/RUVTXHOHYªKLFXOHFLUFXOHVXUXQH 2EMHFWLIVGHODVXVSHQVLRQ

URXWHLOHVWFRQVWDPPHQWVRXPLV 6RQUµOHSULQFLSDOHVWGHJDUGHUOHV
DX[LUUªJXODULWªVGXWHUUDLQFHTXLTXL URXHVHQFRQWDFWFRQWLQXDYHFOD
FUªHGHVPRXYHPHQWVYHUWLFDX[ FKDXVVªH1ªDQPRLQVFHWWHIRQFWLRQ
FRQWLQXVDXQLYHDXGHVURXHV GRLW«WUHUHPSOLHHQWHQDQWFRPSWH
ORUVTXHODYLWHVVHDXJPHQWHFHV GHGHX[FKRVHV
PRXYHPHQWVVRQW¡O RULJLQHGH  ODQªFHVVLWªGHFRQWUµOHUOD
O LQVªFXULWªHWGHO LQFRPPRGLWªGHV WUDMHFWRLUHHQDVVXUDQWODVWDELOLWª
RFFXSDQWV GXYªKLFXOHHQWRXWHV
/DVXVSHQVLRQHVWFKDUJªHGH FLUFRQVWDQFHV
QHXWUDOLVHUFHVLQFRQYªQLHQWVHWSDU  HWOHFRQIRUWGHVRFFXSDQWV
O¡P«PHG DPªOLRUHUODVªFXULWª
GDQVODFRQGXLWH

6DQVV\VW©PHGHVXVSHQVLRQXQHFRQGXLWH %
FRQIRUWDEOHHWV¼UHHVWLPSRVVLEOH


 /HVSUHPLHUVYªKLFXOHVDYDLHQWGªM¡DGRSWªOD
VXVSHQVLRQSRXUDPªOLRUHUOHFRQIRUW

(1352)21'(85
0DVVHVVXVSHQGXHVHWPDVVHVQRQ
VXVSHQGXHV
/HVPDVVHVVXVSHQGXHVVRQWFHOOHVTXLVRQW
HQFRQWDFWDYHFODURXWHHWGRQWOHSRLGVHVW
GRQFVXSSRUWªSDUODVXVSHQVLRQ/D
FDUURVVHULHHWOHVRFFXSDQWVHQVRQWGHX[
H[HPSOHVVLJQLILFDWLIV
/HVPDVVHVQRQVXVSHQGXHVVRQWFHOOHVTXL
UHSRVHQWGLUHFWHPHQWVXUOHVRO¡WUDYHUVOHV
URXHVHWFHOOHVGHODVXVSHQVLRQ'DQVFH
JURXSHQRXVWURXYRQVHQWUHDXWUHVOHV
HVVLHX[OHVURXHVHWOHVIUHLQV
0RLQVLO\DXUDGHPDVVHVQRQVXVSHQGXHV
PHLOOHXUVHUDOHFRPSRUWHPHQWG\QDPLTXH
GXYªKLFXOHSXLVTXHOHQRPEUHGH
FRPSRVDQWVHQPRXYHPHQWGLPLQXH

%

/DVXVSHQVLRQGRLW«WUHFRQ¨XHGH G XQYªKLFXOHGHWRXULVPH
VRUWHTXHFHVGHX[FRQGLWLRQVVRLHQW 'DQVWRXVOHVFDVOHVWHFKQLTXHV
UHPSOLHVFRQMRLQWHPHQWRXTXHOH DFWXHOOHVSHUPHWWHQWG REWHQLUGH
VRLWDXPRLQVO XQHG HQWUHHOOHVDX KDXWVQLYHDX[GHFRQIRUWVDQVQXLUH %
%
FKRL[VHORQTXHO XQHRXO DXWUH GHODVªFXULWªHWDXERQPDQLHPHQW
FRQYLHQQHOHSOXV GHVYªKLFXOHV
/DSRVVLELOLWªGHVDFULILHUOHFRQIRUW (QGªILQLWLIOHPRXYHPHQWGHVURXHV
FRPPHGDQVOHFDVGHVYªKLFXOHV GRLW«WUHSODFªVRXVOHFRQWUµOHGHOD
VSRUWLIVSRXUREWHQLUXQHFRQGXLWH VXVSHQVLRQHQWRXWHV
SOXVUDSLGHHWSOXVSUªFLVHRXOH FLUFRQVWDQFHV
FKRL[G XQHVXVSHQVLRQDSSRUWDQWXQ
SOXVJUDQGFRQIRUWORUVTX LOV DJLW


 /DILQDOLWªGHODVXVSHQVLRQHVWG DWWªQXHUOHVPRXYHPHQWV
SURYRTXªVSDUOHVLUUªJXODULWªVGHODFKDXVVªHOHVYLUDJHV
OHYHQWOHVDFFªOªUDWLRQVHWOHVGªFªOªUDWLRQV

0RXYHPHQWVGHOD  7DQJDJHFHVRQWFHOOHVTXLVH
FDUURVVHULH SURGXLVHQWDXWRXUGHO D[H
/DVXVSHQVLRQDEVRUEHHWQHXWUDOLVH WUDQVYHUVDO
OHVLUUªJXODULWªVGHODFKDXVVªH  5RXOLVFHVRQWOHVRVFLOODWLRQV
&HOOHVFLWHQGHQW¡«WUHWUDQVPLVHV¡ URWDWLYHVTXLVHSURGXLVHQWDXWRXU
ODFDUURVVHULHHWDX[RFFXSDQWVGX GHO D[HORQJLWXGLQDO
YªKLFXOHVRXVIRUPHG RVFLOODWLRQV  /DFHWFHVRQWFHOOHVTXLVH
J«QDQWHVTXHOHV\VW©PHGH SURGXLVHQWGDQVO D[HYHUWLFDO

VXVSHQVLRQGRLWFRPSHQVHU  'ªSODFHPHQWVYHUWLFDX[
&HVRQWOHVPRXYHPHQWVTXLVH
FUªHQWOHORQJGHO D[HYHUWLFDOGX
7\SHVG RVFLOODWLRQV
YªKLFXOH
,OH[LVWHGLIIªUHQWVW\SHV
 'ªSODFHPHQWVWUDQVYHUVDX[
G RVFLOODWLRQVHQIRQFWLRQGHOD
&HVRQWOHVPRXYHPHQWVTXLVH
GLUHFWLRQGDQVODTXHOOHFHOOHVFLVH
FUªHQWGHID¨RQUHFWLOLJQHGDQV
SURGXLVHQWSDUUDSSRUWDXYªKLFXOH
O D[HWUDQVYHUVDO

/HWDQJDJHVHSURGXLW
ORUVGHO DFFªOªUDWLRQHWGXIUHLQDJH

(O
(QWRXUQDQWGDQVXQYLUDJH
(O GXURXOLVVHSURGXLW

/HVFKDQJHPHQWVGHGLUHFWLRQSURYRTXHQW
XQODFHW

/HVRVFLOODWLRQVYHUWLFDOHVVHSURGXLVHQW 'HVIRUFHVFRPPHFHOOHGX
GDQVOHVFKDQJHPHQWVGHGªFOLYLWªOHV YHQWSURYRTXHQWGHV
QLGVGHSRXOHHWOHVGªQLYHOODWLRQVGHOD PRXYHPHQWVWUDQVYHUVDX[
FKDXVVªH %


0DUJHVGHFRQIRUWKXPDLQ / DGRSWLRQGHSQHXPDWLTXHV
(1352)21'(85
3RXUQHSDVDOWªUHUO ªWDWDQLPLTXH ªODVWLTXHVHQVXEVWLWXWLRQGHV
GHVSDVVDJHUVOHVRVFLOODWLRQV SQHXPDWLTXHVULJLGHVDªJDOHPHQW /HVRVFLOODWLRQV
&HVRQWGHVPRXYHPHQWVTXLVHUªS©WHQW
GRLYHQWVHPDLQWHQLUGDQVFHUWDLQHV FRQWULEXª¡XQHJUDQGHDPªOLRUDWLRQ DYHF XQH FHUWDLQH UªJXODULWª HW TXL VH
OLPLWHV GHODVªFXULWªHWGXFRQIRUW PHVXUHQW SDU OHXU IUªTXHQFH HW OHXU
/DOLPLWHGHFRQIRUWSRXUXQH $YHFOHWHPSVHWO DXJPHQWDWLRQGH DPSOLWXGH

SHUVRQQHHVWGH¡RVFLOODWLRQVSDU ODYLWHVVHGHVYªKLFXOHVOHEHVRLQGH )UªTXHQFH& HVWOHQRPEUHGHYDULDWLRQV

TXH VXELW XQ FRUSV HQ XQH VHFRQGH /D
VHFRQGH$XGHVVXVGHFHVYDOHXUV FRQWUµOHUOHVRVFLOODWLRQVG©VOHXU
IUªTXHQFHHVWH[SULPªHHQ+HUW] +] 
OHV\VW©PHQHUYHX[V H[FLWHHWHQ RULJLQHV HVWLPSRVªGHID¨RQ¡RIIULU / LQYHUVHGHODIUªTXHQFHHVWODSªULRGH
GHVVRXVGHVQDXVªHVSHXYHQWVH XQHPHLOOHXUHVªFXULWª &HWWHGHUQL©UHFRUUHVSRQG¡ODGXUªHGH
SURGXLUH /HVªOªPHQWVªODVWLTXHVRQWªWª SURGXFWLRQG XQHRVFLOODWLRQFRPSO©WH
LQFRUSRUªVDX[HVVLHX[GHVRUWHTXH $PSOLWXGH,OV DJLWGHODYDOHXUPD[LPXP
DWWHLQWHSDUO RVFLOODWLRQ
$PRUWLVVHPHQWGHV OHSOXVJUDQGQRPEUHSRVVLEOHGH
RVFLOODWLRQV FRPSRVDQWVVRLWVXVSHQGX/HV
'©VOHVGªEXWVGHO DXWRPRELOHGHV PRXYHPHQWVªWDLHQWDLQVLSOXV
PHVXUHVRQWªWªSULVHVSDU DWWªQXªVGDQVODPHVXUHRº
O XWLOLVDWLRQG ªOªPHQWVªODVWLTXHV O DEVRUSWLRQGHFHX[FLQHVH
GDQVOHVVL©JHVSRXUDWWªQXHUOHV OLPLWDLHQWSDVH[FOXVLYHPHQWDX[
RVFLOODWLRQVHWDPªOLRUHUOHFRQIRUW SDVVDJHUV

%

%


 /HVªOªPHQWVªODVWLTXHVG DEVRUSWLRQHWOHVURXHVVRQWOHVªOªPHQWV
FRQVWLWXWLIVGHODVXVSHQVLRQ& HVWG HX[TXHGªSHQGOHFRPSRUWHPHQWGXYªKLFXOH
SOXVVSRUWLIRXSOXVFRQIRUWDEOHVDQVMDPDLVRXEOLHUODVªFXULWªPD[LPXP

(QFHTXLFRQFHUQDODVXVSHQVLRQLO SQHXPDWLTXHV
IDXWGLIIªUHQFLHUOHVªOªPHQWVTXLOD (QIRQFWLRQGHVªOªPHQWVXWLOLVªVHW
FRPSRVHQWHWVHVGLIIªUHQWHV GHOHXUGLVSRVLWLRQGLIIªUHQWHV
DUFKLWHFWXUHV DUFKLWHFWXUHVSHXYHQW«WUHREWHQXHV
/HVªOªPHQWVGHODVXVSHQVLRQVRQW &HOOHVGHO HVVLHXULJLGHDYHFXQH
FODVVªVGDQVOHVJURXSHVVXLYDQWV XQLRQVROLGDLUHHQWUHOHVURXHVG XQ
/HVªOªPHQWVªODVWLTXHVOHXUUµOH P«PHHVVLHX
HVWGHVRXWHQLUOHYªKLFXOHHQ &HOOHVGHVURXHVLQGªSHQGDQWHVTXL
O LVRODQWGHVPRXYHPHQWVSURYRTXªV SHUPHWWHQWXQOLEUHPRXYHPHQWGH
SDUOHVDOWªUDWLRQVGHODFKDXVVªH FKDTXHURXH
/HVªOªPHQWVG DEVRUSWLRQLOVVRQW /HVVWUXFWXUHVVSªFLDOHVTXLVRQW
UHTXLVSRXUFRPSOªWHUOHVªOªPHQWV GHVªYROXWLRQVGHVGHX[
SUªFªGHQWVHWREWHQLUO DWWªQXDWLRQ SUªFªGHQWHV
GHVRVFLOODWLRQVSURYRTXªHVSDU (WOHVVXVSHQVLRQVDFWLYHVTXLVRQW
FHX[FL GHVV\VW©PHVPRGHUQHVGRWªVGH
(QILQOHVURXHVFHVGHUQL©UHV O DVVLVWDQFHGHO ªOHFWURQLTXHSRXU
DSSRUWHQWPRELOLWªDXYªKLFXOHHW O REWHQWLRQGHFRPSRUWHPHQWVSOXV
IOH[LELOLWªJU£FH¡O XWLOLVDWLRQGHV SUªFLV

ŠOªPHQWªODVWLTXH

ŠOªPHQWG DEVRUSWLRQ

(VVLHXDUUL©UH

(VVLHXDYDQW

5RXH %


 /HVEDUUHVGHWRUVLRQVRQWFDUDFWªULVªHVSDUOHXUVLPSOLFLWªOHSHXG HVSDFH
TX HOOHVRFFXSHQWHWSDUOHIDLWTX HOOHVSHUPHWWHQWODGLVSRVLWLRQG XQSODQFKHUHQWL©UHPHQWSODW

/HVªOªPHQWVªODVWLTXHVVRQWUDQJªV H[WUªPLWªVFHOOHFLWHQGUD¡VHWRU
HQIRQFWLRQGXPDWªULDXGDQVOHTXHO GUHSXLV¡UHSUHQGUHVDIRUPHG RUL
FHX[FLVRQWIDEULTXªVGDQVOHV JLQHORUVTXHO HIIRUWGHWRUVLRQDX
FODVVHVVXLYDQWHV TXHOHOOHVHWURXYHVRXPLVHFHVVH
ŠOªPHQWVªODVWLTXHVVROLGHVWHOVTXH G «WUHDSSOLTXª
OHVUHVVRUWVOHVUHVVRUWV¡ODPHVHW /HPRQWDJHGHFHVEDUUHVVXUOHYªKL
OHVEDUUHVGHWRUVLRQ FXOHVHIDLWHQIL[DQWO XQHGHOHXUV
(WOHVªOªPHQWVªODVWLTXHVK\GUDX H[WUªPLWªVDXFK£VVLV8QEUDV
OLTXHVRXSQHXPDWLTXHVWHOVTXHOHV DPRYLEOHHVWSODFª¡O DXWUHH[WUªPL
EORFVSQHXPDWLTXHV WªRºORJHO DUEUHGHODURXH/RUVTXH %

FHWWHGHUQL©UHPRQWHRXGHVFHQG
%DUUHVGHWRUVLRQ XQHWRUVLRQVHSURGXLWFHWWHWRUVLRQ
/RUVTXHODIRUFHGHWRUVLRQGLVSDUD¯WODEDUUH
&HVRQWGHVEDUUHVHQDFLHUªODVWLTXH SHUPHWWUDOHPRXYHPHQWGHODURXH WHQG¡UHSUHQGUHVDIRUPHLQLWLDOH
FRQ¨XHVSRXUVXSSRUWHUODWHQVLRQ /HVEDUUHVGHWRUVLRQSHXYHQW«WUH
(OOHVSUHQQHQWXQHIRUPHSDUWLFXOL©UH PRQWªHVSDUDOO©OHPHQW¡O D[HORQJL
DX[H[WUªPLWªVSRXUOHXUIL[DWLRQ WXGLQDO HVVLHXDYDQW GXYªKLFXOHRX
&HV\VW©PHHVWEDVªVXUOHSULQFLSH HQVHQVWUDQVYHUVDO HVVLHXDUUL©UH 
VXLYDQWVLO RQDSSOLTXHXQHWRUVLRQ /HXUXWLOLVDWLRQODSOXVIUªTXHQWHD
¡O XQHGHVH[WUªPLWªVG XQHWLJHHQ OLHXDXQLYHDXGHO HVVLHXDUUL©UH
DFLHUªODVWLTXHIL[ªSDUO DXWUHGHVHV
)L[DWLRQ¡ODFDUURVVHULH

