Règlement interieur type du groupement de médecine de travail

Transcription

Règlement interieur type du groupement de médecine de travail
75$'8&7,21)5$1d$,6(3285,1)250$7,21
9HQGUHGLMRXPDGD,,±VHSWHPEUH
qPHDQQpH
1ƒ
6RPPDLUH
'pFUHWVHW$UUrWpV
3UHPLHU0LQLVWqUH
'pFUHWQƒGXVHSWHPEUHIL[DQWOHVDWWULEXWLRQVODFRPSRVLWLRQ
HWOHVPRGDOLWpVGHIRQFWLRQQHPHQWGXFRQVHLOVXSpULHXUGHODSRSXODWLRQ 'pFUHW Qƒ GX VHSWHPEUH SRUWDQW PRGLILFDWLRQ GHV OLPLWHV WHUULWRULDOHVGHODFRPPXQHGH%HQJXHUGDQHGXJRXYHUQRUDWGH0pGHQLQH 'pFUHW Qƒ GX VHSWHPEUH SRUWDQW PRGLILFDWLRQ GHV OLPLWHV 0LQLVWqUHGHO
,QWpULHXU
WHUULWRULDOHV VpSDUDQW OHV FRPPXQHV GH 0HQ]HO %RXUJXLEDHW7LQMDGXJRXYHUQRUDW
GH%L]HUWH 'pFUHW Qƒ GX VHSWHPEUH SRUWDQW RUJDQLVDWLRQ HW IRQFWLRQQHPHQWGHVVHUYLFHVGHPpGHFLQHGXWUDYDLO 'pFUHWQƒGXVHSWHPEUHIL[DQWOHVWDWXWW\SHGHVJURXSHPHQWV GHPpGHFLQHGXWUDYDLO 'pFUHWQƒGXVHSWHPEUHSRUWDQWIL[DWLRQGHVFRQWULEXWLRQVGHV HQWUHSULVHVDGKpUHQWHVDX[JURXSHPHQWVGHPpGHFLQHGXWUDYDLO 'pFUHW Qƒ GX VHSWHPEUH IL[DQW OD FRPSRVLWLRQ OH IRQFWLRQQHPHQWHWODFRPSpWHQFHGHVFRPPLVVLRQVUpJLRQDOHVGXWUDYDLODJULFROH 'pFUHW Qƒ GX VHSWHPEUH IL[DQW OHV FDWpJRULHV G
HQWUHSULVHV 0LQLVWqUHGHV$IIDLUHV6RFLDOHV
WHQXHV GH GpVLJQHU XQ UHVSRQVDEOH GH VpFXULWp DX WUDYDLO HW OHV FRQGLWLRQV GHYDQW
rWUHUHPSOLHVSDUFHOXLFL 'pFUHW Qƒ GX VHSWHPEUH UHODWLI j OD FRPSRVLWLRQ HW DX IRQFWLRQQHPHQWGHODFRPPLVVLRQQDWLRQDOHGXGLDORJXHVRFLDO 0LQLVWqUHGHV'RPDLQHVGHO
(WDWHWGHV$IIDLUHV)RQFLqUHV
'pFUHW Qƒ GX VHSWHPEUH SRUWDQW H[SURSULDWLRQ SRXU FDXVH
G¶XWLOLWp SXEOLTXH GH SDUFHOOHV GH WHUUH VLVHV j 1HI]D HW 2XFKWDWD JRXYHUQRUDW GH
%pMDQpFHVVDLUHVjO¶DPpQDJHPHQWGHODURXWHQDWLRQDOHQƒ 'pFUHWQƒGXVHSWHPEUHSRUWDQWPRGLILFDWLRQGXGpFUHW QƒGXMXLQUHODWLIjO¶H[SURSULDWLRQSRXUFDXVHG¶XWLOLWpSXEOLTXHGH SDUFHOOHVGHWHUUHVLVHVj(O2XHGLqQHHW6NDOEDj0HQ]HO7HPLPHJRXYHUQRUDWGH
1DEHXO HW QpFHVVDLUHV j OD FRQVWUXFWLRQ GX EDVVLQ G¶DFFXPXODWLRQ GHV HDX[ GX
EDUUDJH/HEQD
0LQLVWqUHGX&RPPHUFH
'pVLJQDWLRQGHPHPEUHVDXSUqVGXFRQVHLOGHODFRQFXUUHQFH 'pFUHW Qƒ GX VHSWHPEUH DFFRUGDQW j OD VRFLpWp VDQRIL 6\QWKHODER $GZ\D OHV DYDQWDJHV SUpYXV SDU O¶DUWLFOH GX FRGH G¶LQFLWDWLRQ DX[ LQYHVWLVVHPHQWV«««««««««««««««««««««««««««««« 'pFUHW Qƒ GX VHSWHPEUH SRUWDQW VXVSHQVLRQ GHV GURLWV GH 0LQLVWqUHGHV)LQDQFHV
GRXDQHRXGHODWD[HVXUODYDOHXUDMRXWpHGXVjO¶LPSRUWDWLRQGHFHUWDLQVSURGXLWVHW
ODVXVSHQVLRQGXSUpOqYHPHQWG€VXUOHVYLDQGHVERYLQHVUpIULJpUpHV 3DJH
-RXUQDO2IILFLHOGHOD5pSXEOLTXH7XQLVLHQQH²VHSWHPEUH
1ƒ
GpFUHWVHWDUUrWpV
35(0,(50,1,67(5(
'pFUHW QƒGXVHSWHPEUHIL[DQW
OHVDWWULEXWLRQVODFRPSRVLWLRQHWOHVPRGDOLWpVGH
IRQFWLRQQHPHQW GX FRQVHLO VXSpULHXU GH OD
SRSXODWLRQ
/H3UpVLGHQWGHOD5pSXEOLTXH
6XUSURSRVLWLRQGX3UHPLHUPLQLVWUH
9X OD ORL Qƒ GX MXLOOHW UHODWLYH j
O¶RUJDQLVDWLRQVDQLWDLUHHWQRWDPPHQWVRQDUWLFOH
9X OH GpFUHW Qƒ GX QRYHPEUH SRUWDQW
FUpDWLRQG¶XQ3UHPLHUPLQLVWqUHHWIL[DQWOHVDWWULEXWLRQVGX
3UHPLHUPLQLVWUH
9X OH GpFUHW Qƒ GX DYULO SRUWDQW
RUJDQLVDWLRQ GHV VHUYLFHV GX 3UHPLHU PLQLVWqUH HQVHPEOH
OHV WH[WHV TXL O¶RQW PRGLILp HW FRPSOpWp HW QRWDPPHQW OH
GpFUHW Qƒ GX DYULO SRUWDQW UpRUJDQLVDWLRQ
GHVVHUYLFHVGX3UHPLHUPLQLVWqUH
9XOHGpFUHWQƒGXPDLSRUWDQWFUpDWLRQ
HW RUJDQLVDWLRQ GX FRQVHLO VXSpULHXU HW GHV FRQVHLOV
UpJLRQDX[GHODIDPLOOHHWGHODSRSXODWLRQWHOTXHPRGLILp
SDUOHGpFUHWQƒGXPDL
9X OH GpFUHW Qƒ GX IpYULHU SRUWDQW
DWWULEXWLRQVGXPLQLVWqUHGXGpYHORSSHPHQWpFRQRPLTXHWHO
TXH PRGLILp HW FRPSOpWp SDU OH GpFUHW Qƒ GX HU
MXLOOHW
9X OHV DYLV GHV PLQLVWUHV GH OD VDQWp SXEOLTXH HW GX
GpYHORSSHPHQWpFRQRPLTXH
9XO¶DYLVGXWULEXQDODGPLQLVWUDWLI
'pFUqWH
$UWLFOHSUHPLHU/HFRQVHLOVXSpULHXUGHODSRSXODWLRQ
H[DPLQH OHV RULHQWDWLRQV JpQpUDOHV GH OD SROLWLTXH GH
SRSXODWLRQ
'DQVFHFDGUHOHFRQVHLOGRQQHVRQDYLVVXUOHVREMHFWLIV
IL[pVSDUOHVSODQVGHGpYHORSSHPHQWGDQVFHGRPDLQHHWOHV
PR\HQV QpFHVVDLUHV SRXU OHV UpDOLVHU HW HQ DVVXUH OH VXLYL
SpULRGLTXHPHQW
$ FHW HIIHW LO HVW FKDUJp GH FRRUGRQQHU O¶DFWLRQ GHV
GLIIpUHQWV RUJDQLVPHV FRQFHUQpV SDU OHV TXHVWLRQV GH
SRSXODWLRQ HW GH SURSRVHU WRXWHV PHVXUHV VXVFHSWLEOHV GH
UHQIRUFHUODSROLWLTXHGHSRSXODWLRQ
$UW /H FRQVHLO VXSpULHXU GH OD SRSXODWLRQ SHXW
GHPDQGHU GHV RUJDQLVPHV VSpFLDOLVpV OD SUpSDUDWLRQ GHV
pWXGHVHWUDSSRUWVGHQDWXUHjO¶DLGHUjDFFRPSOLUVDPLVVLRQ
HQSDUWLFXOLHUGDQVOHVGRPDLQHVWRXFKDQWDX[SHUVSHFWLYHV
DX[ SROLWLTXHV HW DX[ VWUDWpJLHV GH SRSXODWLRQ HW j OHXUV
LQFLGHQFHVVXUOHGpYHORSSHPHQWpFRQRPLTXHHWVRFLDO
$UW/HFRQVHLOVXSpULHXUGHODSRSXODWLRQSHXWIDLUH
GHV SURSRVLWLRQV GDQV OHV TXHVWLRQV UHODWLYHV j OD SROLWLTXH
GHSRSXODWLRQ
1ƒ
$ FH WLWUH LO SHXW FUpHU GHV FRPPLVVLRQV WHFKQLTXHV
VSpFLDOLVpHV TXL VHURQW FKDUJpHV GH O¶H[DPHQ GH TXHVWLRQV
GHQDWXUHSDUWLFXOLqUH&HVFRPPLVVLRQVVRQWFRPSRVpHVGH
PHPEUHV SRXYDQW rWUH FKRLVLV HQ GHKRUV GX FRQVHLO HQ
UDLVRQ GH OHXU FRPSpWHQFH GDQV OH GRPDLQH GH OD
SRSXODWLRQ
$UW /H FRQVHLO VXSpULHXU GH OD SRSXODWLRQ VH
FRPSRVHFRPPHVXLW
OH3UHPLHUPLQLVWUHSUpVLGHQW
OHPLQLVWUHGHODVDQWpSXEOLTXHYLFHSUpVLGHQW
OH PLQLVWUH GX GpYHORSSHPHQW pFRQRPLTXH YLFH
SUpVLGHQW
OHPLQLVWUHGHODMXVWLFH
OHPLQLVWUHGHO¶LQWpULHXU
ODPLQLVWUHGHVDIIDLUHVGHODIHPPHHWGHODIDPLOOH
OHPLQLVWUHGHDIIDLUHVpWUDQJqUHV
OHPLQLVWUHGHVDIIDLUHVUHOLJLHXVHV
OHPLQLVWUHGHVDIIDLUHVVRFLDOHV
OHPLQLVWUHGHVILQDQFHV
OHPLQLVWUHGHO¶pGXFDWLRQ
OHPLQLVWUHGHO¶HQVHLJQHPHQWVXSpULHXU
OH PLQLVWUH GH O¶HQYLURQQHPHQW HW GH O¶DPpQDJHPHQW
GXWHUULWRLUH
OHPLQLVWUHGHODFXOWXUH
OH PLQLVWUH GH OD IRUPDWLRQ SURIHVVLRQQHOOH HW GH
O¶HPSORL
OHPLQLVWUHGHODMHXQHVVHGHO¶HQIDQFHHWGHVVSRUWV
OHPLQLVWUHGHO¶pTXLSHPHQWHWGHO¶KDELWDW
OHPLQLVWUHGXWRXULVPHGXORLVLUHWGHO¶DUWLVDQDW
OHSUpVLGHQWGXFRQVHLOpFRQRPLTXHHWVRFLDO
OHVHFUpWDLUHG¶(WDWDXSUqVGX3UHPLHUPLQLVWUHFKDUJp
GHODUHFKHUFKHVFLHQWLILTXHHWGHODWHFKQRORJLH
OH GLUHFWHXU JpQpUDO GH O¶LQVWLWXW WXQLVLHQ GHV pWXGHV
VWUDWpJLTXHV
OHVHFUpWDLUHJpQpUDOGHO¶XQLRQJpQpUDOHWXQLVLHQQHGX
WUDYDLO
OH SUpVLGHQW GH O¶XQLRQ WXQLVLHQQH GH O¶LQGXVWULH GX
FRPPHUFHHWGHO¶DUWLVDQDW
OHSUpVLGHQWGHO¶XQLRQWXQLVLHQQHGHO¶DJULFXOWXUHHWGH
ODSrFKH
OD SUpVLGHQWH GH O¶XQLRQ QDWLRQDOH GH OD IHPPH
WXQLVLHQQH
OHSUpVLGHQWGHO¶RUJDQLVDWLRQWXQLVLHQQHGHO¶pGXFDWLRQ
HWGHODIDPLOOH
OH GLUHFWHXU JpQpUDO GH O
LQVWLWXW QDWLRQDO GH OD
VWDWLVWLTXH
OHGLUHFWHXUJpQpUDOGHO¶RIILFHQDWLRQDOGHODIDPLOOHHW
GHODSRSXODWLRQ
-RXUQDO2IILFLHOGHOD5pSXEOLTXH7XQLVLHQQH²VHSWHPEUH
3DJH
XQH SHUVRQQDOLWp FRQQXH SDU VD FRPSpWHQFH HQ
PDWLqUH GH VDQWp GH UHSURGXFWLRQ (OOH HVW GpVLJQpH SDU OH
3UHPLHU PLQLVWUH VXU SURSRVLWLRQ GX PLQLVWUH GH OD VDQWp
SXEOLTXH
XQHSHUVRQQDOLWpFRQQXHSDUVDFRPSpWHQFHHQPDWLqUH
GHSROLWLTXHGHSRSXODWLRQ(OOHHVWGpVLJQpHSDUOH3UHPLHU
PLQLVWUH VXU SURSRVLWLRQ GX PLQLVWUH GX GpYHORSSHPHQW
pFRQRPLTXH
/HSUpVLGHQWGXFRQVHLOVXSpULHXUGHODSRSXODWLRQSHXW
IDLUHDSSHOjWRXWHDXWUHSHUVRQQHGRQWODSUpVHQFHHVWMXJp
XWLOH/DSDUWLFLSDWLRQGHFHOOHFLDX[WUDYDX[GXFRQVHLOHVW
jWLWUHFRQVXOWDWLI
/H VHFUpWDULDW SHUPDQHQW GX FRQVHLO HVW DVVXUp SDU
O¶RIILFHQDWLRQDOGHODIDPLOOHHWGHODSRSXODWLRQ
$UW/HFRQVHLOVXSpULHXUGHODSRSXODWLRQVHUpXQLW
DXPRLQVXQHIRLVSDUDQVXUFRQYRFDWLRQGHVRQSUpVLGHQW
TXLIL[HVRQRUGUHGXMRXU
$UW /H FRQVHLO VH UpXQLW j O¶RFFDVLRQ GH OD
SUpSDUDWLRQ GX SODQ GH GpYHORSSHPHQW SRXU H[DPLQHU OHV
REMHFWLIV IL[pV SDU OH SODQ HQ PDWLqUH GH SRSXODWLRQ DYDQW
OHXUDGRSWLRQGpILQLWLYH
$UW/HFRQVHLOVXSpULHXUGHODSRSXODWLRQQHSHXWVH
UpXQLU YDODEOHPHQW TXH VL OHV GHX[ WLHUV DX PRLQV GH VHV
PHPEUHVVRQWSUpVHQWV
/RUVTXH FH TXRUXP Q¶HVW SDV DWWHLQW OD UpXQLRQ GX
FRQVHLO HVW UHSRUWpH SRXU XQ GpODL PD[LPXP GH GL[ MRXUV
'DQVFHFDVOHFRQVHLOVHUpXQLWTXHOTXHVRLWOHQRPEUHGHV
PHPEUHVSUpVHQWV
$UW /H FRQVHLO GRQQH VRQ DYLV SDU OD PDMRULWp GHV
YRL[GHVPHPEUHVSUpVHQWV'DQVOHFDVGHSDUWDJHGHVYRL[
FHOOHGXSUpVLGHQWHVWSUpSRQGpUDQWH/HVWUDYDX[GXFRQVHLO
VRQW FRQVLJQpVGDQVXQSURFqVYHUEDOSDUOHVHFUpWDULDWGX
FRQVHLO TXL HVW pJDOHPHQW FKDUJp G¶HQ SUpSDUHU OHV WUDYDX[
HWG¶HQFRQVHUYHUOHVDUFKLYHV
$UW 6RQW DEURJpHV WRXWHV GLVSRVLWLRQV DQWpULHXUV
FRQWUDLUHV DX SUpVHQW GpFUHW HW QRWDPPHQW OH GpFUHW Qƒ GX PDL SRUWDQW FUpDWLRQ HW RUJDQLVDWLRQ GX
FRQVHLOVXSpULHXUHWGHVFRQVHLOVUpJLRQDX[GHODIDPLOOHHW
GHODSRSXODWLRQWHOTXHPRGLILpSDUOHGpFUHWQƒGX
PDL DLQVL TXH OHV GLVSRVLWLRQV GH O¶DOLQpD GH
O¶DUWLFOHGXGpFUHWQƒGXIpYULHU
$UW /H 3UHPLHU PLQLVWUH OHV PLQLVWUHV HW OH
VHFUpWDLUHG¶(WDWLQWpUHVVpVVRQWFKDUJpVFKDFXQHQFHTXLOH
FRQFHUQH GH O¶H[pFXWLRQ GX SUpVHQW GpFUHW TXL VHUD SXEOLp
DX-RXUQDO2IILFLHOGHOD5pSXEOLTXH7XQLVLHQQH
7XQLVOHVHSWHPEUH
=LQH(O$ELGLQH%HQ$OL
0,1,67(5('(/
,17(5,(85
'pFUHW Qƒ GX VHSWHPEUH SRUWDQW PRGLILFDWLRQ GHV OLPLWHV WHUULWRULDOHV GH OD
FRPPXQH GH %HQJXHUGDQH GX JRXYHUQRUDW GH
0pGHQLQH
/H3UpVLGHQWGHOD5pSXEOLTXH
6XUSURSRVLWLRQGXPLQLVWUHGHO
LQWpULHXU
3DJH
9XODORLQƒGXPDLSRUWDQWSURPXOJDWLRQ
GHODORLRUJDQLTXHGHVFRPPXQHVHQVHPEOHOHVWH[WHVTXL
O
RQWPRGLILpHRXFRPSOpWpHHWQRWDPPHQWODORLRUJDQLTXH
QƒGXMXLOOHW
9X OD ORL Qƒ GX QRYHPEUH UHODWLYH j OD
SURWHFWLRQGHVWHUUHVDJULFROHVWHOOHTXHPRGLILpHSDUODORL
QƒGXQRYHPEUH
9XOHGpFUHWGXGpFHPEUHSRUWDQWFUpDWLRQGHOD
FRPPXQHGH%HQJXHUGDQH
9XOHGpFUHWGXGpFHPEUHSRUWDQWH[WHQVLRQGH
ODFRPPXQHGH%HQJXHUGDQH
9XODGpOLEpUDWLRQGXFRQVHLOPXQLFLSDOGH%HQJXHUGDQH
HQGDWHGXPDL
9XO¶DYLVGXJRXYHUQHXUGH0pGHQLQH
9XO
DYLVGXWULEXQDODGPLQLVWUDWLI
'pFUqWH
$UWLFOH SUHPLHU ± 6RQW PRGLILpHV OHV OLPLWHV
WHUULWRULDOHVGHODFRPPXQHGH%HQJXHUGDQHVXLYDQWODOLJQH
SRO\JRQDOHIHUPpH$%&'()*+,-$PHQWLRQQpHHQ
YHUWVXUOHSODQDQQH[pDXSUpVHQWGpFUHWHWGpILQLHFRPPH
VXLW
'X SRLQW ±$ VLWXp VXU OD URXWH QDWLRQDOH Qƒ j XQH
GLVWDQFHGHNPGXFHQWUHYLOOHYHUV0pGHQLQHODOLPLWH
VH GLULJH VHORQ XQH OLJQH GURLWH YHUV OH VXG(VW MXVTX
DX
SRLQW±%
'XSRLQW±%VLWXpSUqVGHODURXWHQDWLRQDOHQƒYHUV
7DWDRXLQH HW UHSUpVHQWp SDU OD ERUQH NLORPpWULTXH OD
GpOLPLWDWLRQFRQWLQXHGDQVODPrPHGLUHFWLRQYHUWVOHSRLQW±&
'XSRLQW±&VLWXpSUqVGHODFLWHUQHGH%RXVDwGDVXUOD
URXWHGH+HQFKLU6DURXWjXQHGLVWDQFHGHNPGXFHQWUH
YLOOHG¶RODGpOLPLWDWLRQFRQYHUJHYHUVOHSRLQW±'
'XSRLQW±'VLWXpDXFRLQQRUGHVWGHO¶pFROHGH%LU
(VVORXJXL j XQH GLVWDQFH GH NP GX FHQWUH YLOOH OD
GpOLPLWDWLRQ FRQWLQXH GDQV OD PrPH GLUHFWLRQ MXVTX¶DX
SRLQW±(
'X SRLQW ±( VLWXp j +HQFKLU +DZHFKL TXL VH WURXYH j
XQH GLVWDQFH GH NP GX FHQWUH YLOOH OD GpOLPLWDWLRQ
FRQWLQXHGDQVODPrPHGLUHFWLRQMXVTX¶DXSRLQW±)
'XSRLQW±)PDUTXpSDUODERUQHNLORPpWULTXHVXUOD
URXWH UpJLRQDOH YHUV 6LGL 7RXWH HQ IDFH GH O¶pFROH
SULPDLUHGH%HQQLULODGpOLPLWDWLRQVHGLULJHYHUVOHQRUGHVW
MXVTX¶DXSRLQW±*
'XSRLQW±*PDUTXpSDUOHSRLQWJpRGpVLTXHQƒGH
+HQFKLU %HQQLUL G¶R HOOH FRQYHUJH YHUV OH QRUGRXHVW
MXVTX¶DXSRLQW±+
'XSRLQW±+VLWXpVXUODURXWHQDWLRQDOHQƒjNP
GXFHQWUHYLOOHYHUV5DV-GLUODGpOLPLWDWLRQFRQWLQXHGDQVOD
PrPHGLUHFWLRQMXVTX¶DXSRLQW±,
'X SRLQW±,VLWXpjNPGXFHQWUHYLOOHVXUODURXWH
G¶(O *RX]DKLD OD OLPLWH FRQWLQXH YHUV OH QRUG MXVTX¶j OD
ERUQH GH OD GpOLPLWDWLRQ GX GRPDLQH SXEOLF PDULWLPH
TX¶HOOH VXLW GDQV VHV FKDQJHPHQWV GH GLUHFWLRQ SDVVDQW SDU
OHV ERUQHV '30 HW
G¶RODGpOLPLWDWLRQFRQYHUJHYHUVOHVXGRXHVWMXVTX¶DX
SRLQW±-
'X SRLQW ±- VLWXp j *OLE *DUUDkW *XHUIHO GDQV OD
UpJLRQ GH -HOOHO OD OLPLWH FRQWLQXH YHUV OH VXGHVW
MXVTX¶DXSRLQW±$GHGpSDUW
-RXUQDO2IILFLHOGHOD5pSXEOLTXH7XQLVLHQQH²VHSWHPEUH
1ƒ
$UW ± 'DQV XQ GpODL GH VL[ PRLV j FRPSWHU GH OD
SXEOLFDWLRQ GX SUpVHQW GpFUHW OD PXQLFLSDOLWp GH
%HQJXHUGDQHGHYUDPDUTXHUVXUOHWHUUDLQWRXVOHVSRLQWVGX
QRXYHDX SpULPqWUH FRPPXQDO SDU GHV ERUQHV HQ IRUPH GH
