▼
Scroll to page 2
of
37
7DEOH GHV PDWLqUHV $ /·$77(17,21 '( /·87,/,6$7(85 $YHUWLVVHPHQWV LPSRUWDQWV '(6&5,37,21 '( 9275( &8,6,1,(5( /·,17(5,(85 '8 )285 &216(,/6 $9$17 /$ 35(0,(5( 87,/,6$7,21 &200(17 87,/,6(5 /$ 7$%/( '( &8,6621 &200(17 87,/,6(5 /( )285 /(6 ',))(5(17(6 326,7,216 '( &8,6621 &216(,/6 '·87,/,6$7,21 /$ 7$%/( '( &8,6621 &216(,/6 '·87,/,6$7,21 /( )285 *8,'(6 '(6 &8,66216 /HV DFFHVVRLUHV GX IRXU /D FXLVVRQ WUDGLWLRQQHOOH /D FXLVVRQ YHQWLOpH /D FXLVVRQ YHQWLOpH VXU SOXVLHXUV QLYHDX[ 'HV LGpHV GH PHQXV /D FXLVVRQ DX WXUER JULO /D FXLVVRQ GHV YLDQGHV /D FXLVVRQ DX JULO /D FXLVVRQ DX WRXUQHEURFKH /D FXLVVRQ DX PD[L JULO $ /·$77(17,21 '( /·,167$//$7(85 &$5$&7(5,67,48(6 7(&+1,48(6 ,167$//$7,21 &+$1*(0(17 '( *$= 5(03/$&(0(17 '( /·$0328/( '·(&/$,5$*( (175(7,(1 (7 1(772<$*( (1 &$6 '·$120$/,( '( )21&7,211(0(17 &21',7,216 '( *$5$17,( &RPPHQW XWLOLVHU YRWUH QRWLFH " /HV V\PEROHV VXLYDQWV YRXV JXLGHURQW WRXW DX ORQJ GH O·XWLOLVDWLRQ GH YRWUH QRWLFH ,QVWUXFWLRQV GH VpFXULWp 'HVFULSWLRQ G·RSpUDWLRQV pWDSH SDU pWDSH &RQVHLOV HW UHFRPPDQGDWLRQV ,QIRUPDWLRQV VXU O·HQYLURQQHPHQW $YHUWLVVHPHQWV LPSRUWDQWV &RQVHUYH] FHWWH QRWLFH G·XWLOLVDWLRQ DYHF YRWUH DSSDUHLO 6L O·DSSDUHLO GHYDLW rWUH YHQGX RX FpGp j XQH DXWUH SHUVRQQH DVVXUH]YRXV TXH OD QRWLFH G·XWLOLVDWLRQ O·DFFRPSDJQH /H QRXYHO XWLOLVDWHXU SRXUUD DORUV rWUH LQIRUPp GX IRQFWLRQQHPHQW GH FHOXLFL HW GHV DYHUWLVVHPHQWV V·\ UDSSRUWDQW &HV DYHUWLVVHPHQWV RQW pWp UpGLJpV SRXU YRWUH VpFXULWp HW FHOOH G·DXWUXL 1H IDLWHV MDPDLV IRQFWLRQQHU YRWUH WDEOH GH FXLVVRQ 8WLOLVDWLRQ j YLGH VDQV UpFLSLHQW GHVVXV &HW DSSDUHLO D pWp FRQoX SRXU rWUH XWLOLVp SDU GHV 1·XWLOLVH] TXH OHV DFFHVVRLUHV OLYUpV DYHF YRWUH DGXOWHV 9HXLOOH] j FH TXH OHV HQIDQWV Q·\ WRXFKHQW DSSDUHLO 8Q GLIIXVHXU GH FKDOHXU SDU H[HPSOH SDV HW QH O·XWLOLVHQW SDV FRPPH XQ MRXHW HQGRPPDJHUDLW OD WDEOH GH FXLVVRQ $ OD UpFHSWLRQ GH O·DSSDUHLO GpEDOOH]OH RX 1·HPSOR\H] MDPDLV OH SODWHDX PXOWLXVDJHV IDLWHVOH GpEDOOHU LPPpGLDWHPHQW 9pULILH] VRQ FRPPH SODW j U{WLU DVSHFW JpQpUDO )DLWHV OHV pYHQWXHOOHV UpVHUYHV SDU pFULW VXU OH ERQ GH OLYUDLVRQ GRQW YRXV JDUGHUH] $YDQW OD SUHPLqUH XWLOLVDWLRQ GH YRWUH DSSDUHLO XQ H[HPSODLUH IDLWHV OH FKDXIIHU XQH IRLV j YLGH $VVXUH]YRXV DORUV TXH OD SLqFH VRLW VXIILVDPPHQW DpUpH 90& 9RWUH DSSDUHLO HVW GHVWLQp j XQ XVDJH GRPHVWLTXH YHQWLODWLRQ PpFDQLTXH FRQWU{OpH HQ QRUPDO 1H O·XWLOLVH] SDV j GHV ILQV FRPPHUFLDOHV IRQFWLRQQHPHQW RX IHQrWUH RXYHUWH RX LQGXVWULHOOHV RX SRXU G·DXWUHV EXWV TXH FHOXL SRXU OHTXHO LO D pWp FRQoX 1H PRGLILH] SDV RX Q·HVVD\H] SDV GH PRGLILHU OHV FDUDFWpULVWLTXHV GH FHW DSSDUHLO &HOD UHSUpVHQWHUDLW XQ GDQJHU SRXU YRXV /RUV GH VRQ XWLOLVDWLRQ O·DSSDUHLO GHYLHQW FKDXG 1H SDV WRXFKHU OHV pOpPHQWV FKDXIIDQWV VLWXpV j O·LQWpULHXU GX IRXU (Q HQIRXUQDQW RX HQ VRUWDQW YRV SODWV GX IRXU SUHQH] OD SUpFDXWLRQ GH QH SDV YRXV DSSURFKHU GHV pOpPHQWV FKDXIIDQWV VXSpULHXUV HW XWLOLVH] GHV JDQWV WKHUPLTXHV GH FXLVLQH /D IDoDGH GH YRWUH DSSDUHLO HVW FKDXGH SHQGDQW O·XWLOLVDWLRQ HW OH QHWWR\DJH pORLJQH] OHV MHXQHV HQIDQWV 3RXU FHW DSSDUHLO QRXV YRXV SURSRVRQV XQ pFUDQ GH SURWHFWLRQ DPRYLEOH GH SRUWH GLVSRQLEOH HQ RSWLRQ DXSUqV GH YRWUH UHYHQGHXU YRLU &KDSLWUH ´&DUDFWpULVWLTXHV WHFKQLTXHVµ 1H SODFH] MDPDLV GH SDSLHU G·DOXPLQLXP GLUHFWHPHQW HQ FRQWDFW DYHF OD VROH OD FKDOHXU DFFXPXOpH SRXUUDLW HQWUDvQHU XQH GpWpULRUDWLRQ GH O·pPDLO $VVXUH]YRXV TXH OHV HQIDQWV QH PDQLSXOHQW SDV OHV FRPPDQGHV GH O·DSSDUHLO 6XU OD SRUWH RXYHUWH GX IRXU (ORLJQH] OHV MHXQHV HQIDQWV GH O·DSSDUHLO SHQGDQW VRQ IRQFWLRQQHPHQW 9RXV pYLWHUH] DLQVL TX·LOV VH EUOHQW HQ WRXFKDQW OD VXUIDFH GH OD WDEOH RX HQ UHQYHUVDQW XQ UpFLSLHQW GH FXLVVRQ 1H WLUH] MDPDLV YRWUH DSSDUHLO SDU OD SRLJQpH GH OD SRUWH &KDQJH] OH WX\DX G·DUULYpH GX JD] XQ SHX DYDQW O·H[SLUDWLRQ GH OD GDWH GH YLHLOOLVVHPHQW LPSULPpH VXU FHOXLFL 1·XWLOLVH] MDPDLV GH ERXWHLOOH GH SURSDQH GDQV YRWUH FXLVLQH RX DXWUH ORFDO IHUPp 9HLOOH] j QH ULHQ ODLVVHU VXU OD WDEOH SHQGDQW O·XWLOLVDWLRQ GHV IR\HUV WRUFKRQV IHXLOOH G·DOXPLQLXP 1H VWRFNH] SDV GH SURGXLWV G·HQWUHWLHQ RX GH SURGXLWV LQIODPPDEOHV GDQV OH WLURLU 3RXU OH ERQ FRXOLVVHPHQW GX WLURLU DVVXUH]YRXV TX·DXFXQ REMHW QH VH WURXYH VRXV OH WLURLU QH SRVH] SDV GH FKDUJH ORXUGH DVVXUH]YRXV TX·XQ HQIDQW QH SXLVVH QL PRQWHU QL V·DVVHRLU 3RXU pYLWHU G·HQGRPPDJHU OHV FRPPDQGHV GH YRWUH DSSDUHLO QH ODLVVH] SDV OD SRUWH RXYHUWH ORUVTX·LO HVW HQ IRQFWLRQQHPHQW RX HQFRUH FKDXG 6L YRXV XWLOLVH] XQ DSSDUHLO pOHFWULTXH j ILO j SUR[LPLWp GH YRWUH FXLVLQLqUH SDU H[HPSOH XQ EDWWHXU pOHFWULTXH DVVXUH]YRXV TXH OH ILO GH FHOXLFL QH ULVTXH SDV GH WRXFKHU XQH VXUIDFH WUqV FKDXGH TXL VHUDLW VXVFHSWLEOH GH OH IDLUH IRQGUH RX ELHQ TXH VRQ ILO QH ULVTXH SDV G·rWUH FRLQFp GDQV OD SRUWH GX IRXU /·XWLOLVDWLRQ G·XQ DSSDUHLO GH FXLVVRQ DX JD] FRQGXLW j OD SURGXFWLRQ GH FKDOHXU HW G·KXPLGLWp GDQV OD SLqFH R LO HVW LQVWDOOp 9HLOOH] j DVVXUHU XQH ERQQH DpUDWLRQ GH OD FXLVLQH PDLQWHQH] RXYHUWV OHV RULILFHV G·DpUDWLRQ QDWXUHOOH RX LQVWDOOH] XQ GLVSRVLWLI G·DpUDWLRQ PpFDQLTXH 8QH XWLOLVDWLRQ LQWHQVLYH HW SURORQJpH GH O·DSSDUHLO SHXW QpFHVVLWHU XQH DpUDWLRQ VXSSOpPHQWDLUH HQ RXYUDQW OD IHQrWUH RX XQH DpUDWLRQ SOXV HIILFDFH SDU H[HPSOH HQ DXJPHQWDQW OD SXLVVDQFH GH OD YHQWLODWLRQ PpFDQLTXH VL HOOH H[LVWH (Q SOXV GHV DFFHVVRLUHV IRXUQLV DYHF YRWUH FXLVLQLqUH Q·XWLOLVH] TXH GHV SODWV GHV PRXOHV j JkWHDX[ UpVLVWDQWV j GH KDXWHV WHPSpUDWXUHV VXLYH] OHV LQVWUXFWLRQV GHV IDEULFDQWV $SUqV XWLOLVDWLRQ GH YRWUH FXLVLQLqUH DVVXUH]YRXV TXH WRXWHV OHV FRPPDQGHV VH WURXYHQW VXU OD SRVLWLRQ $UUrW 9pULILH] TX·DXFXQ pOpPHQW QH VRLW VRXV WHQVLRQ HW TXH OHV SDURLV VRLHQW VXIILVDPPHQW UHIURLGLHV DYDQW GH SURFpGHU DX QHWWR\DJH GH YRWUH FXLVLQLqUH 3RXU REWHQLU GH ERQV UpVXOWDWV FXOLQDLUHV HW G·XWLOLVDWLRQ YHLOOH] j FH TXH YRWUH DSSDUHLO VRLW WRXMRXUV SURSUH ORUV GH OD FXLVVRQ GH FHUWDLQHV SUpSDUDWLRQV OHV SURMHFWLRQV JUDLVVHXVHV SHXYHQW GpJDJHU GHV RGHXUV GpVDJUpDEOHV 1·XWLOLVH] MDPDLV G·DSSDUHLOV j YDSHXU RX j KDXWH SUHVVLRQ SRXU QHWWR\HU OH IRXU H[LJHQFHV UHODWLYHV j OD VpFXULWp pOHFWULTXH ,QVWDOODWLRQ 6L O·LQVWDOODWLRQ pOHFWULTXH GH YRWUH KDELWDWLRQ QpFHVVLWH XQH PRGLILFDWLRQ SRXU OH EUDQFKHPHQW GH YRWUH DSSDUHLO IDLWHV DSSHO j XQ pOHFWULFLHQ TXDOLILp 'HEUDQFKH] O·DSSDUHLO RX HQOHYH] OH IXVLEOH FRUUHVSRQGDQW j OD OLJQH GH EUDQFKHPHQW GH OD FXLVLQLqUH VL OD FXLVLQLqUH SUpVHQWH XQH TXHOFRQTXH DQRPDOLH (Q FDV G·DQRPDOLH GH IRQFWLRQQHPHQW UHSRUWH]YRXV G·DERUG DX FKDSLWUH ´(1 &$6 '·$120$/,( '( )21&7,211(0(17´ 6L PDOJUp WRXWHV OHV YpULILFDWLRQV XQH LQWHUYHQWLRQ V·DYqUH QpFHVVDLUH OH YHQGHXU GH YRWUH DSSDUHLO HVW OH SUHPLHU KDELOLWp j LQWHUYHQLU $ GpIDXW GpPpQDJHPHQW GH YRWUH SDUW IHUPHWXUH GX PDJDVLQ R YRXV DYH] HIIHFWXp O·DFKDW YHXLOOH] FRQVXOWHU O·$VVLVWDQFH &RQVRPPDWHXUV TXL YRXV FRPPXQLTXHUD DORUV O·DGUHVVH G·XQ 6HUYLFH $SUqV9HQWH ,QGLTXH] OD UpIpUHQFH FRPPHUFLDOH HW OH QXPpUR GH VpULH GH YRWUH DSSDUHLO TXL ILJXUHQW VXU OD SODTXH VLJQDOpWLTXH 