Weitere ähnliche Inhalte Ähnlich wie Tarification stam jort 1999 Ähnlich wie Tarification stam jort 1999 (19) 1. 75$'8&7,21)5$1d$,6(3285,1)250$7,21
9HQGUHGLHUGKRXOKLMMDPDUV
G20DQQpH
'pFUHWVHW$UUrWpV
3UHPLHU0LQLVWqUH
'pFUHW Qƒ GXPDUVSRUWDQWPRGLILFDWLRQGXGpFUHWQƒGX
DYULO IL[DQW OH VWDWXW SDUWLFXOLHU DX FRUSV DGPLQLVWUDWLI FRPPXQ GHV
DGPLQLVWUDWLRQVSXEOLTXHV
1RPLQDWLRQG
XQVRXVGLUHFWHXU
0DLQWLHQHQDFWLYLWpGDQVOHVHFWHXUSXEOLF
0LQLVWqUHGHV)LQDQFHV
'pFUHW Qƒ GXPDUVIL[DQWODQRPHQFODWXUHGHVGpSHQVHVGXEXGJHW
GHO
(WDW
'pFUHW QƒGXPDUVIL[DQWOHUpJLPHGHUpPXQpUDWLRQGHVGLIIpUHQWHV
FDWpJRULHV GX SHUVRQQHO DVVXUDQW GHV WkFKHV G
HQVHLJQHPHQW RX GHV WUDYDX[
H[FHSWLRQQHOVjO
pFROHQDWLRQDOHGHVGRXDQHV
1RPLQDWLRQG
XQGLUHFWHXUUpJLRQDOGHVGRXDQHV
0LQLVWqUHGX7UDQVSRUW
$UUrWp GHV PLQLVWUHV GX WUDQVSRUW HW GX FRPPHUFH GX PDUV SRUWDQW
KRPRORJDWLRQGHVWDULIVPD[LPDGHVSUHVWDWLRQVGXFRQVLJQDWDLUHGHQDYLUHV
$UUrWp GHV PLQLVWUHV GX WUDQVSRUW HW GX FRPPHUFH GX PDUV SRUWDQW
KRPRORJDWLRQGHVWDULIVPD[LPDGHODPDQXWHQWLRQSRUWXDLUH
$UUrWp GX PLQLVWUH GX WUDQVSRUW GX PDUVSRUWDQWDSSUREDWLRQGHVWDULIVGH
WUDQVSRUW GHYRDJHXUVHWGHEDJDJHVVXUOHVJUDQGHVOLJQHVGHODVRFLpWpQDWLRQDOH
GHVFKHPLQVGHIHUWXQLVLHQV
6RPPDLUH
1ƒ
3. GpFUHWVHWDUUrWpV
35(0,(50,1,67(5(
'pFUHW Qƒ GX PDUVSRUWDQWPRGLILFDWLRQ
GX GpFUHW Qƒ GX DYULO IL[DQW OHVWDWXW
SDUWLFXOLHU DX FRUSV DGPLQLVWUDWLI FRPPXQ GHV
DGPLQLVWUDWLRQVSXEOLTXHV
/H3UpVLGHQWGHOD5pSXEOLTXH
6XUSURSRVLWLRQGX3UHPLHUPLQLVWUH
9X OD ORL RUJDQLTXH Qƒ GXIpYULHUUHODWLYHDX[
FRQVHLOVUpJLRQDX[
9X OD ORL Qƒ GXPDLSRUWDQWORLRUJDQLTXHGHV
FRPPXQHV WHOOH TX
HOOH D pWp PRGLILpH HW FRPSOpWpH SDU OD ORL
RUJDQLTXH QƒGXDYULOODORLRUJDQLTXHQƒGX
DYULO HW OD ORL RUJDQLTXH QƒGXMXLOOHWHW
QRWDPPHQWVRQDUWLFOHQRXYHDX 4. 9X OD ORL Qƒ GX GpFHPEUH SRUWDQW VWDWXW
JpQpUDO GHV SHUVRQQHOV GH O
(WDW GHV FROOHFWLYLWpVORFDOHVHWGHV
pWDEOLVVHPHQWV SXEOLFV j FDUDFWqUH DGPLQLVWUDWLI HQVHPEOH OHV
WH[WHV TXL O
RQW PRGLILpHRXFRPSOpWpHHWQRWDPPHQWODORLQƒ
GXGpFHPEUH
9X OH GpFUHW Qƒ GX RFWREUH IL[DQW OHV
FRQGLWLRQV G
LQWpJUDWLRQ GX SHUVRQQHO RXYULHUGDQVOHVFDGUHVGHV
IRQFWLRQQDLUHV
9X OH GpFUHW Qƒ GX RFWREUH IL[DQW OHV
PRGDOLWpV G
RUJDQLVDWLRQ HW GH IRQFWLRQQHPHQW GHVFRPPLVVLRQV
DGPLQLVWUDWLYHVSDULWDLUHV
9X OH GpFUHW Qƒ GXMXLQSRUWDQWRUJDQLVDWLRQ
GH OD IRUPDWLRQ FRQWLQXH GHV IRQFWLRQQDLUHV HW GHV RXYULHUVGH
O
(WDW GHV FROOHFWLYLWpV SXEOLTXHV ORFDOHV HW GHV pWDEOLVVHPHQWV
SXEOLFVjFDUDFWqUHDGPLQLVWUDWLIWHOTX
LODpWpPRGLILpSDUOHGpFUHW
QƒGXIpYULHU
9X OH GpFUHW Qƒ GX MXLQ IL[DQW OD
FODVVLILFDWLRQ QDWLRQDOH GHV HPSORLV DLQVL TXH OHV FRQGLWLRQV
G
KRPRORJDWLRQ GHV FHUWLILFDWV HW GLSO{PHV GH IRUPDWLRQ
SURIHVVLRQQHOOHLQLWLDOHHWFRQWLQXH
9X OH GpFUHW Qƒ GX QRYHPEUH IL[DQWOHV
PRGDOLWpV G
DSSOLFDWLRQ GHV GLVSRVLWLRQV UHODWLYHVjODSURPRWLRQ
DX FKRL[ GHV IRQFWLRQQDLUHV GH O
(WDWGHVFROOHFWLYLWpVSXEOLTXHV
ORFDOHVHWGHVpWDEOLVVHPHQWVSXEOLFVjFDUDFWqUHDGPLQLVWUDWLI
9X OH GpFUHW Qƒ GX VHSWHPEUH IL[DQW OH
WUDLWHPHQW GH EDVH GHV SHUVRQQHOV GH O
(WDW GHV FROOHFWLYLWpV
SXEOLTXHV ORFDOHV HW GHV pWDEOLVVHPHQWV SXEOLFV j FDUDFWqUH
DGPLQLVWUDWLI
9X OH GpFUHW Qƒ GX DYULO IL[DQW OH VWDWXW
SDUWLFXOLHU DX FRUSV DGPLQLVWUDWLI FRPPXQ GHV DGPLQLVWUDWLRQV
SXEOLTXHV WHO TX
LO D pWp PRGLILp SDU OHGpFUHWQƒGX
DR€W
9X OHGpFUHWQƒGXMDQYLHUSRUWDQWGpILQLWLRQGHV
FDWpJRULHV DX[TXHOOHV DSSDUWLHQQHQW OHV GLIIpUHQWV JUDGHV GHV
IRQFWLRQQDLUHV GH O
(WDW GHV FROOHFWLYLWpV ORFDOHV HW GHV
pWDEOLVVHPHQWVSXEOLFVjFDUDFWqUHDGPLQLVWUDWLI
9XO
DYLVGXWULEXQDODGPLQLVWUDWLI
1ƒ
'pFUqWH
$UWLFOH SUHPLHU /HV GLVSRVLWLRQV GHV DUWLFOHV HWGX
GpFUHW VXVYLVp Qƒ GX DYULO VRQW DEURJpHV HW
UHPSODFpHVSDUOHVGLVSRVLWLRQVVXLYDQWHV
$UW QRXYHDX 5. /D SURPRWLRQ DX JUDGH GH VHFUpWDLUH
G
DGPLQLVWUDWLRQHVWDWWULEXpHDX[FDQGLGDWVLQWHUQHV
D 6. $SUqV DYRLU VXLYL DYHF VXFFqV XQ FFOH GH IRUPDWLRQ
RUJDQLVpSDUO
DGPLQLVWUDWLRQDXSURILWGHVFRPPLVG
DGPLQLVWUDWLRQ
HWGHVGDFWORJUDSKHVWLWXODLUHVGDQVOHXUJUDGH
E 7. $SUqV DYRLU VXLYL DYHF VXFFqV XQ FRQFRXUV LQWHUQH VXU
pSUHXYHV VXU WLWUHV RX VXU GRVVLHUV RXYHUW DX[ FRPPLV
G
DGPLQLVWUDWLRQ HW DX[ GDFWORJUDSKHV WLWXODLUHVGDQVOHXUJUDGH
MXVWLILDQW G
DX PRLQV FLQT 13. /D SURPRWLRQ DX JUDGH GH VHFUpWDLUH
GDFWORJUDSKHHVWDWWULEXpHDX[FDQGLGDWVLQWHUQHV
D 14. $SUqV DYRLU VXLYL DYHF VXFFqV XQ FFOH GH IRUPDWLRQ
RUJDQLVp SDU O
DGPLQLVWUDWLRQ DX SURILW GHVGDFWORJUDSKHVHWGHV
FRPPLVG
DGPLQLVWUDWLRQWLWXODLUHVGDQVOHXUJUDGH
E 15. $SUqV DYRLU VXLYL DYHF VXFFqV XQ FRQFRXUV LQWHUQH VXU
pSUHXYHV VXU WLWUHV RX VXU GRVVLHUVRXYHUWDX[GDFWORJUDSKHVHW
DX[ FRPPLV G
DGPLQLVWUDWLRQ WLWXODLUHV GDQVOHXUJUDGHMXVWLILDQW
G
DXPRLQVFLQT 20. DQVDXPRLQVHW
LQVFULWVSDURUGUHGHPpULWHVXUXQHOLVWHG
DSWLWXGH
$UW /H 3UHPLHU PLQLVWUHOHVPLQLVWUHVHWOHVVHFUpWDLUHV
G
(WDW VRQW FKDUJpV FKDFXQ HQFHTXLOHFRQFHUQHGHO
H[pFXWLRQ
GX SUpVHQW GpFUHW TXL VHUD SXEOLp DX -RXUQDO 2IILFLHO GH OD
5pSXEOLTXH7XQLVLHQQH
7XQLVOHPDUV
=LQH(O$ELGLQH%HQ$OL
120,1$7,21
3DUGpFUHWQƒGXPDUV
0RQVLHXU 6RXKHLE %UDPOL SURIHVVHXU SULQFLSDO GH
O
HQVHLJQHPHQW VHFRQGDLUH HVW FKDUJp GHV IRQFWLRQV GH VRXV
GLUHFWHXUDX3UHPLHUPLQLVWqUH
0$,17,(1(1$7,9,7(
3DUGpFUHWQƒGXPDUV
,O HVW DFFRUGp j 0RQVLHXU 0RKDPHG 7DRXILN .DURXL XQH
GpURJDWLRQ SRXU H[HUFHU GDQV OH VHFWHXU SXEOLF HQ TXDOLWp GH
FRQVHLOOHU DXSUqV GX3UHPLHUPLQLVWUHSRXUXQHGXUpHG
XQHDQQpH
jFRPSWHUGXHUDYULO
-RXUQDO2IILFLHOGHOD5pSXEOLTXH7XQLVLHQQH²PDUV
3DJH
22. 9X ODORLQƒGXGpFHPEUHSRUWDQWSURPXOJDWLRQ
GX FRGH GH OD FRPSWDELOLWp SXEOLTXH WHOOH TXH PRGLILpH HW
FRPSOpWpH SDUOHVWH[WHVVXEVpTXHQWVHWQRWDPPHQWODORLQƒ
GXQRYHPEUHHWSDUWLFXOLqUHPHQWVRQDUWLFOH
9X OH GpFUHW Qƒ GX GpFHPEUH UHODWLI DX
FRQWU{OH GHV GpSHQVHV SXEOLTXHV WHOTXHPRGLILpHWFRPSOpWpSDU
OHV WH[WHV VXEVpTXHQWV HW QRWDPPHQW OH GpFUHW QƒGX
IpYULHUHWOHGpFUHWQƒGXIpYULHU
9XO
DYLVGXWULEXQDODGPLQLVWUDWLI
'pFUqWH
$UWLFOH SUHPLHU/HVGpSHQVHVGHO
(WDWWHOOHVTXHGpILQLHVSDU
O
DUWLFOH GHODORLRUJDQLTXHGXEXGJHWFRPSRUWHQWOHVVHFWLRQVHW
SDUWLHVVXLYDQWHV
'pSHQVHVGXWLWUH,
VHFWLRQGpSHQVHVGHJHVWLRQ
qUHSDUWLHUpPXQpUDWLRQVSXEOLTXHV
qPHSDUWLHPRHQVGHVVHUYLFHV
qPHSDUWLHLQWHUYHQWLRQVSXEOLTXHV
qPHSDUWLHGpSHQVHVGHJHVWLRQLPSUpYXHV
VHFWLRQLQWpUrWVGHODGHWWHSXEOLTXH
qPHSDUWLHLQWpUrWVGHODGHWWHSXEOLTXH
'pSHQVHVGXWLWUH,,
VHFWLRQGpSHQVHVGHGpYHORSSHPHQW
qPHSDUWLHLQYHVWLVVHPHQWVGLUHFWV
qPHSDUWLHILQDQFHPHQWSXEOLF
qPHSDUWLHGpSHQVHVGHGpYHORSSHPHQWLPSUpYXHV
qPH SDUWLH GpSHQVHV GH GpYHORSSHPHQW VXU UHVVRXUFHV
H[WpULHXUHVDIIHFWpHV
VHFWLRQ GpSHQVHV GH UHPERXUVHPHQWGXSULQFLSDOGHOD
GHWWHSXEOLTXH
qPH SDUWLH UHPERXUVHPHQW GX SULQFLSDO GH OD GHWWH
SXEOLTXH
'pSHQVHVGHVIRQGVGXWUpVRU
VHFWLRQGpSHQVHVGHVIRQGVGXWUpVRU
qPHSDUWLHGpSHQVHVGHVIRQGVVSpFLDX[GXWUpVRU
qPHSDUWLHGpSHQVHVGHVIRQGVGHFRQFRXUV
$UW /HV GpSHQVHV GH FKDTXH SDUWLH VH VXEGLYLVHQW HQ
