• Aucun résultat trouvé

Musées en action : mise en oeuvre de l'organisation documentaire des musées de la Ville de La Chaux-de-Fonds dans les réseaux romand et neuchâtelois

N/A
N/A
Protected

Academic year: 2022

Partager "Musées en action : mise en oeuvre de l'organisation documentaire des musées de la Ville de La Chaux-de-Fonds dans les réseaux romand et neuchâtelois"

Copied!
88
0
0

Texte intégral

(1)

$QQLFN)OXU\*UpJRU\7KRQQH\5DFKHO:DOOLVHU

0 8 6 e ( 6 ( 1 $ & 7 , 2 1

0LVHHQ°XYUHGHO¶RUJDQLVDWLRQGRFXPHQWDLUH GHVPXVpHVGHOD9LOOHGH/D&KDX[GH)RQGV

GDQVOHVUpVHDX[URPDQGHWQHXFKkWHORLV

7UDYDLOGHGLSO{PHSUpVHQWpDX )LOLqUH,QIRUPDWLRQGRFXPHQWDWLRQ

+DXWH(FROHGH*HVWLRQGH*HQqYH

*HQqYH

(2)

5pVXPp/HV ELEOLRWKqTXHV GHV TXDWUH SULQFLSDX[ PXVpHV GH OD 9LOOH GH /D

&KDX[GH)RQGVSRVVqGHQWGHVIRQGVULFKHVTXLQHVRQWSDVHQFRUHDFFHVVLEOHVDX SXEOLF/DSURPRWLRQGHFHSDWULPRLQHSDVVHSDUODPLVHHQ°XYUHG¶XQHVWUXFWXUH RUJDQLVDWLRQQHOOHSHUPHWWDQWjFHVELEOLRWKqTXHVGHPXVpHVG¶DVVXUHUO¶DFFXHLOGH OHXUSXEOLFHWODVDLVLHGHOHXUVGRQQpHVELEOLRJUDSKLTXHVGDQVOHVUpVHDX[URPDQG 5(52HWQHXFKkWHORLV5&%1

/¶DERXWLVVHPHQW GH FH WUDYDLO VHUD j WHUPH OD FUpDWLRQ G¶XQ SRVWH GH ELEOLRWKpFDLUHDUFKLYLVWHSRXUFHVLQVWLWXWLRQV3RXUFRQVROLGHUFHWWHRUJDQLVDWLRQ LO V¶HVW DYpUp QpFHVVDLUH GH UpGLJHU GHV WH[WHV GH UpIpUHQFH XQH FKDUWH GH FROODERUDWLRQXQUqJOHPHQWG¶XWLOLVDWLRQXQHSROLWLTXHG¶DFTXLVLWLRQHWXQFDKLHU GHVFKDUJHVGXIXWXUSRVWH

1RWUH WUDYDLO GH GLSO{PH V¶LQVFULW GDQV XQ ORQJ SURFHVVXV GH UpIOH[LRQ TXL IDLW VXLWHj©0XVpHHQPRXYHPHQWXQHRUJDQLVDWLRQGRFXPHQWDLUHSRXUOHVPXVpHV GH OD 9LOOH GH /D &KDX[GH)RQGV pWXGH GH IDLVDELOLWpª WUDYDLO GH GLSO{PH UpDOLVpHQ

0RWVFOp %LEOLRWKqTXH GH PXVpH ± UpVHDX GH ELEOLRWKqTXHV ± RUJDQLVDWLRQ GRFXPHQWDLUH±FKDUWHGHELEOLRWKqTXH±/D&KDX[GH)RQGV

0DQGDQW-DFTXHV$QGUp+XPDLUGLUHFWHXUGHV%LEOLRWKqTXHVGHOD9LOOHGH/D

&KDX[GH)RQGV

3HUVRQQH UHVVRXUFH$OHNVDQGDU %RGHU UHVSRQVDEOH GH IRUPDWLRQ j OD +(*

GpSDUWHPHQWLQIRUPDWLRQHWGRFXPHQWDWLRQ

/HVSURSRVpPLVGDQVFHWUDYDLOQ¶HQJDJHQWTXHODUHVSRQVDELOLWpGHOHXUVDXWHXUV

(3)

7DEOHGHVPDWLqUHV

7DEOHGHVPDWLqUHV

/LVWHGHVDEUpYLDWLRQV

,QWURGXFWLRQ

&RQWH[WH 0DQGDW 2EMHFWLIVJpQpUDX[

6WUDWpJLHGHWUDYDLO 3UpVHQWDWLRQGHVPXVpHV /H0XVpHGHVEHDX[DUWV /H0XVpHGKLVWRLUH /H0XVpHGKLVWRLUHQDWXUHOOH /H0XVpHLQWHUQDWLRQDOG¶KRUORJHULH

&ROOHFWHG¶LQIRUPDWLRQ

&RQFOXVLRQGHODV\QWKqVH 1RVFRQFOXVLRQV 6XLWHVGRQQpHVjOD&KDUWH

5pDOLVDWLRQV

3URSRVHUXQPRGqOHGHJHVWLRQGRFXPHQWDLUHLQKpUHQWjFKDTXHVWUXFWXUH HIILFDFHIRQFWLRQQHOHWGXUDEOHHQWUHOHVELEOLRWKqTXHVGHVPXVpHVHWOD

%LEOLRWKqTXHGHOD9LOOH ,QVWDOODWLRQVQpFHVVDLUHVSRXUOHIRQFWLRQQHPHQWGH9LUWXDGDQVFKDFXQ

GHVVLWHV 3DUDPqWUHVGHFDWDORJDJHSRXUODJHVWLRQGHVGRQQpHVGDQV5(52 5HFRPPDQGDWLRQVFRQFHUQDQWOHVLQIUDVWUXFWXUHVG¶DFFXHLO 5HFRPPDQGDWLRQVSRXUODVWUXFWXUHGHFRQVXOWDWLRQ 2UJDQLVDWLRQGHODFLUFXODWLRQGHVGRFXPHQWV 3URSRVLWLRQVSRXUDVVXUHUOHVXLYLGXWUDYDLO

(4)

7DEOHGHVPDWLqUHV

'pILQLUOHVSUpURJDWLYHVFRPPXQHVHWSDUWLFXOLqUHVGHFKDTXHLQVWLWXWLRQHQ UHVSHFWDQWOHXUVVSpFLILFLWpV &RQGLWLRQVFDGUHVSRXUOHVXLYLGXWUDYDLO &KDUWHGHFROODERUDWLRQ 5qJOHPHQWG¶XWLOLVDWLRQSRXUOHVTXDWUHPXVpHV &DKLHUGHVFKDUJHVSRXUOHSRVWHGHELEOLRWKpFDLUH 3ROLWLTXHG¶DFTXLVLWLRQFRPPXQHDX[TXDWUHPXVpHV

$VVXUHUODPLVHHQ°XYUHGXWUDLWHPHQWGRFXPHQWDLUHGHVFROOHFWLRQVGH FKDTXHELEOLRWKqTXHGDQVOHVUpVHDX[URPDQGHWQHXFKkWHORLV 0RQWUHUTXHOHV\VWqPHHVWFDSDEOHGHJpUHUWRXVOHVW\SHVGH

GRFXPHQWVSUpVHQWVGDQVOHVPXVpHV 6DLVLUXQpFKDQWLOORQGHGRQQpHVELEOLRJUDSKLTXHVVHORQOHV

SULRULWpVGpILQLHVSDUOHVFRQVHUYDWHXUVWULFHGHVPXVpHV 7HVWHUO¶HIILFDFLWpGXWUDLWHPHQWGRFXPHQWDLUH

&RQFOXVLRQV

%LODQ

5HPHUFLHPHQWV

$QQH[HV

&KDUWHGHVELEOLRWKqTXHVGHVPXVpHVGH/D&KDX[GH)RQGV 5qJOHPHQWG¶XWLOLVDWLRQ 6LJQHWV &DKLHUGHVFKDUJHV 3ROLWLTXHG¶DFTXLVLWLRQ &RGHVGHORFDOLVDWLRQ

(5)

7DEOHGHVPDWLqUHV

)LFKHVVLJQDOpWLTXHV 0XVpHGHVEHDX[DUWV 0XVpHG¶KLVWRLUH 0XVpHG¶KLVWRLUHQDWXUHOOH 0XVpHLQWHUQDWLRQDOG¶KRUORJHULH

%LEOLRJUDSKLH

*pQpUDO /HVVLWHVLQWHUQHWGHVPXVpHV &ROOHFWHG¶LQIRUPDWLRQ 3ROLWLTXHG¶DFTXLVLWLRQ 5qJOHPHQWG¶XWLOLVDWLRQ

(6)

/LVWHGHVDEUpYLDWLRQV

/LVWHGHVDEUpYLDWLRQV

• %$$%LEOLRWKqTXHG¶$UWHWG¶$UFKpRORJLH*HQqYH

• %9%LEOLRWKqTXHGHOD9LOOHGH/D&KDX[GH)RQGV

• ($(FROHG¶DUW&KDX[GH)RQGV

• (QVVLE (FROH QDWLRQDOH VXSpULHXUH GHV VFLHQFHV GH O¶LQIRUPDWLRQ HW GHV ELEOLRWKqTXHV/\RQ

• +($$+DXWHpFROHG¶DUWVDSSOLTXpVGXFDQWRQGH1HXFKkWHO

• 0%$0XVpHGHVEHDX[DUWV/D&KDX[GH)RQGV

• 0+0XVpHG¶KLVWRLUH/D&KDX[GH)RQGV

• 0+1&0XVpHG¶KLVWRLUHQDWXUHOOH/D&KDX[GH)RQGV

• 0,+0XVpHLQWHUQDWLRQDOG¶KRUORJHULH/D&KDX[GH)RQGV

• 5&%1 5pVHDX FDQWRQDO GHV ELEOLRWKqTXHV QHXFKkWHORLVHV FH UpVHDX YD SURFKDLQHPHQW V¶DJUDQGLU HW V¶DSSHOOHUD 5pVHDX GHV ELEOLRWKqTXHV QHXFKkWHORLVHVHWMXUDVVLHQQHV5%1-

• 5(525pVHDXGHVELEOLRWKqTXHVGH6XLVVHRFFLGHQWDOH

(7)

,QWURGXFWLRQ

,QWURGXFWLRQ

&RQWH[WH

/HVTXDWUHSULQFLSDX[PXVpHVGHOD9LOOHGH/D&KDX[GH)RQGVRQWEpQpILFLpHQ G¶XQH pWXGH GH IDLVDELOLWp UHODWLYH j O¶RUJDQLVDWLRQ GH OHXUV XQLWpV GRFXPHQWDLUHVUHVSHFWLYHV&HV ELEOLRWKqTXHVTXLVRQWFRPSRVpHVG¶LPSRUWDQWHV FROOHFWLRQV LFRQRJUDSKLTXHV G¶DUFKLYHV HW GH PRQRJUDSKLHV EpQpILFLHQW GHV DWRXWVQpFHVVDLUHVSRXUDGKpUHUDX5pVHDXGHVELEOLRWKqTXHVGH6XLVVHRFFLGHQWDOH 5(52 HW DX 5pVHDX FDQWRQDO GHV ELEOLRWKqTXHV QHXFKkWHORLVHV 5&%1 (Q RXWUH XQH FROODERUDWLRQ pWURLWH DYHF OD %LEOLRWKqTXH GH OD 9LOOH HVW VRXKDLWpH HW QpFHVVDLUH j WHUPH SRXU GHV UDLVRQV GH FRKpUHQFH HW GH UDWLRQDOLVDWLRQ GDQV OD

JHVWLRQGHVIRQGVSDWULPRQLDX[

(QUpIpUHQFHj O¶pWXGHGHIDLVDELOLWpVXVPHQWLRQQpHOHVFRQVHUYDWHXUVWULFHVVRQW XQDQLPHPHQWFRQYDLQFXHVGXELHQIRQGpGHODGpPDUFKH$XWUHPHQWGLWLOVVRQW G¶DYLVTXHOHWUDLWHPHQWGHVIRQGVGRFXPHQWDLUHVGHOHXUPXVpHUHVSHFWLIGDQVOHV UpVHDX[URPDQGHWQHXFKkWHORLVFRQVWLWXHUDXQDWRXWGpWHUPLQDQWSRXUG¶XQHSDUW DVVXUHU OD PLVH HQ YDOHXU GH OHXU LQVWLWXWLRQ HW G¶DXWUH SDUW RIIULU OHV RXWLOV QpFHVVDLUHVjODFUpDWLRQG¶XQHEDVHGHGRQQpHVGHUpIpUHQFHTXLIDLWFUXHOOHPHQW GpIDXW VXU OH SDWULPRLQH FRQVHUYp GDQV OHV 0RQWDJQHV QHXFKkWHORLVHV /D

%LEOLRWKqTXHGHOD9LOOHDSULVO¶LQLWLDWLYHG¶DVVXUHUOHVFRQGLWLRQVVRXKDLWpHVDILQ TXH FHV PXVpHV HW OHXUV ELEOLRWKqTXHV EpQpILFLHQW G¶XQH VWUXFWXUH VRXSOH HW KRPRJqQH JDUDQWLVVDQW OD JHVWLRQ GH OHXUV FROOHFWLRQV FRQIRUPpPHQW j OHXU PLVVLRQ GH VHUYLFH SXEOLF /D FUpDWLRQ G¶XQ HQYLURQQHPHQW ELEOLRWKpFRQRPLTXH VWDEOHHWGXUDEOHGRQWOHIRQFWLRQQHPHQWVHUDVXSHUYLVpSDUOD%LEOLRWKqTXHGHOD 9LOOH FRQVWLWXH XQH GHV JDUDQWLHV PDMHXUHV j FH TXH FHV ELEOLRWKqTXHV SXLVVHQW GqVEpQpILFLHUGHVVHUYLFHVG¶XQHSURIHVVLRQQHOOHjSOHLQWHPSV

&DPHDQ6XVDQD&DPHURQL0DUWLQH&DVWHOOL&ULVWLQD0XVpHVHQPRXYHPHQWXQHRUJDQLVDWLRQ GRFXPHQWDLUH SRXU OHV PXVpHV GH OD 9LOOH GH /D &KDX[GH)RQGV pWXGH GH IDLVDELOLWp *HQqYH

(,'

(8)

,QWURGXFWLRQ

0DQGDW

/HPDQGDWGRQWQRXVDYRQVpWpFKDUJpVV¶LQVFULWGDQVXQSURFHVVXVGHFRQWLQXLWp (QHIIHWjO¶DFKqYHPHQWGHODSUHPLqUHSDUWLHVRLWO¶pWXGHGHIDLVDELOLWpLQWLWXOpH

©0XVpHVHQPRXYHPHQWªHVWDSSDUXO¶LQWpUrWGHSRXUVXLYUHFHWWHGpPDUFKH

1RWUHPDQGDWFRQVLVWHjSURSRVHUHWPHWWUHHQ°XYUHODVWUXFWXUHRUJDQLVDWLRQQHOOH SHUPHWWDQW DX[ ELEOLRWKqTXHV GHV PXVpHV GH OD 9LOOH GH /D &KDX[GH)RQGV G¶DVVXUHU GDQV OH IXWXU O¶DFFXHLO GX SXEOLF HW OD VDLVLH GHV GRQQpHV ELEOLRJUDSKLTXHVGDQVOHVUpVHDX[URPDQGHWQHXFKkWHORLV

3UpFLVRQVTXHFHWWHSDUWLHHVWGpWHUPLQDQWHHWGRLWSURSRVHUOHVpOpPHQWVHWRXWLOV QpFHVVDLUHV j OD JHVWLRQ DGPLQLVWUDWLYH ELEOLRWKpFRQRPLTXH DLQVL TX¶DX IRQFWLRQQHPHQWGHODIXWXUHVWUXFWXUHGRFXPHQWDLUH&HWUDYDLO FRPELQHGRQFGHV SKDVHV GH UpIOH[LRQ HW GH UpDOLVDWLRQ /H EXW HVW G¶RIIULU j FKDTXH PXVpH OHV FRQGLWLRQV FDGUHV QpFHVVDLUHV j OD PLVH HQ YDOHXU GH FH SDWULPRLQH FROOHFWLI DFWXHOOHPHQWGLIILFLOHG¶DFFqV'HSOXVFHWWHGpPDUFKHGRLWSHUPHWWUHGHSURXYHU DX[ DXWRULWpV GH OD 9LOOH GH /D &KDX[GH)RQGV O¶LPSRUWDQFH GH FH SDWULPRLQH GHVWLQpjXQDFFqVSXEOLF

(9)

,QWURGXFWLRQ

2EMHFWLIVJpQpUDX[

1RXV DYRQV UHQFRQWUp OHV TXDWUH FRQVHUYDWHXUVWULFHV HW SULV FRQQDLVVDQFH GHV IRQGVGHVELEOLRWKqTXHV3XLVQRXVDYRQVGpILQLOHVREMHFWLIVJpQpUDX[GHFRQFHUW DYHF QRWUH PDQGDQW -DFTXHV$QGUp +XPDLU GLUHFWHXU GHV %LEOLRWKqTXHV GH OD 9LOOHGH/D&KDX[GH)RQGV

$ 3URSRVHU XQ PRGqOH GH JHVWLRQ GRFXPHQWDLUH LQKpUHQW j FKDTXH VWUXFWXUH HIILFDFH IRQFWLRQQHO HW GXUDEOH HQWUH OHV ELEOLRWKqTXHV GHV PXVpHV HW OD

%LEOLRWKqTXHGHOD9LOOH

% 'pILQLU OHV SUpURJDWLYHV FRPPXQHV HW SDUWLFXOLqUHV GH FKDTXH LQVWLWXWLRQ HQ UHVSHFWDQWOHXUVVSpFLILFLWpV

& $VVXUHU OD PLVH HQ °XYUH GX WUDLWHPHQW GRFXPHQWDLUH GHV FROOHFWLRQV GH FKDTXHELEOLRWKqTXHGDQVOHVUpVHDX[URPDQGHWQHXFKkWHORLV

