25*$1,6$7,21021',$/('(/$6$17(
&216(,/(;(&87,) (%5HY
&HQWWUHL]LqPHVHVVLRQ MDQYLHU
3RLQWGHO¶RUGUHGXMRXUSURYLVRLUH
5pYLVLRQGX5qJOHPHQWVDQLWDLUHLQWHUQDWLRQDO
5DSSRUWGX6HFUpWDULDW
(Q DSSOLFDWLRQ GH OD UpVROXWLRQ :+$ GHV LQIRUPDWLRQV VRQW GRQQpHV FLDSUqV VXU O¶pWDW G¶DYDQFHPHQW GH OD UpYLVLRQ GX 5qJOHPHQW VDQLWDLUH LQWHUQDWLRQDO HW VXU OHV GLVSRVLWLRQV SULVHV FRQFHUQDQWODUpXQLRQGXJURXSHGHWUDYDLOLQWHUJRXYHUQHPHQWDO
8Q DYDQWSURMHW GH 5qJOHPHQW HVW HQ FRXUV G¶pODERUDWLRQ VXU OD EDVH GH YDVWHV FRQVXOWDWLRQV PHQpHVDXVHLQGHO¶2UJDQLVDWLRQHWDYHFGHVSDUWHQDLUHVH[WpULHXUVGRQWXQJURXSHLQWHUQDWLRQDOGH MXULVWHV &H SURMHW VHUD GLVWULEXp DX[ (WDWV 0HPEUHV VXIILVDPPHQW W{W DYDQW OHV FRQVXOWDWLRQV TXL GRLYHQWVHWHQLUGDQVOHVVL[5pJLRQVGHO¶206HQWUHPDUVHWMXLQDILQGHSHUPHWWUHDX[(WDWV 0HPEUHV G¶H[DPLQHU OH WH[WH SUpDODEOHPHQW 'HV UHVVRXUFHV RQW pWp SUpYXHV SRXU TXH OHV EXUHDX[
UpJLRQDX[ RUJDQLVHQW OHV UpXQLRQV HW V¶DVVXUHQW TXH OHV SD\V OHV PRLQV DYDQFpV \ SDUWLFLSHQW 8Q QRXYHDXSURMHWVHUDpWDEOLHQWUHMXLOOHWHWDRWVXUODEDVHGHFHVUpXQLRQVHWLOVHUDFRPPXQLTXp UDSLGHPHQWDX[(WDWV0HPEUHVHWDX[DXWUHVSDUWLFLSDQWVDXJURXSHGHWUDYDLOLQWHUJRXYHUQHPHQWDO 8Q RXWLO LQIRUPDWLTXH VpFXULVp D pWp LQVWDOOp VXU O¶,QWHUQHW SRXU IDFLOLWHU OHV FRQVXOWDWLRQV UHODWLYHVDXWUDYDLOGHUpYLVLRQDYHFOHVSDUWHQDLUHVH[WpULHXUV
'HV GLVSRVLWLRQV VRQW DFWXHOOHPHQW SULVHV HQ YXH GH OD UpXQLRQ GX JURXSH GH WUDYDLO LQWHUJRXYHUQHPHQWDO VXU OD UpYLVLRQ GX 5qJOHPHQW TXL VH WLHQGUD GX HU DX QRYHPEUH j
*HQqYHVRXVUpVHUYHGHO¶DFFRUG GX &RQVHLOH[pFXWLI 2QGLVSRVHUDDLQVL GX WHPSV QpFHVVDLUH SRXU UDVVHPEOHUOHVGRQQpHVLVVXHVGHVFRQVXOWDWLRQVUpJLRQDOHV7RXVOHV(WDWV0HPEUHVHQSDUWLFXOLHUOHV SD\V OHV PRLQV DYDQFpV HW OHV RUJDQLVDWLRQV G¶LQWpJUDWLRQ pFRQRPLTXH UpJLRQDOH YLVpHV GDQV OD UpVROXWLRQ:+$VHURQWLQYLWpVjVHIDLUHUHSUpVHQWHUGHVREVHUYDWHXUVVHURQWLQYLWpVQRWDPPHQW OHV UHSUpVHQWDQWV VXLYDQWV GHV RUJDQLVPHV DVVRFLpV DX WUDYDLO GH UpYLVLRQ &RQVHLO LQWHUQDWLRQDO GHV
$pURSRUWV&RRSpUDWLRQpFRQRPLTXH$VLH3DFLILTXH$VVRFLDWLRQGHV1DWLRQVGHO¶$VLHGX6XG(VW )$2 $VVRFLDWLRQ GX 7UDQVSRUW DpULHQ LQWHUQDWLRQDO 2$&, 20, )pGpUDWLRQ LQWHUQDWLRQDOH GHV
$UPDWHXUV 0HUFDGR &RP~Q GHO 6XU 2IILFH LQWHUQDWLRQDO GHV (SL]RRWLHV 2UJDQLVDWLRQ LQWHUQDWLRQDOH GX 7RXULVPH HW 2UJDQLVDWLRQ PRQGLDOH GX &RPPHUFH /H JURXSH GH WUDYDLO LQWHUJRXYHUQHPHQWDO pWDEOLUD OH WH[WH ILQDO GX 5qJOHPHQW UpYLVp TXL VHUD VRXPLV j OD &LQTXDQWH +XLWLqPH$VVHPEOpHPRQGLDOHGHOD6DQWp
8QUDSSRUWVXUO¶pWDWG¶DYDQFHPHQWGXWUDYDLOGHUpYLVLRQVHUDSUpVHQWpDX&RQVHLOH[pFXWLIjVD FHQWTXLQ]LqPHVHVVLRQ/HVLQIRUPDWLRQVVXUOHVDFWLYLWpVFRQVXOWDWLYHVMXULGLTXHVHWWHFKQLTXHVHWVXU OHVFRQVXOWDWLRQVUpJLRQDOHVFRQWHQXHVGDQVOHUDSSRUWDLGHURQWjpYDOXHUO¶DSSOLFDELOLWpGX5qJOHPHQW UpYLVp GDQV GHV SD\V DX[ V\VWqPHV GH VDQWp GLIIpUHQWV RX Q¶D\DQW SDV OHV PrPHV FDSDFLWpV GH VXUYHLOODQFHHWG¶DFWLRQHQVDQWpSXEOLTXH
(%5HY
0(685(6$35(1'5(3$5/(&216(,/(;(&87,)
/H &RQVHLO H[pFXWLI HVW LQYLWp j GRQQHU VRQ DFFRUG VXU OHV GLVSRVLWLRQV SULVHV FRQFHUQDQW OD UpXQLRQGXJURXSHGHWUDYDLOLQWHUJRXYHUQHPHQWDOGXHUDXQRYHPEUH
