$QQpHVFRODLUHQXPpURV
%XOOHWLQGX6HFWHXU0DWHUQHOOHGHO·,&(03pGDJRJLH)UHLQHW6HFUpWDULDW1DWLRQDO,&(0FKHPLQGHODURFKH0RQWLJQ\1DQWHV 5HVSRQVDEOH%XOOHWLQ$JQqV0X]HOOHF&KHPLQGH&URLVVHW&DQWHOHX7UpVRULqUHHW*HVWLRQGHVHQYRLV1DWKDOLH5DPDV
QË QË QË
QË
,QVWLWXW&RRSpUDWLIGHO·(FROH0RGHUQH 3pGDJRJLH)UHLQHW
5HQFRQWUHV'URLWVGHOHQIDQW7¹PRLJQDJH'HVVLQOLEUH*UDSKLVPHV
HW-DUGLQDJHw&XOWLYRQVQRWUHMDUGLQ &XOWLYRQVQRWUHMDUGLQ &XOWLYRQVQRWUHMDUGLQ &XOWLYRQVQRWUHMDUGLQ
5HQFRQWUHV
2XYHUWHVjWRXVFHVUHQFRQWUHVRQWUpXQLHQYLURQ
SHUVRQQHVFHVDPHGLGDQVXQHDPELDQFHFRQYLYLDOHHW
VWXGLHXVH /RUJDQLVDWLRQ GH OD MRXUQpH IDLVDLW DOWHUQHU FRQIpUHQFHVHWDWHOLHUV
8QHVDOOHUpXQLVVDLWTXHOTXHVpGLWHXUVGRQWO,&(0 /H&DIpSpGDJRJLTXHHQDODUJHPHQWUpSHUFXWpOHV
DWHOLHUVHWFRQIpUHQFHVVXUVRQVLWH
KWWSZZZFDIHSHGDJRJLTXHQHWOHVGRVVLHUVSDJHV
*)(10DWDVS[
(QRXYHUWXUH&KULVWLQH3DVVHULHX[DUDSSHOpTXHVHMRXDLHQWjWUDYHUVOHVSUDWLTXHVGHO·eFROH PDWHUQHOOHQRQVHXOHPHQWO·DYHQLUGHO·(FROHPDLVDXVVLO·DYHQLUGHFKDFXQGHVHQIDQWVTXLOXLVRQWFRQILpV PDLVHQFRUHO·DYHQLUGHQRWUHVRFLpWp/·DYHQLUGHO·pFROHPDWHUQHOOHQ·HVWSDVSUpGpWHUPLQpF·HVWjWUDYHUVGHVSUDWLTXHV VROLGDLUHVTXHQRXVO·pFULURQV
2QDVVLVWHDFWXHOOHPHQWjGHVUHOHQWVGHSHQVpHVGpWHUPLQLVWHVTX·LOIDXWUHIXVHUDYHFIRUFH
1RQ DX GpWHUPLQLVPH ELRORJLTXH©4XHOTX·XQHVWOjªGRQWOHGHVWLQQ·HVWSDVVXUSORPEpSDUODPRUW3RXUJUDQGLUFKDFXQD EHVRLQG·LQFRQQXGHPDLQWHQLURXYHUWVWRXVOHVSRVVLEOHVGHQHSDVVDYRLUFHTXLYDDGYHQLU
1RQDXGpWHUPLQLVPHVRFLDO&HUWDLQHVFODVVHVVHUDLHQWSOXVSDWKRJqQHVTXHG·DXWUHVRQHQYLHQWjWUDYDLOOHUVXUGHV
SRSXODWLRQVFLEOHVGHVSRSXODWLRQVGLWHV©jULVTXHª&·HVWOHGpWHUPLQLVPHVRFLRORJLTXH2UF·HVWIDX[ODVRXIIUDQFHHVWSDUWDJpH SDUWRXV
1RQ DX GpWHUPLQLVPH SV\FKRORJLTXH1RQWRXWQHVHMRXHQLDYDQWVL[DQVQLDYDQWWURLVDQV«$XQRPGHODSUpYHQWLRQ UDEDWWXHDXUDQJGHGpSLVWDJHGHVRXWLOVVHPHWWHQWHQSODFHTXLVRQWDQ[LRJqQHVSRXUOHVSDUHQWVSDWKRJqQHVSRXUOHVHQIDQWV GDQJHUHX[SRXUWRXV&HVRQWGHVRXWLOVSROLWLTXHV
7URLVWURXEOHVDXVHQVSV\FKLDWULTXHVRQWDFWXHOOHPHQWPLVHQDYDQWOHWURXEOHGHVFRQGXLWHVOH©723ªWURXEOHREVHVVLRQQHO DYHFRSSRVLWLRQOH©7'$+ªWURXEOHGHO·K\SHUDFWLYLWp'HUULqUHODGHVFULSWLRQGHFHVWURLVWURXEOHVDSSDUDLVVHQWGHVRXWLOVWHVWV TXHVWLRQQDLUHVTXLVRXVFRXYHUWGHPpGLFDOHWGHERQQHVLQWHQWLRQVGHSUpYHQWLRQYLVHQWjWULHUHWFDWpJRULVHUOHVpOqYHVGDQV WRXVOHVVHFWHXUVTXLV·RFFXSHQWGHODSHWLWHHQIDQFHVRLQVpGXFDWLRQPpGLFDODVVRFLDWLIHWF
([OH©'RPLQLTXHWHVWª
5HIXVpVXU3DULVJUkFHjO·DFWLRQGHVSDUHQWVHWGHVHQVHLJQDQWVDXGpEXWGHVDQQpHVFHWHVWDILQDOHPHQWpWpPLVHQSODFH HQSURYLQFHHWYDrWUHpWDORQQpGDQVSD\VG·(XURSH$WHUPHFHWHVWGHTXHVWLRQVVRXVIRUPHGHMHXLQIRUPDWLTXHULVTXHGH GHYHQLUODQRUPHSRXUpYDOXHUODVDQWpPHQWDOHGHO·HQIDQFH
8QHQIDQWVHFRQVWUXLWGDQVOHUHJDUGTXHO·RQSRUWHVXUOXLHWQRQGDQVXQFRQGLWLRQQHPHQWSUpFRFHROHVUqJOHVVHUDLHQW
DSSOLTXpHVLQFRUSRUpHVVDQVFRPSUpKHQVLRQDXOLHXG·rWUHLQWpULRULVpHVSHWLWjSHWLWjSDUWLUGHVLWXDWLRQVTXLIRQWVHQVHWGRQFTXL IHURQWDXWRULWp
1RQj©O·pYDOXDWLRQQLWHª6LODSV\FKRORJLHHWODSV\FKDQDO\VHVRQWGpYR\pHVODSpGDJRJLHO·HVWDXVVLDYHFO·DUULYpHGHWHUPHV HWG·RXWLOVQRUPDOHPHQWUpVHUYpVDXPRQGHGHO·HQWUHSULVHFRQWUDWSURMHW2UXQFRQWUDWF·HVWXQDFFRUGHQWUHGHX[SHUVRQQHV G·pJDOjpJDOFHTXLQ·HVWSDVOHFDVDYHFXQHQIDQWTXLFXOSDELOLVpSORQJHGDQVXQpWDWGpSUHVVLI
$WWHQWLRQpJDOHPHQWjODPRGHGHV'<6G\VOH[LHG\VSUDVLHG\VFDOFXOLHHWFTXLQHSUHQGSDVHQFRPSWHODSODVWLFLWpGXFHUYHDX WRXMRXUVFDSDEOHG·pYROXHU
&RQFOXVLRQ
3DUHQWVHWSURIHVVLRQQHOVGHO·HQIDQFHVRQWGDQVODPrPHJDOqUHGHGpYDORULVDWLRQGHO·KXPDLQHWGHVUHODWLRQVKXPDLQHV
/HGpYHORSSHPHQWG·XQHQIDQWHVWSURFpGXUDOLO\DGHVpWDSHVTX·RQQHSHXWpYLWHU/DSHXUIRQGHODYLROHQFH2QHVWGDQVXQH VRFLpWpTXLQHVXSSRUWHSOXVFHTXLQpFHVVLWHGXWHPSV2UO·HQIDQWDEHVRLQGHWHPSVSRXUJUDQGLU
&HX[HWFHOOHVTXLVRXKDLWHQWYRLUGpYHORSSpHVFHVDODUPHVOLURQWDYHFLQWpUrWO·RXYUDJHGH6\OYLDQH*LDPSLQRHW&DWKHULQH9LGDO
©1RVHQIDQWVVRXVKDXWHVXUYHLOODQFHªpGLWpSDU$OELQ0LFKHO$WWHQWLRQkPHVVHQVLEOHVV·DEVWHQLU
,QWHUYHQWLRQGH 6\OYLDQH*LDPSLQR©/·DYHQLUGHVHQIDQWVGpUDQJHDQWVQ·HVWSDVpFULWª u3RXU TXHOD PDWHU QHOOH
IDVVH¹ FROHv
'HX[LqPHVUHQFRQWUHVQDWLRQDOHV RUJDQLVpHVSDUOH*)(1
jOD%RXUVHGX7UDYDLO 3DULVMDQYLHU
'URLWVGHOHQIDQW
/H&,'(0HVWXQFROOHFWLIG·DVVRFLDWLRQVTXLDSRXUEXWGHSURPRXYRLUOHFLYLVPHHWUHYLWDOLVHUODGpPRFUDWLH
(QWDQWTXHFHQWUHQDWLRQDOGHUHVVRXUFHVSRXUO·pGXFDWLRQjODFLWR\HQQHWpOH&,'(0GpYHORSSHXQHFROOHFWLRQG·RXYUDJHVSRXUGRQQHU GHVUHSqUHVHVVHQWLHOVHWO·HQYLHG·HQVDYRLUSOXV
&HWWHFROOHFWLRQVHGpFOLQHHQVL[JUDQGHVWKpPDWLTXHV
'URLWV)5HVSHFWHUODGLJQLWpHWOHVGURLWVGHFKDFXQ (XURSH)ÈWUHFLWR\HQHXURSpHQ
0pPRLUHHW+LVWRLUH)&RQQDvWUHOHSDVVpSRXUpGXTXHUjODFLWR\HQQHWpDXMRXUG·KXL 6ROLGDULWp)UDWHUQLWp)$JLUDXTXRWLGLHQHWYLYUHHQVHPEOH
'pYHORSSHPHQW'XUDEOH)$JLUHWFRPSUHQGUHSRXUOHVJpQpUDWLRQVIXWXUHV 'pPRFUDWLH&LWR\HQQHWp)3DUWLFLSHUjODYLHGpPRFUDWLTXH
©/·HQIDQWHVWFRPPHXQpWUDQJHU GDQVXQHYLOOHLQFRQQXHGRQW
LOQHFRQQDvWQLODODQJXHQLOHVFRXWXPHV QLODGLUHFWLRQGHVUXHV
6RXYHQWLOSUpIqUHVHGpEURXLOOHUVHXO PDLVVLF·HVWWURSFRPSOLTXp LOGHPDQGHFRQVHLO
,ODDORUVEHVRLQG·XQLQIRUPDWHXUSROLª
-.RUF]DN©/HGURLWGHO·HQIDQWDXUHVSHFWª -DQXV].RUF]DNDGqVOHVDQQpHVUpFODPpDXSUqV GHOD6RFLpWpGHV1DWLRQVXQHFKDUWHGHVGURLWVGH O·HQIDQW
©/·HQIDQWXQpWUDQJHUª
7XDVOHGURLW 7XDVOHGURLW 7XDVOHGURLW 7XDVOHGURLW
G»WUH G»WUH G»WUH G»WUH SURW¹J¹FRQWUH SURW¹J¹FRQWUH SURW¹J¹FRQWUH SURW¹J¹FRQWUH
OHVPDXYDLV OHVPDXYDLV OHVPDXYDLV OHVPDXYDLV WUDLWHPHQWV WUDLWHPHQWV WUDLWHPHQWV WUDLWHPHQWV
5pIpUHQFHjO·DUWLFOHGHOD&RQYHQWLRQLQWHUQDWLRQDOHGHVGURLWVGHO·HQIDQW /HVDLVWX"
6LWXHVFRQIURQWpjXQHVLWXDWLRQGHPDXYDLVWUDLWHPHQWWXSHX[FRPSRVHU OHVXUXQWpOpSKRQHF·HVWOHQXPpURG·XUJHQFHSRXUO·(QIDQFHHQ'DQJHU
)HWLWVDHVWXQHSHWLWHILOOHFRPPHOHVDXWUHVUrYDQWHWSHQVDQWDX[JUDQGHVTXHVWLRQVTXLWUDYHUVHQW QRWUHVRFLpWp
(OOHHQWHQGSDUOHUGHVGURLWVGHO·HQIDQWRQOXLH[SOLTXHSDUIRLVHOOHYRLWGHVLPDJHVG·DXWUHV HQIDQWVjOD79HOOHUHJDUGHGHVPDJD]LQHVHWVHUHQGFRPSWHTXHWRXVOHVHQIDQWVQ·RQWSDVOHV PrPHVFKDQFHVTX·HOOH
$YHF)HWLWVDGpFRXYUH©/HVGURLWVGHO·HQIDQWªHWSDUOHVHQDXWRXUGHWRL
8QRXYUDJHSRXUDERUGHUDYHFOHVSOXVSHWLWVO·XQGHVJUDQGVWKqPHVGHODFLWR\HQQHWpOHVGURLWV GHO·HQIDQW
5HWURXYH]WRXWHODFROOHFWLRQVXUZZZIHWLWVDIU
DLQVLTXHOHVILFKHVSpGDJRJLTXHVDVVRFLpHVjFKDTXHRXYUDJH
&LYLVPHHWGpPRFUDWLH
&LYLVPHHWGpPRFUDWLH
&LYLVPHHWGpPRFUDWLH
&LYLVPHHWGpPRFUDWLH
&,'(0
&,'(0
&,'(0
&,'(0
UXH6DLQW UXH6DLQW UXH6DLQW UXH6DLQW)DUJHDX
)DUJHDX )DUJHDX )DUJHDX
3DULV 3DULV 3DULV 3DULV
7pO
7pO
7pO
7pO ZZZFLGHPRUJ ZZZFLGHPRUJ ZZZFLGHPRUJ ZZZFLGHPRUJ
'¹FRXYUH '¹FRXYUH '¹FRXYUH '¹FRXYUH OHVGURLWVGHOHQIDQW OHVGURLWVGHOHQIDQW OHVGURLWVGHOHQIDQW OHVGURLWVGHOHQIDQW
DYHF)HWLWVD
DYHF)HWLWVD
DYHF)HWLWVD
DYHF)HWLWVD
,QWURGXFWLRQ ,QWURGXFWLRQ ,QWURGXFWLRQ ,QWURGXFWLRQ
/DERQQHVDQWpGHO·HQIDQWjO·pFROHHVWQpFHVVDLUHjVRQ pSDQRXLVVHPHQWSHUVRQQHOHWVFRODLUH(OOHGRLWrWUHVXLYLHHQ SDUDOOqOHHWGHIDoRQFRRUGRQQpHSDUOHVSDUHQWVOHVHQVHLJQDQWV HWOHPpGHFLQ
$FHWpJDUGORUJDQLVDWLRQGXWHPSVVFRODLUHDWURLVREMHFWLIV DPpOLRUHUOHVFRQGLWLRQVGDSSUHQWLVVDJHSDUGHVHPSORLVGXWHPSV DSSURSULpVUpGXLUHODIDWLJXHHWOHVWHQVLRQVGHOHQIDQWHWLQVWDXUHU XQHPHLOOHXUHTXDOLWpGHYLHGHO·HQIDQWGDQVOpFROH
/LQWHUURJDWLRQDFWXHOOHSRUWHDXVVLELHQVXUOHIILFDFLWpGH QRWUHV\VWqPHpGXFDWLIVXUODGpTXDWLRQGHVWHPSVVFRODLUHV SpULVFRODLUHV HW H[WUDVFRODLUHV FRQoXV SDU O·LQVWLWXWLRQ TXH VXU OD VDQWpGHVHQIDQWVHQOLHQDYHFXQHSHUWXUEDWLRQGHOHXUVU\WKPHV ELRORJLTXHVVHORQOHW\SHGHFDOHQGULHUDGRSWp