%DUUHGHWRUVLRQ

%UDVDPRYLEOH

%


 /HVUHVVRUWV¡ODPHVVRQWOHVªOªPHQWVªODVWLTXHV
RIIUDQWOHVPHLOOHXUHVSHUIRUPDQFHVHWXWLOLVªVOHSOXVIUªTXHPPHQWVXUOHVYªKLFXOHV
GHVWLQªV¡VXSSRUWHUGHJUDQGHVFKDUJHV

/DIOH[LRQVHSURGXLVDQWGDQVOHVUHVVRUWV¡
ODPHVHPS«FKHODWUDQVPLVVLRQGH &DUURVVHULH 'RXEOH
PRXYHPHQWVEUXVTXHVDX[RFFXSDQWVGX DUWLFXODWLRQ
YªKLFXOH

%ULGHV

2HLOXQLTXH %RXORQ

%RXORQªWRTXLDX

%ULGHV¡YLV

$UEUHGHURXHV

%

/HVUHVVRUWV¡ODPHVVRQWIRUPªV $QFUDJH
G XQHQVHPEOHGHODPHVHQDFLHU /HUHVVRUW¡ODPHVHVWIL[ª¡OD
2HLOGRXEOH
ªODVWLTXHXQLHVSDUXQERXORQ FDUURVVHULHHW¡O DUEUHGHVURXHV
%
ªWRTXLDX / DQFUDJH¡ODFDUURVVHULHVHIDLWHQ
'HVEULGHVHPS«FKHQWOHVGLIIªUHQWHV XQLVVDQWOHV\HX[GXUHVVRUWDX[
/ RHLOGRXEOHSUªVHQWHO DYDQWDJHGHSHUPHWWUH
ODPHVGXUHVVRUWVHV RXYULU VXSSRUWVGHODFDUURVVHULH3RXUFH
OHPDLQWLHQWHPSRUDLUHGHODVWDELOLWªGH ODWªUDOHPHQWHWSHUPHWWHQWOH IDLUHXQERXORQHVWXWLOLVª¡O XQHGHV
O HQVHPEOHHQFDVGHUXSWXUHGHODVHFRQGH
ODPH JOLVVHPHQWHQWUHHOOHVORUVTXH H[WUªPLWªVHW¡O DXWUHXQHGRXEOH
TX HOOHVVRQWGªIRUPªHVSDUOHSRLGV DUWLFXODWLRQDYHFVHVERXORQV
RXOHVRVFLOODWLRQVDX[TXHOVHOOHV FRUUHVSRQGDQWV/ XWLOLVDWLRQGH
VRQWVRXPLVHV FHWWHGRXEOHDUWLFXODWLRQSHUPHW
/DODPHVXSªULHXUHSUHQGOHQRPGH O DOORQJHPHQWGXUHVVRUWORUVTXHTXH
ODPHPD¯WUHVVH(OOHHVWFRXUEªH¡ FHGHUQLHUVHFRPSULPH
VHVH[WUªPLWªVHWIRUPHDLQVLGHV (QILQO DUEUHGHVURXHVHVWDQFUªDX
\HX[VLPSOHVRXGRXEOHVGDQV PR\HQGHEULGHV¡YLV
OHVTXHOVVRQWPRQWªVOHVEDJXHV
GHVWLQªHV¡VRQDQFUDJH¡OD
FDUURVVHULH
/HQRPEUHGHODPHVHWO ªSDLVVHXUGH
FHVGHUQL©UHVGªSHQGGHODFKDUJH¡
 VXSSRUWHU
'LVSRVLWLRQ 3URSULªWªV (1352)21'(85
/ LQVWDOODWLRQGHVUHVVRUWV¡ODPHV /DFDUDFWªULVWLTXHODSOXV
SHXWVHIDLUHHQVHQVWUDQVYHUVDORX 5HVVRUWV¡ODPHVGHIOH[LELOLWªYDULDEOH
LPSRUWDQWHVGHVUHVVRUWV¡ODPHVHVW
/RUVTXHOHVUHVVRUWV¡ODPHVGRLYHQW
ORQJLWXGLQDOSDUUDSSRUWDXYªKLFXOH ODULJLGLWª&HWWHGHUQL©UHYDULHHQ VXSSRUWHUGHWU©VKDXWHVFKDUJHVFHX[FL
DXQLYHDXGHO HVVLHXDYDQWRX IRQFWLRQGH GRLYHQW«WUHG XQHJUDQGHULJLGLWª
1ªDQPRLQVORUVTXHOHYªKLFXOHQ HVWSDV
DUUL©UH$FWXHOOHPHQWO LQVWDOODWLRQ  /DODUJHXUGHVODPHV
FKDUJªFHWWHULJLGLWªV DY©UHJªQªUDOHPHQW
GHVUHVVRUWV¡ODPHVVHIDLWSOXV  /HXUORQJXHXU H[FHVVLYH
FRPPXQªPHQWHQVHQVORQJLWXGLQDO  / ªODVWLFLWªORQJLWXGLQDOHGX 3RXUªYLWHUFHSUREO©PHOHVUHVVRUWV¡
DXQLYHDXGHO HVVLHXDUUL©UHVXU PDWªULDX ODPHVGHIOH[LELOLWªYDULDEOHVRQWXWLOLVªV
&HX[FLVHFRPSRVHQWGHGHX[SDUWLHV
FKDFXQHGHVURXHV  /HW\SHG LQVWDOODWLRQ
5HVVRUW¡ODPHVSULQFLSDO
'DQVOHVYªKLFXOHVXWLOLVDQWGHV  /HXUIRUPH 3HWLWUHVVRUW¡ODPHV
UHVVRUWV¡ODPHVDXQLYHDXGHODVXV /HVIRUPHVOHVSOXVFRQYHQWLRQQHOOHV 'DQVFHWWHFRQFHSWLRQOHUHVVRUW¡ODPHV
GHVUHVVRUWV¡ODPHVVRQWOHV SULQFLSDOHVWSOXVIOH[LEOHGDQVODPHVXUH
SHQVLRQGHO DUEUHSURSXOVHXUFHX[
RºLOQ DSDV¡VXSSRUWHU¡OXLVHXOODFKDUJH
FLOHXUVHUYHQWDXVVL¡QHXWUDOLVHUOD WUDSª]R°GDOHVHWOHVSDUDEROLTXHV
WRWDOH
UªDFWLRQGHVPRXYHPHQWVGHOD P«PHV LOHQH[LVWHXQHLQILQLWªGH /RUVTXHOHYªKLFXOHQ HVWSDVVRXPLV¡GHV
SURSXOVLRQHQO DEVRUEDQWJU£FH¡ YDULDQWHVWHOVTXHOHVVHPL FKDUJHVWU©VªOHYªHVOHUHVVRUW¡ODPHV
SULQFLSDOWUDYDLOOHVHXOPDLVORUVTXHFHV
OHXUGªIRUPDWLRQORQJLWXGLQDO HOOLSWLTXHV
FKDUJHVDXJPHQWHQWOHSHWLWUHVVRUW¡
ODPHVHQWUHHQFRQWDFWHHWIDLWDLQVLDXJ
PHQWHUODULJLGLWª/DVXVSHQVLRQHVWDLQVL
DGDSWªHHWSHUPHWXQHDPªOLRUDWLRQGHOD
VªFXULWªHWGXFRQIRUWGDQVWRXWHVOHV
FRQGLWLRQVG XVDJHGXYªKLFXOH

7UDSª]R°GDO

6HPLHOOLSWLTXH

%

3DUDEROLTXH /HVUHVVRUWV¡ODPHVWUDSª]R°GDOHVFRQVHUYHQW
OHXUULJLGLWªDORUVTXHFHOOHGHVUHVVRUWV
%
SDUDEROLTXHVYDULHOHORQJGHOHXUFRXUVH


 /HVUHVVRUWVVRQWXWLOLVªVGDQVODSOXSDUWGHVYªKLFXOHVGHWRXULVPHGDQVODPHVXUHRºFHX[FLQHGHPDQGHQWSDV
EHDXFRXSG HVSDFHTX LOVVRQWOªJHUVHWTXHOHXUFRPSRUWHPHQWHVWSURJUHVVLI

(1352)21'(85
ŠODVWLFLWªGDQVODVXVSHQVLRQ
,OHVWSRVVLEOHG REWHQLUXQHVXVSHQVLRQ
G XQHVRXSOHVVHYDULDEOHHWSURJUHVVLYH
GDQVOHYªKLFXOHJU£FH¡GHVUHVVRUWV
KªOLFR°GDX[FRQLTXHVGHGLIIªUHQWV
GLDP©WUHVGHURXOHPHQWRX¡GHVUHVVRUWV
VXSSOªPHQWDLUHV

&RHIILFLHQWªODVWLTXH
/HFRHIILFLHQWG XQUHVVRUWHVWGªWHUPLQªSDU
OHUDSSRUWH[LVWDQWHQWUHODIRUFHDSSOLTXªH
VXUOHUHVVRUWHWODGªIRUPDWLRQHQJHQGUªH

%
)
& 

6
,OVVRQWIDEULTXªVDYHFGXILOHQDFLHU 3URSULªWªV
ªODVWLTXH¡VHFWLRQFLUFXODLUH /HVUHVVRUWVKªOLFR°GDX[WUDYDLOOHQW
&&RHIILFLHQWªODVWLTXHGXUHVVRUW HQURXOªGHID¨RQKªOLFR°GDOH HQSURSRUWLRQGHODFKDUJH¡ODTXHOOH
))RUFH
3DUPLOHVªOªPHQWVªODVWLTXHVFHOXL FHX[FLVRQWVRXPLVHQV ªFRXUWDQW
6'ªIRUPDWLRQ
FLHVWFHOXLTXLHVWDFWXHOOHPHQW RXHQV DOORQJHDQWORUVTXHOHV
XWLOLVªGDQVODSOXSDUWGHV LUUªJXODULWªVGHODURXWHHQWUD¯QHQW
DXWRPRELOHVHQVXEVWLWXWLRQGHV OHXUGªIRUPDWLRQ¡WUDYHUVOHVURXHV
UHVVRUWV¡ODPHV,OVVRQWFDSDEOHVGH /DULJLGLWªGHFHVUHVVRUWVGªSHQG
GLVVLSHUO ªQHUJLHGHID¨RQEHDXFRXS 'XQRPEUHGHVSLUHV
SOXVSURJUHVVLYHSDUFHTX LOV 'HO ªSDLVVHXURXGXGLDP©WUHGX
GLVSRVHQWG XQHSOXVJUDQGHFRXUVH ILO
,OVSUªVHQWHQWDXVVLO DYDQWDJHG «WUH 'HVFDUDFWªULVWLTXHVGXPDWªULDX
IDFLOHV¡ORJHUHWG «WUHWU©VOªJHUV (WGHOHXUW\SHGHIDEULFDWLRQ
/HVWURLVSUHPLHUVIDFWHXUVMRXHQW
'LVSRVLWLRQ GLUHFWHPHQWHWH[FOXVLYHPHQWVXUOD
/HXULQVWDOODWLRQSHXWDXVVLELHQVH UªVLVWDQFH¡ODFRPSUHVVLRQGX
IDLUHDXQLYHDXGHO HVVLHXDYDQWTXH UHVVRUWDORUVTXHODIRUPHGHFH
GHO HVVLHXDUUL©UHHQJXLVHG XQLRQ GHUQLHU
HQWUHO DUEUHGXWUDLQURXODQWHWOD SHUPHWG REWHQLUGHVUHVVRUWGH
FDUURVVHULH WHQVLRQFRQVWDQWHRXGHWHQVLRQ
JUDGXHOOH


(QFHTXLFRQFHUQHOHVUHVVRUWVGH /HVUHVVRUWVJUDGXHOVVRQW
WHQVLRQFRQVWDQWHWHOVTXHOHUHVVRUW SULQFLSDOHPHQWXWLOLVªVDXQLYHDXGH
F\OLQGULTXHHWOHUHVVRUWEDQDQHOH O HVVLHXDUUL©UHGDQVODPHVXUHRºFH
UDSSRUWHQWUHODIRUFHGHGªIRUPDWLRQ GHUQLHUHVWFHOXLTXLHVWVRXPLV¡GH
HWOHGªSODFHPHQWFUªªHVWFRQVWDQW SOXVJUDQGHVYDULDWLRQVGHFKDUJH
GDQVWRXWHODFRXUVH
$XWUHPHQWGLWORUVTXHOHSRLGV $QFUDJH
VXSSRUWªSDUOHUHVVRUWHVWDXJPHQWª /HVGHUQL©UHVVSLUHVVRQWSODWHVSRXU
GHNJOHUHVVRUWVHGªIRUPH IDFLOLWHUO DVVLVHGXUHVVRUWVXUVHV
DXWDQWTX LOVHWURXYHDXGªEXWGHVD EDVHVG DSSXL
FRXUVHRXTX LOVRLWDXPLOLHXRX¡OD 'HVVªSDUDWHXUVHQFDRXWFKRXFVRQW
ILQGHFHWWHGHUQL©UH LQWHUFDOªVGDQVFHOOHVFLDILQG ªYLWHU
$XFRQWUDLUHHQFHTXLFRQFHUQHOHV WRXWFRQWDFWGXPªWDOFRQWUHOHPªWDO
UHVVRUWVJUDGXHOVWHOVTXHOHUHVVRUW (QHIIHWFHFRQWDFWGRQQHUDLWOLHX¡
FRQLTXHHWOHUHVVRUWEDULOOD GHVIURWWHPHQWVHW¡GXEUXLWHQ
GªIRUPDWLRQIDFH¡XQP«PHHIIRUW UDLVRQGHVFRXUVHVGHFRPSUHVVLRQ
Q HVWSDVFRQVWDQWSHQGDQWWRXWHOD HWG H[WHQVLRQEUXVTXHV
FRXUVHGXUHVVRUW

1 1

PP PP
5HVVRUWEDQDQH 5HVVRUWF\OLQGULTXH

1 1

/HUHVVRUWF\OLQGULTXHHWOHUHVVRUWEDQDQHVRQW
GHVUHVVRUWVGHWHQVLRQFRQVWDQWHHWFHX[FL
RIIUHQWGLIIªUHQWHVUªVLVWDQFHV¡OD
FRPSUHVVLRQ(QFHTXLFRQFHUQHOHVUHVVRUWV
JUDGXHOVOHUHVVRUWFRQLTXHDXJPHQWHVD
UªVLVWDQFHORUVTXHODFRPSUHVVLRQDXJPHQWH
HOOHDXVVLHWOHUHVVRUWEDULOIDLWSUHXYHGHVD
PP PP SOXVJUDQGHUªVLVWDQFHDXQLYHDXGHVHVVSLUHV
5HVVRUWFRQLTXH 5HVVRUWEDULO FHQWUDOHV
%


