0% ont trouvé ce document utile (0 vote)
39 vues24 pages

Optimisation des processus organisationnels

Le document semble contenir des informations sur divers aspects de la gestion et de l'organisation, y compris des références à des ministères et à des processus internes. Il aborde des thèmes tels que la promotion, l'évaluation des performances et les relations avec les employés. Toutefois, le texte est largement illisible et semble corrompu, rendant difficile une compréhension claire du contenu.

Transféré par

trabelsizaid2013
Copyright
© © All Rights Reserved
Nous prenons très au sérieux les droits relatifs au contenu. Si vous pensez qu’il s’agit de votre contenu, signalez une atteinte au droit d’auteur ici.
Formats disponibles
Téléchargez aux formats PDF, TXT ou lisez en ligne sur Scribd
0% ont trouvé ce document utile (0 vote)
39 vues24 pages

Optimisation des processus organisationnels

Le document semble contenir des informations sur divers aspects de la gestion et de l'organisation, y compris des références à des ministères et à des processus internes. Il aborde des thèmes tels que la promotion, l'évaluation des performances et les relations avec les employés. Toutefois, le texte est largement illisible et semble corrompu, rendant difficile une compréhension claire du contenu.

Transféré par

trabelsizaid2013
Copyright
© © All Rights Reserved
Nous prenons très au sérieux les droits relatifs au contenu. Si vous pensez qu’il s’agit de votre contenu, signalez une atteinte au droit d’auteur ici.
Formats disponibles
Téléchargez aux formats PDF, TXT ou lisez en ligne sur Scribd

75$'8&7,21)5$1d$,6(3285,1)250$7,21



0DUGLFKDRXHO±HUMDQYLHU qPHDQQpH 1ƒ






6RPPDLUH

'pFUHWVHW$UUrWpV 

3UHPLHU0LQLVWqUH
$UUrWpGX3UHPLHUPLQLVWUHGXGpFHPEUHIL[DQWOHVPRGDOLWpVG RUJDQLVDWLRQ 
GXFRQFRXUVLQWHUQHVXUGRVVLHUVSRXUODSURPRWLRQDXJUDGHG LQJpQLHXUSULQFLSDO« 
$UUrWp GX 3UHPLHUPLQLVWUHGXGpFHPEUHSRUWDQWRXYHUWXUHG XQFRQFRXUV 
LQWHUQHVXUGRVVLHUVSRXUODSURPRWLRQDXJUDGHG LQJpQLHXUSULQFLSDO««««««« 
0LQLVWqUHGHOD'pIHQVH1DWLRQDOH 

$UUrWp GX PLQLVWUH GH OD GpIHQVH QDWLRQDOH GX  GpFHPEUH  IL[DQW OHV
PRGDOLWpV G RUJDQLVDWLRQ GX FRQFRXUV LQWHUQH VXU GRVVLHUV SRXU OD SURPRWLRQ DX 
JUDGHG LQJpQLHXUSULQFLSDO««««««««««««««««««««««««« 
$UUrWpGXPLQLVWUHGHODGpIHQVHQDWLRQDOHGXGpFHPEUHSRUWDQWRXYHUWXUH 
G XQFRQFRXUVLQWHUQHVXUGRVVLHUVSRXUODSURPRWLRQDXJUDGHG LQJpQLHXUSULQFLSDO 
0LQLVWqUHGHOD-XVWLFH 
'pFUHWQƒGXGpFHPEUHFRPSOpWDQWOHGpFUHWQƒGX 
PDUVUHODWLIjODFUpDWLRQGHVFKDPEUHVFRPPHUFLDOHVDXSUqVGHVWULEXQDX[GH 
SUHPLqUHLQVWDQFH««««««««««««««««««««««««««««« 
$UUrWp GX PLQLVWUH GH OD MXVWLFH GX  GpFHPEUH  UHODWLI j O DSSUREDWLRQ GX 
PDQXHOGHSURFpGXUHVGHODSROLFHMXGLFLDLUH««««««««««««««««« 
$UUrWpV GX PLQLVWUH GH OD MXVWLFH GX  GpFHPEUH  UHODWLIV j O¶LPPDWULFXODWLRQ 
IRQFLqUHREOLJDWRLUH«««««««««««««««««««««««««««« 
0LQLVWqUHGHO ,QWpULHXU 
$UUrWp GX PLQLVWUH GH O LQWpULHXU GX  GpFHPEUH  IL[DQW OHV PRGDOLWpV 
G RUJDQLVDWLRQ GX FRQFRXUV LQWHUQH VXU GRVVLHUV SRXU OD SURPRWLRQ DX JUDGH 
G LQJpQLHXU SULQFLSDO DSSDUWHQDQW DX FRUSV FRPPXQ GHV LQJpQLHXUV GHV
DGPLQLVWUDWLRQV SXEOLTXHV DX PLQLVWqUH GH O LQWpULHXU HW OHV FROOHFWLYLWpV ORFDOHV 
FRQVHLOVUpJLRQDX[FRPPXQHV VRXVWXWHOOH««««««««««««««««« 
$UUrWp GX PLQLVWUH GH O LQWpULHXU GX  GpFHPEUH  SRUWDQW RXYHUWXUH G XQ 
FRQFRXUV LQWHUQH VXU GRVVLHUV SRXU OD SURPRWLRQ DX JUDGH G LQJpQLHXU SULQFLSDO 
DSSDUWHQDQW DX FRUSV FRPPXQ GHV LQJpQLHXUV GHV DGPLQLVWUDWLRQV SXEOLTXHV DX 
PLQLVWqUHGHO LQWpULHXU««««««««««««««««««««««««««« 
$UUrWp GX PLQLVWUH GH O LQWpULHXU GX  GpFHPEUH  SRUWDQW RXYHUWXUH G XQ 
FRQFRXUV LQWHUQH VXU GRVVLHUV SRXU OD SURPRWLRQ DX JUDGH G LQJpQLHXU SULQFLSDO
DSSDUWHQDQW DX FRUSV FRPPXQ GHV LQJpQLHXUV GHV DGPLQLVWUDWLRQV SXEOLTXHV DX 
SURILWGHTXHOTXHVPXQLFLSDOLWpV««««««««««««««««««««««« 
0LQLVWqUHGHO (GXFDWLRQ 
'pFUHWVQƒHWQƒGXGpFHPEUHSRUWDQWVXSSUHVVLRQ 
GHGHX[pWDEOLVVHPHQWVSXEOLFV««««««««««««««««««««««« 
0LQLVWqUHGHV$IIDLUHV6RFLDOHV 
'pFUHW Qƒ  GX  GpFHPEUH  SRUWDQW DWWULEXWLRQ GH OD WURLVLqPH 
WUDQFKH GH O DXJPHQWDWLRQ JOREDOH GHV PRQWDQWV GH O LQGHPQLWp GH VXMpWLRQV GH 
VHUYLFH DX SURILW GHV DJHQWV GH O LQVSHFWLRQ GX WUDYDLO EpQpILFLDLUHV GH FHWWH 
LQGHPQLWpDXWLWUHGHO DQQpH«««««««««««««««««««««« 
'pFUHW Qƒ  GX  GpFHPEUH  SRUWDQW DWWULEXWLRQ GH OD WURLVLqPH 
WUDQFKHGHO DXJPHQWDWLRQJOREDOHGHVPRQWDQWVGHO LQGHPQLWpGHVHUYLFHVRFLDODX 
SURILW GHV SHUVRQQHOV GX VHUYLFH VRFLDO GHV DGPLQLVWUDWLRQV SXEOLTXHV EpQpILFLDLUHV 
GHFHWWHLQGHPQLWpDXWLWUHGHO DQQpH«««««««««««««««««« 
0LQLVWqUHGHV7HFKQRORJLHVGHOD&RPPXQLFDWLRQ 
$UUrWp GX PLQLVWUH GHV WHFKQRORJLHV GH OD FRPPXQLFDWLRQ GX  GpFHPEUH  
IL[DQW OHV PRGDOLWpV G RUJDQLVDWLRQ GX FRQFRXUV LQWHUQH VXU GRVVLHUV SRXU OD 
SURPRWLRQDXJUDGHG LQJpQLHXUSULQFLSDO««««««««««««««««««« 
$UUrWp GX PLQLVWUH GHV WHFKQRORJLHV GH OD FRPPXQLFDWLRQ GX  GpFHPEUH  
SRUWDQW RXYHUWXUH G XQ FRQFRXUV LQWHUQH VXU GRVVLHUV SRXU OD SURPRWLRQ DX JUDGH 
G LQJpQLHXUSULQFLSDO«««««««««««««««««««««««««««« 
0LQLVWqUHGHV)LQDQFHV 
'pFUHW Qƒ  GX  GpFHPEUH  FRPSOpWDQW HW PRGLILDQW OH GpFUHW 
Qƒ  GX SUHPLHU MXLOOHW  IL[DQW OHV FRQGLWLRQV HW PRGDOLWpV 
G DSSOLFDWLRQ GHV GLVSRVLWLRQV GX SDUDJUDSKH  GX WLWUH ,, GHV GLVSRVLWLRQV
SUpOLPLQDLUHVGXWDULIGHVGURLWVGHGRXDQHjO LPSRUWDWLRQWHOTXHSURPXOJXpSDU 
ODORLQƒGXGpFHPEUH««««««««««««««««««« 
$UUrWpGXPLQLVWUHGHVILQDQFHVGXGpFHPEUHSRUWDQWDSSUREDWLRQGXFDKLHU 
GHV FKDUJHV SRXU O H[HUFLFH GH O DFWLYLWp GHV VRFLpWpV GH UHFRXYUHPHQW GHV 
FUpDQFHV««««««««««««««««««««««««««««««««« 
0LQLVWqUHGHO ,QGXVWULH 
$UUrWp GX PLQLVWUH GH O LQGXVWULH GX  GpFHPEUH  SRUWDQW PRGLILFDWLRQ GH 
O DUUrWpGXPLQLVWUHGHO LQGXVWULHGXMXLQUHODWLIDXSUHPLHUUHQRXYHOOHPHQWHW 
DXWRULVDWLRQGHFHVVLRQWRWDOHG LQWpUrWVGDQVOHSHUPLVGHUHFKHUFKHGHVXEVWDQFHV 
PLQpUDOHVGXVHFRQGJURXSHGLWSHUPLV%RUM(O.KDGUD«««««««««««« 
$UUrWp GX PLQLVWUH GH O LQGXVWULH GX  GpFHPEUH  IL[DQW OHV PRGDOLWpV 
G RUJDQLVDWLRQ GX FRQFRXUV LQWHUQH VXU GRVVLHUV SRXU OD SURPRWLRQ DX JUDGH 
G LQJpQLHXUSULQFLSDO«««««««««««««««««««««««««««« 
$UUrWp GX PLQLVWUH GH O LQGXVWULH GX  GpFHPEUH  SRUWDQW RXYHUWXUH G XQ 
FRQFRXUVLQWHUQHVXUGRVVLHUVSRXUODSURPRWLRQDXJUDGHG LQJpQLHXUSULQFLSDO««« 
0LQLVWqUHGHO (TXLSHPHQWHWGHO +DELWDW 
$UUrWp GX PLQLVWUH GH O pTXLSHPHQW HW GH O KDELWDW GX  GpFHPEUH  IL[DQW OHV 
PRGDOLWpV G RUJDQLVDWLRQ GX FRQFRXUV LQWHUQH VXU GRVVLHUV SRXU OD SURPRWLRQ DX 
JUDGHG LQJpQLHXUSULQFLSDO««««««««««««««««««««««««« 
$UUrWp GX PLQLVWUH GH O pTXLSHPHQW HW GH O KDELWDW GX  GpFHPEUH  SRUWDQW 
RXYHUWXUHG XQFRQFRXUVLQWHUQHVXUGRVVLHUVSRXUODSURPRWLRQDXJUDGHG LQJpQLHXU 
SULQFLSDO««««««««««««««««««««««««««««««««« 
0LQLVWqUHGX'pYHORSSHPHQW(FRQRPLTXH 
$UUrWpGXPLQLVWUHGXGpYHORSSHPHQWpFRQRPLTXHGXGpFHPEUHIL[DQWOHV 
PRGDOLWpV G RUJDQLVDWLRQ GX FRQFRXUV LQWHUQH VXU GRVVLHUV SRXU OD SURPRWLRQ DX 
JUDGHG LQJpQLHXUSULQFLSDO««««««««««««««««««««««««« 
$UUrWp GX PLQLVWUH GX GpYHORSSHPHQW pFRQRPLTXH GX  GpFHPEUH  SRUWDQW 
RXYHUWXUHG XQFRQFRXUVLQWHUQHVXUGRVVLHUVSRXUODSURPRWLRQDXJUDGHG LQJpQLHXU 
SULQFLSDOjO LQVWLWXWQDWLRQDOGHODVWDWLVWLTXH«««««««««««««««««« 

3DJH -RXUQDO2IILFLHOGHOD5pSXEOLTXH7XQLVLHQQH²HUMDQYLHU 1ƒ


0LQLVWqUHGX&RPPHUFH 
$UUrWp GX PLQLVWUH GX FRPPHUFH GX  GpFHPEUH  IL[DQW OHV PRGDOLWpV 
G RUJDQLVDWLRQ GX FRQFRXUV LQWHUQH VXU GRVVLHUV SRXU OD SURPRWLRQ DX JUDGH 
G LQJpQLHXUSULQFLSDO«««««««««««««««««««««««««««« 
$UUrWp GX PLQLVWUH GX FRPPHUFH GX  GpFHPEUH  SRUWDQW RXYHUWXUH G XQ 
FRQFRXUVLQWHUQHVXUGRVVLHUVSRXUODSURPRWLRQDXJUDGHG LQJpQLHXUSULQFLSDO««« 
0LQLVWqUHGHOD6DQWp3XEOLTXH 
$UUrWp GX PLQLVWUH GH OD VDQWp SXEOLTXH GX  GpFHPEUH  UHSRUWDQW O H[DPHQ 
SURIHVVLRQQHOSRXUO LQWpJUDWLRQGHVRXYULHUVDSSDUWHQDQWDX[FDWpJRULHVHWGDQV 
OHJUDGHGHVHFUpWDLUHG DGPLQLVWUDWLRQGHODVDQWpSXEOLTXH««««««««««« 
$UUrWp GX PLQLVWUH GH OD VDQWp SXEOLTXH GX  GpFHPEUH  UHSRUWDQW O H[DPHQ 
SURIHVVLRQQHO SRXU O LQWpJUDWLRQ GHV RXYULHUV DSSDUWHQDQW DX[ FDWpJRULHV   HW  
GDQVOHJUDGHGHFRPPLVGHODVDQWpSXEOLTXH««««««««««««««««« 
0LQLVWqUHGHO (QYLURQQHPHQWHWGHO $PpQDJHPHQWGX7HUULWRLUH 
$UUrWp GX PLQLVWUH GH O HQYLURQQHPHQW HW GH O DPpQDJHPHQW GX WHUULWRLUH GX  
GpFHPEUHIL[DQWOHVPRGDOLWpVG RUJDQLVDWLRQGXFRQFRXUVLQWHUQHVXUGRVVLHUV 
SRXUODSURPRWLRQDXJUDGHG LQJpQLHXUSULQFLSDO«««««««««««««««« 
$UUrWp GX PLQLVWUH GH O HQYLURQQHPHQW HW GH O DPpQDJHPHQW GX WHUULWRLUH GX 
GpFHPEUH  SRUWDQW RXYHUWXUH G XQ FRQFRXUV LQWHUQH VXU GRVVLHUV SRXU OD 
SURPRWLRQDXJUDGHG LQJpQLHXUSULQFLSDO««««««««««««««««««« 


1ƒ -RXUQDO2IILFLHOGHOD5pSXEOLTXH7XQLVLHQQH²HUMDQYLHU 3DJH


GpFUHWVHWDUUrWpV


35(0,(50,1,67(5(  XQ UHOHYp GpWDLOOp DYHF SLqFHV MXVWLILFDWLYHV GHV
VHUYLFHV FLYLOV HW pYHQWXHOOHPHQW PLOLWDLUHV DFFRPSOLV SDU
 O LQWpUHVVp &H UHOHYp GRLW rWUH FHUWLILp SDU OH FKHI GX
GpSDUWHPHQWRXVRQUHSUpVHQWDQW
$UUrWp GX 3UHPLHU PLQLVWUH GX  GpFHPEUH 
XQHDPSOLDWLRQG€PHQWFHUWLILpHFRQIRUPHGHO DUUrWp
IL[DQW OHV PRGDOLWpV G RUJDQLVDWLRQ GX FRQFRXUV
GH QRPLQDWLRQ GH O LQWpUHVVp HQ TXDOLWp G LQJpQLHXU GHV
LQWHUQH VXU GRVVLHUV SRXU OD SURPRWLRQ DX JUDGH
WUDYDX[RXG LQJpQLHXUGLYLVLRQQDLUH
G LQJpQLHXUSULQFLSDO
XQHDPSOLDWLRQG€PHQWFHUWLILpHFRQIRUPHGHO DUUrWp
/H3UHPLHUPLQLVWUH
IL[DQWODGHUQLqUHVLWXDWLRQDGPLQLVWUDWLYHGHO LQWpUHVVp
6XU SURSRVLWLRQ GX PLQLVWUH GpOpJXp DXSUqV GX 3UHPLHU
 XQ GRVVLHU FRPSUHQDQW OHV SLqFHV MXVWLILFDWLYHV GHV
PLQLVWUH FKDUJp GH OD UHFKHUFKH VFLHQWLILTXH HW GH OD DFWLYLWpV SURIHVVLRQQHOOHV GX FDQGLGDW DFFRPSDJQp G XQH
WHFKQRORJLH QRWHGDQVODTXHOOHOHFDQGLGDWLQGLTXHGHPDQLqUHGpWDLOOpH
9XODORLQƒGXGpFHPEUHSRUWDQWVWDWXW OHV WUDYDX[ HIIHFWXpV HW HPSORLV RFFXSpV HQ TXDOLWp
JpQpUDOGHVSHUVRQQHOVGHO (WDWGHVFROOHFWLYLWpVORFDOHVHW G LQJpQLHXUGHVWUDYDX[RXG LQJpQLHXUGLYLVLRQQDLUHGXUDQW
GHV pWDEOLVVHPHQWV SXEOLFV j FDUDFWqUH DGPLQLVWUDWLI OHVGHX[GHUQLqUHVDQQpHV
HQVHPEOH OHV WH[WHV TXL O RQW PRGLILpH RX FRPSOpWpH HW $UW  ± 7RXWH FDQGLGDWXUH QHFRQWHQDQWSDVOHVSLqFHV
QRWDPPHQWODORLQƒGXGpFHPEUH PHQWLRQQpHV j O DUWLFOH  GX SUpVHQW DUUrWp RX SDUYHQXH
DSUqV OD GDWH GH FO{WXUH GH OD OLVWH G LQVFULSWLRQV HVW
9XOHGpFUHWQƒGXDYULOIL[DQWOHVWDWXW
REOLJDWRLUHPHQW UHMHWpH OH FDFKHW GH OD SRVWH RX OD GDWH
SDUWLFXOLHU DX FRUSV FRPPXQ GHV LQJpQLHXUV GHV
G HQUHJLVWUHPHQWDXEXUHDXG RUGUHIDLVDQWIRL
DGPLQLVWUDWLRQV SXEOLTXHV WHO TX LO D pWp PRGLILp HW
FRPSOpWpSDUOHGpFUHWQƒGXHUDR€W $UW  ± /H FRQFRXUV VXVYLVp HVW VXSHUYLVp SDU XQMXU\
GRQWODFRPSRVLWLRQHVWIL[pHSDUDUUrWpGX3UHPLHUPLQLVWUH
$UUrWH
$UW±/DOLVWHGHVFDQGLGDWVDXWRULVpVjFRQFRXULUHVW
$UWLFOHSUHPLHU±/HFRQFRXUVLQWHUQHVXUGRVVLHUVSRXU
DUUrWpH SDU OH 3UHPLHU PLQLVWUH VXU SURSRVLWLRQ GX MXU\ GX
OD SURPRWLRQ DX JUDGH G LQJpQLHXU SULQFLSDO SUpYX SDU FRQFRXUV
O DUWLFOH  ELV HW O DUWLFOH  SDUDJUDSKH  QRXYHDX  GX
$UW±/HFRQFRXUVLQWHUQHVXVYLVpFRPSRUWH
GpFUHW Qƒ  GX  DYULO  VXVYLVp HVW RUJDQLVp
FRQIRUPpPHQWDX[GLVSRVLWLRQVGXSUpVHQWDUUrWp  O pWXGH GHV GRVVLHUV GHV FDQGLGDWV VHORQ GHV
FULWqUHV IL[pV SDU OH MXU\ GX FRQFRXUV ,O HVW DWWULEXp j
$UW  ± 3HXYHQW SDUWLFLSHU DX FRQFRXUV LQWHUQH VXU
FKDTXH FDQGLGDW XQH QRWH YDULDQW GH ]pUR   j YLQJW
GRVVLHUV SRXU OD SURPRWLRQDXJUDGHG LQJpQLHXUSULQFLSDO
 FRHIILFLHQW
OHV LQJpQLHXUV GLYLVLRQQDLUHV OHV LQJpQLHXUV GHV WUDYDX[
WLWXODLUHV GDQV OHXU JUDGH LQVFULWV DX WDEOHDX GH O RUGUH GHV  XQ HQWUHWLHQ DYHF OHV PHPEUHV GX MXU\ SRUWDQW VXU
LQJpQLHXUV HW MXVWLILDQW DX PRLQV GH FLQT DQV G DQFLHQQHWp O H[SpULHQFH SURIHVVLRQQHOOH GX FDQGLGDW HW OHV DWWULEXWLRQV
GDQV FH JUDGH j OD GDWH GH FO{WXUH GH OD OLVWH GHV TXL OXL VRQW FRQILpHV ,O HVW DWWULEXp j FKDTXH FDQGLGDW XQH
FDQGLGDWXUHV QRWHYDULDQWGH]pUR  jYLQJW  FRHIILFLHQW
$UW  ± /H FRQFRXUV VXVYLVp HVW RXYHUW SDU DUUrWp GX /H MXU\ GX FRQFRXUV FRPPXQLTXH DX[ FDQGLGDWV
3UHPLHUPLQLVWUH&HWDUUrWpIL[H DGPLVVLEOHVOHOLHXHWODGDWHGXGpURXOHPHQWGHO HQWUHWLHQ
ODGDWHG RXYHUWXUHGXFRQFRXUV HWFHSDUOHWWUHLQGLYLGXHOOHRXSDUDIILFKDJHGDQVOHVORFDX[
GHO DGPLQLVWUDWLRQ
OHQRPEUHG HPSORLVjSRXUYRLU
$UW±/HSUpVLGHQWGXMXU\SHXWFRQVWLWXHUGHVVRXV
ODGDWHGHFO{WXUHGHODOLVWHG LQVFULSWLRQV
FRPPLVVLRQVSRXUODFRQGXLWHGHO HQWUHWLHQ
$UW  ± /HV FDQGLGDWV DX FRQFRXUV LQWHUQH VXVYLVp $UW±7RXWHQRWHLQIpULHXUHjVL[  VXUYLQJW  
GRLYHQWDGUHVVHUOHXUVGHPDQGHVGHFDQGLGDWXUHSDUODYRLH HVWpOLPLQDWRLUH
KLpUDUFKLTXHDXPLQLVWqUHGHODUHFKHUFKHVFLHQWLILTXHHWGH
$UW±1XOQHSHXWrWUHGpFODUpDGPLVV LOQ DREWHQX
ODWHFKQRORJLHDFFRPSDJQpHVGHVSLqFHVVXLYDQWHV XQWRWDOGHYLQJW  SRLQWVDXPRLQV
XQFXUULFXOXPYLWDH 6L SOXVLHXUV FDQGLGDWV RQW REWHQX OH PrPH QRPEUH GH
 XQH DWWHVWDWLRQ FHUWLILDQW TXH OH GRVVLHU DGPLQLVWUDWLI SRLQWVODSULRULWpHVWDFFRUGpHDXSOXVDQFLHQGDQVOHJUDGH
GX FDQGLGDW FRQWLHQW OHV SLqFHV SUpYXHV SDU O DUWLFOH  GX HWVLFHWWHDQFLHQQHWpHVWODPrPHODSULRULWpHVWDFFRUGpHDX
VWDWXWJpQpUDOGHODIRQFWLRQSXEOLTXH SOXVkJp