DUWLFOHVSDUDJUDSKHVHWVRXVSDUDJUDSKHVGRQWOHFRQWHQXHVWGpILQL
SDUOHVDUWLFOHVHWGXSUpVHQWGpFUHW
$UW KDTXHDUWLFOHGXEXGJHWHVWGpILQLSDUFLQTFKLIIUHV
OHV GHX[SUHPLHUVGpVLJQDQWODSDUWLHjODTXHOOHDSSDUWLHQWO
DUWLFOH
OHVWURLVDXWUHVOHQXPpURG
RUGUHGHO
DUWLFOH
3RXU FKDFXQH GHV SDUWLHVLOHVWUpVHUYpOHVQXPpURVG
DUWLFOHV
VXLYDQWV
SUHPLqUHSDUWLHHQWUHHW
GHX[LqPHSDUWLHHQWUHHW
WURLVLqPHSDUWLHHQWUHHW
TXDWULqPHSDUWLHHQWUHHW
3DJH
FLQTXLqPHSDUWLHHQWUHHW
VL[LqPHSDUWLHHQWUHHW
VHSWLqPHSDUWLHHQWUHHW
KXLWLqPHSDUWLHHQWUHHW
QHXYLqPHSDUWLHHQWUHHW
GL[LqPHSDUWLHHQWUHHW
2Q]LqPHSDUWLHHQWUHHW
GRX]LqPHSDUWLHHQWUHHW
2XWUH OHV DUWLFOHV DUUrWpV FLGHVVRXV LO SHXWrWUHFUppOHFDV
pFKpDQW GH QRXYHDX[ DUWLFOHV HW FH GDQV OH FDGUH GHV GpFUHWV
SRUWDQWUpSDUWLWLRQGHVFUpGLWVRXYHUWVSDUODORLGHILQDQFHV
$UW /D SUHPLqUH SDUWLH UpPXQpUDWLRQV SXEOLTXHV
FRPSUHQG OD UpPXQpUDWLRQ GHVSRXYRLUVSXEOLFVODUpPXQpUDWLRQ
GHV DJHQWV SHUPDQHQWV HW QRQ SHUPDQHQWV DLQVL TXH OHV
VXEYHQWLRQVDX[pWDEOLVVHPHQWVSXEOLFVDXWLWUHGHVUpPXQpUDWLRQV
HWWHSDUWLHFRPSUHQGOHVDUWLFOHVFLDSUqV
$UWLFOHUpPXQpUDWLRQGHVSRXYRLUVSXEOLFV
$UWLFOHUpPXQpUDWLRQGXSHUVRQQHOSHUPDQHQW
$UWLFOHUpPXQpUDWLRQGXSHUVRQQHOQRQSHUPDQHQW
$UWLFOH VXEYHQWLRQV DX[ pWDEOLVVHPHQWV SXEOLFV
VRXPLV DX FRGH GH OD FRPSWDELOLWp SXEOLTXH DX WLWUH GHV
UpPXQpUDWLRQV
$UWLFOH VXEYHQWLRQV DX[pWDEOLVVHPHQWVSXEOLFVQRQ
VRXPLV DX FRGH GH OD FRPSWDELOLWp SXEOLTXH DX WLWUH GHV
UpPXQpUDWLRQV
/HV DUWLFOHV GH FHWWH SDUWLH FRPSUHQQHQW GHV SDUDJUDSKHV
FRUUHVSRQGDQW
DX[ WUDLWHPHQWV GH EDVHDX[FDWpJRULHVG
LQGHPQLWpVHWDX[
FRWLVDWLRQV UDWWDFKpHVHWFHSRXUOHVDJHQWVGHO
(WDWHWOHVDJHQWV
GHV pWDEOLVVHPHQWV SXEOLFV UpPXQpUpVVXUOHEXGJHWVGHO
(WDWOHV
SDUDJUDSKHV SHXYHQW DXVVL FRUUHVSRQGUH j GHV UpPXQpUDWLRQV
VSpFLILTXHV
j XQH FDWpJRULH G
pWDEOLVVHPHQWV SRXU OHVVXEYHQWLRQVDX[
pWDEOLVVHPHQWVSXEOLFVDXWLWUHGHVUpPXQpUDWLRQV
/HV SDUDJUDSKHV VXVYLVpV FRPSUHQQHQWGHVVRXVSDUDJUDSKHV
TXLLQGLTXHQW
OHV GLIIpUHQWV pOpPHQWV GHUpPXQpUDWLRQHQFHTXLFRQFHUQH
OHV FUpGLWV GH UpPXQpUDWLRQ GHVDJHQWVGHO
(WDWHWGHVDJHQWVGHV
pWDEOLVVHPHQWV SXEOLFV UpPXQpUpV GLUHFWHPHQW VXU OHEXGJHWVGH
O
(WDW
O
pWDEOLVVHPHQW EpQpILFLDLUH GH OD VXEYHQWLRQ DXWLWUHGHOD
UpPXQpUDWLRQ
$UW /DGHX[LqPHSDUWLH0RHQVGHVVHUYLFHVFRPSUHQG
OHV GpSHQVHVGHFRQVRPPDWLRQGHVELHQVHWVHUYLFHVQpFHVVDLUHVDX
IRQFWLRQQHPHQW QRUPDO GHV VHUYLFHV OHV GpSHQVHV UHODWLYHV j
O
H[SORLWDWLRQ HW j O
HQWUHWLHQ GHV RXYUDJHV SXEOLFVDLQVLTXHOHV
VXEYHQWLRQV DOORXpHV DX[ pWDEOLVVHPHQWV SXEOLFV SRXU OD
FRXYHUWXUHGHFHVPrPHVGpSHQVHV
HWWHSDUWLHFRPSUHQGOHVDUWLFOHVFLDSUqV
$UWLFOHGpSHQVHVVSpFLDOHVGHVRXYHUDLQHWp
$UWLFOH GpSHQVHV GH IRQFWLRQQHPHQWGHVVHUYLFHV
SXEOLFV
$UWLFOH GpSHQVHV G
H[SORLWDWLRQ HW G
HQWUHWLHQGHV
RXYUDJHVSXEOLFV
$UWLFOH VXEYHQWLRQV DX[ pWDEOLVVHPHQWV SXEOLFV
VRXPLV DX FRGH GHODFRPSWDELOLWpSXEOLTXHDXWLWUHGHVGpSHQVHV
GHIRQFWLRQQHPHQWHWG
HQWUHWLHQGHVRXYUDJHVSXEOLFV
$UWLFOH VXEYHQWLRQVDX[pWDEOLVVHPHQWVSXEOLFVQRQ
VRXPLV DX FRGH GHODFRPSWDELOLWpSXEOLTXHDXWLWUHGHVGpSHQVHV
GHIRQFWLRQQHPHQWHWG
HQWUHWLHQGHVRXYUDJHVSXEOLFV
-RXUQDO2IILFLHOGHOD5pSXEOLTXH7XQLVLHQQH²PDUV
1ƒ
23. /HV DUWLFOHV VXVYLVpV FRPSRUWHQW GHV SDUDJUDSKHV
FRUUHVSRQGDQW VRLWDX[FDWpJRULHVGHGpSHQVHVGHIRQFWLRQQHPHQW
VRLWDX[FDWpJRULHVG
pWDEOLVVHPHQWVEpQpILFLDQWGHODVXEYHQWLRQ
/HV SDUDJUDSKHV VH VXEGLYLVHQW HQ VRXVSDUDJUDSKHV
FRPSRUWDQW OHV GpSHQVHV VHORQ OHXU VSpFLILp RX GpVLJQDQW
O
pWDEOLVVHPHQWEpQpILFLDQWGHODVXEYHQWLRQ
$UW /D WURLVLqPH SDUWLH ,QWHUYHQWLRQV 3XEOLTXHV
FRPSUHQG OHV GpSHQVHV UHODWLYHVDX[WUDQVIHUWVDX[LQWHUYHQWLRQV
GLUHFWHV HW LQGLUHFWHV GH O
(WDWDX[FRQWULEXWLRQVDX[RUJDQLVPHV
LQWHUQDWLRQDX[ DLQVL TXH OHV VXEYHQWLRQV DOORXpHV DX[
pWDEOLVVHPHQWVSXEOLFVSRXUODFRXYHUWXUHGHFHVPrPHVGpSHQVHV
HWWHSDUWLHFRPSUHQGOHVDUWLFOHVVXLYDQWV
$UWLFOHWUDQVIHUWV
$UWLFOHLQWHUYHQWLRQVjFDUDFWqUHJpQpUDO
$UWLFOHLQWHUYHQWLRQVGDQVOHGRPDLQHVRFLDO
$UWLFOH LQWHUYHQWLRQV GDQV OH GRPDLQH GH
O
HQVHLJQHPHQWHWGHODIRUPDWLRQ
$UWLFOHLQWHUYHQWLRQGDQVOHGRPDLQHGHODUHFKHUFKH
VFLHQWLILTXH
$UWLFOH LQWHUYHQWLRQV GDQV OHV GRPDLQHV GH OD
FXOWXUHGHODMHXQHVVHHWGHO
HQIDQFH
$UWLFOH LQWHUYHQWLRQV GDQV OHV GRPDLQHV
pFRQRPLTXHV
$UWLFOHFRQWULEXWLRQDX[RUJDQLVPHVLQWHUQDWLRQDX[
$UWLFOHLQWHUYHQWLRQVGLYHUVHV
$UWLFOH VXEYHQWLRQV DX[ pWDEOLVVHPHQWV SXEOLFV
VRXPLV DX FRGH GHODFRPSWDELOLWpSXEOLTXHDXWLWUHGHVGpSHQVHV
G
LQWHUYHQWLRQ
$UWLFOH VXEYHQWLRQVDX[pWDEOLVVHPHQWVSXEOLFVQRQ
VRXPLV DX FRGH GHODFRPSWDELOLWpSXEOLTXHDXWLWUHGHVGpSHQVHV
G
LQWHUYHQWLRQ
/HV DUWLFOHV VXVYLVpV VH VXEGLYLVHQW HQ SDUDJUDSKHV
FRUUHVSRQGDQWVHORQOHVDUWLFOHVDX[
WUDQVIHUWV j WLWUH G
DLGHV HW GH FRPSHQVDWLRQV VHUYLHV
GLUHFWHPHQWDX[FDWpJRULHVFLEOHV
WSHV G
LQWHUYHQWLRQV GLUHFWHVHWLQGLUHFWHVGHO
(WDWGDQVOHV
GRPDLQHVGpILQLVSDUO
DUWLFOHFRQVLGpUp
FDWpJRULHVG
pWDEOLVVHPHQWVEpQpILFLDQWGHVXEYHQWLRQDXWLWUH
GHVGpSHQVHVG
LQWHUYHQWLRQ
/HV SDUDJUDSKHV FRPSUHQQHQW GHV VRXVSDUDJUDSKHV
FRUUHVSRQGDQW j XQWUDQVIHUWRXjXQHLQWHUYHQWLRQVSpFLILTXHRXj
O
pWDEOLVVHPHQWEpQpILFLDLUHGHODVXEYHQWLRQ
$UW /DTXDWULqPHSDUWLHGpSHQVHVGHJHVWLRQLPSUpYXHV
FRPSRUWH OHVFUpGLWVGHVWLQpVjFRXYULUOHVEHVRLQVQHSRXYDQWrWUH
LGHQWLILpVRXUpSDUWLVORUVGHODSUpSDUDWLRQGXEXGJHW
HWWHSDUWLHFRPSRUWHO
DUWLFOHVXLYDQW
DUWLFOH GpSHQVHV LPSUpYXHV HW QRQ UpSDUWLHV GH
JHVWLRQ
HW DUWLFOHFRPSUHQGGHX[SDUDJUDSKHVO
XQSRXUOHVGpSHQVHV
LPSUpYXHVO
DXWUHSRXUOHVGpSHQVHVQRQUpSDUWLHV
$UW /D FLQTXLqPH SDUWLH LQWpUrWVGHODGHWWHSXEOLTXH
FRPSUHQG OHVFUpGLWVDIIpUHQWVDXUHPERXUVHPHQWGHVLQWpUrWVGHOD
GHWWHLQWpULHXUHHWH[WpULHXUH
(OOHFRPSUHQGOHVGHX[DUWLFOHVVXLYDQWV
DUWLFOHLQWpUrWVGHODGHWWHLQWpULHXUH
DUWLFOHLQWpUrWVGHODGHWWHH[WpULHXUH
KDFXQ GHFHVGHX[DUWLFOHVVHVXEGLYLVHHQGHX[SDUDJUDSKHV
OH SUHPLHU FRQFHUQH OHV LQWpUrWVGHODGHWWHGHO
(WDWOHGHX[LqPH
FRQFHUQHOHVLQWpUrWVGHODGHWWHJDUDQWLHSDUO
(WDW
1ƒ
$UW /DVL[LqPHSDUWLHLQYHVWLVVHPHQWVGLUHFWVFRPSRUWH
OHV GpSHQVHVGHVSURMHWVHWSURJUDPPHVGHGpYHORSSHPHQWUpDOLVpV
VRLW GLUHFWHPHQW SDU O
(WDW VRLW SDU O
LQWHUPpGLDLUH GHV
pWDEOLVVHPHQWV SXEOLFVVRXPLVDXFRGHGHODFRPSWDELOLWpSXEOLTXH
RXGHVFRQVHLOVUpJLRQDX[
HWWHSDUWLHFRPSUHQGOHVDUWLFOHVVXLYDQWV
DUWLFOHpWXGHVJpQpUDOHV
DUWLFOHDFTXLVLWLRQGHWHUUDLQV
DUWLFOHDFTXLVLWLRQGHEkWLPHQWV
DUWLFOHEkWLPHQWVDGPLQLVWUDWLIV
DUWLFOHpTXLSHPHQWVDGPLQLVWUDWLIV
DUWLFOHSURJUDPPHVLQIRUPDWLTXHV
DUWLFOHIRUPDWLRQ
DUWLFOHGpSHQVHVG
LQVHUWLRQHWGHSXEOLFDWLRQ
DUWLFOHGpSHQVHVGLYHUVHV
DUWLFOHUpVLGHQFHVSUpVLGHQWLHOOHV
DUWLFOHGpSHQVHVGHVFRUSVFRQVWLWXWLRQQHOV
DUWLFOHpWXGHVRXYUDJHVHWDUFKLYHV
DUWLFOHGLIIXVLRQUDGLRSKRQLTXHHWWpOpYLVpH
DUWLFOHUHFKHUFKHVVFLHQWLILTXHVJpQpUDOHV
DUWLFOH SURPRWLRQGHVUHFKHUFKHVGHGpYHORSSHPHQWHW
GHODWHFKQRORJLH
DUWLFOH UHFKHUFKHV VFLHQWLILTXHV GDQV OH GRPDLQH
pFRQRPLTXH
DUWLFOH UHFKHUFKHV VFLHQWLILTXHV GDQV OH GRPDLQH
VRFLDO
DUWLFOH UHFKHUFKHV VFLHQWLILTXHVGDQVOHGRPDLQHGHV
VHUYLFHV
