02'('·(03/2,
$9$17'·87,/,6(5/(5()5,*(5$7(85
&21*(/$7(85
&216(,/63285/$3527(&7,21'(
/·(19,5211(0(17
35e&$87,216(75(&200$1'$7,216
*e1e5$/(6
,167$//$7,21
&200(17)$,5()21&7,211(5/(
&203$57,0(175e)5,*e5$7(85
&200(17)$,5()21&7,211(5/(
&203$57,0(17&21*e/$7(85
&200(17'e*,95(5/(&203$57,0(17
&21*e/$7(85
1(772<$*((7(175(7,(1
',$*1267,&5$3,'(
6(59,&($35Ë69(17(
$9$17'·87,/,6(5/(5()5,*(5$7(85
&21*(/$7(85
/·DSSDUHLOTXHYRXVYHQH]G·DFKHWHUHVWXQFRPELQp
UpIULJpUDWHXUHWFRQJpODWHXU,OHVWH[FOXVLYHPHQW
UpVHUYpjXQXVDJHPpQDJHU
/HFRPSDUWLPHQWFRQJpODWHXU
SHUPHW
XQHFRQJpODWLRQSDUIDLWHGHVDOLPHQWVIUDLVHWFXLWV
ODSURGXFWLRQGHJODoRQVHWODFRQVHUYDWLRQGHV
DOLPHQWVVXUJHOpVHWFRQJHOpVOHGpJLYUDJHHVW
PDQXHO/HFRPSDUWLPHQWUpIULJpUDWHXUj
GpJLYUDJHDXWRPDWLTXHSHUPHWGHFRQVHUYHUOHV
DOLPHQWVIUDLVHWOHVERLVVRQV
3RXUXWLOLVHUDXPLHX[YRWUHDSSDUHLOQRXV
YRXVLQYLWRQVjOLUHDWWHQWLYHPHQWOHV
LQVWUXFWLRQVUHODWLYHVjVRQXWLOLVDWLRQGDQV
OHVTXHOOHVYRXVWURXYHUH]ODGHVFULSWLRQGH
YRWUHDSSDUHLOHWGHVFRQVHLOVXWLOHVVXUOD
FRQVHUYDWLRQGHVDOLPHQWV
&RQVHUYH]FHOLYUHWSRXUWRXWHFRQVXOWDWLRQ
XOWpULHXUH
$SUqVDYRLUGpEDOOpO·DSSDUHLODVVXUH]YRXVTXH
OHVSRUWHVIHUPHQWSDUIDLWHPHQW7RXWGRPPDJH
pYHQWXHOGHYUDrWUHVLJQDOpDXUHYHQGHXUGDQVXQ
GpODLGHKHXUHV
1RXVFRQVHLOORQVG·DWWHQGUHDXPRLQVGHX[
KHXUHVDYDQWGHPHWWUHO·DSSDUHLOHQ
VHUYLFHDILQGHSHUPHWWUHDXFLUFXLWGH
UpIULJpUDWLRQG·rWUHSDUIDLWHPHQWHQ
PHVXUHGHIRQFWLRQQHU
$VVXUH]YRXVTXHO·LQVWDOODWLRQHWOHEUDQFKHPHQW
pOHFWULTXHRQWpWpUpDOLVpVSDUXQWHFKQLFLHQ
TXDOLILpVXLYDQWOHVLQVWUXFWLRQVGXIDEULTXDQWHW
FRQIRUPpPHQWDX[QRUPHVORFDOHVHQYLJXHXU
&216(,/63285/$3527(&7,21'(
/·(19,5211(0(17
(PEDOODJH
/·HPEDOODJHHVWUHF\FODEOHHWSRUWHOH
V\PEROHGXUHF\FODJH
3RXUODPLVHDXUHEXWVXLYH]OHVUpJOHPHQWDWLRQV
ORFDOHVHQYLJXHXU
/HVPDWpULDX[G·HPEDOODJHVDFKHWVHQSODVWLTXH
pOpPHQWVHQSRO\VW\UqQHHWFGRLYHQWrWUHWHQXV
KRUVGHSRUWpHGHVHQIDQWVFDULOVFRQVWLWXHQWXQH
VRXUFHSRWHQWLHOOHGHGDQJHU
$SSDUHLO
&HWDSSDUHLODpWpIDEULTXpDYHFGHVPDWpULDX[
UHF\FODEOHV3RXUODPLVHDXUHEXWUHVSHFWH]OHV
QRUPHVUHODWLYHVjO·pOLPLQDWLRQGHVGpFKHWVHQ
YLJXHXUGDQVOHSD\VG·LQVWDOODWLRQ
3RXUOHUHQGUHLQXWLOLVDEOHORUVGHODPLVHDXUHEXV
FRXSH]OHFkEOHG·DOLPHQWDWLRQ1HOHMHWH]SDVGDQV
ODQDWXUHPDLVUHPHWWH]OHjXQFHQWUHGHFROOHFWH
VSpFLDOLVpTXLSURFpGHUDjODUpFXSpUDWLRQGHVJD]
UpIULJpUDQWV