3DJH -RXUQDO2IILFLHOGHOD5pSXEOLTXH7XQLVLHQQH²HUMDQYLHU 1ƒ


$UW  ± /H MXU\ GX FRQFRXUV SURFqGH DX FODVVHPHQW 9XOHGpFUHWQƒGXDYULOIL[DQWOHVWDWXW
GHVFDQGLGDWVSDURUGUHGHPpULWHGDQVODOLPLWHGHVSRVWHVj SDUWLFXOLHU DX FRUSV FRPPXQ GHV LQJpQLHXUV GHV
SRXUYRLU DGPLQLVWUDWLRQV SXEOLTXHV WHO TX LO D pWp PRGLILp HW
$UW±/DOLVWHGHVFDQGLGDWVDGPLVGpILQLWLYHPHQWDX FRPSOpWpSDUOHGpFUHWQƒGXHUDR€W
FRQFRXUV LQWHUQH VXU GRVVLHUV SRXU OD SURPRWLRQ DX JUDGH
$UUrWH
G LQJpQLHXUSULQFLSDOHVWDUUrWpHSDUOH3UHPLHUPLQLVWUH
$UW  ± /H SUpVHQW DUUrWp VHUD SXEOLp DX -RXUQDO $UWLFOHSUHPLHU±/HFRQFRXUVLQWHUQHVXUGRVVLHUVSRXU
2IILFLHOGHOD5pSXEOLTXH7XQLVLHQQH OD SURPRWLRQ DX JUDGH G LQJpQLHXU SULQFLSDO SUpYX SDU
7XQLVOHGpFHPEUH O DUWLFOH  ELV HW O DUWLFOH  SDUDJUDSKH  QRXYHDX  GX
/H3UHPLHU0LQLVWUH GpFUHW Qƒ  GX  DYULO  VXVYLVp HVW RUJDQLVp
0RKDPHG*KDQQRXFKL FRQIRUPpPHQWDX[GLVSRVLWLRQVGXSUpVHQWDUUrWp
 $UW  ± 3HXYHQW SDUWLFLSHU DX FRQFRXUV LQWHUQH VXU
$UUrWp GX 3UHPLHU PLQLVWUH GX  GpFHPEUH  GRVVLHUV SRXU OD SURPRWLRQDXJUDGHG LQJpQLHXUSULQFLSDO
SRUWDQW RXYHUWXUH G XQ FRQFRXUV LQWHUQH VXU OHV LQJpQLHXUV GLYLVLRQQDLUHV OHV LQJpQLHXUV GHV WUDYDX[
GRVVLHUV SRXU OD SURPRWLRQ DX JUDGH G LQJpQLHXU WLWXODLUHV GDQV OHXU JUDGH LQVFULWV DX WDEOHDX GH O RUGUH GHV
SULQFLSDO LQJpQLHXUV HW MXVWLILDQW DX PRLQV GH FLQT DQV G DQFLHQQHWp
/H3UHPLHUPLQLVWUH GDQV FH JUDGH j OD GDWH GH FO{WXUH GH OD OLVWH GHV
6XU SURSRVLWLRQ GX PLQLVWUH GpOpJXp DXSUqV GX 3UHPLHU FDQGLGDWXUHV
PLQLVWUH FKDUJp GH OD UHFKHUFKH VFLHQWLILTXH HW GH OD $UW  ± /H FRQFRXUV VXVYLVp HVW RXYHUW SDU DUUrWp GX
WHFKQRORJLH PLQLVWUHGHODGpIHQVHQDWLRQDOH&HWDUUrWpIL[H
9XODORLQƒGXGpFHPEUHSRUWDQWVWDWXW ODGDWHG RXYHUWXUHGXFRQFRXUV
JpQpUDOGHVSHUVRQQHOVGHO (WDWGHVFROOHFWLYLWpVORFDOHVHW
GHV pWDEOLVVHPHQWV SXEOLFV j FDUDFWqUH DGPLQLVWUDWLI OHQRPEUHG HPSORLVjSRXUYRLU
HQVHPEOH OHV WH[WHV TXL O RQW PRGLILpH RX FRPSOpWpH HW ODGDWHGHFO{WXUHGHODOLVWHG LQVFULSWLRQV
QRWDPPHQWODORLQƒGXGpFHPEUH $UW  ± /HV FDQGLGDWV DX FRQFRXUV LQWHUQH VXVYLVp
9XOHGpFUHWQƒGXDYULOIL[DQWOHVWDWXW GRLYHQWDGUHVVHUOHXUVGHPDQGHVGHFDQGLGDWXUHSDUODYRLH
SDUWLFXOLHU DX FRUSV FRPPXQ GHV LQJpQLHXUV GHV KLpUDUFKLTXH DX PLQLVWqUH GH OD GpIHQVH QDWLRQDOH
DGPLQLVWUDWLRQV SXEOLTXHV WHO TX LO D pWp PRGLILp HW DFFRPSDJQpHVGHVSLqFHVVXLYDQWHV
FRPSOpWpSDUOHGpFUHWQƒGXHUDR€W
XQFXUULFXOXPYLWDH
9X O DUUrWp GX 3UHPLHU PLQLVWUH GX  GpFHPEUH 
IL[DQW OHV PRGDOLWpV G RUJDQLVDWLRQ GX FRQFRXUV LQWHUQH VXU  XQH DWWHVWDWLRQ FHUWLILDQW TXH OH GRVVLHU DGPLQLVWUDWLI
GRVVLHUVSRXUODSURPRWLRQDXJUDGHG LQJpQLHXUSULQFLSDO GX FDQGLGDW FRQWLHQW OHV SLqFHV SUpYXHV SDU O DUWLFOH  GX
$UUrWH VWDWXWGHODIRQFWLRQSXEOLTXH
$UWLFOH SUHPLHU ± (VW RXYHUW DX PLQLVWqUH GH OD  XQ UHOHYp GpWDLOOp DYHF SLqFHV MXVWLILFDWLYHV GHV
UHFKHUFKH VFLHQWLILTXH HW GH OD WHFKQRORJLH OH  IpYULHU VHUYLFHV FLYLOV HW pYHQWXHOOHPHQW PLOLWDLUHV DFFRPSOLV SDU
 HW MRXUV VXLYDQWV XQ FRQFRXUV LQWHUQH VXU GRVVLHUV O LQWpUHVVp &H UHOHYp GRLW rWUH FHUWLILp SDU OH FKHI GX
SRXUODSURPRWLRQDXJUDGHG LQJpQLHXUSULQFLSDO GpSDUWHPHQWRXVRQUHSUpVHQWDQW
$UW  ± /H QRPEUH GH SRVWHV j SRXUYRLU HVW IL[p j XQHDPSOLDWLRQG€PHQWFHUWLILpHFRQIRUPHGHO DUUrWp
GHX[   GH QRPLQDWLRQ GH O LQWpUHVVp HQ TXDOLWp G LQJpQLHXU GHV
$UW±/DGDWHGHFO{WXUHGXUHJLVWUHG LQVFULSWLRQVHVW WUDYDX[RXG LQJpQLHXUGLYLVLRQQDLUH
IL[pHDXMDQYLHU
XQHDPSOLDWLRQG€PHQWFHUWLILpHFRQIRUPHGHO DUUrWp
7XQLVOHGpFHPEUH IL[DQWODGHUQLqUHVLWXDWLRQDGPLQLVWUDWLYHGHO LQWpUHVVp
/H3UHPLHU0LQLVWUH
0RKDPHG*KDQQRXFKL
 XQ GRVVLHU FRPSUHQDQW OHV SLqFHV MXVWLILFDWLYHV GHV
 DFWLYLWpV SURIHVVLRQQHOOHV GX FDQGLGDW DFFRPSDJQp G XQH

QRWHGDQVODTXHOOHOHFDQGLGDWLQGLTXHGHPDQLqUHGpWDLOOpH
OHV WUDYDX[ HIIHFWXpV HW HPSORLV RFFXSpV HQ TXDOLWp
0,1,67(5('(/$'()(16(1$7,21$/( G LQJpQLHXUGHVWUDYDX[RXG LQJpQLHXUGLYLVLRQQDLUHGXUDQW
 OHVGHX[GHUQLqUHVDQQpHV
$UUrWp GX PLQLVWUH GH OD GpIHQVH QDWLRQDOH GX  $UW  ± 7RXWH FDQGLGDWXUH SDUYHQXH DSUqV OD GDWH GH
GpFHPEUH  IL[DQW OHV PRGDOLWpV FO{WXUHGHODOLVWHG LQVFULSWLRQVHVWREOLJDWRLUHPHQWUHMHWpH
G RUJDQLVDWLRQ GX FRQFRXUV LQWHUQH VXU GRVVLHUV OHFDFKHWGHODSRVWHRXODGDWHG HQUHJLVWUHPHQWDXEXUHDX
SRXUODSURPRWLRQDXJUDGHG LQJpQLHXUSULQFLSDO G RUGUHIDLVDQWIRL
/HPLQLVWUHGHODGpIHQVHQDWLRQDOH $UW  ± /H FRQFRXUV VXVYLVp HVW VXSHUYLVp SDU XQMXU\
9XODORLQƒGXGpFHPEUHSRUWDQWVWDWXW GRQWODFRPSRVLWLRQHVWIL[pHSDUDUUrWpGX3UHPLHUPLQLVWUH
JpQpUDOGHVSHUVRQQHOVGHO (WDWGHVFROOHFWLYLWpVORFDOHVHW
GHV pWDEOLVVHPHQWV SXEOLFV j FDUDFWqUH DGPLQLVWUDWLI $UW±/DOLVWHGHVFDQGLGDWVDXWRULVpVjFRQFRXULUHVW
HQVHPEOH OHV WH[WHV TXL O RQW PRGLILpH RX FRPSOpWpH HW DUUrWpH SDU OH PLQLVWUH GH OD GpIHQVH QDWLRQDOH VXU
QRWDPPHQWODORLQƒGXGpFHPEUH SURSRVLWLRQGXMXU\GXFRQFRXUV

1ƒ -RXUQDO2IILFLHOGHOD5pSXEOLTXH7XQLVLHQQH²HUMDQYLHU 3DJH


$UW±/HFRQFRXUVLQWHUQHVXVYLVpFRPSRUWH 9X O DUUrWp GX PLQLVWUH GH OD GpIHQVH QDWLRQDOH GX 
O pWXGHGHVGRVVLHUVGHVFDQGLGDWVVHORQGHVFULWqUHVIL[pV GpFHPEUH  IL[DQW OHV PRGDOLWpV G RUJDQLVDWLRQ GX
SDUOHMXU\GXFRQFRXUV,OHVWDWWULEXpjFKDTXHFDQGLGDWXQH FRQFRXUV LQWHUQH VXU GRVVLHUV SRXU OD SURPRWLRQ DX JUDGH
QRWHYDULDQWGH]pUR  jYLQJW  FRHIILFLHQW G LQJpQLHXUSULQFLSDO
 XQ HQWUHWLHQ DYHF OHV PHPEUHV GX MXU\ SRUWDQW VXU $UUrWH
O H[SpULHQFH SURIHVVLRQQHOOH GX FDQGLGDW HW OHV DWWULEXWLRQV $UWLFOHSUHPLHU±(VWRXYHUWDXPLQLVWqUHGHODGpIHQVH
TXL OXL VRQW FRQILpHV ,O HVW DWWULEXp j FKDTXH FDQGLGDW XQH QDWLRQDOH OH  PDUV  HW MRXUV VXLYDQWV XQ FRQFRXUV
QRWHYDULDQWGH]pUR  jYLQJW  FRHIILFLHQW LQWHUQHVXUGRVVLHUVSRXUODSURPRWLRQDXJUDGHG LQJpQLHXU
SULQFLSDO
/H MXU\ GX FRQFRXUV FRPPXQLTXH DX[ FDQGLGDWV
DGPLVVLEOHVOHOLHXHWODGDWHGXGpURXOHPHQWGHO HQWUHWLHQ $UW  ± /H QRPEUH GH SRVWHV j SRXUYRLU HVW IL[p j XQ
HWFHSDUOHWWUHLQGLYLGXHOOHRXSDUDIILFKDJHGDQVOHVORFDX[  
GHO DGPLQLVWUDWLRQ $UW±/DGDWHGHFO{WXUHGHODOLVWHGHVFDQGLGDWXUHV
$UW±/HSUpVLGHQWGXMXU\SHXWFRQVWLWXHUGHVVRXV HVWIL[pHDXIpYULHU
FRPPLVVLRQVSRXUODFRQGXLWHGHO HQWUHWLHQ 7XQLVOHGpFHPEUH
$UW±7RXWHQRWHLQIpULHXUHjVL[  VXUYLQJW   /H0LQLVWUHGHOD'pIHQVH1DWLRQDOH
HVWpOLPLQDWRLUH 'DOL-D]L
$UW±1XOQHSHXWrWUHGpFODUpDGPLVV LOQ DREWHQX 9X
XQWRWDOGHYLQJW  SRLQWVDXPRLQV
/H3UHPLHU0LQLVWUH
6L SOXVLHXUV FDQGLGDWV RQW REWHQX OH PrPH QRPEUH GH
SRLQWVODSULRULWpHVWDFFRUGpHDXSOXVDQFLHQGDQVOHJUDGH 0RKDPHG*KDQQRXFKL
HWVLFHWWHDQFLHQQHWpHVWODPrPHODSULRULWpHVWDFFRUGpHDX 
SOXVkJp 
$UW  ± /H MXU\ GX FRQFRXUV SURFqGH DX FODVVHPHQW 0,1,67(5('(/$-867,&(
GHVFDQGLGDWVSDURUGUHGHPpULWHGDQVODOLPLWHGHVSRVWHVj
SRXUYRLU 
$UW±/DOLVWHGHVFDQGLGDWVDGPLVGpILQLWLYHPHQWDX 'pFUHW Qƒ  GX  GpFHPEUH 
FRQFRXUV LQWHUQH VXU GRVVLHUV SRXU OD SURPRWLRQ DX JUDGH FRPSOpWDQW OH GpFUHW Qƒ  GX  PDUV 
G LQJpQLHXUSULQFLSDOHVWDUUrWpHSDUOHPLQLVWUHGHODGpIHQVH UHODWLI j OD FUpDWLRQ GHV FKDPEUHV FRPPHUFLDOHV
QDWLRQDOH DXSUqVGHVWULEXQDX[GHSUHPLqUHLQVWDQFH
$UW  ± /H SUpVHQW DUUrWp VHUD SXEOLp DX -RXUQDO /H3UpVLGHQWGHOD5pSXEOLTXH
2IILFLHOGHOD5pSXEOLTXH7XQLVLHQQH
6XUSURSRVLWLRQGXPLQLVWUHGHODMXVWLFH
7XQLVOHGpFHPEUH
9X OH FRGH GH SURFpGXUH FLYLOH HW FRPPHUFLDOH
/H0LQLVWUHGHOD'pIHQVH1DWLRQDOH SURPXOJXp SDU OD ORL Qƒ  GX  RFWREUH 
'DOL-D]L HQVHPEOH OHV WH[WHV TXL O RQW PRGLILp RX FRPSOpWp HW
9X QRWDPPHQWODORLQƒGXPDLO DUWLFOH
/H3UHPLHU0LQLVWUH 9X OH GpFUHW Qƒ  GX  PDUV  UHODWLI j OD
FUpDWLRQ GHV FKDPEUHV FRPPHUFLDOHV DXSUqV GHV WULEXQDX[
0RKDPHG*KDQQRXFKL
GHSUHPLqUHLQVWDQFH
 9X OH GpFUHW Qƒ  GX  DR€W  SRUWDQW
$UUrWp GX PLQLVWUH GH OD GpIHQVH QDWLRQDOH GX  FUpDWLRQG XQHFRXUG DSSHOj1DEHXO
GpFHPEUH  SRUWDQW RXYHUWXUH G XQ FRQFRXUV 9X OH GpFUHW Qƒ  GX GpFHPEUHSRUWDQW
LQWHUQH VXU GRVVLHUV SRXU OD SURPRWLRQ DX JUDGH FUpDWLRQG XQHFRXUG DSSHOj%L]HUWH
G LQJpQLHXUSULQFLSDO 9XO DYLVGXWULEXQDODGPLQLVWUDWLI
/HPLQLVWUHGHODGpIHQVHQDWLRQDOH 'pFUqWH
9XODORLQƒGXGpFHPEUHSRUWDQWVWDWXW $UWLFOH SUHPLHU ± 6RQW FUppHV GHX[ FKDPEUHV
JpQpUDOGHVSHUVRQQHOVGHO (WDWGHVFROOHFWLYLWpVORFDOHVHW FRPPHUFLDOHVO XQHDXSUqVGXWULEXQDOGHSUHPLqUHLQVWDQFH
GH *URPEDOLD O DXWUH DXSUqV GX WULEXQDO GH SUHPLqUH
GHV pWDEOLVVHPHQWV SXEOLFV j FDUDFWqUH DGPLQLVWUDWLI LQVWDQFH GH %L]HUWH SRXU VWDWXHU VXU OHV DIIDLUHV
HQVHPEOH OHV WH[WHV TXL O RQW PRGLILpH RX FRPSOpWpH HW FRPPHUFLDOHV
QRWDPPHQWODORLQƒGXGpFHPEUH $UW  ± /H PLQLVWUH GH OD MXVWLFH HVW FKDUJp GH
9XOHGpFUHWQƒGXDYULOIL[DQWOHVWDWXW O H[pFXWLRQ GX SUpVHQW GpFUHW TXL VHUD SXEOLp DX -RXUQDO
SDUWLFXOLHU DX FRUSV FRPPXQ GHV LQJpQLHXUV GHV 2IILFLHOGHOD5pSXEOLTXH7XQLVLHQQH
DGPLQLVWUDWLRQV SXEOLTXHV WHO TX LO D pWp PRGLILp HW 7XQLVOHGpFHPEUH
FRPSOpWpSDUOHGpFUHWQƒGXHUDR€W =LQH(O$ELGLQH%HQ$OL

3DJH -RXUQDO2IILFLHOGHOD5pSXEOLTXH7XQLVLHQQH²HUMDQYLHU 1ƒ


$UUrWp GX PLQLVWUH GH OD MXVWLFH GX  GpFHPEUH $UUrWH
 UHODWLI j O DSSUREDWLRQ GX PDQXHO GH $UWLFOHXQLTXH±,OVHUDSURFpGpjFRPSWHUGXPDUV
SURFpGXUHVGHODSROLFHMXGLFLDLUH SDU O¶LPPDWULFXODWLRQ IRQFLqUH REOLJDWRLUH DX UHFHQVHPHQW
/HPLQLVWUHGHODMXVWLFH FDGDVWUDOGHWRXVOHVLPPHXEOHVQRQLPPDWULFXOpVHWQRQEkWLV
9X OH GpFUHW Qƒ  GX  QRYHPEUH  IL[DQW GHVSpULPqWUHVSXEOLFVLUULJXpV(O0HNHUHPVLVGDQVO¶LPDGDW
OHVDWWULEXWLRQVGXPLQLVWqUHGHODMXVWLFH G¶(O0HNHUHPGpOpJDWLRQGH6LGL%RX]LG(VWJRXYHUQRUDW
9X OH GpFUHW Qƒ  GX  MXLOOHW  SRUWDQW GH6LGL%RX]LG
RUJDQLVDWLRQGXPLQLVWqUHGHODMXVWLFH 7XQLVOHGpFHPEUH
9X OH GpFUHW Qƒ  GX  MDQYLHU  IL[DQW OH /H0LQLVWUHGHOD-XVWLFH
FRQWHQXGHVSODQVGHPLVHjQLYHDXGHO DGPLQLVWUDWLRQHWOHV %pFKLU7HNDUL
PRGDOLWpVGHOHXUpODERUDWLRQUpDOLVDWLRQHWVXLYL 9X
/H3UHPLHU0LQLVWUH
9X O DUUrWp GX  PDL  IL[DQW OH SODQ GH PLVH j
0RKDPHG*KDQQRXFKL
QLYHDXGXPLQLVWqUHGHODMXVWLFHWHOTXHPRGLILpSDUO DUUrWp
GXGpFHPEUH 
9X OD FLUFXODLUH Qƒ  GX  IpYULHU  IL[DQW OHV $UUrWp GX PLQLVWUH GH OD MXVWLFH GX  GpFHPEUH
SURFpGXUHVSUDWLTXHVSRXUO¶pODERUDWLRQGHVSODQVGHPLVHj UHODWLIjO¶LPPDWULFXODWLRQIRQFLqUHREOLJDWRLUH
QLYHDX PLQLVWpULHOV LQVWLWXpV SDU OH GpFUHW Qƒ  GX  /HPLQLVWUHGHODMXVWLFH
MDQYLHU
9X OH GpFUHWORL Qƒ  GX  IpYULHU  UHODWLI j
9XOHPDQXHOGHSURFpGXUHVGHODSROLFHMXGLFLDLUH O¶LPPDWULFXODWLRQ IRQFLqUH REOLJDWRLUH WHO TXH PRGLILp HW
$UUrWH FRPSOpWpSDUODORLQƒGXPDLHWQRWDPPHQW
$UWLFOHSUHPLHU±/HPDQXHOGHSURFpGXUHVGHODSROLFH VRQDUWLFOH QRXYHDX 
MXGLFLDLUHHVWDSSURXYp $UUrWH
$UW  ± 7RXV OHV VHUYLFHV FRQFHUQpV VRQW FKDUJpV GH $UWLFOH XQLTXH ± ,O VHUD SURFpGp j FRPSWHU GX  PDUV
O DSSOLFDWLRQGHFHPDQXHO  SDU O¶LPPDWULFXODWLRQ IRQFLqUH REOLJDWRLUH DX
$UW±/ LQVSHFWLRQJpQpUDOHGXPLQLVWqUHGHODMXVWLFH UHFHQVHPHQW FDGDVWUDO GH WRXV OHV LPPHXEOHV QRQ
HVWFKDUJpHOHFDVpFKpDQWGHO DFWXDOLVDWLRQGHFHPDQXHO LPPDWULFXOpV HW QRQ EkWLV GHV SpULPqWUHV SXEOLFV LUULJXpV
$UW±/HSUpVHQWDUUrWpVHUDSXEOLpDX-RXUQDO2IILFLHO ©(O0HFKªVLVGDQVO¶LPDGDW©G¶(O0HFKªGpOpJDWLRQGH
GHOD5pSXEOLTXH7XQLVLHQQH ©0HNQDVVLªJRXYHUQRUDWGH6LGL%RX]LG
7XQLVOHGpFHPEUH 7XQLVOHGpFHPEUH
/H0LQLVWUHGHOD-XVWLFH /H0LQLVWUHGHOD-XVWLFH
%pFKLU7HNDUL %pFKLU7HNDUL
9X 9X
/H3UHPLHU0LQLVWUH /H3UHPLHU0LQLVWUH
0RKDPHG*KDQQRXFKL 0RKDPHG*KDQQRXFKL
 
$UUrWp GX PLQLVWUH GH OD MXVWLFH GX  GpFHPEUH $UUrWp GX PLQLVWUH GH OD MXVWLFH GX  GpFHPEUH
UHODWLIjO¶LPPDWULFXODWLRQIRQFLqUHREOLJDWRLUH UHODWLIjO¶LPPDWULFXODWLRQIRQFLqUHREOLJDWRLUH
/HPLQLVWUHGHODMXVWLFH /HPLQLVWUHGHODMXVWLFH
9X OH GpFUHWORL Qƒ  GX  IpYULHU  UHODWLI j 9X OH GpFUHWORL Qƒ  GX  IpYULHU  UHODWLI j
O¶LPPDWULFXODWLRQ IRQFLqUH REOLJDWRLUH WHO TXH PRGLILp HW O¶LPPDWULFXODWLRQ IRQFLqUH REOLJDWRLUH WHO TXH PRGLILp HW
FRPSOpWpSDUODORLQƒGXPDLHWQRWDPPHQW FRPSOpWpSDUODORLQƒGXPDLHWQRWDPPHQW
VRQDUWLFOH QRXYHDX  VRQDUWLFOH QRXYHDX 
$UUrWH $UUrWH
$UWLFOH XQLTXH ± ,O VHUD SURFpGp j FRPSWHU GX  PDUV $UWLFOH XQLTXH ± ,O VHUD SURFpGp j FRPSWHU GX  PDUV
 SDU O¶LPPDWULFXODWLRQ IRQFLqUH REOLJDWRLUH DX
UHFHQVHPHQW FDGDVWUDO GH WRXV OHV LPPHXEOHV QRQ  SDU O¶LPPDWULFXODWLRQ IRQFLqUH REOLJDWRLUH DX
UHFHQVHPHQW FDGDVWUDO GH WRXV OHV LPPHXEOHV QRQ
LPPDWULFXOpV HW QRQ EkWLV GHV SpULPqWUHV SXEOLFV LUULJXpV LPPDWULFXOpV HW QRQ EkWLV GHV SpULPqWUHV SXEOLFV LUULJXpV
©$RXOHG 6OLPDQHª VLV GDQV O¶LPDGDW ©G¶(VVDODPDª ©(O +RXDMELDª VLV GDQV O¶LPDGDW ©+LFKULDª GpOpJDWLRQ
GpOpJDWLRQGH©%LU(O+IDLªJRXYHUQRUDWGH6LGL%RX]LG GH©6LGL%RX]LG2XHVWªJRXYHUQRUDWGH6LGL%RX]LG
7XQLVOHGpFHPEUH 7XQLVOHGpFHPEUH
/H0LQLVWUHGHOD-XVWLFH
/H0LQLVWUHGHOD-XVWLFH
%pFKLU7HNDUL %pFKLU7HNDUL
9X 9X
/H3UHPLHU0LQLVWUH /H3UHPLHU0LQLVWUH
0RKDPHG*KDQQRXFKL 0RKDPHG*KDQQRXFKL
 
$UUrWp GX PLQLVWUH GH OD MXVWLFH GX  GpFHPEUH $UUrWp GX PLQLVWUH GH OD MXVWLFH GX  GpFHPEUH
UHODWLIjO¶LPPDWULFXODWLRQIRQFLqUHREOLJDWRLUH UHODWLIjO¶LPPDWULFXODWLRQIRQFLqUHREOLJDWRLUH
/HPLQLVWUHGHODMXVWLFH /HPLQLVWUHGHODMXVWLFH
9X OH GpFUHWORL Qƒ  GX  IpYULHU  UHODWLI j 9X OH GpFUHWORL Qƒ  GX  IpYULHU  UHODWLI j
O¶LPPDWULFXODWLRQ IRQFLqUH REOLJDWRLUH WHO TXH PRGLILp HW O¶LPPDWULFXODWLRQ IRQFLqUH REOLJDWRLUH WHO TXH PRGLILp HW
FRPSOpWpSDUODORLQƒGXPDLHWQRWDPPHQW FRPSOpWpSDUODORLQƒGXPDLHWQRWDPPHQW
VRQDUWLFOH QRXYHDX  VRQDUWLFOH QRXYHDX 