1·HVVD\H] SDV GH UpSDUHU YRWUH DSSDUHLO YRXVPrPH FHFL SRXUUDLW rWUH OD FDXVH G·LQFLGHQWV (Q FDV G·LQWHUYHQWLRQ VXU YRWUH DSSDUHLO H[LJH] GX 6HUYLFH $SUqV9HQWH OHV SLqFHV GH UHFKDQJH FHUWLILpHV &RQVWUXFWHXU 3URWHFWLRQ GH O·HQYLURQQHPHQW 7RXV OHV PDWpULDX[ PDUTXpV SDU OH V\PEROH VRQW UHF\FODEOHV 'pSRVH]OHV GDQV XQH GpFKHWWHULH SUpYXH j FHW HIIHW UHQVHLJQH]YRXV DXSUqV GHV VHUYLFHV GH YRWUH FRPPXQH SRXU TX·LOV SXLVVHQW rWUH UpFXSpUpV HW UHF\FOpV 6L YRXV SURFpGH] j OD PLVH j OD FDVVH GH YRWUH DSSDUHLO PHWWH] KRUV G·XVDJH FH TXL SRXUUDLW UHSUpVHQWHU XQ GDQJHU SDU H[HPSOH FRXSH] OH FkEOH G·DOLPHQWDWLRQ DX UDV GH O·DSSDUHLO $YDQW G·XWLOLVHU YRWUH DSSDUHLO YHXLOOH] OLUH WRXWHV OHV LQVWUXFWLRQV HW FRQVHUYH]OHV SRXU UpIpUHQFHV XOWpULHXUHV '(6&5,37,21 '( 9275( &8,6,1,(5( /H EDQGHDX GH FRPPDQGHV ➀ &RPPDQGH GX WKHUPRVWDW GH IRXU ➁ &RPPDQGH GX VpOHFWHXU GH IRQFWLRQV GX IRXU ➂ 9R\DQW ´UpJXODWLRQµ IRXU ➃ 9R\DQW ´PDUFKHµ WDEOH ➄ &RPPDQGH GH OD SODTXH pOHFWULTXH ➅ j ➇ &RPPDQGHV GHV IR\HUV GH WDEOH /D WDEOH GH FXLVVRQ %UOHXU VHPLUDSLGH N: 3ODTXH j OLPLWHXU N: %UOHXU UDSLGH N: %UOHXU DX[LOLDLUH N: HQ EXWDQHSURSDQH N: /·,17(5,(85 '8 )285 ➀ *UDGLQV ➁ 7XUELQH GH FXLVVRQ ➂ *ULO ➃ (OpPHQW FKDXIIDQW VXSpULHXU ➄ (FODLUDJH GX IRXU ➅ (OpPHQW FKDXIIDQW LQIpULHXU VLWXp VRXV OD VROH ➆ (QWUDvQHPHQW GH OD EURFKH ➊ j➎ 1LYHDX[ GH JUDGLQV &216(,/6 $9$17 /$ 35(0,(5( 87,/,6$7,21 /D WDEOH GH FXLVVRQ $YDQW OD SUHPLqUH XWLOLVDWLRQ GH OD SODTXH pOHFWULTXH IDLWHVOD FKDXIIHU PLQXWHV HQ SRVLWLRQ PD[L DILQ G·pOLPLQHU OHV JUDLVVHV GH SURWHFWLRQ /H IRXU 3UHPLHU QHWWR\DJH (QOHYH] OHV DFFHVVRLUHV HW ODYH]OHV j O·HDX VDYRQQHXVH HQ SUHQDQW VRLQ GH ELHQ OHV ULQFHU HW OHV HVVX\HU 3UHPLqUH RSpUDWLRQ $YDQW OD SUHPLqUH XWLOLVDWLRQ GH YRWUH IRXU IDLWHVOH FKDXIIHU XQH IRLV j YLGH $VVXUH]YRXV DORUV TXH OD SLqFH VRLW VXIILVDPPHQW DpUpH 90& YHQWLODWLRQ PpFDQLTXH FRQWU{OpH HQ IRQFWLRQQHPHQW RX IHQrWUH RXYHUWH &RPPHQW SURFpGHU " /( 6(/(&7(85 '( )21&7,216 (QOHYH] WRXV OHV DFFHVVRLUHV GX IRXU 5HWLUH] OHV pWLTXHWWHV SXEOLFLWDLUHV HW OHV DXWRFROODQWV VDXI OD SODTXH VLJQDOpWLTXH TXL SRXUUDLHQW VH WURXYHU VXU OD IDoDGH GH YRWUH DSSDUHLO 0HWWH] OH SURJUDPPDWHXU j O·KHXUH YRLU FKDSLWUH ´/H SURJUDPPDWHXU pOHFWURQLTXHµ 3ODFH] OH VpOHFWHXU GH IRQFWLRQV VXU OD SRVLWLRQ SXLV OH WKHUPRVWDW VXU & )DLWHV FKDXIIHU SHQGDQW XQH KHXUH DILQ G·pOLPLQHU O·RGHXU SURYHQDQW GX FDORULIXJH /H PRGH OD GXUpH HW OD WHPSpUDWXUH GH FXLVVRQ LQGLTXpV GDQV OHV JXLGHV GH FXLVVRQV VRQW DGDSWpV j YRWUH QRXYHOOH FXLVLQLqUH 3RXU REWHQLU GH ERQV UpVXOWDWV FXOLQDLUHV VXLYH] FHV LQGLFDWLRQV /( 7+(50267$7 &200(17 87,/,6(5 /$ 7$%/( '( &8,6621 /HV EUOHXUV JD] 3RXU DOOXPHU OHV EUOHXUV RX 3RXVVH] HW WRXUQH] j O·LQYHUVH GHV DLJXLOOHV G·XQH PRQWUH OD FRPPDQGH GX EUOHXU FKRLVL PDLQWHQH] OD FRPPDQGH HQ SRVLWLRQ SRXVVpH MXVTX·j O·DOOXPDJH GX EUOHXU XQH pWLQFHOOH VH SURGXLW HQYLURQ WRXWHV OHV VHFRQGHV SUpVHQWH] XQH IODPPH DX EUOHXU DSUqV DYRLU WRXUQp OD FRPPDQGH HQ FDV GH PDQTXH G·pQHUJLH pOHFWULTXH UHOkFKH] OD FRPPDQGH OH EUOHXU UHVWH DOOXPp 3RXU pWHLQGUH OHV EUOHXUV 7RXUQH] OD FRPPDQGH GDQV OH VHQV GHV DLJXLOOHV G·XQH PRQWUH MXVTX·j OD EXWpH VXU OD SRVLWLRQ DUUrW /H YR\DQW ´PDUFKHµ ,O V·DOOXPH GqV TXH YRXV WRXUQH] OD PDQHWWH FRUUHVSRQGDQW j OD SODTXH pOHFWULTXH ,O V·pWHLQW ORUVTXH YRXV OD UDPHQH] VXU OD SRVLWLRQ ´µ 6pFXULWp (ORLJQH] OHV MHXQHV HQIDQWV GH O·DSSDUHLO WDQW TX·LO HVW FKDXG 9HLOOH] j QH SRVHU VXU OD WDEOH GH FXLVVRQ DXFXQ REMHW RX DOLPHQW VXVFHSWLEOH GH IRQGUH XVWHQVLOHV DYHF PDQFKH HQ SODVWLTXH IHXLOOH G·DOXPLQLXP DOLPHQW FRQWHQDQW GX VXFUH HWF HQ FDV G·LQFLGHQW QHWWR\H] LPPpGLDWHPHQW 3ULQFLSDOHV SRVLWLRQV G·XWLOLVDWLRQ ● SRVLWLRQ ´DUUrWµ GpELW PD[LPXP GpELW PLQLPXP /HV FROOHUHWWHV GH FRPPDQGHV GHV EUOHXUV GH WDEOH /HV FRPPDQGHV GHV EUOHXUV GH WDEOH VRQW FRQVWLWXpHV G·XQH PDQHWWH HW G·XQH FROOHUHWWH VpULJUDSKLpH ● &HV LQGLFDWLRQV YRXV SHUPHWWHQW GH UHPRQWHU FRUUHFWHPHQW OHV FROOHUHWWHV DSUqV GpPRQWDJH DSUqV OH QHWWR\DJH SDU H[HPSOH /H IR\HU pOHFWULTXH SODTXH UDSLGH j OLPLWHXU SRLQW URXJH (OOH RIIUH SRVLWLRQV GH FXLVVRQ &HWWH SODTXH FKDXIIH YLWH HW FRQYLHQW SDUWLFXOLqUHPHQW DX[ FXLVVRQV TXL GHPDQGHQW XQ GpPDUUDJH j IHX YLI UHSRUWH]YRXV DX FKDSLWUH ´*XLGHV GHV FXLVVRQVµ /H UHSqUH ´µ FRUUHVSRQG j OD SRVLWLRQ DUUrW /H UHSqUH ´µ FRUUHVSRQG j OD SRVLWLRQ PD[L 3RXU DOOXPHU OD SODTXH 7RXUQH] OD FRPPDQGH YHUV OD GURLWH RX YHUV OD JDXFKH $PHQH] OD PDQHWWH VXU OH UHSqUH FKRLVL OH YR\DQW ´PDUFKHµ V·DOOXPH 3RXU pWHLQGUH OD SODTXH 5DPHQH] OD FRPPDQGH VXU OD SRVLWLRQ ´µ /H YR\DQW ´PDUFKHµ V·pWHLQW VDXI VL OH IRXU IRQFWLRQQH &200(17 87,/,6(5 /( )285 /HV FRPPDQGHV GH IRXU /H FKRL[ GX PRGH GH FXLVVRQ V·HIIHFWXH j O·DLGH GX VpOHFWHXU GH IRQFWLRQV GX IRXU HW GX WKHUPRVWDW /H VpOHFWHXU GH IRQFWLRQV 3RXU VpOHFWLRQQHU OH PRGH GH FXLVVRQ GpVLUp OD FRPPDQGH GX VpOHFWHXU GH IRQFWLRQV SHXW rWUH WRXUQpH YHUV OD GURLWH RX YHUV OD JDXFKH /·pFODLUDJH GX IRXU /D FXLVVRQ YHQWLOpH /D FXLVVRQ DX WXUER JULO /D FXLVVRQ GHV YLDQGHV /D FXLVVRQ DX JULO /D FXLVVRQ DX WRXUQHEURFKH /D FXLVVRQ DX PD[L JULO /D FXLVVRQ WUDGLWLRQQHOOH /( 6(/(&7(85 '( )21&7,216 3RXU PHWWUH OH IRXU HQ IRQFWLRQQHPHQW FKRLVLU OD SRVLWLRQ GX VpOHFWHXU GH IRQFWLRQV SXLV OD WHPSpUDWXUH DSSURSULpH j O·DLGH GX WKHUPRVWDW 3RXU DUUrWHU OH IRXU UDPHQHU OH WKHUPRVWDW VXU SXLV OH VpOHFWHXU GH IRQFWLRQV VXU /·pFODLUDJH IRQFWLRQQH GqV TXH OD FRPPDQGH GX VpOHFWHXU GH IRQFWLRQV HVW WRXUQpH /H IRXU UHVWH pFODLUp SHQGDQW TXH OD FXLVVRQ V·HIIHFWXH /H WKHUPRVWDW /H UpJODJH GH OD WHPSpUDWXUH V·HIIHFWXH j O·DLGH GX WKHUPRVWDW HQ WRXUQDQW OD FRPPDQGH GDQV OH VHQV GHV DLJXLOOHV G·XQH PRQWUH /D WHPSpUDWXUH SHXW YDULHU GH & j & /H WKHUPRVWDW UpJXOH OD WHPSpUDWXUH GX IRXU /H YR\DQW UpJXODWLRQ /H YR\DQW V·DOOXPH SHQGDQW OH SUpFKDXIIDJH GX IRXU HW V·pWHLQW ORUVTXH OD WHPSpUDWXUH VpOHFWLRQQpH HVW DWWHLQWH ,O VH UDOOXPH ORUV GH OD FXLVVRQ SRXU LQGLTXHU TXH OD WHPSpUDWXUH GH FXLVVRQ VpOHFWLRQQpH HVW PDLQWHQXH $SUqV XWLOLVDWLRQ GH YRWUH IRXU DVVXUH]YRXV TXH OHV FRPPDQGHV VH WURXYHQW VXU OD SRVLWLRQ $UUrW WKHUPRVWDW VXU HW VpOHFWHXU GH IRQFWLRQV VXU /( 7+(50267$7 /HV DFFHVVRLUHV GX IRXU (Q SOXV GHV DFFHVVRLUHV IRXUQLV DYHF YRWUH FXLVLQLqUH QRXV YRXV FRQVHLOORQV GH Q·XWLOLVHU TXH GHV SODWV HW GHV PRXOHV j JkWHDX[ UpVLVWDQW j GH KDXWHV WHPSpUDWXUHV VXLYH] OHV LQVWUXFWLRQV GHV IDEULFDQWV /D JULOOH VXSSRUW GH SODW 9RWUH FXLVLQLqUH HVW pTXLSpH GH JULOOHV VXSSRUW SODWHDX PXOWLXVDJHV WRXUQHEURFKH 'pKDQFKHPHQW YHUV OH KDXW /D JULOOH VXSSRUW GH SODW (OOH SHUPHW GH SRVHU OHV SODWV U{WLV JUDWLQV OHV PRXOHV j SkWLVVHULH HWF 9RWUH SODW GRLW rWUH FHQWUp VXU OD JULOOH 9RXV SRXYH] O·XWLOLVHU GDQV OHV VHQV GH GpKDQFKHPHQW SRXU DMXVWHU OD SRVLWLRQ GH YRV SODWV SDU UDSSRUW j OD VRXUFH GH FKDOHXU 3RXU OHV SUpSDUDWLRQV WUqV ORXUGHV SOXV GH NJ SRVLWLRQQH] OD JULOOH VXSSRUW GH SODW GpKDQFKHPHQW YHUV OH KDXW /H SODWHDX PXOWLXVDJHV 'pKDQFKHPHQW YHUV OH EDV /H SODWHDX PXOWLXVDJHV 3ODQ LQFOLQp YHUV O·DYDQW ,O HVW HPSOR\p SRXU OD FXLVVRQ RX OH UpFKDXIIDJH GH SL]]DV GH SHWLWV JkWHDX[ LQGLYLGXHOV SRVpV GLUHFWHPHQW GHVVXV 2Q O·XWLOLVH DXVVL SRXU UHFXHLOOLU OH MXV GHV JULOODGHV RX GHV FXLVVRQV DX WRXUQHEURFKH 1RXV YRXV UHFRPPDQGRQV GH JOLVVHU OH SODWHDX GDQV OHV JUDGLQV OHV SHWLWV WURXV FLUFXODLUHV YHUV O·DUULqUH IRQG GX IRXU HW OH SODQ LQFOLQp YHUV O·DYDQW F{Wp SRUWH GH IRXU 3UHQH] OD SUpFDXWLRQ GH FHQWUHU OH SODWHDX PXOWLXVDJHV GDQV OH IRXU SRXU SHUPHWWUH XQH ERQQH FLUFXODWLRQ G·DLU HW REWHQLU XQH FXLVVRQ KRPRJqQH 3HWLWV WURXV FLUFXODLUHV YHUV O·DUULqUH /H WRXUQHEURFKH )RXUFKHWWHV /H WRXUQHEURFKH ,O HVW FRPSRVp GH EURFKH IRXUFKHWWHV VXSSRUW GH EURFKH %URFKH 6XSSRUW GH EURFKH /(6 ',))(5(17(6 326,7,216 '( &8,6621 /D FXLVVRQ WUDGLWLRQQHOOH (OOH FRQYLHQW j WRXWHV OHV FXLVVRQV WRXW VSpFLDOHPHQW GH SkWLVVHULHV GH SRLVVRQV GH WHUULQHV HW GH SUpSDUDWLRQV j EDVH GH OpJXPHV (OOH SHXW FRQYHQLU pJDOHPHQW j OD GpFRQJpODWLRQ GH FHUWDLQV SODWV FXLVLQpV HW DX UpFKDXIIDJH GH YRV SODWV SUpSDUpV j O·DYDQFH /D FXLVVRQ YHQWLOpH (OOH SHUPHW GH FXLUH VLPXOWDQpPHQW VXU SOXVLHXUV QLYHDX[ GHV SUpSDUDWLRQV LGHQWLTXHV RX GH QDWXUH GLIIpUHQWHV (OOH FRQYLHQW j WRXV OHV W\SHV GH SUpSDUDWLRQV FXOLQDLUHV PrPH GpOLFDWHV /D FXLVVRQ DX WXUER JULO (OOH SHUPHW GH JULOOHU OHV SLqFHV GH YLDQGH pSDLVVHV RX FHUWDLQV SRLVVRQV FKDUQXV HW GH UpFKDXIIHU HW JUDWLQHU OHV JUDWLQV IURLGV SUpSDUpV j O·DYDQFH /D FXLVVRQ GHV YLDQGHV (OOH HVW VSpFLDOHPHQW DGDSWpH j OD FXLVVRQ GH U{WLV HW GH YRODLOOHV GDQV XQ SODW /D FXLVVRQ DX JULO (OOH SHUPHW GH JULOOHU OHV SLqFHV GH YLDQGHV GH GRUHU OHV WRDVWV RX GH JUDWLQHU GHV SODWV GpMj FXLWV HW FKDXGV /D FXLVVRQ DX WRXUQHEURFKH (OOH SHUPHW GH FXLUH OHV SRXOHWV OHV U{WLV j OD EURFKH /D FXLVVRQ DX PD[L JULO (OOH SHUPHW GH JULOOHU OHV SLqFHV GH YLDQGHV HQ JUDQGH TXDQWLWp RX pSDLVVHV F{WH GH ERHXI DLQVL TXH GHV SRLVVRQV 9RXV SRXYH] DXVVL JUDWLQHU YRV SUpSDUDWLRQV GpMj FXLWHV HW FKDXGHV /D FXLVVRQ WUDGLWLRQQHOOH (OOH FRQYLHQW j WRXWHV OHV FXLVVRQV WRXW VSpFLDOHPHQW GH SkWLVVHULHV GH SRLVVRQV GH WHUULQHV HW GH SUpSDUDWLRQV j EDVH GH OpJXPHV /H SUpFKDXIIDJH GX IRXU HVW QpFHVVDLUH &RPPHQW SURFpGHU " 3RXU OHV SkWLVVHULHV OHV JUDWLQV OHV WHUULQHV 3UpFKDXIIH] OH IRXU HQ SODoDQW OH VpOHFWHXU GH HW OH IRQFWLRQV VXU OD SRVLWLRQ GH FXLVVRQ WKHUPRVWDW VXU OH UHSqUH GH FXLVVRQ FKRLVL &RQVXOWH] OH JXLGH GHV FXLVVRQV 'XUpH GH SUpFKDXIIDJH PLQXWHV HQYLURQ SRXU DWWHLQGUH & PLQXWHV HQYLURQ SRXU DWWHLQGUH & (QIRXUQH] YRWUH SODW ´UpJXODWLRQµ HVW pWHLQW GqV TXH OH YR\DQW /D GpFRQJpODWLRQ HWRX OH UpFKDXIIDJH /D SRVLWLRQ FXLVVRQ WUDGLWLRQQHOOH SHXW FRQYHQLU pJDOHPHQW j OD GpFRQJpODWLRQ GH FHUWDLQV SODWV HWRX DX UpFKDXIIDJH GH YRV SODWV SUpSDUpV j O·DYDQFH 'DQV FH FDV SODFH] OH WKHUPRVWDW VXU OD JUDGXDWLRQ PLQLPXP (QVXLWH HQIRXUQH] OD SUpSDUDWLRQ GLUHFWHPHQW VDQV SUpFKDXIIDJH /D FXLVVRQ YHQWLOpH /D FXLVVRQ VH IDLW SDU FRQYHFWLRQ IRUFpH 8QH WXUELQH SODFpH j O·DUULqUH GX IRXU FUpp XQ PRXYHPHQW G·DLU FKDXG TXL DFWLYH OHV FXLVVRQV HW SHUPHW GH FXLUH VXU XQ RX SOXVLHXUV QLYHDX[ /D FLUFXODWLRQ G·DLU FKDXG UHQG OD WHPSpUDWXUH HW OD FXLVVRQ SOXV KRPRJqQH /D FXLVVRQ YHQWLOpH FRQYLHQW j WRXV W\SHV GH SUpSDUDWLRQV FXOLQDLUHV PrPH GpOLFDWHV /HV DYDQWDJHV GH OD FXLVVRQ YHQWLOpH /H PRXYHPHQW G·DLU FKDXG HQYHORSSH OHV DOLPHQWV OD FXLVVRQ j FRHXU VH IDLW SOXV UDSLGHPHQW FH TXL YRXV SHUPHW GH UpGXLUH OH WHPSV GH FXLVVRQ G·HQYLURQ SDU UDSSRUW j XQH FXLVVRQ WUDGLWLRQQHOOH /HV WHPSpUDWXUHV GH FXLVVRQ VRQW LQIpULHXUHV j FHOOHV SUpFRQLVpHV HQ FXLVVRQ WUDGLWLRQQHOOH DLQVL OD TXDOLWp HW OD VDYHXU GH YRV SUpSDUDWLRQV VHURQW PLHX[ SUpVHUYpHV 3UpIpUH] OD SRVLWLRQ FXLVVRQ YHQWLOpH FKDTXH IRLV TXH YRXV DXUH] j FXLUH GHV SODWV WHOV TXH TXLFKH JUDWLQ GDXSKLQRLV IODPPLFKH HWF SRXU XQH FXLVVRQ j FRHXU LPSHFFDEOH &RPPHQW SURFpGHU " 3UpFKDXIIH] OH IRXU HQ SODoDQW OH VpOHFWHXU GH HW OH WKHUPRVWDW VXU OH IRQFWLRQV VXU OD SRVLWLRQ UHSqUH GH FXLVVRQ FKRLVL &RQVXOWH] OH JXLGH GHV FXLVVRQV (QIRXUQH] YRWUH SODW ´UpJXODWLRQµ HVW pWHLQW GqV TXH OH YR\DQW /D FXLVVRQ YHQWLOpH VXU SOXVLHXUV QLYHDX[ 3RXU EpQpILFLHU HQFRUH SOXV GHV DYDQWDJHV GH OD FXLVVRQ YHQWLOpH pFRQRPLH G·pQHUJLH JDLQ GH WHPSV FRQIRUW G·XWLOLVDWLRQ YRXV SRXUUH] FXLUH VLPXOWDQpPHQW GHV SUpSDUDWLRQV VLPLODLUHV RX GH QDWXUHV DXVVL GLIIpUHQWHV TXH GX SRLVVRQ HW GH OD SkWLVVHULH VDQV TX·LO \ DLW FRPPXQLFDWLRQ G·RGHXU HQWUH OHV PHWV &XLVVRQV JURXSpHV GH SUpSDUDWLRQV GH PrPH QDWXUH 4XHOV DFFHVVRLUHV GH IRXU FKRLVLU " (Q IRQFWLRQ GHV DOLPHQWV j FXLUH FKRLVLVVH] XQH JULOOH DYHF XQ SODWHDX PXOWLXVDJHV RX OHV GHX[ JULOOHV HQ XWLOLVDQW GDQV OD SOXSDUW GHV FDV OHV JUDGLQV ➀ HW ➂ &RQVXOWH] OH JXLGH GHV FXLVVRQV &XLVVRQV JURXSpHV GH SUpSDUDWLRQV GLIIpUHQWHV 9RXV SRXUUH] FXLUH WRXW XQ UHSDV HQ XQH VHXOH IRXUQpH ,O VXIILW GH VXLYUH FHV TXHOTXHV FRQVHLOV &KRLVLVVH] GHV SUpSDUDWLRQV GRQW OD WHPSpUDWXUH GH FXLVVRQ HVW YRLVLQH /H WHPSV JOREDO GH FXLVVRQ GpSHQG GH OD FXLVVRQ OD SOXV ORQJXH 6L OH IRXU HVW WUqV UHPSOL DOORQJH] OD GXUpH GH FXLVVRQ HW DXJPHQWH] XQ SHX OD WHPSpUDWXUH /·HQIRXUQHPHQW HW OD VRUWLH GHV GLIIpUHQWV SODWV QH V·HIIHFWXHQW SDV IRUFpPHQW DX PrPH PRPHQW LOV VRQW GpWHUPLQpV SDU OH WHPSV GH FXLVVRQ SURSUH j FKDTXH SODW RX SDU O·RUGUH GH VHUYLFH )DLWHV VHXOHPHQW DWWHQWLRQ j QH SDV RXYULU OH IRXU DORUV TX·XQH DXWUH SUpSDUDWLRQ SRXUUDLW HQ rWUH JrQpH GpEXW GH FXLVVRQ G·XQ JkWHDX SDU H[HPSOH 3HQVH] TXH FHUWDLQHV SUpSDUDWLRQV OqYHQW HQ FXLVDQW DVVXUH]YRXV TXH O·LQWHUYDOOH HQWUH OHV QLYHDX[ HVW VXIILVDQW /HV YLDQGHV HW OHV YRODLOOHV VHURQW SODFpHV GH SUpIpUHQFH DX JUDGLQ ① GH PDQLqUH j pYLWHU OHV SURMHFWLRQV VXU OHV DXWUHV SODWV 6L XQH SUpSDUDWLRQ ULVTXH GH GpERUGHU FRXYUH] OD JULOOH VXSSRUW G·XQH IHXLOOH GH SDSLHU DOXPLQLXP PpQDJHU $ILQ GH SHUPHWWUH XQH ERQQH FLUFXODWLRQ G·DLU FHWWH IHXLOOH QH GRLW SDV FRXYULU OD WRWDOLWp GH OD JULOOH 'HV LGpHV GH PHQXV &HV H[HPSOHV GH PHQXV YRXV DLGHURQW j GpFRXYULU OHV DYDQWDJHV GH OD FXLVVRQ YHQWLOpH 0HQX Q VRXIIOp DX IURPDJH U{WL GH YHDX EULRFKH 3RVH] OH U{WL GDQV XQ SODW HQ WHUUH VXU XQH JULOOH JOLVVpH DX JUDGLQ ➀ /H VRXIIOp HW OD EULRFKH VRQW SRVpV VXU O·DXWUH JULOOH JOLVVpH DX JUDGLQ ② (QIRXUQH] OH U{WL SXLV OH VRXIIOp HQ IRQFWLRQ GH O·KHXUH GH VHUYLFH /D EULRFKH SHXW rWUH HQIRXUQpH VRLW HQ PrPH WHPSV TXH OH U{WL HW VRUWLH DYDQW G·HQIRXUQHU OH VRXIIOp RX HQ PrPH WHPSV TXH OH VRXIIOp FHFL GH PDQLqUH j QH SDV DYRLU j RXYULU OH IRXU SHQGDQW OD FXLVVRQ GX VRXIIOp 0HQX Q JUDWLQ GDXSKLQRLV SRXOHWV SRPPHV DX IRXU 3RVH] OHV SRXOHWV GDQV XQ SODW HQ WHUUH VXU XQH JULOOH JOLVVpH DX JUDGLQ ➀ /HV SRPPHV HW OH JUDWLQ GDXSKLQRLV VRQW SRVpV VXU O·DXWUH JULOOH JOLVVpH DX JUDGLQ ③ (QIRXUQH] HQVHPEOH OHV SRXOHWV HW OH JUDWLQ /HV SRPPHV SHXYHQW rWUH HQIRXUQpHV VRLW HQ PrPH WHPSV TXH OHV SRXOHWV HW OH JUDWLQ VRLW HQ FRXUV GH FXLVVRQ 0HQX Q U{WL GH ERHXI WDUWH DX[ SRPPHV 3RVH] OH U{WL GH ERHXI GDQV XQ SODW HQ WHUUH VXU XQH JULOOH JOLVVpH DX JUDGLQ ➀ HW OD WDUWH VXU O·DXWUH JULOOH JOLVVpH DX