Annexe Fiscale 2019

You might also like

Download as pdf or txt
Download as pdf or txt
You are on page 1of 95

ANNEXE 1 : ANNEXE FISCALE

      



   
 FNEM
FNEM

ANNEXE 1 : ANNEXE FISCALE



6(&5(7$5,$7'¶(7$7$835(6'835(0,(50,1,675( 5(38%/,48('(&27('¶,92,5(
&+$5*('8%8'*(7 8QLRQ±'LVFLSOLQH±7UDYDLO
(7'83257()(8,//('(/¶(7$7 
 


127('(35(6(17$7,21*(1(5$/('8352-(7'·$11(;(),6&$/(


/DSROLWLTXHILVFDOHGX*RXYHUQHPHQWDFRQVLVWpDXFRXUVGHFHVGHUQLqUHVDQQpHVjGRWHUQRWUHSD\VG·XQGLVSRVLWLIOpJDO
PRGHUQHDWWUDFWLIHWDGDSWpjO·HQYLURQQHPHQWpFRQRPLTXHQDWLRQDOHWLQWHUQDWLRQDO

/HV RULHQWDWLRQV DFWXHOOHV GH OD SROLWLTXH pFRQRPLTXH HW VRFLDOH GX *RXYHUQHPHQW FRQWHQXHV GDQV OH 3ODQ 1DWLRQDO GH
'pYHORSSHPHQW 31'   DLQVL TXH VHV HQJDJHPHQWV LQWHUQDWLRQDX[ WDQW DX QLYHDX VRXVUpJLRQDO 8(02$ HW
&('($2  TX·DX QLYHDX GHV SDUWHQDLUHV DX GpYHORSSHPHQW 8QLRQ (XURSpHQQH )RQGV 0RQpWDLUH ,QWHUQDWLRQDO %DQTXH
0RQGLDOH HWF  UHQGHQW QpFHVVDLUH OD SRXUVXLWH GH FHWWH SROLWLTXH VXU FHUWDLQV VHJPHQWV VSpFLILTXHV GH O·pFRQRPLH
QDWLRQDOH

$LQVLXQVRXWLHQSOXVDFFUXDXVHFWHXUSULYpFUpDWHXUGHULFKHVVHVHWG·HPSORLVHVWO·XQGHVD[HVSULQFLSDX[GHODSUpVHQWH
DQQH[HILVFDOHDX%XGJHWGHO·(WDWSRXUO·DQQpH

3DU DLOOHXUV GLYHUVHV DXWUHV PHVXUHV VRQW SURSRVpHV HQ YXH G·XQH SDUW G·DPpOLRUHU OHV FRQGLWLRQV GH YLH GH FHUWDLQHV
FDWpJRULHVGHODSRSXODWLRQHWG·DXWUHSDUWGHPRGHUQLVHUHWGHUDWLRQDOLVHUOHGLVSRVLWLIILVFDO

$LQVLOHSURMHWGHO·DQQH[HILVFDOHFRPSRUWHXQHVpULHGHPHVXUHVTXLVRQWGHFLQT  RUGUHV

 OHVPHVXUHVGHVRXWLHQDX[HQWUHSULVHV
 OHVPHVXUHVGHUHQIRUFHPHQWGHVPR\HQVGHO·(WDW
 OHVPHVXUHVjFDUDFWqUHVRFLDO
 OHVPHVXUHVGHUDWLRQDOLVDWLRQHWGHPRGHUQLVDWLRQGXGLVSRVLWLIILVFDO
 OHVPHVXUHVWHFKQLTXHV




, 0HVXUHVGHVRXWLHQDX[HQWUHSULVHV

/HV PHVXUHV GH VRXWLHQ DX VHFWHXU SULYp FRQFHUQHQW OHV SHWLWHV HW PR\HQQHV HQWUHSULVHV OHV VHFWHXUV DJULFROHV GX
WUDQVSRUWHWOHVWUDQVDFWLRQVLPPRELOLqUHV

 0HVXUHVG·LQFLWDWLRQILVFDOHVDXSURILWGHVSHWLWHVHWPR\HQQHVHQWUHSULVHV DUWLFOHSUHPLHU 

'DQV OH FDGUH GH VD SROLWLTXH GH SURPRWLRQ GHV SHWLWHV HW PR\HQQHV HQWUHSULVHV 30(  F·HVWjGLUH GHV HQWUHSULVHV TXL
UpDOLVHQW XQ FKLIIUH G·DIIDLUHV DQQXHO WRXWHV WD[HV FRPSULVHV LQIpULHXU j XQ PLOOLDUG GH IUDQFV OH *RXYHUQHPHQW D SULV XQ
FHUWDLQ QRPEUH GH PHVXUHV HQ YXH G·DSSRUWHU GHV VROXWLRQV DX[ SUREOqPHV VSpFLILTXHV UHQFRQWUpV SDU FHWWH FDWpJRULH
G·HQWUHSULVHV

'DQVOH FDGUHGX 3ODQ 1DWLRQDOGH 'pYHORSSHPHQW  HW GX SURJUDPPH pFRQRPLTXHGX *RXYHUQHPHQWLO D pWp
GpFLGpG·DGRSWHUGHVPHVXUHVLQFLWDWLYHVDGGLWLRQQHOOHVGHQDWXUHjUHQIRUFHUODFRPSpWLWLYLWpGHV30(LYRLULHQQHV

$LQVLLOHVWSURSRVp


 GHOHVH[RQpUHUGHODFRQWULEXWLRQGHVSDWHQWHVVXUXQHSpULRGHGHFLQTDQVjFRPSWHUGHO·DQQpHGHFUpDWLRQ


 GHUpGXLUHGHO·LPS{WIRQFLHUG€SHQGDQWGHX[DQQpHVVXUOHVLPPHXEOHVQRXYHOOHPHQWDFTXLVSRXUOHVEHVRLQV
GHOHXUH[SORLWDWLRQ


 GHOHVH[RQpUHUGHVGURLWVG·HQUHJLVWUHPHQWDXWLWUHGHVDFWHVUHODWLIVDX[PDUFKpVSXEOLFVSDVVpVDYHFO·(WDW


 GH OHV H[RQpUHU SHQGDQW XQH SpULRGH GH WURLV DQQpHV VXLYDQW OD GDWH GH OHXU FUpDWLRQ GHV GURLWV G·HQUHJLVWUHPHQW
UHODWLIVjO·DXJPHQWDWLRQGXFDSLWDOVRFLDORXjODPRGLILFDWLRQGHODIRUPHVRFLDOHHQFHTXLFRQFHUQHOHVHQWUHSULVHV
H[SORLWpHVVRXVIRUPHLQGLYLGXHOOH


,O FRQYLHQW GH SUpFLVHU TXH OHV FRQGLWLRQV G·RFWURL HW GH PLVH HQ ±XYUH GHVGLWV DYDQWDJHV TXL VRQW j DFFRUGHU HQ
FRQWUHSDUWLHG·HIIRUWVUpDOLVpVHQPDWLqUHG·HPEDXFKHVHURQWGpWHUPLQpHVSDUDUUrWpGX0LQLVWUHHQFKDUJHGX%XGJHW

,OHVWpJDOHPHQWSURSRVpG·LQVWLWXHUDXSURILWGHV30(UpDOLVDQWXQFKLIIUHG·DIIDLUHVDQQXHOLQIpULHXURXpJDOjPLOOLRQVGH
IUDQFVXQHYpULILFDWLRQGHFRPSWDELOLWpVDQVSpQDOLWpVTXLSHXWrWUHHIIHFWXpHXQHVHXOHIRLVDXFRXUVGHVWURLV  SUHPLqUHV
DQQpHVG·H[LVWHQFHGHO·HQWUHSULVH




Ϯ


 ([WHQVLRQGHODGpGXFWLELOLWpGHODWD[HVXUODYDOHXUDMRXWpHDX[JDVRLOKXLOHVHWJUDLVVHVXWLOLVpVGDQVOHVHQJLQVGH
PDQXWHQWLRQGXVHFWHXUGXEkWLPHQWHWGHVWUDYDX[SXEOLFV DUWLFOH 

/H&RGHJpQpUDOGHV,PS{WVSUpYRLWTX·HQFHTXLFRQFHUQHOHVSURGXLWVSpWUROLHUVVHXOVRXYUHQWGURLWjGpGXFWLRQGHODWD[H
VXU OD YDOHXU DMRXWpH 79$  OH SpWUROH XWLOLVp SRXU OH IRQFWLRQQHPHQW GHV XVLQHV HW OHV SURGXLWV QRLUV JDVRLO IXHORLO 
GLVWLOODWHGLHVHORLO jO·H[FOXVLRQGHVSURGXLWVXWLOLVpVFRPPHFDUEXUDQWGDQVOHVYpKLFXOHVGHWUDQVSRUW
&HWWHUHVWULFWLRQjODUpFXSpUDWLRQGHODWD[HVXUODYDOHXUDMRXWpHHQWUDvQHSRXUOHVHQWUHSULVHVGXVHFWHXUGHVEkWLPHQWVHW
WUDYDX[ SXEOLFV %73  GHV FUpGLWV GH 79$ TXL HQ O·pWDW DFWXHO GX GLVSRVLWLI QH VRQW SDV UHPERXUVDEOHV FUpDQW DLQVL GHV
WHQVLRQVGHWUpVRUHULHDXQLYHDXGHFHVRSpUDWHXUVTXLVRQWGHJUDQGVXWLOLVDWHXUVGHVVRXUFHVG·pQHUJLHFRQFHUQpHV

,OHVWSDUFRQVpTXHQWSURSRVpG·DXWRULVHUOHVHQWUHSULVHVGXVHFWHXUGHV%73jGpGXLUHOD79$JUHYDQWOHXUVDFKDWVGHJDVRLO
G·KXLOHVHWGHJUDLVVHVTX·HOOHVXWLOLVHQWSRXUOHIRQFWLRQQHPHQWGHVHQJLQVVHUYDQWjOHXUVDFWLYLWpVjO·H[FOXVLRQGHVSURGXLWV
GHVWLQpVDX[YpKLFXOHVGHWRXULVPHHWDXWUDQVSRUWGHVSHUVRQQHV

7RXWHIRLVLOHVWSURSRVpGHOLPLWHUFHGURLWjGpGXFWLRQSDUXQHUpGXFWLRQIRUIDLWDLUHGHUHSUpVHQWDWLYHGHO·XWLOLVDWLRQQRQ
SURIHVVLRQQHOOHGHFHVSURGXLWVSpWUROLHUVSDUOHVRSpUDWHXUVFRQFHUQpV

 0HVXUHVILVFDOHVHQIDYHXUGHVH[SORLWDWLRQVDJULFROHV DUWLFOH 

/ DUWLFOHGHO DQQH[HILVFDOHSRXUODJHVWLRQDLQVWLWXpXQSUpOqYHPHQWjWLWUHG·DFRPSWHG·LPS{WVXUOHVEpQpILFHVVXU
FHUWDLQHVSURGXFWLRQVDJULFROHVQRWDPPHQWOHSDOPLHUjKXLOHO·DQDQDVOHVSURGXLWVKpYHLFROHVOHERLVHQJUXPHV

/HVWDX[GHFHVSUpOqYHPHQWVVRQWUHVSHFWLYHPHQWGHHWGH

'HSXLVTXHOTXHVDQQpHVOHVFRXUVPRQGLDX[GHO·KpYpDHWGHO·DQDQDVFRQQDLVVHQWG·LPSRUWDQWHVIOXFWXDWLRQVjODEDLVVH
FH TXL LPSDFWH QpJDWLYHPHQW OHV UHYHQXV GHV SURGXFWHXUV GH FHV GLIIpUHQWHV FXOWXUHV GRQW OHV FR€WV GH SURGXFWLRQ
GHPHXUHQWpOHYpV

$ILQ GH OHV DLGHU j VRUWLU GH FHWWH VLWXDWLRQ GLIILFLOH WRXW HQ OHV HQFRXUDJHDQW j UHODQFHU OHXUV LQYHVWLVVHPHQWV LO HVW SURSRVp
GHUpGXLUHOHWDX[GXSUpOqYHPHQWGHjSRXUOHVSURGXLWVKpYpLFROHVHWO·DQDQDVVXUODSpULRGHDOODQWGHj


,OHVWSUpFLVpTXHOHVWDX[FRQFHUQDQWOHERLVHQJUXPHVHWOHVSURGXLWVGXSDOPLHUGHPHXUHQWLQFKDQJpV



ϯ


 $PpQDJHPHQWGHVWDX[GXGURLWG·HQUHJLVWUHPHQWHQPDWLqUHG·pFKDQJHVG·LPPHXEOHV DUWLFOH 

/HWDX[GXGURLWG·HQUHJLVWUHPHQWHQFDVGHFHVVLRQG·LPPHXEOHDpWpUpGXLWGHjFHVGHUQLqUHVDQQpHV

3DUFRQWUHFHOXLDSSOLTXpDX[pFKDQJHVG·LPPHXEOHVHVWGHPHXUpLQFKDQJp

'DQVOHEXWG·DVVXUHUO·pTXLWpILVFDOHHQPDWLqUHGHWUDQVDFWLRQVSRUWDQWVXUOHVLPPHXEOHVLOHVWSURSRVpGHUpGXLUHOHVWDX[
DSSOLFDEOHVHQPDWLqUHG·pFKDQJHVG·LPPHXEOHVFRPPHVXLW


 GHjSRXUOHGURLWSURSRUWLRQQHODSSOLFDEOHVXUODYDOHXUGHO·XQHGHVSDUWVORUVTX·LOQ·\DSDVGHUHWRXU


 GHjSRXUOHGURLWSD\pVXUODPRLQGUHSRUWLRQORUVTX·LO\DUHWRXU

 $PpQDJHPHQW GX PRGH GH GpWHUPLQDWLRQ GH OD FRQWULEXWLRQ GHV SDWHQWHV GHV HQWUHSULVHV IRXUQLVVDQW GHV
LQIUDVWUXFWXUHVSDVVLYHVGHWpOpFRPPXQLFDWLRQDX[RSpUDWHXUVGHWpOpSKRQLH DUWLFOH 

/HGLVSRVLWLIILVFDODFWXHOVRXPHWOHVVRFLpWpVIRXUQLVVDQWGHVLQIUDVWUXFWXUHVSDVVLYHVGHWpOpFRPPXQLFDWLRQDX[RSpUDWHXUV
GHWpOpSKRQLHDXSDLHPHQWGHODFRQWULEXWLRQGHVSDWHQWHVGDQVOHVFRQGLWLRQVGHGURLWFRPPXQ

$LQVLHOOHVDFTXLWWHQWOHGURLWVXUOHFKLIIUHG·DIIDLUHVDXWDX[GHHWOHGURLWVXUODYDOHXUORFDWLYHDXWDX[GHRX
GHVXUODEDVHGHVLQIUDVWUXFWXUHVDFTXLVHVDXSUqVGHVVRFLpWpVGHWpOpSKRQLHILJXUDQWGDQVOHVLPPRELOLVDWLRQVHWGRQW
OHVFR€WVVRQWWUqVpOHYpV

$ILQ GH VRXWHQLU FHV VRFLpWpV GDQV OHXU SROLWLTXH G·LQYHVWLVVHPHQW LO HVW SURSRVp GH OHV H[HPSWHU GX GURLW VXU OD YDOHXU
ORFDWLYH HW GH UHWHQLU OH WDX[ GH   SRXU OH FDOFXO GX GURLW VXU OH FKLIIUH G·DIIDLUHV GH OD SDWHQWH GRQW HOOHV VRQW
UHGHYDEOHV

/HFR€WGHODPHVXUHHVWHVWLPpjPLOOLRQVGHIUDQFV

 0HVXUHVGHVRXWLHQDXVHFWHXUGXWUDQVSRUWPHVXUHVILVFDOHVHQIDYHXUGHOD6RFLpWpGHV7UDQVSRUWV$ELGMDQDLV
DUWLFOH 

$ILQGHSHUPHWWUHjOD6RFLpWpGHV7UDQVSRUWV$ELGMDQDLV 6275$ GHSRXUVXLYUHGDQVOHVPHLOOHXUHVFRQGLWLRQVVRQSURJUDPPH
GH PRGHUQLVDWLRQ LO HVW SURSRVp G·LQVWDXUHU j VRQ SURILW DLQVL TX·DX SURILW GH VHV ILOLDOHV GpWHQXHV j   MXVTX·DX 



ϰ


GpFHPEUHOHUpJLPHG·DFKDWHQIUDQFKLVHGH79$HWGHGURLWVGHGRXDQHGRQWHOOHDYDLWEpQpILFLpGHj

&HQRXYHDXUpJLPHG·DFKDWHQIUDQFKLVHFRQFHUQH

- OHVYpKLFXOHVG·H[SORLWDWLRQOHVYpKLFXOHVGHVRXWLHQOHXUVSLqFHVGHUHFKDQJHHWSQHXPDWLTXHV

- OHVEDWHDX[EXVHWOHXUVSLqFHVGHUHFKDQJH

- OHPDWpULHOGpGLpjODELOOHWWLTXHSRXUODVpFXULVDWLRQGHVUHFHWWHV

- OHVELHQVGHVWLQpVDX[DWHOLHUVFRQFRXUDQWDXPRQWDJHHWjODPDLQWHQDQFHGHVYpKLFXOHVHWDXWUHVPDWpULHOVURXODQWV
G·H[SORLWDWLRQ

- OHVELHQVGHVWLQpVDX[LQIUDVWUXFWXUHVGHEDVHG·H[SORLWDWLRQ JDUHVGHGpS{WRXG·HPEDUTXHPHQWGHVSDVVDJHUV 

- OHVELHQVGHVWLQpVjODFRQVWUXFWLRQG·XQHVWDWLRQjJD]SRXUOHVYpKLFXOHVjJD]

- OHVELHQVGHVWLQpVjODFRQVWUXFWLRQHWODUpKDELOLWDWLRQGHFHQWUHVEXVHWGHVJDUHVODJXQDLUHV

- OHVELHQVGHVWLQpVjODFRQVWUXFWLRQG·XQHFKDvQHG·DVVHPEODJHHWGHPRQWDJHGHYpKLFXOHVj6275$,1'8675,(6

&HSHQGDQW GDQV XQ VRXFL G·pTXLOLEUH EXGJpWDLUH OH FR€W GHV H[RQpUDWLRQV GHYUD rWUH LQVFULW HQ UHFHWWHV HW HQ GpSHQVHV
GDQVODORLGH)LQDQFHVSRUWDQW%XGJHWGHO·(WDW

 ,QVWLWXWLRQG·XQGURLWXQLTXHGHVRUWLHVXUOHVJUDLQHVGHFRWRQ DUWLFOH 

/HV HQWUHSULVHV TXL LQWHUYLHQQHQW GDQV OD SURGXFWLRQ G·KXLOHV HW G·DOLPHQWV SRXU EpWDLO j EDVH GH JUDLQHV GH FRWRQ
pSURXYHQWGHVGLIILFXOWpVSRXUGLVSRVHUGHFHWWHPDWLqUHSUHPLqUH

&HWWH VLWXDWLRQ TXL HVW GXH j O·H[SRUWDWLRQ G·XQH SDUWLH GH FHV JUDLQHV PpULWH G·rWUH FRUULJpH DILQ GH SHUPHWWUH j
O·LQGXVWULHORFDOHGHGLVSRVHUGXYROXPHGHPDWLqUHVSUHPLqUHVQpFHVVDLUHV$XVVLHVWLOSURSRVpG·LQVWLWXHUXQGURLWXQLTXH
GHVRUWLHGRQWOHWDULIHVWIL[pjIUDQFVSDUNLORJUDPPHGHJUDLQHVGHFRWRQH[SRUWpHV




ϱ


/HVUHFHWWHVDWWHQGXHVGHFHWWHPHVXUHVRQWpYDOXpHVjPLOOLDUGGHIUDQFV

,,0HVXUHVGHUHQIRUFHPHQWGHVPR\HQVGHO·(WDW

 ,QVWLWXWLRQGHGURLWVG·DFFLVHVVXUOHVPDUEUHVHWOHVYpKLFXOHVGHWRXULVPHGRQWODSXLVVDQFHHVWVXSpULHXUHRXpJDOHj
FKHYDX[ DUWLFOH 

'DQVOHFDGUHGHO·KDUPRQLVDWLRQGHVOpJLVODWLRQVGHV(WDWVPHPEUHVGHO·8(02$HQPDWLqUHGHGURLWVG·DFFLVHVOD'LUHFWLYH
Qƒ&08(02$GXGpFHPEUH WHOOHTXHPRGLILpHSDUOD'LUHFWLYHQƒ&08(02$GXPDUVD
SUpYXODIDFXOWpSRXUOHV(WDWVPHPEUHVGHVRXPHWWUHDX[GURLWVG·DFFLVHVHQVXVGHVWDEDFVHWGHVERLVVRQVDOFRROLVpHVRX
QRQ DX PD[LPXP VL[   SURGXLWV ILJXUDQW VXU OD OLVWH FRPPXQDXWDLUH VXLYDQW GHV SODQFKHUV HW GHV SODIRQGV GH WDX[
DSSOLFDEOHV

/DOLVWHFRPPXQDXWDLUHVXVYLVpHFRPSUHQGOHFDIpODFRODOHVIDULQHVGHEOpOHVKXLOHVHWFRUSVJUDVDOLPHQWDLUHVOHVSURGXLWV
GHSDUIXPHULHHWFRVPpWLTXHVOHWKpOHVDUPHVHWPXQLWLRQVOHVVDFKHWVHQPDWLqUHSODVWLTXHOHVPDUEUHVOHVOLQJRWVG·RUOHV
SLHUUHVSUpFLHXVHVHWOHVYpKLFXOHVGHWRXULVPHGRQWODSXLVVDQFHHVWVXSpULHXUHRXpJDOHjFKHYDX[

$XUHJDUGGHFHGLVSRVLWLIHWHQYXHG·pODUJLUO·DVVLHWWHILVFDOHLOHVWSURSRVpGHVRXPHWWUHDX[GURLWVG·DFFLVHVDXWDX[GH
OHVPDUEUHVHWOHVYpKLFXOHVGHWRXULVPHGRQWODSXLVVDQFHHVWVXSpULHXUHRXpJDOHjFKHYDX[

 $PpQDJHPHQWGXWDX[GHVGURLWVG·DFFLVHVVXUOHVWDEDFV DUWLFOH 

/D 'LUHFWLYH Qƒ &08(02$ GX  GpFHPEUH  SUpYRLW HQ PDWLqUH GH GURLWV G·DFFLVHV DSSOLFDEOHV DX[ WDEDFV
DX[SURGXLWVGXWDEDFHWDX[SURGXLWVDVVLPLOpVXQWDX[GXGURLWDGYDORUHPPLQLPXPGHHWPD[LPXPGHDORUV
TXHO·RUGRQQDQFHQƒGXIpYULHUUHODWLYHjO DPpQDJHPHQWGHO DQQH[HILVFDOHDUpGXLWGHj
OHWDX[XQLTXHGHVGURLWVG·DFFLVHVDSSOLFDEOHVDX[WDEDFV

'DQVOHEXWGHVHFRQIRUPHUSURJUHVVLYHPHQWDXGLVSRVLWLIFRPPXQDXWDLUHWRXWHQSHUPHWWDQWXQHPHLOOHXUHDGDSWDWLRQGHV
DFWHXUV GH FH VHFWHXU LO HVW SURSRVp GH UHOHYHU G·XQ SRLQW OH WDX[ DFWXHO VRLW GH   j   j FRPSWHU GH O·HQWUpH HQ
YLJXHXUGHO·DQQH[HILVFDOH

$FHWHIIHWOHWDX[JOREDOGHVGURLWVDSSOLFDEOHVDX[WDEDFVHVWSRUWpj



ϲ



/HJDLQEXGJpWDLUHDWWHQGXGHODPHVXUHHVWHVWLPpjPLOOLRQVGHIUDQFV
,,, 0HVXUHVjFDUDFWqUHVRFLDO

 0HVXUHVILVFDOHVHQIDYHXUGHODIRUPDWLRQGHVMHXQHV DUWLFOH 

/HGLVSRVLWLIILVFDOHQYLJXHXUSUpYRLWGLYHUVFUpGLWVDQQXHOVG·LPS{WVHQIDYHXUGHVHQWUHSULVHVQRWDPPHQWSRXUOHVIRUPDWLRQV
GRQQpHVDX[SHUVRQQHVGDQVOHFDGUHGHFRQWUDWVG·DSSUHQWLVVDJHRXSRXUOHILQDQFHPHQWGHWHOOHVIRUPDWLRQV

1RQREVWDQW FHV PHVXUHV LQFLWDWLYHV OHV pOqYHV HW pWXGLDQWV HQ ILQ GH IRUPDWLRQ pSURXYHQW GHV GLIILFXOWpV SRXU WURXYHU GHV
VWDJHVGHIRUPDWLRQQpFHVVDLUHVjODYDOLGDWLRQGHOHXUVGLSO{PHV

$ILQG·LQFLWHUOHVHQWUHSULVHVjDFFRUGHUXQHVXLWHIDYRUDEOHDX[GHPDQGHVGHVWDJHVSUDWLTXHVGHVpOqYHVHWpWXGLDQWVLOHVW
SURSRVpG·LQVWLWXHUjOHXUSURILWXQFUpGLWG·LPS{WVSpFLILTXHHWG·HQIL[HUOHPRQWDQWFRPPHVXLW

 IUDQFVSDUVWDJLDLUHSRXUOHVHQWUHSULVHVUHOHYDQWGXUpJLPHGHO·LPS{WV\QWKpWLTXHDFFXHLOODQWDXPRLQVGHX[
  pOqYHV RX pWXGLDQWV HW SRXU OHV SHWLWHV HW PR\HQQHV HQWUHSULVHV FKLIIUH G·DIIDLUHV LQIpULHXU j   GH
IUDQFV DFFXHLOODQWDXPRLQVFLQT  pOqYHVRXpWXGLDQWV

 IUDQFVSDUVWDJLDLUHSRXUOHVJUDQGHVHQWUHSULVHV FKLIIUHG·DIIDLUHVDXGHOjGXPLOOLDUG DFFXHLOODQWDXPRLQV
GL[  pOqYHVRXpWXGLDQWV

7RXWHIRLV OH EpQpILFH GX FUpGLW G·LPS{W HVW VXERUGRQQp j OD GXUpH GX VWDJH GH YDOLGDWLRQ GH GLSO{PH TXL HVW GH  PRLV
PD[LPXP

(QRXWUHDILQG·KDUPRQLVHUOHVGLVSRVLWLRQVILVFDOHVHQPDWLqUHGHGXUpHG·DSSUHQWLVVDJHDYHFODUpJOHPHQWDWLRQGXWUDYDLOLO
HVWSURSRVpGHUHWHQLUODGXUpHGHVL[jGRX]HPRLVSUpYXHSDUOH&RGHGXWUDYDLO

 6XSSUHVVLRQ GH O·LPS{W VXU OH UHYHQX GHV FUpDQFHV VXU OHV LQWpUrWV GHV ERQV HW REOLJDWLRQV GX 7UpVRU VRXVFULWV SDU OHV
SHUVRQQHVSK\VLTXHV DUWLFOH 



ϳ


/H&RGHJpQpUDOGHV,PS{WVVRXPHWOHVUHYHQXVGHVHPSUXQWVQRQREOLJDWDLUHVjO·LPS{WVXUOHUHYHQXGHVFUpDQFHV ,5& HW


IL[HOHVWDX[DSSOLFDEOHVFRPPHVXLW

 SRXUOHVERQVHWREOLJDWLRQVGHRXPRLV

 SRXUFHX[GRQWO·pFKpDQFHHVWGHjDQV

&HVERQVHWREOLJDWLRQVRQWpWpFUppVHQYXHGHIDYRULVHUO·pSDUJQHGHODIUDQJHGHODSRSXODWLRQTXLQ·DSDVDFFqVjXQ
FRPSWHEDQFDLUHHWGHUHQIRUFHUODOLTXLGLWpGHODEDQTXHGX7UpVRU

$ILQGHOHVUHQGUHSOXVDWWUDFWLIVHWG·HQFRXUDJHUOHVSHUVRQQHVSK\VLTXHVjUHFRXULUjFHW\SHG·pSDUJQHLOHVWSURSRVpGH
VXSSULPHUO·,5&VXUOHUHYHQXGHFHVSURGXLWVLQVFULWVHQFRPSWHFRXUDQWjO·$JHQFH&RPSWDEOH&HQWUDOHGH'pS{WV $&&' 

 0HVXUHVILVFDOHVHQIDYHXUGHVVWUXFWXUHVUHOLJLHXVHVHQPDWLqUHGHWD[HVXUOHVFRQWUDWVG·DVVXUDQFHV DUWLFOH 

/HVUHVSRQVDEOHVUHOLJLHX[FRQWUDFWHQWGHSOXVHQSOXVGHVDVVXUDQFHVHQYXHGHIDLUHIDFHDX[YROVFRPPLVGDQVOHVpGLILFHV
HWFRQVWUXFWLRQVGRQWLOVRQWODJHVWLRQRXDX[LQFHQGLHVTXLSHXYHQW\VXUYHQLU

/HV WDX[GH SRXUOHVFRQWUDWVG·DVVXUDQFHVFRQWUHO·LQFHQGLHHW  SRXUOHVULVTXHVOLpVDXYRODSSDUDLVVHQWpOHYpV
SRXUFHVVWUXFWXUHVVDQVEXWOXFUDWLI

$ILQG·DLGHUOHVRUJDQLVDWLRQVUHOLJLHXVHVjIDLUHIDFHDX[FR€WVGHVDVVXUDQFHVTX·HOOHVFRQWUDFWHQWLOHVWSURSRVpG·DSSOLTXHU
GHVWDX[UpGXLWVGHWD[HVXUOHVFRQWUDWVG·DVVXUDQFHVIL[pVjHQFHTXLFRQFHUQHOHVULVTXHVOLpVDXYROHWjSRXU
FHX[OLpVjO·LQFHQGLH

,90HVXUHVGHUDWLRQDOLVDWLRQHWGHPRGHUQLVDWLRQGXGLVSRVLWLIILVFDO

 ([WHQVLRQGHODSURFpGXUHG·DWWHVWDWLRQDQQXHOOHXQLTXHG·H[RQpUDWLRQGH
WD[HVXUODYDOHXUDMRXWpHDX[VRXVWUDLWDQWVGHVHQWUHSULVHVPLQLqUHV DUWLFOH 



ϴ


/·DQQH[HILVFDOHjODORLGH)LQDQFHVSRUWDQW%XGJHWGHO·(WDWSRXUO·DQQpHDHQVRQDUWLFOHLQVWLWXpXQHDWWHVWDWLRQ
DQQXHOOH XQLTXH G·H[RQpUDWLRQ GH OD WD[H VXU OD YDOHXU DMRXWpH 79$  SRXU OD PLVH HQ ±XYUH GH O·H[RQpUDWLRQ GRQW
EpQpILFLHQWOHVHQWUHSULVHVGHVVHFWHXUVPLQLHUHWSpWUROLHU

&HWDPpQDJHPHQWQHSUHQGSDVHQFRPSWHOHVGLVSRVLWLRQVGHVFRQYHQWLRQVPLQLqUHVVLJQpHVSDUO·(WDWTXLSUpYRLHQWVRXV
FHUWDLQHV FRQGLWLRQV O·H[WHQVLRQ GX EpQpILFH GH O·H[RQpUDWLRQ SDU YRLH G·DWWHVWDWLRQ DX[ VRXVWUDLWDQWV GLUHFWV GHV VRFLpWpV
PLQLqUHV

3RXU WHQLU FRPSWH GH FHWWH UpDOLWp LO HVW SURSRVp G·pWHQGUH OH EpQpILFH GH O·DWWHVWDWLRQ XQLTXH DX[ VRXVWUDLWDQWV GHV
HQWUHSULVHVWLWXODLUHVG·XQFRQWUDWGHSUHVWDWLRQVGHVHUYLFHVFODVVpHVHQUpJLPHPLQLHU

 $PpQDJHPHQWGXWDX[GHO·LPS{WVXUOHVEpQpILFHVGHVSHUVRQQHVSK\VLTXHV DUWLFOH 

/HVDUWLFOHVHWGX&RGHJpQpUDOGHV,PS{WVIL[HQWHQPDWLqUHG·LPSRVLWLRQGHVEpQpILFHVLQGXVWULHOVHWFRPPHUFLDX[HW
GHVEpQpILFHVQRQFRPPHUFLDX[XQWDX[GHSRXUOHVSHUVRQQHVSK\VLTXHVHWSRXUOHVSHUVRQQHVPRUDOHV

/HWDX[UpGXLWGHDSSOLFDEOHDX[SHUVRQQHVSK\VLTXHVVHMXVWLILDLWFDUHOOHVGHYUDLHQWGpFODUHUHWV·DFTXLWWHUGHO·LPS{W
JpQpUDOVXUOHXUUHYHQXJOREDOHQSOXVGHO·LPS{WVXUOHVEpQpILFHV

/D VXVSHQVLRQ GH OD GpFODUDWLRQ G·LPS{W JpQpUDO VXU OH UHYHQX GRQW OD SURURJDWLRQ HVW SURSRVpH GDQV OD SUpVHQWH DQQH[H
ILVFDOHUHQGQpFHVVDLUHOHUHOqYHPHQWGXWDX[GHO·LPS{WVXUOHVEpQpILFHVGHVSHUVRQQHVSK\VLTXHV

,OHVWSDUFRQVpTXHQWSURSRVpGHSRUWHUOHWDX[GHO·LPS{WVXUOHVEpQpILFHVLQGXVWULHOVHWFRPPHUFLDX[HWGHO·LPS{WVXUOHV
EpQpILFHVQRQFRPPHUFLDX[DSSOLFDEOHDX[EpQpILFHVGHVSHUVRQQHVSK\VLTXHVj

 $SSOLFDWLRQ GHV WD[HV VSpFLILTXHV H[LJLEOHV GHV VRFLpWpV GH WpOpSKRQLH DX[ HQWUHSULVHV GH WUDQVIHUW G·DUJHQW SDU
WpOpSKRQHPRELOH DUWLFOH 

&RQIRUPpPHQWDX[GLVSRVLWLRQVGX&RGHJpQpUDOGHV,PS{WVOHVHQWUHSULVHVGHWpOpSKRQLHDFTXLWWHQWHQVXVGHO·LPS{WVXU
OHVEpQpILFHVLQGXVWULHOVHWFRPPHUFLDX[ %,& OHVWD[HVVSpFLILTXHVVXLYDQWHV



