%DVHV
%
LHQYHQXHGDQVOHQXPpURVXLYDQWGH+DNLQ ±PDJD]L QHSRXUWRXVFHX[TXLV¶LQWpUHVVHQWjODVpFXULWp/HSUH...
62 downloads
1074 Views
6MB Size
Report
This content was uploaded by our users and we assume good faith they have the permission to share this book. If you own the copyright to this book and it is wrongfully on our website, we offer a simple DMCA procedure to remove your content from our site. Start by pressing the button below!
Report copyright / DMCA form
%DVHV
%
LHQYHQXHGDQVOHQXPpURVXLYDQWGH+DNLQ ±PDJD]L QHSRXUWRXVFHX[TXLV¶LQWpUHVVHQWjODVpFXULWp/HSUH PLHUQXPpURDpWpDFFXHLOOLIDYRUDEOHPHQWM¶HVSqUHTXHFH QXPpURYRXVSODLUDGDYDQWDJH -HVXLVSHUVXDGpTXHO¶DUWLFOHGH0LFKDá:RMFLHFKRZVNL:DUGUL YLQJHQSUDWLTXHDWWLUHUDYRWUHDWWHQWLRQ /¶DXWHXU \ H[SRVH VHV H[SpULHQFHV OLpHV j OD SURWHFWLRQ GHV UpVHDX[ VDQV ¿O 'RWpV G¶XQ VDYRLUIDLUH SUpVHQWp GDQV O¶DUWLFOH HW GHVRXWLOVTXHQRXVIRXUQLVVRQVVXUOH&'MRLQWDXPDJD]LQHYRXV DXVVLYRXVSRXUUH]SUHQGUHYRWUHYRLWXUHHWYRXVUHQGUHjODUHFKHU FKHGHVUpVHDX[VDQV¿OPDOSURWpJpV -HYRXVUHFRPPDQGHDXVVLOHWH[WHGH0DFLHM6]PLWHW0DUHN *XVWD6QLI¿QJGDQVOHVUpVHDX[FRPPXWpV VHFWLRQ$WWDTXH ±FHW DUWLFOH VHUD LQWpUHVVDQW VXUWRXW SRXU FHX[ TXL RQW OX O¶DUWLFOH 6QLI ¿QJSRXUOHVGpEXWDQWVGHFHVPrPHVDXWHXUV&RPPHYRXVYRXV VRXYHQH] SHXWrWUH OHV DXWHXUV RQW VXJJpUp TXH O¶XWLOLVDWLRQ GHV UpVHDX[FRPPXWpVSHXWQRXVSURWpJHUFRQWUHOHVQLI¿QJ&HWWHIRLV FLYRXVDSSUHQGUH]TX¶XQLQWUXVPDOLFLHX[HWGpWHUPLQpHVWFDSDEOH G¶pFRXWHUOHWUD¿FPrPHGDQVFHW\SHGHUpVHDX/HVSHUVRQQHVTXL FRPPHQFHQWjV¶LQTXLpWHUGHODVpFXULWpGHVGRQQpHVGDQVOHVUpVH DX[TX¶LOVDGPLQLVWUHQWGRLYHQWVHUHQGUHjODSDJHROHVDXWHXUV GpFULYHQWOHXUVWHQWDWLYHVG¶HIIHFWXHUOHVQLI¿QJjO¶DLGHGHVFRPPX WDWHXUVGHGLIIpUHQWVIDEULFDQWV±YpUL¿H]VLYRWUHPDWpULHOHVWVU 6LPDOJUpWRXWXQLQWUXVSpQqWUHGDQVYRWUHUpVHDXO¶DUWLFOHGH 0DULXV] %XUGDFK SRUWDQW VXU O¶DQDO\VH DSUqV LQWUXVLRQ VHUD WUqV XWLOH*XLGpVSDUXQSURIHVVLRQQHOYRXVHIIHFWXHUH]SDVjSDVO¶D QDO\VHGXWUD¿FUpVHDXG¶XQHFHUWDLQHLQWUXVLRQ-HYRXVOHUHFRP PDQGH IRUWHPHQW $ FHWWH pWDSH FH WH[WH SHXW SDUDvWUH DPXVDQW TXLGDQVVRQHQIDQFHQHYRXODLWSDVrWUHGpWHFWLYH" PDLVLOYLHQ GUDXQMRXURLOYRXVVHUDYUDLPHQWWUqVXWLOH (YLGHPPHQW FH QH VRQW TXH GHV H[HPSOHV GHV DUWLFOHV /HV DXWUHVSDVPRLQVLQWpUHVVDQWVYRXVOHVWURXYHUH]GDQVQRWUHPDJD ]LQH±MHYRXVLQYLWHjODOHFWXUHHQHVSpUDQWTX¶LOVYRQWYRXVSODLUH 1¶RXEOLH]SDVTXHOHPDJD]LQHHVWpODERUpSDUQRXVWRXV9RVFRP PHQWDLUHVVXJJHVWLRQVRSLQLRQVVRQWLPSRUWDQWVSRXUQRXV'LWHV FHTXLYRXVDSOXRXPRLQVSOXRXSDVGXWRXWSOX6XUQRWUHSDJH ZHE±KWWS ZZZKDNLQ RUJ±QRXVDYRQVPLVjYRWUHGLVSRVLWLRQOH IRUXPRYRXVSRXYH]SRVHUGHVTXHVWLRQVDX[DXWHXUVGHVDUWLFOHV H[SULPHUYRVRSLQLRQVVXJJpUHUOHVVXMHWVGXPDJD]LQHRXODGLUHF WLRQGHVRQGpYHORSSHPHQW6LYRXVYRXOH]rWUHDXFRXUDQWREWH QLUOHVLQIRUPDWLRQVVXUOHVQXPpURVVXFFHVVLIVGXPDJD]LQHHWVXU OHVPDWpULDX[GLVSRQLEOHVVXUQRVSDJHVZHEDERQQH]YRXVjQRWUH OHWWUHG¶LQIRUPDWLRQ 1RXV WHQRQV DXVVL j YRWUH RSLQLRQ VXU OH &' IRXUQL DYHF OH PDJD]LQH ± QRXV QRXV VRPPHV GpFLGpV j PHWWUH j GLVSRVLWLRQ OD SUHPLqUHYHUVLRQGHODGLVWULEXWLRQERRWDEOHGH/LQX[+DNLQ /LYH HVWXQHGLVWULEXWLRQEDVpHVXU$XUR[/LYHLQWpJUDQWGHVRXWLOVUHODWLIV jODVpFXULWpTXLSHXYHQWrWUHIRUWXWLOHV±QRXVDYRQVFRQVWDWpTXH FRPPHFHODYRXVSRXUULH]OHVWHVWHUVDQVGHYRLUOHVLQVWDOOHU1RXV HVSpURQVTXHYRXVDSSUpFLHUH]FHWWHGLVWULEXWLRQ±YRXVSRXYH]O¶D YRLU WRXMRXUV VXU YRXV ERRWHU VXU HOOH O¶RUGLQDWHXU HW DYRLU VRXV OD PDLQWRXVOHVSURJUDPPHVQpFHVVDLUHV
6QLI¿QJGDQVO¶HWKHUQHW FRPPXWp 0DUHN*XVWD0DFLHM6]PLW
/¶XWLOLVDWLRQGHVFRPPXWDWHXUVGHGHX[LqPHQLYHDXHPSrFKHG¶DS SOLTXHUOHVPpWKRGHVGHVQLI¿QJFODVVLTXHV0DLVLOH[LVWHGHV PpWKRGHVSHUPHWWDQWG¶pFRXWHUOHVLQIRUPDWLRQVGDQVOHVUpVHDX[ FRPPXWpV
$WWDTXH :DUGULYLQJHQSUDWLTXH 0LFKDá6]\PDĔVNL
:DU;LQJFRQVLVWHjVFDQQHUOHVUpVHDX[:/$1QRQVpFXULVpVHQ FLUFXODQWGDQVOHV]RQHVXUEDLQHVDYHFXQPDWpULHOSUpSDUpSRXU ODGpWHFWLRQ,OH[LVWHGLIIpUHQWVW\SHVGHZDU;LQJTXLGpSHQGHQW GHVPpWKRGHVGHGpSODFHPHQW6LQRXVQRXVGpSODoRQVjSLHGRQ O¶DSSHOOHZDUZDONLQJ ZDUVWUROOLQJ VLQRXVVRPPHVHQFDQRWF¶HVW ZDUERDWLQJHQGHOWDSODQHRXHQDYLRQ±ZDUÀ\LQJ/HSOXVSRSX ODLUHHVWZDUGULYLQJTXLXWLOLVHODYRLWXUHHQWDQWTXHOHPR\HQGH WUDQVSRUW
'16VSRR¿QJj VDYRLUVHIDLUH SDVVHUSRXUOHVHUYHXU'16 7RPDV]*UDERZVNL
(QSULQFLSHODSOXSDUWGHFHX[TXLV¶LQWpUHVVHQWDX[TXHVWLRQVGH VpFXULWpGHVUpVHDX[LQIRUPDWLTXHVVDYHQWELHQTXHOHSURWRFROH '16Q¶HVWSDVGpSRXUYXG¶HUUHXUVHQPDWLqUHGHVpFXULWp&HSHQ GDQWSHXVDYHQWHQTXRLHOOHVFRQVLVWHQWHWGDQVTXHOOHPHVXUH HOOHVVRQWGDQJHUHXVHV
%LEOLRWKqTXHOLESURF±XQSRLQW IDLEOHGHSOXVLHXUVV\VWqPHV :RMWHN:DOF]DN
3RXUWDQWGDQV/LQX[LOH[LVWHXQSHWLW¿FKLHUXQHWRXWHSHWLWH ELEOLRWKqTXH&¶HVWGHFHWWHELEOLRWKqTXHTXHGpSHQGFHTXLVHUD DI¿FKpSDUOHVDSSOLFDWLRQVGXSDTXHWSURFSV HWEHDXFRXSG¶DX WUHV /DPpWKRGHTXLSHUPHWGHODPRGL¿HUDXQJUDQGDWRXW±HOOH HVWSHXFRQQXHSDVELHQGpFULWHHWSHUVRQQHQHV¶\LQWpUHVVH
3LRWU6REROHZVNL SLRWU#VRIWZDUHFRPSO
XXXIBLJOPSH
)BLJO/ P
'pIHQVH $QDO\VHDSUqVLQWUXVLRQ±SDVjSDV $9(57,66(0(17
0DULXV]%XUGDFK
/HSUpVHQWDUWLFOHSUpVHQWHOHVpOpPHQWVGHO¶DQDO\VHGHVDFWLRQVG¶XQ LQWUXVTXLV¶HVWLQWURGXLWGDQVOHVHUYHXUOHXUUHGXSURMHW+RQH\QHW
&RQWU{OHGHO¶LQWpJUDOLWpGX V\VWqPH/LQX[DYDQWOHGpPDUUDJH
/HVWHFKQLTXHVSUpVHQWpHVGDQVOHVDUWLFOHVQHSHXYHQW rWUHXWLOLVpHVTX DXVHLQGHVUpVHDX[LQWHUQHV /DUpGDFWLRQGXPDJD]LQHQ HVWSDVUHVSRQVDEOHGHO XWL OLVDWLRQLQFRUUHFWHGHVWHFKQLTXHVSUpVHQWpHV / XWLOLVDWLRQGHVWHFKQLTXHVSUpVHQWpHVSHXWSURYRTXHUOD SHUWHGHVGRQQpHV
9ODGLVODY0\DVQ\DQNLQ
6LO¶LQWUXVSUHQGOHFRQWU{OHVXUOHV\VWqPHLOSHXWOHPRGL¿HUGH IDoRQjFHTXHOHV\VWqPHGHGpWHFWLRQGHVLQWUXVLRQVQHVRLWSDV FDSDEOHGHIRQFWLRQQHUFRUUHFWHPHQW$¿QGHQRXVSURWpJHUFRQWUH FHWWHPHQDFHQRXVSRXYRQVHIIHFWXHUOHFRQWU{OHGHO¶LQWpJUDOLWp GXV\VWqPHDYDQWVRQGpPDUUDJH
/¶DGPLQLVWUDWHXUPRGL¿HOHQR\DX 7RPDV]3RWĊJD$QGU]HM1RZDN
/HVFUpDWHXUVGXQR\DXGH/LQX[VDYHQWELHQFHTX¶LOVIRQW,OVWUDYD YDLO OHQWWUqVGXUSRXUIRXUQLUjO¶XWLOLVDWHXU¿QDOXQSURGXLWGHKDXWHTX XDOL Wp3RXUTXRLDORUVFRUULJHUOHFRGHG¶XQQR\DX"
+DNLQ HVWSXEOLpSDU6RIWZDUH:\GDZQLFWZR6S]RR $GUHVVHSRXUFRUUHVSRQGDQFH 6RIWZDUH:\GDZQLFWZR6S]RR XO/HZDUWRZVNLHJR 9DUVRYLH3RORJQH 7HO)D[ ZZZKDNLQ RUJZ\GDZQLFWZR#VRIWZDUHFRPSO 3URGXFWLRQHWGLVWULEXWLRQ 0RQLND*RGOHZVNDPRQLNDJ#VR RIWZDUHFRPSO 5pGDFWHXUHQFKHI 3LRWU6REROHZVNLSLRWU#VRIWZDUHFRPS SO 6pFUHWDLUHGHUpGDFWLRQ $QHWD&HMPDĔVND DQHWWD#VRIWZD DUHFRPSO &RPSRVLWLRQ 5REHUW=DGUR]Q\ URE]#VRIWZDUHFRPSO 3URMHWGHODFRXYHUWXUH $JQLHV]ND0DUFKRFND 3XEOLFLWp DGY#VRIWZDUHFRPSO $ERQQHPHQW VXEVFULSWLRQ#VRIWZDUHFRPSO 7UDGXFWLRQ *UDĪ\QD:HáQD /HVSHUVRQQHVLQWpUHVVpHVSDUODFRRSpUDWLRQVRQWSULpHVGHQR RXV FRQWDFWHU FRRSHUDWLRQ#VRIWZDUHFRPSO 'LVWULEXpSDU 0/3 3DUFG¶DFWLYLWpVGH&KHVQHVEGGHOD1RLUpH%3 ) 6$,1748(17,1)$//$9,(5&('(; /D UpGDFWLRQ D IDLW WRXW VRQ SRVVLEOH SRXU V¶DVVXUHU TXH OHV ORJLFLHOV HW OHV LQIRUPDWLRQV SXEOLpHV SDU pFULW HW VXU OHV DXWUHV VXSSRUWV VRQW j MRXU HW FR RUUHFWV SRXUWDQW HOOH QH SUHQG SDV OD UHVSRQVDELOLWp SRXU O¶XWLOLVDWLRQ GH WRXWH LQIRUP PDWLRQ HWGHWRXWORJLFLHO 7RXV OHV ORJRV HW PDUTXHV GpSRVpHV UHSURGXLWV GDQV FHWWH SXEOLFDWLRQ VR RQW OD SURSULpWpGHOHXUVSURSULpWDLUHVUHVSHFWLIV,OVRQWpWpXWLOLVpVXQLTXHPHQWGDQV QVXQ EXWLQIRUPDWLI /DUpGDFWLRQQHIRXUQLWSDVGHVXSSRUWWHFKQLTXHGLUHFWOLpjO¶LQVWDOODWLRQHWjO¶XWLOL L VDWLRQGHVORJLFLHOVHQUHJLVWUpVVXUOHV&'520GLVWULEXpVDYHFOHPDJD]LQH /DUpGDFWLRQXWLOLVHOHV\VWHPHG¶DXWRPDWLVDWLRQpGLWLTXH /H&'520MRLQWDXPDJD]LQHDpWpWHVWpDYHF$QWL9LUHQ.LWGHODVRFLpWp *'DWD6RIWZDUH6S]RR ,PSUHVVLRQ 6WHOOD0DULV
)BLJO/ P
XXXIBLJOPSH
+DNLQ /LYH
-.
'
DQVOHPDJD]LQHYRXVDOOH]WURXYHUXQ&'DYHF GHVPDWpULDX[HWOLVWLQJVFRPSOpPHQWDLUHVDX[ DUWLFOHV SXEOLpV OD GRFXPHQWDWLRQ DSSURSULpH HWGHX[GLVWULEXWLRQVERRWDEOHVGH/LQX[:DU/LQX[ [ HVW XQHGLVWULEXWLRQFRQoXHWRXWVSpFLDOHPHQWSRXUFHX[TXL V RFFXSHQW GH OD VpFXULWp GHV UpVHDX[ VDQV ¿O HW HOOH VHUD XWLOH j FHX[ TXL VHURQW LQWpUHVVpV j O DUWLFOH :DU GULYLQJHQSUDWLTXH/DGHX[LqPHGLVWULEXWLRQ± +DNLQ /LYH±EDVpHVXU$XUR[/LYH LQWqJUHXQMHXG RXWLOVOLpV jODVpFXULWp &HWWH GLVWULEXWLRQ VHUD GpYHORSSpH HW MRLQWH DX[ QXPpURV VXLYDQWV GX PDJD]LQH ± F HVW SRXUTXRL YRXV rWHVLQYLWpVjQRXVFRPPXQLTXHUYRVUHPDUTXHVHWVXJ JHVWLRQV
'pPDUUDJH
IE±GpPDUUDJHHQPRGH[ IE±GpPDUUDJHHQPRGH[ QRIE±GpPDUUDJHVDQVpPXODWLRQGHODFRQVROHWH[WH HQPRGHJUDSKLTXH
$SUqV O XQH GH FHV RSWLRQV YRXV SRXYH] PHWWUH GHV SDUDPqWUHVVXSSOpPHQWDLUHVSH[
$¿QGHGpPDUUHUOHV\VWqPHjSDUWLUGX&'LOIDXWTXH YRXV Gp¿QLVVLH] GDQV OH %,26 GH OD PDFKLQH O RUGUH GH ERRW GH IDoRQ TXH FHOXLFL FRPPHQFH SDU OH OHF WHXU GH &'520 $SUqV DYRLU UHGpPDUUp OD PDFKL QHYRXVDOOH]YRLUXQORJRJUDSKLTXHDLQVLTX XQVLJQH G LQYLWH ERRW 'DQVODSOXSDUWGHVFDVLOVXI¿WG DSSX\ HUVXU>(QWHU@HWG DWWHQGUHMXVTX jFHTXHODOLVWHGHV ODQJXHV JpUpHV DSSDUDLVVH 3RXU DFFHSWHU OD ODQJXH DQJODLVHSDUGpIDXWYRXVGHYH]DSSX\HUVXU>(QWHU@ U SRXUXWLOLVHUOHV\VWqPHDYHFO LQWHUIDFHGDQVXQHDXWUH ODQJXH±YRXVGHYH]WDSHUGHX[OHWWUHV FV GH IU HV FRQIRUPpPHQW j O LQIRUPDWLRQ DI¿FKpH VXU O pFUDQ ' XQHPDQLqUHVWDQGDUGOHV\VWqPHODQFHXQHQYLURQ QHPHQW JUDSKLTXH GH WUDYDLO ± )OX[ER[ HW OD FRQVROH WH[WHHVWODQFpHHQUpVROXWLRQ[ 9(6$IUDPH EXIIHU 6L YRWUH FDUWH JUDSKLTXH QH SHUPHW SDV G XWL OLVHU FH PRGH GH WUDYDLO YRXV GHYH] IDLUH DI¿FKHU OD TXHVWLRQ VXSSOpPHQWDLUH UHODWLYH DX FKRL[ GH OD UpVR OXWLRQ SRXU OD FRQVROH WH[WH j FHWWH ¿Q DSSX\H] VXU >(QWHU@HWWDSH]OHQXPpURFRUUHVSRQGDQWjXQ PRGH GHWUDYDLOVpOHFWLRQQp
3RXUFKDQJHUODPpWKRGHGHGpPDUUDJHGXV\VWqPH jF{WpGXVLJQHG LQYLWH ERRW YRXVSRXYH]VDLVLUO XQGHV PRGHVGHWUDYDLOGHODFRQVROHWH[WH
WH[W±SHUPHWGHGpPDUUHUOHV\VWqPHXQLTXHPHQWHQ PRGH WH[WH VDQV ODQFHU XQ HQYLURQQHPHQW JUDSKL TXH QRODQJ±SHUPHWGHVDXWHUODTXHVWLRQVXUODODQJXH ODODQJXHSDUGpIDXWHVWDFFHSWpH QRVFVL±SHUPHWGHVDXWHUOHFKDUJHPHQWGHVPRGX OHV6&6,DXFRXUVGHGpPDUUDJH
)LJXUH+DNLQ /LYH±DSUqVOHGpPDUUDJH
XXXIBLJOPSH
)BLJO/ P
2KUSX # 6S`O
RXWLOVLQWpUHVVDQWVGDQVOHPHQX GLVSRQLEOHDSUqVDYRLU DSSX\p VXU OD WRXFKH GURLWH GH OD VRXULV VXU O RQJOHW 7RROV
1HVVXV
)LJXUH$XWRSV\ &RPPHO XQHGHVRSWLRQVYRXVSRXYH]WDSHUXQV\PER OHGHODODQJXH FV GH IUHV ±FHTXLSHUPHWGHFKDQJHU ODODQJXHSDUGpIDXW ODFRPPDQGH QRIEWH[WQRODQJGH
IDLW GpPDUUHU OH V\VWqPH HQ PRGH WH[WH DYHF OD ODQJXH DOOHPDQGHVDQVDXFXQHTXHVWLRQVXSSOpPHQWDLUH
3UHPLHUFRQWDFW / HQYLURQQHPHQW )OX[ER[ HVW ODQFp VXU OH FRPSWH G XWLOLVDWHXU KDNLQJ VDQV TX LO VRLW QpFHVVDLUH G RXYULU ODVHVVLRQ'DQVOHV\VWqPHGHX[FRPSWHVVDQVPRWV GH SDVVH VRQW HQUHJLVWUpV URRWW HW KDNLQJ 1 RXEOLH] SDVGHGp¿QLUOHVPRWGHSDVVHSRXUFHVFRPSWHVGDQV OHFDVRYRXVFRQQHFWH]YRWUHV\VWqPHDXUpVHDXHW YRXVODQFH]GHVVHUYLFHV9RXVDOOH]WURXYHUOHWHUPL QDOWH[WHGDQVOHPHQXV\VWqPH GLVSRQLEOHDSUqVDYRLU DSSX\pVXUODWRXFKHGURLWHGHODVRXULV VRXVOHQRP GH [WHUP
&RQ¿JXUDWLRQGXUpVHDX 6L OH '+&3 IRQFWLRQQH VXU YRWUH UpVHDX FHOXLFL GHYUD rWUHFRQ¿JXUpDXWRPDWLTXHPHQW6LQRQ±LOVXI¿WG RXYULU OD FRQVROH [WHUP GDQV OH PHQX GLVSRQLEOH DSUqV DYRLU DSSX\p VXU OD WRXFKH GURLWH GH OD VRXULV HW G RXYULU OD VHVVLRQHQWDQWTXHURRW
6XUOH&' +DNLQ /LYH YRXVDOOH]WURXYHU1HVVXV±ORJL V FLHOGpGLpjODUHFKHUFKHjGLVWDQFHGHVYXOQpUDELOLWpVDX QLYHDX GH OD VpFXULWp GHV V\VWqPHV ,O VH FRPSRVH GH GHX[SDUWLHV±OHVHUYHXUTXLHIIHFWXHGHVWHVWVHWOHFOLHQW TXLSHUPHWO LQWHUDFWLRQHQWUHO XWLOLVDWHXUHWOHORJLFLHO$¿Q GH O XWLOLVHU SRXU VFDQQHU OHV PDFKLQHV VpOHFWLRQQpHV LOHVWQpFHVVDLUHGHVpOHFWLRQQHUjSDUWLUGXPHQX 7RROV !6WDUWWKH1HVVXVGDHPRQ DSUqVOHERRWjSDUWLUGX&' +DNLQ /LYH /DIHQrWUHGXWHUPLQDOROHVPHVVDJHVGX VHUYHXUV DI¿FKHQWYDDORUVV RXYULU$SUqVTXHOHPHVVD JH 1HVVXVGVWDUWHG G VRLWDSSDUXYRXVSRXYH]ODQFHU OHFOLHQW±jFHWWH¿QYRXVGHYH]VpOHFWLRQQHUjSDUWLUGX PHQX WRXFKHGURLWHGHODVRXULV 7RROV!1HVVXVFOLHQW 'DQV OD IHQrWUH TXL YD DSSDUDvWUH LO IDXW VDLVLU XQ QRP G XWLOLVDWHXU KDNLQJ HW XQ PRW GH SDVVH KDNLQJ HW DSSX\HUVXUOHERXWRQ/RJLQ/HFOLHQWRXYUHODVHVVLRQ FHTXLHVWYLVLEOHGDQVODIHQrWUHGXWHUPLQDOROHVPHV VDJHV GX VHUYHXU DSSDUDLVVHQW FHOD SHXW SUHQGUH XQ SHX GH WHPSV (QVXLWH LO HVW QpFHVVDLUH GH SDUDPpWUHU OHVRSWLRQV W\SHVGHWHVWVOHXUVSDUDPqWUHVVXUO RQJOHW 7DUJHW,3GHODPDFKLQHTXHYRXVYRXOH]WHVWHU±SRXU SOXVG LQIRUPDWLRQVFRQVXOWH]ODGRFXPHQWDWLRQDSSURSUL pH HWDSSX\HUVXUOHERXWRQ6WDUWWKHVFDQ
'RFXPHQWDWLRQHWPDWpULDX[FRPSOpPHQWDLUHV DX[DUWLFOHV 7RXWH OD GRFXPHQWDWLRQ DLQVL TXH OHV PDWpULDX[ FRP SOpPHQWDLUHV DX[ DUWLFOHV SXEOLpV GDQV OH PDJD]LQH VH WURXYHQW GDQV OH UpSHUWRLUH PQWFGURPBDUWLFOHV ,O HVW SUpIpUDEOHGHFRQVXOWHUOHUpSHUWRLUH PQWFGURPBGRFX PHQWDWLRQ RYRXVDOOH]WURXYHUGLIIpUHQWVW\SHVGHGRFX PHQWDWLRQ±XQUHFXHLOFRPSOHWGHVGRFXPHQWV5)&WRXV OHV QXPpURV GX PDJD]LQH 3KUDFN GHV PDQXHOV VXU OHV ORJLFLHOV GHV ¿OPV G HQVHLJQHPHQW DLQVL TXH EHDXFRXS G DXWUHVPDWpULDX[WUqVXWLOHV N
VX
HW GH VDLVLU HQVXLWH OD FRPPDQGH QHWFRQ¿J $SUqV DYRLU UpSRQGX j TXHOTXHV TXHVWLRQV WRXWHV VLPSOHV YRWUH DGUHVVH,3OHPDVTXHGHVRXVUpVHDXODSDVVHUHOOHSDU GpIDXWHWO DGUHVVH,3GXVHUYHXU'16 YRWUHUpVHDXVHUD FRQ¿JXUp
2XWLOV ,OHVWUHFRPPDQGpGHFRPPHQFHUjXWLOLVHU+DNLQ /LYH SDU OD SULVH GH FRQQDLVVDQFH GX UpSHUWRLUH XVUORFDO ELQWRROV 9RXV SRXYH] pJDOHPHQW WURXYHU SOXVLHXUV
)BLJO/ P
)LJXUH1HVVXV
XXXIBLJOPSH
6QLI¿QJGDQVO HWKHUQHW FRPPXWp 0DUHN*XVWD0DFLHM6]PLW
/¶XWLOLVDWLRQGHVFRPPXWDWHXUV GHQLYHDXHPSrFKHG¶DSSOLTXHU OHVPpWKRGHVGHVQLI¿QJ FODVVLTXHV HOOHVFRQVLVWHQW jPHWWUHODFDUWHUpVHDXHQPRGH SURPLVFXRXVTXDQGODFDUWH QpJOLJHO¶DGUHVVHGXGHVWLQDWDLUH HQUHJLVWUpHGDQVODWUDPHHW WUDLWHWRXWHVOHVWUDPHVTXL HQWUHQWGDQVOHPpGLXP 0DLVLO H[LVWHGHVPpWKRGHVSHUPHWWDQW G¶pFRXWHUOHVLQIRUPDWLRQVGDQV OHVUpVHDX[FRPPXWpV
:\SXMSZO]
/
HWKHUQHW HVW XQH WHFKQRORJLH SOXV SUp FLVpPHQW XQH IDPLOOH GH SURWRFROHV EDVpH VXU XQH WRSRORJLH HQ EXV &HOD VLJQL¿H TX XQH LQIRUPDWLRQ WUDPH HQYR\pH SDUO H[SpGLWHXUHVWGLVWULEXpHjWRXVOHVGHVWL QDWDLUHVPDLVHOOHQHSHXWrWUHUHoXHTXHSDU OH GHVWLQDWDLUH GRQW O DGUHVVH SK\VLTXH 0$& DGGUHVV HVWFRQIRUPHjO DGUHVVHFLEOH 'DQV OH FDV GH OD WRSRORJLH SK\VLTXH HQ EXV S H[ HWKHUQHW %DVH RX %DVH F HVWDVVH]pYLGHQWGHPrPHTXHGDQVOHFDV GXUpVHDXFRQVWUXLWVXUXQHWRSRORJLHSK\VLTXH HQ pWRLOH S H[ EDVH7 RX EDVH7; /D WkFKH GX FRQFHQWUDWHXU KXE SODFp GDQV XQ SRLQWFHQWUDOGHGLVWULEXWLRQFRQVLVWHjDPSOL¿HU OH VLJQDO HW OH WUDQVPHWWUH YHUV WRXV VHV SRUWV LQIRUPDWLRQVSRXUOHVOHFWHXUVPRLQVDWWHQWLIV OHV ³SRUWV´ VLJQL¿HQW LFL OHV SULVHV SK\VLTXHV GDQV OHVTXHOOHV RQ PHW OHV FkEOHV HW SDV OHV FRPSRVDQWVGHVRFNHWV7&3 /HFRPPXWDWHXU VZLWFK HVWXQGLVSRVLWLIGH GHX[LqPHFRXFKHGXPRGqOHGHUpIpUHQFH,62 26,/DSULQFLSDOHGLIIpUHQFHHQWUHOHKXEHWOH FRPPXWDWHXUHVWTXHFHGHUQLHUGLIIpUHQFLHOHV DGUHVVHV 0$& GHV SpULSKpULTXHV FRQQHFWpV j VHV SRUWV HW WUDQVPHW OHV WUDPHV HQWUDQWHV XQLTXHPHQWYHUVOHSRUWGHVWLQDWDLUH
XXXIBLJOPSH
/H FRPPXWDWHXU HVW GRWp GH PpPRLUH R LO VDXYHJDUGHOHVWDEOHDX[GHVDGUHVVHVDIIHFWpHV DX[SRUWVVSpFL¿TXHV6LXQSDTXHWDSSDUDvWVXU O¶XQ GHV SRUWV GX FRPPXWDWHXU LO OLW O¶DGUHVVH GX GHVWLQDWDLUH HW OH SODFH GDQV OH WDEOHDX GHV DGUHVVHVFRPPHDGUHVVHDIIHFWpHDXSRUWGRQQp (YLGHPPHQW WDQW TXH OH FRPPXWDWHXU QH VDLV SDVjTXHOOHVDGUHVVHVFRUUHVSRQGHQWOHVSRUWV LOHQYRLHOHVSDTXHWVDGUHVVpVjXQSpULSKpULTXH LQFRQQXVXUWRXVVHVSRUWV±GHODPrPHIDoRQ TX XQFRQFHQWUDWHXU KXE /D FDSDFLWp GH OD PpPRLUH GpGLpH DX[ DGUHVVHVYDXWG¶KDELWXGHGHGHX[MXVTX¶jKXLWNLOR RFWHWV HQIRQFWLRQGXPRGqOHGHFRPPXWDWHXU FHTXLHQSUHQDQWHQFRQVLGpUDWLRQOHIDLWTX¶XQH DGUHVVH0$&DODORQJXHXUGHRFWHWVSHUPHW GHVWRFNHUTXHOTXHVFHQWDLQHVG¶DGUHVVHV%LHQ VUOHVFRPPXWDWHXUVVWDQGDUGSRVVqGHQWQRU PDOHPHQWSOXVLHXUVSRUWVSDUFRQWUHSOXVJUDQ GHWDLOOHGHPpPRLUHHVWQpFHVVDLUHGDQVOHFDV RLOVVRQWUHOLpVHQUpVHDXEDVpVXUODWRSRORJLH HQDUEUH /¶XWLOLVDWLRQ GHV FRPPXWDWHXUV GH QLYHDX HPSrFKH G¶DSSOLTXHU OHV PpWKRGHV GH VQLI¿QJ FODVVLTXHV HOOHV FRQVLVWHQW j PHWWUH OD FDUWH UpVHDX HQ PRGH SURPLVFXRXV TXDQG OD FDUWH QpJOLJHO¶DGUHVVHGXGHVWLQDWDLUHHQUHJLVWUpHGDQV
)BLJO/ P
=XSPPSXQ NKX] VO] \]OK_b MYWW_^]
ODWUDPHHWWUDLWHWRXWHVOHVWUDPHVTXL HQWUHQW GDQV OH PpGLXP /D FDXVH HQ HVW WUqV VLPSOH ± O¶LQWHUIDFH GH O¶RUGLQDWHXU QH UHoRLW TXH OHV SDTXHWV TXL \ VRQW GHVWLQpV HW OHV SDTXHWV GH GLIIXVLRQ JpQpUDOH HQ DQJODLV EURDGFDVWW ±RQGLWTXHOHFRPPXWDWHXU GLYLVHOHVGRPDLQHVGHFROOLVLRQPDLVLO QHGLYLVHSDVGHGRPDLQHGHGLIIXVLRQ JpQpUDOH 0DLVLOH[LVWHGHVPpWKRGHV SHUPHWWDQW G¶pFRXWHU OHV LQIRUPDWLRQV GDQVOHVUpVHDX[FRPPXWpV
0$&ÀRRGLQJ LQRQGHU OHFRPPXWDWHXUGH PLOOLHUVGHIDXVVHV DGUHVVHV0$& /D SUHPLqUH PpWKRGH ± HW FRPPH QRXV OH YHUURQV DSUqV ± O XQH GHV PRLQV HI¿FDFHV HVW XQH PpWKRGH DSSHOpH0$&ÀRRGLQJHWHOOHFRQVLVWH j LQRQGHU OH FRPPXWDWHXU GH PLOOLHUV GH WUDPHV DYHF XQH DGUHVVH VRXUFH IDXVVH H[SpGLWHXU $SUqVXQFHUWDLQ WHPSV OH WDEOHDX GHV DGUHVVHV HVW GpERUGp3XLVTXHOHFRPPXWDWHXUQH VDLW SOXV LQWHUSUpWp FRUUHFWHPHQW OHV DGUHVVHV SURYHQDQW GHV RUGLQDWHXUV TXL IRQFWLRQQHQW UpHOOHPHQW GDQV OH UpVHDXLOHQYRLHOHVWUDPHVHQWUDQWHV DGUHVVpHVDX[GHVWLQDWDLUHVLQFRQQXV YHUVWRXVVHVSRUWV'DQVOHFDVGHV FRPPXWDWHXUV GH ERQQH TXDOLWp O XWLOLVDWLRQ GH FHWWH PpWKRGH ¿QLW SDU ÀRRGHU OH SRUW TXL DWWDTXH SXLVTXH j FKDTXH SRUW XQ IUDJPHQW VpSDUp GX WDEOHDX GHV DGUHVVHV HVW DIIHFWp 'DQVOHVPRGqOHVXQSHXPRLQVFKHUV RX YLHX[ OD PpPRLUH HVW FRPPXQH SRXUWRXVOHVSRUWV,OHQGpFRXOHTXH VLXQSRUWHVWLQRQGpOHFRPPXWDWHXU GHYLHQW WUqV YLWH XQ KXE $SUqV RQ SHXW XWLOLVHU OHV PpWKRGHV G pFRXWH FRQQXHVGDQVO HWKHUQHWFODVVLTXH %LHQ VU OH FRPPXWDWHXU DFWX DOLVH GH WHPSV HQ WHPSV OHV LQIRUPDWLRQV DXWUHPHQW LO QH VHUDLW SDV PrPH SRVVLEOH GH UHFRQQHFWHU XQRUGLQDWHXUG XQSRUWjO DXWUH DORUV OH SURFHVVXV G LQRQGDWLRQ GRLW rWUH PHQp V\VWpPDWLTXHPHQW HW GH IDoRQ FRQWLQXH DX PR\HQ G XQ RUGLQDWHXU DVVH] HI¿FDFH PDLV FHOD QH JDUDQWLW SDV QRQ SOXV TXH O RQ UHoRLYH FHQW SRXUFHQW G LQIRUPDWLRQV pFRXWpHV
)BLJO/ P
&KDTXH LQIRUPDWLRQ PrPH FHOOH TXH O RQ D UpXVVL j pFRXWHU SRUWH GHV GRQQpHV VXU VRQ H[SpGLWHXU FH TXL HQWUDvQH O DIIHFWDWLRQ GH O DGUHVVH VRXUFH j O XQ GHV SRUWV GDQV OH FRPPXWDWHXU 3RXU TXH OHV WUDPHV DUULYDQWjSDUWLUG XQÀRRGLQJFKDVVHQW FHWWH LQIRUPDWLRQ GH OD PpPRLUH GX FRPPXWDWHXU LO IDXW XQ FHUWDLQ WHPSV 'H PrPH GHSXLV OH GpEXW GH O LQRQGDWLRQ ÀRRGLQJ MXVTX DX UHPSOLVVDJHGHVWDEOHDX[XQFHUWDLQ WHPSVHVWQpFHVVDLUH
$53VSRR¿QJ IDOVL¿FDWLRQGHV SDTXHWV$53 /D VHFRQGH PpWKRGH G pFRXWH GHV WUDPHV GDQV OH UpVHDX FRPPXWp HVW $53 VSRR¿QJ &HWWH PpWKRGH FRQVLVWHjHQYR\HUXQHIDXVVHWUDPH $53 5HSO\ j SDUWLU GH ODTXHOOH OHV RUGLQDWHXUV GX UpVHDX SUHQQHQW OHV LQIRUPDWLRQVVXUODWUDQVFULSWLRQGHV DGUHVVHV ORJLTXHV ,3 HQ DGUHVVHV SK\VLTXHV 0$& $ OD UHTXrWH HQ EURDGFDVW GRPDLQH GH GLIIXVLRQ JpQpUDOH GX FOLHQW FRQFHUQDQW O DGUHVVH,3 SH[VXUODSDVVHUHOOH ,QWHUQHW F HVW O RUGLQDWHXU XWLOLVp GDQV O DWWDTXH TXL UpSRQG pYLGHP PHQW LO UpSRQG SDU XQH LQIRUPDWLRQ IDXVVH LQGLTXDQW TXH O DGUHVVH SK\VLTXH GH OD SDVVHUHOOH HVW FHOOH GH VD FDUWH UpVHDX /D VXLWH GH OD FRPPXQLFDWLRQ V HIIHFWXH HQWUH OH
SLUDWHHWOHFOLHQW&HGHUQLHUHVWELHQ VUFRQYDLQFXTX LOHQYRLHOHVWUDPHV jXQHERQQHDGUHVVH SK\VLTXH HW OD VHXOH FKRVH GRQW OH SUHPLHU GRLW VH VRXFLHU HVW GH WUDQVPHWWUH OHV SDTXHWV j O HQGURLW DSSURSULp j OD SDVVHUHOOH UpHOOH / RUGLQDWHXU GX SLUDWH IRQFWLRQQH HQ TXHOTXH VRUWH FRPPHSVHXGRURXWHUGHGHX[LqPH FRXFKH &HWWH DWWDTXH WURXYH VD SOHLQH DQDORJLH GDQV OHV DWWDTXHV GHW\SH0DQ,Q7KH0LGGOH XWLOLVpHV GDQV OHV FRXFKHV VXSpULHXUHV SDU ODIDOVL¿FDWLRQGHVUpSRQVHV'16
'XSOLFDWLRQGH O DGUHVVHSK\VLTXH 1RXV SRXYRQV DOOHU SOXV ORLQ HW FRQQHFWHU j GHX[ SRUWV GX FRPPXWDWHXU GHX[ RUGLQDWHXUV SRU WDQW OHV PrPHV DGUHVVHV SK\VL TXHV $ FHW HIIHW OH SOXV VLPSOH HVW GH PRGL¿HU GH IDoRQ ORJLFLHOOH O DGUHVVH0$&GHO LQWHUIDFHUpVHDX &HWWHPRGL¿FDWLRQHVWSRVVLEOHGDQV SOXVLHXUV FDUWHV UpVHDX \ FRPSULV OHV FDUWHV EDVpHV VXU 57/ ' HWV\VWqPHVG H[SORLWDWLRQ :LQGRZV HWpYLGHPPHQW/LQX[ &HQ HVW SDV XQH PpWKRGH GpSRXUYXH GH GpIDXWV(Q¿QLOQ HVWSDVQpFHVVDLUH GHV HQVHUYLULOVXI¿WWRXWVLPSOHPHQW G HQYR\HU OHV WUDPHV DSSURSULpHV VDQVFKDQJHUO DGUHVVHSK\VLTXHGH O RUGLQDWHXUXWLOLVpGDQVO DWWDTXH 'X SRLQW GH YXH GX FRPPXWDWHXU FHWWH VLWXDWLRQ UHVVHPEOH DX FDV
)LJXUH/HFRPPXWDWHXULQRQGpGHPLOOLHUVG¶LQIRUPDWLRQVVXUOHVDGUHVVHV SK\VLTXHV HQDQJODLV0$&ÀRRGLQJ VHFRPSRUWHFRPPHXQFRQFHQWUDWHXU
XXXIBLJOPSH
GH OD UpVLVWDQFH DX 0$& ÀRRGLQJ HW $53 VSRR¿QJ 1RXV DYRQV DXVVL YpUL¿p FRPPHQW IRQFWLRQQH O XQ GHV RXWLOV SRXU $53VSRR¿QJ ± OH SUR JUDPPHGVQLII
0$&ÀRRGLQJ
:\SXMSZO]
)LJXUH0LVHHQRHXYUHGHO¶DWWDTXHjO¶DLGHGHODUpSRQVH$53IDOVL¿pH HQDQJODLV$53VSRR¿QJ
GDQVOHTXHOOHPrPHSpULSKpULTXHHVW FRQQHFWpjGHX[SRUWV'DQVXQUpVHDX QRUPDO FHV VLWXDWLRQV Q RQW SDV OLHX jO H[FHSWLRQG XQFDVDVVH]UDUHG XQH ERXFOH GH SRQW 3RXUWDQW LO VH SHXW TXHTXHOTX XQFRQQHFWHOHVRUGLQDWHXUV DX[DXWUHVSRUWVDORUVOHFRPPXWDWHXU HQYRLHHQFRUHSHQGDQWTXHOTXHWHPSV OHVWUDPHVVXUOHVGHX[SRUWV 3XLVTXH OD SOXSDUW GHV WUDQV PLVVLRQV GDQV OH UpVHDX RQW OH FDUDFWqUH G XQ GLDORJXH ORUVTXH VXU O XQ GHV SRUWV XQH WUDPH DYHF OD UpSRQVH DSSDUDvW FRQWHQDQW XQH DGUHVVH 0$& DSSURSULpH ± O LQVFULSWLRQ FRQFHUQDQW OH VHFRQG SRUWVHUDVXSSULPpHHWODWUDQVPLVVLRQ YHUV OXL DUUrWpH $¿Q GH ODLVVHU OH FRPPXWDWHXUGDQVO¶LJQRUDQFHLOIDXW OXL HQYR\HU GH WHPSV HQ WHPSV XQH WUDPH DYHF O DGUHVVH 0$& VSRRIpH 6LQRXVDYRQVXWLOLVpODPRGL¿FDWLRQ ORJLFLHOOH GH O DGUHVVH GH OD FDUWH OH SOXV IDFLOH HVW GH ODQFHU XQ SLQJ YHUV XQH DGUHVVH TXHOFRQTXH %LHQ VU FHWWH FRPELQDLVRQ QH SHUPHW TXH GH FDSWXUHU OHV LQIRUPDWLRQV DERXWLVVDQWjXQHSDUWLHGXGLDORJXH FHOOH GRQW 0$& HVW VLPXOpH PDLV FHODHVWVXI¿VDQWSRXUSDUH[HPSOH FDSWXUHU OHV PRW GH SDVVH 6LQRQ LO IDXWSUHQGUHOHGHX[LqPHRUGLQDWHXU ODGHX[LqPHFDUWHUpVHDXRXXWLOLVHU XQH PpWKRGH ORJLFLHOOH VWDQGDUG TXL
SHUPHWGHPRGL¿HUO DGUHVVH0$&GH ODFDUWHVRXV:LQGRZV ,OQHIDXWSDVDMRXWHUTXHO DGUHVVH ORJLTXH ,3 GH O RUGLQDWHXU GRLW rWUH GLIIpUHQWH GH O DGUHVVH SK\VLTXH GHUULqUH ODTXHOOH HOOH VH FDFKH RX LO IDXW \ DFWLYHU OD JHVWLRQ G XQH SDUWLH GHVSURWRFROHVGDQVOHFDVFRQWUDLUH SDU H[HPSOH OH FOLHQW DX OLHX GH VH FRQQHFWHU j O RUGLQDWHXU pFRXWp VH FRQQHFWHjFHOXLTXLpFRXWH
8QSHXGHSUDWLTXH 3RXUQHSDVQRXVOLPLWHUjODWKpRULH QRXVGHYRQVWHVWHUOHIRQFWLRQQHPHQW GHTXDWUHFRPPXWDWHXUVHQIRQFWLRQ
3RXU SUpVHQWHU 0$& ÀRRGLQJ QRXV DYRQV FRQVWUXLW XQ UpVHDX SRUWDQW O DGUHVVH FRPSRVp GH TXDWUH RUGLQDWHXUV FRPPH FHOD HVWPRQWUpVXUOD)LJ /HVRUGLQDWHXUVGRQWOHVDGUHVVHV ,3 ¿QLVVDLHQW SDU OHV FKLIIUHV WUDYDLOODLHQW VRXV OD VXUYHLOODQFH GX V\VWqPH G H[SORLWDWLRQ .QRSSL[ YHUVLRQSDUFRQWUHO RUGLQDWHXUQ WUDYDLOODLWVRXV5HG+DW/LQX[ 6XU O RUGLQDWHXURQDODQFpXQVFULSW FI /LVWLQJ TXL SURYRTXDLW O LQRQGDWLRQ GX FRPPXWDWHXU /H IRQFWLRQQHPHQW GX VFULSW FRQVLVWDLW j HQYR\HU GDQV OD ERXFOH OHV SDTXHWV ,&03 (FKR 5HTXHVW j O DGUHVVH ORJLTXH GH OD PDFKLQH LQH[LVWDQWH GDQV OH UpVHDX ± $FKDTXHWUDPHHQYR\pH RQDPRGL¿pO DGUHVVHVRXUFH0$&FH TXLLPSRVDLWDXFRPPXWDWHXUGHPHWWUH jMRXUGDQVVRQWDEOHDXOHVLQIRUPDWLRQV VXUO DGUHVVHSK\VLTXHFRQQHFWpHjFH SRUW$¿QG pOLPLQHUOHVUHTXrWHV$53 5HTXHVW TXL pWDLW DXVVL JpQpUpHV SDU O RUGLQDWHXU DYDQW FKDTXH SDTXHW ,&03HQYR\pGDQVOHWDEOHDX$53GH O RUGLQDWHXU XQH LQVFULSWLRQ VWDWLTXH LQIRUPDQW VXU O DGUHVVH SK\VLTXH GH OD VWDWLRQ LQH[LVWDQWH D
)LJXUH$WWDTXHXWLOLVDQWODGXSOLFDWLRQGHO¶DGUHVVHSK\VLTXH
XXXIBLJOPSH
)BLJO/ P
=XSPPSXQ NKX] VO] \]OK_b MYWW_^]
)LJXUH5pVHDXXWLOLVpSRXUWHVWHUO¶DWWDTXHGHW\SH0$&ÀRRGLQJ pWpJpQpUpH3HQGDQWTXHO RUGLQDWHXU JpQpUDLWGDQVOHUpVHDXOHVSDTXHWV ,&03HQWUHOHVRUGLQDWHXUVHWXQH WUDQVPLVVLRQ D pWp HIIHFWXpH HW VXU O RUGLQDWHXURQDODQFpOHSURJUDPPH G pFRXWH 3RXU pFRXWHU RQ D XWLOLVp OH SURJUDPPHGHW\SHFRQVROHWFSGXPS DFWLYp SDU OD FRPPDQGH WFSGXPS ±L HWK KRVW HWOHSURJUDPPH JUDSKLTXH(WKHUHDO
(QWUH OHV RUGLQDWHXUV HW OH WUD¿FVXLYDQWpWDLWJpQpUp
OHVSDTXHWVSLQJGXj OHVUHTXrWHVKWWSMXVTX j XQHRXYHUWXUHGHVHVVLRQ
$X UpVHDX SUpVHQWp DXGHVVXV RQ D FRQQHFWp WRXV OHV FRPPXWDWHXUV GX7DEOHDX
&RPPHQRXVDYRQVSXOHSUpYRLU GDQV WRXV OHV FDV OH ÀRRGLQJ GX FRPPXWDWHXUSURYRTXHOHGpERUGHPHQW GX WDPSRQ VXU O DGUHVVH 0$& SRXU OH SRUW j SDUWLU GXTXHO OH ÀRRGLQJ DHXOLHX8QLTXHPHQWGDQVOHFDVGX FRPPXWDWHXURQDUpXVVLjpFRXWHU ODWUDQVPLVVLRQVXUO RUGLQDWHXUHQWUH OHV RUGLQDWHXUV HW 'DQV OH FDV GHV SDTXHWV GH SLQJ RQ D UpXVVL j LQWHUFHSWHU WRXWHV OHV UpSRQVHV ,&03 (FKR5HTXHVWSDUFRQWUHRQQ DSDV UpXVVL j LQWHUFHSWHU OHV UpSRQVHV DX[ SDTXHWV(FKR5HSO\ LFLQRXVDYRQVj IDLUHDYHFODTXHVWLRQGHODPLVHjMRXU GHVLQVFULSWLRQVGRQWRQDSDUOpDYDQW 'DQVOHFDVG LQWHUFHSWLRQGXWUD¿F GHV SURWRFROHV KWWS HW IWS VHXOHPHQW XQHSDUWLHGHVWUDPHVDpWpLQWHUFHSWpH 'DQVOHVGHX[FDVRQQ DSDVUpXVVLj LQWHUFHSWHU OH PRPHQW GH OD SULVH GH FRQQH[LRQ 7&3 OHV VHJPHQWV 7&3 DYHF OHV GUDSHDX[ 6<1 RX $&. HW G XQH SDUWLH GHV WUDPHV GRQW OHV PDUTXHXUV GX WHPSV QH GLIIpUDLHQW SDV WURS 4XDQW DX SURWRFROH )73 QRXV DYRQV UpXVVL j SUHQGUH OH ORJLQ HW OH PRW GH SDVVH &RPPH QRXV SRXYLRQV QRXV \ DWWHQGUH OHV WUDPHV
7DEOHDX&RPPXWDWHXUVDQDO\VpV )DEULFDQWGX 'HVFULSWLI PRGqOH
5pVXOWDWVGHO¶DWWDTXH0$&ÀRRGLQJ
;1HW0RGHO 6+ $
3LQJ±XQVXFFqVSDUWLHO2QDFDSWXUpWRXWHV OHVUHTXrWHV,&03(FKR5HTXHVWODSOXSDUWGHV LQIRUPDWLRQQRQFDSWXUpHV+773±XQVXFFqVSDUWLHO 8QHSDUWLHGHVWUDPHVQ¶RQWSDVpWppFRXWpHVRQ Q¶DSDVUpXVVLjLQWHUFHSWHUODFRQQH[LRQ7&3HWOHV WUDPHVGRQWOHVPDUTXHXUVGHWHPSVQHGLIIqUHQWSDV WURS)73±6XFFqV2QDLQWHUFHSWpOHORJLQOHPRWGH SDVVHSRXUOHVHUYHXU)73
6XFFqV
+33URFXUYH 0ESRUWV 6ZLWFK0RGHO 5-,((([
1RQUpXVVLH
6XFFqV
;1(70RGHO 0ESRUWV 6+ $ 5-WDPSRQGHOD PpPRLUH 0%GHOD PpPRLUHSRXUDGUHV VHV N%
1RQUpXVVLH
6XFFqV
3ODQHW0RGHO )16:
1RQUpXVVLH
6XFFqV
)BLJO/ P
0ESRUWV 6735-WDPSRQGH PpPRLUH 0%GHOD PpPRLUHSRXUDGUHV VHV N%
0ESRUWV 5-N%GHODPp PRLUHSRXUDGUHVVHV 0$&
XXXIBLJOPSH
5pVXOWDWVGH O¶DWWDTXH$53 VSRR¿QJ
DUSVSRRILHWKW ?