 /HEORFSQHXPDWLTXHMRXHOHUµOHG ªOªPHQWªODVWLTXHGHODVXVSHQVLRQ
SHUPHWWDQWDLQVLOHUªJODJHGHODKDXWHXUGXYªKLFXOH

1LWURJ©QH
&HVRQWOHVªOªPHQWVªODVWLTXHV 2OªRSQHXPDWLTXHV
0HPEUDQH XWLOLVªVGDQVOHVYªKLFXOHVGRWªV ,OVVRQWQRUPDOHPHQWGHIRUPH
G XQHVXVSHQVLRQDFWLYH VSKªULTXHHWWUDYDLOOHQWDYHFGH
,OV DJLWG XQUªFLSLHQWDX[IRUPHVHW O KXLOHHWGHO D]RWHVªSDUªVSDUXQH
PDWªULDX[WU©VGLYHUVHVTXLSRXUVRQ PHPEUDQH
IRQFWLRQQHPHQWDUHFRXUV¡GHX[ /HVPRXYHPHQWVGHVURXHVVRQW
FRPSRVDQWVO KXLOHHWOHJD]¡ WUDQVPLV¡XQSLVWRQTXLWHQG¡
SUHVVLRQOHJD]ªWDQWQRUPDOHPHQW FRPSULPHUO KXLOH
XWLOLVªªWDQWO D]RWHRXO DLU / DFWLRQGHFHSLVWRQGªIRUPHOD
+XLOH
/HVEORFVSQHXPDWLTXHVVRQWUDQJªV PHPEUDQHHWFRPSULPHO D]RWHTXLHVW
GDQVOHVFODVVHVVXLYDQWHVHQ O ªOªPHQWTXLDSSRUWHOHVTXDOLWªV
IRQFWLRQGHVFRPSRVDQWVXWLOLVªV ªODVWLTXHV¡FHJHQUHGHVXVSHQVLRQV
2OªRSQHXPDWLTXHVDYHFGH /RUVTXHOHSLVWRQHIIHFWXHVDFRXUVH
O KXLOHHWGXJD] GHVFHQGDQWHODSUHVVLRQH[HUFªHSDU
(WSQHXPDWLTXHVDYHFGXJD] O KXLOHVXUOHQLWURJ©QHGLPLQXHHWVH
% /HVYªKLFXOHVGRWªVGHFHVªOªPHQWV GªWHQG¡QRXYHDX
ªODVWLTXHVVRQWFHX[TXLGLVSRVHQW 6LODTXDQWLWªG KXLOHGDQVOHFLUFXLW
G XQV\VW©PHGHFRUUHFWLRQGH DXJPHQWHRXGLPLQXHODKDXWHXUGH
,OVVRQWIDEULTXªV¡SDUWLUGHGHX[GHPL
VSK©UHVXQLHVSDUVRXGXUHHWG XQHPHPEUDQH KDXWHXU ODFDUURVVHULHSDUUDSSRUWDXVROSHXW
FHQWUDOHTXLVªSDUHOHQLWURJ©QHGHO KXLOH
«WUHUªJOªHJU£FH¡XQHSRPSH
K\GUDXOLTXH

+XLOH
*D]

&DUURVVHULH

3LVW´Q

'DQVOHVROªRSQHXPDWLTXHVODSUHVVLRQGX
JD]GªWHUPLQHODUªVLVWDQFH¡ODFRPSUHVVLRQ %


3QHXPDWLTXHV SUHVVLRQ¡O LQWªULHXUGH
$QQHDXGH
/HEORFSQHXPDWLTXHHVWXQUªFLSLHQW O DFFXPXODWHXU IL[DWLRQ
FRQWHQDQWGHO DLUFRPSULPª 'DQVFHFDVO DLUFRPSULPªVH
0DLOOHV
,OHVWFRPSRVªG XQF\OLQGUHXQL¡OD FRPSRUWHFRPPHXQªOªPHQW FHQWUDOHV &\OLQGUH
FDUURVVHULHDXPR\HQG XQDQQHDX ªODVWLTXHHQDWWªQXDQWOHVLPSDFWV
GHIL[DWLRQHWG XQSLVWRQVROLGDLUH 'HID¨RQVLPLODLUHDX[
DXWUDLQURXODQW DFFXPXODWHXUVROªRSQHXPDWLTXHV
(QWUHOHF\OLQGUHHWOHSLVWRQXQH JU£FH¡O XWLOLVDWLRQG XQ
FDYLWªªWDQFKHVHIRUPHGDQV FRPSUHVVHXULOHVWSRVVLEOHGH
3LVWRQ
ODTXHOOHHVWHQIHUPªO DLU¡SUHVVLRQ FRQWUµOHUODSUHVVLRQGXFLUFXLWHWSDU
/HVPRXYHPHQWVGHODURXHVRQW FRQVªTXHQWODKDXWHXUGHOD %

WUDQVPLVDXSLVWRQTXLHQVH FDUURVVHULHSDUUDSSRUWDXVRO
GªSOD¨DQWIDLWDXJPHQWHUOD
/HF\OLQGUHHVWFRQVWLWXªGHTXDWUHFRXFKHVOD
FRXFKHLQWªULHXUHHWODFRXFKHH[WªULHXUH
WRXWHVGHX[HQFDRXWFKRXFGHKDXWHOLPLWH
&DUURVVHULH ªODVWLTXHHWOHVGHX[FRXFKHVLQWªULHXUHVGH
PDLOOHSRXUDSSRUWHUXQHJUDQGHUªVLVWDQFHDX
FRPSRVDQW

&\OLQGUH

3LVWRQ

6RQFRPSRUWHPHQWHVWVHPEODEOH¡FHOXLG XQ
EDOORQTXHO RQWHQWHGHJRQIOHULOSHUPHWVD
FRPSUHVVLRQDYHFXQHFHUWDLQHUªVLVWDQFHHW
%
WHQG¡UHSUHQGUHVDIRUPHLQLWLDOH


 /HVDPRUWLVVHXUVVRQWLQGLVSHQVDEOHV
GDQVWRXWV\VW©PHGHVXVSHQVLRQ
/DVWDELOLWªHWODVªFXULWªDFWLYHGXYªKLFXOHGªSHQGGHOHXUªWDW

/DGªIRUPDWLRQVHSURGXLVDQWGDQV FHOOHFLFRPPHXQEDOORQHW
OHVªOªPHQWVªODVWLTXHVSHUPHW HQWUD¯QHUDLHQWODSHUWHGHFRQWDFWHW
G DPRUWLUO ªQHUJLHGHVLPSDFWVGHV O LQVWDELOLWªGDQVODPDUFKHGX
LUUªJXODULWªVGHOD YªKLFXOH
FKDXVVªH1ªDQPRLQVFHWWHªQHUJLH 'HQRVMRXUVXQV\VW©PHGH
GRLW«WUHOLEªUªH¡WUDYHUVOH VXVSHQVLRQGªQXªGHWRXWFRQWUµOH
PRXYHPHQWGHODFDUURVVHULH GHO DPRUWLVVHPHQWHVW
LQFRQFHYDEOHGDQVODPHVXUHRºOHV
$PRUWLVVHXUV YLWHVVHVDWWHLQWHVSRVHQWOHEHVRLQ
% &HVRQWOHVªOªPHQWVFKDUJªVGH GHJDUDQWLUOHFRQIRUWPDLVDXVVLOD
FRQWUµOHUODGLVVLSDWLRQGHO ªQHUJLH VªFXULWª
DFFXPXOªHGDQVOHVªOªPHQWV /HVDPRUWLVVHXUVD\DQWªWªXWLOLVªV
/HVDPRUWLVVHXUVVRQWVLWXªVVXUFKDFXQHGHV
ªODVWLTXHV VRQWOHVDPRUWLVVHXUV¡IULFWLRQHWOHV
URXHVHWIL[ªV¡ODFDUURVVHULHGDQVOHXUSDUWLH
VXSªULHXUHHWDX[EUDVRVFLOODQWVGHOD &HX[FLGHSDUOHXUSURSUHV DPRUWLVVHXUVK\GUDXOLTXHV'HFHV
VXVSHQVLRQGDQVOHXUSDUWLHLQIªULHXUH
FDUDFWªULVWLTXHVJDUGHUDLHQW GHUQLHUVOHVDPRUWLVVHXUV
WRXMRXUVODFDUURVVHULHHWOHVURXHVHQ WªOHVFRSLTXHVVRQWFHX[TXLVRQW
PRXYHPHQWURXHVTXLHQFRQWDFW PRQWªVGDQVSUHVTXHWRXWHVOHV
DYHFXQHVXUIDFHULJLGHWHOOHTXHOD DXWRPRELOHVDFWXHOOHV
FKDXVVªHWHQGUDLHQW¡UHERQGLUVXU

6$16$0257,66(85

$9(&$0257,66(85

/ DPRUWLVVHXUSHUPHWG DWWªQXHUOHV
RVFLOODWLRQVFUªªHVSDUOHVªOªPHQWVªODVWLTXHV
GHODVXVSHQVLRQ6DQVHX[OHVRVFLOODWLRQVVH
SURORQJHUDLHQWSHQGDQWWU©VORQJWHPSV
%


 &+$0%5(6'(75$9$,/
(1352)21'(85
$PRUWLVVHXUV¡JD]
/RUVTXHO DPRUWLVVHXUªYROXH¡JUDQGH

9DOYHGHODSKDVH YLWHVVHVDWHPSªUDWXUHDXJPHQWH
&\OLQGUHH[WªULHXU GHFRPSUHVVLRQ FRQVLGªUDEOHPHQWFHTXLHQWUD¯QHXQHSHUWH
GHODYLVFRVLWªGHO KXLOHHWSDUFRQVªTXHQW
7LJH
XQHSHUWHGHO HIILFDFLWªGHO ªOªPHQW
G DEVRUSWLRQ
&HVDPRUWLVVHXUVIRQFWLRQQHQWJU£FH¡
&\OLQGUHLQWªULHXU
O DFWLRQFRQMRLQWHGXJD]HWGHO KXLOH
9DOYHGHODSKDVH 3LVWRQJOLVVDQW
G H[SDQVLRQ ,OVQHVRQWSDVVHXOHPHQWGLYLVªVHQGHX[
FKDPEUHVPDLVVRQWDXVVLGRWªVG XQH
WURLVL©PHFKDPEUHVªSDUªHRºORJHOHJD]
% TXLORUVTXHODWHPSªUDWXUHDXJPHQWH
SUHVVXULVHHQFRUHSOXVOHFLUFXLWGHO KXLOHHW
IDLWDXJPHQWHUVDWHPSªUDWXUHG ªEXOOLWLRQ
$PRUWLVVHXUWªOHVFRSLTXH /DUªVLVWDQFHDXPRXYHPHQWGH 'HSOXVOHJD]DSSRUWHSURJUHVVLYLWª¡
/HXUIRUPHHVWF\OLQGULTXHHWLOVVRQW O DPRUWLVVHXUGªSHQGUDGHODWDLOOH O DPRUWLVVHXUGHODP«PHID¨RQTXH

GHVYDOYHV ORUVTXHO RQVHUUHXQHEDOOHHQFDRXWFKRXF

H[WHQVLEOHV
FRQWHQDQWGHO DLUDYHFODPDLQ
,OVVHFRPSRVHQWG XQHWLJHXQLH¡OD / ªWDQFKªLWªGHO DPRUWLVVHXUHVWWU©V
,OVHFRPSULPHIDFLOHPHQWGDQVOHVFRXUVHV
FDUURVVHULHSDUVRQH[WUªPLWª LPSRUWDQWHSRXUVRQERQ FRXUWHVHW¡PHVXUHTXHFHVGHUQL©UHV
VXSªULHXUHO DXWUHH[WUªPLWªLO IRQFWLRQQHPHQW(QHIIHWHQFDVGH DXJPHQWHQWLORIIUHXQHSOXVJUDQGH
VRQWGRWªVG XQSLVWRQTXLJOLVVHVXU IXLWHVG KXLOHVDIRQFWLRQVHYHUUDLW UªVLVWDQFH

OHF\OLQGUHLQWHUQHFHGHUQLHUªWDQW PLQLPLVªHFHTXLDXUDLWGHV
IL[ª¡O DUEUHGHVURXHV FRQVªTXHQFHVLPSRUWDQWHVVXUOD
/HSLVWRQGªOLPLWHOHF\OLQGUH VªFXULWªDFWLYH
9DOYH
LQWªULHXUHQGHX[FKDPEUHVLQWHUQHV
ªWDQFKHVTXLFRQWLHQQHQWGHO KXLOH $PRUWLVVHXU¡GRXEOHHIIHW +XLOH
(QFDVGHPRXYHPHQWVYHUWLFDX[GH &HX[FLRIIUHQWGHODUªVLVWDQFHGDQV
ODURXHOHSLVWRQJOLVVHHQIRU¨DQW ODFRXUVHGHFRPSUHVVLRQHWGDQV 6ªSDUDWHXU
PHPEUDQH
O KXLOH¡SDVVHUHQWUHGHX[ FHOOHG H[WHQVLRQFHTXLDFFªO©UHOD *D] RXSLVWRQ
FKDPEUHV¡WUDYHUVGHVYDOYHV SURGXFWLRQGXIUHLQDJHGHV
%
/DSRPSDJHGHO KXLOHG XQH RVFLOODWLRQV
FKDPEUH¡O DXWUHRIIUHXQH &HJHQUHG DPRUWLVVHXUVRIIUH
UªVLVWDQFHTXLWUDQVIRUPHO ªQHUJLH ªJDOHPHQWODSRVVLELOLWªG LPSODQWHU
FLQªWLTXHHQFKDOHXUHWIUHLQHOHV GHVYDOYHVGHGLIIªUHQWVGLDP©WUHV
RVFLOODWLRQVYHUWLFDOHVGHVªOªPHQWV TXLSHUPHWWHQWGHVUªVLVWDQFHVGH
ªODVWLTXHV IUHLQDJHGLVWLQFWHVGDQVOD
FRPSUHVVLRQHWGDQVO H[WHQVLRQ

 /HVEDUUHVVWDELOLVDWULFHVFRQWUHFDUUHQWOHURXOLVGXYªKLFXOH
SURYRTXªSDUOHVGªQLYHOODWLRQVHWOHWUDFªGHODFKDXVVªH

(1352)21'(85 /HVEDUUHVVWDELOLVDWULFHVGRLYHQW )L[DWLRQ

QHXWUDOLVHUO LQVWDELOLWªHWOHURXOLVGH (OOHVVRQWIL[ªHV¡OHXUVH[WUªPLWªV
6WDELOLVDWLRQªOHFWURQLTXH ODFDUURVVHULHSURYRTXªSDUOHVQLGV DX[EUDVGHODVXVSHQVLRQDXPR\HQ
&HVV\VW©PHVVRQWGRWªVGHFDSWHXUV
G RVFLOODWLRQVWUDQVYHUVDOHVORQJLWXGLQDOHV GHSRXOHOHVGªQLYHOODWLRQVODIRUFH GHFRXVVLQHWVªODVWLTXHVHWGDQV
HWYHUWLFDOHVGXYªKLFXOHTXLFRPELQªV¡ GXYHQWWUDQVYHUVDOHH[HUFªHVXUOD OHXUSDUWLHFHQWUDOH¡ODFDUURVVHULH
G DXWUHVFDSWHXUVTXLFRQWUµOHQWOHV FDUURVVHULHHWOHVIRUFHVFHQWULIXJHV RX¡O XQGHVFRPSRVDQWVVROLGDLUHV
GªSODFHPHQWVGHO DPRUWLVVHXUO DQJOHGX SURGXLWHVORUVTX LOHVWFLUFXOªGDQV ¡FHWWHGHUQL©UH
YRODQWODSUHVVLRQGXIUHLQDJHHWOD
GHVYLUDJHV (QJªQªUDOFHWWHIL[DWLRQVHIDLWDX
GªIRUPDWLRQGHVSQHXVSHUPHWWHQW¡XQH
XQLWªGHFRPPDQGHGHGªWHUPLQHUO ªWDWGH
(OOHVVRQWFRQVWLWXªHVG XQHEDUUHHQ PR\HQGHFRXVVLQHWVªODVWLTXHVHQ
ODFKDXVVªHHWOHW\SHGHFRQGXLWH DFLHUªODVWLTXHGHVHFWLRQFLUFXODLUH FDRXWFKRXFDSSHOªVVLOHQWEORFVTXL
/RUVTXHOHYªKLFXOHSUHQGXQYLUDJHO XQLWª HWSRVªHVHQVHQVWUDQVYHUVDOSDU SHUPHWWHQWG ªYLWHUODWUDQVPLVVLRQ
GHFRPPDQGHªOHFWURQLTXHUªJXOHOHV UDSSRUWDXYªKLFXOHHQWUHOHVEUDVGH GHYLEUDWLRQV¡ODFDUURVVHULH
DPRUWLVVHXUVHQIRQFWLRQGHODYDOHXUGHV
ODVXVSHQVLRQGHVURXHVG XQP«PH
VLJQDX[WUDQVPLVSDUOHVFDSWHXUV,OHQYD
GHP«PHORUVTXHOHYªKLFXOHIUHLQHGHID¨RQ
HVVLHX
¡FHTXHOHVURXHVUHVWHQWHQFRQWDFWDYHFOD
FKDXVVªHHWORUVTX XQHDFFªOªUDWLRQVXELWH
HVWUªDOLVªHGHID¨RQ¡ªYLWHUOHSDWLQDJH &DUURVVHULH
GHVSQHXV
/HVDPRUWLVVHXUVDWWªQXHQWOHGªSODFHPHQW
GXUHVVRUWJU£FH¡GHVªOHFWURYDQQHVTXL
UªGXLVHQWOHSDVVDJHGHO KXLOHORUVTX HOOHV
VRQWDFWLRQQªHVSDUO XQLWªGHFRPPDQGH

