$QQXOHHWUHPSODFHO¶$YLV7HFKQLTXH
&RQILUPHO¶DJUpPHQWGHO¶8%$WF$7*
,VRODQWWKHUPLTXHQRQSRUWHXU
)RDPJODV76HW
VXSSRUWG¶pWDQFKpLWp
1RQORDGEHDULQJWKHUPDO 7DSHUHG
LQVXODWLRQDVEDVHIRU
ZDWHUSURRILQJ 7LWXODLUH 6$3,776%85*+&251,1*(8523(
/DVQH%XVLQHVV3DUN±%XLOGLQJ)
1LFKWWUDJHQGHU FKDXVVpHGH/RXYDLQ
:lUPHGlPPVWRIIDOV %/DVQH%HOJLTXH
8QWHUJUXQGIU$EGLFKWXQJHQ
8VLQH 7HVVHQGHUOR%HOJLTXH
'LVWULEXWHXU 3,776%85*+&251,1*)UDQFH
UXH6DDULQHQ±6LOLF
)5XQJLV
7pO
)D[
,QWHUQHWZZZIRDPJODVIU
(PDLOLQIR#IRDPJODVIU
&RPPLVVLRQFKDUJpHGHIRUPXOHUGHV$YLV7HFKQLTXHV
DUUrWpGXGpFHPEUH
*URXSH6SpFLDOLVpQ
7RLWXUHVFRXYHUWXUHVpWDQFKpLWpV
9XSRXUHQUHJLVWUHPHQWOHMDQYLHU
3RXUOH&67%-'0HUOHW'LUHFWHXU7HFKQLTXH
6HFUpWDULDWGHODFRPPLVVLRQGHV$YLV7HFKQLTXHV &67%DYHQXHGX5HFWHXU3RLQFDUp3DULV&HGH[
7pO )D[ ,QWHUQHWZZZFVWEIU
/HV$YLV7HFKQLTXHVVRQWSXEOLpVSDUOH6HFUpWDULDWGHV$YLV7HFKQLTXHVDVVXUpSDUOH&67%/HVYHUVLRQVDXWKHQWLILpHVVRQWGLVSRQLEOHVJUDWXLWHPHQWVXUOHVLWHLQWHUQHWGX&67%KWWSZZZFVWEIU
&67%
/H*URXSHVSpFLDOLVpQ7RLWXUHVFRXYHUWXUHVpWDQFKpLWpVDH[DPLQpOHVHSWHPEUH
O¶HPSORLGHO¶LVRODQWWKHUPLTXHQRQSRUWHXU)2$0*/$676HW7$3(5('FRPPH
VXSSRUWGHUHYrWHPHQWG¶pWDQFKpLWp,ODIRUPXOpVXUFHWHPSORLO¶$YLV7HFKQLTXHFLDSUqV
TXLFRQILUPHO¶$JUpPHQWEHOJHGHO¶8%$WF$7*HWVHVXEVWLWXHjO¶$YLV7HFKQLTXH
&HW$YLVDpWpIRUPXOpSRXUOHVXWLOLVDWLRQVHQ)UDQFH(XURSpHQQH
DX[WRLWXUHVDFFHVVLEOHVDX[YpKLFXOHVOpJHUV
'pILQLWLRQVXFFLQFWH DX[WRLWXUHVMDUGLQV
x /
HPSORLHQWRLWXUHVDFFHVVLEOHVDX[YpKLFXOHVORXUGVQpFHVVLWHXQH
'HVFULSWLRQVXFFLQFWH pWXGHDSSURSULpHGHFRQFHSWLRQHWG
H[pFXWLRQ/HVFDUDFWpULVWLTXHV
3DQQHDX[LVRODQWVHQYHUUHFHOOXODLUH GHFRPSUHVVLELOLWpGXSURGXLWQRWDPPHQW6VRQWFRPSDWLEOHVDYHF
FHWHPSORL
'LPHQVLRQV [ PP pSDLVVHXUV j PP GH HQ
PP%RUGVGURLWV (PSORLHQFOLPDWGHPRQWDJQH
/HVSDQQHDX[V
HPSORLHQWHQXQRXSOXVLHXUVOLWVG
LVRODWLRQRXFRPPH &HSDQQHDXSHXWrWUHHPSOR\pGDQVOHVFRQGLWLRQVSUpYXHVSDUOH1)
SUHPLqUH RX GHUQLqUH FRXFKH G