S\UDPLGHUHFWDQJXODLUH
$UW ± /HV WD[HV PXQLFLSDOHV VHURQW SHUoXHV HW OHV
UqJOHPHQWV PXQLFLSDX[ VHURQW DSSOLTXpV GDQV WRXWH
O¶pWHQGXHGXQRXYHDXSpULPqWUHFRPPXQDO
$UW ± $ GDWHU GH OD SXEOLFDWLRQ GX SUpVHQW GpFUHW OH
SUpVLGHQW GH OD FRPPXQH GH %HQJXHUGDQH DVVXUHUD OD
JHVWLRQ HW OD FRQVHUYDWLRQ GX GRPDLQH SXEOLF FRPPXQDO j
O¶LQWpULHXUGXQRXYHODOLJQHPHQW
$UW ± /H SUpVLGHQW GH OD FRPPXQH GH %HQJXHUGDQH
GHYUD DIILFKHU DX VLqJH GH OD FRPPXQH OH SUpVHQW GpFUHW
DLQVL TXH OH SODQ FLMRLQWSHQGDQWXQPRLVjFRPSWHUGHVD
SXEOLFDWLRQ
$UW ± OH PLQLVWUH GH O¶LQWpULHXU HVW FKDUJp GH
O¶H[pFXWLRQ GX SUpVHQW GpFUHW TXL VHUD SXEOLp DX -RXUQDO
2IILFLHOGHOD5pSXEOLTXH7XQLVLHQQH
7XQLVOHVHSWHPEUH
=LQH(O$ELGLQH%HQ$OL
'pFUHW Qƒ GX VHSWHPEUH SRUWDQW PRGLILFDWLRQ GHV OLPLWHV WHUULWRULDOHV
VpSDUDQW OHV FRPPXQHV GH 0HQ]HO %RXUJXLED HW
7LQMDGXJRXYHUQRUDWGH%L]HUWH
/H3UpVLGHQWGHOD5pSXEOLTXH
6XUSURSRVLWLRQGXPLQLVWUHGHO
LQWpULHXU
9X OD ORL Qƒ GX PDL SRUWDQW
SURPXOJDWLRQ GH OD ORL RUJDQLTXH GHV FRPPXQHV DLQVL
TXHOHVWH[WHVTXLO
RQWUpYLVpHRXPRGLILpHHWQRWDPPHQW
ODORLRUJDQLTXHQƒGXMXLOOHW
9X OD ORL Qƒ GX QRYHPEUH UHODWLYH j OD
SURWHFWLRQGHVWHUUHVDJULFROHVWHOOHTXHPRGLILpHSDUODORL
QƒGXQRYHPEUH
9X OH GpFUHW GX PDUV SRUWDQW FUpDWLRQ GH OD
FRPPXQHGH0HQ]HO%RXUJXLED
9X OH GpFUHW Qƒ GX PDUV SRUWDQW
H[WHQVLRQGXSpULPqWUHFRPPXQDOGH0HQ]HO%RXUJXLED
9X OH GpFUHW Qƒ GX DYULO SRUWDQW
FUpDWLRQGHODFRPPXQHGH7LQMD
9X OD GpOLEpUDWLRQ GX FRQVHLO PXQLFLSDO GH 0HQ]HO
%RXUJXLEDHQGDWHGXMXLOOHW
9XODGpOLEpUDWLRQGXFRQVHLOPXQLFLSDOGH7LQMDHQGDWH
GXQRYHPEUH
9XO¶DYLVGXJRXYHUQHXUGH%L]HUWH
9XO
DYLVGXWULEXQDODGPLQLVWUDWLI
'pFUqWH
$UWLFOH SUHPLHU ± 6RQW PRGLILpHV OHV OLPLWHV
WHUULWRULDOHVVpSDUDQWOHVFRPPXQHVGH0HQ]HO%RXUJXLEDHW
7LQMDFRPPHVXLW
$±3pULPqWUHFRPPXQDOGH0HQ]HO%RXUJXLED
6RQW PRGLILpHV OHV OLPLWHV WHUULWRULDOHV GH OD FRPPXQH
GH 0HQ]HO %RXUJXLED VXLYDQW OD OLJQH SRO\JRQDOH IHUPpH
PHQWLRQQpH HQ URXJH VXU OH SODQ DQQH[p
DXSUpVHQWGpFUHWHWGpILQLHFRPPHVXLW
1ƒ
'XSRLQWVLWXpjPjO¶LQWpULHXUGHVHDX[GXODFGH
%L]HUWH HW VXU OH SURORQJHPHQW GH OD UXH $ERX -LKHG OD
OLPLWHVHGLULJHYHUVOH6XG(VWHQVXLYDQWOHVEHUJHVGXODF
GH%L]HUWHjPjO¶LQWpULHXUGHVHDX[HWDUULYHDXSRLQW
QƒVLWXpjPHQYLURQjO¶HVWGHO¶HQGURLWFRQQXVRXV
OHQRPGXVLJQDOGHVWURLVSDOPLHUV
'X SRLQW OD OLPLWH VH GLULJH YHUV OH VXGRXHVW HQ
VXLYDQW XQH OLJQH GURLWH FRQYHQWLRQQHOOH MXVTX¶DX SRLQW VLWXp j O¶LQWHUVHFWLRQ GH OD URXWH UpJLRQDOH Qƒ UHOLDQW
0HQ]HO%RXUJXLEDj7XQLVDYHFO¶RXHG(O*XHQLQH
'XSRLQWODOLPLWHVHGLULJHYHUVO¶RXHVWHQVXLYDQWXQH
OLJQH GURLWH FRQYHQWLRQQHOOH MXVTX¶DX SRLQW VLWXp j
O¶LQWHUVHFWLRQ GH OD URXWH QDWLRQDOH Qƒ DYHF OD URXWH
UpJLRQDOHQƒDXOLHXGLWOHV©WURLVFDQRQVª
'X SRLQW OD OLPLWH VH GLULJH YHUV OH QRUGRXHVW HW VH
FRQIRQGDQWDYHFODOLPLWHVpSDUDQWOHVGpOpJDWLRQVGH7LQMD
HW GH 0HQ]HO %RXUJXLED HQ VXLYDQW O¶D[H GH OD URXWH
QDWLRQDOHQƒMXVTX¶DXSRLQWVLWXpjPqWUHVHQYLURQ
DXVXGGXFDUUHIRXUGHODURXWHQDWLRQDOHQƒGXERXOHYDUG
GXDYULOHWO¶DYHQXHGH*KDQGL
'X SRLQW OD OLPLWH VH GLULJH YHUV OH QRUGHVW VXLYDQW
XQH OLJQH GURLWH FRQYHQWLRQQHOOH VH FRQIRQGDQW DYHF OD
OLPLWHTXLVpSDUHOHVFRPPXQHVDLQVLTXHOHVGpOpJDWLRQVGH
0HQ]HO %RXUJXLED HW 7LQMD MXVTX¶DX SRLQW VLWXp j PqWUHVHQYLURQDXVXGHVWGXFDUUHIRXUGHODURXWHQDWLRQDOH
QƒGXERXOHYDUGGX$YULOHWO¶DYHQXHGH*KDQGL
'X SRLQW OD OLPLWH VH GLULJH YHUV OH QRUGRXHVW HQ
VXLYDQW XQH OLJQH GURLWH FRQYHQWLRQQHOOH SXLV OH PXU GH
FO{WXUH VpSDUDQW OH FLPHWLqUH GH 6LGL 5¶]LJ HW O¶XVLQH
6$*(0 VH FRQIRQGDQW DYHF OD OLPLWH VpSDUDQW OHV
FRPPXQHV DLQVL TXH OHV GpOpJDWLRQV GH 0HQ]HO %RXUJXLED
HW 7LQMD MXVTX¶DX SRLQW VLWXp DX FDUUHIRXU GH OD URXWH
QDWLRQDOH Qƒ GX ERXOHYDUG GX $YULO HW O¶DYHQXH GH
*KDQGLVXUXQHGLVWDQFHGHPqWUHVHQYLURQGXSRLQW
'X SRLQW OD OLPLWH VH GLULJH YHUV OH QRUG(VW HW VH
FRQIRQGDQW DYHF OD OLPLWH TXL VpSDUH OHV FRPPXQHV DLQVL
TXH OHV GpOpJDWLRQV GH 0HQ]HO %RXUJXLED HW 7LQMD HQ
VXLYDQWVXFFHVVLYHPHQWO¶D[HGXERXOHYDUGGX$YULOO¶D[H
GH O¶DYHQXH /DGLE (QQHMDw O¶D[H GH OD UXH $ERX -LKDG HW
DUULYHHQILQDXSRLQWQƒSRLQWGHGpSDUW
%±3pULPqWUHFRPPXQDOGH7LQMD
6RQW PRGLILpHV OHV OLPLWHV WHUULWRULDOHV GH OD FRPPXQH
GH7LQMDVXLYDQWODOLJQHSRO\JRQDOHIHUPpH
PHQWLRQQpH HQ MDXQH VXU OH SODQ DQQH[p DX SUpVHQW
GpFUHWHWGpILQLHFRPPHVXLW
'XSRLQWVLWXpjPjO¶LQWpULHXUGHVHDX[GXODFGH
%L]HUWH j O¶HPERXFKXUH GH O¶RXHG 7LQMD OD OLPLWH VH GLULJH
HQ GLUHFWLRQ VXGHVW VXLYDQW OD ULYH GX ODF GH %L]HUWH j
P j O¶LQWpULHXU GHV HDX[ MXVTX¶DX SRLQW VLWXp VXU OH
SURORQJHPHQWGHODUXH$ERX-LKHG
'X SRLQW OD OLPLWH VH GLULJH YHUV OH VXGRXHVW VH
FRQIRQGDQWDYHFODOLPLWHHQWUHOHVFRPPXQHVDLQVLTXHOHV
GpOpJDWLRQV GH 0HQ]HO %RXUJXLED HW 7LQMD HW VXLYDQW
VXFFHVVLYHPHQW O¶D[H GH OD UXH $ERX -LKHG D[H GH OD UXH
$GLE(QQHMDLHWO¶D[HGXERXOHYDUG$YULOMXVTX¶DXSRLQW
VLWXp j O¶LQWHUVHFWLRQ GX ERXOHYDUG $YULO DYHF OD URXWH
QDWLRQDOHQƒUHOLDQW%L]HUWHHW0DWHXU
'X SRLQW OD OLPLWH VH GLULJH HQ GLUHFWLRQ VXGHVW
VXLYDQW OD FO{WXUH HQWUH O
XVLQH 6$*(0 HW OH FLPHWLqUH
6LGL 5¶]LJ HW VH FRQIRQGDQW DYHF OD OLPLWH TXL VpSDUH OHV
FRPPXQHV DLQVL TXH OHV GpOpJDWLRQV GH 0HQ]HO %RXUJXLED
HW 7LQMD MXVTX
DX SRLQW VLWXp j XQH GLVWDQFH GH P
HQYLURQGXSRLQW
-RXUQDO2IILFLHOGHOD5pSXEOLTXH7XQLVLHQQH²VHSWHPEUH
3DJH
'X SRLQW OD OLPLWH VH GLULJH HQ GLUHFWLRQ VXGRXHVW
VXLYDQW XQH OLJQH FRQYHQWLRQQHOOH VH FRQIRQGDQW DYHF OD
OLPLWHTXLVpSDUHOHVFRPPXQHVDLQVLTXHOHVGpOpJDWLRQVGH
0HQ]HO %RXUJXLED HW 7LQMD MXVTX¶DX SRLQW VLWXp VXU OD
URXWHQDWLRQDOHQƒjXQHGLVWDQFHGHPHQYLURQDX
VXGGXSRLQWVLWXpVXUODPrPHURXWH
'XSRLQWODOLPLWHVHGLULJHYHUVOHQRUGRXHVWVXLYDQW
XQH OLJQH GLUHFWH FRQYHQWLRQQHOOH VXU XQH GLVWDQFH GH
PHQYLURQMXVTX¶DXSRLQWVLWXpjPjO¶LQWpULHXU
GHV HDX[ GX ODF ,FKNHXO HW VXU XQH GLVWDQFH GH P
HQYLURQDXVXGRXHVWGHODJDUHGHVFKHPLQVGHIHU
'XSRLQWODOLPLWHVHGLULJHYHUVOHQRUGVXLYDQWODULYH
GX ODF ,FKNHXO HW j P j O¶LQWpULHXU GHV HDX[ MXVTX¶DX
SRLQWVLWXpVXUOD0&
'X SRLQW OD OLPLWH VH GLULJH YHUV O¶HVW HW SXLV YHUV OH
QRUGHVW VXLYDQW OD 0& VXU XQH GLVWDQFH GH P
HQYLURQSXLVELIXUTXHYHUVOHVXGRXHVWVXLYDQWXQHSRUWLRQ
GH OD URXWH UHOLDQW OD 0& HW ODURXWHQDWLRQDOHQƒHW
VXLW FHWWH GHUQLqUH YHUV OH VXG MXVTX¶DX SRLQW VLWXp j VRQ
LQWHUVHFWLRQDYHFO¶2XHG7LQMDDXSRQWpOHYpVXUFHGHUQLHU
'X SRLQW OD OLPLWH VH GLULJH YHUV OH QRUGHVW VXLYDQW
OHV EHUJHV VXG GH O¶RXHG 7LQMD MXVTX¶DX SRLQW SRLQW GH
GpSDUW
$UW ± 'DQV XQ GpODL GH VL[ PRLV j FRPSWHU GH OD
SXEOLFDWLRQ GX SUpVHQW GpFUHW OD PXQLFLSDOLWp GH 0HQ]HO
%RXUJXLEDHWFHOOHGH7LQMDGHYURQWPDUTXHUVXUOHWHUUDLQ
WRXV OHV SRLQWV GX QRXYHDX SpULPqWUH FRPPXQDO SDU GHV
ERUQHVHQIRUPHGHS\UDPLGHUHFWDQJXODLUH
$UW ± /HV WD[HV PXQLFLSDOHV VHURQW SHUoXHV HW OHV
UqJOHPHQWV PXQLFLSDX[ VHURQW DSSOLTXpV GDQV WRXWH
O¶pWHQGXHGHVQRXYHDX[SpULPqWUHVFRPPXQDX[
$UW ± $ GDWHU GH OD SXEOLFDWLRQ GX SUpVHQW GpFUHW OH
SUpVLGHQW GH OD FRPPXQH GH 0HQ]HO %RXUJXLED HW OH
SUpVLGHQWGHODFRPPXQHGH7LQMDDVVXUHURQVODJHVWLRQHW
OD FRQVHUYDWLRQ GX GRPDLQH SXEOLF FRPPXQDO j O¶LQWpULHXU
GXQRXYHODOLJQHPHQW
$UW ± /H SUpVLGHQW GH OD FRPPXQH GH 0HQ]HO
%RXUJXLEDHWOHSUpVLGHQWGHODFRPPXQHGH7LQMDGHYURQW
DIILFKHUDXVLqJHGHODFRPPXQHOHSUpVHQWGpFUHWDLQVLTXH
OH SODQ FLMRLQW SHQGDQW XQ PRLV j FRPSWHU GH VD
SXEOLFDWLRQ
$UW ± /H PLQLVWUH GH O¶LQWpULHXU HVW FKDUJp GH
O¶H[pFXWLRQ GX SUpVHQW GpFUHW TXL VHUD SXEOLp DX -RXUQDO
2IILFLHOGHOD5pSXEOLTXH7XQLVLHQQH
7XQLVOHVHSWHPEUH
=LQH(O$ELGLQH%HQ$OL
0,1,67(5('(6$))$,5(662&,$/(6
'pFUHW Qƒ GX VHSWHPEUH SRUWDQW RUJDQLVDWLRQ HW IRQFWLRQQHPHQW GHV
VHUYLFHVGHPpGHFLQHGXWUDYDLO
/H3UpVLGHQWGHOD5pSXEOLTXH
6XUSURSRVLWLRQGXPLQLVWUHGHVDIIDLUHVVRFLDOHV
9X OH FRGH GX WUDYDLO SURPXOJXp SDU OD ORL Qƒ GX
DYULOHWO¶HQVHPEOHGHVWH[WHVTXLO¶RQWPRGLILpRX
3DJH
FRPSOpWpHWQRWDPPHQWODORLQƒGXMXLOOHWHW
SDUWLFXOLqUHPHQWO¶$UWGHFHFRGH
9X OH GpFUHW Qƒ GX PDL SRUWDQW FRGH
GHGpRQWRORJLHPpGLFDOH
9XO¶DYLVGXPLQLVWUHGHO¶LQWpULHXU
9XO¶DYLVGXPLQLVWUHGHVILQDQFHV
9X O¶DYLV GH O¶XQLRQ 7XQLVLHQQH GH O¶LQGXVWULH GX
FRPPHUFHHWGHO¶DUWLVDQDW
9X O¶DYLV GH O
XQLRQ WXQLVLHQQH GH O¶DJULFXOWXUH HW GH OD
SrFKH
9XO¶DYLVGHO¶XQLRQJpQpUDOHWXQLVLHQQHGXWUDYDLO
9XO¶DYLVGXWULEXQDODGPLQLVWUDWLI
'pFUqWH
&+$3,75(35(0,(5
'LVSRVLWLRQVFRPPXQHV
$UWLFOH SUHPLHU ± /HV GLVSRVLWLRQV GX SUpVHQW GpFUHW
IL[HQW O¶RUJDQLVDWLRQ HW OH IRQFWLRQQHPHQW GHV VHUYLFHV GH
PpGHFLQHGXWUDYDLOTX¶LOVVRLHQWDXWRQRPHVRXVRXVIRUPH
GHJURXSHPHQWV
$UW±&RQIRUPpPHQWDX[GLVSRVLWLRQVGHO¶DUWLFOH
GX FRGH GX WUDYDLO OH VHUYLFH GH PpGHFLQH GX WUDYDLO HVW
SURSUH j WRXWH HQWUHSULVH HPSOR\DQW FLQT FHQWV WUDYDLOOHXUV
HWSOXV
/¶HQWUHSULVH HPSOR\DQW PRLQV GH FH QRPEUH HVW WHQXH
VRLW G¶DGKpUHU j XQ JURXSHPHQW GH PpGHFLQH GX WUDYDLO
WHUULWRULDOHPHQW FRPSpWHQW VRLW GH FUpHU XQ VHUYLFH
DXWRQRPHGHPpGHFLQHGXWUDYDLO
$UW±/HVORFDX[HWOHVpTXLSHPHQWVGHVVHUYLFHVGH
PpGHFLQH GX WUDYDLO GRLYHQW UpSRQGUH DX[ FRQGLWLRQV TXL
VHURQWIL[pHVSDUDUUrWpGXPLQLVWUHGHVDIIDLUHVVRFLDOHV
/HV ORFDX[ HW OHV pTXLSHPHQWV VRQW VRXPLV j
O¶DSSUREDWLRQ GX PpGHFLQ LQVSHFWHXU GX WUDYDLO
WHUULWRULDOHPHQWFRPSpWHQW
(Q FDV GH QRQ DSSUREDWLRQ OD GpFLVLRQ GX PpGHFLQ
LQVSHFWHXUGXWUDYDLOGRLWrWUHPRWLYpH
/¶DSSUREDWLRQSHXWrWUHUHWLUpHDSUqVPLVHHQGHPHXUH
SDU GpFLVLRQ PRWLYpH GX PpGHFLQ LQVSHFWHXU GX WUDYDLO
WHUULWRULDOHPHQW FRPSpWHQW ORUVTXH OH VHUYLFH GH PpGHFLQH
GXWUDYDLOQ¶REVHUYHSDVOHVFRQGLWLRQVUHODWLYHVDX[ORFDX[
HW pTXLSHPHQWV RX G¶DXWUHV GLVSRVLWLRQV OpJDOHV RX
UpJOHPHQWDLUHV
/HV ORFDX[ GHV VHUYLFHV GH PpGHFLQH GX WUDYDLO QH
SHXYHQW rWUH XWLOLVpV TX¶DX[ ILQV SRXU OHVTXHOOHV LOV VRQW
GHVWLQpV
$UW ± /¶DFWLYLWp GHV VHUYLFHV GH PpGHFLQH GX WUDYDLO
HVWVRXPLVHDXFRQWU{OHGHO¶LQVSHFWLRQPpGLFDOHGXWUDYDLO
$UW ± /H VHUYLFH GH PpGHFLQH GX WUDYDLO HVW WHQX
G¶pWDEOLU HW GH PHWWUH j MRXU XQH ILFKH G¶HQWUHSULVH GDQV
ODTXHOOH LO LQGLTXHQRWDPPHQWOHVULVTXHVSURIHVVLRQQHOVHW
OHQRPEUHGHWUDYDLOOHXUVH[SRVpVjFHVULVTXHV&HWWHILFKH
HVWPLVHjODGLVSRVLWLRQGHO¶LQVSHFWLRQPpGLFDOHGXWUDYDLO
WHUULWRULDOHPHQWFRPSpWHQWH
$UW±/HVHUYLFHGHPpGHFLQHGXWUDYDLOFRQWULEXHj
O¶pWXGH GHV QRXYHOOHV WHFKQLTXHV GH SURGXFWLRQ HW j OD
IRUPDWLRQ GH VHFRXULVWHV ,O HVW FRQVXOWp VXU OHV SURMHWV GH
FRQVWUXFWLRQHWG¶DPpQDJHPHQWGHO¶HQWUHSULVHDLQVLTXHVXU
OHUHQRXYHOOHPHQWGHVHVpTXLSHPHQWV
-RXUQDO2IILFLHOGHOD5pSXEOLTXH7XQLVLHQQH²VHSWHPEUH
1ƒ
/HVHUYLFHGHPpGHFLQHGXWUDYDLOHVWpJDOHPHQWLQIRUPp
VXU OD QDWXUH GHV PDWLqUHV XWLOLVpHV OHXU FRPSRVLWLRQ HW OD
PpWKRGH GH OHXU XWLOLVDWLRQ DLQVL TXH VXU WRXV OHV UpVXOWDWV
GHVDQDO\VHVHIIHFWXpHVVXUOHVOLHX[GXWUDYDLO
$UW ± /H PpGHFLQ GX WUDYDLO HIIHFWXH O¶H[DPHQ
PpGLFDO G¶HPEDXFKH &HW H[DPHQ GRLW DYRLU OLHX GDQV XQ
GpODL PD[LPXP GH WURLV PRLV j SDUWLU GX UHFUXWHPHQW j
O¶H[FHSWLRQ GHV WUDYDLOOHXUV VRXPLV j XQH VXUYHLOODQFH
PpGLFDOH VSpFLDOH SRXU OHVTXHOV O¶H[DPHQ PpGLFDO GRLW
DYRLUOLHXDYDQWO¶HPEDXFKH
/¶H[DPHQ PpGLFDO G¶HPEDXFKH D SRXU EXW QRWDPPHQW
GH V¶DVVXUHU O¶DSWLWXGH SK\VLTXH GX WUDYDLOOHXU SRXU
O¶H[HUFLFHGXWUDYDLOSRXUOHTXHOLOHVWUHFUXWpHWTX¶LOQ¶HVW
SDVDWWHLQWG¶XQHPDODGLHVXVFHSWLEOHGHSUpVHQWHUXQULVTXH
SRXUOHVDXWUHVWUDYDLOOHXUV
/HPpGHFLQGXWUDYDLOSURFqGHpJDOHPHQWDX[H[DPHQV
PpGLFDX[ VXLYDQWV FRQIRUPpPHQW j OD OpJLVODWLRQ HQ
YLJXHXU
OHVH[DPHQVPpGLFDX[SpULRGLTXHV
OHV H[DPHQV GH UHSULVH GX WUDYDLO j OD VXLWH G¶XQ
DFFLGHQW GX WUDYDLO G¶XQH PDODGLH SURIHVVLRQQHOOH
G¶DEVHQFHUpSpWpHRXG¶DEVHQFHGpSDVVDQWYLQJWHWXQMRXUV
