VRC-1 3.02 Mo

La Voile Radiocommandée
Dessiner son Voilier
(GLWpHQ6HSWHPEUH
3KRWRGHODFRXYHUWXUH6WXGLR SURMHWGHO·DXWHXU
x
$YDQW3URSRV
&HOLYUHQ·HVWSDVpFULWSDUXQ&KDPSLRQGX0RQGHGHOD9RLOHRXSDUXQJUDQG$UFKLWHFWH1DYDOPDLVWRXWVLPSOHPHQW
SDUXQSDVVLRQQpGH0RGpOLVPH1DYDOTXLDEHDXFRXSpWXGLpHWFRQVWUXLW
&HOLYUHQ·HVWSDVQRQSOXVXQ0DQXHOGH&RQVWUXFWLRQPDLVXQHDLGHDX'pYHORSSHPHQWG·XQHPDTXHWWHGHEDWHDXj
YRLOH
6RXYHQWRQDFKqWHGHVERvWHVGHPRQWDJHRXRQGHPDQGHLFLHWOjGHVSODQVGHVPRGqOHVGH9RLOLHUVH[LVWDQWVPDLVWUqV
UDUHPHQWRQFKHUFKHjVDYRLUFRPPHQWFHVSODQVRQWpWpGHVVLQpV
,OQ·\DULHQGHWURSFRPSOLTXpTXDQGRQGpFLGHGHVDYRLU
&HOLYUHV·DGUHVVHSOXVSDUWLFXOLqUHPHQWDX[MHXQHVHWPRLQVMHXQHVTXLYHXOHQWWHQWHUODYRLHGXPRGpOLVPHHWHQSDUWLFXOLHU
FHOOHGHOD9RLOH5DGLRFRPPDQGpH
,OQ·\DSDVGHIRUPXOHVPDWKpPDWLTXHVFRPSOLTXpHVVHXOHVOHVTXDWUHRSpUDWLRQVVHURQWVXIILVDQWHV
&HX[TXLSUDWLTXHQWGpMjFHWWHGLVFLSOLQHWURXYHURQWLFLGHVUDSSHOVXWLOHVWHOVTXHOHVJUDSKLTXHVTXLFRPSWHQW
6·DGUHVVDQWVXUWRXWDX[GpEXWDQWVO·DXWHXUpYLWHUDGHWURSUHQWUHUGDQVOHVGpWDLOVFRPSOH[HVGHO·K\GURG\QDPLTXHHWGH
O·DpURG\QDPLTXHPDLVLOPRQWUHUDVLPSOHPHQWFRPPHVHORQOXLRQDUULYHjGHVVLQHUOH3ODQGHVRQSURSUH%DWHDXDYDQW
GHFRPPHQFHUXQHpYHQWXHOOHFRQVWUXFWLRQ
8QHIIRUWVHUDIDLWVLQpFHVVDLUHSRXUELHQGLVWLQJXHUOHVSHUIRUPDQFHVGHVEDWHDX[JUDQGHXUQDWXUHDYHFFHOOHVGHV
0RGqOHV5pGXLWV/HVGHX[FDWpJRULHVREpLVVHQWDX[PrPHVORLVGHODSK\VLTXHPDLVOHXUFRPSRUWHPHQWVHUDVRXYHQW
GLIIpUHQWjFDXVHGHFHUWDLQVIDFWHXUVG·pFKHOOHWHOTXHOHYHQWHWO·HDXTXLVRQWDXIRQGOHVpOpPHQWVFOpVSRXUIDLUHQDYLJXHU
XQ9RLOLHU
/D)LJDHWEUHSUpVHQWHQWOHV&ODVVHVGH9RLOLHUV0RGqOHV5DGLRFRPPDQGpVUHFRQQXHVSDUO·,QWHUQDWLRQDO6DLOLQJ
)pGpUDWLRQ,6$)5'6
)LJD
)LJE
7DEOHGHV0DWLqUHV
x
$YDQW3URSRV
x
x
7DEOHGHV0DWLqUHV
x
&KDSLWUH ,QWURGXFWLRQ
&KDSLWUH
x
x
x
x
x
x
x
x
x
x
x
x
x
SDJH
'pILQLWLRQV/DVDJDGHV&HQWUHV
SDJH
5pVLVWDQFHV O·(DXHWO·$LU
SDJH
5pVLVWDQFHGHIURWWHPHQW
5pVLVWDQFHGXHjODYDJXH
5pVLVWDQFHGXHjODSUHVVLRQ
5pVLVWDQFHGXHjODJvWH
5pVLVWDQFHLQGXLWH
5pVLVWDQFHDMRXWpH
5pVLVWDQFH(GG\
UpVLVWDQFHGHO·DLU
1RWH
&KDSLWUH
x
x
x
x
x
x
SDJH
3ODQKRUL]RQWDO
3ODQODWpUDO
&RXSOHV
3ODQYpOLTXH
&9FHQWUHYpOLTXH
&&FHQWUHGHFDUqQH
&$'FHQWUHDQWLGpULYH
&*FHQWUHGHJUDYLWp
&3'FHQWUHGHGpULYH
&'7FHQWUHGHWUDvQpH
0PpWDFHQWUH
&RXUEHGHV$LUHV
&3FRHIILFLHQW3ULVPDWLTXH
&KDSLWUH
x
x
x
x
x
x
x
x
x
SDJH
/HVJUDSKLTXHVTXLFRPSWHQW
5pVLVWDQFHYHUV9U)Q
&RXUEHGHV$LUHV
&3YHUV95)QVLPSOH
&3YHUV9UHQYHORSSH
/&%&&HQORQJLWXGLQDO
5pVLVWDQFHYHUVIRUPHFDUqQH
SDJH
&KDSLWUHFRQWLQXH
x
x
5pVLVWDQFHYHUV9UHW&3
5pVLVWDQFHSRUWDQFHYRLOHPkW
&KDSLWUH
x
x
x
x
x
6WDELOLWp(TXLOLEUH9LWHVVH
/HVDSSHQGLFHV
SDJH
/HV9RLOHV
SDJH
/HVYRLOHVHWOHYHQW
/HVJUpHPHQWVYRLU5qJOHV-DXJH
&KDSLWUH /D&RTXH/HV9RLOHVOHV&HQWUDJHV
x
SDJH
'pULYH/HVWHW*RXYHUQDLO
*pQpUDO
/DGpULYH
/HVDIUDQ
/HVSURILOV
&KDSLWUH
x
x
SDJH
6WDELOLWpVWDWLTXH
6WDELOLWpWUDQVYHUVDOH
6WDELOLWpORQJLWXGLQDOH
9LWHVVH
&KDSLWUH
x
x
x
x
x
/H'pSODFHPHQWH[HPSOHGHFDOFXO
&DOFXOGpSODFHPHQWJpQpUDO
0pWKRGH7UDSp]RwGDOH
0pWKRGHGH6LPSVRQ
&DOFXO/&%&&
0pWKRGHVLPSOLILpHDXWHXU
&KDSLWUH
x
x
x
x
3DJH
/HVIRUPHV
5DSSRUWGpSODFHPHQWORQJXHXU
5DSSRUWODUJHXUSURIRQGHXU
5DSSRUWORQJXHXUODUJHXU
)RUPHVSODQIORWWDLVRQ
&KDSLWUH
x
x
x
x
x
/HV)RUPHV
$OOXUHVHWFHQWUDJHV
SDJH
$QQH[HV
SDJH
$QQH[H
([HPSOHGHSURMHWG·XQ&ODVVH0
SDJHV
$QQH[H
/·pFKHOOH%HDXIRUW
SDJH
$QQH[H
/HV)UpTXHQFHV5DGLR
SDJH
$QQH[H
$GUHVVHV8WLOHV YLD,17(51(7
SDJH
$QQH[H
2XWLOSRXUIDLUHOHVSLQFHVGHYRLOHVQRXYHDX
SDJH
$QQH[H
1RPHQFODWXUHG·XQYRLOLHU
SDJH
$QQH[H
1RXYHDX[IURQWVGHUHFKHUFKH
SDJH
x
x
x
x
x
1RWHVXUO·DXWHXU
SDJH
5HPHUFLHPHQWV
SDJH
%LEOLRJUDSKLH
SDJH
&KDSLWUH
,QWURGXFWLRQ
x
,QWURGXFWLRQ
'HVVLQHUXQ9RLOLHU5DGLRFRPPDQGpHVWXQHGHVDFWLYLWpVOHVSOXVHQWKRXVLDVPDQWHVTXHO·KRPPHSXLVVHDYRLUVXUWRXWV·LO
QHGRLWSDVGpSHQGUHGHoDSRXUYLYUH
&HWWHDFWLYLWpSHUPHWGHVDWLVIDLUHXQLQVWLQFWFUpDWLIHQPpODQJHDQWOHWDOHQWDUWLVWLTXHHWVFLHQWLILTXHGDQVOHVSURSRUWLRQV
TX·LODFKRLVLHV
(Q$UFKLWHFWXUH1DYDOHWRXVOHVSURMHWVGH9RLOLHUVGRLYHQWHQSULQFLSHUpSRQGUHjGHVH[LJHQFHVRXVSpFLILFDWLRQVV·LOV
YHXOHQWSDUWLFLSHUjGHVFRPSpWLWLRQV
/HVVSpFLILFDWLRQVSHXYHQWUpSRQGUHjGHV5qJOHVGH-DXJHRXSOXVVLPSOHPHQWDX[UpTXLVLWVGXIXWXUSURSULpWDLUH TXHOTXHIRLVVHVEHVRLQVQHSHUPHWWHQWSDVGHSURGXLUHXQEDWHDXSHUIRUPDQW&HODGHYLHQWXQGHVVRXFLVPDMHXUVG·XQ
$UFKLWHFWH1DYDO
+HXUHXVHPHQWOHFRQFHSWHXUG·XQPRGqOHGH9RLOLHU5DGLRFRPPDQGpLOHVWGpJDJpGHFHUWDLQHVFRQWUDLQWHVSDUUDSSRUWj
VRQFROOqJXHTXLGHVVLQHGHV9RLOLHUVJUDQGHXUQDWXUH,OQHGRLWSDVFRQVLGpUHUO·H[LVWHQFHG·XQpTXLSDJHLOQHGRLWSDV
QRQSOXVDVVXUHUOHVDWWLWXGHVPDULQHVGXEDWHDXGDQVGHVFRQGLWLRQVGHPHUGLIILFLOHVHWHQILQLOQ·DSDVjUHVSHFWHUGHV
EXGJHWVILQDQFLHUVLPSRUWDQWV
8QGHVDVSHFWVJrQDQWVGDQVOHTXHOXQFRQFHSWHXUSHXWrWUHLQGXLWHVWGHVXLYUHXQHFHUWDLQH0RGH
4XDQGXQEDWHDXSHUIRUPDQWDSSDUDvWVXUODVFqQHLO\DWHQGDQFHjUHSUHQGUHVHVFDUDFWpULVWLTXHVHWjOHVSRXVVHUYHUVGHV
H[WUrPHVTXLVRXYHQWUpVXOWHQWrWUHQpJDWLIV
3DUDGR[DOHPHQWRQQHV·DSHUoRLWSDVGHVHUUHXUVFRPPLVHVWDQWTX·XQDXWUHFRQFHSWHXUQ·DLWpYHQWXHOOHPHQWFKRLVLGH
SRXVVHUOHVFDUDFWpULVWLTXHVYHUVODGLUHFWLRQRSSRVpHHWFRPPHQFpjJDJQHUGHVUpJDWHV
/HFRQFHSWHXUDXUDWRXWLQWpUrWjVXLYUHOHVSURJUqVDFTXLVGHVDXWUHVQRXYHDX[SURMHWVPDLVLOQHIDXGUDSDVTX·LOVHODLVVH
LQIOXHQFHUSDUXQHIIHWGH0RGH
/HVORLVGHEDVHGHO·$UFKLWHFWXUH1DYDOHGDQVODGpWHUPLQDWLRQG·XQSURMHWVRQWOHVPrPHVTX·LOV·DJLVVHG·XQPRGqOHGH
WDLOOHUpGXLWHRXG·XQJUDQG<DFKWGHSOXVLHXUVPqWUHVGHORQJ
,OQ·\DSDVGHVLPLOLWXGHVHQWUHOHV<DFKWVGHFRXUVHHWOHVGpULYHXUVRXDXWUHVIRUPHVTX·LOVSODQHQWjKDXWHYLWHVVH
/HVERQQHVSHUIRUPDQFHVH[SULPpHVSDUXQPRGqOHQHSHXYHQWSDVVHUHSURGXLUHVXUXQEDWHDXGHJUDQGHXUQDWXUH,OHVW
DXVVLYUDLTX·XQJUDQG<DFKWSHUIRUPDQWVLUpGXLWjXQHSHWLWHpFKHOOHQHGRQQHUDSDVOHVPrPHVERQVUpVXOWDWVUHQFRQWUpV
SUpFpGHPPHQW
/HYHQWQHVHSOLHSDVDX[EHVRLQVGXFRQFHSWHXUG·XQPRGqOHGH9RLOLHU5DGLRFRPPDQGpHWSDUFRQVpTXHQFHOHPRGqOH
UpGXLWGHYUDV·DGDSWHUjXQYHQWTXLOXLVHUDjSOHLQHpFKHOOH
/·HDXQ·HVWSDVQRQSOXVjODPrPHpFKHOOHHWSDUFRQVpTXHQFHOHVPRGqOHVUpGXLWVGHYURQWVXELUOHVHIIHWVGHVPRXYHPHQWV
GHVYDJXHVHQJUDQGHXUQDWXUH
/HVPRGqOHVSHXYHQWUpJDWHUGDQVGHVFRQGLWLRQVGHYHQWVDVVH]IRUWVRXVRXYHQWOHVEDWHDX[JUDQGHXUQDWXUHV·DUUrWHQW
'DQVOHVFKDSLWUHVVXLYDQWVRQH[SOLTXHUDOHVGLIIpUHQWVDVSHFWVGHO·$UFKLWHFWXUHG·XQ<DFKWTXLVRQWOHVPrPHVTXHSRXU
XQPRGqOHUpGXLWGHYRLOLHU
2QGRLWFHSHQGDQWVHUDSSHOHUTXHF·HVWO·DPDOJDPHGHVGLIIpUHQWHVFRQVLGpUDWLRQVTXLYRQWFUpHUXQERQRXPRXYDLV
EDWHDXHWTXHOHFKDQJHPHQWG·XQSDUDPqWUHYDIRUFHPHQWLQIOXHQFHUG·DXWUHVFDUDFWpULVWLTXHV
6HXOOHFRQFHSWHXUGpFLGHUDVLSRXVVHUWHOOHRXWHOOHFDUDFWpULVWLTXHHQVDFKDQWTX·LOSD\HUDOHVFRQVpTXHQFHVVXUG·DXWUHV
/HFRQFHSWHXUGHYUDDYDQWWRXWGpFLGHUSRXUTXHOOHVFRQGLWLRQVGHWHPSVLOYRXGUDIDLUHQDYLJXHUVRQ9RLOLHU YHQWVIRUWV
YHQWIDLEOHVRXWRXWWHPSVDOOURXQG
$QRWHUTXHF·HVWSOXVIDFLOHGHGpYHORSSHUXQEDWHDXSRXUGHVFRQGLWLRQVH[WUrPHVTXHG·HQFRQFHYRLUXQSHUIRUPDQWSRXU
WRXWHVOHVFRQGLWLRQVGHWHPSV
)LJ
&HFLGLWLOHVWDXVVLGLIILFLOHGHFRQFHYRLUXQPRGqOHSRXUGHVFRQGLWLRQVGHYHQWOpJHU WRXWHVVRUWHV
G·DVWXFHVDUFKLWHFWXUDOHVVHURQWGpYHORSSpHVSRXUUpGXLUHODVXUIDFHPRXLOOpHRXODIULFWLRQGHODSHDXRXHQFRUHVRQSRLGV
,OHVWQDWXUHOGHSHQVHUTXHSRXUXQ¶PRWHXU·GRQQpOHVYRLOHVSOXVOHEDWHDX[VHUDOpJHUSOXVLOVHUDUDSLGH
8QSURMHWTXLDXUDIDLWGHVFRPSURPLVSDUUDSSRUWDX[FRQGLWLRQVDWPRVSKpULTXHV$OO5RXQGVHUDUDUHPHQWDX[
SUHPLqUHVSODFHVPDLVVHUDVRXYHQWELHQSODFpGDQVOHFODVVHPHQWJpQpUDO
/HFRQFHSWHXUGHPRGqOH5&DXUDOHFKRL[TXLWWHjUHFRPPHQFHUDYHFG·DXWUHVLGpHVXQOX[HTXHOHVDUFKLWHFWHVGHV
EDWHDX[JUDQGHXUQDWXUHQ·RQWSDV
'DQVPDSUpVHQWDWLRQMHIHUDLVXVDJHVDXWDQWTXHSRVVLEOHGHGHVVLQVHWJUDSKLTXHVTXLVHORQPDIDoRQGHYRLUUHPSODFHQW
VRXYHQWGHORQJVHWHQQX\HX[pFULWV
)LJ
6LJQLILFDWLRQGXGHVVLQGHVOLJQHVG·XQHFRTXH
/DUHSUpVHQWDWLRQGHODIRUPHG·XQHFRTXHGHEDWHDXSDUOHELDLVGXGHVVLQGHVOLJQHVHVWXQHGHVDFWLYLWpVSOXV
LPSRUWDQWHVGXGHVVLQDWHXU
'DQVWRXVOHVERQGHVVLQVFKDTXHOLJQHDVDVLJQLILFDWLRQHWODILJGpPRQWUHOHXUVLQWHUUHODWLRQV
/H3ODQ+RUL]RQWDOVHUWjPRQWUHUODIRUPHGHODFRTXHDX[GLIIpUHQWVQLYHDX[DXGHVVXVHWHQGHVVRXVGHODOLJQHGH
IORWWDLVRQ/)
/HVOLJQHVGHVVHFWLRQVYHUWLFDOHVORQJLWXGLQDOHVPRQWUHQWODIRUPHGHODFRTXHVXUOH3ODQ9HUWLFDOSDUDOOqOHjODOLJQH
FHQWUDOH
/HV6HFWLRQVIURQWDOHVDXVVLFRQQXHVFRPPH&RXSOHVPRQWUHQWODIRUPHGHODFRTXHYXHGHIDFH6RQWFHVIRUPHVTXL
GHPDQGHQWOHSOXVJUDQGHIIRUWSHQGDQWODGpILQLWLRQGXSURMHW
/D)LJHVWXQHYXHDUWLVWLTXHG·XQHPDTXHWWHGH9RLOLHU5DGLRFRPPDQGp
&KDSLWUH
'pILQLWLRQV
$UFKLWHFWXUH1DYDOHRXOD6DJDGHV&HQWUHV"
x
'pILQLWLRQV
$YDQWGHUHQWUHUGDQVOHVGpWDLOVGXGpYHORSSHPHQWG·XQ9RLOLHU5DGLRFRPPDQGpLO
HVWXWLOHGHGpILQLUOHVTXHOTXHVpOpPHQWVGHEDVHG·XQSURMHWGHEDWHDX
/HV0RGqOHVGH9RLOLHUV5DGLRFRPPDQGpVVRQWVRXPLVjGHV5qJOHVGH-DXJHVHORQOHXUFDWpJRULH/HVGLPHQVLRQVIRQW
SDUWLHGHV5qJOHV3OXVLHXUV&ODVVHVQDYLJXHQWHQ)UDQFH&ODVVH,20&ODVVH0&ODVVH5&ODVVH$&MXVWHSRXU