,QIRUPDWLRQ
&HWDSSDUHLOHVWVDQV&)&OHFLUFXLWGHUpIULJpUDWLRQ
FRQWLHQWGX5DRXVDQV+)&OHFLUFXLWGH
UpIULJpUDWLRQFRQWLHQWGX5D,VREXWDQH
3RXUSOXVGHGpWDLOVYRLUODSODTXHVLJQDOpWLTXHSODFpHj
O·LQWpULHXUGHO·DSSDUHLO
35e&$87,216(75(&200$1'$7,216
*e1e5$/(6
1·XWLOLVH]OHFRPSDUWLPHQWUpIULJpUDWHXUTXH
SRXUODFRQVHUYDWLRQG·DOLPHQWVIUDLVHWOH
FRPSDUWLPHQWFRQJpODWHXUTXHSRXUOD
FRQVHUYDWLRQG·DOLPHQWVVXUJHOpVODFRQJpODWLRQ
G·DOLPHQWVIUDLVHWODSURGXFWLRQGHJODoRQV
9HLOOH]jQHMDPDLVFRXYULUOHVERXFKHVG·DpUDWLRQ
GHO·DSSDUHLO
1·LQWURGXLVH]SDVGHUpFLSLHQWVHQYHUUH
FRQWHQDQWGHVOLTXLGHVGDQVOHFRQJpODWHXUFDULOV
SRXUUDLHQWH[SORVHU
1HPDQJH]SDVOHVJODoRQVRXOHVJODFHV
LPPpGLDWHPHQWDSUqVOHVDYRLUVRUWLVGX
FRPSDUWLPHQWFRQJpODWHXUFDULOVSRXUUDLHQW
SURYRTXHUGHVEUOXUHVGXHVDXIURLG
3RXUpYLWHUWRXWULVTXHG·pWRXIIHPHQWHW
G·HPSULVRQQHPHQWLQWHUGLVH]DX[HQIDQWVGHMRXHU
RXGHVHFDFKHUGDQVOHUpIULJpUDWHXU
1·DYDOH]SDVOHOLTXLGHDWR[LTXHFRQWHQXGDQV
OHVDFFXPXODWHXUVGHIURLGV·LOVVRQWIRXUQLV
'pEUDQFKH]WRXMRXUVOHFkEOHRXFRXSH]OH
FRXUDQWDYDQWG·LQWHUYHQLUVXUO·DSSDUHLOSRXU
VRQHQWUHWLHQRXVRQQHWWR\DJH
/HFkEOHGRLWrWUHUHPSODFpH[FOXVLYHPHQWSDUXQ
WHFKQLFLHQDJUpp
$SUqVO·LQVWDOODWLRQYpULILH]TXHOHUpIULJpUDWHXU
Q·HVWSDVSRVpVXUOHFkEOHG·DOLPHQWDWLRQ
672&.$*('(6'(15e(6'$16/(6
5e)5,*e5$7(856(75Ë*/(6
'
+<*,Ë1($/,0(17$,5(
/DFRQVRPPDWLRQFURLVVDQWHGHSODWVSUpSDUpVHW
G
DXWUHVDOLPHQWVIUDJLOHVVHQVLEOHVHQSDUWLFXOLHUDX
QRQUHVSHFWGHODFKDvQHGXIURLGUHQGQpFHVVDLUH
XQHPHLOOHXUHPDvWULVHGHODWHPSpUDWXUHGH
WUDQVSRUWHWGHVWRFNDJHGHFHVSURGXLWV
­ODPDLVRQOHERQXVDJHGXUpIULJpUDWHXUHWOH
UHVSHFWGHUqJOHVG·K\JLqQHULJRXUHXVHV
FRQWULEXHURQWGHIDoRQVLJQLILFDWLYHHWHIILFDFHj
O
DPpOLRUDWLRQGHODFRQVHUYDWLRQGHVDOLPHQWV
0$Í75,6('(/$7(03e5$785(
6WRFNH]OHVDOLPHQWVOHVSOXVVHQVLEOHVGDQVOD]RQH
ODSOXVIURLGHGHO
DSSDUHLOFRQIRUPpPHQWDX[
LQGLFDWLRQVILJXUDQWGDQVFHWWHQRWLFH
$WWHQGH]OHFRPSOHWUHIURLGLVVHPHQWGHV
SUpSDUDWLRQVDYDQWGHOHVVWRFNHUH[HPSOHVRXSH
/LPLWH]OHQRPEUHG
RXYHUWXUHVGHODSRUWHHW
HQWRXWpWDWGHFDXVHQHSDVODODLVVHURXYHUWH
WURSORQJWHPSVSRXUpYLWHUXQHUHPRQWpHHQ
WHPSpUDWXUHGXUpIULJpUDWHXU
3RVLWLRQQH]ODFRPPDQGHGHUpJODJHGXWKHUPRVWDW
GHIDoRQjREWHQLUXQHWHPSpUDWXUHSOXVEDVVH&H
UpJODJHGRLWVHIDLUHSURJUHVVLYHPHQWDILQGHQHSDV
SURYRTXHUOHJHOGHVGHQUpHV
/DPHVXUHGHODWHPSpUDWXUHG
XQH]RQHFOD\HWWH