ϵ



− ODWD[HSRXUOHGpYHORSSHPHQWGHVQRXYHOOHVWHFKQRORJLHVHQ]RQHVUXUDOHV
− OHSUpOqYHPHQWDXSURILWGHODSURPRWLRQGHODFXOWXUH
− ODWD[HVXUOHVHQWUHSULVHVGHWpOpFRPPXQLFDWLRQVHWGHVWHFKQRORJLHVGHO·LQIRUPDWLRQHWGHODFRPPXQLFDWLRQ
− ODWD[HVSpFLILTXHVXUOHVFRPPXQLFDWLRQVWpOpSKRQLTXHVHWOHVWHFKQRORJLHVGHO·LQIRUPDWLRQHWGHODFRPPXQLFDWLRQ

&HVWD[HVVRQWDVVLVHVVXUOHFKLIIUHG·DIIDLUHVGHFHVHQWUHSULVHV\FRPSULVOHVSURGXLWVOLpVDX[WUDQVDFWLRQVHIIHFWXpHVGHSXLV
XQWpOpSKRQHPRELOH

&HVSDLHPHQWVPRELOHVpWDQWFRQVLGpUpVFRPPHGHVRSpUDWLRQVEDQFDLUHVDX[ WHUPHVGHODUpJOHPHQWDWLRQGHOD%DQTXH
&HQWUDOHGHV(WDWVGHO·$IULTXHGHO·2XHVW %&($2 OHVHQWUHSULVHVGHWpOpSKRQLHRQWFUppGHVHQWLWpVGLVWLQFWHVGRQWO·DFWLYLWp
FRQVLVWHHVVHQWLHOOHPHQWjUpDOLVHUOHVGLWHVWUDQVDFWLRQV

'qVORUVFHVHQWUHSULVHVGHWpOpSKRQLHQ·DFTXLWWHQWOHVWD[HVVSpFLILTXHVVXVPHQWLRQQpHVTXHVXUXQHEDVHTXLQ·LQWqJUHSOXV
OHVUHFHWWHVDIIpUHQWHVjO·DFWLYLWpGHWUDQVIHUWG·DUJHQWSDUWpOpSKRQHPRELOH

'DQVOHEXWGHPHWWUHXQWHUPHjFHWWHSROLWLTXHG·RSWLPLVDWLRQILVFDOHGHVHQWUHSULVHVGHWpOpSKRQLHWRXWHQSUpVHUYDQWOHV
LQWpUrWVGX7UpVRUSXEOLFLOHVWSURSRVpGHPHWWUHjODFKDUJHGHVHQWUHSULVHVGHWUDQVIHUWG·DUJHQWYLDOHWpOpSKRQHPRELOH
O·REOLJDWLRQG·DFTXLWWHUDXPrPHWLWUHTXHOHVVRFLpWpVGHWpOpSKRQLHOHVWD[HVVSpFLILTXHVDFWXHOOHPHQWDSSOLFDEOHVjFHV
GHUQLqUHV

 ,QVWLWXWLRQGHODIDFWXUDWLRQpOHFWURQLTXH DUWLFOH 

/·DQQH[HILVFDOHSRXUODJHVWLRQHQVRQDUWLFOHDLQVWLWXpODIDFWXUHQRUPDOLVpHHQYXHG·DVVXUHUODWUDoDELOLWpHWXQH
PHLOOHXUHRUJDQLVDWLRQGHVWUDQVDFWLRQVFRPPHUFLDOHV

(QYXHGHODSRXUVXLWHGHODSROLWLTXHGHPRGHUQLVDWLRQGXGLVSRVLWLIILVFDOHWG·DPpOLRUDWLRQGHODWUDoDELOLWpGHVWUDQVDFWLRQV
pOHFWURQLTXHV LO HVW SURSRVp G·DXWRULVHU O·$GPLQLVWUDWLRQ ILVFDOH j PHWWUH HQ SODFH XQ V\VWqPH GH IDFWXUH pOHFWURQLTXH
FHUWLILpHFDUDFWpULVpQRWDPPHQWSDU




ϭϬ


 O·pPLVVLRQGHODIDFWXUHQRUPDOLVpHHQWHPSVUpHODYHFXQWLPEUHILVFDOQXPpULTXHHWXQHQXPpURWDWLRQDXWRPDWLTXH
GHFHVIDFWXUHVSDUOHVHUYHXUFHQWUDOGHOD'LUHFWLRQJpQpUDOHGHV,PS{WV

 OD WUDQVPLVVLRQ GH WRXWHV OHV LQIRUPDWLRQV OLpHV DX[ WUDQVDFWLRQV HIIHFWXpHV j O·DLGH GHV WHUPLQDX[ GH SDLHPHQW
pOHFWURQLTXH 73( jXQVHUYHXUFHQWUDOVLWXpDXVHLQGHOD'*,DVVXUDQWDLQVLjO·$GPLQLVWUDWLRQXQHYLVLELOLWpSDUIDLWHHW
HQWHPSVUpHOGXFKLIIUHG·DIIDLUHVHIIHFWLYHPHQWUpDOLVpSDUOHVFRQWULEXDEOHV

/·REMHFWLIGHODGpFODUDWLRQILVFDOHpOHFWURQLTXHHVWpJDOHPHQWG·DVVXUHUODWUDQVLWLRQGHODIDFWXUHQRUPDOLVpHYHUVXQUpJLPH
GHWpOpGpFODUDWLRQpOHFWURQLTXH

/HVPRGDOLWpVGHPLVHHQ±XYUHGHODIDFWXUHpOHFWURQLTXHFHUWLILpHVRQWGpWHUPLQpHVSDUDUUrWpGX0LQLVWUHHQFKDUJHGX
%XGJHW

/HVUHFHWWHVDWWHQGXHVGHFHWWHPHVXUHVRQWHVWLPpHVjPLOOLDUGVGHIUDQFV

 0HVXUHVGHUHQIRUFHPHQWGXFDGUHGHWUDQVSDUHQFHILVFDOH DUWLFOH 

'DQVOHFDGUHGHVRQDGKpVLRQDXSURFHVVXVGHOXWWHSRXUODWUDQVSDUHQFHILVFDOHLQWHUQDWLRQDOHHWGHVHQJDJHPHQWVTXLHQ
GpFRXOHQWOD&{WHG·,YRLUHDHQJDJpODPLVHHQFRQIRUPLWpGHVRQFDGUHOpJDOHWGHVHVSUDWLTXHVDGPLQLVWUDWLYHVDYHFOHV
QRUPHVLQWHUQDWLRQDOHVHQPDWLqUHGHWUDQVSDUHQFHHWG·pFKDQJHGHUHQVHLJQHPHQWVjGHVILQVILVFDOHV

$LQVL OHV ORLV LYRLULHQQHV HQ PDWLqUH GH GURLW GHV VRFLpWpV FRPPHUFLDOHV GH OXWWH FRQWUH OH EODQFKLPHQW GH FDSLWDX[ GH
WUDQVSDUHQFHILVFDOHHWGHSURWHFWLRQGHODFRQILGHQWLDOLWpGHVLQIRUPDWLRQVILVFDOHVRQWIDLWO·REMHWG·XQHSUppYDOXDWLRQGHOD
SDUW GX )RUXP PRQGLDO VXU OD 7UDQVSDUHQFH HW O·(FKDQJH GH 5HQVHLJQHPHQWV j GHV )LQV ILVFDOHV )RUXP PRQGLDO  DXTXHO
QRWUHSD\VDDGKpUpHQMDQYLHU

&HWH[DPHQDGRQQpOLHXjSOXVLHXUVUHFRPPDQGDWLRQVGRQWODSULVHHQFRPSWHDDERXWLDX[SURSRVLWLRQVVXLYDQWHV


 O·LQVWLWXWLRQG·XQHREOLJDWLRQGHWHQXHG·XQUHJLVWUHGHVEpQpILFLDLUHVHIIHFWLIVjODFKDUJHGHVVRFLpWpV


 O·LQVWLWXWLRQ GH VDQFWLRQV UHODWLYHV j O·REOLJDWLRQ GH WHQXH GX UHJLVWUH GHV WLWUHV QRPLQDWLIV HW GX UHJLVWUH GHV WLWUHV DX
SRUWHXU



ϭϭ


 GHV SUpFLVLRQV SRUWDQW VXU OD SRUWpH GX GURLW GH FRPPXQLFDWLRQ GH O·$GPLQLVWUDWLRQ ILVFDOH DX UHJDUG GX VHFUHW
SURIHVVLRQQHO


 O·KDUPRQLVDWLRQ GH OD GXUpH GH FRQVHUYDWLRQ GHV GRFXPHQWV HW SLqFHV FRXYHUWHV SDU OH GURLW GH FRPPXQLFDWLRQ GH
O·$GPLQLVWUDWLRQILVFDOH

 $PpQDJHPHQWGHVGLVSRVLWLRQVHQPDWLqUHGHFRQWU{OHGHVSUL[GHWUDQVIHUW DUWLFOH 

 1RWLRQGHWHUULWRLUHjILVFDOLWpSULYLOpJLpHRXQRQFRRSpUDWLI

/HV WHUULWRLUHV j ILVFDOLWp SULYLOpJLpH RX QRQ FRRSpUDWLIV RQW pWp GpILQLV FRPPH FHX[ ILJXUDQW VXU OHV OLVWHV QRLUHV GH
O·2UJDQLVDWLRQ GH &RRSpUDWLRQ HW GH 'pYHORSSHPHQW pFRQRPLTXHV 2&'(  HW GHO·8QLRQ HXURSpHQQH 8(  HW TXL QH VRQW
SDVOLpVjOD&{WHG·,YRLUHSDUXQDFFRUGSUpYR\DQWO·pFKDQJHGHUHQVHLJQHPHQWVjGHVILQVILVFDOHV

7RXWHIRLVHQSUDWLTXHLOV·DYqUHTXHOHVOLVWHVQRLUHVGHO·2&'(HWGHO·8(IOXFWXHQWHQSHUPDQHQFHDXJUpGHVLQWpUrWVHWGHV
UDSSRUWVHQWUHOHVSD\VTXL\ILJXUHQW

3DU DLOOHXUV FHV OLVWHV Q·LQWqJUHQW SDV OHV SD\V KDELWXHOOHPHQW XWLOLVpV SDU OHV HQWUHSULVHV PXOWLQDWLRQDOHV SUpVHQWHV HQ &{WH
G·,YRLUHDX[ILQVG·pYDVLRQILVFDOH

3DU FRQVpTXHQW DILQ GH OXWWHU HIILFDFHPHQW FRQWUH OHV SUDWLTXHV G·pYDVLRQ ILVFDOH YLD O·XWLOLVDWLRQ GH FHV WHUULWRLUHV LO HVW
SURSRVpG·DPpQDJHUODGpILQLWLRQGHVWHUULWRLUHVjILVFDOLWpSULYLOpJLpHRXQRQFRRSpUDWLIV

$LQVLVHURQWGpVRUPDLVFRQVLGpUpVFRPPHWHUULWRLUHVQRQFRRSpUDWLIVQRQVHXOHPHQWFHX[TXLILJXUHQWVXUOHVOLVWHVQRLUHVGH
O·2&'(HWGHO·8(PDLVpJDOHPHQWFHX[LGHQWLILpVFRPPHWHOVSDUOHVDXWRULWpVILVFDOHVLYRLULHQQHVORUVTX·LOVQHVRQWSDVOLpVj
OD&{WHG·,YRLUHSDUXQLQVWUXPHQWLQWHUQDWLRQDOSUpYR\DQWO·pFKDQJHGHUHQVHLJQHPHQWVjGHVILQVILVFDOHV

4XDQW DX[ WHUULWRLUHV j ILVFDOLWp SULYLOpJLpH LO V·DJLW GH FHX[ GDQV OHVTXHOV OHV UHYHQXV SURYHQDQW GH OD &{WH G·,YRLUH VRQW
VRXPLVjXQLPS{WVXUOHVEpQpILFHVRXjWRXWDXWUHLPS{WVXUOHUHYHQXG·XQPRQWDQWLQIpULHXUjODPRLWLpGHFHOXLTXLVHUDLW
SHUoXHQ&{WHG·,YRLUHVLGHWHOVUHYHQXV\pWDLHQWLPSRVDEOHV

 3UpFLVLRQVUHODWLYHVDX[VDQFWLRQVDSSOLFDEOHVjO·REOLJDWLRQGHSURGXFWLRQGHODGpFODUDWLRQSD\VSDUSD\V



ϭϮ



/D &{WH G·,YRLUH V·HVW HQJDJpH j PRGHUQLVHU HW j UHQIRUFHU VRQ GLVSRVLWLI ILVFDO LQWHUQDWLRQDO QRWDPPHQW HQ PDWLqUH GH
FRQWU{OHGHVSUL[GHWUDQVIHUW

$LQVL O·DUWLFOH  GH O·DQQH[H ILVFDOH j OD ORL GH )LQDQFHV SRXU O·DQQpH  HW O·DUWLFOH  GH O·DQQH[H ILVFDOH j OD ORL GH
)LQDQFHVSRXUODJHVWLRQRQWLQVWLWXpXQHGpFODUDWLRQGLWH©SD\VSDUSD\VªjODFKDUJHGHVVRFLpWpVPqUHVXOWLPHVGHV
JURXSHVG·HQWUHSULVHVLQVWDOOpHVHQ&{WHG·,YRLUH

/HVHQWUHSULVHVTXL\VRQWDVVXMHWWLHVVRQWVDQFWLRQQpHVSDUXQHDPHQGHGHGHIUDQFVORUVTX·HOOHVQHSURGXLVHQWSDV
GDQVOHVGpODLVFHWWHGpFODUDWLRQTXLIDLWDSSDUDvWUHGLYHUVDJUpJDWVILVFDX[HWpFRQRPLTXHV

7RXWHIRLV DXFXQH VDQFWLRQ Q·D pWp SUpYXH SRXU OHV GpFODUDWLRQV LQFRPSOqWHV RX FRPSRUWDQW GHV HUUHXUV &HWWH VLWXDWLRQ D
pWpUHOHYpHFRPPHXQHQRQFRQIRUPLWpGHQRWUHGLVSRVLWLIOpJDODXUHJDUGGHVQRUPHVPLQLPDOHVDX[TXHOOHVQRWUHSD\VV·HVW
HQJDJpGXIDLWGHVDSDUWLFLSDWLRQDXSURMHW%(36

,O HVW SDU FRQVpTXHQW SURSRVpG·LQVWLWXHU XQH DPHQGH GH    GH IUDQFV SDU HUUHXU RX SDU RPLVVLRQ HQ FDV GH
SURGXFWLRQGHGpFODUDWLRQFRPSRUWDQWGHVHUUHXUVHWRPLVVLRQV

 $PpQDJHPHQWGHVUqJOHVG·H[LJLELOLWpGHODWD[HVXUODYDOHXUDMRXWpHGHVHQWUHSULVHVGHWpOpFRPPXQLFDWLRQV DUWLFOH
 

&HUWDLQV FOLHQWV GHV HQWUHSULVHV GH WpOpFRPPXQLFDWLRQV QRWDPPHQW FHX[ HQ PRGH SUpSD\p DFTXLWWHQW OHXU FUpGLW GH
FRPPXQLFDWLRQDYDQWFRQVRPPDWLRQ/·H[LJLELOLWpGHOD79$jO·HQFDLVVHPHQWQHVHMXVWLILHSDVGDQVFHFDV

(QWHQDQWFRPSWHGHFHWWHVLWXDWLRQLOHVWSURSRVpG·DSSOLTXHUDXFKLIIUHG·DIIDLUHVLVVXGHVRSpUDWLRQVSUHSDLGODUqJOHGH
O·H[LJLELOLWpGHODWD[HVXUODYDOHXUDMRXWpHjODIDFWXUDWLRQHWFHFRQIRUPpPHQWDXGLVSRVLWLIFRPPXQDXWDLUH

 $PpQDJHPHQWGXUpJLPHILVFDOGHVFRPSWHVFRXUDQWVG·DVVRFLpV
DUWLFOH 

$X[ WHUPHV GH O·DUWLFOH  $ ƒ GX &RGH JpQpUDO GHV ,PS{WV  OHV LQWpUrWV VHUYLV DX[ SHUVRQQHV SK\VLTXHV RX PRUDOHV
GLUHFWHPHQW RX LQGLUHFWHPHQW OLpHV j XQH VRFLpWp HQ UpPXQpUDWLRQ GHV VRPPHV TX·HOOHV ODLVVHQW RX PHWWHQW j VD



ϭϯ


GLVSRVLWLRQHQVXVGHOHXUSDUWGHFDSLWDOTXHOOHTXHVRLWODIRUPHGHODVRFLpWpQHVRQWGpGXFWLEOHVTXHVLOHPRQWDQWWRWDO
GHVVRPPHVODLVVpHVjVDGLVSRVLWLRQSDUO·HQVHPEOHGHFHVSHUVRQQHVQ·H[FqGHSDVOHPRQWDQWGHVRQFDSLWDOVRFLDO

&HWWHOLPLWHQ·HVWWRXWHIRLVSDVDSSOLFDEOHDX[DVVRFLpVRXDFWLRQQDLUHVGHVVRFLpWpVKROGLQJ

$O·DQDO\VHGHFHVGLVSRVLWLRQVLODSSDUDvWTXHO·H[FOXVLRQGHVVRFLpWpVKROGLQJGHODOLPLWDWLRQGHGpGXFWLELOLWpQHVHMXVWLILH
SDVHQUDLVRQGHODQpFHVVLWpGHOXWWHUFRQWUHODVRXVFDSLWDOLVDWLRQHWOHWUDQVIHUWLQGLUHFWGHEpQpILFHV

,OHVWGRQFSURSRVpG·pWHQGUHOHGLVSRVLWLIVXVLQGLTXpDX[VRFLpWpVKROGLQJ

 $PpQDJHPHQW GHV GLVSRVLWLRQV GX /LYUH GH 3URFpGXUHV ILVFDOHV UHODWLYHV DX GpODL HQ PDWLqUH GH GURLW GH
FRPPXQLFDWLRQ DUWLFOH 

/HGLVSRVLWLIILVFDODFWXHOOHPHQWHQYLJXHXUSUpYRLWTXHO·DYLVGHSDVVDJHGDQVOHFDGUHGHODSURFpGXUHGHFRQWU{OHSHXW
rWUHDGUHVVpDXFRQWULEXDEOHOHMRXUPrPHGHODSUHPLqUHLQWHUYHQWLRQ

$ILQ GH SHUPHWWUH DX[ FRQWULEXDEOHV DXSUqV GHVTXHOV O·$GPLQLVWUDWLRQ HQWHQG H[HUFHU VXU SODFH VRQ GURLW GH
FRPPXQLFDWLRQGHWHQLUjGLVSRVLWLRQGHVGRFXPHQWVILDEOHVLOHVWSURSRVpGHSUpYRLUXQGpODLGHTXLQ]H  MRXUVHQWUHOD
GDWHGHODUHPLVHGHO·DYLVGHSDVVDJHHWFHOOHGHODSUHPLqUHLQWHUYHQWLRQ

 $PpQDJHPHQWGHVGLVSRVLWLRQVGX/LYUHGH3URFpGXUHVILVFDOHVUHODWLYHVDXFRQWU{OH DUWLFOH 

/H/LYUHGH3URFpGXUHVILVFDOHVSUpYRLWHQFDVGHFRQWU{OHVXUSODFHODUHPLVHG·XQDYLVGHYpULILFDWLRQDXFRQWULEXDEOHDX
PRLQVFLQT  MRXUVDYDQWODGDWHGHODSUHPLqUHLQWHUYHQWLRQVXUSODFH

(QSUDWLTXHOHVHQWUHSULVHVTXLUHoRLYHQWFHWDYLVGHYpULILFDWLRQVRQWVRXYHQWFRQIURQWpHVjXQHVXUFKDUJHGHWUDYDLOHWVH
UHWURXYHQWGDQVO·LPSRVVLELOLWpGHVHSUpSDUHUFRQYHQDEOHPHQWSRXUOHFRQWU{OHHQYLVDJpSDUO·$GPLQLVWUDWLRQGDQVOHGpODL
TXLOHXUHVWLPSDUWL

3DU DLOOHXUV OHV DUWLFOHV  HW VXLYDQWV GX /LYUH GH 3URFpGXUHV ILVFDOHV GLVSRVHQW TXH OHV FRQWU{OHV ILVFDX[ VRQW HIIHFWXpV
VXLYDQWODSURFpGXUHGHUHGUHVVHPHQWFRQWUDGLFWRLUH7RXWHIRLVO·LPS{WV\QWKpWLTXHQ·HVWSDVYLVpSDUOHGLVSRVLWLIDORUVTXH
FHWLPS{WHVWGHYHQXSOHLQHPHQWGpFODUDWLI



ϭϰ



(QRXWUHO·DUWLFOHGX/LYUHVXVYLVpUHODWLIjODWD[DWLRQG·RIILFHQHYLVHSDVH[SUHVVpPHQWOHVGURLWVG·HQUHJLVWUHPHQW GH
VRUWHTXHFHUWDLQVFRQWULEXDEOHVFRQWHVWHQWOHVWD[DWLRQVG·RIILFHTXLOHXUVRQWQRWLILpHVSRXUGpIDXWGHSUpVHQWDWLRQGHOHXUV
DFWHVjODIRUPDOLWpGHO·HQUHJLVWUHPHQW

'DQV OH EXW GH UHQIRUFHU OHV JDUDQWLHV DFFRUGpHV DX[ FRQWULEXDEOHV ORUV GHV FRQWU{OHV ILVFDX[ HW G·DSSRUWHU OD SUpFLVLRQ
QpFHVVDLUHDXGLVSRVLWLIUHODWLIjODWD[DWLRQG·RIILFHLOHVWSURSRVp

GHSRUWHUjTXLQ]H  MRXUVOHGpODLHQWUHODGDWHGHODUHPLVHGHO·DYLVGHYpULILFDWLRQDXFRQWULEXDEOHHWFHOOHGH
ODSUHPLqUHLQWHUYHQWLRQVXUSODFHGHO·$GPLQLVWUDWLRQ

G·DSSOLTXHUODSURFpGXUHGHUHGUHVVHPHQWFRQWUDGLFWRLUHHQPDWLqUHG·LPS{WV\QWKpWLTXH

G·pWHQGUHODWD[DWLRQG·RIILFHDX[GURLWVG·HQUHJLVWUHPHQW

 3UpFLVLRQVUHODWLYHVjODSURFpGXUHG·RFWURLGHVDYDQWDJHVILVFDX[HWGRXDQLHUVSDUYRLHFRQYHQWLRQQHOOH DUWLFOH 

'HQRPEUHXVHVFRQYHQWLRQVFRPSRUWDQWGLYHUVHVH[RQpUDWLRQVILVFDOHVQRWDPPHQWHQPDWLqUHGHWD[HVXUODYDOHXUDMRXWpH
VRQW VLJQpHV FKDTXH DQQpH SDU OHV PLQLVWqUHV HW DXWUHV RUJDQLVPHV GH O·(WDW DORUV TXH OHV SURMHWV FRQFHUQpV QH V·LQVFULYHQW
SDVWRXMRXUVGDQVOHVVHFWHXUVSULRULWDLUHVGpILQLVSDUOH*RXYHUQHPHQWODOpJLVODWLRQFRPPXQDXWDLUHHWOHVUHFRPPDQGDWLRQV
GHVLQVWLWXWLRQVILQDQFLqUHVLQWHUQDWLRQDOHV

'DQV OH EXW GH UDWLRQDOLVHU O·RFWURL GHV DYDQWDJHV ILVFDX[ LO HVW SURSRVp G·XQH SDUW GH OLPLWHU OHVGLWV DYDQWDJHV DX[
FRQYHQWLRQV SRUWDQW VXU GHV SURMHWV SULRULWDLUHV GpILQLV SDU OH *RXYHUQHPHQW HW G·DXWUH SDUW GH VXERUGRQQHU OHXU RFWURL j
O·DFFRUG SUpDODEOHGX0LQLVWUH HQ FKDUJH GX %XGJHW &HW DFFRUG VH IDLW SDU OHFRQWUHVHLQJ GHO·DFWH SUpDODEOHPHQW VLJQp
SDUOH0LQLVWUHWHFKQLTXHFRQFHUQp

 $PpQDJHPHQWGXUpJLPHILVFDOGHVSUHVWDWDLUHVGHVHUYLFHVSpWUROLHUV DUWLFOH 

/H &RGH JpQpUDO GHV ,PS{WV HQ VHV DUWLFOHV  HW VXLYDQWV LQVWLWXH XQ UpJLPH ILVFDO VLPSOLILp DX SURILW GHV HQWUHSULVHV
SUHVWDWDLUHVGHVHUYLFHVSpWUROLHUV




ϭϱ


&H UpJLPH ILVFDO FRQFHUQH O·LPS{W VXU OHV EpQpILFHV LQGXVWULHOV HW FRPPHUFLDX[ %,&  O·LPS{W VXU OH UHYHQX GHV YDOHXUV
PRELOLqUHV ,590  OHV LPS{WV DVVLV VXU OHV VDODLUHV HW OD WD[H VXU OHV FRQWUDWV G·DVVXUDQFHV GpWHUPLQpV VXU GHV EDVHV IL[pHV
IRUIDLWDLUHPHQW

$ODSUDWLTXHFHUWDLQVSUHVWDWDLUHVGHVHUYLFHVSpWUROLHUVQHV·DFTXLWWHQWSDVGHOHXUVREOLJDWLRQVILVFDOHVHVWLPDQWVXUODEDVH
GHV GLVSRVLWLRQV GHV FRQWUDWV GH SDUWDJH GH SURGXFWLRQ TXHO·LPS{W SD\p HQ QDWXUH SDU OH FRQWUDFWHXUSUHQG HQ FRPSWH
O·HQVHPEOHGHVLPSRVLWLRQVGRQWLOVVRQWUHGHYDEOHV

(Q RXWUH FH UpJLPH HQWUDvQH GHV FRQWUDLQWHV GH JHVWLRQ GHV SUHVWDWDLUHV GH VHUYLFHV SpWUROLHUV TXL QH GLVSRVHQW SDV OH SOXV
VRXYHQWG·XQHUHSUpVHQWDWLRQSHUPDQHQWHHQ&{WHG·,YRLUH

,OFRQYLHQWGRQFG·LQVWLWXHUXQPpFDQLVPHG·LPSRVLWLRQIRUIDLWDLUHDXWDX[XQLTXHGHDSSOLFDEOHDXFKLIIUHG·DIIDLUHVKRUV
WD[HV UpDOLVp HQ &{WH G·,YRLUH HW SUHQDQW HQ FRPSWH O·LPS{W VXU OH UHYHQX GHV YDOHXUV PRELOLqUHV HW OHV LPS{WV VXU OHV
WUDLWHPHQWVHWVDODLUHVTXHFHVRSpUDWHXUVVRQWWHQXVGHGpFODUHUHWG·DFTXLWWHU

3DUDLOOHXUVLOHVWSURSRVpGHSUpFLVHUTXHOHVSUHVWDWDLUHVGHVHUYLFHVSpWUROLHUVGHVHQWUHSULVHVHQSKDVHG·H[SORUDWLRQHWGH
FHOOHV HQ SKDVH G·H[SORLWDWLRQ TXL UHPSOLVVHQW OD FRQGLWLRQ GH QDWLRQDOLWp pWUDQJqUH VRQW VRXPLV DX UpJLPH ILVFDO VLPSOLILp
DYHFREOLJDWLRQWULPHVWULHOOHGHGpFODUDWLRQHWGHSDLHPHQWGHO·LPS{W

(QUHYDQFKHOHVSUHVWDWDLUHVGHVHUYLFHVSpWUROLHUVTXLQHUHPSOLVVHQWSDVODFRQGLWLRQWHQDQWjODQDWLRQDOLWppWUDQJqUHVRQW
LPSRVpVGDQVOHVFRQGLWLRQVGHGURLWFRPPXQ

90HVXUHVWHFKQLTXHV


 ([WHQVLRQGXFKDPSG·DSSOLFDWLRQGHODGpFODUDWLRQHWGXSDLHPHQWGHVLPS{WVSDUYRLHpOHFWURQLTXH DUWLFOH 


'DQVOHFDGUHGXUHFRXYUHPHQWGHO·LPS{WSDUYRLHpOHFWURQLTXHO·DUWLFOHGHO·DQQH[HILVFDOHjODORLGH)LQDQFHVQƒ
 GX  GpFHPEUH  SRUWDQW %XGJHW GH O·(WDW SRXU O·DQQpH  D pWHQGX OH SDLHPHQW GHV LPS{WV DX PR\HQ GH
SURFpGpVpOHFWURQLTXHVDX[FRQWULEXDEOHVUHOHYDQWGHO·LPS{WV\QWKpWLTXHHWDX[SDUWLFXOLHUVDVVXMHWWLVjO·LPS{WIRQFLHU&HV
SURFpGpVFRQVLVWHQWQRWDPPHQWDXSDLHPHQWSDUWpOpSKRQHPRELOHHWDXYLUHPHQWEDQFDLUH


7RXWHIRLVLOHVWGRQQpGHFRQVWDWHUTXHOHVFRQWULEXDEOHVTXLRQWUHFRXUVDXYLUHPHQWEDQFDLUHFRPPHPR\HQGHSDLHPHQW
GHOHXUVLPS{WVHWWD[HVQHSUHQQHQWSDVOHVPHVXUHVQpFHVVDLUHVSRXUTXHOHVVRPPHVDFTXLWWpHVSDUYLHQQHQWHIIHFWLYHPHQW



ϭϲ


VXUOHFRPSWHGX5HFHYHXUDVVLJQDWDLUHjO·pFKpDQFHOpJDOH$LQVLGHQRPEUHX[SDLHPHQWVSDUYLUHPHQWDXFRXUVG·XQPRLV
GRQQpQHVRQWGpQRXpVTXHOHPRLVVXLYDQW


&HWWHVLWXDWLRQLPSDFWHODWUpVRUHULHSXEOLTXHHQFUpDQWGHVGpVpTXLOLEUHVGDQVOHVSUpYLVLRQVGHUHFHWWHV


,OHVWSDUFRQVpTXHQWSURSRVpGHSUpFLVHUjO·DWWHQWLRQGHVGLWVFRQWULEXDEOHVTXHOHSDLHPHQWGRLWVHUpDOLVHUGDQVOHUHVSHFW
GHV GpODLV GH GURLW FRPPXQ SUpYXV SRXU FKDTXH QDWXUH G·LPS{W HW TX·HQ WRXW pWDW GH FDXVH VHXO OH SDLHPHQW HIIHFWLI j
O·pFKpDQFHIDLWIRL

'HPrPHOHYLUHPHQWEDQFDLUHQHVHUDDXWRULVpTXHSRXUOHSDLHPHQWGHVLPS{WVHWGHVWD[HVGRQWOHPRQWDQWQ·H[FqGH
SDVPLOOLRQVGHIUDQFV

$XGHOjGHFHVHXLOOHVLPS{WVQHVRQWSD\DEOHVTX·DXPR\HQGXSUpOqYHPHQWEDQFDLUHpOHFWURQLTXH

3DUFRQVpTXHQWOHVSDLHPHQWVKRUVGpODLVVRQWSDVVLEOHVGHVDQFWLRQVSUpYXHVSDUOH/LYUHGH3URFpGXUHVILVFDOHVjVDYRLUOHV
LQWpUrWVGHUHWDUG

 $PpQDJHPHQWGHVGLVSRVLWLRQVUHODWLYHVjODGpFODUDWLRQHWDXSDLHPHQWGHGHODUHGHYDQFHG·RFFXSDWLRQGHVWHUUDLQV
LQGXVWULHOV DUWLFOH 

/·RUGRQQDQFH Qƒ  GX  PDL  D IL[p OH EDUqPH GHV PRQWDQWV GH OD UHGHYDQFH G·RFFXSDWLRQ GHV WHUUDLQV
LQGXVWULHOV

(QDSSOLFDWLRQGHODGLWHRUGRQQDQFHOHGpFUHWQƒGXGpFHPEUHDHQVRQDUWLFOHSUpFLVpOHPRQWDQWHW
GpWHUPLQp OHV PRGDOLWpV GH SDLHPHQW GH OD UHGHYDQFH G·RFFXSDWLRQ GHV WHUUDLQV LQGXVWULHOV &H GLVSRVLWLI SUpYRLW TXH
O·pFKpDQFHGHODUHGHYDQFHSD\DEOHWULPHVWULHOOHPHQWHVWIL[pHjODILQGXPRLVSUpFpGDQWODILQGXWULPHVWUH

$ODSUDWLTXHOHVHQWUHSULVHVRQWWHQGDQFHjDFTXLWWHUODUHGHYDQFHLQGXVWULHOOHOHGHUQLHUMRXUGHODGDWHOLPLWHGHVRUWHTXH
OHVVRPPHVSD\pHVQHSHXYHQWSDVrWUHFRPSWDELOLVpHVSDUOH5HFHYHXUGHV,PS{WVDXWLWUHGXWULPHVWUHFRQVLGpUp(OOHVVRQW
EDVFXOpHVVXUOHWULPHVWUHVXLYDQW

&HWWHVLWXDWLRQHQWUDvQHGHVpFDUWVLPSRUWDQWVGDQVOHVUHFHWWHVUpDOLVpHVSDUUDSSRUWjFHOOHVDWWHQGXHV




ϭϳ


'DQVOHEXWGHUpVRXGUHFHVGLIILFXOWpVOLpHVDX[GpODLVGHGpFODUDWLRQHWGHSDLHPHQWLOHVWSURSRVpGHIL[HUO·pFKpDQFHGX
SDLHPHQWGHODUHGHYDQFHG·RFFXSDWLRQGHVWHUUDLQVLQGXVWULHOVDXGXGHUQLHUPRLVGHFKDTXHWULPHVWUH


 &RUUHFWLRQVWHFKQLTXHVGHFHUWDLQHVGLVSRVLWLRQVGX&RGHJpQpUDOGHV
,PS{WV DUWLFOH 

/HVGLVSRVLWLRQVGX&RGHGHV,QYHVWLVVHPHQWVGHD\DQWpWpUHPSODFpHVSDUFHOOHVGHLOHVWSURSRVpG·DPpQDJHU
GDQVFHVHQVO·DUWLFOHGX&RGHJpQpUDOGHV,PS{WV

/H6\VWqPH&RPSWDEOHGHO·2UJDQLVDWLRQSRXUO·+DUPRQLVDWLRQHQ$IULTXHGX'URLWGHV$IIDLUHV 6<6&2+$'$UpYLVp HVWHQWUp
GHSXLVOHHUMDQYLHUHQYLJXHXUSRXUFHTXLFRQFHUQHOHVFRPSWHVSHUVRQQHOVGHVHQWLWpV

3DUDLOOHXUVO·DGRSWLRQGHFHVQRXYHOOHVUqJOHVGHO·$FWHXQLIRUPHGHO·2+$'$UHODWLIDXGURLWFRPSWDEOHHWjO·LQIRUPDWLRQ
ILQDQFLqUHUHQGQpFHVVDLUHO·DPpQDJHPHQWGXGLVSRVLWLILQWHUQHSRXUVDPLVHHQFRKpUHQFH