HQFLWHUTXHOTXHVXQHV
/HV%DWHDX[VRQWLGHQWLILpVSDUXQHVpULHGHGHVVLQV
2QGLVWLQJXHOHVTXDWUHYXHVSULQFLSDOHVFRPPHpWDQW
/D9XHGX3ODQ+RUL]RQWDOFHWWHYXHHVWODSUHPLqUHjrWUHGHVVLQpH(OOHGpILQLWODORQJXHXUGHODFRTXHODODUJHXU
PD[LPXPHWVDSRVLWLRQSDUUDSSRUWjODORQJXHXU)LJ
)LJ
/D9XHGX3ODQ/DWpUDO
6XUFHWWHYXHRQLQGLTXHUDODSRVLWLRQUHFKHUFKpHGHODOLJQHGHIORWWDLVRQGHODKDXWHXUGXIUDQFERUGGHODSURIRQGHXUGH
ODSDUWLHLPPHUJpHGHODSRVLWLRQORQJLWXGLQDOHLQLWLDOHGXPkWGHSRVLWLRQHVWLPpHGHODGpULYHHWODSRVLWLRQGX
JRXYHUQDLO)LJ
&HVGHX[3ODQVDYHFOH3ODQ9pOLTXHRQWXQHLPSRUWDQFHFDSLWDOHHWVRQWHQJUDQGHSDUWLHUHVSRQVDEOHVGXUpVXOWDWILQDO
/HVWDOHQWVDUWLVWLTXHVHWWHFKQLTXHVGX&RQFHSWHXUVHURQWH[SULPpVGDQVFHVGHVVLQVVDQVRXEOLHUpYLGHPHQWODIRUPHGHV
&RXSOHV
/H&RQFHSWHXUGHYUDIDLUHGpMjVRQFKRL[HQGpILQLVVDQWR€LOYHXWSRVLWLRQQHUOH0DvWUHEDX
,OHVWpYLGHQWTXHOHVFRXUEHVDYHFOHVHQWUpHVHWOHVVRUWLHVG·HDXVHURQWFKRLVLHVHQFRQVLGpUDQWOHVDVSHFWVK\GURG\QDPLTXHV
WHOTXHODFRXFKHOLPLWHHQWUHOHUpJLPHODPLQDLUHHWWXUEXOHQWHWOHVFRQVpTXHQFHVVXUODUpVLVWDQFHjO·DYDQFHPHQWTXLVHURQW
WUDLWpVSOXVWDUG)LJ
)LJ
1RWH
3RXUPLHX[VHIDPLOLDULVHUDYHFOHVORLVGHO·K\GURG\QDPLTXHHWGHO·DpURG\QDPLTXHMHFRQVHLOOHDXOHFWHXUGHFRQVXOWHUOHV
QRPEUHXVHVRHXYUHVpFULWHVSDUGHVVDYDQWVVFLHQWLILTXHVFRPPHSDUH[HPSOH&DUO0DUFKDM-XDQ%DDGHU3LHUUH*XWHOOH
'RXJODV3KLOOLSV%LUW+RZDUG&KDSHOOHHWHQFRUHG·DXWUHV
)LJ
/D9XH)URQWDOH&RXSOHV HVWUHSUpVHQWpHSDUOHV&RXSOHVVXSHUSRVpHVOHVXQHVDX[DXWUHVYRLU)LJVHXOHVOHV
GHPLFRXSOHVVRQWUHSUpVHQWpHV
/H3ODQ9pOLTXHVHUWjGpILQLUODIRUPHHWOHVGLPHQVLRQVGHV9RLOHV
2QWUDLWHUDGXSODQYpOLTXHSOXVHQGpWDLODX&KDSLWUH
/H&HQWUH9pOLTXH
&YHVWOH&HQWUHJpRPpWULTXHHWVWDWLTXH
FRPELQpGHVYRLOHVR€OHYHQWH[HUFHVDIRUFHGH
SRXVVpH&KDTXHYRLOHDFHSHQGDQWVRQSURSUH
&9TXLHVWGpWHUPLQpJUDSKLTXHPHQW
,OIDXWQRWHUFHSHQGDQWTXHOH&9G\QDPLTXH
DXUDWHQGDQFHjVHGpSODFHUYHUVO·DYDQW
SURSRUWLRQQHOOHPHQWjODIRUPHGHVYRLOHVVRXV
O·HIIHWGXYHQW/D)LJPRQWUHXQH[HPSOH
GH3ODQ9pOLTXHFHOXLG·XQ&ODVVH0GDQVGHV
FRQGLWLRQVVWDWLTXHV
)LJ
/H&HQWUHGH&DUqQH &&HVWOHFHQWUHRXWRXWHVOHVIRUFHVGHSRXVVpHGXOLTXLGHGpSODFpVRQWFRQFHQWUpHVVXUOD
SDUWLHLPPHUJpH
,PSRUWDQW/H&&HVWOHVHXO&HQWUHTXLQHFKDQJHSDVGHSRVLWLRQXQHIRLVODFDUqQHGHVVLQpH
/H&HQWUH$QWL'pULYH&$' FRUUHVSRQGDXSODQYHUWLFDOGHWRXWHVOHVVXUIDFHVODWpUDOHVLPPHUJpHVFRPPHOD
FRTXHODGpULYHOHOHVWHWOHJRXYHUQDLO&·HVWDXVVLOH3ODQTXLV·RSSRVHjODGpULYHGXEDWHDXHQQDYLJDWLRQ
/·LGHQWLILFDWLRQGXFRXSOH&9&$'HVWHVVHQWLHOOHSRXUREWHQLUODPDUFKHGXEDWHDX
/H&HQWUHGH*UDYLWp&*FHFLHVWOHSRLQWRXWRXVOHVSRLGVGXEDWHDXVRQWUpXQLV(WDQWODIRUPHGXEDWHDX
DVVH]V\PpWULTXHVXUOH3ODQ&HQWUDORQDVVXPHTXHOH&HQWUHGH&DUqQHHWOH&HQWUHGH*UDYLWpVRQWSODFpVVXUOHPrPH
3ODQORQJLWXGLQDO
/H&HQWUHGH'pULYH&'VLPLODLUHDX&HQWUH9pOLTXHOH&'HVWOHFHQWUHJpRPpWULTXHGX3ODQGH'pULYH
VRXYHQWDXVVLDSSHOp&3'
/H&HQWUHGH7UDvQpH&'75DUHPHQWHPSOR\pFHFLHVWOH&HQWUHRXWRXWHVOHVUpVLVWDQFHVVRQWLQWpJUpHV
DXWRXUGHODFDUqQH/HEDWHDXVHUD© WLUp ªVLOH&HQWUHYpOLTXHVHUDHQDYDQWGX&'7/HEDWHDXVHUDVWDEOHVXUVRQ
SDUFRXUV&HSHQGDQWOH&'7HVWGLIILFLOHjORFDOLVHUHWLOIDXGUDXWLOLVHUOH&$'SRXUFHQWUHUOHEDWHDX
/H0pWDFHQWUH0SRXUOHVpWXGHVGH6WDELOLWpRQFDOFXOHGHX[W\SHVGH0pWDFHQWUHVFHOXL7UDQVYHUVDOHWFHOXL
/RQJLWXGLQDO
&HVSDUDPqWUHVVRQWSHXXWLOLVpVHQPRGpOLVPHRXOHVDVSHFWVVpFXULWpVRQWPRLQVLPSRUWDQWVRXLQH[LVWDQWV
/DVWDELOLWpGHVPDTXHWWHVHVWHVVHQWLHOOHPHQWDVVXUpHSDUOHUDSSRUWLPSRUWDQWGX/HVWHWSDUODORQJXHXUGHOD'pULYH
6XUOHSODQFRQFHSWXHORQSHXGpILQLUTXHOHFHQWUH0HVWOHFHQWUHG·XQHFLUFRQIpUHQFHVXUODTXHOOHOH&HQWUHGH&DUqQH
&&VHGpSODFH2QPHVXUHODKDXWHXU0pWDFHQWULTXH
/HVFRQVpTXHQFHVGHPRXYDLVFDOFXOVVHWUDGXLURQWVRLWSDUXQFKDYLUDJHODWpUDOVRLWSDUXQHQIRXUQHPHQWORQJLWXGLQDO
&HGHUQLHUSKpQRPqQHHVWWUqVFRQQXHWUHGRXWpSDUOHVPRGpOLVWHV
)LJ
/D&RXUEHGHV$LUHV
6·LOHVWLPSRUWDQWSRXUOH&RQFHSWHXUGHFRQQDvWUHOHGpSODFHPHQWGHVRQEDWHDXLOGRLWDXVVLFRQVLGpUHUFRPPHQWOH
GpSODFHPHQWHVWGLVWULEXpOHORQJGHODFDUqQHHWGHODOLJQHGHIORWWDLVRQ,OSHXWFRQFHQWUHUXQHJUDQGHSDUWLHGXYROXPHYHUV
OHFHQWUHHWDYRLUGHVH[WUpPLWpVILQHVSRXUREWHQLUXQEDWHDXGHSHWLWWHPSVRXGLVWULEXHUOHYROXPHYHUVOHVH[WUpPLWpVSRXU
DYRLUGHVIRUPHVSOXVSOHLQHVSRXUIDYRULVHUOHVSHUIRUPDQFHVSRXUGHVFRQGLWLRQVGHWHPSVSOXVVpYqUHV
/D&RXUEHGHV$LUHVHVWXQGLDJUDPPHTX·RQQHSHXWSDVLJQRUHUHOOHUHSUpVHQWHODOLJQHGHIORWWDLVRQGLYLVpHHQGL[
SDUWLHVpJDOHVFKDFXQHFRUUHVSRQGDQWjODSRVLWLRQG·XQFRXSOH6XUFKDFXQHGHFHVSRVLWLRQVRQPDUTXHVXUOHSODQYHUWLFDO
ODYDOHXUGHODVXUIDFHLPPHUJpHGHFKDTXHFRXSOH
5pXQLVVDQWWRXVFHVUHSqUHVRQREWLHQWXQH&RXUEHGHV$LUHVVLPLODLUHjFHOOHGHODILJ
/DVRPPHGHVWRXWHVOHVVXUIDFHVLPPHUJpHVGHFKDTXHFRXSOHPXOWLSOLpSDUODORQJXHXUGHOD/LJQHGH)ORWWDLVRQGRQQHOD
YDOHXUGX'pSODFHPHQW
/D&RXUEHGHV$LUHVSHUPHWGRQFGHGpILQLUOHFDUDFWqUHGXEDWHDXPDLVHOOHVHUWDXVVLjFRPSDUHUGHVFDUqQHVGLIIpUHQWHV
2QUHWURXYHUDVRXYHQWFHJUDSKLTXHGDQVOHVSDJHVVXLYDQWHVSHUVRQQHOOHPHQWMHFRQVLGqUHFHWWHFRXUEHXQHVRUWHGH&DUWH
'·LGHQWLWpGXEDWHDX
)LJ
3RXUO·KLVWRLUHOD&RXUEHGHV$LUHV)LJIXWSHQGDQWORQJWHPSVGpILQLHFRPPHUpSRQGDQWjXQHFRXUEHGHIRUPH
VLQXVRwGDOHSRXUODSDUWLHDYDQWGXEDWHDXHWG·XQHIRUPHWURFKRwGDOHF\FORwGDOHSRXUODSDUWLHDUULqUH
/DVLQXVRwGHHVWODWUDMHFWRLUHG·XQPRXYHPHQWFRPSRVpG·XQPRXYHPHQWVLQXVRwGDOF·HVWjGLUHOHSURMHWpVXUXQHGURLWH
G·XQPRXYHPHQWFLUFXODLUHXQLIRUPHHWG·XQPRXYHPHQWGHWUDQVODWLRQXQLIRUPH
2QGpVLJQHSDUWURFKRwGHODFRXUEHGpFULWHSDUXQSRLQWOLpjXQFHUFOHGHUD\RQ5URXODQWVDQVJOLVVHUVXUXQHGURLWH'
/DWKpRULHTXLMXVWLILDLWFHWWHIRUPHIXWpODERUpSDU5XVVHOHQHWGpIHQGXHSOXVWDUGSDU&ROLQ$UFKHUSRXUIDEULTXHU
VHVEDWHDX[WUqVFRQQXV/HSURJUqVVFLHQWLILTXHPRQWUDSOXVWDUGTXHODWKpRULHGH5XVVHOpWDLWIDXVVH
/DQRWRULpWpGHVGpIHQVHXUVGHO·pSRTXHGpEXWGXVLqFOHGHUQLHUpWDLWWHOOHTXHSHQGDQWORQJWHPSVEHDXFRXSRQFUXjFHWWH
WKpRULHHWEHDXFRXSGHEDWHDX[IXUHQWFRQVWUXLWVXUFHWWHEDVH
)LJ
/H&RHIILFLHQW3ULVPDWLTXH&3
2QQHSHXWSDVSDUOHUGHOD&RXUEHGHV$LUHVVDQVSDUOHUGX&RHIILFLHQW3ULVPDWLTXH)LJ
/H&3HVWXQFRHIILFLHQWVDQVGLPHQVLRQVPDLVGpILQLWOHUDSSRUWHQWUHGHX[YROXPHVOHYROXPHLPPHUJpGHODFDUqQHHWOH
YROXPHpTXLYDOHQWG·XQSULVPHTXLDODPrPHORQJXHXUGHIORWWDLVRQHWFRPPHEDVHODVXUIDFHGXFRXSOHSULQFLSDOVHFWLRQ
PDvWUHVVH
7URSVRXYHQWFHFRHIILFLHQWHVWWUDLWpjWRUGFRPPHXQDERXWLVVHPHQWG·XQSURMHWWDQGLVTXHO·DXWHXUHVWFRQYDLQFXTXHOH
&3GHYUDLWrWUHGpILQLDXFRPPHQFHPHQWGHODFRQFHSWLRQSRXUFKRLVLUGDQVTXHOOHVFRQGLWLRQVGHWHPSVRQGpVLUHREWHQLU
OHVPHLOOHXUHVSHUIRUPDQFHV
&HWDUJXPHQWVHUDUHSULVSOXVWDUGDYHFO·pWXGHG·XQSURMHW
)LJ
&KDSLWUH
/HV5pVLVWDQFHV
x
/HV5pVLVWDQFHV
'DQVFHFKDSLWUHRQSUpVHQWHUDGLIIpUHQWHVIRUPHVGH5pVLVWDQFHjSHUWXUEHQWO·DYDQFHPHQWGXEDWHDX
/HVFDUDFWpULVWLTXHVGHO·HDXHWGHO·DLU
3RXUOHFRQFHSWHXUGHVEDWHDX[JUDQGHXUQDWXUHLOHVWWUqVLPSRUWDQWGHFRQQDvWUHFHUWDLQHVGHVFDUDFWpULVWLTXHVGHO·(DX
HWGHO·$LU
3RXUOHV0RGqOHVUDGLRFRPPDQGpVFHVSDUDPqWUHVVRQWELHQPRLQVFRQWUDLJQDQWVFHSHQGDQWLOHVWERQGHOHVPHQWLRQQHU
LFLHWGHWLUHUSURILWGHFHUWDLQHVFRQQDLVVDQFHV/HVFDUDFWpULVWLTXHVSOXVLPSRUWDQWHVVRQW
/DGHQVLWpȡHVW H[SULPpHSDU ODIRUPXOH
ȡ P9
P pWDQWODPDVVH
9 pWDQWOHYROXPH
/·XQLWpGHPHVXUHHVW.JP/DGHQVLWpGHO·(DXHVWSUHVTXHIRLVVXSpULHXUHjFHOOHGO·$LU
/H3RLGV6SpFLILTXH Ȗ 39 TXLHVWOHUDSSRUWHQWUHOHSRLGVG·XQFRUSVHWOHSRLGVGXYROXPHpTXLYDOHQWG·HDX
GLVWLOOpHjƒ&3RXULQIRUPDWLRQOHSRLGVVSpFLILTXHGHO·HDXVDOpHjƒ&HVWGHNJP
/D9LVFRVLWpȘHVWODJUDQGHXUSK\VLTXHTXLGpFULWODIULFWLRQLQWHUQHG·XQIOXLGHHWDXVVLODWHQGDQFHG·XQHFRXFKH
GHIOXLGHHQPRXYHPHQWjWUDvQHUOHVFRXFKHVDGMDFHQWHV/·XQLWpGHPHVXUHHVW1VPñ1HZWRQSDUVHFRQGHDXPñ
2QFRQVLGqUHTXHO·HDXGRXFHGLVWLOOpHDXQHGHQVLWpGH.JPjODWHPSpUDWXUHGHƒ&
/·HDXGRXFHQRQGLVWLOOpHjƒ&jXQHGHQVLWpGH.JP
/·HDXPR\HQQHPHQWVDOpHO·HDXGHPHUjXQHGHQVLWpGH.JP
/D YLVFRVLWp GH O·HDX GH PHU HVW DXVVL SOXV pOHYpH TXH FHOOH GH O·HDX GRXFH FHSHQGDQW j WHQGDQFH j GLPLQXHU DYHF OD
WHPSpUDWXUH/DYLVFRVLWpFLQpPDWLTXHȞHVWGRQQpHSDUODUHODWLRQ
Ȟ
Ș ȡ /HV PrPHV FDUDFWpULVWLTXHV YXHV SRXU O·(DX VRQW YDODEOHV SRXU O·$LU PrPH VL FHOOHVFL VRQW FDUDFWpULVpHV SDU XQH
YDULDELOLWpLPSRUWDQWHjFDXVHGHODWHPSpUDWXUHGHO·KXPLGLWpHWGHODSUHVVLRQ
/HXUVVSpFLILFLWpVUHVSHFWLYHVVRQW
ȡ Ș Ȟ 8QEDWHDXHQPRXYHPHQWGDQVXQOLTXLGHGLVVLSHXQHSDUWGHO·pQHUJLHYHQDQWGHVYRLOHVSRXUYDLQFUHODIRUFHGH
)URWWHPHQWGXHjODYLVFRVLWpGXIOXLGHHWFUpHUDLQVLGHVYDJXHVSRXUGpSODFHUFHOLTXLGH
6LRQWUDvQDLWXQEDWHDXDYHFXQHFRUGHpTXLSpHDXERXWG·XQHEDODQFHG\QDPRPpWULTXHRQPHVXUHUDLWXQH© UpVLVWDQFH
WRWDOH ªjO·DYDQFHPHQWjFHWWHYLWHVVHOj
6HORQOHVpWXGHVWUqVDSSURIRQGLHVPHQpHVSDUSOXVLHXUV6FLHQWLILTXHVHW/DERUDWRLUHVRQSHXWGpFRPSRVHUODUpVLVWDQFH
WRWDOHHQ
x
x
x
x
x
x
x
x
x
UpVLVWDQFHGHIURWWHPHQW
UpVLVWDQFHGXHjODYDJXH
UpVLVWDQFHGXHjODSUHVVLRQ
UpVLVWDQFHGXHjODJvWH
UpVLVWDQFHHQGXLWH
UpVLVWDQFHDMRXWpH
UpVLVWDQFH(GG\
UpVLVWDQFHGHO·DLU
!YRLUJUDSKLTXHGHOD)LJ
!YRLUJUDSKLTXHGHOD)LJ
jQRWHUFHSHQGDQWTXH
WRXWHVFHVUpVLVWDQFHVPLQHXUHVVRQWGLIILFLOHPHQW
TXDQWLILDEOHVDYHFSUpFLVLRQ
"
)LJ
x