XQH LVRODWLRQ FRPSRVpH ,OV VRQW IL[pV 3'78O
pFUDQGHPLVHKRUVG
HDXSURYLVRLUHpWDQWGpFULW
SDUELWXPHFKDXG($&,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*/$6VXUIDFp
/¶pWLTXHWDJH GHV SDOHWWHV FRPSRUWH OH QRP FRPPHUFLDO OHV DXELWXPH($&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('SRXUIRUPHVGHSHQWHXQLTXHPHQWVLO¶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 EUOXUHV /
HPSORL GX ODPRGLILFDWLRQGHOD1)3'78pGLWLRQLODSSDUWLHQW
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*/$6GHYUDVDWLVIDLUHDX[H[LJHQFHVGXWDEOHDX9,,,GX 9DOLGLWp
IDVFLFXOH ©&RHIILFLHQW 8EkWª GHV 5qJOHV 7K8 TXL GpILQLW OH
FRHIILFLHQW8VXUIDFLTXHPD[LPDODGPLVVLEOHSRXUODWRLWXUH DQVYHQDQWjH[SLUDWLRQOHVHSWHPEUH
$FFHVVLELOLWpGHODWRLWXUH
x /H)2$0*/$6XWLOLVpFRPPHVXSSRUWG
pWDQFKpLWpFRQYLHQW 3RXUOH*URXSH6SpFLDOLVpQ
DX[WRLWXUHVQRQDFFHVVLEOHVHWWHFKQLTXHV /H3UpVLGHQW
DX[WRLWXUHVDFFHVVLEOHVDX[SLpWRQVDXVpMRXUGDOOHVVXUSORWV
&'8&+(61(
5HPDUTXHVFRPSOpPHQWDLUHV
GX*URXSH6SpFLDOLVp
x /H'RVVLHU7HFKQLTXHUDSSHOOHH[SUHVVpPHQWO¶H[LJHQFHGHSODQpLWp
UHTXLVHSRXUOHVVXSSRUWVHQPDoRQQHULH
x 'DQV OH FDV G¶XQH UpIHFWLRQ VXU VXSSRUW ERLV RQ DSSOLTXHUD GHV
GLVSRVLWLRQV DQDORJXHV j FHOOHV FRQFHUQDQW OD UpIHFWLRQ VXU W{OHV
G¶DFLHUQHUYXUpHVGpFULWHVDXFKDSLWUHGXSUpVHQW$YLV
x /H )2$0*/$6 7$3(5(' HVW XWLOLVDEOH XQLTXHPHQW VXU pOpPHQW
SRUWHXUHQEpWRQRXEpWRQFHOOXODLUH
/H5DSSRUWHXUGX*URXSH6SpFLDOLVpQ
(OLHWWH6$/,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 VRQWUHPSOLVGHELWXPHGHFROODJHSDUUHIRXOHPHQWORUVGHODSRVHFI
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
'781)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
XQSODQGHSRVHFDOHSLQDJHHWQXPpURWDWLRQ
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*/$6HQXQVHXOOLW
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*/$6 HVW XQ YHUUH FHOOXODLUH DOXPLQRVLOLFDWp FODVVH SDVVHQW GDQV GHV IRXUV /HV FRQGLWLRQV G