DUWLFOHSURPRWLRQGHODIHPPHHWGHODIDPLOOH
DUWLFOHSURJUDPPHVFRPPXQVG
LQIRUPDWLTXH
DUWLFOHLQIUDVWUXFWXUHGHODV€UHWpLQWpULHXUH
DUWLFOHpTXLSHPHQWGHODV€UHWpLQWpULHXUH
DUWLFOH FRQVWUXFWLRQ HW DPpQDJHPHQW GHV VLqJHV GH
O
DGPLQLVWUDWLRQUpJLRQDOH
DUWLFOHpTXLSHPHQWGHO
DGPLQLVWUDWLRQUpJLRQDOH
DUWLFOH FRQVWUXFWLRQ HW DPpQDJHPHQW GHV MXVWLFHV
FDQWRQDOHV
DUWLFOH FRQVWUXFWLRQHWDPpQDJHPHQWGHVWULEXQDX[GH
SUHPLqUHLQVWDQFH
DUWLFOH FRQVWUXFWLRQHWDPpQDJHPHQWGHVFRXUVG
DSSHO
HWGHFDVVDWLRQ
DUWLFOHpTXLSHPHQWGHVMXULGLFWLRQV
DUWLFOHDFTXLVLWLRQGHEkWLPHQWVjO
pWUDQJHU
DUWLFOH FRQVWUXFWLRQ GHV SRVWHV GLSORPDWLTXHV j
O
pWUDQJHU
DUWLFOH DPpQDJHPHQW GHV SRVWHV GLSORPDWLTXHV j
O
pWUDQJHU
DUWLFOH pTXLSHPHQW GHV SRVWHV GLSORPDWLTXHV j
O
pWUDQJHU
$UWLFOHLQIUDVWUXFWXUHPLOLWDLUH
DUWLFOHpTXLSHPHQWVPLOLWDLUHV
DUWLFOHSURJUDPPHVHWSURMHWVFRQILpVjO
DUPpH
DUWLFOHSURMHWVHWSURJUDPPHVGHVDIIDLUHVUHOLJLHXVHV
DUWLFOHSURPRWLRQGHVLQYHVWLVVHPHQWV
DUWLFOH DFTXLVLWLRQGHVEkWLPHQWVSRXUOHVVHUYLFHVGHV
ILQDQFHV
DUWLFOH FRQVWUXFWLRQ HW DPpQDJHPHQWGHVUHFHWWHVHW
GHVEXUHDX[GHFRQWU{OH
-RXUQDO2IILFLHOGHOD5pSXEOLTXH7XQLVLHQQH²PDUV
3DJH
24. DUWLFOH DFTXLVLWLRQGHVEkWLPHQWVSRXUOHVVHUYLFHVGHV
GRXDQHV
DUWLFOH FRQVWUXFWLRQ HW DPpQDJHPHQW GHV SRVWHVHW
ORFDX[SRXUOHVVHUYLFHVGHVGRXDQHV
DUWLFOHpTXLSHPHQWGHVVHUYLFHVGHVGRXDQHV
DUWLFOHGRPDLQHSULYpGHO
(WDW
DUWLFOHDIIDLUHVIRQFLqUHV
DUWLFOHIRUrWV
DUWLFOHFRQVHUYDWLRQGHVHDX[HWGXVRO
DUWLFOHEDUUDJHVHWRXYUDJHVKGUDXOLTXHV
DUWLFOHUHVVRXUFHVKGUDXOLTXHVVRXWHUUDLQHV
DUWLFOHSpULPqWUHVLUULJXpV
DUWLFOHUHFKHUFKHVHWpWXGHVDJULFROHV
DUWLFOHHDXSRWDEOH
DUWLFOHYXOJDULVDWLRQHWHQFDGUHPHQWDJULFROH
DUWLFOHSrFKH
DUWLFOHSURMHWVDJULFROHVLQWpJUpV
DUWLFOHPLVHjQLYHDXGXVHFWHXULQGXVWULHO
DUWLFOHURXWHVHWSRQWV
DUWLFOHSRUWVGHSrFKH
DUWLFOHRXYUDJHVPDULWLPHV
DUWLFOHSRUWVDpULHQV
DUWLFOHSURWHFWLRQGHVYLOOHVFRQWUHOHVLQRQGDWLRQV
DUWLFOHDPpQDJHPHQWXUEDLQ
DUWLFOHXUEDQLVPH
DUWLFOHKDELWDW
DUWLFOHHQYLURQQHPHQW
DUWLFOHDPpQDJHPHQWGXWHUULWRLUH
DUWLFOHWUDQVSRUWWHUUHVWUH
DUWLFOHWUDQVSRUWPDULWLPH
DUWLFOHWUDQVSRUWDpULHQ
DUWLFOHPpWpRURORJLH
DUWLFOHDPpQDJHPHQWGHO
HQYLURQQHPHQWWRXULVWLTXH
DUWLFOH DFTXLVLWLRQGHEkWLPHQWVSRXUOHVVHUYLFHVGHOD
SRVWH
DUWLFOH FRQVWUXFWLRQ HW DPpQDJHPHQW GHV FHQWUHV
SRVWDX[
DUWLFOHpTXLSHPHQWGHVFHQWUHVSRVWDX[
DUWLFOHVHUYLFHVILQDQFLHUV
DUWLFOHWpOpGLIIXVLRQ
DUWLFOHFHQWUHVFXOWXUHOV
DUWLFOHOHFWXUHSXEOLTXH
DUWLFOHOHVDUWV
DUWLFOHDUFKpRORJLHHWPXVpRJUDSKLH
DUWLFOH FRQVWUXFWLRQHWDPpQDJHPHQWGHVFHQWUHVGHV
MHXQHV
DUWLFOH FRQVWUXFWLRQ HW DPpQDJHPHQWGHVFHQWUHVGH
O
HQIDQFH
DUWLFOH FRQVWUXFWLRQ HW DPpQDJHPHQW GH
O
LQIUDVWUXFWXUHVSRUWLYH
DUWLFOHpTXLSHPHQWGHMHXQHVVHHWGHVVSRUWV
DUWLFOHPpGHFLQHSUpYHQWLYH
DUWLFOH FRQVWUXFWLRQ H[WHQVLRQ HW DPpQDJHPHQWGH
O
LQIUDVWUXFWXUHVDQLWDLUHXQLYHUVLWDLUH
DUWLFOH FRQVWUXFWLRQ H[WHQVLRQ HW DPpQDJHPHQWGH
O
LQIUDVWUXFWXUHVDQLWDLUHUpJLRQDOH
3DJH
DUWLFOH FRQVWUXFWLRQ H[WHQVLRQ HW DPpQDJHPHQWGH
O
LQIUDVWUXFWXUHVDQLWDLUHORFDOHHWGHEDVH
DUWLFOH PDLQWHQDQFH HWUpQRYDWLRQGHO
LQIUDVWUXFWXUH
VDQLWDLUH
DUWLFOHpTXLSHPHQWGHO
LQIUDVWUXFWXUHVDQLWDLUH
DUWLFOH PDLQWHQDQFH GHV pTXLSHPHQWV GH
O
LQIUDVWUXFWXUHVDQLWDLUH
DUWLFOHSUpYHQWLRQVRFLDOH
DUWLFOHSURPRWLRQVRFLDOH
DUWLFOHSUpYHQWLRQGDQVOHGRPDLQHGXWUDYDLO
DUWLFOHFRQVWUXFWLRQHWH[WHQVLRQGHVpFROHVSULPDLUHV
DUWLFOHDPpQDJHPHQWGHVpFROHVSULPDLUHV
DUWLFOH FRQVWUXFWLRQ HW H[WHQVLRQ GHV pFROHV
SUpSDUDWRLUHV
DUWLFOHDPpQDJHPHQWGHVpFROHVSUpSDUDWRLUHV
DUWLFOHFRQVWUXFWLRQHWH[WHQVLRQGHVOFpHV
DUWLFOHDPpQDJHPHQWGHVOFpHV
DUWLFOH FRQVWUXFWLRQHWDPpQDJHPHQWGHVLQWHUQDWVHW
GHVUpIHFWRLUHV
DUWLFOHpTXLSHPHQWVpGXFDWLIV
DUWLFOHpTXLSHPHQWGHVLQWHUQDWVHWGHVUpIHFWRLUHV
DUWLFOH FRQVWUXFWLRQ HW H[WHQVLRQGHVpWDEOLVVHPHQWV
G
HQVHLJQHPHQWVXSpULHXU
DUWLFOH DPpQDJHPHQW GHV pWDEOLVVHPHQWV
G
HQVHLJQHPHQWVXSpULHXU
DUWLFOH pTXLSHPHQWGHVpWDEOLVVHPHQWVG
HQVHLJQHPHQW
VXSpULHXU
DUWLFOH FRQVWUXFWLRQ HW H[WHQVLRQGHVpWDEOLVVHPHQWV
GHV°XYUHVXQLYHUVLWDLUHV
DUWLFOH DFTXLVLWLRQ GHV EkWLPHQWV SRXU OHV °XYUHV
XQLYHUVLWDLUHV
DUWLFOH DPpQDJHPHQWGHVpWDEOLVVHPHQWVGHV°XYUHV
XQLYHUVLWDLUHV
DUWLFOH pTXLSHPHQW GHV pWDEOLVVHPHQWV GHV °XYUHV
XQLYHUVLWDLUHV
DUWLFOH UHFKHUFKH VFLHQWLILTXH GDQV O
HQVHLJQHPHQW
VXSpULHXU
DUWLFOH REVHUYDWRLUHGHODIRUPDWLRQSURIHVVLRQQHOOHHW
GHO
HPSORL
DUWLFOH SURPRWLRQ GHODIRUPDWLRQSURIHVVLRQQHOOHHW
GHO
HPSORL
DUWLFOHIRUPDWLRQFRQWLQXH
DUWLFOHLQJpQLHULHGHODIRUPDWLRQGHVIRUPDWHXUV
$UW /D VHSWLqPHSDUWLHILQDQFHPHQWSXEOLFFRPSRUWH
OHV FUpGLWV DIIHFWpV DX SURILW GHV pWDEOLVVHPHQWV SXEOLFV QRQ
DGPLQLVWUDWLIV HW GHV HQWUHSULVHV SXEOLTXHV DX WLWUH GHV
LQYHVWLVVHPHQWV GHV LQWHUYHQWLRQV GH ODSDUWLFLSDWLRQHQFDSLWDO
GXUHPERXUVHPHQWGHVHPSUXQWVHWGHO
pTXLOLEUHILQDQFLHU
6RQW HQ RXWUHLQVFULWVGDQVFHWWHSDUWLHOHVFUpGLWVDIIHFWpVDX[
FROOHFWLYLWpV ORFDOHV DX WLWUH GHV LQYHVWLVVHPHQWV HW GHV
LQWHUYHQWLRQV
HWWHSDUWLHFRPSUHQGOHVDUWLFOHVVXLYDQWV
DUWLFOH LQYHVWLVVHPHQWV GDQV OH GRPDLQH GH
O
DGPLQLVWUDWLRQJpQpUDOH
DUWLFOH LQYHVWLVVHPHQWV GDQV OH GRPDLQH GH
O
DJULFXOWXUHHWGHODSrFKH
DUWLFOH LQYHVWLVVHPHQWVGDQVOHGRPDLQHGHVVHUYLFHV
HWGHO
LQIUDVWUXFWXUH
DUWLFOH LQYHVWLVVHPHQWVGDQVOHGRPDLQHGHO
pGXFDWLRQ
HWGHODIRUPDWLRQ
-RXUQDO2IILFLHOGHOD5pSXEOLTXH7XQLVLHQQH²PDUV
1ƒ
25. DUWLFOH LQYHVWLVVHPHQWV GDQV OH GRPDLQH GH OD
UHFKHUFKH
DUWLFOH LQYHVWLVVHPHQWVGDQVOHGRPDLQHGHODFXOWXUH
GHODMHXQHVVHHWGHO
HQIDQFH
DUWLFOHLQYHVWLVVHPHQWVGDQVOHGRPDLQHVRFLDO
DUWLFOHLQWHUYHQWLRQVGDQVOHGRPDLQHpFRQRPLTXH
DUWLFOHLQWHUYHQWLRQVGDQVOHGRPDLQHVRFLDO
DUWLFOH LQWHUYHQWLRQVGDQVOHGRPDLQHGHO
pGXFDWLRQHW
GHODIRUPDWLRQ
DUWLFOHLQWHUYHQWLRQVGDQVOHGRPDLQHGHODUHFKHUFKH
DUWLFOH LQWHUYHQWLRQVGDQVOHGRPDLQHGHODFXOWXUHGH
ODMHXQHVVHHWGHO
HQIDQFH
DUWLFOHUHPERXUVHPHQWG
HPSUXQWV
DUWLFOHSDUWLFLSDWLRQV
DUWLFOHSUrWV
DUWLFOHpTXLOLEUHILQDQFLHU
$UW /D KXLWLqPH SDUWLH GpSHQVHV GH GpYHORSSHPHQW
LPSUpYXHV FRPSRUWH OHV FUpGLWVGHVWLQpVjFRXYULUOHVEHVRLQVQH
SRXYDQWrWUHLGHQWLILpVRXUpSDUWLVORUVGHODSUpSDUDWLRQGXEXGJHW
HWWHSDUWLHFRPSUHQGO
DUWLFOHVXLYDQW
DUWLFOHGpSHQVHVGHGpYHORSSHPHQWLPSUpYXHV
$UW /DQHXYLqPHSDUWLHGpSHQVHVGHGpYHORSSHPHQWVXU
UHVVRXUFHV H[WpULHXUHV DIIHFWpHV FRPSRUWH OHV GpSHQVHV GHV
SURMHWV GHV SURJUDPPHV HW GHV LQWHUYHQWLRQV ILQDQFpV SDU GHV
HPSUXQWVH[WpULHXUVDIIHFWpVHWUHPERXUVpVSDUO
(WDW
HWWH SDUWLH FRPSUHQG OHV PrPHV DUWLFOHV TXH FHX[XWLOLVpV
GDQV OHV qPH HWqPHSDUWLHVWRXWHQUHPSODoDQWO
LQGLFDWLIGHOD
SDUWLHDXOLHXGHRX
$UW /DGL[LqPHSDUWLHUHPERXUVHPHQWGXSULQFLSDOGHOD
GHWWH SXEOLTXH FRPSRUWH OHVFUpGLWVDIIpUHQWVDXUHPERXUVHPHQW
GXSULQFLSDOGHODGHWWHSXEOLTXHLQWpULHXUHHWH[WpULHXUH
(OOHFRPSUHQGOHVGHX[DUWLFOHVVXLYDQWV
DUWLFOH UHPERXUVHPHQW GX SULQFLSDO GH OD GHWWH
SXEOLTXHLQWpULHXUH
DUWLFOH UHPERXUVHPHQW GX SULQFLSDO GH OD GHWWH
SXEOLTXHH[WpULHXUH
KDFXQ GHV FHV GHX[ DUWLFOHV VH VXEGLYLVH HQ GHX[
SDUDJUDSKHV OH SUHPLHUFRQFHUQHOHSULQFLSDOGHODGHWWHGHO