1ƒ -RXUQDO2IILFLHOGHOD5pSXEOLTXH7XQLVLHQQH²HUMDQYLHU 3DJH


$UUrWH 9XOHGpFUHWQƒGXDYULOIL[DQWOHVWDWXW
$UWLFOH XQLTXH ± ,O VHUD SURFpGp j FRPSWHU GX  PDUV SDUWLFXOLHU DX FRUSV FRPPXQ GHV LQJpQLHXUV GHV
 SDU O¶LPPDWULFXODWLRQ IRQFLqUH REOLJDWRLUH DX DGPLQLVWUDWLRQV SXEOLTXHV WHO TX LO D pWp PRGLILp HW
UHFHQVHPHQW FDGDVWUDO GH WRXV OHV LPPHXEOHV QRQ FRPSOpWpSDUOHGpFUHWQƒGXHUDR€W
LPPDWULFXOpV HW QRQ EkWLV GHV SpULPqWUHV SXEOLFV LUULJXpV $UUrWH
©*K]DODª qPH SDUWLH VLV GDQV O¶LPDGDW ©GH *K]DODª
GpOpJDWLRQGH©*K]DODªJRXYHUQRUDWGH%L]HUWH $UWLFOHSUHPLHU±/HFRQFRXUVLQWHUQHVXUGRVVLHUVSRXU
7XQLVOHGpFHPEUH OD SURPRWLRQ DX JUDGH G LQJpQLHXU SULQFLSDO SUpYX SDU
/H0LQLVWUHGHOD-XVWLFH O DUWLFOH  ELV HW O DUWLFOH  SDUDJUDSKH  QRXYHDX  GX
GpFUHW Qƒ  GX  DYULO  VXVYLVp HVW RUJDQLVp
%pFKLU7HNDUL
FRQIRUPpPHQWDX[GLVSRVLWLRQVGXSUpVHQWDUUrWp
9X
/H3UHPLHU0LQLVWUH $UW  ± 3HXYHQW SDUWLFLSHU DX FRQFRXUV LQWHUQH VXU
GRVVLHUVSRXUODSURPRWLRQDXJUDGHG LQJpQLHXUSULQFLSDO
0RKDPHG*KDQQRXFKL
 OHVLQJpQLHXUVGLYLVLRQQDLUHV
$UUrWp GX PLQLVWUH GH OD MXVWLFH GX  GpFHPEUH  OHV LQJpQLHXUV GHV WUDYDX[ WLWXODLUHV GDQV OHXU JUDGH
UHODWLIjO¶LPPDWULFXODWLRQIRQFLqUHREOLJDWRLUH LQVFULWV DX WDEOHDX GH O RUGUH GHVLQJpQLHXUVHWMXVWLILDQWDX
/HPLQLVWUHGHODMXVWLFH PRLQV GH FLQT DQV G DQFLHQQHWp GDQV FH JUDGH j OD GDWH GH
FO{WXUHGHODOLVWHGHVFDQGLGDWXUHV
9X OH GpFUHWORL Qƒ  GX  IpYULHU  UHODWLI j
O¶LPPDWULFXODWLRQ IRQFLqUH REOLJDWRLUH WHO TXH PRGLILp HW $UW  ± /H FRQFRXUV VXVYLVp HVW RXYHUW SDU DUUrWp GX
FRPSOpWpSDUODORLQƒGXPDLHWQRWDPPHQW PLQLVWUHGHO LQWpULHXU&HWDUUrWpIL[H
VRQDUWLFOH QRXYHDX  ODGDWHG RXYHUWXUHGXFRQFRXUV
$UUrWH OHQRPEUHG HPSORLVjSRXUYRLU
$UWLFOH XQLTXH ± ,O VHUD SURFpGp j FRPSWHU GX  PDUV ODGDWHGHFO{WXUHGHODOLVWHG LQVFULSWLRQV
 SDU O¶LPPDWULFXODWLRQ IRQFLqUH REOLJDWRLUH DX
UHFHQVHPHQW FDGDVWUDO GH WRXV OHV LPPHXEOHV QRQ $UW  ± /HV FDQGLGDWV DX FRQFRXUV LQWHUQH VXVYLVp
LPPDWULFXOpV HW QRQ EkWLV GHV SpULPqWUHV SXEOLFV LUULJXpV GRLYHQWDGUHVVHUOHXUVGHPDQGHVGHFDQGLGDWXUHSDUODYRLH
©6LGL %RXDOLª GX VHFWHXU ,, ©DUUDFKpª qUH HW qPH KLpUDUFKLTXHDFFRPSDJQpHVGHVSLqFHVVXLYDQWHV
WUDQFKH  VLV GDQV OHV LPDGDWV GH ©(VVRG 6XGª HW ©(O XQFXUULFXOXPYLWDH
2XULPDª GpOpJDWLRQ GH ©6LGL %RXDOLª JRXYHUQRUDW GH
6RXVVH  XQH DWWHVWDWLRQ FHUWLILDQW TXH OH GRVVLHU DGPLQLVWUDWLI
GX FDQGLGDW FRQWLHQW OHV SLqFHV SUpYXHV SDU O DUWLFOH  GX
7XQLVOHGpFHPEUH
VWDWXWGHODIRQFWLRQSXEOLTXH
/H0LQLVWUHGHOD-XVWLFH
%pFKLU7HNDUL  XQ UHOHYp GpWDLOOp DYHF SLqFHV MXVWLILFDWLYHV GHV
VHUYLFHV FLYLOV HW pYHQWXHOOHPHQW PLOLWDLUHV DFFRPSOLV SDU
9X
O LQWpUHVVp &H UHOHYp GRLW rWUH FHUWLILp SDU OH FKHI GX
/H3UHPLHU0LQLVWUH
GpSDUWHPHQWRXVRQUHSUpVHQWDQW
0RKDPHG*KDQQRXFKL
XQHDPSOLDWLRQG€PHQWFHUWLILpHFRQIRUPHGHO DUUrWp

GH QRPLQDWLRQ GH O LQWpUHVVp HQ TXDOLWp G LQJpQLHXU GHV

WUDYDX[RXG LQJpQLHXUGLYLVLRQQDLUH
0,1,67(5('(/ ,17(5,(85 XQHDPSOLDWLRQG€PHQWFHUWLILpHFRQIRUPHGHO DUUrWp
 IL[DQWODGHUQLqUHVLWXDWLRQDGPLQLVWUDWLYHGHO LQWpUHVVp
$UUrWp GX PLQLVWUH GH O LQWpULHXU GX  GpFHPEUH  XQ GRVVLHU FRPSUHQDQW OHV SLqFHV MXVWLILFDWLYHV GHV
 IL[DQW OHV PRGDOLWpV G RUJDQLVDWLRQ GX DFWLYLWpV SURIHVVLRQQHOOHV GX FDQGLGDW DFFRPSDJQp G XQH
FRQFRXUV LQWHUQH VXU GRVVLHUV SRXU OD SURPRWLRQ QRWHGDQVODTXHOOHOHFDQGLGDWLQGLTXHGHPDQLqUHGpWDLOOpH
DX JUDGH G LQJpQLHXU SULQFLSDO DSSDUWHQDQW DX OHV WUDYDX[ HIIHFWXpV HW HPSORLV RFFXSpV HQ TXDOLWp
FRUSV FRPPXQ GHV LQJpQLHXUV GHV G LQJpQLHXUGHVWUDYDX[RXG LQJpQLHXUGLYLVLRQQDLUHGXUDQW
DGPLQLVWUDWLRQV SXEOLTXHV DX PLQLVWqUH GH
OHVGHX[GHUQLqUHVDQQpHV
O LQWpULHXU HW OHV FROOHFWLYLWpV ORFDOHV FRQVHLOV
UpJLRQDX[FRPPXQHV VRXVWXWHOOH $UW  ± 7RXWH FDQGLGDWXUH SDUYHQXH DSUqV OD GDWH GH
/HPLQLVWUHGHO LQWpULHXU FO{WXUHGHODOLVWHG LQVFULSWLRQVHVWREOLJDWRLUHPHQWUHMHWpH
OHFDFKHWGHODSRVWHRXODGDWHG HQUHJLVWUHPHQWDXEXUHDX
9XODORLQƒGXPDLSRUWDQWSURPXOJDWLRQ
GHODORLRUJDQLTXHGHVFRPPXQHVHQVHPEOHOHVWH[WHVTXL G RUGUHIDLVDQWIRL
O RQWPRGLILpHRXFRPSOpWpH $UW  ± /H FRQFRXUV VXVYLVp HVW VXSHUYLVp SDU XQMXU\
9XODORLRUJDQLTXHQƒGXIpYULHUUHODWLYH GRQWODFRPSRVLWLRQHVWIL[pHSDUDUUrWpGX3UHPLHUPLQLVWUH
DX[FRQVHLOVUpJLRQDX[ $UW±/DOLVWHGHVFDQGLGDWVDXWRULVpVjFRQFRXULUHVW
9XODORLQƒGXGpFHPEUHSRUWDQWVWDWXW DUUrWpHSDUOHPLQLVWUHGHO LQWpULHXUVXUSURSRVLWLRQGXMXU\
JpQpUDOGHVSHUVRQQHOVGHO (WDWGHVFROOHFWLYLWpVORFDOHVHW GXFRQFRXUV
GHV pWDEOLVVHPHQWV SXEOLFV j FDUDFWqUH DGPLQLVWUDWLI $UW±/HFRQFRXUVLQWHUQHVXVYLVpFRPSRUWH
HQVHPEOH OHV WH[WHV TXL O RQW FRPSOpWpH RX PRGLILpH HW O pWXGHGHVGRVVLHUVGHVFDQGLGDWVVHORQGHVFULWqUHV
QRWDPPHQWODORLQƒGXGpFHPEUH IL[pV SDU OH MXU\ GX FRQFRXUV ,O HVW DWWULEXp j FKDTXH

3DJH -RXUQDO2IILFLHOGHOD5pSXEOLTXH7XQLVLHQQH²HUMDQYLHU 1ƒ


FDQGLGDW XQH QRWH YDULDQW GH ]pUR   j YLQJW $UUrWH
 FRHIILFLHQW $UWLFOH SUHPLHU ± (VW RXYHUW DX PLQLVWqUH GHO LQWpULHXU
 XQ HQWUHWLHQ DYHF OHV PHPEUHV GX MXU\ SRUWDQW VXU HW j VRQ SURILW OH  IpYULHU  HW MRXUV VXLYDQWV XQ
O H[SpULHQFH SURIHVVLRQQHOOH GX FDQGLGDW HW OHV DWWULEXWLRQV FRQFRXUV LQWHUQH VXU GRVVLHUV SRXU OD SURPRWLRQ DX JUDGH
TXL OXL VRQW FRQILpHV ,O HVW DWWULEXp j FKDTXH FDQGLGDW XQH G LQJpQLHXU SULQFLSDO DSSDUWHQDQW DX FRUSV FRPPXQ GHV
QRWHYDULDQWGH]pUR  jYLQJW  FRHIILFLHQW LQJpQLHXUVGHVDGPLQLVWUDWLRQVSXEOLTXHV
/H MXU\ GX FRQFRXUV FRPPXQLTXH DX[ FDQGLGDWV $UW  ± /H QRPEUH GH SRVWHV j SRXUYRLU HVW IL[p j
DGPLVVLEOHVOHOLHXHWODGDWHGXGpURXOHPHQWGHO HQWUHWLHQ TXDWUH  SRVWHV
HWFHSDUOHWWUHLQGLYLGXHOOHRXSDUDIILFKDJHGDQVOHVORFDX[ $UW±/DGDWHGHFO{WXUHGHODOLVWHGHVFDQGLGDWXUHV
GHO DGPLQLVWUDWLRQ HVWIL[pHDXMDQYLHU
$UW±/HSUpVLGHQWGXMXU\SHXWFRQVWLWXHUGHVVRXV 7XQLVOHGpFHPEUH
FRPPLVVLRQVSRXUODFRQGXLWHGHO HQWUHWLHQ /H0LQLVWUHGHO ,QWpULHXU
$UW±7RXWHQRWHLQIpULHXUHjVL[  VXUYLQJW   $EGDOODK.DkEL
HVWpOLPLQDWRLUH 9X
$UW±1XOQHSHXWrWUHGpFODUpDGPLVV LOQ DREWHQX /H3UHPLHU0LQLVWUH
XQWRWDOGHYLQJW  SRLQWVDXPRLQV 0RKDPHG*KDQQRXFKL
6L SOXVLHXUV FDQGLGDWV RQW REWHQX OH PrPH QRPEUH GH 
SRLQWVODSULRULWpHVWDFFRUGpHDXSOXVDQFLHQGDQVOHJUDGH $UUrWp GX PLQLVWUH GH O LQWpULHXU GX  GpFHPEUH
HWVLFHWWHDQFLHQQHWpHVWODPrPHODSULRULWpHVWDFFRUGpHDX SRUWDQWRXYHUWXUHG XQFRQFRXUVLQWHUQHVXU
SOXVkJp GRVVLHUV SRXU OD SURPRWLRQ DX JUDGH G LQJpQLHXU
$UW  ± /H MXU\ GX FRQFRXUV SURFqGH DX FODVVHPHQW SULQFLSDO DSSDUWHQDQW DX FRUSV FRPPXQ GHV
GHVFDQGLGDWVSDURUGUHGHPpULWHGDQVODOLPLWHGHVSRVWHVj LQJpQLHXUVGHVDGPLQLVWUDWLRQVSXEOLTXHVDXSURILW
SRXUYRLU GHTXHOTXHVPXQLFLSDOLWpV
$UW  ± /D OLVWH GHV FDQGLGDWV DGPLV GpILQLWLYHPHQW DX /HPLQLVWUHGHO LQWpULHXU
FRQFRXUV LQWHUQH VXU GRVVLHUV SRXU OD SURPRWLRQ DX JUDGH 9XODORLQƒGXPDLSRUWDQWSURPXOJDWLRQ
G LQJpQLHXUSULQFLSDOHVWDUUrWpHSDUOHPLQLVWUHGHO LQWpULHXU GHODORLRUJDQLTXHGHVFRPPXQHVHQVHPEOHOHVWH[WHVTXL
$UW  ± /H SUpVHQW DUUrWp VHUD SXEOLp DX -RXUQDO O RQWPRGLILpHRXFRPSOpWpH
2IILFLHOGHOD5pSXEOLTXH7XQLVLHQQH 9XODORLQƒGXGpFHPEUHSRUWDQWVWDWXW
7XQLVOHGpFHPEUH JpQpUDOGHVSHUVRQQHOVGHO (WDWGHVFROOHFWLYLWpVORFDOHVHW
/H0LQLVWUHGHO ,QWpULHXU GHV pWDEOLVVHPHQWV SXEOLFV j FDUDFWqUH DGPLQLVWUDWLI
HQVHPEOHOHVWH[WHVTXLO RQWPRGLILpHRXFRPSOpWpH
$EGDOODK.DkEL
9X 9XOHGpFUHWQƒGXDYULOIL[DQWOHVWDWXW
/H3UHPLHU0LQLVWUH SDUWLFXOLHU DX FRUSV FRPPXQ GHV LQJpQLHXUV GHV
DGPLQLVWUDWLRQV SXEOLTXHV WHO TX LO D pWp PRGLILp HW
0RKDPHG*KDQQRXFKL
FRPSOpWpSDUOHGpFUHWQƒGXHUDR€W
 9XO DUUrWpGXPLQLVWUHGHO LQWpULHXUGXGpFHPEUH
$UUrWp GX PLQLVWUH GH O LQWpULHXU GX  GpFHPEUH IL[DQW OHV PRGDOLWpV G RUJDQLVDWLRQ GX FRQFRXUV LQWHUQH VXU
SRUWDQWRXYHUWXUHG XQFRQFRXUVLQWHUQHVXU GRVVLHUV SRXU OD SURPRWLRQ DX JUDGH G LQJpQLHXU SULQFLSDO
GRVVLHUV SRXU OD SURPRWLRQ DX JUDGH G LQJpQLHXU DSSDUWHQDQW DX FRUSV FRPPXQ GHV LQJpQLHXUV GHV
SULQFLSDO DSSDUWHQDQW DX FRUSV FRPPXQ GHV DGPLQLVWUDWLRQV SXEOLTXHV DX PLQLVWqUH GH O LQWpULHXU HW OHV
LQJpQLHXUV GHV DGPLQLVWUDWLRQV SXEOLTXHV DX FROOHFWLYLWpV ORFDOHV FRQVHLOV UpJLRQDX[ FRPPXQHV  VRXV
PLQLVWqUHGHO LQWpULHXU WXWHOOH
/HPLQLVWUHGHO LQWpULHXU $UUrWH
9XODORLQƒGXGpFHPEUHSRUWDQWVWDWXW $UWLFOHSUHPLHU±(VWRXYHUWDXPLQLVWqUHGHO LQWpULHXUOH
JpQpUDOGHVSHUVRQQHOVGHO (WDWGHVFROOHFWLYLWpVORFDOHVHW  IpYULHU  HW MRXUV VXLYDQWV XQ FRQFRXUV LQWHUQH VXU
GHV pWDEOLVVHPHQWV SXEOLFV j FDUDFWqUH DGPLQLVWUDWLI GRVVLHUV SRXU OD SURPRWLRQ DX JUDGH G LQJpQLHXU SULQFLSDO
HQVHPEOHOHVWH[WHVTXLO RQWPRGLILpHRXFRPSOpWpH DSSDUWHQDQW DX FRUSV FRPPXQ GHV LQJpQLHXUV GHV
DGPLQLVWUDWLRQVSXEOLTXHVDXSURILWGHTXHOTXHVPXQLFLSDOLWpV
9XOHGpFUHWQƒGXDYULOIL[DQWOHVWDWXW
$UW±/HQRPEUHGHSRVWHVjSRXUYRLUHVWIL[pjWUHL]H
SDUWLFXOLHU DX FRUSV FRPPXQ GHV LQJpQLHXUV GHV  SRVWHV
DGPLQLVWUDWLRQV SXEOLTXHV WHO TX LO D pWp PRGLILp HW
$UW±/DGDWHGHFO{WXUHGHODOLVWHGHVFDQGLGDWXUHV
FRPSOpWpSDUOHGpFUHWQƒGXHUDR€W
HVWIL[pHDXMDQYLHU
9X O DUUrWp GX PLQLVWUH GH O LQWpULHXU GX  GpFHPEUH
7XQLVOHGpFHPEUH
 IL[DQW OHV PRGDOLWpV G RUJDQLVDWLRQ GX FRQFRXUV
/H0LQLVWUHGHO ,QWpULHXU
LQWHUQHVXUGRVVLHUVSRXUODSURPRWLRQDXJUDGHG LQJpQLHXU
SULQFLSDO DSSDUWHQDQW DXFRUSVFRPPXQGHVLQJpQLHXUVGHV $EGDOODK.DkEL
DGPLQLVWUDWLRQV SXEOLTXHV DX PLQLVWqUH GH O LQWpULHXU HW OHV 9X
FROOHFWLYLWpV ORFDOHV FRQVHLOV UpJLRQDX[ FRPPXQHV  VRXV /H3UHPLHU0LQLVWUH
WXWHOOH 0RKDPHG*KDQQRXFKL

1ƒ -RXUQDO2IILFLHOGHOD5pSXEOLTXH7XQLVLHQQH ²HUMDQYLHU 3DJH


0,1,67(5('(/ ('8&$7,21 9X OH GpFUHW Qƒ  GX  VHSWHPEUH  SRUWDQW
UpRUJDQLVDWLRQ GH O LQVWLWXW QDWLRQDO GHV VFLHQFHV GH
 O pGXFDWLRQWHOTX LODpWpPRGLILpSDUOHGpFUHWQƒ
'pFUHWQƒGXGpFHPEUHSRUWDQW GXGpFHPEUH
VXSSUHVVLRQG XQpWDEOLVVHPHQWSXEOLF 9X OH GpFUHW Qƒ  GX  MXLOOHW  UHODWLI j OD
/H3UpVLGHQWGHOD5pSXEOLTXH GpILQLWLRQ GH OD PLVVLRQ HW GHVDWWULEXWLRQVGXPLQLVWqUHGH
6XUSURSRVLWLRQGXPLQLVWUHGHO pGXFDWLRQ O pGXFDWLRQQDWLRQDOH
9XODFRQVWLWXWLRQHWQRWDPPHQWVHVDUWLFOHVHW 9XOHGpFUHWQƒGXVHSWHPEUHUHODWLIj
O RUJDQLVDWLRQGXPLQLVWqUHGHO pGXFDWLRQ
9XODORLQƒGXMXLOOHWUHODWLYHDXV\VWqPH
pGXFDWLI 9X OH GpFUHW Qƒ  GX  VHSWHPEUH 
SRUWDQWFUpDWLRQG XQFHQWUHG LQIRUPDWLRQGHIRUPDWLRQGH
9XODORLQƒGXGpFHPEUHSRUWDQWORLGH
ILQDQFHVSRXUODJHVWLRQHWQRWDPPHQWVRQDUWLFOH GRFXPHQWDWLRQ HW G pWXGHV DSSHOp ©FHQWUH QDWLRQDO
G LQQRYDWLRQSpGDJRJLTXHHWGHUHFKHUFKHVHQpGXFDWLRQªHW
9XODORLQƒGXGpFHPEUHSRUWDQWORL IL[DQW VRQ RUJDQLVDWLRQ DGPLQLVWUDWLYH HW ILQDQFLqUH HW OHV
GH ILQDQFHV SRXU OD JHVWLRQ  HW QRWDPPHQW OH WDEOHDX PRGDOLWpVGHVRQIRQFWLRQQHPHQW
©)ª\DQQH[p
9XO DYLVGXPLQLVWUHGHVILQDQFHV
9X OH GpFUHW Qƒ  GX  MXLOOHW  UHODWLI j OD
GpILQLWLRQ GH OD PLVVLRQ HW GHVDWWULEXWLRQVGXPLQLVWqUHGH 9XO DYLVGXWULEXQDODGPLQLVWUDWLI
O pGXFDWLRQQDWLRQDOH 'pFUqWH
9XOHGpFUHWQƒGXVHSWHPEUHUHODWLIj $UWLFOH SUHPLHU ± (VW VXSSULPp O pWDEOLVVHPHQW SXEOLF
O RUJDQLVDWLRQGXPLQLVWqUHGHO pGXFDWLRQ GpQRPPp ©O LQVWLWXW QDWLRQDO GHV VFLHQFHV GH O pGXFDWLRQª
9X OH GpFUHW Qƒ  GX  VHSWHPEUH  / DJHQW FRPSWDEOH GXGLW pWDEOLVVHPHQW HVW FKDUJp GH OD
SRUWDQWFUpDWLRQG XQFHQWUHG LQIRUPDWLRQGHIRUPDWLRQGH OLTXLGDWLRQ GH VRQ SDWULPRLQH /H PLQLVWUH GHV ILQDQFHV
GRFXPHQWDWLRQ HW G pWXGHV DSSHOp ©FHQWUH QDWLRQDO GH SUHVFULW OHV RSpUDWLRQV GH OLTXLGDWLRQ GH O pWDEOLVVHPHQW
IRUPDWLRQ GHV IRUPDWHXUV HQ pGXFDWLRQª HW IL[DQW VRQ VXVYLVp
RUJDQLVDWLRQDGPLQLVWUDWLYHHWILQDQFLqUHHWOHVPRGDOLWpVGH $UW±7RXWOHSDWULPRLQHGHO pWDEOLVVHPHQWVXSSULPp
VRQIRQFWLRQQHPHQW HVW WUDQVIpUp DX SURILW GX FHQWUH QDWLRQDO G LQQRYDWLRQ
9XO DYLVGXPLQLVWUHGHVILQDQFHV SpGDJRJLTXHHWGHUHFKHUFKHVHQpGXFDWLRQ
9XO DYLVGXWULEXQDODGPLQLVWUDWLI $UW  ± /HV PLQLVWUHV GHV ILQDQFHV HW GH O pGXFDWLRQ
VRQW FKDUJpV FKDFXQ HQ FH TXL OH FRQFHUQH GH O H[pFXWLRQ
'pFUqWH GX SUpVHQW GpFUHW TXL VHUD SXEOLp DX -RXUQDO 2IILFLHO GH OD
$UWLFOH SUHPLHU ± (VW VXSSULPp O pWDEOLVVHPHQW SXEOLF 5pSXEOLTXH7XQLVLHQQH
GpQRPPp ©FHQWUH QDWLRQDO GH IRUPDWLRQ PDQXHOOH HW 7XQLVOHGpFHPEUH
WHFKQLTXHGH&DUWKDJH+DQQLEDOª/ DJHQWFRPSWDEOHGXGLW =LQH(O$ELGLQH%HQ$OL
pWDEOLVVHPHQW HVW FKDUJp GH OD OLTXLGDWLRQ GH VRQ

