rapport - Nouvelle page 2

0DVWqUH*pQLHORJLFLHO7HPSVUpHOSRXUO
,QJpQLHULH
,QIRUPDWLTXH*7L
6WDJHHQWUHSULVHUpDOLVpGXDX
6,0%$
326,'21,$
'LUHFWHXUGHVWDJH )UpGpULF%(//,(5
&RQVHLOOHUG¶pWXGH -HDQ0DULH:$&48$17
6WDJLDLUH )UpGpULF5,*$87
6RPPDLUH
35e6(17$7,21'(/¶(175(35,6(
/(6'20$,1(6'¶$&7,9,7e6
$5&+,7(&785('(6352-(76
25*$1,6$7,21'8/2*,&,(/
5Ê*/(6'
e&5,785(6
/( 352-(76,0%$
/( 352-(7326,'21,$
0e7+2'2/2*,('(/¶(175(35,6(
35e6(17$7,21'(6352-(76$%25'e6
2%-(&7,)6'867$*(
2%-(&7,),1,7,$/
3/$11,1*35e9,6,211(/
(19,5211(0(177(&+1,48(
3/$11,1*())(&7,)
352-(76,0%$&&:
&RUUHFWLRQVHWPRGLILFDWLRQVGXFRGHH[LVWDQW
'pYHORSSHPHQWGHQRXYHDX[PRGXOHV&68
%LODQGXWUDYDLODFFRPSOLVXUOHSURMHW&&:
352-(7326,'21,$*36&21752/(5
5pDOLVDWLRQV
%LODQORJLFLHO*36&RQWUROHU
5e$/,6$7,216
%,/$1
'e9(/233(0(17/2*,&,(/
*(67,21'(352-(7
&21&/86,216(75(0(5&,(0(176
$11(;(6
$11(;( (;(03/('(),&+,(5'('(6&5,37,21+
$11(;( (;(03/('(),&+,(5&2536&
$11(;(6 &23,(6'
e&5$1'(6/2*,&,(/6&&:(7*36&21752/(5
/,67('(6,//8675$7,216
/,67('(67$%/($8;
/,67('(6,//8675$7,216$11(;(6
,1'(;'(6$%5e9,$7,21(77(50(687,/,6e6
)UpGpULF5LJDXW0DVWqUH*7L
3UpVHQWDWLRQGHO¶HQWUHSULVH
2&($12 7HFKQRORJLHV 6$ HVW LVVXH GH OD ILOLDOLVDWLRQ GH OD GLYLVLRQ
(QYLURQQHPHQW GH 0256 0256 (QYLURQQHPHQW DSSDUXH GDQV OH GRPDLQH GH
O
RFpDQRJUDSKLHHQSDUODUHSULVHHWODIXVLRQGHGHX[VRFLpWpVIUDQoDLVHVpWDEOLHV
GHSXLVORQJWHPSVVXUFHPDUFKp2FpDQR,QVWUXPHQWV6$HW6XEHU6$)LJXUH(OOH
FRPSRUWHGHX[ILOLDOHV2&($12,QVWUXPHQWV8./WGj(GLPERXUJHW7+(7,66$j
&DUTXHLUDQQH
&HV WURLV VRFLpWpV SURSRVHQW XQ HQVHPEOH GH VHUYLFHV OLpV DX GRPDLQH GH O
DFRXVWLTXH
VRXVPDULQH GHV PHVXUHV RFpDQRJUDSKLTXHV QRWDPPHQW OD FRXUDQWRPpWULH HW
PpWpRURORJLTXHVHWGHODSUHVWDWLRQGHVHUYLFHVRIIVKRUH
$&7,(/(&7HFKQRORJLHV
FUppSDUIXVLRQDEVRUSWLRQ
HQWUHOHVJURXSHV0256HW$&7,(/(&HQ0DL
2&($127HFKQRORJLHV%UHVWILOLDOLVpHHQ'pFHPEUH
$QFLHQQHPHQW68%(56$SXLV0256(QYLURQQHPHQW
$FRXVWLTXHVRXVPDULQHPHVXUHVRFpDQRJUDSKLTXHVHWPpWpRURORJLTXHV
&RQFHSWLRQ3URGXFWLRQHW0DUNHWLQJSHUVRQQHV
2&($12,QVWUXPHQWV8./WG(GLPERXUJ
LQWpJUpHj0256(QYLURQQHPHQWHQ
$FRXVWLTXHHWSUHVWDWLRQGHVHUYLFHVRIIVKRUH
SHUVRQQHV
7+(7,66$&DUTXHLUDQQHFUppHHQ
UDFKHWpHHQSDU0256(QYLURQQHPHQW
0HVXUHVSK\VLTXHVHVVDLVHWVHUYLFHVOLpVjODFRXUDQWRPpWULH
SHUVRQQHV
)LJXUH)LOLDOHVHWDSSDUWHQDQFHGHODVRFLpWp2&($127HFKQRORJLHV
/HVGRPDLQHVG¶DFWLYLWpV
œ
/D YRFDWLRQ G
2&($12 7HFKQRORJLHV HVW OD FRQFHSWLRQ OD IDEULFDWLRQ HW OD
FRPPHUFLDOLVDWLRQ G
XQH JDPPH G
LQVWUXPHQWV G
DFRXVWLTXH VRXVPDULQH HW
G
RFpDQRJUDSKLH/HVSURGXLWVIDEULTXpVSDU2&($127HFKQRORJLHVVHUpSDUWLVVHQWHQ
GHX[JURXSHV
/HVDSSDUHLOVG
DFRXVWLTXHVVRXVPDULQHV
ODUJXHXUV WpOpFRPPDQGHV EDOLVHV GH SRVLWLRQQHPHQW HW SLQJHUV GH
ORFDOLVDWLRQ
)UpGpULF5LJDXW0DVWqUH*7L
œ
/HVDSSDUHLOVG
LQVWUXPHQWDWLRQRFpDQRJUDSKLTXH
FRXUDQWRPqWUHVPpFDQLTXHVFpOpULPqWUHVHWPDUpJUDSKHV
(Q SOXV GH OD IDEULFDWLRQ 2&($12 7HFKQRORJLHV PDLQWLHQW pJDOHPHQW XQ SDUF GH
ORFDWLRQ SRXU O
XWLOLVDWLRQ SRQFWXHOOH GH VHV SURGXLWV /D VRFLpWp SURSRVH DXVVL VHV
VHUYLFHV SRXU O
LQVWDOODWLRQ HW OD IRUPDWLRQ GHV SHUVRQQHV WDQGLV TXH OH VHUYLFH DSUqV
YHQWH IRXUQL XQH LQIRUPDWLRQ WHFKQLTXH HW FRPPHUFLDOH SRXU DLGHU VHV FOLHQWV j
PDLQWHQLUOHERQIRQFWLRQQHPHQWGHOHXUVDSSDUHLOVFHUWDLQVGDWDQWGHSOXVGHDQV
(QILQ 2&($12 7HFKQRORJLHV GpYHORSSH pJDOHPHQW GHV SURMHWV HW GHV SURGXLWV
VSpFLILTXHVjODGHPDQGHGHVHVFOLHQWV
0pWKRGRORJLHGHO¶HQWUHSULVH
$UFKLWHFWXUHGHVSURMHWV
/DGpPDUFKHTXDOLWpGHODVRFLpWp2&($127HFKQRORJLHVHVWGpILQLHHQLQWHUQHSDU
GHV ,QVWUXFWLRQV 3DUWLFXOLqUHV G
DVVXUDQFH 4XDOLWp (WDEOLVVHPHQW ,34( 3DUPL FHOOHV
FL O
,34( GpILQLH O
RUJDQLVDWLRQ LQIRUPDWLTXH GHV ILFKLHUV GHV SURMHWV GX VHUYLFH
(WXGHV&HWWHRUJDQLVDWLRQDSSOLTXpHDXSURMHW6LPEDHVWLQGLTXpHVXUOD)LJXUH2Q
QRWH DLQVL WRXWHV OHV FRPSRVDQWHV LQWpJUpHV DX SURMHW &HOD YD GH OD JHVWLRQ GHV
DSSURYLVLRQQHPHQWV j O
DUFKLYDJH GHV FRXUULHUV pFKDQJpV HQ SDVVDQW SDU OD
GRFXPHQWDWLRQO
pOHFWURQLTXHHWOHVGpYHORSSHPHQWVLQIRUPDWLTXHV
&6&,
&68VRXV/DE:LQGRZV&9,
&6&
&68
)LJXUH$UERUHVFHQFHW\SLTXHG
XQSURMHWH[HPSOHGXSURMHW6LPEDFI)LJXUH
)UpGpULF5LJDXW0DVWqUH*7L
3RXU FH TXL HVW GX GpYHORSSHPHQW LQIRUPDWLTXH O
,34( LQGLTXH OHV UqJOHV
G
pFULWXUHVGHVORJLFLHOVDLQVLTXHO
RUJDQLVDWLRQGXORJLFLHO&HWWHRUJDQLVDWLRQHVWEDVpH
VXUFHOOHSURSRVpHSDUODQRUPH'2'67'$/HORJLFLHOHVWGpFRPSRVp)LJXUH
HQ&6&,&6&HW&68
2UJDQLVDWLRQGXORJLFLHO
œ /HV &6&, VRQW GHV ORJLFLHOV LQGpSHQGDQWV SRXYDQW rWUH H[pFXWpV VXU GLIIpUHQWHV
PDFKLQHVFRPPXQLTXDQWHQWUHHX[HWSRXYDQWSDUWDJHUGHVUHVVRXUFHVFRPPXQHV6XU
OHVSURMHWVGHSHWLWHWDLOOHLOQ
\DELHQVRXYHQWTX
XQVHXO&6&,YRLU&&:)LJXUH
œ /HV&6&VRQWGHVVRXVHQVHPEOHVDVVXUDQWFKDFXQO
XQHGHVJUDQGHVIRQFWLRQQDOLWpVGHV
&6&,,+0HQWUpHVVRUWLHVHWFYRLU,KP6\VWHP,R«)LJXUH
œ &KDTXH&6&HVWFRPSRVpG