H[SDQVLRQ HW GH
K\GURO\WLTXH ,,, VHORQ ',1 G¶XQH FRPSRVLWLRQ WRWDOHPHQW UHIURLGLVVHPHQWVRQWFRQWU{OpHVDXWRPDWLTXHPHQW
LQRUJDQLTXHVDQVDGGLWLRQGHOLDQWV /HV EORFV DLQVL FRQIHFWLRQQpV VRQW VFLpV VXU WRXWHV OHV IDFHV DX[
GLPHQVLRQVUHTXLVHV
&DUDFWpULVWLTXHV
/HVFDUDFWpULVWLTXHVGHVW\SHV76VRQWLQGLTXpHVGDQVOHVWDEOHDX[ &RQWU{OHVGHIDEULFDWLRQ
HW 6XU SURGXLWV ILQLV VRQW QRWDPPHQW FRQWU{OpHV OHV GLPHQVLRQV OD
UpVLVWDQFH j OD FRPSUHVVLRQ OD FRQGXFWLYLWp WKHUPLTXH OD PDVVH
5pVLVWDQFHWKHUPLTXH YROXPLTXH/
DXWRFRQWU{OHHVWVXSHUYLVpSDUO
8%$WF
/H WDEOHDX GRQQH SRXU FKDTXH pSDLVVHXU OD UpVLVWDQFH WKHUPLTXH /D IDEULFDWLRQ GX YHUUH FHOOXODLUH )2$0*/$6 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*/$6 7 6 OHV GLPHQVLRQV GHV SDQQHDX[ HW OH VHQV GH
SDQQHDX[EDQGHVGRXHOOHVHWFKDQIUHLQV VWRFNDJHGHVSDTXHWV/DFHUWLILFDWLRQ$&(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*/$6 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*/$6 7 6 VRQW PLV HQ °XYUH VXU OHV
GHPDQGH 8Q MHX GH SODTXHV VSpFLDOHPHQW UHSpUpHV HW QXPpURWpHV
pOpPHQWV SRUWHXUV SDU FROODJH j O
($& VDQV pFUDQ SDUH YDSHXU VDXI
V
DSSOLTXDQWGDQVXQRUGUHGpWHUPLQpSHUPHWODPLVHHQRHXYUH3RXU
VRXVDVSKDOWHSRVpVXU)2$0*/$6HQXQVHXOOLW
OHV YHUVDQWV GH JUDQGH ORQJXHXU TXL FRQGXLVHQW j GH IRUWHV
pSDLVVHXUV OHV SODTXHV WUDSp]RwGDOHV VRQW SUpHQFROOpHV HQ XVLQH VXU 6LOHVFKDQIUHLQVVRQWXWLOLVpVVXUDFURWqUHVLOVVHURQWFROOpVjO
($&
GHV SODTXHV GH VHFWLRQ UHFWDQJXODLUH SHUPHWWDQW DLQVL OD SRVH HQ XQ /
($& VHUD FKDXIIp SRXU REWHQLU XQ ELWXPH IOXLGH TXL SHUPHW
VHXOOLW O
DGKpUHQFHFRPSOqWHGHODSODTXHHWOHUHIOX[GDQVOHVMRLQWVVDXIVLOH
/¶pSDLVVHXUPLQLGHVSDQQHDX[HVWGHPP UHYrWHPHQWHVWHQDVSKDOWH/HVWHPSpUDWXUHVGHIXVLRQHWO
XWLOLVDWLRQ
VRQWFHOOHVGpFULWHVGDQVOHVQRUPHV'78GHODVpULH&
/H UHIOX[ GH ELWXPH GDQV OHV MRLQWV QH V¶DSSOLTXH SDV ORUVTXH OH 3UHVFULSWLRQFRQFHUQDQWO
HPSORL
UHYrWHPHQWG¶pWDQFKpLWpHVWHQDVSKDOWH