6WUDWpJLHGHWUDYDLO

3RXU UpDOLVHU FH WUDYDLO QRXV DYRQV SURFpGp VHORQ FLQT pWDSHV SUpDODEOHPHQW GpILQLHV SDU O¶pFROH FDKLHU GHV FKDUJHV FROOHFWH G¶LQIRUPDWLRQ PpWKRGH SURMHW H[SORUDWRLUHHWPpPRLUH&HOOHVFLFRQVWLWXHQWOHVSKDVHVG¶XQHJHVWLRQGHSURMHW (OOHVVHGpURXOHQWSDUDOOqOHPHQWDXFXUVXVVFRODLUHVXUXQHSpULRGHG¶HQYLURQKXLW PRLVjUDLVRQG¶XQRXGHX[MRXUVSDUVHPDLQHHWVHWHUPLQHQWSDUKXLWVHPDLQHVj WHPSVSOHLQFRQVDFUpHVSULQFLSDOHPHQWjODUpDOLVDWLRQGXWUDYDLOHWjODUpGDFWLRQ GXPpPRLUH

3UHPLqUHpWDSH

• SUHQGUHFRQQDLVVDQFHGHO¶pWXGHGHIDLVDELOLWp

• UHGpILQLU OH PDQGDW OHV REMHFWLIV JpQpUDX[ HW SODQLILHU OH GpURXOHPHQW JOREDOGXWUDYDLO

(10)

,QWURGXFWLRQ

'HX[LqPHpWDSH

• VHGRFXPHQWHUVXUOHVXMHWHQXWLOLVDQWWRXWHVOHVVRXUFHVG¶LQIRUPDWLRQj QRWUHGLVSRVLWLRQ

• UpGLJHUXQHV\QWKqVHGRFXPHQWDLUH 7URLVLqPHpWDSH

• UpGLJHUXQHPpWKRGHGHWUDYDLO

• IRUPXOHUGHVREMHFWLIVVSpFLILTXHV

• GpILQLUXQpFKDQWLOORQSRXUUpDOLVHUXQWHVWDILQGHYDOLGHUODPpWKRGHGH WUDYDLO

4XDWULqPHpWDSH

• UpDOLVHUOHWHVW

• YDOLGHUODPpWKRGHFKRLVLH

&LQTXLqPHpWDSH

• UpDOLVHU FRQFUqWHPHQW OH SURMHW SDU O¶DFFRPSOLVVHPHQW GHV REMHFWLIV VSpFLILTXHV

• UpGLJHUXQPpPRLUHHWXQHDXWRpYDOXDWLRQLQGLYLGXHOOH

'HVLPSpUDWLIVOLpVDX[SDUWLFXODULWpVGHQRWUHWUDYDLOQRXVRQWSRXVVpVjSUHQGUH OHVGHYDQWVSDUUDSSRUWjFHUWDLQHVpWDSHVSUpGpILQLHVSDUO¶pFROHH[HPSOHIL[HU OHVSDUDPqWUHVGHFDWDORJDJHSRXUODJHVWLRQGHVGRQQpHVGDQV5(52HWF

/HPRGHGHIRQFWLRQQHPHQWDXVHLQGHO¶pTXLSHV¶HVWEDVpVXUODFRPSOpPHQWDULWp HWODSRO\YDOHQFH1RXVDYRQVFKRLVLGHWUDYDLOOHUSULQFLSDOHPHQWHQJURXSHDILQ G¶DVVXUHUXQHXQLIRUPLWpHWXQHFRKpUHQFHGHO¶HQVHPEOH'DQVOHFDVGHWUDYDX[

LQGLYLGXHOVLOVRQWWRXMRXUVpWpYXVHWDXEHVRLQFRPSOpWpVSDUOHVDXWUHV

8QFDUQHWGHERUGTXLUHODWHOHVpYpQHPHQWVGHVGLIIpUHQWHVpWDSHVDpWpUpGLJpDX ILOGHQRVVpDQFHVGHWUDYDLO&HGHUQLHUDLQVLTXHOHVGRFXPHQWVSURGXLWVORUVGHV TXDWUHSUHPLqUHVpWDSHVQRXVRQWEHDXFRXSDLGpVjODUpGDFWLRQGXPpPRLUH

8QHIRUPDWLRQVXUOHORJLFLHOGHJHVWLRQGHELEOLRWKqTXHV©9LUWXDªV¶HVWUpYpOpH LQGLVSHQVDEOHSRXU$QQLFN)OXU\HW5DFKHO:DOOLVHUWURLVVHPDLQHVGDQVOHFDGUH

(11)

,QWURGXFWLRQ

G¶XQ©MREªG¶pWpjOD%LEOLRWKqTXHGHOD9LOOHGH/D&KDX[GH)RQGV*UpJRU\

7KRQQH\ D pWp IDPLOLDULVp DYHF FH V\VWqPH GXUDQW VRQ VWDJH GHWURLVLqPH DQQpH

&HWWH IRUPDWLRQ SUpDODEOH D pWp QpFHVVDLUH OH FRXUV VXU 9LUWXD GH QRWUH pFROH Q¶D\DQWpWpTX¶XQHLQWURGXFWLRQ

3RXU VLPSOLILHU OHV UHODWLRQV DYHF QRV LQWHUORFXWHXUV HW DVVXUHU XQH PHLOOHXUH FRPPXQLFDWLRQ j O¶LQWpULHXU GX JURXSH QRXV DYRQV FUpp XQH DGUHVVH HPDLO FRPPXQH &HWWH SURFpGXUH V¶HVW DYpUpH G¶DXWDQW SOXV XWLOH TXH OD SOXSDUW GHV FRQWDFWVHWGHVFRPPXQLFDWLRQVRQWpWpHIIHFWXpVSDUFHELDLV

5pGDFWLRQHWOHFWXUHGXWUDYDLO

1RXV DYRQV WUDYDLOOp GH FRQFHUW j OD UpGDFWLRQ GX PpPRLUH HW GH WRXV OHV GRFXPHQWVSURGXLWVSHQGDQWFHWUDYDLOFKDUWHUqJOHPHQWSROLWLTXHG¶DFTXLVLWLRQ FDKLHUGHVFKDUJHV1RXVDYRQVFKRLVLGHSUpVHQWHUHQLWDOLTXHJULVpOHVSDUWLHV GHFHVGRFXPHQWVDYHFOHVpOpPHQWVTXLOHVFRQFHUQHQW&HFLDpWpGpFLGpGDQVXQ VRXFL GH FODUWp HW GH IDFLOLWp GH OHFWXUH &HV GRFXPHQWV ILJXUHQW pJDOHPHQW GH PDQLqUHLQWpJUDOHGDQVOHVDQQH[HV

3UpVHQWDWLRQGHVPXVpHV

1RXVDYRQVFRQVLGpUpTX¶LOpWDLWHVVHQWLHOG¶LGHQWLILHUODVLWXDWLRQGHFKDFXQHGHV ELEOLRWKqTXHVGHPXVpHVOHXUVEHVRLQVHQPDWLqUHG¶RUJDQLVDWLRQGRFXPHQWDLUHHW OHVDWWHQWHVGHVFRQVHUYDWHXUVWULFHV

&HWWH SUpVHQWDWLRQ GHV GLIIpUHQWV PXVpHV D\DQW GpMj pWp IDLWH GDQV OH WUDYDLO SUpFpGHQW QRXV QRXV VRPPHV SHUPLV ©G¶HPSUXQWHUª FHUWDLQV SDVVDJHV O¶KLVWRULTXHGHV PXVpHVHWG¶HQ PRGLILHUG¶DXWUHVVLWXDWLRQ GHV ELEOLRWKqTXHV FDU QRXV DYRQV SULV HQ FRPSWH GHV IRQGV VSpFLDX[ TXL Q¶DYDLHQW SDV pWp FRPSWDELOLVpVSUpFpGHPPHQW

(12)

,QWURGXFWLRQ

/H0XVpHGHVEHDX[DUWV

/H0XVpHGHVEHDX[DUWVGH/D&KDX[GH)RQGVGRLWVRQRULJLQHjODFUpDWLRQGH OD 6RFLpWp GHV $PLV GHV $UWV HQ 6RQ EXW pWDLW GH GpYHORSSHU OD FXOWXUH DUWLVWLTXH GH OD UpJLRQ HW GH ©UHQGUH ODUW XWLOH j OLQGXVWULHª $SUqV SOXVLHXUV GpPpQDJHPHQWVODFROOHFWLRQVHWURXYHGHSXLVGDQVOHEkWLPHQWDFWXHOHWVH GpYHORSSHSDUDOOqOHPHQWDX[H[SRVLWLRQVSURSRVpHVSDUOHPXVpH

/H PXVpH GHYLHQW LQVWLWXWLRQ GH OD 9LOOH HQ ,O HVW VXSHUYLVp SDU XQH FRPPLVVLRQ QRPPpH SDU OH &RQVHLO FRPPXQDO /D 6RFLpWp GHV $PLV GHV $UWV FRQVDFUHXQHSDUWLHGHVHVUHVVRXUFHVjODFTXLVLWLRQG°XYUHVHWDX[DQLPDWLRQV 6RQFRQVHUYDWHXUDFWXHO(GPRQG&KDUULqUHDpWpQRWUHLQWHUORFXWHXUWRXWDXORQJ GXWUDYDLO

/DELEOLRWKqTXH

/DELEOLRWKqTXHGX0XVpHGHVEHDX[DUWVSRVVqGHXQHFROOHFWLRQG¶HQYLURQ¶

GRFXPHQWV FRQWHQDQW GHV FDWDORJXHV G¶H[SRVLWLRQ GHV PRQRJUDSKLHV GHV SpULRGLTXHVGHVDIILFKHVG¶H[SRVLWLRQHWGHVIRQGVG¶DUFKLYHV/HVFROOHFWLRQVVRQW DOLPHQWpHV SDU GHV pFKDQJHV HQWUH PXVpHV DLQVL TXH SDU GHV DFTXLVLWLRQV /D ELEOLRWKqTXH GLVSRVH DXVVL G¶XQH FHQWDLQH GH SpULRGLTXHV GRQW OD SOXV JUDQGH SDUWLHGDWHGHVDQQpHVj$FWXHOOHPHQWXQHGL]DLQHGHWLWUHVVHXOHPHQW VRQWHQFRUHDFKHWpVUpJXOLqUHPHQW

/HV IRQGV GDUFKLYHV VRQW FRQVWLWXpV GH GRVVLHUV G¶H[SRVLWLRQV FRUUHVSRQGDQFH OLVWHG°XYUHVH[SRVpHVFDWDORJXHIDFWXUHVHWFGHGRFXPHQWVGHOD6RFLpWpGHV

$PLV GHV $UWV FRUUHVSRQGDQFH UqJOHPHQWV FRPSWDELOLWp UDSSRUWV G¶DFWLYLWpV HWFGHGRVVLHUVDGPLQLVWUDWLIVFRPSWDELOLWpFRUUHVSRQGDQFHHWFHWGHUDSSRUWV GDFWLYLWpVGHGLIIpUHQWHVVRFLpWpVOLpHVDXPRQGHGHODUW&HVGRVVLHUVQRQWUDLWpV VHWURXYHQWGDQVGHVERvWHVRXGHVFODVVHXUVHWVRQWGLVSRVpVVXUOHVUD\RQVSDUPL OHVDXWUHVGRFXPHQWV

/H IRQGVHVWDYDQWWRXWGHVWLQpj O¶XVDJH LQWHUQH PDLVHVWpJDOHPHQWRXYHUWjOD FRQVXOWDWLRQ VXUSODFHSRXUOHVpWXGLDQWVHWSRXUWRXWHDXWUHSHUVRQQH LQWpUHVVpH /HV DFTXLVLWLRQV HW OHV pFKDQJHV DYHF GDXWUHV PXVpHV UHSUpVHQWHQW HQYLURQ XQH

YRLUDXVVLILFKHVLJQDOpWLTXHDQQH[HS

(13)

,QWURGXFWLRQ

FHQWDLQHGHGRFXPHQWVSDUDQ/HEXGJHWGDFTXLVLWLRQGHODELEOLRWKqTXHVpOqYH HQPR\HQQHj&+)SDUDQQpH

2UJDQLVDWLRQGRFXPHQWDLUH

/HFRQVHUYDWHXUHWXQHVHFUpWDLUHVRFFXSHQWGHODELEOLRWKqTXHjWHPSVSDUWLHOHW GLVSRVDLHQWGHGHX[SRVWHVLQIRUPDWLTXHV-XVTX¶jSUpVHQWOHPXVpHQHSRVVpGDLW SDV GH ORJLFLHO GRFXPHQWDLUH 'HV ILFKHV VRQW FUppHV SRXU FKDTXH GRFXPHQW HW UHPSOLHVGHPDQLqUHVRPPDLUHSDUODVHFUpWDLUH&HODFRQVWLWXH O¶LQYHQWDLUHGHOD ELEOLRWKqTXH

/H0XVpHGKLVWRLUH

/H0XVpHGKLVWRLUHHVWQpGHODVpSDUDWLRQGHVFROOHFWLRQVGXSUHPLHUPXVpHGHOD 9LOOHGH/D&KDX[GH)RQGVIRQGpjODILQGXHVLqFOH&RPSRVpGHVFROOHFWLRQV OHV SOXV YDULpHV FH GHUQLHU pWDLW GHVWLQp SULQFLSDOHPHQW DX[ pOqYHV GX &ROOqJH LQGXVWULHOHWQpWDLWRXYHUWDXSXEOLFTXHOHGLPDQFKHDSUqVPLGL

&HVW HQ TXH OHV FROOHFWLRQV GKLVWRLUH UpJLRQDOH RQW pWp LQVWDOOpHV GDQV XQH PDLVRQGHPDvWUHTXLDEULWHWRXMRXUVOHVFROOHFWLRQVGXPXVpH

6DFRQVHUYDWULFHDFWXHOOH6\OYLDQH0XV\5DPVH\HUDpWpQRWUHLQWHUORFXWULFHWRXW DXORQJGXWUDYDLO

/DELEOLRWKqTXH

/D ELEOLRWKqTXH DEULWH GH QRPEUHX[ GRFXPHQWV VXU O¶KLVWRLUH GH OD 9LOOH GH /D

&KDX[GH)RQGV HW GX FDQWRQ GH 1HXFKkWHO 'HV RXYUDJHV WUqV VSpFLDOLVpV VRQW XWLOLVpVFRPPHRXWLOVGHWUDYDLOHWGHUHFKHUFKHWDQWSDUOHSHUVRQQHOTXHSDUOHV XWLOLVDWHXUVH[WpULHXUVWHOVTXHGHVFKHUFKHXUVGHVHQVHLJQDQWVRXGHVpWXGLDQWV /D ELEOLRWKqTXH GX PXVpH HVW FRQVWLWXpH G¶XQH FROOHFWLRQ G¶HQYLURQ GRFXPHQWV FRPSUHQDQW GHV PRQRJUDSKLHV GHV SpULRGLTXHV GHV FDUWHV SRVWDOHV GHV WLUpV j SDUW GHV GLDSRVLWLYHV GX PDWpULHO DXGLRYLVXHO GHV EURFKXUHV GHV DIILFKHVHWGHVPDQXVFULWV

YRLUDXVVLILFKHVLJQDOpWLTXHDQQH[HS

(14)

,QWURGXFWLRQ

/HV DUFKLYHV VRQW SULQFLSDOHPHQW FRQVWLWXpHV G¶DFWHVRIILFLHOV TXL pPDQHQW GH OD 9LOOH/HVGRQVVRQWVRXYHQWGHVEURFKXUHVGHTXHOTXHVSDJHVRXGHVWLUpVjSDUW /H EXGJHW GDFTXLVLWLRQ GH OD ELEOLRWKqTXH Q¶HVW SDV IL[p DQQXHOOHPHQW /D PR\HQQHSRXUOHVFLQTGHUQLqUHVDQQpHVDpWpGH&+)HQYLURQ

2UJDQLVDWLRQGRFXPHQWDLUH

/H SHUVRQQHO GX PXVpH HVW FRPSRVp G¶XQH FRQVHUYDWULFH HPSOR\pH j TXL UHPSOLWpJDOHPHQW OD IRQFWLRQG¶DUFKLYLVWHFRPPXQDOHHWG¶XQH VHFUpWDLUHj TXL DVVXUH XQ FDWDORJDJH VRPPDLUH GX IRQGV GH OD ELEOLRWKqTXH GH PDQLqUH LUUpJXOLqUH /H PXVpH SRVVpGDLW XQ VHXO RUGLQDWHXU UHOLp j ,QWHUQHW 4XDQW DX FDWDOVRJXH GH OD ELEOLRWKqTXH LO Q¶pWDLW SDV LQIRUPDWLVp /H SUHPLHU WUDLWHPHQW PDQXHO GX IRQGV D pWp HIIHFWXp SDU XQH VWDJLDLUH GH O¶pFROH G¶LQIRUPDWLRQ GRFXPHQWDLUH /¶DXWHXU OH VXMHW HW GHV UHQYRLV ELRJUDSKLTXHV VRQW OHV VHXOV pOpPHQWV PHQWLRQQpV /HV ILFKHV UpGLJpHV SDU FHWWH VWDJLDLUH VRQW GH FRXOHXU EODQFKH HW VRQW DLQVL GLIIpUHQFLpHV GHV ILFKHV GH FRXOHXU YHUWH UpGLJpHV SDU OD VHFUpWDLUH

/HV FRWHV VRQW GH ©IDEULFDWLRQ PDLVRQª $ UHOHYHU pJDOHPHQW TXH OH PXVpH D GpSRVpHQSDUYRLHGHFRQYHQWLRQVDFROOHFWLRQG¶HQYLURQDIILFKHVjOD

%LEOLRWKqTXHGHODYLOOH$FWXHOOHPHQWOHVSpULRGLTXHVVRQWGpSRXLOOpVGHPDQLqUH WUqVVRPPDLUH PDLV OHGpVLUGHSURFpGHUjXQGpSRXLOOHPHQWSURIHVVLRQQHODpWp pYRTXp 8Q LQYHQWDLUH PDQXVFULW GDQV OHTXHO OD UHFKHUFKH HVW PDODLVpH IDLW PHQWLRQGXFRQWHQXGXIRQGV