XQRXSOXVLHXUV&688Q&68HVWXQPRGXOHFRPSRVpG
XQ
ILFKLHUVRXUFHFHWG
XQILFKLHUGHGHVFULSWLRQK6RXV/DEZLQGRZV&9,SHXYHQW
V
\DMRXWHUXQILFKLHUG
LQWHUIDFHXLUHWXQGHX[LqPHILFKLHUGHGHVFULSWLRQDVVRFLpj
FHWLQWHUIDFH ,OHVWFRQVHLOOpG
DMRXWHUXQVXIIL[HBSDXILFKLHU XLUDILQTXHOH K
DVVRFLpHWJpQpUpDXWRPDWLTXHPHQWSDU&9,VRLWGLIIpUHQFLpGHFHOXLGX&68)LJXUH
œ /DVDXYHJDUGHGHVILFKLHUVVRXUFHVGXSURMHWVHIHUDVHORQXQHDUERUHVFHQFHGXGLVTXH
GXULGHQWLTXHjFHOOHGXSURMHWXQUpSHUWRLUHSDU&6&,RX&6&
œ /HVGpFODUDWLRQVFRPPXQHVVWUXFWXUHVFRQVWDQWHVHWFjWRXWXQ&6&RXWRXWXQ&6&,
VHURQWIDLWHVGDQVGHVILFKLHUVGHGHVFULSWLRQVLWXpVKLpUDUFKLTXHPHQWDXQLYHDXUHTXLV
&6&,
&6&
&6&
&68
&68
K
F
BSXLU
BSK
)LJXUH2UJDQLVDWLRQGHVFRPSRVDQWVG
XQORJLFLHOVHORQODQRUPH'2'67'$YRLU)LJXUH
5qJOHVG
pFULWXUHV
(JDOHPHQW GpILQLH SDU O
,34( GHV UqJOHV G
pFULWXUHV GX FRGH VRQW DXVVL
DSSOLTXpHV DILQ GH GpILQLU XQ VWDQGDUG G
pFULWXUH GHV ORJLFLHOV GDQV O
HQWUHSULVH &HFL
9RLUODSDUWLHDQQH[HSRXUXQHGHVFULSWLRQGHVVLJOHVXWLOLVpV
)UpGpULF5LJDXW0DVWqUH*7L
SHUPHW XQH PHLOOHXUH OLVLELOLWp GX FRGH PDLV DXVVL XQH PDLQWHQDQFH SOXV DLVpH \
FRPSULVSDUGHVSHUVRQQHVQ
D\DQWSDVHOOHVPrPHSDUWLFLSpHVjODFUpDWLRQGXORJLFLHO
&HV UqJOHV GH SURJUDPPDWLRQ VRQW QRPEUHXVHV ,O QH PH VHPEOH SDV RSSRUWXQ GH OHV
UHSURGXLUHWRXWHVLFL
,OIDXWQpDQPRLQVVDYRLUTX
HOOHVFRQFHUQHQWDXVVLELHQODGpQRPLQDWLRQ
œ 'HV FRQVWDQWHV H[ &B3B&BQRP'H9DULDEOH LQGLTXH XQH FRQVWDQWH GH W\SH
SRLQWHXUYHUVFDUDFWqUH
œ 'HV YDULDEOHV H[ 9B,BFRPSWHXU LQGLTXH XQH YDULDEOH GH W\SH LQW XWLOLVpH
FRPPHFRPSWHXU
œ 'HVSURFpGXUHV HW IRQFWLRQV H[ LKPB3BVHW3DQHO,G LQGLTXH XQH SURFpGXUH
GpILQLHGDQVOH&6&LKPHWGRQWOHU{OHHVWGHSHUPHWWUHO
LGHQWLILFDWLRQGXSDQQHDX
TXH O
RUJDQLVDWLRQ LQWHUQH GHV ILFKLHUV DYHF QRWDPPHQW SRXU WRXV OHV ILFKLHUV XQ
IRUPDWVWDQGDUGFRPSUHQDQWSDUDJUDSKHV$QQH[HVHW
œ XQHQWrWHGHVFULSWLIRXFDUWRXFKH
œ XQHSUpIDFHDYHFODGpILQLWLRQGHVILFKLHUVLQFOXVGHVPDFURVGHVFRQVWDQWHVHW
YDULDEOHVORFDOHVHWOHVGpFODUDWLRQVGHVIRQFWLRQVORFDOHVHW
œ OHFRGHSURSUHPHQWGLWSDUDJUDSKHV$QQH[HVHW
3RXUFORUHFHWWHSDUWLHVXUODPpWKRGRORJLHGHO
HQWUHSULVHHWQRWDPPHQWVXUOHVDVSHFWV
ORJLFLHOVLOIDXWVDYRLUTX
DXFXQPHVVDJHG
HUUHXURXZDUQLQJQHGRLWVHSURGXLUHORUVGH
OD FRPSLODWLRQ 'H SOXV GDQV XQ VRXFL GH PHLOOHXUH PDLQWHQDQFH GX FRGH O
XVDJH GHV
YDOHXUVQXPpULTXHVFRGpHVHQGXUGRLWrWUHpYLWHU3RXUFHODLOHVWFRQVHLOOpGHGpILQLU
WRXWHVOHVYDOHXUVQXPpULTXHVGDQVODSUpIDFHGHVILFKLHUVSDUXQHFRPPDQGHGHILQH
3UpVHQWDWLRQGHVSURMHWVDERUGpV
$X FRXUV GH FH VWDJH M
DL pWp DPHQp j UpDOLVHU GX GpYHORSSHPHQW ORJLFLHO UHODWLI j
GHX[ SURMHWV GLIIpUHQWV /HV GHVFULSWLRQV JpQpUDOHV GH FHV GHX[ SURMHWV VRQW GRQF
PDLQWHQDQWDERUGpHV
/HSURMHW6LPED
&H SURMHW FRQFHUQHDLW OD PLVH DX SRLQW G¶XQ VRQGHXU PXOWLIDLVFHDX[ SDU OD VRFLpWp
7KRPVRQ 0DUFRQL 6RQDU 706 &H W\SH G¶DSSDUHLO HVW XWLOLVp SRXU O
pWXGH GHV IRQGV
PDULQVDXVVLELHQGDQVOHGRPDLQHGHODUHFKHUFKHRFpDQRJUDSKLTXHTXHGDQVOHGRPDLQH
OD SURVSHFWLRQ SpWUROLqUH &HV V\VWqPHV DFRXVWLTXHV SHUPHWWHQW G
H[SORUHU UDSLGHPHQW GH
ODUJHV ]RQHV RFpDQLTXHV RX F{WLqUHV /H SULQFLSH GH OD PHVXUH FRQVLVWH j pPHWWUH XQ
IDLVFHDXG
RQGHVDFRXVWLTXHVYHUVOHIRQGPDULQ)LJXUH8QUpFHSWHXUDQDO\VHHQVXLWHOD
QDWXUHGHVRQGHVUHoXHV
)UpGpULF5LJDXW0DVWqUH*7L
)LJXUH3ULQFLSHG
DFTXLVLWLRQGHVGRQQpHVSDUXQVRQGHXUPXOWLIDLVFHDX[
/
DQDO\VH GX WHPSV PLV SDU OHV RQGHV SRXU SDUFRXULU OH WUDMHW DOOHUUHWRXU YHUV OH
EDWHDX SHUPHW GH UpDOLVHU XQH PHVXUH SUpFLVH GH OD EDWK\PpWULH &HOD VXSSRVH GH
FRQQDvWUHSUpFLVpPHQWODYLWHVVHH[DFWHGHSURSDJDWLRQGHVRQGHVGDQVO
HDX
/H QLYHDX VRQRUH GHV RQGHV UHoXHV HVW FRPSDUp j FHOXL GHV RQGHV pPLVHV SDU
GLIIpUHQFHV RQ REWLHQW XQH LQIRUPDWLRQ VXU OD QDWXUH GX IRQG PDULQ /
LPDJHULH
DFRXVWLTXHGXIRQGHVWREWHQXHSDUXQHUHSUpVHQWDWLRQFRORUpHHQJpQpUDOHHQQLYHDXGH
JULVGHFHWWHGLIIpUHQFH
(QIRQFWLRQGHVIUpTXHQFHVXWLOLVpHVSRXUO
pPLVVLRQOHVRQGHVYRQWSpQpWUHUSOXVRX
PRLQV GDQV OHV VpGLPHQWV HW rWUH UpIOpFKLHV VXFFHVVLYHPHQW SDU OHV QLYHDX[
VpGLPHQWDLUHVWUDYHUVpV&HSULQFLSHGHUpIOH[LRQGHVRQGHVVLVPLTXHVSHXWrWUHXWLOLVp
GDQV OH FDGUH GX VRQGHXU PXOWLIDLVFHDX[ SRXU OXL DMRXWHU XQH IRQFWLRQ GH VRQGHXU GH
VpGLPHQWV
6HORQ OHV IUpTXHQFHV XWLOLVpHV HW HQ DVVRFLDQW XQH DQWHQQH OLQpDLUH WUDFWpH SDU OH
QDYLUH IO€WH VLVPLTXH RQ SHXW DXVVL REWHQLU XQH FKDvQH G
DFTXLVLWLRQ GH VLVPLTXH
UpIOH[LRQDVVH]SHUIRUPDQWH
/D )LJXUH SUpVHQWH OHV GLYHUV pOpPHQWV FRQVWLWXWLIV GX VRQGHXU PXOWLIDLVFHDX[
GpYHORSSpSRXUOHSURMHW6LPED3DUPLFHX[FLODPLVHDXSRLQWGHODSDUWLH UpFHSWHXU
GHVRQGHVSRXUODEDWK\PpWULH0%(6HWOHVRQGHXUGHVpGLPHQWV6%3DLQVLTXHOH
GpYHORSSHPHQW GH O
LQWHUIDFH KRPPH PDFKLQH GH FRPPDQGH HW FRQWU{OH GX VRQGHXU
&&:RQWpWpFRQILpVj2&($127HFKQRORJLHV
)UpGpULF5LJDXW0DVWqUH*7L
)LJXUH$UFKLWHFWXUHPDWpULHOOHGXVRQGHXUPXOWLIDLVFHDX[GpYHORSSpSRXUOHSURMHW6,0%$
