SÉNAT
SESSION ORDINAIRE DE 2016-2017
Rapport remis à M. le Président du Sénat le 29 mars 2017 Enregistré à la Présidence du Sénat le 29 mars 2017
RAPPORT
FAIT
au nom de la commission d’enquête (1) sur les frontières européennes, le contrôle des flux des personnes et des marchandises en Europe et l’avenir de l’espace Schengen,
Président
M. Jean-Claude REQUIER, Rapporteur
Par M. François-Noël BUFFET, Sénateurs
(1) Cette commission d’enquête est composée de : M. Jean-Claude Requier, président ; M. François-Noël Buffet, rapporteur ; MM. Pascal Allizard, Michel Billout, André Gattolin, Claude Kern, Jean-Yves Leconte, Didier Marie, vice-présidents ; MM. Jean Bizet, Olivier Cigolotti, René Danesi, Mmes Pascale Gruny, Gisèle Jourda, MM. Philippe Kaltenbach, Jacques Legendre, Rachel Mazuir, Cédric Perrin, André Reichardt, Jean-Louis Tourenne, Yannick Vaugrenard, Jean-Pierre Vial.
6 2 0 0 $ , 5 (
3DJHV
$9$17352326
/(6352326,7,216'(/$&200,66,21'·(148È7(
/(;,48('(66,*/(6
35(0,Ë5(3$57,(²6&+(1*(181352-(7(8523e(1/$)2,6
$0%,7,(8;(735$*0$7,48(5e&(00(17&21)5217e'(6'e),6
0$-(85648,2175e9e/e6(6)$,//(6
,/$&216758&7,21352*5(66,9('·81(63$&('(/,%5(
&,5&8/$7,21
$/·$&&25''(6&+(1*(1'(
%/$&219(17,21'·$33/,&$7,21'(/·$&&25''(6&+(1*(1'(
&/(&2'()5217,Ë5(66&+(1*(1 ,,81(63$&(48,$&2118'(352)21'(6e92/87,216'(38,6
75(17($16
$/·e/$5*,66(0(17*e2*5$3+,48('(/·(63$&(6&+(1*(1'(&,14
9,1*76,;0(0%5(6
%/$&20081$87$5,6$7,21'(/·$&48,6'(6&+(1*(1 ,,,/()21&7,211(0(17'(/·(63$&(6&+(1*(1
$/$68335(66,21'(6&2175Ñ/(6$8;)5217,Ë5(6,17e5,(85(6$9(&
'(63266,%,/,7e6'(5e7$%/,66(0(17
/HFDGUHJpQpUDO
/HFDVGHOD)UDQFH
%/(60(685(6&203(16$72,5(6
8QHSROLWLTXHFRPPXQHGHVYLVDV
/·KDUPRQLVDWLRQGHVPRGDOLWpVGHVXUYHLOODQFHGHVIURQWLqUHVH[WpULHXUHV
/HVEDVHVGHGRQQpHV
/DFRRSpUDWLRQSROLFLqUH
/DGLPHQVLRQH[WpULHXUH
,9/(6)$,//(6'(/·(63$&(6&+(1*(15e9e/e(63$5'(8;&5,6(6
5e&(17(6
$81$))/8;0,*5$72,5(6$1635e&e'(17
%/(6$77(17$767(5525,67(6(7/$3(56,67$1&('·811,9($8'(
0(1$&(75Ë6e/(9e
&'(8;&5,6(648,217&21'8,7$85e7$%/,66(0(17'(6&2175Ñ/(6
$8;)5217,Ë5(6,17e5,(85(6'(3/86,(856e7$760(0%5(6 '/(6/$&81(60,6(6(1e9,'(1&(3$5&(6'(8;&5,6(6 '(8;,Ë0(3$57,(²81$&48,6'(/$&216758&7,21(8523e(11(
'217/$35e6(59$7,21$1e&(66,7e'·,03257$17(65e)250(6 ,©6257,5'(6&+(1*(1ª81(%211(,'e("/(6/,0,7(6'(
©6&+(1*+$,1(ª
$6&+(1*(1(6781$&48,6$335e&,e'(/$&216758&7,21
(8523e(11(
%©211·$55È7(3$6/(67(5525,67(6$8;)5217,Ë5(6ª"
&/(6&2Õ76e/(9e6'(/·$%$1'21'(6&+(1*(1 ,,/$5(0,6((1&+$17,(5'(65Ë*/(6'(/·(63$&(6&+(1*(1(7'(6
32/,7,48(6(8523e(11(6&211(;(6
$/$5e)250('(/·(63$&(6&+(1*(13/86'·()),&$&,7e3/86'(
6e&85,7e
/DWURSWLPLGHUpIRUPHGHODJRXYHUQDQFHGH
/HUHQIRUFHPHQWGXFRQWU{OHjODIURQWLqUHH[WpULHXUHF±XUGHODUpIRUPHGpEXWpHj
O·DXWRPQH
%9(5681(,17(523e5$%,/,7e'(66<67Ë0(6'·,1)250$7,21 /HV\VWqPHG·LQIRUPDWLRQ6FKHQJHQXQRXWLOSHUIRUPDQWPDLVSHUIHFWLEOH 8QHQpFHVVDLUHUDWLRQDOLVDWLRQGHODPRVDwTXHGHV\VWqPHVG·LQIRUPDWLRQjO·pFKHOOHGH
O·8QLRQHXURSpHQQH
/HVGLIIpUHQWVVFHQDULLG·LQWHURSpUDELOLWpGHVV\VWqPHVG·LQIRUPDWLRQ
&/·$3352)21',66(0(17'(32/,7,48(6&211(;(6/·(63$&(
6&+(1*(1'217/$5e$/,6$7,21&21',7,211(/(3$5$&+Ë9(0(17
'(6&+(1*(1