/·DPpQDJHPHQW GX WHPSV VFRODLUH FRQIURQWp DX[ U\WKPHV /·DPpQDJHPHQW GX WHPSV VFRODLUH FRQIURQWp DX[ U\WKPHV/·DPpQDJHPHQW GX WHPSV VFRODLUH FRQIURQWp DX[ U\WKPHV /·DPpQDJHPHQW GX WHPSV VFRODLUH FRQIURQWp DX[ U\WKPHV FLUFDGLHQVGHO·HQIDQW
FLUFDGLHQVGHO·HQIDQWFLUFDGLHQVGHO·HQIDQW
FLUFDGLHQVGHO·HQIDQWWHPSVVFRODLUHHWU\WKPHVVFRODLUHVWHPSVVFRODLUHHWU\WKPHVVFRODLUHVWHPSVVFRODLUHHWU\WKPHVVFRODLUHVWHPSVVFRODLUHHWU\WKPHVVFRODLUHV 7HPSVVFRODLUHHWU\WKPHVVFRODLUHVVRQWGHX[UpDOLWpV GLVWLQFWHV OH WHPSV VFRODLUH HVW XQH YDULDEOH H[WHUQH UpJLH SDU O·LQVWLWXWLRQHPSORLVGXWHPSVFDOHQGULHU«DORUVTXHOHU\WKPH HQGRJqQHGHOHQIDQWHVWXQHYDULDEOH LQWHUQHTXLOXLHVWSURSUH /REMHFWLISRXUOHELHQGHOHQIDQWHVWGKDUPRQLVHUFHVGHX[QR WLRQV FHVWjGLUH GRUJDQLVHU OH WHPSV VFRODLUH HQ IRQFWLRQ GHV U\WKPHVELRORJLTXHVHWSV\FKRSK\VLRORJLTXHVQDWXUHOVGHOHQIDQW 3DUPLOHVpOpPHQWVHVVHQWLHOVTXLLQWHUYLHQQHQWGDQV ORUJDQLVDWLRQGXWHPSVVFRODLUHRQWURXYHOHFDOHQGULHUVFRODLUHHW ODVLWXDWLRQGDQVFHFDOHQGULHUGHVGLIIpUHQWHVSpULRGHVGH
YDFDQFHVOHVGXUpHVTXRWLGLHQQHKHEGRPDGDLUHDQQXHOOHGH OHQVHLJQHPHQWGXUpHVTXLVRQWIL[pHVHQUpIpUHQFHDXWHPSVGH VHUYLFHGHVHQVHLJQDQWV/HWHPSVVFRODLUHQHSHXWSDVrWUHGLVVR FLpGXWHPSVSpULVFRODLUHGDQVOHTXHOLQWHUYLHQWOHU{OHGHODIDPLOOH
/HWHPSVSpULVFRODLUHDPqQHXQFHUWDLQQRPEUHGHTXHVWLRQVVXU FHWHPSVSDVVpHQGHKRUVGHOpFROHSDUH[HPSOHTXHIDLW OHQIDQWDSUqVOpFROHHVWLOFKH]OXLRXGDQVODUXH"-RXHWLO"
)DLWLOVHVGHYRLUVRXGXVSRUWRXGHORUGLQDWHXU"5HJDUGHWLOOD WpOp"(VWLOVHXORXHQFDGUp"
/HVU\WKPHVFLUFDGLHQVGHO·HQIDQWG·kJHVFRODLUH /HVU\WKPHVFLUFDGLHQVGHO·HQIDQWG·kJHVFRODLUH /HVU\WKPHVFLUFDGLHQVGHO·HQIDQWG·kJHVFRODLUH /HVU\WKPHVFLUFDGLHQVGHO·HQIDQWG·kJHVFRODLUH 5\WKPHVSV\FKRSK\VLRORJLTXHV
5\WKPHVSV\FKRSK\VLRORJLTXHV 5\WKPHVSV\FKRSK\VLRORJLTXHV 5\WKPHVSV\FKRSK\VLRORJLTXHV
/HVPRPHQWVIDYRUDEOHVGDSSUHQWLVVDJHGDQVODMRXUQpH RQW pWp OREMHW GpWXGHV FRQFRUGDQWHV OHQIDQW DUULYH IDWLJXp j OpFROHKTXHOOHTXHVRLWODGXUpHGHVRQVRPPHLOODQXLW SUpFpGHQWH SXLV LO YD DXJPHQWHU SURJUHVVLYHPHQW VHV FDSDFLWpV GDWWHQWLRQHWGDSSUHQWLVVDJHGDQVODPDWLQpHDYHFXQSLFYHUV
² K FHOOHVFL YRQW HQVXLWHGLPLQXHU HQ GpEXW GDSUqVPLGL HW rWUHjQRXYHDXSHUIRUPDQWHVYHUV²K
/DGpV\QFKURQLVDWLRQGHVU\WKPHVGHO·HQIDQW /DGpV\QFKURQLVDWLRQGHVU\WKPHVGHO·HQIDQW /DGpV\QFKURQLVDWLRQGHVU\WKPHVGHO·HQIDQW /DGpV\QFKURQLVDWLRQGHVU\WKPHVGHO·HQIDQW
8QU\WKPHFLUFDGLHQHVWODUpVXOWDQWHGHGHX[FRPSRVDQWHVO·XQH H[RJqQH FRUUHVSRQGDQW DX[ IDFWHXUV GH O·HQYLURQQHPHQW O·DXWUH HQGRJqQHFRUUHVSRQGDQWjQRWUHFRGHJpQpWLTXH&HVGHX[
FRPSRVDQWHVLQWHUDJLVVHQWHWLQWHUYLHQQHQWGHIDoRQFRQMRLQWH 8QH GpV\QFKURQLVDWLRQ GHV U\WKPHV FLUFDGLHQV DSSDUDvW ORUVTXLO QH[LVWHSOXVGKDUPRQLHFHVWjGLUHGHUHODWLRQGHSKDVHHQWUH OKRUORJHELRORJLTXHTXLFRQWU{OHQRVU\WKPHVFLUFDGLHQVHW O·HQYLURQQHPHQWF·HVWjGLUHOHWHPSVGHQRWUHPRQWUH
&HWWHGpV\QFKURQLVDWLRQVDFFRPSDJQHGHWURXEOHVDW\SLTXHVWHOV TXH IDWLJXH PDXYDLVH TXDOLWp GX VRPPHLO PDXYDLVH TXDOLWp GH ODSSpWLW WURXEOHV GH OD FRQFHQWUDWLRQ HW GHV SHUIRUPDQFHV TXL JrQHURQWFRQVLGpUDEOHPHQWOHQIDQWVHWURXYDQWGDQVXQHWHOOH VLWXDWLRQ
/D SUpVHUYDWLRQ GH VHV U\WKPHV ELRORJLTXHV HW SV\FKRSK\VLRORJL TXHVHVWGRQFLQGLVSHQVDEOHjODERQQHVDQWpGHOHQIDQWTXL GpSHQGHQWUHDXWUHGHODTXDOLWpGHVRQVRPPHLOGDQVVDGXUpHHW VDUpJXODULWp
$SUqVDYRLUGpFULWO·RUJDQLVDWLRQDFWXHOOHGXWHPSVVFRODLUHHQ)UDQFHGDQVODMRXUQpHODVHPDLQHHW O·DQQpHOHUDSSRUWVRXOLJQH
)O·LPSRUWDQFHGHODSULVHHQFRPSWHGHVU\WKPHVELRORJLTXHVHWSV\FKRSK\VLRORJLTXHVGHO·HQIDQWGDQVWRXWHUpIOH[LRQVXUFHWWHTXHVWLRQ )ODGpV\QFKURQLVDWLRQGHVHQIDQWVF·HVWjGLUHO·DOWpUDWLRQGXIRQFWLRQQHPHQWGHOHXUKRUORJHELRORJLTXHORUVTXHFHOOHFLQ·HVWSOXVHQSKDVH DYHFOHVIDFWHXUVGHO·HQYLURQQHPHQWHQWUDvQDQWIDWLJXHHWGLIILFXOWpVG·DSSUHQWLVVDJH
)OHU{OHQpIDVWHjFHWpJDUGGHODVHPDLQHGLWHGHMRXUVVXUODYLJLODQFHHWOHVSHUIRUPDQFHVGHVHQIDQWVOHVGHX[SUHPLHUVMRXUVGHOD VHPDLQHGpV\QFKURQLVDWLRQOLpHDXZHHNHQGSURORQJp
)OHU{OHSULPRUGLDOGXVRPPHLOFKH]O·HQIDQWFDULOSHUPHWXQGpYHORSSHPHQWKDUPRQLHX[GHO·HQIDQWUHVWDXUHOHVIRQFWLRQVGHO·RUJDQLVPH SHUPHWGHOXWWHUFRQWUHODIDWLJXHHWIDYRULVHOHVDSSUHQWLVVDJHV$ODVXLWHGHFHUDSSRUWO·$FDGpPLHQDWLRQDOHGH0pGHFLQHpPHWjO·LQWHQWLRQ GHVSRXYRLUVSXEOLFVHWGHVSDUHQWVGHVUHFRPPDQGDWLRQVTXLHQPHWWDQWO·HQIDQWDXFHQWUHGHODUpIOH[LRQLQVLVWHQWVXUOHVOLHQVHQWUH WHPSVVFRODLUHHWVDQWpGHO·HQIDQW
-HYRXVSURSRVHLFLGHVH[WUDLWVGHFHUDSSRUWTXHYRXVSRXUUH]FRQVXOWHUjO·DGUHVVHVXLYDQWH
KWWSZZZDFDGHPLHPHGHFLQHIUGHWDLO3XEOLFDWLRQFIP"LG5XE LG/LJQH
5HSºUHV
/·$FDGpPLHQDWLRQDOHGH0pGHFLQHDFRQVWLWXpXQ JURXSHGHWUDYDLOFKDUJpG·DSSUpFLHUO·LPSDFWGH
O·DPpQDJHPHQWGXWHPSVVFRODLUHVXUODVDQWp GHO·HQIDQW
5$33257 VXUO$P ¹QDJHPHQ W 5$33257 VXUO$P ¹QDJHPHQ W 5$33257 VXUO$P ¹QDJHPHQ W 5$33257 VXUO$P ¹QDJHPHQ W
GXWHPSV VFRODLUHH WVDQW¹ GXWHPSV VFRODLUHH WVDQW¹ GXWHPSV VFRODLUHH WVDQW¹ GXWHPSV VFRODLUHH WVDQW¹
GHOHQID QW GHOHQID GHOHQID QW QW GHOHQID QW
<YDQ728,7283LHUUH%e*8(
$XQRPG·XQJURXSHGHWUDYDLO GHOD&RPPLVVLRQ©0DWHUQLWp(QIDQFH$GROHVFHQFHª
MDQYLHU
/HVRPPHLOXQpOpPHQWHVVHQWLHOGHVU\WKPHVGHO·HQIDQW /HVRPPHLOXQpOpPHQWHVVHQWLHOGHVU\WKPHVGHO·HQIDQW/HVRPPHLOXQpOpPHQWHVVHQWLHOGHVU\WKPHVGHO·HQIDQW /HVRPPHLOXQpOpPHQWHVVHQWLHOGHVU\WKPHVGHO·HQIDQW
&KH]OHQIDQWHQERQQHVDQWpPDLVTXLSUpVHQWHXQGpILFLW GHVRPPHLOOHVWURXEOHVGHVU\WKPHVFLUFDGLHQVVRQWOLpVjODSHUWH GHVVLJQDX[V\QFKURQLVHXUVjGHVU\WKPHVGXOHYHUHWGXFRXFKHU LUUpJXOLHUVHWVRXYHQWWDUGLIVSRXUOHFRXFKHUjXQHH[SRVLWLRQj ODOXPLqUHSHQGDQWOHFRXFKHURXHQFRUHjGHVQXLVDQFHVGH OHQYLURQQHPHQWEUXLW«/HVRPPHLODXQU{OHHVVHQWLHOSRXU OHQIDQWVXUOHSODQSK\VLRORJLTXHHWSV\FKRORJLTXHFDULOSHUPHWXQ GpYHORSSHPHQWKDUPRQLHX[UHVWDXUHOHVIRQFWLRQVGHORUJDQLVPH OXWWHFRQWUHODIDWLJXHHWIDYRULVHOHVDSSUHQWLVVDJHV
/HV IDFWHXUV DVVRFLpV j FHV SHUWXUEDWLRQV GX VRPPHLO VRQW WUqV QRPEUHX[HWSHXYHQWVHFXPXOHUXQGpEXWGpFROHWURSPDWLQDO GHVWUDMHWVVFRODLUHVORQJVGHVDFWLYLWpVH[WUDVFRODLUHVWURS QRPEUHXVHVODSUHVVLRQVFRODLUHGHVU\WKPHVLUUpJXOLHUVGH FRXFKHUHWGHOHYHUODFRQVRPPDWLRQWpOpYLVXHOOHHWLQIRUPDWLTXH WURS LPSRUWDQWH OD VpGHQWDULWp OH VWUHVV ODQ[LpWp OHV GLIILFXOWpV VFRODLUHVOHQYLURQQHPHQWIDPLOLDO
/DIDWLJXHGHO·HQIDQW /DIDWLJXHGHO·HQIDQW/DIDWLJXHGHO·HQIDQW /DIDWLJXHGHO·HQIDQW
/DIDWLJXHGHO·HQIDQWjO·pFROHHVWpJDOHPHQWHQUDSSRUW DYHFVHVU\WKPHVELRORJLTXHV
TXL QH VRQW SOXV HQ SKDVH DYHF O·HQYLURQQHPHQW DXVVL ELHQGDQVOHVKGLPLQXWLRQ GX WHPSV GH VRPPHLO TXH GDQVODVHPDLQHDYHFOD FRXSXUHGXZHHNHQGSHQGDQW ODTXHOOH O·HQIDQW VH FRXFKH HQFRUHSOXVWDUGTXHSHQGDQW ODVHPDLQHHWVHUpYHLOOHSOXV
WDUGOHOHQGHPDLQ/DSUpSRQGpUDQFHGHFHWWHGpV\QFKURQLVDWLRQGH O·HQIDQWHVWLPSRUWDQWHSXLVTX·HOOHDpWpUDSSRUWpHGDQVGHV FDVGHVHQIDQWVIDWLJXpVORLQGHYDQWWRXWHDXWUHFDXVH
3UREOqPHVSRVpVSDUO·RUJDQLVDWLRQ3UREOqPHVSRVpVSDUO·RUJDQLVDWLRQ3UREOqPHVSRVpVSDUO·RUJDQLVDWLRQ3UREOqPHVSRVpVSDUO·RUJDQLVDWLRQ GXWHPSVVFRODLUHHQ)UDQFH GXWHPSVVFRODLUHHQ)UDQFH GXWHPSVVFRODLUHHQ)UDQFH GXWHPSVVFRODLUHHQ)UDQFH
/·DPpQDJHPHQWGXWHPSVVFRODLUHHQ)UDQFHQ·HVWSDVHQ FRKpUHQFHDYHFFHVFRQQDLVVDQFHVGHODFKURQRELRORJLHGHO·HQIDQW HWFHODjWRXVOHVQLYHDX[GHO·RUJDQLVDWLRQMRXUQpHVHPDLQHRX DQQpHVFRODLUH
/DMRXUQpHVFRODLUH /DMRXUQpHVFRODLUH/DMRXUQpHVFRODLUH /DMRXUQpHVFRODLUH 'DQVOHSULPDLUH