&RXVVLQHWVªODVWLTXHV

%DUUHVWDELOLVDWULFH

%UDVLQIªULHXU
3RLQWGHIL[DWLRQ
¡ODFDUURVVHULH

%


 3RLQWGHIL[DWLRQ¡OD
FDUURVVHULH

3RVLWLRQDYHFURXOLV

&RXVVLQHWV
ªODVWLTXHV

3RVLWLRQVDQVURXOLV

/DWRUVLRQ¡ODTXHOOHHVWVRXPLVHODEDUUHGH
VWDELOLVDWLRQV RSSRVHDXURXOLVGHOD
%
FDUURVVHULH

)RQFWLRQQHPHQW O XQLRQGHODEDUUH¡ODFDUURVVHULH
/RUVTXHOHYªKLFXOHSUHQGXQYLUDJH WRUVLRQTXLV RSSRVHDXURXOLVGHOD
XQURXOLVGHODFDUURVVHULHWHQG¡VH FDUURVVHULH
SURGXLUHYHUVOD]RQHH[WªULHXUHGX &HUWDLQVYªKLFXOHVQHGHPDQGHQW
YLUDJHGDQVODPHVXUHRºOD SDVOHPRQWDJHGHFHVEDUUHVHQ
VXVSHQVLRQVHFRPSULPHFµWª UDLVRQGHOHXUVSUHVWDWLRQV'DQVGH
H[WªULHXUHWV ªWLUHGHO DXWUH WHOVFDVFHVYªKLFXOHVGLVSRVHQW
/HVSRLQWVGHIL[DWLRQGHODEDUUHDX[ VRXYHQWGHUHVVRUWVGHVXVSHQVLRQ
EUDVGHODVXVSHQVLRQQ DOW©UHQWSDV VXUGLPHQVLRQQªVTXLUHPSODFHQWHQ
VDSRVLWLRQPDLVXQFRXSOHGH SDUWLHOHVEDUUHVVWDELOLVDWULFHV
WRUVLRQVHSURGXLWDXQLYHDXGH


 /HVSHUIRUPDQFHVHWOHFRPSRUWHPHQWG\QDPLTXHGXYªKLFXOH
GªSHQGHQWGHODVWUXFWXUHGHODVXVSHQVLRQ

,OH[LVWHWURLVW\SHVG DUFKLWHFWXUHVGH PL[WHVVXUXQP«PHYªKLFXOHHVW

ODVXVSHQVLRQ IUªTXHQWH'DQVGHWHOVFDVXQH
' HVVLHXULJLGH DUFKLWHFWXUHHVWXWLOLVªHDXQLYHDXGH
'HURXHVLQGªSHQGDQWHV O HVVLHXDYDQWDORUVTX XQHDXWUHO HVW
6SªFLDOHV DXQLYHDXGHO HVVLHXDUUL©UH
0«PHVLFHVWURLVW\SHV
G DUFKLWHFWXUHVVRQWODUJHPHQW (VVLHXULJLGH
HPSOR\ªVVXUOHVYªKLFXOHV 'DQVFHJHQUHGHVXVSHQVLRQVLO
PRGHUQHVO DUFKLWHFWXUHODSOXV Q H[LVWHSDVG LQGªSHQGDQFHGHV
XWLOLVªHHVWQªDQPRLQVFHOOHGHV URXHVTXLVHFRPSRUWHQWFRPPHXQ
URXHVLQGªSHQGDQWHVSDUFHTXH FRUSVXQLTXH/RUVTXHO XQHG HOOHV
FHWWHGHUQL©UHFRPELQHSDUIDLWHPHQW VHGªSODFHVXUOHVLUUªJXODULWªVGHOD
OHVDYDQWDJHV FKDXVVªHFHPRXYHPHQWHVW
WHFKQLTXHVHWªFRQRPLTXHVGHV WUDQVPLV¡O DXWUHURXHGHP«PH
GHX[DXWUHV TX ¡ODFDUURVVHULH
'HP«PHODUªDOLVDWLRQGHPRQWDJHV

(66,(85,*,'(

'DQVOHFDVG XQHDUFKLWHFWXUHG HVVLHXULJLGH

OHVREVWDFOHVGHODFKDXVVªHUHQFRQWUªVSDU
O XQHGHVURXHVVRQWWUDQVPLV¡O DXWUHURXHGX
P«PHHVVLHXFHTXLHQWUD¯QHOHGªSODFHPHQW %
GHODFDUURVVHULH


 528(6,1'Š3(1'$17(6

'DQVOHFDVG XQHDUFKLWHFWXUHGHURXHV
LQGªSHQGDQWHVOHVLUUªJXODULWªVGHOD
FKDXVVªHUHQFRQWUªHVSDUO XQHGHVURXHVG XQ
HVVLHXQHVRQWSDVWUDQVPLVHV¡O DXWUHFHTXL
%
SHUPHWG ªYLWHUOHURXOLVGHODFDUURVVHULH

5RXHVLQGªSHQGDQWHV 6SªFLDOHV
&KDTXHURXHªYROXHGHID¨RQ &HVRQWGHVV\VW©PHVDYDQFªVEDVªV
LQGªSHQGDQWH&HODDPªOLRUHOH DXVVLELHQVXUOHV\VW©PHGHO HVVLHX
FRQWDFWGHVSQHXPDWLTXHVG XQ ULJLGHTXHVXUFHOXLGHVURXHV
P«PHHVVLHXDYHFODFKDXVVªH LQGªSHQGDQWHVTXLSHUPHWWHQWGH
ORUVTXHOHWHUUDLQHVWDFFLGHQWª PLHX[FRQWUµOHUOHPRXYHPHQWGHV
&HV\VW©PHSHUPHWªJDOHPHQWGH URXHVVRXVO HIIHWGHODVXVSHQVLRQ
FRQWUµOHUOHVYDULDQWHVGDQVOHVFRWHV VDQVQXLUH¡ODFDUURVVHULH
GHODVXVSHQVLRQHQIRQFWLRQGHV /HVSOXVXWLOLVªVVRQWFHX[GHO HVVLHX
FRQGLWLRQVGHFRQGXLWHRXGXJHQUH VHPLULJLGHHWPXOWLEUDVELHQTX LO
GHYªKLFXOH HQH[LVWHG DXWUHVPRLQVXWLOLVªVWHOV
TXHO HVVLHXFRQMXJXª


 /DVWUXFWXUHGHO HVVLHXULJLGHSHUPHWGHVXSSRUWHUGHORXUGHVFKDUJHV
UDLVRQSRXUODTXHOOHHOOHHVWWU©VVRXYHQWXWLOLVªHVXUGHVYªKLFXOHVLQGXVWULHOV

(VVLHXULJLGH

5HVVRUW¡ODPHV

/ HVVLHXULJLGHDUUL©UHGRQWHVWGRWªXQYªKLFXOH
GHWUDFWLRQDYDQWHVWGHWU©VVLPSOH
%
FRQVWUXFWLRQ

'DQVFHFDVOHVGHX[URXHVG XQ 6RQSRLGVHVWªOHYª

P«PHHVVLHXVRQWXQLHVULJLGHPHQW ,OUHTXLHUWGDYDQWDJHG HVSDFHHQ
SDUXQHVWUXFWXUHWUDQVYHUVDOH UDLVRQGXYROXPHTX LORFFXSH
6HVDYDQWDJHVVRQWOHVVXLYDQWV /DGªSHQGDQFHPXWXHOOHGHV
& HVWXQV\VW©PHGHFRQVWUXFWLRQ URXHVTXLSDUWDJHQWOHP«PH
VLPSOH HVVLHX
,OHVWUªVLVWDQWHWDSSURSULªDX[
YªKLFXOHVLQGXVWULHOVHWORXUGV 'LVSRVLWLRQ
,OSHXWVXSSRUWHUGHVFKDUJHVWU©V &HWWHVXVSHQVLRQSHXWDXVVLELHQ
ªOHYªHV «WUHLQVWDOOªHGDQVO HVVLHXDYDQWTXH
4XDQW¡VHVLQFRQYªQLHQWVFHX[FL GDQVO HVVLHXDUUL©UH
VRQWOHVVXLYDQWV /RUVTX HOOHHVWLQVWDOOªHGDQVXQ
/HPRXYHPHQWHVWIDFLOHPHQW HVVLHXDUUL©UHTXLMRXHOHUµOHGH
WUDQVPLV¡ODFDUURVVHULH SURSXOVHXUVDIRUPHHVW


WXEXODLUHGHID¨RQ¡SHUPHWWUH DYDQWVHIDLWJU£FH¡XQHVWUXFWXUHTXL
O XWLOLVDWLRQG XQHVWUXFWXUHWU©VVLPSOH SUHQGQRUPDOHPHQWODIRUPHG XQH
RºORJHUOHGLIIªUHQWLHOHWOHVGHPL SRXWUHPDVVLYHRXFUHXVHHWTXL
DUEUHVGHWUDQVPLVVLRQGHVURXHV XQLWOHVGHX[URXHV
&RPSWHWHQXGXIDLWTXHOHVHVVLHX[ $XMRXUG KXLO HVVLHXULJLGHDYDQW
ULJLGHVWUDQVPHWWHQWOHV Q HVWSOXVGXWRXWXWLOLVªVXUOHV
PRXYHPHQWVG XQHURXH¡O DXWUHGH YªKLFXOHVGHWRXULVPHGDQVOD
P«PHTX ¡ODFDUURVVHULHORUVTXH PHVXUHRºGDQVXQHVVLHX
GHVUHVVRUWVVRQWPRQWªVGHVWLUDQWV GLUHFWLRQQHOLOQ DSSRUWHSDVGH
VRQWLQVWDOOªVGHID¨RQ¡ªYLWHUOH VRXSOHVVH¡GHJUDQGHVYLWHVVHV
PRXYHPHQWORQJLWXGLQDOHW 1ªDQPRLQVVRQXVDJHHVWSOXV
WUDQVYHUVDOO XQHGHOHXUV IUªTXHQWVXUOHVYªKLFXOHV
H[WUªPLWªVFHVWLUDQWVVRQWXQLV¡ LQGXVWULHOVGDQVOHVTXHOVSULPHQWOD
O HVVLHXHW¡O DXWUH¡ODFDUURVVHULH UREXVWHVVHHWODFDSDFLWªGHFKDUJH
HW¡O DUEUHGHVURXHV SXLVTXHGHVQLYHDX[DFFHSWDEOHVGH
6RQPRQWDJHDXQLYHDXGHO HVVLHX FRQIRUWVRQWFRQVHUYªVHQO DEVHQFH
DUUL©UHVXUXQYªKLFXOHGHWUDFWLRQ G DWWHLQWHGHJUDQGHVYLWHVVHV

(VVLHXULJLGH

'LIIªUHQWLHO

5HVVRUW¡ODPHV
'DQVOHFDVGHO HVVLHXULJLGHSURSXOVHXUOH
GLIIªUHQWLHOHVWORJªGDQVODVWUXFWXUHGH
%
O HVVLHXHOOHP«PH


 ,OH[LVWHGLIIªUHQWVV\VW©PHVGHVXVSHQVLRQGHURXHVLQGªSHQGDQWHV
PDLVLOVRIIUHQWWRXVXQJUDQGFRQIRUWHWXQHJUDQGHVªFXULWªDXYªKLFXOHFRPSWHWHQX
GHODOLEHUWªGHPRXYHPHQWGHVGHX[URXHVG XQP«PHHVVLHX

'DQVO DFWXDOLWªGHQRPEUHX[GH / DPRUWLVVHXUVHWURXYH¡O LQWªULHXU

YªKLFXOHVGHWRXULVPHXWLOLVHQWXQH GXUHVVRUWVDSDUWLHVXSªULHXUHHVW
VXVSHQVLRQGHW\SHLQGªSHQGDQWHDX IL[ªHDXSDVVDJHGHURXHHWVDSDUWLH
QLYHDXGHO HVVLHXDYDQW&HWWH LQIªULHXUH¡ODIXVªH6ROLGDLUH¡
VXVSHQVLRQHVWªJDOHPHQWPRQWªHVXU FHWWHGHUQL©UHHWSODFªGDQVOHVHQV
GHQRPEUHX[YªKLFXOHVWRXWWHUUDLQ WUDQVYHUVDOSDUUDSSRUWDXYªKLFXOH
/HVW\SHVGHVXVSHQVLRQGHURXHV OHEUDVLQIªULHXUSHUPHWOH
LQGªSHQGDQWHVDYDQWOHVSOXV PRXYHPHQWYHUWLFDOJU£FH¡
FRXUDQWVVRQWODVXVSHQVLRQGLWH O DUWLFXODWLRQIL[DQWVRQDXWUH
0F3KHUVRQHWODVXVSHQVLRQ¡GRXEOH H[WUªPLWª¡OD
EUDVRVFLOODQW FDUURVVHULH
%
6HVDYDQWDJHVVRQWOHVVXLYDQWV
0F3KHUVRQ &RQFHSWLRQHWFRQVWUXFWLRQ
/ HVVLHXULJLGHDUUL©UHGRQWHVWGRWªXQYªKLFXOH &HV\VW©PHHVWO XQGHVSOXVXWLOLVªV FRPSDFWH
GHWUDFWLRQDYDQWHVWGHWU©VVLPSOH
FRQVWUXFWLRQ SRXUODVXVSHQVLRQDYDQW,OHVW 3RLGVUªGXLW
FRQVWLWXªG XQHFRPELQDLVRQIRUPªH )DLEOHVDOWªUDWLRQVGHODSRVLWLRQ
G XQUHVVRUWKªOLFR°GDOG XQ SUªYXHGHODURXHOHORQJGHOD
DPRUWLVVHXUG XQEUDVLQIªULHXUHW FRXUVHGXUHVVRUW
G XQHIXVªH 5REXVWHVVH
)DLEOHFR¼W
&XYHWWHGHVXVSHQVLRQ
4XDQWDX[LQFRQYªQLHQWVFHX[FL
VRQWOHVVXLYDQWV
,OUHTXLHUWODUªDOLVDWLRQG XQH
OLJQHUHODWLYHPHQWKDXWHDOODQWGX
5HVVRUW FDSRWDXPRWHXU
5HVVRUW /HFHQWUHGHJUDYLWªGHVPDVVHV
QRQVXVSHQGXHVHVW
H[FHVVLYHPHQWKDXW
6HVGªSODFHPHQWVYHUWLFDX[IRQW
%UDVLQIªULHXU
YDULHUODSRVLWLRQGHVURXHVSDU
UDSSRUW¡ODFKDXVVªH
/HV\VW©PHGLW0F3KHUVRQHVW
)XVªH
&DUURVVHULH ªJDOHPHQWXWLOLVªDXQLYHDXGXWUDLQ
URXODQWDUUL©UHGDQVFHUWDLQV
%
YªKLFXOHV