SDUH[HPSOHSHXWVHIDLUHDXPR\HQG
XQ
WKHUPRPqWUHSODFpGqVOHGpSDUWGDQVXQ
UpFLSLHQWUHPSOLG
HDXYHUUH3RXUrWUHILGqOHHW
UHSUpVHQWDWLYHGHFHTXLVHSDVVHjO
LQWpULHXUGH
O
DSSDUHLOODOHFWXUHGHODWHPSpUDWXUHGRLWrWUH
IDLWHDSUqVTXHOTXHVKHXUHVGHVWDELOLVDWLRQGH
O
HQVHPEOHSDUH[HPSOHOHPDWLQjODSUHPLqUH
RXYHUWXUHGHODSRUWH
5(63(&7'(65Ë*/(6'
+<*,Ë1(
$/,0(17$,5(
5HWLUH]OHVHPEDOODJHVGXFRPPHUFHDYDQWGH
SODFHUOHVDOLPHQWVGDQVOHUpIULJpUDWHXU
H[HPSOH HPEDOODJHVGHVSDFNVGH\DRXUWV
(PEDOOH]V\VWpPDWLTXHPHQWODQRXUULWXUHSRXU
pYLWHUTXHOHVGHQUpHVQHVHFRQWDPLQHQW
PXWXHOOHPHQW
'LVSRVH]OHVDOLPHQWVGHWHOOHVRUWHTXHO
DLU
SXLVVHFLUFXOHUOLEUHPHQWWRXWDXWRXU
&RQVXOWH]ODQRWLFHG
XWLOLVDWLRQGHO
DSSDUHLOHQ
WRXWHVFLUFRQVWDQFHVHWHQSDUWLFXOLHUSRXUOHV
FRQVHLOVG
HQWUHWLHQ
1HWWR\H]IUpTXHPPHQWO
LQWpULHXUGX
UpIULJpUDWHXUHQXWLOLVDQWXQSURGXLWG
HQWUHWLHQ
GRX[VDQVHIIHWR[\GDQWVXUOHVSDUWLHV
PpWDOOLTXHVSXLVULQFHUDYHFGHO
HDXDGGLWLRQQpH
GHMXVGHFLWURQGHYLQDLJUHEODQFRXDYHFWRXW
SURGXLWGpVLQIHFWDQWDGDSWpDXUpIULJpUDWHXU
6HODYHUOHVPDLQVDYDQWGHWRXFKHUOHVDOLPHQWVHW
SOXVLHXUVIRLVSHQGDQWODSUpSDUDWLRQGXUHSDVVL
FHOOHFLLPSOLTXHGHVPDQLSXODWLRQVVXFFHVVLYHVGH
SURGXLWVGLIIpUHQWVHWDSUqVELHQVUDXPRPHQW
GHSDVVHUjWDEOHFRPPHOHVUqJOHVG
K\JLqQH
O
LPSRVHQW
1HSDVUpXWLOLVHUGHVXVWHQVLOHVD\DQWGpMjVHUYL
SDUH[HPSOHFXLOOqUHHQERLVSODQFKHjGpFRXSHU
VDQVOHVDYRLUELHQQHWWR\pVDXSUpDODEOH
&KDvQHGXIURLGPDLQWLHQVDQVUXSWXUHGHOD
WHPSpUDWXUHUHTXLVHG
XQSURGXLWGHSXLVVD
SUpSDUDWLRQHWVRQFRQGLWLRQQHPHQWMXVTX
jVRQ
XWLOLVDWLRQSDUOHFRQVRPPDWHXU
'pFODUDWLRQGHFRQIRUPLWp
&HWDSSDUHLOHVWGHVWLQpjHQWUHUHQFRQWDFWDYHFGHV
GHQUpHVDOLPHQWDLUHVHWHVWFRQIRUPHDX'/GX
'LUHFWLYH(XURSpHQQH&((
,QIRUPDWLRQ
3RXUOHVDSSDUHLOVDYHF,VREXWDQH5D
/·LVREXWDQHHVWXQJD]QDWXUHOVDQVGDQJHUSRXU
O·HQYLURQQHPHQWPDLVLOHVWLQIODPPDEOH,OHVWGRQF
LQGLVSHQVDEOHGHYRXVDVVXUHUTXHOHVWX\DX[GX
FLUFXLWGHUpIULJpUDWLRQVRQWHQSDUIDLWpWDW
,167$//$7,21
1·LQVWDOOH]SDVO·DSSDUHLOSUqVG·XQHVRXUFHGHFKDOHXU
3ODFH]OHGDQVXQHQGURLWVHFHWELHQDpUp
$VVXUH]YRXVTXHO·DSSDUHLOHVWGHQLYHDX5pJOH]OHVSLHGV
DYDQWVLQpFHVVDLUH
/DLVVH]XQHVSDFHG·DXPRLQVFPDXGHVVXVGHO·DSSDUHLO
&HUWDLQVPRGqOHVVRQWpTXLSpVGHSDURLVODWpUDOHVVDLOODQWHV
TXLSHUPHWWHQWGHOHVSODFHUGLUHFWHPHQWHQFRQWDFWDYHFOD
SDURLDUULqUH6LWHOQ·HVWSDVOHFDVPRQWH]OHVHQWUHWRLVHVVL