HQPRQWDJQH
&RQIRUPpPHQW DX[ QRUPHV '78 HQ YLJXHXU DXFXQ WUDYDLO j O
($& 6XU pOpPHQW SRUWHXU HQ PDoRQQHULH OD SRVH GHV SDQQHDX[ HVW
Q
HVW HQWUHSULV ORUVTXH OH VXSSRUW HVW j XQH WHPSpUDWXUH LQIpULHXUH j SUpFpGpHSDUODPLVHHQ°XYUHGH
& 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 FHOOXODLUHFIILJXUHVHW
/HV SDQQHDX[ VRUWLV GHV KRXVVHV GH SURWHFWLRQ GHV SDOHWWHV GRLYHQW x 6LFFLWpGXVXSSRUWEpWRQOH)2$0*/$6QHSHXWrWUHDSSOLTXpTXH
rWUHSURWpJpVFRQWUHOHVLQWHPSpULHVSDUEkFKDJH VXUXQHVXUIDFHQRUPDOHPHQWVqFKH
(OpPHQWVSRUWHXUVHQPDoRQQHULH
x /HVSDQQHDX[)2$0*/$6VRQWFROOpVVXUWRXWHODVXUIDFHSDUXQH
/HV pOpPHQWV SRUWHXUV GRLYHQW rWUH FRQIRUPHV DX 1) 3 '78 FRXFKH G
($& VXU (,) RX VXU O
pFUDQ YDSHXU ORUVTXH SUpYX HQ
QRWDPPHQWSRXUFHTXLFRQFHUQHOHW\SH' UDQJpHVSDUDOOqOHVMRLQWVTXLQFRQFHVELHQVHUUpV
x 7ROpUDQFHVG
KRUL]RQWDOLWp
x 0LVHHQSODFHGHVFOHIV 2QYHLOOHUDjPHWWUHHQ°XYUHXQHFRXFKHG
($&G¶DXPRLQVNJPð
SRXUDVVXUHUXQFROODJHHQSOHLQGHVSDQQHDX[
x $IIOHXUHPHQW GH VXUIDFH HW GpVDIIOHXUHPHQW GHV MRLQWV SRXU OHV
pOpPHQWVIUDFWLRQQpV x 5HPSOLVVDJHGHMRLQWVOHVSDQQHDX[VRQWSRVpVMRLQWLIVHWOHVMRLQWV
VRQW UHPSOLV GH ELWXPH GH FROODJH SDU UHIRXOHPHQW ORUV GH OD SRVH
FIILJXUH
7UDLWHPHQW GHV MRLQWV GH IUDFWLRQQHPHQW GHV pOpPHQWV
SRUWHXUVVXUSODQFKHUW\SH'FIILJXUH /DTXDQWLWpGHELWXPHSRXUOHFROODJHHWOHWUDLWHPHQWGHVMRLQWVHVWGH
NJPðPLQLPXP
/HV MRLQWV VXU DSSXLV GLWV MRLQWV DFWLIV VHURQW WUDLWpV GH OD IDoRQ
VXLYDQWH 3UHVFULSWLRQVSDUWLFXOLqUHVVXUpOpPHQWV
x 3RQWDJHGHVMRLQWVVXUDSSXLVSDUXQHEDQGHGHODUJHXUPHQ SRUWHXUVHQW{OHG¶DFLHUQHUYXUpH
IHXWUHELWXPp699+5SRVpHOLEUHPHQWVXUO
D[HGHVMRLQWV
FIILJXUHVHW
x &ROODJH GH SDUW HW G
DXWUH GH OD EDQGH GH SRQWDJH G
XQ DOXPLQLXP
1)3DXELWXPH($&ODUJHXUP x /HV\VWqPHQHQpFHVVLWHQLSODWHODJHQLSDUHYDSHXU
x 3RVHGHO
LVRODQWSDUFROODJHjO
($&GHSDUWHWG
DXWUHGHODOLJQHGH x 3UpSDUDWLRQ GX VXSSRUW DSSOLTXHU XQ HQGXLW G
LPSUpJQDWLRQ j IURLG