(QRXWUHLOHVWSURSRVpG·pWHQGUHDX[FRQWULEXDEOHVUHOHYDQWGXUpJLPHGHEpQpILFHUpHOVLPSOLILpO·REOLJDWLRQGHSURGXFWLRQ
G·XQpWDWIDLVDQWUHVVRUWLUOHVDFKDWVHWOHVYHQWHVHIIHFWXpHVRXDIIHFWpHVjFKDTXHpWDEOLVVHPHQWHWG·XQHIDoRQJpQpUDOH
OHVDJUpJDWVFRPSWDEOHVHWpFRQRPLTXHV

$ILQG·RSWLPLVHUOHUHFRXYUHPHQWGHODWD[HVXUOHVH[FpGHQWVGHVPRQWDQWVGHVFDXWLRQVHWDYDQFHVVXUOHVOR\HUVDXWRULVpVLO
HVW SURSRVp DX WLWUH GX VHUYLFH FRPSpWHQW SRXU O·DSSOLFDWLRQ GH FHWWH PHVXUH GH UHPSODFHU ©OH UHFHYHXU GHV ,PS{WV
IRQFLHUVªSDUOHUHFHYHXUGX'RPDLQHGHOD&RQVHUYDWLRQIRQFLqUHGHO·(QUHJLVWUHPHQWHWGX7LPEUHGXOLHXROHFRQWUDWGH
EDLOHVWHQUHJLVWUp

(QILQ OH GLVSRVLWLI ILVFDO SUpYRLW GLIIpUHQWV PRQWDQWV DX WLWUH GH O·DPHQGH SRXU OH GpIDXW GH GpFODUDWLRQ GH GpEXW G·DFWLYLWp
DXSUqVGHO·$GPLQLVWUDWLRQILVFDOH

,O HVW GRQF SURSRVp G·KDUPRQLVHU OH PRQWDQW GH O·DPHQGH ILVFDOH SRXU GpIDXW GH GpFODUDWLRQ ILVFDOH G·H[LVWHQFH RX GH
GpEXWG·DFWLYLWpHQUHWHQDQWXQHDPHQGHXQLTXHGHIUDQFV





ϭϴ





 $PpQDJHPHQW GHV GLVSRVLWLRQV UHODWLYHV DX SUpOqYHPHQW GH O·DFRPSWH DX WLWUH GHV LPS{WV VXU OHV UHYHQXV ORFDWLIV
DUWLFOH 

/H&RGHJpQpUDOGHV,PS{WVIDLWREOLJDWLRQDX[HQWUHSULVHVVRXPLVHVjXQUpJLPHUpHOG LPSRVLWLRQDLQVLTX·jFHOOHVUHOHYDQW
GHO·LPS{WV\QWKpWLTXHG·HIIHFWXHUDXSURILWGX7UpVRUSXEOLFXQHUHWHQXHVXUOHPRQWDQWEUXWGHVOR\HUVTX·HOOHVUHYHUVHQWDX[
SURSULpWDLUHVG·LPPHXEOHVTX·HOOHVRFFXSHQW

&HVSUpOqYHPHQWVHQWUDvQHQWGHQRPEUHX[FRQWHQWLHX[VXUWRXWORUVTXHOHSURSULpWDLUHHVW jMRXUGXSDLHPHQWGHVRQLPS{W
IRQFLHU

$ILQ GH FRUULJHU FHWWH VLWXDWLRQ LO HVW SURSRVp GH GLVSHQVHU GH OD UHWHQXH OHV SURSULpWDLUHV TXL IRQW OD SUHXYH TX·LOV RQW
DFTXLWWpO·LPS{WIRQFLHUVXUOHVLPPHXEOHVFRQFHUQpV

3URURJDWLRQGHODVXVSHQVLRQGHO·REOLJDWLRQGHVRXVFULSWLRQGHODGpFODUDWLRQDQQXHOOHGHO·LPS{WJpQpUDOVXUOHUHYHQX
DUWLFOH 


/·REOLJDWLRQDQQXHOOHGHGpFODUDWLRQHWGHSDLHPHQWGHO·LPS{WJpQpUDOVXUOHUHYHQXJOREDO ,*5 DpWpVXVSHQGXMXVTX·DX


GpFHPEUH(QDWWHQGDQWO·DFKqYHPHQWGHVpWXGHVHQJDJpHVHQYXHG·DERXWLUjXQHUpIRUPHJOREDOHGHO·,*5OD
VXVSHQVLRQGHO·REOLJDWLRQGHGpFODUDWLRQDQQXHOOHGHO·,*5HVWSURURJpHMXVTX·DXGpFHPEUH

 ,QVWLWXWLRQG·XQGpODLGHGpS{WGHVGpFODUDWLRQVGHGURLWGHWLPEUHGHTXLWWDQFH DUWLFOH 


/HVGLVSRVLWLRQVGHO·DUWLFOHGX&RGHJpQpUDOGHV,PS{WVQHSUpFLVHQWSDVGHGpODLSRXUOHSDLHPHQWGXGURLWGHWLPEUHGH
TXLWWDQFH


$ILQGHFRUULJHUFHWWHVLWXDWLRQLOHVWSURSRVpGHIL[HUOHGpODLGHGpFODUDWLRQGHVGURLWVGHWLPEUHGHTXLWWDQFHDXSOXVWDUG
DXGXPRLVVXLYDQWFHOXLDXWLWUHGXTXHOOHVRSpUDWLRQVGRQQDQWOLHXDXGURLWGHWLPEUHGHTXLWWDQFHRQWpWpUpDOLVpHV

 ([WHQVLRQ GX FKDPS G·DSSOLFDWLRQ GHV GHPDQGHV GH UHQVHLJQHPHQWV G·H[SOLFDWLRQV G·pFODLUFLVVHPHQWV RX GH
MXVWLILFDWLRQVDX[GURLWVG·HQUHJLVWUHPHQWHWGHWLPEUH DUWLFOH 



ϭϵ


/HVGURLWVG·HQUHJLVWUHPHQWHWGHWLPEUHQHVRQWSDVYLVpVSDUOHGLVSRVLWLIGX/LYUHGH3URFpGXUHVILVFDOHVUHODWLIDX[GHPDQGHV
GHUHQVHLJQHPHQWVG·H[SOLFDWLRQVG·pFODLUFLVVHPHQWVRXGHMXVWLILFDWLRQV


,OHVWSURSRVpGHFRUULJHUFHWWHVLWXDWLRQHQLQFOXDQWOHVGURLWVG·HQUHJLVWUHPHQWHWGHWLPEUHGDQVODOLVWHGHVLPS{WVSRXYDQW
IDLUHO·REMHWGHGHPDQGHVG·pFODLUFLVVHPHQWVRXGHMXVWLILFDWLRQV

5HYHUVHPHQWDX[UpJLRQVGHODWD[HIRUIDLWDLUHGHVSHWLWVFRPPHUoDQWVHWDUWLVDQVUHFRXYUpHHQGHKRUVGHVOLPLWHVGHV
WHUULWRLUHVFRPPXQDX[ DUWLFOH 

/·RUGRQQDQFH Qƒ  GX  DR€W  SRUWDQW RULHQWDWLRQ GH O·RUJDQLVDWLRQ JpQpUDOH GH O·$GPLQLVWUDWLRQ WHUULWRULDOH
SUpYRLWQRWDPPHQWTX·DXQLYHDXGHVFROOHFWLYLWpVWHUULWRULDOHVODSURJUDPPDWLRQODFRRUGLQDWLRQHWOHFRQWU{OHGHVDFWLRQV
HWGHVRSpUDWLRQVGHGpYHORSSHPHQWpFRQRPLTXHVRFLDOHWFXOWXUHOVRQWGHODFRPSpWHQFHGHVUpJLRQV

$ILQGHUHQIRUFHUOHVPR\HQVILQDQFLHUVPLVjOHXUGLVSRVLWLRQLOHVWSURSRVpGHOHXUDIIHFWHUOHSURGXLWGHODWD[HIRUIDLWDLUHGHV
SHWLWVFRPPHUoDQWVHWDUWLVDQVUHFRXYUpHHQGHKRUVGXSpULPqWUHFRPPXQDO&HSURGXLWHVWDFWXHOOHPHQWUHYHUVpGDQVOHV
FDLVVHVGX7UpVRUSXEOLF

 $PpQDJHPHQWGHVGLVSRVLWLRQVUHODWLYHVjODWD[HGHVDOXEULWpHWGHSURWHFWLRQGHO·HQYLURQQHPHQW DUWLFOH 

/HUHFRXYUHPHQWGHODWD[HGHVDOXEULWpHWGHSURWHFWLRQGHO·HQYLURQQHPHQWSUpYXHSDUOHVGLVSRVLWLRQVGHO·DUWLFOHGX
&RGH JpQpUDO GHV ,PS{WV SDU OH UHFHYHXU GHV ,PS{WV UHQFRQWUH GHV GLIILFXOWpV pWDQW GRQQp TXH OHV RSpUDWLRQV UHODWLYHV j
O·LPSRVLWLRQGHVYpKLFXOHVVHUpDOLVHQWDXFRUGRQGRXDQLHU

3DUDLOOHXUVOHGLVSRVLWLIGRLWrWUHKDUPRQLVpDYHFOHGpFUHWQƒGXRFWREUHUHODWLIjODOLPLWDWLRQGHO·kJHGHV
YpKLFXOHVG·RFFDVLRQLPSRUWpVHQ&{WHG·,YRLUH

(Q RXWUH O·RUJDQLVPH EpQpILFLDLUH GHV SURGXLWV GHOD WD[H j VDYRLU OH )RQGV GH )LQDQFHPHQW GHV 3URJUDPPHV GH6DOXEULWp
XUEDLQHDpWpGLVVRXWHWUHPSODFpSDUXQHQRXYHOOHVWUXFWXUHO·$JHQFHQDWLRQDOHGH*HVWLRQGH'pFKHWV $1$*(' 

,OHVWGRQFSURSRVpG·XQHSDUWGHFRQILHUOHUHFRXYUHPHQWGHODWD[HGHVDOXEULWpHWGHO·HQYLURQQHPHQWDX[UHFHYHXUVGHV
VHUYLFHV GHV 'RXDQHV HW G·DXWUH SDUW GH PHWWUH HQ KDUPRQLH ODGLWH WD[H DYHF OHV GLVSRVLWLRQV GX GpFUHW VXVYLVp HW GH
SUHQGUHHQFRPSWHOHFKDQJHPHQWGDQVODGpQRPLQDWLRQGHO·RUJDQLVPHEpQpILFLDLUHGXSURGXLWGHODWD[H



ϮϬ



$PpQDJHPHQWGXGpODLGHSDLHPHQWGHODWD[HVXUOHVYpKLFXOHVjPRWHXUSRXUOHVPRWRV DUWLFOH 

/HGpODLGHSDLHPHQWGHODWD[HVXUOHVYpKLFXOHVjPRWHXUDIIpUHQWHDX[PRWRVIL[pDXHUDYULOGHFKDTXHDQQpHSDUO·DUWLFOH
GHO·DQQH[HILVFDOHFUpHGHVHQJRUJHPHQWVDXQLYHDXGHVVHUYLFHVGHOD6RFLpWpLYRLULHQQHGHFRQWU{OHWHFKQLTXH
DXWRPRELOHV 6,&7$ 

$ILQGHFRUULJHUFHWWHVLWXDWLRQLOHVWSURSRVpGHIL[HUO·pFKpDQFHSRXUOHSDLHPHQWGHODYLJQHWWHGHVPRWRVHQIRQFWLRQGH
O·REOLJDWLRQG·LPPDWULFXODWLRQRXG·HQUHJLVWUHPHQW

$LQVL OD GDWH G·DQQLYHUVDLUH GH O·LPPDWULFXODWLRQ RX GH O·HQUHJLVWUHPHQW HVW UHWHQXH SRXU OH SDLHPHQW GH OD WD[H VXU OHV
YpKLFXOHVjPRWHXUDIIpUHQWHDX[PRWRV

$PpQDJHPHQWGHVPHQWLRQVGHO·pWDWUpFDSLWXODWLIGHVVDODLUHV DUWLFOH 

$ILQG·DFFURvWUHOHVPR\HQVGHFRQWU{OHGHO·$GPLQLVWUDWLRQ SRUWDQWVXUOHVUpPXQpUDWLRQVYHUVpHVSDUOHVHPSOR\HXUVjOHXUV
VDODULpVLOHVWSURSRVpG·DMRXWHUOHQXPpURGHVpFXULWpVRFLDOHDWWULEXpSDUOD&DLVVHQDWLRQDOHGH3UpYR\DQFHVRFLDOH &136 
DX[SHUVRQQHVFRQFHUQpHVjODOLVWHGHVLQGLFDWLRQVILJXUDQWVXUO·pWDWUpFDSLWXODWLIGHVVDODLUHV pWDW 

$PpQDJHPHQWGHODWD[HVSpFLDOHSRXUODSUpVHUYDWLRQHWOHGpYHORSSHPHQWIRUHVWLHU DUWLFOH 


/D WD[H VSpFLDOH SRXU OD SUpVHUYDWLRQ HW OH GpYHORSSHPHQW IRUHVWLHU HVW DVVLVH HW UHFRXYUpH GDQV OHV PrPHV FRQGLWLRQV HW
VHORQOHVPrPHVPRGDOLWpVTXHODWD[HG·DEDWWDJHTXLDpWpVXSSULPpHHWUHPSODFpHSDUODWD[HVXUOHVYHQWHVGHERLVHQ
JUXPHV

/DWD[HG·DEDWWDJHD\DQWpWpVXSSULPpHODWD[HVSpFLDOHSRXUODSUpVHUYDWLRQHWOHGpYHORSSHPHQWIRUHVWLHUVHWURXYHVDQV
EDVHOpJDOHSRXUVRQDSSOLFDWLRQ


,OHVWGRQFSURSRVpGHUHGpILQLUOHPRGHGHFDOFXOGHODGLWHWD[HHQDSSOLTXDQWXQWDX[GHVXUOHPRQWDQWGHFKDTXH
YHQWHGHERLVHQJUXPHV



Ϯϭ


6200$,5(

    
0(685(6'·,1&,7$7,21),6&$/(6$8352),7'(63(7,7(6(702<(11(6(175(35,6(6

 
(;7(16,21'(/$'('8&7,%,/,7('(/$7$;(685/$9$/(85$-287(($8;*$62,/+8,/(6(7*5$,66(687,/,6(6
'$16/(6(1*,16'(0$187(17,21'86(&7(85'8%$7,0(17(7'(675$9$8;38%/,&6

  
0(685(6),6&$/(6(1)$9(85'(6(;3/2,7$7,216$*5,&2/(6

  
$0(1$*(0(17'(67$8;'8'52,7'·(15(*,675(0(17(10$7,(5('·(&+$1*(6'·,00(8%/(6

  
$0(1$*(0(17'802'('('(7(50,1$7,21'(/$&2175,%87,21'(63$7(17(6'(6(175(35,6(6)2851,66$17
'(6,1)5$6758&785(63$66,9(6'(7(/(&20081,&$7,21$8;23(5$7(856'(7(/(3+21,(

  
0(685(6),6&$/(6(1)$9(85'(/$62&,(7('(675$1632576$%,'-$1$,6

  
,167,787,21'·81'52,781,48('(6257,(685/(6*5$,1(6'(&2721

  
(;7(16,21'(/$352&('85('·$77(67$7,21$118(//(81,48('·(;21(5$7,21'(7$;(685/$9$/(85$-287((
$8;628675$,7$176'(6(175(35,6(60,1,(5(6



/


  
$0(1$*(0(17'87$8;'(/·,0327685/(6%(1(),&(6'(63(56211(63+<6,48(6

   
,167,787,21'('52,76'·$&&,6(6685/(60$5%5(6(7/(69(+,&8/(6'(7285,60('217/$38,66$1&(
(67683(5,(85(28(*$/($&+(9$8;

   
$0(1$*(0(17'87$8;'(6'52,76'·$&&,6(6685/(67$%$&6

  
0(685(6),6&$/(6(1)$9(85'(/$)250$7,21'(6-(81(6

  
68335(66,21'(/·,0327685/(5(9(18'(6&5($1&(6685/(6,17(5(76'(6%216(72%/,*$7,216'875(625
6286&5,763$5/(63(56211(63+<6,48(6

   
0(685(6),6&$/(6(1)$9(85'(66758&785(65(/,*,(86(6(10$7,(5('(7$;(685/(6&2175$76'·$6685$1&(6

  
$33/,&$7,21'(67$;(663(&,),48(6(;,*,%/(6'(662&,(7(6'(7(/(3+21,($8;(175(35,6(6'(75$16)(57
'·$5*(173$57(/(3+21(02%,/(

   
,167,787,21'(/$)$&785$7,21(/(&7521,48(

   
0(685(6'(5(1)25&(0(17'8&$'5('(75$163$5(1&(),6&$/(

   
$0(1$*(0(17'(6',6326,7,216(10$7,(5('(&21752/('(635,;'(75$16)(57

//


  
(;7(16,21'8&+$03'·$33/,&$7,21'(/$'(&/$5$7,21(7'83$,(0(17'(6,032763$592,((/(&7521,48(

   
$0(1$*(0(17'(65(*/(6'·(;,*,%,/,7('(/$7$;(685/$9$/(85$-287((
'(6(175(35,6(6'(7(/(&20081,&$7,216

   
$0(1$*(0(17'85(*,0(),6&$/'(6&2037(6&285$176'·$662&,(6

 
$0(1$*(0(17'(6',326,7,216'8/,95('(352&('85(6),6&$/(65(/$7,9(6$8'(/$,(10$7,(5(
'('52,7'(&20081,&$7,21

 
$0(1$*(0(17'(6',6326,7,216'8/,95('(352&('85(6),6&$/(65(/$7,9(6$8&21752/(

 
$0(1$*(0(17'(6',6326,7,2165(/$7,9(6$/$'(&/$5$7,21(7$83$,(0(17'(/$5('(9$1&(
'·2&&83$7,21'(67(55$,16,1'8675,(/6

 
$0(1$*(0(17'(6',6326,7,216'8&2'(*(1(5$/'(6,03276(10$7,(5('·(15(*,675(0(17'(6$&7(6

  
35(&,6,2165(/$7,9(6$/$352&('85('·2&752,'(6$9$17$*(6),6&$8;(7'28$1,(563$592,(&219(17,211(//(

  
$0(1$*(0(17'85(*,0(),6&$/'(635(67$7$,5(6'(6(59,&(63(752/,(56

  
&255(&7,2167(&+1,48(6'(&(57$,1(6',6326,7,216'8&2'(*(1(5$/'(6,03276

///


  
$0(1$*(0(17'(6',6326,7,2165(/$7,9(6$835(/(9(0(17'(/·$&2037($87,75('(6,03276685
/(65(9(186/2&$7,)6

  
35252*$7,21'(/$6863(16,21'(/·2%/,*$7,21'(6286&5,37,21'(/$'(&/$5$7,21$118(//(
'(/·,0327*(1(5$/685/(5(9(18

  
,167,787,21'·81'(/$,'('(327'(6'(&/$5$7,216'('52,7'(7,0%5('(48,77$1&(

  
(;7(16,21'8&+$03'·$33/,&$7,21'(6'(0$1'(6'(5(16(,*1(0(176'·(;3/,&$7,216'·(&/$,5&,66(0(176
28'(-867,),&$7,216$8;'52,76'·(15(*,675(0(17(7'(7,0%5(

  
5(9(56(0(17$8;5(*,216'(/$7$;()25)$,7$,5('(63(7,76&200(5&$176(7$57,6$165(&2895(((1
'(+256'(6/,0,7(6'(67(55,72,5(6&20081$8;

 
$0(1$*(0(17'(6',6326,7,2165(/$7,9(6$/$7$;('(6$/8%5,7((7'(3527(&7,21'(/·(19,5211(0(17

 
$0(1$*(0(17'8'(/$,'(3$,(0(17'(/$7$;(685/(69(+,&8/(6$027(853285/(602726

  
$0(1$*(0(17'(60(17,216'(/·(7$75(&$3,78/$7,)'(66$/$,5(6

 
$0(1$*(0(17'(/$7$;(63(&,$/(3285/$35(6(59$7,21(7/('(9(/233(0(17)25(67,(5


/s


$UWLFOHSUHPLHU
0(685(6'·,1&,7$7,21),6&$/(6$8352),7'(63(7,7(6(702<(11(6(175(35,6(6

$ (;326('(6027,)6

'DQVOHFDGUHGHVDSROLWLTXHGHSURPRWLRQGHVSHWLWHVHWPR\HQQHVHQWUHSULVHV 30( OH*RXYHUQHPHQWDSULVXQFHUWDLQ
QRPEUH GH PHVXUHV HQ YXH G·DSSRUWHU GHV VROXWLRQV DX[ SUREOqPHV VSpFLILTXHV UHQFRQWUpV SDU FHWWH FDWpJRULH
G·HQWUHSULVHV

$LQVLGLYHUVHVPHVXUHVILVFDOHVGHIDYHXURQWpWpDFFRUGpHVDX[SHWLWHVHWPR\HQQHVHQWUHSULVHVF·HVWjGLUHOHVHQWUHSULVHV
TXLUpDOLVHQWXQFKLIIUHG·DIIDLUHVDQQXHOWRXWHVWD[HVFRPSULVHVLQIpULHXUjXQPLOOLDUGGHIUDQFV2QSHXWQRWDPPHQWFLWHU

 O·H[RQpUDWLRQGHODFRQWULEXWLRQGHVSDWHQWHVDXWLWUHGHVGHX[SUHPLqUHVDQQpHVVXLYDQWODGDWHGHFUpDWLRQSRXU
OHV30(UpDOLVDQWXQFKLIIUHG·DIIDLUHVGHPRLQVG·XQPLOOLDUGGHIUDQFV

 ODUpGXFWLRQGHGHO·LPS{WIRQFLHUG€SDUOHVSHWLWHVHWPR\HQQHVHQWUHSULVHVSHQGDQWGHX[DQVjFRPSWHUGH
OHXUGDWHGHFUpDWLRQSRXUOHVLPPHXEOHVDFTXLVRXSRVVpGpVDXPRPHQWGHOHXUFUpDWLRQjODFRQGLWLRQTXHFHV
HQWUHSULVHVDFTXLWWHQWOHXULPS{WDXSOXVWDUGOHPDUVHWOHMXLQGHFKDTXHDQQpH

 O·H[RQpUDWLRQG·LPS{WVHWWD[HVSRXUOHV30(pOLJLEOHVDX&RGHGHV,QYHVWLVVHPHQWV

'DQVOHFDGUHGX3ODQQDWLRQDOGH'pYHORSSHPHQWHWGXSURJUDPPHpFRQRPLTXHGX*RXYHUQHPHQWLODpWp
GpFLGpG·DGRSWHUGHVPHVXUHVLQFLWDWLYHVDGGLWLRQQHOOHVGHQDWXUHjUHQIRUFHUODFRPSpWLWLYLWpGHV30(LYRLULHQQHV

$XVVLHVWLOSURSRVp

 GHOHVH[RQpUHUGHODFRQWULEXWLRQGHVSDWHQWHVVXUXQHSpULRGHGHFLQTDQVjFRPSWHUGHO·DQQpHGHFUpDWLRQ


 GHUpGXLUHGHO·LPS{WIRQFLHUG€SHQGDQWGHX[DQQpHVVXUOHVLPPHXEOHVQRXYHOOHPHQWDFTXLVSRXUOHVEHVRLQV
GHOHXUH[SORLWDWLRQ


 GHOHVH[RQpUHUGHVGURLWVG·HQUHJLVWUHPHQWDXWLWUHGHVDFWHVUHODWLIVDX[PDUFKpVSXEOLFVSDVVpVDYHFO·(WDW


ϭ



$ GHOHVH[RQpUHUSHQGDQWXQHSpULRGHGHWURLVDQQpHVVXLYDQWODGDWHGHOHXUFUpDWLRQGHVGURLWVG·HQUHJLVWUHPHQW
UHODWLIVjO·DXJPHQWDWLRQGXFDSLWDOVRFLDORXjODPRGLILFDWLRQGHODIRUPHVRFLDOHHQFHTXLFRQFHUQHOHVHQWUHSULVHV
H[SORLWpHVVRXVIRUPHLQGLYLGXHOOH

,O FRQYLHQW GH SUpFLVHU TXH OHV FRQGLWLRQV G·RFWURL HW GH PLVH HQ ±XYUH GHVGLWV DYDQWDJHV TXL VRQW j DFFRUGHU HQ
FRQWUHSDUWLHG·HIIRUWVUpDOLVpVHQPDWLqUHG·HPEDXFKHVHURQWGpWHUPLQpHVSDUDUUrWpGX0LQLVWUHHQFKDUJHGX%XGJHW

,OHVWpJDOHPHQWSURSRVpG·LQVWLWXHUDXSURILWGHFHUWDLQHV30(XQHYpULILFDWLRQGHFRPSWDELOLWpVDQVSpQDOLWpVTXLSHXW
rWUHDFFRUGpHXQHVHXOHIRLVDXFRXUVGHVWURLV  SUHPLqUHVDQQpHVG·H[LVWHQFHGHO·HQWUHSULVH

/DYpULILFDWLRQVDQVSpQDOLWpVQHFRQFHUQHTXHOHV30(UpDOLVDQWXQFKLIIUHG·DIIDLUHVDQQXHOLQIpULHXURXpJDOjPLOOLRQV
GHIUDQFVSDUFHTX·HOOHVRQWJpQpUDOHPHQWGHVFDSDFLWpVDGPLQLVWUDWLYHVHWFRPSWDEOHVOLPLWpHVHWUHOqYHQWVRLWGXUpJLPH
GHO·LPS{W V\QWKpWLTXH VRLW GX UpJLPH VLPSOLILp G·LPSRVLWLRQ &HWWH YpULILFDWLRQ VH GpURXOHVRXVOHVPrPHV SURFpGXUHV HW
GDQVOHVPrPHVFRQGLWLRQVGHGpODLTXHODYpULILFDWLRQJpQpUDOHRUGLQDLUHGHFRPSWDELOLWp

/HVGURLWVVLPSOHVQRWLILpVGDQVOHFDGUHG·XQWHOFRQWU{OHVHURQWH[LJpVGHVFRQWULEXDEOHV

(QUHYDQFKHLOVQHGHYURQWSDVrWUHUHFKHUFKpVHQSDLHPHQWGHVSpQDOLWpVOpJDOHPHQWDSSOLFDEOHV

/HFRQWU{OHILVFDOXOWpULHXUQHSHXWSRUWHUTXHVXUODSpULRGHQRQFRXYHUWHSDUOHFRQWU{OHVDQVSpQDOLWpV

/HVDUWLFOHVHWGX&RGHJpQpUDOGHV,PS{WVHWOHVGLVSRVLWLRQVGX/LYUHGH3URFpGXUHVILVFDOHVVRQWPRGLILpVGDQV
FHVHQV

%7(;7(

 $ O·DUWLFOH  GX &RGH JpQpUDO GHV ,PS{WV LQVpUHU DSUqV OH WURLVLqPH SDUDJUDSKH XQ QRXYHDX SDUDJUDSKH UpGLJp
FRPPHVXLW


Ϯ



©/HV GLVSRVLWLRQV GX SDUDJUDSKH FLGHVVXV VRQW pWHQGXHV PXWDWLV PXWDQGLV DX[ SHWLWHV HW PR\HQQHV HQWUHSULVHV TXL
DFTXLqUHQWDSUqVOHXUFUpDWLRQGHVLPPHXEOHVSRXUOHVEHVRLQVGHOHXUH[SORLWDWLRQª

/·DUWLFOHGX&RGHJpQpUDOGHV,PS{WVHVWFRPSOpWpFRPPHVXLW
©/HVSHWLWHVHWPR\HQQHVHQWUHSULVHVVXUXQHSpULRGHGHFLQTDQVjFRPSWHUGHO·DQQpHGHFUpDWLRQª

&RPSOpWHUO·DUWLFOHGX&RGHJpQpUDOGHV,PS{WVSDUXQTXDWULqPHSDUDJUDSKHUpGLJpFRPPHVXLW

©/HVDFWHVUHODWLIVDX[PDUFKpVSXEOLFVSDVVpVSDUO·(WDWDYHFOHVSHWLWHVHWPR\HQQHVHQWUHSULVHV 30( ª

,OHVWFUppVRXVODVHFWLRQ,9GXFKDSLWUH,,GXWLWUHGHX[LqPHGHODGHX[LqPHSDUWLHGX/LYUHWURLVLqPHGX&RGHJpQpUDO
GHV,PS{WVXQDUWLFOHTXDWHUUpGLJpFRPPHVXLW

©$UWTXDWHU6RQWH[RQpUpVGXGURLWG·HQUHJLVWUHPHQWSHQGDQWXQHSpULRGHGHWURLVDQQpHVVXLYDQWODGDWHGHOHXU
FUpDWLRQOHVDFWHVUHODWLIVjO·DXJPHQWDWLRQGXFDSLWDOVRFLDOGHVSHWLWHVHWPR\HQQHVHQWUHSULVHVRXGHPRGLILFDWLRQGH
OHXUIRUPHHQFHTXLFRQFHUQHOHVHQWUHSULVHVH[SORLWpHVVRXVODIRUPHLQGLYLGXHOOHª

 /HV FRQGLWLRQV G·RFWURL HW GH PLVH HQ ±XYUH GHV DYDQWDJHV YLVpV DX[    HW  FLGHVVXV TXL VRQW j DFFRUGHU HQ
FRQWUHSDUWLHG·HIIRUWVUpDOLVpVHQPDWLqUHG·HPEDXFKHVHURQWGpWHUPLQpHVSDUDUUrWpGX0LQLVWUHHQFKDUJHGX%XGJHW

,OHVWFUppVRXVODVHFWLRQ,,GXFKDSLWUHSUHPLHUGXWLWUHSUHPLHUGX/LYUHGH3URFpGXUHVILVFDOHVXQDUWLFOHELVUpGLJp
DLQVLTX·LOVXLW

©9pULILFDWLRQGHFRPSWDELOLWpVDQVSpQDOLWpVSRXUOHVSHWLWHVHWPR\HQQHVHQWUHSULVHV

$UWELV²/·$GPLQLVWUDWLRQILVFDOHSHXWSURFpGHUjXQHYpULILFDWLRQJpQpUDOHGHFRPSWDELOLWpVDQVSpQDOLWpVGHVSHWLWHVHW
PR\HQQHVHQWUHSULVHVUpDOLVDQWXQFKLIIUHG·DIIDLUHVDQQXHOLQIpULHXURXpJDOjPLOOLRQVGHIUDQFV

&HWWHYpULILFDWLRQVHGpURXOHVRXVOHVPrPHVSURFpGXUHVHWGDQVOHVPrPHVFRQGLWLRQVGHGpODLTXHODYpULILFDWLRQJpQpUDOH
RUGLQDLUHGHFRPSWDELOLWp

ϯ




(QFDVGHFRQWU{OHXOWpULHXUODSpULRGHFRXYHUWHSDUODYpULILFDWLRQGHFRPSWDELOLWpVDQVSpQDOLWpVQHSHXWrWUHYpULILpH

/·HQWUHSULVH VRXPLVH j XQH YpULILFDWLRQ JpQpUDOH GH FRPSWDELOLWp VDQV SpQDOLWpV UHVWH UHGHYDEOH GHV GURLWV VLPSOHV TXL
SRXUUDLHQWHQUpVXOWHU(QUHYDQFKHHOOHHVWGLVSHQVpHGXSDLHPHQWGHVSpQDOLWpVOpJDOHPHQWDSSOLFDEOHVª

/·DUWLFOHGX/LYUHGH3URFpGXUHVILVFDOHVHVWFRPSOpWpLQILQHSDUXQGHUQLHUDOLQpDUpGLJpDLQVLTX·LOVXLW

©/DYpULILFDWLRQGHFRPSWDELOLWpVDQVSpQDOLWpVGHVSHWLWHVHWPR\HQQHVHQWUHSULVHVYLVpHVjO·DUWLFOHELVGXSUpVHQW/LYUH
QHSHXWrWUHHIIHFWXpHTX·XQHVHXOHIRLVDXFRXUVGHVWURLVSUHPLqUHVDQQpHVVXLYDQWODFUpDWLRQGHO·HQWUHSULVHª
 

ϰ



$UWLFOH
(;7(16,21'(/$'('8&7,%,/,7('(/$7$;(685/$9$/(85$-287(($8;*$62,/+8,/(6
(7*5$,66(687,/,6(6'$16/(6(1*,16'(0$187(17,21'86(&7(85'8%$7,0(17(7'(675$9$8;38%/,&6

$²(;326('(6027,)6

/H&RGHJpQpUDOGHV,PS{WVSUpYRLWHQVRQDUWLFOHTX·HQFHTXLFRQFHUQHOHVSURGXLWVSpWUROLHUVVHXOVRXYUHQWGURLWj
GpGXFWLRQGHODWD[HVXUODYDOHXUDMRXWpH 79$ OHSpWUROHXWLOLVpSRXUOHIRQFWLRQQHPHQWGHVXVLQHVHWOHVSURGXLWVQRLUV
JDVRLOIXHORLOGLVWLOODWHGLHVHORLO jO·H[FOXVLRQGHVSURGXLWVXWLOLVpVFRPPHFDUEXUDQWGDQVOHVYpKLFXOHVGHWUDQVSRUW

/D79$JUHYDQWO·DFTXLVLWLRQGHFHVSURGXLWVSDUOHVHQWUHSULVHVGXVHFWHXUGHVEkWLPHQWVHWWUDYDX[SXEOLFV %73 SRXUOH
IRQFWLRQQHPHQWGHOHXUVHQJLQVQ·RXYUHGRQFSDVGURLWjGpGXFWLRQ

&HWWHUHVWULFWLRQ jODUpFXSpUDWLRQGHODWD[HVXUODYDOHXUDMRXWpHHQWUDvQHSRXUOHVHQWUHSULVHVGXVHFWHXUGHV%73GHV
FUpGLWVGH79$TXLHQO·pWDWDFWXHOGXGLVSRVLWLIQHVRQWSDVUHPERXUVDEOHVPDLVVHXOHPHQWUHSRUWDEOHVFUpDQWDLQVLGHV
WHQVLRQVGHWUpVRUHULHDXQLYHDXGHFHVRSpUDWHXUVTXLVRQWGHJUDQGVXWLOLVDWHXUVGHVVRXUFHVG·pQHUJLHFRQFHUQpHV