OHVH[DPHQVVSRQWDQpVHQFDVG¶XUJHQFH
/H PpGHFLQ GX WUDYDLO SUpVHQWH j O¶HPSOR\HXU GHV
SURSRVLWLRQVVXUOHVPHVXUHVLQGLYLGXHOOHVjSUHQGUHSRXUOD
SURWHFWLRQ GH OD VDQWp GHV WUDYDLOOHXUV WHOOHV TXH OH
FKDQJHPHQW RX O¶DPpQDJHPHQW GX SRVWH GH WUDYDLO FRPSWH
WHQXGHO¶DSWLWXGHSK\VLTXHGXWUDYDLOOHXURXGHVRQpWDWGH
VDQWp
$UW ± /H PpGHFLQ GX WUDYDLO SHXW HIIHFWXHU RX
RUGRQQHU GH IDLUH GHV DQDO\VHV HW GHV H[DPHQV
FRPSOpPHQWDLUHVSRXUV¶DVVXUHUGHO¶DSWLWXGHGXWUDYDLOOHXU
jH[HUFHUOHVWkFKHVTXLOXLVRQWFRQILpHVRXGHOHSURWpJHU
FRQWUHOHVULVTXHVSURIHVVLRQQHOV
/HFKHIG¶HQWUHSULVHRXOHJURXSHPHQWHVWWHQXG¶DVVXUHU
OHV JDUDQWLHV QpFHVVDLUHV SRXU JDUGHU OH FDUDFWqUH
FRQILGHQWLHOGHFHVH[DPHQVHWDQDO\VHV
/HV IUDLV GHV H[DPHQV HW DQDO\VHV FRPSOpPHQWDLUHV
GHPDQGpV SDU OH PpGHFLQ GX WUDYDLO VRQW j OD FKDUJH GH
O¶HPSOR\HXU 'DQV OHFDVRO¶HPSOR\HXUHVWDGKpUHQWjXQ
JURXSHPHQWGHPpGHFLQHGXWUDYDLOFHGHUQLHUVHVXEVWLWXH
j OXL SRXU OD SULVH HQ FKDUJH GHV IUDLV VDXI FRQYHQWLRQ
H[SUHVVHHQWUHOHJURXSHPHQWHWO¶HQWUHSULVHFRQFHUQpH
$UW ± /H VHUYLFH GH PpGHFLQH GX WUDYDLO DVVXUH XQ
VXLYLVSpFLDOGHO¶pWDWVDQLWDLUHGHVWUDYDLOOHXUVVRXPLVjXQH
VXUYHLOODQFH PpGLFDOH VSpFLDOH FRQIRUPpPHQW j OD
OpJLVODWLRQHQYLJXHXU
/D IUpTXHQFH HW OD QDWXUH GH FH VXLYL PpGLFDO VSpFLDO
VRQW GpWHUPLQpV FRQIRUPpPHQW j OD OpJLVODWLRQ HQ YLJXHXU
RXjGpIDXWSDUOHPpGHFLQGXWUDYDLOVHORQOHVEHVRLQV
$UW ± /H VHUYLFH GH PpGHFLQH GX WUDYDLO GRLW WHQLU
XQGRVVLHUPpGLFDOSRXUFKDTXHWUDYDLOOHXU
3RXUOHVWUDYDLOOHXUVVRXPLVjXQHVXUYHLOODQFHPpGLFDOH
VSpFLDOH OH VHUYLFH GH PpGHFLQH GX WUDYDLO GRLW pWDEOLU XQH
ILFKH PpGLFDOH SRXU FKDTXH WUDYDLOOHXU j MRLQGUH j VRQ
GRVVLHUPpGLFDO
/HV GRVVLHUV PpGLFDX[ GRLYHQW rWUH FRQVHUYpV GH
PDQLqUHjDVVXUHUOHXUFDUDFWqUHFRQILGHQWLHO
1ƒ
$UW±/HVHUYLFHGHPpGHFLQHGXWUDYDLOHVWWHQXj
O¶LVVXH GH FKDTXH H[DPHQ PpGLFDO SUpYX SDU OD OpJLVODWLRQ
HQ YLJXHXU G¶pWDEOLU XQH ILFKH G¶DSWLWXGH HQ GRXEOH
H[HPSODLUH O¶XQ HVW UHPLV DX WUDYDLOOHXU HW O¶DXWUH HVW
DGUHVVp j O¶HPSOR\HXU HQ YXH GH OH SUpVHQWHU VXU GHPDQGH
DXPpGHFLQLQVSHFWHXUGXWUDYDLOHWjO¶LQVSHFWHXUGXWUDYDLO
WHUULWRULDOHPHQWFRPSpWHQWV
&+$3,75(,,
/HVVHUYLFHVDXWRQRPHV
GHPpGHFLQHGXWUDYDLO
$UW ± /H VHUYLFH DXWRQRPH GH PpGHFLQH GX WUDYDLO
HVW VRXPLV j O¶DXWRULWp GH O¶HPSOR\HXU &H GHUQLHU VRXPHW
OHV DFWLYLWpV GX VHUYLFH j OD FRPPLVVLRQ FRQVXOWDWLYH GH
O¶HQWUHSULVH
$UW ± /H VHUYLFH DXWRQRPH GH PpGHFLQH GX WUDYDLO
pODERUHXQUqJOHPHQWLQWpULHXUIL[DQWVRQIRQFWLRQQHPHQWHW
VRQ RUJDQLVDWLRQ HW FH FRQIRUPpPHQW j XQ UqJOHPHQW
LQWpULHXU W\SH IL[p SDU DUUrWp GX PLQLVWUH GHV DIIDLUHV
VRFLDOHV
/H UqJOHPHQW LQWpULHXU HVW VRXPLV j O¶DSSUREDWLRQ GH
O¶HPSOR\HXU DSUqV DYLV GH OD FRPPLVVLRQ FRQVXOWDWLYH GH
O¶HQWUHSULVH XQH FRSLH GH FH UqJOHPHQW HVW DGUHVVpH j
O¶LQVSHFWLRQ PpGLFDOH GX WUDYDLO WHUULWRULDOHPHQW
FRPSpWHQWH
$UW ± /H VHUYLFH DXWRQRPH GH PpGHFLQH GX WUDYDLO
pODERUH XQ UDSSRUW DQQXHO VXU VHV DFWLYLWpV TX¶LO UHPHW j
O¶HPSOR\HXU &H GHUQLHU DGUHVVH XQH FRSLH GX UDSSRUW j
O¶LQVSHFWLRQPpGLFDOHGXWUDYDLOWHUULWRULDOHPHQWFRPSpWHQWH
HWjO¶LQVWLWXWGHVDQWpHWGHVpFXULWpDXWUDYDLODXFRXUVGHV
WURLVPRLVVXLYDQWO¶DQQpHDXWLWUHGHODTXHOOHOHUDSSRUWHVW
pWDEOL
&+$3,75(,,,
/HVJURXSHPHQWVGHPpGHFLQHGXWUDYDLO
$UW±/HVJURXSHPHQWVGHPpGHFLQHGXWUDYDLOVRQW
FUppV j O¶LQLWLDWLYH GHV HQWUHSULVHV RX GHV RUJDQLVDWLRQV
SURIHVVLRQQHOOHVGHVHPSOR\HXUVFRQFHUQpHV
/HJURXSHPHQWSHXWFUpHUGHVILOLDOHV
$UW ± /H JURXSHPHQW GH PpGHFLQH GX WUDYDLO HVW
GLULJpSDUXQFRQVHLOG¶DGPLQLVWUDWLRQFRPSRVpGHVL[jGL[
PHPEUHV UHSUpVHQWDQW OHV HQWUHSULVHV DGKpUHQWHV DX
JURXSHPHQW
&HVPHPEUHVVRQWGpVLJQpVSRXUXQPDQGDWGHWURLVDQV
SDU GpFLVLRQ GX JRXYHUQHXU GH OD UpJLRQ GDQV ODTXHOOH VH
WURXYH OH VLqJH VRFLDO GX JURXSHPHQW VXU SURSRVLWLRQ GHV
RUJDQLVDWLRQVSURIHVVLRQQHOOHVG¶HPSOR\HXUVFRQFHUQpHV
$UW ± OH FRQVHLO G¶DGPLQLVWUDWLRQ pOLW SDUPL VHV
PHPEUHVXQSUpVLGHQWHWXQYLFHSUpVLGHQW
/H SUpVLGHQW SURSRVH O¶RUGUH GX MRXU GX FRQVHLO OH
FRQYRTXHSUpVLGHVHVUpXQLRQVHWYHLOOHjO¶H[pFXWLRQGHVHV
GpFLVLRQV
(Q FDV G¶HPSrFKHPHQW OH SUpVLGHQW GX FRQVHLO
G¶DGPLQLVWUDWLRQ SHXW GpOpJXHU VHV DWWULEXWLRQV DX YLFH
SUpVLGHQW &HWWH GpOpJDWLRQ HVW GRQQpH SRXU XQH GXUpH
OLPLWpHUHQRXYHODEOH
$UW /H FRQVHLO G
DGPLQLVWUDWLRQ VH UpXQLW FKDTXH
IRLVTX
LOHVWQpFHVVDLUHHWDXPRLQVXQHIRLVSDUWULPHVWUH
/DUpXQLRQGXFRQVHLOVHWLHQWHQSUpVHQFHGHODPDMRULWp
GHVHVPHPEUHV6LOHTXRUXPQ
HVWSDVDWWHLQWOHVPHPEUHV
-RXUQDO2IILFLHOGHOD5pSXEOLTXH7XQLVLHQQH²VHSWHPEUH
3DJH
VRQW FRQYRTXpV SRXU XQH GHX[LqPH UpXQLRQ GDQV OHV GL[
MRXUVTXLVXLYHQW'DQVFHFDVOHFRQVHLOVHUpXQLWTXHOTXH
VRLWOHQRPEUHGHVPHPEUHVSUpVHQWV
/HFRQVHLOSUHQGVHVGpFLVLRQVjODPDMRULWpGHVYRL[GH
VHV PHPEUHV SUpVHQWV (Q FDV G
pJDOLWp GHV YRL[ FHOOH GX
SUpVLGHQWHVWSUpSRQGpUDQWH
$UW /H FRQVHLO G
DGPLQLVWUDWLRQ GpVLJQH XQ
DGPLQLVWUDWHXU SRXU JpUHU OHV DIIDLUHV DGPLQLVWUDWLYHV HW
ILQDQFLqUHVGXJURXSHPHQW
/H FRQVHLO SHXW pJDOHPHQW GpVLJQHU XQ PpGHFLQ
FRRUGRQQDWHXU SDUPL OHV PpGHFLQV GX WUDYDLO H[HUoDQW j
SOHLQWHPSVDXJURXSHPHQWSRXUFRRUGRQQHUOHXUVDFWLYLWpV
$UW/HJURXSHPHQWpODERUHXQUDSSRUWDQQXHOVXU
VHV DFWLYLWpV &RSLH GH FH UDSSRUWHVWDGUHVVpjO
LQVSHFWLRQ
PpGLFDOH GX WUDYDLO WHUULWRULDOHPHQW FRPSpWHQWH HW j
O
LQVWLWXWGHVDQWpHWGHVpFXULWpDXWUDYDLOGDQVOHVWURLVPRLV
TXLVXLYHQWO
DQQpHDXWLWUHGHODTXHOOHOHUDSSRUWHVWpWDEOL
'H PrPH OH JURXSHPHQW DGUHVVH j FKDTXH HQWUHSULVH
DGKpUHQWH XQ UDSSRUW DQQXHO VXU VHV DFWLYLWpV FRQFHUQDQW
FHWWHHQWUHSULVH
$UW /
HQWUHSULVH DGKpUHQWH j XQ JURXSHPHQW GH
PpGHFLQH GX WUDYDLO SHXW DPpQDJHU XQ ORFDO DSSURSULp
TX
HOOH PHW j OD GLVSRVLWLRQ GX PpGHFLQ GX WUDYDLO GX
JURXSHPHQWHQYXHG
HIIHFWXHUOHVH[DPHQVPpGLFDX[SRXU
VHVWUDYDLOOHXUVV
LO\DXQHPSrFKHPHQWGHOHVIDLUHDXVLqJH
GXJURXSHPHQW
$UW&KDTXHHQWUHSULVHTXLDO
LQWHQWLRQGHVHUHWLUHU
G
XQ JURXSHPHQW GH PpGHFLQH GX WUDYDLO HVW WHQXH G
HQ
LQIRUPHU OH SUpVLGHQW GX JURXSHPHQW SDU OHWWUH
UHFRPPDQGpH DYHF DFFXVp GH UpFHSWLRQ VL[ PRLV DYDQW OD
GDWHGXUHWUDLW
/HJURXSHPHQWHVWWHQXG
DYLVHUO
LQWHQWLRQPpGLFDOHGX
WUDYDLO WHUULWRULDOHPHQW FRPSpWHQWH GH FH UHWUDLW GDQV XQ
GpODL GH MRXUV j SDUWLU GX PRPHQW R LO HQ D SULV
FRQQDLVVDQFH
$UW/HVJURXSHPHQWVGHPpGHFLQHGXWUDYDLOVRQW
VRXPLVDXFRQWU{OHGHO
(WDWGDQVOHVFRQGLWLRQVIL[pHVSDUOH
GpFUHWGXMDQYLHURUJDQLVDQWOHFRQWU{OHGHO
(WDWVXU
OHV VRFLpWpV DVVRFLDWLRQV HW RUJDQLVPHV GH WRXWH QDWXUH
IDLVDQW DSSHO DX FRQFRXUV GH O
(WDW GHV UpJLRQV GHV
FRPPXQHVHWGHVpWDEOLVVHPHQWVSXEOLFV
$UW /H JURXSHPHQW GH PpGHFLQH GX WUDYDLO SHXW
rWUH GLVVRXW SDW DUUrWp GX PLQLVWUH GHV DIIDLUHV VRFLDOHV VXU
SURSRVLWLRQGHVRQFRQVHLOG
DGPLQLVWUDWLRQ
/D GLVVROXWLRQ HVW REOLJDWRLUH HQ FDV GH YLRODWLRQ JUDYH
GHV GLVSRVLWLRQV OpJDOHV RX UpJOHPHQWDLUHV RX ORUVTXH OH
JURXSHPHQWQ
DSOXVGHUDLVRQG
rWUH
(QFDVGHGLVVROXWLRQOHSDWULPRLQHGXJURXSHPHQWHVW
WUDQVIpUpjO
(WDW
&+$3,75(,9
/HSHUVRQQHOGHVVHUYLFHV
GHPpGHFLQHGXWUDYDLO
$UW/HVHUYLFHGHPpGHFLQHGXWUDYDLOHVWFRQVWLWXp
G
XQ SHUVRQQHO PpGLFDO HW SDUDPpGLFDO ,O SHXW pJDOHPHQW
FRPSUHQGUHGHVWHFKQLFLHQVGDQVOHGRPDLQHGHODVDQWpHW
GHODVpFXULWpDXWUDYDLOHWGHVDJHQWVDGPLQLVWUDWLIV
$UW /HV PpGHFLQV GHV VHUYLFHV GH PpGHFLQH GX
WUDYDLOVRQWUHFUXWpVVDXIHPSrFKHPHQWSDUPLOHVPpGHFLQV
3DJH
VSpFLDOLVWHV HQ PpGHFLQH GX WUDYDLO /H UHFUXWHPHQW D OLHX
GDQVWRXVOHVFDVSDUXQFRQWUDWGHWUDYDLOpFULWHWHVWVRXPLV
j O
DSSUREDWLRQ GH O
LQVSHFWLRQ PpGLFDOH GX WUDYDLO
WHUULWRULDOHPHQWFRPSpWHQWH
/HV UHODWLRQV GH WUDYDLO HQWUH OH PpGHFLQ HPEDXFKp HW
O
HQWUHSULVHRXOHJURXSHPHQWVRQWIL[pHVFRQIRUPpPHQWDX[
GLVSRVLWLRQVOpJDOHVUpJOHPHQWDLUHVRXFRQYHQWLRQQHOOHVHQ
YLJXHXU FRPSWH WHQX GHV GLVSRVLWLRQV GX FRGH GH
GpRQWRORJLHPpGLFDOH
$UW /H PpGHFLQ GX WUDYDLO H[HUFH VHV IRQFWLRQV
GDQV OH FDGUH GHV PLVVLRQV FRQILpHV DX[ VHUYLFHV GH
PpGHFLQHGXWUDYDLOHQYHUWXGHO
DUWLFOHGXFRGHGX
WUDYDLO
/H PpGHFLQ GX WUDYDLO HVW FRQVXOWp VXU WRXWHV OHV
TXHVWLRQVUHODWLYHVjO
RUJDQLVDWLRQHWDXIRQFWLRQQHPHQWGX
VHUYLFH GH PpGHFLQH GX WUDYDLO 'H PrPH LO SUpVHQWH GHV
SURSRVLWLRQV VH UDSSRUWDQW QRWDPPHQW DX[ TXHVWLRQV
VXLYDQWHV
O
K\JLqQHJpQpUDOHGDQVO
HQWUHSULVH
O
DPpOLRUDWLRQ GHV FRQGLWLRQV GH WUDYDLO GDQV
O
HQWUHSULVH
O
DGpTXDWLRQ HQWUH OHV SRVWHV GH WUDYDLO HW OHV
FRPSpWHQFHVHWDSWLWXGHVGHVWUDYDLOOHXUV
OD SURWHFWLRQ GHV WUDYDLOOHXUV FRQWUH OHV ULVTXHV
SURIHVVLRQQHOV
O
pGXFDWLRQVDQLWDLUHGHVWUDYDLOOHXUV
/H PpGHFLQ GX WUDYDLO D GURLW G
DFFqV DX[ OLHX[ GX
WUDYDLOGDQVO
HQWUHSULVHSRXUO
H[HUFLFHGHVHVIRQFWLRQV
$UW/HPpGHFLQGXWUDYDLOH[HUFHHQSHUVRQQHVHV
IRQFWLRQV ,O D HVVHQWLHOOHPHQW XQ U{OH SUpYHQWLI GDQV OH
GRPDLQHGHODVDQWpDXWUDYDLO
,OQHSHXWH[HUFHUHQTXDOLWpGHPpGHFLQFRQWU{OHXUGH
PrPHLOQHSHXWH[HUFHUODPpGHFLQHFXUDWLYHVDXIGDQVOHV
FDVXUJHQWV
$UW/HFKHIG
HQWUHSULVHRXOHJURXSHPHQWHVWWHQX
GH SHUPHWWUH DX PpGHFLQ GX WUDYDLO GH FRQVDFUHU XQ WHPSV
PLQLPDO SRXU HIIHFWXHU OHV SUHVWDWLRQV GH PpGHFLQH GX
WUDYDLOHWFHjFRQFXUUHQFHG
XQHKHXUHSDUPRLVSRXU
DJHQWVDGPLQLVWUDWLIVRXDVVLPLOpV
RXRXYULHUVRXWHFKQLFLHQVRXDVVLPLOpV
RXWUDYDLOOHXUVVRXPLVjXQHVXUYHLOODQFHPpGLFDOH
VSpFLDOHFRQIRUPpPHQWjODOpJLVODWLRQHQYLJXHXU
6L OH WHPSV UHTXLV SRXU HIIHFWXHU OHV SUHVWDWLRQV GH
PpGHFLQHGXWUDYDLOGpSDVVHOHVFHQWVRL[DQWHGL[KHXUHVSDU
PRLV OH UHFUXWHPHQW GX PpGHFLQ GX WUDYDLO D OLHX
REOLJDWRLUHPHQWjSOHLQWHPSV
$UW /H PpGHFLQ GX WUDYDLO FRQVDFUH DX PRLQV OH
WLHUVGHVRQWHPSVGDQVO
HQWUHSULVHSRXUYLVLWHUOHVOLHX[GH
WUDYDLOHQYXHG
pWXGLHUOHVGLIIpUHQWVULVTXHVSURIHVVLRQQHOV
HWFRQWULEXHUjO
DPpOLRUDWLRQGHVFRQGLWLRQVGHWUDYDLO
$UW/HSHUVRQQHOSDUDPpGLFDOHVWUHFUXWpGDQVOHV
VHUYLFHVGHPpGHFLQHGXWUDYDLOTX
LOVVRLHQWDXWRQRPHVRX
VRXV IRUPH GH JURXSHPHQWV j FRQFXUUHQFH G
XQ DJHQW
H[HUoDQW j SOHLQ WHPSV SRXU WRXWH HQWUHSULVH RX JURXSH
G
HQWUHSULVHV DGKpUHQWHV DX JURXSHPHQW HW HPSOR\DQW FLQT
FHQWVWUDYDLOOHXUVRXSOXV
-RXUQDO2IILFLHOGHOD5pSXEOLTXH7XQLVLHQQH²VHSWHPEUH
1ƒ
,O HVW UHFUXWp XQ DXWUH DJHQW SDUDPpGLFDO SRXU FKDTXH
WUDQFKH GH GHX[ PLOOH WUDYDLOOHXUV DXGHOj GX QRPEUH
SUpFLWp
/RUVTXH OH QRPEUH G
DJHQWV SDUDPpGLFDX[ UHTXLV HQ
DSSOLFDWLRQ GX SDUDJUDSKH SUpFpGHQW GpSDVVH WURLV OH
QRPEUH VXSSOpPHQWDLUH GH FHV DJHQWV VHUD IL[p SDU OH
VHUYLFH GH PpGHFLQH GX WUDYDLO VHORQ VHV EHVRLQV UpHOV HW
DSUqV DYLV GH O
LQVSHFWLRQ PpGLFDOH GH WUDYDLO
WHUULWRULDOHPHQWFRPSpWHQWH
/HV HQWUHSULVHV GH PRLQV GH FLQT FHQWV WUDYDLOOHXUV
D\DQW GHV ULVTXHV QpFHVVLWDQW XQH VXUYHLOODQFH PpGLFDOH
VSpFLDOH RX ILJXUDQW SDUPL OHV pWDEOLVVHPHQWV FODVVpV GDQV
OHV FDWpJRULHV HW DX VHQV GH O
DUWLFOH GX FRGH GX
WUDYDLOVRQWWHQXHVGHUHFUXWHUXQDJHQWSDUDPpGLFDO
$UW /H VHUYLFH GH PpGHFLQH GX WUDYDLO SHXW
UHFUXWHU VHORQ OHV EHVRLQV GH VHV DFWLYLWpV GHV WHFKQLFLHQV
TXDOLILpV GDQV OH GRPDLQH GH OD VDQWp HW GH OD VpFXULWp DX
WUDYDLOHWGHVDJHQWVDGPLQLVWUDWLIV
$UW/HVDJHQWVGXVHUYLFHGHPpGHFLQHGXWUDYDLO
VRQW WHQXV GH JDUGHU OH VHFUHW SURIHVVLRQQHO FRQFHUQDQW OHV
SURFpGpVGHIDEULFDWLRQGHVSURGXLWVGHO
HQWUHSULVHSRUWpVj
OHXU FRQQDLVVDQFH j O
RFFDVLRQ GH O
H[HUFLFH GH OHXUV
IRQFWLRQV
$UW /HV GRFXPHQWV SUpYXV DX[ DUWLFOHV
HW GX SUpVHQW GpFUHW VRQW pWDEOLV FRQIRUPpPHQW
DX[ PRGqOHV IL[pV SDU DUUrWp GX PLQLVWUH GHV DIIDLUHV
VRFLDOHV
$UW /HV LQIUDFWLRQV DX[ GLVSRVLWLRQV GX SUpVHQW
GpFUHW VRQW SXQLHV FRQIRUPpPHQW DX[ DUWLFOHV HW
VXLYDQWVGXFRGHGXWUDYDLO
$UW /HV PLQLVWUHV GH O
LQWpULHXU GHV DIIDLUHV
VRFLDOHV HW GHV ILQDQFHV VRQW FKDUJpV FKDFXQ HQ FH TXL OH
FRQFHUQHGHO