MRLQWHQPpQDJHDQWXQpFDUWHPHQWGHPP (,)VXUVXSSRUWHQW{OHG
DFLHUQHUYXUpHJDOYDQLVpHLQXWLOHVXUW{OH
G
DFLHUQHUYXUpHSUpODTXpH
x 5HPSOLVVDJH GX MRLQW GH PDVWLF 3LWWVHDO RX 3LWWFRWH
PDVWLF GLVWULEXp SDU 3,776%85*+ &251,1* j WUqV KDXWH x &KRL[GHO
pSDLVVHXUGHO
LVRODQWHOOHHVWGpWHUPLQpHSDUO
H[LJHQFH
UpVLVWDQFHjODGLIIXVLRQGHYDSHXUG
HDXVXUWRXWHVDKDXWHXU WKHUPLTXH&HSHQGDQWO
pSDLVVHXUPLQLPDOHSRXUOHIUDQFKLVVHPHQW
GHVQHUYXUHVHVWGHPP
x 3RVH DXGHVVXV GX MRLQW DLQVL WUDLWp G
XQ pFUDQ G
LQGpSHQGDQFH
99GHPGHODUJHXUVXUJODFLV($&UHIURLGL 6LO
RQXWLOLVDLWGHVW{OHVGRQWO
RXYHUWXUHGHYDOOpHGpSDVVHPPOHV
pSDLVVHXUV PLQLPDOHV GH SDQQHDX )2$0*/$6 j PHWWUH HQ °XYUH
x 3RVHGXUHYrWHPHQWG
pWDQFKpLWp VHUDLHQWFHOOHVGXWDEOHDXHQPP
(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 $YLV 7HFKQLTXH GXORFDO
SDUWLFXOLHU HW PLV HQ °XYUH VHORQ OHV &RQGLWLRQV JpQpUDOHV G
HPSORL
GHVGDOOHVGHEpWRQFHOOXODLUHDUPp 3ULQFLSH GH UpSDUWLWLRQ HW GH SRVH OHV SDQQHDX[ VRQW SRVpV HQ
UDQJpHV SDUDOOqOHV j MRLQWV TXLQFRQFpV GH SUpIpUHQFH OH ORQJ F{Wp
/HV MRLQWV VRQW SRQWpV VHORQ OHV SUHVFULSWLRQV GH FHV &RQGLWLRQV SDUDOOqOHDX[QHUYXUHVFIILJXUH/DSRVHFRPPHQFHGHSUpIpUHQFH
JpQpUDOHV SDUODOLJQHG
pJRXW
(OpPHQWVSRUWHXUVHQERLVHWSDQQHDX[ (Q O¶DEVHQFH G¶DFURWqUH OHV SDQQHDX[ VRQW EXWpV VXU XQH FRUQLqUH
PpWDOOLTXH VRXV IRUPH G¶XQ 8 DV\PpWULTXH VXU ODTXHOOH HVW DSSOLTXpH
GpULYpV XQ(,)HWIL[pHVXUODW{OHG¶DFLHUQHUYXUpH
,OVVRQWFRQIRUPHVDX1)3'78
3ULQFLSHGHO
HQFROODJHDXELWXPHFKDXG($&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'78VpULHRXVXUOHVSODTXHWWHVPpWDOOLTXHV
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*/$6 VRQW FROOpV j SOHLQ EDLQ GH 6DXI VRXV pWDQFKpLWp DVSKDOWH FH VXUIDoDJH j O
($& 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*/$6 SHXYHQW rWUH FROOpV GLUHFWHPHQW /H 5HYrWHPHQWVG
pWDQFKpLWpQRQWUDGLWLRQQHOV
