH QL GH SDUH YDSHXU HW QH
FRPSRUWHSDVGHIL[DWLRQVPpFDQLTXHVHWFHTXHOTXHVRLWO¶K\JURPpWULH
,OV VRQW FRQIRUPHV DX[ VSpFLILFDWLRQV GH OHXU $YLV 7HFKQLTXH GXORFDO
SDUWLFXOLHU HW PLV HQ °XYUH VHORQ OHV &RQGLWLRQV JpQpUDOHV G
HPSORL
GHVGDOOHVGHEpWRQFHOOXODLUHDUPp 3ULQFLSH GH UpSDUWLWLRQ HW GH SRVH  OHV SDQQHDX[ VRQW SRVpV HQ
UDQJpHV SDUDOOqOHV j MRLQWV TXLQFRQFpV GH SUpIpUHQFH OH ORQJ F{Wp
/HV MRLQWV VRQW SRQWpV VHORQ OHV SUHVFULSWLRQV GH FHV &RQGLWLRQV SDUDOOqOHDX[QHUYXUHV FIILJXUH /DSRVHFRPPHQFHGHSUpIpUHQFH
JpQpUDOHV SDUODOLJQHG
pJRXW
 (OpPHQWVSRUWHXUVHQERLVHWSDQQHDX[ (Q O¶DEVHQFH G¶DFURWqUH OHV SDQQHDX[ VRQW EXWpV VXU XQH FRUQLqUH
PpWDOOLTXH VRXV IRUPH G¶XQ 8 DV\PpWULTXH VXU ODTXHOOH HVW DSSOLTXpH
GpULYpV XQ(,)HWIL[pHVXUODW{OHG¶DFLHUQHUYXUpH
,OVVRQWFRQIRUPHVDX1)3 '78  
3ULQFLSHGHO
HQFROODJHDXELWXPHFKDXG($& FIILJXUH 
 (OpPHQWVSRUWHXUVHQW{OHG
DFLHUQHUYXUpH
/
($& HVW FKDXIIp HQ IRQGRLU SXLV SODFp GDQV XQ EDF GH WUHPSDJH
,OVVRQWFRQIRUPHVHQWRXVSRLQWVDX1)3 '78  FKDXIIpSDUXQHUDPSHGHPDQLqUHjPDLQWHQLUOHELWXPHjWHPSpUDWXUH
DXOLHXGHSRVH
 3DUHYDSHXU
/HV SDQQHDX[ VRQW HQGXLWV SDU WUHPSDJH GDQV OH EDF GH IDoRQ j
8Q pFUDQ SDUH YDSHXU UDSSRUWp Q
HVW SDV QpFHVVDLUH VRXV UpVHUYH GX UHFRXYULUG¶($&XQHJUDQGHIDFHHWGHX[F{WpVDGMDFHQWV
UHVSHFW GHV SUHVFULSWLRQV GH SRVH GHV SDQQHDX[ VDXI VXU pOpPHQWV
SRUWHXUV HQ PDoRQQHULH GDQV OH FDV SDUWLFXOLHU VRXV UHYrWHPHQW SDU 3RVHGHVSDQQHDX[ FIILJXUH 
DVSKDOWHFRXOpORUVTXHODFRXFKHG
LVRODWLRQQHFRPSRUWHTX
XQVHXOOLW ,OVVRQWDSSOLTXpVLPPpGLDWHPHQWHQOHVSUHVVDQWVXUODW{OHHWFRQWUH
/¶pFUDQSDUHYDSHXUHVWDORUVUpDOLVpFRPPHVXLW OHVSDQQHDX[GpMjSRVpVHQVHUUDQWELHQOHVMRLQWV
x 8QHQGXLWG
LPSUpJQDWLRQjIURLG 3RXU OD SRVH HQ SOXVLHXUV OLWV FKDTXH OLW HVW SRVp HQ TXLQFRQFH OHV
x 8QHQGXLWG
DSSOLFDWLRQjFKDXG MRLQWVGHOLWVVXFFHVVLIVpWDQWGpFDOpV
7RXWHIRLVOHVIL[DWLRQVGHVWrWHVGHOpVGHVEDQGHVPpWDOOLTXHVUHOLpHV
x 8QIHXWUH6
j O¶pWDQFKpLWp EDQGHV GH ULYHV GH IDvWDJH VLPSOH G¶pJRXW  VHURQW
x 8Q HQGXLW G
DSSOLFDWLRQ j FKDXG VHUYDQW DX FROODJH GHV SDQQHDX[ IL[pHV VXU OD SLqFH GH ERLV RX GH PpWDO EDVH GH GpSDUW RX EXWpH 
LVRODQWV FRQIRUPHDX[QRUPHV'78VpULH RXVXUOHVSODTXHWWHVPpWDOOLTXHV
FISDUDJUDSKH 