/DMRXUQpHVFRODLUHTXLVHGpURXOHHQ)UDQFHGHKj KGHYUDLWrWUHDPpOLRUpHHQEULVDQWFHVKRUDLUHVFRQYHQWLRQ QHOVSRXURUJDQLVHUXQHVHPDLQHVFRODLUHVXUXQHMRXUQpHPRLQV ORQJXHKSDUH[HPSOHHWVXUXQHVHPDLQHGHMRXUVHWGHPLRX MRXUVFRPPHGDQVODSOXSDUWGHVSD\VHXURSpHQVHQSURSRVDQW KGpWXGHVGLULJpHVHQILQGHFODVVHODSUqVPLGL&HVWUDQVIRU PDWLRQVGHYURQWDYRLUODFFRUGGHODFRPPXQHHWGDXWUHVLQVWDQ FHVFRPPHOH&RQVHLO*pQpUDOTXLGHYURQWGRQQHUOHVPR\HQV ILQDQFLHUVQpFHVVDLUHVSRXUOHVUpDOLVHU
1RPEUHG·KHXUHVVFRODLUHVKHEGRPDGDLUHV 1RPEUHG·KHXUHVVFRODLUHVKHEGRPDGDLUHV 1RPEUHG·KHXUHVVFRODLUHVKHEGRPDGDLUHV 1RPEUHG·KHXUHVVFRODLUHVKHEGRPDGDLUHV
$O·pFROHPDWHUQHOOHHWpOpPHQWDLUHODGXUpHGHODVHPDLQHVFRODLUH HVWIL[pHjKG·HQVHLJQHPHQWRUJDQLVpHjUDLVRQGHKSDUMRXU VXUMRXUVOHVOXQGLPDUGLMHXGLHWYHQGUHGLGDQVOHFDGUHGHOD VHPDLQHGLWHGHMRXUVJpQpUDOLVpHjODUHQWUpH 5pSDUWLWLRQ GX WHPSV VFRODLUH KHEGRPDGDLUH
5pSDUWLWLRQ GX WHPSV VFRODLUH KHEGRPDGDLUH 5pSDUWLWLRQ GX WHPSV VFRODLUH KHEGRPDGDLUH
5pSDUWLWLRQ GX WHPSV VFRODLUH KHEGRPDGDLUH OD VHPDLQH GH OD VHPDLQH GH OD VHPDLQH GH OD VHPDLQH GH MRXUV
MRXUV MRXUV MRXUV
/HVVHPDLQHVGHMRXUVMRXUVHWGHPLRXMRXUVGH FODVVHRQWIDLWOREMHWGHUHFKHUFKHVTXLPRQWUHQWTXHO·DPpQDJH PHQWKHEGRPDGDLUHHQMRXUVQHVWSDVIDYRUDEOHjOHQIDQWFDU FHOXLFLHVWSOXVGpV\QFKURQLVpOHOXQGLHWOHPDUGLPDWLQTXHGDQV ODVHPDLQHKDELWXHOOHGHMRXUVHWGHPL
3DUDLOOHXUVXQFHUWDLQQRPEUHG·pWXGHVRQWpWDEOLTXHOHV SHUIRUPDQFHVPQpVLTXHVVRQWPHLOOHXUHVDSUqVXQZHHNHQGGHXQ MRXUHWGHPLFRPSDUpjXQZHHNHQGGHGHX[MRXUVFRPPHGDQVOD VHPDLQHGHTXDWUHMRXUVDFWXHOOH
'XUpHDQQXHOOHGHO·HQVHLJQHPHQWGDQVOHSULPDLUH 'XUpHDQQXHOOHGHO·HQVHLJQHPHQWGDQVOHSULPDLUH 'XUpHDQQXHOOHGHO·HQVHLJQHPHQWGDQVOHSULPDLUH 'XUpHDQQXHOOHGHO·HQVHLJQHPHQWGDQVOHSULPDLUH
/·HQVHLJQHPHQW DFWXHOOHPHQW GLVSHQVp HQ )UDQFH DX[ pOqYHV GX SULPDLUHGDQVOHFDGUHGHODVHPDLQHGHMRXUVHVWGRQFUpSDUWL VXUMRXUVGHFODVVHSDUDQVHPDLQHVGHMRXUV
FRUUHVSRQGDQWjKGHFRXUVDQQXHOHWjKGHFRXUVSRXU OHVHQIDQWVEpQpILFLDQWGHKHXUHVKHEGRPDGDLUHVVXSSOpPHQWDL UHV©G·DLGHSHUVRQQDOLVpHª
3RXUWHQLUFRPSWHGHVGRQQpHVELRORJLTXHVLOIDXGUDLWXQHDQQpH VFRODLUHGHjMRXUVDYHFFRPPHFRUROODLUHODUpGXFWLRQ GHVJUDQGHVYDFDQFHV²KGHWUDYDLOSDUMRXUVHORQO·kJHGH O·pOqYHMRXUVHWGHPLjMRXUVGHFODVVHSDUVHPDLQHHQIRQFWLRQ GHVVDLVRQVRXGHVFRQGLWLRQVORFDOHV
$PpQDJHUOHVWHPSVGHYLHGHVMHXQHV$PpQDJHUOHVWHPSVGHYLHGHVMHXQHV$PpQDJHUOHVWHPSVGHYLHGHVMHXQHV$PpQDJHUOHVWHPSVGHYLHGHVMHXQHV
/HVWHPSVGHOpFROHHWGHYLHGHVHQIDQWVVHVRQWSURJUHV VLYHPHQWVWUXFWXUpVHQIRQFWLRQGHOpYROXWLRQGHQRWUHVRFLpWpHW HQIRQFWLRQGHVGHPDQGHVHWGHVEHVRLQVVRFLDX[
/DVROXWLRQLGpDOHQH[LVWDQWSDVLOIDXWWURXYHUXQFRPSUR PLVHQWUHOLQWpUrWGHOpOqYHHWOHVEHVRLQVGHODGXOWH,OIDXWWHQLU FRPSWHpJDOHPHQWGHODYLHHWGHODFWLYLWpGHOpOqYHHQGHKRUVGH OpFROH &H FRPSURPLV QpFHVVLWH ODYLV GHV HQVHLJQDQWV SDUHQWV VFLHQWLILTXHVUHVSRQVDEOHVGHPRXYHPHQWVDVVRFLDWLIVGpFLGHXUV /HV\VWqPHVFRODLUHIUDQoDLVHVW
/HV\VWqPHVFRODLUHIUDQoDLVHVW /HV\VWqPHVFRODLUHIUDQoDLVHVW
/HV\VWqPHVFRODLUHIUDQoDLVHVWLOHIILFDFH"LOHIILFDFH"LOHIILFDFH"LOHIILFDFH"
&HWWHpYDOXDWLRQSRUWHVXUOHVFRPSpWHQFHVGHVpOqYHVGH DQV GDQV WURLV GRPDLQHV FRPSUpKHQVLRQ GH O·pFULW FXOWXUH PDWKpPDWLTXHHWFXOWXUHVFLHQWLILTXH>@
/HVDGROHVFHQWVIUDQoDLVGHDQVVHVLWXHQWHQqSRVLWLRQSDU UDSSRUWjGDXWUHVSD\VHXURSpHQVSRXUOHXUVSHUIRUPDQFHV FXPXOpHVGDQVOHVGRPDLQHVGHODFRPSUpKHQVLRQGHOpFULWXUHGHV PDWKpPDWLTXHVHWGHVVFLHQFHVHWHQjODqPHSODFHSRXUOD FXOWXUHVFLHQWLILTXHGHO·HQVHPEOHGHVSD\VpYDOXpV
&HFODVVHPHQWGHVpOqYHVIUDQoDLVSHXWrWUHOLpHQWUHDXWUHVjGHV PpWKRGHVG·HQVHLJQHPHQWQRQRXPDOpYDOXpHVHWjXQH
PDXYDLVHGLVWULEXWLRQGHVHQVHLJQHPHQWVGDQVOHWHPSV
5HSºUHV
(YDOXDWLRQGHVGLIIpUHQWVDPpQDJHPHQWVH[SpULPHQWDX[
(YDOXDWLRQGHVGLIIpUHQWVDPpQDJHPHQWVH[SpULPHQWDX[(YDOXDWLRQGHVGLIIpUHQWVDPpQDJHPHQWVH[SpULPHQWDX[
(YDOXDWLRQGHVGLIIpUHQWVDPpQDJHPHQWVH[SpULPHQWDX[
/·pYDOXDWLRQGHVGLIIpUHQWVDPpQDJHPHQWVH[SpULPHQWDX[
SDUOHVFKURQRELRORJLVWHVHWSV\FKRORJXHVDPqQHjTXDWUHHQVHL JQHPHQWV
²/HV YDULDWLRQV MRXUQDOLqUHV GHV SHUIRUPDQFHV LQWHOOHFWXHOOHV VRQWHQFRUHSOXVSUpVHQWHVFKH]OHVpOqYHVTXLQHPDvWULVHQWSDV ODWkFKHSOXVOHQLYHDXGHVpOqYHVHVWpOHYpPRLQVOHXUVUpVXO WDWVYDULHQWGDQVODMRXUQpHRXODVHPDLQH
/HVDFWLYLWpVSpULHWH[WUDVFRODLUHVVRFLRFXOWXUHOOHVHWVSRUWL YHV VRQW LPSRUWDQWHV ORUVTX·HOOHV VRQW ELHQ GRVpHV FDU HOOHV SDUWLFLSHQWDXGpURXOHPHQWKDUPRQLHX[GHVGLIIpUHQWHVSKDVHVGX VRPPHLOHWjOpSDQRXLVVHPHQWSK\VLTXHHWSV\FKLTXHGHVpOqYHV HQ DPpOLRUDQW OHV FRPSRUWHPHQWV OpFRXWH ODWWHQWLRQ HW GRQF ODSSUHQWLVVDJH
²/LEpUHUGXWHPSVSRXUOpOqYHQHVWSDVIRUFpPHQWV\QRQ\PH GpSDQRXLVVHPHQW VDQV SROLWLTXH GDFFRPSDJQHPHQW SpUL HW H[WUDVFRODLUH
(YLWHUODVHPDLQHGHMRXUVFDUHOOHHQJHQGUHXQHMRXUQpH VFRODLUHSOXVFKDUJpHRXXQHUpGXFWLRQGHVSHWLWHVYDFDQFHVRX XQDOORQJHPHQWGXHUWULPHVWUH/DOLEpUDWLRQGXWHPSVHVWSURIL WDEOHjOHQIDQWVLVRQPLOLHXFXOWXUHOHQYLURQQDQWOHSHUPHW(Q ODEVHQFHGHQFDGUHPHQWOHQIDQWHVWODLVVpjOXLPrPHDEXVGH WHPSVSDVVpGHYDQWODWpOpYLVLRQORUGLQDWHXURXGDQVODUXH (QFRQFOXVLRQ(QFRQFOXVLRQ(QFRQFOXVLRQ(QFRQFOXVLRQ
6LRQPHWO·HQIDQWDXFHQWUHGHODUpIOH[LRQVXUOHWHPSV VFRODLUH LO IDXW SUHQGUH HQ FRQVLGpUDWLRQ O·DSSRUW GHV U\WKPHV ELRORJLTXHVHQDWWLUDQWO·DWWHQWLRQVXUOHVpOpPHQWVVXLYDQWV OHVRPPHLOGHVDGXUpHHWGHVDTXDOLWpGpSHQGHQWOHFRPSRU WHPHQW j OpFROH OH QLYHDX GH YLJLODQFH HW GH SHUIRUPDQFHV ,O VHUDLWjFHWpJDUGLPSRUWDQWGHUHWDUGHUOHQWUpHGHVHQIDQWVHQ FODVVHHQFUpDQWXQHSpULRGHLQWHUPpGLDLUHG·DFWLYLWpVFDOPHVHQ GpEXW GH PDWLQpH FDU O·HQIDQW DUULYH IDWLJXp j O·pFROH VXUWRXW ORUVTXHVRQWHPSVGHVRPPHLOQ·HVWSDVUHVSHFWp'HSOXVXQ FRXFKHUWDUGLIQ·HVWSDVWRWDOHPHQWFRPSHQVpSDUXQOHYHUWDUGLI OHV YDULDWLRQV TXRWLGLHQQHV GH ODFWLYLWp LQWHOOHFWXHOOH HW GH OD YLJLODQFHHOOHVSURJUHVVHQWGXGpEXWMXVTXjODILQGHODPDWLQpH VDEDLVVHQW DSUqV OH GpMHXQHU SXLV SURJUHVVHQW j QRXYHDX DX FRXUVGHODSUqVPLGL'HX[GpEXWVVRQWGLIILFLOHVSRXUOHQIDQW GpEXWGHPDWLQpHHWGpEXWGDSUqVPLGL$FHWpJDUGODVHPDLQH GH MRXUV OXQGL PDUGL MHXGL YHQGUHGL VDFFRPSDJQH GXQH GpV\QFKURQLVDWLRQDYHFGLPLQXWLRQGHODYLJLODQFHGHOHQIDQWOHV OXQGLHWPDUGL
OHVYDULDWLRQVDQQXHOOHVGHODUpVLVWDQFHjOHQYLURQQHPHQWOHV SpULRGHVGLIILFLOHVSRXUO·HQIDQWVRQWO·DXWRPQHODSpULRGHGHOD 7RXVVDLQWGRQWOHVYDFDQFHVGHYUDLHQWrWUHpWHQGXHVjVHPDL QHVHWO·KLYHUYHUVILQIpYULHURXGpEXWPDUV
OH EUXLW OHV JUDQGHV VDOOHV GHV FDQWLQHV WUqV EUX\DQWHV GH YUDLHQWrWUHWUDQVIRUPpHVHQSOXVLHXUVSHWLWHVXQLWpVSRXUDPRUWLU OHEUXLW
ODYLHjO·pFROHLOIDXGUDLWWHQWHUGHGLPLQXHUOHVWUHVVGHOHQ IDQW HW OH VXUPHQDJH VFRODLUH SDU GHV SURJUDPPHV DGDSWpV HW QRQSOpWKRULTXHVpYLWHUOHWUDQVSRUWGHFDUWDEOHVORXUGVJUkFH
SDU H[HPSOH j O·XWLOLVDWLRQ GH FDVLHUV j O·pFROH LQVWLWXHU XQH KHXUHG·pWXGHVXUYHLOOpHHQILQG·HQVHLJQHPHQW
5HFRPPDQGDWLRQVGHO·$10VXUOHWHPSVVFRODLUH5HFRPPDQGDWLRQVGHO·$10VXUOHWHPSVVFRODLUH5HFRPPDQGDWLRQVGHO·$10VXUOHWHPSVVFRODLUH5HFRPPDQGDWLRQVGHO·$10VXUOHWHPSVVFRODLUH HWODVDQWpGHO·HQIDQW
HWODVDQWpGHO·HQIDQW HWODVDQWpGHO·HQIDQW HWODVDQWpGHO·HQIDQW
/·$FDGpPLHQDWLRQDOHGH0pGHFLQHFRQVLGpUDQWTXHO·DPpQDJH PHQWGXWHPSVVFRODLUHHWODVDQWpGHO·HQIDQWVRQWpWURLWHPHQW OLpVSUpVHQWHOHVUHFRPPDQGDWLRQVVXLYDQWHVGHVWLQpHVDX[
GpFLGHXUVHWDX[SDUHQWV
5HFRPPDQGDWLRQVGHVWLQpHVDX[GpFLGHXUV 5HFRPPDQGDWLRQVGHVWLQpHVDX[GpFLGHXUV5HFRPPDQGDWLRQVGHVWLQpHVDX[GpFLGHXUV 5HFRPPDQGDWLRQVGHVWLQpHVDX[GpFLGHXUV