HOOHVVRQWIRXUQLHVVXUODSDUWLHVXSpULHXUHGXFRQGHQVHXUTXL
VHWURXYHjO·DUULqUHGHO·DSSDUHLO3RXUOHVPRGqOHVVDQVSDURLV
ODWpUDOHVSUpYR\H]XQHGLVWDQFHG·DXPRLQVFPHQWUH
O·DSSDUHLOHWOHPXU
1HWWR\H]O·LQWpULHXUYRLUFKDSLWUH´1HWWR\DJHHWHQWUHWLHQµ
0RQWH]OHVDFFHVVRLUHVIRXUQLV
(QOHYH]ODFKHYLOOHGHIL[DWLRQGXFRPSUHVVHXU
SUpVHQWHXQLTXHPHQWVXUFHUWDLQVFRPSUHVVHXUV
%UDQFKHPHQWpOHFWULTXH
/HVEUDQFKHPHQWVpOHFWULTXHVGRLYHQWrWUHFRQIRUPHVDX[
QRUPHVORFDOHVHQYLJXHXU
&RQWU{OH]TXHOHYROWDJHLQGLTXpVXUODSODTXHWWHVLJQDOpWLTXH
FRUUHVSRQGjODWHQVLRQGHO·KDELWDWLRQ
/DPLVHjODWHUUHGHO·DSSDUHLOHVWREOLJDWRLUHDX[
WHUPHVGHODORL
/HIDEULFDQWGpFOLQHWRXWHUHVSRQVDELOLWpSRXUWRXV
GRPPDJHVpYHQWXHOVVXELVSDUGHVSHUVRQQHVGHV
DQLPDX[RXGHVELHQVSDUVXLWHGHODQRQREVHUYDWLRQ
GHVFRQVLJQHVPHQWLRQQpHVFLGHVVXV
6LODSULVHHWODILFKHQHVRQWSDVGXPrPHW\SHIDLWHVOHV
UHPSODFHUSDUXQWHFKQLFLHQTXDOLILp
1·XWLOLVH]SDVG·DGDSWDWHXUVGHSULVHVPXOWLSOHVQLGH
UDOORQJHV
&200(17)$,5()21&7,211(5/(
&203$57,0(175e)5,*e5$7(85
/HGpJLYUDJHGXFRPSDUWLPHQWUpIULJpUDWHXUHVW
HQWLqUHPHQWDXWRPDWLTXH
0LVHHQVHUYLFHGHO·DSSDUHLO
7RXUQH]OHERXWRQVXUODSRVLWLRQLQGLTXpHVXUODILFKHSURGXLW
UHFRPPDQGpHSDUOHIDEULFDQW
6XUOHVDSSDUHLOVDYHFXQFRPSUHVVHXUOHFRPSDUWLPHQW
FRQJpODWHXUGpPDUUHHQPrPHWHPSVTXHOHFRPSDUWLPHQW
UpIULJpUDWHXU
3RXUGpEUDQFKHUOHFRPSDUWLPHQWUpIULJpUDWHXUWRXUQH]OH
ERXWRQVXU2IIDUUrWRXVXU
$WWHQWLRQ
$SUqVODPLVHHQPDUFKHPLQXWHVHQYLURQVRQWQpFHVVDLUHV
DYDQWTXHODWHPSpUDWXUHGHFRQVHUYDWLRQDGpTXDWHVRLWDWWHLQWH
VLOHFRPSDUWLPHQWUpIULJpUDWHXUHVWQRUPDOHPHQWFKDUJp
)21&7,21'(1(772<$*(
$YDQWGHYLGHUHWGHQHWWR\HUOHUpIULJpUDWHXUWRXUQH]OH
ERXWRQVXU$UUrWRXVXU
3RXUUpJOHUODWHPSpUDWXUHLQWHUQHFRQVXOWH]OHV
LQGLFDWLRQVGHODILFKHHQDQQH[H
3RXULQWHUURPSUHOHIRQFWLRQQHPHQWGXFRPSDUWLPHQW
UpIULJpUDWHXU
7RXUQH]OHERXWRQVXU2IIDUUrWRX
&RQVHUYDWLRQGHVDOLPHQWVGDQVOHFRPSDUWLPHQW
UpIULJpUDWHXU
5DQJH]OHVDOLPHQWVFRPPHLQGLTXpVXUODILJXUH
$ $OLPHQWVFXLWV
% 3RLVVRQVYLDQGHV
& )UXLWVHWOpJXPHV
' %RXWHLOOHV
( %HXUUH
) 3URGXLWVODLWLHUVIURPDJHV
5HPDUTXHV
/·HVSDFHHQWUHOHVFOD\HWWHVHWODSDURLLQWpULHXUHDUULqUHGX
UpIULJpUDWHXUSHUPHWjO·DLUGHFLUFXOHUOLEUHPHQW
1HGLVSRVH]SDVOHVDOLPHQWVHQFRQWDFWGLUHFWDYHFODSDURL
DUULqUHGXFRPSDUWLPHQWUpIULJpUDWHXU
1HSODFH]SDVG·DOLPHQWVHQFRUHFKDXGVGDQVOHV
FRPSDUWLPHQWV
&RQVHUYH]OHVOLTXLGHVGDQVGHVUpFLSLHQWVIHUPpV