/HSURMHW3RVLGRQLD
&H SURMHW HVW GHVWLQp j IRXUQLU XQ PR\HQ GH SRVLWLRQQHPHQW DFRXVWLTXH IDFLOH j
PHWWUHHQ°XYUHSDUOHVHQJLQVVRXVPDULQVWUDFWpVRXSRVpVVXUOHIRQG
)LJXUH3ULQFLSHGXSRVLWLRQQHPHQWDFRXVWLTXHG
XQHQJLQLPPHUJp
)UpGpULF5LJDXW0DVWqUH*7L
/HSULQFLSHFRQVLVWHjSRVLWLRQQHUO
HQJLQjO
DLGHG
XQHEDOLVHpPHWWULFHOLpHjFHGHUQLHU
HW G
XQ V\VWqPH G
pPLVVLRQ UpFHSWLRQ IL[p DX QDYLUH )LJXUH $ SDUWLU GH O
DQDO\VH
GHV VLJQDX[ DFRXVWLTXHV pPLV HQWUH O
HQJLQ VRXVPDULQ HW O
DQWHQQH GX V\VWqPH
3RVLGRQLDRQSHXWGpWHUPLQHUXQHSRVLWLRQUHODWLYHGHO
HQJLQ/HV\VWqPH3RVLGRQLDHVW
TXDQW j OXL UpIpUHQFp JpRJUDSKLTXHPHQW j O
DLGH GX V\VWqPH GH SRVLWLRQQHPHQW GX
EDWHDX HQ JpQpUDO V\VWqPH VDWHOOLWH *36 RX '*36 2Q REWLHQW GH FHWWH IDoRQ OD
SRVLWLRQ DEVROXH GH O
HQJLQ LPPHUJp /HV GLYHUV FRPSRVDQWV PDWpULHOV GX SURMHW
3RVLGRQLDVRQWLQGLTXpVVXUODILJXUHVXLYDQWH)LJXUH
)LJXUH&RPSRVDQWVPDWpULHOVGXSURMHW3RVLGRQLD
2EMHFWLIVGXVWDJH
2EMHFWLILQLWLDO
/HEXWLQLWLDOGHPRQVWDJHpWDLWGHPHFRQILHUODUpDOLVDWLRQGHODSDUWLHORJLFLHOOH
FRQFHUQDQW OD VWDWLRQ GH YLVXDOLVDWLRQ HQ WHPSV UpHO GHV GRQQpHV GH EDWK\PpWULH HW
G
LPDJHULH IRXUQLHV SDU OH VRQGHXU PXOWLIDLVFHDX[ YRLU %,: VXU OD )LJXUH &HFL
GHYDLWrWUHUpDOLVpDXVHLQGHODVRFLpWp2&($127HFKQRORJLHVHQFROODERUDWLRQDYHFOH
GpSDUWHPHQWGHVDFWLYLWpVPDULWLPHVFLYLOHVGH7068QSURMHWGHIXVLRQHQWUHFHVGHX[
VWUXFWXUHV pWDLW HQ FRXUV GH QpJRFLDWLRQ 6HORQ FH SURMHW O
HQVHPEOH GH O
DFWLYLWp
)UpGpULF5LJDXW0DVWqUH*7L
PDULWLPH FLYLOH GH 706 GHYDLW j WHUPH rWUH WUDQVIpUHU j 2&($12 7HFKQRORJLHV /H
SURMHW 6LPED VHUDLW DORUV GHYHQX XQ SURMHW 2&($12 7HFKQRORJLHV j SDUW HQWLqUH $
PRQ DUULYpH HQ VWDJH OHV VSpFLILFDWLRQV FRQFHUQDQW %,: pWDLHQW HQFRUH LQH[LVWDQWHV
FRPSWH WHQX G
XQ UHWDUG OLp j 706 ,O D GRQF pWp GpFLGp TXH MH FRPPHQFHUDLV SDU
ILQDOLVHUODSDUWLHORJLFLHOOHUHODWLYHDX[RSpUDWLRQVGHFRPPDQGHHWFRQWU{OHGXVRQGHXU
PXOWLIDLVFHDX[YRLU&&:VXUOD)LJXUH
3ODQQLQJSUpYLVLRQQHO
$FHVWDGHGXVWDJHXQSODQQLQJSUpYLVLRQQHODpWpUpDOLVp,OHVWUHSRUWpjOD)LJXUH
1RXV HVSpULRQV TX
LO VHUDLW SRVVLEOH G
REWHQLU XQ QRPEUH VXIILVDQW GH VSpFLILFDWLRQV
SRXUGpEXWHUO
DQDO\VHHWOHFRGDJHGHODSDUWLH%,:GXSURMHWGpEXWMXLOOHW4XLSOXVHVW
&&:HW%,:UHSUpVHQWHQWGHX[&6&,FRPPXQVDXPrPHSURMHWOHIDLWGHGpEXWHUSDU
&&:pWDLWDXVVLXQPR\HQGHPHIDPLOLDULVHUDYHFO
HQYLURQQHPHQWJOREDOGXSURMHW
)LJXUH3ODQQLQJSUpYLVLRQQHODXGpEXWGXVWDJH
(QYLURQQHPHQWWHFKQLTXH
'DQV OHV GHX[ FDV DXVVL O
HQYLURQQHPHQW GH GpYHORSSHPHQW pWDLW LGHQWLTXH ,O
V
DJLVVDLW GH GpYHORSSHU HQ & VRXV /DE:LQGRZV &9, GRQF GpEXWHU SDU O
XQ QH
SpQDOLVDLWHQULHQO
DXWUHSDUWLH
/DE:LQGRZV &9, HVW XQ HQYLURQQHPHQW SHUPHWWDQW GH GpYHORSSHU UDSLGHPHQW GHV
LQWHUIDFHVJUDSKLTXHVVRXV:LQGRZVFRPPHVRXV8QL[WRXWHQJDUGDQWODUDSLGLWpGX&
&RQoX SRXU UpDOLVHU GHV DSSDUHLOV GH PHVXUHV ORJLFLHOV &9, VLJQLILDQW & IRU 9LUWXDO
,QVWUXPHQWDWLRQ FHW HQYLURQQHPHQW IRXUQL GH QRPEUHX[ GULYHUV G
HQWUpHVVRUWLHV GHV
ELEOLRWKqTXHV 7&3,3 56 « HW VHV SURSUHV IRQFWLRQV SRXU OD JHVWLRQ
G
DSSOLFDWLRQ PXOWLWkFKHV DLQVL TXH OH SDUWDJH GH UHVVRXUFHV 3DU O
LQWHUPpGLDLUH GX
:LQGRZV6'.LOHVWDXVVLSRVVLEOHG
DFFpGHUDX[SURWRW\SHVGHV$3,:LQGRZV
3DUPLOHVIRQFWLRQQDOLWpVGHFHWHQYLURQQHPHQWRQWURXYHGXSRLQWGHYXHSUDWLTXH
)UpGpULF5LJDXW0DVWqUH*7L
œ
œ
œ
œ
8QJHVWLRQQDLUHGHSURMHW
8QpGLWHXUGHWH[WH
8QpGLWHXUGHUHVVRXUFHVSRXUODUpDOLVDWLRQGHV,+0
8Q GpERJXHXU SHUPHWWDQW OH VXLYL SDV j SDV GHV LQVWUXFWLRQV H[pFXWpHV HW OD
YLVXDOLVDWLRQGLUHFWHGHODYDOHXUGHVYDULDEOHVSHQGDQWOHGpERJDJH
œ 8QXWLOLWDLUHGHFUpDWLRQGHILFKLHUVG
LQVWDOODWLRQ
5pDOLVDWLRQV
0RQVWDJHQHV
HVWSDVWRWDOHPHQWGpURXOpFRPPHLOpWDLWSUpYXLQLWLDOHPHQW(QHIIHW
OHSURMHWGHIXVLRQHQWUH706HW2&($127HFKQRORJLHVDpWpWRWDOHPHQWVWRSSpFRXUDQW
MXLOOHWUHQGDQWSDUODPrPHOHSURMHW6LPEDFDGXTXH'HFHIDLWLODpWpGpFLGpG
DUUrWHU
WRXVOHVGpYHORSSHPHQWVORJLFLHOVOLpVjFHSURMHW&HFLFRPSURPHWWDLWODGHX[LqPHSDUWLH
GHPRQVWDJHWHOOHTX
HOOHpWDLWHQYLVDJpHDXGpEXW)LJXUH
3RXUFHWWHGHX[LqPHSDUWLH)UpGpULF%HOOLHUP
DDORUVSURSRVpGHGpYHORSSHUXQRXWLO
LQIRUPDWLTXH G
HQYRL HW UpFHSWLRQ GH WUDPHV pPLVHV VXU XQH OLDLVRQ VpULH &HW RXWLO HVW
GHVWLQpDXSURMHW3RVLGRQLD6RQEXWHVWGHSHUPHWWUHODVLPXODWLRQRXO
DQDO\VHGHVWUDPHV
HQYR\pHVSDUOHVLQVWUXPHQWVGHQDYLJDWLRQGXEDWHDXYRLU&DSWHXUVH[WHUQHVVXUOD)LJXUH
DXFRIIUHWpOHFWURQLTXHGXV\VWqPHGHSRVLWLRQQHPHQW&HWWHGHX[LqPHUpRULHQWDWLRQGH
PRQ VWDJH D ILQDOHPHQW DERXWL j OD UpDOLVDWLRQ GH GHX[ VXMHWV GLIIpUHQWV UpDOLVpV DYHF OH
PrPHHQYLURQQHPHQWLQIRUPDWLTXHVRLW/DE:LQGRZV&9,
3ODQQLQJHIIHFWLI
/HSODQQLQJLQGLTXpjOD)LJXUHFRUUHVSRQGDX[UpDOLVDWLRQVHIIHFWLYHVGXUDQWPRQ
VWDJHj2&($127HFKQRORJLHV
'HX[ SDUWLHV SULQFLSDOHV FRQFHUQHQW GX GpYHORSSHPHQW LQIRUPDWLTXH SURSUHPHQW
GLW $LQVL VXU OHV MRXUV GH VWDJH RQW pWp FRQVDFUpV DX SURMHW 6LPED DYHF OH