(WDW
OHGHX[LqPHFRQFHUQHOHSULQFLSDOGHODGHWWHJDUDQWLHSDUO
(WDW
$UW /HV DUWLFOHV UHODWLIV DX[ VL[LqPH VHSWLqPH HW
QHXYLqPH SDUWLHV FRPSRUWHQW GHVSDUDJUDSKHVFRUUHVSRQGDQWDX[
SURMHWV HW SURJUDPPHV SUpYXV SDU OD ORL GHV ILQDQFHV HW FH
FRQIRUPpPHQW DX GHX[LqPH DOLQpD GH O
DUWLFOH GH OD ORL
RUJDQLTXHGXEXGJHW
*UDGHV
, *pQpUDO GHV GRXDQHV FRORQHO PDMRU GHVGRXDQHVFRORQHOGHV
GRXDQHVRXOLHXWHQDQWFRORQHOGHVGRXDQHV
3URIHVVHXUGHO
HQVHLJQHPHQWVXSpULHXURXPDvWUHGHFRQIpUHQFH
$GPLQLVWUDWHXU JpQpUDO DGPLQLVWUDWHXU HQ FKHI HW JUDGHV
pTXLYDOHQWV
,, RPPDQGDQW GHVGRXDQHVFDSLWDLQHGHVGRXDQHVRXOLHXWHQDQW
PDMRUGHVGRXDQHV
0DvWUHDVVLVWDQWRXDVVLVWDQWGHO
HQVHLJQHPHQWVXSpULHXU
$GPLQLVWUDWHXUFRQVHLOOHUHWJUDGHVpTXLYDOHQWV
,,,/LHXWHQDQWGHVGRXDQHVVRXVOLHXWHQDQWGHVGRXDQHV
3URIHVVHXUGHO
HQVHLJQHPHQWVHFRQGDLUHDGPLQLVWUDWHXUVHWJUDGHV
pTXLYDOHQWV
1ƒ
/HV GpSHQVHV VRQW UpSDUWLHV DX QLYHDXGHVVRXVSDUDJUDSKHV
VRLW VHORQ OHV FRPSRVDQWHVGXSURMHWRXGXSURJUDPPHVRLWVHORQ
ODQDWXUHGHO
LQWHUYHQWLRQ
$UW /HV GpSHQVHV GHVIRQGVGXWUpVRUVRQWUpSDUWLHVDX
QLYHDXGHVDUWLFOHVHWGHVSDUDJUDSKHVVHORQODPrPHQRPHQFODWXUH
TXH FHOOH XWLOLVpH SDU OHV WLWUHV , HW ,, GX EXGJHW GHO
(WDW/HV
QXPpURV G
RUGUH GHV DUWLFOHV VRQW SUpFpGpV SDU OHV LQGLFDWLIV
VXLYDQWV
SRXUGpVLJQHUOHVGpSHQVHVGHVIRQGVVSpFLDX[GXWUpVRU
SRXUGpVLJQHUOHVGpSHQVHVGHVIRQGVGHFRQFRXUV
$UW /D QRPHQFODWXUH REMHWGXSUpVHQWGpFUHWHQWUHHQ
YLJXHXUjSDUWLUGXHUMDQYLHU
$UW /HPLQLVWUHGHVILQDQFHVHVWFKDUJpGHO
DSSOLFDWLRQ
GX SUpVHQW GpFUHW TXL VHUD SXEOLp DX -RXUQDO 2IILFLHO GH OD
5pSXEOLTXH7XQLVLHQQH
7XQLVOHPDUV
=LQH(O$ELGLQH%HQ$OL
'pFUHW Qƒ GX PDUV IL[DQWOHUpJLPHGH
UpPXQpUDWLRQ GHV GLIIpUHQWHV FDWpJRULHV GXSHUVRQQHO
DVVXUDQW GHV WkFKHV G
HQVHLJQHPHQW RX GHV WUDYDX[
H[FHSWLRQQHOVjO
pFROHQDWLRQDOHGHVGRXDQHV
/H3UpVLGHQWGHOD5pSXEOLTXH
6XUSURSRVLWLRQGXPLQLVWUHGHVILQDQFHV
9X ODORLQƒGXGpFHPEUHSRUWDQWSURPXOJDWLRQ
GX FRGH GH OD FRPSWDELOLWp SXEOLTXHHWO
HQVHPEOHGHVWH[WHVTXL
O
RQWPRGLILpHHWFRPSOpWpH
9X OD ORL QƒGXPDLSRUWDQWVWDWXWJpQpUDOGHV
DJHQWV GHV GRXDQHV WHOOH TXH PRGLILpHHWFRPSOpWpHSDUODORLQƒ
GXQRYHPEUH
9X OH GpFUHW Qƒ GX VHSWHPEUH SRUWDQW
RUJDQLVDWLRQ GH OD GLUHFWLRQ JpQpUDOH GHVGRXDQHVHWQRWDPPHQW
VRQDUWLFOH 26. 9X OH GpFUHW QƒGXGpFHPEUHIL[DQWOHVWDWXW
SDUWLFXOLHU GX FRUSV GHV DJHQWV GHV VHUYLFHV GRXDQLHUV WHOTXH
PRGLILpHWFRPSOpWpSDUOHGpFUHWQƒGXPDUV
9X OH GpFUHW Qƒ GX MDQYLHU IL[DQW OHV
DWWULEXWLRQV GH O
pFROH QDWLRQDOH GHV GRXDQHVHWVRQRUJDQLVDWLRQ
DGPLQLVWUDWLYHHWVFRODLUHHWQRWDPPHQWVHVDUWLFOHV 28. 9XO
DYLVGXWULEXQDODGPLQLVWUDWLI
'pFUqWH
$UWLFOH SUHPLHU /HV HQVHLJQDQWV DX[ GLIIpUHQWV FFOHVGH
IRUPDWLRQ HWGHSHUIHFWLRQQHPHQWGHO
pFROHQDWLRQDOHGHVGRXDQHV
VRQWUpPXQpUpVVHORQOHVWDX[IL[pVFLDSUqV
DWpJRULHjODTXHOOHSUpSDUHOHFFOHGHIRUPDWLRQRXGH
SHUIHFWLRQQHPHQW
$
$
$
%HW
'
O
KHXUH
'
O
KHXUH
'
O
KHXUH
'
O
KHXUH
'
O
KHXUH
'
O
KHXUH
'
O
KHXUH
'
O
KHXUH
'
O
KHXUH
'
O
KHXUH
'
O
KHXUH
'
O
KHXUH
-RXUQDO2IILFLHOGHOD5pSXEOLTXH7XQLVLHQQH²PDUV
3DJH
29. $UW /HVSHUVRQQHVFKDUJpHVGHGRQQHUGHVHQVHLJQHPHQWVjO
pFROHQDWLRQDOHGHVGRXDQHVVRQWGpVLJQpHVSDUGpFLVLRQGXPLQLVWUHGHV
ILQDQFHVHWVRQWUpPXQpUpHVVHORQOHVYDFDWLRQVUpDOLVpHV
$UW /HV SHUVRQQHV QRQ IRQFWLRQQDLUHVDSSHOpHVjGRQQHUXQHQVHLJQHPHQWjO
pFROHQDWLRQDOHGHVGRXDQHVVRQWUDQJpHVjO
XQGHV
JUDGHV YLVpV j O
DUWLFOH SUHPLHU SDU GpFLVLRQ GX PLQLVWUH GHV ILQDQFHV FRPSWH WHQX GH OHXUWLWUHVXQLYHUVLWDLUHVHWGHVIRQFWLRQVTX
HOOHV
DVVXUHQW
$UW /HV WDX[ GH UpPXQpUDWLRQ GHV PHPEUHV GHV MXUV GH FRQFRXUV G
H[DPHQV RX GHVRXWHQDQFHGHPpPRLUHVGHVWDJHRXGH
UHFKHUFKHRUJDQLVpVSDUO
pFROHQDWLRQDOHGHVGRXDQHVHWGHVWUDYDX[H[FHSWLRQQHOVDIIpUHQWVVRQWIL[pVDLQVLTX
LOVXLW
DWpJRULHjODTXHOOHSUpSDUHOHFFOHGHIRUPDWLRQRXGH
SHUIHFWLRQQHPHQW
$$$%HW
GGGG
ODFRSLHODFRSLHODFRSLHODFRSLH
'pVLJQDWLRQGHVWUDYDX[
RUUHFWLRQGHVFRSLHVG
H[DPHQRXGHFRQFRXUV
RUUHFWLRQGHVPpPRLUHVGHVWDJHRXGHUHFKHUFKH
/
pTXLYDOHQW G
XQH KHXUH G
HQVHLJQHPHQW MXVTX
jODOLPLWHGH
SDJHV
/
pTXLYDOHQW GH GHX[ KHXUHVG
HQVHLJQHPHQWMXVTX
jODOLPLWHGH
SDJHV
/
pTXLYDOHQWGHWURLVKHXUHVG
HQVHLJQHPHQWMXVTX
jODOLPLWHGH
SDJHV
/
pTXLYDOHQW GH TXDWUH KHXUHV G
HQVHLJQHPHQW SRXU SOXVGH
SDJHV
(QFDGUHPHQWGXPpPRLUHGHUHFKHUFKHV
G
OHPpPRLUH
3DUWLFLSDWLRQ DX[ pSUHXYHV RUDOHV HW DX[ GpOLEpUDWLRQV GHV MXUV
G
H[DPHQ GH FRQFRXUV HW GHVRXWHQDQFHGHVPpPRLUHVGHVWDJHHW
PpPRLUHVGHUHFKHUFKHVHWDXWUHVGRFXPHQWVVLPLODLUHV
GGGG
O
KHXUHO
KHXUHO
KHXUHO
KHXUH
3DUWLFLSDWLRQ j OD VXUYHLOODQFH GHV pSUHXYHV pFULWHV HWRUDOHVGHV
FRQFRXUV HW H[DPHQVHWDX[WUDYDX[GHGpSRXLOOHPHQWGHVGRVVLHUV
GHFDQGLGDWXUHDXFRQFRXUVHWDXWUHV
$UW /HV SHUVRQQHV FKDUJpHV GHV WUDYDX[H[FHSWLRQQHOV
UHODWLIV DX[FRQFRXUVH[DPHQVHWDXWUHVWUDYDX[jO
pFROHQDWLRQDOH
GHVGRXDQHVVRQWGpVLJQpVSDUGpFLVLRQGXPLQLVWUHGHVILQDQFHV
$UW /D UpPXQpUDWLRQ GHV FKHUFKHXUV DDQWUpDOLVpVGHV
°XYUHV GH UHFKHUFKH HW G
pWXGHV PHQWLRQQpHV j O
DUWLFOH GX
GpFUHW Qƒ GX MDQYLHUVXVYLVpHVWIL[pHVXUODSDJH
LPSULPpH GH j OLJQHV VXLYDQWOHVWDX[pQRQFpVDXWDEOHDX
VXLYDQW
GGGG
O
KHXUHO
KHXUHO
KHXUHO
KHXUH
O
pFROH QDWLRQDOH GHV GRXDQHV GDQV GHV VXMHWV VSpFLILTXHV VH
UDSSRUWDQWjVHVDWWULEXWLRQV
/H FRQWUDW IL[HUD OD GXUpH GHUpDOLVDWLRQGHFHVWUDYDX[OHXU
UpPXQpUDWLRQVHIHUDFRQIRUPpPHQWDX[WDX[IL[pVjO
DUWLFOH 30. $UW /HPLQLVWUHGHVILQDQFHVHVWFKDUJpGHO
H[pFXWLRQGX
SUpVHQW GpFUHWTXLVHUDSXEOLpDX-RXUQDO2IILFLHOGHOD5pSXEOLTXH
7XQLVLHQQH
7XQLVOHPDUV
=LQH(O$ELGLQH%HQ$OL
1DWXUHGHVWUDYDX[
7DX[
120,1$7,21
$UWLFOHVGHIRQGVRXpWXGHV
GODSDJH
5pGDFWLRQG
RXYUDJHVHWGHFRXUV
GODSDJH
3DUGpFUHWQƒGXPDUV
0LVHjMRXUG
RXYUDJHVHWGHFRXUV
GODSDJH
7UDGXFWLRQ
GODSDJH
/H OLHXWHQDQW FRORQHO GHV GRXDQHV +DPPRXGD +HOODOL HVW
FKDUJp GHV IRQFWLRQV GH GLUHFWHXU GH OD GLUHFWLRQ UpJLRQDOHGHV
GRXDQHV GX FHQWUHRXHVW j *DIVD j OD GLUHFWLRQ JpQpUDOH GHV
GRXDQHVDXPLQLVWqUHGHVILQDQFHV
$UW /H PLQLVWUH GHV ILQDQFHV SHXW VXU SURSRVLWLRQ GX
GLUHFWHXU JpQpUDO GHV GRXDQHV FKDUJHU SDU FRQWUDW GHV FDGUHV
XQLYHUVLWDLUHV RX DGPLQLVWUDWLIV VSpFLDOLVpV RX DXWUHV DJHQWV
G
DFFRPSOLU GHV WUDYDX[ GH UHFKHUFKHV HW G
pWXGHV DX SURILW GH
3DJH
(Q DSSOLFDWLRQGHVGLVSRVLWLRQVGHO
DUWLFOHGXGpFUHWQƒ
GX VHSWHPEUH O
LQWpUHVVp EpQpILFLH GXUDQJHWGHV
DYDQWDJHVGHGLUHFWHXUGHVGRXDQHV
-RXUQDO2IILFLHOGHOD5pSXEOLTXH7XQLVLHQQH²PDUV
1ƒ
31. 0,1,67(5('875$163257
$UUrWp GHV PLQLVWUHVGXWUDQVSRUWHWGXFRPPHUFHGX
PDUV SRUWDQWKRPRORJDWLRQGHVWDULIVPD[LPDGHV
SUHVWDWLRQVGXFRQVLJQDWDLUHGHQDYLUHV
/HV0LQLVWUHVGX7UDQVSRUWHWGXRPPHUFH
9X OD ORL QƒGXDYULOSRUWDQWSURPXOJDWLRQGX
RGH GH RPPHUFH0DULWLPHWHOTXHPRGLILpHSDUODORLQƒ
GXPDUV
9X OD ORLQƒGXMXLOOHWUHODWLYHjODFRQFXUUHQFH
HWDX[SUL[HWOHVWH[WHVTXLO¶RQWPRGLILpH
9X OD ORL Qƒ GX DYULOSRUWDQWRUJDQLVDWLRQGHV
SURIHVVLRQV GH OD 0DULQH 0DUFKDQGH WHOOH TXH PRGLILpH HW
FRPSOpWpHSDUODORLGXRFWREUH
9X OH GpFUHW Qƒ GX 'pFHPEUH UHODWLIDX[