/DUpYLVLRQHQSURIRQGHXUGXUpJLPHG·DVLOHHXURSpHQFRPPXQ
$JLUjODVRXUFHGHVPLJUDWLRQVHQWUDYDLOODQWHQDPRQWGHODIURQWLqUH
$SSURIRQGLUODFRRSpUDWLRQSROLFLqUH
''(602<(16),1$1&,(566833/e0(17$,5(632855(1)25&(5/$
6e&85,7e'(6)5217,Ë5(6(8523e(11(6
$XVHLQGXEXGJHWHXURSpHQXQHSODFHUpGXLWHPDLVUpFHPPHQWDFFUXHGHVSROLWLTXHV
PLJUDWRLUHVHWGHVpFXULWp
$XQLYHDXQDWLRQDOO·DIIHFWDWLRQGHQRXYHDX[PR\HQVEXGJpWDLUHVHWKXPDLQVjOD
VpFXULVDWLRQGHVIURQWLqUHVHWjODJHVWLRQGHODFULVHPLJUDWRLUH
752,6,Ë0(3$57,(35e6(59(5/$/,%(57e'(&,5&8/$7,21(1 (8523(5(48,(57'(1289(//(65e)250(6/(6352326,7,216'(/$
&200,66,21'·(148È7(
,&2162/,'(5/·(63$&(6&+(1*(135e$/$%/(0(1772871289(/
e/$5*,66(0(17
,,5(1)25&(5/$3527(&7,21'(6)5217,Ë5(6(;7e5,(85(6
$*$5$17,5811,9($8e/(9e'(&2175Ñ/((7/(602<(16'(
5e321'5($8;&5,6(6«
5HQIRUFHUOHVFDSDFLWpVGHFRQWU{OHDX[SRLQWVGHSDVVDJHIURQWDOLHUV /HGHYHQLUGHVKRWVSRWVWUDQVIRUPHUXQGLVSRVLWLIG·XUJHQFHHQXQLQVWUXPHQWSpUHQQH
GHJHVWLRQGHFULVH
%«7287(1$6685$17/$)/8,',7e'875$),&(7(1$17,&,3$17
/·$&&52,66(0(17'(6)/8;
$FFURvWUHOHUHFRXUVDX[V\VWqPHVDXWRPDWLVpVGHFRQWU{OHGHVSHUVRQQHVDILQGHIOXLGLILHU OHFRQWU{OHDX[IURQWLqUHVHWG·RSWLPLVHUOHVPR\HQVKXPDLQVGLVSRQLEOHV 7LUHUOHVFRQVpTXHQFHVEXGJpWDLUHVGHO·pYROXWLRQGHVIOX[HWGHVFRQWU{OHV ,,,5(92,5/(6&21',7,216'(&2175Ñ/($8;)5217,Ë5(6
,17e5,(85(6
$(1&$6'(0(1$&(3(56,67$17(3285/$6e&85,7e,17e5,(85(
e7(1'5(/$3266,%,/,7e'(5e7$%/,66(0(17'8&2175Ñ/($8;
)5217,Ë5(6,17e5,(85(6
%'e9(/233(5/(6$&&25'6'(3(7,775$),&)5217$/,(5
&(1'(+256'(63e5,2'(6'(5e7$%/,66(0(17&/$5,),(5/(6
&21',7,216'(9e5,),&$7,21'$16/(6=21(6)5217$/,Ë5(6 ,90,(8;87,/,6(5(7$0e/,25(5/(66<67Ë0(6'·,1)250$7,21
$$6685(5/·,17(523e5$%,/,7e'(66<67Ë0(6'·,1)250$7,21
(8523e(16
%$0e/,25(5/·$/,0(17$7,21'(6',))e5(17(6%$6(6'('211e(6(1
3$57,&8/,(5'86,6,,
&)$,5('816,6,,/()21'(0(17'(/·25*$1,6$7,21'86<67Ë0(
'·,1)250$7,211$7,21$/
'0(775(1,9($8/(6,1)5$6758&785(6'(5e6($8,1)250$7,48(
(81(0(,//(85()250$7,21$8;6<67Ë0(6'·,1)250$7,216&+(1*(1 93(5)(&7,211(5/(6287,/6'('e7(&7,21(7'·(148È7(
$5(1)25&(5/(6&$3$&,7e6'(35e9(17,21(7'('e7(&7,21
%)$&,/,7(5/(75$9$,/'·(148È7(
9,$&&52Í75(/$75$163$5(1&('(6e9$/8$7,216'(/·$&48,6'(
6&+(1*(1/·(;(03/('(/$)5$1&(
$81%,/$15(/$7,9(0(176$7,6)$,6$17(1'e3,7'(32,176'(121
&21)250,7e
%328581(3/86*5$1'(75$163$5(1&((781(0(,//(85(
,1)250$7,21'(63$5/(0(1761$7,21$8;
&/$66(0(17'(6352326,7,216
(;$0(1(1&200,66,21
&2175,%87,216'(60(0%5(6'(/$&200,66,21'·(148È7(
&RQWULEXWLRQGXJURXSHVRFLDOLVWHHWUpSXEOLFDLQ
&RQWULEXWLRQGH00LFKHO%LOORXWSRXUOHJURXSHFRPPXQLVWHUpSXEOLFDLQHWFLWR\HQ
&5&
&RQWULEXWLRQGH0-HDQ<YHV/HFRQWH
$11(;(6
/,67('(63(56211(6$8',7,211e(6
35272&2/(1$11(;e$875$,7e685/·81,21(8523e(11((7$8 75$,7e685/()21&7,211(0(17'(/·81,21(8523e(11(685 /·$&48,6'(6&+(1*(1,17e*5e'$16/(&$'5('(/·81,21
(8523e(11(
5$33257'·(;$0(17(&+1,48('2&80(17$,5(
352&Ë69(5%$8;'(6$8',7,216'(/$&200,66,21'·(148È7(
$XGLWLRQGH0<YHV%HUWRQFLQLGLUHFWHXUGHO·,QVWLWXW-DFTXHV'HORUV
PDUGLMDQYLHU
$XGLWLRQGH0-HDQ'RPLQLTXH*LXOLDQLSUpVLGHQWGXFRQVHLOG·DGPLQLVWUDWLRQGHOD
)RQGDWLRQ5REHUW6FKXPDQPDUGLMDQYLHU
$XGLWLRQGH0-HDQ3LVDQL)HUU\FRPPLVVDLUHJpQpUDOGH)UDQFH6WUDWpJLH
PDUGLMDQYLHU