H[pFXWLRQGXSUpVHQWGpFUHWTXLVHUDSXEOLpDX
-RXUQDO2IILFLHOGHOD5pSXEOLTXH7XQLVLHQQH
7XQLVOHVHSWHPEUH
=LQH(O$ELGLQH%HQ$OL 'pFUHW QƒGXVHSWHPEUHIL[DQW
OH VWDWXWW\SH GHV JURXSHPHQWV GH PpGHFLQH GX
WUDYDLO
/H3UpVLGHQWGHOD5pSXEOLTXH
6XUSURSRVLWLRQGXPLQLVWUHGHVDIIDLUHVVRFLDOHV
9XOHFRGHGXWUDYDLOSURPXOJXpSDUODORLQƒGX
DYULO HW O
HQVHPEOH GHV WH[WHVTXLO
RQWPRGLILpRX
FRPSOpWpHWQRWDPPHQWODORLQƒGXMXLOOHWHW
SDUWLFXOLqUHPHQWO
$UWGHFHFRGH
9X OH GpFUHW Qƒ GX VHSWHPEUH SRUWDQW RUJDQLVDWLRQ HW IRQFWLRQQHPHQW GHV VHUYLFHV GH
PpGHFLQHGXWUDYDLO
9XO
DYLVGXPLQLVWUHGHO
LQWpULHXU
9XO
DYLVGXPLQLVWUHGHVILQDQFHV
9XO
DYLVGXWULEXQDODGPLQLVWUDWLI
'pFUqWH
$UWLFOH SUHPLHU /H VWDWXWW\SH GHV JURXSHPHQWV GH
PpGHFLQH GX WUDYDLO SUpYX j O
DUWLFOH GX FRGH GX
WUDYDLO HVW IL[p FRQIRUPpPHQW j O
DQQH[H MRLQW DX SUpVHQW
GpFUHW
1ƒ
$UW/HVPLQLVWUHVGHO
LQWpULHXUGHVDIIDLUHVVRFLDOHV
HWGHVILQDQFHVVRQWFKDUJpVFKDFXQHQFHTXLOHFRQFHUQH
GH O
H[pFXWLRQ GX SUpVHQW GpFUHW TXL VHUD SXEOLp DX -RXUQDO
2IILFLHOGHOD5pSXEOLTXH7XQLVLHQQH
7XQLVOHVHSWHPEUH
=LQH(O$ELGLQH%HQ$OL $11(;(
6WDWXWW\SHG
XQJURXSHPHQWGHPpGHFLQHGXWUDYDLO
&+$3,75(35(0,(5
'LVSRVLWLRQVJpQpUDOHV
$UWLFOHSUHPLHU&RQVWLWXWLRQ
,O HVW FRQVWLWXp XQ JURXSHPHQW GH PpGHFLQH GX
WUDYDLOTXLUHJURXSHOHVHQWUHSULVHVVLWXpHVj
TXHOTXH VRLW OHXU DFWLYLWp RX GRQW O
DFWLYLWp FRQVLVWH j
/HSUpVHQWJURXSHPHQWHVWGpQRPPp
,OUHJURXSHOHVILOLDOHVVXLYDQWHVVLHOOHVH[LVWHQW
/H JURXSHPHQW GH PpGHFLQH GX WUDYDLO HVW XQH
SHUVRQQH PRUDOH GRWpH GH OD SHUVRQQDOLWp FLYLOH HW GH
O
DXWRQRPLHILQDQFLqUHLOHVWG
LQWpUrWSXEOLF,OQHUpVXOWHGH
VRQDFWLYLWpDXFXQHUpSDUWLWLRQGHEpQpILFHV
$UW'XUpH
/H JURXSHPHQW HVW FRQVWLWXp SRXU XQH GXUpH
LQGpWHUPLQpH
$UW6LqJHVRFLDO
/HVLqJHVRFLDOGXJURXSHPHQWHVWjO
DGUHVVHVXLYDQWH
*RXYHUQRUDW
,O SHXW rWUH WUDQVIpUp GDQV OH PrPH JRXYHUQRUDW SDU
GpFLVLRQGXFRQVHLOG
DGPLQLVWUDWLRQGXJURXSHPHQW
$UW0LVVLRQV
&RQIRUPpPHQWDX[GLVSRVLWLRQVGHO
$UWGXFRGH
GXWUDYDLOOHJURXSHPHQWDXQU{OHHVVHQWLHOOHPHQWSUpYHQWLI
GDQVOHGRPDLQHGHODVDQWpGXWUDYDLO
,O HVW FKDUJp QRWDPPHQW GH O
H[DPHQ HW GX VXLYL GH OD
VDQWp GHV WUDYDLOOHXUV HW GH OHXU DSWLWXGH SK\VLTXH j
HIIHFWXHUOHVWUDYDX[H[LJpVG
HX[DXVVLELHQDXPRPHQWGH
O
HPEDXFKH TX
DX FRXUV GH O
HPSORL DLQVL TXH GH OHXU
SURWHFWLRQ FRQWUH OHV ULVTXHV DX[TXHOV OHXU VDQWp SHXW rWUH
H[SRVpHGXIDLWGHOHXUSURIHVVLRQ
$FHWHIIHWOHJURXSHPHQWHVWFKDUJpQRWDPPHQW
G
HIIHFWXHU OHV H[DPHQV PpGLFDX[ SUpYXV SDU OD
OpJLVODWLRQHQYLJXHXU
GHVXLYUHOHVFRQGLWLRQVGHWUDYDLOHWO
pWXGHGHVULVTXHV
SURIHVVLRQQHOV GDQV OHV OLHX[ GX WUDYDLO HW GH FRQWULEXHU j
O
DPpOLRUDWLRQ GHV FRQGLWLRQV GH VDQWp DX WUDYDLO GDQV OHV
HQWUHSULVHVDGKpUHQWHV
GH SURFpGHU j O
LQIRUPDWLRQ OD VHQVLELOLVDWLRQ HW
O
pGXFDWLRQ VDQLWDLUH DX SURILW GHV HQWUHSULVHV DGKpUHQWHV HW
GHOHXUVWUDYDLOOHXUV
-RXUQDO2IILFLHOGHOD5pSXEOLTXH7XQLVLHQQH²VHSWHPEUH
3DJH
&+$3,75(,,
$GKpVLRQ2EOLJDWLRQVHWGURLWVGHVDGKpUHQWV
$UW$GKpVLRQ
$GKqUHQW DX JURXSHPHQW OHV HQWUHSULVHV VRXPLVHV
DX[GLVSRVLWLRQVGXFRGHGXWUDYDLOVLVHVj
TXHOTXH VRLW OHXU DFWLYLWp RX GRQW O
DFWLYLWp FRQVLVWH j
/H JURXSHPHQW QH SHXW UHIXVHU O
DGKpVLRQ G
XQH
HQWUHSULVHUHPSOLVVDQWOHVFRQGLWLRQVSUpYXHVjO
DUWLFOH
GXFRGHGXWUDYDLOHWUHOHYDQWGHVRQGRPDLQHWHUULWRULDOHW
GHVDFRPSpWHQFHSURIHVVLRQQHOOH
,O HVW WHQX DX VLqJH GX JURXSHPHQW XQ UHJLVWUH GHV
DGKpVLRQV VXU OHTXHO VRQW LQVFULWV OHV QRPV GHV HQWUHSULVHV
DGKpUHQWHV VHORQ OD GDWH G
DGKpVLRQ HW OH QXPpUR
G
LQVFULSWLRQ DYHF LQGLFDWLRQ GH OD QDWXUH G
DFWLYLWp GH FHV
HQWUHSULVHVHWOHQRPEUHGHOHXUVWUDYDLOOHXUV
/
DGPLQLVWUDWLRQ GX JURXSHPHQW GpOLYUH j FKDTXH
HQWUHSULVHDXPRPHQWGHVRQDGKpVLRQXQHFDUWHG
DGKpVLRQ
DLQVLTX
XQHFRSLHGXVWDWXWGXJURXSHPHQW
/H JURXSHPHQW LQIRUPH O
LQVSHFWLRQ PpGLFDOH GX
WUDYDLO WHUULWRULDOHPHQW FRPSpWHQWH GH WRXW UHWUDLW G
XQH
HQWUHSULVH DGKpUHQWH HW FH GDQV XQ GpODL Q
H[FpGDQW SDV
TXLQ]HMRXUVjSDUWLUGHODGDWHGHVRQLQIRUPDWLRQGXUHWUDLW
$UW2EOLJDWLRQVGHO
HQWUHSULVHDGKpUHQWH
/
DGKpVLRQDXJURXSHPHQWHQWUDvQHSRXUO
HQWUHSULVH
DGKpUHQWHOHVREOLJDWLRQVVXLYDQWHV
DVHFRQIRUPHUDX[PLVVLRQVGXJURXSHPHQW
EUHVSHFWHUOHVGpFLVLRQVGXFRQVHLOG
DGPLQLVWUDWLRQGX
JURXSHPHQWHW°XYUHUSRXUOHXUH[pFXWLRQ
F SD\HU OHV FRQWULEXWLRQV DX JURXSHPHQW VHORQ OHV
PRQWDQWVHWOHVGpODLVIL[pV
G IRXUQLU DX JURXSHPHQW WRXV OHV UHQVHLJQHPHQWV HW
LQIRUPDWLRQV TX
H[LJHQW OHV PLVVLRQV GX JURXSHPHQW HW
QRWDPPHQW
OD OLVWH GHV WUDYDLOOHXUV GH O
HQWUHSULVH DYHF LQGLFDWLRQ
GHOHXUVkJHVSRVWHVGHWUDYDLOHWGDWHVGHOHXUUHFUXWHPHQW
OHV FDV G
DFFLGHQWV GH WUDYDLO HW GH PDODGLHV
SURIHVVLRQQHOOHV HQUHJLVWUpV GDQV O
HQWUHSULVH HW OHV
FLUFRQVWDQFHV GDQV OHVTXHOOHV LOV VRQW VXUYHQXV DLQVL TXH
OHXUVFRQVpTXHQFHV
GHVLQGLFDWLRQVVXUOHVSURFpGpVGHWUDYDLOXWLOLVpV
OD QDWXUH HW OD FRPSRVLWLRQ GHV SURGXLWV XWLOLVpV HW OH
FDV pFKpDQW OHV FRQVLJQHV GH VpFXULWp UHODWLYHV j OHXU
XWLOLVDWLRQ
HW WRXW FH TXL HVW GH QDWXUH j DLGHU OH JURXSHPHQW GDQV
O
DFFRPSOLVVHPHQWGHVHVPLVVLRQV
'DQVOHFDVRXQHHQWUHSULVHDGKpUHQWHQ
KRQRUHSDV
XQH GHV REOLJDWLRQV SUpYXHV DX SDUDJUDSKH SUpFpGHQW OH
JURXSHPHQW OXL DGUHVVH XQH PLVH HQ GHPHXUH O
LQYLWDQW j
UHVSHFWHU OHV REOLJDWLRQV HQIUHLQWHV GDQV XQ GpODL QH
GpSDVVDQWSDVOHPRLVjFRPSWHUGHODGDWHGHUpFHSWLRQGH
OD PLVH HQ GHPHXUH $SUqV FH GpODL O
HQWUHSULVH DGKpUHQWH
3DJH
TXL QH V
\ HVW SDV FRQIRUPpH VHUD FRQVLGpUpH FRPPH
GpPLVVLRQQDLUHGXJURXSHPHQW
$UW'URLWVGHO
HQWUHSULVHDGKpUHQWH
&KDTXHHQWUHSULVHDGKpUHQWHDXJURXSHPHQWDOHGURLW
DGHEpQpILFLHUGHVSUHVWDWLRQVGXJURXSHPHQW
E GH IRUPXOHU GHV REVHUYDWLRQV HW GHV SURSRVLWLRQV
FRQFHUQDQWOHIRQFWLRQQHPHQWGXJURXSHPHQW
F G
REWHQLU OHV UpVXOWDWV GHV pWXGHV HW UHFKHUFKHV
HIIHFWXpHVSDUOHJURXSHPHQWHWFRQFHUQDQWO
HQWUHSULVH
GGHEpQpILFLHUGHVFDPSDJQHVGHVHQVLELOLVDWLRQHWGHV
F\FOHVGHIRUPDWLRQRUJDQLVpVSDUOHJURXSHPHQW
HGHSUHQGUHFRQQDLVVDQFHGXUDSSRUWDQQXHOG
DFWLYLWp
GXJURXSHPHQW
&+$3,75(,,,
2UJDQLVDWLRQDGPLQLVWUDWLYH
$UWOHFRQVHLOG
DGPLQLVWUDWLRQ
/HJURXSHPHQWGHPpGHFLQHGHWUDYDLOHVWGLULJpSDUXQ
FRQVHLOG
DGPLQLVWUDWLRQFRPSRVpGHVPHPEUHVVXLYDQWVOH
QRPEUHYDULHHQWUHHW
1RPHW3UpQRP(QWUHSULVH
&HVPHPEUHVVRQWGpVLJQpVSRXUXQHGXUpHGHWURLVDQV
jSDUWLUGX
SDU GpFLVLRQ GX JRXYHUQHXU GH OD
UpJLRQHQGDWHGX
VXU SURSRVLWLRQ GHV RUJDQLVDWLRQV
SURIHVVLRQQHOOHVGHVHPSOR\HXUVFRQFHUQpVFLDSUqV
$UW/HSUpVLGHQWGXFRQVHLOG
DGPLQLVWUDWLRQ
/H FRQVHLO G
DGPLQLVWUDWLRQ pOLW SDUPL VHV PHPEUHV XQ
SUpVLGHQWHWXQYLFHSUpVLGHQW
/HSUpVLGHQWGXFRQVHLOG
DGPLQLVWUDWLRQSURSRVHO
RUGUH
GX MRXU GX FRQVHLO OH FRQYRTXH SUpVLGH VHV UpXQLRQV HW
YHLOOHjOHXUERQGpURXOHPHQW
,O HVW FKDUJp GH YHLOOHU DX ERQ IRQFWLRQQHPHQW GX
JURXSHPHQW j O
H[pFXWLRQ GHV GpFLVLRQV GX FRQVHLO j OD
GpIHQVH GHV LQWpUrWV PDWpULHOV HW PRUDX[ GX JURXSHPHQW HW
GH OH UHSUpVHQWHU DXSUqV GHV WULEXQDX[ HW GHV DXWRULWpV
FLYLOHVHWDGPLQLVWUDWLYHV
/HFRQVHLOG
DGPLQLVWUDWLRQGpOqJXHjVRQSUpVLGHQWWRXV
OHV SRXYRLUV QpFHVVDLUHV SRXU O
DGPLQLVWUDWLRQ GX
JURXSHPHQWHWO
H[pFXWLRQGHVGpFLVLRQVGXFRQVHLO
(Q FDV G
HPSrFKHPHQW SRXU OH SUpVLGHQW GX FRQVHLO
G
DGPLQLVWUDWLRQ G
DVVXUHU VHV IRQFWLRQV FHOXLFL SHXW
GpOpJXHUVHVDWWULEXWLRQVDXYLFHSUpVLGHQW&HWWHGpOpJDWLRQ
UHQRXYHODEOHHVWGRQQpHSRXUXQHGXUpHOLPLWpH
$UW/
DGPLQLVWUDWHXU
/H FRQVHLO G
DGPLQLVWUDWLRQ GpVLJQH HQ GHKRUV GH VHV
PHPEUHV XQ DGPLQLVWUDWHXU H[HUoDQW j SOHLQ WHPSV SRXU OD
JHVWLRQ GHV DIIDLUHV DGPLQLVWUDWLYHV HW ILQDQFLqUHV GX
JURXSHPHQW
-RXUQDO2IILFLHOGHOD5pSXEOLTXH7XQLVLHQQH²VHSWHPEUH
1ƒ
/
DGPLQLVWUDWHXU HVW UHVSRQVDEOH j O
pJDUG GX SUpVLGHQW
GX FRQVHLO G
DGPLQLVWUDWLRQ GH OD JHVWLRQ DGPLQLVWUDWLYH HW
ILQDQFLqUHGXJURXSHPHQW
/
DGPLQLVWUDWHXU QH GRLW SDV rWUH LQWHUGLW RX rWUH
HPSrFKpGHMRXLUGXGURLWGHGLVSRVLWLRQRXG
DGPLQLVWUDWLRQ
G
XQHVRFLpWp
/D UpPXQpUDWLRQ HW OHV FRQGLWLRQV GH WUDYDLO GH
O
DGPLQLVWUDWHXU VRQW GpWHUPLQpHV SDU OH FRQVHLO
G
DGPLQLVWUDWLRQ
$UW/HVUpXQLRQVGXFRQVHLOG
DGPLQLVWUDWLRQ
/H FRQVHLO G
DGPLQLVWUDWLRQ VH UpXQLW FKDTXH IRLV TX
LO
HVW QpFHVVDLUH HW DX PRLQV XQH IRLV SDU WULPHVWUH VXU
FRQYRFDWLRQGHVRQSUpVLGHQWHWFKDTXHIRLVTXHOHWLHUVGH
VHVPHPEUHVOHGHPDQGH
/H SUpVLGHQW GX FRQVHLO G
DGPLQLVWUDWLRQ pWDEOLW O
RUGUH
GXMRXUTX
LODGUHVVHDX[PHPEUHVGL[MRXUVDXPRLQVDYDQW
ODGDWHGHODUpXQLRQ/
RUGUHGXMRXUGRLWrWUHDFFRPSDJQp
OHFDVpFKpDQWGHVGRFXPHQWVjH[DPLQHUORUVGHODUpXQLRQ
/DFRQYRFDWLRQDX[UpXQLRQVGXFRQVHLOG
DGPLQLVWUDWLRQ
HVW HIIHFWXpH VRLW SDU OHWWUH UHFRPPDQGpH DYHF DFFXVp GH
UpFHSWLRQVRLWSDUODUHPLVHGHODFRQYRFDWLRQGLUHFWHPHQWj
O
LQWpUHVVpFRQWUHUHoX
/H FRQVHLO G
DGPLQLVWUDWLRQ GRLW SRXU GpOLEpUHU
YDODEOHPHQW UpXQLU DX PRLQV OD PDMRULWp GH VHV PHPEUHV
6LOHTXRUXPQ
HVWSDVDWWHLQWOHVPHPEUHVVRQWFRQYRTXpV
XQH GHX[LqPH IRLV GDQV XQ GpODL GH TXLQ]H MRXUV GDQV FH
FDV OH FRQVHLO G
DGPLQLVWUDWLRQ VH UpXQLW TXHOTXH VRLW OH
QRPEUHGHVPHPEUHVSUpVHQWV
/HV GpFLVLRQV GX FRQVHLO VRQW SULVHV j OD PDMRULWp GHV
YRL[ GHV PHPEUHV SUpVHQWV (Q FDV GH SDUWDJH GHV YRL[
FHOOHGXSUpVLGHQWHVWSUpSRQGpUDQWH
$UW/HVGpOLEpUDWLRQVGXFRQVHLOG
DGPLQLVWUDWLRQ
/HV GpOLEpUDWLRQV GX FRQVHLO VRQW FRQVLJQpHV GDQV GHV
SURFqVYHUEDX[ SRUWpV VXU XQ UHJLVWUH VSpFLDO F{Wp HW
SDUDSKp SDU OH SUpVLGHQW /HV SURFqVYHUEDX[ VRQW VLJQpV
SDUOHSUpVLGHQWHWOHVHFUpWDLUHGHODVpDQFHGHVFRSLHVGHV
SURFqVYHUEDX[VRQWDGUHVVpHVDX[PHPEUHVGXFRQVHLOHWj
O
LQVSHFWLRQPpGLFDOHGXWUDYDLOWHUULWRULDOHPHQWFRPSpWHQWH
GDQV XQ GpODL Q
H[FpGDQW SDV OHV GL[ MRXUV GH OD GDWH GH OD
UpXQLRQ
$UW/HVDWWULEXWLRQVGXFRQVHLOG
DGPLQLVWUDWLRQ
/H FRQVHLO G
DGPLQLVWUDWLRQ HVW FKDUJp QRWDPPHQW GHV
DWWULEXWLRQVVXLYDQWHV
G
pODERUHUOHSURJUDPPHG
DFWLYLWpGXJURXSHPHQW
G
DSSURXYHU OH EXGJHW SUpYLVLRQQHO GH JHVWLRQ HW
G
LQYHVWLVVHPHQWDLQVLTXHVHVVFKpPDVGHILQDQFHPHQW
G
DSSURXYHU OHV ELODQV OHV FRPSWHV GH JHVWLRQ HW GH
UpVXOWDWV
G
DSSURXYHUO
RUJDQLVDWLRQGHVVHUYLFHVGXJURXSHPHQW
HWOHUpJLPHGHUpPXQpUDWLRQHWOHVFRQGLWLRQVGHWUDYDLOGX
SHUVRQQHO
G
DSSURXYHUOHVPDUFKpVHWOHVFRQYHQWLRQVFRQFOXVSDU
OHJURXSHPHQW
G
DSSURXYHU OHV FRQWUDWSURJUDPPHV HW VXLYUH OHXU
H[pFXWLRQ
GH VH SURQRQFHU VXU OHV RSpUDWLRQV G
DFTXLVLWLRQ RX
G
DOLpQDWLRQG
LPPHXEOHV
1ƒ
G
DXWRULVHU OD SHUFHSWLRQ GHV VRPPHV GXHV DX
JURXSHPHQW HW OH SDLHPHQW GHV VRPPHV GRQW LO HVW
UHGHYDEOH
G
DFFHSWHUOHVGRQVHWOHJV
G
DXWRULVHU O
RXYHUWXUH GH WRXW FRPSWH FRXUDQW RX GH
GpS{WEDQFDLUHRXSRVWDO
GHSURSRVHUODPRGLILFDWLRQGXVWDWXWGXJURXSHPHQW
GHSURSRVHUODGLVVROXWLRQGXJURXSHPHQW
$UW /H FDUDFWqUH EpQpYROH GHV IRQFWLRQV GHV
PHPEUHVGXFRQVHLOG
DGPLQLVWUDWLRQ
/HV IRQFWLRQV GHV PHPEUHV GX FRQVHLO G
DGPLQLVWUDWLRQ
VRQWH[HUFpHVEpQpYROHPHQW7RXWHIRLVLOSHXWrWUHSURFpGp
DXUHPERXUVHPHQWDXSURILWGHVGLWVPHPEUHVOHFDVpFKpDQW
HW VXU OHXU GHPDQGH GHV IUDLV QpFHVVLWpV SDU O
H[HUFLFH GH
OHXUVIRQFWLRQV
&+$3,75(,9
'LVSRVLWLRQVILQDQFLqUHV
$UW%XGJHWGXJURXSHPHQW
/H JURXSHPHQW GLVSRVH G
XQ EXGJHW TX
LO DUUrWH FKDTXH
DQQpH
/
DGPLQLVWUDWHXU pWDEOLW DX SOXV WDUG OH MXLOOHW GH
FKDTXH DQQpH SRXU OD SpULRGH DOODQW GX HU MDQYLHU DX GpFHPEUH GH O
DQQpH TXL VXLW XQ EXGJHW SUpYLVLRQQHO GH
IRQFWLRQQHPHQW HW G
LQYHVWLVVHPHQW DLQVL TXH VHV VFKpPDV
GH ILQDQFHPHQW HW OH VRXPHW DX FRQVHLO G
DGPLQLVWUDWLRQ
SRXUGpOLEpUDWLRQ
$UW/DJHVWLRQFRPSWDEOH
/DFRPSWDELOLWpGXJURXSHPHQWHVWWHQXHFRQIRUPpPHQW
DX[UqJOHVGHODFRPSWDELOLWpFRPPHUFLDOH
/H ELODQ HW OHV FRPSWHV GH JHVWLRQ HW GH UpVXOWDWV VRQW
DUUrWpVSDUOHFRQVHLOG
DGPLQLVWUDWLRQ
$UW6WUXFWXUHGXEXGJHWGXJURXSHPHQW
/HEXGJHWGXJURXSHPHQWFRPSUHQG