5pVLVWDQFHGH)URWWHPHQW
/·HDXTXLV·pFRXOHOHORQJGHVERUGVGXEDWHDXVHPEOHV·pORLJQHUHQDOODQWYHUVODSRXSH8QILOPG·HDXWUqVILQGHTXHOTXHV
GL[LqPHVGHPLOOLPqWUHLQYLVLEOHjO·RHLOYR\DJHjODPrPHYLWHVVHTXHOHEDWHDXjFDXVHGHVRQDGKpUHQFHPROpFXODLUH/HV
FRXFKHVG·HDXSOXVpORLJQpHVJOLVVHQWOHVXQHVjF{WpGHVDXWUHVjGHVYLWHVVHVGHSOXVHQSOXVIDLEOHVSRXUGHYHQLUWRWDOHPHQW
LQVHQVLEOHVDXSDVVDJHGXEDWHDX
/·HQVHPEOHGHVFRXFKHVWUqVSURFKHVGHODVXUIDFHGXEDWHDXHVWDSSHOp&RXFKH/LPLWH)LJ
&·HVWELHQjO·LQWpULHXUGHFHWWHFRXFKHOLPLWHTXHVHGpYHORSSHQWOHVIRUFHVTXLJpQqUHQWODUpVLVWDQFHGHIURWWHPHQW
/DYLWHVVHGpYHORSSpHSDUOHV0RGqOHVUpGXLWVGHV9RLOLHUVHVWELHQVXSpULHXUHjFHOOHGpYHORSSpHSDUOHXUVJUDQGIUqUHV
'HVYLWHVVHVUHODWLYHV9UGHHWSOXVQHVRQWSDVUDUHVFHSHQGDQWHQSUDWLTXHODSOXSDUWGXWHPSVOHV0RGqOHV
QDYLJXHURQWjGHVYLWHVVHVELHQLQIpULHXUHVHQWUH9U HW9U /D5pVLVWDQFHGXHjOD)ULFWLRQHVWSUHVTXHGHOD5pVLVWDQFH7RWDOHj9U )LJ
6XUQRVPDTXHWWHVLQIpULHXUHVjPWYR\DJHDQWj9U ODFRXFKHOLPLWHHVWSUREDEOHPHQWWUqVILQHTX·RQSHXW
FRQVLGpUHUTXHOHUpJLPHWXUEXOHQWQ·HVWSDVPHVXUDEOHHWTXHOH)OX[VHUDHQWLqUHPHQWODPLQDLUH
/HIOX[ODPLQDLUHGpSHQGUDGRQFGHO·pWDWGHVXUIDFHTXLGHYUDrWUHH[WUrPHPHQWOLVVHGHODIDLEOHYLWHVVHHWGHODIRUPHGH
FDUqQHTXLDXUDXQHVXUIDFHPRXLOOpHFDUqQHSOXVDSSHQGLFHVODSOXVUpGXLWHSRVVLEOH
4XHOTXHVUXJRVLWpVjWLWUHLQGLFDWLI
*HOFRDWOXVWUp
3HLQWXUHDXSLVWROHW
3HLQWXUHDXSLQFHDX
7{OHURXLOOpH
&LPHQW
&DUqQHWUqVVDOH
x
PLFURQV
PLFURQV
PLFURQV
PLFURQV
PLFURQV
PLFURQV
5pVLVWDQFHGXHjODYDJXH
4XDQGOHEDWHDXDYDQFHLOGpSODFHXQHPDVVHG·HDXSRXUODLVVHUODSODFHDXEDWHDXOXLPrPH
&HWWHPDVVHVHUHIHUPHjSRXSHXQHIRLVOHEDWHDXSDVVp
2QGLVWLQJXHUDOHVYDJXHVGLYHUJHQWHVHWYDJXHVWUDQVYHUVDOHVGDQVOD)LJ
/DSURXHGXEDWHDXDJLWFRPPHXQFRLQTXLGpSODFHO·HDXYHUVO·DYDQWHWVXUOHVFRWpHVHQFUpDQWDLQVLGHVYDJXHVGLWHV
G·(WUDYH/DPDVVHG·HDXGpSODFpHJOLVVHOHORQJGHVSDURLVGXEDWHDXSRXUDOOHURFFXSHUOHYLGHTXHOHEDWHDXDODLVVpSDU
VRQSDVVDJH&HFRPSRUWHPHQWHVWVLPLODLUHDX[DLOHVG·DYLRQVPDLVDYHFOHEDWHDXOHIOXLGHDXQHGHQVLWpTXLHVWSUHVTXH
IRLVSOXVJUDQGH/HVSUHVVLRQVJpQpUpHVVH
PDQLIHVWHQWSDUGHVSHUWXUEDWLRQVDSSHOpHVYDJXHVHWWRXUELOORQV,OHVWpYLGHQWTXHOHEDWHDXGRLWFpGHUXQHJUDQGHTXDQWLWp
G·pQHUJLHTXLIHUDUDOHQWLUVDSURJUHVVLRQ
'DQVODSURJUHVVLRQGXEDWHDXRQQRWHUDLQLWLDOHPHQWXQHVpULHGHSHWLWHVYDJXHOHWWHVTXLFRXYULURQWWRXWHODORQJXHXUGH
IORWWDLVRQ$XJPHQWDQWODYLWHVVHGXEDWHDXOHVYDJXHVGHYLHQGURQWSOXVUDUHVHWSOXVSURIRQGHVMXVTX·DXSRLQWR€LO
UpVXOWHUDXQHVHXOHYDJXHHQWUHO·pWUDYHHWODSRXSHDYHFXQJUDQGFUHX[HQWUHOHVGHX[SRLQWV
$FHPRPHQWOjOHEDWHDXDXUDUHMRLQWVDYLWHVVHFULWLTXH9RLUGHVVLQSRXU9U /D9LWHVVH&ULWLTXHVHUDGRQQpHSDUODIRUPXOH
/) OLJQHGH)ORWWDLVRQ
)LJ
/D)LJPRQWUHOHUDSSRUWHQWUHOD9LWHVVH5HODWLYHGXEDWHDXHWODIRUPHGHVYDJXHVTXLVHIRUPHQWjVRQSDVVDJH/D
YLWHVVHjODTXHOOHOHEDWHDXIRUPHXQHYDJXHGHORQJXHXUpJDOHj/)HVWDSSHOpH
9LWHVVH&ULWLTXH
x
/D5pVLVWDQFHGHSUHVVLRQ
/DYLVFRVLWpGHO·HDXRXWUHjIDYRULVHUXQHUpVLVWDQFHGHIURWWHPHQWSURGXLWDXVVLXQHUpVLVWDQFHFDXVpHSDUOHVWXUEXOHQFHV
DXWRXUGHODFDUqQHHWGHVDSSHQGLFHV
6RXYHQWFHWWHUpVLVWDQFHHVWDSSHOpHDXVVL5pVLVWDQFHGH)RUPHRX7UDvQpHFODLUHPHQWYLVLEOHjSRXSHGXEDWHDXSDUOHV
WRXUELOORQVTX·HOOHJpQqUH&HSKpQRPqQHUpGXLWODSUHVVLRQVXUOHVSDURLVGHODSRXSHDXSRLQWTX·HOOHSHXWUHVWLWXHUVL
PDLQWHQXHXQHSDUWLHGHO·pQHUJLHDEVRUEpH
&HFLDpWpGpPRQWUpSDUOHGpYHORSSHPHQWGHFDUqQHVSODQDQWHVTXLH[SORLWHQWHQSDUWLHFHSKpQRPqQHXQHVRUWHGH
UpFXSpUDWLRQG·pQHUJLHLQLWLDOHPHQWSHUGXH
,OQHIDXWSDVRXEOLHUTXHO·pQHUJLHXWLOLVpHSDUOHEDWHDXSRXUDYDQFHUGDQVO·HDXHVWIRXUQLHHQWLqUHPHQWSDUOH9HQW
)LJ
x
5pVLVWDQFHGXHjODJvWHGXEDWHDX
4XDQGOHEDWHDXDYDQFHGDQVO·HDXVRXVODSUHVVLRQGXYHQWGDQVOHVYRLOHVLOV·LQFOLQHODWpUDOHPHQWRQGLWDXVVLTX·LOJvWH
'HX[QRXYHOOHVUpVLVWDQFHVVHPDQLIHVWHQW
XQHUpVLVWDQFHTXLHVWGXHjODJvWHTXLSURYRTXHODPRGLILFDWLRQGHODIRUPHGHODSDUWLHLPPHUJpHHWXQHUpVLVWDQFHGXHj
O·DYDQFHPHQWHQFUDEHGXEDWHDXTXLHQJHQGUHGHVWXUEXOHQFHVVXUOHVDSSHQGLFHV
/HGpSODFHPHQWQHFKDQJHSDV
&HW\SHGHUpVLVWDQFHQ·HVWSDVIDFLOHjPHVXUHUHWOHVWH[WHVVXUOHVXMHWVRQWVRXYHQWGLVFRUGDQWV
x
/D5pVLVWDQFHLQGXLWH
/DUpVLVWDQFHLQGXLWHHVWFHOOHSURGXLWHSDUOHVDSSHQGLFHVHQSDUWLFXOLHUFHOOHGHOD'pULYHHWGX6DIUDQ
6LOD'pULYHSURGXLWXQHSRUWDQFHTXLSHUPHWDXEDWHDXG·DYDQFHUHOOHSURGXLWDXVVLXQHUpVLVWDQFHFUpDQWGHPLQL
WRXUELOORQVVXUOHERUGGHVRUWLHjFDXVHGHVRQLQFLGHQFH/HVDIUDQDXVVLSURGXLWGHVUpVLVWDQFHVTXLV·RSSRVHQWj
O·DYDQFHPHQWTXDQGVDSRVLWLRQDQJXODLUHHVWGLIIpUHQWHjFHOOHGHO·D[HGXEDWHDX
/HVERQVUpJDWDQWVVHGLVWLQJXHQWSDUODPDvWULVHGXJRXYHUQDLOGDQVOHPDLQWLHQGHODURXWHGXEDWHDX
/HVPRGpOLVWHVTXLSLORWHQWOHXUV0RGqOHVQ·pFKDSSHQWSDVjFHWWHUqJOH
x
/D5pVLVWDQFHDMRXWpH
/·pWDWGHODPHUDYHFVHVYDJXHVFRQWULEXHjIUHLQHUODSURJUHVVLRQGXEDWHDX
'LIILFLOHPHQWXQEDWHDXYRLWVHXOHPHQWOHVYDJXHVTX·LOSURGXLWHQDYDQoDQWVXUXQHPHUSODWHHWFDOPHOHYHQWTXLIRXUQL
O·pQHUJLHDX[YRLOHVIRXUQLWDXVVLGHO·pQHUJLHjODVXUIDFHGHO·HDXTXLSURGXLWVHVSURSUHVYDJXHV
x
5pVLVWDQFH(GG\
2QSDUOHWUqVSHXGHFHWWHUpVLVWDQFHHOOHHVWSRXUWDQWWUqVVRXYHQWSUpVHQWHHWSDUWLFXOLqUHPHQWJrQDQWHHQPRGpOLVPH(OOH
HVWGXHHVVHQWLHOOHPHQWDX[DVSpULWpVUHQFRQWUpHVVXUODVXUIDFHGHODFRTXH'HOjWRXWO·LQWpUrWGHYpULILHUODSURSUHWpGHV
VXUIDFHVHWO·DEVHQFHG·pYHQWXHOVDQJOHVYLIV2QVRLJQHUDOHVMRQFWLRQVGHODGpULYHHWGXVDIUDQVXUODFRTXH
x
5pVLVWDQFHGHO·DLU
(QPRGpOLVPHFHWWHUpVLVWDQFHHVWLJQRUpHSDUFHTXHRQDVVXPHTXHOHYHQWDPRLQVG·LPSDFWDXUDVGHO·HDXVXUOHVERUGV
G·XQHFRTXHTXLUDUHPHQWGpSDVVHOHVRXFP
$\DQWGpFULWOHVGLIIpUHQWHVIRUPHVGHUpVLVWDQFHRQVHOLPLWHUDGRQFSRXUOHVEHVRLQVG·XQSURMHWjFRQVLGpUHU
OHV GHX[ SULQFLSDOHV VHXOHPHQW OD 5pVLVWDQFH GXH DX )URWWHPHQW HW OD 5pVLVWDQFH GXH j OD 9DJXH &KDSLWUH)LJ
1RWH
2QSRXUUDLWpODUJLUOHVXMHWHWUHPSOLUEHDXFRXSGHSDJHVPDLVFRPPHGpMjGLWLO\DSOXVLHXUVRHXYUHVVXUOHVXMHWGpGLp
DX[EDWHDX[JUDQGHXUQDWXUH
-HQHILQLUDLVSDVFHWDUJXPHQWVDQVPHQWLRQQHU:LOOLDP)URXGH LQJpQLHXUQDYDODQJODLV,OIXWOH
SUHPLHUjFRQVWUXLUHXQ%DVVLQGH&DUqQHV%HDXFRXSG·pWXGHVOXLDSSDUWLHQQHQW'DQVOHVUHODWLRQVFRPSOH[HVH[LVWDQWHV
HQWUHO·HDXOHVUpVLVWDQFHV
HWOHVYLWHVVHVRQLQGLTXHOH
1RPEUHGH)URXGH)Q
TXLHVWGRQQpSDUODIRUPXOH
,O\DDQDORJLHHQWUH/H1RPEUHGH)URXGHHWOH1RPEUHGH5H\QROGVFHGHUQLHUSHUPHWGHFDOFXOHUOHV
UpVLVWDQFHVGXHVjODIULFWLRQWDQGLVTXHOH1RPEUHGH)URXGHSHUPHWGHFDOFXOHUOHVUpVLVWDQFHVGXHVjODYDJXH
'DQVFHVDQDO\VHVOHSDUDPqWUHYLWHVVHLQWHUYLHQWFRQVWDPPHQWHWRQGpILQLWDORUVOD9LWHVVH5HODWLYH
%HDXFRXSGHJUDSKLTXHVXWLOLVHURQWODGRXEOHpFKHOOHFHOOHGH)QHWFHOOHGH9U
x
5HPDUTXH
1RPEUHGH5H\QROGV
9RORQWDLUHPHQWQRQWUDLWpGDQVFHWWHRHXYUHSRXUpYLWHUG·DORXUGLUODFRPSUpKHQVLRQGHODPDWLqUH-HFRQVHLOOHDX[
SDVVLRQQpVGpVLUHX[G·DSSURIRQGLUOHVXMHWGHFRQVXOWHUGHVRHXYUHVVSpFLDOLVpHVGDQVOHGRPDLQH
&KDSLWUH
/HV*UDSKLTXHV
x
/HV*UDSKLTXHVTXLFRPSWHQW
-HSUpVHQWHLFLXQHVpULHGHJUDSKLTXHVH[WUDLWGHODELEOLRJUDSKLHHWTXLSHXYHQWDLGHUOHFRQFHSWHXUjVHIDLUHXQHLGpHSRXU
VRQSURMHW
x
x
5pVLVWDQFH7RWDOH
SURFKHG·XQH9U GHODUpVLVWDQFHWRWDOHHVWGRQQpHSDUODVRPPHGHVGHX[UpVLVWDQFHVSULQFLSDOHVGpMjGpFULWHV
jSDJH
)LJ
x
/D&RXUEHGHV$LUHV
)LJ
x
/H&RHIILFLHQW3ULVPDWLTXH
)LJ
$QRWHUOD]RQH-DXQHH[SORLWDEOHVSRXUOH0RGqOHVUpGXLWV
x
&RHIILFLHQW3ULVPDWLTXHG·DSUqV'HVLJQRI6DLOLQJ<DFKWVGH3*XWHOOH
)LJ
x
/H/&%
3RVLWLRQUHFXOpHGX&HQWUH&DUqQH&&G·DSUqVOHVHVVDLVGH'HOIW
SDUUDSSRUWDXFRXSOHQƒTXLHVWJpQpUDOHPHQWOHFHQWUHGHOD/LJQHGH)ORWWDLVRQDXVVLDSSHOp0LOLHXGH)ORWWDLVRQ
0)/·DLUHHQMDXQHGHOD)LJHVWH[SORLWDEOHSDUOHV0RGqOHV5pGXLWV
)LJ
x
5pVLVWDQFHSDUUDSSRUWjODIRUPHGH&DUqQH
)LJ
x
5HODWLRQHQWUH5pVLVWDQFHHW&3SRXUGLIIpUHQW9U)Q
)LJ
x
(IIHWVSHUYHUVGX0kWVXUOD3RUWDQFH
)LJ
&KDSLWUH
/HV)RUPHV
x
/HVIRUPHV
$X&KDSLWUHM·DLLQWURGXLWODGHVFULSWLRQGHVQRPEUHXVHVIRUPHVGHUpVLVWDQFHVTXLDJLVVHQWQpJDWLYHPHQWVXUODPDUFKH
G·XQEDWHDX
'HWRXWHVFHVUpVLVWDQFHVVHXOHFHOOHGXHDX)URWWHPHQWSHXWrWUHFDOFXOpHWKpRULTXHPHQW/HVDXWUHVGRLYHQWIDLUHODSOXV
SDUWGXWHPSVO·REMHWG·HVVDLVVXUPDTXHWWHVSRXUpYDOXHUOHXULPSRUWDQFH
/D5pVLVWDQFH7RWDOHHVWIDFLOHPHQWPHVXUDEOHGDQVGHVEDVVLQVjO·DLGHGH'\QDPRPqWUHV
/H&RQFHSWHXUGHYUDGpILQLUODIRUPHGXEDWHDXHQHVVD\DQWGHOLPLWHUOHVHIIHWVSHUYHUVGHVUpVLVWDQFHV
3RXUFHODLOQ·\DSDVGHUqJOHVELHQpWDEOLHVVHXOHVRQH[SpULHQFHHWFHOOHVGHVDXWUHVSRXUURQWO·DLGHUGDQVVRQFKRL[
'HVpWXGHVRQWFHSHQGDQWSHUPLVGHGpILQLUFHUWDLQVSDUDPqWUHVRXLQGLFHVTXDQWLWDWLIVDSSOLFDEOHVDX[SURMHWVGHEDWHDX[
JUDQGHXUQDWXUH
9RLFLTXHOTXHVpOpPHQWVTXLDLGHURQWOH&RQFHSWHXUGHPRGqOHVGHYRLOLHUVjUpIOpFKLUVXUFHUWDLQVDVSHFWVGDQVODSKDVHGH
GpILQLWLRQGHVRQSURMHW
OH5DSSRUW'pSODFHPHQW/RQJXHXU
OH5DSSRUW/DUJHXU3URIRQGHXU
OH5DSSRUW/RQJXHXU/DUJHXU
x
5DSSRUW'pSODFHPHQW/RQJXHXU
,O\DSOXVLHXUVLQGLFHVSRXUGpILQLUFHSDUDPqWUHSRXUXQ'pSODFHPHQW/pJHU
'pSODFHPHQW5HODWLITXLHVWGRQQpSDUODIRUPXOH'[/)ñ
&ULWqUHXWLOLVpSRXUOHVEDWHDX[JUDQGHXUQDWXUH
,OYDULHHQWUHHW
&RHIILFLHQWGH)LQHVVHTXLHVWGRQQpSDUODIRUPXOH'/)ñ
,OYDULHHQWUHHW
&RHIILFLHQW9ROXPpWULTXHTXLHVWGRQQpSDUODIRUPXOH
,OYDULHHQWUHHW!