$XGLWLRQGH0-HDQ&KULVWRSKH'XPRQWFKHIGHODGLYLVLRQGHVPLJUDWLRQV LQWHUQDWLRQDOHVjO·2UJDQLVDWLRQGHFRRSpUDWLRQHWGHGpYHORSSHPHQWpFRQRPLTXHV
2&'(PDUGLMDQYLHU
$XGLWLRQGH0PH6DUD$EEDVGLUHFWULFHGXEXUHDXGHO·2UJDQLVDWLRQLQWHUQDWLRQDOH SRXUOHVPLJUDWLRQV2,0HQ)UDQFHPDUGLMDQYLHU
$XGLWLRQGH6([F0*\|UJ\.iURO\LDPEDVVDGHXUGH+RQJULHHQ)UDQFH
PHUFUHGLMDQYLHU
$XGLWLRQGH03KLOLSSH6HWWRQGLUHFWHXUGHO·8QLRQHXURSpHQQHDXPLQLVWqUHGHV DIIDLUHVpWUDQJqUHVHWGXGpYHORSSHPHQWLQWHUQDWLRQDOHWGH0PH/DXUHQFH$XHU
GLUHFWULFHDGMRLQWHPHUFUHGLMDQYLHU
$XGLWLRQGH6([F05DPRQGH0LJXHODPEDVVDGHXUG·(VSDJQHHQ)UDQFH
PHUFUHGLMDQYLHU
$XGLWLRQGH0&\ULOOH%DXPJDUWQHUVHFUpWDLUHJpQpUDODGMRLQWGHVDIIDLUHV
HXURSpHQQHVVHFWHXU-XVWLFHHWDIIDLUHVLQWpULHXUHVPHUFUHGLMDQYLHU
$XGLWLRQGH00'DYLG6NXOLGLUHFWHXUFHQWUDOGHODSROLFHDX[IURQWLqUHV)HUQDQG
*RQWLHUGLUHFWHXUFHQWUDODGMRLQWHW%HUQDUG6LIIHUWVRXVGLUHFWHXUGHVDIIDLUHV LQWHUQDWLRQDOHVWUDQVIURQWLqUHVHWGHODVUHWpDXPLQLVWqUHGHO·LQWpULHXU
MHXGLMDQYLHU
$XGLWLRQGH6([F01LNRODXV0H\HU/DQGUXWDPEDVVDGHXUG·$OOHPDJQHHQ
)UDQFHPDUGLMDQYLHU
$XGLWLRQGH003LHUUH$QWRLQH0ROLQDGLUHFWHXUJpQpUDO%HQRvW%URFDUWGLUHFWHXU GHO·LPPLJUDWLRQ5DSKDsO6RGLQLGLUHFWHXUGHO·DVLOHGHODGLUHFWLRQJpQpUDOHGHV pWUDQJHUVHQ)UDQFHDXPLQLVWqUHGHO·LQWpULHXUPHUFUHGLMDQYLHU
$XGLWLRQGH0)DEULFH/HJJHULGLUHFWHXUH[pFXWLIGHO·$JHQFHHXURSpHQQHGHJDUGH IURQWLqUHVHWGHJDUGHF{WHV)URQWH[PHUFUHGLMDQYLHU
$XGLWLRQGH0PH+pOqQH&URFTXHYLHLOOHGLUHFWULFHJpQpUDOHGHVGRXDQHVHWGURLWV LQGLUHFWV00-HDQ0LFKHO7KLOOLHUFKHIGHVHUYLFHDGMRLQWjODGLUHFWULFHJpQpUDOH -HDQ3DXO%DO]DPRVRXVGLUHFWHXUGHVDIIDLUHVMXULGLTXHVGXFRQWHQWLHX[GHV FRQWU{OHVHWGHODOXWWHFRQWUHODIUDXGHHW-HDQ)UDQoRLV5XEOHUFKHIGXEXUHDXGH O·RUJDQLVDWLRQGXVXLYLGHO·DFWLYLWpHWGHO·DQLPDWLRQGHVVHUYLFHVDXPLQLVWqUHGH O·pFRQRPLHHWGHVILQDQFHVMHXGLMDQYLHU
$XGLWLRQGXFRQWUHDPLUDO3DWULFN$XJLHUVHFUpWDLUHJpQpUDODGMRLQWGHOD0HU
MHXGLMDQYLHU
$XGLWLRQGH0-HDQ-DFTXHV&RORPELFKHIGHODGLYLVLRQGHVUHODWLRQVLQWHUQDWLRQDOHV GHODGLUHFWLRQFHQWUDOHGHODSROLFHMXGLFLDLUHDXPLQLVWqUHGHO·LQWpULHXU
PHUFUHGLHUIpYULHU
$XGLWLRQGXFRQWUHDPLUDO%HUQDUG$QWRLQH0RULRGHO·,VOHVRXVFKHIG·eWDWPDMRU 2SpUDWLRQVDpURQDYDOHVHWGXFRPPLVVDLUHHQFKHI7KLHUU\GH/D%XUJDGHGHO·eWDW PDMRUGHOD0DULQHPDUGLIpYULHU
$XGLWLRQGH0:LOYDQ*HPHUWGLUHFWHXUDGMRLQWGHO·2IILFHHXURSpHQGHSROLFH (XURSROPDUGLIpYULHU
$XGLWLRQGH0-DPLO$GGRXFKHIGHO·XQLWpVRXWLHQDVLOHGX%XUHDXHXURSpHQ
G·DSSXLHQPDWLqUHG·DVLOH($62PHUFUHGLIpYULHU
$XGLWLRQGH0eGRXDUG*HIIUD\VHFUpWDLUHJpQpUDOGHOD&RPPLVVLRQQDWLRQDOHGH O·LQIRUPDWLTXHHWGHVOLEHUWpVPHUFUHGLIpYULHU
371
381
398
409
423
460
471 432
446
452
$XGLWLRQGH03DWULFN&DOYDUGLUHFWHXUJpQpUDOGHODVpFXULWpLQWpULHXUHDXPLQLVWqUH GHO·LQWpULHXUPHUFUHGLIpYULHU
$XGLWLRQGH0%UXQR/H5RX[PLQLVWUHGHO·LQWpULHXUPHUFUHGLPDUV
&2037(65(1'86'(6'e3/$&(0(176
'pSODFHPHQWjO·2IILFHIUDQoDLVGHSURWHFWLRQGHVUpIXJLpVHWDSDWULGHV2)35$j
$XOQD\VRXV%RLVMHXGLMDQYLHU
'pSODFHPHQWj%UX[HOOHVOXQGLMDQYLHU
'pSODFHPHQWj6WUDVERXUJOXQGLIpYULHU
'pSODFHPHQWj&DODLV'XQNHUTXHHW*UDQGH6\QWKHMHXGLIpYULHU 'pSODFHPHQWj5RLVV\&KDUOHVGH*DXOOHYHQGUHGLIpYULHU 'pSODFHPHQWGDQVOHV$OSHV0DULWLPHVYHQGUHGLIpYULHU 'pSODFHPHQWHQ%XOJDULHGXGLPDQFKHIpYULHUDXPHUFUHGLHUPDUV
477 487
$9$17352326
0HVGDPHV0HVVLHXUV