'RXEOHEUDVRVFLOODQW 6HVDYDQWDJHVVRQWOHVVXLYDQWV
'DQVOHFDVGXGRXEOHEUDVRVFLOODQW /HVYDULDWLRQVGHFKXWHHWGH
ªJDOHPHQWFRQQXVRXVOHQRPGH FRQYHUJHQFHSHXYHQW«WUH
WULDQJOHVVXSHUSRVªVO LQVWDOODWLRQ UHODWLYHPHQWUªGXLWHVHQIRQFWLRQ
FRPSWHGHX[WULDQJOHVSRVªVO XQDX GHODORQJXHXUGHVHVEUDV
GHVVXVGHO DXWUH 6LPSOLFLWªHWSUªFLVLRQGDQVOD
'DQVFHJHQUHGHVXVSHQVLRQV GLUHFWLRQ
O ªOªPHQWªODVWLTXHSHXW«WUHVRLWXQ / LQFOLQDLVRQGHO D[HGHURWDWLRQ
UHVVRUWVRLWXQHEDUUHGHWRUVLRQHW GXEUDVVXSªULHXUSHUPHWGH
O DPRUWLVVHXUHVWHQJªQªUDOHQFDVWUª FRPSHQVHUOHWDQJDJHVH
SURGXLVDQWORUVGXIUHLQDJH
GDQVOHVWULDQJOHV
4XDQW¡VHVLQFRQYªQLHQWVFHX[FL %
&HV\VW©PHHVWUDUHPHQWXWLOLVªGDQV
VRQWOHVVXLYDQWV
OHVYªKLFXOHVGHWRXULVPHXWLOLWDLUHV
6DFRQFHSWLRQHQFRPSOLTXH
PDLVLODSSRUWHDXYªKLFXOHXQH *U£FHDXJXLGDJHGHVGHX[EUDVOH
O LQVWDOODWLRQVXUGHVYªKLFXOHVGH GªSODFHPHQWGHODURXHFRQVHUYHVDYHUWLFDOLWª
ERQQHVWDELOLWªGHPDUFKHHWXQ
WUDFWLRQDYDQW
FRPSRUWHPHQWH[FHSWLRQQHO
6RQSRLGVHVWVXSªULHXU¡FHOXL
2QOHWURXYHSOXWµWGDQVGHJUDQGHV
GX0F3HUVRQ
EHUOLQHVRXVXUGHVYªKLFXOHVVSRUWLIV
KDXWHVSHUIRUPDQFHV

$PRUWLVVHXU

7ULDQJOHVXSªULHXU

&DUURVVHULH

5HVVRUW

7ULDQJOHLQIªULHXU
/DURXHHVWXQLH¡ODFDUURVVHULHDXPR\HQGX
% WULDQJOHVXSªULHXUHWGXWULDQJOHLQIªULHXU


 &KDTXHDUFKLWHFWXUHDSSRUWHQWGLIIªUHQWVDYDQWDJHVDORUVTXHFHOOH¡EUDVRVFLOODQWVREOLTXHV
HWFHOOH¡EUDVORQJLWXGLQDOVRQWXWLOLVªHVVXUOHVYªKLFXOHVGHWUDFWLRQDYDQW
OHSRQWGH'LRQHVWH[FOXVLYHPHQWPRQWªVXUOHVYªKLFXOHV¡SURSXOVLRQ

/HVW\SHVGHVXVSHQVLRQVGHURXHV 'DQVFHJHQUHGHVXVSHQVLRQODURXH
LQGªSHQGDQWHVGXWUDLQDUUL©UHOHV FKDQJHGHSRVLWLRQHQIRQFWLRQGHV
SOXVFRXUDQWHVVRQWOHVVXLYDQWV GªSODFHPHQWVYHUWLFDX[3OXVO DQJOH
%UDVRVFLOODQWREOLTXH GHFHVEUDVVHUDJUDQGSOXVJUDQGH
%UDVORQJLWXGLQDO VHUDODYDULDWLRQ
%UDVORQJLWXGLQDO¡GRXEOHEUDV 'DQVOHVYLUDJHVFHODSHUPHW
WUDQVYHUVDO O DXJPHQWDWLRQGHO DQJOHGHODURXH
' DXWUHVW\SHVGHVXVSHQVLRQVVRQW SDUUDSSRUW¡ODFKDXVVªHORUVTXHOH
DXVVLVRXYHQWXWLOLVªVWHOVTXHOD
UHVVRUWGHODURXHH[WªULHXUHVH
VXVSHQVLRQGHW\SH0F3KHUVRQ
%
FRPSULPHHWSDUFRQVªTXHQW
O REWHQWLRQG XQHPHLOOHXUH
%UDV2VFLOODQW2EOLTXH
,OHVWFRPSRVªGHGHX[EUDV DGKªUHQFH
/RUVTXHODVXVSHQVLRQVHFRQWUDFWHOH
GªSODFHPHQWGXEUDVHQWUD¯QHXQH RVFLOODQWVVLWXªVHQVHQVREOLTXHSDU
DXJPHQWDWLRQGXFRQWDFWGXSQHXPDWLTXH UDSSRUW¡O D[HORQJLWXGLQDOGX
YªKLFXOH

%UDVRVFLOODQW

3RLQWGHIL[DWLRQ¡ODFDUURVVHULH

%


%UDV/RQJLWXGLQDO
,OVHGLVWLQJXHGXSUªFªGHQWGHSDUOD
GLVSRVLWLRQORQJLWXGLQDOHGHVEUDV
SDUUDSSRUWDXYªKLFXOH,OQ H[LVWH (VVLHXG DSSXL
GRQFSDVGHYDULDWLRQGHVFRWHVGH
VXVSHQVLRQGDQVOHVPRXYHPHQWV
YHUWLFDX[
6RQSOXVJUDQGDYDQWDJHFRQVLVWH
GDQVOHIDLWTXHOHSQHXJDUGH
WRXMRXUVODP«PH]RQHGHFRQWDFW
DYHFODFKDXVVªHFHTXLHQGLPLQXH
O XVXUH %UDV

%UDVORQJLWXGLQDO¡GRXEOH
%
EUDVWUDQVYHUVDO
&HJHQUHG DUFKLWHFWXUHSURYLHQWGX
EUDVORQJLWXGLQDOGDQVOHTXHOVRQW /HEUDVHWO HVVLHXIRUPHQWXQDQJOHGHRGHID¨RQ¡FHTXHODSRVLWLRQGHYHUWLFDOLWªGHODURXHSDU
UDSSRUW¡ODFKDXVVªHQHVRLWSDVDOWªUªHORUVTXHODURXHPRQWH
LQFRUSRUªVGHX[EUDVWUDQVYHUVDX[HW
XQFK£VVLVDX[LOLDLUH
/HVEUDVWUDQVYHUVDX[O XQVXSªULHXU
HWO DXWUHLQIªULHXUJXLGHQWOH
&K£VVLVDX[LOLDLUH
GªSODFHPHQWGHODURXHSHQGDQWOD
FRXUVHGHFRPSUHVVLRQHW
G H[SDQVLRQGHODVXVSHQVLRQ/HXU
IL[DWLRQVHIDLWDXPR\HQGH
%UDV
VLOHQWEORFVDXEUDVORQJLWXGLQDOHWDX WUDQVYHUVDX[
FK£VVLVDX[LOLDLUHOHTXHOHVWXQL¡OD
FDUURVVHULH¡TXDWUHHQGURLWV
/HUµOHGXFK£VVLVDX[LOLDLUHHVW
G DFFXHLOOLUHWGHVXSSRUWHUOH
3RLQWG XQLRQ¡ODFDUURVVHULH
GLIIªUHQWLHODUUL©UH&HGHUQLHUQHIDLW
GRQFSDVSDUWLHGHVPDVVHVQRQ
VXVSHQGXHV
%UDVORQJLWXGLQDO
%

,OHVWHVVHQWLHOOHPHQWXWLOLVªVXUGHVYªKLFXOHVGHWUDQVPLVVLRQLQWªJUDOH


 /DSOXSDUWGHVYªKLFXOHVGHWRXULVPHXWLOLVHQWDXMRXUG KXLGHVV\VW©PHV
GHVXVSHQVLRQVVSªFLDOHVDILQGHSRXYRLU
DGDSWHUOHGªSODFHPHQWGHVURXHVDXFRXUVGHODFRQGXLWH

(1352)21'(85 (VVLHX7RUVLRQQHO VWDELOLVDWULFHHQDWWªQXDQWOHV

6RQXWLOLVDWLRQHVWDVVH]FRXUDQWHHW WDQJDJHVGHODFDUURVVHULH
6XVSHQVLRQVFRQMXJXªHV H[FOXVLYHPHQWUªVHUYªH¡O HVVLHX &RPSWHWHQXGHVDSHWLWHWDLOOHHOOH
&HVRQWFHOOHVGDQVOHVTXHOOHVODVXVSHQVLRQ
DYDQWFRPPXQLTXHDYHFODVXVSHQVLRQ DUUL©UHGHVYªKLFXOHVGHWUDFWLRQ SUªVHQWHªJDOHPHQWO DYDQWDJHGH
DUUL©UHGXP«PHFµWªGXYªKLFXOH DYDQW ODLVVHUGDYDQWDJHG HVSDFHSRXUOH
(OOHDSSRUWHXQHJUDQGHUªGXFWLRQGX ,OHVWFRQVWLWXªGHGHX[EUDV FRIIUHGXYªKLFXOH
WDQJDJHGXYªKLFXOHHQFLUFXODWLRQHW ORQJLWXGLQDX[HWG XQSURILOHQIRUPH
DPªOLRUHODVªFXULWªHWOHFRQIRUWGDQVOD
FRQGXLWH
GH8 0XOWLEUDV 0XOWLOLQN
/ XQLRQHQWUHODURXHDYDQWHWODURXHDUUL©UH
' XQFµWªOHVEUDVVRQWXQLV¡OD &HJHQUHGHVXVSHQVLRQWURXYHVRQ
SHXWVHIDLUHDXPR\HQG ªOªPHQWV FDUURVVHULHDXPR\HQGHVLOHQWEORFV RULJLQHGDQVOHGRXEOHEUDVRVFLOODQW
PªFDQLTXHV UHVVRUWV RXK\GUDXOLTXHV HQ HWGHO DXWUHDXPR\HXGHODURXH PDLVGDQVXQHYHUVLRQSOXVDYDQFªH
JªQªUDOGHO KXLOH  &HWWHVWUXFWXUHSHUPHWXQHFHUWDLQH (OOHVHFRPSRVHGHEUDVPXOWLSOHV
/ REMHFWLISULQFLSDOGHODVXVSHQVLRQ
OLEHUWªGHPRXYHPHQWHQWUHOHVEUDV GRQWOHQRPEUHYDULHHQWUHWURLVHW
FRQMXJXªHHVWOHVXLYDQWORUVTXHOHVURXHV
DYDQWUHQFRQWUHQWXQREVWDFOHTXLOHVIDLW
JU£FH¡ODWHQVLRQTXHSHUPHWOH FLQTHQIRQFWLRQGHODFRQFHSWLRQGH
V ªOHYHUOHPªFDQLVPHIDLWDXJPHQWHUOD SURILOHQ8'HP«PHHOOHHVW ID¨RQ¡SHUPHWWUHXQHPHLOOHXUH
GLVWDQFHHQWUHODFDUURVVHULHHWODURXH UªVLVWDQWHDX[IRUFHVODWªUDOHV DGDSWDWLRQGHVFRWHVHQIRQFWLRQGHV
DUUL©UHGHVRUWHTXHORUVTXHFHWWHGHUQL©UH /DWRUVLRQGXSURILOOXLGRQQHOH FLUFRQVWDQFHVGHODFRQGXLWHHWGX
UHQFRQWUHO REVWDFOHODFDUURVVHULHDFFXVH¡
P«PHFRPSRUWHPHQWTX XQHEDUUH JHQUHGHFKDXVVªH
SHLQHGHPRXYHPHQW

%UDVORQJLWXGLQDO
%

3URILOHQ8

%


 (1352)21'(85
%UDVWUDQVYHUVDO
9DULDWLRQVGHVFRWHVGHVXVSHQVLRQ
'DQVODVXVSHQVLRQ¡GRXEOHEUDVRVFLOODQW
OHVEUDVVRQWSODFªVHQSDUDOO©OHHQWUHHX[
)XVªH HWSDUUDSSRUW¡ODFKDXVVªHGHID¨RQ¡FH
TXHO DQJOHGHFKXWHQHSXLVVHVXELU
G DOWªUDWLRQVSHQGDQWOHXUFRXUVH
&DUURVVHULH
/ DSSRUWGHODPRLQGUHYDULDWLRQGDQVOD
ORQJXHXURXODGLVSRVLWLRQGHFHVEUDV
FRPSRUWHUDLWDXWRPDWLTXHPHQWGHV
YDULDWLRQVGHVFRWHV
7HOOHHVWO XQHGHVSULQFLSDOHVGLIIªUHQFHV
H[LVWDQWHQWUHFHJHQUHGHVXVSHQVLRQHWOD
VXVSHQVLRQPXOWLEUDV
'DQVOHFDVGHODVHFRQGHFRPSWHWHQXGX
JUDQGQRPEUHGHEUDVFHVGHUQLHUVRIIUHQW
GHQRPEUHXVHVSRVVLELOLWªVGHGLVSRVLWLRQ
GHID¨RQ¡FHTXHGHVYDULDWLRQVGHOD
%UDVLQIªULHXU
JªRPªWULHSXLVVHQWH[LVWHUGDQVOHV
PRXYHPHQWVGHODVXVSHQVLRQHQIRQFWLRQ
%UDVGHJXLGDJH
GHVFLUFRQVWDQFHV3DUH[HPSOHXQH
DXJPHQWDWLRQGHO DYDQFHSRXUDPªOLRUHUOD
%
VWDELOLWªORUVTXHODURXHUHQFRQWUHXQ
REVWDFOHRXSRXUªYLWHUOHVFKDQJHPHQWVGH
FRQYHUJHQFHVGDQVGHVPDQRHXYUHV
6HVSULQFLSDX[DYDQWDJHVVRQWOHV 7RXWFHODSHUPHWXQHPRLQGUHXVXUH
G DFFªOªUDWLRQRXGHIUHLQDJH
VXLYDQWV GHVSQHXPDWLTXHVTXHOOHVTXH
(OOHPDLQWLHQWOHVURXHVHQDQJOH VRLHQWOHVFRQGLWLRQVGHFRQGXLWHGH
GURLWSDUUDSSRUW¡ODFKDXVVªHGH P«PHTX XQHDXJPHQWDWLRQGHOD
VRUWHTXHWRXWHODVXUIDFHGXSQHX VªFXULWªDFWLYHHWGXFRQIRUWGDQVOD
VRLWHQFRQWDFWDYHFFHOOHFL FRQGXLWH
ORUVTXHOHYªKLFXOHFLUFXOHHQOLJQH 4XDQW¡VHVLQFRQYªQLHQWVFHX[FL
GURLWH VRQWOHVVXLYDQWV
(WHQSUHQDQWXQYLUDJHHOOH &R¼WGHIDEULFDWLRQªOHYªHW
PRGLILHOHVFRWHVGHGLUHFWLRQ LQVWDOODWLRQFRPSOH[H
FKXWHHWFRQYHUJHQFH DILQGH 3RLGVVXSªULHXU¡FHOXLG DXWUH
IDFLOLWHUODPDQRHXYUHHWG REWHQLU V\VW©PHV
XQHERQQHVXUIDFHGHFRQWDFWDYHF &RPSWHWHQXGHFHVLQFRQYªQLHQWV
OHVRO'HP«PHFHODSHUPHW VRQXWLOLVDWLRQHVWDXMRXUG KXL
G ªYLWHUO HIIHWQªJDWLITX H[HUFHQW OLPLWªHDX[EHUOLQHVHWDX[YªKLFXOHV
OHVURXHVVXUOHYRODQW KDXWHVSHUIRUPDQFHV