(QUHFHWWHV
OHV FRQWULEXWLRQV GHV HQWUHSULVHV DGKpUHQWHV DX
JURXSHPHQW
OHVUHYHQXVGHSODFHPHQWGHVFDSLWDX[
OHVUHFHWWHVSURYHQDQWGHODUpPXQpUDWLRQGHVVHUYLFHV
IRXUQLV DLQVL TXH FHOOHV SURYHQDQW GHV pWXGHV HW
SXEOLFDWLRQV
OHVGRQVHWOHJV
OHVH[FpGHQWVGLVSRQLEOHVGHVH[HUFLFHVDQWpULHXUV
WRXWHV DXWUHV UHVVRXUFHV TXL SHXYHQW OXL rWUH DIIHFWpHV
HQYHUWXGHVORLVHWGHVUqJOHPHQWVHQYLJXHXU
(QGpSHQVHV
OHVIUDLVGHIRQFWLRQQHPHQWGXJURXSHPHQW
OHVGpSHQVHVRFFDVLRQQpHVSDUOHVSUHVWDWLRQVIRXUQLHV
SDUOHJURXSHPHQWHWOHVpWXGHVHWSXEOLFDWLRQVTX
LOUpDOLVH
OHVGpSHQVHVG
LQYHVWLVVHPHQWGXJURXSHPHQW
&+$3,75(9
'LVSRVLWLRQVGLYHUVHV
$UW/HJURXSHPHQWHVWVRXPLVDXFRQWU{OHGHO
(WDW
FRQIRUPpPHQW DX[ FRQGLWLRQV IL[pHV SDU OH GpFUHW GX -RXUQDO2IILFLHOGHOD5pSXEOLTXH7XQLVLHQQH²VHSWHPEUH
3DJH
MDQYLHURUJDQLVDQWOHFRQWU{OHGHO
(WDWVXUOHVVRFLpWpV
DVVRFLDWLRQVHWRUJDQLVPHVGHWRXWHQDWXUHIDLVDQWDSSHODX
FRQFRXUV GH O
(WDW GHV UpJLRQV GHV FRPPXQHV HW GHV
pWDEOLVVHPHQWVSXEOLFV
$UW/HJURXSHPHQWSHXWrWUHGLVVRXVSDUDUUrWpGX
PLQLVWUH GHV DIIDLUHV VRFLDOHV VXU SURSRVLWLRQ GX FRQVHLO
G
DGPLQLVWUDWLRQ
/D GLVVROXWLRQ HVW REOLJDWRLUH HQ FDV GH YLRODWLRQ JUDYH
GHV GLVSRVLWLRQV OpJDOHV RX UpJOHPHQWDLUHV RX GHV
GLVSRVLWLRQVGXSUpVHQWVWDWXWRXORUVTXHOHJURXSHPHQWQ
D
SOXVGHUDLVRQG
rWUH
(QFDVGHGLVVROXWLRQOHSDWULPRLQHGXJURXSHPHQWHVW
WUDQVIpUpjO
(WDW
'pFUHW Qƒ GX VHSWHPEUH SRUWDQWIL[DWLRQGHVFRQWULEXWLRQVGHVHQWUHSULVHV
DGKpUHQWHV DX[ JURXSHPHQWV GH PpGHFLQH GX
WUDYDLO
/H3UpVLGHQWGHOD5pSXEOLTXH
6XUSURSRVLWLRQGXPLQLVWUHGHVDIIDLUHVVRFLDOHV
9XOHFRGHGXWUDYDLOSURPXOJXpSDUODORLQƒGX
DYULO HW O
HQVHPEOH GHV WH[WHVTXLO
RQWPRGLILpRX
FRPSOpWpHWQRWDPPHQWODORLQƒGXMXLOOHWHW
SDUWLFXOLqUHPHQWO
DUWLFOHGHFHFRGH
9XO
DYLVGXWULEXQDODGPLQLVWUDWLI
'pFUqWH
$UWLFOH SUHPLHU 7RXWH HQWUHSULVH DGKpUHQWH j XQ
JURXSHPHQWGHPpGHFLQHGXWUDYDLOHVWWHQXHGHYHUVHUXQH
FRQWULEXWLRQ ILQDQFLqUH SRXU OD FRXYHUWXUH GHV IUDLV GHV
SUHVWDWLRQV IRXUQLHVSDUOHJURXSHPHQWGDQVOHGRPDLQHGH
ODVDQWpDXWUDYDLO
&HWWHFRQWULEXWLRQHVWIL[pHjGHO
HQVHPEOHGHV
VDODLUHVSULPHVHWDXWUHVDYDQWDJHVVHUYLVSDUO
HQWUHSULVHj
VHV WUDYDLOOHXUV HW VRXPLV DX[ FRWLVDWLRQV GH OD VpFXULWp
VRFLDOH
$UW /HV FRQWULEXWLRQV VRQW YHUVpHV GLUHFWHPHQW DX
JURXSHPHQWFKDTXHWULPHVWUHHWDXSOXVWDUGGDQVOHVTXLQ]H
MRXUVVXLYDQWVOHGpODLOpJDOGHSDLHPHQWGHVFRWLVDWLRQVGH
ODVpFXULWpVRFLDOHDXWLWUHGXWULPHVWUHFRQVLGpUp
/D GpWHUPLQDWLRQ GX PRQWDQW GHV FRQWULEXWLRQV GXHV
SRXU FKDTXH WULPHVWUH VH IDLW VXU OD EDVH GHV VDODLUHV
GpFODUpV SDU O
HQWUHSULVH j OD FDLVVH GH VpFXULWp VRFLDOH DX
WLWUHGHODPrPHSpULRGH
$UW,OHVWLPSXWpVXUOHVPRQWDQWVGHVFRQWULEXWLRQV
QRQ SD\pHV GDQV OHV GpODLV LQGLTXpV j O
DUWLFOH FLGHVVXV
XQHSpQDOLWpGHUHWDUGjODFKDUJHGHO
HQWUHSULVHGpELWULFHDX
SURILWGXJURXSHPHQW
&HWWHSpQDOLWpGHUHWDUGHVWFDOFXOpHVXUODEDVHGXWDX[
G
LQWpUrW OpJDO HQ YLJXHXU DSSOLFDEOH HQ PDWLqUH FLYLOH j
SDUWLUGHODGDWHG
H[LJLELOLWpGHVFRQWULEXWLRQV
$UW /HV LQIUDFWLRQV DX[ GLVSRVLWLRQV GX SUpVHQW
GpFUHW VRQW SXQLHV FRQIRUPpPHQW DX[ DUWLFOHV HW
VXLYDQWV GX FRGH GX WUDYDLO /H JURXSHPHQW FRQVHUYH VRQ
GURLW G
LQWURGXLUH XQH DFWLRQ DXSUqV GHV WULEXQDX[ SRXU OH
UHFRXYUHPHQWGHVFRQWULEXWLRQVHWSpQDOLWpVGHUHWDUGTXLQH
OXLRQWSDVpWpYHUVpHV
3DJH
$UW /H PLQLVWUH GHV DIIDLUHV VRFLDOHV HVW FKDUJp GH
O
H[pFXWLRQ GX SUpVHQW GpFUHW TXL VHUD SXEOLp DX -RXUQDO
2IILFLHOGHOD5pSXEOLTXH7XQLVLHQQH
7XQLVOHVHSWHPEUH
=LQH(O$ELGLQH%HQ$OL 'pFUHW QƒGXVHSWHPEUHIL[DQW
OD FRPSRVLWLRQ OH IRQFWLRQQHPHQW HW OD
FRPSpWHQFH GHV FRPPLVVLRQV UpJLRQDOHV GX
WUDYDLODJULFROH
/H3UpVLGHQWGHOD5pSXEOLTXH
6XUSURSRVLWLRQGXPLQLVWUHGHVDIIDLUHVVRFLDOHV
9XOHFRGHGXWUDYDLOSURPXOJXpSDUODORLQƒGX
DYULO HW O
HQVHPEOH GHV WH[WHVTXLO
RQWPRGLILpRX
FRPSOpWpHWQRWDPPHQWODORLQƒGXMXLOOHWHW
SDUWLFXOLqUHPHQWO
DUWLFOHGHFHFRGH
9X OH GpFUHW Qƒ GX DR€W UHODWLI DX[
FRPPLVVLRQVGXWUDYDLODJULFROH
9XO
DYLVGXPLQLVWUHGHO
LQWpULHXU
9XO
DYLVGXPLQLVWUHGHO
DJULFXOWXUH
9XO
DYLVGXPLQLVWUHGHODIRUPDWLRQSURIHVVLRQQHOOHHW
GHO
(PSORL
9XO
DYLVGXWULEXQDODGPLQLVWUDWLI
'pFUqWH
$UWLFOH SUHPLHU /D PLVVLRQ GHV FRPPLVVLRQV
UpJLRQDOHV GX WUDYDLO DJULFROH FRQVLVWH j H[DPLQHU OHV
TXHVWLRQV G
DSSOLFDWLRQ GH OD OpJLVODWLRQ GX WUDYDLO DJULFROH
GDQVOHVUpJLRQVFRQFHUQpHV
(OOHVVRQWFKDUJpHVQRWDPPHQW
G
pPHWWUHGHVSURSRVLWLRQVFRQFHUQDQWOHVPRGDOLWpVGH
UpSDUWLWLRQGHODGXUpHOpJDOHGXWUDYDLOSUpYXHjO
DUWLFOH
GXFRGHGXWUDYDLO
GH GpWHUPLQHU OHV WDULIV GH UpPXQpUDWLRQ GHV
WUDYDLOOHXUV DJULFROHV GRQW OHV VDODLUHV VRQW GpWHUPLQpV DX
UHQGHPHQW j OD SLqFH RX j OD WkFKH HW FH FRPSWH WHQX GX
VDODLUHPLQLPXPDJULFROHJDUDQWL
G
H[DPLQHU OHV GLIILFXOWpV SRXYDQW VXUJLU j O
RFFDVLRQ
GH OD FODVVLILFDWLRQ SURIHVVLRQQHOOH GHV WUDYDLOOHXUV
DJULFROHV
GHSURFpGHUDXVXLYLGHVSUpSDUDWLIVDXQLYHDXUpJLRQDO
SRXU O
HPEDXFKH VDLVRQQLHU HW GHV FRQGLWLRQV GH
GpSODFHPHQWHWGHWUDYDLOGHVHPEDXFKpV
$UW/DFRPPLVVLRQUpJLRQDOHGXWUDYDLODJULFROHHVW
FRPSRVpHFRPPHVXLW
OH JRXYHUQHXU GH OD UpJLRQ RX VRQ UHSUpVHQWDQW SUpVLGHQW
OHGLUHFWHXUUpJLRQDOGHVDIIDLUHVVRFLDOHVPHPEUH
OH FRPPLVVDLUH UpJLRQDO DX GpYHORSSHPHQW DJULFROH PHPEUH
OHGLUHFWHXUUpJLRQDOGHODIRUPDWLRQSURIHVVLRQQHOOHHW
GHO
HPSORLPHPEUH
OH FKHI GH OD GLYLVLRQ GH O
LQVSHFWLRQ GX WUDYDLO
WHUULWRULDOHPHQWFRPSpWHQWHUDSSRUWHXU
XQ UHSUpVHQWDQW GH O
XQLRQ WXQLVLHQQH GH O
DJULFXOWXUH
HWGHODSrFKHPHPEUH
-RXUQDO2IILFLHOGHOD5pSXEOLTXH7XQLVLHQQH²VHSWHPEUH
1ƒ
XQ UHSUpVHQWDQW GH O
XQLRQ JpQpUDOH WXQLVLHQQH GX
WUDYDLOPHPEUH
GHX[ PHPEUHV UHSUpVHQWDQW OHV HPSOR\HXUV DJULFROHV
HWGHX[PHPEUHVUHSUpVHQWDQWOHVWUDYDLOOHXUVDJULFROHV&HV
PHPEUHV VRQW GpVLJQpV SDU OHXUV RUJDQLVDWLRQV
SURIHVVLRQQHOOHV
/H SUpVLGHQW GH OD FRPPLVVLRQ SHXW LQYLWHU WRXWH
SHUVRQQH TX
LO MXJH XWLOH GH IDLUH SDUWLFLSHU DX[ WUDYDX[ GH
FHWWHFRPPLVVLRQ
/HVHFUpWDULDWGHODFRPPLVVLRQHVWDVVXUpSDUOHFKHIGH
OD GLYLVLRQ GH O
LQVSHFWLRQ GX WUDYDLO WHUULWRULDOHPHQW
FRPSpWHQWH
$UW/DFRPPLVVLRQGXWUDYDLODJULFROHVHUpXQLWjOD
GHPDQGHGHVRQSUpVLGHQWFKDTXHIRLVTX
LOHVWQpFHVVDLUHHW
DXPRLQVXQHIRLVSDUDQ
/HVPHPEUHVVRQWLQYLWpVSDUOHSUpVLGHQWVHSWMRXUVDX
PRLQV DYDQW OD GDWH GH OD UpXQLRQ SDU FRQYRFDWLRQ
SHUVRQQHOOHIL[DQWODGDWHOHOLHXHWO
RUGUHGXMRXU
/HV GpOLEpUDWLRQV GH OD FRPPLVVLRQ VRQW YDODEOHV HQ
SUpVHQFHGHODPRLWLpGHVHVPHPEUHVDXPRLQV/RUVTXHOH
TXRUXP Q
HVW SDV DWWHLQW OHV PHPEUHV VRQW FRQYRTXpV XQH
GHX[LqPH IRLV GDQV XQ GpODL QH GpSDVVDQW SDV GL[ MRXUV
'DQVFHFDVODFRPPLVVLRQVHUpXQLWTXHOTXHVRLWOHQRPEUH
GHVPHPEUHVSUpVHQWV
/HV GpFLVLRQV HW UHFRPPDQGDWLRQV GH OD FRPPLVVLRQ
VRQWSULVHVjODPDMRULWpGHVYRL[GHVPHPEUHVSUpVHQWV(Q
FDVG
pJDOLWpGHVYRL[FHOOHGXSUpVLGHQWHVWSUpSRQGpUDQWH
/HVGpOLEpUDWLRQVVRQWLQVFULWHVGDQVGHVSURFqVYHUEDX[
VLJQpVSDUOHSUpVLGHQWGHODFRPPLVVLRQHWOHUDSSRUWHXUHW
GRQW FRSLHV VRQW DGUHVVpHV j WRXV OHV PHPEUHV GH OD
FRPPLVVLRQGDQVOHVVHSWMRXUVTXLVXLYHQWODUpXQLRQ
$UWVRQWDEURJpHVOHVGLVSRVLWLRQVGXGpFUHWQƒ
GXDR€WVXVYLVp
$UW /HV PLQLVWUHV GH O
LQWpULHXU GHV DIIDLUHV
VRFLDOHV GH O
DJULFXOWXUH HW GH OD IRUPDWLRQ SURIHVVLRQQHOOH
HWGHO
HPSORLVRQWFKDUJpVFKDFXQHQFHTXLOHFRQFHUQHGH
O
H[pFXWLRQ GX SUpVHQW GpFUHW TXL VHUD SXEOLp DX -RXUQDO
2IILFLHOGHOD5pSXEOLTXH7XQLVLHQQH
7XQLVOHVHSWHPEUH
=LQH(O$ELGLQH%HQ$OL 'pFUHW QƒGXVHSWHPEUHIL[DQW
OHVFDWpJRULHVG
HQWUHSULVHVWHQXHVGHGpVLJQHUXQ
UHVSRQVDEOH GH VpFXULWp DX WUDYDLO HW OHV
FRQGLWLRQVGHYDQWrWUHUHPSOLHVSDUFHOXLFL
/H3UpVLGHQWGHOD5pSXEOLTXH
6XUSURSRVLWLRQGXPLQLVWUHGHVDIIDLUHVVRFLDOHV
9XOHFRGHGXWUDYDLOSURPXOJXpSDUODORLQƒGX
DYULO HW O
HQVHPEOH GHV WH[WHVTXLO
RQWPRGLILpRX
FRPSOpWpHWQRWDPPHQWODORLQƒGXMXLOOHWHW
SDUWLFXOLqUHPHQWO
DUWLFOHGHFHFRGH
9X O
DYLV GH O
XQLRQ 7XQLVLHQQH GH O
LQGXVWULH GX
FRPPHUFHHWGHO
DUWLVDQDW
9X O
DYLV GH O
XQLRQ 7XQLVLHQQH GH O
DJULFXOWXUH HW GH OD
SrFKH
9XO
DYLVGHO
XQLRQJpQpUDOH7XQLVLHQQHGXWUDYDLO
1ƒ
9XO
DYLVGXWULEXQDODGPLQLVWUDWLI
'pFUqWH
$UWLFOH SUHPLHU 7RXWH HQWUHSULVH FODVVpH SDUPL OHV
pWDEOLVVHPHQWV GDQJHUHX[ LQVDOXEUHV HW LQFRPPRGHV DX
VHQV GH O
DUWLFOH GX FRGH GX WUDYDLO GRLW GpVLJQHU XQ
UHVSRQVDEOH GH OD VpFXULWp DX WUDYDLO FRQIRUPpPHQW DX[
FRQGLWLRQVVXLYDQWHV
SRXU OHV HQWUHSULVHV FODVVpHV GDQV OD SUHPLqUH
FDWpJRULHLOHVWGpVLJQpXQLQJpQLHXUSRXUH[HUFHUjSOHLQ
WHPSV OD IRQFWLRQ GH UHVSRQVDEOH GH OD VpFXULWp DX WUDYDLO
ORUVTXHO
HQWUHSULVHHPSORLHFLQTFHQWVWUDYDLOOHXUVHWSOXV
'DQVO
HQWUHSULVHHPSOR\DQWTXDUDQWHWUDYDLOOHXUVHWSOXV
HW PRLQV GH FLQT FHQWV LO HVW GpVLJQp XQ LQJpQLHXU RX XQ
WHFKQLFLHQ VXSpULHXU SRXU H[HUFHU FHWWH IRQFWLRQ j SOHLQ
WHPSV
SRXU OHV HQWUHSULVHV FODVVpHV GDQV OD GHX[LqPH
FDWpJRULH LO HVW GpVLJQp XQ LQJpQLHXU RX XQ WHFKQLFLHQ
VXSpULHXU SRXU H[HUFHU j SOHLQ WHPSV FHWWH IRQFWLRQ GDQV
O
HQWUHSULVHHPSOR\DQWFLQTFHQWVWUDYDLOOHXUVHWSOXV
'DQVO
HQWUHSULVHHPSOR\DQWTXDUDQWHWUDYDLOOHXUVHWSOXV
HW PRLQV GH FLQT FHQWV LO HVW GpVLJQp XQ LQJpQLHXU RX XQ
WHFKQLFLHQ VXSpULHXU SRXU H[HUFHU FHWWH IRQFWLRQ j SOHLQ
WHPSVRXHQVXVGHVRQWUDYDLOSULQFLSDO
SRXU OHV HQWUHSULVHV FODVVpHV GDQV OD SUHPLqUH RX OD
GHX[LqPH FDWpJRULH HW HPSOR\DQW PRLQV GH TXDUDQWH
WUDYDLOOHXUV DLQVL TXH SRXU OHV HQWUHSULVHV FODVVpHV GDQV OD
WURLVLqPH FDWpJRULH LO HVW GpVLJQp XQ DJHQW WHFKQLTXH
G
HQFDGUHPHQWSRXUH[HUFHUFHWWHIRQFWLRQjSOHLQWHPSVRX
HQVXVGHVRQWUDYDLOSULQFLSDO
$UW 7RXWH HQWUHSULVH LQGXVWULHOOH QRQ FODVVpH
HPSOR\DQW FLQT FHQWV WUDYDLOOHXUV HW SOXV GpVLJQH XQ
LQJpQLHXU RX XQ WHFKQLFLHQ VXSpULHXU HQ WDQW TXH
UHVSRQVDEOHGHODVpFXULWpDXWUDYDLOjSOHLQWHPSVRXHQVXV
GHVRQWUDYDLOSULQFLSDO
$UW 7RXWH HQWUHSULVH GH EkWLPHQW RX GH WUDYDX[
SXEOLFV GpVLJQH XQ DJHQW WHFKQLTXH G
HQFDGUHPHQW HQ WDQW
TXHUHVSRQVDEOHGHODVpFXULWpDXWUDYDLOjSOHLQWHPSVRXHQ
VXV GH VRQ WUDYDLO SULQFLSDO HW FH GDQV FKDTXH FKDQWLHU
HPSOR\DQWYLQJWWUDYDLOOHXUVDXPRLQV
$UW /H UHVSRQVDEOH GH OD VpFXULWp DX WUDYDLO GRLW
DYRLU DFTXLV XQH IRUPDWLRQ HQ VpFXULWp DX WUDYDLO RX DYRLU
SRXUVXLYLXQF\FOHGHIRUPDWLRQGDQVFHGRPDLQH
$UW /HV LQIUDFWLRQV DX[ GLVSRVLWLRQV GX SUpVHQW
GpFUHW VRQW SXQLHV FRQIRUPpPHQW DX[ DUWLFOHV HW
VXLYDQWVGXFRGHGXWUDYDLO
$UW /H PLQLVWUH GHV DIIDLUHV VRFLDOHV HVW FKDUJp GH
O
H[pFXWLRQ GX SUpVHQW GpFUHW TXL VHUD SXEOLp DX -RXUQDO
2IILFLHOGHOD5pSXEOLTXH7XQLVLHQQH
7XQLVOHVHSWHPEUH
=LQH(O$ELGLQH%HQ$OL 'pFUHWQƒGXVHSWHPEUHUHODWLI
j OD FRPSRVLWLRQ HW DX IRQFWLRQQHPHQW GH OD
FRPPLVVLRQQDWLRQDOHGXGLDORJXHVRFLDO
/H3UpVLGHQWGHOD5pSXEOLTXH
6XUSURSRVLWLRQGXPLQLVWUHGHVDIIDLUHVVRFLDOHV
9XOHFRGHGXWUDYDLOSURPXOJXpSDUODORLQƒGX
DYULO HW O
HQVHPEOH GHV WH[WHVTXLO
RQWPRGLILpRX
-RXUQDO2IILFLHOGHOD5pSXEOLTXH7XQLVLHQQH²VHSWHPEUH
3DJH
FRPSOpWpHWQRWDPPHQWODORLQƒGXMXLOOHWHW
SDUWLFXOLqUHPHQWO
DUWLFOHGHFHFRGH
9XO
DYLVGXWULEXQDODGPLQLVWUDWLI
'pFUqWH
$UWLFOH SUHPLHU ± /HV GLVSRVLWLRQV GX SUpVHQW GpFUHW
IL[HQW OD FRPSRVLWLRQ HW OH IRQFWLRQQHPHQW GH OD
FRPPLVVLRQ QDWLRQDOH GH GLDORJXH VRFLDO FKDUJpH
FRQIRUPpPHQW j O
DUWLFOH GX FRGH GX WUDYDLO G
pPHWWUH
VRQ DYLV VXU OHV TXHVWLRQV UHODWLYHV DX WUDYDLO TXL OXL VRQW
VRXPLVHV HW QRWDPPHQW FHOOHV FRQFHUQDQW OD OpJLVODWLRQ GX
WUDYDLOOHVQRUPHVLQWHUQDWLRQDOHVGXWUDYDLOOHVVDODLUHVOD
FODVVLILFDWLRQSURIHVVLRQQHOOHOHVQpJRFLDWLRQVFROOHFWLYHVHW
OHFOLPDWVRFLDO
$UW±/DFRPPLVVLRQQDWLRQDOHGXGLDORJXHVRFLDOHVW
SUpVLGpH SDU OH PLQLVWUH GHV DIIDLUHV VRFLDOHV RX VRQ
UHSUpVHQWDQW(OOHHVWFRPSRVpHFRPPHVXLW
XQUHSUpVHQWDQWGX3UHPLHUPLQLVWqUH
XQUHSUpVHQWDQWGXPLQLVWqUHGHO
LQWpULHXU
