Avis Technique 5/0401778 Eurojardin

$YLV7HFKQLTXH
$QQXOHHWUHPSODFHO¶$YLV7HFKQLTXHHW0RG
5HYrWHPHQWG¶pWDQFKpLWpGHWRLWXUHVMDUGLQVHWDFFHVVLEOHV
ELFRXFKHjEDVHGHIHXLOOHVHQELWXPHpODVWRPqUHPRGLILp6%6
5HYrWHPHQWG¶pWDQFKpLWp
GHWRLWXUHVMDUGLQVDFFHVVLEOHV
5RRIJDUGHQSHGHVWULDQ
ZDWHUSURRIV\VWHP
(XURMDUGLQ
7LWXODLUH
,1'(;63$
9LD*5RVVLQL
,&DVWHOG¶$]]DQR9HURQD
,QWHUQHWKWWSZZZLQWHV\VLWLQGH[
(PDLOLQGH[#LQGH[VSDLW
8VLQH
,1'(;63$
&DVWHOG¶$]]DQR,WDOLH
'LVWULEXWHXU
,1'(;)5$1&(
UXHGH&RQVWDQWLQRSOH
)3DULV
7pO
)D[
(PDLOSDWJHU#WLVDFOLIU
$EGLFKWXQJIU'DFKJDUWHQ
&RPPLVVLRQFKDUJpHGHIRUPXOHUGHV$YLV7HFKQLTXHV
DUUrWpGXGpFHPEUH
*URXSH6SpFLDOLVpQƒ
7RLWXUHVFRXYHUWXUHVpWDQFKpLWpV
9XSRXUHQUHJLVWUHPHQWOHVHSWHPEUH
6HFUpWDULDWGHODFRPPLVVLRQGHV$YLV7HFKQLTXHV&67%DYHQXHGX5HFWHXU3RLQFDUp)3DULV&HGH[
7pO )D[ ,QWHUQHWZZZFVWEIU
/HV$YLV7HFKQLTXHVVRQWSXEOLpVSDUOH6HFUpWDULDWGHV$YLV7HFKQLTXHVDVVXUpSDUOH&67%/HVYHUVLRQVDXWKHQWLILpHVVRQWGLVSRQLEOHVJUDWXLWHPHQWVXUOHVLWHLQWHUQHWGX&67%KWWSZZZFVWEIU
©&67%
/H *URXSH 6SpFLDOLVp Qƒ ©7RLWXUHV &RXYHUWXUHV eWDQFKpLWpVª D H[DPLQp OH PDL
OHUHYrWHPHQWG¶pWDQFKpLWpGHWRLWXUHV(XURMDUGLQIDEULTXpSDUODVRFLpWp,QGH[6SDHW
FRPPHUFLDOLVpSDUODVRFLpWp,QGH[)UDQFH,ODIRUPXOpVXUFHV\VWqPHO¶$YLV7HFKQLTXH
FLDSUqVTXLDQQXOHHWUHPSODFHO¶$YLV7HFKQLTXHHW0RG&HW$YLV
DpWpIRUPXOpSRXUOHVXWLOLVDWLRQVHQ)UDQFHHXURSpHQQH
'pILQLWLRQVXFFLQFWH
'HVFULSWLRQVXFFLQFWHGXSURFpGp
,VRODWLRQWKHUPLTXH
5HYrWHPHQWG¶pWDQFKpLWpELFRXFKHHQELWXPHpODVWRPqUH6%6
• &RPSRVp
G
XQH qUH FRXFKH (852-$5',1 63 HQ ELWXPH PRGLILp pODV
WRPqUH6%6DUPpG
XQQRQWLVVpSRO\HVWHUJP
XQHqPHFRXFKH(852-$5',1$5'69HQELWXPHPRGLILppODV
WRPqUH 6%6 DUPpH G
XQ YRLOH GH YHUUH JP DXWRSURWpJpH
SDUDUGRLVDJHHWDGMRQFWLRQG
XQDJHQWDQWLUDFLQHV
• 6HPHWWDQWHQ°XYUH
/H SURFpGp SHUPHW GH VDWLVIDLUH j OD UpJOHPHQWDWLRQ FRQFHUQDQW OD
FRQVWUXFWLRQQHXYH,OQHOLPLWHSDVODUpVLVWDQFHWKHUPLTXHGHVLVRODQWV
VXSSRUWVSOXVTXHOHXUSURSUH$YLV7HFKQLTXH
(QWRLWXUHMDUGLQGDQVOHFDVRXQHLVRODWLRQWKHUPLTXHHVWUHTXLVHHQ
UHOHYpVHOOHVHUDPLVHHQ°XYUHVHORQODWHFKQLTXHGHODWRLWXUHLQYHU
VpH
/HV FRXFKHV GUDLQDQWHV QH VRQWSDV SULVHV HQ FRPSWH GDQV OH FDOFXO
GHO
LVRODWLRQWKHUPLTXHGHODWRLWXUH
VRLWHQLQGpSHQGDQFH
$GDSWDWLRQjODSHQWHGHODWRLWXUH
VRLWHQDGKpUHQFH
&H UHYrWHPHQW SHXW rWUH HPSOR\p HQ WRLWXUHWHUUDVVH MDUGLQ GH SHQWH
QXOOHjDYHFODSRVVLELOLWpGHUpDOLVHUORFDOHPHQWGHVSHQWHVSOXV
pOHYpHVHQSURORQJHPHQWGHODSDUWLHFRXUDQWHHWHQUHWHQDQWODWHUUH
HWVXUWRXWHVSHQWHVHQMDUGLQLqUHV
/DPLVHHQ°XYUHGHODVHFRQGHFRXFKHVHIDLWWRXMRXUVSDUVRXGXUH
HQSOHLQVXUODSUHPLqUHFRXFKH
/H SURFpGp (XURMDUGLQ QH QpFHVVLWH SDV GH SURWHFWLRQ GXUH WHOOH TXH
SUpYXH SDU OD QRUPH 1) 3 UpIpUHQFH '78 ORUVTX
LO HVW
XWLOLVp
HQWHUUDVVHMDUGLQ
,OSHXWrWUHXWLOLVpVRXVSURWHFWLRQORXUGHGDQVOHVFRQGLWLRQVGHSHQWH
SUHVFULWHVSDUOH1)3UpI'78VDQVGDOOHVVXUSORWV
5pVLVWDQFHPpFDQLTXH
WRLWXUHVWHUUDVVHVMDUGLQV
/HSURFpGpSUpVHQWHODUpVLVWDQFHDXSRLQoRQQHPHQWDXFKRFHWjOD
GpFKLUXUH FRPSDWLEOH DYHF XQ HPSORL DX FRQWDFW GLUHFW GH OD FRXFKH
GUDLQDQWHHWGHODFRXFKHILOWUDQWHHQUHOHYpPR\HQQDQWOHVSUpFDX
WLRQVG
pSDQGDJHHWGHUpJODJHTXL\VRQWLQGLTXpHV
WRLWXUHVWHUUDVVHVDFFHVVLEOHVDX[SLpWRQVHWDXVpMRXU
5pVLVWDQFHFKLPLTXH
WRLWXUHVWHUUDVVHVDFFHVVLEOHVDX[YpKLFXOHV
/HUHYrWHPHQWHVWFRQVLGpUpFRPPHUpVLVWDQWjXQHDFLGLWpS+≥
'HVWLQDWLRQ
/HSURFpGpV¶HPSORLHVXU
,GHQWLILFDWLRQGHVFRQVWLWXDQWV
(PSORLHQFOLPDWGHPRQWDJQH
/
pWLTXHWDJHGHVURXOHDX[FRPSRUWHOHQRPGXIDEULFDQWOHQRPFRP
PHUFLDOGHODIHXLOOHOHVGLPHQVLRQVOHFRGHGHIDEULFDWLRQOHVFRQGL
WLRQVGHVWRFNDJH
/
HPSORLGXSURFpGp(XURMDUGLQHQFOLPDWGHPRQWDJQHQ
HVWSDVSUR
SRVp
$9,6
'DQVOHGRPDLQHG
HPSORLSURSRVpODGXUDELOLWpGXSURFpGpHVWVDWLV
IDLVDQWH
'RPDLQHG
HPSORLDFFHSWp
(QWUHWLHQ
,GHQWLTXHDXGRPDLQHSURSRVpSDUOH'RVVLHU7HFKQLTXH
&IQRUPHV1)3HW1)3UpI'78'78
$SSUpFLDWLRQVXUOHSURFpGp
5pSDUDWLRQ
&HUHYrWHPHQWSHXWrWUHIDFLOHPHQWUpSDUpHQFDVGHEOHVVXUHDFFLGHQ
WHOOHDYDQWPLVHHQ°XYUHGHVWHUUHVRXGHVDXWUHVSURWHFWLRQVGXUHV
$SWLWXGHjO¶HPSORL
6pFXULWpDXIHX
'DQV OHV ORLV HW UqJOHPHQWV HQ YLJXHXU OHV GLVSRVLWLRQV j FRQVLGpUHU