 /HVV\VW©PHVGHVXVSHQVLRQDFWLYHSHUPHWWHQWGHUªJOHUODKDXWHXUGXYªKLFXOHHQ
IRQFWLRQGHVYDULDWLRQVGHFKDUJHHWGHVLUUªJXODULWªVGHODFKDXVVªH

'DQVXQV\VW©PHGHVXVSHQVLRQ &RPSRVDQWVPªFDQLTXHV
LGªDOODSRVLWLRQGHVURXHVGHYUDLW &HX[FLVRQWFKDUJªVGHPRGLILHUOD
WRXMRXUVUHVWHUODP«PHSDUUDSSRUW¡ KDXWHXUGXYªKLFXOHHQIRQFWLRQGX
ODFDUURVVHULH FRQWUµOHUªDOLVªSDUOHVªOªPHQWVGH
JHVWLRQ&HVFRPSRVDQWV
3ULQFLSHGH%DVH PªFDQLTXHVVRQWOHVVXLYDQWV
6RQEXWHVWGHFRQWUµOHUODKDXWHXUGX *ªQªUDWHXUGHSUHVVLRQ
YªKLFXOHHQIRQFWLRQGHVYDULDWLRQVGH ,OFUªHODSUHVVLRQG DLURXG KXLOH
SRLGVHWGHO ªWDWGHODFKDXVVªH VHORQTXHOHV\VW©PHVRLW
3RXUFHIDLUHGLIIªUHQWVªOªPHQWV K\GUDXOLTXHRXSQHXPDWLTXH
PªFDQLTXHVSQHXPDWLTXHVRX SUHVVLRQTXLVHUDDSSOLTXªH¡GHV
K\GUDXOLTXHVVRQWQªFHVVDLUHVGH EORFVSQHXPDWLTXHVUªJODQWOD
P«PHTXHOHVªOªPHQWVGHODJHVWLRQ KDXWHXUGXYªKLFXOH
ªOHFWURQLTXH 6LOHV\VW©PHHVWGHW\SH
SQHXPDWLTXHLOV DJLUDG XQ
FRPSUHVVHXUHWVLOHV\VW©PHHVW
$YDQWDJHV
/HFRQWUµOHVXUODKDXWHXUGXYªKLFXOH K\GUDXOLTXHLOV DJLUDG XQHSRPSH
GRQQHOLHXDX[DYDQWDJHVVXLYDQWV ,OVSHXYHQW«WUHDFWLRQQªVSDUOH
3OXVJUDQGFRQIRUWGHVRFFXSDQWV PRWHXUGXYªKLFXOHRX«WUH
SHQGDQWODPDUFKH ªOHFWULTXHV
$PªOLRUDWLRQGHODVWDELOLWªGDQV $FFXPXODWHXUGHSUHVVLRQ
,OPDLQWLHQWXQHSUHVVLRQªWDEOLHGX
OHVYLUDJHV
V\VW©PHHWG DOLPHQWDWLRQGH
0RLQGUHHIIHWGXURXOLVHWGX
UªVHUYH,ODEVRUEHOHVIOXFWXDWLRQV
WDQJDJHGXYªKLFXOH
'LPLQXWLRQGHO XVXUHGHV GHSUHVVLRQTXHSURGXLVHQWOHV
SQHXPDWLTXHV JªQªUDWHXUV

'DQVOHVV\VW©PHVDFWXHOVOHVGLIIªUHQWHV
SRVLWLRQVSHXYHQW«WUHVªOHFWLRQQªHVGHID¨RQ
PDQXHOOHHQIRQFWLRQGHVEHVRLQVGX
FRQGXFWHXURXGHID¨RQDXWRPDWLTXHJU£FH¡
%
ODJHVWLRQªOHFWURQLTXH


%ORFSQHXPDWLTXH ªOHYHUOHYªKLFXOHRXGHGLPLQXHU
6RQIRQFWLRQQHPHQWHVWGªFULWGDQV OHXUFDSDFLWªORUVTXHOHFRQGXFWHXU
ODUXEULTXHLQWLWXOªHªOªPHQWV GªVLUHIDLUHGHVFHQGUHOHYªKLFXOH
ªODVWLTXHV%ORFSQHXPDWLTXH (QFDVGHUªJODJHDXWRPDWLTXHOHV
FDSWHXUVGHQLYHDXLQIRUPHQWO XQLWª
ŠOªPHQWVGHODJHVWLRQ GHFRPPDQGHªOHFWURQLTXHGHV
/HXUUµOHHVWGHJªUHUHWGHFRQWUµOHU YDULDWLRQVGHODVXVSHQVLRQGHID¨RQ
O DFWLYDWLRQGHVFRPSRVDQWV FRQWLQXH
PªFDQLTXHV 6LO XQLWªGªWHUPLQHTXHODKDXWHXU
&DSWHXUGHQLYHDX GRLW«WUHFRUULJªHHOOHDFWLYHOHV
,OHVWFKDUJªGHGªWHFWHUOHV
ªOHFWURYDQQHVSRXUDXJPHQWHURX
YDULDWLRQVGHKDXWHXUGXYªKLFXOHRX
GLPLQXHUODSUHVVLRQGDQVOHVEORFV
OHVLQFOLQDLVRQVGHODFDUURVVHULH
SQHXPDWLTXHV
WHOOHVTXHFHOOHVTXLVHSURGXLVHQW
GDQVOHVYLUDJHV,OVVRQWVLWXªVHQWUH
OHFK£VVLVHWOHEUDVGHVXVSHQVLRQ
8QLWªGHFRPPDQGHªOHFWURQLTXH
(OOHGªWHUPLQHO ªWDWGHODFRQGXLWH
8QLWªGHFRPPDQGHªOHFWURQLTXH
JU£FHDX[VLJQDX[TX HOOHUH¨RLWGHV
FDSWHXUVHWU©JOHODKDXWHXUGHV
EORFVSQHXPDWLTXHVHQDFWLYDQWOHV
ªOHFWURYDQQHVGXV\VW©PH
ŠOHFWURYDQQHV
(OOHVRXYUHQWHWIHUPHQWOHSDVVDJH
%ORFSQHXPDWLTXH
GHODSUHVVLRQGXJªQªUDWHXUDX[
EORFVSQHXPDWLTXHV
*ªQªUDWHXU
GHSUHVVLRQ
)RQFWLRQQHPHQW
/HUªJODJHSHXW«WUH
$FFXPXODWHXUGHSUHVVLRQ
 $XWRPDWLTXH
 0DQXHO
ŠOHFWURYDQQH
3RXUOHUªJODJHPDQXHOOH &DSWHXUGHQLYHDX
FRQGXFWHXUGRLWXWLOLVHUXQGLVSRVLWLI
GRWªVGHGLIIªUHQWHVSRVLWLRQVTXLOXL
%
SHUPHWWHQWG DXJPHQWHUODFDSDFLWª
GHVEORFVSQHXPDWLTXHVDYHFGX
IOXLGHSURYHQDQWGXJªQªUDWHXUSRXU


 / LGªHG XWLOLVHUGHO DLUGDQVOHVURXHVDSSDUXWHQ
PDLVQHIXWPLVHHQRHXYUHTXHYHUV

(1352)21'(85 /H3ULQFLSH /DSOXSDUWGHVSUHVWDWLRQVGHV

/HVSUHPL©UHVURXHVPRQWªHVVXUOHV YªKLFXOHVPRGHUQHVVRQWGXHVDX[
/HSQHXPDWLTXHWHOTXHQRXVOHFRQQDLVVRQV
DXWRPRELOHVQ ªWDLHQWDXWUHTXH KDXWHVSUHVWDWLRQVGHVURXHVHW¡
DXMRXUG KXLIXWLQYHQWªHQSDUWLUGH
O KªULWDJHGHVDQFLHQQHVYRLWXUHV O HIILFDFLWªGHVSQHXPDWLTXHV
O¡VRQªYROXWLRQIXWUDSLGH4XHOTXHV
DQQªHVSOXVWDUGODFKDPEUHIXWEUHYHWªH WLUªHVSDUGHVFKHYDX[HOOHVªWDLHQW 'HVIDFWHXUVDXVVLLPSRUWDQWVTXHOD
(OOHFRQVLVWDLWGDQVXQWX\DXHQFDRXWFKRXF IDEULTXªHVHQERLVDYHFXQHEDQGH VªFXULWªDFWLYHODFDSDFLWªGH
GHVWLQª¡FRQWHQLUGHO DLUTXLSRXYDLW«WUH GHURXOHPHQWPªWDOOLTXH3OXVWDUG IUHLQDJHRXOHFRQIRUWGXYªKLFXOH
PRQWªHWGªPRQWªLQGªSHQGDPPHQWGH GªSHQGHQWODUJHPHQWGHVURXHVHWGH
ODEDQGHGHURXOHPHQWIXWUHPSODFªH
O HQYHORSSH/HVSUHPLHUVSQHXPDWLTXHV¡
SDUXQHEDQGHHQFDRXWFKRXF OHXUSDUIDLWªWDW
DYRLUªWªPRQWªVªWDLHQWWU©VªWURLWVHWG XQ
JUDQGGLDP©WUHOHXUSUHVVLRQGHYDLWGRQF PDVVLISXLVSDUOHSQHXPDWLTXH¡
«WUHWU©VªOHYªHVG HQWUHHW.JFP   DLUODMDQWHGHUD\RQVPªWDOOLTXHVHW )RQFWLRQVGHEDVH
HQOHSQHXPDWLTXHGLWGH /HVURXHVVRQWOHVSLHGVGH
EDVVHSUHVVLRQDYHFMDQWHPªWDOOLTXH O DXWRPRELOHHOOHVPHWWHQWOH
ILWVRQDSSDULWLRQ&HVSQHXPDWLTXHV YªKLFXOHHQFRQWDFWDYHFOHVROHW
ªWDLHQWGªM¡SUHVTXHLGHQWLTXHV¡  7UDQVIRUPHQWOHPRXYHPHQWGH
FHX[TXHQRXVFRQQDLVVRQV URWDWLRQGXPRWHXUHQPRXYHPHQW
DXMRXUG KXLOHVGLIIªUHQFHV G DYDQFHJU£FH¡OHXUUªVLVWDQFHDX
SULQFLSDOHVUªVLGDQWHVVHQWLHOOHPHQW GªUDSDJH
GDQVOHVPªWKRGHVGHIDEULFDWLRQ

%


 -DQWH
5RXH

/DMDQWHO HQYHORSSHHWODFKDPEUHIRUPHQW
(QYHORSSH &KDPEUH O HQVHPEOHGHODURXHELHQTXHDFWXHOOHPHQW
QRPEUHXVHVVRQWOHVURXHVTXLQHGLVSRVHQW
%
SOXVGHFKDPEUH

 (OOHVRIIUHQWXQHJUDQGHUªVLVWDQFH 3DUWLHVGHODURXH
DXGªUDSDJHVXUOHVRODXPRPHQW  /DMDQWHHVWODSDUWLHPªWDOOLTXHRº
GXIUHLQDJH ORJHO HQYHORSSH(OOHHVWIL[ªHDX
 (OOHVVXSSRUWHQWOHSRLGVGX PR\HXGHURXHGXYªKLFXOH&HOOH
YªKLFXOHHWIDFLOLWHQWOHPRXYHPHQW FLSHXW«WUHHQDFLHURXHQDOOLDJH
GDQVOHPRLQGUHHIIRUW G DOXPLQLXP
 (OOHVGLULJHQWO DXWRPRELOHSRXU  /HSQHXPDWLTXHHVWODSDUWLHVH
REWHQLUOHVFKDQJHPHQWVGH WURXYDQWHQFRQWDFWSHUPDQHQW
GLUHFWLRQ DYHFOHVRO,OHVWªJDOHPHQWFRQQX
 (OOHVDEVRUEHQWHWDPRUWLVVHQWOHV VRXVOHQRPG HQYHORSSH
FKRFVHWOHVFRXSVSURYRTXªVSDU  / DLUHVWLQGLVSHQVDEOHSRXU
OHVSHWLWHVLUUªJXODULWªVGHOD UHPSOLUOHSQHXPDWLTXHHWGRQQH
FKDXVVªH ªODVWLFLWª¡O HQVHPEOH
'HSOXVOHVURXHVGRLYHQW«WU  /DFKDPEUHVHWURXYH¡O LQWªULHXU
HOHSOXVOªJ©UHVSRVVLEOHVGHID¨RQ GXSQHXPDWLTXHHWVHUW¡FRQWHQLU
¡FHTXHOHVPDVVHVQRQVXVSHQGXHV O DLUELHQTXHDFWXHOOHPHQW
GXYªKLFXOHVRLHQWOHVSOXVSHWLWHV SUHVTXHWRXWHVOHVHQYHORSSHV
SRVVLEOHHW¡DLQVLDPªOLRUHUOHV VRLHQWGHW\SHVDQVFKDPEUH

TXDOLWªVGHODVXVSHQVLRQ
 /HSQHXPDWLTXHDSSRUWHªODVWLFLWª¡ODURXH
HWHVWOHSUHPLHUªOªPHQWGHVXVSHQVLRQGHO DXWRPRELOH

(1352)21'(85
,OV DJLWGHODSDUWLHVRXSOHGHODURXH &DUDFWªULVWLTXHVSULQFLSDOHV
HWTXLVHWURXYHHQFRQWDFWDYHFOH  6RXSOHVVHTXLHVWODFDSDFLWªGH
/HFDRXWFKRXF
& HVWODJRPPHªODERUªH¡SDUWLUGH VRO,OHVWQRUPDOHPHQWGHFRXOHXU VHGªIRUPHUHWGHUHSUHQGUHVD
PDWªULDX[TXLSURYLHQQHQWGHODQDWXUH6HV QRLUHHVWHVVHQWLHOOHPHQWIDEULTXª IRUPHG RULJLQHSRXUQHXWUDOLVHU
SURSULªWªVSULQFLSDOHVVRQW/ ªODVWLFLWªOD HQFDRXWFKRXFHWHVWIL[ª¡ODMDQWH OHVSHWLWHVLUUªJXODULWªVGHOD
GXUHWª¡O DEVRUSWLRQODUªVLVWDQFHDX FKDXVVªHHWRIIULUXQFRQIRUWDX[
JU£FH¡ODSUHVVLRQH[HUFªHSDUO DLU
YLHLOOLVVHPHQWO LPSHUPªDELOLWªHWOD
GDQVVRQLQWªULHXU RFFXSDQWV
GLIILFXOWªGHGªIRUPDWLRQSHUPDQHQWH
/HSQHXPDWLTXHHVWFRPSRVªGH  5ªVLVWDQFH¡O XVXUHDX[FKRFVHW
6RQFRPSRVDQWSULQFLSDOHVWOHODWH[
SURGXLWOLTXLGHGHFRXOHXUEODQFK£WUHTXH SOXVLHXUVWRLOHVFHVGHUQL©UHVªWDQW DX[WHPSªUDWXUHVGXHVDX[
O RQH[WUDLWGHFHUWDLQVDUEUHVHWSODQWHV,O XQHQVHPEOHGHFRXFKHVWH[WLOHVHW FRQVWDQWVHIIRUWVDX[TXHOVHVW
H[LVWHGHJUDQGHVSODQWDWLRQVFRQVDFUªHV¡
GHILQVILOVGHIHU&HVFRXFKHVHWXQ VRXPLVOHSQHXPDWLTXH
O H[WUDFWLRQGXODWH[HVVHQWLHOOHPHQWHQ  $GKªUHQFHTXLHVWODFDSDFLWª
$PªULTXHGX6XGHQ$VLHHQ$PªULTXH
UHY«WHPHQWH[WHUQHHQFDRXWFKRXF
G DFFURFKDJHTX DOD
FHQWUDOHHWHQ$IULTXH VRQWXQLVGDQVOHFDGUHGXSURFHVVXV
SQHXPDWLTXH
3URFHVVXVG ªODERUDWLRQ ILQDOGHIDEULFDWLRQDSSHOª
8QIRLVREWHQXOHODWH[HVWPªODQJª¡GH
YXOFDQLVDWLRQ
O HDXPªODQJHGXTXHOVRQWHQVXLWHH[WUDLWHV
OHVLPSXUHWªVHWTX LOIDXWODLVVHUUHSRVHU
MXVTX ¡VDFRDJXODWLRQ
,OSHXWªJDOHPHQW«WUHIDEULTXªGHID¨RQ
DUWLILFLHOOH/HVSURGXLWVDLQVLREWHQXVVRQW
DSSHOªVGHVªODVWRP©UHVV\QWKªWLTXHVHW
ELHQTXHOHXUDVSHFWVRLWVLPLODLUH¡FHOXLGX
FDRXWFKRXFQDWXUHOOHXUVSURSULªWªVVRQW
LQIªULHXUHV¡FHOOHVGHFHGHUQLHUVXUWRXWGX
SRLQWGHYXHGHO DGKªUHQFH