,OHVWSDUFRQVpTXHQWSURSRVpG·DXWRULVHUOHVHQWUHSULVHVGXVHFWHXUGHV%73jGpGXLUHOD79$JUHYDQWOHXUVDFKDWVGHJDV
RLO G·KXLOHV HW GH JUDLVVHV TX·HOOHV XWLOLVHQW SRXU OH IRQFWLRQQHPHQW GHV HQJLQV VHUYDQW j OHXUV DFWLYLWpV j O·H[FOXVLRQ GHV
SURGXLWVGHVWLQpVDX[YpKLFXOHVGHWRXULVPHHWDXWUDQVSRUWGHVSHUVRQQHV

7RXWHIRLV LO HVW SURSRVp GH OLPLWHU FH GURLW SDU XQH UpGXFWLRQ IRUIDLWDLUH GH   UHSUpVHQWDWLYH GH O·XWLOLVDWLRQ QRQ
SURIHVVLRQQHOOHGHFHVSURGXLWVSpWUROLHUVSDUOHVRSpUDWHXUVFRQFHUQpV

/·DUWLFOHGX&RGHJpQpUDOGHV,PS{WVHVWDPpQDJpGDQVFHVHQV
 

ϱ




%²7(;7(

/HGHUQLHUSDUDJUDSKHGXGHO·DUWLFOHGX&RGHJpQpUDOGHV,PS{WVHVWPRGLILpHWQRXYHOOHPHQWUpGLJpFRPPHVXLW

©2XYUHQWpJDOHPHQWGURLWjGpGXFWLRQOHJD]XWLOLVpFRPPHFRPEXVWLEOHSRXUOHIRQFWLRQQHPHQWGHVXVLQHVDLQVLTXHOH
JDVRLO OHV KXLOHV HW OHV JUDLVVHV XWLOLVpV SDU OHV HQWUHSULVHV GX VHFWHXU GHV EkWLPHQWV HW WUDYDX[ SXEOLFV %73  SRXU OH
IRQFWLRQQHPHQWGHOHXUVHQJLQVjO·H[FOXVLRQGHVSURGXLWVGHVWLQpVDX[YpKLFXOHVGHWRXULVPHHWDXWUDQVSRUWGHVSHUVRQQHV
(QFHTXLFRQFHUQHOHVHQWUHSULVHVGHV%73FHWWHGpGXFWLRQHVWOLPLWpHjGHOD79$VXSSRUWpHILJXUDQWVXUODIDFWXUH
G·DFKDWª
 

ϲ



$UWLFOH
0(685(6),6&$/(6(1)$9(85'(6(;3/2,7$7,216$*5,&2/(6

$(;326('(6027,)6

/ DUWLFOHGHO DQQH[HILVFDOHjO RUGRQQDQFHQƒGXPDUVSRUWDQW%XGJHWGHO (WDWSRXUODJHVWLRQD
LQVWLWXpXQSUpOqYHPHQWjWLWUHG·DFRPSWHG·LPS{WVXUOHVEpQpILFHVVXUFHUWDLQHVSURGXFWLRQVDJULFROHV

6RQWFRQFHUQpHVSDUFHSUpOqYHPHQWOHVSURGXFWLRQVVXLYDQWHV

 SURGXLWVGXSDOPLHUjKXLOH 
 DQDQDV 
 SURGXLWVKpYpLFROHV 
 ERLVHQJUXPHV 


'HSXLVTXHOTXHVDQQpHVOHVFRXUVPRQGLDX[GHO·KpYpDHWGHO·DQDQDVTXLFRQQDLVVHQWG·LPSRUWDQWHVIOXFWXDWLRQVjOD
EDLVVH DIIHFWHQW GH PDQLqUH VLJQLILFDWLYH OHV UHYHQXV GHV SURGXFWHXUV GH FHV GLIIpUHQWHV FXOWXUHV GRQW OHV FR€WV GH
SURGXFWLRQGHPHXUHQWpOHYpV

'DQVFHFRQWH[WHO·DSSOLFDWLRQGXSUpOqYHPHQWDX[WDX[DFWXHOVHQFHTXLFRQFHUQHOHVH[SORLWDQWVG·KpYpDHWGHEDQDQH
FRQFRXUWjO·DFFURLVVHPHQWGHVFKDUJHVGHVHQWUHSULVHVFRQFHUQpHVREpUDQWDLQVLOHXUFRPSpWLWLYLWp

$ILQ GH OHV DLGHU j IDLUH IDFH j FHWWH GLIILFLOH FRQMRQFWXUH pFRQRPLTXH HW GH OHXU SHUPHWWUH GH UHODQFHU OHXUV
LQYHVWLVVHPHQWVLOHVWSURSRVpGHUpGXLUHOHWDX[GXSUpOqYHPHQWGHjSRXUOHVSURGXLWVKpYpLFROHVHWO·DQDQDV
VXUODSpULRGHDOODQWGHj

/HVWDX[FRQFHUQDQWOHERLVHQJUXPHVHWOHVSURGXLWVGXSDOPLHUGHPHXUHQWLQFKDQJpV

/HFR€WEXGJpWDLUHGHFHWWHPHVXUHHVWHVWLPpjPLOOLRQVGHIUDQFV

ϳ




%²7(;7(

/HƒGHO·DUWLFOHGX&RGHJpQpUDOGHV,PS{WVHVWPRGLILpLQILQHFRPPHVXLW

©3RXUOHVSURGXLWVKpYpLFROHVHWO·DQDQDVOHWDX[HVWUDPHQpjSRXUOHVDQQpHVHWª

 

ϴ



$UWLFOH
$0(1$*(0(17'(67$8;'8'52,7'·(15(*,675(0(17(10$7,(5('·(&+$1*(6'·,00(8%/(6

$²(;326('(6027,)6

/HWDX[GXGURLWG·HQUHJLVWUHPHQWDSSOLFDEOHDX[FHVVLRQVG·LPPHXEOHVDpWpVXFFHVVLYHPHQWUpGXLWGHjSXLVj
HWHQILQj

&RPSDUDWLYHPHQW DX GURLW DSSOLFDEOH HQ PDWLqUH GH YHQWH G·LPPHXEOHV OH WDX[ SUpYX SRXU OHV pFKDQJHV GHV ELHQV
LPPHXEOHVHVWUHVWpLQFKDQJpGHVRUWHTX·LOHVWDFWXHOOHPHQWSOXVpOHYpTXHFHOXLGHODYHQWH

,OV·HQVXLW TXHO·LPSRVLWLRQ j XQ WDX[ SOXVpOHYpGHV pFKDQJHV GH ELHQV LPPHXEOHV SDU UDSSRUW DX[ YHQWHV G·LPPHXEOHV
FRQVWLWXHXQHLQpJDOLWpTX·LOFRQYLHQWGHFRUULJHU

'DQVOHEXWG·DVVXUHUO·pTXLWpILVFDOHHQPDWLqUHGHWUDQVDFWLRQVSRUWDQWVXUOHVLPPHXEOHVLOHVWSURSRVpODUpGXFWLRQGHV
WDX[DSSOLFDEOHVHQPDWLqUHG·pFKDQJHVG·LPPHXEOHVFRPPHVXLW

 GHjSRXUOHGURLWSURSRUWLRQQHODSSOLFDEOHVXUODYDOHXUGHO·XQHGHVSDUWVORUVTX·LOQ·\DSDVGHUHWRXU


 GHjSRXUOHGURLWSD\pVXUODPRLQGUHSRUWLRQORUVTX·LO\DUHWRXU

,OHVWSUpFLVpTXHOHUHWRXUFRQVWLWXHODVRPPHRXODFRPSHQVDWLRQILQDQFLqUHYHUVpHSDUO·XQGHVpFKDQJLVWHVORUVTXHOHV
ELHQVLPPHXEOHVpFKDQJpVVRQWG·LQpJDOHVYDOHXUV

/HVGLVSRVLWLRQVGHO·DUWLFOHGX&RGHJpQpUDOGHV,PS{WVVRQWDPpQDJpHVGDQVFHVHQV

%²7(;7(

$O·DUWLFOHGX&RGHJpQpUDOGHV,PS{WVUHPSODFHUOHWDX[GH©ªSDU©ªHWFHOXLGH©ªSDU©ª

 

ϵ



$UWLFOH
$0(1$*(0(17'802'('('(7(50,1$7,21'(/$&2175,%87,21'(63$7(17(6'(6(175(35,6(6)2851,66$17
'(6,1)5$6758&785(63$66,9(6'(7(/(&20081,&$7,21$8;23(5$7(856'(7(/(3+21,(

$²(;326('(6027,)6

/HVVRFLpWpVIRXUQLVVDQWGHVLQIUDVWUXFWXUHVSDVVLYHVGHWpOpFRPPXQLFDWLRQDX[RSpUDWHXUVGHWpOpSKRQLHVRQWSDVVLEOHV
GHODFRQWULEXWLRQGHVSDWHQWHVGDQVOHVFRQGLWLRQVGHGURLWFRPPXQ

&HVHQWUHSULVHVDFTXLWWHQWGRQFOHGURLWVXUOHFKLIIUHG·DIIDLUHVDXWDX[GHHWOHGURLWVXUODYDOHXUORFDWLYHDXWDX[
GHRXGHGpWHUPLQpjSDUWLUGHVLQIUDVWUXFWXUHVILJXUDQWGDQVOHVLPPRELOLVDWLRQVHWGRQWOHVFR€WVG·DFTXLVLWLRQ
VRQWH[WUrPHPHQWpOHYpV

/DGpWHUPLQDWLRQGHODFRQWULEXWLRQGHVSDWHQWHVVXUODEDVHGXGLVSRVLWLIDFWXHODSSDUDvWGRQFSpQDOLVDQWHSRXUFHV
HQWUHSULVHVTXLRQWUHoXGDQVOHXUVOLYUHVGHVLPPRELOLVDWLRQVWUqVFR€WHXVHVGHVVRFLpWpVGHWpOpSKRQLH

$ILQGHVRXWHQLUFHVVRFLpWpVGDQVOHXUSROLWLTXHG·LQYHVWLVVHPHQWLOHVWSURSRVp GHOHVH[HPSWHUGXGURLWVXUODYDOHXU
ORFDWLYH HW GH UHWHQLU OH WDX[ GH   SRXU OH FDOFXO GX GURLW VXU OH FKLIIUH G·DIIDLUHV GH OD SDWHQWH GRQW HOOHV VRQW
UHGHYDEOHV

/HFR€WGHODPHVXUHHVWHVWLPpjPLOOLRQVGHIUDQFV

%²7(;7(

/·DUWLFOHGX&RGHJpQpUDOGHV,PS{WVHVWFRPSOpWpSDUXQVHSWLqPHWLUHWUpGLJpFRPPHVXLW

© OHV VRFLpWpV IRXUQLVVDQW GHV LQIUDVWUXFWXUHV SDVVLYHV GH WpOpFRPPXQLFDWLRQ DX[ RSpUDWHXUV GH WpOpSKRQLH SDU OD
ORFDWLRQGHS\O{QHVª

 

ϭϬ



$UWLFOH
0(685(6),6&$/(6(1)$9(85'(/$62&,(7('(675$1632576$%,'-$1$,6

$(;326('(6027,)6

/H*RXYHUQHPHQWLYRLULHQDFRQVHQWLjOD6RFLpWpGHV7UDQVSRUWV$ELGMDQDLV 6275$ GLYHUVHVPHVXUHVILVFDOHVGHIDYHXUVXU
ODSpULRGHDILQGHVRXWHQLUFHWWHHQWUHSULVHGDQVOHFDGUHGHVDUHVWUXFWXUDWLRQ

&HV PHVXUHV RQW FRQVLVWp HQ O·H[RQpUDWLRQ GH OD FRQWULEXWLRQ GHV SDWHQWHV HW HQ O·DSSOLFDWLRQ G·XQ UpJLPH G·DFKDW HQ
IUDQFKLVHGH79$HWGHGURLWVGHGRXDQH

/DPLVHHQ±XYUHGHFHVPHVXUHVDSHUPLVjOD6275$GHUpDOLVHUGHVpFRQRPLHVG·pFKHOOHHQYXHGHODUpKDELOLWDWLRQHW
GXUHQIRUFHPHQWGHVRQRXWLOGHSURGXFWLRQ PDWpULHOVGHWUDQVSRUWHWVHUYLFHVGHVXSSRUWDXWUDQVSRUW 

&HVLQYHVWLVVHPHQWVTXLRQWQRWDPPHQWFRQVLVWpHQO·DFTXLVLWLRQGHEXVHWGHEDWHDX[EXVRQWHXSRXUHIIHWGHVWDELOLVHU
ODVLWXDWLRQILQDQFLqUHGHOD6275$WRXWHQIDYRULVDQWO·DPpOLRUDWLRQGXVHUYLFHGXWUDQVSRUWjODSRSXODWLRQDYHFPLOOH
SDVVDJHUVWUDQVSRUWpVSDUMRXUDLQVLTXHODSUpVHUYDWLRQHWODFUpDWLRQG·HPSORLV

7RXWHIRLVO·H[SLUDWLRQGHFHVPHVXUHVILVFDOHVGHIDYHXUjILQGpFHPEUHOHEORFDJHGHVSUL[GHVWLWUHVGHWUDQVSRUW
GHSXLV  HW O·DXJPHQWDWLRQ GHV FR€WV GHV IDFWHXUV GH SURGXFWLRQ SLqFHV GH UHFKDQJH SURGXLWV SpWUROLHUV
SQHXPDWLTXHV HWF  IRQW TXH OD 6275$ Q·HVW SDV HQ PHVXUH GH IDLUH IDFH j OD GHPDQGH VDQV FHVVH FURLVVDQWH GH OD
SRSXODWLRQDELGMDQDLVH

3DUDLOOHXUVOD6275$HQWHQGDPRUFHUGDQVOHFDGUHGX3ODQQDWLRQDOGH'pYHORSSHPHQW 31' XQSODQG·LQWpJUDWLRQDX[
DXWUHVPRGHVGHWUDQVSRUW WUDQVSRUWIHUURYLDLUHHWWUDQVSRUWSDUYRLHPDULWLPH SRXUODSpULRGHj&HSODQSUpYRLW
O·DFTXLVLWLRQGHPDWpULHOVURXODQWVQHXIVGHQRXYHOOHJpQpUDWLRQO·DFTXLVLWLRQG·XQV\VWqPHGHELOOHWWLTXHO·LQVWDOODWLRQG·XQH
FKDvQHGHPRQWDJHHWG·DVVHPEODJHODFRQVWUXFWLRQHWODUpKDELOLWDWLRQGHGpS{WVHWGHJDUHVHWG·XQHVWDWLRQjJD]SRXU
OHVEXVjJD]



ϭϭ



$ILQGHSHUPHWWUHO·DFKqYHPHQWGHODPLVHHQ±XYUHGHVRQSURJUDPPHGHUHVWUXFWXUDWLRQHWO·DWWHLQWHGHVHVREMHFWLIVLO
HVWSURSRVpG·LQVWDXUHUDXSURILWGHOD6275$HWGHVHVILOLDOHVGpWHQXHVjMXVTX·DXGpFHPEUHO·DSSOLFDWLRQ
GXUpJLPHG·DFKDWHQIUDQFKLVHGH79$HWGHGURLWVGHGRXDQH&HUpJLPHG·DFKDWHQIUDQFKLVHFRQFHUQH

- OHVYpKLFXOHVG·H[SORLWDWLRQOHVYpKLFXOHVGHVRXWLHQOHXUVSLqFHVGHUHFKDQJHHWSQHXPDWLTXHV
- OHVEDWHDX[EXVHWOHXUVSLqFHVGHUHFKDQJH
- OHPDWpULHOGpGLpjODELOOHWWLTXHSRXUODVpFXULVDWLRQGHVUHFHWWHV
- OHVELHQVGHVWLQpVDX[DWHOLHUVFRQFRXUDQWDXPRQWDJHHWjODPDLQWHQDQFHGHVYpKLFXOHVHWDXWUHVPDWpULHOVURXODQWV
G·H[SORLWDWLRQ
- OHVELHQVGHVWLQpVDX[LQIUDVWUXFWXUHVGHEDVHG·H[SORLWDWLRQ JDUHVGHGpS{WRXG·HPEDUTXHPHQWGHVSDVVDJHUV 
- OHVELHQVGHVWLQpVjODFRQVWUXFWLRQG·XQHVWDWLRQjJD]SRXUOHVYpKLFXOHVjJD]
- OHVELHQVGHVWLQpVjODFRQVWUXFWLRQHWODUpKDELOLWDWLRQGHFHQWUHVEXVHWGHVJDUHVODJXQDLUHV
- OHVELHQVGHVWLQpVjODFRQVWUXFWLRQG·XQHFKDvQHG·DVVHPEODJHHWGHPRQWDJHGHYpKLFXOHVj6275$,1'8675,(6

&HSHQGDQWGDQVXQVRXFLG·pTXLOLEUHEXGJpWDLUHOHFR€WGHO·H[RQpUDWLRQGHYUDrWUHLQVFULWHQUHFHWWHVHWHQGpSHQVHV
GDQVOD/RLGH)LQDQFHVSRUWDQW%XGJHWGHO·(WDW

%7(;7(


/HVELHQVVXLYDQWVDFTXLVSDUOD6RFLpWpGHV7UDQVSRUWV$ELGMDQDLV 6275$ HWVHVILOLDOHVGpWHQXHVjMXVTX·DX


GpFHPEUH


- OHVYpKLFXOHVG·H[SORLWDWLRQOHVYpKLFXOHVGHVRXWLHQOHXUVSLqFHVGHUHFKDQJHHWSQHXPDWLTXHV


- OHVEDWHDX[EXVHWOHXUVSLqFHVGHUHFKDQJH


- OHPDWpULHOGpGLpjODELOOHWWLTXHSRXUODVpFXULVDWLRQGHVUHFHWWHV


- OHVELHQVGHVWLQpVDX[DWHOLHUVFRQFRXUDQWDXPRQWDJHHWjODPDLQWHQDQFHGHVYpKLFXOHVHWDXWUHVPDWpULHOVURXODQWV
G·H[SORLWDWLRQ


- OHVELHQVGHVWLQpVDX[LQIUDVWUXFWXUHVGHEDVHG·H[SORLWDWLRQ JDUHVGHGpS{WRXG·HPEDUTXHPHQWGHVSDVVDJHUV 




- OHVELHQVGHVWLQpVjODFRQVWUXFWLRQG·XQHVWDWLRQjJD]SRXUOHVYpKLFXOHVjJD]

ϭϮ



- OHVELHQVGHVWLQpVjODFRQVWUXFWLRQHWODUpKDELOLWDWLRQGHFHQWUHVEXVHWGHVJDUHVODJXQDLUHV


- OHVELHQVGHVWLQpVjODFRQVWUXFWLRQG·XQHFKDvQHG·DVVHPEODJHHWGHPRQWDJHGHYpKLFXOHVj6275$,1'8675,(6

/HVH[RQpUDWLRQVFRQFHUQDQWOHVELHQVYLVpVDXFLGHVVXVVRQWpWHQGXHVDX[GURLWVGHGRXDQH

/HFR€WGHVH[RQpUDWLRQVVHUDLQVFULWHQUHFHWWHVHWGpSHQVHVGDQVODORLGH)LQDQFHVSRUWDQW%XGJHWGHO·(WDW
 

ϭϯ



$UWLFOH
,167,787,21'·81'52,781,48('(6257,(685/(6*5$,1(6'(&2721

$²(;326('(6027,)6

/HV HQWUHSULVHV SURGXFWULFHV G·KXLOHV HW G·DOLPHQWV SRXU EpWDLO j EDVH GH JUDLQHV GH FRWRQ VRQW FRQIURQWpHV GHSXLV
TXHOTXHVDQQpHVjGHVGLIILFXOWpVG·DSSURYLVLRQQHPHQWHQJUDLQHVGHFRWRQVXUOHPDUFKpLYRLULHQ


&HWWH VLWXDWLRQ V·H[SOLTXH HQ SDUWLH SDU O·H[SRUWDWLRQ GH FHV JUDLQHV SDU OHV VRFLpWpV FRWRQQLqUHV RX SDU OH ELDLV
G·LQWHUPpGLDLUHVYHUVOHVSD\VYRLVLQVGXQRUG GHODTXDQWLWpGHJUDLQHVYHQGXHVXUOHVTXDWUHGHUQLqUHVDQQpHV HQ
YXHG·DOLPHQWHUGHVXQLWpVGHWULWXUDWLRQGHODJUDLQH


$ILQGHSHUPHWWUHjO·LQGXVWULHORFDOHGHGLVSRVHUGXYROXPHGHPDWLqUHVSUHPLqUHVQpFHVVDLUHVLOHVWSURSRVpG·LQVWLWXHU
XQGURLWXQLTXHGHVRUWLHjXQWDULIGHIUDQFV&)$NJVXUOHVH[SRUWDWLRQVGHJUDLQHVGHFRWRQDSSOLFDEOHVXUODYDOHXU
IDFWXUpHHQVRUWLHXVLQHG·pJUHQDJHGHFRWRQ


/HGURLWXQLTXHGHVRUWLHVXUOHVJUDLQHVGHFRWRQHVWUHFRXYUpSDUOHVVHUYLFHVGHVGRXDQHVGDQVOHVPrPHVFRQGLWLRQVHW
VRXVOHVPrPHVSURFpGXUHVV€UHWpVHWVDQFWLRQVTXHOHVDXWUHVWD[HVjO·H[SRUWDWLRQ6RQSURGXLWHVWDIIHFWpDX%XGJHWGH
O·(WDW


/HVUHFHWWHVDWWHQGXHVGHFHWWHPHVXUHVRQWpYDOXpHVjPLOOLDUGGHIUDQFV

%²7(;7(

©,OHVWLQVWLWXpXQGURLWXQLTXHGHVRUWLHGRQWOHWDULIHVWIL[pjIUDQFV&)$NJVXUOHVH[SRUWDWLRQVGHJUDLQHVGHFRWRQ


&HGURLWV·DSSOLTXHVXUODYDOHXUIDFWXUpHHQVRUWLHXVLQHG·pJUHQDJHGHFRWRQ


/HGURLWXQLTXHGHVRUWLHVXUOHVJUDLQHVGHFRWRQHVWUHFRXYUpSDUOHVVHUYLFHVGHVGRXDQHVGDQVOHVPrPHVFRQGLWLRQVHW
VRXVOHVPrPHVSURFpGXUHVV€UHWpVHWVDQFWLRQVTXHOHVDXWUHVWD[HVjO·H[SRUWDWLRQ

/HSURGXLWGXGURLWXQLTXHGHVRUWLHVXUOHVJUDLQHVGHFRWRQHVWDIIHFWpDX%XGJHWGHO·(WDWª
 

ϭϰ



$UWLFOH
(;7(16,21'(/$352&('85('·$77(67$7,21$118(//(81,48('·(;21(5$7,21'(7$;(
685/$9$/(85$-287(($8;628675$,7$176'(6(175(35,6(60,1,(5(6

$ (;326('(6027,)6

/·DQQH[HILVFDOHjODORLQƒGXGpFHPEUHSRUWDQW%XGJHWGHO·(WDWSRXUO·DQQpHDHQVRQDUWLFOH
LQVWLWXpXQHDWWHVWDWLRQDQQXHOOHXQLTXHG·H[RQpUDWLRQGHODWD[HVXUODYDOHXUDMRXWpH 79$ SRXUODPLVHHQ±XYUHGH
O·H[RQpUDWLRQGRQWEpQpILFLHQWOHVHQWUHSULVHVGHVVHFWHXUVPLQLHUHWSpWUROLHU

&HWDPpQDJHPHQWQHSUHQGSDVHQFRPSWHOHVGLVSRVLWLRQVGHVFRQYHQWLRQVPLQLqUHVVLJQpHVSDUO·(WDWTXLSUpYRLHQWVRXV
FHUWDLQHVFRQGLWLRQVO·H[WHQVLRQGXEpQpILFHGHO·H[RQpUDWLRQSDUYRLHG·DWWHVWDWLRQDX[VRXVWUDLWDQWVGLUHFWVGHVVRFLpWpV
PLQLqUHV

3RXU WHQLU FRPSWH GH FHWWH UpDOLWp LO HVW SURSRVp G·pWHQGUH OH EpQpILFH GH O·DWWHVWDWLRQ XQLTXH DX[ VRXVWUDLWDQWV GHV
HQWUHSULVHVWLWXODLUHVG·XQFRQWUDWGHSUHVWDWLRQVGHVHUYLFHVFODVVpHVHQUpJLPHPLQLHU

% 7(;7(

$XFLQTXLqPHWLUHWGXGHO·DUWLFOHGX&RGHJpQpUDOGHV,PS{WVDSUqVOHPRW©SpWUROLHUªDMRXWHUOHJURXSHGHPRWV
©RXPLQLHUª

 

ϭϱ




$UWLFOH
$0(1$*(0(17'87$8;'(/·,0327685/(6%(1(),&(6'(63(56211(63+<6,48(6

$ (;326('(6027,)6

/H&RGHJpQpUDOGHV,PS{WVHQVHVDUWLFOHVHWIL[HHQPDWLqUHG·LPSRVLWLRQGHVEpQpILFHVLQGXVWULHOVHWFRPPHUFLDX[
HWGHVEpQpILFHVQRQFRPPHUFLDX[XQWDX[GHSRXUOHVSHUVRQQHVSK\VLTXHVHWSRXUOHVSHUVRQQHVPRUDOHV

/HWDX[UpGXLWGHDSSOLFDEOHDX[SHUVRQQHVSK\VLTXHVVHMXVWLILDLWSDUOHIDLWTX·HQSOXVGHO·LPS{WVXUOHVEpQpILFHV
HOOHVGHYUDLHQWGpFODUHUHWV·DFTXLWWHUGHO·LPS{WJpQpUDOVXUOHXUUHYHQXJOREDO

/DVXVSHQVLRQGHODGpFODUDWLRQG·LPS{WJpQpUDOVXUOHUHYHQXGRQWODSURURJDWLRQHVWSURSRVpHGDQVODSUpVHQWHDQQH[H
ILVFDOHUHQGQpFHVVDLUHOHUHOqYHPHQWGXWDX[GHO·LPS{WVXUOHVEpQpILFHVGHVSHUVRQQHVSK\VLTXHV

,OHVWSDUFRQVpTXHQWSURSRVpGHSRUWHUOHWDX[GHO·LPS{WVXUOHVEpQpILFHVLQGXVWULHOVHWFRPPHUFLDX[HWGHO·LPS{WVXUOHV
EpQpILFHVQRQFRPPHUFLDX[jSRXUOHVSHUVRQQHVSK\VLTXHV

/HVDUWLFOHVHWGX&RGHJpQpUDOGHV,PS{WVVRQWPRGLILpVGDQVFHVHQV

/HJDLQEXGJpWDLUHDWWHQGXGHFHWWHPHVXUHHVWHVWLPpjPLOOLDUGVGHIUDQFV

% 7(;7(

/·DUWLFOHGX&RGHJpQpUDOGHV,PS{WVHVWPRGLILpHWQRXYHOOHPHQWUpGLJpFRPPHVXLW

©/HWDX[GHO·LPS{WHVWIL[pjSRXUOHVSHUVRQQHVPRUDOHVHWOHVSHUVRQQHVSK\VLTXHV

&HWDX[HVWSRUWpjSRXUOHVHQWUHSULVHVGXVHFWHXUGHVWpOpFRPPXQLFDWLRQVGHVWHFKQRORJLHVGHO·LQIRUPDWLRQHWGH
ODFRPPXQLFDWLRQ

ϭϲ




3RXUOHFDOFXOGHO·LPS{WOHEpQpILFHQHWHVWDUURQGLjODFHQWDLQHGHIUDQFVLQIpULHXUHª

/HSUHPLHUSDUDJUDSKHGHO·DUWLFOHGX&RGHJpQpUDOGHV,PS{WVHVWPRGLILpHWQRXYHOOHPHQWUpGLJpFRPPHVXLW


©/HWDX[DSSOLFDEOHHVWIL[pjSRXUOHVSHUVRQQHVSK\VLTXHVOHVVRFLpWpVSDUDFWLRQVHWOHVVRFLpWpVjUHVSRQVDELOLWp
OLPLWpH HW OD SDUW GX EpQpILFH QHW FRUUHVSRQGDQW VRLW DX[ GURLWV GHV FRPPDQGLWDLUHV GDQVOHV VRFLpWpV HQ FRPPDQGLWH
VLPSOHVRLWjFHX[GHVDVVRFLpVGRQWOHVQRPVHWDGUHVVHVQ·RQWSDVpWpLQGLTXpVjO·$GPLQLVWUDWLRQHQFHTXLFRQFHUQHOHV
VRFLpWpVHQSDUWLFLSDWLRQ\FRPSULVOHVV\QGLFDWVILQDQFLHUVHWOHVVRFLpWpVGHFRSURSULpWDLUHVGHQDYLUHVª

/HSUHPLHUSDUDJUDSKHGHO·DUWLFOHGX&RGHJpQpUDOGHV,PS{WVHVWPRGLILpHWQRXYHOOHPHQWUpGLJpFRPPHVXLW

©/HWDX[GHO·LPS{WHVWIL[pj7RXWHIUDFWLRQGHUHYHQXQ·H[FpGDQWSDVIUDQFVHVWQpJOLJpHª

 

ϭϳ



$UWLFOH
,167,787,21'('52,76'·$&&,6(6685/(60$5%5(6(7/(69(+,&8/(6'(7285,60(
'217/$38,66$1&((67683(5,(85(28(*$/($&+(9$8;

$(;326('(6027,)6

'DQVOHFDGUHGHO·KDUPRQLVDWLRQGHVOpJLVODWLRQVGHV(WDWVPHPEUHVGHO·8(02$HQPDWLqUHGHGURLWVG·DFFLVHVOD'LUHFWLYH
Qƒ&08(02$GXGpFHPEUHWHOOHTXHPRGLILpHSDUOD'LUHFWLYHQƒ&08(02$GXPDUVD
SUpYXODIDFXOWpSRXUOHV(WDWVPHPEUHVGHVRXPHWWUHDX[GURLWVG·DFFLVHVHQVXVGHVWDEDFVHWGHVERLVVRQVDOFRROLVpHV
RX QRQ DX PD[LPXP VL[   SURGXLWV ILJXUDQW VXUODOLVWH FRPPXQDXWDLUH VXLYDQW GHV SODQFKHUV HW GHVSODIRQGV GH WDX[
DSSOLFDEOHV

/D OLVWH FRPPXQDXWDLUH VXVYLVpH FRPSUHQG OH FDIp OD FROD OHV IDULQHV GH EOp OHV KXLOHV HW FRUSV JUDV DOLPHQWDLUHV OHV
SURGXLWV GH SDUIXPHULH HW FRVPpWLTXHV OH WKp OHV DUPHV HW PXQLWLRQV OHV VDFKHWV HQ PDWLqUH SODVWLTXH OHV PDUEUHV OHV
OLQJRWVG·RUOHVSLHUUHVSUpFLHXVHVHWOHVYpKLFXOHVGHWRXULVPHGRQWODSXLVVDQFHHVWVXSpULHXUHRXpJDOHjFKHYDX[


$XUHJDUGGHFHGLVSRVLWLIHWHQYXHG·pODUJLUO·DVVLHWWHILVFDOHLOHVWSURSRVpGHVRXPHWWUHDX[GURLWVG·DFFLVHVDXWDX[GH
OHVPDUEUHVHWOHVYpKLFXOHVGHWRXULVPHGRQWODSXLVVDQFHHVWVXSpULHXUHRXpJDOHjFKHYDX[

/·DUWLFOHGX&RGHJpQpUDOGHV,PS{WVVRQWDPpQDJpVGDQVFHVHQV

%7(;7(

/·DUWLFOHGX&RGHJpQpUDOGHV,PS{WVHVWFRPSOpWpLQILQHFRPPHVXLW

©9,,²0DUEUHVHWYpKLFXOHVGHWRXULVPHGRQWODSXLVVDQFHHVWVXSpULHXUHRXpJDOHjFKHYDX[

0DUEUHV

9pKLFXOHVGHWRXULVPHGRQWODSXLVVDQFHHVWVXSpULHXUHRXpJDOHjFKHYDX[ª


ϭϴ



$UWLFOH
$0(1$*(0(17'87$8;'(6'52,76'·$&&,6(6685/(67$%$&6

$²(;326('(6027,)6

/·RUGRQQDQFH Qƒ  GX  IpYULHU  UHODWLYH j O DPpQDJHPHQW GH O DQQH[H ILVFDOH j OD ORL Qƒ  GX 
GpFHPEUHSRUWDQW%XGJHWGHO (WDWSRXUO DQQpHDHQVRQDUWLFOHUpGXLWGHjOHWDX[XQLTXHGHVGURLWV
G·DFFLVHVDSSOLFDEOHVDX[WDEDFV

2UOD'LUHFWLYHQƒ&08(02$GXGpFHPEUHSRUWDQWKDUPRQLVDWLRQGHVOpJLVODWLRQVGHV(WDWVPHPEUHVHQ
PDWLqUHGHGURLWVG·DFFLVHVDSSOLFDEOHVDX[ WDEDFVDX[SURGXLWVGXWDEDFHWDX[SURGXLWVDVVLPLOpVSUpYRLWXQ WDX[GX
GURLWDGYDORUHPPLQLPXPGHHWPD[LPXPGH

$ WLWUH G·H[HPSOH OHV WDX[ DSSOLTXpV VRQW GH   SRXU OH 6pQpJDO HW   SRXU OH *KDQD TXL HVW XQ SD\V YRLVLQ TXL
Q·DSSDUWLHQWSDVO·8(02$PDLVjOD&('($2

'DQVOHEXWGHVHFRQIRUPHUDXGLVSRVLWLIFRPPXQDXWDLUHDLQVLTX·DX[UHFRPPDQGDWLRQVGHO·2UJDQLVDWLRQ0RQGLDOHGH
OD 6DQWp 206  GDQV VD SROLWLTXH GH OXWWH DQWLWDEDF LO HVW SURSRVp GH UHOHYHU G·XQ SRLQW OH WDX[ DFWXHO j FRPSWHU GH
O·HQWUpHHQYLJXHXUGHO·DQQH[HILVFDOH

$LQVLOHWDX[XQLTXHDSSOLFDEOHDX[WDEDFVVHUDUHOHYpGHj

/HVUHFHWWHVDWWHQGXHVGHFHWWHPHVXUHVRQWpYDOXpHVjPLOOLRQVGHIUDQFV

%7(;7(

$X,,,GHO·DUWLFOHGX&RGHJpQpUDOGHV,PS{WVUHPSODFHU©ªSDU©ª
 

ϭϵ



$UWLFOH
0(685(6),6&$/(6(1)$9(85'(/$)250$7,21'(6-(81(6

$ (;326('(6027,)6

/HVpOqYHVHWpWXGLDQWVHQILQGHIRUPDWLRQpSURXYHQWGHSOXVHQSOXVGHGLIILFXOWpVSRXUWURXYHUGHVVWDJHVGHIRUPDWLRQ
SRXUODYDOLGDWLRQGHOHXUVGLSO{PHV

