3URJUqVHQXURORJLH
(OVHYLHU0DVVRQ6$67RXVGURLWVUpVHUYpV
&$6&/,1,48(1
6\QGURPHGH)RZOHU
;*DPp
'pSDUWHPHQWG·8URORJLHWUDQVSODQWDWLRQUpQDOHHWDQGURORJLH&+85DQJXHLODYHQXH GX3URIHVVHXU-HDQ3RXOKqV76$7RXORXVH&HGH[)UDQFH
&DVFOLQLTXH
0RWLIGHFRQVXOWDWLRQ
0OOH&RUDOLH)kJpHGHDQVFRQVXOWHFDUGHSXLVPRLV HOOHQ·DUULYHSOXVjXULQHU
$QDPQqVH
(OOHYLGHVDYHVVLHSDUFDWKpWpULVPHLQWHUPLWWHQWSURSUH TX·HOOHUpDOLVHFLQTIRLVSDUMRXUVDQVSUREOqPHVSDUWLFX OLHUV(OOHDFRPPHDQWpFpGHQWXQFXUHWDJHXWpULQjO·kJH GHDQV/DUpWHQWLRQFRPSOqWHG·XULQHHVWVXUYHQXHDX UpYHLOG·XQHN\VWHFWRPLHRYDULHQQHODSDURVFRSLTXH(OOH HVWQXOOLSDUHHWQ·DQLDQWpFpGHQWQHXURORJLTXHQLWURXEOHV PLFWLRQQHOVDQWpULHXUV(OOHQHSUHQGDXFXQWUDLWHPHQW
4XHVWLRQV
UHTXHVWLRQ
4XHOVH[DPHQVSUDWLTXH]YRXVGHYDQWFHWWHUpWHQWLRQFKUR QLTXHG·XULQH"
H
TXHVWLRQ
3DUPLOHVH[DPHQVUpDOLVpVVHXOOHELODQXURG\QDPLTXHHVW DQRUPDO,OPRQWUHjODF\VWRPDQRPpWULHXQHYHVVLHK\SR VHQVLEOHHWDFRQWUDFWLOHHWjODSURÀORPpWULHXUpWUDOHXQH SUHVVLRQGHFO{WXUHGHFP+2
4XHOGLDJQRVWLFpWLRORJLTXHVXVSHFWH]YRXV"
4XHOH[DPHQGHPDQGH]YRXVSRXUOHFRQÀUPHU"
&RUUHVSRQGDQFH
$GUHVVHHPDLOJDPH[#FKXWRXORXVHIU;*DPp
H
TXHVWLRQ
9RWUHGLDJQRVWLFHVWFRQÀUPp4XHOOHHVWYRWUHSURSRVLWLRQ WKpUDSHXWLTXH"
H
TXHVWLRQ
/DSDWLHQWHYRXVLQWHUURJHVXUOHVWDX[GHVXFFqV4XHOXL UpSRQGH]YRXV"
H
TXHVWLRQ
/HWUDLWHPHQWHVWUpDOLVpDYHFVXFFqV8QDQSOXVWDUGYRXV UHYR\H]ODSDWLHQWHHQFRQVXOWDWLRQ7RXWYDELHQHWHOOH YRXVGLWTX·HOOHYDWUqVELHQW{WDYRLUXQHLPSODQWDWLRQGDQV OHFDGUHG·XQHIpFRQGDWLRQLQYLWUR
4XHOXLGLWHVYRXV"
H
TXHVWLRQ
(QÀQGHFRQVXOWDWLRQOHFRQMRLQWGHODSDWLHQWHYRXVLQWHU URJHVXUOHPpFDQLVPHGHVXUYHQXHGHODPDODGLHHWVXUOHV ULVTXHVSRXUOHXUVIXWXUVHQIDQWV
4XHUpSRQGH]YRXV"
5pSRQVHV 5pSRQVH
'HYDQWFHWWHUpWHQWLRQFRPSOqWHG·XULQHQRXVUpDOLVRQVXQ H[DPHQFOLQLTXHFRPSUHQDQW