SURGXLWV HW VHUYLFHV H[FOXVGXUpJLPHGHODOLEHUWpGHVSUL[HWDX[
PRGDOLWpV GH OHXUHQFDGUHPHQWWHOTXHPRGLILpSDUOHGpFUHWQƒ
GXMDQYLHUHWSDUOHGpFUHWQƒGXMXLQ
9X O¶DUUrWp GHV 0LQLVWUHVGX7UDQVSRUWHWGXRPPHUFHGX
VHSWHPEUH SRUWDQW KRPRORJDWLRQ GHV WDULIV PD[LPD GHV
SUHVWDWLRQVGXFRQVLJQDWDLUHGHQDYLUHV
$UUrWHQW
$UWLFOH SUHPLHU 6RQW KRPRORJXpV OHV WDULIV PD[LPD GHV
SUHVWDWLRQV GXRQVLJQDWDLUHGH1DYLUHVSUpYXVDXEDUqPHDQQH[p
DXSUpVHQWDUUrWp
$UW 6RQW DEURJpHV WRXWHV GLVSRVLWLRQV DQWpULHXUHV
FRQWUDLUHV DX SUpVHQW DUUrWp HW QRWDPPHQW FHOOHVGHO¶DUUrWpGHV
0LQLVWUHV GX7UDQVSRUWHWGXRPPHUFHGXVHSWHPEUHVXV
YLVp
7XQLVOHPDUV
/H0LQLVWUHGX7UDQVSRUW
+RXVVLQHKRXN
/H0LQLVWUHGXRPPHUFH
0RQGKHU=QDwGL
9X
/H3UHPLHU0LQLVWUH
+DPHG.DURXL
%$5(0('(67$5,)60$;,0$'(635(67$7,216
'8216,*1$7$,5('(1$9,5(6
$UWLFOH SUHPLHU /HSUpVHQWEDUqPHDSRXUREMHWGHIL[HUOHV
WDULIV PD[LPDGHVSUHVWDWLRQVXVXHOOHVUHQGXHVSDUOHFRQVLJQDWDLUH
GH QDYLUHV j WRXW QDYLUHGHFRPPHUFHIDLVDQWHVFDOHGDQVXQSRUW
PDULWLPHGHFRPPHUFHWXQLVLHQ
$UW /HFRQVLJQDWDLUHGHQDYLUHVPDQGDWpSDUXQDUPDWHXU
GH OLJQH UpJXOLqUHGRLWGpSRVHUDXSUqVGX0LQLVWqUHGX7UDQVSRUW
OH SURJUDPPH SUppWDEOL GpFODUp SDU pFULW SDU OHGLWDUPDWHXUGH
O¶H[SORLWDWLRQ G¶XQH OLJQH UpJXOLqUH PDULWLPH VXLYDQW PRGqOH
SUpVHQWpHQDQQH[H,GXSUpVHQWEDUqPH
$ FHW HIIHW HVWFRQVLGpUpFRPPHDUPDWHXUGHOLJQHUpJXOLqUH
O¶DUPDWHXU TXL H[SORLWH XQ QDYLUH WUDQVSRUWDQWGHVPDUFKDQGLVHV
VRXV FRQQDLVVHPHQWRXGHSDVVDJHUVHWWRXFKDQWUpJXOLqUHPHQWXQ
RXSOXVLHXUVSRUWVWXQLVLHQV
$UW $ GpIDXWGHGpVLJQDWLRQGXFRQVLJQDWDLUHGHQDYLUHV
SDU OH FRQWUDW G¶DIIUqWHPHQW OD GpVLJQDWLRQ GH FHOXLFL HVW jOD
FKDUJHGH
1ƒ
™
/¶DUPDWHXUIUpWHXUSRXUOHVQDYLUHVDIIUpWpVDXYRDJH
™
/¶DUPDWHXUDIIUpWHXUSRXUOHVQDYLUHVDIIUpWpVjWHPSV
$UW /HVSUHVWDWLRQVXVXHOOHVUHQGXHVSDUOHFRQVLJQDWDLUH
GHQDYLUHVVRQWQRWDPPHQWOHVVXLYDQWHV
™
SUpSDUHU HW YHLOOHU DX ERQ GpURXOHPHQW GH O¶HVFDOH GX
QDYLUHHWSRXUYRLUjVHVEHVRLQV
™
SDVVHUWRXVFRQWUDWVHQYXHGXUDYLWDLOOHPHQWGXQDYLUH
™
DVVLVWHU HW UHSUpVHQWHU OH FDSLWDLQH GDQV
O¶DFFRPSOLVVHPHQW GHV IRUPDOLWpV DGPLQLVWUDWLYHV HW SRUWXDLUHV
DLQVL TXHGDQVO¶H[pFXWLRQHWOHVXLYLGHVRSpUDWLRQVFRPPHUFLDOHV
LQWpUHVVDQWODFDUJDLVRQOHIUHWHWOHVIUDLVDQQH[HVV¶LODOLHX
™
SUpSDUHUOHVFRQQDLVVHPHQWVPDQLIHVWHVHWDXWUHVSLqFHV
™
SUHQGUH HQFKDUJHODPDUFKDQGLVHjO¶HPEDUTXHPHQWHWOD
OLYUHU DX GpEDUTXHPHQW DX[ DDQWV GURLWV SRXU OH FRPSWH GX
WUDQVSRUWHXU
™
WUDLWHUDYHFO¶HQWUHSUHQHXUGHPDQXWHQWLRQ
™
YHLOOHU j O¶LPSXWDWLRQ GHV IUDLV GH PDQXWHQWLRQ VXU OD
PDUFKDQGLVH HWOHQDYLUHVXLYDQWOHVWHUPHVGXFRQWUDWGHWUDQVSRUW
GH PDUFKDQGLVHV SDU PHU RX j GpIDXW VXLYDQW OHVUqJOHPHQWVHW
XVDJHV GX SRUW WHOV TXH pQRQFpV GDQV O¶DQQH[H ,, GX SUpVHQW
EDUqPH
™
QRWLILHUDXGHVWLQDWDLUHO¶DYLVG¶DUULYpHGHODPDUFKDQGLVH
SDU OHTXHO LO O¶LQIRUPH OH FDV pFKpDQW GH O¶LGHQWLWp HW GHV
FRRUGRQQpHVGHO¶HQWUHSUHQHXUGHPDQXWHQWLRQ
™
HW JpQpUDOHPHQW DFFRPSOLU WRXWHV OHVWkFKHVHWSUHQGUH
WRXWHV OHV PHVXUHV UHTXLVHV GDQV O¶LQWpUrW HW SRXU OHFRPSWHGX
QDYLUH HW GH VRQ DUPDWHXU FRQIRUPpPHQWDX[ORLVUqJOHPHQWVHW
XVDJHVPDULWLPHVRXSRUWXDLUHVORFDX[
,O UHoRLW SRXU O¶DPDWHXU OH WUDQVSRUWHXU RXODFDSLWDLQHWRXV
DFWHV DVVLJQDWLRQV RX VLJQLILFDWLRQV OHV FRQFHUQDQW HW DJLW DX
PLHX[GHOHXUVLQWpUrWV
(Q RXWUH GHV PDQGDWV VSpFLDX[ FRQILpV GLUHFWHPHQW SDU OH
WUDQVSRUWHXU PDULWLPH jVRQFRQVLJQDWDLUHGHQDYLUHVSHXYHQWrWUH
UpJLVSDUGHVGLVSRVLWLRQVFRQYHQXHVHQWUHHX[
$UW /HFRQVLJQDWDLUHGHQDYLUHVHVWFKDUJpGHSHUFHYRLUGH
O¶DUPDWHXU O¶HQVHPEOH GHV GpERXUV HQJDJpV SRXU OH FRPSWHGX
QDYLUH HW GH O¶pTXLSDJH j FKDUJH SRXUOXLGHUpJOHUHQPRQQDLH
WXQLVLHQQH OHV GLIIpUHQWV SUHVWDWDLUHV PDQGDWpV SDU OXL RX
pYHQWXHOOHPHQW SDU O¶DUPDWHXU RX OH FDSLWDLQHTXLVRQWWHQXVGH
O¶LQIRUPHUSDUpFULW
$UW /HVIUDLVHQJDJpVSDUOHFRQVLJQDWDLUHGHQDYLUHVSRXU
OH FRPSWHGXQDYLUHHWRXGHO¶pTXLSDJHVRQWIDFWXUpVjO¶LGHQWLTXH
HWVRQWFRQVLJQpVGDQVXQGRFXPHQWDSSHOp©FRPSWHG¶HVFDOHª
/H FRPSWH G¶HVFDOH GRLW IDLUH DSSDUDvWUH OHV SULQFLSDOHV
UXEULTXHVVXLYDQWHV
'URLWVHW5HGHYDQFHV3RUWXDLUHVGRQW
'URLWVG¶DEUL
'URLWVGHVWDWLRQQHPHQW
5HGHYDQFHVGHSLORWDJH
5HGHYDQFHVGHUHPRUTXDJH
5HGHYDQFHVGHODPDQDJH
'URLWVG¶LQVSHFWLRQPDULWLPH
'URLWVVDQLWDLUHV
'URLWVGpFRXODQWGHVOLWLJHVDYDULHV
$XWUHVGURLWVHWUHGHYDQFHV
-RXUQDO2IILFLHOGHOD5pSXEOLTXH7XQLVLHQQH²PDUV
3DJH
33. 6HUYLFHV2IIHUWVDX1DYLUHGRQW
$YLWDLOOHPHQW
5pSDUDWLRQHWHQWUHWLHQ
*DUGLHQQDJHERUG
*DUGHIHX
$XWUHVVHUYLFHV
$UW /HVIUDLVGHFRQVLJQDWLRQG¶XQQDYLUHHIIHFWXDQWORUV
G¶XQH PrPH HVFDOH GHV RSpUDWLRQV GH GpFKDUJHPHQW HW GH
FKDUJHPHQW VRQWIDFWXUpVVXUODEDVHGHGHX[FDUJDLVRQVGLVWLQFWHV
FRQIRUPpPHQWDX[GRQQpHVGHVPDQLIHVWHVG¶HQWUpHHWGHVRUWLH
6HUYLFHV2IIHUWVjO¶(TXLSDJHGRQW
9LYUHV
7UDQVSRUWHWGpSODFHPHQW
)UDLVPpGLFDX[
+RVSLWDOLVDWLRQ
5DSDWULHPHQW
%ODQFKLVVDJH
$IIUDQFKLVVHPHQWFRXUULHU
7pOH[ID[WpOpJUDPPH
7pOpSKRQH
$YDQFHFDSLWDLQH
$XWUHVVHUYLFHV
6HUYLFHV6SpFLDX[GRQW
$OOpJHPHQW
$VVLVWDQFHHWVDXYHWDJH
$XWUHVVHUYLFHV
)UDLVG¶$JHQFHVGRQW
+RQRUDLUHVGXFRQVLJQDWDLUHGHQDYLUHV
FRQIRUPpPHQWjO¶DQQH[H,,,GXSUpVHQWEDUqPH
,QWpUrW VXU DYDQFHGHIRQGVDXSURUDWDGX
GpELWGXFRPSWHG¶HVFDOH 34. 3DJH
/D IDFWXUDWLRQ GH FHV SUHVWDWLRQV VHUD IDLWHSDUUpIpUHQFHDX
FRXUV j OD YHQWH GH O¶XQLWp PRQpWDLUH HXURSpHQQH OH MRXU GH
O¶DUULYpH GX QDYLUH j TXDL OH SDHPHQW HQWUH UpVLGHQWV
V¶HIIHFWXDQWHQPRQQDLHWXQLVLHQQH
$UW 4XDQG OHFRQVLJQDWDLUHGHQDYLUHVQ¶HQFDLVVHDXFXQ
IUHW RX TXH OHIUHWUHFRXYUpHVWLQVXIILVDQWSRXUFRXYULUODWRWDOLWp
GHV GpSHQVHVGXQDYLUHOHWUDQVSRUWHXUPDULWLPHGRLWDVVXUHUHWFH
DYDQW O¶HVFDOH GXQDYLUHXQHSURYLVLRQVXIILVDQWHSRXUFRXYULUOHV
GpSHQVHV j HQJDJHU HW FHHQDSSOLFDWLRQGHODUpJOHPHQWDWLRQHQ
YLJXHXU
$X FDV R O¶DYDQFH DVVXUpH SDU OH WUDQVSRUWHXU PDULWLPH
V¶DYqUHLQVXIILVDQWHXQVXSSOpPHQWGHGXUHOLTXDWGHVGpERXUV
VHUD IDFWXUp VRXV OD UXEULTXH ©,QWpUrW VXU DYDQFH GH IRQGVª
,QWHUHVWRQFDVKDGYDQFHG 39. $11(;(,,
5(3$57,7,21'(6)5$,6
'(0$187(17,21
5(3$57,7,21'(6)5$,6'(0$187(17,21
(175(/(1$9,5((7/$0$5+$1',6(
75$163257((6286211$,66(0(17
6L OH FRQWUDW GH WUDQVSRUWQHPHQWLRQQHSDVOHVFRQGLWLRQVGHSDUWDJHGHVIUDLVGHPDQXWHQWLRQHQWUHOHQDYLUHHWODPDUFKDQGLVHFHX[FL
VHURQWDORUVSDUWDJpVVXLYDQWOHVUqJOHVSUpVHQWpHVFLDSUqV
,75$1632570$5,7,0((1/,*1(65(*8/,(5(6
,0DUFKDQGLVHVHQVHPLUHPRUTXHVHWHQFRQWHQHXUV
7DQW j O¶HPEDUTXHPHQW TX¶DX GpEDUTXHPHQW WRXV OHV IUDLV GH PDQXWHQWLRQFRPSULVOHVIUDLVGHVDLVLVVDJHHWGHGpVDLVLVVDJH 41. WDQWj
O¶HPEDUTXHPHQWTX¶DXGpEDUTXHPHQWVHURQWVXSSRUWpVSDU
/DPDUFKDQGLVHjFRQFXUUHQFHGHVGXWDULIIRUIDLWDLUHjODWRQQHRXjO¶XQLWp
/HQDYLUHjFRQFXUUHQFHGXGXWDULIIRUIDLWDLUHjODWRQQHRXjO¶XQLWp
,,75$1632570$5,7,0(+256/,*1(65(*8/,(5(6
/HVIUDLVGHPDQXWHQWLRQWDQWjO¶HPEDUTXHPHQWTX¶DXGpEDUTXHPHQWVHURQWjODFKDUJHGXQDYLUH
$11(;(,,,
7$5,)60$;,0$'(635(67$7,216'8216,*1$7$,5('(1$9,5(6
,1$9,5(675$163257$17'(6/,48,'(6(195$
2035,6/(6+'52$5%85(6
1DYLUHVLWHUQHV
RX*D]LHUV
7DULIV
HQ8QLWp0RQpWDLUH
(XURSpHQQH
3pWUROHEUXW
j
j
!