5DSSRUW/DUJHXU3URIRQGHXU
)LJ
(QHIIHWLOV·DJLWGHGpILQLUGHX[¶LQGLFHV·XQTXLHVWOHUDSSRUWHQWUHOD/DUJHXUGHODVHFWLRQ0DvWUHVVHHWVD3URIRQGHXUHW
O·DXWUHTXLHVWOH&RHIILFLHQW&0XQHVRUWHGHFRHIILFLHQWGHUHPSOLVVDJH
9RLFLFHTXLDFWXHOOHPHQWHVWSULVHQFRQVLGpUDWLRQSRXUGHVSURMHWVGHYRLOLHUVJUDQGHXUQDWXUH
x
x
O·LQGLFHHVWGRQQpVLPSOHPHQWSDUOHUDSSRUW%7
OHFRHIILFLHQW&0 6XUIDFH,PPHUJpH6HFWLRQ0DvWUHVVH%[7
'HSXLVTXHOTXHVDQQpHVFHVLQGLFHVHWFRHIILFLHQWVRQWWHQGDQFHjDXJPHQWHUHWLOVVRQWSDVVpVUHVSHFWLYHPHQWGHHW
jHW
$QRWHUTX·XQUDSSRUW%7GHGRQQHUDXQEDWHDXDYHFXQHERQQH6WDELOLWpGH)RUPHLQLWLDOHPDLVLODXUDDXVVLXQH
UpVLVWDQFHjO·DYDQFHPHQWSOXVpOHYpHjFDXVHGHOD5pVLVWDQFHGH)ULFWLRQTXLHVWGLUHFWHPHQWSURSRUWLRQQHOOHjOD6XUIDFH
PRXLOOpH
,OHVWpYLGHQWTX·XQHIRUPHDSSDUHQWpHjXQFHUFOHVHUDSOXVIDYRUDEOHVDVXUIDFHPRXLOOpHpWDQWSURSRUWLRQQHOOHPHQWSOXV
IDLEOHPDLVLO\DXUDODQpFHVVLWpGHGHVFHQGUHOH/HVWSRXUFRPSHQVHUOHPDQTXHpYHQWXHOGH6WDELOLWp
8Q5DSSRUW%7LQIpULHXUjSURPHWGHVPHLOOHXUHVSHUIRUPDQFHVSRXUQRVPRGqOHVGpILQLV¶$OOURXQG·RX¶WRXW
WHPSV·
3DUH[HPSOHXQPRGqOHGHFRTXHD\DQWXQHODUJHXU%GHPPDXUDXQHSURIRQGHXU7GHPP
&HFLGLWLOIDXGUDIDLUHDWWHQWLRQjQHSDVH[DJpUHUDYHFXQHSURIRQGHXUWURSLPSRUWDQWHFDU
ODUpVLVWDQFHGXHjODYDJXHULVTXHG·DXJPHQWHUUDSLGHPHQWYRLU)LJDXFKDSLWUH
x
5DSSRUW/RQJXHXU/DUJHXU
)LJ
&HUDSSRUWHVWDXVVLVLPSOHPHQWLGHQWLILpSDU/)%/RQJXHXU)ORWWDLVRQ/DUJHXU
/D5pVLVWDQFHGXHjOD9DJXHGpSHQGHVVHQWLHOOHPHQWGHODIRUPHGX3ODQGH)ORWWDLVRQLOOXVWUpGDQVOD)LJ
/HVSHUIRUPDQFHVGXEDWHDXGpSHQGHQWGRQFGHFH5DSSRUWPDLVDXVVLGHVDQJOHVG·HQWUpHVHWGHVRUWLHVGHVOLJQHVG·HDX
+LVWRULTXHPHQWW\SHVGHIRUPHVRQWpWpGpYHORSSpVGDQVOHWHPSVSRXUOHV<DFKWVJUDQGHXUQDWXUH
&HVIRUPHVVRQWDXVVLYDODEOHVSRXUOHVPRGqOHVjpFKHOOHUpGXLWH
/DFDUDFWpULVWLTXHSULQFLSDOHFRQFHUQHODSRVLWLRQGHVYROXPHVOHORQJGHODOLJQHGH)ORWWDLVRQ/)
/HSUHPLHUH[HPSOHFRQFHUQHOHW\SHTXLDXQHHQWUpHDVVH]ODUJHHWXQHVRUWLHUHODWLYHPHQWILQH&HW\SHGHEDWHDX© WrWHGH
PRUXH ªHQDQJODLV© &RG·V+HDG ªIXWUHSUpVHQWpGDQVOHVDQQpHVSDVVpHVSDUOHVUpDOLVDWLRQVGH&ROLQ$UFKHUYRLU)LJ
$O·LQYHUVHRQDUHQGXSOXVILQHVOHVHQWUpHVHWpODUJLOHVVRUWLHVOHV$QJODLVGpILQLVVHQWFHWWHIRUPHFRPPH© :HGJH ª
(QILQODWURLVLqPHpYROXWLRQHVWFHOOHTXLFRQVLVWHjIDLUHGHVHQWUpHVHWVRUWLHVVLPLODLUHVFHVFDUqQHVVRQWGLWHV
© 6\PpWULTXHV ª
/HVYROXPHVVRQWGLVWULEXpVHQWUHO·pWUDYHHWODSRXSHG·XQHIDoRQpTXLOLEUpH
'HVHVVDLVVXUPDTXHWWHRQWPRQWUpOHVERQQHVSHUIRUPDQFHVGHFHWWHGHUQLqUHIRUPHGHIDoRQFRPSDUDWLYHDYHFOHV
SUpFpGHQWHVYRLUOD)LJ
/HVYROXPHVVRQWGLVWULEXpVHQWUHO·pWUDYHHWODSRXSHG·XQHIDoRQpTXLOLEUpH
2QQRWHUDDXVVLGDQVOD)LJTXHSRXUGHV9LWHVVHV5HODWLYHV9UGHjODIRUPHGLWH
© :HGJH ªHVWPHLOOHXUHTXHOHVGHX[DXWUHVGHX[SDUFRQWUHSRXUGHV9UVXSpULHXUHVjODIRUPH6\PpWULTXH
UHGHYLHQWSOXVSHUIRUPDQWH
/DIRUPHj© 7rWHGHPRUXH ªRX&RG·V+HDGRXHQFRUHGH&ROLQ$UFKHUHVWODPRLQVSHUIRUPDQWHGHWRXWHVVDXIjWUqV
EDVVHYLWHVVHDYHFGH9U
)LJ
x
/HV)RUPHVGHVSODQVGH)ORWWDLVRQVHWOHXULPSDFWVXUOD&RXUEHGHV$LUHV)LJ
)LJ
$QRWHUTXHODKDXWHXUGHVFHVFRXUEHVGpSHQGGXGpSODFHPHQWGXEDWHDX(QREVHUYDQWOHJUDSKLTXHRQSRXUUDLWGLUH
TXHODFRXUEHHQYHUWTXLUHSUpVHQWHXQHFDUqQHG·DOOXUHV\PpWULTXHHVWFHOOHTXLDXUDLWDXVVLOHGpSODFHPHQWSOXV
LPSRUWDQW&HWWHUHPDUTXHLQGLTXHDXVVLTXHOD&RXUEHGHV$LUHVSHXWrWUHXWLOLVpHFRPPHpOpPHQWGHFRPSDUDLVRQHQWUH
SOXVLHXUVFDUqQHV
&HVFRXUEHVUHSUpVHQWHQWODGLVWULEXWLRQGHVYROXPHV/DFRXUEHHQURXJHPRQWUHELHQTXHFHWWHFDUqQHDXQHGLVWULEXWLRQ
GHVYROXPHVGpFDOpHYHUVO·pWUDYHWDQGLVTXHODFRXUEHHQEOHXLQGLTXHXQGpSODFHPHQWGHVYROXPHVYHUVODSRXSH
/DIRUPHGHODFRXUEHHQEOHXHVWODFRQVpTXHQFHGHVpWXGHVGHUpSDUWLWLRQGHVYROXPHVTXLGRLYHQWSHUPHWWUHGHVXSSRUWHU
OHVSRLGVGXPRWHXUHWGHO·pTXLSDJHTXLJpQpUDOHPHQWVRQWSRVLWLRQQpVYHUVO·DUULqUHGXEDWHDXODSDUWLHPLHX[SURWpJpH
6XUQRVPDTXHWWHVOHSUREOqPHGXPRWHXUHWGHO·pTXLSDJHQ·HVWSDVSUpVHQWFHSHQGDQWGDQVO·pWXGHGHFDUqQHLOIDXGUD
GpFLGHURSODFHUOHVPDVVHVUHSUpVHQWpHVSDUODEDWWHULHHWOHWUHXLOTXLVRQWOHVpOpPHQWVOHVSOXVORXUGV
7RXWFHQWUDOLVHUDXWRXUGX&&HVWSUREDEOHPHQWOHSOXVVLPSOH
3HQGDQWODSKDVHGHFHQWUDJHRQDXUDODSRVVLELOLWpGHGpSODFHUVXUOHSODQORQJLWXGLQDOFHVpOpPHQWVOHSOXVIDFLOHpWDQWOH
GpSODFHPHQWGHODEDWWHULH
&KDSLWUH
/H'pSODFHPHQW
x
/H'pSODFHPHQW
6LO·RQPHWWDLWXQPRGqOHGHEDWHDXGDQVXQHYDVTXHSUpDODEOHPHQWUHPSOLHG·HDXjUDVERUGHWTXHHQVXLWHRQSORQJHDLW
ODFRTXHMXVTX·jVDODOLJQHGHIORWWDLVRQRQQRWHUDLWTXHO·HDXGHODYDVTXHGpERUGHUDLW,O\DXUDLWXQ© GpSODFHPHQW©
G·HDX
/DORLIRQGDPHQWDOHG·$UFKLPqGHGLWTXHOHSRLGVGHO·HDXGpSODFpHHVWH[DFWHPHQWpTXLYDOHQWDXSRLGVGXYROXPHG·HDX
GpSODFpSDUODFDUqQHGXEDWHDX
(QDMRXWDQWHQFRUHGXSRLGVGDQVODFRTXHOHPRGqOHV·HQIRQFHUDLWGHSOXVHQSOXVHWILQLUDLWSDUFRXOHUDXIRQGGHOD
YDVTXH
+HXUHXVHPHQWFHODQ·DUULYHSDVVRXYHQWFHSHQGDQWLOQ·HVWSDVUDUHGHFRQVWDWHUTXHOHEDWHDXXQHIRLVPLVjO·HDXQH
IORWWHSDVVHORQVRQSODQGHIORWWDLVRQ
/HVGpFLVLRQVOHVSOXVLPSRUWDQWHVTXHOHFRQFHSWHXUGRLWSUHQGUHFRQFHUQHQWOHFKRL[GHODORQJXHXUGHODOLJQHGHIORWWDLVRQ
HWOHGpSODFHPHQWTXHODFRTXHGRLWSURGXLUH
6LOHVFDOFXOVPRQWUHQWTXHOH'pSODFHPHQWHVWGLIIqUHQWGHFHOXLUHFKHUFKpOHFRQFHSWHXUGHYUDUHIDLUHGHVVLQVHWFDOFXOV
/HVFDOFXOVGX'pSODFHPHQWVRQWODVHXOHSDUWLHGHPDWKpPDWLTXHTXHOHFRQFHSWHXUGHPRGqOHUpGXLWGRLWDVVXPHULOVQH
VRQWSDVFRPSOLTXpVPrPHDVVH]IDFLOHVjFRQGLWLRQGHUHVSHFWHUODPpWKRGH
3OXVLHXUVPpWKRGHVVRQWGLVSRQLEOHVOHVSOXVFRXUDQWHVVRQW
x
x
x
OD5qJOHGH6LPSVRQ
OD5qJOH7UDSp]RwGDOH
,O\DDXVVLXQHPpWKRGHVLPSOLILpHXWLOLVpHHWGpFULWHSDUO·DXWHXU
-XVWHGHX[ UHPDUTXHV
x
j'pSODFHPHQWpJDO
x
x
SOXVODFRTXHVHUDSURIRQGHSOXV
HOOHFUpHUDGHVYDJXHVLPSRUWDQWHV
x
x
SOXVOHEDWHDXVHUDORXUGSOXVLO
GpSODFHUDG·HDXHWHQSUHQDQWGHOD
YLWHVVHLOFUpHUDGHVYDJXHVSOXV
SURIRQGHVTXLFRQWULEXHURQWjOD
UpVLVWDQFHWRWDOHjO·DYDQFHPHQW
)
LJ
x
&DOFXOGX'pSODFHPHQW
/HGpSODFHPHQWHVWGRQQpSDUOHYROXPHGHODSDUWLHLPPHUJpHGXEDWHDXOD/LJQHGH)ORWWDLVRQPDUTXDQWODOLPLWHKDXWH
GHFHYROXPH/DSRVLWLRQYHUWLFDOHGHOD/LJQHGH)ORWWDLVRQHVWLQLWLDOHPHQWGpILQLHSDUOHFRQFHSWHXUDXPRPHQWGX
GHVVLQVLQpFHVVDLUHHOOHSRXUUDrWUHGpSODFpHVHORQOHUpVXOWDWGHVFDOFXOVGXGpSODFHPHQW
/HFRQFHSWHXUGpILQLWOHVIRUPHVTX·LOYHXWGRQQHUDXEDWHDXHQGHVVLQDQWODYXHGHGHVVXVHWODYXHGHFRWpRLOIL[HUD
SURYLVRLUHPHQWOD/LJQHGH)ORWWDLVRQ/),OGHVVLQHUDDXVVLODYXHIURQWDOHGXFRXSOHSULQFLSDODSSHOpH0DvWUHFRXSOH
/DOLJQH/)HVWGLYLVpHHQSDUWLHVpJDOHVTXLIRXUQLURQWVHFWLRQVDSSHOpHVFRXSOHV
)LJ
'DQVOHVH[HPSOHVGHFDOFXOTXLYRQWVXLYUHOD/LJQHGH)ORWWDLVRQ/)HVWGHFPHWSDUFRQVpTXHQFHODGLVWDQFHG
HQWUHOHVFRXSOHVHVWGHFP
9RLFLGDQVOD)LJXQH[HPSOHGHFDOFXOGHODVXUIDFHG·XQFRXSOH
)LJ
2QDSSOLTXHODPpWKRGHGHFDOFXOGHOD)LJjWRXVOHVFRXSOHVQXPpURWpVGHjHWSDUODUqJOHGLWH
7UDSp]RwGDOH2QFDOFXOHOHGpSODFHPHQWGXEDWHDXGHODIDoRQVXLYDQWH
óFRXSOH
VXUIDFHHQFPñ
IDFWHXUPXOWLSOLFDWLI
WRWDO
FPñ
[ FPñ
[ FP
G FPGLVWDQFHHQWUHFRXSOHVHQFP)LJ
FPHVWOHGpSODFHPHQWGXEDWHDXIDFLOHQ·HVWFHSDV
3DUODPpWKRGHGLWHGH6LPSVRQRQRSqUHGHFHWWHIDoRQHQUHSUHQDQWOHVPrPHVYDOHXUV
óFRXSOH
VXUIDFHHQFPñ
IDFWHXUPXOWLSOLFDWLI
WRWDO
FPñ
FPñ[ FPñ
[ FP
/DGLIIpUHQFHHQWUHOHVGHX[PpWKRGHVHVWGHJUFHODFRUUHVSRQGjPRLQVGHGXSRLGVWRWDO
&HFLUHVWHHQOLJQHDYHFODSUpFLVLRQGXWUDoDJHIDLWVXUXQHWDEOHjGHVVLQVRXPrPHSDUXQSURJUDPPHLQIRUPDWLTXH
$YHFODPpWKRGH7UDSp]RwGDOHRQSHXWDXVVLFDOFXOHUODSRVLWLRQGX&HQWUHGH&DUqQH &&
óFRXSOH
VXUIDFHHQFPñ
PRPHQWPXOWLSOLFDWHXU
VRPPHGHVPRPHQWV
FPñ
[ VXUI FP
/H&&VHWURXYHGRQFjFP HQDUULqUH jSDUWLUGXFRXSOHQƒ
8QHGRQQpHVXSSOpPHQWDLUHIRXUQLHSDUOHVFDOFXOVHVWOHIDFWHXU/&%HQWHOTXHGpILQLGDQVOD
)LJ,OV·DJLWGHPHVXUHUODGLVWDQFHHQSRXUFHQWDJHGHODSRVLWLRQGX&&SDUUDSSRUWDXPLOLHXGHOD/)TXLHVW
UHSUpVHQWpSDUOHFRXSOHQƒ
(QPXOWLSOLDQWVLPSOHPHQWODGLVWDQFHHQWUHFRXSOHVSDUOHQRPEUHRQWURXYH
[ FP
/H&&pWDQWSRVLWLRQQpjFPRQWURXYHSDUODGLIIpUHQFHGHFHVGHX[WHUPHVXQHYDOHXU
GHFPTXLFRUUHVSRQGHQSRXUFHQWDJHj
[ 'RQF/&%HVWGH
&HWWHYDOHXUVHUDSULVHHQFRPSWHGDQVQRWUHH[HPSOHGXGpYHORSSHPHQWG·XQ9RLOLHU$QQH[H
(QUpVXPpGDQVO·H[HPSOHGpFULWDYHFXQH/)GHFPW\SLTXHG·XQ&ODVVH0OH'pSODFHPHQW