$ILQG·LQFLWHUOHVHQWUHSULVHVjDFFRUGHUXQHVXLWHIDYRUDEOHDX[GHPDQGHVGHVWDJHVSUDWLTXHVGHVpOqYHVHWpWXGLDQWVLO
HVWSURSRVpG·DFFRUGHUjFHOOHVTXLVRQWSDVVLEOHVGHO·LPS{WVXUOHVEpQpILFHVHWTXLDVVXUHQWODIRUPDWLRQGHSHUVRQQHV
GDQVOHFDGUHG·XQVWDJHXQFUpGLWG·LPS{WDQQXHOGRQWOHPRQWDQWHVWGpWHUPLQpFRPPHVXLW

 IUDQFVSDUVWDJLDLUHSRXUOHVHQWUHSULVHVUHOHYDQWGXUpJLPHGHO·LPS{WV\QWKpWLTXHDFFXHLOODQWDXPRLQV
GHX[  pOqYHVRXpWXGLDQWVHWSRXUOHVSHWLWHVHWPR\HQQHVHQWUHSULVHV FKLIIUHG·DIIDLUHVLQIpULHXUj
GHIUDQFV DFFXHLOODQWDXPRLQVFLQT  pOqYHVRXpWXGLDQWV

 IUDQFVSDUVWDJLDLUHSRXUOHVJUDQGHVHQWUHSULVHV FKLIIUHG·DIIDLUHVDXGHOjGXPLOOLDUG DFFXHLOODQWDXPRLQV
GL[  pOqYHVRXpWXGLDQWV

/HEpQpILFHGXFUpGLWG·LPS{WHVWVXERUGRQQpjODGXUpHGXVWDJHGHYDOLGDWLRQGHGLSO{PHTXLHVWGHPRLVPD[LPXP

,OHVWHQFRQVpTXHQFHFUppGDQVOH&RGHJpQpUDOGHV,PS{WVXQDUWLFOHWHUUpGLJpGDQVFHVHQV

(QRXWUHDILQG·KDUPRQLVHUOHVGLVSRVLWLRQVILVFDOHVHQPDWLqUHGHGXUpHG·DSSUHQWLVVDJHDYHFODUpJOHPHQWDWLRQGXWUDYDLO
LOHVWSURSRVpG·DPpQDJHUODSpULRGHGXVWDJHG·DSSUHQWLVVDJHSUpYXHjO·DUWLFOHELVGX&RGHJpQpUDOGHV,PS{WVHQ
UHWHQDQWODGXUpHGHVL[jGRX]HPRLVSUpYXHSDUOH&RGHGXWUDYDLO

% 7(;7(

$XSDUDJUDSKHGHO·DUWLFOHELVGX&RGHJpQpUDOGHV,PS{WVUHPSODFHU©ªSDU©ªHW©ªSDU©ª

ϮϬ




,OHVWFUppGDQVOH&RGHJpQpUDOGHV,PS{WVXQDUWLFOHWHUUpGLJpFRPPHVXLW

©$UW WHU ² /HV SHUVRQQHV SK\VLTXHV RX PRUDOHV SDVVLEOHV GH O·LPS{W VXU OHV EpQpILFHV SHXYHQW EpQpILFLHU G·XQ FUpGLW
G·LPS{WDQQXHOSDUSHUVRQQHIRUPpHGDQVOHFDGUHG·XQVWDJHSUDWLTXH
/HPRQWDQWGHFHFUpGLWHVWpWDEOLFRPPHVXLW

 IUDQFVSDUVWDJLDLUHSRXUOHVHQWUHSULVHVUHOHYDQWGXUpJLPHGHO·LPS{WV\QWKpWLTXHDFFXHLOODQWDXPRLQV
GHX[  pOqYHVRXpWXGLDQWVHWSRXUOHVSHWLWHVHWPR\HQQHVHQWUHSULVHV FKLIIUHG·DIIDLUHVLQIpULHXUj
GHIUDQFV DFFXHLOODQWDXPRLQVFLQT  pOqYHVRXpWXGLDQWV

 IUDQFVSDUVWDJLDLUHSRXUOHVJUDQGHVHQWUHSULVHV D\DQWXQFKLIIUHG·DIIDLUHVDXGHOjGXPLOOLDUG DFFXHLOODQW
DXPRLQVGL[  pOqYHVRXpWXGLDQWV

/HQRPEUHG·pOqYHVRXG·pWXGLDQWVSULVHQVWDJHV·DSSUpFLHDXGpFHPEUHGHFKDTXHDQQpH

/DGXUpHGXVWDJHGHYDOLGDWLRQGHGLSO{PHHVWGHPRLVPD[LPXP

/DGpWHUPLQDWLRQGXFUpGLWG·LPS{WHVWHIIHFWXpHDXPR\HQG·XQHGpFODUDWLRQUpJOHPHQWDLUHSURGXLWHSDUO·$GPLQLVWUDWLRQ
ILVFDOH

&HFUpGLWG·LPS{WTXLQ·HVWQLUHSRUWDEOHQLUHVWLWXDEOHHVWLPSXWDEOHVXUODFRWLVDWLRQG·LPS{WVXUOHVEpQpILFHVVXUO·LPS{W
PLQLPXPIRUIDLWDLUHHWVXUODFRWLVDWLRQG·LPS{WV\QWKpWLTXH

 

Ϯϭ



$UWLFOH
68335(66,21'(/·,0327685/(5(9(18'(6&5($1&(6685/(6,17(5(76'(6%216(72%/,*$7,216
'875(6256286&5,763$5/(63(56211(63+<6,48(6

$²(;326('(6027,)6

/·DUWLFOHGX&RGHJpQpUDOGHV,PS{WVLQFOXWGDQVOHFKDPSG·DSSOLFDWLRQGHO·LPS{WVXUOHUHYHQXGHVFUpDQFHV ,5& 
OHVLQWpUrWVGHVERQVHWREOLJDWLRQVGX7UpVRU

(QRXWUHFRQIRUPpPHQWDX[GLVSRVLWLRQVGHO·DUWLFOHDOLQpDƒF GXGLW&RGHOHVWDX[GHO·,5&DSSOLFDEOHVDX[SURGXLWV
GHVERQVHWREOLJDWLRQVGX7UpVRUVRXVFULWVSDUOHVSHUVRQQHVSK\VLTXHVVRQWIL[pVFRPPHVXLW

 SRXUOHVERQVHWREOLJDWLRQVGHRXPRLV

 SRXUFHX[GRQWO·pFKpDQFHHVWGHjDQV

&HVERQVHWREOLJDWLRQVLQVFULWVHQFRPSWHFRXUDQWjO·$JHQFHFRPSWDEOHFHQWUDOHGHV'pS{WV $&&' VRQWGHVSURGXLWV
G·pSDUJQHSHUPDQHQWVFUppVGHSXLVHQYXHG·LQFLWHUjO·pSDUJQHODIUDQJHGHODSRSXODWLRQTXLQ·DSDVDFFqVjXQ
FRPSWHEDQFDLUHHWGHUHQIRUFHUODOLTXLGLWpGHODEDQTXHGX7UpVRU

'HSXLV  FHV SURGXLWV G·pSDUJQH RQW HX XQ UpHO VXFFqV DXSUqV GHV SRSXODWLRQV FLEOHV 7RXWHIRLV OH QLYHDX GHV
VRXVFULSWLRQVHVWGHPHXUpFRQVLGpUDEOHPHQWHQGHojGHVDWWHQWHVHQUDLVRQQRWDPPHQWGHVWDX[G·,5&MXJpVWURSpOHYpV
SDUOHVSRWHQWLHOVVRXVFULSWHXUVOHVUHYHQXVSHUoXVRXjSHUFHYRLUpWDQWUpGXLWVGHIDoRQVXEVWDQWLHOOHSDUFHWWHUHWHQXH
G·LPS{W

'DQVOHEXWGHUHQGUHOHVERQVHWREOLJDWLRQVGX7UpVRUSOXVDWWUDFWLIVHWG·HQFRXUDJHUOHVSHUVRQQHVSK\VLTXHVjUHFRXULUj
FHW\SHG·pSDUJQHLOHVWSURSRVpGHVXSSULPHUO·,5&VXUOHUHYHQXGHFHVSURGXLWVLQVFULWVHQFRPSWHFRXUDQWjO·$JHQFH
FRPSWDEOHFHQWUDOHGHV'pS{WV

 

ϮϮ



%7(;7(

/·DOLQpDƒF GHO·DUWLFOHGX&RGHJpQpUDOGHV,PS{WVHVWDEURJp

,OHVWFUppVRXVODVHFWLRQ,,,GXFKDSLWUH,,,GX7LWUHTXDWULqPHGX/LYUHSUHPLHUGX&RGHJpQpUDOGHV,PS{WVXQDUWLFOH
WHUVRXVXQ;;,,,UpGLJpFRPPHVXLW

©;;,,,%RQVHWREOLJDWLRQVGX7UpVRUVRXVFULWVSDUOHVSHUVRQQHVSK\VLTXHV
$UWWHU6RQWH[RQpUpVGHO·LPS{WVXUOHUHYHQXGHVFUpDQFHVOHVLQWpUrWVGHVERQVHWREOLJDWLRQVGX7UpVRUVRXVFULWVSDU
OHVSHUVRQQHVSK\VLTXHVª
 

Ϯϯ



$UWLFOH
0(685(6),6&$/(6(1)$9(85'(66758&785(65(/,*,(86(6(10$7,(5('(7$;(685/(6&2175$76'·$6685$1&(6

$ (;326('(6027,)6

'DQVOHEXWGHIDLUHIDFHDX[PXOWLSOHVULVTXHVOLpVQRWDPPHQWDX[YROVRXDX[LQFHQGLHVGHVpGLILFHVHWFRQVWUXFWLRQVGRQW
LOVRQWODJHVWLRQOHVUHVSRQVDEOHVUHOLJLHX[FRQWUDFWHQWGHVDVVXUDQFHV

&HV DVVXUDQFHV VRQW FRQIRUPpPHQW j O·DUWLFOH  GX &RGH JpQpUDO GHV ,PS{WV VRXPLVHV j OD WD[H VXU OHV FRQWUDWV
G·DVVXUDQFHVGRQWOHWDX[HVWIRQFWLRQGHODQDWXUHGXFRQWUDW

&HWDX[HVWGHSRXUOHVFRQWUDWVG·DVVXUDQFHVFRQWUHO·LQFHQGLHHWSRXUOHVULVTXHVOLpVDXYRO

/·DSSOLFDWLRQGHFHVGLIIpUHQWVWDX[HVWGHQDWXUHjGpFRXUDJHUOHVUHVSRQVDEOHVGHVpGLILFHVUHOLJLHX[jDVVXUHUOHXUVORFDX[

$ILQ G·DLGHU OHV RUJDQLVDWLRQV UHOLJLHXVHV j IDLUH IDFH DX[ FR€WV GHV DVVXUDQFHV TX·HOOHV FRQWUDFWHQW LO HVW
SURSRVpG·DSSOLTXHUGHVWDX[UpGXLWVGHWD[HVXUOHVFRQWUDWVG·DVVXUDQFHVIL[pVjHQFHTXLFRQFHUQHOHVULVTXHVOLpV
DXYROHWjSRXUFHX[OLpVjO·LQFHQGLH



%7(;7(

/·DUWLFOHGX&RGHJpQpUDOGHV,PS{WVHVWPRGLILpFRPPHVXLW


/HHVWFRPSOpWpLQILQHFRPPHVXLW
©&HWDX[HVWUpGXLWGHPRLWLpSRXUOHVDVVXUDQFHVGHVpGLILFHVUHOLJLHX[ª

/HHVWFRPSOpWpLQILQHDLQVLTX·LOVXLW


©&HWDX[HVWUDPHQpjSRXUOHVDVVXUDQFHVGHVpGLILFHVUHOLJLHX[FRQWUHOHYROª
 

Ϯϰ



$UWLFOH
$33/,&$7,21'(67$;(663(&,),48(6(;,*,%/(6'(662&,(7(6'(7(/(3+21,(
$8;(175(35,6(6'(75$16)(57'·$5*(173$57(/(3+21(02%,/(

$²(;326('(6027,)6

$X[WHUPHVGHVGLVSRVLWLRQVGX&RGHJpQpUDOGHV,PS{WVOHVHQWUHSULVHVGHWpOpSKRQLHDFTXLWWHQWHQVXVGHO·LPS{WVXUOHV
EpQpILFHVLQGXVWULHOVHWFRPPHUFLDX[ %,& OHVWD[HVVSpFLILTXHVVXLYDQWHV

− ODWD[HSRXUOHGpYHORSSHPHQWGHVQRXYHOOHVWHFKQRORJLHVHQ]RQHVUXUDOHV
− OHSUpOqYHPHQWDXSURILWGHODSURPRWLRQGHODFXOWXUH
− ODWD[HVXUOHVHQWUHSULVHVGHWpOpFRPPXQLFDWLRQVHWGHVWHFKQRORJLHVGHO·LQIRUPDWLRQHWGHODFRPPXQLFDWLRQ
− ODWD[HVSpFLILTXHVXUOHVFRPPXQLFDWLRQVWpOpSKRQLTXHVHWOHVWHFKQRORJLHVGHO·LQIRUPDWLRQHWGHODFRPPXQLFDWLRQ

&HVWD[HVVRQWDVVLVHVVXUOHFKLIIUHG·DIIDLUHVGHFHVHQWUHSULVHV&HOXLFLFRPSUHQGRXWUHOHVUHFHWWHVWLUpHVGHO·DFWLYLWpGH
WpOpSKRQLHSURSUHPHQWGLWHOHVSURGXLWVOLpVDX[WUDQVDFWLRQVHIIHFWXpHVGHSXLVXQWpOpSKRQHPRELOHHWGpELWpHVVXUXQ
SRUWHPRQQDLHpOHFWURQLTXHJpQpUDOHPHQWDOLPHQWpSDUXQGpS{WGHFDVKDXSUqVG XQDJHQWRXG XQFRPPHUoDQW

&HVSDLHPHQWVPRELOHVpWDQWFRQVLGpUpVFRPPHGHVRSpUDWLRQVEDQFDLUHVDX[WHUPHVGHODUpJOHPHQWDWLRQGHOD%DQTXH
&HQWUDOH GHV (WDWV GH O·$IULTXH GH O·2XHVW %&($2  OHV HQWUHSULVHV GH WpOpSKRQLH RQW FUpp GHV HQWLWpV GLVWLQFWHV GRQW
O·DFWLYLWpFRQVLVWHHVVHQWLHOOHPHQWjUpDOLVHUOHVGLWHVWUDQVDFWLRQV

'qVORUVFHVHQWUHSULVHVGHWpOpSKRQLHQ·DFTXLWWHQWOHVWD[HVVSpFLILTXHVVXVPHQWLRQQpHVTXHVXUXQHEDVHTXLQ·LQWqJUH
SOXVOHVUHFHWWHVDIIpUHQWHVjO·DFWLYLWpGHWUDQVIHUWG·DUJHQWSDUWpOpSKRQHPRELOH

,OHQUpVXOWHGHVSHUWHVFRQVLGpUDEOHVGHUHFHWWHVSRXUO·(WDWG·DXWDQWSOXVTXHHQO·pWDWDFWXHOGXGLVSRVLWLIILVFDOOHVGLWHV
WD[HVQHVRQWH[LJLEOHVTXHGHVHQWUHSULVHVGHWpOpSKRQLH


Ϯϱ



'DQVOHEXWGHPHWWUHXQWHUPHjFHWWHSROLWLTXHG·RSWLPLVDWLRQILVFDOHGHVHQWUHSULVHVGHWpOpSKRQLHWRXWHQSUpVHUYDQW
OHV LQWpUrWV GX 7UpVRU SXEOLF LO HVW SURSRVp GH PHWWUH j OD FKDUJH GHV HQWUHSULVHV GH WUDQVIHUW G·DUJHQW YLD OH WpOpSKRQH
PRELOH O·REOLJDWLRQ G·DFTXLWWHU DX PrPH WLWUH TXH OHV VRFLpWpV GH WpOpSKRQLH OHV WD[HV VSpFLILTXHV DFWXHOOHPHQW
DSSOLFDEOHVjFHVGHUQLqUHV

/HVGLVSRVLWLRQVGX&RGHJpQpUDOGHV,PS{WVUHODWLYHVDX[GLWHVWD[HVVRQWPRGLILpHVGDQVFHVHQV

%²7(;7(

$XƒGHO·DUWLFOHGX&RGHJpQpUDOGHV,PS{WVDSUqVOHPRW©WpOpSKRQLHªpFULUHOHPHPEUHGHSKUDVH©HWGHV
HQWUHSULVHVGHWUDQVIHUWG·DUJHQWSDUWpOpSKRQHPRELOHª

$XƒGHO·DUWLFOHGX&RGHJpQpUDOGHV,PS{WVpFULUHDSUqVOHPRW©WpOpSKRQLHªOHPHPEUHGHSKUDVH©HWGHV
HQWUHSULVHVGHWUDQVIHUWG·DUJHQWSDUWpOpSKRQHPRELOHª

$XGHX[LqPHDOLQpDGHO·DUWLFOH GX&RGHJpQpUDOGHV,PS{WVDSUqVOHPRW ©WpOpSKRQLHªpFULUHOHPHPEUHGH
SKUDVH©HWGHVHQWUHSULVHVGHWUDQVIHUWG·DUJHQWSDUWpOpSKRQHPRELOHª

/H7LWUHGRX]LqPHGX/LYUHVL[LqPHGX&RGHJpQpUDOGHV,PS{WVHVWPRGLILpHWQRXYHOOHPHQWLQWLWXOpFRPPHVXLW

©7D[HVXUOHVHQWUHSULVHVGHWpOpFRPPXQLFDWLRQV
HWGHVWHFKQRORJLHVGHO·LQIRUPDWLRQHWGHODFRPPXQLFDWLRQHWOHVHQWUHSULVHVGHWUDQVIHUWG·DUJHQWSDUWpOpSKRQH
PRELOHª

$XSUHPLHUDOLQpDGHO·DUWLFOHGX&RGHJpQpUDOGHV,PS{WVDSUqVOHPRW©FRPPXQLFDWLRQªpFULUHOHJURXSHGH
PRWV©HWGHVHQWUHSULVHVGHWUDQVIHUWG·DUJHQWSDUWpOpSKRQHPRELOHª

$XGHX[LqPHDOLQpDGHO·DUWLFOHGX&RGHJpQpUDOGHV,PS{WVDSUqV©&{WHG·,YRLUHªpFULUHOHPHPEUHGHSKUDVH
©DLQVLTXHGHVHQWUHSULVHVGHWUDQVIHUWG·DUJHQWHIIHFWXpGHSXLVXQWpOpSKRQHPRELOHª


Ϯϲ



/H7LWUHYLQJWHWXQLqPHGX/LYUHVL[LqPHGX&RGHJpQpUDOHVWPRGLILpHWQRXYHOOHPHQWLQWLWXOpFRPPHVXLW

©7D[HVSpFLILTXHVXUOHVHQWUHSULVHVGHWpOpFRPPXQLFDWLRQV
WpOpSKRQLTXHVHWOHVWHFKQRORJLHVGHO·LQIRUPDWLRQ
HWGHODFRPPXQLFDWLRQHWOHVHQWUHSULVHVGHWUDQVIHUW
G·DUJHQWSDUWpOpSKRQHPRELOHª

/HƒGHO·DUWLFOHGX&RGHJpQpUDOHVWPRGLILpHWQRXYHOOHPHQWLQWLWXOpFRPPHVXLW

©,O HVW LQVWLWXp XQH WD[H GpQRPPpH WD[H VSpFLILTXH VXU OHV HQWUHSULVHV GH WpOpFRPPXQLFDWLRQV WpOpSKRQLTXHV HW OHV
WHFKQRORJLHVGHO·LQIRUPDWLRQHWGHODFRPPXQLFDWLRQDLQVLTXHOHVHQWUHSULVHVGHWUDQVIHUWG·DUJHQWSDUWpOpSKRQHPRELOH

&HWWHWD[HDXWDX[GHHVWDVVLVHVXUOHSUL[KRUVWD[HVGHODFRPPXQLFDWLRQRXGXPRQWDQWGXWUDQVIHUWG·DUJHQW(OOH
HVWVXSSRUWpHSDUO·pPHWWHXURXOHFOLHQWGXIRXUQLVVHXUG·DFFqVLQWHUQHWRXSDUOHFOLHQWGHO·HQWUHSULVHGHWUDQVIHUWG·DUJHQW
YLDOHWpOpSKRQHPRELOH

/DWD[HHVWFROOHFWpHSDUO·HQWUHSULVHGHWpOpSKRQLHRXSRXUOHIRXUQLVVHXUG·DFFqVLQWHUQHWRXSDUO·HQWUHSULVHGHWUDQVIHUW
G·DUJHQWSDUWpOpSKRQHPRELOHª

 

Ϯϳ



$UWLFOH
,167,787,21'(/$)$&785$7,21(/(&7521,48(

$²(;326('(6027,)6

/·(WDWGH&{WHG·,YRLUHDDGRSWpGHSXLVTXHOTXHVDQQpHVXQHVpULHGHPHVXUHVYLVDQWjPRGHUQLVHUHWjUDWLRQDOLVHUVRQ
V\VWqPHILVFDOHWVXUWRXWjOXWWHUFRQWUHODIUDXGH

$LQVL OD IDFWXUH QRUPDOLVpH D pWp LQVWLWXpH HQ  HQ YXH G·DVVXUHU OD WUDoDELOLWp HW XQH PHLOOHXUH RUJDQLVDWLRQ GHV
WUDQVDFWLRQVFRPPHUFLDOHV

'DQV FHWWH PrPH RSWLTXH GH PRGHUQLVDWLRQ GX GLVSRVLWLI ILVFDO HW G·DPpOLRUDWLRQ GH OD WUDoDELOLWp GHV WUDQVDFWLRQV
pOHFWURQLTXHVLOHVWSURSRVpG·DXWRULVHUO·$GPLQLVWUDWLRQILVFDOHjPHWWUHHQSODFHXQV\VWqPHGHIDFWXUHpOHFWURQLTXHTXL
VHFDUDFWpULVHUDQRWDPPHQWSDU

 O·pPLVVLRQGHODIDFWXUHQRUPDOLVpHHQWHPSVUpHODYHFXQWLPEUHILVFDOQXPpULTXHHWXQHQXPpURWDWLRQDXWRPDWLTXH
SDUOHVHUYHXUFHQWUDOGHOD'LUHFWLRQJpQpUDOHGHV,PS{WV

 OD WUDQVPLVVLRQ GH WRXWHV OHV LQIRUPDWLRQV OLpHV DX[ WUDQVDFWLRQV HIIHFWXpHV j O·DLGH GHV WHUPLQDX[ GH SDLHPHQW
pOHFWURQLTXH 73( jXQVHUYHXUFHQWUDOVLWXpDXVHLQGHOD'*,DVVXUDQWDLQVLjO·$GPLQLVWUDWLRQXQHYLVLELOLWpSDUIDLWH
HWHQWHPSVUpHOGXFKLIIUHG·DIIDLUHVHIIHFWLYHPHQWUpDOLVpSDUOHVFRQWULEXDEOHV

/D GpFODUDWLRQ ILVFDOH pOHFWURQLTXH GRQW OHV PRGDOLWpV GH PLVH HQ ±XYUH VHURQW GpWHUPLQpHV SDU DUUrWp GX 0LQLVWUH HQ
FKDUJHGX%XGJHWYLVHDLQVLjDVVXUHUODWUDQVLWLRQGHODIDFWXUHQRUPDOLVpHYHUVXQUpJLPHGHWpOpGpFODUDWLRQpOHFWURQLTXH

/H/LYUHGH3URFpGXUHVILVFDOHVHVWDPpQDJpGDQVFHVHQV

/HVUHFHWWHVDWWHQGXHVGHFHWWHPHVXUHVRQWHVWLPpHVjPLOOLDUGVGHIUDQFV
 

Ϯϴ




 %7(;7(

,OHVWFUppGDQVOH/LYUHGH3URFpGXUHVILVFDOHVXQDUWLFOHELVUpGLJpFRPPHVXLW

©$UWELV7RXWSURIHVVLRQQHOTXLOLYUHXQELHQRXTXLIRXUQLWXQVHUYLFHSDUYRLHpOHFWURQLTXHSRXUOHVEHVRLQVG·XQDXWUH
SURIHVVLRQQHORXG·XQFRQVRPPDWHXURUGLQDLUHHVWWHQXGHOXLGpOLYUHUXQHIDFWXUHQRUPDOLVpHpOHFWURQLTXH

&HWWHIDFWXUHFRPSRUWHRXWUHOHVPHQWLRQVSUpYXHVjO·DUWLFOHFLGHVVXVOHVVSpFLILFDWLRQVVXLYDQWHV

− ODGpQRPLQDWLRQRXODUDLVRQVRFLDOH QRPGXFRQWULEXDEOH 
− O·LGHQWLILDQWXQLTXHGXFRQWULEXDEOH
− O·DGUHVVHFRPSOqWHGXFRQWULEXDEOH
− ODGDWHHWO·KHXUHG·pPLVVLRQGHODIDFWXUHpOHFWURQLTXH
− OHQXPpURG·RUGUHGHODIDFWXUH
− ODGpVLJQDWLRQFRPSOqWHGHVDUWLFOHVYHQGXV
− OHWRWDOSD\pHWOHPRGHGHUqJOHPHQWª

/HVPRGDOLWpVGHPLVHHQ±XYUHGHODIDFWXUHQRUPDOLVpHpOHFWURQLTXHVRQWGpWHUPLQpHVSDUDUUrWpGX0LQLVWUHHQFKDUJH
GX%XGJHWª

 

Ϯϵ



$UWLFOH
0(685(6'(5(1)25&(0(17'8&$'5('(75$163$5(1&(),6&$/(

$ (;326('(6027,)6

'DQVOHFDGUHGHVRQDGKpVLRQDXSURFHVVXVGHOXWWHSRXUODWUDQVSDUHQFHILVFDOHLQWHUQDWLRQDOHHWGHVHQJDJHPHQWVTXL
HQGpFRXOHQWOD&{WHG·,YRLUHDHQJDJpODPLVHHQFRQIRUPLWpGHVRQFDGUHOpJDOHWGHVHVSUDWLTXHVDGPLQLVWUDWLYHVDYHF
OHVQRUPHVLQWHUQDWLRQDOHVHQPDWLqUHGHWUDQVSDUHQFHHWG·pFKDQJHGHUHQVHLJQHPHQWVjGHVILQVILVFDOHV

3RXUFHIDLUHOHVORLVLYRLULHQQHVHQPDWLqUHGHGURLWGHVVRFLpWpVFRPPHUFLDOHVGHOXWWHFRQWUHOHEODQFKLPHQWGHFDSLWDX[
GHWUDQVSDUHQFHILVFDOHHWGHSURWHFWLRQGHODFRQILGHQWLDOLWpGHVLQIRUPDWLRQVILVFDOHVRQWIDLWO·REMHWG·XQHSUppYDOXDWLRQ
GH OD SDUW GX )RUXP PRQGLDO VXU OD 7UDQVSDUHQFH HW O·(FKDQJH GH 5HQVHLJQHPHQWV j GHV )LQV ILVFDOHV )RUXP PRQGLDO 
DXTXHOQRWUHSD\VDDGKpUpHQMDQYLHU

&HW©H[DPHQjEODQFªHIIHFWXpGDQVODSHUVSHFWLYHGHODSUpSDUDWLRQGHO·pYDOXDWLRQGpILQLWLYHGHQRWUHSD\VSDUVHV
SDLUVHQPDUVDGRQQpOLHXjSOXVLHXUVUHFRPPDQGDWLRQVSRXUO·DPpOLRUDWLRQGHQRWUHFDGUHMXULGLTXHHWDGPLQLVWUDWLI
HQPDWLqUHGHWUDQVSDUHQFHILVFDOH

,OV·DJLWSRXUO·HVVHQWLHO

 GHGRWHUQRWUHSD\VG·XQFDGUHMXULGLTXHFRQIRUPHDX[QRUPHVLQWHUQDWLRQDOHVHQPDWLqUHGHWUDQVSDUHQFHILVFDOH
OXLSHUPHWWDQWGHFROOHFWHUG·H[SORLWHUHWG·pFKDQJHUOHVLQIRUPDWLRQVSHUWLQHQWHVGHVRUWHjUHQIRUFHUVHVFDSDFLWpV
GHOXWWHFRQWUHO·pYDVLRQILVFDOHLQWHUQDWLRQDOHHWjDPpOLRUHUODPRELOLVDWLRQGHVUHFHWWHVILVFDOHVHWG·DXWUHSDUW

 G·pYLWHUjOD&{WHG·,YRLUHO·DWWULEXWLRQG·XQHQRWHGHQRQFRQIRUPLWpDXWHUPHGHVRQH[DPHQSDUOHVSDLUVFHTXL
VHUDLW SUpMXGLFLDEOH j VRQ LPDJH HW O·H[SRVHUDLW j ILJXUHU VXU XQH OLVWH QRLUH GH SD\V QRQ WUDQVSDUHQWV RX QRQ
FRRSpUDWLIV

3DUFRQVpTXHQWOHVPHVXUHVTXLVXLYHQWVRQWSURSRVpHV


ϯϬ



 ,QVWLWXWLRQG·XQHREOLJDWLRQGHWHQXHG·XQUHJLVWUHGHVEpQpILFLDLUHVHIIHFWLIVjODFKDUJHGHVVRFLpWpV

/·DUWLFOH HU GH OD ORL Qƒ  GX  QRYHPEUH  UHODWLYH j OD OXWWH FRQWUH OH EODQFKLPHQW GH FDSLWDX[ HW OH
ILQDQFHPHQWGXWHUURULVPHGpILQLWODQRWLRQGHEpQpILFLDLUHHIIHFWLIFRPPHODRXOHVSHUVRQQHVSK\VLTXHVTXLHQGHUQLHU
OLHXSRVVqGHQWRXFRQWU{OHQWGHIDoRQHIIHFWLYHXQHSHUVRQQHPRUDOHRXXQHFRQVWUXFWLRQMXULGLTXH/HVDUWLFOHVHWGH
FHWWHORLPHWWHQWjODFKDUJHGHGLYHUVHVSHUVRQQHVHWVWUXFWXUHVO·REOLJDWLRQGHFROOHFWHUHWGHGpWHQLUOHVLQIRUPDWLRQVVXU
OHVEpQpILFLDLUHVHIIHFWLIVGHVSHUVRQQHVPRUDOHV
3DU DLOOHXUV OD GLVSRQLELOLWp GHVGLWHV LQIRUPDWLRQV HW OHXU DFFqV SDU O·$GPLQLVWUDWLRQ ILVFDOH FRQVWLWXHQW pJDOHPHQW XQH
H[LJHQFHGHVQRUPHVLQWHUQDWLRQDOHVHQPDWLqUHGHWUDQVSDUHQFHILVFDOH

$ILQGHSHUPHWWUHjO·$GPLQLVWUDWLRQILVFDOHG·XQHSDUWG·DYRLUDFFqVjFHVLQIRUPDWLRQVXWLOHVDX[UHFRXSHPHQWVHWjOD
OXWWHFRQWUHO·pYDVLRQILVFDOHHWG·DXWUHSDUWGHVDWLVIDLUHDX[H[LJHQFHVGHVQRUPHVGHWUDQVSDUHQFHILVFDOHLOHVWSURSRVp
GHPHWWUHjODFKDUJHGHVHQWUHSULVHVH[SORLWpHVVRXVIRUPHGHSHUVRQQHVPRUDOHVTXHOVTXHVRLHQWOHXUIRUPHMXULGLTXHHW
OHXUUpJLPHG·LPSRVLWLRQO·REOLJDWLRQGHWHQLUDQQXHOOHPHQWjMRXUXQUHJLVWUHGHOHXUVEpQpILFLDLUHVHIIHFWLIVHWGHOHSURGXLUH
jWRXWHUpTXLVLWLRQGHO·$GPLQLVWUDWLRQILVFDOH/DQRQWHQXHGHFHUHJLVWUHRXODWHQXHG·XQUHJLVWUHFRPSRUWDQWGHVHUUHXUV
RXGHVRPLVVLRQVVRQWVDQFWLRQQpHVSDUXQHDPHQGH

 ,QVWLWXWLRQGHVDQFWLRQVUHODWLYHVjO·REOLJDWLRQGHWHQXHGXUHJLVWUHGHVWLWUHVQRPLQDWLIVHWGXUHJLVWUHGHVWLWUHVDX
SRUWHXU

/·DUWLFOH  GH O·$FWH XQLIRUPH GH O·2+$'$ VXU OH GURLW GHV VRFLpWpV FRPPHUFLDOHV HW GX JURXSHPHQW G·LQWpUrW
pFRQRPLTXHLQGLTXHTXHOHVVRFLpWpVDQRQ\PHVHWOHVVRFLpWpVSDUDFWLRQVVLPSOLILpHVSHXYHQWpPHWWUHGHVWLWUHVQRPLQDWLIV
HWGHVWLWUHVDXSRUWHXU/·DUWLFOHGXGLWDFWHIDLWREOLJDWLRQjFHVVRFLpWpVGHWHQLUjMRXUGHVUHJLVWUHVGHOHXUVWLWUHV
QRPLQDWLIV7RXWHIRLVDXFXQHVDQFWLRQQ·HVWDWWDFKpHDXQRQUHVSHFWGHFHWWHREOLJDWLRQSDUOHVVRFLpWpVGHVRUWHTX·HOOH
HVWWUqVSHXUHVSHFWpHHQSUDWLTXHFHTXLSULYHO·$GPLQLVWUDWLRQILVFDOHG·XQHVRXUFHG·LQIRUPDWLRQVXWLOHV

&HODFRQVWLWXHXQSUREOqPHPDMHXUHQPDWLqUHGHWUDQVSDUHQFHILVFDOHHWGHOXWWHFRQWUHOHEODQFKLPHQWGHFDSLWDX[

3DUFRQVpTXHQWDILQGHFRPEOHUFHWWHIDLEOHVVHLOHVWSURSRVp


ϯϭ



$ G·LQVWLWXHUXQHDPHQGHILVFDOHSRXUODQRQWHQXHGXUHJLVWUHGHVWLWUHVQRPLQDWLIVSUpYXSDUO·DUWLFOHGHO·$FWH
XQLIRUPHGHO·2+$'$VXUOHGURLWGHVVRFLpWpVFRPPHUFLDOHVHWGXJURXSHPHQWG·LQWpUrWpFRQRPLTXH *,( &HWWH
DPHQGHHVWIL[pHjGHIUDQFVHQFDVGHQRQWHQXHGXUHJLVWUHVXVYLVp