(Q DSSOLFDWLRQ GH O·DUWLFOH ELV GX 5qJOHPHQW GX 6pQDW UHODWLI j OD SURFpGXUH GX ©GURLW GH WLUDJHª OH JURXSH /HV 5pSXEOLFDLQV DSSDUHQWpV HW UDWWDFKpVDGHPDQGpOHQRYHPEUHODFRQVWLWXWLRQG·XQHFRPPLVVLRQ G·HQTXrWHVXUOHVIURQWLqUHVHXURSpHQQHVOHFRQWU{OHGHVIOX[GHVSHUVRQQHV HWGHVPDUFKDQGLVHVHQ(XURSHHWO·DYHQLUGHO·HVSDFH6FKHQJHQ
/D SURSRVLWLRQ GH UpVROXWLRQ WHQGDQW j OD FUpDWLRQ GH FHWWH FRPPLVVLRQ G·HQTXrWH FRQVWDWH TXH O·HVSDFH GH OLEUH FLUFXODWLRQ GpSRXUYX GHFRQWU{OHVDX[IURQWLqUHVLQWpULHXUHVPLVHQSODFHjSDUWLUGHHW©GpMj PDLQWHV IRLV UHPDQLp HW FRPSOpWpª ©SUpVHQWH GH SURIRQGHV ODFXQHV HW SHLQH j UHPSOLUVDPLVVLRQGHSURWHFWLRQHIIHFWLYHGHVIURQWLqUHVH[WpULHXUHVFRQGLWLRQVLQH TXDQRQGXPDLQWLHQG·XQHVSDFHVDQVFRQWU{OHVDX[IURQWLqUHVLQWpULHXUHVª
&RQIURQWpUpFHPPHQWjGHX[GpILVPDMHXUVODFULVHPLJUDWRLUHHWOHV DWWDTXHVWHUURULVWHVO·HVSDFH6FKHQJHQVHUDLW©SURFKHGHVRQSRLQWGHUXSWXUHª /D SURSRVLWLRQ GH UpVROXWLRQ IRUPXOH FH GLDJQRVWLF j SDUWLU G·XQ FHUWDLQ QRPEUH GH FRQVWDWV TXL FRQVWLWXHQW DXWDQW GH G\VIRQFWLRQQHPHQWV GH O·HVSDFH6FKHQJHQJUDYHVGpIDLOODQFHVGDQVOHFRQWU{OHGHFHUWDLQVWURQoRQV GHV IURQWLqUHV H[WpULHXUHV GpFLVLRQV GH UpLQWURGXFWLRQ GHV FRQWU{OHV DX[
IURQWLqUHV LQWpULHXUHV DYHF GHV FRQVpTXHQFHV pFRQRPLTXHV SUpMXGLFLDEOHV pGLILFDWLRQGHFO{WXUHVPDQTXHGHVROLGDULWpHQWUHeWDWVPHPEUHVPDXYDLVH JHVWLRQGHO·DVLOHHWF
&·HVWSRXUTXRLOHJURXSH/HV5pSXEOLFDLQVDSSDUHQWpVHWUDWWDFKpV PrPH V·LO UHFRQQDvW TXH GHV PHVXUHV RQW pWp SULVHV HVWLPH ©LQGLVSHQVDEOH G·pWXGLHU HQ SURIRQGHXU OHV ODFXQHV GX GLVSRVLWLI HXURSpHQ GH SURWHFWLRQ GHV IURQWLqUHV H[WpULHXUHV G·pYDOXHU O·LPSDFW SRWHQWLHO GHV PHVXUHV UpFHQWHV HW j YHQLU VXU VRQ UHQIRUFHPHQW HW G·HQ WLUHU GHV FRQFOXVLRQV VXU O·pYROXWLRQ VRXKDLWDEOH GH O·HVSDFH6FKHQJHQDXUHJDUGGHVHQMHX[GHPDvWULVHGHVPRXYHPHQWVGHSRSXODWLRQ GHVpFXULWpGHQRVFRQFLWR\HQVHWGHIOXLGLWpGXFRPPHUFHLQWUDHXURSpHQª
/D &RQIpUHQFH GHV 3UpVLGHQWV D SULV DFWH GH FHWWH GHPDQGH OH QRYHPEUH6HVPHPEUHVRQWpWpGpVLJQpVOHQRYHPEUHSXLVHOOHD WHQXVDUpXQLRQFRQVWLWXWLYHOHQRYHPEUH
(OOH D GpEXWp VHV WUDYDX[ OH MDQYLHU (OOH D SURFpGp j YLQJW GHX[ DXGLWLRQV GRQW SOXVLHXUV RQW IDLW O·REMHW G·XQH FDSWDWLRQ YLGpR HW RQW pWp RXYHUWHV j OD SUHVVH WDQGLV TXH WURLV RQW GRQQp OLHX j XQH YLVLRFRQIpUHQFH$XWRWDOHOOHDHQWHQGXWUHQWHHWXQHSHUVRQQDOLWpV
3URSRVLWLRQGHUpVROXWLRQQ
(OOH UHJUHWWH TXH OHV DPEDVVDGHXUV G·,WDOLH HW GH *UqFH HQ )UDQFH Q·DLHQW SDV VRXKDLWp UpSRQGUH j VRQ LQYLWDWLRQ GH YHQLU OXL SUpVHQWHU OD VLWXDWLRQGDQVOHXUSD\VUHVSHFWLISRXUWDQWpSURXYpSDUODFULVHPLJUDWRLUH
(OOHV·HVWUHQGXHDXVLqJHGHO·2)35$HWj%UX[HOOHVHWDHIIHFWXpFLQT GpSODFHPHQWVVXUGLIIpUHQWHVIURQWLqUHVj6WUDVERXUJj&DODLV'XQNHUTXHHW
*UDQGH6\QWKH j O·DpURSRUW GH 5RLVV\&KDUOHVGH*DXOOH GDQV OHV $OSHV 0DULWLPHVDLQVLTX·HQ%XOJDULHTXLSUpVHQWHODSDUWLFXODULWpG·rWUHPHPEUH GHO·8QLRQHXURSpHQQHHWFDQGLGDWHjO·DGKpVLRQjO·HVSDFH6FKHQJHQWRXWHQ GHYDQW DVVXPHU OD SURWHFWLRQ GH OD IURQWLqUH DYHF OD 7XUTXLH TXL HVW XQH IURQWLqUH H[WpULHXUH GH O·8QLRQ HXURSpHQQH $X FRXUV GH FHV GLIIpUHQWV GpSODFHPHQWVHOOHDUHQFRQWUpSOXVG·XQHFHQWDLQHGHSHUVRQQHV