3URGXLWVUDIILQpV
*D]HX[RXOLTXpILpV 59. HWWHVXSHUYLVLRQHVWUpPXQpUpHVXUODEDVHGHVWDULIVGHVSUHVWDWLRQVGXFRQVLJQDWDLUHGHQDYLUHVGXSUpVHQWEDUqPHPLQRUpVGH
$UUrWp GHV PLQLVWUHV GX WUDQVSRUW HW GX FRPPHUFH GX PDUV SRUWDQWKRPRORJDWLRQGHVWDULIVPD[LPDGHOD
PDQXWHQWLRQSRUWXDLUH
/HV0LQLVWUHVGX7UDQVSRUWHWGXRPPHUFH
9X OD ORL QƒGX$YULOSRUWDQWSURPXOJDWLRQGXFRGHGHFRPPHUFHPDULWLPHWHOTXHPRGLILpSDUODORLQƒGXPDUV
9XODORLQƒGX-XLOOHWUHODWLYHjODFRQFXUUHQFHHWOHVWH[WHVTXLO¶RQWPRGLILpH
9X OD ORLQƒGX$YULOSRUWDQWRUJDQLVDWLRQGHV3URIHVVLRQVGHOD0DULQH0DUFKDQGHWHOOHTXHPRGLILpHHWFRPSOpWpHSDUOD
ORLQƒGXRFWREUH
9X OH GpFUHW QƒGX'pFHPEUHUHODWLIDX[SURGXLWVHWVHUYLFHVH[FOXVGXUpJLPHGHODOLEHUWpGHVSUL[HWDX[PRGDOLWpV
GHOHXUHQFDGUHPHQWWHOTXHPRGLILpSDUOHGpFUHWQƒGX-DQYLHUHWSDUOHGpFUHWQƒGXMXLQ
9X O¶DUUrWp GHV0LQLVWUHVGX7UDQVSRUWHWGXRPPHUFHGXVHSWHPEUHSRUWDQWKRPRORJDWLRQGHVWDULIVPD[LPDGHODPDQXWHQWLRQ
SRUWXDLUH
$UUrWHQW
$UWLFOHSUHPLHU6RQWKRPRORJXpVOHVWDULIVPD[LPDGHODPDQXWHQWLRQSRUWXDLUHSUpYXVDXEDUqPHDQQH[p
$UW 6RQW DEURJpHV WRXWHV GLVSRVLWLRQV DQWpULHXUHV FRQWUDLUHV DX SUpVHQW DUUrWp HW QRWDPPHQWFHOOHVGHO¶DUUrWpGHV0LQLVWUHVGX
7UDQVSRUWHWGXRPPHUFHGXVHSWHPEUHVXVYLVp
7XQLVOHPDUV
/H0LQLVWUHGX7UDQVSRUW
+RXVVLQHKRXN
/H0LQLVWUHGXRPPHUFH
0RQGKHU=QDwGL
9X
/H3UHPLHU0LQLVWUH
+DPHG.DURXL
$11(;(
%DUqPHGHV7DULIV0D[LPD
GHOD0DQXWHQWLRQ3RUWXDLUH
$UWLFOHSUHPLHU'pILQLWLRQGHV7HUPHV8WLOLVpV
$X[ILQVGXSUpVHQWEDUqPHRQHQWHQGSDU
6KLIW
/DGXUpHG¶XQHVpDQFHGHWUDYDLOGHODPDLQG
°XYUHDXSRUWWHOOHTXHIL[pHSDUODUpJOHPHQWDWLRQHQYLJXHXU
7UDYDX[HQKHXUHGH3DUWDQFH
/HV WUDYDX[ HIIHFWXpV GXUDQW O¶KHXUH VXSSOpPHQWDLUH DSUqV OH GHUQLHU VKLIW HW FH DILQ G¶DFKHYHU OHV RSpUDWLRQV GH PDQXWHQWLRQHW
G¶DFFpOpUHUOHGpSDUWGXQDYLUH
1ƒ
-RXUQDO2IILFLHOGHOD5pSXEOLTXH7XQLVLHQQH²PDUV
3DJH
60. 0DLQG
°XYUHSRXUOH©RPSWHGXDSLWDLQHª
/D PDLQ G
°XYUH FRPPDQGpHSDUOHDSLWDLQHGXQDYLUHSRXUHIIHFWXHUGHVWkFKHVVSpFLILTXHVWHOOHVTXHOHVDLVLVVDJHOHGpVVDLVLVVDJH
OH EDODDJH HW OH QHWWRDJH GHV FDOHVODPDQLSXODWLRQGHVPDUFKDQGLVHVODPLVHHQSODFHHWOHUHWUDLWGXERLVGHIDUGDJHOHJURXSDJHRXOH
GpJURXSDJHGHVXQLWpVGHFKDUJHVHWF
$UWKDPSG¶$SSOLFDWLRQ
/H SUpVHQW EDUqPH IL[H OHV WDULIVPD[LPDGHODPDQXWHQWLRQSRUWXDLUHDSSOLFDEOHVXQLIRUPpPHQWGHMRXUFRPPHGHQXLWWRXWDXORQJGH
O¶DQQpH
,O V¶DSSOLTXHDX[RSpUDWLRQVGHPDQXWHQWLRQHIIHFWXpHVGDQVWRXVOHVSRUWVPDULWLPHVGHFRPPHUFHWXQLVLHQVGDQVOHVFRQGLWLRQVQRUPDOHV
GHPDQXWHQWLRQHQYHUWXGHVOLPLWDWLRQVGHUHVSRQVDELOLWpSUpYXHVSDUODOpJLVODWLRQHWODUpJOHPHQWDWLRQHQYLJXHXU
,O V¶DSSOLTXH DX[ RSpUDWLRQV GH PDQXWHQWLRQ GLUHFWHV GH ERUG j TXDL RXYLFHYHUVDVRXVODVXUYHLOODQFHHWODGLUHFWLRQGXERUGHWDX[
RSpUDWLRQVGHPDQXWHQWLRQVXUWHUUHSOHLQVHWKDQJDUVDX[WUDQVIHUWVGHVPDUFKDQGLVHVDLQVLTX¶jOHXUOLYUDLVRQPDWpULHOOHDX[DDQWVGURLW
$UW'pILQLWLRQGHV2SpUDWLRQGH0DQXWHQWLRQDX'pEDUTXHPHQW
/HVRSpUDWLRQVGHPDQXWHQWLRQDXGpEDUTXHPHQWFRPSUHQQHQW
D 61. 3RXUOHVQDYLUHVSROYDOHQWV
/H GpVDUULPDJH GH OD PDUFKDQGLVH GpMj GpVVDLVLH OD SULVH HQ FDOH OD PLVH j TXDLSDUSDQQHDXRXSDUSRUWLqUHjO¶DLGHGHVPRHQV
SRUWXDLUHV RX j GpIDXW SDU OHVPRHQVRXDSSDUDX[GXERUGHWGHWRXWDXWUHPRHQFKRLVLSDUO¶(QWUHSUHQHXUGH0DQXWHQWLRQOHKLVVDJHOH
GpFURFKDJH GH OD SDODQTXpH OH WUDQVSRUW VXU WHUUHSOHLQV FRXYHUWV RXGpFRXYHUWVGDQVO¶HQFHLQWHGXSRUWODUHFRQQDLVVDQFHHWODOLYUDLVRQ
PDWpULHOOHGHVPDUFKDQGLVHVDX[DDQWVGURLW
E 62. 3RXUOHVQDYLUHVURXOLHUV
/D SULVH GH OD PDUFKDQGLVH GpMjGpVVDLVLHGDQVOHVJDUDJHVFDOHVRXSRQWpHVSUrWHjrWUHGpFKDUJpHjO¶DLGHGHWRXVPRHQVFKRLVLVSDU
O¶(QWUHSUHQHXU GH 0DQXWHQWLRQ OHWUDQVSRUWVXUWHUUHSOHLQVFRXYHUWVRXGpFRXYHUWVGDQVO¶HQFHLQWHGXSRUWODUHFRQQDLVVDQFHHWODOLYUDLVRQ
PDWpULHOOHGHVPDUFKDQGLVHVDX[DDQWVGURLW
F 63. 3RXUOHVQDYLUHVSRUWHFRQWHQHXUV
/D SULVH GH ODPDUFKDQGLVHGpMjGpVVDLVLHSUrWHjrWUHGpFKDUJpHjO¶DLGHGHVPRHQVSRUWXDLUHVRXjGpIDXWSDUOHVPRHQVHWDSSDUDX[
GX ERUG HW WRXW DXWUH PRHQ FKRLVLSDUO¶(QWUHSUHQHXUGH0DQXWHQWLRQOHKLVVDJHOHGpFURFKDJHGXFRQWHQHXUOHWUDQVSRUWVXUWHUUHSOHLQV
FRXYHUWV RX GpFRXYHUWV GDQVO¶HQFHLQWHGXSRUWODUHFRQQDLVVDQFHHWOHWUDQVIHUWGXFRQWHQHXUGDQVXQH]RQHUpVHUYpHjFHWHIIHWDLQVLTXHVD
OLYUDLVRQPDWpULHOOHDX[DDQWVGURLW
$UW'pILQLWLRQGHV2SpUDWLRQVGH0DQXWHQWLRQDO¶(PEDUTXHPHQW
/HVRSpUDWLRQVGHPDQXWHQWLRQjO¶HPEDUTXHPHQWFRPSUHQQHQW
/D UpFHSWLRQ OD UHFRQQDLVVDQFHGHODPDUFKDQGLVHVDSULVHVXUWHUUHSOHLQVFRXYHUWVRXGpFRXYHUWVjO¶LQWpULHXUGHO¶HQFHLQWHGXSRUWVD
PLVH jTXDLHWVDPLVHVRXVSDODQO¶DFFURFKDJHGHODSDODQTXpHODPLVHjERUGSDUSDQQHDXRXSRUWLqUHRXJDUDJHHWVRQDUULPDJHjO¶DLGHGHV
PRHQVSRUWXDLUHVRXjGpIDXWSDUOHVPRHQVHWDSSDUDX[GXERUGHWWRXWDXWUHPRHQFKRLVLSDUO¶(QWUHSUHQHXUGH0DQXWHQWLRQ
$UW'pILQLWLRQGHV2SpUDWLRQVGH0DQXWHQWLRQj4XDL
/HV RSpUDWLRQVGHPDQXWHQWLRQVXUWHUUHSOHLQVHWKDQJDUVDXGpEDUTXHPHQWRXjO¶HPEDUTXHPHQWFRPSUHQQHQWOHVWRFNDJHOHUDQJHPHQW
OH JHUEDJH DLQVL TXHOHJDUGLHQQDJHGHODPDUFKDQGLVHSHQGDQWKHXUHVjO¶HPEDUTXHPHQWGHSXLVVDUpFHSWLRQHWDXGpEDUTXHPHQWGHSXLV
O¶DFFRVWDJHGXQDYLUH
$UWRQGLWLRQV1RUPDOHVGH0DQXWHQWLRQ
/HSUpVHQWEDUqPHV¶HQWHQGSRXUODPDQXWHQWLRQGHVPDUFKDQGLVHVGDQVOHVFRQGLWLRQVQRUPDOHVFXPXODWLYHVFLDSUpV
iPDUFKDQGLVHVVDLQHV
iHQERQpWDWGHFRQGLWLRQQHPHQW
ijO¶DLGHG¶HQJLQVRXGHPDWpULHOGHPDQXWHQWLRQDGDSWpDXPRGHGHFRQGLWLRQQHPHQW
$UW$VVLHWWHGX7DULIGH0DQXWHQWLRQ3RUWXDLUH
/H WDULI HVWpWDEOLVRLWjODWRQQHVRLWjO¶XQLWp,OV¶HQWHQGKRUVWD[HVILVFDOHVTXLGRLYHQWDSSDUDvWUHH[SOLFLWHPHQWGDQVOHVIDFWXUHVTXDQW
HOOHV VRQW GXHV,OV¶DSSOLTXHDX[PDUFKDQGLVHVPDQLSXOpHVGRQWOHWRQQDJHGpFODUpVXUOHVPDQLIHVWHVGHVGRXDQHVSHXWrWUHYpULILpHWFRUULJp
SDUODEDVFXOHGXSRUWRXGXEXUHDXGHSHVDJHSXEOLF
$UW6WUXFWXUHGX7DULI
/DVWUXFWXUHGXWDULIFRPSUHQGTXDWUHFODVVHV 65. /H GpEDUTXHPHQW G¶XQH PDUFKDQGLVHHVWGLWGLUHFWORUVTX¶HOOHHVWPLVHGLUHFWHPHQWVXUPRHQG¶pYDFXDWLRQSRXUTXLWWHULPPpGLDWHPHQW
OHSRUWVDQVHQWUHSRVDJH
$UWRPSRVDQWHVGX7DULI
/HWDULIGHPDQXWHQWLRQSRUWXDLUHHVWGpWHUPLQpHQIRQFWLRQ
i
GXWSHG¶HPEDOODJHFRGHV 69. /HV IUDLV GpFRXODQW GH OD IRXUQLWXUH HW OD FRQGXLWH GH WRXW OH PDWpULHO QpFHVVDLUH j OD PDQXWHQWLRQGDQVOHVFRQGLWLRQVGpILQLHV
SUpFpGHPPHQW
F 70. /HV IUDLV GpFRXODQW GHV SHUWHV GH WHPSV LQKpUHQWHV j O¶H[pFXWLRQ GH WRXVWUDYDX[GHPDQXWHQWLRQGDQVODOLPLWHPD[LPXPGH
PLQXWHV GX WHPSV GH WUDYDLO SDU QDYLUH WHOOHV TXH $WWHQWHV GH WRXWHVQDWXUHVFRPSULVOHVDUUrWVSRXULQWHPSpULHVDLQVLTXHOHWHPSV
LQXWLOLVpFKXWHGHWHPSV 77. /HV IUDLV RFFDVLRQQpV SDU OD UpFHSWLRQHWODOLYUDLVRQPDWpULHOOHGHVPDUFKDQGLVHVHWQRWDPPHQWOHXUIUDLVGHWUDQVIHUWGDQVOHV]RQHV
SRUWXDLUHVUpVHUYpHVjFHWWHHIIHW
M 81. /HV IUDLV GpFRXODQW GHV SHUWHVGHWHPSVFXPXOpHVRXLQKpUHQWHVjO¶H[pFXWLRQGHVWUDYDX[GHPDQXWHQWLRQDXGHOjGHVPLQXWHVGX
WHPSV SUpYXHV GDQV OH SDUDJUDSKH F 83. /HV GpERXUV HW OHV IUDLV DYDQFpV SDU O¶(QWUHSUHQHXU GH 0DQXWHQWLRQ WHOV TXH OHV IUDLV GH SHVDJHRXGHPHVXUDJHpYHQWXHOVGHV
PDUFKDQGLVHVGHJDUGLHQQDJHjERUGTXLVRQWIDFWXUpVjO¶LGHQWLTXHHWPDMRUpVGH
G 87. /HV IUDLV GH EDODDJH HW GH QHWWRDJH GHV TXDLV MXVTX¶j XQH GLVWDQFH pJDOH RX LQIpULHXUH j P GX QDYLUH 90. /HV IUDLV GpFRXODQW GHV FRPPDQGHV HIIHFWXpHVDSXUpVGHO¶HQWUHSUHQHXUGHPDQXWHQWLRQHWQRQGpFRPPDQGpHVjWHPSVF¶HVWjGLUH