GpYHORSSHPHQWGXORJLFLHO&&:WDQGLVTXHO
RQWpWpSRXUOHORJLFLHO*36&RQWUROHU
GX SURMHW 3RVLGRQLD /H UHVWH GX WHPSV FRQFHUQH OD SULVH HQ PDLQ GHV RXWLOV
O
LQVWDOODWLRQGDQVOHVORFDX[ODOHFWXUHGHVVSpFLILFDWLRQVHWODUpDOLVDWLRQGHFHUDSSRUW
VDQVRXEOLHUWRXWDXORQJGXVWDJHOHWHPSVFRQVDFUpjODUHFKHUFKHG
HPSORLHWDXVXLYL
GHVWkFKHVHQFRXUV
/HGpWDLOGXWUDYDLOIRXUQLHWODPpWKRGHDGRSWpHGDQVOHVGHX[FDVYRQWPDLQWHQDQWrWUH
DERUGpV
,OIDXWUDSSHOHUDXSDVVDJHTXHOHVXMHWDYDLWpWpLQLWLDOHPHQWSURSRVpSDU706PDLVFRPSWHWHQXGXSURFHVVXV
GHIXVLRQHQFRXUVVDUpDOLVDWLRQDYDLWpWpSUpYXHFKH]2&($127HFKQRORJLHV
)UpGpULF5LJDXW0DVWqUH*7L
)LJXUH3ODQQLQJHIIHFWLIjO
LVVXHGXVWDJH
3URMHW6LPED&&:
,O V
DJLW GX SURMHW DXTXHO M
DL FRQVDFUp OH SOXV WHPSV G
XQH SDUW SDU O
DPSOHXU GHV
WkFKHVjUpDOLVHUPDLVDXVVLSDUOHWHPSVQpFHVVDLUHSRXUELHQPDvWULVHUO
HQYLURQQHPHQW
GHGpYHORSSHPHQW
&RPSWH WHQX GHV VSpFLILFDWLRQV 656 HW ,56 IRXUQLHV SDU 706 HQYLURQ GH
O
HQVHPEOHUpDOLVDEOHDYDLWpWpHIIHFWXpSDU)UpGpULF%HOOLHU/HWUDYDLOUHVWDQWjIRXUQLU
SRXYDLWVHUpVXPHUjGHX[FDWpJRULHVG
RSpUDWLRQV
q
q
5HSUHQGUHFHUWDLQHVSDUWLHVGXFRGHH[LVWDQWDILQGHFRUULJHUFHUWDLQVEXJVHWGH
FRPSOpWHUFHUWDLQHVIRQFWLRQQDOLWpVFHTXLFRUUHVSRQGSULQFLSDOHPHQWDX[SKDVHVj
GXF\FOHHQ9PHQWLRQQpHjOD)LJXUH
'pYHORSSHUOHVPRGXOHV&68OLpVDX[VSpFLILFDWLRQVQRQHQFRUHSULVHVHQ
FRPSWHFHTXLFRUUHVSRQGSOXW{WDX[SKDVHVjGXF\FOHHQ9SUpVHQWpjOD)LJXUH
)UpGpULF5LJDXW0DVWqUH*7L
$QDO\VHHW
FRQFHSWLRQV\VWqPH
,QWpJUDWLRQV\VWqPH
$QDO\VHGHV
H[LJHQFHVVXUOH&6&,
&RQFHSWLRQ
SUpOLPLQDLUH
7HVWGX&6&,
&RQFHSWLRQ
GpWDLOOpH
,QWpJUDWLRQHWWHVW
G
LQWpJUDWLRQ
«WHVWXQLWDLUH
&RGDJHHW«
)LJXUH'pWDLOVGHVSKDVHVGHGpYHORSSHPHQWHIIHFWXpHVDSSOLFDWLRQjXQF\FOHHQ9
&RUUHFWLRQVHWPRGLILFDWLRQVGXFRGHH[LVWDQW
'DQVFHFDVOHSUREOqPHSULQFLSDOFRQVLVWHjDYRLUUDSLGHPHQWXQHYLVLRQG
HQVHPEOH
GHODWRWDOLWpGXFRGHGpMjpFULWSDUOHVDXWHXUVSUpFpGHQWV&
HVWG
DLOOHXUVjFHPRPHQW
TXH O
RQ SUHQG YUDLPHQW FRQVFLHQFH GH O
XWLOLWp GHV UqJOHV GH SURJUDPPDWLRQ GpFULWHV DX
SDUDJUDSKH8QHIRLVFHWWHYLVLRQDFTXLVHLOQHUHVWHSOXVTX
jYHQLUPRGLILHURXVDLVLU
GX FRGH GDQV OHV ERQV PRGXOHV 3RXU FHOD WURLV DSSURFKHV FRPSOpPHQWDLUHV RQW pWp
UpDOLVpHV
3RXUFHTXLHVWGHODYLVLRQGXIRQFWLRQQHPHQWGXORJLFLHOXQHGRFXPHQWDWLRQSDSLHU
UHODWLYH DX[ VSpFLILFDWLRQV WHFKQLTXHV GpWDLOOpHV GX ORJLFLHO 67/ UpGLJpH SDU ) %HOOLHU
pWDLW j PD GLVSRVLWLRQ &H GRFXPHQW HVW PLV j MRXU DX IXU HW j PHVXUH GHV SKDVHV
G
pYROXWLRQ GX SURMHW ,O GRQQH XQH YLVLRQ UDSLGH GH O
DUFKLWHFWXUH GX ORJLFLHO GH
O
DUERUHVFHQFH GX SURMHW QRWDPPHQW OD GpFRPSRVLWLRQ HQ &6& HW &68 HW GHV
IRQFWLRQQDOLWpV GHV GLYHUV PRGXOHV (Q UHYDQFKH LO IRXUQLW SHX GH UHQVHLJQHPHQW VXU
O
pFULWXUHYDULDEOHVVWUXFWXUHVDSSHOV«GXFRGHSURSUHPHQWGLW
$ FH QLYHDX M
DL WURXYp GRPPDJH TXH OHV QRPEUHX[ FRPPHQWDLUHV LQVpUpV GDQV OHV
ILFKLHUV & QH VRLHQW DEVROXPHQW SDV H[SORLWpV -
DL GRQF GpFLGp G
XWLOLVHU XQ ORJLFLHO
SDFNDJH-DYDWURXYpVXU,QWHUQHWDILQGHUpDOLVHUXQHGRFXPHQWDWLRQGpWDLOOpHjSDUWLUGHV
FRPPHQWDLUHVGXFRGH&HSDFNDJHVHQRPPH'RF,W(DV\MDU2XWUHODPLVHDXIRUPDW
KWPOGHVFRPPHQWDLUHVGXFRGHVHORQXQSULQFLSHVHPEODEOHj-DYDGRFFHORJLFLHOIRXUQL
O
LQYHQWDLUH GpWDLOOp GH WRXWHV OHV IRQFWLRQV YDULDEOHV GRQQpHV VWUXFWXUHV PDFUR «
GpILQLHVGDQVOHFRGH)LJXUH2QREWLHQWDLQVLUDSLGHPHQWXQHYLVLRQJOREDOHGXFRGH
/HV ILFKLHUV KWPO SURGXLWV SHXYHQW HQVXLWH rWUH XWLOLVHU DYHF OH ORJLFLHO +WPO +HOS
:RUNVKRS GH 0LFURVRIW &H GHUQLHU UHJURXSH HW FRPSDFWH OHV ILFKLHUV KWPO HQ XQ VHXO
ILFKLHU DX IRUPDW DLGH GH 0LFURVRIW ILFKLHU FKP )LJXUH $ WLWUH LQGLFDWLI SRXU OH
SURMHW&&:O
HQVHPEOHGHODGRFXPHQWDWLRQDXIRUPDWKWPOUHSUpVHQWH0RWDQGLVTXH
OHILFKLHUILQDODXIRUPDWFKPQHIDLWSOXVTXHNROLVWLQJLQFOXV
KWWSZZZPXOWLPDQLDFRPKXJR\DUGRFLWIUKWPO
KWWSPVGQPLFURVRIWFRPOLEUDU\WRROVKWPOKHOSZNVKSGRZQORDGBPDLQKWP
)UpGpULF5LJDXW0DVWqUH*7L
)LJXUH([HPSOHGHGRFXPHQWDWLRQSURGXLWHSDUW'RF,W(DV\jSDUWLUGHVFRPPHQWDLUHVGDQVGXFRGH&2Q
QRWHO
DFFqVDXGpWDLOGHVIRQFWLRQVYDULDEOHVSURWRW\SHVW\SHVRXGHILQHVEDQGHDXVXSpULHXUGHODILJXUHHWOD
SRVVLELOLWpG
DFFpGHUGLUHFWHPHQWDXOLVWLQJ
/D WURLVLqPH DSSURFKH SRXU PLHX[ FRPSUHQGUH OH IRQFWLRQQHPHQW G
XQ ORJLFLHO
FRQVLVWHjVXLYUHVRQH[pFXWLRQDYHFXQGpERJXHXU3RXUFHOD/DE:LQGRZV&9,IRXUQLWXQ
RXWLO GH GpERJDJH SDUWLFXOLqUHPHQW HIILFDFH j SDUWLU GXTXHO RQ SHXW SODFHU GHV SRLQWV
G
DUUrW HWVXLYUHSDVjSDVOHVLQVWUXFWLRQVGXFRGH(QSODoDQWGHVSRLQWVG
DUUrWVVXUOHV
IRQFWLRQV JpUDQW OHV pYqQHPHQWV GH O
LQWHUIDFH IRQFWLRQV FDOOEDFN GH &9, RQ SHXW
UDSLGHPHQW YRLU OHV PRGXOHV HW OHV IRQFWLRQV SURFpGXUHV PLVHV HQ FDXVHV SRXU WHOOH RX
WHOOHIRQFWLRQQDOLWp
&HWWH DSSURFKH j WURLV QLYHDX[ G
pWXGH GX PRGH GH IRQFWLRQQHPHQW GX ORJLFLHO D pWp
DGRSWpHSRXU
q /DILQLWLRQGXPRGHGHFOLJQRWHPHQWGHVDODUPHVILJ$QQH[HV
q /DUHIRQWHGHVSDQQHDX[G