SDWULPRLQH/HPLQLVWUHGHVILQDQFHVSUHVFULWOHVRSpUDWLRQV
GHOLTXLGDWLRQGHO pWDEOLVVHPHQWVXVYLVp 
$UW±7RXWOHSDWULPRLQHGHO pWDEOLVVHPHQWVXSSULPp 0,1,67(5('(6$))$,5(662&,$/(6
HVW WUDQVIpUp DX SURILW GX FHQWUH QDWLRQDO GH IRUPDWLRQ GHV 
IRUPDWHXUVHQpGXFDWLRQ
'pFUHWQƒGXGpFHPEUHSRUWDQW
$UW  ± /HV PLQLVWUHV GHV ILQDQFHV HW GH O pGXFDWLRQ DWWULEXWLRQ GH OD WURLVLqPH WUDQFKH GH
VRQW FKDUJpV FKDFXQ HQ FH TXL OH FRQFHUQH GH O H[pFXWLRQ O DXJPHQWDWLRQ JOREDOH GHV PRQWDQWV GH
GX SUpVHQW GpFUHW TXL VHUD SXEOLp DX -RXUQDO 2IILFLHO GH OD O LQGHPQLWp GH VXMpWLRQV GH VHUYLFH DX SURILW GHV
5pSXEOLTXH7XQLVLHQQH DJHQWV GH O LQVSHFWLRQ GX WUDYDLO EpQpILFLDLUHV GH
7XQLVOHGpFHPEUH FHWWHLQGHPQLWpDXWLWUHGHO DQQpH
/H3UpVLGHQWGHOD5pSXEOLTXH
=LQH(O$ELGLQH%HQ$OL
 6XUSURSRVLWLRQGXPLQLVWUHGHVDIIDLUHVVRFLDOHV
'pFUHWQƒGXGpFHPEUHSRUWDQW 9XODORLQƒGXGpFHPEUHSRUWDQWVWDWXW
VXSSUHVVLRQG XQpWDEOLVVHPHQWSXEOLF JpQpUDOGHVSHUVRQQHOVGHO (WDWGHVFROOHFWLYLWpVORFDOHVHW
/H3UpVLGHQWGHOD5pSXEOLTXH GHV pWDEOLVVHPHQWV SXEOLFV j FDUDFWqUH DGPLQLVWUDWLI
HQVHPEOH OHV WH[WHV TXL O RQW PRGLILpH RX FRPSOpWpH HW
6XUSURSRVLWLRQGXPLQLVWUHGHO pGXFDWLRQ
QRWDPPHQWODORLQƒGXGpFHPEUH
9XODFRQVWLWXWLRQHWQRWDPPHQWVHVDUWLFOHVHW
9X OH GpFUHW Qƒ  GX  PDUV  UHODWLI j
9XODORLQƒGXMXLOOHWUHODWLYHDXV\VWqPH O LQVWLWXWLRQ G XQH LQGHPQLWp VSpFLILTXH GLWH ©LQGHPQLWp GH
pGXFDWLI VXMpWLRQV GH VHUYLFHª DFFRUGpH DX[ DJHQWV GH O LQVSHFWLRQ
9XODORLQƒGXGpFHPEUHSRUWDQWORL GXWUDYDLOHQVHPEOHOHVWH[WHVTXLO RQWPRGLILpRXFRPSOpWp
GH ILQDQFHV SRXU OD JHVWLRQ  HW QRWDPPHQW OH WDEOHDX HWQRWDPPHQWOHGpFUHWQƒGXMXLOOHWHWOH
©)ª\DQQH[p GpFUHWQƒGXQRYHPEUH

3DJH -RXUQDO2IILFLHOGHOD5pSXEOLTXH7XQLVLHQQH ²HUMDQYLHU 1ƒ


9XOHGpFUHWQƒGXHUQRYHPEUHSRUWDQW 9X OH GpFUHW Qƒ  GX  MXLOOHW  UHODWLI j
IL[DWLRQ GH O DXJPHQWDWLRQ JOREDOH GHV WDX[ GH O LQGHPQLWp O LQVWLWXWLRQ G XQH LQGHPQLWp VSpFLILTXH GLWH ©LQGHPQLWp GH
GH VXMpWLRQV GH VHUYLFH GXUDQW OD SpULRGH  HW VHUYLFH VRFLDOª DX SURILW GHV SHUVRQQHOV GX VHUYLFH VRFLDO
RFWURLGHODSUHPLqUHWUDQFKHDXSURILWGHVDJHQWVGXFRUSV UHODYDQW GX PLQLVWqUH GHV DIIDLUHV VRFLDOHV WHO TX LO D pWp
GHO LQVSHFWLRQGXWUDYDLOEpQpILFLDLUHVGHFHWWHLQGHPQLWp PRGLILpSDUOHGpFUHWQƒGXQRYHPEUH
9XOHGpFUHWQƒGXQRYHPEUHIL[DQWOH 9X OH GpFUHW Qƒ  GX  RFWREUH  IL[DQW OH
VWDWXWSDUWLFXOLHUGHVSHUVRQQHOVGHO LQVSHFWLRQGXWUDYDLO VWDWXW SDUWLFXOLHU GHV SHUVRQQHOV GX VHUYLFH VRFLDO GHV
9X OH GpFUHW Qƒ  GX  PDUV  SRUWDQW DGPLQLVWUDWLRQVSXEOLTXHV
DWWULEXWLRQGHODGHX[LqPHWDQFKHGHO DXJPHQWDWLRQJOREDOH 9XOHGpFUHWQƒGXHUQRYHPEUHSRUWDQW
GHVPRQWDQWVGHO LQGHPQLWpGHVXMpWLRQVGHVHUYLFHDXSURILW IL[DWLRQ GH O DXJPHQWDWLRQ JOREDOH GHV WDX[ GH O LQGHPQLWp
GHV DJHQWV GH O LQVSHFWLRQ GX WUDYDLO EpQpILFLDLUHV GH FHWWH GHVHUYLFHVRFLDOGXUDQWODSpULRGHHWRFWURLGHOD
LQGHPQLWpDXWLWUHGHO DQQpH SUHPLqUHWUDQFKHDXSURILWGHVSHUVRQQHOVGXVHUYLFHVRFLDO
9XO DYLVGXPLQLVWUHGHVILQDQFHV GHV DGPLQLVWUDWLRQV SXEOLTXHV EpQpILFLDLUHV GH FHWWH
LQGHPQLWp
9XO DYLVGXWULEXQDODGPLQLVWUDWLI
9X OH GpFUHW Qƒ  GX  PDUV  SRUWDQW
'pFUqWH
DWWULEXWLRQ GH OD GHX[LqPH WUDQFKH GH O DXJPHQWDWLRQ
$UWLFOH SUHPLHU ± (VW DWWULEXpH j FRPSWHU GX HU MDQYLHU JOREDOH GHV PRQWDQWV GH O LQGHPQLWp GH VHUYLFH VRFLDO DX
 OD WURLVLqPH WUDQFKH GH O DXJPHQWDWLRQ JOREDOH GHV SURILW GHV SHUVRQQHOV GX VHUYLFH VRFLDO GHV DGPLQLVWUDWLRQV
PRQWDQWV GH O LQGHPQLWp GH VXMpWLRQV GH VHUYLFH DX SURILW GHV SXEOLTXHV EpQpILFLDLUHV GH FHWWH LQGHPQLWp DX WLWUH GH
DJHQWV GH O LQVSHFWLRQ GX WUDYDLO EpQpILFLDLUHV GH FHWWH O DQQpH
LQGHPQLWp DX WLWUH GH O DQQpH  SUpYXH SDU OHV GpFUHWV 9XO DYLVGXPLQLVWUHGHVILQDQFHV
VXVYLVpVFRQIRUPpPHQWDX[LQGLFDWLRQVGXWDEOHDXFLDSUqV
9XO DYLVGXWULEXQDODGPLQLVWUDWLI
(QGLQDUV
'pFUqWH
0RQWDQWPHQVXHO
GHO DXJPHQWDWLRQ $UWLFOHSUHPLHU±(VWDWWULEXpHjFRPSWHUGXHUMDQYLHU
&DWpJRULH *UDGH  OD WURLVLqPH WUDQFKH GH O DXJPHQWDWLRQ JOREDOH GHV
jFRPSWHUGXHU
MDQYLHU PRQWDQWV GH O LQGHPQLWp GX VHUYLFH VRFLDO DX SURILW GHV
$ ,QVSHFWHXU JpQpUDO GX  SHUVRQQHOV GX VHUYLFH VRFLDO GHV DGPLQLVWUDWLRQV SXEOLTXHV
WUDYDLO EpQpILFLDLUHV GH FHWWH LQGHPQLWp DX WLWUH GH O DQQpH 
$ ,QVSHFWHXU HQ FKHI GX  SUpYXH SDU OHV GpFUHWV VXVYLVpV FRQIRUPpPHQW DX[
WUDYDLO LQGLFDWLRQVGXWDEOHDXFLDSUqV
$ ,QVSHFWHXU FHQWUDO GX 
WUDYDLO (QGLQDUV
$ ,QVSHFWHXUGXWUDYDLO  0RQWDQWPHQVXHO
$ $WWDFKp G LQVSHFWLRQ  GHO DXJPHQWDWLRQ
&DWpJRULH *UDGH
GXWUDYDLO jFRPSWHUGXHU
 MDQYLHU
$UW  ± /HV PLQLVWUHV GHV DIIDLUHV VRFLDOHV HW GHV $ $GPLQLVWUDWHXU JpQpUDO 
ILQDQFHV VRQW FKDUJpV FKDFXQ HQ FH TXL OH FRQFHUQH GH GXVHUYLFHVRFLDO
O H[pFXWLRQ GX SUpVHQW GpFUHW TXL VHUD SXEOLp DX -RXUQDO
$ $GPLQLVWUDWHXU HQ FKHI 
2IILFLHOGHOD5pSXEOLTXH7XQLVLHQQH
GXVHUYLFHVRFLDO
7XQLVOHGpFHPEUH
$ $GPLQLVWUDWHXU 
=LQH(O$ELGLQH%HQ$OL FRQVHLOOHU GX VHUYLFH
 VRFLDO
'pFUHWQƒGXGpFHPEUHSRUWDQW $ $GPLQLVWUDWHXU GX 
DWWULEXWLRQ GH OD WURLVLqPH WUDQFKH GH VHUYLFHVRFLDO
O DXJPHQWDWLRQ JOREDOH GHV PRQWDQWV GH $ $VVLVWDQW VRFLDO 
O LQGHPQLWp GH VHUYLFH VRFLDO DX SURILW GHV SULQFLSDO
SHUVRQQHOV GX VHUYLFH VRFLDO GHV DGPLQLVWUDWLRQV % $VVLVWDQWVRFLDO 
SXEOLTXHVEpQpILFLDLUHVGHFHWWHLQGHPQLWpDXWLWUH
GHO DQQpH & $QLPDWULFHVRFLDOH 
/H3UpVLGHQWGHOD5pSXEOLTXH 
6XUSURSRVLWLRQGXPLQLVWUHGHVDIIDLUHVVRFLDOHV $UW  ± /HV PLQLVWUHV GHV DIIDLUHV VRFLDOHV HW GHV
ILQDQFHV VRQW FKDUJpV FKDFXQ HQ FH TXL OH FRQFHUQH GH
9XODORLQƒGXGpFHPEUHSRUWDQWVWDWXW O H[pFXWLRQ GX SUpVHQW GpFUHW TXL VHUD SXEOLp DX -RXUQDO
JpQpUDOGHVSHUVRQQHOVGHO (WDWGHVFROOHFWLYLWpVORFDOHVHW 2IILFLHOGHOD5pSXEOLTXH7XQLVLHQQH
GHV pWDEOLVVHPHQWV SXEOLFV j FDUDFWqUH DGPLQLVWUDWLI
HQVHPEOH OHV WH[WHV TXL O RQW PRGLILpH RX FRPSOpWpH HW 7XQLVOHGpFHPEUH
QRWDPPHQWODORLQƒGXGpFHPEUH =LQH(O$ELGLQH%HQ$OL

1ƒ -RXUQDO2IILFLHOGHOD5pSXEOLTXH7XQLVLHQQH²HUMDQYLHU 3DJH


0,1,67(5('(67(&+12/2*,(6   XQ GRVVLHU FRPSUHQDQW OHV SLqFHV MXVWLILFDWLYHV GHV
DFWLYLWpV SURIHVVLRQQHOOHV GX FDQGLGDW DFFRPSDJQp G XQH
'(/$&20081,&$7,21 QRWHGDQVODTXHOOHOHFDQGLGDWLQGLTXHGHPDQLqUHGpWDLOOpH
 OHV WUDYDX[ HIIHFWXpV HW HPSORLV RFFXSpV HQ TXDOLWp
G LQJpQLHXUGHVWUDYDX[RXG LQJpQLHXUGLYLVLRQQDLUHGXUDQW
$UUrWp GX PLQLVWUH GHV WHFKQRORJLHV GH OD OHVGHX[GHUQLqUHVDQQpHV
FRPPXQLFDWLRQ GX  GpFHPEUH  IL[DQW OHV
PRGDOLWpV G RUJDQLVDWLRQ GX FRQFRXUV LQWHUQH VXU $UW  ± 7RXWH FDQGLGDWXUH SDUYHQXH DSUqV OD GDWH GH
GRVVLHUV SRXU OD SURPRWLRQ DX JUDGH G LQJpQLHXU FO{WXUHGHODOLVWHG LQVFULSWLRQVHVWREOLJDWRLUHPHQWUHMHWpH
SULQFLSDO OHFDFKHWGHODSRVWHRXODGDWHG HQUHJLVWUHPHQWDXEXUHDX
/HPLQLVWUHGHVWHFKQRORJLHVGHODFRPPXQLFDWLRQ G RUGUHIDLVDQWIRL
9XODORLQƒGXGpFHPEUHSRUWDQWVWDWXW $UW  ± /H FRQFRXUV VXVYLVp HVW VXSHUYLVp SDU XQMXU\
JpQpUDOGHVSHUVRQQHOVGHO (WDWGHVFROOHFWLYLWpVORFDOHVHW GRQWODFRPSRVLWLRQHVWIL[pHSDUDUUrWpGX3UHPLHUPLQLVWUH
GHV pWDEOLVVHPHQWV SXEOLFV j FDUDFWqUH DGPLQLVWUDWLI $UW±/DOLVWHGHVFDQGLGDWVDXWRULVpVjFRQFRXULUHVW
HQVHPEOH OHV WH[WHV TXL O RQW PRGLILpH RX FRPSOpWpH HW DUUrWpH SDU OH PLQLVWUH GHV WHFKQRORJLHV GH OD
QRWDPPHQWODORLQƒGXGpFHPEUH FRPPXQLFDWLRQVXUSURSRVLWLRQGXMXU\GXFRQFRXUV
9XOHGpFUHWQƒGXDYULOIL[DQWOHVWDWXW $UW±/HFRQFRXUVLQWHUQHVXVYLVpFRPSRUWH
SDUWLFXOLHU GX FRUSV FRPPXQ GHV LQJpQLHXUV GHV ±/ pWXGHGHVGRVVLHUVGHVFDQGLGDWVVHORQOHVFULWqUHV
DGPLQLVWUDWLRQV SXEOLTXHV WHO TX LO D pWp PRGLILp HW IL[pV SDU OH MXU\ GX FRQFRXUV ,O HVW DWWULEXp j FKDTXH
FRPSOpWpSDUOHGpFUHWQƒGXHUDR€W FDQGLGDW XQH QRWH YDULDQW GH ]pUR   j YLQJW  
$UUrWH FRHIILFLHQW
$UWLFOHSUHPLHU±/HFRQFRXUVLQWHUQHVXUGRVVLHUVSRXU  ± 8Q HQWUHWLHQ DYHF OHV PHPEUHV GX MXU\ SRUWDQW VXU
OD SURPRWLRQ DX JUDGH G LQJpQLHXU SULQFLSDO SUpYX SDU O H[SpULHQFH SURIHVVLRQQHOOH GX FDQGLGDW HW OHV DWWULEXWLRQV
O DUWLFOH  ELV HW O DUWLFOH  SDUDJUDSKH  QRXYHDX  GX TXL OXL VRQW FRQILpHV ,O HVW DWWULEXp j FKDTXH FDQGLGDW XQH
GpFUHW Qƒ  GX  DYULO  VXVYLVp  HVW RUJDQLVp QRWHYDULDQWGH]pUR  jYLQJW  FRHIILFLHQW
FRQIRUPpPHQWDX[GLVSRVLWLRQVGXSUpVHQWDUUrWp /H MXU\ GX FRQFRXUV FRPPXQLTXH DX[ FDQGLGDWV
$UW   3HXYHQW SDUWLFLSHU DX FRQFRXUV LQWHUQH VXU DGPLVVLEOHVOHOLHXHWODGDWHGXGpURXOHPHQWGHO HQWUHWLHQ
GRVVLHUV SRXU OD SURPRWLRQ DX JUDGH G LQJpQLHXU SULQFLSDO HWFHSDUOHWWUHLQGLYLGXHOOHRXSDUDIILFKDJHGDQVOHVORFDX[
OHV LQJpQLHXUV GLYLVLRQQDLUHV OHV LQJpQLHXUV GHV WUDYDX[ GHO DGPLQLVWUDWLRQ
WLWXODLUHV GDQV OHXU JUDGH LQVFULWV DX WDEOHDX GH O RUGUH GHV $UW   /H SUpVLGHQW GX MXU\ SHXW FRQVWLWXHU GHV
LQJpQLHXUV HW MXVWLILDQW G DX PRLQV FLQT DQV G DQFLHQQHWp VRXVFRPPLVVLRQVSRXUODFRQGXLWHGHO HQWUHWLHQ
GDQV FH JUDGH j OD GDWH GH FO{WXUH GH OD OLVWH GHV
$UW±7RXWHQRWHLQIpULHXUHjVL[  VXUYLQJW  
FDQGLGDWXUHV
HVWpOLPLQDWRLUH
$UW  ± /H FRQFRXUV VXVYLVp HVW RXYHUW SDU DUUrWp GX
$UW±1XOQHSHXWrWUHGpFODUpDGPLVV LOQ DREWHQX
PLQLVWUH GHV WHFKQRORJLHV GH OD FRPPXQLFDWLRQ &HW DUUrWp
XQWRWDOGHYLQJW  SRLQWVDXPRLQV
IL[H
ODGDWHG RXYHUWXUHGXFRQFRXUV 6L SOXVLHXUV FDQGLGDWV RQW REWHQX OH PrPH QRPEUH GH
SRLQWVODSULRULWpHVWDFFRUGpHDXSOXVDQFLHQGDQVOHJUDGH
OHQRPEUHG HPSORLVjSRXUYRLU
HWVLFHWWHDQFLHQQHWpHVWODPrPHODSULRULWpHVWDFFRUGpHDX
ODGDWHGHFO{WXUHGHODOLVWHG LQVFULSWLRQV
SOXVkJp
$UW  ± /HV FDQGLGDWV DX FRQFRXUV LQWHUQH VXVYLVp
GRLYHQWDGUHVVHUOHXUVGHPDQGHVGHFDQGLGDWXUHSDUODYRLH $UW  ± /H MXU\ GX FRQFRXUV SURFqGH DX FODVVHPHQW
KLpUDUFKLTXH DX PLQLVWqUH GHV WHFKQRORJLHV GH OD GHVFDQGLGDWVSDURUGUHGHPpULWHGDQVODOLPLWHGHVSRVWHVj
FRPPXQLFDWLRQDFFRPSDJQpHVGHVSLqFHVVXLYDQWHV SRXUYRLU
XQFXUULFXOXPYLWDH $UW/DOLVWHGHVFDQGLGDWVDGPLVGpILQLWLYHPHQWDX
FRQFRXUV LQWHUQH VXU GRVVLHUV SRXU OD SURPRWLRQ DX JUDGH
XQHDWWHVWDWLRQFHUWLILDQWTXHOHGRVVLHUDGPLQLVWUDWLI
G LQJpQLHXU SULQFLSDO HVW DUUrWpH SDU OH PLQLVWUH GHV
GX FDQGLGDW FRQWLHQW OHV SLqFHV SUpYXHV SDU O DUWLFOH  GX
WHFKQRORJLHVGHODFRPPXQLFDWLRQ
VWDWXWGHODIRQFWLRQSXEOLTXH
  XQ UHOHYp GpWDLOOp DYHF SLqFHV MXVWLILFDWLYHV GHV $UW  ± /H SUpVHQW DUUrWp VHUD SXEOLp DX -RXUQDO
VHUYLFHV FLYLOV HW pYHQWXHOOHPHQW PLOLWDLUHV DFFRPSOLV SDU 2IILFLHOGHOD5pSXEOLTXH7XQLVLHQQH
O LQWpUHVVp &H UHOHYp GRLW rWUH FHUWLILp SDU OH FKHI GX 7XQLVOHGpFHPEUH
GpSDUWHPHQWRXVRQUHSUpVHQWDQW /H0LQLVWUHGHV7HFKQRORJLHV
XQHDPSOLDWLRQG€PHQWFHUWLILpHFRQIRUPHGHO DUUrWp GHOD&RPPXQLFDWLRQ
GH QRPLQDWLRQ GH O LQWpUHVVp HQ TXDOLWp G LQJpQLHXU GHV $KPHG)ULkD
WUDYDX[RXG LQJpQLHXUGLYLVLRQQDLUH 9X
XQHDPSOLDWLRQG€PHQWFHUWLILpHFRQIRUPHGHO DUUrWp /H3UHPLHU0LQLVWUH
IL[DQWODGHUQLqUHVLWXDWLRQDGPLQLVWUDWLYHGHO LQWpUHVVp 0RKDPHG*KDQQRXFKL

3DJH -RXUQDO2IILFLHOGHOD5pSXEOLTXH7XQLVLHQQH²HUMDQYLHU 1ƒ


$UUrWp GX PLQLVWUH GHV WHFKQRORJLHV GH OD 9XODORLQƒGXGpFHPEUHSRUWDQWORLGH
FRPPXQLFDWLRQ GX  GpFHPEUH  SRUWDQW ILQDQFHV SRXU O DQQpH  HW QRWDPPHQW VRQ DUWLFOH 
RXYHUWXUHG XQFRQFRXUVLQWHUQHVXUGRVVLHUVSRXU WHOOHTXHPRGLILpHRXFRPSOpWpHSDUOHVWH[WHVVXEVpTXHQWV
ODSURPRWLRQDXJUDGHG LQJpQLHXUSULQFLSDO HW QRWDPPHQW OD ORL Qƒ  GX  GpFHPEUH 
/HPLQLVWUHGHVWHFKQRORJLHVGHODFRPPXQLFDWLRQ SRUWDQWORLGHILQDQFHVSRXUO DQQpH
9XODORLQƒGXGpFHPEUHSRUWDQWVWDWXW 9XOHGpFUHWQƒGXSUHPLHUMXLOOHWIL[DQW
JpQpUDOGHVSHUVRQQHOVGHO (WDWGHVFROOHFWLYLWpVORFDOHVHW OHVFRQGLWLRQVHWPRGDOLWpVG DSSOLFDWLRQGHVGLVSRVLWLRQVGX
GHV pWDEOLVVHPHQWV SXEOLFV j FDUDFWqUH DGPLQLVWUDWLI SDUDJUDSKHGXWLWUH,,GHVGLVSRVLWLRQVSUpOLPLQDLUHVGX
HQVHPEOH OHV WH[WHV TXL O RQW PRGLILpH RX FRPSOpWpH HW WDULIGHVGURLWVGHGRXDQHjO LPSRUWDWLRQWHOTXHPRGLILpRX
QRWDPPHQWODORLQƒGXGpFHPEUH FRPSOpWpSDUOHVWH[WHVVXEVpTXHQWVHWQRWDPPHQWOHGpFUHW
9XOHGpFUHWQƒGXDYULOIL[DQWOHVWDWXW QƒGXDYULO
SDUWLFXOLHU GX FRUSV FRPPXQ GHV LQJpQLHXUV GHV 9XO DYLVGXPLQLVWUHGHO LQGXVWULH
DGPLQLVWUDWLRQV SXEOLTXHV WHO TX LO D pWp PRGLILp HW 9XO DYLVGXWULEXQDODGPLQLVWUDWLI
FRPSOpWpSDUOHGpFUHWQƒGXHUDR€W
'pFUqWH
9X O DUUrWp GX PLQLVWUH GHV WHFKQRORJLHV GH OD
FRPPXQLFDWLRQGXGpFHPEUHIL[DQWOHVPRGDOLWpV $UWLFOH SUHPLHU ± 6RQW DMRXWpV j OD OLVWH GHV DUWLFOHV HW
G RUJDQLVDWLRQ GX FRQFRXUV LQWHUQH VXU GRVVLHUV SRXU OD SURGXLWV GRQW OHV LQWUDQWV RXYUHQW GURLW j OD UpGXFWLRQ GHV
SURPRWLRQDXJUDGHG LQJpQLHXUSULQFLSDO GURLWVGHGRXDQHjO LPSRUWDWLRQDXWDX[GHILJXUDQWj
O DQQH[H Qƒ , GX GpFUHW Qƒ  GX HU MXLOOHW 
$UUrWH
VXVYLVp OHV DUWLFOHV HW SURGXLWV ILJXUDQW j O DQQH[H Qƒ , GX
$UWLFOH SUHPLHU ± (VW RXYHUW DX PLQLVWqUH GHV SUpVHQWGpFUHW
WHFKQRORJLHV GH OD FRPPXQLFDWLRQ OH  PDUV  HW MRXUV
$UW  ± / DFWLYLWp H[SORLWDWLRQ GH O HDX PLQpUDOH HVW
VXLYDQWVXQFRQFRXUVLQWHUQHVXUGRVVLHUVSRXUODSURPRWLRQ
VXSSULPpH GH OD OLVWH GHV DUWLFOHV HW SURGXLWV GRQW OHV
DXJUDGHG LQJpQLHXUSULQFLSDO
LQWUDQWVRXYUHQWGURLWjODUpGXFWLRQGHVGURLWVGHGRXDQHj
$UW  ± /H QRPEUH G HPSORLV j SRXUYRLU HVW IL[p j O LPSRUWDWLRQ DX WDX[ GH  ILJXUDQW j O DQQH[H Qƒ , GX
GHX[   GpFUHWQƒGXHUMXLOOHWVXVYLVp
$UW±/DOLVWHG LQVFULSWLRQGHVFDQGLGDWVDXFRQFRXUV $UW±/HOLEHOOpGXQƒ9,±GHODOLVWHGHVDUWLFOHV
VXVYLVpVHUDFORVHOHIpYULHU HWSURGXLWVGRQWOHVLQWUDQWVRXYUHQWGURLWjODUpGXFWLRQGHV
7XQLVOHGpFHPEUH GURLWVGHGRXDQHjO LPSRUWDWLRQDXWDX[GHILJXUDQWj
/H0LQLVWUHGHV7HFKQRORJLHV O DQQH[H Qƒ , GX GpFUHW Qƒ  GX HU MXLOOHW 
GHOD&RPPXQLFDWLRQ VXVYLVpHVWUHPSODFpFRPPHVXLW
$KPHG)ULkD 9,± QRXYHDX 3RPSHVjFKDOHXUHWFOLPDWLVHXUV
9X $UW±6RQWDMRXWpVjODOLVWHGHVLQWUDQWVRXYUDQWGURLW
/H3UHPLHU0LQLVWUH j OD UpGXFWLRQGHVGURLWVGHGRXDQHjO LPSRUWDWLRQDXWDX[
0RKDPHG*KDQQRXFKL GH  ILJXUDQW j O DQQH[H Qƒ ,, GX GpFUHW Qƒ  GX
HUMXLOOHWVXVYLVpOHVLQWUDQWVILJXUDQWjO DQQH[HQƒ,,
 GXSUpVHQWGpFUHW
 $UW±6RQWVXSSULPpVGHODOLVWHGHVLQWUDQWVRXYUDQW
0,1,67(5('(6),1$1&(6 GURLWjODUpGXFWLRQGHVGURLWVGHGRXDQHjO LPSRUWDWLRQDX
WDX[GHILJXUDQWjO DQQH[HQƒ,,GXGpFUHWQƒ
 GXHUMXLOOHWVXVYLVpOHVLQWUDQWVVXLYDQWV
'pFUHW Qƒ  GX  GpFHPEUH 
FRPSOpWDQW HW PRGLILDQW OH GpFUHW Qƒ  GX ([3UpIRUPHVSRXUERXWHLOOHVHQSODVWLTXH
SUHPLHU MXLOOHW  IL[DQW OHV FRQGLWLRQV HW ([%RXFKRQV
PRGDOLWpV G DSSOLFDWLRQ GHV GLVSRVLWLRQV GX ([  (EDXFKH GH VXSSRUW DPRUWLVVHXU HQ
SDUDJUDSKH  GX WLWUH ,, GHV GLVSRVLWLRQV FDRXWFKRXF±PpWDO
SUpOLPLQDLUHV GX WDULI GHV GURLWV GH GRXDQH j
O LPSRUWDWLRQWHOTXHSURPXOJXpSDUODORLQƒ (EDXFKHGHIOHFWRUHQFDRXWFKRXF±PpWDO
GXGpFHPEUH (EDXFKHGHQRL[GHFDUGDQHQFDRXWFKRXFPpWDO
/H3UpVLGHQWGHOD5pSXEOLTXH (EDXFKHGHVLOHQWEORFHQFDRXWFKRXF±PpWDO
6XUSURSRVLWLRQGXPLQLVWUHGHVILQDQFHV ([(EDXFKHG DWWDFKHFDSRW
9XODORLQƒGXGpFHPEUHSRUWDQWPLVH (EDXFKHGHSDOLHU
HQ YLJXHXU G XQ QRXYHDX WDULI GHV GURLWV GH GRXDQH j ([(EDXFKHGHVXSSRUWPRWHXU
O LPSRUWDWLRQ WHO TXH PRGLILpH RX FRPSOpWpH SDU OHV WH[WHV
VXEVpTXHQWVHWQRWDPPHQWODORLQƒGXGpFHPEUH ([(EDXFKHGHEXWpH
SRUWDQWORLGHILQDQFHVSRXUO DQQpH (EDXFKHGHELHOOHWWH