/HSQHXPDWLTXHGRLW«WUHIOH[LEOHDGKªUDQWHW
%
UªVLVWDQW¡O XVXUH


6WUXFWXUH GHSURILOHWOHFRPSRUWHPHQWGXSQHX
(1352)21'(85
 %DQGHGHURXOHPHQW YDULHUDHQIRQFWLRQGHFHWWHKDXWHXU
,OV DJLWGHODVXUIDFHG DSSXLGX 9XOFDQLVDWLRQ
8QSOXVKDXWSURILOVXSSRVHXQSOXV
/DYXOFDQLVDWLRQHVWXQSURFHVVXVTXL
SQHXPDWLTXH(OOHFRQVLVWHGDQVXQH JUDQGFRQIRUWHWXQSURILOSOXVEDV SHUPHWGHPRGLILHUOHVSURSULªWªV
FRXFKHªSDLVVHGHFDRXWFKRXFDYHF IDYRULVHODVWDELOLWª SK\VLTXHVGXFDRXWFKRXFOHUHQGDQWXWLOH
GHVVLOORQVTXLGªILQLVVHQWOHGHVVLQ /HVPHVXUHVHWOHVFDUDFWªULVWLTXHV SRXUGHQRPEUHX[XVDJHVLQGXVWULHOVGRQW
/HVLQGLFDWHXUVG XVXUHTXL GXSQHXVRQWJUDYªHVVXUOHIODQF ODIDEULFDWLRQGHSQHXPDWLTXHV

LQGLTXHQWODOLPLWHG XVXUHGX *U£FH¡ODYXOFDQLVDWLRQOHFDRXWFKRXF

 &DUFDVVHRXDUPDWXUH
GHYLHQWSOXVªODVWLTXHSOXVUªVLVWDQW¡OD
SQHXPDWLTXHVHWURXYHQWVXUOD ,OV DJLWGHO HQVHPEOHGHFRXFKHV
UXSWXUHHWSHXVHQVLEOHDX[FKDQJHPHQWVGH
EDQGHGHURXOHPHQW&HVLQGLFDWHXUV WH[WLOHVRXGHILOGHIHUTXLIRUPHQWOH WHPSªUDWXUH
FRQVLVWHQWGDQVGHVUHFRXSHPHQWV VTXHOHWWHGXSQHXPDWLTXH / XQHGHVSURFªGXUHVFRQVLVWHGDQVOH
HQVDLOOLHGHPP¡O LQWªULHXUGHV $XMRXUG KXLFHWHQVHPEOHUªSRQG EDWWDJHGXFDRXWFKRXFEUXWGHID¨RQ¡OH

VLOORQVGHODEDQGHGHURXOHPHQW SUHVTXHWRXMRXUVXQHVWUXFWXUH UHQGUHSOXVPRXHWKRPRJ©QH2QREWLHQW

DLQVLXQSURGXLWSODVWLTXHSRXYDQW
/RUVTXHODVXUIDFHGXSQHXDWWHLQWOH UDGLDOH/DUªVLVWDQFHOHFRQIRUWHWOD
IDFLOHPHQW«WUHPªODQJªDXVRXIUH/H
QLYHDXGHFHVLQGLFDWHXUVFHOXLFL GXUªHGHYLHGXSQHXGªSHQGHQW
PªODQJHHVWPRXOªGHID¨RQ¡OXLGRQQHUOD
GRLW«WUHFKDQJª ODUJHPHQWGHO DUPDWXUH IRUPHGªVLUªHSXLVHVWFKDXIIª¡XQH
 )ODQF  7DORQ WHPSªUDWXUHVXSªULHXUH¡FHOOHGHODIXVLRQ
,OV DJLWGHODSDUWLHODWªUDOHGX ,OV DJLWGHODSDUWLHTXLSUHQGDVVLVH GXVRXIUH R& 
SQHXPDWLTXH&HWWHGHUQL©UHHVW GDQVODMDQWH,OSRUWHXQDQQHDXGHILO
VRXPLVH¡XQHIOH[LRQFRQVWDQWHDX GHIHUWUHVVªUHFRXYHUWGH
FRXUVGHODPDUFKH/DKDXWHXUGX FDRXWFKRXFHQYXHG ªYLWHUWRXWH
IODQFHVWDXVVLFRQQXHVRXVOHQRP GªIRUPDWLRQ

%DQGHGHURXOHPHQW

7DORQ

)ODQF

$UPDWXUH
/DEDQGHGHURXOHPHQWOHWDORQOHIODQFHW
O DUPDWXUHIRUPHQWO HQVHPEOHGX
% SQHXPDWLTXH


 / LQWURGXFWLRQGXSQHXPDWLTXHVDQVFKDPEUH
DVXSSRVªXQHJUDQGHDYDQFHGDQVODVªFXULWªDFWLYHGHVDXWRPRELOHVTXL
GHQRVMRXUVHQVRQWWRXWHVGRWªHV

(1352)21'(85 'LDJRQDO 5DGLDO

/HVSQHXPDWLTXHVGLDJRQDX[VH 4XDQW¡FHWWHVWUXFWXUHLQWHUQHOHV
3QHXPDWLTXHVVSªFLDX[ FDUDFWªULVHQWSDUOHXUVFRXFKHV WRLOHVVRQWSODFªHVGHVRUWHTXHOHV
$ILQGHGLVSRVHUGHURXHVSRXUGHVXVDJHV
LQWHUQHVDOODQWG XQWDORQ¡O DXWUH ILOVGHIHURXFRUGHVWH[WLOHVDLOOHQW
HWGHVILQDOLWªVSUªFLVHVLOH[LVWHGHV
PRG©OHVVSªFLDOHPHQWFRQ¨XVSRXU (OOHVVRQWFURLVªHVHQWUHRHWR G XQERXW¡O DXWUH&HWWHGLVSRVLWLRQ
%DVVHFRQVRPPDWLRQDSSHOªV8/9 3OXVFHWDQJOHHVWJUDQGHWSOXVOD GHVWRLOHVSUªVHQWHOHVDYDQWDJHV
3RLGV8OWUD/ªJHU 6LOHSRLGVHVWXQ VWDELOLWªGLUHFWLRQQHOOHHVWJUDQGH VXLYDQWV
IDFWHXUGªWHUPLQDQWODVWUXFWXUHLQWHUQHHW
8QHYDULDQWHGHFHJHQUHGHSQHXV 3OXVJUDQGHIOH[LELOLWª
ODEDQGHGHURXOHPHQWGHVRQWDXVVL
HVWOHSQHXPDWLTXH¡DUPDWXUH 3OXVJUDQGHVWDELOLWª
SXLVTX LOVDPªOLRUHQWO DGKªUHQFHHW
UªGXLVHQWODUªVLVWDQFHDXPRXYHPHQWJU£FH GLDJRQDOHUHQIRUFªH&HGHUQLHUSRUWH 3OXVJUDQGHFDSDFLWªGHURXOHPHQW
DXVLOLFHDMRXWªDXFDRXWFKRXF GHVWRLOHVGHUHQIRUFHPHQWHWVH 0RLQGUHFKDXIIDJHGX
1HLJHHWJHODYHFXQHVªULHGHFORXVHQ UHFRQQD¯WSDUODOHWWUH%TX LOSRUWH SQHXPDWLTXH
DFLHUVLWXªVVXUODEDQGHGHURXOHPHQW 1ªDQPRLQVFHVSQHXPDWLTXHV
VXUVRQIODQF/ XVDJHGHFHV
DPªOLRUHQWO DGKªUHQFHGDQVFHJHQUHGH
SQHXPDWLTXHVQ HVWSDVFRXUDQW SUªVHQWHQWXQHPRLQGUHUªVLVWDQFH
FKDXVVªHV
&HWWHVWUXFWXUHSUªVHQWH DXQLYHDXGHVIODQFVRXSDUWLH
$JULFROHVDYHFXQSOXVJUDQGSRXYRLUGH
WUDFWLRQHWXQHKDXWHUªVLVWDQFHDX[FKRFV O LQFRQYªQLHQWG XQHXVXUHUDSLGHHQ ODWªUDOH
JU£FH¡XQUHY«WHPHQWSRUWDQWGHSURIRQGHV UDLVRQGXIURWWHPHQWHQWUHOHV /HVSQHXPDWLTXHVGHFHJHQUHVH
FRXSHVUDGLDOHV
FRXFKHVHWODKDXWHWHPSªUDWXUHGH UHFRQQDLVVHQWSDUO LQVFULSWLRQGHOD
WUDYDLO OHWWUH5VXUOHVIODQFV

5$',$/

',$*21$/

/HSQHXPDWLTXHUDGLDOSUªVHQWHGDYDQWDJH
G DGKªUHQFHGDQVOHVYLUDJHVHQUDLVRQGHVD
%
SOXVJUDQGHIOH[LELOLWªODWªUDOH


 (1352)21'(85
&RQWUµOHDXWRPDWLTXHGHODSUHVVLRQ
,OVHUW¡VXUYHLOOHUODSUHVVLRQGHVSQHXV
SHQGDQWODPDUFKHHWORUVTXHOHYªKLFXOHHVW

-DQWH DUU«WªGHID¨RQFRQWLQXH
/HV\VW©PHHVWFRPSRVªG XQFDSWHXUYLVVª
¡ODYDOYHGXSQHXG XQHDQWHQQHUªFHSWULFH
VLWXªHGDQVOHSDVVDJHGHURXHGHO XQLWªGH
FRPPDQGHªOHFWURQLTXHHWGHO LQGLFDWHXU
VXUOHWDEOHDXGHERUG
/RUVTXHOHFDSWHXUGªWHFWHXQHSHUWHGH
SUHVVLRQVXSªULHXUH¡EDUVLOFKDQJHOH
PRGHGHWUDQVPLVVLRQ/HVLJQDOHVWFDSWª
$QQHDXLQWHUQHHQFDRXWFKRXF SDUO XQLWªGHFRPPDQGHTXLOHWUDLWHSXLV
3QHXPDWLTXH
DFWLYHOHYR\DQWOXPLQHX[G DYHUWLVVHPHQW
GXWDEOHDXGHERUG
/HFDSWHXUHQYRLHGHVVLJQDX[GH
%
UDGLRIUªTXHQFHHWHVWDOLPHQWªSDUXQH
PLFUREDWWHULHGRQWODGXUªHGHYLHHVWGH
SOXVGHVHSWDQV
3QHXPDWLTXHVDQVFKDPEUH SQHXPDWLTXH
& HVWDXMRXUG KXLOHSOXVFRXUDQW,O )RQFWLRQQHPHQW
UHQIHUPHXQUHY«WHPHQWHQ (QFDVGHFUHYDLVRQHWGHSHUWHWRWDOH
FDRXWFKRXFGHEXW\OHPDWªULDX GHO DLUODEDQGHGHURXOHPHQWSUHQG
LPSHUPªDEOH¡O DLU6HVWDORQV DSSXLVXUO DQQHDXLQWHUQHHQ
SRUWHQWGHVVWULHVSRXUDPªOLRUHUOH FDRXWFKRXFFHTXLSHUPHWDX
FRQWDFWDYHFODMDQWHHWO ªWDQFKªLWª YªKLFXOHGHFRQWLQXHU¡FLUFXOHUGDQV
$YDQWDJHV ODOLPLWHGH.PK&RPSWHWHQXGH
3OXVJUDQGHVªFXULWªDFWLYH(QFDV ODFRQVWUXFWLRQGHODURXHOHWDORQ
GHFUHYDLVRQOHGªJRQIODJHUDSLGH UHVWHIL[ª¡ODMDQWHFHTXLJDUDQWLWOD
HVWªYLWªGDQVODPHVXUHRºOD VªFXULWª
JDUQLWXUHLQWªULHXUHHVWYXOFDQLVªH $YDQWDJHV
/HIDLWGHQHSDVDYRLUEHVRLQGH $PªOLRUHODVªFXULWªDFWLYH
FKDPEUHIDFLOLWHOHPRQWDJHHWOH 3RVVLELOLWªGHFLUFXOHUVDQVDLU
GªPRQWDJH GDQVOHSQHX
6 LOHVWGRWªG XQV\VW©PHGH
6\VW©PH3$; FRQWUµOHGHODSUHVVLRQOH
,OFRQVLVWHGDQVXQMDQWHGHQRXYHOOH FRQGXFWHXUHVWDYHUWLGHOD
FRQFHSWLRQTXLUHQIHUPHXQDQQHDX VLWXDWLRQDILQTXHFHGHUQLHU
HQFDRXWFKRXF¡O LQWªULHXUGX UªGXLVHODYLWHVVHGHPDUFKH

 &KDTXHYªKLFXOHDEHVRLQG XQSQHXPDWLTXHDSSURSULª¡VHVSHUIRUPDQFHV
/DYLWHVVHPD[LPXPODFKDUJHHWOHVGLPHQVLRQV
VRQWLQGLTXªVVXUOHVIODQFVSRXUXQHERQQHLGHQWLILFDWLRQ

/HVSQHXPDWLTXHVSHXYHQW«WUH FRPPHOHUDSSRUWH[LVWDQWHQWUHOD
'LDP©WUH LGHQWLILªVHQIRQFWLRQGHOHXUV KDXWHXU + HWODODUJHXUGHVHFWLRQ
5
GLPHQVLRQVHWGHOHXUV 6
FDUDFWªULVWLTXHV /DVªULHHVWLQGLTXªHDSU©VOHFKLIIUH
LQGLTXDQWODODUJHXUGHVHFWLRQGH
'LPHQVLRQV O HQYHORSSH5
/DUJHXUGHVHFWLRQ

 /DUJHXUGHVHFWLRQ /RUVTXHFHWWHYDOHXUQ HVWSDV

,OV DJLWGHODGLVWDQFHHQWUHOHV VSªFLILªHVXUOHSQHXPDWLTXHFH
5

SDUWLHVOHVSOXVVDLOODQWHVGHVIODQFV GHUQLHUDSSDUWLHQW¡ODVªULH
GXSQHXPDWLTXH(OOHHVWH[SULPªH 'HQRVMRXUVLOH[LVWHXQHWHQGDQFH¡
HQPLOOLP©WUHV5 ODIDEULFDWLRQGHVªULHVLQIªULHXUHV¡
 'LDP©WUH HWRXP«PHHQFRUH
,OFRUUHVSRQGDXGLDP©WUHLQWªULHXU
LQIªULHXUHV6LFHVYDOHXUVVRQW
HQWUHWDORQVHWHVWQRUPDOHPHQW
LQIªULHXUHVODGªULYHGªFUR¯WHWOD
H[SULPªHQSRXFHV5
%
VªFXULWªDXJPHQWHDXGªWULPHQWGX
 6ªULHG XQSQHXPDWLTXH
FRQIRUWGHVRFFXSDQWV
/DVªULHG XQSQHXPDWLTXHHVWGªILQLH
'LDP©WUHHWODUJHXUGHVHFWLRQGX
SQHXPDWLTXH
6