FDOFXOpVHWURXYHHQWUHFPHWFPVHORQODPpWKRGHXWLOLVpH/H&HQWUHGH&DUqQH&&
HVWSRVLWLRQQpFPHQDUULqUHGXFRXSOHRXFPHQDUULqUHGXFRXSOHHWHQILQOH/&%HVW
jGH/)SDUUDSSRUWDXFRXSOH
,OUHVWHHQFRUHXQHPpWKRGHFHOOHFRXUDPPHQWXWLOLVpHSDUO·DXWHXUTXLFRQVLVWHjSUHQGUHGHVUDFFRXUFLV
2QUHSUHQGOHJUDSKLTXHGHOD)LJSRXUOHFDOFXOGHODVXUIDFH
)LJ
2QQRWHUDTXHODVRPPHGHVORQJXHXUVGHVPHVXUHVHQWUHO·D[HFHQWUDOHWODFRXUEHHVWpJDOHj
FPHQVXLWHFHWWHORQJXHXUHVWPXOWLSOLpHSDUjFDXVHGHVGHX[óVHFWLRQVHWGLYLVpHSDUjFDXVHGH
O·pFKDQWLOORQQDJHWRXVOHVFP'RQFHQGpILQLWLYHPXOWLSOLHUSDUDYDQWHWPXOWLSOLHUSDUHQVXLWHGHYLHQWLQXWLOH
/DVRPPHGHFPUHSUpVHQWHDXVVLODVXUIDFHGHFPñPDUTXpHQURXJHGDQVOD)LJ
&KDSLWUH
6WDELOLWp²(TXLOLEUH9LWHVVH
x
6WDELOLWp(TXLOLEUHV9LWHVVH
x
6WDELOLWp6WDWLTXH)LJ
/DIRUFHGHJUDYLWp3HVWGXHDXSRLGVFHQWUpVXUOHFHQWUHGHJUDYLWp&*HWODIRUFHGHVXVWHQWDWLRQ%FHQWUpHVXUOHFHQWUH
GH&DUqQH&&VRQWHQpTXLOLEUHVXUOHVGHX[3ODQV/RQJLWXGLQDOHW7UDQVYHUVDO
)LJ
x
6WDELOLWpWUDQVYHUVDOH)LJ
/HEDWHDXXQHIRLVGDQVO·HDXDYDQFHVRXVODSRXVVpHGXYHQWTXLH[HUFHXQHIRUFHSURSXOVLYHVXUOHVYRLOHV/HEDWHDXHQ
DYDQoDQWFRPPHQFHUDjJvWHUMXVTX·DXSRLQWRXODIRUFHFRQWUDVWDQWHpTXLYDOHQWHH[HUFpHSDUOHOHVWFUpHUDXQpTXLOLEUH
/HEDWHDXVHUDHQpTXLOLEUHWUDQVYHUVDOTXDQGOHVIRUFHVHQMHXVHURQWpJDOHVHWFRQWUDLUHV
)WHVWODIRUFHH[HUFpHVXUOHVYRLOHVYLDOH&9FHWWHIRUFHVHUDFRQWUDVWpSDU5WTXLHVWUHSUpVHQWpSDUOHVVXUIDFHVLPPHUJpHV
YLDOH&*
'RQFODVWDELOLWpODWpUDOHHVWJRXYHUQpHSDUOHPRPHQWUHQYHUVDQWFRPSRVpSDUOHFRXSOH)W[]HWSDUOHPRPHQW
UHGUHVVDQWFRPSRVpSDUOHFRXSOH3[\
'DQVODILJ
)W
5W
3
6
]HW\
ODIRUFHUHQYHUVDQWH
ODIRUFHGHUHGUHVVHPHQW
OHSRLGV
ODSRXVVHK\GURVWDWLTXH
OHVEUDVGHOHYLHU
)LJ
x
6WDELOLWpORQJLWXGLQDOH)LJ
&RPPHSRXUO·pTXLOLEUHWUDQVYHUVDOOHVPrPHVIRUFHVVRQWHQMHX
3DUHIIHWGHODSRXVVpHGXYHQWDXYHQWDUULqUHOHEDWHDXDXUDWHQGDQFHjVXELUXQHIIHWGH7DQJDJH
8QQRXYHDXYROXPHGHFDUqQHVHUDpWDEOLHWOH&&VHGpSODFHUDYHUVO·DYDQW
/HPRPHQWUHGUHVVDQWVHUDIRUPpSDUOHFRXSOH3[[SRXUFRPSHQVHUOHWDQJDJHIRUPpSDUOHFRXSOH)U[]
6LODIRUFH)UDXJPHQWHOH7DQJDJHDXJPHQWHDXVVLHWVLO·pWDWGHODVXUIDFHGHO·HDXQ·HVWSDVFDOPHDORUVLO\DXUD
ULVTXHG·(QIRXUQHPHQW
)LJ
x
9LWHVVH
(QWUHODORQJXHXUGHODOLJQHGHIORWWDLVRQHWODYLWHVVHLO\DXQHUHODWLRQWUqVpWURLWH
2QFRQVLGqUHXQUpJLPHGHYLWHVVHpOHYpjSDUWLUG·XQ9U DXGHOjG·XQ9U RQUHQWUHGDQVXQUpJLPHGH
¶SODQLQJ·TXLSHXWDUULYHUUDUHPHQWj9U $FHSURSRVRQGLUDTXHVHORQ'3KLOOLSV%LUWGDQVVRQOLYUH© 6DLOLQJ<DFKW'HVLJQ ªGHODIRUPXOHTXLLGHQWLILH
XQHDSWLWXGHDX¶SODQLQJ·VHUDLW
'pSODFHPHQW3ODQGHIORWWDLVRQ[/) 2QSHXWGRQFPRQWUHUOHVH[HPSOHVVXLYDQWV
/DYLWHVVHGXEDWHDXVHUD
$WLWUHG·H[HPSOHSRXUXQEDWHDX
DXUDOHVYLWHVVHVWKpRULTXHVVXLYDQWHV
D\DQWXQHORQJXHXUjODIORWWDLVRQ/)GHPWRQ
RQUDSSHOOH
SRXU9U
9U
9U
9U
[
[
[
[
PV[
PV[
PV[
PV[
.PK
.PK
.PK
.PK
&KDSLWUH
/HV$SSHQGLFHV
/HV$SSHQGLFHV
x
*pQpUDO
3DUOHWHUPH$SSHQGLFHVRQLQGLTXHSOXVLHXUVpOpPHQWVOD'pULYHOH/HVWRX%XOEHHWOH6DIUDQ
/DSRVLWLRQGHOD'pULYHSDUUDSSRUWDX&HQWUH GH&DUqQH&&HW&HQWUH9pOLTXH&9VHUDGpWHUPLQpHSDUOHFRQFHSWHXU
GXUDQWOHVSKDVHVGHGpYHORSSHPHQW
/D'pULYHOH/HVWOH6DIUDQHWODVXUIDFHLPPHUJpHGXEDWHDXSDUWLFLSHQWjFUpHUOH&HQWUH$QWL'pULYH&$'TXLHVW
HQRSSRVLWLRQjODSRXVVpHH[HUFpHSDUOHVYRLOHVSDVVDQWSDUOH&HQWUH9pOLTXH
/H/HVWHVWIL[pjO·H[WUpPLWpEDVVHGHOD'pULYHSRXUDEDLVVHUOH&HQWUHGH*UDYLWp&*GXEDWHDX
/H&'HVWOHFHQWUHJpRPpWULTXHGHOD'pULYH
/D'pULYHHWOH6DIUDQH[HUFHQWGHX[IRUFHVXQHIDYRUDEOHHWXQHGpIDYRUDEOH
)LJ
/DVXUIDFHGHODGpULYHSHUPHWGHFRQWUDVWHUODFRPSRVDQWHODWpUDOHGHODSRXVVpHGXYHQWVXUOHVYRLOHV
/DGpULYHH[HUFHDXVVLXQHIRUFHK\GURG\QDPLTXHTXDQGOHEDWHDXVHPHWHQPRXYHPHQWHQIRXUQLVVDQWXQHSRUWDQFH
FRPPHO·DLOHG·XQDYLRQ
/DSRUWDQFHHVWXQHIRUFHIDYRUDEOHTXHVHPDQLIHVWHTXDQGODGpULYHDFTXLHUWXQHFHUWDLQHLQFLGHQFHGXHDXPRXYHPHQWGX
EDWHDXTXLGpULYHSDUUDSSRUWjVRQ$[H/RQJLWXGLQDO
/DGpULYHFHSHQGDQWSUpVHQWHDXVVLXQDVSHFWGpIDYRUDEOHG€jVDVXUIDFHTXLSURGXLWXQH5pVLVWDQFHGH)URWWHPHQWj
O·DYDQFHPHQW
/H&RXSOHGHUHGUHVVHPHQWWUDQVYHUVDOHVWpJDODX
3RLGVGX/HVW[ ODGLVWDQFHHQWUHOH&HQWUHGX/HVWHWOH&&
/HFRXSOHGHUHQYHUVHPHQWHVWpJDOjOD
)RUFHGX9HQW[ ODGLVWDQFHHQWUHOH&9HWOH&&
/DORQJXHXUGHOD'pULYHHWOHSRLGVGX/HVWIRQWO·REMHWG·XQGHVQRPEUHX[FRPSURPLVTXHOHFRQFHSWHXUGHYUDGpILQLUHQ
SKDVHG·pWXGHVHWVXLYDQWOHV5qJOHVGH-DXJH
/·HQVHPEOH'pULYHHW/HVWIRXUQLVVHQWXQ&RXSOHGH5HGUHVVHPHQWSRXUV·RSSRVHUDX&RXSOHGH5HQYHUVHPHQWH[HUFp
SDUOHYHQWVXUODVXUIDFHGHVYRLOHV
/·DVSHFWGpIDYRUDEOHHVWFHSHQGDQWGRQQpSDUODVXUIDFHGHOD'pULYHTXLFRQWULEXHJUDQGHPHQW
jODIULFWLRQ+\GURG\QDPLTXHTXLUDOHQWLODYLWHVVHGXEDWHDX
x /D'pULYH
/HSRVLWLRQQHPHQWGHODGpULYHGDQVO·D[HORQJLWXGLQDOGXEDWHDXHVWXQHRSpUDWLRQTXLGHPDQGHEHDXFRXSGHSUpFLVLRQ
FDOFXOVHWGHVVLQV
/DGpULYHGRLWrWUHVROLGHSRXUDFFHSWHUOHSRLGVLPSRUWDQWGXOHVWVXUWRXWTXDQGHOOHQHIDLWSDVSDUWLHLQWpJUDQWHGHOD
FDUqQHFRPPHVXUOHV&ODVVHV$&6XUOHVFODVVHV,200HW5ODGpULYHVHSUpVHQWHVRXVIRUPHG·XQHDLOHYHUWLFDOH
UHODWLYHPHQWORQJXHHWFDUDFWpULVpHSDUXQHVHFWLRQjSURILOV\PpWULTXHpWURLWW\SH1$&$
/DVROLGLWpGHOD'pULYHGRLWUpVLVWHUDX[IRUFHVGH7RUVLRQHW)OH[LRQHQGXLWHVSDUOHSRLGVGXOHVWHWODG\QDPLTXHGH
QDYLJDWLRQ
/HVQRPEUHXVHVH[SpULHQFHVSUDWLTXHVIDLWHVSHQGDQWGHVORQJXHVDQQpHVHQ0RGpOLVPH1DYDOSHUPHWWHQWDXMRXUG·KXLGH
IL[HUFHUWDLQVFULWqUHV
6DIRUPHVHUDVRXYHQWWUDSp]RwGDOHHWVRQDOORQJHPHQWYDULHUDHQWUHHW
(QWHUPHVGHSURILOVXQH'pULYHpSDLVVHIDYRULVHUDODSRUWDQFHPrPHjIDLEOHYLWHVVHPDLVSUpVHQWHUDXQHUpVLVWDQFH
LPSRUWDQWHjO·DYDQFHPHQWWDQGLVTX·XQH'pULYHDYHFSURILOPLQFHRXVHUDSHUIRUPDQWHDXGHOjG·XQHFHUWDLQH
YLWHVVHUHODWLYHPHQWpOHYpHYRLURX.PKHWSUpVHQWHUDFHSHQGDQWPRLQVGHUpVLVWDQFH
8QHGpULYHPLQFHSUpVHQWHDXVVLGHVGLIILFXOWpVGHFRQVWUXFWLRQSRXUODUHQGUHVROLGHHWUDLGH
3RXUREWHQLUHQQDYLJDWLRQXQHERQQH© UHPRQWpH ªDXYHQWRQIL[HUDO·pSDLVVHXUGXSURILOYHUVGHODFRUGHHWSRXU
REWHQLUXQHPHLOOHXUHPDQRHXYUDELOLWpHWDFFpOpUDWLRQDSUqVOHVPXOWLSOHVFKDQJHPHQWVGHGLUHFWLRQRQSRVLWLRQQHUD
O·pSDLVVHXUSOXW{WYHUVRX$WLWUHLQGLFDWLIODVXUIDFHVHUDHQWUHHWFPñSRXUXQ&ODVVH0
/HVFKDQJHPHQWVGH&DSVRQWYUDLPHQWPXOWLSOHVDORUV
x
/H/HVWEXOEH
/HOHVWRXEXOEHDYHFVRQSRLGVJpQpUDOHPHQWHQ
SORPEVXUQRVPRGqOHVSHUPHWG·DEDLVVHUOH
&HQWUHGH*UDYLWp&*GXEDWHDXHWSDU
FRQVpTXHQFHFRQWUDVWHUODSRXVVpHGXYHQWVXUOHV
YRLOHV
6DQVFHSRLGVOHEDWHDXUHVWHUDLWFRXFKpVXUO·HDX
VDQVDYDQFHU
/HEXOEHHVWGRQFXQHSLqFHPDvWUHVVHGX6\VWqPH
9RLOLHU
/HVFDUDFWpULVWLTXHVTXLGpWHUPLQHQWXQEXOEH
VRQWOHSRLGVHWODIRUPH
/HEXOEHTXLHVWFRQWLQXHOOHPHQWLPPHUJpGRLW
SUpVHQWHUXQHUpVLVWDQFHjO·DYDQFHPHQWODSOXV
IDLEOHSRVVLEOH
/HV ORLV GH O·$pURG\QDPLTXH QRXV
SURSRVHQW GHV &RHIILFLHQWV GH 5pVLVWDQFH
)LJ
&USRXUGLIIpUHQWHVIRUPHVODILJPRQWUHTXHODIRUPHGXIXVHDXHVWFHOOHTXLDOH&UOHSOXVEDV
&HWWHIRUPHHVWHIIHFWLYHPHQWODIRUPHOHSOXVVRXYHQWXWLOLVpHSRXUOHVEXOEHVRXOHUDSSRUWG·DOORQJHPHQW
VHVLWXHHQWUHHW
6HORQ3*XWHOOHOHUDSSRUWLGpDOORQJXHXUODUJHXUTXLSUpVHQWHODPLQHXUHWUDvQpHVHWURXYHDXWRXUGH
&HFLGLWEHDXFRXSG·DUJHQWHVWGpSHQVpSRXUODUHFKHUFKHGHODIRUPH¶LGpDOH·VRXYHQWOHVSRLVVRQVFRPPH
OHV GDXSKLQV HW OHV UHTXLQV VRQW VRXUFH G·LQVSLUDWLRQ /HV EDWHDX[ TXL SDUWLFLSHQW j OD &RXSH
G·$PpULTXHVRQWDFWXHOOHPHQWpTXLSpVGHEXOEHVD\DQWGHVIRUPHVGLYHUVHVHWHQSOXVLOVRQWGHVDLOHWWHV
WUqVYDULpHVFRPPHOHVGpULYHVGHVSRLVVRQVVLJQHTXHODUHFKHUFKHFRQWLQXH&HW\SHGH UHFKHUFKHRQOD
UHWURXYHjPRLQGUHFR€WDSSOLTXpVXUQRVPRGqOHVHWMHGLUDLVPrPHTXHGDQVOHSDVVpFHUWDLQVEDWHDX[
JUDQGHXUQDWXUHRQWFRSLpOHVVROXWLRQVDGRSWpHVVXUOHVPDTXHWWHVGHYRLOLHUV
$FWXHOOHPHQWGDQVOHPRQGHGX0RGpOLVPH1DYDOH[LVWHQWGHX[pFROHVFHOOHTXLDFKRLVLOHEXOEHJURVHW
FRXUW)LJHWFHOOHTXLSUpIqUHXQEXOEHILQHWORQJ)LJ
ILJ
)LJ
2QQRWHUDTXHjSDULWpGHYROXPHSRLGVGH.JODVXUIDFHHVWSDVVpHGHFPñjFPñDYHFXQHDXJPHQWDWLRQ
GHDXQLYHDXGXEXOEHTXLVHWUDGXLWHQVXLWHSDUXQHDXJPHQWDWLRQGHDXQLYHDXGHODVXUIDFHPRXLOOpH
WRWDOHYRLU$QQH[H
2QGHYUDDXVVLWHQLUFRPSWHTXHO·HIIHWGH¶WRUVLRQ·VHUDPDMHXUVXUXQEXOEHORQJHWTXHODULJLGLWpGHODGpULYHGHYUDOH