Â0HWWUHO·HQIDQWDXFHQWUHGHWRXWHUpIOH[LRQVXUOHWHPSV VFRODLUH HQ WHQDQW FRPSWH GHV FRQQDLVVDQFHV DFWXHOOHV VXU OHV U\WKPHVFLUFDGLHQVHWOHVEHVRLQVSK\VLRORJLTXHVGHVHQIDQWVHW GHV DGROHVFHQWV HQ LQWURGXLVDQW OD QRWLRQ G·K\JLqQH GH WUDYDLO UHVSHFWDQWOHXUVU\WKPHV
Â$PpQDJHUODMRXUQpHVFRODLUHHQIRQFWLRQGHVU\WKPHVGH SHUIRUPDQFHHWHQVHLJQHUOHVPDWLqUHVGLIILFLOHVDX[PRPHQWV G·HIILFLHQFHVFRODLUHUHFRQQXVHQPLOLHXGHPDWLQpHHWHQPLOLHX G·DSUqVPLGL
Â$PpQDJHUODVHPDLQHVXUMRXUVHWGHPLRXMRXUVHQ pYLWDQWODGpV\QFKURQLVDWLRQOLpHjXQZHHNHQGGRQWOHVDPHGL PDWLQHVWOLEUH
Â5HVSHFWHUOHVRPPHLOGHO·HQIDQWHWOHFRQVLGpUHU FRPPHXQVXMHWGHVDQWpSXEOLTXHDXPrPHWLWUHTXHWDEDFDO FRROHWDOLPHQWDWLRQ
Â(YROXHUYHUVXQFD
OHQGULHUGHVHPDLQHVGHFODVVHHWVHPDLQHVGHYDFDQFHVFH TXLLPSOLTXHXQUHPDQLHPHQWGHVHUHWqWULPHVWUHV
Â$OOpJHUOHWHPSVGHSUpVHQFHTXRWLGLHQGHOpOqYHj OpFROHHQIRQFWLRQGHVRQkJH
Â&UpHUXQ2EVHUYDWRLUHGHV5\WKPHVGHO·HQIDQWSRXU VXLYUHOHVDPpQDJHPHQWVGXWHPSVVFRODLUHSHUPHWWDQWGHIDLUH GHVSURSRVLWLRQV
5HFRPPDQGDWLRQVGHVWLQpHVDX[SDUHQWV 5HFRPPDQGDWLRQVGHVWLQpHVDX[SDUHQWV5HFRPPDQGDWLRQVGHVWLQpHVDX[SDUHQWV 5HFRPPDQGDWLRQVGHVWLQpHVDX[SDUHQWV
Â,QIRUPHUVXUOHU{OHIRQGDPHQWDOGXVRPPHLOSRXUOD ERQQHVDQWpGHO·HQIDQWHWYHLOOHUjXQHTXDQWLWpGHVRPPHLOVXIIL VDQWHHWjGHVKRUDLUHVGHOHYHUHWGHFRXFKHUUpJXOLHUV Â5HVWUHLQGUHOHWHPSVSDVVpSDUOHVHQIDQWVGHYDQWXQ pFUDQjPRLQVGHKHXUHVSDUMRXUUHFRPPDQGDWLRQGHO$VVR FLDWLRQDPpULFDLQHGHSpGLDWULHHWpYLWHUODWpOpYLVLRQDYDQWOH FRXFKHU
Â6XSSULPHUWpOpYLVLRQHWFRQVROHVGHMHXGHODFKDPEUHGH O·HQIDQW
Â$PpQDJHUOHWHPSVSpULVFRODLUHHWIDYRULVHUOHV DFWLYLWpVVWUXFWXUpHVVSRUWLYHVHWFXOWXUHOOHV
5HSºUHV
-¶DL FRPPHQFp j XWLOLVHU OHV WHFKQLTXHV VSpFLILTXHVjO¶DOWHUQDWLYHSpGDJRJLTXH)UHLQHWHQ j OD VXLWH G¶XQ VWDJH G¶LQLWLDWLRQ VRXWHQX SDU OHV PHPEUHV GH $560 70 DVVRFLDWLRQ TXH MH UHSUpVHQWH LFLHWGRQWMHVXLVPHPEUH
/DSUHPLqUHWHFKQLTXHDpWpODFRUUHVSRQGDQFH VFRODLUHDYHFXQHPDWHUQHOOHGH5H]pXQHH[SpULHQFH SpGDJRJLTXH TXL QRXV D SURGXLW SRXU PRL HW PHV pOqYHVGHVVDWLVIDFWLRQVTXLRQWFRQVWLWXpODPRWLYDWLRQ SRXUDSSOLTXHUGHVQRXYHOOHVWHFKQLTXHV
-¶DL REVHUYp OHV UpDFWLRQV GHV HQIDQWV DX PRPHQW R RQ D UHoX OD FRUUHVSRQGDQFH FROOHFWLYH O¶LPSDWLHQFH SRXU YRLU FH TX¶LO \ D GHGDQV M¶DL OX OD VXUSULVH GDQV OHXUV \HX[ M¶DL HQWHQGX OHXUV FRPPHQWDLUHVVSRQWDQpVTXDQGMHOHXUDLOXOHFRQWHQX
&HV pPRWLRQV RQW FRQVWLWXp SRXU HX[ OD PRWLYDWLRQ j UHGLJHU OD UpSRQVH HW SRXU PRL XQH LPSXOVLRQ j FRQWLQXHU HW PrPH j FRPPHQFHU G¶DXWUHV WHFKQLTXHV
'HSXLV Oj M¶DL FRQWLQXp OD FRUUHVSRQGDQFH DYHF GLIIpUHQWHVPDWHUQHOOHVGH)UDQFHHWSOXVUpFHPPHQW GH 1DQWHV QRXV DYRQV FRPPHQFp OD FRUUHVSRQGDQFH DYHF GHV PDWHUQHOOHV GH OD 5RXPDQLH HW PHV HOqYHV GH GLIIpUHQWV kJHV RQW pWp WRXW j IDLW HQFKDQWpV GH UpDOLVHUXQHSDUWLHGHVREMHFWLIVpGXFDWLIVH[LJpVSDU OH FXUULFXOXP QDWLRQDO URXPDLQ SRXU O¶HQVHLJQHPHQW GHV pFROHV PDWHUQHOOHV SDU O¶LQWHUPpGLDLUH GHV WUDYDX[
FROOHFWLIV
$LQVL M¶DL HQYR\p j QRV DPLV OHV UpVXOWDWV ILQDX[
GH FHUWDLQV SURMHWV WKpPDWLTXHV SRXU OD UpDOLVDWLRQ GHVTXHOV RQ D XWLOLVp OHV WHFKQLTXHV O¶HQTXrWH GRFXPHQWDLUH OD VRUWLH VFRODLUH OHV WUDYDX[ SODVWLTXHV HW SUDWLTXHV FROOHFWLIV HW LQGLYLGXHOV 2Q D GHYHORSSp GHV DFWLYLWpV HQ pWDQW RUJDQLVpV GDQV GHV pTXLSHV SHUPDQHQWHVHWSHQGDQWOHELODQGXMRXUOHVHQIDQWVRQW YRWpSRXUOHWUDYDLOTXLVHUDHQYR\pDX[FRUUHVSRQGDQWV HQ DUJXPHQWDQW OHXU FKRL[ RQ D UHGLJp HQVHPEOH OD OHWWUH FROOHFWLYH HQ OHXU FUpDQW O¶KDELWXGH G¶pFULUH XQH OHWWUHHWHQH[HUFDQWXQHH[SUHVVLRQFRUUHFWHRQDIDLW HQVHPEOHOHFROLVHWQRXVDYRQVDSSULVOHSURFpGpSRXU H[SpGLHUXQFROLVSDUODSRVWH-¶DLFRQVWDWpFRPPHFD OH IDLW TXH OHV WHFKQLTXHV pODERUpHV SDU XQ IUDQoDLV )UHLQHWVRQWFRPSOH[HVHWV¶HQFKDvQHQWHQFRQVWLWXDQW XQV\VWqPHXQLWDLUHXQPpFDQLVPHSpGDJRJLTXHFRQoX SRXU IDFLOLWHU O¶DFFRPSOLVVHPHQW GHV REMHFWLIV pGXFDWLRQQHOV GH O¶LQWpJUDWLRQ VRFLDOH G¶XQH PDQLqUH DJUpDEOH HW VWLPXODWLYH PrPH DX QLYHDX GH O¶HQVHLJQHPHQW GHV pFROHV PDWHUQHOOHV /HV HQIDQWV YLYHQW GpMj GDQV XQH FRPPXQDXWp VRFLDOH LOV QH VRQW SDV LVROpV HW O¶pFROH HW OHV SDUHQWV RQW OH U{OH GH OHV DVVXUHU XQH YRLH DVFHQGDQWH YHUV O¶LQWpJUDWLRQ VRFLDOH RSWLPDOH
3DV j SDV HW MH GLV oD VLQFqUHPHQW M¶DL FRPPHQFpWLPLGHPHQWD\DQWHQYXHO¶kJHGHVHQIDQWV j RUJDQLVHU OH FROOHFWLI VHORQ OHV SULQFLSHV GH OD FODVVH FRRSpUDWLYH
/HSUHPLHUSDVDpWpFRQVWLWXpSDUOH³4XRLGHQHXI"´
PRPHQWWUqVDLPpSDUPHVHQIDQWV
$ODVXLWHM¶DLFRQVWDWpTXHOHVHQIDQWVDLPHQWEHDXFRXS FRPPHQFHU OH MRXU SDU XQ WHO PRPHQW R LOV SHXYHQW V¶H[SULPHU OLEUHPHQW VDQV UHVWULFWLRQ SUHVTXH XQ PRPHQW GDQV OHTXHO OHV FRQWUDLQWHV VH UpIqUHQW VHXOHPHQWjODOLPLWHGXWHPSVHWjXQpOHPHQWDLUHERQ VHQVGHODFRPPXQLFDWLRQLQWHUKXPDLQHHWSDVDXVXMHW DERUGp RX j OD GpFLVLRQ GH FRPPXQLTXHU TXHOTXH FKRVH
&¶HWDLWOHGpEXWSRXUpWDEOLUGHVUHODWLRQVGpPRFUDWLTXHV DX QLYHDX GX JURXSH OLEHUWp DXWRQRPLH DQLPDWLRQ HW ERQQH GLVSRVLWLRQ VDQV HQIUHLQGUH OHV UqJOHV pWDEOLHV HQVHPEOH HW HQ FH FDV Oj HQ DVVXPDQW OHV FRQVpTXHQFHV
/HV UHVSRQVDELOLWpV GH FKDFXQ RQW VXLYL QDWXUHOOHPHQW HQpWDQWGpULYpHVGHVDFWLYLWpVMRXUQDOLqUHV
/H V\VWqPH URXPDLQ G¶HQVHLJQHPHQW SDU OH IDLW TX¶LO Q¶DFFRUGH SDV G¶DSSXL SDU OH SHUVRQQHO DX[LOLDLUH OH GHX[LqPHDGXOWHDXQJURXSHG¶pOqYHVFRQGXLWYHUVOD QpFHVVLWp TXH OHV HQIDQWV UHFRLYHQW GHV DWWULEXWLRQV SUpFLVHV GRQW O¶DFFRPSOLVVHPHQW SHXW rWUH FRQVWDWp DLVpPHQW
2Q D HX GHV SUREOqPHV SDV SRXU OH FKRL[ GHV UHVSRQVDELOLWpVPDLVSRXUO¶DFFRPSOLVVHPHQWGHFHOOHV FL FDU GDQV OHV IDPLOOHV G¶KDELWXGH OHV HQIDQWV VRQW GLVSHQVpVHQpWDQWFRQVLGpUpVÄWURSSHWLWV´HWSDUFHTX¶
LO \ D SOXVLHXUV DGXOWHV DXWRXU G¶HX[ GLVSRVpV j OHV VHUYLU
'DQV OH WHPSV RQ OHV D UpVROXV HQ IDLVDQW DSSHO DX[
UqJOHV pWDEOLHV HW HQ DSSOLTXDQW OHV PR\HQV SXQLWLIV j O¶HQFRQWUHGHFHX[TXLQHUHVSHFWDLHQWSDVOHVUqJOHVRX TXLQ¶DVVXPDLHQWSDVOHXUVWkFKHV
/H SOXV LPSRUWDQW GDQV O¶RUJDQLVDWLRQ GH OD YLH FRRSpUDWLYHGXJURXSHGHVpOqYHVDpWpO¶LQWURGXFWLRQGX FRQVHLOGXJURXSHHQFRPPHQFDQWDYHFGHVHQIDQWVGH DQV$SUqV DYRLU pWXGLp OH PDWpULHO ELEOLRJUDSKLTXH j PD GLVSRVLWLRQ VXUWRXW OH WUDYDLO Ä'URLWV GH O¶HQIDQW HW FLWR\HQQHWpjO¶HFROH´GH-HDQ/H*DOM¶DLFRPPHQFpj SUpSDUHU PHV HQIDQWV DLQVL OD SUHPLqUH UpXQLRQ GX FRQVHLOV¶HVWGpURXOpHQDWXUHOOHPHQWHWDFRQWULEXpjOD UpVROXWLRQ GH FHUWDLQV SUREOqPHV DYHF OHVTXHOV OH JURXSH VH FRQIURQWDLW j FH PRPHQWOj $ OD VXLWH OHV HQIDQWVRQWUpXVVLVDQVHIIRUWHWDYHFSODLVLUjSDUWLFLSHU GpPRFUDWLTXHPHQWjO¶RUJDQLVDWLRQHWjODJHVWLRQGHOD YLHGXJURXSH
$XFRQJUqVGH6WUDVERXUJQRXVDYRQVUHQFRQWUp 'DQD 0HPEUHGHO¶$560$VVRFLDWLRQURXPDLQHGHO¶pFROH PRGHUQH(OOHQRXVH[SOLTXHLFLFRPPHQWHOOHDGpPDUUpHQ 3pGDJRJLH)UHLQHW
,QWHUQDWLRQDO
7¹PRLJQ DJH 7¹PRLJQ DJH 7¹PRLJQ DJH 7¹PRLJQ DJH
'DQD'20,1,7(
,QVWLWXW
ULFHj,1(85280$1,(
j
-HVRXKDLWHPHWWUHHQSODFHXQUpIpUHQWLHOGHJUDSKLVPHVGDQVPDFODVVH-HSHQVHTXLOIDXWTXLOVRLW DIILFKpHQSHUPDQHQFHDILQTXLOVSXLVVHQWVHQLQVSLUHUOHSOXVVRXYHQWSRVVLEOH
0DTXHVWLRQDYH]YRXVDIILFKpFHW\SHGHUpIpUHQWLHOHWVRXVTXHOOHIRUPH"
3KRWRVGHVVLQVVLJQHVLVVXVGHGHVVLQVRXWDEOHDX[YDULpV"0HUFLGHYRWUHDLGH(VWHOOH(VWHOOH(VWHOOH&$(13606*6(VWHOOH -DYDLVPLVHQSODFHXQHERLWHJUDSKLVPHVRORQPHWWDLWOHVWUDYDX[GHVHQIDQWVGHVVLQVGHVLPDJHVRXGHVSKRWRVWURXYpHVGDQVOHVj FDWDORJXHVRXDXWUHVTXLSUpVHQWDLHQWGHVJUDSKLVPHVLQWpUHVVDQWV
-DSSRUWDLVGHVLOOXVWUDWLRQVTXDQGXQJUDSKLVPHGHQIDQWVHQUDSSURFKDLWSRXUpODUJLUOHVSURSRVLWLRQV