SRQWDJH GHV MRLQWV GHV SDQQHDX[ SRUWHXUV HVW QpFHVVDLUH SDU IHXWUH 2QVHUHSRUWHUDDX[$YLV7HFKQLTXHVGHVUHYrWHPHQWV
6VHORQ1)3'78
3RVHG
LVRODQWVXUVXUIDFHFRXUEH /
HPSORL G
XQ UHYrWHPHQW G
pWDQFKpLWp WKHUPRVRXGDEOH Q
HVW SRVVLEOH
TXHVXUXQVXUIDoDJHSUpDODEOHGHO
LVRODQWjO
($&
6XUGHPDQGHOHVSDQQHDX[GHYHUUHFHOOXODLUHSHXYHQWrWUHWDLOOpVHQ
VHJPHQWVpSRXVDQWSDUIDLWHPHQWODIRUPHGXVXSSRUW /D PLVH HQ °XYUH GX UHYrWHPHQW G
pWDQFKpLWp RX GH VD SUHPLqUH
FRXFKHVXLWjO
DYDQFHPHQWGHODSRVHGHO
LVRODQW
/DODUJHXUGHVSDQQHDX[SODWVHVWGRQQpHSDUODIRUPXOHFLGHVVRXV
/[¥5XQLWpVHQP 3URWHFWLRQGHVUHYrWHPHQWV
/HVSURWHFWLRQVORXUGHVUDSSRUWpHVVRQWFHOOHVGpFULWHVSDUOHVQRUPHV
3UHVFULSWLRQVSDUWLFXOLqUHVSRXUODSRVHGH '78GHODVpULHRX$YLV7HFKQLTXHVHQIRQFWLRQGHVSHQWHVHWGHV
O
LVRODQWVXUWRLWXUHLQFOLQpHSHQWHV! FRQGLWLRQVG
DFFHVVLELOLWpGHODWRLWXUH
x /HV SDQQHDX[ VRQW EXWpVVXU ODEDVH GH GpSDUWFRQIRUPpPHQW DX[
1)3'78'78HW'78 'DQVWRXVOHVFDVGHSURWHFWLRQUDSSRUWpHOHVFRQWUDLQWHVDGPLVVLEOHV
x /HV SDQQHDX[ VRQW FROOpV j O
($& SDU WUHPSDJH GDQV XQ EDF VXUOHYHUUHFHOOXODLUH)2$0*/$6VRQWGH
FRPPHGLWSDUDJUDSKH x 1FPðSRXUOH)2$0*/$67
x /HV MRLQWV VRQW DXVVL VHUUpV TXH SRVVLEOH HW FRPSOqWHPHQW UHPSOLV x 1FPðSRXUOH)2$0*/$66
GHELWXPH
x /RUVTXH OD SHQWH GpSDVVH OD EDVH GH GpSDUW FRPSRUWH XQH /HPRGXOHG
pODVWLFLWpHQFRPSUHVVLRQHVW01Pð
FRUQLqUHPpWDOOLTXHIRUPH8DV\PpWULTXHHQW{OHRXXQHSLqFHGH
ERLVIL[pHDXVXSSRUWFRQIRUPpPHQWDX'78 /HUHYrWHPHQWG
pWDQFKpLWpSHXWLPSRVHUVDSURSUHOLPLWH
x /RUVTXH OD SHQWH GpSDVVH OHV UHYrWHPHQWV G
pWDQFKpLWpVRQW
IL[pVHQWrWHGHOqVVXUOHVSODTXHWWHVGpJUDLVVpHVFUDQWpHVGHW\SH &HVGLVSRVLWLRQVV
DSSOLTXHQWDX[WHUUDVVHVDFFHVVLEOHVDX[WHUUDVVHV
=3LWWVEXUJK&RUQLQJ)UDQFHG
pSDLVVHXUPPLQVpUpHVGDQV FLUFXODEOHV YpKLFXOHV OpJHUV HW ORXUGV DX[ WHUUDVVHVMDUGLQV DX[
O
LVRODQWHWVRXGpHVVXUOHJODFLVG
($&jUDLVRQGHWURLVSDUPqWUH WHUUDVVHVGDOOHVVXUSORWV1FPð
OLQpDLUHFIILJXUH
/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($&
% 5pVXOWDWVH[SpULPHQWDX[