WLWUHOLPLQDLUHYRWUHFRPPLVVLRQG·HQTXrWHDSSHOOHO·DWWHQWLRQVXU OD GLIILFXOWp REMHFWLYH j DVVXUHU OD VXUYHLOODQFH HW OH FRQWU{OH GHV IURQWLqUHV H[WpULHXUHV G·XQ HVSDFH TXL FRPSWH DXMRXUG·KXL PLOOLRQV GH SHUVRQQHV NLORPqWUHV GH F{WHV HW NLORPqWUHV GH IURQWLqUHV WHUUHVWUHV (Q RXWUH OD FRQILJXUDWLRQ JpRJUDSKLTXH GX FRQWLQHQW HXURSpHQ HW GH FHUWDLQV GH VHV eWDWV FRPSOLTXH HQFRUH OD WkFKH ² DLQVL OD *UqFH SDU H[HPSOH FRPSRUWHWHOOHvOHVHWNLORPqWUHVGHF{WHV
9RWUH FRPPLVVLRQ G·HQTXrWH UDSSHOOH TXHOD OLEUH FLUFXODWLRQ GHV SHUVRQQHVHWGHVPDUFKDQGLVHVHVWDXF±XUGHODFRQVWUXFWLRQHXURSpHQQH /·KLVWRLUH GH O·HVSDFH 6FKHQJHQ FRPPHQW LO V·HVW FRQVWLWXp GHSXLV SOXV GH WUHQWH DQV HW FRPPHQW LO D pYROXp VXU OH SODQ WDQW JpRJUDSKLTXH TXH MXULGLTXH WUDGXLW O·DPELWLRQ GX SURMHW 9RWUH FRPPLVVLRQ G·HQTXrWH H[SRVH pJDOHPHQW OH IRQFWLRQQHPHQW GH O·HVSDFH 6FKHQJHQ ² DYHF GHV GpYHORSSHPHQWVSOXVVSpFLILTXHVFRQVDFUpVDXFDVIUDQoDLV²TXLUHSRVHVXU XQSRVWXODW RULJLQHO UHODWLYHPHQW VLPSOH OD OLEUH FLUFXODWLRQ HVW UHQGXH SRVVLEOH SDU OD VXSSUHVVLRQ GHV FRQWU{OHV DX[ IURQWLqUHV LQWpULHXUHV DYHF WRXWHIRLVODSRVVLELOLWpGHOHVUpWDEOLUGDQVFHUWDLQVFDVSUpGpILQLVHWSDUOD PLVH HQ SODFH GH SOXVLHXUV PHVXUHV GLWHV ©FRPSHQVDWRLUHVª YLVDQW SUpFLVpPHQW j OLPLWHU OHV FRQVpTXHQFHV GH FHWWH VXSSUHVVLRQ 1pDQPRLQV FHGLVSRVLWLIFRPSRUWDLWGHVIDLOOHVTXHGHVIOX[PLJUDWRLUHVHWGHVDWWHQWDWV WHUURULVWHVLQWHUYHQDQWWRXVGHX[GDQVXQFRQWH[WHLQWHUQDWLRQDOGHYLROHQFHV H[WUrPHV DX 3URFKH2ULHQW RQW PLVHV HQ pYLGHQFH PDLV TXL SUpH[LVWDLHQW DXVVLSDUFHTXHOHVPHVXUHVFRPSHQVDWRLUHVTXLDYDLHQWSRXUEXWG·DVVXUHU ODVpFXULWpRQWpWpHQSDUWLHQpJOLJpHVDXSURILWGHO·REMHFWLIGHODOLEHUWpGH FLUFXODWLRQ
(QVXLWHYRWUHFRPPLVVLRQDDFTXLVODFRQYLFWLRQTX·HQGpSLWGHVHV G\VIRQFWLRQQHPHQWV 6FKHQJHQ FRQVWLWXH XQ DFTXLV SUpFLHX[ GH OD FRQVWUXFWLRQHXURSpHQQH6\PEROHGHODFLWR\HQQHWpHXURSpHQQHLOSHUPHW GH UpDOLVHU OD OLEUH FLUFXODWLRQ HQWUH OHV eWDWV PHPEUHV TXH OHV (XURSpHQV FRQVLGqUHQW FRPPH O·XQ GHV UpVXOWDWV OHV SOXV SRVLWLIV GH O·8QLRQ HXURSpHQQH6XUWRXWLOFRQVWLWXHXQIDFWHXUGHIOXLGLWppFRQRPLTXHSURSLFH DX[pFKDQJHVFRPPHUFLDX['qVORUV©VRUWLUGH6FKHQJHQªVHUDLWFRWHX[
j SOXVLHXUV pJDUGV OHV FRQVpTXHQFHV pFRQRPLTXHV GLUHFWHV HW LQGLUHFWHV
VHUDLHQW QpIDVWHV WDQW SRXU OH FRQWLQHQW HXURSpHQ TXH SRXU OD )UDQFH 'X UHVWHDXFXQPHPEUHGHYRWUHFRPPLVVLRQG·HQTXrWHQHV·HVWH[SULPpHQFH VHQV,OQ·HQGHPHXUHSDVPRLQVTXHVLOD©VRUWLHGH6FKHQJHQªQHVDXUDLW rWUH UDLVRQQDEOHPHQW HQYLVDJpHLO pWDLW LQGLVSHQVDEOH G·HQ UpIRUPHU SURIRQGpPHQW OH IRQFWLRQQHPHQW HQ SDUWLFXOLHUHQ UpWDEOLVVDQW XQ FHUWDLQ pTXLOLEUHHQIDYHXUGHODVpFXULWp'HVSUHPLqUHVPHVXUHVRQWpWpSULVHVHQ FH VHQV OH SOXV VRXYHQW j O·LQLWLDWLYH GH OD )UDQFH HW GH O·$OOHPDJQH 'H QRPEUHXVHV GLVSRVLWLRQV RQW DLQVL pWp LQWURGXLWHV SRXU UHQIRUFHU OD SURWHFWLRQ GHV IURQWLqUHV H[WpULHXUHV GDQV XQ FRQWH[WH PDUTXp SDU OH UpWDEOLVVHPHQWGHFRQWU{OHVDX[IURQWLqUHVLQWpULHXUHV²F·HVWOHFDVHQ)UDQFH GHSXLV OH QRYHPEUH ² SRXU PLHX[ XWLOLVHU OHV V\VWqPHV G·LQIRUPDWLRQ SRXU UpYLVHU OH UpJLPH G·DVLOH SRXU WUDYDLOOHU DYHF OHV SD\V G·RULJLQH GHV PLJUDWLRQV SRXU DSSURIRQGLU OD FRRSpUDWLRQ SROLFLqUH HWF 9RWUHFRPPLVVLRQDQpDQPRLQVSXFRQVWDWHUTXHFHVGLIIpUHQWHVPHVXUHVVRQW JpQpUDOHPHQW ORQJXHV j PHWWUH HQ SODFH YRLUH j DSSURXYHU DX WHUPH G·XQ SURFHVVXV OpJLVODWLI ODERULHX[ ² FHUWDLQHV G·HQWUH HOOHV VRQW G·DLOOHXUV HQFRUH HQ FRXUV GH QpJRFLDWLRQV j %UX[HOOHV ² HW TX·HOOHV QH SURGXLURQW SDV GH UpVXOWDWV WDQJLEOHV j FRXUW WHUPH G·DXWDQW SOXV TXH OHXU HIILFDFLWp UHTXLHUW VRXYHQWXQHDSSOLFDWLRQXQLIRUPHGDQVOHVeWDWVPHPEUHVDORUVTXHWRXVQH IRQWSDVSUHXYHGXPrPHDOODQW