JUDGLQ ② /H U{WL HW OD WDUWH VRQW HQIRXUQpV HQVHPEOH 'DQV FH FDV LO HVW SUpIpUDEOH GH SUpFKDXIIHU OH IRXU /D FXLVVRQ DX WXUER JULO /D FXLVVRQ DX WXUER JULO VH IDLW SRUWH IHUPpH HW VRXV YRWUH VXUYHLOODQFH 3ULQFLSH /HV GHX[ pOpPHQWV FKDXIIDQWV GH YRWH IRQFWLRQQHQW HQ DOWHUQDQFH DYHF OD WXUELQH DXJPHQWDQW O·HIILFDFLWp GX JULO /D FKDOHXU GRUH OHV DOLPHQWV OHV FXLW RX OHV UpFKDXIIH j FRHXU UDSLGHPHQW 8WLOLVDWLRQ GX WXUER JULO 9RXV XWLOLVHUH] FHWWH SRVLWLRQ SRXU OHV JULOODGHV GH SLqFHV GH YLDQGH pSDLVVHV F{WH GH ERHXI PRUFHDX[ GH SRXOHWV RX FHUWDLQV SRLVVRQV FKDUQXV DLQVL TXH SRXU OHV JUDWLQV IURLGV SUpSDUpV j O·DYDQFH TXH YRXV VRXKDLWH] j OD IRLV UpFKDXIIHU HW JUDWLQHU &RPPHQW SURFpGHU " /HV JULOODGHV /HV JUDWLQV 3UpSDUH] OD SLqFH j JULOOHU 3ODFH] OH VpOHFWHXU GH IRQFWLRQV VXU OD SRVLWLRQ SXLV OH WKHUPRVWDW VXU OH UHSqUH GH FXLVVRQ FKRLVL VDQV GpSDVVHU OHV YDOHXUV SUpFRQLVpHV GDQV OH JXLGH GHV FXLVVRQV 3ODFH]OD GLUHFWHPHQW VXU OD JULOOH VXSSRUW GH SODW 3ODFH] OH VpOHFWHXU GH IRQFWLRQV VXU OD SRVLWLRQ SXLV OH WKHUPRVWDW VXU OH UHSqUH GH FXLVVRQ FKRLVL VDQV GpSDVVHU OHV YDOHXUV SUpFRQLVpHV GDQV OH JXLGH GHV FXLVVRQV /RUVTXH OH JULO HVW URXJH 3ODFH] OH SODWHDX PXOWLXVDJHV DX JUDGLQ ➀ *OLVVH] OD JULOOH DX JUDGLQ ➂ RX ➃ VXLYDQW O·pSDLVVHXU GH OD SLqFH j JULOOHU 3ODFH] OH SODW VXU OD JULOOH VXSSRUW HW JOLVVH] O·HQVHPEOH DX JUDGLQ ➂ RX ➃ /DLVVH] OH PHWV H[SRVp TXHOTXHV PLQXWHV DX UD\RQQHPHQW GX JULO 3OXV OD SUpSDUDWLRQ VHUD SURFKH GH O·pOpPHQW UD\RQQDQW SOXV OH ´JUDWLQDJHµ VHUD UDSLGH /RUVTXH OD SUHPLqUH IDFH HVW GRUpH UHWRXUQH] OD SLqFH VDQV OD SLTXHU SRXU pYLWHU GH OXL IDLUH SHUGUH VRQ MXV 3RXU OHV VDXFLVVHV HW OHV YRODLOOHV LO HVW FRQVHLOOp GH SLTXHU OD SHDX DYDQW FXLVVRQ )DLWHV JULOOHU OD GHX[LqPH IDFH 6DOH] HQ ILQ GH FXLVVRQ /H WHPSV GH FXLVVRQ GRLW rWUH GpWHUPLQp SDU O·pSDLVVHXU GH OD SLqFH j JULOOHU HW QRQ SDU VRQ SRLGV /D FXLVVRQ GHV YLDQGHV &HWWH SRVLWLRQ HVW VSpFLDOHPHQW DGDSWpH j OD FXLVVRQ GHV YLDQGHV /HV SURMHFWLRQV GH JUDLVVH OH GpJDJHPHQW GH IXPpHV HW OHV RGHXUV GpVDJUpDEOHV GLPLQXHQW FRQVLGpUDEOHPHQW 9RWUH YLDQGH VHUD GRUpH HW PRHOOHXVH YRWUH IRXU UHVWHUD SURSUH SOXV ORQJWHPSV &RPPHQW SURFpGHU " 3UpFKDXIIH] OH IRXU HQ SODoDQW OH VpOHFWHXU GH SXLV OH WKHUPRVWDW VXU IRQFWLRQV VXU OD SRVLWLRQ OH UHSqUH GH FXLVVRQ FKRLVL $ OD SUHPLqUH H[WLQFWLRQ GX YR\DQW ´UpJXODWLRQµ HQIRXUQH] OD SLqFH j U{WLU SXLV VDQV PRGLILHU OD SRVLWLRQ GX WKHUPRVWDW SODFH] OH VpOHFWHXU GH UpVHUYpH j OD FXLVVRQ IRQFWLRQV VXU OD SRVLWLRQ GHV YLDQGHV U{WLHV /D FXLVVRQ DX JULO 7RXWHV OHV FXLVVRQV DX JULO GRLYHQW rWUH IDLWHV VRXV YRWUH VXUYHLOODQFH /·XWLOLVDWLRQ GX JULO VH IDLW SRUWH IHUPpH 6XU FHWWH SRVLWLRQ VHXO O·pOpPHQW LQWpULHXU GX JULO IRQFWLRQQH &H PRGH GH FXLVVRQ VHUW j JULOOHU OHV SLqFHV GH YLDQGH SHX pSDLVVHV F{WHV GH SRUF VDXFLVVHV HW HQ SHWLWH TXDQWLWp 9RXV SRXYH] pJDOHPHQW JULOOHU GHV SHWLWV SRLVVRQV VDUGLQHV RX JUDWLQHU GHV SODWV GpMj FXLWV HW FKDXGV GH SUpIpUHQFH &RPPHQW SURFpGHU " /HV JULOODGHV /HV JUDWLQV 3UpFKDXIIH] OH IRXU HQ SODoDQW OH VpOHFWHXU GH HW OH IRQFWLRQV VXU OD SRVLWLRQ GH FXLVVRQ 3UpFKDXIIH] OH IRXU HQ SODoDQW OH VpOHFWHXU GH HW OH IRQFWLRQV VXU OD SRVLWLRQ GH FXLVVRQ WKHUPRVWDW VXU OH UHSqUH GH FXLVVRQ FKRLVL VDQV GpSDVVHU OHV YDOHXUV SUpFRQLVpHV GDQV OH JXLGH GHV FXLVVRQV WKHUPRVWDW VXU OH UHSqUH GH FXLVVRQ FKRLVL VDQV GpSDVVHU OHV YDOHXUV SUpFRQLVpHV GDQV OH JXLGH GHV FXLVVRQV 3UpSDUH] OD SLqFH j JULOOHU 3ODFH]OD GLUHFWHPHQW VXU OD JULOOH VXSSRUW GH SODW /RUVTXH OH JULO HVW URXJH *OLVVH] OH SODWHDX PXOWLXVDJHV DX JUDGLQ ➀ *OLVVH] OD JULOOH VXSSRUW DX JUDGLQ ➂ RX ➃ VXLYDQW O·pSDLVVHXU GH OD SLqFH j JULOOHU 3ODFH] OH SODW VXU OD JULOOH VXSSRUW HW JOLVVH] O·HQVHPEOH DX JUDGLQ ➂ RX ➃ /DLVVH] OH PHWV H[SRVp TXHOTXHV PLQXWHV DX UD\RQQHPHQW GX JULO 3OXV OD SUpSDUDWLRQ VHUD SURFKH GH O·pOpPHQW UD\RQQDQW SOXV OH ´JUDWLQDJHµ VHUD UDSLGH 3UpIpUH] OH JUDGLQ ➄ SRXU OHV SLqFHV j JULOOHU PLQFHV WRDVWV F{WHV GH SRUF VDXFLVVHV SHWLWV SRLVVRQV /RUVTXH OD SUHPLqUH IDFH HVW GRUpH UHWRXUQH] OD SLqFH VDQV OD SLTXHU SRXU pYLWHU GH OXL IDLUH SHUGUH VRQ MXV )DLWHV JULOOHU OD GHX[LqPH IDFH 6DOH] HQ ILQ GH FXLVVRQ /H WHPSV GH FXLVVRQ GRLW rWUH GpWHUPLQp HQ IRQWLRQ GH O·pSDLVVHXU GH OD SLqFH j JULOOHU HW QRQ SDU VRQ SRLGV /D FXLVVRQ DX WRXUQHEURFKH /D EURFKH HW VRQ VXSSRUW VRQW WUqV FKDXGV DSUqV OD FXLVVRQ 8WLOLVH] GHV JDQWV WKHUPLTXHV GH FXLVLQH &RPPHQW SURFpGHU " (QILOH] XQH IRXUFKHWWH VXU OD EURFKH SXLV OD SLqFH j U{WLU HQ YHLOODQW j FH TX·HOOH VRLW ELHQ FHQWUpH (QILOH] HQVXLWH OD GHX[LqPH IRXUFKHWWH %ORTXH] OHV IRXUFKHWWHV j O·DLGH GHV YLV 3RVH] OD EURFKH VXU OH VXSSRUW HW JOLVVH] O·HQVHPEOH DX JUDGLQ ➂ /H WRXUQHEURFKH 3RXVVH] OD EURFKH SRXU HQJDJHU VRQ H[WUpPLWp GDQV OH FDUUp G·HQWUDvQHPHQW GH OD EURFKH RULILFH VLWXp DX IRQG GX IRXU j JDXFKH %URFKH *OLVVH] OH SODWHDX PXOWLXVDJHV DX JUDGLQ ➀ )HUPH] OD SRUWH GX IRXU 3ODFH] OH VpOHFWHXU GH IRQFWLRQV VXU OD SRVLWLRQ SXLV OH WKHUPRVWDW VXU & 9pULILH] TXH OD EURFKH WRXUQH 3RXU VRUWLU OD SLqFH U{WLH UHPHWWH] OH WKHUPRVWDW SXLV OH VpOHFWHXU GH IRQFWLRQV VXU OD SRVLWLRQ $UUrW 7LUH] GRXFHPHQW HW VRUWH] VLPXOWDQpPHQW GX IRXU OH SODWHDX PXOWLXVDJHV O·HQVHPEOH VXSSRUW GH EURFKH HW OD EURFKH )RXUFKHWWHV 6XSSRUW GH EURFKH /D FXLVVRQ DX PD[L JULO /·XWLOLVDWLRQ GX JULO VH IDLW SRUWH IHUPpH SRXU pFRQRPLVHU GH O·pQHUJLH pYLWHU WRXW GpJDJHPHQW G·RGHXUV HW GH IXPpHV HW SRXU QH SDV HQGRPPDJHU OHV FRPPDQGHV GH O·DSSDUHLO 7RXWHV OHV FXLVVRQV DX JULO GRLYHQW rWUH IDLWHV VRXV YRWUH VXUYHLOODQFH &H PRGH GH FXLVVRQ SHUPHW GH JULOOHU GHV SLqFHV GH YLDQGH F{WHV GH SRUF VDXFLVVHV TXL UHVWHQW PRHOOHXVHV GH GRUHU OHV WRDVWV RX GH JUDWLQHU GHV SODWV GpMj FXLWV HW FKDXGV GH SUpIpUHQFH JUDWLQV GH SkWHV &RPPHQW SURFpGHU " /HV JULOODGHV 3UpSDUH] OD SLqFH j JULOOHU 3ODFH]OD GLUHFWHPHQW VXU OD JULOOH VXSSRUW GH SODW SXLV OH 3ODFH] OH VpOHFWHXU GH IRQFWLRQV VXU WKHUPRVWDW VXU OH UHSqUH GH FXLVVRQ FKRLVL VDQV GpSDVVHU OHV YDOHXUV SUpFRQLVpHV GDQV OH JXLGH GHV FXLVVRQV /RUVTXH OH JULO HVW URXJH *OLVVH] OH SODWHDX PXOWLXVDJHV DX JUDGLQ ➀ *OLVVH] OD JULOOH DX JUDGLQ ➂ RX ➃ VXLYDQW O·pSDLVVHXU GH OD SLqFH j JULOOHU /RUVTXH OD SUHPLqUH IDFH HVW GRUpH UHWRXUQH] OD SLqFH VDQV OD SLTXHU SRXU pYLWHU GH OXL IDLUH SHUGUH VRQ MXV )DLWHV JULOOHU OD GHX[LqPH IDFH 6DOH] HQ ILQ GH FXLVVRQ /H WHPSV GH FXLVVRQ GRLW rWUH GpWHUPLQp HQ IRQFWLRQ GH O·pSDLVVHXU GH OD SLqFH j JULOOHU HW QRQ GH VRQ SRLGV /HV JUDWLQV 3RVLWLRQQH] OH VpOHFWHXU GH IRQFWLRQV VXU SXLV OH WKHUPRVWDW VXU OH UHSqUH GH FXLVVRQ FKRLVL VDQV GpSDVVHU OHV YDOHXUV SUpFRQLVpHV GDQV OH JXLGH GHV FXLVVRQV 3ODFH] OH SODW VXU OD JULOOH VXSSRUW HW JOLVVH] O·HQVHPEOH DX JUDGLQ ➂ RX ➃ /DLVVH] OH PHWV H[SRVp TXHOTXHV PLQXWHV DX UD\RQQHPHQW GX JULO 3OXV OD SUpSDUDWLRQ VHUD SURFKH GH O·pOpPHQW UD\RQQDQW SOXV OH ´JUDWLQDJHµ VHUD UDSLGH &216(,/6 '·87,/,6$7,21 /$ 7$%/( '( &8,6621 /HV EUOHXUV JD] &KRL[ GHV UpFLSLHQWV &KRLVLVVH] WRXMRXUV XQ UpFLSLHQW SURSRUWLRQQp