/LVWLQJ6FULSWÀRRGDQW
]PB DEFGHI GR ]PB DEFGHI GR IRU]PB DEFGHI GR ]PB DEFGHI GR ]PBLQ DEFGHI GR LIFRQ¿JHWKGRZQ LIFRQ¿JHWKKZHWKHU ^]PB` ^]PB `6 ^]PB` ^]PB`^]PB`XS DUSV & SLQJ F GRQH GRQH GRQH GRQH GRQH HFKR^]P`
SRUWDQWOHVSDTXHWVDYHFOHVPHVVDJHV DSSURSULpV GX SURWRFROH IWS VHURQW XQ SHX GLIIpUHQWV HQ FH TXL FRQFHUQH O HQYRLDORUVOHSURFHVVXVG LQRQGDWLRQ D GRQQp HQWUHWHPSV OHV UpVXOWDWV DWWHQGXV 2Q D UpXVVL pJDOHPHQW j LQWHUFHSWHU OHV WUDPHV DYHF OHV FRPPDQGHVVXUOHVHUYHXU)73 3RXU DXJPHQWHU OD YLWHVVH GH ÀRRGLQJ GX FRPPXWDWHXU RQ D FRQ QHFWp DX UpVHDX HQFRUH XQ V\VWqPH DYHF .QRSL[ VRXV OHTXHO RQ D ODQFpXQVFULSW0DOJUpO DXJPHQWDWLRQ GX WUD¿F TXL GHYUDLW rWUH JpUp SDU OH FRPPXWDWHXU ± LO pWDLW LPSRVVLEOH G LQWHUFHSWHUOHWUD¿FHQWLHU
$53VSRR¿QJ 3RXU QRXV GLVVLPXOHU VRXV $53 QRXV DYRQV XWLOLVp XQ RXWLO GH FRQ VROH DSSHOp DUSVSRRI FRQWHQX GDQV OHSURJUDPPHGVQLII/HSDTXHW I GVQLII HVWGHVWLQp DX[V\VWqPHVGHODIDPLOOH 8QL[/LQX[/HSURJUDPPH DUSVSRRI HVWDSSHOpGHODIDoRQVXLYDQWH
OHV LQIRUPDWLRQV IDXVVHV VHURQW HQYR\pHV j WRXV OHV RUGLQDWHXUV GXUpVHDXORFDO LS B VSRRI ± XQH IDXVVH DGUHVVH GHUULqUH ODTXHOOH OH SURJUDPPH VH GLVVLPXOHUD S H[ O DGUHVVH GHODSDVVHUHOOH,QWHUQHW
/H SURJUDPPH DI¿FKH OHV LQIRUPD WLRQVVXUOHVWUDPHVJpQpUpHV DUSVSRRILHWKW ? DUSUHSO\ LVDW DUSUHSO\ LVDW DUSUHSO\ LVDW
3RXU YpUL¿HU O DVSHFW GX WDEOHDX $53GHO RUGLQDWHXUSRUWDQWO DGUHVVH RQ SHXW XWLOLVHU OD FRP PDQGHDUSVXLYDQWH DUSD DW >HWKHU@RQHWK
/HVFKpPDGXUpVHDXXWLOLVpHVWSUp VHQWp VXU OD )LJ /HV RUGLQDWHXUV GRQW OHV DGUHVVHV ,3 WHUPLQHQW SDU ,3HWRQWWUDYDLOOpVRXVOHFRQWU{OH GX V\VWqPH G H[SORLWDWLRQ .QRSSL[ YHUVLRQ SDU FRQWUH VXU O RUGLQD WHXU ± 5HG +DW /LQX[ YHUVLRQ 6XU O RUGLQDWHXU SRUWDQW O DGUHVVH ORJLTXH OH SURJUDPPH DUSVSRRIHVWODQFpDYHFOHVSDUDPq WUHVVXLYDQWV
'DQV FH FDV WRXWHV OHV WUDPHV JpQpUpHV SRXU ,QWHUQHW SDU O RUGLQDWHXU VHURQW GLULJpHV YHUV O RUGLQDWHXU DXOLHXGHODSDVVHUHOOH,QWHUQHW 3RXUTXHO DWWDTXHUHVWHLQYLVLEOHLO IDXW HQFRUH HQYR\HU WRXWHV OHV WUDPHV GH O RUGLQDWHXU YHUV OD SDVVHUHOOH DSSURSULpH G ,QWHUQHW 3RXU FHOD LO IDXW VXU O RUGLQDWHXU
:\SXMSZO]
DUSVSRRI>LLQWHUIDFH@ >WLSBGHBODBFLEOH@LSBVSRRI
2
±XQHLQWHUIDFHTXLSHU PHW G HQYR\HU OHV LQIRUPDWLRQV IDXVVHV LS B GH B OD B FLEOH ± O RUGLQDWHXU GRQW OD WUDQVPLVVLRQ VHUD FDS WXUpH 'DQV OH FDV GH O DSSHO GX SURJUDPPH VDQV SDUDPqWUHV LQWHUIDFH
)LJXUH5pVHDXSRXUWHVWHUO¶DWWDTXH$53VSRR¿QJ
XXXIBLJOPSH
)BLJO/ P
=XSPPSXQ NKX] VO] \]OK_b MYWW_^]
3DTXHWGVQLII %TOJGG QFVU rUSF UÃMÃDIBSHÃ TPVT GPSNF EmVO GJDIJFS CJOBJSF QPVS MF TZTUqNF 3FE )BU -JOVYWFSTJPO j QBSUJSEFMmBESFTTFIUUQXXXCSBOEPOIVUDIJOTPODPNETOJGG @SIJSQN /¶LQVWDOODWLRQGXSDTXHWYLD USPLYKGVQLIIBUK LUSP
-mBESFTTFEVQSPHSBNNFETOJGG M WPVTQPVWF[UÃMÃDIBSHFSTFTTPVSDFTFUMBEPDVNFO G UBUJPO IUUQXXXNPOLFZPSH_EVHTPOHETOJGG
DFWLYHUODWUDQVPLVVLRQ GHVSDTXHWV HFKR!SURFV\VQHWLSYLSBIRUZDUG
$ SDUWLU GH FH PRPHQW LO HVW SRV VLEOH G pFRXWHU OH WUD¿F JpQpUp SDU O RUGLQDWHXU VDQV GHYRLU URPSUH OHV WUDQVPLVVLRQV TX LO OLH $SUqV DYRLU DWWHLQW O RUGLQDWHXU OHV WUD PHV VHURQW UHGLULJpHV YHUV OD SDV VHUHOOH DSSURSULpH HW O XWLOLVDWHXU GHO RUGLQDWHXU Q DSHUoRLWDXFXQH DQRPDOLH
'XSRLQWGHYXHGH O DGPLQLVWUDWHXU 8QH TXHVWLRQ LPSRUWDQWH VH SRVH FRPPHQW VH GpIHQGUH FRQWUH FH W\SH G DWWDTXH" $ OD GLIIpUHQFH GX VQLI¿QJ FODVVLTXH O pFRXWH GDQV OHV UpVHDX[ FRPPXWpV VH EDVH VXU OHV WHFKQRORJLHV DFWLYHV DORUV OD GpWHFWLRQ GH FHOOHVFL GHYUDLW rWUH SOXV IDFLOH /D WkFKH GHV DGPLQLVWUDWHXUV GLVSRVDQW G XQ RXWLO GH JHVWLRQ DYHF OD SRVVLELOLWp G DQDO\VHU OH WUD¿F UpVHDX LQWpJUpH HVW IDFLOLWpH 0DLV PrPH VL O DGPLQLVWUDWHXU QH GLVSRVH TXH GH UHVVRXUFHV OLPLWpHVLOQ DSDVSHUGX$ODSODFH GH &DUQLYRUH LO VXI¿W G XQ VQLIIHU RUGLQDLUH HW G XQ FRQFHQWUDWHXU / RUGLQDWHXU VRXSoRQQp HW OD VWDWLRQ GH VXUYHLOODQFH SHXYHQW rWUHFRQQHFWpVDXFRQFHQWUDWHXUHW HQVXLWH DX FRPPXWDWHXU &RPPH FHOD QRXV REWHQRQV XQH SOHLQH LQIRUPDWLRQ VXU VRQ DFWLYLWp FI )LJXUH ,QGpSHQGDPPHQW GX PDWpULHO XWLOLVp LO HVW DVVH] IDFLOH
)BLJO/ P
GHGpWHFWHUXQÀRRGLQJTXHOFRQTXH ± XQH VXUFKDUJH GX UpVHDX XQ JUDQGQRPEUHGHWUDPHVHQYR\pHV VXU OH SRUW GRQQp VRQW GHV SKpQRPqQHVTXHO RQGRLWREVHUYHU DWWHQWLYHPHQW 4XDQW j $53 VSRR¿QJ OH SOXV IDFLOH HVW GH SURYRTXHU HW G REOLJHU XQ DJUHVVHXU SRWHQWLHO j HQYR\HU XQH IDXVVH WUDPH FKD TXH ERQ DGPLQLVWUDWHXU WLHQW ELHQ VU GDQV XQ FRIIUHIRUW XQ FDKLHU DYHF OHV DGUHVVHV 0$& GH WRXWHV OHV FDUWHV UpVHDX HW OHV DGUHVVHV,3TXLFRUUHVSRQGHQWDX[ SpULSKpULTXHV VSpFL¿TXHV GDQV OHVTXHOV FHV FDUWHV VRQW LQVWDOOpHV HW OHV LQIRUPDWLRQV VXU OH SRUW GX FRPPXWDWHXUDXTXHOOHSpULSKpULTXH GRQQp HVW FRQQHFWp /D FKRVH HVW SOXV FRPSOLTXpH TXDQG O DJUHVVHXU D O LQWHQWLRQ G pFRXWHU QRQ SDV XQ RUGLQDWHXU TXHOFRQTXH PDLV XQ RUGLQDWHXU SUpFLV HW TX LO QH UpSRQG SDV DX[ UHTXrWHV $53 HQYR\pHVjSDUWLUGHO RUGLQDWHXUGH O DGPLQLVWUDWHXU2QSHXW\UHPpGLHU HQHQYR\DQWXQHUHTXrWH$53DYHF DGUHVVH VRXUFH VSRRIpH TXL LPLWH O DGUHVVH GH OD YLFWLPH SRWHQWLHOOH /H FRPPXWDWHXU HQYHUUD TXDQG PrPH OD UpSRQVH DX ERQ HQGURLW F HVWjGLUH DX SRUW DXTXHO O DGUHVVH 0$& GH FHW RUGLQDWHXU HVW DIIHFWpH PDLV LO DSSUHQGUD j SDUWLU GH OD WUDPH VSRRIpH TXH FH SRUW HVW XQ SRUW DXTXHO O RUGLQDWHXU GH O DGPLQLVWUDWHXU HVW FRQQHFWp +HXUHXVHPHQW GDQV FH FDV OH WHPSV GH OD PLVH j MRXU GHV WD EOHDX[GXFRPPXWDWHXURVFLOOHYHUV TXHOTXHV VHFRQGHV HW OD UpSRQVH
XXXIBLJOPSH
$53GDQVOHUpVHDXPR\HQQHPHQW FKDUJpGHYUDLWDUULYHUSOXVW{W%LHQ VU VL O RQ REWLHQW GHX[ UpSRQVHV $53 XQH YUDLH HW FHOOH GX SLUDWH RQDOHFRXSDEOH /H SOXV GLI¿FLOH HVW GH GpWHFWHU OD VLWXDWLRQ TXDQG LO H[LVWH GHX[ RUGLQDWHXUV LGHQWLTXHV GDQV OH Up VHDX %LHQ VU OHV DGUHVVHV ,3 VHURQW GLIIpUHQWHV PDLV LO VXI¿W G HQTXrWHU VXU OH UpVHDX HQWLHU j O DLGH GX SURWRFROH $53 HW GH YpUL¿HU VL GHX[ PDFKLQHV QH SRVVqGHQW SDV OD PrPH DGUHVVH SK\VLTXH 6L OHV DGUHVVHV ,3 VRQW OHV PrPHV HW VXU O RUGLQDWHXU GX SL UDWHOHVVHUYLFHVGHUpSRQVHQHVRQW SDV EORTXpV S H[ ,&03 (FKR RQ SHXW WRXW GpGXLUH j SDUWLU GHV GRXEOHV UpSRQVHV DX[ SDTXHWV HQ YR\pV 6L O DJUHVVHXU D EORTXp WRXV OHVSURWRFROHVGHUpSRQVHSRVVLEOHV $53 5$53 7&3 ,&03 RX WRXW VLPSOHPHQWLOQ DSDVODQFpVXUVRQ RUGLQDWHXU OD SLOH GHV SURWRFROHV 7&3,3 ± SRXU VQLIIHU FH Q HVW SDV QpFHVVDLUH RQ SHXW SUR¿WHU GX IDLW TXHORUVGHO DWWDTXHLOGRLWGHIDoRQ FRQWLQXH LQIRUPHU OH FRPPXWDWHXU TXHVRQSRUWFRQWLHQWDXVVLODPrPH DGUHVVH 0$& TXH FHOOH GH O RUGLQD WHXUHVSLRQQp DXWUHPHQWGLWOHFRP PXWDWHXU PHWWUD j MRXU OHV GRQQpHV GDQVOHWDEOHDX 6LQRXVQHVRPPHV SDV HQ SRVVHVVLRQ G XQ GLVSRVLWLI GH JHVWLRQ QRXV QH VRPPHV SDV FDSDEOHV GH YpUL¿HU OH WDEOHDX GHV DGUHVVHV GX FRPPXWDWHXU $ORUV LO QH QRXV UHVWH TXH OD PpWKRGH G pFRXWHGXWUD¿FUpVHDXVXUXQFk EOH GRQQp HW VRQ DQDO\VH GX SRLQW GH YXH GHV DGUHVVHV SK\VLTXHV GH O H[SpGLWHXU (YLGHPPHQW GDQV OH UpVHDX DYHF EHDXFRXS GH FRPPX WDWHXUVUHOLpVGDQVXQHWRSRORJLHHQ DUEUHHWPLVGDQVGLIIpUHQWHVSODFHV XQHWHOOHRSpUDWLRQSHXWrWUHXQSHX FRPSOLTXpH %LHQVUOHVGpPDUFKHVFRPPH ODVXUYHLOODQFHGHVRQSURSUHUpVH DXHWO HQYRLGHVLQIRUPDWLRQVIDXV VHV QH GHYUDLHQW rWUH XWLOLVpV SDU O DGPLQLVWUDWHXU TXH SRXU GpWHFWHU OH SLUDWH RX H[SOLTXHU OHV FDXVHV GX FRPSRUWHPHQW pWUDQJH GX Up VHDXN
:DUGULYLQJHQSUDWLTXH 0LFKDá6]\PDĔVNL
:DU;LQJFRQVLVWHjVFDQQHUOHV UpVHDX[:/$1QRQVpFXULVpVHQ FLUFXODQWGDQVOHV]RQHVXUEDL QHVDYHFXQPDWpULHOSUpSDUpU SRXUODGpWHFWLRQ
/
HPDWLQLOIDLWEHDX7UqVH[FLWpMHPHWV OH PDWpULHO QpFHVVDLUH GDQV PD YRLWXUH -HYpUL¿HHQFRUHXQHIRLVVLWRXWHVWOj XQ RUGLQDWHXU SRUWDEOH DYHF OHV FDUWHV VDQV ¿O XQH DQWHQQH XQ FKDUJHXU HW XQH ERXWHLOOH GH FROD -H UpVSLUH SURIRQGHPHQW MH PRQWH HQ YRLWXUH HW MH GpPDUUH -H PH GLULJH YHUV OH FHQWUH GH 9DUVRYLH TXL HVW PD FLEOH HW SOXV SUpFLVpPHQW Oj R VH WURXYHQW OHV UpVHDX[ VDQV¿O/HZDUGULYLQJFRPPHQFH 0DLVH[SOLTXRQVQRXVGqVOHGpEXW
+^^K[_O
4X HVWFHTX LOQRXVIDXW" 6DQV GRXWH QRXV DYRQV EHVRLQ G XQ VDYRLU IDLUHGHEDVHVXUOHVUpVHDX[VDQV¿O/HVGp EXWDQWVLURQWWURXYHUSOXVGHUHQVHLJQHPHQWV VXU FH VXMHW GDQV OHV WDEOHDX[ ,QWURGXFWLRQ DX[ UpVHDX[ :/$1 1 HW $UFKLWHFWXUH GHV Up VHDX[:/$1(QSOXVLOQRXVIDXGUDHQFRUH XQPDWpULHOXQHQYLURQQHPHQWV\VWqPHHWGHV RXWLOV
6\VWqPHG H[SORLWDWLRQ /HPHLOOHXUV\VWqPHVHUD/LQX[0DOKHXUHVH PHQWOHVV\VWqPHV:LQGRZVQ RIIUHQWSDVXQ VLULFKHMHXGHORJLFLHOVVXUWRXWSRXUUpDOLVHU GHV WkFKHV SOXV DYDQFpHV %LHQ TXH MH VRLV
XXXIBLJOPSH
SDUWLVDQGHVV\VWqPHV %6'DSUqVTXHOTXHV MRXUV GH WUDYDLO LO V HVW DYpUp TXH OHV SLORWHV GLVSRQLEOHV GpGLpV j OD JHVWLRQ GHV FDUWHV VDQV ¿O ODLVVHQW EHDXFRXS j GpVLUHU & HVW SRXUTXRLM DLGpFLGpGHFKRLVLU/LQX[TXLRIIUH OD PHLOOHXUH FRRSpUDWLRQ DYHF OHV VROXWLRQV VDQV¿OGHWRXVOHVV\VWqPHV8QL[,OHVWFRQ
:DUGULYLQJZDUZDONLQJZDUV WUROOLQJ4X¶HVWFHTXHF¶HVW" :DU;LQJ FRQVLVWH j VFDQQHU OHV UpVHDX[ :/$1 QRQ VpFXULVpV HQ FLUFXODQW GDQV OHV ]RQHV XUEDL QHV DYHF XQ PDWpULHO SUpSDUpU SRXU OD GpWHFWLRQ ,OH[LVWHGLIIpUHQWVW\SHVGHZDU;LQJTXLGpSHQGHQW GHV PpWKRGHV GH GpSODFHPHQW 6L QRXV QRXV GpSODoRQV j SLHG RQ O¶DSSHOOH ZDUZDONLQJ ZDUVWUROOLQJ VL QRXV VRPPHV HQ FDQRW F¶HVW ZDUERDWLQJHQGHOWDSODQHRXHQDYLRQ±ZDUÀ\LQJ /H SOXV SRSXODLUH HVW ZDUGULYLQJ J TXL XWLOLVH OD YRLWXUH HQ WDQW TXH OH PR\HQ GH WUDQVSRUW 6L HQ SOXV QRXV PDUTXRQV OHV EkWLPHQWV R VH WURXYHQWOHVUpVHDX[:/$1RQGRQQHOHQRPGH ZDUFKDONLQJ /H UpVXOWDW SULQFLSDO GH ZDU;LQJ HVW O¶DFTXLVLWLRQG¶DFFqVDXUpVHDXGHODVRFLpWpHWSDU FRQVpTXHQWj,QWHUQHW
)BLJO/ P
AK\N\S`SXQ
,QWURGXFWLRQDX[UpVHDX[:/$1 /HVUpVHDX[VDQV¿O,((([XWLOLVHQWGHVEDQGHVUDGLR5) HQDQJODLV5DGLR )UHTXHQF\ GHIUpTXHQFHGH*+]RXGH*+]SRXUUpDOLVHUODWUDQVPLVVLRQ*UkFH jO¶XWLOLVDWLRQGHVWHFKQLTXHVGHPRGXODWLRQUDGLRDYDQFpHVLOVVRQWGHYHQXVOHV\V WqPHGHFRPPXQLFDWLRQLQIDLOOLEOHHWUpVLVWDQWFHUWDLQHVSHUWXUEDWLRQV(QSOXVLOV SHUPHWWHQWODWUDQVPLVVLRQGHVGRQQpHVjKDXWGpELW PrPHMXVTX¶j0%LWV *UkFH jO¶XWLOLVDWLRQGHVDQWHQQHVDSSURSULpHVODFRPPXQLFDWLRQHQWUHOHVSRLQWVpORL JQpVOHVXQVSDUUDSSRUWjG¶DXWUHVPrPHGHSOXVLHXUVNLORPqWUHVHVWSRVVLEOH &¶HVWSRXUTXRLOHVUpVHDX[:/$1UHPSODFHQWOHSOXVVRXYHQWOHFkEODJHVWUXF WXUHOWUDGLWLRQQHOELHQTXHSRXUO¶LQVWDQWLOVVRLHQWXWLOLVpVSOXW{WSRXUFRPSOpWHU O¶LQIUDVWUXFWXUH GH FkEOHV H[LVWDQWH /HV VROXWLRQV GHV UpVHDX[ :/$1 DSSDUDLV VHQW YLWH j FHUWDLQV HQGURLWV R OH FkEODJH HVW GLI¿FLOH j UpDOLVHU HW RQpUHX[ HW TX¶RQ FRPSWH VXU OD PRELOLWp OD VRXSOHVVH O¶H[WHQVLELOLWp HW OD VLPSOLFLWp GH O¶LQVWDOODWLRQ *UkFHjFHWWHJUDQGHGLVSRQLELOLWpFHWWHWHFKQRORJLHSURSRVHXQODUJHpYHQ WDLO G¶DSSOLFDWLRQV /D WHFKQRORJLH ,((( [ HVW XWLOLVpH OH SOXV VRXYHQW SDU OHV VRFLpWpV PRGHUQHV TXL YHXOHQW DVVXUHU OD PRELOLWp HW OD VRXSOHVVH j OHXUV HPSOR\pVGDQVOHVEXUHDX[&HWpWDWGHFKRVHVHVWpJDOHPHQWGXjODSRSXODULVD WLRQGHVRUGLQDWHXUVSRUWDEOHVHWPRELOHV/HVUpVHDX[:/$1VRQWDXVVLXWLOLVpV GDQVOHVGRPDLQHVGHODIDEULFDWLRQHWGXVWRFNDJHROHVHPSOR\pVSHXYHQWDFFp GHUIDFLOHPHQWjXQHEDVHGHGRQQpHVFHQWUDOLVpHORUVTX¶LOVVHWURXYHQWGDQVGHV HQWUHS{WV ,OV VRQW pJDOHPHQW SRSXODLUHV VXU OHV FDPSXV XQLYHUVLWDLUHV HW GDQV OHVOLHX[RLOQ¶HVWSDVUHQWDEOHGHUpDOLVHUOHFkEODJHVWUXFWXUHOYXODFDUDFWqUH WHPSRUDLUHGHO¶LQVWDOODWLRQ SDUH[HPSOHEXUHDX[WHPSRUDLUHVVDOOHVG¶H[SRVLWLRQ HWF 3DUIRLVO¶XWLOLVDWLRQGHVUpVHDX[VDQV¿OGHYLHQWXQHQpFHVVLWpFRPPHSDU H[HPSOH GDQV OH FDV G¶DQFLHQV EkWLPHQWV KLVWRULTXHV R OH FkEODJH WUDGLWLRQQHO Q¶H[LVWHSDV 'HSOXVHQSOXVOHVDYDQWDJHVGHODWHFKQRORJLHVDQV¿OVRQWDSSUpFLpVSDUOHV IRXUQLVVHXUV GHV VHUYLFHV ,QWHUQHW TXL XWLOLVHQW OHV UpVHDX[ :/$1 SRXU DVVXUHU OD FRPPXQLFDWLRQ UDGLR HQWUH OHV EkWLPHQWV HW SRXU IRXUQLU OH VLJQDO DX FOLHQW ¿QDO FH TXLUpVRXGOHSUREOqPHGHODGHUQLqUHPLOOH&HVRSpUDWHXUVVRQWDSSpOpVOHV:,63 HQ DQJODLV :LUHOHVV ,QWHUQHW 6HUYLFH 3URYLGHU U /HV SRLQWV TXL GRQQHQW O¶DFFqV j O¶,QWHUQHW GDQV OHV OLHX[ SXEOLFV DpURSRUWV K{WHOV FDIpV UHVWDXUDQWV FHQWUHV FRPPHUFLDX[ DYHFXWLOLVDWLRQGHODWHFKQRORJLH,((([GHYLHQQHWpJDOHPHQWGH SOXVHQSOXVSRSXODLUHV,OVV¶DSSHOHQWGHV +RWVSRWV $SUpVHQWODPLVHHQDSSOLFDWLRQGHVUpVHDX[VDQV¿OGpSDVVHFRQVLGpUDEOHPHQW OHV OLPLWHV GHV UpVHDX[ ORFDX[ :/$1 HQ DQJODLV :LUHOHVV /RFDO $UHD 1HWZRUN N SOXVLHXUV VRFLpWpV OHV XWLOLVHQW SRXU FRQVWUXLUH GHV UpVHDX[ ::$1 HQ DQJODLV :LUHOHVV :LGH $UHD 1HWZRUN N SRXYDQW V¶pWHQGUH GDQV XQH ]RQH SOXV pWHQGXH &HV GHX[W\SHVGHUpVHDX[VRQWGpFULWVjO¶DLGHGHODQRWLRQ:/$1
VHLOOp G LQVWDOOHU XQH QRXYHOOH GLV WULEXWLRQ DYHF OHV ELEOLRWKqTXHV OHV SOXVUpFHQWHV3HUVRQQHOOHPHQWM DL XWLOLVpODGLVWULEXWLRQ5HG+DW/LQX[ /D GLVWULEXWLRQ :DU/LQX[ HVW DXVVL GLJQH G rWUH UHFRPPDQGpH KWWS VRXUFHIRUJHQHW SURMHFWV ZDUOLQX[ ± QRXV O DYRQV LQVpUpH VXUOH&'MRLQWDXPDJD]LQH 4XDQW DX[ SDUWLVDQV GHV V\VWqPHV %6' LOV SHXYHQW H[DPLQHU :DU%6' KWWS GLJLÀX[RUJZDUEVG /HVGH X[ VROXWLRQV RQW pWp FUppHV MXVWH PHQW SRXU :DU;HU ,OV FRQWLHQQHQW GRQFWRXWFHTX LOQRXVIDXW
)BLJO/ P
0DWpULHO /D FKRVH VXLYDQWH GRQW QRXV DYRQV EHVRLQ HVW XQ DSSDUHLO UHVSRQVDEOH GXWUDLWHPHQWGHVGRQQpHVFRPPR GHjXWLOLVHUSHQGDQWOHGpSODFHPHQW -H FRQVHLOOH G HQYLVDJHU O RUGLQDWHXU PRELOHRXSRUWDEOH
2UGLQDWHXUSRUWDEOH3'$ 0DOKHXUHVHPHQWOHV3'$SHUPHWWHQW VHXOHPHQWG HIIHFWXHUGHVRSpUDWLRQV WRXWVLPSOHVFRPPHSDUH[HPSOHOH VFDQQDJH GHV UpVHDX[ :/$1 ,OV SHXYHQW rWUH LQVXI¿VDQWV HQ FH TXL FRQFHUQHODUpDOLVDWLRQGHGLIIpUHQWV
XXXIBLJOPSH
W\SHV G DWWDTXHV & HVW SRXUTXRL O RUGLQDWHXU SRUWDEOH SDUDvW rWUH XQH VROXWLRQ RSWLPDOH 0rPH GDQV OHV VLWXDWLRQV R LO GpUDQJH RQ SHXW \ UpPHGLHU 'DQV FHUWDLQV SRLQWV SDU H[HPSOHOHVFHQWUHVFRPPHUFLDX[ RQSHXWOHPHWWUHGDQVXQJUDQGVDF HWOHORJLFLHOYDQRXVUHQVHLJQHUVXU OHVUpVHDX[:/$1SDUXQELSVRQRUH 1RXVSRXYRQVYRLUOHVUpVXOWDWVjOD PDLVRQ RX GDQV OHV WRLOHWWHV VL OD FXULRVLWpQRXVGpYRUH 3RXUWDQW OH SOXV LPSRUWDQW HVW TXHFHWRUGLQDWHXUFRRSqUHELHQDYHF OHVV\VWqPHV8QL[3HUVRQQHOOHPHQW M HQDLXWLOLVpWURLVPRGqOHV 7RVKLED 6DWHOOLWH $6 0D[GDWD (FR ;HW(XURFRP&
&DUWHVDQV¿O ,O QRXV IDXGUD pJDOHPHQW XQH FDUWH VDQV¿OHWPrPHGHX[FDUWHV±O XQH G HQWUH HOOHV VHUD XWLOLVpH SRXU OH VFDQQDJHHWO DXWUHSRXUVHEUDQFKHU DXUpVHDX(WDQWGRQQpODSRSXODULWp GXVWDQGDUGE YRLUOHWDEOHDX 6WDQGDUGV GHV UpVHDX[ :/$1 LO VHUDLW PLHX[ GH VpOHFWLRQQHU XQH FDUWHFRQIRUPHjFHVWDQGDUG ,O IDXW pJDOHPHQW IDLUH DWWHQWLRQ j FH TXH OD FDUWH VRLW FRQIRUPH DX[ H[LJHQFHVGHO (76,RXGHO ,QVWLWXWGH &RPPXQLFDWLRQ 2XWUH FHOD O DGDSWD WHXUGRLWrWUHJpUpSDUOHV\VWqPH/LQX[ ,OHVWUHFRPPDQGpGHFKRLVLUODFDUWH TXLHVWEUDQFKpHjO RUGLQDWHXUSRUWDEOH jO DLGHGXFRQQHFWHXU3&0&,$ RX ELWV 0DOKHXUHXVHPHQWODJHVWLRQ GHVFDUWHVVDQV¿OSDU86%Q HVWSDV SULYpHGHGpIDXWV ,O HVW LPSRUWDQW TXH OD FDUWH SRVVqGHODVRUWLHDQWHQQH3HUVRQ QHOOHPHQW M DL XWLOLVp VDQV SUREOq PHV OHV FDUWHV 3UR[LP 2ULQRFR *ROG$YD\D*ROG=&RP;,+ &LVFR $LURQHW $,5/0& HW ' /LQN':/ PDLVFHWWHGHUQLqUH Q D SDV HX OD VRUWLH DQWHQQH (Q JpQpUDO LO HVW FRQVHLOOp G DFKHWHU XQHFDUWHEDVpHVXUOHFKLSVHW+HU PHV ,QWHUVLO 3ULVP RX &LVFR 6L TXHOTX XQ YHXW pFRQRPLVHU VXU O DFKDW G XQ SRLQW G DFFqV LO GHYUD DFKHWHUXQHFDUWHGRWpHGHFKLSVHW ,QWHUVLO 3ULVP (Q XWLOLVDQW DORUV OH SLORWHSULVPBKRVWDSLOHVWSRVVLE
+^^K[_O
$UFKLWHFWXUHGHVUpVHDX[ :/$1 3RXUrWUHRSpUDWLRQQHOFKDTXHUpVHDXVDQV ¿OH[LJHDXPRLQVGHX[DSSDUHLOVTXLMRXHQW OH U{OH G¶XQ pPHWWHXU HW G¶XQ UpFHSWHXU UDGLR /HV FRPSRVDQWV GX UpVHDX VDQV ¿O VRQWOHVVWDWLRQVFOLHQWHV 67$ HWOHVSRLQWV G¶DFFqV $3 /H UpVHDX FRPSRVp GH GHX[ DSSDUHLOV DX PLQLPXP SDU H[HPSOH 67$67$ RX 67$$3 HVWDSSHOpOH%66 HQ DQJODLV %DVLF 6HUYLFH 6HW W ,O HVW SRVVLEOH GH UHOLHU SOXVLHXUV %%6 SDU XQH OLDLVRQ DSSHOpH V\VWqPH GH GLVWULEXWLRQ D¿QGHFRQVWLWXHUXQHQVHPEOHGHVHUYLFHV pWHQGX (66 HQ DEUpJp HQ DQJODLV ([WHQGHG6HUYLFH6HW W 7RXVOHVDSSDUHLOVTXLIRQFWLRQQHQWGDQV OH FDGUH G¶XQ %66 GRLYHQW DYRLU OD PrPH YDOHXU GX 66,' HQ DQJODLV 6HUYLFH 6HW ,GHQWL¿HU TXLHVWO¶LGHQWL¿ U FDWHXUGXUpVHDX (QUqJOHJpQpUDOHF¶HVWXQHVXLWHGHWH[WH GpFULYDQWODGHVWLQDWLRQG¶XQUpVHDXSH[ EXUHDX2EOLJDWRLUHPHQWWRXVOHVDSSDUHLOV VXU XQ UpVHDX GRQQp GRLYHQW XWLOLVHU OH PrPH FDQDO TXL Gp¿QLW OD IUpTXHQFH GH WUDYDLO G¶XQ DSSDUHLO GRQQp (Q (XURSH OHV GLVSRVLWLRQV GH O¶,QVWLWXW (XURSpHQ GHV 6WDQGDUGV GH 7pOpFRPPXQLFDWLRQ (76, HQDQJODLV(XURSHDQ7HOHFRPPXQLFDWLRQV 6WDQGDUGV ,QVWLWXWH VRQW HQ YLJXHXU 1RXV SRXYRQV XWLOLVHU FDQDX[ GH j SRXUODEDQGHGH*+]$X[(WDWV 8QLV OHV GLVSRVLWLRQV GH OD &RPPLVVLRQ )pGpUDOH GH &RPPXQLFDWLRQ )&& HQ DQJODLV )HGHUDO &RPPXQLFDWLRQV &RP PLVLRQV VRQW HQ YLJXHXU HW YRXV SRXYH] \ XWLOLVHU FDQDX[ GDQV OD EDQGH GH *+] /D PrPH pWHQGXH GH FDQDX[ HVW DXWRULVpH SDU OH '2& SRXU OH &DQDGD $X -DSRQ OH 0.. DXWRULVH O¶XWLOLVDWLRQ GH FDQDX[ 1RXV GHYRQV IDLUH DWWHQWLRQ jFHTXHOHVDSSDUHLOVTXHQRXVDFKHWRQV VRLHQWFRPSDWLEOHVDYHFOHVGLSRVLWLRQVGH O¶(76,RXGHO¶,QVWLWXWGH&RPPXQLFDWLRQ 'DQVOHFDVOHSOXVVLPSOHOHUpVHDX VDQV¿OSHXWVHFRPSRVHUGHGHX[VWDWLRQV pTXLSpHVGHFDUWHVUpVDX[VDQV¿O&HV VWDWLRQV SHXYHQW DORUV FRPPXQLTXHU HQ PRGHSHHUWRSHHUTXLHVWDSSHOpHGDQV XQ PRQGH GHV UpVHDX[ :/$1 OH PRGH
OH GH GpPDUUHU VRXV /LQX[ OH SRLQW G DFFqV FRPSOqWHPHQW IRQFWLRQQHO -HYRXVFRQVHLOOHGHIDLUHDWWHQWLRQ j QH SDV DFKHWHU XQH FDUWH JpUDQW OHVWDQGDUGE SH['/LQN ':/ FDU HOOHV XWLOLVHQW OH
$G+RF RX OH PRGH WHPSRUDLUH FDU OH UpVHDX QH VH FRPSRVH SDV G¶pOpPHQWV ¿[HV/HVFKpPDH[HPSODLUHG¶XQVLPSOH UpVHDX $G+RF HVW SUpVHQWp GDQV OD )LJXUH 3RXUQHSDVSHUGUHGXWHPSVLOIDXW QRWHU TX¶RQ GLVWLQJXH GHX[ PRGHV $G +RF
/¶DQFLHQ PRGH $G+RF QRQ FRQoXSDUODVRFLpWp/XFHQWDYDLWSRXU EXWGHSUpVHQWHUVHXOHPHQWOHSULQFLSH GHIRQFWLRQQHPHQWGHVUpVHDX[:/$1 PDLVDXIXUHWjPHVXUHLOHVWGHYHQX SRSXODLUHGDQVOHVPLOLHX[GHIDEULFD WLRQ 'X IDLW TXH FH PRGH QH SUHQG SDV HQ FRPSWH O¶LGHQWL¿FDWHXU 66,' LO SHUPHW DX[ VWDWLRQV DYHF GLIIpUHQWV 66,' GH FRPPXQLTXHU HQWUH HOOHV 6RQXWLOLVDWLRQQ¶HVWSDVUHFRPPDQGp pWDQW GRQQp TX¶LO Q¶HVW SDV FRQIRUPH DXVWDQGDUG,((( 8Q QRXYHDX PRGH HVW FRQIRUPH DX VWDQGDUG ,((( ,O HVW FRQVHLOOp GH O¶XWLOLVHU SRXU OD FRQVWUXFWLRQ GHV UpVHDX[ j WRSRORJLH SHHUWRSHHU U &H PRGHHVWQRPPpOH%66LQGpSHQGDQW ,%66±HQDQJODLV,QGHSHQGHQW%66
(Q PRGH $G+RF WRXWHV OHV VWDWLRQV VH FRQWDFWHQW GLUHFWHPHQW FH TXL SHXW HQJHQGUHU GLIIpUHQWHV GLI¿FXOWpV HW SURE OqPHV 3RXUTXRL" 0DOJUp OHV DSSDUHQFHV OD PLVH HQ SODFH FRUUHFWH GH O¶LQVWDOODWLRQ GH FH W\SH DX QLYHDX GH OD SURSDJDWLRQ UDGLR VXUWRXW DYHF XQ SOXV JUDQG QRPEUH G¶DSSDUHLOV Q¶HVW SDV XQH WkFKH WULYLDOH HW H[LJHXQVDYRLUIDLUHVROLGH,OHVWWUqVGLI¿FLOH GHPHWWUHHQSODFHOHVRUGLQDWHXUVGHFHWWH IDoRQ TX¶LOV VH YRLHQW DX QLYHDX UDGLR HW TX¶LOVQHSHUGHQWSDVHQPrPHWHPSVGHOD VRXSOHVVHHWGHODPRELOLWpSRXUOHVTXHOOHV FH VWDQGDUG D pWp FRQoX /D UpVROXWLRQ GH FH SUREOqPH FRQVLVWH HQ JpQpUDO j WUDQVIRUPHUO¶XQHGHVVWDWLRQVHQSDVVHUHOOH RX URXWHXU TXL GLULJH OH WUD¿F YHUV G¶DXWUHV VWDWLRQV FOLHQWHV 'DQV FH FDVOj QRXV GHYRQV QRXV DVVXUHU TXH FKDTXH VWDWLRQ DLW OD FRQQHFWLRQ UDGLR DYHF OD SDVVHUHOOH /HVFKpPDH[HPSODLUHG¶XQUpVHDX$G+RF SOXVFRPSOH[HPRQWUHOD)LJXUH
FKLSVHW 7, $&; $ YUDL GLUH LO H[LVWH GDQV /LQX[ OD JHVWLRQ SUpOLPLQDLUH UpDOLVpH SDU OH SLORWH DF[ PDLV SRXU O LQVWDQW F HVW XQH YHUVLRQ DOID /HV VWDQGDUGV OHV SOXV UpFHQWV FRPPH D HW
XXXIBLJOPSH
0DOKHXUHVHPHQWODVROXWLRQEDVpHVXU OH PRGH $G+RF D EHDXFRXS GH GpIDXWV HW HOOH H[LJH XQ JUDQG WDX[ GH WUDYDLO ,FL OHPRGHDSSHOpO¶LQIUDVWUXFWXUH HQDQJODLV ,QIUDVWUXFWXUH RX OH PRGH VWDWLRQQDLUH LO FRQWLHQWFHUWDLQVpOpPHQWV¿[HV\FRPSULV OD FRQQH[LRQ DX UpVHDX GH FkEOHV QRXV DSSRUWH GX VHFRXUV ,O IRQFWLRQQH WUqV ELHQ GDQV OH FDV GHV LQVWDOODWLRQV SOXV FRPSOH[HV8QHVWDWLRQGHEDVHDSSHOpH pJDOHPHQW XQ SRLQW G¶DFFqV HQ DQJODLV $FFHVV 3RLQW W $3 HQ DEUpJp UHSUHQG OH U{OH GH OD SDVVHUHOOHURXWHXU 7RXWHV OHV VWDWLRQV pTXLSpHV GH FDUWHV VDQV ¿O FRPPXQLTXHQW XQLTXHPHQW DYHF FHW DSSDUHLO TXL JDUDQWLW OD FRPPXQLFDWLRQ HQWUH WRXV OHV FOLHQWV /HV SRLQWV G¶DFFqV RIIUHQW DXVVL OD SRVVLELOLWp GH URDPLQJ j VDYRLU OD UHGLUHFWLRQ GHV FOLHQWV YHUV OH SRLQW G¶DFFqV DX[ SDUDPqWUHV GX VLJQDO UDGLRSOXVSHUIRUPDQWV SDUH[HPSOHDSUqV ODSHUWHFRPSOqWHGXVLJQDO /HVDSSDUHLOV $3RIIUHQWpJDOHPHQWGHVPpFDQLVPHVGH YpUL¿FDWLRQHWEHDXFRXSG¶DXWUHVIRQFWLRQV GLIIpUHQWHV SDU H[HPSOH OD GpVDFWLYDWLRQ GH OD FRPPXQLFDWLRQ FOLHQWFOLHQW FH TXL DXJPHQWH OH QLYHDX GH VpFXULWp GH FH UpVHDX /D SOXSDUW GHV DSSDUHLOV GH W\SH $3 VRQW pTXLSpV GH GHX[ LQWHUIDFHV O¶HWKHUQHW HW O¶LQWHUIDFH VDQV ¿O &HOD HVW GX DX IDLW TXH FHV DSSDUHLOV VRQW XWLOLVpV HQ SULQFLSH SRXU UHOLHU OH UpVHDX VDQV ¿O DYHF OH UpVHDX GH FkEOHV H[LVWDQW /H SDVVDJH HQWUH OD FRPPXQLFDWLRQ VDQV ¿O HW FHOOH GH FkEOHV HVW DXWRPDWLTXH JUkFH DX[ PpFDQLVPHV GH SRQW LPSOpPHQWpV HQDQJODLVEULGJH 'DQVFHWWHVROXWLRQOHV GHX[ UpVHDX[ SK\VLTXHV VRQW FRQVLGpUpV FRPPHXQHQVHPEOHORJLTXH '¶DXWUHV SRLQWV G¶DFFqV VRQW GRWpV GHPpFDQLVPHVGHURXWHWGHEHDXFRXS G¶DXWUHVIRQFWLRQV$QRWHUTXHSOXVLHXUV DSSDUHLOVJqUHQWSOXVLHXUVPRGHVTXLQH IRQWSDVSDUWLHGXVWDQGDUGPDLV LOVIDFLOLWHQWOHWUDYDLOTXRWLGLHQHWSHUPHW WHQW GH FUpHU OHV VWUXFWXUHV EHDXFRXS SOXV FRPSOH[HV 9RXV DOOH] WURXYHU SOXV G¶LQIRUPDWLRQVGDQVOHVPDQXHOVFRQFHU QDQWOHVSURGXLWVSDUWLFXOLHUV/HVFKpPD H[HPSODLUHGXUpVHDXjWRSRORJLHLQIUDV WUXFWXUHHVWSUpVHQWpGDQVOD)LJXUH
J VRQW pJDOHPHQW JpUpV SDU OH V\VWqPH /LQX[ PDLV OHV SLORWHV VRQW HQ FRXUV GH GpYHORSSHPHQW HW LOV QH IRQFWLRQQHQW SDV WRXMRXUV G XQH PDQLqUH VWDEOH & HVW XQH UDLVRQGHSOXVSRXUODTXHOOHMHYRXV
)BLJO/ P
AK\N\S`SXQ
6WDQGDUGVGHVUpVHDX[ :/$1 ,((( '6L)+ /D SUHPLqUH YHUVLRQ GX VWDQGDUG ,((( D pWp DGRSWpH HQ $ FHWWH pSRTXHOj RQ D pODERUp XQH PpWKRGH GH WUDQVPLVVLRQ GH GRQQpHV j O¶DLGH GHV UpVHDX[ VDQV ¿O j GpELW MXVTX¶j 0%LWV VXU OD IUpTXHQFH GH *K] $ SUpVHQW FHWWH PpWKRGH HVW PLVH HQ RHXYUH GDQV OHV GRPDLQHV GH O¶,QGXVWULH GH OD 6FLHQFH HW GH OD 0pGHFLQH ,60 ±HQDQJODLV,QGXVWULDO6FLHQFH0HGLFDO O 'HX[ WHFKQLTXHV G¶pWDOHPHQW GH VSHFWUH RQW pWp pJDOHPHQW SURSRVpHV OD '666 '6 HW OD )+66 )+ /D WHFKQRORJLH '666 HQ DQJODLV 'LUHFW 6HTXHQFH 6SUHDG 6SHFWUXP HVW XQH PRGXODWLRQ GH O¶pWDOHPHQW GH VSHFWUH DYHF XQH VpTXHQFH GLUHFWH GHV ELWV /D WUDQVPLVVLRQ GH ELWV GDQV XQH EDQGH GH IUpTXHQFH ELHQ Gp¿QLH HVW VRQ WUDLW SULQFLSDO 3DU FRQWUH OD WHFKQRORJLH )+66 HQ DQJODLV )UHTXHQF\ +RSSLQJ 6SUHDG 6SHFWUXP HVW XQH PRGXODWLRQ GH O¶pWDOHPHQW GH VSHFWUH SDU VDXW GH IUpTXHQFH (OOH XWLOLVH OD PRGXODWLRQ GH IUpTXHQFH SVHXGRDOpDWRLUH &HV GHX[ PpWKRGHV GH PRGXODWLRQ GH IUpTXHQFH RQW pWp FUpp SRXU VDWLVIDLUH OHV EHVRLQV PLOLWDLUHVHWDVVXUHUO¶LQIDLOOLELOLWpO¶LQWHJULWp HWODVpFXULWpGHODWUDQVPLVVLRQ 4XDQW j OD )+66 OH VLJQDO SHXW SpQpWUHUPLHX[GHVREVWDFOHVHWLOHVWSOXV UpVLVWDQWDX[SHUWXUEDWLRQV*UkFHjFHOD SOXVLHXUVUpVHDX[SHXYHQWWUDYDLOOHUGDQV XQH PrPH EDQGH VDQVVHSHUWXUEHU(Q RXWUHOHFKDQJHPHQWGHIUpTXHQFHDVVXUH OD PHLOOHXUH VpFXULVDWLRQ GH OD FRXFKH SK\VLTXHFRQWUHOHVSLUDWHVTXLQHVDXURQW SDVTXHOOHIUpTXHQFHFKRLVLUSRXUUHFHYRLU OH VLJQDO HQWLHU &HOD VLJQL¿H pJDOHPHQW O¶LWLQpUDQFHSOXVUDSLGH URDPLQJ 3RXUWDQW XQ DYDQWDJH SULQFLSDO GH OD '666 TXL OXL D JDJQp OH SXEOLF FRQVLVWH j RE WHQLUGHVWUDQVPLVVLRQVSOXVUDSLGHVGDQV XQHEDQGHUDGLR$FWXHOOHPHQWODSOXSDUW GHVUpVHDX[VDQV¿OXWLOLVHQWODPRGXODWLRQ GHIUpTXHQFH'666 $SUqV DYRLU pODERUp OD SUHPLqUH YHUVLRQ GX VWDQGDUG ,((( '6 L )+ OHV JURXSHV GH WUDYDLO pQXPpUpV GH D j L RQW FRPPHQFp j WUDYDLOOH U VXU O¶RSWLPLVDWLRQ GH FHWWH YHUVLRQ 'H QRPEUHXVHV VRFLpWpV RQW FRQoX pJDOHPHQW OHXUV SURSUHV H[WHQVLRQV HQ DQJODLV SURSULHWDU\
)BLJO/ P
,(((E /H VWDQGDUG ,((( E DGRSWp HQ VRXYHQW DSSHOp :L)L HQ DQJODLV :LUHOHVV)LGHOLW\ HVWGHYHQXOHVWDQGDUG \ GHV UpVHDX[ VDQV ¿O OH SOXV SRSXODLUH ,O HVWVXFFHVVHXUGLUHFWGXSUHPLHUVWDQGDUG ,(((/HIDLWTX¶LOSHUPHWG¶REWHQLU XQ SOXV KDXW GpELW HVW XQH GLIIpUHQFH SULQFLSDOH HQWUH FHV GHX[ VWDQGDUGV /H ,((( E XWLOLVH OD PRGXODWLRQ GH IUpTXHQFH'666HWJUkFHjODPRGXODWLRQ &&. HQ DQJODLV &RPSOHPHQWDU\ &RGH .H\LQJ LOSHUPHWG¶REWHQLUODWUDQVPLVVLRQ MXVTX¶j0%LWVGDQVODEDQGHUDGLRVXU OD IUpTXHQFH GH *+] $ FH SURSRV LO HVW j QRWHU TXH OHV WUDQVIHUWV DWWHLQWV GDQV OD EDQGH UDGLR QH VLJQL¿HQW SDV OHVWUDQVIHUWV UpHOV GH GRQQpHV 'DQV OH FDV GX VWDQGDUG ,((( E OH GpELW PD[LPDOHVWGH0ELWVHQYLURQ (Q OD VRFLpWp 7, 7H[DV ,QVWUXPHQWV DSURSRVpGHVRSWLPLVDWLRQV UHODWLYHVDXVWDQGDUGESHUPHWWDQW G¶REWHQLU OHV WUDQVPLVVLRQV MXVTX¶j 0%LWV GDQV XQH EDQGH UDGLR &H VWDQGDUG D pWp EDSWLVp E ,O XWLOLVHODPRGXODWLRQGHIUpTXHQFH'666 DYHF OD PRGXODWLRQ 3%&& HQ DQJODLV 3DFNHW%LQDU\&RQYROXWLRQDO&RGLQJ /H V\VWqPH $&; FRQoX SDU OD 7, HVW OH SUHPLHUFKLSVHWTXLJqUHFHVWDQGDUG
,(((J 2Q HVW SOHLQ G¶HVSRLU SRXU OH VWDQGDUG ,((( J UDWL¿p DX PRLV GH MXLQ ,O SHUPHW G¶DWWHLQGUH OD YLWHVVH MXVTX¶j 0%LWV VXU OD IUpTXHQFH GH *+] 8QH QRXYHOOH WHFKQRORJLH GH PRGXODWLRQ GH IUpTXHQFH DSSHOpH 2)'0 HQDQJODLV2UWKRJRQDO)UHTXHQF\'LYLVLRQ 0XOWLSOH[LQJ HVW LFL PLVH HQ RHXYUH /D FRPSDWLELOLWpDYHFEHVWXQDYDQWDJH GHFHVWDQGDUG
,(((D /H VWDQGDUG ,((( D VRXYHQW DSSHOp :L)L DGRSWp HQ SHXW pJDOHPHQW JDJQHU OH SXEOLF 'H PrPH TXH OH VWDQGDUG ,((( J LO SHUPHW G¶REWHQLU OHV WUDQVIHUWV MXVTX¶j 0%LWV DYHF OD PRGXODWLRQ GH IUpTXHQFH 2)'0 3RXUWDQW LO XWLOLVH OD EDQGH 81,, HQ DQJODLV 8QOLFHQVHG 1DWLRQDO ,QIRUPDWLRQ ,QIUDVWUXFWXUH j VDYRLU OD IUpTXHQFH GH *+] HW F¶HVW SRXUTXRL LO Q¶HVW SDV FRPSDWLEOH DYHF E HQ FH TXL FRQFHUQHODFRXFKHSK\VLTXH/HVSURGXLWV TXLIRQFWLRQQHQWGDQVODEDQGHGH*+] VRQW SOXV UpVLVWDQWV DX[ SHUWXUEDWLRQV SDU UDSSRUW j FHX[ IRQFWLRQQDQW GDQV OD EDQGHGH*K](QRXWUHODEDQGHGH *+] HVW SOXV HQFRPEUpH SDU UDSSRUW
XXXIBLJOPSH
j FHOOH GH *+] WpOpSKRQHV VDQV ¿O IRXUV j PLFURRQGHV DSSDUHLOV EOXHWRRWK KRPHUIHWF 0DOJUpQRPEUHX[DYDQWDJHV OHV SRUWpHV GLPLQXpHV GH PRLWLp RIIHUWHV SDU FHV DSSDUHLOV VRQW XQ LQFRQYpQLHQW DVVH] LPSRUWDQW (Q RXWUH OHV IDEULFDQWV HXURSpHQV VRQW REOLJpV j VDWLVIDLUH GHV H[LJHQFHV VpYqUHV GH O¶(76, UHODWLYHV DX DHWjLPSOpPHQWHUOHVIRQFWLRQV73& HW ')6 FDU FHV IUpTXHQFHV VRQW XWLOLVpHV SDUGHQRPEUHXVHVLQVWDOODWLRQVPLOLWDLUHV HWJRXYHUQHPHQWDOHV/HVPpFDQLVPHVGH FRQWU{OHGHODSXLVVDQFHGXVLJQDO73& HQ DQJODLV7UDQVPLW3RZHU&RQWURO LPSRVHQW O OHV OLPLWHV GH SXLVVDQFH DX PRPHQW R XQ DSSDUHLO IRQFWLRQQH SOXV SUqV GH OD VWDWLRQSULQFLSDOH3DUFRQWUHODVpOHFWLRQ G\QDPLTXHGHIUpTXHQFH')6 HQDQJODLV '\QDPLF)UHTXHQF\6HOHFWLRQ SHUPHWDX[ DSSDUHLOVGHFKDQJHUDXWRPDWLTXHPHQWOH FDQDO SRXU pYLWHU WRXWH LQWHUIpUHQFH DYHF G¶DXWUHVV\VWqPHVGHFRPPXQLFDWLRQ 'HUQLqUHPHQW OD VRFLpWp 3UR[LP D SURSRVp XQH H[WHQVLRQ DX VWDQGDUG ,((( D DSSHOpH OH PRGH 3UR[LP ;*UkFHjO¶XWLOLVDWLRQGHGHX[FDQDX[ SRXUODWUDQVPLVVLRQHOOHSHUPHWG¶REWH QLUOHGpELWGDQVODEDQGHUDGLRDXQLYHDX GH0ELWV [0ELWV
'¶DXWUHVVWDQGDUGV $FWXHOOHPHQWOHVWUDYDX[VXUOHVVWDQGDUGV TXL DSSRUWHQW GHV H[WHQVLRQV DX[ VWDQ GDUGV FRPPHQWpV FLGHVVXV S H[ OH ,(((HTXLFRPSOqWHOHVVWDQGDUGV SDUGHVH[LJHQFHV4R6 HQDQJODLV4XDOLW\ RI 6HUYLFH RX OH ,((( L TXL YLVH j PHWWUH HQ RHXYUH PHLOOHXUV PpFDQLVPHV GHVpFXULWpVRQWPHQpV $ SUpVHQW GHV SURGXLWV JpUDQW OHV VWDQGDUGV'6)+DEJHWLHQ SDUWLHVRQWGLVSRQLEOHVVXUOHPDUFKp
:L)L:L)L ,OYDXWODSHLQHG¶H[DPLQHUOHVFKDQJHPHQWV RSpUpV SDU O¶RUJDQLVDWLRQ :L)L $OOLDQFH DXWUHIRLV:(&$ &HWWHRUJDQLVDWLRQDSRXU YRFDWLRQGHWHVWHUHWFHUWL¿HUOHVDSSDUHLOV VDQV¿OGHGLIIpUHQWVIDEULFDQWVD¿QG¶DVVXUHU OHXUFRPSDWLELOLWp$XSDUDYDQWOHVDSSDUHLOV UHFHYDLHQWOHWLWUH:L)L E RX:L)L D $OD¿QGH:L)L$OOLDQFH DGpFLGpGHUpQRQFHUjXWLOLVHUO¶DSSHOODWLRQ :L)LHQIDYHXUGH:L)L&¶HVWSRXUTXRL WRXV OHV DSSDUHLOV VDQV ¿OV FHUWL¿pV YRQW PDLQWHQDQW UHFHYRLU OH WLWUH :L)L &HUWL¿HG LQGpSHQGDPPHQW GHV VWDQGDUGV JpUpV 0DOKHXUHXVHPHQW SOXVLHXUV IDEULFDQWV XWLOLVHQW WRXMRXUV O¶DSSHOODWLRQ :L)L SRXU GpVLJQHUD
GpFRQVHLOOH DXVVL G DFKHWHU FHV FDUWHV 9RXV SRXYH] WURXYHU SOXV G LQIRUPDWLRQV VXU OHV DSSDUHLOV VDQV ¿O JpUpV SDU /LQX[ HW VXU OHV SLORWHVGLVSRQLEOHVVXUODSDJHKWWS ZZZKSOKSFRPSHUVRQDO-HDQB 7RXUULOKHV/LQX[/LQX[:LUHOHVVGU LYHUVKWPO 3RXUOHVEHVRLQVGHVWHVWVGpFULWV GDQVOHSUpVHQWDUWLFOHM DLXWLOLVpOHV FDUWHV UDGLR 3UR[LP 2ULQRFR *ROG /H SLORWH RULQRFRBFV V FRRSpUDQW DYHF OH ORJLFLHO G XQ QR\DX [ HVW UHVSRQVDEOH GH OHXU JHVWLRQ &HSHQGDQW LO HVW ELHQ G LQVWDOOHU OD YHUVLRQ GX SLORWH OD SOXV UpFHQWH DX PRPHQW G pFULWXUH GH FHW DUWLFOH F pWDLWODYHUVLRQH DYHFOHSDWFK PRQLWRUHSDWFK KWWS DLUVQRUW VKPRRFRP TXL SHUPHW G DFWLYHU OHPRGHGHVXLYL5) HQDQJODLV5) PRQLWRULQJ GDQV OHV FDUWHV EDVpHV VXU OH FKLSVHW +HUPHV &HOD HVW QpFHVVDLUH SRXU SRXYRLU XWLOLVHU GHV RXWLOV SURIHVVLRQQHOV D¿Q G DQDO\VHU GHVUpVHDX[VDQV¿O
$QWHQQHH[WHUQH 2XWUHODFDUWHVDQV¿OLOQRXVIDXWHQFRUH XQHDQWHQQHH[WHUQHODPHLOOHXUHHVW O DQWHQQH RPQLGLUHFWLRQQHOOH G%L DX PLQLPXP /H FKRL[ G DQWHQQHV HVW WUqV YDVWH HW LO GpSHQG GH QRV SRVVLEOLWpV¿QDQFLqUHV/HVEULFROHXUV YRQWWURXYHUXQHGHVFULSWLRQGHODUp DOLVDWLRQGHFHW\SHG DQWHQQHjSDUWLU GHO HPEDOODJHGH3ULQJOHVVXUOHVLWH GH OD PDLVRQ G pGLWLRQ 2 5HLOO\ KWWS ZZZRUHLOO\QHWFRP FV ZHEORJ YLHZZOJ 3HUVRQQHOOHPHQW M DL
XWLOLVp O DQWHQQH RPQLGLUHFWLRQQHOOH /XFHQWG%L
5pFHSWHXU*36 ,O HVW pJDOHPHQW FRQVHLOOp G DYRLU OH UpFHSWHXU*36EDVpVXU10($HWJpUp SDU /LQX[ &HOD SHUPHW G HQUHJLVWUHU OHV LQIRUPDWLRQV GpWDLOOpHV VXU OD SR VLWLRQ GHV UpVHDX[ :/$1 GpWHFWpV HW GH Gp¿QLU OHXUV SRUWpHV %LHQ VU F HVWXQVXSSOpPHQWTXLQ HVWSDVREOL JDWRLUH3HUVRQQHOOHPHQWM DLXWLOLVpOH UpFHSWHXU*DUPLQH7UH[EUDQFKpSDUOH SRUWVpULH(WDQWGRQQpTXHODSOXSDUW GHV RUGLQDWHXUV SRUWDEOHV IDEULTXpV DSUqVO DQQHSRVVqGHQWSDVGH SRUWVVpULHQLGHSRUWVSDUDOOqOHVLOHVW FRQVHLOOpGHVHSURFXUHUXQUpFHSWHXU EUDQFKpSDUOHSRUW86% SH[+ROX[ *0DYHFO DGDSWDWHXU86%
9RLWXUH ,OHVWELHQG DYRLUXQHYRLWXUH±GDQV OH FDV FRQWUDLUH OH VFDQQDJH GH SOXV JUDQGHV ]RQHV SHXW GHYHQLU GLI¿FLOH HW SHX GLVFUHW 4XDQW DX[ RUGLQDWHXUV SRUWDEOHV DYHF XQ IDLEOH DFFXPXODWHXU LO YDXW OD SHLQH G DFKHWHUXQFKDUJHXUXQLYHUVHO8QH ERQQHLGpHHVWGH¿[HUXQDLPHQWj ODEDVHGHO DQWHQQH SH[jO DLGH G XQ UXEDQ DXWRDGKpVLI FH TXL YD QRXVSHUPHWWUHGHODSRVLWLRQQHUVXU OHWRLWGHODYRLWXUH (Q FH PRPHQW QRXV DYRQV WRXW FH TX LO QRXV IDXW SRXU IDLUH OH ZDUGULYLQJ DX QLYHDX PDWpULHO HW V\VWqPH 1RXV SRXYRQV SURFpGHU j FRPPHQWHU GHV RXWLOV TXH QRXV DOORQVXWLOLVHU
7DEOHDX6WDQGDUGVGHVUpVHDX[:/$1
+^^K[_O
6WDQGDUG
7HFKQLTXHGH PRGXODWLRQGH IUpTXHQFH
'pELWVGLVSRQL EOHV 0%LWV
,((('6
'666
,((()+
)+66
,(((E
'666
,(((J
2)'0
,(((D
)UpTXHQFH *+]
2)'0
XXXIBLJOPSH
2XWLOV 7RXW G DERUG QRXV GHYRQV LQVWDOOHU O DQDO\VHXU GHV UpVHDX[ VDQV ¿O [ /H FKRL[ G RXWLOV HVW WUqV JUDQG PDLV OH NLVPHW KWWS ZZZ NLVPHWZLUHOHVVQHW HWOH:HOOHQUHLWHU KWWS ZZZZHOOHQUHLWHUQHW RIIUHQW OHV SOXV JUDQGHV IRQFWLRQQDOLWpV 9X TXH FH GHUQLHU RIIUH DX PRPHQW G pFULWXUH GX SUpVHQW DUWLFOH OD IRQFWLRQQDOLWpSOXVOLPLWpHM DLGpFLGp GHFKRLVLUOHNLVPHW/ LQVWDOODWLRQGX ORJLFLHOHVWWUqVIDFLOHHWLQWXLWLYH YRLU OHWDEOHDX 1RXV DXURQV pJDOHPHQW EH VRLQ G XQ ORJLFLHO SHUPHWWDQW GH WURXYHU OD FOp :(3 GHV UpVHDX[ VpFXULVpV SDU OH FKLIIUHPHQW $FWX HOOHPHQWQRXVSRXYRQVFKRLVLUHQW UH GHX[ RXWLOV :(3&UDFN KWWS ZHSFUDFNVRXUFHIRUJHQHW HW $LU 6QRUW KWWS DLUVQRUWVKPRRFRP $LU6QRUW RIIUH SOXV JUDQGHV IRQF WLRQQDOLWpV LOH[LJHO HQYLURQQHPHQW RQ ;ZLQGRZ ±*WN3HUO SRXUIRQF WLRQQHU / LQVWDOODWLRQGXORJLFLHOHVW pJDOHPHQWGpFULWHGDQVOHWDEOHDX 1RXV DXURQV pJDOHPHQW EHVRLQ GHV RXWLOV VWDQGDUG XWLOLVpV SDU WRXV OHV FKHUFKHXUV GHV UpVHDX[ pWUDQ JHUV
QPDS KWWS ZZZQPDSRUJ WKFUXW KWWS ZZZWKFRUJWKFUXW KSLQJ KWWS ZZZKSLQJRUJ GVQLII KWWS ZZZPRQNH\RUJa GXJVRQJGVQLII JJVQLII KWWS JJVQLIIVRXUFHIRUJH QHW SI KWWS OFDPWXIFRUHGXPSF[ DPDS KWWS ZZZWKFRUJDPDS YPDS KWWS ZZZWKFRUJYPDS QEWVFDQ KWWS ZZZXQL[ZL]QHW WRROVQEWVFDQKWPO
9RXVSRXYH]WURXYHUWRXVOHVORJLFLHOV HWRXWLOVGpFULWVGDQVFHWDUWLFOHVXUOD SDJH KWWS SDFNHWVWRUPVHFXULW\QO / LQVWDOODWLRQGHODSOXSDUWG HQWUHHX[ FRQVLVWH j HIIHFWXHU GHV RSpUDWLRQV VWDQGDUG FRQ¿JXUHSUH¿[ XVU? V\VFRQIGLU HWF PDNH PDNHLQVWDOO
)BLJO/ P
AK\N\S`SXQ
LIFRQ¿JHWKGRZQ LIFRQ¿JHWKKZ6 HWKHU LIFRQ¿JHWKKZ6 HWKHU LIFRQ¿JHWKXS LIFRQ¿JHWKXS
)LJXUH6FKpPDH[HPSODLUHGXUpVHDX$G+RFFRPSRVpGHTXHOTXHV DSSDUHLOV 'DQVFKDTXHFDVLOHVWUHFRPPDQGp GHFRQVXOWHUOHV¿FKLHUV5($'0( ( HW ,167$//
2QGpPDUUH $SUqV DYRLU ¿[p O DQWHQQH VXU OH WRLW GH OD YRLWXUH HW SODFp O RUGLQDWHXU SRUWDEOHVXUOHIDXWHXLOGXSDVVDJHU QRXVSRXYRQVSDUWLUjODFKDVVH
NLVPHW
7RXW G DERUG LO HVW FRQVHLOOp GH FKDQJHU O DGUHVVH PDWpULHOOH 0$& GHV LQWHUIDFHV VDQV ¿O SRXU UHQGUH O LGHQWL¿FDWLRQGHQRVFDUWHVSOXVGLI¿ FLOH'DQVFHEXWQRXVVDLVLVVRQVOHV DGUHVVHV 0$& VpOHFWLRQQpHV G XQH PDQLqUHDOpDWRLUHjO DLGHGHLIFRQ¿J
/H ORJLFLHO YD DFWLYHU OD FDUWH VDQV ¿O HQ PRGH GH VXLYL 5) FH TXL SHXW rWUH YpUL¿p SDU O H[pFXWLRQ GH OD FRPPDQGHVXLYDQWHVXUODGHX[LqPH FRQVROH
LIFRQ¿JHWKGRZQ
/D YDOHXU GX FKDPSV /LQN HQFDS pJDOHj8163(&HWOHV]pURLQVpUpV GDQVO DGUHVVH0$&GHODFDUWHVDQV ¿OSURXYHQWTXHODFDUWHHVWHQPRGH GHVXLYL5) YRLUOH/LVWLQJ (QVXLWH GDQV OH FDV GH OD FDUWH DYHF O pWDOHPHQW GX VSHFWUH '666OH³]DSSDJH´GHVFDQDX[ HQ DQJODLV FKDQQHO KRSSLQJ UpDOLVp SDU OH ORJLFLHO D¿Q G REVHUYHU OHV WUDQVPLVVLRQV GHV GRQQpHV VXU WRXWHVOHVIUpTXHQFHVYDF RPPHQFHU 4XDQW j OD FDUWH DYHF OD )+66 S H[ &LVFR $LURQHW OH FKDQJH PHQW GH IUpTXHQFH HVW LPSOpPHQWp SDUOH¿UPZDUHGHODFDUWH 3RXU TXH OH ORJLFLHO QH GpUDQJH SDV OH FKDXIIHXU LO YD O LQIRUPHU VXU OHVUpVHDX[GpWHFWpVjO DLGHG XQELS VRQRUH
&RPPHQWOHVVFDQQHXUVGpWHFWHQWLOVOHVUpVHDX[ :/$1HQPDUFKH /D PpWKRGH OD SOXV VLPSOH FRQVLVWH j VFDQQHU OHV UpVHDX[ :/$1 G¶XQH PDQLqUH SDVVLYH/DSOXSDUWGHVSRLQWVG¶DFFqVHQYRLHQWGDQVOHVLQWHUYDOOHVGp¿QLHVGHWHPSV OHVWUDPHVGHW\SHEHDFRQD¿QGHVLJQDOHUVDSUpVHQFHHWGRQQHUOHVLQIRUPDWLRQV FRPPHOHODEHOGHWHPSVOH66,'ODJHVWLRQGXGpELWHWG¶DXWUHVSDUDPqWUHVFRQ FHUQDQWVRQIRQFWLRQQHPHQW/HVFDQQDJHSDVVLIFRQVLVWHjVFDQQHUFRQVWDPPHQW WRXVOHVFDQDX[UDGLRSDUODVWDWLRQFOLHQWHSRXUWURXYHUOHVWUDPHVGHW\SHEHDFRQ HQYR\pHV'qVTXHQRXVDOORQVGpWHFWHUFHWWHWUDPHQRXVDOORQVUHFHYRLUOHVUHQVHL JQHPHQWVVXUOHSRLQWG¶DFFqVIRQFWLRQQDQW 'H QRPEUHX[ SRLQWV G¶DFFqV SHUPHWWHQW GH GpVDFWLYHU O¶HQYRL GHV WUDPHV GH W\SHEHDFRQ7RXWGHYLHQWDORUVSOXVFRPSOLTXp$¿QGHGpWHFWHUOHVUpVHDX[DYHF OH 66,' PDVTXp LO IDXW DQDO\VHU OHV WUDPHV EDOLVHV SUREH UHTXHVW W HQYR\pHV SDU OHVVWDWLRQVFOLHQWHVDLQVLTXHOHVWUDPHVSUREHUHVSRQVHHQYR\pHVSDUOHVSRLQWV G¶DFFqV ,O V¶DYqUH TXH GDQV OH FDV GH GpVDFWLYDWLRQ GH OD GLIIXVLRQ GX 66,' OHV VWDWLRQV FOLHQWHV YpUL¿HQW OHV SRLQWV G¶DFFqV IRQFWLRQQDQW HQ HQYR\DQW OHV WUDPHV EDOLVHVSUREHUHTXHVWW DYHFOH66,'GXUpVHDX7RXVOHV$3DSSDUWHQDQWDXUpVHDX DYHF OH PrPH 66,' YRQW DORUV UpSRQGUH (Q pWXGLDQW OHV WUDPHV SUREH UHTXHVW LO HVW SRVVLEOH G¶REWHQLU OH 66,' GX UpVHDX 2XWUH FHOD SOXVLHXUV SRLQWV G¶DFFqV UpSRQGHQWjODWUDPHSUREHUHTXHVWDYHFOH66,'PLVj]HUR ODGp¿ W QLWLRQGX66,' SRXUODVpTXHQFHYLGHRX$1< HWHQYRLHOH66,'GXUpVHDXGDQVODWUDPHSUREH UHVSRQVH 8QH DXWUH PpWKRGH FRQVLVWH j DQDO\VHU OHV WUDPHV G¶DVVRFLDWLRQ DVVRFLDWLRQ UHTXHVWW TXLFRQWLHQQHQWpJDOHPHQWOH66,'GXUpVHDX$SUpVHQWOHVSUHPLHUVSURGXLWV SHUPHWWDQWGHPDVTXHUOH66,'GDQVFHVWUDPHVDSSDUDLVVHQWVXUOHPDUFKp
)BLJO/ P
3RXUYpUL¿HUVLOHVDGUHVVHV0$&RQW pWp PRGL¿pHV FRUUHFWHPHQW QRXV IDLVRQVH[pFXWHUGHQRXYHDXODFRP PDQGH LIFRQ¿J HW QRXV YpUL¿RQV OD YDOHXU GX FKDPSV +ZDGGU (QVXLWH QRXVRXYURQVODVHVVLRQHQWDQWTXH O XWLOLVDWHXU NLVPHW HW QRXV ODQoRQV OH ORJLFLHO j O DLGH GH OD FRPPDQGH VXLYDQWH
XXXIBLJOPSH
LIFRQ¿JHWK
'pWHFWLRQGHVUpVHDX[ :/$1 2Q GpPDUUH DORUV $SUqV TXHOTXHV LQVWDQWVQRXVUHFHYRQVXQSUHPLHU VLJQDO .LVPHW D WURXYp XQ UpVHDX 1RXV JDURQV OD YRLWXUH GDQV XQ HQGURLWTXLQ pYHLOOHSDVGHVXVSHF
WLRQV HW QRXV UHJDUGRQV O DI¿FKHXU 'DQVODERvWHGHGLDORJXHSULQFLSDOH GX ORJLFLHO QRXV UHFHYRQV GHV LQ IRUPDWLRQV VXU XQ UpVHDX GpWHFWp 'DQVODFRORQQH1DPH LO\DO LGHQWL ¿FDWHXUGHUpVHDXjVDYRLUOH66,' 'DQV QRWUH FDV F HVW XQH YDOHXU 'DQVODFRORQQH7 QRXVDYRQV OH W\SH GH UpVHDX $ ± $FFHVV 3RLQW + ± $G+RF3 3 ±WDEOHDXSUR EH UHTXHVW GDQV QRWUH FDV F HVW ODYDOHXU $OHUpVHDXWUDYDLOOHDORUV HQPRGHLQIUDVWUXFWXUH YRLUOHWDE OHDX $UFKLWHFWXUH GHV UpVHDX[ :/$1 'DQV OD FRORQQH : LO \ DOHVWDWXWGHFKLIIUHPHQW< < VLJQL¿H TXHOHUpVHDXXWLOLVHOHFKLIIUHPHQW DXWUHPHQWF HVWODYDOHXU1'DQVOD FRORQQH &K QRXV YR\RQV XQ FDQDO GH WUDYDLO GX UpVHDX FKH] QRXV F HVW XQ FDQDO Q 'DQV OD FR ORQQH )ODJV QRXV DYRQV GLIIpUHQWV GUDSHDX[ G LQIRUPDWLRQ HW GDQV OD FRORQQH ,35DQJH O pWHQGXHGpWHF WpH GHV DGUHVVHV ,3 HVW DI¿FKpH 'DQV QRWUH FDV OH ORJLFLHO QH SHXW SDV Gp¿QLU O pWHQGXH GHV DGUHVVHV ,3FDUWRXWOHWUD¿FHVWFKLIIUp &RQVXOWH] OH WDEOHDX &RPPHQW REWHQLU OH 66,' SRXU WURXYHU SOXV G LQIRUPDWLRQV VXU OHV PpWKRGHV XWL OLVpHV SDU OH ORJLFLHO NLVPHW SRXU GpWHFWHUOHVUpVHDX[:/$1- LQYLWH
+^^K[_O
7DEOHDX&DQDX[GDQVOD EDQGH*+]
&DQDO
)UpTXHQFH *+]
)LJXUH6FKpPDH[HPSODLUHGXUpVHDXjWRSRORJLHLQIUDVWUXFWXUH FHX[TXLLJQRUHQWOHVWUDPHV[ GH FRQVXOWHU WRXW G DERUG OH WDEOHDX 7\SHV GH FRXFKHV HW GH WUDPHV [ 0DOKHXUHVHPHQW OH UpVHDX TXH QRXV YHQRQV GH GpWHFWHU XWLOLVH OH FKLIIUHPHQW FH TXL YD UHQGUH QRWUH WUDYDLOSOXVGLI¿FLOH'DQVOHFDVFRQ WUDLUHRQSHXWVDXWHUOHIUDJPHQWFL GHVVRXV
'p &KLIIUHPHQWGHV UpVHDX[:/$1 3RXU pWXGLHU HQ GpWDLOV OH UpVHDX GpWHFWp QRXV GHYRQV WRXW G DERUG WURXYHUODFOp:(3$FHWWH¿QQRXV ODQoRQVOHORJLFLHODLUVQRUW DLUVQRUW
/H66,'SDUGpIDXWGHV SRLQWVG¶DFFqV
&LVFR±WVXQDPL &RP± &RPSDT±&RPSDT $GGWURQ±:/$1 ,QWHO±LQWHO /LQNV\V±OLQNV\V
/HORJLFLHOYDQRXVGHPDQGHUTXHOOH LQWHUIDFH GRLW rWUH XWLOLVpH SHQGDQW OH VFDQQDJH 1RXV VpOHFWLRQQRQV HWK (QVXLWH j SDUWLU G XQ PHQX jJDXFKHQRXVFKDQJHRQVOHPRGH GH]DSSDJHGHVFDQDX[SRXUO pFRXWH G XQFDQDOFRQFUHW QRXVFRFKRQVOD FDVHFKDQQHOHWQRXVVpOHFWLRQQRQV O
,QVWDOODWLRQFRQ¿JXUDWLRQGXORJLFLHO$LUVQRUW /¶LQVWDOODWLRQ GX ORJLFLHO$LUVQRUW DX PRPHQW G¶pFULWXUH GX SUpVHQW DUWLFOH OD YHUVLRQ HVWXQHYHUVLRQODSOXVUpFHQWH FRQVLVWHjVDLVLUODVpTXHQFHGHFRPPDQGHV VXLYDQWHDSUqVDYRLUGpFRPSUHVVpO¶DUFKLYH DXWRJHQVK PDNH PDNHLQVWDOO
,OQ¶HVWSDVREOLJDWRLUHGHFRQ¿JXUHUOHSDTXHWFDUOHORJLFLHOYDGpWHFWHUDXWRPDWLTXHPHQW WRXWHVOHVLQWHUIDFHVVDQV¿OLOYDDFWLYHUODFDUWHVpOHFWLRQQpHHQPRGHGHVXLYL5)HWLO YDFRPPHQFHUj³]DSSHU´OHVFDQDX[ HQDQJODLVFKDQQHOKRSSLQJ '¶DXWUHVRSpUDWLRQV GHFRQ¿JXUDWLRQSHXYHQWrWUHHIIHFWXpHVjO¶DLGHGH*8,GXORJLFLHO
XXXIBLJOPSH
)BLJO/ P
AK\N\S`SXQ
OH FDQDO Q 3XLV QRXV DSSX\RQV VXUOHERXWRQ6WDUW $SUqV TXHOTXHV LQVWDQWV DLUV QRUW GpWHFWH OH PrPH UpVHDX TXH NLVPHW 'DQV OD FRORQQH %66,' QRXVDYRQVO DGUHVVH0$&GXSRLQW G DFFqV GDQV QRWUH FDV F HVW ( $ /D FRORQQH 1D PHFRQWLHQWOH66,'DYHFODYDOHXU /H ORJLFLHO UHJURXSH GHV SD TXHWV FKLIIUpV FHX[ TXL SRVVqGHQW XQ YHFWHXU G LQLWLDOLVDWLRQ ,9 DGp TXDW 'DQV OD FRORQQH (QFU\SWHG QRXVDYRQVODTXDQWLWpGHVSDTXHWV FKLIIUpVUHJURXSpVHWGDQV ,QWHUHV WLQJ ± OD TXDQWLWp GHV SDTXHWV TXL QRXV LQWpUHVVHQW 'DQV OD FRORQQH
)LJXUH/RJLFLHODLUVQRUWDXFRXUVG¶DQDO\VHUGHVSDTXHWVFKLIIUpV /DVW ,9 QRXV SRXYRQV YRLU OD GHU QLqUHYDOHXUGXYHFWHXU,9 / DFTXLVLWLRQ GH OD FOp SUHQG EHDXFRXS GH WHPSV HW GpSHQG GX WUD¿FVXUOHUpVHDXGHODORQJXHXU
6pFXULVDWLRQGHVUpVHDX[:/$1
OHV$3QHGRLYHQWSDVrWUHOLpVDX[UpVHDX[GHFkEOHV OHVXWLOLVDWHXUVGHVUpVHDX[:/$1GRLYHQWrWUHDXWKHQWL¿pV 93166+;HWF
(QSOXVLOIDXW
