Actes du Colloque 22-23 octobre 2002

Transcription

$XWUH5HJDUG6XUO¶,1FHVWHSRXU2XYULUVXUO¶(VSRLU
-RXUQpHVG¶pWXGHHWGHUpIOH[LRQ
1DQWHVOHVHWRFWREUH
© 4XHOOHYLHDSUqVO¶LQFHVWH "
3URIHVVLRQQHOVRXIDPLOOHVWURXYRQVQRWUHSODFH«ª
$56,12(%3 /(/,21'¶$1*(56
DUVLQRH#IUVW KWWSZZZDUVLQRHIUVW
$56,12($FWHVGXFROORTXHGHVHWRFWREUH
5HSURGXFWLRQPrPHSDUWLHOOHLQWHUGLWHVDQVO¶DFFRUGGHO¶DXWHXU
3DJH 6200$,5(
0DUGLRFWREUH
3DJHV
0DULH)UDQFH+$))1(5
3V\FKRWKpUDSHXWH 3UpVLGHQWHGHO¶DVVRFLDWLRQ$56,12(± © 'LVFRXUVG¶RXYHUWXUH ª
*LVqOH*5$721
0LFKHO68$5'
3V\FKRORJXHWKpUDSHXWHIDPLOLDOjO¶$7)&GH&DHQ 5pSUHVVLRQHWWUDLWHPHQWGHVDXWHXUV
G¶DEXVLQWUDIDPLOLDX[
0DUF$ODLQ'(6&$036
3URIHVVHXU GH SV\FKRORJLH 8QLYHUVLWp GH 3DULV 9 GLUHFWHXU GH O¶,QVWLWXW GH SV\FKRORJLH
WUDQVSHUVRQQHOOH/LEHUWpHWVH[XDOLWp
4XpEHF MXULVWH FRQVXOWDQWH HQ GURLW GH OD SHUVRQQH HW HQ pWKLTXH PpGLFDOH 5pIOH[LRQVMXULGLTXHVHWpWKLTXHVVXUODSURWHFWLRQGHVHQIDQWVFRPPHQWIDLUHSRXU
ELHQIDLUH"
&\ULO5<$1
-DFTXHOLQH$/(;$1'5(
-RXUQDOLVWH ± $GPLQLVWUDWHXU GH O¶$VVRFLDWLRQ © 'RFWHXUV %58 ª © /D 0DLVRQ
0LFKHO)520$*(7
0DvWUHGHFRQIpUHQFHVjO
XQLYHUVLWpGH&DHQDQWKURSRORJXHDXWHXUQRWDPPHQWGH
&RUSV kPH HVSULW ,QWURGXFWLRQ j O¶DQWKURSRORJLH WHUQDLUH $OELQ 0LFKHO $
SURSRVGHWURLVUHJDUGVVXUO¶LQFHVWHDQWKURSRORJLTXHpWKRORJLTXHHWVSLULWXHO
4XpEHF &ULPLQRORJXH SV\FKRWKpUDSHXWH HQ YLROHQFH IDPLOLDOH 3URIHVVHXU j
O¶8QLYHUVLWp6$,173$8/G¶277$:$© $XGHOjGHO¶LPSRVVLEOH O¶LQWHUYHQWLRQ
SV\FKRWKpUDSHXWLTXHJURXSDOHDXSUqVGHSHUVRQQHVDEXVLYHV ª
G¶$FFXHLO-HDQ%58 /HSUHPLHUpWDEOLVVHPHQWSRXUMHXQHVILOOHVD\DQWFRQQX
O¶,1&(67( KLVWRULTXHpYROXWLRQHQVHLJQHPHQWV ª
3DJH 0HUFUHGLRFWREUH
-DFTXHV/(%2+(&
&RPPDQGDQW GH SROLFH UpIpUHQW QDWLRQDO SROLFH MHXQHV /H U{OH GH OD SROLFH
MXGLFLDLUHGDQVOHSURFqVSpQDO
3DXO%(16866$1
3V\FKLDWUH ([SHUW DXSUqV GHV 7ULEXQDX[ /D SDUROH GH O
HQIDQW GX VFHSWLFLVPH j OD
VDFUDOLVDWLRQ
6\OYLH52867($8
-XJHGHV(QIDQWV± 1$17(6/HVOLPLWHVGHO¶LQWHUYHQWLRQMXGLFLDLUH
0LFKHOOH*8$<
4XpEHF VH[RORJXH FOLQLFLHQQH SV\FKRWKpUDSHXWH VSpFLDOLVWH HQ WKpUDSLH
pQHUJpWLTXHDXWHXU6XUYLYUHjO¶LQFHVWHHWJXpULUODYLHHQVRL
$QQH0DULH&/$8'(
'LUHFWULFH,QVWLWXW)RUPDWLRQVVXSpULHXUHVGH0(6/$<0217$,*8 ± ± 6\QWKqVH
0DULH)UDQFH+$))1(5 'LVFRXUVGHFO{WXUH
3DJH 0DGDPH 0DULH)UDQFH +$))1(5
3V\FKRWKpUDSHXWH
3UpVLGHQWHGHO¶$VVRFLDWLRQ$56,12(
'LVFRXUVG¶RXYHUWXUH
3DJH 4X¶LOPHVRLWSHUPLVHQRXYHUWXUHGHFHVMRXUQpHVGHUHSUHQGUHjPRQFRPSWHO¶LQWURGXFWLRQG¶XQFpOqEUH
GLVFRXUVGH0DUWLQ/XWKHU.,1*© ,¶YHDGUHDP « ª
-¶DL IDLW XQ UrYH « M¶DLIDLWOHUrYHTX¶XQMRXU«LQWHUYHQDQWHVG¶KRUL]RQVGLIIpUHQWVQRXVSRXUULRQVQRXV
UHQFRQWUHU« pFKDQJHU VXU O¶DSSURFKH GH O¶LQFHVWH« DSSURFKH TXL LQWHUURJH OHV SURIHVVLRQQHOV TXH QRXV
VRPPHV
-¶DLIDLWOHUrYHTX¶XQMRXUHQVHPEOHQRXVSRXUULRQV© SRVHU ªPDLVDXVVL© RVHU ªXQDXWUHUHJDUGSRUWHXU
G¶HVSRLU«
,ODXUDIDOOXTXHOTXHVUHQFRQWUHVXQ© EULQ ªG¶DXGDFHHWEHDXFRXSGHFRQILDQFHSRXUDUULYHUjFHMRXU
7RXWDFRPPHQFpSDUXQpFKDQJHDYHF0LFKHOOH*8$<
0LFKHOOH*8$< HVWSV\FKRWKpUDSHXWH HWVH[RORJXHHOOHWUDYDLOOHGHSXLVDQVVXUODSUREOpPDWLTXHGXYLRO
DX4XpEHF
3XLVVXLYUDXQHUHQFRQWUHpJDOHPHQWGpWHUPLQDQWHDYHF*LVqOH*5$721DYRFDWHVSpFLDOLVpHGDQV
OHVDIIDLUHVG¶DEXVVH[XHOVpJDOHPHQWDX4XpEHF
$QRWHUTXHQRXVDYRQVOHSODLVLUGHOHVDFFXHLOOLUO¶XQHHWO¶DXWUHGXUDQWFHVGHX[MRXUQpHV
/HV pFKDQJHV TXH M¶DL DORUV SX DYRLU DYHF HOOHV RQW IDLW © JHUPHU ª O¶LGpH TX¶LO IDOODLW SURPRXYRLU LFL HQ
)UDQFHXQHUpIOH[LRQVXUFHVTXHVWLRQV
(QSDUWDJHDQWFHWWHLGpHDYHFTXHOTXHVVSpFLDOLVWHVIUDQoDLV«TXHQRXVUHWURXYHURQVpJDOHPHQWDXFRXUVGH
FHVMRXUQpHVM¶DLUHQFRQWUpXQUpHOHQWKRXVLDVPHHWVRXWLHQ«F¶HVWDLQVLTXHGpEXWGpFHPEUHDYHF
TXHOTXHVDPLVDQLPpVG¶XQHPrPHYRORQWpQRXVDYRQVFUppO¶DVVRFLDWLRQ$56, 12(
-¶DLPHUDLVYRXVSUpVHQWHUFHOOHVHWFHX[TXL© IRQW ª$56,12(HWTXLRQWUHQGXFH© UrYH ªSRVVLEOH«
/HVUHPHUFLHUFKDOHXUHXVHPHQWFDUHQTXHOTXHVPRLVO¶HQJDJHPHQWGHFKDFXQDSHUPLVTXHFHVMRXUQpHVHW
OHVSURMHWVTXLVXLYURQWVH© FRQVWUXLVHQW ªDYHFXQHHIILFDFLWpUHPDUTXDEOH
1RWUHDVVRFLDWLRQDpWpWUqVUDSLGHPHQWVRXWHQXHSDU0DGDPH 5RVHO\QH%$&+(/27 TXLpWDLWDORUVGpSXWpH
GH0DLQHHW/RLUHFKDUJpHGHVDIIDLUHVVRFLDOHVDLQVLTXHSDUGLIIpUHQWVDSSXLVSROLWLTXHVHWPpGLDWLTXHV 'HV DLGHV VRXV IRUPH GH VXEYHQWLRQV QRXV pWp DFFRUGpHV SDU OD 'LUHFWLRQ GHV $IIDLUHV HXURSpHQQHV HW
,QWHUQDWLRQDOHV GX &RQVHLO 5pJLRQDO GHV 3D\V GH OD /RLUH SDU OD 0DLULH GH 1DQWHV SDU GLYHUVHV VRFLpWpV
SULYpHV WHOOHV TXH OH &UpGLW 0XWXHO OH &UpGLW &RRSpUDWLI OD &DLVVH G¶(SDUJQH OD %DQTXH 3RSXODLUH HW
GLIIpUHQWHVIRQGDWLRQV
(QFRUH XQH IRLV XQ JUDQG PHUFL j WRXV HW VDQV WUDQVLWLRQ MH VRXKDLWHUDLV YRXV SUpVHQWHU OHV EXWV
G¶$56,12(WHOVTX¶LOVVRQWGpILQLVGDQVOHVVWDWXWVGHO¶DVVRFLDWLRQ © 3URPRXYRLUOD5pIOH[LRQ ª SURSRVHUGHVDOWHUQDWLYHVpGXFDWLYHVVRFLDOHVSV\FKRORJLTXHVPpGLFDOHVHW
MXGLFLDLUHVGDQVWRXWFHTXLFRQFHUQHGHSUqVRXGHORLQO¶LQFHVWH
,O HVW j QRWHU TXH QRWUH DVVHPEOpH DXMRXUG¶KXL HVW FRPSRVpH GH UHSUpVHQWDQWV GH F HV GLIIpUHQWV PLOLHX[
SURIHVVLRQQHOVPpGHFLQVWKpUDSHXWHVWUDYDLOOHXUVVRFLDX[DYRFDWVMXULVWHVSROLFH«FHTXLQHSHXWODLVVHU
SUpVDJHUXQHYpULWDEOHULFKHVVHGDQVOHVpFKDQJHVTXHQRXVQHPDQTXHURQVSDVG¶DYRLU
3DJH /¶DXWUHILQDOLWpTXLIRQGH$56,12( HVWFRQWHQXHGDQVOHVHXOQRPGHQRWUHDVVRFLDWLRQ $56,12(± $XWUH
5HJDUGHVXUO¶,1FHVWHSRXU2XYULUVXUO¶(VSRLU
,OP¶LPSRUWHG¶RSpUHUXQEUHIUHWRXUHQDUULqUHFDUDYDQWG¶HQDUULYHUjO¶RUJDQLVDWLRQGHFHVMRXUQpHVQRXV
DYRQVHQJDJpDXVHLQGHO¶DVVRFLDWLRQXQHODUJHUpIOH[LRQTXLQRXVDFRQGXLWjSULYLOpJLHU© XQDXWUHUHJDUG
VXUO¶LQFHVWHSRXURXYULUVXUO¶HVSRLU ª
,OHVWjSUpFLVHUTX¶jDXFXQPRPHQWFHWWHDSSURFKHQHFRQVWLWXHSRXUQRXVXQHFHUWLWXGHPDLVOHIRQGHPHQW
PrPHGHO¶DFWLRQHQJDJpH
© $XWUH UHJDUG ª VDQVGRXWHFRQYLHQWLOGHUDSSHOHUTXHORQJWHPSVODTXHVWLRQGHO¶LQFHVWHDFRQVWLWXpXQ
WDERX HPSUXQW G¶XQ UHJDUG © JrQp ª VH OLPLWDQW j UpGXLUH O¶DJUHVVHXU j VRQ DFWH HW OD YLFWLPH j VRQ
WUDXPDWLVPH
(QLQWURGXFWLRQjFHVMRXUQpHVQRXVSHQVRQVTX¶LOQRXVIDXW© VRUWLU ªGHFHUHJDUG© ILJp ªHW© HQIHUPDQW ª
3RXUFHIDLUHQRXVSURSRVRQVGHSDUOHUG¶DXWHXUG¶DEXVVH[XHOHWQRQG¶DJUHVVHXUHWGHSHUVRQQHD\DQWYpFX
O¶LQFHVWHHWQRQGHYLFWLPH
6LPSOHTXHVWLRQGHYRFDEXODLUHPH GLUH]YRXV "«1RQ «$XGHOjGHFHVTXHVWLRQVGHIRUPXODWLRQF¶HVW
GpMj SRUWHU XQ DXWUH UHJDUG VXU OD SODFH HW OH U{OH GH FKDFXQ GDQV FHV VLWXDWLRQV G¶LQFHVWH XQ UHJDUG
FRQVWUXFWLI
3DUDLOOHXUVSUHQGUHHQFRPSWHO¶HQVHPEOHGHVDFWHXUVGHODFHOO XOHIDPLOLDOHFRQVWLWXHQRWUHSUpRFFXSDWLRQ
PDMHXUHHWQRXVLQYLWHjSRVHUXQUHJDUGJOREDOVXUO¶LQFHVWH
© 2XYULUVXUO¶(VSRLU ª OHVUpIOH[LRQVTXLRQWSUpFpGpO¶RUJDQLVDWLRQGHFHVMRXUQpHVQRXVRQW
DPHQpVjQRXVLQWHUURJHUVXUOHFRQFHSWGHOD© UpVLOLHQFH ª
/DUpVLOLHQFHF¶HVWQRWUHFDSDFLWpGHFRQWLQXHUjQRXVSURMHWHUGDQVO¶DYHQLUHQGpSLWG¶pYqQHPHQWV
GpVWDELOLVDQWVGHFRQGLWLRQVGHYLHGLIILFLOHEUHIFRPPHO¶pFULW0RQVLHXU%RULV&<58/1,.
SV\FKLDWUHHWpWKRORJXHTXLDODUJHPHQWGpYHORSSpFHFRQFHSW© TXHWRXWWUDXPDWLVPHJUDYHQH
FRQGDPQHSDVIRUFpPHQWSRXUODYLH« ª ,OQ¶\DYDLWDORUVTX¶XQSDVSRXU© RVHU ªSHQVHUHWGLUHTX¶HQGpSLWGHQRVFUR\DQFHVFROOHFWLYHV
IRUWHVWRXWHSHUVRQQHFRQIURQWpHjO¶LQFHVWHO¶D\DQWYpFXRXHQD\DQWpWpO¶DXWHXUDYDLWODFDSDFLWp
GHUHERQGLUHWGHUHFRQVWUXLUHVDYLH
&¶HVWFHTXLPRWLYHDXMRXUG¶KXLQRWUHYRORQWpG¶RXYULUVXUO¶HVSRLU
/HGpEDWHVWHQJDJpHWF¶HVWGpVRUPDLVHQVHPEOHGDQVXQUHJDUG© FURLVp ªTX¶LOVHSRXUVXLWWRXWDX
ORQJGHFHVGHX[MRXUQpHVTXHMHVRXKDLWHjWRXVULFKHVHWFRQVWUXFWLYHV
3DJH 0RQVLHXU 0DUF$ODLQ '(6&$036
9 3URIHVVHXUGHSV\FKRORJLH8QLYHUVLWpGH3DULV9
9 'LUHFWHXUGHO¶,QVWLWXWGHSV\FKRORJLHWUDQVSHUVRQQHOOH
9 $XWHXU
/LEHUWpHWVH[XDOLWp
/HYHUWLJHGHO¶,QFHVWH
6LWHLQWHUQHW KWWSZZZGHVFDPSVRUJPDUFDODLQ
0HVVDJHULHpOHFWURQLTXH PDUFDODLQ#GHVFDPSVRUJ
3DJH /
LQFHVWHHVWOHSURGXLWG
XQJOLVVHPHQWLQGLYLGXHOVRFLDOHWPrPHpW\PRORJLTXH/HPRWLQFHVWHHVWYHQX
GXODWLQWDUGLILQFHVWXVQRQFKDVWHQRQFDVWXVSDVVpjO
DXWUHH[WUpPLWpSRXUGpVLJQHUHQIDLWO
LPSXUHWpSDU
H[FHOOHQFH (Q FRQVpTXHQFH OH PRW PrPH D JOLVVp G¶LQ FDVWXV j LQFHVWH VDQV GRXWH DWWLUp SDU LQIHVWp HW
LQIHFWp/HGURLWIUDQoDLVGpFODUDLWTXHOHPDULDJHHQWUHSHUVRQQHVSURKLEpHVHVWQXOHWFHYLFHSRUWHOHQRP
G
LQFHVWH2UGHSXLVO
HQIDQWLQFHVWXHX[SHXWrWUHOpJLWLPp0DLVDFWXHOOHPHQWO
LQFHVWHGpVLJQH PRLQV
XQPDULDJHTX
XQDFWHVH[XHOHQWUHSDUHQWVDFFRPSDJQpRXQRQGHYLRO
/
LQFHVWHRULJLQDLUH
/
LQFHVWHQ
HVWSDVQRXYHDXLOHVWSUHPLHU,OHVWRULJLQDLUHHWVHVLWXHjO
RULJLQHGHO
KXPDQLWp/
LQFHVWHHVW
DXVVL j O
RULJLQH GH WRXV OHV GLHX[ WRXWHV OHV FRVPRJRQLHV FRPPHQFHQW SDU O
LQFHVWH 'H IDoRQ ORJLTXH
ORUVTXH O
8QLWp SULPRUGLDOH VH GLYLVH HQ GHX[ HOOH GRLW V
DXWRIpFRQGHU SRXU SDVVHU j WURLV HW SRXYRLU VH
PXOWLSOLHUjO
LQILQL
$XVVLWURXYRQVQRXVSDUWRXWOHVLQFHVWHVGHWURLVJpQpUDWLR QV
/
LQFHVWHGHSUHPLqUHJpQpUDWLRQHVWXQLQFHVWHGHW\SHRUDOWHOTX
LODpWpGpFULWSDU )UHXG HW0pODQLH.OHLQ
,OVHIDLWSDUGpYRUDWLRQRUDOHHWWRXVOHVSqUHVVRQWGHVRJUHVFRPPHRQOHYRLWDYHF2XUDQRVGpYRUDQWOHV
HQIDQWVGH*pSXLVDYHF&KURQRVOHILOVTXLOXLDYDLWpFKDSSpSRXUHQIDLUHWRXWDXWDQW$YHFODPqUHF
HVW
DXVVLO
KLVWRLUHGH-RQDVTXLDpWpDYDOpSDUODEDOHLQHHWHVWUHVWpWURLVMRXUVGDQVVRQYHQWUH
/
LQFHVWHGHVHFRQGHJpQpUDWLRQHVWOjSUpVHQWGqVODSUHPLqUHFLYLOLVDWL RQFHOOHGH6XPHUHWVHUHWURXYHGDQV
OHV FXOWXUHV VXFFHVVLYHV GHV WHUUHV $NNDGLHQQHV HW %DE\ORQLHQQHV DYHF OH PDULDJH PqUH ILOV GH 7LDPDW HW
0DUGXN 'DQVOHPDWULDUFDWG
$VLHPLQHXUHHWGHVvOHVJUHFTXHVODGpHVVH PqUHYLWWRXMRXUVDYHFVRQILOV
DPDQWF
HVW'pPHWHU.XEpOp&\EqOH$VWDUWLVDYHF$WWLV$GRQLV«
/
LQFHVWHGHWURLVLqPHJpQpUDWLRQDSSDUDvWDYHFOHPDULDJHIUqUH V°XU,OFRPPHQFHDYHFOHVWURLVMXPHDX[
pJ\SWLHQV ,VLV 2VLULV 6HWK (W OD V°XU DPDQWH ,VLV GHYUD IDLUH XQ GRXEOH SqOHULQ DJH SRXU UHFRQVWLWXHU OH
FRUSV GpSHFp GH VRQ IUqUH 2VLULV DYHF O
DLGH GH OHXU ILOV +RUXV &KH] OHV *UpFR URPDLQV OH URL GHV GLHX[
=HXV-XSLWHUTXLDpFKDSSpjVRQSqUH&KURQRVYLWDYHFVDV°XU+pUD-XQRQ
/RUVTXHOH3DUDFOHWSURFqGHGX3qUHHWGX)LOV 3DWHU)LOLRTXHFRPPHQWIDXWLOQRPPHUFHWHQJHQGUHPHQW
XQLTXHPHQWPDVFXOLQ"
/
KLVWRLUHP\WKLTXH
'DQVOD%LEOHO
LQFHVWHUHVWHWDFLWHRXFDFKpGDQVODIDPLOOHG
$GDP HWG
(YHFDUGpVRUPDLVO
LQFHVWHUHOqYH
WRXMRXUVGXVHFUHW3DUFRQWUHOHVGHX[ILOOHVGH/RWFRXFKqUHQWDYHFOHXUSqUHDSUqVOXLDYRLUIDLWERLUHGXYLQ
*HQqVHHWOD%LEOHQ
DSDVXQPRWG
LQGLJQDWLRQHWLOQ
\DSDVGHSXQLWLRQ,OHVWYUDLTXHF
pWDLWGDQVOH
VHXOEXWGHODUHSURGXFWLRQPDLVFHODFRQWUDVWHDYHFOHFKkWLPHQW VRXVXQHSOXLHGHVRXIUHHWGHIHXGHVYLOOHV
GH6RGRPHHW*RPRUUKHGRQWLOVYHQDLHQWGHVRUWLU4XHIDXWLOHQFRQFOXUH"
'HPrPHOHQRXYHDX7HVWDPHQWQRXVSDUOHGHODIDPLOOHLQFHVWXHXVHG
+pURGH6DSHWLWHILOOH+pURGLDGH D
HXDYHFVRQIUqUHOHXUILOOH6DORPpDYDQWG
rWUHpSRXVpHSDUVRQRQFOH+pURGH$QWLSKDVTXLIHUDGpFDSLWHU
-HDQ%DSWLVWHHWFRPSDUDvWUH-pVXV
'HPrPHHQ(J\SWHODSDXYUH$UVLQRsHVHUDREOLJpHG
rWUHGHX[IRLVLQFHVWXHXVH3RXUIXLUVDIDPLOOHHOOH
pWDLW DOOpH pSRXVHU OH URL GH 7KUDFH /\VLPDTXH $ VD PRUW VRQ GHPLIUqUH 3WROpPpH .pUDXQRV WXHVHV
GHX[ ILOV HW O
REOLJH j O
pSRXVHU (OOH UpXVVLW j V
HQIXLU HQ (J\SWH PDLV HOOH GHYUD pSRXVHU VRQ DXWUH IUqUH
3WROpPpH,,TXLGRQQHUDVRQQRPjXQHYLOOHRHOOHVHUDDGRUpHFRPPHXQHG pHVVHVRXVOHQRPGH7KpD
SKLODGHOSKH
3DJH $YHF OHV *UHFV O
LQFHVWH FRPPHQFH j GHYHQLU FRUUXSWHXU HW SHVWLIpUDQW 2HGLSH D UpVROX O
pQLJPH GH OD
6SKLQJHpYLWDQWG
rWUHGpYRUpSDUHOOHGRQFHQUpFRPSHQVHLOGRLWpSRXVHUODUHLQH-RFDVWHTXLHVWVDYUDLH
PqUH3DUFHWLQFHVWHLQYRORQWDLUHLOSROOXHVRQHQYLURQQHPHQWHWVRQSHXSOHHWUpSDQGO
pSLGpPLHGHODSHVWH
,O QH UpSDUHUD TX
HQ VH FUHYDQW OHV \HX[ DYHF OD EURFKH PpWDOOLTXH GH VD PqUH (W GpVRUPDLV DYHXJOH LO
SDUFRXUUDOHPRQGHJXLGpSDUVDILOOH$QW LJRQHGDQVO
LQFHVWXHORXLQFHVWHGHTXDWULqPHJpQpUDWLRQMDPDLV
FRQVRPPp
/
LQFHVWHVLOHQFLHX[
3XLVGDQVWRXWHO
KLVWRLUHRQQHSDUOHSUDWLTXHPHQWSOXVG
LQFHVWH&HTXLQHYHXWSDVGLUHTX
LOQ
H[LVWHSDV
VLPSOHPHQWLOHVWWHOOHPHQWKRUULEOHTXH O
RQQHYHXWSDVOHYRLUDORUVRQIDLWFRPPHV
LOQ
H[LVWDLWSDV&HTXL
VHSURGXLWHQFRUHGDQVOHVLOHQFHHWODKRQWHGHVIDPLOOHVpWDLWjFHWWHpSRTXHUpSDQGXGDQVWRXWHODVRFLpWp
&HWWH VRFLpWp pWDQW FKUpWLHQQH O
LQFHVWH pWDLW XQ SpFKp HW XQ SpFK p PRUWHO PDLV O
pJOLVH GHYDLW FRQVLGpUHU
TX
HQSDUOHUULVTXDLWGHOXLIDLUHGHODSXEOLFLWpHWGHGRQQHUGHVLGpHVjG
DXWUHVDORUVMRXDLWODORLGXVLOHQFH
HWSHUVRQQHQHV
LQGLJQDLW
1RXV Q
HQ WURXYRQV GHV WUDFHV TXH GDQV OHV FRQWHV HW OpJHQGHV R O
RQ SURFqGH SXGLTXHPHQW SDU DOOXVLRQ
0DLVGHSXLVODSV\FKDQDO\VHGHVFRQWHVGHIpHVGH %HWWHOKHLPRQFRPPHQFHjFRPSUHQGUHFHGRQWLOV
DJLW
/
LQFHVWH GH SUHPLqUH JpQpUDWLRQ VH UHWURXYH GDQV WRXWHV OHV KLVWRLUHV G
RJUHV HW GH GpYRUDWLRQ G
HQIDQWV
FRPPH GDQV O
KLVWRLUH GH 6DQWD &ODXV RX 6W 1LFRODV /HV &RQWHV GH QRWUH PqUH O
2\H RX GH 3HUUDXOW
FRUUHVSRQGHQWjO
LQFRQVFLHQWFROOHFWLIGHV)UDQoDLVG
RULJLQHG
DLOOHXUV:LVLJRWK/H3HWLW&KDSHURQURXJH
HVWDLQVLGpYRUpSDUOHORXSTXLUHSUpVHQWHO
LQFRQV FLHQWGpYRUDWHXUGHODPqUHJUDQG/H3HWLW3RXFHWpFKDSSH
jO
RJUHHWjODPRUWSURPLVHSDUVHVSDUHQWV
/
LQFHVWHGHVHFRQGHJpQpUDWLRQSqUHILOOHHVWRQQHSHXWSOXVFODLUGDQV3HDXG
$QHHWVHOLWHQFRUHWUqVELHQ
GDQVOD%HOOHHWOD%rWH
8QHSHUYHUVLRQSV\FKRSDWKRORJLTXH
/
LQFHVWHQHUHVXUJLWTX
DXGL[QHXYLqPHVLqFOHORUVGHO
pWXGHTXLVHYHXWVFLHQWLILTXHGHVSHUYHUVLRQV
/H&RGH3pQDOQDSROpRQLHQGHLJQRUHHQFRUHO
LQFHVWHLOQHFRQQDvWTXHO
RXWUDJHSXEOLFjODSXGHXUHW
O
DWWHLQWH DX[ ERQQHV P°XUV FH TXL VHPEODLW FODLU HW SUpFLV jO
pSRTXHPDLVDODLVVpODSODFHjELHQGHV
pTXLYRTXHV
/HV PpGHFLQV DOLpQLVWHV FRPPHQFHQW DORUV j GpFULUH GHV FDV G
LQFHVWH GDQV OHXUV SXEOLFDWLRQV
SV\FKRSDWKRORJLTXHVOHIUDQoDLV(VTXLURO HQO
DQJODLV+DYHORFN(OOLVO
DOOHPDQG9RQ.UDIIW(ELQJ
HQ$LQVLRQSDVVHGXYLFHjODPDODGLH/DVLWXDWLRQGHYLHQWELHQFODLUHO
LQFHVWHHVWXQDFWHGHIROLH
GRQFVHXOVOHVIRXVSUDWLTXHQWO
LQFHVWH
0DJQDQ HQ DMRXWH OD QRXYHOOH QRWLRQ GH GpJpQpUp 8QH UpJUHVVLRQ IHUDLW UHWRXUQHU j O
RULJLQH GH
O
KXPDQLWpYHUVFHVIURQWLqUHVRO
DQLPDOLWpVHGpSDVVHGDQVODEHVWLDOLWp(WFHWWHQRWLRQYDrWUHUHSULVHHW
GpYHORSSpHSDUWRXWHO
pFROHLWDOLHQQHDYHFODQRWLRQGH© FULPLQHOQp ªSRSXODULVpHSDU/RPEURVRHQ
/DFDXVHHVWHQWHQGXHRXLO
LQFHVWHH[LVWHPDLVLOHVWUpVHUYpDX[IRXVDX[VDXYDJHVHWDX[GpJpQpUpV
/
XQLYHUVDOLVDWLRQSDUODSV\FKDQDO\VH
)UHXG HQYDIDLUHVDXWHUOHYHUURXGHODVH[XDOLWp'HSOXVLOYDVFDQGDO LVHUOHPRQGHHQPRQWUDQWTXH
OHV SHUYHUVLRQV VRQW XQLYHUVHOOHV (OOHV QH VRQW SDV UpVHUYpHV j XQH FODVVH VRFLDOH SDUWLFXOLqUH VL WRXW OH
PRQGHQHODSUDWLTXHSDVSUDWLTXHPHQWWRXWOHPRQGHHQUrYH
3DJH 3DUFRQWUHDFWXHOOHPHQWGHX[PDXYDLVHVGLYXOJDWLRQV GHWKpRULHVDWWULEXpHVj)UHXGILQLVVHQWSDUDYRLUXQ
HIIHWSHUQLFLHX[
'
DERUGV
HVWUpSDQGXHO
LGpHTXHWRXWHDFFXVDWLRQG
LQFHVWHUHOqYHGXIDQWDVPH3RXUWDQWGqVOHGpEXW)UHXGD
UHoXFRPPHRULJLQHGHVWURXEOHVGHVUpFLWVGHWUDXPDWLVPHVVH[XHOVYLR OVHWLQFHVWHVHWLOHVWWHQWpGHOHV
FURLUHYUDLV0DLVHQDYHFO
DEDQGRQGHOD 1HXURWLFDLOGRXWHGHOHXUUpDOLWpHWOHVFRQVLGqUHFRPPH
LQILOWUpV GH IDQWDVPHV 6L WRXW HQIDQW UrYH G
LQFHVWH VHORQ OH FRPSOH[H G
¯GLSH LO HVW SRUWp j DPSOLILHU
IDEXOHURXLQYHQWHUGHWRXWHSLqFHGHVDFWHVLQFHVWXHX[3XLVOHVSV\FKDQDO\VWHVIUHXGLHQVWLHQGURQWFHVUpFLWV
FRPPH GH SXUV IDQWDVPHV /D SROpPLTXH D FRPPHQFp DYHF )HUHQF]L TXL UHVWDLW SHUVXDGp GH OD UpDOLWp
REMHFWLYHGHFHVDJUHVVLRQVVH[XHOOHV'qV 2WWR5DQN SXEOLDXQOLYUHWRXMRXUVSDVWUDGXLWHQIUDQoDLV
VXU/HWKqPHGHO
LQFHVWHGDQVODOLWWpUDWXUHHWODOpJHQGH/DSROpPLTXHYDV
DPSOLILHUDYHFOHV)pPLQLVWHV
HWGLYHUVDXWHXUV(OOHGXUHWRXMRXUVSDUH[HPSOHLOVHPEOHDFWXHOOHPHQWUHFRQQXTXH GDQVOHFDVGH'RUDLO
\DHXUpHOOHPHQWGHVDFWHVGHSpGRSKLOLHFRQWUDLUHPHQWjO
DYLVGH )UHXG
3XLV )UHXG GpILQLW O
HQIDQW FRPPH XQ SHUYHUV VH[XHO SRO\PRUSKH HW ILQLW SDU OH IDLUH DGPHWWUH HQ
GpPROLVVDQWODFRQYLFWLRQHQO
LQQRFHQFHHQIDQWLQH$FW XHOOHPHQWFHWWHGpILQLWLRQHVWGpWRXUQpHHWUHWRXUQpH
SDUFHUWDLQVSRXUMXVWLILHUOHVLQLWLDWLRQVVH[XHOOHVSUpFRFHVGHVPLQHXUVHQWUHPLQHXUVHWSDUIRLVDYHFGHV
PDMHXUV'DQVOHVDFWHVGHYLROVG
LQFHVWHHWGHSpGRSKLOLHRQREMHFWHTXHO
RQQHSHXWS HUYHUWLUOHVHQIDQWV
SXLVTXH FH VRQW GpMj GHV SHUYHUV FRQIRQGDQW DOOqJUHPHQW GH OpJqUHV WHQGDQFHV LQFRQVFLHQWHV HW GHV
FRPSRUWHPHQWVKDELWXHOVFRQWUDLUHVjODPRUDOHHWDX[ORLV
/
DSSRUWGHO
HWKQRORJLHGHO
DQWKURSRORJLHHWGHO
pWKRORJLH
'UFNKHLP IDLWSDUDvWUHGqVVRQWUDYDLOVXUODSURKLELWLRQGHO
LQFHVWHHW %URQLVODY0DOLQRZVNL HQ
OH UpVXOWDW GH VHV UHFKHUFKHV VXU /D YLH VH[XHOOH GHV VDXYDJHV GX QRUG RXHVW GH OD 0pODQpVLH ,OHV
7UREULDQG'DQVXQHpWXGHFRPSDUDWLYHGHVHFRQGQLYHDX 0XUGRFN HQDFRQFOXjO
DEVHQFHG
LQFHVWH
LQVWLWXWLRQQHOGDQVOHVVRFLpWpVKXPDLQHVpWXGLpHV/DSURKLELWLRQGHO
LQFHVWHHVWPrPHSDUIRLVEHDXFRXS
SOXVODUJHTXHFKH]QRXVSXLVTX
HOOHHVWVRXYHQWpWHQGXHjWRXWOHFODQWRWpPLTXH
0DLVLOIDXWDWWHQGUHOHVWUDYDX[GH&ODXGH/pYL6WUDXVV /HFUXHWOHFXLW/HVVWUXFWXUHVpOpPHQWDLUHV
GH OD SDUHQWp SRXU TXH O
RQ VDLVLVVH ELHQ OH FDUDFWqUH IRQGDWHXU HW LQGLVSHQVDEOH GHV GHX[ LQWHUGLWV
PDMHXUV GX FDQQLEDOLVPH HW GH O
LQFHVWH GDQV O
pWDEOLV VHPHQW GH WRXWH VRFLpWp KXPDLQH 3RXU VRUWLU GH OD
EHVWLDOLWpHWGHODVDXYDJHULHO
KRPPHGRLWFHVVHUGHSHQVHUFRPPH+REEHVTXHO
KRPPHHVWXQORXSSRXU
O
KRPPH+RPRKRPLQLOXSXV/DFRQYHQWLRQLPSOLFLWHSRXUIRQGHUXQJURXSHKXPDLQHVWRQQHVHPDQ JH
SDVHQWUHQRXVHWRQQHVHPDULHSDVHQIDPLOOH6LQRQLO\DDXWRGHVWUXFWLRQ/HUHIXVGHO
H[RJDPLHPqQHjOD
GpJpQpUHVFHQFHGHO
LVRODWGDQVOHSURMHWUDFLVWHGHFUpHUXQHUDFHSXUHIDPLOOHVUR\DOHVG
(J\SWH+DZDw
,QFDV $]DQGpV « /D FRPPXQLFDWLRQ Q
HVW SRVVLEOH TXH SDU OD FLUFXODWLRQ HW O
pFKDQJH GHV IHPPHV
SHUPHWWDQWGHWURXYHUG
DXWUHVJURXSHVHWG
pWDEOLUGHVDOOLDQFHV/HV$OOLpVPLOLWDLUHVVRQWSHUPLVHWJDUDQWLV
SDUOHVDOOLDQFHVPDWULPRQLDOHV
&HVGHX[UpTXLVLWVpWDQWpWDEOLVVRFLDOHPHQWOHVPDQTXHPHQWVGHYLHQQHQWSOXVGHVSDWKRORJLHVTXHGHVGpOLWV
/HVGHX[DXWUHVSURJUqVGHODFLYLOLVDWLRQVRQWOHUHQRQFHPHQWjODYHQJHDQFHHWjODYLROHQFH,OVVRQWHQFRUH
HQWUDLQGHV
pWDEOLUDYHFOHUHIXVGHODWRUWXUHOpJDOHHWGHODSHLQHGHP RUWSOXVGHVGpEXWVGHUHSHQWDQFHHW
GHSDUGRQ
3RXUFHTXLHVWGHVDQLPDX[TXLQHVRQWFHUWDLQHPHQWSDVXQH[HPSOHLOIDXWGLUHTX
LOH[LVWHWRXVOHVW\SHV
GHFRPSRUWHPHQWVVXUWRXWFKH]OHVLQVHFWHV0DLVOHVUHFKHUFKHVDFWXHOOHVHQpWKRORJLHPRQWUHQ WTXHGDQV
ELHQGHVHVSqFHVLOVHPEOH\DYRLUSOXW{WXQpYLWHPHQWGHO
LQFHVWHVXUWRXWFKH]OHVSULPDWHV3DUH[HPSOH
GHVREVHUYDWLRQVUpFHQWHVFKH]OHV*RULOOHVPRQWUHQWTXHOHVMHXQHVIHPHOOHVSXEqUHVSUpIqUHQWTXLWWHUOHXU
IDPLOOHHWDOOHUGDQVXQHDXWUHKRUGHPrPHDXSUL[G
XQHVLWXDWLRQDXSOXVEDVGHODKLpUDUFKLHGXJURXSH
3DJH /DGpILQLWLRQGHO
LQFHVWH
6LO
LQFHVWHHVWXQDFWHVH[XHODFFRPSOLGDQVODIDPLOOHLOFRQYLHQWG
DERUGGHVHPHWWUHG
DFFRUGVXUFHVGHX[
QRWLRQVG
DFWHVH[XHOHWGHIDPLOOHSRXUVDYRLUFHGRQWLOV
DJLW
/
DFWH VH[XHO V
HVW pODUJL 3HQGDQW GHV VLqFOHV RQ QH V
HVW RFFXSp TXH GH OD GpIORUDWLRQ DYHF UXSWXUH GH
O
K\PHQ /D VRGRPLVDWLRQ GHV ILOOHV HW GHV JDUoRQV Q
HQWUDLW SDV HQ OLJQH GH FRPSWH HW HQFRUH PRLQV
O
XWLOLVDWLRQGHODERXFKH0DLQWHQDQWO
LQFHVWHSDUSpQpWUDWLRQVHPEOHpTXLYDOHQWSDUOHVWURLVRULILFHV$TXRL
V
DMRXWHQWOHV© QRQSpQpWUDWLRQV ªDYHFWRXWHVOHVYDULDQWHVGHVFDUHVVHVHWPDQLSXODWLRQV$LQVLGHVLQFHVWHV
HQIDQWLQVSHXYHQWH[LVWHUHQWUHIUqUHV HWV°XUVHQWUHV°XUVHWHQWUHIUqUHV0rPHVDQVFRQWDFWFRUSRUHODpWp
GpILQLHODQRWLRQGHYLROYLVXHOSDUXQH[KLELWLRQQLVWHHWGRQFG
LQFHVWHYLVXHOGDQVODIDPLOOH
/DIDPLOOHHVWXQHQRWLRQWRXWDXVVLpODUJLH2QHVWSDUWLGHODSDUHQWpRXFRQVDQJX LQLWp0DLVO
RQQHVDLWSDV
R VH WURXYH OD OLPLWH GDQV OH GHJUp GH SDUHQWp FHUWDLQHV VRFLpWpV RQW FRQVLGpUp FRPPH LQFHVWXHX[ OH
PDULDJH HQWUH FRXVLQV JHUPDLQV DGPLV DLOOHXUV '
DXWUHV RQW DMRXWp j OD SDUHQWp JpQpWLTXH XQH SDUHQWp
VSLULWXHOOH DLQVL OHV &KUpWLHQV LQWHUGLVHQW OH PDULDJH UHOLJLHX[ DYHF OH SDUUDLQ RX OD PDUUDLQH HW GDQV
EHDXFRXSG
DXWUHVVRFLpWpVOHPDULDJHHVWLQWHUGLWHQWUHWRXVFHX[HWFHOOHVTXLRQWOHPrPHWRWHP
(QILQHVWDSSDUXHODQRWLRQGHFRPPXQDXWpGHYLHHWG
pGXFDWLRQ2Q QHSHXWSDVpSRXVHUXQHQIDQWDGRSWp
PDLVXQDFWHVH[XHODYHFXQHQIDQWHQIDPLOOHG
DFFXHLOVHUDLWDXVVLXQLQFHVWH'HPrPHpSRXVHUODILOOH
DGRSWLYHGHVRQDQFLHQQHIHPPHSHXWrWUHLQFHVWXHX[VLRQO
DpOHYpHWRXWHQUHVWDQWSDUIDLWHPHQWOpJDO'DQV
OHV IDPLOOHV UHFRPSRVpHV GHV HQIDQWV GX SUHPLHU PDULDJH GH OD PqUH HW GX SqUH SHXYHQW Q
DYRLU DXFXQH
FRQVDQJXLQLWp HW DYRLU pWp pOHYpV FRPPH GHV IUqUHV HW V°XUV 3DU FRQWUH GHV IUqUHV HW V°XUV HW PrPH GHV
MXPHDX[VpSDUpVGqVODQDLVVDQFHRQWSXWRPEHUDP RXUHX[TXDQGLOVVHVRQWUHQFRQWUpV
$ TXRL LO IDXW DMRXWHU OHV TXDVLIDPLOOHV TXH SHXYHQW rWUH OHV FRPPXQDXWpV pGXFDWLYHV OHV pFROHV OHV
pJOLVHVOHVVHFWHVOHVPRXYHPHQWVGHMHXQHVVHRXG
pGXFDWLRQSRSXODLUH«(QIDLWWRXWHSHUVRQQHTXLDXQH
UHODWLRQ G
DXWRULWp PpGHFLQ HQVHLJQDQW LQILUPLqUH SV\FKRORJXH FRDFK pGXFDWHXU HQWUDvQHXU IRUPDWHXU
SUrWUH«ULVTXHGHVHUHWURXYHUHQVLWXDWLRQLQFHVWXHXVH
(QILQHVWDSSDUXXQLQFHVWHGHTXDWULqPHJpQpUDWLRQO
LQFHVWXHOLQLWLpSDU5DFDPLHUHWGpYH ORSSpSDUODVXLWH
,OV
DJLWG
XQFOLPDWLQFHVWXHX[VDQVDXFXQSDVVDJHjO
DFWH2QpYRTXHO
LQFHVWHRQOHEDQDOLVHRQOHMXVWLILH
HWO
RQODLVVHFURLUHTX
LOHVWSRVVLEOH%LHQGHVVLWXDWLRQVRQWpWppYRTXpHVFRPPHGHVVDOOHVGHEDLQVRXGHV
ZFVDQVVHUUXUHWDSHUVXUOHVIHVVHVGHVHVHQIDQWVGRQQHUGHVIHVVpHVODLVVHUWUDvQHUGHVUHYXHVSRUQRVQH
SDV IHUPHU OD SRUWH GH OD FKDPEUH GHV SDUHQWV pGXFDWLRQ VH[XHOOH GRQQpH SDU OH SDUHQW GH VH[H RSSRVp
HPEUDVVHUVXUODERXFKHHWF
/DOLEpUDWLRQVRFLDOHGHODVH[XDOLWp &HTXHO
RQQRPPHOHVLGpHVGHRQWFRQGXLWjXQHJUDQGHOLEpUDOLVDWLRQVH[XHOOHSXLVTX
LOHVWLQWHUGLW
G
LQWHUGLUH 7RXW SDUDLVVDLW SHUPLV HW O
RQ D IDLW SOXVLHXUV ILOPV VXU GHV FDV G
LQFHVWHV PqUH ILOV RX
HQVHLJQDQWHpOqYH«'HVpGXFDWHXUVHWGHIXWXUVGpSXWpVFUR\DLHQWSRVVLEOHGHIDLUHO
pGXFDWLRQVH[XHOOH
GHVMHXQHV/DIDPLOOHpWDLWKRQQLHHWGpPROLH/
pURWLVPHGHYHQDLWO
XQGHVEHDX[ DUWV
(QSV\FKDQDO\VHRQQ
HQWHQGDLWTXHSODLQWHVHWKXUOHPHQWVGHILOVHWGHILOOHV &RPPHQWO
rWUHTXHM
DLPHOH
SOXVDXPRQGHMHQ
DXUDLVSDVOHGURLWGHO
DLPHUFRPSOqWHPHQW",OQ
pWDLWSDVIDFLOHGHUDSSHOHUOHU{OHGX
SqUHTXLHVWG
RSpUHUODVpSDUDWLRQGHVWRSSHUODIXVLRQPqUH HQIDQW/H3qUHpWDEOLWOD/RLHWLQWHUGLWO
LQ FHVWH
PqUHILOVG
RODKDLQHGXSqUHDSUqVFHWWHVHFRQGHVpSDUDWLRQTXLUpDFWLYHODSUHPLqUHFHOOHGHODQDLVVDQFH
/HSUREOqPHHVWTXHODPqUHGHYUDLWHQIDLUHDXWDQWHQWUHOHSqUHHWODILOOH3RXUFHODHOOHGHYUDLWOXWWHUFRQWUH
ODVpGXFWLRQGHODILOOHHWFRQWUHO
DPRXUDEXVLIGXSqUHjWRXVOHVkJHVHOOHQHGHYUDLWSDVUHVWHUVLOHQFLHXVH
RXFRPSOLFH
3DJH ,O IDXW GRQF FRPSUHQGUH LQGLYLGXHOOHPHQW HW VRFLDOHPHQW TX
LO H[LVWH GHX[ VRUWHV G
DPRXU IDPLOLDO HW
H[WUDIDPLOLDO/
DPRXUH[WUDIDPLOLDOV
DFF RPSDJQHGHGpVLUHWGHUHODWLRQVVH[XHOOHVHWSDUIRLVUHSURGXFWLYHV
/
DPRXUIDPLOLDOTXLHVWSHXWrWUHOHSOXVJUDQGH[FOXWOHVUDSSRUWVVH[XHOVVLQRQFHQ
HVWSDVGHO
DPRXU
&DUO
DFWHVH[XHOLQFHVWXHX[HVWELHQXQHLQIHFWLRQHWXQHSROOXWLRQ&HWWH WUDQVJUHVVLRQGXSDFWHVRFLDOHVW
H[SORVLYH HW FDWDVWURSKLTXH (OOH HVW DXVVL O
RFFDVLRQ G
XQ UHWRXUQHPHQW FRPSOHW UDSLGH HW VSHFWDFXODLUH
/RQJXHPHQWGpVLUpGDQVOHYHUWLJHGXGpVLUOHSqUHGqVTX
LOHVWSDVVpjO
DFWHHVWGpFKXGHVRQVWDWXWGHSqUH
HWGHYLHQWO
REMHWG
XQHKDLQHLQH[WLQJXLEOHSRXUVRQDFWHLPSDUGRQQDEOH,ODRXEOLpOHJUDQGVHFUHWUpYpOpSDU
/DFDQ-HWHGHPDQGHGHPHUHIXVHUFHTXHMHW
RIIUHFDUFHQ
HVWSDVFHODHQUpDOLWpMHWHGHPDQGHGHPH
FRQILUPHUTXHMHSHX[VpGXLUHXQKRPPHHQWHSUrWDQWDXMHXVDQVMDPDLVFpGHUHWSHUGUHPRQHVWLPHHWPRQ
DPRXU
/DGpFRXYHUWHGHO
LQFHVWH 'DQV FHWWH XQLYHUVHOOH SHUPLVVLYLWp HW GDQV FH GpIHUOHPHQW GH OD SRUQRJUDSKLH XQ VHXOREVWDFOHDVXEVLVWp
GDQVO
LQFRQVFLHQWFROOHFWLIO
HQIDQW2QQHSHXWSDVWRXWIDLUHDYHFXQHQIDQWLODDXVVLGHVGURLWV'RQFGqV
OHVDQQpHVVRQWDSSDUXVWURLVFULPHVOHYLROO
LQFHVWHHWODSpGRSKLOLH(WSRXUWRXVOHVWURLVGqVTX
RQ
OHVDQRPPpVRQOHVDYXVHWWURXYpVSDUWRXWGHSOXVHQSOXVVR XYHQW&HQ
HVWSDVTX
LO\HQDLWGHSOXVHQ
SOXVDXFRQWUDLUHLO\HQDGHPRLQVHQPRLQVGHSXLVTX
RQOHVUHSqUHWRXVHWQ
HQODLVVHSOXVSDVVHUDXFXQ
DORUVTX
DX0R\HQ$JHLOVpWDLHQWLQYLVLEOHVFDULOVpWDLHQWWROpUpVHWQRUPDX[
'H SOXV UpFHPPHQW HVW DSSDUXH XQH IRUPH VXSSOpPHQWDLUH GH O
LQFHVWH O
LQFHVWH VSHFWDFOH ILOPp GDQV XQ
UpVHDXSpGRSKLOH(QIpYULHUj 2XWUHDX GDQVOH 3DVGH&DODLV RQGpFRXYUHXQUpVHDXGHHQIDQWV
LQFHVWpVHWSURVWLWXpVSDUOHXUVSDUHQWV(QPDUVj $QJHUV/RLUH$WODQWLTXH OHUpVHDXFRPSUHQDLW
HQIDQWV GH PRLV j DQV LQFHVWpV HW SURVWLWXpV SDU OHXUV SDUHQWV SRXUWDQW VXUYHLOOpV SDU OHV VHUYLFHV
VRFLDX[/HSDUHQWDEXVHXUXVHGRQFGHVRQHQIDQWFRPPHG
XQREMHWVDQVVRXFLGHVDVRXIIUDQFHGHVDVDQWp
SK\VLTXHHWSV\FKLTXH,OOHGpJXVWHFRPPHXQHILJXH(WVDQVVRXFLGHOXLDYRLUYROpVDYLHLOHQIDLWXQH
VRXUFH GH SURILW FRPPH OD IHPPH FKH] OHV pFKDQJLVWHV &HW HQIDQW HVW QLp FRPPH rWUH KXPDLQ SXLVTXH
O
XWLOLVDWHXUQ
HQSUHQGTX
XQPRUFHDXERXFKHRXD QXV&HWREMHWDYLOLHVWGRQFPpSULVpHWYHQGXGHX[IRLV
G
DERUGDXFOLHQWSXLVGDQVVRQLPDJHILOPpHUHYHQGXHHQFDVVHWWHYLGpRSRUQR
3RXUrWUHXQSDUHQWLQFHVWXHX[SUR[pQqWHLOIDXWDYRLUGpMjYpFXFHODRXO
DYRLUYXSUDWLTXHUVXUVHVIUqUHVHW
V°XUV DYRLU FRQVWDWp TXH OHV DGXOWHV Q
pWDLHQW SDV SXQLV HW DYRLU JDUGp OH VLOHQFH VXU FH WHUULEOH VHFUHW
/
LPSXQLWpWULRPSKDQWHPqQHjODOpJDOLWp6HXOHODFRQIURQWDWLRQjODSROLFHDXWULEXQDOHWjODSULVRQHVW
FDSDEOHGHUHPHWWUHOHPRQGHVXUVHVSLHGV 5HVWHDSUqVjUHWURXYHUOHFKHPLQGHODFRQILDQFHGHO
HVSRLUHW
GHO
DPRXUVLF
HVWHQFRUHSRVVLEOH
5pIpUHQFHV
$QGUp-DFTXHV,QFHVWHV38)
%HQHX[HW*DUGH/HOLYUHGHODKRQWHOHVUpVHDX[SpGRSKLOHVpGOH&KHUFKH 0LGL
%RWWHHW0DUL/HSUL[G
XQHQIDQW5REHUW/DIIRQW
'HVFDPSV0DUFDODLQ/HUrYHpYHLOOppG%HUQHW'DQLOR
'XUFNKHLP(PLOH/DSURKLELWLRQGHO
LQFHVWH
)UHXG6 7RWHPHWWDERX
+pULWLHU)UDQoRLVH'HO
LQFHVWH2GLOH-DFRE
0D]HW3KLOLSSH /HWUDXPDWLVPHGHO
LQFHVWH38)
0XUGRFN6RFLDOVWUXFWXUH
3LJRWW&ODXGH/HVLPDJRVWHUULEOHVpG&ROOqJHGH3V\FKDQDO\VH
3DJH 0DvWUH *LVqOH *5$721
9 4XpEHF
9 -XULVWH
9 &RQVXOWDQWHHQGURLWGHODSHUVRQQHHWHQpWKLTXHPpGLFDOH
5pIOH[LRQVMXULGLTXHVHWpWKLTXHV
VXUODSURWHFWLRQGHVHQIDQWV
FRPPHQWIDLUHSRXUELHQIDLUH"
3DJH ,1752'8&7,21
&¶HVW DYHF LQWpUrW TXH M¶DL DFFHSWp GH SDUWLFLSHU j FHV MRXUQpHV G
pWXGHV FRQVDFUpHV j OD PDOWUDLWDQFH GHV
HQIDQWV(WF¶HVWDYHFKXPLOLWpTXHMHSDUWDJHUDLDYHFYRXVXQHUpIOH[LRQMXULGLTXHHWpWKLTXHFRQFHUQDQWFHV
FOLHQWqOHVVLOHQFLHXVHVVRXYHQWYXOQpUDEOHVHWSDUIRLVFDSWLYHV
7UDLWHUGHVDVSHFWVMXULGLTXHVHWpWKLTXHVGHODSURWHFWLRQGHVHQIDQWVFRQVWLWXHXQGpIL,OHVWpSURXYDQW SRXU
XQHMXULVWHG¶DUJXPHQWHUWDQWGDQVOHGRPDLQHGXGURLWGHO¶HQIDQFHTXHFHOXLGHODPRUDOH-HQHSUpWHQGV
SDVSDUPHVSURSRVIDLUH°XYUHGHMXVWLFH3DVSOXVTX¶°XYUHGHSDL[0DLVYLVHSOXW{WXQHUpIOH[LRQj
KDXWHYRL[VXUXQVXMHWTXLP¶LQWHUSHOOHGHSXLVTXHOTXHVDQQpHV
'DQVOHVVDORQVOHVFROORTXHVHWXQSHXSDUWRXWRQSDUOHGHSURWHFWLRQGHO
HQIDQFHHWG
pWKLTXH&¶HVWXQH
PRGHFHVRQWGHVVXMHWVjODPRGH$GDSWpHDXGRPDLQHGXGURLWGHODSHUVRQQHHWFRQVpTXHPPHQWjO
HQIDQW
O¶pWKLTXHIDLWDSSHOjODFUpDWLYLWpGHVMXULVWHVGRQWO¶DFWLRQQHVHOLPLWHSDVjDSSOLTXHUXQFHUWDLQQRPEUHGH
ORLVGHSURFpGXUHVHWGHUqJOHPHQWV'HVYDOHXUVWHOOHVODELHQIDLVDQFHODMXVWLFHHWODVROLGDULWpIRUPHQWXQH
FRQVWHOODWLRQTXLUHOqYHGHQRWUHpWKLTXHSURIHVVLRQQHOOHHWSHUVRQQHOOH
3OXV RQ V¶DYHQWXUH HQ WHUUDLQ GH OD SURWHFWLRQ GH O
HQIDQW SOXV RQ GpFRXYUH OD FRPSOH[LWp GHV GpFLVLRQV j
SUHQGUH 1RWUH FRGH GH GpRQWRORJLH QHVXIILWSDV'¶DLOOHXUVFHFRGHHVWLQRSpUDQWV¶LOQHUHQYRLHSDVD X
VRXIIOHpWKLTXHF¶HVWjGLUHjGHVKRUL]RQVSOXVODUJHVTXLWLHQQHQWDXVHQVjGRQQHUjO¶H[LVWHQFHKXPDLQH
)DLVRQVXQSDVGHSOXVSRXUFRQVWDWHUTX¶HQSURWHFWLRQGHO
HQIDQWQRXVVRPPHVpJDOHPHQWFRQIURQWpVjXQ
TXHVWLRQQHPHQWPRUDO © 4XHIDLVWX GHO¶DXWUH" ª4XHIDLVRQVQRXVGHO¶DXWUH"(QO¶RFFXUUHQFHFHWDXWUH
DSSDUDvWVRXVGHPXOWLSOHVYLVDJHV OHVHQIDQWVSK\VLTXHPHQWPDOWUDLWpVOHVHQIDQWVVH[XHOOHPHQWDEXVpVOHV
HQIDQWV QpJOLJpV HW OHV HQIDQWV DEDQGRQQpV &HW DXWUH DSSDUDvW pJDOHPH QW VRXV OHV YLVDJHV GH SDUHQWV
LPSDUIDLWVRXSDWKRORJLTXHVPDLVWRXMRXUVGHVSDUHQWVHQGpWUHVVH
4X¶DWWHQGHQWFHVHQIDQWVOHXUVSURFKHVHWODVRFLpWpGXSURFHVVXVGHSURWHFWLRQ"(VW LOEHVRLQGHUDSSHOHU
TX¶XQHOHFWXUHpWKLTXHGHQRWUHSUDWLTXHGHYUD LWFRQGXLUHFHX[G¶HQWUHQRXVTXLV¶\DGRQQHQWjFRQVLGpUHU
O¶LPSDFWGHOHXUWUDYDLOVXUO¶H[LVWHQFHGHSHUVRQQHVFRPELHQYXOQpUDEOHV
&RPPHQWIDLUHSRXUELHQIDLUH"&HWWHTXHVWLRQVLPSOHQHVRXIIUHSDVGHUpSRQVHVLPSOLVWH&DUHOOHHQJDJH
GHVFKRL[GHYDOHXUVLPSRUWDQWVHWGLIILFLOHV/DUHVSRQVDELOLWpHQYHUVO
HQIDQWFRPPHSHUVRQQHKXPDLQHHVW
OHSULQFLSHIRQGDPHQWDOTXLOpJLWLPHQRVPHVXUHVOpJDOHVHWPRUDOHV$XQRPGHTXRLLQWHUYHQRQV QRXV"
&¶HVWODTXHVWLRQTXHO¶pWKLTXHGRLWSRVHUHWVDQVF HVVHSRVHUDILQTXHQRVLQWHUYHQWLRQVVRLHQWMXULGLTXHPHQW
HWpWKLTXHPHQWDFFHSWDEOHV
'DQVXQSUHPLHUWHPSVOHSUpVHQWH[SRVpSUpVHQWHUDXQEUHIKLVWRULTXHGHOD/RLTXpEpFRLVHVXUODSURWHFWLRQ
GHODMHXQHVVH
'DQVXQVHFRQGWHPSVQRVDWWHQWHVH[DJp UpHVIDFHjODGLVFLSOLQHGXGURLWVHURQWPLVHVHQUHOLHIHWOHVQRWLRQV
G
LQJpUHQFHHWG
LQWHUYHQWLRQVHURQWFLUFRQVFULWHV
'DQV XQ WURLVLqPH WHPSV XQ UDSSHO GX FRQFHSW GH GLJQLWp VHUYLUD GH SUpDPEXOH j OD FRQFOXVLRQ ODTXHOOH
WUDLWHUDGHVQRWLRQVGHFRXUDJHHWG
KXPLOLWp
3DJH +,6725,48(
/H EXW GH OD SUpVHQWH UpIOH[LRQ Q
HVW SDV G
pODERUHU O
KLVWRULTXH GH OD /RL VXU OD SURWHFWLRQ GH OD MHXQHVVH
&HSHQGDQW GHPHXUHU VLOHQFLHX[ VXU OHV FDUDFWpULVWLTXHV GH FHWWH OpJLVODWLRQ TXpEpFRLVH FRQVWLWXHUDLW XQH
RPLVVLRQ LQDFFHSWDEOH -H VHUDL EUqYH HW UpSRQGUDL ORUV GHV PRPHQWV OLEUHV GH FH FROORTXH j YRV
LQWHUURJDWLRQV
/HV\VWqPHTXpEpFRLVGHODSURWHFWLRQGHODMHXQHVVHTXHQRXVFRQQDLVVRQVDXMRXUG
KXLHVWOHUpVXOWDWG
XQH
pYROXWLRQjPXOWLSOHVIDFHWWHV&HWWHpYROXWLRQFRQFHUQHOHVpYpQHPHQWVFRPPHOHVLGpHVOHQWHPHQWpODERUpH
jPrPHOHVPXWDWLRQVSROLWLTXHVVRFLDOHVpFRQRPLTXHVHWUHOLJLHXVHVTXLRQWWUDQVIRUPpOH4XpEHF
/D/RLVXUODSURWHFWLRQGHODMHXQHVVHLVVXHGHODUpIRUPHGHLQVWDXUH XQSURJUqVVRFLDOSXLVTX
HOOHD
IDLWGHO
HQIDQWTXpEpFRLVXQFLWR\HQjSDUWHQWLqUHHQOXLGRQQDQWGHVGURLWVFODLUHPHQWGpILQLVHWDGDSWpVjVHV
EHVRLQV
,OLPSRUWHGHVRXOLJQHUTXHOHVLJQDOHPHQWGHO
HQIDQWHQGpWUHVVHHVWGHYHQXREOLJDWRLUHSRXUWRX VVDXISRXU
OHVDYRFDWV
/DSKLORVRSKLHGHFHWWH/RLV
LQVSLUHGHGHX[SULQFLSHV
/H SUHPLHU SULQFLSH GH FHWWH /RL GRQQH SULRULWp j O
LQWpUrW GH O
HQIDQW HW DX UHVSHFW GH VHV GURLWV /D
FRH[LVWHQFHGHFHVGHX[FRQFHSWVQHVHPEOHSDVWRXMRXUVIDFLOH1 RXVGHYRQVIDLUHpWDWGHODSHUVLVWDQFHGHV
YLVLRQVGLIIpUHQWHVV
DSSX\DQWUHVSHFWLYHPHQWVXUOHVGURLWVGHO
HQIDQWHWVXUVRQLQWpUrW/
KDUPRQLHHQWUHOHV
GURLWVHWO
LQWpUrWVHPEOHHQFRUHGLIILFLOHjDWWHLQGUHGDQVODSUDWLTXH