1ƒ -RXUQDO2IILFLHOGHOD5pSXEOLTXH7XQLVLHQQH²HUMDQYLHU 3DJH


$UW/HVPLQLVWUHVGHVILQDQFHVHWGHO LQGXVWULHVRQW ([  $XWUHV IHXLOOHV GH SODFDJH HW IHXLOOHV
FKDUJpV FKDFXQ HQ FH TXL OH FRQFHUQH GH O H[pFXWLRQ GX SRXU FRQWUHSODTXpV HW DXWUHV ERLV
SUpVHQW GpFUHW TXL VHUD SXEOLp DX -RXUQDO 2IILFLHO GH OD WURSLFDX[ VFLpV ORQJLWXGLQDOHPHQW
5pSXEOLTXH7XQLVLHQQH GpURXOpV QRQ UDERWpV QL SRQFpV G XQH
7XQLVOHGpFHPEUH pSDLVVHXU H[FpGDQW  PP PDLV
=LQH(O$ELGLQH%HQ$OL Q H[FpGDQWSDVPP
 ([  $XWUHV IHXLOOHV GH SODFDJH HW IHXLOOHV
$11(;(1ƒ, SRXU FRQWUHSODTXpV HW DXWUHV ERLV VFLpV
ORQJLWXGLQDOHPHQW GpURXOpV SRQFpV
/LVWHGHVDUWLFOHVHWSURGXLWVGRQWOHVLQWUDQWV
UDERWpV FROOpV SDU MRLQWXUH GLJLWDOH
RXYUHQWGURLWDXEpQpILFHGHODUpGXFWLRQGHV
PrPH UDERWpV RX SRQFpV G XQH
GURLWVGHGRXDQHDXWDX[GH
pSDLVVHXUQ H[FpGDQWSDVPP
,,±,QGXVWULHVFKLPLTXHV
([  $XWUHV IHXLOOHV GH SODFDJH HW IHXLOOHV
±(PXOVHXUV SRXU FRQWUHSODTXpV HW DXWUHV ERLV VFLpV
,9±,QGXVWULHVGHVPDWpULDX[GHFRQVWUXFWLRQGHOD ORQJLWXGLQDOHPHQWGpURXOpVQRQUDERWpV
FpUDPLTXHHWGXYHUUH QL SRQFpV G XQH pSDLVVHXU Q H[FpGDQW
±&LPHQWEODQF SDVPP
9±,QGXVWULHVPpFDQLTXHV ([$XWUHVIHXLOOHVGHSODFDJHHWIHXLOOHVSRXU
FRQWUHSODTXpV HW DXWUHV ERLV VFLpV
±$UWLFOHVGHPpQDJHHQLQR[
ORQJLWXGLQDOHPHQW GpURXOpV QRQ UDERWpV
9,±,QGXVWULHVpOHFWULTXHVHWpOHFWURQLTXHV QLSRQFpVG XQHpSDLVVHXUH[FpGDQWPP
±5pVLVWDQFHVFKDXIIDQWHV PDLVQ H[FpGDQWSDVPP
 ([)LOVSRO\VWHUVWH[WXUpVpFUXVSRXUWLVVXV
HQGXLWV
$11(;(1ƒ,,
([3DUWLHVGHFKDXVVXUHVHQPpWDX[
/LVWHGHVLQWUDQWVRXYUDQWGURLWDXEpQpILFHGHOD
UpGXFWLRQGHVGURLWVGHGRXDQHDXWDX[GH ([6HPHOOHVLQWpULHXUHVHQPpWDX[
([  $XWUHV KXLOHV GH VRMD GHVWLQpHV j OD ([6HPHOOHVH[WpULHXUHVHQPpWDX[
IDEULFDWLRQGHUpVLQHV ([6DPHFDQLWH
([6XOIDWHGHEDU\XPQDWXUHO $XWUHVSURGXLWVODPLQpVSODWVHQIHURX
([6XOIDWHGHEDU\XP HQDFLHUQRQDOOLpVG XQHODUJHXUGH
([  $FLGH JUDV GLVWLOOp GHVWLQp j OD PP RX SOXV QRQ HQURXOpV VLPSOHPHQW
IDEULFDWLRQGHUpVLQHV ODPLQpVjIURLGQRQSODTXpVQLUHYrWXV
([+XLOHVYpJpWDOHVSRXUVDYRQQHULH ([5DFFRUGVHQDFLHULQR[\GDEOH
([&RSRO\PqUHGHSRO\SURS\OqQH
([  3DUWLHV GH OD YDLVVHOOH HQ DFLHU
([&RSRO\PqUHG DFU\ORQLWULOHEXWDGLqQHVW\UqQH LQR[\GDEOH
VRXVIRUPHSULPDLUH $%6±6)3 
([&XYHVHWVLSKRQV ([&kEOHVHQILEUHVGHYHUUH
([&RXYHUFOHVHQPDWLqUHVSODVWLTXHVSRXU ([9HUUHRUJDQLTXHVHPLILQL
OHVSURGXLWVFRVPpWLTXHV ([7KHUPRVWDW
([3DUWLHVGHODYDLVVHOOHHQEDNpOLWH
([  )HXLOOHV GH SODFDJH HW IHXLOOHV SRXU 
FRQWUHSODTXpV HW DXWUHV ERLV WURSLFDX[
VFLpV ORQJLWXGLQDOHPHQW GpURXOpV QRQ $UUrWp GX PLQLVWUH GHV ILQDQFHV GX  GpFHPEUH
UDERWpV QL SRQFpV G XQH pSDLVVHXU  SRUWDQW DSSUREDWLRQ GX FDKLHU GHV FKDUJHV
Q H[FpGDQWSDVPP SRXU O H[HUFLFH GH O DFWLYLWp GHV VRFLpWpV GH
([)HXLOOHVGHSODFDJHHWIHXLOOHVSRXUFRQWUH UHFRXYUHPHQWGHVFUpDQFHV
SODTXpV HW DXWUHV ERLV WURSLFDX[ VFLpV /HPLQLVWUHGHVILQDQFHV
ORQJLWXGLQDOHPHQW GpURXOpV QRQ UDERWpV
9XODORLQƒGXIpYULHUUHODWLYHDX[VRFLpWpV
QLSRQFpVG XQHpSDLVVHXUH[FpGDQWPP GHUHFRXYUHPHQWGHVFUpDQFHVWHOOHTXHPRGLILpHSDUODORL
PDLVQ H[FpGDQWSDVPP Qƒ  GX  DR€W  SRUWDQW VLPSOLILFDWLRQ GHV
([  $XWUHV IHXLOOHV GH SODFDJH HW IHXLOOHV SURFpGXUHV VSpFLILTXHV DX[ DXWRULVDWLRQV DGPLQLVWUDWLYHV
SRXU FRQWUHSODTXpV HW DXWUHV ERLV GpOLYUpHVSDUOHVVHUYLFHVGXPLQLVWqUHGHVILQDQFHVGDQVOHV
WURSLFDX[ VFLpV ORQJLWXGLQDOHPHQW DFWLYLWpVTXLHQUHOqYHQWHWQRWDPPHQWVRQDUWLFOH
GpURXOpV QRQ UDERWpV QL SRQFpV G XQH 9X OH GpFUHW Qƒ  GX  DYULO  SRUWDQW
pSDLVVHXUQ H[FpGDQWSDVPP RUJDQLVDWLRQGXPLQLVWqUHGHVILQDQFHV

3DJH -RXUQDO2IILFLHOGHOD5pSXEOLTXH7XQLVLHQQH²HUMDQYLHU 1ƒ


9X OH GpFUHW Qƒ  GX  PDL  UHODWLI j OD /D VRFLpWp GH UHFRXYUHPHQW GHV FUpDQFHV V HQJDJH j
UHODWLRQHQWUHO DGPLQLVWUDWLRQHWVHVXVDJHUV UHVSHFWHUODGLWHUqJOHG XQHIDoRQSHUPDQHQWH
9X O DYLV GX JRXYHUQHXU GH OD EDQTXH FHQWUDOH GH $UW   1XO QH SHXW DGPLQLVWUHU GLULJHU HQJDJHU RX
7XQLVLH JpUHUXQHVRFLpWpGHUHFRXYUHPHQWGHVFUpDQFHV
$UUrWH  V LO D IDLW O REMHW G XQH FRQGDPQDWLRQ SRXU IDX[ HQ
$UWLFOH SUHPLHU  (VW DSSURXYp OH FDKLHU GHV FKDUJHV pFULWXUHYRODEXVGHFRQILDQFHHVFURTXHULHRXDXWUHVGpOLWV
UHODWLIjO H[HUFLFHGHO DFWLYLWpGHVVRFLpWpVGHUHFRXYUHPHQW SXQLV SDU OHV ORLV VXU O HVFURTXHULH H[WRUVLRQ GH IRQGV RX
GHVFUpDQFHVDQQH[pDXSUpVHQWDUUrWp YDOHXUV VRXVWUDFWLRQ FRPPLVH SDU GpSRVLWDLUH SXEOLF
pPLVVLRQ GH FKqTXH VDQV SURYLVLRQ UHFHO GH FKRVHV
$UW   8Q GpODL GH WURLV PRLV j SDUWLU GH O HQWUpH HQ REWHQXHV j O DLGH GH FHV LQIUDFWLRQV RX LQIUDFWLRQ j OD
YLJXHXU GX SUpVHQW DUUrWp HVW DFFRUGp DX[ VRFLpWpV GH UpJOHPHQWDWLRQGHVFKDQJHV
UHFRXYUHPHQW  GHV FUpDQFHV HQ DFWLYLWp SRXU VH FRQIRUPHU
 V LO WRPEH VRXV OH FRXS G XQ MXJHPHQW GpILQLWLI GH
DX[GLVSRVLWLRQVGXFDKLHUGHVFKDUJHVVXVYLVp
IDLOOLWH
$UW/HSUpVHQWDUUrWpHQWUHHQYLJXHXUjSDUWLUGHVD
V LODpWpDGPLQLVWUDWHXURXJpUDQWGHVRFLpWpVGpFODUpHV
GDWH GH SXEOLFDWLRQ DX -RXUQDO 2IILFLHO GH OD 5pSXEOLTXH HQ IDLOOLWH RX V LO D IDLW O REMHW G XQ MXJHPHQW SRXU
7XQLVLHQQH EDQTXHURXWH
7XQLVOHGpFHPEUH V LODIDLWO REMHWG XQHPHVXUHGpILQLWLYHGHUDGLDWLRQRX
/H0LQLVWUHGHV)LQDQFHV GHUpYRFDWLRQ
7DRXILN%DFFDU V LODpWpSULYpGHVHVGURLWVFLYLTXHVSDUXQMXJHPHQW
9X 1XOQHSHXWDGPLQLVWUHUGLULJHURXJpUHUVLPXOWDQpPHQW
/H3UHPLHU0LQLVWUH XQH VRFLpWp GH UHFRXYUHPHQW GHV FUpDQFHV HW XQ
pWDEOLVVHPHQWGHFUpGLWRXXQHVRFLpWpG DVVXUDQFH
0RKDPHG*KDQQRXFKL
$UW   /HV IRQGDWHXUV GHV VRFLpWpV GH UHFRXYUHPHQW
 GHV FUpDQFHV V HQJDJHQW j VRXPHWWUH DX PLQLVWqUH GHV
&DKLHUGHVFKDUJHVSRXUO H[HUFLFHGHO DFWLYLWp ILQDQFHV GLUHFWLRQJpQpUDOHGXILQDQFHPHQW OHVGRFXPHQWV
GHVVRFLpWpVGHUHFRXYUHPHQWGHVFUpDQFHV VXLYDQWVGDQVXQGpODLPD[LPXPG XQPRLVjFRPSWHUGHOD
$UWLFOH SUHPLHU  /H SUpVHQW FDKLHU GHV FKDUJHV GDWHGHODUpXQLRQGHO DVVHPEOpHJpQpUDOHFRQVWLWXWLYH
FRPSRVpGHGL[DUWLFOHVDSRXUREMHWGHIL[HUOHVFRQGLWLRQV  FDKLHU GHV FKDUJHV VLJQp SDU OHV IRQGDWHXUV UHWLUp
QpFHVVDLUHV SRXU O H[HUFLFH GH O DFWLYLWp GHV VRFLpWpV GH DXSUqVGHVUHFHWWHVGHVILQDQFHV
UHFRXYUHPHQW GHV FUpDQFHV HW OHV REOLJDWLRQV DX[TXHOOHV OHVVWDWXWVGHODVRFLpWpHWWRXVGRFXPHQWVUHODWLIVDX[
HOOHVVRQWVRXPLVHV GpFLVLRQV GH O DVVHPEOpH JpQpUDOH FRQVWLWXWLYH j OD
$UW/ H[HUFLFHGHO DFWLYLWpGHVVRFLpWpVGHUHFRXYUHPHQW QRPLQDWLRQ GHV GLULJHDQWV j OD SXEOLFLWp GH OD VRFLpWp DX
GHVFUpDQFHVHVWVRXPLVDX[GLVSRVLWLRQVGHODORLQƒGX -RXUQDO 2IILFLHO GH OD 5pSXEOLTXH 7XQLVLHQQH HW j
IpYULHUUHODWLYHDX[VRFLpWpVGHUHFRXYUHPHQWGHVFUpDQFHV O DWWHVWDWLRQG HQUHJLVWUHPHQWVXUOHUHJLVWUHGXFRPPHUFH
WHOOHTXHPRGLILpHSDUODORLQƒGXDR€WSRUWDQW ILFKHGHUHQVHLJQHPHQWGHVIRQGDWHXUVHWGLULJHDQWVGH
VLPSOLILFDWLRQ GHV SURFpGXUHV VSpFLILTXHV DX[ DXWRULVDWLRQV ODVRFLpWp
GpOLYUpHV SDU OHV VHUYLFHV GX PLQLVWqUH GHV ILQDQFHV GDQV OHV
DFWLYLWpVTXLHQUHOqYHQWHWDX[GLVSRVLWLRQVGXSUpVHQWFDKLHU  SURJUDPPH G DFWLYLWp SUpYLVLRQQHO j UpDOLVHU SDU OHV
GHVFKDUJHV IRQGDWHXUV
$UW/HVVRFLpWpVGHUHFRXYUHPHQWGHVFUpDQFHVRQW  OLVWH GHV DFWLRQQDLUHV D\DQW FKDFXQ   RX SOXV GX
SRXUREMHWO DFKDWGHVFUpDQFHVSRXUOHXUSURSUHFRPSWHHWOH FDSLWDO
UHFRXYUHPHQW GHV FUpDQFHV SRXU OH FRPSWH GH WLHUV /HV /HV VRFLpWpV GH UHFRXYUHPHQW GHV FUpDQFHV GRLYHQW
VWDWXWV GHV VRFLpWpV GH UHFRXYUHPHQW GHV FUpDQFHV GRLYHQW FRPPHQFHU OHXUV DFWLYLWpV GDQV XQ GpODL PD[LPXP G XQH
SUpYRLUH[SUHVVpPHQWTXHF HVWOHXUXQLTXHREMHWHWTX HOOHV DQQpHjSDUWLUGHODGDWHGHVLJQDWXUHGXFDKLHUGHVFKDUJHV
QH SHXYHQW H[HUFHU DXFXQH DXWUH DFWLYLWp TXL Q HQWUH SDV $UW   /HV VRFLpWpV GH UHFRXYUHPHQW GHV FUpDQFHV
GDQV OH FDGUH GH O DFWLYLWp GH UHFRXYUHPHQW GHV FUpDQFHV V HQJDJHQW j LQIRUPHU OH PLQLVWqUH GHV ILQDQFHV GLUHFWLRQ
WHOOHTXHIL[pHSDUODORLQƒGXIpYULHUUHODWLYH JpQpUDOHGXILQDQFHPHQW GHWRXWFKDQJHPHQWDXQLYHDXGH
DX[ VRFLpWpV GH UHFRXYUHPHQW GHV FUpDQFHV WHOOH TXH OD VWUXFWXUH GH OHXU FDSLWDO GH QDWXUH j FRQIpUHUOHFRQWU{OH
PRGLILpHSDUOHVWH[WHVVXEVpTXHQWV GHODVRFLpWpHWGDQVWRXVOHVFDVWRXWHRSpUDWLRQTXLHQWUDvQH
$UW   /H FDSLWDO GHV VRFLpWpV GH UHFRXYUHPHQW GHV OD GpWHQWLRQ G XQH SURSRUWLRQ VXSpULHXUH RX pJDOH j  
FUpDQFHV QH GRLW SDV rWUH LQIpULHXU j WURLV FHQW PLOOHGLQDUV GHVGURLWVGHYRWHHWGHWRXWFKDQJHPHQWDXQLYHDXGHOHXUV
TXHO TXH VRLW OH YROXPH GH OHXU DFWLYLWp &H PRQWDQW GLULJHDQWV HW FH GDQV XQ GpODL G XQ PRLV DX PD[LPXP j
PLQLPXPGRLWrWUHLQWpJUDOHPHQWOLEpUpjODVRXVFULSWLRQ SDUWLUGHODGDWHGXGLWFKDQJHPHQW
$UW   /H PRQWDQW GHV DFKDWV GHV FUpDQFHV GpWHQXHV $UW/HVVHUYLFHVGXPLQLVWqUHGHVILQDQFHVSHXYHQW
SDUODVRFLpWpGHUHFRXYUHPHQWGHVFUpDQFHVQHGRLWjDXFXQ H[HUFHU VXU OHV VRFLpWpV GH UHFRXYUHPHQW GHV FUpDQFHV XQ
PRPHQW GpSDVVHU FLQT IRLV OH PRQWDQW GH VHV IRQGV FRQWU{OHVXUSLqFHVHWVXUSODFH$FHWHIIHWOHVVRFLpWpVGH
SURSUHV WHOV TXH GpILQLV SDU OD ORL Qƒ  GX  UHFRXYUHPHQWGHVFUpDQFHVGRLYHQW
GpFHPEUH  UHODWLYH DX V\VWqPH FRPSWDEOH GHV  WHQLU XQH FRPSWDELOLWp FRQIRUPpPHQW DX V\VWqPH
HQWUHSULVHV FRPSWDEOHGHVHQWUHSULVHV