GpVDFWLYHUODGLIIXVLRQGX66,'GDQVOHV$3HWDFWLYHUOHPDVTXDJHGX66,' GpVDFWLYHUODFRPPXQLFDWLRQFOLHQWFOLHQWGDQVOH$3 FKDQJHUOHVSDUDPqWUHVSDUGpIDXWGHV$3 OH66,'OHVPRWVGHSDVVHO¶DGUHVVH ,3HWF PHWWUHjMRXUHQWHPSVUpHOOH¿UPDUHGHV$3HWGHVFDUWHVVDQV¿O DFWLYHUOHFRQWU{OHG¶DFFqVDXQLYHDX0$&HW,3 OHPLHX[VHUDLWG¶DFWLYHUOHV GHX[ DFWLYHUOHFKLIIUHPHQW GHRXGHELWV pYLWHUO¶XWLOLVDWLRQGHVFOpVVHFUqWHV:(3IDFLOHVjGpYLQHU PHWWUHHQRHXYUHODSROLWLTXHGHFKDQJHPHQWIUpTXHQWGHVFOpVVHFUqWHV:(3 XWLOLVHUOHV$3JpUDQWOH:3$ 7.,3HW; GpVDFWLYHUOHSURWRFROH'+&3VXUOHVUpVHDX[:/$1VXUWRXWSRXUOHVpWHQGXHV GHVDGUHVVHV REVHUYHUODFUpDWLRQGHQRXYHDX[$3FDUOHSLUDWHSHXWLQVWDOOHUXQ$3MXPHDX DYHFXQVLJQDOSOXVIRUW±OHVFOLHQWVYRQWDORUVRXYULUODVHVVLRQGDQVFH$3 SH[$LUVQDUI YpUL¿HUVLOHVHPSOR\pVQ¶LQVWDOOHQWSDVGHV$3VDQVDXWRULVDWLRQ LQVWDOOHUXQIDX[SRLQWG¶DFFqVSDUH[HPSOH)DNH$3+RVW$3D¿QGHWURPSHU O¶DGYHUVDLUH VpFXULVHUOHV$3FRQWUHXQDFFqVSK\VLTXH SRXUTXHOHSLUDWHQHSXLVVHSDV UHGpPDUUHUXQDSSDUHLOMXVTX¶DX[SDUDPqWUHVSDUGpIDXW VpFXULVHUWRXWHVOHVVWDWLRQVFOLHQWHVHWWRXVOHVVHUYHXUV ODIHUPHWXUHGHVSRUWV LQXWLOHVXQFRXSHIHXOHV\VWqPH,'HWF PDOKHXUHVHPHQWFHUWDLQVORJLFLHOV FOLHQWV SH[&RP VWRFNHQWODFOp:(3VRXVODIRUPHQRQFRGpHGDQVOHUHJLV WUH:LQGRZV LQVWDOOHUOHV\VWqPH,'SRXUOHVUpVHDX[VDQV¿O±O¶DQDO\VHGHVQXPpURVGH VpTXHQFHGHW\SHVEL]DUUHVGHVWUDPHVGHVDGUHVVHVGHGLIIXVLRQJpQpUDOH HQ DQJODLVEURDGFDVWDGGUHVVHV GHVDGUHVVHV0$&EL]DUUHVVXUOHUpVHDXSDU H[HPSOHGHVSUp¿[HV28, HQDQJODLV2UJDQL]DWLRQDOO\8QLTXH,GHQWL¿HU QRQ DFFRUGpVSDU,((( PHWWUHHQURXWHOHVPpFDQLVPHVGHVpFXULWpOHVPrPHVTXHSRXUOHVUpVHDX[GH FkEOHV
)BLJO/ P
XXXIBLJOPSH
GHODFOpHWGHODFKDQFH(QJpQp UDO LO QRXV IDXW GH j PLOOLRQV GH SDTXHWV FKLIIUpV 'DQV OH FDV ROHSURFHVVXVVHSURORQJHQRXV SRXYRQV HQUHJLVWUHU OHV GRQQpHV FROOHFWpHV j O DLGH GX PHQX )LOH !6DYH FUDFN ¿OH HW HVVD\HU GH ODQFHU OH ORJLFLHO OH MRXU VXLYDQW )LOH!/RDG FUDFN ¿OH 'DQV QRWUH FDVOHUpVHDXJpQqUHXQJUDQGWUD ¿F HW LO XWLOLVH OH FKLIIUHPHQW GH ELWVHWF HVWODFDXVHSRXUODTXHOOH DSUqV DYRLU FROOHFWp PLOOLRQV GH SDTXHWV DSUqV PLQXWHV HQYL URQ QRXV DYRQV UHoX XQH FOp GH FKLIIUHPHQW VRXV OD IRUPH $6&,, HW VRXV OD IRUPH KH[DGpFLPDOH DEFGHjVDYRLU 1RXVHQUHJLVWURQVODFOpVHFUqWH :(3UHoXH VRXVODIRUPHKH[DGp FLPDOH HW OH %66,' GX SRLQW G DF FqV VXU OH ERXW GH SDSLHU RX GDQV OH¿FKLHUHWQRXVIHUPRQVOHORJLFLHO $LUVQRUW $YDQW GH ODQFHU GH QRX YHDXOHORJLFLHONLVPHWQRXVGHYRQV HQUHJLVWUHUOH%66,'HWODFOp:(3 GDQVOH¿FKLHUGHFRQ¿JXUDWLRQHWF NLVPHWFRQI$FHWWH¿ I QQRXVVDLVLV VRQVODOLJQHVXLYDQWH ZHSNH\ ( $
1RXV IHUPRQV OH ¿FKLHU GH FRQ XUD WLRQ
$QDO\VHGHVUpVHDX[ :/$1 1RXV ODQoRQV GH QRXYHDX O DQDO\ VHXU NLVPHW &HWWH IRLVFL OH ORJLFLHO SRXUUDDQDO\VHUHQGpWDLOVWRXWHVOHV WUDPHV 'DQVODFRORQQH)ODJV LO\DGLIIp UHQWVODEHOVFRQWHQDQWGLIIpUHQWHVLQ IRUPDWLRQV 7 VLJLQL¿HTXHOHORJLFLHO
+^^K[_O
jO DLGHGHO DQDO\VHGHVSDTXHWV7&3 D GpWHFWp O pWHQGXH GHV DGUHVVHV ,3 XWLOLVpHV OD FRORQQH ,3 5DQJH 'DQVQRWUHFDVF HVWXQVRXVUpVHDX /H GUDSHDX : : VLJLQL¿H TXH OH UpVHDX HVW GpFKLIIUp j O DLGH GHODFOp:(3 3RXU UHFHYRLU GHV LQIRUPDWLRQV SOXV SUpFLVHV QRXV GHYRQV WRXW G DERUGWULHUOD OLVWHGHUpVHDX[SDU O LGHQWL¿FDWHXU66,'& HVWQpFHVVDL UH FDU OD OLVWH GHV UpVHDX[ HVW HQ PRGH G DXWRDGDSWDWLRQ HQ DQJODLV DXWR¿W SDUGpIDXW $FHWWH¿QQRXVDSSX\RQVGHX[ IRLV VXU OD WRXFKH >V@ $ O DLGH GX FXUVHXU QRXV VpOHFWLRQQRQV OH Up VHDXTXLQRXVLQWpUHVVHHWQRXVDS SX\RQV VXU OD WRXFKH >L @ 2XWUH OHV LQIRUPDWLRQV GH EDVH QRXV DOORQV UHFHYRLU OHV SDUDPqWUHV H[DFWV GX IRQFWLRQQHPHQWGXUpVHDXODTXDQ WLWp GHV SDTXHWV UHoXV OHXU W\SH HW OH QRP GX IDEULFDQW DLQVL TXH OH PRGqOH G XQ DSSDUHLO GpWHFWp ,O V DYqUHTXHOHSUp¿[H%66,'GHYD OHXU GH FRUUHVSRQG DX[ SURGXLWVGHODVRFLpWp&RP 1RXV IHUPRQV OD ERvWH GH GLD ORJXH DFWXHOOH HQ DSSX\DQW VXU OD WRXFKH >T@ 6L QRXV YRXORQV UHFHYRLUOHVLQIRUPDWLRQVFRQFHUQDQW OHV FOLHQWV GpWHFWpV VXU XQ UpVHDX GRQQp QRXV GHYRQV DSSX\HU VXU OD WRXFKH >F@ (W FRPPH GDQV OH FDV GH OD OLVWH GHV UpVHDX[ GpWHFWpV QRXV WULRQV OHV FOLHQWV SDU OHV DGUHVVHV 0$& SDU H[HPSOH 'DQV FH EXW QRXV DSSX\RQV OHV WRXFKHV >V@ HW >P@ (QVXLWH QRXV SRXYRQV VpOHFWLRQQHU j O DLGH GX FXUVHXU XQH VWDWLRQ FRQFUqWH HW REWHQLU GHV LQIRUPDWLRQV SUpFLVHV FRQFHUQDQW OHVFOLHQWVHQDSSX\DQWVXUODWRXFKH >L@'DQVQRWUHFDVNLVPHWDGpWHFWp TXHOTXHV GL]DLQHV GHV FOLHQWV TXL IRQFWLRQQHQWVXUOHUpVHDX/DSOXSDUW G HQWUHHX[RQWOHGUDSHDX>) @DFWLYp GDQV OD FRORQQH >7 @ FH TXL VLJQL¿H TXHFHVRQWOHVFOLHQWVGXUpVHDXGH FkEOHV HW KXLW FOLHQW RQW OH GUDSHDX >7 @RX>( @FHTXLLQGLTXHQWOHVFOLHQWV GHV UpVHDX[ VDQV ¿O ,O V DYqUH TXH OHV VWDWLRQV VDQV ¿O IRQFWLRQQHQW HQ SULQFLSH DYHF XWLOLVDWLRQ GHV FDUWHV &RP
,QVWDOODWLRQHWFRQ¿JXUDWLRQGXORJLFLHO.LVPHW $SUqVDYRLUVRUWLOHORJLFLHONLVPHWGHO¶HPEDOODJH DXPRPHQWG¶pFULWXUHGHFHWDUWLFOH ODYHUVLRQODSOXVUpFHQWHHVW QRXVIDLVRQVH[pFXWHUOHVFRPPDQGHVVXLYDQ WHV FRQ¿JXUHSUH¿[ XVU? V\VFRQIGLU HWF PDNHGHS PDNH PDNHVXLGLQVWDOO
(WDQWGRQQpTXHQRXVO¶DYRQVLQVWDOOpHQWDQWTXHVXLGQRXVGHYRQVVpOHFWLRQQHUOH QRPG¶XWLOLVDWHXU TXL DXUD OHV GURLWV QpFHVVDLUHV SRXU ODQFHU OH ORJLFLHO$ FHWWH¿Q LOHVWFRQVHLOOpGHFUpHUXQFRPSWHVXSSOpPHQWDLUHSH[NLVPHW,OHVWjQRWHUTXH OHVGURLWVG¶DPLQLVWUDWHXUVRQWVXSSULPpVDSUqVTXHOHVRSpUDWLRQVLQGLVSRQVDEOHVRQW pWpHIIHFWXpHV(QVXLWHQRXVPRGL¿RQVOH¿FKLHUGHFRQ¿JXUDWLRQHWFNLVPHWFRQI I HWSOXVSUpFLVpPHQWODOLJQHFRQWHQDQWVXLGXVHU VXLGXVHU NLVPHW
3XLVLOIDXWGp¿QLUXQDSSDUHLOTXLYDrWUHXWLOLVpSRXUOHVFDQQDJH1RXVGHYRQVpJD OHPHQW Gp¿QLU OH W\SH GH OD FDUWH GDQV QRWUH FDV F¶HVW RULQRFR (Q DGPHWWDQW TXH QRWUH FDUWH VDQV ¿O XWLOLVpH SRXU OH VFDQQDJH DLW pWp DIIHFWpH j O¶LQWHUIDFH HWK QRXV VDLVLVVRQV VRXUFH RULQRFRHWKQD]ZDB]URGOD
/D VpTXHQFH QD]ZDB]URGOD SHUPHW GH VpOHFWLRQQHU OHV DSSDUHLOV TXL YRQW rWUH XWLOLVpV SHQGDQWOHVFDQQDJHDXFDVRQRXVGLVSRVRQVGHSOXVLHXUVFDUWHVUDGLR&HWWHRSpUD WLRQHVWUpDOLVpHjO¶DLGHGHODOLJQHHQDEOHVRXUFHV 'DQVOHFDVG¶XQHFDUWHLOQ¶HVWSDV REOLJDWRLUHG¶XWLOLVHUFHWWHRSWLRQ (QVXLWH LO HVW FRQVHLOOp GH PRGL¿HU OD OLJQH EFKDQQHOV SRXU TX¶HOOH FRQ WLHQQH WRXV OHV FDQDX[ DXWRULVpV HQ 3RORJQH j VDYRLU GH j 1RXV VDLVLVVRQV DORUV EFKDQQHOV 6
-HVXSSRVHTXHQRXVQ¶DOORQVSDVXWLOLVHUOHUpFHSWHXU*36HWF¶HVWSRXUTXRLMHFKDQJH ODOLJQHJSV WUXHSRXUJSV IDOVH &HX[TXLYHXOHQWrWUHUHQVHLQJpVSDUODYRL[VXUOHVUpVHDX[:/$1GpWHFWpV SHXYHQW LQVWDOOHU OH V\QWKpWLVHXU )HVWLYDO KWWS ZZZFVWUHGDFXNSURMHFWV IHVWLYDO (QVXLWHLOVSHXYHQWDFWLYHUODJHVWLRQGHFHORJLFLHOjO¶DLGHGHO¶RSWLRQ VSHHFK WUXH GDQV OH ¿FKLHU GH FRQ¿JXUDWLRQ NLVPHW 9RXV DOOH] WURXYHU SOXV G¶LQIRUPDWLRQVVXUFHVXMHWGDQVOH¿FKLHU5($'0(GHFHSDTXHW (
(Q FH PRPHQW OH FKDQJHPHQW GH O DGUHVVH 0$& GH QRV FDUWHV VDQV ¿O SRXU TX HOOHV IDVVHQW VHP EODQW G rWUH OHV FDUWHV &RP HVW XQH ERQQH LGpH ± JUkFH j FHOD QRXV VHURQV PRLQV YLVLEOHV 1RXV DOORQV XWLOLVHU OH SUp¿[H GHV DGUHV VHV0$&GHVFDUWHVFOLHQWHVGDQV QRWUH FDV F HVW % /HUHVWHGHO DGUHVVHGRLWrWUHFKRL VL G XQH PDQLqUH DOpDWRLUH PDLV GH FHWWH IDoRQ TXH FHOD QH SURYRTXH
XXXIBLJOPSH
SDV OH FRQÀLW VXU OH UpVHDX 9RXV SRXYH]pJDOHPHQWWURXYHUGHVSUp ¿[HVGDQVOH¿FKLHU HWFDS BPDQXI TXLDpWpFUppSHQGDQWO LQVWDOODWLRQ GXORJLFLHONLVPHW
2XYHUWXUHGHVHVVLRQ GDQVOHVUpVHDX[ :/$1 (VVD\RQV PDLQWHQDQW G DFFqGHU DX UpVHDX VDQV ¿O 7RXW G DERUG QRXV
)BLJO/ P
AK\N\S`SXQ
&KLIIUHPHQW:(3 :(3 HQDQJODLV:LUHG(TXLYDOHQW3ULYDF\ HVWXQSURWRFROHGRQWODWkFKHFRQVLVWHj \ FKLIIUHUOHVGRQQpHVWUDQVPLVHVjO¶DLGHGHVUpVHDX[VDQV¿OD¿QG¶DVVXUHUXQQLYHDX GHVpFXULWpFRPSDUDEOHDYHFODVpFXULWpGHVUpVHDX[GHFkEOHV/H:(3HVWO¶XQHGHV IRQFWLRQVGHODFRXFKH0$& /HSURWRFROH:(3HVWEDVpVXUODFOpVHFUqWHNTXLHVWSDUWDJpHSDUWRXVOHVPHP N EUHVGXUpVHDX%66HW(66(QSULQFLSHFHWWHFOpDXQHORQJXHXUGHRXELWVHW HOOHHVWXWLOLVpHSRXUFKLIIUHUHWGpFKLIIUHUOHVGRQQpHV/H:(3XWLOLVHO¶DOJRULWKPH5& TXLHVWXQDOJRULWKPHV\PpWULTXHGHFKLIIUHPHQW /HFKLIIUHPHQWGHODWUDPHGHGRQQpHV0QRQFRGpHjO¶DLGHGX:(3HVWUpDOLVp 0 G¶XQHPDQLqUHVXLYDQWH
7RXWG¶DERUGODVRPPHGHFRQWU{OH,&9 HQDQJODLV 9 ,QWHJULW\&KHFN9DOXH GH ODWUDPHGHGRQQpHV0 QRQFRGpHHVWFDOFXOpHjO¶DLGHGHO¶DOJRULWKPH&5& &HWWHVRPPHHVWDMRXWpHVRXVIRUPHQRQFRGpHjOD¿QGHODWUDPHGHGRQQpHV 0,&9 0 (QVXLWHOHJpQpUDWHXUGHVQRPEUHVSVHXGRDOpDWRLUHV351* HQDQJODLV3VHXGR 5DQGRP1XPEHU*HQHUDWRU JpQqUHOHYHFWHXUG¶LQLWLDOLVDWLRQ,9 HQDQJODLV U ,QLWDOL]DWLRQ9HFWRU GHELWV±JUkFHjFHODWRXVOHVSDTXHWVVRQWFKLIIUpVjO¶DLGH U G¶XQDXWUHFKLIIUHPHQW/DFOpVHFUqWH:(3NHVWMRLQWHDXYHFWHXUG¶LQLWLDOLVDWLRQ 6XUOHMHX ,9N OHFKLIIUHPHQW5&HVWUpDOLVp&HFKLIIUHPHQWJpQqUHOD VpTXHQFHSVHXGRDOpDWRLUH5& ,9N /DIRQFWLRQ;25DYHFODWUDPHGHGRQQpHV0 QRQFRGpHHWODVRPPHGHFRQWU{OH ,&9HVWUpDOLVpHVXUOHYHFWHXU,9FKLIIUpHWVXUODFOp 9 N$LQVLODWUDPHGHGRQQpV &FKLIIUpHHVWFUppHjVDYRLU & 0,&9 0 [RU 5& ,9N /HYHFWHXU,9HVWLQVpUpDXGpEXWGHODWUDPH& & FKLIUpHVRXVODIRUPHQRQFRGpH ,9&
/HVGRQQpHVFKLIIUpHVVRQWGpFKLIIUpHVDSUqVODUpFHSWLRQ OHGHVWLQDWDLUHGRLWVDYRLUODFOp VHFUqWHOHYHFWHXU,9HVWOXjSDUWLUG¶XQSDTXHWUHoX/HVSDTXHWVFKLIIUpVVRQWLGHQWL¿pV GHFHWWHIDoRQTXHOHVGHX[SUHPLHUVELWVQHVRQWSDVpJDX[jODVpTXHQFH[$$$$ 9RXVDOOH]WURXYHUSOXVG¶LQIRUPDWLRQVVXUOHFKLIIUHPHQW5&GDQVOHOLYUHGH%UXFH 6FKQHLHULQWLWXOp&U\SWRJUDSKLHDSSOLTXpH $QRWHUTXHOHVIDEULFDQWVGRQQHQWHQSULQFLSHODORQJXHXUGHODFOpDYHFOHYHFWHXU ,9GHELWVHWF¶HVWSRXUTXRLOHFKLIIUHPHQWGHELWVVLJQL¿HODFOpGHELWVHWOH YHFWHXU,9GHELWV /HVORJLFLHOVWHOVTXH$LUVQRUWRX:(3&UDFNSUR¿WHQWGHVHUUHXUVSUpVHQWHVGDQV O¶DOJRULWPHGHFKLIIUHPHQWGHODWUDPHGHGRQQpHVGpFULWDXSDUDYDQW,OV¶DYqUHTXHOD ORQJXHXUGXYHFWHXU,9Q¶HVWSDVVXI¿VDQWH ELWV F¶HVWSRXUTRXLLO\DXQHJUDQGH SUREDELOLWpTXHOHVSDTXHWVDYHFOHPrPHYHFWHXU,9 OHFKLIIUHPHQW5&HVWUpDOLVp VXUOHMHX,9N DSSDUDLVVHQWVXUOHUpVHDX,9SHXWDGRSWHUAGHVYDOHXUVSRVVLEOHV jVDYRLUHQYLURQ3RXUOHUpVHDXTXLWUDYDLOOHDYHFODYLWHVVHGH0ELWVOH YHFWHXU,9YDrWUHUpSpWpDSUqVFLQTKHXUHVDXPLQLPXP HQDGPHWWDQWTXHVHXOHPHQW XQHVWDWLRQVHFRQQHFWHDX$3 /HV GHX[ ORJLFLHOV FRPPHQWpV UHJURXSHQW OHV SDTXHWV FKLIIUpV FRQWHQDQW OH YHFWHXU,9TXLVDWLVIDLWOHVFRQGLWLRQVGp¿QLHVHWHQVXLWHLOVUpDOLVHQWO¶DWWDTXH)06 VHORQOHVQRPVGHVHVDXWHXUV )OXKUHU0DQWLQ6KDPLU *UkFHjO¶DQDO\VHVWDWLTXH GHVYHFWHXUV,9HWGHSUHPLHUVELWVGHODVRUWLH5&FKLIIUpHFHWDWWDTXHSHUPHW G¶REWHQLUO¶LQIRUPDWLRQVXUODYDOHXUGHVELWVSDUWLFXOLHUVGHODFOpVHFUqWH:(3 4XDQG OH WUD¿F HVW JUDQG HW VL QRXV DYRQV GH OD FKDQFH OHV GHX[ ORJLFLHOV SHXYHQW SUpYRLU OD FOp :(3 XWLOLVpH 9RXV SRXYH] WURXYHU SOXV G¶LQIRUPDWLRQV VXU FH VXMHW GDQV OH GRFXPHQW :HDNQHVVHV LQ WKH NH\ VFKHGXOLQJ DOJRULWKP RI 5& KWWS ZZZGUL]]OHFRPaDERED,(((UFBNVDSURFSGI
GX UpVHDX 8QH ERQQH LGpH HVW GH QRPPHUQRWUHVWDWLRQGHFHWWHIDoRQ TX HOOHQHVDXWHSDVDX[\HX[ 1RXVVDLVLVVRQVDORUV LZFRQ¿JHWKFKDQQHO LZFRQ¿JHWKHQF LZFRQ¿JHWKQLFNWRPBU LZFRQ¿JHWKHVVLG LZFRQ¿JHWKPRGHPDQDJHG
6L OD FDUWH VDQV ¿O RXYUH OD VHVVLRQ GDQV OH UpVHDX GpWHFWp O DGUHVVH 0$& GX SRLQW G DFFqV DXTXHO QRXV QRXV VRPPHV DVVRFLp HVW YLVLEOH GDQV OH FKDPSV $FFHVV 3RLQWW HQ WDQWTXHOHUpVXOWDWGHODFRPPDQGH LZFRQ¿J1RXVVDLVLVVRQV LZFRQ¿JHWK
/HUpVXOWDWGHODFRPPDQGHHVWSUp VHQWpVXUOH/LVWLQJ 1RXV DYRQV UpXVVL 1RXV DYRQV RXYHUW OD VHVVLRQ DX SRLQW G DFFqV / DGUHVVH 0$& GDQV OH FKDPSV $F FHVV 3RLQWW FRUUHVSRQG j O DGUHVVH 0$& GX FKDPSV %66,' GDQV OHV ORJLFLHOV .LVPHW HW $LUVQRUW 'DQV OH FKDPSV )UHTXHQF\ QRXV DYRQV OD IUpTXHQFH GH IRQFWLRQQHPHQW GH O DSSDUHLO TXL FRUUHVSRQG DX FDQDO Q YRLUOH7DEOHDX
$FTXLVLWLRQG DFFqVDX UpVHDX:/$1/$1 0DLQWHQDQW QRXV DOORQV HVVD\HU G DFFqGHU DX[ UHVVRXUFHV GX UpVHDX :/$1/$1 7RXW G DERUG QRXV DOORQV HVVD\HU GH SUHQGUH O DGUHVVH ,3 j SDUWLU GX VHUYHXU '+&3 1RXV GHYRQV UHFHYRLU O DGUHVVH GH O pWHQGXH' DSUqVOHQRP EUH GH FOLHQWV TXDOL¿pV SDU NLVPHW FRPPHFHX[TXLXWLOLVHQWOHVUpVHDX[ VDQV¿OQRXVSRXYRQVFRQVWDWHUTXH OH SRLQW G DFFqV IRQFWLRQQH VXU OH SULQFLSHGHSRQW& HVWSRXUTXRLQRXV GHYRQV DFFpGHU DX VHUYHXU '+&3 TXL VH WURXYH SUREDEOHPHQW VXU OH UpVHDX1RXVVDLVLVVRQVDORUV GKFSFGHWK
DOORQV QRXV DVVRFLHU DX SRLQW G DF FqV 1RXV FRQ¿JXURQV O LQWHUIDFH HWKSRXUOHWUDYDLOVXUOHFDQDOQ
)BLJO/ P
HQ WDQW TXH OH FOLHQW GH O LQIUDVWUXF WXUH 1RXV VDLVLVVRQV pJDOHPHQW OD FOpGHFKLIIUHPHQWDLQVLTXHOH66,'
XXXIBLJOPSH
$SUqV XQ PRPHQW OD FRPPDQGH WHUPLQH VDQV DXFXQH HUUHXU 1RXV
/LVWLQJ8163(&GDQVOHFKDPS/LQNHQFDSHWOHV]pURVLQVpUpVGDQV O DGUHVVH0$&GHODFDUWHVDQV¿OSURXYHQWTXHODFDUWHHVWHQPRGHGH VXLYL5) HWK/LQNHQFDS 8163(&+:DGGU 83%52$'&$671275$,/(565811,1*3520,6&08/7,&$67078 0HWULF 5;SDFNHWV HUURUV GURSSHG RYHUUXQV IUDPH 7;SDFNHWV HUURUV GURSSHG RYHUUXQV FDUULHU FROOLVLRQV W[TXHXHOHQ 5;E\WHV E 7;E\WHV E ,QWHUUXSW %DVHDGGUHVV [
VDLVLVVRQVLIFRQ¿J/HVHUYHXU'+&3 QRXV D DIIHFWp O DGUHVVH ,3 LO D Gp¿QL OD SDVVHUHOOH SDU GpIDXW ' DSUqV OH ¿FKLHU HWFUHVROYFRQI LO UpVXOWH TX LO QRXV DDIIHFWpOHVHUYHXU'16LQWHUQHDYHF O DGUHVVH1RXVHVVD\RQVGH YpUL¿HUV LO\DXQHFRQQH[LRQDYHFOD SDVVHUHOOH
DXSRUWQXQSDTXHW7&3DYHFOH GUDSHDX 6<1 VpOHFWLRQQp DORUV LO LQLWLDOLVH OD FRQQH[LRQ 'DQV OD SOX SDUW GHV FDV QRXV GHYRQV UHFHYRLU XQ SDTXHW 7&3 GH UHWRXU DYHF OHV GUDSHDX[ 567 HW $&. VpOHFWLRQQpV FHTXLYHXWGLUHTXHOHSRUWHVWIHUPp 1RXV VDYRQV DORUV TXH OD PDFKLQH IRQFWLRQQH HW TX HOOH UpSRQG j QRV UHTXrWHV
SLQJQFZ KSLQJFQS6
1RXVQ DYRQVUHoXDXFXQHUpSRQVH &HWWH IRLVFL QRXV DOORQV HVVD\HU GHIDLUHH[pFXWHUODFRPPDQGHDUSLQJ TXLHQYRLHOHVSDTXHWV$53UHTXHVW DUSLQJ,HWK
1RXV DYRQV UHoX XQH UpSRQVH FRUUHFWH j VDYRLU OD WUDPH $53 UHSO\/HSOXVSUREDEOHPHQWOHSRLQW G DFFqV HVW GRWp GHV PpFDQLVPHV GH FRQWU{OH G DFFqV EDVpV VXU
+^^K[_O
$SUqVXQHSDXVHGHFLQTVHFRQGHV QRXV QH UHFHYRQV DXFXQH UpSRQVH FRUUHFWH jVDYRLUGHVSDTXHWV ,&03 HFKR UHSO\ /H SOXV SUREDEOHPHQW ODSDVVHUHOOHSDUGpIDXWSRVVqGHXQ W\SH GH ¿OWUH TXL DUUrWH OHV SDTXHWV ,&03HFKRUHTXHVW & HVW SRXUTXRL QRXV HVVD\RQV GH YpUL¿HU G DXWUHV PDFKLQHV PDLV OH UpVXOWDW HVW OH PrPH 3RXU YpUL¿ FDWLRQQRXVDOORQVHVVD\HUG XWLOLVHU OHKSLQJTXLQRXVSHUPHWGHUpDOLVHU OH 6<1 SLQJ 8Q RXWLO KSLQJ HQYRLH
)LJXUH/RJLFLHONLVPHWDQDO\VDQWOHUpVHDXDYHFO¶LGHQWL¿FDWHXU
XXXIBLJOPSH
OHV DGUHVVHV 0$& GHV VWDWLRQV FOLHQWHV &RPPHQW FRQWRXUQHU FH PpFDQLVPH GH VpFXULWp" -H SRXUUDLV HVVD\HU GH PHWWUH OH FOLHQW KRUVOHUpVHDXVDQV¿OSDUH[HPSOH jO DLGHGHH[SORLWIDWBMDFNRXZODQB MDFN GX SDTXHW DLUMDFN /H SUHPLHU HQYRLH OD WUDPH G DXWKHQWL¿FDWLRQ DXWKHQWLFDWLRQUHTXHVWELHQSUpSDUpH DYHF O DGUHVVH VRXUFH G XQH VWDWLRQ FOLHQWH DX SRLQW G DFFqV $ORUV OH SRLQW G DFFqV HQYRLH j OD VWDWLRQ FOLHQW OHV PHVVDJHV G HUUHXU FH TXL YD SURYRTXHU TXH OD VWDWLRQ FOLHQWH VH GpFRQQHFWH / DXWUH HQYRLH OD WUDPH GHDXWKHQWLFDWLRQ UHTXHVW DYHF O DGUHVVH VRXUFH GX $3 jWRXVOHVFOLHQWVFHTXLYDpJDOHPHQW SURYRTXHUTX LOVVHGpFRQQHFWHQW -HSHX[DORUVSUHQGUHPRQWHPSV DYDQW TXH OD VWDWLRQ V DXWKHQWL¿H HW VH FRQQHFWH GH QRXYHDX HW LQWHUFHSWHU VRQ DGUHVVH 0$& & HVW XQH ERQQH LGpH PDLV TXDQG O XWLOLVDWHXU QH SHXW SDV XWLOLVHU OH UpVHDXLOYDDSSHOHUO DGPLQLVWUDWHXU HW FHOXLFL SHXW QRWHU TXH TXHOTXH FKRVHQHYDSDVELHQ XQFRQÀLWVXU OHUpVHDX -HGRLVWURXYHUXQHDXWUH PpWKRGH%LHQVUMHSHX[DWWHQGUH MXVTX j FH TXH TXHOTX XQ IHUPH OD VHVVLRQVXUOHUpVHDX SH[DSUqV OHVKHXUHVGHWUDYDLO HWXWLOLVHUDORUV VRQ DGUHVVH 0$& 0DLV MH Q DL SDV OH WHPSV SRXU DWWHQGUH 4XDQG MH UHJDUGDLV OHV VWDWLRQV FOLHQWHV HQ PDUFKH M DL FRQVWDWp XQH FHUWDLQH FRwQFLGHQFH 7RXWHV OHV FDUWHV &RP DYDLHQW OH PrPH SUp¿[H % HW GHV VXI¿[HV GHV DGUHVVHV 0$& VHPEODEOHV $SUqV DYRLU RUGRQQp WRXW FHOD LO V HVW DYpUp TXH F pWDLW GDQV O pWHQGXH GH 'j- DLFRQVWDWpTXHODVRFLpWp DYDLWSXDFKHWHUWRXWHVOHVFDUWHVHQ PrPH WHPSV HW LO HVW WUqV SUREDEOH TX HOOHV SURYLHQQHQW G XQ PrPH ORW ±OHVDGUHVVHV0$&VRQWDORUVWUqV VHPEODEOHV,OHVWGRQFSUREDEOHTXH GDQVFHWWHpWHQGXHOHVDGUHVVHVQRQ XWLOLVpHVSHXYHQWDFFpGHUDXUpVHDX SDUFH TXH TXHOTX XQ HVW DEVHQW DX EXUHDX%LQJR'DQVFHWWHpWHQGXH VHXOHPHQW DGUHVVHV 0$& RQW pWp XWLOLVpHV /HV DGUHVVHV 0$& VXLYDQWHVQ pWDLHQWSDVXWLOLVpHV
)BLJO/ P
AK\N\S`SXQ
/LVWLQJ5pVXOWDWGHODFRPPDQGHLZFRQ¿JHWK HWK,((('6(66,' 1LFNQDPH WRPBU 0RGH 0DQDJHG)UHTXHQF\ *+]$FFHVV3RLQW ( $ %LW5DWH 0EV7[3RZHU G%P6HQVLWLYLW\ 5HWU\PLQOLPLW 576WKU %)UDJPHQWWKU RII (QFU\SWLRQNH\ 3RZHU0DQDJHPHQW RII /LQN4XDOLW\ 6LJQDOOHYHO 1RLVHOHYHO 5[LQYDOLGQZLG 5[LQYDOLGFU\SW 5[LQYDOLGIUDJ 7[H[FHVVLYHUHWULHV ,QYDOLGPLVF 0LVVHGEHDFRQ
% ) % % %
,OHVWFRQVHLOOpGHSUHQGUHHQFRPSWH OHV DGUHVVHV 0$& TXL VH WURXYHQW KRUVO pWHQGXH
% & %
SRLQW G DFFqV P D GRQQp O DFFpV DX UpVHDX GHSXLV O DGUHVVH 0$& % /HV FRPPDQ GHV SLQJ HW KSLQJ GLULJpHV YHUV OD SDVVHUHOOH SDU GpIDXW GRQQHQW GHV UpSRQVHVFRUUHFWHV
(WXGHGXUpVHDX/$1 :/$1 9pUL¿RQVDORUVVLQRXVDYRQVO DFFqV j,QWHUQHW
¿FKLHU GHSXLV VXQVLWH OH GpELW DXGHOj GH .V HQYLURQ 0%LWV ,OV GRLYHQW DYRLU OD OLJQH 0ELWV %LHQ VU LOV Q RQW LPSOH PHQWp DXFXQV PpFDQLVPHV GH Vp FXULWp FH TXL SHXW rWUH XWLOLVp GDQV OH IXWXU -H VDLVLV O DGUHVVH KWWS ZZZQHWZRUNWRROVFRP SRXU YpUL¿HU TXHOOH DGUHVVH HVW XWLOLVpH SRXU VRUWLU *UkFH DX UHY'16 MH UHoRLVOHQRPGHGRPDLQHHWOHQRP GH OD VRFLpWp - pWDLV WUqV pWRQQp TXDQG M DL DSSULV VRQ QRP F HVW O XQH GHV SOXV JUDQGHV VRFLpWpV LQIRUPDWLTXHVHQ3RORJQH %LHQVU M DMRXWH OH SUp¿[H ZZZ DX GRPDLQH HW MH VDLVLV WRXW FHOD GDQV OD OLJQH GHV DGUHVVHV GX QDYLJDWHXU - DLPH VDYRLU GH TXRL H[DFWHPHQW V RFFXSH PD YLFWLPH (Q SOXV MH YpUL¿H OHV HQUHJLVWUHPHQWV GDQV OD EDVH :+2,6 ZKRLV[[[[[[#ZKRLVULSHQHW
1RXV SRXYRQV GRQF FKRLVLU SDUPL DGUHVVHV HQYLURQ GDQV O pWHQ GXH HW DX[ ERUGV 3DU HVVDLV ± HUUHXUV M DL FKDQJp O DGUHVVH 0$& GH O LQWHUIDFH HWK HW M DL UpXVVL SRXU OD WURLVLqPH IRLV /H
SLQJQFZZZZRQHWSO
1RXV UHFHYRQV OD UpSRQVH ,&03 HFKR UHSO\ -H GpPDUUH PRQ QDYL JDWHXU SUpIpUp 0R]LOOD HW MH SHX[ XWLOLVHU ,QWHUQHW -H WpOpFKDUJH OH
,OVXWLOLVHQWSOXVLHXUVOLJQHV&URZOH\ ,OV RQW XQH FODVVH DGUHVVH DF FRUGpH %LHQTXHMHVRLVWUqVH[FLWpPD WkFKH Q HVW SDV HQFRUH DFKHYpH 0DLQWHQDQW MH YDLV HVVD\HU GH VFDQQHU OH VRXVUpVHDX HW pWXGLHU OD WRSRORJLH GX Up VHDX 7RXW G DERUG MH YDLV YpUL¿HU OHV K{WHV TXL IRQFWLRQQHQW VXU OH VRXVUpVHDX $ FHWWH ¿Q MH SHX[ XWLOLVHU OH VFDQQDJH SLQJ GLVSRQLEOH SDU H[HPSOH GDQV QPDS PDLV FHWWH PpWKRGH HVW WURS LQYDVLYHHWHOOHODLVVHEHDXFRXSGH WUDFHV/HPHLOOHXUVHUDOHWKFUXWTXL XWLOLVHODWUDPH$53UHTXHVWSRXUOH VFDQQDJH WKFUXWDUS
)LJXUH,QIRUPDWLRQVGpWDLOOpHVVXUOHUpVHDXDYHFO¶LGHQWL¿FDWHXU
)BLJO/ P
XXXIBLJOPSH
- DL UHoX OD OLVWH GH VWDWLRQV HQ PDUFKH +XLWV G HQWUH HOOHV SRVVq GHQWOHVDGUHVVHV0$&FRUUHVSRQ GDQW DX[ FDUWHV VDQV ¿O FH TXL HVW FRQIRUPH j OD OLVWH UHoXH j O DLGH GX ORJLFLHO NLVPHW G DXWUHV RQW OHV DGUHVVHV 0$& FRUUHVSRQGDQW DX[ FDUWHV ³DYHF ¿O´ &HOD SURXYH HQFRUHXQHIRLVTXHOHUpVHDXVDQV ¿OHVWOLpjO DLGHGXSRQWDYHFO XQRX
7\SHVGHFRXFKHVHWGH WUDPHV[ /¶pWDEOLVVHPHQW GH OD FRQQH[LRQ HQWUH OD VWDWLRQFOLHQWHHWOH$3HVWUpDOLVpGDQVOHV pWDSHVVXLYDQWHV
VFDQQDJHGHVSRLQWVG¶DFFqV DXWKHQWL¿FDWLRQ DVVRFLDWLRQ WUDQVIHUWGHGRQQpHV YpUL¿FDWLRQGXWUDQVIHUWGHGRQQpHV
/HVWDQGDUG,((([V¶DWWDFKHjGp ¿QLU GHX[ FRXFKHV EDVVHV GX PRGqOH GH UpIpUHQFH26, ODFRXFKHSK\VLTXHDSSHOpH 3+< HQDQJODLV3K\VLFDO/D\HU HWODFRXFKH U G¶DFFqV DX PpGLXP DSSHOpH 0$& HQ DQJODLV0HGLD$FFHVV&RQWURO /DFRXFKH O 3+< UpDOLVH GHV WkFKHV TXL FRQVLVWHQW jHQYR\HUHWUHFHYRLUOHVWUDPHVDX QLYHDXSK\VLTXHHWjGpWHFWHUODSRUWHXVH 'DQVODFRXFKHSK\VLTXHOHVPpWKRGHVGH PRGXODWLRQUDGLRHWODSODJHGHVIUpTXHQFHV XWLOLVpHV VRQW HQWUH DXWUHV GpFULWHV /D FRXFKH0$&Gp¿QLWODPpWKRGHG¶DFFpGHU jODFRXFKH3+<HWHOOHJqUHOHVFRQQH[LRQV HQWUHOHVVWDWLRQVSDUODFRRUGLQDWLRQ G¶XQDFFqVPXOWLSOHDXPpGLXPUDGLRHWSDU O¶XWLOLVDWLRQGHVSURWRFROHVTXLRSWLPLVHQWOD FRPPXQLFDWLRQVDQV¿O 2Q GLVWLQJXH WURLV SULQFLSDX[ W\SHV GHWUDPHV[
+^^K[_O
7UDPHVGHJHVWLRQ EHDFRQSUREH UHTXHVWSUREHUHVSRQVHDXWKHQ WLFDWLRQUHTXHVWDXWKHQWLFDWLRQ UHVSRQVHGHDXWKHQWLFDWLRQUHTXHVW DVVRFLDWLRQUHTXHVWDVVRFFLDWLRQ UHVSRQVHGLVDVVRFLDWLRQUHTXHVW &HVWUDPHVSHUPHWWHQWG¶pWDEOLUHW GHJpUHUODFRPPXQLFDWLRQHQWUHOHV VWDWLRQV 7UDPHVGHGRQQpHVXWLOLVpHVSRXUOD WUDQVPLVVLRQGHGRQQpHV 7UDPHVGHFRQWU{OH±576&76 $&.±XWLOLVpHVGDQVOHWUDQVIHUWGHV WUDPHVGHGRQQpHVHQWUHOHVVWDWLRQV
&KDTXH WUDPH SRVVqGH XQ FKDPSV GH FRQWU{OH TXL GpFULW OD YHUVLRQ GX SURWRFROH OHW\SHGHWUDPHOHVFKDPSVUHQ VHLJQDQWVXUOHVWDWXWGHFKLIIUHPHQWRXVXU ODJHVWLRQGHO¶pQHUJLHO¶DGUHVVH0$&GHOD VWDWLRQVRXUFHHWGHODVWDWLRQGHVWLQDWLRQOH QXPpURGHODWUDPHVXLYDQWHOHVGRQQpHV WUDQVPLVHVHWXQHVRPPHGHFRQWU{OH /HV IRQFWLRQV SULQFLSDOHV GH OD FRX FKH0$&VRQWOHVFDQQDJHO¶DXWKHQWL¿FD WLRQO¶DVVRFLDWLRQHWOHFKLIIUHPHQW
6FDQQDJH /HVFDQQDJHHVWXWLOLVpSHQGDQWODUHFKHU FKHG¶XQSRLQWG¶DFFqVSDUODVWDWLRQFOLHQWH /D VFDQQDJH SDVVLI FRQVLVWH j SpQpWUHU FRQVWDPPHQW WRXV OHV FDQDX[ UDGLR SDU OD VWDWLRQ FOLHQWH SRXU WURXYHU OHV WUDPHV EDOLVHVGHW\SHEHDFRQTXLVRQWOHVWUDPHV GH JHVWLRQ HQYR\pHV GH WHPSV HQ WHPSV SDU OHV SRLQWV G¶DFFqV $SUqV DYRLU UHoX FHWWHWUDPHOHVVWDWLRQVFOLHQWHVUHFRLYHQW OHVLQIRUPDWLRQVVXUOHVSRLQWVG¶DFFqVTXL VHWURXYHQWGDQVOHXUSRUWpHVXUOHXUFDQDO GHWUDYDLOOH66,'OHVGpELWVJpUpVHWVXUOD IRUFHGXVLJQDOUDGLR/HVVWDWLRQVFOLHQWHV XWLOLVHQWFHVLQIRUPDWLRQVSRXUVpOHFWLRQQHU OH PHLOOHXU F¶HVWjGLUH FHOXL TXL JDUDQWLW OHV PHLOOHXUV SDUDPqWUHV GH WUDYDLO SRLQW G¶DFFqV&HWWHIRQFWLRQDVVXUHpJDOHPHQW OD JHVWLRQ GH URDPLQJ /H VFDQQDJH DFWLI FRQVLVWH j HQYR\HU OD WUDPH EDOLVH SUREH UHTXHVW SDU OD VWDWLRQ FOLHQWH j ODTXHOOH YRQW UpSRQGUH WRXV OHV SRLQWV G¶DFFqV VH WURXYDQW GDQV OD SRUWpH HQ HQYR\DQW OD WUDPH SUREH UHVSRQVH /HV GHX[ WUDPHV VRQWOHVWUDPHVGHJHVWLRQ*UkFHDXVFDQ QDJHDFWLIODVWDWLRQFOLHQWHYDUHFHYRLUOD UpSRQVH WRXW GH VXLWH VDQV TX¶HOOH GRLYH DWWHQGUHjODWUDPHGHW\SHEHDFRQ
$XWKHQWL¿FDWLRQ /¶DXWKHQWL¿FDWLRQ HVW XQ SURFHVVXV GH Gp¿QLWLRQ GH O¶LGHQWLWp HQWUH OHV VWDWLRQV 2Q GLVWLQJXH GHX[ W\SHV GHV V\VWqPHV G¶DXWKHQWL¿FDWLRQ OH V\VWqPH RXYHUW HW OHV\VWqPHDYHFODFOpSDUWDJpHEDVpVXU OH FKLIIUHPHQW 'DQV OH V\VWqPH RXYHUW OD VWDWLRQ FOLHQWH HQYRLH DX SRLQW G¶DFFqV OD WUDPH G¶DXWKHQWL¿FDWLRQ DXWKHQWLFDWLRQ UHTXHVW /H SRLQW G¶DFFqV UpSRQG DORUV HQ HQYR\DQW OD WUDPH G¶DXWKHQWL¿FDWLRQ GH W\SH DXWKHQWLFDWLRQ UHSO\\ FRQWHQDQW OHV LQIRUPDWLRQV VXU O¶DXWRULVDWLRQ G¶DFFqV HW VXU OH UHIXV G¶DFFqV /HV GHX[ WUDPHV G¶DXWKHQWL¿FDWLRQ GpFULWHV VRQW OHV WUDPHV GHJHVWLRQ /HV V\VWqPHV DYHF OD FOp SDUWDJpH XWLOLVHQW OH FKLIIUHPHQW j O¶DLGH GH OD FOp TXL HVW FRQQXH HW SDUWDJpH SDU WRXWHV OHV VWDWLRQV HW OH SRLQW G¶DFFqV /H :(3 HQ DQJODLV :LUHG (TXLYDOHQW 3ULYDF\ \ HVW XQ VWDQGDUG GH FKLIIUHPHQW SRXU OHV UpVHDX[ E 'DQV OH FDV OH SOXV VLPSOH OD VWDWLRQ FOLHQWH HQYRLH OD WUDPH G¶DXWKHQWL¿FDWLRQ GH W\SH DXWKHQWLFDWLRQ UHTXHVW DX SRLQW G¶DFFqV (Q UpSRQVH OH $3HQYRLHODWUDPHGHW\SHDXWKHQWLFDWLRQ UHVSRQVH H R LO LQVqUH OD VpTXHQFH GH WH[WH GH WHVW /D VWDWLRQ FOLHQWH UpSRQG HQ HQYR\DQW OD WUDPH G¶DXWKHQWL¿FDWLRQ VXLYDQWH FRQWHQDQW OD VpTXHQFH GH WH[WH
XXXIBLJOPSH
FKLIIUpHjO¶DLGHGHODFOp:(3FRQQXHSDU ODVWDWLRQ$SUqVDYRLUUHoXFHWWHWUDPHOH $3 V¶DVVXUH TXH OD VWDWLRQ UDGLR SRVVqGH ODFOp:(3FRUUHFWHHQFRPSDUDQWOHWH[WH HQYR\pDXGpEXWDYHFFHOXLTXLHVWFKLIIUp/D YpUL¿FDWLRQFRQVLVWHjFKLIIUHUODVpTXHQFH LQLWLDOHjO¶DLGHGHODFOpFRQQXHSDUOHSRLQW G¶DFFqVHWjODFRPSDUHUDYHFODVpTXHQFH HQYR\pH SDU OH FOLHQW 6L OHX[ GHX[ WH[WHV VRQWOHVPrPHVOH$3HQYRLHODWUDPHGH W\SH DXWKHQWLFDWLRQ UHVSRQVH H TXL DXWRULVH O¶DFFqV 6L OD VWDWLRQ YHXW LQWHUURPSUH OD FRPPXQLFDWLRQ VpFXULVpH HOOH HQYRLH OD WUDPHGHW\SHGHDXWKHQWLFDWLRQUHTXHVW W
$VVRFLDWLRQ $SUqV O¶DXWKHQWL¿FDWLRQ O¶DVVRFLDWLRQ GH OD VWDWLRQ FOLHQWH j XQ SRLQW G¶DFFqV HVW UpDOLVpH±HOOHHVWQpFHVVDLUHSRXUSRXYRLU V\QFKURQLVHU OHV GHX[ F{WpV /D VWDWLRQ FOLHQWH LQLWLDOLVH OH SURFHVVXV G¶DVVRFLDWLRQ HQ HQYR\DQW OD WUDPH GH W\SH DVVRFLDWLRQ UHTXHVW W FRQWHQDQW OHV LQIRUPDWLRQV VXU OHVGpELWVJpUpVRXVXUOH66,'GXUpVHDX DXTXHOHOOHYHVHFRQQHFWHU/H$3UpVHUYH SRXU XQH DVVRFLDWLRQ GRQQpH XQH HVSDFH GHODPpPRLUHHWLODFFRUGHO¶LGHQWL¿FDWHXU G¶DVVRFLDWLRQ HQDQJODLVDVVRFLDWLRQ,' TXL HVWHQYR\pGDQVODWUDPHGHW\SHDVVRFLD WLRQUHVSRQVH/¶LGHQWL¿FDWHXUG¶DVVRFLDWLRQ HVWXWLOLVpDXFRXUVGXWUDQVIHUWGHGRQQpHV /HV GHX[ WUDPHV DVVRFLDWLRQ UHTXHVWW HW DVVRFLDWLRQ UHVSRQVH VRQW OHV WUDPHV GH JHVWLRQ ,OIDXWPHQWLRQQHUGHX[DXWUHVWUDPHV G¶DVVRFLDWLRQXWLOLVpHVSRXUOHURDPLQJ6L ODVWDWLRQUDGLRVHGpSODFHGHOD]RQHGH FRXYHUWXUHG¶XQ$3HWHOOHWURXYHXQQRX YHDXSRLQWG¶DFFqVDXVLJQDOSOXVIRUWHOOH HQYRLHDORUVDXQRXYHDX$3ODWUDPHG¶DV VRFLDWLRQ GH W\SH UHDVVRFLDWLRQ UHTXHVW 6L OH $3 DFFHSWH FHWWH DVVRFLDWLRQ LO YD HQYR\HU OD WUDPH GH W\SH UHDVVRFLDWLRQ UHVSRQVH H DYHF O¶LGHQWL¿FDWHXU G¶XQH QRX YHOOH DVVRFLDWLRQ $SUqV OH SURFHVVXV G¶DVVRFLDWLRQOHWUDQVIHUWGHGRQQpHVjO¶DL GHGHVWUDPHVGHGRQQpHVFRPPHQFH &KDTXH WUDPH GH GRQQpHV FRQWLHQW GHV SURWRFROHV HW GHV GRQQpHV j SDUWLU GHVFRXFKHVKDXWHVGXPRGqOHGHUpIp UHQFH26,6LODVWDWLRQYHXWWHUPLQHUOD FRQQH[LRQHOOHHQYRLHDORUVODWUDPHGH W\SHGLVDVVRFLDWLRQUHTXHVW /HV VWDWLRQV YRXODQW pPHWWUH pFRX WHQW OD SRUWHXVH UDGLR j VDYRLU YpUL¿HQW O¶HQFRPEUHPHQWGXPpGLXPGHWUDQVPLV VLRQSRXUVDYRLUVLHOOHVSHXYHQWHQYR\HU OHVGRQQpHV6LODVWDWLRQFOLHQWHFRQVWDWH TX¶DXFXQHDXWUHVWDWLRQQ¶HQYRLHGHVGRQ QpHVHOOHFRPPHQFHODWUDQVPLVVLRQ
)BLJO/ P
AK\N\S`SXQ
7\SHVGHFRXFKHVHWGH WUDPHV[±FRQWL QXDWLRQ $SUqVDYRLUUHoXODWUDPHGHGRQQpHV HW YpUL¿p OHV VRPPHV GH FRQWU{OH OD VWDWLRQ HQYRLH OD WUDPH $&. HQ DQJODLV $FNQRZOHGJHPHQW W SRXU DFFXVHU OD Up FHSWLRQ GHV GRQQpHV FRUUHFWHV &HWWH PpWKRGHG¶DFFqGHUDXPpGLXPHVWQRP PpH &60$&$ HQ DQJODLV &DUULHU 6HQVH 0XOWLSOH $FFHVV&ROOLVLRQ $YRL GDQFH (OOHHVWVRXYHQWDSSHOpHpFRXWHV DYDQW TXH WX FRPPHQFHV j SDUOHUU 0DOKHXUHXVHPHQWFHW\SHG¶DFFqVH[LJH TXHWRXWHVOHVVWDWLRQVVHYRLHQWDXQLYHDX UDGLR $X FRQWUDLUH VL OHV GHX[ VWDWLRQV TXL QH VH YRLHQW SDV FRPPHQFHQW j WUDQVPHWWUH OHV GRQQpHV XQH FROOLVLRQ
SOXVLHXUV UpVHDX[ GH FkEOHV 1RXV DYRQV O DFFqV DX UpVHDX HQWLHU GH ODVRFLpWp
6QLI¿QJGXUpVHDX /$1:/$1 0DLQWHQDQW LO HVW WHPSV GH ODQ FHU XQ VQLIIHU /H UpVHDX XWLOLVH VDQV GRXWH OHV VZLWFKV F HVW SRX UTXRL OH VQLI¿Q WRXW VLPSOH EDVp VXU ,30$& QH VHUD SDV VXI¿VDQW %LHQ VU MH SRXUUDLV GpPDUUHU XQ IDX[ SRLQW G DFFqV j O DLGH GH DLUVQDUI HW SULVPBKRVWDS SDU H[HPSOH -H SRXUUDLV DORUV XWLOLVHU OH VQLI¿QJ ,30$& 0DLV LO VH UD SOXV IDFLOH GH ODQFHU XQ VQLIIHU TXL JqUH $53 SRLVRQLQJ &HOD SHXW rWUH VRLW OH GVQLII VRLW OH HWWHU FDS ± PRL M DL RSWp SRXU OH GVQLII -HODQFHOHORJLFLHODUSVSRRITXLHQ YRLHGHVSDTXHWV$53UHSO\IDOVL¿pV jWRXWHVOHVPDFKLQHVVXUOHUpVHDX HQ OHV UHQVHLJQDQW TXH O DGUHVVH 0$& GH OD SDVVHUHOOH SDU GpIDXW HVW pJDOH j QRWUH DGUHVVH *UkFH jFHODWRXWOHWUD¿FVRUWDQWYDSDVVHU SDUQRWUHRUGLQDWHXU
SHXWDYRLUOLHX,QFRQWHVWDEOHPHQWFHODYD SURYRTXHUODGLPLQXWLRQG¶HI¿FDFLWpWRWDOH GXUpVHDX&HSUREOqPHHVWDSSHOpKLGGHQ VWDWLRQ/HPpFDQLVPHGHUpVHUYDWLRQGX PpGLXP 576&76 DLGH j UpVRXGUH FH SUREOqPH,OJDUDQWLWTX¶DXFXQHVWDWLRQQH FRPPHQFH OD WUDQVPLVVLRQ DYDQW TXH OD OLJQHQHVRLWSDVOLEpUpH$YDQWG¶HQYR\HU ODWUDPHGHGRQQpHVODVWDWLRQHQYRLHOD WUDPH576 HQDQJODLV5HTXHVW7R6HQG DX$3HQGHPDQGDQWV¶LOHVWSRVVLEOHGH UpDOLVHU OH WUDQVIHUW 6L OH $3 UpSRQG SDU ODWUDPH&76 HQDQJODLV&OHDU7R6HQG ODVWDWLRQSHXWFRPPHQFHUOHWUDQVIHUWDX FDVFRQWUDLUHHOOHGRLWDWWHQGUHMXVTX¶jFH TXH OH PpGLXP VRLW OLEpUp SDU XQH DXWUH VWDWLRQ/DWUDPH&76FRQWLHQWpJDOHPHQW OH ODEHO WHPSRUHO TXL D SRXU EXW G¶DYHUWLU G¶DXWUHVVWDWLRQVG¶DFFpGHUDXPpGLXPDX
/ RSWLRQ F VLJQL¿H OD OLDLVRQ VHPLGX SOH[GHÀX[7&3FHTXLHVWQpFHVVDLUH SRXUODJHVWLRQGXURXWLQJDV\PpWULTXH 'DQVQRWUHFDVOHWUD¿FVRUWDQWSDVVH SDU QRWUH RUGLQDWHXU PDLV OH WUD¿F HQWUDQW QRQ 1RXV SRXYRQV UpVRXGUH FHSUREOqPHHQHQYR\DQWjODSDVVH UHOOHSDUGpIDXWGHVSDTXHWV$53UHSO\ IDOVL¿pV HQ LQIRUPDQW TXH O DGUHVVH 0$&G XQHPDFKLQHGRQQpHHVWpJDOH j QRWUH DGUHVVH 1RXV DYRQV DORUV j IDLUH DYHF OD OLDLVRQ GXSOH[ LQWpJUDO GH ÀX[ 7&3 TXL HVW QpFHVVDLUH SRXU OH IRQFWLRQQHPHQW G DXWUHV ORJLFLHOV GXSDTXHWGVQLII$GPHWWRQVTXHQRXV YRXOLRQVpWXGLHUOHWUD¿FjSDUWLUGHHW YHUVODPDFKLQH DUSVSRRILHWKW
1RXVSRXYRQVUpSpWHUFHWWHRSpUD WLRQSRXUWRXWHVOHVVWDWLRQVHQPDU FKHHQpFULYDQWXQVFULSWWRXWVLPSOH FRPPHSDUH[HPSOHQBDUSVSRRIVK SUpVHQWpVXUOH/LVWLQJ1RXVO XWL OLVRQV HQ H[pFXWDQW OD FRPPDQGH VXLYDQWH
DUSVSRRILHWK! GHYQXOO
QBDUSVSRRI QBDUSVSRRIKRVWV
(QVXLWH QRXV SRXYRQV ODQFHU XQ VQLIIHU GHV PRWV GH SDVVH j VDYRLU OHGVQLII
/H ¿FKLHU QBDUSVSRRIKRVWW FRQWLHQW OD OLVWH GH VWDWLRQV HQ PDUFKH Vp SDUpHVSDUOHVVLJQHVGHQRXYHOOHV OLJQHVHWWHUPLQpHVSDUODVpTXHQFH HQG SH[
GVQLIIF!!GVQLII;;;;
)BLJO/ P
XXXIBLJOPSH
FRXUVGHWUDQVPLVVLRQGHODWUDPHjSDUWLU GH OD WUDPH LQLWLDOLVDQW OD WUDQVPLVVLRQ 576 3RXU QH SDV XWLOLVHU OH PpFDQLVPH 576&76 SRXU WRXWHV OHV WUDPHV RQ SHXW Gp¿QLU OH VHXLO j SDUWLU GXTXHO FH PpFDQLVPH YD rWUH XWLOLVp HQ DQJODLV 5767KUHVKROG 'HSULQFLSHLOHVWGp¿QL SRXUODYDOHXUGHELWV±FHODVLJQL¿H TXH SRXU OHV SDTXHWV GRQW OD WDLOOH HVW LQIpULHXUHj%OHPpFDQLVPH&60$ &$YDrWUHXWLOLVpHWSRXUOHVSDTXHWVGH WDLOOHVXSpULHXUHj%RQYDXWLOLVHUOH PpFDQLVPH 576&76 ,O HVW j QRWHU TXH OHPpFDQLVPH576&76V¶DFWLYHGXF{Wp GHV VWDWLRQV FOLHQWHV 6RQ DFWLYDWLRQ GX F{Wp$3HVWGpSRXUYXGHVHQVFDUOH$3 YRLWWRXWHVOHVVWDWLRQVFOLHQWHVDXQLYHDX UDGLR/HVWUDPHV576&76HW$&.VRQW OHVWUDPHVGHFRQWU{OH
HQG
1RXV DYRQV UHoX OD OLVWH GH K{WHV IRQFWLRQQDQW JUkFH j O H[pFXWLRQ GH OD FRPPDQGH WKFUXW 1RXV O DYRQV HQUHJLVWUpH GDQV OH ¿FKLHU QBDUSVSRRIKRVWV HW HQVXLWH QRXV DYRQVDMRXWpjOD¿QODOLJQHHQG 0DLQWHQDQWQRXVSRXYRQVODQFHU OHORJLFLHOGVQLIIVDQVSDUDPqWUHF GVQLII!!GVQLII;;;;
*UkFHjO XWLOLVDWLRQGXSDWFKJJVQLII HQYHUVLRQ VXUOHVVRXUFHVGV QLII RXWUH OHV QRPV G XWLOLVDWHXU HW OHVPRWVGHSDVVHVSRXUOHVFRPS WHV 323,0$36073+773)73 HWF M DL pJDOHPHQW UHoX OHV PRWV GH SDVVH SRXU XQ ORJLFLHO GH W\SH FKDW %LHQ VU WRXW OH WUD¿F Q HVW SDVFRGp ,O V DYqUH TXH OH FRQWU{OHXU GH GRPDLQH IRQFWLRQQH VXU OH UpVHDX $SUqV TXHOTXHV PLQXWHV JUkFH DX GVQLII MH UHoRLV OHV LQIRUPDWLRQV G DXWKHQWL¿FDWLRQ 17/0 /H PRW GH SDVVHHVWFKLIIUp 0' PDLVMHODQFH OHORJLFLHO-RKQGpGLpjFUDTXHUGLIIp UHQWVW\SHVGHPRWVGHSDVVH$SUqV TXHOTXHV PLQXWHV PHV SUpYLVRQV GHYLHQQHQW UpHOOHV /H SUHPLHU XWL OLVDWHXU XWLOLVH OH PRW GH SDVVH WRXW
VLPSOH PDQDJHU U /H FUDTXDJH GHV PRWVGHSDVVHFRQWLQXH 'DQVO HQWUHWHPSVMHSHX[LQWHU FHSWHUWRXVOHVPHVVDJHVHQYR\pVHW UHoXVjO DLGHGXORJLFLHOPDLOVQDUIGX SDTXHWGVQLII PDLOVQDUI!!PDLOVQDUI;;;;
6XUODGHX[LqPHFRQVROHMHUHJDUGH OHFRXUULHULQWHUFHSWpjO DLGHGXORJL FLHOPHVVDJHULHpOHFWURQLTXHTXLJq UHOHVERvWHVGHUpFHSWLRQDXIRUPDW %HUNHOH\PER[SDUH[HPSOH
/¶DYHQLUGHODVpFXULWpGHVUpVHDX[:/$1 3RXU UpVRXGUH GHV SUREOqPHV OLpV j OD VpFXULWp GHV UpVHDX[ [ RQ D FUpp OH JURXSHGHWUDYDLO©Lª&HJURXSHWUDYDLOOHVXUO¶RSWLPLVDWLRQGHVSURWRFROHVH[LVWDQWV HWVXUODFUpDWLRQGHQRXYHDX[SURWRFROHV$SUpVHQWRQDSURSRVpTXHOTXHVDPpOLR UDWLRQV
PXWW5IPDLOVQDUI;;;;
%LHQ VU SHUVRQQH Q XWLOLVH OH 3*3 -H SHX[ REVHUYHU OH WUD¿F ZHE JpQpUp XUOVQDUI!!XUOVQDUI;;;;
(QWHPSVUpHOMHUHJDUGHOHVSDJHV FRQVXOWpHVSDUOHVXWLOLVDWHXUVjO DL GHGXORJLFLHOWDLO WDLOIXUOVQDUI;;;;
/H PVJVQDUI RIIUH GHV IRQFWLRQV VHPEODEOHV JUkFH DX[TXHOOHV MH SH X[ LQWHUFHSWHU OHV PHVVDJHV GHV VHVVLRQV ,5& ,&4 061 $2/
7.,3 HQ DQJODLV 7HPSRUDO .H\ ,QWHJULW\ 3URWRFRO DSSHOp DX GpEXW OH :(3 DVVXUH O¶pFKDQJH G\QDPLTXH GHV FOpV HW GpFULW XQH QRXYHOOH PpWKRGH GH YpUL¿FDWLRQ GH O¶LQWHJULWp GHV GRQQpHV HW GH FUpDWLRQ GHV YHFWHXUV ,9 /H 7.,3 FRPPHOH:(3XWLOLVHO¶DOJRULWKPHGHFKLIIUHPHQW5&/DQRXYHOOHIRQFWLRQQDOLWp HVW FRPSDWLEOH DYHF OHV PpFDQLVPHV SUpFpGHQWV HW HOOH H[LJH VHXOHPHQW GH PHWWUHjMRXUOH¿UPZDUHGX$3HWGHVFDUWHVUpVDX[VDQV¿O $(6 HQDQJODLV$GYDQFHG(QFU\SWLRQ 6WDQGDUG HVWXQQRXYHODOJRULWKPHGH FKLIIUHPHQWTXL¿QDOHPHQWGRLWUHPSODFHUOH:(30DOKHXUHVHPHQW$(6H[LJH OHFRSURFpVVHXUSRXUIRQFWLRQQHUHWVDPLVHHQRHXYUHVHUDDORUVOLpHjO¶pFKDQJH GXPDWpULHO [ HVW XQ MHX GH SURWRFROHV DMRXWDQW XQH DXWKHWL¿FDWLRQ GH SOXV VXU OHV UpVHDX[ VDQV ¿O [ Gp¿QLW HQWUH DXWUHV OHV SURWRFROHV ($37/6 ($3 77/6 ($30' /($3 3($3 .HUEHURV HW 5DGLXV TXL VRQW XWLOLVpV SRXU DXWKHQWL¿HUOHVFOLHQWVTXLGpVLUHQWVHFRQQHFWHUDXUpVHDX
$FWXHOOHPHQWOHVSURGXLWVTXLRIIUHQWOHVIRQFWLRQV7.,3HW[VRQWGLVSRQLEOHV &H VRXVMHX GX SURWRFROH L HVW VRXYHQW DSSHOp OH :3$ :L)L 3URWHFWHG $FFHVV
FRPSOqWHPHQW EORTXHU OD PDFKLQH DYHFO DGUHVVH WFSNLOOLHWK KRVW
(Q XWLOLVDQW OH WFSQLFH MH SHX[ GpUDQJHU DYHF VXFFqV OHV XWLOLVDWHXUVGDQVODFRQVXOWDWLRQGHV SDJHVZHE WFSQLFHLHWK,Q? KRVWDQGSRUW
/LVWLQJ6FULSWQBDUSVSRRIVK ELQVK
$FTXLVLWLRQG DFFqV jODVWDWLRQGXUpVHDX /$1:/$1
+^^K[_O
ZKLOH> OLQH HQG @ GR UHDGOLQH > OLQH HQG@
(QVXLWHMHODQFHXQRXWLOGpGLpjO LGHQ WL¿FDWLRQGHVV\VWqPHVG H[SORLWDWLRQ $ FHWWH ¿Q MH SHX[ XWLOLVHU OH WKFUXW PDLV XQH SHWLWH SUpFLVLRQ DX QLYHDXGHVWHVWVHIIHFWXpVSURYRTXH TXH MH PH GpFLGH j FKRLVLU XQ RXWLO SDVVLI SI TXL DQDO\VH OHV SDTXHWV 7&3DYHFOHGUDSHDX6<1
HFKROLQH DUSVSRRILHWKWOLQH !GHYQXOO DUSVSRRILHWKWOLQH !GHYQXOO ¿ GRQH
*UkFH DX GQVVSRRI MH SHX[ LQWHUFHSWHU OHV UHTXrWHV '16 HW HQYR\HU GHV UpSRQVHV IDOVL¿pHV - XWLOLVH HQ SOXV OH ORJLFLHO ZHEPLWP SRXU O DWWDTXH 0,70 HQ DQJODLV 0DQ,Q7KH0LGGOH -H JpQqUH XQ FHUWL¿FDW IDOVL¿p HW M LQWHUFHSWH OHV FRQQH[LRQV 66/ $SUqV TXHOTXHV PLQXWHV M REWLHQV O DFFqV DX[ LQIRUPDWLRQV G DXWKHQWL¿FDWLRQ DX[ V\VWqPHVEDQFDLUHVpOHFWURQLTXHV 6XUODGHX[LqPHFRQVROHMHODQFH OHORJLFLHOZHEVS\'DQVODIHQrWUHGX QDYLJDWHXU0R]LOODOHVSDJHVYLVLWpHV SDU OHV HPSOR\pV DSSDUDLVVHQW HQ WHPSV UpHO -H ODQFH DXVVL OH ORJLFLHO HWKHUHDOSRXUREVHUYHUWRXWOHWUD¿F
XXXIBLJOPSH
)BLJO/ P
AK\N\S`SXQ
SIIHWFSIISLHWK? RSIORJUTGOW
$SUqVTXHOTXHVPLQXWHVMHVDLVTXHO HVWOHW\SHGHVV\VWqPHVG H[SORLWD WLRQ XWLOLVpV VXU OH UpVHDX ,O V DYqUH TXH SUHVTXH WRXWHV OHV PDFKLQHV IRQFWLRQQHQWVRXVODVXUYHLOODQFHGHV V\VWqPHV :LQGRZV FHUWDLQHV VRXV OD VXUYHLOODQFH GH:LQGRZV ;3/LQX[HW6RODULV8QDSSDUHLO DYHF O DGUHVVH ,3 Q D SDV pWp LGHQWL¿p XQ SRLQW G DFFqV" -H ODQFHOHQPDS QPDSV62SYY
0DOKHXUHVHPHQW O LGHQWL¿FDWLRQ DF WLYH GHV V\VWqPHV G H[SORLWDWLRQ Q D SDV GRQQp GHV UpVXOWDWV SRVLWLIV -H VXLV SUHVTXH VU TXH F HVW XQ SRLQW G DFFqV -H YDLV P HQ RFFXSHU XQ SHXSOXVWDUG $ O DLGH GX ORJLFLHO QPDS MH VFDQQHOHVPDFKLQHVVpOHFWLRQQpHV 'DQV OHV FDV SOXV VXVSHFWV M XWLOLVH OH DPDS TXL YD P DLGHU j FRQVWDWHU TXHOVHUYLFHHVWYUDLPHQWH[SRVpVXU XQSRUWGRQQpSDUH[HPSOH DPDST
$O DLGHGXPRGHEDQQHUJUDEEHU MH SHX[DFTXpULUOHVLQIRUPDWLRQVVXUOH W\SH HW OD YHUVLRQ GHV ORJLFLHOV UHV SRQVDEOHVGHODJHVWLRQGHVVHUYLFHV SDUWLFXOLHUV DPDSTES
/HV ORJLFLHOV QHWFDW YPDS HW USFLQIR QRXV DSSRUWHQW DXVVL GH O DLGH ,O V DYqUH TXH OD SOXSDUW GHV PDFKLQHV RQW GHV WURXV GH VpFXULWp VWDQGDUG -HVXLVELHQpWRQQpGHYRLUTXHWRXWHV OHVVWDWLRQV:LQGRZV;3RQWXQ WURX 53& '&20 SRUW HW GDQV OHFDVGH:LQGRZV;3pJDOHPHQWXQ WURX 83Q3 SRUW -H ODQFH XQ SUHPLHU RXWLO HQ DQJODLV H[SORLW W VXU OH 53& '&20 S H[ RF GFRP /DPDFKLQHDYHFO DGUHVVH :LQGRZV;3 VHUDODYLFWLPH RF GFRPGWS O
)BLJO/ P
$SUqV XQ LQVWDQW M DL O DFFqV j O LQ WpUSUHWHXU GHV FRPPDQGHV %LHQ VUMHIHUPHWRXWGHVXLWHODVHVVLRQ -H ODQFH OH QEWVFDQ VXU OD FODVVH QEWVFDQI
,O V DYqUH TXH VXU OH UpVHDX OH VHUYHXU 0LFURVRIW ([FKDQJH IRQF WLRQQH VXU OD PDFKLQH TXL MRXH HQ PrPH WHPSV OH U{OH G XQ FRQWU{ OHXU GH GRPDLQH '& %LHQ VU OH WURX VXU OH 53& '&20 HVW WRX WMRXUVDFWLYp2XWUHFHODODSOXSDUW GHV PDFKLQHV :LQGRZV RQW GHV UHVVRXUFHV GLVSRQLEOHV DX SXEOLF \ FRPSULV OH VHUYHXU GH O LPSUL PDQWH -H YpULILH FHOD j O DLGH GH ODFRPPDQGHVPEFOLHQWGX SDTXHW 6$0%$SDUH[HPSOH VPEFOLHQW/
3DU FXULRVLWp M DL pJDOHPHQW YpUL¿p O DGUHVVH ,3 DYHF /LQX[ ,O V DYqUH TXH VXU OH VHUYHXU XQH YHUVLRQSUpFpGHQWHGXVHUYHXU66+ S HVW LQVWDOOpH -H ODQFH XQ RXWLO HQ DQJODLVH[SORLW VXLYDQW &HWWHIRLVFLF HVWOHFPVVK VKDFNW
- DFTXLHUV O DFFqV j OD OLJQH GH FRPPDQGHV VKHOO -H UHJDUGH OD FRQ¿JXUDWLRQ GX URXWHU ,O V DYqUH TXH MRXH OH U{OH G XQ SDUHIHX ¿UHZDOO /HV UqJOHV LVROHQW DVVH] ELHQOHUpVHDXLQWHUQHGHO ,QWHUQHW / DGPLQLVWUDWHXU D PrPH LQVWDOOp OH V\VWqPH,' VQRUW
$FTXLVLWLRQG DFFqV DXSRLQWG DFFqVGX UpVHDX:/$1 8QHDXWUHFKRVHTXLP DLQWpUHVVpH pWDLWOH66,'GXUpVHDXGp¿QLj & HVW XQH YDOHXU SDU GpIDXW GpIQLH SDU OHV SRLQWV G DFFqV &RP -H PH VRXYLHQV TX XQ DSSDUHLO DYHF O DGUHVVH ,3 Q D SDV pWp LGHQWL¿p ,O D GHX[ SRUWV RXYHUWV ::: HW WHOQHW 6L F HVW XQ SRLQW G DFFqV OD JHVWLRQ HVW
XXXIBLJOPSH
UpDOLVpH SDU O LQWHUIDFH ::: HW OH WHOQHW 6L O DGPLQLVWUDWHXU D ODLVVp WHO QRPEUH GH WURXV LO Q HVW SDV H[FOXTX LOQ DSDVFKDQJpQRQSOXV OHV PRWV GH SDVVH SDU GpIDXW -H VDLVLV GDQV OH QDYLJDWHXU O DGUHVVH KWWS 8QHIHQrWUHUHQVHL JQDQWDYHF¿HUWpTXHF HVWXQ$3GH OD VRFLpWp &RP DSSDUDvW $ SDUWLU GX PHQX 6\VWHP 3URSHUWLHV MH UH oRLV OHV LQIRUPDWLRQV SUpFLVHV VXU OD FRQ¿JXUDWLRQ GH O DSSDUHLO HW VXU OH UpVHDX :/$1 &HV LQIRUPDWLRQV VRQW GLVSRQLEOHV XQLTXHPHQW HQ PRGH OHFWXUH 0DLQWHQDQW MH YDLV HVVD\HUG DFTXpULUOHVGURLWVjO HQ UHJLVWUHPHQW -H VDLVLV XQ PRW GH SDVVHSDUGpIDXW FRPFRPFRP HWMH FHVVH GH UpVSLUHU SRXU XQ PRPHQW MH SHX[ FKDQJHU OHV SDUDPqWUHV GX$3-HSHX[JpUHUWRXWOHUpVHDX VDQV¿ODLQVLTXHOHVSDUDPqWUHVGH VRQ IRQFWLRQQHPHQW 9RXV SRXYH] WURXYHU SOXV G LQIRUPDWLRQV VXU OHV YDOHXUV SDU GpIDXW GX SDUDPqWUH 66,' GHV SRLQWV G DFFqV OHV SOXV FRQQXVGDQVOHWDEOHDXFLGHVVRXV 0DLQWHQDQW MH SHX[ P HQ DOOHU j OD UHFKHUFKH G DXWUHV UpVHDX[ :/$1
&RQFOXVLRQ / H[HPSOH GH ZDUGULYLQJ SUpVHQWp GDQV FHW DUWLFOH D PRQWUp TXH OHV UpVHDX[ :/$1 SHXYHQW GHYHQLU XQ FDXFKHPDU SRXU EHDXFRXS GH VRFLpWpV / DXGLW TXH M DL HIIHFWXp DX FHQWUH GH 9DUVRYLH P D SHUPLV GH GpWHFWHU UpVHDX[ :/$1 HQYLURQ GRQW Q RQW SDV PrPH XWLOLVp OH FKLIIUHPHQW :(3 TXL PDO JUpQRPEUHX[GpIDXWVHVWPHLOOHXUH PpWKRGH GH VpFXULVDWLRQ TXH OH PDQTXHWRWDOGHVpFXULVDWLRQ $YDQW GH PHWWUH HQ URXWH OHV Up VHDX[:/$1QRXVGHYRQVUpÀpFKLU VL QRXV VRPPHV SUrWV j HQJDJHU OD OXWWH DYHF OHV ZDUGULYHUV TXL YRQW VUHPHQWHVVD\HUGHSpQpWUHUQRWUH UpVHDX 6L QRQ LO VHUDLW PLHX[ G DW WHQGUH MXVTX j FH TXH OHV SUHPLHUV SURGXLWV JpUDQW HQWLqUHPHQW OH VWDQ GDUGLDSSDUDvVVHQWVXUOHPDU FKp N
'16VSRR¿QJjVDYRLUVHIDLUH SDVVHUSRXUOHVHUYHXU'16 7RPDV]*UDERZVNL
(QSULQFLSHODSOXSDUWGHFHX[ TXLV LQWpUHVVHQWDX[TXHVWLRQV GHVpFXULWpGHVUpVHDX[LQIRUPD WLTXHVVDYHQWELHQTXHOHSUR WRFROH'16Q HVWSDVGpSRXUYX G HUUHXUVHQPDWLqUHGHVpFXULWp &HSHQGDQWSHXVDYHQWHQTXRL HOOHVFRQVLVWHQWHWGDQVTXHOOH PHVXUHHOOHVVRQWGDQJHUHXVHV
/
H SUpVHQW DUWLFOH D SRXU REMHFWLI GH SUp VHQWHU FHV HUUHXUV HW OHV GDQJHUV TXL HQ GpFRXOHQW3RXUQHSDVVHOLPLWHUXQLTXH PHQWjODVHXOHSUpVHQWDWLRQGHVIDLWVM DLGpFLGp G pFULUHXQWH[WHTXLPRQWUHUDDXOHFWHXUSDUTXHOV PR\HQVLOSHXWOXLPrPHGpWHFWHUOHVHUUHXUVGH VpFXULWpHQpWXGLDQWGHVORJLFLHOVXWLOLVDQWXQSUR WRFROHGRQQpHWHQDQDO\VDQWVDVSpFL¿FLWp /D PpWKRGRORJLH SUpVHQWpH LFL XWLOLVpH DX FRXUV GH OD GpWHFWLRQ HW GH O XWLOLVDWLRQ GH
+^^K[_O
7DEOHDX'RPDLQHVJpQpULTXHV
'RPDLQH
'HVFULSWLRQ
FRP
HQWUHSULVHVjYRFDWLRQFRP PHUFLDOH
HGX
RUJDQLVPHVpGXFDWLIV
JRY
RUJDQLVPHVJRXYHUQHPHQWDX[ DX[(WDWV8QLV
LQW
RUJDQLVDWLRQVLQWHUQDWLRQDOHV
PLO
RUJDQLVPHVPLOLWDLUHVDX[ (WDWV8QLV
QHW
RUJDQLVPHVD\DQWWUDLWDX[ UpVHDX[
RUJ
DXWUHVRUJDQLVDWLRQV
XXXIBLJOPSH
O HUUHXU SHXW VHUYLU G H[HPSOH DX[ SHUVRQQHV TXL V RFFXSHQW GH O DQDO\VH GH OD VpFXULWp GHV SURWRFROHV,QWHUQHW 3RXU XQH PHLOOHXUH HI¿FDFLWp GX SUpVHQW DUWLFOH LO pWDLW WUqV LPSRUWDQW TXH OHV WHVWV SUDWLTXHVVRLHQWHIIHFWXpVGDQVOHVFRQGLWLRQV OHVSOXVSURFKHVGHFHOOHVTXLVRQWSUpVHQWHV GDQVO ,QWHUQHW3UHQDQWFHODHQFRQVLGpUDWLRQ M DLXWLOLVpjFHV¿QVOHVPDFKLQHVTXLIRQFWLRQ QHQWWRXVOHVMRXUVVXUOHUpVHDX&HSHQGDQW OH ORJLFLHO pYRTXp GDQV O DUWLFOH DLQVL TXH OD PpWKRGH GH VD FRQ¿JXUDWLRQ pWDLHQW DFWXHOV VHXOHPHQWDXPRPHQWGHO pFULWXUHGXSUpVHQW WH[WH