&HVWUDYDX[GLQFLWDWLRQDXJUDSKLVPHpWDLHQWPLVFKDFXQVRXVSRFKHWWHSODVWLTXHGDQVODERLWHTXHORQSODoDLWDXPLOLHXGHODWDEOHJUD SKLVPH&KDFXQSRXYDLWVLQVSLUHURXUHSUHQGUHOHWUDYDLOGXQFRSDLQODILFKHSRUWDLWOHSUpQRPGHVRQDXWHXURXGXQHLPDJHDYHFOH VFULSWHXUTXLOYRXODLWIHXWUHVFUD\RQVVW\ORV
8QHDXWUHDQQpHQRXVDYLRQVXQHJUDQGHDIILFKHRORQQRWDLWOHVJUDSKLVPHVQRXYHDX[TXLVHSUpVHQWDLHQWjODFODVVHPDLVOjLOQ\DYDLW SDVORULJLQDOGHOHQIDQWVHXOHPHQWODWUDFHVLPSOLILpHGXJUDSKLVPH-DFTXLH-DFTXLH-DFTXLH0LQDXG-DFTXLH
j0RLGDQVPDFODVVHGH06*6MDLXQUpSHUWRLUHGHVLJQHVJUDSKLTXHVVRXVODIRUPHGHFDUWHVSODVWLILpHV
-LPDJLQHTXHOHSOXVLQWpUHVVDQWFHVWGHOHFRQVWLWXHUDYHFOHVHQIDQWVHQUHFKHUFKDQWSDUH[HPSOHDXWRXUGHVRLGHVVLJQHVJUDSKLTXHVLO\
HQDSOHLQGDQVODYLHGHWRXVOHVMRXUVRXPrPHGDQVOHVGHVVLQVGHVHQIDQWV0XULHO0XULHO0XULHO0XULHO&RLULHU
j/HVPLHQVRQWpWpUHGHVVLQpVVXUGXSDSLHUNUDIWDFFURFKpDXGRVGHPDSRUWHSRXUTXHOHVHQIDQWVOHVYRLHQWTXRWLGLHQQHPHQW&HUpIpUHQ WLHOHVWHQULFKLjFKDTXHWURXYDLOOHGHVpOqYHVPDLVFHVWPRLTXLOHGHVVLQHVXUOHSDSLHUNUDIW-DLDXVVLXQHERLWHGHJUDSKLVPHVUpIpUHQWLHOV 6XUGHVGHVVLQVGHQIDQWVGHVJUDSKLVPHVGHSDSLHUVFDGHDX[GHPRUFHDX[G°XYUHVSKRWRFRSLpVHWF-HGpFRXSHXQFDUUpMHOHSODVWLILH OHPHWVGDQVODERLWH&HWWHERLWHHVWjGLVSRVLWLRQGHVHQIDQWVTXDQGLOVYHXOHQWGHVVLQHULOVSHXYHQWV\UpIpUHQFHU-HVSqUHTXHoDWDLGHUD
&DULQH
&DULQH
&DULQH
&DULQH%RXUJHW
j'DQVPDFODVVHGH*6MDLSOXVLHXUVW\SHVGRXWLOVTXLVHUYHQWGHUpIpUHQWLHOVDX[HQIDQWV
GHVDIILFKHVW\SHVGHJUDSKLVPHVGHEDVHHWGHVSKRWRVRXOHJUDSKLVPHHVWWUqVSUpVHQWH[XQHPDLQGpFRUpHDXKHQQpVRQWDFFUR FKpHVDXPXUGDQVOHFRLQJUDSKLVPHGHODFODVVH
GHVpYHQWDLOVEDQGHVSODVWLILpHVHWUpXQLHVSDUXQHDWWDFKHSDULVLHQQHUHJURXSDQWXQW\SHGHJUDSKLVPHGpFOLQpVRXVSOXVLHXUVIRUPHV GHVSRUWHYXHVFRQWHQDQWGHVSKRWRVGpFRXSpHVGDQVGHVPDJD]LQHVSDUOHVHQIDQWVHWWULpHVSDUHX[
GHVERLWHVjJUDSKLVPHVROHVHQIDQWVLQYHQWHQWGHVILFKHVjSDUWLUGXQPrPHW\SHGHJUDSKLVPHH[WRXWHVOHVLGpHVTXLOVRQWSRXU XWLOLVHUGHVURQGVVHUHWURXYHQWGDQVODERLWHGHVURQGV
XQHVpULHGHFDUWHVSRVWDOHVDYHFGHVGHVVLQVGHQIDQWVWUqVULFKHVHQJUDSKLVPHTXLYLHQQHQWGHVpGLWLRQV2GLORQ
7RXVFHVRXWLOVVRQWjGLVSRVLWLRQHQSHUPDQHQFHGDQVODFODVVHHWDXIXUHWjPHVXUHGHODQQpHOHVHQIDQWVSUHQQHQWOKDELWXGHGHOHV XWLOLVHUWRXWVHXOHWSDUIRLVPrPHVHQLQVSLUHQWSRXUGHVGHVVLQVOLEUHV
&DURO
&DURO
&DURO
&DURO6DOLKL*6&UHWHLO
j0HUFLjWRXV9RXVPHGRQQH]SOHLQGLGpHVFHVWYUDLPHQWFKRXHWWHFHWWHOLVWHTXHOOHULFKHVVH 3OXV UpFHPPHQW M¶DL LQWURGXLW OH WUDYDLO LQGLYLGXDOLVp HQ
FRQVWDWDQW TXHOTXHV EpQpILFHV RIIHUWV SDU OD IRUPDWLRQ DX[HQIDQWVGHVpFROHVPDWHUQHOOHVGHVFDSDFLWpV GHJpUHUVRQSURSUHWUDYDLO
GHV¶DXWRpYDOXHU
G¶rWUHDXWRQRPHGDQVVRQWUDYDLO
GHGpYHORSSHUO¶DFWLYLWpVDQVGpUDQJHUOHVDXWUHV
$ODVXLWHGHO¶DSSOLFDWLRQH[SpULPHQWDOHGHVWHFKQLTXHV )UHLQHWDXJURXSHGHVHQIDQWVGHO¶pFROHPDWHUQHOOHM¶DL FUpp PHV SURSUHV LQVWUXPHQWV TXL P¶DLGHQW GDQV PD GpPDUFKH SpGDJRJLTXH DGDSWpH DX V\VWqPH URXPDLQ G¶HQVHLJQHPHQW HW DX FXUULFXOXP SRXU OHV pFROHV PDWHUQHOOHV FRPPH VXLW O¶KRUDLUH GX JURXSH )UHLQHW VXU OHV GHX[ QLYHDX[ G¶kJH GHV HQIDQWV GHV ILFKHV JXLGHSRXUO¶DQLPDWLRQGXFRQVHLOO¶DIILFKH³-¶DSSUpFLHMH FULWLTXH MH SURSRVH´ OH FDKLHU GX FRQVHLO GHV ILFKLHUV GHV SODQV LQGLYLGXHOV GH WUDYDLO SRXU pFULUH OHV
JUDSKLVPHVSRXUOHVILFKLHUVG¶pYDOXDWLRQILQDOHjODILQ GHO¶DQQpHVFRODLUHOHSODQJpQpUDOGXWUDYDLOOHWDEOHDX GHVUHVSRQVDELOLWpVHWGHODSDUWLFLSDWLRQGHVHQIDQWVjOD UHQFRQWUH GX PDWLQ OH WDEOHDX GHV UqJOHV GH YLH JpQpUDOHV GHV UHQFRQWUHV GX PDWLQ GHV GLIIpUHQWHV DFWLYLWpV GpYHORSSpHV TXL RQW H[LJp O¶pODERUDWLRQ GH FHUWDLQHVUqJOHVVSpFLILTXHV
-HFURLVTXHO¶DSSOLFDWLRQG¶XQHDOWHUQDWLYHSpGDJRJLTXH VH UpDOLVH G¶XQH PDQLqUH VSpFLILTXH SHUVRQQDOLVpH HQ IRQFWLRQ GH OD SHUVRQQDOLWp GH O¶HQVHLJQDQW GX FROOHFWLI GHVpOqYHVDYHFOHTXHORQWUDYDLOOHDLQVLTXHHQIRQFWLRQ GXVSpFLILTXHQDWLRQDOGXSURFHVVXVG¶HQVHLJQHPHQWTXL O¶LQWqJUH 3HUVRQQHOOHPHQW O¶DSSOLFDWLRQ GHV WHFKQLTXHV )UHLQHWDX[JURXSHVGHVpOqYHVGHVpFROHVPDWHUQHOOHV D FRQVWLWXp OD VRXUFH SHUPDQHQWH GH VDWLVIDFWLRQV SURIHVVLRQQHOOOHV PDLV DXVVL GHV LQFLWDWLRQV SpGDJRJLTXHVHWXQWUDYDLOVRXWHQX
VXUOHRXDLEH
,QWHUQDWLRQDO
5HSºUHV
,OHVWDEVROXPHQWQpFHVVDLUHGHIDLUHEHDXFRXSGHDEVROXPHQWQpFHVVDLUHGHIDLUHEHDXFRXSGHDEVROXPHQWQpFHVVDLUHGHIDLUHEHDXFRXSGHDEVROXPHQWQpFHVVDLUHGHIDLUHEHDXFRXSGH GHVVLQVDXWUDLW
GHVVLQVDXWUDLW GHVVLQVDXWUDLW
GHVVLQVDXWUDLWGHIDoRQjIDLUHVXUJLUOHSOXVSRVVLEOHIDLUHVXUJLUOHSOXVSRVVLEOHIDLUHVXUJLUOHSOXVSRVVLEOHIDLUHVXUJLUOHSOXVSRVVLEOH G·pOpPHQWVRULJLQDX[
G·pOpPHQWVRULJLQDX[
G·pOpPHQWVRULJLQDX[
G·pOpPHQWVRULJLQDX[GHVHQWLUDXVVLODYLWHVVHGHVHQWLUDXVVLODYLWHVVHGHVHQWLUDXVVLODYLWHVVHGHVHQWLUDXVVLODYLWHVVH G·H[pFXWLRQ
G·H[pFXWLRQ G·H[pFXWLRQ
G·H[pFXWLRQTXLWUDGXLWODIpFRQGLWpG·XQHVSULWGpMj RULHQWpYHUVO·H[SUHVVLRQSDUOHGHVVLQ
1RXVGRQQRQVGRQFOHFRQVHLOGHIDLUH GHVVLQHUFKDTXHMRXUWRXVOHVHQIDQWV
6LOHVHQIDQWVRQWXQHUpHOOHDSWLWXGHjGHVVLQHURQSHXWPrPH OHXUGRQQHUSOXVLHXUVIHXLOOHV
6DYRLUOLUHXQGHVVLQ 6DYRLUOLUHXQGHVVLQ 6DYRLUOLUHXQGHVVLQ 6DYRLUOLUHXQGHVVLQ
2QHVWSDUIRLVXQSHXHPEDUUDVVpSRXUFRPSUHQGUHTXHOVGHVVLQVVRQWOHVSOXVLQWpUHVVDQWV
'·XQHPDQLqUHJpQpUDOHXQGHVVLQTXLHVWWRXIIXTXHO·HQIDQWDUpDOLVpDYHFXQHYpULWDEOHLPSDWLHQFHG·H[SUHVVLRQHWTX·LO FRPPHQWHDYHFYROXELOLWpHVWXQGHVVLQTXLDGHODYDOHXU
3DUFRQWUHTXDQGGHVJUDSKLVPHVLVROpVVHSURPqQHQWVDQVOLHQDXFXQVDQVTXHO·HQIDQWLQYHQWHODWUDPHDIIHFWLYHTXLOHV UpXQLWQRXVVRPPHVUDUHPHQWHQSUpVHQFHG·XQHQIDQWGRXpGXPRLQVDXGpSDUW
&RPPHQWOLUHXQGHVVLQ"1RXVDYRQVFRQVHLOOpGpMjG·HQGHPDQGHUOHFRPPHQWDLUH1RXVLQGLTXRQVKkWLYHPHQWODQRPHQFOD WXUHGHO·HQVHPEOHGXJUDSKLVPHOHVOLHQVG·LGpHV
1RXVPHWWRQVODGDWHHWQRXVQRWRQVG·XQWUDLWURXJHOHVGpWDLOVLVROpVTXLQRXVSDUDLVVHQWOHVSOXVLQWpUHVVDQWV
$SSURIRQGLUWRXMRXUVOHGpWDLORULJLQDO
$SSURIRQGLUWRXMRXUVOHGpWDLORULJLQDO $SSURIRQGLUWRXMRXUVOHGpWDLORULJLQDO
$SSURIRQGLUWRXMRXUVOHGpWDLORULJLQDOGDQVOHVHQVDUWLVWLTXH
/·H[SUHVVLRQJUDSKLTXHYHQXHWRXMRXUVHQMHWGLUHFWSHXWDWWHLQGUHFKH]O·HQIDQWjXQHYpULWDEOHRULJLQDOLWp
1·HVWSDVRULJLQDOOHGHVVLQTXLHVWDEVROXPHQWUpDOLVWH/HWRXWMHXQHHQIDQWQ·HVWGXUHVWHSDVFDSDEOHGHUHSURGXLUHREMHFWL YHPHQWOHVpOpPHQWVTXLOHUHWLHQQHQW0DLVFKH]O¶DGROHVFHQWTXLVHIDLWXQHREOLJDWLRQGHFRSLHUODUpDOLWpOHGpWDLOHVWGH SOXVHQSOXVUDUH
&·HVWLFLTXHQRXVUHQFRQWUHURQVODSOXVJUDQGHGLIILFXOWpSRXUVXEVWLWXHUjFHTX·LOHVWFRQYHQXG·DSSHOHUOH©SRPSLHUªOH GHVVLQRULJLQDOTXLUHVSHFWHO·LQVSLUDWLRQGHO·HQIDQWHWDFFqGHjXQHFHUWDLQHYDOHXUDUWLVWLTXH
1HMDPDLVGHVVLQHUjYLGH 1HMDPDLVGHVVLQHUjYLGH 1HMDPDLVGHVVLQHUjYLGH 1HMDPDLVGHVVLQHUjYLGH
(QJpQpUDOLOQHIDXWSDVIDLUHGHVpDQFHVJpQpUDOHVGHGHVVLQ'·XQF{WpODFODVVHO·HVSDFHGRQWRQGLVSRVHO·LPSRVVLELOLWp RO·RQVHWURXYHG·DYRLUVXIILVDPPHQWGHFRXOHXUG·XQSLQFHDXSRXUWRXWOHPRQGHIRQWXQHREOLJDWLRQGHIDLUHGHVVLQHUOHV HQIDQWVSDUpTXLSHV4XDQGXQHQIDQWKpVLWHGHYDQWVDIHXLOOHHWTX·LOQHVDLWH[DFWHPHQWTXRLUpDOLVHULOQHIDXWSDVLQVLVWHU ,OVHUDGpFRXUDJpSDUODUDSLGLWpGHVHVFDPDUDGHVjFRXFKHUVXUOHSDSLHUGHVJUDSKLVPHVSUpFLSLWpVHWTXHGHOXLPrPHLO MXJHUDIDYRUDEOHPHQW1HODLVVRQVGRQFSDVO·HQIDQWVXUOHTXDL
5HPEDUTXRQVOHGDQVXQDXWUHWUDYDLOPDLVHVVD\RQVGHWURXYHUOHPR\HQjXQPRPHQWTXHOFRQTXHGHODMRXUQpHGHOXLSUR SRVHUjQRXYHDXGHGHVVLQHUDYHFXDXWUHJURXSHGHVHVFDPDUDGHVRXELHQWRXWVHXOVLSDUKDVDUGLOYLHQWG·DYRLUXQH UpXVVLWHTX·LOVHVHQWHDVVH]IRUWSRXUH[SULPHUSDUOHGHVVLQ
1RWUHVRXFLSUHPLHUVHUDGHUHVSHFWHU OHJUDSKLVPHHQIDQWLQTXHOTX·LOVRLW