/H0XVpHGKLVWRLUHQDWXUHOOH

/H0XVpHGKLVWRLUH QDWXUHOOHGRLWVRQRULJLQHFRPPH OH0XVpHGKLVWRLUHj OD VpSDUDWLRQ GHV GLIIpUHQWHV FROOHFWLRQV GX SUHPLHU PXVpH GH /D &KDX[GH)RQGV FUppDXGpEXWGHVDQQpHVjO¶LQLWLDWLYHGH&pOHVWLQ1LFROHW

YRLUDXVVLILFKHVLJQDOpWLTXHDQQH[HS

(15)

,QWURGXFWLRQ

(Q OH PXVpH FHVVH GrWUH KpEHUJp SDU OH EkWLPHQW GX &ROOqJH LQGXVWULHO HW VLQVWDOOH j O+{WHO GHV 3RVWHV VRQ HPSODFHPHQW DFWXHO ,O GHYLHQW GqV ORUV LQVWLWXWLRQSXEOLTXH

6RQFRQVHUYDWHXUDFWXHO0DUFHO6-DFTXDWDpWpQRWUHLQWHUORFXWHXUWRXWDXORQJ GXWUDYDLO

/DELEOLRWKqTXH

/HIRQGVFRPSUHQGHQYLURQGRFXPHQWV2Q\WURXYHGHVPRQRJUDSKLHVGHV IDVFLFXOHV GHV WLUpV j SDUW GHV RXYUDJHV GH UpIpUHQFH GHV SpULRGLTXHV XQH UHPDUTXDEOH FROOHFWLRQ G¶DTXDUHOOHV GH GHVVLQV HW GH FURTXLV RULJLQDX[ DLQVL TX¶HQYLURQ QpJDWLIV VXU YHUUH /H PXVpH SRVVqGH pJDOHPHQW GHV IRQGV VSpFLDX[WUqVLQWpUHVVDQWVWHOVTXHOHIRQGVGX'U$OEHUW0RQDUGGX'U*HRUJHV 'XERLVWUDYDX[SHUVRQQHOVHQSDUDVLWRORJLHRXOHIRQGVGX3URI)UDQ]$OOHPDQQ JpRORJLH 1RXV \ WURXYRQV DXVVL OD %LEOLRWKqTXH G¶DUDFKQRORJLH GX 3URI /HJHQGUHGH0RQWSHOOLHUHWGHVWLUpVjSDUWG¶K\GURELRORJLHUpFXSpUpVjO¶,QVWLWXW GH ]RRORJLH GH O¶8QLYHUVLWp GH 1HXFKkWHO HQYLURQ WLWUHV ORUV GH O¶LQVWDOODWLRQGHODQRXYHOOHELEOLRWKqTXHGX0DLO/DFROOHFWLRQVHQULFKLWFKDTXH DQQpHG¶XQHFHQWDLQHG¶RXYUDJHVHWGHUHYXHVSDUGHVDFKDWVGHVpFKDQJHVHWGH QRPEUHX[ GRQV /HV DFTXLVLWLRQV VH IRQW HQ IRQFWLRQ GH EHVRLQV VSpFLILTXHV RX PRPHQWDQpVWHOVTXHVXMHWVG¶H[SRVLWLRQVUHFKHUFKHVRXUpYLVLRQVGHFROOHFWLRQV /H EXGJHW G¶DFTXLVLWLRQ V¶pOqYH j HQYLURQ &+) SDU DQQpH /H IRQGV GRFXPHQWDLUH GX 0XVpH G¶KLVWRLUH QDWXUHOOH D SRXU SULQFLSDO REMHFWLI GH IRXUQLU GHV LQIRUPDWLRQVDX[HPSOR\pVGX PXVpHDX[VHUYLFHVGH OD9LOOH PDLVDXVVL j WRXVFHX[TXLHQIRQWODGHPDQGHHQWUHSULVHVpWXGLDQWVMRXUQDOLVWHVSULYpVHWF /HSXEOLFDDXVVLODSRVVLELOLWpGHFRQVXOWHUODGRFXPHQWDWLRQVXUSODFHHWGDQVGH WUqVUDUHVFDVGHO¶HPSUXQWHUjGRPLFLOHSRXUTXHOTXHVMRXUV

2UJDQLVDWLRQGRFXPHQWDLUH

/H SHUVRQQHO GX PXVpH VH FRPSRVH GX FRQVHUYDWHXU G¶XQH VHFUpWDLUH HW GHV DVVLVWDQWV VFLHQWLILTXHV /H PXVpH QH SRVVqGH DXFXQ ORJLFLHO SURIHVVLRQQHO GH JHVWLRQ GRFXPHQWDLUH /H IRQGV HVW UpSHUWRULp GDQV VD TXDVL WRWDOLWp VXU ([FHO FKDTXH QRXYHO RXYUDJH IDLVDQW O¶REMHW G¶XQ WUDLWHPHQW LPPpGLDW /¶LQYHQWDLUH VH

(16)

,QWURGXFWLRQ

IDLWHQLQGLTXDQWO¶DXWHXUOHWLWUHO¶DQQpHG¶pGLWLRQO¶pGLWHXUOHQRPEUHGHSDJHV HW O¶DQQpH G¶DFTXLVLWLRQ /HV GRFXPHQWV QH VRQW SDV FRWpV 'H QRPEUHX[

GRFXPHQWV SHXYHQW rWUH ORFDOLVpV XQLTXHPHQW SDU OH FRQVHUYDWHXU 8QH OLVWH DQQXHOOHLPSULPpHWLHQWOLHXGHFDWDORJXHGHODELEOLRWKqTXH

/H0XVpHLQWHUQDWLRQDOG¶KRUORJHULH

(Q O(FROH GKRUORJHULH GH /D &KDX[GH)RQGV SUHQG FRQVFLHQFH GH OD QpFHVVLWpGHFRQVWLWXHUXQHFROOHFWLRQG¶KRUORJHVDQFLHQQHV0DLVFHVWVHXOHPHQW HQ TXXQ SHWLW PXVpH RXYUH GDQV OHV EkWLPHQWV PrPH GH O(FROH &HOXLFL FRQWLQXHGHVDJUDQGLUDXILOGHVDQQpHV

(QRQLQDXJXUHOHQRXYHDXEkWLPHQWTXLDFFXHLOOHUDOH0XVpHLQWHUQDWLRQDO GKRUORJHULH/,QVWLWXWOKRPPHHWOHWHPSVHVWFUppHQ,OLQWqJUHOH0XVpH LQWHUQDWLRQDO GKRUORJHULH OH FHQWUH GH UHVWDXUDWLRQ HQ KRUORJHULH DQFLHQQH HW OH FHQWUHGpWXGHVLQWHUGLVFLSOLQDLUHVGXWHPSV

6RQGLUHFWHXUHWFRQVHUYDWHXUDFWXHOHVW/XGZLJ2HFKVOLQ1RWUHLQWHUORFXWULFHWRXW DXORQJGXWUDYDLODpWp1LFROH%RVVKDUWGLUHFWULFHDGMRLQWH

/DELEOLRWKqTXH

$O¶RULJLQHODELEOLRWKqTXHDpWpFUppHSRXUUpSRQGUHDX[EHVRLQVGHVpWXGLDQWVGH O¶(FROH G¶KRUORJHULH /H IRQGV FRPSRUWH HQYLURQ GRFXPHQWV GRQW GHV PRQRJUDSKLHVGHVOLYUHVSUpFLHX[GHVSpULRGLTXHVGHVGRVVLHUVDYHFSODQFKHVHW GHVVLQV GHV SKRWRJUDSKLHV GX PXOWLPpGLD YLGpRFDVVHWWHV &'5RP HWF GHV FDWDORJXHVGHYHQWHGHODGRFXPHQWDWLRQGHVPDQXVFULWVHWGHVIRQGVG¶DUFKLYHV 3DUPLOHVDUFKLYHVILJXUHQWOHVIRQGVVXLYDQWVDUFKLYHV&KDUOHV)pYULHUDUFKLYHV

&ODXGH $WWLQJHU DUFKLYHV (UQHVW %RUHO &R 1HXFKkWHO DUFKLYHV +XPEHUW HW 0DLUHW IDEULFDQWV G¶KRUORJHULH /D &KDX[GH)RQGV GRFXPHQWV DXWRJUDSKHV PDQXVFULWV RX LPSULPpV GHV H H HW H VLqFOHV DUFKLYHV GH OD &KDPEUH VXLVVHG¶KRUORJHULH/D&KDX[GH)RQGVDUFKLYHV&KDUOHV(GRXDUG*XLOODXPH

YRLUDXVVLILFKHVLJQDOpWLTXHDQQH[HS

(17)

,QWURGXFWLRQ

'HV RXYUDJHV VRQW DFTXLV DQQXHOOHPHQW WHOV TXH GHV FDWDORJXHV GH YHQWHV DX[

HQFKqUHV HW GHV GRQV G¶HQWUHSULVHV DX[TXHOV V¶DMRXWHQW GHV UHYXHV VSpFLDOLVpHV DFKHWpHVRXUHoXHVHQGRQ /H PRQWDQWDFFRUGpDX[DFTXLVLWLRQV GXUDQW OHVFLQT GHUQLqUHVDQQpHVHVWG¶HQYLURQ&+)SDUDQ

2UJDQLVDWLRQGRFXPHQWDLUH

8QHVHXOHSHUVRQQHHVWDFWXHOOHPHQWHQFKDUJHGHODELEOLRWKqTXHHQFROODERUDWLRQ GLUHFWHDYHF OHFRQVHUYDWHXUHWOHVFRQVHUYDWHXUVDGMRLQWV&H SRVWHHVWRFFXSpj SDU XQH ©ELEOLRWKpFDLUH VFLHQWLILTXHª &pFLOLD +XUOH\ HQJDJpH SRXU XQ PDQGDW WHPSRUDLUH &HWWH SHUVRQQH EpQpILFLH G¶XQ RUGLQDWHXU UHOLp DX UpVHDX FDQWRQDODYHFXQDFFqVj,QWHUQHW/HFODVVHPHQWGHVGRFXPHQWVHVWHIIHFWXpSDU IRUPDWDYHFXQHFRWH©PDLVRQª

(18)

&ROOHFWHG¶LQIRUPDWLRQ

&ROOHFWHG¶LQIRUPDWLRQ

,QWURGXFWLRQ

1RXVDYRQVHIIHFWXpXQHFROOHFWHG¶LQIRUPDWLRQVXUOHVXMHWGHVELEOLRWKqTXHVGHV PXVpHV 3HX GH GRFXPHQWV SHUWLQHQWV RQW pWp WURXYpV OHV GDWHV GH SXEOLFDWLRQ pWDLHQW UHODWLYHPHQW DQFLHQQHV HW OD SOXSDUW GHV GRFXPHQWV WUDLWDLHQW GH O¶LQIRUPDWLVDWLRQ GHV ELEOLRWKqTXHV PDLV FH VXMHW FRQFHUQH GDYDQWDJH O¶pWXGH GH IDLVDELOLWp&HSHQGDQWFHUWDLQVWH[WHVVRLJQHXVHPHQW PLVGHF{WpVHVRQW DYpUpV XWLOHVWRXWDXORQJGHQRWUHWUDYDLO

1RWUHDWWHQWLRQV¶HVWGRQFSRUWpHVXUXQHGHVWkFKHVSOXVVSpFLILTXHVTXLQRXVpWDLW LPSDUWLH &HOOHFL FRQVLVWDLW j SURGXLUH XQH FKDUWH FRPPXQH DX[ TXDWUH ELEOLRWKqTXHV GH PXVpHV &¶HVW SRXUTXRL QRXV DYRQV GpFLGp GH FRQFHQWUHU QRV UHFKHUFKHV VXU OHV FKDUWHV GH ELEOLRWKqTXHV /HV LQVWLWXWLRQV PXQLHV G¶XQ WHO GRFXPHQW VRQW DFWXHOOHPHQW UDUHV 3RXU FHWWH UDLVRQ OH QRPEUH GH GRFXPHQWV WURXYpV UHVWH OLPLWp 'H SOXV OHV WH[WHV FKRLVLV QH VRQW SDV WRXMRXUV QRPPpV H[SOLFLWHPHQW©FKDUWHªPrPHVLjQRWUHDYLVLOVUHFRXYUHQWOHPrPHFRQFHSW

/HVGRFXPHQWVUpFROWpVFRQFHUQHQWjODIRLVGHVELEOLRWKqTXHVXQLYHUVLWDLUHVGHV ELEOLRWKqTXHVSXEOLTXHVHWGHVELEOLRWKqTXHVSXEOLTXHVHWXQLYHUVLWDLUHV'¶DXWUHV RQW XQH YRFDWLRQ XQLYHUVDOLVWH OD ©FKDUWH GHV ELEOLRWKqTXHVª GX &RQVHLO VXSpULHXU

GHVELEOLRWKqTXHVFKHUFKHjWRXFKHUWRXWHVOHVELEOLRWKqTXHVGH)UDQFH GDQV WRXWHV OHXUV YDULpWpV OH ©0DQLIHVWH GH O¶8QHVFR VXU OD ELEOLRWKqTXH SXEOLTXHª GpILQLW XQ FRQFHSW GH ELEOLRWKqTXH TXL GHYUDLW SUpYDORLU SRXU OHV ELEOLRWKqTXHVGXPRQGHHQWLHU1RXVDYRQVpJDOHPHQWUHWHQXOHVVWDWXWVGXVHUYLFH FRPPXQGHODGRFXPHQWDWLRQGHO¶8QLYHUVLWpGH6WUDVERXUJFDULOVUHFRXYUHQWOH U{OHG¶XQHFKDUWHSDUFHUWDLQVGHVSRLQWVDERUGpV

&DPHDQ 6XVDQD &DPHURQL 0DUWLQH &DVWHOOL &ULVWLQD 0XVpHV HQ PRXYHPHQW XQH RUJDQLVDWLRQGRFXPHQWDLUHSRXUOHVPXVpHVGHOD9LOOHGH/D&KDX[GH)RQGVpWXGHGHIDLVDELOLWp

*HQqYH(,'

ELEOLRJUDSKLHDQQH[HS

(19)

&ROOHFWHG¶LQIRUPDWLRQ

1RWUH V\QWKqVH FKHUFKH j RIIULU XQ SRLQW GH YXH JpQpUDO VXU OHV FKDUWHV GDQV OH PLOLHX ELEOLRWKpFRQRPLTXH1RXVDYRQVGRQFSURFpGpjXQHDQDO\VHGHVWKqPHV DERUGpV GDQV FH W\SH GH GRFXPHQW 3RXU FRPPHQFHU QRXV DYRQV FKHUFKp j FRQQDvWUHOHVFRQFHSWVTXHVRXVWHQGOHPRW©FKDUWHª

/DGpILQLWLRQGXWHUPHFKDUWHDpYROXpDYHFOHWHPSV(QHIIHWDX0R\HQ$JHFH WHUPH GpILQLVVDLW XQ WLWUH GH SURSULpWp GH YHQWH GH SULYLOqJH RFWUR\p $X

;9,,,qPH VLqFOH LO SUHQG OH VHQV GH ORLV FRQVWLWXWLRQQHOOHV pWDEOLHV SDU XQ VRXYHUDLQ 'H QRV MRXUV FH WHUPH VLJQLILH XQ GRFXPHQW GpILQLVVDQW VROHQQHOOHPHQW GHV GURLWV HW GHV GHYRLUV ,O HVW j QRWHU TX¶DXFXQH DOOXVLRQ j O¶XWLOLVDWLRQG¶XQHFKDUWHGDQVXQH LQVWLWXWLRQRXGDQV QRWUHPLOLHXSURIHVVLRQQHO Q¶DpWpWURXYpGDQVXQGLFWLRQQDLUHJpQpUDOLVWH

1RVUHFKHUFKHVG¶XQHGpILQLWLRQGHFKDUWHGDQVOHGRPDLQHELEOLRWKpFRQRPLTXHVH VRQWpJDOHPHQWDYpUpHVLQIUXFWXHXVHV9XFHPDQTXHGHWHUPLQRORJLHQRXVDYRQV HVVD\p GH GpJDJHU XQH GpILQLWLRQ TXL Q¶HVW FHUWHV SDV SDUIDLWH PDLV TXL QRXV VHPEOHUHFRXYULUOHVUpDOLWpVG¶XQWHOGRFXPHQW,OV¶DJLUDLWGRQFG¶XQ

©GRFXPHQWGHUpIpUHQFHpPDQDQWG¶XQHUpIOH[LRQDSSURIRQGLH VXU OD UDLVRQG¶rWUHG¶XQHRXSOXVLHXUVLQVWLWXWLRQVTXLpFODLUHO¶HVVHQWLHOGH VHVPLVVLRQVHWGpILQLWVHVSULQFLSHVGHIRQFWLRQQHPHQWª

'DQV QRWUH PLOLHX SURIHVVLRQQHO FH WHUPH GH FKDUWH Q¶D FHUWDLQHPHQW SDV pWp FKRLVL DX KDVDUG (Q HIIHW LO LQGXLW XQ FDUDFWqUH VROHQQHO HW XQH GLPHQVLRQ GH SUHVWLJH

/HSODQGHQRWUHV\QWKqVHQ¶DSDVpWpFDOTXpVXUXQHFKDUWHHQ SDUWLFXOLHU1RWUH WUDYDLO YLVDLW j SUpVHQWHU OD SOXSDUW GHV DUJXPHQWV WURXYpV GDQV OHV GRFXPHQWV DQDO\VpV &HX[FL RQW pWp JURXSpV SDU JUDQGV HQVHPEOHV HW VRQW SUpVHQWpV GDQV O¶RUGUHTXLQRXVVHPEODLWOHSOXVDGpTXDW

52%(573DXO/HJUDQG5REHUWGHODODQJXHIUDQoDLVH3DULV

,GHP

'LFWLRQQDLUH8QLYHUVHO)UDQFRSKRQH+DFKHWWH

(20)

&ROOHFWHG¶LQIRUPDWLRQ

6WUXFWXUH

'DQV O¶pWXGH GH QRV GRFXPHQWV QRXV Q¶DYRQV SDV SX GpJDJHU XQH VWUXFWXUH XQLTXH /HV FKDUWHV SHXYHQW DGRSWHU GHV RUJDQLVDWLRQV H[WUrPHPHQW GLIIpUHQWHV DOODQWG¶XQWH[WH OLWWpUDLUHjXQWH[WHGHW\SH OpJLVODWLI/HVFKDUWHVGHW\SH QRQ OpJLVODWLIVVHGLYLVHQWHQGRFXPHQWVjWH[WHOLEUHHWG¶DXWUHVDYHFXQHRUJDQLVDWLRQ SDUSRLQWV