LQIRUPDWLRQGHVFRQQH[LRQV7&3,3ILJ$QQH[HV
q /D JHVWLRQ GHV pYqQHPHQWV OLpV DX[ ERXWRQV YDOLGDWLRQ HW DQQXODWLRQ GHV SDQQHDX[
5pFXUUHQFHHW(PLVVLRQILJ$QQH[HVHW$QQH[HV
'pYHORSSHPHQWGHQRXYHDX[PRGXOHV&68
/H GpYHORSSHPHQW GH QRXYHDX[ PRGXOHV D pWp UpDOLVp SRXU LPSOpPHQWHU OH UHVWH GHV
IRQFWLRQQDOLWpV GX SURMHW &&: WRXW DX PRLQV FHOOHV SRXU OHVTXHOOHV OHV VSpFLILFDWLRQV
WHFKQLTXHVpWDLHQWGLVSRQLEOHV&HWWHSDUWLHDpWpDERUGpHDSUqVDYRLUPRGLILpXQHTXDQWLWp
VXIILVDQWH GX FRGH H[LVWDQW SRXU DYRLU XQH ERQQH YLVLRQ JOREDOH GX IRQFWLRQQHPHQW GX
ORJLFLHO8QHSHWLWHSDUWLHDFRQFHUQpODPLVHjMRXUGHVJUDSKLTXHVYLVXDOLVDQWO
pYROXWLRQ
)UpGpULF5LJDXW0DVWqUH*7L
GHV KDXWHXUV G
HDX HW GHV UpFXUUHQFHV FDOFXOpHV SDU OH V\VWqPH YRLU JUDSKLTXH +HDX HW
5pFXUUHQFH GX SDQQHDX 5pFXUUHQFH ILJ $QQH[HV &HWWH SDUWLH D GHPDQGp SHX GH
WUDYDLOGHFRQFHSWLRQFDUOHWUDYDLOVHUpVXPDLWVXUWRXWjWURXYHUODVWUXFWXUHDGDSWpHjOD
PpPRULVDWLRQ GHV GRQQpHV SRXU SRXYRLU OHV DIILFKHU YLD OHV IRQFWLRQV RIIHUWHV SDU
/DE:LQGRZV &9, &HV IRQFWLRQV FRQFHUQHQW OD JHVWLRQ GHV FRQWU{OHV JUDSKLTXHV ' GX
W\SHVWULSFKDUW
/DSOXVJURVVHSDUWLHDXQLYHDXFRQFHSWLRQDpWpODJHVWLRQGHVPRGHVXWLOLVDWHXUVGX
ORJLFLHO 'HX[ PRGHV pWDLHQW GHPDQGpV /
XQ QRPPp ([SHUW DXWRULVH O
XWLOLVDWHXU j
PRGLILHU OHV SDUDPqWUHV GH VRQ FKRL[ SXLV j OHV VDXYHJDUGHU GDQV XQ ILFKLHU GH
FRQILJXUDWLRQ /
DXWUH QRPPp 1RUPDO DXWRULVH XQLTXHPHQW O
XWLOLVDWHXU j FKDUJHU GHV
ILFKLHUVGHFRQILJXUDWLRQVDQVSRXYRLUPRGLILHUODYDOHXUGHVSDUDPqWUHV/HSDVVDJHG
XQ
PRGHjO
DXWUHVHIDLWSDUO
LGHQWLILFDWLRQG
XQPRWGHSDVVHPRGLILDEOHHQPRGH([SHUW/H
V\QRSWLTXHGHO
DFWLYDWLRQGXPRGH([SHUWHVWUHSUpVHQWpVXUOD)LJXUH
'HPDUUDJH
GXV\VWHPH
,QLWLDOLVDWLRQGXV\VWHPH
$FWLYDWLRQGX
PRGH1RUPDO
$FWLRQ,+0
0HQX&RQILJXUDWLRQ2SHQ
0HQX0RGH([SHUW$FWLYHU
6DLVLGX
4XLWWHU"
28,
/HFWXUH
PRWGHSDVVH
ILFKLHU
FRQI
121
/HFWXUH
ILFKLHU
PRWGHSDVVH
7UDLWHPHQWGHOD
GHPDQGH
9HULILFDWLRQGX
PRWGHSDVVH
$UUHWGX
V\VWHPH
121
9DOLGLWH
GXPRW
GHSDVVH
28,
$FWLYDWLRQGX
PRGH(;3(57
)LJXUH6\QRSWLTXHGHO
DFWLYDWLRQGXPRGH([SHUW
)UpGpULF5LJDXW0DVWqUH*7L
7DQGLVTXHOHVIRQFWLRQQDOLWpVRIIHUWHVSDUO
XWLOLVDWLRQGXPRGH([SHUWVRQWLQGLTXpHV
VXUOD)LJXUH
PRGH(;3(57
$FWLRQ,+0
0HQX0RGH([SHUW0RGLILHUPRWGHSDVVH
6DLVLGX
4XLWWHU"
RXL
PRWGHSDVVH
0HQX0RGH1RUPDO
0HQX&RQILJXUDWLRQ6DYH
$FWLYDWLRQGX
121
/HFWXUH
7UDLWHPHQWGHOD
PRGH1250$/
ILFKLHU
GHPDQGH
(FULWXUH
PRWGHSDVVH
ILFKLHUFRQI
9HULILFDWLRQGX
PRWGHSDVVH
$UUHWGX
V\VWHPH
9DOLGLWHGX
121
PRWGH
SDVVH
28,
6DLVLGX1289($8
PRWGHSDVVH
&RQILUPDWLRQSDU
121
UHVDLVLGX
QRXYHDXPRWGH
SDVVH
28,
(FULWXUH
ILFKLHU
PRWGHSDVVH
)LJXUH)RQFWLRQQHPHQWHQPRGH([SHUWHWUHWRXUDXPRGH1RUPDO
/HVSURFpGXUHVG
pFULWXUHYpULILFDWLRQHWPRGLILFDWLRQGXPRWGHSDVVHRQWpWppJDOHPHQW
FRGpHVSHQGDQWOHVWDJH(OOHVQHVRQWSDVWRXWHIRLVPHQWLRQQpHVGDQVFHUDSSRUW
)UpGpULF5LJDXW0DVWqUH*7L
%LODQGXWUDYDLODFFRPSOLVXUOHSURMHW&&:
$XWRWDOFHWWHSDUWLHGHPRQVWDJHDXUDRFFXSpMRXUV)LJXUH6XUOHVILFKLHUV
FRPSULVGDQVOHSURMHWPRLQVGXWLHUVHVWUHVWpWHOTXHOWDQGLVTXHOHUHVWDQWDpWpPRGLILp
jSOXVGHHWILFKLHUVFHWKRQWpWpVFUppV
7DEOHDX%LODQGXWUDYDLOUpDOLVpVSRXUOHSURMHW&&:
7RWDOILFKLHUVGRQW
&UppV VRLW
0RGLILpV VRLW
,QFKDQJpV VRLW
3DUDOOqOHPHQWDXSURMHWXQRXWLOVXSSOpPHQWDLUHDpWpGpYHORSSpSRXUSRXYRLUWHVWHUOH
GpFU\SWDJHHWOHFRGDJHGpFRGDJHGXPRWGHSDVVHGXPRGHH[SHUW&HWRXWLOSHXWDXVVL
VHUYLUSRXUOHVXSSRUWFOLHQW,OSHUPHWG
REWHQLUHQFODLUOHPRWGHSDVVHFRUUHVSRQGDQWj
ODFKDvQHGHFDUDFWqUHVLQVFULWHGDQVOHILFKLHUTXLHQUHJLVWUHOHPRWGHSDVVH
3URMHW3RVLGRQLD*36&RQWUROHU
&RPPHLODpWpGLWDXSDUDJUDSKHOHV\VWqPH3RVLGRQLDIRQFWLRQQHHQUHODWLRQDYHF
ODFHQWUDOHGHQDYLJDWLRQGXQDYLUHVXSSRUW&HWWHFHQWUDOHYRLU&DSWHXUVH[WHUQHV)LJXUH
HVW FKDUJpH GH IRXUQLU O
HQVHPEOH GHV SDUDPqWUHV GH QDYLJDWLRQ HW SRVLWLRQQHPHQW GX
QDYLUH 'DQV OHV SKDVHV G
LQVWDOODWLRQ HW GH WHVW GX V\VWqPH LO HVW XWLOH GH GLVSRVHU G
XQ
RXWLOSHUPHWWDQWGHYRLUODQDWXUHGHVPHVVDJHVpPLVSDUODFHQWUDOHRXSDUOHV\VWqPHVXU
OD OLDLVRQ VpULH /HV LQIRUPDWLRQV VRQW FRPSRVpHV SDU GHV WUDPHV GRQW OH IRUPDW HVW
VSpFLILTXHjODQDWXUHGHVPHVVDJHV&RQFHUQDQWOHORJLFLHO*36&RQWUROHUMHQHPHVXLV
SUpRFFXSp XQLTXHPHQW GHV PHVVDJHV pPLV SDU OH V\VWqPH GH SRVLWLRQQHPHQW *36 HW
'*36
5pDOLVDWLRQV
8QHYHUVLRQGXORJLFLHO*36&RQWUROHUDYDLWpWpGpEXWpHSDU)%HOOLHU1pDQPRLQV
LOV
DJLVVDLWG
XQHYHUVLRQLQLWLDOHTXLQ
DYDLWSDVpWpYUDLPHQWWHVWpH/HWUDYDLOGHPDQGp
SRXU FHWWH SDUWLH GX VWDJH FRQVLVWDLW j UHSUHQGUH O
HQVHPEOH GX FRGH DLQVL TXH
O
DUFKLWHFWXUH FRPSOqWH GH FH ORJLFLHO SRXU O
RUJDQLVHU HQ &6& HW &68 '
DXWUH SDUW
O
HQVHPEOHGXSULQFLSHGHODJHVWLRQGHVWkFKHVG
pPLVVLRQRXGHOHFWXUHGXSRUWVpULHj
pWp WRWDOHPHQW UHPDQLp SRXU JDUDQWLU XQH PHLOOHXUH H[pFXWLRQ GHV GLYHUVHV WkFKHV GX
ORJLFLHO
&HW DVSHFW D GHPDQGp XQH pWXGH GpWDLOOpH GHV IRQFWLRQQDOLWpV GH FH ORJLFLHO SRXU