/HGHVVLQOLEUH
&RQVHLOVSUDWLTXH V
G·(OLVH)UHLQHW
5HSºUHV
&RPPHQWpYLWHUOHSRPSLHU
&RPPHQWpYLWHUOHSRPSLHU
&RPPHQWpYLWHUOHSRPSLHU
&RPPHQWpYLWHUOHSRPSLHU
/HFRQWUDLUHGXSRPSLHUHVWOHGpWDLORULJLQDOLQpGLWTXLpWRQQHHWTXLUHWLHQW«
3UHQRQVXQH[HPSOHVLPSOHODPDLVRQGRQWOHVDGROHVFHQWVTXLVRQWXQSHXHQWUDvQpVHQGHVVLQIRQWOHXUVGpOLFHVWUDLWVjODUqJOHWRLW HQSHQWHSRUWHVHWIHQrWUHVERUGXUHVGXWURWWRLUF·HVWSRPSLHU
3RXUIDLUHHQWUHUO·RULJLQDOLWp
-'pWUXLVH]OHVSURSRUWLRQVFODVVLTXHVGXWRLWGHVPXUVGHODORQJXHXUGHVRXYHUWXUHV -)DLWHVLQWHUYHQLUODFRXUEHOHULQFHDXOHVHQMROLYHPHQWVGLYHUVTXLVRQWSDUWLFXOLHUVj O·DUFKLWHFWXUHPRGHUQHHWTX·XQDGROHVFHQWD\DQWXQSHXG·LPDJLQDWLRQSHXWUHWURXYHU 9RXVREWHQH]XQHLPDJHQRXYHOOHTXLDURPSXDYHFODVqFKHWUDGLWLRQHWTXLHVW©YRWUH PDLVRQª&RORUH]ODDXGDFLHXVHPHQWHWYRXVDERXWLUH]jXQHYLOODLQpGLWH
/HGpWDLO /HGpWDLO /HGpWDLO /HGpWDLO
8QGHVVLQVHOLW 8QGHVVLQVHOLW8QGHVVLQVHOLW
8QGHVVLQVHOLW
GDQVVRQHQVHPEOH GDQVVRQHQVHPEOH GDQVVRQHQVHPEOH GDQVVRQHQVHPEOH
HWORUVTXHO·RQGHYLHQWFRQQDLVVHXUGDQVOHGpWDLOHWHWORUVTXHO·RQGHYLHQWFRQQDLVVHXUGDQVOHGpWDLOHWHWORUVTXHO·RQGHYLHQWFRQQDLVVHXUGDQVOHGpWDLOHWHWORUVTXHO·RQGHYLHQWFRQQDLVVHXUGDQVOHGpWDLOHW GDQVO·XQLWpGHODOLJQHDVVRFLpHjODFRXOHXUGDQVO·XQLWpGHODOLJQHDVVRFLpHjODFRXOHXUGDQVO·XQLWpGHODOLJQHDVVRFLpHjODFRXOHXU GDQVO·XQLWpGHODOLJQHDVVRFLpHjODFRXOHXU
&RPPHQoRQVSDUOHSOXVVLPSOH OHGpWDLO
7RXVOHVGHVVLQVG·HQIDQWVVRQWG·DERUGGHVGpWDLOV MX[WDSRVpVSXLVUHOLpVSDUXQHWUDPHDIIHFWLYH/H GpWDLODGHPrPHXQU{OHGDQVXQGHVVLQG·DGROHV FHQWHWLOQRXVDLGHUDjFKDVVHUOHSRPSLHUFRPPH QRXVOHYHUURQVSOXVORLQ
$ODUHFKHUFKHGXGpWDLORULJLQDO
$ODUHFKHUFKHGXGpWDLORULJLQDO $ODUHFKHUFKHGXGpWDLORULJLQDO
$ODUHFKHUFKHGXGpWDLORULJLQDO
7RXVOHVJUDSKLVPHVGHVHQIDQWVGHjDQVVRQWWUqVRULJLQDX[1RXVDYRQVUHOHYpGDQVWRXVOHVHQYRLVTXHOTXHVJUDSKLVPHV LQWpUHVVDQWV
1RXVGRQQRQVOHFRQVHLO
'·HQVRXOLJQHUIHUPHPHQWODOLJQH
²²²²'HOHVIDLUHUHKDXVVHUGHFRXOHXUV
'HMX[WDSRVHUGHVJUDSKLVPHVRULJLQDX[GHPDQLqUHjREWHQLUXQHXQLWpJUDSKLTXHSOXVH[SUHVVLYH
'HEURGHUVXUWLVVXDYHFGHVODLQHVYLYHVGHVPRWLIVRULJLQDX[HWYRXVFRPSUHQGUH]WRXWGHVXLWHFHTX·HVWO·H[SUHVVLRQG·DUWYHQXH WRXWQDWXUHOOHPHQWFRPPHXQHIOHXUGHVFKDPSV$LQVLSHXYHQWrWUHPLVGqVjSUpVHQWHQFKDQWLHUGHVWUDYDX[G·DUWVXVFHSWLEOHVGH
ILJXUHUjQRWUH0DLVRQGHO·(QIDQWQRXVpFULUHjFHVXMHW /DFXHLOOHWWHGHJUDSKLVPHVLQpGLWVjWUDYHUVOHVGHVVLQVGHQRVWRXWSHWLWVQRXVPHWWUDDQJDUGHFRQWUHOH©SRPSLHUªIDLWHVODFXHLOOHWWH
HWDGUHVVH]ODQRXV
1RXVOHUHWURXYHURQVKpODVGDQVWRXWHVOHV±XYUHVGHQRVDGROHVFHQWVVXUWRXWGHFHX[TXLVHVRQWIRUPpVSDUFRSLHG·LPDJHV,O\DXQ SRPSLHUGHVSD\VDJHVGHVQDWXUHVPRUWHVGHVSHUVRQQDJHV,OIDXWUHFRQQDvWUHTX·LOHVWGLIILFLOHjGpUDFLQHUFDUO·HQIDQWOXLUHFRQQDvWOD TXDOLWpGHMXVWHVVHHWGHVHQWLPHQWDOLWp
9RXVWURXYHUH]GDQVOHVUHYXHVGHPRGHERQPDUFKpGDQVFHUWDLQVFDWDORJXHVGHVIRUPHVW\SLTXHVGXSRPSLHUDLQVLTXHGDQVOHV FKURPRVGHED]DU
&·HVWjSDUWLUGHVFRQVHLOVSUDWLTXHVG·(OLVH)UHLQHWGRQWM·DLVXLYLOHFRXUVORUVGHPRQ GpPDUUDJHHQSpGDJRJLH)UHLQHWTXHM·DLSXRXYULUDX[HQIDQWVGHPRQ&(OHVSRUWHVGH
O·H[SUHVVLRQDUWLVWLTXH
/HGHVVLQDXWUDLWVXUOHXUEORFVWpQRGHYLHQWUDSLGHPHQWXQGHOHXUVPR\HQVSULYLOpJLpV /HGHVVLQDXWUDLWVXUOHXUEORFVWpQRGHYLHQWUDSLGHPHQWXQGHOHXUVPR\HQVSULYLOpJLpV /HGHVVLQDXWUDLWVXUOHXUEORFVWpQRGHYLHQWUDSLGHPHQWXQGHOHXUVPR\HQVSULYLOpJLpV /HGHVVLQDXWUDLWVXUOHXUEORFVWpQRGHYLHQWUDSLGHPHQWXQGHOHXUVPR\HQVSULYLOpJLpV
G·H[SUHVVLRQ G·H[SUHVVLRQG·H[SUHVVLRQ
G·H[SUHVVLRQ'qVTX·LOGLVSRVHG·XQSHXGHWHPSVO·HQIDQWSHXWVRUWLUVRQEORFHW\
GHVVLQHUOLEUHPHQW6XLYDQWOHVFRQVHLOVG·(OLVH)UHLQHWMHGHPDQGHDX[HQIDQWVTXHWRXV6XLYDQWOHVFRQVHLOVG·(OLVH)UHLQHWMHGHPDQGHDX[HQIDQWVTXHWRXV6XLYDQWOHVFRQVHLOVG·(OLVH)UHLQHWMHGHPDQGHDX[HQIDQWVTXHWRXV6XLYDQWOHVFRQVHLOVG·(OLVH)UHLQHWMHGHPDQGHDX[HQIDQWVTXHWRXV OHVpOpPHQWVGXGHVVLQSDUWLFLSHQWGHODPrPH©
OHVpOpPHQWVGXGHVVLQSDUWLFLSHQWGHODPrPH©
OHVpOpPHQWVGXGHVVLQSDUWLFLSHQWGHODPrPH©
OHVpOpPHQWVGXGHVVLQSDUWLFLSHQWGHODPrPH©KLVWRLUHKLVWRLUHKLVWRLUHKLVWRLUHªTXLIRXUQLWODWUDPHDIIHFWLYHªTXLIRXUQLWODWUDPHDIIHFWLYHªTXLIRXUQLWODWUDPHDIIHFWLYH&HODQRXVªTXLIRXUQLWODWUDPHDIIHFWLYH DPqQHjOLHUH[SUHVVLRQJUDSKLTXHHWH[SUHVVLRQRUDOH'DQVQRWUHFRXUVpOpPHQWDLUHQRXVSDVVHURQV
UDSLGHPHQWjODWHFKQLTXHGX©GHVVLQWH[WHª&KDTXHHQIDQWVXUVRQEORFpFULWVRQKLVWRLUHVRXVVRQGHVVLQ&HVWH[WHVSRXU URQWrWUHSUpVHQWpVORUVGHVVpDQFHVGHOHFWXUHGHVWH[WHVOLEUHV,OVIRQWJpQpUDOHPHQWXQHJUDQGHSODFHjO·LPDJLQDWLRQ
$XFRXUVGHO·pODERUDWLRQGHVRQGHVVLQO·HQIDQWSHXWGpMjUDFRQWHUO·KLVWRLUHjVHVYRLVLQVGXUDQWOHVWHPSVG·DFWLYLWpV SHUVRQQHOOHV
-·HQWRXUHOHVJUDSKLVPHVRULJLQDX[DLQVLSHXjSHXFKDFXQVHFUpHXQYRFDEXODLUHJUDSKLTXHSHUVRQQHO -·HQWRXUHOHVJUDSKLVPHVRULJLQDX[DLQVLSHXjSHXFKDFXQVHFUpHXQYRFDEXODLUHJUDSKLTXHSHUVRQQHO -·HQWRXUHOHVJUDSKLVPHVRULJLQDX[DLQVLSHXjSHXFKDFXQVHFUpHXQYRFDEXODLUHJUDSKLTXHSHUVRQQHO
-·HQWRXUHOHVJUDSKLVPHVRULJLQDX[DLQVLSHXjSHXFKDFXQVHFUpHXQYRFDEXODLUHJUDSKLTXHSHUVRQQHOª,OIDXWTXHOHWUDLW FKDQWHªQRXVGLWQRWUHDPL-HDQ0LQJDPDUWLVWHQDQWDLV(OLVH)UHLQHWQRXVGHPDQGHG·rWUHDWWHQWLIVj©(OLVH)UHLQHWQRXVGHPDQGHG·rWUHDWWHQWLIVj©(OLVH)UHLQHWQRXVGHPDQGHG·rWUHDWWHQWLIVj©(OLVH)UHLQHWQRXVGHPDQGHG·rWUHDWWHQWLIVj©
O·pOpPHQWGpFRUDWLI O·pOpPHQWGpFRUDWLI O·pOpPHQWGpFRUDWLI O·pOpPHQWGpFRUDWLI
ªªªª GHWRXMRXUVSRXUVXLYUHODUHFKHUFKHGHQHSDVQRXVFRQWHQWHUGHVSUHPLHUVMHWV/·H[LJHQFHHVWOHPDvWUHGHWRXMRXUVSRXUVXLYUHODUHFKHUFKHGHQHSDVQRXVFRQWHQWHUGHVSUHPLHUVMHWV/·H[LJHQFHHVWOHPDvWUH GHWRXMRXUVSRXUVXLYUHODUHFKHUFKHGHQHSDVQRXVFRQWHQWHUGHVSUHPLHUVMHWV/·H[LJHQFHHVWOHPDvWUH GHWRXMRXUVSRXUVXLYUHODUHFKHUFKHGHQHSDVQRXVFRQWHQWHUGHVSUHPLHUVMHWV/·H[LJHQFHHVWOHPDvWUHPRWPRWPRWPRW
$XFRXUVpOpPHQWDLUHOHVHQIDQWVGLVSRVHQWG·XQWHPSVG·DFWLYLWpVSHUVRQQHOOHVGHPQFKDTXHPDWLQ,OVSHXYHQWGHVVLQHU pFULUHOLUHWUDYDLOOHUDX[ILFKLHUVHWDX[FDKLHUVDXWRFRUUHFWLIV«,OVFKRLVLVVHQWOHXUVDFWLYLWpVHQWHQDQWFRPSWHGHOHXUSODQGH WUDYDLO KHEGRPDGDLUH R LOV RQW LQVFULW GHV DFWLYLWpV REOLJDWRLUHV DSSUHQWLVVDJHSURMHWV LQGLYLGXHOVSDUWLFLSDWLRQ DX[ SURMHWV FROOHFWLIV«HWGHVDFWLYLWpVOLEUHV
1RVFUpDWLRQVVHSDVVHQWGDQVXQOLHXSDUWLFXOLHUODFODVVHFRRSpUDWLYHDYHFVHVORLVVHVUHVSRQVDEOHVVHVFRQWUDLQWHV/H UHJDUGGHVDXWUHVHVWWRXMRXUVSUpVHQWODVROLWXGHTXDVLLPSRVVLEOH/HJURXSHWHQGjVHFUpWHUGHVQRUPHV/·REVHUYDWLRQ PRQWUHTX·LOH[LVWHXQ©DLUGHIDPLOOHªO·HIIHWGHO·LPLWDWLRQPXWXHOOHVRXYHQWPDLVDXVVLOHSDUWDJHGHVWURXYDLOOHVYDORULVpHV JpQpUDOHPHQWSDUOHJURXSH
3RXUTXHO·LPDJLQDWLRQQHVRLWSDVIUHLQpHTXHFKDFXQV·DXWRULVHODOLEHUWpFUpDWULFH ,
,
,,MHSUpVHQWHGHVUHFKHUFKHVG·DUWLVWHVHWSDUIRLV ,
, ,
,MHSURSRVHDXVVLXQHVpDQFHFROOHFWLYHG·H[SUHVVLRQMHSURSRVHDXVVLXQHVpDQFHFROOHFWLYHG·H[SUHVVLRQMHSURSRVHDXVVLXQHVpDQFHFROOHFWLYHG·H[SUHVVLRQMHSURSRVHDXVVLXQHVpDQFHFROOHFWLYHG·H[SUHVVLRQ
-HPHWVXQHPXVLTXHGRXFH0R]DUWVRXYHQWMHGHPDQGHOHVLOHQFHWRWDODILQTXHFKDFXQHQWUHHQOXLPrPH /·H[SUHVVLRQSHXWrWUHJUDSKLTXHRXSRpWLTXH-HGHVVLQHRXM·pFULVPRLDXVVLGXUDQWFHWHPSV
&·HVWXQPRPHQWpWRQQDQWRFKDFXQHVWGDQVVDVROLWXGHPDLVSOHLQHPHQWFRQVFLHQWGHODSUpVHQFHGHVDXWUHVGRQWLOVHQWOD FKDOHXUDIIHFWLYHFRPPHRQSHXWOHWURXYHUGDQVODSUDWLTXHGXPDQGDOD
$SUqVOHWHPSVGHVROLWXGHYLHQWOHWHPSVGXSDUWDJH
'DQVXQVLOHQFHDWWHQWLIFKDFXQSHXWV·LOOHGpVLUHOLUHVDSRpVLHUDFRQWHUVRQGHVVLQ