([HPSOHFRQFUHWGH IRQFWLRQQHPHQWGXSURWRFROH DQDO\VH 8QWHVWFRQFUHWGXSURWRFROHYDQRXVSHUPHWWUH GH FRPSUHQGUH FRPPHQW IRQFWLRQQH OH '16 1RXVDOORQVYRLUFRPPHQWOHFOLHQWVHFRQWDFWH DYHFOHVHUYHXU'16FRPPHQWVHFRQQHFWHQW OHVVHUYHXUVHQWUHHX[HWSDUTXHOVPR\HQVOHV UHTXrWHVHWOHVUpSRQVHVVRQWHQYR\pHV 3RXU WHVWHU OH SURWRFROH '16 QRXV DOORQV XWLOLVHUOHVPDFKLQHVVXLYDQWHV
)BLJO/ P
.8= ]ZYYPSXQ
)LJXUH6WUXFWXUHKLpUDUFKLTXHGX'16 3KRERV
DGUHVVH,3 GHVFULSWLRQ ODPDFKLQHGXFOLHQW TXLGHPDQGHO DGUHVVH,3GHODPD FKLQHZDUSFDGHQFHFRP ORJLFLHO UpVROYHXU VWDQGDUG GX V\VWqPH/LQX[
$SROOR
DGUHVVH,3 GHVFULSWLRQ VHUYHXU'16SDUGp IDXWGHODPDFKLQHSKRERV ORJLFLHO %,1'HQYHUVLRQ
/HWHVWjHIIHFWXHUFRQVLVWHjODQFHU VXU OD PDFKLQH SKRERV OH ORJLFLHO WHOQHW W TXL SRXU VRQ IRQFWLRQQHPHQW FRUUHFWH[LJHGHPDSSHUOHQRPGH OD PDFKLQH j VRQ ,3 $ FHWWH ¿Q LO GRLW XWLOLVHU VRQ VHUYHXU '16 SDU GpIDXW HW DWWHQGUH MXVTX j FHOXLFL YD OXL UHQYR\HU OD UpSRQVH GHPDQ GpH 9RLFLFHTXHO XWLOLVDWHXUGHODPD FKLQHSKRERVYRLWVXUVRQpFUDQ SKRERV aWHOQHWZDUSFDGHQFHFRP >@FRQQH[LRQDXVHUYHXUZDUS 7U\LQJ >@ORJLFLHOWHOQHWVHFRQQHFWH
1VFDGHQFHFRP
DYHFO RUGLQDWHXU
DGUHVVH,3 GHVFULSWLRQ VHUYHXU'16SRXUOH GRPDLQH FDGHQFHFRP ORJLFLHO %,1'HQYHUVLRQ
)BLJO/ P
&RQQHFWHGWRZDUSFDGHQFHFRP (VFDSHFKDUDFWHULV ?[ >@LQIRUPDWLRQVXUODFRQQH[LRQ UpXVVLH
XXXIBLJOPSH
&RPPHQRXVSRXYRQVOHYRLUOH'16 DHIIHFWXpVRQWUDYDLOHQWUHOHVSRLQWV HW'XF{WpGHO XWLOLVDWHXUTXLWUD YDLOOHVXUODPDFKLQHSKRERVWRXWOH SURFHVVXV G pFKDQJH GHV UHTXrWHV HW UpSRQVHV '16 HVW FRPSOqWHPHQW LQYLVLEOH FDU WRXWHV FHV RSpUDWLRQV VRQW HIIHFWXpHV DXWRPDWLTXHPHQW HWDXFXQHLQWHUYHQWLRQGHODSDUWGH O XWLOLVDWHXU Q HVW QpFHVVDLUH 3URED EOHPHQW OD SOXSDUW GHV LQWHUQDXWHV QHVHUHQGHQWPrPHSDVFRPSWHGH O H[LVWDQFHGHFHSURWRFROH $¿Q GH ELHQ FRPSUHQGUH FRP PHQW IRQFWLRQQH OH '16 HW G DF TXpULU GHV LQIRUPDWLRQV LQGLVSHQ VDEOHV GXUDQW O DQDO\VH GH VpFXUL Wp GX SURWRFROH QRXV DOORQV LQV WDOOHU VXU OD PDFKLQH DSROOR OH OR JLFLHO HWKHUHDO GpGLp j O DQDO\ VH GHV SURWRFROHV ,QWHUQHW *UkFH jOXLQRXVDOORQVLQWHUFHSWHUWRXVOHV
PHVVDJHV '16 TXL SUHQGURQW SDUW GDQVOHWHVW 'DQVOD¿JXUHQRXVSRXYRQVYRLU XQ VFKpPD ORJLTXH G XQ VHJPHQW GX UpVHDX,QWHUQHWXWLOLVpSRXUHIIHFWXHUOH WHVWDYHFOHVQXPpURVTXLLQGLTXHQWOHV pWDSHV VXFFHVVLYHV SHQGDQW OH PDS SDJHGHO DGUHVVH$XFRXUVGHFKDTXH pWDSH XQ SDTXHW DYHF OH PHVVDJH '16HVWpFKDQJpHQWUHOHVPDFKLQHV /HV OLVWLQJV ± SUpVHQWHQW OD GHVFULSWLRQ GpWDLOOpH GHV SDTXHWV HQUHJLVWUpV j O DLGH GX ORJLFLHO HWKH UHDO OHV IUDJPHQWV QRWpV FRPPH OHV FRPPHQWDLUHV VRQW DMRXWpV SDU QRXV (WDQW GRQQp TXH OH QRPEUH GH GRQQpHV FROOHFWpHV SDU HWKHUHDO FRQFHUQDQWFKDTXHSDTXHWLQWHUFHS Wp HVW WUqV JUDQG GDQV FHW DUWLFOH LO \ D VHXOHPHQW FHV LQIRUPDWLRQV TXL GH QRWUH SRLQW GH YXH VRQW OHV SOXV LPSRUWDQWHV 9RXV DOOH] WURXYHU OH FRQWHQXHQWLHUGHVSDTXHWVFRPPHQ WpVVXUOH&'MRLQWjFHPDJD]LQH 3DTXHWSUpVHQWpVXUOH/LVWLQJ
'RPDLQ1DPH6\VWHP /H V\VWqPH GH QRPV GH GRPDLQHV HQ DQJODLV 'RPDLQ 1DPH 6\VWHP HQ DEUpJp '16 HVW XQH VRUWH GH EDVH GH GRQQpHV GLVWULEXpH JUkFH j ODTXHOOH OHV DSSOLFDWLRQV XWLOLVDQWOHVSURWRFROHVGHODIDPLOOH7&3,3VRQWFDSDEOHVG¶HIIHFWXHUOHSURFHVVXVGH PDSSDJHGHVQRPVGHVPDFKLQHVjOHXUVDGUHVVHV,3,OSHUPHWpJDOHPHQWG¶HIIHFWHXU XQPDSSDJHLQYHUVHROHQRPGHODPDFKLQHHVWGp¿QLjSDUWLUGHO¶DGUHVVH,3 ,OQ¶H[LVWHDXFXQHPDFKLQHGDQVO¶,QWHUQHWTXLGpWLHQQHO¶HQVHPEOHGHVLQIRUPD WLRQVUpSHUWRULDQWWRXVOHVQRPVXWLOLVpVVXUOHUpVHDX&KDTXH]RQHGDQVO¶,QWHUQHW SDUH[XQH¿OLDOHGHO¶HQWUHSULVHXQHYLOOHRXXQXQLYHUVLWp SRVVqGHVDSURSUHEDVH GHGRQQpHVGHVQRPVXWLOLVpVGDQVVDSDUWLHGXUpVHDX*UkFHjXQORJLFLHOVSpFLDO DSSHOpOHVHUYHXU'16HOOHGRQQHDFFqVjFHVLQIRUPDWLRQVjG¶DXWUHVLQWHUQDXWHV (OOHVSHXYHQWrWUHWpOpFKDUJpHVSDUXQVHUYHXU'16VHPEODEOHRXSDUXQFOLHQWGX '16DSSHOpOH UpVROYHXU'XSRLQWGHYXHGHO¶DSSOLFDWLRQO¶DFFqVDXV\VWqPHGH U QRPVGHGRPDLQHVHVWUpDOLVpMXVWHPHQWJUkFHjOXL'DQVOHVV\VWqPHVGHODIDPLOOH 81,;OHUpVROYHXUHVWGLVSRQLEOHjO¶DLGHGHVIRQFWLRQVELEOLRWKqTXHVDSSURSULpHV TXLVRQWLQWpJUpHVGDQVO¶DSSOLFDWLRQDXFRXUVGHVDFUpDWLRQ3RXUSRXYRLUPDSSHU OHQRPGHODPDFKLQHjVRQDGUHVVH,3OHUpVROYHXUGRLWVHFRQWDFWHUDYHFXQRX SOXVLHXUVVHUYHXUV'16 /DFRQFHSWLRQGX'16HWODGHVFULSWLRQGHVVHUYLFHVTX¶LORIIUHVRQWFRPPHQ WpHVGDQVOHGRFXPHQW5)&/HVGpWDLOVWHFKQLTXHVFRQFHUQDQWVRQLPSOpPHQ WDWLRQDLQVLTXHVDVSpFL¿FDWLRQSUpFLVHVHWURXYHQWGDQVOHGRFXPHQW5)& /¶LPSOpPHQWDWLRQGXVHUYHXUHWUpVROYHXU'16ODSOXVVRXYHQWXWLOLVpHHVWOHORJLFLHO %,1' %HUNHOH\,QWHUQHW1DPH'RPDLQ
F HVW XQH UHTXrWH HQYR\pH SDU OD PDFKLQH SKRERVV DX VHUYHXU DSROOR OHPHVVDJHDpWpHQYR\pjO DLGH GX SURWRFROH 8'3 GH SRUW jSRUW SRUWSDUGpIDXWGXVHU YLFH'16
O LGHQWL¿FDWHXUGHUHTXrWHHVW[ VRLW HQV\VWqPHGpFLPDO OD ORQJXHXU WRWDOH GX SDTXHW HVW ELWV ODUHTXrWHFRQFHUQHO DGUHVVH,3 GH OD PDFKLQH TXL SRUWH OH QRP ZDUSFDGHQFHFRP
OHPHVVDJHDpWpHQYR\pjO DLGH GX SURWRFROH 8'3 GH SRUW jSRUW O LGHQWL¿FDWHXU GH UpSRQVH HVW [IE VRLW HQ V\VWqPH GpFLPDO OD ORQJXHXU WRWDOH GX SDTXHW HVW ELWV
3DTXHWSUpVHQWpVXUOH/LVWLQJ
+^^K[_O
/LVWLQJ3DTXHW
ORQJXHXUWRWDOHGXSDTXHW 3DFNHW/HQJWK E\WHV W\SHGHSURWRFROHXWLOLVp 3URWRFRO 8'3 [ DGUHVVHVRXUFH 6RXUFH SKRERVPDQV]F]HFLQSO DGUHVVHGHVWLQDWLRQ 'HVWLQDWLRQ DSROORDFLFRPSO SRUWVRXUFH 6RXUFHSRUW DGUHVVHGHVWLQDWLRQ 'HVWLQDWLRQSRUW GRPDLQ LGHQWL¿FDWHXUGHUHTXrWH 7UDQVDFWLRQ,' [ FRQWHQXGHODUHTXrWH ZDUSFDGHQFHFRP W\SH$ FODVVLQHW 1DPH ZDUSFDGHQFHFRP 7\SH +RVWDGGUHVV &ODVV LQHW
F HVW XQH UHTXrWH HQYR\pH SDU OH VHUYHXU DSROOR DX VHUYHXU QVFDGHQFHFRP OHPHVVDJHDpWpHQYR\pjO DLGH GX SURWRFROH 8'3 GH SRUW jSRUW SRUWSDUGpIDXWGXVHU YLFH'16 O LGHQWL¿FDWHXU GH UHTXrWH HVW [IE VRLW HQ V\VWqPH GpFLPDO OD ORQJXHXU WRWDOH GX SDTXHW HVW ELWV OD UHTXrWH FRQFHUQH O DGUHVVH ,3GHODPDFKLQHTXLSRUWHOHQRP ZDUSFDGHQFHFRP
3DTXHWSUpVHQWpVXUOH/LVWLQJ
F HVW XQH UpSRQVH HQYR\pH SDU OH VHUYHXU QVFDGHQFHFRP DX VHUYHXUDSROOR
XXXIBLJOPSH
/LVWLQJ3DTXHW ORQJXHXUWRWDOHGXSDTXHW 3DFNHW/HQJWK E\WHV W\SHGHSURWRFROHXWLOLVp 3URWRFRO 8'3 [ DGUHVVHVRXUFH 6RXUFH DSROORDFLFRPSO DGUHVVHGHVWLQDWLRQ 'HVWLQDWLRQ QV&DGHQFH&20 SRUWVRXUFH 6RXUFHSRUW SRUWGHVWLQDWLRQ 'HVWLQDWLRQSRUW GRPDLQ LGHQWL¿FDWHXUGHUHTXrWH 7UDQVDFWLRQ,' [IE FRQWHQXGHODUHTXrWH ZDUSFDGHQFHFRP W\SH$ FODVVLQHW 1DPH ZDUSFDGHQFHFRP 7\SH +RVWDGGUHVV &ODVV LQHW
)BLJO/ P
.8= ]ZYYPSXQ
3ULQFLSHGHIRQFWLRQQH PHQWGX'16 /¶HVSDFHGHVQRPV'16DXQHVWUXFWXUH KLpUDUFKLTXH )LJXUH &HTXLSHUPHWGH ODFUpHUHWJpUHUIDFLOHPHQW &KDTXH QRHXG SUpVHQWp HQ ¿JXUH VRXV IRUPH G¶XQ FHUFOH SHXW DYRLU XQH pWLTXHWWH DOODQW MXVTX¶j VLJQHV GH ORQJXHXU/HQRPGHGRPDLQHGXQRHXG GDQV O¶DUEUH HVW XQH OLVWH G¶pWLTXHWWHV FRPPHQoDQWSDUO¶pWLTXHWWHGXQRHXGHW VHWHUPLQDQWSDUO¶pWLTXHWWHGHODUDFLQH /HV pWLTXHWWHV VXLYDQWHV VRQW VpSDUpHV SDU OHV SRLQWV /D PpWKRGH GH FUpDWLRQ GX QRP GH GRPDLQH SRXU OD PDFKLQH UXE\FRQPDQV]F]HFLQSOO HVW SUpVHQWpH GDQVOD¿JXUHjO¶DLGHGHVFHUFOHVQRLUV -XVWH DXGHVVRXV GH OD UDFLQH SULQ FLSDOH LO \ D GHV GRPDLQHV DSSpOpV OHV GRPDLQHV GH SOXV KDXW QLYHDX ,OV VH GLYLVHQWHQWURLVJURXSHV
OH GRPDLQH DUSD XQ GRPDLQH VSp FLDOXWLOLVpSDUOH'16SRXUOHPDS SDJHGHVDGUHVVHV,3DX[QRPVGHV PDFKLQHV VHSW GRPDLQHV GRQW OHV QRPV VH FRPSRVHQW GH WURLV VLJQHV RQ OHV DSSHOOHOHVGRPDLQHVJpQpULTXHVV HQ DQJODLV*HQHULFGRPDLQV WRXVOHVGRPDLQHVGRQWOHVQRPVVH FRPSRVHQW GH GHX[ VLJQHV FRUUHV SRQGDQWDX[FRGHVGHVSD\VFRQIRU PpPHQWj,62RQOHVDSSHOOH OHVGRPDLQHVQDWLRQDX[
/HWDEOHDXQFRQWLHQWXQHOLVWHGHVHSW GRPDLQHV JpQpULTXHV DYHF OHXU GHVFULS WLRQ $X GpEXW OHV QRPV GH GRPDLQHV JpQpULTXHV j WURLV VLJQHV pWDLHQW UHVHU YpV DX[ RUJDQLVPHV VLWXpV DX[ (WDWV 8QLV 3RXUWDQW YX OH GpYHORSSHPHQW GH O¶,QWHUQHW GDQV G¶DXWUHV UpJLRQV GX PRQGH O¶LQWpUrW SRUWp DX[ GRPDLQHV j WURLV VLJQHV D WHOOHPHQW DXJPHQWp TX¶RQOHVDPLVDGLVSRVLWLRQGHVPDFKL QHV VLWXpHV KRUV GHV (WDWV8QLV /HV VHXOV GRPDLQHV UHVHUYpV XQLTXHPHQW DX[RUJDQLVPHVGHV(WDWV8QLVVRQWOHV GRPDLQHV JRY Y HW PLO O 3OXVLHXUV SD\V HQUHJLVWUHQW GHV GRPDLQHV GH VHFRQG QLYHDX TXL VH SODFHQW DXGHVVRXV G¶XQ QRPGHSD\VFRPSRVpGHGHX[VLJQHV HWTXLUpÀqWHQWODVWUXFWXUHGHVGRPDLQHV JpQpULTXHV /D ]RQH HQ DQJODLV ]RQH HVW XQH SDUWLHGHO¶DUEUH'16JpUpHVpSDUHPHQW /¶H[HPSOH G¶XQH ]RQH W\SLTXH Gp¿QLH
)BLJO/ P
GH FHWWH PDQLqUH HVW OH GRPDLQH PDQV]F]HFLQSO O 3OXVLHXUV GRPDLQHV GH FH W\SH GLYLVHQW VHV ]RQHV HQ SOXV SHWLWHVSDUWLHV3DUH[HPSOHO¶XQLYHUVLWp SHXWrWUHGLYLVpHQ]RQHVFRUUHVSRQGDQW DX[ IDFXOWpV HW O¶HQWUHSULVH HQ EXUHDX[ LQWHUQDWLRQDX[RXPpWLHUV 4XDQGODJHVWLRQG¶XQH]RQHGRQQpH HVW GpOpJXpH OD SHUVRQQH TXL HQ HVW UHVSRQVDEOHGpFLGHFRPELHQGHVHUYHXUV GHQRPVYRQW\IRQFWLRQQHU/RUVTXHXQH QRXYHOOHPDFKLQHHVWLQVWDOOpHGDQVXQH ]RQH GRQQpH O¶DGPLQLVWUDWHXU '16 GH FHWWH]RQHGp¿QLWOHQRPHWO¶DGUHVVH,3 GHODPDFKLQHHQTXHVWLRQHWSXLVLOVDLVLW OHVGRQQpHVGDQVODEDVHGXVHUYHXUGH QRPV'DQVXQHSHWLWHVRFLpWpXQHSHU VRQQHSHXWrWUHFKDUJpHGHV¶RFFXSHUGX WUDLWHPHQWGHVGRQQpHVHWGHOHVFRPSOp WHUFKDTXHIRLVTX¶XQHQRXYHOOHPDFKLQH DSSDUDvWVXUOHUpVHDX7RXWHIRLVORUVTXH QRXVDYRQVjIDLUHDYHFXQYDVWHUpVHDX FRPPH SDU H[HPSOH XQ UpVHDX PXQL FLSDO OD UHVSRQVDELOLWp GH OD JHVWLRQ GX '16 GRLW rWUH GpOpJXpH j FKDFXQH GHV XQLWpV SDUWLFXOLqUHV GRQW LO VH FRPSRVH FDU XQH SHUVRQQH VHUD LQFDSDEOH GH VDLVLUWRXVOHVQRXYHDX[QRPVHWGHIDLUH OHVPRGL¿FDWLRQVjWHPSV /HVHUYHXUGHQRPVSHXWGRQFJpUHU XQH RX SOXVLHXUV ]RQHV /D SHUVRQQHV UHVSRQVDEOHSRXUOD JHVWLRQG¶XQH]RQH GRQQpHGRLW\ODQFHUOHVHUYHXUSULPDLUH GH QRPV V HW XQ RX SOXVLHXUV VHUYHXUV VHFRQGDLUHVGHQRPV/HVVHUYHXUVSUL PDLUHV HW VHFRQGDLUHV GRLYHQW rWUH GHV PDFKLQHVLQGpSHQGDQWHVO¶XQHGHO¶DXWUH MXGLFLHXVHPHQWVLWXpHVGHPDQLqUHjFH TXH OD SDQQH GH O¶XQH G¶HQWUH HOOHV Q¶LQÀXHQFH SDV OH IRQFWLRQQHPHQW GHV DXWUHV /D GLIIpUHQFH GH EDVH HQWUH OH VHUYHXUSULPDLUHHWVHFRQGDLUHF¶HVWTXH OHSUHPLHUUHFKHUFKHWRXWHVOHVLQIRUPD WLRQV GRQW LO D EHVRLQ GDQV GHV ¿FKLHUV VDXYHJDUGpV VXU XQ GLVTXH WDQGLV TXH O¶DXWUH FKHUFKH OHV PrPHV LQIRUPDWLRQV j SDUWLU GX VHUYHXU SULPDLUH /H SURFHVVXV GH WUDQVIHUW GH GRQQpHV SRXUODJHVWLRQGXV\VWqPHGHQRPVHVW DSSHOp OH WUDQVIHUW GH ]RQH HQ DQJODLV ]RQHWUDQVIHU 4XDQG XQ QRXYHO K{WH HVW DMRXWp j XQH ]RQH O¶DGPLQLVWUDWHXU GRLW VDLVLU OHV LQIRUPDWLRQVDGpTXDWHV DXPRLQVOHQRP HWO¶DGUHVVH,3 GDQVOH¿FKLHUORFDOLVpVXU ODPDFKLQHTXLIRQFWLRQQHHQWDQWTXHOH VHUYHXU SULPDLUH GH QRPV (QVXLWH OH VHUYHXU SULPDLUH GH QRPV HVW LQIRUPp TX¶LOHVWQpFHVVDLUHGHOLUHGHQRXYHDXOHV ¿FKLHUV GH FRQ¿JXUDWLRQ 6L OHV VHUYHXUV
XXXIBLJOPSH
VHFRQGDLUHVTXLFRQWDFWHQWUpJXOLqUHPHQW OHVHUYHXUSULPDLUHWURXYHQWGHVGRQQpHV SOXVUpFHQWHVLOVOHVPHWWHQWjMRXUjO¶DLGH GXWUDQVIHUWGH]RQH 4XHIDLWOHVHUYHXUGHQRPVTXDQGLO Q¶DSDVG¶LQIRUPDWLRQUHFKHUFKpH",OGRLW DORUVLQWHUURJHUXQDXWUHVHUYHXUGHQRPV F¶HVW HQ FHOD TXH FRQVLVWH OD VWUXFWXUH GLVWULEXpHGX'16 0DLVFKDTXHVHUYHXU QH GRLW SDV QpFHVVDLUHPHQW VDYRLU FRPPHQWVHFRQQHFWHUDYHFFKDFXQGHV DXWUHV VHUYHXUV GH QRPV &HSHQGDQW FKDTXH VHUYHXU GRLW VDYRLU FRPPHQW SUHQGUH FRQWDFW DYHF OHV VHUYHXUV URRW GHQRPV HQDQJODLVURRWQDPHVHUYHUV /D OLVWH DFWXHOOH GH WRXV OHV VHUYHXUV URRW GH QRPV SHXW rWUH WpOpFKDUJpH j SDUWLU GH IWS IWSUVLQWHUQLFQHWGRPDLQ QDPHGURRW &HWWH OLVWH HVW XWLOLVpH SDU WRXV OHV VHUYHXUV '16 TXL IRQFWLRQQHQW VXU,QWHUQHW&KDFXQG¶HQWUHHX[HVWDORUV FDSDEOH GH VH FRQQHFWHU DYHF O¶XQ GHV VHUYHXUV URRW GH QRPV TXL FRQQDLVVHQW OH QRP HW O¶DGUHVVH ,3 GH FKDTXH VHUYHXU DXWRULWDLUH JpUDQW OHV GRPDLQHV GH VHFRQG QLYHDX &HWWH GLVSHUVLRQ G¶LQIRUPDWLRQV VXU G¶DXWUHV VHUYHXUV SURYRTXH TX¶LOV IRQFWLRQQHQW HQ PRGH UpFXUVLI OHVHUYHXUGHQRPVTXLFKHUFKH XQH LQIRUPDWLRQ GRLW VH FRQQFWHU DYHF OH VHUYHXU SULQFLSDO (QVXLWH OH VHUYHXU SULQFLSDO GHPDQGH DX VHUYHXU TXL D HQYR\pODUHTXrWHGHVHFRQWDFWHUDYHF XQDXWUHVHUYHXUHWDLQVLGHVXLWH /D IRQFWLRQ GH EDVH GX '16 HVW OD VDXYHJDUGH GHV LQIRUPDWLRQV REWHQXHV GDQV OH FDFKH HQ DQJODLV FDFKLQJ &H SURFHVVXV D OLHX TXDQG OH VHUYHXU GH QRPVUHoRLWO¶LQIRUPDWLRQVXUOHPDSSDJH HW TX¶LO OD VDXYHJDUGH SRXU XQ FHUWDLQ WHPSVGDQVVDPpPRLUHSRXUTX¶XQHDXWUH UHTXrWH FRQFHUQDQW OH PrPH PDSSDJH SXLVVH rWUH WUDLWpH SOXV UDSLGHPHQW VDQV TX¶LO VRLW QpFHVVDLUH GH UHFRQWDFWHU j QRXYHDXWRXVOHVVHUYHXUV'16 8Q IRUPDW GH PHVVDJH '16 HVW Gp¿QLSRXUO¶HQYRLGHVUHTXrWHVHWUpSRQ VHV /D GHVFULSWLRQ GH WRXV OHV FKDPSV TXL DSSDUDLVVHQW GDQV FH PHVVDJH SUHQGUDLW EHDXFRXS GH SODFH $X OLHX GHGpFULUHWRXVOHVPHVVDJHV'16SRV VLEOHV M¶DL GpFLGp GH GRQQHU SOWRW XQH GHVFULSWLRQGHVFKDPSVSOXVLPSRUWDQWV SRXUOHSUpVHQWDUWLFOH1RXVDOORQVGRQF IDLUHXQWHVWSUDWLTXHG¶XWLOLVDWLRQGXSUR WRFROH'16DXFRXUVGXTXHOQRXVDOORQV UHJURXSHUWRXVOHVSDTXHWVTXL\SUHQQHQW SDUW *UkFH j FHOD QRXV DOORQV REWHQLU XQ PDWpULDX WUqV LQWpUHVVDQW FRQWHQDQW WRXWHVOHVGRQQpHVLQGLVSHQVDEOHV
ODUpSRQVHFRQFHUQHO DGUHVVH,3 GH OD PDFKLQH TXL SRUWH OH QRP ZDUSFDGHQFHFRP OD GXUpH GH YLH GH OD UpSRQVH OD SpULRGH SHQGDQW ODTXHOOH OH VHUYHXU DSROOR YD VDXYHJDUGHU FHWWH LQIRUPDWLRQ GDQV OH FDFKH HVWPLQXWHV OHPHVVDJHFRQWLHQWGHVLQIRUPD WLRQVVXSSOpPHQWDLUHVVXUOHVVHU YHXUV'16TXLJqUHQWOHGRPDLQH FDGHQFHFRP
3DTXHWSUpVHQWpVXUOH/LVWLQJ
F HVW XQH UpSRQVH HQYR\pH SDU OH VHUYHXU DSROOR j OD PDFKLQH SKRERV OHPHVVDJHDpWpHQYR\pjO DLGH GX SURWRFROH 8'3 GH SRUW jSRUW
+^^K[_O
/LVWLQJ3DTXHW ORQJXHXUWRWDOHGXSDTXHW 3DFNHW/HQJWK E\WHV W\SHGHSURWRFROHXWLOLVp 3URWRFRO 8'3 [ DGUHVVHVRXUFH 6RXUFH QV&DGHQFH&20 DGUHVVHGHVWLQDWLRQ 'HVWLQDWLRQ DSROORDFLFRPSO SRUWVRXUFH 6RXUFHSRUW GRPDLQ SRUWGHVWLQDWLRQ 'HVWLQDWLRQSRUW LGHQWL¿FDWHXUGHUpSRQVH 7UDQVDFWLRQ,' [IE GXUpHGHYLHGHODUpSRQVH 7LPHWROLYH PLQXWHV DGUHVVH,3GHPDQGpH $GGU LQIRUPDWLRQVVXU OHVVHUYHXUV'16 $XWKRULWDWLYHQDPHVHUYHUV FDGHQFHFRP W\SH16 FODVVLQHWQVQVFDGHQFHFRP 1DPH FDGHQFHFRP 7\SH $XWKRULWDWLYH QDPHVHYHU >«@ LQIRUPDWLRQVVXSSOpPHQWDLUHV $GGLWLRQDOUHFRUGV QVFDGHQFHFRP W\SH$ FODVVLQHWDGGU 1DPH QVFDGHQFHFRP 7\SH +RVWDGGUHVV >«@
O LGHQWL¿FDWHXU GH UpSRQVH HVW [ VRLW HQ V\VWqPH GpFLPDO OD ORQJXHXU WRWDOH GX SDTXHW HVW ELWV ODUpSRQVHFRQFHUQHO DGUHVVH,3 GH OD PDFKLQH TXL SRUWH OH QRP ZDUSFDGHQFHFRP ODGXUpHGHYLHGHODUpSRQVHHVW PLQXWHV OHPHVVDJHFRQWLHQWGHVLQIRUPD WLRQVVXSSOpPHQWDLUHVVXUOHVVHU YHXUV'16TXLJqUHQWOHGRPDLQH FDGHQFHFRP
&RPPH QRXV SRXYRQV OH YRLU OHV PHVVDJHV '16 VRQW HQYR\pV j O DLGHGXSURWRFROH8'3QRQRULHQWp FRQQH[LRQ 3RXU TX LO VRLW GRQF SRVVLEOH GH VDYRLU TXHOOH UpSRQVH FRUUHVSRQG j TXHOOH UHTXrWH OH '16 XWLOLVH O LGHQWL¿FDWHXU GH PHV VDJH HQDQJODLV7UDQVDFWLRQ,' & HVW XQ FKDPSV GH ELWV GH ORQJXH XU OD YDOHXU GH O LGHQWL¿FDWHXU HVWGRQFFRPSULVHHQWUHHW 2QREVHUYHTXHOHPHVVDJHDYHFOD UHTXrWH'16HVWEHDXFRXSSOXVFRXUW TXH OH PHVVDJH DYHF OD UpSRQVH TXL FRQWLHQW SOXVLHXUV LQIRUPDWLRQV VXSSOpPHQWDLUHV FRPPH OHV DGUHVVHV GH WRXV OHV VHUYHXUV GH QRPV SRXU XQ GRPDLQH GRQQp DLQVL TXH OHV LQIRUPDWLRQV GpWDLOOpHV j OHXU VXMHW /H SRUW GHVWLQDWLRQ SRXU WRXWHVOHVUHTXrWHVHVWOHSRUWSDU
GpIDXW /H SRUW VRXUFH SHXW rWUH LFL TXHOFRQTXH&HSHQGDQWGDQVOHFDV GHVUpSRQVHVOHSRUWGHVWLQDWLRQHVW OHSRUWjSDUWLUGXTXHOODUHTXrWHDpWp HQYR\pH WDQGLV TXH OH SRUW VRXUFH HVW WRXMRXUV OH SRUW 8Q FKDPSV WUqVLPSRUWDQWGDQVOHPHVVDJH'16 HVWODGXUpHGHYLHGHODUpSRQVH HQ DQJODLV7LPH7R/LYH ,OGpWHUPLQHOD SpULRGH SHQGDQW ODTXHOOH OH VHUYHXU TXL D UHoX XQH UpSRQVH GRQQpH GRLW OD VDXYHJDUGHU GDQV OH FDFKH 3HQGDQWFHWHPSVOjOHVHUYHXUVH UD FDSDEOH GH UpSRQGUH OXLPrPH j FKDTXHUHTXrWHVXLYDQWHFRQFHUQDQW FHWWHDGUHVVH
0DXYDLVSULQFLSHVGH EDVHHWOHXUVHIIHWVVXU ODVpFXULWp /HV DXWHXUV GX '16 RQW GpFLGp G XWLOLVHU OH SURWRFROH 8'3 QRQ RULHQWp FRQQH[LRQ SRXU O HQYRL GHV PHVVDJHV &RPPH QRXV OH VDYRQVFHSURWRFROHHVWYXOQpUDEOH j WRXWHV VRUWHV G DWWDTXHV OLpHV j XQH IDOVL¿FDWLRQ GH O DGUHVVH ,3 HQ DQJODLV VSRR¿QJ ,O VXI¿W TXH OH SLUDWH JpQqUH VXU VD PDFKLQH XQ SDTXHW DYHF O DGUHVVH DGpTXDWH GH O H[pSHGLWHXU HW OH VHUYHXU DXTXHO FH SDTXHW VHUD HQYR\p QH VHUD SDV FDSDEOH GH YpUL¿HU j SDUWLU GH TXHOOH PDFKLQH LO D pWp HQYR\p %LHQ VU OHV DXWHXUV
)LJXUH6FKpPDORJLTXHGXUpVHDXXWLOLVpSRXUOHWHVWGX'16
XXXIBLJOPSH
)BLJO/ P
.8= ]ZYYPSXQ
/LVWLQJ3DTXHW ORQJXHXUWRWDOHGXSDTXHW 3DFNHW/HQJWK E\WHV W\SHGHSURWRFROHXWLOLVp 3URWRFRO 8'3 [ DGUHVVHVRXUFH 6RXUFH DSROORDFLFRPSO DGUHVVHGHVWLQDWLRQ 'HVWLQDWLRQ SKRERVPDQV]F]HFLQSO SRUWVRXUFH 6RXUFHSRUW GRPDLQ SRUWGHVWLQDWLRQ 'HVWLQDWLRQSRUW LGHQWL¿FDWHXUGHUpSRQVH 7UDQVDFWLRQ,' [ GXUpHGHYLHGHODUpSRQVH 7LPHWROLYH PLQXWHV DGUHVVH,3GHPDQGpH $GGU LQIRUPDWLRQVVXU OHVVHUYHXUV'16 $XWKRULWDWLYHQDPHVHUYHUV FDGHQFHFRP W\SH16 FODVVLQHWQVQVFDGHQFHFRP 1DPH FDGHQFHFRP 7\SH $XWKRULWDWLYH QDPHVHUYHU >«@ LQIRUPDWLRQVVXSSOpPHQWDLUHV $GGLWLRQDOUHFRUGV QVFDGHQFHFRP W\SH$ FODVVLQHWDGGU 1DPH QVFDGHQFHFRP 7\SH +RVWDGGUHVV >«@
GX'16HQpWDLHQWFRQVFLHQWV& HVW SRXUTXRLLOVRQWLQVpUpGDQVOHPHV VDJH'16OHFKDPSVG LGHQWL¿FDWHXU GH PHVVDJH GRQW QRXV DYRQV GpMj SDUOp6HORQOHXUFRQFHSWLRQLODYDLW SRXUREMHFWLIVGHUHPSOLUOHVWkFKHV VXLYDQWHV
SHUPHWWUH DX ORJLFLHO '16 GH GLIIpUHQFLHU OHV UHTXrWHV HW OHV UpSRQVHVSDUWLFXOLqUHV UHQGUH LPSRVVLEOH DX SLUDWH GH IDOVL¿HU O DGUHVVH ,3 GH Q LP SRUWH TXHOOH PDFKLQH SUHQQDQW SDUW DX PDSSDJH GH O DGUHVVH GRQQpH
(VWFHTXHFHVSULQFLSHVRQWpWpYpUL WDEOHPHQWUpDOLVpV" &RPPHFHODDpWpGLWDXSDUDYDQW OH FKDPSV G LGHQWL¿FDWHXU GH PHV
)BLJO/ P
VDJHjELWVGHORQJXHXU,OHVWGRQF SRVVLEOHGHJpQpUHUGLIIpUHQWV LGHQWL¿FDWHXUV DX PD[LPXP &HOD VLJLQL¿H TXH OH ORJLFLHO '16 HVW FD SDEOHG HIIHFWXHUFHQRPEUHG RSpUD WLRQV GH PDSSDJH HQ PrPH WHPSV (WDQW GRQQp TXH OHV VHUYHXUV '16 JqUHQW OH SOXV VRXYHQW OHV VRXVUp VHDX[TXLVHFRPSRVHQWGHTXHOTXHV j TXHOTXHV FHQWDLQHV GH PDFKLQHV RQ SHXW VXSSRVHU TXH F HVW XQH YDOHXU VDWLVIDLVDQWH &HSHQGDQW OD TXHVWLRQ OLpH j OD VpFXULWp GX SURWR FROHHWGRQFODUpSRQVHjODTXHVWLRQ TXHOOHV SRVVLELOLWpV G DWWDTXH VRQW GLVSRQLEOHV DX SLUDWH HVW OD SOXV LP SRUWDQWHGXSRLQWGHYXHGXSUpVHQW DUWLFOH 'DQV OH FDV OH SOXV VLPSOH SRVVLEOH OH SLUDWH YD HQYR\HU OHV SDTXHWVDYHFWRXVOHVLGHQWL¿FDWHXUV GH PHVVDJH SRVVLEOHV F HVWjGLUH SDTXHWV (Q VXSSRVDQW TXH OD UpSRQVH '16 TXH OH SLUDWH YHXW IDOVL¿HUHVWGHELWV FRPPHGDQV O H[HPSOH SUpVHQWp DXSDUDYDQW LO GRLW HQYR\HU HQYLURQ 0R GH GRQ QpHV j OD PDFKLQH DWWDTXpH *UkFH jFHODLOHVWFHUWDLQTXHO XQGHFHV SDTXHWVVHUDFRQVLGpUpFRPPHXQH UpSRQVH FRUUHFWH j OD UHTXrWH '16 HQYR\pH SDU OH VHUYHXU 'DQV FHWWH VLWXDWLRQWRXWHODGLI¿FXOWpG DWWDTXH FRQVLVWH j HQYR\HU XQ WHO QRPEUH GH GRQQpHV SOXV UDSLGHPHQW TXH OH VHUYHXU '16 VSRRIp SDU OH SLUDWH (WDQW GRQQp TX LO H[LVWH DXMRXUG KXL EHDXFRXS GH WHFKQLTXHV GH W\SH 'HQLDO RI 6HUYLFH XWLOLVpHV SRXU UHWDUGHU O HQYRL GH OD UpSRQVH SDU OH VHUYHXU DWWDTXp RX SRXU UHQGUH O HQYRL GH FHWWH UpSRQVH FRPSOqWHPHQW LPSRVVLEOH FHWWH WHFKQLTXH G DWWDTXH SUHQG GH
IRUPHV WUqV UpHOOHV ,O IDXW GRQF GpMj V DVVXUHU VL OD YDOHXU GX FKDPSVG LGHQWL¿FDWHXUGHPHVVDJH '16 HVW OD VHXOH LQIRUPDWLRQ TXH OH SLUDWH Q HVW SDV FDSDEOH GH SUpYRLU VL F HVW YUDL FHOD VLJQL¿HUD TXH GDQV OD VSpFL¿FDWLRQ '16 LO \ D XQH HUUHXU OLpH j OD VpFXULWp 'DQV FHW REMHFWLI QRXV DOORQV QRXV VHUYLU G XQ SDTXHW HQUHJLVWUp DXSDUDYDQW 9RLFL XQH EUqYH GHVFULSWLRQGXSDTXHWTXLSHUPHWGH O LGHQWL¿HU G XQH PDQLqUH XQLYRTXH VXUOHUpVHDX
F HVW XQH UpSRQVH HQYR\pH SDU OH VHUYHXU QVFDGHQFHFRP DX VHUYHXUDSROOR OHPHVVDJHDpWpHQYR\pjO DLGH GX SURWRFROH 8'3 GH SRUW jSRUW O LGHQWL¿FDWHXU GH UpSRQVH HVW [IE VRLW HQ V\VWqPH GpFLPDO OD ORQJXHXU WRWDOH GX SDTXHW HVW ELWV ODUpSRQVHFRQFHUQHO DGUHVVH,3 GH OD PDFKLQH TXL SRUWH OH QRP ZDUSFDGHQFHFRP OD GXUpH GH YLH GH OD UpSRQVH OD SpULRGH SHQGDQW ODTXHOOH OH VHUYHXU DSROOR YD VDXYHJDUGHU FHWWH LQIRUPDWLRQ GDQV OH FDFKH HVWPLQXWHV OH PHVVDJH FRQWLHQW GHV LQIRU PDWLRQV VXSSOpPHQWDLUHV VXU OHV VHUYHXUV '16 TXL JqUHQW OH GR PDLQHFDGHQFHFRP
0DLQWHQDQW QRXV DOORQV pWXGLHU FH SDTXHWHQGpWDLOVHQQRXVSRVDQWOD TXHVWLRQVLOHSLUDWHHVWFDSDEOHGH OHIDOVL¿HUGHPDQLqUHjFHTX LOVRLW
/LVWLQJ)UDJPHQWGXSDTXHW )UDPH RQZLUHFDSWXUHG $UULYDO7LPH 0DU 7LPHGHOWDIURPSUHYLRXVSDFNHW VHFRQGV )UDPH1XPEHU 3DFNHW/HQJWK E\WHV &DSWXUH/HQJWK E\WHV (WKHUQHW,, 'HVWLQDWLRQ I F I F 6RXUFH HI HI 7\SH ,3 [
XXXIBLJOPSH
7DEOHDX6FpQDULRVFKRLVLVG¶DWWDTXHVSRVVLEOHVDYHFXWLOLVDWLRQGX'16 2EMHWG¶DWWDTXH
7HFKQLTXHG¶DWWDTXH
5pVXOWDWGHO¶DWWDTXHUpXVVLH
1DYLJDWHXUGHVSDJHVZHE
/HSLUDWHVHIDLWSDVVHUSRXUODSDJH ZHEGHODEDQTXHGRQWOHVVHUYLFHV VRQWXWLOLVpVSDUODYLFWLPH
$FTXLVLWLRQG¶DFFqVDXFRPSWHGHOD YLFWLPH
/HSLUDWHVHIDLWSDVVHUSRXUODSDJH ZHEGHODVRFLpWpDYHFODTXHOOHOD YLFWLPHYHXWVHFRQQHFWHU
5HSULVHGHVFOLHQWVGHODVRFLpWp
/HSLUDWHVHIDLWSDVVHUSRXUODSDJH ZHEVXUODTXHOOHODYLFWLPHFKHUFKHGHV LQIRUPDWLRQVVXUOHVHUUHXUVGHVpFXULWp GDQVOHORJLFLHOTX¶LOXWLOLVH
&RQWRXUQHPHQWGHVPpFDQLVPHVGH VpFXULWpEDVpVVXUO¶DFFqVDXVHUYHXU )73VHXOHPHQWjSDUWLUGHVPDFKLQHV FKRLVLHV
/RJLFLHO)73
/HSLUDWHVHIDLWSDVVHUSRXUOHVHUYHXU 5HSULVHGHVGRQQpHVHQYR\pHVDX )73TXLHVWXWLOLVpSDUODYLFWLPH VHUYHXUSDUODYLFWLPHRXIDOVL¿FDWLRQ GHVGRQQpHVGDQVOHFDVRODYLF WLPHWpOpFKDUJHGHV¿FKLHUV /HSLUDWHVHIDLWSDVVHUSRXUOHVHUYHXU &RQWRXUQHPHQWGHVPpFDQLVPHVGH DYHFOHORJLFLHOTXLHVWXWLOLVpSDUOD VpFXULWpEDVpVVXUO¶DFFqVDXVHUYHXU YLFWLPH )73VHXOHPHQWjSDUWLUGHVPDFKLQHV FKRLVLHV
6\VWqPHVGHYpUL¿FDWLRQDXWRPD /HSLUDWHVHIDLWSDVVHUSRXUOHVHUYHXU /DYLFWLPHLQVWDOOHVXUVDPDFKLQHOH WLTXHGHODYHUVLRQODSOXVUpFHQWH DYHFOHORJLFLHOTXLHVWXWLOLVpSDUOD ORJLFLHOVXEVWLWXpSDUOHSLUDWH GXORJLFLHO YLFWLPH /HSLUDWHVHIDLWSDVVHUSRXUOHVHUYHXU &RQWRXUQHPHQWGHVPpFDQLVPHVGH DYHFOHORJLFLHOTXLHVWXWLOLVpSDUOD VpFXULWpEDVpVVXUO¶DFFqVDXVHUYHXU YLFWLPH )73VHXOHPHQWjSDUWLUGHVPDFKLQHV FKRLVLHV 6HUYLFHVDXTXHOVO¶DFFqVHVW SRVVLEOHVHXOHPHQWjSDUWLUGHV PDFKLQHVFKRLVLHV
/HSLUDWHVHIDLWSDVVHUSRXUOHVHUYHXU 5HSULVHGHVLQIRUPDWLRQVVXUOHV TXLGRQQHO¶DFFqVjFHVHUYLFH DGUHVVHVGHVFOLHQWVTXLRQWO¶DFFqVj FHVHUYHXU
+^^K[_O
/HSLUDWHVHIDLWSDVVHUSRXUOHFOLHQW TXLDO¶DFFqVjXQVHUYLFHGRQQp
FRQVLGpUpHFRPPHODYUDLHUpSRQVH HQYR\pHSDUOHVHUYHXU'16 /H IUDJPHQW GX SDTXHW DQDO\ VpHVWSUpVHQWpGDQVOH/LVWLQJ/HV LQIRUPDWLRQV FLGHVVXV RQW GH O LP SRUWDQFHVHXOHPHQWGDQVOHFDGUHGX UpVHDX,QWHUQHWORFDOOHSLUDWHQ DSDV EHVRLQGHOHVIDOVL¿HU/HIUDJPHQWGX SDTXHWDQDO\VpHVWSUpVHQWpGDQVOH /LVWLQJ/HVLQIRUPDWLRQVFLGHVVXV VLJQDOHQWTX LOV DJLWG XQHQWrWHVWDQ GDUGSRXUXQSDTXHWHQYR\pGDQVOH FDGUH GX UpVHDX ,QWHUQHW &H TXL VLJQL¿H DXVVL TXH OH SLUDWH Q DXUD DXFXQHV GLI¿FXOWpV j SUpYRLU FRP PHQWFHWHQWrWHYDVHSUpVHQWHU 2Q\GLVWLQJXHTXDQGPrPHGH X[ SDUDPqWUHV TXL GRLYHQW rWUH FRPPHQWpV/HSUHPLHUHVWXQHYD
OHXUTXLGp¿QLWO DGUHVVHGHVWLQDWLRQ GXSDTXHW±ELHQVULOIDXWPHWWUH LFLO DGUHVVHGXVHUYHXU'16TXLYD rWUHVSRRIp/ DXWUHHVWXQHDGUHVVH VRXUFHGXSDTXHW&HODGRLWrWUHOD PDFKLQHjODTXHOOHOHVHUYHXU'16 D HQYR\p OD UHTXrWH j VDYRLU O XQ GHV VHUYHXUV GX GRPDLQH FDGHQFHFRP 3RXU REWHQLU O LQ IRUPDWLRQ VXU OHV DGUHVVHV GHV VHUYHXUV TXL JqUHQW OH GRPDLQH FDGHQFHFRP LO VXI¿W GH IDLUH H[pFXWHU GDQV OH V\VWqPH /LQX[ OD FRPPDQGHVXLYDQWH
&RQWRXUQHPHQWGHVPpFDQLVPHVGH VpFXULWpEDVpVVXUO¶DFFqVDXVHUYHXU VHXOHPHQWjSDUWLUGHVPDFKLQHV FKRLVLHV &RPPHQRXVSRXYRQVOHYRLULOH[LVWH GHX[VHUYHXUVTXLJqUHQWOHGRPDLQH FRPPHQWp&HODVLJQL¿HTXHOHSLUDWH VHUDREOLJpjSUpYRLUTXHOVHUYHXUVHUD LQWHUURJpSDUODPDFKLQHDWWDTXpHRX jHQYR\HUOHVSDTXHWVDYHFOHVGHX[ DGUHVVHVVRXUFHV )UDJPHQWGXSDTXHWDQDO\Vp 8VHU'DWDJUDP3URWRFRO SRUWVRXUFH 6RXUFHSRUW GRPDLQ SRUWGHVWLQDWLRQ 'HVWLQDWLRQSRUW /HQJWK
KRVWW$1<FDGHQFHFRP
&KHFNVXP [D
FDGHQFHFRPQDPHVHUYHU? $87+16881(7 FDGHQFHFRPQDPHVHUYHU16FDGHQFHFRP
XXXIBLJOPSH
/HV GRQQpHV VXLYDQWHV TXL GRLYHQW rWUHGp¿QLHVSDUOHSLUDWHVRQWOHSRUW
)BLJO/ P
.8= ]ZYYPSXQ
)LJXUH6FKpPDORJLTXHGXUpVHDXXWLOLVpSRXUO¶DWWDTXHFRQWUHOH'16 VRXUFHHWOHSRUWGHVWLQDWLRQ'DQVOH FDVGXSRUWVRXUFHODTXHVWLRQHVW VLPSOH±F HVWWRXMRXUVOHSRUW(Q FHTXLFRQFHUQHOHSRUWGHVWLQDWLRQ OD VLWXDWLRQ GHYLHQW EHDXFRXS SOXV FRPSOLTXpH (Q WKpRULH OH VHUYHXU DWWDTXp SRXYDLW HQYR\HU OD UHTXrWH jSDUWLUGHQ LPSRUWHTXHOSRUWOLEUH (QSUDWLTXHLOV DYqUHFHSHQGDQWTXH FHODHVWOHSRUWRX VHORQOD FRQ¿JXUDWLRQGXVHUYHXU'16 /HV WHVWVHIIHFWXpVSRXUOHVEHVRLQVGX SUpVHQWDUWLFOHRQWSURXYpTXHGDQV OHFDVRODUpSRQVHHVWHQYR\pHDX SRUW FHOOHFL VHUD DFFHSWpH SDU OHVHUYHXULQGpSHQGDPPHQWGXSRUW j SDUWLU GXTXHO OD UHTXrWH D pWp HQYR\pH &HFL HVW OH SOXV SURED EOHPHQW G j XQH HUUHXU GDQV OH ORJLFLHO %,1' &HOD VLJQL¿H TXH OH SLUDWHSHXWHQYR\HUXQSDTXHWDYHF XQ SRUW GHVWLQDWLRQ TXHOFRQTXH pFRXWpSDUOHVHUYHXU /H IUDJPHQW VXLYDQW GX SDTXHW DQDO\Vp HVW SUpVHQWp VXU OH /LVWLQJ /H FKDPSV OH SOXV LPSRUWDQW HVW O LGHQWL¿FDWHXU GH PHVVDJH TXL D pWp GpMj FRPPHQWp 7RXW OH UHVWH GHV GRQQpHV SHXW rWUH GpMj IDOVL¿p SDU OH SLUDWH &H TXL VLJQL¿H TX HQ HQYR\DQW OD UpSRQVH '16 IDOVL¿pH LO VHUD SRVVLEOH GH O DEUpJHU FRQVL GpUDEOHPHQW FDU RQ SRXUUD RPHWWUH WRXWHV OHV LQIRUPDWLRQV VXSSOpPHQ
)BLJO/ P
WDLUHV VXU OHV VHUYHXUV GH QRPV 'DQV FHWWH VLWXDWLRQ OD UpSRQVH DXUDXQHORQJXHXUWRWDOHVHPEODEOH j OD ORQJXHXU WRWDOH GH OD UHTXrWH '16jVDYRLUELWVHQYLURQ / DQDO\VH FLGHVVXV D SURXYp TXHOHVLQIRUPDWLRQVOHVSOXVLPSRU WDQWHV TXH OH SLUDWH GRLW SRVVpGHU D¿Q GH JpQpUHU VD SURSUH YHUVLRQ GHODUpSRQVH'16HVWODYDOHXUGX FKDPS G LGHQWL¿FDWHXU GH UpSRQVH
HW O DGUHVVH VRXUFH GX VHUYHXU '16 GX GRPDLQH TX LO YHXW VSRR IHU$QRWHUTXHPrPHGDQVOHFDV R LO Q HVW SDV SRVVLEOH GH SUpYRLU FHV YDOHXUV O DWWDTXH HVW WRXMRXUV SRVVLEOH ± PDLV HOOH YD QpFHVVLWHU O HQYRL G XQ SOXV JUDQG QRPEUH GH UpSRQVHV'16 6XU OD EDVH GHV UpÀH[LRQV FL GHVVXV QRXV SRXYRQV FRQVWDWHU TX LO HVW SRVVLEOH GH IDOVL¿HU OD Up SRQVH '16 / HUUHXU OD SOXV GDQ JHUHXVH OLpH j OD VpFXULWp HVW MXVWHPHQW OD SRVVLELOLWp GH IDOVL ¿FDWLRQ SDU OH SLUDWH OD UpSRQVH HQYR\pH SDU OH VHUYHXU '16 (Q HIIHW OH ORJLFLHO XWLOLVp SDU OH FOLHQW UHoRLW XQH IDXVVH LQIRUPDWLRQ VXU OD PDFKLQH TX LO HVW HQ WUDLQ GH PDSSHU /HV SRVVLELOLWpV GH UpDOL VDWLRQG DWWDTXHVDYHFXWLOLVDWLRQGH FHWWH WHFKQLTXH VRQW SUDWLTXHPHQW LOOLPLWpHV &HUWDLQHV G HQWUH HOOHV VRQWSUpVHQWpHVGDQVOH7DEOHDX 0DLV LO IDXW VH UHQGUH FRPSWH TXH LQGpSHQGDPPHQW GX ORJLFLHO TXL VHUDOHFLEOHGHO DWWDTXHOHFKDPS G DFWLRQGXSLUDWHHVWWUqVYDVWHHWLO Q HVWSDVSRVVLEOHGHSUpYRLUWRXWHV OHVDWWDTXHVSRVVLEOHV &H WDEOHDX QRXV GRQQH O LGpH j TXHOV ULVTXHV O XWLOLVDWHXU HVW H[ SRVpGDQVODVLWXDWLRQRODUpDOLVD
/LVWLQJ)UDJPHQWGXSDTXHW ,QWHUQHW3URWRFRO 9HUVLRQ +HDGHUOHQJWK E\WHV 7\SHRIVHUYLFH [ 1RQH 3UHFHGHQFH ÀDVKRYHUULGH 'HOD\ 1RUPDO 7KURXJKSXW 1RUPDO 5HOLDELOLW\ 1RUPDO &RVW 1RUPDO 7RWDO/HQJWK ,GHQWL¿FDWLRQ [ F )ODJV [ 'RQ WIUDJPHQW 6HW 0RUHIUDJPHQWV 1RWVHW )UDJPHQWRIIVHW 7LPHWROLYH 3URWRFRO 8'3 [ +HDGHUFKHFNVXP [ F FRUUHFW DGUHVVHVRXUFH 6RXUFH QV&DGHQFH&20 DGUHVVHGHVWLQDWLRQ 'HVWLQDWLRQ DSROORDFLFRPSO
XXXIBLJOPSH
+^^K[_O
/LVWLQJ)UDJPHQWGXSDTXHWDQDO\Vp
'RPDLQ1DPH6\VWHP UHVSRQVH LGHQWL¿FDWHXUGHUpSRQVH 7UDQVDFWLRQ,' [IE )ODJV [ 6WDQGDUGTXHU\UHVSRQVH1RHUURU 5HVSRQVH 6WDQGDUGTXHU\ 6HUYHULVDQDXWKRULW\IRUGRPDLQ 0HVVDJHLVQRWWUXQFDWHG 'RQ WGRTXHU\UHFXUVLYHO\ 6HUYHUFDQGRUHFXUVLYHTXHULHV 1RHUURU 4XHVWLRQV $QVZHU55V $XWKRULW\55V $GGLWLRQDO55V 4XHULHV ZDUSFDGHQFHFRP W\SH$FODVVLQHW 1DPH ZDUSFDGHQFHFRP 7\SH +RVWDGGUHVV &ODVV LQHW $QVZHUV ZDUSFDGHQFHFRP W\SH$FODVVLQHWDGGU 1DPH ZDUSFDGHQFHFRP 7\SH +RVWDGGUHVV &ODVV LQHW GXUpHGHYLHGHODUpSRQVH 7LPHWROLYH PLQXWHV 'DWDOHQJWK DGUHVVH,3GHPDQGpH $GGU LQIRUPDWLRQVVXUOHVVHUYHXUV'16 $XWKRULWDWLYHQDPHVHUYHUV FDGHQFHFRP W\SH16FODVVLQHWQVQVFDGHQFHFRP 1DPH FDGHQFHFRP 7\SH $XWKRULWDWLYHQDPHVHUYHU &ODVV LQHW 7LPHWROLYH PLQXWHV 'DWDOHQJWK 1DPHVHUYHU QVFDGHQFHFRP FDGHQFHFRP W\SH16FODVVLQHWQVDXWKQVXX1(7 1DPH FDGHQFHFRP 7\SH $XWKRULWDWLYHQDPHVHUYHU &ODVV LQHW 7LPHWROLYH PLQXWHV 'DWDOHQJWK 1DPHVHUYHU DXWKQVXX1(7 LQIRUPDWLRQVVXSSOpPHQWDLUHV $GGLWLRQDOUHFRUGV QVFDGHQFHFRP W\SH$FODVVLQHWDGGU 1DPH QVFDGHQFHFRP 7\SH +RVWDGGUHVV &ODVV LQHW 7LPHWROLYH PLQXWHV 'DWDOHQJWK $GGU DXWKQVXX1(7 W\SH$FODVVLQHWDGGU 1DPH DXWKQVXX1(7 7\SH +RVWDGGUHVV &ODVV LQHW 7LPHWROLYH GD\KRXUVPLQXWHV VHFRQGV 'DWDOHQJWK $GGU
XXXIBLJOPSH
WLRQGHFHVDWWDTXHVVRQWSRVVLEOHV /HIDLWTXHOHSLUDWHHVWFDSDEOHGH SUpYRLU FRPPHQW YD VH SUpVHQWHU OD UpSRQVH DWWHQGXH SDU OH VHUYHXU '16DWWDTXpQHOXLJDUDQWLWSDVTXH FHWDWWDTXHYDUpXVVLUFDULO\DHQ FRUHEHDXFRXSG DXWUHVIDFWHXUVTXL HQGpFLGHQW
([HPSOHFRQFUHW G DWWDTXH 0DLQWHQDQW HVVD\RQV GH Gp¿QLU FRPPHQW GRLW VH GpURXOHU XQH DWWD TXHUpXVVLHFRQWUHOHSURWRFROH'16 HW TXHOOHV VRQW VHV FKDQFHV GH OD UpXVVLWH $X GpEXW HQ SUR¿WDQW GH O DQDO\VH HIIHFWXpH GDQV OH FKDSL WUH SUpFpGHQW QRXV DOORQV UpÀHFKLU jTXHOOHVTXHVWLRQVOHSLUDWHGRLWVD YRLUUpSRQGUHSRXUTXHODUpDOLVDWLRQ GH O DWWDTXH VRLW SRVVLEOH 9RLFL FHV TXHVWLRQV
TXDQG OH VHUYHXU '16 DWWDTXp HQYHUUDWLO OD UHTXrWH j ODTXHOOH OHSLUDWHGHYUDVXEVWLWXHUVDSUR SUHUpSRQVH" TXHO GRLW rWUH O LGHQWL¿FDWHXU GH FHWWHUpSRQVH" TXHOOH GRLW rWUH O DGUHVVH VRXUFH GHFHWWHUpSRQVH"
(Q FH TXL FRQFHUQH OD SUHPLqUH TXHVWLRQ LO H[LVWH SOXVLHXUV SRV VLELOLWpV GH UpSRQGUH 'DQV OH SUpVHQW FKDSLWUH QRXV DOORQV QRXV FRQFHQWUHUVXUODVROXWLRQTXLDVVX UHUDOHVSOXVJUDQGHVFKDQFHVGHOD UpXVVLWH GH O DWWDTXH &RPPH FHOD D pWp GLW DXSDUDYDQW FKDTXH VHU YHXU '16 SRVVqGH VRQ SURSUH FDFKH R LO VDXYHJDUGH OHV LQIRU PDWLRQV VXU OHV PDSSDJHV GHU QLqUHPHQW HIIHFWXpV /D SpULRGH SHQGDQW ODTXHOOH FHV LQIRUPDWLRQV VRQWVDXYHJDUGpHVHVWGp¿QLHGDQV OHFKDPSV77/ GXUpHGHYLH G XQ PHVVDJH'16GRQQp&HODYHXWGL UHTXHVLOHSLUDWHUpXVVLWjHQYR\HU DX VHUYHXU O LQIRUPDWLRQ TX LO D ID EULTXpHFHOOHFLVHUDVDXYHJDUGpH HW XWLOLVpH DSUqV FKDTXH UHTXrWH VXLYDQWH 1RXV VDYRQV pJDOHPHQW TXH FKDTXH VHUYHXU '16 pFRX WH OH SRUW HW TX LO HVW SUrW jDFFHSWHUXQHUHTXrWHTXHOFRQTXH
)BLJO/ P
.8= ]ZYYPSXQ
/LVWLQJ)UDJPHQWGXPHVVDJH'16DYHFOHVLQIRUPDWLRQVVXUOHV VHUYHXUVGXGRPDLQHFDGHQFHFRP LQIRUPDWLRQVVXSSOpPHQWDLUHV $GGLWLRQDOUHFRUGV QVFDGHQFHFRP W\SH$FODVVLQHWDGGU 1DPH QVFDGHQFHFRP 7\SH +RVWDGGUHVV &ODVV LQHW 7LPHWROLYH PLQXWHV 'DWDOHQJWK $GGU DXWKQVXX1(7 W\SH$FODVVLQHWDGGU 1DPH DXWKQVXX1(7 7\SH +RVWDGGUHVV &ODVV LQHW 7LPHWROLYH GD\KRXUVPLQXWHV VHFRQGV 'DWDOHQJWK $GGU
HQYR\pH SDU Q LPSRUWH TXHOOH PD FKLQHGDQVO ,QWHUQHW/HSLUDWHSHXW DORUV XWLOLVHU j VHV ¿QV FHV GHX[ WUDLWVFDUDFWpULVWLTXHVGHVVHUYHXUV '16FDUJUkFHjHX[LOSHXWHQYR\HU OXLPrPH XQH UpTXrWH TXHOFRQTXH DXVHUYHXU'16HWGDQVODUpSRQVH TX LOHQYRLWVDLVLUODYDOHXUPD[LPD OHGDQVOHFKDPSV77/$SUqVDYRLU HIIHFWXpFHWWHRSpUDWLRQFKDFXQGH FHX[YRQWHQYR\HUODPrPHUHTXrWH DX VHUYHXU '16 YD UHFHYRLU OD Up /LVWLQJ 6FULSWHQYR\DQWDX VHUYHXUDXWKQVXXQHWOHV UHTXrWHVVXUOHVDGUHVVHV,3 DOpDWRLUHVGHVPDFKLQHV ELQVK H[SRUW6(&21'6 120%5( 120%5( 120%5( &,%/(B$77$48( DXWKQVXXQHW >OW@ OHW120%5( 120%5( OHW120%5( 120%5( OHW120%5( 120%5( KRVW6(&21'6120%5( 120%5(120%5( &,%/(B$77$48( > 120%5( @ 120%5( ¿ GRQH
)BLJO/ P
SRQVH j SDUWLU GX FDFKH FRQWHQDQW OHVLQIRUPDWLRQVIDOVL¿pHVSDUOHSL UDWH'HFHWWHIDoRQOHSLUDWHQ HVW SDVREOLJpGHFRQQDvWUHOHPRPHQW SUpFLV R OH VHUYHXU '16 DWWDTXp YDHQYR\HUVDUHTXrWH /DUpSRQVHjODVHFRQGHTXHV WLRQ GpSHQG GX ORJLFLHO XWLOLVp SDU OHVHUYHXU'16DWWDTXp(QFHTXL FRQFHUQH OH ORJLFLHO %,1' O LGHQWL ¿FDWHXU GH UpSRQVH HVW XQ QRPEUH SVHXGRDOpDWRLUH HW HQ SULQFLSH LO HVW LPSRVVLEOH j OH Gp¿QLU /H SL UDWHGRLWDORUVHQYR\HUOHVSDTXHWV DYHF WRXWHV VHV YDOHXUV SRVVLEOHV 4XDQW DX VHUYHXU '16 GLVWULEXp DYHF :LQGRZV 17 OHV WHVWV HIIHF WXpV SRXU OHV EHVRLQV GX SUpVHQW DUWLFOH RQW SURXYp TX LO JpQqUH OHV LGHQWL¿FDWHXUV GHV UHTXrWHV FRP SOqWHPHQW SUpYLVLEOHV FDU FKDTXH UHTXrWH VXLYDQWH HQYR\pH SDU FH VHUYHXU SRVVqGH O LGHQWL¿FD WHXU LQFUpPHQWp GH SDU UDSSRUW j OD UHTXrWH HQYR\pH SUpFHGHP PHQW $ FDXVH GH FHOD VL OH SL UDWHDWWDTXHXQVHUYHXUTXLWUDYDLOOH DYHF OH ORJLFLHO GH 0LFURVRIW OD SUpYLVLRQ GH O LGHQWL¿FDWHXU FRUUHFW GHUpSRQVHQHOXLSRVHDXFXQSUR EOqPH /DUpSRQVHjODWURLVLqPHTXHV WLRQDpWpGpMjGpFULWHGDQVOHVRXV FKDSLWUH SUpFpGHQW (Q H[pFXWDQW OD FRPPDQGH DSSURSULpH GDQV OH V\VWqPH /LQX[ OH SLUDWH DSSUHQG TXHOV VHUYHXUV JqUHQW OH GRPDLQH TXL O LQWpUHVVH 'DQV OH FDV FRQ
XXXIBLJOPSH
FUHW SUpVHQWp LO V HVW DYpUp TXH OH GRPDLQH FDGHQFHFRP HVW JpUp SDU GHX[ VHUYHXUV GH QRPV 3RXU DSSUHQGUH TXHO VHUYHXU GH QRPV VHUD XWLOLVp SDU OH VHUYHXU DWWDTXp RQSHXWVHVHUYLUHQFRUHXQHIRLVGX FKDPSV 77/ $ WLWUH GH UDSSHO RQ D SUpVHQWp FLGHVVRXV OH IUDJPHQW GXPHVVDJH'16DYHFOHVLQIRUPD WLRQV VXU OHV VHUYHXUV GX GRPDLQH FDGHQFHFRP HVW SUpVHQWp GDQV OH /LVWLQJ /HV OLJQHV DYHF OH WH[WH 7LPH WR OLYH FRQWLHQQHQW GHV LQIRUPD WLRQVVXUODSpULRGHGHVDXYHJDUGH GHV GRQQpHV SDUWLFXOLqUHV GDQV OH FDFKH &RPPH QRXV SRXYRQV OH YRLU O LQIRUPDWLRQ VXU OH VHUYHXU QVFDGHQFHFRP VHUD VXSSULPpH GX FDFKH DSUqV PLQXWHV SDU FRQWUH O LQIRUPDWLRQ VXU OH VHUYHXU DXWKQVXXQHWVHUDVDXYHJDUGpH W SOXV ORQJWHPSV &HOD VLJQL¿H TXH WRXWHV OHV UHTXrWHV FRQFHUQDQW OH GRPDLQH FDGHQFHFRP TXL YRQW rWUH HQYR\pHV DSUqV PLQXWHV jFRPSWHUGXPRPHQWRFHWHQUH JLVWUHPHQWDpWpVDXYHJDUGpGDQVOH FDFKHYRQWrWUHGLULJpHVDXVHUYHXU DXWKQVXXQHW $SUpVHQWQRXVVDYRQVGpMjSDU TXHOVPR\HQVOHSLUDWHSHXWREWHQLU GHV UpSRQVHV DX[ TXHVWLRQV FOpV HWQRXVSRXYRQVSURFpGHUjODFUpD /LVWLQJ/ XQGHVSDTXHWV TXLRQWpWpHQYR\pVDXVHUYHXU DSROORDFLFRPSO ORQJXHXUWRWDOHGXSDTXHW 3DFNHW/HQJWK E\WHV DGUHVVHVRXUFH 6RXUFH DXWKQVXXQHW DGUHVVHGHVWLQDWLRQ 'HVWLQDWLRQ DSROORDFLFRPSO SRUWVRXUFH 6RXUFHSRUW GRPDLQ SRUWGHVWLQDWLRQ 'HVWLQDWLRQSRUW GRPDLQ LGHQWL¿FDWHXUGHUpSRQVH 7UDQVDFWLRQ,' [ GXUpHGHYLHPD[LPDOHSRVVLEOH 7LPHWROLYH GD\VKRXUV PLQXWHVVHFRQGV DGUHVVH,3IDOVL¿pH $GGU
7DEOHDX6FpQDULRG¶DFWLRQVGXSLUDWHSHQGDQWO¶DWWDTXHFRQWUHOH'16
+^^K[_O
1G¶DFWLRQ 'HVFULSWLRQG¶DFWLRQ
/HWHPSVTXLDGpFRXOpj SDUWLUGXPRPHQWRO¶DWWDTXH DFRPPHQFp PP VV
/HSLUDWHLQWHUURJHOHVHUYHXUGHQRPVGXGRPDLQHFDGHQFHFRP SRXUDSSUHQGUHGHVLQIRUPDWLRQVQpFHVVDLUHVSRXUUpDOLVHU O¶DWWDTXH
/HSLUDWHLQWHUURJHOHVHUYHXUDSROORDFLFRPSOO DWWDTXpVXUOHGR PDLQH FDGHQFHFRP*UkFHjFHODFHVLQIRUPDWLRQVVRQWVDXYH JDUGpHVSDUOHVHUYHXUGDQVOHFDFKH
/HSLUDWHSURFqGHjODUpDOLVDWLRQGHO¶DWWDTXH'HQLDORI6HUYLFH GRQWOHFLEOHHVWOHVHUYHXUDXWKQVXXQHW&HODYDSURYRTHU O¶LQFDSDFLWpGHFHOXLFL jUpSRQGUHjWRXWHVUHTXrWHV
/HSLUDWHHQYRLHDXVHUYHXUDSROORDFLFRPSOO ODUHTXrWHFRQFHU QDQWO¶DGUHVVH,3GHODPDFKLQHZDUSFDGHQFHFRP
/HSLUDWHFRPPHQFHjHQYR\HUDXVHUYHXUDSROORDFLFRPSOOHV O UpSRQVHVTX¶LODIDOVL¿pHVDYHFO¶DGUHVVHVRXUFHGHODPDFKLQH DXWKQVXXQHWHWODYDOHXUPD[LPDOH77/Gp¿QLHFRQWHQDQW O¶LQIRUPDWLRQTXHO¶DGUHVVH,3GHODPDFKLQHZDUSFDGHQFHFRP HVW $XWRWDOFHODGRQQHSDTXHWVFKDTXH SDTXHWDYHFXQLGHQWL¿FDWHXUGHUpSRQVHGLIIpUHQW
/HSLUDWHDFKqYHG¶HQYR\HUOHVSDTXHWVGHEDVH'pVFHPRPHQW OHVHUYHXUDSROORDFLFRPSOO DGDQVOHFDFKHOHVGRQQpHVVXU O¶DGUHVVH,3GHODPDFKLQHZDUSFDGHQFHFRPIDOVL¿pHVSDUOH SLUDWH
/¶XWLOLVDWHXUGHODPDFKLQHSKRERVIDLWH[pFXWHUODFRPPDQGHWHO QHWZDUSFDGHQFHFRP /HVHUYHXUDSROORDFLFRPSOO OXLHQYRLHOHV GRQQpHVVXUO¶DGUHVVH,3GHFHWWHPDFKLQH jSDUWLU GHVRQFDFKH
WLRQ G XQ VFpQDULR G DWWDTXH H[HP SODLUH SRVVLEOH j UpDOLVHU 'DQV FH EXW RQ YD SUR¿WHU GH OD PrPH VLWXDWLRQ TXH FHOOH XWLOLVpH SHQGDQW OH WHVW SUDWLTXH GX SURWRFROH (Q SOXV LO \ D HQFRUH XQH PDFKLQH TXL YD rWUH XWLOLVpH SDU OH SLUDWH UXE\FRQPDQV]F]HFLQSO DGUHVVH ,3 'DQVOD¿JXUHXQ VHJPHQW GpFULW GX UpVHDX ,QWHUQHW HVWSUpVHQWp / REMHFWLI GX SLUDWH HVW GH SURYR TXHU TXH O XWLOLVDWHXU GH OD PDFKLQH SKRERV V VH FRQQHFWH VXU OD PDFKLQH UXE\FRQ DSUqVDYRLUH[pFXWpODFRP PDQGH WHOQHW ZDUSFDGHQFHFRP /H VFpQDULR SUpFLV G DFWLRQV HIIHF WXpHVSDUOHSLUDWHHVWSUpVHQWpGDQV OH7DEOHDX /HV DFWLRQV HIIHFWXpHV SDU OH SLUDWH RQW pWp GpMj FRPPHQWpHV
HQ JUDQGH SDUWLH PDLV OH WHPSV TXL DGpFRXOpHQWUHO DFWLRQQHWSHXW pYHLOOHUGHVGRXWHV±FHTXLH[LJHGHV H[SOLFDWLRQVSOXVGpWDLOOpHV &RPPH FHOD D pWp FRQVWDWp DXSDUDYDQW OH SLUDWH GRLW HQYR\HU SDTXHWV DX VHUYHXU DWWD TXp 2Q D pJDOHPHQW QRWp TXH OD ORQJXHXU GH FKDTXH SDTXHW HVW G HQYLURQ ELWV 'DQV FH VFp QDULR FRQFUHW OH SLUDWH VH WURXYH GDQV OH PrPH VRXVUpVHDX TXH OH VHUYHXU '16 DWWDTXp HW LO GLVSRVH GH OD OLJQH j GpELW GH 0ESV /H WHPSVQpVHVVDLUHSRXUHQYR\HUOHV SDTXHWV SHXW rWUH H[SULPp j O DLGH GHODIRUPXOHVXLYDQWH
L3 G3 7 6
XXXIBLJOPSH
R 7 HVW XQ WHPSV QpFHVVDLUH SRXU HQYR\HU OHV SDTXHWV H[SULPp HQ VHFRQGHV L3 HVW XQ QRPEUH GH SDTXHWVjHQYR\HUG3HVWXQHORQJXHXU GHFKDTXHSDTXHWHW6HVWXQHYLWHVVH GHODOLJQHH[SULPpHHQ0ESV 'DQV FH FDV FRQFUHW OD IRUPXOH SUHQGDORUVODIRUPHVXLYDQWH
z
%LHQ VU OD GXUpH WRWDOH GH WUDQVPLVVLRQGpSHQGHQFRUHGHSOX VLHXUV IDFWHXUV GLIIpUHQWV FRPPH SDUH[HPSOHODYLWHVVHGXPpGLXP XWLOLVpVXUOHUpVHDXORFDOO HI¿FDFLWp GHVGLVSRVLWLIVXWLOLVpVSRXUODFRQV WUXFWLRQ GX UpVHDX HW EHDXFRXS G DXWUHVDVSHFWVOLpVjODUpFHSWLRQ
)BLJO/ P
.8= ]ZYYPSXQ
$WWDTXHDQQLYHUVDLUH HQDQJODLV ELUWKGD\DWWDFN N (QFHTXLFRQFHUQHODPpWKRGHG¶DWWDTXHSURSRVpHGDQVO¶DUWLFOHOHSLUDWHGRLWHQYR\HU SDTXHWVSRXUrWUHVUjTXHO¶DWWDTXHDUpXVVL6¶LOHQYRLHSDTXHWV LOVHUDVUjTXHO¶DWWDTXHDUpXVVLVL±LOVHUDVUjHWF3RXURSWLPLVHU O¶DWWDTXH RQ SHXW XWLOLVHU OH SDUDGR[H G¶DQQLYHUVDLUH FRQQX JUkFH j OD FU\SWRJUDSKLH $FHWWH¿QDXOLHXG¶HQYR\HUXQHUHTXrWHHWUpSRQVHVOHSLUDWHGRLWHQYR\HUHQ PrPHWHPSVSOXVLHXUVUHTXrWHV FHODHVWSRVVLEOHYXTXHOHVHUYHXU'16SHXWJpUHU VLPXOWDQpPHQWSOXVLHXUVUHTXrWHVFRQFHUQDQWOHPrPHGRPDLQH HWSOXVLHXUVUpSRQVHV 'DQVFHFDVOjDSUqVDYRLUHQYR\pHQYLURQSDTXHWVHQVRPPHODSUREDELOLWpTXH O¶DWWDTXHDUpXVVLHVWGHSOXVGH
G XQ WHO QRPEUH GH SDTXHWV SDU OH VHUYHXU'162QDGRQFRSWpSRXU OHIDLWTXHFHWWHYDOHXUSHXWrWUHHQ SUDWLTXHGHX[IRLVSOXVJUDQGH 'DQV OH VFpQDULR FRPPHQWp O XWLOLVDWHXU D IDLW H[pFXWp OD FRP PDQGH WHOQHW ZDUSFDGHQFHFRP PLQXWHV DSUqV TXH O DWWDTXH DFRPPHQFp%LHQVULOSRXYDLWOH IDLUH GDQV Q LPSRUWH TXHO PRPHQW DSUqV O HQYRL GH WRXV OHV SDTXHWV SDUOHSLUDWH 3RXU V DVVXUHU VL OH VFpQDULR LQ YHQWpSRXUOHVEHVRLQVGHFHWDUWLFOH SHXWrWUHYpULWDEOHPHQWUpDOLVpRQD GpFLGpGHUpDOLVHUO DWWDTXHFRQWUHOH VHUYHXUDSROORDFLFRPSOO HQVXLYDQW OHV DFWLRQV pQXPpUpHV GDQV OH WD EOHDX
TXH OHV GRQQpHV VXU OH QRP ZZZFDGHQFHFRP 6L RQ XWLOLVDLW LFL OH QRP ZDUSFDGHQFHFRP FHOXLFL VHUDLWVDXYHJDUGpGDQVOHFDFKHFHTXL UHQGUDLWO DWWDTXHSOXVGLI¿FLOHjUpDOLVHU
$ FHWWH pWDSH RQ D XWLOLVp XQ VFULSW WRXW VLPSOH /LVWLQJ GRQW OH IRQF WLRQQHPHQW FRQVLVWH j HQYR\HU DX VHUYHXU DXWKQVXXQHW W OHV UHTXr WHV VXU OHV DGUHVVHV ,3 DOpDWRLUHV GHV PDFKLQHV *UkFH j FHOD LO HVW GHYHQXWHOOHPHQWVXUFKDUJpTXHVRQ WHPSVGHUpSRQVHpWDLWG HQYLURQ VHFRQGHVHQPLQXWHG DWWDTXH
$FWLRQ /D FRPPDQGH VXLYDQWH D pWp H[p FXWpH UXE\FRQ aQVORRNXS? DSROORDFLFRPSO
$FWLRQ UXE\FRQ aQVORRNXS? ZZZFDGHQFHFRPDSROORDFLFRPSO 6HUYHU DSROORDFLFRPSO $GGUHVV 1DPH ZZZFDGHQFHFRP $GGUHVV
2Q D HQYR\p H[SUHVVpPHQW OD UHTXrWH FRQFHUQDQW OH QRP GH ZZZFDGHQFHFRPFHTXLDSURYRTXp TXH OH VHUYHXU DSROORDFLFRPSO D VDXYHJDUGp GDQV VRQ FDFKH OHV GRQQpHV VXU OHV VHUYHXUV Jp UDQW OH GRPDLQH FDGHQFHFRP DLQVL
)BLJO/ P
$GGUHVV 1DPH ZDUSFDGHQFHFRP $GGUHVV
$FWLRQ / XWLOLVDWHXU GH OD PDFKLQH SKRERV IDLW H[pFXWHU OD FRPPDQGH WHO QHW ZDUSFDGHQFHFRP /H VHUYHXU DSROORDFLFRPSOO OXL HQYRLH O LQIRU PDWLRQ TXH O DGUHVVH ,3 GH FHWWH PDFKLQH HVW (Q FRQVp TXHQFHO XWLOLVDWHXUVHFRQWDFWHDYHF ODPDFKLQHGXSLUDWH
7U\LQJ
/ DWWDTXH D UpXVVL 1RXV YHQRQV GRQF GH SURXYHU TXH OHV HUUHXUV OLpHV j OD VpFXULWp GX SURWRFROH '16 GpWHFWpHV ORUV GH O DQDO\VH GH VpFXULWp FRQVWLWXHQW XQ GDQJHU UpHO SRXUOHVXWLOLVDWHXUVGHO ,QWHUQHW(Q PrPH WHPSV FHOD VLJQL¿H TXH OHV H[HPSOHVG XWLOLVDWLRQGHFHVHUUHXUV pQXPpUpVGDQVOH7DEOHDXSHXYHQW rWUHXWLOLVpVFRQWUHOHVLQWHUQDXWHV
3URSRVLWLRQV G RSWLPLVDWLRQGX SURWRFROH
ZDUSFDGHQFHFRP?