DERXWLUDXGpFRXSDJHPHQWLRQQpDX7DEOHDX'
XQFRWpRQUHWURXYHWRXWHODJHVWLRQGH
O
,+0DYHFOHPDLQGXSURJUDPPHHWOHVFDOOEDFNVGHO
DXWUHO
HQVHPEOHGHVIRQFWLRQV
OLpHV j O
HQYRL HW OD UpFHSWLRQ GHV WUDPHV DX IRUPDW 1PHD /HV GHX[ &68 TXL
,OV
DJLWXQSURWRFROHVWDQGDUGXWLOLVpHQpOHFWURQLTXHPDULQHHWQRWDPPHQWSDUOHVUpFHSWHXUV*36SRXUpPHWWUH
OHVGRQQpHVVXUXQHOLDLVRQVpULHjESVDYHFELWVGHGRQQpHVVDQVSDULWpHWELWGHVWRS/HVWUDPHV
GpEXWHQWSDUXQHWVRQWWHUPLQpHVSDUXQ&5/)!9RLUKWWSZZZQPHDRUJKWP
)UpGpULF5LJDXW0DVWqUH*7L
FRQFHUQHQWOHVWkFKHVGHOHFWXUHRXG
pFULWXUHVXUOHSRUWVpULHDXUDLHQWSXIDLUH O
REMHW
G
XQ&6&jSDUWHQWLqUH&HSHQGDQWOHXUXWLOLVDWLRQHVWSRXUO
LQVWDQWWURSGpSHQGDQWHGHV
FRQWU{OHV GH O
,+0 XWLOLVpV SRXU pPHWWUH UHFHYRLU OHV WUDPHV 1PHD -
DL GRQF GpFLGp
SRXUO
LQVWDQWGHODLVVHUFHVIRQFWLRQVGDQVOH&6&1PHD
&6&,
7DEOHDX2UJDQLVDWLRQDGRSWpHSRXUOHORJLFLHO*36&RQWUROHU
&6&
,KP
&68
*36B&RQWUROHU
,KPBFRPPRQ
([WHQVLRQ
)RQFWLRQV
FK
PDLQGXSURJUDPPHHWFDOOEDFNGHO
,+0
BSXLUBSK
K
)LFKLHUGHGpILQLWLRQVFRPPXQHVjO
,+0
$QDO\VHXQHWUDPH1PHDHWPHWjMRXUOHV
FRQWU{OHVGHO
,+0
&DOFXOHRXYpULILHOHFKHFNVXPG
XQHWUDPH
1PHDB&KHFNVXP
FK
1PHD
)LFKLHUGHGpILQLWLRQVFRPPXQHVDX[
1PHDB&RPPRQ
K
WUDPHV1PHD
1PHD
1PHDB5HDG7KUHDG FK
'pFOHQFKHODWkFKHGHOHFWXUHGXSRUWVpULH
'pFOHQFKHODWkFKHG
pFULWXUHYHUVOHSRUW
1PHDB6HQG7KUHDG FK
VpULH
/LWOHVYDOHXUVVXUO
,+0HWFRQVWUXLWOD
1PHDB:ULWH0VJ
FK
WUDPH1PHDSRXUHQYRL
2XWLOGHWHVWG
HQYRLGHWUDPHV1PHDYHUV
1PHD
FK
XQSRUWVpULH
7HVW
7UDPHV
BSXLUBSK ,+0GHO
RXWLOGHWHVW
1PHDB$QDO\]H0VJ FK
*36
&RQWUROHU
'XSRLQWGHYXHGXIRQFWLRQQHPHQWGXORJLFLHOFHGHUQLHUIRQFWLRQQHVRLWHQPRGH
pPHWWHXUHQYRLGHWUDPHV1PHDVRLWHQPRGHUpFHSWHXUUpFHSWLRQGHVWUDPHV'DQV
OHVGHX[FDVOHIRQFWLRQQHPHQWHVWDVVXUpSDUGHX[WkFKHVGLVWLQFWHV)LJXUH
q /D WkFKHSULQFLSDOH JqUHGDQVWRXVOHVPRGHVGHIRQFWLRQQHPHQWO
,+0DLQVLTXH
OHVIRQFWLRQVGHFUpDWLRQPRGHpPLVVLRQRXG
DQDO\VHPRGHUpFHSWLRQGHVWUDPHV
1PHD&HWWHWkFKHHIIHFWXHDXVVLODPLVHjMRXUGHODYDOHXUGHVFRQWU{OHVORUVGHOD
UpFHSWLRQGHWUDPHV
q /D JHVWLRQ GX PRGH G
pPLVVLRQ HVW DVVXUpH SDU OH GpFOHQFKHPHQW GH WLPHUV
DV\QFKURQHVFDGHQFpVSDUGpIDXWjPV,O \D DXWDQWGHWLPHUVTXHGHW\SHVGH
WUDPHVjHQYR\HU7RXVOHVWLPHUVVRQWDVVRFLpVjXQFDOOEDFNXQLTXHTXLHQIRQFWLRQ
GX WLPHU DSSHODQW JqUH O
HQYRL GH OD WUDPH DSSURSULpH &RPSWH WHQX GH OD
FRQILJXUDWLRQGXSRUWVpULHHWGHODWDLOOHGHVWUDPHVpPLVHVODFDGHQFHPD[LPDOH
G
HQYRLGHVPHVVDJHVHVWGHjPVVLO
RQYHXWpYLWHUODVDWXUDWLRQGXWDPSRQ
GXSRUWVpULH&HVYDOHXUVVRQWLQIpULHXUHVjODFDGHQFHGHPVSUpFRQLVpHSDUOD
QRUPH1PHD
q /DJHVWLRQGXPRGHGHUpFHSWLRQHVWDVVXUpHSDUXQWkFKHGHOHFWXUHGXWDPSRQGX
SRUW VpULH 'qV TX
XQ PHVVDJH FRPSOHW HVW GpWHFWp FDUDFWqUHV &5 /)! GH ILQ GH
PHVVDJH FH GHUQLHU HVW FRQILp j OD WkFKH ,+0 TXL HQ DVVXUH OD YpULILFDWLRQ OH
GpFRGDJHHWO
DIILFKDJHGHVYDOHXUV
)UpGpULF5LJDXW0DVWqUH*7L
(&5,785(
/(&785(
)LJXUH6\QRSWLTXHGXIRQFWLRQQHPHQWGXORJLFLHO*36&RQWUROHU
%LODQORJLFLHO*36&RQWUROHU
&HWWH SDUWLH GX VWDJH P
D SHUPLV G
DSSURIRQGLU PD FRQQDLVVDQFH GH O
HQYLURQQHPHQW
/DE:LQGRZV &9, QRWDPPHQW GDQV OD QDWXUH HW O
XWLOLVDWLRQ GHV IRQFWLRQV OLpHV DX
WUDLWHPHQW PXOWLWkFKH XWLOLVDWLRQ GH WLPHUV DV\QFKURQHV HW FUpDWLRQ GH WkFKH HW j OD
JHVWLRQGHVGRQQpHVFLUFXODQWVXUXQHOLDLVRQVpULH56-
DLGHSOXVHXODSRVVLELOLWpGH
FRQFHYRLU O
DUFKLWHFWXUH GX ORJLFLHO HW O
RUJDQLVDWLRQ HQWUH OHV GLYHUV FRPSRVDQWV FH TXL
Q
DYDLWSDVpWpOHFDVGDQVODSDUWLHSUpFpGHQWH%LHQTXHQHUHSUpVHQWDQWTXHMRXUVFHWWH
VHFRQGH SDUWLH DXUD pWp XQ WUqV ERQ FRPSOpPHQW GX SRLQW GH YXH GH OD PpWKRGRORJLH GH
WUDYDLOHWFRQFHUQDQWO
XWLOLVDWLRQGHO
HQYLURQQHPHQW/DE:LQGRZV&9,
)UpGpULF5LJDXW0DVWqUH*7L
%LODQ
$XFRXUVGHFHVPRLVGHVWDJHM
DLSXSDUWLFLSHUDX[GLYHUVHVSKDVHVGHODFUpDWLRQ
G
XQ ORJLFLHO /HV GHX[ SULQFLSDX[ DSSRUWV TXL HQ GpFRXOHQW FRQFHUQHQW OH
GpYHORSSHPHQWORJLFLHOSURSUHPHQWGLWHWODJHVWLRQGHSURMHW
'pYHORSSHPHQWORJLFLHO
&HVWDJHP
DXUDSHUPLVGHFRPSOpWHUODIRUPDWLRQGDQVOHVGRPDLQHVVXLYDQWV
½ 8QHPHLOOHXUHPDvWULVHGXODQJDJH&
½ /D SULVH HQ PDLQ G
XQ HQYLURQQHPHQW GH GpYHORSSHPHQW WHO TXH /DE:LQGRZV
&9,DYHFSDUWLFXOLqUHPHQWODJHVWLRQGHVpYpQHPHQWVDXQLYHDXG
XQH,+0OD
JHVWLRQGXIRQFWLRQQHPHQWPXOWLWkFKHOD JHVWLRQGH WUDPHV pPLVHV VXU XQ SRUW
VpULH
½ 8QHSUDWLTXHJpQpUDOHGHODSURJUDPPDWLRQDYHFO
XVDJHGHUqJOHVG
pFULWXUHVDX
SUHPLHUDERUGFRQWUDLJQDQWPDLVIRUWXWLOHSRXUODPDLQWHQDQFHHWODUHOHFWXUHGX
FRGH
*HVWLRQGHSURMHW
6XUFHSRLQWOHVHQVHLJQHPHQWVSRUWHQWVXU
½ /
RUJDQLVDWLRQLQIRUPDWLTXHG
XQSURMHWDYHFO
DUERUHVFHQFHGHVGLYHUVpOpPHQWV
GX SURMHW HW QRWDPPHQW OH GpFRXSDJH GH OD SDUWLH LQIRUPDWLTXH VXLYDQW GHV
IRQFWLRQQDOLWpVFRPPXQHV
½ /
XWLOLVDWLRQ GHV SURFpGXUHV GH TXDOLWp GH O
HQWUHSULVH SRXU WRXWHV OHV DFWLRQV
FRQFHUQDQWOHSURMHWJHVWLRQGHODGRFXPHQWDWLRQGHVPLVHVjMRXUV«
½ /
XWLOLVDWLRQ GX ORJLFLHO 0LFURVRIW 3URMHFWΠSRXU OD JHVWLRQ GHV SODQQLQJV