/DFRQVHUYDWLRQGHOpJXPHVjKDXWHWHQHXUHQHDXSHXW
SURYRTXHUODIRUPDWLRQGHFRQGHQVDWLRQGDQVOHEDFLQIpULHXU
&HFLQHSRUWHSDVSUpMXGLFHDXIRQFWLRQQHPHQWFRUUHFWGH
O·DSSDUHLO
&/$<(77(6833/(0(17$,5(VHORQOHPRGqOH
/HUpIULJpUDWHXUHVWGRWpG·XQHFOD\HWWHVXSSOpPHQWDLUHLGpDOH
SRXUOHVERXWHLOOHV
3RXUO·XWLOLVHUH[WUD\H]ODGDQVODSRVLWLRQLQGLTXpHVXUOHV
ILJXUHV
(QFDVGHQRQXWLOLVDWLRQVRXOHYH]ODHWSRXVVH]ODHQDUULqUH
3RXUHQOHYHUODFOD\HWWHIDLWHVFRXOLVVHUOHVEXWpHVODWpUDOHV
VLSUpVHQWHVFRPPHLQGLTXpVXUODILJXUHHWWLUH]ODYHUV
YRXV
$SUqVDYRLUUHSRVLWLRQQpODFOD\HWWHVXSSOpPHQWDLUHIDLWHV
FRXOLVVHUOHVEXWpHVODWpUDOHVGDQVOHXUSRVLWLRQG·RULJLQH
&/$<(77(6&28/,66$17(6(19(55(
VHORQOHPRGqOH
/HUpIULJpUDWHXUHVWGRWpGHFOD\HWWHVFRXOLVVDQWHVHQYHUUHTXL
IDFLOLWHQWO·DFFqVDX[DOLPHQWVUDQJpVjO·DUULqUHGHVFOD\HWWHVRX
VXUOHVFOD\HWWHVOHVSOXVEDVVHV
/HVFOD\HWWHVVRQWHQYHUUHWUHPSpUpVLVWDQW
/HVERUGVGHODFOD\HWWHVRQWDQWLJRXWWHVLOVHPSrFKHQWGRQF
TXHOHVOLTXLGHVFRXOHQWGDQVG·DXWUHVFRPSDUWLPHQWV
0RGLILFDWLRQGHODSRVLWRQGHVFOD\HWWHV
,OHVWSRVVLEOHGHPRGLILHUODSRVLWLRQGHVFOD\HWWHVHQIRQFWLRQ
GHVH[LJHQFHV
3RXUHQOHYHUODFOD\HWWHH[WUD\H]ODMXVTX·jODEXWpH
0DLQWHQH]OHVEXWpHVDSSX\pHVYHUVOHEDVFRPPHLQGLTXp
VXUOHGpWDLOGHODILJXUHHWH[WUD\H]ODFOD\HWWHMXVTX·jFH
TX·HOOHVHGpJDJH
/HVEXWpHVSHXYHQWrWUHDSSX\pHVVpSDUpPHQW
7LUH]OHVJRXMRQVYHUVO·H[WpULHXUSRXUHQOHYHUOHVUDLOV
5HPHWWH]OHVUDLOVFRPPHLQGLTXpVXUODILJXUHHWSRVLWLRQQH]OHV
VHORQYRWUHFKRL[
3RXUOHSRVLWLRQQHPHQWGHVUDLOVUHVSHFWH]OHVHQV´ µ
YHUVOHKDXWJUDYpVXUOHUDLO
(QVXLWHSRVLWLRQQH]ODFOD\HWWHVXUOHVUDLOV
9
&200(17)$,5()21&7,211(5/(
&203$57,0(17&21*e/$7(85
/HFRPSDUWLPHQWFRQJpODWHXUVHPHWHQPDUFKHHQPrPHWHPSV
TXHOHUpIULJpUDWHXUFRPPHLQGLTXpVXUODILFKHSURGXLW
7RXUQH]OHERXWRQVXUODSRVLWLRQGpVLUpHFRPPHLQGLTXpVXU
ODILFKHSURGXLW
$SUqVODPLVHHQPDUFKHGXFRPSDUWLPHQWFRQJpODWHXUDWWHQGH]
HQYLURQKHXUHVDYDQWTXHO·DSSDUHLOQ·DWWHLJQHODWHPSpUDWXUHGH
FRQVHUYDWLRQDGpTXDWHSRXUOHVDOLPHQWVVXUJHOpV
3RXUUpJOHUODWHPSpUDWXUHLQWHUQHFRQVXOWH]OHVLQGLFDWLRQV
GHODILFKHHQDQQH[H3RXULQWHUURPSUHOHIRQFWLRQQHPHQW
GXFRPSDUWLPHQWFRQJpODWHXUHWGXUpIULJpUDWHXU
7RXUQH]OHERXWRQVXU2IIRXVXU
&RPPHQWFRQJHOHUOHVDOLPHQWVIUDLV
/HFRPSDUWLPHQWFRQJpODWHXU
SHUPHWGHFRQJHOHUOHV
DOLPHQWV/DTXDQWLWpG·DOLPHQWVIUDLVTX·LOHVWSRVVLEOHGHFRQJHOHU