UXE\FRQ aKRVW±W$1<FDGHQFHFRP
$FWLRQ
6HUYHU DSROORDFLFRPSO
SKRERV aWHOQHWZDUSFDGHQFHFRP
$FWLRQ
$FWLRQ /D FRPPDQGH VXLYDQWH D pWp H[p FXWpH
DSROORDFLFRPSOjODUHTXrWHTXLOXLD O pWpHQYR\pHHQTXDWULqPHpWDSHHVWOD SUHXYHTXHO DWWDTXHDUpXVVL
/H /LVWLQJ SUpVHQWH O XQ GHV SD TXHWVTXLRQWpWpHQYR\pVDXVHUYHXU DSROORDFLFRPSO /HV SDTXHWV VXL YDQWVGLIIqUHQWVHXOHPHQWSDUO LGHQ WL¿FDWHXUGHUpSRQVH $ FH SURSRV LO IDXW QRWHU TXH O HQYRL GH WRXV OHV SDTXHWV D SULV SUHVTXH VHFRQGHV &HOD VLJQL¿H TXH OHV FDOFXOV HIIHFWXpV SRXU OD SUpVHQWDWLRQ GX VFpQDULR G DWWDTXH pWDLHQWFRUUHFWV
$FWLRQ $ FHWWH pWDSH WRXV OHV SDTXHWV VRQW GpMjHQYR\pV/DUpSRQVHGXVHUYHXU
XXXIBLJOPSH
/DPpWKRGHODSOXVVLPSOHSHUPHWWDQW GH UHQGUH OD UpDOLVDWLRQ GHV DWWDTXHV GpFULWHV FRQVLGpUDEOHPHQW SOXV GLI¿FLOH FRQVLVWH j DFWLYHU OD JHVWLRQ GX FDFKH SDU OHV VHUYHXUV '16 FH TXL UHQGUD LPSRVVLEOH DX SLUDWH O LQVHUWLRQ GH IDXVVHV GRQQpHV GDQV OH FDFKH &HWWH GpPDUFKH Q pOLPLQHUD SDV WRXW OH GDQJHU PDLV HOOH REOLJHUD OH SLUDWH j SUpYRLU SUpFLVpPHQW jTXHOPRPHQWVDYLFWLPHGHPDQGHUD DXVHUYHXU'16GHPDSSHUO DGUHVVH ,3 GRQQpH RX OH QRP GH OD PDFKL QH *UkFH j FHOD SOXVLHXUV REVWDF OHV VXSSOpPHQWDLUHV VHURQW LQWURGXLWV GDQVOHVFpQDULRG DWWDTXHFHTXLGDQV SOXVLHXUVFDVSRXUUDOHSUpYHQLU%LHQ VU FHWWH VROXWLRQ LPSOLTXH OD SHUWH
G XQH FHUWDLQH IRQFWLRQQDOLWp GX '16 j VDYRLU OD VDXYHJDUGH GHV GRQQpHV GHUQLqUHPHQW XWLOLVpHV GDQV OH FDFKH (QFRQVpTXHQFHFHODSHXWLQWHQVL¿HU FRQVLGpUDEOHPHQW OH WUD¿F VXU OH Up VHDX HW SURYRTXHU XQ UHWDUG VHQVLEOH HQFHTXLFRQFHUQHOHIRQFWLRQQHPHQW GHV VHUYLFHV XWLOLVDQW OH '16 0DOJUp FHV LQFRQYpQLHQWV FHWWH VROXWLRQ HVW XQH PpWKRGH VLPSOH HW HI¿FDFH SRXU DXJPHQWHU OH QLYHDX GH VpFXULWp GX SURWRFROH /HIDFWHXUSULQFLSDOTXLSURYRTXH VL JUDQGV GDQJHUV SHQGDQW O XWLOLVD WLRQ GX '16 HVW LQFRQWHVWDEOHPHQW O XWLOLVDWLRQ GX SURWRFROH 8'3 QRQ RULHQWp FRQQH[LRQ 'DQV FHWWH VL WXDWLRQ VH VHUYLU GX SURWRFROH 7&3 j VD SODFH SDUDvW rWUH OD VROXWLRQ OD SOXV UDLVRQQDEOH ,O V DYqUH PrPH TXH OH ORJLFLHO %,1' XWLOLVH GDQV FHUWDLQHV FRQGLWLRQV OH SURWRFROH 7&3 ± SDU H[HPSOH DX FDV R OH PHVVDJH '16 D XQH ORQJXHXU VX SpULHXUH j ELWV 6L RQ UppFULW OH ORJLFLHO %,1' GH FHWWH IDoRQ TX LO XWLOLVH OH SURWRFROH 7&3 WRXW OH WHPSV OH SUREOqPH GH IDOVL¿FDWLRQ GH OD UpSRQVH '16 VHUD UpVROX ,OSDUDvWGRQFTXHFHODHVWODVROXWLRQ ODSOXVDYDQWDJHXVH 8QH DXWUH PpWKRGH TXL SHUPHW GH VH SURWpJHU FRQWUH OHV DWWDTXHV GH FH W\SH FRQVLVWH j LPSOpPHQWHU GDQV OH ORJLFLHO %,1' OH PRGXOH TXL
3DUDGR[HG¶DQQLYHUVDLUH /H SDUDGR[H G¶DQQLYHUVDLUH HVW XQ H[HPSOH SDUIDLW SRXU LOOXVWUHU TXHOV SUREOqPHV DIIURQWHOHFHUYHDXKXPDLQTXDQGLOHVVD\HGHUpVRXGUHOHVSUREOqPHVOLpVjODVWDWLVWL TXH3RVRQVGHX[TXHVWLRQV
&RPELHQGHSHUVRQQHVGRLYHQWVHWURXYHUGDQVODPrPHVDOOHGHFRXUVSRXUTX¶LO \DLWHQYLURQGHFKDQFHTX¶XQHSHUVRQQHQpHOHPrPHMRXUTXHO¶DXWHXUGHFH WH[WHVRLW\SUpVHQWH" &RPELHQGHSHUVRQQHVGRLYHQWVHWURXYHUGDQVODPrPHVDOOHGHFRXUVSRXUTX¶LO \DLWHQYLURQGHFKDQFHTXHGHX[SHUVRQQHVQpHVOHPrPHMRXUVRLHQW \SUpVHQWHV"
,OSDUDvWTXHOHVGHX[TXHVWLRQVVRQWVHPEODEOHV3RXUWDQWODUpSRQVHjODSUHPLqUH HVW SHUVRQQHV HW j OD GHX[LqPH &HOD HVW GX DX IDLW TX¶HQ D\DQW VHXOHPHQW SHUVRQQHVGDQVXQHVDOOHGHFRXUVQRXVDYRQVWRXMRXUVGLIIpUHQWHVSDLUHVGH SHUVRQQHV$ORUVGDQVOHVGHX[FDVQRXVDYRQVOHVPrPHVFKDQFHVSRXUWURXYHUOD SDLUHTXHQRXVFKHUFKRQV
OHVpOLPLQHJUkFHjXQVXLYLFRQVWDQW GHVUHTXrWHVTXLDUULYHQWDXVHUYHXU 6LGHVSDTXHWVGLIIpUDQWSHXOHVXQV SDU UDSSRUW DX[ DXWUHV DX QLYHDX SDUH[HPSOHGHODPrPHDGUHVVH,3 RXGXQRPGHODPDFKLQH FRPPHQ FHQWjDSSDUDvWUHGDQVXQWHPSVELHQ UHVWUHLQW OH PRGXOH HQ TXHVWLRQ HQ GpGXLUDXQHDWWDTXHHWLOSUHQGUDGHV PHVXUHVDSSURSULpHV/HSRLQWIDLEOH GH FHWWH VROXWLRQ HVW OD SRVVLELOLWp pYHQWXHOOH GH UpDOLVHU GHV DWWDTXHV GH W\SH 'HQLDO RI 6HUYLFH FRQWUH FH PRGXOH9XFHODOHVDFWLRQVHQWUHSUL VHVSDUOHPRGXOHDSUqVODGpWHFWLRQ GH O DWWDTXH GHYUDLHQW rWUH pWXGLpHV
HQGpWDLOV,OHVWSUREDEOHTX LOVHUDLW WURS GLI¿FLOH GH WURXYHU OD VROXWLRQ SRXUUpDOLVHUFHWWHWkFKH $ SUpVHQW OHV WUDYDX[ OLpHV j OD PLVH HQ URXWH GX SURWRFROH '16 6(& GDQV O ,QWHUQHW VRQW UpDOLVpV ,O D pWp FRQoX GqV OH GpEXW FRPPH XQ UpIpUHQW GX '16 PDLV DX FRXUV GH VD FUpDWLRQ O LQWpUrW SULQFLSDO pWDLWSRUWpjODTXHVWLRQGHVpFXULWp 'XUDQW OH PDSSDJH GHV DGUHVVHV LO XWLOLVH O LQIUDVWUXFWXUH GH OD FOp SXEOLTXH GHV VHUYHXUV HW GHV FHU WL¿FDWV DSSURSULpV TXL FRQ¿UPHQW O DXWKHQWLFLWpGHODUpSRQVH%LHQVU FHWWHVROXWLRQHVWH[FHOOHQWHPDLVHOOH D TXDQG PrPH XQ GpIDXW LPSRUWDQW ± HOOH Q HVW SDV FRPSDWLEOH DYHF OD YHUVLRQSUpFpGHQWHGH'16 (Q FH PRPHQW OH PHLOOHXU FRQ VHLODGUHVVpDX[XWLOLVDWHXUVGHO ,Q WHUQHWHVWGHUpQRFHUFRPSOqWHPHQW jXWLOLVHUOH'16GDQVOHVVLWXDWLRQV RODVpFXULWpMRXHXQU{OHSULPRUGLDO ,O IDXW GRQF VH VHUYLU GHV DGUHVVHV ,3GHVPDFKLQHVSHQGDQW
+^^K[_O
)LJXUH'HVFULSWLRQG¶DWWDTXHDQQLYHUVDLUHHVWGLVSRQLEOHVXUOHVLWH
XXXIBLJOPSH
ODFRQ¿JXUDWLRQGHVOLVWHVG DFFqV DX[VHUYLFHVGXVHUYHXU O XWLOLVDWLRQ GHV SDJHV ZHE LPRUWDQWHV KRPHEDQNLQJ LQIRU PDWLRQVLPSRUWDQWHVFRQFHUQDQW SDUH[HPSOHOHVGHUQLqUHVPLVHV jMRXUGHVORJLFLHOVXWLOLVpVHWF O XWLOLVDWLRQ GH WRXV OHV VHUYLFHV TXL VHUYHQW j WpOpFKDUJHU RX HQ YR\HUGHV¿FKLHUV N
)BLJO/ P
$XFDVGHVSUREOqPHVDYHF&'HQYR\H]QRXVXQPHVVDJH jO¶DGUHVVHVXLYDQWH FG#VRIWZDUHFRPSO
%LEOLRWKqTXHOLESURF±XQSRLQW IDLEOHGHSOXVLHXUVV\VWqPHV :RMWHN:DOF]DN
/DPpWKRGHTXLFRQVLVWHjPRGL ¿HUODELEOLRWTqTXHOLESURFDXQ JUDQGDWRXW±HOOHHVWSHXFRQ QXHSDVELHQGpFULWHHWSHUVRQ QHQHV \LQWpUHVVH
+^^K[_O
/
XQH GHV TXHVWLRQV GH EDVH SRXU XQ LQWUXV TXL HVVDLH GH V DWWDTXHU j XQ V\VWqPH HVW GH VH ELHQ FDFKHU HW GH GLVVLPXOHUOHVSURFqVHQFRXUVG H[pFXWLRQ 9RXV SRXYH] OH IDLUH GH SOXVLHXUV PDQLq UHV FKDFXQH G HOOHV D VHV DYDQWDJHV HW L VHV LQFRQYpQLHQWVPDLVDXFXQHQ HVWSDUIDLWH/HV PpWKRGHVOHVSOXVSRSXODLUHVVRQW O XWLOLVDWLRQ GH/.0 PRGXOHVGXQR\DX HWODPRGL¿ 0 FDWLRQ GHV ¿FKLHUV ELQDLUHV GHV DSSOLFDWLRQV FRPPH SV V RX Z Z /HV GHX[ PpWKRGHV GH GLVVLPXODWLRQ VRQW WUqV ELHQ FRQQXHV HW LO HVW IDFLOH GH OHV GpWHFWHU 'DQV SOXVLHXUV FDV LO VX¿W G XWLOLVHU O RXWLODSSHOpFKNURRWNLW GLVSRQLEOHjO DGUHVVH W KWWS ZZZFKNURRWNLWRUJ /D VHFRQGH Pp WKRGH D HQFRUH G DXWUHV SRLQWV IDLEOHV 6XU SUHVTXHWRXVOHVV\VWqPHVVXUOHVTXHOVODYpUL ¿FDWLRQGHVVRPPHVGHFRQWU{OHHVWHIIHFWXpH FHV DSSOLFDWLRQV VRQW DXVVL YpUL¿pHV $XGHV VRXVYRXVWURXYHUH]ODGHVFULSWLRQGHVDXWUHV GpVDYDQWDJHVFRQFHUQDQWFHVPpWKRGHV 3RXUWDQWGDQV/LQX[LOH[LVWHXQSHWLW¿FKLHU XQH WRXWH SHWLWH ELEOLRWKqTXH & HVW GH FHWWH ELEOLRWKqTXH TXH GpSHQG TX HVWFH TXL VHUD DI¿FKp SDU OHV DSSOLFDWLRQV GX SDTXHW SURFSV HWEHDXFRXSG DXWUHV /DPpWKRGHTXLFRQVLVWH jPRGL¿HUDXQJUDQGDWRXW±HOOHHVWSHXFRQQXH SDVELHQGpFULWHHWSHUVRQQHQHV \LQWpUHVVH
XXXIBLJOPSH
-HQ DLMDPDLVUHQFRQWUpDXFXQHGHVFULSWLRQ G XQH DWWDTXH TXL XWLOLVHUDLW FHW pOpPHQW GX V\VWqPH (W DSUqV SOXVLHXUV FRQVXOWDWLRQV M DL FRQVWDWpTXHODFRQQDLVVDQFHGHFHWWHPpWKR GHQ HVWSDVWURSUpSDQGXH&HWWHELEOLRWKqTXH XWLOLVpHGDQVSUHVTXHWRXWHVOHVGLVWULEXWLRQVGH /LQX[HVWXQSRLQWIDLEOHGHO DGPLQLVWUDWHXUTXL QH OD FRQQDvW SDV F HVW SRXUTXRL QRXV DOORQV HQSDUOHUXQSHX3DUPDQLqUHG DFTXLWGHVQRV SURFqVSDVWRXMRXUVELHQYXV
6XUOLESURF &HWWHELEOLRWKqTXHFRQVWLWXHXQHLQWHUIDFHHQWUH OHQR\DX HQWUHOHV\VWqPHGH¿FKLHUV SURF HW OHVDSSOLFDWLRQVFKDUJpHVG LQIRUPHUO XWLOLVDWHXU VXU OHV SURFFHVXV HQ FRXUV &HV DSSOLFDWLRQV FRPPH SV V RX WRS OLVHQW OHV GRQQpHV j SDUWLU GXUpSHUWRLUHSURF0DLVHOOHVQHOHIRQWSDVHO OHVPrPHV3RXUFHODHOOHVXWLOLVHQWMXVWHPHQW OLESURFF HW OHV IRQFWLRQV TXL \ VRQW FRQWHQXHV GRQWGHX[VRQWOHVSOXVLPSRUWDQWHV SV B UHDG SURF HW UHDGSURF 6LQRXVVDYLRQVFRPPHQW OHVPRGL¿HUQRXVVHULRQVFDSDEOHVGHVHELHQ FDFKHUGDQVOHV\VWqPH /HV DGPLQLVWUDWHXUV FRSLHQW VRXYHQW OHV SURJUDPPHVSVRX V WRSTXHOTXHSDUWWUqVSUR IRQGpPHQW GDQV OD VWUXFWXUH GHV UpSHUWRLUHV D¿QG pYLWHUGHVHVHUYLUG XQ¿FKLHUTXLDXUDLW
)BLJO/ P
,SLVSY^RO[_O VSLZ\YM
SHXWrWUH pWp FKDQJp SDU XQ LQWUXV RXXQYHU'HFHWWHIDoRQQRXVDYRQV GDQVOHV\VWqPHXQ¿FKLHUHQOHTXHO QRXVSRXYRQVIDLUHFRQ¿DQFHPrPH VL QRXV VRXSoRQQRQV XQH DWWDTXH 0DLV GDQV OD FDV R OD ELEOLRWKqTXH D pWp PRGL¿pH O DSSOLFDWLRQ TXL V HQ VHUW PrPH ELHQ HW SURIRQGpPHQW GLVVLPXOpHUHVWHLPSXLVVDQWHHWHOOH FRPPHQFHjPHQWLUWRXWFHODVHORQ ODYRORQWpGHO LQWUXV&HWWHDYDQWDJH QH FRQFHUQH SDV OHV PpWKRGHV ED VpHVVXUOHFKDQJHPHQWGHV¿FKLHUV ELQDLUHV HW F HVW O LQFRQYpQLHQW GRQW M DLSDUOpDXGpEXW
&RPPHQWSURFpGHU /D ELEOLRWKqTXH OLESURFF HW OHV RXWLOV FRPPHSVZ Z WRSSPDS SJUHS V\VFWOO NLOO O IUHH YPVWDWW RX QLFHVRQWFRPSULV GDQV OH SDTXHW DSSHOp SURFSV &H GHUQLHUHVWGLVSRQLEOHVVXUOHVSDJHV 6RXUFH)RUJH ± KWWS SURFSVVIQHW 6XU OHV GLIIpUHQWV V\VWqPHV QRXV SRXYRQV UHQFRQWUHU OHV YHUVLRQV GH j PDLV OHV IRQFWLRQV TXL VRQW OH SOXV LPSRUWDQWHV SRXU QRXV ± PDOJUp OHV GLIIpUHQWV QXPpURV GH YHUVLRQ±VRQWWUqVVHPEODEOHV 3RXU SRXYRLU VH VHUYLU GH FHWWH PpWKRGHQRXVGHYRQVG DERUGVIDLUH XQHSHWLWHUHFRQQDLVVDQFH9RXVGH YUH]VXLYUHOHVpWDSHVFLGHVVRXV
GpWHUPLQHUODYHUVLRQGHODELEOLR WKqTXH OLESURF F XWLOLVpH GDQV OH V\VWqPH SUHQGUHOHVVRXUFHVGHFHWWHYHU VLRQGHODELEOLRWKqTXH
/LVWLQJ0RGL¿FDWLRQVGDQVODIRQFWLRQSVBUHDGSURF LI ÀDJV 352&B),//67$786 ^ UHDGSDUVHSURFVWDWXV ¿OHVWU SDWKVWDWXVVEXI VEXI ^ VWDWXVSURF VEXIS jSDUWLUGHFHPRPHQWQRXVSRXYRQVXWLOLVHUS!UXLG ` `
LI S! 8,'! JRWR QH[WBSURF
PRGL¿HUHWFRPSLOHUOHVVRXUFHV FKDQJHUGHELEOLRWKqTXH
'pWHUPLQHUODYHUVLRQ GHODELEOLRWKqTXH /HSUHPLHUSDVFRQVLVWHjH[pFXWHUOD FRPPDQGHVXLYDQWH
OLESURFVR ! OLEOLESURFVR [I >@ OGGXVUELQZ OLESURFVR ! OLEOLESURFVR [I >@
OVOOLEOLESURF
6XU PRQ V\VWqPH SHUVRQQHO j OD VXLWH GH FHWWH RSpUDWLRQ QRXV REWH QRQV U[U[U[URRWURRW6 0DU OLEOLESURFVR
*UkFH DX QRP GX ¿FKLHU QRXV UHFHYRQV OH QXPpUR GH OD YHUVLRQ GX SDTXHW SURFSV LQVWDOOp GDQV OH V\VWqPHHWjO DLGHGHFHODODYHU VLRQGHODELEOLRWKqTXHOLESURF3RXU rWUH VU TXH F HVW FH ¿FKLHU TXL HVW XWLOLVpSDUOHVDSSOLFDWLRQVTXLSRXU UDLHQWGpYRLOHUQRWUHSUpVHQFHGDQV OH V\VWqPH XWLOLVRQV OD FRPPDQGH OGG
)LJXUH/DELEOLRWKqTXHOLESURFHVWO¶LQWHUPpGLDLUHGDQVODOHFWXUHGHV LQIRUPDWLRQVVXUOHSURFHVVXV
)BLJO/ P
OGGELQSV
XXXIBLJOPSH
$YHF FHOD QRXV VRPPHV VU TXH QRWUHWUDYDLOQHVHUDSDVIDLWHQYDLQ ±LOSRXUUDLWDUULYHUTXHODFRPPDQGH SVV QHVHVHUYHSDVGHFHWWHELEOLRWKq TXHPDLVTX HOOHOLVHGLUHFWHPHQWGX UpSHUWRLUH SURF -H FRQVHLOOH G DQD O\VHU OH SHWLW SURJUDPPH PLQLPDOF TXLOLWVHXOOHVGRQQpHVGXUpSHUWRLUH SURF F HW F HVW SRXUTXRL LO Q HVW SDV YXOQpUDEOH DX[ PRGL¿FDWLRQV HIIHF WXpHV ± YRXV OH WURXYHUH] GDQV OH SDTXHW SURFSV 'H WRXWH IDoRQ FH SUREOqPHQHGHYUDLWSDVVHSURGXLUH OLHXWDQWTXHQRXVQHIDLVRQVSDVLQ WUXVLRQGDQVXQHGLVWULEXWLRQVXUXQH GLVTXHWWH
3UHQGUHOHVVRXUFHVGH ODYHUVLRQGRQQpHGHOD ELEOLRWKqTXH /H VHFRQG pWDSH HVW DVVH] VLP SOH VL QRXV VRPPHV DPLV GH *RRJOHFRP 3RXUWDQW DYDQW GH FRPPHQFHU G XWLOLVHU XQ PRWHXU GH UHFKHUFKH QRXV SRXYRQV QRXV VHUYLUG DUFKLYHV6RXUFH)RUJH6XU OD SDJH GX SURMHW QRXV GHYRQV WURXYHU WRXWHV OHV YHUVLRQV GH SUR FSV GHSXLV MXVTX j OD SOXV DFWXHOOH 9RLFL XQ 85/ XQLYHUVHO LO VXI¿W GH VDLVLU OH QXPpUR GH OD YHUVLRQ UHFKHUFKpH j OD SODFH GHV [[[ KWWS SURFSVVRXUFHIRUJHQHW SURFSV[[[WDUJ]
/LVWLQJ)RQFWLRQUHDGSURF ±OHVPRGL¿FDWLRQVDQDORJLTXHVjFHOOHV GDQVOH/LVWLQJ LI ÀDJV 352&B),//67$786
ÀDJV 352&B),//67$786
LI 352&B),//67$786 ^ UHDGSDUVHSURFVWDWXV OLNHO\ ¿OHVWU SDWKVWDWXV VEXI ^ VWDWXVSURF VEXI S ` `
LI S!
VEXI
8,'! JRWR QH[WBSURF
V DSSHOOHQW RSHQSURF SV B UHDG SURF HWFORVHSURF /DELEOLRWKqTXH OLYUHDXVVLODIRQFWLRQ UHDGSURF TXL D pWp KDELOOp HQ IRQFWLRQ UHDGSURF WDE FH TXL QRXV GRQQH XQH DXWUH W\SHG LQWHUIDFH0DLVSRXUQRXVFH Q HVW SDV LPSRUWDQW G DXWDQW SOXV TXH $OEHUW &DKDODQ HVW HQ WUDLQ GH WUDYDLOOHU VXU OD VWDQGDUGLVDWLRQ GH O LQWHUIDFH GX SURJUDPPHXU &H TXL HVW LPSRUWDQW F HVW OH IDLW TXH OHV PRGL¿FDWLRQV GRLYHQW rWUH VDLVLHV GHX[ IRLV ± SRXU FKDFXQH GH FHV GHX[IRQFWLRQV
3DVVRQVjO DFWLRQ /HVSDTXHWVGHODVpULH[[VRQW j UHWURXYHU j O DLGH G XQ PRWHXU GH UHFKHUFKH ,O IDXW VDLVLU SURFSV QX PpURGHODYHUVLRQ!
+^^K[_O
0RGL¿FDWLRQGHV VRXUFHV
/H UpSHUWRLUH SURF F FRQWLHQW OHV VRXV UpSHUWRLUHV GRQW OHV QRPV VRQW OHV QXPpURV 3,'GHVSURFHVVXVHQFRXUV ' G H[pFXWLRQ &KDFXQ GH FHV VRXVUp SHUWRLUHVFRQWLHQWXQJURXSHGH¿FKLHUV DYHF GHV LQIRUPDWLRQV VXU OH SURFHV VXV 'HX[ IRQFWLRQV UHDGSURF HW SV B UHDGSURF VRQW UHVSRQVDEOHV GH OD OHFWXUH GH FHV ¿FKLHUV HW GX WUDQV IHUWGHVLQIRUPDWLRQVDX[FRPPDQGHV GH W\SH SV V RX WRS 1RXV SRXYRQV OHV PRGL¿HU GH IDoRQ j FH TX HOOHV QpJOL JHQW FHUWDLQV SURFHVVXV &HV GHX[ IRQFWLRQVVRQWSUHVTXHLGHQWLTXHV/HV GHX[OLVHQWWRXUjWRXWWRXVOHV¿FKLHUV GX UpSHUWRLUH GX SURFHVVXV GRQQp HW HOOHV PHWWHQW OHV YDOHXUV OXHV GDQV OD VWUXFWXUHGHW\SHSURF B W%LHQVUHO OHVQHOHIRQWSDVGLUHFWHPHQWPDLVSDU O DSSHO GHV DXWUHV IRQFWLRQV FRPPH VWDWSURF RXVWDWXVSURF 1RXV SRXYRQV FUpHU QRV SURSUHV FULWqUHV VXLYDQW OHVTXHOV QRXV DOORQV GpFLGHU TXHOV SURFHVVXV VHURQW PRQWUpV j O XWLOLVDWHXU HW TXHOV DXWUHV VHURQW FDFKpV $GPHWWRQV TXH QRXV YRXOLRQV TXH OD IRQFWLRQ UHDGSURF RX SV B UHDGSURF QpJOLJH O XWLOLVDWHXU URRW 3RXU FHOD QRXV UHFKHUFKRQV GDQV FKDFXQH GH FHV GHX[ IRQFWLRQV ODSODFHTXLVHUWjUHPSOLUOHFKDPSGH ODVWUXFWXUH SURF B W ± S!UXVHU±FRQWH QDQWMXVWHPHQWOHQRPGXSURSULpWDLUH
GXSURFHVVXVGRQQp4XDQGOHFKDPS HVWUHPSOLGHGRQQpHVQRXVSRXYRQV YpUL¿HUVLOHSURSULpWDLUHGHFHSURFHV VXVHVWO XWLOLVDWHXUURRWW SDUXQHVLPSOH FRPSDUDLVRQ GH FHWWH YDULDEOH DYHF FHOOH Gp¿QLH SDU QRXV ± j O DLGH GH OD IRQFWLRQVWUFPS RXVWUQFPS 6LF HVW O XWLOLVDWHXU URRWW TXL HVW OH SURSULpWDLUH GXSURFHVVXVHQFRXUVG DQDO\VHSDU O H[pFXWLRQGHO LQVWUXFWLRQ JRWR QH[W B SURFQRXVSRXYRQVIDLUHHQVRUWHTXH OH SURFHVVXV GRQQp VRLW LPPpGLDWH PHQWQpJOLJp /DELEOLRWKqTXHQRXVIRXUQLWGHX[ IDPLOOHVGHIRQFWLRQV/DSUHPLqUHHVW DQDORJLTXH DX JURXSH GH IRQFWLRQV FRQQX SDU OD ELEOLRWKqTXH VWDQGDUG GXODQJDJH&HWVHUWDX[RSpUDWLRQV VXU ¿FKLHUV ± RSHQ UHDG FORVH 'DQVOHFDVGHOLESURFFHVIRQFWLRQV
$GPHWWRQVTXHQRXVYRXORQVFDFKHU OHV SURFHVVXV TXL DSSDUWLHQQHQW j XQ XWLOLVDWHXU SRUWDQW OH QXPpUR 8,' GRQQp 1RXV SRXYRQV OH IDLUH MXVWH DSUqV O H[pFXWLRQ GH OD IRQF WLRQ VWDWXVSURF SDUFH TX j SDUWLU GH FH PRPHQW QRXV GLVSRVRQV GH OD YDULDEOH S!UXLG FRQWHQDQW 8,' GX SURSULpWDLUH GX SURFHVVXV QRXV SRXYRQVDORUVYpUL¿HUVLSDUKDVDUG QRXV QH VRPPHV SDV SURSULpWDLUHV GX SURFHVVXV HQ FRXUV HW TXH QRXV QH GHYLRQV SDV SUHQGUH JDUGH D¿Q TX LO VRLW QpJOLJp 3RXU OD IRQFWLRQ SV B UHDGSURF LO VXI¿W XQH VHXOH OLJQHGXFRGH LOIDXWVDLVLUODYDOHXUjODSODFH GH 8,'! LI S!UXLG
8,'! JRWR QH[WBSURF
/LVWLQJ1RXVGLVVLPXORQVO¶XWLOLVDWHXUSRUWDQWOHQRPGRQQp ÀDJV
352&B),//865
352&B),//865
ÀDJV 352&B),//67$786
352&B),//67$786
VRPHQXPEHU!WH[WUHVROYLQJZKLFKLVWLPHFRQVXPLQJ ÀDJV 352&B),//865 ^ OLJQH S!HXVHU S!HXLG S!HXVHU 352&B),//67$786 ^ VWUQFS\ S!UXVHU S!UXLG S!UXVHU VWUQFS\ S!VXVHU S!VXLG S!VXVHU VWUQFS\ S!IXVHU S!IXLG S!IXVHU ` ` S!UXVHUX]HUQDPH X]HUQDPH ^
QH[WBSURF
`
XXXIBLJOPSH
)BLJO/ P
,SLVSY^RO[_O VSLZ\YM
(Q DGPHWWDQW TXH QRXV XWLOLVRQV OD YHUVLRQ HW QRXV WUDYDLOOLRQV VXU OH ¿FKLHU UHDGSURFF TXL Q D SDV pWp PRGL¿p DX SUpDODEOH FHV SULQ FLSHV VRQW YDODEOHV MXVTX j OD ¿Q GH FHW DUWLFOH QRXV GHYRQV PHWWUH FH PRUFHDX GX FRGH GDQV OD OLJQH F HVWjGLUH DSUqV O DSSHO GH OD IRQF WLRQ VWDWXVSURF RX Q LPSRUWH R DYDQWOD¿QGHFHWWHIRQFWLRQ&HODHVW SUpVHQWp GDQV OH /LVWLQJ DI¿FKDQW XQ PRUFHDX GX ¿FKLHU UHDGSURFF F HW OD IRQFWLRQ SV B UHDGSURF OHV OLJQHV DYHFOHFRPPHQWDLUH
RQWpWp LQWURGXLWHV SDU QRXV OHV DXWUHV VRQW SUpVHQWHVGDQVOH¿FKLHUUHDGSURFF 'DQV OH FDV GH UHDGSURF QRXV GHYRQV QRXV DVVXUHU TXH OD EDOLVH 352& B ),//67$786 D pWp FRU UHFWHPHQW Gp¿QLH /D PRGL¿FDWLRQ DSSURSULpH HVW SUpVHQWpH GDQV OH /LVWLQJ &RPPH RQ SHXW OH YRLU QRXV DYRQV DMRXWp GHX[ SUHPLqUHV HWGHX[GHUQLqUHVOLJQHV/HVOLJQHV GX PLOLHX SURYLHQQHQW GX ¿FKLHU UHDGSURFF HW FRPPHQFHQW GDQV OD OLJQH
&RPSLODWLRQHW FKDQJHPHQWGHOD ELEOLRWKqTXH 8QH IRLV WRXWHV OHV PRGL¿FDWLRQV HIIHFWXpHV QRXV GHYRQV FRPSLOHU OH SDTXHW SURFSV 3RXU FHOD LO IDXW WDSHU OD FRPPDQGH PDNH GDQV OH UpSHUWRLUH SURFSV (QVXLWH LOIDXWGpSODFHUODELEOLRWKqTXHYHUVOH UpSHUWRLUH OLE
FSSURFSVSURF6 OLESURFVROLE
(YLGHPPHQW RQ DGPHW TXH OHV ¿FKLHUV ELQDLUHV GDQV OH V\VWqPHV XWLOLVHQW OLESURF F GDQV FHWWH YHUVLRQ 'DQVOHFDVFRQWUDLUHLOIDXWWURXYHU ODYHUVLRQDSSURSULpHGXSDTXHW
0RGL¿FDWLRQV XOWpULHXUHV $ODVXLWHGHVPRGL¿FDWLRQVTXHQRXV DYRQVLQWURGXLWHVO¶XWLOLVDWHXUSRUWDQW OH QXPpUR 8,' GRQQp VHUD LQYLVLEOH SRXU OHV DSSOLFDWLRQV XWLOLVDQW OD ELEOLRWKqTXH PRGL¿pH FRPPH SV Z RX WRS 'H IDoRQ VLPLODLUH QRXV Z SRXUURQV HIIHFWXHU GHV PRGL¿FD WLRQV ORUVTXH QRXV YRXGULRQV GLVVL PXOHU XQ XWLOLVDWHXU SRUWDQW XQ QRP GRQQp-HSURSRVHGHGp¿QLUDXGp EXWGX¿FKLHUXQHYDULDEOHFRQWHQDQW OHQRPGHO¶XWLOLVDWHXU1RXVSRXYRQV OHIDLUHGDQVODOLJQH RXQ¶LPSRUWH RDYDQWOHVGp¿QLWLRQVGHVIRQFWLRQV GDQVOHVTXHOOHVQRXVYRXORQVXWLOLVHU FHWWHYDULDEOH GHODIDoRQVXLYDQWH FKDU XVHUQDPH QRPGHO¶XWLOLVDWHXU!
$SUqVQRXVVDLVLVVRQVOHVPRGL¿FD WLRQV GDQV OD IRQFWLRQ 7RXW G¶DERUG GDQV UHDGSURF /H PRUFHDX GX FRGH TXL QRXV LQWpUHVVH FRPPHQFH GDQVODOLJQHGXFRGHHWFRPSRU WHVL[OLJQHVVXFFHVVLYHV/H/LVWLQJ SUpVHQWHOHFRGHjPHWWUHHQWUHOH GpEXWHWOD¿QGHFHPRUFHDX
1RXVSURFpGRQVGHPrPHGDQVOH FDVGHODIRQFWLRQSV B UHDGSURF PDLV LO \ D XQH SHWLWH GLIIpUHQFH HOOH QH UHVSHFWH SDV GH EDOLVH 352& B ),//6 7$786DORUVQRXVSRXYRQVQpJOLJHUOD WURLVLqPHHWODTXDWULqPHOLJQHGX/LV WLQJ/HVPRGL¿FDWLRQVGHODIRQFWLRQ SV B UHDGSURF GRLYHQW FRPPHQFHU SDU OD OLJQH 0DLV LO IDXW SUrWHU O¶DWWHQWLRQ j FH TXH OD FRPSDUDLVRQ GHV QRPV GHV XWLOLVDWHXUV V¶HIIHFWXH DSUqVTXHODELEOLRWKqTXHDLWUHPSOLVOD YDULDEOHS!UXVHUFHTXLVHIDLWjO¶DLGH GX FRGH VXLYDQW VWUQFS\ S!UXVHU XVHU B IURP B XLG S!UXLG VL]HRI S !UXVHU
FI/LVWLQJ
$PpOLRUDWLRQV XOWpULHXUHV /¶DYDQWDJH GH OD PpWKRGH GH GLV VLPXODWLRQ XWLOLVpH UpVLGH GDQV OH IDLW TXH O¶DGPLQLVWUDWHXU SHXW VH VHUYLUG¶XQRXWLOTXHOFRQTXH PrPH VL QRXV QH OH FRQQDLVVRQV SDV HW O¶RXWLO OH WURPSHUD TXDQG PrPH ±HWFHODMXVTX¶DXPRPHQWRQRXV XWLOLVRQV QRWUH YHUVLRQ PRGL¿pH GH OLESURF /H GpVDYDQWDJH F HVW TX¶LO\DXVVLFHUWDLQVGpIDXWV PDLV F¶HVWXQWUDLWFRPPXQGHWRXWHVOHV WHFKQLTXHV FRQQXHV HW XWLOLVpHV FRPPHSDUH[HPSOHO¶H[pFXWLRQGH ODFRPPDQGHZ Z XS XVHUV ORDGDYHUDJH 86(577</2*,1#,'/(-&383&38:+$7 JLHHPLWW\ VVEDVK URRWWW\ P VVEDVK
/LVWLQJ1RXVOLVRQVjSDUWLUGX¿FKLHU¿FKLHUBVHFUHWHWQRXV FRPSDURQVOHVFRQVROHV S!
^
),/( ZS ZS WPS¿FKLHUBVHFUHWU 18// ^ FKDU VHFUHWBEXII>@VHFUHWBWW\>@ VHFUHWBEXII ZS VHFUHWBEXII>VWUOHQ VHFUHWBEXII @
? ZS VHFUHWBWW\ VHFUHWBWW\ S!WW\S!SLG [ VHFUHWBWW\VHFUHWBEXII QH[WBSURF `
`
)BLJO/ P
XXXIBLJOPSH
6L O¶DGPLQLVWUDWHXU ERLW VRQ FDIp HW UHJDUGH FH TXL VH SDVVH GDQV Z Z LOHVWIRUWSUREDEOHTX¶jFHPRPHQWOjLO ODVVHWRPEHUVDWDVVHGHFDIpSDUWHUUH HW QRXV TXH QRXV VR\RQV GpPDVTXpV &HWWHFRPPDQGHQRXVDLQIRUPpTXHGL[ XWLOLVDWHXUVVRQWORJXpVGDQVOHV\VWqPH PDLVQRXVQ¶HQYR\RQVTXHGHX[&HOD HVWGDXIDLWTXHOHVLQIRUPDWLRQVVXUOHV XWLOLVDWHXUVORJXpVVRQWFKDUJpHVjSDUWLU GX ¿FKLHU 8703 3 HW OHV LQIRUPDWLRQV VXU OHV SURFHVVXV ± GX UpSHUWRLUH SURF j O¶DLGH GHV IRQFWLRQV TXH QRXV DYRQVPRGL¿pHV
(YLGHPPHQWOH¿FKLHU8703SHXW 3 rWUH pJDOHPHQW PRGL¿p PDLV VL QRXV QHOHIDLVRQVSDVFRUUHFWHPHQWLOVXI¿W XQVLPSOHFKNURRWNLWSRXUGpWHFWHUOHV W WUDFHVGHQRWUHDFWLYLWpLQWUXVH0DLVLO QHIDXWSDVODLVVHUWRXWFHODFRPPHoD F¶HVWSRXUTXRLQRXVDOORQVQRXVFDFKHU HQFRUH SOXV SURIRQGHPHQW HQ PRGL ¿DQW OD IRQFWLRQ VSULQW B XSWLPH GX ¿FKLHU SURFSVSURFZKDWWLPHF /D PRGL¿FDWLRQ FRQFHUQH OD OLJQH $YDQW PRGL¿FDWLRQ FH IUDJPHQW GX FRGHVHSUpVHQWHDLQVL ZKLOH XWPSVWUXFW
JHWXWHQW ^
/LVWLQJ9HXLOOH]SUHQGUHHQFRQVLGpUDWLRQXQXWLOLVDWHXUWUDYDLOODQWVXU ODFRQVROHGRQQpH ZKLOH XWPSVWUXFW JHWXWHQW ^ XWPSVWUXFW!XWBW\SH 86(5B352&(66 XWPSVWUXFW!XWBQDPH>@
? ^ ),/( ZS LI ZS IRSHQ WPS¿FKLHUVHFUHW U 18// ^ VHFUHWBEXII>@VHFUHWBOLQH>@ GHY IJHWV VHFUHWBEXII ZS VHFUHWBEXII>VWUOHQ VHFUHWBEXII @ ? IFORVH ZS VWUQFDW VHFUHWBOLQHXWPSVWUXFW!XWBOLQHVL]HRI VHFUHWBOLQH LI VWUFPS VHFUHWBOLQHVHFUHWBEXII FRQWLQXH ` QXPXVHU `
LI XWPSVWUXFW!XWBW\SH 86(5B352&(66 XWPSVWUXFW!XWBQDPH>@ ? QXPXVHU OLJQH `
$SUqVPRGL¿FDWLRQQRXVREWHQRQV ZKLOH XWPSVWUXFW
JHWXWHQW ^
LI XWPSVWUXFW!XWBW\SH 86(5B352&(66 XWPSVWUXFW!XWBQDPH>@ ? ^ LI VWUFPS XWPSVWUXFW!XWBQDPH QRPBXWLOLVDWHXU! QXPXVHU ` `
+pODV j O¶LQWpULHXU GH FHWWH IRQFWLRQ QRXVQ¶DYRQVSDVG¶DFFqVjODVWUXFWXUH DFWXHOOH SURFBW W F¶HVW SRXUTXRL QRXV SRXYRQVFRPSDUHUVHXOHPHQWjSDUWLUGX QRP GH O¶XWLOLVDWHXU HW G¶DXWUHV FKDPSV GLVSRQLEOHVGDQVODVWUXFWXUHXWPS$LQVL DSUqVUHODQFHPHQWGHODFRPPDQGHZ Z SHUVRQQHQHWURXYHUDSOXVXQHPRLQGUH WUDFHGHQRWUHDFWLYLWp XS XVHUVORDGDYHUDJH
+^^K[_O
86(577</2*,1#,'/(-&383&38:+$7 JLHHPLWW\ VVEDVK URRWWW\ P VVEDVK
,PDJLQRQVOHVFpQDULRVXLYDQW QRXV YRXORQV WUDYDLOOHU j SDUWLU GX FRPSWH GH URRWGHIDoRQjFHTXHSHUVRQQH W QHV¶HQDSHUoRLYH,OV¶DJLWGHWUDYDLOOHU
VLPXOWDQpPHQW DYHF OH YUDL URRWW GH IDoRQjSRXYRLUUHJDUGHUVHVGpPDU FKHVWRXWQHUHVWDQWFDFKp DXPRLQV VXLYDQW OHV DSSOLFDWLRQV XWLOLVDQW W OLE SURF 1RXVDOORQVSURFpGHUGHIDoRQ j FH TXH OHV IRQFWLRQV UHDGSURF HW SV B UHDGSURF OLVHQW GX ¿FKLHU LQGL TXpSDUQRXVOHQXPpURGHODFRQVROH TXLQHGRLWSDVrWUHPRQWUpH /D GLVVLPXODWLRQ FRQVLVWHUD DORUV jVHORJXHUYpUL¿HUVXUTXHOOHFRQVROH QRXVWUDYDLOORQVHWFUpHUXQ¿FKLHUDYHF OHQRPGHFHWWHFRQVROH/HWRXWDSUqV OD PRGL¿FDWLRQ GH OD ELEOLRWKqTXH QH GRLW GXUHU TXH VHFRQGHV LO \DDORUVGHERQQHVFKDQFHVTXHQRXV QHVR\RQVSDVUHPDUTXpVHWGHSOXV RQ SHXW PrPH WRXW DXWRPDWLVHU /H PrPH IUDJPHQW GX FRGH FRQWHQX GDQVOH/LVWLQJGRLWrWUHSODFpGDQV OHVGHX[IRQFWLRQVDQDO\VpHV 8QHERQQHSODFHGDQV UHDGSURF HVWODOLJQHHWSRXUSV B UHDGSURF ± QpDQPRLQV QRXV SRXYRQV VDLVLUFHFRGHQ¶LPSRUWHRPDLVLOQH IDXW RXEOLHU TXH OH FRGH GRLW rWUH PLV DSUqVO¶DSSHOGHODIRQFWLRQVWDWSURF FRPSOpWDQWODYDULDEOH S!WW\XWLOLVpH 0DLQWHQDQW QRXV HIIHFWXRQV OD FRP SLODWLRQ FKDQJHRQV OHV ELEOLRWKqTXHV HW YpUL¿RQV OH IRQFWLRQQHPHQW 1RXV RXYURQVODVHVVLRQVXUODVHFRQGHFRQ VROHHQWDQWTXHURRWW HWHQVXLWHjSDU WLUGHODSUHPLqUHFRQVROH HQYUDLURRW W QRXVH[pFXWRQVODFRPPDQGHZ Z
86(577</2*,1#,'/(-&383&38:+$7 URRWWW\ VVVZ URRWWW\ V VVEDVK
0DLQWHQDQWVXUODVHFRQGHFRQVROH QRWUH URRWW LOOpJDO YHXW VH FDFKHU LOH[pFXWHDORUVODFRPPDQGH HFKRGHYWW\!? WPS¿FKLHUBVHFUHW
9pUL¿RQVHQFRUHXQHIRLVjSDUWLUGH ODSUHPLqUHFRQVROHTXLHVWORJXp XS XVHUVORDGDYHUDJH 86(577</2*,1#,'/(-&383&38:+$7 URRWWW\ VVEDVK
0DLV FH Q¶HVW SDV OD ¿Q GH QRWUH WkFKH 9RXV YR\H] XVHUV" ,O IDXW HQFRUH XQH IRLV UHJDUGHU GDQV OH ¿FKLHU ZKDWWLPHF /H /LVLQJ SUp VHQWHOHERXFOHDSUqVOHVRSpUDWLRQV HIIHFWXpHV 0DLQWHQDQW OD FRPPDQGH Z Z PH QWLUD FRPPH DUUDFKHXU GHV GHQWV HW QRXVDOORQVYRLUFHTXHODFRPPDQGH SVV QRXVPRQWUH MHPHVXLVSHUPLVGH FDFKHUPRQFRPSWHURRWWUDYDLOODQWVXU W ODFRQVROHHWG¶\ODQFHUYLP SVDX[_JUHSWW\_ZFO B
Z XS XVHUVORDGDYHUDJH
XXXIBLJOPSH
&¶HVW IDLW ± WRXWHV QRV WUDFHV VRQW HIIDFpHVN
)BLJO/ P
$QDO\VHDSUqVLQWUXVLRQ ±SDVjSDV 0DULXV]%XUGDFK
7RXWHSHUVRQQHV LQWpUHVVDQW XQSHXjODVpFXULWpVDLWTX HVW FHTX XQHOHXUUH HQDQJODLV KRQH\QHW /HVDGPLQLVWUDWHXUV DYDQFpVLQVWDOOHQWGHV RUGLQDWHXUVOHXUUHVGDQVOHV UpVHDX[D¿QGHGpFRXYULUOHV PpWKRGHVXWLOLVpHVSDUOHV LQWUXV3DUIRLVRQUpXVVLWDLQVL jGpWHFWHUXQQRXYHDXW\SH G DWWDTXH
.POX]O
'
DQVOHSUpVHQWDUWLFOHMHSUpVHQWHUDLOHV pOpPHQWVGHO DQDO\VHGHVDFWLRQVG XQ LQWUXVTXLV HVWLQWURGXLWGDQVOHVHUYHXU OHXUUHGXSURMHW+RQH\QHW FIO HQFDGUp 'DQV FH FDV O DQDO\VH DSUqV LQWUXVLRQ HVW HIIHFWXpH j SDUWLU GX WUD¿F UpVHDX HQUHJLVWUp HQWUDQW HW VRUWDQW GH O RUGLQDWHXUOHXUUH &H W\SH G DQDO\VH DSUqV HIIUDFWLRQ SRVVqGH FHUWDLQV DYDQWDJHV SDU UDSSRUW j O DQDO\VH DSUqV LQWUXVLRQ HIIHFWXpH j SDUWLU GHV LPDJHV GXV\VWqPHVGH¿FKLHUVGHO K{WHDXTXHOO LQWUXV V HVW LQWURGXLW 3UHPLqUHPHQW QRXV VRPPHV FDSDEOHV GH UpSpWHU SUpFLVpPHQW OHV DFWLRQV HIIHFWXpHV SDU O LQWUXV DSUqV VRQ LQWUXVLRQ GDQV OH V\VWqPH ± PrPH GDQV OH FDV R O LQWUXV PRGL¿H OH QR\DX G XQ V\VWqP H G H[SORLWDWLRQ SDUOHFKDUJHPHQWG XQQRXYHDXPRGXOHDSSHOp /.0URRWNLW O LQVWDOODWLRQGHFHW\SHGHURRWNLWV SHUPHWGHFDFKHUODSUpVHQFHGHO LQWUXVGHYDQW O DGPLQLVWUDWHXU GH V\VWqPH HW G DYHXJOHU OHV RXWLOV GH FRQWU{OH GH O LQWpJULWp GHV ¿FKLHUV j O DLGHGHVIRQFWLRQVGHKDFKDJH 'HSOXVVLQRXV GLVSRVRQV G XQ WUD¿F HQUHJLVWUp QRXV SRXYRQV UpFXSpUHU WRXV OHV ¿FKLHUV TXL RQW pWp FKDUJpV SDUO LQWUXVGDQVOHVHUYHXUSLUDWp'DQVOHFDVR O LQWUXV D XWLOLVp SDU H[HPSOH OH SURWRFROH 66+ SRXUOHFU\SWDJHGHODFRPPXQLFDWLRQO DQDO\VH
XXXIBLJOPSH
DSUqVLQWUXVLRQHVWHIIHFWXpHjSDUWLUGHVLPDJHV GHWRXVOHVV\VWqPHVGH¿FKLHUVGHO K{WHSLUDWp
2XWLOVLQGLVSHQVDEOHV jO DQDO\VH $YDQWGHFRPPHQFHUO DQDO\VHDSUqVLQWUXVLRQ LOIDXWSUpSDUHUXQHQYLURQQHPHQWFRQYHQDEOH (Q SUHPLHU YRXV GHYH] LQVWDOOHU XQ V\VWqPH G H[SORLWDWLRQ TXDQWjPRLM DLXWLOLVp5HG+DW YHUVLRQ (QVXLWHLOIDXWFRPSLOHUHWLQVWDOOHU OHVGHUQLqUHVYHUVLRQVGHVRXWLOVVXLYDQWV
OLESFDS WFSGXPS
+RQH\QHW3URMHFW +RQH\QHW 3URMHFW KWWS SURMHFWKRQH\QHWRUJ HVW XQH RUJDQLVDWLRQ TXL UpXQLW GHV VSpFLDOLVWHV HQ VpFXULWpLQIRUPDWLTXH/ REMHFWLISULQFLSDOGHFHOHXU UHFKHUFKHV HVW GH SLpJHU OHV SLUDWHV GX 1HW SRXU PLHX[ OHV FRQQDvWUH HW SRXU PLHX[ V¶HQ GpIHQGUH /HV UpVXOWDWV REWHQXV VRQW HQVXLWH GLVSRQLEOHV VXU ,QWHUQHW 'HSXLV VD FUpDWLRQ HQ +RQH\QHW 3URMHFWW RUJDQLVH GHV FRQFRXUV FRQFHUQDQW OHV DQDO\VHV DSUqV LQWUXVLRQ$ OD ¿Q GH FKDTXH PRLV HOOHSXEOLHOHVPHLOOHXUHVDQDO\VHV
)BLJO/ P
+XKVc]O KZ\O] SX^\_]SYX
J]LSGGD\ORJJ]GD\ORJJ]
/LVWLQJ)UDJPHQWGXUpVXOWDWDYHFOHVUHTXrWHV'16 OHQRPGXSRUW FLEOHGRPDLQHVWPDUTXpHQFRXOHXU !IQVKDQDQHWQHWGRPDLQ 375"LQDGGU DUSD ') [ DEIIFDF(,#6VG [GHHEEFAa [ [ HGLQDGGU [FDUSD IQVKDQDQHWQHWGRPDLQ! ') [ FGD I GH(# A [FDFIFHEFGB [ [ HGLQDGGU [FFDUSD [HHHHQVKDQDQHW [HFHQHW [HFFF QV [GHF;A8 [ GE;E(
$O DLGHGHO RXWLO¿OHGLVSRQLEOHGDQV FKDTXHV\VWqPH/LQX[QRXVYpUL¿RQV OHW\SHGH¿FKLHUVGpFRPSDFWpV ¿OH ORJORJ WFSGXPSFDSWXUH¿OH OLWWOHHQGLDQ YHUVLRQ (WKHUQHWFDSWXUHOHQJKW ORJORJ WFSGXPSFDSWXUH¿OH OLWWOHHQGLDQ YHUVLRQ (WKHUQHWFDSWXUHOHQJKW
3DUTXRLFRPPHQFHU" $SUqV OD YpUL¿FDWLRQ QRXV SRXYRQV SDVVHU j O DQDO\VH DSUqV LQWUXVLRQ / REMHFWLI GH QRWUH DQDO\VH FRQVLVWH jWURXYHUGHVUpSRQVHVDX[TXHVWLRQV VXLYDQWHV
VQRUW WFSÀRZ HWWHUFDS ELQXWLOV
&HV RXWLOV YRXV SHUPHWWURQW GH OLUH HWG LQWHUSUpWHUOHWUD¿FHQUHJLVWUpHW GH ¿OWUHU OHV LQIRUPDWLRQV SDTXHWV PRLQVLPSRUWDQWHV
9pUL¿FDWLRQGH O DXWKHQWLFLWpGHV ¿FKLHUVFKDUJpV $SUHV DYRLU LQVWDOOp WRXV OHV RXWLOV FLGHVVXV O pWDSH VXLYDQWH FRQVLVWH j WpOpFKDUJHU GHX[ ¿FKLHUV FRP SUHVVpV FRQWHQDQW OH WUD¿F UpVHDX HQUHJLVWUp ZJHWKWWS SURMHFWKRQH\QHWRUJ VFDQVVFDQGD\ORJJ]
ZJHWKWWS SURMHFWKRQH\QHWRUJ VFDQVVFDQGD\ORJJ]
(QVXLWH j O DLGH GH OD IRQFWLRQ GH UDFFRXUFL PG QRXV YpUL¿RQV VL OHV ¿FKLHUV RQW pWp FRUUHFWHPHQW WpOp FKDUJpVHWTX LOVQ RQWSDVpWpPRGL ¿pV 1RXV FRPSDURQV OH UpVXOWDW GH O H[pFXWLRQGHODFRPPDQGHPGVXP DX[ YDOHXUV GLVSRQLEOHV VXU OD SDJH GXSURMHW+RQH\QHW PGVXP
4XHO HVW OH W\SH GH V\VWqPH G H[SORLWDWLRQ GH O K{WH GDQV OHTXHO RQ D IDLW LQWUXVLRQ " 'H TXHOOH IDoRQ SHXWRQ LGHQWL¿HU FH V\VWqPHG H[SORLWDWLRQ" &RPPHQW O LQWUXV V HVWLO LQWURGXLW GDQVOHV\VWqPH" 4XHOV VHUYHXUV RQW pWp XWLOLVpV SDUO LQWUXVHWSRXUTXRL" 3RXUTXRLRQDHQYR\pOHVSDTXHWV ,&03FRQWHQDQWOHPRWVNLOO]" (VWFH TXH O LQWUXV D ODQFp XQ SURWRFROH DW\SLTXH " 6L RXL FRPPHQWHVWLOXWLOLVp"
H FIGG FHHEEF GD\ORJJ] DIDE IIHEEHG GD\ORJJ]
$YDQWGHSDVVHUjO DQDO\VHLOQHQRXV UHVWHTX jGpFRPSDFWHUOHV¿FKLHUVHW j YpUL¿HU VL OHV ¿FKLHUV FKDUJpV FRQ FHUQHQWYUDLPHQWOHWUD¿FUpVHDX
1RWUHSRLQWG DWWDFKHHVWLFLO K{WHOHXUUH GDQV OHTXHO V HVW SURGXLW O LQWUXVLRQ 6RQ DGUHVVH ,3 HVW (VVD\RQV DORUV G H[WUDLUH GH OD WRWD OLWpGHFHWUD¿FFHOXLTXLHVWGLULJpYHUV FHWK{WH/HUpVXOWDWVHUDVDXYHJDUGp GDQVXQ¿FKLHUDXIRUPDW$6&,,3RXU FHOD QRXV DOORQV XWLOLVHU OHV RXWLOV
/LVWLQJ)UDJPHQWGXVFDQHQUHJLVWUp OHVpOpPHQWVGRQWRQSDUOH ! KWWS 6 ZLQ PVV QRSZVFDOHQRSQRSVDFN2.! ') KWWS! 5 DFNZLQ ') ! VTXLG 6 ZLQ PVVQRSZVFDOHQRSQRSVDFN2.! ') VTXLG! 5 DFNZLQ ') «
)BLJO/ P
XXXIBLJOPSH
/LVWLQJ)UDJPHQWGXUpVXOWDWGHODFRPPDQGHVQRUW±GY±UGD\ORJ µWFS>WFSÀDJV@ WFSV\Q_WFSDFN¶DQGVUFKRVW _OHVV OHV pOpPHQWVSUpVHQWVGDQVOH7DEOHDXVRQWPDUTXpVHQFRXOHXU ! 7&377/ 726 [,' ,S/HQ 'JP/HQ ')
$
6 6HT [%$ $($FN [ :LQ [7FS/HQ 7&32SWLRQV !12312376 123:6 1231236DFN2.066
WFSGXPS DYHF OH SDUDPqWUHV ; TXL DI¿FKHUD OH FRQWHQX GHV SDTXHWV DX IRUPDWKH[DGpFLPDOHWDVFLL$SUqVOH SDUDPqWUH UU QRXV VDLVLVVRQV OH QRP GX¿FKLHUDYHFOHWUD¿FHQUHJLVWUp / DQDO\VH FRPPHQFH SDU OH SUH PLHU¿FKLHU GD\ORJ WFSGXPS±;±UGD\ORJ? KRVW !RXWSXW
$SUqV RXYHUWXUH GX ¿FKLHU UHoX j O DLGH GH OD FRPPDQGH OHVV RX PRUHRQSHXWREVHUYHUTX LOFRQWLHQW XQJUDQGQRPEUHGHUHTXrWHV'16 &HVRQWDYDQWWRXWOHQXPpURRXOH QRPGXSRUWFLEOH±GRPDLQ SRUW OLp DX VHUYLFH '16 TXL OH SURXYHQW 'HSOXVXQJUDQGQRPEUHGHOLDLVRQV DX[ UHFRUGV 375 VHUD HQUHJLVWUp ± F HVWjGLUH OD IRQFWLRQ SHUPHWWDQW GHFKDQJHUOHVDGUHVVHV,3HQQRP GH GRPDLQH XQ IUDJPHQW FRQWHQDQW OHVUHTXrWHVDYHFOHVTXHVWLRQV'16 HVWSUpVHQWp/LVWLQJ /RUV GH OD FRQVXOWDWLRQ GHV UH TXrWHV'16QRXVSRXYRQVREVHUYHU TX HOOHV QH SRVVqGHQW SDV DXFXQH GRQQpH LPSRUWDQWH SRXU QRWUH DQD O\VH GH GRQQpHV (VVD\RQV GH VXS SULPHUFHVSDTXHWV WFSGXPS±;±UGD\ORJ? KRVW DQGQRW?