 GHPHWWUHjODFKDUJHGHVVRFLpWpVSDUDFWLRQVD\DQWpPLVGHVWLWUHVDXSRUWHXUHQFRUHHQFLUFXODWLRQO·REOLJDWLRQGH
WHQLUDQQXHOOHPHQWjMRXUXQUHJLVWUHGHVGLWVWLWUHVHWGHOHSUpVHQWHUjWRXWHUpTXLVLWLRQGHO·$GPLQLVWUDWLRQILVFDOH/H
UHJLVWUHGHYUDrWUHWHQXDXVVLORQJWHPSVTXHODVRFLpWpDXUDGHVWLWUHVDXSRUWHXUHQFLUFXODWLRQ

 GH PHWWUH j OD FKDUJH GH WRXWHV OHV DXWUHV VRFLpWpV FRPPHUFLDOHV HW GHV VRFLpWpV FLYLOHV O·REOLJDWLRQ GH WHQLU
DQQXHOOHPHQWjMRXUXQUHJLVWUHGHOHXUVDFWLRQQDLUHVRXDVVRFLpV


 3UpFLVLRQV SRUWDQW VXU OD SRUWpH GX GURLW GH FRPPXQLFDWLRQ GH O·$GPLQLVWUDWLRQ ILVFDOH DX UHJDUG GX VHFUHW
SURIHVVLRQQHO

/·DUWLFOHGX/LYUHGH3URFpGXUHVILVFDOHVDFFRUGHjO·$GPLQLVWUDWLRQILVFDOHXQGURLWGHFRPPXQLFDWLRQJpQpUDOSRUWDQW
VXU WRXWHV OHV LQIRUPDWLRQV HW GRFXPHQWV SHUWLQHQWV GpWHQXV SDU OHV FRQWULEXDEOHV SRXU O·pWDEOLVVHPHQW GH O·DVVLHWWH OH
FRQWU{OHHWUHFRXYUHPHQWGHO·LPS{W

3DUDLOOHXUVGLYHUVWH[WHVUpJLVVDQWGHVVHFWHXUVSURIHVVLRQQHOVVSpFLILTXHVRUJDQLVHQWOHVUqJOHVGXVHFUHWSURIHVVLRQQHOOHV
FRQFHUQDQWDXUHJDUGGXGURLWGHFRPPXQLFDWLRQVXVpYRTXp&·HVWOHFDVQRWDPPHQWGHODORLVXUOHVHFUHWEDQFDLUHTXL
SUpFLVHH[SUHVVpPHQWTXHFHVHFUHWQ·HVWSDVRSSRVDEOHjO·$GPLQLVWUDWLRQILVFDOHDJLVVDQWGDQVOHFDGUHGHVRQGURLWGH
FRPPXQLFDWLRQ

7RXWHIRLVHQUDLVRQGXVLOHQFHGHVWH[WHVRUJDQLVDQWO·H[HUFLFHG·DXWUHVSURIHVVLRQVLOHVWSURSRVpFRPPHUHFRPPDQGpDX
QLYHDXLQWHUQDWLRQDOGHSUpFLVHUH[SUHVVpPHQWGDQVODORLTXHOHVHFUHWSURIHVVLRQQHOTXHOTXHVRLWOHVHFWHXUG·DFWLYLWp
FRQFHUQpQHSHXWSDVIDLUHpFKHFDXGURLWGHFRPPXQLFDWLRQGHO·$GPLQLVWUDWLRQILVFDOH



ϯϮ



 +DUPRQLVDWLRQGHODGXUpHGHFRQVHUYDWLRQGHVGRFXPHQWVHWSLqFHVFRXYHUWVSDUOHGURLWGHFRPPXQLFDWLRQGH
O·$GPLQLVWUDWLRQILVFDOH

/·DUWLFOH  GX /LYUH GH 3URFpGXUHV ILVFDOHV LQGLTXH TXH OHV LQIRUPDWLRQV HW GRFXPHQWV FRXYHUWV SDU OH GURLW GH
FRPPXQLFDWLRQGHO·$GPLQLVWUDWLRQILVFDOHGRLYHQWrWUHFRQVHUYpVSDUOHXUVGpWHQWHXUVSHQGDQWXQHGXUpHPLQLPDOHGHVL[
DQV

&HWWHGXUpHHVWIL[pHHQFHTXLFRQFHUQHOHVPrPHVSLqFHVjFLQTDQVSDUO·DUWLFOHGX&RGHJpQpUDOGHV,PS{WVHWj
WURLV DQV SDU O·DUWLFOH  GXGLW &RGH WDQGLV TXH O·$FWH XQLIRUPH GH O·2+$'$ VXU OH GURLW FRPSWDEOH HW O·LQIRUPDWLRQ
ILQDQFLqUHSUpYRLWXQHGXUpHGHGL[DQVSRXUODPrPHREOLJDWLRQ

$ILQGHFRUULJHUFHWWHVLWXDWLRQTXLHVWVRXUFHGHFRQIXVLRQLOHVWSURSRVpG·KDUPRQLVHUOHVGLWHVGXUpHVHQUHWHQDQWODGXUpH
SUpYXHSDUO·2+$'$jVDYRLUGL[  DQV

% 7(;7(

/HVDUWLFOHVHW GX&RGHJpQpUDOGHV,PS{WVDLQVLTXHO·DUWLFOHGX/LYUHGH3URFpGXUHVILVFDOHVVRQWPRGLILpV
FRPPHVXLW

 $O·DUWLFOHGX&RGHJpQpUDOGHV,PS{WVUHPSODFHU©FLQTDQQpHVªSDU©GL[DQQpHVª
 $O·DUWLFOHGX&RGHJpQpUDOGHV,PS{WVUHPSODFHU©WURLVDQVªSDU©GL[DQVª
 $O·DUWLFOHGX/LYUHGH3URFpGXUHVILVFDOHVUHPSODFHU©VL[DQVªSDU©GL[DQVª

/·DUWLFOHGX/LYUHGH3URFpGXUHVILVFDOHVHVWFRPSOpWpSDUXQSDUDJUDSKHUpGLJpFRPPHVXLW

©/H VHFUHW SURIHVVLRQQHO TXHO TXH VRLW OH VHFWHXU G·DFWLYLWp FRQFHUQp Q·HVW SDV RSSRVDEOH DX[ DJHQWV GHV ,PS{WV
DVVHUPHQWpVDJLVVDQWGDQVOHFDGUHGXGURLWGHFRPPXQLFDWLRQVXVYLVpª


ϯϯ



,OHVWFUppGDQVOH/LYUHGH3URFpGXUHVILVFDOHVXQDUWLFOHELVUpGLJpFRPPHVXLW

©5HJLVWUHVGHVWLWUHVGHVDFWLRQQDLUHVHWGHVDVVRFLpV
GHVVRFLpWpV

$UWELV²ƒ/HVVRFLpWpVDQRQ\PHVHWOHVVRFLpWpVSDUDFWLRQVVLPSOLILpHVGRLYHQWWHQLUjODGLVSRVLWLRQGHO·$GPLQLVWUDWLRQ

 OHUHJLVWUHGHOHXUVWLWUHVQRPLQDWLIVLQVWLWXpSDUOHVDUWLFOHVHWGHO·$FWHXQLIRUPHGHO·2+$'$VXUOHGURLW
GHVVRFLpWpVFRPPHUFLDOHVHWGXJURXSHPHQWG·LQWpUrWpFRQRPLTXH

 XQUHJLVWUHGHVWLWUHVDXSRUWHXUpPLVHWHQFRUHHQFLUFXODWLRQIDLVDQWQRWDPPHQWDSSDUDvWUHO·LGHQWLWpGHVGpWHQWHXUV
HWGHVSURSULpWDLUHVGHFHVWLWUHVOHXUQRPEUHDLQVLTXHOHXUPRQWDQW

ƒ/HVVRFLpWpVFRPPHUFLDOHVDXWUHVTXHFHOOHVYLVpHVDXƒSUpFpGHQWDLQVLTXHOHVVRFLpWpVFLYLOHVGRLYHQWWHQLUXQUHJLVWUH
GHOHXUVDFWLRQQDLUHVRXDVVRFLpV

ƒ/HVUHJLVWUHVYLVpVDX[SDUDJUDSKHVƒHWƒFLGHVVXVGRLYHQWrWUHWHQXVjMRXUGHWRXWHVOHVPRGLILFDWLRQVLQWHUYHQDQW
GDQVODSURSULpWpODGpWHQWLRQHWODUpSDUWLWLRQGHVWLWUHVSDUWVHWDFWLRQVGHODVRFLpWpHWSUpVHQWpVjWRXWHUpTXLVLWLRQGH
O·$GPLQLVWUDWLRQª

,OHVWFUppGDQVOH/LYUHGH3URFpGXUHVILVFDOHVXQDUWLFOHWHUUpGLJpFRPPHVXLW

©5HJLVWUHVGHVEpQpILFLDLUHVHIIHFWLIVGHVVRFLpWpV

$UWWHU²/HVVRFLpWpVFRPPHUFLDOHVHWOHVVRFLpWpVFLYLOHVTXHOOHVTXHVRLHQWOHXUIRUPHHWOHXUVDFWLYLWpVGRLYHQWWHQLUj
ODGLVSRVLWLRQGHO·$GPLQLVWUDWLRQXQUHJLVWUHGHOHXUVEpQpILFLDLUHVHIIHFWLIV/HEpQpILFLDLUHHIIHFWLIV·HQWHQGGHODSHUVRQQH
YLVpHSDUO·DOLQpDGHO·DUWLFOHHUGHODORLQƒGXQRYHPEUHUHODWLYHjODOXWWHFRQWUHOHEODQFKLPHQWGH
FDSLWDX[HWOHILQDQFHPHQWGXWHUURULVPH


ϯϰ



/HUHJLVWUHSUpYXDXSDUDJUDSKHFLGHVVXVGRLWrWUHWHQXjMRXUGHWRXWHVOHVPRGLILFDWLRQVLQWHUYHQDQWGDQVODSURSULpWp
HIIHFWLYHGHODSHUVRQQHPRUDOHHWSUpVHQWpjWRXWHUpTXLVLWLRQGHO·$GPLQLVWUDWLRQª

,OHVWFUppXQDUWLFOHTXLQTXLHVGDQVOH/LYUHGH3URFpGXUHVILVFDOHVUpGLJpFRPPHVXLW

©$PHQGHSRXUQRQWHQXHGXUHJLVWUHGHVEpQpILFLDLUHVHIIHFWLIV
GXUHJLVWUHGHVWLWUHVQRPLQDWLIVHWGXUHJLVWUHGHVWLWUHVDXSRUWHXU

$UWTXLQTXLHV²ƒ/DQRQWHQXHGHVUHJLVWUHVSUpYXVDX[DUWLFOHVELVHWWHUGXSUpVHQW/LYUHHVWVDQFWLRQQpHSDU
XQHDPHQGHGHGHIUDQFVSDUUHJLVWUHQRQWHQX

ƒ/DWHQXHGHUHJLVWUHFRPSRUWDQWGHVHUUHXUVRXGHVRPLVVLRQVGRQQHOLHXjXQHDPHQGHpJDOHjIUDQFVSDUHUUHXU
RXRPLVVLRQ

ƒ /·DPHQGH SUpYXH DX ƒ FLGHVVXV V·DSSOLTXH pJDOHPHQW ORUVTXHOH FRQWULEXDEOH Q·D SDV SURGXLW OHV UHJLVWUHV VXVYLVpV
VXLWH j XQH UHTXrWH GHO·$GPLQLVWUDWLRQ &HWWH DPHQGH HVW PDMRUpH GH   IUDQFV SDUPRLV RXIUDFWLRQ GHPRLVGH
UHWDUGVXSSOpPHQWDLUHjFRPSWHUGHO·H[SLUDWLRQGXGpODLLPSDUWLDXFRQWULEXDEOHSRXUUpSRQGUHjODUHTXrWHª

 

ϯϱ



$UWLFOH
$0(1$*(0(17'(6',6326,7,216(10$7,(5('(&21752/('(635,;'(75$16)(57

$ (;326('(6027,)6

/·DUWLFOHGHO·DQQH[HILVFDOHjODORLQƒGXGpFHPEUHSRUWDQW%XGJHWGHO·(WDWSRXUO·DQQpHHW
O·DUWLFOHGHO·DQQH[HILVFDOHjODORLGH)LQDQFHVSRXUODJHVWLRQRQWUHQIRUFpHWPRGHUQLVpOHGLVSRVLWLIOpJDOUHODWLIj
ODILVFDOLWpLQWHUQDWLRQDOH

7RXWHIRLV ODPLVH HQ ±XYUH SUDWLTXH GHFH GLVSRVLWLI IDLW DSSDUDvWUHOD QpFHVVLWp GHOXL DSSRUWHU GHVDPpQDJHPHQWV HW
SUpFLVLRQVDILQG·DWWHLQGUHOHVUpVXOWDWVHVFRPSWpV

 1RWLRQGHWHUULWRLUHjILVFDOLWpSULYLOpJLpHRXQRQFRRSpUDWLI

/HV WHUULWRLUHV j ILVFDOLWp SULYLOpJLpH RX QRQ FRRSpUDWLIV RQW pWp GpILQLV FRPPH FHX[ ILJXUDQW VXU OHV OLVWHV QRLUHV GH
O·2UJDQLVDWLRQGH&RRSpUDWLRQHWGH'pYHORSSHPHQWpFRQRPLTXHV 2&'( HWGHO·8QLRQHXURSpHQQH 8( HWTXLQHVRQW
SDVOLpVjOD&{WHG·,YRLUHSDUXQDFFRUGSUpYR\DQWO·pFKDQJHGHUHQVHLJQHPHQWVjGHVILQVILVFDOHV

/HV VRPPHV HQ SURYHQDQFH GH OD &{WH G·,YRLUH YHUVpHV DX[ SHUVRQQHV LQVWDOOpHV GDQV FHV WHUULWRLUHV VXELVVHQW XQH
PDMRUDWLRQHQPDWLqUHG·LPS{WVXUOHUHYHQXGHVYDOHXUVPRELOLqUHV ,590 HWG·LPS{WVXUOHUHYHQXGHVFUpDQFHV ,5& HW
QHVRQWGpGXFWLEOHVFKH]ODSDUWLHYHUVDQWHTXHGDQVODOLPLWHGHOHXUPRLWLp

7RXWHIRLVHQSUDWLTXHLOV·DYqUHTXHOHVOLVWHVQRLUHVGHO·2&'(HWGHO·8(IOXFWXHQWHQSHUPDQHQFHDXJUpGHVLQWpUrWVHW
GHV UDSSRUWV HQWUH OHV SD\V TXL \ ILJXUHQW HW OHVGLWHV RUJDQLVDWLRQV 3DU DLOOHXUV FHV OLVWHV Q·LQWqJUHQW SDV OHV SD\V
KDELWXHOOHPHQWXWLOLVpVSDUOHVHQWUHSULVHVPXOWLQDWLRQDOHVSUpVHQWHVHQ&{WHG·,YRLUHDX[ILQVG·pYDVLRQILVFDOH

3DU FRQVpTXHQW DILQ GHOXWWHU HIILFDFHPHQW FRQWUHOHV SUDWLTXHV G·pYDVLRQ ILVFDOH YLDO·XWLOLVDWLRQ GH FHV WHUULWRLUHV LO HVW
SURSRVpG·DPpQDJHUODGpILQLWLRQGHVWHUULWRLUHVjILVFDOLWpSULYLOpJLpHRXQRQFRRSpUDWLIV


ϯϲ



$LQVLVHURQWGpVRUPDLVFRQVLGpUpVFRPPHWHUULWRLUHVQRQFRRSpUDWLIVQRQVHXOHPHQWFHX[TXLILJXUHQWVXUOHVOLVWHVQRLUHVGH
O·2&'(HWGHO·8(PDLVpJDOHPHQWFHX[LGHQWLILpVFRPPHWHOVSDUOHVDXWRULWpVILVFDOHVLYRLULHQQHVORUVTX·LOVQHVRQWSDVOLpV
jOD&{WHG·,YRLUHSDUXQLQVWUXPHQWLQWHUQDWLRQDOSUpYR\DQWO·pFKDQJHGHUHQVHLJQHPHQWVjGHVILQVILVFDOHV

4XDQWDX[ WHUULWRLUHVjILVFDOLWpSULYLOpJLpHLOV·DJLWGHFHX[GDQVOHVTXHOVOHVUHYHQXVSURYHQDQWGHOD&{WHG·,YRLUHVRQW
VRXPLVjXQLPS{WVXUOHVEpQpILFHVRXjWRXWDXWUHLPS{WVXUOHUHYHQXG·XQPRQWDQWLQIpULHXUjODPRLWLpGHFHOXLTXLVHUDLW
SHUoXHQ&{WHG·,YRLUHVLGHWHOVUHYHQXV\pWDLHQWLPSRVDEOHV

 3UpFLVLRQVUHODWLYHVDX[VDQFWLRQVDSSOLFDEOHVjO·REOLJDWLRQGHSURGXFWLRQGHODGpFODUDWLRQSD\VSDUSD\V


/D &{WH G·,YRLUH V·HVW HQJDJpH j PRGHUQLVHU HW j UHQIRUFHU VRQ GLVSRVLWLI ILVFDO LQWHUQDWLRQDO QRWDPPHQW HQ PDWLqUH GH
FRQWU{OHGHVSUL[GHWUDQVIHUW

$LQVLO·DUWLFOHGHO·DQQH[HILVFDOHjODORLGH)LQDQFHVSRXUO·DQQpHHWO·DUWLFOHGHO·DQQH[HILVFDOHjODORLGH
)LQDQFHVSRXUODJHVWLRQRQWLQVWLWXpXQHGpFODUDWLRQGLWH©SD\VSDUSD\VªjODFKDUJHGHVVRFLpWpVPqUHVXOWLPHV
GHVJURXSHVG·HQWUHSULVHVLQVWDOOpHVHQ&{WHG·,YRLUH

/HVHQWUHSULVHVTXL\VRQWDVVXMHWWLHVVRQWVDQFWLRQQpHVSDUXQHDPHQGHGHGHIUDQFVORUVTX·HOOHVQHSURGXLVHQW
SDVGDQVOHVGpODLVFHWWHGpFODUDWLRQTXLIDLWDSSDUDvWUHGLYHUVDJUpJDWVILVFDX[HWpFRQRPLTXHV

7RXWHIRLVDXFXQHVDQFWLRQQ·DpWpSUpYXHSRXUOHVGpFODUDWLRQVLQFRPSOqWHVRXFRPSRUWDQWGHVHUUHXUV&HWWHVLWXDWLRQD
pWpUHOHYpHFRPPHXQHQRQFRQIRUPLWpGHQRWUHGLVSRVLWLIOpJDODXUHJDUGGHVQRUPHVPLQLPDOHVDX[TXHOOHVQRWUHSD\V
V·HVWHQJDJpGXIDLWGHVDSDUWLFLSDWLRQDXSURMHW%(36

,O HVW SDU FRQVpTXHQW SURSRVpG·LQVWLWXHU XQH DPHQGH GH    GH IUDQFV SDU HUUHXU RX SDU RPLVVLRQ HQ FDV GH
SURGXFWLRQGHGpFODUDWLRQFRPSRUWDQWGHVHUUHXUVHWRPLVVLRQV
 

ϯϳ




% 7(;7(


/·DUWLFOHGX&RGHJpQpUDOGHV,PS{WVHVWPRGLILpHWQRXYHOOHPHQWUpGLJpFRPPHVXLW


 DXSDUDJUDSKHVXSSULPHUOHJURXSHGHPRWV©jILVFDOLWpSULYLOpJLpHRXª


 LQVpUHUDSUqVOHSDUDJUDSKHXQQRXYHDXSDUDJUDSKHUpGLJpFRPPHVXLW


©6RQWFRQVLGpUpVFRPPHWHUULWRLUHVjILVFDOLWpSULYLOpJLpHOHVWHUULWRLUHVGDQVOHVTXHOVOHVUHYHQXVRXVRPPHVSURYHQDQWGH
OD &{WH G·,YRLUH VRQW WD[DEOHV j XQ LPS{W DX WLWUH GHV EpQpILFHV RX j WRXWH DXWUH QDWXUH G·LPS{W VXU OH UHYHQX GRQW OH
PRQWDQWHVWLQIpULHXUjODPRLWLpGHO·LPS{WTXLDXUDLWpWpSHUoXHQ&{WHG·,YRLUHVLGHWHOVUHYHQXVRXVRPPHV\pWDLHQW
LPSRVDEOHVª

/·DUWLFOHELVGX&RGHJpQpUDOGHV,PS{WVHVWFRPSOpWpSDUXQSDUDJUDSKHUpGLJpFRPPHVXLW


©/DSURGXFWLRQG·XQHGpFODUDWLRQLQFRPSOqWHRXFRPSRUWDQWGHVHUUHXUVHVWVDQFWLRQQpHSDUXQHDPHQGHGH
GHIUDQFVSDUHUUHXURXRPLVVLRQVDQVSUpMXGLFHGHVDXWUHVVDQFWLRQVSUpYXHVSDUODORLª
 

ϯϴ



$UWLFOH
(;7(16,21'8&+$03'·$33/,&$7,21'(/$'(&/$5$7,21(7'83$,(0(17'(6,032763$592,((/(&7521,48(

$ (;326('(6027,)6

'DQVOHFDGUHGXUHFRXYUHPHQWGHO·LPS{WSDUYRLHpOHFWURQLTXHO·DUWLFOHGHO·DQQH[HILVFDOHjODORLGH)LQDQFHVQƒ
GXGpFHPEUHSRUWDQW%XGJHWGHO·(WDWSRXUO·DQQpHDpWHQGXOHSDLHPHQWGHVLPS{WVDXPR\HQ
GHSURFpGpVpOHFWURQLTXHVDX[FRQWULEXDEOHVUHOHYDQWGHO·LPS{WV\QWKpWLTXHHWDX[SDUWLFXOLHUVDVVXMHWWLVjO·LPS{WIRQFLHU
&HVSURFpGpVFRQVLVWHQWQRWDPPHQWDXSDLHPHQWSDUWpOpSKRQHPRELOHHWDXYLUHPHQWEDQFDLUH

7RXWHIRLV LO HVW GRQQp GH FRQVWDWHU TXH OHV FRQWULEXDEOHV TXL RQW UHFRXUV DX YLUHPHQW EDQFDLUH FRPPH PR\HQ GH
SDLHPHQWGHOHXUVLPS{WVHWWD[HVQHSUHQQHQWSDVOHVPHVXUHVQpFHVVDLUHVSRXUTXHOHVVRPPHVDFTXLWWpHVSDUYLHQQHQW
HIIHFWLYHPHQWVXUOHFRPSWHGX5HFHYHXUDVVLJQDWDLUHjO·pFKpDQFHOpJDOH$LQVLGHQRPEUHX[SDLHPHQWVSDUYLUHPHQW
DXFRXUVG·XQPRLVGRQQpQHVRQWGpQRXpVTXHOHPRLVVXLYDQW

&HWWHVLWXDWLRQLPSDFWHODWUpVRUHULHSXEOLTXHHQFUpDQWGHVGpVpTXLOLEUHVGDQVOHVSUpYLVLRQVGHUHFHWWHV

,O HVW SDU FRQVpTXHQW SURSRVp GH SUpFLVHU j O·DWWHQWLRQ GHVGLWV FRQWULEXDEOHV TXH OH SDLHPHQW GRLW VH UpDOLVHU GDQV OH
UHVSHFWGHVGpODLVGHGURLWFRPPXQSUpYXVSRXUFKDTXHQDWXUHG·LPS{WHWTX·HQWRXWpWDWGHFDXVHVHXOOHSDLHPHQW
HIIHFWLIjO·pFKpDQFHIDLWIRL

'HPrPHOHYLUHPHQWEDQFDLUHQHVHUDDXWRULVpTXHSRXUOHSDLHPHQWGHVLPS{WVHWGHVWD[HVGRQWOHPRQWDQWQ·H[FqGH
SDVPLOOLRQVGHIUDQFV

$XGHOjGHFHVHXLOOHVLPS{WVQHVRQWSD\DEOHVTX·DXPR\HQGXSUpOqYHPHQWEDQFDLUHpOHFWURQLTXH

3DUFRQVpTXHQWOHVSDLHPHQWVKRUVGpODLVVRQWSDVVLEOHVGHVDQFWLRQVSUpYXHVSDUOH/LYUHGH3URFpGXUHVILVFDOHVjVDYRLU
OHVLQWpUrWVGHUHWDUG

/HVGLVSRVLWLRQVGHO·DUWLFOHGX/LYUHGH3URFpGXUHVILVFDOHVVRQWPRGLILpHVGDQVFHVHQV

ϯϵ




% 7(;7(

/HSUHPLHUSDUDJUDSKHGHO·DUWLFOHGX/LYUHGH3URFpGXUHVILVFDOHVHVWFRPSOpWpLQILQHFRPPHVXLW

©/RUVTXHOHPRQWDQWGHVLPS{WVHWWD[HVjDFTXLWWHUH[FqGHPLOOLRQVGHIUDQFVVHXOHVWDGPLVOHSUpOqYHPHQWEDQFDLUH
jO·H[FOXVLRQGXYLUHPHQWEDQFDLUH

4XHOTXHVRLWOHPRGHGHUqJOHPHQWXWLOLVpOHSDLHPHQWHIIHFWLIGRLWLQWHUYHQLUGDQVOHVGpODLVGHGURLWFRPPXQSUpYXVSRXU
FKDTXH FDWpJRULH GH FRQWULEXDEOHV HW GDQV FKDTXH QDWXUH G·LPS{W 6HXO OH SDLHPHQW HIIHFWLI j O·pFKpDQFH IDLW IRL
/·DEVHQFHGHODSUHXYHGHSDLHPHQWGDQVOHVGpODLVOpJDX[SUHVFULWVHQWUDvQHO·DSSOLFDWLRQGHVVDQFWLRQVSUpYXHVjO·DUWLFOH
GXSUpVHQW/LYUHª
 

ϰϬ



$UWLFOH
$0(1$*(0(17'(65(*/(6'·(;,*,%,/,7('(/$7$;(685/$9$/(85
$-287(('(6(175(35,6(6'(7(/(&20081,&$7,216

$²(;326('(6027,)6

(QO·pWDWDFWXHOGXGLVSRVLWLIILVFDOOD79$VXUOHVYHQWHVRXIRXUQLWXUHVG·HDXG·pOHFWULFLWpGHJD]HWGHWpOpFRPPXQLFDWLRQV
HVWH[LJLEOHORUVGHO·HQFDLVVHPHQWRXGHO·LQVFULSWLRQHQFRPSWHFRXUDQWGHVDYDQFHVGHVDFRPSWHVGXSUL[RXGHOD
UpPXQpUDWLRQ

6LFHWUDLWHPHQWVHMXVWLILHHQFHTXLFRQFHUQHOHVHQWUHSULVHVGHYHQWHVRXIRXUQLWXUHVG·HDXG·pOHFWULFLWpHWGHJD]TXLRQW
SRXU SULQFLSDO FOLHQW O·(WDW TXL pSURXYH GHV GLIILFXOWpV j KRQRUHU VHV IDFWXUHV HOOH QH V·DYqUH SDV DGDSWpH DX FDV GHV
HQWUHSULVHV GH WpOpFRPPXQLFDWLRQV GRQW FHUWDLQV FOLHQWV QRWDPPHQW FHX[ HQ PRGH SUpSD\p UqJOHQW OHXU FUpGLW GH
FRPPXQLFDWLRQDYDQWFRQVRPPDWLRQ

(QWHQDQWFRPSWHGHFHWWHVLWXDWLRQLOHVWSURSRVpG·DSSOLTXHUDXFKLIIUHG·DIIDLUHVLVVXGHVRSpUDWLRQVSUHSDLGODUqJOH
GHO·H[LJLELOLWpGHODWD[HVXUODYDOHXUDMRXWpHjODIDFWXUDWLRQ

/HVGLVSRVLWLRQVGHO·DUWLFOHGX&RGHJpQpUDOGHV,PS{WVVRQWDPpQDJpHVGDQVFHVHQV

%²7(;7(

/·DUWLFOHGX&RGHJpQpUDOGHV,PS{WVHVWPRGLILpDLQVLTX·LOVXLW

 /HƒHVWFRPSOpWpSDUXQG UpGLJpFRPPHVXLW


©G 3RXUOHVYHQWHVRXIRXUQLWXUHVGHWpOpFRPPXQLFDWLRQSUHSDLGORUVGHODIDFWXUDWLRQª

 /HE GXƒHVWFRPSpWpLQILQHFRPPHVXLW


©3RXUOHVYHQWHVRXIRXUQLWXUHVGHWpOpFRPPXQLFDWLRQSUHSDLGORUVGHODIDFWXUDWLRQª
 

ϰϭ



$UWLFOH
$0(1$*(0(17'85(*,0(),6&$/'(6&2037(6&285$176'·$662&,(6

$²(;326('(6027,)6

'DQVOHFDGUHGHODOXWWHFRQWUHO·pURVLRQGHODEDVHLPSRVDEOHHWOHWUDQVIHUWGHEpQpILFHOHVFRQGLWLRQVGHGpGXFWLELOLWp
GHVLQWpUrWVYHUVpVHQFRPSWHFRXUDQWG·DVVRFLpVRQWpWpUHQIRUFpHVHQ

$LQVLDX[WHUPHVGHO·DUWLFOH$ ƒGX&RGHJpQpUDOGHV,PS{WVOHVLQWpUrWVVHUYLVDX[SHUVRQQHVSK\VLTXHVRXPRUDOHV
GLUHFWHPHQW RX LQGLUHFWHPHQW OLpHV j XQH VRFLpWp HQ UpPXQpUDWLRQ GHV VRPPHV TX·HOOHV ODLVVHQW RX PHWWHQW j VD
GLVSRVLWLRQHQVXVGHOHXUSDUWGHFDSLWDOTXHOOHTXHVRLWODIRUPHGHODVRFLpWpQHVRQWGpGXFWLEOHVTXHVLOHPRQWDQW
WRWDOGHVGLWHVVRPPHVQ·H[FqGHSDVOHPRQWDQWGHVRQFDSLWDOVRFLDO

&HWWHOLPLWHQ·HVWWRXWHIRLVSDVDSSOLFDEOHDX[DVVRFLpVRXDFWLRQQDLUHVGHVVRFLpWpVKROGLQJ

3DUDLOOHXUVOHVGLVSRVLWLRQVGHO·DUWLFOHGX&RGHJpQpUDOGHV,PS{WVTXLVRXPHWWHQWDXGURLWGHWLPEUHSURSRUWLRQQHO
FHUWDLQVHIIHWVGHFRPPHUFHHWDFWHVGRQQDQWjOHXUGpWHQWHXUGHTXpULURXGHSD\HUFHUWDLQHVGHWWHVFRPPHUFLDOHVQH
YLVHQW SDV OHV GHWWHV UpVXOWDQW GHV DYDQFHV GH IRQGV FRQVHQWLHV GDQV OH FDGUH GH FRQYHQWLRQV GH FRPSWHV FRXUDQWV
G·DVVRFLpVDX[VRFLpWpVSDUOHXUVDVVRFLpVD\DQWODTXDOLWpGHFRPPHUoDQWVRXGHVRFLpWpVFRPPHUFLDOHV

$ O·DQDO\VH GH FHV GLVSRVLWLRQV LO DSSDUDvW TXH O·H[FOXVLRQ GHV VRFLpWpV KROGLQJ GH OD FRQGLWLRQ GH GpGXFWLELOLWp GHV
LQWpUrWV YHUVpV DX[ DVVRFLpV pGLFWpH SDU O·DUWLFOH  $ ƒ SUpFLWp QH VH MXVWLILH SDV HQ UDLVRQ GH OD QpFHVVLWp GH OXWWHU
FRQWUHODVRXVFDSLWDOLVDWLRQHWOHWUDQVIHUWLQGLUHFWGHEpQpILFHV

(QRXWUHOHVFRPSWHVFRXUDQWVG·DVVRFLpVFRQVWLWXHQWOHOLHXGHUpDOLVDWLRQG·RSpUDWLRQVGHFUpGLWHWGHILQDQFHPHQWHW
GRQQHQWGURLWDXPrPHWLWUHTXHOHVHIIHWVGHFRPPHUFHHWDFWHVYLVpVjO·DUWLFOHGX&RGHJpQpUDOGHV,PS{WVDX
SDLHPHQWGHGHWWHVFRPPHUFLDOHV

,O HVW GRQF SURSRVp G·DPpQDJHU OH UpJLPH ILVFDO GHV FRPSWHV FRXUDQWV G·DVVRFLpV HQ SUpFLVDQW TXH OD FRQGLWLRQ GH
GpGXFWLELOLWpVXVLQGLTXpHV·DSSOLTXHDX[DVVRFLpVRXDFWLRQQDLUHVGHWRXWHVOHVVRFLpWpV\FRPSULVjFHX[GHVVRFLpWpV

ϰϮ



KROGLQJHWTXHOHVGLVSRVLWLRQVGHO·DUWLFOHSUpFLWpV·DSSOLTXHQWDX[GHWWHVUpVXOWDQWGHVDYDQFHVGHIRQGVFRQVHQWLHV
GDQVOHFDGUHGHFRQYHQWLRQVGHFRPSWHVFRXUDQWVG·DVVRFLpV

/HVGLVSRVLWLRQVGHVDUWLFOHV$ HWGX&RGHJpQpUDOGHV,PS{WVVRQWDPpQDJpHVGDQVFHVHQV

%²7(;7(

$XSUHPLHUWLUHWGXƒGHO·DUWLFOH$ GX&RGHJpQpUDOGHV,PS{WVVXSSULPHUOHPHPEUHGHSKUDVH©FHWWHOLPLWH
Q·pWDQWWRXWHIRLVSDVDSSOLFDEOHDX[DVVRFLpVRXDFWLRQQDLUHVGHVVRFLpWpVKROGLQJYLVpHVjO·DUWLFOHGXSUpVHQW&RGHª

/·DUWLFOHGX&RGHJpQpUDOGHV,PS{WVHVWPRGLILpHWQRXYHOOHPHQWUpGLJpDLQVLTX·LOVXLW

©/HVELOOHWVHWREOLJDWLRQVQRQQpJRFLDEOHVOHVUHFRQQDLVVDQFHVGHGHWWHVFRPPHUFLDOHVOHVPDQGDWVjWHUPHRXGHSODFH
jSODFHHWOHVFRQYHQWLRQVGHFRPSWHFRXUDQWDVVRFLpVSRXUOHVTXHOOHVVRLWO·DVVRFLpDOHVWDWXWGHFRPPHUoDQWVRLWOD
VRFLpWp HVW XQH VRFLpWp FRPPHUFLDOH VRQW DVVXMHWWLV DX GURLW SURSRUWLRQQHO FRPPH LOHQ HVW XVp SRXUOHV ELOOHWV j RUGUH
OHWWUHVGHFKDQJHHWDXWUHVHIIHWVQpJRFLDEOHVª