SRXUOHVWRLWXUHVSURSRVpHVRQWWUDLWjODWHQXHDXIHXYHQDQWGHO
H[Wp
ULHXUHWGHO
LQWpULHXU
9LVjYLV GX IHX YHQDQW GH O
H[WpULHXU OHV WRLWXUHV VRXV SURWHFWLRQ
ORXUGHVRQWVXVFHSWLEOHVG
XQFODVVHPHQW0HQUpDFWLRQDXIHX
'XUDELOLWp±HQWUHWLHQ
)DEULFDWLRQHWFRQWU{OH
(IIHFWXpHHQXVLQHODIDEULFDWLRQUHOqYHGHVWHFKQLTXHVFODVVLTXHVGH
OD WUDQVIRUPDWLRQ GHV ELWXPHV &RPSUHQDQW O
DXWRFRQWU{OH QpFHVVDLUH
HOOH QH FRPSRUWH SDV GH ULVTXH SDUWLFXOLHU WRXFKDQW OD FRQVWDQFH GH
TXDOLWp
/HFODVVHPHQWDXIHXGXSURFpGpQ¶HVWSDVFRQQX
3UpYHQWLRQGHVDFFLGHQWVORUVGHODPLVHHQ°XYUHRXGH
O
HQWUHWLHQ
(OOHSHXWrWUHQRUPDOHPHQWDVVXUpH&HSHQGDQWODVXUIDFHGHVIHXLOOHV
HVWJOLVVDQWHORUVTXHKXPLGH
0LVHHQ°XYUH
&RQFOXVLRQV
/DPLVHHQ°XYUHHVWIDLWHSDUOHVHQWUHSULVHVG
pWDQFKpLWpTXDOLILpHV
6RXVFHWWHFRQGLWLRQHOOHQHSUpVHQWHSDVGHGLIILFXOWpSDUWLFXOLqUH/D
VRFLpWp ,QGH[ )UDQFH DSSRUWH VRQ DVVLVWDQFH WHFKQLTXH VXU GHPDQGH
GHO
HQWUHSULVHGHSRVH
$SSUpFLDWLRQJOREDOH
/
XWLOLVDWLRQ GX SURFpGp GDQV OH GRPDLQH G
HPSORL DFFHSWp FI
SDUDJUDSKHHWFRPSOpWpSDUOH&DKLHUGHV3UHVFULSWLRQV7HFK
QLTXHVHVWDSSUpFLpHIDYRUDEOHPHQW
,OHVWUDSSHOpTXHOHVUHFRPPDQGDWLRQVGHVpFXULWpGHPDQGHQWTXHOHV
PDVVHV GHV REMHWV PDQXSRUWpV SDU XQH VHXOH SHUVRQQH QH GpSDVVH
SDV NJ FH TXL LPSOLTXH OH SRUWDJH GHV URXOHDX[ GH qPH FRXFKH
(852-$5',1$5'69SDUDXPRLQVGHX[SHUVRQQHV
9DOLGLWp
&LQTDQVYHQDQWjH[SLUDWLRQOHPDL
&ODVVHPHQW),7
/H FODVVHPHQW SHUIRUPDQFLHO ©),7ª HVW GRQQp SDU OH WDEOHDX FL
GHVVRXV
3RXUOH*URXSH6SpFLDOLVpQƒ
/H3UpVLGHQW
&'8&+(61(
7DEOHDX±&ODVVHPHQW),7
'HX[LqPHFRXFKH
3UHPLqUHFRXFKH
(852-$5',1$5'69
(852-$5',163
),7
8QVXUIDoDJHSUpDODEOHjO¶($&FRQIqUHDXV\VWqPHXQFODVVHPHQW7
DXOLHXGH7
&DKLHUGHV3UHVFULSWLRQV7HFKQLTXHV
&RQGLWLRQVGHPLVHHQ°XYUH
HQWRLWXUHVWHUUDVVHVMDUGLQV
5pSDUWLWLRQGHO
H[pFXWLRQGHVRXYUDJHV
VXUPRQWDQWO
pWDQFKpLWpHQWUHOHVGLIIpUHQWVFRUSV
G
pWDW
• &RXFKHGUDLQDQWHHOOHHVWPLVHHQ°XYUHSDUO
HQWUHSUHQHXUG
pWDQ
FKpLWp
• &RXFKHILOWUDQWHHOOHHVWPLVHHQ°XYUHSDUO
HQWUHSULVHFKDUJpHGH
ODPLVHHQ°XYUHGHODWHUUH\FRPSULVUHOHYDJHFRQWUHOHVUHOLHIV
• 9pULILFDWLRQV SUpDODEOHV j OD FKDUJH GH O
HQWUHSULVH FKDUJpH GH OD
PLVHHQ°XYUHGHVWHUUHV
FRPSDWLELOLWp GH O
DFLGLWp GHV WHUUHV HW HQJUDLV DYHF O
pWDQFKpLWp
S+≥
FRPSDWLELOLWpGHVFKDUJHVGHWHUUHVYpJpWDX[HQJLQVGHFKDQWLHU
JHUEDJHGHVWHUUHVHWFDYHFODUpVLVWDQFHGXVXSSRUW
• /DFRQVWUXFWLRQGHVRXYUDJHVDQQH[HVWHOVTXH
ERLWHV GH YLVLWH GHV HQWUpHV G¶HDX[ SOXYLDOHV FI 'RVVLHU 7HFKQL
TXHSDUDJUDSKH
PXUHWVFRQVWUXLWVVXUO¶pWDQFKpLWpFI'RVVLHU7HFKQLTXHSDUDJUD
SKH
HVW j HIIHFWXHU SDU O¶HQWUHSUHQHXU FKDUJp GH OD PLVH HQ °XYUH GHV
WHUUHV
&RQVWUXFWLRQGHVFKHPLQVGHFLUFXODWLRQ
/
HQWUHSUHQHXU FKDUJp GH OD PLVH HQ °XYUH GHV WHUUHV H[pFXWH OHV
FKHPLQV GH FLUFXODWLRQ O
RXYUDJH pWDQW GpFULW DX SDUDJUDSKH GX
'RVVLHU7HFKQLTXH
(QVXVRQUHVSHFWHUDOHVH[LJHQFHVVXLYDQWHV
• /HV FKHPLQV SUpVHQWHURQW HQ VXUIDFH XQH SHQWH GH DX PRLQV
SRXUO
pFRXOHPHQWGHVHDX[
• 'HVpYDFXDWLRQVG
HDX[SOXYLDOHVGLVWLQFWHVVHURQWSUpYXHVGDQVOHV
FKHPLQVHQFDLVVpV
• 3RXUOHVRXYUDJHVVLPSOHVG
XQHODUJHXULQIpULHXUH RXpJDOHj
PRQSRXUUDSRVHUOHVGDOOHWWHVVXUODFRXFKHGUDLQDQWHHQJUDQXODWV
DYHFHQWUpHVSOXYLDOHVVRXVOHGUDLQ
&DVGHODUpIHFWLRQ
,O HVW UDSSHOp TX¶LO DSSDUWLHQW DX0DvWUH G¶RXYUDJH RX j VRQ UHSUpVHQ
WDQW GH IDLUH YpULILHU DX SUpDODEOH OD VWDELOLWp GH O¶RXYUDJH GDQV OHV
FRQGLWLRQV GH OD QRUPH 1) 3 UpI '78 YLV j YLV GHV
ULVTXHVG¶DFFXPXODWLRQG¶HDX
'RVVLHU7HFKQLTXH
pWDEOLSDUOHGHPDQGHXU
$ 'HVFULSWLRQ
3ULQFLSH
/H SURFpGp (XURMDUGLQ HVW XQ UHYrWHPHQW ELFRXFKH HQ ELWXPH pODVWR
PqUH6%6FRPSRVp
• '
XQH SUHPLqUH FRXFKH (852-$5',1 63 HQ ELWXPH PRGLILp
pODVWRPqUH6%6DUPpHG¶XQQRQWLVVpSRO\HVWHUGHJP
• '¶XQH VHFRQGH FRXFKH (852-$5',1 $5' 69 HQ ELWXPH PRGLILp
pODVWRPqUH6%6DUPpHG
XQYRLOHGHYHUUHJPDXWRSURWpJpH
SDUSDLOOHWWHVG¶DUGRLVHHWDGMRQFWLRQG
XQDJHQWDQWLUDFLQHV
/H FRPSOH[H VH PHW HQ °XYUH VRLW HQ LQGpSHQGDQFH VRLW HQ DGKp
UHQFHFIWDEOHDX[j/DPLVHHQ°XYUHGHODVHFRQGHFRXFKHVH
IDLWWRXMRXUVSDUVRXGXUHHQSOHLQVXUODSUHPLqUHFRXFKH
/HSURFpGp(XURMDUGLQQHQpFHVVLWHSDVGHSURWHFWLRQHQGXUWHOOHTXH
SUpYXHSDUODQRUPH1)3'78ORUVTX