© /HVpOpPHQWVGpFRUDWLIVLQYHQWpVSDUO·HQIDQWGRQQHQWWRXMRXUVEHDXFRXSGHULFKHVVHDX[GHVVLQV'DQVOHV GHVVLQVTXLYRXVRQWpWpUHWRXUQpVHWFRUULJpVUHJDUGH]O·LPSRUWDQFHGHVWRXFKHVGpFRUDWLYHV(OOHVRQWpWp IDLWHVDXVVLVLPSOHVTXHSRVVLEOHPDLVYRXVSRXYH]HQLQYHQWHUG·DXWUHVSOXVSHUVRQQHOOHVª(OLVH)UHLQHW
'HQRVMRXUVG·DQQpHVHQDQQpHVQRWUHSUDWLTXHDpYLGHPPHQWpYROXpDXILOGHQRVREVHUYDWLRQVGHVDQDO\VHVPHQpHVGHV pFKDQJHVDYHFGHVFDPDUDGHVGDQVGHV©FLUFXLWVH[SRVLWLRQVERXOHGHQHLJHªHWGHQRWUHFRRSpUDWLRQDYHFDUWLVWHV-HDQ 0LQJDP0LFKHO'HELqYHHWSV\FKRWKpUDSHXWHVGH0RQGUDJRQ²0DXULFH3LJHRQ
'XEORF 'XEORF 'XEORF
'XEORFXQMRXUQRXVSDVVRQVDXGHVVLQDXWDEOHDXGRQWFKDFXQGLVSRVHjVRQWRXUQRXVSDVVRQVDXGHVVLQDXWDEOHDXGRQWFKDFXQGLVSRVHjVRQWRXUQRXVSDVVRQVDXGHVVLQDXWDEOHDXGRQWFKDFXQGLVSRVHjVRQWRXUQRXVSDVVRQVDXGHVVLQDXWDEOHDXGRQWFKDFXQGLVSRVHjVRQWRXU /·KLVWRLUHUDFRQWpHDX[DXWUHVVHVRFLDOLVH
/·KLVWRLUHUDFRQWpHDX[DXWUHVVHVRFLDOLVH /·KLVWRLUHUDFRQWpHDX[DXWUHVVHVRFLDOLVH /·KLVWRLUHUDFRQWpHDX[DXWUHVVHVRFLDOLVH
/·HQIDQWHVWVXUODVFqQHHWVRQGHVVLQVRXVOHUHJDUGGHWRXV /·HQIDQWHVWVXUODVFqQHHWVRQGHVVLQVRXVOHUHJDUGGHWRXV /·HQIDQWHVWVXUODVFqQHHWVRQGHVVLQVRXVOHUHJDUGGHWRXV /·HQIDQWHVWVXUODVFqQHHWVRQGHVVLQVRXVOHUHJDUGGHWRXV
/HVUpIOH[LRQVOHVFRPPHQWDLUHVOHVTXHVWLRQVFRQVWLWXHQWGHVIDFWHXUVG·H[LJHQFHTXLFRQWULEXHQWjO·HQULFKLVVHPHQWGXGHV /HVUpIOH[LRQVOHVFRPPHQWDLUHVOHVTXHVWLRQVFRQVWLWXHQWGHVIDFWHXUVG·H[LJHQFHTXLFRQWULEXHQWjO·HQULFKLVVHPHQWGXGHV /HVUpIOH[LRQVOHVFRPPHQWDLUHVOHVTXHVWLRQVFRQVWLWXHQWGHVIDFWHXUVG·H[LJHQFHTXLFRQWULEXHQWjO·HQULFKLVVHPHQWGXGHV /HVUpIOH[LRQVOHVFRPPHQWDLUHVOHVTXHVWLRQVFRQVWLWXHQWGHVIDFWHXUVG·H[LJHQFHTXLFRQWULEXHQWjO·HQULFKLVVHPHQWGXGHV VLQRULJLQDO
VLQRULJLQDO VLQRULJLQDO VLQRULJLQDO
(QVXLWHO·KLVWRLUHHVWMRXpHHQMHXGUDPDWLTXHHWOHGHVVLQV·DQLPH3XLVYLHQWDYHFO·DSSXLGHQRVDPLVWKpUDSHXWHVSRXUHQ (QVXLWHO·KLVWRLUHHVWMRXpHHQMHXGUDPDWLTXHHWOHGHVVLQV·DQLPH3XLVYLHQWDYHFO·DSSXLGHQRVDPLVWKpUDSHXWHVSRXUHQ (QVXLWHO·KLVWRLUHHVWMRXpHHQMHXGUDPDWLTXHHWOHGHVVLQV·DQLPH3XLVYLHQWDYHFO·DSSXLGHQRVDPLVWKpUDSHXWHVSRXUHQ (QVXLWHO·KLVWRLUHHVWMRXpHHQMHXGUDPDWLTXHHWOHGHVVLQV·DQLPH3XLVYLHQWDYHFO·DSSXLGHQRVDPLVWKpUDSHXWHVSRXUHQ IDQWVOHSV\FKR
IDQWVOHSV\FKR IDQWVOHSV\FKR
IDQWVOHSV\FKRJUDSKRJUDSKRJUDSKRGUDPHGRQWM·DLUHODWpSDUDLOOHXUVODGLPHQVLRQWKpUDSHXWLTXHJUDSKRGUDPHGRQWM·DLUHODWpSDUDLOOHXUVODGLPHQVLRQWKpUDSHXWLTXHGUDPHGRQWM·DLUHODWpSDUDLOOHXUVODGLPHQVLRQWKpUDSHXWLTXHGUDPHGRQWM·DLUHODWpSDUDLOOHXUVODGLPHQVLRQWKpUDSHXWLTXH
3UDWLTXHGHFODVVH
0DSUDW LTXHGX 0DSUDW 0DSUDW LTXHGX LTXHGX 0DSUDW LTXHGX
GHVVLQO LEUH GHVVLQO LEUH GHVVLQO LEUH GHVVLQO LEUH
-HDQ/H*DO-HDQ/H*DO -HDQ/H*DO -HDQ/H*DO
3UDWLTXHGHFODVVH
$UW(QIDQWLQPDLDRWHWSV\FKRJUDSKRGUDPHO·(GXFDWHXUMDQYLHU
3RXUSOXVGHSUpFLVLRQV/(*$/-HDQO·DWHOLHUGHSHLQWXUH$UWHQIDQWLQPDUVDYULOPDLHW©/HVHQIDQWVGHVVLQHQWDXVVLª(GLWLRQV(FROH0R GHUQH&DQQHVSS
H
$SURSRVG·XQHH[SpULHQFHHQHTXLFRQVLVWDLWjUDFRQWHUDX[DXWUHVFHTXHFKDFXQDYDLWYXGDQVVDWrWHDSUqVrWUHDOOp
©DXFLQpPDGDQVVDWrWHªOHSV\FKDQDO\VWH&KDUOHV%DXGRLQDXWHXUGH
O·kPHHQIDQWLQHHWODSV\FKDQDO\VH
DYDLWQRWpTXH©QRXVVRPPHVHQFOLQjSHQVHUTXHOHFDUDFWqUHG·H[HUFLFHFROOHFWLIFRQWULEXHjO·HIILFDFLWpGHFHWWH
PDQLqUHG·H[WpULRULVHUODIDQWDLVLH&HVUrYHULHVLQWLPHVVRQWWUDLWpHVLFLFRPPHGHVFKRVHVTXLRQWFRXUV GDQVODYLHFRPPXQHFHODVHXOGRLWOHVGpWHQGUHOHVDOOpJHUG·XQHSDUWGHODVHFUqWHFXOSDELOLWpTXLOHV FKDUJHDLW$LQVLFKH]FHUWDLQVSULPLWLIVO·LQGLYLGXUDFRQWHVHVUrYHVGHYDQWOHVWULEXVª
/DWHOLHUGHSHLQWXUH
/HVGHVVLQVDXWUDLWVRQWODEDVHGHVFUpDWLRQVGDQVQRVDWHOLHUVGHJUDYXUHHWjO·DWHOLHU /HVGHVVLQVDXWUDLWVRQWODEDVHGHVFUpDWLRQVGDQVQRVDWHOLHUVGHJUDYXUHHWjO·DWHOLHU/HVGHVVLQVDXWUDLWVRQWODEDVHGHVFUpDWLRQVGDQVQRVDWHOLHUVGHJUDYXUHHWjO·DWHOLHU
/HVGHVVLQVDXWUDLWVRQWODEDVHGHVFUpDWLRQVGDQVQRVDWHOLHUVGHJUDYXUHHWjO·DWHOLHUSHLQWXUHSHLQWXUHSHLQWXUHSHLQWXUH 9RLFLjXQPRPHQWGRQQpFHTX·LOpWDLWGDQVPDFODVVHGHFRXUVpOpPHQWDLUH
/·RUJDQLVDWLRQPDWpULHOOH /·RUJDQLVDWLRQPDWpULHOOH /·RUJDQLVDWLRQPDWpULHOOH /·RUJDQLVDWLRQPDWpULHOOH
/·RUJDQLVDWLRQGX WUDYDLOFRQGLWLRQQH OD UpXVVLWH /·RUJDQLVDWLRQGX WUDYDLOFRQGLWLRQQH OD UpXVVLWH /·RUJDQLVDWLRQGX WUDYDLOFRQGLWLRQQH OD UpXVVLWH
/·RUJDQLVDWLRQGX WUDYDLOFRQGLWLRQQH OD UpXVVLWH
3DVGHWUDYDLOYLYDQWHQULFKLVVDQWSDVGHFUpDWLRQDYHF GHVPDXYDLVRXWLOVRXGDQVOHGpVRUGUH /DJRXDFKHOHVSLQFHDX[HWOHSDSLHUGRLYHQWrWUHGHERQQHTXDOLWp-·DLREVHUYp TX·XQERQSDSLHUPDLQWLHQWFKH]OHVHQIDQWVOHVRXFLGXWUDYDLOELHQIDLW,OHVWLPSRUWDQWGHSRXYRLULQVWDOOHUXQDWHOLHUSHUPDQHQWPDLVFHOXL ,OHVWLPSRUWDQWGHSRXYRLULQVWDOOHUXQDWHOLHUSHUPDQHQWPDLVFHOXL ,OHVWLPSRUWDQWGHSRXYRLULQVWDOOHUXQDWHOLHUSHUPDQHQWPDLVFHOXL ,OHVWLPSRUWDQWGHSRXYRLULQVWDOOHUXQDWHOLHUSHUPDQHQWPDLVFHOXLFLH[LJHO·pODERUDWLRQGHUqJOHV FLH[LJHO·pODERUDWLRQGHUqJOHV FLH[LJHO·pODERUDWLRQGHUqJOHV FLH[LJHO·pODERUDWLRQGHUqJOHV GHIRQFWLRQQHPHQWFDULOQHSHXWDFFXHLOOLUWRXVOHVHQIDQWVjODIRLV
GHIRQFWLRQQHPHQWFDULOQHSHXWDFFXHLOOLUWRXVOHVHQIDQWVjODIRLV GHIRQFWLRQQHPHQWFDULOQHSHXWDFFXHLOOLUWRXVOHVHQIDQWVjODIRLV GHIRQFWLRQQHPHQWFDULOQHSHXWDFFXHLOOLUWRXVOHVHQIDQWVjODIRLV
1RXVGLVSRVRQVG·XQHJUDQGHWDEOHLQVWDOOpHDXIRQGGHODFODVVHGHUULqUHXQEDKXW
6XUXQSRUWHSRWVIL[HO·HQIDQWGLVSRVHGHFRXOHXUVSUpSDUpHVVRLJQHXVHPHQWDYHFGLIIpUHQWHVQXDQFHVQRLUVJULV PDUURQURVHVURXJHVYLROHWVEOHXVYHUWVMDXQHVEODQFV,OSRXUUDYDULHUOHVQXDQFHVHQDMRXWDQWGXEODQF DX[FRXOHXUVSUpSDUpHVGDQVGHVSHWLWVSRWVPLVjVDGLVSRVLWLRQ'HYDQWFKDTXHSRWVHWURXYHXQSLQFHDXGHRXGH
/·RUJDQLVDWLRQGHO·DFWLYLWp /·RUJDQLVDWLRQGHO·DFWLYLWp /·RUJDQLVDWLRQGHO·DFWLYLWp /·RUJDQLVDWLRQGHO·DFWLYLWp
/·DWHOLHU /·DWHOLHU /·DWHOLHU
/·DWHOLHUSHLQWXUHHVWSUrWjIRQFWLRQQHUGqVOHSUHPLHUMRXUGHFODVVHSHLQWXUHHVWSUrWjIRQFWLRQQHUGqVOHSUHPLHUMRXUGHFODVVHSHLQWXUHHVWSUrWjIRQFWLRQQHUGqVOHSUHPLHUMRXUGHFODVVHSHLQWXUHHVWSUrWjIRQFWLRQQHUGqVOHSUHPLHUMRXUGHFODVVH-HSUpVHQWHOHVH[LJHQFHVjUHVSHFWHUSRXUTXHO·DWH OLHUGHPHXUHIRQFWLRQQHOHQIDLVDQWXQHFRXUWHGpPRQVWUDWLRQHWXQHSUpVHQWDWLRQGHSHLQWXUHVUpDOLVpHVSDUOHVDQFLHQV GpOD\HUVRLJQHXVHPHQWODSHLQWXUHjO·DLGHG·XQEkWRQQHWVHWURXYDQWGDQVOHSRWDYDQWG·\WUHPSHUOHSLQFHDXTXLVH WURXYHjGURLWHGXSRW3RXUSUpOHYHUMXVWHODSHLQWXUHQpFHVVDLUHOHIURWWHUVXUOHERUGGXSRW
jSDUWLUG·XQGHVVLQOLEUHDXWUDLWGXEORFjGHVVLQWUDFHUVRLJQHXVHPHQWFHGHVVLQjODSHLQWXUHMDXQHVXUODIHXLOOH EODQFKH
HQSHLJQDQWODLVVHUXQHSHWLWHPDUJHEODQFKHHQWUHOHVFRXOHXUVSRXUQHSDVOHVPpODQJHU
©©©©/RUVTX·XQJUDSKLVPHHVWWUDFpLOIDXWEHDXFRXSGHVRLQVSRXUSDVVHUODFRXOHXUHWUHVSHFWHUOHVOLJQHVHVVHQWLHOOHV« /RUVTX·XQJUDSKLVPHHVWWUDFpLOIDXWEHDXFRXSGHVRLQVSRXUSDVVHUODFRXOHXUHWUHVSHFWHUOHVOLJQHVHVVHQWLHOOHV« /RUVTX·XQJUDSKLVPHHVWWUDFpLOIDXWEHDXFRXSGHVRLQVSRXUSDVVHUODFRXOHXUHWUHVSHFWHUOHVOLJQHVHVVHQWLHOOHV« /RUVTX·XQJUDSKLVPHHVWWUDFpLOIDXWEHDXFRXSGHVRLQVSRXUSDVVHUODFRXOHXUHWUHVSHFWHUOHVOLJQHVHVVHQWLHOOHV«
/HJUDSKLVPHHWODFRXOHXUGRLYHQWVHGRQQHUODPDLQ /HJUDSKLVPHHWODFRXOHXUGRLYHQWVHGRQQHUODPDLQ /HJUDSKLVPHHWODFRXOHXUGRLYHQWVHGRQQHUODPDLQ
/HJUDSKLVPHHWODFRXOHXUGRLYHQWVHGRQQHUODPDLQª(OLVH)UHLQHW ª(OLVH)UHLQHW ª(OLVH)UHLQHW ª(OLVH)UHLQHW
UHSRVHUOHSLQFHDXGHYDQWVRQSRW/RUVTXHWRXVOHVJUDSKLVPHVRQWpWpVRLJQHXVHPHQWSHLQWVSHLQGUHOHIRQGHQFKRLVLVVDQWDYHFDWWHQWLRQOHVFRXOHXUV
&·HVWOjO·pWDSHODSOXVGLIILFLOHHWOHWkWRQQHPHQWULVTXHG·rWUHORQJDYDQWG·REWHQLUXQHKDUPRQLHGHFRXOHXUVTXL FRUUHVSRQGHjFHTXHO·HQIDQWDXUDLWDLPpUpDOLVHU/D©SDUWGXPDvWUHªHVWLFLLPSRUWDQWH
7RXVOHVHQIDQWVGpVLUDQWDOOHUjO·DWHOLHU²SHLQWXUHTXLQ·DTXHKXLWSODFHVDVVLVHVQRXVRUJDQLVRQVGHVpTXLSHVGHKXLW