+
+ 6ªULH [

6ªULH 6ªULH 6ªULH

/DVªULHHVWOHUDSSRUWHQWUHODKDXWHXUHWOD
ODUJHXUGHVHFWLRQHWHVWH[SULPªHHQ %
SRXUFHQWDJH


 /DYLWHVVHPD[LPXPSRXYDQW«WUHDWWHLQWHDYHF
&RGHGHYLWHVVH
XQSQHXPDWLTXHHVWGªWHUPLQªHSDUOHFRGH
3 LQGLTXªVXUVRQIODQF
4
5
6
7
8
9
:
<

         .PK
%

&DUDFWªULVWLTXHV  &RGHGHYLWHVVH
(1352)21'(85
/HSQHXPDWLTXH¡LQVWDOOHUGRLW«WUH &HFRGHLQGLTXHODYLWHVVHPD[LPXP
TXHSHXWDWWHLQGUHOHYªKLFXOH&HWWH 7DEOHDXGHVLQGLFHVGHFKDUJH
GLIIªUHQWHQIRQFWLRQGXW\SHGH
YªKLFXOHGHVSUHVWDWLRQVHWGH FDUDFWªULVWLTXHHVWLQGLTXªHSDUXQH &RGH NJ &RGH NJ &RGH NJ

O XVDJHDXTXHOHVWGHVWLQªFH OHWWUH¡ODILQGHODGHVFULSWLRQGHV   

  
GHUQLHU3RXUFKRLVLUOHSQHXPDWLTXH GLPHQVLRQV
  
DSSURSULªQRXVGHYRQVWHQLUFRPSWH 59   
  
GHVFDUDFWªULVWLTXHVVXLYDQWHV /DOHWWUH9FRUUHVSRQG¡ODYLWHVVH   
 ,QGLFHGHFKDUJH PD[LPXPNPK   
  
/ LQGLFHGHFKDUJHLQGLTXHOHSRLGV 8QSQHXGRQWOHFRGHGHYLWHVVHHVW   
PD[LPXPTXHSHXWVXSSRUWHUOH LQIªULHXU¡ODYLWHVVHPD[LPXPGX   
  
SQHXPDWLTXHHWHVWLQGLTXªSDUXQ YªKLFXOHQHGRLWMDPDLV«WUHPRQWª   
QXPªURVXUO HQYHORSSHDSU©VOH VXUFHYªKLFXOH/RUVTXHOH   

GLDP©WUHGXSQHXPDWLTXH SQHXPDWLTXHGªSDVVHODYLWHVVH
59 PD[LPXPSRXUODTXHOOHLODªWª
'DQVFHFDVOHQXPªUR FRQ¨XFHOXLFLSHXWVHGªWUXLUH
FRUUHVSRQG¡O LQGLFHGHFKDUJHHW
LQGLTXHXQSRLGVPD[LPXPSDU
SQHXPDWLTXHGH.J


 / HQWUHWLHQGHVSQHXPDWLTXHVQ HVWSDVVHXOHPHQWLPSRUWDQWHSRXUODGXUªHGHYLHGHFHX[FL
PDLVDXVVLSRXUO REWHQWLRQGHO DGKªUHQFHHWGHODVªFXULWªPD[LPXPV

/HSQHXPDWLTXHHVWO XQGHV 'HSOXVHQFDVGHSUHVVLRQ

ªOªPHQWVTXLVHWURXYHVRXPLV¡OD LQFRUUHFWHSHQGDQWOHXUGXUªHGHYLH
SOXVJUDQGHIDWLJXHGDQVOHYªKLFXOH XWLOHLOVQHIHURQWSDVOHXUWUDYDLO
/DVªFXULWªGXYªKLFXOHHWGHVHV FRUUHFWHPHQWOHXUVSHUIRUPDQFHV
RFFXSDQWVGªSHQGHQWGHVRQªWDW G DGKªUHQFHVHURQWHQGHVVRXVGH
3UHVVLRQEDVVH F HVWSRXUTXRLXQHQWUHWLHQFRUUHFW FHTX HOOHVGHYUDLHQW«WUHHWOD
QRXVJDUDQWLUDXQHSOXVJUDQGH FRQVRPPDWLRQGHFDUEXUDQW
VªFXULWªGHPDUFKHXQHSOXVJUDQGH DXJPHQWHUD
DGKªUHQFHHWXQHSOXVORQJXHYLHGHV /DSUHVVLRQGHVSQHXPDWLTXHVGRLW
SQHXPDWLTXHV YDULHUHQIRQFWLRQGXW\SHGH
/DSUHVVLRQGHJRQIODJHO XVXUHGHOD FRQGXLWHDLQVLSRXUXQHFLUFXODWLRQ
EDQGHGHURXOHPHQWHWOHV ¡JUDQGHYLWHVVHRXORUVTXHOH
3UHVVLRQKDXWH GRPPDJHVFDXVªVSDUOHVFKRFVRX YªKLFXOHHVWFKDUJªODSUHVVLRQGRLW
OHVFRXSXUHVGRLYHQW«WUHYªULILªV «WUHDXJPHQWªH
SªULRGLTXHPHQW /DSUHVVLRQGHJRQIODJHGHYUD
WRXMRXUV«WUHYªULILªH¡IURLG/RUVTXH
3UHVVLRQGHJRQIODJH OHVSQHXPDWLTXHVFKDXIIHQWOD
& HVWO XQGHVSRLQWVFOªSRXUOHXU SUHVVLRQDXJPHQWH6LODSUHVVLRQ
3UHVVLRQFRUUHFWH IRQFWLRQQHPHQW6LOHV GHVSQHXPDWLTXHVHVWPRGLILªHGDQV
%
SQHXPDWLTXHVQHVRQWSDVJRQIOªV¡ FHVFRQGLWLRQVODYDOHXUVHUD
ODSUHVVLRQDSSURSULªHFHX[FL HUURQªH

8QHERQQHSUHVVLRQDSSRUWHODJDUDQWLHGHOD V XVHURQWUDSLGHPHQWDXVVLELHQ¡
VXUIDFHGHFRQWDFWPD[LPXP GªIDXWGHSUHVVLRQG DLUTX HQFDV
G H[F©V

8VXUHHQUDLVRQGH 8VXUHHQUDLVRQG XQ 8VXUHHQUDLVRQG XQPDX 8VXUHHQUDLVRQG XQPDX

GªJRQIODJH H[F©VGHSUHVVLRQ YDLVDOLJQHPHQWLQWªULHXU YDLVDOLJQHPHQWH[WªULHXU %


ŠTXLOLEUDJH $OLJQHPHQWGHODGLUHFWLRQ
/ XVXUHGHVSQHXPDWLTXHVQ HVWSDV /HIDLWTXHOHVURXHVFRQVHUYHQWOHV
WRXMRXUVXQLIRUPHHQUDLVRQGH GLPHQVLRQVªWDEOLHVSDUOHIDEULFDQW
YDULDWLRQVGHSRLGV/RUVTXHFHV SRXUODVXVSHQVLRQHWODGLUHFWLRQHVW
GHUQL©UHVRQWOLHXSDUUDSSRUW¡O D[H G XQHH[WU«PHLPSRUWDQFHSRXUOD
GHURWDWLRQVXUXQP«PHSODQOHGLW GXUªHGHYLHGXSQHXPDWLTXHHWOH
GªVªTXLOLEUHVWDWLTXHVHSURGXLW ERQFRPSRUWHPHQWGXYªKLFXOH
&HOXLFLGªFULWGHVPRXYHPHQWV / DOLJQHPHQWGHVURXHVGRLW«WUH
YHUWLFDX[WHOVTXHFHX[GHODURWDWLRQ YªULILªUªJXOL©UHPHQW(QHIIHWVLOHV
G XQHURXHH[FHQWULTXH SQHXPDWLTXHVQHUªSRQGHQWSDVDX[
6LFHVYDULDWLRQVVRQWDV\PªWULTXHV¡ ERQQHVVSªFLILFDWLRQVFHX[FLVH
O D[HFRPPHFHOOHVTXLSRXUUDLHQWVH GªJUDGHURQWUDSLGHPHQWSDUULSDJH
SURGXLUHVXUOHVIODQFVXQ 9ªULILFDWLRQYLVXHOOH
GªVªTXLOLEUHG\QDPLTXHVHSURGXLW ,OHVWWU©VLPSRUWDQWGHYªULILHUOH
GRQWOHFRPSRUWHPHQWFRQVLVWHGDQV QLYHDXG XVXUHGHODEDQGHGH
XQPRXYHPHQWDOODQWG XQERXW¡ URXOHPHQW/HVLQGLFDWHXUVG XVXUH
O DXWUHGHODURXH QRXVSUªYLHQQHQWORUVTXHOH
&HVGHX[GªVªTXLOLEUHVSHXYHQW«WUH SQHXPDWLTXHDDWWHLQWVDOLPLWH
FRPSHQVªVJU£FH¡O DMRXWGH G XVXUH,OIDXWYªULILHUTXHOHSQHX
FRQWUHSRLGVGDQVODMDQWHGHID¨RQ¡ Q DLWDXFXQHFRXSXUHRXFKRF
JDUGHUOHP«PHSRLGVWRXWOHORQJGX SURYRTXªVSDUGHVDJHQWVH[WHUQHV
SQHX

8685('8(810$89$,6Š48,/,%5$*( 8685('8(810$89$,6$/,*1(0(17

(QURWDWLRQ (QURWDWLRQ

$UU«W $UU«W
%


 /HVH[HUFLFHVVXLYDQWVVHUYHQWGHWHVWVG DXWRªYDOXDWLRQ,OVYRXVSHUPHWWURQWGH
FRQQD¯WUHTXHODªWªYRWUHGHJUªGHFRPSUªKHQVLRQGXSUªVHQWFDKLHUGLGDFWLTXH
&HUWDLQHVTXHVWLRQVSHXYHQWDGPHWWUHSOXVG XQHERQQHUªSRQVH
/HVGLIIªUHQWHVTXHVWLRQVHWH[HUFLFHVVRQWFRPSULVGDQVGHX[JURXSHVSRXU
SHUPHWWUHXQHGªWHUPLQDWLRQGHO DSSUHQWLVVDJHSDUWK©PHVODILQGHV
H[HUFLFHVYRXVGHYUH]FRPSWHUOHQRPEUHGHERQQHVUªSRQVHVSDUJURXSH
6LYRXVQ DWWHLJQH]SDVOHQRPEUHGHERQQHVUªSRQVHVLQGLTXªGDQVFKDTXH
UXEULTXHQRXVYRXVFRQVHLOORQVGHUªYLVHUOHVXMHWFRUUHVSRQGDQW

6863(16,21

 /HVRVFLOODWLRQVVRQWGHVPRXYHPHQWVUªSªWªVGHODFDUURVVHULH
$ 9UDL
% )DX[
& &HODGªSHQGGXJHQUHGHVXVSHQVLRQ

 3RXUREWHQLUXQHVXVSHQVLRQ

%DUUHVWDELOLVDWULFH SHUPHWWDQWGHVXSSRUWHUSOXVGH
5HVVRUW $PRUWLVVHXU
FKDUJHLOIDXWPRGLILHU
$ /HVUHVVRUWV
% /HVDPRUWLVVHXUV
& /HVEDUUHV

B13-55


 -RLQGUH DX PR\HQ G XQH IO©FKH OHV FRPSRVDQWV GH FKDFXQH GHV GHX[
FRORQQHVTXLVRQWHQUHODWLRQ
$ %ORFSQHXPDWLTXH  0RGLILHVDIRUFHHQIRQFWLRQGHVD
FRPSUHVVLRQ
% (VVLHXULJLGH  ,OQ H[LVWHSDVG XQLRQVROLGH
HQWUHOHVURXHVG XQP«PHHVVLHX
& 5HVVRUWEDULO  5ªGXLWOHVRVFLOODWLRQVGX
YªKLFXOH
' 6XVSHQVLRQGHURXHV  $SSURSULªSRXUVXSSRUWHUGHOD
LQGªSHQGDQWHV FKDUJH

( $PRUWLVVHXU  &RQWUµOHGHODKDXWHXUGXYªKLFXOH

 1RWH]GDQVFKDTXHLPDJHODIRQFWLRQGXFRPSRVDQW
$ $PRUWLUOHVLPSDFWVGHODFKDXVVªH
% ŠYLWHUOHVRVFLOODWLRQVGHODFDUURVVHULH
& 5ªGXLUHOHURXOLVGHODFDUURVVHULH

B13-56 B13-57 B13-58

  

 /HTXHOGHVUHVVRUWVVXLYDQWVHVW
$ % &
LOGHWHQVLRQFRQVWDQWH"
$
%
&

B13-59


  ' DSU©VO LPDJHGXEORF
SQHXPDWLTXHODURXHGXYªKLFXOH
VHWURXYHHQSKDVHGH
$'HVFHQWH
%0RQWªH
&5HSRV

B13-60

 TXHOW\SHG DUFKLWHFWXUHGH
VXVSHQVLRQO LOOXVWUDWLRQFL
FRQWUHFRUUHVSRQGWHOOH"
$6SªFLDOHV
%'HURXHVLQGªSHQGDQWHV
&' HVVLHXULJLGH

B13-61

 'DQVXQHVXVSHQVLRQDFWLYHRºSODFHULH]YRXVOHFDSWHXUGHQLYHDX"

$ 'DQVOHEORFSQHXPDWLTXH

%(QWUHODFDUURVVHULHHWXQFRPSRVDQWVHGªSOD¨DQWDYHFOHV
PRXYHPHQWVGHODVXVSHQVLRQ

&(QWUHGHX[FRPSRVDQWVPRELOHVGHODVXVSHQVLRQG XQHP«PHURXH


 'HVGHX[LOOXVWUDWLRQVVXLYDQWHVTXHOOHHVWFHOOHTXLUHSUªVHQWHOH
PRXYHPHQWGHODURXHGDQVXQHVXVSHQVLRQ0F3KHUVRQ"
$ %

$
%

B13-62

5Š68/7$762%7(186

%RQQHVUªSRQVHV

7RWDOGHVUªSRQVHV 

5ªSRQVHVQªFHVVDLUHV

SRXUUªXVVLUOHWHVW
528(6

 8QLVVH]OHVSDUWLHVVXLYDQWHVGXSQHXPDWLTXHDYHFOHXUILQDOLWªSULQFLSDOH
DXPR\HQG XQHIO©FKH
$ )ODQF 'XUDELOLWª
% $UPDWXUH 5LJLGLWª
& 7DORQ 6WDELOLWª

 4XHOHVWOHSQHXPDWLTXHGH
VWUXFWXUHUDGLDOHHWFHOXLGH
VWUXFWXUHGLDJRQDOH

B13-63 B13-64

 


  4XHOOHVLWXDWLRQDWHOOHHQWUD¯QªO XVXUHGXSQHXPDWLTXHGHO LOOXVWUDWLRQ"
$ 3HXGHSUHVVLRQGHJRQIODJH
% 3UHVVLRQGHJRQIODJHH[FHVVLYH
& 0DXYDLVªTXLOLEUDJHGHODURXH

B13-5645
B13-65

 4XHOOHVVRQWOHVGLPHQVLRQVHWOHVFDUDFWªULVWLTXHVGXSQHXPDWLTXHVXLYDQW
$ /DUJHXUVHFWLRQ
% 'LDP©WUH
& 6ªULH
' ,QGLFHGHFKDUJH
( 9LWHVVHPD[LPXPSHUPLVH
B13-66

 4XHOVVRQWOHVDYDQWDJHVGHVSQHXPDWLTXHVVDQVFKDPEUH"
$ 3OXVJUDQGHVªFXULWªDFWLYH
% 'ªJRQIODJHOHQWHQFDVGHFUHYDLVRQ
& 'ªJRQIODJHUDSLGHHQFDVGHFUHYDLVRQ

5Š68/7$762%7(186

%RQQHVUªSRQVHV

7RWDOGHVUªSRQVHV 

5ªSRQVHVQªFHVVDLUHV

SRXUUªXVVLUOHWHVW

Solutions :
'LDJRQDO%     .PK$HW%
$$$%&'($%&$%&%%$%&5DGLDO