x /HVHVVDLVH[pFXWpVjO
RULJLQHILJXUHQWGDQVO
$YLV7HFKQLTXH
x /HFODVVHPHQWGHUpDFWLRQDXIHXUpVXOWHGX39GX&67%
VDQVOLPLWDWLRQGHGXUpH
/
DQQH[H j O
DUUrWp PLQLVWpULHO Q GX MXLQ FODVVH OH YHUUH
FHOOXODLUHFRPPHPDWpULDXjSULRUL0
x /H &7$/ D SURFpGp HQ j GHV HVVDLV GH IOH[LRQ G\QDPLTXH
VHORQ1)3VXUEDFVDFLHUVUHYrWXVG
LVRODQW)2$0*/$6 HW
G
pWDQFKpLWp/HVUpVXOWDWVIRQWO
REMHWGHVUDSSRUWVHW
x (VVDLV9(5,7$6VRXVFKDUJHVFRQFHQWUpHVjPLSRLQWG
XQHSRUWpH
OLEUH*XLGH8($WFIpYULHUUDSSRUW&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*/$67HW6
&DUDFWpULVWLTXHVVSpFLILpHV 8QLWp )2$0*/$67 )2$0*/$66 0(7+2'(
,GHQWLILFDWLRQ
x'LPHQVLRQVHWWROpUDQFHV
(1
ORQJXHXU
(1
ODUJHXU
PP
(1
pSDLVVHXU
'DQVWRXVOHVFDVODGVHVWLQIpULHXUHjPP
7DEOHDX±&DUDFWpULVWLTXHVLQGLFDWLYHV
)2$0*/$6 )2$0*/$6 0(7+2'(
&DUDFWpULVWLTXHVLQGLFDWLYHV 7 6
$SWLWXGHjO
HPSORL
x0pFDQLTXHV
7DVVHPHQWVRXVFKDUJHPDLQWHQXH
VRXVGD1FPð ,QIpULHXUjPP 8($WF
x+\JURWKHUPLTXHV
3HUPpDELOLWpjODYDSHXUG
HDX QXOOH QXOOH (1
$EVRUSWLRQG
HDXSDULPPHUVLRQ QXOOH QXOOH (1
(1
x6WDELOLWpGLPHQVLRQQHOOH
GpIRUPDWLRQUpVLGXHOOHDSUqVVWDELOLVDWLRQj& QXOOH QXOOH 8($WF
HW&
LQFXUYDWLRQVRXVJUDGLHQW QXOOH QXOOH 8($WF
WKHUPLTXH
7DEOHDX±5pVLVWDQFHVWKHUPLTXHV
(SDLVVHXUPP )2$0*/$6
7 6
'DQVOHFDVGX7$3(5('ODUpVLVWDQFHWKHUPLTXHGXSDQQHDXHVWFHOOHREWHQXHSRXUVRQpSDLVVHXUPR\HQQH
7DEOHDX
±(SDLVVHXUG¶LVRODQWHQIRQFWLRQGHO¶RXYHUWXUHGHYDOOpH
(SDLVVHXU)2$0*/$6 7 6
2XYHUWXUHGHYDOOpH 2XYHUWXUHGHYDOOpH
d d
d d
d d
d d
d d
/¶$YLV7HFKQLTXHQHYLVHSDVFHVDSSOLFDWLRQV
)LJXUH±7UDLWHPHQWGHVMRLQWVGHIUDFWLRQQHPHQWGHVpOpPHQWVSRUWHXUVVXUSODQFKHUGHW\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¶XQHSODTXHWWHGLPHQVLRQVHQPP
)LJXUH±3RVHGX)2$0*/$6VRXVpWDQFKpLWpPXOWLFRXFKH
'DOOH %pWRQ
($&
)RDPJODV
(WDQFKpLWp PXOWLFRXFKH
)LJXUH±3RVHGX)2$0*/$6VRXVpWDQFKpLWpDVSKDOWH
'DOOH%pWRQ
39
($&
)RDPJODV
(FUDQG
LQGpSHQGDQFH
(WDQFKpLWpDVSKDOWH
3URWHFWLRQQRQDVSKDOWH