XQH[DPHQJ\QpFRORJLTXHjODUHFKHUFKHG·XQHFDXVH ORFDOHSURODSVXVLQIHFWLRQFRUSVpWUDQJHUWXPHXU«
&DVFOLQLTXHQ6\QGURPHGH)RZOHU
XQH[DPHQQHXURORJLTXHJpQpUDOHWSpULQpDO
3DUDOOqOHPHQW VHURQW SUDWLTXpV GHV H[DPHQV FRPSOpPHQWDLUHV
XQHÀEURVFRSLHXULQDLUHjODUHFKHUFKHG·XQHREVWUXFWLRQ RUJDQLTXHGHO·XUqWUHG·XQHWXPHXURXG·XQHOLWKLDVH YpVLFDOH
XQH,50PpGXOODLUHHWHQFpSKDOLTXHjODUHFKHUFKHGH OpVLRQVLQÁDPPDWRLUHVGXV\VWqPHQHUYHX[FHQWUDO
XQELODQXURG\QDPLTXHSRXUpWXGLHUOHIRQFWLRQQHPHQW YpVLFDOHWVSKLQFWpULHQ
5pSRQVH
1RXV VXVSHFWRQV XQ GpVRUGUH SULPDLUH GH OD UHOD[DWLRQ VSKLQFWpULHQQHRXV\QGURPHGH)RZOHU>@GHYDQW
O·kJHGHODSDWLHQWHOHVDQWpFpGHQWVJ\QpFRORJLTXHV ODQRWLRQGHN\VWHVRYDULHQVODSUpVHQFHG·XQIDFWHXU GpFOHQFKDQWVRXVODIRUPHG·XQHDQHVWKpVLHJpQpUDOH O·DEVHQFHGHSULVHPpGLFDPHQWHXVH
OD QRUPDOLWp GHV H[DPHQV FOLQLTXHV HW SDUDFOLQLTXHV UpDOLVpVHQGHKRUVGXELODQXURG\QDPLTXH
OHVGRQQpHVGXELODQXURG\QDPLTXHDVVRFLDQWK\SHUWRQLH VSKLQFWpULHQQHK\SRVHQVLELOLWpHWDFRQWUDFWLOLWpYpVLFDOH 3RXUFRQÀUPHUOHGLDJQRVWLFQRXVUpDOLVRQVXQHpOHF WURP\RJUDSKLHGXVSKLQFWHUH[WHUQHGHO·XUqWUHjO·DLGH G·XQHDLJXLOOHpOHFWURGHFRQFHQWULTXHjODUHFKHUFKHG·XQH DVVRFLDWLRQGHWUDLQVGHGpFKDUJHVUpSpWpHVG·XQLWpVPRWULFHV HWGHGpFpOpUDWLRQVSURQRQFpHV
5pSRQVH
'HYDQWXQGpVRUGUHSULPDLUHGHODUHOD[DWLRQVSKLQFWpULHQQH RXOHV\QGURPHGH)RZOHUOHWUDLWHPHQWGHUpIpUHQFHHVWOD QHXURPRGXODWLRQGHVUDFLQHVVDFUpHVSRVWpULHXUHV,OFRQYLHQW GRQFGHSURSRVHUGHUpDOLVHUXQWHVWHWVLFHGHUQLHUSHUPHW XQHUHSULVHGHVPLFWLRQVG·HQYLVDJHUO·LPSODQWDWLRQVRXV FXWDQpHG·XQERvWLHUGHVWLPXODWLRQ
5pSRQVH
/HVWDX[GHVXFFqVDXWHVWVRQWGH>@$SUqVLPSODQWD WLRQORUVTXHOHWHVWDpWpSRVLWLIOHWDX[GHVXFFqVjDQV SHUVLVWDQFHGHVPLFWLRQVVSRQWDQpHVVDQVUpVLGXHVWGH
5pSRQVH