LOHVWXWLOLVp
HQWHUUDVVHMDUGLQ
2UJDQLVDWLRQGHODPLVHHQ°XYUH
(OOHHVWDVVXUpHSDUOHVHQWUHSULVHVG
pWDQFKpLWpTXDOLILpHV
8QH DVVLVWDQFH WHFKQLTXH SHXW rWUH GHPDQGpH j OD VRFLpWp ,QGH[
)UDQFH
(QWUHWLHQ
/
HQWUHWLHQHVWFHOXLSUHVFULWSDUOHVQRUPHV1)3HW1)3
'78'78
/
HQWUHWLHQ GHV WHUUDVVHV MDUGLQV pWDQFKpLWp HW DPpQDJHPHQW SODQWp
HVW GpILQL GDQV OHV 5qJOHV 3URIHVVLRQQHOOHV SRXU O
DPpQDJHPHQW GHV
WRLWXUHVWHUUDVVHVMDUGLQVGRFXPHQW&61(81(3MXLQ
'HVWLQDWLRQHWGRPDLQHG¶HPSORL
eOpPHQWVSRUWHXUV
HWVXSSRUWVHQPDoRQQHULH
6RQW DGPLV OHV pOpPHQWV SRUWHXUV HW VXSSRUWV HQ PDoRQQHULH FRQIRU
PHVjODQRUPH1)3'78
/D SUpSDUDWLRQ GHV VXSSRUWV HW OH SRQWDJH GHV MRLQWV VRQW HIIHFWXpV
FRQIRUPpPHQWDX[SUHVFULSWLRQVGHODQRUPH1)3'78
HWGHV$YLV7HFKQLTXHV
6XSSRUWVLVRODQWVQRQSRUWHXUV
/HVUHYrWHPHQWVG
pWDQFKpLWpQ
DSSRUWHQWSDVGHOLPLWHjODUpVLVWDQFH
WKHUPLTXHGHVSDQQHDX[LVRODQWV
6RQWDGPLVOHVSDQQHDX[LVRODQWVPHQWLRQQpVGDQVOHVWDEOHDX[HW
OH OLqJH GDQV OHV FRQGLWLRQV GH OD QRUPH 1) 3 '78 DFFqVDX[YpKLFXOHVH[FOXHWOHVDXWUHVLVRODQWVGDQVOHVFRQGLWLRQV
GHOHXU$YLV7HFKQLTXHSDUWLFXOLHUSRXUO
HPSORLFRQVLGpUp
• 6RLWFROOpVSDU($&VHORQODQRUPH1)3'78HW$YLV
7HFKQLTXHVSDUWLFXOLHUV
• 6RLWHQXQVHXOOLWVRXVSURWHFWLRQORXUGHUDSSRUWpH
FROOpV j IURLG SDU SORWV RX EDQGHV DYHF OD FROOH GpILQLH DX † FRQVRPPDWLRQjJPðSDUSORWVHWJPSDUEDQGHV
GHODUJHXUFP
/HV UqJOHV HW FODXVHV GHV QRUPHV '78 QRQ PRGLILpHV SDU OH &DKLHU
GHV3UHVFULSWLRQV7HFKQLTXHVYRLUO¶$9,6VRQWDSSOLFDEOHV
SRXU OHV LVRODQWV GX WDEOHDX 6RQW H[FOXV OHV SDQQHDX[ HQ
SRO\XUpWKDQQHSDUHPHQWpSDSLHUNUDIWHQSRO\VW\UqQHH[SDQVpHW
OHFRPSRVLWHSHUOLWHSKpQROLTXH5pVRO
/DQRUPH1)3'78HVWDSSOLFDEOHHQUpIHFWLRQ
/HV WDEOHDX[ HW UpVXPHQW OHV FRQGLWLRQV G
XWLOLVDWLRQ /HXU HPSORL
GRLW SUHQGUH HQ FRPSWH OHV UqJOHV SURSUHV DX[ pOpPHQWV SRUWHXUV HW
DX[ SDQQHDX[ LVRODQWV VXSSRUWV TXL SRXUUDLHQW DIIHFWHU OH GRPDLQH
G
XWLOLVDWLRQ
5HYrWHPHQWVSRXUWHUUDVVHVMDUGLQV
9RLUWDEOHDXHQILQGH'RVVLHU7HFKQLTXH
5HYrWHPHQWVSRXUWHUUDVVHVDFFHVVLEOHV
9RLUWDEOHDXHQILQGH'RVVLHU7HFKQLTXH
3UHVFULSWLRQVUHODWLYHVDX[pOpPHQWV
SRUWHXUVHWDX[VXSSRUWV
*pQpUDOLWpV
/HV pOpPHQWV SRUWHXUV HW OHV VXSSRUWV VRQW FRQIRUPHV DX[ SUHVFULS
WLRQVGHVQRUPHV'78RX$YLV7HFKQLTXHVOHVFRQFHUQDQW/HVVXS
SRUWV GHVWLQpV j UHFHYRLU OHV UHYrWHPHQWV G
pWDQFKpLWp GRLYHQW rWUH
VWDEOHV HW SODQV SUpVHQWHU XQH VXUIDFH SURSUH OLEUH GH WRXV FRUSV
pWUDQJHUVHWVDQVVRXLOOXUHG
KXLOHSOkWUHK\GURFDUEXUHVHWF
0LVHHQ°XYUHGHO
LVRODQW
/HVSDQQHDX[LVRODQWVVRQWPLVHQ°XYUHVHORQO
XQHGHVWHFKQLTXHV
VXLYDQWHV
*pQpUDOLWpV
/HV 5qJOHV SURIHVVLRQQHOOHV SRXU O
DPpQDJHPHQW GHV WRLWXUHV
WHUUDVVHVMDUGLQVGRFXPHQW&61(81(3MXLQVRQWDSSOLFDEOHV
ORUVTXHOHUHYrWHPHQWHVWPLVHQ°XYUHVRXVMDUGLQ
0LVHHQ°XYUHGXSDUHYDSHXU
/H WDEOHDX HQ ILQ GH 'RVVLHU 7HFKQLTXH V
DSSOLTXH DX FKRL[ HW DX
SULQFLSH GH PLVH HQ °XYUH GH O
pFUDQ SDUHYDSHXU ¬ O¶H[FHSWLRQ GX
YHUUH FHOOXODLUH OD PLVH HQ °XYUH G¶XQ SDUHYDSHXU HVW REOLJDWRLUH
HQWUHO¶pOpPHQWSRUWHXUHWODFRXFKHLVRODQWH
• 6RLW OLEUHV HW HQ XQ VHXO OLW DYHF OHV OLPLWDWLRQV GH O
$YLV 7HFKQLTXH
SDUWLFXOLHUjO
LVRODQW
• 6RLW SDUWRXWH DXWUHWHFKQLTXH YLVpH IDYRUDEOHPHQW SDU O
$YLV 7HFK
QLTXHGHO
LVRODQW
/HWDEOHDXV
DSSOLTXHSRXUOHFKRL[GHVLVRODQWVHWGXSULQFLSHGHOHXU
PLVHHQ°XYUHjFRQGLWLRQTXHO
$YLV7HFKQLTXHGHO
LVRODQWYLVHFHWWH
WHFKQLTXH
/HV SUHVFULSWLRQV GH SRVH OLEUH HW FROOpH j IURLG VRQW SUpFLVpHV SDU
O¶$YLV7HFKQLTXHSDUWLFXOLHUGHO
LVRODQW
/HV LVRODQWV SRO\VW\UqQH (36 HW SRO\XUpWKDQQH 385 VRQW WRXMRXUV
HQXQVHXOOLWGHSDQQHDX[
&DVSDUWLFXOLHUGXSRO\VW\UqQHH[SDQVp
SRXUWHUUDVVHVDFFHVVLEOHVSLpWRQV
&IILJXUH
2Q VH UHSRUWHUD j O
$YLV 7HFKQLTXH GH O
LVRODQW /HV WUDQFKHV GX SDQ
QHDX VRQW SURWpJpHV DX GURLW GHV UHOHYpV HW pPHUJHQFHV SDU XQH
EDQGH GH ELWXPH DUPp W\SH 79 GH P GH GpYHORSSp &HWWH
EDQGH HVW UDSSRUWpH HW SRVpH HQ UHERUGHPHQW GH OD WUDQFKH GX SDQ
QHDXDYHFWDORQGHPHQYLURQHQDGKpUHQFHVXUOHSDUHYDSHXU
SXLV UHEDWWXH VXU OH SDQQHDX LVRODQW VXU XQH ODUJHXU GH P PLQL
PXP/HUHFRXYUHPHQWHQWUHEDQGHVHVWG¶DXPRLQVP
6XSSRUWVFRQVWLWXpVSDUG
DQFLHQV