8QH VWUXFWXUH ©WDFLWHª HQ TXDWUH SRLQWV SULQFLSDX[ j VDYRLU FKDPSV G¶DFWLYLWp PLVVLRQV SUHVWDWLRQV SROLWLTXHV VHPEOH VH GpJDJHU PDLV RQ QH OD UHWURXYH SDV FODLUHPHQWH[SULPpH&HSHQGDQWFHUWDLQVSULQFLSHVVRQWUHVSHFWpVSDUTXDVLPHQW WRXWHVOHVFKDUWHV

• rWUHXQGRFXPHQWjYLVpHJpQpUDOH

• HQJOREHU GDQV VRQ FRUSXV OD SOXSDUW GHV UpDOLWpV HW GHV UDLVRQV G¶rWUH GH O¶LQVWLWXWLRQ

• pQRQFHUOHVSULQFLSHVIRQGDPHQWDX[GHO¶LQVWLWXWLRQDXVVLELHQpWKLTXHVTXH SUDWLTXHV

• QH SDV HQWUHU GDQV OHV GpWDLOV F¶HVW j GLUH QH SDV VH FRQIRQGUH DYHF XQ UqJOHPHQW

• rWUHXQGRFXPHQWFRXUWOHVFKDUWHVDQDO\VpHV QH GpSDVVHQWTXH UDUHPHQW OHVTXDWUHSDJHV

• UHQGUHFRPSWHGXU{OHGHO¶LQVWLWXWLRQ

,O HVW VXUSUHQDQW GH FRQVWDWHU TXH VHXOH OD FKDUWH GX &RQVHLO VXSpULHXU GHV ELEOLRWKqTXHVH[SOLFLWHOHU{OHTX¶HOOHYHXWVHGRQQHU,OIDXWpJDOHPHQWPHQWLRQQHU TX¶XQHFKDUWHQHVHVXIILWSDVjHOOHPrPH(QHIIHWGHVUqJOHPHQWVGHSUrWOHV KHXUHV G¶RXYHUWXUH HWF HW XQH SROLWLTXH G¶DFTXLVLWLRQ GRLYHQW FRPSOpWHU XQ WHO GRFXPHQW

(WKLTXH

/HVSULQFLSHVpWKLTXHVRFFXSHQWVRXYHQWXQHSODFHLPSRUWDQWHGDQVOHVFKDUWHV/D ELEOLRWKqTXHHVWXQRXWLOGpPRFUDWLTXH&HU{OHVRXVHQWHQGO¶DFFqVOHSOXVODUJH SRVVLEOH DX[ GRFXPHQWV DILQ GH GRQQHU DX FLWR\HQ OHV DWRXWV QpFHVVDLUHV SRXU

(21)

&ROOHFWHG¶LQIRUPDWLRQ

H[HUFHU VHV GURLWV HW GHYRLUV &HWWH LGpH HVW DFFRPSDJQpH G¶XQ SULQFLSH G¶DFFHVVLELOLWpjWRXWHVOHVPLQRULWpVVDQVGLVWLQFWLRQG¶kJHGHVH[HGHUDFHGH ODQJXH GH UHOLJLRQ HWF 7RXWHV OHV LQVWLWXWLRQV VRQW DFTXLVHV DX SULQFLSH G¶DFFXHLOOLUXQSXEOLFDXVVL ODUJHTXHSRVVLEOH &HSRLQWSRVH O¶XQGHVSULQFLSHV IRQGDPHQWDX[ GX U{OH GHV ELEOLRWKqTXHV /HV ELEOLRWKqTXHV XQLYHUVLWDLUHV DFFXHLOOHQW HQ SUHPLHU OLHX OHXU SXEOLF FLEOH PDLV RQW VRXYHQW FRPPH SULQFLSH DQQH[HG¶DFFHSWHUG¶RXYULUOHXUVFROOHFWLRQVjXQSXEOLFSOXVYDVWH

3RXU OHV ELEOLRWKqTXHV SXEOLTXHV OH SULQFLSH G¶LQGpSHQGDQFH HQYHUV WRXWHV LQIOXHQFHV SROLWLTXHV LGpRORJLTXHV RX UHOLJLHXVHV HVW DFTXLV HW PDQLIHVWH 3DUDOOqOHPHQWjFHWWHLGpHXQHYRORQWpG¶RXYHUWXUHVXUOHPRQGHHWVDGLYHUVLWpVH UHWURXYHVRXYHQWDILQG¶RIIULUXQHSDOHWWHDXVVLODUJHTXHSRVVLEOHGHGRFXPHQWV 6HXOXQWH[WHVRXWLHQWTXHOHVLGpRORJLHVFRQWHQXHVGDQVOHVGRFXPHQWVQHSHXYHQW SDV DOOHU j O¶HQFRQWUH GHV ORLV QRXV SHQVRQV SDU H[HPSOH DX[ ORLV FRQWUH OH UDFLVPH

'HVRQF{WpOHPDQLIHVWHGHO¶8QHVFRFKHUFKHjWRXFKHUWRXVOHVDVSHFWVpWKLTXHV G¶XQH ELEOLRWKqTXH SXEOLTXH ,O GpYHORSSH DLQVL GHV SRLQWV TXH O¶RQ QH UHWURXYH SDV GDQV OHV DXWUHV WH[WHV O¶DOSKDEpWLVDWLRQ OH VRXWLHQ j OD WUDGLWLRQ RUDOH IDYRULVHUODFUpDWLYLWpGHVLQGLYLGXV

6HUYLFHV

)RXUQLU GHV VHUYLFHV GH TXDOLWp HVW XQH GHV SUpRFFXSDWLRQV PDMHXUHV GHV ELEOLRWKqTXHV 'DQV FHWWH RSWLTXH OHV ELEOLRWKqTXHV FKHUFKHQW FRQVWDPPHQW j DPpOLRUHU OHV SUHVWDWLRQV TX¶HOOHV SURSRVHQW 3RXU SDUYHQLU j FH EXW OHV ELEOLRWKqTXHV SRUWHQW XQ JUDQG LQWpUrW j V¶DWWDFKHU XQ SHUVRQQHO TXDOLILp HW FRPSpWHQW &HWWH LGpH VRXVHQWHQG GDQV EHDXFRXS GH WH[WHV OD GpIHQVH GH OD SURIHVVLRQ GH ELEOLRWKpFDLUH /HV ELEOLRWKqTXHV VH IRQW XQ GHYRLU SRXU HOOHV PrPHVDLQVLTXHSRXUOHXUSHUVRQQHOGHVXLYUHO¶pYROXWLRQGHVWHFKQLTXHVHWGHV LGpHV/DIRUPDWLRQFRQWLQXHGXSHUVRQQHOHVWSHUoXHFRPPHXQHQpFHVVLWpHWXQH REOLJDWLRQSDUEHDXFRXSGHELEOLRWKqTXHV,OHVWjUHPDUTXHUTXHVHXOHODFKDUWHGH OD0pGLDWKqTXH9DODLVSDUOHDXVVLELHQGHVFRPSpWHQFHVSURIHVVLRQQHOOHVTXHGX

(22)

&ROOHFWHG¶LQIRUPDWLRQ

VDYRLUrWUHGHVHVFROODERUDWHXUVYLVjYLVGXSXEOLF7RXWHVFHVLGpHVWHQGHQWjOD VDWLVIDFWLRQGHVEHVRLQVGXSXEOLF

/DPDMRULWpGHVWH[WHVPHQWLRQQHTXHOHVELEOLRWKqTXHVIRUPHQWOHXUVXWLOLVDWHXUVj ODPDvWULVHGHVRXWLOVGRFXPHQWDLUHVDILQTX¶LOVSXLVVHQWWLUHUOHPHLOOHXUSDUWLGH WRXWHV OHV UHVVRXUFHV TX¶HOOHV PHWWHQW j OHXU GLVSRVLWLRQ 'DQV OH PrPH RUGUH G¶LGpHVLOHVWLPSRUWDQWGHWHQLUDXFRXUDQWOHVXWLOLVDWHXUVVXUOHVQRXYHDX[RXWLOV PLV j OHXU GLVSRVLWLRQ HW VXU O¶pYROXWLRQ GX VHUYLFH 4XHOTXHV FKDUWHV GH ELEOLRWKqTXHV

SURSRVHQW GHV VHUYLFHV GH UHQVHLJQHPHQWV HW G¶DLGH DX[ XVDJHUV FRUUHVSRQGDQWjXQVHUYLFHGHUpIpUHQFH'DQVXQHRSWLTXHGHSDUWDJHHWG¶pFKDQJH GHV UHVVRXUFHV GH QRPEUHXVHV ELEOLRWKqTXHV SURSRVHQW XQ VHUYLFH GH SUrW HQWUH ELEOLRWKqTXHV

&HUWDLQHVFKDUWHVYLVHQWj©UHQGUHOHVFROOHFWLRQVDFFHVVLEOHVSDUWRXVOHVPR\HQV DSSURSULpV QRWDPPHQW SDU GHV ORFDX[ G¶DFFqV IDFLOH GHV KRUDLUHV G¶RXYHUWXUH DGDSWpV DX[ EHVRLQV GX SXEOLF GHV pTXLSHPHQWV GH GHVVHUWH GH SUR[LPLWp HW OH UHFRXUV DX[ WHFKQLTXHV GH FRPPXQLFDWLRQV j GLVWDQFHª &HOD VLJQLILH TXH OHV VHUYLFHV GRLYHQW rWUH SHQVpV SRXU UpSRQGUH DX[ EHVRLQV GHV SXEOLFV VSpFLILTXHV SDUH[HPSOHOHVSHUVRQQHVPDOYR\DQWHVPDOHQWHQGDQWHVjPRELOLWpUpGXLWH«

HW VRXVHQWHQG SDUIRLV O¶LGpH GH SURFXUHU OH GRFXPHQW j GRPLFLOH &HW DUJXPHQW SHXWrWUHUDSSURFKpGXUHVSHFWGHVVSpFLILFLWpVGHVGLIIpUHQWVSXEOLFV

&XOWXUH

/D FRQYLFWLRQ TXH OD ELEOLRWKqTXH GRLW SURPRXYRLU OD FXOWXUH HVW WUqV SUpVHQWH '¶DSUqVOH0DQLIHVWHGHO¶8QHVFRHOOHSDUWLFLSHDXGpYHORSSHPHQWGHO¶LQGLYLGXHW HVWXQHIRUFHYLYDQWHDXVHUYLFHGHO¶pGXFDWLRQGHODFXOWXUH HWGHO¶LQIRUPDWLRQ

&H SRLQW LPSRUWDQW VHPEOH rWUH XQ DWRXW UHYHQGLTXp SDU OHV LQVWLWXWLRQV UHSUpVHQWpHVGDQVFHWWHV\QWKqVH/DELEOLRWKqTXHHVWHQHIIHWXQOLHXFKRLVLSDU GHVSXEOLFVWUqVYDULpVSRXUV¶LQIRUPHUVHIRUPHURXVHGLYHUWLU'DQVOHFDGUHGHV GLYHUWLVVHPHQWV OD ELEOLRWKqTXH VHPEOH rWUH XQ GHV FDQDX[ SULYLOpJLpV SRXU

&RQVHLOVXSpULHXUGHVELEOLRWKqTXHV©&KDUWHGHVELEOLRWKqTXHVªLQ(FROHQDWLRQDOHVXSpULHXUH GHV VFLHQFHV GH O¶LQIRUPDWLRQ HW GHV ELEOLRWKqTXHV >(Q OLJQH@ KWWSZZZHQVVLEIUDXWUHV VLWHVFVEFVEFKDUKWPO3DJHFRQVXOWpHOHPDUV

(23)

&ROOHFWHG¶LQIRUPDWLRQ

HQFRXUDJHU OD YLH FXOWXUHOOH G¶XQH UpJLRQ /D ELEOLRWKqTXH HVW DXVVL XQ OLHX R

SHXYHQW rWUH RUJDQLVpHV GHV DQLPDWLRQV FXOWXUHOOHV &HFL Q¶HVW SDV VRQ U{OH SULQFLSDOPDLVGDQVFHUWDLQVFDVHQWDQWTX¶LQVWLWXWLRQSXEOLTXHHWFXOWXUHOOHHOOH HQGRVVHFHWWHPLVVLRQ

&ROODERUDWLRQ

/¶LGpH GH FROODERUDWLRQ HW GH FRRSpUDWLRQ HVW SUpVHQWH GDQV SUHVTXH WRXV OHV GRFXPHQWV &HOD GpPRQWUH O¶LQWpUrW TXH OHV ELEOLRWKqTXHV SRUWHQW j FH FRQFHSW

$FWXHOOHPHQW RQ DVVLVWH j GH QRPEUHXVHV DVVRFLDWLRQV RX UHJURXSHPHQWV GH ELEOLRWKqTXHV SRXU PHWWUH HQ FRPPXQ OHXUV UHVVRXUFHV GRFXPHQWDLUHV &HWWH YRORQWpG¶XQLUOHVIRUFHVVHUHWURXYHpJDOHPHQWGDQVODFUpDWLRQGHFRQVRUWLXPVRX OD VLJQDWXUH G¶DFFRUGV FRQFHUQDQW OHV SROLWLTXHV G¶DFTXLVLWLRQ /HV UpVHDX[

LQIRUPDWLTXHVVRQWODFRQFUpWLVDWLRQODSOXVpYLGHQWHGHFHUDSSURFKHPHQW3RXUHQ DUULYHU j FHV UpVXOWDWV GHV pWDSHV GH UpIOH[LRQ HQWUH GHV SURWDJRQLVWHV D\DQW GHV DYLVRXGHVLQWpUrWVSDUIRLVGLYHUJHQWVVRQWLQGLVSHQVDEOHVSRXUGpERXFKHUVXUXQH KDUPRQLVDWLRQ GHV SUDWLTXHV ELEOLRWKpFRQRPLTXHV ,O HVW LQWpUHVVDQW GH FRQVWDWHU TXH GDQV WRXV OHV WH[WHV OD FROODERUDWLRQ HVW DXMRXUG¶KXL XQH GHV FRPSRVDQWHV IRQGDPHQWDOHV GHV ELEOLRWKqTXHV HW XQH UpDOLWp QpFHVVDLUH /D FROODERUDWLRQ HVW GRQFSHUoXHFRPPHXQGHYRLU&HV LGpHVGHFROODERUDWLRQVRQWSDUIRLV

GRXEOpHV G¶XQHYRORQWpGHSDUWDJHGHVFRPSpWHQFHVSURIHVVLRQQHOOHVHQYXHG¶DPpOLRUHUOHV VHUYLFHVRIIHUWVDX[XWLOLVDWHXUV

3DWULPRLQH

/D GpIHQVH GX SDWULPRLQH HVW XQ FRQFHSW DXTXHO OHV ELEOLRWKqTXHV VRQW WUqV DWWDFKpHVHWWRXWSDUWLFXOLqUHPHQWODVDXYHJDUGHGHOHXUSDWULPRLQHUpJLRQDO(OOHV YHLOOHQWDXVVLELHQjODFRQVWLWXWLRQjODFRQVHUYDWLRQHWjODPLVHHQYDOHXUGHFH W\SHGHIRQGV/DELEOLRWKqTXHSHXWDLQVLrWUHSHQVpHFRPPHXQOLHXGHPpPRLUH 'DQV OH PrPH RUGUH G¶LGpH OD FKDUWH GH OD ELEOLRWKqTXH GH O¶(FROH QDWLRQDOH VXSpULHXUH GHV VFLHQFHV GH O¶LQIRUPDWLRQ HW GHV ELEOLRWKqTXHV (QVVLE GpIHQG O¶LGpH GH VDXYHJDUGH G¶XQ SDWULPRLQH G¶XQ GRPDLQH GH OD FRQQDLVVDQFH HQ

(24)

&ROOHFWHG¶LQIRUPDWLRQ

O¶RFFXUUHQFH O¶pYROXWLRQ GH OD ELEOLRWKpFRQRPLH HW GHV VFLHQFHV GH O¶LQIRUPDWLRQ IUDQoDLVH &HSHQGDQW XQ WUqV SHWLW QRPEUH GH GRFXPHQWV DERUGHQW GH PDQLqUH H[SOLFLWH OD PLVHHQYDOHXUGXSDWULPRLQH8QHSROLWLTXHGHFRQVHUYDWLRQSUpFLVH GDQV FH GRPDLQH HVW XQLTXHPHQW SUpVHQWH GDQV OD FKDUWH GRFXPHQWDLUH GH OD

%LEOLRWKqTXHPXQLFLSDOHHWLQWHUXQLYHUVLWDLUHGH&OHUPRQW)HUUDQG

7XWHOOHHWORLV

&HUWDLQHV FKDUWHV V¶DSSXLHQW VXU GHV DUWLFOHV GH ORLV SRXU GpIHQGUH OHV SULQFLSHV TXH OHV ELEOLRWKqTXHV PHWWHQWHQ°XYUH&HFL OHXUGRQQHXQH EDVHSOXVVROLGHHW XQHOpJLWLPLWpSOXVLPSRUWDQWH&¶HVWVXUWRXWOHFDVGDQVOHVFKDUWHVIUDQoDLVHV /DPHQWLRQGHO¶DXWRULWpGRQWOHVELEOLRWKqTXHVGpSHQGHQWQ¶HVWSUpVHQWHTXHGDQV GH UDUHV GRFXPHQWV /HV VRXUFHV GH ILQDQFHPHQW GH OD ELEOLRWKqTXH DLQVL TXH OD PDQLqUHGHJpUHUVRQ EXGJHWVRQWGHVSRLQWVTXHOHVFKDUWHVQ¶DERUGHQWTXHWUqV VRPPDLUHPHQW