 

ϰϯ



$UWLFOH
$0(1$*(0(17'(6',326,7,216'8/,95('(352&('85(6),6&$/(65(/$7,9(6$8'(/$,
(10$7,(5('('52,7'(&20081,&$7,21

$²(;326('(6027,)6

/H/LYUHGH3URFpGXUHVILVFDOHVHQVRQDUWLFOHSUpYRLWHQIDYHXUGHO·$GPLQLVWUDWLRQILVFDOHXQGURLWGHFRPPXQLFDWLRQ
JpQpUDOTXLOXLSHUPHWGHSUHQGUHFRQQDLVVDQFHHWOHFDVpFKpDQWGHSUHQGUHFRSLHjVHVIUDLVGHWRXVGRFXPHQWV
LQIRUPDWLRQV HW UHQVHLJQHPHQWV GpWHQXV SDUOHV SHUVRQQHV SK\VLTXHV RXPRUDOHV GDQVOH FDGUH GHO·H[HUFLFHGHOHXU
DFWLYLWp

/HGURLWGHFRPPXQLFDWLRQSHXWrWUHH[HUFpSDUFRUUHVSRQGDQFHRXVXUSODFH

/RUVTX·LOHVWH[HUFpVXUSODFHXQDYLVGHSDVVDJHHVWDGUHVVpjODSHUVRQQHFRQFHUQpHDXSOXVWDUGjODGDWHGHOD
SUHPLqUHLQWHUYHQWLRQ/·DYLVGHSDVVDJHGRLWFRPSRUWHUOHVSUpFLVLRQVVXUODQDWXUHGHVGRFXPHQWVTXLGRLYHQWrWUHPLV
jODGLVSRVLWLRQGHO·$GPLQLVWUDWLRQILVFDOH

/·DYLVGHSDVVDJHpWDQWDGUHVVpDXFRQWULEXDEOHOHMRXUPrPHGHODSUHPLqUHLQWHUYHQWLRQFHWWHVLWXDWLRQQHOXLSHUPHW
SDVGHUpXQLUO·HQVHPEOHGHVGRFXPHQWVjPHWWUHjODGLVSRVLWLRQGHO·$GPLQLVWUDWLRQ

$ILQ GH SHUPHWWUH DX[ FRQWULEXDEOHV DXSUqV GHVTXHOV O·$GPLQLVWUDWLRQ HQWHQG H[HUFHU VXU SODFH VRQ GURLW GH
FRPPXQLFDWLRQGHWHQLUjGLVSRVLWLRQGHVGRFXPHQWVILDEOHVLOHVWSURSRVpGHSUpYRLUXQGpODLGHTXLQ]H  MRXUVHQWUH
ODGDWHGHODUHPLVHGHO·DYLVGHSDVVDJHHWFHOOHGHODSUHPLqUHLQWHUYHQWLRQ

%²7(;7(

/HWURLVLqPHDOLQpDGHO·DUWLFOHGX/LYUHGH3URFpGXUHVILVFDOHVHVWPRGLILpHWQRXYHOOHPHQWUpGLJpFRPPHVXLW

©/RUVTXH O·$GPLQLVWUDWLRQ HQWHQG H[HUFHU VRQ GURLW GH FRPPXQLFDWLRQ VXU SODFH HOOH HVW WHQXH G·DGUHVVHU DX
FRQWULEXDEOHXQDYLVGHSDVVDJHVXUOHTXHOHOOHSUpFLVHODQDWXUHGHVGRFXPHQWVTXLGRLYHQWrWUHPLVjVDGLVSRVLWLRQ

8QGpODLGHTXLQ]HMRXUVHQWUHODGDWHGHODUHPLVHGHO·DYLVHWFHOOHGHODSUHPLqUHLQWHUYHQWLRQGHO·$GPLQLVWUDWLRQHVW
DFFRUGpDXFRQWULEXDEOHSRXUUpXQLUO·HQVHPEOHGHVGRFXPHQWVGHYDQWrWUHFRPPXQLTXpVª
 

ϰϰ



$UWLFOH
$0(1$*(0(17'(6',6326,7,216'8/,95(
'(352&('85(6),6&$/(65(/$7,9(6$8&21752/(

$²(;326('(6027,)6

/HFRQWU{OHILVFDOV·H[HUFHHQ&{WHG·,YRLUHGDQVXQFDGUHOpJDOSUpYXSDUOH/LYUHGH3URFpGXUHVILVFDOHV

$LQVLHQFHTXLFRQFHUQHOHFRQWU{OHVXUSODFHOHGLW/LYUHSUpYRLWQRWDPPHQWDXWURLVLqPHDOLQpDGHVRQDUWLFOHOD
UHPLVHG·XQDYLVGHYpULILFDWLRQDXFRQWULEXDEOHDXPRLQVFLQT  MRXUVDYDQWODGDWHGHODSUHPLqUHLQWHUYHQWLRQVXU
SODFH

(QSUDWLTXHOHVHQWUHSULVHVTXLUHoRLYHQWXQDYLVGHYpULILFDWLRQVRQWVRXYHQWFRQIURQWpHVjXQHVXUFKDUJHGHWUDYDLOHW
VHUHWURXYHQWGDQVO·LPSRVVLELOLWpGHSUpSDUHUFRQYHQDEOHPHQWOHFRQWU{OHHQYLVDJpSDUO·$GPLQLVWUDWLRQGDQVOHGpODL
GHFLQT  MRXUVTXLOHXUHVWLPSDUWL

'DQVFHVFDVHOOHVVRQWDPHQpHVjVROOLFLWHUXQUHSRUWGHODGDWHGHGpEXWGHVRSpUDWLRQVGHYpULILFDWLRQ

3DU DLOOHXUV O·DUWLFOH  GX /LYUH GH 3URFpGXUHV ILVFDOHV GLVSRVH TXH OHV FRQWU{OHV ILVFDX[ VRQW HIIHFWXpV VXLYDQW OD
SURFpGXUHGHUHGUHVVHPHQWFRQWUDGLFWRLUH

7RXWHIRLVO·DUWLFOHGXPrPH/LYUHSUpYRLWTXHFHWWHSURFpGXUHQ·HVWSDVDSSOLFDEOHHQPDWLqUHG·LPS{WV\QWKpWLTXH

&HWWHUHVWULFWLRQQHVHMXVWLILHSOXVGHSXLVTXHO·LPS{WV\QWKpWLTXHHVWGHYHQXSOHLQHPHQWGpFODUDWLI

(QRXWUHO·DUWLFOHGX/LYUHVXVYLVpGLVSRVHTXHODSURFpGXUHGHWD[DWLRQG·RIILFHV·DSSOLTXHjWRXWFRQWULEXDEOHTXLQ D
SDVVRXVFULWGDQVOHVGpODLVOpJDX[VHVGpFODUDWLRQVHQPDWLqUHG LPS{WJpQpUDOVXUOHUHYHQXG LPS{WVVXUOHFKLIIUHG DIIDLUHV
GHWD[HVLQGLUHFWHVGHFRQWULEXWLRQVIRQFLqUHVGHFRQWULEXWLRQVGHVSDWHQWHVHW OLFHQFHVG LPS{WVHW WD[HVUHWHQXVjOD
VRXUFHSRXUOHFRPSWHGX7UpVRUSXEOLF


ϰϱ



/HVGURLWVG·HQUHJLVWUHPHQWQ·pWDQWSDVH[SUHVVpPHQWYLVpVSDUFHWDUWLFOHFHUWDLQVFRQWULEXDEOHVFRQWHVWHQWOHVWD[DWLRQV
G·RIILFHTXLOHXUVRQWQRWLILpHVSRXUGpIDXWGHSUpVHQWDWLRQGHOHXUVDFWHVjODIRUPDOLWpGHO·HQUHJLVWUHPHQW

'DQVOHEXWGHUHQIRUFHUOHVJDUDQWLHVDFFRUGpHVDX[FRQWULEXDEOHVORUVGHVFRQWU{OHVILVFDX[HWG·DSSRUWHUODSUpFLVLRQ
QpFHVVDLUHDXGLVSRVLWLIUHODWLIjODWD[DWLRQG·RIILFHLOHVWSURSRVp

 G·pWHQGUHjTXLQ]H  MRXUVOHGpODLHQWUHODGDWHGHODUHPLVHGHO·DYLVGHYpULILFDWLRQDXFRQWULEXDEOHHWFHOOH
GHODSUHPLqUHLQWHUYHQWLRQVXUSODFHGHO·$GPLQLVWUDWLRQ

 G·DSSOLTXHUODSURFpGXUHGHUHGUHVVHPHQWFRQWUDGLFWRLUHHQPDWLqUHG·LPS{WV\QWKpWLTXH

 G·pWHQGUHODSURFpGXUHGHODWD[DWLRQG·RIILFHDX[GURLWVG·HQUHJLVWUHPHQW

%²7(;7(

$XWURLVLqPHDOLQpDGHO·DUWLFOHGX/LYUHGH3URFpGXUHVILVFDOHVUHPSODFHU©FLQTªSDU©TXLQ]Hª

/·DUWLFOHGX/LYUHGH3URFpGXUHVILVFDOHVHVWPRGLILpHWQRXYHOOHPHQWUpGLJpFRPPHVXLW

©/HVGLVSRVLWLRQVGHO·DUWLFOHSUpFpGHQWQHVRQWSDVDSSOLFDEOHVHQFDVGHUHFWLILFDWLRQG·RIILFH WD[DWLRQG·RIILFHHW
pYDOXDWLRQG·RIILFHGHVEDVHVG·LPSRVLWLRQª

/HGHO·DUWLFOHGX/LYUHGH3URFpGXUHVILVFDOHVHVWFRPSOpWpHWQRXYHOOHPHQWUpGLJpFRPPHVXLW

©7RXWFRQWULEXDEOHTXLQ DSDVVRXVFULWGDQVOHVGpODLVOpJDX[VHVGpFODUDWLRQVHQPDWLqUHG LPS{WJpQpUDOVXUOHUHYHQX
G LPS{WVVXUOHFKLIIUHG DIIDLUHVGHWD[HVLQGLUHFWHVGHFRQWULEXWLRQVIRQFLqUHVGHFRQWULEXWLRQVGHVSDWHQWHVHWOLFHQFHV
G LPS{WV HW WD[HV UHWHQXV j OD VRXUFH SRXU OH FRPSWH GX 7UpVRU SXEOLF RX TXL Q·D SDV VRXPLV j OD IRUPDOLWp GH
O·HQUHJLVWUHPHQWOHVDFWHVRSpUDWLRQVRXpFULWVTXLHQVRQWREOLJDWRLUHPHQWSDVVLEOHVª

 

ϰϲ



$UWLFOH
$0(1$*(0(17'(6',6326,7,2165(/$7,9(6$/$'(&/$5$7,21(7$83$,(0(17
'(/$5('(9$1&('·2&&83$7,21'(67(55$,16,1'8675,(/6

$ (;326('(6027,)6

/·RUGRQQDQFH Qƒ  GX  PDL  D IL[p OH EDUqPH GHV PRQWDQWV GH OD UHGHYDQFH G·RFFXSDWLRQ GHV WHUUDLQV
LQGXVWULHOV

(QDSSOLFDWLRQGHODGLWHRUGRQQDQFHOHGpFUHWQƒGXGpFHPEUHDHQVRQDUWLFOHSUpFLVpOHPRQWDQW
HWGpWHUPLQpOHVPRGDOLWpVGHSDLHPHQWGHODUHGHYDQFHG·RFFXSDWLRQGHVWHUUDLQVLQGXVWULHOV&HGLVSRVLWLISUpYRLWTXH
O·pFKpDQFHGHODUHGHYDQFHSD\DEOHWULPHVWULHOOHPHQWHVWIL[pHjODILQGXPRLVSUpFpGDQWODILQGXWULPHVWUH

$ODSUDWLTXHOHVHQWUHSULVHVRQWWHQGDQFHjDFTXLWWHUODUHGHYDQFHLQGXVWULHOOHOHGHUQLHUMRXUGHODGDWHOLPLWHGHVRUWH
TXHOHVVRPPHVSD\pHVQHSHXYHQWSDVrWUHFRPSWDELOLVpHVSDUOH5HFHYHXUGHV,PS{WVDXWLWUHGXWULPHVWUHFRQVLGpUp
(OOHVVRQWEDVFXOpHVVXUOHWULPHVWUHVXLYDQW

&HWWHVLWXDWLRQHQWUDvQHGHVpFDUWVLPSRUWDQWVGDQVOHVUHFHWWHVUpDOLVpHVSDUUDSSRUWjFHOOHVDWWHQGXHV

'DQVOHEXWGHUpVRXGUHFHVGLIILFXOWpVOLpHVDX[GpODLVGHGpFODUDWLRQHWGHSDLHPHQWLOHVWSURSRVpGHIL[HUO·pFKpDQFH
GXSDLHPHQWGHODUHGHYDQFHG·RFFXSDWLRQGHVWHUUDLQVLQGXVWULHOVDXGXGHUQLHUPRLVGHFKDTXHWULPHVWUH

% 7(;7(

/·DUWLFOHGHO·RUGRQQDQFHQƒGXPDLHVWPRGLILpHWFRPSOpWpLQILQHFRPPHVXLW

©(QFHTXLFRQFHUQHOHSDLHPHQWGHODUHGHYDQFHO·pFKpDQFHHVWIL[pHDXSOXVWDUGDXGXGHUQLHUPRLVGHFKDTXH
WULPHVWUHVRLWOHPDUVOHMXLQOHVHSWHPEUHHWOHGpFHPEUHGHFKDTXHDQQpHª

 

ϰϳ



$UWLFOH
$0(1$*(0(17'(6',6326,7,216'8&2'(*(1(5$/'(6,03276
(10$7,(5('·(15(*,675(0(17'(6$&7(6

$ (;326('(6027,)6

/H GLVSRVLWLI ILVFDO QH SUpYRLW SDV GH VDQFWLRQ ORUVTXH OHV DFWHV QRWDULpV QH VRQW SDV SUpVHQWpV j OD IRUPDOLWp GH
O·HQUHJLVWUHPHQWGDQVOHVGpODLV

,O HVW SURSRVp GH FRUULJHU FHWWH VLWXDWLRQ HQ LQVWLWXDQW SRXU FKDTXH FRQWUDYHQWLRQ FRQVWDWpH XQH DPHQGH pJDOH DX
PRQWDQWGHVGURLWVVDQVSRXYRLUrWUHLQIpULHXUHjIUDQFV

3DUDLOOHXUVO·DUWLFOHGHO·DQQH[HILVFDOHjO·RUGRQQDQFHQƒGXQRYHPEUHSRUWDQW%XGJHWGHO·(WDWSRXU
ODJHVWLRQDDPpQDJpOHGLVSRVLWLIILVFDOSRXUWHQLUFRPSWHGHODUpRUJDQLVDWLRQGHVVHUYLFHVGHO·(QUHJLVWUHPHQWHQ
UpSDUWLVVDQWH[SUHVVpPHQWHQWUHOH&KHIGXVHUYLFHGX'RPDLQHHWGHO·(QUHJLVWUHPHQWHWOHUHFHYHXUGHO·(QUHJLVWUHPHQW
OHVPLVVLRQVG·DVVLHWWHHWGHUHFRXYUHPHQWHQPDWLqUHGHGURLWVG·HQUHJLVWUHPHQW

3RXUXQHPHLOOHXUHLQVWUXFWLRQGHVDFWHVGRQWO·HQUHJLVWUHPHQWHVWVROOLFLWpLOHVWSURSRVpGHVXERUGRQQHUO·HQUHJLVWUHPHQW
GHVDFWHVUHoXVSDUOH&KHIGXVHUYLFHGX'RPDLQHHWGHO·(QUHJLVWUHPHQWDXYLVDGX&RQVHUYDWHXUGHOD3URSULpWpIRQFLqUH
HWGHV+\SRWKqTXHVHWjXQHTXLWWDQFHGHSDLHPHQWGHVGURLWVGpOLYUpHSDUOHUHFHYHXUGHO·(QUHJLVWUHPHQW

% 7(;7(

$O·DUWLFOHGX&RGHJpQpUDOGHV,PS{WVLQVpUHUDSUqVOHJURXSHGHPRWV©/HVJUHIILHUVªOHPHPEUHGHSKUDVH©HW
OHVQRWDLUHVª

/·DUWLFOHGX&RGHJpQpUDOGHV,PS{WVHVWPRGLILpHWQRXYHOOHPHQWUpGLJpFRPPHVXLW


 DXGHX[LqPHSDUDJUDSKHVXSSULPHULQILQHOHPHPEUHGHSKUDVH©HWHQOHWWUHVODVRPPHGHVGURLWVSHUoXVª


 LQVpUHUDSUqVOHGHX[LqPHSDUDJUDSKHOHVQRXYHDX[SDUDJUDSKHVVXLYDQWV


ϰϴ



©/H UHFHYHXU GH O·(QUHJLVWUHPHQW SURFpGHUD j OD SHUFHSWLRQ GHV GURLWV HW pQRQFHUD GLVWLQFWHPHQW VXU O·DFWH OD
VRPPHGHVGURLWVSHUoXVHQWRXWHVOHWWUHVDLQVLTXHODTXRWLWpGHFKDTXHGURLWSHUoX


/·DFWH G·HQUHJLVWUHPHQW QH SHXW rWUH GpOLYUp TX·DSUqV YLVD GX &RQVHUYDWHXU GH OD 3URSULpWp IRQFLqUH HW GHV
+\SRWKqTXHV,OHVWREOLJDWRLUHPHQWDFFRPSDJQpGHODTXLWWDQFHGXSDLHPHQWGHVGURLWVV·LO\DOLHXUHYrWXHGXYLVD
GXUHFHYHXUGHO·(QUHJLVWUHPHQWFRPSpWHQWª
 

ϰϵ



$UWLFOH
35(&,6,2165(/$7,9(6$/$352&('85('·2&752,'(6$9$17$*(6
),6&$8;(7'28$1,(563$592,(&219(17,211(//(

$ (;326('(6027,)6

'H QRPEUHXVHV FRQYHQWLRQV FRPSRUWDQW GLYHUVHV H[RQpUDWLRQV ILVFDOHV QRWDPPHQW HQ PDWLqUH GH 79$ VRQW VLJQpHV
FKDTXHDQQpHSDUOHVPLQLVWqUHVHWDXWUHVRUJDQLVPHVGHO·(WDWDORUVTXHOHVSURMHWVFRQFHUQpVQHV·LQVFULYHQWSDVWRXMRXUV
GDQVOHVVHFWHXUVSULRULWDLUHVGpILQLVSDUOH*RXYHUQHPHQW

3DU DLOOHXUV FHV FRQYHQWLRQV VRQW VRXYHQW FRQWUDLUHV DX[ GLUHFWLYHV FRPPXQDXWDLUHV HW DX[ UHFRPPDQGDWLRQV GHV
LQVWLWXWLRQVILQDQFLqUHVLQWHUQDWLRQDOHV

'DQVOHEXWGHUDWLRQDOLVHUO·RFWURLGHVDYDQWDJHVILVFDX[GDQVOHFDGUHGHODSROLWLTXHEXGJpWDLUHGHO·(WDWLOHVWSURSRVp
G·XQHSDUWGHOLPLWHUOHVGLWVDYDQWDJHVDX[FRQYHQWLRQVSRUWDQWVXUGHVSURMHWVLQVFULWVGDQVOHVVHFWHXUVSULRULWDLUHVGpILQLV
SDUOH*RXYHUQHPHQWHWG·DXWUHSDUWGHOHVVXERUGRQQHUjO·DFFRUGSUpDODEOHGX0LQLVWqUHHQFKDUJHGX%XGJHW&HW
DFFRUGVHIDLWSDUOHFRQWUHVHLQJGHO·DFWHSUpDODEOHPHQWVLJQpSDUOH0LQLVWUHWHFKQLTXHFRQFHUQp

%7(;7(

/HVFRQYHQWLRQVHWDXWUHVDFWHVFRQFOXVSDUOHV0LQLVWqUHVHWOHVRUJDQLVPHVGHO·(WDWTXLFRPSRUWHQWGHVFODXVHVILVFDOHV
IRQWO·REMHWGHVLJQDWXUHVFRQMRLQWHVSDUOH0LQLVWUHWHFKQLTXHFRQFHUQpHWOH0LQLVWUHHQFKDUJHGX%XGJHW

&HWWHGLVSRVLWLRQV·DSSOLTXHDX[FRQYHQWLRQVHWDFWHVFRQFOXVjFRPSWHUGXSUHPLHUMDQYLHU
 

ϱϬ



$UWLFOH
$0(1$*(0(17'85(*,0(),6&$/'(635(67$7$,5(6'(6(59,&(63(752/,(56

$ (;326('(6027,)6

/H &RGH JpQpUDO GHV ,PS{WV HQ VHV DUWLFOHV  HW VXLYDQWV LQVWLWXH XQ UpJLPH ILVFDO VLPSOLILp RSWLRQQHO DX SURILW GHV
HQWUHSULVHVSUHVWDWDLUHVGHVHUYLFHVSpWUROLHUVTXLUHPSOLVVHQWOHVFRQGLWLRQVFXPXODWLYHVFLDSUqV

 rWUHGHQDWLRQDOLWppWUDQJqUH

 DYRLUVLJQpDYHFXQHVRFLpWpSpWUROLqUHRXDYHFXQFRQWUDFWDQWGLUHFWG·XQHVRFLpWpSpWUROLqUHXQFRQWUDWGHORXDJH
GHVHUYLFHV

 PHWWUH HQ ±XYUH SRXU UHPSOLU OHXUV REOLJDWLRQV FRQWUDFWXHOOHV XQ pTXLSHPHQW QpFHVVLWDQW G·LPSRUWDQWV
LQYHVWLVVHPHQWVRXGHVPDWpULHOVVSpFLILTXHVjO·DFWLYLWpRXjODUHFKHUFKHSpWUROLqUH

 rWUHLQVFULWDXUHJLVWUHGXFRPPHUFHHWGXFUpGLWPRELOLHUVRXVIRUPHG·DJHQFHRXGHVXFFXUVDOH

&H UpJLPH ILVFDO FRQFHUQH O·LPS{W VXU OHV EpQpILFHV LQGXVWULHOV HW FRPPHUFLDX[ %,&  O·LPS{W VXU OH UHYHQX GHV YDOHXUV
PRELOLqUHV ,590 OHVLPS{WVDVVLVVXUOHVVDODLUHVHWODWD[HVXUOHVFRQWUDWVG·DVVXUDQFHVGpWHUPLQpVVXUGHVEDVHVIL[pHV
IRUIDLWDLUHPHQW

$ OD SUDWLTXH LO DSSDUDvW TXH FHUWDLQV SUHVWDWDLUHV GH VHUYLFHV SpWUROLHUV Q·H[pFXWHQW SDV OHXUV REOLJDWLRQV ILVFDOHV HW
Q·DFTXLWWHQWDXFXQLPS{WHVWLPDQWVXUODEDVHGHVGLVSRVLWLRQVGHVFRQWUDWVGHSDUWDJHGHSURGXFWLRQTXHO·LPS{WSD\p
HQQDWXUHSDUOHFRQWUDFWHXUSUHQGHQFRPSWHO·HQVHPEOHGHVLPSRVLWLRQVGRQWLOVVRQWUHGHYDEOHV

(QRXWUHOHVREOLJDWLRQVGHGpFODUDWLRQHWGHSDLHPHQWGHVLPS{WVFRQFHUQpVSDUOHUpJLPHILVFDOVLPSOLILpDFFURLVVHQWOHV
FRQWUDLQWHV GH JHVWLRQ GHV SUHVWDWDLUHV GH VHUYLFHV SpWUROLHUV TXL QH GLVSRVHQW SDV OH SOXV VRXYHQW G·XQH UHSUpVHQWDWLRQ
SHUPDQHQWHHQ&{WHG·,YRLUH


ϱϭ



'DQVOHEXWGHPRGHUQLVHUHWGHUDWLRQDOLVHUOHUpJLPHILVFDOVLPSOLILpGHVSUHVWDWDLUHVGHVHUYLFHVSpWUROLHUVLOHVWSURSRVp
G·LQVWLWXHUXQUpJLPHG·LPSRVLWLRQ IRUIDLWDLUHDX WDX[XQLTXHGHDSSOLFDEOHDXFKLIIUHG·DIIDLUHVKRUV WD[HVUpDOLVpHQ
&{WHG·,YRLUHSUHQDQWHQFRPSWHO·LPS{WVXUOHUHYHQXGHVYDOHXUVPRELOLqUHVHWOHVLPS{WVVXUOHVWUDLWHPHQWVHWVDODLUHVTXH
FHVRSpUDWHXUVVRQWWHQXVGHGpFODUHUHWG·DFTXLWWHU

$LQVLOHVSUHVWDWDLUHVGHVHUYLFHVSpWUROLHUVQHVRQWSDVUHGHYDEOHVGHVLPS{WVVXLYDQWV

 O·LPS{WVXUOHVEpQpILFHVLQGXVWULHOVHWFRPPHUFLDX[
 O·LPS{WVXUOHUHYHQXGHVYDOHXUVPRELOLqUHV
 OHVLPS{WVDVVLVVXUOHVVDODLUHV
 ODWD[HVXUOHVFRQWUDWVG·DVVXUDQFHV

'DQV FHWWH G\QDPLTXH GH UDWLRQDOLVDWLRQ GX GLVSRVLWLI HW G·DOOqJHPHQW GHV REOLJDWLRQV GHVGLWV FRQWULEXDEOHV LO DSSDUDvW
QpFHVVDLUHGHUHPSODFHUO·DJUpPHQWGX'LUHFWHXUJpQpUDOGHV,PS{WVTXLOHXUHVWH[LJpSRXUEpQpILFLHUGXUpJLPHILVFDO
VLPSOLILpSDUXQHVLPSOHGpFODUDWLRQIDLWHSDUOHVGLWVSUHVWDWDLUHVDXSUqVGHOD'LUHFWLRQGHVJUDQGHV(QWUHSULVHV

3DU DLOOHXUV LO HVW SURSRVp GH SUpFLVHU TXH VHXOV OHV SUHVWDWDLUHV GH VHUYLFHV SpWUROLHUV OLpV DX[ HQWUHSULVHV HQ SKDVH
G·H[SORUDWLRQHWFHOOHVHQSKDVHG·H[SORLWDWLRQTXLUHPSOLVVHQWODFRQGLWLRQGHQDWLRQDOLWppWUDQJqUHSHXYHQWEpQpILFLHU
GXUpJLPHILVFDOVLPSOLILpDYHFREOLJDWLRQWULPHVWULHOOHGHGpFODUDWLRQHWGHSDLHPHQWGHO·LPS{W

(QUHYDQFKHOHVSUHVWDWDLUHVGHVHUYLFHVSpWUROLHUVTXLQHUHPSOLVVHQWSDVODFRQGLWLRQWHQDQWjODQDWLRQDOLWppWUDQJqUH
VRQWLPSRVpVGDQVOHVFRQGLWLRQVGHGURLWFRPPXQ

%²7(;7(

/·DUWLFOHGX&RGHJpQpUDOGHV,PS{WVHVWPRGLILpFRPPHVXLW

 /HGpEXWGXSUHPLHUSDUDJUDSKHHVWPRGLILpHWQRXYHOOHPHQWUpGLJpDLQVLTX·LOVXLW

ϱϮ



©3RXUEpQpILFLHUGXUpJLPHILVFDOVLPSOLILpOHVSUHVWDWDLUHVGHVHUYLFHVSpWUROLHUVGHVHQWUHSULVHVHQSKDVHG·H[SORUDWLRQHW
FHX[GHVHQWUHSULVHVHQSKDVHG·H[SORLWDWLRQGRLYHQWUHPSOLUFXPXODWLYHPHQWOHVFRQGLWLRQVVXLYDQWHVª

/HUHVWHGXSDUDJUDSKHUHVWHLQFKDQJp

 ,QVpUHUDSUqVOHGHUQLHUSDUDJUDSKHXQQRXYHDXSDUDJUDSKHUpGLJpFRPPHVXLW

©/HVSUHVWDWDLUHVGHVHUYLFHVSpWUROLHUVORFDX[VRQWLPSRVDEOHVGDQVOHVFRQGLWLRQVGHGURLWFRPPXQª

/HSUHPLHUHWOHGHX[LqPHSDUDJUDSKHVGHO·DUWLFOHGX&RGHJpQpUDOGHV,PS{WVVRQWVXSSULPpVHWUHPSODFpVSDU
XQSDUDJUDSKHUpGLJpFRPPHVXLW

©/·DVVXMHWWLVVHPHQWDXUpJLPHILVFDOVLPSOLILpHVWVXERUGRQQpjODGpFODUDWLRQIDLWHSDUOHSUHVWDWDLUHGHVHUYLFHVSpWUROLHUV
DXSUqVGHOD'LUHFWLRQGHVJUDQGHV(QWUHSULVHVGDQVOHVWURLVPRLVGHVRQLQVWDOODWLRQHQ&{WHG·,YRLUHª

$XWURLVLqPHSDUDJUDSKHGHO·DUWLFOHGX&RGHJpQpUDOGHV,PS{WVUHPSODFHU©'LUHFWHXUJpQpUDOGHV,PS{WVªSDU
©'LUHFWHXUGHVJUDQGHV(QWUHSULVHVª

/HSDUDJUDSKHSUHPLHUGHO·DUWLFOHGX&RGHJpQpUDOGHV,PS{WVHVWPRGLILpHWQRXYHOOHPHQWUpGLJpFRPPHVXLW

©/·LPSRVLWLRQ GHV SUHVWDWDLUHV GH VHUYLFHV SpWUROLHUV DVVXMHWWLV DX UpJLPH ILVFDO VLPSOLILp HVW IL[pH IRUIDLWDLUHPHQW j   GX
FKLIIUHG·DIIDLUHVKRUVWD[HVUpDOLVpHQ&{WHG·,YRLUHUHSUpVHQWDQWO·LPS{WVXUOHUHYHQXGHVYDOHXUVPRELOLqUHVHWOHVLPS{WV
VXUOHVWUDLWHPHQWVHWVDODLUHVTXHFHVRSpUDWHXUVVRQWWHQXVGHGpFODUHUHWG·DFTXLWWHU

/HVSUHVWDWDLUHVGHVHUYLFHVSpWUROLHUVVRXPLVDXUpJLPHILVFDOSUpYXSDUOHSUpVHQW&RGHQHVRQWSDVUHGHYDEOHVGHO·LPS{W
VXUOHVEpQpILFHVLQGXVWULHOVHWFRPPHUFLDX[HWGHODWD[HVXUOHVFRQWUDWVG·DVVXUDQFHVª

/HVDUWLFOHVHWGX&RGHJpQpUDOGHV,PS{WVVRQWDEURJpV

/HSDUDJUDSKHSUHPLHUGHO·DUWLFOHGX&RGHJpQpUDOGHV,PS{WVHVWQRXYHOOHPHQWUpGLJpFRPPHVXLW

©/HVPRGDOLWpVGHUHFRXYUHPHQWGHO·LPS{WIRUIDLWDLUHGHVSUHVWDWDLUHVGHVVHUYLFHVSpWUROLHUVYLVpVjO·DUWLFOHFLGHVVXV
VRQWIL[pVFRPPHVXLWª
 

ϱϯ



$UWLFOH
&255(&7,2167(&+1,48(6'(&(57$,1(6',6326,7,216'8&2'(*(1(5$/'(6,03276

$²(;326('(6027,)6

/·DGRSWLRQGHPHVXUHVQRXYHOOHVGDQVGLYHUVGRPDLQHVGHODYLHpFRQRPLTXHQpFHVVLWHTXHOTXHVPLVHVjMRXUWDQWGDQV
OH&RGHJpQpUDOGHV,PS{WVTXHGDQVOH/LYUHGH3URFpGXUHVILVFDOHV

$LQVLHQFHTXLFRQFHUQHOHUHPERXUVHPHQWGHVFUpGLWVGHWD[HVXUODYDOHXUDMRXWpH 79$ OLpVDX[LQYHVWLVVHPHQWVUpDOLVpV
SDUOHVHQWUHSULVHVFRPPHUFLDOHVGDQVOHFDGUHG·XQSURJUDPPHG·DJUpPHQWjO·LQYHVWLVVHPHQWDJUppSDUOD&RPPLVVLRQ
WHFKQLTXHLOHVWQpFHVVDLUHGHUHPSODFHUODUpIpUHQFHDX&RGHGHV,QYHVWLVVHPHQWVGHILJXUDQWjO·DUWLFOHGX
&RGHJpQpUDOGHV,PS{WVSDUO·RUGRQQDQFHQƒGXHUDR€WSRUWDQW&RGHGHV,QYHVWLVVHPHQWV

3DU DLOOHXUV DYHF O·HQWUpH HQ YLJXHXU GHSXLV OH HU MDQYLHU  GX 6\VWqPH FRPSWDEOH GH O·2UJDQLVDWLRQ SRXU
O·+DUPRQLVDWLRQHQ$IULTXHGX'URLWGHV$IIDLUHV 6<6&2+$'$UpYLVp LOHVWQpFHVVDLUHG·DPpQDJHUOHGLVSRVLWLILQWHUQHDILQ
G·pWDEOLU XQH FRKpUHQFH DYHF FHV QRXYHOOHV UqJOHV GH O·$FWH XQLIRUPH GH O·2+$'$ UHODWLI DX GURLW FRPSWDEOH HW j
O·LQIRUPDWLRQILQDQFLqUH

(QRXWUHHQFHTXLFRQFHUQHOHVHQWUHSULVHVH[SORLWDQWGHVpWDEOLVVHPHQWVVHFRQGDLUHVREOLJDWLRQOHXUDpWpIDLWHHQ
GHSURGXLUHHQPrPHWHPSVTXHOHXUVpWDWVILQDQFLHUVGHV\QWKqVHXQpWDWIDLVDQWUHVVRUWLUOHVDFKDWVHWOHVYHQWHVHIIHFWXpV
RXDIIHFWpVjFKDTXHpWDEOLVVHPHQWVHFRQGDLUH

,OHVWSURSRVpG·pWHQGUHODGLWHPHVXUHDX[FRQWULEXDEOHVUHOHYDQWGXUpJLPHGXUpHOVLPSOLILpG·LPSRVLWLRQ

'HPrPHHQFHTXLFRQFHUQHODWD[HVXUOHVH[FpGHQWVGHVPRQWDQWVGHVFDXWLRQVHWDYDQFHVVXUOHVOR\HUVLQVWLWXpHSDU
O·DQQH[HILVFDOHSRXUO·DQQpHGRQWODSHUFHSWLRQDpWpFRQILpHDXUHFHYHXUGHV,PS{WVIRQFLHUVGXOLHXGHVLWXDWLRQ
GH O·LPPHXEOH LO DSSDUDvW QpFHVVDLUH SRXU GHV UDLVRQV G·RUGUH SUDWLTXH GH FRQILHU OH UHFRXYUHPHQW GH FHWWH WD[H DX
UHFHYHXU GX 'RPDLQH GH OD &RQVHUYDWLRQ IRQFLqUH GH O·(QUHJLVWUHPHQW HW GX 7LPEUH GX OLHX R OH FRQWUDW GH EDLO HVW
HQUHJLVWUp