/HVHFRQGSULQFLSHGHFHWWH/RL UpIqUHjODUHVSRQVDELOLWpGHVSDUHQWVTXLGHPHXUHQWJDUDQWVGHOHXUHQIDQW
'DQVFHFRQWH[WHO
LQWHUYHQWLRQGDQVODIDPLOOHHVWGHYHQXH©SDUWLFLSDWLYHªF
HVWDYHFOHVSDUHQWVTXHO
RQ
GRLWUHFKHUFKHUOHVVROXWLRQVDYDQWGHUHFRXULUDXWULEXQ DO(QGRQQDQWXQVWDWXWOpJDOjO
LQWHUYHQWLRQKRUV
FRXU PHVXUHV YRORQWDLUHV RX FRQVHQVXHOOHV OH OpJLVODWHXU IDLW FRQILDQFH DX[ SDUHQWV HQ OHXU RIIUDQW OD
SRVVLELOLWpGHVHSUHQGUHHQPDLQ
3DU DLOOHXUV OD /RL VXU OD SURWHFWLRQ GH OD MHXQHVVH D DXVV L GRQQp XQ FDUDFWqUH MXGLFLDLUH DX SURFHVVXV
G
HQTXrWHHWGHGpFLVLRQHQpWDEOLVVDQWGHVUqJOHVHWGHVSURFpGXUHVTXLRQWOHPpULWHGHOLPLWHUOHFDUDFWqUH
DUELWUDLUH GHV MXJHPHQWV (QILQ DILQ GH SDOOLHU OH GpUDSDJH SRVVLEOH G
XQ V\VWqPH DXVVL FRPSOH[H OD
&RPPLVVLRQGHVGURLWVGHODSHUVRQQHHWGHVGURLWVGHODMHXQHVVHDpWpPDQGDWpHSRXUODVXUYHLOODQFHGHVRQ
DSSOLFDWLRQ
&HVJUDQGVSULQFLSHVHQHQJHQGUHQWG
DXWUHVWHOV
x 8QHDSSURFKHKXPDLQHHWpTXLWDEOH
x /HGURLWjO
LQIRUPDWLRQHWODUHSUpVHQWDWL RQGHO¶HQIDQWSDUDYRFDW
x /HGURLWjODFRQILGHQWLDOLWp
x 'HVUHVVRXUFHVDXVHUYLFHGHODIDPLOOH
&HSHQGDQW WRXWHV FHV YHUWXV QH SHXYHQW HPSrFKHU O
HVSULW FULWLTXH GH QRPPHU VHV IDLOOHV 7RXWH ORL HVW
WULEXWDLUHGHODPDQLqUHGRQWRQO
DSSOLTXH'DQV QRWUHVRFLpWpODVpFXULWpHWOHGpYHORSSHPHQWG
XQHQIDQW
SHXYHQW rWUH FRPSURPLV GH PLOOH PDQLqUHV /H FKDQWLHU HVW LPPHQVH HW IDLW DSSHO j GH PXOWLSOHV
FRPSpWHQFHV,OIDXWDXVVLFRPSUHQGUHTXHODFODUWpGHVSULQFLSHVQ
HPSrFKHSDVTXHFKDTXHFDVHVW XQFDV
G
HVSqFH TXL IDLW DSSHO DX GLVFHUQHPHQW GH FKDFXQ /HV FKRL[ j IDLUH VRQW FRPSOH[HV HW ORXUGV GH
FRQVpTXHQFHVFDUO
HQMHXKXPDLQHVWpQRUPH$XFXQHORLQHSRXUUDLWpOLPLQHUFHULVTXHTXLHVWXQDWWULEXW
LQWULQVqTXHGHWRXWHDFWLYLWpKXPDLQH
3DJH )DXWLOOpJLIpUHUGDQVOHGRPDLQHGHO¶HQIDQFH"/HVORLVGpMjH[LVWDQWHVGRQWOHV&KDUWHVQHVXIILVHQW HOOHV
SDV"8QHORLVXUODSURWHFWLRQGHO¶HQIDQFHHVW HOOHXQHJDUDQWLHGXUHVSHFWGHODGLJQLWpGHVHQIDQWV"/HV
UpIOH[LRQVTXLGpFRXOHURQWGHFHFROORTXHQRXVSHUPHWWURQWSHXWrWUHGHUpSRQGUHjFHVLQWHUURJDWLRQV
'52,76(7)$866(&(57,78'(
¬WUDYHUVOHPRQGHODSHQVpHMXULGLTXHDpWpYDULpH3DVVHXOHPHQWFHOOHGHVMXULVWHVPDLVFHOOHGHWRXVFHX[
TXL VH VRQW LQWpUHVVpV DX GURLW HW O¶RQW LQIOXHQ Fp 3KLORVRSKHV WKpRORJLHQV OLWWpUDLUHV VRFLRORJXHV HW
PDJLVWUDWVGHWRXVOHVJHQUHVGHWRXVOHVWHPSVHWGHWRXVOHVSD\VRQWFRQWULEXpjQRWUHFXOWXUHMXULGLTXH
GDQVOHGRPDLQHGHO
HQIDQFH
$XFRXUVGHVGHUQLqUHVGpFHQQLHVO¶LQWUXVLRQGXGURLWGDQ VWRXVOHVGRPDLQHVGHODYLHRQWpWpUHPDUTXDEOHV
/HVHFWHXUGXGURLWGHODSHUVRQQHQ¶DSDVpFKDSSpjFHWWHWHQGDQFH/HGURLWTXpEpFRLVV¶HVWSRVLWLYHPHQW
DFWXDOLVpSDUODUHFRQQDLVVDQFHGHSULQFLSHVFRQFHUQDQWO¶LQYLRODELOLWpO¶LQWpJULWpO¶DXWRQRP LHHWOHUHVSHFWGH
ODSHUVRQQH'DQVOHGRPDLQHGHODSURWHFWLRQGHVHQIDQWVGHVPRGLILFDWLRQVLPSRUWDQWHVRQWpWpDSSRUWpHV
DX FRXUV GHV GHUQLqUHV DQQpHV 4XHOOH TXH VRLW OD YXOQpUDELOLWp GH O
HQIDQW TXHOOH TXH VRLW VD GpWUHVVH LO
GHPHXUHXQVXMHWGH GURLW
/¶LQIOXHQFHSRVLWLYHGXGURLWHVWLQGpQLDEOH6RQRPQLSUpVHQFHHVWpJDOHPHQWLQGpQLDEOH/HGLIILFLOHQ¶HVW
SDVG¶pQRQFHUODORLPDLVGHODSHQVHUGHFRPSUHQGUHTX¶HOOHHVWjODIRLVLOOXVRLUHHWUpHOOHVXEMHFWLYHHW
XQLYHUVDOLVDEOHQpFHVVDLUHHWVXIILVDQWH3RXUVROXWLRQQHUOHVSUREOqPHVGpFRXODQWGHVGLIILFXOWpVLQKpUHQWHV
j O¶H[LVWHQFH QRXV DYRQV VDQV GRXWH PLV WURS G¶HVSRLU GDQV OD PXOWLSOLFDWLRQ GHV ORLV (W O¶HUUHXU IXW GH
SHQVHUTXHWRXWHVWGURLWHWTXHOHGURLWDYRFDWLRQjrWUHS DUWRXWjWRXWHQYHORSSHU
2U OH GURLW QH UHPSOLW SDV WRXWH OD VSKqUH KXPDLQH /H GURLW Q¶HVW SDV VHXO LO FRH[LVWH DYHF G¶DXWUHV
V\VWqPHVGHQRUPHV/RUVGHQRWUHSUDWLTXHODGpWUHVVHGHVSDUHQWVHWGHVHQIDQWVQRXVFRQIURQWHDX[OLPLWHV
GHQRWUHGLVFLSOLQHHWVXVFLWHQRWUHFXULRVLWpSRXUUpIpUHUjGHVUqJOHVjFDUDFWqUHQRQMXULGLTXH
0DOJUpOHVRXWLHQGHODUqJOHGHGURLWPDOJUpODSXLVVDQFHGHV©VHFRXUVªMXULGLTXHVpODERUHUXQSURFHVVXV
GHSURWHFWLRQGHO
HQIDQWF¶HVWSUHQGUHOHULVTXHGHO¶L PSUpYLVLEOH&RPSUHQGUHODELRJUDSKLHG¶XQHSHUVRQQH
REOLJHjHQWHQGUHHWQRQjFRQILUPHUFHTXHQRXVFUR\RQVFHTXHO¶DXWUHYDGLUH/DVRXIIUDQFHGHVSHUVRQQHV
FUpHGHVREOLJDWLRQVSRXUOHVDXWUHV&¶HVWjSDUWLUGHFHWWHDIILUPDWLRQPRUDOHTX¶LO\D OLHXG¶DSSOLTXHUOD
QRUPHMXULGLTXH
4XDQGQRWUHVRFLpWpVHUHWRXUQHYHUVFHWWHSDUWG¶HOOH PrPHTXLDSRXUQRPOHVHQIDQWVPDOWUDLWpVQRXVOH
IDLVRQVQRQVHXOHPHQWDXQRPGXGURLWPDLVpJDOHPHQWDXQRPGHODVROLGDULWpKXPDLQH(WO¶pWKLTXHpYLWH
TXHODSXUHWpGHQRVLQWHQWLRQVVHWUDQVIRUPHHQUDSSRUWGHGRPLQDWLRQHWGHFRQWU{OH
,17(59(17,21(7'(92,5'¶,1*e5(1&(
/HVUHODWLRQVLQWHUSHUVRQQHOOHVHWODYLHHQVRFLpWpHQWUDvQHQWQpFHVVDLUHPHQWXQMHXFRPSOH[HG¶LQWHUYHQWLRQV
SRXUDVVHRLUDXWRULWpHWSRXYRLU5LHQGHQRXYHDX
4XHOHSUDWLFLHQHQVRLWFRQVFLHQWRXQRQOHVHQMHX[GHVLQWHUYHQWLRQVMXULGLTXHVVRQWUpHOV'DQVOHVHFWHXU
GHODSURWHFWLRQLOHVWVDQVGRXWHLOOXVRLUHGHSUpWHQGUHjO¶REMHFWLYLWp
3DJH 9 'H TXHO GURLW LQWHUYLHQWRQ GDQV OD YLH G¶XQH DXWUH SHUVRQQH PrPH FHOOH HQ GLIILFXOWp SRXU OXL
LPSULPHUXQHRULHQWDWLRQQRXYHOOHRXLQIOpFKLUVRQFRXUV"
9 $TXHOOHVFRQGLWLRQVXQHWHOOHLQWHUYHQWLRQSHXW HOOHrWUHTXDOLILpHFRPPHOpJLWLPH"
9 /HFULWqUHGXPHLOOHXULQWpUrWGHO
HQIDQW TX¶HVWFHjGLUH"
9 4XHOVVRQWOHVHQMHX[VRXVMDFHQWVjFHVLQJpUHQFHVGHERQQHIRL"
9 &RPPHQWOHMXULGLTXHSHXWLOLQWHUYHQLUGHPDQLqUHQRQSDWHUQDOLVWHPDLVUHVSRQVDEOH"
&HVTXHVWLRQVVRQWYLWDOHVHQFHVHQVTX¶HOOHVPDUTXHQWODYLHHQODSODoDQW HQPrPHWHPSVVRXVOHVLJQHGH
ODOLEHUWpHWGHODFRQWUDLQWH/DYLHKXPDLQHHVWKDELWXHOOHPHQWUHoXHSHUoXHHWYpFXHFRPPHXQGRQ(W
SRXUOHVSDUHQWVO¶DFWXDOLVDWLRQG¶XQSURFHVVXVGHSURWHFWLRQVLSHUWLQHQWVRLW LOHVWKDELWXHOOHPHQWUHoXH
SHUoXHHWYpFXHFRPPHOHUHWUDLWDUELWUDLUHRXODILQGHFHGRQ
/HV PHVXUHV FRQFHUQDQW OD SURWHFWLRQ GH O
HQIDQW SRVHQW OD TXHVWLRQ GX VHQV GH OD YLH F¶HVW jGLUH GH OD
OLEHUWp,OQ¶HVWSDVpWRQQDQWTXHODPHVXUHGHSURWHFWLRQVRLWVRXYHQWLPSRVpH
/HPRWLQWHUYHQWLRQYLHQWGXODWLQ LQWHUYHQWLROXLPrPHLVVXG¶LQWHUYHQLUH TXLVLJQLILH©VXUYHQLUSHQGDQWXQ
SURFHVVXV DILQ GH O¶LQWHUURPSUH ª 3RXU FH TXL QRXV FRQFHUQH O¶LQWHUYHQWLRQ SRXU SURWpJHU FH VHUD
O¶LQWHUUXSWLRQ G¶XQ SURFHVVXV GH GpVRUGUH VRFL DO LQWHOOHFWXHO RX PHQWDO 4XHOOH TXH VRLW OD VLWXDWLRQ
O¶LQWHUYHQWLRQSRXUSURWpJHUXQHQIDQWSRVHQWGHX[SUREOqPHV/HSUHPLHUHVWOHULVTXHGHGpYLDQFH7RXWHQ
D\DQWFRPPHREMHWOHUpWDEOLVVHPHQWGHO¶pTXLOLEUHSK\VLTXHVRFLDORXPHQWDOO¶LQWHUYH QWLRQSHXWVDWLVIDLUH
GHVGpVLUVGHSRXYRLUHQJHQGUHUO
DFFXOWXUDWLRQHWVHUYLUjGRQQHUERQQHFRQVFLHQFH/HVHFRQGSUREOqPHHVW
FHOXLGHODOpJLWLPLWpGHO¶LQWHUYHQWLRQGHSURWHFWLRQ6XUOHSODQIRUPHOHOOHUHTXLHUWXQHSURFpGXUHMXGLFLDLUH
6XUOHIRQGF¶HVWODILQDOLWpGHO¶LQWHUYHQWLRQTXLGRLWrWUHH[DPLQpH
1RXV VDYRQV WRXV TXH OHV GURLWV GHV HQIDQWV VRQW PHQDFpV SDU GHX[ DWWLWXGHV OH ©WURSª RX O¶LQJpUHQFH
H[FHVVLYH TXL SHXW HQJHQGUHU O¶DXWRULWDULVPH HW OH ©SDV DVVH]ª RX OD QRQ LQJpUHQFH TXL SHXW HQJHQGUHU
O¶LQGLIIpUHQFH
%HUQDUG+HQU\/pY\ HW%HUQDUG.RXFKQHU RQWIDLWDSSHOjODQRWLRQGXGHYRLUG¶LQJpUHQFHDORUVTXHOH
IRVVp VH FUHXVDLW HQWUH O¶2FFLGHQW HW OHV SD\V GpPXQLV ,OV QH VH VRQW SDV TXHVWLRQQpV VXU OD QDWXUH GH
O¶KRPPH PDLV RQW DJL SRXU GpIHQGUH OHV SOXV IDLEOHV /D &RPPLVVLRQ GH UpIRUPH GX GURLW GX &DQDGD D
G¶DLOOHXUVSURSRVpOHFRQFHSWGHSUpMXJpIDYRUDEOHjO¶pJDUGGHVSHUVRQQHVYXOQpUDEOHVGRQWOHVHQIDQWV
$LQVLOHSUHPLHUGURLWGHO
HQIDQWF¶HVWG¶rWUHSURWpJp/HI RQGHPHQWGHFHGURLWHVWO¶DIILUPDWLRQGHYDOHXUV
OLpHVjODYLH'XVHXOIDLWTXHO
HQIDQWH[LVWHLOYDXWG¶rWUHSURWpJp9RLOjSRXUTXRLOHGHYRLUG¶LQJpUHQFHRX
G¶LQWHUYHQWLRQHVWXQLPSpUDWLIHWFHPrPHVLO
LQWHUYHQWLRQDXSUqVGHVSDUHQWVHWGHVHQ IDQWVDHOOHPrPH
XQHORQJXHKLVWRLUHG¶LQMXVWLFHYRLUHGHYLROHQFH
',*1,7e
(VWFHTXHSURWpJHUXQHQIDQWVRXYHQWFRQWUHOHJUpGHVHVSDUHQWVFRQVWLWXHXQDFWHGHELHQIDLVDQFH"6LRXL
GDQV TXHOOHV FLUFRQVWDQFHV " 1RXV WHQWHURQV GH UpSRQGUH j FHWW H LQWHUURJDWLRQ SDU OHELDLVGXSULQFLSHGX
UHVSHFWGHODGLJQLWpSXLVTXHODGpPDUFKHpWKLTXHV¶DSSXLHVXUXQHFRQFHSWLRQGHODSHUVRQQHKXPDLQH
/DGLJQLWpFRQVLVWHjUHFRQQDvWUHODVLQJXODULWpGHO
HQIDQWTXHOOHTXHVRLWVDYXOQpUDELOLWp/¶pWKLTXHQ¶DS SRUWH
MDPDLVGHUpSRQVHWRXWHIDLWH(OOHVHSUpVHQWHFRPPHXQHYLVpHKXPDLQH
4XDQGRQpYRTXHOHPRWGLJQLWpRQHVWFRQIURQWpjDXWDQWGHGpILQLWLRQVTXHG¶LQGLYLGXV (PPDQXHO.DQW
VRXWLHQWTXHODGLJQLWpHVWLQWULQVqTXHjO¶H[LVWHQFHKXPDLQH-HVXLV SRUWHXUGHGLJQLWpGXVHXOIDLWTXHMH
VXLV3RXUG¶DXWUHVDXWHXUVGRQW0DULH/RXLVH5DPHDXVHUDLWGLJQHO¶rWUHGHUDLVRQPDvWUHGHVDSHQVpHHW
GHVHVRULHQWDWLRQVGHYLH$LQVLODGLJQLWpVHUDLWLQWLPHPHQWOLpHjO¶rWUHGHUDLVRQ
3DJH 4X¶HQHVWLOGH O
HQIDQWTXLQ¶DSDVO
kJHGHUDLVRQ"(VW LOSULYpGHVDGLJQLWp"6XLVMHGLJQHSDUVLPSOH
QDWXUH RX OH VXLVMH SDU PD VHXOH UDLVRQ " /HV KDQGLFDSVLQWHOOHFWXHOVOHVSUREOqPHVGHFRPSRUWHPHQWHW
DXWUHV GLIILFXOWpV SHXYHQWLOV IDLUH JOLVVHU O
HQIDQW GH OD GLJQLWp YHUV OD QRQGLJQLWp " 6L O¶RQ SRXUVXLW FH
TXHVWLRQQHPHQW LO HVW OLFLWH GH V¶LQWHUURJHU VXU OD UDLVRQ 4XL VXLV MH SRXU DIILUPHU TXH M¶DL OD UDLVRQ HW
TX¶DXWUXLQHODSRVVqGHSDV"1¶DWLOSDVXQHUDLVRQGLIIpUHQWHGHODPLHQQH"4XHGHYL HQWPDGLJQLWpVL
O¶DXWUHPHODUpIXWHRXODSLpWLQH"
/HV ORLV FRPPH H[SUHVVLRQ VRFLDOH GH UqJOHV SDUWDJpHV HW OD GpRQWRORJLH DYHF VRQ HQVHPEOH GH UqJOHV
SURIHVVLRQQHOOHVVHUYHQWGHVRFOHjQRVUHVSRQVDELOLWpVSURIHVVLRQQHOOHV0DLVSRXUFHX[G¶HQWUHQ RXVTXL
°XYURQVDXSUqVG
HQIDQWVD\DQWEHVRLQGHSURWHFWLRQQRXVGHYRQVIDLUHDSSHOjXQDXWUHV\VWqPHGHYDOHXUV
/¶pWKLTXHQ¶HVWSDVXQGRQ(OOHHVWXQHGpPDUFKHH[LJHDQWHHWFRQWLQXHTXLLPSRVHODUHFKHUFKHGXVHQVGH
QRVDFWLRQVGDQVOHVHFWHXUGHODSURWHFWLRQ
&21&/86,21
,O \ D GDQV OD GpFLVLRQ GH SURWpJHU XQ HQIDQW XQH SDUW GH ULVTXH /H ULVTXH F¶HVW pYLGHPPHQW FHOXL GH VH
WURPSHU HW GH IDLUH OH PDO RX GX PDO DORUV TXH O¶RQ YLVDLW j IDLUH OH ELHQ HQ ILQDOLVDQW XQH PHVXUH GH
SURWHFWLRQ
7RXWH GpFLVLRQ GH SURWHFWLRQ GRLW SRXYRLU rWUH MXVWLILpH QRQ VHXOHPHQW SDU OHV UDLVRQV MXULGLTXHV TXL O¶RQW
PRWLYpHPDLVDXVVLSDUOHVYDOHXUVTXLO¶RQWLQVSLUpH,OHVWLQGLTXpGHUHQGUHFRPSWHGHQRVGpFLVLRQVDILQ
G¶pYLWHU TX¶HOOHV VRLHQW OH VLJQH GH QRWUH S RXYRLU ,O IDXW GRQF VH GRQQHU OHV PR\HQV G¶pYDOXHU OH UpVXOWDW
G¶XQHGpFLVLRQRXG¶XQHDEVHQFHGHGpFLVLRQ
/DGpFLVLRQGHSURWpJHUXQHQIDQWFRQWUHOHJUpGHVHVSDUHQWVOHVODLVVHVRXYHQWHQGHXLOG¶HX[ PrPHVHWFH
TXHOTXHVRLWOHELHQ IRQGpGHFHJHVWH&HWWHVLWXDWLRQHVWWRXMRXUVORXUGHjSRUWHUFDUODGpFLVLRQGHSURWpJHU
TXL HQJDJH O¶H[LVWHQFH G¶DXWUXL QRXV UHQG GpELWHXU jVRQHQGURLW4XHSHQVHUGHVSODFHPHQWVG¶HQIDQWVDX
VHLQ GH UHVVRXUFHV LQDGpTXDWHV HW TXL SHUGXUHQW SHQGDQW GHV DQQpHV " 4X H SHQVHU GH QRV RUJDQLVDWLRQV
VRFLDOHVLQDSSURSULpHVTXLXWLOLVHQWGHVPLOLHX[VXEVWLWXWVRO¶HQIDQWHVWjQRXYHDXPDOWUDLWp"(WTXHGLUHGH
O¶HQIDQWTXLHVWSODFpHWGpSODFpGHX[jWURLVIRLVSDUDQ"
,OQHV¶DJLWSDVG¶HQWUHWHQLUXQVHQWLPHQWGHFXOS DELOLWpLOV¶DJLWG¶rWUHUHVSRQVDEOH3DUFHTXHO¶DPELJXwWpGH
WRXWH DFWLRQ KXPDLQH QH GLVSDUDvW MDPDLV PrPH TXDQG HOOH HVW OH UpVXOWDW G¶XQH LQWHQWLRQ DXVVL OpJLWLPH
MXULGLTXHPHQWTX¶pWKLTXHPHQW 1LHW]VFKH DDIILUPpTX¶HQpWKLTXHRQQHUHQFRQWUHSDVV RXYHQWOHEOHXD]XU
PDLVTXHO¶RQPDUFKHVRXVODJULVDLOOH
3OXVLHXUVYHUWXVWHOOHVODPLVpULFRUGHODWROpUDQFHODFRPSDVVLRQVRQWSHUWLQHQWHVjODSUpVHQWHUpIOH[LRQ
0DLVO
KXPLOLWpHWOHFRXUDJHRQWpWpUHWHQXVFRPPHpWDQWOHVYHUWXVHVVHQWLHOOHVS RXU°XYUHUGDQVOHGRPDLQH
GHODSURWHFWLRQGHODMHXQHVVH
/D GLVFUpWLRQ OH GRXWH OD OXFLGLWp VRQW OHV PDUTXHV GH O
KXPLOLWp (OOH HVW OD YHUWX GX VDJH TXL DFFHSWH
O
LQFHUWLWXGH HW HOOH DIIURQWH OH UpVHDX GH OD SDUROH TXL HVW WULDQJXODLUH 8Q ©MHª S DUOH G
XQ ©LOª j XQ ©WXª
4XDQWDXFRXUDJHLOSHXWVHUYLUjWRXWHWLOQHGHYLHQWXQHYHUWXTX
DXVHUYLFHG
DXWUXL&
HVWODFDSDFLWpGH
VXUPRQWHUODSHXUSDUXQHYRORQWpJpQpUHXVH
/
KXPLOLWp HW OH FRXUDJH QH VRQW SDV XQ VDYRLUPDLVXQHGpFLVLRQQRQXQH RSLQLRQPDLVXQDFWH'DQVOH
GRPDLQHGHODSURWHFWLRQODUDLVRQQRXVGLWFHTX
LOIDXWIDLUHDORUVTXHO
KXPLOLWpHWOHFRXUDJHQRXVLQGLTXHQW
TX
LOIDXWOHIDLUH
&HVGHX[YHUWXVQ
H[LVWHQWTX
DXSUpVHQW9RXORLUrWUHKXPEOHRXFRXUDJHX[ODVHPDLQHS URFKDLQHFHQ
HVW
SDVGHO
KXPLOLWpRXGXFRXUDJHFHVRQWGHVSURMHWV
3DJH 7RXWH GpFLVLRQ GH SURWHFWLRQ \ FRPSULV OD GpFLVLRQ PRUDOH HVW VXEMHFWLYH -DPDLV QRXV QH VRPPHV
DEVROXPHQW FHUWDLQV TXH OD GpFLVLRQ GH SURWHFWLRQ HVW © ERQQH ª ,O V¶DJLW G¶XQ FKRL[ UpIOpFKL RX VL YRXV
SUpIpUH]GHODPRLQVPDXYDLVHGpFLVLRQGDQVOHVFLUFRQVWDQFHV$XVVLGDQVOHGRPDLQHGHODSURWHFWLRQLO
Q
\DSDVGHGRFWULQHULJLGHDSSOLTXpHLO\DXQHPDQLqUHG
DVVXPHUSRVLWLYHPHQWO
LQFHUWLWXGHLQKpUHQWHjOD
FRQGLWLRQKXPDLQH
$X FRXUV GH OD SUpVHQWH UpIOH[LRQ M¶DL UHFRQQX OH ELHQ IRQGp GHV OpJLVODWLRQV GRQW FHOOHV FRQFHUQDQW OD
SURWHFWLRQGHODMHXQHVVH&HSHQGDQWM¶DLUDSSHOpTXHOHGURLWGDQVWRXVOHVVHFWHXUV\FRPSULVFHOXLGHODYLH
SULYpHHVWRPQLSUpVHQWHWQHJDUDQWLWSDVOHPLHX[rWUHGHVHQIDQWV-¶DLpJDOHPHQWGpPRQWUpTXHO¶pWKLTXH
GRLWrWUHSUpVHQWHDXF°XUGHQRWUHSUDWLTXHGDQVOHGRPDLQHGXGURLWGHO
HQIDQFHHWTX
HOOHHVWDXVHUYLFHGH
OD OLEHUWp (QILQ M¶DL VXJJpUp TXH OD UpIOH[LRQ pWKLTXH QH FRQVWLWX H SDV XQH GLPHQVLRQ pWUDQJqUH PDLV
FRPSOpPHQWDLUHjODGLVFLSOLQHGXGURLW
5e)e5(1&(6
%RXODLV-)/RLVXUODSURWHFWLRQGHODMHXQHVVHWH[WHDQQRWp6RFLpWpTXpEpFRLVHG
LQIRUPDWLRQMXULGLTXH
4XpEHF
&DUERQQLHU- )OH[LEOHGURLW/*'3DULV
&RPWH6SRQYLOOH$3HWLWWUDLWpGHVJUDQGHVYHUWXV3UHVVHV8QLYHUVLWDLUHVGH)UDQFH
'XUDQG%UDXOW*/DSURWHFWLRQGHODMHXQHVVHDX4XpEHF&ROOHFWLRQ%RUpDO([SUHVV4XpEHF
)XFKV( &RPPHQWIDLUHSRXUELHQIDLUH"/DERU)LGHV *HQqYH
*DLOODUG3/¶LQWHOOLJHQFHGXGURLW/HVeGLWLRQVG¶2UJDQLVDWLRQV3DULV
+DUW +/$(VVD\VLQ-XULVSUXGHQFHDQG3KLORVRSK\2[IRUG&ODUHQGRQ3UHVV
+\PDQ '$+RZ/DZ.LOOHG(WKLFV3HUVSHFWLYHVLQ%LRORJ\DQG0HGLFLQH -R\DO5 /
pYROXWLRQGHODSURWHFWLRQGHO
HQIDQFHDX4XpEHF3UHVVHVGHO
8QLYHUVLWpGX4XpEHF0RQWUpDO
4XpUp) /¶pWKLTXHHWODYLHeGLWLRQV2GLOH-DFRE3DULV
5LFRHXU3/HMXVWHeGLWLRQV(VSULW3DULV
9HUJHO\%/DVRXIIUDQFH*DOOLPDUG3DULV
3DJH 0RQVLHXU 0LFKHO 68$5'
9 3V\FKRORJXH
9 7KpUDSHXWHIDPLOLDOjO¶$7)&GH&DHQ
5pSUHVVLRQHWWUDLWHPHQWGHVDXWHXUVG¶DEXVLQWUDIDPLOLDX[
3DJH ,1752'8&7,21 /RUVTXHM¶DLpWpVROOLFLWpSDUO¶pTXLSHG¶$56,12(SRXULQWHUYHQLUGDQVFHFROORTXHM¶DLpWpWRXWGHVXLWH
LQWpUHVVpSDUFHTX¶DWWLUpSDUFHWWHLGpHGHSRUWHUXQ© DXWUHUHJDUG ªVXUO¶LQFHVWH0DLVjODUpIOH[LRQFHWWH
LGpHSHXWVHUpYpOHUGDQJHUHXVHVLHOOHFRQVLVWHjGpPROLURXjFULW LTXHUFHTXHGLVHQWSHQVHQWRXIRQWOHV
© DXWUHV ª SURIHVVLRQQHOV ,O \ D WRXW MXVWH YLQJW DQV TXH QRXV DFFHSWRQV OD UpDOLWp GH O¶LQFHVWH TXH OHV
SURIHVVLRQQHOV RQW FRPPHQFp j SRUWHU XQ DXWUH UHJDUG TXH FHOXL GX IDQWDVPH LQVWDOOp SDU OD WKpRULH
IUHXGLHQQH 0DLV OD FRQQDLVVDQFH GHV PpFDQLVPHVLQFHVWXHX[HVWHQFRUHWURSLPSDUIDLWHHWLPSUpFLVHSRXU
TX¶RQ SXLVVH V¶DVVHRLU VXU GHV WKpRULHV VUHV 1RXV VRPPHV HQ IDFH G¶XQH FRQQDLVVDQFH VDQV FHVVH HQ
GHYHQLUHQPRXYHPHQW&¶HVWGRQFDXMRXUG¶KXLHQUHIXVDQWWRX WHLGpHGHFHUWLWXGHTX¶RQSRXUUDSRVHUFHW
DXWUHUHJDUGVXUO¶LQFHVWH
3DU H[HPSOH FHOD QH PH FRQYLHQW SDV GX WRXW G¶HQWHQGUH FHUWDLQV SURIHVVLRQQHOV WKpUDSHXWHV DIILUPHU GH
IDoRQSpUHPSWRLUHTX¶XQKRPPHTXLDHXGHVUDSSRUWVLQFHVWXHX[DYHFVDILOOH Q¶DSOXVOHGURLWG¶rWUHSqUHHW
TX¶LO GHYUDLW rWUH V\VWpPDWLTXHPHQW GpFKX GH VHV GURLWV SDUHQWDX[ 3RXUWDQW OHV FDV VRQW VXIILVDPPHQW
QRPEUHX[ R O¶HQIDQW YLFWLPH VDLW IDLUH OD GLIIpUHQFH HQWUH OHV DFWHV FRPPLV LQDFFHSWDEOHV YRLUH
LPSDUGRQQDEOHVHW ODSHUVRQQHDXWHXUGHFHVDFWHVPDLVDXVVLG¶DWWLWXGHVSDUHQWDOHVWRXWjIDLWDGpTXDWHV
SRXUTXHO¶RQpYLWHGHSUHQGUHGHVSRVLWLRQVGpILQLWLYHV
-HVRXKDLWHDXVVLTXHO¶RQSXLVVHSRUWHUXQDXWUHUHJDUGVXUOHVDXWHXUVG¶DFWHVLQFHVWXHX[TXHFHOXLGHQR WUH
PLQLVWUHGHODUHFRQVWUXFWLRQTXLDGpFODUpGDQVXQHLQWHUYLHZDXMRXUQDO/H0RQGH © ,OQRXVIDXWUpIOpFKLU
DX[SHLQHVGHVXEVWLWXWLRQ0DLVLOUHVWHTXHSRXUEHDXFRXSGHGpOLQTXDQWV FULPLQHOVHWGpOLQTXDQWVVH[XHOV
LO Q¶H[LVWH JXqUH G¶DOWHUQDWLYHV j O¶LQFDUFpUDWLRQ ª ,O VHUDLW VRXKDLWDEOH G¶\ UpIOpFKLU DYDQW G¶rWUH DXVVL
FDWpJRULTXH
/¶ © DXWUHUHJDUG ªVXUO¶LQFHVWHF¶HVWDXVVLOHQRPPrPHGHO¶DVVRFLDWLRQ $56,12(&HODP¶LQWpUHVVHELHQ
GH QH SDV OLPLWHU O¶LQFHVWH j OD VHXOH UHODWLRQ SqU HILOOH SXLVTXH FHWWH UHLQH pJ\SWLHQQH $UVLQRp ,,
3KLODGHOSKHGHODG\QDVWLHGHV/DJLGHVDYDLWpSRXVpVRQIUqUH 3WROpPpH,,3KLODGHOSKHVXUOHTXHOVHORQ
PRQ/DURXVVH© HOOHHXWXQHJUDQGHLQIOXHQFH ª-¶DLFUXFRPSUHQGUHWRXWHIRLVTXHO¶DVVRFLDWLRQ $56,12(
QHSU{QDLWSDVSRXUDXWDQWODOpJDOLVDWLRQGHO¶LQFHVWHRXOHPDULDJHHQWUHODYLFWLPHGHODUHODWLRQLQFHVWXHXVH
HW VRQ DXWHXU 0DLV Oj HQFRUH OD WKpRULH °GLSLHQQH QRXV D VXUWRXW VHQVLELOLVpV j FH TXH 3LHUUH
/(*(1'5( QRPPH © XQ FULPH FRQWUH OD JpQpDORJLH ª F¶HVWjGLUH XQH UHODWLRQ VH[XDOLVpH HQWUH GHX[
SHUVRQQHV GH OD PrPH OLJQpH HW QRXV SHQVRQV VXUWRXW j OD UHODWLRQ HQWUH XQ SqUH HW VD ILOOH HQFRUH TXH
O¶KLVWRLUH G¶¯GLSHVRLWHQIDLWXQHKLVWRLUHGHUHODWLRQHQWUHXQILOVPDMHXUHWVDP qUHFHTXHQRWUHFRGH
SpQDOQ¶DG¶DLOOHXUVSDVSUpYXGHFRQGDPQHU
,OHVWVDQVGRXWHLPSRUWDQWGHUDSSHOHUTXHO¶LQFHVWHQ¶H[LVWHSDVGDQVQRWUHFRGHSpQDOIUDQoDLV&HTXLHVW
SpQDOLVp F¶HVW WRXWH IRUPH G¶DWWHLQWH RX G¶DJUHVVLRQ VH[XHOOH YLVDQW GHV PLQHXUV RX GHV SHUVRQQHV GLWHV
YXOQpUDEOHV DYHF GHV IDFWHXUV DJJUDYDQWV ORUVTXH O¶DXWHXU G¶DEXV HVW GpWHQWHXU G¶DXWRULWp VXU OD YLFWLPH
SDUHQWpGXFDWHXUSUrWUH«
3OXW{WTXHGHSDUOHUG¶LQFHVWHMHSUpIqUHG¶DLOOHXUVSDUOHUG¶DEXVVH[XHOVLQWUDIDPLOLD X[-HWUDYDLOOHHQHIIHW
HQSULVRQDYHFGHVSHUVRQQHVFRQGDPQpHVSRXUDYRLUFRPPLVGHVDJUHVVLRQVVH[XHOOHVRXGHVYLROVVXUGHV
PHPEUHVGHOHXUIDPLOOH/HVYLFWLPHVSHXYHQWrWUHGHVILOVGHVILOOHVGHVEHDX[ ILOVRXGHVEHOOHVILOOHVGHV
SHWLWVHQIDQWVGHVQHYHX[RXQLqFHVGHVFRXVLQVRXFRXVLQHVGHVIUqUHVHWGHVV°XUV
/¶ © DXWUH UHJDUG ª TXH SURSRVH $56,12( YLVH QRWDPPHQW j SUHQGUH HQ FRPSWH OD YLFWLPH OH SDUHQW
LQFHVWXHX[HWVRQFRQMRLQW&¶HVWELHQFHUHJDUGJOREDOTXHM¶HVVDLHGHSRUWHUHQ WDQWTXHWKpUDSHXWHIDPLOLDO
V\VWpPLTXH'DQVXQOLYUHLQWLWXOp/DGRXOHXULQYLVLEOHGHO¶HQIDQW-RUJH%$58'< pYRTXHWUqVMXVWHPHQWj
F{WpGHO¶DXWHXUHWGHODYLFWLPHGHYLROHQFHOHU{OHMRXpSDUOHVWLHUVWLHUVDFWLIVSOXVRXPRLQVLQVWLJDWHXUV
GHOD UHODWLRQDEXVLYHPDLVDXVVLWLHUVSDVVLIVF¶HVW jGLUHWRXVFHX[TXLVRQWWpPRLQVPDLVTXLQHERXJHQW
3DJH SDVSRXUDUUrWHUFHW\SHGHUHODWLRQ(WO¶HQVHPEOHGHODIDPLOOHHWSDVVHXOHPHQWOHFRQMRLQWHVWDFWHXUGX
MHXUHODWLRQQHOjO¶LQWpULHXUGXTXHOV¶LQVWDOOHODUHODWLRQLQFHVWXHXVH
-HQHVRXKDLWHSDVG¶DLOOHXUVOLPLWHUPDUpIOH[LRQjODVHXOHYLROHQFHVH[XHOOHPDLVELHQO¶pODUJLUjWRXWHVOHV
IRUPHVGHPDOWUDLWDQFHLQWUDIDPLOLDOH$XWUHPHQWGLWMHUHJURXSHUDLYRORQWLHUVSRXUO¶DQDO\VHGHVVLWXDWLRQ V
GH YLROHQFH SK\VLTXH RX SV\FKRORJLTXH HW GHV VLWXDWLRQV G¶LQFHVWH SOXW{W TXH GHV VLWXDWLRQV GH YLROV
LQFHVWXHX[DYHFGHVYLROVSpGRSKLOHV
-HP¶LQWpUHVVHDX[IRQFWLRQQHPHQWVIDPLOLDX[JpQpUDWHXUVGHYLROHQFHVTXHOOHVTXHVRLHQWOHVIRUPHVGHOD
YLROHQFH SK\VLTXH SV\FKRORJLTXH RX VH[XHOOH 0DLV M¶pYLWHUDL QpDQPRLQV GH SDUOHU GH ©IDPLOOH PDO
WUDLWDQWH ªFRPPHOHSURSRVHOHWLWUHG¶XQRXYUDJHGH 6WHIDQR&,5,//22XWUHOHIDLWTXHFHTXDOLILFDWLI
SRUWHXQMXJHPHQWGHYDOHXULOLPSRUWHGHFRQVWDWHUHW FHODIDLWSDUWLHGXWUDYDLOWKpUDSHXWLTXHTXHODIDPLOOH
PDO WUDLWDQWH HVW HQ PrPHWHPSVPDOWUDLWpHGHPrPHTX¶LOHVWQpFHVVDLUHGHUHFKHUFKHUGDQVO¶KLVWRLUHGH
O¶DXWHXU G¶DJUHVVLRQV VH[XHOOHV TXHOOHV VRQW OHV VLWXDWLRQV R LO D pWp YLFWLPH QRQ SDV Qp FHVVDLUHPHQW
G¶DJUHVVLRQV VH[XHOOHV PDLV GH YLROHQFH HQ JpQpUDO QRQ SDV SRXU H[FXVHU VHV SDVVDJHV j O¶DFWH PDLV
VLPSOHPHQWSRXUFRPSUHQGUHFHTXLV¶HVWUHMRXp
3OXW{WTXHGHIDPLOOHVPDOWUDLWDQWHVRXLQFHVWXHXVHVMHSUpIpUHUDLSDUOHUGHIDPLOOHVj WUDQVDFWLRQVYLROHQWHV
&HVIDPLOOHVVRQWOHSOXVVRXYHQWGHVIDPLOOHV© HQFKHYrWUpHV ªVHORQO¶H[SUHVVLRQGH0,18&+,1)DPLOOHV
IHUPpHVVXUO¶H[WpULHXUPDLVTXLQHSUpVHQWHQWSDVGHIURQWLqUHVFODLUHVjO¶LQWpULHXU)DPLOOHVRX© SHUVRQQH
Q¶HVW j VD SODFH ª )DPLOOHVDXVVLTXLQHVDYHQWSDVFRPPXQLTXHUVXUOHXUVpPRWLRQVHWROHVSDVVDJHVj
O¶DFWHSK\VLTXHVRXVH[XHOVVRQWjFRPSUHQGUHFRPPHGHVPRGHVGHFRPPXQLFDWLRQQRQYHUEDOH
5$&$0,(5 SDUOH GH IDPLOOHV © LQFHVWXHOOHV ª ORUVTXH FH W\SH GH IRQFWLRQQHPHQW QH YD SDV MXVTX¶DX
SDVVDJH j O¶DFWH LQFHVWXHX[ ,O IDXW HQ HIIHW SUpFLVHU TXH OD SOXSDUW GHV IDPLOOHV DYHF SDVVDJHV j O¶DFWH
LQFHVWXHX[ VRQW GHV IDPLOOHV © LQFHVWXHOOHV ª F¶HVWjGLUH TX¶HOOHV SUpVHQWHQW XQ IRQFWLRQQHPHQW
© HQFKHYrWUp ªPDLVTXHWRXWHVOHVIDPLOOHVLQFHVWXHOOHVQHGpYHORSSHQWSDVQpFHVVDLUHPHQWGHVSDVVDJHVj
O¶DFWH
3DUDLOOHXUVO¶DSSHOODWLRQ© LQFHVWXHOOH ªSUpVHQWHO¶LQFRQYpQLHQWGHIRFDOLVHUOHUHJDUGVXUO¶DVSHFWVH[XHOGHV
UHODWLRQVLQWUDIDPLOLDOHVDORUVTX¶LOPHVHPEOHTXH FHW\SHGHIRQFWLRQQHPHQWSHXWJpQpUHUDXVVLELHQGHOD
YLROHQFHSK\VLTXHTXHGHODYLROHQFHVH[XHOOH
-¶LQVLVWHGDQVFHWWHLQWURGXFWLRQVXUO¶LPSRUWDQFHGHVPRWVTXHQRXVXWLOLVRQVFDULOVVRQWWRXMRXUVSRUWHXUVGH
VHQVSRUWHXUVGHUHSUpVHQWDWLRQVTX¶LOLPSRUWHGHSUpFLVHU&¶HVWDLQVLTX¶HQpFULYDQWVXUPRQRUGLQDWHXUXQ
FRXUULHUFRQFHUQDQWXQGpWHQXMHWDSDLVODSKUDVHVXLYDQWH © MHUHQFRQWUHOHSqUHDYHFVHVHQIDQWVGRQWOHV
JDUoRQV YLFWLPHV ª /H FRUUHFWHXU G¶RUWKRJUDSKH P¶D DORUV VLJQDOp TXH © FH JURXSH QRPLQDO HVW IpPLQLQ
SOXULHO ªHWLOP¶DSURSRVpGHUHPSODFHU© JDUoRQVYLFWLPHV ªSDU© ILOOHVYLFWLPHV ª/HIDLWTXH© YLFWLPH ª
VRLWXQVXEVWDQWLIIpPLQLQHWTXH© DJUHVVHXU ªQ¶DLWSDVDFTXLVGHIpPLQLQORUVGHODIpPLQLVDWLRQUpFHQWHGH
QRWUH YRFDEXODLUH PRQWUH ELHQ TXH OD UHSUpVHQWDWLRQ KDELWXHOOH GHV DEXV YHXW TXH O¶DXWHXU G¶DEXV VRLW XQ
KRPPHHWODYLFWLPHXQHIHPPH«
&¶HVW SRXUTXRL TXDQG MH SDUOH GH PRQ WUDYDLO M¶HVVDLH G¶pYLWHU GH SDUOHU G¶ © DEXVHXUV ª RX GH © SqUHV
LQFHVWXHX[ ªSXLVTXHMHQHYRLVSDVTXHGHVSqUHVG¶XQHSDUWHWTXHG¶DXWUHSDUWLOVQHVRQWSDVTX¶DEXVHXUV
-HWUDYDLOOHGRQFHQSULVRQHQ1RUPDQGLHj &$(1 HWj$5*(17$1DYHFGHVSHUVRQQHVFRQGDPQpHVSRXU
GHVFULPHVVH[XHOVRXGHVGpOLWVLQWUDIDPLOLDX[-HOHVYRL VHQJURXSHRXHWDYHFOHXUIDPLOOH-HVXLVVDODULp
G¶XQHDVVRFLDWLRQ O¶DVVRFLDWLRQGHWKpUDSLHIDPLOLDOHV\VWpPLTXHj &$(1TXLDSDVVpXQHFRQYHQWLRQDYHF
OH&+6GH&$(1HWOH&+6G¶$/(1&21SRXUTXHMHWUDYDLOOHG¶XQHSDUWDYHFOH 6035GH&$(1
GHSXLVG¶DXWUHSDUWDYHFO¶8&6$G¶$5*(17$1GHSXLV-¶LQWHUYLHQVDXVVLjO¶H[WpULHXUGHV
PXUVGHODSULVRQORUVTXHMHUHQFRQWUHGHVGpWHQXVVHXOVHQFRXSOHRXHQIDPLOOHDXFRXUVGHSHUPLVVLRQVGH
VRUWLHTXDQGLOVVRQWHQOLEpUDWLRQFRQGLWL RQQHOOHRXHQFKDQWLHUH[WpULHXU
3DJH 35(0,(5(3$57,(
/DUpIOH[LRQTXHMHVRXKDLWHPHQHUDYHFYRXVV¶DUWLFXOHUDDXWRXUG¶XQHTXHVWLRQ 3RXUTXRL\DWLOVLSHXGH
UpFLGLYHVG¶LQFHVWH "
-¶HPSORLH OH WHUPH © UpFLGLYH ª GDQV VRQ VHQV MXGLFLDLUH MH SDUOH GRQF GHV SHUVRQQHV TXL RQW FRPPLV XQ
FULPHLQFHVWXHX[TXLRQWpWpFRQGDPQpHVjXQHSHLQHGHUpFOXVLRQFULPLQHOOHTXLVRQWVRUWLHVGHSULVRQTXL
RQWFRPPLVXQQRXYHDXFULPHGHPrPHQDWXUHHWTXLRQWpWpjQRXYHDXFRQGDPQpHV(WM¶HPSORLHOHWHUPH
© LQFHVWH ªDXVHQVpYRTXpWRXWjO¶KHXUHG¶DEXVVH[XHOLQWUDIDPLOLDODXVHQVODUJH
&HWWH TXHVWLRQ SHXW SDUDvWUH FXULHXVH SXLVTXH VHORQ OHV PpGLDV LO VHPEOH ELHQ TXH WRXV OHV DXWHXUV
G¶DJUHVVLRQV VH[XHOOHV VRQW SUpVHQWpV FRPPH GHV UpFLGLYLVWHV 2U XQH UHFKHUFKH UpFHQWH GH
O¶DGPLQLVWUDWLRQSpQLWHQWLDLUHSRUWDQWVXUOHSDUFRXUVSpQDOGHWRXVOHVFRQGDPQpVSRXUYLRORXDWWHQWDWjOD
SXGHXUHQWUHHWUpYqOHTXHOHWDX[GHUpFLGLYHGHYLROYDULHHQWUHHWVHORQO¶DQQpHpWXGLpH
&HTXLVLJQLILHTXHSOXVGHGHVFRQGDPQpVQHUpFLGLYHSDV&HWWHpWXGHQHGLVWLQJXHSDVHQWUHOHVYLROV
VXU GHV SHUVRQQHV DGXOWHV OHV YLROV LQFHVWXHX[ HW OHV YLROV SpGRSKLOHV 2U RQ VDLW TXH OHV SHUVRQQHV
FRQGDPQpHV SRXU DFWHV SpGRSKLOHV UpFLGLYHQW SOXV TXH OHV SH UVRQQHV TXL V¶HQ SUHQQHQW DX[ HQIDQWV GH OD
IDPLOOH/HWDX[GHUpFLGLYHGHVVLWXDWLRQVG¶LQFHVWHHVWGRQFWUqVFHUWDLQHPHQWLQIpULHXUjFHFKLIIUH(QFH
TXLFRQFHUQHOHVDJUHVVLRQVVH[XHOOHVOHVDQFLHQV© DWWHQWDWVjODSXGHXU ªOHWDX[HVWGHj 2URQDWHOOHPHQWO¶KDELWXGHGHFRQVLGpUHUTXHFHVKRPPHVTXLRQWFRPPLVGHVFULPHVDXVVLRGLHX[VRQWGHV
PDODGHV LQFDSDEOHV GH FRQWU{OHU OHXUV SXOVLRQV TX¶RQ D GX PDO j FURLUH j DGPHWWUH TX¶LOV QH
UHFRPPHQFHURQWSDVDSUqVOHXUVRUWLHGHSULVRQ
1RVSDUOHPHQWDLUHVQHYLHQQHQWLOVSDVHQGHYRWHUXQHORLTXLREOLJHjGHVVRLQVSHQGDQWSOXVLHXUV
DQQpHVDSUqVODVRUWLHGHSULVRQGHFHVFRQGDPQpV&HVXLYLVRFLRMXGLFLDLUHDVVRUWLG¶XQHREOLJDWLRQGHVRLQV
SDUOHELHQGHODSHXUGHODUpFLGLYHSRXUWRXVOHVFRQGDPQpVVXLWHjGHVDJUHVVLRQVVH[XHOOHVVXUPLQHXUV
/HVSOXVJUDQGVVSpFLDOLVWHVGXWUDLWHPHQWGHVDJUHVVLRQVVH[XHOOHVUpXQLVUpFHPPHQWGDQVXQHFRQIpUHQFHGH
FRQVHQVXVVXUFHVXMHWPHWWHQWG¶DLOOHXUVHQGRXWHFHWWHUHFKHUFKHHQFRQ VLGpUDQWTXHOHVWDX[VRQWIRUWHPHQW
ELDLVpVSDUO¶DEVHQFHGHSULVHHQFRPSWHGHVSpULRGHVG¶LQFDUFpUDWLRQTXLVXLYHQWQpFHVVDLUHPHQWODSUHPLqUH
FRQGDPQDWLRQ0DLVSRXUTXRLQHSDVDGPHWWUHTXHO¶LQFDUFpUDWLRQSHXWrWUHXQIDFWHXUGHQRQUpFLGLYH "
/H3URIHVVHXU&287$1&($8 SDUODLWUpFHPPHQWjODWpOpYLVLRQG¶XQWDX[GHUpFLGLYHGHSRXUOHVFDV
G¶LQFHVWHHWG¶XQFKLIIUHVXSpULHXUSRXUOHVFDVGHSpGRSKLOLH
(QFHTXLPHFRQFHUQHM¶DLUHQFRQWUpGHSXLVHQYLURQGpWHQXVFRQGDPQpVSRXUYLROVRXD JUHVVLRQV
VH[XHOOHVLQWUDIDPLOLDX[6HXOHPHQWGHX[SHUVRQQHVHQpWDLHQWjOHXUVHFRQGHFRQGDPQDWLRQSRXUOHPrPH
JHQUH GH GpOLW ,O V¶DJLVVDLW GH SHUVRQQHV FRQGDPQpHV SRXU DJUHVVLRQ VH[XHOOH $XFXQ GH PHV SDWLHQWV
FRQGDPQpSRXUYLROQ¶HVWXQUpFLGLYLVWH
8QHUHFKHUFKHIDLWHSDUXQSV\FKLDWUHGX 6035GH&$(1 VXUOHVWURXEOHVSV\FKLDWULTXHVGHODSRSXODWLRQ
GX&HQWUH3pQLWHQWLDLUHGH&$(1HQQRXVDSSUHQGTXHVXUOHVGpWHQXVpWXGLpVOHVRQWjOD
VXLWHGHFRQGDPQDWLRQVSRXU© DIIDLUHVGHP°XUV ªSRXUYLROVGHPLQHXUVGHPRLQVGHDQVGRQW
jO¶LQWpULHXUGHODIDPLOOHGHFHVGRQFFULPHVLQFHVWXHX[SpGRSKLOHVVRQWFRQGDPQpVSRXUOD
GHX[LqPHIRLVSRXUXQFULPHVLPLODLUH
'RQF GH WRXWH IDoRQ QRXV VRPPHV GDQV XQH IRXUFKHWWH TXL YDULH HQWUH R HW GH UpFLGLYH GH YLROV
LQFHVWXHX[&¶HVWELHQVUEHDXFRXSWURSPDLVF¶HVWVDQVFRPPXQHPHVXUHDYHFOHVGHWDX[GHUpFLGLYH
GHVDXWUHVIRUPHVGHFULPLQDOLWpEUDTXDJHVPHXUWUHV
3DJH -HPHSHUPHWVGRQFG¶DIILUPHUTXHOHVDXWHX UVG¶DJUHVVLRQVVH[XHOOHVVXUPLQHXUVUpFLGLYHQWWUqVSHXDSUqV
TX¶LOVDLHQWpWpFRQGDPQpV(WORUVTXHFHVDJUHVVLRQVRXFHVYLROVVHSURGXLVHQWjO¶LQWpULHXUGHODIDPLOOHOH
WDX[GHUpFLGLYHHVWHQFRUHSOXVIDLEOH
1RXVDYRQVGRQFjIDLUHjGHVFULPHV HWGHVGpOLWVSDUWLFXOLHUVEHDXFRXSPRLQVUpFLGLYDQWVTXHOHVDXWUHV
IRUPHVGHFULPLQDOLWpHWTXLQpDQPRLQVVRQWFRQGDPQpVDXVVLVpYqUHPHQWVLQRQSOXVHWSRXUOHVTXHOVVRQW
SUpYXVGHVVRLQVTXLYHXOHQWpYLWHUODUpFLGLYHDORUVTX¶LOQ¶\DTXHWUqVSHX GHUpFLGLYH
-¶RXYUH XQH SDUHQWKqVH SDUFH TXH MH VDLV TXH GDQV OD VDOOH VH WURXYHQW GHV WUDYDLOOHXUV VRFLDX[ TXL VRQW
FRQIURQWpVjGHVVLWXDWLRQVGLIILFLOHVMHYHX[SDUOHUGHV© QRQOLHX ªGpFLGpVSDUOH-XJHG¶,QVWUXFWLRQHWGHV
© FODVVHPHQWVDQVVXLWH ªGXSDUTXHW6LWXDWLRQVGDQVOHVTXHOOHVGHVDEXVUpYpOpVSDUXQHQIDQWQ¶RQWSDVSX
rWUHSRXUVXLYLVSpQDOHPHQWIDXWHG¶pOpPHQWVRXGHSUHXYHV/HVDEXVSHXYHQWDORUVVHUpSpWHU0DLVQRXVQH
VRPPHVSDVGDQVODVLWXDWLRQGHOD© UpFLGLYH ªDXVHQVMXGLFLDLUH
-¶DLELHQGLWTXHODUpFLGLYHpWDLWWUqVIDLEOH DSUqVFRQGDPQDWLRQ&¶HVWGLUHO¶LPSRUWDQFHGHO¶LQWHUYHQWLRQ
MXGLFLDLUH SRXU O¶DXWHXU GH O¶DFWH LQFHVWXHX[ &¶HVW jGLUH TXH F¶HVW O¶LQWHUYHQWLRQ MXGLFLDLUH OD VDQFWLRQ
VRFLDOHTXLSHUPHWG¶pYLWHUODUpFLGLYHHWQRQSDVQpFHVVDLUHPHQWOHVRLQ
0DLVLOIDXWWUqVYLWHQXDQFHUFHWWHDIILUPDWLRQ7RXWG¶DERUGVLODVDQFWLRQDSSDUDvWQpFHVVDLUHMXVWLILpHHW
VRXYHQWEpQpILTXHSRXUO¶DXWHXULOPHVHPEOHTXHFHQHVRLWSDVDXVVLYUDLSRXUODYLFWLPH/D SOXSDUWGHV
YLFWLPHVTXHM¶DLUHQFRQWUpHVGHPDQGDLHQWWURLVFKRVHV TXHOHVIDLWVV¶DUUrWHQWTX¶RQOHVFURLHORUVTX¶HOOHV
HQ SDUOHQW HW TXH O¶DXWHXU UHFRQQDLVVH OD UpDOLWp GHV IDLWV 0DLV HQ UqJOH JpQpUDOH HOOHV QH GHPDQGHQW SDV
O¶LQFDUFpUDWLRQ GH O¶DXWHXU 6RXYHQW PrPH RQ QRWH XQ VHQWLPHQW GH FXOSDELOLWp G¶DYRLU SDUOp SUpFLVpPHQW
SDUFHTX¶HOOHVQHYRXODLHQWSDVTXHOHXUDJUHVVHXUVRLWPLVHQSULVRQ'DQVTXHOTXHVFDVVHXOHPHQWOHVDEXV
RQWWHOOHPHQWGpWUXLWODYLFWLPHTXHODFRQGDPQDWLRQYLHQWXWLOHP HQWUHPSODFHUOHGpVLUGHYHQJHDQFHRXGH
PRUWGHO¶DJUHVVHXUUHVVHQWLSDUODYLFWLPH
'¶DXWUHSDUWHQFHTXLFRQFHUQHO¶DXWHXUFHTXLOXLDpWpSURILWDEOHF¶HVWTXHOHVFKRVHVRQWpWpGLWHVTXHGHV
PRWVRQWpWpPLVVXUOHVDFWHVTX¶LODFRPPLV(WMH VXLVIUDSSpSDUOHQRPEUHLPSRUWDQWGHFRQGDPQpVTXL
RQWUHFRQQXOHVIDLWVGqVOHXUDUUHVWDWLRQFRQWUDLUHPHQWjFH TXLVHYpKLFXOHFRXUDPPHQW(WSOXVHQFRUH
SUHVTXH WRXV OHV GpWHQXV TXH M¶DL UHQFRQWUpV P¶RQW GLW OHXU VHQWLPHQW GH VRXODJHPHQW ORUVTX¶LOV RQW pWp
LQWHUSHOOpVSDUODSROLFHRXODJHQGDUPHULH3OXVLHXUVP¶RQWGLWWH[WXHOOHPHQWTX¶LOVVHVHQWDLHQW© OLEpUpV ª
HQ SULVRQ &¶HVW GLUH TX¶DX PRPHQW GH OD FRPPLVVLRQ GHV DFWHV DEXVLIV LOV VDYDLHQW SOXV RX PRLQV
FRQIXVpPHQW TX¶LOV WUDQVJUHVVDLHQW XQ LQWHUGLW (W F¶HVW OD SDUROH TXL OHV OLEqUH DX PRLQV DXWDQW TXH OD
VDQFWLRQ HOOHPrPH TXH WRXV PHV SDWLHQWV HVWLPHQW QpFHVVDLUH PrPHVLWRXVMXJHQWODFRQGDPQDWLRQWURS
ORQJXH
,OHVWYUDLTXHOD)UDQFH HVWHQ(XURSH OHSD\VOHSOXVUpSUHVVLIjO¶pJDUGGHVDXWHXUVGHGpOLWVHWGHFULPHV
VH[XHOV&¶HVWFKH]QRXVTXHOHVFRQGDPQDWLRQVVRQWOHVSOXVQRPEUHXVHVHWOHVSOXVORXUGHV(Q )UDQFH GHVFRQGDPQpVSRXUYLROVVRQWFRQGDPQpVjXQHSHLQHG¶HPSULVRQQHPHQWIHUPHFRPPHHQ $QJOHWHUUH RX
HQ6XqGHPDLVVHXOHPHQWHQ $OOHPDJQH RXHQ 6XLVVH RO¶RQDDGRSWpXQHDWWLWXGHGLIIpUHQWH
DYHFGHVVRLQVEHDXFRXSSOXVGpYHORSSpV3DUDLOOHXUVQRXVGpWHQRQVOHUHFRUGGHODORQJXHXUGHVSHLQHV'HV
SHLQHV GH DQV HW SOXV VRQW SURQRQFpHV GDQV GHV FR QGDPQDWLRQV SDU QRV WULEXQDX[ &H SRXUFHQWDJH
Q¶HVWTXHGHHQ$OOHPDJQHHWHQ6XLVVH
1RXV DYRQV GRQF XQ pOpPHQW GH UpSRQVH LPSRUWDQW j QRWUH TXHVWLRQLQLWLDOH OHIDLEOHWDX[GHUpFLGLYHGH
YLROVVXUPLQHXUVGHPRLQVGHDQVSHXWV¶H[SOLTXHU SDUOHIDLWTXHO¶DUUHVWDWLRQO¶HQTXrWHO¶LQVWUXFWLRQOH
MXJHPHQWRQWSHUPLVGHPHWWUHGHVPRWVVXUFHVDFWHVLQWHUGLWVDFWHVTXHO¶DXWHXUVDYDLWLQWHUGLWVPDLVGRQWLO
QHSRXYDLWSDUOHUOXLPrPH
0DLVDORUVGHX[TXHVWLRQVVHSRVHQW VLOHULVTXHGHUpFLGLYHHVWREMHFWLYHPHQWVLPLQFH $56,12($FWHVGXFROORTXHGHVHWRFWREUH
3DJH SRXUTXRLGHVSHLQHVDXVVLORQJXHV "(W jTXRLVHUYHQWOHVVRLQV "
3RXUTXRLGHVSHLQHVDXVVLORQJXHV "/HFRGHSpQDOSUpYRLWHQHIIHWHQFDVGHYLROGHVSHLQHVGHUpFOXVLRQ
FULPLQHOOHG¶XQHGXUpHPD[LPDOHGHDQVHWGHDQVHQFDVGHIDFWHXUVDJJUDYDQWVYLROVXUPLQHXUGH
DQVYLROVXUSHUVRQQHYXOQpUDEOHYLROSDUSHUVRQQHD\DQWDXWRULWp«6LO¶DGPLQLVWUDWLRQSpQLWHQWLDLUHVDLW
TX¶LO\DWUqVSHXGHUpFLGLYHO¶RSLQLRQSXEOLTXHQHOHVDLWSDVHWVHVU HSUpVHQWDQWVTXHVRQWQRVOpJLVODWHXUV
QHYHXOHQWVDQVGRXWHSDVOHVDYRLU(WSXLVV¶LOVVRQWSHXQRPEUHX[LO\HQDTXLUpFLGLYHQWHWFHX[ OjIRQW
VRXYHQWODXQHGHVMRXUQDX[pFULWVHWSDUOpVHWOHSULQFLSHGHSUpFDXWLRQTXLILJXUHHQERQQHSODFHS DUPLOHV
SULQFLSHVIRQGDPHQWDX[GHODJRXYHUQDQFHPRGHUQHFRQGXLWjSXQLUGHODPrPHPDQLqUHWRXWOHWURXSHDX