FUpDWLRQPRGLILFDWLRQHWVXLYL
&RQFOXVLRQVHWUHPHUFLHPHQWV
-H SHQVH TXH PD SDUWLFLSDWLRQ DX[ DFWLYLWpV GH OD VRFLpWp 2&($12 7HFKQRORJLHV
Q
DXUDSDVpWpjVHQVXQLTXHVLM
DLEHDXFRXSDSSULVM
HVSqUHDYRLUpWpXWLOH
-H WLHQV j UHPHUFLHU O
HQVHPEOH GHV VDODULpV GH O
HQWUHSULVH SRXU O
DFFXHLO OD ERQQH
DPELDQFH H[LVWDQWH HW O
RUJDQLVDWLRQ GHV EDUEHFXHV 3OXV SDUWLFXOLqUHPHQW MH UHPHUFLH
3DWULFN *ULYDXG TXL HQ WDQW TXH 3'* D DFFHSWp PD YHQXH HQ VWDJH DLQVL TXH
'RPLQLTXH5RJHUUHVSRQVDEOHGXVHUYLFH(WXGHV0HUFLDXVVLj )UpGpULF %HOOLHUSRXU
DYRLU DVVXUp OH VXLYL GH FH VWDJH HW P
DYRLU IDLW EpQpILFLHU GH VRQ H[SpULHQFH VXU
/DE:LQGRZV&9,
3RXU WHUPLQHU PHUFL DX[ DXWUHV VWDJLDLUHV GH [, QRWDPPHQW OHV %UHVWRLV SRXU OHV
FKDWPDLOV SDU IRUFpPHQW FRQVWUXFWLIV PDLV WRXMRXUV DJUpDEOHV DLQVL TXH OHV VRLUpHV
SDVVpHVj%UHVW
)UpGpULF5LJDXW0DVWqUH*7L
$QQH[HV
$QQH[H([HPSOHGHILFKLHUGHGHVFULSWLRQK
F2&($127(&+12/2*,(6
),&+,(5
,KPB6WULS&KDUWK
352-(7
6,0%$
&6&,
&&:
&6&
,+0
$87(85
)UpGpULF5,*$87
'DWHGHFUHDWLRQ
-8,1
'DWHGHPRGLILFDWLRQ
9HUVLRQ
IRQFWLRQ
)RQFWLRQVOLpHVjODPLVHjMRXUGHVVWULSFKDUWVF
HVWGLUH JUDSKHVSURIRQGHXUHWUpFXUUHQFH
HQWUHHVVDQVREMHW
VRUWLHVVDQVREMHW
XVDJH
LIQGHI BB,+0B675,3&+$57B+BB
'LUHFWLYHREOLJDWRLUH
GHILQH BB,+0B675,3&+$57B+BB
'pFODUDWLRQREOLJDWRLUH
5pIpUHQFHVH[WHUQHV
'pILQLWLRQGHVPDFURVH[SRUWpHV
'pILQLWLRQGHVW\SHVH[SRUWpV
W\SHGHIVWUXFW
^
LQW9B,BWUDFH1E
OHQRPEUHGHWUDFHGXJUDSKLTXH
LQW9B,BPD['LVSOD\3WV
OHQEPD[LGHSRLQWDIILFKpVVXUODIHQrWUH
LQW9B,BFXUUHQW'LVSOD\3W
ODSRVLWLRQGXSRLQW
LQW9B,BWRWDO'UDZQ3W
OHQRPEUHGHSRLQWVDIILFKpVGHSXLVOHGHUQLHU FKDQJHPHQWG
pFKHOOH
IORDW9B)BPLQ<D[LV
ODYDOHXUPLQSDUPLWRXVOHVSRLQWVDIILFKpV
IORDW9B)BPD[<D[LV
ODYDOHXUPD[SDUPLWRXVOHVSRLQWVDIILFKpV
IORDW9B3B)BGDWD
OHVYDOHXUVGHVSRLQWVDIILFKpV
`LKPBVWULSFKDUWB6BVDYHG'DWD
'pFODUDWLRQGHVYDULDEOHVHWFRQVWDQWHVJOREDOHV
XQGHI (;3257('
'LUHFWLYHREOLJDWRLUH
LIGHI BB,+0B675,3&+$57B&68BB
'LUHFWLYHREOLJDWRLUH
GHILQH (;3257('
'LUHFWLYHREOLJDWRLUH
HOVH
'LUHFWLYHREOLJDWRLUH
GHILQH (;3257('H[WHUQ
'pFODUDWLRQREOLJDWRLUH
HQGLI
'LUHFWLYHREOLJDWRLUH
'pFODUDWLRQGHVIRQFWLRQVH[SRUWpHVSURWRW\SHV
)UpGpULF5LJDXW0DVWqUH*7L
LKPBVWULSFKDUWB3BGUDZ7LPH6WDPS
)RQFWLRQDIILFKHXQHPDUTXHKRUDLUHjXQHIUpTXHQFHGpILQLHSDUXQWLPHU
3DUDPHWUHV
LQW
9B,BSDQHO,G
,GHQWLILFDWHXUGXSDQQHDX
LQW
9B,BFWUO,G
,GHQWLILFDWHXUGXVWULSFKDUW
LKPBVWULSFKDUWB6BVDYHG'DWD9B3B6BVDYHG'DWD
3RLQWHXUVXUXQHVWUXFWXUHFRQWHQDQW
O
LQIRUPDWLRQVXUOHVSDUDPqWUHVjDIILFKHU
5HWRXU
DXFXQ
(;3257('YRLGLKPBVWULSFKDUWB3BGUDZ7LPH6WDPS
LQW9B,BSDQHO,G
LQW9B,BFWUO,G
LKPBVWULSFKDUWB6BVDYHG'DWD9B3B6BVDYHG'DWD
'pFODUDWLRQVVXLYDQWHV
«««««««««««««
HQGLI
)UpGpULF5LJDXW0DVWqUH*7L
'LUHFWLYHREOLJDWRLUHFIBB,+0B675,3&+$57B+BB
$QQH[H([HPSOHGHILFKLHUFRUSVF
F2&($127(&+12/2*,(6
),&+,(5
,KPB6WULS&KDUWF
352-(7
6,0%$
&6&,
&&:
&6&
,+0
$87(85
)UpGpULF5,*$87
'DWHGHFUpDWLRQ
-8,1
'DWHGHPRGLILFDWLRQ
9HUVLRQ
IRQFWLRQ
)RQFWLRQVOLpHVjODPLVHjMRXUGHVVWULSFKDUWV
F
HVWGLUHOHVJUDSKHVSURIRQGHXUHWUpFXUUHQFH
HQWUpHVVDQVREMHW
VRUWLHVVDQVREMHW
XVDJH
GHILQHBB,+0B675,3&+$57B&68BB
'pFODUDWLRQREOLJDWRLUH
5pIpUHQFHVH[WHUQHV
LQFOXGHDQDO\VLVK!
LQFOXGHDQVLBFK!
LQFOXGHXVHULQWK!
LQFOXGHXWLOLW\K!
LQFOXGH,KPB6WULS&KDUWK
LQFOXGH,KPB&RPPRQK
'pILQLWLRQGHVPDFURVORFDOHV
GHILQH 758( GHILQH )$/6( GHILQH 0,1,081
GHILQH 0$;,080
'pILQLWLRQGHVW\SHVORFDX[
'pFODUDWLRQGHVYDULDEOHVHWFRQVWDQWHVORFDOHV
'pFODUDWLRQGHVIRQFWLRQVORFDOHVSURWRW\SHV
3BPLQ0D[
)RQFWLRQUHQYRLOHVYDOHXUVPLQHWPD[FRQWHQXHVGDQVOHFKDPSGDWDGHODVWUXFWXUHLKPBVWULSFKDUWB6BVDYHG'DWD
3DUDPHWUHV
LKPBVWULSFKDUWB6BVDYHG'DWD9B3B6BVDYHG'DWD
3RLQWHXUVXUXQH6WUXFWXUHFRQWHQDQW
OHVSDUDPqWUHVjPpPRULVHU
IORDW9B3B)BPD[
3RLQWHXUSRXUUHWRXUGHYDOHXUPD[
IORDW9B3B)BPLQ
3RLQWHXUSRXUUHWRXUGHYDOHXUPLQ
5HWRXU
DXFXQ
VWDWLFYRLG3BPLQ0D[LKPBVWULSFKDUWB6BVDYHG'DWD9B3B6BVDYHG'DWDIORDW9B3B)BPD[IORDW9B3B)BPLQ
'pILQLWLRQGHVIRQFWLRQVH[SRUWpHV
)UpGpULF5LJDXW0DVWqUH*7L
LKPBVWULSFKDUWB3BGUDZ7LPH6WDPS
)RQFWLRQDIILFKHXQHPDUTXHKRUDLUHjXQHIUpTXHQFHGpILQLHSDUXQWLPHU
3DUDPHWUHV
LQW
9B,BSDQHO,G
,GHQWLILFDWHXUGXSDQQHDX
LQW
9B,BFWUO,G
,GHQWLILFDWHXUGXVWULSFKDUW
LKPBVWULSFKDUWB6BVDYHG'DWD9B3B6BVDYHG'DWD
3RLQWHXUVXUXQHVWUXFWXUHFRQWHQDQW
O
LQIRUPDWLRQVXUOHVSDUDPqWUHVjDIILFKHU
5HWRXU
DXFXQ
(;3257('YRLGLKPBVWULSFKDUWB3BGUDZ7LPH6WDPS
^
,QVHUW$[LV,WHP
LQW9B,BSDQHO,G
LQW9B,BFWUO,G
LKPBVWULSFKDUWB6BVDYHG'DWD9B3B6BVDYHG'DWD
9B,BSDQHO,G
9B,BFWUO,G9$/B;$;,6
7LPH6WU
9B3B6BVDYHG'DWD!9B,BWRWDO'UDZQ3W
`
«««
'pILQLWLRQGHVIRQFWLRQVORFDOHV
3BPLQ0D[
)RQFWLRQUHQYRLOHVYDOHXUVPLQHWPD[FRQWHQXHVGDQVOHFKDPSGDWDGHODVWUXFWXUHLKPBVWULSFKDUWB6BVDYHG'DWD
3DUDPHWUHV
LKPBVWULSFKDUWB6BVDYHG'DWD9B3B6BVDYHG'DWD
3RLQWHXUVXUXQH6WUXFWXUHFRQWHQDQW
OHVSDUDPqWUHVjPpPRULVHU