(QFDVGHGpVLUGHJURVVHVVHHWSHQGDQWWRXWHODJURVVHVVH LOHVWUHFRPPDQGpG·DUUrWHUODVWLPXODWLRQHWGHPHWWUH O·DPSOLWXGHGHVWLPXODWLRQj]pUR$XFXQHFRPSOLFDWLRQVXU OHQRXYHDXQpRXVXUOHGpURXOHPHQWGHODJURVVHVVHQ·D pWpUDSSRUWpHMXVTX·jFHMRXU>@/DSUpVHQFHGXQHXURPR GXODWHXUHWOHV\QGURPHGH)RZOHUQHFRQVWLWXHQWSDVXQH FRQWUHLQGLFDWLRQjXQDFFRXFKHPHQWSDUYRLHEDVVH
5pSRQVH
1RXVOXLH[SOLTXRQVTX·LOV·DJLWG·XQHDQRPDOLHSUREDEOHPHQW G·RULJLQHKRUPRQDOHGHVFDQDX[VLWXpVGDQVODSDURLGHVFHOOXOHV FRPSRVDQWOHVSKLQFWHUH[WHUQHGHO·XUqWUHHQWUDvQDQWXQH K\SHUFRQWUDFWLOLWpGHVÀEUHVPXVFXODLUHVTXLYDrWUHUHVSRQ VDEOHG·XQHDXJPHQWDWLRQGHODVWLPXODWLRQGHVÀEUHVQHUYHXVHV DIIpUHQWHVG·RULJLQHXUpWUDOHSURYRTXDQWXQHLQKLELWLRQDXQLYHDX GHODPRHOOHVDFUpHGHO·LQIRUPDWLRQIRXUQLHSDUOHVÀEUHVGHOD VHQVLELOLWpYpVLFDOHVXUO·pWDWGHUHPSOLVVDJHGHODYHVVLH>@
$XFXQHWUDQVPLVVLRQIDPLOLDOHQ·DpWpUDSSRUWpHjFHMRXU
/LHQVG·LQWpUrWV
**DPp(VVDLVFOLQLTXHVHQTXDOLWpG·LQYHVWLJDWHXUSULQ FLSDOFRRUGRQQDWHXURXH[SpULPHQWDWHXUSULQFLSDO$OOHUJDQ ,SVHQ/LOO\7pOpÁH[0HGWURQLF,QWHUYHQWLRQVSRQFWXHOOHV DFWLYLWpVGHFRQVHLO$OOHUJDQ,SVHQ&RQIpUHQFHVLQYLWDWLRQV HQTXDOLWpG·LQWHUYHQDQW$OOHUJDQ0HGWURQLF
5pIpUHQFHV
>@ *DPp;)RZOHU&-/HGpVRUGUHSULPDLUHGHODUHOD[DWLRQ VSKLQFWpULHQQHRXV\QGURPHGH)RZOHU3URJ8URO
>@ 'H5LGGHU'2VW'%UX\QLQFN[)7KHSUHVHQFHRI)RZOHU·V V\QGURPHSUHGLFWVVXFFHVVIXOORQJWHUPRXWFRPHRIVDFUDO QHUYHVWLPXODWLRQLQZRPHQZLWKXULQDU\UHWHQWLRQ(XU8URO
>@ .KXQGD $ .DUPDUNDU 5 $EWDKL % *RQ]DOHV * (OQHLO 6 3UHJQDQF\LQZRPHQZLWK)RZOHU·VV\QGURPHWUHDWHGZLWK VDFUDOQHXURPRGXODWLRQ,QW8URJ\QHFRO-
>@ .DYLD5'DVJXSWD5&ULWFKOH\+)RZOHU&*ULIÀWKV'$
IXQFWLRQDOPDJQHWLFUHVRQDQFHLPDJLQJVWXG\RIWKHHIIHFW RIVDFUDOQHXURPRGXODWLRQRQEUDLQUHVSRQVHVLQZRPHQZLWK )RZOHU·VV\QGURPH%-8,QW