PrPHV¶LOQ¶\HQDTXHTXHOTXHVXQVGHWUqVDWWHLQWV,OHVWYUDLSDUDLOOHXUVTXHQRXVQHVDYRQVSDVHQFRUH
ELHQ GLVWLQJXHU VXU XQ SODQ GLDJQRVWLTXH SDUPL OHV DXWHXUV G¶DEXV VH[XHOV FHX[ TXL VRQW IUDQFKHPHQW
SHUYHUVHWFHX[TXLQHOHVRQWSDV
¬TXRLVHUYHQWGRQFOHVVRLQV "(WSRXUTXRLHVWFHTXHMHFURLVHQOHXUXWLOLWp "/DPLVHHQPRWVFRPPHQFpH
GDQV OH FDGUH MXGLFLDLUH GRLW rWUH SRXUVXLYLH GDQV OH FDGUH WKpUDSHXWLTXH F¶HVWjGLUH GDQV XQ FDGUH QRQ
MXJHDQWSRXUDLGHUjFRPSUHQGUHTXHFHVDFWHVDEXVLIVFHVYLROHQFHVDJLHVVRQWXQPRGHGHFRPPXQLFDWLRQ
QRQYHUEDOHTXLSDUOHG¶DXWUHVYLROHQFHVSDVQpFHVVDLUHPHQWVH[XHOOHVTXLRQWpWp VXELHVSDUO¶DXWHXURXGDQV
VDIDPLOOH
/¶REMHFWLIGXWUDYDLOWKpUDSHXWLTXHF¶HVWTX¶LOGHYLHQQHSRVVLEOHGHSDUOHUGHODYLROHQFHPDLVDXVVLGHWRXW
FHTXLHVWGHO¶RUGUHpPRWLRQQHOVLSRVVLEOHDYHFODIDPLOOHGHIDoRQjFHTXHFHVRLHQWOHVUqJOHV PrPHVGX
IRQFWLRQQHPHQW IDPLOLDO TXL VH WURXYHQW PRGLILpHV /¶REMHFWLI HVW GRQF GH SUpYHQLU OHV ULVTXHV GH
UHSURGXFWLRQGHODYLROHQFHTXHOOHTXHVRLWVDIRUPHjODJpQpUDWLRQVXLYDQWH
'¶RO¶LQWpUrWGHWUDYDLOOHUDYHFODIDPLOOHGXGpWHQXWRXWHVOHV IRLVTXHF¶HVWSRVVLEOH
/RUVTXHOHVHQIDQWVYLFWLPHVRXQRQYLFWLPHVGHODSHUVRQQHFRQGDPQpHYLHQQHQWDXSDUORLUGHODSULVRQRQ
SDUOHGHWRXWHWGHULHQPDLVVXUWRXWSDVGHVUDLVRQVSRXUOHVTXHOOHVOHSqUHHVWLQFDUFpUp7RXWOHPRQGHHVW
ELHQHQWHQGXDXFRXUDQWPDLVWRXWOHPRQGHIDLWFRPPHV¶LOQHV¶pWDLWELHQSDVVp/DUqJOHGXVHFUHWHVWDLQVL
SUpVHUYpH&¶HVWFHWWHUqJOHTX¶LOLPSRUWHGHPRGLILHU/HVHQWUHWLHQVIDPLOLDX[RQWDORUVSRXUEXWG¶DLGHUOH
GpWHQX j SDUOHU GHV DEXV TX¶LO D FRPPLV G¶DLGHU DXVVL OHV HQIDQWV j SRVHU GHV TXHVWLRQV HQ SDUWLFXOLHU
ORUVTX¶LOVFUDLJQHQWODUpFLGLYH/DPLVHHQPRWVGHFHVTXHVWLRQVHWGHFHVUpSRQVHVFRQVWLWXHXQFKDQJHPHQW
LPSRUWDQW GDQV OHV KDELWXGHV GH OD IDPLOOH (OOH SHUPHW O¶DSSUHQWLVVDJH G¶XQ QRXY HDX PRGH GH
IRQFWLRQQHPHQW IDPLOLDO TXL FRQVWLWXH XQH JDUDQWLH VXSSOpPHQWDLUH GH OD QRQ UpFLGLYH SRXU O¶DXWHXU 0DLV
F¶HVW VXUWRXW XQH JDUDQWLH GH OD QRQ UHSURGXFWLRQ GH WHOV DEXV FKH] OHV HQIDQWV ORUVTX¶LOV GHYLHQQHQW
DGROHVFHQWVRXDGXOWHV
/¶HQWUHWLHQ HQWUH XQ SqUH LQFDUFpUp HW VHV HQIDQWV SHUPHW DXVVL TXH FHW KRPPH V¶DXWRULVH j UHSUHQGUH XQH
SODFHGHSqUH1RPEUHG¶KRPPHVFRQGDPQpVSRXUGHVDEXVVXUGHVHQIDQWVSHQVHQWTX¶LOVQ¶RQWSOXVOHGURLW
G¶H[HUFHUODPRLQGUHDXWRULWpVXUOHXUVHQIDQWV&¶HVWOH FDVGH0D[TXLDDEXVpGHVHVGHX[JDUoRQVDvQpV
,OVQ¶RQWSDVSDUOpGHVDEXVVXELVPDLVLOVRQWDJLFHTX¶LOVDYDLHQWVXELVXUOHXUMHXQHV°XUTXLDGpQRQFpOHV
IDLWV&¶HVWFHTXLDDPHQpODFRQGDPQDWLRQGXSqUHjDQVGHSULVRQHWOHSODFHPHQWG HVGHX[JDUoRQVHQ
IR\HU 8QH PHVXUH G¶$(02 D pWp GpFLGpH SRXU O¶HQVHPEOH GH OD IDPLOOH HW O¶pGXFDWULFH D UpXVVL j
FRQYDLQFUHODPqUHGHODQpFHVVLWpSRXUOHVHQIDQWVGHUHQGUHYLVLWHjOHXUSqUH1RXVDYRQVSXDLQVLSHQGDQW
DQV RUJDQLVHU j FKDTXH SpULRGH GH YDFDQFHV XQH GL]DLQH G¶HQWUHWLHQV HQWUH OH SqUH HW VHV HQIDQWV DYHF
O¶pGXFDWULFH&HSqUHDSXSDUOHUGHVUDLVRQVGHVRQLQFDUFpUDWLRQPDLVLOQ¶RVDLWSDVLQWHUYHQLUSRXUPHWWUHGH
O¶RUGUH ORUVTXH OHV HQIDQWV VH GLVSXWDLHQW -H VDLV G¶DLOOHXUV TX¶DYDQW O¶LQFDUFpUDWLRQ LO Q¶DYDLW SDV SOXV
G¶DXWRULWp&¶pWDLWVDIHPPHTXLGpWHQDLWO¶DXWRULWpVXUOXLHWVXUOHVHQIDQWV,OVHVLWXDLWDXPrPHQLYHDXTXH
VHVHQIDQWVYRLUHV¶LQWHUSRVDLWHQWUHODPqUHHWOHVHQIDQWVORUVTX¶LOHVWLPDLWOHVSXQLWLRQV WURSVpYqUHV/RUV
GHV HQWUHWLHQV HQ SULVRQ LO D FRPPHQFp j DSSUHQGUH j LQWHUYHQLU SRXU IDLUH OD SROLFH ,O D VXUWRXW UpXVVL j
H[SOLTXHUDX[DvQpVTX¶LOVQ¶DYDLHQWSDVjUDEDLVVHUOHXUV°XUFRPPHLOVDYDLHQWWHQGDQFHjOHIDLUH(WVHV
FRQVLJQHV RQW pWp HQJUDQGHSDUWLHUHVSHFWpHV&HUWHVWRXWQ¶HVWSDVSDUIDLWHWMHWURXYHTXHFHWKRPPHD
3DJH WRXMRXUVWHQGDQFHjIDLUHXQHGLIIpUHQFHHQWUHOHVJDUoRQVHWOHVILOOHV0DLVLOHVWFODLUTXHTXHOTXHFKRVHD
FKDQJpGDQVOHVUHODWLRQVSqUHHQIDQWVDYHFXQSOXVJUDQGUHVSHFWGHO¶DXWRULWpGHODSDUWGHVHQIDQWV(WFH
© SqUHDEXVHXU ªDUpXVVLjUHSUHQGUHXQHSODFHGHSqUHUHFRQQXHSDUOHVHQIDQWVVDXISHXW rWUHSDUODILOOH
YLFWLPHGHVHVIUqUHVTXLUHVVHQWHQFRUHXQVHQWLPHQWGHKRQWHGHYDQWOHVDFWHVFRPPLVSD UVRQSqUH
&HV DFWHV LQWHUGLWV MXVWLILHQW XQH VDQFWLRQ PDLV VL FHV FULPHV VRQW DXVVL GLIIpUHQWV GHV DXWUHV IRUPHV GH
FULPLQDOLWp QH IDXGUDLWLO SDV UpIOpFKLU j G¶DXWUHV IRUPHV GH VDQFWLRQ TXH FHV WURS ORQJXHV LQFDUFpUDWLRQV
DVVRUWLHVG¶XQHIRUWHLQFLWDWLRQjGHVVRLQVTXHOHIDLEOHWDX[GHUpFLGLYHQHMXVWLILHSDV "
-HUHYLHQVjODTXHVWLRQGHV© FODVVHPHQWVVDQVVXLWH ªYpFXHGRXORXUHXVHPHQWSDUOHVWUDYDLOOHXUVVRFLDX[HW
SOXVHQFRUHSDUOHVYLFWLPHVTXLRQWOHVHQWLPHQWGHQHSDVDYRLUpWpHQWHQGXH V-HFURLVTXHQRXVVRPPHVOj
IDFHjXQHVRUWHG¶HIIHWSHUYHUVGHQRWUHV\VWqPHMXGLFLDLUH
7RXW G¶DERUG LO IDXW UHYHQLU VXU O¶REOLJDWLRQ GH VLJQDOHPHQW 'DQV OHV SD\V R LO H[LVWH O¶REOLJDWLRQ GH
VLJQDOHUXQDEXVSOXVGHODPRLWLpGHVFDVGHPDOWUDLWDQFHG¶HQIDQWGpQRQFpVQ¶RQWSXrWUHFRQILUPpVSDU
O¶HQTXrWH GX 3DUTXHW 3DU DLOOHXUV LO V¶pFRXOH EHDXFRXS GH WHPSV HQWUH OH VLJQDOHPHQW O¶HQTXrWH HW OHV
GpFLVLRQVGHMXVWLFH3RXUODYLFWLPHLOV¶DJLWOjG¶XQHVLWXDWLRQWUqVSUpMXGLFLDEOH/HSODFHPHQWGHO¶HQIDQW
SDUDvWrWUHXQERQ PR\HQG¶DVVXUHUVDVpFXULWp8QHHQTXrWHVFLHQWLILTXHUpFHQWHDWRXWHIRLVGpPRQWUpTXH
GDQV FHUWDLQV FDV O¶DEXV FRQWLQXH ORUV GHV GURLWV GH YLVLWH RX TX¶LO Q¶HVW TXH SURYLVRLUHPHQW LQWHUURPSX
/¶LOOXVLRQG¶XQILOHWVHUHIHUPDQWLQH[RUDEOHPHQWVXUWRXVOHVDEXVHXUVVH[XHOVQHGRLWSDVrWUHHQWUHWHQXH
SDUODFRQYLFWLRQVHORQODTXHOOHO¶REOLJDWLRQGHVLJQDOHUOHVDEXVVHUDLWODUpSRQVHSDUIDLWH
'DQVGHQRPEUHX[SD\VLOH[LVWHXQHREOLJDWLRQGHVLJQDOHUOHVDEXV$X[ (WDWV8QLVOHQRPEUHGHFDV
VLJQDOpDQQXHOOHPHQWFRQWLQXHGHFURvWUHPDLVOHSRXUFHQWDJHGHFDVQRQFRQILUPpVVXLWOHPrPH
PRXYHPHQW
-H YLHQV GH FLWHU Oj XQ FRXUW SDVVDJH G¶XQ UDSSRUW G¶XQH FRPPLVVLRQ QDWLRQDOH EHOJH FRQWUH O¶H[SORLWDWLRQ
VH[XHOOHGHVHQIDQWV &¶HVWFHWWHFRPPLVVLRQPLVHHQSODFHDSUqVO¶DIIDLUH 'XWURX[ HWODIDPHXVH© 0DUFKH
EODQFKH ªTXLSUpFRQLVHO¶LQVWDXUDWLRQG¶XQGURLWGHVLJQDOHPHQWHWQRQXQHREOLJDWLRQGHVLJQDOHPHQWDYHF
GHVSURWRFROHVGHFROODERUDWLRQHQWUHOHVHFWHXUMXGLFLDLUHHW OHVHFWHXUGHO¶DLGHVRFLDOH1RXVQ¶HQVRPPHV
SDV HQ )UDQFH j LPDJLQHU TXH OH VHFWHXU VRFLDO SXLVVH LQWHUYHQLU GLUHFWHPHQW GDQV GHV VLWXDWLRQV G¶DEXV
VH[XHOVSXLVTXHO¶XVDJHYHXWTXHO¶DXWRULWpDGPLQLVWUDWLYHWUDQVPHWWHV\VWpPDWLTXHPHQWDX3DUTXHWWRXVOH V
VLJQDOHPHQWV FRQFHUQDQW GHV DEXV VH[XHOV PrPH VHXOHPHQW VXVSHFWpV 0DLV LO IDXW VDYRLU TXH SOXV QRXV
© VLJQDORQV ªSOXVQRXVSURYRTXRQVGH© FODVVHPHQWVVDQVVXLWH ªRXGH© QRQOLHX ªjSRXUVXLWHSpQDOH
'¶DXWUHSDUWMHVXLVIUDSSpSDUO¶pWUDQJHWpG ¶XQFHUWDLQQRPEUHGHGpFLVLRQVMXGLFLDLUHV/HVFODVVHPHQWVVDQV
VXLWHLQWHUYLHQQHQWHVVHQWLHOOHPHQWORUVTXHO¶DXWHXUSUpVXPpQLHOHVDFFXVDWLRQVSRUWpHVFRQWUHOXL-HFRQVWDWH
SDUDLOOHXUVTXHFHUWDLQHVSHUVRQQHVTXLRQWQLpOHVIDLWVWRXWDXORQJGHO¶ HQTXrWHHWORUVGXMXJHPHQWVRQW
QpDQPRLQVFRQGDPQpHVPDLVOHSOXVVRXYHQWjGHVSHLQHVPLQLPXPDORUVTXHFHX[TXLRQWUHFRQQXOHVIDLWV
YRQWrWUHFRQGDPQpVDXPD[LPXPGHODSHLQHSUpYXSDUOH&RGH,OVHPEOHUDLWGRQFVLFHUDLVRQQHPHQWHVW
MXVWH TX¶XQ DXWHXU G¶DEXV D WRXW LQWpUrW j QLHU OHV IDLWV GRQW RQ O¶DFFXVH VDXI ELHQ VU V¶LO VH VHQW
VXIILVDPPHQWFRXSDEOHSRXUpSURXYHUGXVRXODJHPHQWGDQVO¶DYHXGHVIDLWVHWPrPHGDQVVDFRQGDPQDWLRQ
0DLVQ¶DXULRQVQRXVSDVPRLQVGHGpQLVHWGRQFPRLQVGHFODVV HPHQWVVDQVVXLWHVLOHVDXWHXUVG¶DEXVVH[XHOV
DYDLHQWXQHDVVXUDQFHG¶LQGXOJHQFHGHODMXVWLFHHQFDVG¶DYHXGHVIDLWV "«
3DJH '(8;,(0(3$57,( &DVFOLQLTXHV
3RXU FORUH FHW H[SRVp MH YRXGUDLV pYRTXHU WURLV VLWXDWLRQV GDQV OHVTXHOOHV OD SHXU GH OD UpF LGLYH D pWp XQ
REVWDFOHjXQWUDYDLOIDPLOLDO
-HDQ-DFTXHV HVWFRQGDPQpSRXUDYRLUDEXVpGHVHVWURLVMHXQHVV°XUV6HVSDUHQWVHWVRQIUqUHYLHQQHQWOH
YRLUUpJXOLqUHPHQWDXSDUORLU-¶DLSXOHVUHQFRQWUHUXQHIRLVPDLVLOQ¶DSDVpWpSRVVLEOHGHIDLUH SDUOHUOHV
SDUHQWVVXUOHVDEXVGRQWOHILOVV¶HVWUHQGXFRXSDEOH/DSDJHGRLWrWUHWRXUQpH2QQ¶HQSDUOHSOXV-HDQ -DFTXHVDWUqVELHQFRPSULVTXHF¶HVWSUpFLVpPHQWOHPDQTXHGHFRPPXQLFDWLRQODUqJOHGXVHFUHWTXLD
HQWUH DXWUHV FRQGXLW j VHV GpERUGHPHQWV (W LO V¶LQTXLqWH SRXU OH GHYHQLU DIIHFWLI GH VHV V°XUV GHYHQXHV
PDMHXUHVDYHFTXLLOYRXGUDLWELHQSRXYRLUV¶H[SOLTXHU-¶DLGRQFpFULWDX[WURLVV°XUVSRXUWHQWHUXQSUHPLHU
FRQWDFWDYHFHOOHV 0HVGHPRLVHOOHV
-HVXLVOHSV\FKRORJXHTXLUHQFRQWUHUpJXOLqUHPHQWYRWUHIUqUHDX&'GH&$(1-HO¶DLYXUpFHPPHQWDYHF
YRV SDUHQWV HW YRWUH IUqUH /XFLHQ 9RV SDUHQWV QRXV RQW SDUOp GH YRV LQTXLpWXGHV SRXU OH MRXU R -HDQ
-DFTXHV VRUWLUD GH SULVRQ ,O P¶D VHPEOp QpFHVVDLUH GH YRXV pFULUH SRXU YRXV SUpFLVHU SOXVLHXUV FKRVHV &RQWUDLUHPHQW j FH TXL VH GLW GDQV OD SUHVVH RX j OD WpOp GHV pWXGHV WUqV VpULHXVHV PRQWUHQW TXH OHV
SHUVRQQHVTXLRQWpWpFRQGDPQpHVSRXUGHVFULPHVVH[XHOVUHFRPPHQFHQWWUqVUDUHPHQW/RUVTX¶LOV¶DJLWGH
UHODWLRQVVH[XHOOHVjO¶LQWpULHXUGHODIDPLOOHLQFHVWHOHQRPEUHGHUpFLGLYHVHVWHQFRUHSOXVIDLEOH(WHQILQ
MHSHQVHTXHFHX[TXLUpFLGLYHQWVRQWVHXOHPHQWFHX[TXLQLHQWOHXUVDFWHVHWTXLQHYHXOHQWSDVVHVRLJQHU
-HDQMDFTXHVSUpVHQWHGRQFWUqVSHXGHULVTXHVGHUHFRPPHQFHU'HSOXVGHSXLVTXHMHOHYRLVMHWURXYHTXH
YRWUHIUqUHpYROXHGHPDQLqUHWUqVSRVLWLYH,ODEHDXFRXSPUL,OUHJUHWWHSURIRQGpPHQWOHVDFWHVTX¶LOD
FRPPLV,ODFRPSULVEHDXFRXSGHFKRVHVVXUOHIRQFWLRQQHPHQWGHODIDPLOOH,OVRXIIUHVXUWRXWGHQHSRXYRLU
DYRLU GH QRXYHOOHV GH VHV HQIDQWV HW LO V¶LQTXLqWH VLQFqUHPHQW GH FH TXH SHXYHQW SHQVHU DXMRXUG¶KXL VHV
V°XUV OHV WURLV DvQpHV FRPPH OHV WURLV SOXV MHXQHV ,O VH VHQW FRXSDEOH HW Q¶D DXFXQH LGpH GH YHQJHDQFH
FRQWUHSHUVRQQH,ODDSSULVGHSXLVTX¶LOHVWHQSULVRQO¶LPSRUWDQFHGHSDUOHUGHFHTXLV¶HVWSDVVpGDQVOD
IDPLOOHHWGHSDUOHUGHVHVVHQWLPHQWVVDQVIDLUHGHVHFUHWVFHTXLPHVHPEOHXQHKDELWXGHIDPLOLDOHWUqV
DQFLHQQH-HVRXKDLWHTXHYRXVSDUOLH]HQWUHYRXVWURLVGHFHWWHOHWWUHHWTXHVLYRXVYRXVSRVH]G¶DXWUHV
TXHVWLRQV VXU OH GHYHQLU GH YRWUH IUqUH HW GH YRWUH IDPLOOH YRXV HQ SDUOLH] HQVHPEOH HW TXH YRXV PH OHV
pFULYLH]HQVHPEOH-¶HVVDLHUDLGHYRXVUpSRQGUH
9RLFLODUpSRQVHTXHM¶DLUHoXH 1RXVDYRQVGLVFXWp1RXVQRXVLQTXLpWRQVGHVDVRUWLHFDUQRXVQHYRXORQVSOXVOHYRLU3RXUQRXVQRXV
Q¶DYRQVSOXVGHJUDQGIUqUHHQSDUODQWGH-HDQ-DFTXHV1RXVYRXORQVTX¶LOQRXVILFKHODSDL[HWTX¶LOQRXV
ODLVVHYLYUH,OQHGRLWSDVYHQLUFKH]FKDFXQHG¶HQWUHQRXV9RXVGLWHVTX¶LOQHIDXWSDVpFRXWHUODSUHVVH
PDLVQRXVQHQRXVILRQVSDVjFHFLPDLVjFHTXLDpWpGLWDXSURFqV © LO\DULVTXHGHUpFLGLYH ª9RXVGLWHV
TXH OH ULVTXH GH UpFLGLYH HVW WUqV IDLEOH4XLYRXVGLWTX¶LOIDLWSDUWLHGHVWUqVIDLEOH9RXVQHSRXYH]SDV
DVVXUHUTX¶LOQHUHFRPPHQFHUDSDV9RXVGLWHVTX¶LOUHJUHWWH&¶HVWIDFLOHjGLUHRQIHUDLWWRXWSRXUVRUWLUGH
Oj,OIDXWUpIOpFKLU FHQ¶pWDLWSDVXQHQIDQWHWLOVDYDLWTXHF¶pWDLWGHVFKRVHVLQWHUGLWHV(WSXLVSRXUQRXV
LOQ¶H[LVWHSOXV&¶HVWSOXVODSHLQHGHQRXVpFULUHVDXIVLLOVRUWLOIDXWQRXVSUpYHQLU4XDQGYRXVGLWHVTXH
QRXVSDUORQVGHQRVVHQWLPHQWVGDQVQRWUHIDPLOOHFHODHVWWRWDOHPHQWIDX[QRVSDUHQWVQHQRXVRQWMDPDLV
SDUOpGHFHTXLV¶HVWSDVVpQLUpSRQGXjODTXHVWLRQ © SRXUTXRLQ¶RQWLOVSDVSXQRXVSURWpJHU " ª1RXV
VRPPHVPDLQWHQDQWPDMHXUHVQRXVUHWRXUQRQVYRLUQRVSDUHQWVQRXVSDUORQVGHODSOXLHHWGXEHDXWHPSV
PDLV MDPDLV GH FH TXH QRXV DYRQV pSURXYp SHQGDQW QRWUH HQIDQFH QRXV Q¶DYRQV MDPDLV HX DXFXQH
FRPPXQLFDWLRQ FRPPH GDQV G¶DXWUHV IDPLOOHV QRXV QRXV H[SULPRQV PLHX[ VXU SDSLHU ,OV QH VDYHQW SDV
FRPPHQRXVDYRQVVRXIIHUWLOVQ¶RQWSDVUpDOLVpFHTXLV¶HVWSDVVpMHFURLVTX¶LOVRQWpWpPLVjO¶pFDUWMH
FURLVTX¶LODXUDLWIDOOXTX¶LOVDLOOHQWYRLUXQHSHUVRQQHFRPPHYRXV,OVYRQWYRLUOHXUILOVFRPPHV¶LOQ¶DYDLW
IDLWDXFXQPDOKHXU&¶HVWjYRXVTXHQRXVpFULYRQVHWSDVjOXLYRXVQHGHYH]SDVPRQWUHUFHWWHOHWWUHjTXL
TXHFHVRLW1RXVQHYRXORQVSOXVYRLUFHWKRPPHHWF¶HVWWUqVFODLUGDQVQRWUHWrWHQRXVYRXORQVTXHO¶RQ
3DJH QRXVSUpYLHQQHTXDQGLOVRUWLUDFDUQRXVDXURQVSHXWrWUHGHVHQIDQWVHWOHVDFKDQWGHKRUVQRXVDYRQVOH
GHYRLUGHSURWpJHUQRVHQIDQWV&HWWHOHWWUHQ¶HVWSDVXQDFFRUGSRXUTX¶LOVRUWHVLF¶HVWFHTXHYRXVGpVLUH]
FDUQRXVQHVRPPHVSDVQDwYHVYRXVrWHVVRQSV\FKRORJXHHWYRXVYRXOH]TX¶LOVRUWHPDLVPHWWH]YRXVGH
QRWUHF{Wp«,OGRLWSXUJHUVDSHLQHWRWDOHPHQW1RXVFHTX¶LOQRXVDIDLWRQV¶HQVRXYLHQGUDWRXWHQRWUHYLH
/XLF¶HVWSRXUTXHOTXHVDQQpHV
-HDQ-DFTXHV HVW VRUWL HQ OLEpUDWLRQ FRQGLWLRQQHOOH -¶DL IDLW XQ QRXYHDX FRXUULHUDX[WURLVV°XUVSRXUOHXU
GRQQHUGHVLQIRUPDWLRQVVXUOHVFRQGLWLRQVGHODVRUWLHHWSRXUOHXUUDSSHOHUPDFRQYLFWLRQGHO¶DEVHQFHGH
ULVTXHGHUpFLGLYH
3DWULFH DpWpFRQGDPQpSRXUOHYLROGHVDILOOH
-¶DLpFULWjODPqUHGHODYLFWLPHODOHWWUHVXLYDQWH 0DGDPH
MH VXLV OH SV\FKRORJXH TXL UHQFRQWUH 0 3DWULFH 0 OH SqUH GH 6\OYLH GHSXLV VRQ DUULYpH DX &HQWUH
3pQLWHQWLDLUHGH&$(1'DQVOHFDGUHGHVRQpYROXWLRQWUqVSRVLWLYHUHYLHQWVRXYHQWOHEHVRLQG¶pFULUHjVD
ILOOH SRXU WHQWHU GH V¶H[SOLTXHU YRLUH OXL GHPDQGHU SDUGRQ PrPH V¶LO D ELHQ FRQVFLHQFH TXH OHV DFWHV
FRPPLV UHVWHQW LPSDUGRQQDEOHV -H YLHQV YRXV VROOLFLWHU SRXU VDYRLU VL YRXV DFFHSWHULH] GH SDUOHUGH FH
SURMHW GH OHWWUH DYHF 6\OYLH HW GH PH UpSRQGUH SRXU PH GLUH GDQV TXHO pWDW G¶HVSULW HOOH UHFHYUDLW XQ WHO
FRXUULHU,OHVWELHQpYLGHQWTXHPRQSUHPLHUVRXFLGHPrPHTXHFHOXLGH00HVWGHQHSDVSHUWXUEHU
YRWUH ILOOH 0DLV SHXWrWUH UHVVHQWHOOH GH VRQ F{Wp OH EHVRLQ GHYHQXH DGXOWH GH FRQQDvWUH OHV VHQWLPHQWV
DFWXHOVGHVRQSqUHYRLUHGHSRXYRLUOXLH[SULPHUVHVSURSUHVVHQWLPHQWV± HWUHVVHQWLPHQWV±DFWXHOVjVRQ
pJDUG 9RXV SRXYH] PH UpSRQGUH SDU FRXUULHU RX SDU WpOpSKRQH 6\OYLH SHXW DXVVL SUHQGUH FRQWDFW
GLUHFWHPHQWDYHFPRLSDUOHWWUHRXWpOpSKRQH
(OOHQHP¶DSDVUpSRQGXPDLVHOOHDpFULWDX3URFXUHXUGHOD5pSXEOLTXHODOHWWUHVXLYDQWH 0««DpWpFRQGDPQpjDQQpHVG¶LQFDUFpUDWLRQ«&HVpYqQHPHQWVUHVWHQWXQH[WUrPHWUDXPDWLVPHSRXU
PD ILOOH HW pJDOHPHQW SRXU PRLPrPH 0D ILOOH 6\OYLH HVW DFWXHOOHPHQW VXLYLH HQ SV\FKLDWULH &H MRXU MH
UHoRLVXQFRXUULHUGXSV\FKRORJXH068$5'«&HSV\FKRORJXHVHSHUPHWGHP¶pFULUHDILQGHWHQWHUXQH
DSSURFKHSRXU00DXSUqVGHPDILOOHHWGHPRLPrPH&HJHQUHGHFRXUULHUPHSHUWXUEHpQRUPpPHQW-H
QHGpVLUHSDVUpSRQGUHjFHWWHPLVVLYHGRQWMHYRXVMRLQVODFRSLH-HVROOLFLWHGHYRWUHSDUW0OH3URFXUHXU
GH OD UpSXEOLTXH GH ELHQ YRXORLU IDLUH HQ VRUWH TXH FHVVHQW GpILQLWLYHPHQW OHV DJLVVHPHQWV TXHOTXH SHX
DQRUPDX[ GX SV\FKRORJXH 0 6XDUG -H QH YRLV SDV GH TXHOGURLWLOVHSHUPHWG¶pFULUHDX[YLFWLPHVG¶XQ
SV\FKRSDWKHTX¶LOQHVHPEOHSDVWUqVELHQFHUQHU¬PRQDYLVLOV¶DJLWGHSUHVVLRQSV\FKRORJLTXHH[HUFpHVXU
OHVYLFWLPHV-HYRXVSULHGHELHQYRXORLUWURXYHUFLMRLQWOHMXJHPHQWFRQFHUQDQW00UHQGXSDUOD&RXU
G¶$VVLVHVDFFRPSDJQpGHODOHWWUHGH068$5'SV\FKRORJXHTXLP¶DWRXWO¶DLUGHVXELUO¶LQIOXHQFHGHVRQ
SDWLHQW'DQVO¶HVSRLUTX¶LOVHUDPLVXQWHUPHjWRXWFHODMHYRXVSULH«
5pSRQVHGX3URFXUHXUGRQWLOP¶DGRQQpFRQQDLVVDQFH «-HFRPSUHQGVYRWUHpPRWLRQ«7RXWHIRLVLOQHP¶DSSDUDvWSDVTXHO¶HQYRLGHFHWWHOHWWUHSXLVVHFRQVWLWXHU
XQHIDXWHRXXQHPDODGUHVVHGHODSDUWGHFHSURIHVVLRQQHOFHUWDLQHVIDPLOOHVD\DQWXQHUpDFWLRQGLIIpUHQWH
GHODY{WUH-HYDLVLQIRUPHU068$5'GHYRWUHUHIXV
'DQVFHVGHX[FDVOHWUDYDLODYHFODIDPLOOHQ¶DSDVpWpSRVVLEOHSDUFHTXHODIDPLOOHDFRQVLGpUpTXHO¶DXWHXU
G¶DEXVQHSRXYDLWSDVFKDQJHU(WSRXUWDQW-HDQ -DFTXHVDUpXVVLjUHFUpHUGDQVODIDPLOOHXQQR\DXDYHF
XQHV°XUDvQpHHWVRQIUqUH/XFLHQTXLDFRPSULVODQpFHVVLWpGHPpWDFRPPXQLTXHUHWTXLOHIDLWWUqVELHQ
3DJH 4XDQW j 6\OYLH OD ILOOH GH 3DWULFH HOOH D DWWHQGX G¶rWUH PDWpULHOOHPHQW LQGpSHQGDQWH GH VD PqUH S RXU
UHSUHQGUHGHVFRQWDFWVDYHFVRQSqUH(OOHDSXOXLGLUHTXHFHTX¶HOOHOXLUHSURFKHOHSOXVFHQHVRQWSDVOHV
DEXVVH[XHOVPDLVOHIDLWTX¶LODLWGHPDQGpDSUqVVRQDUUHVWDWLRQjFHTX¶HOOHUHWRXUQHYLYUHDYHFVDPqUH
SOXW{W TX¶HQ IR\HU OH FRXSOH pWDLW VpSDUp HW OD PqUH Q¶DYDLW SOXV GH FRQWDFW DYHF VD ILOOH GHSXLV SOXVLHXUV
DQQpHVDXPRPHQWGHVIDLWV
/HWUDYDLODYHFODIDPLOOHQ¶HVWYUDLPHQWSRVVLEOHTXHVLODIDPLOOHHVWG¶DFFRUG(WHQSUDWLTXHMHQ¶RUJDQLVH
GHV HQWUHWLHQV IDPLOLDX[ TXH ORUVTXH OD IDPLOOH D JDUGp GHV FRQWDFWV DYHF VRQ GpWHQXHWPrPHORUVTX¶HOOH
YLHQWOXLUHQGUHYLVLWH
&¶HVWOHFDVGH3DXO'DQVFHWWHVLWXDWLRQFHQ¶HVWSDVODIDPLOOHTXLFUDLQWODUpFLGLYHPDLVO¶HQYLURQQHPHQW
SURIHVVLRQQHO /D IDPLOOH GH 3DXO YLHQW UpJXO LqUHPHQW OXL UHQGUH YLVLWH HW FH VRQW G¶DLOOHXUV FHV YLVLWHV
UpJXOLqUHV GH WRXWH OD IDPLOOH \ FRPSULV OD YLFWLPH TXL RQW LQTXLpWp O¶pTXLSH GX 6035 DSUqV O¶HQWUHWLHQ
V\VWpPDWLTXHSURSRVpDX[DUULYDQWVHWTXLRQWMXVWLILpPRQLQWHUYHQWLRQ
3DXODDEXVpGHVDILOOHDvQpHDORUVVFRODULVpHHQ ,0(GDQVXQHSKDVHG¶DOFRROLVDWLRQDLJXs,OV¶HVWUHQGX
FRPSWH GH VD FRQGXLWH HQ D SDUOp j VD IHPPH TXL OXL D GHPDQGp G¶DUUrWHU HW GH IDLUH XQH FXUH GH
GpVLQWR[LFDWLRQ&HTX¶LODIDLW(WLOHVWUHVWpVREUHSHQGD QWGHX[DQV3XLVLODUHFKXWp(WOjODV°XUFDGHWWH
TXLYRXODLWGHYHQLUJHQGDUPHHVWDOOpHjODJHQGDUPHULHSDUFUDLQWHTXHVRQSqUHQHUHFRPPHQFHjDEXVHUGH
ODV°XUDvQpH
/RUV GX SUHPLHU HQWUHWLHQ DYHF WRXWH OD IDPLOOH OD PqUH OHV GHX[ V°XUV HW OHXU SHWLW FRSDLQ O¶DvQpH HVW
PDLQWHQDQWHQ&$7GHPrPHTXHVRQDPLHWOHMHXQHIUqUHGHDQVHQWUHWLHQDFFHSWpVDQVSUREOqPHSDU
WRXWHODIDPLOOHLOpWDLWHIIHFWLYHPHQWVXUSUHQDQWGHSHUFHYRLUODFKDOHXUGXFOLPDWUHODWLRQQHOHQWUHWRXVOHV
PHPEUHVGHODIDPLOOHDXSRLQWTXHMHVXLVLQWHUYHQXSRXUOHXUGLUH HVWFHTXHFHODYHXWGLUHTXHYRXVDYH]
WRXVSDUGRQQpjYRWUHPDULYRWUHSqUHHWEHDX SqUHFHTX¶LODIDLWj 6\OYLH(WWRXVXQDQLPHPHQWP¶RQW
GLW © 0DLVQRQRQQHOXLDSDVSDUGRQQp(WLOVDLWELHQTX¶LOQ¶DXUDLWSDVLQWpUrWjUHFRPPHQFHU0DLV
F¶HVWPRQPDULF¶HVWQRWUHSqUHHWF¶HVWXQERQSqUHHWRQO¶DLPH« ª-HPHVXLVUpMRXLG¶HQWHQGUHGHWHOV
SURSRVHWMHUrYHTXHWRXVOHVSURIHVVLRQQHOVGXVHFWHXUVRFLDOHWPpGLFR VRFLDOSDUYLHQQHQWjSRUWHUXQWHO
UHJDUGVXUO¶DXWHXUG¶DEXVXQUHJDUGTXLVDLWGLVVRFLHUO¶DFWHFRPPLVHWODSHUVRQQHTXLDFRPPLVO¶DFWHXQ
UHJDUGTXLFRQVLGqUHTXHODSHUVRQQHDGHVUHVVRXUFHVGHVFRPSpWHQFHVDXWUHVTXHOHVDFWHVFULPLQHOVPrPH
LPSDUGRQQDEOHV
&HVDXWHXUVG¶DEXVLQFHVWXHX[P¶RQWG¶DLOOHXUVDSSULVTXHOHSDUGRQQ¶pWDLWSHXW rWUHSDVQpFHVVDLUH © -HQH
SHX[SDVOXLGHPDQGHUSDUGRQSXLVTXHMHQHSRXUUDLPRLPrPHMDPDLVPHSDUGRQQHU ª (WSXLVGHPDQGHU
SDUGRQjVDYLFWLPHFHODULVTXH YLWHGHGHYHQLU LPSRVHUjODYLFWLPHGHSDUGRQQHUF¶HVW jGLUHjQRXYHDX
H[HUFHUXQHHPSULVHTXLSRXUQ¶rWUHSDVVH[XHOOHSHXWrWUHWRXWDXVVLLQYDOLGDQWH
0DLVHQIDLWLOHVWELHQSRVVLEOHTXHODIDPLOOHGH 3DXO DLWGpMjSDUGRQQp-DFTXHV5,&27 HVWXQSKLORVRSKH
TXL H[HUFH GDQV FHWWH ERQQH YLOOH GH 1$17(6 ,O DQDO\VH VHV UpIOH[LRQV VXU OH SDUGRQ GDQV XQ RXYUDJH
LQWLWXOp 3HXWRQ WRXW SDUGRQQHU " (W LO IDLW XQH GLIIpUHQFH WRXW j IDLW XWLOH HQWUH OH SDUGRQ HW O¶RXEOL /H
SDUGRQHVWXQGRQJUDWXLWWRXMRXUVSRVVLEOHTXHOTXHVRLWO¶DFWHFRPPLVPDLVTXLQ¶H[FOXWSDVOHWUDYDLOGH
PpPRLUH WRXMRXUV QpFHVVDLUH /D IDPLOOH GH 3DXO Q¶D ULHQ RXEOLp GH FH TXL V¶HVW SDVVp HOOH UHFRQQDvW
O¶H[LVWHQFH GH OD IDXWH FRPPLVH PDLV HOOH D UHQRQFp j OD VpYpULWp HWDP rPHVDQVDXFXQGRXWHGRQQpVRQ
SDUGRQjO¶DXWHXUGHVIDLWV
0DLVVLODYLFWLPHDSDUGRQQpjVRQSqUHMHQHVXLVSDVVUTX¶HOOH PrPHVHVRLWSDUGRQQpHG¶rWUHHQTXHOTXH
VRUWHjO¶RULJLQHGHO¶LQFDUFpUDWLRQGHVRQSqUHRXPrPHSHXW rWUHG¶DYRLUSULVGXSODLVLUGDQVFHWWHUHODWLRQ
LQFHVWXHXVH7RXMRXUVHVWLOTX¶HOOHQHYDSDVWUqVELHQ6RQREpVLWpTXLGDWHGHO¶LQFDUFpUDWLRQGXSqUHHWVHV
FDXFKHPDUVHQWpPRLJQHQW0DLVHOOHUHIXVHG¶HQSDUOHU(WORUVG¶XQSDUORLURHOOHpWDLWDYHFVRQDPLVRQ
SqUH OXLDSURSRVpjVDVRUWLHGHIDLUHGXIRRWLQJGDQVOHERLVTXLVHWURXYHGHUULqUHODPDLVRQIDPLOLDOHSRXU
O¶DLGHU j PDLJULU 0DLVGHUHWRXUDX &$7OHFRSDLQGH 6\OYLH DUDSSRUWpjXQpGXFDWHXUTXHOHSqUHDYDLW
3DJH UHJDUGp GDQV OH FRUVDJH GH VD ILOOH HW OXL DYDLW DQQRQFp TX¶LO O¶HPPqQHUDLW IDLUH XQ WRXU GDQV OH ERLV
,QTXLpWXGH DX &$7 HW OHWWUH GX PpGHFLQSV\FKLDWUHTXLD© HQWHQGX ª6\OYLH FRQILUPHUOHVSURSRVGHVRQ
DPLDX&HQWUHGH'pWHQWLRQG¶RSULYDWLRQGHSHUPLVVLRQSHQGDQWPRLV-HVXLVLQWLP HPHQWFRQYDLQFXTXH
3DXOQ¶DIDLWDXFXQHSURSRVLWLRQPDOKRQQrWHjVDILOOHPDLVRQSHXWFRPSUHQGUHTXHO¶DPLFKHUFKHjPHWWUH
GH OD GLVWDQFH HQWUH 6\OYLH HW VRQ SqUH 0DLV OHV SURIHVVLRQQHOV QH VRQW SDV REOLJpV G¶HQWUHU GDQV FHV
LQTXLpWXGHV¬ODVXLWHGH FHWLQFLGHQWOHSqUHDGpFLGpGHQHSOXVDFFHSWHUGHUHQFRQWUHVDYHFVDILOOH
8QGUDPHHVWDORUVVXUYHQXGDQVODIDPLOOH/HILOVHVWPRUWGDQVXQDFFLGHQWGHFLUFXODWLRQ,OUHQWUDLWGHVRQ
WUDYDLOGHQXLWjPRE\OHWWHHWLODpWpUHQYHUVpSDUXQHYRL WXUHTXLGRXEODLWXQFDPLRQ(WSDUODVXLWHODSHWLWH
DPLH GX ILOV D GHPDQGp XQ SHUPLV GH YLVLWH SRXU YHQLU YRLU 3DXO DX SDUORLU 3DXO D SDUOp DYHF EHDXFRXS
G¶pPRWLRQ GH FHWWH GpPDUFKH DX SV\FKLDWUH FRQVXOWp SRXU OH FRQWU{OH GX WUDLWHPHQW DQ[LRO\WLTXH ( W j
QRXYHDXODVXVSLFLRQG¶XQHUHODWLRQDPELJXsHQWUH3DXOHWFHWWHMHXQHILOOHHVWDSSDUXH(QIDLWFHWWHMHXQH
ILOOH YLHQW DX SDUORLU DYHF VRQ SqUH TXL HVW XQ DPL GH ORQJXH GDWH GH 3DXO &HV SDUORLUV SRXU pYRTXHU OH
VRXYHQLU GX ILOV GLVSDUX Q¶RQW YpULWDEOHPHQW ULHQ G¶DPELJX PDLV RQ YRLW ELHQ j WUDYHUV FHV GLIIpUHQWHV
VLWXDWLRQVFRPELHQLOHVWGLIILFLOHGHVHGpSDUWLUG¶XQHDWWLWXGHVXVSLFLHXVHHWHQUHWRXUFRPELHQLOHVWGLIILFLOH
SRXUO¶DXWHXUFRQGDPQpG¶DGRSWHUXQHDWWLWXGHTXLQHSUrWHSDVDX[LQWHU SUpWDWLRQVGHO¶HQWRXUDJH
'HVFKDQJHPHQWVLPSRUWDQWVVRQWLQWHUYHQXVGDQVODVLWXDWLRQGHODIDPLOOHGH 3DXO OHMHXQHFRXSOHGHOD
ILOOHYLFWLPHDWURXYpXQORJHPHQWLQGpSHQGDQWGXIR\HUGX &$7/HFRXSOHGHODILOOHFDGHWWHDTXLWWpOD
PDLVRQIDPLOLDOHSRXUSUHQGUHVRQLQGpSHQGDQFH/HFRXSOHIRUPpSDU3DXOHWVDIHPPHYDGpPpQDJHUGHOD
PDLVRQFRPSOqWHPHQWLVROpHTX¶LOVRFFXSDLHQWGHSXLVDQVSRXUKDELWHUjO¶LQWpULHXUG¶XQYLOODJH3DXOD
SULVODGpFLVLRQGHQHSDVGHPDQGHUGHSHUPLVVLRQGHVRUWL HSRXU1RsOGHIDoRQTXHVDIHPPHSXLVVHIrWHU
1RsODYHFVHVGHX[ILOOHVSXLVTX¶LODGpFLGpGHQHSDVVHUHPHWWUHHQFRQWDFWDYHFVDILOOHDvQpH
&HVGLIIpUHQWVFKDQJHPHQWVVRQWGXVDXMXJHPHQWDX[FRQVpTXHQFHVGXGpFqVGXILOVDXVVLXQSHXDXWUDYDLO
WKpUDSHXWLTXH UpDOLVp DYHF OD IDPLOOH 0DLV Q¶DXUDLW RQ SDV REWHQX GHV UpVXOWDWV SOXV UDSLGHV HW SOXV
pFRQRPLTXHVHQSDUWLFXOLHUSRXUODYLFWLPHVLOHVDEXVDYDLHQWSXrWUH© WUDLWpV ªHQIDPLOOHGqVTX¶LOVRQW
pWpUpYpOpVSDUOHSqUHjVDIHPPHHQPrPHWHPSVTXHODFXUHSRXUO¶DOFRRO "
,OQHV¶DJLWSDVSRXUDXWDQWGHSUpFRQLVHUOHUHPSODFHPHQWGHODUpSUHVVLRQSDUOHVRLQ/HVDFWHVLQFHVWXHX[
VRQWGHVGpOLWVRXGHVFULPHVSXQLVVDEOHVSDUODORL /DYHUWXGXSURFqVDYHFVRQGLVSRVLWLIUpJOpFRQVLVWHj
PHWWUHYLFWLPHHWERXUUHDXjGLVWDQFHO¶XQGHO¶DXWUHjRUJDQLVHUOHXUUHQFRQWUHVRXVOHFRQWU{OHGHODORLHW
SDU OD PpGLDWLRQ GX MXJH j SHUPHWWUH OH GpSORLHPHQW G¶XQH QDUUDWLRQ j SOXVLHXUV YRL[ R OD SDUROH
UHPSODFHUD OD YLROHQFH TXH OH WULEXQDOD SRXU IRQFWLRQ GH VXVSHQGUH HQILQ j GLUH OH GURLWHQDVVLJQDQWj
FKDFXQVDSODFHYLFWLPHFRXSDEOHRXLQQRFHQWHWjSURQRQFHUpYHQWXHOOHPHQWXQHVDQFWLRQ«
$\DQWSRXUIRQFWLRQGHVHVXEVWLWXHUjODYHQJHDQFHHWGHSURSRUWLRQQHUODSHLQHLQIOLJpHDX[WRUWVFDXVpVOD
MXVWLFHFRQWULEXHSXLVVDPPHQWjPDLQWHQLUSDUODSDUROHTX¶HOOHSHUPHWGXUDQWOHVGpEDWVHWSDUFHOOHTX¶HOOH
SURQRQFHSRXUGLUHOHGURLWO¶KXPDQLWpGHODYLFWLPHHWFHOOHGXERXUUHDX/DVDQFWLRQLQIOLJpHDXFRXSDEOH
VLJQLILH XQH GRXEOH UHFRQQDLVVDQFH UHFRQQDLVVDQFH GX SODLJQDQW FRPPH YLFWLPH UHFRQQDLVVDQFH GH
O¶DFFXVpFRPPHFRXSDEOH/DYLFWLPHHVWUHFRQQXHFRPPHD\DQWpWpRIIHQVpHHWUpWDEOLHGDQVO¶HVWLPHGHVRL
6\PpWULTXHPHQW OH FRXSDEOH HVW SXQLVVDEOH SDUFH TXH G¶DERUG LO HVW UHFRQQX FRPPH rWUH UDLVRQQDEOH HW
OLEUHHWGRQFSOHLQHPHQWKXPDLQ
/D VDQFWLRQ Q¶D SDV SRXU VHXO REMHFWLI GH VDWLVIDLUH DX[ HQMHX[ GH OD ORL GH UHPSODFHU GDQV O¶RSLQLRQ
SXEOLTXHOHGpVLUGHYHQJHDQFHSDUOHVRXFLGHODMXVWLFHGHUpSDUHUDXWDQWTXHSRVVLEOHOHWRUWVXELSDUOD
YLFWLPHHOOHYLVHDXVVLODUpKDELOLWDWLRQGXFRXSDEOHTXLDXWHUPHGHO¶H[pFXWLRQGHVDSHLQHHVWUpWDEOLGDQV
VDFDSDFLWpGHUHGHYHQLUXQFLWR\HQjSDUWHQWLqUHUHWURXYDQWO¶HVWLPHSXEOLTXHHWSULYpHHWWRXVVHVGURLWV
MXULGLTXHV HWFLYLTXHVDSUqVODSKDVHG¶H[FOXVLRQGHODSpULRGHFDUFpUDOH-DFTXHV5,&27
,OQRXVUHVWHGRQFjQRXVWRXVjQHSDVDYRLUSHXUGHODUpFLGLYH«
3DJH 0RQVLHXU &\ULO 5<$1
9
9
9
9
4XpEHF
&ULPLQRORJXH
3V\FKRWKpUDSHXWHHQYLROHQFHIDPLOLDOH
3URIHVVHXUjO¶8QLYHUVLWp6$,173$8/G¶277$:$
© $XGHOjGHO¶LPSRVVLEOH O¶LQWHUYHQWLRQSV\FKRWKpUDSHXWLTXH
JURXSDOHDXSUqVGHSHUVRQQHVDEXVLYHV ª
3DJH 3UHPLHUGpIL /DWKpUDSLHUpXVVLHSHXWFUpHUO¶LOOXVLRQG¶XQHJXpULVRQ RXDOOHUDXGHOjGHODJXpULVRQ
1RXV FKHUFKRQV WRXV j UpXVVLU FRPPH SURIHVVLRQQHOV 1RXV QRXV DWWHQGRQV j FH TXH OD SHUVRQQH DEXVLYH
UpXVVLVVH VD WKpUDSLH 3RXUWDQW j ELHQ \ SHQVHU OD WKpUDSLH j VXFFqV SUpVHQWH XQH GLIILFXOWp XQH IRLV
© JXpULH ªODSHUVRQQHDEXVLYHFURLUDTX¶LOQ¶\DSOXV GHSUREOqPHVHWV¶HQGRUPLUDVXUVHVODXULHUVUDVVXUpH
SDUXQHFRQVFLHQFHOLEUHGHWRXWGDQJHU1HGHYUDLW RQSDVDFFHSWHUDORUVTX¶XQHWKpUDSLHjVXFFqVHQVRLWXQH
TXLQHUpXVVLWSDVHQWLqUHPHQWODLVVDQWSODFHjODYLJLODQFH1RWUHQRQ UpXVVLWHGHYLHQWDORUVXQVXFFqV
'HX[LqPHGpIL /¶pWLTXHWWHSHXWUHQIRUFHUODSRVLWLRQDEXVLYH RXDOOHUDXGHOjGHO¶pWLTXHWWH
,QFHVWXHX[ SpGRSKLOH DEXVHXU VH[XHO DJUHVVHXU VH[XHO SUpGDWHXU«/D UpXVVLWH G¶XQH GpPDUFKH
WKpUDSHXWLTXHDXSUqVGHVSHUVRQQHVDEXVLYHVVH[XHOOHPHQWGRLWVHEDVHUDYDQWWRXWVXUODUpDOLWpGXYpFXGH
ODSHUVRQQHTXLSRVHGHVJHVWHVDEXVLIV4XDQGXQHSHUVRQQHDEXVLYHGHYLHQWXQ© SpGRSKLOH ªHOOHQ¶HVWSOXV
TXLHOOHHVW(OOHVHGpILQLWGpVRUPDLVSDUXQHpWLTXHWWHTXHOXLDFROOpHDX IURQWXQVSpFLDOLVWHHQODPDWLqUH
1RQ VHXOHPHQW FHWWH GpILQLWLRQ QH OXL DSSDUWLHQW SDV PDLV HOOH OH GpSHUVRQQDOLVH HW ULVTXH GH OH
GpUHVSRQVDELOLVHU
7URLVLqPHGpIL /DFRQVFLHQWLVDWLRQSHXWV¶DYpUHUGDQJHUHXVH DOOHUDXGHOjGHODFRQVFLHQFH
$XPRPHQWGHODUpIpUHQFHPrPHDYDQWGHGpEXWHUXQHGpPDUFKHWKpUDSHXWLTXHQRXVQRXVUHWURXYRQVHQ
SUpVHQFH G¶XQH VLWXDWLRQ DEXVLYH GpILQLH GLIIpUHPPHQW SDU DXWDQW GH SHUVRQQHV TXL V¶\ WURXYHQW 7RXW
G¶DERUGOHVIDLWVSUpVHQWpVSDUODSHUVRQQHYLFWLPHF RQFRUGHQWUDUHPHQWDYHFFHX[UDSSRUWpVSDUODSHUVRQQH
DEXVLYH ¬ FHV IDLWV V¶DMRXWHQW FHX[ UDSSRUWpV SDU OHV WUDYDLOOHXUV GH OD MXVWLFH SROLFLHUV DYRFDWV
SURWHFWLRQSUREDWLRQOLEpUDWLRQFRQGLWLRQQHOOHHWF«TXLWRXVDUULYHQWjGHVFRQFOXVLRQVYD ULpHV&KDFXQ\
YDGHVDPHLOOHXUHLQWHUSUpWDWLRQ
/¶DUWGHO¶LQWHUYHQWLRQWKpUDSHXWLTXHQRXVVHPEOHO¶DUWGHSRVHUODERQQHTXHVWLRQSOXW{WTXHGHGRQQHUOD
ERQQHUpSRQVH
6LQRXVSDUWRQVG¶DERUGGHODFRQVWUXFWLRQGHODUpDOLWpDEXVLYHYpFXHSDUO DSHUVRQQHDEXVLYHODUpSRQVHGRLW
QpFHVVDLUHPHQWYHQLUGHODSHUVRQQHDEXVLYHHOOH PrPHHWQRQSDVGXSURIHVVLRQQHOTXLQHSHQVHSDVFRPPH
XQHSHUVRQQHDEXVLYHHWTXLGHWRXWHVIDoRQVHVWUDUHPHQWHQDFFRUGDYHFODSHUVRQQHDEXVLYH/DTXHVWLRQ
GHYLHQWODUpSRQVHHWODUpSRQVHGHYLHQWODTXHVWLRQ
1RXVQRWRQVLFLO¶XWLOLVDWLRQGXSRXYRLUGHODTXHVWLRQVXJJHVWLYHTXLFRPSRUWHHQUpDOLWpXQpOpPHQWGHOD
UpSRQVHHWTXLODLVVHjODSHUVRQQHTXHVWLRQQpHXQHFHUWDLQHOLEHUWpGHFKRL[GDQVVHVUpSRQVHV
¬ OD IDoRQ GH OD SHQVpH UpIOH[LYH HQ FRQVWUXFWLYLVPH QRXV HQ YHQRQV j TXHVWLRQQHU OHV TXHVWLRQV SRXU
V¶DVVXUHU TXH OD SHUVRQQH DEXVLYH VH SRVH OHV ERQQHV TXHVWLRQV FHOOHV TXL VRQW SHUWLQHQWHV HW FHOOHV TXL
HQWUHWLHQQHQWXQFHUWDLQQLYHDXGHVRXIIUDQFHFKH ]HOOHV
3DJH 4XDWULqPHGpIL /DWKpUDSLHSHXWIDLUHGHODSHUVRQQHXQ© FOLHQWSURIHVVLRQQHO ª DOOHUDXGHOjGHODPpILDQFH
1RXVVDYRQVMXVTX¶jTXHOSRLQWXQHSHUVRQQHTXLDWRXWHVOHVUpSRQVHVSHXWQRXVH[DVSpUHU&RPELHQGH
IRLV OH WKpUDSHXWH V¶HQWHQG VRPEUHU GDQV XQH IRXOH G¶H[SOLFDWLRQV TXL HQWUHQW HQ FRPSpWLWLRQ DYHF OHV
UpSRQVHVGHODSHUVRQQHDEXVLYH/HSUREOqPHFRQVLVWHHQFHTXHOHSURIHVVLRQQHOWUDYDLOOHSOXVIRUWTXHOD
SHUVRQQHDEXVLYHHWVRXYHQWF¶HVWOH© FOLHQW ªTXLSRVHGHVTXHVWLRQVDXWKpUDSHXWH)LHUGHVDFRPSpWHQFHOH
WKpUDSHXWHGRQQHXQHUpSRQVHLQWHOOLJHQWH/H© FOLHQW ªSURIHVVLRQQHOV¶HPSUHVVHDORUVGHSRVHUXQHQRXYHOOH
TXHVWLRQ TXL VDERWH OD UpSRQVH GX WKpUDSHXWH /HV U{OHV VRQW UHQYHUVpV HW OH WKpUDSHXWH VRPEUH GDQV XQ
SURIRQGVHQWLPHQWGHIDLOOLWH
&LQTXLqPHGpIL /DWKpUDSLHSHXWUHQIRUFHUO¶LVROHPHQWGHODSHUVRQQHDEXVLYH DOOHUDXGHOjGHO¶LVROHPHQW
3OXVLHXUVFURLHQWTXHODUpXVVLWHG¶XQHWKpUDSLHGpSHQGGHODPRWLYDWLRQGHODSHUVRQQHDEXVLYHjFKDQJH U
3OXVLHXUVH[LJHQWTXHODSHUVRQQHIDVVHSUHXYHGHPRWLYDWLRQDXFKDQJHPHQWDYDQWPrPHGHO¶DFFHSWHUHQ
WKpUDSLH&HWWHIDoRQGHIDLUHH[FOXWGHODSRVVLELOLWpG¶XQHLQWHUYHQWLRQWKpUDSHXWLTXHXQHSHUVRQQHTXLGH
SDU VD G\QDPLTXH V¶H[FOXW GpMj HQ V¶LVRODQW SRXU SRVHUGHVJHVWHVDEXVLIV1¶HVW FHSDVGHO¶H[FOXVLRQDX
FDUUp"
(VWLOSRVVLEOHTX¶XQHSHUVRQQHSXLVVHFKDQJHUVLHOOHQ¶HVWSDVPRWLYpHjOHIDLUH"/DUpSRQVHHVW© RXL ª
6L[LqPHGpIL /DWKpUDSLHSHXWUHQIRUFHUOHVLOHQFHHWOHVHFUHWGHODSHUVRQQHDEXVLYH DOOHUDXGHOjGXVLOHQFH
(QJDUGDQWGHVLQIRUPDWLRQVDEXVLYHVHQWUHOHWKpUDSHXWHHWODSHUVRQQHDEXVLYHRXHQUHIXVDQWGHSDUWDJHU
GHVLQIRUPDWLRQVFRQILGHQWLHOOHVOHSURIHVVLRQQHOJDUGHVLOHQFH2UVHORQQRXVO¶XQGHVFULWqU HVTXLSHUPHW
O¶DEXV VH[XHO F¶HVW OH VLOHQFH GH OD SHUVRQQH DEXVLYH GH OD SHUVRQQH DEXVpH HW GHV SHUVRQQHV TXL OHV
HQWRXUHQW FRQMRLQWH SDUHQWV DPLV FROOqJXHV HW PDOKHXUHXVHPHQW VDQV V¶HQ UHQGUH FRPSWH OHV
SURIHVVLRQQHOV
3RXUWDQWjQRWUHDYLVODFRQILGHQWLDOLWpQHYHXWSDVGLUHVHFUHWHWVLOHQFH3RXUXQLQWHUYHQDQWV¶LPSRVHUOH
IDUGHDX GX VLOHQFH F¶HVW XQ SRLGV WURS ORXUG j SRUWHU 1RXV UHIXVRQV GH OH IDLUH SDUFH TXH OHV GDQJHUV GH
UpFLGLYHGHODSDUWGHODSHUVRQQHDEXVLYHHWGHO¶pSXLVHP HQWSURIHVVLRQQHOVRQWWURSJUDQGVSRXUTXLJDUGH
VLOHQFH
6HSWLqPHGpIL /DWKpUDSLHSHXWUHQIRUFHUOHPHQVRQJHHWODUpVLVWDQFH DXGHOjGHODUpVLVWDQFHHWGXPHQVRQJH
/DUpVLVWDQFHYHXWGLUHTX¶XQHSHUVRQQHKpVLWHjFKDQJHURXQHYHXWSDVFKDQ JHU$ORUVHVWLOSRVVLEOHTX¶XQH
SHUVRQQH SXLVVH rWUH PRWLYpH DX FKDQJHPHQW WRXW HQ pWDQW UpVLVWDQWH RX SHXW HOOH UpVLVWHU WRXW HQ pWDQW
PRWLYpH"6LYRXVUpSRQGH]RXLFRPPHMHOHVRXSoRQQHjFHVTXHVWLRQVTXHOOHHVWO¶XWLOLWpGHO¶LGpHGHOD
UpVLVWDQFH"6LQRXVGLVRQVGLUHFWHPHQWRXVXEWLOHPHQWjODSHUVRQQHDEXVLYHTX¶HOOHUpVLVWHHOOHWHQWHUDGH
UpVLVWHUjFHWWHLGpH GHODUpVLVWDQFHDXFDUUpSHXWrWUH"
3DJH /H PHQVRQJH VXSSRVH TXH OD SHUVRQQH GpFLGH GH FDFKHU OD YpULWp 6L QRXV DFFHSWRQV FHWWH UpDO LWp j TXL
DSSDUWLHQWOHIDUGHDXGHODSUHXYH"(QFRUHLFLHVW LOSRVVLEOHTX¶XQHSHUVRQQHQHGLVHSDVWRXWVDQVPHQWLURX
TX¶XQHSHUVRQQHPHQWHHQGLVDQWWRXW"6LYRXVUpSRQGH]FRPPHMHVRXSoRQQH© RXL ª ªjFHVTXHVWLRQV
DORUV TXHOOH HVW O¶XWLOLWp GH FHWWH LGpH" 6L QRXV GLVRQV GLUHFWHPHQW RX VXEWLOHPHQW j OD SHUVRQQH DEXVLYH
TX¶HOOHPHQWHOOHPHQWLUDHQGLVDQW© QRQ ª'XPHQVRQJHDXFDUUpSHXWrWUH"
/DVROXWLRQQRXVVHPEOHVLPSOHHWYRXVO¶DYH]GHYLQpH WDQWSLVSRXUO¶LGpHGHODUpVLVWDQFHHWGX PHQVRQJH
SRXUQRXVLOVQ¶H[LVWHQWSDV1RXVODLVVRQVODSUHPLqUHDXMXULVWHHWODGHX[LqPHDXPRUDOLVWH
&21&/86,21 $FFHSWHU TX¶XQH SHUVRQQH DEXVLYH QH VRLW MDPDLV HQWLqUHPHQW © JXpULH ª GpFRXYULU TXL VH FDFKH GHUULqUH
O¶pWLTXHWWHGpSDVVHUODFRQVFLHQFHSRXUDOOHUjO¶LQFRQVFLHQFHVHIDLUHDPLHGHODPpILDQFHEULVHUO¶LVROHPHQW
HWOHVLOHQFHHWDEDQGRQQHUHWVHOLEpUHUGHODUpVLVWDQFHHWGXPHQVRQJHYRLFLXQDSHUoXGHFRPPHQWRQSHXW