DYDQWO¶KHXUHOLPLWHGHGpS{WGHO¶HPEDXFKHTXLVRQWIDFWXUpVFRQIRUPpPHQWDX[GLVSRVLWLRQVGHO¶DUWLFOHGXSUpVHQWEDUqPH
$UW1RPHQFODWXUHHWODVVLILFDWLRQGHV0DUFKDQGLVHV
/HVPDUFKDQGLVHVVRQWFODVVpHVHQWURLVFDWpJRULHVUpSHUWRULpHVFRPPHVXLW
x
x
x
1ƒ
0DUFKDQGLVHVHQYUDF
0DUFKDQGLVHVXQLWDULVpHV
0DUFKDQGLVHVQRQXQLWDULVpHV
FDWpJRULH
FDWpJRULH
FDWpJRULH
-RXUQDO2IILFLHOGHOD5pSXEOLTXH7XQLVLHQQH²PDUV
3DJH
91. KDFXQH GH FHV FDWpJRULHV HVW DVVRFLpH j XQH RX SOXVLHXUV VRXVFDWpJRULHV GH PDUFKDQGLVHV UpVXOWDQWGHODFODVVLILFDWLRQGHVWSHV
G¶HPEDOODJHVXLYDQWOHV1RUPHV,QWHUQDWLRQDOHVFRQIRUPpPHQWDX[WDEOHDX[FLDSUpV
D 96. FRPSUHQG
OHV FDGUHV FDLVVHV PRELOHV SODWHIRUPHV FLWHUQHV DPRYLEOHV RX
DXWUHVHQJLQVVLPLODLUHVGHWUDQVSRUW
$XWUHVRQWHQHXUV
0DUFKDQGLVHV FKDUJpHV GDQV RX VXU XQ FRQWHQHXU GH ORQJXHXU
H[WpULHXUH LQIpULHXUH j SLHGV HWGHYROXPHpJDORXVXSpULHXUj
P
0DUFKDQGLVHV3DOHWWLVpHV
0DUFKDQGLVHV3UppOLQJXpHV
0DUFKDQGLVHV SOXVLHXUV DUWLFOHV 97. HQWRXUpHV G¶XQH RX SOXVLHXUV
pOLQJXHV HQ PDWpULDX[ GLYHUV ILEUHV QDWXUHOOHVRXDUWLILFLHOOHVILO
G¶DFLHU HWF 98. HW SUpVHQWDQW GHV SRLQWV G¶DFFURFKDJH GH IRUPHV
GLYHUVHV ERXFOHV EDJXHVFHUFODJHFURLVHPHQWVHWF 106. WHOVTXHWRQQHDX[WRQQHOHWV
$XWUHVHPEDOODJHVULJLGHWHOVTXHVHDX[
(PEDOODJHV VRXSOHV GX WSHV VDF GH VHFRQGJURXSHWHOVTXH
EDOOHV
$UWLFOHV LVROpV QRQ HPEDOOpV GX SUHPLHU JURXSH WHOV TXH
WXDX[WXEHVJUXPHVSODTXHVEDUUHVHWF
$UWLFOHV LVROpV QRQ HPEDOOpV GX VHFRQG JURXSH WHOV TXH
URXOHDX[ SQHX[ FRLOV EORFV GH PDUEUH GpFKHWV GHPDUEUH
OLQJRWVERELQHVWRXUHWVHWF
(PEDOODJHVULJLGHVGXWSHFDLVVHHQFDUWRQ
(PEDOODJHVVRXSOHVGXWSHVDFVDFKHULHV
$UW7DULIGH0DQXWHQWLRQGHV0DUFKDQGLVHVHQ9UDFV$OD7RQQH 107. 3RXU FHWWH FDWpJRULH GH PDUFKDQGLVH OH WDULI DSSOLTXp HVW FHOXL FRQYHQX HQWUH O¶HQWUHSUHQHXU GH PDQXWHQWLRQ HW OH FKDUJHXU OH
UpFHSWLRQQDLUHOHWUDQVLWDLUHRXOHWUDQVSRUWHXU
$GpIDXWRXHQFDVGHOLWLJHOHWDULISUpVHQWpFLGHVVRXVHVWDSSOLFDEOH
8'LQDU
FODVVHV
,QWLWXOp
6RXV
DWpJRULH
9UDFV/LTXLGHV
9UDFV6ROLGHV©SRXGUHVª
9UDFV6ROLGHV©JUDLQVª
9UDFV6ROLGHV©PLQHUDLVª
/D PDQXWHQWLRQ GH FHV SURGXLWV GRLW V¶HIIHFWXHU SDU GHV PRHQVWRWDOHPHQWPpFDQLVpVHWVDQVLQWHUYHQWLRQGLUHFWHGHODPDLQ
G
°XYUH
$UW7DULIGH0DQXWHQWLRQGHV0DUFKDQGLVHV8QLWDULVpHV$/$7211( 120. WHOVTXHWRQQHDX[WRQQHOHWV
$XWUHVHPEDOODJHVULJLGHVWHOVTXHVHDX[
(PEDOODJHVVRXSOHVGXWSHVDFVDFKHULHV
(PEDOODJHV VRXSOHV GX WSHVDFGHVHFRQG
JURXSHWHOOHVTXHEDOOHV
(PEDOODJHVULJLGHVGXWSH
FDLVVHHQFDUWRQ
(PEDOODJHVULJLGHVGXWSH
FDLVVHFRIIUHPDOOH
FDGUH
(PEDOODJHVULJLGHVGXWSH
I€W
$UWLFOHV LVROpV QRQ HPEDOOpV GX SUHPLHU
JURXSHWHOVTXH
WXDX[WXEHVJUXPHV
SODTXHVEDUUHVHWF
$UWLFOHV LVROpV QRQHPEDOOpVGXVHFRQG
JURXSHWHOVTXH
URXOHDX[SQHXVOLQJRW
FRLOVERELQHVEORFVHW
GpFKHWVGHPDUEUH
WRXUHWV
$UW7DULIGH0DQXWHQWLRQjO¶8QLWp
/HWDULIGHPDQXWHQWLRQjO¶XQLWpHVWIL[pFRPPHVXLW
8'LQDU
,QWLWXOp
(WDW
0DQXWHQWLRQ
9HUWLFDOH
RQWHQHXU
3OHLQ
9LGH
6HPLUHPRUTXHFDPLRQ
3OHLQ
HWHQVHPEOHURXWLHU
9LGH
9pKLFXOHDXWRPRELOH7
3DJH
-RXUQDO2IILFLHOGHOD5pSXEOLTXH7XQLVLHQQH²PDUV
0DQXWHQWLRQ
+RUL]RQWDOH
1ƒ
127. 0DMRUDWLRQVUHODWLYHVjODQDWXUHGHO¶HPEDOODJH
RHIILFLHQW
GH0DMRUDWLRQ
jOD7RQQH
,QWLWXOp
0DUFKDQGLVHV GRQW OH PDWpULDX G¶HPEDOODJHHVWHQ
PDWLqUHSODVWLTXH
0DUFKDQGLVHV GRQW OH PDWpULDX G¶HPEDOODJHHVWHQ
YHUUHSRUFHODLQHFpUDPLTXHJUpV
DWHJRULH
GX7DULI
RQFHUQpH
0DUFKDQGLVHV VRXV IRUPH G¶DUWLFOHV LVROpV QRQ
HPEDOOpV GX WSH WXDX[ RX WXEHV QRQ HQ
EDOORWERWWHIDLVFHDX
0DUFKDQGLVHVDYHFHQVDFKDJHjERUGGHODFDWpJRULH
VRXVFDWpJRULH
$UW/HV7UDYDX[6XSSOpPHQWDLUHV
/HV WUDYDX[ VXSSOpPHQWDLUHV FRPPDQGpV SDU OH ERUG VRQWIDFWXUpVVXLYDQWOHEDUqPHFLDSUpVHWFHTXHOTXHVRLWOHPRGHHWOHWSHGH
PDQXWHQWLRQ
,QWLWXOp
)DFWXUDWLRQ
+HXUHGHSDUWDQFHDUWLFOHSDUDJUDSKHD 143. /HWDULIGHJDUGLHQQDJHGHVFRQWHQHXUVHWVHPLUHPRUTXHVFKDUJpVHVWFDOFXOpHQGLQDUVSDUMRXUHWSDUXQLWpVXLYDQWOHWDEOHDXFLDSUpV
'LQDU8QLWpMRXU
7UDQFKH-RXUV
RQWHQHXU
RQWHQHXU
,QIpULHXURX(JDO
HW6HPL5HPRUTXH
$¶
6XSpULHXU$¶
j
j
HWSOXV
$UUrWp GX PLQLVWUH GX WUDQVSRUW GX PDUV SRUWDQW DSSUREDWLRQ GHV WDULIV GH WUDQVSRUWGHYRDJHXUVHWGH
EDJDJHVVXUOHVJUDQGHVOLJQHVGHODVRFLpWpQDWLRQDOHGHVFKHPLQVGHIHUWXQLVLHQV
/HPLQLVWUHGXWUDQVSRUW
9X OD ORL Qƒ GX PDLSRUWDQWDSSUREDWLRQGXVWDWXWGHODVRFLpWpQDWLRQDOHGHVFKHPLQVGHIHUWXQLVLHQVHWQRWDPPHQWVRQ
DUWLFOH
9XODORLGXQRYHPEUHUHODWLYHjODVRFLpWpQDWLRQDOHGHVFKHPLQVGHIHUWXQLVLHQV
9X ODORLQƒGXDR€WSRUWDQWRUJDQLVDWLRQGHVWUDQVSRUWVWHUUHVWUHVWHOOHTXHPRGLILpHSDUODORLQƒGXMXLOOHWHW
SDUODORLQƒGXMXLOOHW
9XOHGpFUHWQƒGXVHSWHPEUHIL[DQWOHVDWWULEXWLRQVGXPLQLVWqUHGXWUDQVSRUW
9X O
DUUrWp GX PLQLVWUH GHV WUDQVSRUWV HW GHV FRPPXQLFDWLRQV GXGpFHPEUHSRUWDQWDSSUREDWLRQGHVWDULIVGHWUDQVSRUWVXUOH
UpVHDXGHODVRFLpWpQDWLRQDOHGHVFKHPLQVGHIHUWXQLVLHQVWHOOHTXHPRGLILpHSDUOHVWH[WHVVXEVpTXHQWV
$UUrWH
$UWLFOH SUHPLHU6RQWDSSURXYpHVOHVGLVSRVLWLRQVDQQH[pHVDXSUpVHQWDUUrWpUHODWLYHVDX[WDULIVGHWUDQVSRUWGHYRDJHXUVHWGHEDJDJHV
VXUOHVJUDQGHVOLJQHVGHODVRFLpWpQDWLRQDOHGHVFKHPLQVGHIHUWXQLVLHQV
$UW6RQWDEURJpHVWRXWHVGLVSRVLWLRQVDQWpULHXUHVFRQWUDLUHVDXSUpVHQWDUUrWpTXLSUHQGHIIHWjFRPSWHUGXIpYULHU
7XQLVOHPDUV
/H0LQLVWUHGX7UDQVSRUW
+RXVVLQHKRXN
9X
/H3UHPLHU0LQLVWUH
+DPHG.DURXL
3DJH
-RXUQDO2IILFLHOGHOD5pSXEOLTXH7XQLVLHQQH²PDUV
1ƒ
156. 0,1,67(5('(/$6$17(38%/,48(
120,1$7,216
3DUGpFUHWQƒGXPDUV
/H 'RFWHXU +LFKHP $EGHVVDOHPLQVSHFWHXUGLYLVLRQQDLUHGH
OD VDQWp SXEOLTXH HVW FKDUJp GH GLULJHUO
XQLWpGHODFRRSpUDWLRQ
WHFKQLTXHDXPLQLVWqUHGHODVDQWpSXEOLTXH
RQIRUPpPHQWDX[GLVSRVLWLRQVGHO
DUWLFOHGXGpFUHWQƒ
GX MXLQ O
LQWpUHVVp EpQpILFLH GHV LQGHPQLWpV HW
DYDQWDJHVDWWULEXpVjO
HPSORLGHGLUHFWHXUJpQpUDOG
DGPLQLVWUDWLRQ
FHQWUDOH
3DUGpFUHWQƒGXPDUV
0RQVLHXU 6DLG6DJKUDRXLDGPLQLVWUDWHXUFRQVHLOOHUGHODVDQWp
SXEOLTXH HVW FKDUJpGHVIRQFWLRQVGHGLUHFWHXUG
XQpWDEOLVVHPHQW
KRVSLWDOLHU GH OD FDWpJRULH $ DXPLQLVWqUHGHODVDQWpSXEOLTXH
+{SLWDO0HGMH](O%DE 157. (Q DSSOLFDWLRQ GHV GLVSRVLWLRQVGHO
DUWLFOHGXGpFUHWQƒ
GX HU VHSWHPEUHO
LQWpUHVVpEpQpILFLHGHVLQGHPQLWpV
HW DYDQWDJHV DWWULEXpV j O
HPSORL GH GLUHFWHXU G
DGPLQLVWUDWLRQ
FHQWUDOH
3DUGpFUHWQƒGXPDUV
0RQVLHXU 0RKDPHG +DELE 6RXLVVLDGPLQLVWUDWHXUFRQVHLOOHU
GH OD VDQWp SXEOLTXH HVW FKDUJp GHV IRQFWLRQVGHGLUHFWHXUG
XQ
pWDEOLVVHPHQW KRVSLWDOLHU GH OD FDWpJRULH $ DXPLQLVWqUHGHOD
VDQWpSXEOLTXH+{SLWDOGH1DEHXO 158. (Q DSSOLFDWLRQ GHV GLVSRVLWLRQVGHO
DUWLFOHGXGpFUHWQƒ
GX HU VHSWHPEUHO
LQWpUHVVpEpQpILFLHGHVLQGHPQLWpV
HW DYDQWDJHVDWWULEXpVjO
HPSORLGHVRXVGLUHFWHXUG
DGPLQLVWUDWLRQ
FHQWUDOH
3DUGpFUHWQƒGXPDUV
0RQVLHXU $EGHOPDMLG -HODVVL DGPLQLVWUDWHXU FRQVHLOOHU HVW
FKDUJp GHVIRQFWLRQVGHGLUHFWHXUG
XQpWDEOLVVHPHQWKRVSLWDOLHUGH
OD FDWpJRULH % DX PLQLVWqUH GH OD VDQWp SXEOLTXH +{SLWDOGH
.HOLELD 159. 3DUGpFUHWQƒGXPDUV
0RQVLHXU 0RNKWDU 7UDEHOVL SURIHVVHXU G
HQVHLJQHPHQW
SDUDPpGLFDO HVW FKDUJp GHV IRQFWLRQV GH GLUHFWHXU G
XQ
pWDEOLVVHPHQW KRVSLWDOLHU GH OD FDWpJRULH % DXPLQLVWqUHGHOD
VDQWpSXEOLTXH+{SLWDO'RXDU+LFKHU(WWDGKDPHQ 162. 3DUGpFUHWQƒGXPDUV
0RQVLHXU 5RPGKDQH %HQ +DPGDDGPLQLVWUDWHXUHVWFKDUJp
GHVIRQFWLRQVGHGLUHFWHXUGHJURXSHG
K{SLWDX[GHODFDWpJRULH
DX[ K{SLWDX[ GH FLUFRQVFULSWLRQ GH KHEED HW 0HOORXOHFKH DX