 
 3UHVFULSWLRQVSDUWLFXOLqUHVVXUpOpPHQWV  5HYrWHPHQWVG
pWDQFKpLWpWUDGLWLRQQHOV
SRUWHXUVHQERLVHWSDQQHDX[GpULYpV &H VRQW FHX[ SUpYXV SDU OHV QRUPHV '78 GH OD VpULH  V\VWqPH
(Q O¶DEVHQFH G¶DFURWqUH OHV SDQQHDX[ VRQW EXWpV VXU XQH FRUQLqUH LQGpSHQGDQW SDU DVSKDOWH FRXOp LQGpSHQGDQW SDU ELWXPH DUPp HW
PpWDOOLTXHVRXVIRUPHG¶XQ8DV\PpWULTXHVXUODTXHOOHHVWDSSOLTXpXQ DGKpUHQWSDUELWXPHDUPp
(,)HWIL[pOHERLV 
/
HPSORL G
XQ UHYrWHPHQW G
pWDQFKpLWp WKHUPRVRXGDEOH Q
HVW SRVVLEOH
 6XUERLVPDVVLIHWSDQQHDX[GpULYpV TXHVXUXQVXUIDoDJHSUpDODEOHGHO
LVRODQWjO
($&
8QIHXWUH6RX79HVWGpURXOpHWFORXpVXUOHVXSSRUWSDUFORXVj 
WrWH ODUJH /HV SDQQHDX[ )2$0*/$6Š VRQW FROOpV j SOHLQ EDLQ GH 6DXI VRXV pWDQFKpLWp DVSKDOWH FH VXUIDoDJH j O
($& HVW REOLJDWRLUH
ELWXPH($&FRPPHVXUpOpPHQWSRUWHXUHQEpWRQ VRXVpWDQFKpLWpLQGpSHQGDQWH
/DTXDQWLWpGHELWXPHSRXUOHFROODJHHWOHWUDLWHPHQWGHVMRLQWVHVWGH 
NJPðPLQLPXP /D PLVH HQ °XYUH GX UHYrWHPHQW G
pWDQFKpLWp RX GH VD SUHPLqUH
FRXFKHVXLWjO
DYDQFHPHQWGHODSRVHGHO
LVRODQW
 6XUSDQQHDX[GpULYpVGXERLVXQLTXHPHQW
/HV SDQQHDX[ )2$0*/$6Š SHXYHQW rWUH FROOpV GLUHFWHPHQW /H  5HYrWHPHQWVG
pWDQFKpLWpQRQWUDGLWLRQQHOV
SRQWDJH GHV MRLQWV GHV SDQQHDX[ SRUWHXUV HVW QpFHVVDLUH SDU IHXWUH 2QVHUHSRUWHUDDX[$YLV7HFKQLTXHVGHVUHYrWHPHQWV
6VHORQ1)3 '78  
 3RVHG
LVRODQWVXUVXUIDFHFRXUEH /
HPSORL G
XQ UHYrWHPHQW G
pWDQFKpLWp WKHUPRVRXGDEOH Q
HVW SRVVLEOH
TXHVXUXQVXUIDoDJHSUpDODEOHGHO
LVRODQWjO
($&
6XUGHPDQGHOHVSDQQHDX[GHYHUUHFHOOXODLUHSHXYHQWrWUHWDLOOpVHQ
VHJPHQWVpSRXVDQWSDUIDLWHPHQWODIRUPHGXVXSSRUW /D PLVH HQ °XYUH GX UHYrWHPHQW G
pWDQFKpLWp RX GH VD SUHPLqUH
FRXFKHVXLWjO
DYDQFHPHQWGHODSRVHGHO
LVRODQW
/DODUJHXUGHVSDQQHDX[SODWVHVWGRQQpHSDUODIRUPXOHFLGHVVRXV
/”[¥5 XQLWpVHQP   3URWHFWLRQGHVUHYrWHPHQWV