XQUHSUpVHQWDQWGXPLQLVWqUHGHVDIIDLUHVGHODIHPPH
HWGHODIDPLOOH
WURLVUHSUpVHQWDQWVGXPLQLVWqUHGHVDIIDLUHVVRFLDOHV
OHGLUHFWHXUJpQpUDOGXWUDYDLO
OH GLUHFWHXU JpQpUDO GH O
LQVSHFWLRQ GX WUDYDLOHWGHOD
FRQFLOLDWLRQ
OHGLUHFWHXUJpQpUDOGHODVpFXULWpVRFLDOH
XQUHSUpVHQWDQWGXPLQLVWqUHGHO
DJULFXOWXUH
XQ UHSUpVHQWDQW GX PLQLVWqUH GH OD IRUPDWLRQ
SURIHVVLRQQHOOHHWGHO
HPSORL
XQUHSUpVHQWDQWGXPLQLVWqUHGXFRPPHUFH
XQ UHSUpVHQWDQW GX PLQLVWqUH GX WRXULVPH GX ORLVLU HW
GHO
DUWLVDQDW
XQUHSUpVHQWDQWGXPLQLVWqUHGHVILQDQFHV
XQUHSUpVHQWDQWGXPLQLVWqUHGHO
LQGXVWULH
XQUHSUpVHQWDQWGXPLQLVWqUHGXWUDQVSRUW
XQ UHSUpVHQWDQW GX PLQLVWqUH GH O
pTXLSHPHQW HW GH
O
KDELWDW
XQ UHSUpVHQWDQW GX PLQLVWqUH GX GpYHORSSHPHQW
pFRQRPLTXH
WURLV UHSUpVHQWDQWV GH O
XQLRQ JpQpUDOH WXQLVLHQQH GX
WUDYDLO
GHX[UHSUpVHQWDQWVGHO
XQLRQWXQLVLHQQHGHO
LQGXVWULH
GXFRPPHUFHHWGHO
DUWLVDQDW
XQUHSUpVHQWDQWGHO
XQLRQWXQLVLHQQHGHO
DJULFXOWXUHHW
GHODSrFKH
/H PLQLVWUH GHV DIIDLUHV VRFLDOHV SHXW LQYLWHU WRXWH
SHUVRQQH GRQW OD SDUWLFLSDWLRQ DX[ WUDYDX[ GH FHWWH
FRPPLVVLRQHVWMXJpHXWLOH
$UW ± /D FRPPLVVLRQ VH UpXQLW VXU FRQYRFDWLRQ GH
VRQ SUpVLGHQW FKDTXH IRLV TX
LO HVW QpFHVVDLUH HW DX PRLQV
GHX[IRLVSDUDQ
3DJH
/D FRPPLVVLRQ QH SHXW VH UpXQLU OpJDOHPHQW TX
HQ
SUpVHQFH GHV GHX[ WLHUV GH VHV PHPEUHV DX PRLQV 6L FH
TXRUXP Q
HVW SDV DWWHLQW OD UpXQLRQ HVW UHSRUWpH SRXU XQ
GpODL QH GpSDVVDQW SDV GL[ MRXUV 'DQV FH FDV OD
FRPPLVVLRQ VH UpXQLW TXHO TXH VRLW OH QRPEUH GH VHV
PHPEUHVSUpVHQWV
$UW ± /
RUGUH GX MRXU GH OD FRPPLVVLRQ HVW IL[p SDU
VRQSUpVLGHQW,OHVWDGUHVVpDX[PHPEUHVGHODFRPPLVVLRQ
DXPRLQVVHSWMRXUVDYDQWODGDWHGHODUpXQLRQ
$UW±/HVHFUpWDULDWGHODFRPPLVVLRQHVWDVVXUpSDU
OD GLUHFWLRQ JpQpUDOH GX WUDYDLO DX PLQLVWqUH GHV DIIDLUHV
VRFLDOHV
$UW±/DFRPPLVVLRQSHXWFRQVWLWXHUGHVJURXSHVGH
WUDYDLO TXL VHURQW FKDUJp GH O
pWXGH GH FHUWDLQHV TXHVWLRQV
TXLOXLVRQWVRXPLVHV&HVJURXSHVVRQWFRQVWLWXpVSDUPLOHV
PHPEUHV GH OD FRPPLVVLRQ '
DXWUHV SHUVRQQHV HQ GHKRUV
GH OD FRPPLVVLRQ FKRLVLHV FRPSWH WHQX GH OHXUV
FRPSpWHQFHVSHXYHQWpJDOHPHQWrWUHDVVRFLpHV
$UW /H PLQLVWUH GHV DIIDLUHV VRFLDOHV HVW FKDUJp GH
O
H[pFXWLRQ GX SUpVHQW GpFUHW TXL VHUD SXEOLp DX -RXUQDO
2IILFLHOGHOD5pSXEOLTXH7XQLVLHQQH
7XQLVOHVHSWHPEUH
=LQH(O$ELGLQH%HQ$OL 0,1,67(5('(6'20$,1(6'(/·(7$7
(7'(6$))$,5(6)21&,(5(6
'pFUHW Qƒ GX VHSWHPEUH SRUWDQWH[SURSULDWLRQSRXUFDXVHG¶XWLOLWpSXEOLTXH
GH SDUFHOOHV GH WHUUH VLVHV j 1HI]D HW 2XFKWDWD
JRXYHUQRUDW
GH
%pMD
QpFHVVDLUHV
j
O¶DPpQDJHPHQWGHODURXWHQDWLRQDOHQƒ
/H3UpVLGHQWGHOD5pSXEOLTXH
6XU SURSRVLWLRQ GX PLQLVWUH GHV GRPDLQHV GH O¶(WDW HW
GHVDIIDLUHVIRQFLqUHV
9XODORLQƒGXDR€WSRUWDQWUHIRQWHGHOD
OpJLVODWLRQ UHODWLYH j O¶H[SURSULDWLRQ SRXU FDXVH G¶XWLOLWp
SXEOLTXH
9XO¶DYLVGHVPLQLVWUHVGHO¶LQWpULHXUGHO¶pTXLSHPHQWHW
GHO¶KDELWDWHWGHO¶HQYLURQQHPHQWHWGHO¶DPpQDJHPHQWGX
WHUULWRLUH
'pFUqWH
$UWLFOHSUHPLHU6RQWH[SURSULpHVSRXUFDXVHG¶XWLOLWp
SXEOLTXH DX SURILW GH O¶(WDW HQ YXH G¶rWUH LQFRUSRUpHV DX
GRPDLQH SXEOLF URXWLHU SRXU rWUH PLVHV j OD GLVSRVLWLRQ GX
PLQLVWqUH GH O¶pTXLSHPHQW HW GH O¶KDELWDW GHV SDUFHOOHV GH
WHUUH VLVHV j 1HI]D HW 2XFKWDWD JRXYHUQRUDW GH %pMD
QpFHVVDLUHV j O¶DPpQDJHPHQW GH OD URXWH QDWLRQDOH Qƒ HQWRXUpHVG¶XQOLVHUpURXJHVXUOHVSODQVDQQH[pVDXSUpVHQW
GpFUHWHWLQGLTXpHVDXWDEOHDXFLDSUqV
-RXUQDO2IILFLHOGHOD5pSXEOLTXH7XQLVLHQQH²VHSWHPEUH
1ƒ
1ƒ
G¶RUGUH
1ƒGHOD
SDUFHOOHVXU
OHSODQ
ELV
1ƒ
1ƒGX
7)
6LWXDWLRQ
6XSHUILFLHWRWDOH
GHOD
GHO¶LPPHXEOH
SDUFHOOH
6XSHUILFLH
H[SURSULpH
1RPVGHVSURSULpWDLUHV 5RPGKDQD%HQW%RXNKDWHP0RKDPHG
0HVVDRXGD$PPDU(O0RQFHI
)DWPD(O+pGL6DODK-DPLODOHVKXLW
GHUQLHUV HQIDQWV GH $OL %HQ 0RKDPHG %HQ
6DOHP(O+DEERXEL.DPHO%HQ+DFHQ%HQ
0QDRXDU=DPPDOL(O0RXOGL+DVVqQH
OHV GHX[ GHUQLHUV HQIDQWV GH 0QDRXDU %HQ
0RKDPHG=DPPDOL
2XFKWDWD KDFD DFD +DOLPD 1HMPD OHV GHX[ ILOOHV GH
DFD %HOJDFHP %HQ (O +DGM $KPHG %HQ +DP]D
DFD 2XLFKWDWL 'DOODL 6HEWL 6DOHP OHV GHX[
GHUQLHUV HQIDQWV GH 2XQLV %HQ $PPDU -RXDEOL
0RQFHI %HQ .LODQL %HQ 7DKHU 0DVWRXUL *KDUELDRX*KDULED%HQW$OL%HQ0RKDPHG
+DELED %HQW 7DKHU %HQ &KLNK %HOJDFHP %HQ
$KPHG 2XHFKWDWL +DFHQ 6DODK OHV GHX[
GHUQLHUV HQIDQWV GH %HOJDFHP %HQ $EGDOODK
1HI]L 7RXKDPL )DL]D )HGGKD OHV
WURLVGHUQLHUVHQIDQWVG¶(O%DKUL%HQ$PRU%HQ
(O %DKUL %HQ &KDOERXW 1HI]L =LUDL 'KDRXDIL
$EGDOODK %HQ 'KDRXL %HQ $OL 0HKRXDFKL
6DOKL .KDGRXMD ,EUDKLP6DODK
$PPDU $OL OHV FLQT GHUQLHUV HQIDQWV GH
+FLQH%HQ$PRU%HQ%DKUL%HQ$KPHG1HI]L
$EGL 2XULGD %HQW $PRU %HQ $KPHG %HQ
%RXNKULV 'DOODL (O +DELE %HQ 7DKDU %HQ
0HVVDRXG %HQ +FLQH %HQ $PRU (O +DVQDRXL
(O $NKGKDU %HQ <RXQqV %HQ (O %DKUL
+DVQDRXL $KPHG %HQ 5H]JXL %HQ
%RXEDNHU (O +RVQL $UELD %HQW -LODQL %HQ
&KLNK %RXEDNHU %HQ %HOJDFHP %HQ +DM
$KPHG 2XLFKWDWL 'DRXOHW %HQW %RXNKULV
%HQ %RXJXHUUD 1HI]L 0DNQL 0RKDPHG
%HQ-LODQL%HQ&KLNK%RXEDNHU%HQ%HOJDFHP
%HQ +DM $KPHG2XLFKWDWL0DEURXND%HQW
$OL %HQ (O %DKUL %HQ $KPHG 1HI]L $EGL 0XVWDSKD %HQ 0QDRXDU %HQ *KDwWK (O
+DVQDRXL (O 0RXOGL %HQ <RXVVHI %HQ
7LMDQL 6DOPL 0RKDPHG +DELE<RXVVHI
6DODK 5DEHK OHV TXDWUH GHUQLHUV
HQIDQWV GH 7LMDQL %HQ $OL %HQ (O %DKUL %HQ
$KPHG 1HI]L +LVVRXQH %HQ 7DKHU %HQ
$PPDU0DVWRXUL6DOPD0DEURXND
+DFHQ .KHGLMD OHV TXDWUH GHUQLHUV HQIDQWV
GH$KPHG%HQ7LMDQL%HQ$OL%HQ(O%DKUL(O
+DVQDRXL0HIWHK%HQ0RKDPHG%HQ$PRU
%HQ0HFKUL0DNQL%HOJDFHP%HQ,EUDKLP
%HQ %HOJDFHP %HQ +DGM $KPHG %HQ +DP]D
2XLFKWDWL 0DMLG %HQ $PPDU %HQ
0HVVDRXG %HQ +FLQH %KD\ULD $OL %HQ
%RXEDNHU%HQ$KPHG'DOODL+pGL%HQ$OL
%HQ +RXLPHO 0DNQL 0RKDPHG %HQ
$EGDOODK%RXNKULV0RVEDKL%RXU\HO(O
+pGLOHVGHX[GHUQLHUVHQIDQWVGH$PPDU%HQ
$KPHG 6DOKL 6LKHP %HQW -LODQL %HQ
%RXEDNHU%HQ%HOJDFHP%HQ+DM2XLFKWDWL
0XVWDSKD1DRXLOHVGHX[GHUQLHUVHQIDQWV
GH $EGDOODK %HQ 0DEURXN 7RXMDQL %pFKLU
1HI]D
KDFD
DFD
DFD
DFD
DFD
DFD
-RXUQDO2IILFLHOGHOD5pSXEOLTXH7XQLVLHQQH²VHSWHPEUH
3DJH
1ƒ
G¶RUGUH
1ƒGHOD
SDUFHOOHVXU
OHSODQ
1ƒGX
7)
6LWXDWLRQ
6XSHUILFLHWRWDOH
GHOD
GHO¶LPPHXEOH
SDUFHOOH
6XSHUILFLH
H[SURSULpH
1RPVGHVSURSULpWDLUHV %HQ &KHLNK %RXNKDWHP %HQ $EGDOODK 'DOODL
,FKD%HQW%pFKLU%HQ$OL%HQ$PDUD1HI]L
+DVVRXQD )DWPD 1HELOD 0RKVHQ5DEHK)HWKL$EGHOD]L]
$OL OHV KXLW GHUQLHUV HQIDQWV GH +FLQH %HQ
%DKUL %HQ $PRU %DKUL 1HI]L +DVQDRXL -LODQL 6DVVLD 0EDUND 1RXUHGGLQH
OHVTXDWUHGHUQLHUVHQIDQWVGH6DGRN%HQ6DVVL
%HQ+FLQH1HI]L+DRXDML=DJKGRXGD%HQW
0RKDPHG %HQ %HO $wG %HQ 6DODK %HQ
$EGDOODK 1HI]L *DVPL 6DOHP $KPHG
OHVGHX[GHUQLHUVHQIDQWVGH0RKDPHG%HQ$OL
%HQ %DKUL 1HI]L $EGL +JLOD %HQW $PHXU
%HQ0RKDPHG(O$GHO5RPGKDQH
$KPHG =HLQHE 6DOPD 1HMLD +DOLPD1DwPDOHVKXLWGHUQLHUVHQIDQWVGH
+FLQH %HQ %HOJDFHP %HQ +DM $KPHG %HQ
+DP]D2XLFKWDWL'HOODL0HIWHK%HQ+FLQH
%HQ %HOJDFHP %HQ +DM $KPHG 2XLFKWDWL
+DRXMLD 0EDUND %HQW <RXQHV %HQ $ELG
%HQ +FLQH 2XLFKWDWL )DWPD 'DKPDQL
$]KDU 6HOPD <RXVVHI OHV FLQT
GHUQLHUVHQIDQWVGH$PPDU%HQ%HOJDFHP%HQ
+DM $KPHG %HQ +DP]D 2XLFKWDWL 'DOODL )DWPD%HQW,EUDKLP%HQ$KPHG2XLFKWDWL
=D]LD %HQW %RXEDNHU %HQ %HOJDFHP 2XLFKWDWL
&KHULI %HQ 'DKPDQL %HQ $PPDU 'DOODL
-RXLQL +pGL OHV GHX[ GHUQLHUV HQIDQWV
GH %pFKLU %HQ 0RKDPHG 'DOODL 2XLFKWDWL +DELE %HQ 0RXVVD +PD\GL 6RXOD 6DVVL 0HUURXFK 6RXGD 0RKDPHG
$OL OHV VL[ GHUQLHUV HQIDQWV GH %RXPHQMHO
%HQ %HOJDFHP %HQ 0EDUHN 6DwGL ,VVD +DOLPD $OL 5DEHK OHV TXDWUH GHUQLHUV
HQIDQWVGH+pGL%HQ%RXPHQMHO%HQ%HOJDFHP
%HQ 0EDUHN 6DwGL +PLGD +DNLP OHV
GHX[ GHUQLHUV HQIDQWV GH 6DkG %HQ $PRU %HQ
$KPHG +DIVL +DQLD %HQW $UEL %HQ $ELG
7RXMDQL 6DPL .KDOLO $EGHUUDRXI 6DPLUD /HLOD &KRNUL )HWKL OHVVHSWGHUQLHUVHQIDQWVGH
6DODK %HQ $PPDU %HQ %HOJDFHP %HQ +DM
$KPHG 'DOODL %RXEDNHU %HQ 0RKDPHG
%HQ $EGDOODK %HQ %RXNKULV 0HVEDKL 1HMLED +pGLD 5DILND 5DFKLG
$EGHONDULP 6DwGD OHV VL[ GHUQLHUV
HQIDQWV GH 0RXOGL %HQ $PPDU %HQ%HOJDFHP
2XLFKWDWL )DWPD 5HEHK .KHPDwV GLW $PPDU OHV WURLV GHUQLHUV HQIDQWV
GH $KPHG %HQ 5H]JXL %HQ %RXEDNHU +DVVLQL
0RXOGL %pFKLU 6JKDLHU 0HVVDRXGDOHVTXDWUHGHUQLHUVHQIDQWVGH6DVVL
%HQ +FLQH %HQ $PRU %HQ %DKUL %HQ $KPHG
1HI]L $EGL 'DKPDQL %HQ 6DODK 6DOKL
)DWPD -RUPDQD OHV GHX[ GHUQLqUHV
ILOOHV GH $KPHG %HQ $PHXU %HQ %DKUL 1HI]L
$EGL &KHOELD %HQW 6DODK %HQ 0RKDPHG
%HQ'KLE2XLFKWDWL'KDRXDILD0RKDPHG
3DJH
-RXUQDO2IILFLHOGHOD5pSXEOLTXH7XQLVLHQQH²VHSWHPEUH
1ƒ
1ƒ
G¶RUGUH
1ƒGHOD
SDUFHOOHVXU
OHSODQ
1ƒGX
7)
6LWXDWLRQ
6XSHUILFLHWRWDOH
GHOD
GHO¶LPPHXEOH
SDUFHOOH
6XSHUILFLH
H[SURSULpH
1RPVGHVSURSULpWDLUHV (O$wGRX0RKDPHG(O$LGL%HQ+LVVRXQH%HQ
$KPHG %HQ $PHXU %DKUL $EGL 7D\HE
.KDGLMD $wFKD OHV WURLV GHUQLHUV
HQIDQWV GH $PRU %HQ %HOJDFHP %HQ +DM
$KPHG'DOODL=RKUD0DKMRXED
0RKDPHG .KHGLMD $EGHOD]L] $OL OHV VL[ GHUQLHUV HQIDQWV GH 6DGRN %HQ
%HOJDFHP %HQ +DGM $KPHG %HQ +DP]D
2XLFKWDWL 'DOODL -LODQL 0RKDPHG
&KHULID /DNKGKDU $]L]D OHV
FLQTGHUQLHUVHQIDQWVGH<RXQHV%HQ%DKUL%HQ
$PRU %HQ %DKUL %HQ &KDOERXW 1HI]L =LUDL
'KRXDwIL 0XVWDSKD +pGL )DWPD=RKUD%HOJDFHP+DOLPD
1HMLED .KHGLMD OHV KXLW GHUQLHUV
HQIDQWV GH ,EUDKLP %HQ %HOJDFHP %HQ +DGM
$KPHG %HQ +DP]D 2XLFKWDWL $EGDOODK
%HQ)DUKDW%HQ$PPDU-RXDEOL1pML%HQ
0RKDPHG%HQ$OL%HQ0DEURXN5LKDQL
$KPHG $EGHOPDMLG =RXKD\HU OHV
WURLV GHUQLHUV HQIDQWV GH +DELE %HQ 0DEURXN
%HQ$PRU*KDOODELRX)HOODEL&KHULI%HQ
0RKDPHG(O$wG%HQ+LVVRXQH+DVQDRXL
+DVVqQH%HQ<RXVVHI%HQ7LMDQL%HQ$OL=HUDL
/DVVkDG0DEURXND=RKUD
0RXILGD&KRNULOHVFLQTGHUQLHUVHQIDQWV
GH /DNKGKDU %HQ <RXQHV %HQ %DKUL +DVQDRXL
$OL +DIVD 0RNKWDU 6DODK
.KDOHG 1DMHK 0XVWDSKD -DPLOD 0RXQLU OHV QHXI GHUQLHUV HQIDQWV
GH -RXLQL %HQ $PPDU %HQ %HOJDFHP 'DOODL
)HWWHK %HQ 6DODK %HQ 0HVVDRXG %HQ
+FLQH(O+DVQDRXL,EUDKLP%HQ.KHPDLV
'HOODL 2XLFKWDWL &KHGOLD %HQW +DQDFKL
-RXEDOL6DVVL%HQ$PRU%HQ%RXMHPDk
)DUKDW %HQ $KPHG 'DOODw .DPHO
%HQ-LODQL%HQ&KLNK%RXEDNHU%HQ%HOJDFHP
%HQ +DM $KPHG 2XLFKWDWL :DNI &KHLNK
0RKDPHG %HQ %RXU\HO 1HI]L %RXDOL 0RXVVD +DUEDRXL .LODQL OHV WURLV
GHUQLHUVHQIDQWVGH7DKHU%HQ$PPDU0DVWRXUL
5DGKLD 0RNKWDU 0RQLD 0RKDPHG 1pMLD &KHULID 6DPLUD OHV VHSW GHUQLHUV HQIDQWV GH +pGL %HQ
$PRU%HQ$KPHG%HQ%RXNKULV'DOODw(O
+DELE )HULG /DPLD 0RKDPHG
,VPDKqQH 5LGKD )DWPD 1RXMHLPD 0DKIRXGK 6DwGD /D]KDU OHV RQ]H GHUQLHUV HQIDQWV GH +pGL %HQ
0HVVDRXG%HQ+FLQH%HQ$PRU+DVQDRXL
0LOHG$EGD0HULHP(O.DPHO
OHV TXDWUH GHUQLHUV HQIDQWV GH 7DKHU %HQ
0HVVDRXG%HQ+FLQH%HQ$PRU+DVQDRXL
+DELE .DFHP OHV GHX[ GHUQLHUV
HQIDQWV GH -LODQL %HQ &KLNK %RXEDNHU %HQ
%HOJDFHP%HQ+DM$KPHG2XLFKWDWL
1ƒ
-RXUQDO2IILFLHOGHOD5pSXEOLTXH7XQLVLHQQH²VHSWHPEUH
3DJH
$UW 6RQW pJDOHPHQW H[SURSULpV WRXV OHV GURLWV
PRELOLHUV HW LPPRELOLHUV TXL JUqYHQW RX SRXUUDLHQW JUHYHU
OHVGLWHVSDUFHOOHVGHWHUUH
$UW&HWWHH[SURSULDWLRQHVWGpFODUpHXUJHQWH
$UW /HV PLQLVWUHV GH O¶LQWpULHXU GHV GRPDLQHV GH
O¶(WDW HW GHV DIIDLUHV IRQFLqUHV HW GH O¶pTXLSHPHQW HW GH
O¶KDELWDW VRQW FKDUJpV FKDFXQ HQ FH TXL OH FRQFHUQH GH
O¶H[pFXWLRQ GX SUpVHQW GpFUHW TXL VHUD SXEOLp DX -RXUQDO
2IILFLHOGHOD5pSXEOLTXH7XQLVLHQQH
7XQLVOHVHSWHPEUH
=LQH(O$ELGLQH%HQ$OL
'pFUHW Qƒ GX VHSWHPEUH SRUWDQW PRGLILFDWLRQ GX GpFUHW Qƒ GX MXLQ UHODWLI j O¶H[SURSULDWLRQ SRXU FDXVH
G¶XWLOLWp SXEOLTXH GH SDUFHOOHV GH WHUUH VLVHV j (O
2XHGLqQHHW6NDOEDj0HQ]HO7HPLPHJRXYHUQRUDW
GH 1DEHXO HW QpFHVVDLUHV j OD FRQVWUXFWLRQ GX
EDVVLQ G¶DFFXPXODWLRQ GHV HDX[ GX EDUUDJH
/HEQD
/H3UpVLGHQWGHOD5pSXEOLTXH
6XU SURSRVLWLRQ GX PLQLVWUH GHV GRPDLQHV GH O¶(WDW HW
GHVDIIDLUHVIRQFLqUHV
1ƒ
G¶RUGUH
1ƒGHV
6LWXDWLRQ
1ƒGHVWLWUHV
SDUFHOOHVVXU
GHV
IRQFLHUV
OHVSODQV
SDUFHOOHV
1DEHXO
TXLHVW
FRQIRUPHj
ODSDUFHOOH
QƒDXSODQ
GXWLWUH
IRQFLHU
Qƒ
1DEHXO
1DEHXO
1DWXUH
GHV
SDUFHOOHV
(O