1ƒ -RXUQDO2IILFLHOGHOD5pSXEOLTXH7XQLVLHQQH²HUMDQYLHU 3DJH


 PHWWUH j OD GLVSRVLWLRQ GX PLQLVWqUH GHV ILQDQFHV OHV 9X O DUUrWp GX PLQLVWUH GH O pFRQRPLH QDWLRQDOH GX 
GRFXPHQWVHWOHVUHQVHLJQHPHQWVQpFHVVDLUHVSHUPHWWDQWGH GpFHPEUH  SRUWDQW LQVWLWXWLRQ GX SHUPLV GH UHFKHUFKH
V DVVXUHU TXH OD VRFLpWp IDLW XQH DSSOLFDWLRQ FRUUHFWH GH OD GHVVXEVWDQFHVPLQpUDOHVGXVHFRQGJURXSHGLWSHUPLV%RUM
UpJOHPHQWDWLRQSUpYXHSDUODORLQƒGXIpYULHU (O .KDGUD DX SURILW GH O (QWUHSULVH 7XQLVLHQQH G $FWLYLWpV
DLQVLTXHOHVVWDWLVWLTXHVHWGRQQpHVSHUPHWWDQWGHVXLYUHOHV 3pWUROLqUHVHWGHODVRFLpWp(OI$TXLWDLQH7XQLVLH
FUpDQFHVFpGpHVSDUOHVpWDEOLVVHPHQWVGHFUpGLW 9X O DUUrWp GX PLQLVWUH GH O pFRQRPLH QDWLRQDOH GX 
 SUpSDUHU FKDTXH WULPHVWUH XQ pWDW VXU VD VLWXDWLRQ DYULO  SRUWDQW DXWRULVDWLRQ GH FHVVLRQ SDUWLHOOH GHV
ILQDQFLqUH TX HOOH FRPPXQLTXH GDQV XQ GpODL PD[LPXP GH LQWpUrWV GpWHQXV SDU OD VRFLpWp ©(OI $TXLWDLQH 7XQLVLHª
MRXUVjSDUWLUGHODILQGHFKDTXHWULPHVWUHDXPLQLVWqUH GDQV OH SHUPLV %RUM (O .KDGUD DX SURILW GH OD VRFLpWp
GHVILQDQFHV GLUHFWLRQJpQpUDOHGXILQDQFHPHQW  ©3KLOOLSV3HWUROHXP&RPSDQ\7XQLVLDª
$UW7RXWHLQIUDFWLRQDX[GLVSRVLWLRQVGXSUpVHQWFDKLHU 9X O DUUrWp GX PLQLVWUH GH O LQGXVWULH GX  PDL 
GHV FKDUJHV H[SRVH OD VRFLpWp GH UHFRXYUHPHQW GHV FUpDQFHV SRUWDQWH[WHQVLRQGHGL[KXLWPRLVGHODSpULRGHLQLWLDOHGH
FRQFHUQpHDX[VDQFWLRQVSUpYXHVSDUO DUWLFOHGHODORLQƒ YDOLGLWp GX SHUPLV %RUM (O .KDGUD HW DXWRULVDWLRQ GH
GX  IpYULHU  UHODWLYH DX[ VRFLpWpV GH UHFRXYUHPHQW GHV FHVVLRQ WRWDOH GHV LQWpUrWV GpWHQXV SDU OD VRFLpWp ©(OI
FUpDQFHVWHOOHTXHPRGLILpHSDUOHVWH[WHVVXEVpTXHQWV +\GURFDUEXUHV 7XQLVLHª GDQV OHGLW SHUPLV DX SURILW GH OD
6RFLpWp©3KLOOLSV3HWUROHXP&RPSDQ\7XQLVLDª
7XQLVOH« 9X O DUUrWp GX PLQLVWUH GH O LQGXVWULH GX  GpFHPEUH
/HIRQGDWHXU  SRUWDQWH[WHQVLRQGHVL[PRLVGHODSpULRGHLQLWLDOHGH
YDOLGLWpGXSHUPLV%RUM(O.KDGUD
BBBBBBBBB
9XO DUUrWpGXPLQLVWUHGHO LQGXVWULHGXMXLOOHW
 /D VLJQDWXUH GRLW rWUH PDQXVFULWH DFFRPSDJQpH SDU O H[SUHVVLRQ SRUWDQWDXWRULVDWLRQGHFHVVLRQSDUWLHOOHGHVLQWpUrWVGpWHQXV
OXHWDSSURXYp SDUODVRFLpWp©3KLOOLSV3pWUROHXP&RPSDQ\7XQLVLDªGDQV
 OHSHUPLV©%RUM(O.KGUDªDXSURILWGHVVRFLpWpV©/DVPR
 7XQLVLD%9ªHW©8QLRQ7H[DV0DJKUHE,QFª
9X O DUUrWp GX PLQLVWUH GH O LQGXVWULH GX  MXLQ 
0,1,67(5('(/ ,1'8675,(
UHODWLIDXSUHPLHUUHQRXYHOOHPHQWHWDXWRULVDWLRQGHFHVVLRQ
 WRWDOH G LQWpUrWV GDQV OH SHUPLV GH UHFKHUFKH GH VXEVWDQFHV
$UUrWp GX PLQLVWUH GH O LQGXVWULH GX  GpFHPEUH PLQpUDOHVGXVHFRQGJURXSHGLWSHUPLV%RUM(O.KDGUD
 SRUWDQW PRGLILFDWLRQ GH O DUUrWp GX PLQLVWUH 9X O DFFRUG VLJQp OH  PDL  HQWUH O (WDW WXQLVLHQ
GH O LQGXVWULH GX  MXLQ  UHODWLI DX SUHPLHU G XQHSDUWO HQWUHSULVH7XQLVLHQQHG $FWLYLWpV3pWUROLqUHVHW
UHQRXYHOOHPHQW HW DXWRULVDWLRQ GH FHVVLRQ WRWDOH OD 6RFLpWp ©3KLOOLSV 3HWUROHXP &RPSDQ\ 7XQLVLDª G DXWUH
G LQWpUrWV GDQV OH SHUPLV GH UHFKHUFKH GH SDUW
VXEVWDQFHV PLQpUDOHV GX VHFRQG JURXSH GLW 9XODOHWWUHGXMXLOOHWSDUODTXHOOHODVRFLpWp(OI
SHUPLV%RUM(O.KDGUD $TXLWDLQH7XQLVLHDQRWLILpOHFKDQJHPHQWGHVDGpQRPLQDWLRQ
/HPLQLVWUHGHO LQGXVWULH HQ(OI+\GURFDUEXUHV7XQLVLH
9X OH GpFUHW GX  GpFHPEUH  LQVWLWXDQW GHV 9X OD OHWWUH HQ GDWH GX  DYULO  UHODWLYH j
GLVSRVLWLRQV VSpFLDOHV SRXU IDFLOLWHU OD UHFKHUFKH HW O DFTXLVLWLRQ SDU OD VRFLpWp ©/DVPR 7XQLVLD %9ª GH OD
O H[SORLWDWLRQ GHV VXEVWDQFHV PLQpUDOHV GX VHFRQG JURXSH
FRPSDJQLH ©3KLOOLSV 3HWUROHXP &RPSDQ\ 7XQLVLDª HW OH
HQVHPEOHOHVWH[WHVTXLO RQWPRGLILpRXFRPSOpWp
FKDQJHPHQW GH GpQRPLQDWLRQ GH FHOOH FL HQ ©/DVPR
9XOHGpFUHWGXHUMDQYLHUVXUOHVPLQHV 3HWUROHXP&RPSDQ\7XQLVLDª
9X OH GpFUHWORL Qƒ  GX  VHSWHPEUH  9X OD GHPDQGH GpSRVpH OH  DYULO  j OD GLUHFWLRQ
LQVWLWXDQWGHVGLVSRVLWLRQVVSpFLDOHVFRQFHUQDQWODUHFKHUFKH JpQpUDOH GHO pQHUJLHSDUODTXHOOHODVRFLpWp©/DVPR7XQLVLD
HW OD SURGXFWLRQ GHV K\GURFDUEXUHV OLTXLGHV HW JD]HX[ %9ªDLQIRUPpO DGPLQLVWUDWLRQTX XQHHUUHXUV HVWJOLVVpHGDQV
UDWLILp SDU OD ORL Qƒ  GX  QRYHPEUH  WHO TXH O DFWHGHFHVVLRQGpSRVpjODGLUHFWLRQJpQpUDOHGHVPLQHVOH
PRGLILpSDUODORLQƒGXPDUV MDQYLHU  HW D VROOLFLWp OD UHFWLILFDWLRQ GHV WDX[ GH
9X OD ORL Qƒ  GX  MXLQ  SRUWDQW SDUWLFLSDWLRQ GHV FRWLWXODLUHV GX SHUPLV ©%RUM (O .KDGUDª
HQFRXUDJHPHQW j OD UHFKHUFKH HW j OD SURGXFWLRQ SXEOLpVSDUO DUUrWpGXPLQLVWUHGHO LQGXVWULHGXMXLQ
G K\GURFDUEXUHVOLTXLGHVHWJD]HX[ VXVYLVp
9XODORLQƒGXIpYULHUSRUWDQWDSSUREDWLRQ 9X O DYLV IDYRUDEOH pPLV SDU OH FRPLWp FRQVXOWDWLI GHV
GH OD FRQYHQWLRQ HW VHV DQQH[HV VLJQpHV j 7XQLV OH  K\GURFDUEXUHVORUVGHVDUpXQLRQGXDR€W
VHSWHPEUHHQWUHO (WDWWXQLVLHQG XQHSDUWO (QWUHSULVH 9XOHUDSSRUWGXGLUHFWHXUJpQpUDOGHO pQHUJLH
7XQLVLHQQH G $FWLYLWpV 3pWUROLqUHV HW OD VRFLpWp (OI
$TXLWDLQH7XQLVLHG DXWUHSDUW $UUrWH
9X OD ORL Qƒ  GX  MXLQ  SRUWDQWDSSUREDWLRQ $UWLFOH XQLTXH ± /H GHX[LqPH SDUDJUDSKH GH O DUWLFOH
GHO DYHQDQWQƒjODFRQYHQWLRQHWVHVDQQH[HVUHODWLYHVDX SUHPLHU GH O DUUrWp GX PLQLVWUH GH O LQGXVWULH GX   MXLQ
SHUPLV%RUM(O.KDGUD  UHODWLI DX SUHPLHU UHQRXYHOOHPHQW HW j O DXWRULVDWLRQ
9X OH GpFUHW Qƒ  GX  DYULO  SRUWDQW GH FHVVLRQ WRWDOH G LQWpUrWV GDQV OH SHUPLV GH UHFKHUFKH GH
FRPSRVLWLRQ HW IRQFWLRQQHPHQW GX FRPLWp FRQVXOWDWLI GHV VXEVWDQFHVPLQpUDOHVGXVHFRQGJURXSHGLWSHUPLV%RUM(O
K\GURFDUEXUHV .KDGUDHVWPRGLILpFRPPHVXLW

3DJH -RXUQDO2IILFLHOGHOD5pSXEOLTXH7XQLVLHQQH²HUMDQYLHU 1ƒ


/HVSRXUFHQWDJHVGHSDUWLFLSDWLRQGHVFRWLWXODLUHVVHURQW XQHDPSOLDWLRQG€PHQWFHUWLILpHFRQIRUPHGHO DUUrWp
FRPPHVXLW GH QRPLQDWLRQ GH O LQWpUHVVp HQ TXDOLWp G LQJpQLHXU GHV
(QWUHSULVH7XQLVLHQQHG $FWLYLWpV3pWUROLqUHV WUDYDX[RXG LQJpQLHXUGLYLVLRQQDLUH
/DVPR7XQLVLD%9 XQHDPSOLDWLRQG€PHQWFHUWLILpHFRQIRUPHGHO DUUrWp
IL[DQWODGHUQLqUHVLWXDWLRQDGPLQLVWUDWLYHGHO LQWpUHVVp
/DVPR3HWUROHXP&RPSDQ\7XQLVLD
  XQ GRVVLHU FRPSUHQDQW OHV SLqFHV MXVWLILFDWLYHV GHV
7XQLVOHGpFHPEUH DFWLYLWpV SURIHVVLRQQHOOHV GX FDQGLGDW DFFRPSDJQp G XQH
/H0LQLVWUHGHO ,QGXVWULH QRWHGDQVODTXHOOHOHFDQGLGDWLQGLTXHGHPDQLqUHGpWDLOOpH
0RQFHI%HQ$EGDOODK OHV WUDYDX[ HIIHFWXpV HW HPSORLV RFFXSpV HQ TXDOLWp
9X
G LQJpQLHXUGHVWUDYDX[RXG LQJpQLHXUGLYLVLRQQDLUHGXUDQW
OHVGHX[GHUQLqUHVDQQpHV
/H3UHPLHU0LQLVWUH
$UW7RXWHFDQGLGDWXUHSDUYHQXHDSUqVODFO{WXUHGH
0RKDPHG*KDQQRXFKL OD OLVWH G LQVFULSWLRQV HVW REOLJDWRLUHPHQW UHMHWpH OH FDFKHW
 GH OD SRVWH RX OD GDWH G HQUHJLVWUHPHQW DX EXUHDX G RUGUH
$UUrWp GX PLQLVWUH GH O LQGXVWULH GX  GpFHPEUH IDLVDQWIRL
 IL[DQW OHV PRGDOLWpV G RUJDQLVDWLRQ GX $UW   /H FRQFRXUV VXVYLVp HVW VXSHUYLVp SDU XQ MXU\
FRQFRXUV LQWHUQH VXU GRVVLHUV SRXU OD SURPRWLRQ GRQWODFRPSRVLWLRQHVWIL[pHSDUDUUrWpGX3UHPLHUPLQLVWUH
DXJUDGHG LQJpQLHXUSULQFLSDO $UW/DOLVWHGHVFDQGLGDWVDXWRULVpVjFRQFRXULUHVW
/HPLQLVWUHGHO LQGXVWULH DUUrWpHSDUOHPLQLVWUHGHO LQGXVWULHVXUSURSRVLWLRQGXMXU\
GXFRQFRXUV
9XODORLQƒGXGpFHPEUHSRUWDQWVWDWXW
JpQpUDOGHVSHUVRQQHOVGHO (WDWGHVFROOHFWLYLWpVORFDOHVHW $UW/HFRQFRXUVLQWHUQHVXVYLVpFRPSRUWH
GHV pWDEOLVVHPHQWV SXEOLFV j FDUDFWqUH DGPLQLVWUDWLI   O pWXGH GHV GRVVLHUV GHV FDQGLGDWV VHORQ GHV
HQVHPEOH OHV WH[WHV TXL O RQW PRGLILpH RX FRPSOpWpH HW FULWqUHV IL[pV SDU OH MXU\ GX FRQFRXUV ,O HVW DWWULEXp j
QRWDPPHQWODORLQƒGXGpFHPEUH FKDTXHFDQGLGDWXQHQRWHYDULDQWGH]pUR  jYLQJW  
FRHIILFLHQW
9XOHGpFUHWQƒGXDYULOIL[DQWOHVWDWXW
SDUWLFXOLHU DX FRUSV FRPPXQ GHV LQJpQLHXUV GHV   XQ HQWUHWLHQ DYHF OHV PHPEUHV GX MXU\ SRUWDQW VXU
DGPLQLVWUDWLRQV SXEOLTXHV WHO TX LO D pWp PRGLILp RX O H[SpULHQFH SURIHVVLRQQHOOH GX FDQGLGDW HW OHV DWWULEXWLRQV
FRPSOpWpSDUOHGpFUHWQƒGXHUDR€W TXL OXL VRQW FRQILpHV ,O HVW DWWULEXp j FKDTXH FDQGLGDW XQH
QRWHYDULDQWGH]pUR  jYLQJW  FRHIILFLHQW
$UUrWH
/H MXU\ GX FRQFRXUV FRPPXQLTXH DX[ FDQGLGDWV
$UWLFOHSUHPLHU/HFRQFRXUVLQWHUQHVXUGRVVLHUVSRXU DGPLVVLEOHVOHOLHXHWODGDWHGXGpURXOHPHQWGHO HQWUHWLHQ
OD SURPRWLRQ DX JUDGH G LQJpQLHXU SULQFLSDO SUpYX SDU HWFHSDUOHWWUHLQGLYLGXHOOHRXSDUDIILFKDJHGDQVOHVORFDX[
O DUWLFOH  ELV HW O DUWLFOH  SDUDJUDSKH  QRXYHDX  GX GHO DGPLQLVWUDWLRQ
GpFUHW Qƒ  GX  DYULO  VXVYLVp HVW RUJDQLVp
$UW   /H SUpVLGHQW GX MXU\ SHXW FRQVWLWXHU GHV
FRQIRUPpPHQWDX[GLVSRVLWLRQVGXSUpVHQWDUUrWp
VRXVFRPPLVVLRQVSRXUODFRQGXLWHGHO HQWUHWLHQ
$UW   3HXYHQW SDUWLFLSHU DX FRQFRXUV LQWHUQH VXU $UW   7RXWH QRWH LQIpULHXUH j VL[   VXU YLQJW  
GRVVLHUVSRXUODSURPRWLRQDXJUDGHG LQJpQLHXUSULQFLSDOOHV HVWpOLPLQDWRLUH
LQJpQLHXUVGLYLVLRQQDLUHVOHVLQJpQLHXUVGHVWUDYDX[WLWXODLUHV $UW1XOQHSHXWrWUHGpFODUpDGPLVV LOQ DREWHQX
GDQVOHXUJUDGHLQVFULWVDXWDEOHDXGHO RUGUHGHVLQJpQLHXUVHW XQWRWDOGHYLQJW  SRLQWVDXPRLQV
MXVWLILDQWDXPRLQVGHFLQTDQVG DQFLHQQHWpGDQVFHJUDGHjOD 6L SOXVLHXUV FDQGLGDWV RQW REWHQX OH PrPH QRPEUH GH
GDWHGHFO{WXUHGHODOLVWHGHVFDQGLGDWXUHV SRLQWVODSULRULWpHVWDFFRUGpHDXSOXVDQFLHQGDQVOHJUDGH
$UW   /H FRQFRXUV VXVYLVp HW RXYHUW SDU DUUrWp GX HWVLFHWWHDQFLHQQHWpHVWODPrPHODSULRULWpHVWDFFRUGpHDX
PLQLVWUHGHO LQGXVWULH&HWDUUrWpIL[H SOXVkJp
ODGDWHG RXYHUWXUHGXFRQFRXUV $UW   /H MXU\ GX FRQFRXUV SURFqGH DX FODVVHPHQW
GHVFDQGLGDWVSDURUGUHGHPpULWHGDQVODOLPLWHGHVSRVWHVj
OHQRPEUHG HPSORLVjSRXUYRLU
SRXUYRLU
ODGDWHGHFO{WXUHGHODOLVWHG LQVFULSWLRQV $UW/DOLVWHGHVFDQGLGDWVDGPLVGpILQLWLYHPHQWDX
$UW   /HV FDQGLGDWV DX FRQFRXUV LQWHUQH VXVYLVp FRQFRXUV LQWHUQH VXU GRVVLHUV SRXU OD SURPRWLRQ DX JUDGH
GRLYHQWDGUHVVHUOHXUVGHPDQGHVGHFDQGLGDWXUHSDUODYRLH G LQJpQLHXU SULQFLSDO HVW DUUrWpH SDU OH PLQLVWUH GH
KLpUDUFKLTXHVDXPLQLVWqUHGHO LQGXVWULHDFFRPSDJQpHVGHV O LQGXVWULH
SLqFHVVXLYDQWHV $UW   /H SUpVHQW DUUrWp VHUD SXEOLp DX -RXUQDO
XQFXUULFXOXPYLWDH 2IILFLHOGHOD5pSXEOLTXH7XQLVLHQQH
XQHDWWHVWDWLRQFHUWLILDQWTXHOHGRVVLHUDGPLQLVWUDWLI 7XQLVOHGpFHPEUH
GX FDQGLGDW FRQWLHQW OHV SLqFHV SUpYXHV SDU O DUWLFOH  GX /H0LQLVWUHGHO ,QGXVWULH
VWDWXWGHODIRQFWLRQSXEOLTXH 0RQFHI%HQ$EGDOODK
  XQ UHOHYp GpWDLOOp DYHF SLqFHV MXVWLILFDWLYHV GHV 9X
VHUYLFHV FLYLOV HW pYHQWXHOOHPHQW PLOLWDLUHV DFFRPSOLV SDU
/H3UHPLHU0LQLVWUH
O LQWpUHVVp &H UHOHYp GRLW rWUH FHUWLILp SDU OH FKHI GX
GpSDUWHPHQWRXVRQUHSUpVHQWDQW 0RKDPHG*KDQQRXFKL

1ƒ -RXUQDO2IILFLHOGHOD5pSXEOLTXH7XQLVLHQQH²HUMDQYLHU 3DJH


$UUrWp GX PLQLVWUH GH O LQGXVWULH GX  GpFHPEUH $UUrWH
SRUWDQWRXYHUWXUHG XQFRQFRXUVLQWHUQHVXU $UWLFOHSUHPLHU/HFRQFRXUVLQWHUQHVXUGRVVLHUVSRXU
GRVVLHUV SRXU OD SURPRWLRQ DX JUDGH G LQJpQLHXU OD SURPRWLRQ DX JUDGH G LQJpQLHXU SULQFLSDO SUpYX SDU
SULQFLSDO O DUWLFOH  ELV HW O DUWLFOH  SDUDJUDSKH  QRXYHDX  GX
/HPLQLVWUHGHO LQGXVWULH GpFUHW Qƒ  GX  DYULO  VXVYLVp HVW RUJDQLVp
9XODORLQƒGXGpFHPEUHSRUWDQWVWDWXW FRQIRUPpPHQWDX[GLVSRVLWLRQVGXSUpVHQWDUUrWp
JpQpUDOGHVSHUVRQQHOVGHO (WDWGHVFROOHFWLYLWpVORFDOHVHW $UW   3HXYHQW SDUWLFLSHU DX FRQFRXUV LQWHUQH VXU
GHV pWDEOLVVHPHQWV SXEOLFV j FDUDFWqUH DGPLQLVWUDWLI GRVVLHUV SRXU OD SURPRWLRQ DX JUDGH G LQJpQLHXU SULQFLSDO
HQVHPEOH OHV WH[WHV TXL O RQW PRGLILpH RX FRPSOpWpH HW OHV LQJpQLHXUV GLYLVLRQQDLUHV OHV LQJpQLHXUV GHV WUDYDX[
QRWDPPHQWODORLQƒGXGpFHPEUH WLWXODLUHV GDQV OHXU JUDGH LQVFULWV DX WDEOHDX GH O RUGUH GHV
LQJpQLHXUV HW MXVWLILDQW DX PRLQV GH FLQT DQV G DQFLHQQHWp
9XOHGpFUHWQƒGXDYULOIL[DQWOHVWDWXW
SDUWLFXOLHU DX FRUSV FRPPXQ GHV LQJpQLHXUV GHV GDQV FH JUDGH j OD GDWH GH FO{WXUH GH OD OLVWH GHV
FDQGLGDWXUHV
DGPLQLVWUDWLRQV SXEOLTXHV WHO TX LO D pWp PRGLILp HW
FRPSOpWpSDUOHGpFUHWQƒGXHUDR€W $UW   /H FRQFRXUV VXVYLVp HVW RXYHUW SDU DUUrWp GX
9X O DUUrWp GX  GpFHPEUH  IL[DQW OHV PRGDOLWpV PLQLVWUHGHO pTXLSHPHQWHWGHO KDELWDW&HWDUUrWpIL[H
G RUJDQLVDWLRQ GX FRQFRXUV LQWHUQH VXU GRVVLHUV SRXU OD ODGDWHG RXYHUWXUHGXFRQFRXUV
SURPRWLRQDXJUDGHG LQJpQLHXUSULQFLSDO OHQRPEUHG HPSORLVjSRXUYRLU
$UUrWH ODGDWHGHFO{WXUHGHODOLVWHG LQVFULSWLRQV
$UWLFOH SUHPLHU  (VW RXYHUW DX PLQLVWqUH GH O LQGXVWULH $UW   /HV FDQGLGDWV DX FRQFRXUV LQWHUQH VXVYLVp
OHIpYULHUHWMRXUVVXLYDQWVXQFRQFRXUVLQWHUQHVXU GRLYHQW DGUHVVHU OHXU GHPDQGH GH FDQGLGDWXUHV SDU OD YRLH
GRVVLHUV SRXU OD SURPRWLRQ DX JUDGH G LQJpQLHXU SULQFLSDO KLpUDUFKLTXH DX PLQLVWqUH GH O pTXLSHPHQW HW GH O KDELWDW
GX FRUSV FRPPXQ GHV LQJpQLHXUV GHV DGPLQLVWUDWLRQV DFFRPSDJQpHVGHVSLqFHVVXLYDQWHV
SXEOLTXHV XQFXUULFXOXPYLWDH
$UW/HQRPEUHGHSRVWHVPLVHQFRQFRXUVHVWIL[pj XQHDWWHVWDWLRQFHUWLILDQWTXHOHGRVVLHUDGPLQLVWUDWLI
GHX[   GX FDQGLGDW FRQWLHQW OHV SLqFHV SUpYXHV SDU O DUWLFOH  GX
$UW   /D GDWH GH FO{WXUH GH OD OLVWH G LQVFULSWLRQ GHV VWDWXWGHODIRQFWLRQSXEOLTXH
FDQGLGDWXUHVHVWIL[pHDXMDQYLHU   XQ UHOHYp GpWDLOOp DYHF SLqFHV MXVWLILFDWLYHV GHV
7XQLVOHGpFHPEUH VHUYLFHV FLYLOV HW pYHQWXHOOHPHQW PLOLWDLUHV DFFRPSOLV SDU
O LQWpUHVVp &H UHOHYp GRLW rWUH FHUWLILp SDU OH FKHI GX
/H0LQLVWUHGHO ,QGXVWULH
GpSDUWHPHQWRXVRQUHSUpVHQWDQW
0RQFHI%HQ$EGDOODK
XQHDPSOLDWLRQG€PHQWFHUWLILpHFRQIRUPHGHO DUUrWp
9X GH QRPLQDWLRQ GH O LQWpUHVVp HQ TXDOLWp G LQJpQLHXU GHV
/H3UHPLHU0LQLVWUH WUDYDX[RXG LQJpQLHXUGLYLVLRQQDLUH
0RKDPHG*KDQQRXFKL XQHDPSOLDWLRQG€PHQWFHUWLILpHFRQIRUPHGHO DUUrWp
IL[DQWODGHUQLqUHVLWXDWLRQDGPLQLVWUDWLYHGHO LQWpUHVVp

  XQ GRVVLHU FRPSUHQDQW OHV SLqFHV MXVWLILFDWLYHV GHV
 DFWLYLWpV SURIHVVLRQQHOOHV GX FDQGLGDW DFFRPSDJQp G XQH
QRWHGDQVODTXHOOHOHFDQGLGDWLQGLTXHGHPDQLqUHGpWDLOOpH
0,1,67(5('(/ (48,3(0(17(7'(
OHV WUDYDX[ HIIHFWXpV HW HPSORLV RFFXSpV HQ TXDOLWp
/ +$%,7$7 G LQJpQLHXUGHVWUDYDX[RXG LQJpQLHXUGLYLVLRQQDLUHGXUDQW
OHVGHX[GHUQLqUHVDQQpHV

$UUrWp GX PLQLVWUH GH O pTXLSHPHQW HW GH O KDELWDW $UW7RXWHFDQGLGDWXUHSDUYHQXHDSUqVODFO{WXUHGH
GX  GpFHPEUH  IL[DQW OHV PRGDOLWpV ODOLVWHG LQVFULSWLRQHVWREOLJDWRLUHPHQWUHMHWpHOHFDFKHWGH
G RUJDQLVDWLRQ GX FRQFRXUV LQWHUQH VXU GRVVLHUV OD SRVWH RX OD GDWH G HQUHJLVWUHPHQW DX EXUHDX G RUGUH
SRXUODSURPRWLRQDXJUDGHG LQJpQLHXUSULQFLSDO IDLVDQWIRL
/HPLQLVWUHGHO pTXLSHPHQWHWGHO KDELWDW $UW   /H FRQFRXUV VXVYLVp HVW VXSHUYLVp SDU XQ MXU\
GRQWODFRPSRVLWLRQHVWIL[pHSDUDUUrWpGX3UHPLHUPLQLVWUH
9XODORLQƒGXGpFHPEUHSRUWDQWVWDWXW
JpQpUDOGHVSHUVRQQHOVGHO (WDWGHVFROOHFWLYLWpVORFDOHVHW $UW/DOLVWHGHVFDQGLGDWVDXWRULVpVjFRQFRXULUHVW
GHV pWDEOLVVHPHQWV j FDUDFWqUH DGPLQLVWUDWLI HQVHPEOH OHV DUUrWpH SDU OH PLQLVWUH GH O pTXLSHPHQW HW GH O KDELWDW VXU
SURSRVLWLRQGXMXU\GXFRQFRXUV
WH[WHVTXLO RQWPRGLILpHRXFRPSOpWpHHWQRWDPPHQWODORL
QƒGXGpFHPEUH $UW/HFRQFRXUVLQWHUQHVXVYLVpFRPSRUWH
9XOHGpFUHWQƒGXDYULOIL[DQWOHVWDWXW   O pWXGH GHV GRVVLHUV GHV FDQGLGDWV VHORQ GHV FULWqUHV
SDUWLFXOLHU DX FRUSV FRPPXQ GHV LQJpQLHXUV GHV IL[pV SDU OH MXU\ GX FRQFRXUV ,O HVW DWWULEXp j FKDTXH
DGPLQLVWUDWLRQVSXEOLTXHVWHOTX LODpWpPRGLILpHWFRPSOpWp FDQGLGDW XQH QRWH YDULDQW GH ]pUR   j YLQJW  
SDUOHGpFUHWQƒGXHUDR€W FRHIILFLHQW