$FWXHOOHPHQWOHVHQIDQWVYRQWjODWDEOHGHSHLQWXUHSDUpTXLSHVGHKXLW/DFODVVHHVWGLYLVpHHQpTXLSHVDILQTXHFKDFXQ SXLVVHSDVVHUDXPRLQVXQHIRLVSDUVHPDLQHjO·DWHOLHU&HOXLTXLQHGpVLUHSDV\DOOHUFqGHVDSODFHjXQFDPDUDGHGHVRQ FKRL[
-HFUpHUDLXOWpULHXUHPHQWSOXVLHXUVSRUWHSRWVWUDQVSRUWDEOHVGHSRWVDILQTXHOHVHQIDQWVSXLVVHQWrWUHSOXVQRPEUHX[j SRXYRLUSHLQGUHHWSRXUOHVFUpDWLRQVHQJUDQGIRUPDWKRUVGHO·DWHOLHUGHSHLQWXUH
3URMHWG¹TXLSH
$O·pFROHPDWHUQHOOH-HDQ0RXOLQGH3HUQHVpFROHPDWHUQHOOH-HDQ0RXOLQGH3HUQHVpFROHPDWHUQHOOH-HDQ0RXOLQGH3HUQHVLO\DXQMDUGLQDYHFXQMROLFDEDQRQPDLVpFROHPDWHUQHOOH-HDQ0RXOLQGH3HUQHV YRLOjOHMDUGLQHVWGHYHQXXQHVLPSOHIULFKHGDQVODTXHOOHV·pOqYHILqUHPHQWXQK{WHOj
LQVHFWHV
&HWWHDQQpHODYLOOHGH3HUQHVPHW HQSODFHOHWULVpOHFWLIHWGLVWULEXH GHV FRPSRVWHXUV DX[ KDELWDQWV SRVVpGDQWXQMDUGLQ
UpI &UpDWLRQV 1 ©5pFXSpUDWLRQª DUWLFOH
&DUWHEODQFKH©/DOHWWUHj0RQVLHXUOH0DLUHªGDQVODTXHOOHOHV pOqYHVGHODFODVVHUpFODPHQWXQFRPSRVWHXUSRXUOHXUMDUGLQ
3HQGDQWFHWHPSVHQFODVVHOHVpOqYHV DSSUHQQHQWjWULHUOHFRQWHQXG·XQH SRXEHOOHRUGLQDLUH
,OVGpFRXYUHQWOHU{OHGHVVDFVMDXQHV HWGHVFRQWDLQHUVSRXUOHYHUUHOHV WH[WLOHV«
/DSUHPLqUHpTXLSHFRPPHQFHSDU YLGHUOHFDEDQRQDILQGHOH UpDPpQDJHUHQLQVWDOODQWGHV pWDJqUHVHWGHVUkWHOLHUVSRXU UDQJHUOHVRXWLOVHQWRXWHVpFXULWp
(WDSH
&HSURMHWQHSHXWDERXWLUTX·DYHFODSDUWLFLSDWLRQGHSDUHQWVYRORQWDLUHVTXLRQW HQYLHGHWUDQVPHWWUHDX[HQIDQWVGHVJHVWHVSURSUHVDXWUDYDLOGHODWHUUHHWGH
PHQHUDYHFHX[XQHUpIOH[LRQWRXWDXORQJGHVGLIIpUHQWHVpWDSHVVXUO·DJULFXOWXUHO·DOLPHQWDWLRQODYLHHWODPRUWGHVSODQWHV VXUQRWUHSODQqWH«
&HX[TXLQHSHXYHQWSDVVHOLEpUHUOHVDPHGLDSSRUWHQWGHVSODQWVGHOpJXPHVGXPDWpULHOGHMDUGLQDJHGHVUHYXHVGHV pSOXFKXUHV SRXU OH FRPSRVW GHV
SODQFKHV SRXU OH FDEDQRQ GH OD VFLXUHSRXUOHFRPSRVWHXU«
/HMDUGLQG HVHQIDQW V /HMDUGLQG HVHQIDQW V /HMDUGLQG HVHQIDQW V /HMDUGLQG HVHQIDQW V
HWGHVSDUHQ WV HWGHVSDUHQ WV HWGHVSDUHQ WV HWGHVSDUHQ WV
(FROHPDWHUQHOOH-HDQ0RXOLQ (FROHPDWHUQHOOH-HDQ0RXOLQ (FROHPDWHUQHOOH-HDQ0RXOLQ (FROHPDWHUQHOOH-HDQ0RXOLQ 3HUQHV
3HUQHV3HUQHV
3HUQHVOHVOHVOHVOHV)RQWDLQHV9DXFOXVH )RQWDLQHV9DXFOXVH )RQWDLQHV9DXFOXVH )RQWDLQHV9DXFOXVH
*6(OLDQH7URFROR
*6(OLDQH7URFROR
*6(OLDQH7URFROR
*6(OLDQH7URFROR
/HVHQIDQWVDSSRUWHQWOHVSODQFKHV GXFRPSRVWHXU/HVSDSDVOH
PRQWHQWHWSUpSDUHQW O·HPSODFHPHQW
3URMHWG¹TXLSH
3XLVLOVSDUWLFLSHQWjODPLVHHQSODFHGXFRPSRVWHXUHWVXUWRXWjVD PLVHHQURXWHHQVXLYDQWOHVFRQVLJQHVpFULWHVGDQVO·DUWLFOHGXMRXUQDO GHODYLOOH
)&RPPHQFHUSDUXQHFRXFKHGHVFLXUH )XQHFRXFKHGHEUDQFKHWWHV
)XQHFRXFKHGHYLHX[FRPSRVWHWDUURVHUOH
WRXW-
VDQVRXEOLHUGHSDUOHUGXU{OHGHVSHWLWHV ErWHVGDQVOHFRPSRVW
3RXUGHYHQLUGHVMDUGLQLHUVLOIDXWFRPPHQFHUSDUDSSUHQ GUHOHQRPGHVRXWLOV1RWUHPDPDQH[SHUWHHQMDUGLQDJH H[SOLTXHjWRXVODWHFKQLTXHGXWUDoDJHDXFRUGHDX
&KDFXQSHXWV·LQLWLHUjO·XWLOLVDWLRQG·XQHErFKHRXG·XQ UkWHDXDILQGHUpDOLVHUGHVEXWWHVGHWHUUHVXUOHVTXHOOHV YRQWSUHQGUHSODFHOHVSODQWVGHOpJXPHV
(7$3(1
3HQGDQWTXHOHVSDUHQWVSUpSDUHQWOHWHUUDLQHQ UHWRXUQDQWODWHUUHjODErFKHOHVHQIDQWVIRQWGHV UHFKHUFKHVVXUOHQRPGHVSODQWVDSSRUWpVSDUOHV IDPLOOHV HQVXLWH LOV IDEULTXHQW GHV pWLTXHWWHV SRXU TXHOHVpOqYHVGHO·pFROHSXLVVHQWVDYRLUjTXRLUHV VHPEOHWHORXWHOOpJXPHVDQVVRQIUXLW
,OIDXWDXVVLDSSUHQGUHjGLVSRVHUOHVSODQWVHQUHVSHFWDQWXQHVSDFHVXIILVDQWSRXUTX·LOV SXLVVHQWJUDQGLU
'DQVXQDXWUHFRLQGXMDUGLQXQJURXSHG·HQIDQWVPHWHQWHUUHGHVSODQWHVDURPDWLTXHVVRXV O·±LOYLJLODQWG·XQSDSDHWG·XQHSHWLWHV±XU
4XDQWj/HLODHOOHWHVWHVHVFRQQDLVVDQFHVHQXWLOLVDQWOHVVHQVGXWRXFKHUHWGHO·RGRUDW VRXVOHUHJDUGGHVFRSDLQV
/DPDvWUHVVHSDUWLFLSHDXVVLHQ PRQWUDQWFRPPHQWO·DUURVDJH SHXWVHIDLUHIDFLOHPHQWJUkFH DX[SHWLWVVLOORQVFUHXVpVDXEDV GHVEXWWHV
/·HDXpOpPHQWLQGLVSHQVDEOH SRXUIDLUHSRXVVHUOHVOpJXPHV YDSRXYRLUFRXOHUDXSLHGGHQRV SODQWV
$XWUHPRPHQW LPSRUWDQWGDQVOD SUDWLTXHGXMDUGLQDJH
F·HVWO·HQWUHWLHQGHV RXWLOV$ODILQGH FKDTXHPDWLQpHOHV HQIDQWVQHWWRLHQWOH PDWpULHOXWLOLVpDYDQW GHOHUDQJHUVRLJQHX VHPHQWGDQVOH
FDEDQRQ
3URMHWG¹TXLSH
'·DXWUHVDFWLYLWpVVRQWPHQpHVDXWRXUGXMDUGLQGHVVLQHUOHV SODQWHVOHVIOHXUVOHVIUXLWVDERUGHUO·LGpHGHODUHSUpVHQWD WLRQ GX MDUGLQ SDU OH SODQ UHQFRQWUHU XQH LQWHUYHQDQWH GX
&HQWUH 0pGLWHUUDQpHQGH O·(QYLURQQHPHQW SRXU DSSUHQGUH j PLHX[ FRQQDvWUH OHV © SHWLWHV ErWHV ª /HV HQIDQWV UpDOLVHQW GHVDVSLUDWHXUVSRXUDWWUDSHUOHV LQVHFWHV VDQVOHVEOHVVHU PHWWHQWHQSODFHGHVDEULVDLQVLTXHGHVLQVWDOODWLRQVSRXU OHVQRXUULURXOHVDWWLUHU/·DQLPDWULFHOHVVHQVLELOLVHDXU{OH LPSRUWDQWGHVLQVHFWHVGDQVO·pTXLOLEUHGHOHXUHQYLURQQHPHQW QDWXUHO
(7$3(1
8QPRLVDSUqVOHMDUGLQHVWHQYDKLSDUOHVPDXYDLVHVKHUEHVTXLULVTXHQWG·pWRXIIHUQRVSODQWVGHOpJXPHV$ORUVXQHQRXYHOOH pTXLSHGHSDUHQWVHWG·HQIDQWVGpFLGHGHV·DWWDTXHUDXGpVKHUEDJH$XFXQWUDLWHPHQWjEDVHGHSURGXLWVQRFLIVGXFRPPHUFH Q·HVWXWLOLVp&·HVWXQMDUGLQ©%,2ª
/HVWRPDWHVELHQDUURVpHVFRPPHQFHQWjJURVVLUHWjIDLUHSOLHUOHVWLJHVTXHQRXVUHGUHVVRQVDYHFGHVWXWHXUV/HFRLQGHV SODQWHVDURPDWLTXHVHVWWHUPLQp8QSDSLMDUGLQLHUGpYRXpOHGpEDUUDVVHGHVPDXYDLVHVKHUEHV3HQGDQWFHWHPSVOHVHQIDQWV FUpHQWXQSHWLWPDVVLIGHSODQWHVG·RUQHPHQWODWHUUHHWOHVJDOHWVVRQWUpFXSpUpVGDQVXQWHUUDLQjFRWpGHO·pFROH/HWUDQV SRUWVHIDLWjO·DLGHGHVEURXHWWHVGHODFRXUGHUpFUpDWLRQ
$SUqVSOXVLHXUVGpVKHUEDJHVHWXQDUURVDJHTXRWLGLHQHQILQGHMRXUQpHOHVHQIDQWVSHXYHQWUpFROWHUILqUHPHQWOHVIUXLWVHWOHV OpJXPHVGHOHXUMDUGLQ
&RQFOXVLRQ
&RQFOXVLRQ
&RQFOXVLRQ
&RQFOXVLRQ
3XLVOHVYDFDQFHVDUULYHQW/HMDUGLQHVWHQWUHWHQXSDUOH JHQWLOSDSLHWODPDvWUHVVHHOOHVHFKDUJHGHUpFROWHU XQPD[LPXPGHOpJXPHVHWGHOHVFRQVHUYHUSRXUIDLUH XQHVXUSULVHDX[HQIDQWVjOD
UHQWUpH
(QVHSWHPEUHOHVpOqYHVHWOHXUVSDUHQWVVRQWLQYLWpVjXQDSpULWLIjO·pFROH
PDWHUQHOOH$X0(18GHVSL]]DVjODVDXFHWRPDWHGXMDUGLQGHVFRQFRPEUHVjOD JUHFTXHGHVWDUWHVjODUDWDWRXLOOH
&HMRXUOjOHVHQIDQWVSUHQQHQWFRQVFLHQFHTX·XQMDUGLQGRLWrWUHO·REMHWGHWRXWHVOHV DWWHQWLRQVHWTXHODQDWXUHUHSUHQGWUqVYLWHVHVGURLWVHQHIIHWLOIDXWVHIUD\HUXQ SDVVDJH SDUPL OHV KDXWHV KHUEHV SRXU DWWHLQGUH OHV FRQFRPEUHV VHXOV UHVFDSpV GHV GHX[PRLVG·pWp
9LVLEOHVX&285HW-$©&Up$WLRQU&223·,&5',1Vª (0
6RPPDLUHHWLQIRV
6·DERQQHUDX FKDQWLHUPDWHUQHOOH
SRXUO·DQQpH
HXURVOHVQXPpURV
HXURVOHVQXPpURV HXURVOHVQXPpURV HXURVOHVQXPpURV
(QYR\HUYRVQRPVHWDGUHVVHj ,&(0SpGDJRJLH)UHLQHW
FKHPLQGHODURFKH0RQWLJQ\
1DQWHV
3DJH 5HQFRQWUHVDYHFOH*)(1 3DJH 'URLWVGHOHQIDQW
&,'(0
3DJHV
5DSSRUWVXU$P¹QDJHPHQWGXWHPSVVFRODLUH HWVDQW¹GHOHQIDQW
<DQQ7RXLWRX3LHUUH%HJXH
3DJHV
,QWHUQDWLRQDOHW6XUOHRXDLEH
3DJHV /HGHVVLQOLEUHFRQVHLOVSUDWLTXHV
(OLVH)UHLQHW
3DJHV 0DSUDWLTXHGXGHVVLQOLEUH
-HDQ/HJDO
3DJHV
/HMDUGLQGHVHQIDQWVHWGHVSDUHQWV
eOLDQH7URFROR9DXFOXVH
3DJH 6RPPDLUHDERQQHPHQW²FRWLVDWLRQ
3DJH /HVWRXUQHVROV
(FROHPDWHUQHOOH0DXSDVVDQW&DQWHOHX
1·RXEOLH]SDVG·DGKpUHUjO,&(0HQFHGpEXWG·DQQpH 1·RXEOLH]SDVG·DGKpUHUjO,&(0HQFHGpEXWG·DQQpH1·RXEOLH]SDVG·DGKpUHUjO,&(0HQFHGpEXWG·DQQpH 1·RXEOLH]SDVG·DGKpUHUjO,&(0HQFHGpEXWG·DQQpH XQHFRWLVDWLRQGHEDVHj¼
XQHFRWLVDWLRQUpGXLWHj¼
XQHFRWLVDWLRQGHVRXWLHQj¼RXSOXV ,OVXIILWGHUHQYR\HUVRQUqJOHPHQW
DXUHVSRQVDEOHGHWRQ*URXSH'pSDUWHPHQWDOTXLIHUDVXLYUH RXVLWXHVLVROpHVDQV*URXSH'pSDUWHPHQWDOGLUHFWHPHQW DX6HFUpWDULDWGHO·,&(0
FKHPLQGHOD5RFKH0RQWLJQ\FKHPLQGHOD5RFKH0RQWLJQ\FKHPLQGHOD5RFKH0RQWLJQ\FKHPLQGHOD5RFKH0RQWLJQ\
1$17(6 1$17(61$17(6 1$17(6
7pO7pO7pO
7pO
5HWURXYH]OHVDQFLHQVQXPpURVHQOLJQHjO·DGUHVVH KWWSZZZLFHPSHGDJRJLHIUHLQHWRUJ"T QRGH