FRPSHQVHUjGpIDXWRQULVTXHG·DYRLUXQEXOEHTXLHQWUHUDHQRVFLOODWLRQjFKDTXHVROOLFLWDWLRQH[WpULHXUHYLUDJHV
IUpTXHQWVHDXDJLWpHWFHWTXLDXJPHQWHUDODWUDvQpHDYHFXQHFRQVpTXHQWHSHUWHGHYLWHVVH
&HODPpULWHXQHUpIOH[LRQ
x
/H6DIUDQ
/H6DIUDQHVWSRVLWLRQQpYHUVO·H[WUpPLWpDUULqUHGXEDWHDXLOGRLWDYRLUXQH
VXUIDFHFDSDEOHGHSHUPHWWUHGHPDQRHXYUHUOHEDWHDXGDQVWRXWHVOHVFRQGLWLRQV
GHWHPSV
3RXUUpGXLUHOHVHIIRUWVLPSRVpVDX[V\VWqPHVGHFRPPDQGHOHVDIUDQHVW
FRPSHQVpHQSODoDQWO·D[HGHURWDWLRQHQDUULqUHGXERUGG·DWWDTXHGHj
/HSURILOVHUDVLPLODLUHjFHOXLXWLOLVpSRXUOD'pULYHRQHVWLPHFHSHQGDQWTX·XQ
SURILOpSDLVDXUDLWXQPHLOOHXUUHQGHPHQWjEDVVHYLWHVVH
6RQHIILFDFLWpHVWODFDUDFWpULVWLTXHUHFKHUFKpHVDIRUPHVHORQOHVOLYUHV
© VSpFLDOLVpV ªDXUDXQHIRUPHHOOLSWLTXHDYHFXQDOORQJHPHQWHQWUHHW
6XUXQ&ODVVH0ODVXUIDFHGXSODQXWLOLVpHHVWGHO·RUGUHGHFPñ
$YDQWOHVFRPSpWLWLRQVLOVHUDXWLOHGHSUpSDUHUOH%DWHDXDYHFGHVDSSHQGLFHVTXL
DXURQWGHVVXUIDFHVDGDSWpHVDX[FRQGLWLRQVGHWHPSV
)LJ
x
/DUHFKHUFKHGX&$'
3RXUODUHFKHUFKHGX&HQWUH$QWL'pULYHLO\DSOXVLHXUVPpWKRGHVFHOOHGXFDOFXOJpRPpWULTXHTXLHVWUHODWLYHPHQW
FRPSOH[HHWTXLQHVHUDSDVWUDLWpHLFLFHOOHGXILOjSORPEVXUXQJDEDULWHQEULVWROTXLHVWLOOXVWUpHGDQVOD)LJHW
FHOOHH[HUFpHDYHFOHYRLOLHUGDQVO·HDXHQDEVHQFHGXPkW
/DSUHPLqUHPpWKRGHFHOOHTXLXWLOLVHXQJDEDULWHVWUHODWLYHPHQWVLPSOHRQGpFRXSHVXUGXEULVWROODIRUPHGHODSDUWLH
LPPHUJpHGXSODQYHUWLFDOODSDUWLHEOHXHGDQVODILJ
2QSHQGOHEULVWRODYHFXQHDLJXLOOHDX[H[WUpPLWpVXQHjODIRLVHWRQSUHQGVRLQVGHPDUTXHUOHSDVVDJHGXILOjSORPE
/HFURLVHPHQWGHVGHX[PDUTXDJHVLQGLTXHUDOHSRLQWGX&$'JpRPpWULTXH
/HWUDQVIHUWVXUOH3ODQ9HUWLFDOVHUDGpILQLSDUOHVPHVXUHVGH© D ªHWGH© E ª
&HWWHPHVXUHQ·HVWSDVSDUIDLWHPDLVLQGLTXHDVVH]ELHQOHSRLQWUHFKHUFKpVXUOHSODQVWDWLTXH,OHVWpYLGHQWTXHOH&$'
FKDQJHUDGHSRVLWLRQTXDQGOHEDWHDXVHUDHQQDYLJDWLRQ
)LJ
x
5HFKHUFKHPDQXHOOHGX&$'
/DVHFRQGHPpWKRGHFRQVLVWHjPHWWUHjO·HDXFDOPHOHYRLOLHUpTXLSpGHVDSSHQGLFHVPDLVVDQVOHPkW2QDSSOLTXHUD
GpOLFDWHPHQWXQHSUHVVLRQDYHFOHGRLJWGDQVODSDUWLHFHQWUDOHGHODFRTXH6LO·pWUDYHWRXUQHYHUVVRLLOIDXGUDDYDQFHUGH
SHXSDUpWDSHVODSUHVVLRQYHUVO·DYDQWMXVTX·DXPRPHQWR€OHEDWHDXVHGpSODFHUDRUWKRJRQDOHPHQWjODGLUHFWLRQGH
SRXVVpH&HVHUDFHWWHSRVLWLRQTXLLGHQWLILHUDOHFHQWUH$QWL'pULYH
2QDJLUDGHIDoRQFRQWUDLUHVLOHWDEOHDXDUULqUHYLHQGUDLWYHUVVRL
)LJ
x
/DUHFKHUFKHGX&&
/DPpWKRGHGXJDEDULWHVWDXVVLXWLOLVpHSRXUODUHFKHUFKHGX&&DYHFOHJUDSKLTXHGHOD&RXUEHGHV$LUHV
2QGpFRXSHVXUGXEULVWROOHGHVVLQTXLUHSUpVHQWHOD&RXUEHGHV$LUHVHWRQOHGpSRVHVXUODWUDQFKHG·XQHUqJOHjGHVVLQGH
IDoRQjFKHUFKHUVRQpTXLOLEUHFRPPHPRQWUpGDQVOD)LJ
)LJ
x
/HV3URILOV
&HFLHVWXQYDVWHVXMHWjGpEDWWUHVDQVILQ
3OXVLHXUVH[FHOOHQWVDUWLFOHVWUDLWDQWOHVXMHWHWDSSOLTXpVDXPRGpOLVPHQDYDOG·XQHIDoRQFRPSOqWHVRQWUpIpUHQFpVGDQVOD
%LEOLRJUDSKLH>@
&RPPHSRXUOHVDLOHVG·DYLRQVVRQWGLVSRQLEOHVEHDXFRXSGHSURILOVWHOVTXHOHV(SSOHU=HOLJHW1$&$jODVHXOH
GLIIpUHQFHTXHFHX[XWLOLVpVSRXUOHVEDWHDX[RQWWRXVXQSURILOV\PpWULTXHELFRQYH[H
$WLWUHG·H[HPSOHYRLUOHV1$&$jTXDWUHGLJLWVFRPPHOHV1$&$
3RXUGpWHUPLQHUOHPHLOOHXUSURILOLOIDXGUDLWVRLWIDLUHGHVHVVDLVSDUXQSURJUDPPHGHFRPSXWHUVRLWIDLUHXQQRPEUH
LQILQLGHWHVWVSUDWLTXHV,OIDXWDQDO\VHUOHVFDUDFWpULVWLTXHVGH3RUWDQFHHWGH7UDvQpHGHODGpULYH
/D7UDvQpHHVWXQHIRUFHIUHLQDQWHHWSDUDOOqOHjODGLUHFWLRQGXIOX[GXIOXLGHOD3RUWDQFHHVWXQHIRUFHSHUSHQGLFXODLUHDX
IOX[HWjODGpULYHTXLSHUPHWDXEDWHDXGHUHPRQWHUDXYHQW/H6DIUDQSHUPHWGHJRXYHUQHUODGLUHFWLRQGXEDWHDX
9RLFLXQWDEOHDXSDUPLG·DXWUHVTXLGRQQHQWOHVFDUDFWpULVWLTXHVGLPHQVLRQQHOOHVGHVSURILOV1$&$)LJ
1$&$
[
\
1$&$
[
\
1$&$
[
\
)LJ
1$&$
[
\
8QH[HPSOHGHWUDoDJHGHSURILO
)LJ
/DGpULYHSRXUFUpHUXQHSRUWDQFHGRLWHQWUHUHQPRXYHPHQWHWDYRLUXQHFHUWDLQHLQFLGHQFHOLPLWpHjTXHOTXHVGHJUpV8QH
LQFLGHQFHWURSLPSRUWDQWHDXJPHQWHOHIURWWHPHQWWUqVUDSLGHPHQWHWSURGXLWOHGpFURFKDJHGHODFRXFKHOLPLWH
6HORQOHVpWXGHVGH3ROORFNHQLOHVWSRVVLEOHGHFRQFOXUHTXHSRXUOHVDOOXUHVGHSUqVLOVHUDLWPLHX[G·XWLOLVHUGHV
SURILOVSDVWURSpSDLVDXWRXUGHGHODFRUGHWDQGLVTXHVHUDLWSOXVDGDSWpDX[EDWHDX[OHQWVHWDX[VDIUDQV
)LJ
'DQVOHVDSSHQGLFHVLO\DDXVVLOHIDFWHXUDOORQJHPHQWTXLSUpVHQWHGHVEpQpILFHVHWGHVSHUWHV
8QHGpULYHjSDULWpGHVXUIDFHDYHFXQIRUWDOORQJHPHQWSUpVHQWHXQHSRUWDQFHDFFUXHYHUVO·H[WUpPLWpEDVVHHWGHFHIDLW
DXJPHQWHODWHQGDQFHjODJvWHGXEDWHDX
'HVH[WUpPLWpVDYHFGHVDQJOHVWURSFDUUpHVJpQqUHQWGHVWRXUELOORQVGDQVOHVFRLQVSRXUFHODXQHIRUPHHOOLSWLTXHVHUDLW
PHLOOHXUHPDOKHXUHXVHPHQWVHXOOHVDIUDQSHXWpYHQWXHOOHPHQWHQSURILWHUODGpULYHDVVXUDQWODOLDLVRQDYHFOHOHVW
/DIRUPHG·XQHQDJHRLUHGRUVDOHG·XQUHTXLQHVWLGpDOHPDLVO·DQLPDOFRQWU{OHDXVVLVDVRXSOHVVHSRXUFRPSHQVHUOHV
YDULDWLRQVGHSUHVVLRQ
2QD© VXJJpUp ªGHFRPSHQVHUOHVGLIIpUHQWHVSUHVVLRQVHWSRUWDQFHVOHORQJGHODGpULYHHQXWLOLVDQWGHVSURILOVPLQFHVGDQV
ODSDUWLHVXSpULHXUHDYHFWRXVFHTXHFHODFRPSRUWHHWSURJUHVVLYHPHQWG·DSSOLTXHUGHVSURILOVpSDLVYHUVODSDUWLHLQIpULHXUH
$PRQDYLVFHVHUDLWXQHERQQHRFFDVLRQ
SRXULQWpJUHUXQHSDUWLHGXOHVWHWUpGXLUH
DLQVLODWDLOOHGXEXOEH
&HWWHVROXWLRQGpMjXWLOLVpHSDUO·DXWHXUD
SHUPLVGHJDJQHUVXUODVXUIDFH
PRXLOOpHGHVDSSHQGLFHV
ILJ
)LJ
)LJ
&KDSLWUH
/HV9RLOHV
/HV9RLOHVOHPRWHXU
&HFKDSLWUHHVWGpGLpDXPRWHXUGXYRLOLHUVDQVOHTXHOLOQHSRXUUDLWSDVWUDYHUVHUOHVPHUV
4XLDLQYHQWpOHVEDWHDX[jYRLOHMHQHOHVDLVSDVPDLVRQWSHUPLVELHQGHVFKRVHVTXLDSSDUWLHQQHQWDXSURJUqVGH
O·KRPPH
&RPPHQWOHEDWHDXVXLWWLOVDURXWH"6LPSOHPHQWHQSURILWDQWGX9HQW$SSDUHQW
/HYHQWDSSDUHQWHVWFHOXLSDUH[HPSOHTXLUHQFRQWUHXQF\FOLVWHVXUODURXWHGDQVXQHMRXUQpHFDOPHHWSRXUWDQWLO
VHQWOHYHQWOXLIU{OHUOHYLVDJHF·HVWELHQOH9HQW$SSDUHQWGHGLUHFWLRQFRQWUDLUHTXHOHF\FOLVWHFUpHOXLPrPHHQVH
GpSODoDQWjELF\FOHWWH/HYHQWUpHOpWDLW]pUR
&RQVLGpUDQWOHVDOOXUHVDX3UpVVHUUp/DUJXHRX9HQWDUULqUHRQLQGLTXHVRXYHQWOH9HQW5pHOSDUUDSSRUWjOD
GLUHFWLRQGXEDWHDXWDQGLVTXHF·HVWOHYHQW© $SSDUHQW© TXLIDLWDYDQFHUOHEDWHDXHQH[HUoDQWVDIRUFHVXUOHV
YRLOHV/H9HQW$SSDUHQWGpULYHGHODUpVXOWDQWHGX9HQW9UDLDYHFOD9LWHVVHGXEDWHDX(QUpDOLWpF·HVWOH
EDWHDXTXLFUpHVRQSURSUHYHQWFRPPHOHF\FOLVWH
/D)LJGpFULWODUHODWLRQHQWUHOHVGLIIpUHQWVSDUDPqWUHV
)LJ
3DUFHGLDJUDPPHRQQRWHODFDSDFLWpG·XQYRLOLHUj© UHPRQWHU ªOHYHQW
(QWUHODGLUHFWLRQGXYHQWHWODGLUHFWLRQUpHOOHGXEDWHDXLO\DTXHOTXHVƒFHSDUDPqWUHpYROXHSOXVRXPRLQV
VHORQOHVFDUDFWpULVWLTXHVGXEDWHDX
/·DQJOHHQWUHOH9HQW$SSDUHQWHWOH9HQW5pHODXJPHQWHHQIRQFWLRQGHODYLWHVVHGXEDWHDXOH9HQW$SSDUHQW
HVWSOXVLQWHQVHDX[DOOXUHVGH3UpVWDQGLVTXHOH9HQW5pHOHVWSOXVIRUWDX[DOOXUHVSRUWDQWHV
$XYHQWDUULqUHOH9HQW$SSDUHQWHWOH9HQW5pHOVRQWVXUOHPrPHD[HHWOH9HQW5pHOHVWSOXVIRUW
3RXUDPpOLRUHUODYLWHVVHGXEDWHDXRQDLQWpUrWDXYHQWDUULqUHGHV·pFDUWHUGHODGLUHFWLRQGXYHQWUpHOGHTXHOTXHV
GHJUpVSRXUREWHQLUXQPHLOOHXUUHQGHPHQWGHVYRLOHV6XUOHVEDWHDX[JUDQGHXUQDWXUHXWLOLVDQWOH6SLQQDNHURX
)RF%DOORQFHWpFDUWHVWXQ© PXVW ª
/DIRUPHGHVYRLOHVHVWXQIDFWHXUGpWHUPLQDQWVXUOHVSHUIRUPDQFHVJOREDOHVG·XQ9RLOLHUPRGHUQH
/HVPDTXHWWHVSURILWHQWPLHX[GHFHIDFWHXUjFDXVHGHVWHFKQRORJLHVPRGHUQHV
/·XWLOLVDWLRQGHPkWVHQILEUHGHFDUERQHDVVXUHXQHJUDQGHUREXVWHVVHHWOHVYRLOHVSHXYHQWHPSOR\HUGHV
IRUWVDOORQJHPHQWVTXLDVVXUHQWXQPHLOOHXUUHQGHPHQWFRPPHSRXUOHVDLOHVGHSODQHXUV
)LJ
/HJUDSKLTXHGHOD)LJHVWWUqVLQWpUHVVDQWSRXUPRQWUHUTX·XQHYRLOHpWURLWHHWKDXWHDXQUHQGHPHQWSOXVpOHYp
jGHVIDLEOHVLQFLGHQFHVHQWUHƒHWƒTX·XQHYRLOHFDUUpH
$SDUWLUGHƒƒOHVYRLOHVFDUUpHVVRQWPHLOOHXUHV
/HVJUpHPHQWVGHVEDWHDX[DQFLHQVFRPPHSDUH[HPSOHOHVJUpHPHQWVDXULTXHVRXPrPHSOXVUpFHQWVFRPPHFHOOH
G·XQ2SWLPLVWHQVRQWODSUHXYH
'HFHGLDJUDPPHRQSHXWDXVVLGpGXLUHTX·XQHDLOHDYHFXQIRUWDOORQJHPHQWSHUPHWGHVHUUHUPLHX[OHYHQW
)LJ
/HSURJUqVDpURQDXWLTXHDLQIOXHQFpOHGpYHORSSHPHQWGHVYRLOHV
6XUODUHYXH<DFKWLQJ0RQWKO\GHRQpFULYDLW© RQSHXWDIILUPHUVDQVSHXUG·rWUHFRQWUHGLWTXHOH
VRXGDLQSURJUqVIDLWSDUOHVpWXGHVDpURG\QDPLTXHVGHVGHUQLHUVYLQJWDQVRQWPRGLILpODFRQFHSWLRQGHVYRLOHVPDLV
RQQHVDLWSDVHQFRUHVLGDQVODERQQHRXPDXYDLVHGLUHFWLRQ ª
4XHOTX·XQHQFRUHVRXWHQDLWjODPrPHpSRTXHTXHOHVSURJUqVDpURQDXWLTXHVDYDLHQWIDLWSOXVGHPDOTXHGHELHQj
ODFRQFHSWLRQGHVYRLOHV
2QODLVVHFHVSURSRVjFHX[TXLO·RQWpFULW