PLQLVWqUHGHODVDQWpSXEOLTXH
1ƒ
0,1,67(5('(/
,1'8675,(
'pFUHW Qƒ GXPDUVSRUWDQWFUpDWLRQG
XQ
VHFRQG HVSDFH UDWWDFKp jOD]RQHpFRQRPLTXHIUDQFKH
GH=DU]LV
/H3UpVLGHQWGHOD5pSXEOLTXH
6XUSURSRVLWLRQGXPLQLVWUHGHO
LQGXVWULH
9X OD ORL Qƒ GX DR€W UHODWLYH DX[ ]RQHV
pFRQRPLTXHVIUDQFKHV
9X OD ORL Qƒ GX MXLOOHW UHODWLYH DXGRPDLQH
SXEOLFPDULWLPH
9X OH GpFUHW Qƒ GX VHSWHPEUH SRUWDQW
FUpDWLRQG
XQH]RQHIUDQFKHj=DU]LV
9X OH GpFUHW Qƒ GX VHSWHPEUH SRUWDQW
DSSUREDWLRQ GH OD FRQYHQWLRQ GH FRQFHVVLRQG
H[SORLWDWLRQGHOD
]RQH pFRQRPLTXH IUDQFKH GH =DU]LV DX SURILW GH OD VRFLpWp GH
GpYHORSSHPHQW HWG
H[SORLWDWLRQGHOD]RQHpFRQRPLTXHIUDQFKHGH
=DU]LVDLQVLTXHVHVDQQH[HV
9X O
DYLV GHVPLQLVWUHVGHO
LQWpULHXUGHVDIIDLUHVVRFLDOHVGHV
ILQDQFHV GHV GRPDLQHV GH O
(WDW HW GHV DIIDLUHV IRQFLqUHV GH
O
HQYLURQQHPHQWHWGHO
DPpQDJHPHQWGXWHUULWRLUHGHO
pTXLSHPHQW
HWGHO
KDELWDWLRQHWGXWUDQVSRUW
9XO
DYLVGXWULEXQDODGPLQLVWUDWLI
'pFUqWH
$UWLFOH SUHPLHU ,OHVWFUppHWUDWWDFKpjOD]RQHpFRQRPLTXH
IUDQFKHGH=DU]LVXQVHFRQGHVSDFHGpOLPLWpjO
DUWLFOHGXSUpVHQW
GpFUHW SRXUDEULWHUWRXWHVOHVDFWLYLWpVGHSURGXFWLRQGHFRPPHUFH
HWGHVHUYLFHVGHVWLQpHVH[FOXVLYHPHQWjO
H[SRUWDWLRQ
$UW /H VHFRQG HVSDFH FUpp HW UDWWDFKp j OD ]RQH
pFRQRPLTXH IUDQFKH GH =DU]LV HVW GpOLPLWp SDU OHV SRLQWV
WRSRJUDSKLTXHV VXLYDQWV ILJXUDQW VXU XQ SODQ jO
pFKHOOH
DQQH[p DXSUpVHQWGpFUHW'33'33'33'33
'33
'33
HWHVSDFHHVWG
XQHVXSHUILFLHGHKDDHWFD
$UW /
H[SORLWDQWGHOD]RQHIUDQFKHHWO
RIILFHGHODPDULQH
PDUFKDQGH HW GHV SRUWV VRQWWHQXVG
pWDEOLUGDQVXQGpODLGHWURLV
PRLV j SDUWLU GH OD SXEOLFDWLRQ GX SUpVHQWGpFUHWXQUqJOHPHQW
LQWpULHXU IL[DQWOHVPRGDOLWpVWHFKQLTXHVGHO
H[SORLWDWLRQGXWHUUH
SOHLQ SRUWXDLUH FRQFpGpHUqJOHPHQWLQWpULHXUGRLWrWUHVRXPLVj
O
DSSUREDWLRQGXPLQLVWUHFKDUJpGXWUDQVSRUW
$UW /HVPLQLVWUHVGHO
LQWpULHXUGHVDIIDLUHVVRFLDOHVGHV
ILQDQFHV GX WUDQVSRUW GHV GRPDLQHV GH O
(WDW HW GHV DIIDLUHV
IRQFLqUHV GHO
HQYLURQQHPHQWHWGHO
DPpQDJHPHQWGXWHUULWRLUHGH
O
pTXLSHPHQW HW GH O
KDELWDW HWGHO
LQGXVWULHVRQWFKDUJpVFKDFXQ
HQ FH TXL OH FRQFHUQH GH O
H[pFXWLRQ GXSUpVHQWGpFUHWTXLVHUD
SXEOLpDX-RXUQDO2IILFLHOGHOD5pSXEOLTXH7XQLVLHQQH
7XQLVOHPDUV
=LQH(O$ELGLQH%HQ$OL
0,1,67(5('(/
$*5,8/785(
'pFUHW Qƒ GXPDUVSRUWDQWFKDQJHPHQW
GH OD YRFDWLRQ G
XQH SDUFHOOH GH WHUUH DJULFROH HW
PRGLILFDWLRQ GHV OLPLWHV GHV]RQHVGHVDXYHJDUGHGHV
WHUUHVDJULFROHVGXJRXYHUQRUDWGH%HQ$URXV
/H3UpVLGHQWGHOD5pSXEOLTXH
6XUSURSRVLWLRQGXPLQLVWUHGHO
DJULFXOWXUH
9X OD ORL Qƒ GX QRYHPEUH UHODWLYH j OD
SURWHFWLRQ GHVWHUUHVDJULFROHVWHOOHTXHPRGLILpHHWFRPSOpWpHSDU
OD ORL Qƒ GX DYULO HW SDU ODORLQƒGX
QRYHPEUH
-RXUQDO2IILFLHOGHOD5pSXEOLTXH7XQLVLHQQH²PDUV
3DJH
163. 9X OD ORL Qƒ GX QRYHPEUH SRUWDQW
SURPXOJDWLRQ GX FRGH GH O
DPpQDJHPHQW GX WHUULWRLUH HW GH
O
XUEDQLVPH
9X OHGpFUHWQƒGXDYULOSRUWDQWFRPSRVLWLRQHW
PRGDOLWpV GH IRQFWLRQQHPHQW GHV FRPPLVVLRQV WHFKQLTXHV
FRQVXOWDWLYHV UpJLRQDOHVGHVWHUUHVDJULFROHVWHOTXHPRGLILpSDUOH
GpFUHW Qƒ GX GpFHPEUH HWSDUOHGpFUHWQƒ
GXQRYHPEUH
9X OH GpFUHW Qƒ GXPDUVIL[DQWOHV]RQHVGH
VDXYHJDUGHGHVWHUUHVDJULFROHVGXJRXYHUQRUDWGH%HQ$URXV
9X O
DYLV GH OD FRPPLVVLRQWHFKQLTXHFRQVXOWDWLYHUpJLRQDOH
GHV WHUUHVDJULFROHVGXJRXYHUQRUDWGH%HQ$URXVFRQVLJQpGDQVOH
SURFqVYHUEDOGHVDUpXQLRQGXHUGpFHPEUH
9XO
DYLVGXWULEXQDODGPLQLVWUDWLI
'pFUqWH
$UWLFOH SUHPLHU (VW FKDQJpH OD YRFDWLRQGHODSDUFHOOHGH
WHUUH FODVVpH GDQV OHV ]RQHVGHVDXYHJDUGHVLVHGDQVODUpJLRQGH
%RXUELDk GpOpJDWLRQ GH 0
KDPGLD G
XQH VXSHUILFLH GH KDD
IDLVDQW SDUWLH GX WLWUH IRQFLHU QƒWHOOHTX
HOOHHVWLQGLTXpH
VXU OHSODQDQQH[pDXSUpVHQWGpFUHWHWFHSRXUO
LPSODQWDWLRQG
XQH
XVLQHGHVDFKHWVPpGLFDX[
6RQW PRGLILpHV HQ FRQVpTXHQFH HW FRQIRUPpPHQW DX SODQ
VXVYLVpOHVOLPLWHVGHV]RQHVGHVDXYHJDUGHGHVWHUUHVDJULFROHVGX
JRXYHUQRUDW GH %HQ $URXVWHOOHVTX
HOOHVVRQWIL[pHVSDUOHGpFUHW
VXVYLVpQƒGXPDUV
$UW /HVSODQVG
DPpQDJHPHQWXUEDLQVGRLYHQWSUHQGUHHQ
FRQVLGpUDWLRQOHVGLVSRVLWLRQVSUpYXHVSDUOHSUpVHQWGpFUHW
$UW /HV PLQLVWUHV GH O
LQWpULHXU HW GHO
DJULFXOWXUHVRQW
FKDUJpV FKDFXQ HQ FH TXL OHFRQFHUQHGHO
H[pFXWLRQGXSUpVHQW
GpFUHW TXL VHUD SXEOLp DX -RXUQDO 2IILFLHO GH OD 5pSXEOLTXH
7XQLVLHQQH
7XQLVOHPDUV
=LQH(O$ELGLQH%HQ$OL
9X OD ORL Qƒ GX QRYHPEUH UHODWLYH j OD
SURWHFWLRQ GHVWHUUHVDJULFROHVWHOOHTXHPRGLILpHHWFRPSOpWpHSDU
OD ORL Qƒ GX DYULO HW SDU ODORLQƒGX
QRYHPEUH
'pFUHW Qƒ GXPDUVSRUWDQWFKDQJHPHQW
GH OD YRFDWLRQ G
XQH SDUFHOOH GH WHUUH DJULFROH HW
PRGLILFDWLRQ GHV OLPLWHV GHV]RQHVGHVDXYHJDUGHGHV
WHUUHVDJULFROHVGXJRXYHUQRUDWGH%HQ$URXV
$UW /HV PLQLVWUHV GH O
LQWpULHXU HW GHO
DJULFXOWXUHVRQW
FKDUJpV FKDFXQ HQ FH TXL OHFRQFHUQHGHO
H[pFXWLRQGXSUpVHQW
GpFUHW TXL VHUD SXEOLp DX -RXUQDO 2IILFLHO GH OD 5pSXEOLTXH
7XQLVLHQQH
/H3UpVLGHQWGHOD5pSXEOLTXH
9X OD ORL Qƒ GX QRYHPEUH SRUWDQW
SURPXOJDWLRQ GX FRGH GH O
DPpQDJHPHQW GX WHUULWRLUH HW GH
O
XUEDQLVPH
9X OHGpFUHWQƒGXDYULOSRUWDQWFRPSRVLWLRQHW
PRGDOLWpV GH IRQFWLRQQHPHQW GHV FRPPLVVLRQV WHFKQLTXHV
FRQVXOWDWLYHV UpJLRQDOHVGHVWHUUHVDJULFROHVWHOTXHPRGLILpSDUOH
GpFUHW Qƒ GX GpFHPEUH HWSDUOHGpFUHWQƒ
GXQRYHPEUH
9X OH GpFUHW Qƒ GXPDUVIL[DQWOHV]RQHVGH
VDXYHJDUGHGHVWHUUHVDJULFROHVGXJRXYHUQRUDWGH%HQ$URXV
9X O
DYLV GH OD FRPPLVVLRQWHFKQLTXHFRQVXOWDWLYHUpJLRQDOH
GHV WHUUHVDJULFROHVGXJRXYHUQRUDWGH%HQ$URXVFRQVLJQpGDQVOH
SURFqVYHUEDOGHVDUpXQLRQGXGpFHPEUH
9XO
DYLVGXWULEXQDODGPLQLVWUDWLI
'pFUqWH
$UWLFOH SUHPLHU (VW FKDQJpHODYRFDWLRQGHODSDUFHOOHGHWHUUH
FODVVpH GDQV OHV ]RQHV GH VDXYHJDUGH VLVH j 5DGqVREMHWGHVGHX[
WLWUHV IRQFLHUV Qƒ HWG
XQHVXSHUILFLHGHKDDoDWHOOH
TX
HOOH HVW LQGLTXpH VXU OH SODQ DQQH[p DX SUpVHQWGpFUHWHWFHSRXU
O
LPSODQWDWLRQG
XQHXVLQHGHSLqFHVGHUHFKDQJHSRXUDXWRPRELOHV
6RQW PRGLILpHV HQ FRQVpTXHQFH HW FRQIRUPpPHQW DX SODQ
VXVYLVpOHVOLPLWHVGHV]RQHVGHVDXYHJDUGHGHVWHUUHVDJULFROHVGX
JRXYHUQRUDW GH %HQ $URXVWHOOHVTX
HOOHVVRQWIL[pHVSDUOHGpFUHW
VXVYLVpQƒGXPDUV
$UW /HVSODQVG
DPpQDJHPHQWXUEDLQVGRLYHQWSUHQGUHHQ
FRQVLGpUDWLRQOHVGLVSRVLWLRQVSUpYXHVSDUOHSUpVHQWGpFUHW
7XQLVOHPDUV
=LQH(O$ELGLQH%HQ$OL
6XUSURSRVLWLRQGXPLQLVWUHGHO
DJULFXOWXUH
3RXU OD OpJDOLVDWLRQ GH OD VLJQDWXUH OH SUpVLGHQW GH OD PXQLFLSDOLWp
,661
HUWLILp FRQIRUPH OH SUpVLGHQW GLUHFWHXU JpQpUDO GH
HQXPpURGX-RXUQDO2IILFLHOGHOD5pSXEOLTXH7XQLVLHQQHDpWpGpSRVpDXVLqJHGXJRXYHUQRUDWGH7XQLVOHPDUV
O
,257
![0LQLVWqUHGH6DQWp3XEOLTXH
1RPLQDWLRQG
XQGLULJHDQWGHO
XQLWpGHODFRRSpUDWLRQWHFKQLTXH
1RPLQDWLRQGHGLUHFWHXUVG
pWDEOLVVHPHQWVKRVSLWDOLHUV
0LQLVWqUHGHO
,QGXVWULH
'pFUHW Qƒ GXPDUVSRUWDQWFUpDWLRQG
XQVHFRQGHVSDFHUDWWDFKpj
OD]RQHpFRQRPLTXHIUDQFKHGH=DU]LV
0LQLVWqUHGHO
$JULFXOWXUH
'pFUHW Qƒ GX PDUV SRUWDQW FKDQJHPHQW GH ODYRFDWLRQG
XQH
SDUFHOOH GH WHUUH DJULFROH HWPRGLILFDWLRQGHVOLPLWHVGHV]RQHVGHVDXYHJDUGHGHV
WHUUHVDJULFROHVGXJRXYHUQRUDWGH%HQ$URXV
'pFUHW Qƒ GX PDUV SRUWDQW FKDQJHPHQW GH ODYRFDWLRQG
XQH
SDUFHOOH GH WHUUH DJULFROH HWPRGLILFDWLRQGHVOLPLWHVGHV]RQHVGHVDXYHJDUGHGHV
WHUUHVDJULFROHVGXJRXYHUQRUDWGH%HQ$URXV
3DJH
-RXUQDO2IILFLHOGHOD5pSXEOLTXH7XQLVLHQQH²PDUV
1ƒ](data:image/gif;base64,R0lGODlhAQABAIAAAAAAAP///yH5BAEAAAAALAAAAAABAAEAAAIBRAA7)