.POX]O
SRUW!RXWSXWBQRGQV
PDLQWHQDQWOHUpVXOWDWHVWFODLUH 2XWUH TXHOTXHV UHTXrWHV GH 1HW%,26 GDQV FH ¿FKLHU SOXVLHXUV WHQWDWLYHVGHVFDQGHSRUWV7&38'3 RQW pWp HQUHJLVWUpHV /HV VFDQV VRQW HIIHFWXpV WRXW OH WHPSV MXVTX¶j /H/LVWLQJFRQWLHQWXQIUDJPHQW GX VFDQ HQUHJLVWUp 'DQV OD SOXSDUW GHV FDV FH VRQW OHV VFDQV GH W\SH
6<1 &RPPHQW IRQFWLRQQH FHWWH WHFKQLTXH" 4XDQG O¶LQWUXV HQYRLH XQ SDTXHW G¶LQLWLWLRQ DYHF OD EDOLVH 6<1Gp¿QLHYHUVOHSRUW7&3FRQFUHW FI )LJ GDQV OD SOXSDUW GHV FDV LO DWWHQG GHX[ UpSRQVHV 4XDQG OD YLFWLPH UpSRQG SDU OH SDTXHW DYHF OD EDOLVH 567 FHOD VLJQL¿H TXH OH SRUW HVW IHUPp /H SDTXHW GH UHWRXU DYHF OHVEDOLVHV6<1HW$&.VLJQL¿HTXHOH SRUWVXUO¶K{WHGHODYLFWLPHHVWRXYHUW $ FH PRPHQW O¶LQWUXV URPSH OH SURFqV G¶LQLWLDOLVDWLRQ HQ HQYR\DQW OH SDTXHW DYHF OD EDOLVH 567 Gp¿QLH 9RXV SRXYH] FRQVXOWHU FHV UpVXOWDWV GDQV OH ¿FKLHU DQDO\Vp GD\ORJ $ OD VXLWH GH O¶DQDO\VH GH FHW HQUHJLVWUHPHQW QRXV SRXYRQV GpWHU PLQHU TXHOV SRUWV GH O¶K{WH VFDQQp VRQW RXYHUWV RX IHUPpV 'DQV QRWUH H[HPSOH QRXV SRXYRQV GpGXLUH TXHOHVGHX[SRUWV KWWS HW VTXLG VRQW IHUPpV $QDO\VRQV FH IUDJPHQW /LVWLQJ $SUqV O¶HQ YRL SDU O¶K{WH SRUWDQW O¶DGUHVVH ,3 GX SDTXHW DYHF
OD EDOLVH 6<1 VXU OH /LVWLQJ HOOH HVW PDUTXpH SDU OD OHWWUH 6 YHUV OH SRUW FLEOH KWWS 7&3 GX VHUYHXU OHXUUH ,O pPHW HQ UpSRQVH OH SDTXHW DYHF OD EDOLVH 567 VXU OH /LVWLQJ HOOH HVW PDUTXpH SDU OD OHWWUH 5 ,O HVW GH PrPH GDQV OH FDV GH O¶DQDO\VHGXVHUYLFHVTXLG SRUW /DOLVWHFRPSOqWHGHVSRUWV7&38'3 HW GHV QXPpURV TXL \ VRQW DVVRFLpV HVW GLVSRQLEOH GDQV FKDTXH V\VWqPH 8QL[GDQVOH¿FKLHUHWFVHUYLFHV $SUqV FHWWH EUqYH LQWURGXFWLRQ QRXV FRPPHQoRQV OD YUDLH DQDO\VH DSUqVLQWUXVLRQ
5pSRQVHVDX[ TXHVWLRQV 4XHO HVW OH W\SH GX V\VWqPH G¶H[SORLWDWLRQ GH O¶K{WH DXTXHO OH SLUDWH D IDLW LQWUXVLRQ" &RPPHQW SHXWRQ LGHQWL¿HUFHV\VWqPHG¶H[SORLWDWLRQ" 6XQ6RODULV SODWHIRUPH 63$5& /HV\VWqPHG¶H[SORLWDWLRQGH O¶K{WHOHXUUH SHXW rWUH GpWHUPLQp GH GHX[IDoRQV /DSUHPLqUHPpWKRGHHVW¿QJHU SULQWLQJ &HWWH WHFKQLTXH FRQVLVWH j XWLOLVHU OHV GLIIpUHQFHV GDQV OHV LPSOpPHQWDWLRQV GH OD SLOH 7&3,3 GHV V\VWqPHV G¶H[SORLWDWLRQ VSpFL ¿TXHV*UkFHjO¶DQDO\VHGXSURFqV GH O¶pWDEOLVVHPHQW GH OD FRQQH[LRQ 7&3 HQWUH GHX[ K{WHV QRXV VRP PHV FDSDEOHV GH GpWHUPLQHU SUpFL
/LVWLQJ5pVXOWDWGHODFRPPDQGHXQDPHDH[pFXWpHSDUO LQWUXV LQJUHVORFN! +,1(7,3KLQHWQHW 3 DFN ZLQ QRSQRSWLPHVWDPS ! ') [GFDGFDF(## G [GGEDEIGGEDGFEHFIH =P&> [FI FDF IC T [HGDHIDI 6XQ26]REHUL [HH IXV*HQHULFB [G H VXQXV [HFFGSDUF681:8OWUD [IDIIDHIBFRUH 1RV [ FI XFK¿OHRUGLUH [ I DIIIGFWRU\YDUGWWP [DIHFIDHIS'763&'ORJ 1R [E FI VXFK¿OHRUGL [FI D UHFWRU\%'3,' V [G DD
XXXIBLJOPSH
)BLJO/ P
+XKVc]O KZ\O] SX^\_]SYX
7DEOHDX&HUWDLQVFKDPSVGXSDTXHWSUpVHQWpGDQVOH/LVWLQJ &KDPS
9DOHXURXpWDW
:LQGRZV6L]H
[
77/
[
6L]H
[
)ODJ')
6HW
)ODJ123
6HW
:6
)ODJ6DFN2.
6HW
066
[%
VpPHQW OHV W\SHV HW PrPH OHV YHU VLRQV GHV V\VWqPHV G¶H[SORLWDWLRQ SDUWLFLSDQW j O¶LQLWLDOLVDWLRQ ,O H[LVWH SOXVLHXUV FKDPSV GDQV OHV HQWrWHV GHVSDTXHWV7&3HW,3TXLSHUPHWWHQW G¶LGHQWL¿HUOHV\VWqPH&HVRQW
HQYR\p GH O¶K{WH DWWDTXp -H YRXV UDSSHOOH TXH O¶DGUHVVH ,3 GH FHW RUGLQDWHXUHVW VQRUW±GY±UGD\ORJ? µWFS>WFSÀDJV@ WFSV\Q_WFSDFN¶?
1HVWXQHRSWLRQ123 1 ' ± OH FKDPS OLp j OD EDOLVH Gp¿QLVVDQW VL ORUV GH OD WUDQV PLVVLRQ OD IUDJPHQWDWLRQ GHV SDTXHWVHVWSHUPLVH 7 ± O¶RSWLRQ 7LPHVWDPS TXL VH 7 WURXYHGDQVO¶HQWrWH7&3 ) ±ODOHWWUH6TXLVHWURXYHGDQV 6 FH FKDPS VLJQL¿H TXH OH SDTXHW FRPSDUp GRLW DYRLU XQLTXHPHQW ODEDOLVH6<1Gp¿QLH6<1$ VLJ QL¿H GHX[ EDOLVHV Gp¿QLHV 6<1 HW$&. /(1±ODORQJXHXUGXSDTXHWG¶LQL 1 WLDWLRQ 26 OHFKDPSGp¿QLVVDQWOHV\V WqPH G¶H[SORLWDWLRQ SRXU OHTXHO OHV YDOHXUV DQWpULHXUHV VRQW FD UDFWpULVWLTXHV
DQGVUFKRVW _OHVV
3 77/ ± OH FKDPS 7LPHWR/LYH GHO¶HQWrWH,3 7&3 :LQGRZ 6L]H ± OH FKDPS GDQVO¶HQWrWH7&3 7&30D[LPXPVHJPHQWVL]H±OH FKDPS066GDQVO¶HQWrWH7&3 3ROH')GDQVO¶HQWrWH,3 7&3VDFN2NGDQVO¶HQWrWH7&3 3ROH123GDQVO¶HQWrWH7&3
8QIUDJPHQWGXUpVXOWDWHVWSUpVHQWp GDQVOH/LVWLQJ 'DQV OH SDTXHW HQWLHU M¶DL Vp OHFWLRQQp VHXOHPHQW OHV FKDPSV TXL QRXV LQWpUHVVHQW ± YRLU 7DEOHDX 0DLQWHQDQW QRXV GHYRQV IDLUH FRQQDLVVDQFHDYHFOHIRUPDWGX¿FKLHU HWWHUSDVVLYHRVISTXLHVWOHVXLYDQW
-H SHX[ DMRXWHU TXH OHV FKDPSV 6 1 'HW 7SHXYHQWSRVVpGHUODYDOHXU 7 RX DFWLYpVRXGpVDFWLYpV (Q FRPSDUDQW OHV YDOHXUV GHV FKDPSV FKRLVLV DYHF OD EDVH HWWHU SDVVLYHRVIS QRXV UHWURXYRQV XQ HQUHJLVWUHPHQW TXL HVW OD UpSRQVH jODSUHPLqUHTXHVWLRQ % $
/¶RSWLRQ GH PLVH j O¶pFKHOOH GH OD IHQrWUHHWODWDLOOHGXSDTXHW DYHFOD EDOLVH6<1RX6<1$&. /D EDVH DYHF OH SOXV JUDQG QRPEUH GH GLIIpUHQFHV GDQV OHV LPSOpPHQWDWLRQV GHV SLOHV 7&3,3 HVW FRPSULVH GDQV O¶RXWLOV HWWHUFDS SOXV SUpFLVpPHQW OH ¿FKLHU HWWHU SDVVLYHRVIS 3RXU LGHQWL¿HU OH V\VWqPHG¶H[SORLWDWLRQQRXVGHYRQV WURXYHUDXPRLQVXQSDTXHWDYHFOD EDOLVH6<1RX6<1$&.TXLDpWp
:::: 066 77/ :6 6 1 ' 7 ) /(1 26
6RODULV
/DVHFRQGHPpWKRGHFRQVLVWHjUHW URXYHUGDQVOHWUD¿FHQUHJLVWUpOHUp VXOWDWGHO¶H[pFXWLRQGHODFRPPDQGH XQDPH ±D &HWWH FRPPDQGH D pWp GRQQpH SDU O¶LQWUXV MXVWH DSUqV TX¶LO D DFFpGp DX V\VWqPH 3DU FHOD LO QRXV D IDFLOLWp OD UpSRQVH j OD TXHVWLRQ(YLGHPPHQWLOQHIDXWSDV V¶\ WHQLU WURS ORUV GHV DXWUHV DQD O\VHV /D PpWKRGH SOXV HI¿FDFH
:::: : VLJQL¿H OD WDLOOH GH OD IHQrWUH :LQGRZ6L]H 066 6 HVW OD WDLOOH PD[LPXP GX VHJPHQW 77/ FRQWLHQW OH WHPSV GH YLH GX SDTXHW :6 6 HVWO¶RSWLRQGHPLVHjO¶pFKHOOH GHODIHQrWUH 6 YpUL¿H VL ORUV GH OD FRQQH[LRQ 6 6$&.VHUDJpUp
/LVWLQJ$WWDTXHVGpWHFWpHVSDUO RXWLO6QRUW « >
@> @6&$16TXLG3UR[\DWWHPSW>
@>&ODVVL¿FDWLRQ $WWHPSWHG,QIRUPDWLRQ/HDN@ >3ULRULW\ @^7&3` ! >
@> @(;3/2,7&'(GWVSFGH[SORLWDWWHPSW>
@>&ODVVL¿FDWLRQ 0LVF$WWDFN@ >3ULRULW\ @^7&3` ! >
@> @)73FRPPDQGRYHUÀRZDWWHPSW>
@>&ODVVL¿FDWLRQ *HQHULF3URWRFRO &RPPDQG'HFRGH@>3ULRULW\ @^7&3` ! >
@> @''266WDFKHOGUDKWDJHQW!KDQGOHU VNLOO] >
@ >&ODVVL¿FDWLRQ $WWHPSWHG'HQLDORI6HUYLFH@>3ULRULW\ @^,&03` !
)BLJO/ P
XXXIBLJOPSH
FRQVLVWH SDU H[HPSOH j UpFXSpUHU HW DQDO\VHU XQ ¿FKLHU TXHOFRQTXH FKDUJp SDU O¶LQWUXV GDQV OH V\VWqPH FRPSURPLV 5HYHQRQV j OD FRPPDQGH XQD PH ±D ,O VXI¿W XQH VLPSOH UHTXrWH GRQW OH WH[WH HVW XQDPH ORUV GH OD FRQVXOWDWLRQ GX ¿FKLHU j O¶DLGH GH OD FRPPDQGH OHVV HW QRXV DYRQV OD UpSRQVH/HUpVXOWDWGHVUHFKHUFKHV HVWOHVXLYDQW 6XQ26*HQHULFB VXQX VSDUF681:8OWUDB
7RXW OH SDTXHW DYHF OH UpVXOWDW HVW SUpVHQWpGDQVOH/LVWLQJ 8QHDXWUHIDoRQWUqVLQWpUHVVDQWH SRXU WURXYHU OD UpSRQVH j FHWWH TXHVWLRQ HVW OD YpUL¿FDWLRQ GX IDE ULFDQW DXTXHO O DGUHVVH SK\VLTXH 0$& GH O LQWHUIDFH GX V\VWqPH UpVHDXHVWDVVRFLpH &RPPHQW O LQWUXV DWLO DFFpGpDXV\VWqPH" / LQWUXV D XWLOLVp O HUUHXU GH GpERUGHPHQW GX WDPSRQ GDQV OD ELEOLRWKqTXH ZH FRPPXQH TXL HVW XWLOLVpH HQWUH DXWUHV SDU OH VHUYLFH &'( 6XE SURFHVV &RQWURO 6HUYLFH (OOH HVW DVVRFLpH DX SRUW 7&3 SRUWDQW OH QXPpUR ,O Q HVW SDV IDFLOH GH WURXYHU OD UpSRQVH j FHWWH TXHVWLRQ ,O IDXW DQDO\VHUSDWLHPPHQWXQSDTXHWDSUqV O DXWUH GX WUD¿F HQUHJLVWUp 8QH DXWUH PpWKRGH SOXV UDSLGH FRQVLVWH j XWLOLVHU O RXWLO 6QRUW HW VHV VLJQDWXUHV 1RXVGRQQRQVODFRPPDQGHVXLYDQWH VQRUWUGD\ORJGHO
.POX]O
FVQRUWFRQI$FRQVROHNQRQH_PRUH
/H SDUDPqWUH F HVW LPSRUWDQW SDUFH TX DSUqV FH SDUDPqWUH QRXV VDLVLV VRQVOHSDTXHWGHFRQ¿JXUDWLRQFRQ WHQDQWOHVGp¿QLWLRQVGHVVLJQDWXUHV GHVDWWDTXHV /HVDWWDTXHVGpWHFWpHVSDUO¶RXWLO 6QRUWVRQWSUpVHQWpHVGDQVOH/LVWLQJ 1RXV\YR\RQVTXHOTXHVWHQWDWLYHV GH VFDQV GpWHFWpHV HW MXVWH DSUqV XQH WHQWDWLYH G¶XWLOLVHU H[SORLW ± SUpFLVpPHQWj 0DLQWHQDQW
QRXV SRXYRQV j O¶DLGH G¶XQ pGLWHXU TXHOFRQTXHRXYULUOHWUD¿FHQUHJLVWUp ¿FKLHU RXWSXWBQRGQV HW H[DPLQHU O¶DWWDTXHGHSUqV $ O¶LQWUXV j SDUWLU GH O¶K{WH D HQYR\p OH SUHPLHU SDTXHW DYHF OD EDOLVH 6<1 DXSRUW7&3GXVHUYHXUOHXUUH (QPrPHWHPSVO¶LQWUXVDYpUL¿pVLOH VHUYHXUQ¶DSDVpWpDWWDTXpSDUTXHO TX¶XQG¶DXWUH/HVHUYLFHG¶pFRXWHVXU OHSRUW7&3QHIRQFWLRQQHSDV FH TXL SHXW VLJQL¿HU TXH SHUVRQQH Q¶DSDVHQFRUHSULVGHFRQWU{OHVXUOH V\VWqPH $ O¶LQWUXV HQYRLH OH SDTXHW DYHF OH FRQWHQX SUpVHQWp GDQV OH /LVWLQJ FH SDTXHW D pWp GpWHFWpSDUO¶RXWLOV6QRUW /H SDTXHW SUpVHQWp FRQWLHQW SOX VLHXUV LQVWUXFWLRQV 123 HQ FRGH PDFKLQH GDQVOHFDVGHO¶DUFKLWHFWXUH 63$5&F¶HVWXQHYDOHXU[F 123 HVW XWLOLVp ORUV GHV DWWDTXHV GH GpERUGHPHQW GX WDPSRQ HQ DQJODLV
EXIIHU RYHUÀRZ TXDQG O¶DGUHVVH GH UHWRXU HVW UHPSODFpH VXU OD SLOH /¶XWLOLVDWLRQ GH O¶LQVWUXFWLRQ 123 IDLW TXHO¶LQWUXVQHFRQQDvWSDVSUpFLVpPHQW O¶DGUHVVHGHODPpPRLUHRLODSODFpOH FRGH FRPPDQGHV V\VWqPH TXL GRLW rWUHH[pFXWpSDUOHV\VWqPH 1RXV SRXYRQV HQVXLWH REVHUYHU TX¶H[SORLWHQYR\pSDUO¶LQWUXVFRQWLHQW OHVFRPPDQGHVV\VWqPHTXLGRLYHQW rWUHH[pFXWpHVVXUOHVHUYHXU-XVWH DSUqV FHWWH DFWLRQ O¶LQWUXV LQLWLDOL VH OD VHFRQGH FRQQH[LRQ DX SRUW 7&3 ± FHWWH IRLVFL LO UpXVVLW (Q UpVXOWDW O¶LQWUXV D O¶DFFqV QRQ DXWRULVpDXVHUYHXUOHXUUH /HV FRPPDQGHV H[pFXWpHV DSUqV HQJHQGUHQW OH GpERUGHPHQW GXWDPSRQ ELQNVKFHFKRLQJUHVORFNVWUHDP? WFSQRZDLWURRWELQVKVKL? !WPS[ XVUVELQLQHWGVWPS[
/LVWLQJ3DTXHWHQYR\pj O¶DGUHVVH,3GHO¶LQWUXVHVW GHO¶K{WHOHXUUH± LQWUXGHU!KRQH\SRW DFNZLQ Q RSQRSWLPHVWDPS! ') [GFHIEGFEDGGEDE(# = [FDFGGHIFGEEDHEG$ [GIDHDB5 [F DG] [H [FFF### [FFFF#### >OHPrPHFRQWHQX@ [HFFFF#### [IEIIIIIEIIIIIIIIIIII H [FFFF#### [FFFF#### [FFFF#### [FFFF#### [FFFF#### [ HDFDFD [FDHGIIHHIIHHIIH [FIIHFE GI HELQ [IEGINVKFHFKR [ HFIELQJUHVORFNVWU [GHI HDPWFSQRZDLWU [III HIGRRWELQVKVK [ HIGIEIIL!WPS[ XVUV [ HI HGIGELQLQHWGVWP [ IEFEI S[ VOHHS EL [DHIGGIGIQUPIWPS[$ [E$$$$$$$$$$$$$$$$ [F$$$$$$$$$$$$$$$$ [G$$$$$$$$$$$$
XXXIBLJOPSH
)BLJO/ P
+XKVc]O KZ\O] SX^\_]SYX
/LVWLQJ&RPPDQGHVH[pFXWpHVSDUO LQWUXVDSUqVO DFFqVDXV\VWqPH XQDPHD OVOFRUHYDUGWWPS'763&'ORJ 3$7+ XVUORFDOELQ ELQ XVUVELQ VELQ XVUFFVELQ XVUJQXELQ H[SRUW3$7+ HFKR%'3,' V CSVIHG_J UHS VWPS[ _JUHSYJUHS_DZN ^SULQW` C ZJHW Z ELQVKL XQVHW+,67),/( XQVHW',63/$< PNGLUXVUVKDUHPDQPDQROG FGXVUVKDUHPDQPDQROG IWS ERE]] MRND JHWZJHW JHWGOS JHWVROEQF JHWLXSYVXQ JHWLSYVXQ TXLW OV FKPRG[VROEQFZJHWGOS ZJHW ZJHWKWWS ERE]]VROWDUJ] UUUUUUHWDU[IVROWDUJ] FGVRO VHWXS FGVRO WDU[IVROWDUJ] FGVRO VHWXS PL[HU VWDUWEQF FG VROEQF GOS
VOHHS
ELQUPIWPS[
/¶LQWUXVDXWLOLVpODFRTXLOOH HQDQJODLV VKHOO NVKSRXUFUpHUOH¿FKLHUWPS[ TXL FRQWLHQW XQH OLJQH FRQIRUPH DX IRUPDW GX ¿FKLHU GH FRQ¿JXUDWLRQ GX VHUYLFH LQHWG (QVXLWH OH VHUYLFH ,1(7' ODQFp FKDUJH OH QRXYHDX ¿FKLHUGHFRQ¿JXUDWLRQGRQWODWkFKH FRQVLVWH j RXYULU OH QRXYHDX SRUW 7&3 $SUqV GL[ VHFRQGHV OH ¿FKLHU WPS[ [ HVW VXSSULPp 0DLQWHQDQW O¶LQWUXV SDU OD FRQQH[LRQ DX SRUW 7&3 LQJUHVORFN SHXWDFFpGHU jODFRTXLOOHVDQVDXWRULVDWLRQ $¿Q GH WURXYHU OHV LQIRUPDWLRQV SOXVGpWDLOOpHVVXUO¶HUUHXUXWLOLVpHSDU O¶LQWUXV YRXV FRQVXOWH] OHV DGUHVVHV VXLYDQWHV
)BLJO/ P
KWWS ZZZFHUWRUJDGYLVRULHV &$KWPO KWWS ZZZFHUWRUJDGYLVRULHV &$KWPO /HTXHO GHV VHUYHXUV D pWp XWLOLVp SDU O¶LQWUXV HW SRXUTXRL"
'DQVFHFDVQRXVSRXYRQVDXVVL DQDO\VHUOHVSDTXHWVOHVXQVDSUqVOHV DXWUHV HW HQUHJLVWUHU OHV DGUHVVHV ,3 GHVK{WHVTXLVHVRQWSDVFRQQHFWpVDX VHUYHXUOHXUUH 3RXUWDQW LO VHUDLW XWLOH G¶DXWRPDWLVHUXQSHXFHWWHDFWLRQ3RXU ODUHFRQVWUXFWLRQUDSLGHGHODVHVVLRQ QRXV DOORQV XWLOLVHU O RXWLO WFSÀRZ TXL HQUHJLVWUH GDQV XQ ¿FKLHU j SDUW FKDTXH VHVVLRQ FUppH VXU OH VHUYHXU OHXUUHRXVRUWDQWGHFHVHUYHXU WFSÀRZ±UGD\ORJ
(Q UpVXOWDW QRXV REWHQRQV SOX VLHXUV ¿FKLHUV GRQW OHV QRPV FRQWLHQQHQW OHV DGUHVVHV ,3 HW OHV SRUWV TXL V pWDLHQW FRQQHFWpV ,O HVW LQWpUHVVDQW GH VRXOLJQHU TXH FHUWDLQV GH FHV ¿FKLHUV VRQW JpQpUpV DX IRUPDW ELQDLUH 3RXUTXRL " &RPPH QRXV OH VD YRQV GpMj WFSÀRZ UHFRQVWUXLW OHV VHVVLRQV pWDEOLHV HW FKDTXH FRQQH[LRQ HQWUH GHX[ SRUWV HVW HQUHJLVWUpH GDQV XQ ¿FKLHU j SDUW 'H FHOD VL O LQWUXV DSUqV DYRLU DFFpGp DX V\VWqPH FKDUJHDLW WURLV ¿FKLHUV j O DLGH GX VHUYLFH )73 FKDFXQ GH FHV ¿FKLHUV VHUD HQUHJLVWUp SDU WFSÀRZ VpSDUpPHQW ± FHOD UpVXOWH GX SULQFLSH GH IRQFWLRQQHPHQW GX SURWRFROH )73 (Q FRQVXOWDQW WRXV OHV ¿FKLHUV JpQpUpVQRXVUHQFRQWURQVOH¿FKLHU QRPPp ,O FRQWLHQW OH WUD¿F UHFRQVWLWXp HQWUH O LQ WUXV O K{WH SRUWDQW O DGUHVVH ,3 HW QRWUH VHUYHXU O DGUHVVH ,3 -H YRXV UDSSHOOH TXH HVW OH QXPpUR GX SRUW 7&3 FLEOH DXTXHO O LQWUXVV HVWFRQQHFWp
/LVWLQJ)UDJPHQWGXSDTXHW,&03FRQWHQDQWOHPRWVNLOO] ! LFPS HFKRUHSO\ ') [EIIFDF(H #G [GE FDDD [ [E FFDVNLOO] [ [ [
XXXIBLJOPSH
/LVWLQJ &RQWHQXGX¿FKLHULSYVXQ ELQVK XQVHW+,67),/( FOHDU HFKR,QVHULVFLLOWXRLSY UHDGLSYWXR HFKR2N] HFKR,QVHULVFLO LSYGHO7XQQHO%URNHU UHDGLSYVHUYHU HFKR2N] HFKRWVUFLSYWXRWGVWLSYVHUYHUXS!HWFKRVWQDPHLSWXQ HFKR HFKR,QVHULVFLLOWXR,39 UHDGLSYWXR HFKR2N] HFKR,QVHULVFLO ,39GHOO ,5&6HUYHU UHDGLSYVHUYHU HFKR2N] HFKRDGGLILSYWXRLSYVHUYHUXS!!HWFKRVWQDPHLSWXQ HFKR HFKR7HUPL1DWH' HFKRPDSKLD*URXSVU[DJDLQ
/H¿FKLHUSUpVHQWpGDQVOH/LVWLQJ FRQWLHQW WRXWHV OHV FRPPDQGHV H[pFXWpHV SDU O LQWUXV DSUqV O DFFqV DX V\VWqPH 9RXV WURXYHUH] DXVVL OHV DGUHVVHV ,3 GH TXHOTXHV K{WHV DX[TXHOVLOV HVWFRQQHFWp /HV LQIRUPDWLRQV WUqV LQWpUHV VDQWHV VH WURXYHQW GDQV OH ¿FKLHU QRPPp /HFRQWHQX GH FH ¿FKLHU HVW MXVWHPHQW OD Up SRQVH j OD WURLVLqPH TXHVWLRQ /HV K{WHVTXLRQWpWpXWLOLVpVSDUO LQWUXV SRXUHIIHFWXHUO DWWDTXHVRQW
.POX]O
/ K{WH SRUWDQW O DGUHVVH $ SDUWLU GH FHWWH DGUHVVH O LQWUXV D DFFpGp DX VHUYHXU OHXUUH (Q XWLOLVDQW OH PrPH K{WH LO D HIIHFWXp SOXVLHXUV DFWLRQV LO D FKDUJp HW LQVWDOOp OH MHX G RXWLOV URRWNLWLODODQFpO RXWLOLUFERXQFHU YHUVLRQ TXLVHUWjGLVVLPXOHU OD YUDLH DGUHVVH ,3 GHV FOLHQWV ,5& LODODQFpOHVRXWLOVSHUPHWWDQW G HIIHFWXHU OHV DWWDTXHV 'HQLDO RI 6HUYLFH 'H SOXV LO D VXSSULPp OHV MRXUQDX[ G pYqQHPHQW HW LO D FRQ¿JXUp OD JHVWLRQ GX SURWRFROH ,3YHUVLRQ /HVHUYHXU)73SRUWDQWO DGUHVVH ,3 $ SDUWLU GH FH VHUYHXU O LQWUXV D FKDUJp TXDWUH¿FKLHUV ZJHW VROEQFGOV LSYVXQ /H VHUYHXU ZHE SRUWDQW O DG UHVVH $ SDUWLU GH FH VHUYHXU O LQWUXV D FKDUJp OHV SURJUDPPHV GH W\SH ³&KHYDO GH 7URLH´ HW OH MHX G RXWLOV URRW NLW
/HVHUYHXU)73±VXQVROYHVXQFRP $ SDUWLU GH FH VHUYHXU O LQWUXV D FKDUJp OHV PRGL¿FDWLRQV SRXU SURWpJHU OH VHUYHXU FRQWUH OHV DXWUHVLQWUXV /H VHUYHXU ,5& QRPPp LUW VWHDOWKQHW /HV K{WHV SRUWDQW OHV DGUHVVHV DLQVLTXH / RXWLO VROEQF LQVWDOOp VXU OH VHU YHXUHQYR\DLWG XQWHPSVjO DXW UH OHV PHVVDJHV j FHV K{WHV /HV PHVVDJHV RQW pWp HQYR\pV DX PR\HQ GX SURWRFROH ,&03 (&+25(3/<
/HV LQIRUPDWLRQV SOXV GpWDLOOpHV VXU OHVK{WHVFLGHVVXVVRQWGLVSRQLEOHV GDQV OD EDVH GH GRQQpHV ZKRLV ± KWWS ZZZZKRLVRUJ
3RXUTXRLOHVSDTXHWV,&03 FRQWHQDQW OH PRW VNLOO] ] RQW pWpHQYR\pV" / RXWLO LQVWDOOp SDU O LQWUXV D HQYR\p OHV SDTXHWV FRQWHQDQW OH PRW VNLOO] SRXU HQWUHWHQLU OD FRQQH[LRQ HQWUH O DJHQW QRWUH K{WHOHXUUH HW OH VHUYHXU GH JHVWLRQ (Q HQYR\DQW OH SDTXHW ,&03 (&+2 5(3/< O K{WH LQIRUPDLW OH VHUYHXU TX LO HVW SUrW j G HIIHFWXHUFHUWDLQHVDFWLRQVFRPPH SDU H[HPSOH XQH DWWDTXH 'HQLDO RI 6HUYLFH RX OH VFDQQLQJ GHV DXWUHV K{WHV 5HYHQRQV DORUV DX[ DWWDTXHV GpWHFWpHVSDUO RXWLO6QRUW1RXVSR XYRQVUHPDUTXHUTXHFHUWDLQVDQQR WDWLRQVVHUpSqWHQW >
@> @ ''266WDFKHOGUDKWDJHQW!KDQGOHU VNLOO] >
@>&ODVVL¿FDWLRQ $WWHPSWHG'HQLDORI6HUYLFH@ >3ULRULW\ @^,&03` !
6QRUW D GpWHFWp XQ DJHQW DSSDUWH QDQW j O RXWLO QRPPp 6WDFKHOGUDKW SRXU OHV DWWDTXHV 'HQLDO RI 6HU YLFH &HW DJHQW LO V DSSHOOH VROEQF D pWp LQVWDOOp TXHOTXHV PLQXWHV DS UqV O DFFqV DX V\VWqPHOHXUUH -XV WH DSUqV O LQVWDOODWLRQ j O DJHQW FRPPHQFH j FRPPXQLTXHU
/LVWLQJ([HPSOHGXSDTXHWGX¿FKLHUGD\ORJ ! ,3977/ 726 [,' ,S/HQ 'JP/HQ ') '&%C '(@3 $)))()$$&&$%%%$ $%&)%&'$)(3FX321* $ ( )(& LUFHGLVRQWHO ( '$LW
/LVWLQJ,QIRUPDWLRQHQYR\pHGXV\VWqPHOHXUUHDXVHUYHXUGHORJV ±ODSUHXYHTXHVXUO K{WHFRPSURPLVODJHVWLRQG ,3YDpWpDFWLYp ! V\VORJ XGS ') [HIIID FDF(AX2#G [FD HDDDFFHG-E ! [DD'HF [IIDE UHERRW >,' [H GDXWKFULW@UH [II IIERRWHGE\URRW
XXXIBLJOPSH
)BLJO/ P
+XKVc]O KZ\O] SX^\_]SYX
/LVWLQJ/HVLQIRUPDWLRQVVXUOHVHUYHXUIWSjSDUWLUGXTXHOO LQWUXVD FKDUJpOHV¿FKLHUV LQHWQXP ± QHWQDPH 7,1 GHVFU 7HOHFRP,WDOLD1(7 GHVFU 3529,'(5 GHVFU 12&5RPD $6 FRXQWU\ ,7 DGPLQF 7$65,3( WHFKF 7$65,3( VWDWXV $66,*1('3$ UHPDUNV 3OHDVHVHQGDEXVHQRWL¿FDWLRQWRDEXVH#WLQLW QRWLI\ QHWWLQ#WLQLW PQWE\ 7,1017 FKDQJHG FJLDGPLQ#FJLLQWHUEXVLQHVVLW FKDQJHG QHWWLQ#WLQLW VRXUFH 5,3(
j O DLGH GHV SDTXHWV ,&03 (&+2 5(3/< DYHF GHX[ K{WHV SRUWDQW OHV DGUHVVHV HW &H VRQW VDQV GRXWH OHV VHUYHXUV VXU OHVTXHOV O LQWUXV DODQFpO RXWLOGHJHVWLRQ HQDQJODLV KDQGOHU 6LQRXVDQDO\VRQVOHWUD¿F HQUHJLVWUpQRXVUHPDUTXRQVTXHOHV SDTXHWVVRQWHQYR\pVWRXWHVOHV VHFRQGHV 6HXOHPHQW OH SUHPLHU MRXU HQYLURQ GH FHV SDTXHWV RQW pWp HQYR\pV 2Q SHXW GHYLQHU TXH O DJHQW OXL DXVVL SHXW UHFHYRLU OHV PHVVDJHV j SDUWLU GHV VHUYHXUV GHJHVWLRQ /H IUDJPHQW GX SDTXHW ,&03 DYHF OH PRW VNLOO] ] HVW SUpVHQWp GDQV OH /LVWLQJ /D GHVFULSWLRQ GpWDLOOpH GH FHW RXWLO HVW GLVSR QLEOHjO DGUHVVHVXLYDQWH KWWS VWDII ZDVKLQJWRQHGXGLWWULFKPLVFVWDFKH OGUDKWDQDO\VLVW[W (Q DQDO\VDQW OH WUD¿F HQUH JLVWUpQRXVUHPDUTXRQVTXH O LQWUXV ODQFH XQ SURWRFROH DW\SLTXH4X DSSHOOHWRQXQSURWRFROH HWSRXUTXRLHVWLOXWLOLVp" &HSURWRFROHHVWXQHYHUVLRQ G ,QWHUQHW3URWRFROTXLDpWp FRQ¿JXUpH VHORQ OH V\VWqPH FRPSURPLV6XQ6RODULV/HSURWRFROH DpWpLQFOXVjO DLGHGXVFULSWLSYVXQ F HVWOH¿FKLHU JpQpUp SDU O RXWLOWFSÀRZ /HFRQWHQXGXVFULSWHVWSUpVHQWp GDQVOH/LVWLQJ $SUqVO DQDO\VHGX VHFRQG ¿FKLHU GD\ORJ WpOpFKDUJp
)BLJO/ P
jSDUWLUGHODSDJH+RQH\QHW3URMHFW QRXV VRPPHV VU TXH F HVW MXVWH PHQW OH ¿FKLHU ,QWHUQHW 3URWRFRO / H[HPSOH GX SDTXHW HVW SUpVHQWp GDQVOH/LVWLQJ 3UREDEOHPHQW OD JHVWLRQ G ,3 HQ YHUVLRQ D pWp DFWLYp SRXU SRXYRLU XWLOLVHU OD QRXYHOOH YHUVLRQ GHO RXWLOLUFERXQFHU7RXWFHODSRXU U HPSrFKHUO pFRXWHGXWUD¿FHQWUHOHV FOLHQWVHWOHVVHUYHXUV,5&'HSOXV ODYHUVLRQG ,3Q HVWSDVUHFRQQXH SDU OD SOXSDUW GHV V\VWqPHV GX UpVHDX GH GpWHFWLRQ GHV LQWUXVLRQ FHTXLSHUPHWGHGLVVLPXOHUO DFWLYLWp GHO LQWUXV 1RXV SRXYRQV IDFLOHPHQW SURX YHU TXH OD JHVWLRQ G ,3 YHUVLRQ D pWp ODQFp VXU O K{WH FRPSURPLV 1RXV OH VDYRQV SXLVTX j
O LQWUXV D UHFKDUJp OH V\VWqPH OD FRQ¿JXUDWLRQ G ,3 Y VXU OHV V\VWq PHV 6XQ 6RODULV H[LJH OH UHGpPDU UDJHGXV\VWqPH /DWUDFHGHFHWWH DFWLRQ HVW O LQIRUPDWLRQ HQYR\pH GX V\VWqPHOHXUUH DX VHUYHXU GH ORJV FI/LVWLQJ 4XHOTXHV PLQXWHV SOXV WDUG OD SUHPLqUH FRQQH[LRQ DSUqV OH SURWR FROH,3YDpWppWDEOLH(YLGHPPHQW ,3 YHUVLRQ TXL Q HVW SDV HQFRUH OH VWDQGDUG REOLJDWRLUH VXU OH UpVHDX ,QWHUQHW HVW PLV VRXV WXQQHO j O DLGH GHO ,3YHUVLRQ 1RXVDYRQVDXVVLHVVD\pG LGHQ WL¿HU OD SURYHQDQFH GH O LQWUXV $S UqV XQH DQDO\VH GpWDLOOpH GHV GRQQpHV RQ SHXW FRQVWDWHU TXH O LQWUXV SURYHQDLW SUREDEOHPHQW GH O ,WDOLH /D SUHXYH HQ HVW OD ODQJXH TX LO D XWLOLVpH VXU OHV FDQDX[ ,5& HW OHV VFULSWV FI OH VFULSW LSYVXQ GRQW OHV FRPPHQWDLUHV VRQW HQ LWDOLHQ'HSOXVODSOXSDUWGHVK{WHV FRQFHUQpV DSSDUWLHQQHQW DX[ ,63 LWDOLHQV ([HPSOH OHV LQIRUPDWLRQV VXU OHVHUYHXUIWSjSDUWLUGXTXHOO LQWUXV D FKDUJp OHV ¿FKLHUV ZJHW GOS VROEQF LSYVXQ VRQW SUpVHQWpHV GDQV OH /LVWLQJ /H IUDJPHQW GX WUD¿F UHWURXYp GDQV OHV ¿FKLHUV JpQpUp SDU O RXWLO WFSÀRZ HVW SUpVHQWp GDQV OH /LVWLQJ /H WUD¿F HQWLHU DX PR\HQ GHV FDQDX[ ,5&HVWGLVSRQLEOHGDQVOHV¿FKLHUV JpQpUpVSDUWFSÀRZN
/LVWLQJ)UDJPHQWGXWUD¿FUHWURXYpGDQVOHV¿FKLHUVJpQpUpSDU O RXWLOWFSÀRZ 35,906*SULY XKDKXDKX ' 35,906*ERE] ZH 35,906*ERE] GHYRNLOODUH 35,906*ERE] XQSRGLSV\ ' 35,906*ERE] QQNDSLVNRQDPD]]D 35,906*ERE] WURSSLQHKR 35,906*SULY QR 35,906*SULY VXXQDVKHOO 3 35,906*SULY QR 35,906*SULY O KRIDWWDLRRY 35,906*SULY SHURODVKHOOHODVXD 35,906*SULY KHKH 35,906*SULY VL _ 35,906*SULY SHURHVHPSUHXQEQFYXKDKXDKXDKXD
XXXIBLJOPSH
&RQWU{OHGHO LQWpJULWpGXV\VWqPH /LQX[DYDQWOHGpPDUUDJH 9ODGLVODY0\DVQ\DQNLQ
/RUVTX XQLQWUXVSUHQGOHFRQ WU{OHG XQV\VWqPHLOSHXWOH PRGL¿HUGHIDoRQjFHTXHOH V\VWqPHGHGpWHFWLRQGHVLQ WUXVLRQVQHVRLWSDVFDSDEOHGH IRQFWLRQQHUFRUUHFWHPHQW$¿Q GHQRXVSURWpJHUFRQWUHFHWWH PHQDFHQRXVSRXYRQVHIIHFWX HUXQFRQWU{OHGHO LQWpJULWpGX V\VWqPHDYDQWVRQGpPDUUDJH
/
HSUpVHQWDUWLFOHWUDLWDQWVXUODIDoRQGH WURXYHUXQHWHOOHVROXWLRQHVWGpGLpVXU WRXWDX[DGPLQLVWUDWHXUVPDLVLOSHXWrWUH XWLOHjWRXVFHX[TXLYHXOHQWrWUHVUVTXHSHQ GDQW OHXU DEVHQFH XQ LQWUXV Q D SDV HIIHFWXp GH PRGL¿FDWLRQV GDQV OHV SURJUDPPHV LQVWDO OpVVXUXQRUGLQDWHXU
.POX]O
&RQFHSWLRQ
6LXQLQWUXVDSULVOHFRQWU{OHGXV\VWqPHLOSHXW IDFLOHPHQWOHPRGL¿HUSRXUHPSrFKHUOHV\VWqPH GH GpWHFWLRQ GHV LQWUXVLRQ QH IRQFWLRQQHU FRU UHFWHPHQW 3RXU V HQ SURWpJHU LO QRXV IDXW YpUL ¿HUO LQWpJULWpGXV\VWqPHDYDQWVRQGpPDUUDJH 3RXU FHOD RQ XWLOLVH GLIIpUHQWHV VROXWLRQV PD WpULHOOHV WUqV DYDQFpHV GLVSRQLEOHV VRXV OD IRU PHG XQHFDUWHG H[WHQVLRQ%,26/ LQFRQYpQLHQW GHFHVPpWKRGHVUpVLGHGDQVOHXUSUL[WURSpOH Yp'HSOXVFHUWDLQVG HQWUHHOOHVQHVDYHQWSDV FRRSpUHU DYHF OHV V\VWqPHV GH ¿FKLHUV XWLOLVpV LO HVW QpFHVVDLUH GH OHV PRQWHU SK\VLTXHPHQW GDQV O RUGLQDWHXU WDQGLV TXH G DXWUHV QH VRQW SDVFDSDEOHVGHFRRSpUHUDYHFOHV¿FKLHUVXWLOL VpVGDQV/LQX[ FRPPHH[WH[WRX5HLVHU)6 &RPPHPpWKRGHDOWHUQDWLYHRQSHXWXWLOLVHU ODPpWKRGHTXLFRQVLVWHjGLYLVHUOHSURFHVVXVGH FKDUJHPHQWHQGHX[pWDSHV/RUVGHODSUHPLqUH
XXXIBLJOPSH
pWDSH OH QR\DX GX V\VWqPH G H[SORLWDWLRQ HVW FKDUJpjSDUWLUG XQVXSSRUWVU GLVTXHWWH&' 520 GLVTXH 86% SXLV HQVXLWH RQ HIIHFWXH OH FRQWU{OH GH O LQWpJULWp GHV ¿FKLHUV LPSRUWDQWV GXSRLQWGHYXHGHODVpFXULWpVXUOHGLVTXHGXU 'DQVODGHX[LqPHpWDSHOHV\VWqPHHVWFKDUJp GXGLVTXHGXU/HSUpVHQWDUWLFOHSUpVHQWHUDODID oRQGHFUpHUFHW\SHGHSURWHFWLRQ
6pOHFWLRQGXSURJUDPPHGH FRQWU{OHGHO LQWpJULWpGHV ¿FKLHUV 4XHO SURJUDPPH GH FRQWU{OH G LQWpJULWp GH ¿ FKLHUV SHXWRQ XWLOLVHU " (YLGHPPHQW YRXV SR XYH] FKRLVLU XQ SURJUDPPH TXHOFRQTXH 0D LVLOQHIDXWSDVRXEOLHUTXHODGLVTXHWWHQ DTXH 0R HW QRXV GHYRQV \ VDLVLU OH SURJUDP PHOHQR\DXHWOHUDPGLVTXH/H¿FKLHUGXQR\ DX SHXW RFFXSHU DVVH] GH SODFH PrPH V LO HVW FRPSDFWp ± .% HW SOXV & HVW SRXUTXRL OH
0RWWR 0rPHVLWXHVSDUDQRwDTXHFHODQHSURXYHTXHWX Q¶HVSDVVXLYL
)BLJO/ P
-YX^\VO NO VSX^Q\S^ N_ ]c]^OWO
'LIIpUHQWHVPDQLqUHVGHFRQWU{OHGHO¶LQWpJULWpGHV ¿FKLHUV ,OH[LVWHEHDXFRXSGHPpWKRGHVGHFRQWU{OHGHO¶LQWpJULWpGHV¿FKLHUV/DSOXVVLPSOH FRQVLVWHjFRPSDUHUDXPRGqOHOHQRPGX¿FKLHUODGDWHGHVDPRGL¿FDWLRQVDWDLOOHHW OHVGURLWVG¶DFFqV%LHQVUXQHWHOOHDSSURFKHQHQRXVJDUDQWLWSDVOHQLYHDXGHVpFX ULWpH[LJp±ORUVGHVPRGL¿FDWLRQVGDQVOH¿FKLHUVDWDLOOHQHGRLWSDVQpFHVVDLUHPHQW FKDQJHUHWODGDWHGHPRGL¿FDWLRQSHXWrWUHIDFLOHPHQWIDOVL¿pHSDUO¶LQWUXV /DVHFRQGHSOXVSDUIDLWHFRQVLVWHjFDOFXOHUOHVVRPPHVGHFRQWU{OHFU\SWRJUDSKL TXHVGHV¿FKLHUVHWjOHVFRPSDUHUDXPRGqOH3RXUFDOFXOHUOHVVRPPHVGHFRQWU{OH QRUPDOHPHQWRQXWLOLVHOHVIRQFWLRQVGHKDFKDJHFRPPHSDUH[HPSOH0'RX6+$ &HWWHDSSURFKHHVWSOXVVUHHQFHTXLFRQFHUQHODGpWHFWLRQGHO¶LQWpJULWpGX¿FKLHUSDUFH TX¶XQHGHVFDUDFWpULVWLTXHVFU\SWRJUDSKLTXHVGHODIRQFWLRQGHKDFKDJHUpVLGHGDQVOH IDLWTX¶HOOHHVWXQHIRFQWLRQVHQVXQLTXH&HODVLJQL¿HTXHSRXUXQHFKDvQHGHGRQQpHV LOHVWIDFLOHGHFDOFXOHUODYDOHXUGHODIRQFWLRQGHFRQGHQVDWLRQSDUFRQWUHLOHVWWUqVGLI¿FL OHG¶HIIHFWXHUO¶RSpUDWLRQLQYHUVH UHWURXYHUOHVGRQQpHVTXLFUpHQWOHKDFKpGRQQp /HGpVDYDQWDJHGHFHWWHPpWKRGHF¶HVWTX¶LOHVWQpFHVVDLUHGHVDXYHJDUGHUGDQV XQOLHXVUOHVYDOHXUVPRGqOHVGHVKDFKpVGHV¿FKLHUV6LRQOHVDXYHJDUGDLWDYHF OHV¿FKLHUVFRQWU{OpVO¶LQWUXVSRXUUDLWIDFLOHPHQWPRGL¿HUDXWDQWOH¿FKLHUTXHODYDOHXU PRGqOHGHVRQKDFKp$FDXVHGHFHODO¶HQVHPEOHGHVYDOHXUVPRGqOHVGHVUDFFRXU FLVHVWG¶KDELWXGHVDXYHJDUGpVXUXQVXSSRUWjSDUWSDUH[HPSOHVXUXQHGLVTXHWWH 1RXV SRXYRQV pYLWHU FHW LQFRQYpQLHQW HQ XWLOLVDQW OD VLJQDWXUH QXPpULTXH GHV ¿FKLHUV3RXUHIIHFWXHUXQHWHOOHVLJQDWXUHMHPHVHUVG¶XQHFOpSULYpHHWSRXUOHYpUL ¿HU±G¶XQHFOpSXEOLTXH&HVFOpVVRQWOLpHVHQWUHHOOHVPDLVLOHVWLPSRVVLEOHGHGpWHU PLQHUODFOpSULYpHjSDUWLUGHODFOpSXEOLTXH SOXVSUpFLVpPHQW±O¶pWDWDFWXHOGXGpYH ORSSHPHQWGHODWHFKQLTXHLQIRUPDWLTXHHWGHVPDWKpPDWLTXHVQHSHUPHWWHQWSDVGH OD GpWHUPLQHU GDQV XQ WHPSV UDLVRQQDEOH /H GpIDXW GH O¶XWLOLVDWLRQ GH OD VLJQDWXUH QXPpULTXHF¶HVWTXHOHVDOJRULWKPHVGHFDOFXOHWGHYpUL¿FDWLRQVRQWEHDXFRXSSOXV FRPSOLTXpVTXHOHFDOFXOGHVVRPPHVGHFRQWU{OH 1¶RXEOLRQVSDVGHSOXVXQIDFWHXUWUqVLPSRUWDQW6LXQLQWUXVDSULVOHFRQWU{OHGX V\VWqPHLOSHXWDORUVOHPRGL¿HUGHPDQLqUHjFHTXHOHV\VWqPHGHGpWHFWLRQGHV LQWUXVLRQQHIRQFWLRQQHSDVFRUUHFWHPHQW3RXUVHSURWpJHUFRQWUHFHGDQJHULOIDXW LPSpUDWLYHPHQWYpUL¿HUO¶LQWpJULWpGXV\VWqPHDYDQWVRQGpPDUUDJH
SURJUDPPHTXHQRXVYRXORQVPHWWUH VXUOHUDPGLVTXHGRLWrWUHG DVVH]SH WLWHWDLOOH+pODVODWDLOOHGHODSOXSDUW GHVSURJUDPPHVGLVSRQLEOHVFRPSL OpVGHIDoRQRUGLQDLUHHVWWURSLPSRU WDQWH3DUH[HPSOH±OH¿FKLHUH[pFX WDEOH GX ¿FKLHU LQWHJULW W D OD WDLOOH G H QYLURQ.R2XWUHFHODSRXUIRQF WLRQQHU LO QpFHVVLWH OHV ELEOLRWKqTXHV FRPPXQHV\FRPSULV OLEFHWOG G ±OHXU WDLOOHDXWRWDOHGRQQHSOXVGH0R6L QRXV PHWWRQV WRXW FHOD VXU OH UDPGL VTXHQRXVREWHQRQVXQHLPDJHWURS JUDQGH SRXU XQH GLVTXHWWH 'HX[ ID oRQV GH UpVRXGUH FH SUREOqPH VH SUpVHQWHQW QRXV SRXYRQV XWLOLVHU OH VXSSRUWGHSOXVJUDQGHFDSDFLWp OHF WHXU=,3GLVTXH86%,20(*$-D]] HWF RXHVVD\HUGHUpGXLUHODWDLOOHGX SURJUDPPH /D SUHPLqUH PpWKRGH HVW OD SOXV IDFLOH PDLV HOOH D XQ LQFR
)BLJO/ P
QYpQLHQW LPSRUWDQW 7RXV OHV RUGL QDWHXUV QH VRQW SDV GRWpV GH OHF WHXUV SRXU FHV VXSSRUWV OH %,26 QH SHUPHW SDV WRXMRXUV G DPRU FHU j SDUWLU GH FHX[FL & HVW SR XUTXRL LO FRQYLHQW PLHX[ GH VH VHUYLUGHODVHFRQGHPpWKRGH3R XUWDQW DILQ G DYRLU XQH YHUVLRQ VWDWLTXH OLpH GX SURJUDPPH LO IDXW G DERUG HIIHFWXHU XQH FRPSL ODWLRQVRXYHQWWUqVFRPSOLTXpHHW ELHQVUSRVVpGHUOHVYHUVLRQVGHV ELEOLRWKqTXHV XWLOLVpHV SDU OH SUR JUDPPHQRQVHXOHPHQWG\QDPLTX HV PDLV DXVVL VWDWLTXHV 'H SOXV
OH ILFKLHU TXH O RQ REWLHQW FRPPH UpVXOWDW SHXW V DYpUHU WURS JUDQG SRXUOHPHWWUHVXUXQHGLVTXHWWH & HVW SRXUTXRL GDQV OH V\VWqPH SUpVHQWpGDQVO DUWLFOHMHPHVXLVGpFL GpjXWLOLVHUOHSURJUDPPHTXHM DLFR QoX PRLPrPH VXP HW GH OH FRPSLOHU DX PR\HQ GX SDTXHW GLHW OLEF&HSDTXHWHVWGHVWLQpjODFUpD WLRQ OHV DSSOLFDWLRQV DXWRQRPHV TXL SRXU IRQFWLRQQHU Q RQW SDV EHVRLQ GH ELEOLRWKqTXHV FRPPXQHV SRXU IRQF WLRQHU /H SURJUDPPH VXP VHUW j FDOFXOHU OD VRPPH GH FRQWU{OH VXLYDQW O DOJRULWKPH FU\SWRJUDSKL TXH UXVVH *267 3XLV TXH GDQV OH SURJUDPPH QRXV Q D YRQV XWLOLVp TXH OD VWUXFWXUH $16, & QRXV SRXYRQV OH FRPSLOHU VDQV SUREOqPH VXU XQH SODWHIRUPH TXHO FRQTXH'DQVQRWUHFDVSRXUFRPSL OHUOHSURJUDPPHjO DLGHGH GLHWOLEF QRXVDOORQVXWLOLVHUOH¿FKLHU0DNH¿OH SUpVHQWpGDQVOH/LVWLQJ /H FRGH VRXUFH GX SURJUDPPH DYHFOH¿FKLHU0DNH¿OH HVWjWURXYHU VXU ,QWHUQHW j O DGUHVVH LQGLTXpH j OD ¿QGHO DUWLFOH YRXVOHWURXYHUH]DXVVL VXUOH&'IRXUQLDYHFOHPDJD]LQH /H SURJUDPPH HVW WUqV VLPSOH G HPSORL 6L RQ OH GpPDUUH VDQV SDUDPqWUHV LO DI¿FKHXQEUHIPRGHG HPSORL 8VDJH VXP^¿OHQDPH_GLUQDPH`_ ^RSWSDUDPHWHU`ZKHUH RSWSDUDPHWHULV O RU/ OLVW¿OHQDPHFDOFXODWH FKHFNVXPIRU¿OHVOLVWHG LQOLVW¿OHQDPH 9YHULI\OLVWYHULI\¿OHV E\YHULI\OLVW YYHULI\OLVWVDPHDVDERYHEXW TXLHW GLVSOD\RQO\HUURUV R RU2 ¿OHQDPHUHGLUHFWRXWSXW WR¿OHQDPH
6LO RQVDLVLWFRPPHSDUDPqWUHOHQRP GX ¿FKLHU LO FDOFXOHUD VD VRPPH GH
/LVWLQJ)LFKLHU0DNH¿OHTXLVHUWjFRPSLOHUOHSURJUDPPHVXP VXP VXPF GLHWJFFVSLSH2V'81,;RVXPVXPF FOHDQ UPIVXP
XXXIBLJOPSH
FRQWU{OHHWpFULUDSRXUODVRUWLHVWDQ GDUG OHV GRQQpHV VXLYDQWHV VpSD UpHVSDUOHWDEXODWHXU QRP GX ¿FKLHU VRPPH GH FRQ WU{OH WDLOOHGX¿FKLHU GDWHGHPRGL¿ FDWLRQ WHPSVGHPRGL¿FDWLRQ±87& 3DUH[HPSOH VXPELQEDVK ELQEDVK%$ '''(
0DLQWHQDQW Gp¿QLVVRQV OH MHX GH ¿ FKLHUV j YpUL¿HU DYDQW OH ODQFHPHQW GX V\VWqPH 3RXU FRPSRVHU FHWWH OL VWH QRXV DOORQV XWLOLVHU OHV PRGXOHV GXQR\DX GXUpSHUWRLUH OLEPRGXOHV OHV SURJUDPPHV GHV UpSHUWRLUHV ELQ XVUELQVELQXVUVELQ XWLOLVpVORUVGX ODQFHPHQWGXV\VWqPHHWOHVVFULSWVGH GpPDUUDJHGXUpSHUWRLUH HWFLQLWG G RX DQDORJLTXHV±HQIRQFWLRQGHODGLVWUL EXWLRQ $SUqVODGp¿QLWLRQGHODOLVWHG R EMHWV LO IDXW pQXPpUHU OHXUV VRP PHV GH FRQWU{OH /RUV GH OHXU YpUL ¿FDWLRQ SHQGDQW OH ODQFHPHQW GX V\VWqPH OH V\VWqPH GH ¿FKLHUV SULQFLSDOVHUDPRQWpGDQVOHUpSHU WRLUH PQWW GLVSRQLEOH VXU OH UDPGL VTXH $YDQW O H[pFXWLRQ GX ¿FKLHU FRQWHQDQWOHVVRPPHVGHFRQWU{OH LOVHUDXWLOHGHFUpHUGDQVOHUpSHU WRLUH PQWW OHVOLHQVV\PEROLTXHVDS SURSULpVSDUH[HPSOH OQVELQPQWELQ OQVXVUPQWXVU
/HODQFHPHQWGXV\VWqPH/LQX[SHXWVHGpURXOHUHQXQHRXHQGHX[pWDSHV /RUV GX ODQFHPHQW HQ XQH pWDSH OH SURJUDPPH GH GpPDUUDJH /,/2 /RDGOLQ *58% HWF FKDUJH GDQV OD PpPRLUH O¶LPDJH GX QR\DX TXL UHoRLW OHV SDUDPqWUHV DSSURSULpV$SUqVODUHSULVHGHODFRPPDQGHOHQR\DXPRQWHOHV\VWqPHGH¿FKLHUV SULQFLSDOHWODQFHOH¿FKLHUHWFLQLWTXLHQVXLWHODQFHHWFRQ¿JXUHOHV\VWqPH $YHFOHODQFHPHQWHQGHX[pWDSHVOHSURJUDPPHGHGpPDUUDJHRXWUHOHQR\DX FKDUJHDXVVLGDQVODPpPRLUHOHUDPGLVTXHFRQWHQDQWOHV\VWqPHGH¿FKLHUVPLQLPDO LOHVWXWLOHGHUDSSHOHUTXHVLOHQR\DXTXHOHV\VWqPHGH¿FKLHUVVRQWFRPSUHVVpVDX PR\HQGHO¶DOJRULWKPHJ]LSLOVVRQWDXVVLGpFRPSDFWpVSDUOHSURJUDPPHGHGpPDU UDJH $SUqVUHSULVHGHODFRPPDQGHOHQR\DXPRQWHOHV\VWqPHGH¿FKLHUVGLVSRQLEOH VXUOHUDPGLVTXHHWODQFHOH¿FKLHUOLQX[UF &HSURJUDPPHFKDQJHOHV\VWqPHGH¿FKLHUV SULQFLSDOHQV\VWqPHDSSURSULpGLVSRQLEOHVXUOHGLVTXHGXUHWWUDQVPHWODFRPPDQGH DXSURJUDPPHHWFLQLWW ±FRPPHGDQVOHFDVGXODQFHPHQWHQXQHpWDSH/HFRQWHQXGX UDPGLVTXHHVWGLVSRQLEOHGDQVOHUpSHUWRLUHLQLWUG G RXVXUOHPDWpULHOGHYLQLWUG G /HODQFHPHQWGXV\VWqPHHQGHX[pWDSHVHVWSUDWLTXpG¶KDELWXGHGDQVOHVFDV RLOHVWQpFHVVDLUHGHSUpSDUHUOHV\VWqPHGH¿FKLHUVSULQFLSDODYDQWGHOHPRQWHU SDU H[HPSOH V¶LO HVW FU\SWp LO IDXW O¶LQLWLDOLVHU OH PRQWHU VXU GHYORRS HW GHPDQGHU j O¶XWLOLVDWHXU GH GRQQHU OH PRW GH SDVVH LQGLVSHQVDEOH DX GpFU\SWDJH 7RXWHV FHV GpPDUFKHVVRQWHIIHFWXpHVSDUOLQX[UFTXLVHWURXYHVXUOHUDPGLVTXHHWSHXWrWUHXQ W\SHTXHOFRQTXHGX¿FKLHUH[pFXWDEOH±SDUH[HPSOHXQ¿FKLHUDXIRUPDW(/)RXXQ VFULSW'DQVFHGHX[LqPHFDVOHUDPGLVTXHGRLWFRQWHQLUO¶LQWHUSUpWHXUDSSURSULp SDU H[HPSOHVK RX SHUO 4XDQWjQRXVQRXVDOORQVXWLOLVHUOHFKDUJHPHQWHQGHX[pWDSHVSRXUYpUL¿HUVL ORUVGHQRWUHDEVHQFHXQPDOYHLOODQWQ¶DSDVPRGL¿pGH¿FKLHUVLPSRUWDQWV
VXPPQWELQRELQOVW VXPPQWXVUELQRXELQOVW
'H OD PrPH IDoRQ QRXV FDOFXORQV OHVVRPPHVGHFRQWU{OHSRXUOHVDX WUHV ¿FKLHUV ,O IDXW SUrWHU DWWHQWLRQ DXIDLWTXHOH¿FKLHUGRQWODVRPPH FRQWU{OH HVW FDOFXOpH Q HVW SDV XQ OLHQV\PEROLTXHYHUVOHFKHPLQGp¿ QL GH IDoRQ DEVROXH HW SDV UHODWL YH SXLVTXHFHODSHXWSURGXLUHGHV HUUHXUVORUVGHODYpUL¿FDWLRQXOWpULHX UH GH O LQWpJULWp 3DU H[HPSOH VL OH ¿FKLHUELQVKHVWXQOLHQV\PEROLTXH YHUV OH ¿FKLHU HWFDOWHUQDWLYHVVK HWSDV HWFDOWHUQDWLYHVVK DORUV ORUVTXH OH V\VWqPH GH ¿FKLHU SULQ
.POX]O
0DLQWHQDQWQRXVSRXYRQVSURFpGHU j OD FUpDWLRQ GH OD EDVH GHV VRP PHVGHFRQWU{OH3RXUFHODQRXVDO ORQVXWLOLVHUOHSURJUDPPHVXP DYHFO RSWLRQ R TXLSHUPHWG HQUHJL VWUHUOHUpVXOWDWGDQVXQ¿FKLHU
8QHEUqYHGHVFULSWLRQGXODQFHPHQWGXV\VWqPH /LQX[
)LJXUH/DQFHPHQWGXV\VWqPH/LQX[HQXQHpWDSH
XXXIBLJOPSH
FLSDO VHUD PRQWp GDQV PQW OH OLHQ LQGLTXHUD XQ REMHW LQH[LVWDQW SDUFH TXH OH ¿FKLHU GRQW QRXV SDUORQVQHVHWURXYHUDSDVGDQV HWF DOWHUQDWLYHVVKPDLVGDQVPQWHWF DOWHUQDWLYHVVK 0DLQWHQDQW TXDQG QRXV DYRQV XQH LQIRUPDWLRQ PRGqOH TXL SHXW VH UYLUjODYpUL¿FDWLRQGHO LQWpJULWpQRXV SRXYRQVSURFpGHUjODSUpSDUDWLRQGH ODGLVTXHWWHGHGpPDUUDJH
3UpSDUDWLRQGH ODGLVTXHWWHGH GpPDUUDJH 9RXV SRXYH] FUpHU OD GLVTXHWWH GH GpPDUUDJHHQFRSLDQWOHV¿FKLHUVDYHF OH QR\DX HW O LPDJH GH UDPGLVTXH VXU XQHGLVTXHWWH/DFRQ¿JXUDWLRQHVWHI IHFWXpHjO DLGHGXSURJUDPPHUGHY/H Y GpIDXW GH FHWWH PpWKRGH HVW TX LO IDXW FRSLHUWRXWOHGLVTXHSRXUHIIHFWXHUOHV PRGL¿FDWLRQV (Q RXWUH XQH WHOOH GL VTXHWWHQHFRQWLHQGUDSDVGHV\VWqPH GH ¿FKLHUV HW LO VHUD GLI¿FLOH GH OD FR SLHUDXPR\HQGHVPpWKRGHVWUDGLWLRQ QHOOHV /D VHFRQGH PpWKRGH FRQVLVWH
)BLJO/ P
-YX^\VO NO VSX^Q\S^ N_ ]c]^OWO
&RPSLODWLRQGXQR\DX
3DTXHWGLHWOLEF /HSDTXHWGLHWOLEFF IDLWSDUWLHGHODSOXSDUWGHVGLVWULEXWLRQV3DUH[HPSOHSRXUO¶LQVWDOOHU VRXV'HELDQLOVXI¿WGHWDSHUODFRPPDQGHVXLYDQWH DSWJHWLQVWDOOGLHWOLEFGHY
6L OD GLVWULEXWLRQ XWLOLVpH QH SRVVqGH SDV FH SDTXHW LO HVW WRXMRXUV SRVVLEOH GH OH WpOpFKDUJHU VXU ,QWHUQHW /D SDJH G¶DFFXHLO GX SURMHW VH WURXYH j O¶DGUHVVH KWWS ZZZIHIHGHGLHWOLEF $SUqVOHWpOHFKDUJHPHQWGHO¶DUFKLYHLOIDXWDORUVWDSHUODFRPPDQGH PDNH
3RXU UpVXOWDW QRXV REWLHQGURQV OD YHUVLRQ VWDWLTXH GH OD ELEOLRWKqTXH GLHWOLEFD HW OH SURJUDPPHGLHWW TXLVHWURXYHUD VXLYDQWO¶DUFKLWHFWXUH GDQVO¶XQGHFHVUpSHUWRLUHV ELQLELQSSFELQDOSKDELQVSDUFELQSSF F OXEELQDUP/HSURJUDPPHGLHWW GRLWrWUH HQVXLWHLQVWDOOpSDUODFRPPDQGH PDNHLQVWDOO
jXWLOLVHUODGLVTXHWWHDXIRUPDW)$7 HW j ODQFHU OH QR\DX j O DLGH GX SUR JUDPPHOGOLQX[V\V 4XDQWjQRXVQRXVDOORQVXWLOLVHU ODVHFRQGHPpWKRGH
6L OH UpSHUWRLUH ÀRSS\ Q H[LVWH SDV YRXVSRXYH]OHFUpHU PNGLU ÀRSS\\ RXXWLOLVHUXQDXWUHUpSHUWRLUH 5HJDUGRQVXQSHXOHFRQWHQXGH ODGLVTXHWWH
&UpDWLRQG XQPRGqOH
OVÀRSS\
&RPPHPRGqOHQRXVSRXYRQVXWLOLVHU O LPDJH GH OD GLVTXHWWH GH VHFRXUV GH ODGLVWULEXWLRQXWLOLVpH1RXVDOORQVQRXV VHUYLUGHODGLVTXHWWHGHODGLVWULEXWLRQGH 'HELDQ*18/LQX['DQVFHWWHGLVWULEX WLRQO LPDJHGHODGLVTXHWWHGHVHFRXUV HVWGLVSRQLEOHVXUOHSUHPLHU&'G LQVWDO ODWLRQ GDQV OH UpSHUWRLUH GLVWVZRRG\ PDLQGLVNVLFXUUHQWLPDJHV HWHOOHV DSSHOOH UHVFXHELQ $¿Q GH FUpHU OD GLVTXHWWH GH GpPDUUDJH LO IDXW PHWWUH GDQV OH OHFWHXUXQHGLVTXHWWHYLHUJHHW\HQ UHJLVWUHU O LPDJH SDU OD FRPPDQ GH FDW
FRQ¿JJ]GHELDQW[WIW[WIW[W IW[WIW[WIW[WIW[WIW[W
/HQR\DXGXV\VWqPH/LQX[SHXWrWUH FRPSLOpGHIDoRQjJpUHUGLIIpUHQWHV IRQFWLRQV RX PDWpULHOV VWDWLTXHPHQW GDQV FH FDV OHV SLORWHV DSSURSUL pVIRQWSDUWLHGXQR\DX RXG\QDPL TXHPHQW ± DORUV OHXU FRGH H[pFXWD EOHVHWURXYHGDQVOHV¿FKLHUVjSDUW PRGXOHV &RPPHQRXVO DYRQVGpMjGLWQR XV VRPPHV OLPLWpV SDU O HVSDFH OLEUH GLVSRQLEOH VXU OD GLVTXHWWH GRQF OH QR\DXQHGRLWSDVrWUHWURSJUDQG3R XUFHODQRXVGHYRQVDQDO\VHUGHTX HOV PDWpULHOV HW GH TXHOOHV IRQFWLRQV QRXVDYRQVEHVRLQORUVGHODSUHPLqUH pWDSHGXODQFHPHQWGXV\VWqPHHWTX HOVDXWUHVSHXYHQWrWUHFRPSLOpVFRP PHPRGXOHV3DUH[HPSOHM DLGpFLGp GHFRSLHUGDQVPRQV\VWqPHHQWDQW TXHPRGXOHODJHVWLRQGHODFDUWHVRQ 6RXQG%ODVWHU$:(GXOHFWHXU=,3 $7$3,ÀRSS\ GHVPDWpULHOV6&6,HW 86%1)61/6333HWDXWUHVIRQF WLRQV LQXWLOHV GDQV OD SUHPLqUH pWDSH GXODQFHPHQWGXV\VWqPH 3RXU TXH OH ODQFHPHQW GX V\V WqPH HQ GHX[ pWDSH VRLW SRVVLEOH ORUV GH OD FRPSLODWLRQ LO IDXW DFWLYHU OHVRSWLRQVVXLYDQWHV
IW[WIW[WI W[WLQVWDOOVK OGOLQX[V\VOLQX[ELQUGHYVK
UHDGPHW[WV\VBPDSJ]V\VOLQX[FIJ
5$0 GLVN VXSSRUW W &21),*B %/.B'(9B5$0 ,QLWLDO 5$0 GLVN N LQLWUG VXSSRUW &21),*B%/.B'(9B,1,75'
W\SHW[W
/D SOXSDUW GH FHV ¿FKLHUV VRQW LQX WLOHVGRQFQRXVSRXYRQVOHVVXSSUL PHURXOHVFKDQJHU
1 RXEOLH]SDVTXHFHVRSWLRQVGRLYHQW rWUHDFWLYpHVGHIDoRQVWDWLTXH UWSDV
FDWUHVFXHELQ!GHYIG
RXODFRPPDQGHGG GGLI UHVFXHELQRI GHYIG
6L O HQUHJLVWUHPHQW D UpXVVL SDV GH PHVVDJHV G HUUHXU QRXV SRXYRQV PRQWHU OD GLVTXHWWH DX PR\HQ GH OD FRPPDQGHPRXQW PRXQWGHYIGÀRSS\
)BLJO/ P
)LJXUH/DQHFPHQWGXV\VWqPH/LQX[HQGHX[pWDSHV
XXXIBLJOPSH
/LVWLQJ)LFKLHU0DNH¿OHSRXUUHDGF
1RWUHYHUVLRQGHOD FRPPDQGHUHDG
UHDG UHDGF GLHWJFFVSLSH2VRUHDGUHDGF FOHDQ UPIUHDG
HQ PRGXOHV SDUFH TXH OHV PRGXOHV VHURQW SUpVHQWV VXU OH YUDL V\VWqPH GH¿FKLHUVSULQFLSDO VXUOHGLVTXHGXU HWORUVGHODSUHPLqUHpWDSHGXODQFH PHQW GX V\VWqPH QRXV Q HQ DXURQV SDVEHVRLQ $¿Q GH UHFRPSLOHU OH QR\DX LO IDXWGLVSRVHUVHVVRXUFHV(OOHVVRQW GLVSRQLEOHVGDQVFKDTXHGLVWULEXWLRQ LOVXI¿WG LQVWDOOHUOHSDTXHWDSSURSUL p YRXVSRXYH]DXVVLOHVWpOpFKDUJHU VXU ,QWHUQHW KWWS ZZZNHUQHORUJ RXXQGHVVHUYHXUVPLURLUV ' KDELWXGH OHV VRXUFHV GX QR\ DXVRQWGDQVOHVUpSHUWRLUHXVUVUF OLQX[ 6L FH UpSHUWRLUH Q H[LVWH SDV LOIDXWOHFUpHUHWWpOpFKDUJHUOHVVRXU FHVjSDUWLUG ,QWHUQHW 4XDQGOHVVRXUFHVVRQWFKDUJpHV HWGpFRPSDFWpHV RXLQVWDOOpHVjSDUWLU GXSDTXHW QRXVSRXYRQVFRPPHQFHU ODFRPSLODWLRQ3RXUFHODLOIDXWHQWUHU GDQVOHUpSHUWRLUHGHVVRXUFHV FGXVUVUFOLQX[
HW HIIHFWXHU OD FRQ¿JXUDWLRQ VXLYDQW OHVSUHVFULSWLRQVFLGHVVXV$FHWHI IHW QRXV GHYRQV H[pFXWHU OD FRP PDQGHVXLYDQWH PDNHPHQXFRQ¿J
RX PDNHFRQ¿J
.POX]O
(QVXLWH QRXV SRXYRQV FRPPHQFHU ODFRPSLODWLRQ PDNHGHS PDNHFOHDQ PDNHE],PDJH
/LVWLQJ3URJUDPPHUHDGF LQFOXGH VWGLRK! PDLQ YRLG ^ JHWFKDU `
/HSURFHVVXVGHFRPSLODWLRQGXQR\DX SHXWGXUHUTXHOTXHWHPSV/H¿FKLHUGX QR\DXREWHQXFRPPHUpVXOWDWVHWURXYH GDQV OH UpSHUWRLUH XVUVUFOLQX[DUFK LERRWW VRXVOHQRPE],PDJH (QVXLWHQRXVFRPSLORQVOHVPR GXOHVGXQR\DX PDNHPRGXOHV
8QHIRLVODFRPSLODWLRQGHVPRGXOHVGX QR\DX WHUPLQpH HOOH DXVVL SHXW GXUHU XQSHXGHWHPSV QRXVOHVLQVWDOORQV DXPR\HQGHODFRPPDQGHVXLYDQWH PDNHPRGXOHVBLQVWDOO