ϱϰ



(QILQHQFHTXLFRQFHUQHOHGpIDXWGHGpFODUDWLRQDXSUqVGHOD'LUHFWLRQJpQpUDOHGHV,PS{WVGHO·H[HUFLFHG·XQHDFWLYLWp
OXFUDWLYH j WLWUH SURIHVVLRQQHO OHV GLVSRVLWLRQV GH O·DUWLFOH  GX /LYUH GH 3URFpGXUHV ILVFDOHV SUpYRLHQW XQH DPHQGH GH
GHIUDQFVDORUVTXHOHVDUWLFOHVHWGX&RGHJpQpUDOGHV,PS{WVIL[HQWXQHDPHQGHGHIUDQFV

,OHVWSURSRVpGHIL[HUXQPRQWDQWXQLTXHGHIUDQFVSRXUVDQFWLRQQHUFHWWHGpIDLOODQFH
$XUHJDUGGHVpOpPHQWVTXLSUpFqGHQWOHVGLVSRVLWLRQVVXVYLVpHVVRQWPRGLILpHVHQFRQVpTXHQFH

%²7(;7(

/HGHO·DUWLFOHGX&RGHJpQpUDOGHV,PS{WVHVWPRGLILpHWQRXYHOOHPHQWUpGLJpFRPPHVXLW

©,QYHVWLVVHPHQWVUpDOLVpVSDUOHVHQWUHSULVHVDJUppHVDX&RGHGHV,QYHVWLVVHPHQWVª

/HVDUWLFOHVELVHWGX&RGHJpQpUDOGHV,PS{WVVRQWPRGLILpVFRPPHVXLW

 $XSUHPLHUSDUDJUDSKHGHO·DUWLFOHGX&RGHJpQpUDOGHV,PS{WVUHPSODFHUOHVPRWV©GURLWFRPSWDEOH2+$'$ª
SDU©GURLWFRPSWDEOH6<6&2+$'$UpYLVpª

 $O·DUWLFOHGX&RGHJpQpUDOGHV,PS{WVVXSSULPHUOHSUHPLHUSDUDJUDSKH

 $X SUHPLHU SDUDJUDSKH GH O·DUWLFOH  ELV GX &RGH JpQpUDO GHV ,PS{WV UHPSODFHU OH PHPEUH GH SKUDVH ©GURLW
FRPSWDEOH2+$'$ªSDU©GURLWFRPSWDEOH6<6&2+$'$UpYLVpª

 $O·DUWLFOHGX&RGHJpQpUDOGHV,PS{WVUHPSODFHU©V\VWqPHDOOpJpªSDU©V\VWqPHQRUPDOª

/·DUWLFOHELVGX&RGHJpQpUDOGHV,PS{WVHVWFRPSOpWpLQILQHSDUXQQRXYHDXSDUDJUDSKHUpGLJpFRPPHVXLW




ϱϱ



©/HVHQWUHSULVHVTXLH[SORLWHQWGHVpWDEOLVVHPHQWVVHFRQGDLUHVVRQWWHQXHVGHMRLQGUHjOHXUVpWDWVILQDQFLHUVXQpWDWIDLVDQW
UHVVRUWLUSRXUFKDTXHpWDEOLVVHPHQWVHFRQGDLUHOHVDFKDWVHWOHVYHQWHVHIIHFWXpVHWG·XQHIDoRQJpQpUDOHOHVDJUpJDWV
FRPSWDEOHV HW pFRQRPLTXHV SHUPHWWDQW GH FRQQDvWUH OH QLYHDX G·DFWLYLWp HW GH UHQWDELOLWp GH FKDTXH pWDEOLVVHPHQW
VHFRQGDLUH/DQRQSURGXFWLRQGHFHWpWDWHVWSDVVLEOHG·XQHDPHQGHGHGHIUDQFVª

$XƒGHO·DUWLFOHGX&RGHJpQpUDOGHV,PS{WVUHPSODFHUOHJURXSHGHPRWV©OHUHFHYHXUGHV,PS{WVIRQFLHUVªSDU
©OHUHFHYHXUGX'RPDLQHGHOD&RQVHUYDWLRQIRQFLqUHGHO·(QUHJLVWUHPHQWHWGX7LPEUHª

/HVDUWLFOHVHWGX&RGHJpQpUDOGHV,PS{WVDLQVLTXHO·DUWLFOHGX/LYUHGH3URFpGXUHVILVFDOHVVRQWPRGLILpVDLQVL
TX·LOVXLW

 $XƒGHO·DUWLFOHGX&RGHJpQpUDOGHV,PS{WVHWDXVL[LqPHSDUDJUDSKHGHO·DUWLFOHGX/LYUHGH3URFpGXUHV
ILVFDOHVUHPSODFHUOHVJURXSHVGHPRWV©FHQWPLOOHIUDQFVªHW©GHIUDQFVªSDU©IUDQFVª

 $XTXDWULqPHSDUDJUDSKHGHO·DUWLFOHGX&RGHJpQpUDOGHV,PS{WVUHPSODFHU©IUDQFVªSDU©
IUDQFVª


 

ϱϲ



$UWLFOH
$0(1$*(0(17'(6',6326,7,2165(/$7,9(6$835(/(9(0(17
'(/·$&2037($87,75('(6,03276685/(65(9(186/2&$7,)6

$ (;326('(6027,)6


/·DUWLFOHGX&RGHJpQpUDOGHV,PS{WVIDLWREOLJDWLRQDX[HQWUHSULVHVVRXPLVHVjXQUpJLPHUpHOG LPSRVLWLRQDLQVLTX·j
FHOOHV UHOHYDQW GH O·LPS{W V\QWKpWLTXH G·HIIHFWXHU DX SURILW GX 7UpVRU SXEOLF XQH UHWHQXH VXU OH PRQWDQW EUXW GHV OR\HUV
TX·HOOHVUHYHUVHQWDX[SURSULpWDLUHVG·LPPHXEOHVTX·HOOHVRFFXSHQW

&HWWH UHWHQXH j OD VRXUFH D pWp LQVWLWXpH SRXU JDUDQWLU OH SDLHPHQW HIIHFWLI GH O·LPS{W IRQFLHU SDU OHV SURSULpWDLUHV GHV
LPPHXEOHVPLVHQORFDWLRQDXSURILWGHVHQWUHSULVHV

$ OD SUDWLTXH OHV SUpOqYHPHQWV VXU OHV OR\HUV GHV SURSULpWDLUHV VRQW VRXUFH GH QRPEUHX[ FRQWHQWLHX[ VXUWRXW ORUVTXH OH
SURSULpWDLUHDGpMjDFTXLWWpO·LPS{WIRQFLHUDXWLWUHGXOR\HUVRXPLVjODUHWHQXH


$ILQ GH FRUULJHU FHWWH VLWXDWLRQ VRXYHQW SUpMXGLFLDEOH DX[ EDLOOHXUV HW DX[ ORFDWDLUHV LO HVW SURSRVp GH GLVSHQVHU GH OD
UHWHQXHOHVSURSULpWDLUHVTXLIRQWODSUHXYHTX·LOVRQWDFTXLWWpO·LPS{WIRQFLHUVXUOHVLPPHXEOHVFRQFHUQpV

/·DUWLFOHGX&RGHJpQpUDOGHV,PS{WVHVWPRGLILpGDQVFHVHQV

% 7(;7(

/·DUWLFOHGX&RGHJpQpUDOGHV,PS{WVHVWFRPSOpWpLQILQHFRPPHVXLW


© 7RXWHIRLV O·REOLJDWLRQ GH UHWHQXH YLVpH DX[ DUWLFOHV SUpFpGHQWV QH V·DSSOLTXH SDV ORUVTXH OH EDLOOHXU DSSRUWH j VRQ
ORFDWDLUHODSUHXYHGHO·DFTXLWWHPHQWGHO·LPS{WDIIpUHQWjO·LPPHXEOHSULVHQORFDWLRQ&HWWHSUHXYHHVWIDLWHVRLWSDUXQH
TXLWWDQFH GH SDLHPHQW GH O·LPS{W VRLW SDU XQH DWWHVWDWLRQ GH UpJXODULWp GH VLWXDWLRQ ILVFDOH FRXYUDQW WRXWH O·DQQpH
G·LPSRVLWLRQ &HWWH SUHXYH GRLW rWUH FRQVHUYpH SDU OH ORFDWDLUH TXL HVW WHQX GH OD SUpVHQWHU j WRXWH UpTXLVLWLRQ GH
O·$GPLQLVWUDWLRQDILQGHMXVWLILHUO·DEVHQFHGHSUpOqYHPHQWª

 

ϱϳ



$UWLFOH
35252*$7,21'(/$6863(16,21'(/·2%/,*$7,21'(6286&5,37,21'(
/$'(&/$5$7,21$118(//('(/·,0327*(1(5$/685/(5(9(18

$²(;326('(6027,)6

/·DQQH[HILVFDOHjODORLQƒGXGpFHPEUHSRUWDQW%XGJHWGHO·(WDWSRXUO·DQQpHDHQVRQDUWLFOH
VXVSHQGX O·REOLJDWLRQ DQQXHOOH GH GpFODUDWLRQ HW GH SDLHPHQW GH O·LPS{W JpQpUDO VXU OH UHYHQX JOREDO HQ DWWHQGDQW
O·DFKqYHPHQWG·pWXGHVHQJDJpHVDILQG·DERXWLUjXQHUpIRUPHJOREDOHGHFHWLPS{W

/HVWUDYDX[G·DQDO\VHGHVGLWHVpWXGHVpWDQWHQFRUHHQFRXUVLOHVWSURSRVpGHSURURJHUMXVTX·DXGpFHPEUHOD
VXVSHQVLRQGHO·REOLJDWLRQGHGpFODUDWLRQDQQXHOOHGHO·LPS{WJpQpUDOVXUOHUHYHQX

%7(;7(

$XGHUQLHUSDUDJUDSKHGHO·DUWLFOHGX&RGHJpQpUDOGHV,PS{WVUHPSODFHU©ªSDU©ª

 

ϱϴ



$UWLFOH
,167,787,21'·81'(/$,'('(327'(6'(&/$5$7,216'('52,7'(7,0%5('(48,77$1&(

$ (;326('(6027,)6

/H&RGHJpQpUDOGHV,PS{WVSUpYRLWHQVRQDUWLFOHUHODWLIDXPRGHGHSHUFHSWLRQGHVGURLWVGHWLPEUHGHTXLWWDQFHOD
SRVVLELOLWp SRXU OHV FRQWULEXDEOHV GH V·DFTXLWWHU GX GURLW GH WLPEUH j SDUWLU GH IRUPXOHV j GpSRVHU GDQV OHV VHUYLFHV GH
UHFHWWH

/·DEVHQFHGHGpODLSRXUVRXVFULUHFHWWHREOLJDWLRQHVWH[SORLWpHSDUOHVFRQWULEXDEOHVTXLVHSUpVHQWHQWjOHXUFRQYHQDQFH
GDQVOHVEXUHDX[GHO·$GPLQLVWUDWLRQDILQG·HIIHFWXHUOHXUVGpFODUDWLRQV

$ILQGHSDOOLHUFHWWHVLWXDWLRQLOHVWSURSRVpGHIL[HUOHGpODLGHGpFODUDWLRQGHVGURLWVGHWLPEUHGHTXLWWDQFHDXSOXVWDUG
DXGXPRLVVXLYDQWFHOXLDXWLWUHGXTXHOOHVRSpUDWLRQVGRQQDQWOLHXDXGURLWGHWLPEUHGHTXLWWDQFHRQWpWpUpDOLVpHV

/·DUWLFOHGX&RGHJpQpUDOGHV,PS{WVHVWPRGLILpGDQVFHVHQV

% 7(;7(

/·DOLQpDSUHPLHUGHO·DUWLFOHGX&RGHJpQpUDOGHV,PS{WVHVWFRPSOpWpLQILQHFRPPHVXLW

©DXSOXVWDUGOHGXPRLVVXLYDQWFHOXLDXFRXUVGXTXHOOHVRSpUDWLRQVFRQFHUQpHVSDUODGpFODUDWLRQRQWpWpUpDOLVpHVª
 

ϱϵ



$UWLFOH
(;7(16,21'8&+$03'·$33/,&$7,21'(6'(0$1'(6'(5(16(,*1(0(176'·(;3/,&$7,216'·(&/$,5&,66(0(176
28'(-867,),&$7,216$8;'52,76'·(15(*,675(0(17(7'(7,0%5(

$ (;326('(6027,)6

/H/LYUHGH3URFpGXUHVILVFDOHVSUpYRLWHQVRQDUWLFOHODSRVVLELOLWpSRXUO·$GPLQLVWUDWLRQGHGHPDQGHUDXFRQWULEXDEOH
WRXVUHQVHLJQHPHQWVH[SOLFDWLRQVpFODLUFLVVHPHQWVRXMXVWLILFDWLRQVTX·HOOHMXJHXWLOHVHQYXHGHO·pWDEOLVVHPHQWGHVLPS{WV
VXUOHVUHYHQXVGHVWD[HVVXUOHFKLIIUHG·DIIDLUHVHWGHVWD[HVLQGLUHFWHV

/HGLVSRVLWLIQHYLVDQWSDVH[SUHVVpPHQWOHVGURLWVG·HQUHJLVWUHPHQWHWGH WLPEUHOHVFRQWU{OHVVXUSLqFHVSRUWDQWVXUFHV
QDWXUHVG·LPS{WVVRQWUHQGXVGLIILFLOHV

$ILQ GH FRUULJHU FHWWH VLWXDWLRQ LO HVW SURSRVp G·LQFOXUH OHV GURLWV G·HQUHJLVWUHPHQW HW GH WLPEUH GDQV OD OLVWH GHV LPS{WV
SRXYDQWIDLUHO·REMHWGHGHPDQGHVG·pFODLUFLVVHPHQWVRXGHMXVWLILFDWLRQV

% 7(;7(

/·DUWLFOHGX/LYUHGH3URFpGXUHVILVFDOHVHVWFRPSOpWpHWQRXYHOOHPHQWUpGLJpDLQVLTX·LOVXLW

©(Q YXH GH O·pWDEOLVVHPHQW GHV LPS{WV VXU OHV UHYHQXV GHV WD[HV VXU OH FKLIIUH G·DIIDLUHV GHV WD[HV LQGLUHFWHV GHV GURLWV
G·HQUHJLVWUHPHQWHW GHWLPEUHHWG·XQHPDQLqUHJpQpUDOHGHWRXVLPS{WVHW WD[HVO·$GPLQLVWUDWLRQSHXWGHPDQGHUDX[
FRQWULEXDEOHVWRXVUHQVHLJQHPHQWVH[SOLFDWLRQVpFODLUFLVVHPHQWVRXMXVWLILFDWLRQVTX·HOOHMXJHXWLOHVª
 

ϲϬ



$UWLFOH
5(9(56(0(17$8;5(*,216'(/$7$;()25)$,7$,5('(63(7,76&200(5&$176(7$57,6$16
5(&2895(((1'(+256'(6/,0,7(6'(67(55,72,5(6&20081$8;

$ (;326e'(6027,)6

/·RUGRQQDQFHQƒGXDR€WSRUWDQWRULHQWDWLRQGHO·RUJDQLVDWLRQJpQpUDOHGHO·$GPLQLVWUDWLRQWHUULWRULDOH
SUpYRLWQRWDPPHQWTX·DXQLYHDXGHVFROOHFWLYLWpVWHUULWRULDOHVODSURJUDPPDWLRQODFRRUGLQDWLRQHWOHFRQWU{OHGHVDFWLRQV
HWGHVRSpUDWLRQVGHGpYHORSSHPHQWpFRQRPLTXHVRFLDOHWFXOWXUHOVRQWGHODFRPSpWHQFHGHVUpJLRQV

$ILQGHUHQIRUFHUOHVPR\HQVILQDQFLHUVPLVjOHXUGLVSRVLWLRQLOHVWSURSRVpGHOHXUDIIHFWHUOHSURGXLWGHODWD[HIRUIDLWDLUH
GHV SHWLWV FRPPHUoDQWV HW DUWLVDQV UHFRXYUpH HQ GHKRUV GX SpULPqWUH FRPPXQDO &H SURGXLW HVW DFWXHOOHPHQW UHYHUVp
GDQVOHVFDLVVHVGX7UpVRUSXEOLF

% 7(;7(

/·RUGRQQDQFH Qƒ  GX  DYULO  SRUWDQW FUpDWLRQ G·XQH WD[H IRUIDLWDLUH GHV SHWLWV FRPPHUoDQWV HW DUWLVDQV HVW
PRGLILpHFRPPHVXLW

 $XGHX[LqPHDOLQpDGHO·DUWLFOHSUHPLHUUHPSODFHU©GXGpSDUWHPHQWªSDU©GHODUpJLRQª

 $XSUHPLHUDOLQpDGHO·DUWLFOHELVUHPSODFHU©DXGpSDUWHPHQWªSDU©jODUpJLRQª
 

ϲϭ



$UWLFOH
$0(1$*(0(17'(6',6326,7,2165(/$7,9(6$/$7$;('(6$/8%5,7(
(7'(3527(&7,21'(/·(19,5211(0(17

$ (;326('(6027,)6

/H&RGHJpQpUDOGHV,PS{WVLQVWLWXHHQVRQDUWLFOHXQHWD[HGHVDOXEULWpHWGHSURWHFWLRQGHO·HQYLURQQHPHQWVXUOHV
LPSRUWDWLRQVGHYpKLFXOHVG·RFFDVLRQGHSOXVGHFLQTDQV

/DWD[HHVWSHUoXHVHORQOHVWDULIVFLDSUqV

IUDQFVSDUYpKLFXOHG·RFFDVLRQGHWUDQVSRUWGHSHUVRQQHVGRQWO·kJHHVWFRPSULVHQWUHFLQTDQVHWGL[DQV
IUDQFVSDUYpKLFXOHG·RFFDVLRQGHWUDQVSRUWGHPDUFKDQGLVHVGRQWOHSRLGVWRWDOjFKDUJHHVWLQIpULHXURXpJDOj
TXDWUHWRQQHVHWGRQWO·kJHHVWFRPSULVHQWUHFLQTDQVHWGL[DQV
IUDQFVSDUYpKLFXOHG·RFFDVLRQGHWUDQVSRUWGHPDUFKDQGLVHVGRQWOHSRLGVWRWDOjFKDUJHHVWVXSpULHXUjTXDWUH
WRQQHVHWGRQWO·kJHHVWFRPSULVHQWUHGL[DQVHWTXLQ]HDQV

/HGpFUHWQƒGXGpFHPEUHOLPLWHO·kJHGHVYpKLFXOHVG·RFFDVLRQLPSRUWpVHQ&{WHG·,YRLUHHWDIIHFWpVDX
WUDQVSRUWSXEOLFGHSHUVRQQHVRXGHPDUFKDQGLVHVDLQVLTX·LOVXLW

FLQTDQVSRXUOHVWD[LV
VHSWDQVSRXUOHVPLQLFDUVGHQHXIjWUHQWHTXDWUHSODFHVHWSRXUOHVFDPLRQQHWWHVMXVTX·jFLQTWRQQHV
GL[DQVSRXUOHVFDUVGHSOXVGHWUHQWHTXDWUHSODFHVSRXUOHVFDPLRQVGHFLQTjGL[WRQQHVHWOHVFDPLRQVGHSOXVGHGL[
WRQQHV

$XUHJDUGGHVGLVSRVLWLRQVGXGpFUHWVXVYLVpLODSSDUDvWQpFHVVDLUHGHUpDPpQDJHUODWDULILFDWLRQGHODWD[HGHVDOXEULWpHW
GHSURWHFWLRQGHO·HQYLURQQHPHQW


ϲϮ



3DUDLOOHXUVOHVGLVSRVLWLRQVGHO·DUWLFOHGX&RGHJpQpUDOGHV,PS{WVSUpYRLHQWTXHODWD[HHVWUHFRXYUpHSDUOHUHFHYHXU
GHV,PS{WVFRPSpWHQWGXOLHXGHVLWXDWLRQGX*XLFKHWXQLTXHDXWRPRELOHHWUHYHUVpHjODFDLVVHGX)RQGVGH)LQDQFHPHQW
GHV3URJUDPPHVGH6DOXEULWpXUEDLQH

$ OD SUDWLTXH OH UHFHYHXU GHV ,PS{WV pSURXYH GHV GLIILFXOWpV j UHFRXYUHU OD WD[H pWDQW GRQQp TXH OHV RSpUDWLRQV
G·LPSRUWDWLRQGHYpKLFXOHVVRQWUpDOLVpHVDXFRUGRQGRXDQLHU

&HWWH VLWXDWLRQ HQJHQGUH DX ILO GHV DQQpHV G·LPSRUWDQWV PDQTXHV j JDJQHU SUpMXGLFLDEOHV DX ILQDQFHPHQW GHV
SURJUDPPHVGHVDOXEULWpXUEDLQH

$ILQGHSHUPHWWUHOHUHFRXYUHPHQWHIIHFWLIGHODWD[HGHVDOXEULWpHWGHSURWHFWLRQGHO·HQYLURQQHPHQWLODSSDUDvWLQGLTXp
G·HQGRQQHUFRPSpWHQFHDX[UHFHYHXUVGHVVHUYLFHVGHV'RXDQHV

3DUDLOOHXUVOH)RQGVGH)LQDQFHPHQWGHV3URJUDPPHVGH6DOXEULWpXUEDLQHEpQpILFLDLUHGHVUHFHWWHV GHODWD[H DpWp
GLVVRXWHWUHPSODFpSDUO·$JHQFHQDWLRQDOHGH*HVWLRQGH'pFKHWV

,OFRQYLHQWGRQFGHSUHQGUHHQFRPSWHFHFKDQJHPHQWGDQVODGpQRPLQDWLRQGHO·RUJDQLVPHEpQpILFLDLUHGXSURGXLWGH
ODWD[H

(QFRQVpTXHQFHOHVGLVSRVLWLRQVGHO·DUWLFOHGX&RGHJpQpUDOGHV,PS{WVVRQWPRGLILpHVGDQVFHVHQV

% 7(;7(

/·DUWLFOHGX&RGHJpQpUDOGHV,PS{WVHVWPRGLILpHWQRXYHOOHPHQWUpGLJpDLQVLTX·LOVXLW

©$UW   ƒ ,O HVW LQVWLWXp XQH WD[H GH VDOXEULWp HW GH SURWHFWLRQ GH O·HQYLURQQHPHQW VXU O·LPSRUWDWLRQ GHV YpKLFXOHV
G·RFFDVLRQGHSOXVGHFLQTDQV

ƒ/HVWDULIVGHODWD[HVRQWIL[pVFRPPHVXLW


ϲϯ



IUDQFVSDUYpKLFXOHG·RFFDVLRQGHWUDQVSRUWGHSHUVRQQHVGRQWO·kJHHVWVXSpULHXUjFLQTDQVHWLQIpULHXURXpJDO
jGL[DQVjO·LPSRUWDWLRQ

IUDQFVSDUYpKLFXOHG·RFFDVLRQGHWUDQVSRUWGHPDUFKDQGLVHVGRQWOHSRLGVWRWDOjFKDUJHHVWLQIpULHXURXpJDOj
GL[WRQQHVHWGRQWO·kJHHVWVXSpULHXUjFLQTDQVHWLQIpULHXURXpJDOjGL[DQVjO·LPSRUWDWLRQ

IUDQFVSDUYpKLFXOHG·RFFDVLRQGHWUDQVSRUWGHPDUFKDQGLVHVGRQWOHSRLGVWRWDOHVWVXSpULHXUjWRQQHVHWGRQW
O·kJHHVWLQIpULHXURXpJDOjGL[DQVjO·LPSRUWDWLRQ

ƒ /D WD[H HVW UHFRXYUpH DX FRUGRQ GRXDQLHU SDU OHV UHFHYHXUV GHV VHUYLFHV FRPSpWHQWV GH OD 'LUHFWLRQ JpQpUDOH GHV
'RXDQHV VHORQ OHV PrPHV FRQGLWLRQV HW VRXV OHV PrPHV SURFpGXUHV V€UHWpV HW VDQFWLRQV TXH OHV GURLWV HW WD[HV VXU OHV
YpKLFXOHVLPSRUWpV

/DGpFODUDWLRQHVWDFFRPSDJQpHG·XQFKqTXHOLEHOOpjO·RUGUHGHO·$JHQFHQDWLRQDOHGH*HVWLRQGH'pFKHWV $1$*(' ª
 

ϲϰ



$UWLFOH
$0(1$*(0(17'8'(/$,'(3$,(0(17'(/$7$;(685/(69(+,&8/(6$027(853285/(602726

$ (;326('(6027,)6

/·DUWLFOHGHO·DQQH[HILVFDOHjODORLQƒGXGpFHPEUHSRUWDQW%XGJHWGHO·DQQpHDIL[pDXHUDYULO
GHFKDTXHDQQpHOHGpODLGHSDLHPHQWGHODWD[HVXUOHVYpKLFXOHVjPRWHXUDIIpUHQWHDX[PRWRV

&HSHQGDQWFHGpODLTXLFRQFHUQHWRXWHVOHVPRWRF\FOHWWHVDSRXUHIIHWGHFUpHUXQHQJRUJHPHQWDXQLYHDXGHVVHUYLFHV
GHOD6RFLpWpLYRLULHQQHGH&RQWU{OHWHFKQLTXHDXWRPRELOHV 6,&7$ GXIDLWTXHODSOXSDUWGHVFRQWULEXDEOHVHIIHFWXHQWOHV
SDLHPHQWVGDQVOHVGHUQLHUVMRXUVGHO·pFKpDQFHGXGpODL

$ILQGHFRUULJHUFHWWHVLWXDWLRQLOHVWSURSRVpGHIL[HUO·pFKpDQFHSRXUOHSDLHPHQWGHODYLJQHWWHGHVPRWRVHQIRQFWLRQ
GHODGDWHGHOHXULPPDWULFXODWLRQRXGHOHXUHQUHJLVWUHPHQW

$LQVLOHGpODLGHSDLHPHQWHVWGpVRUPDLVIL[pDXSOXVWDUGjODGDWHDQQLYHUVDLUHGHO·LPPDWULFXODWLRQSRXUOHVPRWRVTXL
VRQWVRXPLVHVjO·REOLJDWLRQG·LPPDWULFXODWLRQHWjFHOOHGHO·HQUHJLVWUHPHQWSRXUOHVPRWRF\FOHWWHVWHQXHVjO·REOLJDWLRQ
G·HQUHJLVWUHPHQW

% 7(;7(

/·DUWLFOHGX&RGHJpQpUDOGHV,PS{WVHVWPRGLILpFRPPHVXLW


©/DWD[HHVWSD\DEOHHQWRWDOLWpHQXQVHXOWHUPHVDQVIUDFWLRQQHPHQWjO·RFFDVLRQGHODYLVLWHWHFKQLTXHGXYpKLFXOHHW
ODTXLWWDQFHGHSDLHPHQWGpOLYUpHSDUOD6RFLpWpLYRLULHQQHGH&RQWU{OHWHFKQLTXHDXWRPRELOHVWLHQWOLHXGHYLJQHWWH


(Q FH TXL FRQFHUQH OHV YpKLFXOHV GH WUDQVSRUW SXEOLF HW WRXV OHV YpKLFXOHV VRXPLV j SOXV G·XQH YLVLWH WHFKQLTXH VXU XQH
SpULRGHGHGRX]HPRLVODWD[HHVWSD\DEOHGDQVVDWRWDOLWpGqVOHSUHPLHUSDVVDJHGXYpKLFXOHjODYLVLWHWHFKQLTXH

6·DJLVVDQWGHVPRWRVODWD[HHVWSD\DEOHDXSOXVWDUGjODGDWHDQQLYHUVDLUHGHOHXULPPDWULFXODWLRQSRXUOHVPRWRVVRXPLVHV
jFHWWHIRUPDOLWpRXjFHOOHGHOHXUHQUHJLVWUHPHQWSRXUOHVDXWUHVPRWRVWHQXHVjFHWWHDXWUHREOLJDWLRQª
 

ϲϱ



$UWLFOH
$0(1$*(0(17'(60(17,216'(/·(7$75(&$3,78/$7,)'(66$/$,5(6

$²(;326('(6027,)6

$X[WHUPHVGHO·DUWLFOHGX&RGHJpQpUDOGHV,PS{WVWRXVOHVHPSOR\HXUVVRQWWHQXVGHGpSRVHUjOD'LUHFWLRQJpQpUDOH
GHV,PS{WVXQpWDWUpFDSLWXODWLIGHVVDODLUHVHWUpPXQpUDWLRQVYHUVpVDXFRXUVGHO·DQQpHSUpFpGHQWH

&HWpWDWGLW©(WDWªGRLWQRWDPPHQWFRPSRUWHUOHVLQGLFDWLRQVVXLYDQWHV

 OHVQRPHWSUpQRPVGHVSHUVRQQHVHPSOR\pHV
 OHPRQWDQWGHVWUDLWHPHQWVVDODLUHVHWUpWULEXWLRQVSD\pV
 OHPRQWDQWGHVUHWHQXHVHIIHFWXpHVDXWLWUHGHO·LPS{WVXUOHVWUDLWHPHQWVHWVDODLUHVSHQVLRQVHWUHQWHVYLDJqUHV
 ODSpULRGHjODTXHOOHV·DSSOLTXHQWOHVSDLHPHQWVORUVTX·HOOHHVWLQIpULHXUHjXQHDQQpH
 OHPRQWDQWGHVLQGHPQLWpVSRXUIUDLVG·HPSORLRXGHVHUYLFH

$ILQG·DFFURvWUHOHVPR\HQVGHFRQWU{OHGHO·$GPLQLVWUDWLRQSRUWDQWVXUFHVUpPXQpUDWLRQVLOHVWSURSRVpG·DMRXWHUjODOLVWH
GHVLQGLFDWLRQVVXVPHQWLRQQpHVOHQXPpURGHVpFXULWpVRFLDOHDWWULEXpSDUOD&DLVVHQDWLRQDOHGH3UpYR\DQFHVRFLDOHDX[
SHUVRQQHVFRQFHUQpHV

/·DUWLFOHGX&RGHJpQpUDOGHV,PS{WVHVWFRPSOpWpGDQVFHVHQV

%7(;7(

$O·DUWLFOHGX&RGHJpQpUDOGHV,PS{WVLOHVWFUppXQUpGLJpFRPPHVXLW

©1XPpURGHOD&DLVVHQDWLRQDOHGH3UpYR\DQFHVRFLDOHGHVVDODULpVª
 

ϲϲ



$UWLFOH
$0(1$*(0(17'(/$7$;(63(&,$/(3285/$35(6(59$7,21(7/('(9(/233(0(17)25(67,(5

$(;326('(6027,)6

/·DQQH[HILVFDOHjO·RUGRQQDQFHQƒGXGpFHPEUHSRUWDQW%XGJHWGHO·(WDWSRXUODJHVWLRQDHQVRQ
DUWLFOHLQVWLWXpODWD[HVSpFLDOHSRXUODSUpVHUYDWLRQHWOHGpYHORSSHPHQWIRUHVWLHU

&HWWHGLVSRVLWLRQSUpFLVHTXHODWD[HHVWDVVLVHHWUHFRXYUpHGDQVOHVPrPHVFRQGLWLRQVHWVHORQOHVPrPHVPRGDOLWpVTXH
ODWD[HG·DEDWWDJH

/DWD[HG·DEDWWDJHDpWpVXSSULPpHHWUHPSODFpHSDUODWD[HVXUOHVYHQWHVGHERLVHQJUXPHVHQDSSOLFDWLRQGHO·DUWLFOH
GHO·DQQH[HILVFDOHjODORLQƒGXGpFHPEUHSRUWDQW%XGJHWGHO·(WDWSRXUO·DQQpH

&RQWUDLUHPHQWjODWD[HG·DEDWWDJHTXLpWDLWIL[pHSDUPqWUHFXEHGHERLVXWLOLVDEOHHWFRPPHUFLDOLVDEOHVHORQGHVWDULIV
IL[pVSDUFDWpJRULHG·HVVHQFHVODWD[HVXUOHVYHQWHVGHERLVHQJUXPHVHVWTXDQWjHOOHSHUoXHVXUOHFKLIIUHG·DIIDLUHVDX
WDX[GH

/DWD[HG·DEDWWDJHD\DQWpWpVXSSULPpHODWD[HVSpFLDOHSRXUODSUpVHUYDWLRQHWOHGpYHORSSHPHQWIRUHVWLHUVHWURXYH
VDQVEDVHOpJDOHSRXUVRQDSSOLFDWLRQ

$ILQGHFRUULJHUFHWWHVLWXDWLRQLOHVWSURSRVpGHUHGpILQLUOHPRGHGHFDOFXOGHODGLWHWD[HHQDSSOLTXDQWXQWDX[GH
VXUOHPRQWDQWGHFKDTXHYHQWHGHERLVHQJUXPHV

,OHVWpJDOHPHQWSURSRVpTX·HOOHVRLWUHFRXYUpHGDQVOHVPrPHVFRQGLWLRQVHWVHORQOHVPrPHVPRGDOLWpVTXHODWD[HVXUOHV
YHQWHVGHERLVHQJUXPHV

/HV GLVSRVLWLRQV GH O·DUWLFOH  GX &RGH JpQpUDO GHV ,PS{WV UHODWLI j OD WD[H VSpFLDOH SRXU OD SUpVHUYDWLRQ HW OH
GpYHORSSHPHQWIRUHVWLHUVRQWPRGLILpHVGDQVFHVHQV
 

ϲϳ



%7(;7(

/·DUWLFOHGX&RGHJpQpUDOGHV,PS{WVHVWPRGLILpFRPPHVXLW

 OHƒHVWQRXYHOOHPHQWUpGLJpDLQVLTX·LOVXLW

©/DWD[HV·DSSOLTXHDXWDX[GHVXUODYDOHXUGHVOLYUDLVRQVGHERLVHQJUXPHV\FRPSULVOHVOLYUDLVRQVjVRLPrPHª

 OHƒHVWQRXYHOOHPHQWUpGLJpDLQVLTX·LOVXLW

©/·DVVLHWWHOHUHFRXYUHPHQWHWOHFRQWU{OHGHODWD[HVRQWDVVXUpVGDQVOHVPrPHVFRQGLWLRQVSURFpGXUHVVDQFWLRQVHW
V€UHWpVTXHODWD[HVXUOHVYHQWHVGHERLVHQJUXPHVª

ϲϴ


You might also like