DX GLDPqWUH GX EUOHXU XWLOLVp j FP GH GLDPqWUH SRXU OH EUOHXU UDSLGH DYDQW JDXFKH j FP GH GLDPqWUH SRXU OH EUOHXU VHPLUDSLGH DUULqUH JDXFKH j FP GH GLDPqWUH SRXU OH EUOHXU DX[LOLDLUH DYDQW GURLW &RQVHLOV SUDWLTXHV 3RXU OD UpXVVLWH GH FHUWDLQHV SUpSDUDWLRQV GpOLFDWHV SDU H[HPSOH FUqPH DQJODLVH VDXFH EpFKDPHO UL] DX ODLW QRXV YRXV VXJJpURQV FHV TXHOTXHV FRQVHLOV XWLOLVH] GH SUpIpUHQFH XQ UpFLSLHQW GH FP GH GLDPqWUH PD[LPXP XWLOLVH] GH SUpIpUHQFH OH EUOHXU DYDQW GURLW /D WDEOH GH FXLVVRQ HVW FRQoXH SRXU O·XWLOLVDWLRQ H[FOXVLYH GH UpFLSLHQWV j IRQG SODW $ OD VXLWH G·XQ FKRF VL YRWUH WDEOH HVW HQGRPPDJpH pFODW IpOXUH GpEUDQFKH] YRWUH DSSDUHLO HW DSSHOH] OH 6HUYLFH $SUqV9HQWH 3RXU XQ ERQ DOOXPDJH GH YRV EUOHXUV 9HLOOH] j JDUGHU OHV FRXURQQHV GHV EUOHXUV HQ SDUIDLW pWDW GH SURSUHWp OHXU HQFUDVVHPHQW SRXUUDLW rWUH OD FDXVH G·XQ PDXYDLV DOOXPDJH JD] 6L YRXV DYH] GpPRQWp OHV EUOHXUV SRXU OHV QHWWR\HU DVVXUH]YRXV DYDQW O·DOOXPDJH TXH OHV FRXURQQHV HW OHV FKDSHDX[ GHV EUOHXUV VRLHQW FRUUHFWHPHQW UHPLV HQ SODFH HW SDUIDLWHPHQW VHFV %RQQH XWLOLVDWLRQ 0DXYDLVH XWLOLVDWLRQ JDVSLOODJH G·pQHUJLH /D SODTXH pOHFWULTXH 1H IDLWHV SDV FKDXIIHU OD SODTXH j YLGH HW Q·LQWHUFDOH] DXFXQ SURGXLW RX PDWpULDX HQWUH OD SODTXH HW OH UpFLSLHQW &KDTXH IRLV TXH OD UHFHWWH OH SHUPHW FRXYUH] YRWUH UpFLSLHQW YRXV UpDOLVHUH] GHV pFRQRPLHV G·pQHUJLH 3HQVH] j UDPHQHU OD PDQHWWH VXU OD SRVLWLRQ $UUrW DYDQW OD ILQ GH OD FXLVVRQ FHOOHFL WHUPLQHUD JUkFH j OD FKDOHXU DFFXPXOpH FXLVVRQ GHV SkWHV GX UL] PLMRWDJH 3RXU SUpYHQLU OHV GpERUGHPHQWV ODLW KXLOH VDXFH SRVLWLRQQH] OD PDQHWWH VXU XQ UHSqUH PRLQV pOHYp TXHOTXHV PLQXWHV DYDQW O·pEXOOLWLRQ 1·HPSOLVVH] SDV WURS YRV UpFLSLHQWV /RUVTXH YRXV UpGXLVH] OD SXLVVDQFH GH FXLVVRQ RX TXH YRXV DUUrWH] OD SODTXH VD WHPSpUDWXUH EDLVVH OHQWHPHQW &KRL[ GHV UpFLSLHQWV &KRLVLVVH] WRXMRXUV XQ UpFLSLHQW SURSRUWLRQQp DX GLDPqWUH GH OD SODTXH j FP GH GLDPqWUH &KRLVLVVH] GHV UpFLSLHQWV j IRQG pSDLV HW ELHQ SODW IRQG GUHVVp %RQQH XWLOLVDWLRQ 0DXYDLVHV XWLOLVDWLRQV &216(,/6 '·87,/,6$7,21 /( )285 &KRL[ GHV UpFLSLHQWV &RQVHLOV SUDWLTXHV /·pSDLVVHXU OD FRQGXFWLELOLWp HW OD FRXOHXU GHV UpFLSLHQWV LQIOXHQFHQW OHV UpVXOWDWV FXOLQDLUHV 3HQGDQW OD FXLVVRQ FHUWDLQHV SUpSDUDWLRQV DXJPHQWHQW GH YROXPH SDU FRQVpTXHQW FKRLVLVVH] YRV UpFLSLHQWV GH PDQLqUH j FH TXH OD SUpSDUDWLRQ FUXH ODLVVH OH WLHUV VXSpULHXU GX PRXOH OLEUH 3RXU SUpYHQLU OHV pFODERXVVXUHV WURS DERQGDQWHV XWLOLVH] SRXU OD FXLVVRQ GHV U{WLV HW GHV YRODLOOHV GHV SODWV j ERUGV KDXWV RX GHV FRFRWWHV HQ YHUUH j IHX PXQLHV GH OHXU FRXYHUFOH GRQW OHV GLPHQVLRQV VRQW SURSRUWLRQQpHV j OD SLqFH j U{WLU 1H SODFH] MDPDLV OH SDSLHU G·DOXPLQLXP GLUHFWHPHQW HQ FRQWDFW DYHF OH EDV GH YRWUH IRXU FHFL HQWUDvQHUDLW XQH GpWpULRUDWLRQ GH O·pPDLO /RUV GH VRQ XWLOLVDWLRQ O·DSSDUHLO GHYLHQW FKDXG 1H SDV WRXFKHU OHV pOpPHQWV FKDXIIDQWV VLWXpV j O·LQWpULHXU GX IRXU 3RXU SUpVHUYHU OD SURSUHWp GH YRWUH IRXU XQH IHXLOOH G·DOXPLQLXP LQWHUFDOpH HQWUH OH SODW HW OD JULOOH VXSSRUW SURWpJHUD OD VROH HQ FDV GH GpERUGHPHQW $ILQ GH SHUPHWWUH XQH ERQQH FLUFXODWLRQ G·DLU FHWWH IHXLOOH QH GRLW SDV FRXYULU OD WRWDOLWp GH OD VXUIDFH GH OD JULOOH 3LTXH] OD SHDX GHV YRODLOOHV HW VDXFLVVHV j O·DLGH G·XQH IRXUFKHWWH DYDQW FXLVVRQ 9RXV pYLWHUH] TXH OD SHDX QH JRQIOH HW Q·pFODWH VRXV O·HIIHW GH OD FKDOHXU /DLVVH] OH PRLQV GH EDUGH SRVVLEOH DXWRXU GH YRV U{WLV SRXU UpGXLUH OHV SURMHFWLRQV HW REWHQLU XQ PHWV PRLQV ULFKH HQ JUDLVVH 1H GpSDVVH] SDV OHV UHSqUHV GH WKHUPRVWDW SUpFRQLVpV GDQV OH JXLGH GH FXLVVRQV GHV YLDQGHV 5pVHUYH] OHV SODWV HQ YHUUH j IHX SRXU YRV JUDWLQV HW YRV VRXIIOpV ,QIOXHQFH GHV UpFLSLHQWV VXU OHV UpVXOWDWV GH FXLVVRQ 6DFKH] TXH $ O·DOXPLQLXP OHV SODWV HQ WHUUH FXLWH OD WHUUH j IHX GLPLQXHQW OD FRORUDWLRQ GHVVRXV HW SUpVHUYHQW O·KXPLGLWp GHV DOLPHQWV 1RXV YRXV OHV FRQVHLOORQV SRXU OHV SkWLVVHULHV PRHOOHXVHV OD FXLVVRQ GHV JUDWLQV GHV U{WLV % OD IRQWH pPDLOOpH OH IHU pWDPp OH YHUUH HW OD SRUFHODLQH j IHX OHV UpFLSLHQWV DYHF LQWpULHXU DQWLDGKpVLI HW H[WpULHXU FRORUp DXJPHQWHQW OD FRORUDWLRQ GHVVRXV HW IDYRULVHQW OH GHVVqFKHPHQW GHV DOLPHQWV 1RXV YRXV OHV FRQVHLOORQV SRXU OHV WDUWHV OHV TXLFKHV HW WRXWHV FXLVVRQV FURXVWLOODQWHV TXL GRLYHQW rWUH DXVVL GRUpHV GHVVRXV TXH GHVVXV 9RXV FRQVWDWH] 4XH IDLUH " 'HVVRXV WURS SkOH SDV DVVH] FXLW RX GHVVXV WURS IRQFp 3UHQH] XQ PRXOH GX W\SH % RX GHVFHQGH] OH PRXOH G·XQ QLYHDX 'HVVRXV WURS IRQFp WURS FXLW RX GHVVXV WURS FODLU 3UHQH] XQ PRXOH GX W\SH $ RX UHPRQWH] OH PRXOH G·XQ QLYHDX 3RXU UpDOLVHU GHV pFRQRPLHV G·pQHUJLH 3UHQH] O·KDELWXGH G·pWHLQGUH YRWUH IRXU TXHOTXHV PLQXWHV DYDQW OD ILQ GH OD FXLVVRQ 3HQGDQW FH ODSV GH WHPSV Q·RXYUH] SDV OD SRUWH OD FXLVVRQ VH WHUPLQHUD JUkFH j OD FKDOHXU DFFXPXOpH GDQV OH IRXU )DLWHV VH VXFFpGHU SOXVLHXUV FXLVVRQV YRXV pFRQRPLVHUH] O·pQHUJLH QpFHVVDLUH DX SUpFKDXIIDJH GX IRXU (W TXDQG FHOD HVW SRVVLEOH Q·KpVLWH] SDV j IDLUH FXLUH HQ PrPH WHPSV JkWHDX[ RX FDNHV RX WDUWHV SDU H[HPSOH *8,'(6 '(6 &8,66216 *XLGH GHV FXLVVRQV VXU OD SODTXH pOHFWULTXH 3UpSDUDWLRQV 3ODTXH pOHFWULTXH 0DLQWLHQ DX FKDXG EHXUUH HW FKRFRODW IRQGXV 0LMRWDJH VDXFHV GpOLFDWHV UL] OpJXPHV VHFV 0DLQWLHQ j pEXOOLWLRQ SkWHV SRPPHV GH WHUUH OpJXPHV IUDLV SRWDJHV &XLVVRQ j OD SRrOH YHDX SRUF RPHOHWWH &XLVVRQ j OD SRrOH ERHXI FUrSHV )ULWXUHV *XLGH GHV FXLVVRQV DX WRXUQHEURFKH DX JULO HW DX PD[L JULO 7RXWHV OHV FXLVVRQV DX JULO GRLYHQW rWUH IDLWHV SRUWH IHUPpH HW VRXV YRWUH VXUYHLOODQFH 7HPSV GH FXLVVRQ PLQXWHV $FFHVVRLUHV 7RXUQHEURFKH SODWHDX PXOWL XVDJHV *ULOOH VXSSRUW SODWHDX PXOWL XVDJHV F{WHV GH SRUF VDXFLVVHV PHUJXH] VDXFLVVHV PHUJXH] PRUFHDX[ GH SRXOHW FXLVVHV PRUFHDX[ GH SRXOHW FXLVVHV &{WH GH ERHXI *ULOOH VXSSRUW SODWHDX PXOWL XVDJHV *ULOOH VXSSRUW SODWHDX PXOWL XVDJHV SDU IDFH SDU IDFH *ULOOH VXSSRUW SODWHDX PXOWL XVDJHV *ULOOH VXSSRUW SODWHDX PXOWL XVDJHV 3RLVVRQV SDU IDFH 3UpSDUDWLRQV *5,//$'(6 3RXOHW DX WRXUQHEURFKH F{WHV GH SRUF 1LYHDX GH FXLVVRQ JUDGLQ PLQXWHV GH SUpFKDXIIDJH 3UpFKDXIIDJH &XLVVRQ *ULOOH 7KHUPRVWDW VXSSRUW & *ULOOH VXSSRUW SODWHDX PXOWL XVDJHV *ULOOH VXSSRUW SODWHDX PXOWL XVDJHV *ULOOH VXSSRUW SODWHDX PXOWL XVDJHV *XLGH GHV FXLVVRQV DX WXUER JULO 3UpSDUDWLRQV *UDWLQ GH SRPPHV GH WHUUH *QRFFKL j OD URPDLQH 3UpFKDXIIDJH &XLVVRQ 1LYHDX GH FXLVVRQ JUDGLQ *ULOOH 7KHUPRVWDW VXSSRUW & 7HPSV GH FXLVVRQ PLQXWHV $FFHVVRLUHV *ULOOH VXSSRUW SODW HQ WHUUH j IHX *ULOOH VXSSRUW SODW HQ WHUUH j IHX /·LPSRUWDQFH GX YROXPH GHV SUpSDUDWLRQV j FXLUH HW OD JUDQGH YDULpWp GHV PDWpULDX[ FRQVWLWXDQW OHV UpFLSLHQWV GH FXLVVRQ HW OHV PRXOHV j SkWLVVHULH SHXYHQW YRXV DPHQHU j PRGLILHU OHV LQGLFDWLRQV GRQQpHV GDQV OHV JXLGHV GHV FXLVVRQV 6HXOH YRWUH H[SpULHQFH YRXV SHUPHWWUD GH WURXYHU OH UpJODJH FRQYHQDQW OH PLHX[ j YRV KDELWXGHV FXOLQDLUHV 7DEOHDX GH FRUUHVSRQGDQFHV DSSUR[LPDWLYHV UHSqUHV GX WKHUPRVWDW WHPSpUDWXUHV p& p& p& p& p& p& p& p& p& p& /H SUpFKDXIIDJH GX IRXU HVW QpFHVVDLUH SRXU O·XWLOLVDWLRQ GHV SRVLWLRQV VXLYDQWHV 3RXU OHV