/HVSURWHFWLRQVORXUGHVUDSSRUWpHVVRQWFHOOHVGpFULWHVSDUOHVQRUPHV
 3UHVFULSWLRQVSDUWLFXOLqUHVSRXUODSRVHGH '78GHODVpULHRX$YLV7HFKQLTXHVHQIRQFWLRQGHVSHQWHVHWGHV
O
LVRODQWVXUWRLWXUHLQFOLQpH SHQWHV!  FRQGLWLRQVG
DFFHVVLELOLWpGHODWRLWXUH
x /HV SDQQHDX[ VRQW EXWpVVXU ODEDVH GH GpSDUWFRQIRUPpPHQW DX[ 
1)3 '78  '78 HW '78  'DQVWRXVOHVFDVGHSURWHFWLRQUDSSRUWpHOHVFRQWUDLQWHVDGPLVVLEOHV
x /HV SDQQHDX[ VRQW FROOpV j O
($& SDU WUHPSDJH GDQV XQ EDF VXUOHYHUUHFHOOXODLUH)2$0*/$6ŠVRQWGH
FRPPHGLWSDUDJUDSKH x 1FPðSRXUOH)2$0*/$6Š7
x /HV MRLQWV VRQW DXVVL VHUUpV TXH SRVVLEOH HW FRPSOqWHPHQW UHPSOLV x 1FPðSRXUOH)2$0*/$6Š6
GHELWXPH 
x /RUVTXH OD SHQWH GpSDVVH   OD EDVH GH GpSDUW FRPSRUWH XQH /HPRGXOHG
pODVWLFLWpHQFRPSUHVVLRQHVW01Pð
FRUQLqUHPpWDOOLTXH IRUPH8DV\PpWULTXH HQW{OHRXXQHSLqFHGH 
ERLVIL[pHDXVXSSRUW FRQIRUPpPHQWDX'78  /HUHYrWHPHQWG
pWDQFKpLWpSHXWLPSRVHUVDSURSUHOLPLWH
x /RUVTXH OD SHQWH GpSDVVH OHV UHYrWHPHQWV G
pWDQFKpLWpVRQW 
IL[pVHQWrWHGHOqVVXUOHVSODTXHWWHVGpJUDLVVpHVFUDQWpHVGHW\SH &HVGLVSRVLWLRQVV
DSSOLTXHQWDX[WHUUDVVHVDFFHVVLEOHVDX[WHUUDVVHV
=3LWWVEXUJK&RUQLQJ)UDQFHG
pSDLVVHXUPPLQVpUpHVGDQV FLUFXODEOHV YpKLFXOHV OpJHUV HW ORXUGV DX[ WHUUDVVHVMDUGLQV DX[
O
LVRODQWHWVRXGpHVVXUOHJODFLVG
($&jUDLVRQGHWURLVSDUPqWUH WHUUDVVHVGDOOHVVXUSORWV 1FPð 
OLQpDLUH FIILJXUH  
/HVIL[DWLRQVVRQW 3HQGDQWODUpDOLVDWLRQGHVWUDYDX[OHVFLUFXODWLRQVLQWHQVLYHVHQGLUHFW
 YLV DXWRSHUFHXVH WDUDXGHXVH SRLQWH IRUHW j WrWH ODUJH FRUSV ‘  VXU O
LVRODQW QX RX UHYrWX VRQW j pYLWHU ,O \ D OLHX G
DVVXUHU XQH
PPHWORQJXHXUPP SURWHFWLRQPpFDQLTXHSDUSODWHODJHFURLVpRXG
XWLOLVHUXQHQJLQDGDSWp
SQHXVjEDQGDJHjIDLEOHSUHVVLRQGHJRQIODJH 
DYHFURQGHOOHRYDOH[PPVDQVFXYHWWHHQpSDLVVHXUPPHQ