IORDW9B3B)BPD[
3RLQWHXUSRXUUHWRXUGHYDOHXUPD[
IORDW9B3B)BPLQ
3RLQWHXUSRXUUHWRXUGHYDOHXUPLQ
5HWRXU
DXFXQ
VWDWLFYRLG3BPLQ0D[LKPBVWULSFKDUWB6BVDYHG'DWD9B3B6BVDYHG'DWDIORDW9B3B)BPD[IORDW9B3B)BPLQ
^
LQW9B,BFRXQWHU
LQW9B,BWUDFH1E
9B,BWUDFH1E 9B3B6BVDYHG'DWD!9B,BWUDFH1E
9B3BPD[
0,1,080
SRXUrWUHVXUGHUpFXSpUHUXQPD[LPXP
9B3BPLQ
0$;,080
SRXUrWUHVXUGHUpFXSpUHUXQPLQLPXP
UHFKHUFKHGHVPLQHWPD[GDQVOHVGHUQLqUHVYDOHXUVPpPRULVpHV
IRU9B,BFRXQWHU 9B,BFRXQWHU9B,BWUDFH1E9B,BFRXQWHU
^
OHPLQ
LI 9B3B6BVDYHG'DWD!9B3B)BGDWD>9B3B6BVDYHG'DWD!9B,BFXUUHQW'LVSOD\3W9B,BWUDFH1E9B,BFRXQWHU@
9B3BPLQ
^
9B3BPLQ 9B3B6BVDYHG'DWD!9B3B)BGDWD
>9B3B6BVDYHG'DWD!9B,BFXUUHQW'LVSOD\3W9B,BWUDFH1E9B,BFRXQWHU@
`
OHPD[
LI9B3B6BVDYHG'DWD!9B3B)BGDWD>9B3B6BVDYHG'DWD!9B,BFXUUHQW'LVSOD\3W9B,BWUDFH1E9B,BFRXQWHU@
!9B3BPD[
^
9B3BPD[ 9B3B6BVDYHG'DWD!9B3B)BGDWD
>9B3B6BVDYHG'DWD!9B,BFXUUHQW'LVSOD\3W9B,BWUDFH1E9B,BFRXQWHU@
`
`
`
«««
)UpGpULF5LJDXW0DVWqUH*7L
$QQH[HV&RSLHVG
pFUDQGHVORJLFLHOV&&:HW*36&RQWUROHU
$QQH[HV3DQQHDXSULQFLSDOHQWRXUpHQURVpHWRQJOHWSRXUODJHVWLRQGHODUpFXUUHQFHGHVGLYHUVV\VWqPHV
G
DFTXLVLWLRQ,+0UpDOLVpHSDU)%HOOLHU
)UpGpULF5LJDXW0DVWqUH*7L
$QQH[HV2QJOHWSRXUODJHVWLRQGHVPRGHVG
pPLVVLRQGHVGLYHUVV\VWqPHVG
DFTXLVLWLRQ,+0UpDOLVpHSDU)
%HOOLHU
)UpGpULF5LJDXW0DVWqUH*7L
$QQH[HV2QJOHWSRXUODJHVWLRQGHVODVXSHUYLVLRQGHVDODUPHVGXV\VWqPH,+0UpDOLVpHSDU)%HOOLHU
)UpGpULF5LJDXW0DVWqUH*7L
$QQH[HV2QJOHWGHYLVXDOLVDWLRQGHO
DUFKLWHFWXUHGXUpVHDXHWGHO
pWDWGHVVWDWLRQVFRQQHFWpHV,+0UpDOLVpH
SDU)%HOOLHU
)UpGpULF5LJDXW0DVWqUH*7L
$QQH[HV,+0GXORJLFLHO*36&RQWUROHU
)UpGpULF5LJDXW0DVWqUH*7L
/LVWHGHVLOOXVWUDWLRQV
)LJXUH)LOLDOHVHWDSSDUWHQDQFHGHODVRFLpWp2&($127HFKQRORJLHV
)LJXUH$UERUHVFHQFHW\SLTXHG
XQSURMHWH[HPSOHGXSURMHW6LPEDFI)LJXUH
)LJXUH2UJDQLVDWLRQGHVFRPSRVDQWVG
XQORJLFLHOVHORQODQRUPH'2'67'$YRLU)LJXUH
)LJXUH3ULQFLSHG
DFTXLVLWLRQGHVGRQQpHVSDUXQVRQGHXUPXOWLIDLVFHDX[
)LJXUH$UFKLWHFWXUHPDWpULHOOHGXVRQGHXUPXOWLIDLVFHDX[GpYHORSSpSRXUOHSURMHW6,0%$
)LJXUH3ULQFLSHGXSRVLWLRQQHPHQWDFRXVWLTXHG
XQHQJLQLPPHUJp
)LJXUH&RPSRVDQWVPDWpULHOVGXSURMHW3RVLGRQLD
)LJXUH3ODQQLQJSUpYLVLRQQHODXGpEXWGXVWDJH
)LJXUH3ODQQLQJHIIHFWLIjO
LVVXHGXVWDJH
)LJXUH'pWDLOVGHVSKDVHVGHGpYHORSSHPHQWHIIHFWXpHVDSSOLFDWLRQjXQF\FOHHQ9
)LJXUH([HPSOHGHGRFXPHQWDWLRQSURGXLWHSDUW'RF,W(DV\jSDUWLUGHVFRPPHQWDLUHVGDQVGXFRGH&2Q
QRWHO
DFFqVDXGpWDLOGHVIRQFWLRQVYDULDEOHVSURWRW\SHVW\SHVRXGHILQHVEDQGHDXVXSpULHXUGHODILJXUHHWOD
SRVVLELOLWpG
DFFpGHUGLUHFWHPHQWDXOLVWLQJ
)LJXUH6\QRSWLTXHGHO
DFWLYDWLRQGXPRGH([SHUW
)LJXUH)RQFWLRQQHPHQWHQPRGH([SHUWHWUHWRXUDXPRGH1RUPDO
)LJXUH6\QRSWLTXHGXIRQFWLRQQHPHQWGXORJLFLHO*36&RQWUROHU
/LVWHGHVWDEOHDX[
7DEOHDX%LODQGXWUDYDLOUpDOLVpVSRXUOHSURMHW&&:
7DEOHDX2UJDQLVDWLRQDGRSWpHSRXUOHORJLFLHO*36&RQWUROHU
/LVWHGHVLOOXVWUDWLRQVDQQH[HV
$QQH[HV3DQQHDXSULQFLSDOHQWRXUpHQURVpHWRQJOHWSRXUODJHVWLRQGHODUpFXUUHQFHGHVGLYHUVV\VWqPHV
G
DFTXLVLWLRQ,+0UpDOLVpHSDU)%HOOLHU $QQH[HV2QJOHWSRXUODJHVWLRQGHVPRGHVG
pPLVVLRQGHVGLYHUVV\VWqPHVG
DFTXLVLWLRQ,+0UpDOLVpHSDU)
%HOOLHU $QQH[HV2QJOHWSRXUODJHVWLRQGHVODVXSHUYLVLRQGHVDODUPHVGXV\VWqPH,+0UpDOLVpHSDU)%HOOLHU $QQH[HV2QJOHWGHYLVXDOLVDWLRQGHO
DUFKLWHFWXUHGXUpVHDXHWGHO
pWDWGHVVWDWLRQVFRQQHFWpHV,+0UpDOLVpH
SDU)%HOOLHU $QQH[HV,+0GXORJLFLHO*36&RQWUROHU )UpGpULF5LJDXW0DVWqUH*7L
,QGH[GHVDEUpYLDWLRQHWWHUPHVXWLOLVpV
FKP([WHQVLRQGHILFKLHUDXIRUPDWG
DLGHKWPO0LFURVRIW
MDU([WHQVLRQGHILFKLHUDUFKLYHMDYDRXSDFNDJHMDYD
$3,$SSOLFDWLRQ3URJUDPPLQJ,QWHUIDFH
$UFKLWHFWXUHGHVSURMHWV
%DWK\PpWULH
%,:%DWK\PpWULH,PDJHULH:RUNVWDWLRQ
$
%
&
&DOOEDFN)RQFWLRQGHJHVWLRQGHVpYHQHPHQWVGHO
,+0VRXV&9,
&&:&RPPDQGHHW&RQWU{OH:RUNVWDWLRQ
&HQWUDOHGHQDYLJDWLRQ
&6&&RPSXWHU6RIWZDUH&RPSRVDQW
&6&,&RPSXWHU6RIWZDUH&RQILJXUDWLRQ,WHP
&68&RPSXWHU6RIWZDUH&RPSRQHQW
&68&RPSXWHU6RIWZDUH8QLW
&9,&IRU9LUWXDO,QVWUXPHQWDWLRQ
&\FOHHQ9
'
'*36'LIIHUHQWLDO*OREDO3RVLWLRQQLQJ6\VWHP
'RF,W(DV\
'2''HSDUWPHQW2I'HIHQVH
*
*36&RQWUROHU
*36*OREDO3RVLWLRQQLQJ6\VWHP
,
,+0,QWHUIDFH+RPPH0DFKLQH
,PDJHULH
,34(,QVWUXFWLRQ3DUWLFXOLqUHG
DVVXUDQFH4XDOLWp(WDEOLVVHPHQW
,566SpFLILFDWLRQGHVH[LJHQFHVVXUOHVLQWHUIDFHVFIQRUPH'2'67'$
-
-DYDGRF
NRNLORRFWHW
.
/
/DE:LQGRZV&9,
)UpGpULF5LJDXW0DVWqUH*7L
0
0%(60XOWL%HDP(FKR6RXQGHU
0R0pJD2FWHW
0XOWLWkFKH
1
10($1DWLRQDO0DULQH(OHFWURQLF$VVRFLDWLRQ
2
2UJDQLVDWLRQGXORJLFLHO
3
3ODQQLQJHIIHFWLI
3ODQQLQJSUpYLVLRQQHO
3RVLGRQLD
5
5qJOHVG
pFULWXUHV
56
6
6%36XE%RWWRP3URILOHU
6'.6RIWZDUH'HYHORSSHPQW.LW
6LPED
6RQGHXUGHVpGLPHQWV
6566SpFLILFDWLRQGHVH[LJHQFHVVXUOHORJLFLHOFIQRUPH'2'67'$
67/6SpFLILFDWLRQ7HFKQLTXH'pWDLOOpHGXORJLFLHO
6WULSFKDUW&RQWU{OH/DE:LQGRZV&9,SRXUODYLVXDOLVDWLRQGHJUDSKHV'
7
7LPHUVDV\QFKURQHVpOpPHQWV&9,GpFOHQFKHXUVG
pYqQHPHQWSpULRGLTXH
7067KRPVRQ0DUFRQL6RQDU
)UpGpULF5LJDXW0DVWqUH*7L