/HV GRFXPHQWV TXH QRXV DYRQV UpFROWpV GpILQLVVHQW OD ELEOLRWKqTXH FRPPH XQ VHUYLFHSXEOLFGHVWLQpjWRXVRXFRPPHO¶RXWLOG¶XQHLQVWLWXWLRQSOXVJUDQGHSDU H[HPSOHXQHXQLYHUVLWp6RXYHQWOHV ELEOLRWKqTXHVSURILWHQW GHGRFXPHQWVWHOV TXH OHV FKDUWHV SRXU SUpFLVHU OHXU FKDPS G¶DFWLYLWp HW OHXU SXEOLF FLEOH ,O HVW j VRXOLJQHUTXHGHWHOVGRFXPHQWVQ¶RQWSDVGHYDOHXUOpJDOHDXVHQVVWULFWGXWHUPH PDLVHQDXFXQHPDQLqUHLOVQHSHXYHQWrWUHHQFRQWUDGLFWLRQDYHFOHVUqJOHPHQWV RXORLVH[LVWDQWV

6RXV XQ UDSSRUW GLIIpUHQW DYHF OD ORL OD FKDUWH GH OD ELEOLRWKqTXH GH O¶(QVVLE SUpFLVHTXHO¶LQVWLWXWLRQGRLWUHVSHFWHUOHVGURLWVGHODSURSULpWpLQWHOOHFWXHOOHDXVVL ELHQTXHOHGURLWG¶DFFqVDX[GRFXPHQWV

5{OHVFLHQWLILTXH

/HV ELEOLRWKqTXHVXQLYHUVLWDLUHVHWFHUWDLQHV ELEOLRWKqTXHVSXEOLTXHV YHXOHQWrWUH XQ OLHX GH UHVVRXUFHV GRFXPHQWDLUHV SRXU OHV FKHUFKHXUV 'DQV OH PrPH RUGUH G¶LGpHV HOOHV VRXKDLWHQW SDU OHXUV FROOHFWLRQV HW OHXUV VHUYLFHV FRQWULEXHU

(25)

&ROOHFWHG¶LQIRUPDWLRQ

HIILFDFHPHQWjODUHFKHUFKH$XQLYHDXORFDOHOOHVSHXYHQWMRXHUOHU{OHGHFHQWUH G¶LQIRUPDWLRQVFLHQWLILTXH

&HUWDLQHVELEOLRWKqTXHVXQLYHUVLWDLUHVRQWHQGRVVpODFKDUJHG¶pGLWHXUVFLHQWLILTXH (OOHV GLIIXVHQW OHV GRFXPHQWV SURGXLWV GDQV OH FDGUH GH O¶XQLYHUVLWp SDU OHV pWXGLDQWVOHVSURIHVVHXUVRXOHVGRFWRUDQWV

1RXYHOOHVWHFKQRORJLHV

/HV QRXYHOOHV WHFKQRORJLHV RQW XQH LPSRUWDQFH JUDQGLVVDQWH GDQV QRWUH PLOLHX SURIHVVLRQQHO UDLVRQ SRXU ODTXHOOH FH VXMHW HVW UpFXUUHQW GDQV GH QRPEUHXVHV FKDUWHV(QHIIHWRQ\YRLWODYRORQWpG¶XWLOLVHUXQPDWpULHOHWGHVWHFKQRORJLHVjOD SRLQWHGXSURJUqV&HFLHVWSHUoXFRPPHXQGHYRLUSRXUFKDTXHELEOLRWKqTXHDILQ G¶RIIULUXQVHUYLFHGHTXDOLWpHQSKDVHDYHFOHPRQGHDFWXHO

/HV ELEOLRWKqTXHV VRQW GHYHQXHV XQ LQWHUPpGLDLUH SULYLOpJLp HQWUH OHV XVDJHUV HW OHV QRXYHOOHV WHFKQRORJLHV (Q HIIHW HOOHV FKHUFKHQW j OHV IDPLOLDULVHU DYHF OHV QRXYHDX[ VXSSRUWV &'5RP '9' SpULRGLTXHV pOHFWURQLTXHV HWF HW DYHF OHV QRXYHDX[PR\HQVGHFRPPXQLFDWLRQ,QWHUQHW

9RFDEXODLUH

/H YRFDEXODLUH HPSOR\p GDQV OHV FKDUWHV QRXV HVW DSSDUX FRPPH IRUPHO HW VROHQQHOFHFLDILQGHGRQQHUXQHDVVLVHSOXVVROLGHjFHVGRFXPHQWV/HVSKUDVHV VRQW H[SULPpHV GH PDQLqUH SRVLWLYH HW OHV UHFRXUV DX[ QpJDWLRQV VRQW WUqV UDUHV /HVWHUPHVFKRLVLVRIIUHQWOHSOXVVRXYHQWXQHFHUWDLQHIOH[LELOLWp3DUFHELDLVOHV LQVWLWXWLRQVQHVHFDQWRQQHQWSDVGDQVGHVFDUFDQVWURSULJLGHV/HVFKDUWHVQHVRQW SDVFHQVpHVrWUHXQREVWDFOHjO¶pYROXWLRQGHO¶LQVWLWXWLRQHOOHVGRLYHQWODLVVHUXQH FHUWDLQH PDUJH GH PDQ°XYUH j FHOOHVFL /HV GpWDLOV TXL VRQW SOXV IDFLOHPHQW PRGLILDEOHVVRQWpQRQFpVGDQVGHVUqJOHPHQWVG¶XWLOLVDWLRQ

(26)

&ROOHFWHG¶LQIRUPDWLRQ

(QWUHWLHQV

/RUV GH QRV HQWUHWLHQV QRXV DYRQV DSSULV TXH OHV FKDUWHV VRQW GHV GRFXPHQWV SOXW{W UDUHV(Q HIIHW DXFXQH GHV ELEOLRWKqTXHV GH PXVpH YLVLWpHV Q¶HQ SRVVqGH 1RXVQ¶HQDYRQVWURXYpTXHWURLVHQ6XLVVH8QHGHVUDLVRQVGRQQpHVHVWODFUDLQWH TXH OHV SULQFLSHV pQRQFpV GDQV XQ WHO GRFXPHQW SXLVVHQW DYRLU XQH QDWXUH FRQWUDLJQDQWHSRXUOHVLQVWLWXWLRQVHWDLQVLOHXU{WHUXQHPDUJHGHPDQ°XYUHHWGH IOH[LELOLWp /H VRXKDLW GH UpGLJHU XQ WHO GRFXPHQW VH PDQLIHVWH FHSHQGDQW IUpTXHPPHQWPDLVOHPDQTXHGHWHPSVRXG¶DUJHQWYRLUHGHVGLYHUJHQFHVHQWUH OHVSURWDJRQLVWHVRQWVRXYHQWFRQGXLWjO¶DEDQGRQG¶XQHWHOOHGpPDUFKH

&RQFOXVLRQGHODV\QWKqVH

/D FKDUWH HVW XQ WH[WH GH UpIpUHQFH SRXU O¶HQVHPEOH GHV DFWLYLWpV G¶XQH ELEOLRWKqTXHjO¶XVDJHLQWHUQHPDLVDXVVLH[WHUQHSURPRWLRQYLVjYLVGXSXEOLF HW MXVWLILFDWLRQ YLVjYLV GHV DXWRULWpV (OOH SURSRVH OHV OLJQHV GH FRQGXLWH IRQGDPHQWDOHVTXLJXLGHQWO¶HQVHPEOHGHVDFWLRQVHWIRQGHQWOHVGpFLVLRQV&HVRQW GHV YLVpHV JpQpUDOHV TXL SHXYHQW SDUIRLV SDUDvWUH XWRSLTXHV /D FKDUWH pFODLUH FHSHQGDQW O¶HVVHQWLHO GHV PLVVLRQV TXH VH UHFRQQDvW OD ELEOLRWKqTXH (OOH WLHQW FRPSWHGXVWDWXWOpJDOGHO¶LQVWLWXWLRQGHVPLVVLRQVGHVFRQWUDLQWHVLPSRVpHVSDU OHVSDUWHQDLUHVGHO¶pYROXWLRQGHO¶HQYLURQQHPHQWWHFKQRORJLTXHHWSURIHVVLRQQHO HWGHV EHVRLQVGHVXVDJHUV,OV¶DJLWGRQFG¶XQRXWLOTXL FKHUFKHj LQVFULUHWRXWH O¶DFWLYLWp G¶XQH RX GH SOXVLHXUV ELEOLRWKqTXHV GDQV XQ FRQWH[WH FRKpUHQW (OOH JpQpUDOLVH LQVWLWXWLRQQDOLVH UHOLH HW KDUPRQLVH OHV SUDWLTXHV (OOH RULHQWH DLQVL O¶DFWLYLWpGHODELEOLRWKqTXHYHUVXQEXWFRPPXQDYHFGHVSUDWLTXHVFRPPXQHV /D FKDUWH HVW OH UpVXOWDW G¶XQ WUDYDLO G¶DXWRUpIOH[LRQ IDLW SDU OD ELEOLRWKqTXH DXTXHO OH SHUVRQQHO GHYUDLW SDUWLFLSHU GDQV OD SOXV ODUJH PHVXUH SRVVLEOH $LQVL FHWWH GpPDUFKH VL HOOH HVW ELHQ HIIHFWXpH SHXW rWUH VXVFHSWLEOH G¶HQWUDvQHU XQH SDUWLFLSDWLRQSOXVDFWLYHGHVFROODERUDWHXUVSRXUDWWHLQGUHOHVEXWVGHO¶LQVWLWXWLRQ 8QHFKDUWHQHUHPSODFHFHSHQGDQWSDVOHVWH[WHVGHGpRQWRORJLHSURIHVVLRQQHOOH

(27)

&ROOHFWHG¶LQIRUPDWLRQ

1RVFRQFOXVLRQV

1RWUHWUDYDLOG¶DQDO\VHVXUOHVFKDUWHVH[LVWDQWHVQRXVDSHUPLVGHGpILQLUjTXRL GHYDLWUHVVHPEOHUQRWUHSURSUHFKDUWH

• (OOH GRLW rWUH XQ GRFXPHQW j YLVpH JpQpUDOH TXL HQJOREH OD SOXSDUW GHV UpDOLWpVGHVTXDWUHELEOLRWKqTXHVGHVPXVpHVHWFRXYUHO¶HQVHPEOHGHOHXU IRQFWLRQQHPHQW

• (OOH GRLW pQRQFHU OHV SULQFLSHV IRQGDPHQWDX[ DXVVL ELHQ pWKLTXHV TXH SUDWLTXHVGHVTXDWUHELEOLRWKqTXHVGHPXVpHV

• (OOH QH GRLW SDV HQWUHU GDQV OHV GpWDLOV F¶HVWjGLUH QH SDV VH FRQIRQGUH DYHFGHVUqJOHPHQWV

• (OOH GRLW SUHQGUH HQ FRPSWH OD PLVVLRQ GHV TXDWUH ELEOLRWKqTXHV GH PXVpHV

• 3XLVILQDOHPHQWF¶HVWXQGRFXPHQWFRXUWHWVWUXFWXUpFRPPHODSOXSDUWGHV GRFXPHQWVTXHQRXVDYRQVDQDO\Vp

1RXVDYRQVUHWHQXXQFHUWDLQQRPEUHGHSRLQWVTXLGHYDLWILJXUHUGDQVODFKDUWH$

FHX[FLVRQWDGMRLQWVHQLWDOLTXHJULVpOHVH[WUDLWVGXWH[WHVRXPLVjQRWUHPDQGDQW HW DX[ FRQVHUYDWHXUVWULFHV $ILQ G¶DVVXUHU OD SpUHQQLWp GH FH GRFXPHQW QRXV O¶DYRQV UpGLJp GH PDQLqUH VXIILVDPPHQW VRXSOH HQ FKHUFKDQW j FRQFLOLHU OHV LQWpUrWVSDUIRLVGLYHUJHQWVGHVGLIIpUHQWHVLQVWLWXWLRQV

• 'pILQLWLRQ GX FRQWH[WH LO V¶DJLW GH VLWXHU OHV TXDWUH ELEOLRWKqTXHV GHV PXVpHV GDQVOHXUHQYLURQQHPHQWJpRJUDSKLTXHHWSROLWLTXH

/D SUpVHQWH FKDUWH D SRXU REMHW GH GpILQLU OHV JUDQGV SULQFLSHV UpJLVVDQW OHV DFWLYLWpVHWOHVPLVVLRQVGHVELEOLRWKqTXHVGHPXVpHVGH/D&KDX[GH)RQGV(OOH SURSRVHGHVOLJQHVGHFRQGXLWHIRQGDPHQWDOHVTXLJXLGHQWO¶HQVHPEOHGHVDFWLRQV HWIRQGHQWOHVGpFLVLRQVFRQFHUQDQWFHVLQVWLWXWLRQV

WH[WHHQHQWLHUDQQH[HS

(28)

&ROOHFWHG¶LQIRUPDWLRQ

,GHQWLWp

/H 6HUYLFH GHV ELEOLRWKqTXHV GHV PXVpHV VH FRPSRVH GH TXDWUH ELEOLRWKqTXHV UpSDUWLHV VXU TXDWUH OLHX[ JpRJUDSKLTXHV GLIIpUHQWV GDQV /D &KDX[GH)RQGV j VDYRLU

·0XVpHGHVEHDX[DUWV

·0XVpHG¶KLVWRLUH

·0XVpHG¶KLVWRLUHQDWXUHOOH

·0XVpHLQWHUQDWLRQDOG¶KRUORJHULH

7RXVFHVPXVpHVGpSHQGHQWGHODGLUHFWLRQGHV$IIDLUHV&XOWXUHOOHVGHOD9LOOHGH /D&KDX[GH)RQGV

• 5{OH VFLHQWLILTXH HQ WDQW TXH ELEOLRWKqTXHV GH PXVpHV OHXUV IRQGV GRLYHQW SRXYRLUVHUYLUGHVXSSRUWVDXSHUVRQQHOGHVPXVpHVHWjGHVFKHUFKHXUV/HXUEXW HVWGHGHYHQLUXQS{OHVFLHQWLILTXHUpJLRQDOGDQVOHXUGRPDLQHUHVSHFWLI

0LVVLRQ

/HVTXDWUHELEOLRWKqTXHVRQWSRXUPLVVLRQGHIRXUQLUWRXWHVOHVLQIRUPDWLRQVXWLOHV DXSHUVRQQHOGHVPXVpHV(OOHVFKHUFKHQWpJDOHPHQWjRXYULUOHXUVFROOHFWLRQVj XQ SXEOLF SOXV ODUJH 'H FHWWH PDQLqUH HOOHV SDUWLFLSHQW j OD YLH FXOWXUHOOH HW VFLHQWLILTXHGHODUpJLRQ

• 3DWULPRLQH OHV IRQGV GH FHV ELEOLRWKqTXHV GH PXVpH IRQW SDUWLH GX SDWULPRLQH UpJLRQDOGH/D&KDX[GH)RQGVHWGHFHIDLWPpULWHQWG¶rWUHFRQVHUYpVHQULFKLVHW PLVHQYDOHXU

3DWULPRLQH

'pSRVLWDLUHV G¶XQ SDWULPRLQH UpJLRQDO HW VFLHQWLILTXH OHV UHVSRQVDEOHV GHV ELEOLRWKqTXHVGHVPXVpHVV¶HQJDJHQWjYHLOOHUjODFRQVHUYDWLRQHWjOD PLVHHQ YDOHXUGHFHVIRQGV

(29)

&ROOHFWHG¶LQIRUPDWLRQ

• 2XYHUWXUHDXSXEOLFODGLIIXVLRQGHFHVIRQGVVRXVHQWHQGO¶DFFqVDXSOXVYDVWH SXEOLF SRVVLEOH HW SHUPHWWUD j FHV ELEOLRWKqTXHV GH PXVpHV GH VRUWLU GH OHXU LVROHPHQWHWGHOHXUU{OHDFWXHOG¶RXWLOSRXUOHSHUVRQQHOGHVPXVpHV

3UHVWDWLRQV

/H VHUYLFH GHV ELEOLRWKqTXHV GHV PXVpH V¶HPSORLH j RIIULU GHV SUHVWDWLRQV GH TXDOLWpVDWLVIDLVDQWDXPLHX[OHVEHVRLQVGHVHVXWLOLVDWHXUVLQWHUQHVHWH[WHUQHV

• $FFXHLOGXSXEOLFOHVXVDJHUVGRLYHQWSRXYRLUGLVSRVHUG¶XQHVWUXFWXUHGHWUDYDLO DJUpDEOHHWG¶XQSHUVRQQHOTXDOLILpSRXUOHVDFFXHLOOLUOHVRULHQWHUHWOHVUHQVHLJQHU 'DQV XQ FDGUH DJUpDEOH HW SURSLFH j O¶pWXGH OH SXEOLF HVW DFFXHLOOL SDU XQ SHUVRQQHO TXDOLILp &H GHUQLHU HVW FKDUJp G¶RULHQWHU OHV XWLOLVDWHXUV GH OHV UHQVHLJQHU HW GH OHV IRUPHU DILQ TX¶LOV SXLVVHQW PHQHU j ELHQ GHV UHFKHUFKHV G¶LQIRUPDWLRQGHPDQLqUHDXWRQRPH

• &ROODERUDWLRQFHWWHRXYHUWXUHSDVVHSDUODPLVHHQUpVHDX5(525&%1GHFHV IRQGV DILQ GH OHV UHQGUH SOXV DFFHVVLEOHV &HV TXDWUH ELEOLRWKqTXHV GRLYHQW WUDYDLOOHUHQFROODERUDWLRQHWGpILQLUGHVSUDWLTXHVFRPPXQHVFRPPHODSROLWLTXH G¶DFTXLVLWLRQODJHVWLRQGHVFROOHFWLRQVOHVUqJOHPHQWVHWF

3DUWHQDULDW

/HVTXDWUHELEOLRWKqTXHVFROODERUHQWHQWUHHOOHVjODIRLVVXUOHSODQWHFKQLTXH SURIHVVLRQQHO HW HQ PDWLqUH GH SROLWLTXH G¶DFTXLVLWLRQ HQ YXH G¶XQH PHLOOHXUH JHVWLRQGHOHXUVVHUYLFHV(OOHVSDUWDJHQWpJDOHPHQWOHXUSHUVRQQHO