HQDUULYHUjGpYHORSSHUXQUHJDUGQRXYHDXYHUVO¶HVSRLU«Pr PHHQWUDYDLOODQWDYHFO¶HQIHUGHO¶DEXVVH[XHO
9R\H] TX¶DSUqV SOXV GH WUHQWH DQQpHV GH SUDWLTXH QRXV QRXV SRUWRQV ELHQ«2X HVW FH TXH QRXV QRXV
PHQWRQV"$OOHUDXGHOjGHO¶LQVHQVpYHXWSHXWrWUHGLUHDFFHSWHUG¶rWUHXQSHXIRXSRXUH[HUFHUXQWHOPpWLHU
9RLOjGHO¶HVSRLU
(QILQGRXWRQVWRXMRXUVHQIDYHXUGHODYLFWLPH
(WVLQRXVGRXWRQVFRPPHQWORLQLOIDXWDOOHUGDQVQRVLQWHUYHQWLRQVDOORQV \© DXFDVR ª
¬ FKDFXQ GHV GpILV SUpVHQWpV V¶DMRXWHQW GHV WHFKQLTXHV SUpFLVHV G¶LQWHUYHQWLRQ TXL SHU PHWWHQW G¶DOOHUSOXV
ORLQ
$VXLYUH
3DJH 0DGDPH -DFTXHOLQH $/(;$1'5(
9 -RXUQDOLVWH
9 3UpVLGHQWHGH© O¶$VVRFLDWLRQGHV 'RFWHXUV%58 ª
© /D0DLVRQG¶$FFXHLO-HDQ%58 ª
/HSUHPLHUpWDEOLVVHPHQWSRXUMHXQHVILOOHVD\DQWFRQQXO¶,1&(67( KLVWRULTXHpYROXWLRQHQVHLJQHPHQWV ª
3DJH -HVDOXHWRXWHVOHVSHUVRQQHVTXLVRQWLFLGDQVFHWWHVDOOHHWMHIpOLFLWH$6,12(GHV¶LQWpUHVVHUjXQVXMHWDXVVL
YDVWHHWGLIILFLOH& ¶HVWDVVH]UpFHQWTX¶RQVHSRVHGHVTXHVWLRQVVXUO¶LQFHVWHVXUODIDoRQGRQWR QSHXWDLGHU
OHV SHUVRQQHV D\DQW YpFX O¶LQFHVWH OD IDoRQ GRQW RQ SHXW IDLUH DYDQFHU GDQV OHXU WrWH GHV SHUVRQQHV
LQFHVWXHXVHVHWHQILQFHTX¶LO\DOLHX GHIDLUHSRXUrWUHUpHOOHPHQWHIILFDFHFRPPHSDUH[HPSOHV¶RFFXSHUGH
ODIDPLOOHWRXWHHQWLqUH
1RWUH KLVWRLUHDSDUODYRORQWpIRUPLGDEOHGX 'RFWHXU1LFROH%58FRQQXHGDQVOHPLOLHXPpGLFDOFDUHOOH
pWDLWSURSULpWDLUHGHVODERUDWRLUHV 836$1¶D\DQWSDVG¶HQIDQWFHWWHIHPPHDYDLWGpFLGpGXYLYDQWGHVRQ
PDULGHILQDQFHUXQHDVVRFLDWLRQTXLSUHQGUDLWH QFKDUJHGHVHQIDQWVGpIDYRULVpV
/H'RFWHXU-HDQ%58 HVWPRUWHQUHODWLYHPHQWMHXQHHW 0DGDPH%58 V¶HVWUHWURXYpHjODWrWHGX
/DERUDWRLUH836$,OIDXWVDYRLUTXHTXDQGYRXVKpULWH]GHTXHOTXHFKRVHYRXVGRQQH]GHODYDOHXUGH
FHELHQjO¶(WDW DORUVTXDQGF¶HVWXQJURVKpULWDJHYRXVrWHVREOLJpGHOHYHQGUHSRXUYRXVDFTXLWWHUGHYRV
GURLWVGHVXFFHVVLRQ
(Q0DGDPH%UX DGVHUpVRXGUHjYHQGUHOHODERUDWRLUHHWDSULVGHVGLVSRVLWLRQVSRXUTX¶XQHSDUWLH
GXIUXLWGHODYHQWHGXODERUDWRLUHVRLWFRQVDFUpHjGHVHQIDQWV
(OOHDFRQILpjXQHGHVHVDPLHV 0DvWUH0RQLTXH60$'-$©-HYRXGUDLVIDLUHTXHOTXHFKRVHSRXUOHV
HQIDQWVPDLVMHQHVDLVSDVSUpFLVpPHQWTXRL-HQHVXLVSDVOjSRXUGRQQHUGHVOHoRQVjOD''$66TXLIDLW
FRPPHHOOHSHXWDYHFOHVPR\HQVTX¶HOOHD-HQHVXLVSDVOjQRQSOXVSRXUGRQQHUGHVOHoRQVjWRXWHVFHV
DVVRFLDWLRQVTXLVHEDWWHQWSRXUIDLUHHQVRUWHTXHGHVHQIDQWVVRLHQWVHFRXUXVDXPLHX[-HYRXGUDLVIDLUH
TXHOTXHFKRVHG¶LQQRYDQW6HORQWRL TXHOVVRQWOHVHQIDQWVTXLHQRQWOHSOXVEHVRLQ" ª
© 3RXU PRL FH VRQW OHV HQIDQWV YLROpV D UpSRQGX VRQ DPLH MH OH YRLV TXDQG M¶DL j OHV GpIHQGUH LOV VRQW
SHUGXV LOV Q¶RQW SOXV GH UHSqUH 9UDLPHQW SRXU PRL VL WX IDLVDLV TXHOTXH FKRVH SRXU HX[ FH VHUDLW
IRUPLGDEOH ª
-¶pWDLVWpPRLQGHFHWWHFRQYHUVDWLRQHWMHPHVRXYLHQVTXHVDQVKpVLWHU 0DGDPH%58 DSULVVDGpFLVLRQ
VpDQFHWHQDQWH © 7UqVELHQF¶HVWGHFHVHQIDQWVOjGRQWMHYDLVP¶RFFXSHU ª(WHOOHQ¶DMDPDLVFKDQJpGH
OLJQH (OOH D FUpp © O¶$VVRFLDWLRQ 'RFWHXUV %UX ª 'RFWHXUV DYHF XQ © V ª FDU LO \ HQ D VRQ EHDXSqUH
&DPLOOH %58 OH IRQGDWHXU G¶836$ VRQ PDUL -HDQ %58 HW HOOH 1LFROH OH WURLVLqPH GRFWHXU %58 $
SDUWLUGHOjHOOHV¶HVW SRVpODTXHVWLRQ © &HWWH$VVRFLDWLRQYD IDLUHTXHOTXHFKRVHSRXUOHVHQIDQWVYLROpV
PDLV VRXV TXHOOH IRUPH" ª (W F¶HVW Oj TX¶DSUqV DYRLU SULV TXHOTXHV DYLV HOOH D GpFLGp G¶RXYULU XQ FHQWUH
G¶DFFXHLO
9RXVDOOH]YRLUoDQ¶DSDVWRXMRXUVpWpIDFLOHQLURVH 0DGDPH%58 DGRQQpODPDJQLILTXHSURSULpWpGH
IDPLOOHHQ SOHLQFHQWUHYLOOHG¶$JHQjFHWWHDVVRFLDWLRQHWDIDLWIDLUHGHVWUDYDX[SRXUTXHODPDLVRQSXLVVH
DFFXHLOOLUMHXQHVILOOHV
3HQGDQWOHVWUDYDX[RQDUHFUXWpOD'LUHFWULFHGHO¶$VVRFLDWLRQHWOH'LUHFWHXUGHO¶pWDEOLVVHPHQW
/D 'LUHFWULFH HVW WRXMRXUV OD PrPH DXMRXUG¶KXL /H 'LUHFWHXU XQ SV\FKRWKpUDSHXWH TXL V¶HVW WRXW GH VXLWH
EDSWLVp © 'LUHFWHXU WKpUDSHXWLTXH ª HQ TXHOTXHV PRLV LO D FRQoX XQ SURMHW WKpUDSHXWLTXH &H SURMHW
WKpUDSHXWLTXHpWDLWLQWpUHVVDQWHWPrPHVLDXMRXUG¶KXLRQOHWURXYHW UqVFRQWHVWDEOHRQGRLWVHVRXYHQLUTXH
QRXVQRXVODQFLRQVGDQVXQHDYHQWXUHLQQRYDQWHHWTX¶LODELHQIDOOXXQGpEXW
(QRQLQDXJXUHO¶pWDEOLVVHPHQW
/HSHUVRQQHOHQJDJpHVWDXJUDQGFRPSOHWFRPPHVLOHIR\HUpWDLWSOHLQ x OHV pGXFDWHXUV SDUFH TX¶LO IDOODLW OHV IRUPHU j OD SULVH HQ FKDUJH VSpFLILTXH GH MHXQHV
ILOOHVYLROpHV
x GHX[SV\FKRORJXHV
3DJH x
OH SHUVRQQHO TXL V¶RFFXSDLW GH OD PDLVRQ GX PpQDJHGXOLQJHHWGHO¶LQWHQGDQFH XQ
KRPPHGHVHUYLFHDpJDOHPHQWpWpUHFUXWpDQFLHQSRPSLHUXQS HUVRQQDJHWUqVLPSRUWDQW
GDQVQRWUHpWDEOLVVHPHQW
x
(WQRXVVRPPHVSDUWLVFRPPHFHOD
$XGpEXWLO\DYDLWEHDXFRXSSOXVG¶HQFDGUHPHQWTXHG¶HQIDQWVSXLVRQDFRPPHQFpjDYRLUGHVHQIDQWV,O
IDXWGLUHTXHF¶HVWXQpWDEOLVVHPHQWRXYHUWKVXUM RXUVSDUDQpYLGHPPHQWSRXYDQWDFFXHLOOLUGHV
MHXQHVILOOHVGHGL[jGL[KXLWDQVDYHFODYRORQWpGHIRUPHUOHSHUVRQQHODXILOGHVSUREOqPHVTXHFHVHQIDQWV
H[SULPHUDLHQW1RXVYRXOLRQVGHYHQLUXQpWDEOLVVHPHQWVSpFLDOLVpGDQVODSULVHHQFKDUJHG¶HQIDQ WVYLFWLPHV
MHSUHQGVELHQFHPRWFDUYRXVDOOH]YRLULOYDpYROXHUYLFWLPHVGHYLROHQFHVVH[XHOOHV
4XDQG RQ QRXV GHPDQGDLW © 0DLV TX¶HVWFH TXH YRXV DYH] GH VSpFLILTXH " ª RQ UpSRQGDLW © 2Q D GH
VSpFLILTXHTX¶RQPHW HQVHPEOHGHVHQIDQWVTXLRQWWRXWHVpWpYLROpHVRQFKHUFKHjFRPSUHQGUHOHVSUREOqPHV
VSpFLILTXHVTXHFHODJpQqUHHQHOOHVHWQRXVUpIOpFKLVVRQVjODPHLOOHXUHIDoRQGHOHVDLGHjOHVVXUPRQWHUª
(WDLWFHXQHERQQHLGpH GHOHVUpXQLUDXWRXUGHFHWUDXPDWLVPHFRPPXQ"&¶HVWYUDLTXHO DTXHVWLRQPpULWDLW
G¶rWUHSRVpH
1RXV DYRQV REWHQXO¶KDELOLWDWLRQ$6(HWGDQVXQSUHPLHUWHPSVQRXVQ¶DYRQVSDVGHPDQGpO¶KDELOLWDWLRQ
MXVWLFH FUDLJQDQW TX¶HOOH QH QRXV DXWRULVH SDV j DFFXHLOOLU H[FOXVLYHPHQW GHV HQIDQWV YLROpV &¶pWDLW XQH
HUUHXUFDU ODMXVWLFHDXQU{OHPDMHXUGDQVODYLHGHFHVMHXQHVILOOHV
1RXVOHUHFRQQDLVVRQVYRORQWLHUVQRXVDYRQVUDWpXQHSHWLWHPDUFKHF¶pWDLWODSUHPLqUHoDQ¶DOODLWSDVrWUH
ODGHUQLqUH
/RUVTXHQRXVDYRQVUHPSOLFHWpWDEOLVVHPHQWWUqVYLWHRQV¶HVWDSH UoXTXHOHVpGXFDWHXUVTXHQRXVDYLRQV
FKRLVLVMHXQHVSRXUPLHX[OHVIRUPHUQ¶pWDLHQWSDVDVVH]VROLGHVSRXUIDLUHIDFHDX[SUREOqPHVTX¶DYDLHQW
FHVHQIDQWVWHOOHPHQWORXUGV«FHVMHXQHVpGXFDWHXUVVDQVH[SpULHQFHQHWHQDLHQWSDVOHFKRF
2Q VH GLVDLW DXVVL j SURSRV GHV MHXQHV ILOOHV © (OOHV HQ RQW WHOOHPHQW EDYp OHV SDXYUHV RQ QH YD SDV
FRPPHQFHUjOHXUVHUUHUODYLV ª$ORUVRQpWDLWV\PSDRQYRXODLWVHIDLUHSDUGRQQHUFHTXHODVRFLpWpRXOHXU
IDPLOOHRXOHXUSqUHRXMHQHVDLVTXLOHXUDYDLWID LW
2QDIDLWXQHDXWUHHUUHXU RQOHVDXWRULVDLWEHDXFRXSjVRUWLUSDUFHTX¶RQVHGLVDLW © (OOHVRQW EHVRLQGHVH
FKDQJHU OHV LGpHV ª (W FRPPH oD Q¶DOODLW SDV WUqV ELHQ HW TXH SRXU ILQLU HQ IDLW GH VRUWLUHOOHVUHQWUDLHQW
UDUHPHQWULUHVRQV¶HVWGLWTX¶LO\DYDLWSHXWrWUHTXHOTXHFKRVHjUHYRLUOjDXVVL
/D 'LUHFWULFH GH O¶$VVRFLDWLRQ V¶HVW UDSSURFKpH GH *LQHWWH 5$,0%$8/7 SV\FKLDWUH SV\FKDQDO\VWH GH
UHQRPFKHUFKHXUDX &156TXLDEHDXFRXSWUDYDLOOpHWpFULWVXUOHGHXLO(OOHDDFFHSWpG HQRXVDLGHUj
© UHYLVLWHU ªOHSURMHWG µpWDEOLVVHPHQW«HWjSDUWLUGHOjRQDFKDQJpEHDXFRXSGHFKRVHV
'¶DERUG RQ D GpFLGp TXH FH Q¶pWDLW SOXV XQ pWDEOLVVHPHQW j YLVpH WKpUDSHXWLTXH PDLV XQ OLHX GH YLH HW XQ
pWDEOLVVHPHQW©pGXFDWLI ª
(WQRXVDYRQVUHPSODFpOH'LUHFWHXUWKpUDSHXWLTXHSDUXQ'LUHFWHXUpGXFDWLI/¶pWDEOLVVHPHQWGHYHQDLWXQ
OLHXGHYLHROHVHQIDQWVYLYDLHQWHQLQWHUQDWXQHVRUWHGHIR\HU(OOHVQ¶pWDLHQWSDVHQPLOLHXIHUPpHOOHV
DOODLHQWHQFODVVHjO¶H[WpULHXUDOODLHQWVXLYUHGHV FRXUVGHFKDQWLQWHUYHQDLHQWjOD 63$ HOOHVIDLVDLHQWGH
O¶DYLURQGHO¶pTXLWDWLRQRQQRXVDGLWTXHO¶pTXLWDWLRQF¶pWDLWWUqVERQSRXUHOOHVGHODGDQVHGHODER[H
IUDQoDLVHSRXUFHUWDLQHV&DQRXVVHPEODLWLPSRUWDQWTX
HOOHVVRUWHQWGHFKH]QRXVD YHFXQHERQQHUDLVRQGH
VRUWLU FH TXL QH QRXV VHPEODLW SDV WRXMRXUV OH FDV SRXU OHV DXWUHV VRUWLHV«ULUHV 2Q OHXU D GLW © 9RXV
3DJH IDLWHV FRPPHWRXVOHVDXWUHVHQIDQWV9RXVDOOH]FKHUFKHUDLOOHXUVFHTX¶RQQHSHXWYRXVDSSRUWHULFLPDLVj
OD PDLVRQRQYDRUJDQLVHUGHVDFWLYLWpV ª
'DQV OH IR\HU PrPH RQ D FUpp GHV DWHOLHUV DWHOLHULQIRUPDWLTXHRO¶RQDIDEULTXpSOXVLHXUVQXPpURVGX
MRXUQDO GX FHQWUH DWHOLHU FXLVLQH DWHOLHU EULFRODJH DORUV EULFRODJH MH IDLV XQH SHWLWH SDUHQWKqVH F¶HVW
IRUPLGDEOHOHEULFRODJH(OOHVRQWIDLWGHVFKRVHVPDJQLILTXHV(OOHVRQWIDLWGHVQLFKRLUVHOOHVRQWIDLWXQ
EDVVLQjSRLVVRQV«RQV¶HVWDSHUoXTXHQLOHVQLFKRLUVQLOHEDVVLQjSRLVVRQVQ¶RQWMDPDLVpWpGpWpULRUpV
(QUHYDQFKHTXDQGDXFRXUVG¶XQHFULVHXQH MHXQHILOOHVDFFDJHVDFKDPEUHoDDUULYHSDUIRLVSHUVRQQHQH
GLWULHQQRWUHKRPPHGHVHUYLFHYDDFKHWHUDYHFHOOHOHPDWpULHOQpFHVVDLUHjODUHPLVHHQpWDWHWDYHFHOOH
UpSDUH OHV GpJkWV 8QH IRLV TX¶HOOH D SDVVp GHX[ ± WURLV MRXUV j UpSDUHU VD FKDPEUH F¶HVW YUDL TXH GH WHOV
DJLVVHPHQWVQHVHUHSURGXLVHQWSOXV
1RXVDYRQVpJDOHPHQWGpFLGpGH© VRUWLU ªWRXWOHF{WpPpGLFDOGHQRWUHSULVHHQFKDUJH$O¶RXYHUWXUHGH
O¶pWDEOLVVHPHQWQRXVDYLRQVHQJDJpGHX[SV\FKRORJXHVGHX[SV\FKRORJXHVTXLIDLVDLHQ WSDUWLGXSHUVRQQHO
2UFHVSV\FKRORJXHVGpMHXQDLHQWGHWHPSVHQWHPSVjODFDQWLQHDYHFGHVpGXFDWULFHV4XDQGOHVMHXQHVILOOHV
YR\DLHQWODSV\FKRORJXHGLVFXWHUDYHFXQHpGXFDWULFHPrPHV¶LOpWDLWTXHVWLRQGHODSOXLHHWGXEHDXWHPSV
HOOHVpWDLHQWSHUVXDGpHVTX¶RQSDUODLWG¶HOOHV'RQFoDoDQ¶DOODLWSDVQRQSOXV1RXVDYRQVSULVODGpFLVLRQ
GH© VRUWLU ªOHVSV\GXOLHXGHYLH
1RXV DYRQV pJDOHPHQW FKDQJp OH QRP GH O¶pWDEOLVVHPHQW R DSSDUDLVVDLW © 'RFWHXUV %UX ª OH QRP GHV
IRQGDWHXUV2QV¶HVWGLW © 6LRQYHXWVRUWLUOHF{WpPpGLFDOLVpGXFHQWUHLOIDXWFRPPHQFHUSDUVRUWLUOHPRW
© PpGHFLQ ªGXQRPGHO¶pWDEOLVVHPHQW ª(WOj0DGDPH%58 DFKRLVLGHGpEDSWLVHUO¶pWDEOLVVHPHQWTXLQH
V¶HVWSOXVDSSHOp© &HQWUHGHV'RFWHXUV%58 ªPDLV© 0DLVRQG
$FFXHLO-HDQ%58 ª GXQRPGHVRQPDUL
&¶HVWFXULHX[PDLVGHVSHWLWVGpWDLOVFRPPHoDRQWXQHLPSRUWDQFHFRORVVDOH
$XILOGHVDQVO¶pTXLSHV¶HVWpWRIIpH QRXVDYRQVHQJDJpXQHDVVLVWDQWHVRFLDOHGHVYHLOOHXVHVGHQXLWXQH
EpQpYROH VSpFLDOLVWH GH O¶H[SUHVVLRQ FRUSRUHOOH LQWHUYLHQW XQH IRLV SDU VHPDLQH HW QRXV DXURQV pJDOHPHQW
VRXVSHXXQHPDTXLOOHXVHEpQpYROHHOOHDXVVLSDVVLRQQpHSDUO¶H[SpULHQFHTXHQRXVPHQRQV
-¶DLRXEOLpGHYRXVOHGLUHDXGpSDUWO¶pWDEOLVVHPHQWpWDLWJUDWXLW&HTXLDpWp WUqVPDOLQWHUSUpWp/DJUDWXLWp
F¶HVWSLUHTXHWRXW 6DQVFRPSWHUTX¶DYDQWGHQRXVHQYR\HUGHVHQIDQWVFHUWDLQVpWDEOLVVHPHQWVIDLVDLHQWGHV
HQTXrWHVSRXUVDYRLUVLO¶RQQ¶pWDLWSDVXQHVHFWH 2QDGHPDQGpXQSUL[GHMRXUQpH
1RXVVRPPHVGRQFUHSDUWLVVXUGHQRXYHOOHVEDVHVDYHFXQHpTXLSHG¶pGXFDWHXUVXQSHXSOXVFKHYURQQpV
0DOJUpFHODLOVpWDLHQWHQJUDQGHGLIILFXOWp(WOjOH 'RFWHXU*LQHWWH5$,0%$8/7 DGHPDQGpDX'RFWHXU
$<281 SV\FKLDWUH SV\FKDQDO\VWH GH %RUGHDX[ GH YHQLU DQLPHU GHV UpXQL RQV GH VXSHUYLVLRQ SRXU OHV
pGXFDWHXUVF¶HVWjGLUHTX¶RQDHXODSRVVLELOLWpG¶DYRLUFKDTXHVHPDLQHWURLVKHXUHVGHVXSHUYLVLRQ
(WTXDQGMHSDUOHGX'RFWHXU$<281MHSDVVHjSLHGVMRLQWVVXUOHVSUREOqPHVTX¶RQDHXVjOHIDLUHYHQLU
/XLDXVVLQRXVGLVDLW © 0DLVDWWHQGH] DWWHQGH]«PHWWUHHQVHPEOHGHVHQIDQWVD\DQWYpFXXQWHOGUDPHGDQV
OHXUYLHOHVPHWWUH HQVHPEOHPRLoDQHPHVHPEOHSDVSRVVLEOH ª&¶HVWjFHPRPHQWOjTXH0DUFHOLQH*DEHO
QRXVDGRQQpVRQIHXYHUWHWQRXVDLQFLWpVjSRXUVXLY UHFHWWHH[SpULHQFH0DUFHOLQH*$%(/ © 0DGDPH
,QFHVWH ª DX 0LQLVWqUH GHV $IIDLUHV 6RFLDOHV QRXV D GLW ³ $ OD UpIOH[LRQ VL YRXV PHWWH] GHV HQIDQWV DYHF
G¶DXWUHVSUREOqPHVWRXWVLPSOHPHQWFRPPHDOLELSRXU© QR\HU ªOHVMHXQHVILOOHVTXLRQWYpFXO¶LQFHVWHoD
Q¶HVWSDVWHOOHPHQWpWKLTXHQRQSOXV&¶HVWFRXUDJHX[FRQWLQXH] /H'RFWHXU$<281TXLFRQQDLVVDLWELHQ0DUFHOLQH*$%(/ DDFFHSWpPDLVMHGRLVGLUHWUqVLQTXLHW,OD
GRQFSHQGDQWGHX[DQQpHVDQLPpGHVVpDQFHVGHVXSHUYLVLRQVDYHF0DGDPH5$ ,0%$8/7HWDXMRXUG¶KXL
QRXV DWWHQGRQV OD VRUWLH G¶XQ OLYUH TXL YD V¶DSSHOHU © 4XHVWLRQ G¶LQFHVWH ª pFULW SDU OH 'RFWHXU *LQHWWH
5$,0%$8/7HWOH'RFWHXU$<281jSDUWLUGHWRXVOHVSUREOqPHVTXHOHVpGXFDWHXUVUHQFRQWUHQWDYHF
OHVMHXQHVILOOHVHWWRXWHVOHVUpSRQVHVSURSRVpHV«HWWRXWHVOHVTXHVWLRQVTXLUHVWHQWDXMRXUG¶KXLHQFRUHVDQV
UpSRQVH
3DJH ,O\DXQDQPDLQWHQDQWQRXVQRXVVRPPHVGLW ©$XERXWGHDQVGHIRQFWLRQQHPHQWLOHVWWHPSVG¶HVVD\HU
GHVDYRLUVLFHTXHQRXVIDLVRQVF¶HVWELHQRXVLODYLROHQFHLQVWLWXWLRQQHOOHHVWSLUHTXHWRXW ª
$ FH PRPHQWOj LO \ D HX XQH FDPSDJQH TXL pWDLW G¶DLOOHXUV RUFKHVWUpH SDU 0DUFHOLQH *$%(/ VXU OD
QpFHVVLWpGHSDUOHUVXUODQpFHVVLWpHGH UpYpOHU(WOjQRXVDYRQVUpDOLVpTXHGDQVQRWUHpWDEOLVVHPHQWQRXV
DYLRQV QRQ VHXOHPHQW GHV MHXQHV ILOOHV TXL DYDLHQW YpFX O¶LQFHVWH PDLV TXL O¶DYDLHQW UpYpOp F¶HVW j GLUH SUHPLqUH YLROHQFH O¶DYRLU YpFX GHX[LqPH YLROHQFH O¶DYRLU UpYpOp 3DUFH TX¶pYLGHPPHQW ORUVTX¶HOOHV O¶RQW
UpYpOpF¶HVWYRWUHPpWLHUYRXVOHVDYH] WRXVoDYHXWGLUHTX¶LO\DpFULW VXUOHIURQW© -¶DLpWpYLROpH ª&D
YHXW GLUH TXH SRXU WRXV OHV IUqUHV HW V°XUV LO \ D OD KRQWH G¶DYRLU XQ SqUH YLROHXU oD YHXW GLUH TXH ELHQ
VRXYHQWOHSqUHHVWHQSULVRQHWWRXWoDF¶HVWWUqVWUqVGLIILFLOHjYLY UHSRXUO¶HQVHPEOHGHODIDPLOOHTXLELHQ
VRXYHQWV¶HQSUHQGjFHOOHSDUTXLOHVFDQGDOHDpWpUpYpOp
$ SDUWLU GH FH PRPHQWOj RQ D GpFLGp TXH QRXV QH SUHQLRQV SOXV TXH GHV MHXQHV ILOOHV TXL QRXV VHUDLHQW
HQYR\pHVSDUOD3--F¶HVWjGLUHGHVMHXQHVI LOOHVGRQWODMXVWLFHFRQVLGpUDLWTX¶HOOHVGHYDLHQWPRPHQWDQpPHQW
rWUH pORLJQpHV GH OHXU PLOLHX IDPLOLDO 1RXV DYRQV GRQF DFFXHLOOL FKH] QRXV GHV MHXQHV ILOOHV GRQW RQ VH
GLVDLW HOOHVRQW G¶DERUGHWDYDQWWRXWEHVRLQG¶rWUHSURWpJpHV
(W SXLV DSUqV RQ V¶HVW UHQGX FRPSWH TX¶rWUH SURWpJp F¶HVW ELHQ OH PLQLPXP TX¶LO IDOODLW DXVVL TX¶HOOHV
SXLVVHQWSDUOHUTX¶RQOHVFURLHTX¶RQOHVFRPSUHQQH«TX¶RQOHVVFRODULVHTX¶RQOHVIDVVHVRLJQHUTX¶RQOHV
HQFDGUH«
3RXU HQ UHYHQLU j OD UHFKHUFKH DX ERXW GH FLQT DQV QRXV DYRQV GpFLGp GH ODQFHU XQH pWXGH XQH
pWXGH FOLQLTXHEDVpHVXUOHGHYHQLUGHVMHXQHVILOOHVTXLDYDLHQWVpMRXUQpGDQVQRWUHFHQWUHFRPSDUpjFHOXL
GHMHXQHVIHPPHVD\DQWJDUGpOHVLOHQFH&¶HVWjGLUHFRPSDUpjGHVSHUVRQQHVTXLXQHIRLVDGXOWH VXQMRXU
RXO¶DXWUHDX[DOHQWRXUVGHWUHQWHRXTXDUDQWHDQVDYDLHQWILQLSDUSDUOHUSDUFHTXHoD GpERUGDLWF¶pWDLWWURS
IRUW
4XHOOH GLIIpUHQFH \ DWLO GDQV O¶pYROXWLRQ GH FHOOHV TXLRQWJDUGpOHVLOHQFHHWOHVMHXQHVILOOHVDFFXHLOOLHV
FKH]QRXVTXLXQMRXURQWUpYpOpOHVIDLWVDYDLHQWpWpHQWHQGXHVOHSqUHDUUrWpHWOHSqUHHQSULVRQ-HQHVXLV
SDVOjSRXUMXJHUGXELHQIRQGpG¶HQYR\HUOHVSqUHVHQSULVRQMHVXLVOjSRXUGLUHTXHFHVMHXQHVILOOHVDYDLHQW
YpFXFHOD
6L OD UpYpODWLRQ QRXV VHPEOH QpFHVVDLUH SRXU VRUWLU GX VWDWXW GH © YLFWLPH ª HW rWUH HQ pWDW G¶HQYLVDJHU XQ
QRXYHDX GpPDUUDJH RQ VHGLVDLWTX¶HQOHVDLGDQWHOOHVDYDLHQWTXHOTXHVFKDQFHVG¶\SDUYHQLU3DUFHTXH
UHGpPDUUHUGDQVODYLHFHQ
HVWSDVXQLTXHPHQWGpSDVVHUFHFULPHF¶ pWDLWDXVVLDSSUHQGUHGHVWDVGHFKRVHV
TXHOHXUVSDUHQWVQHOHXUDYDLHQWSDVWRXMRXUVDSSULVSRXUWRXWXQWDVGHERQQHVRXPRLQVERQQHVUDLVRQV
DYRLUXQHYLHVRFLDOH&HVHQIDQWVRQWGRQFGpFRXYHUWODVRFLpWpO¶LQWpUrWGHVRUWLUGHFKH]VRLOHSODLVLU GH
UHQWUHUFKH]VRLRO¶RQRUJDQLVHGHVDFWLYLWpV
4XHQRXVDHQVHLJQpFHWWHpWXGH "
/RUVTX¶HOOHV TXLWWDLHQW O¶pWDEOLVVHPHQW HOOHV DYDLHQW GL[ KXLW DQV HW RQ VH GLVDLW TXH SHXWrWUH HOOHV DOODLHQW
YRXORLURXEOLHUTX¶HOOHVpWDLHQWSDVVpHVFKH]QRXV 2QOHXUGLVDLW © 9RXVSRXYH]UHYHQLUTXDQGYRXVYRXOH]
YRXVYHQH]HQYDFDQFHVYRXVQRXVDSSHOH]YRXVDSSHOH]YRWUHpGXFDWULFHUpIpUHQWHYRXVIDLWHVFHTXHYRXV
YRXOH]« ª(OOHVQ¶DSSHODLHQWMDPDLVHOOHVDWWHQGDLHQWFHUWDLQHPHQWTX¶RQIDVVHOHSUHPLHUSD VFHTXHQRXV
Q¶RVLRQVSDVIDLUHSDUGLVFUpWLRQ
(QWRXWFDVODSUHPLqUHFKRVHTXHQRXVUpYqOHFHWWHpWXGHF¶HVWTX
HOOHVRQWLQILQLPHQWUHJUHWWpTX¶RQDLWHQ
TXHOTXHVRUWHFRXSpOHOLHQSXLVTX¶RQQHO¶DYDLWSDVWLVVpUpJXOLqUHPHQWF¶HVWTX¶RQO¶ DYDLWFRXSp HWHOOHV
RQWYpFXoDFRPPHXQQRXYHODEDQGRQ
(WMHGRLVGLUHTXHQRXVVRPPHVHQWUDLQG¶RUJDQLVHUOHOLHQjpWDEOLUjODVRUWLHGHVSURFKDLQHVGHUHQRXHUOH
OLHQDYHFFHOOHVTXLVRQWSDUWLHV,O\DDXWUHFKRVHTXLHVWWUqVLPSRUWDQWF¶ HVWTX¶HOOHVQRXVGLVHQW © 'DQV
3DJH FHWpWDEOLVVHPHQW ªO¶pWXGHQ¶HVWSDVILQLHPDLVYRLOjFHTXHQRXVVDYRQV© GDQVFHWpWDEOLVVHPHQWF¶pWDLW
JpQLDORQpWDLW QRUPDOHV RQDYDLWWRXWHVYpFXODPrPHFKRVH&HTXLYHXWGLUHTX¶RQDOHGURLWG¶H[LVWHU
&DDUULYHDXVVLDX[DXWUHV ª
$ORUVTX¶RQFUDLJQDLWTX¶HOOHVSDUOHQWVDQVDUUrWGHFHTX¶LOOHXUpWDLWDUULYpFRPPHF¶pWDLWOHORWGHFKDFXQH
HOOHV Q¶HQ SDUODLHQW SUDWLTXHPHQW MDPDLV 'DQV FHW pWDEOLVVHPHQW HOOHV DYDLHQW O¶LPSUHVVLRQ TXH OHV
pGXFDWHXUVOHVpFRXWDLHQWTX¶RQQHOHXUSDVVDLWSDVWRXVOHXUVFDSULFHVTX¶RQDYDLWGHVH[LJHQFHVSXLVTXHj
OHXUHQWUpHLO\DYDLWTXDWUHHQWUHWLHQVDYHFOH'RFWHXU5$,0%$8/7TXDWUHHQWUHWLHQVDXFRXUVGHVTXHOVRQ
HVVD\DLWG¶HQVDYRLUXQSHWLWSHXSOXVVXUODYL HGHFHWWHHQIDQWVRQSDUFRXUV2QOXLH[SOLTXDLWFHTX¶RQDOODLW
HVVD\HUGHPHWWUHHQSODFHDYHFHOOHXQSURMHWGHYLHOXLDVVXUHUXQVXLYLVFRODLUHSDUFHTX¶HQSOXVRQDSULV
GX SHUVRQQHO SRXU OHV DLGHU j IDLUH OHXUV GHYRLUV SRXU UDWWUDSHU OHXU UHWD UG SRXU OHV RULHQWHU GDQV OD YLH
DFWLYH 3RXU OHV MHXQHV PDMHXUHV TXL YHXOHQW UHVWHU VXU $JHQ O¶pTXLSH pGXFDWLYH HVW Oj SRXU OHV DLGHU j
WURXYHU GX WUDYDLO SRXU OHV VXLYUH HQFRUH ORUVTX¶HOOHV V¶LQVWDOOHQW HQ YLOOH WRXW oD F¶pWDLW WUqV WUqV WUqV
LPSRUWDQWSRXUHOOHV
-HQHYRXGUDLVSDVGpIORUHUOHWUDYDLOGHUHFKHUFKHTXLQ¶HVWSDVWHUPLQpPDLVHQWRXWFDVVLMHGRLVFRPSDUHU
DYHFOHVSHUVRQQHVTXLHOOHVQ¶RQWULHQUpYpOpQ¶RQWSDVpWpVXLYLHVWDQWTX¶LOQ¶\DSDVGHUHFRQQDLVVDQFHGX
© FULPH ª WDQWTX¶LOQ¶\DSDVGHUHJUHWH[SULPpSDUOHSqUHHWWDQWTX¶LOQ¶\DSDVUHFRQQDLVVDQFHGHODSDUWGH
VRQHQWRXUDJHODSHUVRQQHVHFRQVLGqUHFRPPH© YLFWLPH ªIDLWGHVDEFqVGHIL[DWLRQVXUFHFULPHTX¶RQD
FRPPLVVXUHOOH$SUqVHOOHVV¶LPDJLQHQWTX HVLHOOHVVRQWDQRUH[LTXHVVLHOOHVVRQWVXLFLGDLUHVHWFoDYLHQW
pYLGHPPHQWGHOjDORUVTX¶RQVDLWWUqVELHQTXHoDSXLVVHrWUHWRXWjIDLWSRXUG¶DXWUHVUDLVRQV
3DUPLOHVFKRVHVOHVSOXVLPSRUWDQWHVVXUOHVTXHOOHVQRXVWUDYDLOORQVLO\DODSUp SDUDWLRQGHQRVpGXFDWHXUVj
IDLUHIDFHMHGLUDLVDX[IRUPHVH[SULPpHVGHGpVDUURLGHVMHXQHVILOOHV(OOHVIXJXHQWHOOHVIRQWGHVWHQWDWLYHV
GHVXLFLGHVHOOHVVHVFDULILHQWHOOHVV¶DOFRROLVHQWSDUIRLVDORUVODGURJXHSRXUTXRLSDVRQHVWWRXMRXUVO HV
GHUQLHUVSUpYHQXVYRXVVDYH]ELHQ&HVRQWGHVpSUHXYHVSRXUOHVpGXFDWHXUVTXLVHGpFDUFDVVHQWSRXUOHV
VRXWHQLUF¶HVWSRXUTXRLO¶$VVRFLDWLRQOHVDLGHjJpUHUOHTXRWLGLHQSDUOHVJURXSHVGHUpIOH[LRQHWOHVJURXSHV
GHSDUROHV
$X[GLUHVGHVpGXFDWHXUVOHSOXVGLIILFLOHjJpUHUFHTX¶LOVYLYHQWOHSOXVPDOF¶HVWODYLROHQFHYHUEDOHGHV
MHXQHVILOOHVHQVRXIIUDQFH
$XMRXUG¶KXL© OD0DLVRQG¶DFFXHLO-HDQ%UX ªV¶HVWIL[pSRXUREMHFWLI x ODVpUpQLWpGDQVO¶pWDEOLVVHPHQW
x OHWUDYDLODYHFODIDPLOOH
x O¶RUJDQLVDWLRQGXOLHQDYHFOHVMHXQHVILOOHVD\DQWTXLWWpO¶pWDEOLVVHPHQW
$SSODXGLVVHPHQWVXQHSHUVRQQHPDQLIHVWHGHIDoRQQpJDWLYH0PH$OH[DQGUHOXLGRQQHODSDUROH
; 9RXVP¶DYH]GRQQpHO¶LPSUHVVLRQGHYRXORLUGRQQHUGHVOHoRQVjGHVJHQVGRQWODSOXSDUWLFLV¶RFFXSHQW
ELHQ VRXYHQW GH FHV MHXQHVOj HW GH WRXWH IDoRQ SDU SULQFLSH UDVVHPEOHU OHV MHXQHV TXL RQW WRXV YpFX GHV
VLWXDWLRQVG¶LQFHVWHPHVHPEOHHIIHFWLYHPHQWrWUHXQSURMHWpGXFDWLITXLQHWLHQWSDV
-$/(;$1'5( &¶HVWXQHTXHVWLRQTXHQRXVQRXVVRPPHVSRVpHHWMHYRXVOHGLVDLVWRXWjO¶KHXUHTXH
SDUPL OHV TXHVWLRQV TXL RQW pWp SRVpHV DX[ MHXQHV ILOOHV TXL RQW TXLWWp O¶pWDEOLVVHPHQW OD WRXWH SUHPLqUH
SRUWDLWOjGHVVXVHWODUpSRQVHHVWXQDQLPH© &¶HVWOHVHXOHQGURLWRQRXVVHQWLRQVQRUPDOHV ª0DLVF¶HVW
YUDLTXHoDQ¶pWDLWSDVpYLGHQWDXGpSDUWRQWURXYDLWFHODULVTXp&HODGLWSRXUTXRLHVWFHTXH0DUFHOLQH
*$%(/QRXVDFRQVHLOOpVGHFRQWLQXHU "3DUFHTXHVLRQYHXWYUDLPHQWSRXYRLUpWXGLHUOHSUREOqPHGHFHV
HQIDQWV LO IDXW OHV DYRLU HQ IDFH GH VRLLOIDXWOHVLGHQWLILHULOIDXWOHVpFRXWHU&DQHYHXWSDVGLUHSRXU
DXWDQWTXHWRXVOHVpWDEOLVVHPHQWVTXLRQWWRXVMHXQHVILOOHVD\DQWYpFXO¶LQFHVWHQHVRQWSDV
FDSDEOHVGHOHIDLUH/DYRORQWpGHQRWUHDVVRFLDWLRQQ¶HVWHQDXFXQFDVGHGRQQHUGHVOHoRQVF¶HVWDYDQW
WRXWG¶DQDO\VHUGHFRPSUHQGUHHWGHGLUH © 9RLOjFHTXHQRXVDYRQVREVHUYp ª-HYRXVGRQQHXQH[HPSOH
3DJH 1RXVDYRQVGDQVQRWUHpWDEOLVVHPHQWGHVMHXQHVILOOHVTXLVHODYHQWTXDUDQWHIRLVSDUMRXUHWG¶DXWUHVTXLQH
VHODYHQWSOXV-HQHMXJHSDVMHYRXVGLV © 9RLOjRQREVHUYHoD ª8QDXWUHH[HPSOH LOVHPEOHUDLWTXHOD
VFDULILFDWLRQ VRLW UpYpODWULFH G¶XQ DEXV VH[XHO 1RXV O¶DYRQV REVHUYp QRXV FKHUFKRQV j OH YpULILHU 'HV
LQIRUPDWLRQV GH FH W\SH VRQW XWLOHV j WRXW OH PRQGH SDUHQWV DVVLVWDQWHV VRFLDOHV HQVHLJQDQWV FRUSV
PpGLFDO«
&KH]HOOHVIRQWGHVIXJXHVTXLRQWSHXWrWUHXQDXWUHVHQVHQFRUHTXHGDQVXQDXWUHpWDEOLVVHPHQW2QQH
GRQQHSDVGHOHoRQRQIDLWXQHpWXGHHWSRXUIDLUHFHWWHpWXGHRQDTXLQ]HMHXQHVILOOHVTXLQ]HMHXQHVILOOHV
TX¶RQHVVDLHG¶DLGHUDXPLHX[
1RXVPrPHVDYDQWG¶RXYULURQV¶HVWSRVpODTXHVWLRQ2QQHVHSRVHSOXVODTXHVWLRQDXMRXUG¶KXLSXLVTXH
ODUpSRQVHGHVMHXQHVILOOHVQRXVSURXYHTXHSRXUHOOHVFHQ¶HVWSDVXQSUREOqPH9RXVVDYH]LO\DGHV
MRXUQDOLVWHVTXLRQWUHIXVpGHIDLUHGHVDUWLFOHVVXUQRWUHpWDEOLVVHPHQWSRXUODPrPHUDLVRQTXHYRXVGRQF
MHFRPSUHQGVTXHYRXVYRXVLQWHUURJLH]MHFRPSUHQGVTXHYRXVD\H]FHWWHLQTXLpWXGH
; 9RWUHpWDEOLVVHPHQWDPLVXQFHUWDLQWHPSVjV¶pWDEOLUHWoDGRQQHO¶LPSUHVVLRQXQSHX© G¶XQHIRUPH
G¶H[SpULPHQWDWLRQ GH SURMHW pGXFDWLI ª HW MH WURXYH TXH F¶HVW DX GpWULPHQW GX UHVSHFW TXH O¶RQ GRLW DX[
SHUVRQQHVDFFXHLOOLHV
- $/(;$1'5( ,O Q¶\ D SDV G¶pWXGH VDQV SUDWLTXH &RPPHQW SHXWRQ LQQRYHU VDQV H[SpULPHQWHU HW
FRPPHQWH[SpULPHQWHUVDQVV¶DSSURFKHUDXSOXVSUqVGHFHX[RXFHOOHVTXHQRXVYRXORQVDLGHU"
1RXV WUDYDLOORQV HQ © 5HFKHUFKH $FWLRQ 9DOLGDWLRQ ª SRXU DLGHU GHV MHXQHV ILOOHV D\DQW YpFX
O¶LQFHVWHHWQRXVHQJDJHRQVjHQIDLUHEpQpILFLHUWRXVFHX[TXLV¶\LQWpUHVVHQW
3DJH 0RQVLHXU 0LFKHO )520$*(7
9 0DvWUHGHFRQIpUHQFHVjO
XQLYHUVLWpGH&DHQ
9 $QWKURSRORJXH
9 $XWHXU QRWDPPHQW GH &RUSV kPH HVSULW ,QWURGXFWLRQ j O¶DQWKURSRORJLH WHUQDLUH $OELQ
0LFKHO
$SURSRVGHWURLVUHJDUGVVXUO¶LQFHVWH
DQWKURSRORJLTXHpWKRORJLTXHHWVSLULWXHO
3DJH 3HUPHWWH]PRLGHPHSUpVHQWHUUDSLGHPHQWDLQVLTXHGHUDSSHOHUOHVYDOHXUVIRQGDPHQWDOHVGHO¶$VVRFLDWLRQ
$56,12(YRXVFRPSUHQGUH]DORUVOHVUDLVRQVGHPDSUpVHQFHHWOHVHQVGHFHWH[SRVp
-H VXLV DQWKURSRORJXH VRFLDO -¶pWXGLDLV DXWUHIRLVOHVUHSUpVHQWDWLRQVGHODPRUWHWSURJUHVVLYHPHQWMHPH
VXLVRULHQWpYHUVO¶pWXGHGHVUHSUpVHQWDWLRQVGHODYLHHWSOXVSDUWLFXOLqUHPHQWYHUVO ¶pWXGHGHV© SDUDGLJPHV
DQWKURSRORJLTXHV ª SURSUH j FKDTXH FXOWXUH &HV SDUDGLJPHV VRQW IRUPpV GH © SUpVXSSRVpV FRQFHSWXHOV ª
GLVDQWGHTXRLHVWIDLWO¶rWUHKXPDLQHWFHTXHGRLWrWUHVDYLH5HFHYRLUGHODVRFLpWpSDUO¶LQWHUPpGLDLUHGH
VHVSDUHQWVXQ WHOSDUDGLJPHHVWSRXUOHMHXQHHQIDQWYpULWDEOHPHQWSULPRUGLDO&DUVHXOFHSDUDGLJPHOXL
SHUPHWWUDGHWLVVHUHWGHGpFOLQHUVDSURSUHKXPDQLWp
3DUPL WRXV OHV © SDUDGLJPHV DQWKURSRORJLTXHV ª FRQQXV GH O¶KLVWRLUH GHV FLYLOLVDWLRQV XQ HQ SDUWLFXOLHU
UHWLHQW GHSXLV XQH GL]DLQH G¶DQQpHV PRQ DWWHQWLRQ &H SDUDGLJPH HVW GLW WHUQDLUH ,O GLW TXH O¶rWUH KXPDLQ
DFKHYpHVWjWURLVFRPSRVDQWHV © OHFRUSV O¶kPHF¶HVWjGLUHOHPHQWDO O¶HVSULW ª,OGLWDXVVLTXHSRXU
SURJUHVVHUYHUVVRQDFKqYHPHQWO¶rWUHKXPDLQGRLWFRQVHQWLUjQHSOXVV¶LGHQWLILHUDYHFVDSHUVRQQHQDWXUHOOH
ELRSV\FKLTXHPDLVjODLVVHUQDvWUHHQHOOHO¶rWUHVSLULWXHOHWHVVHQWLHOTXLVHXOGpWLHQWVRQLGHQWLWpYpULWDEOH
'¶DXWUHSDUWYRXVOHVDYH]OHVWURLVYDOHXUVIRQGDPHQWDOHVTX¶$ 56,12(DFKRLVLGHPHWWUHHQH[HUJXH
GHVDFKDUWHVRQW ODUpVLOLHQFHOHSDUGRQHWOHQRQMXJHPHQW2UOHOLHQTX¶HQWUHWLHQQHQWFHVYDOHXUVDYHF
OHSDUDGLJPHDQWKURSRORJLTXHWHUQDLUHVRQWWUqVpWURLWVHWH[WUrPHPHQWSUpFLV&DUODUpVLOLHQFHTXLH VWXQH
DSWLWXGHjUpVLVWHUDXFKRFQHSHXWV¶H[HUFHUTX¶jSDUWLUGXPRPHQWRO¶RQVDLWUHMRLQGUHDXIRQGGHVRL PrPHFHWWHSDUWGHQRXVPrPHTXLGHPHXUDQWDXGHOjGHWRXWHDWWHLQWHSHXWMXVWHPHQWVHUYLUGHSRLQWGH
UpVLVWDQFH&DUOHSDUGRQTXLHVWFRPPHVRQQRPO¶LQGLTXHOH GRQSDUIDLWOHSDUGRQGRQWRQVDLWTX¶LOQ¶D
DXFXQHMXVWLILFDWLRQMXULGLTXHYRLUKXPDLQHOHSDUGRQTXLHVWFHWWHGLVSRVLWLRQTXLVHXOHSHXWYDLQFUHODPDO
j IRUFH GH ELHQ HK ELHQ FH SDUGRQ MXVWHPHQW Q¶HVW SDV j OD SRUWpH GH O¶KRPPH QDWXUHO j OD SRUWpH GH
O¶KRPPHLPSDUIDLW,OQHSHXWrWUHGRQQpTXHSDUWFHWrWUHHVVHQWLHOTXLDXIRQGGHQRXV PrPHHVWjODIRLV
QRXVPrPHHWXQDXWUHHWLQILQLPHQWSOXVHQFRUHSXLVTX¶LOHVWOHIRQGHPHQWDEVROXGHO¶rWUH(WVHXOFHWrWUH
GHVSURIRQGHXUVFHWrWUH© IRUWXQp ªSHXWUHJDUGHUO¶DXWUHVDQVQXOOHPHQWOHMXJHUF¶HVWjGLUHVDQVO¶pFDUWHU
SDUFHTX¶pWDQWWRXWLOQHGpSHQGGHULHQSDUFHTX¶pWDQWDX GHOjGHWRXWHPHQDFHLOHVWDXGHOjGHWRXWHSHXU
2UYRXVO¶DYH]FRPSULVFHW rWUHHVVHQWLHOFHWrWUH© IRUWXQp ªTXLGRUWDXIRQGGHQRXVPrPHPDLVTXLSHXW
rWUH pYHLOOp FHW rWUH GRQW OHV VFLHQFHV KXPDLQHV HW OD SV\FKRORJLH XQLYHUVLWDLUH QLHQW FDWpJRULTXHPHQW
O¶H[LVWHQFHFHWrWUHHVWFHOXLTX¶pWXGLHHWH[SOLTXHO¶DQWKURSRORJ LHWHUQDLUH7HOOHHVWODUDLVRQSRXUODTXHOOH
RQP¶DSURSRVpGHYHQLUYRXVSUpVHQWHUFHWWHFRPSUpKHQVLRQGHO¶KRPPH
(QRXWUHIDLVDQWILJXUHGDQVFHFROORTXHHQTXHOTXHVRUWHG¶DQWKURSRORJXHGHVHUYLFHHWDXVVLjODPDUJH
G¶pWKRORJXHGHVHUYLFHMHPH VXLVDSSOLTXpjYRXVEURVVHUXQEUHIUpVXPpGHVHQVHLJQHPHQWVGHFHVGHX[
GLVFLSOLQHVFRQFHUQDQWO¶LQFHVWH&HVGHX[UDSSHOVFRQVWLWXHURQWOHVGHX[SUHPLqUHVSDUWLHVGHFHWH[SRVp/D
WURLVLqPH VHUD UpVHUYpH DX SDUDGLJPH DQWKURSRORJLTXH VSLULWXHO RX WHUQ DLUH -¶DLPHUDL HQILQ WHUPLQHU HQ
UDSSHODQW TXH O¶LQFHVWH HVW DXVVL XQ JHVWH V\PEROLTXH XQ © V\PEROH ª GRQW OD FRQQDLVVDQFH SDU OD
GpFXOSDELOLVDWLRQTX¶HOOHDXWRULVHVRXYHQWSHXWFRQWULEXHUFHUWDLQHPHQWjIDYRULVHUODJXpULVRQ
, $3(5&8 685 /(6 35,1&,3$8; (16(,*1(0(176 '( /¶$17+5232/2*,( '(
/¶,1&(67(
/D OLWWpUDWXUH DQWKURSRORJLTXH FRQFHUQDQW O¶LQFHVWH HVW FRQVLGpUDEOH /D SOXSDUW GHV JUDQGV QRPV GH
O¶DQWKURSRORJLHTX¶HOOHVRLWFXOWXUHOOHVRFLDOHSV\FKDQDO\WLTXHRXVWUXFWXUDOHRQWFROODERUpjOD UpIOH[LRQVXU
FHWDFWHpQLJPDWLTXH-HSHQVHQRWDPPHQWj :HVWHUPDUN j'XUNKHLPj)UD]HU
j)UHXG j0DOLQRZVNL HWSOXVSUqVGHQRXVj&ODXGH/pYL6WUDXVV
HW)U+pULWLHU
3DJH $ OHV FRQVLGpUHU GDQV FH TX¶HOOHV RQW HQ FRPPXQ WRXWHV FHV pWXGHV VLJQpHV GHV QRPV OHV SOXV LOOXVWUHV
V¶DFFRUGHQW SRXU UHFRQQDvWUH OD FRPSOH[LWp H[WUrPH GH O¶LQFHVWH GH TXRL V¶DJLWLO YUDLPHQW " 7RXWHV
V¶DFFRUGHQWSRXUUHFRQQDvWUHO¶XQLYHUVDOLWpGHVDSURKLELWLRQHWO¶ LPPHQVHGLYHUVLWpGHFHWWHGHUQLqUH(OOHV
FRQYHUJHQWHQILQSRXUUHFRQQDvWUHTXHVLODKDQWLVHGHVFULPHVGHVDQJHVWSDUIDLWHPHQWH[SOLFDEOHSXLVTX¶LOV
PHWWHQW UpHOOHPHQW HQ SpULO OD YLH GHV LQGLYLGXV HW SDU GHOj FHOOH GH OD VRFLpWp LO UHVWH TXH O¶KRUU HXU GH
O¶LQFHVWHTXLHVWXQDFWHVHYLYDQWSDUOHVJHVWHVGHO¶DPRXUTXDQGLOQ¶HVWSDVHQOXLPrPHXQDFWHG¶DPRXU
LOUHVWHTXHFHWWHKRUUHXUJDUGHWRXMRXUVXQHSDUWG¶LQH[SOLFDEOHXQHSDUWGHP\VWqUH
/HWHPSVP¶pWDQWFRPSWpMHQ¶pYRTXHUDLLFLTXH OHVVHXOVWUDYDX[GH:HVWHUPDUN)UD]HU)UHXGHW/pYL
6WUDXVV
/HV UHFKHUFKHV VXU © O¶KLVWRLUH GX PDULDJH ª HIIHFWXpHV SDU :HVWHUPDUN O¶DPHQqUHQW j FRQFOXUH TXH
O¶DWWDFKHPHQWHWO¶LQWLPLWpSURORQJpHLPSRVpVSDUODYLHHQIDPLOOHHQWUDvQHXQHLQDSSpWHQF HVH[XHOOHXQH
DYHUVLRQSRXUO¶LQFHVWHTX¶LOILQLWSDUFRQVLGpUHUFRPPHLQVWLQFWLYH/DSURKLELWLRQGHO¶LQFHVWHHOOHQHVHUDLW
DORUV DXWUH TXH O¶H[SUHVVLRQ IRUPXOpH GH FHWWH DYHUVLRQ 6L FHWWH WKqVH HXW O¶LPPHQVH PpULWH GH VRXOLJQHU
O¶DQWDJRQLVPHGXGpVLUVH[XHOHWGHO¶DWWDFKHPHQWHOOHQ¶HQGHPHXUDLWSDVPRLQVpPLQHPPHQWFULWLTXDEOH
/¶XQHGHVFULWLTXHVOHVSOXVIRUWHVIXWDGUHVVHUj :HVWHUPDUNSDU )UD]HUOHSqUHGHO¶DQWKURSRORJLHGHV
UHOLJLRQV)UD]HU pFULWGDQV7RWpPLVPHHWH[RJDPLH HWVRQDUJXPHQWDWLRQHVWLPSHFFDEOH © 2QQHYRLWSDV
SRXUTXRLXQLQVWLQFWKXPDLQSURIRQGpPHQWHQUDFLQpDXUDLWEHVRLQG¶rWUHUHQIRUFpSDUXQHORL,OQ¶\DSDVGH
ORLRUGRQQDQWjO¶KRPPHGHPDQJHURXGHERLUHRXOXLGpIHQGDQWGHPHWWUHOHVPDLQVGDQVOHIHX&H TXHOD
QDWXUHHOOHPrPHGpIHQGHWSXQLWQ¶DSDVEHVRLQG¶rWUHGpIHQGXHWSXQLSDUODORL&¶HVWDLQVLTX¶DXOLHXGH
FRQFOXUH GH O¶LQWHUGLFWLRQ OpJDOHGHO¶LQFHVWHjO¶H[LVWHQFHG¶XQHDYHUVLRQQDWXUHOOHQRXVGHYRQVFRQFOXUH
ELHQDXFRQWUDLUHjO¶H[LVWHQFH G¶XQLQVWLQFWQDWXUHOSRXVVDQWjO¶LQFHVWHª7HOOHHVWODFRQFOXVLRQFDSLWDOHGH
)UD]HU LO\DHQO¶KRPPHXQLQVWLQFWTXLOHSRXVVHjO¶LQFHVWH0DLVSUHQDQWFRQVFLHQFHTXHFHWLQVWLQFWHVW
QXLVLEOHGXSRLQWGHYXHVRFLDOO¶LQGLYLGXOHUpSULPHSDUODO RL
)UHXG UHSUHQGUD j VRQ FRPSWH O¶DUJXPHQWDWLRQ HW OD FRQFOXVLRQ GH )UD]HU (Q HIIHW OHV WUDYDX[ GH OD
SV\FKDQDO\VHGpPRQWUHQWGHPDQLqUHLQGXELWDEOHTXHOHVSUHPLHUVGpVLUVVH[XHOVGHO¶KRPPHVRQWWRXMRXUV
LQFHVWXHX[ '¶DXWUH SDUW )UHXG pWDLW FRQYDLQFX TXH OD WKpRULH ELRORJLTXH H[SOLTXDQW OD SURKLELWLRQ GH
O¶LQFHVWHSDUOHGDQJHUGHODFRQVDQJXLQLWpGRLWrWUHWRWDOHPHQWDEDQGRQQpH7RXWHVOHVUHFKHUFKHVXOWpULHXUHV
GH OD ELRORJLH GH OD UHSURGXFWLRQ YDOLGHURQW G¶DLOOHXUV FHWWH DIILUPDWLRQ 6RQ HVVDL G ¶H[SOLFDWLRQ GH OD
SURKLELWLRQGHO¶LQFHVWHSDUO¶K\SRWKqVHGH© ODKRUGHSULPLWLYH ªGH'DUZLQ IHUDSDUFRQWUHORQJIHX&¶HVW
SRXUTXRLMHQ¶HQGLUDLULHQ0DLVO¶DSSRUWHVVHQWLHOGH )UHXG SDUUDSSRUWjODFRQQDLVVDQFHGHO¶LQFHVWHVH
VLWXHjXQDXWUHQLYHDX,OVHVLWXHDXQLYHDXGHODGpILQLWLRQGXFRPSOH[HG¶ ¯GLSHFRPSOH[HTXLHVWWLVVp
GHVLQVWLQFWVDPRXUHX[HWKRVWLOHVTXHO¶HQIDQWpSURXYHSRXUVHVSDUHQWV(WGRQW)UHXGGpPRQWUHUDTXHOD
SURKLELWLRQ GH O¶LQFHVWH HOOHPrPH HVW WRXW DXWDQW O¶XQH GHV FRPSRVDQWHV HVVHQWLHOOHV TXH OD SUHPLqUH
FRQGLWLRQ GH VD UpVROXWLRQ QRUPDOH HW KHXUHXVH (QILQ )UHXG LOOXVWUHUD PDJLVWUDOHPHQW O¶LPSRUWDQFH GX
GpQRXHPHQWGHFHFRPSOH[HWDQWGDQVO¶RULHQWDWLRQGXGpVLUKXPDLQTXHGDQVO¶pWLRORJLHGHVQpYURVHVHWOD
VWUXFWXUDWLRQGHODSHUVRQQDOLWp
/pYL6WUDXVV QDvW HQ 3URIHVVHXU j 6DR 3ROR j 1HZ <RUN SXLV j 3DULV LO HVW OH IRQGDWHXU GH
O¶DQWKURSRORJLHVWUXFWXUDOH&HOOHFLOHFRQGXLVLWjH[DPLQHUODSUREOpPDWLTXHGHO¶LQFHVWHHWGHVDSURKLELWLRQ
VRXV XQ pFODLUDJH SDUWLFXOLHU FHOXL GHV UDSSRUW OLDQW OD QDWXUH HW OD FXOWXUH RX HQFRUH O¶DQLPDOLWp HW
O¶KXPDQLWp2USRXU /pYL6WUDXVVGRQWOHVWUDYDX[VXUOHVXMHWGDWHQWLOHVWYUDLGHLOpWDLWpYLGHQW
TXH© ODYLHVH[XHOOHGHVVLQJHVHVWDEDQGRQQ pHDXKDVDUGGHVUHQFRQWUHV ªTXH© ODYLHDQLPDOHQHVHSUrWHj
DXFXQHQRUPH ªHWTXHIRQGDPHQWDOHPHQW© O¶pWDWGHQDWXUHHVWFDUDFWpULVpSDUODSURPLVFXLWpGHVVH[HVHWOD
FRQIXVLRQ GHV GHJUpV GH SDUHQWp ª (W FHWWH FHUWLWXGH GRQW O¶pWKRORJLH GpPRQWUHUD O¶DEVHQFH WRWDOH GH
IRQGHPHQW SODFpH HQ UHJDUG GH O¶XQLYHUVDOLWp GH OD SURKLELWLRQ GH O¶LQFHVWH FKH] O¶KRPPH LQFLWHUD /pYL 6WUDXVVjDFFRUGHUjFHWWHSURKLELWLRQXQVWDWXWpSLVWpPRORJLTXHLQRXwHWVDQVSUpFpGHQW,OHQILWHQHIIHWOD
3DJH UqJOHPLQLPDOHGHWRXWHFXOWXUH © SDUWRXWRODUqJOHVHPDQLIHVWHpFULWLOQRXVVDYRQVDYHFFHUWLWXGHrWUHj
O¶pWDJHGHODFXOWXUH ª
/¶LQWHUGLFWLRQGHO¶LQFHVWHGHYLQWDLQVLXQHOLJQHGHGpPDUFDWLRQVpSDUDQWO¶KRPPHGHO¶DQLPDODXVVLVUHVL
FHQ¶HVWSOXVTXH ODPDvWULVHGXODQJDJHDUWLFXOpODGRPHVWLFDWLRQGXIHXRXOHVULWXHOVIXQpUDLUHV /pYL
6WUDXVV GpPRQWUHUD HQILQ GH PDQLqUH SDUWLFXOLqUHPHQW FRQYDLQFDQWH TXH FHWWH LQWHUGLFWLRQ HQWUDvQDQW XQH
REOLJDWLRQGHQRXHUGHVDOOLDQFHVKRUVGHODIDPLOOHVHWURX YHrWUHSDUVXLWHjODFOHIGHWRXWHYpULWDEOHVRFLpWp
,, /(6$332576'(/¶(7+2/2*,(
&HVDSSRUWVVRQWG¶XQLQWpUrWH[FHSWLRQQHO-¶HQLGHQWLILHWURLVSULQFLSDX[ ¾ /H SUHPLHU HVW FHUWDLQHPHQW FHWWH FRQQDLVVDQFH DPSOLILpH HW FRQVLGpUDEOHPHQW DIILQpH F HWWH