FXLVVRQV SRVLWLRQ PRGH GH SUpFKDXIIDJH GXUpH PLQXWHV HQYLURQ SRXU DWWHLQGUH & GXUpH PLQXWHV HQYLURQ SRXU DWWHLQGUH & 3RXU OHV FXLVVRQV SRVLWLRQ PRGH GH SUpFKDXIIDJH GXUpH PLQXWHV HQYLURQ SRXU DWWHLQGUH & 3RXU OHV FXLVVRQV SRVLWLRQ PRGH GH SUpFKDXIIDJH GXUpH PLQXWHV HQYLURQ SRXU DWWHLQGUH & GXUpH PLQXWHV HQY SRXU DWWHLQGUH & 3UpSDUDWLRQV 0DLQWLHQ DX FKDXG &KDXIIDJH DVVLHWWHV 3UpFKDXIIDJH &XLVVRQ 1LYHDX GH FXLVVRQ JUDGLQ *ULOOH 7KHUPRVWDW VXSSRUW & 7HPSV GH FXLVVRQ PLQXWHV $FFHVVRLUHV 5{WL GH ERHXI NJ *ULOOH VXSSRUW SODW HQ WHUUH j IHX *LJRW G·DJQHDX *ULOOH VXSSRUW SODW HQ WHUUH j IHX 5{WL GH SRUF NJ *ULOOH VXSSRUW SODW HQ WHUUH j IHX 5{WL GH YHDX NJ 9RODLOOH NJ *ULOOH VXSSRUW SODW HQ WHUUH j IHX *ULOOH VXSSRUW SODW HQ WHUUH j IHX 3RLVVRQV HQWLHUV *ULOOH VXSSRUW SODW HQ WHUUH j IHX 3RLVVRQ ILOHWV *ULOOH VXSSRUW SODW HQ WHUUH j IHX *ULOOH VXSSRUW SODW HQ YHUUH j IHX *ULOOH VXSSRUW SODW HQ YHUUH j IHX *ULOOH VXSSRUW SODW HQ YHUUH j IHX 9,$1'(6 32,66216 /(*80(6 *UDWLQ GDXSKLQRLV 7RPDWHV IDUFLHV /DVDJQHV (175((6 &URWHV IHXLOOHWpHV 3ODWHDX PXOWL XVDJHV DYHF SDSLHU VXOIXULVp 3ODWHDX PXOWL XVDJHV DYHF SDSLHU VXOIXULVp *ULOOH VXSSRUW PRXOH j VRXIIOp 7HUULQH DX EDLQ PDULH GDQV SODWHDX PXOWL XVDJHV *ULOOH VXSSRUW WRXUWLqUH HW *ULOOHV VXSSRUW WRXUWLqUHV *ULOOH VXSSRUW WRXUWLqUH HW *ULOOHV VXSSRUW WRXUWLqUHV 6RXIIOp DX IURPDJH 3kWp HQ WHUULQH 3L]]D 4XLFKH ORUUDLQH 7HPSV GH FXLVVRQ PLQXWHV $FFHVVRLUHV *ULOOH VXSSRUW PRXOH j PDQTXp 3ODWHDX PXOWL XVDJHV *ULOOH VXSSRUW PRXOH j EULRFKH 3ODWHDX PXOWL XVDJHV *ULOOH VXSSRUW PRXOH j FDNH HW *ULOOHV VXSSRUW PRXOHV j FDNH *pQRLVH *ULOOH VXSSRUW .RXJORI 3UpSDUDWLRQV 3$7,66(5,(6 %LVFXLW GH 6DYRLH %ULRFKH 3UpFKDXIIDJH &XLVVRQ 1LYHDX GH FXLVVRQ JUDGLQ 0HULQJXHV 3kWH j FKRX[ 4XDWUH TXDUWV 6DEOpV 7DUWH DX[ IUXLWV SkWH EULVpH 7DUWH DX[ IUXLWV SkWH OHYpH &DNH DX[ UDLVLQV *ULOOH 7KHUPRVWDW VXSSRUW & *ULOOH VXSSRUW PRXOH HQ WHUUH FXLWH 3ODWHDX PXOWL XVDJHV DYHF SDSLHU VXOIXULVp 3ODWHDX PXOWL XVDJHV DYHF SDSLHU VXOIXULVp 3ODWHDX PXOWL XVDJHV 3ODWHDX PXOWL XVDJHV *ULOOH VXSSRUW PRXOH j PDQTXp 3ODWHDX PXOWL XVDJHV DYHF SDSLHU VXOIXULVp 3ODWHDX PXOWL XVDJHV DYHF SDSLHU VXOIXULVp *ULOOH VXSSRUW WRXUWLqUH HW *ULOOHV VXSSRUW WRXUWLqUHV *ULOOH VXSSRUW WRXUWLqUH HW *ULOOHV VXSSRUW WRXUWLqUHV (175(7,(1 (7 1(772<$*( 1HWWR\DJH GH OD WDEOH $YDQW GH SURFpGHU DX QHWWR\DJH DVVXUH]YRXV TXH FKDTXH PDQHWWH VRLW VXU OD SRVLWLRQ $UUrW HW DWWHQGH] TXH O·DSSDUHLO VRLW UHIURLGL $SUqV FKDTXH XWLOLVDWLRQ SDVVH] XQH pSRQJH LPELEpH G·HDX WLqGH HW GH GpWHUJHQW GRX[ HQ pYLWDQW WRXW pFRXOHPHQW GDQV OHV RULILFHV GH OD WDEOH 5LQFH] HW VpFKH] DYHF XQ FKLIIRQ GRX[ (Q FDV GH GpERUGHPHQW PRXLOOH] HW ODLVVH] GpWUHPSHU PDLV QH JUDWWH] SDV HW Q·XWLOLVH] MDPDLV GH SURGXLWV DEUDVLIV FH TXL ULVTXHUDLW GH UD\HU HW G·HQGRPPDJHU OH YHUUH *ULOOHV pPDLOOpHV /DYH]OHV j O·HDX FKDXGH DGGLWLRQQpH G·XQ GpWHUJHQW GRX[ ULQFH] HW VpFKH] %UOHXUV JD] FKDSHDX[ HW FRXURQQHV /DYH] OHV FKDSHDX[ DYHF GH O·HDX FKDXGH HW XQ GpWHUJHQW GRX[ 9HLOOH] j JDUGHU OHV FRXURQQHV GHV EUOHXUV HQ SDUIDLW pWDW GH SURSUHWp OHXU HQFUDVVHPHQW SRXYDQW rWUH OD FDXVH G·XQ PDXYDLV DOOXPDJH 6L YRXV DYH] GpPRQWp OHV EUOHXUV SRXU OHV QHWWR\HU DVVXUH]YRXV DYDQW O·DOOXPDJH TXH OHV FRXURQQHV HW OHV FKDSHDX[ VRLHQW ELHQ HQ SODFH HW SDUIDLWHPHQW VHFV 3ODTXH pOHFWULTXH 9pULILH] TX·DXFXQ pOpPHQW Q·HVW VRXV WHQVLRQ 7RXWHV OHV FRPPDQGHV GRLYHQW VH WURXYHU VXU OD SRVLWLRQ $UUrW OHV YR\DQWV HW OD ODPSH GH IRXU pWHLQWV 8WLOLVH] XQH pSRQJH KXPLGH HW XQ GpWHUJHQW ULQFH] HW VpFKH] 6L QpFHVVDLUH IDLWHV FKDXIIHU OD SODTXH SUpDODEOHPHQW SRXU FDUERQLVHU OHV VDOLVVXUHV /D SODTXH GRLW rWUH PDLQWHQXH ELHQ VqFKH 3pULRGLTXHPHQW YRXV SRXYH] O·HVVX\HU DYHF XQ SDSLHU DEVRUEDQW OpJqUHPHQW KXLOp %DQGHDX GH FRPPDQGH HW PDQHWWHV 8WLOLVH] XQH pSRQJH KXPLGH DGGLWLRQQpH G·HDX VDYRQQHXVH 5LQFH] HW VpFKH] VRLJQHXVHPHQW 3RUWH WLURLU HW F{WpV 8WLOLVH] XQH pSRQJH KXPLGH DGGLWLRQQpH G·XQ GpWHUJHQW GRX[ 5LQFH] HW VpFKH] VRLJQHXVHPHQW 1·XWLOLVH] HQ DXFXQ FDV GH SURGXLWV DEUDVLIV 1HWWR\DJH GX IRXU (QWUHWLHQ SpULRGLTXH /D SRUWH GX IRXU HVW FKDXGH SHQGDQW OH F\FOH GH QHWWR\DJH pORLJQH] OHV MHXQHV HQIDQWV 1·XWLOLVH] SDV OHV IR\HUV GH FXLVVRQ GH OD WDEOH SHQGDQW OH QHWWR\DJH 1RXV YRXV UHFRPPDQGRQV G·XWLOLVHU O·pFUDQ GH SURWHFWLRQ DPRYLEOH GH SRUWH HQ FDV GH SUpVHQFH pYHQWXHOOH GH MHXQHV HQIDQWV UpIpUHQFH GH O·pFUDQ DX FKDSLWUH ´&DUDFWpULVWLTXHV WHFKQLTXHVµ (QWUHWLHQ GH OD VROH SDUWLH LQIpULHXUH $ILQ GH FDUERQLVHU OHV SURMHFWLRQV JUDLVVHXVHV DSUqV SOXVLHXUV FXLVVRQV GH YLDQGH YRXV SRXYH] IDLUH HW FKDXIIHU OH JULO VHXO VpOHFWHXU GH IRQFWLRQV VXU WKHUPRVWDW VXU & SHQGDQW PLQXWHV 1RXV YRXV UHFRPPDQGRQV GH QH MDPDLV XWLOLVHU GH SURGXLWV DEUDVLIV GH GpWHUJHQWV G·REMHWV WUDQFKDQWV WHOV TXH FRXWHDX[ RX JUDWWRLUV TXL UHQGUDLHQW O·pPDLO GpILQLWLYHPHQW LQHIILFDFH 1HWWR\DJH GHV DFFHVVRLUHV (QWUHWLHQ UpJXOLHU 5HFRXYHUWH G·pPDLO OLVVH HOOH GRLW rWUH QHWWR\pH DYDQW OHV RSpUDWLRQV FLGHVVRXV SRXU pYLWHU GH UHFXLUH OHV VDOLVVXUHV /DYH]OHV j O·HDX VDYRQQHXVH HQ SUHQDQW ELHQ VRLQ GH OHV ULQFHU HW GH OHV HVVX\HU /DYH] OD VROH DYHF XQH pSRQJH HW XQ GpWHUJHQW SRXU UHWLUHU OHV SURMHFWLRQV JUDVVHV 8QH pSRQJH OpJqUHPHQW DEUDVLYH SHXW rWUH XWLOLVpH (QWUHWLHQ SpULRGLTXH 8WLOLVH] GHV SURGXLWV VSpFLDX[ GX FRPPHUFH /H SURGXLW GpFDSDQW GRLW rWUH YDSRULVp XQLTXHPHQW VXU OD VROH 1HWWR\DJH FDWDO\WLTXH 3ULQFLSH /HV SDURLV ODWpUDOHV HW OH IRQG GX IRXU VRQW UHFRXYHUWV G·XQ pPDLO VSpFLDO SRUHX[ 9RXV OH UHFRQQDvWUH] SDU VRQ DVSHFW PDW HW UXJXHX[ DX WRXFKHU ,O DEVRUEH HW GpWUXLW OHV SURMHFWLRQV JUDVVHV VRXV O·DFWLRQ GH OD FKDOHXU SHQGDQW OD FXLVVRQ &HSHQGDQW ORUV GH FXLVVRQV SURYRTXDQW EHDXFRXS GH SURMHFWLRQV JUDVVHV YRODLOOHV JULOODGHV OD GXUpH GH FXLVVRQ RX OD WHPSpUDWXUH QH VRQW SDV WRXMRXUV VXIILVDQWHV SRXU pOLPLQHU WRXWHV OHV JUDLVVHV 9RXV SRXYH] SURFpGHU FRPPH VXLW 5HWLUH] WRXV OHV DFFHVVRLUHV GX IRXU JULOOHV WRXUQHEURFKH SODWHDX PXOWLXVDJHV 3ODFH] OH VpOHFWHXU GH IRQFWLRQV VXU OD SRVLWLRQ 3ODFH] OH WKHUPRVWDW VXU & SXLV ODLVVH] FKDXIIHU SHQGDQW PLQXWHV (QVXLWH SODFH] OH VpOHFWHXU GH IRQFWLRQV VXU OD SHQGDQW PLQXWHV VL YRXV SDUWH] SRVLWLRQ G·XQ IRXU GpMj FKDXG $ SDUWLU G·XQ IRXU IURLG FRPSWH] PLQXWHV GH QHWWR\DJH 9RXV UpDOLVHUH] GHV pFRQRPLHV G·pQHUJLH VL YRXV HIIHFWXH] FHV RSpUDWLRQV LPPpGLDWHPHQW j OD VXLWH G·XQH FXLVVRQ YRWUH IRXU pWDQW GpMj FKDXG (1 &$6 '·$120$/,( '( )21&7,211(0(17 1RXV YRXV UHFRPPDQGRQV YLYHPHQW GH IDLUH OHV YpULILFDWLRQV VXLYDQWHV VXU YRWUH FXLVLQLqUH DYDQW G·DSSHOHU XQ WHFKQLFLHQ GX 6HUYLFH $SUqV9HQWH ,O VH SHXW TXH OH SUREOqPH VRLW VLPSOH HW TXH YRXV SXLVVLH] OH UpVRXGUH YRXVPrPH 6ROXWLRQV 6\PSW{PHV $XFXQ EUOHXU QH V·DOOXPH 8Q EUOHXU QH V·DOOXPH SDV /D SODTXH pOHFWULTXH HW OH IRXU QH IRQFWLRQQHQW SDV /HV UpVXOWDWV GH FXLVVRQ QH VRQW SDV VDWLVIDLVDQWV /H IRXU IXPH 9pULILH] TXH O·DUULYpH GX JD] HVW RXYHUWH OD SRVLWLRQ GX WX\DX JD] HVW FRUUHFWH OD ERXWHLOOH RX OD FXYH Q·HVW SDV YLGH OHV IXVLEOHV VRQW HQ ERQ pWDW