&HWWH FRPPDQGH SODFH OHV PRGX OHVGDQVOHVRXVUpSHUWRLUHDSSURSULp GDQVOLEPRGXOHV $¿Q TXH OH ODQFHPHQW GX V\VWqPH jSDUWLUGXGLVTXHGXUVRLWOHPrPHTXH OH ODQFHPHQW j SDUWLU GH OD GLVTXHWWH HWSRXUV DVVXUHUTXHOHQR\DXHVWSUrW jWUDYDLOOHULOIDXWOHPHWWUHGDQVOHOLHX SUpFLVGXV\VWqPHGH¿FKLHUV QRUPDOH PHQWF HVWOHUpSHUWRLUH ERRWWRXWHIRLV W GDQVFHUWDLQVV\VWqPHVOHQR\DXSHXW VHWURXYHDLOOHXUVSDUH[HPSOHGDQVOH UpSHUWRLUHSULQFLSDO HWLQIRUPHUVXUVRQ HPSODFHPHQWOHSURJUDPPHGHGpPDU UDJH/HQR\DXGRLWrWUHHQUHJLVWUpVRXV XQQRPXQLTXH GHIDoRQjQHSDVUHP SODFHU OH ¿FKLHU GX QR\DX SUpFpGHQW QRXV SRXYRQV HQ DYRLU HQFRUH EH VRLQ (QVXLWH LO IDXW VDLVLU OHV PRGL ¿FDWLRQV DSSURSULpHV GDQV OH ¿FKLHU
6XU OH UDPGLVTXH XWLOLVp OH SURJUDP PH EXV\ER[ [ HVW GLVSRQLEOH ,O MRXH OH U{OH GH SOXVLHXUV RXWLOV WUqV XWLOHV ,OVHWURXYHGDQVOHUpSHUWRLUHYDUHWVD U IRQFWLRQ GpSHQG GX QRP VRXV OHTXHO LO VHUD ODQFp F¶HVWjGLUH VRXV TXHO OLHQ V\PEROLTXH 3DUPL FHV IRQFWLRQV QRXV HQ PDQTXRQV XQH GRQW QRXV DXURQW EHVRLQGDQVOHVVFULSWV±F¶HVWODVDLVLH GX PRW GH SDVVH j SDUWLU GX FODYLHU 3RXU UHPSODFHU OD FRPPDQGH UHDG QRXV DOORQV FUpHU XQ SHWLW SURJUDPPH TXL HQVXLWH VHUD FRPSLOp j O¶DLGH GH GLHWOLEF±FIOHV/LVWLQJVHW F /HSURJUDPPHFRPSLOpHVWjPHWWUH GDQVOHUpSHUWRLUHYDUVXUOHUDPGLVTXH U
HWFOLORFRQI I YRLU O HQFDGUp HW GRQQHU HQWDQWTXHURRW ODFRPPDQGH W OLOR6L GDQVOHV\VWqPHQRXVQ XWLOLVLRQVSDV/, /2FRPPHSURJUDPPHGHGpPDUUDJH PDLVSDUH[HPSOH*58%LOIDXWOHFRQ ¿JXUHUGHODPrPHIDoRQ OHVH[SOLFD WLRQVSOXVGpWDLOOpHVGDQVODGRFXPHQWD WLRQDSSURSULpHGXFKDUJHXUXWLOLVp 0DLQWHQDQW QRXV SRXYRQV UHGp PDUUHU OH V\VWqPH HW YpUL¿HU VL OH QR\DX HVW FRUUHFWHPHQW ODQFp 6L OH V\VWqPHQHIRQFWLRQQHSDVFRUUHFWH PHQWRXQHGpPDUUHSDVLOIDXWODQ FHU OD YHUVLRQ SUpFpGHQWH GX QR\ DX SXLV HQVXLWH FRQ¿JXUHU HW FRP SLOHUOHQR\DX±SUREDEOHPHQWQRXV DYRQVRXEOLpG DFWLYHUODJHVWLRQG XQ PDWpULHORXODIRQFWLRQXWLOH 4XDQG OH QR\DX HVW GpMj SUrW FHOD VLJQL¿H TXH OD PRLWLp GX WUD YDLO HVW IDLWH ± j FH PRPHQW QRXV DYRQV JDJQp OH GURLWV GH ERLUH XQ SHWLWFDIp
)RQFWLRQGHKDFKDJH /DIRQFWLRQGHKDFKDJHHVWXQHIRQFWLRQTXLWUDQVIRUPHXQHFKDvQHGHGRQQpHVGHORQJX HXUTXHOFRQTXHHQXQHVXLWHGHFDUDFWqUHVDVVH]FRXUWHUHSUpVHQWDQWOHWH[WHTX¶HOOHFRQ GHQVH,OHQUpVXOWHTXHGHVFROOLVLRQVDOpDWRLUHV VLWXDWLRQVRGHX[¿FKLHUVRQWOHPrPH FRQGHQVp SHXYHQW VH SURGXLUH SRXU XQH IRQFWLRQ GH KDFKDJH TXHOFRQTXH SXLVTXH OH GRPDLQHGHODIRQFWLRQGHKDFKDJH QRPEUHG¶HQWUpHGHGRQQpHVSRVVLEOHV HVWVXSpULHXU jVRQFRQWUHGRPDLQH QRPEUHGHFRQGHQVpVSRVVLEOHV 1pDQPRLQVSRXUUHWURXYHUXQ HQVHPEOHGHGRQQpHVGRQQDQWOHPrPHFRQGHQVpTX¶XQHQVHPEOHGRQQpLOIDXWHIIHFWX HUXQHUHFKHUFKHVXLYDQWODPpWKRGHEUXWHIRUFHFHTXLSUHQGEHDXFRXSGHWHPSV
XXXIBLJOPSH
)BLJO/ P
-YX^\VO NO VSX^Q\S^ N_ ]c]^OWO
3UpSDUDWLRQGHUDPGLVTXH
/LVWLQJ6FULSWOLQX[UF
3RXU QH SDV SUpSDUHU OH UDPGLVTXH GqV OH GpEXW QRXV DOORQV XWLOLVHU OH PRGqOHDYHFXQHVROXWLRQWRXWHSUrWH ±QRXVSRXYRQVSDUH[HPSOHXWLOLVHU ODPLQLGLVWULEXWLRQ63%/LQX[YHUVLRQ (OOHVHFRPSRVHGHGHX[GLVTX HWWHV±OHVDUFKLYHVVRQWjWpOpFKDU JHU j SDUWLU G ,QWHUQHW LOV VRQW DXVVL GLVSRQLEOHVVXUOH&'IRXUQLDYHFOH PDJD]LQH 'H GHX[ DUFKLYHV H[LVWDQWV ± GL VN]LS HW GLVN]LS ± QRXV Q DOORQV XWLOLVHU TXH OH SUHPLHU ,O IDXW OH Gp FRPSDFWHU HW HQVXLWH GDQV OH VR XVUpSHUWRLUH ERRWW WURXYHU OH ¿FKLHU UDPGLVN &H ¿FKLHU HVW XQH LPDJH FRPSDFWpHGXUDPGLVTXH3RXUOHPR GL¿HULOIDXWOHGpFRPSDFWHUHWPRQ WHU 3RXU FHOD QRXV DOORQV FKDQJHU OH QRP GX ¿FKLHU UDPGLVN N HQ UDP GLVNJ]HWH[pFXWHUODFRPPDQGH ]
(QVXLWH QRXV FUpRQV XQ UpSHUWRLUH GDQVOHTXHOQRXVPHWWRQVOHV¿FKLHUV DYHFOHVVRPPHVGHFRQWU{OH
JXQ]LSGUDPGLVNJ]
PNGLUWPSUDPHWFVXP
(QVXLWH QRXV FUpRQV XQ UpSHUWRLUH WHPSRUDLUH
$SUqV QRXV \ FRSLRQV OHV ¿FKLHUV FUppV DX SUpDODEOH GDQV QRWUH FDV ±ELQOVWHWXELQOVW 0DLQWHQDQW QRXV SDVVRQV j OD SUpSDUDWLRQGX¿FKLHUOLQX[UFTXLODQ F FHUD GLUHFWHPHQW OH SURJUDPPH GH FRQWU{OH 3RXU FHOD LO IDXW UHPSOD FHU OH ¿FKLHU OLQX[UFF GLVSRQLEOH VXU OH UDPGLVTXH SDU OH ¿FKLHU SUpVHQWp GDQVOH/LVWLQJWRXWFHODDSUqVDYR LUHIIHFWXpOHVPRGL¿FDWLRQVDSSURSUL pHVGDQVFHGHUQLHU/HVFULSWFLGHV VRXVH[pFXWHOHVDFWLRQVVXLYDQWHV
PNGLUWPSUDP
PDLQWHQDQWQRXVSRXYRQVPRQWHUOH UDPGLVTXH PRXQWUDPGLVNWPSUDPRORRS
/H UpSHUWRLUH WPSUDP FRPSUHQG OH FRQWHQX GX UDPGLVTXH ,FL QRXV SR XYRQVHIIHFWXHUOHVPRGL¿FDWLRQVYR XOXHV&RPPHQoRQVSDUODFRSLHGX ¿FKLHU H[pFXWDEOH GX SURJUDPPH VXP FSVXPWPSUDPELQ
YDUVK YDUHFKR VWDUWOLQX[UF YDUPRXQWSURF YDUHFKRPRXQWUHDOURRW¿OHV\VWHP YDUPRXQWGHYKGFPQWWH[W ELQVXPYHWFVXPELQOVW YDUHFKR+LWHQWHU YDUUHDG ELQVXPYHWFVXPXELQOVW YDUHFKR+LWHQWHU YDUUHDG YDUHFKRXPRXQWUHDOURRW¿OHV\VWHP YDUXPRXQWPQW YDUXPRXQWSURF YDUHFKR+LWHQWHU YDUHFKR ¿QLVKOLQX[UF YDUUHDG
,OPRQWHOHV\VWqPHGH¿FKLHUV VSpFLDOSURF 6DQV FHOD LO Q HVW SDV SRVVLEOH G X WLOLVHU G DXWUHV V\VWqPHV GH ¿FKLHUV
4XDQGOHVVRXUFHVGXQR\DXVRQWHQSOXVLHXUVYHU VLRQV ,OSHXWDUULYHUTXHOHV\VWqPHFRQWLHQQHOHVVRXUFHVGHSOXVLHXUVYHUVLRQVGXQR\DX'DQVFH FDVOHSOXVFRPPRGHHVWGHSODFHUOHVVRXUFHVGHFKDTXHYHUVLRQGDQVXQVRXVUpSHUWRLUH VpSDUpGDQVXVUVUFHWGHFUpHUXQOLHQV\PEROLTXHYHUVODYHUVLRQDFWXHOOH3DUH[HPSOH F OVXVUVUF NHUQHOVRXUFHL NHUQHOVRXUFH OQVNHUQHOVRXUFHOLQX[
)BLJO/ P
XXXIBLJOPSH
'DQV QRWUH FDV VXU OH UDPGLVTXH OH ¿FKLHU HWFIVWDE FRQWLHQW OD OLJQH SURFSURF6LOHUDPGLVTXHXWLOLVpQH FRQWLHQWSDVFH¿FKLHULOIDXWOHFUpHU HW PRQWHU GH IDoRQ PDQXHOOH j O D LGHGHODFRPPDQGHYDUPRXQWSURF SURF
,OPRQWHOHYUDLV\VWqPHGH ¿FKLHUVSULQFLSDOGDQVOH UpSHUWRLUHPQW 9HXLOOH] UHPDUTXHU TXH GDQV OH VFULSW LO IDXW FKDQJHU OH PDWpULHO GHYKGF SRXUFHOXLTXLFRQWLHQWQR WUHV\VWqPHGH¿FKLHUVSULQFLSDO
,OODQFHOHSURJUDPPH VXP &H SURJUDPPH YpUL¿H OHV VRPPHV GHFRQWU{OHSRXUOHVUpSHUWRLUHV PQW ELQ HW PQWXVUELQ 6L QRXV YRXORQV YpUL¿HUDXVVLOHVDXWUHV¿FKLHUVLOID XW OHV DMRXWHU DX VFULSW /HV ¿FKLHUV DYHF OHV PRGqOHV GH VRPPHV GH FRQWU{OHSHXYHQWrWUHXQLVHQXQVHXO ¿FKLHU QRUPDOHPHQWFHVRQWGHV¿ FKLHUVWH[WH &RPPHoDVXP Q HVWODQFpTX XQHIRLV
,OGpPRQWHOHV\VWqPHGH ¿FKLHUVHWSURF & HVWQpFHVVDLUH6LDSUqVOD¿QGX WUDYDLOGH OLQX[UFLOUHVWHHQFRUHGHV V\VWqPHVGH¿FKLHUVQRQGpPRQWpV OHQR\DXSHXWVHFRPSRUWHUGHIDoRQ LPSUpYXHHWSURYRTXHUOHVHUUHXUVHW FRQÀLWV
$ FH PRPHQW OH UDPGLVTXH HVW GpMjSUrW±RQSHXWOHGpPRQWHU XPRXQWWPSUDP
HWHQVXLWHFRPSDFWHU
&RQ¿JXUDWLRQGHOLOR 3RXUDYRLUODSRVVLELOLWpGHFKRLVLUOHQR\DXjGpPDUUHUGDQVOH¿FKLHUHWFOLORFRQII LOIDXW GpFRPPHQWHU HQOHYHUOHV\PEROH GXSDUDPqWUH SURPSW3RXUDMRXWHUXQQRXYHDX QR\DXjODOLVWHLOIDXWpFULUHOHVOLJQHVVXLYDQWHV LPDJH ERRWNHUQHOFKN
J]LSUDPGLVN
ODEHO NHUQHOFKN UHDGRQO\
HWFRSLHUVXUXQHGLVTXHWWH FSUDPGLVNJ]ÀRSS\
6XU OD GLVTXHWWH LO IDXW DXVVL SODFHU OHQR\DXFRPSLOpDXSUpDODEOH/H¿ FKLHUGRLWSRUWHUOHQRPNHUQHO FRS\XVUVUFOLQX[DUFKL6
/¶H[HPSOH FLGHVVXV DGPHW TXH OH QR\DX FRPSLOp XVUVUFOLQX[DUFKLERRW E],PDJH HVWFRSLpDXUpSHUWRLUHERRWW HWVHQRPPHNHUQHOFKN /HV LQIRUPDWLRQV SOXV GpWDLOOpHV VXU OD VWUXFWXUH GX ¿FKLHU HWFOLORFRQII HW OHV RSWLRQVGLVSRQLEOHVVRQWGDQV PDQOLORFRQI
OH GpPRQWDJH LO VHUD XWLOH GH V\Q FKURQLVHUOHWDPSRQ
ERRWE],PDJHÀRSS\NHUQHO V\QF V\QF XPRXQWÀRSS\
'DQV OH SDV VXLYDQW LO IDXW pGLWHU OH ¿FKLHU V\VOLQX[FIJ J GLVSRQLEOH VXU OD GLVTXHWWH /LVWLQJ 5HJDUGRQV XQ SHXOH¿FKLHU GHYKGF,OIDXWVDLVLU LFL OH QRP GX PDWpULHO TXL FRQWLQHQW QRWUH V\VWqPH GH ¿FKLHUV SULQFLSDO $SUqV OD VXSSUHVVLRQ GHV ¿FKLHUV LQXWLOHVODGLVTXHWWHFRPSUHQG OVÀRSS\ FRQ¿JJ]LQVWDOOVKOGOLQX[V\V NHUQHOUDPGLVNJ]UGHYVK UHDGPHW[WV\VBPDSJ]V\VOLQX[FIJ W\SHW[W
.POX]O
'DQVPRQFDVOH¿FKLHUNHUQHOO DXQH WDLOOH GH RFWHWV HW OH ¿FKLHU UDPGLVNJ]] ± RFWHWV &HV YDOHXUV SHXYHQW FKDQJHU HQ IRQF WLRQGHVRSWLRQVFRQ¿JXUpHVORUVGH OD FRPSLODWLRQ GX QR\DX HW GH OD WD LOOHGHV¿FKLHUVDYHFOHVPRGqOHVGH VRPPHVGHFRQWU{OH 1RWUH GLVTXH GH GpPDUUDJH HVW GpMjSUrW1RXVSRXYRQVOHGpPRQWHU HW WHVWHU VRQ IRQFWLRQQHPHQW $YDQW
0LVHHQRHXYUH $YDQWGHGpPDUUHUO RUGLQDWHXUjSDUWLU GHODGLVTXHWWHLOIDXWYpUL¿HUTXHORU GUHG DPRUoDJHHVWFRQ¿JXUpGDQVOH %,26 pYLGHPPHQWLOIDXWPHWWUHO D PRUoDJHGHODGLVTXHWWHHQSUHPLHU $SUqVO DPRUoDJHGHODGLVTXHWWH QRXV DOORQV YRLU V DI¿FKHU GHV PHV VDJHVVXUOHGpPDUUDJHGXQR\DXHW GXUDPGLVTXHVXUOHSURFHVVXVG LQL WLDOLVDWLRQGXQR\DXHWO H[pFXWLRQGX ¿FKLHUOLQX[UF8QHIRLVOHVFULSW OLQX [UFWHUPLQpOHV\VWqPHFRPPHQFHj rWUHFKDUJpjSDUWLUGXGLVTXHGXUU 6L O LQWpJULWpGHV¿FKLHUVQ DSDVpWpYLR OpH OHV PHVVDJHV VXLYDQWV DSSDUD LVVHQW VWDUWOLQX[UF PRXQWUHDOURRW¿OHV\VWHP +LWHQWHU +LWHQWHU XPRXQWUHDOURRW¿OHV\VWHP +LWHQWHU ¿QLVKOLQX[UF
/LVWLQJ)LFKLHUV\VOLQX[FIJ )217IRQWSVI VHHXVUGRFV\VOLQX[V\VOLQX[GRFJ] IRU¿OHIRUPDWGHVFULSWLRQ '()$8/7NHUQHO $33(1'YJD QRUPDOLQLWUG UDPGLVNJ]ORDGBUDPGLVN URRW GHYKGF? LQLW OLQX[UF 7,0(287
XXXIBLJOPSH
6LO XQGHV¿FKLHUVYpUL¿pVDpWpPR GL¿pOHPHVVDJHG HUUHXUHVWDI¿FKp 3RXUSUpVHQWHUXQHWHOOHVLWXDWLRQM DL PRGL¿p OH WHPSV G DFFqV DX ¿FKLHU ELQEDVK jO DLGHGHODFRPPDQGH WRXFKELQEDVK
/RUV GH OD YpUL¿FDWLRQ GH O LQWpJULWp OHPHVVDJHVXLYDQWDpWpDI¿FKp (UURU NQRZQ PQWELQEDVK %$ '''( FXUUHQW PQWELQEDVK %$ '''(
6L O RQ REWLHQW FH W\SH GH PHVVDJH LOIDXWDQDO\VHUODVLWXDWLRQ,OVHSHXW TX XQ LQWUXV D IDLW GHV PRGL¿FDWLRQV GDQVOHV\VWqPHPDLVLOHVWDXVVLSR VVLEOHTXHF HVWQRXVPrPHVTXLRQW LQVWDOOpXQHQRXYHOOHYHUVLRQG XQSD TXHWHWQRXVTXHQRXVD\RQVRXEOLp GH PHWWUH j MRXU OH ¿FKLHU GHV VRP PHVGHFRQWU{OH
&RQFOXVLRQ $LQVLQRXVDYRQVSXIDFLOHPHQWYpUL¿HU O LQWpJULWpGHQRWUHV\VWqPH/LQX[DYDQW GHOHODQFHU/DVROXWLRQDSSOLTXpHHVW pFRQRPLTXHHWHIIHFWLYHPDLVSDVWR XMRXUVWRXWjIDLWVUH8QLQWUXVGpFL GpSHXWFRQQHFWHUjO RUGLQDWHXUXQGL VSRVLWLISK\VLTXHFRQWUHOHTXHOQRXVQH VDXURQVSDVQRXVSURWpJHUQLjO DLGH GH PpWKRGHV ORJLFLHOOHV QL PrPH GH PDWpULHOOHV&HVPpWKRGHVVRQWUpVH
)BLJO/ P
-YX^\VO NO VSX^Q\S^ N_ ]c]^OWO
3RXUTXRLQRXVQ¶DYRQVSDVXWLOLVpXQ&'" 3XLVTXHO¶XWLOLVDWLRQGHODGLVTXHWWHGDQVODPpWKRGHGpFULWHLPSRVHFHUWDLQHVOLPLWD WLRQVFRPPHODFDSDFLWpHWO¶XWLOLVDWLRQGHVELEOLRWKqTXHVVSpFLDOHVLOSDUDvWTX¶XQ&' VHUDLWXQHPHLOOHXUHVROXWLRQ,OH[LVWHSOXVLHXUVUDLVRQVSRXUOHVTXHOOHVQRXVQ¶DYRQV SDVFKRLVLFHWWHVROXWLRQ 6LYRXVFKDQJH]TXHOTXHFKRVHGDQVOHV\VWqPHGH¿FKLHUVYRXVGHYH]UHFDO FXOHUOHVVRPPHVGHFRQWU{OHHWO¶LPDJHGXUDPGLVTXH$YHFODGLVTXHWWHLOVXI¿WGH UHFRSLHUOH¿FKLHUDYHFOH&'YRXVGHYH]DYRLUXQJUDYHXU&'HWXWLOLVHUXQQRXYHDX VXSSRUWSDUFHTXHOHYLHX[HVWERQjMHWHUj ODSRXEHOOH2XELHQYRXVSRXYH]UHFR SLHUOHVQRXYHDX[¿FKLHUVVXUODGLVTXHWWH RXOHFWHXU86% HWSRUWHUGDQVYRWUHVDF OHVGHX[VXSSRUWV OH&'520HWODGLVTXHWWH OHFWHXU86% /D GLVTXHWWH HVW SOXV SHWLWH TXH &'520 H[FHSWp OH FDV VSpFLDO GX &' DX IRUPDW©FDUWHGHFUpGLWª±DORUVYRXVSRXYH]WRXMRXUVODPHWWUHGDQVYRWUHSRFKH -HQ¶DLMDPDLVYXXQ3&VDQVOHFWHXUGHGLVTXHWWHVVHXOHPHQWDYHFOHOHFWHXU&' 5200DLVM¶DLYXEHDXFRXSG¶RUGLQDWHXUVDYHFOHOHFWHXUGHGLVTXHWWHHWVDQV&' 520/¶DPRUoDJHGHSXLVODGLVTXHWWHHVWSOXVSRSXODLUH /HVFKpPDGpFULWQ¶HVWTX¶XQPRGqOH6LYRXVYRXOH]YRXVSRXYH]FUpHUGHOD PrPHIDoRQXQ&'ERRWDEOHRXXQOHFWHXU86%
UYpHV DX[ VHUYLFHV VHFUHWV ± VL YRXV Q rWHVSDVWHUURULVWHVQLHVSLRQVYRXV QHGHYH]SDVOHVFUDLQGUH 6L O RQ UHYLHQW j GHV VLWXDWLRQV XQ SHX SOXV SURVDwTXHV ± LO H[LVWH GHV VROXWLRQV PDWpULHOOHV SDV WURS FKqUHV TXL SHXYHQW VHUYLU j XQ LQ WUXV RUGLQDLUH 3DU H[HPSOH GDQV OH PDJDVLQ ,QWHUQHW 7KLQN*HHN RQ SHXWDFKHWHUOHGLVSRVLWLI.H\.DWFKHU KWWS ZZZWKLQNJHHNFRPJDGJHWV VHFXULW\D 2Q LQVWDOOH FH GL VSRVLWLIHQWUHO RUGLQDWHXUHWOHFODYLHU 'H IDoRQ WRXW j IDLW WUDQVSDUHQWH LO FDSWXUH HW HQUHJLVWUH MXVTX j GHWRXFKHVDSSX\pHV0DLVLOHVWID FLOHjGpWHFWHU±LOVXI¿WGHUHJDUGHU OD FRQQH[LRQ GX FODYLHU HW GH O RUGL QDWHXU7RXWFHODSURXYHTX LOHVWWUqV GLI¿FLOH G DVVXUHU OD SURWHFWLRQ HW RQ QH SHXW SDV FRPSWHU VHXOHPHQW VXU OHVSURWHFWLRQVORJLFLHOOHV /D GLVTXHWWH GH GpPDUUDJH TXH QRXVDYRQVFUppHHVWSUrWHjrWUHXWL OLVpH PDLV HOOH Q HVW SDV WURS FRQYL
YLDOH 3UHPLqUHPHQW OH VFULSW SURSR VpOLQX[UFHVWVFKpPDWLTXHHWLOGHYUDLW F rWUHpODERUpSRXUUpSRQGUHjGHVH[L JHQFHVSDUWLFXOLqUHV3DUH[HPSOHRQ SHXWUpGXLUHODTXDQWLWpG LQIRUPDWLRQV pFULWHVVXUO pFUDQHWOHQRPEUHGHVL WXDWLRQVORUVTXHO RQDWWHQGODUpDFWLRQ GHO XWLOLVDWHXUXQLUOHV¿FKLHUVFRQWH QDQWOHVVRPPHVGHFRQWU{OHHQXQ¿ FKLHU DQDO\VHU OH FRGH GH VRUWLH GX SURJUDPPH YpUL¿DQW OHV VRPPHV GH FRQWU{OH HW DWWLUHU O DWWHQWLRQ GH O XWLOL VDWHXUXQLTXHPHQWDXFDVG HUUHXU 'HX[LqPHPHQWSRXUPRGL¿HUOH¿ FKLHUDYHFOHVPRGqOHVGLVSRQLEOHVXU OHUDPGLVTXHLOIDXWGpFRPSDFWHUOH¿ FKLHU FRQWHQDQW O LPDJH GX GLVTXH OH PRQWHUHWFRPSDFWHUGHQRXYHDX,OVH UDLW SOXV FRPPRGH GH PHWWUH FH ¿ FKLHU GLUHFWHPHQW VXU OD GLVTXHWWH PDLV FHOD H[LJHUDLW OHV PRGL¿FDWLRQV GDQVOH¿FKLHUOLQX[UF ODGLVTXHWWHGR F LWrWUHPRQWpH RXWUHFHODLOIDXWFRP SLOHUVWDWLTXHPHQWODJHVWLRQGH)$7 GDQVOHQR\DX/ DYDQWDJHVXSSOpPHQ
6XUOHUpVHDX
6RXUFHVGXSURJUDPPHVXP± KWWS ZZZIUHHXQLFHVRUJaF\EHUYODGFKHFNVXPFKHFNVXPWJ] 'RFXPHQW&RPSOHWH6QRUWEDVHG,'6$UFKLWHFWXUH ± KWWS RQOLQHVHFXULW\IRFXVFRPLQIRFXV 'LVWULEXWLRQ63%/LQX[±KWWS ZZZXQJDWVSEOLQX[LQGH[KWP 'LHWOLEF±KWWS ZZZIHIHGHGLHWOLEF
)BLJO/ P
XXXIBLJOPSH
WDLUH GH FHWWH PpWKRGH FRQVLVWHUDLW j FH TX HOOH SHUPHWWUD G HIIHFWXHU GH IDoRQ LQWHUDFWLYH OD PLVH j MRXU RX PrPH SUpSDUHU ORUV GX SUHPLHU ODQ FHPHQW OHV¿FKLHUVDYHFOHVPRGqOHV GHVVRPPHVGHFRQWU{OHGLUHFWHPHQW jSDUWLUGXVFULSWOLQX[UFHWDXVVLG HQ UHJLVWUHUOHVORJVVXUODGLVTXHWWH(YL GHPHPQW FHOD H[LJH TXH OH VFULSW OL QX[UFVRLWGpYHORSSpGHIDoRQLPSRU WDQWHDYHFODFUpDWLRQG XQPHQXPD LV SRXU OHV XWLOLVDWHXUV H[SpULPHQWpV GH/LQX[FHODQHGHYUDLWSDVSRVHUGH SUREOqPHV /HGpIDXWGHFHWWHDSSURFKHF HVW TXHOHV¿FKLHUVDYHFOHVPRGqOHVGH VRPPHVGHFRQWU{OHHQUHJLVWUpVVXU OD GLVTXHWWH QH VHUDLHQW SDV FRP SDFWpV HW HOOHV RFFXSHUDLHQW EHDX FRXS GH SODFH +HXUHXVHPHQW FH SUREOqPH HVW j UpVRXGUH ± RQ SHXW OHVFRPSDFWHUHWGpFRPSDFWHUVXUOH UDPGLVTXHDYDQWO XWLOLVDWLRQ 6L O RQ SDUOH GHV WDLOOHV GHV ¿ FKLHUV LO HVW XWLOH GH PHQWLRQQHU OD SRVVLELOLWp GH YpUL¿HU O LQWpJUL Wp GX V\VWqPH HQ GHX[ pWDSHV $O DLGHGHODGLVTXHWWHGHGpPDUUD JH TXH QRXV YHQRQV GH FUpHU QRXV QH YpUL¿RQV TXH OHV pOpPHQWV FULWL TXHV GX V\VWqPH PRGXOHV GX QR\ DX ELEOLRWKqTXH V\VWqPH SURJUDP PHVSURYHQDQWGHVUpSHUWRLUHV VELQ HU XVUVELQ HW DXWUHV LPSRUWDQWV ORUV GX ODQFHPHQW HW OHV ¿FKLHUV GHV\VWqPHVGHFRQWU{OHWUqVLPSRU WDQWVFRPPHWULSZLUHRXLQWHJULW/D YpUL¿FDWLRQ GHV DXWUHV pOpPHQWV GX V\VWqPHSHXWVHIDLUHDXPR\HQGHV V\VWqPHVGHGpWHFWLRQGHVLQWUXVLRQV RUGLQDLUHV /D PpWKRGH SUpVHQWpH GDQV O DUWLFOH SHXW rWUH DXVVL XWLOLVpH SR XU FUpHU OH GLVSRVLWLI GH GpPDUUDJH 86%±VLOH%,26GHQRWUHRUGLQDWHXU OHSHUPHW/ DYDQWDJHGHFHWWHVROX WLRQ SDU UDSSRUW j O HPSORL GH OD GL VTXHWWH F HVW OD WDLOOH O HI¿FDFLWp HW ODFDSDFLWp $OD¿QHQFRUHXQHSHWLWHUHPD UTXH ± Q RXEOLH] SDV TXH O pOpPHQW FULWLTXHGHODSURWHFWLRQGpFULWHHVWOD GLVTXHWWH 6L YRXV OD ODLVVH] WUDvQHU VXU YRWUH EXUHDX j F{Wp GH O RUGLQD WHXU YRXV IHUH] XQ EHDX FDGHDX DX SLUDWHSRWHQWLHO N
/ DGPLQLVWUDWHXUPRGL¿H OHQR\DX 7RPDV]3RWĊJD$QGU]HM1RZDN
/HVFUpDWHXUVGXQR\DXGH/LQX[ VDYHQWELHQFHTX LOVIRQW,OV WUDYDLOOHQWWUqVGXUSRXUIRXUQLU jO XWLOLVDWHXU¿QDOXQSURGXLWGH KDXWHTXDOLWp3RXUTXRLDORUV FRUULJHUOHFRGHGXQR\DX"
/
DUpSRQVHHVWVLPSOH±OHQR\DXGHYUDLW VDWLVIDLUH DX[ EHVRLQV VSpFL¿TXHV GH FKDTXH XWLOLVDWHXU $XFXQ SURJUDPPHXU QH SHXW QRXV DVVXUHU FHOD 'DQV OH SUpVHQW DUWLFOH QRXV YRXORQV GpPRQWUHU FRPPHQW DXJPHQWHUGHIDoRQLPSRUWDQWHODVpFXULWpSDU ODVDLVLHGHVPRGL¿FDWLRQVDVVH]VLPSOHV / DPpOLRUDWLRQGXQR\DXQ HVWSDVFKRVHQL IDFLOHQLDJUpDEOHSRXUXQSURJUDPPHXU3RXU WDQW QRXV YRXORQV YRXV HQFRXUDJHU j H[SpUL PHQWHU ± TXH OHV SDWFKHV SUpVHQWpV GDQV FHW DUWLFOH QH VRLHQW TX XQH LQWURGXFWLRQ j OD SUR JUDPPDWLRQGDQVOHQR\DX0DLVYR\DJHGDQV OH PRQGH GH OD SURJUDPPDWLRQ SOXV DYDQFpH YRXVGHYH]OHIDLUHVHXO
/LVWLQJ)RQFWLRQFKNSDVVTXLYpUL¿HOD YDOLGLWpGXPRWGHSDVVH FKNSDVV
FSDVV FKDU EXIRU>@WHPS GXPP\ WY XEHUSDVVRN ^
.POX]O
XXXIBLJOPSH
` GRBJHWWLPHRIGD\ WY VSULQWI EXIRUGWYWYBVHF EXIRU>@ ?
4X DOORQVQRXVIDLUH" 1RXV SUpVHQWHURQV FLQT H[HPSOHV GHV IUDJ PHQWV GX FRGH WULpV HQ PRGH FURLVVDQW GX SRLQW GH YXH GH OD GLI¿FXOWp GH SUpSDUDWLRQ HW G H[pFXWLRQ /D WkFKH GH FHV PRUFHDX[ GX SDWFKFRQVLVWHjUHQGUHODYLHGHO LQWUXVGLI¿FLOH 1RV SDWFKHV FDFKHQW OHV SURFHVVXV FDFKHQW OHV FRQQH[LRQV 7&3 EORTXHQW OD WUDQVPLVVLRQ GHVVLJQDX[DXSURFHVVXV EORTXHQWO HQUHJLV WUHPHQW GDQV XQ ¿FKLHU SURWqJHQW OH FRGH GX QR\DXFRQWUHWRXWHpFULWXUH7RXVQRVH[HPSOHV
SDVVZRUG
^
WHPS EXIRU>@ EXIRU>@ EXIRU>@ EXIRU>@ WHPS WHPS EXIRU>@ EXIRU>@ EXIRU>@ EXIRU>@ WHPS FSDVV VLPSOHBVWUWRO EXIRU GXPP\ FSDVV
SDVVZRUG
^ `
^
`
`
)BLJO/ P
6KNWSXS]^\K^O_\ WYNSPSO VO XYcK_
RQW pWp FUppV j OD EDVH GX QR\DX 1 RXEOLH] SDV TXH OD SOXSDUW GHVFKHPLQVG DFFqVVRQWGp¿QLVSDU UDSSRUWDXUpSHUWRLUHXVUVUFOLQX[ %LHQ TXH OHV FRUUHFWLRQV TXH QRXVSURSRVRQVDLHQWGXVHQVTXDQG HOOHV FRRSqUHQW OHV XQHV DYHF OHV DXWUHV ORUV GH O DSSOLFDWLRQ GHV SDWFKHV LO IDXGUD IDLUH DWWHQWLRQ DX[ FROOLVLRQV DYHF GHV PRGL¿FDWLRQV H[LVWDQWHV 6XU OH &' IRXUQL DYHF OH PDJD]LQH YRXV WURXYHUH] QRQ VHX OHPHQW QRWUH SDWFK PDLV DXVVL XQH VLPSOH LQWHUIDFH GH SURJUDPPDWLRQ VRXVIRUPHGHOLEXEHUF±TX LOYDXWOD F SHLQHGHOLUH
7KpRULH /D SURJUDPPDWLRQ GDQV OH QR\DX GLIIqUHQW VXU SOXVLHXUV DVSHFWV GH OD SURJUDPPDWLRQ VRXV /LQX[ 2Q GLVWLQJXH O HVSDFH QR\DX HQ DQJODLV NHUQHOVSDFH HW O HVSDFH XWLOLVDWHXU HQ DQJODLV XVHUVSDFH DSSHOp SDUIRLV XVHUODQG &HWWH GLYLVLRQ HVW LQGLVSHQVDEOH SRXU OH IRQFWLRQQHPHQWFRUUHFWGXV\VWqPH± OHQR\DXJqUHOHPDWpULHOH[WHUQHOHV ,54O DIIHFWDWLRQGHODPpPRLUHHWF SHQGDQW TXH OHV XWLOLVDWHXUV ODQFHQW OHV DSSOLFDWLRQV TXL IRQFWLRQQHQW DX QLYHDX G¶XWLOLVDWLRQ pOHYp 1RUPDOHPHQW FHV DSSOLFDWLRQV QH SHXYHQW SDV PHQDFHU GH IDoRQ LPSRUWDQWH OD VWDELOLWp GX V\VWqPH 1RXVDOORQVHQSUR¿WHU / HVSDFHGXQR\DXSRVVqGHEHDX FRXS GH OLPLWDWLRQV SHX FRPPRGHV SH[ QRXV QH SRXYRQV SDV GLVSRVHU GH ELEOLRWKqTXHV VWDQGDUG & PDLV QRXV VRPPHV REOLJpV GH QRXV VHUYLU G $3, NHUQHO TXL QH SRVVqGH SDV GH GRFXPHQWDWLRQ FRQYHQDEOH $XWUH GLI ¿FXOWpHVWODV\QFKURQLVDWLRQ 1RUPDOHPHQW F HVW OD FRPPXQL FDWLRQ DYHF XWLOLVDWHXU TXL FDXVH OH SOXV JUDQG QRPEUH GH SUREOqPHV 3RXUHQYR\HUXQPHVVDJHG XVHUODQG DXQR\DXYRXVDYH]OHVSRVVLELOLWpV VXLYDQWHV
OHV\VWqPHFDOO V\VFDOO O HQUHJLVWUHPHQW GDQV XQ ¿FKLHU GDQVOHUpSHUWRLUH SURF O HQYRLG XQVLJQDOYHUVOHSURFHV VXV
)BLJO/ P
)LJXUHSVOLWOHVLQIRUPDWLRQVVXUOHVSURFHVVXV
O HQUHJLVWUHPHQWGDQVODPpPRLUH
3RXUWUDQVPHWWUHXQHLQIRUPDWLRQGX QR\DXYHUVO XVHUODQGYRXVSRXYH]
pFULUHGDQVXQ¿FKLHUGDQVOHUp SHUWRLUHSURF LPSULPHUVXUODFRQVROH WW\
XXXIBLJOPSH
HQYR\HUXQVLJQDOYHUVOHSURFHV VXV XWLOLVHUSULQWN F HVWODIDoRQVSp FL¿TXH SDUFH TX LO Q HVW SDVSRV VLEOH GH FDSWXUHU IDFLOHPHQW GHV GRQQpHV G HQWUpH ± RQ SHXW OHV WUDQVPHWWUHXQLTXHPHQWjWUDYHUV ODFRQVROHRXOHORJ
/HV¿FKLHUVGXUpSHUWRLUHSURFSRV VqGHQW XQH SURSULpWp FDUDFWpUL VWLTXH OHXU FRQWHQX HVW SOXV IDFLOHPHQW DFFHVVLEOH j O XWLOLVDWHXU TXH OH FRQWHQX GHV ¿FKLHUV RUGLQDLUHV &HV GHUQLHUV DX QLYHDX GH QR\DX QH SHXYHQW rWUH OXV TX HQ UpIpUHQFH DX PDWpULHO / HQUHJLVWUHPHQW HW OD OHFWXUH FH FHV ¿FKLHUV VRQW GpWHUPLQpV SDU OHV IRQFWLRQV GX QR\DX DSSURSULpHV QRXVHQSDUOHURQVSOXVWDUG
3UHPLHUVSDV
)LJXUH$SSOLFDWLRQGHGLIIpUHQWVW\SHVGHSURWHFWLRQ GLVVLPXODWLRQGHV SURFHVVXVFRQQH[LRQVHWSURWHFWLRQFRQWUHpFULWXUH pYLGHQW%LHQVULOIDXWLQYHQWHUXQH UqJOH DVVH] FRPSOLTXpH TXL GpSHQG GX SOXV JUDQG QRPEUH GH YDULDEOHV RXG DXWUHVGRQQpHV 1RXV VDLVLVVRQV OD YDULDEOH JOREDOH XEHUSDVVRN GDQV OH QR\DX ± VL O¶RQ OXL DWWULEXH OD YDOHXU O DFFqVHVWLQWHUGLWSHUPHWO DFFqV /D IRQFWLRQ FKNSDVV UHWRXUQH GDQVOHFDVROHPRWGHSDVVHVDLVL HVW LQFRUUHFW XEHUSDVVRN UHVWH GDQV OH FDV R OH PRW GH SDVVH HVW FRUUHFW HW OH YHUURXLOODJH HVW HQOHYp XEHUSDVVRNFKDQJHHQ GDQVOH FDVROHYHUURXLOODJHDpWpHIIHFWXp GHQRXYHDXDYHFVXFFqV XEHUSDVVRN
.POX]O
$X GpEXW DQDO\VRQV XQ VLPSOH PpFDQLVPH TXL SURWqJH O DSSHO GH OD IRQFWLRQ SULQFLSDOH GX SDWFK V\VFDOO ± OD IRQFWLRQ FKNSDVV FI /LVWLQJ 3OXVLHXUV RSpUDWLRQV GpFULWHV GDQV OD VXLWH GH O DUWLFOH VHURQW SURWpJpHV SDU XQ PRW GH SDVVH±ODIRQFWLRQTXLQRXVVHUYLUD jODYpUL¿FDWLRQGXPRWGHSDVVHQH GLIIqUH SDV WURS GX FRGH W\SH LVVX G XVHUODQG /H PRW GH SDVVH HVW JpQpUp GDQV OH QR\DX HW GpSHQG GX QRPEUH GH VHFRQGHV TXL RQW SDVVpHVGHSXLVOHGpEXWGHO (SRTXH OHMDQYLHU 3RXUFRPSOLTXHU OHV FKRVHV RQ DGPHW TX LO IDXW GRQQHU OHV KXLW SUHPLHUV FKLIIUHV FRPSRVDQW OH WHPSV HQ FKDQJHDQW OD SODFH GX SUHPLHU HW GX GHUQLHU KXLWLqPH FKLIIUH HW HQVXLWH OH WURLVLqPHGXGpEXWDYHFOHWURLVLqPH GHOD¿Q VL[LqPH 0DLQWHQDQWLOYDXW ODSHLQHG DQDO\VHUOHFRGHSDUFHTXH OjFHFKDQJHPHQWSHXWSDUDvWUHSOXV
)LJXUH$SSOLFDWLRQGHODSURWHFWLRQGHV¿FKLHUV
XXXIBLJOPSH
FKDQJH GH HQ /H YHUURXLOODJH SHXW rWUH HIIHFWXp GH QRXYHDX SDU OD VDLVLH G XQ PRW GH SDVVH LQFRUUHFW /HV IRQFWLRQV YpUL¿HQW O pWDW GH OD YDULDEOH XEHUSDVVRN HW j SDUWLU GX UpVXOWDW HOOHV HIIHFWXHQW O DFWLRQ VRXKDLWpH RX SDV / DQDO\VH GpWDLOOpH GH OD VWUXFWXUH FKNSDVV SUpVHQWpHGDQVOH/LVWLQJQ HVWSDV QpFHVVDLUH SDUFH TX HOOH Q HVW SDV FRPSOLTXpH 8Q SHX SOXV KDXW QRXV DYRQV SDUOpGHV\VFDOOPDLVDWWHQGH] XQ PRPHQW FHOXLFL Q H[LVWH SDV 0DLVYRLOjLOQ pWDLWSDVHWPDLQWHQDQW LOH[LVWH1RXVQRXVVRPPHVSHUPLV GH PHWWUH QRWUH JUDLQ GH VHO j WRXWHV FHV SURFpGXUHV H[LVWDQWHV 6\VFDOO VH SUrWH SDUIDLWHPHQW j OD UpDOLVDWLRQ GHV EXWV ¿[pV 'H IDoRQ VLPSOH HW HI¿FDFH QRXV SRXUURQV WUDQVPHWWUH DX QR\DX OHV LQIRUPDWLRQV LQGLVSHQVDEOHV /HV DUJXPHQWV GH QRWUH V\VFDOO QRWD EHQH DSSHOp V\V B XEHUDGPLQ VRQW GHX[QRPEUHVGHW\SH XQVLJQHG LQW HW OH SRLQWHXU YHUV XQH FKDvQH GH FDUDFWqUHV /H FRUSV GH OD IRQFWLRQ HVW VLWXp GDQV NHUQHOV\VF SDU FRQWUH OHV Gp¿QLWLRQV GDQV DUFK LNHUQHOHQWU\6 6 ORQJ 6<0%2/ B 1$0( V\V B XEHUDGPLQ HW DVP XQLVWGK! GH¿QH B B 15 B XEHUDGPLQ / DSSHO HVW DFFRPSDJQp G XQ VpPDSKRUH SRXU rWUH VU TX LO Q D )BLJO/ P
6KNWSXS]^\K^O_\ WYNSPSO VO XYcK_
OLHX TX XQH VHXOH IRLV /H VFKpPD GH OD SURFpGXUH HVW SUpVHQWp GDQV OH/LVWLQJ
'LVVLPXODWLRQGHV SURFHVVXV ,O HVW GLI¿FLOH G¶HQGRPPDJHU OHV FKRVHV TXH O¶RQ QH YRLW SDV 3RXU TXRL QRWUH LQWUXV GHYUDLWLO VRXIIULU HQ FRQVXOWDQW OHV SURFHVVXV TXL VXUYHLOOHQW O pWDW GX V\VWqPH " 1RQ QRXV QH SRXYRQV SDV SHUPHWWUH XQHWHOOHVLWXDWLRQ,OIDXWFDFKHUQRV SURJUDPPHV DX PRLQV G XQH IDoRQ SURYLVRLUH&HODVHUDSRVVLEOHJUkFH j OD PRGL¿FDWLRQ TXH QRXV DOORQV PDLQWHQDQWLQWURGXLUH 7RXW G DERUG GLVRQV TXHOTXHV PRWV OjGHVVXV /D SUHPLqUH TXHV WLRQ j ODTXHOOH QRXV GHYRQV QRXV UpSRQGUH FRPPHQW OHV SURJUDP PHV GH W\SH SV V FROOHFWHQWLOV OHV LQIRUPDWLRQVVXUOHVSURFHVVXV"$X OLHX GH UHFKHUFKHU GDQV O KLVWRLUH IDLVRQVXQSHWLWHVSLRQQDJH9R\RQV XQSHXTX HVWFHTXLVHSDVVHTXDQG QRXV ODQoRQV XQH WHOOH FRPPDQGH 8WLOLVRQV XQH LQFDQWDWLRQ PDJLTXH VXLYDQWH VWUDFHSV! _JUHSSURF_KHDG
4X HVWFH TXH FHOD GRQQH " 2Q D O LPSUHVVLRQTXHF HVWODFRQVXOWDWLRQ G XQ UpSHUWRLUH SURF & HVW FODLU ± F HVW Oj TXH OH QR\DX FUpH SRXU FKDTXH SURFHVVXV XQH SVHXGR LQVFULSWLRQjSDUW
2B/$5*(),/(_2B',5(&725< VWDW SURF^VWBPRGH
6B,)',5_VWBVL]H ` RSHQ SURFVWDW2B5'21/< RSHQ SURFVWDWP2B5'21/<
V\VBXEHUDGPLQ RSW DUJ
DUJ ^ '(&/$5(B087(; XEHUBVHP XEHUBXVDJHBFRXQW
OVSURF GHYLFHVLGHNV\PV PWUUVWDW
IQDPH W[WEXI
WHPS
XEHUFRXQWHU
WHPSBOLVW
GPDLQWHUUXSWV ORDGDYJQHWVZDSV
' R OD FRQFOXVLRQ VXLYDQWH LO IDXW EORTXHU O DMRXW j SURF F GHV LQIRUPD WLRQV VXU QRV SURFHVVXV 9R\RQV FRPPHQW FUpHU FHV LQVFULSWLRQV 3DVVRQVDORUVDXUpSHUWRLUHIVSURF & HVWOjRVHWURXYHOHFRGHUHVSRQ VDEOHGHODJHVWLRQGHFHV\VWqPHGH ¿FKLHUV YLUWXHO &RPPHQoRQV SDU OH UpSHUWRLUHURRWF/jRQSHXWWURXYHU OHVGp¿QLWLRQVGHVRSpUDWLRQVVXUOHV UpSHUWRLUHV SURF 0DLV DX OLHX G HQ SDUOHU UHJDUGRQV SOXW{W j O LQWpULHXU 4X HVWFHTX RQFKHUFKH"/DPRGL ¿FDWLRQ GH OD IRQFWLRQ UHDGGLU HVW XQHERQQHLGpH&RPPHQRXVOHVD YRQV HOOH VHUW j OLUH OHV LQVFULSWLRQV GHV UpSHUWRLUHV ± SV HOOH DSSHOOH JHWGHQWV PDLV YR\RQV XQ SHX OH IUDJPHQW IVUHDGGLUF
RSHQ SURF2B5'21/<_2B121%/2&._
/LVWLQJ3ODQGHV\VFDOO V\VBXEHUDGPLQ
DVPOLQNDJH ORQJ V\VBJHWGHQWV
LQW UHWYDO
S (,19$/
FDSDEOH &$3B6<6B$'0,1 (126<6 GRZQBLQWHUUXSWLEOH XEHUBVHP (,175 RSW ^ EUHDN ` XS XEHUBVHP UHWYDO `
(K ELHQ QRXV WHUPLQRQV TXDQG PrPH GDQV UHDGGLU $ORUV QRXV UHYHQRQV j URRWF UHDGGLU UHDG GLU HVW
XQVLJQHG LQW IGYRLG GLUHQW XQVLJQHG LQW FRXQW
VWDWLF VWUXFW ¿OHBRSHUDWLRQV
HUURU
SURFBURRWBRSHUDWLRQV YIVBUHDGGLU ¿OH¿OOGLU
EXI
UHDG
^
JHQHULFBUHDGBGLU
UHDGGLU SURFBURRWBUHDGGLU `
,O HQ UpVXOWH TXH F HVW SURF B URRW B UHDGGLU TXLQRXVLQWpUHVVH3DUXQ FXULHX[ KDVDUG HOOH VH WURXYH GDQV OH PrPH ¿FKLHU 9RLFL OH VFKpPD GH FHWWHIRQFWLRQ LI QU ),567B352&(66B(175< ^ LQW HUURU
SURFBUHDGGLU ¿OS
GLUHQW ¿OOGLU ` UHWXUQ SURFBSLGBUHDGGLU ¿OSGLUHQW ¿OOGLU
)LJXUH9HUURXLOODJHGHVVLJQDX[
)BLJO/ P
XXXIBLJOPSH
,O HVW IDFLOH GH GHYLQHU TXH OHV QX PpURV DXGHVVRXV GH ),567B352 &(66B(175< < QH QRXV LQWpUHVVHQW SDV /D IRQFWLRQ TXL QRXV LQWpUHVVH OH SOXV HVW XQH WUqV SHWLWH IRQFWLRQ SURF B SLG B UHDGGLU ,O V DYqUH WUqV YLWHTX HOOHQ HVWSDVSUpVHQWHGDQVOH ¿FKLHUURRWF/ DPLJUHSQRXVLQIRUPH UDSLGHPHQWTX LOIDXWVHGpSODFHUYHUV EDVHFFHTXHQRXVDOORQVIDLUH SURF B SLG B UHDGGLU HVW OH GHU QLHU IUDJPHQW GX FRGH GDQV VRQ ¿ FKLHU ,O FRPPHQFH SDU O DMRXW GH OD SRVLWLRQ VHOII YpUL¿RQV ± SURFVHOI H[LVWH F HVWjGLUH GH O LQIRUPDWLRQ VXU OH SURFHVVXV HQ FRXUV (QVXLWH XQHERQQHVXUSULVH QUBSLGV JHWBSLGBOLVW QUSLGBDUUD\
/HV YDOHXUV UHWRXUQpHV VRQW VDLVLHV GDQVOHUpSHUWRLUHjUHPSOLU&KRXHWWH (Q¿Q1RXVFRPPHQoRQVjFRQQDvWUH OH WHUUDLQ 1RXV SRXYRQV SUpVXPHU TX LOVXI¿WGHVXSSULPHUQRVSURFHVVXV GH OD OLVWH UHWRXUQp SDU JHW B SLG B OLVW 0DLVDXOLHXGHFKDQJHUODOLVWH SUpSDUpHLOHVWSOXVFRPPRGHG LQWHU YHQLUGDQVODSURFpGXUHGHVDFUpDWLRQ 2 HVWFH TXH FH JHW B SLG B OLVW SRXUUDLWELHQVHFDFKHU" IRUBHDFKBWDVN S ^ LQW SLG
S!SLG
LI SLG FRQWLQXH LI LQGH[ !
FRQWLQXH SLGV>QUBSLGV@
SLG
7RXWHVOHVLQVFULSWLRQVGHFHW\SH VRQW VDXYHJDUGpV GDQV OD PpPRLUH FRPPHOHVVWUXFWXUHVGHW\SH VWUXFW WDVN B VWUXFW ± OHV GHVFULSWHXUV GHV SURFHVVXV 6L QRXV YR\RQV SRXU OD SUHPLqUH IRLV FHWWH Gp¿QLWLRQ GDQV OLQX[VFKHGK! QRXV SRXYRQV QRXV VHQWLU XQ SHX DFFDEOpV /D PXOWLWXGHGHVW\SHVGHGRQQpHVXWL OLVpVHWOHQRPEUHGHSRVLWLRQVSHXW DXGpEXWIDLUHSHXU'XFDOPH±SOXV QRWUH FRQQDLVVDQFH GHV DUFDQHV GX QR\DXVHUDSOHLQHSOXVODPDvWULVHGH WRXW FHOD VHUD IDFLOH 0DLV TX HVWFH TXH SRXUUDLW ELHQ QRXV LQWpUHVVHU " 3HXWrWUHFHOD
XQVLJQHG ORQJ ÀDJV
/H FKDPS ÀDJV JDUGH ± FRPPH VRQ QRP O LQGLTXH ± OHV GUDSHDX[ TXL PDUTXHQW OH SURFHVVXV 4XHOV GUDSHDX[ VRQWLOV " 'DQV OD SDUWLH VXLYDQWH GH OLQX[VFKHGK! QRXV SRXUURQV WURXYHU OHXUV Gp¿QLWLRQV 3DUH[HPSOH GH¿QH3)B)25.12(;(&[ IRUNHGEXWGLGQ WH[HF GH¿QH3)B683(535,9[ XVHGVXSHUXVHUSULYLOHJHV
/LVWLQJ)LFKLHULQFOXGHOLQX[XEHUK LIQGHIB/,18;B8%(5B+B GH¿QHB/,18;B8%(5B+B GH¿QH8%(5B67$03 GH¿QH8%(5B86(B&2817 GH¿QH8%(5B36B+,'( GH¿QH8%(5B1(7B+,'( GH¿QH8%(5B3527(&7B6& GH¿QH8%(5B3527(&7B.(51(/ GH¿QH8%(5B/,67 GH¿QH8%(5B/2&. GH¿QH8%(5B81/2&. GH¿QH8%(5B&+(&.),/( GH¿QH8%(5B3$66 GH¿QH8%(5B52 GH¿QH8%(5B5: GH¿QH8%(5B3527(&78%(5B52 LIGHIBB.(51(/BB SURWHFWBSDJH SURWHFWBNHUQHO LQW FKDQJHBSURWHFWLRQ VWDUW QHZSURW V\VBFDOOBWDEOH>@
LQW PPBVWUXFW PP HQG
QUBSLGV LI QUBSLGV !
352&B0$;3,'6
EUHDN
.POX]O
`
%LHQOHVQXPpURVGHVSURFHVVXVVRQW HQUHJLVWUpV GDQV OD WDEOH SLGV & HVW YUDLPHQW FKRXHWWH 1RXV VDYRQV FH TXH QRXV YRXORQV HW SOXV SUpFLVp PHQW FH TXH QRXV QH YRXORQV SDV 1RXVQHYRXORQVSDVTXHOHVQXPpURV GHV SURFHVVXV VRLHQW SUpVHQWV GDQV SLGV0DLVFRPPHQWPDUTXHUOHVSUR FHVVXVFKRLVLV",OH[LVWHXQHVROXWLRQ PDLVWRXWG DERUGMHYRXGUDLVH[SOLTXHU DX[OHFWHXUVFRPPHQW/LQX[GpFULWOHV SDUDPqWUHVGHVSURFHVVXV
HOVH BB.(51(/BB LQFOXGH OLQX[W\SHVK! XEHUBVWDPS YRLG XEHUBXVHBFRXQW YRLG XEHUBSVBKLGH SLG XEHUBQHWBKLGH BBX DGGU XEHUBSURWHFWBVF UHDGBRQO\ XEHUBSURWHFWBVF UHDGBRQO\ XEHUBSURWHFWBNHUQHO UHDGBRQO\ XEHUBOLVW XEHUBORFN
¿OHQDPH XEHUBXQORFN
¿OHQDPH XEHUBFKHFN¿OH
¿OHQDPH XEHUBSDVV SDVVZRUG HQGLI BB.(51(/BB HQGLI B/,18;B8%(5B+B
XXXIBLJOPSH
)BLJO/ P
6KNWSXS]^\K^O_\ WYNSPSO VO XYcK_
/HVIRQFWLRQVXWLOHVHWPDFURFRPPDQGHVGXQR\DX
YRLG NPDOORF VL]HBWVL]HLQWSULRULW\ ±DIIHFWHGHODPpPRLUHGH WDLOOHVL]H O¶DUJXPHQWSULRULW\\ VLJQL¿HODIDoRQGHUpFXSpUHUGHQRXYHOOHVSDJHV GHODPpPRLUH QRXVXWLOLVRQV*)3B.(51(/ODIDoRQVWDQGDUG±V¶LOQ¶\SOXVGH PpPRLUHOLEUHOHQR\DXHVVDLHGHQRXVOLEpUHUTXHOTXHVSDJHV YRLGNIUHH YRLG REM ±OLEqUHODPpPRLUHDVVLJQpHSDUNPDOORF XQVLJQHGORQJFRS\ B WR B XVHU YRLGB B XVHU WRFRQVWYRLG IURP XQVLJQHGORQJQ ±FRSLHQ RFWHWVGHGRQQpHVGXWDPSRQGHODPpPRLUHGX
QR\DX IURP YHUVO¶XWLOLVDWHXU WR
XQVLJQHGORQJFRS\ B IURP B XVHU YRLG WRFRQVWYRLGB B XVHU IURPXQVLJQHGORQJQ ±FRSLHQ RFWHWVGHGRQQpHVGHO¶XWLOLVDWHXU IURP YHUV
OHWDPSRQGHODPpPRLUHGXQR\DX WR
GH¿QH3)B86(')38[ WDVNXVHG)38WKLVTXDQWXP 603
/HV QRPV GHV GUDSHDX[ ± FH TXH QRXV DYRQV SX REVHUYHU ± FRPPHQFHQW SDU 3)B HQ DQJODLV SURFHVVÀDJ /HVQRPEUHVTXLOHXUV FRUUHVSRQGHQW FH VRQW j YUDL GLUH OHV ELWV VSpFL¿TXHV PDUTXpV SDU &HOD Q D ULHQ G pWRQQDQW YX TX XQ VHXO SURFHVVXV SHXW DYRLU SOXVLHXUV GUDSHDX[Gp¿QLV/HGHUQLHUGUDSHDX Gp¿QL HVW 3)B86(')38 3HXWrWUH SRXYRQVQRXV FUpHU XQ QRXYHDX GUDSHDXTXLLQGLTXHUDXQSURFHVVXV FDFKp"3DUH[HPSOH KLGGHQWDVN GH¿QH3)B+,''(1[
1RXV SRXYRQV UHYHQLU j JHW B SLG B OLVW HWSUHQGUHHQFRPSWHODYpUL ¿FDWLRQGHQRWUHQRXYHDXGUDSHDX /H SRLQWHXU YHUV OH GHVFULSWHXU DSSURSULp GX SURFHVVXV V DSSHOOH LFL S QRXV DOORQV GRQF YpUL¿HU S !ÀDJV /H WRXW VH UpGXLW j DMRXWHU GHX[OLJQHVGXFRGH PDUTXpHVSDU OHV\PEROH LQW SLG
S!SLG
LI S!ÀDJV 3)B+,''(1
FRQWLQXH LI SLG
FRQWLQXH
,O QH UHVWH TX j PHWWUH j GLVSRVL WLRQ OD PpWKRGH GH Gp¿QLWLRQ GH
)BLJO/ P
3)B+,''(1 1 SRXU OHV SURFHVVXV FKRLVLV 1RXV QRXV VRPPHV Gp FLGpV j FUpHU XQ QRXYHO DSSHO V\VWqPH ± GpYHORSSRQVOH 1RXV DOORQV DMRXWHU XQH VRXVIRQFWLRQ 8%(5B36B+,'( FDVH 8%(5B36B+,'( UHWYDO S
(65&+
¿QGBWDVNBE\BSLG DUJ
LI S EUHDN S!ÀDJV _
3)B+,''(1
DUJ HVW OH SDUDPqWUH GH QRWUH V\VFDOO LFL LO VLJQL¿H OH QXPpUR GX SURFHVVXV j FDFKHU 3XLVTXH OHV GHVFULSWHXUV VWUXFWWDVN B VWUXFWQH VRQW SDV VDXYHJDUGpV GDQV XQ OLHX FRQFUHW HW ¿[H GH OD PpPRLUH QRXV VRPPHVREOLJpVG XWLOLVHUODIRQFWLRQ DX[LOLDLUH ¿QG B WDVN B E\ B SLG (OOH UHWRXUQHOHSRLQWHXUYHUVOHGHVFULS WHXUGXSURFHVVXVSRUWDQWOHQXPpUR Gp¿QLSDUOHSDUDPqWUH6LFHWWHRSp UDWLRQ UpXVVLVVDLW LO IDXW Gp¿QLU OH GUDSHDX ± LO VXI¿UDLW G XQH VLPSOH RSpUDWLRQDULWKPpWLTXH /HSURFHVVXVQ HVWSRLQWYLVLEOH 5pÀpFKLVVRQV XQ SHX VXU G DXWUHV TXHVWLRQV ± SUHPLqUHPHQW TX HVW FH TXL VH SDVVHUD TXDQG XQ SUR FHVVXV HQ FUpH G DXWUHV RX ELHQ TX LO ODQFH G DXWUHV SURJUDPPHV ,O V DYqUH TXH OD SOXSDUW GHV GUD SHDX[ GX SURFHVVXV VRQW KpULWpHV GH IRUN 3)B+,''(1 1 VHUD GRQF WUDQVPLVH DX[ HQIDQWV GHV SURFHV VXV FDFKpV /H SUREOqPH VXLYDQW HVW OD SRVVLELOLWp GH WURXYHU OHV
XXXIBLJOPSH
SURFHVVXV FDFKpV ,O HVW SRVVLEOH G DFFpGHUGLUHFWHPHQWDXUpSHUWRLUH SURF QXPpURBGXB SURFHVVXVBFD FKp HW GH SOXV OHV SURFHVVXV FD FKpV UpDJLVVHQW DX[ VLJQDX[ 0DLV QHVR\RQVSDVWURSH[LJHQWVHQYHUV XQH PRGL¿FDWLRQ TXL Q RFFXSH TXH GHX[OLJQHVGXFRGH
'LVVLPXOHUODSUpVHQFH GHO DGPLQLVWUDWHXU 4XHIDLWOHKDNHUSHQGDQWXQHWHQWDWLYH GHSUHQGUHOHFRQWU{OHVXUOHV\VWqPH " 3OHLQ GH FKRVHV 1RUPDOHPHQW LO FRPPHQFH SDU YpUL¿HU V LO Q \ D SDV TXHOTX XQ TXL SRXUUDLW DUUrWHU O DWWDTXH &RPPHQW GLVVLPXOHU OD SUpVHQFH GH O DGPLQLVWUDWHXU " 2Q SHXWHVVD\HUGHVFRPELQDLVRQVDYHF VVK 7 7 PDLV PrPH XQ SURJUDPPH VWDQGDUG QHWVWDWW GpYRLOHUD OD FRQQH[LRQ DFWLYH 9RXV DYH] GHYLQp ± QRWUH WkFKH VXLYDQWH FRQVLVWHUD jVXSSULPHUOHVFRQQH[LRQVFKRLVLHV GHVOLVWHVUHWRXUQpHVSDUOHV\VWqPH &RPPH G KDELWXGH QRXV DOORQV DQDO\VHU OH IRQFWLRQQHPHQW G XQ SURJUDPPH SUpFLV /H SURJUDPPH QHWVWDW W GRQW QRXV DYRQV GpMj SDUOp HQ VHUD XQ H[FHOOHQW H[HPSOH GH GpPRQVWUDWLRQ 1RXV SRXYRQV GHYLQHU TXH OHV LQIRUPDWLRQV VRQW SHUGXHV TXHOTXHV SDUW O DPDV GHV UpSHUWRLUHVSURF VWUDFHQHWVWDW! _JUHSSURF? _KHDG RSHQ SURFQHWWFS2B5'21/< RSHQ SURFQHWWFS2B5'21/< RSHQ SURFQHWXGS2B5'21/< RSHQ SURFQHWXGS2B5'21/< RSHQ SURFQHWUDZ2B5'21/<
7UqVELHQQ HVWFHSDV"9R\RQVFH TX RQ SHXW WURXYHU GDQV OH ¿FKLHU SURFQHWWFSSDUFHTXHFHVRQWGHV FRQQH[LRQV 7&3 TXH QRXV YRXORQV GLVVLPXOHU FDWSURFQHWWFS VOORFDOBDGGUHVVUHPBDGGUHVVVW W[BTXHXHU[BTXHXHWUWP!ZKHQ UHWUQVPWXLGWLPHRXWLQRGH $
FIDGI
1RXV SRXYRQV REVHUYHU TXH QRXV DYRQVXQSURFHVVXVHQFRXUVG H[p FXWLRQTXLpFRXWHVXUOHSRUWORFDO [ ±jO LQVWDQWDXFXQHFRPPX QLFDWLRQQ HVWSUpVHQWH2.WRXWHVW WUqV ELHQ PDLV QRXV YRXORQV VDYRLU FRPPHQW FHV GRQQpHV VRQW JpQp UpHV2HVWFHTXHFHODVHSDVVH" 9pUL¿RQVG DERUGFRPPHQWOHVIRQF WLRQVOLpVjODJHVWLRQGXV\VWqPHGH ¿FKLHUV SURF V DSSHOOHQW ,O HVW VU G DGPHWWUHTX HOOHVFRQWLHQQHQWGDQV OHQRP QHW1RXVDOORQVHIIHFWXHUOD UHFKHUFKH GDQV OH ¿FKLHU G HQWrWH OLQX[SURFBIVK! JUHSQHWSURFBIVK H[WHUQ VWUXFW SURFBGLUBHQWU\ SURFBQHW VWDWLF LQOLQH VWUXFW SURFBGLUBHQWU\ SURFBQHWBFUHDWH FRQVW FKDU QDPH UHWXUQ FUHDWHBSURFBLQIRBHQWU\ QDPH PRGHSURFBQHWJHWBLQIR
VWDWLF VVL]HBW SURFBXEHUPDVNBZULWH
¿OH
EXI FRXQWORIIBW SSRV ^ EXIRU>@ SWU XEHUSDVVRN (3(50
¿OH!IBGHQWU\!GBLQRGH!XSURFBLWDVN 18// (120(0 ! (,19$/ FRS\BIURPBXVHU EXIRU EXIFRXQW ()$8/7 WDVN VLPSOHBVWUWRXO EXIRU SWU VWUOHQ EXIRU `
FRPPHOHGHUQLHUSDUDPqWUHO DGUHV VHGHODIRQFWLRQTXLGHYUDLWUHWRXUQHU OHV LQIRUPDWLRQV VXU OHV FRQQH[LRQV GX SURWRFROH GRQQp &HWWH IRQFWLRQ V DSSHOOH WFS B JHW B LQIR HW VH WURXYHGDQV
JUHSSURFBQHWBFUHDWH
JUHSWFSBJHWBLQIR
DIBLQHWF SURFBQHWBFUHDWH UDZ
DIBLQHWF H[WHUQ LQW WFSBJHWBLQIR
UDZBJHWBLQIR DIBLQHWF SURFBQHWBFUHDWH QHWVWDW QHWVWDWBJHWBLQIR
.POX]O
VWDWLF VVL]HBW SURFBXEHUPDVNBUHDG
¿OH
EXI FRXQW
SSRV ^ EXIRU>@ X ORZ KLJK XEHUSDVVRN (3(50
¿OH!IBGHQWU\!GBLQRGH!XSURFBLWDVN 18// (120(0 ORZ X WDVN!XEHUPDVN !! X WDVN!XEHUPDVN VSULQWI EXIRU[[[?QKLJKORZ ! VWUOHQ EXIRU FRS\BWRBXVHU EXI EXIRUVWUOHQ EXIRU ()$8/7
SSRV VWUOHQ EXIRU VWUOHQ EXIRU `
± FH Q¶HVW SDV PDO ,O HVW JUDQG WHPSV GH SDUWLU j OD UHFKHUFKH GHV DSSHOV j FHWWH IRQFWLRQV 1RXV VRPPHV LQWpUHVVpV DXSURWRFROH7&3WUDQVPLVSDU,3HQ YHUVLRQDORUVLOHVWUDLVRQQDEOHGH FRPPHQFHU SDU QHWLSY (W HQFRUH XQH IRLV JUHS GHYLHQW LQGLVSHQ VDEOH SURF B QHW B FUHDWH
DIBLQHWF SURFBQHWBFUHDWH VQPS VQPSBJHWBLQIR DIBLQHWF SURFBQHWBFUHDWH VRFNVWDW
FKDU FKDU
RIIBWLQW DIBLQHWF
SURFBQHWBFUHDWH WFS
WFSBJHWBLQIR WFSBLSYF LQW WFSBJHWBLQIR FKDU EXIIHUFKDU
VWDUW RIIBW RIIVHWLQW OHQJWK
YRXORQVGLVVLPXOHU/DSURSRVLWLRQHVW ODVXLYDQWH±QRXVQ DYRQVSDVHQYLH TX RQ YRLW OHV FRQQH[LRQV j SDUWLU GH O DGUHVVH ,3 FKRLVLH &RPPH oD O DGPLQLVWUDWHXU D OD SRVVLELOLWp GH VH FRQQHFWHUjSDUWLUGHO K{WHFRQQX RX DOLDV LPSULPDQWH RX DXWUH SpULSKp ULTXH D\DQW VRQ SURSUH DGUHVVH ,3 /D PpWKRGH Q HVW SDV SDUIDLWH PDLV G KDELWXGHHOOHHVWDVVH]XWLOH5HYH QRQVDORUVjQRWUHIRQFWLRQ&RPPHQW HVWHOOH"9R\RQV $X GpEXW OD SUHPLqUH OLJQH SURF QHWWFS F HVWjGLUH S VOORFDOBDGGUHVV HVW pFULWH 5LHQ G LQWpUHVVDQW 0DLV TX HVWFHTX RQDGDQVODVXLWH
D¿QHWBJHWBLQIR DIBLQHWF SURFBQHWBFUHDWH WFS WFSBJHWBLQIR
/DGHUQLqUHOLJQHDO DVSHFWDVVH]DW WUD\DQW± SURF B QHW B FUHDWH FKDUJH
/LVWLQJ3URFpGXUHVG HQUHJLVWUHPHQWHWGHOHFWXUHSURF3,' XEHUPDVN
WFSBLSYF$ORUVFH¿FKLHUFRQWLHQW OHV IRQFWLRQV FRQFHUQDQW OHV OLDLVRQV GX7&3jODFRXFKH,3HWF HVWOHOLHX H[FHOOHQWSRXUGLIIpUHQHWVVWDWLVWLTXHV 0DLV DYDQW GH SDVVHU DX[ PRGL¿FD WLRQVGp¿QLVVRQVTX HVWFHTXHQRXV
XXXIBLJOPSH
)LUVWZDONOLVWHQLQJVRFNHWWDEOH
&HOD UHVVHPEOH j XQH FRQVXOWDWLRQ GHV VRFNHWV HQ WUDLQ G pFRXWH ,O HVW DVVH] GLI¿FLOH GH O DVVRFLHU DYHF OH YHUURXLOODJH GH O DI¿FKDJH GH O LQIRU
)BLJO/ P
6KNWSXS]^\K^O_\ WYNSPSO VO XYcK_
PDWLRQ VXU XQ ,3 GRQQp DQDO\VRQV GRQFOHIUDJPHQWVXLYDQW 1H[WZDONHVWDEOLVKHGKDVKFKDLQ
9UDLPHQWWUqVLQWpUHVVDQW/HQR\DX XWLOLVHOHVWDEOHDX[GHKDFKDJHGHV FRQQH[LRQV ± FKDTXH pOpPHQW GX WDEOHDX WFS B HKDVK HVWXQHOLVWH'H FHOD OD FRQVXOWDWLRQ GHV OLVWHV HVW VRXPLVHjODERXFOHIRUU ±OHQRPEUH G LWpUDWLRQVFRUUHVSRQGjODWDLOOHGH WFS B HKDVK &RPPHQW OHV GRQQpHV VRQWHOOHV FROOHFWpHV " $X GpEXW XQ FRXUW WHVW VL OH VRFNHW SURYLHQW GH OD IDPLOOH $)B,1(7 7 9HXLOOH] UHPDUTXHU TXH FRQWLQXH HQWUDvQH O RPLVVLRQGHVDXWUHVDFWLRQV±F HVW XQ ERQ UHQVHLJQHPHQW TXL VXJJqUH FRPPHQW QpJOLJHU FHUWDLQHV FRQ QH[LRQV
LQVFULWHV /H FRGH UpVHDX ± DORUV FHV GHX[ IRQFWLRQV DXVVL ± XWLOLVHQW OHV VWUXFWXUHV VWUXFW VRFN /HXU GHVFULSWLRQ HVW GLVSRQLEOH GDQV OH ¿FKLHU QHWVRFNK! ! 4XDQW j QRXV QRXV Q DYRQV EHVRLQ TXH GH GHX[ pOpPHQWVLQLWLDX[
VN
6RFNHWGHPXOWLSOH[FRPSDULVRQVRQ LQFRPLQJSDFNHWV
XEHUBDGPLQBDGGU __ ? XEHUBDGPLQBDGGU ?