FRQQDLVVDQFH TXL HVW PDLQWHQDQW YpULWDEOHPHQW H[SpULPHQWDOH HW VFLHQWLILTXH HW TXL GpPRQWUH
DYHF pFODWV HW VDQV DSSHO TXH OHV HVSqFHV DQLPDOHV j IRUW WDX[ G¶HQGRJDPLH GRQF SUDWLTXDQW
O¶LQFHVWHQ¶H[LVWHQWSUDWLTXHPHQWSDV
'pMjGqV ./RUHQ] UHPDUTXDLWTXHFKH]O¶RLHFHQGUpHOHILOVHWODPqUHQHV¶DFFRXSOHQW
SDV HW GqV LO SRXYDLW DIILUPHU O¶H[LVWHQFH FKH] OD PrPH HVSqFH G¶XQH SURIRQGHDYHUVLRQ
SRXU O¶DFFRXSOHPHQW HQWUH IUqUHV HW V°XUV 'H OD PrPH PDQLqUH GHV pWXGHV ORQJLWXGLQDOHV
PpWLFXOHXVHVPHQpHVVXUSOXVLHXUVDQQpHVGpPRQWUDLHQWGDQVOHVDQQpHVTXHPRLQVGH
GHV UDSSRUWV VH[XHOV GX PDFDTXH 5KpVXV PHWWHQW HQ VFqQH OD PqUH HW OH ILOV 3RXUFHQWDJH
H[WUrPHPHQWVLJQLILFDWLISDUVDIDLEOHVVHHWTXLHVWGRQFODSUHXYHG¶XQHWUqV IRUWHLQKLELWLRQ
$ SURSRV GH WUDYDX[ PHQpV HQ VXU GHV JRpODQGV %&<58/1,. SRXUUD pFULUH TXH © GHSXLV FHWWH GDWH OHV JRpODQGV FRPPH OD SOXSDUW GHV DQLPDX[ FRQWHVWHQW /pYL 6WUDXVV ª
'¶DXWUHSDUWD\DQWQRWpTXHO¶LQFHVWHHVWSOXVIUpTXHQWFKH]O HVKXPDLQVTX¶HQPLOLHXQDWXUHOHW
UHSUHQDQW OD ORJLTXH PrPH GHV UDLVRQQHPHQWV GH /pYL6WUDXVV &<58/1,. DIILUPH HQFRUH
DYHFVRQKXPRXUKDELWXHO © SRXUrWUHORJLTXHLOIDXGUDLWFRQFOXUHTXHOHVDQLPDX[VRQWSOXV
FXOWLYpV TXH OHV KRPPHV ª 6RXV OH VLJQH GX OLHQ S (W G¶pFULUH GDQV XQ DXWUH RXYUDJH 0pPRLUH GH VLQJH 3DUROH G¶KRPPH S DSUqV DYRLU UDSSHOp TXH OD VH[XDOLWp GHV
KLSSRSRWDPHV HVW ULJRXUHXVHPHQW UpJOHPHQWpH TXH VHORQ /pYL6WUDXVV © OHV KLSSRSRWDPHV
IHUDLHQWSDUWLHGHVrWUHVYLYDQWVOHVSOXVFLYLOLVpV ª
&HUWHVLOH[LVWHTXHOTXHVH[FHSWLRQV FKH]OHVOpPXULHQVOHVURQJHXUVOHVSLJHRQVOHV
ERYLGpVFHUWDLQVIpOLQV«0DLVODUqJOHGHIRQGGHPHXUHELHQFHOOHOj HQPLOLHXQDWXUHOOHV
DQLPDX[QHSUDWLTXHQWSDVOµLQFHVWH7HOHVWOHSUHPLHUDSSRUW
¾ /H VHFRQG HVW XQH PHLOOHXUH FRQQDLVVDQFH GHV PpFDQLVPHV GH FHW pYLWHPHQW GH O¶LQFHVWH /HV
VRFLpWpVDQLPDOHVQHFRQQDLVVHQWHQHIIHWQLLQWHUGLWQLSURKLELWLRQ/HVUHFKHUFKHVPHQpHVSDU
%RZOE\ HQ VXU O¶DWWDFKHPHQW VRQW LFL SDUWLFXOLqUHPHQWLQWpUHVVDQWHVFDUHOOHVPHWWHQWHQ
OXPLqUHTXHO¶DPRXUVH[XHOHWO¶DWWDFKHPHQWVRQWGLVMRQFWLIV/¶REMHWVH[XHOQHSHXWrWUHHQHIIHW
O¶REMHW G¶HPSUHLQWH TXL HVW OH PDUTXDJH SHUFHSWLI GRQW GpFRXOH O¶DWWDFKHPHQW $X YUDL
O¶LQKLELWLRQ GH O¶LQFHVWH FKH] OHV DQLPDX[ QH SURWpJH SDV OH SDUHQW ELRORJLTXH PDLV OH SDUHQW
G¶DWWDFKHPHQW %&<58/1,. H[SOLTXH GDQV 6L OHV OLRQV SRXYDLHQW SDUOHU TXH © &¶HVW OH
WLVVDJH GH O¶DWWDFKHPHQW TXL LPSUqJQH GDQV OHV DQLPDX[ XQ VHQWLPHQW HW F¶HVW FHOXL FL TXL
HPSrFKH O¶DFWH VH[XHO ª 7RXV OHV WHUPHV GH FHWWH SKUDVH GLWLO RQW pWp YpULILpV
H[SpULPHQWDOHPHQW &HW HQVHLJQHPHQW SRXU OH SV\FKRORJXH SUDWLFLHQ SRXU OH PpGHFLQ RX
O¶pGXFDWHXU HVW pYLGHPPHQW G¶XQH LPSRUWDQFH FDSLWDOH '¶DLOOHXUV OHXUV REVHUYDW LRQV DXVVL HQ
WpPRLJQHQW TXDVLWRXMRXUVO¶LQFHVWHKXPDLQVHSURGXLWGDQV GHVIDPLOOHVjDWWDFKHPHQWIDLEOHRX
QXO3DURLOHVWPRQWUpTXHO¶DFWHLQFHVWXHX[HVWFKH]O¶KRPPHGRXEOHPHQWYHUURXLOOp $56,12($FWHVGXFROORTXHGHVHWRFWREUH
3DJH GHPDQLqUHQRQYHUEDOLVpHSDUOHVHQWLPHQWG¶DWWDFKHP HQW
GHPDQLqUHYHUEDOLVpHSDUO¶pQRQFpGHODORLTXLSURKLEH
¾ 3RXU PD SDUW MH YRLV OH WURLVLqPH DSSRUW IRQGDPHQWDO GH O¶pWKRORJLH j OD FRPSUpKHQVLRQ GH
O¶LQFHVWH GDQV O¶pUDGLFDWLRQ GH FHW HIIHW KDXWHPHQW SHUYHUV TXL GpFRXOH FRPPH
PDWKpPDWLTXHPHQWGHO¶DIILUPDWLRQGH /pYL6WUDXVV &DUVL© ODSURKLELWLRQGHO¶LQFHVWHHVWOD
FRQGLWLRQ PLQLPDOH GH WRXWH FXOWXUH ª F¶HVWjGLUH GH O¶KXPDLQ DORUV LQpYLWDEOHPHQW LO IDXW
FRQVLGpUHU FHX[ TXL RQW FpGp j O¶LQFHVWH FRPPH PRLQV TX¶KXPDLQ F¶HVW jGLUH FRPPH GHV
DQLPDX[ $ FH SURSRV %&<58/1,. QRWH FH TX¶LO DSSHOOH © O¶HIIHW GUDPDWLTXH ª GH FHWWH
GpILQLWLRQGHO¶KRPPH&DUGLWLO© GpILQLUO¶KRPPHF¶HVWGpVLJQHUFHTXLQHO¶HVWSDV ª
(VWLOEHVRLQG¶HQGLUHSOXV "2QFRPSUHQGVLPSOHPHQWTXHODSHQVpHGH /pYL6WUDXVV VXUO¶LQFHVWHSRXUVL
EULOODQWHHWPDJLVWUDOHTX¶HOOHIXWQ¶HQGRXEODLWSDVPRLQVO¶DFWHG¶XQHKRUUHXUVXSSOpPHQWDLUHHWTXHFHWWH
KRUUHXU HQ DSSDUHQFH VFLHQWLILTXHPHQW DUJXPHQWpH QH SRXYDLW HQ ULHQ DLGHU j OD GpFXOSDELOLVDWLRQ GHV
DFWHXUVHQULHQIDFLOLWHUOHWUDYDLOGHVWKpUDSHXWHV2QGRLWj O¶pWKRORJLHHQUpLQWURGXLVDQWO¶LQFHVWHGDQVOH
FKDPSGHVFRPSRUWHPHQWVKXPDLQVGHQRXVDYRLUGpEDUUDVVpGHFHIDUGHDXLQXWLOHHWLQMXVWH
,,,%5(9(,1752'8&7,21$/¶$17+5232/2*,(7(51$,5(
-HYRXGUDLVG¶HQWUpHSUpFLVHUO¶HVSULWGHFHWWHWURLVLqPHSDUWLH/DTXHVWLRQGHVSDUDGLJPHVDQWKURSRORJLTXHV
HVW FRPSOH[H HW HOOH HVW SDUWLFXOLqUHPHQW PDO FRQQXH GX SXEOLF ,O HVW GRQF LPSHQVDEOH TX¶HQ TXHOTXHV
PLQXWHV VHXOHPHQW MH SDUYLHQQH j YRXV GRQQHU QH VHUDLWFH TX¶XQ DYDQW JRW GH OD KDXWHXU HW GH OD
SURIRQGHXU GH O¶LQWHOOLJHQFH HW GH O¶LPPHQVLWp GH FHWWH TXHVWLRQ YpULWDEOHPHQW FUXFLDOH SXLVTXH FRPPH
QRXVDOORQVOHYRLUGHODUpSRQVHTXHQRXVOXLDSSRUWRQVGpSHQGHQWLPPpGLDWHPHQWODPDQLqUHGR QWQRXV
FRQVWUXLVRQVQRWUHrWUHHWFHOOHGRQWQRXVRUJDQLVRQVQRWUHYLH
1RQPRQSURSRVVHUDDXWUHWRXWjODIRLVSOXVPRGHVWHHWSOXVLQFLVLI-HYRXGUDLVVHXOHPHQWjO¶DLGHGH
TXHOTXHVDIILUPDWLRQVVpOHFWLRQQpHVSLTXHUDXYLIO¶LQWpUrWGHFKDFXQHW VXVFLWHUFKH]OXLHQPrPHWHPSV
TXH SOXVLHXUV TXHVWLRQV QRXYHOOHV OH IHUPH GpVLU GH PHQHU VXU O¶DQWKURSRORJLH WHUQDLUH XQH UHFKHUFKH
YpULWDEOH,OPHUHVWHUDDORUVVHXOHPHQWjGRQQHUXQHELEOLRJUDSKLHjTXLODGpVLUHUD
2UGRQFODSUHPLqUHFKRVHjELHQDSHUFHYRLUPHSDUDvWrWUHFHOOHFL QRXVQHYR\RQVQRXVQ¶H[SpULPHQWRQV
SDUQRWUHYLHQLQRWUHrWUHQLQRWUHKXPDQLWpGLUHFWHPHQWPDLVPpGLDWHPHQWjWUDYHUVXQILOWUHQRWLRQQHOTXL
QRXV HVW LPSRVp SDU QRWUH FXOWXUH &H ILOWUH HVW XQ V\VWqPH GH SRVW XODWV XQ DJHQFHPHQW GH SUpVXSSRVpV
FRQFHSWXHOV&¶HVWOXLTXHO¶RQQRPPH© SDUDGLJPHDQWKURSRORJLTXH ª1RWUHFLYLOLVDWLRQPRGHUQHKpULWLqUH
GH OD UHQDLVVDQFH HW GH O¶KXPDQLVPH j ELHQ VU VRQ SURSUH SDUDGLJPH /¶XQH GH VHV SDUWLFXODULWpV
IRQGDPHQWDOHV HVW G¶LQFLWHU OHV KRPPHV TX¶LO LQVWUXLW j VH FRQFHYRLU HW j VH YLYUH TX¶j GHX[ QLYHDX[
H[FOXVLYHPHQW FHOXLGXSK\VLTXHHWGXSV\FKLTXHFHOXLGXFRUSVHWGXPHQWDO(OOHOXLGHPDQGHSDUVXLWHGH
FURLUH TXH VRQ rWUH VH UpGXLW j OD VHXOH H[SpULHQFH TX¶LO HQ D HOOH OXL GHPDQGH GH FURLUHTXHVRQ©-H ªVH
UpGXLWjVRQ© PRL ªHWTX¶LOQ¶HVWHQGpILQLWLYHULHQG¶DXWUHTXHVDSURSUHSHUVRQQHELRSV\FKLTXH&HOOH FL
pWDQWVXJJpUpHFRPPHLUUpIUDJDEOHHWXOWLPHYDOHXU
0DLVMXVWHPHQWFHWWHSHUVRQQHF¶HVWSUpFLV pPHQWHOOHTXHO¶DFWHLQFHVWXHX[SDUOHVVHQWLPHQWVGHVRXLOOXUH
HWGHFXOSDELOLWpSDUODSHUWHG¶HVWLPHGHVRLHWGHFRQILDQFHHQO¶DXWUHTXLHQFRQVWLWXHQWOHFRUWqJHKDELWXHO
F¶HVWSUpFLVpPHQWHOOHTXHO¶LQFHVWHWDQWpFRUFKHHWGpWpULRUHWDQWLQIHFW HHWDIIDLEOLWTX¶HOOHQHWURXYHSOXVHQ
HOOHPrPHODIRUFHGHVHUHOHYHU$PRLQVTXHYHQDQWGHSOXVORLQTXHOHFRUSVHWOHPHQWDOVHXOVYHQDQW
G¶XQ SURIRQGHXU R OD SHUVRQQH VDQV GRXWH Q¶DWWHLQW SDV PRQWH XQH IRUFH QRXYHOOH HW SUHVTXH
LQFRPSUpKHQVLEOHXQHIRUFHTXLVLOHPRLVDLWO¶DFFXHLOOLUHW\rWUHGRFLOHVDXUDOHFRQGXLUHjODJXpULVRQ
0DLVF¶HVWDORUVXQHIRUPHGHPLUDFOHTXHFHUWDLQDSSHOOHQW © UpVLOLHQFH ª'XPRLQVHVWFHOHVLJQHVUTXH
O¶LQGLYLGX PrPH V¶LO Q¶HQ D DXFXQH FRQVFLHQFH YLW QRQ SOXV VXU XQ PRGH VHXOHPHQW GXDOLVWH PDLV GpMj
3DJH WHUQDLUHRXWULGLPHQVLRQQHO1RXVGLULRQVDXVVLELHQ© VSLULWXHO ªSXLVTXHO¶XVDJHHVWDXGHOjGXFRUSVHWGH
ODSV\FKpG¶DSSHOHUODWURLVLqPHFRPSRVDQWHGHO¶rWUHKXPDLQ © HVSULW ª
0DLVDYDQWGHGLUHGHX[PRWVVXUFHFDQHYDVWULSDUWLWHVLpWUDQJHUjQRWUHPHQWDOLWpPRGHUQHELHQTX¶LOHQ
VRLWSDUDLOOHXUVVLSURFKHMHYRXGUDLVUHYHQLUVXUXQDVSHFWHVVHQWLHOGXPpFDQLVPHSDUDGLJPDWLTXHWHOTX¶LO
FRQGLWLRQQHQRWUHPDQLqUHGHFRQFHYRLUHWYLYUHFHODPrPHTXHQRXVVRPPHV
&DU XQ SDUDGLJPH DQWKURSRORJLTXH VH FRQVWUXLW j SDUWLU GH FHWWH WULSOH TXHVWLRQ FOp TXH O¶KXPDQLWp V¶HVW
WRXMRXUV SRVpH © 4XHO HVW OH QRPEUH TXHOOH HVW OD QDWXUH TXHOOHV VRQW OHV UHODWLRQV GHV FRPSRVDQWHV
HVVHQWLHOOHVTXLFRQVWLWXHQWO¶KRPPHDGXOWH " ª -HYHX[GLUHO¶KRPPHSDUYHQXjPDWXULWpO¶KRPPHDFFRPSOL
0DLVFRPSUHQRQVELHQODSUHPLqUHUpSRQVHjFHWWHWULSOHTXHVWLRQUpSRQVHTXLSHXWrWUHXQHGHX[WURLVRX
«GRX]H FRPSRVDQWHV &DU HOOH HVW FHUWHV XQH FRQFHSW LRQ XQH UHSUpVHQWDWLRQ XQH WKpRULH GH O¶KRPPH
0DLV HOOH HVW DXVVL LQGLVVRFLDEOHPHQW XQH SUDWLTXH XQ YpFX XQH PLVH HQ DFWHV (OOH HVW XQH DSSOLFDWLRQ
HIIHFWLYHTXLSURXYHODYDOHXUGHODFRQFHSWLRQGRQWHOOHHVWLVVXH&HTXLIDLWTX¶XQSDUDGLJPHDX WKHQWLTXH
V¶LOQHSHXWGLUHGHO¶KRPPHTXHOTXHFKRVHTX¶LOQHVRLWSDVFHSDUDGLJPHQ¶HQFRQVWUXLWSDVPRLQVO¶KRPPH
WHOTX¶LOOHFRQoRLW&HTXLDpWpELHQDSHUoXDXVVLELHQSDUOHVUHOLJLRQVG¶2ULHQWTXHSDUOHVSKLORVRSKLHV
G¶2FFLGHQWTXLSRXUQRXVHQDYHUWLUQRXVRQWODLVVpGHVSOHQGLGHVVHQWHQFHV © /¶KRPPHHVWODFUpDWLRQGH
VDSURSUHSHQVpH ªRXHQFRUH © &HTXHOHVKRPPHVSHQVHQWLOVOHGHYLHQQHQW ª
-HFRQFOXUDLGRQFjSURSRVGHFHPpFDQLVPHSDUDGLJPDWLTXHGRQWMHYRXODLVYRXVSDUOHUHQ GLVDQW © 8Q
SDUDGLJPHDQWKURSRORJLTXHQHGpFULWSDVO¶KRPPHWHOTX¶LOHVWIDLWPDLVLOIDLWO¶KRPPHWHOTX¶LOOHGpFULW ª
'H Oj O¶LPSRUWDQFH FDSLWDOH TXH M¶DFFRUGH j FHWWH TXHVWLRQ GHV SDUDGLJPHV HW WRXW SDUWLFXOLqUHPHQW DX
SDUDGLJPHWHUQDLUHGRQWMHYHX[YRXVGLUHXQPRWPDLQWHQDQW
7RXW G¶DERUG HQ OH VLWXDQW SDU UDSSRUW j O¶H[SpULHQFH TXH QRXV DYRQV GH QRXV PrPHV H[SpULHQFH
FRQGLWLRQQpHHWIRUJpHSDUOHSDUDGLJPHGHO¶2FFLGHQWPRGHUQHTXLHVWQRXVOHVDYRQVGXDOLVWH-HYHX[GLUH
TX¶LOQHFRQQDvWHQO¶KRPPHTXHGHX[GLPHQVLRQVHVVHQWLHOOHVjO¶H[FOXVLRQGHWRXWHDXWUH
2UFHWWHH[SpULHQFHGLWTXHOHVGLPHQVLRQVDFFUpGLWpHVSDUOHSDUDGLJPHRFFLGHQWDOjVDYRLUQRWUHFRUSVHW
QRWUH SV\FKLVPH WRXW HQ IRUPDQW XQH XQLWp XQH WRWDOLWp LQGLYLVLEO H VRQW FHSHQGDQW LUUpGXFWLEOHV O¶XQH j
O¶DXWUH(WF¶HVWELHQSRXUFHODTXHFHSDUDGLJPHHVWUpHOOHPHQWGXHOGXDOLVWHRXELQDLUHHWQRQSDVPRQLVWH
RX XQLWDLUH &DU FHOD QH SHXW rWUH QLp /HV RV OHV PXVFOHV OHV YLVFqUHV DSSDUWLHQQHQW j XQ DXWUH RUGUH GH
UpDOLWpTXHOHVSHQVpHVOHVVRXYHQLUVOHVUrYHV8QHSUHXYHpYLGHQWH OHV\HX[GXFRUSVQHYRLHQWSDVOHV
LGpHVHWSRXUWDQWFHOOHVFLH[LVWHQWELHQ&HVRQWPrPHHOOHVTXLJRXYHUQHQWOHPRQGH
(KELHQ FHFLQRWpFRPPHQoRQVSDUUHWHQLUFHOD WRXV OHVKRPPHVD\DQWIDLWO¶H[SpULHQFHGHODWURLVLqPH
GLPHQVLRQGHOHXUrWUHO¶H[SpULHQFHGHO¶HVSULWWRXVDIILUPHQWDYHFIRUFHTXHO¶HVSULWHVWDXVVLGLIIpUHQWGH
O¶kPH F¶HVW j GLUH GX PHQWDO ± TXH FHOOHFL HVW GLIIpUHQWH GX FRUSV ,O IDXW GRQF TXH QRXV DGPHWWLRQV
G¶HPEOpHTX¶LOH[LVWHXQHSDUWGHQRWUHrWUH DFWXHOOHRXYLUWXHOOH DXVVLLQYLVLEOHDX[\HX[GHO¶kPHF¶HVWj
GLUHLQFRQFHYDEOHjODSHQVpHUDWLRQQHOOHTXHFHWWHSHQVpHHVWHOOH PrPHLQYLVLEOHDX[\HX[GXFRUSV
$YRQVQRXV ELHQ HQUHJLVWUp FHOD " &HFL IDLW YRLFL XQ PRW VXU FKDFXQH GHV WURLV FRPSRVDQWHV FOpV GX
SDUDGLJPHWHUQDLUHTXHO¶RQGpVLJQHOHSOXVVRXYHQWSDUODIRUPXOHGHVFULSWLYH © FRUSVkPHHVSULW ª
/HFRUSVWRXWG¶DERUG-HUDSSHOOHUDLVHXOHPHQWOHVpYLGHQFHVVXLYDQWHV3DU VHVFLQTVHQVLORXYUHVXUOH
PRQGHSK\VLTXHVXUO¶RUGUHGHVUpDOLWpVVHQVLEOHVPDWpULHOOHVVXUOHPRQGHGHVREMHWV0DLVOHFRUSVQ¶HVW
SDVVHXOHPHQWRXYHUWXUHVHQVDWLRQ,OHVWDXVVLDFWLRQ,OPHSHUPHWG¶DJLUGDQVHWVXUOHPRQGHPDWpULHO/H
FRUSVSHXWrWUHFRQVLGpUpFRPPHPRQLQWHUIDFHDYHFOHPRQGHH[WpULHXU3DUOXLFHPRQGHV¶LPSULPHGDQV
PRQkPHPRQSV\FKLVPHHWSDUOXLPRQkPHPDSHUVRQQDOLWpPDSHQVpHV¶H[SULPHGDQVOHPRQGH
3DJH /¶kPHHQVXLWH9RXVO¶DYH]FRQVWDWp MHQHSDUOHSDVGHO¶kPHGDQVVRQVHQVHFFOpVLDORXUHOLJLHX[/HPRW
kPH GDQV OH YRFDEXODLUH SDUDGLJPDWLTXH HVW SULV GDQV VRQ VHQV pW\PRORJLTXH &H VHQV HVW FHOXL GHV PRWV
DQLPD HQODWLQSV\FKp HQJUHF2QYRLWGRQFTXHO¶kPHHVWGHO¶KRPPHFHTXHOHVSV\FKRORJXHVpWXGLHQ W
DXMRXUG¶KXL (OOH HVW QRWUH SV\FKLVPH QRWUH PHQWDO /HTXHO RXYUH VXU OH PRQGH SV\FKLTXH OH PRQGH
LQWHOOLJLEOHOHPRQGHGHVVXMHWV0DLVO¶kPHFRPPHOHFRUSVHVWDXVVLDFWLRQHWQRQVHXOHPHQWSHUFHSWLRQ SDUOHODQJDJHSDUOpRXQRQHOOHDJLWVXUO HPRQGHGHVkPHVHWGHVVXMHWV'HO¶LQWpULHXUGDQVXQVRXFLGH
VLPSOLILFDWLRQ MH GLUDL TXH O¶kPH HVW DVVLPLODEOH j OD SDUW SV\FKLTXH GX PRL /H FRUSV HQ pWDQW OD SDUW
SK\VLTXH
2U OH SURSRV GH O¶DQWKURSRORJLH WHUQDLUH HVW G¶DIILUPHU TXH O¶KRPPH QH V¶p SXLVH HQ ULHQ GDQV OHV GHX[
GLPHQVLRQVGXFRUSVHWGHO¶kPHPDLVTX¶LOSHXWrWUHWLVVpG¶XQHWURLVLqPHGLPHQVLRQ O¶HVSULW-HQ¶DLPH
JXqUH GpILQLU O¶HVSULW FDU LO HVW SUpFLVpPHQW FHW LQILQL HQ O¶KRPPH TXL QH VH SHXW GpILQLU &HSHQGDQW OH
FRXWHDXVRXVODJRUJHMHGLUDLVFHFL © $SUqV OH FRUSV HW O¶kPH O¶HVSULW HVW OD WURLVLqPH HW XOWLPH GLPHQVLRQ RQWRORJLTXH GH O¶rWUH KXPDLQ 6RQ
UDSSRUWjO¶kPHHVWVHPEODEOHjFHOXLGHO¶kPHDXFRUSVHWVRQPRGHGHPDQLIHVWDWLRQHVWO¶DPRXU ª
'DQV XQH SHUVSHFWLYH RULHQWDOH RQ SRXUUD UHPSODFHU OH PRW DPRXU SDU FHOXL GH FRPSDVVLRQ &HOD UHYLHQW
PrPH
0DLVFHWWHGpILQLWLRQVLHOOHWUDQTXLOOLVHO¶HJRHWOHPHQWDOQHGRQQHYRXVOHYR\H]DXFXQHFOpGHO¶HVSULW
6DQVGRXWHO¶XQGHVSOXVJUDQGVP\VWLTXHVGHWRXVOH VWHPSV0DvWUH(FNKDUWDYDLWLOUDLVRQTXLDIILUPDLW
WRXWXQLPHQWTXH© QXOQHFRPSUHQGGHO¶HVSULWFHTXHO¶RQHQGLWTXLQHOHFRQQDvWGpMj ª
,OH[LVWHFHSHQGDQW'LHXPHUFLGLIIpUHQWVFKHPLQVSRXUQRXVFRQGXLUHjXQHSUHPLqUHLQWXLWLRQGHO¶HVSULW
KXPDLQ /HV XQV VRQW SKpQRPpQRORJLTXHV ,OV FRPSRUWHQW XQH SUHPLqUH H[SpULHQFH GHV SKpQRPqQHV /HV
DXWUHVVRQWVHXOHPHQWDQDORJLTXHV
'HVSUHPLHUVOHVSOXVLPSRUWDQWVVRQWO¶H[SpULHQFHGHO¶DPRXUSXUGHO¶DPRXUIRXDLQVLTXHO¶H[SpULHQFH
GHO¶pPHUYHLOOHPHQWGHYDQWODEHDXWpHQSDUWLFXOLHUGHYDQWODEHDXWpGHODQDWXUH&DUODEHDXWpHVWO¶LQGLFH
GH O¶HVSULW FRPPH O¶DPRXU HQ HVW OD VXEVWDQFH $ SURSRV GHV VHQWLHUV DQDORJLTXHV OHV PHLOOHXUV VRQW
FHUWDLQHPHQW OHV SDUDEROHV HW OHV V\PEROHV SURSRVpV SDU OHV (FULWXUHV 6DLQWHV GHV JUDQGHV UHOLJLRQV$LQVL
QRWDPPHQWOHVSDUDEROHVGRQQpHVSDU -pVXV&KULVW jSURSRVGX5R\DXPHGHV&LHX[0DLVFHVDQDORJLHV
PpWDSKRUHV RX PpWRQ\PLHV TXL SHUPHWWHQW PD PHLOOHXUH DSSUpKHQVLRQ GH O¶HVSULW QH VRQW SDV VHXOHPHQW
YHUEDOHV2QSHXWOHVWURXYHUDXVVLGLUHFWHPHQWGDQVODUpDOLWpVHQVLEOHQDWXUHOOHRXDUWLILFLHOOH$LQVLHQYD W
LOSDUH[HPSOHGHVPpWDPRUSKRVHVDQLPDOHVHWGHVLPDJHVGLWHVWULGLPHQVLRQQHOOHV
&DUO¶DSSDULWLRQGHO¶HVSULWGDQVODYLHSV\FKLTXHHVWDX VVLLQVROLWHHWVWXSpILDQWHTXHODVRXGDLQHSHUFHSWLRQ
GHODGLPHQVLRQGHSURIRQGHXUFRQWHQXHGDQVOHVLPDJHVWULGLPHQVLRQQHOOHVGHVVLQpHVSDUOHVRUGLQDWHXUV
$ORUVODSHUFHSWLRQGHO¶LPDJHSODQHV¶HVWRPSHSRXUODLVVHUPRQWHUXQHDXWUHYLVLRQDXWUHPHQW SOXVEHOOHHW
IDVFLQDQWH HW WRXMRXUV SOXV VLJQLILDQWH '¶DLOOHXUV FHWWH DQDORJLH HVW WUqV IRUWH FDU HOOH GLW GH PDQLqUH
H[HPSODLUHTXHOHPRQGHVSLULWXHOQ¶HVWSDVXQDXWUHPRQGHTXHFHOXLSHUoXSDUO¶kPHHWOHFRUSVPDLVOH
PrPHPRQGHSHUoXGLIIpUHPPHQW
&DU HQILQ O¶H[SpULHQFH GH O¶HVSULW ORUVTX¶HOOH HVW VXIILVDPPHQW DFFHSWpH HW DVVLPLOpH OLEqUH DX F°XU GH
O¶KRPPHQDWXUHORXH[WpULHXUGHO¶KRPPHSV\FKLTXHRXDQFLHQXQKRPPHVSLULWXHO RX QRXYHDXXQKRPPH
LQWpULHXURXDFFRPSOLFHFLH[DFWHPHQWGH ODPrPHPDQLqUHTXHOHVPpWDPRUSKRVHVDQLPDOHVWUDQVIRUPHQW
OHVODUYHVHQLPDJROHVFKHQLOOHVHQSDSLOORQVRXFpWRLQHVOHVWrWDUGVHQJUHQRXLOOHVRXVDODPDQGUHV&HWWH
PpWDPRUSKRVHFRUUHVSRQGUDLWHQIDLWjXQHGHX[LqPHQDLVVDQFH(WF¶HVWHOOHHWQRQOD SUHPLqUHTXLFRQIqUHj
O¶LQGLYLGXWRXWHQODOXLUpYpODQWVRQLGHQWLWpYpULWDEOH
3DJH (W WHOOH HVW O¶XQH GHV UXSWXUHV OHV SOXV UDGLFDOHV HQWUHV OHV DQWKURSRORJLHV GXDOLVWH HW WULSDUWLWH 3RXU OD
VHFRQGHO¶KRPPHSRXUSDUYHQLUjVRQDFKqYHPHQWGRLWQpFHVVD LUHPHQWFRQQDvWUHXQHGHX[LqPHQDLVVDQFH
,O QDvWHQGHX[IRLV XQHTXLOXLHVWLPSRVpHODSUHPLqUHODQDLVVDQFHQDWXUHOOH8QHTXLOXL HVW VHXOHPHQW
SURSRVpHODVHFRQGHODQDLVVDQFHVSLULWXHOOH
&HWWHPDQLqUHGHVHFRQFHYRLUGHVHYLYUHHWGHV¶pUL JHUHVWODSOXSDUWGXWHPSVVLpWUDQJqUHjO¶KRPPHGH
QRWUHWHPSVTX¶LOODFRQVLGqUHXQSHXjODPDQLqUHG¶XQODSLQVRUWDQWG¶XQFKDSHDX-HYHX[GLUHFRPPHXQH
LOOXVLRQ6DUpDFWLRQVHGLWVXUOHPRGH © 6LF¶pWDLWYUDLoDVHVDXUDLW ª0DLVFHWWHUpDFWLRQQHWpPRLJQHHQ
IDLW TXH GH VRQ LJQRUDQFH &DU HQ YpULWp FHOD VH VDLW HW FHOD VH VDLW GHSXLV WRXMRXUV (W LO Q¶\ D TXH OD
FLYLOLVDWLRQPRGHUQHSRXULJQRUHUHWGLVTXDOLILHUODFRPSUpKHQVLRQWHUQDLUHGHODYLHHWGXPRQGH,OHVWHQ
HIIHW IDFLOH GH PRQWUHU TXH FHWWH FRPSUpKHQVLRQ HVW DXVVL ELHQ DX F°XU HW j OD FOp GHV SOXV JUDQGHV
SKLORVRSKLHVG¶2FFLGHQWQRWDPPHQWGXSODWRQLVPHHWGXVWRwFLVPHGHVSOXVJUDQGHVUHOLJLRQVPRQRWKpLVWHV
QRWDPPHQW GX MXGDwVPH GX FKULVWLDQLVPHHWGHO¶LVODPTX¶DXF°XUG HVSOXVJUDQGHVUHOLJLRQVRULHQWDOHV
QRWDPPHQWGHO¶KLQGRXLVPHGXWDRwVPHHWGXERXGGKLVPH
$LQVLQRXVOHYR\RQVHWFHVHUDOHSUHPLHUGHVGHX[DVSHFWVTXHSRXUWHUPLQHUMHGpVLUHVRXOLJQHUFRPPHj
ODPLQHG¶RU OHSDUDGLJPHWHUQDLUHDLQVLTXHOH YpFXTX¶LOSURSRVHHWVXVFLWHQHVRQWODSURSULpWpG¶DXFXQH
FLYLOLVDWLRQG¶DXFXQHUHOLJLRQG¶DXFXQHSKLORVRSKLHG¶DXFXQHGRFWULQH
,OFRQYLHQWGHQHV¶\SRLQWWURPSHU(WVXUWRXWG¶HQLQIRUPHUHWG¶HQDYHUWLUDXVVLELHQOHVkPHVSLHXVHVHW
FRQIRUPLVWHVTXHOHVHVSULWVIRUWVHWDWKpHV FHX[GRQWODFUR\DQFHHVWGHFURLUHjO¶LQH[LVWHQFHGH'LHX,O
FRQYLHQWGHOHVSUpYHQLUTXHO¶LPDJRTXLGRUWGDQVOHVSURIRQGHXUVGHO¶rWUHQ¶HVWSDVGHQDWXUHUHOLJLHXVH
&HUWHV OHV UHOLJLRQV Q¶H[LVWHQW HW Q¶RQW GH VHQV TXH SDU OXL 0DLV LO Q¶HVWSDVG¶HVVHQFHUHOLJLHXVHHWLOQH
GHPDQGHGHVDFULILHUjDXFXQGRJPH%LHQVUOHVJHQVG¶pJOLVHHWFHX[GHO¶XQLYHUVLWpOHVGpIHQVHXUVGHOD
IRLHWFHX[GHODUDLVRQDIILUPHQWOHFRQWUDLUH/HVSUHPLHUVSRXUPLHX[DSSUL YRLVHUHWV¶DSSURSULHUO¶HVSULW
/HVVHFRQGVSRXUPLHX[OHUHMHWHUHWOHGLVFUpGLWHU0DLV'LHXPHUFLGHWHOOHVPDQ°XYUHVQHO¶DIIHFWHQWHQ
ULHQHWDX[XQVFRPPHDX[DXWUHVLPSHUWXUEDEOHPDOLFLHX[HWWrWXO¶HVSULWFRQWLQXHGHSURSRVHUFHWWHPrPH
HWGpFLVLYHH[SpULHQFHTXLQ¶HVWDXWUHTXHO¶pYHLOjVRL PrPH
(WYRLFLOHGHX[LqPHHWGHUQLHUFRPPHQWDLUHTXHMHGpVLUHPHWWUHHQUHOLHIDILQGHFORUHFHWWHLQWURGXFWLRQj
O¶DQWKURSRORJLH WHUQDLUH © +RUV G¶XQ WHO pYHLO LO Q¶HVW SDV GH UpVLOLHQFH FRQFHYDEO H 3OXV HQFRUH GH FHW
pYHLO OD UpVLOLHQFH GHYUDLW rWUH FRQVLGpUpH FRPPH OD SUHXYH HW OH IUXLW (W GH OD UpVLOLHQFH FHW pYHLO
FRQVWLWXHUDLW FRPPH OD VXEVWDQFH PrPH ª 7HOOH HVW GX PRLQV PD FRQYLFWLRQ TXL V¶DSSXLH VXU GHV
FRQVLGpUDWLRQVDXVVLELHQWKpRULTXHVTX¶HPSLULTXHVMHYHX[GLUHGHO¶RUGUHGHO¶H[SpULHQFH'HSOXVFHWWH
FRQYLFWLRQFRQFHUQHWRXWSDUWLFXOLqUHPHQWODSDWKRORJLHHWODWKpUDSHXWLTXHGHO¶LQFHVWH
&DUVXUOHSODQQRWLRQQHOHWWKpRULTXHWRXWHODSV\FKRORJLHGXPRLHWWRXWHVOHVpFRO HVSV\FKDQDO\WLTXHVHQ
WpPRLJQHQW FHWWH DFFHSWDWLRQ GH O¶LQDFFHSWDEOH FH SDUGRQ GH O¶DJUHVVHXU FH GpWDFKHPHQW TXL WDULW WRXW
MXJHPHQWWRXWHVFHVGLVSRVLWLRQVVDQVOHVTXHOOHVLOQ¶\DSDVGHYUDLHJXpULVRQGHO¶LQFHVWHHKELHQ SDVXQH
GH FHV DWWLWXGHV Q¶DSSDUWLHQW DX[ PpFDQLVPHV G¶pUHFWLRQ HW GH GpIHQVH GX PRL $XFXQH GH FHV DWWLWXGHV
Q¶DSSDUWLHQW DX UHJLVWUH SV\FKLTXH DX UHJLVWUH GH O¶KRPPH QDWXUHO 3DV SOXV G¶DLOOHXUV TXH O¶DPRXU
LQFRQGLWLRQQHOODMRLHVDQVREMHWRXODSDL[LQDOWpUDEOH3DUFRQ WUHWRXWHVDSSDUWLHQQHQWDXSUHPLHUFKHIDX
UHJLVWUHGH© O¶KRPPHVSLULWXHO ªDXUHJLVWUHGH © O¶KRPPHDFKHYp ª
(W SRXU GpPRQWUHU FHOD LO \ D ELHQ SOXV TXH GHV UDLVRQQHPHQWV HW GHV pFULWV ,O \ D GHV IDLWV LO \ D GHV
WpPRLJQDJHV,O\DGHVWpPRLJQDJHVpWRQQDQWVYHQDQWGHSHUVRQQHVTXLDORUVTXHOHXUFRUSVpWDLWHQJUDQG
GDQJHUHWVRXPLVjGHJUDQGHVGRXOHXUVDORUVTXHOHXUkPHpWDLWHQSURLHjODSOXVJUDQGHGpWUHVVHHWODSOXV
JUDQGHDQ[LpWpQRXVGLVHQWTX¶HQFHVLQVWDQWVFULWLTXHVHWGUDPDW LTXHVHOOHVVHQWLUHQWVHOHYHUHQHOOHVGHV
IRUFHV QRXYHOOHV HW MXVTXH Oj PpFRQQXHV TXL OHXU SHUPLUHQW GH UHWURXYHU FRQILDQFH HW HVSRLU HW PrPH
VRXYHQWGHJXpULU(WOHVPRWVOHVSKUDVHVOHGLVFRXUVPrPHGHFHVWpPRLJQDJHVMHSHQVHQRWDPPHQWDX[
SDUROHVGHYLFWLPHVGXVLGDOHSURXYHQW OHXUVDXWHXUVVRQWWUqVFRQVFLHQWVTXHOHVIRUFHVTXLOHXUSHUPLUHQW
GH VH UHOHYHU QH YLHQQHQW SDV GH OD FKHQLOOH PDLV GX SDSLOORQ QH YLHQQHQW SDV GH O¶KRPPH DQFLHQ TX¶LOV
3DJH pWDLHQWOHVHXOUHFRQQXSDUO¶DQWKURSRORJL HGXDOLVWHPDLVGHO¶KRPPHQRXYHDXHWLQWpULHXUOHVHXODFFUpGLWp
SDU O¶DQWKURSRORJLH WHUQDLUH OH VHXO GRQW QRXV D\RQV j QRXV UHFHYRLU FRPPH OH UXLVVHDX VH UHoRLW GH VD
VRXUFH$GpIDXWGHQ¶H[LVWHUSRLQWRXVHXOHPHQWHQDSSDUHQFH
9RLOjM¶DLGpMjpWpWURSORQJHWFRQIRUPpPHQWjFHTXHM¶DSSUpKHQGDLVODIXLWHGXWHPSVQHPHSHUPHWSDV
G¶RXYULUXQHTXDWULqPHHWGHUQLqUHSDUWLHVXUO¶LQFHVWHFRQVLGpUpFRPPHV\PEROH-HPHFRQWHQWHUDLGRQFGH
OHVLJQDOHUDX[WKpUDSHXWHVTXLGpVLUHQWDSSURIRQGLUFHWWH TXHVWLRQTX¶LOFRQYLHQWG¶DERUGG¶HQUpIpUHUDX[
WUDYDX[GH&DUO*XVWDYH-XQJ-XQJ jTXLO¶RQGRLWODWULSOHHWFDSLWDOHGpFRXYHUWHTXHYRLFL
/D SUHPLqUH HVW TXH OH GpVLU G¶LQFHVWH Q¶HVW SDV VHXOHPHQW GH FRKDELWDWLRQ VH[XHOOH &H GpVLU UHSRVH SOXV
SURIRQGpPHQWVXUO¶LGpHGHUHGHYHQLUHQIDQWGHUHYHQLUGDQVOHYHQWUHGHODPqUHSRXUrWUHjQRXYHDXHQIDQWp
SDUHOOH«HW© UpHQIDQWp ªVXUXQSODQVXSpULHXU
/DVHFRQGHHVWTXHO¶LQFRQVFLHQWFRQQDvWFHWWHSDUWLFLSDWLRQGXGpVLUGHGHX[LqPHQDLVVDQFHDXGpV LUG¶LQFHVWH
HWTX¶LOVHVHUWSUpFLVpPHQWGHO¶LQFHVWHSRXUV\PEROLVHUO¶XQLRQGHO¶rWUHDYHFOXL PrPHXQLRQTXLHVWODFOp
GHVRQDFKqYHPHQWVSLULWXHO/HVWUDYDX[GH -XQJ VXUODV\PEROLTXHDOFKLPLTXHVRQWjFHWpJDUGWRXWjIDLW
LQWpUHVVDQWV
/DWURLVLqPHHQILQPHWHQOXPLqUHTXHODSURKLELWLRQGHO¶LQFHVWHQ¶DSDVVHXOHPHQWSRXUHIIHWRXIRQFWLRQ
G¶HPSrFKHU XQ DFWH QXLVLEOH HW WUDXPDWLVDQW WDQW VXU OH SODQ SV\FKLTXH TXH VXU OH SODQ VRFLDO (PSrFKDQW
O¶LQVWLQFWLQFHVWXHX[GHVHUpDOLVHUVXUOHSODQG HODFKDLUODSURKLELWLRQUHPDUTXH-XQJUpFXSqUHO¶pQHUJLHGH
FHWLQVWLQFWHWO¶RULHQWHSRXUVHUYLUjO¶DFFRPSOLVVHPHQWVSLULWXHOTXHO¶LQFHVWHMXVWHPHQWV\PEROLVH(W -XQJ
SRXUUDpFULUHDLQVLGDQV3V\FKRORJLHGXWUDQVIHUW S © /HWDERXGHO¶LQFHVWHDOODQWMXVTX¶DXERXWGHVHVYLUWXDOLWpVFRQGXLWKRUVGHODVSKqUHELRORJLTXHHWGRQQH
DFFqVjODVSKqUHVSLULWXHOOH ª
1RXV DYRQV Oj XQH H[SOLFDWLRQ DX IDLW pWRQQDQW UHPDUTXp SDU GH QRPEUHX[ HWKQRORJXHV VDYRLU TXH OD
WUDQVJUHVVLRQGHO¶LQWHUGLW GHO¶LQFHVWHHVWELHQSOXVVRXYHQWFRPSULVHHWYpFXHFRPPHXQSrFKpTXHFRPPH
VLPSOHFULPH-HYRXVUHPHUFLHGHYRWUHDWWHQWLRQ
%LEOLRJUDSKLH LQGLFDWLYH
0$,1('(%,5$1
:-$0(6
5*8(121
1%(5',$(9
(67(,1
$+8;/(<
9)5$1./
.:,/%(5
+GH/8%$&
-%25(//$
0)520$*(7
0)520$*(7
0)520$*(7
-36&+1(7/(5
1RXYHDX[HVVDLVG¶DQWKURSRORJLH /HVYDULpWpVGHO¶H[SpULHQFH UHOLJLHXVH
/DJUDQGH7ULDGH
'LDOHFWLTXHH[LVWHQWLHOOHGXGLYLQHWGHO¶KXPDLQ
'HODSHUVRQQH&RUSV$PH(VSULW
/DSKLORVRSKLHpWHUQHOOH3KLORVRSKLDSHUHQQLV
/H'LHXLQFRQVFLHQW
/HVWURLV\HX[GHODFRQQDLVVDQFH
7KpRORJLHGDQVO¶KLVWRLUH
/DFKDULWpSURIDQpH
&RUSVkPHHVSULW LQWURGXFWLRQjO¶DQWKURSRORJLHWHUQDLUH /¶KRPPH WULGLPHQVLRQQHO
'L[HVVDLVVXUO¶DQWKURSRORJLH&RUSV$PH(VSULW
&RUSV$PH(VSULWYXSDUXQPRLQHERXGGKLVWH
3DJH &RPPDQGDQW -DFTXHV /( %2+(&
9 &RPPDQGDQWGHSROLFH
9 5pIpUHQWQDWLRQDOSROLFHMHXQHV
/HU{OHGHODSROLFHMXGLFLDLUHGDQVOHSURFqVSpQDO
3DJH 4XHOHVWOHU{OHGHOD3ROLFHGDQVOHSURFqVSpQDO"
&
HVWYUDLRQSRVHVRXYHQWODTXHVWLRQTXHIDLWGRQFOD3ROLFH"2HVW HOOH"2QODYRLWORUVTX
RQQHGRLWSDV
ODYRLUHWTXDQGRQDEHVRLQG
HOOHHOOHHVWDEVHQWH9RLOjFHTXHQRXVHQWHQGRQVWUqVVRXYHQWGHODSDUWGH
QRVFRQFLWR\HQV(WSRXUWDQWOD3ROLFHHVWQpFHVVDLUHHOOHHVWOjSRXUFRQVWDWHUGHVLQIUDFWLRQVjOD/RL3pQDOH
UDVVHPEOHUOHVSUHXYHVGHVLQIUDFWLRQVUHFKHUFKHUOHRXO HVDXWHXUV
/H WLWUH GX &ROORTXH F
HVW /
LQFHVWH HW DSUqV -H GLUDLV XQ SHX FRPPH OH SURIHVVHXU $7/$1 MH PH
GHPDQGHFHTXHMHYLHQVIDLUHLFLFDUOHPRWLQFHVWHMHQHOHFRQQDLVSDV7RXWDXPRLQVOH&RGH3pQDOQHOH
FRQQDvWSDV/
LQFHVWHF
HVWTXRL"6HORQOH&RGH3pQDOF
HVWODFLUFRQVWDQFHDJJUDYDQWHGXYLROF
HVWOHYLRO
FRPPLVSDUXQDVFHQGDQWOpJLWLPHQDWXUHORXDGRSWLI
&
HVWGRQFXQHFLUFRQVWDQFHDJJUDYDQWHGHFHFULPHTX
HVWOHYLRO
(QPDWLqUHGHYLROVXUHQIDQWLQWUDIDPLOLDOHWG RQFO
LQFHVWHLO\DWURLVWHPSV,O\DG
DERUGOHWHPSVGHOD
UpYpODWLRQHWGXVLJQDOHPHQWSXLVXQGHX[LqPHWHPSVOHWHPSVMXGLFLDLUHHWHQILQOHWHPSVGHODUpSDUDWLRQHW
GHODWKpUDSLH/HSURIHVVHXU$7/$1DSDUOpHIIHFWLYHPHQWGHFHWWH/RLGXWHPS VGHODUpSDUDWLRQGXWHPSV
GHODWKpUDSLH1RXVVHUYLFHVGH3ROLFHRIILFLHUVGH3ROLFH-XGLFLDLUHQRXVSDUORQVGXWHPSVGXMXGLFLDLUH
(QFRUHIDXWLOTXHOHWHPSVGHODUpYpODWLRQHWGXVLJQDOHPHQWVRLWXQWHPSVTXLQHVRLWSDVWURSORQJFDUFH
WHPSV V
LOHVWORQJLOHVWFRQWUDLUHjO
LQWpUrWGHO
HQIDQWLOHVWFRQWUDLUHDXUHVSHFWGHO
HQIDQWHWFHWHPSV
EpQpILFLHUDWRXMRXUVjO
DXWHXUHWMDPDLVjO
HQIDQW/HVVHUYLFHVGH3ROLFH-XGLFLDLUHOHVVHUYLFHVGHV%ULJDGHV
GHVPLQHXUVVRQWGHVVHUYLFHVHIIHFWLYHPHQWVSpFLDOLVpVGDQVFHVDJUHVVLRQVVH[XHOOHVHWYLROVVXUFHVHQIDQWV
LQWUDIDPLOLDX[ -H UHJUHWWH TX
HQ )UDQFH QRXV VR\RQV WURS SHX QRPEUHX[ PRLQV GH SROLFLHUV
VSpFLDOLVpV
-HYLHQVGHSDVVHUDQVDXVHUYLFHGHVPLQHXUVWDQWG
DXGLWL RQVG
HQIDQWVYLFWLPHVGHYLROHQFH$XMRXUG
KXL
M
DLSXFRQVWDWHUFHWWHVRXIIUDQFHGHFHVHQIDQWVGHFHVSHWLWVHQIDQWVFRQVWDWHUFHWWHVRXIIUDQFHHWHVVD\HU
G
DSSRUWHUXQSHXGHFRPSDVVLRQHWVXUWRXWDYRLUXQHJUDQGHpFRXWHDXSUqVG
HX[6RXYHQWG
DLO OHXUVRQVH
GHPDQGHPDLVTXHYDXWODSDUROHG
XQHQIDQW"2VHUG
DLOOHXUVFHWWHTXHVWLRQF
HVWGpMjFRPSUHQGUHTXHFHWWH
SDUROHQ
DSDVOHPrPHVHQVODPrPHYDOHXUODPrPHYpULWpVLQRXVQRXVSODoRQVGDQVOHFKDPSVRFLDORX
GDQV OH FKDPS MXGLFLDLUH 'H OD YDOHXU GH FHWWH SDUROH GpSHQGUD DXWDQW OD SURWHFWLRQ VRFLDOH TXH O
DFWLYLWp
MXGLFLDLUH&
HVWGLUHFRPELHQOHPpGHFLQO
H[SHUWSV\FKRORJLTXHRXSV\FKLDWUHOHPDJLVWUDWOHSROLFLHURQW
HQFRPPXQFHWWHORXUGHUHVSRQVDELOLWpTXDQWjODFUpGLELOLWpG HODSDUROHGHO
HQIDQW0DLVHQFRUHIDXW LOTXH
QRXVO
HQWHQGLRQVHQFRUHIDXWLOTXHO
HQIDQWDUULYHMXVTX
DXVHUYLFHGH3ROLFH/D/RL3pQDOHQRXVGRQQHQRV
WURLV PLVVLRQV FRQVWDWHU O
LQIUDFWLRQ UHFKHUFKHU OHV SUHXYHV GH O
LQIUDFWLRQ HW LQWHUSHOOHU O DXWHXU GH
O
LQIUDFWLRQ
&RQVWDWHUO
LQIUDFWLRQUHYLHQWjHQWHQGUHFHWWHSDUROH&RPPHQWFHVHQIDQWVDUULYHQW LOVGDQVOHVVHUYLFHVGH
3ROLFH"9RXVVDYH]TX
HQ )UDQFHF
HVWOH3URFXUHXUGHOD5pSXEOLTXHTXLDSRXUPLVVLRQGHUHFXHLOOLUOHV
VLJQDOHPHQWV GHV GpOLWV HW GHV FULPHV HW GH SRXUVXLYUH DX QRP GH OD VRFLpWp OHV DXWHXUV GHV GpOLWV HW GHV
FULPHV
(Q PDWLqUH G
LQFHVWH OD VDLVLQH GH OD 3ROLFH -XGLFLDLUH VH IDLW j KDXWHXU GH SDU O
LQWHUPpGLDLUH GX
3URFXUHXUGHOD5pSXEOLTXH&
HVWOXLTXLYDVLJQDOHUDX[VHUYLFHVGH3ROLFHSDUFHTX
LODXUDHXFRQQDLVVDQFH
SDUO
LQWHUPpGLDLUHGHVVHUYLFHVVRFLDX[HWMHGRLVGLUHDXVVLTXHGHSXLVOD/RLGHMXLOOHWTXLFRQILHDX[
3UpVLGHQWVGH&RQVHLOV*pQpUDX[ODPLVVLRQGHUHFXHLOGHVVLJQDOHPHQWVGHVHQID QWVYLFWLPHVLO\DHXXQH
DYDQFpHUHPDUTXDEOH
&
HVWGRQFOH3URFXUHXUGHOD5pSXEOLTXHTXLVDLVLUDO
RIILFLHUGH3ROLFH-XGLFLDLUHVRLWHQXUJHQFHORUVTX
LO
V
DJLWGHIDLWVTXLYLHQQHQWG
rWUHUpYpOpVHWTXLYLHQQHQWG
rWUHFRPPLVHWQRXVWUDYDLOOHUR QVVHORQXQPRGH
GHSURFpGXUHSpQDOHTXLV
DSSHOOHO
HQTXrWHGHIODJUDQWGpOLWRXV
LOV
DJLWGHIDLWVTXLVRQWSOXVDQFLHQVQRXV
WUDYDLOOHURQVVHORQO
HQTXrWHGHSUpOLPLQDLUHV
3DJH /j DXVVL MH GRLV PH IpOLFLWHU TXH OH OpJLVODWHXU VH VRLW HQILQ DUUrWp VXU FHWWH QRWLRQ GH WHPSV OH WHPSV GH
UpYpODWLRQ
-XVTX
DX[DQQpHVORUVTXHOHVIDLWVGHFULPHpWDLHQWFRPPLVDYDQWDQQpHVDYDQWTXHO
HQIDQWQ
DLWSX
OHVLJQDOHUGDQVOHVDQQpHVTXLVXLYDLHQWFHFULPHFHFULPHQHSRXYDLWSDVIDLUHO
REMHWQLG
HQTXrWHQLGH
SRXUVXLWH
± ± ± HQ O
HVSDFHGHDQVOHOpJLVODWHXUDUDWWUDSpWRXWOHWHPSVSHUGXSRXUFHV
HQIDQWV$XMRXUG
KXLXQHQIDQWTXLHVWYLFWLPHGHYLROGHODSDUWG
XQSDUHQWQDWXUHODGRSWLIOpJLWLPHDQRQ
VHXOHPHQWMXVTX
jODPDMRULWpSRXUGpSRVHUSODLQWHPDLVDDQVDSUqVVDPDMRULWp&
HVWXQHUpYROXWLRQGDQV
OHIRQFWLRQQHPHQWGHODMXVWLFHFDUDXFXQHLQIUDFWLRQjSDUWOHVFULPHVFRQWUHO
KXPDQLWpRQWHXFHWHPSVTXL
D pWp UHSRUWp SRXU SRXYRLU GpSRVHU SODLQWH &
HVW GLUH TX
DXMRXUG
KXL OHV VHUYLFHV GH SROLFH MXGLFLDLUH
UHoRLYHQW QRQ VHXOHPHQW GHV HQIDQWV PDLV GHV DGXOWHV MXVTX
j O
kJH GH DQV TXL YLHQQHQW UpYpOHU FHWWH
VRXIIUDQFHG
HQIDQFH
GHVVLJQDOHPHQWVDX[RIILFLHUVGH3ROLFH-XGLFLDLUHV
HIIHF WXHQWSDUO
LQWHUPpGLDLUHGHVLQWHUYHQWLRQVGH
FHTXHQRXVDSSHORQV3ROLFH6HFRXUV&HVRQWGHVLQWHUYHQWLRQVTXLV
HIIHFWXHQWODSOXSDUWGXWHPSVOHVRLUHW
OHVVWDWLVWLTXHVPRQWUHQWTXHF
HVWHQWUHKHWPLQXLWTXHOHVSROLFLHUVLQWHUYLHQQHQWDXGRPL FLOHGHVJHQV
SRXUXQGLIIpUHQWIDPLOLDOHWF
HVWjFHWWHRFFDVLRQTX
XQSDUHQWTX
XQHQIDQWTX
XQYRLVLQYDSRXYRLUUpYpOHU
FHWWHVRXIIUDQFH$ORUVF
HVWYUDLOHVHQIDQWVQHYRQWSDVUpYpOHULPPpGLDWHPHQWFHGRQWLOVVRQWYLFWLPHV
PDLV LOV YRQW SHXWrWUH O
LQGLTXHU G
XQH IDoRQ GpWRXUQpH HW OH SROLFLHU TXL LQWHUYLHQGUD GHYUD DX UHWRXU OH
VLJQDOHUjO
RIILFLHUGH3ROLFH-XGLFLDLUH&HODUHSUpVHQWHGHVVLJQDOHPHQWV&HQ
HVWSDVQpJOLJHDEOH
(QILQ GH FHV VLJQDOHPHQWV V
HIIHFWXHQW SDU OHV GpPDUF KHV GHV HQIDQWV HX[PrPHV GHV HQIDQWV DYHF
O
DGXOWHGHVHQIDQWVDYHFOHWUDYDLOOHXUVRFLDOGHVHQIDQWVDYHFO
HQVHLJQDQWHWHQILQGHVHQIDQWVDYHFO
XQGHV
SDUHQWV &
HVW YUDL TXH YHQLU GDQV XQ VHUYLFH GH SROLFH WRXW VHXO SRXU XQ HQIDQW FH Q
HVW SDV DL Vp 1RXV
UHFHYRQVGHSHWLWVHQIDQWVDQVDQVTXLRQWHXFRQQDLVVDQFHTXHOHVVHUYLFHVGH3ROLFHQRWDPPHQWOHV
VHUYLFHVGHV0LQHXUVVRQWOjSRXUOHVHQWHQGUHVRQWOjSRXUOHVpFRXWHUVRQWOjSRXUOHVDLGHU8QHQIDQWTXL
HVWWURXYpVXUODYRLHSXEOLTXHDORUVTX
LOIDLWXQHIXJXHYDSRXYRLUGLUHOHPRWLIGHFHWWHIXJXHODUDLVRQTXL
O
DSRXVVpjTXLWWHUOHGRPLFLOH(WTXHOTXHIRLVF
HVWOHYLROGRQWLODpWpYLFWLPH&HODSHXWrWUHO
HQIDQWTXLYD
rWUHLQWHUSHOOpjO
RFFDVLRQG
XQHSHWLWHLQIUDFWL RQXQSHWLWGpOLWXQYROjO
pWDODJHHWORUVTXHQRXVDOORQVOXL
LQGLTXHU TXH QRXV DOORQV DSSHOHU VHV SDUHQWV HW ELHQ LO YD SRXYRLU UpYpOHU FHWWH VRXIIUDQFH /
HQIDQW HW
O
DGXOWHFHVHUDOHWUDYDLOOHXUVRFLDOHWOjDXVVLMHGRLVPHIpOLFLWHUTXHGHSXL VXQHTXLQ]DLQHG
DQQpHVLO\D
HXXQHIIRUWLPSRUWDQWXQHUpYROXWLRQVLMHSXLVP
H[SULPHUDLQVLHQWUHOHPRQGHVRFLDOHWOHPRQGHSROLFLHU
(QILQQRXVQRXVFRPSUHQRQV
6LSHQGDQWGHQRPEUHXVHVDQQpHVQRXVDYRQVHXGHVFKHPLQVGLIIpUHQWV$XMRXUG
KX LQRXVWUDYDLOORQVGDQV
OHPrPHVHQVGDQVOHVHQVGHO
LQWpUrWGHO
HQIDQW(WGRQFEHDXFRXSGHWUDYDLOOHXUVVRFLDX[DFFRPSDJQHQW
FHVHQIDQWVGDQVOHVVHUYLFHVGHSROLFH(QIDQWVDGXOWHVHQVHLJQDQWV9RXVVDYH]XQHQIDQWTXLYDPDOXQ
HQIDQWTXLVRXIIUHYDOHPRQWUHUG
XQHIDoRQRXG
XQHDXWUHGDQVO
pWDEOLVVHPHQWVFRODLUHTX
LOYDIUpTXHQWHU
FH VHUD XQ FRPSRUWHPHQW GLVWLQFW GHV DXWUHV pOqYHV FH VHUD GHV DEVHQFHV UpSpWpHV FH VHURQWSHXW rWUHGHV
EULEHV GH PRWV TX
LOV DXURQW GRQQpHV j O
HQVHLJQDQW FH VHURQW SHXWrWUH WRXW VLPSOHPHQW XQH FRQILGHQFH j
O
RFFDVLRQ G
XQH GLVFXVVLRQ DYHF XQ HQVHLJQDQW $XMRXUG
KXL OHV HQVHLJQDQWV DFFRPSDJQHQW OHV HQIDQWVOHV
FURLHQW
(QILQ LO \ D O
HQIDQW HW O
DGXOWH FHOXL TXL HVW VHQVp OH SURWpJHU FHOXL TXL HVW VHQ Vp O
DLPHU F
HVW j GLUH VRQ
SDUHQW/HSDUHQWDFFRPSDJQHO
HQIDQWSRXUGLYHUVHVUDLVRQV9RXVDYH]GHVSDUHQWVHWQRWDPPHQWGHVPqUHV
GHIDPLOOHVORUVTXHO
DXWHXUHVWOHFRPSDJQRQRXOHPDULOHSDUHQWFKRLVLLPPpGLDWHPHQWVRQFDPS&
HVWOH
FDPSGHODSURWHFWLRQ,OYDFURLUHO
HQIDQWLOYHXWOHSURWpJHULOO
DFFRPSDJQHORUVTXHFHOXL FLOXLUpYqOHFHWWH
VRXIIUDQFH(WPDOKHXUHXVHPHQWGDQVO
H[SpULHQFHTXHM
DLFHODUHSUpVHQWHPRLQV GHGHFHVSDUHQWV