7HUUHGH
2XHGLqQH FXOWXUH
j0HQ]HO
7HPLPH
6NDOEDj WHUUHGH
0HQ]HO
FXOWXUH
7HPLPH
$UW /HV PLQLVWUHV GH O¶LQWpULHXU GH O
DJULFXOWXUH HW
GHV GRPDLQHV GH O¶(WDW HW GHV DIIDLUHV IRQFLqUHV VRQW
FKDUJpV FKDFXQ HQ FH TXL OH FRQFHUQH GH O¶H[pFXWLRQ GX
SUpVHQW GpFUHW TXL VHUD SXEOLp DX -RXUQDO 2IILFLHO GH OD
5pSXEOLTXH7XQLVLHQQH
7XQLVOHVHSWHPEUH
=LQH(O$ELGLQH%HQ$OL
0,1,67(5('8&200(5&(
'pVLJQDWLRQGHPHPEUHV
3DUGpFUHWQƒGXVHSWHPEUH
0HVVLHXUV +DPDGL 6ODRXWL 0RKDPHG +DELE 2XKLFKL
6DPLU0DMRXOHW%RXEDNHU%RXVELDkVRQWGpVLJQpVPHPEUHV
DXSUqV GX FRQVHLO GH OD FRQFXUUHQFH DX WLWUH GH SHUVRQQDOLWpV
H[HUoDQWRXD\DQWH[HUFpGDQVOHVGRPDLQHVGHODSURGXFWLRQ
3DJH
9XODORLQƒGXDR€WSRUWDQWUHIRQWHGHOD
OpJLVODWLRQ UHODWLYH j O¶H[SURSULDWLRQ SRXU FDXVH G¶XWLOLWp
SXEOLTXH
9X OH GpFUHW Qƒ GX MXLQ UHODWLI j
O¶H[SURSULDWLRQSRXUFDXVHG¶XWLOLWpSXEOLTXHGHSDUFHOOHVGH
WHUUH VLVHV j (O 2XHGLqQH HW 6NDOED j 0HQ]HO 7HPLPH
JRXYHUQRUDW GH 1DEHXO HW QpFHVVDLUHV j OD FRQVWUXFWLRQ GX
EDVVLQG¶DFFXPXODWLRQGHVHDX[GXEDUUDJH/HEQD
9XO¶DYLVGHVPLQLVWUHVGHO¶LQWpULHXUGHO¶DJULFXOWXUHHW
GHO¶HQYLURQQHPHQWHWGHO¶DPpQDJHPHQWGXWHUULWRLUH
'pFUqWH
$UWLFOH SUHPLHU 6RQW PRGLILpHV OHV LQGLFDWLRQV
pQRQFpHVDX[OLJQHVFRUUHVSRQGDQWDX[QXPpURVG¶RUGUH
HW GX WDEOHDX SDUFHOODLUH GH O¶$UW SUHPLHU GX GpFUHW Qƒ
GX MXLQ UHODWLI j O¶H[SURSULDWLRQ SRXU
FDXVH G¶XWLOLWp SXEOLTXH GH SDUFHOOHV GH WHUUH VLVHV j (O
2XHGLqQH HW 6NDOED j 0HQ]HO 7HPLPH JRXYHUQRUDW GH
1DEHXO QpFHVVDLUHV j OD FRQVWUXFWLRQ GX EDVVLQ
G¶DFFXPXODWLRQ GHV HDX[ GX EDUUDJH /HEQD HW FH WHO
TX¶LQGLTXpDXWDEOHDXFLDSUqVHWDX[SODQVMRLQWVDXSUpVHQW
GpFUHW
6XSHUILFLH
WRWDOHGH
O¶LPPHXEOH
KDD
FD
KDD
FD
6XSHUILFLH
H[SURSULpH
1RPVGHVSURSULpWDLUHV ODWRWDOLWpGH 0RKDPHG%HQ+VHQ%HQ-HPkD
O¶LPPHXEOH HW -HPkD %HQ $PPDU %HQ
$KPHG%HQ+PLGD
KDD
FD
.LODQL %HQ $KPHG %HQ .LODQL
%HQ$]]RXQD
RX GH OD GLVWULEXWLRQ RX GH O¶DUWLVDQDW RX GHV SUHVWDWLRQV GH
VHUYLFH
/HSUpVHQWGpFUHWSUHQGHIIHWjSDUWLUGXPDL
0,1,67(5('(6),1$1&(6
'pFUHW Qƒ GX VHSWHPEUH DFFRUGDQW j OD VRFLpWp VDQRIL 6\QWKHODER $GZ\D OHV DYDQWDJHV SUpYXV SDU O¶DUWLFOH GX
FRGHG¶LQFLWDWLRQDX[LQYHVWLVVHPHQWV
/H3UpVLGHQWGHOD5pSXEOLTXH
6XUSURSRVLWLRQGXPLQLVWUHGHVILQDQFHV
9XODORLQƒGXMXLQSRUWDQWSURPXOJDWLRQ
GXFRGHGHODWD[HVXUODYDOHXUDMRXWpHHQVHPEOHGHVWH[WHV
O¶D\DQWPRGLILpRXFRPSOpWpHWQRWDPPHQWODORLQƒ
GXGpFHPEUHSRUWDQWORLGHILQDQFHVSRXUO¶DQQpH
-RXUQDO2IILFLHOGHOD5pSXEOLTXH7XQLVLHQQH²VHSWHPEUH
1ƒ
9X OD ORL Qƒ GX GpFHPEUH UHODWLYH j
O¶DSSOLFDWLRQ G¶XQ QRXYHDX WDULI GHV GURLWV GH GRXDQH j
O¶LPSRUWDWLRQ HQVHPEOH GHV WH[WHV O¶D\DQW PRGLILp RX
FRPSOpWp HW QRWDPPHQW OD ORL Qƒ GX GpFHPEUH
SRUWDQWORLGHILQDQFHVSRXUO¶DQQpH
9X OD ORL Qƒ GX GpFHPEUH SRUWDQW
SURPXOJDWLRQ GX FRGH G¶LQFLWDWLRQ DX[ LQYHVWLVVHPHQWV HW
QRWDPPHQW VRQ DUWLFOH HQVHPEOH GHV WH[WHV O¶D\DQW
PRGLILp RX FRPSOpWp HW QRWDPPHQW OD ORL Qƒ GX GpFHPEUHSRUWDQWORLGHILQDQFHVSRXUO¶DQQpH
9X OHGpFUHWQƒGXGpFHPEUHSRUWDQW
FRPSRVLWLRQRUJDQLVDWLRQHWPRGHVGHIRQFWLRQQHPHQWGHOD
FRPPLVVLRQVXSpULHXUHGHVLQYHVWLVVHPHQWV
9X OH GpFUHW Qƒ GX IpYULHU SRUWDQW
IL[DWLRQGHVOLVWHVGHVDFWLYLWpVUHOHYDQWGHVVHFWHXUVSUpYXV
SDU OHV DUWLFOHV HW GX FRGH G¶LQFLWDWLRQ DX[
LQYHVWLVVHPHQWV WHO TXH PRGLILp SDU OHV WH[WHVVXEVpTXHQWV
HWQRWDPPHQWOHGpFUHWQƒGXDYULO
9XO¶DYLVGHODFRPPLVVLRQVXSpULHXUHG¶LQYHVWLVVHPHQW
GXIpYULHU
9XO¶DYLVGXPLQLVWUHGHO¶LQGXVWULH
9XO¶DYLVGXPLQLVWUHGXGpYHORSSHPHQWpFRQRPLTXH
9XO¶DYLVGXWULEXQDODGPLQLVWUDWLI
'pFUqWH
$UWLFOH SUHPLHU /D VRFLpWp 6DQRIL 6\QWKHODER $GZ\DEpQpILFLHGHO¶H[RQpUDWLRQGHVGURLWVGHGRXDQHHW
OD VXVSHQVLRQ GH OD WD[H VXU OD YDOHXU DMRXWpH GXV j
O¶LPSRUWDWLRQGHVpTXLSHPHQWVQpFHVVDLUHVjODVDOOHEODQFKH
HWILJXUDQWjODOLVWHQƒ,DQQH[pHDXSUpVHQWGpFUHW
$UW /D VRFLpWp 6DQRIL 6\QWKHODER $GZ\D
EpQpILFLH GH OD UpGXFWLRQ GHV GURLWV GH GRXDQH DX WDX[ GH
HW OD VXVSHQVLRQ GH OD 79$ j O¶LPSRUWDWLRQ GHV
pTXLSHPHQWVQpFHVVDLUHVjVRQDFWLYLWpHWILJXUDQWjODOLVWH
Qƒ,,DQQH[pHDXSUpVHQWGpFUHW
$UW /D VRFLpWp 6DQRIL 6\QWKHODER $GZ\D
V¶HQJDJHSDUpFULWjQHSDVFpGHUjWLWUHRQpUHX[RXJUDWXLW
OHVpTXLSHPHQWVLPSRUWpVHWFHSHQGDQWOHVFLQTDQQpHVTXL
VXLYHQWODGDWHG¶LPSRUWDWLRQ
$UW /D FHVVLRQ GHV pTXLSHPHQWV LPSRUWpV VRXV
FRXYHUWV GX UpJLPH ILVFDO SULYLOpJLp DYDQW O¶H[SLUDWLRQ GX
GpODL FLWp j O¶DUWLFOH FLGHVVXV HVW VXERUGRQQpH j
O¶DFTXLWWHPHQW GHV GURLWV HW WD[HV GXV VXU OD EDVH GH OD
YDOHXUHWGHVWDX[HQYLJXHXUjODGDWHGHFHVVLRQ
$UW/HVPLQLVWUHVGHVILQDQFHVGHO¶LQGXVWULHHWGX
GpYHORSSHPHQWpFRQRPLTXHVRQWFKDUJpVFKDFXQHQFHTXL
OHFRQFHUQHGHO¶H[pFXWLRQGXSUpVHQWGpFUHWTXLVHUDSXEOLp
DX-RXUQDO2IILFLHOGHOD5pSXEOLTXH7XQLVLHQQH
7XQLVOHVHSWHPEUH
=LQH(O$ELGLQH%HQ$OL
$11(;(1ƒ,
(TXLSHPHQWVQpFHVVDLUHVjODVDOOHEODQFKH
'pVLJQDWLRQGHVpTXLSHPHQWV /DPSHVHWWXEHVG¶pFODLUDJH
6LOHQFLHX[
&DORULIXJHSRXUPDWHODVHQODLQHGHYHUUH
1ƒ
4XDQWLWp
P
'pVLJQDWLRQGHVpTXLSHPHQWV %DOORQG¶HDXFKDXGH
5pVLVWDQFHV GH FKDXIIDJH G¶DSSRLQW SRXU
JDLQHV
$pURWKHUPHV
5HJLVWUHVGHUpJODJHGHGpELWG¶DLU 6\VWqPH GH UpJXODWLRQ FRPSOHW SRXU
O¶LQVWDOODWLRQGHFOLPDWLVDWLRQ
7X\DXWHULH HQ DFLHU LQR[\GDEOH SRXU HDX
SXULILpH
*ULOOHVG¶DLUQHXISRXUFHQWUDOHV
*ULOOHVGHVRXIIODJHHWGHUHSULVHG¶DLU
&DLVVRQVG¶H[WUDFWLRQGHO¶DLUFRPSOHWV
9HQWLORFRQYHFWHXUV
&HQWUDOHGHWUDLWHPHQWG¶DLUFRPSOqWH
*URXSHGHSURGXFWLRQG¶HDXJODFpH &DLVVRQVGHILOWUHVPRQREORFV GpVKXPLGLILFDWHXU
&ODSHWVDQWLUHWRXU
9DQQHV j O¶H[FOXVLRQ GH OD URELQHWWHULH
VDQLWDLUH
0XUV LQWpULHXUV HW IDX[ SODIRQGV
SUpIDEULTXpVSRXUVDOOHEODQFKH
4XDQWLWp
P
P
$11(;(1ƒ,,
(TXLSHPHQWVQpFHVVDLUHVDXSURMHW
'pVLJQDWLRQGHVpTXLSHPHQWV
4XDQWLWp
(WXYHEDFWpULRORJLTXHLQFXEDWHXU
%DLQVPDULH
%DQFGH.2()/(5
&KDXIIHEDOORQV
3ODTXHVFKDXIIDQWHVpOpFWURPDJQpWLTXHV
3+PqWUH
&RPSWHXUGHEDFWpULHV
3RODULPqWUH
5pIUDFWRPqWUH
&DORULPqWUH
'LVVROXWHVW
7HVWGHGXUHWp
7HVWGHGpVDJUpJDWLRQ
&KDPEUHV&&0
'LVVLFDWHXU
,RQLPqWUH
&KDPEUH89
7KHUPREODQFH
&KURPDWRJUDSKH©+3/&ª
&KURPDWRJUDSKHHQSKDVHJD]HXVH
6SHFWURSKRWRPqWUH,5
6SHFWURSKRWRPqWUH89YLVLEOH
$JLWDWHXUVPDJQpWLTXHV
6SHFWURPqWUHUD\RQV©;ª
*UDQXORPqWUH
'HQVLPqWUH
5RWRYDSHXU
'LVWLOODWHXU
%DODQFHGHSUpFLVLRQ
-RXUQDO2IILFLHOGHOD5pSXEOLTXH7XQLVLHQQH²VHSWHPEUH
3DJH
'pVLJQDWLRQGHVpTXLSHPHQWV
&RQGXFWLYLPqWUH
7LWUDWHXU
7DEOHDQWLYLEUDWLRQ
)OX[ODPLQDLUH
$XWRFODYH
&HQWUDOHGHWUDLWHPHQWGHO¶DLU
*URXSHGHSURGXFWLRQG¶HDXJODFpH
9HQWLORFRQYHFWHXU
&DLVVRQVGHO¶DLUFRPSOHW
2VPRVHXULQYHUVH
$GRXFLVVHXU
7DEOHDXHWDUPRLUHpOHFWULTXHSRXUXQH
WHQVLRQLQIpULHXUHj9
/DPSHVHWWXEHV
*ULOOHVG¶DLUQHXISRXUFHQWUDOHV
*ULOOHVGHVRXIIODJHHWGHUHSULVHG¶DLU
&KDULRWpOpYDWHXUpOHFWULTXH
5pVLVWDQFHGHFKDXIIDJHG¶DSSRLQWSRXU
JDLQHV
'pVKXPLGLILFDWHXU
$VSLUDWHXULQGXVWULHO
6LOHQFLHX[
&RQWHQHXUVHQDFLHULQR[\GDEOH
&RPSUHVVHXUG¶DLU
(QVDFKHXVHSRXGUH
9LJQHWWHXVHFRPSOqWH
(QFDUWRQQHXVHFRPSOqWH
3UHVVHURWDWLYHjFRPSULPHU
7XUELQHG¶HQUREDJHFRPSOqWH
*pOXOHXVHFRPSOqWH
7KHUPRIRUPHXVHDYHFDFFHVVRLUHV
0pODQJHXUGHSRXGUHSKDUPDFHXWLTXH
0pODQJHXUJUDQXODWHXUFRPSOHW
6pFKRLUjSODWHDX
/LWG¶DLUIOXLGLVp
3RPSHjYLGHSRXUWUDQVIHUWGHSRXGUH
3RWHQFHVOqYHVI€WV
5HJLVWUHGHUpJODJHGHGpELWG¶DLU
6\VWqPHGHUpJXODWLRQFRPSOHWSRXU
LQVWDOODWLRQGHFOLPDWLVDWLRQ
'pSRXVVLpUHXU
4XDQWLWp
'pFUHW Qƒ GX VHSWHPEUH SRUWDQWVXVSHQVLRQGHVGURLWVGHGRXDQHRXGHOD
WD[H VXU OD YDOHXU DMRXWpH GXV j O¶LPSRUWDWLRQ GH
FHUWDLQVSURGXLWVHWODVXVSHQVLRQGXSUpOqYHPHQW
G€VXUOHVYLDQGHVERYLQHVUpIULJpUpHV
/H3UpVLGHQWGHOD5pSXEOLTXH
6XUSURSRVLWLRQGXPLQLVWUHGHVILQDQFHV
9XODORLQƒGXMXLQSRUWDQWSURPXOJDWLRQ
GXFRGHGHODWD[HVXUODYDOHXUDMRXWpHHWQRWDPPHQWVRQ
DUWLFOH WHO TXH PRGLILp HW FRPSOpWp SDU OHV WH[WHV
VXEVpTXHQWVHWQRWDPPHQWODORLQƒGXGpFHPEUH
SRUWDQWORLGHILQDQFHVSRXUO¶DQQpH
9X OD ORL Qƒ GX GpFHPEUH UHODWLYH j
O¶DSSOLFDWLRQ G¶XQ QRXYHDX WDULI GHV GURLWV GH GRXDQH j
3DJH
O¶LPSRUWDWLRQ WHO TXH PRGLILp HW FRPSOpWp SDU OHV WH[WHV
VXEVpTXHQWVHWQRWDPPHQWODORLQƒGXGpFHPEUH
SRUWDQWORLGHILQDQFHVSRXUO¶DQQpH
9XODORLQƒGXMDQYLHUSRUWDQWUDWLILFDWLRQ
GHVDFFRUGVGHO¶8UXJXD\5RXQG
9XODORLQƒGXGpFHPEUHSRUWDQWORLGH
ILQDQFHVSRXUO¶DQQpHHWQRWDPPHQWVRQDUWLFOH
9X OH GpFUHW Qƒ GX PDL UHODWLI j
O¶LQVWLWXWLRQ G¶XQ SUpOqYHPHQW VXU OHV ERYLQV YLYDQWV HW OHV
YLDQGHVERYLQHV
9XO¶DYLVGXPLQLVWUHGHO¶DJULFXOWXUH
9XO¶DYLVGXPLQLVWUHGXFRPPHUFH
9XO¶DYLVGXPLQLVWUHGHO¶LQGXVWULH
9XO¶DYLVGXWULEXQDODGPLQLVWUDWLI
'pFUqWH
$UWLFOH SUHPLHU 6RQW VXVSHQGXV OHV GURLWV GH GRXDQH
HWODWD[HVXUODYDOHXUDMRXWpHGXVVXUOHVPHXEOHVYLWULQHV
HW PHXEOHVFRPSWRLUV IULJRULILTXHV GHVWLQpV j O¶H[SRVLWLRQ
GHV SRLVVRQV FRQJHOpV UHOHYDQW GX QXPpUR GX
WDULI GHV GURLWV GH GRXDQH HW LPSRUWpV SDU OHV SHUVRQQHV
DXWRULVpHV SDU OHV VHUYLFHV FRQFHUQpV GX PLQLVWqUH GH
O¶DJULFXOWXUHHWFHGDQVODOLPLWHG¶XQFRQWLQJHQWJOREDOGH
XQLWpV
$UW6RQWVXVSHQGXVOHVGURLWVGHGRXDQHGXVVXUOHV
KXLOHV YpJpWDOHV UHSULVHV VXU OH WDEOHDX VXLYDQWGHVWLQpHVj
OD IDEULFDWLRQ GHV JUDLVVHV YpJpWDOHV HW LPSRUWpHV SDU OHV
SHUVRQQHVDXWRULVpHVSDUOHVVHUYLFHVFRQFHUQpVGXPLQLVWqUH
GHO¶LQGXVWULH
1XPpURGH
SRVLWLRQ
([
([
1XPpURGHSRVLWLRQ
WDULIDLUH
'pVLJQDWLRQGHV
SURGXLWV
+XLOHGHSDOPH
+XLOHGHFRSUDK
+XLOHGHSDOPLVWH
$UW6RQWVXVSHQGXVOHVGURLWVGHGRXDQHGXVVXUOH
FLPHQW QRQ SXOYpULVp GLW ©FOLQNHUª UHOHYDQW GX QXPpUR
GXWDULIGHVGURLWVGHGRXDQHHWLPSRUWpSDUOHV
SHUVRQQHVDXWRULVpHVSDUOHVVHUYLFHVFRQFHUQpVGXPLQLVWqUH
GHO¶LQGXVWULHHWFHGDQVODOLPLWHG¶XQFRQWLQJHQWJOREDOGH
WRQQHV
$UW6RQWVXVSHQGXVOHVGURLWVGHGRXDQHHWODWD[H
VXUODYDOHXUDMRXWpHGXVVXUOHVDJQHDX[YLYDQWVUHOHYDQWGX
QXPpUR GX WDULI GHV GURLWV GH GRXDQH HW
LPSRUWpV SDU OHV SHUVRQQHV DXWRULVpHV SDU OHV VHUYLFHV
FRQFHUQpV GX PLQLVWqUH GX FRPPHUFH HW FH GDQV OD OLPLWH
G¶XQFRQWLQJHQWJOREDOGHWrWHV
$UW6RQWVXVSHQGXVOHVGURLWVGHGRXDQHHWODWD[H
VXU OD YDOHXU DMRXWpH GXV VXU OHV DQLPDX[ YLYDQWV GH
O¶HVSqFH ERYLQH GH UDFHV FRQMXJXpHV SURGXFWULFHV GH OD
YLDQGHHWGXODLWUHOHYDQWGXQXPpURGXWDULIGHV
-RXUQDO2IILFLHOGHOD5pSXEOLTXH7XQLVLHQQH²VHSWHPEUH
1ƒ
GURLWV GH GRXDQH HW FH GDQV OD OLPLWH G¶XQ FRQWLQJHQW
JOREDOGHWrWHV
$UW6RQWVXVSHQGXVOHVGURLWVGHGRXDQHHWODWD[H
VXU OD YDOHXU DMRXWpH GXV VXU OHV SRPPHV GH WHUUH GH
FRQVRPPDWLRQUHOHYDQWGXQXPpURGXWDULIGHV
GURLWV GH GRXDQH HW LPSRUWpHV SDU OHV SHUVRQQHV DXWRULVpHV
SDUOHVVHUYLFHVFRQFHUQpVGXPLQLVWqUHGXFRPPHUFHHWFH
GDQVODOLPLWHG¶XQFRQWLQJHQWJOREDOGHWRQQHV
$UW6RQWVXVSHQGXVOHVGURLWVGHGRXDQHGXVVXUOD
PrODVVH GH EHWWHUDYH j VXFUH UHOHYDQW GX QXPpUR
GX WDULI GHV GURLWV GH GRXDQH HW LPSRUWpHV SDU
OHV SHUVRQQHV DXWRULVpHV SDU OHV VHUYLFHV FRQFHUQpV GX
PLQLVWqUH GX FRPPHUFH HW FH GDQV OD OLPLWH G¶XQ
FRQWLQJHQWJOREDOGHWRQQHV
3RXU OD OpJDOLVDWLRQ GH OD VLJQDWXUH OH SUpVLGHQW GH OD PXQLFLSDOLWp
$UW (VW VXVSHQGX OH SUpOqYHPHQW LQVWLWXp SDU OH
GpFUHW Qƒ GX PDL VXVLQGLTXp G€ VXU OHV
YLDQGHVERYLQHVUpIULJpUpHVHQFDUFDVVHVRXGHPLFDUFDVVHV
UHOHYDQW GX QXPpUR GX WDULI GHV GURLWV GH
GRXDQH HW LPSRUWpHV SDU OHV SHUVRQQHV DXWRULVpHV SDU OHV
VHUYLFHVFRQFHUQpHVGXPLQLVWqUHGXFRPPHUFHHWFHGDQV
ODOLPLWHG¶XQFRQWLQJHQWJOREDOGHWRQQHV
$UW/HVGLVSRVLWLRQVGXSUpVHQWGpFUHWV¶DSSOLTXHQW
MXVTX¶DXGpFHPEUH
$UW /HV PLQLVWUHV GH O¶DJULFXOWXUH GX FRPPHUFH
GHVILQDQFHVHWGHO¶LQGXVWULHVRQWFKDUJpVFKDFXQHQFHTXL
OHFRQFHUQHGHO¶H[pFXWLRQGXSUpVHQWGpFUHWTXLVHUDSXEOLp
DX-RXUQDO2IILFLHOGHOD5pSXEOLTXH7XQLVLHQQH
7XQLVOHVHSWHPEUH
,661
=LQH(O$ELGLQH%HQ$OL
& HUWLILp FRQIRUPH OH SUpVLGHQW GLUHFWHXU JpQpUDO GH O
,257
&HQXPpURGX-RXUQDO2IILFLHOGHOD5pSXEOLTXH7XQLVLHQQHDpWpGpSRVpDXVLqJHGXJRXYHUQRUDWGH7XQLVOHVHSWHPEUH 