HQKHXUHVjXQHWHPSpUDWXUHDPELDQWHGH&HVWLQGLTXpH
VXUODSODTXHVLJQDOpWLTXH
&RPPHQWSURFpGHU
(QYHORSSHUKHUPpWLTXHPHQWO·DOLPHQWDYHFGHVIHXLOOHVGHSDSLHU
DOXPLQLXPXQHSHOOLFXOHWUDQVSDUHQWHGHVHPEDOODJHVSODVWLTXHV
LPSHUPpDEOHVGHVUpFLSLHQWVHQSRO\pWK\OqQHjFRXYHUFOHGHV
UpFLSLHQWVDGDSWpVjODFRQJpODWLRQGHVDOLPHQWV
5DQJH]OHVDOLPHQWVGDQVOHFRPSDUWLPHQWVXSpULHXUHQODLVVDQW
VXIILVDPPHQWG·HVSDFHDXWRXUGHVSDTXHWVSRXUSHUPHWWUHj
O·DLUGHFLUFXOHUOLEUHPHQW3RXUDFFpOpUHUODFRQJpODWLRQGHV
DOLPHQWVHWDXJPHQWHUODFDSDFLWpGXFRPSDUWLPHQWUHWLUH]OH
SDQLHUVXSpULHXUHWOHFDVLHUGHVSURGXLWVHXWHFWLTXHVV·LOHVW
GLVSRQLEOH3ODFH]OHVDOLPHQWVGpMjFRQJHOpVGDQVOHVDXWUHV
FDVLHUVHWOHVDOLPHQWVjFRQJHOHUGLUHFWHPHQWVXUODJULOOH
UpIULJpUDQWH
5HPDUTXH
(QFDVGHFRXSXUHGHFRXUDQWOHFRPSDUWLPHQWFRQJpODWHXU
PDLQWLHQWODWHPSpUDWXUHGHFRQVHUYDWLRQSHQGDQWHQYLURQ
KHXUHV
'XUDQWODFRXSXUHGHFRXUDQWQ·RXYUH]SDVODSRUWHGX
FRPSDUWLPHQWFRQJpODWHXU
$WWHQWLRQ
02,6
3RXUOHVSpULRGHVGHFRQVHUYDWLRQGHVDOLPHQWVIUDLV
FRQJHOpVUHVSHFWH]OHVLQGLFDWLRQVGXWDEOHDXFLFRQWUH
$XPRPHQWGHO·DFKDWG·DOLPHQWVVXUJHOpVYpULILH]TXH
O·HPEDOODJHRXOHSDTXHWVRQWLQWDFWVFDUO·DOLPHQWSHXWVHGpWpULRUHU
6LXQSDTXHWHVWJRQIOpRXV·LOSUpVHQWHGHVWDFKHVG·KXPLGLWpLOQ·D
SDVpWpFRQVHUYpGDQVOHVFRQGLWLRQVRSWLPDOHVHWSHXWDYRLUVXELXQ
GpEXWGHGpFRQJpODWLRQ
$FKHWH]OHVSURGXLWVVXUJHOpVHQGHUQLHUOLHXHWXWLOLVH]GHVVDFV
LVRWKHUPHVSRXUOHXUWUDQVSRUW
'qVO·DUULYpHjODPDLVRQSODFH]LPPpGLDWHPHQWOHVDOLPHQWV
VXUJHOpVGDQVOHFRQJpODWHXU
1HUHFRQJHOH]SDVOHVDOLPHQWVSDUWLHOOHPHQWGpFRQJHOpVPDLV
FRQVRPPH]OHVGDQVXQGpODLGHKHXUHV
eYLWH]RXUpGXLVH]DXPD[LPXPOHVYDULDWLRQVGHWHPSpUDWXUH
5HVSHFWH]ODGDWHGHSpUHPSWLRQLQGLTXpHVXUO·HPEDOODJH
6XLYH]WRXMRXUVOHVLQVWUXFWLRQVILJXUDQWVXUO·HPEDOODJHSRXUOD
FRQVHUYDWLRQGHVDOLPHQWVFRQJHOpV
$/,0(176
3URGXFWLRQGHJODoRQV
5HPSOLVVH]OHEDFjJODoRQVDXHWSODFH]OHVXUOHVUDLOVVXU
OHFDVLHUVXSpULHXU3RXUDFFpOpUHUODIRUPDWLRQGHVJODoRQV
SODFH]OHEDFVXUOHIRQGGXSUHPLHUFDVLHUFRPPHLQGLTXpVXU
ODILJXUH
6LOHEDFHVWFROOpDXIRQGGXFRPSDUWLPHQWQ·XWLOLVH]SDV
G·REMHWVSRLQWXVRXWUDQFKDQWVSRXUOHGpFROOHU
&200(17'e*,95(5/(&203$57,0(17
&21*e/$7(85
1RXVYRXVVXJJpURQVGHGpJLYUHUOHFRPSDUWLPHQW
FRQJpODWHXURXIRLVSDUDQRXORUVTXHODIRUPDWLRQGH
JODFHVXUOHVFOD\HWWHVDDWWHLQWPPG·pSDLVVHXU,OHVW
FRQVHLOOpGHGpJLYUHUTXDQGOHVUpVHUYHVVRQWSHX
DERQGDQWHV