GH FHV SDUHQWV TXL RQW FHWWH YRORQWp GH SURWpJHU OHXU HQIDQW 3DU FRQWUH LO \ DYDLW OH SDUHQW TXL YHQDLW DX
VHUYLFHSDUFHTX
LOYDrWUHFRQWUDLQWHWIRUFp&RQWUDLQWHWIRUFpSDUO
HQIDQWG
DERUGOXL PrPH6LWXQHOHGLV
SDVHWELHQPRLMHYDLVOHGLUHjO
pFROHRX-HYDLVOHGLUHjO
$VV LVWDQWH6RFLDOHVLWXQHP
DFFRPSDJQH
SDV(WOjOHSDUHQWYDSRXYRLUO
DFFRPSDJQHUPDLVLOSHXWVHSDVVHUSOXVLHXUVPRLVYRLUHTXHOTXHVDQQpHV
3DJH DYDQWTXHFHWWHGpPDUFKHSXLVVHV
HIIHFWXHU&
HVWGLUHFRPELHQFHWHQIDQWHVWHQGDQJHUF
HVWGLUHFRPEL HQ
FHSDUHQWDpWpQpJOLJHQW(WELHQFHSDUHQWQ
DSDVVXSURWpJHUVRQHQIDQW
(WSXLVYRXVDYH]DXVVLOHSDUHQWTXLYDYHQLUDYHFVRQHQIDQWSDUFHTXHF
HVWOHWUDYDLOOHXUVRFLDOTXLYDOHOXL
LQGLTXHUSDUFHTXHFHODYDrWUHOHPpGHFLQTXLYDOHIRUF HUTXHOTXHSDUWjDFFRPSDJQHUO
HQIDQW(WOjYRXV
DYH] GHV PqUHV GH IDPLOOH TXL YRQW PHWWUH HQ GLIILFXOWp OHXU HQIDQW &RPELHQ Q
DL MH HQWHQGX GH IRLV FHV
PqUHVGHIDPLOOHPHGLUHQW0DLV0RQVLHXUO
,QVSHFWHXUYRXVQ
DOOH]WRXWGHPrPHSDVFURLUHPRQ HQIDQW
9RXVVDYH]WRXVOHVHQIDQWVPHQWHQW&HVIHPPHVVRQWVRXYHQWGHVSHUVRQQHVIUDJLOHVSV\FKRORJLTXHPHQW
&HUWDLQHVG
HQWUHHOOHVRQWSXrWUHYLFWLPHVGHVPrPHVIDLWVSHQGDQWOHXUHQIDQFHRXOHXUDGROHVFHQFH&HV
IHPPHVVRQWGDQVXQHJUDQGHGLIILFXOWpRQWGXPDOjV
H[SULPHU,OYDIDOORLUOHVHQWHQGUH
&RQWUDLUHPHQW j FH W\SH GH IHPPHVTXLYLHQQHQWDYHFGLIILFXOWpYRXVDYH]G
DXWUHVPqUHVGHIDPLOOHVTXL
YRQW YHQLU SDUFH TXH F
HVW O
HQIDQW TXL YD OHXU GHPDQGHU pJDOHPHQW PDLV TXL FHV IHPPHV YRQ W G
HPEOpH
SUHQGUHSRVLWLRQQRQSOXVSRXUOHFRPSDJQRQRXSRXUO
DPLGHSDVVDJHPDLVSRXUOHPDUL$O
LQYHUVHFHQH
VRQWSDVOHVFODVVHVVRFLDOHVGpIDYRULVpHVTXHQRXVDOORQVUHQFRQWUHUFHVRQWDXFRQWUDLUHGHVJHQVTXLRQW
SLJQRQVXUUXHFHVRQWGHVJHQVTXLVRQWFRQQXVVXUODSODFHSXEOLTXHSROLFLHUVPpGHFLQVDYRFDWVQRWDLUHV
MXULVWHVHQVHLJQDQWVSURIHVVHXUVG
XQLYHUVLWpVRXSROLWLTXHV9RLOjOHSXEOLFTXHM
DLUHQFRQWUp(WELHQOj
O
HQIDQWVHUDPLVHQGLIILFXOWpRQSUpIpUHUDVHVpSDUHUGH O
HQIDQWTXHGXPDUL
(W HQILQ SRXU WHUPLQHU QRXV DVVLVWRQV GHSXLV SOXVLHXUV DQQpHV j FHV PqUHV GH IDPLOOHV TXL YLHQQHQW
UpJXOLqUHPHQWDXSOXVH[DFWHPHQWOHVOXQGLVPDWLQVRXYHQGUHGLVVRLUVDXPRPHQWRLOYDYRLUODVpSDUDWLRQ
GH O
HQIDQW HW GX SDUHQW ORUVTX
LO \ D XQH SURFpGXUH MXGLFLDLUH HQWDPpH SRXU XQH VpSDUDWLRQ HW TXH O
DXWUH
SDUHQWEpQpILFLHG
XQGURLWGHYLVLWHHWG
KpEHUJHPHQW
2QQHYHXWSDVUHPHWWUHO
HQIDQWjO
DXWUHSDUHQWFDURQFUDLQWTX
LO\DLWGHVYLROHQFHVVH[XHOOHVRXOHOXQGL
PDWLQFHVPrPHVSHUVRQQHVYRQWG
DLOOHXUVVRXYHQWSDVVHUGDQVOHVVHUYLFHVPpGLFDX[YRLUHjO
K{SLWDOSRXU
HVVD\HUG
DYRLUXQFHUWLILFDWPpGLFDOHWYHQLUSRUWHUSODLQWHjO
HQFRQWUHGHO
DXWUHSDUHQW
/jFHVHUDO
HQIDQWTXLVHUDGRXEOHPHQWSXQLFDUOHSD UHQWTXLO
DFFRPSDJQHGDQVFHWWHGpPDUFKHYDUHQGUH
O
HQIDQWFRPSOLFHGHFHWWHGpPDUFKH2QYDIDLUHIDLUHGHIDXVVHVDOOpJDWLRQVjO
HQIDQW2QYDHVVD\HUSDUFH
ELDLVG
HPSrFKHUO
DXWUHSDUHQWGHOHUHQFRQWUHUGHOHYRLUTXHOTXHIRLVPrPHGpILQLWLYHPHQ W'RQFORUVTXH
QRXV DYRQV FHWWH GpPDUFKH GX SDUHQW HW GH O
HQIDQW DX PRPHQW G
XQH VpSDUDWLRQ DXPRPHQWG
XQGLYRUFH
G
XQ FRQIOLW QRXV GHYRQV SUHQGUH WRXWHV OHVSUpFDXWLRQVSRXUHVVD\HUHIIHFWLYHPHQWGHYpULILHUVLFHVIDLWV
VRQWUpHOVRXVLFHVIDLWVVRQWGHIDXVVHVDOOpJDWLRQV
&RQVWDWHUO
LQIUDFWLRQjOD/RL3pQDOHUHYLHQWjHQWHQGUHODSDUROHGHO
HQIDQW/RUVTX
XQHQIDQWDUULYHGDQVXQ
VHUYLFHGH3ROLFHLOSHXWDYRLUDQVDQVRXDQV,ODIDOOXTXHOHVVHUYLFHVGHOD3ROLFHVSpFLDOLVpH
V
DGDSWHQWjODSDUROHGHFHVHQIDQWVV
DGDSWHQWjOHXUFXOWXUHV
DGDSWHQWjOHXUHQYLURQQHPHQWVRFLDO,OQRXV
D IDOOX WUDYDLOOHU JUkFH DX[ PpGHFLQV JUkFH DX[ SV\FKRORJXHV JUkFH j O
HQVHPEOH GHV SURIHVVLRQQHOV GH
O
HQIDQFH SRXU SRXYRLU HQWHQGUH FHV HQI DQWV VDQV FRQQDvWUH WRXW DX PRLQV HQ HVVD\DQW G
DWWpQXHU FHWWH
VRXIIUDQFHFDUYRXVVDYH]TXHUHGLUHF
HVWUHYLYUH
(WVRXYHQWFHVHQIDQWVDYDQWG
DUULYHUGDQVOHVVHUYLFHVGH3ROLFHRQWSXOHUpYpOHUXQFHUWDLQQRPEUHGHIRLV
1RXVHQWHQGRQVGHVSHWLWV HQIDQWVDYHFGHVPR\HQVWHFKQLTXHVTX
HVWOHMHXSRXUOHVSHWLWVHQIDQWVTXHVRQW
OHV GHVVLQV SRXU OHV SOXV JUDQGV ± DQV 6L QRXV QH VRPPHV SDV SV\FKRORJXHV QRXV VRPPHV Oj SRXU
FRQVWDWHU FH TXH O
HQIDQW YD H[SOLTXHU j O
DLGH GH FH GHVVLQ 3XLV j O
kJH GH DQV DQV ORUVTXH O
HQIDQW
FRPPHQFHjDYRLUFRQVFLHQFHGHVDVH[XDOLWpTXLQ
HVWSDVHQUDSSRUWDYHFVRQkJHVH[XDOLWpLPSRVpHTXH
O
DGXOWHOXLDLPSRVpHHWELHQQRXVDOORQVSRXYRLUXWLOLVHUGHVSRXSpHVVH[XpHV
/HV SRXSpHV VH[XpHV YRQW QRXV VHUYLU GH VXEVWLWXW SRXU TXH FHW HQIDQW SXLVVH H[SULPHU j O
DLGH GH FHV
SRXSpHVFHWWHVRXIIUDQFHVXUFHWWHSRXSpHHWQRQVXUVRQFRUSV6RQFRUSVG
DLOOHXUVTXLQ
H[LVWHSOXVTXLHVW
PRUW
3DJH &
HVW XQ HQWUHWLHQ GH K (QWUHWLHQ H[WUrPHPHQW ORQJ HQWU HWLHQ SRQFWXp GH SDXVHV j OD GHPDQGH GH
O
HQIDQW1RXVDYRQVXQPDvWUHPRWGDQVOHVVHUYLFHVGH3ROLFHF
HVWOHPRWUHVSHFW1RXVGHYRQVUHVSHFWHU
O
HQIDQWUHVSHFWHUVDSDUROHUHVSHFWHUVRQWHPSV
/RUVTXHFHOXLFLDUULYHGDQVQRVVHUYLFHVQRXVHVVD\RQVGHOXLSDVVHUWURLVPHVVDJHV/HSUHPLHUPHVVDJH
F
HVW-HWHFURLVMHVXLVSUrWjWHFURLUH3RXUTXRL"(WELHQWRXWVLPSOHPHQWSDUFHTXHO
HQIDQWMHYRXVO
DL
LQGLTXpDSXOHUpYpOHUXQFHUWDLQQRPEUHGHIRLVIRLVIRLVIRLVDYDQWG
DUU LYHUGDQVOHVVHUYLFHVGH
3ROLFH
(WSOXVLOHVWMHXQHSOXVLOSHQVHTXHFRPPHRQHVWREOLJpGHOXLIDLUHUpSpWHUHWELHQF
HVWTXHTXHOTXHSDUW
O
DGXOWHQHOHFURLWSDV
(WSRXUTXRLOHFURLUDLWRQGDQVXQVHUYLFHGHOD3ROLFH"6LWXLQVLVWHjGLUH TXHWRQSqUHWHWRXFKHWXYDV
DOOHUjODSROLFHHWWXYHUUDVLOVQHWHFURLURQWSDV
&
HVWVRXYHQWFHVSDUROHVTXHM
DLSXHQWHQGUHGHODSDUWGHPqUHVGHIDPLOOHV
(WELHQVLQRXVDOORQVGLUHjO
HQIDQWMHWHFURLVMHVXLVSUrWjWHFURLUHPrPH VLSDUIRLVLOYDIDOORLUDSSRUWHU
TXHOTXHVQXDQFHVjFHGLVFRXUV
3DUFHTXHYRXVVDYH]TXHO
HQIDQWRXEOLHXQHSDUWLHGHVIDLWVDYHFOHWHPSVHWVLQRXVQHOHVDYRQVSDVQRXV
SRXYRQVPHWWUHVDSDUROHHQFDXVH0HWWUHVDSDUROHHQFDXVHFHQ
HVWSDVOH UHVSHFWHU
'HX[LqPH PHVVDJH TXH QRXV SDVVHURQV j FHW HQIDQW F
HVW FH TXH O
RQ W
D IDLW HVW LQWHUGLW(Q HIIHW XQ
FHUWDLQ QRPEUH G
HQIDQWV GHYLHQQHQW FRPSOLFHV PDOJUp HX[ GH FHWWH YLROHQFH VH[XHOOH &RPSOLFHV SDU OH
VLOHQFHTXHOHXUDLPSRVpOHXU DEXVHXUSDUXQVLOHQFHTXLSHXWrWUHDFKHWpDFKHWpSDUGHO
DUJHQWSRXUOHV
DGROHVFHQWVOHVDGROHVFHQWHVDFKHWpVSDUGHVVRUWLHVTXHO
RQYDSURSRVHUDFKHWpVSDUOHVLOHQFHGHYDQWXQH
PDXYDLVHQRWHDFKHWpVpJDOHPHQWSDUGHVMHX[SDUGHVMRXHWVSRXU OHVSOXVSHWLWV&HVLOHQFHYDHQIHUPHU
O
HQIDQWYDOHUHQGUHFRPSOLFH
&RPELHQG
HQIDQWVQ
DLMHSDVHQWHQGXPHGLUH PDLVF
pWDLWGHPDIDXWHF
HVWPRLTXLDOODLVGDQVVRQOLW
1RQQRXVDOORQVGLUHjO
HQIDQWFHTXHO
RQW
DIDLWF
HVWLQWHUGLW7 RQFRUSVW
DSSDUWLHQWLOQ
DSSDUWLHQWSDVj
DXWUXLLOQ
DSSDUWLHQWSDVjWRQSqUHRXjWDPqUH
,OP
DUULYHLOP
DUULYDLWGHPRQWUHUOH&RGH3pQDOGHOLUHOD/RLjO
HQIDQWDYHFOHVPRWVTXLFRQYHQDLHQWSRXU
TXHFHOXLFLSUHQQHFRQVFLHQFHTXHFHTX
RQ OXLIDLVDLWpWDLWLQWHUGLW
/HWURLVLqPHPHVVDJHTXHQRXVSDVVRQVjO
HQIDQWF
HVWQRXVDOORQVG
DLGHU2QYDOXLGLUHWRXWVLPSOHPHQW
WXVDLVHQVRUWDQWGXVHUYLFHWRQSqUHQHWHWRXFKHUDSOXVFHOXLTXLW
DIDLWGXPDOQHWHWRXFKHUDSOXVWXY DV
rWUHDLGp
(WDXMRXUG
KXLDXVVLQRXVGHYRQVQRXVIpOLFLWHUTX
HQILQOHOpJLVODWHXUDLWSUpYXXQDFFRPSDJQHPHQWVRFLDO
WKpUDSHXWLTXH XQ DFFRPSDJQHPHQW SDU DGPLQLVWUDWHXU DG KRF HW DYRFDWVTXHGLUHGHVDYRFDWVVSpFLDOLVpV
SRXUHQIDQWV
-
DOODLV GLUH HQILQ LOV VRQW Oj ,OV VRQW Oj SRXU DFFRPSDJQHU O
HQIDQW TXL YD SHXW rWUH FRQWLQXHU j VRXIIULU
PRUDOHPHQWTXLYRQWO
DFFRPSDJQHUMXVTX
DXSURFqVMXVTX
jODFRXUG
DVVLVH
&
HVWYUDLYRXVDYH]GHVHQIDQWVTXLDSUqVKHXUHVG
HQWUHWLHQYRQWGpMjD OOHUPLHX[&HVRQWOHVWKpUDSHXWHV
TXL QRXV OH GLVHQW OD WKpUDSLH OH VRLQ VH IDLW SHXW VH IDLUH O
HQIDQW SHXW UHYLYUH ORUVTX
LO D pWp HQWHQGX
ORUVTX
LODpWpFUXGDQVXQVHUYLFHGHSROLFH0DLVODWKpUDSLHDEHDXFRXSGHPDOjDERXWLUORUVTX
LOQ
DS DVpWp
UHVSHFWpGDQVFHVVHUYLFHV
&RQVWDWHUO
LQIUDFWLRQjOD/RL3pQDOHSUHPLqUHPLVVLRQ
'HX[LqPHPLVVLRQUDVVHPEOHUOHVSUHXYHVGHFHVLQIUDFWLRQV
&
HVWYHUVOHPpGHFLQTXHQRXVDOORQVQRXVWRXUQHUOHPpGHFLQVSpFLDOLVpDXWUHPHQWGLWOHPpGHFL QOpJLVWHOH
PpGHFLQH[SHUWDXSUqVGHOD&RXUG
$SSHOTXLYDGHYHQLUO
LQWHUORFXWHXUSULYLOpJLpGHOD3ROLFH-XGLFLDLUH
3DJH 1RXVOXLSRVHURQVHQIDLWTXHVWLRQV
3UHPLqUH TXHVWLRQ F
HVW GH UHOHYHU WRXWH WUDFH GH YLROHQFH UpFHQWH RX DQFLHQQH VXU OH FRUSV GH FHW HQIDQW
YLROHQFH UpFHQWH TX
LO YLHQW GH UpYpOHU YLROHQFH DQFLHQQH FHOD SHXW rWUH GHV IUDFWXUHV TXL Q
RQW SDV pWp
VRLJQpHVSXLVDXPRPHQWGHO
DXGLWLRQRQYDSRXYRLUGHPDQGHUDX[SDUHQWVSRXUTXRLFHWWHIUDFWXUHQ
DSDV
pWpVRLJQpH
'HX[LqPHTXHVWLRQTXHQRXVDOORQVSRVHUDXPpGHFLQF
HVWGHSURFpGHUDXEHVRLQjWRXWSUpOqYHPHQWXWLOHj
ODPDQLIHVWDWLRQGHODYpULWp(WOjMHGRLVGLUHTXHMHQHVXLVSDVWUqVRSWLPLVWH"&DUGDQVPDSUDWLTXHM
DLYX
GH SOXV HQ SOXV G
HQIDQWV YLFWLPHV GH PDODGLHV VH[XHOOHPHQW WUDQVPLVVLEOHV ORUVTXH OH SqUH ORUVTXH OH
FRPSDJQRQORUVTXHO
DXWHXUDYDLWGHVUDSSRUWVVH[XHOVDYHFO
HQIDQW
/DWURLVLqPHTXHVWLRQTXHQRXVSRVHURQVDXPpGHFLQF
HVWG
LQGLTXHUQRQSDVVXUOHSODQSpQDOFDUFHVHUD
VXUWRXWVXUOHSODQ FLYLOTXHFHVHUDLWLQWpUHVVDQWO
LQFDSDFLWpWHPSRUDLUHGHWUDYDLODXWUHPHQWGLWO
,77'H
WHOOHIDoRQTXHO
HQIDQWRXVRQUHSUpVHQWDQWOpJDOSXLVVHGHPDQGHUGHVUpSDUDWLRQVHWDXMRXUG
KXLOD-XVWLFH
VDLVLHGHFHWWHGHPDQGHGHUpSDUDWLRQ\UpSRQGGHSOX VHQSOXV
5HFKHUFKHUFHWWHLQIUDFWLRQFHWWHSUHXYHF
HVWpJDOHPHQWGHVDXGLWLRQVGHVDXGLWLRQVGHWpPRLQVDXGLWLRQV
GHWpPRLQVGHODIDPLOOHHWOjRQV
DSHUoRLWHIIHFWLYHPHQWORUVTX
LO\DXQHIUDWULHQRPEUHXVHLO\DSX\DYRLU
G
DXWUHVIDLWVDQWpULHXUV
0DLV F
HVW VXUWRXW YHUV O
eGXFDWLRQ 1DWLRQDOH TXH QRXV QRXV VRPPHV WRXUQpV FDU F
HVW HOOH FH VRQW OHV
HQVHLJQDQWV OD FRPPXQDXWp pGXFDWLYH TXL FRQVWDWHODSOXSDUWGXWHPSVORUVTX
XQHQIDQWQHYDSDVELHQHW
F
HVWHOOHTXLYDSRXYRLUQRXVGRQQHUGHVLQGLFDWLRQV
4XHOTXHIRLV HOOH YD SRXYRLU QRXV GRQQHU OD GDWH GHV IDLWV j SDUWLU GH TXDQG O
HQIDQW D HX GHV SUREOqPHV
VFRODLUHV j SDUWLU GH TXDQG LO D SX IXJXHU j SDUWLU GH TXDQG LO D SX VH UHQIHUPHU &
HVW GRQF YHUV OHV
HQVHLJQDQWV OD &RPPXQDXWp pGXFDWLYH TXDQG MH GLV HQVHLJQDQWV LO IDXW rWUH SOXV SUpFLV OD &RPPXQDXWp
pGXFDWLYH-
DLOHVRXYHQLUG
HQIDQWVGHQRPEUHX[HQIDQWVTXLVHFRQILDLHQWQRQSDVjO
HQVHLJQDQWPDLVjOD
SHUVRQQHTXLJDUGDLWOHVHQIDQWVDYDQWODFODVVHRXjODFDQWLQHRXDSUq VOHVFRXUV
1RXVDOORQVpJDOHPHQWUHFKHUFKHUOHVSUHXYHVGDQVOHVFRQVWDWDWLRQVjGRPLFLOHSDUOHVSHUTXLVLWLRQV(WOjMH
GRLVGLUHpJDOHPHQWTXHODSHUYHUVLWpQ
DSDVGHILQ
/RUVTXHQRXVLQWHUYHQRQVDXGRPLFLOHGHFHVJHQVQRXVFRQVWDWRQVG
HPEOpH TX
LOQ
\DDXFXQHLQWLPLWpOD
SHUYHUVLRQHVWWRXMRXUVSUpVHQWHGDQVFHVIDPLOOHVLQFHVWXHXVHV
5DVVHPEOHUOHVSUHXYHVHWHQILQUHFKHUFKHUO
DXWHXU
$XFXQH GLIILFXOWp O
DXWHXU QRXV HVW GpVLJQp SDU OD YLFWLPH ,O VXIILWG
DOOHUO
LQWHUSHOOHU/RUVTXHF HWDXWHXU
DUULYHGDQVOHVVHUYLFHVGHSROLFHQRXVDYRQVGHSDUOD/RLKKF
HVWjGLUHKGHJDUGHjYXHSRXU
HVVD\HUG
DSSRUWHUODSUHXYHGHVIDLWV/DSUHXYHHVWVRXYHQWWUqVGLIILFLOHjGpPRQWUHU
)LQDOHPHQWORUVTXHQRXVDYRQVXQLQGLYLGXD XVHUYLFHQRXVDYRQVTXDWUHVLWXDWLRQV2XQRXVDYRQVODSUHXYH
HWQRXVDYRQVGHVDYHX[FHTXLUHSUpVHQWHPRLQVGHGHVFDV,OVXIILWjFHPRPHQW OjG
XQHDXGLWLRQ
GHX[DXGLWLRQVGHO
DXWHXUSRXUDSSRUWHUHIIHFWLYHPHQWODSUHXYHjOD-XVWLFHTX
LODFRPPLVFHFULPHGHYLRO
± PRLQVGHKGHJDUGHjYXHHWPRLQVGHGHVFDV
'HX[LqPHVLWXDWLRQ QRXVDYRQVGHVSUHXYHVHWQRXVQ
DYRQVSDVG
DYHX
&
HVWXQHVLWXDWLRQTXLHVWLQWpUHVVDQWHSRXUQRXV2IILFLHUVGH3ROLFH-XGLFLDLUHFDUORUVGH FHVKGHJDUGH
jYXHQRXVDOORQVO
DPHQHUjVHFRQWUHGLUHHQSHUPDQHQFHGDQVFHVDXGLWLRQVGDQVFHWWHGL]DLQHG
DXGLWLRQV
TXHQRXVDOORQVHIIHFWXHU3HXLPSRUWHV
LOQHUHFRQQDvWSDVQRXVDYRQVODSUHXYHHWYRXVOHVDYH]F
HVWGDQV
OHSUpDPEXOHGH QRWUH&RQVWLWXWLRQGHTXHWRXWHSHUVRQQHQHSHXWrWUHFRQGDPQpHVDQVSUHXYHPDLVOj
QRXVDYRQVODSUHXYHOjQRXVDXURQVXQDXWHXUTXLDXUDFRPPLVFHFULPHHWQRXVDXURQVVXUWRXWXQHQIDQW
TXLVHUDSURWpJpFDUOH-XJHG
,QVWUXFWLRQGHPDQGHUDVDQVGRX WHXQ0DQGDWGHGpS{W
/
HQIDQWYDSRXYRLUUHWURXYHUXQHFHUWDLQHVpUpQLWp
7URLVLqPHVLWXDWLRQQRXVQ
DYRQVSDVGHSUHXYH
3DJH /j DXVVL OH OpJLVODWHXU HVW YHQX j QRWUH DLGH 5pFHPPHQW FHUWHV PDLV LO HVW YHQX QRXV DLGHU FDU LO QRXV
SHUPHW DXMRXUG
KXL GH GHPDQGHU j O
H[SHUW j OD SHUVRQQH VSpFLDOLVpH DX PpGHFLQ DX SV\FKRORJXH j
O
$VVLVWDQWH 6RFLDOH G
DFFRPSDJQHU O
HQIDQW GDQV OH VHUYLFH GH OD 3ROLFH DX PRPHQW GH O
DXGLWLRQ RX GH OD
FRQIURQWDWLRQFDUFHWWHFRQIURQWDWLRQHVWWRXMRXUVGHPDQGpHSDUO
DXW HXUPDLVTX
LOYLHQQHPHGLUHHQIDFHVL
MHOXLDLIDLWWRXWFHPDO
,OHVWYUDLTXHVLGDQVXQSDVVpTXLHVWSHXW rWUHDVVH]ORLQWDLQDXMRXUG
KXLQRXVDYLRQVWHQGDQFHjIDLUHGHV
FRQIURQWDWLRQV M
DOODLV GLUH VDQV WURS GH JDUDQWLHV SRXU O
HQIDQW DX MRXUG
KXL QRXV QRXV HQWRXURQV GH FHV
JDUDQWLHVjVDYRLUQRXVGHPDQGRQVjO
HQIDQWG
DERUGV
LOHQHVWG
DFFRUG
$XFXQHFRQIURQWDWLRQQHGRLWVHIDLUHVDQVO
DFFRUGGHO
HQIDQWFHVHUDLWOXLPDQTXHUHQFRUHGHUHVSHFW1RXV
QHQRXVFRQWHQWRQVSDVGHO
DFFRUGGHO
HQIDQWQRXVGHYRQVYpULILHUSDUWRXWPR\HQTX
LOSXLVVHVXSSRUWHU
FHWWH FRQIURQWDWLRQ $X EHVRLQ QRXV GHPDQGHURQV j O
H[SHUW GH YpULILHU VL O
HQIDQW SHXW rWUH FRQIURQWp j
O
DXWHXUHWVLO
HQIDQWSHXWrWUHDFFRPSDJQpSDUXQSURIHVVLRQQHOGHO
H QIDQFH
&
HVWjFHVVHXOHVFRQGLWLRQVTXHO
RQGRLWDFFHSWHUOHVFRQIURQWDWLRQV
(Q DXFXQ FDV QRXV GHYRQV HIIHFWXHU GHV FRQIURQWDWLRQV VL O
HQIDQW Q
HVW SDV G
DFFRUG RX VL QRXV QH QRXV
VRPPHVSDVJDUDQWLVGHODSUpVHQFHGHFHSURIHVVLRQQHO
/DFRQIURQWDWLRQF
HVWSHXWrWUHODSUHPLqUHHWSHXWrWUHODPHLOOHXUHGHVWKpUDSLHVHW0LFKHO68$5'TXLHVW
OHVSpFLDOLVWHGHFHWWHWKpUDSLHSRXUUDLWSHXW rWUHQRXVOHFRQILUPHU3DUFHTXHoDGRQQHOHSUHPLHUHQGURLWR
O
HQIDQWYDrWUHFRQIURQWpDYHFVRQDXWHXU GHYDQWTXHOTX
XQTXLUHSUpVHQWHO
DXWRULWp
&HQ
HVWSOXVXQHQIDQWREMHWVH[XHOGHO
DGXOWHPDLVF
HVWXQHQIDQWVXMHWGHGURLWVTXLHVWGHYDQWOXLHWFH
VXMHWGHGURLWVELHQVRXYHQWYDGHPDQGHUjO
DXWHXUGHV
H[FXVHUGHUHFRQQDvWUH
,OYDTXHOTXHIRLVSOHXUHUKXUOHURQDXUDGXPDOjOHFRQWHQLUPDLVLOYDUHSUHQGUHVDSODFHGHVXMHWGHGURLWV
HW F
HVW FHOD TXL HVW LPSRUWDQW LO Q
HVW SOXV O
REMHW VH[XHO GH O
DGXOWH LO GHYLHQW VXMHW HW LO UHYLW $ORUV
HIIHFWLYHPHQW GHYDQW FHV pWDWV GH IDLWV HW E LHQ QRXV DYRQV GHV DXWHXUV TXL V
pFURXOHQW TXL GHPDQGHQW
SDUGRQjOHXUYLFWLPHHWTXLFRPPHQFHQWjDYRXHU
&
HVW YUDL OHV K GH JDUGH j YXH DUULYHQW j OHXU WHUPH WUqV UDSLGHPHQW PDLV FH Q
HVW SDV JUDYH OH -XJH
G
LQVWUXFWLRQYDUHSUHQGUHFHVDXGLWLRQVYDSRXYRLUFRQILHUGHQRXYHDXjO
RIILFLHUGH3ROLFH-XGLFLDLUHFH
TX
RQDSSHOOHXQH&RPPLVVLRQ5RJDWRLUHF
HVW jGLUHXQHGpOpJDWLRQGHSRXYRLUVDX[ILQVGHFRQWLQXHUVHV
LQYHVWLJDWLRQV&
HVWGDQVFHWWHVHXOHFRQGLWLRQHIIHFWLYHPHQWTXHQRXVSRXYRQV HIIHFWXHUFHVFRQIURQWDWLRQV
/HPRWHQIDQWYLHQWGXODWLQLQIDQWF
HVWFHOXLTXHQHSDUOHSDV
'DQVPRQO
H[SpULHQFHM
DLUDUHPHQWYXGHVHQIDQWVV
H[SULPHUG
HPEOpH
8QHQIDQWTXLVRXIIUHGDQVVDIDPLOOHQHSDUOHSDVVRLWSDUFHTX
LOHVWWURSMHX QHVRLWSDUFHTX
LODFFHSWHVD
FRQGLWLRQ8QHQIDQWYLFWLPHGHYLROHQFHVH[XHOOHDEHDXFRXSGHPDOjOHUpYpOHUFDUF
HVWOHVLOHQFHTXH
O
DGXOWHOXLDLPSRVpTXLYDO
HPSrFKHUGHSDUOHU
&
HVWjQRXVVSpFLDOLVWHVGHO
HQIDQFHjYRXVWUDYDLOOHXUVVRFL DX[TXHQRXVLQFRPEHQWFHWWHPLVVLRQTXLYDGH
ODUpYpODWLRQDXVLJQDOHPHQWDXWDQWMXGLFLDLUH
5pYpOHUSRXUSURWpJHUSURWpJHUSRXUVRLJQHUVRLJQHUSRXUJXpULUWHOVVRQWQRVPDvWUHVPRWV&
HVWXQWUDYDLO
GLIILFLOHVRXYHQWLQJUDWVTXHOTXHIRLVGpFRXUDJHDQWVPDLVFRPELHQYDORULVDQWV
/D GHYLVH GH QRWUH 5pSXEOLTXH HVW /LEHUWp eJDOLWp )UDWHUQLWp &
HVW OD )UDWHUQLWp TXL QRXV IDLW GLUH
TX
DXMRXUG
KXL XQ HQIDQW GRLW rWUH pFRXWp DLGp SRXU TXH FHOXL FL GHYLHQQH GHPDLQ QRQ SDV XQ GpOLQTXDQW
PDLVXQDGXOWHXQrWUHKXPDLQTXLSXLVVHV
pSDQRXLUDLQVLGDQVQRWUHVRFLpWp6R\RQVPDOJUpWRXWRSWLPLVWHV
WUDYDLOORQVHQVHPEOHGDQVO
LQWpUrWVXSpULHXUGHO
HQIDQWFRPPHQRXVOHUDSSHOOHOD&RQYHQWLRQ,QWHUQDWLRQDOH
GHV'URLWVGHO
(QIDQW
-HYRXVUHPHUFLH
3DJH 'RFWHXU 3DXO %(16866$1
9 3V\FKLDWUH
9 ([SHUWDXSUqVGHV7ULEXQDX[
9 $XWHXU
/DSDUROHGHO
HQIDQWGXVFHSWLFLVPHjODVDFUDOLVDWLRQ
3DJH 5HPHUFLHPHQWVjO¶$VVRFLDWLRQSRXUVRQLQYLWDWLRQ
© -¶DLVHQWLjWRUWRXjUDLVRQHQFRQQDLVVDQWPLHX[ 0DGDPH+$))1(5XQHVLQJXODULWpGHODUpIOH[LRQ
$56,12(8QYUDLUHVSHFWGHVVHQVLELOLWpVPDLVDYHFTXDQGPrPHXQWLPEUHTXLPHVHPEODLWVHGpWDFKHUXQ
SHXGXWURXSHDX ª
3RXUTXRLFHWLWUH© GXVFHSWLFLVPHjODVDFUDOLVDWLRQ ª "2QDO¶KDELWXGHGHGLUHTX¶HIIHFWLYHPHQW± FRPPH
O¶DVRXOLJQpOH&RPPDQGDQW/H%2+(& ± LOpWDLWUDUHDYDQWG¶DYRLUDXWDQWGHFUpGLWjSRUWHUjODSDUROHGH
O¶HQIDQWHWDXVVLDXWUDYDLOGHFHX[TXLSHXYHQWO¶HQFDGUHURXO¶DFFRPSDJQHUGDQVXQSURFHVVXVMXGLFLDLUH
0DLVOHGDQJHUGHODVDFUDOLVDWLRQPHSDUDvWPpULWHUG¶rWUHVRXOLJQpFDUYRXVYHUUH]TXHOHPRWQ¶DSDVpWp
FKRLVL DX KDVDUG HW TXH OHV PpWDSKRUHV UHOLJLHXVHV YRQW UHYHQLU GDQV OH GLVFRXUV OH © VDFUp ª F¶HVW TXDQG
PrPH OH UHOLJLHX[ ,O PH VHPEOH TX¶RQ HVW HQ WUDLQ GH SDVVHU HII HFWLYHPHQW GX UHVSHFW GH OD SHUVRQQH GH
O¶HQIDQWGXIDLWTXHO¶HQIDQWHVWVDFUp -HUDSSHOOHVDFUpYHXWGLUHTXHQXOQ¶DOHGURLWGHSURIDQHU ± DX
UHVSHFWGHVDSDUROHPDLVDXUHVSHFWHQWUHJXLOOHPHWVUHOLJLHX[GHVDSDUROHF¶HVWjGLUHjVDFRPSUpKH QVLRQHW
jVDOHFWXUHOLWWpUDOH
$ORUVLOP¶DUULYHUDGHUHERQGLUXQSHWLWSHXVXUO¶H[SRVpGX &RPPDQGDQW/H%2+(& HWGHPHGpWDFKHUGH
FHUWDLQVGHVHVSRLQWVGHYXHSRXUWDQWMHYRXGUDLVG¶DERUGVDOXHUO¶KXPDQLWpODVREULpWpGHVRQLQWHUYHQWLRQ
PDLVUDSSHOHUTXDQGPrPHGHVSRLQWVTXLP¶RQWVHPEOpGHVSRLQWVFOpVHWTXHM¶DUWLFXOHUDLXQSHWLWSHXGDQV
PRQLQWHUYHQWLRQSRXU\DSSRUWHUGHVQXDQFHV-¶DLVHQWLWUqVVRXYHQWXQHFRQIXVLRQMHGLUDLVGDQVO¶HVSULWGH
O¶LQWHUYHQDQWHQWUHOHUHVSHFWGHO¶HQIDQWH WOHIDLWGHOH© FURLUH ª-¶DLVHQWLODSHUSOH[LWpOHGpVDUURLELHQVU
GHVDXWRULWpVSROLFLqUHVORUVTX¶RQDIDXWLOOHUDSSHOHUODPDMRULWpGHVFDVQLSUHXYHVQLDYHX[(WHQILQM¶DL
EHDXFRXS VHQWL GDQV VRQ SURSRV O¶LGpH G¶XQ SURFHVVXV MXGLFLDLUH G pEXW GH OD WKpUDSLH QpFHVVDLUHPHQW
UpSDUDWHXU MH YRXGUDLV SRXUWDQW UDSSHOHU MH OH IHUDL TX¶LO SHXW rWUH DXVVL GpODEUDQW \ FRPSULV OD
FRQIURQWDWLRQjODTXHOOHMHVXLVSRXUWDQWIDYRUDEOH
$ORUVVLRQVDFUDOLVHODSDUROHGHO¶HQIDQWYRLOjXQSHWLWSH XFHTXLULVTXHG¶DUULYHUM¶RXYUHO¶LQWHUYHQWLRQSDU
XQH TXHVWLRQ XQ SHX SURYRFDQWH PDLV YRXV YHUUH]TXHFHQHVHUDSDVODVHXOH4XHOOHYDrWUHO¶XWLOLWpGHV
H[SHUWLVHVSV\FKLDWULTXHVSXLVTXHGpMjO¶HQIDQWGRLWGHWRXWHIDoRQrWUHFUX ± MHUDSSHOOHTXDQGPrPHTXHOD
FUR\DQFHHVWjPRQDYLVXQSKpQRPqQHTXLUHOqYHSOXW{WGHODUHOLJLRQTXHGHODWHFKQLTXHRXGHO¶H[SHUWLVH
PrPHSV\FKLDWULTXH MHSUpIqUHUDLVGLUHTXHO¶RQYDSUHQGUHWUqVDXVpULHX[FHTXHFHWHQIDQWDjQRXVGLUH
TXDQGLOHVWFDSDEOHGHOHGLUHSXLVTXHOH&RPPDQGDQW/H%2+(& UDSSHODLWDXVVLTXHO¶RQDYDLWSDUIRLVj
IDLUHjGHVWRXWSHWLWVHWTXHOjFHQ¶HVWSDVQpFHVVDLUHPHQWO¶HQIDQWTXLGpYRLOH
'RQFYR\H]G¶HPEOpHULHQTXHGDQVFHWLWUHEHDXFRXSGHQXDQFHV SDUROHVG¶HQIDQWVRXSDUROHVGHSURFKHV
FURLUHRXSUHQGUHDXVpULHX[ "(QWRXWFDVPRLMHFURLVXQHQIDQWGDQVFHVHQVTXHMHFURLVTXHO¶HQIDQWTXL
DOOqJXHGHVFKRVHVDXVVLJUDYHVDQpFHVVDLUHPHQWXQHVRXIIUDQFH3RXUDXWDQWHVW HOOHQpFHVVDLUHPHQWFHOOH
TX¶LOQRPPH "&HWWH TXHVWLRQVHUDO¶REMHWGHWRXWHPRQLQWHUYHQWLRQ
2QPHWWUqVVRXYHQWHQDYDQWSRXUH[SOLTXHUTXHHQILQOHVFKRVHVFKDQJHQWHQILQOHVHQIDQWVVRQW© FUXV ª
RQ PHW WUqV VRXYHQW HQ DYDQW O¶DXJPHQWDWLRQ VWDWLVWLTXH GX QRPEUH GH VLJQDOHPHQWV HW GH SODLQWHV SRXU
UHODWLIVDX[DEXVVH[XHOVVXUPLQHXUV$ORUVHIIHFWLYHPHQWWRXWOHPRQGHHQUHJLVWUHLO\DXQHWRXWHSHWLWH
VWDJQDWLRQUpFHQWHPDLVGLVRQVHQ ± ± XQHSURJUHVVLRQFURLVVDQWHGHFHVVLJQDOHPHQWVHWGHFHV
SODLQWHV/HVDVVRFLDWLRQVGHSURWHFWLRQGHO¶HQIDQFHGpSORUDQWELHQVUOHQRPEUHpJDOHPHQWFURLVVDQWGH
QRQOLHX[GHUHOD[HVGHFODVVHPHQWVVDQVVXLWH
$ORUV VRLW HIIHFWLYHPHQW OD SpGRFULPLQDOLWp DXJPHQWH VRLW F¶HVW JpQpUDOHPHQW O¶LQWHUSUpWDWLRQ OD SOXV
UpSDQGXH,O\HQDSOXVSDUFHTX¶RQRVHHQILQGpYRLOHURQRVHHQILQHQSDUOHU VRLWHQILQHWDSUqVWRXW
FHVLQWHUSUpWDWLRQVQHVRQWSDVH[FOXVLYHVO¶XQHGHO¶DXWUHVRLWHQILQLOIDXWELHQDGPHWWUHTX¶LO\DGHVIDX[ SRVLWLIV F¶HVWjGLUH GHV DEXV TXL VRQW VLJQDOpV PDLV TXL Q¶RQW SDV QpFHVVDLUHPHQW HX OLHX TX¶RQ OHV DLW
LQYHQWpVRXTX¶RQOHVDLWIDQWDVPpV
3DJH $ORUVSRXUYRXVPRQWUHUGHTXHOOHIDoRQRQSHXWUHFXHLOOLUGHVGpYRLOHPHQWVHWVHIpOLFLWHUGHVSURJUqV-H
YDLV YRXV PRQWUHU O¶LQIRUPDWLRQ GRQQpH j O¶XVDJH GHV HQVHLJQDQWV MH YDLV SHXWrWUH PH OHYHU SRXU OD
FRPPHQWHUFDUHOOHOHPpULWH
9RXVVDYH]TXHGHSXLVOHVHQVHLJQDQWVVRQWWHQXVSDUOD&LUFXODLUHGLWH© $//(*5(52<$/ ªGH
VLJQDOHUVDQVGpODLGHVIDLWVG¶DJUHVVLRQVVH[XHOVGRQWSRXUUDLHQWrWUHYLFWL PHVOHXUVpOqYHV
(QILQTXDQGMHGLVHQVHLJQDQWVF¶HVWjSUHQGUHDXVHQVOHSOXVODUJHGXWHUPHF¶HVW jGLUHWRXVOHVPHPEUHV
GHO¶pGXFDWLRQQDWLRQDOH$ORUVSRXUFHODRQOHXUGRQQHXQHLQIRUPDWLRQRQOHXUDSSUHQGjGpWHFWHURXHQ
WRXWFDVjrWUHUpFHSWLIVjGHVVLJQDX[YHUEDX[RXQRQYHUEDX[TXHSRXUUDLHQWpPHWWUHOHVHQIDQWVYLFWLPHV
(W YRXV DOOH] YRLU TXH FHWWH LQIRUPDWLRQ ELHQ VU RQ QH SHXW TXH VDOXHU OH IDLW G¶LQFLWHU j VLJQDOHU RX j
GpQRQFHU j FRPPH RQ GLW © EULVHU OD ORL GX VLOHQFH ª PDLV YRXVDOOH]YRLUTXHFHWWHLQIRUPDWLRQSHXWrWUH
YpKLFXOH GHV ULVTXHV G¶H[FqV SDU VRQ F{Wp VLPSOLILFDWHXU HW VDFUDOLVDQW MXVWHPHQW OD SDUROH GH O¶HQIDQW -H
SUpFLVHTXHOD&LUFXODLUH© 5R\DO ªVLRQO¶pWXGLHYUDLPHQWGHSUqVQ¶HVWSHXW rWUHSDVDXVVLH[FHVVLYHTXHoD
SXLVTX¶HOOH PHW VLPSOHPHQW HQ GHPHXUH OHV PHPEUHV GH O¶(GXFDWLRQ 1DWLRQDOH GH VLJQDOHU GHV IDLWV PDLV
TX¶HQUpDOLWpODSUHVVLRQHVWWHOOHTXHOHVJHQVFRQIRQGHQWIDLWVHWVXVSLFLRQGHIDLWV(IIHFWLYHPHQWLOVQH
VRQW SDV TXDOLILpV SRXU IDLUH OH GLVWLQJXR HW GRQF RQ D FH TXH )UDQoRLVH 3(7,727 QRPPH GHV
© VLJQDOHPHQWVSDUDSOXLH ªF¶HVWjGLUHGHVVLJQDOHPHQWVTXLVRQWIDLWVGDYDQWDJHSRXUVHSURWpJHUTXHSRXU
SURWpJHUXQHQIDQW
$ORUVELHQVUTXDQGRQSDUOHG¶DEXVVH[XHOVVXUPLQHXUVD YDQWGHSDUOHUGHSDUROHVG¶HQIDQWVLOIDXWSDUOHU
GHVFRQGLWLRQVGXGpYRLOHPHQWF¶HVWYUDLPHQWTXHOTXHFKRVHGHWUqVLPSRUWDQWHWTXDQGMHGLVFRQGLWLRQV
F¶HVW YUDLPHQW WRXW FH TXL SUpFqGH WRXW FH TXL VH SDVVH DX PRPHQW GX GpYRLOHPHQW HW PrPH HQ WHQWD QW
G¶H[WUDSROHUFHTXLULVTXHGHVHSDVVHUDSUqVSDUFHWRXWoDYDLQIOXHUVXUOHPRGHGHUHFXHLOGHVGRQQpHVHW
SHUGUH GH YXH FHW HQVHPEOH HW LVROHU OH GpYRLOHPHQW GDQV OD SDUROH HW GDQV VD FRPSUpKHQVLRQ OLWWpUDOH
YpKLFXOHXQULVTXHWUqVLPSRUWDQWG¶HUUHXUVJUDYHV
3HXWrWUH FHUWDLQV G¶HQWUH YRXV VH VRXYLHQQHQW LOV GH OD FDPSDJQH G¶LQIRUPDWLRQ WpOpYLVpH VRXV IRUPH GH
VSRWVGLIIXVpVDXSULQWHPSVGHUQLHUHWTXLGLVDLHQW© VHWDLUHF¶HVWODLVVHUIDLUH ªHWGRQF6pJROqQH52<$/
LQWHUYHQDQWVXUXQHDQWHQQHGHWpOpYLVLRQVFDQGDLWMHQHWURXYHSDVG¶DXWUHVWHUPHVSXLVTX¶HOOHOHPDUWHODLWj
GHQRPEUHXVHVUHSULVHVHQKHXUHG¶pPLVVLRQXQHHVSqFHGH© SURIHVVLRQGHIRL ªHQIRUPHGHVORJDQTXL
pWDLW ©O¶HQIDQWGLWOH9UDL ª
-HQHVDLVSDVVLOHYUDLV¶pFULYDLWDYHFXQ9PDMXVFXOHPDLVLOP¶DVHPEOpHQWHQGUH9PDMXVFXOHHWF¶pWDLW
FRPPH oD FHWWH IRUPXOH TXL UHYHQDLW © O¶HQIDQW GLW OH 9UDL ª $ORUV pWDLWFH HQ WDQW TXH PqUH GH IDPLOOH
TX¶HOOHV¶H[SULPDLWGDQVFHFDVOjLO\DGXVRXFLjVHIDLUHVXUVDFRQQDLVVDQFHGXPRQGHGHO¶HQIDQFH
(WDLWFHHQWDQWTXHIHPPHSROLWLTXHPDLVRDSSUHQG RQoD "2XpWDLWFHSOXW{WXQHDWWLWXGHSROLWLTXHYRLUH
GpPDJRJLTXH HW Oj HIIHFWLYHPHQW RQ SHXW UHFRQQDvWUH TXH F¶HVW SOXW{W FRQVHQVXHO HW SOXW{W SRUWHXU GH
SURWpJHUO¶HQIDQWHWGHOH© FURLUH ª
3RXU UHYHQLU j FHWWH EURFKXUH YRLOj O¶LQIRUPDWLRQ GRQQpH DX HQVHLJQDQWV OH SRVWXODW GH EDVH HVW SRVp
G¶HPEOpH © ORUVTXH ILOOH RX JDUoRQ XQ HQIDQW RX XQ DGROHVFHQW UpYqOH XQH DJUHVVLRQ VH[XHOOH LO HVW
H[FHSWLRQQHO TX¶LO IDEXOH ª M¶DWWLUH GRQF YRWUH DWWHQWLRQ HIIHFWLYHPHQW LO HVW H[FHSWLRQQHO TX¶LO IDEXOH
SHUVRQQHOOHPHQWMHQ¶DLMDPDLVUHQFRQWUpGHWRXWSHWLWTXLPHQWHHQGpYRLODQWXQHDJUHVVLRQTXLQ¶DYDLWSDV
HXOLHX0DLVWUDLWHUFHODVRXVO¶DQJOHGHODYpULWpRXGX P HQVRQJHF¶HVWH[WUDRUGLQDLUHPHQWUpGXFWHXU&¶HVW
QLHUWRXWOHFKDPSG¶LQIOXHQFHVDXTXHOO¶HQIDQWSHXWVHWURXYHUFRQIURQWpHWF¶HVWFRQIRQGUHYpULWpKLVWRULTXH
YpULWpSV\FKRORJLTXHHWYpULWpMXGLFLDLUH'RQF MHSUpFLVHHQSOXVTXHFKDTXHPRWHVWLPSRU WDQWGDQVFHWWH
SKUDVH ± LO QH IDEXOH SDV VRXVHQWHQGX LO GLW OD YpULWp HW LO V¶DJLW ELHQ GH YpULWp MXGLFLDLUH GH YpULWp
KLVWRULTXHSDUFHTX¶RQSRXUUDLWGLUHTX¶LOGLWVDYpULWpQRQLOGLW© OHYUDL ªHWVXUWRXWLOUpYqOHXQHDJUHVVLRQ
VH[XHOOH0DLVFRPPHQWSHXWLOODUpYpOHU "6RLWHQSDUODQWVRLWHQPDQLIHVWDQWXQHVRXIIUDQFH3UHPLHUFDV
GHILJXUH O¶HQIDQWSDUOHHWGHX[LqPHFDVGHILJXUH O¶HQIDQWPRQWUH
3DJH ¾ /¶HQIDQWSDUOH © /DSOXSDUWGXWHPSVODILOOHWWHHWOHJDUoRQQHWPrPHjO¶kJHGHO¶DGROHVFHQFH
HVWWHUURULVpQHSHXWSDVSDUOHU
'RQFGpMjGDQVOHFDVRO¶HQIDQWGpYRLOHO¶DJUHVVLRQVH[XHOOHLOQHSHXWSDVOHGLUHPDLVLOSHXW
GLUH GHV FKRVHV TXL YRQW QRXV PHWWUHVXUODYRLH'RQFMHYRXVOHVOLVF¶HVWXQSHXIDVWLGLHX[
PDLVoDLOOXVWUHWHOOHPHQWELHQODSUREOpPDWLTXH(OOHRXLODXUDSXGLUHjVHVSDUHQWVGHVFKRVHV
GHO¶RUGUH © MH QH YHX[ SDV DOOHU j O¶pFROH MH Q¶DLPH SDV 0RQVLHXU ; VRQ LQVWLWXWHXU F¶HVW SRXU OHV
HQVHLJQDQWVM¶DLPDODXYHQWUHRXM¶DLSHXUGHVYDFDQFHVDYHFPRQSqUH
%LHQTXHO¶pFROHVRLWREOLJDWRLUHQRXVGLWODEURFKXUHQRWLFHELHQTXHO¶pOqYHSXLVVHSUpVHQWHU
GHVGLIILFXOWpVG¶DSSUHQWLVVDJHLOHVWHVVHQWLHOGHV¶HIIRUFHUGHFRPSUHQGUHFHTX¶LOYHXWGLUH,O
QH IDXW SDV OH UDVVXUHU j ERQ FRPSWH oD F¶HVW YUDL LO IDXW rWUH UpFHSWLI OXL GLUH PDLV F¶HVW
REOLJDWRLUHG¶DOOHUjO¶pFROHRX0RQVLHXU;HVWXQWUqVJHQWLOLQVWLWXWHXURXWRQSDSDHVWXQWUqV
JHQWLOSDSD&HQ¶HVWSDVELHQSXLVTXHO¶HQIDQWDWHQWpGHVROOLFLWHUO¶DWWHQWLRQGHO¶DGXOWHTXLD
XQHVXUGLWpSV\FKLTXHTXLQ¶DULHQFRPSULVDXPHVVDJHHWTXLYDOHIDLUHWDLUHSHXW rWUHSRXU
ORQJWHPSVHQOHUDVVXUDQWjERQFRPSWH
&RPPHYRXVOHVHQWH]SHXWrWUHLOQ¶\DSDVG¶LURQLHGDQVPRQSURSRV&¶HVWjGLUHMHUHMRLQVOD
OLJQH GH UDLVRQQHPHQW FH VRQW FHUWDLQHV DUWLFXODWLRQV GRQW MH PH GpWDFKH HW TXL PH SDUDLVVHQW
VLPSOLILFDWULFHV(WOjLO\DXQJOLVVHPHQWTXHMHQHSHX[SDVFRPSUHQGUHGRQFLOQHIDXWSDVOH
UDVVXUHUjERQFRPSWHORUVTX¶LO\DXQHDJUHVVLRQVH[XHOOHLOIDXWOHFURLUH2Q\ UHYLHQWHW© LO
IDXW LPPpGLDWHPHQW DOOHU SRUWHU SODLQWH DYHF FRQVWLWXWLRQ DYHF SDUWLH FLYLOH DXSUqV GX
&RPPLVVDULDWRXGX3URFXUHXUGHOD5pSXEOLTXH ª
'RQFVLMHUpVXPHHWMHQHVXLVSDVGDQVODFDULFDWXUH VLXQHQIDQWGLW© M¶DLPDODXYHQWUHRXMH
QHYHX[SDVDOOHUjO¶pFROHRXM¶DLSHXUGHVYDFDQFHVDYHFPRQSqUH 3URFXUHXUGHOD5pSXEOLTXH
VDQVGpODL6DQVGpODLSDUFHTXHVLMDPDLVOHVHQVHLJQDQWVVHUpXQLVVHQWHQWUHHX[RXSUHQQHQWXQ
WHPSV GH UpIOH[LRQ RX PHWWHQW XQ WUDYDLOOHXU VRFLDO RX O¶L QILUPLqUH VFRODLUH VXU OH FRXS LOV
SRXUURQW rWUH DFFXVpV GH QRQDVVLVWDQFH j SHUVRQQH HQ SpULO DX FDV R O¶HQIDQW TXL pWDLW HQ
VRXIIUDQFHpWDLWYLFWLPHG¶DJUHVVLRQVH[XHOOH
&HTXLHVWH[WUDRUGLQDLUHGDQVFHWWHFLUFXODLUHF¶HVWTX¶LOQ¶HVWSDVTXHVWLRQ GHODPDOWUDLWDQFH
SV\FKRORJLTXHRXGHODPDOWUDLWDQFHSK\VLTXH/H© VDQVGpODL ªQHFRQFHUQHTXH ODPDOWUDLWDQFH
VH[XHOOH&HTXLQRXVUHQYRLHjO¶LGpHTXLHVWXQHLGpHFRQWUHODTXHOOHMHP¶pOqYHPDLVTXLHVW
WHOOHPHQW DEVROXH TXH SHUVRQQH Q¶D SRXYRLU G¶rWUH HQWHQGX TXH OD UHSUpVHQWDWLRQ VRFLDOH GH OD
YLROHQFH VH[XHOOH HVW DFWXHOOHPHQW XOWLPH &¶HVW OH FULPH GHV FULPHV HW F¶HVW SUREDEOHPHQW FH
TX¶RQ SHXW LPDJLQHU DXMRXUG¶KXL GH SOXV GpODEUDQW 3HUVRQQHOOHPHQW M¶DL pWp FRQIURQWp j GHV
FDUHQFHV DIIHFWLYHV JUDYLVVLPHV RX j GHV PDOWUDLWDQFHV SV\FKRORJLTXHV JUDYLVVLPHV TXL P¶RQW
HQFRUHIDLWSOXVIURLGGDQVOHGRVTXHFHUWDLQHVYLROHQFHVVH[XHOOHVPDLVRQSHXWjSHLQHOHGLUH
%RQoDF¶HVWTXDQGLOSDUOHGRQFTXDQGLOSDUOHMHUpVXPH HQIDLWLOQ¶HQSDUOHSDVGLUHFWHPHQW
LOHVWDOOXVLILOIDXWOHFURLUHHWLOIDXWDOOHUSRUWHUSODLQWH
¾ 0DLVRQDGHVHQIDQWVTXLQHSDUOHQWSDVHWLO\DGHVHQIDQWVTXLPRQWUHQW (WOjDXVVLLOQHIDXWSDVrWUHDYHXJOH$ORUVMHYRXVSDVVHXQHWUqVORQJXHOLVWHGHV \PSW{PHV
SV\FKRVRPDWLTXHVMHYRXVH[SOLTXHUDLVLPSOHPHQWTX¶DXFXQQ¶DGHVSpFLILFLWpTXDQGELHQPrPH
O¶HQIDQW SUpVHQWHUDLW O¶HQVHPEOH GH FHV VLJQHV FHOD Q¶DXUDLW DXFXQH VSpFLILFLWp &HOD VLJQHUDLW
VLPSOHPHQWXQHVRXIIUDQFHSV\FKRORJLTXHLPSRUWDQWH(YLGH PPHQWjSUHQGUHHQFRQVLGpUDWLRQHW
jQHSDVLJQRUHUjQHSDVRFFXOWHUPDLVFHODQHSRXUUDLWSDVVLJQHUHQDXFXQFDVXQDEXVVH[XHO
&HOD YD GHV WURXEOHV GX VRPPHLO MXVTX¶j GHV WURXEOHV GX FRPSRUWHPHQW G¶LQDWWHQWLRQ
G¶pQXUpVLH G¶HQFRSUpVLH GH WRXW FH TX¶XQ HQIDQW HVW FDSDEOH GH SURGXLUH FRPPH VLJQDX[
3DJH SV\FKRVRPDWLTXHVGHVDVRXIIUDQFH-HYRXVOLVTXDQGPrPHXQHSHUOHFDUMHQ¶\UpVLVWHSDV © 'HVVLQWUqVVH[XDOLVpRXSDVGXWRXWVH[XDOLVp ª
$ORUVGHYDQWFHWWHHVSqFHG¶REVHVVLRQGHO¶DEXVVH[XHOD YHFXQFRPSRUWHPHQWH[WUrPHPHQWVSpFLILTXHGHV
LQWHUYHQDQWV DXWRXU GHV HQIDQWV F¶HVWjGLUH YRXV DYH] ELHQ QRWp TX¶RQ QH GHPDQGH SDV DX[ PHPEUHV GH
O¶(GXFDWLRQ 1DWLRQDOH GH UpDJLU GH OD PrPH IDoRQ VHORQ TX¶LO \ DLW DEXV VH[XHO RX PDOWUDLWDQFH VDQV
VSpFLILFLWp'RQFLO\DXQHVSpFLILFLWpGHODFRQGXLWHjWHQLUIDFHjXQDEXVVH[XHO-HFURLVWUqVGDQJHUHX[GH
UDLVRQQHU FRPPH oD G¶XQH IDoRQ VLPSOLILFDWULFH PrPH DYHF pQRUPpPHQW GH ERQV VHQWLPHQWV SDUFH
TX¶HIIHFWLYHPHQWFURLUHHWSURWpJHUXQHQIDQWMH QHYRLVSDVWUqVELHQTXLSRXUUDLWDYRLUOHGURLWGHV¶pOHYHU
FRQWUHFHWWHLGpHOj0DLVSURWqJHWRQXQHQIDQWHQVHFRPSRUWDQWGHODVRUWHHWHQD\DQWXQHFRPSUpKHQVLRQ
FHQ¶HVWPrPHSOXVXQHFRPSUpKHQVLRQOLWWpUDOHFHVRQWGHVSURMHFWLRQVGHVDGXOWHV GRQWLOHVWTXHVWLRQ "-H
QH VXLV SDV VU TX¶RQ OH SURWqJH GH FHWWH IDoRQ 'RQF OD FLWDWLRQ TXH M¶DL pFULWHHQWUHJXLOOHPHWVMHSHQVH
TX¶HOOHHVWYLVLEOHGDQVOHIRQGGHODVDOOHHVWXQHFLWDWLRQG¶ $//$,1 © 5LHQQ¶HVWSOXVGDQJHUHX[TX¶XQHLGpHTXDQGRQQ¶DTX¶XQHLGpH ª
HWF¶HVWYUDLTXHM¶DLYXGHVJHQVWUqVLQYHVWLVGDQVODSURWHFWLRQGHVHQIDQWVTXLPHSDUDLVVDLHQWMHGRLVOH
GLUH SRWHQWLHOOHPHQW YHFWHXUV G¶HIIHWV LQGpVLUDEOHV QRQ QpJOLJHDEOHV SDUFH TX¶RQ HVW GDQV XQ FKDPS
QpFHVVDLUHPHQWSDVVLRQQHOTX¶LO\DEHDXFRXSGHSURMHFWLRQVEHDXFRXSGHVRXIIUDQFH\FRPSULVG¶DGXOWHV
WUqVLQYHVWLVTXLVRQWHQFDXVHGDQVFHVRULHQWDWLRQVOjHWTXHMHGLUDLVTXHSOXVTX¶DLOOHXUVLOIDXWDUULYHUj
GpSDVVLRQQHUOHGpEDWHWORUVTXHMHP¶pFDUWHXQSH WLWSHXGHFHUWDLQVDVSHFWVTXLPHVHPEOHQWVLPSOLILFDWHXUV
RXH[FHVVLIVFHQ¶HVWSDVWHOOHPHQWSRXUOHSODLVLUGHODFULWLTXHF¶HVWVXUWRXWSRXUHVVD\HUGHGpSDVVLRQQHUOH
GpEDWSOXVRQYDDYRLUXQHDSSURFKHMHGLUDLVXQSHWLWSHXVHUHLQHHWQXDQFpHG HFHVDIIDLUHVOjHWSOXVRQYD
DUULYHUjUDLVRQQHUODWrWHIURLGHSRXUOHELHQGHWRXVFHPHVHPEOH
/D QpFHVVLWp GH FURLUH XQ HQIDQW SDUW HIIHFWLYHPHQW G¶XQ FRQVWDW WUqV VLPSOH HW j SURSRV GXTXHO QRXV QH
SRXYRQV TX¶rWUH G¶DFFRUG LPDJLQRQV XQ HQIDQW TX L GpYRLOH HW TXL QH VRLW SDV FUX MH FURLV TXH F¶HVW
SUREDEOHPHQWXQHGHVVLWXDWLRQVGHGpWUHVVHSV\FKRORJLTXHOHVSLUHVTX¶RQSXLVVHLPDJLQHU
8QHQIDQWTXLDXUDLWOHFRXUDJHGHSUHQGUHOHULVTXHGHVLJQDOHUGHVDEXVGRQWLOHVWYLFWLPHHWVRQSURSRVQH
VHUDLW SDU H[HPSOH SDV SULV DX VpULHX[ SDU GHV LQWHUYHQDQWV H[WpULHXUV RX SDV YpKLFXOp SDU VHV SURSUHV
SDUHQWV /¶HQIDQW SHXW SDU H[HPSOH UDSSRUWHU GHV JHVWHV pTXLYRTXHV FRPPLV SDU VRQ LQVWLWXWHXU GRQF