/H VHUYLFH GHV ELEOLRWKqTXHV GHV PXVpHV HVW DVVRFLp GDQV XQ SDUWHQDULDW pWURLW DYHFOD%LEOLRWKqTXHGHOD9LOOHGH/D&KDX[GH)RQGV'¶DXWUHVLQVWLWXWLRQVGHOD 9LOOHRXGHODUpJLRQSHXYHQWrWUHSDUWLHSUHQDQWHGDQVFHSDUWHQDULDW

7RXWHV FHV ELEOLRWKqTXHV SDUWLFLSHQW DFWLYHPHQW DX[ UpVHDX[ G¶LQIRUPDWLRQ FDQWRQDX[HWQDWLRQDX[

/H VHUYLFH GHV ELEOLRWKqTXHV GHV PXVpHV GpSORLH VHV DFWLYLWpV GDQV XQH XQLWp G¶HVSULWHWG¶DFWLRQHWGHPDQLqUHFRPSOpPHQWDLUHGDQVOHVTXDWUHVLWHV

(30)

&ROOHFWHG¶LQIRUPDWLRQ

• 5HQYRL j GHV GRFXPHQWV SOXV VSpFLILTXHV F¶HVW j GLUH TXH OD FKDUWH GHYUD rWUH VHFRQGpHSDUWRXWHXQHVpULHG¶DXWUHVGRFXPHQWVWHOVGHVUqJOHPHQWVXQHSROLWLTXH G¶DFTXLVLWLRQHWF&HX[FLGHYURQWELHQV€UUHVWHUILGqOHVjO¶HVSULWGHODFKDUWHHW QHSDVODFRQWUHGLUH

/HVFRQGLWLRQVGDFFqVDX[ELEOLRWKqTXHVHWOHVPRGDOLWpVGHIRQFWLRQQHPHQWGHV GLIIpUHQWVVHUYLFHVVRQWGpWDLOOpHVGDQVGHVUqJOHPHQWVG¶DSSOLFDWLRQ

6XLWHVGRQQpHVjOD&KDUWH

8QH IRLV UpGLJpH HW DSSURXYpH SDU QRWUH PDQGDQW OD FKDUWH D pWp VRXPLVH DX[

FRQVHUYDWHXUVWULFHVGHVTXDWUHPXVpHV&HX[FLO¶RQWDFFHSWpH

'DQVXQIXWXUSURFKHQRXVHVSpURQVTXHFHGRFXPHQWVHUDYDOLGpSDUOHVDXWRULWpV FRPPXQDOHV

(31)

5pDOLVDWLRQV

5pDOLVDWLRQV

&HFKDSLWUHHVWGLYLVpHQWURLVSDUWLHVTXLFRUUHVSRQGHQWjQRVREMHFWLIVJpQpUDX[

&KDTXHSDUWLHHVWHOOHPrPHVXEGLYLVpHHQIRQFWLRQGHQRVREMHFWLIVVSpFLILTXHV 1RXV DYRQV GpFLGp G¶DGRSWHU FHWWH SUpVHQWDWLRQ FDU HOOH QRXV SHUPHW GH UpXQLU GDQV XQ VHXO FKDSLWUH OHV WHQDQWV HW DERXWLVVDQWV GH FKDTXH REMHFWLI GH QRWUH WUDYDLO

3URSRVHU XQ PRGqOH GH JHVWLRQ GRFXPHQWDLUH LQKpUHQW j FKDTXH VWUXFWXUHHIILFDFHIRQFWLRQQHOHWGXUDEOHHQWUHOHVELEOLRWKqTXHV GHVPXVpHVHWOD%LEOLRWKqTXHGHOD9LOOH

$SUqVGLVFXVVLRQVDYHFOHVFRQVHUYDWHXUVWULFHVQRXVDYRQVUHPDUTXpTXHFHX[FL HWFHOOHVFLQ¶HQYLVDJHDLHQWSDVGDQVXQSUHPLHUWHPSVGHSUrWHUOHXUVGRFXPHQWV ,OQHIDXWSDVSHUGUHGHYXHTXHOHVFROOHFWLRQVVRQWG¶DERUGGHVRXWLOVGHWUDYDLO SRXU OH SHUVRQQHO GHV PXVpHV HW TX¶HOOHV FRPSRUWHQW GHV GRFXPHQWV SUpFLHX[

&HSHQGDQWOHEXWGHQRWUHWUDYDLOHVWG¶RXYULUGHODPDQLqUHODSOXVODUJHSRVVLEOH FHV FROOHFWLRQV DX SXEOLF 'DQV FHWWH RSWLTXH QRXV DYRQV FKHUFKp j PHWWUH HQ SODFH XQH VWUXFWXUH SHUPHWWDQW O¶DFFqV DX[ GRFXPHQWV HW OHXU FRQVXOWDWLRQ DLQVL TXHO¶DFFXHLOGHVXWLOLVDWHXUV3DUODVXLWHFHUWDLQHVFRQVHUYDWHXUVWULFHVVHUDLHQW RXYHUWVjSUrWHUXQHSDUWLHGHOHXUVGRFXPHQWV&HSHQGDQWQRXVQHQRXVVRPPHV TXHEULqYHPHQWSHQFKpVVXUFHSRLQW

/¶LQIUDVWUXFWXUH TXH QRXV SURSRVRQV SRXU OHV TXDWUH ELEOLRWKqTXHV GpSHQG IRUWHPHQW GH OD %LEOLRWKqTXH GH OD 9LOOH HW GHV UHVVRXUFHV TXH FHOOHFL PHWWUD j GLVSRVLWLRQ (Q HIIHW OH SRVWH GH ELEOLRWKpFDLUH GHV PXVpHV GpSHQGUD DGPLQLVWUDWLYHPHQW GH OD %LEOLRWKqTXH GH OD 9LOOH (OOH PHWWUD pJDOHPHQW j GLVSRVLWLRQ GHV SURIHVVLRQQHOV SRXU OD UHOHFWXUH GHV QRWLFHV FUppHV SDU OHOD ELEOLRWKpFDLUH

(32)

5pDOLVDWLRQV

,QVWDOODWLRQVQpFHVVDLUHVSRXUOHIRQFWLRQQHPHQWGH9LUWXDGDQVFKDFXQ GHVVLWHV

*UkFHDX[HIIRUWVIRXUQLVWRXWDXORQJGXWUDYDLOOHVLQVWDOODWLRQVQpFHVVDLUHVSRXU OHIRQFWLRQQHPHQWGH9LUWXDpWDLHQWRSpUDWLRQQHOOHVSRXUODSKDVHGHFDWDORJDJHHW G¶LQGH[DWLRQ PDWLqUHV 1RV GpPDUFKHV RQW FRPPHQFp DX PRLV GH PDUV DYHF XQ UHQGH]YRXV DYHF /LOLDQH 5HJDPH\ FRRUGLQDWULFH 5(52 SRXU OH FDQWRQ GH 1HXFKkWHO SRXU GLVFXWHU GHV PRGDOLWpV G¶HQWUpH GDQV 5(52 GH FHV TXDWUH ELEOLRWKqTXHV &HOOHVFL QH VRQW SDV HQWUpHV LQGLYLGXHOOHPHQW GDQV OHV UpVHDX[

PDLV FRPPH XQH VHXOH HQWLWp (OOHV FRQVHUYHQW FHSHQGDQW XQH LGHQWLILFDWLRQ SURSUH

3XLV GHV GLVFXVVLRQV VH VRQW GpURXOpHV DYHF OHV FRQVHUYDWHXUVWULFHV DILQ TX¶LOV HOOHVREWLHQQHQWGHQRXYHDX[RUGLQDWHXUVPXQLVGXORJLFLHO9LUWXDRXTX¶LOVHOOHV OH IDVVHQW LQVWDOOHU VXU GHV RUGLQDWHXUV H[LVWDQWV 1RXV DYRQV ELHQ V€U FKHUFKp j SULYLOpJLHUODSUHPLqUHGHFHVVROXWLRQV/¶LQVWDOODWLRQGHFHVRXWLOVLQIRUPDWLTXHV DpWpUpDOLVpHVRXVODGLUHFWLRQGH/DXUHQW)UDVFRWWLFKHIGX VHUYLFHLQIRUPDWLTXH GHOD9LOOHGH/D&KDX[GH)RQGV

3RXUFRPSOpWHUQRWUHpTXLSHPHQWQRXVDYRQVGHPDQGpXQHRIIUHjODPDLVRQ,&6 /H 0RQWVXU/DXVDQQH SRXU TXDWUH ©GRXFKHWWHVª OHFWHXUV GH FRGHVEDUUHV

$SUqVDSSUREDWLRQGHQRWUHPDQGDQWHOOHVRQWpWpFRPPDQGpHVSXLVOLYUpHV 1RXVDYRQVpJDOHPHQWSDVVpFRPPDQGHSRXUFKDTXH PXVpHGHFRGHVEDUUHVVXU pWLTXHWWHVDXWRFROODQWHVDXVHUYLFHGHVELEOLRWKqTXHVGHO¶8QLYHUVLWpGH1HXFKkWHO 'HV pWLTXHWWHV VSpFLDOHV SRXU OHV OLYUHV DQFLHQV HW SUpFLHX[ GHYURQW rWUH FRPPDQGpHVORUVTXHFHX[FLVHURQWWUDLWpV/DOLYUDLVRQDpWpUHWDUGpHHQUDLVRQGH OD UHVWUXFWXUDWLRQ GH FH VHUYLFH /HV URXOHDX[ G¶pWLTXHWWHV QH QRXV VRQW SDV SDUYHQXV WRXV HQ PrPH WHPSV QpDQPRLQV QRXV QRXV VRPPHV DUUDQJpV SRXU QH SDVUpSHUFXWHUFHUHWDUGGDQVQRWUHSURJUDPPH

(33)

5pDOLVDWLRQV

3DUDPqWUHVGHFDWDORJDJHSRXUODJHVWLRQGHVGRQQpHVGDQV5(52 6XLWH j O¶HQWUHWLHQ DYHF /LOLDQH 5HJDPH\ QRXV DYRQV G€ GpILQLU GHV FRGHV GH ORFDOLVDWLRQ HW GHV FRGHV RSpUDWHXUV QpFHVVDLUHV j O¶LGHQWLILFDWLRQ GH FKDTXH LQVWLWXWLRQ HW GX SHUVRQQHO GDQV OH UpVHDX &HV SDUDPqWUHV RQW pWp FKRLVLV GH FRQFHUWDYHFOHVFRQVHUYDWHXUVWULFHV

1RXVQRXVVRPPHVDGUHVVpVj-DPHV7DOORQFKHIGHSURMHWLQIRUPDWLTXH5&%1 SRXUO¶DSSUREDWLRQGHVSDUDPqWUHV&HOXLFL QRXVDUHGLULJpV YHUV*HRUJHV%RVV ELEOLRWKpFDLUH GH OD )DFXOWp GHV VFLHQFHV TXL D YDOLGp OHV FRGHV GH ORFDOLVDWLRQ VRXPLV HW D FUpp GHV FRGHV RSpUDWHXUV SRXU TXH QRXV SXLVVLRQV WUDYDLOOHU 1RXV DYRQVGHPDQGpTXDWUHFRGHVRSpUDWHXUVVWDJLDLUHVXQSDUPXVpH,OVQ¶RQWSDVpWp SHUVRQQDOLVpVFDU OHXUXWLOLVDWLRQ Q¶HVWSDV OLPLWpHj ODGXUpHGH QRWUHWUDYDLOGH GLSO{PH 3DU OD VXLWH LOV SRXUURQW rWUH UpXWLOLVpV SDU GHV SHUVRQQHV TXDOLILpHV HQJDJpHV WHPSRUDLUHPHQW SDU H[HPSOH SRXU OH FDWDORJDJH UpWURVSHFWLI 'qV TX¶XQHSHUVRQQHVHUDQRPPpHSRXUOHSRVWHGHELEOLRWKpFDLUHXQFRGHRSpUDWHXU SHUVRQQDOLVpVHUDFUppjVRQQRP

(QFHTXLFRQFHUQH OHVFRGHVGH ORFDOLVDWLRQQRXVDYRQVFKHUFKpjrWUHOHVSOXV H[KDXVWLIVSRVVLEOH7RXVOHVORFDX[VXVFHSWLEOHVGHVWRFNHUGHVGRFXPHQWVRQWpWp UHFHQVpV DYHF OHV FRQVHUYDWHXUVWULFHV HW XQ FRGH GH ORFDOLVDWLRQ OHXU D pWp DWWULEXp

5HFRPPDQGDWLRQVFRQFHUQDQWOHVLQIUDVWUXFWXUHVG¶DFFXHLO

/RUVGHQRVYLVLWHVQRXVDYRQVFRQVWDWpTX¶DXFXQPXVpHQ¶DGHSLqFHHQWLqUHPHQW GpYROXHjODELEOLRWKqTXH1RXVDYRQVGLVFXWpDYHFOHVFRQVHUYDWHXUVWULFHVSRXU HQYLVDJHU OHV SRVVLELOLWpV G¶DFFXHLO DXWDQW SRXU OHV XVDJHUV TXH SRXU OHOD ELEOLRWKpFDLUH TXL VHUD HQJDJpH HW QRXV OHV DYRQV VHQVLELOLVpV DX[ FRQGLWLRQV DGpTXDWHV G¶DFFXHLO GX SXEOLF H[ SODFHV GH WUDYDLO SULVHV pOHFWULTXHV SRXU O¶XWLOLVDWLRQG¶XQRUGLQDWHXUSRUWDEOHHWF3HXGHSURSRVLWLRQVUpDOLVDEOHVRQWpWp

DQQH[HS

(34)

5pDOLVDWLRQV

SUpVHQWpHV FDU QRWUH PDUJH GH PDQ°XYUH D pWp FRQVLGpUDEOHPHQW OLPLWpH SDU O¶LQIUDVWUXFWXUHH[LVWDQWHHWOHVPR\HQVILQDQFLHUVjGLVSRVLWLRQ

1RWUHSULRULWppWDLWGDQVFKDTXHPXVpHO¶LQVWDOODWLRQG¶XQSRVWHGHWUDYDLOpTXLSp GXORJLFLHO9LUWXDDLQVLTXHGHWRXVOHVRXWLOVEXUHDXWLTXHVQpFHVVDLUHVWUDLWHPHQW GH WH[WHWDEOHXU QDYLJDWHXU ,QWHUQHW HWF &H SRVWH SRXUUD VHUYLU G¶23$& HQ FDV GH EHVRLQ FDU O¶LQWHUIDFH XWLOLVDWHXU HVW DFFHVVLEOH YLD LQWHUQHW (Q HIIHW O¶RSWLRQ G¶LQVWDOOHU GHV 23$& GDQV OHV PXVpHV Q¶D SDV pWp UHWHQXH SRXU WURLV UDLVRQVFHVSRVWHVVHUDLHQWVRXVXWLOLVpVSHXG¶XWLOLVDWHXUVHWFDWDORJXHDFFHVVLEOH HQ OLJQH SDU O¶LQWHUIDFH &+$0(/(21 PDQTXH GH SODFH GDQV OHV PXVpHV SRVVLELOLWpVILQDQFLqUHVOLPLWpHV

/HV UpVXOWDWV FRQFUHWV GH FHW REMHFWLI RQW GRQF FRQVLVWp j FH TX¶XQ RUGLQDWHXU pTXLSpGXORJLFLHO9LUWXDVRLWLQVWDOOpGDQVFKDTXHPXVpH1RXVDYRQVpJDOHPHQW YHLOOpjFHTX¶XQHVSDFHGHWUDYDLOVRLWGLVSRQLEOHSRXUOHVXWLOLVDWHXUVFHFLV¶HVW UpJOpDXFDVSDUFDVDYHFOHVPR\HQVGpMjGLVSRQLEOHVHWGRQQHOHUpVXOWDWVXLYDQW

0XVpHGHVEHDX[DUWV/DELEOLRWKqTXHVHVLWXHGDQVXQJUDQGORFDOTXLVHUWjOD IRLVGHGpS{WHWGHVDOOHGHWUDYDLO/DFRQVXOWDWLRQGHGRFXPHQWVVHIDLWGDQVFHWWH SLqFH VXU XQH JUDQGH WDEOH TXL SHXW DXVVL VHUYLU GH SODFH GH WUDYDLO 0DOKHXUHXVHPHQWOHSRVWHDYHF9LUWXDDpWpLQVWDOOpGDQVXQHVDOOHDWWHQDQWHTXL VHUWGHEXUHDXDXFRQVHUYDWHXUHWjODVHFUpWDLUH1RXVHVWLPRQVTXHFHWWHVLWXDWLRQ Q¶HVW SDV LGpDOH FH SRVWH GHYUDLW rWUH LQVWDOOp GDQV OD ELEOLRWKqTXH &HOOHFL HVW VXIILVDPPHQWVSDFLHXVHHWRIIUHXQHDWPRVSKqUHGHWUDYDLODJUpDEOH

0XVpHG¶KLVWRLUH/DFROOHFWLRQGHODELEOLRWKqTXHHVWSULQFLSDOHPHQWUDQJpHGDQV OH EXUHDX G¶DGPLQLVWUDWLRQ HW GDQV OH EXUHDX GXGH OD IXWXUH ELEOLRWKpFDLUH &H GHUQLHURIIUHXQFDGUHGHWUDYDLODJUpDEOHHWXQSRVWHVXUOHTXHOOHORJLFLHO9LUWXDD pWp LQVWDOOp &HSHQGDQW OHV XVDJHUV FRQVXOWHQW OHV GRFXPHQWV GDQV OD ©VDOOH G¶DSSDUDWªTXLHVWpJDOHPHQWXQHVDOOHG¶H[SRVLWLRQGXPXVpH8QHJUDQGHWDEOH\

HVW j GLVSRVLWLRQ 0DOKHXUHXVHPHQW FHOOHFL HVW pORLJQpH GHV GRFXPHQWV HW GX EXUHDXGXGHODELEOLRWKpFDLUH

23$& 2QOLQH3XEOLF$FFHVV&DWDORJFDWDORJXHHQOLJQH

(35)