&·HVW SRXUTXRL YRWUH FRPPLVVLRQ G·HQTXrWH GDQV XQ WURLVLqPH WHPSV IRUPXOH XQ FHUWDLQ QRPEUH GHSURSRVLWLRQV DFFRPSDJQpHV G·XQ pFKpDQFLHU GH PLVH HQ ±XYUHYLVDQW j DOOHU SOXV ORLQ GDQV OD UpIRUPH GH O·HVSDFH6FKHQJHQ
O·LVVXHGHVHVLQYHVWLJDWLRQVHOOHHVWFRQYDLQFXHTXH6FKHQJHQGRLW rWUH UpIRUPp GDQV O·REMHFWLI GHUHYHQLU j XQ UpWDEOLVVHPHQW FRPSOHW GH OD OLEUH FLUFXODWLRQ JDJH j OD IRLV GH UpDOLVDWLRQ GX SURMHW HXURSpHQ HW GH SURVSpULWppFRQRPLTXH
/(6352326,7,216'(/$&200,66,21'·(148È7(
` 3URSRVLWLRQVUHODWLYHVDX[FRQWRXUVGHO·HVSDFH6FKHQJHQ
3 H[FOXUH WRXW QRXYHO pODUJLVVHPHQW GH O·HVSDFH 6FKHQJHQ j FRXUW WHUPH DILQGHYHLOOHUHQSULRULWpjVDFRQVROLGDWLRQSURSRVLWLRQQ
3 GRQQHUjOD%XOJDULHHWjOD5RXPDQLHXQDFFqVDXV\VWqPHG·LQIRUPDWLRQ VXU OHV YLVDV 9,6 HQ PRGH FRQVXOWDWLRQ DILQ GH JDUDQWLU OH ERQ IRQFWLRQQHPHQWGXIXWXUV\VWqPHHQWUpHVRUWLH((6SURSRVLWLRQQ
3 3URSRVLWLRQ Q UHFKHUFKHU OHV PR\HQV GH GRWHU j PR\HQ WHUPH OHV JDUGHIURQWLqUHVHWJDUGHF{WHVGHODUpVHUYHGHUpDFWLRQUDSLGHGpSOR\pV VRXV O·pJLGH GH )URQWH[ GHV PrPHV SRXYRLUV HW FDSDFLWpV GpFLVLRQQHOOHV TXHOHXUVKRPRORJXHVQDWLRQDX[
3 3URSRVLWLRQ Q j ORQJ WHUPH FUpHU XQ YpULWDEOH FRUSV GH JDUGHIURQWLqUHV HW GH JDUGHF{WHV HXURSpHQV KDELOLWpV j HIIHFWXHU OHV FRQWU{OHVjODIURQWLqUHH[WpULHXUHGHO·HVSDFH6FKHQJHQ
3 3URSRVLWLRQ Q j FRXUW WHUPH PHWWUH HQ SODFH XQH UpJXODWLRQ GH O·LPSODQWDWLRQGHVSRLQWVGHSDVVDJHIURQWDOLHUVDXQLYHDXQDWLRQDO
` 3URSRVLWLRQV UHODWLYHV j OD UpSDUWLWLRQ GHV SRLQWV GH SDVVDJH IURQWDOLHUV HQWUHODSROLFHDX[IURQWLqUHVHWOHVGRXDQHV
3 jFRXUWWHUPHDGDSWHUODUpSDUWLWLRQGHVSRLQWVGHSDVVDJHIURQWDOLHUVDX[
pYROXWLRQV GX WUDILF HQ SDUWLFXOLHU WUDQVIpUHU OHV SRLQWV GH SDVVDJH IURQWDOLHUV DpULHQV GH SOXV GH SDVVDJHUV SDU DQ j OD SROLFH DX[
IURQWLqUHVSURSRVLWLRQQ
3 jPR\HQWHUPHUpYLVHUODUpSDUWLWLRQGHVSRLQWVGHSDVVDJHIURQWDOLHUVj LQWHUYDOOHVUpJXOLHUVSURSRVLWLRQQ
3 3URSRVLWLRQ Q j ORQJ WHUPH IXVLRQQHU OHV DJHQWV GH FRQWU{OH DX[
IURQWLqUHVHQXQFRUSVGHJDUGHIURQWLqUHVXQLTXH
` 3URSRVLWLRQVUHODWLYHVDX[KRWVSRWV
3 UpIOpFKLU j OD PLVH HQ SODFH GH FHQWUHV G·DFFXHLO G·HQUHJLVWUHPHQW HW G·RULHQWDWLRQ GHV PLJUDQWV KRWVSRWV GDQV GHV eWDWV WLHUV DILQ GH OLPLWHU HQ DPRQW O·LPPLJUDWLRQ LUUpJXOLqUH DX VHLQ GH O·HVSDFH 6FKHQJHQ SURSRVLWLRQQ
3 GLVVRFLHU O·RULHQWDWLRQ GHV GHPDQGHXUV G·DVLOH DX VHLQ GHV KRWVSRWV H[WHUQDOLVpV GX WUDLWHPHQW GHV GHPDQGHV G·DVLOH VXU OH WHUULWRLUH GH O·HVSDFH6FKHQJHQSURSRVLWLRQQ
3 3URSRVLWLRQQGpYHORSSHUDXQLYHDXHXURSpHQXQGLVSRVLWLIGHYLVDV SRXUO·DVLOH
` 3URSRVLWLRQVUHODWLYHVDXGLVSRVLWLI3$5$)(
3 PHWWUHUDSLGHPHQW HQ VHUYLFH OHV VDV 3$5$)( GH VHFRQGH JpQpUDWLRQj ELRPpWULHGHUHFRQQDLVVDQFHIDFLDOHSURSRVLWLRQQ
3 HQYLVDJHU j PR\HQ WHUPH O·RXYHUWXUH GX GLVSRVLWLI 3$5$)( DX[
UHVVRUWLVVDQWVGHSD\VWLHUVSURSRVLWLRQQ