O·DSSDUHLO HVW FRUUHFWHPHQW EUDQFKp TX·LO Q·\ D SDV GH FRXSXUH GH FRXUDQW 9pULILH] TXH O·HQVHPEOH GX EUOHXU HVW ELHQ UHPRQWp OH EUOHXU Q·HVW SDV PRXLOOp OD ERXJLH G·DOOXPDJH HVW SURSUH HW VqFKH 9pULILH] TXH OHV IXVLEOHV VRQW HQ ERQ pWDW O·DSSDUHLO HVW FRUUHFWHPHQW EUDQFKp TX·LO Q·\ D SDV GH FRXSXUH GH FRXUDQW 9pULILH] TXH OD SRVLWLRQ GH SUpFKDXIIDJH HVW FRUUHFWH YRLU FKDSLWUH ´*XLGHV GHV FXLVVRQVµ OD GXUpH HW OD WHPSpUDWXUH GH SUpFKDXIIDJH VRQW FRUUHFWHV OD SRVLWLRQ GH FXLVVRQ HVW DGDSWpH OD WHPSpUDWXUH VpOHFWLRQQpH HVW FRUUHFWH OD GXUpH GH FXLVVRQ HVW DGDSWpH OD JULOOH RX OH SODWHDX PXOWLXVDJHV HVW ELHQ SRVLWLRQQp GDQV OH IRXU OH UpFLSLHQW GH FXLVVRQ HVW ELHQ DGDSWp 9pULILH] TXH OH IRXU QH QpFHVVLWH SDV GH QHWWR\DJH OD SUpSDUDWLRQ QH GpERUGH SDV LO Q·\ D SDV GH SURMHFWLRQV H[FHVVLYHV GH JUDLVVHMXV VXU OHV SDURLV GX IRXU OD WHPSpUDWXUH HW OD SRVLWLRQ GH FXLVVRQ VpOHFWLRQQpHV VRQW DGDSWpHV SOXV SDUWLFXOLqUHPHQW SRXU OD SRVLWLRQ ´&XLVVRQ GHV YLDQGHVµ YRLU FKDSLWUH ´*XLGHV GHV FXLVVRQVµ 6L DSUqV DYRLU YpULILp FHV GLIIpUHQWV SRLQWV O·DQRPDOLH SHUVLVWH FRQWDFWH] OH 6HUYLFH $SUqV9HQWH GH YRWUH UHYHQGHXU &21',7,216 '( *$5$17,( *DUDQWLH &RQIRUPpPHQW j OD /pJLVODWLRQ HQ YLJXHXU YRWUH YHQGHXU HVW WHQX ORUV GH O·DFWH G·DFKDW GH YRWUH DSSDUHLO GH YRXV FRPPXQLTXHU SDU pFULW OHV FRQGLWLRQV GH JDUDQWLH HW VD PLVH HQ RHXYUH DSSOLTXpHV VXU FHOXLFL 6RXV VRQ HQWLqUH LQLWLDWLYH HW UHVSRQVDELOLWp YRWUH YHQGHXU UpSRQGUD j WRXWHV YRV TXHVWLRQV FRQFHUQDQW O·DFKDW GH YRWUH DSSDUHLO HW OHV JDUDQWLHV TXL \ VRQW DWWDFKpHV 1·KpVLWH] SDV j OH FRQWDFWHU /D SODTXH VLJQDOpWLTXH (Q DSSHODQW XQ 6HUYLFH $SUqV9HQWH LQGLTXH]OXL OD UpIpUHQFH FRPPHUFLDOH OH QXPpUR GH SURGXLW HW OH QXPpUR GH VpULH GH O·DSSDUHLO &HV LQGLFDWLRQV ILJXUHQW VXU OD SODTXH VLJQDOpWLTXH VLWXpH VXU YRWUH DSSDUHLO /D SODTXH HVW YLVLEOH VXU OH VRFOH GH O·DSSDUHLO HQ IDoDGH ORUVTXH OH WLURLU HVW HQOHYp UHSRUWH]YRXV DX FKDSLWUH ´,167$//$7,21µ /HV LQIRUPDWLRQV LQVFULWHV VXU FHWWH SODTXH YRXV VHURQW QpFHVVDLUHV HQ FDV GH SDQQH HW SRXU OD FRPPDQGH GH SLqFHV DX 6HUYLFH $SUqV9HQWH $ /·$77(17,21 '( /·,167$//$7(85 &RQVLJQHV GH VpFXULWp $YDQW O·LQVWDOODWLRQ DVVXUH]YRXV TXH OHV FRQGLWLRQV GH GLVWULEXWLRQ ORFDOH QDWXUH HW SUHVVLRQ GX JD] HW OH UpJODJH GH O·DSSDUHLO VRQW FRPSDWLEOHV /·DSSDUHLO GRLW rWUH LQVWDOOp GDQV XQ ORFDO VXIILVDPPHQW DpUp /HV FRQGLWLRQV GH UpJODJH GH O·DSSDUHLO VRQW LQVFULWHV VXU OD SODTXH VLJQDOpWLTXH &HW DSSDUHLO Q·HVW SDV UDFFRUGp j XQ GLVSRVLWLI G·pYDFXDWLRQ GHV SURGXLWV GH FRPEXVWLRQ ,O GRLW rWUH LQVWDOOp HW UDFFRUGp FRQIRUPpPHQW DX[ UqJOHV G·LQVWDOODWLRQ HQ YLJXHXU 8QH DWWHQWLRQ SDUWLFXOLqUH VHUD DFFRUGpH DX[ GLVSRVLWLRQV DSSOLFDEOHV HQ PDWLqUH GH YHQWLODWLRQ /H GpELW G·DLU QHXI UHTXLV HVW GH PK /HV PHXEOHV MX[WDSRVpV j O·DSSDUHLO QH GRLYHQW SDV GpSDVVHU OD KDXWHXU GH OD FXLVLQLqUH &HWWH GLVSRVLWLRQ DVVXUH OD SURWHFWLRQ GX PRELOLHU /HV SDURLV DGMDFHQWHV j OD FXLVLQLqUH GRLYHQW rWUH VRLW HQ PDWpULDX UpVLVWDQW j OD FKDOHXU VRLW UHYrWXHV G·XQ WHO PDWpULDX 5DFFRUGHPHQW pOHFWULTXH /HV FXLVLQLqUHV VRQW OLYUpHV H[FOXVLYHPHQW SRXU FRXUDQW DOWHUQDWLI +] UHSRUWH]YRXV DX 7DEOHDX Q DX FKDSLWUH ´,QVWDOODWLRQµ 9pULILH] TXH OD SXLVVDQFH GH O·LQVWDOODWLRQ HVW VXIILVDQWH OHV OLJQHV G·DOLPHQWDWLRQ VRQW HQ ERQ pWDW OH GLDPqWUH GHV ILOV HVW FRQIRUPH DX[ UqJOHV G·LQVWDOODWLRQ O·LQVWDOODWLRQ IL[H FRPSRUWH XQ GLVSRVLWLI SRVVpGDQW GHV FRQWDFWV j FRXSXUH RPQLSRODLUH D\DQW XQH GLVWDQFH G·RXYHUWXUH GHV FRQWDFWV G·DX PRLQV PP 5DFFRUGHPHQW j XQ UpVHDX JD] 9pULILH] TXH OH GpELW GX FRPSWHXU HW OH GLDPqWUH GHV FDQDOLVDWLRQV VRQW VXIILVDQWV SRXU DOLPHQWHU WRXV OHV DSSDUHLOV GH O·LQVWDOODWLRQ FRQVXOWH] YRWUH FRPSDJQLH GH GLVWULEXWLRQ GX JD] WRXV OHV UDFFRUGV VRQW pWDQFKHV ,QVWDOOH] XQ URELQHW GH EDUUDJH YLVLEOH HW DFFHVVLEOH 6L YRXV XWLOLVH] XQ WXEH VRXSOH LO GRLW rWUH YLVLEOH HW DFFHVVLEOH VXU WRXWH VD ORQJXHXU HW QH GRLW SDV SDVVHU GHUULqUH O·DSSDUHLO &KDQJHU OH WXEH VRXSOH XQ SHX DYDQW OD GDWH G·H[SLUDWLRQ LPSULPpH VXU FHOXLFL /·LQVWDOODWLRQ HW O·HQWUHWLHQ GRLYHQW rWUH HIIHFWXpV SDU XQ SURIHVVLRQQHO TXDOLILp FRQIRUPpPHQW DX[ WH[WHV UpJOHPHQWDLUHV HW UqJOHV GH O·DUW HQ YLJXHXU QRWDPPHQW DUUrWp GX DRW UqJOHV WHFKQLTXHV HW GH VpFXULWp DSSOLFDEOHV DX[ LQVWDOODWLRQV GH JD] FRPEXVWLEOHV HW G·K\GURFDUEXUHV OLTXpILpV j O·LQWpULHXU GHV EkWLPHQWV G·KDELWDWLRQ HW GH OHXUV GpSHQGDQFHV QRUPHV '78 3 LQVWDOODWLRQV GH JD] UqJOHPHQW VDQLWDLUH GpSDUWHPHQWDO QRUPH 1) & LQVWDOODWLRQV pOHFWULTXHV j EDVVH WHQVLRQ 1RWUH UHVSRQVDELOLWp QH VDXUDLW rWUH HQYLVDJpH HQ FDV G·DFFLGHQWV RX G·LQFLGHQWV SURYRTXpV SDU XQH PLVH j OD WHUUH LQH[LVWDQWH RX GpIHFWXHXVH &$5$&7(5,67,48(6 7(&+1,48(6 090& &ODVVH 5pIpUHQFH FRPPHUFLDOH 7\SH GH OD FXLVLQLqUH $SSDUHLO LVROp $SSDUHLO UpJOp HQ JD] QDWXUHO &RQYHUVLRQ SRVVLEOH HQ JD] EXWDQH SURSDQH 3D\V GH GHVWLQDWLRQ &DWpJRULH 'pELW FDORULILTXH WRWDO 'pELW PDVVLTXH WRWDO 5DFFRUGHPHQW pOHFWULTXH )5 ,,,F( N: JK 9 +] /D WDEOH GH FXLVVRQ *ULOOHV GH WDEOH /H IRXU )R\HU DYDQW GURLW )R\HU DUULqUH GURLW )R\HU DYDQW JDXFKH )R\HU DUULqUH JDXFKH $OOXPDJH pOHFWURQLTXH LQWpJUp )RXU 3XLVVDQFH GX IRXU *ULO 3XLVVDQFH GX JULO (FODLUDJH GH IRXU 1HWWR\DJH JULOOHV VXSSRUW GH FDVVHUROHV HQ DFLHU pPDLOOp EUOHXU DX[LOLDLUH N: SODTXH j OLPLWHXU N: ® PP EUOHXU UDSLGH N: EUOHXU VHPLUDSLGH N: pOHFWULTXH N: pOHFWULTXH N: DPSRXOH : W\SH ( FDWDO\VH $FFHVVRLUHV JULOOHV VXSSRUW SODWHDX PXOWLXVDJHV HQVHPEOH WRXUQHEURFKH 7LURLU GH UDQJHPHQW GHV DFFHVVRLUHV &RUGRQ GH UDFFRUGHPHQW pOHFWULTXH 'LPHQVLRQV +DXWHXU DX SODQ GH FXLVVRQ /DUJHXU 3URIRQGHXU 3RLGV FP FP FP NJ 2SWLRQ GLVSRQLEOH DXSUqV GH YRWUH UHYHQGHXU (FUDQ GH SURWHFWLRQ DPRYLEOH GH SRUWH %/$1& UpIpUHQFH .3)$56: 1 %XWDQHSURSDQH N: /H PDUTXDJH FRUUHVSRQG j O·DSSOLFDWLRQ GHV GLUHFWLYHV FRPSDWLELOLWp pOHFWURPDJQpWLTXH PDUTXDJH HW EDVVH WHQVLRQ ,167$//$7,21 0LVH HQ SODFH GH O·DSSDUHLO (PSODFHPHQW 9RWUH DSSDUHLO GRLW rWUH LQVWDOOp FRPPH VXU OHV ILJXUHV FLFRQWUH HW OHV GLVWDQFHV PLQLPDOHV HQWUH O·DSSDUHLO HW OHV SDURLV DGMDFHQWHV GH WRXV OHV PHXEOHV GRLYHQW rWUH UHVSHFWpHV FRPPH O·LQGLTXHQW OHV GHVVLQV )LJ /·DSSDUHLO QH GRLW SDV rWUH SODFp VXU XQ VRFOH 0LVH j QLYHDX 9RWUH FXLVLQLqUH HVW pTXLSpH GH SLHGV UpJODEOHV j O·DUULqUH SHUPHWWDQW XQH SDUIDLWH PLVH j QLYHDX 3RXU YLVVHU RX GpYLVVHU OHV SLHGV XWLOLVH] XQH FOp SODWH Q 'pJDJHPHQW HW UHPRQWDJH GX WLURLU 3RXU FRQVXOWHU OD SODTXH VLJQDOpWLTXH R ILJXUHQW OD UpIpUHQFH FRPPHUFLDOH HW OH QXPpUR GH VpULH GH YRWUH FXLVLQLqUH LO YRXV VXIILW GH GpJDJHU OH WLURLU FRPPH VXLW FRXOLVVH] OH WLURLU YHUV O·DYDQW MXVTX·j O·DJUDIH ´EXWpHµ j O·DLGH G·XQ WRXUQHYLV ILQ HQOHYH] O·DJUDIH ´EXWpHµ HQ VRXOHYDQW HQILQ GpJDJH] OH WLURLU FRPSOqWHPHQW 3RXU UHPRQWHU OH WLURLU SURFpGH] j O·LQYHUVH HQ V·DVVXUDQW TXH OH WLURLU HVW VXIILVDPPHQW HQJDJp GDQV VHV JOLVVLqUHV SRXU UHSRVLWLRQQHU O·DJUDIH ´EXWpHµ &ODVVH $SSDUHLO LVROp )LJ 5DFFRUGHPHQW JD] 9RWUH FXLVLQLqUH HVW OLYUpH SRXU IRQFWLRQQHU DX W\SH GH JD] LQGLTXp VXU OD SODTXH