DFLHUJDOYDQLVp=
/H FODVVHPHQW ),7 GX UHYrWHPHQW GHYLHQW 7 GDQV OH FDV GX FROODJH
 0LVHHQ°XYUHGHO
pWDQFKpLWp DYHF($&

 3UHVFULSWLRQVSDUWLFXOLqUHVVRXVpWDQFKpLWp  &DVGHVIRUWHVLVRODWLRQV


PXOWLFRXFKHELWXPLQHXVH FIILJXUH  /HVSDQQHDX[LVRODQWV)2$0*/$6ŠSHXYHQWrWUHSRVpVHQXQVHXOOLW
RXHQSOXVLHXUVOLWV
/H VXUIDoDJH JpQpUDO GHV SDQQHDX[ DX ELWXPH ($& HVW QpFHVVDLUH
GDQVOHFDVGHUHYrWHPHQWVWKHUPRVRXGDEOHV 6HORQODPpWKRGHGHSRVHGpILQLHDXSDUDJUDSKHOHVMRLQWVVHURQW
FRUUHFWHPHQW UHPSOLV GH ELWXPH j O
H[FHSWLRQ GX OLW VXSpULHXU VRXV
/HVXUIDoDJHGRLWrWUHUpDOLVpDYHFVRLQ FRQVRPPDWLRQNJPðG
($&
pWDQFKpLWpDVSKDOWH
PLQLPXP 
'DQV OH FDV G¶XQ UHYrWHPHQW ELFRXFKH OD qUH FRXFKH VRXVIDFH  7UDYDX[GHUpQRYDWLRQ
JUpVpH SHXWrWUHFROOpHjO¶($&
,OVQHVRQWSRVVLEOHVTXHGDQVOHFDGUHGHOD1)3 '78 
/D PLVH HQ °XYUH GX UHYrWHPHQW G
pWDQFKpLWp RX GH VD SUHPLqUH
/HV FULWqUHV GH FRQVHUYDWLRQ HW GH SUpSDUDWLRQ GHV DQFLHQV
FRXFKHVXLWjO
DYDQFHPHQWGHODSRVHGHO¶LVRODQW
UHYrWHPHQWV G¶pWDQFKpLWp HW GHVDXWUHV pOpPHQWV GHWRLWXUH pOpPHQWV
SRUWHXUVSDUHYDSHXULVRODQWWKHUPLTXHSURWHFWLRQ VRQWGpILQLVGDQV
 3UHVFULSWLRQVSDUWLFXOLqUHVVRXVpWDQFKpLWp OD1)3 '78 
DVSKDOWH FIILJXUH 
/D FRXFKH GH )2$0*/$6Š VXSSRUW GLUHFW GH O
pWDQFKpLWp HVW SRVpH  0DWpULDX[
MRLQWLYHVXU($&VDQVUHIRXOHPHQWGHELWXPHGDQVOHVMRLQWV
/HVXUIDoDJHDXELWXPHHVWUHPSODFpSDUXQSDSLHUNUDIWGpURXOpDYHF x %LWXPHGHFROODJHHWGHVXUIDoDJHFIQRUPH'78VpULH
UHFRXYUHPHQW GHV OpV GH  FP QH IDLVDQW SDV SDUWLH GX FRPSOH[H x %DUULqUHGHYDSHXUpYHQWXHOOHIHXWUH6±FKDSH
DVSKDOWHGpILQLSDUOH1)3 '78  x 3ODTXHWWHVFUDQWpHV3LWWVEXUJK&RUQLQJ)UDQFH

6
LO \ D SOXVLHXUV OLWV OHV OLWV LQIpULHXUV VRQW SRVpV MRLQWLIV HW OHV MRLQWV
VRQW UHPSOLV GH ELWXPH GH FROODJH SDU UHIRXOHPHQW ORUV GH OD SRVH j
O
DYDQFHPHQW

 