3 DQWLFLSHU OD PLVH HQ SODFH GX V\VWqPH G·HQWUpHVRUWLH ((6 HQ SUpYR\DQW O·LQWHUIDoDJH GHV VDV 3$5$)( DYHF FH QRXYHDX V\VWqPH SURSRVLWLRQQ
3 3URSRVLWLRQQGpYHORSSHUOH©SUpFKHFNªSHUPHWWDQWG·DFFpOpUHUOH SDVVDJHGHODIURQWLqUHHQSURFpGDQWHQDPRQWDXVFDQGHVGRFXPHQWVGH YR\DJHHWjODFRQVXOWDWLRQGHVEDVHVGHGRQQpHVSHUWLQHQWHV
3 3URSRVLWLRQQDGDSWHUOHVPR\HQVKXPDLQVHWILQDQFLHUVGpYROXVDX FRQWU{OH HW j OD VXUYHLOODQFH GHV IURQWLqUHV j O·pYROXWLRQ GX WUDILF GHV SDVVDJHUV HW DX[ QRXYHOOHV PHVXUHV GH UHQIRUFHPHQW GHV FRQWU{OHV DX[
IURQWLqUHVH[WpULHXUHV
3 3URSRVLWLRQQSURFpGHUjXQHUpYLVLRQGXFRGHIURQWLqUHV6FKHQJHQ DILQ G·DXWRULVHU OH UpWDEOLVVHPHQW GX FRQWU{OH DX[ IURQWLqUHV LQWpULHXUHV SRXUXQHGXUpHPD[LPDOHVXSpULHXUHjVL[PRLVHWOLPLWpHjGHX[DQVHQ FDVGHSHUVLVWDQFHG·XQHPHQDFHJUDYHSRXUO·RUGUHSXEOLFRXODVpFXULWp LQWpULHXUH $XGHOj GH GHX[ DQV OD SURORQJDWLRQ VHUDLW VRXPLVH j XQH FODXVHGHUpH[DPHQ
3 3URSRVLWLRQ Q GpYHORSSHU OHV PR\HQV GH FRQWU{OH HQ PRELOLWp j O·DLGHG·RXWLOVFRQQHFWpVDX[V\VWqPHVG·LQIRUPDWLRQHXURSpHQV6,69,6 (XURGDF
3 3URSRVLWLRQQHQFRQWUHSDUWLHGHODIDFLOLWDWLRQGXUpWDEOLVVHPHQWGX FRQWU{OHDX[IURQWLqUHVLQWpULHXUHVGpYHORSSHUOHVDFFRUGVGHSHWLWWUDILF IURQWDOLHUIDFLOLWDQWODFLUFXODWLRQGHVWUDYDLOOHXUVIURQWDOLHUV
3 3URSRVLWLRQ Q FODULILHU OHV FRQGLWLRQV GDQV OHVTXHOOHV OHV eWDWV PHPEUHV SHXYHQW HIIHFWXHU GHV YpULILFDWLRQV GDQV OHXU ]RQH IURQWDOLqUH HQ GHKRUV GHV SpULRGHV GH UpWDEOLVVHPHQW GX FRQWU{OH DX[ IURQWLqUHV LQWpULHXUHV
3 3URSRVLWLRQ Q j GHV ILQV G·LQWHURSpUDELOLWp FUpHU XQH LQWHUIDFH HXURSpHQQH XQLTXH GH FRQVXOWDWLRQ GHV V\VWqPHV G·LQIRUPDWLRQ HXURSpHQVHWGHVEDVHVGHGRQQpHVQDWLRQDOHVSHUWLQHQWHV
3 3URSRVLWLRQ Q DPpOLRUHU OD TXDOLWp HW OD ILDELOLWp GHV LQIRUPDWLRQV UHQVHLJQpHV GDQV OHV EDVHV GH GRQQpHV HXURSpHQQHV HW QDWLRQDOHV HW H[SORLWHUSOHLQHPHQWOHVIRQFWLRQQDOLWpVGX6,6,,
3 3URSRVLWLRQ Q GDQV OH FDGUH GX SURMHW GH UHIRQWH GH OD SDUWLH QDWLRQDOH GX 6,6,, VLPSOLILHU O·DUFKLWHFWXUH GX V\VWqPH G·LQIRUPDWLRQ QDWLRQDOHQpWDEOLVVDQWOH16,6,,FRPPHIRQGHPHQWGHVRQRUJDQLVDWLRQ
3 3URSRVLWLRQ Q PHWWUH j QLYHDX OHV LQIUDVWUXFWXUHV GH UpVHDX LQIRUPDWLTXH QDWLRQDOHV HQ YXH GH ILDELOLVHU O·XWLOLVDWLRQ LQWHQVLYH GHV V\VWqPHV G·LQIRUPDWLRQ HQ SDUWLFXOLHU OH 16,6,, SDU OHV DXWRULWpV IUDQoDLVHV
3 3URSRVLWLRQ Q UHQIRUFHU OD IRUPDWLRQ LQLWLDOH HW FRQWLQXH DX[
V\VWqPHV G·LQIRUPDWLRQ 6FKHQJHQ GDQV OHV pFROHV GH SROLFH GH JHQGDUPHULHG·DJHQWVGHVGRXDQHVHWGHPDJLVWUDWV
` 3URSRVLWLRQVUHODWLYHVDX[GRQQpHVGHVGRVVLHUVSDVVDJHUV315 3 PHWWUHHQ SODFH DX QLYHDX GH OD &RPPLVVLRQ HXURSpHQQH XQ GLVSRVLWLI
GHVXLYLGHODWUDQVSRVLWLRQGHODGLUHFWLYH315HWG·DVVLVWDQFHjVDPLVH HQ±XYUHRSpUDWLRQQHOOHSURSRVLWLRQQ
3 UHQGUHREOLJDWRLUHO·H[WHQVLRQGX315DX[YROVHIIHFWXpVjO·LQWpULHXUGH O·8QLRQHXURSpHQQHSURSRVLWLRQQ
3 pWHQGUH OD FROOHFWH HW OH WUDLWHPHQW GHV GRQQpHV 315 j O·HQVHPEOH GHV WUDQVSRUWV LQWHUQDWLRQDX[ GH YR\DJHXUV PDULWLPHV IHUURYLDLUHV HW SDU DXWRFDUSURSRVLWLRQQ
3 3URSRVLWLRQ Q UHQIRUFHU OH FRQWU{OH GHV PDUFKDQGLVHV DFKHPLQpHV SDUIUHWSRVWDOJUkFHDXGpYHORSSHPHQWGHVRXWLOVG·DQDO\VHGHULVTXHHW GHFLEODJH