3DJH -RXUQDO2IILFLHOGHOD5pSXEOLTXH7XQLVLHQQH²HUMDQYLHU 1ƒ


  XQ HQWUHWLHQ DYHF OHV PHPEUHV GX MXU\ SRUWDQW VXU $UUrWH
O H[SpULHQFH SURIHVVLRQQHOOH GX FDQGLGDW HW OHV DWWULEXWLRQV $UWLFOH SUHPLHU  (VW RXYHUW DX PLQLVWqUH GH
TXL OXL VRQW FRQILpHV ,O HVW DWWULEXp j FKDTXH FDQGLGDW XQH O pTXLSHPHQW HW GH O KDELWDW OH  IpYULHU  HW MRXUV
QRWHYDULDQWGH]pUR  jYLQJW  FRHIILFLHQW VXLYDQWVXQFRQFRXUVLQWHUQHVXUGRVVLHUVSRXUODSURPRWLRQ
/H MXU\ GX FRQFRXUV FRPPXQLTXH DX[ FDQGLGDWV DXJUDGHG LQJpQLHXUSULQFLSDO
DGPLVVLEOHVOHOLHXHWODGDWHGXGpURXOHPHQWGHO HQWUHWLHQ $UW/HQRPEUHGHSRVWHVPLVHQFRQFRXUVHVWIL[pj
HWFHSDUOHWWUHLQGLYLGXHOOHRXSDUDIILFKDJHGDQVOHVORFDX[
 SRVWHV
GHO DGPLQLVWUDWLRQ
$UW   /H SUpVLGHQW GX MXU\ SHXW FRQVWLWXHU GHV $UW/DOLVWHG LQVFULSWLRQGHVFDQGLGDWVVHUDFORVHOH
VRXVFRPPLVVLRQVSRXUODFRQGXLWHGHO HQWUHWLHQ MDQYLHU
$UW   7RXWH QRWH LQIpULHXUH j VL[   VXU YLQJW   7XQLVOHGpFHPEUH
HVWpOLPLQDWRLUH /H0LQLVWUHGHO (TXLSHPHQWHWGHO +DELWDW
$UW1XOQHSHXWrWUHGpFODUpDGPLVV LOQ DREWHQX 6ODKHGGLQH%HODwG
XQWRWDOGHYLQJW  SRLQWVDXPRLQV 9X
6L SOXVLHXUV FDQGLGDWV RQW REWHQX OH PrPH QRPEUH GH /H3UHPLHU0LQLVWUH
SRLQWVODSULRULWpHVWDFFRUGpHDXSOXVDQFLHQGDQVOHJUDGH 0RKDPHG*KDQQRXFKL
HWVLFHWWHDQFLHQQHWpHVWODPrPHODSULRULWpHVWDFFRUGpHDX

SOXVkJp

$UW   /H MXU\ GX FRQFRXUV SURFqGH DX FODVVHPHQW
GHVFDQGLGDWVSDURUGUHGHPpULWHGDQVODOLPLWHGHVSRVWHVj 0,1,67(5('8'(9(/233(0(17
SRXUYRLU (&2120,48(
$UW/DOLVWHGHVFDQGLGDWVDGPLVGpILQLWLYHPHQWDX 
FRQFRXUV LQWHUQH VXU GRVVLHUV SRXU OD SURPRWLRQ DX JUDGH $UUrWpGXPLQLVWUHGXGpYHORSSHPHQWpFRQRPLTXH
G LQJpQLHXU SULQFLSDO HVW DUUrWpH SDU OH PLQLVWUH GH GX  GpFHPEUH  IL[DQW OHV PRGDOLWpV
O pTXLSHPHQWHWGHO KDELWDW G RUJDQLVDWLRQ GX FRQFRXUV LQWHUQH VXU GRVVLHUV
SRXUODSURPRWLRQDXJUDGHG LQJpQLHXUSULQFLSDO
$UW   /H SUpVHQW DUUrWp VHUD SXEOLp DX -RXUQDO
2IILFLHOGHOD5pSXEOLTXH7XQLVLHQQH /HPLQLVWUHGXGpYHORSSHPHQWpFRQRPLTXH
7XQLVOHGpFHPEUH 9XODORLQƒGXGpFHPEUHSRUWDQWVWDWXW
JpQpUDOGHVSHUVRQQHOVGHO (WDWGHVFROOHFWLYLWpVORFDOHVHW
/H0LQLVWUHGHO (TXLSHPHQWHWGHO +DELWDW
GHV pWDEOLVVHPHQWV SXEOLFV j FDUDFWqUH DGPLQLVWUDWLI
6ODKHGGLQH%HODwG HQVHPEOH OHV WH[WHV TXL O RQW PRGLILpH RX FRPSOpWpH HW
9X QRWDPPHQWODORLQƒGXGpFHPEUH
/H3UHPLHU0LQLVWUH 9XOHGpFUHWQƒGXDYULOIL[DQWOHVWDWXW
0RKDPHG*KDQQRXFKL SDUWLFXOLHU DX FRUSV FRPPXQ GHV LQJpQLHXUV GHV
 DGPLQLVWUDWLRQV SXEOLTXHV WHO TX LO D pWp PRGLILp HW
$UUrWp GX PLQLVWUH GH O pTXLSHPHQW HW GH O KDELWDW FRPSOpWpSDUOHGpFUHWQƒGXHUDR€W
GX  GpFHPEUH  SRUWDQW RXYHUWXUH G XQ $UUrWH
FRQFRXUV LQWHUQH VXU GRVVLHUV SRXU OD SURPRWLRQ $UWLFOHSUHPLHU/HFRQFRXUVLQWHUQHVXUGRVVLHUVSRXU
DXJUDGHG LQJpQLHXUSULQFLSDO OD SURPRWLRQ DX JUDGH G LQJpQLHXU SULQFLSDO SUpYX SDU
/HPLQLVWUHGHO pTXLSHPHQWHWGHO KDELWDW O DUWLFOHELVHWO DUWLFOH SDUDJUDSKHWURLVQRXYHDX GX
9XODORLQƒGXGpFHPEUHSRUWDQWVWDWXW GpFUHW Qƒ  GX  DYULO  VXVYLVp HVW RUJDQLVp
FRQIRUPpPHQWDX[GLVSRVLWLRQVGXSUpVHQWDUUrWp
JpQpUDOGHVSHUVRQQHOVGHO (WDWGHVFROOHFWLYLWpVORFDOHVHW
GHV pWDEOLVVHPHQWV SXEOLFV j FDUDFWqUH DGPLQLVWUDWLI $UW   3HXYHQW SDUWLFLSHU DX FRQFRXUV LQWHUQH VXU
HQVHPEOH OHV WH[WHV TXL O RQW PRGLILpH RX FRPSOpWpH HW GRVVLHUV SRXU OD SURPRWLRQ DX JUDGH G LQJpQLHXU SULQFLSDO
QRWDPPHQWODORLQƒGXGpFHPEUH OHV LQJpQLHXUV GLYLVLRQQDLUHV OHV LQJpQLHXUV GHV WUDYDX[
9X OH GpFUHW Qƒ  GX DYULOSRUWDQWVWDWXW WLWXODLUHVGDQVOHXUJUDGHHWLQVFULWVDXWDEOHDXGHO RUGUHGHV
LQJpQLHXUV HW MXVWLILDQW DX PRLQV GH FLQT DQV G DQFLHQQHWp
SDUWLFXOLHU DX FRUSV FRPPXQ GHV LQJpQLHXUV GHV
GDQV FH JUDGH j OD GDWH GH FO{WXUH GH OD OLVWH GHV
DGPLQLVWUDWLRQV SXEOLTXHV WHO TX LO D pWp PRGLILp HW
FRPSOpWpSDUOHGpFUHWQƒGXHUDR€W FDQGLGDWXUHV
$UW   /H FRQFRXUV VXVYLVp HVW RXYHUW SDU DUUrWp GX
9XO DUUrWpGXPLQLVWUHGHO pTXLSHPHQWHWGHO KDELWDWGX
PLQLVWUHGXGpYHORSSHPHQWpFRQRPLTXH&HWDUUrWpIL[H
 GpFHPEUH  IL[DQW OHV PRGDOLWpV G¶RUJDQLVDWLRQ GX
FRQFRXUV LQWHUQH VXU GRVVLHUV SRXU OD SURPRWLRQ DX JUDGH ODGDWHG RXYHUWXUHGXFRQFRXUV
G LQJpQLHXU SULQFLSDO GX FRUSV FRPPXQ GHV LQJpQLHXUV GHV OHQRPEUHG HPSORLVjSRXUYRLU
DGPLQLVWUDWLRQVSXEOLTXHV ODGDWHGHFO{WXUHGHODOLVWHG LQVFULSWLRQV

1ƒ -RXUQDO2IILFLHOGHOD5pSXEOLTXH7XQLVLHQQH²HUMDQYLHU 3DJH


$UW   /HV FDQGLGDWV DX FRQFRXUV LQWHUQH VXVYLVp 6L SOXVLHXUV FDQGLGDWV RQW REWHQX OH PrPH QRPEUH GH
GRLYHQW DGUHVVHU OHXU GHPDQGH GH FDQGLGDWXUH SDU OD YRLH SRLQWVODSULRULWpHVWDFFRUGpHDXSOXVDQFLHQGDQVOHJUDGH
KLpUDUFKLTXH DX PLQLVWqUH GX GpYHORSSHPHQW pFRQRPLTXH HWVLFHWWHDQFLHQQHWpHVWODPrPHODSULRULWpHVWDFFRUGpHDX
DFFRPSDJQpHVGHVSLqFHVVXLYDQWHV SOXVkJp
XQFXUULFXOXPYLWDH $UW   /H MXU\ GX FRQFRXUV SURFqGH DX FODVVHPHQW
GHVFDQGLGDWVSDURUGUHGHPpULWHGDQVODOLPLWHGHVSRVWHVj
XQHDWWHVWDWLRQFHUWLILDQWTXHOHGRVVLHUDGPLQLVWUDWLI SRXUYRLU
GX FDQGLGDW FRQWLHQW OHV SLqFHV SUpYXHV SDU O DUWLFOH  GX
$UW/DOLVWHGHVFDQGLGDWVDGPLVGpILQLWLYHPHQWDX
VWDWXWGHODIRQFWLRQSXEOLTXH FRQFRXUV LQWHUQH VXU GRVVLHUV SRXU OD SURPRWLRQ DX JUDGH
  XQ UHOHYp GpWDLOOp DYHF SLqFHV MXVWLILFDWLYHV GHV G LQJpQLHXU SULQFLSDO HVW DUUrWpH SDU OH PLQLVWUH GX
VHUYLFHV FLYLOV HW pYHQWXHOOHPHQW PLOLWDLUHV DFFRPSOLV SDU GpYHORSSHPHQWpFRQRPLTXH
O LQWpUHVVp &H UHOHYp GRLW rWUH FHUWLILp SDU OH FKHI GX $UW   /H SUpVHQW DUUrWp VHUD SXEOLp DX -RXUQDO
GpSDUWHPHQWRXVRQUHSUpVHQWDQW 2IILFLHOGHOD5pSXEOLTXH7XQLVLHQQH
XQHDPSOLDWLRQG€PHQWFHUWLILpHFRQIRUPHGHO DUUrWp 7XQLVOHGpFHPEUH
GH QRPLQDWLRQ GH O LQWpUHVVp HQ TXDOLWp G LQJpQLHXU GHV /H0LQLVWUHGX'pYHORSSHPHQW(FRQRPLTXH
WUDYDX[RXG LQJpQLHXUGLYLVLRQQDLUH $EGHOODWLI6DGGHP
XQHDPSOLDWLRQG€PHQWFHUWLILpHFRQIRUPHGHO DUUrWp 9X
IL[DQWODGHUQLqUHVLWXDWLRQDGPLQLVWUDWLYHGHO LQWpUHVVp /H3UHPLHU0LQLVWUH
  XQ GRVVLHU FRPSUHQDQW OHV SLqFHV MXVWLILFDWLYHV GHV 0RKDPHG*KDQQRXFKL
DFWLYLWpV SURIHVVLRQQHOOHV GX FDQGLGDW DFFRPSDJQp G XQH 
QRWHGDQVODTXHOOHOHFDQGLGDWLQGLTXHGHPDQLqUHGpWDLOOpH
OHV WUDYDX[ HIIHFWXpV HW HPSORLV RFFXSpV HQ TXDOLWp $UUrWpGXPLQLVWUHGXGpYHORSSHPHQWpFRQRPLTXH
GX  GpFHPEUH  SRUWDQW RXYHUWXUH G XQ
G LQJpQLHXUGHVWUDYDX[RXG LQJpQLHXUGLYLVLRQQDLUHGXUDQW
FRQFRXUV LQWHUQH VXU GRVVLHUV SRXU OD SURPRWLRQ
OHVGHX[GHUQLqUHVDQQpHV DX JUDGH G LQJpQLHXU SULQFLSDO j O LQVWLWXW QDWLRQDO
$UW7RXWHFDQGLGDWXUHSDUYHQXHDSUqVODFO{WXUHGH GHODVWDWLVWLTXH
OD OLVWH G LQVFULSWLRQV HVW REOLJDWRLUHPHQW UHMHWpH OH FDFKHW /HPLQLVWUHGXGpYHORSSHPHQWpFRQRPLTXH
GH OD SRVWH RX OD GDWH G HQUHJLVWUHPHQW DX EXUHDX G RUGUH 9XODORLQƒGXGpFHPEUHSRUWDQWVWDWXW
IDLVDQWIRL JpQpUDOGHVSHUVRQQHOVGHO (WDWGHVFROOHFWLYLWpVORFDOHVHW
$UW   /H FRQFRXUV VXVYLVp HVW VXSHUYLVp SDU XQ MXU\ GHV pWDEOLVVHPHQWV SXEOLFV j FDUDFWqUH DGPLQLVWUDWLI
GRQWODFRPSRVLWLRQHVWIL[pHSDUDUUrWpGX3UHPLHUPLQLVWUH HQVHPEOH OHV WH[WHV TXL O RQW PRGLILpH RX FRPSOpWpH HW
QRWDPPHQWODORLQƒGXGpFHPEUH
$UW/DOLVWHGHVFDQGLGDWVDXWRULVpVjFRQFRXULUHVW
9XOHGpFUHWQƒGXDYULOIL[DQWOHVWDWXW
DUUrWpH SDU OH PLQLVWUH GX GpYHORSSHPHQW pFRQRPLTXH VXU SDUWLFXOLHU DX FRUSV FRPPXQ GHV LQJpQLHXUV GHV
SURSRVLWLRQGXMXU\GXFRQFRXUV DGPLQLVWUDWLRQV SXEOLTXHV WHO TX LO D pWp PRGLILp HW
$UW/HFRQFRXUVLQWHUQHVXVYLVpFRPSRUWH FRPSOpWpSDUOHGpFUHWQƒGXHUDR€W
  O pWXGH GHV GRVVLHUV GHV FDQGLGDWV VHORQ GHV FULWqUHV 9X O DUUrWp GX PLQLVWUH GX GpYHORSSHPHQW pFRQRPLTXH
IL[pV SDU OH MXU\ GX FRQFRXUV ,O HVW DWWULEXp j FKDTXH GXGpFHPEUHIL[DQWOHVPRGDOLWpVG RUJDQLVDWLRQGX
FRQFRXUV LQWHUQH VXU GRVVLHUV SRXU OD SURPRWLRQ DX JUDGH
FDQGLGDW XQH QRWH YDULDQW GH ]pUR   j YLQJW  
G LQJpQLHXUSULQFLSDO
FRHIILFLHQW
$UUrWH
  XQ HQWUHWLHQ DYHF OHV PHPEUHV GX MXU\ SRUWDQW VXU
$UWLFOH SUHPLHU  (VW RXYHUW j O LQVWLWXW QDWLRQDO GH OD
O H[SpULHQFH SURIHVVLRQQHOOH GX FDQGLGDW HW OHV DWWULEXWLRQV VWDWLVWLTXH PLQLVWqUH GX GpYHORSSHPHQW pFRQRPLTXH  OH 
TXL OXL VRQW FRQILpHV ,O HVW DWWULEXp j FKDTXH FDQGLGDW XQH PDUV  HW MRXUV VXLYDQWV  XQ FRQFRXUV LQWHUQH VXU
QRWHYDULDQWGH]pUR  jYLQJW  FRHIILFLHQW GRVVLHUVSRXUODSURPRWLRQDXJUDGHG LQJpQLHXUSULQFLSDO
/H MXU\ GX FRQFRXUV FRPPXQLTXH DX[ FDQGLGDWV $UW   /H QRPEUH GH SRVWHV j SRXUYRLU HVW IL[p j
DGPLVVLEOHVOHOLHXHWODGDWHGXGpURXOHPHQWGHO HQWUHWLHQ TXDWUH  
HWFHSDUOHWWUHLQGLYLGXHOOHRXSDUDIILFKDJHGDQVOHVORFDX[ $UW   /D GDWH GH FO{WXUH GH OD OLVWHGHVFDQGLGDWXUHV
GHO DGPLQLVWUDWLRQ HVWIL[pHDXIpYULHU
$UW   /H SUpVLGHQW GX MXU\ SHXW FRQVWLWXHU GHV 7XQLVOHGpFHPEUH
VRXVFRPPLVVLRQVSRXUODFRQGXLWHGHO HQWUHWLHQ /H0LQLVWUHGX'pYHORSSHPHQW(FRQRPLTXH
$UW   7RXWH QRWH LQIpULHXUH j VL[   VXU YLQJW   $EGHOODWLI6DGGHP
HVWpOLPLQDWRLUH 9X
$UW1XOQHSHXWrWUHGpFODUpDGPLVV LOQ DREWHQX /H3UHPLHU0LQLVWUH
XQWRWDOGHYLQJW  SRLQWVDXPRLQV 0RKDPHG*KDQQRXFKL

3DJH -RXUQDO2IILFLHOGHOD5pSXEOLTXH7XQLVLHQQH²HUMDQYLHU 1ƒ


0,1,67(5('8&200(5&(   XQ GRVVLHU FRPSUHQDQW OHV SLqFHV MXVWLILFDWLYHV GHV
DFWLYLWpV SURIHVVLRQQHOOHV GX FDQGLGDW DFFRPSDJQp G XQH

QRWHGDQVODTXHOOHOHFDQGLGDWLQGLTXHGHPDQLqUHGpWDLOOpH
$UUrWp GX PLQLVWUH GX FRPPHUFH GX  GpFHPEUH
OHV WUDYDX[ HIIHFWXpV HW HPSORLV RFFXSpV HQ TXDOLWp
 IL[DQW OHV PRGDOLWpV G RUJDQLVDWLRQ GX
G LQJpQLHXUGHVWUDYDX[RXG LQJpQLHXUGLYLVLRQQDLUHGXUDQW
FRQFRXUV LQWHUQH VXU GRVVLHUV SRXU OD SURPRWLRQ
DXJUDGHG LQJpQLHXUSULQFLSDO OHVGHX[GHUQLqUHVDQQpHV
/HPLQLVWUHGXFRPPHUFH $UW7RXWHFDQGLGDWXUHSDUYHQXHDSUqVODFO{WXUHGH
OD OLVWH G LQVFULSWLRQV HVW REOLJDWRLUHPHQW UHMHWpH OH FDFKHW
9XODORLQƒGXGpFHPEUHSRUWDQWVWDWXW
JpQpUDOGHVSHUVRQQHOVGHO (WDWGHVFROOHFWLYLWpVORFDOHVHW GH OD SRVWH RX OD GDWH G HQUHJLVWUHPHQW DX EXUHDX G RUGUH
GHV pWDEOLVVHPHQWV SXEOLFV j FDUDFWqUH DGPLQLVWUDWLI IDLVDQWIRL
HQVHPEOH OHV WH[WHV TXL O RQW PRGLILpH RX FRPSOpWpH HW $UW   /H FRQFRXUV VXVYLVp HVW VXSHUYLVp SDU XQ MXU\
QRWDPPHQWODORLQƒGXGpFHPEUH GRQWODFRPSRVLWLRQHVWIL[pHSDUDUUrWpGX3UHPLHUPLQLVWUH
9XOHGpFUHWQƒGXDYULOIL[DQWOHVWDWXW $UW/DOLVWHGHVFDQGLGDWVDXWRULVpVjFRQFRXULUHVW
SDUWLFXOLHU DX FRUSV FRPPXQ GHV LQJpQLHXUV GHV DUUrWpHSDUOHPLQLVWUHGXFRPPHUFHVXUSURSRVLWLRQGXMXU\
DGPLQLVWUDWLRQVSXEOLTXHVWHOTX LODpWpPRGLILpHWFRPSOpWp GXFRQFRXUV
SDUOHGpFUHWQƒGXHUDR€W $UW/HFRQFRXUVLQWHUQHVXVYLVpFRPSRUWH
$UUrWH   O pWXGH GHV GRVVLHUV GHV FDQGLGDWV VHORQ GHV FULWqUHV
$UWLFOHSUHPLHU/HFRQFRXUVLQWHUQHVXUGRVVLHUVSRXU IL[pV SDU OH MXU\ GX FRQFRXUV ,O HVW DWWULEXp j FKDTXH
OD SURPRWLRQ DX JUDGH G LQJpQLHXU SULQFLSDO SUpYX SDU FDQGLGDW XQH QRWH YDULDQW GH ]pUR   j YLQJW  
O DUWLFOH  ELV HW O DUWLFOH  SDUDJUDSKH   QRXYHDX  GX FRHIILFLHQW
GpFUHW Qƒ  GX  DYULO  VXVYLVp HVW RUJDQLVp   XQ HQWUHWLHQ DYHF OHV PHPEUHV GX MXU\ SRUWDQW VXU
FRQIRUPpPHQWDX[GLVSRVLWLRQVGXSUpVHQWDUUrWp O H[SpULHQFH SURIHVVLRQQHOOH GX FDQGLGDW HW OHV DWWULEXWLRQV
$UW   3HXYHQW SDUWLFLSHU DX FRQFRXUV LQWHUQH VXU TXL OXL VRQW FRQILpHV ,O HVW DWWULEXp j FKDTXH FDQGLGDW XQH
GRVVLHUV SRXU OD SURPRWLRQ DX JUDGH G LQJpQLHXU SULQFLSDO QRWHYDULDQWGH]pUR  jYLQJW  FRHIILFLHQW
OHV LQJpQLHXUV GLYLVLRQQDLUHV OHV LQJpQLHXUV GHV WUDYDX[ /H MXU\ GX FRQFRXUV FRPPXQLTXH DX[ FDQGLGDWV
WLWXODLUHV GDQV OHXU JUDGH LQVFULWV DX WDEOHDX GH O RUGUH GHV DGPLVVLEOHV OH OLHX HW OD GDWH GX GpURXOHPHQW GH O HQWUHWLHQ
LQJpQLHXUV HW MXVWLILDQW DX PRLQV GH FLQT   DQV HWFHSDUOHWWUHLQGLYLGXHOOHRXSDUDIILFKDJHGDQVOHVORFDX[
G DQFLHQQHWp GDQV FH JUDGH j OD GDWH GH FO{WXUH GH OD OLVWH GHO DGPLQLVWUDWLRQ
GHVFDQGLGDWXUHV $UW   /H SUpVLGHQW GX MXU\ SHXW FRQVWLWXHU GHV
$UW   /H FRQFRXUV LQWHUQH VXVYLVp HVW RXYHUW SDU VRXVFRPPLVVLRQVSRXUODFRQGXLWHGHO HQWUHWLHQ
DUUrWpGXPLQLVWUHGXFRPPHUFH $UW   7RXWH QRWH LQIpULHXUH j VL[   VXU YLQJW  
&HWDUUrWpIL[H HVWpOLPLQDWRLUH
ODGDWHG RXYHUWXUHGXFRQFRXUV $UW1XOQHSHXWrWUHGpFODUpDGPLVV LOQ DREWHQX
XQWRWDOGHYLQJW  SRLQWVDXPRLQV
OHQRPEUHG HPSORLVjSRXUYRLU
ODGDWHGHFO{WXUHGHODOLVWHG LQVFULSWLRQV 6L SOXVLHXUV FDQGLGDWV RQW REWHQX OH PrPH QRPEUH GH
SRLQWVODSULRULWpHVWDFFRUGpHDXSOXVDQFLHQGDQVOHJUDGH
$UW   /HV FDQGLGDWV DX FRQFRXUV LQWHUQH VXVYLVp HWVLFHWWHDQFLHQQHWpHVWODPrPHODSULRULWpHVWDFFRUGpHDX
GRLYHQWDGUHVVHUOHXUVGHPDQGHVGHFDQGLGDWXUHSDUODYRLH SOXVkJp
KLpUDUFKLTXH DX PLQLVWqUH GX FRPPHUFH DFFRPSDJQpHV GHV
$UW   /H MXU\ GX FRQFRXUV SURFqGH DX FODVVHPHQW
SLqFHVVXLYDQWHV GHVFDQGLGDWVSDURUGUHGHPpULWHGDQVODOLPLWHGHVSRVWHVj
 XQFXUULFXOXPYLWDH SRXUYRLU
  XQH DWWHVWDWLRQ FHUWLILDQW TXH OH GRVVLHU DGPLQLVWUDWLI $UW/DOLVWHGHVFDQGLGDWVDGPLVGpILQLWLYHPHQWDX
GX FDQGLGDW FRQWLHQW OHV SLqFHV SUpYXHV SDU O DUWLFOH  GX FRQFRXUV LQWHUQH VXU GRVVLHUV SRXU OD SURPRWLRQ DX JUDGH
VWDWXWGHODIRQFWLRQSXEOLTXH G LQJpQLHXU SULQFLSDO HVW DUUrWpH SDU OH PLQLVWUH GX
  XQ UHOHYp GpWDLOOp DYHF SLqFHV MXVWLILFDWLYHV GHV FRPPHUFH
VHUYLFHV FLYLOV HW pYHQWXHOOHPHQW PLOLWDLUHV DFFRPSOLV SDU $UW   /H SUpVHQW DUUrWp VHUD SXEOLp DX -RXUQDO
O LQWpUHVVp &H UHOHYp GRLW rWUH FHUWLILp SDU OH FKHI GX 2IILFLHOGHOD5pSXEOLTXH7XQLVLHQQH
GpSDUWHPHQWRXVRQUHSUpVHQWDQW 7XQLVOHGpFHPEUH
 XQHDPSOLDWLRQG€PHQWFHUWLILpHFRQIRUPHGHO DUUrWp /H0LQLVWUHGX&RPPHUFH
GH QRPLQDWLRQ GH O LQWpUHVVp HQ TXDOLWp G LQJpQLHXU GHV 7DKDU6LRXG
WUDYDX[RXG LQJpQLHXUGLYLVLRQQDLUH 9X
 XQHDPSOLDWLRQG€PHQWFHUWLILpHFRQIRUPHGHO DUUrWp /H3UHPLHU0LQLVWUH
IL[DQWODGHUQLqUHVLWXDWLRQDGPLQLVWUDWLYHGHO LQWpUHVVp 0RKDPHG*KDQQRXFKL