% 5pVXOWDWVH[SpULPHQWDX[
x /HVHVVDLVH[pFXWpVjO
RULJLQHILJXUHQWGDQVO
$YLV7HFKQLTXH

x /HFODVVHPHQWGHUpDFWLRQDXIHXUpVXOWHGX39GX&67%
VDQVOLPLWDWLRQGHGXUpH 
/
DQQH[H j O
DUUrWp PLQLVWpULHO Qƒ  GX  MXLQ  FODVVH OH YHUUH
FHOOXODLUHFRPPHPDWpULDXjSULRUL0
x /H &7$/ D SURFpGp HQ  j GHV HVVDLV GH IOH[LRQ G\QDPLTXH
VHORQ1)3VXUEDFVDFLHUVUHYrWXVG
LVRODQW)2$0*/$6Š HW
G
pWDQFKpLWp/HVUpVXOWDWVIRQWO
REMHWGHVUDSSRUWVHW
x (VVDLV9(5,7$6VRXVFKDUJHVFRQFHQWUpHVjPLSRLQWG
XQHSRUWpH
OLEUH *XLGH8($WFIpYULHU UDSSRUW&1%;
x (VVDLV9(5,7$6VRXVFKDUJHVVWDWLTXHVFRQFHQWUpHVVXUOHVSDUWLHV
HQ SRUWH j IDX[ *XLGH 8($WF  IpYULHU   UDSSRUW
&1%;
x (VVDLV9(5,7$6GHFRPSRUWHPHQWVRXVFKDUJHPDLQWHQXV\VWqPH
G
pWDQFKpLWpGDOOHVVXUSORWVUDSSRUW/$%%
x (VVDLVGHFRPSUHVVLELOLWp&57(41

& 5pIpUHQFHV
3OXVLHXUVGL]DLQHVGHPLOOLRQVGHPðGHSDQQHDX[HQWDQWTXHVXSSRUW
G¶pWDQFKpLWpGHWRLWXUHRQWpWpXWLOLVpVHQ(XURSHGHSXLVODGLIIXVLRQGH
FHPDWpULDX



 
7DEOHDX[HWILJXUHVGX'RVVLHU7HFKQLTXH
7DEOHDX±&DUDFWpULVWLTXHVVSpFLILpHVGHV)2$0*/$6Š7HW6
&DUDFWpULVWLTXHVVSpFLILpHV 8QLWp )2$0*/$6Š7 )2$0*/$6Š6 0(7+2'(
   
,GHQWLILFDWLRQ
  
x'LPHQVLRQVHWWROpUDQFHV
  (1
ORQJXHXU “ 
  (1
ODUJHXU “ 
PP
  (1
pSDLVVHXU “   
  
 

x0DVVHYROXPLTXH “  .JP   (1


x0pFDQLTXH    
    
    
&RQWUDLQWHPR\HQQHGHUXSWXUHHQFRPSUHVVLRQVDQV 03D • • (1
pFUDVHPHQW    
&RPSRUWHPHQWVRXVFKDUJHUpSDUWLHGH1FPð  ” ” 
  &ODVVH' &ODVVH' 
    
5FV 03D   &DKLHUGX
    &67%
    
GV  pSDLVVHXUHQPP   pSDLVVHXU [ pSDLVVHXU [ &DKLHUGX
    &67%
GVPLQL    
GVPD[L    
   
&RQWUDLQWHGHUXSWXUHHQWUDFWLRQ   
SHUSHQGLFXODLUH • • (1
x 7KHUPLTXH    
&HUWLILpH$&(50, &HUWLILpH$&(50,
5pVLVWDQFHWKHUPLTXH


'DQVWRXVOHVFDVODGVHVWLQIpULHXUHjPP

7DEOHDX±&DUDFWpULVWLTXHVLQGLFDWLYHV
)2$0*/$6Š )2$0*/$6Š 0(7+2'(
&DUDFWpULVWLTXHVLQGLFDWLYHV 7 6
$SWLWXGHjO
HPSORL   
x0pFDQLTXHV  
 7DVVHPHQWVRXVFKDUJHPDLQWHQXH  
 VRXVGD1FPð  ,QIpULHXUjPP 8($WF