5pDOLVDWLRQV

0XVpHG¶KLVWRLUH QDWXUHOOH/DFROOHFWLRQHVWUpSDUWLHVXUWRXVOHVpWDJHVHWGDQV SOXVLHXUVORFDX[GXPXVpH/HORJLFLHO9LUWXDDpWpLQVWDOOpVXUXQRUGLQDWHXUTXL VHUWpJDOHPHQWGHSRVWHGHWUDYDLOSRXUGHVHPSOR\pVGXPXVpH&HOXLFLHVWVLWXp GDQVODVDOOHGHWUDYDLOGHVDVVLVWDQWVGXFRQVHUYDWHXUFHWWHSLqFHVHUWDXVVLSRXUOD FRQVXOWDWLRQ GH GRFXPHQWV &HWWH VROXWLRQ Q¶HVW SDV DGpTXDWH FDU HOOH SRVH OH SUREOqPHGXSDUWDJHGXSRVWHDYHFOHVDXWUHVHPSOR\pV

0XVpHLQWHUQDWLRQDOG¶KRUORJHULH/DFROOHFWLRQHVWUpSDUWLHGDQVSOXVLHXUVORFDX[

LQWHUQHVHWH[WHUQHVDX PXVpH/HVGRFXPHQWVVRQWFRQVXOWDEOHV GDQV ODVDOOHGH FRQIpUHQFH/HORJLFLHO9LUWXDDpWpLQVWDOOpVXUGHX[RUGLQDWHXUVSRVWHVGHWUDYDLO GHOD©ELEOLRWKpFDLUHVFLHQWLILTXHªHWGHODGRFXPHQWDOLVWHPDLVFHVSRVWHVVRQW GpMj XWLOLVpV j &HWWH VROXWLRQ SRVH j QRXYHDX OH SUREOqPH GX SDUWDJH GX SRVWH

7RXWHV FHV VROXWLRQV GHYURQW rWUH DGDSWpHV HQ IRQFWLRQ GHV EHVRLQV RX GHV GLVSRQLELOLWpVIXWXUV

5HFRPPDQGDWLRQVSRXUODVWUXFWXUHGHFRQVXOWDWLRQ

3RXU pPHWWUH GHV SURSRVLWLRQV TXDQW j OD VWUXFWXUH GH FRQVXOWDWLRQ QRXV QRXV VRPPHVLQVSLUpVGXIRQFWLRQQHPHQWGHODVDOOHGHOHFWXUHGHOD%LEOLRWKqTXHGHOD 9LOOH GH OD &KDX[GH)RQGV HW GH OD %LEOLRWKqTXH GX 0XVpH G¶HWKQRJUDSKLH GH

*HQqYH &HSHQGDQW QRWUH FDV HVW ELHQ GLIIpUHQW FDU OHV ELEOLRWKqTXHV VRQW UpSDUWLHVVXUTXDWUHVLWHVHWEpQpILFLHURQWGHVVHUYLFHVG¶XQVHXOSURIHVVLRQQHOGX PRLQV GDQV XQ SUHPLHU WHPSV 3RXU XQH JHVWLRQ UpDOLVWH GHV FRQVXOWDWLRQV OD VWUXFWXUH PLVH HQ SODFH IHUD SDU FRQVpTXHQW DSSHO DX SHUVRQQHO GHV PXVpHV VHFUpWDLUHV FRQVHUYDWHXUVWULFHV HWF (Q HIIHW FHV GHUQLHUV SRXUURQW DFFXHLOOLU OHV XVDJHUV HW VXUYHLOOHU OD VDOOH GH FRQVXOWDWLRQ ORUV GH O¶DEVHQFH GXGH OD ELEOLRWKpFDLUH

7RXWHIRLV DXVVL ORQJWHPSV TX¶XQ QRPEUH FRQVpTXHQW GH GRFXPHQWV Q¶HVW SDV HQWUpGDQV5(52O¶XWLOLVDWLRQGXPRGXOHGHSUrW9LUWXDQ¶HVWSDVSHUWLQHQWH3RXU FHWWH UDLVRQ OH V\VWqPH GH FRQVXOWDWLRQ TXH QRXV SURSRVRQV HVW WUDQVLWRLUH HW

(36)

5pDOLVDWLRQV

VHPEODEOHSRXUOHVTXDWUHELEOLRWKqTXHVGHVPXVpHV1RXVHVWLPRQVTXHOHWUDYDLO GXGHODELEOLRWKpFDLUHHQVHUDDLQVLIDFLOLWp

0DUFKHjVXLYUHSRXUODFRQVXOWDWLRQ

/¶XVDJHUqUH GRLW DX SUpDODEOH SUHQGUH UHQGH]YRXV /HOD ELEOLRWKpFDLUH QH VHUDSDVGLVSRQLEOHjWRXWPRPHQWLOHOOHWUDYDLOOHUDjVRLWMRXUóGDQV FKDTXHELEOLRWKqTXH*UkFHDXUHQGH]YRXVSULVjO¶DYDQFHQRXVHQYLVDJHRQV TXHOHODELEOLRWKpFDLUHSUpSDUHOHVGRFXPHQWVGHPDQGpVHWTX¶XQHHPSOR\pH GX PXVpH DFFXHLOOH O¶XVDJHUqUH &HFL SHUPHW GH UHQGUH OD ELEOLRWKqTXH SOXV DFFHVVLEOH

/¶XVDJHUqUHGRLWrWUHPXQLG¶XQHFDUWHGHOHFWHXUYDODEOHGDQV OH 5&%1RX GDQVXQHDXWUHEDVH ORFDOHGH5(521RXVSURSRVRQV FHWWHVROXWLRQDILQGH GLPLQXHUOHVIUDLVHWOHWUDYDLODGPLQLVWUDWLISRXUFHVSHWLWHVLQVWLWXWLRQV&HWWH FDUWHVHUWGHFDXWLRQHWGHPR\HQG¶LGHQWLILFDWLRQGHVXVDJHUVqUHV

/¶XVDJHUqUH GRLW rWUH HQUHJLVWUp DLQVL TXH OHV GRFXPHQWV TX¶LO VRXKDLWH FRQVXOWHU8QUHJLVWUHVHPEODEOHHVWWHQXGDQVFKDTXHPXVpHR VRQWLQVFULWV OHVUHQVHLJQHPHQWVFRQFHUQDQWO¶XVDJHUqUHHWOHVRXYUDJHVTX¶LOFRQVXOWH'HV ILFKHV GH FRQVXOWDWLRQ VRQW UHPSOLHV HW VHUYHQW GH IDQW{PHV VXU OHV UD\RQV 1RXVSHQVRQVTXHFHUHJLVWUHSHXWrWUHDXVVLELHQVXUSDSLHUTX¶LQIRUPDWLVp

&HV GLVSRVLWLRQV SUHQGURQW XQH IRUPH OpJDOH DYHF OH UqJOHPHQW TXH QRXV DYRQV UpGLJpDQQH[HS

2UJDQLVDWLRQGHODFLUFXODWLRQGHVGRFXPHQWV

/¶DFFqVHVW OLPLWpDX[ IRQGVGHV ELEOLRWKqTXHVSRXUGHVUDLVRQVG¶KRUDLUHVHWGH GLVSRQLELOLWp GX SHUVRQQHO /D SRVVLELOLWp GH SUrWHU OHV GRFXPHQWV j G¶DXWUHV LQVWLWXWLRQVSRXUXQHFRQVXOWDWLRQVXUSODFHSHUPHWWUDLWG¶DFFpGHUSOXVODUJHPHQWj FHX[FL/HVFRQVHUYDWHXUVWULFHVVRQWDFTXLVHVjFHWWHLGpH,OIDXGUDGRQFSUpYRLU

(37)

5pDOLVDWLRQV

GHVILFKHVGHSUrWVVLJQDODQWTXHOHVGRFXPHQWVVRQWHQFRQVXOWDWLRQGDQVG¶DXWUHV ELEOLRWKqTXHVGX5&%1

8QV\VWqPHGHEXVQDYHWWHIRQFWLRQQHGpMjHQWUHOHVELEOLRWKqTXHVGH/D&KDX[

GH)RQGV HW 1HXFKkWHO /H EXVQDYHWWH FLUFXOHQW GHX[ IRLV SDU VHPDLQH HW SDVVH GDQVOHVLQVWLWXWLRQVVLGHVGRFXPHQWVRQWpWpFRPPDQGpVSDUGHVXWLOLVDWHXUVGX 5&%1 1RXV DLPHULRQV \ LQWpJUHU OHV ELEOLRWKqTXHV GHV PXVpHV 8QH GHPDQGH GHYUDrWUHIDLWHGDQVFHVHQV

/D GLVWDQFH HQWUH OHV LQVWLWXWLRQV GH OD 9LOOH GH /D &KDX[GH)RQGV pWDQW UHODWLYHPHQW FRXUWH OD WHQGDQFH DFWXHOOH HVW GH GHPDQGHU DX[ XWLOLVDWHXUV GH VH GpSODFHUGHO¶XQHjO¶DXWUH

'DQVXQSUHPLHUWHPSVODFLUFXODWLRQGHVGRFXPHQWVVHOLPLWHUDLWDX[LQVWLWXWLRQV GX 5&%1 SDU OH V\VWqPH GH EXVQDYHWWH $ PR\HQ WHUPH TXDQG OHV IRQGV GHV ELEOLRWKqTXHV GHV PXVpHV VHURQW PLHX[ UHSUpVHQWpV GDQV 5(52 LO HVW HQYLVDJHDEOH GH SUrWHU GHV GRFXPHQWV GH PDQLqUH EHDXFRXS SOXV ODUJH SDU OH V\VWqPHGHSUrWLQWHUELEOLRWKqTXHV

3URSRVLWLRQVSRXUDVVXUHUOHVXLYLGXWUDYDLO

&H SRLQW HVW XQ REMHFWLI VSpFLILTXH GH QRWUH WUDYDLO PDLV QRXV O¶DYRQV WUDLWp FRPPH IDLVDQW LQWULQVqTXHPHQW SDUWLH GH FKDFXQ GHV SRLQWV FLGHVVXV 'HV SURSRVLWLRQVILJXUHQWGDQVOHVSRLQWVSUpFpGHQWV&LGHVVRXVQRXVSUpVHQWRQVGHV VXJJHVWLRQV JpQpUDOHV TXL QH V¶DSSOLTXHQW SDV j XQ REMHFWLI VSpFLILTXH HQ SDUWLFXOLHU

(QDGKpUDQWj5(52LOIDXWVHFRQIRUPHUDX[UqJOHVHQYLJXHXU/¶RUJDQLVDWLRQ FHQWUDOHGHFHUpVHDXDVVXUHOLQWpJULWpHWODFRKpUHQFHGHVGRQQpHVGXFDWDORJXHHW GHV EDVHV GH GRQQpHV ORFDOHV (OOH GpFLGH pJDOHPHQW GHV FKRL[ FRQFHUQDQW OH ORJLFLHO GH JHVWLRQ 'DQV FHV GRPDLQHV QRXV QH SRXYRQV JXqUH pPHWWUH GH SURSRVLWLRQVVLFHQ¶HVWGHVXLYUHOHVUHFRPPDQGDWLRQVGH5(52

(Q VXLYDQW QRV REMHFWLIV QRXV DYRQV XQLTXHPHQW HQYLVDJp OD FRQVXOWDWLRQ GH GRFXPHQWV&HSHQGDQWXQV\VWqPHSRXUOHVSUrWVH[FHSWLRQQHOVGHYUDrWUHPLVHQ

(38)

5pDOLVDWLRQV

SODFHFDUFHWWHSUDWLTXHHVWDGPLVHSDUOHVFRQVHUYDWHXUVWULFHVGDQVXQHFHUWDLQH PHVXUH 8QH ILFKH GH SUrW GHYUD rWUH SUpYXH j FHW HIIHW (OOH SRXUUD pJDOHPHQW VHUYLUSRXUOHVSUrWVjG¶DXWUHVELEOLRWKqTXHVHQYXHGHODFRQVXOWDWLRQVXUSODFH$

WHUPH ORUVTX¶XQ QRPEUH VXIILVDQW GH QRWLFHV VHURQW HQWUpHV GDQV 5(52 FH V\VWqPHWUDQVLWRLUHVHUDUHPSODFpSDUOHPRGXOHGHSUrWGH9LUWXD

,O QRXV D pJDOHPHQW VHPEOp SHUWLQHQW GH SUpSDUHU SRXU OD SHUVRQQH TXL QRXV VXFFpGHUDXQGRVVLHUFRQWHQDQWHQSOXVGHQRWUHPpPRLUHWRXVOHVGRFXPHQWVGHV pWDSHV GH QRWUH WUDYDLO $LQVL HOOH SRXUUD VXLYUH OHV FKHPLQHPHQWV HW UDLVRQQHPHQWVTXLRQWDERXWLjFHGRFXPHQW'DQVFHGRVVLHUGHYUDLWpJDOHPHQW ILJXUHUOHPpPRLUHGXWUDYDLOSUpFpGHQW

'pILQLU OHV SUpURJDWLYHV FRPPXQHV HW SDUWLFXOLqUHV GH FKDTXH LQVWLWXWLRQHQUHVSHFWDQWOHXUVVSpFLILFLWpV

/HVTXDWUHPXVpHVVRQWGHVLQVWLWXWLRQVFODLUHPHQWGLVWLQFWHVOHVXQHVGHVDXWUHV,O V¶HVWUDSLGHPHQWDYpUpHVVHQWLHOSRXUQRXVGHUHVSHFWHUOHVSDUWLFXODULWpVGHFKDTXH LQVWLWXWLRQVDQVHQSULYLOpJLHUXQHSDUUDSSRUWDX[DXWUHV&KDFXQHDXQGRPDLQH G¶DFWLYLWpELHQVSpFLILTXHHWXQEXGJHWSURSUH1pDQPRLQVHOOHVGpSHQGHQWWRXWHV GHODPrPHDXWRULWpOHV$IIDLUHVFXOWXUHOOHVGHOD9LOOHGHOD&KDX[GH)RQGV

&RQGLWLRQVFDGUHVSRXUOHVXLYLGXWUDYDLO

/HVFRQGLWLRQVFDGUHVSRXUOHVXLYLGXWUDYDLOVRQWGpILQLHVDXPR\HQG¶XQHFKDUWH GHFROODERUDWLRQG¶XQUqJOHPHQWG¶DSSOLFDWLRQSRXUOHVTXDWUHPXVpHVG¶XQFDKLHU GHV FKDUJHV SRXU OH SRVWH GH ELEOLRWKpFDLUH HW G¶XQH SROLWLTXH G¶DFTXLVLWLRQ FRPPXQHDX[TXDWUHPXVpHV1RXVVRXPHWWRQVGHVSURMHWVSRXUFHVGRFXPHQWVj QRWUH PDQGDQW j TXL LO LQFRPEHUD GH OHV IDLUH YDOLGHU SDU OHV DXWRULWpV UHVSRQVDEOHV ,OV GRLYHQW rWUH FRPPXQV DX[ TXDWUH PXVpHV HW UHVSHFWHU OHV SDUWLFXODULWpV GH FKDFXQ G¶HX[ $X WUDYHUV GH FHV GRFXPHQWV VH FRQFUpWLVHUD O¶DVVRFLDWLRQ GHV ELEOLRWKqTXHV GHV PXVpHV &HX[FL MRXHURQW GRQF XQ U{OH

(39)

5pDOLVDWLRQV

IRQGDWHXU HW IpGpUDWHXU '¶DXWUH SDUW QRXV SHQVRQV TXH OH IDLW GH UpGLJHU OHV SULQFLSHVTXLUpJLVVHQWFHWWHFROODERUDWLRQpYLWHUDGHVFRQWHVWDWLRQV

&KDUWHGHFROODERUDWLRQ

&HGRFXPHQWDIDLWO¶REMHWGHQRWUHFROOHFWHG¶LQIRUPDWLRQ

5qJOHPHQWG¶XWLOLVDWLRQSRXUOHVTXDWUHPXVpHV

3RXU UpGLJHU FH GRFXPHQW QRXV QRXV VRPPHV ODUJHPHQW LQVSLUpV GX UqJOHPHQW G¶XWLOLVDWLRQGHODELEOLRWKqTXHGHOD9LOOHGH/D&KDX[GH)RQGV&HFKRL[DpWp PRWLYpSDUSOXVLHXUVUDLVRQV

• O¶DXWRULWp GH WXWHOOH GH FHV LQVWLWXWLRQV HVW OD PrPH j VDYRLU OHV $IIDLUHV FXOWXUHOOHVGHOD9LOOHGH/D&KDX[GH)RQGV

• ODIRUPHpWDLWDLQVLSUpGpILQLHFHTXLQRXVDSURFXUpXQFKDEORQSRXUQRWUH SURSUHGRFXPHQW

• GpFRXODQW GHV SRLQWV SUpFpGHQWV QRXV SHQVRQV TXH O¶DFFHSWDWLRQ GH FH GRFXPHQWVHUDIDFLOLWpHSDUOHVDXWRULWpVGHOD9LOOHGH/D&KDX[GH)RQGV

3RXU FRQQDvWUH OHV DVSHFWV SDUWLFXOLHUV G¶XQ UqJOHPHQW G¶XWLOLVDWLRQ G¶XQH ELEOLRWKqTXHGHPXVpHQRXVQRXVVRPPHVDXVVLUpIpUpVjFHOXLGHOD%LEOLRWKqTXH GX 0XVpH G¶HWKQRJUDSKLH GH *HQqYH 1RXV OXL DYRQV HPSUXQWp OHV pOpPHQWV VSpFLILTXHV DX[ ELEOLRWKqTXHVGH PXVpHVTXL FRPSRVHQWQRWUHSURSUHUqJOHPHQW

%LHQHQWHQGXQRXVDYRQVG€DGDSWHUFHVpOpPHQWVjQRWUHFDVSDUWLFXOLHU

'DQV OD UpGDFWLRQ GH FH UqJOHPHQW QRXV DYRQV FKHUFKp j FUpHU XQ FDGUH SRXU O¶XWLOLVDWLRQ GHV ELEOLRWKqTXHV GHV PXVpHV &H WH[WH ILQDOLVH HW RIILFLDOLVH OHV GLVSRVLWLRQV TXH QRXV DYRQV SULVHV SRXU OHV LQIUDVWUXFWXUHV G¶DFFXHLO HW GH