UHYrWHPHQWVG
pWDQFKpLWp
3URWHFWLRQGHVSDUWLHVFRXUDQWHV
&HVRQWG
DQFLHQQHVpWDQFKpLWpVW\SHDVSKDOWHPXOWLFRXFKHWUDGLWLRQ
QHORXjEDVHGHELWXPHPRGLILpHWFVXUpOpPHQWVSRUWHXUVHQPDoRQ
QHULH
3URWHFWLRQGHVWHUUDVVHVMDUGLQV
/HVFULWqUHVGHFRQVHUYDWLRQHWGHSUpSDUDWLRQGHFHVDQFLHQQHVpWDQ
FKpLWpV SRXU OHXU UpHPSORL FRPPH VXSSRUW RX FRPPH pFUDQ YDSHXU
VRQWGpILQLVGDQVODQRUPH1)3'78
/D PLVH HQ SODFH GH OD FRXFKH GUDLQDQWH GRLW VXLYUH OHV WUDYDX[ GH
SRVHGXUHYrWHPHQWG
pWDQFKpLWpHWrWUHIDLWHSDUO
HQWUHSUHQHXUG
pWDQ
FKpLWp
3UHVFULSWLRQVUHODWLYHVDX[UHYrWHPHQWV
(OOHHVWSRVpHGLUHFWHPHQWVXUODqPHFRXFKHGXUHYrWHPHQWHWpWDOpH
VRLWPDQXHOOHPHQWVRLWDXPR\HQG
HQJLQVPpFDQLTXHVjSQHXVDGDS
WpVGRQWOHVVXUFKDUJHVVRQWSULVHVHQFRPSWHSRXUOHFKRL[GHO
LVR
ODQW VRLW DX PR\HQ G
XQ WDSLV WUDQVSRUWHXU 'DQV OH FDV G
HQJLQV j
SQHXVRQOLPLWHUDODFKDUJHSDUHVVLHX[jWRQQH
/HVIHXLOOHVGHVUHYrWHPHQWVGHEDVHGpFULWVGDQVOHVWDEOHDX[HW
QHSHXYHQWSDVrWUHUHPSODFpHV
5qJOHVG¶LQYHUVLRQ
/
LQYHUVLRQGHVFRXFKHVGXUHYrWHPHQWQ
HVWSDVDGPLVH
/D FLUFXODWLRQ GHV HQJLQV HVW OLPLWpH DX VWULFW PLQLPXP HW GRLW pJDOH
PHQWUHVSHFWHUOHVOLPLWHVGHFKDUJHVLPSRVpHV
&RPSRVLWLRQHWPLVHHQ°XYUH
GXUHYrWHPHQWHQSDUWLHFRXUDQWH
,OIDXWYHLOOHUjQHSDVVWRFNHUOHVFDLOORX[HQXQVHXOHQGURLWDYDQWOHXU
PLVH HQ SODFH DILQ G
pYLWHU OHV FKDUJHV ORFDOLVpHV VXSpULHXUHV j OD
FKDUJHDGPLVHWDQWDXQLYHDXGHO
pOpPHQWSRUWHXUTXHGHVSDQQHDX[
LVRODQWVWKHUPLTXHVpYHQWXHOV
'LVSRVLWLRQVJpQpUDOHV
/DFRPSRVLWLRQHVWLQGLTXpHWDEOHDX[HWHQILQGH'RVVLHU7HFKQL
TXH
/DVHFRQGHFRXFKHHVWVRXGpHHQSOHLQMRLQWVjUHFRXYUHPHQWVORQJL
WXGLQDX[HWWUDQVYHUVDX[G
DXPRLQVFPGpFDOpVG
DXPRLQVFP
SDUUDSSRUWjFHX[GHODSUHPLqUHFRXFKHRXFURLVpV
6\VWqPHLQGpSHQGDQW
VRXVSURWHFWLRQUDSSRUWpH
&DVJpQpUDO
$XWUHVFRXFKHVGUDLQDQWHV
/DFRXFKHGUDLQDQWHSHXWrWUHDXVVLUpDOLVpHjSDUWLUGH
/
pFUDQYRLOHGHYHUUHHVWGpURXOpjVHFMRLQWVjUHFRXYUHPHQWVGH
FPOLEUHV
EULTXHVFUHXVHVHQWLqUHV
SRX]]RODQH RX DUJLOH H[SDQVpH PLVH HQ °XYUH GDQV OHV FRQGL
WLRQVGX†FLGHVVXV
/DSUHPLqUHFRXFKHHVWGpURXOpHjVHFMRLQWVjUHFRXYUHPHQWVORQJL
WXGLQDX[HWWUDQVYHUVDX[G
DXPRLQVFPVRXGpVHQSOHLQ
&RXFKHGUDLQDQWHHQSRO\VW\UqQH
/D FRXFKH GUDLQDQWH SHXW HVW UpDOLVpH j SDUWLU GH SODTXHV GH SRO\VW\
UqQHPRXOp$*52'5$,1FRQIRUPHDX[SUHVFULSWLRQVGHODQRUPH1)
3'78
(OOHV SHXYHQW rWUH IL[pHV SDU XQ SORW GH ELWXPH FKDXG GLDPqWUH FP 3RXU pYLWHU WRXW ULVTXH G
HQYRO HOOHV VHURQW OHVWpHV VRLW SDU OD
PLVHHQ°XYUHGHODWHUUHYpJpWDOHjO
DYDQFHPHQWVRLWSURYLVRLUHPHQW
SDUWRXWDXWUHPR\HQ/HSRLGVVXSSRUWpQHGHYUDSDVGpSDVVHUWPð
HQYLURQPGHWHUUH
/D SUHPLqUH FRXFKH HVW DSSOLTXpH VHORQ OH V\VWqPH FRPPH GLW FL
GHVVRXV
&RXFKHGUDLQDQWHHQFDLOORX[
(OOH SUpVHQWH XQH pSDLVVHXU PLQLPDOH GH FP HW HVW UpDOLVpH DYHF
GHVFDLOORX[GHJUDQXODULWp
5qJOHVGHVXEVWLWXWLRQ
&RXFKHGUDLQDQWH
&DVSDUWLFXOLHUGXSRO\VW\UqQHH[SDQVp
SRXUWHUUDVVHVDFFHVVLEOHVSLpWRQV
&RXFKHILOWUDQWH
(OOHDSRXUEXWGH
/
pFUDQYRLOHGHYHUUHHVWGpURXOpjVHFMRLQWVjUHFRXYUHPHQWVGH
FPOLEUHV
UHWHQLUOHVpOpPHQWVQXWULWLIVGXVRO
/HIHXWUH6NUDIWHVWGpURXOpjVHFMRLQWVjUHFRXYUHPHQWVGHFP
OLEUHV
HPSrFKHUOHFROPDWDJHGHODFRXFKHGUDLQDQWH
UpSDUWLUHWFRQVHUYHUO
KXPLGLWpQpFHVVDLUHDX[SODQWHV
(OOHHVWPLVHHQ°XYUHSDUO
HQWUHSULVHFKDUJpHGHODPLVHHQ°XYUH
GHODWHUUH
/DSUHPLqUHFRXFKHHVWGpURXOpHjVHFMRLQWVjUHFRXYUHPHQWVORQJL
WXGLQDX[HWWUDQVYHUVDX[GHFPDXPRLQVVRXGpV
• /DFRXFKHILOWUDQWHHVWUHOHYpHFRQWUHWRXVOHVUHOLHIVMXVTX
DXQLYHDX
VXSpULHXU GHV WHUUHV /RUVTXH FHV UHOHYpV GpSDVVHQW PqWUH RQ
HPSORLHUDXQIHXWUHMDUGLQ
6\VWqPHDGKpUHQW
VRXVSURWHFWLRQUDSSRUWpH
• /HUHFRXYUHPHQWHQWUHOpVHVWGHFP
/D SUHPLqUH FRXFKH GX UHYrWHPHQW HVW VRXGpH VXU LVRODQW DSWH j FHW
XVDJH RX VRXGpH VXU ($& UHIURLGL j UHFRXYUHPHQWV ORQJLWXGLQDX[ HW
WUDQVYHUVDX[GHFPDXPLQLPXP
• (OOHHVWDXVVLW{WUHFRXYHUWHGHODWHUUH
0LVHKRUVG
HDXHQILQGHMRXUQpH
7HUUHYpJpWDOH
/¶HQWUHSULVH FKDUJpH GH OD PLVH HQ °XYUH GH OD WHUUH GRLW V¶DVVXUHU
TXH
(QILQGHMRXUQpHRXHQFDVG
DUUrWLQRSLQpSRXUFDXVHG
LQWHPSpULHV
O
RXYUDJH HW OD FRXFKH LVRODQWH QRWDPPHQW ORUVTXH SRVpH OLEUH VRQW
PLVKRUVG
HDXFRPPHVXLW
• /H S+ GH OD WHUUH HW GHV HQJUDLV LQWURGXLWV QH GHVFHQG SDV DX