DJUHVVLRQ H[WUDIDPLOLDOH PLQRULWDLUH RX ELHQ DX FR QWUDLUH GpYRLOHU j XQ WLHUV H[WUDIDPLOLDO GHV DJUHVVLRQV
LQWUDIDPLOLDOHV'DQVOHVGHX[FDVRQHVWELHQG¶DFFRUGFHVHUDLWWHUULEOHGHQHSDVOHFURLUH0DLVHQFRUHXQH
IRLVMHGLUDLV© IDXWLOOH© FURLUH ªVDQVGLVFHUQHPHQWRXIDXWLOOHSUHQGUHDXVpULHX[ ª
&¶HVWoDODQXDQFHPDLVHOOHHVWGHWDLOOHMHFURLVTX¶LOIDXWSUHQGUHWUqVDXVpULHX[WRXWFHTXHO¶HQIDQWSHXW
DYRLUjGLUHIDLUHXQHDQDO\VHWUqVSURIHVVLRQQHOOHGHFHTXLHVWHQWUDLQGHVHSDVVHUFHTXLQ¶DERXWLUDSDV
QpFHVVDLUHPHQW j XQH FRPSUpKHQVLRQ OLWWpUDOH GX GLVFRXUV &HUWDLQV DYRFDWV TXL PLOLWHQW DX[ VHLQV
G¶DVVRFLDWLRQVGHSURWHFWLRQGHO¶HQIDQFHRQWSURSRVpGDQVOHGRPDLQHG¶DEXVVH[XHOXQH© SUpVRPSWLRQGH
FUpGLELOLWp ª,OHVWHIIHFWLYHPHQWWUqVFRPSOH[HGHGpILQLUFHTX¶HV WODFUpGLELOLWpPDLVRQSHXWVLPSOHPHQW
GLUH TX¶LO \ D XQ DPDOJDPH IUpTXHQW \ FRPSULV SRXU OHV PDJLVWUDWV HW \ FRPSULV SRXU OHV H[SHUWV HQWUH
FUpGLELOLWpG¶XQHYLFWLPHDXWKHQWLFLWppPRWLRQQHOOHVLQFpULWpYpUDFLWp7RXVFHVFRQFHSWVVRQWpYLGHPPHQW
WUqV YRLVLQV OHV XQV GHV DXWUHV PDLV VL RQQHV¶HIIRUFHSDVGHELHQDYRLUHQWrWHFHVQXDQFHVRQULVTXHGH
FRQIRQGUH FUpGLELOLWp HW YpULWp WRXW VLPSOHPHQW 8QH YLFWLPH FUpGLEOH FHOD VLJQLILH TX¶HOOH Q¶HVW QL
IDEXODWULFH QL P\WKRPDQH TXH VRQ GLVFRXUV HVW H[SULPp GH IDoRQ PRGpUpH HW FRKpUHQWH TXH O¶HQVHPEOH
GRQQHXQHLPSUHVVLRQG¶DXWKHQWLFLWpHWTX¶RQDSDVGpFHOpGDQVOHGLVFRXUVG¶XQWUqVMHXQHHQIDQWODWUDFH
G¶LQIOXHQFH0DLVOjHQFRUHFUpGLELOLWpLOYDIDOORLUHVVD\HUPDLQWHQDQWG¶DIILQHUXQSHWLW SHXODYLFWLPHHVW
FUpGLEOH FHOD YHXW GLUH 6RQ GLVFRXUV Q¶HVW SDV LQYDOLGp j SULRUL HW HQVXLWH LO YD IDOORLU HVVD\HU GH
FRPSUHQGUHFHTXLVHSDVVH$PRLQVGHFRQVLGpUHUHWF¶HVWFHTXHSURSRVHQWVHVDYRFDWVTXHGXPRPHQW
TXHTXHOTXHFKRVHHVWDOOpJXpHFHODHXOLHX'DQVFHFDVOjHQFRUHXQHIRLVMHUHQYRLHDXVRXV WLWUHGHPD
FRPPXQLFDWLRQ © /HV MXJHV RQWLOV HQFRUH EHVRLQ G¶H[SHUWV " ª (W TXH IDLUH GHV V\PSW{PHV
SV\FKRVRPDWLTXHVGRQWRQSHQVHTX¶LOVSHXYHQWWUDGXLUHO¶H[LVWHQFHG¶XQDEXVVH[X HO "
3DJH 4XHIDLUHGHVUpYpODWLRQVIDLWHVSDUGHWUqVMHXQHVHQIDQWVjOHXUVSURFKHVHWQRQFRQILUPpHVGDQVOHFDGUH
G¶XQHDXGLWLRQ"
4XHIDLUHGHO¶LQWHUSUpWDWLRQG¶XQSURSRVRXG¶XQHDWWLWXGHSDUOHVSDUHQWV"
-¶DL O¶KDELWXGH GH FLWHU XQ FDV SDUFH TX¶LO HVW DEVROXPHQW H[HPSODLUH GH FH TXL SHXW VH SDVVHU GH WUqV
SDVVLRQQHO
'DQVOHFDGUHG¶XQHVpSDUDWLRQSDUHQWDOHM¶DYDLVpWpGpVLJQpSRXUYRLUWRXWHODIDPLOOHF¶HVWXQHPpWKRGH
TXHMHSUpFRQLVHWRXMRXUVODVDFUDOLVDWLRQGHODSDUROHGHO¶HQIDQWF¶HVWD XVVLLVROHUFHWWHSDUROHGXFKDPS
IDPLOLDOFKDPSIDPLOLDOQpFHVVDLUHPHQWSDWKRORJLTXHTXHO¶DEXVDLWHXOLHXRXSDV
6LO¶DEXVDHXOLHXLOQ¶HVWSDVQpFHVVDLUHG¶H[SOLTXHUSRXUTXRLODIDPLOOHHVWPDODGH0DLVVLO¶DEXVQ¶DSDV
HXOLHXHWTXHO¶HQIDQWOHUpYqOHRXTX¶XQHPqUHOHVXVSHFWHODIDPLOOHHVWPDODGHDXVVL-HSHQVHTX¶RQSHXW
DGPHWWUHFHODGRQFGHWRXWHIDoRQLOIDXWUDLVRQQHUVXUO¶HQVHPEOHGHFHV\VWqPHIDPLOLDO'RQFM¶DYDLVpWp
GpVLJQpSRXUYRLUODIDPLOOHRXFHTX¶LOHQUHVWDLWSXLVTXH OHVSDUHQWVpWDLHQWVpSDUpVHWGRQFO¶HQIDQWDYDLW
UpYpOpDXUHWRXUG¶XQZHHNHQGSDVVpFKH]VRQSqUHDYDLWUpYpOpRXHQWRXWFDVDYDLWGLW © SDSDELEHURQ ª
(WVDPqUHHQDYDLWLPPpGLDWHPHQWGpGXLWjVRQUHJDUGTXHF¶pWDLWHQIDLWSOXVJUDYHTXHoDHW TXHF¶HVWG¶XQH
IHOODWLRQGRQWLOpWDLWTXHVWLRQ(OOHDYDLWGRQFGHPDQGpFRQVHLORQOXLDYDLWELHQVUFRQVHLOOpGHYDQWGHV
VXVSLFLRQVDXVVLJUDYHVGHSRUWHUSODLQWH
4XHYRXOH]YRXVTX¶HOOHIvWG¶DXWUH "
(OOHHVWDOOpHSRUWHUSODLQWH/¶HQIDQWDELHQ VUVXELXQHH[SHUWLVHJ\QpFRORJLTXHSRXUYpULILHUV¶LO\DYDLW
GpIORUDWLRQV¶LO\DYDLWGHVWUDFHVGHYLROHQFHTXLQ¶\pWDLHQWSDVHWODPqUHDSURJUHVVLYHPHQWFRPSULVTX¶RQ
QH YRXODLW SDV O¶HQWHQGUH HW TX¶HQ IDLWLO \ DYDLW YUDLVHPEODEOHPHQW XQH FROOXVLRQ HQWUH O¶DXWHXU TXL DYDLW
WUDYDLOOpGDQVODSROLFHHWO¶HQVHPEOHGHVLQYHVWLJDWHXUV
(OOHDGRQFFKRLVLGHIDLUHSUDWLTXHUHOOHPrPHGHVSUpOqYHPHQWVSODVPDWLTXHVHWXULQDLUHVSRXUGpFHOHUGHV
WUDFHVGHWR[LTXHVTX¶RQDXUDLWSXGRQQHUjVDILOOHSR XULQGXLUHXQHDPQpVLHLQIDQWLOHSDUH[HPSOH(WSXLV
GHYDQWODQpJDWLYLWpGHVUpVXOWDWVHOOHDSHQVpTXHO¶K{SLWDOpWDLWpJDOHPHQWGDQVOHFRXS
9RXV DYH] GpMj FRPSULV j FH VWDGH TX¶LO V¶DJLVVDLW SDUGRQ G¶HPSOR\HU FH WHUPH oD YD FKRTXHU SHXW rWUH
TXHOTX¶XQG¶XQGpOLUHSDUDQRwDTXHWRXWjIDLWFRQVWUXLW-HSUpFLVHTXHSRXUTX¶RQSDUOHHQSV\FKLDWULHGH
GpOLUHSDUDQRwDTXHLOQ¶HVWSDVQpFHVVDLUHTXHODFKRVHVXVSHFWpHQ¶DLWSDVHXOLHX&¶HVWOHFRPSRUWHPHQW
O¶HQYDKLVVHPHQW GX FKDPS GH SHQVpH O¶HQVH PEOH GHV FRQGXLWHV GH YpULILFDWLRQ OD WRQDOLWp SDVVLRQQHOOH
O¶DEVHQFH GH GRXWH HWF« F¶HVW WRXW XQ HQVHPEOH GH SDUDPqWUHV TXL IRQW SDUOHU G¶XQ YpFX GpOLUDQW HW
LQWHUSUpWDWLI
0DLVRQpWDLWWUqVSURFKHGHFHTX¶RQDSSHOXQ V\QGURPHGH0XQFKDVHQ SDUSURFXUDWLRQDYHFXQHUpHOOH
GDQJHURVLWp HW MH SHQVH WUqV VLQFqUHPHQW TXH FHWWH PqUH DXUDLW SUpIpUp RFFLUH VRQ HQIDQW SOXW{W TXH GH OH
FRQILHUXQHQRXYHOOHIRLVjVRQSqUH(WELHQSHUVRQQHQ¶DHXOHFRXUDJHGHSRVHUOHGLDJQRVWLFHWGHIDLUHOD
VHXOHFKRVHTX¶LOpWDLWUDLVRQQDEOHGHIDLUH O¶KRVSLWDOLVDWLRQG¶XUJHQFHGHO¶HQIDQW7RXWOHPRQGHDSHUoX
FHWWH IHPPH FRPPH ELHQ VU WUqV LQTXLqWH WUqV SURWHFWULFH PDLV RQ Q¶D SDV RVp VRXOLJQHU OD FRQQRWDWLRQ
SDWKRORJLTXHGHSHXUGH© QHSDVFURLUH ª MHYRXGUDLVVDYRLUSRXUVLFHX[TXLSDUOHQWGHSUpVRPSWLRQGH
FUpGLELOLWpV¶LOIDOODLWGDQVXQHWHOOHVLWXDWLRQFURLUHO¶HQIDQWRXV¶LOIDOODLWFURLUHODPqUH3DUFHTXHV¶LOIDOODLW
FURLUHO¶HQIDQWRQSRXYDLWSHXWrWUHFO{WXUHUFHGRVVLHU-HYRXVUDSSHOOHOH © GpYRLOHPHQW ªF¶pWDLW© 3DSD
ELEHURQ ª
'RQFOjHQFRUHODYpULWpSV\FKRORJLTXHGHFHWWHIHPPHTXLjO¶pYLGHQFHpWDLWYLEUDQWHGHVLQFpULWpQ¶pWDLWSDV
XQHSDUROHG¶HQIDQWPDLVQ¶pWDLWSHXWrWUHQRQSOXVSDVODYpULWpKLVWRULTXHHWQ¶pWDLWSHXW rWUHSDVQRQSOXVOD
YpULWpMXGLFLDLUH&¶HVWELHQGHFHVSHXUVHWGHFHVFRQWUDFWLRQVGRQWLOHVWTXHVWLRQHQUpDOLWpSDUFHTX¶LOYD
IDOORLUIDLUHSUHXYHGHFRXUDJHSURIHVVLRQQHOTX¶LOV¶DJLVVHGHO¶HQTXrWHSUpOLPLQDLUHRXG¶XQFODVVHPHQWVDQV
VXLWHTX¶LOV¶DJLVVHG¶XQHH[SHUWLVHTXLYDFRQFOXUHSHXW rWUHGDQVFHUWDLQVFDVOHVSOXVH[WUrPHVjGHVFKRL[
GUDVWLTXHV\FRPSULVHQFDVGHVpSDUDWLRQSDUHQWDOHDYHFWUDQVIHUWGHUpVLGHQFHORUVTXHO¶HQIDQWSRXUOHTXHO
3DJH ODVXVSLFLRQG¶DEXVQ¶DMDPDLVpWpFRQILUPpHHW VRXPLVjGHVSUHVVLRQVH[WUrPHPHQWIRUWHVHWLQVLVWDQWHVSRXU
TX¶LOUpYqOHDYHFO¶HQVHPEOHGHVGRPPDJHVSV\FKRORJLTXHVTX¶RQSHXWSDUIRLVYRLU
2QSHXWrWUHDPHQHUGDQVFHUWDLQVFDVWUqVH[WUrPHVjSURSRVHUXQWUDQVIHUWGHUpVLGHQFHDYHFELHQVUGHV
PHVXUHVG¶DFFRPSDJQHPHQWPDLVLOIDXWGXFRXUDJHSDUFHTXHGDQVXQFHUWDLQQRPEUHGHVLWXDWLRQVVXU
GpFLVLRQVGHFHW\SHSHXWrWUHTXHGDQVXQFHUWDLQQRPEUHGHFDVRQYDUHVWLWXHUO¶HQIDQWRXRQ YDGRQQHUOD
JDUGHjTXHOTX¶XQTXLDSHXWrWUHpWpWUDQVJUHVVLIGRQFLOIDXWGXFRXUDJH0DLVLOYDIDOORLUVDYRLUTXHOHVWOH
EXWH[DFWHPHQWTX¶RQUHFKHUFKH6LOHEXWTX¶RQUHFKHUFKHF¶HVWOHULVTXH]pURGHUpFLGLYHMHFURLVTXHWRXWj
pWpGLW
,OIDXWFURLUHO¶HQIDQWRXLOIDXWFURLUHO¶DGXOWHSURFKH TXLHQDODSURWHFWLRQRXTXLV¶HQGLWOHSURWHFWHXUHWLO
IDXWpUDGLTXHUFRPPHRQDSDUIRLVWHQGDQFHjOHIDLUHO¶DXWHXUSUpVXPpRXPLVHQFDXVH$ORUVF¶HVWWUqV
IDFLOHVLF¶HVWXQLQVWLWXWHXUSXLVTX¶LOVHUDVXVSHQGXHWTX¶RQSRXUUDPrPHFKDQJHUO¶H QIDQWG¶pWDEOLVVHPHQW
&¶HVWXQSHXSOXVFRPSOLTXpVLF¶HVWXQSqUH
(W oD SRVH HQFRUH OH SUREOqPH GH OD UHSUpVHQWDWLRQ GH OD YLROHQFH VH[XHOOH &¶HVW jGLUH TXH PrPH GDQV
O¶K\SRWKqVH GH SqUH DXWHXU GH PDOWUDLWDQFH QRQ VH[XHOOH RQ YD OH SOXV VRXYHQW FRX UDJHXVHPHQW WHQWHU GH
UpWDEOLUXQOLHQDYHFO¶HQIDQWTXLHQDpWpYLFWLPH
1HSDUORQVPrPHSDVG¶XQHFULPLQDOLWpTXLQHVHUDLWSDVGDQVOHFKDPSIDPLOLDOXQSqUHHQSULVRQSRXUGHV
DFWHVFULPLQHOVH[WUrPHPHQWJUDYHVXQEUDTXDJHGHEDQTXHUHYHUUDVRQHQI DQWjODVRUWLH
0DLVXQHVXVSLFLRQTXLDXUDpWpH[SULPpHGRQWRQQ¶DXUDMDPDLVSXILQDOHPHQWVDYRLUVLHOOHpWDLWDYpUpHDYHF
PrPH SDUIRLV GHV H[SHUWLVHV TXL PRQWUHQW TX¶LO \ D HX GHVLQIOXHQFHVWUqVIRUWHEHDXFRXSGHPpFDQLVPHV
SURMHFWLIVEHDXFRXSG¶DQJRLVVHEHDXFRXSGHSDVVLRQTXHOHVFKRVHVSRXUUDLHQWV¶DSDLVHUTXHODFRPSpWHQFH
SDWHUQHOOHDYDQWODVpSDUDWLRQpWDLWSOXW{WERQQHHQILQDYHFGHVWDVG¶pOpPHQWVUDVVXUDQWV0DLVTXDQGPrPH
LOYDIDOORLUXQFHUWDLQFRXUDJHSURIHVVLRQQHOjXQPRPHQWS RXUGLUH© oDVXIILW ª
2QJDUGHFHWWHIDPLOOHXQSHWLWSHXGDQVXQVXLYLPDLVRQUpWDEOLWOHOLHQ,OIDXGUDG¶DXWDQWSOXVGHFRXUDJH
TXHFHUpWDEOLVVHPHQWSRXUUDrWUHWUDXPDWLTXHLQLWLDOHPHQWWUDXPDWLTXHHQWRXWFDVSXLVTXHO¶HQIDQWV¶LODYDLW
PRLVRXDQVjODVpSDUDWLRQHWDQVDXPRPHQWGHVUHWURXYDLOOHVDXUDXQHLPDJHGXSDUHQWpUDGLTXpOH
SOXVVRXYHQWWUqVLQTXLpWDQWH
$ORUV LO VHUDLW SUREDEOHPHQW LFL KRUV GH SURSRV WURS WHFKQLTXH HW IDVWLGLHX[ GH IDLUH XQ H[SRVp VXU OHV
PpWKRGHVH[SHUWDOHVMHYRXGUDLVVLPSOHPHQWFLWHU 0DUFHOLQH*$%(/ TXLGLVDLW ©'DQVFHVDIIDLUHVOjLO
IDXW VDYRLU JDUGHU XQH SODFH SRXU OH GRXWH HW FHX[ TXL Q¶RQW YUDLPHQWSDVGHSODFHVXUOHGRXWHGHYUDLW
YUDLPHQWV¶RFFXSHUG¶DXWUHVFKRVHV ª
(OOH UDSSHODLW OD GpILQLWLRQ GX GLFWLRQQDLUH GX GRXWH OH GRXWH F¶HVW FHW © pWDW G¶HVSULW LQWHUPpGLDLUH HQWUH
O¶LJQRUDQFHHWODFHUWLWXGH ª
-HFURLVTXHGDQVODSOXSDUWGHFHVVLWXDWLRQVRQYDUHVWHUHQWUHO¶LJQRUDQFHHWODFHUWLWXGH/H &RPPDQGDQW
/(%2+(& DUDSSHOpOHIDLEOH SRXUFHQWDJHGHFDVGDQVOHVTXHOVRQDYDLWXQHSUHXYHHWXQDYHXHWODJUDQGH
PDMRULWpGHVLWXDWLRQVGDQVOHVTXHOOHVRQDYDLWQLSUHXYHQLDYHX(WGDQVFHVVLWXDWLRQV OjRQYDpYDOXHUOD
SUREDELOLWpTXHO¶DJUHVVLRQDLWHXOLHXHWHOOHVHUDTXDOLILpHGH WUqVpOHYpHRXGHWUqVIDLEOHPDLVMDPDLVGH
QXOOHRXGHFHUWDLQH'RQFLOYDIDOORLUJDUGHUXQHSODFHSRXUOHGRXWHHWODSODFHSRXUOHGRXWHMHUHYLHQVjOD
QRWLRQ QpFHVVDLUH GH FRXUDJH SURIHVVLRQQHO SDUFH TXH OH ULVTXH ]pUR RQ QH O¶DWWHLQGUD SDV 6L RQ YHXW XQ
ULVTXH ]pUR GH UpFLGLYH RQ DXUD XQ ULVTXH SRXU GH GRPPDJHV SV\FKRORJLTXHV 'RPPDJHV
SV\FKRORJLTXHVELHQVUjPR\HQHWjORQJWHUPHPDOJUpXQVHQWLPHQWGDQVO¶LPPpGLDWGHSURWHFWLRQTXL
VHURQW OH IDLW GH JUDQGLU GDQV XQH IDPLOOH PR QRSDUHQWDOH GDQV OH FDGUH GHV VpSDUDWLRQV SDUHQWDOHV PDLV
PrPH GDQV OH FDV G¶XQH DJUHVVLRQ H[WUDIDPLOLDOH JUDQGLU GDQV OD FRQYLFWLRQ TX¶RQ D pWp YLFWLPH G¶XQH
DJUHVVLRQTX¶RQDpWpWUDLWpHQREMHWVLRQQHO¶DSDVpWpoDQHPHSDUDvWSDVWRXWjIDLW DQRGLQQRQSOXV
'RQFOHULVTXH]pURpWDQWVRXKDLWDEOHPDLVXWRSLTXHLOYDIDOORLUFKRLVLUSRXUFKDTXHVLWXDWLRQHWHQIRQFWLRQ
GHODQDWXUHGXGRXWHHWGHO¶LPSRUWDQFHGXGRXWHHQWUHXQULVTXHTXHO¶RQYDTXDOLILHUGHSV\FKRORJLTXHHW
XQULVTXHSK\VLTXH-HGLVHQFRUHXQPRWVLPSOHPHQWSRXUGLUHjTXHOSRLQWOHVFHUWLWXGHVQ¶H[LVWHQWSDVMHQH
3DJH SHQVH SDV TX¶XQ H[SHUW VDXI SUHXYH PDLV OD SOXSDUW GX WHPSV HOOH VHUD pYLGHPPHQW SK\VLTXH HW Oj 9$1
*,-6(*+(0 pYDOXH j FDV VXU OHV VLWXDWLRQV GDQV OHVTXHOOHV RQ GLVSRVH G¶XQH SUHXYH SK\VLTXH
M¶HQWHQGVSDUH[HPSOHSUpOqYHPHQWGHVSHUPHM¶HQWHQGVPDODGLHVH[XHOOHPHQWWUDQVPLVVLEOHHWF«GDQVOHV
FDVOHVSOXVJUDYHVPDLVORUVTXHODVXVSLFLRQHVWFHOOHG¶DWWRXFKHPHQWOHVDWWRXFKHPHQWVQHODLVVHQWSDV GH
WUDFHVVDXIGHVWUDFHVSV\FKRORJLTXHVHWOjLOHVWWUqVGLIILFLOHGHSDUOHUGHSUHXYHV
,O IDXW TXDQG PrPH VH VRXYHQLU j TXHO SRLQW OH GLDJQRVWLF SV\FKLDWULTXH RXSV\FKRORJLTXHHVWVXEMHFWLIHW
IDLOOLEOH/HVSRXSpHVVH[XpHVGRQWSDUODLWGHIDoRQVL pORJLHXVHOH&RPPDQGDQW/(%2+(&QHVRQWSDV
OD SDQDFpH /HVPHLOOHXUVLQVWUXPHQWVVRQWFHX[TXHQRXVDYRQVO¶KDELWXGHG¶XWLOLVHUXQSHWLWSHXFRPPH
SRXUQRXVOHVPpGLFDPHQWVRQYDrWUHSOXVjO¶DLVHDYHFWHOPpGLFDPHQWTXHWHODXWUHSDUFHTX¶RQOHSUHV FULW
SDUIDLWHPHQWRQOHSUHVFULWVRXYHQWRQHVWWUqVIDPLOLDULVpDYHFVHVHIIHWVLQGpVLUDEOHVRXDYHFVRQHIILFDFLWp
RQVDLWFDUDFWpULVHUOHVVLWXDWLRQVGDQVOHVTXHOOHVRQGRLWDUUrWHUOHWUDLWHPHQWFKDQJHUYDULHUODSRVRORJLH
HWF«/HVSRXSpHVVH[XpHVVRQWXQLQVWUXPHQWLQWpUHVVDQWPDLVRQQHGRLWVXUWRXWSDVVXUpYDOXHUOHXUDSSRUW HOOHVVRQWGDQVO¶LQFDSDFLWpGHSURXYHUFHQ¶HVWSDVO¶ $'1 VXUXQHYLFWLPH
,O \ D PrPH GH QRPEUHXVHV pWXGHV TXL PRQWUHQW HW TXL VRQW pYLGHPPHQW UHODWLYHPHQW QRXYHOOHV HW
GpUDQJHDQWHVSRXUWRXWHVOHVFHUWLWXGHVTXHGHVHQIDQWVUpHOOHPHQWYLFWLPHVYLFWLPHVG¶DEXVVH[XHOVHQWRXW
FDVVHPRQWUHUDLHQWSOXW{WLQKLEpVSDUUDSSRUWDX[SRXSpHVVH[XpHVPRLQVLPDJLQDWLIVTXHGHVHQIDQWVHQ
SOHLQHSKDVHRHGLSLHQQH'HVHQIDQWVQ RQDEXVpVTXLRQWSXVXUSUHQGUHWHOOHRXWHOOHLPDJHjODWpOpYLVLRQRX
SDUIRLVPrPHOHFRXSOHGHSDUHQWVRXSDUIRLVPrPHOHFRXSOHIRUPpSDUOHSDUHQWHWOHQRXYHDXFRQMRLQWTXL
VRQW GHV FRXSOHV VH[XHOOHPHQW SOXV IHVWLIV TXH OH FRXSOH SDUHQWDO HWPDOKH XUHXVHPHQWSOXVH[KLELWLRQQLVWH
SRXUGHVUDLVRQVG¶H[LJXwWpGHORJHPHQWHWFSHXYHQWIDLUHGHVFKRVHVpWRQQDQWHVDYHFGHVSRXSpHVVH[XpHV
/jHQFRUHOHVREVHUYDWLRQVUHFXHLOOLHVVRQWjLQWpJUHUGDQVWRXWXQHFRQVWHOODWLRQDYHFTXDQGPrPHHQWrWH
FHVpWXGHVTXLVRQWJrQDQWHVSRXUOHVFHUWLWXGHVTX¶RQDYDLWMXVTXH Oj&HUWDLQVHQIDQWVQHYRQWULHQPRQWUHU
DYHFOHVSRXSpHVVH[XpHVSUpFLVpPHQWSDUFHTX¶LOVRQWYpFXGHVFKRVHVDWURFHV
'RQFMHFURLVTX¶LOIDXWFRQFOXUHSHXWrWUHPDLQWHQDQWSRXUJDUGHUXQ WHPSVUDLVRQQDEOHGHGLVFXVVLRQ&H
TXHMHYRXVDLPLVOjVRXVIRUPHGHWUDQVSDUHQWQ¶HVWpYLGHPPHQWSDVXQFRQVHLOPDLVXQHEDQGHDQQRQFH
SDVVpH j OD WpOpYLVLRQ TXHOTXHV PLQXWHV DSUqV TX¶XQ SpGRSV\FKLDWUH UpSXWp HQ WRXW FDV UpSXWp VXU OHV
SODWHDX[GHWpOpYLVLRQDLWSXSDUOHUGHWRXVOHVVLJQHVTXLSRXYDLHQWDOHUWHUSDUFHODGLVFXVVLRQF¶pWDLW0DLV
FRPPHQWIDLUHTXDQGO¶HQIDQWQHSDUOHSDV"
4XDQGLOSDUOHLOGLWODYpULWpVRLWSXLVTXHF¶pWDLWSUpVHQWpFRPPHFHODPDLVORUVTX¶LOQHSDUOHSDVTX¶ HVWFH
TXLSRXUUDLWDWWLUHUO¶DWWHQWLRQGHVSDUHQWVRXG¶XQGHVSDUHQWVVLO¶DJUHVVLRQHVWLQWUDIDPLOLDOH "
&HWWHSpGRSV\FKLDWUHDGRQFH[SOLTXpTX¶LO\DYDLWWRXWXQWDVGHVLJQHVTXLSHXYHQWDWWLUHUO¶DWWHQWLRQ FRPPH
OHV WURXEOHV GX VRPPHLO FRPPH GHV FDXFKHPDUV FRPPH GHV WHUUHXUV QRFWXUQHV FRPPH GHV SRXVVpHV
G¶DVWKPH G¶HF]pPD G¶XUWLFDLUH GRQF O¶DJJUDYDWLRQ RX O¶DSSDULWLRQ GH V\PSW{PHV SV\FKRVRPDWLTXHVPDLV
pJDOHPHQWGHVVLJQHVWHOVTXHGHVSOHXUVVXUODWDEOHjODQJHUTXLGRLYHQWpYHLOOHUO¶DWWHQ WLRQ
(W MH YRXV DVVXUH TXH M¶DL YRXOX DSSHOHU OH SXLVTX¶RQ GLVDLW VL YRXV rWHV GDQV FH JHQUH GH VLWXDWLRQ
PDQLIHVWH]YRXV HWF« -H Q¶DL SDV UpXVVL F¶pWDLW RFFXSp HW TXHOTXHV PLQXWHV DSUqV RQ DYDLW FHWWH EDQGH
DQQRQFH TXL SDVVDLW DX EDV GH O¶pFUDQ © 5HQRXYHOH] YRWUH DSSHO GDQV TXHOTXHV KHXUHV OH VWDQGDUG HVW
GpERUGpHWF« ª
(IIHFWLYHPHQWMHSHQVHTXHVLRQYDjODSrFKHDX[GpYRLOHPHQWVGHFHWWHIDoRQ OjRQSRXUUDVHIpOLFLWHUGH
O¶DFWLRQHQWUHSULVHSDUFHTX¶RQYDYRLUOHVVWDWLVWLTXHVPRQWH UHWOHQRPEUHGHGpYRLOHPHQWVDXJPHQWHU2Q
SRXUUDDXVVLGpSORUHUOjHQFRUHDYHFODPDMRULWpTXHOHVHQIDQWVQHVRQWSDV© FUXV ªHWTXHOHVSODLQWHVVRQW
FODVVpHV VDQV VXLWH &¶HVW H[WUrPHPHQW GDQJHUHX[ FH FRXUDQW DQJpOLTXH HVW H[WUrPHPHQW GDQJHUHX[ H W MH
SHQVHTX¶LOQXLWjODFDXVHTX¶LOSUpWHQGGpIHQGUHHWTXHFHQ¶HVWSDVSURWpJHUOHVHQIDQWVTXHGHVLPSOLILHUOH
SURSRVDXSRLQWGHIU{OHUOHGpOLUH
(QILQ SRXU FRQFOXUH HW UpSRQGUH j OD TXHVWLRQ TXH MH SRVDLV DX GpSDUW © /HV MXJHV RQWLOV HQFRUH EHVRLQ
G¶H[SHUWV " ª LO PH VHPEOH TXH OD VDFUDOLVDWLRQ GH OD SDUROH GH O¶HQIDQW UHYLHQW SUpFLVpPHQW j GRQQHU XQH
3DJH LPSRUWDQFHDEVROXPHQWFUXFLDOHjO¶H[SHUWTXLYDGLUHO¶HQIDQWFUpGLEOHV¶LOOHSHQVHHWTXLYDUHYHQLUjXQH
FRQIXVLRQGHVU{OHVHQWUHOHMXJHHWO¶H[SHUW
&RPPHQWHQHIIHWQHSDVFRQGDPQHUXQDXWHXUSUpVXPpVLVDYLFWLPHHVWUpSXWpHFUpGLEOH "
8QHWHOOHFRQIXVLRQPHSDUDvWHQFRUHXQHIRLVSOHLQHGHERQVVHQWLPHQWVPDLVH[WUrPHPHQWVLPSOLILFDWULFH
HWGRQFGDQJHUHXVH
-HFURLVTXHOHVVHXOHVSRVLWLRQVSRVVLEOHVVRQWOHVSRVLWLRQVQXDQFpHVHWM¶DSSHOOHDXUHWRXUGXEDODQFLHUj
GHVSRVLWLRQVPpGLDQHVHQWUHO¶DQFLHQQHORLGXVLOHQFHHWOHFRQVHQVXVDQJpOLTXHDFWXHO
3DJH 0DvWUH 6\OYLH 52867($8
9 1$17(6
9 -XJHGHV(QIDQWV
/HVOLPLWHVGHO¶LQWHUYHQWLRQMXGLFLDLUH
3DJH /
LQFHVWHQ
H[LVWHSDVHQGURLWIUDQoDLVPDLVOHVTXDOLILFDWLRQVUHWHQXHVVHURQWOHYLRORXDJUHVVLRQVVH[XHOOHV
DYHFSRXUFLUFRQVWDQFHDJJUDYDQWH
O
kJHGHODYLFWLPH
/DTXDOLWpGHO
DXWHXUSHUVRQQHD\DQWDXWRULWpFHTXLHVWODUJHTXHODQRWLRQG¶LQFHVWH
7RXWHIRLV FH YRFDEOH HVW VRXYHQW XWLOLVp HW GDQV PHV SURSRV DXMRXUG¶KXL MH QH IHUDLV SDV IRUFpPHQW OD
GLVWLQFWLRQMXULGLTXHHQWUHDJUHVVLRQVVH[XHOOHVDEXVVH[XHOOHVRXYLROV
3RXUTXHODSHUVRQQH VRLWFRQVLGpUpHFRPPHD\DQWDXWRULWpDXVHLQG
XQHPrPHIDPLOOHFHODVHUDVLPSOHj
pWDEOLU V
LO V
DJLW G
XQ SDUHQW RQFOH PqUH SqUH PDLV ORUVTX
LO V
DJLW G
XQ IUqUH RX G
XQH V°XU O
pOpPHQW
GpWHUPLQDQWVHUDDORUVODGLIIpUHQFHG
kJHHQWUHO
DXWHXUHWOD YLFWLPH
2Q SHXW LPDJLQHU GDQV OHV OLPLWHV GH O
LQWHUYHQWLRQ MXGLFLDLUH XQH UHPLVH HQ FDXVH GH FHOOH FL HQ PDWLqUH
G
LQFHVWH
(QHIIHWVLO
RQUHSUHQGO
LGpHG
$QQD)UHXGVHORQODTXHOOHGHX[YLROHQFHVVRQWFRQVWLWXWLYHVG
XQWUDXPD
ODUpHOOHHWVDUHSUpVHQWDWLRQRQSRXUUDLWrWUHWHQWpGHSHQVHUTXHOHSURFqVHQIL[DQWOHVU{OHVG
DXWHXUHWGH
YLFWLPH YD SDUWLFLSHU DX WUDXPD -H QH OH SHQVH SDV DXWUHPHQW MH QH SRXUUDLV G
DLOOHXUV SDV FRQWLQXHU j
H[HUFHU
/D -XVWLFH O
LQVWLWXWLRQ MXGLFLDLUH HW OHV PDJLVWUDWV HW DX[LOLDLUHV GH MXVWLFH TXL OD FRPSRVH D SRXU EXW
G
DSSOLTXHUODORLHOOHPrPHpPDQDQWGHVUHSUpVHQWDQWVGXSHXSOHIUDQoDLVTXLOHVDpOXPDLVDXVVLDVVXUHU
O
RUGUHVRFLDOIDLUHFHVVHUXQHLQIUDFWLRQ
'
DLOOHXUVOHV\VWqPHSpQDOMXGLFLDLUHHVWSOXVD[pVXUO
DXWHXUTXHVXUODYLFWLPHPrPHVLGHVORLVUpFHQWHV
QXDQFHQWXQSHXPHVSURSRV
1H IDXWLO SDV TXH OH GpOLW RX OH FULPH VRLW MXGLFLDLUHPHQW UHFRQQXV SRXU TX
XQ WUDYDLO SXLVVH VHPHWWUHHQ
SODFHHQVXLWHWDQWSRXUO
DXWHXUTXHSRXUODYLFWLPH"
/H SUREOqPH GH OD SHLQH TXL VHUD SURQRQFpH GHO
LQFDUFpUDWLRQGHO
DXWHXUTXLSRXUFHUWDLQHVYLFWLPHVHVW
GLIILFLOHjDSSUpKHQGHUHVWSDUIRLVVRXOHYpH0DLVOHSURQRQFpGHODSHLQHHVWIDLWDXQRPGXSHXSOHIUDQoDLV
HWQRQGHODYLFWLPHPrPHVLF
HVWHOOHTXLGRLWrWUHSURWpJpH/DSHLQHF
HVWO
DIIDLUHGHODMXVWLFHG
DLOOHXUV
FHOXLTXLODUpFODPHGDQVXQSURFqVHVWOHPLQLVWqUHSXEOLFTXLUHSUpVHQWHODVRFLpWpHWQRQODYLFWLPHRXOD
SDUWLHFLYLOH
/DGLIILFXOWpHVWTXHWURSVRXYHQWQRXVQ
DYRQVSDVOHWHPSVRXQRXVQHOHSUHQRQVSDVG
H[SOLTXHUOHVHQV
GHQRVGpFLVLRQVFHTXLHVWSRXUWDQWSULPRUGLDO
&H Q
HVW GRQF SDV GH PRQ SRLQW GH YXH OHV SULQFLSHV PrPH TXL SHXYHQW rWUH UHPLV HQ FDXVH PDLV OHXU
DSSOLFDWLRQSDUIRLVKkWLYHHWSHUIHFWLEOH1RQVHXOHPHQWQRXVQRXV\HPSOR\RQVPDLVGHQRXYHOOHVORLVQRXV
OH UDSSHOOHQW DXVVL 4XH FH VRLW DX QLYHDX GH O
LQWHUYHQWLRQ GX -XJH GHV (QIDQWV RX FHOXL GX SURFqV GH
O
DXWHXU /H -XJH GHV (QIDQWV D XQH GRXEOH FDVTXHWWH LO HVW j O D IRLV OH MXJH GHV PLQHXUV GpOLQTXDQWV PDLV MH
Q
H[SRVHUDLVSDVLFLODVSpFLILFLWpGHODMXVWLFHSpQDOHGHVPLQHXUVLOLQWHUYLHQWDXVVLHQDVVLVWDQFHpGXFDWLYH
ORUVTX
XQPLQHXUHVWHQGDQJHU
,O GHV FDV RX LOGHYUDLQWHUYHQLUSRXUMXJHUGHVDXWHXUVG
L QFHVWHORUVTXHTX
LOV
DJLWG
LQFHVWHHQWUHIUqUHHW
V°XU PDLV j 1DQWHV DYHF PHV FROOqJXHV QRXV QRXV DWWDFKRQV j VpSDUHU OHV GHX[ FHOXL TXL D GDQV VRQ
FDELQHW OH GRVVLHU G¶DVVLVWDQFH pGXFDWLYH QH MXJHUD SDV DX SpQDO DILQ G
XQH SDUW TXH OHV U{OHV VRLH QW SOXV
FODLUVHWSRXUpYLWHUXQPDQTXHGHQHXWUDOLWpTXLSRXUUDLWH[LVWHU
3DJH (Q DVVLVWDQFH pGXFDWLYH OH MXJH GHV HQIDQWV YD GHYRLU SUHQGUH GHV PHVXUHV G
DLGH HW DVVLVWDQFH SRXU XQ
PLQHXUHQGDQJHUGDQVO
LQWpUrWGXPLQHXUHQSUpVHUYDQWOHVUHODWLRQVIDP LOLDOHVVLSRVVLEOH(QDXFXQFDVLO
QHVHUDDPHQpjMXJHUOHVSDUHQWV
-
H[SOLTXHSDUIRLVDX[PLQHXUVGDQVFHFDGUHTX¶LOHVWXQGU{OHGHMXJHTXLQHGRLWMXJHUTXHGHO
LQWpUrWGX
PLQHXU
,OSRXUUDSUHQGUHDORUVGHVPHVXUHVGLWHVG
LQYHVWLJDWLRQV G
H[SHUWLVHTXLRQWSRXUEXWGHGRQQHUXQDYLVVXU
OHVPHVXUHVjSUHQGUHSRXUO
HQIDQWDILQGHIDLUHFHVVHUOHGDQJHUHWQRQSRXUIDLUHODSUHXYHGHODFXOSDELOLWp
G
XQDXWHXUG
DVVLVWDQFHpGXFDWLYHHQPLOLHXRXYHUWGHSODFHPHQW
(QPDWLqUHG
LQFHVWHQRXVVRPPHVDPHQpVjLQWHUYHQLUGDQVGHX[FDVGHILJXUH
6RLWOHPLQHXUHVWGpMjVXLYLHQDVVLVWDQFHpGXFDWLYHHWDXFRXUVGHODPHVXUHG¶DVVLVWDQFHpGXFDWLYH
GHV UpYpODWLRQV G
DEXV VH[XHOV VRQW IDLWHV $ORUV HQ WDQW TXH MXJH GHV HQIDQWV MH WUDQ VPHWV
LPPpGLDWHPHQWDX3URFXUHXUGHOD5pSXEOLTXHSRXUHQTXrWHFDULOQHP
DSSDUWLHQWSDVG
HQTXrWHUVXU
OD UpDOLWp GHV IDLWV HW OHV PHVXUHV G
DVVLVWDQFH pGXFDWLYH YRQW VH SRXUVXLYUH RX rWUH PRGLILpHV HQ
IRQFWLRQGHFHVQRXYHDX[pOpPHQWV
0DLV OH MXJH GHV HQIDQWV SHXW DXVVL rWUH VDLVL GLUHFWHPHQW SDU OH 3URFXUHXU GH OD 5pSXEOLTXH TXL
VDLVLUDOHMXJHGHVHQIDQWVGDQVOHFDGUHGHO
HQIDQFHHQGDQJHUORUVTX
LOHVWDYLVpGHWHOOHVLQIUDFWLRQV
GDQVOHFDGUHIDPLOLDO
$ 1DQWHV GHSXLV PDLQWHQDQW PRLV XQH FRQYHQWLRQ D pWp VLJQpH DILQ G
DLGHU j O
DFFRPSDJQHPHQW GHV
PLQHXUVYLFWLPHVG
DJUHVVLRQVjFDUDFWqUHVH[XHOGDQVOHFDGUHIDPLOLDOHWTXLVRQWSRUWpHVjODFRQQDLVVDQFH
GHODMXVWLFHSDUXQWLHUV'LIIpUHQWVWULEXQDX[RQWDXVVLPLVHQSODFHGHVSURFpGXUHVTX LV
\DSSDUHQWHQW(Q
HIIHWSRXUXQHQIDQWrWUHFRQIURQWpjXQHSURFpGXUHSpQDOHPrPHV
LO\HVWYLFWLPHHWTXHOHVSROLFLHUVHWOHV
JHQGDUPHV VRQW SOXV j O
pFRXWH TX
LO Q
\ D TXHOTXHV DQQpHV FHOD SHXW rWUH FRPSOH[H SHUWXUEDWHXU /H
3URFXUHXUGHOD5pSXEOLTXHVDLVLWDORUVOHMXJHGHVHQIDQWVTXLVDQVFRQYRTXHUODIDPLOOHGDQVXQSUHPLHU
WHPSV YD RUGRQQHU FH TXH QRXV DSSHORQV XQH ³DVVLVWDQFH pGXFDWLYH HQ PLOLHX RXYHUW VSpFLILTXH´XQ
WUDYDLOOHXUVRFLDOVHUDQRPPpSDUODSHUPDQHQFHLQWHUVHUYLFHVHWVH PHWWUDHQFRQWDFWVDYHFOHVVHUYLFHVGH
SROLFHRXGHJHQGDUPHULHDILQG
rWUHSUpVHQWDXSUqVGHO
HQIDQW(QHIIHWDXGpSDUWGHFHWWHSURFpGXUHOHU{OH
GHO
DXWUHSDUHQWHVWLQFHUWDLQO
DYRFDWQHSHXWGpMjrWUHSUpVHQW/HWUDYDLOOHXUVRFLDOQ
HVWSDV VHXOHPHQWXQ
DFFRPSDJQDQWLOGRLWDXVVLH[SOLTXHUSUpSDUHUOHPLQHXUOHUDVVXUHU
1RXV Q
DYRQV HQFRUH TXH SHX GH UHFXO LO \ D HQFRUH GHV LPSHUIHFWLRQV SXLVTXH SDU H[HPSOH RQ RXEOLHUD
G
DYLVHUOHWUDYDLOOHXUVRFLDODILQTX
LODFFRPSDJQHO
HQIDQWSODFp DXUHQGH]YRXVGHO
H[SHUWSV\FKLDWUHFHWWH
IDoRQGHWUDYDLOOHULPSOLTXHXQHWUqVERQQHFRRSpUDWLRQHQWUHVHUYLFHHWTXHFHW\SHGH©UpIOH[HVªH[LVWH/H
FDGUHGHODFRQYHQWLRQHVWDVVH]VWULFWYRLUHXQSHXV\VWpPDWLTXHjQRXVGHOHIDLUHVHPRGLILHU DYHFOHWHPSV
YHUVSOXVGHVRXSOHVVH
&HWHUPHGHVRXSOHVVHHVWXQSHXXQHREVHVVLRQSRXUPRL6RXYHQWQRWDPPHQWTXDQGO
DXWUHSDUHQWHVWQRQ
VHXOHPHQWGXELWDWLIPDLVPHWWDQWHQFDXVHO
HQIDQWSDUUDSSRUWDX[DJLVVHPHQWVGHVRQFRQMRLQWVXUO
HQIDQW
³FHQ
HVWTX
XQHDOOXPHXVHHOOHO
DVpGXLW´XQSODFHPHQWGHO
HQIDQWYDV
DYpUHUQpFHVVDLUH&HSODFHPHQW
HVWSDUIRLVPDOYpFXSDUOHPLQHXUHWVLOHSqUHQ
HVWSDVLQFDUFpUpM
HQWHQGVVRXYHQW SRXUTXRL PRL F HVW j
OXL GH SDUWLU ""(WOHV SULVHV HQFKDUJHGDQVOHVIR\HUVQHVRQWSDVWRXMRXUVDGDSWpHV ,OFRQYLHQGUDLWSHXWrWUHTXHOHVpWDEOLVVHPHQWVSXLVVHQWSURJUHVVLYHPHQWHWF
HVWOHFDVSRXUFHUWDLQGpMj
DGDSWHUOHXUSULVHHQFKDUJHjODVLWXDWLRQGHO
HQIDQW
3DJH -H QH SHX[ P¶HPSrFKHU GH SHQVHU TXH O¶RQ SDUOH VRXYHQW GHV PLQHXUV YLFWLPHV G¶ LQFHVWH TXL RQW
FHUWHV GHV SRLQWV FRPPXQV GDQV OD PDQLIHVWDWLRQ GH OHXUV VRXIIUDQFHV PDLV HOOHV VRQW DXVVL WUqV
GLIIpUHQWHV OHV XQHV GHV DXWUHV 1RXV QH GHYRQV SDV OHV ³HQJOXHU ³GDQV FH VWDWXW 'pMj SDU OHXU
DJUHVVLRQ OHXU YLRO HOOHV Q
RQW SDV pWp FRQVLGpUpHV FRPPH XQ © DXWUH XQ VXMHW XQH SHUVRQQH ª QH
UHSURGXLVRQV SDV OHV PrPHV FKRVHV SDU QRV GLVFRXUV RX GDQV OHV SRVLWLRQV pGXFDWLYHV &RPPH WRXW
MHXQHLO\DXUDXQFDGUHjUHVSHFWHUPDLVLOGHYUDSRXYRLUrWUHDXVVLDPpQDJpDYHFVRXSOHVVH
'DQV OH FDGUH GXSODFHPHQWOHVFDUHQFHVpGXFDWLYHVVRQWWUqVVRXYHQWFRQVWDWpHVPDLVF
HVWDXVVLOD
PDQLIHVWDWLRQGXFOLPDWIDPLOLDOGHO
LVROHPHQWTXLDSHXWrWUHFRQGXLWjO
LQFHVWHF
HVWXQHK\SRWKqVH
7RXWGHYUDDORUVrWUHWUDYDLOOpDYHFO
HQIDQWHWVDIDPLOOHHQHIIHWV
LOHVWGHVPRPHQWVGDQVO
H[LVWHQFH
RX XQH UXSWXUH GHV OLHQV SDU XQ UHIXV GX MXJH GHV HQIDQWV GH O
LQVWDXUDWLRQ GH GURLWV GH YLVLWH HW
G¶KpEHUJHPHQWSHXWVHFRQFHYRLUFHODQHVHUDSDVIRUFpPHQWOHFDVSDUODVXLWH
7RXWH GpFLVLRQ GX MXJH GHVHQIDQWVSHXWrWUHPRGLILpHjWRXWPRPHQWHQIRQFWLRQGHO
pYROXWLRQGH
VLWXDWLRQ(WOHMXJHGHVHQIDQWVLQWHUYLHQWFRPPHMHO
pYRTXDLVDXSDUDYDQWVXUODGXUpHMXVTX
jOD
PDMRULWp YRLUH MXVTX
j DQV 5LHQQ¶HVWILJpWRXWSHXWpYROXHUjFRPPHQFHUSDUOHVHQIDQWVFHUWHV
PDLVDXVVLOHXUVSDUHQWVF¶HVWG¶DLOOHXUVFHTXLIDLWDXVVLWRXWO¶LQWpUrWGHODIRQFWLRQ
'(6)$,//(6&2175(%$/$1&((63$5/(6(92/87,216
$ORUV TXH OH MXJH GHV HQIDQWV LQWHUYLHQW PDLV FH Q
HVW SDV V\VWpPDWLTXH FDU LO \ GHV SDUHQWV TXL
DVVXUHQW FRUUHFWHPHQW OHXU U{OH ORUV G
DEXV OD SURFpGXUH SpQDOH YD VH SRXUVXLYUH /j GHV
DPpQDJHPHQWVUpFHQWVVHVRQWPLVHQSODFH
$UWLFOH&33 ³OH3URFXUHXUGHOD5pSXEOLTXHRXOHMXJHG¶LQVWUXFWLRQVDLVLGHIDLWVFRPPLV
YRORQWDLUHPHQWjO¶HQFRQWUHG
XQPLQHXUGpVLJQHXQDGPLQLVWUDWHXUDGKRFORUVTXHODSURWHFWLRQGHV
LQWpUrWV GH FHOXLFL Q
HVW SDV FRPSOqWHPHQW DVVXUpH SDU VHV UHSUpVHQWDQWV OpJDX[ RX SDU O
XQ G
HQWUH
HX[´
0DLVOHMXJHGHVHQIDQWVTXLYDSHUFHYRLUGHVGLYHUJHQFHVHQWUHFHTXLHVWGLWGHYDQWOHVHQTXrWHXUVSDU
O
DXWUHSDUHQWHWO
DWWLWXGHTX
LOVHUDFRQVWDWHUHQDVVLVWDQFHpGXFDWLYHSRXUUDWRXMRXUVDXVVLVROOLFLWHUOH
3URFXUHXUGHOD5pSXEOLTXHDILQTX
LOGpVLJQHRXIDVVHGpVLJQHUXQWXWHXUDGKRF(QHIIHWDXFRXUVGH
O
HQTXrWHSpQDOHOHVHQMHX[QHVRQWSDVOHVPrPHVSRVVLELOLWpGHFRPSOLFLWpHWF
/RQJWHPSVOHU{OHGXWXWHXUDGKRFDSXrWUHVHXOHPHQWXQ© ILQDQFHXU ªGHO¶DYRFDWTXLGpIHQGUDOHV
LQWpUrWVGXPLQHXUGDQVOHSURFqVSpQDOG
RODQpFHVVLWpGHODFRQYHQWLRQSDUOHELDLVGHO
DVVLVWDQFH
pGXFDWLYH HQ PLOLHX RXYHUW VSpFLILTXH 6XUWRXW HOOH LQWHUYLHQW GHV OH GpSDUW YRLUH MXVWH DSUqV OD
UpYpODWLRQ
3DUDLOOHXUVGHVOLHQVHQWUHOHVGLIIpUHQWVLQWHUYHQDQWVRQWpWpFUpHVSDUOHOpJLVODWHXU
DUW&33 /H3URFXUHXUGHOD5pSXEOLTXHRXOHMXJHG¶LQVWUXFWLRQLQIRUPHVDQVGpODLOHMXJH
GHV HQIDQWV GH O
H[LVWHQFH G
XQH SURFpGXUH FRQFHUQDQW XQ PLQHXU YLFWLPH HW OXL HQ FRPPXQLTXH
WRXWHVSLqFHVXWLOHVGHVORUVTX
XQHSURFpGXUHG
DVVLVWDQFHpGXFDWLYHDpWpRXYHUWHjO
pJDUGGXPLQHXU
YLFWLPHGHFHWWHLQIUDFWLRQ´
/D ORL RUJDQLVH DLQVL OD WUDQVPLVVLRQ GHV LQIRUPDWLRQV HQWUH OHV GLYHUV PDJLVWUDWV D\DQW j LQWHUYHQLU
DXSUqV GH O
HQIDQW &HWWH GLVSRVLWLRQ FRQVWLWXH XQ SURJUqV /H MXJH G
LQVWUXFWLRQ GRLW DYRLU SUpVHQW j
O
HVSULW TXH O
LQWHUYHQWLRQ GX MXJH GHV HQIDQWV VH VLWXH GDQV OD GXUpH HW QH GRLW SDV KpVLWHU j OXL
FRPPXQLTXHUOHVLQIRUPDWLRQVXWLOHVjODSURWHFWLRQGXPLQHXUHWTXLSRXUUDLHQWDYRLUGHVLQFLGHQFHV
VXU DO PLVH HQ SODFH GHV GURLWV GH YLVLWH HW G¶KpEHUJHPHQW ORUVTX
LO H[LVWH SDU H[HPSOH XQ FRQWU{OH
MXGLFLDLUHDYHFLQWHUGLFWLRQGHUHQFRQWUHUODYLFWLPH
7RXW HVW SHUIHFWLEOH PDLV LO H[LVWH DXVVL GHV OLPLWHV OLpHV DX GURLW GHV SHUVRQQHV j OD SUpVRPSWLRQ
G
LQQRFHQFH PDLV DXVVL j GHV DEXV IDFH DX GpQLGHO
DXWHXU/HVFRQVWDWLRQVPDWpULHOOHVSHXYHQWrWUH
LQH[LVWDQWHV QRWDPPHQW ORUVTXH OD YLFWLPH D JUDQGL GHV UpYpODWLRQV VRQW WDUGLYHV HW ELHQ VRXYHQW OD
3DJH
IDPLOOH YLW HQ YDVH FORV LO Q
\ DXUD SDV VXIILVDPPHQW GH SUHXYH SRXU TXH GHV SRXUVXLWHV VRLHQW
HQJDJpHVRXTXHO
DIIDLUHVRLWUHQYR\pHGHYDQWOHWULEXQDOFRUUHFWLRQQHOOD&RXUG¶DVVLVHVYRLUHTX
LO\
DLWXQHUHOD[HRXXQDFTXLWWHPHQW
,OP
HVWDUULYpG
rWUHSHUVXDGpHFRPPHMXJHGHVHQIDQWVTX
LO\DYDLWLQFHVWHPDLVWRXWHQFRPSUHQDQW
O
DEVHQFHGHSRXUVXLWHV&HUWHVGHVH[SHUWLVHVSV\FKLDWULTXHVHWPpGLFRSV\FKRORJLTXHVSHXYHQWrWUH
RUGRQQpHVHWSRXUURQWPHWWUHHQH[HUJXHODFUpGLELOLWpGHFKDFXQPDLVFHODVXIILWLOSRXUHQWUHUHQYRLH
GHFRQGDPQDWLRQ"/DGLIILFXOWpHVWGHOHIDLUHFRPSUHQGUHjODYLFWLPHVLXQDYRFDWHVWjODSURFpGXUH
LOSRXUUDOHOXLH[SOLTXHUPDLVMHSHQVHSDUIRLVTX
LOFRQYLHQGUDLWSOXW{WTXHOHPDJLVWUDWOHIDVVHLO
P
DUULYHGHOHIDLUHDXSUqVGHPLQHXUVFDUPrPHVLMHQHVXLVSDVOHMXJHTXLDSULVFHWWHGpFLVLRQM
DLOD
PrPHUREHMHVXLVPDJLVWUDW&HQ
HVWMDPDLVIDFLOHjIDLUHSRXUGHPXOWLSOHVUDLVRQVPDLVLOLPSRUWHj
PRQVHQVTXHFHODVRLWIDLWHWVDQVUHPHWWUHHQFDXVHVDSDUROH
,O SHXW H[LVWHU GHV GpULYHV LO P
DUULYH GH SHQVHU DX ULVTXH GH FKRTXHU PDLV FHOD P
DUULYH
UpJXOLqUHPHQW TXH FHUWDLQV SURIHVVLRQQHOV VRQW DXVVL REVpGpV SDU OHV DEXV VH[XHOV &I GHV
FRPSRUWHPHQWVG
HQIDQWVPDOLQWHUSUpWpVH[HPSOHGHPDVWXUEDWLRQWUqVLPSRUWDQWHG
XQHHQIDQWPDLV
O
H[SHUW DYDLW SX DXVVL pYRTXHU GHV FDUHQFHV DIIHFWLYHV LPSRUWDQWHV HW SURIRQGHV FRPPH FDXVH DX
PrPHWLWUHTXHGHVDEXV
2QSHXWDXVVLSHQVHUTX
XQHHQTXrWHFRQFHUQDQWGHVIUqUHVHWV°XUVDYHFPRLVGHGLIIpUHQFHGHHW
DQV HWGHPLQ
HVWSDVIRUFpPHQWRSSRUWXQHHWQHUHOqYHSDVGHODMXVWLFH
&H TXH M
DSSHOOH OHV DEXV G
DEXV PDLV WRXW HQ UHVWDQW WUqV UpVHUYpH F
HVW O
XWLOLVDWLRQ GH O
LQFHVWH
QRWDPPHQWGDQVOHVSURFpGXUHVGHGLYRUFHYRLUHGLUHFWHPHQWGHYDQWOHMXJHGHVHQIDQWVDILQTXHFHOXL
FLDXQRPGXGDQJHUVXVSHQGHGHVGURLWVGHYLVLWHHQXUJHQFHODVXVSHQVLRQHVWQRUPDOHPHQWGHOD
FRPSpWHQFHGXMXJHDX[DIIDLUHVIDPLOLDOHV
-
DLWHQGDQFHjSHQVHUTX
XQHQIDQWTXLpYRTXHGHVDEXVVH[XHOVSDUVRQSDUHQWFHODYHXWWRXMRXUVGLUH
TXHOTXH FKRVH PDQLSXODWLRQ GH O
DXWUH SDUHQW " 0DLV DORUV FRPPHQW SHXWLO OH YLYUH Q
\ DWLO SDV
GDQJHUFRQIOLWGHOR\DXWpFIOH V\QGURPH GH 0XQFKDXVHQ SDUSURFXUDWLRQHQODPDWLqUHDVVH]
IUpTXHQW"
0RQ U{OH Q
pWDQW SDV GH YpULILHU OHV GLUHV PDLV GH YpULILHU V¶LO \ D GDQJHU HW OH IDLUH FHVVHU F
HVW
GLIIpUHQW0DLVTX
XQSDUHQWFRPPHUpFHPPHQWVRLWSHUVXDGpTXHVRQILOVDpWpDEXVpVH[XHOOHPHQWSDU
VRQSqUHDXVHXOPRWLITX
LOVHWRXFKHOH]L]LDORUVTX
LOHVWkJpGHjDQVIDLWUpIOpFKLU
3DJH
0DGDPH 0LFKHOOH *8$<
9
9
9
9
9
9
4XpEHF
6H[RORJXHFOLQLFLHQQH
3V\FKRWKpUDSHXWH
6SpFLDOLVWHHQWKpUDSLHpQHUJpWLTXH
$XWHXU
'LUHFWULFH HW IRQGDWULFH GX &HQWUH TXpEpFRLV GH )RUPDWLRQ HQ 6DQWp
,QWpJUDOH
6XUYLYUHjO¶LQFHVWHHWJXpULUODYLHHQVRL
0HVVDJHULHpOHFWURQLTXH PLFKJXD\#YLGHRWURQFD
6LWHLQWHUQHW KWWSSDJHVLQILQLWQHWSRODULWH
7pO $56,12($FWHVGXFROORTXHGHVHWRFWREUH
3DJH
,QWURGXFWLRQ
3RXU YRXV SUpVHQWHU PRQ PRGqOH G¶LQWHUYHQWLRQ M¶DLPHUDLV DX SUpDODEOH YRXV GRQQHU TXHOTXHV
LQIRUPDWLRQVVXUPRQFKHPLQHPHQWGHVH[RORJXH&HFLYRXVSHUPHWWUDGHPLHX[VDLVLUO¶RULHQWDWLRQ
GHPRQPRGqOHG¶LQWHUYHQWLRQ
'
DERUGLQILUPLqUHMHIDLVHQVXLWHGHVpWXGHVXQLYHUVLWDLUHVHQVH[RORJLH5DSLGHPHQWPRQWUDYDLOGH
FOLQLFLHQQH HQ VH[RORJLH PH FRQGXLW j IDLUH GH OD IRUPDWLRQ FRPSOpPHQWDLUH HQ SV\FKRWKpUDSLH G¶DERUG HQ JHVWDOW HW HQVXLWH XQH DXWUH IRUPDWLRQ G¶RULHQWDWLRQ SV\FKR G\QDPLTXH &HWWH GHUQLqUH
SULYLOpJLHO¶H[SUHVVLRQFUpDWULFHSRXUIDLUHYLYUHODYLHHQVRL
(Q MH GpFRXYUH O
pQHUJLH DYHF OD WKpUDSLH GH OD SRODULWp -H O
LQWqJUH DX EHVRLQ GDQV OH
FKHPLQHPHQW GH PHV FOLHQWV OHV DLGHU j UHSUHQGUH FRQWDFW DYHF OHXU FRUSV IDFLOLWHU OD GpWHQWH OD
UHVSLUDWLRQUpDSSULYRLVHUOHFRUSVDXWRXFKHUQRQVH[XHO-HPHUHQGVFRPSWHTXHO
DSSURFKHSV\FKR
FRUSRUHOOHHWpQHUJpWLTXHSHUPHWG
DWWHLQGUHGHVUpVXOWDWVSOXVUDSLGHPHQWTXHOHPRGqOHWUDGLWLRQQHO
-HYRXVHQSDUOHUDLGDYDQWDJHORUVTXHM
DERUGHUDLOHVXLYLGHSRODULWpTXHQRXVDYRQVIDLWDXSUqVGH
SHUVRQQHVD\DQWYpFXO
LQFHVWH
(QM
LQWqJUHOHWUDYDLOHQH[SUHVVLRQFUpDWULFHLOGHYLHQWXQRXWLOWUqVG\QDPLTXHHQGRQQDQWXQ
OHYLHUGHYLHDXFOLHQW2QSHXWUHMRLQGUHGDQVO¶pQHUJLHSURIRQGHO¶H[SUHVVLRQGHODVRXIIUDQFHHW
SURFpGHUjVDWUDQVIRUPDWLRQWRXWHQD\DQWXQVXSSRUWGHYLH
0RQPRGqOHG
LQWHUYHQWLRQHVWKROLVWLTXH LOLQWqJUHO¶rWUHSV\FKRFRUSRUHOHWO¶rWUHVSLULWXHO