2VDLVLUQRWUHPDFUR"3HXWrWUHDSUqV OHWHVW$)B,1(7"3RXUTXRLSDV
)RUHLJQ,3YDGGU BBX GDGGU
IRU VN
%RXQGORFDO,3YDGGU
KHDG!FKDLQ VN VN!QH[WQXP ^
VN
LI 7&3B,1(7B)$0,/< VN!IDPLO\
BBX UFYBVDGGU
FRQWLQXH
(VWFHTXHOHVGHX[DGUHVVHV\VRQW YUDLPHQWHQUHJLVWUpHV"3RXUQHSOXV rWUH GDQV OH GRXWH XWLOLVRQV HQFRUH XQHIRLVOHFRGHJHWBWFS BVRFN
&+(&.B$'0,1B$''5 VN SRV
7036=
`
VN!QH[W QXP ^
GHVW
VS!GDGGU
VUF
VS!UFYBVDGGU
FRQWLQXH 7036=
`
6L OH WHVW UpXVVLW OH WDPSRQ WPSEXI HVWUHPSOL JHWBWFSBVRFN VN WPSEXIQXP OHQ
[!GDGGU [!UFYBVDGGU
VWUXFW VRFN ^
LI 7&3B,1(7B)$0,/< VN!IDPLO\ SRV
GH¿QH&+(&.B$'0,1B$''5 [ ? LI XEHUBDGPLQBDGGU ?
FRQWLQXH
VWUXFW VRFN VS IRU VN KHDG!FKDLQ VN
GH[ LOIDXWGLULJHUOHSRLQWHXUYHUVOD VWUXFWXUH VWUXFWVRFN
VSULQWI EXIIHUOHQ V?Q
7036=WPSEXI
/RJLTXHPHQW JHW B WFS B VRFN GH YUDLWGRQQHUEHDXFRXSG LQIRUPDWLRQV VXUODFRQQH[LRQ(WF HVWOHFDV3RXU OH SURXYHU UHJDUGH] O LQVWUXFWLRQ FL GHVVRXV
,O SDUDvW TXH RXL 1RWUH PRGL¿FDWLRQ FRPSDUHUD GHX[ FKDPSV DYHF OHV DGUHVVHV VDXYHJDUGpHV GDQV OD YDULDEOH XEHU B DGPLQ B DGGU 4XH IH URQVQRXVVLGDQVO XQGHVFDVQRXV REWHQRQV XQH pJDOLWp " 'H PrPH TXH GDQV OH WHVW HIIHFWXp DX GpEXW GHODIRQFWLRQ±QRXVDOORQVLPSRVHU XQH LWpUDWLRQ VXLYDQWH GH OD ERXFOH j O DLGH GH FRQWLQXH 8WLOLVRQV XQH PDFURFRPPDQGHSDUFHTXHFRPPH QRXVDOORQVYRLUO RSpUDWLRQGRLWrWUH HIIHFWXpH SOXVLHXUV IRLV $ OD SODFH
3DV PDO PDLV DWWHQGRQV HQFRUH XQPRPHQWSDUFHTX HQIDLWQRXVQH VDYRQVSDVFHTXLQRXVDWWHQGGDQV ODVXLWHGHWFS B JHW B LQIR WZ
VWUXFW WFSBWZBEXFNHW WZ!QH[W QXP ^
LI 7&3B,1(7B)$0,/< VN!IDPLO\ FRQWLQXH SRV
7036=
`
'pMjYX",FLDXOLHXGH VWUXFW VRFN QRXV DYRQV VWUXFW WFS B WZ B EXF NHW HW DX OLHX GH JHW B WFS B VRFN
VSULQWI WPSEXIG ; ; ; ; ;; ;; O;;GGOXGSX
XXXG
(VWFH TXH FHOD Q D SDV G DVSHFW FRQQX"5HYHQRQVSRXUXQPRPHQW DX[ LQVFULSWLRQV GDQV SURFQHWWFS 6HPEODEOHV " 0DLV RXL F HVW MXVWH 3UR¿WRQV GRQF GH O RFFDVLRQ SRXU FRPSUHQGUH FRPPHQW OHV DGUHVVHV VRXUFHHWFLEOHGHODFRQQH[LRQVRQW
)BLJO/ P
)LJXUH3DJLQDWLRQGDQV3HQWLXPVDQV36( 3DJH6L]H([WHQVLRQ
XXXIBLJOPSH
± JHW B WLPHZDLW B VRFN 4X HVWFH TXH F HVW " &H VRQW OHV FRQQH[LRQV TXL YLHQQHQW G rWUH WHUPLQpHV GRQW O
pWDW HVW 7,0(B:$,7 7 0DLV FHOOHVFL GRLYHQW DXVVL rWUH FDFKpHV ,O IDXW YpUL¿HUFRPPHQWVHSUpVHQWH VWUXFW
)RQFWLRQVOLEXEHU
XEHUBVWDPS YRLG ±UHWRXUQHODYHUVLRQGXSDWFK XEHU B XVH B FRXQW YRLG ±UHWRXUQHOHQRPEUHG¶DSSHOVGHGLVVLPXODWLRQGHV
SURFHVVXVHWGHVFRQQH[LRQVHIIHFWXpVMXVTX¶DORUV XEHU B SV B KLGH SLG B WSLG ±FDFKHOHSURFHVVXVSLG
WFS B WZ B EXFNHW^
7KHVHBPXVWBPDWFKWKHEHJLQQLQJRI
XEHU B SURWHFW B VF LQWUHDG B RQO\ ±YHUURXLOOHO¶HQUHJLVWUHPHQWGDQVOH
XEHU B SURWHFW B NHUQHO LQWUHDG B RQO\ ±YHUURXLOOHO¶pFULWXUHGDQVOHFRGHGX
XEHU B OLVW ±DI¿FKHOHV¿FKLHUVSURWpJpVFRQWUHpFULWXUH
XEHU B XQORFN FKDU ¿OHQDPH ±VXSSULPHOH¿FKLHU¿OHQDPHGHODOLVWHGHV
XEHU B FKHFN¿OH FKDU ¿OHQDPH ±YpUL¿HVLOH¿FKLHU¿OHQDPHVHWURXYHVXUOD
XEHU B SDVV ORQJSDVVZRUG ±OHVPDQLSXODWLRQVGXPRWGHSDVVH
XEHU B QHW B KLGH B B XDGGU ±FDFKHOHVFRQQH[LRQVjSDUWLUGHO¶DGUHVVH
DGGU WDEOHDXGHVDSSHOVV\VWqPHDFWLYpSDUGpIDXW
VWUXFWVRFNSUHFLVHO\
QR\DXDFWLYpSDUGpIDXW
HYHU\VLQJOHQHWZRUNLQJ¿OHLI, FUHDWHGDVWUXFWVRFNBKHDGHU 'DYH0
XEHU B ORFN FKDU ¿OHQDPH ±DMRXWHOH¿FKLHU¿OHQDPHjODOLVWHGHV¿FKLHUV
SURWpJpVFRQWUHpFULWXUH
BBX GDGGU BBX
UFYBVDGGU
¿FKLHUVSURWpJpVFRQWUHpFULWXUH OLVWHGHV¿FKLHUVSURWpJpVFRQWUHpFULWXUH
dD WRPEH ELHQ SDUFH TXH GH QRWUH SRLQW GH YXH F HVW SUDWLTXHPHQW OD PrPH FKRVH $ORUV " 0DLV RXL FRPPH DYDQW QRXV DMRXWRQV OD PDFUR PDLV FHWWH IRLVFL DYHF OH SDUDPqWUH WZ
SOH±LOQHIDXWSOXVYpUL¿HUODYDOLGLWp GHO DGUHVVH BBX XEHUBDGPLQBDGGU
VWUXFW WFSBWZBEXFNHW
WZ
WZ!QH[WQXP ^ LI 7&3B,1(7B)$0,/< VN!IDPLO\
FDVH 8%(5B1(7B+,'( XEHUBDGPLQBDGGU
DUJ
FRQWLQXH
&+(&.B$'0,1B$''5 WZ
SRV
7036=
`
3URWpJHUOHVSURFHVVXV FRQWUHIHUPHWXUH NLOO 1RXV DYRQV GpMj SDUOp GHV FDUDF WpULVWLTXHV WUqV LQWpUHVVDQWHV GHV
.POX]O
&RPPH oD QRXV DYRQV DWWHLQW OD ¿Q GH OD IRQFWLRQ DQDO\VpH &RPPH DYDQWLOIDXWSHUPHWWUHGHFRQ¿JXUHU OD YDOHXU DSSURSULpH GH XEHU B DG PLQ B DGGU&HVHUDXQSHXSOXVVLP
/HV FRQQH[LRQV QH VRQW SOXV YLVL EOHV 1RXV ODLVVRQV DX[ OHFWHXUV OH GpYHORSSHPHQWGHODPRGL¿FDWLRQGH IDoRQjSHUPHWWUHODUHFRQQDLVVDQFH GHVSRUWVRXSOXVLHXUVDGUHVVHV,3
)LJXUH&RPELQDLVRQVGHFHUWDLQHVIRQFWLRQVGDQVOH¿FKLHUNHUQHOVLQJDOF ±HQWUHDXWUHVGHODIRQFWLRQVHQGVLJLQIR ³'LVVLPXODWLRQGHVSURFHVVXV´ TXHQRXVDYRQVPRGL¿pH
XXXIBLJOPSH
¿FKLHUV GDQV OH UpSHUWRLUH SURF ± PDLQWHQDQW QRXV DOORQV GpPRQ WUHU FRPPHQW V HQ VHUYLU GDQV OD FRPPXQLFDWLRQHQWUHO HVSDFHQR\DX HW O HVSDFH XWLOLVDWHXU %LHQ TX LOV UpVLGHQW GDQV OD PpPRLUH FHV ¿ FKLHUVVRQWYLVLEOHVFRPPHpOpPHQWV RUGLQDLUHV GX V\VWqPH GH ¿FKLHUV /HV RSpUDWLRQV VXU FHV ¿FKLHUV VRQW HIIHFWXpHVGHODPrPHIDoRQTXHVXU XQ VXSSRUW UpHO PDLV O LPSOpPHQWD WLRQGHFHVRSpUDWLRQVHVWWRXWjIDLW GLIIpUHQWH $ WLWUH G H[HPSOH QRXV DOORQVSUpSDUHUXQSDWFKYHUURXLOODQW OD IRXUQLWXUH GHV VLJQDX[ FKRLVLV DX[ SURFHVVXV ,O H[LVWH VLJQDX[ DX PD[LPXP GDQV OH QR\DX DORUV LO VHUDLWMXVWHG XWLOLVHUFRPPHPDVTXH W\SHELWV XGDQVOHTXHOFKDTXH ELW FRUUHVSRQG j OD SHUPLVVLRQ G XQ VLJQDOFRUUHVSRQGDQWjODSRVLWLRQGH FH ELW 3DU H[HPSOH OH PDVTXH [)))))))))))))))) ODLVVH SDVVHU WRXV OHV VLJQDX[ PDLV OH PDVTXH [)))))))))))))()) QH ODLVVHUD SDV SDVVHUOHVLJQDO .,// SDUFHTXH OHKXLWLqPHELWGHFHPDVTXHHVWPLV j EODQF / LQWHUIDFH GH FRPPXQLFD WLRQHQWUHOHQR\DXHWO XWLOLVDWHXUHVW OH ¿FKLHU SURF3,'XEHUPDVN R 3,' HVW OH QXPpUR GX SURFHVVXV / DFFqV DX[ PDVTXHV HVW SURWpJp SDUOHPpFDQLVPHGHSURWHFWLRQGRQW QRXV DYRQV SDUOp DYDQW 'H SOXV OD SURJpQLWXUHKpULWHOHPDVTXHGHVHV
)BLJO/ P
6KNWSXS]^\K^O_\ WYNSPSO VO XYcK_
SDUHQWV (Q SUDWLTXH FHWWH VROXWLRQ RIIUH j O DGPLQLVWUDWHXU OD SRVVLELOLWp GH FUpHU IDFLOHPHQW GHV SURFHVVXV LPSRVVLEOHV j WXHU FH TXL HVW WUqV XWLOHSRXUODSURWHFWLRQGXV\VWqPH 1RXV FRPPHQoRQV OHV PRGL¿ FDWLRQV SDU DMRXWHU OH PDVTXH j OD VWUXFWXUHGXSURFHVVXV'DQV OLQX[ VFKHGK!jODVWUXFWXUH WDVN B VWUXFW QRXV DMRXWRQV OH FKDPS VLJVHW B W XEHUPDVN'DQVNHUQHOVLJQDOFQRXV PHWWRQV XQ SHWLW IUDJPHQW GX FRGH TXL YpUL¿H VL O RSpUDWLRQ G HQYRL GX VLJQDOHVWDXWRULVpH LI W!XEHUPDVN VLJPDVN VLJ ^ UHW
)LJXUH3DJLQDWLRQGDQV3HQWLXPjO¶DLGHGH36( 3DJH6L]H([WHQVLRQ
(3(50
JRWR RXWBQRORFN `
/D GHUQLqUH RSpUDWLRQ OLpH GLUHFWH PHQWjODJHVWLRQGXFKDPS XEHUPDVN FRQVLVWHjDVVXUHUVRQKpUpGLWp/HV SURFHVVXVHWOHVWUDPHVVHPXOWLSOLHQW jO DLGHGHGLIIpUHQWHVIRQFWLRQVPDLV j OD ¿Q WRXW VH WURXYH GDQV GR B IRUN 1RXV \ DOORQV NHUQHOIRUNF SRXU PHWWUH GDQV OD SRVLWLRQ DSSUR SULpHO LQVFULSWLRQVXLYDQWH LI S!SLG
S!XEHUPDVN HOVH S!XEHUPDVN
[)))))))))))))))) FXUUHQW!XEHUPDVN
0DLQWHQDQW UHJDUGRQV XQ SHX OH OLHX R UpVLGHQW OHV SURFpGXUHV GX QR\DX UHVSRQVDEOHVGHODJHVWLRQGXUpSHUWRL UH SURF±F HVWOH¿ F FKLHUIVSURFEDVHF $X GpEXW LO IDXW IDLUH DWWHQWLRQ j FH TXHOH¿FKLHUXEHUPDVNVRLWFUppGDQV N OH UpSHUWRLUH GH FKDTXH SURFHVVXV $ORUV j OD OLVWH SLG B GLUHFWRU\ B LQRV OHV¿FKLHUVSUpVHQWVGDQVOHUpSHUWRLUH GXSURFHVVXV QRXVDMRXWRQVODFRQV WDQWH 352& B 3,' B 8%(50$6. 3DUFRQWUH DX WDEOHDX SLG B HQWU\ EDVH B VWXII>@ QRXVDMRXWRQVODPDFURVXLYDQWHDYHF OHVGURLWVG HQUHJLVWUHPHQWHWGHOHFWXUH SRXUO XWLOLVDWHXU ( 352&B3,'B8%(50$6. XEHUPDVN 6B,)5(*_6B,5865_6B,:865
6HV SDUDPqWUHV VRQW UHVSHFWLYH PHQW O LGHQWL¿DQW GX ¿FKLHU FRU
)BLJO/ P
UHVSRQGDQW GDQV OH WDEOHDX O LQV FULSWLRQ EDVH B VWXII OH QRP GX ¿FKLHU ± XEHUPDVN OHV GUDSHDX[ ±OH¿FKLHUUpJXOLHUHQUHJLVWUHPHQW OHFWXUH /D SURFpGXUH SURF B ED VH B UHDGGLU SHQGDQWODOHFWXUHGX WDEOHDX EDVH B VWXII>@ UHQFRQWUHUD QRWUHLQVFULSWLRQHWODFUpHUDFRUUHF WHPHQW0DLVFHODQHVXI¿WSDVSRXU REWHQLU OD IRQFWLRQQDOLWp VRXKDLWp ±LOIDXWDMRXWHUODIRQFWLRQGHOHFWXUH HW G HQUHJLVWUHPHQW GHV GRQQpHV 3RXU FHOD QRXV DOORQV FUpHU GHX[ IRQFWLRQV SUpVHQWpHV GDQV OH /LV WLQJ ± SURF B XEHUPDVN B UHDG HW SURF B XEHUPDVN B ZULWH VWDWLF VWUXFW ¿OHBRSHUDWLRQV SURFBXEHUPDVNBRSHUDWLRQV UHDG
^
DYHF OHV SDUDPqWUHV DSSURSULpV HVW DSSHOpH
VWUXFW¿OH ¿OH±OHSRLQWHXUYHUV
OD VWUXFWXUH Gp¿QLVVDQW OH ¿FKLHU HQTXHVWLRQ FKDU EXI ± OH WDPSRQ DXTXHO LO IDXW FRSLHU OHV GRQQpHV VRUWDQW GXQR\DX VL]H B W FRXQW ±OHQRPEUHG RF WHWVjOLUH ORII B W SRV ± OH GpFDODJH HQ DQJODLV RIIVHW GDQVOH¿FKLHU
/HV SDUDPqWUHV DQDORJLTXHV VRQW SUpVHQWV GDQV SURF B XEHUPDVN B ZUL WH ±PDLVLFL EXI LQGLTXHOHWDPSRQ GHGRQQpHVSURYHQDQWGHO XWLOLVDWHXU ,OIDXWSURFpGHUFRPPHVXLW
SURFBXEHUPDVNBUHDG
ZULWH SURFBXEHUPDVNBZULWH
`
/D VWUXFWXUH ¿OH B RSHUDWLRQV SHU PHW GH UHWURXYHU OHV SURFpGXUHV SHUPHWWDQW OHV RSpUDWLRQV VXU OHV ¿FKLHUV S H[ UHDG ZULWH RSHQ OVHHNHWF /DIRQFWLRQLQVFULWHGDQVODVWUXF WXUH¿OH B RSHUDWLRQVVRXVODFOpUHDG HVW ODQFpH DX PRPHQW R OD OHFWXUH HVW GHPDQGpH SDU O XWLOLVDWHXU U 'H PrPH SURF B XEHUPDVN B ZULWH HVW UHVSRQVDEOH GH O HQUHJLVWUHPHQW GHV GRQQpHV XWLOLVDWHXU GDQV OH QR\DX $ORUV VL O XWLOLVDWHXU ODQFH OD FRPPDQGH FDW SURFXEHUPDVNOD SURFpGXUH SURF B XEHUPDVN B UHDG
XXXIBLJOPSH
WURXYHU OH SRLQWHXU YHUV OH GHV FULSWHXU GX SURFHVVXV j SDUWLU GX UpSHUWRLUH FRQWHQDQW OH ¿ FKLHU SUpSDUHU OH PDVTXH XQ SHX SOXV FRQYLYLDOTXHLQWSXU YpUL¿HU VL OH GpFDODJH D GpMj SDVVp O HVSDFH GH GRQQpHV ± VL F HVW OH FDV OD IRQFWLRQ UHWRXUQH ]pUR SDUFH TX HOOH Q D SOXV ULHQ jOLUH FRSLHU j O DLGH GH OD PDFUR FRS\ B WR B XVHU OHV GRQQpHV GH O HVSDFH GX QR\DX j O HVSDFH XWLOLVDWHXU LQFUpPHQWHUOHSRLQWHXUGXGpFD ODJH±OHSURJUDPPHTXLDSSHOOH FHWWHSURFpGXUHO DSSHOOHDYHFXQ
QRXYHDXGpFDODJHJUkFHjFHOD QRXV VDYRQV VL OHV GRQQpHV RQW pWpGpMjHQYR\pHV 1RXVDMRXWRQVOHVSURFpGXUHVGpFULWHV j OD ¿Q GH OD IRQFWLRQ GH UHFKHUFKH SURF B EDVH B ORRNXS HQ DMRXWDQW DXVVLXQQRXYHDXFDVFDVH FDVH 352&B3,'B8%(50$6. LQRGH!LBIRS SURFBXEHUPDVNBRSHUDWLRQV EUHDN
*UkFH j FHOD OH QR\DX SHQGDQW OD GHPDQGHG pFULWXUHRXGHOHFWXUHGX¿ FKLHUOLpj 352& B 3,' B 8%(50$6. ODQFHUD XQHRSpUDWLRQDSSURSULpHGHODVWUXF WXUH ¿OH B RSHUDWLRQV(WF HVWSUrW
3URWpJHUOHV¿FKLHUV FRQWUHpFULWXUH 5HYHQRQVjQRWUHV\VFDOO1RXVDOORQV O XWLOLVHU SRXU SURWpJHU OHV ¿FKLHUV Vp OHFWLRQQpV FRQWUH pFULWXUH 3RXU UpDOL VHUFHWWHLGpHQRXVQRXVVHUYLURQVGH OLVWHVGp¿QLHVGDQV OLQX[OLVWK! /HV¿FKLHUVVRQWRXYHUWVDXPR\HQ GHO DSSHOV\VWqPH V\V B RSHQ3DUPL OHV DUJXPHQWV WUDQVPLV LO \ D DXVVL GHVGUDSHDX[±DXVVLFHWHPSODFH PHQWSDUDvWLGpDOSRXUVDLVLUOHVPR GL¿FDWLRQV 3XLVTXH j SDUWLU GH FHW HPSODFHPHQWQRXVQHSRXYRQVSDV DSSHOHUGLUHFWHPHQW V\V B XEHUDGPLQ QRXV DYRQV EHVRLQ G XQH IRQFWLRQ jSDUW& HVWSRXUTXRLQRXVFUpHURQV ODSURFpGXUH XEHUFKHFN¿OH HWQRXV OD PHWWURQV GDQV NHUQHOV\VF /D IDoRQGHFRQVXOWHUODOLVWHHVWGpFULWH GDQV OD VXLWH GH O DUWLFOH 3DU FRQWUH GDQV IVRSHQFQRXVDMRXWRQV F LI XEHUFKHFN¿OH ¿OHQDPH ÀDJV 2B5':5 __
ODFRQYHUVDWLRQDYHFO XWLOLVDWHXUSHXW SRVHU FHUWDLQV SUREOqPHV HW FHOD j FDXVH GHV OLVWHV GRQW QRXV DYRQV GpMjSDUOp&HVRQWOHVOLVWHVF\FOLTXHV j GHX[ VHQV LPSOpPHQWpHV GLUHFWH PHQW GDQV OH FRGH GX QR\DX /HXU XWLOLVDWLRQ Q HVW SDV WURS FRPPRGH PDLV YDXW OD SHLQH 3RXU SRXYRLU SUR¿WHU GH OD OLVWH LO IDXW G DERUG OD FUpHU HW FHOD j O DLGH GH OD PDFUR /,67 B +($' XEHUOLVW 'qVjSUpVHQW OD YDULDEOH XEHUOLVW DI¿FKH OH GpEXW HWOD¿QGHOD¿OH/HW\SHGHGRQQpHV FRQWHQXGDQVOHVOLVWHVHVWGp¿QLGH ODIDoRQVXLYDQWH
.POX]O
OLVWBIRUBHDFKBVDIH XEHUFRXQWHU WHPSBOLVW XEHUOLVW ^ WHPS
OLVWBHQWU\ XEHUFRXQWHU
XEHUVWULQJOLVW LI VWUFPS WHPS!VIQDPH ^ OLVWBGHO WHPS!OLVW
W\SHGHI VWUXFW ^
NIUHH WHPS!V
FKDU V
NIUHH WHPS
VWUXFW OLVWBKHDG OLVW
`
` XEHUVWULQJ
`
$SUqV FHWWH GpFODUDWLRQ QRXV REWH QRQVOHW\SHSRXYDQWFUpHUODOLVWHGH FKDvQHV $YDQW G DMRXWHU XQ pOpPHQW j OD OLVWH QRXV FUpRQV XQ SRLQWH XU WHPSRUDLUH GX W\SH XEHUVWULQJ XEHUVWULQJ WHPS HW OXL DWWULEXRQV GH OD PpPRLUH $X SRLQWHXU V QRXV DMRXWRQV DXVVL XQ SHX GH PpPRLUH HW HQVXLWH QRXV FRSLRQV OHV GRQ QpHVYHUV V VWUQFS\\ HWDSSHORQV
3UrWH]O DWWHQWLRQDXIDLWTXHGDQVFH FDV OD OLVWH HVW FRQVXOWpH GLIIpUHP PHQW /D PDFUR OLVW B IRU B HDFK B VDIHFRQYLHQWPLHX[jUHFKHUFKHUOHV pOpPHQWV j VXSSULPHU SDUFH TX HOOH XWLOLVH OH SRLQWHXU WHPSRUDLUH VXS SOpPHQWDLUH OLVW B KHDG WHPS B OLVW *UkFH j FHOD QRXV VRPPHV VUV TXH OHV pOpPHQWV GH OD OLVWH UHVWH LQWDFWV6LQRXVXWLOLVLRQV OLVW B IRU B HDFK RUGLQDLUH FHOD SRXUUDLW WRXUQHU PDO 0DLQWHQDQW TXDQG QRXV DYRQV DSSULV XQ SHX GH WKpRULH GH OLVWHV UHYHQRQVDXIRQGGXSUREOqPH±V\V FDOO V\V B XEHUDGPLQ VDLW IDLUH TXDWUH FKRVHV
OLVWBDGG WHPS!OLVW XEHUOLVW
'DQVOHVDUJXPHQWVQRXVVDLVLVVRQV OH SRLQWHXU YHUV O pOpPHQW GX W\SH OLVW B KHDG GH O pOpPHQW DMRXWp HW OH SRLQWHXU YHUV OD OLVWH $SUqV FHWWH RSpUDWLRQQRXVDYRQVXQpOpPHQWGH SOXVFDFKpGDQVODOLVWH3RXUFRQVXO WHUOHWDEOHDXQRXVXWLOLVRQVODPDFUR OLVW B IRU B HDFK&RPPHDUJXPHQWV LO IDXW VDLVLU OH FRPSWHXU WHPSRUDLUH OLVW B KHDG HW OH SRLQWHXU YHUV OD OLVWH
ÀDJV 2B:521/< __ ÀDJV 2B$33(1' __
OLVWBIRUBHDFK XEHUFRXQWHU XEHUOLVW
ÀDJV 2B7581& JRWR RXWBHUURU
^ WHPS
6L j OD VXLWH GH FHWWH FRPSDUDLVRQ QRXV REWHQRQV XQH YDOHXU SRVLWLYH OH¿FKLHUVHWURXYHVXUODOLVWHHWO XQH GHVGUDSHDX[LQWHUGLWVDpWpXWLOLVp QRXVTXLWWRQVODSURFpGXUH /DYpUL¿FDWLRQGHO HQUHJLVWUHPHQW pWDLWDVVH]IDFLOHPDLVODJHVWLRQGH
VWUXFWXUH FRQWHQXH GDQV OD OLVWH OH QRP GH W\SH OLVW B KHDG GDQV FHWWH VWUXFWXUH FKH] QRXV FH W\SHV DSSHOOHWRXWVLPSOHPHQWOLVW & HVWODVXSSUHVVLRQTXLHVWODSOXV IDVWLGLHXVH 5HJDUGRQV XQ SHX FH IUDJPHQWGXFRGH
OLVWBHQWU\ XEHUFRXQWHU
XEHUVWULQJOLVW `
/D PDFUR OLVW B HQWU\ UHWRXUQH OH SRLQWHXU YHUV OHV pOpPHQWV VXF FHVVLIV GH OD OLVWH 6HV DUJXPHQWV VRQW OH ¿FKLHU WHPSRUDLUH OD
XXXIBLJOPSH
DMRXWHUXQ¿FKLHUjODOLVWH 8%(5 B /2&. VXSSULPHU XQ ¿FKLHU GH OD OLVWH 8%(5 B 81/2&. DI¿FKHUODOLVWHVXUO pFUDQ 8 %(5 B /,67 YpUL¿HUVLOH¿FKLHUHVWVXUODOLVWH 8%(5 B &+(&.
/D Gp¿QLWLRQ GH V\VFDOO VH SUpVHQWH DLQVL V\V B XEHUDGPLQ XQVLJQHG RSW XQVLJQHG DUJ FRQVW FKDU DUJ R RSW HVW OH FRGH G DFWLRQ S H[ 8%(5 B 81/2&. HW DUJ HVW OH SRLQWHXU YHUVOHQRPGX¿FKLHU1RXVSDVVRQV OH QRP GX ¿FKLHU SDU JHWQDPH O IDXW SDV RXEOLHU G DSSHOHU SXWQDPH DSUqV OD ¿Q G XWLOLVDWLRQ GX SRLQWHXU
)BLJO/ P
6KNWSXS]^\K^O_\ WYNSPSO VO XYcK_
1RXVDMRXWRQVHQFRUHODYpUL¿FDWLRQGX PRWGHSDVVH LI XEHUSDVVRN UHWYDO (3(50 HWODYpUL¿FDWLRQGHODYDOLGLWp G DVVLJQDWLRQGHODPpPRLUHHWpYHQ WXHOOHPHQWXQHDPpOLRUDWLRQWHOOHTXH OHVORJVHWOHVPHVVDJHVG HUUHXUV/H FRGHUpVXOWDQWHVWjYRLUGDQVOHSDWFK HW GHX[ IUDJPHQWV VpOHFWLRQQpV VRQW SUpVHQWpVGDQVOH/LVWLQJ
3URWpJHUOHFRGHGX QR\DXFRQWUHOHV PRGL¿FDWLRQV /HFRGHGXQR\DXQHGHYUDLWSDVrWUH PRGL¿pORUVGXWUDYDLO,OQHV DJLWSDV GXWRXWGXYHUURXLOODJHGXFKDUJHPHQW GHV PRGXOHV GX QR\DX %LHQ VU OHV PRGXOHV VRQW GDQJHUHX[ ± PDLV GH SOXV HQ SOXV VRXYHQW QRXV DYRQV j IDLUH j GLIIpUHQWHV WHFKQLTXHV LQWHU YHQDQW GLUHFWHPHQW GDQV OH QR\DX 0rPHVLQRXVGpVDFWLYRQVODJHVWLRQ GH /.0 QRUPDOHPHQW OH PDWpULHO GHYN^`PHP UHVWH WRXMRXUV GLV SRQLEOH 0DLV F HVW WUqV GDQJHUHX[ ± DORUV 6L QRXV OH GpVDFWLYRQV DXVVL QRXV SRXYRQV DOOH] MXVTX j GpEUDQFKHU O RUGLQDWHXU GH OD SULVH 1RQ IDLVRQV XQH FKRVH SOXV XWLOH $GPHWWRQV TXH QRXV YRXORQV ODLVVHU OD SRVVLELOLWp GH FKDUJHU /.0 ± PDLV FRPPHFHODOHULVTXHGHODSDUWLFLSD WLRQ G XQ LQWUXV DXJPHQWH 3RXUTXRL " /HV LQVWUXFWLRQV HIIHFWXpHV ORUV GX IRQFWLRQQHPHQW GX PRGXOH SUR¿WHQW GXSOHLQGURLWG DFFqVDXPDWpULHO'H FHODO H[HPSOHVXLYDQW±OHPDUTXDJH GX FRGH GX V\VWqPH FRPPH HVSDFH PpPRLUHjOHFWXUHVHXOH ,OIDXWGpWHUPLQHUODFRQ¿JXUDWLRQ PDWpULHOOH /H SDWFK GpFULW HVW GHV WLQpDX[V\VWqPHV[ELHQTXHHQ JpQpUDO LO VRLW DGRSWp j rWUH XWLOLVp VXU G DXWUHV DUFKLWHFWXUHV ± OHV GLI IpUHQFHV FRQVLVWHQW GDQV OD GLYLVLRQ GHODPpPRLUHGXFRGHGXQR\DX/D JHVWLRQGHGpFODUDWLRQGHO H[FHSWLRQ HVWDXVVLGLIIpUHQWHPDLVQHGHYDQ oRQVSDVOHVIDLWV &RPPHQW OH QR\DX UHFRQQDvW OD PpPRLUH GLVSRQLEOH " 1RXV VDYRQV ELHQ TXH OH FRGH PrPH GX QR\DX VH WURXYH TXHOTXH SDUW DXGHVVXV GH 3$*(B2))6(7 7 [& 0DLV R " $OORQV GRQF j OD VRXUFH
)BLJO/ P
± OH VFULSW GH O pGLWHXU GH OLHQV TXL VHUWjJpQpUHUOH¿FKLHUGXQR\DX (175< BVWDUW 6(&7,216 ^
[& [
BWH[W
7H[WDQG
UHDGRQO\GDWD
/H FRGH PrPH F HVWjGLUH OHV VHF WLRQVWH[W FRPPHQFHQWSDUO DGUHVVH W
[&F HVWjGLUHXQPpJDRF WHWDXGHVVXVGH3$*(B2))6(7/D TXHVWLRQVXLYDQWHVHSRVH±FRPPHQW HVWLOSRVVLEOHGHPDQLSXOHUOHVDGUHV VHVDXGHVVXVGH*RSHQGDQWTXH QRWUH RUGLQDWHXU Q HVW GRWp TXH GH TXHOTXHV FHQWDLQHV GH PpJDRFWHWV GH PpPRLUH " $ORUV OHV DGUHVVHV GRQWOHQR\DXVHVHUWVRQWGHVDGUHV VHV OLQpDLUHV YLUWXHOOHV WUDGXLWHV HQ SK\VLTXHV SDU O XQLWp GH JHVWLRQ GH PpPRLUH 008 -H SHX[ DMRXWHU TX DXGHVVXV GH 3$*(B2))6(7 OH
/LVWLQJ3URFpGXUHGHYpUL¿FDWLRQGHODSUpVHQFHGX¿FKLHUVXUODOLVWH XEHUFKHFN¿OH
¿OH
^
IQDPH
WHPS
XEHUFRXQWHU IQDPH JHWQDPH ¿OH OLVWBIRUBHDFK XEHUFRXQWHU XEHUOLVW ^ OLVWBHQWU\ XEHUFRXQWHU XEHUVWULQJ OLVW LI VWUFPS WHPS!VIQDPH ^ SULQWN )LOHVIRXQGRQOLVW?Q? IQDPH UHWYDO ` ` SXWQDPH IQDPH UHWYDO ` ODSURFpGXUHGHVXSSUHVVLRQGX¿FKLHUGHODOLVWHSURWpJpH 8%(5B81/2&. XEHUSDVVRN (3(50 HOVH ^ IQDPH JHWQDPH DUJ OLVWBIRUBHDFKBVDIH XEHUFRXQWHUWHPSBOLVW XEHUOLVW ^ OLVWBHQWU\ XEHUFRXQWHU XEHUVWULQJOLVW VWUFPS WHPS!VIQDPH ^ OLVWBGHO WHPS!OLVW NIUHH WHPS!V NIUHH WHPS XEHU¿OHFRXQW SULQWN .(51B,1)2 8QORFNHG¿OHV?QIQDPH UHWYDO ` ` SXWQDPH IQDPH )DLOHGWRXQORFN¿OHV?QIQDPH SULQWN ` EUHDN
XXXIBLJOPSH
SDVVDJH HQWUH O DGUHVVH OLQpDLUH HW SK\VLTXHHVWWUqVVLPSOH GH¿QHBBSD [ XQVLJQHGORQJ [ 3$*(B2))6(7 GH¿QHBBYD [ YRLG XQVLJQHGORQJ [ 3$*(B2))6(7
/D SUHPLqUH PDFUR VHUW j FRQYHUWLU O DGUHVVHYLUWXHOOHHQDGUHVVHSK\VL TXH OD VHFRQGH HIIHFWXH O RSpUDWLRQ LQYHUVH 5HPDUTXH] TXH FHV DGUHV VHVQHGLIIqUHQWTXHSDU3$*(B2)) 6(7 /D FRQFOXVLRQ HQ HVW VLPSOH ±MXVWHDSUqV3$*(B2))6(7ODPp PRLUH SK\VLTXH HVW PDSSpH &HWWH SULVH GH FRQVFLHQFH QRXV IDFLOLWHUD EHDXFRXSOHYR\DJHjWUDYHUVOHV\V WqPH GH SDJLQDWLRQ DXTXHO QRXV DOORQVPDLQWHQDQWQRXVUHQGUH ,PJLQRQV TXH OH SURFHVVXV HQ VH VHUYDQW GH VD SLOH YHXW VH Up IpUHU j O RFWHW VRXV O DGUHVVH [%)))) ,O SDUDvW TXH F HVW XQH VHXOH LQVWUXFWLRQ GX SURFHV VHXU ± Q LPSRUWH VL HOOH VHUD SXVK SRS RX PRY Y 5LHQ GH SOXV IDX[ ± SRXU WUDGXLUH XQH DGUHVVH 008 GRLW HIIHFWXHU GX WUDYDLO 3RXU YRLU j TXHO SRLQW F HVW IDVWLGLHX[ GH YHQRQV SRXU TXHOTXHV LQVWDQWV SURFHVVHXU /H VFKpPD GHV DFWLRQVjHIIHFWXHUHVWSUpVHQWpVXU OD)LJXUH $X ERXORW ± QRXV DOORQV FRP PHQFHUSDUGLYLVHUO DGUHVVHHQWURLV SDUWLHV
± [ 1RXV VRPPHV GpMj SUrWV±F HVWXQHDGUHVVHGHODSDJH GHNLORRFWHWV1RXVQ DMRXWRQVTXH O RIIVHW ± HW QRXV OLVRQV RX pFULYRQV O DGUHVVH [ 0DLV M DL FRPPLVTXHOTXHVVLPSOL¿FDWLRQ±RX WUH OHV DGUHVVHV OHV LQVFULSWLRQV GX WDEOHDX FRQWLHQQHQW pJDOHPHQW OHV ELWV GHV GUDSHDX[ (Q RXWUH OH SURFHVVHXU GDQV OHV WDPSRQV 7UDQ VDFWLRQ /RRNDVLGH %XIIHUV V 7/% VDXYHJDUGHOHVDGUHVVHVGHVSDJHV GHUQLqUHPHQWWUDGXLWHV &RPPHQW HVWLO SRVVLEOH TXH OHV LQVFULSWLRQV FRQWLHQQHQW OHV GUD SHDX[ " /HV SDJHV VRQW GLVSRVpHV WRXV OHV .R G R XQH SDUWLH GH O DGUHVVHFRUUHVSRQGDQWDXGpFDODJH SRXYDLW rWUH XWLOLVpH j G DXWUHV ¿QV ,O \ D DLQVL TXHOTXHV ELWV TXL VRQW LQWHUSUpWpV SDU 008 GH IDoRQ VSp FLDOH3DUTXHOVGUDSHDX[OHVSDJHV GX QR\DX VRQWHOOHV PDUTXpHV " 9RLFL OH IUDJPHQW UHVSHFWLI DVP SJWDEOHK! GH¿QHBB3$*(B.(51(/? B3$*(B35(6(17_B3$*(B5:_ B3$*(B',57<_B3$*(B$&&(66('
HUURUBFRGH
B3$*(B$&&(66('
&RPPH FHOD OHV SDJHV GX FRGH GX QR\DX GRLYHQW rWUH PDUTXpHV $YDQW GH OH IDLUH QRXV DOORQV WRPEHU VXU XQ REVWDFOH ± 3DJH 6L]H ([WHQVLRQ 36( /HVSURFHVVHXUVGHO HQWUHSULVH ,QWHO j SDUWLU GH 3HQWLXP HW DXWUHV FRPSDWLEOHV SHUPHWWHQW OD SDJLQDWLRQ
3$*(B0$6.
SDJHBDGGU
ORQJ V\VBFDOOBWDEOH
^ SULQWN ZSBH[LW
6RPHERG\ZDQWHGWRPHVVZLWKV\VBFDOOBWDEOHEDG?Q
`
LQGHNVNDWLQGHNVWDERIIVHW
[))[))[
.POX]O
B3$*(B35(6(17_B3$*(B',57<_
^
GH¿QHBB3$*(B.(51(/B52?
/LVWLQJ)UDJPHQWGXFRGHUHVSRQVDEOHGHODSURWHFWLRQGXQR\DX FRQWUHO pFULWXUH
%))))
/ DGUHVVH D pWp GLYLVpH / DFWLRQ VXLYDQWH FRQVLVWH j FKDUJHU j SDUWLU GX UHJLVWUH &5 OH SRLQWHXU YHUV OH UpSHUWRLUHGHVSDJHV,FLQRXVRSp URQV VXU OHV DGUHVVHV SK\VLTXHV 1RXV UHWURXYRQV O pOpPHQW SRUWDQW OH SRLQWHXU [)) Q RXEOLRQV SDV TXHO XQLWpHVWOHSRLQWHXUGHELWV /j O DGUHVVH GX WDEOHDX GHV SDJHV ±[HVWGLVSRQLEOH0DLQ WHQDQWQRXV\UHFKHUFKRQVO pOpPHQW SRUWDQW OH SRLQWHXU [)) ,O O HVW
VLJQL¿H OD SUpVHQFH GHODSDJHHQPpPRLUH B 3$*( B ',57< HW B 3$*( B $&&(66(' VRQW QRUPDOHPHQW XWLOLVpHVSRXUPDUTXHUTXHFHWWHSDJH DpWpGpMjXWLOLVpHSRXUO pFULWXUHRXOD OHFWXUH ,FL OHV GHX[ VRQW FRQ¿JXUpHV jODIRLV4XDQWjQRXVQRXVVRPPHV LQWpUHVVpV DYDQW WRXW j B3$*(B5: : 008 HQWUH DXWUHV V RFFXSHQW GH OD SURWHFWLRQ FRQWUH O DFFqV QRQ DXWRULVp DX[ GRQQpHV HW SHUPHW GH YHUURXLO OHUOHVRSpUDWLRQVG HQUHJLVWUHPHQW/H GUDSHDX B3$*(B5: GpVDFWLYp VLJ QL¿H OH ODQFHPHQW GH FH W\SH GH SUR WHFWLRQ & HVW FH TXH QRXV YRXORQV ± PDLV UHYHQRQV SRXU XQ LQVWDQW j DVPSJWDEOHK! B 3$*( B 35(6(17
ORQJ ORQJ BHWH[W
^ SULQWN ZSBH[LW
.HUQHOLVZULWHSURWHFWHGVKDPHRQ\RX?Q
` ZSBH[LW ^ SULQWN 8,'G(8,'G3,'GFRPPDQGV(,3O[?Q FXUUHQW!XLGFXUUHQW!HXLGFXUUHQW!SLGFXUUHQW!FRPPUHJV!HLS EXVWBVSLQORFNV GRBH[LW 6,*.,// ` `
XXXIBLJOPSH
)BLJO/ P
6KNWSXS]^\K^O_\ WYNSPSO VO XYcK_
VLPSOL¿pH SUpVHQWp GH IDoRQ VFKp PDWLTXHVXUOD)LJXUH /D GLIIpUHQFH SULQFLSDOH HVW O¶XWLOLVDWLRQ GHV SDJHV GH WDLOOH 0% HW SHQGDQW O¶DGUHVVDJH O¶RPLVVLRQ GH O¶pWDSH GH WDEOHDX[ GHV SDJHV 36( VH SUrWH SDUIDLWHPHQW DX PDSSDJH GH OD PpPRLUH SK\VLTXH ± SRXU 0R LO VXI¿W LQVFULSWLRQV DX OLHX GH WDEOHDX[ GHV SDJHV DYHF G¶LQVFULSWLRQV FKDFXQ $XWDQW OH V\VWqPH G¶H[SORLWDWLRQ TXH 008 RQWXQSHXPRLQVGHWUDYDLO3RXUTXRL DORUV36(QRXVGpUDQJH"6LOHFRGH GX QR\DX FRPPHQFH SDU O¶DGUHVVH [& YRLUOHV\PEROHB VWH[WFH TXLQRXVLQWpUHVVHF¶HVWWRXWDXGHVVXV GH HPSW\ B ]HUR B SDJH HW WHUPLQH SDU [&% HQ YHUURXLOODQW OD SDJH HQWLqUH GH 0% QRXV ULVTXRQV G¶HPSrFKHU O¶HQUHJLVWUHPHQW GDQV O¶HVSDFHGHGRQQpHVTXLFRPPHQFHQW SDU SDU H[HPSOH [&) (W DORUV TXH SHXWRQ IDLUH PDLQWHQDQW" 'pSODFHUOHQR\DXYHUVODSURSUHSDJH 0R" 1RXV SHUGURQV EHDXFRXS GH PpPRLUH 'pVDFWLYH] 36( LO HVW SRVVLEOH GH OH IDLUH HQ WUDQVPHWWDQW DX QR\DX XQ SDUDPqWUH PHP QRSHQWLXP 1RQ ,O HVW SOXV MXVWHGHQpJOLJHU36(VHXOHPHQWSRXU OHV SUHPLHUV 0R GH PpPRLUH /HV SDJHV VXLYDQWHV SHXYHQW DYRLU XQH WDLOOHSOXVLPSRUWDQWH /H ¿FKLHU VRXUFH DUFKL PPLQLWF F FRQWLHQW XQH IRQFWLRQ UHVSRQVDEOH GH OD FUpDWLRQ GX FRQWHQX LQLWLDO GHV UpSHUWRLUHV HW GHV WDEOHDX[GHVSDJHVSRXUOHVDGUHVVHV DXGHVVXV GH 3$*(B2))6(7 (OOH V¶DSSHOOH SDJHWDEOH B LQLW HW FUpH XQ UpSHUWRLUH FRPPHQoDQW j SDUWLU GH OD SODFH GDQV OD PpPRLUH SRUWDQW O¶DGUHVVH VZDSSHU B SJ B GLU (OOHIRQFWLRQQHGHODIDoRQVXLYDQWH 3RXU OHVSRLQWHXUVYHUVOHUpSHU WRLUHGHVSDJHVVXSpULHXUVRXpJDX[ DX SRLQWHXU 3$*(B2))6(7 F¶HVW jGLUH SJG B LQGH[ 3$*( B 2))6(7 RX
/¶LGpH HVW OD VXLYDQWH FRQFLOLHU OD FRQGLWLRQ GH JHVWLRQ GH 36( DYHF O¶H[LJHQFH TXH OH SRLQWHXU OD YD ULDEOH L VRLW VXSpULHXU j B B SJG B RIIVHW 3$*( B 2))6(7 $XWUHPHQW GLW ODFRQGLWLRQ LI FSXBKDVBSVH
VHUDUHPSODFpHSDU LI FSXBKDVBSVH L ! BBSJGBRIIVHW 3$*(B2))6(7
$LQVL QRXV VHURQV FDSDEOHV GH PHWWUHQRWUHYHUURXLOODJHGXF{WpGH OD WDLOOH SULQFLSDOH .% ± OH QR\DX SRXUUD SUR¿WHU GH VHV GRQQpHV ,OQRXVUHVWHODSDUWLHODSOXVLPSRU WDQWHGHVPRGL¿FDWLRQV±OHFKDQJH PHQWGHGURLWVGHVSDJHV 4XHIHULH]YRXVV¶LOpWDLWQpFHV VDLUH G¶LPSRVHU XQH WHOOH OLPLWDWLRQ GDQVOHFRGHGHO¶XWLOLVDWHXU"1RXV DYRQV OD IRQFWLRQ PSURWHFW QRXV DYRQV DXVVL O¶DSSHO V\VWqPH SRU WDQW OH PrPH QRP PSURWHFW GRLW PRGL¿HU OHV GUDSHDX[ GHV SDJHV Q¶HVWFHSDV"&¶HVWYUDL/¶DSSHOGH PSURWHFW ¿QLWSDUO¶H[pFXWLRQGHOD IRQFWLRQ FKDQJH B SURWHFWLRQ TXL FKDUJHFRPPHSDUDPqWUHVOHGpEXW HWOD¿QGHODUpJLRQHWXQHQRXYHOOH YDOHXUGHVGUDSHDX[&¶HVWSOXVRX PRLQV FH GRQW QRXV DYRQV EHVRLQ 0DLV XQ PRPHQW ± TX¶HVWFH TXH FHOD
PXWDWLRQ HVW FKDUJpH GDQV &5 /¶DWWHQWLRQ HVW DWWLUpH VXU OH IDLW TXH FKDTXH SURFHVVXV SHXW DYRLU VHVSURSUHVUpSHUWRLUHVHWWDEOHDX[ GH SDJHV ± SRXUWDQW OHXUV pOp PHQWV OLpV DX[ DGUHVVH DXGHVVXV GH 3$*(B2))6(7 VRQW FRSLpV j SDUWLU GX VZDSSHU B SJ B GLU ±F¶HVWSRXUTXRLF¶HVWOHEXWGHQRV PRGL¿FDWLRQV 1RXV DYRQV EHVRLQ GH OD VWUXFWXUH P P B VWUXFW VRQW OH FKDPS SJG LQGLTXHUD OH VZDS SHU B SJ B GLU &HOD WRPEH ELHQ SDUFH TXH OH QR\DX VDXYHJDUGH XQH WHOOH VWUXFWXUH VRXV O¶DGUHVVH LQLW B P P ,O IDXW GRQF PRGL¿HU XQ SHX FKDQJHBSURWHFWLRQ D¿Q TXµLO UHoRLYHHQFRUHXQSDUDPqWUH YRLG FKDQJHBSURWHFWLRQ VWUXFW PPBVWUXFW PPXQVLJQHG ORQJ VWDUW XQVLJQHG ORQJ HQGSJSURWBW QHZSURW
0DLQWHQDQWQRXVDOORQVFKDQJHUOHV UpIpUHQFHV DX[ FXUUHQW!PP HQ PP $ORUV O¶LQVWUXFWLRQ SUpVHQWpH VHUD DLQVL GLU
1¶RXEOLH] SDV TXµLO IDXW FKDQJHU WRXWOHFRQWHQXGHODIRQFWLRQ1RXV GHYRQVDXVVLPRGL¿HUOHVDSSHOVGH FKDQJH B SURWHFWLRQ GH FKDQJHBSURWHFWLRQ VWDUW HQG QHZSURW
HQ GLU
SJGBRIIVHW FXUUHQW!PPVWDUW FKDQJHBSURWHFWLRQ FXUUHQW!PPVWDUW
%LHQQRXVFKRLVLVVRQVXQpOpPHQWGX UpSHUWRLUHGHVSDJHVPDLVG¶RYLHQW DORUV FXUUHQW!PP" &¶HVW OH SRLQWHXU YHUV OD VWUXFWXUH PP B VWUXFW ± OH GHVFULSWHXUGHODPpPRLUH/DGp¿QL WLRQ VH WURXYH GDQV OLQX[VFKHGK! ± QRXV DYRQV EHVRLQ G¶LQIRUPDWLRQV VXU XQ FKDPS GH OD VWUXFWXUH /H TXHO"'pYHORSSRQVSJGBRIIVHW
B B SJG B RIIVHW 3$*( B 2))6(7
HQGQHZSURW
0DLQWHQDQW QRXV DOORQV FUpHU XQH IRQFWLRQDX[LOLDLUHFDOFXODQWODYDOHXU GHV GUDSHDX[ HQ IRQFWLRQ GX SDUD PqWUH±VLQRXVYRXORQVGpVDFWLYHU OHGUDSHDXB3$*(B5: VWDWLF SJSURWBW QHZBSURW LQW UHDGBRQO\ ^
GH¿QHSJGBRIIVHW PPDGGUHVV ?
VLOHSURFHVVHXUJqUH36(FUpHU ODSDJH0% GDQVOHFDVFRQWUDLUHFKDUJHUOD SDJH GDQV OH WDEOHDX GHV SDJHV HWUHPSOLVVH]ODGHGRQQpHV
)BLJO/ P
SJGBRIIVHW PPVWDUW
SJSURWBW SURW
PP !SJGSJGBLQGH[ DGGUHVV
BBSJSURW BB3$*(B.(51(/B52 LI UHDGBRQO\ SURWSJSURW _
SJG G Q HVW ULHQ G¶DXWUH TXH OH SRLQ WHXU YHUV OH UpSHUWRLUH GHV SDJHV ± OD YDOHXU TXL ORUV GH OD FRP
XXXIBLJOPSH
B3$*(B5: UHWXUQ SURW `
(QVXLWH QRXV XWLOLVHURQV XQ SHWLW HQYHORSSHXUSRXUFKDQJH B SURWHFWLRQ SRXUSRXYRLUFRXYULUWRXWHO¶pWHQGXHGX FRGHGXQR\DX GHB VWH[W jB HWH[WW
6XUOHUpVHDX
YRLG SURWHFWBNHUQHO LQW UHDGBRQO\ ^ FKDQJHBSURWHFWLRQ LQLWBPP XQVLJQHG ORQJ BVWH[W XQVLJQHG ORQJ BHWH[W QHZBSURW UHDGBRQO\
KWWS ZZZNHUQHORUJ KWWS ZZZNHUQHOQHZELHVRUJHQSDUWLFXOLHU KWWS NHUQHOQHZELHVRUJGRFXPHQWVNGRFNHUQHODSLOLQX[NHUQHODSLKWPO KWWS NHUQHOQHZELHVRUJGRFXPHQWVNGRFNHUQHOKDFNLQJONKDFNLQJJXLGHKWPO KWWS NHUQHOQHZELHVRUJGRFXPHQWVNGRFNHUQHOORFNLQJONORFNLQJJXLGHKWPO KWWS NHUQHOQHZELHVRUJGRFXPHQWVNGRFSURFIVJXLGHONSURFIVJXLGHKWPO KWWS ZZZNHUQHOKDFNLQJRUJGRFVNHUQHOKDFNLQJ+2:72 KWWS ZZZEHUWROLQX[FRPNHUQHOHQJOLVK.HUQHO$QDO\VLV+2:72KWPO KWWS ZZZZLQWXHQOaDHEOLQX[YIVWUDLOKWPO
`
2 DMRXWHU SURWHFW B NHUQHO " /D IRQFWLRQ VWDUW B NHUQHO GDQV OH ¿FKLHU LQLWPDLQF F SDUDvW XQ ERQ HP SODFHPHQW 3HUPHWWRQV DX QR\DX GH GpPDUUHU HW VDLVLVVRQV SURWHFW B NHUQHO DSUqVOHPHVVDJHVGHFRQ IRUPLWpDYHFODQRUPH326,;
HQGU DOLJQ
0DLQWHQDQW GH PrPH TXH GDQV OH FDV GH OD SURWHFWLRQ GX QR\DX OD IRQFWLRQDX[LOLDLUH YRLG SURWHFWBSDJH XQVLJQHG ORQJ DGGU
SULQWN 326,;FRQIRUPDQFHWHVWLQJ E\81,),;?Q
LQW UHDGBRQO\ ^
SURWHFWBNHUQHO 8%(5B52
FKDQJHBSURWHFWLRQ LQLWBPPDGGU DGGU 3$*(B6,=(
8%(5B52Q¶HVWTXH±QRXVDFWLYRQV OH YHUURXLOODJH /¶HVSDFH QR\DX VHUD SURWpJp-HSURSRVHG¶DYDQFHUHQFRUH G¶XQ SDV ± SURWpJHRQV HQFRUH OH WDEOHDX GHV DSSHOV V\VWqPH ± V\V B FDOO B WDEOH (QFRUH XQ SUREOqPH ± V\V B FDOO B WDEOH HVW HQWRXUp GH GRQQpHV ± QRXV QH SRXYRQV SDV RFFXSHUODSDJHHQWLqUH0DLVYR\RQV &HWWH IRLVFL QRXV SRXYRQV GpSODFHU XQSHXOHWDEOHDXHQOXLDWWULEXDQWVRQ SURSUHHVSDFHGH.R/HVSHUWHVQH VHURQWSDVLPSRUWDQWHVHWQRXVDXURQV ODSRVVLELOLWpG¶XWLOLVHUQRWUHSURWHFWLRQ $OOH] DX ERXORW V\V B FDOO B WDEOH VH WURXYH GDQV DUFKLNHUQHOHQWU\6 ,OHVWFRPPHVXLW (175< V\VBFDOOBWDEOH ORQJ 6<0%2/B1$0( V\VBQLBV\VFDOO
.POX]O
ORQJ 6<0%2/B1$0( V\VBH[LW UHSW 15BV\VFDOOV V\VBFDOOBWDEOH ORQJ 6<0%2/B1$0( V\VBQLBV\VFDOO HQGU
$MRXWRQVODMXVWL¿FDWLRQ DOLJQ (175< V\VBFDOOBWDEOH
QHZBSURW UHDGBRQO\ `
(W QDWXUHOOHPHQW DSUqV SURWHFW B NHUQHO QRXV DMRXWRQV O¶DSSHO SUR WHFW B SDJH SURWHFWBSDJH XQVLJQHG ORQJ V\VBFDOOBWDEOH 8%(5B52
&¶HVW SUrW ,O HVW LPSRVVLEOH G¶pFULUH QL GDQV OH FRGH GX QR\DX QL GDQV OH WDEOHDX[GHVDSSHOV8QHTXHVWLRQV± TXHVHSDVVHUDWLOSHQGDQWXQHWHQWD WLYHG¶pFULWXUHQRQDXWRULVpH"-¶DXUDLV RXEOLpGHYRXVOHGLUH±008JpQpUHUD O¶H[FHSWLRQ3DJH)DXOW QXPpUR 6D W JHVWLRQHVWDVVH]FRPSOLTXpH±3DJH )DXOW HVW OD EDVH GX IRQFWLRQQHPHQW GHV V\VWqPHV DYHF SDJLQDWLRQ VXU GLVTXH6LODSDJHQ¶HVWSDVSUpVHQWH GDQV OD PpPRLUH 3DJH )DXOW HVW Jp QpUpHWODSURFpGXUHGHJHVWLRQHVVDLH G¶LPSRUWHUODSDJHGRQQpHjSDUWLUGX GLVTXH '¶DLOOHXUV YpUL¿H] YRXVPr PHV ± DUFKLPPIDXOWF F ± GR B SDJH B IDXOW 5HPDUTXH] TX¶DYHF O¶H[FHSWLRQOHFRGHGHO¶HUUHXUHVWUH WRXUQp±OHELWVLJQL¿HODYLRODWLRQGH ODSURWHFWLRQOHELWHVWXQHWHQWDWLYH G¶pFULWXUH/HELWVXLYDQW±PLVjEODQF
XXXIBLJOPSH
±VLJQL¿HTXHOHSUREOqPHDHXOLHXORUV GHO¶pFULWXUHGDQVO¶HVSDFHQR\DX&DO FXORQV ± SRVLWLRQQp GpVDFWLYp ± HUURU B FRGHGHYUDLWDYRLUODYDOHXU /¶DGUHVVHRO¶H[FHSWLRQDHXOLHXVHUD PDLQWHQDQW FRPSDUpH DX[ LQWHUYDOOHV G¶DGUHVVHV SURWpJpHV ± HW YHXLOOH] LQIRUPH] YRWUH DGPLQLVWUDWHXU GH OD WHQWDWLYHG¶XQHDWWDTXH±/LVWLQJ &HWWHSURWHFWLRQSHXWrWUHGpVDFWL YpH ORUV GX IRQFWLRQQHPHQW GX QR\DX ±PDLVDWWHQWLRQ±WRXVOHVSURFHVVXV FUppVYRQWDORUVFRSLHUODSDUWLHGpYHU URXLOOpH GH VZDSSHU B SJ B GLU ,O QH IDXW GRQF SDV DEXVHU GH FHWWH SRVVL ELOLWp±pYLGHPPHQWLOHVWSRVVLEOHGH GpYHUURXLOOHUO¶pFULWXUHSRXUOHVSURFHV VXVFKRLVLV±PDLVMHODLVVHFHWWHWkFKH j PHV FKHUV OHFWHXUV 3DU pJDUG DX W\SHGHPRGL¿FDWLRQLOQHIDXWSDVVH SUpRFFXSHUGXYHUURXLOODJHSRXU603 ± FKDQJH B SURWHFWLRQ V¶HQ FKDUJHUD SRXU QRXV 1RXV DYRQV GRQF XQH SURWHFWLRQHI¿FDFHHWHQSOXVQRXV DYRQV DSSULV TXHOTXH FKRVH G¶LQWp UHVVDQW±DXPRLQVM¶HVSqUH±VXUOD PpWKRGHG¶DFFqVjODPpPRLUHGDQV OHV SURFHVVHXUV DYHF SDJLQDWLRQ 4XHSHXWRQYRXORLUGHSOXV"
&RQFOXVLRQ &RPPH QRXV DYRQV GLW DX GpEXW FH WH[WH Q¶HVW TX XQH EUqYH LQWURGXFWLRQ jO¶DUFKLWHFWXUHGXQR\DXGH/LQX[1R WUHEXWpWDLWGHYRXVGpPRQWUHUTX¶LOQH IDXW SDV DYRLU SHXU G¶H[SpULPHQWHU HW G¶LQWURGXLUHYRVSURSUHVPRGL¿FDWLRQV 7UqVVRXYHQWTXHOTXHVVLPSOHVOLJQHV GX FRGH SHUPHWWHQW G¶DXJPHQWHU OD VpFXULWpGXV\VWqPHVDQVDYRLUjFUpHU GHJUDQGVSURJUDPPHVGDQVO¶HVSDFH XWLOLVDWHXU ,O VXI¿W G¶DYRLU XQH ERQQH LGpHHWXQSHXGHSDWLHQFH N
)BLJO/ P
6OULEZ VOUS PAYER MOINS QUE CE QUE VOUS DEVRIEZ PAYER DANS LE KIOSQUE 6OULEZ VOUS RECEVOIR RÆGULIÅREMENT VOTRE MAGAZINE PRÆFÆRÆ
!BONNEZ VOUS (AKING EN ABONNEMENT COØTE MOINS CHER
¼
SEULEMENT
0OUR VOUS ABONNER
r REMPLISSEZ LE FORMULAIRE CI DESSOUS r ENVOYEZ LE PAR FAX OU PAR LA POSTE ½ LoADRESSE CI DESSOUS
%N CAS DES QUESTIONS PROBLÅMES OU DOUTES NoHÆSITEZ PAS
CONTACTEZ NOUS SUBSCRIPTION SOFTWARECOMPL
&RPPDQGH 0HUFLGHUHPSOLUFGERQGHFRPPDQGHHWGHQRXVOHUHQYR\HUDO¶DGUHVVHSDUWpOpFRSLH RXSDUFRXUULHU 6RIWZDUH:\GDZQLFWZR6S]RR/HZDUWRZVNLHJR 9DUVRYLH3RORJQH (PDLO VXEVFULSWLRQ#VRIWZDUHFRPSO 3UpQRP1RP
)RQFWLRQ
-¶DXWRULVHODVRFLpWp6RIWZDUH:\GDZQLFWZRDpWDEOLUODIDFWXUH79$VDQVPDVLJQDWXUH 6LJQDWXUH
3UL[GHO¶DERQQHPHQWDQQXHOG¶+DNLQ ± ¼ 'RQQpHH[SpHGLWHXU (QWUHSULVH
$GUHVVH
7pOpSKRQH
$GUHVVH(PDLO
)D[