GHVVRXVGH
• /D SUHVVLRQ H[HUFpH SDU OHV WHUUHV HW OHV YpJpWDX[ HW OHV DXWUHV
FKDUJHVpYHQWXHOOHVQHGpSDVVHSDVFHOOHDGPLVVLEOHSDUO
pOpPHQW
SRUWHXU OHV SDQQHDX[ LVRODQWV WKHUPLTXHV pYHQWXHOV RX OHV SDQ
QHDX[$*52'5$,1
8QH EDQGH GH (852-$5',1 63 HVW VRXGpH VXU OH SDUHYDSHXU
RX MXVTX¶j O¶pOpPHQW SRUWHXU HW VXU OH UHYrWHPHQW GH SDUWLH FRXUDQWH
/HV pTXHUUHV GH UHQIRUW VRQWVRXGpHV HQ SpULSKpULH VXUOD FRXFKH GH
UHYrWHPHQWHQSODFH
/DFRPSRVLWLRQGHODWHUUHGRLWWHQLUFRPSWHGHVSODQWDWLRQVTXLGRLYHQW
rWUHIDLWHVJD]RQIOHXUVDUEXVWHVDUEUHV
/
pSDLVVHXUGHODFRXFKHGHWHUUHGRLWrWUHDGDSWpHjODQDWXUHGHFHV
SODQWDWLRQV(OOHHVWDXPRLQVGHFP
/D PLVH HQ SODFH GH OD WHUUH GLUHFWHPHQW VXU OD FRXFKH ILOWUDQWH GRLW
rWUH IDLUH VDQV SURYRTXHU GH GpSODFHPHQW QL GH GpWpULRUDWLRQ GH OD
FRXFKHILOWUDQWHRXGHODFRXFKHGUDLQDQWH
/¶HPSORL SDU H[HPSOH GH SODQFKHV GH URXOHPHQW SHUPHW O¶XWLOLVDWLRQ
G¶HQJLQVGHFKDQWLHUDGDSWpV
$PpQDJHPHQWYpJpWDO
GHVWRLWXUHVWHUUDVVHVMDUGLQV
2Q VH UHSRUWHUD DX[ ©5qJOHV SURIHVVLRQQHOOHV SRXU O
DPpQDJHPHQW
GHVWRLWXUHVWHUUDVVHVMDUGLQVªGRFXPHQW&61(81(3MXLQ
HWSOXVSDUWLFXOLqUHPHQWjO
DQQH[HTXLSUpFLVHODOLVWHGHVYpJpWDX[
DX[TXHOVLOQHIDXWSDVDYRLUUHFRXUVOLVWHGHVYpJpWDX[©GpFRQVHLOOpV
RXLQWHUGLWVª
3URWHFWLRQGXUHORXUGH
GHVWHUUDVVHVDFFHVVLEOHVSLpWRQV
/D SURWHFWLRQ VHUD H[pFXWpH FRQIRUPpPHQW DX PRGLILFDWLI Qƒ GH
IpYULHU &DKLHU GX &67% GH IpYULHU DX &DKLHU GHV
&KDUJHVG
RFWREUHGHODQRUPH1)3'78
'DQV OH FDV SDUWLFXOLHU G¶XQH SURWHFWLRQ ORXUGH UHFHYDQW GHV UHYrWH
PHQWVGHVROVFHOOpVODSHQWHPLQLPXPHVWGHFRQIRUPpPHQWj
ODQRUPH1)3'78
3URWHFWLRQGXUHORXUGH
GHVWHUUDVVHVDFFHVVLEOHVYpKLFXOHV
/D SURWHFWLRQ VHUD H[pFXWpH FRQIRUPpPHQW DX PRGLILFDWLI Qƒ GH
IpYULHU &DKLHU GX &67% GH IpYULHU DX &DKLHU GHV
&KDUJHVG
RFWREUHGHODQRUPH1)3'78
3URWHFWLRQORXUGH
GHVWRLWXUHVWHUUDVVHVLQYHUVpHV
2Q VH UHSRUWHUD j O¶$YLV 7HFKQLTXH GH O¶LVRODQW SRXU OH GRPDLQH
G¶HPSORLGHODWHUUDVVHFRQVLGpUpH
5HOHYpV
&IILJXUHVj
6XSSRUWGHUHOHYpV
/HV SULQFLSHV OD IRUPH HW OD KDXWHXU GHV UHOLHIV HW GHV VXSSRUWV GH
UHOHYpVVRQWFRQIRUPHVDX[GLVSRVLWLRQV
GHODQRUPH1)3'78FKDSLWUH
GHODQRUPH1)3'78FKDSLWUH
,OVVRQWUpDOLVpV
• 6RLWDYHFXQEDQGHDXVDLOODQWjODUPLHUHQEpWRQDUPp
• 6RLWDYHFXQUHWUDLWHQSDUWLHEDVVHGXUHOLHIDYHFEHFTXHWIRUPDQW
ODUPLHU
'DQVOHVGHX[FDVODGLPHQVLRQGHVUHWUDLWVHVWIRQFWLRQGHODQDWXUH
GHODSURWHFWLRQGHVUHOHYpV/HUHWUDLWHVWG¶DXPRLQV
VRLWGHFPSRXUOHVUHOHYpVDXWRSURWpJpV
VRLWGHFPSRXUOHVUHOHYpVUHFHYDQWXQHSURWHFWLRQHQGXU
&RPSRVLWLRQHWPLVHHQ°XYUH
7HUUDVVHVDFFHVVLEOHVSLpWRQV
/HUHYrWHPHQWHVWUpDOLVpFRPPHVXLW
HQGXLWG¶LPSUpJQDWLRQjIURLG
XQHFRXFKHGH(852-$5',163
XQHFRXFKHGH(852-$5',1$5'69
7HUUDVVHVDFFHVVLEOHVDX[YpKLFXOHV
'LWR†FLGHVVXV
3URWHFWLRQGHVUHOHYpV
6HXOVOHVUHOHYpVGHVWRLWXUHVWHUUDVVHVDFFHVVLEOHV
DYHFXQHSURWHFWLRQGXUHORXUGH
QpFHVVLWHQW XQH SURWHFWLRQ HQ GXU SDU HQGXLW FLPHQW JULOODJp UpDOLVpH
FRQIRUPpPHQWjODQRUPH1)3'78
2XYUDJHVSDUWLFXOLHUV
eYDFXDWLRQVG
HDX[SOXYLDOHV
SpQpWUDWLRQV
&IILJXUH
&HV RXYUDJHV VRQW UpDOLVpV FRQIRUPpPHQW DX[ GLVSRVLWLRQV GH OD
QRUPH1)3'78DYHFXQHSLqFHGHUHQIRUWVRXVSODWLQH
HQ(XURMDUGLQ63
-RLQWGHGLODWDWLRQ
3RXUO¶H[pFXWLRQGHFHVRXYUDJHVRQDSSOLTXHUDOHVGLVSRVLWLRQVGHOD
QRUPH 1) 3 '78 /H V\VWqPH GHYUD rWUH WLWXODLUH G¶XQ
$YLV7HFKQLTXHHWVDFRPSDWLELOLWpGHYUDrWUHGpWHUPLQpHSDUODVRFLp
Wp,QGH[
6HXLOV
6XLYDQWOHVGLVSRVLWLRQVGHVQRUPHV1)3'78HW1)3
'78
&KHPLQVGHFLUFXODWLRQWRLWXUHVMDUGLQV
/HVFKHPLQVGHFLUFXODWLRQVRQWJpQpUDOHPHQWUpDOLVpVSDUXQGDOODJH
RXXQUHYrWHPHQW
/RUVTX
LOV QH VRQW SDV UHKDXVVpV LOV VRQW VpSDUpV GH OD WHUUH SDU XQ
PXUHW ,OV SHXYHQW rWUH FRQVWLWXpV G
XQH GDOOH FRXOpH VXU FRXFKH GH
GpVROLGDULVDWLRQ FRQIRUPH j OD QRUPH 1) 3 '78 \
FRPSULVHQFHTXLFRQFHUQHODSHQWHGXVXSSRUWRXGHGDOOHVSUpIDEUL
TXpHVSRVpHVVXUOLWGHVDEOHRXJUDYLOORQV/HVSURWHFWLRQVVRQWPLVHV
HQ°XYUHHQWUHOHVPXUHWVOHOLWGHVDEOHRXGHJUDYLOORQVHVWPLVHQ
°XYUHGLUHFWHPHQWVXUO
pWDQFKpLWp
/HV GDOOHV FRXOpHV VXU SODFH VRQW IUDJPHQWpHV HW PLVHV HQ °XYUH
FRQIRUPpPHQWjODQRUPH1)3'78HWSHXYHQWUHFHYRLU
XQHSURWHFWLRQVFHOOpH