1ƒ -RXUQDO2IILFLHOGHOD5pSXEOLTXH7XQLVLHQQH²HUMDQYLHU 3DJH


$UUrWp GX PLQLVWUH GX FRPPHUFH GX  GpFHPEUH 9XOHGpFUHWQƒGXGpFHPEUHIL[DQWOH
SRUWDQWRXYHUWXUHG XQFRQFRXUVLQWHUQHVXU VWDWXW SDUWLFXOLHU DX FRUSV GHV RXYULHUV GH O (WDW GHV
GRVVLHUV SRXU OD SURPRWLRQ DX JUDGH G LQJpQLHXU FROOHFWLYLWpV ORFDOHV HW GHV pWDEOLVVHPHQWV SXEOLFV j
SULQFLSDO FDUDFWqUHDGPLQLVWUDWLI
/HPLQLVWUHGHFRPPHUFH 9X OH GpFUHWQƒGXGpFHPEUHSRUWDQW
9XODORLQƒGXGpFHPEUHSRUWDQWVWDWXW VWDWXWSDUWLFXOLHUDXFRUSVDGPLQLVWUDWLIGHODVDQWpSXEOLTXH
JpQpUDOGHVSHUVRQQHOVGHO (WDWGHVFROOHFWLYLWpVORFDOHVHW 9X O DUUrWp GX PLQLVWUH GH OD VDQWp SXEOLTXH GX 
GHV pWDEOLVVHPHQWV SXEOLFV j FDUDFWqUH DGPLQLVWUDWLI QRYHPEUH  IL[DQW OH UqJOHPHQW HW OH SURJUDPPH GH
HQVHPEOH OHV WH[WHV TXL O RQW PRGLILpH RX FRPSOpWpH HW O H[DPHQ SURIHVVLRQQHO SRXU O LQWpJUDWLRQ GHV RXYULHUV
QRWDPPHQWODORLQƒGXGpFHPEUH DSSDUWHQDQWDX[FDWpJRULHVHWGDQVOHJUDGHGHVHFUpWDLUH
9XOHGpFUHWQƒGXDYULOIL[DQWOHVWDWXW G DGPLQLVWUDWLRQGHODVDQWpSXEOLTXH
SDUWLFXOLHU DX FRUSV FRPPXQ GHV LQJpQLHXUV GHV
9X O DUUrWp GX PLQLVWUH GH OD VDQWp SXEOLTXH GX  MXLOOHW
DGPLQLVWUDWLRQV SXEOLTXHV WHO TX LO D pWp PRGLILp HW
FRPSOpWpSDUOHGpFUHWQƒGXHUDR€W  SRUWDQW RXYHUWXUH G XQ H[DPHQ SURIHVVLRQQHO SRXU
O LQWpJUDWLRQGHVRXYULHUVDSSDUWHQDQWDX[FDWpJRULHVHWGDQV
9X O DUUrWp GX  GpFHPEUH  IL[DQW OHV PRGDOLWpV
OHJUDGHGHVHFUpWDLUHG DGPLQLVWUDWLRQGHODVDQWpSXEOLTXH
G RUJDQLVDWLRQ GX FRQFRXUV LQWHUQH VXU GRVVLHUV SRXU OD
SURPRWLRQDXJUDGHG LQJpQLHXUSULQFLSDOGXFRUSVFRPPXQ $UUrWH
GHVLQJpQLHXUVGHVDGPLQLVWUDWLRQVSXEOLTXHV $UWLFOHSUHPLHU/ H[DPHQSURIHVVLRQQHOGXGpFHPEUH
$UUrWH  SUpYX SDU O DUUrWp VXVYLVp GX  MXLOOHW  SRXU
$UWLFOHSUHPLHU(VWRXYHUWDXPLQLVWqUHGXFRPPHUFHOH O LQWpJUDWLRQ GH  RXYULHUV DSSDUWHQDQWDX[FDWpJRULHVHW
HU PDUV  HW MRXUV VXLYDQWV XQ FRQFRXUV LQWHUQH VXU GDQV OH JUDGH GH VHFUpWDLUH G DGPLQLVWUDWLRQ GH OD VDQWp
GRVVLHUV SRXU OD SURPRWLRQ DX JUDGH G LQJpQLHXU SULQFLSDO GX SXEOLTXHHVWUHSRUWpDXPDUVHWMRXUVVXLYDQWV
FRUSVFRPPXQGHVLQJpQLHXUVGHVDGPLQLVWUDWLRQVSXEOLTXHV $UW/DFO{WXUHGXUHJLVWUHG LQVFULSWLRQVHVWIL[pHDX
$UW/HQRPEUHGHSRVWHVjSRXUYRLUHVWIL[pjGHX[ IpYULHU
 SRVWHV 7XQLVOHGpFHPEUH
$UW   /D GDWH GH FO{WXUH GH OD OLVWHGHVFDQGLGDWXUHV /H0LQLVWUHGHOD6DQWp3XEOLTXH
HVWIL[pHDXHUIpYULHU
+DELE0 EDUHN
7XQLVOHGpFHPEUH
9X
/H0LQLVWUHGX&RPPHUFH
/H3UHPLHU0LQLVWUH
7DKDU6LRXG
9X 0RKDPHG*KDQQRXFKL
/H3UHPLHU0LQLVWUH 
0RKDPHG*KDQQRXFKL $UUrWp GX PLQLVWUH GH OD VDQWp SXEOLTXH GX 
 GpFHPEUH  UHSRUWDQW O H[DPHQ SURIHVVLRQQHO
SRXU O LQWpJUDWLRQ GHV RXYULHUV DSSDUWHQDQW DX[
 FDWpJRULHVHWGDQVOHJUDGHGHFRPPLVGHOD
0,1,67(5('(/$6$17(38%/,48( VDQWpSXEOLTXH
/HPLQLVWUHGHODVDQWpSXEOLTXH

9XODORLQƒGXGpFHPEUHSRUWDQWVWDWXW
$UUrWp GX PLQLVWUH GH OD VDQWp SXEOLTXH GX 
JpQpUDOGHVSHUVRQQHOVGHO (WDWGHVFROOHFWLYLWpVSXEOLTXHV
GpFHPEUH  UHSRUWDQW O H[DPHQ SURIHVVLRQQHO
ORFDOHV HW GHV pWDEOLVVHPHQWV SXEOLFV j FDUDFWqUH
SRXU O LQWpJUDWLRQ GHV RXYULHUV DSSDUWHQDQW DX[
DGPLQLVWUDWLI HQVHPEOH OHV WH[WHV TXL O RQW PRGLILpH RX
FDWpJRULHV  HW  GDQV OH JUDGH GH VHFUpWDLUH
FRPSOpWpH HW QRWDPPHQW OD ORL Qƒ  GX  GpFHPEUH
G DGPLQLVWUDWLRQGHODVDQWpSXEOLTXH 
/HPLQLVWUHGHODVDQWpSXEOLTXH 9X OH GpFUHW Qƒ  GX  RFWREUH  IL[DQW OHV
9XODORLQƒGXGpFHPEUHSRUWDQWVWDWXW FRQGLWLRQV G LQWpJUDWLRQ GX SHUVRQQHO RXYULHU GDQV OHV
JpQpUDOGHVSHUVRQQHOVGHO (WDWGHVFROOHFWLYLWpVSXEOLTXHV FDGUHVGHVIRQFWLRQQDLUHV
ORFDOHV HW GHV pWDEOLVVHPHQWV SXEOLFV j FDUDFWqUH
9XOHGpFUHWQƒGXVHSWHPEUHIL[DQWOH
DGPLQLVWUDWLI HQVHPEOH OHV WH[WHV TXL O RQW PRGLILpH RX
FRPSOpWpH HW QRWDPPHQW OD ORL Qƒ  GX  GpFHPEUH WUDLWHPHQWGHEDVHGHVSHUVRQQHOVGHO (WDWGHVFROOHFWLYLWpV
 SXEOLTXHV ORFDOHV HW GHV pWDEOLVVHPHQWV SXEOLFV j FDUDFWqUH
DGPLQLVWUDWLI
9X OH GpFUHW Qƒ  GX  RFWREUH  IL[DQW OHV
FRQGLWLRQV G LQWpJUDWLRQ GX SHUVRQQHO RXYULHU GDQV OHV 9XOHGpFUHWQƒGXGpFHPEUHIL[DQWOH
FDGUHVGHVIRQFWLRQQDLUHV VWDWXW SDUWLFXOLHU DX FRUSV GHV RXYULHUV GH O (WDW GHV
9XOHGpFUHWQƒGXVHSWHPEUHIL[DQWOH FROOHFWLYLWpV ORFDOHV HW GHV pWDEOLVVHPHQWV SXEOLFV j
WUDLWHPHQWGHEDVHGHVSHUVRQQHOVGHO (WDWGHVFROOHFWLYLWpV FDUDFWqUHDGPLQLVWUDWLI
SXEOLTXHV ORFDOHV HW GHV pWDEOLVVHPHQWV SXEOLFV j FDUDFWqUH 9X OH GpFUHWQƒGXGpFHPEUHSRUWDQW
DGPLQLVWUDWLI VWDWXWSDUWLFXOLHUDXFRUSVDGPLQLVWUDWLIGHODVDQWpSXEOLTXH

3DJH -RXUQDO2IILFLHOGHOD5pSXEOLTXH7XQLVLHQQH²HUMDQYLHU 1ƒ


9X O DUUrWp GX PLQLVWUH GH OD VDQWp SXEOLTXH GX  $UW   /H FRQFRXUV LQWHUQH VXVYLVp HVW RXYHUW SDU
QRYHPEUH  IL[DQW OH UqJOHPHQW HW OH SURJUDPPH GH DUUrWp GX PLQLVWUH GH O HQYLURQQHPHQW HW GH O DPpQDJHPHQW
O H[DPHQ SURIHVVLRQQHO SRXU O LQWpJUDWLRQ GHV RXYULHUV GXWHUULWRLUH
DSSDUWHQDQW DX[ FDWpJRULHV   HW  GDQV OH JUDGH GH
FRPPLVGHODVDQWpSXEOLTXH &HWDUUrWpIL[H
9XO DUUrWpGXPLQLVWUHGHODVDQWpSXEOLTXHGXMXLOOHW ODGDWHG RXYHUWXUHGXFRQFRXUV
 SRUWDQW RXYHUWXUH G XQ H[DPHQ SURIHVVLRQQHO SRXU
O LQWpJUDWLRQGHVRXYULHUVDSSDUWHQDQWDX[FDWpJRULHVHW OHQRPEUHG HPSORLVjSRXUYRLU
GDQVOHJUDGHGHFRPPLVGHODVDQWpSXEOLTXH ODGDWHGHFO{WXUHGHODOLVWHG LQVFULSWLRQV
$UUrWH
$UW   /HV FDQGLGDWV DX FRQFRXUV LQWHUQH VXVYLVp
$UWLFOH SUHPLHU  / H[DPHQ SURIHVVLRQQHO GX 
GRLYHQWDGUHVVHUOHXUVGHPDQGHVGHFDQGLGDWXUHSDUODYRLH
GpFHPEUH  SUpYX SDU O DUUrWp VXVYLVp GX  MXLOOHW
 SRXU O LQWpJUDWLRQ GH  RXYULHUV DSSDUWHQDQW DX[ KLpUDUFKLTXH DX PLQLVWqUH GH O HQYLURQQHPHQW HW GH
FDWpJRULHV   HW  GDQV OH JUDGH GH FRPPLV GH OD VDQWp O DPpQDJHPHQW GX WHUULWRLUH DFFRPSDJQpHV GHV SLqFHV
SXEOLTXHHVWUHSRUWpDXPDUVHWMRXUVVXLYDQWV VXLYDQWHV
$UW/DFO{WXUHGXUHJLVWUHG LQVFULSWLRQVHVWIL[pHDX  XQFXUULFXOXPYLWDH
IpYULHU
  XQH DWWHVWDWLRQ FHUWLILDQW TXH OH GRVVLHU DGPLQLVWUDWLI
7XQLVOHGpFHPEUH GX FDQGLGDW FRQWLHQW OHV SLqFHV SUpYXHV SDU O DUWLFOH  GX
/H0LQLVWUHGHOD6DQWp3XEOLTXH VWDWXWGHODIRQFWLRQSXEOLTXH
+DELE0 EDUHN
  XQ UHOHYp GpWDLOOp DYHF SLqFHV MXVWLILFDWLYHV GHV
9X
VHUYLFHV FLYLOV HW pYHQWXHOOHPHQW PLOLWDLUHV DFFRPSOLV SDU
/H3UHPLHU0LQLVWUH
O LQWpUHVVp &H UHOHYp GRLW rWUH FHUWLILp SDU OH FKHI GX
0RKDPHG*KDQQRXFKL GpSDUWHPHQWRXVRQUHSUpVHQWDQW

 XQHDPSOLDWLRQG€PHQWFHUWLILpHFRQIRUPHGHO DUUrWp

GH QRPLQDWLRQ GH O LQWpUHVVp HQ TXDOLWp G LQJpQLHXU GHV
0,1,67(5('(/ (19,5211(0(17(7'( WUDYDX[RXG LQJpQLHXUGLYLVLRQQDLUH
/ $0(1$*(0(17'87(55,72,5(  XQHDPSOLDWLRQG€PHQWFHUWLILpHFRQIRUPHGHO DUUrWp
 IL[DQWODGHUQLqUHVLWXDWLRQDGPLQLVWUDWLYHGHO LQWpUHVVp
$UUrWp GX PLQLVWUH GH O HQYLURQQHPHQW HW GH   XQ GRVVLHU FRPSUHQDQW OHV SLqFHV MXVWLILFDWLYHV GHV
O DPpQDJHPHQWGXWHUULWRLUHGXGpFHPEUH DFWLYLWpV SURIHVVLRQQHOOHV GX FDQGLGDW DFFRPSDJQp G XQH
IL[DQW OHV PRGDOLWpV G RUJDQLVDWLRQ GX FRQFRXUV QRWH GDQV ODTXHOOH OH FDQGLGDW LQGLTXH G XQH PDQLqUH
LQWHUQH VXU GRVVLHUV SRXU OD SURPRWLRQ DX JUDGH GpWDLOOpH OHV WUDYDX[ HIIHFWXpV HW HPSORLV RFFXSpV HQ
G LQJpQLHXUSULQFLSDO TXDOLWpG LQJpQLHXUGHVWUDYDX[RXG LQJpQLHXUGLYLVLRQQDLUH
/HPLQLVWUHGHO HQYLURQQHPHQWHWGHO DPpQDJHPHQWGX GXUDQWOHVGHX[GHUQLqUHVDQQpHV
WHUULWRLUH
$UW7RXWHFDQGLGDWXUHSDUYHQXHDSUqVODFO{WXUHGH
9XODORLQƒGXGpFHPEUHSRUWDQWVWDWXW
JpQpUDOGHVSHUVRQQHOVGHO (WDWGHVFROOHFWLYLWpVORFDOHVHW OD OLVWH G LQVFULSWLRQV HVW REOLJDWRLUHPHQW UHMHWpH OH FDFKHW
GHV pWDEOLVVHPHQWV SXEOLFV j FDUDFWqUH DGPLQLVWUDWLI GH OD SRVWH RX OD GDWH G HQUHJLVWUHPHQW DX EXUHDX G RUGUH
HQVHPEOH OHV WH[WHV TXL O RQW PRGLILpH RX FRPSOpWpH HW IDLVDQWIRL
QRWDPPHQWODORLQƒGXGpFHPEUH
$UW   /H FRQFRXUV VXVYLVp HVW VXSHUYLVp SDU XQ MXU\
9XOHGpFUHWQƒGXDYULOIL[DQWOHVWDWXW
GRQWODFRPSRVLWLRQHVWIL[pHSDUDUUrWpGX3UHPLHUPLQLVWUH
SDUWLFXOLHU DX FRUSV FRPPXQ GHV LQJpQLHXUV GHV
DGPLQLVWUDWLRQVSXEOLTXHVWHOTX LODpWpPRGLILpHWFRPSOpWp $UW/DOLVWHGHVFDQGLGDWVDXWRULVpVjFRQFRXULUHVW
SDUOHGpFUHWQƒGXHUDR€W DUUrWpH SDU OH PLQLVWUH GH O HQYLURQQHPHQW HW GH
$UUrWH O DPpQDJHPHQW GX WHUULWRLUH VXU SURSRVLWLRQ GX MXU\ GX
$UWLFOHSUHPLHU/HFRQFRXUVLQWHUQHVXUGRVVLHUVSRXU FRQFRXUV
OD SURPRWLRQ DX JUDGH G LQJpQLHXU SULQFLSDO SUpYX SDU
O DUWLFOH  ELV HW O DUWLFOH  SDUDJUDSKH   QRXYHDX  GX $UW/HFRQFRXUVLQWHUQHVXVYLVpFRPSRUWH
GpFUHW Qƒ  GX  DYULO  VXVYLVp HVW RUJDQLVp   O pWXGH GHV GRVVLHUV GHV FDQGLGDWV VHORQ GHV FULWqUHV
FRQIRUPpPHQWDX[GLVSRVLWLRQVGXSUpVHQWDUUrWp IL[pV SDU OH MXU\ GX FRQFRXUV ,O HVW DWWULEXp j FKDTXH
$UW   3HXYHQW SDUWLFLSHU DX FRQFRXUV LQWHUQH VXU FDQGLGDW XQH QRWH YDULDQW GH ]pUR   j YLQJW  
GRVVLHUV SRXU OD SURPRWLRQ DX JUDGH G LQJpQLHXU SULQFLSDO FRHIILFLHQW
OHV LQJpQLHXUV GLYLVLRQQDLUHV OHV LQJpQLHXUV GHV WUDYDX[
WLWXODLUHV GDQV OHXU JUDGH LQVFULWV DX WDEOHDX GH O RUGUH GHV   XQ HQWUHWLHQ DYHF OHV PHPEUHV GX MXU\ SRUWDQW VXU
LQJpQLHXUV HW MXVWLILDQW DX PRLQV GH FLQT DQV G DQFLHQQHWp O H[SpULHQFH SURIHVVLRQQHOOH GX FDQGLGDW HW OHV DWWULEXWLRQV
GDQV FH JUDGH j OD GDWH GH FO{WXUH GH OD OLVWH GHV TXL OXL VRQW FRQILpHV ,O HVW DWWULEXp j FKDTXH FDQGLGDW XQH
FDQGLGDWXUHV QRWHYDULDQWGH]pUR  jYLQJW  FRHIILFLHQW

1ƒ -RXUQDO2IILFLHOGHOD5pSXEOLTXH7XQLVLHQQH²HUMDQYLHU 3DJH


/H MXU\ GX FRQFRXUV FRPPXQLTXH DX[ FDQGLGDWV $UUrWp GX PLQLVWUH GH O HQYLURQQHPHQW HW GH
DGPLVVLEOHV OH OLHX HW OD GDWH GX GpURXOHPHQW GH O HQWUHWLHQ O DPpQDJHPHQWGXWHUULWRLUHGXGpFHPEUH
SRUWDQW RXYHUWXUH G XQ FRQFRXUV LQWHUQH VXU
HWFHSDUOHWWUHLQGLYLGXHOOHRXSDUDIILFKDJHGDQVOHVORFDX[
GRVVLHUV SRXU OD SURPRWLRQ DX JUDGH G LQJpQLHXU
GHO DGPLQLVWUDWLRQ SULQFLSDO
$UW   /H SUpVLGHQW GX MXU\ SHXW FRQVWLWXHU GHV /HPLQLVWUHGHO HQYLURQQHPHQWHWGHO DPpQDJHPHQWGX
VRXVFRPPLVVLRQVSRXUODFRQGXLWHGHO HQWUHWLHQ WHUULWRLUH
$UW7RXWHQRWHLQIpULHXUHjVL[VXUYLQJW  HVW 9XODORLQƒGXGpFHPEUHSRUWDQWVWDWXW
JpQpUDOGHVSHUVRQQHOVGHO (WDWGHVFROOHFWLYLWpVORFDOHVHW
pOLPLQDWRLUH GHV pWDEOLVVHPHQWV SXEOLFV j FDUDFWqUH DGPLQLVWUDWLI
$UW1XOQHSHXWrWUHGpFODUpDGPLVV LOQ DREWHQX HQVHPEOH OHV WH[WHV TXL O RQW PRGLILpH RX FRPSOpWpH HW
XQWRWDOGHYLQJW  SRLQWVDXPRLQV QRWDPPHQWODORLQƒGXGpFHPEUH
9XOHGpFUHWQƒGXDYULOIL[DQWOHVWDWXW
6L SOXVLHXUV FDQGLGDWV RQW REWHQX OH PrPH QRPEUH GH
SDUWLFXOLHU DX FRUSV FRPPXQ GHV LQJpQLHXUV GHV
SRLQWVODSULRULWpHVWDFFRUGpHDXSOXVDQFLHQGDQVOHJUDGH DGPLQLVWUDWLRQV SXEOLTXHV WHO TX LO D pWp PRGLILp HW
HWVLFHWWHDQFLHQQHWpHVWODPrPHODSULRULWpHVWDFFRUGpHDX FRPSOpWpSDUOHGpFUHWQƒGXHUDR€W
SOXVkJp 9X O DUUrWp GX PLQLVWUH GH O HQYLURQQHPHQW HW GH
$UW   /H MXU\ GX FRQFRXUV SURFqGH DX FODVVHPHQW O DPpQDJHPHQWGXWHUULWRLUHGXGpFHPEUHIL[DQWOHV
PRGDOLWpV G RUJDQLVDWLRQ GX FRQFRXUV LQWHUQH VXU GRVVLHUV
GHVFDQGLGDWVSDURUGUHGHPpULWHGDQVODOLPLWHGHVSRVWHVj
SRXUODSURPRWLRQDXJUDGHG LQJpQLHXUSULQFLSDO
SRXUYRLU
$UUrWH
$UW/DOLVWHGHVFDQGLGDWVDGPLVGpILQLWLYHPHQWDX $UWLFOH SUHPLHU  (VW RXYHUW DX PLQLVWqUH GH
FRQFRXUV LQWHUQH VXU GRVVLHUV SRXU OD SURPRWLRQ DX JUDGH O HQYLURQQHPHQW HW GH O DPpQDJHPHQW GX WHUULWRLUH OH 
G LQJpQLHXU SULQFLSDO HVW DUUrWpH SDU OH PLQLVWUH GH IpYULHU  HW MRXUV VXLYDQWV XQ FRQFRXUV LQWHUQH VXU
O HQYLURQQHPHQWHWGHO DPpQDJHPHQWGXWHUULWRLUH GRVVLHUVSRXUODSURPRWLRQDXJUDGHG LQJpQLHXUSULQFLSDO
$UW   /H QRPEUH GH SRVWHV j SRXUYRLU HVW IL[p j XQ
$UW   /H SUpVHQW DUUrWp VHUD SXEOLp DX -RXUQDO SRVWH  
2IILFLHOGHOD5pSXEOLTXH7XQLVLHQQH $UW   /D GDWH GH FO{WXUH GH OD OLVWH G LQVFULSWLRQ GHV
7XQLVOHGpFHPEUH FDQGLGDWXUHVHVWIL[pHDXMDQYLHU
7XQLVOHGpFHPEUH
/H0LQLVWUHGHO (QYLURQQHPHQWHWGH /H0LQLVWUHGHO (QYLURQQHPHQWHWGH
O $PpQDJHPHQWGX7HUULWRLUH O $PpQDJHPHQWGX7HUULWRLUH
0RKDPHG(QQDEOL 0RKDPHG(QQDEOL
9X 9X
/H3UHPLHU0LQLVWUH /H3UHPLHU0LQLVWUH
0RKDPHG*KDQQRXFKL 0RKDPHG*KDQQRXFKL



3RXU OD OpJDOLVDWLRQ GH OD VLJQDWXUH  OH SUpVLGHQW GH OD PXQLFLSDOLWp ,661 &HUWLILp FRQIRUPH  OH SUpVLGHQW GLUHFWHXU JpQpUDO GH O ,257

&HQXPpURGX-RXUQDO2IILFLHOGHOD5pSXEOLTXH7XQLVLHQQHDpWpGpSRVpDXVLqJHGXJRXYHUQRUDWGH7XQLVOHMDQYLHU 

Vous aimerez peut-être aussi