Documents pareils

TRENDS MAGAZINE: "L`éloge du silence" - 01

TRENDS MAGAZINE: "L`éloge du silence" - 01 GHVSURGXLWVUpJLRQDX[HWORFDX[pODER UpVVHORQOHJR€WIUDQoDLV&DUODFOLHQWqOH HVWIUDQoDLVHjO·DXWUHPRLWLppWDQW FRPSRVpH G·,WDOLHQV G·(VSDJQROV HW GH -DSRQDLVFHVGHUQLHUV...

Plus en détail

Journal Officiel de la République Tunisienne e 30 septembre 2005

Journal Officiel de la République Tunisienne e 30 septembre 2005 9X O¶DYLV GHV PLQLVWUHV GHV ILQDQFHV HW GX GpYHORSSHPHQWHWGHODFRRSpUDWLRQLQWHUQDWLRQDOH 9XO¶DYLVGXWULEXQDODGPLQLVWUDWLI 'pFUqWH $UWLFOH SUHPLHU  (VW DSSURXYp OH VWD...

Plus en détail

Journal Officiel de la République Tunisienne

Journal Officiel de la République Tunisienne UpDOLVHUOHVpWXGHVJpQpUDOHVHWOHVSODQVGLUHFWHXUVGHV WUDQVSRUWVWHUUHVWUHVjYRFDWLRQVHFWRULHOOHRXQDWLRQDOH&HV SODQVRQWSRXUREMHFWLIGHIL[HUjPR\HQHWORQJWHUPHVOHV SURJUDPPHV...

Plus en détail

Journal Officiel de la République Tunisienne e 11 octobre 2002 Nƒ

Journal Officiel de la République Tunisienne e 11 octobre 2002 Nƒ $UW   /HV pWDEOLVVHPHQWV SXEOLFV FRQFHUQpV FRPPXQLTXHQW DX 3UHPLHU PLQLVWqUH HW DX PLQLVWqUH GHV ILQDQFHVOHVGRFXPHQWVVXLYDQWV OHVFRQWUDWVG¶REMHFWLIVHWOHVEXGJHWVSU...

Plus en détail

Nƒ 56 Journal Officiel de la République

Nƒ 56 Journal Officiel de la République JpQpUDOGHVSHUVRQQHOVGHO (WDWGHVFROOHFWLYLWpVORFDOHVHW GHV pWDEOLVVHPHQWV SXEOLFV j FDUDFWqUH DGPLQLVWUDWLI HQVHPEOH OHV WH[WHV TXL O RQW PRGLILpH RX FRPSOpWpH HW QRWDPPHQW...

Plus en détail

Sommaire

Sommaire ORFDOHV HW GHV pWDEOLVVHPHQWV SXEOLFV j FDUDFWqUH DGPLQLVWUDWLIWHOTX LODpWpPRGLILpSDUOHGpFUHWQƒ GXPDL 9X OH GpFUHW Qƒ  GX  RFWREUH  IL[DQW...

Plus en détail

Corps des analystes et des techniciens de l`informatique des

Corps des analystes et des techniciens de l`informatique des SHQVLRQV FLYLOHV HW PLOLWDLUHV GHUHWUDLWHHWGHVVXUYLYDQWVGDQVOH VHFWHXUSXEOLFHQVHPEOHOHVWH[WHVTXLO RQWPRGLILpHRXFRPSOpWpH HWQRWDPPHQWODORLQƒGXMXLOOHW 9X OD...

Plus en détail

Journal Officiel de la République Tunisienne e 1 eh avril 2003 Nƒ

Journal Officiel de la République Tunisienne e 1 eh avril 2003 Nƒ 9X OD ORL Qƒ  GX  MXLOOHW  UHODWLYH j O HQVHLJQHPHQW VXSpULHXU HW j OD UHFKHUFKH VFLHQWLILTXH HQVHPEOH OHV WH[WHV TXL O RQW PRGLILpH RX FRPSOpWpH HW QRWDPPHQ...

Plus en détail