,OIDXWVDYRLUTXHHQWUHXQHYRLOHHWXQHDLOHG·DYLRQLO\DGHWRXWHIDoRQGHVJUDQGHVGLIIpUHQFHVO·DLOHUHoRLWOHYHQW
G·XQHIDoRQFRQVWDQWHjKDXWHYLWHVVHHWWRXMRXUVYHQDQWGHODPrPHGLUHFWLRQHWDYHFGHVDQJOHVG·LQFLGHQFHV
FRQVWDQWVHWUHODWLYHPHQWIDLEOHVVDXISHQGDQWOHVPDQRHXYUHVGHGpFROODJHRXG·DWWHUULVVDJHWDQGLVTX·XQHYRLOHGH
EDWHDXUHoRLWXQIOX[G·DLUELHQSOXVOHQWYHQWHWSDUQDWXUHLQVWDEOHHQLQWHQVLWpHWHQGLUHFWLRQ
/HVYRLOHVpWDQWXQHVWUXFWXUHYHUWLFDOHFRQQDLVVHQWDXVVLG·DXWUHVSUREOqPHVUHODWLIVDXYULOODJHHWDX[LQWHUIpUHQFHV
DYHFOHXUVXSSRUWLQGLVVRFLDEOHTX·HVWOH0kW
)LJ
9XODYLWHVVHG·XQYRLOLHUSDUUDSSRUWjFHOOHG·XQDYLRQOHVSURILOVXWLOLVpVVRQWUHODWLYHPHQWSOXVpSDLV
PDLVDXVVLWUqVIOH[LEOHVHWGpIRUPDQWV
/HIOX[G·DLUUHQFRQWUDQWOHPkWFUpHjO·LQWUDGRVXQHSRFKH© EXOOHGHVpSDUDWLRQ ªDYDQWGHUHQFRQWUHUSOXVORLQOD
WRLOHGHODYRLOH)LJ/HPrPHW\SHGHSKpQRPqQHVHPDQLIHVWHVXUO·H[WUDGRVPDLVDYHFXQH© EXOOH ªSOXV
SHWLWHFHWWHGHUQLqUHpWDQWEHDXFRXSSOXVGpJUDGDQWHSRXUOHVSHUIRUPDQFHVJOREDOHV'DQVFHVSRFKHVO·DLUVWDJQHHW
JpQqUHDXVVLGHVWRXUELOORQVTXLUHQGHQWOHIOX[WXUEXOHQW
/HUHQGHPHQWGHODYRLOHHVWIRQFWLRQG·DXWUHVIDFWHXUVFRPPHODYLWHVVHGXIOX[TX·HOOHUHQFRQWUHODFRXUEXUHHWOD
SRVLWLRQGXFUHX[HWDXVVLGHODWHPSpUDWXUHGHO·DLUSRXUpWUDQJHTX·LOSXLVVHDSSDUDvWUH
)LJ
/HVIDFWHXUVTXLFRQWULEXHQWDXUHQGHPHQWG·XQHYRLOHVRQWHVVHQWLHOOHPHQWGHX[OHSUHPLHUFRUUHVSRQGDQWDX
UDSSRUWFRUGHFUHX[HWOHVHFRQGFRUUHVSRQGDQWjODSRVLWLRQGHFHGHUQLHU
/HVHVVDLVPRQWUHQWjEDVVHYLWHVVHHWDXSUqVVHUUpTXHSOXVODYRLOHHVWFUHXVHSOXVODSRUWDQFHDXJPHQWHPDLVFHOD
YHXWDXVVLGLUHTX·LO\DXUDXQHSRXVVpHVODWpUDOHQRQQpJOLJHDEOH
,O\DGRQFXQHOLPLWHLPSRVpHSDUOHVFDUDFWpULVWLTXHVGHVWDELOLWpGXEDWHDXGDQVFHFDVLOVHUDSUXGHQWGHUpGXLUH
ODFRQYH[LWpGHODYRLOHTXLUpGXLUDDXVVLODIRUFHSURSXOVLYH
3RXUFHTXLFRQFHUQHODSRVLWLRQGXFUHX[SDUUDSSRUWjODFRUGHOHPHLOOHXUFRPSURPLVHVWFHOXLGHSRVLWLRQQHUOH
FUHX[DXWRXUHQWUHHWŽ)LJ
/HYULOODJHDYHFYHQWIDLEOHSHXWSUpVHQWHUTXHOTXHVDYDQWDJHVVXUODSRUWDQFHFHSHQGDQW
VXUOHVSHWLWVYRLOLHUVUDGLRFRPPDQGpVOHVEpQpILFHVLQGXLWVSDUOHYULOODJHGHODJUDQGYRLOHVRQWHQFRUHPRLQV
pYLGHQWVVDFKDQWTXHO·DLUFUpHGHWXUEXOHQFHVDXQLYHDXGHO·HDXTXLQHVRQWSDVFRQWU{ODEOHV
8QIDFWHXUWUqVLPSRUWDQWFRQFHUQHOHVFDUDFWpULVWLTXHVG·DOORQJHPHQWHWFRPPHGpMjGLWGDQVOHFDVG·XQHGpULYHXQH
JUDQGHSDUWLHGHODSRUWDQFHVHFUpHYHUVOHVKDXWHXUVROHYHQWHVWDXVVLSOXVUpJXOLHU
,OIDXWFHSHQGDQWWHQLUFRPSWHDXVVLGHVWXUEXOHQFHVHQWUHOHVGHX[IDFHVTXLVRQWSUpVHQWHVDXVRPPHWGXWULDQJOHGH
ODYRLOHHWDXVVLDXQLYHDXGHODE{PH&HVWXUEXOHQFHVVRQWUpGXLWHVVXUOHVYRLOLHUVGHFRPSpWLWLRQHQFRXSDQWXQH
SDUWLHGXWULDQJOHDXVRPPHWHWHQDMRXWDQWXQHEDUUHGHVRXWLHQHWHQEDVHQSRUWDQWODE{PHOHSOXVSUqVGXSRQW
SRXUHVVD\HUGHUpGXLUHOHSDVVDJHGHO·DLUG·XQHIDFHjO·DXWUHGHODYRLOH
6XUFHUWDLQVJUDQGVYRLOLHUVOHVDUFKLWHFWHV
RQWVRXYHQWDGRSWpSRXUODE{PHXQH
IRUPHSODWHHWODUJHTXLDYDLWOHEXW
G·pYLWHUOHSDVVDJHG·DLUHQWUHODVXUIDFH
LQWHUQHHWFHOOHH[WHUQH
/HIRFWLUHOHPHLOOHXUDYDQWDJHHQIDLVDQW
DGKpUHUVDERUGXUHSUqVGXSRQW
3RXUO·KLVWRLUHHQODE{PHGX
YRLOLHUDPpULFDLQ(QWHUSULVHpWDLW
WHOOHPHQWODUJHTX·RQODVXUQRPPD
TXHOTXHFKRVHFRPPH*UDQG$YHQXHRX
%RXOHYDUG
3DUOHGLDJUDPPHGHOD)LJjSDJH
RQDSSUHQGGHX[FKRVHVODSUHPLqUH
TXHSRXUGHVDOOXUHVGHSUqVDYHFGHV
IDLEOHVLQFLGHQFHVLOVHUDLWVRXKDLWDEOH
G·DYRLUGHVIRUWVDOORQJHPHQWVWDQGLVTXH
SRXUGHVLQFLGHQFHVSOXVLPSRUWDQWHVRX
DOOXUHVSRUWDQWHVOHVYRLOHVODUJHVHWEDVVHV
VHUDLHQWPHLOOHXUHV
8QHYRLOHWUqVKDXWHSUpVHQWHUDDXVVLXQ
FHQWUHYpOLTXHSOXVKDXWTXLUpGXLUDOD
VWDELOLWpWUDQVYHUVDOHGXEDWHDX
/D)LJjODSDJHLOOXVWUHOHV
DVSHFWVQpJDWLIVVXUOHUHQGHPHQWGHV
*UDQGYRLOHVGXVjODSUpVHQFHG·XQ0kW
OHVYRLOHVG·DYDQWFRPPHOH)RFRXOH
*HQRDQHFRQQDLVVHQWSDVFHSUREOqPHHWSHXYHQWHQWLUHUPHLOOHXUSDUWL
,O\DEHDXFRXSGHWKpRULHVGpYHORSSpHVGDQVOHVWH[WHVVSpFLDOLVpVVXUO·LQWHUUHODWLRQ
)LJ
H[LVWDQWHHQWUH)RFHW*UDQGYRLOHRQSUpWHQGTXHOH)RFLQIOXHQFHG\QDPLTXHPHQWOHSDVVDJHGXIOX[G·DLUHQWUH
OHVGHX[YRLOHVSRXUDPpOLRUHUOHVSHUIRUPDQFHVJOREDOHV
8QHWKpRULHpYRTXHO·HIIHW© 9HQWXUL ªSDUOHTXHOODYLWHVVHG·XQIOX[DXJPHQWHVLODIHQrWUHGHVRUWLHGXWXQQHOHVW
SOXVpWURLWHTXHFHOOHGHO·HQWUpH2QDIILUPHDXVVLTXHOH)RFHWOD*UDQGYRLOHIRUPHQWXQWXQQHOHWTXHOD*UDQG
YRLOHSURILWHGHODYLWHVVHGXIOX[JpQpUpSDUOH)RF
/HVHVVDLVRQPRQWUpDXFRQWUDLUHTXHOHIOX[HQSUR[LPLWpGXPkWUDOHQWLWHWGpYLHYHUVOHKDXW/HIOX[VH
GpSODoDQWHQKDXWHXUUHQFRQWUHOHERUGG·HQWUpHGX)RFDYHFXQDQJOHG·LQFLGHQFHPDMHXUGHFHOXLTX·LODXUDLWHXDYHF
XQIOX[QRQSHUWXUEp'DQVFHVFRQGLWLRQVF·HVWOH)RFTXLSHXWVHUUHUOHYHQWHWDXJPHQWHUVDSRUWDQFH/D
UpGXFWLRQGHYLWHVVHGXIOX[VXUODVXUIDFHLQWHUQHGHOD*UDQGYRLOHHVWWRXWFRPSWHVIDLWVSDVQpJDWLIYXTX·HOOH
SURGXLWDXVVLXQHUpGXFWLRQGHODSUHVVLRQVXUOHVGHX[IDFHVHWSDUFRQVpTXHQFHOHSRLQWGHVpSDUDWLRQVHGpSODFHYHUV
ODFKXWHUpGXLVDQWDLQVLOHVSHUWHV
(QILQXQHDXWUHDVSHFWSRVLWLIGHO·LQWHUUHODWLRQ)RF*UDQGYRLOHHVWFHOXLUHSUpVHQWpSDUXQIOX[SOXVVWDEOHHW
XQHWROpUDQFHPDMHXUHDX[YDULDWLRQVG·LQFLGHQFHUHWDUGDQWDLQVLOHSKpQRPqQHGH© GpFURFKDJH ª
8QHJUDQGYRLOHVHXOHjSUREDEOHPHQWXQUHQGHPHQWpOHYpPDLVGHIDLEOHVYDULDWLRQVG·LQFLGHQFHVSURYRTXHQW
IDFLOHPHQWOHGpFURFKDJHDYHFFRPPHFRQVpTXHQFHODSHUWHGHYLWHVVHVRXGDLQH
)LJ
8QHSRVVLEOHLQWHUSUpWDWLRQVHUDLWFHOOHGHFRQVLGpUHUOHVGHX[SURILOVPLQFHVUHSUpVHQWpVSDUOD*UDQGYRLOHHWOH)RF
HQXQVHXOSURILOpSDLVFDSDEOHG·RIIULUXQHSRUWDQFHVXSpULHXUHjEDVVHYLWHVVHFRPPHFHOOHG·XQYRLOLHU)LJ
/H0kWHWOHV9RLOHV
/H0kWQHSUpVHQWHSDVVHXOHPHQWGHVDVSHFWVQpJDWLIVPDLVSHUPHWDXVVLGHPRGLILHUOHVYRLOHVHWOHVDGDSWHUDX[
EHVRLQVGHODQDYLJDWLRQ
/DIRUPHGHVYRLOHVSHXWGRQFGDQVFHUWDLQHVOLPLWHVrWUHFKDQJpHSDUOHUpJODJHGXPkW
/D*UDQGYRLOHHVWODYRLOHTXLSURILWHOHPLHX[FHOOFLpWDQWWUqVVHQVLEOHDXFLQWUDJHGXPkWTXLPRGLILH
SULQFLSDOHPHQWODIRUPHHWODSRVLWLRQGXFUHX[
/H0kW
2QDVVXPHTXHOHFHQWUDJHODWpUDOGXPkWIDLWSDUWLHGHVUpJODJHVGHV+DXEDQDJHVHW%DUUHVGH)OqFKHWDQGLVTXHOH
UpJODJHGDQVO·D[HGXEDWHDXHVWXQHFRPSRVDQWHYDULDEOHTXLVHUWjODERQQHPDUFKHGXEDWHDX
8QHLQFOLQDLVRQGXPkWYHUVO·DYDQWGpSODFHUDDXVVLOH&9HWOHEDWHDXGHYLHQGUD¶0RX·DXFRQWUDLUHOHEDWHDX
VHUD¶$UGHQW·DYHFXQPkWLQFOLQpYHUVODSRXSH2QDSSHOOHFHWWHRSpUDWLRQ¶GRQQHUGHOD4XrWH·
/HVFKDQJHPHQWVRSpUpVVXUOHPkWLQIOXHQFHQWDXVVLO·pTXLOLEUHORQJLWXGLQDOGXEDWHDXDXGpSDUWRQFKRLVLUDGH
GRQQHUGHOD© 4XrWH ªYHUVO·DUULqUHHQWUHƒHWƒ
/HVGHX[pOpPHQWVGHFRQWU{OHGXPkWVRQWHQSULQFLSHO·(WDLVHWOH3DWDUDV6XUOHVJUDQGVYRLOLHUVLO\DG·DXWUHV
V\VWqPHVFRPPHOHV%DVWDTXHVTXLGHPDQGHQWWRXMRXUVO·LQWHUYHQWLRQGHO·pTXLSDJHjFKDTXHFKDQJHPHQWGHERUG
)LJ)LJ
3RXUREWHQLUXQERQUpJODJHOD*9HWOH)RFGRLYHQWSRVVpGHUXQHFHUWDLQHFRXUEXUHVXUOHVJXLQGDQWV
)LJHW&RQYH[HVXUOD*9HW&RQFDYHVXUOH)RF
)LJ
6XUQRVPRGqOHVDXJPHQWDQWOD
WHQVLRQGXSDWDUDVRQFKDQJHOH
FLQWUDJHGXPkWTX·jVRQWRXU
PRGLILHODWHQVLRQGHO·pWDLPDLV
VXUWRXWUpGXLWOHFUHX[GHOD*9
TXLVHGpSODFHYHUVODFKXWH&HFL
HVWG€DXIDLWTXHODGLVWDQFHHQWUH
OHJXLQGDQWHWODFKXWHDXJPHQWHHW
SDUFRQVpTXHQFHODFRXUEHHVWSOXV
WHQGXHHWORQJXH
)LJ
&HFLQ·HVWSDVOHVHXOHIIHWOH'pYHUVGHOD*9FKDQJHDXVVLG€DXIDLWTXHODIOH[LRQGXPkWUDFFRXUFLODGLVWDQFH
HQWUHOHVRPPHWHWOHSRLQWG·pFRXWHIDYRULVDQWDLQVLODGpIRUPDWLRQGHODSDUWLHKDXWHGHODYRLOHVRXVODSRXVVpHGX
YHQW)LJ
)LJ
/DFRXUEXUHGHVYRLOHVHWOHYHQW
(QJpQpUDODYHFXQYHQWIDLEOHHWXQHHDXFDOPHOH)RFDXUDGHVIRUPHVUpJXOLqUHVDUURQGLHVDYHFXQYHQWSOXVIRUW
OHVHQWUpHVVHURQWSOXVSURIRQGHVHWOHVVRUWLHVSOXVSODWHV)LJ
/HPrPHUpJODJHSDUYHQWIRUWVHUDDGRSWpSRXUODJUDQGYRLOHHQUDPHQDQWOHFUHX[YHUVO·DYDQWDYHFO·DLGHGX
&XQQLQJKDPTXLSHUPHWGHWHQGUHOHJXLQGDQWGHOD*9
2QDMRXWHUDTXHODWHQVLRQGXSDWDUDVDXUDSRXUHIIHWGHWHQGUHDXVVLO·pWDL'DQVGHVHDX[DJLWpHVRQDXUDXQ
DYDQWDJHjUpGXLUHODWHQVLRQGHO·pWDLSRXUREWHQLUXQDPRUWLVVHPHQWVXUO·DYDQWGXEDWHDX
/HVJUpHPHQWVGHVPRGqOHV
$YDQWGHFRQFOXUHXQSHWLWPRWVXUOHV0kWVTXLIRQWDSSHODX[PDWpULDX[PRGHUQHVFRPPHODILEUHGHFDUERQHLOV
SHXYHQWDXVVLrWUHHQ$OXPLQLXPRXPrPHHQERLVWRXWFHODGpSHQGGHV5qJOHVGH-DXJHGHFKDTXH&ODVVH/HV
FkEOHVSRXUOHVKDXEDQVpWDLVHWSDWDUDVVRQWVRLWHQDFLHUPXOWLEULQVGHPLOOLPqWUHVRXHQILEUHV