/HV IHXLOOHV XWLOLVpHV HQ UHOHYpV VRQW SRVpHV j MRLQWV GpFDOpV DYHF
WDORQGHFPSRXUODqUHFRXFKHHWFPSRXUODqPHFRXFKH/HV
UHFRXYUHPHQWVODWpUDX[GHVUHOHYpVVRQWGHFPDXPLQLPXP
/HVFKHPLQVGHFLUFXODWLRQH[pFXWpVDXQLYHDXGHODWHUUHVRQWUpDOLVpV
SDU OH SD\VDJLVWH TXL SUHQGUD WRXWHV OHV GLVSRVLWLRQV SRXU OLPLWHU OHV
WDVVHPHQWVWHUUHFRPSDFWpHVDEORQJUDYHFLPHQWHWF
/HUHOLHIHVWLPSUpJQpG¶(,)
0XUHWVFRQVWUXLWVVXUOHUHYrWHPHQW
G
pWDQFKpLWpWRLWXUHVMDUGLQV
7HUUDVVHVMDUGLQV
/
pWDQFKpLWp HVW UHOHYpH VXU XQH KDXWHXU GH P DXGHVVXV GX
QLYHDXGHODWHUUHFIQRUPH1)3'78
/DSDUWLHVXSpULHXUHGXUHOLHIGRLWFRPSRUWHUREOLJDWRLUHPHQWXQGLVSR
VLWLI pFDUWDQW OHV HDX[ GH UXLVVHOOHPHQW VXVFHSWLEOHV GH SpQpWUHU GHU
ULqUHOHUHOHYp
3RXU OHV UHOHYpV GH KDXWHXU VXSpULHXUH j P O
pWDQFKpLWp HVW IL[pH
PpFDQLTXHPHQW HQ WrWH j UDLVRQGH IL[DWLRQV PO IL[DWLRQ FKHYLOOpH
DYHF SODTXHWWH FI † F DYHF GLVSRVLWLI GH SURWHFWLRQ GHV IL[DWLRQV
YLVjYLVGHVHDX[GHUXLVVHOOHPHQW
3RXUOHVUHOHYpVGHKDXWHXUVXSpULHXUHjPOHUHOHYpVHUDPLVHQ
°XYUHSDUIHXLOOHVGHPDXPD[LPXPIL[pHVPpFDQLTXHPHQWHQ
WrWH/HOpG
pWDQFKpLWpVXSpULHXUUHFRXYUHFHVIL[DWLRQVGHFP
/HUHYrWHPHQWHVWUpDOLVpFRPPHVXLW
HQGXLWG¶LPSUpJQDWLRQjIURLG
XQHFRXFKHGH(852-$5',163
XQHFRXFKHGH(852-$5',1$5'69
&IILJXUH
,OVVRQWGHGHX[W\SHVHQEpWRQDUPpRXHQPDoRQQHULHG
pOpPHQWV
,OV VRQW FRQVWUXLWV VXU XQH FRXFKH GH UHQIRUW FRQVWLWXpH G
XQ
(852-$5',163VRXGpVXUOHUHYrWHPHQWHWGpERUGDQWGHFP
GHSDUWHWG
DXWUHGHO
HPSULVHSUpYXH/
HPSODFHPHQWGHVPXUHWVGRLW
GRQFrWUHFRQQXORUVGHODUpDOLVDWLRQGXUHQIRUW
/HVPXUHWVHQPDoRQQHULHG
pOpPHQWVVRQWDGPLVVRXVUpVHUYHTXH
• /HXUKDXWHXUVRLWDXSOXVpJDOHjFP
• /D SUHVVLRQ H[HUFpH j OHXU VRXVIDFH QH GpSDVVH SDV QL FHOOH DG
PLVVLEOHSDUO
LVRODQWRQYHLOOHUDjFHWpJDUGDX[FKDUJHVDFFLGHQWHO
OHVSLpWRQVMDUGLQLqUHV«QL1FPðGD1FP
• ,OQ
\DLWSDVGHSRXVVpHODWpUDOH
/RUVTX
LOH[LVWHXQHSRXVVpHGHVWHUUHVOHVPXUHWVVRQWHQEpWRQDUPp
DYHFVHPHOOHGHUpSDUWLWLRQHWGRLYHQWrWUHFDOFXOpVGHIDoRQjDVVXUHU
RXWUH OHXU VWDELOLWp O
DEVHQFH GH SUHVVLRQ j OHXU VRXVIDFH GpSDVVDQW
HQ TXHOTXH SRLQW TXH FH VRLW FHOOH DGPLVVLEOH SDU OH SDQQHDX LVRODQW
VXSSRUWG
pWDQFKpLWp
0DWpULDX[HQYUDF
0DWpULDX[
D%LWXPHR[\Gp($&
/LDQW+(/$672DQWLUDFLQHV
E&ROOHjIURLG0$67,&2//
GHQVLWp±
,O V
DJLW GX PpODQJH +(/$672 FRQIRUPH j OD 'LUHFWLYH 8($WF HQ
ELWXPH6%6ILOOHULVpjPD[LPDOFRQIRUPHDXWDEOHDXGX'RV
VLHU7HFKQLTXH
H[WUDLWVHFjƒ&
H[WUDLWVHFjƒ&
3RXUODIHXLOOH(852-$5',1$5'69OHOLDQWHVWDGGLWLYpG¶XQDJHQW
DQWLUDFLQH35(9(172/%jUDLVRQGHJPðDXPLQLPXP
YLVFRVLWp%URRNILHOG599jƒ&jFSV
LQIODPPDELOLWp0DUFXVVRQHQYDVHRXYHUWƒ&
)HXLOOHV
WHPSVGHSULVHjƒ&KHXUHVHQYLURQVXUEpWRQVHF
KHQYLURQVXUEpWRQKXPLGH
/D FRPSRVLWLRQ HW OD SUpVHQWDWLRQ GHV GLIIpUHQWHV IHXLOOHV LQWHUYHQDQW
GDQV OH SURFpGp VRQW LQGLTXpHV GDQV OH WDEOHDX HQ ILQ GH 'RVVLHU
7HFKQLTXH
VWRFNDJHGDQVOHVHPEDOODJHVG¶RULJLQHPRLV
XWLOLVDWLRQFROODJHG
LVRODQWVVRXVSURWHFWLRQORXUGH
/HV FDUDFWpULVWLTXHV VSpFLILpHV GHV IHXLOOHV VRQW LQGLTXpHV GDQV OH
WDEOHDXHQILQGH'RVVLHU7HFKQLTXH
F )L[DWLRQV PpFDQLTXHV SRXU UHOHYpV FRQIRUPHV DX &DKLHU GX &67%
GHMXLQ
'DOOHVSUpIDEULTXpHV
• eOpPHQWVGHOLDLVRQGH&ODVVH8($WFSRXUODUpVLVWDQFHFRQWUH
ODFRUURVLRQHWGH3NIW≥GD1
• 'DOOHV HQ EpWRQ ODYp SUpIDEULTXpHV FRQIRUPHV j OD QRUPH 1) (1
HWGHFODVVH6DXPLQLPXP
• 3ODTXHWWH∅PPDXPLQLPXPHWG¶pSDLVVHXUPPQHUYX
UpHVRXPPSODQHV
$XWUHVPDWpULDX[HQIHXLOOHV
$XWUHVPDWpULDX[
• eFUDQG
LQGpSHQGDQFHYRLOHGHYHUUHJPðGpILQLSDUOD1)3
'78
• 3ODTXHVGUDLQDQWHVGHSRO\VW\UqQH$*52'5$,1
GHQVLWp!NJP
• )HXLOOHG¶DOXIHXLOOHHQDOXPLQLXPGHTXDOLWp$pSDLVVHXU
PPFRQWUHFROOpHVXUXQVXSSRUWYRLOHGHYHUUHRXIHXWUHELWXPpHWF
FRQIRUPHjODQRUPH1)3'78
GLPHQVLRQVP×P
pSDLVVHXUPP
• $OX 99 YRLOH GH YHUUH JP PLQLPXP FROOp VXU XQH IHXLOOH
G¶DOXPLQLXPGHµPDXPLQLPXPFRQIRUPHjODQRUPH1)3
'78
VXUIDFHSRUWDQWH
VXUIDFHGHSHUFRODWLRQ
FKDUJH PD[LPDOH WPð VRLW HQYLURQ XQH KDXWHXU GH WHUUH LQIp
ULHXUHjP
• eFUDQ SHUIRUp GH VHPLLQGpSHQGDQFH GpILQL SDU OD 1) 3 '78
• eFUDQ3(5)2%$6(IHXLOOHHQELWXPH6%6DUPpG¶XQYRLOHGHYHUUH
DYHFILOPSRO\pWK\OqQHVXUOHVGHX[IDFHVGHPDVVHVXUIDFLTXH
JPDYHFWURXVSDUPGH∅PP