-¶DL IDLW XQH V\QWKqVH HQ LQWpJUDQW DXWDQW OH SV\FKR FRUSRUHO O
pQHUJpWLTXH HW OH WUDYDLO G
H[SUHVVLRQ
GDQV PD SUDWLTXH /H F°XU GX WUDYDLO VH IDLW DX QLYHDX GHV UDFLQHV GH YLH GH OD SHUVRQQH 1RXV
SRXYRQV DLQVL UHFRQVWUXLUH OH SDVVDJH GH YLH SDU O¶H[SUHVVLRQ HW SDU OH FRUSV &HWWH pQHUJLH GH IRQG
JpQqUHGHVIRUFHVQRXYHOOHVSRXUWUDQVIRUPHUJXpULUHWDFFpGHUjXQHSDL[LQWpULHXUH
*XpULU OD YLH HQ VRL HW UHWURXYHU OD MRLH GH YLYUH HVW OH EXW XOWLPH GH O¶LQWHUYHQWLRQ 1RXV GHYRQV
FRPPHLQWHUYHQDQWDFFHSWHUTXHFHSURFHVVXVVRLWORQJHWFRQWLQXDILQG¶DFFRPSDJQHUHWGHVRXWHQLU
GDQVOHSOXVJUDQGUHVSHFWQRVFOLHQWV
$XFRXUVGHFHWH[SRVpMHYDLVYRXVSDUOHUEULqYHPHQWGHODSUREOpPDWLTXHGHO¶DEXVVH[XHOHQUHJDUG
GHODVH[XDOLWpHQIDQWLQHGHVUDYDJHVFDXVpVSDUO¶DEXVHWGHVGLYHUVHVUpSRQVHVSRXUVXUYLYUH'DQV
XQ GHX[LqPH WHPSV MH YDLV YRXV SUpVHQWHU OHV pWDSHV GH PRQ PRGqOH G¶LQWHUYHQWLRQ TXH M¶DL
GpYHORSSp DX FRXUV GHV GHUQLqUHV DQQpHV 3RXU WHUPLQHU MH YDLV YRXV SUpVHQWHU XQH H[SpULHQFH
FOLQLTXHGHSRODULWpDXSUqVGHSHUVRQQHVD\DQWYpFXO¶DEXVVH[XHO
/¶DEXVVH[XHO
-HVXLVSHUVXDGpHTXHGDQVO
DVVLVWDQFHLO\DGHVSHUVRQQHVTXLRQWYpFXFHGUDPH VRLWDYHFXQSqUHXQ
JUDQGSqUHXQRQFOHXQFRXVLQXQIUqUHXQYRLVLQXQHPqUHRXXQLqPH FRQMRLQWHWF
,O\HQDEHDXFRXSEHDXFRXSEHDXFRXS«
¬FHWWHpWDSHFLQRWUHDWWHQWLRQVHSRUWHUDVXUOHVDGXOWHVTXLRQWYpFXFHGUDPHLO\DDQVHW
TXLGpYRLOHQWPDLQWHQDQWOHXUKLVWRLUH
2QDSDUOpGHO
HQIDQW«O
HQIDQWDEXVp
2QDSDUOpGHVORLV«ODSURWHFWLRQGHVHQIDQWV
/DFRQGDPQDWLRQHWODUpKDELOLWDWLRQGHVSHUVRQQHVTXLRQWpWpDEXVpHV
/HV\VWqPHMXGLFLDLUHHWSROLFLHU
2QDXUDLWDLPpDERUGHUOHFRQMRLQWTXLUHSUpVHQWHODSLHUUHDQJXODLUHGXWUDLWHPHQWPDLVFHODQ¶HVWSDV
SRVVLEOHFHWWHIRLVFL&HVHUDSRXUXQHDXWUHDFWLYLWp
3DJH
(W PDLQWHQDQW QRXV VRPPHV j OD ILQ GH OD FKDvQH O
DGXOWH TXL YLW DYHF FH GUDPH VRXYHQW QRQ
GpYRLOp«RXHQFRUHGpYRLOpPDLVQRQFURXGpYRLOpPDLVLOQ
\DSDVHXG
DLGH&
HVWFRPPHVLOD
SHUVRQQH Q
DYDLW MDPDLV H[LVWp RQ YRLW XQH DXWUH SHUVRQQH TXL Q
HVW SDV FHOOH TXL H[LVWH«« VRQ
H[LVWHQFHV
HVWDUUrWpHjDQV«
/HWUDXPDWLVPHVHVLWXHjWRXVOHVSODQV VSLULWXHOPHQWDOOHF°XUSV\FKRpPRWLIHWGDQVOHSK\VLTXH
OH FRUSV /D SHUVRQQH HVVDLH GH VXUYLYUH DYHF FHWWH pQHUJLH DYHF FHWWH EULVXUH R OD MXVWLFH HVW
DEVHQWHODQRQUHFRQQDLVVDQFHGHO¶DEXV
/HF°XUGHODYLHHQIDQWLQHDpWpEULVpODMRLHGHYLYUHpFODWpH
/DVH[XDOLWpHQIDQWLQH
9RLFL TXHOTXHV PRWV VXU OD VH[XDOLWp HQIDQWLQH DXGHOj GH WRXWHV OHV WKpRULHV VXU OD VH[XDOLWp
HQIDQWLQH FHOOHFL HVW UHOLpH j OD MRLH VLPSOH GH OD YLH &¶HVWjGLUH rWUH WRXFKp SDU GHV SDUHQWV
DLPDQWVrWUHFDUHVVprWUHEHUFpULUHMRXHUV
pPHUYHLOOHUXQPRQGHRO
HQIDQWJRWHOHVMRLHVG
XQH
YLH VLPSOH GDQV VRQ FRUSV &
HVW FHOD TXL FRQVWLWXH OD EDVH GHODVH[XDOLWpDGXOWH ODMRLHGHYLYUH
HQIDQWLQH9RXVSRXYH]LPDJLQHUOHGUDPHORUVTXHO¶HQIDQWYLWXQDEXV«
/
HQIDQW Q
HVW SDV FDSDEOH GH UHFHYRLU HW G¶LQWpJUHU GDQV VRQV\VWqPHQHUYHX[ODVH[XDOLWp DGXOWHOH
SODLVLUVH[XHO&HQ
HVWSDVVRQPRQGHHWFHODEULVHVRQWLVVXGHYLH VDMRLHGHYLYUH&HWLVVXHVW
G
XQHJUDQGHGpOLFDWHVVHG¶XQHJUDQGHILQHVVHHWG¶XQHJUDQGHEHDXWp
/HVUDYDJHVGHFHWWHEULVXUH
3RXU WRXWHV OHV SHUVRQQHV TXL RQW YpFX XQ DEXV LO H[LVWH j GLIIpUHQWV GHJUpV XQ IRUW VHQWLPHQW GH
KRQWHGHFXOSDELOLWpGHGRXWHHWGHVRXLOOXUH/DSHXUO
DQ[LpWpO
DQJRLVVHSUHQQHQWWRXWHODSODFH
/
HQIDQWQHVHVHQWSOXVHQVpFXULWpHWLODSHXUjFKDTXHMRXURXGDQVFHUWDLQHVFLUFRQVWDQFHVTXHFHOD
UHFRPPHQFH6HVSRLQWVGHUHSqUHVVXUOHVTXHOVLOpWDEOLVVDLWVDFRQILDQFHV
pFURXOHQW,OGHYLHQWVHXO
)UpTXHPPHQWSRXUVXUYLYUHGDQVFHWWHVLWXDWLRQO
HQIDQWVHFRXSHGHVHVVHQVDWLRQVHWVHGLVVRFLH
/
KRUUHXUV
HVWLQVWDOOp/RUVTX
LOQ
\DSDVHXG
DLGHRQSHXWLPDJLQHUIDFLOHPHQWOHSRLGVTXLV
HVW
LQVWDOOpGDQVODYLHGHFHVSHUVRQQHVDXFRXUVGHVDQQpHV/DORXUGHXUGXVHFUHW«
(Q JUDQGLVVDQW O
HQIDQW pSURXYH VRXYHQW GHV GLIILFXOWpV PDMHXUHV j IDLUH FRQILDQFH DX[ DXWUHV 'HV
UpDFWLRQV GpSUHVVLYHV GH WULVWHVVH HW GH GHXLO V
LQVWDOOHQW UDSLGHPHQW 3RXU XQH JUDQGH PDMRULWp OH
VXLFLGHVHUDHQYLVDJp /
DQJRLVVHHWO
DQ[LpWpIHURQWSDUWLHGHOHXUYLHDYHFODGLIILFXOWpjVHGpWHQGUH
jHQWUHUHQFRQWDFWDYHFOHXUVpPRWLRQVTXHFHVRLWGHODMRLHRXGHODSHLQHRXWRXWVLPSOHPHQWHOOHV
VHURQWFRXSpHVGHOHXUVpPRWLRQV
/HXUYLHVH[XHOOHVHWURXYHFRQWDPLQpHGqVOHGpSDUWFHTXLSRXUUDJpQpUHUGLYHUVHVGLIILFXOWpV x 'LIILFXOWpjYLYUHGHO
LQWLPLWpRXHQFRUHjDYRLUWRXWVLPSOHPHQWGHVUHODWLRQVLQWLPHV
x 'LIILFXOWpGDQVOHVUHODWLRQVVH[XHOOHVH[/¶pPHUJHQFHGHVVFqQHVGHO¶DEXV
x $QHVWKpVLHVH[XHOOH
x (WF
6XUOHSODQSK\VLTXHRQUHWURXYHVRXYHQWGLYHUVSUREOqPHVGHVDQWpFRPPHSDUH[HPSOHO¶LQVRPQLH
RXHQFRUHXQVRPPHLOQRQUpSDUDWHXUDYHFODSUpVHQFHGHFDXFKHPDUV
/HFRQFHSWGHODVH[XDOLWpHQIDQWLQHSUpVHQWpHVWLVVXHGHPDIRUPDWLRQHQj,(0$&
'DQV XQH UHFKHUFKH FOLQLTXH H[SORUDWRLUH VXU O¶DEXV VH[XHO HW OD SRODULWp UpDOLVpH DX &HQWUH 4XpEpFRLV GH
IRUPDWLRQ HQ VDQWp LQWpJUDOH RQ QRWH TXH SHUVRQQHV RQW SHQVp DX VXLFLGH HW TXH RQW IDLW GHV
WHQWDWLYHVGHVXLFLGH
3DJH
'LYHUVHVUpSRQVHVDXQLYHDXGXFRPSRUWHPHQWSRXUVXUYLYUH
,O SHXW \ DYRLU GH OD UpYROWH GH OD FROqUH GH OD GpOLQTXDQFH GH OD IXLWH GH O
LVROHPHQW GH OD
SURVWLWXWLRQGHODGURJXHHWF(WLO\DWRXVFHX[HWFHOOHVTXLVHPEOHQWIRQFWLRQQHUQRUPDOHPHQWPDLV
TXLVRQWSULVRQQLHUVGHOHXUVHFUHW,OVGRQQHQWXQHLPDJHTXLQHFRUUHVSRQGSDVjOHXUUpDOLWp XQH
HQIDQFH EULVpH (Q G
DXWUHV WHUPHV LOV Q
RQW MDPDLV pWp UHFRQQXV HW YXV &RPPHQW HQ VRUWLU" /D
YpULWp HVW OD SUHPLqUH pWDSH TXL SHUPHW G¶H[LVWHU UHFRQQDvWUH FH TXL V¶HVW SDVVp OH GLUH HW rWUH
HQWHQGX&
HVWODSUHPLqUHpWDSHGDQVOHSURFHVVXVGHJXpULVRQ,OQ
\DSDVGHJXpULVRQSRVVLEOHVDQV
TXHODYpULWpVRLWGLWH
/DUpSRQVHGXPLOLHXHVWVRXYHQWGLIILFLOHFDUFHOXLFLFRQVLGqUHTXHWRXWGHYUDLWrWUHRXEOLpHWHIIDFp
0DOKHXUHXVHPHQW OD FLFDWULFH HVW HQFRUH YLYH ,O \ DXUDLW EHDXFRXS j GLUH VXU OHV UpSRQVHV GH
O¶DEXVHXUGHODIDPLOOHGXPLOLHXPDLVFHTXLLPSRUWHHVWG¶rWUHDVVH]IRUWHWGHVDYRLUTXHODYpULWp
VHUDWRXMRXUVXQHGpOLYUDQFH'HVDYRLUpJDOHPHQWTXHSDUIRLVODMXVWLFHVHUDjXQDXWUHQLYHDXTXH
ODMXVWLFHDFWXHOOH
/HVJUDQGHVpWDSHVGXSURFHVVXVGHJXpULVRQ JXpULUODYLHHQVRL
/HGpVLUGHJXpULU
/D SUHPLqUH pWDSH HVW GH YRXORLU HW G
rWUH PRWLYp j JXpULU FHWWH EOHVVXUH GH FURLUH TXH F
HVW
SRVVLEOH3RXUFHUWDLQHVSHUVRQQHVLOIDXGUDDYRLUOHFRXUDJHGHUHFRQQDvWUHTX
LO\DHXDEXV
VH[XHO FH TXL Q
HVW MDPDLV IDFLOH 2Q QH YHXW JpQpUDOHPHQW SDV UHYLYUH OHV PRPHQWV
GRXORXUHX[ /RUVTX
XQH VLWXDWLRQ HVW WURS SpQLEOH VRXYHQW RQ O
RFFXOWH (W SXLV LO \ D OHV
SHUVRQQHVTXLRQWSHXUG
RXYULUGHYLHLOOHVEOHVVXUHVTXLVRQWHQFRUHYLYHVHWQRQFLFDWULVpHV
5HWURXYHUVRQHVVHQFHGHYLHHWVHODUpDSSURSULHU
&HWWH pWDSH FRQVLVWH j UHSUHQGUH FRQWDFW DYHF VRQ HVVHQFH VRQ kPH VD EHDXWp LQWpULHXUH
1RWRQVTXHODUDFLQHGHYLHGHPHXUHWRXMRXUVLQWDFWH5HWURXYHUFHWWHHVSDFHGHYLHHWODIDLUH
UHYLYUHIDFLOLWHUDWRXWOHFKHPLQHPHQWGHUHWRXUjVRQKLVWRLUHG¶HQIDQFHEULVpH'HSOXVHOOH
GRQQHUDXQVXSSRUWRXXQOHYLHUGHYLHWRXWDXORQJGHVRQSURFHVVXVGHJXpULVRQ
/DSUHPLqUHJUDQGHMXVWLFH ODYpULWp
5HFRQQDvWUH FH TXL D pWp YpFX URPSUH OH VLOHQFH GH O
KLVWRLUH FRQVWLWXH OD SUHPLqUH JUDQGH
MXVWLFH&HFLHVWLQGLVSHQVDEOHSRXUVHOLEpUHUSRXUFRPPHQFHUjYLYUHHWSRXUIDLUHUHVSLUHU
VD YLH ÇWUH HQWHQGXH HW UHoXH PrPH VL F
HVW GRXORXUHX[ )DYRULVHU O
pPHUJHQFH GHV
VRXYHQLUV &HWWH pWDSH HVW WRXMRXUV OLEpUDWULFH 5HVSHFWHU OH U\WKPH GH OD SHUVRQQH HW
FRQVHUYHU XQ FOLPDW GH FRQILDQFH HW GH UHVSHFW &HWWH pWDSH SHUPHW G
DFFHSWHU OD YpULWp
G
DFFXHLOOLUO
HQIDQWEOHVVpGHVHGpFXOSDELOLVHUGHYLYUHVDSHLQHVDWULVWHVVHHWVRQGHXLO
1HWWR\HUOHVpQHUJLHVGHRXGHVDJUHVVHXUV
/DYLFWLPHSRUWHGHSXLVOHVpYqQHPHQWVFHWWHpQHUJLHGHODRXGHVSHUVRQQHVTXLO
RQWDEXVpH
(OOHGpYRLOHO
LGHQWLWpGHO
DJUHVVHXUVLFHODQ
HVWSDVHQFRUHIDLW&HVpQHUJLHVODGpUDQJHQWHW
O
pSXLVHQW 3DU GLIIpUHQWV H[HUFLFHV HQ UHFRQWDFWDQW OHV pPRWLRQV HW OHV LPDJHV GH O
DEXV RQ
SHXWHQOHYHUFHWWHpQHUJLHDYHFODFRQVFLHQFH
([ OHVPDQWHDX[TXHO
RQSRUWH
'pSROOXHUOHPHQWDOGHVVFKpPDVOLpVDX[DEXVHWjXQHVH[XDOLWpSHUWXUEpH
3DJH
&HWWHpWDSHSHUPHWGHQHWWR\HUO
HVSDFHPHQWDOOHF°XUHWOHFRUSVUHOLpDX[pYqQHPHQWVHWj
OHXUVFRQVpTXHQFHVH[ODKRQWHODVRXLOOXUHODFXOSDELOLWpOHGRXWHHWF
x ([SXOVHUVDFROqUH
x )DLUHGHODSODFHSRXUGpYHORSSHUGHVDWWLWXGHVYLYDQWHVHWIDLUHYLYUHVRQHVVHQFH
x 'pYHORSSHUODFRQILDQFHHWO
HVWLPHGHVRL
x 'pJDJHUOHVSHXUVPRUELGHVHWGLIIXVHV
x $SSULYRLVHUVRQFRUSVHWUpFXSpUHUODFDSDFLWpGHYLYUHOHSODLVLU
x 5pFXSpUHUVRQSRXYRLUHW\FURLUH
/HWUDYDLOGHSRODULWpHVWWUqVSXLVVDQWjFHWWHpWDSH
)DLUHODSDL[LQWpULHXUHDYHFOHVSHUVRQQHVLPSOLTXpHVGDQVO
DEXV
3DUGRQQHUjVRLHWDX[DXWUHV ODRXOHVSHUVRQQHVTXLRQWDEXVpDLQVLTX¶jFHX[TXLQHQRXV
RQWSDVSURWpJpV
5pWDEOLUODFRPPXQLFDWLRQSDUHQWDOHVLF¶HVWSRVVLEOH
5RPSUHDYHFVRQSDVVpGHYLFWLPH
9LYUHHWUpDOLVHUVHVUrYHV
'pYHORSSHUXQHVH[XDOLWpYLYDQWHRODMRLHGHYLYUHV
H[SULPH
ÇWUH ELHQ GDQV VRQ FRUSV VDYRLU DSSUpFLHU OD YLH HQ VRL HW DXWRXU GH VRLSRXYRLUYLYUHGHV
UHODWLRQV LQWLPHV HW VH[XHOOHV VDWLVIDLVDQWHV JRWHU OH SODLVLU GH YLYUH GDQV VRQ FRUSV VDQV
FXOSDELOLWpVDQVKRQWHVDQVJrQHVDYRXUHUOHIDLWG¶rWUHYLYDQWHWH[SULPHUODMRLHGHYLYUH
VRQWDXWDQWG¶pOpPHQWVHVVHQWLHOVGDQVOHSURFHVVXVGHJXpULVRQ
&RQFOXVLRQ
1RXVYHQRQVGHYRLUOHVpWDSHVG¶XQSURFHVVXVGHJXpULVRQ&HVpWDSHVQHVRQWSDVOLQpDLUHV(OOHV
SHXYHQW VH GpURXOHU GDQV XQ RUGUH GLIIpUHQW GH FHOXL SUpVHQWp &H TXL LPSRUWH HVW O¶LPSDFW GX
SURFHVVXVGHJXpULVRQ OHPLHX[rWUHGHODSHUVRQQHVXUWRXVOHVSODQVOHWLVVXGHYLHHVWUHFRQVWUXLW
/D SHUVRQQH Q¶HVW SOXV GDQV VRQ U{OH GH YLFWLPH PDLV ELHQ XQH SHUVRQQH TXL SHXW JpUHU VDYLH'H
SOXVRQSHXWSHQVHURXHVSpUHUTX¶LO\DXUDXQLPSDFWSRVLWLIVXUODSUpYHQWLRQLQWHUJpQpUDWLRQQHOOHGX
FHUFOHYLFLHX[GHO¶DEXVVH[XHO
¬ WLWUH FRPSOpPHQWDLUH M¶DLPHUDLV YRXV SUpVHQWHU XQH H[SpULHQFH WUqV LQWpUHVVDQWH TXH QRXV DYRQV
IDLWHDXSUqVGHSHUVRQQHVD\DQWYpFXO¶DEXVVH[XHODYHFODWKpUDSLHGHODSRODULWp
8QHH[SpULHQFHUHFKHUFKHFOLQLTXHH[SORUDWRLUHHQSRODULWpVXUODSUREOpPDWLTXHGHO¶DEXVVH[XHO
1RWH]TXHFHW\SHGHUHFKHUFKHQ¶HVWSDVVFLHQWLILTXHPDLVQRXVGRQQHQWGHVLQGLFDWLRQVDXQLYHDX
GHVELHQIDLWVGHODSRODULWp
4X¶HVWFHTXHODSRODULWp "/DSRODULWpHVWXQHDSSURFKHpQHUJpWLTXHTXLSHUPHWG
KDUPRQLVHUO
pQHUJLH
YLWDOH GDQV O
RUJDQLVPH KXPDLQ /¶pQHUJLH FRQWLHQW WRXWHV OHV GLPHQVLRQV GH OD SHUVRQQH F
HVW
SRXUTXRLVHVELHQIDLWVVRQWGHQDWXUHKROLVWLTXH/HVGLPHQVLRQVSK\VLTXHPHQWDOHSV\FKRORJLTXHHW
VSLULWXHOOHVHURQWWRXFKpHVORUVTX
XQHSHUVRQQHVHUDVXLYLHHQSRODULWp
&HWUDYDLOV\QWKqVHHVWEDVpVXUUDSSRUWVGHUHFKHUFKHFOLQLTXHH[SORUDWRLUH/DUHFKHUFKHDpWpHIIHFWXpHSDU
'RPLQLTXH*DXWKLHU$QJqOH3HUURQ)DELHQQH'URXLQHW)UDQoRLVH&{Wp VRXVODGLUHFWLRQHWVXSHUYLVLRQGH
0LFKHOOH*XD\
/
DSSURFKH D pWp GpYHORSSpH SDUOH 'U 5DQGROI 6WRQH YHUV (OOH FRQWLHQW FLQTYROHWVO
pQHUJLHGHOD
SHQVpH HW GH O¶DWWLWXGH PHQWDOH OHV H[HUFLFHV pQHUJpWLTXHV XQH DOLPHQWDWLRQ VDLQH HW YLYDQWH OHV PDQLSXODWLRQV
GHSRODULWpHWO
$PRXU
3DJH
'HSXLV DX &HQWUH 4XpEpFRLV GH )RUPDWLRQ HQ 6DQWp ,QWpJUDOH QRXV HIIHFWXRQV GHV VXLYLV
FOLQLTXHVHQSRODULWpVXUGLYHUVHVSUREOpPDWLTXHV&HVUHFKHUFKHVRQWpWpHIIHFWXpHVjO
LQWpULHXUGHV
VWDJHV GHUHFKHUFKHGDQVOHFDGUHGHODIRUPDWLRQSURIHVVLRQQHOOHHQSRODULWp3DUPLOHVQRPEUHX[
VXLYLVLO\DHXXQVXLYLGHSHUVRQQHVD\DQWYpFXO¶DEXVVH[XHO3DUDEXVVH[XHORQHQWHQGWRXWH
DFWLYLWpVH[XHOOHG
XQDGXOWHRXG
XQDGROHVFHQWDYHFXQHQIDQW
&DUDFWpULVWLTXHVJpQpUDOHV
1RXVDYRQVUHMRLQWSHUVRQQHVGRQWIHPPHVHWKRPPH/HJURXSHG
kJHYDULHHQWUHDQVHW
DQVSRXUHQIDQWVHQWUHHWDQVSRXUDGROHVFHQWVHQWUHDQVHWDQVSRXUDGXOWHV(OOHV
RQWHWLODYpFXO
DEXVVH[XHOHQWUHO
kJHGHDQVHWDQVVXUXQHSpULRGHYDULDQWGHPRLVjDQV
$XGpEXWGHVVXLYLVHQSRODULWpLOV
pWDLWpFRXOpGHDQVjDQVGHSXLVOHGpEXWGHO
LQFHVWH
3DJH
7DEOHDX
&$5$&7e5,67,48(663e&,),48(6/,e(6¬/
$%866(;8(/
ÆJHRDpWpYpFXO
LQFHVWH
(QWUHDQVHWDQV
$XGpEXWGHVSRODULWpVLO
V
pWDLWpFRXOp
DQVjDQV
'HSXLVOHGpEXWGHO
LQFHVWH
OHSqUH
OHIUqUH
OHJUDQGSqUH
OHFRXVLQ
O
RQFOH
OHEHDXIUqUH
OHYRLVLQ
OHLqPH FRQMRLQW
'XUpHGHO
DEXV
9LROVXUIHPPHV
'e92,/(0(17
'(/
,1&(67(
3DUWLHOSDUO
HQIDQWHW
O
DGROHVFHQWDYHFDUUrW GHV
DFWLYLWpVVH[XHOOHV
3DUWLHOjO
kJHDGXOWH
6HFUHWQRQGpYRLOp
4XLVRQWOHVDJUHVVHXUV "
/HU{OHGHO
LQWHUYHQDQWH
9DULHHQWUHPRLVHWDQV
1%SRXUFHUWDLQHV
SHUVRQQHVLO\DHXSOXVG
XQ
DJUHVVHXU
,O HVW LPSRUWDQW GH QRWHU TXH OH U{OH GH O
LQWHUYHQDQWH HVW XQ U{OH G
DFFRPSDJQHPHQW DXSUqV G
XQH
SHUVRQQHHQSURFHVVXVG
DXWRJXpULVRQ'DQVFHW\SHSDUWLFXOLHUGHWUDXPDWLVPHYpFXGDQVO
HQIDQFH
O
pFRXWH DYHF XQH RXYHUWXUH GX F°XU HW XQH DWWLWXGH VDQV MXJHPHQW HVW LQGLVSHQVDEOH
/
DFFRPSDJQHPHQW VHUDD[pVXU O
$PRXUOH UHVSHFW ODGpOLFDWHVVHODGRXFHXU HWODWHQGUHVVH
/H WUDYDLO GH SRODULWp SRUWH HQ VRL FHV FDUDFWpULVWLTXHV PDLV OD FRQVFLHQFH GH O
LQWHUYHQDQW GRLW rWUH
RXYHUWH,OODLVVHODYLHJXpULUODYLHSDUO
KDUPRQLVDWLRQGHO
pQHUJLH,OHVWLPSRUWDQWGHVHUDSSHOHU
TXHODFDUDFWpULVWLTXHIRQGDPHQWDOHGHODSRODULWpHVWVRQLPSDFWKROLVWLTXH HOOHWRXFKHO
HQVHPEOHGH
ODSHUVRQQHVXUWRXVOHVSODQV
/HPRGHGHIRQFWLRQQHPHQWGHVVXLYLVGHUHFKHUFKH
/HVXLYLV
HIIHFWXHJpQpUDOHPHQWVXUXQHSpULRGHYDULDQWGHWURLVjVL[PRLVSRXUXQWRWDOGHGRX]Hj
TXLQ]HSRODULWpV3RXUODSUHPLqUHpWDSHOHVUHQFRQWUHVVRQWKHEGRPDGDLUHV'DQVODGHX[LqPHpWDSH
ORUVTXHODSHUVRQQHYDPLHX[OHVUHQFRQWUHVVRQWDX[GHX[VHPDLQHVHWHQILQODWURLVLqPHpWDSHVH
GpURXOHXQPRLVSOXVWDUGDILQGHFRQVROLGHUOHVUpVXOWDWVREWHQXV
3DJH
/
LGHQWLILFDWLRQGXSUREOqPH
'DQVODPDMRULWpGHVFDVOHVFOLHQWHVDYDLHQWpWpVXLYLPpGLFDOHPHQWSRXUGLYHUVSUREOqPHVGHVDQWp
3RXUXQHPLQRULWpGHSHUVRQQHVLO\DYDLWHXGHVVXLYLVHQSV\FKRWKpUDSLHDYHFXQSV\FKRORJXHRXXQH
WUDYDLOOHXVH VRFLDOH 3RXU SHUVRQQHV VXU F
pWDLW OD SUHPLqUH IRLV TX
HOOHV SDUODLHQW GH OHXU
H[SpULHQFHG
LQFHVWH
/
LQWHUYHQDQWH QH SRVH DXFXQ GLDJQRVWLF 8Q TXHVWLRQQDLUH VXU O
KLVWRLUH HW OHV FRQVpTXHQFHV GH
O
DEXVVXUO
pWDWGHVDQWpSHUPHWGHFRPSOpWHUO
LQIRUPDWLRQHWGHIDLUH XQVXLYLDGpTXDW
/HVXLYL
$FKDTXHUHQFRQWUHKHEGRPDGDLUHOHELODQGHODVHPDLQHpWDLWIDLWjO
DLGHGHVSULQFLSDX[SDUDPqWUHV
GpMjpWDEOLVSRXUFKDTXHSHUVRQQH/
pYDOXDWLRQHVWVXEMHFWLYHFDUF¶HVWODSHUVRQQHTXLQRXVGRQQH
O¶LQIRUPDWLRQ,OVH GpJDJHGHVFRQVWDQWHVHWFHVRQWFHVFRQVWDQWHVTXHOHWDEOHDXYRXVSUpVHQWHQW
1RWH] TXH QRXV QH GRQQRQV SDV XQ FDUDFWqUH VFLHQWLILTXH j FHV GRQQpHV ,O V¶DJLW G¶XQ H[HUFLFH GH
QDWXUHH[SORUDWRLUHTXLQRXVGRQQHGHVSLVWHVVXUO¶LPSDFWTXHSHXWDYRLUXQWUDYDLOGHSRODULWpXQ
WUDYDLOFRUSRUHOHWpQHUJpWLTXH
3DJH
7$%/($8
5pVXOWDWVGHVVXLYLVUHOLpVDX[SUREOqPHVOHVSOXVVLJQLILFDWLIV
352%/Ê0(6
12
6HQWLPHQW GH FXOSDELOLWp GH KRQWHGHGRXWHHWGHVDOHWp
'LIILFXOWpV PDMHXUHV j IDLUH FRQILDQFHSHXUDQ[LpWp
&RXSpVGHOHXUVpPRWLRQV
9pFXVH[XHOFRQWDPLQp
x 'LIILFXOWpV GDQV OHV UHODWLRQV
LQWLPHV
x 'LIILFXOWpV GDQV OHV UHODWLRQV
VH[XHOOHV
x $QHVWKpVLHVH[XHOOH
5pDFWLRQ GpSUHVVLYH GH WULVWHVVH HWGHGHXLO
5e68/7$76
'pJDJHPHQWLPSRUWDQWGH
OD FXOSDELOLWp GH OD KRQWH HW GX
VHQWLPHQWG
rWUHVRXLOOpH
5HFRQVWUXFWLRQGHO
HVWLPHGHVRL
'pJDJHPHQW LPSRUWDQW GHVSHXUV
PRUELGHVHWGLIIXVHV
5pFXSpUDWLRQGXSRXYRLUVXUOHXU
YLH
3UHQQHQW
GHV
GpFLVLRQV
LPSRUWDQWHV GH FKDQJHPHQW GDQV
OHXUYLH
x
x
x
'LIILFXOWpV j VH GpWHQGUH j ELHQ UHVSLUHU j HQWUHU HQ FRQWDFW DYHF
OHXUVMRLHVHWOHXUVSHLQHV
,QVRPQLH
6RPPHLODYHFFDXFKHPDUV
7RXV
FHV
pOpPHQWV VRQW
HQ SURFHVVXV
FRQVWDQW
G
pYROXWLRQ
3OXVJUDQGHRXYHUWXUHjYLYUHHWj H[SULPHUOHXUVpPRWLRQV
'pVLU GH FURLVVDQFH SHUVRQQHOOH
HW GpVLU GH SUHQGUH OHXU YLH HQ
PDLQ
1HWWHDPpOLRUDWLRQ
x 3OXV j O
DLVH GDQV OH WRXFKHU
TXH FH VRLW GH WRXFKHU RX
G
rWUHWRXFKp
x 5HVVHQWHQW GDYDQWDJH OHXU
FRUSV OHV WHQVLRQV HW OHV
GRXFHXUV
x 5pFXSpUDWLRQ GX SULQFLSH GX
SODLVLU
x
2QWSHQVpDXVXLFLGH
2QWIDLWGHVWHQWDWLYHVGHVXLFLGH
12
'pYRLOHPHQW GH O
LQFHVWH GDQV O
XQH RX O
DXWUH GHV
GLIIpUHQWHVSKDVHV
5pWDEOLVVHPHQW
GH
OD FRPPXQLFDWLRQ© PqUHILOOH ª
5pWDEOLVVHPHQW GHV UHODWLRQV
VRFLDOHV
5HSUHQGJRWjODYLH
,GpHV VXLFLGDLUHV HQ YRLH GH UpJUHVVLRQ
1HWWHDPpOLRUDWLRQ
6RPPHLOSOXVUHSRVDQW
6RPPHLOVDQVFDXFKHPDU
3DJH
&RQFOXVLRQGXVXLYLGHSRODULWp
3RXUWRXWHVFHVSHUVRQQHVD\DQWpWpDEXVpHVVH[XHOOHPHQWODMRLHGHYLYUHGDQVOHXUFRUSVOHXUDpWp
YROpHORUVTX
HOOHVpWDLHQWHQIDQWV/DSRODULWpOHXUDSHUPLVGHVHGLUHG
H[SULPHUODYpULWpGHVRUWLUGH
O
LVROHPHQWG
DPRUFHURXGH SRXUVXLYUHXQSURFHVVXVGHJXpULVRQ
/¶XWLOLVDWLRQGXPRGqOHGHVpWDSHVHQSV\FKRWKpUDSLHV¶DYqUHLQWpUHVVDQWHDYHFXQHDSSURFKHSV\FKR
FRUSRUHOOHHWpQHUJpWLTXH/HVELHQIDLWVREWHQXVWRXWDXORQJGHVVXLYLVHQSRODULWpVRQW UHPDUTXDEOHV
HWSRXUWRXWHVOHVSHUVRQQHVFHODDFRQVWLWXpXQHSRUWHRXYHUWHYHUVXQHYLHRODOLEHUWpG
rWUHSHXW
H[LVWHU9RLFLTXHOTXHVWpPRLJQDJHV 7pPRLJQDJHVDXGpEXWGXVXLYL
-H PH VHQWDLV ODLGH FRXSDEOH ERQQH j ULHQ -
DYDLV KRQWH -
DYDLV SHXU -
pWDLV LQFDSDEOH GH
P
DIILUPHUG
H[SULPHUPHVpPRWLRQV««&HFLUpVXPHSDUWLHOOHPHQWFHTXHYLYDLHQWOHVSHUVRQQHV
D\DQWVXELO
LQFHVWHDYDQWOHVXLYLGHSRODULWp
7pPRLJQDJHVDSUqVOHVXLYL
9RLFL TXHOTXHV WpPRLJQDJHV DSUqV OHV VXLYLV ,OV SHUPHWWHQW GH FRQFUpWLVHU OHV ELHQIDLWV YpFXV GDQV
FHWWHH[SpULHQFHGHVXLYLHQSRODULWp
/DSRODULWpP
DDSSRUWp
x
x
x
x
x
x
x
x
-
DLUHSULVpQRUPpPHQWFRQILDQFHHQPRLFHTXLVHUpSHUFXWHjELHQGHVQLYHDX[jO
pFROH
jODPDLVRQDYHFPRQFRPSDJQRQHWDYHFPRLPrPH«
$XQLYHDXGHPHVUHODWLRQVVH[XHOOHVODFXOSDELOLWpDSUHVTXHFRPSOqWHPHQWGLVSDUXHWOHV
IDQW{PHVDXVVLODKRQWHGHPRQFRUSVODKRQWHGXSODLVLUpSURXYpODSXQLWLRQjYHQLU«
-
DSSUpFLH GH SOXV HQ SOXV FH TXH MH VXLV 81( )(00(««M
DL OH JRWG
rWUH SOXV
IpPLQLQH
-
DLDSSULVjIDLUHFRQILDQFHjPHODLVVHUWRXFKHUHWjPHODLVVHUSDUOHUDYHFWHQGUHVVH-
DL
SXSOHXUHUVDQVrWUHMXJpH««
(QPRLLOV
HVWFUppHXQHSOXVJUDQGHRXYHUWXUHIDFHDXSDUGRQSRXUPRLPrPHHWSRXUOHV
DXWUHV«-
DLUpJOpDYHFPRQSqUH«
'HPHIDPLOLDULVHUG
DSSULYRLVHUOHWRXFKHUHWG
DSSUHQGUHjPHGpWHQGUH
-
DLDSSULVjIDLUHIDFHjPHVQRPEUHXVHVSHXUVSHXUGXWRXFKHUSHXUGHPRLSHXUGHV
DXWUHV«F
pWDLWWHUULEOH«
$SUqVPHVVpDQFHVGHSRODULWpVMHPHVHQWDLVSOHLQHG
pQHUJLHM
DYDLVOHJRWGHYLYUHG
DOOHU
GHO
DYDQWGHIDLUHOHSOHLQGHFKRVHVQRXYHOOHV«
0HUFLGHYRWUHDWWHQWLRQ
3DJH
$WHOLHUVGHIRUPDWLRQSRVWMRXUQpHVG¶pWXGH
/¶LQWHUYHQWLRQSV\FKRFRUSRUHOOHHWpQHUJpWLTXHDXSUqVGHV YLFWLPHVG¶DEXVVH[XHO
x 5HGRQQHUXQVXSSRUWGHYLH
x /LEpUHUOHVpQHUJLHVGXRXGHVDJUHVVHXUV
x /LEpUHUOHVpPRWLRQVOLpHVDX[DJUHVVLRQV
x 5HIDLUHVRQOLHQjODYLH
x 5HWURXYHUODMRLHGHYLYUHGDQVVRQFRUSV
x 5HEkWLUVDVH[XDOLWp
8QHVpULHGHDWHOLHUVGHMRXUVVHURQWGRQQpV
%ORF DYULO
%ORF $XWRPQHGDWHVjGpWHUPLQHUDYHF$56,12(
3DJH
0DGDPH $QQH0DULH &/$8'(
9 'LUHFWULFHGHO¶© ,QVWLWXWGH)RUPDWLRQVVXSpULHXUHVGH0(6/$< ª0217$,*8± 6\QWKqVH
3DJH
/RUVTXH M
DL pWp VROOLFLWpH SRXU UDVVHPEOHU FHWWH V\QWKqVH ILQDOH MH VDYDLV G
HPEOpH TX
HOOH VHUDLW
© PLVVLRQLPSRVVLEOH« ª/DULFKHVVHGHVDSSRUWVHWGHVGpEDWVGXUDQWFHVGHX[MRXUQpHVQ
DIDLWTXH
UHQIRUFHUFHSRLQWGHYXH
0DLV VL M
DL DFFHSWp FHWWH PLVVLRQ F
HVW TX
LO PH VHPEODLW TXH MH QH SRXUUDLV SDV PH GpUREHU j FHWWH
UpIOH[LRQHQWDQWTXHSURIHVVLRQQHOOHGHODIRUPDWLRQGDQVOHFKDPSVRFLDO
$56,12(HVWXQHDVVRFLDWLRQMHXQHGRQWOHVEpQpYROHVRQWHXO
DXGDFHG
RXYULUXQGpEDWG
RXYULU
XQHEUqFKHGDQVOHVPXUVGXVLOHQFHDXWRXUGHO
LQFHVWH&HFROORTXHWUDGXLWODYRORQWpGHO
DVVRFLDWLRQ
GH SURYRTXHU GHV UHQFRQWUHV GH SHUPHWWUH j GLYHUVHV YRLHV GH VH IDLUH HQWHQGUH GDQV XQH DSSURFKH
LQWHUGLVFLSOLQDLUH /HV LQWHUYHQDQWV VRQW YHQXV QRQ SDV SRXU HQWUHWHQLU XQH QRWRULpWp PDLV SRXU
H[SULPHUOHXUH[SpULHQFHOHXUFRQYLFWLRQOHXUVSLVWHVGHWUDYDLO
$ORUVKHXUHXVHPHQWSRXUPRLWRXWHODV\QWKqVHHVWFRQWHQXHGDQVOHQRPPrPHGHO
DVVRFLDWLRQ
DXWUHUHJDUGVXUO
LQFHVWHSRXURXYULUVXUO
HVSRLUHWKHXUHXVHPHQWSRXUYRXVHOOHVHUDFRXUWH
8QDXWUHUHJDUGF
HVWG
DERUGXQUHJDUGSOXVODUJHTXLQHV
HQIHUPHSDVGDQVGHVGRFWULQHVULJLGHV
¾ TXL LQWHUURJH HW QRXV O
DYRQV IDLW GXUDQW WRXW OH FRQJUqV SOXVLHXUVGLVFLSOLQHVHWVFLHQFHV
KXPDLQHV
¾ TXL UHSRVH VXU XQH GpPDUFKH SOXULGLVFLSOLQDLUH GRQW VRQW SOXV FRXWXPLHUV QRV DPLV
4XpEpFRLVGHPrPHTXHOHXUDSSURFKHSOXVSDUWLFLSDWLYH
/H'URLWOD3V\FKDQDO\VHOD3KLORVRSKLHO¶$QWKURSRORJLH
7RXWHVFHVGLVFLSOLQHVSDUOHQWGHO
KRPPHPDLVQHSHXYHQWH[FOXVLYHPHQWSUpWHQGUHOH&217(1,5
$LQVLVLOHVGpWHUPLQLVPHVH[LVWHQWGDQVOHVGLYHUVHVVFLHQFHVO
KRPPHHVWLOSRXUDXWDQWWRWDOHPHQW
GpWHUPLQp"&RPPHQWV
H[HUFHVDUHVSRQVDELOLWpVRQOLEUHDUELWUH"1RXVDYRQVHQVHPEOHSRVpTX
LO
Q
HVWSDVVLPSOHPHQWXQREMHWGHVFLHQFHjODqPH SHUVRQQHPDLVFDSDEOHG
XQMH&H-(SHXWrWUH
FRPSULV GDQV FHV WURLV GLPHQVLRQV UHVVDLVL VRXV O
DQJOH GH O
DQWKURSRORJLH WHUQDLUH &RUSV $PH
(VSULW
8QDXWUHUHJDUGVXU«
4XLWHQWHGHGpSDVVLRQQHUG
REMHFWLYHUTXLDXVVLUHJDUGHGHSUqV
/
DQDO\VH GHV VWDWLVWLTXHV QHYRXVDXUDSDVpFKDSSpPrPHVLOHVFKLIIUHVRQWEHVRLQG
rWUHYDOLGpV
DSSURIRQGLVFRUUpOpV
OHFKLIIUHGHVDEXVVH[XHOV
OHFKLIIUHGXWDX[GHUpFLGLYHDSUqVFRQGDPQDWLRQ
OHFKLIIUHGHVFODVVHPHQWVVDQVVXLWH
&HWWHDQDO\VHVRXOqYHGRQFG
HPEOpHGLYHUVHVLQWHUURJDWLRQV
¾ OD PDQLqUH GRQW V
H[HUFH OH GHYRLU GH VLJQDOHPHQW DYHF OD PLVH HQ TXHVWLRQ GX
VLJQDOHPHQWSDUDSOXLH
3DJH
¾ OHSUREOqPHpJDOHPHQWGHVFODVVHPHQWVVDQVVXLWHHWGXGLIILFLOHGLDJQRVWLF
¾ GpPDUFKHTXLRSqUHXQGLVFHUQHPHQWHWLQWURGXLWGHVGLVWLQJXRV
HQWUHFUpGLELOLWpVLQFpULWpDXWKHQWLFLWp
YpULWpKLVWRULTXHYpULWpSV\FKRORJLTXHYpULWpMXGLFLDLUH
$XWUHUHJDUGVXUO
LQFHVWH
&HFROORTXHDpYLGHPPHQWVRXOLJQpO
LPSRUWDQFHGXODQJDJHHPSOR\pSRXUODYLFWLPHHWSRXUO
DXWHXU
GHYLROHQFHV
/
rWUH KXPDLQ VH UpGXLWLO G
XQH PDQLqUH GpILQLWLYH HQ HIIHW j VRQ WUDXPDWLVPH j VHV DFWHV PrPH
JUDYLVVLPHVHWG
XQHPDQLqUHJpQpUDOHjVHVpFKHFV"
$ORUVTX
HVWFHTXHO
,1&(67( "
¾ /
LQFHVWHHVWjUHSODFHUVRXVOHVLJQHGHODYLROHQFHGDQVOHVUDSSRUWVKXPDLQVOHPDQTXHGH
FRPPXQLFDWLRQ YHUEDOH OD FRQIXVLRQ GHV U{OHV DX VHLQ GH OD IDPLOOH OH PDQTXH GH GLVWDQFH
LQWHUJpQpUDWLRQQHOOH
¾ OD VRXIIUDQFH GHV YLFWLPHV WUDGXLW ELHQ TXH OD VH[XDOLWp HQJDJH GHV ]RQHV SURIRQGHV GH OD
SHUVRQQDOLWp GDQV XQH VRFLpWp R OD GLPHQVLRQ FKDUQHOOH OH FRUSV HVW SDUDGR[DOHPHQW VRLW
DEVROXWLVp VRLW WRWDOHPHQW EDQDOLVp 1RXV DYRQV SRLQWp FHWWH DXWUH FRQWUDGLFWLRQ VRFLpWDOH
HQWUHODSHUPLVVLYLWpjO
pJDUGGHODSRUQRJUDSKLHQRWDPPHQWHWODFRQVFLHQFHPRUDOHFROOHFWLYH
TXLIDLWGXYLROHWGHO
LQFHVWHXQFULPH
¾ 1RVLQWHUYHQDQWVQRXVRQWIDLWIDLUHXQJUDQGYR\DJHHWFKDFXQVDLWTXHO
RQUHYLHQWSDVG
XQ
SpULSOHDYHFOHPrPHUHJDUG
9R\DJHGDQVOHWHPSVGHSXLVOHVP\WKHVSULPRUGLDX[GDQVO
HVSDFHHWGDQVOHVHVSqFHVDQLPDOHV
0DLV pJDOHPHQW HW VXUWRXW j O
LQWpULHXU GH QRXVPrPH SORQJp GDQV O
KXPDLQ TXL JDUGH VD SDUW GH
P\VWqUH
/
$9(56,21 GH O
LQFHVWH QH UHOqYH SDV GH O
LQVWLQFW QDWXUHO VL OH GpVLU G
LQFHVWH HVW XQLYHUVHO HW
SUpVHQW F
HVW OD PDWXUDWLRQ YHUV O
DGXOWH TXL SHUPHW OH GpSDVVHPHQW GH O
°GLSH O
DSSUHQWLVVDJH GH
O
DOWpULWp OD UpRULHQWDWLRQ GX GpVLU« /D WUDQVJUHVVLRQ GH FHW LQWHUGLW HVWHOOH SDWKRORJLTXH " 1RXV
UHVWHURQVDYHFFHWWHTXHVWLRQ
1RXVDYRQVPHVXUpTXHOHVIURQWLqUHVGHO
LQFHVWHTXLQRXVRQWpWpGHVVLQpHVV
pODUJLVVHQWHWSHXYHQW
rWUHSDUIRLVHQGHPL WHLQWHV
¾ VXLYDQWODVRFLRORJLHDFWXHOOHGHVIDPLOOHVIDPLOOHVUHFRPSRVpHV
¾ LQWpJUDQWOHVU{OHVGHVWLHUVDFWLIVRXSDVVLIVGHODVSKqUHIDPLOLDOH U{OHGXFRQMRLQW
¾ LQWURGXLVDQW pJDOHPHQW OD QRWLRQ G
DWWLWXGH LQFHVWXHOOH RX GH IDPLOOH LQFHVWXHOOH DX
UHJDUGGHVUDSSRUWVHQFKHYrWUpVTXLV
\pWDEOLVVHPHQWYRLUHGHVRXPLVVLRQVHQWUHWHQXHV
/DIDPLOOHLQFHVWXHXVHDSHUPLVHQTXHOTXHVVRUWHOHSDVVDJHjO
DFWH
$LQVLGRQFSHXjSHXQRXVDYRQVH[SORUpODJUDQGHFRPSOH[LWpGHO
LQFHVWH
0DLVF
HVWELHQGDQVFHWWHFRPSOH[LWpOjTX
LODSSDUWLHQWjFKDFXQG
DJLU
3DJH
/HU{OHGHOD-XVWLFHHVWLPSRUWDQW
x
x
x
x
LOSHUPHWO
H[SUHVVLRQO
LGHQWLILFDWLRQODFODULILFDWLRQ
GHVDFWHV
XQHVDQFWLRQDXQHYHUWXOLEpUDWULFH
GHODYLFWLPH
VRXYHQWQRWDPPHQWSRXUOHFRXSDEOH
GXFRXSDEOH
O
LPSXQLWpFRQIqUHODOpJDOLWp
9 XQHORLTXLSURJUHVVH SRXUGRQQHUODSDUROH DLGHUjODUpYpODWLRQ
9 OHUHVSHFWGHODORL F
HVWDVVXUHUODSURWHFWLRQHWDIILUPHUOHVYDOHXUVOLpHVjODYLHPDLV
WRXWHSURWHFWLRQGRLWrWUHMXVWLILpH
9 ODORLF
HVWXQHVRUWGHEDUULqUHFRQWUHODYHQJHDQFHPrPHVLOHSURFHVVXVMXGLFLDLUHHQOXL
PrPHSHXWJpQpUHUDXVVLEHDXFRXSGHYLROHQFH
9 ODORLF
HVWODUpSDUDWLRQGDQVODPHVXUHGXSRVVLEOH
9 ODORLF
HVWDXVVLODUpKDELOLWDWLRQGXFRXSDEOH
/HU{OHGHODMXVWLFHGRLWV
H[HUFHUDYHFHQFRUHSOXVGHGLVFHUQHPHQWRUF
HVWELHQOD&LWpTXLVHGRQQH
XQPRGqOHGH-867,&(F
HVWOjTXHV
LQVFULWSRXUFKDFXQQRWUHDFWLRQFLWR\HQQHVDFKDQWDXMRXUG
KXL
TXHODUHSUpVHQWDWLRQVRFLDOHGXFULPHVH[XHOQ
HVWSDVQHXWUHHWDWWHLQWOHVVRPPHWVGHO
KRUUHXU
$VSHFWVSLVWHVGHWUDYDLOSRXUODMXVWLFH
ODSULVHHQFRQVLGpUDWLRQGHVDYHX[GXFRXSDEOH
OH'(1,SHXWLOUHVWHUXQHPHLOOHXUHVWUDWpJLH"
O
DGpTXDWLRQGHODSHLQHHWODSHUWLQHQFHGHO
REOLJDWLRQGHVRLQ
OHUHFRXUVDX[H[SHUWV
/HU{OHGHVWKpUDSHXWHVHWGHVWUDYDLOOHXUVVRFLDX[DpJDOHPHQWpWpLQYRTXp
2QYRLWG
DLOOHXUVFRPELHQO
DUWLFXODWLRQGHVGLYHUVDFWHXUVHWGHOHXUVSRXYRLUVHVWHVVHQWLHOOHFHVRQW
GHVSRLQWVGHGLIIpUHQFLDWLRQDYHFOHV\VWqPHFDQDGLHQTXLDpWpUHSUpFLVpFHWDSUqVPLGL
&HUWDLQHVSLVWHVGHWUDYDLORQWpWpFODLUHPHQWH[SULPpHVM
HQUHWLHQGUDLSDUWLFXOLqUHPHQWTXDWUH
/DSRVWXUHGXWKpUDSHXWHYLVjYLVGHODSHUVRQQHD\DQWFRPPLVGHVDEXVVH[XHOVTXLDLGHjOD
JXpULVRQ HW TXL IDLW SUHQGUH FRQVFLHQFH DX SDWLHQW GH VD YXOQpUDELOLWp HW GH OD QpFHVVLWp GH
PR\HQVFRQFUHWVGHYLJLODQFH
/
DSSURFKH V\VWpPLTXH TXL j SDUWLU G
HQWUHWLHQV IDPLOLDX[ YLVH j UHVWLWXHU FKDFXQ GDQV VD
OpJLWLPLWpHWTXLSHUPHWOjDXVVLXQHH[SUHVVLRQGHODVRXIIUDQFHHWUpGXLVDQWDLQVLOHVULVTXHV
GHUHSURGXFWLRQGHVFRPSRUWHPHQWV
/
LPSRUWDQFHGHO
pYDOXDWLRQGHVSUDWLTXHVTXLWWHjUHIRQGHUOHVD[HVG
XQSURMHWpGXFDWLILOQ
\
DSDVHQHIIHWGH5(&+(5&+(HWGH352*5(66,216$16(9$/8$7,21HWUHPLVHHQ
FDXVH
/
LPSRUWDQFHGHO
LQGLYLGXDOLVDWLRQGHODSULVHHQFKDUJHSRXUOHVYLFWLPHVGHO
LQFHVWH
3DJH
0DLVSRXUFKDFXQTXHOOH TXHVRLWVDSODFHLOUHVWHjHVSpUHU
&
HVWXQSHXIRXQRXVDWRQGLW«2XYULUVXUO
HVSRLUSRXUWDQWFKDFXQVDLWTX
XQUHJDUGTXLHVSqUHQH
SURGXLWSDVOHVPrPHVHIIHWVTX
XQUHJDUGTXLQ
HQYLVDJHSOXVULHQQLSHUVRQQH
(VSpUHUF
HVWFRQVHQWLUDXWHPSVFURLUHGDQVO
DYHQLUO
HVSRLUHVWWRXMRXUVFHWpODQLQDFKHYpF
HVWXQH
TXrWH«/HFKHPLQRXOHWUDYDLOYHUVODJXpULVRQSODFHWRXVOHVDFWHXUVVXUXQHOLJQHGHFUrWHIDFHDX[
TXHVWLRQVOHVULVTXHVOHVLQFHUWLWXGHVODSODFHGXGRXWH
$X IRQG OD EOHVVXUH GH O
LQFHVWH QRXV D UHQYR\pV j OD GpILQLWLRQ IRQGDPHQWDOH GH FH TXL IDLW
O
KXPDQLWp RX O
LQKXPDQLWp« &H TXL FDUDFWpULVH O
KXPDLQ F
HVW ELHQ FHWWH IDFXOWp j OD IRLV GH
PpPRLUH HWGHSDUGRQ-HSHUPHWWUDLLFLGHFLWHUOHSKLORVRSKHQDQWDLV0-DFTXHV5,&27TXLDpFULW
XQUpFHQWRXYUDJHVXUFHWWHTXHVWLRQOHSDUGRQQ
HVWSDVO
RXEOL
8QH FKRVH HVW VUH HPSUXQWHU FHWWH YRLHOj QRXV IDLW JDJQHU HQ KXPDQLWp HOOH EULVH OD VSLUDOH GX
PpSULVGHVRLGHVDXWUHVODORJLTXHGXERXFpPLVVDLUH
&URLUHGDQVVDSURSUHFUpDWLYLWpGDQVXQHVHFRQGHQDLVVDQFHF
HVWVDQVGRXWHV
DSSX\HUVXUVRQrWUH
HVVHQWLHO VRQ LGHQWLWp SURIRQGH FHWWH LQWpULRULWp TXL UHQG FDSDEOH FRPPH DLPH j OH GLUH %RULV
&<58/1,&.FDSDEOHGHUHWULFRWHUOHVPDLOOHVGXWULFRWGHVDYLHGpILQLWLRQPrPHGHODUpVLOLHQFH
$LQVLODYLHSHUVRQQHOOHSHXWpGLILHUjODPDQLqUHG
XQH°XYUHDUWLVWLTXHIUXLWGHFRQWLQJHQFHVHWGH
OLEHUWp/HSHLQWUH3DXO./((DIILUPHTXHODIRUFHFUpDWULFHpFKDSSHjWRXWHGpQRPLQDWLRQHOOHUHVWH
HQGHUQLqUHDQDO\VHLQGLFLEOHOHMRXUQDOLQWLPHG
XQHMHXQHIHPPHGpSRUWpH(WW\+,//(680HVW
GpMjXQH°XYUHTXLDGRQQpOLHXKLHUVRLUjXQHH[SUHVVLRQWKpkWUDOHGLIIpUHQWHHOOHPrPHUHSULVHSHXW
rWUHSRXUG
DXWUHVLQWHUSUpWDWLRQV
*XpULUF
HVWWRXFKHUjQRXYHDX ODMRLHGHYLYUHHQVRL
'DQV OHV IUDJPHQWV G
XQ SDUDGLV GH *LRQR XQ pTXLSDJH V
DYDQFH YHUV O
LQFRQQX GHV PHUV 1RXV
FUR\RQVTXHWRXWHVOHVMRLHVGXPRQGHQHWLHQQHQWSDVGDQVOHVFDWDORJXHVDXTXHORQQRXVDKDELWXpV
DXWUHPHQWGLWODGpILQLWLRQGXERQKHXUKXPDLQQ
HVWSDVFKRVHFORVH«$XVVLFHODVHUDLWXQHHUUHXUSRXU
PRL GH YRXORLU FRQFOXUH DORUV TXH O
DVVRFLDWLRQ $56,12( QRXV LQYLWH j rWUH GDQV OH UHVSHFW TXH
UHTXLHUW OH F{WRLHPHQW GH WRXWH VRXIIUDQFH HW GDQV OH FRXUDJH QRXV LQYLWH« j rWUH GHV VHPHXUV GH
FRQILDQFH
-HYRXVUHPHUFLH
3DJH
0DGDPH0DULH)UDQFH+$))1(5
'LVFRXUVGHIHUPHWXUH
3DJH
',6&2856'()(50(785(
7RXWG¶DERUGPHUFLjQRVFRQIpUHQFLHUVPHUFLj$QQH0DULH&/$8'(SRXUFHWWHEULOODQWHV\QWKqVH
PHUFLjWRXVFHX[TXLVRQWGDQVODVDOOHSRXUYRWUHSDUWLFLSDWLRQjFHVMRXUQpHV
-HP¶HQDUUrWHUDLOjSRXUOHVUHPHUFLHPHQWVDILQGHYRXVSDUOHUGHVSURFKDLQHVDFWLRQVG¶$56,12(
'(6&21)(5(1&(6'(%$76
&RQWUDLUHPHQWjFHVMRXUQpHVUpVHUYpHVDX[SURIHVVLRQQHOVFHVFRQIpUHQFHV VRQWGHVWLQpHVjXQSXEOLF
SOXVODUJHHWRQWSRXUEXWGHGLIIXVHUQRVUpIOH[LRQV
/DSUHPLqUHVHGpURXOHUDj&DHQOHGpFHPEUHHWVHUDDQLPpHSDU0LFKHO0$1&,$8;VXUOHWKqPH
© 5pVLOLHQFHHWDEXVVH[XHO ª
/DGHX[LqPHFRQIpUHQFHVHUDGRQQpSDU-HDQ0DULH3(7,7&/(5&GDQVOH0DLQHHW/RLUH/D
GDWHHWOHWKqPHVHURQWIL[pVG¶LFLTXHOTXHVMRXUV
&HVFRQIpUHQFHVDXURQWOLHXWRXVOHVRXPRLVHWYRXVSRXUUH]HQFRQVXOWHUOHFDOHQGULHUVXUQRWUH
VLWH,QWHUQHWZZZDUVLQRHIUVW
/$)250$7,21'(63(56211(65(/$,6
(QSDUWHQDULDWDYHFOH4XpEHFODSUHPLqUHIRUPDWLRQVHUDDQLPpHSDU0LFKHOOH*8$<
'¶DXWUHVSDUWHQDULDWVVRQWHQFRXUVG¶pODERUDWLRQQRWDPPHQWDYHF© 9LRO6HFRXUV ª&HWWHDVVRFLDWLRQ
°XYUHDX 4XpEHFGHSXLVDQVHWV¶RFFXSHHVVHQWLHOOHPHQWGHVYLFWLPHVHVVHQWLHOOHPHQW
(OOH SURSRVH GHV IRUPDWLRQV VXU OH WKqPH © &RPSUHQGUH OHV YLFWLPHV G¶DEXV VH[XHOV ª HW PqQH GHV
DFWLRQVGHSUpYHQWLRQDXVHLQGHVpFROHV
/HVRUJDQLVPHVTXLQRXVRQWVXEYHQWLRQQpVQRXVLQYLWHQWjQRXVV¶LQVpUHUGDQVXQSURMHWHXURSpHQ
81($&7,213,/27(DXSUqVGHVSHUVRQQHVD\DQWYpFXO¶LQFHVWH
&HWWHDFWLRQHVWHQYLVDJpHGDQVODYLOOHGH&DHQRXQHpTXLSH$56,12(WUDYDLOOHWUqVDFWLYHPHQWVXU
VDIRUPHHWVXUVRQFRQWHQX
1RXV VRXKDLWRQV TXH FHWWH DFWLRQ YLHQQH FRPSOpWHU O¶H[SpULHQFH QRYDWULFH GH 0LFKHO 68$5' &H
SV\FKRORJXHWUDYDLOOHjOD0DLVRQG¶DUUrWGH&DHQDXSUqVGHVDXWHXUVG¶DEXVVH[XHOV,ODDQLPpKLHUOD
FRQIpUHQFHVXUOHWKqPH© 5pSUHVVLRQHWWUDLWHPHQWGHVDXWHXUVG¶DEXVLQWUDIDPLOLDX[ ª
%LHQ VU WRXWHV FHV DFWLRQV QH SHXYHQW rWUH PHQpHV j ELHQ TX¶HQ SDUWHQDULDW DYHF OHV EpQpYROHV HW
JUkFH DX[ DLGHV ILQDQFLqUHV GHV SRXYRLUV SXEOLFV HW GHV IRQGDWLRQV SULYpHV 1RXV UHVWRQV GRQF j OD
UHFKHUFKHGHFHVGLIIpUHQWVVRXWLHQV
,OP¶DSSDUWLHQWPDLQWHQDQWGHFRQFOXUHFHVMRXUQpHVSODFpHVVRXVOHVLJQHGHO¶(632,55DSSHORQVTXH
O¶HVSRLUQHVHGpFUqWHSDVPDLVVHFRQVWUXLW
0HUFLjYRXVWRXVG¶DYRLUpWpGXUDQWGHVGHX[MRXUQpHV © /HVEkWLVVHXUVGHFHQRXYHOHVSRLU ª
3DJH

Actes du Colloque 22-23 octobre 2002

Transcription

Documents pareils

brochures

May 16.pub