V\QWKpWLTXHVTXLUpVLVWHQWjGHVHIIRUWVGHWUDFWLRQGHSOXVLHXUVGL]DLQHGH.J
3RXUFRQFOXUHRQGLUDTXHOHV3ODQV9pOLTXHVGHV0RGqOHVGH%DWHDX[5DGLRFRPPDQGpVGRLYHQWUpSRQGUHDX[
5qJOHVGH-DXJHVSpFLILTXHVjFKDTXH&ODVVH
6HORQOHV3D\VGLIIpUHQWHV&ODVVHVWURXYHQWOHXUVKRPRORJDWLRQFHSHQGDQWDXQLYHDXGHOD)pGpUDWLRQ
,QWHUQDWLRQDOHGH9RLOH,6$)5'6VHXOHPHQWOHV&ODVVHVUpVHUYpHVDX[PRGqOHVPRQRFRTXHVXLYDQWVVRQW
DFWXHOOHPHQWDGPLVHVHQRUGUHGHGpFURLVVDQWGHGLPHQVLRQV
x
x
x
x
FODVVH$&
FODVVH5
FODVVH0
FODVVHPqWUH,20
/)!P
/)!P
/)P
/)P
&KDSLWUH
&RTXH²9RLOHV²&HQWUDJH
x
x
x
/D&RTXHOHV9RLOHVOHV&HQWUDJHV
/HV$OOXUHV
'DQVOHVFKDSLWUHVSUpFpGHQWVRQDYXOHVGLIIpUHQWVSDUDPqWUHVQpFHVVDLUHVDXGpYHORSSHPHQWG·XQYRLOLHULOV·DJLW
PDLQWHQDQWGHUpXQLUGDQVXQVHXOV\VWqPHODFRTXHHWOHVYRLOHVSRXUIDLUHHQVRUWHTXHO·HQVHPEOHSXLVVHDYDQFHU
DYHFO·DLGHGXYHQW
8QDUFKLWHFWH$PpULFDLQ3KLO%ROJHUGLVDLW© FKDTXHREMHWIORWWDQWVXUOHTXHORQPRQWHXQHYRLOHERXJHUDGH
WRXWHIDoRQ ª
3RXUQRXVFHODQHQRXVVXIILWSDVHWLOIDXWTXHOHEDWHDXDLOOHRQRXVDYRQVFKRLVLGHOHIDLUHDOOHUHWYRLFLOH
GLDJUDPPHGHQDYLJDWLRQW\SLTXHDSSHOp¶$OOXUHV·TX·LOIDXWFRQQDvWUH
)LJ
2QQRWHUDTXHUHPRQWHUOHYHQWDXSOXVVHUUpjƒVHUDFKRVHWUqVGLIILFLOHRXLPSRVVLEOH
3RXUDYDQFHUYHUVOHYHQWLOIDXGUDGRQFIDLUHGHV=,*=$*HQFKDQJHDQWDOWHUQDWLYHPHQWGHERUG
(Q0RGpOLVPH1DYDOOHGLDJUDPPHGHV3RODLUHVGH9LWHVVHQ·HVWSDVXWLOLVpFHSHQGDQWYRLFLXQGLDJUDPPH
W\SLTXHXWLOLVpVXUXQEDWHDXJUDQGHXUQDWXUHFHOXLG·XQ'UDJRQ
3RODLUH9LWHVVH
)LJ
&HGLDJUDPPHSHUPHWGHYLVXDOLVHUO·DOOXUHjDGRSWHUHQIRQFWLRQGHVFDUDFWpULVWLTXHVGXEDWHDX
2QDSSHOOHFHODIDLUHGX¶90*·F·HVWjGLUHFKRLVLUOHPHLOOHXUUDSSRUWFDSYLWHVVHSRXUOHVGLIIpUHQWHVDOOXUHVHW
GLIIpUHQWHVIRUFHVGHYHQW
=
5RXOLV
;
<
(PEDUGpH
;
<
7DQJDJH
=
/DFHW
$[HVGX9
RLOLHU
)LJ
/D)LJPRQWUHOHVD[HV;<HW=GXYRLOLHUDSSHOpVUHVSHFWLYHPHQW5RXOLV[
7DQJDJH\/DFHW]
,O\DXQHDXWUHGpILQLWLRQDSSHOpH(PEDUGpHTXLLQGLTXHXQFKDQJHPHQWGHFDSLQYRORQWDLUHFDXVpSDUXQHYDJXH
RXSDUXQPRXYHPHQWEUXVTXHGRQQpSDUOHJRXYHUQDLO
x
&HQWUDJH
/DSUHPLqUHFKRVHjIDLUHHVWG·DVVXUHUXQHIRLVOHEDWHDXGDQVO·HDXYRLUEDLJQRLUHODVWDELOLWpORQJLWXGLQDOH
2QSHXWDYRLUSUpYXXQHGpULYHPRELOHUpJODEOHGHSXLVOHSRQWRXHQFRUHSDUODSRVVLELOLWpGHGpSODFHUOHOHVW/HV
pOpPHQWVFRPPHOD%DWWHULHHWOHVHUYR7UHXLOIRQWSDUWLHGHODUHFKHUFKHGHVWDELOLWpHQFKDQJHDQWOHXUSRVLWLRQOH
ORQJGHODFRTXH
'RQFSRXUIDLUHERXJHUXQYRLOLHULOIDXWTXHOH&HQWUH9pOLTXH&9HWOH&HQWUH$QWL'pULYH
&$'VRLHQWSRVLWLRQQpVO·XQSDUUDSSRUWjO·DXWUHGHPDQLqUHjREWHQLUXQ0RPHQW3URSXOVHXU
2QSHXWDJLUVXUOH&9TXLGpSHQGGHOD
IRUPHGHVYRLOHVHWGXUDSSRUWGHVVXUIDFHV
HQWUHOD*UDQGYRLOHHWOH)RFHWSDUOD
SRVLWLRQGXPkWVXUOH&$'TXLGpSHQGGH
ODVXUIDFHHWSRVLWLRQGHOD'pULYHHWGX
6DIUDQODFRTXHQHERXJHSOXVHWHQILQVXU
OH&*&HQWUHGH*UDYLWpTXLUpVXOWHGHOD
IRUPHGXEDWHDXPDLVHVVHQWLHOOHPHQWSDUOD
SRVLWLRQGXOHVW
/H&YHVWGRQFOHFHQWUHGHSRXVVpHGHVYRLOHV
LGHQWLILpJpRPpWULTXHPHQWFRPPHGpMjGpFULWj
OD)LJHWOH&$'HVWOHFHQWUHJpRPpWULTXH
GHODSDUWLHLPPHUJpHGXEDWHDXPRQWUpjOD
ILJ
/DILJUHSUHQGO·HQVHPEOHGHVGHX[
FHQWUHV
/H&HQWUDJHHVWGpILQLH[SpULPHQWDOHPHQWSDU
ODUHFKHUFKHGHODGLVWDQFH© G ª
(QSUDWLTXHODYDOHXU© G© VHVLWXHGDQV
XQHIRXUFKHWWHWRXMRXUVHQDYDQWGX&$'
HQWUHHWGHODORQJXHXUGHODOLJQH
GH)ORWWDLVRQ/)VHORQOHVFDUDFWpULVWLTXHV
GXEDWHDX
6XUOHVEDWHDX[JUDQGHXUQDWXUHFHV
SRXUFHQWDJHVSHXYHQWYDULHUGHjHW
SOXV
/H&9HVWDXVVLSODFpHQDYDQWGX&&GH
TXHOTXHVSHWLWVSRXUFHQWYRLUjVXU
XQ&ODVVH0
/HUpJODJHG·XQYRLOLHUHVWDXVVLDSSHOpSDUOHV
$QJODLV© WXQLQJ ªLOHVWUHVSRQVDEOHVHORQ
OHVFDUDFWpULVWLTXHVJpQpUDOHVGHFUpHUXQ
EDWHDXTXLSHXWrWUH$UGHQWRX0RX
x
$UGHQWVLJQLILHTXHOHEDWHDX
DWHQGDQFHHQQDYLJDWLRQjUHPRQWHU
WRXWVHXOYHUVOHOLWGXYHQWRQGLWTXH
OHEDWHDXj)LJ
WHQGDQFHj© ORIHU ª
x
x
0RXHVWOHEDWHDXTXLDGLIILFXOWpjJDUGHUVRQFDSHWV·pORLJQHGXYHQWSDUOXLPrPH
RQGLWDXVVLTXHOHEDWHDXDWHQGDQFHj© DEDWWUH ª
)LQDOHPHQWSRXUYpULILHUOHFHQWUDJHRQPHWWUDOHEDWHDXjO·HDXGDQVXQHMRXUQpHDYHFSHXGHYHQW
HWRQREVHUYHUDVRQFRPSRUWHPHQW2QUpJOHUDHQSULQFLSHHQDYDQWRXHQDUULqUHODSRVLWLRQGX
0kWWDQWTXHOHEDWHDXQHVHUDSDVFDSDEOHGHPDLQWHQLUVRQSURSUHFDSDYHFOHPLQLPXPGH
FRPSHQVDWLRQGX6DIUDQ
)LJ
/DILJUHSUpVHQWHOHVWURLVFRQGLWLRQVSULQFLSDOHVGXUDSSRUWHQWUHOHVSRVLWLRQVGX&9HWODSRVLWLRQGX&$'
,OHVWpYLGHQWTXHFHVHUDSOXVVLPSOHLQLWLDOHPHQWGHGpSODFHURXG·LQFOLQHUOHPkWHWSDUFRQVpTXHQFHGHGpSODFHUOH
&9SOXW{WTXHFKDQJHUODSRVLWLRQGX&$'TXLFRPSRUWHSULQFLSDOHPHQWOHGpSODFHPHQWGHOD'pULYHHW
pYHQWXHOOHPHQWFKDQJHUODGLPHQVLRQGX6DIUDQ
&HWWHDFWLYLWpGHPDQGHEHDXFRXSGHSDWLHQFHHWG·REVHUYDWLRQVOHVHIIRUWVVHURQWWRXMRXUVSD\DQWV
(QSUDWLTXHOHVFKRVHVVRQWFHSHQGDQWXQSHXSOXVFRPSOLTXpHVVXUWRXWTXDQGOHEDWHDXHVWjODJvWH
/DFDUqQHRXSOXW{WYROXPHLPPHUJpFKDQJHGHIRUPHVRQD[HORQJLWXGLQDOV·pFDUWHGHO·D[HLQLWLDOGXEDWHDXGH
TXHOTXHVGHJUpVYRLU)LJ7UqVVRXYHQWOHVFRQWRXUVGXSODQLPPHUJpRQWXQHFRXUEXUHDV\PpWULTXHHWFHOD
DFFHQWXHODWHQGDQFHGXEDWHDXjWRXUQHUO·pWUDYHYHUVODGLUHFWLRQG·RYLHQWOHYHQWHWOHUHQGUHHQFRUHSOXV
¶$UGHQW·
$
V\PpWULTXH
SODQGH
IORWWDLVRQ
PrPHDQJOH
9HQW
%
DV\PpWULTXH
EDWHDX[jODJvWH
)LJ
&HWWHFRQGLWLRQPpULWHUDLWGHUHGHVVLQHUODFDUqQHFHSHQGDQWHOOHSHXrWUHFRPSHQVpHSDUOHUHSRVLWLRQQHPHQWGX&9
HWSDUFRQVpTXHQFHSDUOHGpSODFHPHQWGXSLHGGHPkWYHUVO·DYDQW
(QQDYLJDWLRQWRXWHWHQWDWLYHGHFRUULJHUODURXWHDYHFOHVDIUDQDXUDFRPPHFRQVpTXHQFHG·DFFHQWXHUODJvWHHWGH
IUHLQHUOHEDWHDX
/DUJXHUXQSHXOHVYRLOHVVHUDODVROXWLRQTXLSHUPHWWUDGHUHGUHVVHUOHEDWHDXHWGHJDUGHUODYLWHVVH%LHQHQWHQGX
FHWWHFRQGLWLRQVHSUpVHQWHOHSOXVVRXYHQWDYHFXQYHQWYDULDEOHHWGDQVGHV¶UDIDOHV·
7RXWUpJODJHLQLWLDOVHUDLWGDQVFHVFRQGLWLRQVSHXHIILFDFH
/H¶EDUUHXU·H[SpULPHQWpWURXYHUDOHPR\HQGHUHWURXYHUVRQFDSVDQVWURSGHSHUWHVHQDOODQWYHUVODERXpH
(QILQLOUHVWHXQDVSHFWTXHPRQDPL3LHUUHTXLDELHQYRXOXPHSURSRVHUHWGXTXHORQQHWUDLWHMDPDLV
,OV·DJLWHQHIIHWGHVDYRLUTXHOHVWO·HPSODFHPHQWLGpDOGXFRXSOH0DW'pULYH/HGpSODFHPHQWORQJLWXGLQDOGX
FRXSOHGHYUDWHQLUFRPSWHGHVHIIHWVLQGpVLUDEOHVVXUOH&&GXVDXFKDQJHPHQWG·DVVLVHTX·LOIDXGUDFRPSHQVHUDYHF
OHGpSODFHPHQWGHVSRLGVWHOVTXHODEDWWHULHOHWUHXLOHWOHOHVW
$YDQFHURXUHFXOHUOH&RXSOHYHUVXQHSRVLWLRQ¶LGpDOH·"
2QSDUOHUDDORUVGHEDWHDX[WLUpVRXSRXVVpV
&HODpYRTXHGRQFXQDXWUHFRQFHSWTXLHVWFHOXLTXLGHYUDLWWUDLWHUGX&HQWUHGH7UDvQpH&'7
2QFRPSUHQGUDTXHVLOH&9HVWHQDYDQWGX&'7OHEDWHDXVHUD¶WLUp·HWHQFRQVpTXHQFHVWDEOHVXUVDURXWH
DXFRQWUDLUHLOVHUDWUqVLQVWDEOHVLOH&9VHWURXYHGHUULqUHOH&'7
/H&$'HVWXQHUHSUpVHQWDWLRQJUDSKLTXHTXLHQJOREHOHVVXUIDFHVSULQFLSDOHVGHODGpULYHHWGXVDIUDQWDQGLVTXH
OH&'7GHYUDLWUHSUpVHQWHUO·HQVHPEOHGHVSRLQWVG·DSSOLFDWLRQGHVUpVLVWDQFHVGHIURWWHPHQWHQJHQGUpHVSDUODGpULYH
OHVDIUDQOHEXOEHHWODFDUqQH
/DSRVLWLRQGX0DvWUHEDX SDUUDSSRUWjO·pWUDYHVXUOHSODQORQJLWXGLQDODXUDXQHIIHWVXUODSRVLWLRQGX&'7
)LJSDJH
(QFRQFOXVLRQRQQHVDLWSDVWURSRXOH&'7VHWURXYHPDLVFHTXLHVWFHUWDLQF·HVWTXHOHFRXSOH0kW'pULYH
GRLWrWUHHQDYDQWGX&'7SRXUREWHQLUXQEDWHDX¶WLUp·HW¶VWDEOH·
$
WUDFWLRQ
%
WUDFWLRQ
)LJ
&RPPHQWFKHUFKHUOH&'7"
/D)LJUHSUpVHQWHXQHSURSRVLWLRQTXLFRQVLVWHUDLWGDQVO·DFFURFKDJHVXUOHVGHX[FRWpVGHODFRTXHG·XQSHWLW
FkEOHHQ9jGLVWDQFHpJDOHGHSXLVO·pWUDYHHWG·H[HUFHUXQHWUDFWLRQOHQWHGDQVXQHHDXFDOPH,OIDXGUDQRWHUOH
FRPSRUWHPHQWGHO·pWUDYHHWO·pYHQWXHOOHWHQGDQFHjWRXUQHUG·XQFRWpRXGHO·DXWUHRXHQFRUHUHVWHUVXUODOLJQHGH
WUDFWLRQ
/DFKRVHVHUDLWHQFRUHSOXVVHQVLEOHHWGpOLFDWHVLOHFkEOHpWDLWDFFURFKpVXUXQSRLQWYDULDEOHOHORQJGHO·D[H
ORQJLWXGLQDO
7DQWTXHO·pWUDYHUHVWHUDVXUODOLJQHGHWUDFWLRQFHODYRXGUDGLUHTXHOH&'7HVWSRVLWLRQQpHQDUULqUHGXSRLQW
G·DFFURFKDJH
(QUHFXODQWGHSOXVHQSOXVFHVSRLQWVOHORQJGHODFRTXHRQQRWHUDHQH[HUoDQWWRXMRXUVXQHWUDFWLRQOHQWHTXH
O·pWUDYHDXUDjXQFHUWDLQPRPHQWWHQGDQFHjVHGpSODFHUODWpUDOHPHQWGDQVXQVHQVFRPPHGDQVO·DXWUH&HOD
LQGLTXHUDTXHOH&'7VHUDWUqVSUREDEOHPHQWGpSDVVp8QHUHFKHUFKHPLQXWLHXVHSRXUUDIRXUQLUXQHLQGLFDWLRQ
SOXVSUpFLVHVXUODSRVLWLRQGX&'7
8QHFRTXHD\DQWVRQ0DvWUHEDXSOXVUHFXOpGHYUDLWHQSULQFLSHIDLUHUHFXOHUOH&'7
(QILQXQEDWHDX¶WLUp·VHUDWRXMRXUVPLHX[TX·XQEDWHDX¶SRXVVp·