2XYUH]ODSRUWHHWUHWLUH]WRXVOHVDOLPHQWV(QYHORSSH]OHV
ELHQVHUUpVOHVXQVFRQWUHOHVDXWUHVGDQVGXSDSLHUHWSODFH]
OHVGDQVXQHQGURLWWUqVIUDLVRXGDQVXQVDFLVRWKHUPH
'pEUDQFKH]O·DSSDUHLOOHFRPSDUWLPHQWUpIULJpUDWHXUV·DUUrWH
DXVVL
5HWLUH]OHVEDFVjJODoRQV
5HWLUH]OHVSDQLHUV
'pJDJH]ODJRXORWWHG·pYDFXDWLRQGHO·HDXGHGpJLYUDJHGXEDV
GXFRPSDUWLPHQWFRQJpODWHXU
/DLVVH]ODSRUWHGXFRQJpODWHXURXYHUWH3RVLWLRQQH]XQ
FRQWHQHXUEDVVRXVODJRXORWWHG·pYDFXDWLRQSRXUUHFXHLOOLU
O·HDXGHGpJLYUDJH
5HPDUTXH1·XWLOLVH]SDVG·REMHWVPpWDOOLTXHVSRLQWXVRX
WUDQFKDQWVSRXUHQOHYH]OHJLYUHQHFKDXIIH]SDV
DUWLILFLHOOHPHQWOHFRPSDUWLPHQWUpIULJpUDWHXU/HV
GRPPDJHVUpVXOWDQWGHO·XWLOLVDWLRQGHWHOVREMHWVQHVRQW
SDVFRXYHUWVSDUODJDUDQWLH
1HWWR\H]OHFRQJpODWHXUjO·DLGHG·XQHpSRQJHLPELEpHG·XQH
VROXWLRQG·HDXWLqGHHWGHGpWHUJHQWQHXWUH1·XWLOLVH]SDVGH
VXEVWDQFHVDEUDVLYHV
5LQFH]HWVpFKH]VRLJQHXVHPHQW
5HEUDQFKH]O·DSSDUHLO
5HSODFH]OHWX\DXG·pYDFXDWLRQGDQVVRQVLqJHHWUpLQVWDOOHUOHV
SDQLHUV
5HPDUTXH/·DXJPHQWDWLRQGHODWHPSpUDWXUHGHVDOLPHQWV
FRQJHOpVDXFRXUVGXGpJLYUDJHULVTXHGHUpGXLUHOHXUSpULRGH
GHFRQVHUYDWLRQ
1(772<$*((7(175(7,(1
$YDQWWRXWHRSpUDWLRQGHQHWWR\DJHGpEUDQFKH]
O·DSSDUHLO
1HWWR\H]O·LQWpULHXUGXFRPSDUWLPHQWFRQJpODWHXUDX
PRPHQWGXGpJLYUDJH
1HWWR\H]SpULRGLTXHPHQWOHFRPSDUWLPHQWUpIULJpUDWHXU
DYHFXQHpSRQJHLPELEpHG·XQHVROXWLRQG·HDXWLqGHHWRXGH
GpWHUJHQWQHXWUH5LQFH]HWHVVX\H]DYHFXQFKLIIRQGRX[
1·XWLOLVH]SDVGHVXEVWDQFHVDEUDVLYHV
1HWWR\H]O·H[WpULHXUDYHFXQFKLIIRQGRX[KXPLGLILp
1·XWLOLVH]QLSURGXLWVDEUDVLIVQLpSRQJHVPpWDOOLTXHVQL
SURGXLWVGpWDFKDQWV
H[GLVVROYDQWWULFKORUpWK\OqQHQLYLQDLJUH
/HGpJLYUDJHGXFRPSDUWLPHQWUpIULJpUDWHXUHVWHQWLqUHPHQW
DXWRPDWLTXH&HUWDLQVPRGqOHVSUpVHQWHQWXQRULILFH
G·pYDFXDWLRQ1HWWR\H]UpJXOLqUHPHQWO·RULILFHG·pYDFXDWLRQ
GHO·HDXGHGpJLYUDJHHQXWLOLVDQWO·RXWLOIRXUQLDYHFO·DSSDUHLO
DILQGHJDUDQWLUXQHpYDFXDWLRQFRUUHFWHGHO·HDXGHGpJLYUDJH
1HWWR\H]UpJXOLqUHPHQWOHFRQGHQVHXUUDGLDWHXUTXL
VHWURXYHjO·DUULqUHGHO·DSSDUHLODLQVLTXHODSOLQWKH
DYHFXQDVSLUDWHXURXXQHEURVVH
$EVHQFHVSURORQJpHV
9LGHUOHVFRPSDUWLPHQWVUpIULJpUDWHXUHWFRQJpODWHXU
'pEUDQFKH]O·DSSDUHLO
'pJLYUH]OHFRQJpODWHXUQHWWR\H]HWVpFKH]OHVGHX[
FRPSDUWLPHQWV
/DLVVH]ODSRUWHRXYHUWHDILQG·pYLWHUODIRUPDWLRQGH
PDXYDLVHVRGHXUV
',$*1267,&5$3,'(
/·DSSDUHLOQHIRQFWLRQQHSDV
<DWLOXQHFRXSXUHGHFRXUDQW"