YRLUOHVGpYHORSSHPHQWVDXSRLQWHWOHGRFXPHQWILQDOjO¶DQQH[HS

YRLUELEOLRJUDSKLHDQQH[HS

SRLQW

(40)

5pDOLVDWLRQV

FRQVXOWDWLRQ'DQVODPHVXUHGXSRVVLEOHQRXVDYRQVUpGLJpGHVDUWLFOHVSRXYDQW JpUHUODSOXSDUWGHVFDVGHILJXUH&HFLWRXWHQODLVVDQWXQH PDUJHGHPDQ°XYUH TXLSHUPHWWHQWDX[FRQVHUYDWHXUVWULFHVGHUpJOHUOHVFDVG¶HVSqFH

1RXV DYRQV UHWHQX XQ FHUWDLQ QRPEUH GH SRLQWV TXL GHYDLW ILJXUHU GDQV QRWUH UqJOHPHQWG¶XWLOLVDWLRQ1RXVSUpVHQWRQVLFLFHX[TXLVRQWFDUDFWpULVWLTXHVGHQRWUH FDV

• 'pILQLWLRQGHODPLVVLRQGHVELEOLRWKqTXHVGHVPXVpHV

$UWLFOH ± /HV ELEOLRWKqTXHV FRQVWLWXHQW XQ LQVWUXPHQW GH UpIpUHQFH LQGLVSHQVDEOH SRXU OH SHUVRQQHO GHV PXVpHV HW RQW SRXU REMHFWLI GH V¶RXYULU DX SXEOLFGHODPDQLqUHODSOXVODUJHSRVVLEOH

• /HSHUVRQQHOGHVELEOLRWKqTXHVGHVPXVpHVGpSHQGGHOD%LEOLRWKqTXHGH OD9LOOH

$UWLFOH ± /H SHUVRQQHO FKDUJp GH O¶RUJDQLVDWLRQ GRFXPHQWDLUH GHV ELEOLRWKqTXHVGHVPXVpHVGpSHQGGHOD%LEOLRWKqTXHGHOD9LOOHGH/D&KDX[GH )RQGV

• 5qJOHVSRXUODFRQVXOWDWLRQ

$UWLFOH±7RXVOHVGRFXPHQWVGHVELEOLRWKqTXHVVRQWjFRQVXOWHUVXUSODFH/H FRQVHUYDWHXURXODFRQVHUYDWULFHGpFLGHGHVFDVG¶HVSqFH

$UWLFOH±/¶XVDJHURXO¶XVDJqUHGRLWrWUHHQUHJLVWUpHGDQVOH5pVHDXFDQWRQDO GHV ELEOLRWKqTXHV QHXFKkWHORLVHV 5&%1 RX GDQV XQH GHV EDVHV ORFDOHV GX 5pVHDXGHVELEOLRWKqTXHVGH6XLVVHRFFLGHQWDOH5(52

$UWLFOH ± 3RXU OD FRQVXOWDWLRQ OH GpS{W GH OD FDUWH GH OHFWHXUWULFH HVW REOLJDWRLUH /H QRP GH FHOXLFHOOHFL GRLW rWUH UHFHQVp GDQV OH UHJLVWUH GH OD ELEOLRWKqTXH3RXUOHVXWLOLVDWHXUVHWXWLOLVDWULFHVpWUDQJHUqUHVOHFRQVHUYDWHXU RXODFRQVHUYDWULFHGpFLGHGHVFDVG¶HVSqFH

$UWLFOH±/DFRQVXOWDWLRQGHVGRFXPHQWVDOLHXVXUUHQGH]YRXV

$UWLFOH±/HVGRFXPHQWVQHVRQWSDVHQOLEUHDFFqV

SRLQW

(41)

5pDOLVDWLRQV

$UWLFOH±$XFXQGRFXPHQWQHSHXWrWUHFRQVXOWpVDQVDYRLUpWpDXSUpDODEOH HQUHJLVWUpSDUOHSHUVRQQHOGHVHUYLFH7RXWHFRQWUHYHQDQWHVHUDGpQRQFpHDX[

DXWRULWpVFRPSpWHQWHV

$UWLFOH ± /HV GRFXPHQWV VRQW j FRQVXOWHU GDQV OHV VDOOHV SUpYXHV j FHW HIIHW GDQVOHVPXVpHV,OVVRQWPLVjGLVSRVLWLRQSDUOHSHUVRQQHO

• &ROODERUDWLRQDYHFOD%LEOLRWKqTXHGHOD9LOOH

$UWLFOH ±/D %LEOLRWKqTXH GH OD 9LOOH YHLOOH j OD FRRUGLQDWLRQ GHV DFWLYLWpV ELEOLRWKpFRQRPLTXHVHQSDUWLFXOLHUODSROLWLTXHG¶DFTXLVLWLRQ(OOHDVVXUHOHERQ IRQFWLRQQHPHQWGXVHUYLFHGHVELEOLRWKqTXHVGHVPXVpHVHWPHWjOHXUGLVSRVLWLRQ OHVLQVWUXPHQWVGHUpIpUHQFHVQpFHVVDLUHVHWFRPSOpPHQWDLUHV

&HUqJOHPHQWG¶XWLOLVDWLRQDpWpVRXPLVjQRWUHPDQGDQW,OGHYUDrWUHYDOLGpSDU OHVDXWRULWpVGHOD9LOOHGH/D&KDX[GH)RQGV

$X YX GX FDUDFWqUH RIILFLHO GH FH UqJOHPHQW QRXV DYRQV GpFLGp GH FUpHU GHV GRFXPHQWV PRLQV IRUPHOV V¶DSSDUHQWDQW j GHV JXLGHV GX OHFWHXU FRQWHQDQW OHV LQIRUPDWLRQVHVVHQWLHOOHVSRXUO¶XWLOLVDWLRQGHVELEOLRWKqTXHVKRUDLUHVQXPpURVGH WpOpSKRQHHWID[FRQGLWLRQVGHFRQVXOWDWLRQHWF$O¶LQVWDUGHOD%LEOLRWKqTXHGH OD 9LOOH QRXV DYRQV LPDJLQp GHV GRFXPHQWV VRXV IRUPH GH ©VLJQHWVª TXL SHUPHWWHQW GH UDVVHPEOHU VXU XQ SHWLW VXSSRUW OHV LQIRUPDWLRQV SUDWLTXHV /H

©VLJQHWªFRQWLHQGUDGHVUHQVHLJQHPHQWVSURSUHVjFKDTXHPXVpHOHVFRQGLWLRQV JpQpUDOHVSRXUODFRQVXOWDWLRQHWOHVGRPDLQHVSULQFLSDX[TXHFRXYUHQWOHVIRQGV GH FKDTXH ELEOLRWKqTXH 1RXV DYRQV DGRSWp FHWWH VROXWLRQ SDU PHVXUH GH VLPSOLFLWpGHV\QWKqVHHWGHOLVLELOLWpSRXUOHVXVDJHUV

DQQH[HS

DQQH[HS

(42)

5pDOLVDWLRQV

&DKLHUGHVFKDUJHVSRXUOHSRVWHGHELEOLRWKpFDLUH

/HSRVWHGHELEOLRWKpFDLUHGpSHQGUDDGPLQLVWUDWLYHPHQWGH OD%LEOLRWKqTXHGH OD 9LOOH/HWDX[G¶DFWLYLWpHVWGH/HODSURIHVVLRQQHOOHSDUWDJHUDVRQWHPSV GHWUDYDLOGHPDQLqUHpJDOHHQWUHOHVTXDWUHELEOLRWKqTXHVVRLWGDQVFKDFXQH 1RXVQHSRXYRQVSDVDFWXHOOHPHQWGpILQLUO¶KRUDLUHGHWUDYDLOFDULOGpSHQGUDSRXU EHDXFRXSGHO¶RFFXSDWLRQGHVRUGLQDWHXUVSDUOHVDXWUHVPHPEUHVGXSHUVRQQHOGHV PXVpHV

-DFTXHV$QGUp+XPDLUDUpGLJpFHGRFXPHQWVXUOHVPRGqOHVGHFHX[TX¶LOpFULW KDELWXHOOHPHQW SRXU OHV HPSOR\pV GH OD %LEOLRWKqTXH GH OD 9LOOH 1RXV O¶DYRQV UHSULV HQ O¶DGDSWDQW j OD VLWXDWLRQ GHV TXDWUH PXVpHV HW HQ \ DMRXWDQW OHV pOpPHQWVFLGHVVRXVTXLQRXVVHPEODLWFDUDFWpULVHUFHSRVWH

DX SODQ SHUVRQQHO FDSDFLWp DX WUDYDLO LQGLYLGXHO HW DYHF GH QRPEUHX[

LQWHUORFXWHXUV

DX SODQ RUJDQLVDWLRQQHO FDSDFLWp j WUDYDLOOHU GH IDoRQ DXWRQRPH HW j JpUHU FRQMRLQWHPHQWSOXVLHXUVELEOLRWKqTXHV

/H SRVWH GpSHQG DGPLQLVWUDWLYHPHQW GH OD %LEOLRWKqTXH GH OD 9LOOH /H WHPSV GH WUDYDLOVHUpSDUWLWGHPDQLqUHpJDOHHQWUHOHVTXDWUHELEOLRWKqTXHVGHVPXVpHV

$X YX GHV WkFKHV j UpDOLVHU QRXV HVWLPRQV TXH OHOD ELEOLRWKpFDLUH V¶RFFXSHUD SULQFLSDOHPHQWGHODJHVWLRQFRXUDQWHGHVTXDWUHELEOLRWKqTXHVHWTX¶LOHOOHQ¶DXUD TXHWUqVSHXGHWHPSVjFRQVDFUHUDXFDWDORJDJHUpWURVSHFWLI

1RXVSHQVRQVTXHODPLVHHQYDOHXUGHVIRQGVGHVELEOLRWKqTXHVGHVPXVpHVSDVVH SDUOHFDWDORJDJHUpWURVSHFWLIGHFHX[FL,OVHUDLWGRQFQpFHVVDLUHGHPHQHUjELHQ FHWWH WkFKH GDQV OHV GpODLV OHV SOXV EUHIV $ FHW HIIHW QRXV SUpFRQLVRQV O¶HQJDJHPHQWGHSHUVRQQHOVXSSOpPHQWDLUHGHX[RSWLRQVpWDQWHQYLVDJHDEOHV

• XQHDVVLVWDQWHHQLQIRUPDWLRQGRFXPHQWDLUHSRXUXQPDQGDWWHPSRUDLUH

• GHVpWXGLDQWVHQLQIRUPDWLRQHWGRFXPHQWDWLRQORUVGHVYDFDQFHVVFRODLUHV

&HVSHUVRQQHVGHYURQWELHQV€UDYRLUDFTXLVXQHIRUPDWLRQVXUOHORJLFLHO9LUWXD

DQQH[HS

(43)

5pDOLVDWLRQV

8QH DXWUH VROXWLRQ HQYLVDJHDEOH VHUDLW TXH OD %LEOLRWKqTXH GH OD 9LOOH GpWDFKH SRQFWXHOOHPHQWGXSHUVRQQHO SRXUHIIHFWXHUFHWWHWkFKH4XHOOH TXHVRLW O¶RSWLRQ FKRLVLH LO IDXW rWUH FRQVFLHQW GX IDLW TXH F¶HVW XQ WUDYDLO GH ORQJXH KDOHLQH TXL SRUWHUDVXUSOXVLHXUVDQQpHV

3ROLWLTXHG¶DFTXLVLWLRQFRPPXQHDX[TXDWUHPXVpHV

3RXUUpGLJHUXQWHOGRFXPHQWXQWUDYDLOVLPLODLUHjFHOXLGHQRWUHV\QWKqVHVXUOHV FKDUWHV DXUDLW pWp QpFHVVDLUH 0DOKHXUHXVHPHQW SDU PDQTXH GH WHPSV HW YX OH QRPEUHGHGRFXPHQWVjSURGXLUHGDQVOHFDGUHGHFHWUDYDLOQRXVQ¶DYRQVSDVSX QRXV\FRQVDFUHUFRPPHQRXVO¶DXULRQVYRXOX

1RXV DYRQV VpOHFWLRQQp WURLV SROLWLTXHV G¶DFTXLVLWLRQ GRQW QRXV QRXV VRPPHV LQVSLUpV(OOHVVRQWSURFKHVGHQRWUHFDVVRLWSDUOHIRQGVVRLWSDUODIRUPH /DSROLWLTXHG¶DFTXLVLWLRQSURSRVpHWDEOHVXUGHX[DVSHFWVGHFROODERUDWLRQ

• GHV pOpPHQWV OLpV j OD SROLWLTXH G¶DFTXLVLWLRQ FRPPXQH DX[ TXDWUH ELEOLRWKqTXHVGHPXVpHV

• GHV pOpPHQWV OLpV j XQH SROLWLTXH G¶DFTXLVLWLRQ FRQFHUWpH DYHF OD

%LEOLRWKqTXHGHOD9LOOHHWDYHFFHOOHGHO¶(FROHG¶$UW($HWGHOD+DXWH pFROH G¶DUWV DSSOLTXpV GX FDQWRQ GH 1HXFKkWHO +($$ &HX[FL RQW pWp GpILQLV ORUV GH GLVFXVVLRQV DYHF -DFTXHV$QGUp +XPDLU HW ORUV G¶XQH UHQFRQWUHDYHF&DWKHULQH&RUWKpV\ELEOLRWKpFDLUHjO¶($HWjO¶+($$

)LQDOHPHQW QRXV DYRQV UHWHQX OHV SRLQWV VXLYDQWV SRXU QRWUH SROLWLTXH G¶DFTXLVLWLRQ

3ROLWLTXHG¶DFTXLVLWLRQGHVELEOLRWKqTXHVGHVPXVpHV

• 'pILQLWLRQGXFRQWH[WH

3DU OD VLJQDWXUH GH OD FKDUWH GH FROODERUDWLRQ OHV GLIIpUHQWHV LQVWLWXWLRQV VXLYDQWHV

ELEOLRJUDSKLHDQQH[HS

DQQH[HS

(44)

5pDOLVDWLRQV

µ/DELEOLRWKqTXHGXPXVpHGHVEHDX[DUWV µ/DELEOLRWKqTXHGXPXVpHG¶KLVWRLUH

µ/DELEOLRWKqTXHGXPXVpHG¶KLVWRLUHQDWXUHOOH µ/DELEOLRWKqTXHGXPXVpHLQWHUQDWLRQDOG¶KRUORJHULH

VHVRQWHQJDJpHVjFROODERUHUjSOXVLHXUVQLYHDX[HQSDUWLFXOLHUHQPDWLqUH GHSROLWLTXHG¶DFTXLVLWLRQ

• 0LVVLRQGHVELEOLRWKqTXHVGHVPXVpHV

/D PLVVLRQ GHV ELEOLRWKqTXHV GHV PXVpHV GpVLJQpHV FLDSUqV ELEOLRWKqTXHV HVWGHIRXUQLUGHVRXWLOVGHUpIpUHQFHVDXSHUVRQQHOGHVPXVpHVHWGHIDFLOLWHU O¶DFFqV GH OHXU GRFXPHQWDWLRQ DX[ FKHUFKHXUV HW DX[ SXEOLFV LQWpUHVVpV /HV ELEOLRWKqTXHV FKHUFKHQW j FRPSOpWHU RX UHQIRUFHU OHXUV FROOHFWLRQV DFWXHOOHV DILQGHIRXUQLUXQHRIIUHGRFXPHQWDLUHGHTXDOLWp

• 'pURXOHPHQWGHVDFTXLVLWLRQVDFKDWVpFKDQJHVGRQDWLRQV

/HV ELEOLRWKqTXHV DFKqWHQW GHV GRFXPHQWV G¶pWXGH RX VSpFLDOLVpV GDQV OHXUV VHFWHXUV G¶DFWLYLWpV UHVSHFWLIV /HV DFTXLVLWLRQV V¶HIIHFWXHQW SDU OH ELDLV GHV DFKDWVGHVpFKDQJHVHWGHVGRQV

/HV DFTXLVLWLRQV VRQW HIIHFWXpHV SDU OH RX OD ELEOLRWKpFDLUH FKDUJpH GH OD JHVWLRQGHVELEOLRWKqTXHVVXUODEDVHGHVSURSRVLWLRQVHWUHFRPPDQGDWLRQVGX SHUVRQQHO GHV PXVpHV /D SROLWLTXH G¶DFTXLVLWLRQ GH FKDTXH PXVpH HVW IL[pH SDUOHFRQVHUYDWHXURXODFRQVHUYDWULFH

/HVFDWDORJXHVG¶H[SRVLWLRQOHVUHYXHVOHVJXLGHVOHVWLUpVjSDUWSXEOLpVSDU OHVPXVpHVVHUYHQWDX[pFKDQJHVHWSHUPHWWHQWG¶REWHQLUG¶DXWUHVGRFXPHQWV GXPrPHW\SH

/HVGRQVFRQWULEXHQWjO¶HQULFKLVVHPHQWGHVFROOHFWLRQVGHVELEOLRWKqTXHV,OV SHXYHQW OH FDV pFKpDQW rWUH YHQWLOpV GDQV XQH LQVWLWXWLRQ GX UpVHDX HQ

Références

Documents relatifs

[r]

WKMUTVPn§ZI[ˆKQnCrM†MVC:W>QRC:H1C8J_T‘YKI[L†QnC•¬I[PnT‘acW>C_x_E>I?JKMQRC8M†MUdGq:Psg C:T>g

[r]

'LVHDVHVRIRUDO

*ORPHUXODUGLVHDVHUHQDO IDLOXUHDQGRWKHUGLVRUGHUVRI NLGQH\DQGXUHWHU0DODGLHV JORPpUXODLUHVLQVXIILVDQFH UpQDOHHWDXWUHVDIIHFWLRQVGX

/D OLEpUDWLRQ GH OD YRLH HVW VLJQDOpH SDU GHV FDSWHXUV / HW / pWDW VL DEVHQFH GH WUDLQ /HV FRPPDQGHV G¶DLJXLOODJHV VRQW $G HW %G SRXU OH WUDLQ YHQDQW GH GURLWH HW $J HW %J SRXU

[r]

[r]