VLJQDOpWLTXH ,O SHXW V·DYpUHU QpFHVVDLUH GH SDVVHU GH O·XWLOLVDWLRQ G·XQ JD] j XQ DXWUH 'DQV FH FDV LO IDXW HIIHFWXHU OHV RSpUDWLRQV GpFULWHV FLDSUqV 3RXU OHV LQVWDOODWLRQV DQFLHQQHV HW HQ EXWDQH YRXV SRXYH] XWLOLVHU XQ WXEH VRXSOH HQ FDRXWFKRXF G·XQH ORQJXHXU PD[L GH P HW GH PP GH GLDPqWUH LQWpULHXU PRQWp DYHF O·DERXW VSpFLDO EXWDQH )LJ 9HLOOH] j O·HQIRQFHU VXIILVDPPHQW HW j OH IL[HU DYHF XQ FROOLHU j FKDTXH H[WUpPLWp ,PSRUWDQW 3RXU XQ IRQFWLRQQHPHQW FRUUHFW XQH FRQVRPPDWLRQ UpGXLWH HW XQH SOXV JUDQGH GXUpH GH YLH GH O·DSSDUHLO DVVXUH]YRXV TXH OD SUHVVLRQ G·DOLPHQWDWLRQ FRUUHVSRQG DX[ YDOHXUV LQGLTXpHV GDQV OH WDEOHDX Q 6L O·DSSDUHLO HVW DOLPHQWp HQ JD] %XWDQH RX 3URSDQH FRQWU{OH] TXH OH UpJXODWHXU GH SUHVVLRQ GpELWH OH JD] j XQH SUHVVLRQ GH PEDU SRXU OH %XWDQH HW PEDU SRXU OH 3URSDQH &KRL[ GX WX\DX RX WXEH SRXU XQ DSSDUHLO LVROp FODVVH 3RXU O·DFKDW GHV WX\DX[ 7XEH VRXSOH HQ FDRXWFKRXF LO GRLW rWUH PDUTXp 1) *$= 7X\DX IOH[LEOH LO GRLW rWUH FRQIRUPH j OD QRUPH 1)' RX 1)' RX 1)' SRXU OHV JD] QDWXUHOV RX ;3' RX 1)' SRXU OHV JD] EXWDQH HW SURSDQH -RLQW )LJ 3RXU OHV JD] GLVWULEXpV SDU UpVHDX 7XEH VRXSOH 8WLOLVH] XQ WXEH VRXSOH HQ FDRXWFKRXF G·XQH ORQJXHXU PD[L GH P HW GH PP GH GLDPqWUH LQWpULHXU PRQWp DYHF VRQ DERXW JD] )LJ 9HLOOH] j O·HQIRQFHU MXVTX·HQ EXWpH HW j OH IL[HU DYHF XQ FROOLHU 7X\DX IOH[LEOH 8Q WX\DX IOH[LEOH j HPERXWV PpFDQLTXHV ORQJXHXU PD[L P )LJ 1RXV UHFRPPDQGRQV O·HPSORL G·XQ WX\DX IOH[LEOH QRUPDOLVp G·XQH ORQJXHXU PLQL GH P GRQW OD ORQJXHXU HVW j FKRLVLU HQ IRQFWLRQ GH OD SRVLWLRQ GX URELQHW GH EDUUDJH 5DFFRUGH] XQH H[WUrPLWp GX WX\DX IOH[LEOH DX URELQHW GH EDUUDJH SXLV DYDQW GH SRVLWLRQQHU O·DSSDUHLO HQWUH OHV PHXEOHV UDFFRUGH] O·DXWUH H[WUpPLWp VXU OH SURORQJDWHXU GH UDPSH HQ LQWHUFDODQW XQ MRLQW 3RVLWLRQQH] O·DSSDUHLO HQ YpULILDQW TXH OD ERXFOH IRUPpH SDU OH WX\DX IOH[LEOH VH GpYHORSSH GDQV OH YLGH VDQLWDLUH GX PHXEOH DGMDFHQW 7X\DX ULJLGH 8Q WX\DX ULJLGH DYHF pFURX 3RXU OHV JD] EXWDQHSURSDQH HQ ERXWHLOOH RX HQ FXYH 1RXV YRXV UHFRPPDQGRQV O·HPSORL G·XQ WX\DX IOH[LEOH QRUPDOLVp G·XQH ORQJXHXU PLQLPXP GH P FHWWH ORQJXHXU HVW j FKRLVLU HQ IRQFWLRQ GH OD SRVLWLRQ GX UDFFRUGHPHQW j O·DOLPHQWDWLRQ JD] $ERXW JD] UpVHDX 7XEH VRXSOH &ROOLHU )LJ 7X\DX IOH[LEOH -RLQW 7X\DX IOH[LEOH )LJ $ERXW JD] EXWDQH SURSDQH 7XEH VRXSOH &ROOLHU 5DFFRUGHPHQW pOHFWULTXH 7DEOHDX Q 9pULILH] TXH 7\SH GH EUDQFKHPHQW 0RQRSKDVp OD SXLVVDQFH GH O·LQVWDOODWLRQ HVW VXIILVDQWH 7HQVLRQ GX UpVHDX 9 OHV OLJQHV G·DOLPHQWDWLRQ VRQW HQ ERQ pWDW 7\SH GH FkEOH GH UDFFRUGHPHQW OH GLDPqWUH GHV ILOV HVW FRQIRUPH DX[ UqJOHV G·LQVWDOODWLRQ HQ YLJXHXU + 99) PP &DOLEUH GX IXVLEOH RX GX GLVMRQFWHXU $ O·LQVWDOODWLRQ IL[H GH O·XWLOLVDWHXU FRPSRUWH XQ GLVSRVLWLI j FRXSXUH RPQLSRODLUH D\DQW XQH GLVWDQFH G·RXYHUWXUH GHV FRQWDFWV G·DX PRLQV PP FDOLEUH GH IXVLEOH FRQVXOWH] OH 7DEOHDX Q &RPPHQW SURFpGHU " 'pYLVVH] OHV YLV GH OD WUDSSH GH UDFFRUGHPHQW VLWXpH j O·DUULqUH GH O·DSSDUHLO UHWLUH] OD WUDSSH GH UDFFRUGHPHQW GHVVHUUH] OHV YLV GH O·DUUrW GH WUDFWLRQ VLWXp VRXV OH FDUWHU LQWURGXLVH] O·H[WUpPLWp GX FkEOH GDQV OH WURX DX GHVVXV GH O·DUUrW GH WUDFWLRQ HQVXLWH FRQQHFWH] OH FkEOH j OD EDUUHWWH GH UDFFRUGHPHQW FRQIRUPpPHQW DX 7DEOHDX Q HW j OD )LJ UHVVHUUH] OHV YLV GH O·DUUrW GH WUDFWLRQ UHPHWWH] OD WUDSSH GH UDFFRUGHPHQW HQJDJH] OHV HUJRWV LQIpULHXUV GH OD WUDSSH j O·LQWpULHXU GH OD GpFRXSH GX FDUWHU UHIHUPH] OD WUDSSH SDU OH ERUG VXSpULHXU HW HQILQ UHPHWWH] OHV YLV )LJ &+$1*(0(17 '( *$= $ O·DFKDW YRWUH DSSDUHLO HVW SUpYX SRXU IRQFWLRQQHU HQ JD] QDWXUHO 3RXU O·XWLOLVDWLRQ HQ JD] EXWDQH RX SURSDQH XQH SRFKHWWH LQMHFWHXUVDERXW HVW IRXUQLH DYHF O·DSSDUHLO 3RXU O·XWLOLVDWLRQ HQ DLU SURSDQpDLU EXWDQp FRQVXOWH] YRWUH 6HUYLFH $SUqV9HQWH 3RXU FKDQJHU OH W\SH GH JD] GH OD WDEOH GH FXLVVRQ LO HVW QpFHVVDLUH GH FKDQJHU OHV LQMHFWHXUV PRGLILHU OHV UpJODJHV GH GpELW UpGXLW YpULILHU OH PRGH GH UDFFRUGHPHQW JD] &KDQJHPHQW GHV LQMHFWHXUV GHV EUOHXUV GH WDEOH (QOHYH] OHV JULOOHV HW OHV HQVHPEOHV GH EUOHXUV 'pYLVVH] OHV LQMHFWHXUV DYHF XQH FOp GRXLOOH GH HW PRQWH] j OD SODFH OHV LQMHFWHXUV FRUUHVSRQGDQW DX QRXYHDX JD] YRLU 7DEOHDX Q 7DEOHDX Q 3XLVVDQFH QRUPDOH %UOHXUV 3XLVVDQFH UpGXLWH %XWDQH 3URSDQH *D] QDWXUHO GPK & N: N: ,QMHFWHXUV JK ,QMHFWHXUV * PEDU * PEDU 6HPLUDSLGH ®PP 5DSLGH ®PP 35(66,21 '·$/,0(17$7,21 PEDU QRPPEDU PLQPEDU PD[PEDU %XWDQH 3URSDQH * * PP GH FRORQQH G·HDX EXWDQHSURSDQH ,PSRUWDQW 'DQV OH FDV G·XQ FKDQJHPHQW GH JD] YRXV GHYH] FRFKHU OH QRXYHDX UpJODJH HW UD\HU O·DQFLHQ VXU OD SODTXH VLJQDOpWLTXH /H FKDQJHPHQW GHV LQMHFWHXUV GRLW LPSpUDWLYHPHQW rWUH VXLYL GX UpJODJH GX GpELW UpGXLW YRLU FLDSUqV /H UpJODJH G·DLU GHV EUOHXUV GH WDEOH HVW REWHQX DXWRPDWLTXHPHQW SDU O·LQMHFWHXU HW Q·HVW SDV DMXVWDEOH SDU G·DXWUHV PR\HQV 5pJODJH GHV GpELWV UpGXLWV GHV EUOHXUV GH WDEOH 3RXU DMXVWHU OH UpJODJH GHV GpELWV UpGXLWV )LJ $VVXUH]YRXV TXH O·DSSDUHLO Q·HVW SOXV UDFFRUGp DX UpVHDX pOHFWULTXH (QOHYH] OHV JULOOHV HW OHV HQVHPEOHV GH EUOHXUV 3RXU GpJDJHU OD WDEOH GpYLVVHU OHV YLV VXU OH UHWRXU DUULqUH GH OD WDEOH GpYLVVHU OHV YLV TXL VH WURXYHQW VRXV FKDTXH EUOHXU OHYHU OpJqUHPHQW O·DUULqUH GH OD WDEOH JOLVVHU OD WDEOH YHUV O·DYDQW SRXU OD OLEpUHU 5HSRVLWLRQQH] OHV EUOHXUV HW DOOXPH]OHV HQ SRVLWLRQ PD[L 3ODFH] OHV ERXWRQV GH FRPPDQGH HQ SRVLWLRQ PLQL 5HWLUH] WRXV OHV ERXWRQV GH FRPPDQGH DLQVL TXH OHV HQWUHWRLVHV )LJ /D YLV GH UpJODJH GX GpELW UpGXLW GH FKDTXH EUOHXU HVW VLWXpH VXU OH FRUSV GX URELQHW )LJ (OOH HVW DFFHVVLEOH DYHF XQ WRXUQHYLV ILQ HQ WLUDQW OH FRQWDFWHXU G·DOOXPDJH pOHFWULTXH DX PD[LPXP YHUV O·DYDQW RX HQ SDVVDQW j WUDYHUV OH WURX VLWXp VXU OH FRQWDFWHXU )LJ 3URFpGH] HQ VXLYDQW OHV LQGLFDWLRQV GX 7DEOHDX Q 9pULILFDWLRQ 5HPRQWH] OHV HQWUHWRLVHV HW OHV ERXWRQV GH FRPPDQGHV $OOXPH] OHV EUOHXUV 7RXUQH] OHV FRPPDQGHV SOXVLHXUV IRLV GH OD SRVLWLRQ PD[L YHUV OD SRVLWLRQ PLQL SRXU YpULILHU OD VWDELOLWp GHV IODPPHV 6L XQ EUOHXU V·pWHLQW GpYLVVH] OpJqUHPHQW VD YLV GH UpJODJH 5HPRQWH] OD WDEOH OHV EUOHXUV HW OHV JULOOHV 7DEOHDX Q %XWDQH 3URSDQH *D] QDWXUHO 9LVVH] WRWDOHPHQW OD YLV GDQV OH VHQV GHV DLJXLOOHV G·XQH PRQWUH 9LVVH] RX GpYLVVH] OD YLV MXVTX·j O·REWHQWLRQ G·XQH IODPPH WUqV FRXUWH VIS DE REGLAGE 5(03/$&(0(17 '( /·$0328/( '·(&/$,5$*( $YDQW GH SURFpGHU DX FKDQJHPHQW GH O·DPSRXOH GX IRXU YHLOOH] j FH TXH OHV FRPPDQGHV VRLHQW VXU OD SRVLWLRQ $UUrW SXLV VpOHFWHXU GH WKHUPRVWDW VXU IRQFWLRQV VXU 'pEUDQFKH] O·DOLPHQWDWLRQ pOHFWULTXH GH O·DSSDUHLO $VVXUH]YRXV DXVVL TXH O·LQWpULHXU GX IRXU VRLW IURLG &HWWH DPSRXOH GH : GX W\SH FXORW j YLV ( 9 HVW XQH DPSRXOH VSpFLDOH ´FKDOHXUµ UpVLVWDQW j XQH WHPSpUDWXUH GH & (OOH HVW GLVSRQLEOH DXSUqV GX 6HUYLFH $SUqV9HQWH GH YRWUH UHYHQGHXU /·DPSRXOH HVW VLWXpH DX IRQG GX IRXU HW DFFHVVLEOH SDU O·LQWpULHXU GX IRXU 3RXU DYRLU DFFqV 'pYLVVH] OH FDSXFKRQ HQ YHUUH SURWpJHDQW O·DPSRXOH GDQV OH VHQV LQYHUVH GHV DLJXLOOHV G·XQH PRQWUH 'pYLVVH] O·DPSRXOH 5HPSODFH] O·DPSRXOH 5HVVHUUH] ELHQ OH FDSXFKRQ HQ YHUUH