/DILFKHHVWHOOHFRUUHFWHPHQWLQWURGXLWHGDQVOD
SULVHGHFRXUDQW"
/HIXVLEOHQ·DWLOSDVJULOOp"
/HFkEOHG·DOLPHQWDWLRQHVWLOHQGRPPDJp"
/HERXWRQGXWKHUPRVWDWHVWLOVXUODSRVLWLRQ
$55È7"
/DWHPSpUDWXUHjO·LQWpULHXUGHV
FRPSDUWLPHQWVQ·HVWSDVDVVH]IURLGH
/HVSRUWHVIHUPHQWHOOHVFRUUHFWHPHQW"
/·DSSDUHLOHVWLOLQVWDOOpSUqVG·XQHVRXUFHGH
FKDOHXU"
/HERXWRQGXWKHUPRVWDWHVWLOFRUUHFWHPHQW
SRVLWLRQQp"
/DFLUFXODWLRQGHO·DLUjWUDYHUVOHVJULOOHVGH
YHQWLODWLRQQ·HVWHOOHSDVJrQpH"
/HFRQGHQVHXUHVWLOSURSUH"
/DWHPSpUDWXUHjO·LQWpULHXUGX
UpIULJpUDWHXUHVWWURSIURLGH
/HERXWRQGXWKHUPRVWDWHVWLOFRUUHFWHPHQW
SRVLWLRQQp"
,O\DGHO·HDXVXUOHIRQGGXUpIULJpUDWHXU
/DJRXORWWHG·pYDFXDWLRQGHO·HDXGH
UpFXSpUDWLRQG·HDXGHGpJLYUDJHHVWHOOH
ERXFKpH"
/HERXWRQGXWKHUPRVWDWHVWLOFRUUHFWHPHQW
SRVLWLRQQp"
/·DSSDUHLOHVWWURSEUX\DQW
/·DSSDUHLOHVWLOHQFRQWDFWDYHFG·DXWUHV
PHXEOHVRXREMHWV"
/HVWX\DX[jO·DUULqUHVHWRXFKHQWLOVRX
YLEUHQWLOV"
/·pFODLUDJHLQWpULHXUQHIRQFWLRQQHSDV
&RQWU{OH]G·DERUGOHSRLQWSXLV
'pEUDQFKH]O·DSSDUHLOGXVHFWHXU
(QOHYH]OHFDSRWGHO·DPSRXOHHWUHPSODFH]
OD
&RQWU{OH]O·DPSRXOHHWUHPSODFH]ODVL
QpFHVVDLUHSDUXQHQHXYH1HGpSDVVH]SDV
:GHSXLVVDQFH
/
pFODLUDJHLQWpULHXUFOLJQRWH
6LODSRUWHUHVWHRXYHUWHSHQGDQWSOXVGH
PLQXWHVHWPRLQVGHPLQXWHVO
pFODLUDJHVH
PHWjFOLJQRWHU
6ROXWLRQFRQWU{OH]TXHODSRUWHHVW
FRUUHFWHPHQWIHUPpH
5HPDUTXHV
6LOHERUGDYDQWGXUpIULJpUDWHXUHVWFKDXG
LOQHV·DJLWSDVG·XQGpIDXWPDLVG·XQPR\HQ
GHSUpYHQWLRQFRQWUHODIRUPDWLRQGH
FRQGHQVDWLRQ
/HVEUXLWVGHJDUJRXLOOHPHQWHWOHVEUXLWVGH
GpWHQWHSURYHQDQWGXFLUFXLWGH
UpIULJpUDWLRQGRLYHQWrWUHFRQVLGpUpV
FRPPHQRUPDX[
6(59,&($35Ë69(17(
$YDQWGHFRQWDFWHUOH6HUYLFH$SUqVYHQWH
9pULILH]V·LOQ·HVWSDVSRVVLEOHG·pOLPLQHUOHV
SDQQHVVDQVDLGHYRLU´'LDJQRVWLF5DSLGHµ
5HPHWWH]O·DSSDUHLOHQPDUFKHSRXUYRXVDVVXUHU
TXHO·LQFRQYpQLHQWDpWppOLPLQp6LOHSUREOqPH
SHUVLVWHGpEUDQFKH]jQRXYHDXO·DSSDUHLOHW
UpSpWH]O·RSpUDWLRQXQHKHXUHSOXVWDUG
6LOHUpVXOWDWHVWHQFRUHQpJDWLIFRQWDFWH]OH
6HUYLFH$SUqVYHQWH
&RPPXQLTXH]
OHW\SHGHSDQQH
OHPRGqOH
OHQXPpURGH6HUYLFHQXPpURTXLVHWURXYH
DSUqVOHPRW6(59,&(VXUODSODTXHVLJQDOpWLTXH
SODFpHjO·LQWpULHXUGHO·DSSDUHLO
YRWUHDGUHVVHFRPSOqWH
YRWUHQXPpURGHWpOpSKRQHDYHFO·LQGLFDWLI
5HPDUTXH
/HFKDQJHPHQWGXVHQVGHO·RXYHUWXUHGHOD
SRUWHGHO·DSSDUHLOHIIHFWXpSDUOH6HUYLFH
$SUqV9HQWHQ·HVWSDVFRQVLGpUpFRPPHXQH
LQWHUYHQWLRQVRXVJDUDQWLH
">