x+\JURWKHUPLTXHV   
   
 3HUPpDELOLWpjODYDSHXUG
HDX QXOOH QXOOH (1
   
 $EVRUSWLRQG
HDXSDULPPHUVLRQ QXOOH QXOOH (1
 (1

x6WDELOLWpGLPHQVLRQQHOOH   
   
 GpIRUPDWLRQUpVLGXHOOHDSUqVVWDELOLVDWLRQjƒ& QXOOH QXOOH 8($WF
HWƒ&   
   
 LQFXUYDWLRQVRXVJUDGLHQW QXOOH QXOOH 8($WF
WKHUPLTXH

x5pDFWLRQDXIHX  0 0 


x&DUDFWpULVWLTXHVPpFDQLTXHV GD1FPð    
VXLYDQW$670&   
  
 &RQWUDLQWHPR\HQQHGHUXSWXUHHQ • •
IOH[LRQ  
  
0RGXOHG
pODVWLFLWpHQIOH[LRQ • •
x9DULDWLRQVGLPHQVLRQQHOOHV   
 &RHIILFLHQWGHGLODWDWLRQWKHUPLTXH ƒ&   

/HFODVVHPHQWGHUpDFWLRQDXIHXUpVXOWHGX39GX&67% VDQVOLPLWDWLRQGHGXUpH /
DQQH[HjO
DUUrWpPLQLVWpULHOQƒGXMXLQ
FODVVHOHYHUUHFHOOXODLUHFRPPHPDWpULDXDSULRUL0

 


7DEOHDX±5pVLVWDQFHVWKHUPLTXHV 

(SDLVVHXU PP  )2$0*/$6Š

 7 6
  
  
  
  
  
  
  
  
  
  
  
  
  

'DQVOHFDVGX7$3(5('ODUpVLVWDQFHWKHUPLTXHGXSDQQHDXHVWFHOOHREWHQXHSRXUVRQpSDLVVHXUPR\HQQH

7DEOHDX ±(SDLVVHXUG¶LVRODQWHQIRQFWLRQGHO¶RXYHUWXUHGHYDOOpH
(SDLVVHXU)2$0*/$6Š 7 6
2XYHUWXUHGHYDOOpH 2XYHUWXUHGHYDOOpH
 d d
 d d
 d d
 d d
 d d

/¶$YLV7HFKQLTXHQHYLVHSDVFHVDSSOLFDWLRQV



 
)LJXUH±7UDLWHPHQWGHVMRLQWVGHIUDFWLRQQHPHQWGHVpOpPHQWVSRUWHXUV VXUSODQFKHUGHW\SH' 





 

 

 


)HXWUH699+5
$OXPLQLXPELWXPpVHORQQRUPH1)3
($&
)RDPJODV
-RLQWHQWUHSODTXHVGH)RDPJODVGHPPQRQUHPSOL
99
5HYrWHPHQWG
pWDQFKpLWp
3ODQFKHUW\SH'




)LJXUHVHW±3RVHGHO¶LVRODQW




)LJXUH±9HUVHUOHELWXPHFKDXG





)LJXUH±)DLUHUHIOXHUOHELWXPHFKDXGGDQVOHVMRLQWVVDXIVLUHYrWHPHQWHQDVSKDOWH

 

)LJXUHVHW±3RVHVXUEDFDFLHU


 
)LJXUH±FRQVRPPDWLRQGHELWXPHSRXUOHFROODJHNJPðHQYLURQ

/HEDFGHWUHPSDJHVHUDVLWXpDXSOXVjPGXOLHXGHSRVH





)LJXUH±3RVHVXUEDFDFLHU

 
)LJXUH±6FKpPDG¶XQHSODTXHWWH GLPHQVLRQVHQPP 





)LJXUH±3RVHGX)2$0*/$6ŠVRXVpWDQFKpLWpPXOWLFRXFKH






 'DOOH %pWRQ
 ($&
 )RDPJODV
 (WDQFKpLWp PXOWLFRXFKH





)LJXUH±3RVHGX)2$0*/$6ŠVRXVpWDQFKpLWpDVSKDOWH










'DOOH%pWRQ
39
($&
)RDPJODV
(FUDQG
LQGpSHQGDQFH
(WDQFKpLWpDVSKDOWH
3URWHFWLRQQRQDVSKDOWH




 

Anda mungkin juga menyukai