)DEULFDWLRQHWFRQWU{OHGHIDEULFDWLRQ
/HVIHXLOOHVVRQWSURGXLWHVSDUODVRFLpWp,QGH[6S$GDQVVRQXVLQHGH
&DVWHOG
$]]DQR
• eFUDQVYDSHXU
IHXWUHELWXPp6RXFKDSH1)3VpULH
/H OLDQW SUpSDUp HQ XVLQH HVW PDLQWHQX j ƒ& HW GLULJp YHUV OHV
PDFKLQHV G
HQGXFWLRQ /HV DUPDWXUHV QRQ WLVVp VRQW LPSUpJQpHV DX
ELWXPH 6%6 SXLV HQGXLWHV HQWUH GHX[ F\OLQGUHV GH UpJODJH G
pSDLV
VHXU/DIHXLOOHHVWHQVXLWHUHIURLGLHSXLVHQURXOpHjGLPHQVLRQV
ELWXPHDUPpDOXFRQIRUPHjOD1)3
EDUULqUHjODYDSHXUDOXPLQLXPELWXPH1)3
IHXWUHSHUIRUpVRXVIDFpGpILQLSDUOD1)3'78
/DQRPHQFODWXUHGHO¶DXWRFRQWU{OHHVWGRQQpHDXWDEOHDXHQILQGH
'RVVLHU7HFKQLTXH
• &RXFKHILOWUDQWH$*52),/75(*JPðQRQWLVVpSRO\SURS\
OqQH
% 5pVXOWDWVH[SpULPHQWDX[
1RPHQFODWXUHGHVUpVXOWDWVG¶HVVDL
5DSSRUWVG¶HVVDLVGX&67%QƒGXPDUVQƒ72
GXVHSWHPEUHHWQƒ72GXRFWREUH
& 5pIpUHQFHV
/HSURFpGp(XURMDUGLQDIDLWO
REMHWG
HQYLURQPðG
DSSOLFDWLRQV
UpIpUHQFpHVGHSXLV
7DEOHDX[HWILJXUHVGX'RVVLHU7HFKQLTXH
7DEOHDX±5HYrWHPHQWVSRXUWHUUDVVHMDUGLQV±SHQWHj
7HUUDVVHMDUGLQV
,QGpSHQGDQW
$GKpUHQW
7\SH&
pFUDQ99
(852-$5',163
(852-$5',1$5'69
7\SH'
(852-$5',163
(852-$5',1$5'69
&
(,)'
3HUOLWHH[SDQVpHILEUpH
&
'
&RPSRVLWHSHUOLWHSKpQROLTXH5pVRO
&
'
($&UHIURLGL&
($&UHIURLGL'
6XSSRUWGLUHFWGXUHYrWHPHQW
0DoRQQHULH
,VRODQWV
9HUUHFHOOXODLUH
• SDSLHUNUDIW
&
• SDUHPHQWVFRPSRVLWHV
&
&
&
(,)'
3RO\XUpWKDQQH385
• 99ELWXPp
,VRODWLRQLQYHUVpH
$VSKDOWH
99&
0XOWLFRXFKH
99&
'VXUDOXGpODUGp
&LPHQWYROFDQLTXH
)HXLOOHG¶DOX&
(QGXLWSkWHX[
)HXLOOHG¶DOX&
$OX99
(852-$5',163
(852-$5',1$5'69
$QFLHQUHYrWHPHQWFI†
0XOWLFRXFKHDXWRSURWpJpPpWDO
0HPEUDQHV\QWKpWLTXH
/HVFDVHVJULVpHVFRUUHVSRQGHQWjGHVH[FOXVLRQVG¶HPSORL
eOpPHQWVSRUWHXUVGHW\SH$EDFVFROODERUDQWVH[FOXV%RX&pYHQWXHOOHPHQWVXUPRQWpVG
XQHIRUPHGHSHQWH
3DQQHDX[DSWHVDXVRXGDJHRXVXUIDFpVjO
($&8QVXUIDoDJHSUpDODEOHjO
($&FRQIqUHDXV\VWqPHXQFODVVHPHQW7DXOLHXGH7
/HVSURWHFWLRQVDGPLVHVSDUO¶LVRODQWIRQWO¶REMHWGHVRQ$YLV7HFKQLTXHSDUWLFXOLHUXWLOLVpGDQVOHFDGUHGHVRQGRPDLQHG¶HPSORLDFFHSWp
/HSUHPLHU99SHXWrWUHUHPSODFpSDUXQSDSLHUNUDIW
7DEOHDX±5HYrWHPHQWSRXUWHUUDVVHDFFHVVLEOHGDOOHVVXUSORWVH[FOXHVSHQWH≤
7HUUDVVHVDFFHVVLEOHVDX[SLpWRQV
7HUUDVVHVDFFHVVLEOHVDX[YpKLFXOHV
,QGpSHQGDQW
$GKpUHQW
,QGpSHQGDQW
$GKpUHQW
7\SH&
pFUDQ99
(852-$5',163
(852-$5',1$5'69
7\SH'
(852-$5',163
(852-$5',1$5'69
7\SH&
pFUDQ99
(852-$5',163
(852-$5',1$5'69
7\SH'
(852-$5',163
(852-$5',1$5'69
&
&
/LqJH
&
($&'
3HUOLWHH[SDQVpHILEUpH
&
'
&
'
&RPSRVLWHSHUOLWHSKpQROLTXH
&
'
($&UHIURLGL&
($&UHIURLGL'
($&UHIURLGL&
($&UHIURLGL'
• SDSLHUNUDIW
&
• SDUHPHQWVFRPSRVLWHV
&
• 99ELWXPp
&
99
6NUDIW
(852-$5',163
(852-$5',1$5'69
&
$VSKDOWH
99&
99&
0XOWLFRXFKH
99&
99&
'VXUDOXGpODUGp
'VXUDOXGpODUGp
&LPHQWYROFDQLTXH
)HXLOOHG¶DOX&
)HXLOOHG¶DOX&
(QGXLWSkWHX[
)HXLOOHG¶DOX&
)HXLOOHG¶DOX&
$OX99
(852-$5',163
(852-$5',1$5'69
6XSSRUWGLUHFW
GXUHYrWHPHQW
0DoRQQHULH
,VRODQWV
9HUUHFHOOXODLUH
3RO\XUpWKDQQH385
3RO\VW\UqQHH[SDQVp
,VRODWLRQLQYHUVpH
$QFLHQUHYrWHPHQWFI†
0XOWLFRXFKHDXWRSURWpJpPpWDO
0HPEUDQHV\QWKpWLTXH
/HVFDVHVJULVpHVFRUUHVSRQGHQWjGHVH[FOXVLRQVG¶HPSORL
3HQWHPLQLPXPFRQIRUPHjODQRUPH1)3'78HWG¶DXPRLQVGDQVOHFDVRODSURWHFWLRQGXUHUDSSRUWpHUHoRLWXQ
UHYrWHPHQWGHVROVFHOOpVHORQODQRUPH1)3'78ODSURWHFWLRQGXUHUDSSRUWpHHVWFRQIRUPHjODQRUPH1)3'78
3HQWHPLQLPXPFRQIRUPHjODQRUPH1)3'78ODSURWHFWLRQGXUHUDSSRUWpHHVWFRQIRUPHjODQRUPH1)3'78
/HVSURWHFWLRQVDGPLVHVSDUO¶LVRODQWIRQWO¶REMHWGHVRQ$YLV7HFKQLTXHSDUWLFXOLHUXWLOLVpGDQVOHFDGUHGHVRQGRPDLQHG¶HPSORLDFFHSWp
3DQQHDX[DSWHVDXVRXGDJHRXVXUIDFpVjO
($&8QVXUIDoDJHSUpDODEOHjO
($&FRQIqUHDXV\VWqPHXQFODVVHPHQW7DXOLHXGH7
8QVXUIDoDJHSUpDODEOHjO
($&FRQIqUHDXV\VWqPHXQFODVVHPHQW7DXOLHXGH7
/HSUHPLHU99SHXWrWUHUHPSODFpSDUXQSDSLHUNUDIW
7DEOHDX±&RQVWLWXWLRQHWPLVHHQ°XYUHGXSDUHYDSHXU
+\JURPpWULHHW
FKDXIIDJHGHVORFDX[
eOpPHQWSRUWHXU
0DoRQQHULH
3DUHYDSHXUDYHF($&
3DUHYDSHXUVDQV($&
&DVFRXUDQW
(,)($&6($&
(,)%$VRXGpHQSOHLQ
3ODQFKHUVFKDXIIDQWVQ
DVVXUDQW
TX
XQHSDUWLHGXFKDXIIDJH
(,)($&%DUULqUHjODYDSHXU
1)3($&
(,)%$DOXVRXGpHQSOHLQ
/RFDX[jIRUWHK\JURPpWULHHW
SODQFKHUVFKDXIIDQWVDVVXUDQW
ODWRWDOLWpGXFKDXIIDJH
(,)63HUIRVRXVIDFp
($&EDUULqUHjODYDSHXU
1)3($&
6RLW(,)pFUDQSHUIRUp%$DOXVRXGp
6RLW%$DOXFROOpSDUSORWVGHFROOHjIURLG
3RQWDJHGHVMRLQWVFI†GX'RVVLHU7HFKQLTXH
'DQVOHFDVGHVXUIDFHVLQIpULHXUHVjPðHWVRXVSURWHFWLRQORXUGHOHSDUHYDSHXUVDQV($&SHXWrWUHSRVpVRLWVRXGpVRLWHQ
LQGpSHQGDQFHDYHFOHVPrPHVIHXLOOHVVDQV(,)jMRLQWVVRXGpV(QSpULSKpULHGHODWRLWXUHHWDXWRXUGHVpPHUJHQFHVOHSDUHYDSHXUHVW
VRXGpVXUDXPRLQVFP
/HVSDUHYDSHXUVDQV($&VRQWMRLQWR\pVVXUFPDXPRLQV
/
pFUDQSHUIRUp1)3RXO¶pFUDQSHUIRUpHVWGpURXOpjUHFRXYUHPHQWVGHjFP
4XDQWLWpGHFROOHjIURLGLGHQWLTXHjFHOOHQpFHVVDLUHSRXUO¶LVRODQW
7DEOHDX±0LVHHQ°XYUHGHO¶LVRODQW
1DWXUHGHO¶LVRODQW
0LVHHQ°XYUHGHO¶LVRODQW
3RO\XUpWKDQQH385SDSLHUNUDIW
($&
($&
3RO\XUpWKDQQH385SDUHPHQWVFRPSRVLWH
SORWVGHFROOHjIURLG
OLEUH
($&
3RO\XUpWKDQQH38599ELWXPp
SORWVGHFROOHjIURLG
OLEUH
($&
3HUOLWHH[SDQVpHILEUpH(3%
SORWVGHFROOHjIURLG
OLEUH
&RPSRVLWHSHUOLWHSKpQROLTXH5pVRO(3%3)
3RO\VW\UqQHH[SDQVp(36
($&
OLEUH
($&
OLEUH
9HUUHFHOOXODLUH&*
($&
3RO\VW\UqQHH[WUXGp;36HQWRLWXUHLQYHUVH
OLEUH
/LqJHFRQIRUPHjODQRUPH1)%
($&VHORQQRUPH1)3'78
(QXQVHXOOLWDYHFOHVOLPLWDWLRQVSUpYXHVSDUO¶$YLV7HFKQLTXHGHO¶LVRODQW
7DEOHDX±&DUDFWpULVWLTXHVGXOLDQW+(/$672DQWLUDFLQHV
&DUDFWpULVWLTXH
9DOHXUVSpFLILpHjO
pWDWLQLWLDO
9DOHXUVSpFLILpHDSUqVPRLVjƒ&
5DPROOLVVHPHQW7%$
≥ƒ&
≥ƒ&
3pQpWUDWLRQjƒ&IDFXOWDWLI
j
7HPSpUDWXUHOLPLWHGHSOLDJHjIURLG
≤ƒ&
≤ƒ&
5HSULVHpODVWLTXHWRWDOHDSUqVpORQJDWLRQVXLYDQW;33
≥
≥
7DEOHDX±&RPSRVLWLRQSUpVHQWDWLRQHWFDUDFWpULVWLTXHVVSpFLILpHVGHVIHXLOOHV
$SSHOODWLRQVFRPPHUFLDOHV
(852-$5',163
(852-$5',1$5'69
$SSHOODWLRQVFRGLILpHV
3<
99$
&RPSRVLWLRQHWSUpVHQWDWLRQ
)DFHVDYHFILOPIXVLEOH
$UPDWXUHYRLOHGHYHUUH
$UPDWXUHSRO\HVWHUQRQWLVVp
/LDQW+(/$672JPð
)LOPSODVWLTXH
×
$UGRLVDJHJPð
/LVLqUHGHUHFRXYUHPHQWPP
eSDLVVHXUQRPLQDOHPPWROpUDQFHV(1
'LPHQVLRQVGHVURXOHDX[P[P(1
[
[
3RLGVGHVURXOHDX[LQGLFDWLINJ
$YHFDGMXYDQWDQWLUDFLQH35(9(172/%jUDLVRQGHJPð
&DUDFWpULVWLTXHVVSpFLILpHV
&RQWUDLQWHGHUXSWXUHHQWUDFWLRQ909&(1/[71PP
jUXSWXUHGX99
[×
jUXSWXUHGX3<
[×
$OORQJHPHQWGHUXSWXUH909&(1/[7
jUXSWXUHGX99
[×
jUXSWXUHGX3<
[×
jUXSWXUHGXOLDQW
[
[
7HPSpUDWXUHOLPLWHGHSOLDJHjIURLGVXUPDQGULQ∅PPƒ&SDVVH(1
7HQXHjODFKDOHXUƒ&SDVVH(1
5HWUDLWOLEUHPD[LPDOjƒ&8($WF(1
5pVLVWDQFHDXSRLQoRQQHPHQWVWDWLTXHGXV\VWqPH
1)3HW),7DYHFqUHFRXFKH(XURMDUGLQ63&ODVVH/
/
5pVLVWDQFHDXSRLQoRQQHPHQWG\QDPLTXHGXV\VWqPH
1)3HW),7DYHFqUHFRXFKH(XURMDUGLQ63&ODVVH'
'
5pVLVWDQFHjODGpFKLUXUHDXFORX909&(1/[71
[×
[×
90YDOHXUPR\HQQHPR\HQQHDULWKPpWLTXHGHVUpVXOWDWVKDELWXHOOHPHQWPHQWLRQQpV
9&YDOHXUFULWLTXHYDOHXUPLQLPDOHVXVFHSWLEOHG¶rWUHIRXUQLHGDQVOHFDGUHGXV\VWqPHTXDOLWp
)UpTXHQFH
7DEOHDX±1RPHQFODWXUHGHO¶DXWRFRQWU{OH
6XUPDWLqUHVSUHPLqUHV
%LWXPHGHEDVH7%$SpQpWUDWLRQjƒ&
FKDTXHOLYUDLVRQ
)LQHVJUDQXORPpWULH
FKDTXHOLYUDLVRQ
FKDTXHOLYUDLVRQ
*UDQXODWVJUDQXORPpWULHFRORULV
6XUELWXPHPRGLILp
7%$
FKDTXHPpODQJH
3OLDJHjIURLG
HW
eODVWLFLWp
DQVXUSURGXLWYLHLOOL
6XUSURGXLWVILQLV
eSDLVVHXU±ORQJXHXU±ODUJHXUOLVLqUHVSRLGV
SRVWH
7HQXHjODFKDOHXU
SRVWHHWDQVXUYLHLOOL
3OLDJHjIURLG
SRVWHHWDQVXUYLHLOOL
5HWUDLWOLEUH
Pð
7HQXHGHVJUDQXODWV
SRVWH
7UDFWLRQ
PRLV
&RPSRVLWLRQ
PRLV
RXYHUWXUH
=RQHVWpULOHSDUFDQLYHDXUHFRXYHUWGHGDOOHWWHVFRPPXQLTXDQWDYHFODFRXFKHGUDLQDQWHVXUIDFH!P
)LJXUH$±5HOHYpVXUWHUUDVVHVMDUGLQ
=RQHVWpULOHSDUFRXFKHGUDLQDQWHFRQWUHOHUHOHYpVpSDUpGHODWHUUHYpJpWDOHSDUXQHFRXFKHILOWUDQWHVXUIDFH!P
)LJXUH%±5HOHYpVXUWHUUDVVHVMDUGLQ
'UDLQ$*52'5$,1
=RQHVWpULOHSDUFRXFKHGHSODTXHVGHSRO\VW\UqQHVXUIDFH≤P
)LJXUH&±5HOHYpVXUWHUUDVVHVMDUGLQ
)LJXUH$±5HWRPEpHVXUVXSSRUWQRQLVROp
'UDLQILOWUH
6\VWqPH(XURMDUGLQHQSDUWLHFRXUDQWH
,VRODQWUpVLVWDQWjODFRPSUHVVLRQSHUPHWWDQWO¶DGKpUHQFH
SHUOLWHH[SDQVpHYHUUHFHOOXODLUHUHYrWXSDUpTXHUUH79
)LJXUH%±5HWRPEpHVXUVXSSRUWLVRODQW
%DQGHSRUWHVROLQ
WLWXODLUHG¶XQ$YLV7HFKQLTXH
)LJXUH%±5HOHYpGHKDXWHXU≥P
)LJXUH$±5HOHYpGHKDXWHXU≥P
3URWHFWLRQGHVWUDQFKHVGHVSDQQHDX[LVRODQWV(36DXGURLWGHVUHOHYpVHWpPHUJHQFHV
)LJXUH±3URWHFWLRQHQULYHGXSRO\VW\UqQHH[SDQVp(36
)LJXUH±0XUHWGHVpSDUDWLRQWHUUDVVHMDUGLQWHUUDVVHDFFHVVLEOH
)LJXUH±(QWUpHVG¶HDXSOXYLDOHHQWHUUDVVHMDUGLQ