3 3URSRVLWLRQ Q VRXPHWWUH OHV EpQpILFLDLUHV GH OD OLEUH FLUFXODWLRQ \ FRPSULV OHV UHVVRUWLVVDQWV GH O·8QLRQ HXURSpHQQH DX V\VWqPH HQWUpHVRUWLH ((6 HW IDFLOLWHU O·DFFqV DX[ GRQQpHV DX[ VHUYLFHV UpSUHVVLIVGHVeWDWVPHPEUHVHWj(XURSRO
3 3URSRVLWLRQ Q PRGHUQLVHU HW VLPSOLILHU OHV LQVWUXPHQWV GH FRRSpUDWLRQ SROLFLqUH WUDQVIURQWDOLqUH DX VHLQ GH O·HVSDFH 6FKHQJHQ REVHUYDWLRQWUDQVIURQWDOLqUHGURLWGHSRXUVXLWHSDWURXLOOHVPL[WHV
3 3URSRVLWLRQQDVVXUHUXQHSOXVJUDQGHWUDQVSDUHQFHGHVpYDOXDWLRQV 6FKHQJHQHQJDUDQWLVVDQWO·LQIRUPDWLRQHIIHFWLYHSDUOD&RPPLVVLRQGHV SDUOHPHQWVQDWLRQDX[FRQIRUPpPHQWDXUqJOHPHQWUHODWLIDXPpFDQLVPH G·pYDOXDWLRQ6FKHQJHQ
/(;,48('(66,*/(6
$'(3
$XWRPDWHG 'DWD ([FKDQJH 3URFHVV &RQVXOWDWLRQ DXWRPDWLVpH GHV ILFKLHUV G·DQWpFpGHQWV GH SROLFH HXURSpHQV
$),& $IULFD)URQWH[,QWHOOLJHQFH&RPPXQLW\
$176 $JHQFHQDWLRQDOHGHVWLWUHVVpFXULVpV
$3, $GYDQFHG3DVVHQJHUV,QIRUPDWLRQGRQQpHVG·HQUHJLVWUHPHQW HWG·HPEDUTXHPHQWGHVSDVVDJHUVDpULHQV
%$& %DVLFDFFHVVFRQWURO
%&1 %XUHDXFHQWUDOQDWLRQDO
%&1- %XUHDX[jFRQWU{OHVQDWLRQDX[MX[WDSRVpV
%(3, %XUHDXG·HQWUDLGHSpQDOHLQWHUQDWLRQDOH
&&3' &HQWUHGHFRRSpUDWLRQSROLFLqUHHWGRXDQLqUH
&)6 &RGHIURQWLqUHV6FKHQJHQ
&+(236 ,QWHUIDFHG·DFFqVDX[LQIRUPDWLRQVFRQWHQXHVGDQV9,6RX 9,6$%,2
&2)*& &HQWUHRSpUDWLRQQHOGHODIRQFWLRQJDUGHF{WHV
&RPPLVVLRQ 75$1
&RPPLVVLRQ GHV WUDQVSRUWV HW GX WRXULVPH GX 3DUOHPHQW HXURSpHQ
&RQVHLO-$, &RQVHLOMXVWLFHHWDIIDLUHVLQWpULHXUHV
&RUHSHU &RPLWpGHVUHSUpVHQWDQWVSHUPDQHQWV
&29$',6 &RQWU{OH HW YpULILFDWLRQ DXWRPDWLTXH GHV GRFXPHQWV G·LGHQWLWpVpFXULVpV
&66,6 6\VWqPHFHQWUDOGXV\VWqPHG·LQIRUPDWLRQ6FKHQJHQ '&&56 'LUHFWLRQ FHQWUDOH GHV FRPSDJQLHV UpSXEOLFDLQHV GH
VpFXULWp
'&3$) 'LUHFWLRQFHQWUDOHGHODSROLFHDX[IURQWLqUHV
'&3- 'LUHFWLRQFHQWUDOHGHODSROLFHMXGLFLDLUH '&63 'LUHFWLRQFHQWUDOHGHODVpFXULWpSXEOLTXH
''3$) 'LUHFWLRQGpSDUWHPHQWDOHGHODSROLFHDX[IURQWLqUHV '*'', 'LUHFWLRQJpQpUDOHGHVGRXDQHVHWGURLWVLQGLUHFWV '*() 'LUHFWLRQJpQpUDOHGHVpWUDQJHUVHQ)UDQFH
'2&9(5,) )LFKLHU GH FRQWU{OH GH OD YDOLGLWp GHV FDUWHV G·LGHQWLWp HW GHVSDVVHSRUWV
'=3$) 'LUHFWLRQ]RQDOHGHODSROLFHDX[IURQWLqUHV ($& ([WHQGHGDFFHVVFRQWURO
($6 6\VWqPHG·DQDO\VHFULPLQHOOH
($62 (XURSHDQ$V\OXP6XSSRUW2IILFH%XUHDXHXURSpHQG·DSSXL HQPDWLqUHG·DVLOH
(&5,6 (XURSHDQ &ULPLQDO 5HFRUGV ,QIRUPDWLRQ 6\VWHP 6\VWqPH G·pFKDQJHGHVFDVLHUVMXGLFLDLUHVHXURSpHQ
(35,6 6\VWqPHG·LQGH[HXURSpHQGHVUHJLVWUHVGHSROLFH ((( (VSDFHpFRQRPLTXHHXURSpHQ
((6 6\VWqPHG·HQWUpHVRUWLH
(7,$6
(XURSHDQ 7UDYHO ,QIRUPDWLRQ DQG $XWKRULVDWLRQ 6\VWHP 6\VWqPH HXURSpHQ G·LQIRUPDWLRQ HW G·DXWRULVDWLRQ GH YR\DJH
(8/,6$
$JHQFH HXURSpHQQH SRXU OD JHVWLRQ RSpUDWLRQQHOOH GHV V\VWqPHV G·LQIRUPDWLRQ j JUDQGH pFKHOOH DX VHLQ GH O·HVSDFHGHOLEHUWpGHVpFXULWpHWGHMXVWLFH
(XURGDF %DVH GH GRQQpHV HXURSpHQQH GHV GHPDQGHXUV G·DVLOHV HW PLJUDQWVHQVLWXDWLRQLUUpJXOLqUH
(XURMXVW 8QLWpGHFRRSpUDWLRQMXGLFLDLUHGHO·8QLRQHXURSpHQQH (XURSRO 2IILFHHXURSpHQGHSROLFH
)$'2 %DVH GH GRQQpHV GH IDX[ GRFXPHQWV HW GRFXPHQWV DXWKHQWLTXHVHQOLJQH
)$0, )RQGV©DVLOHPLJUDWLRQHWLQWpJUDWLRQª )29(6 )LFKLHUGHVREMHWVHWGHVYpKLFXOHVVLJQDOpV )35 )LFKLHUGHVSHUVRQQHVUHFKHUFKpHV
)6, )RQGVHXURSpHQGHVpFXULWpLQWpULHXUH
+&5 +DXWFRPPLVVDULDWGHV1DWLRQVXQLHVSRXUOHVUpIXJLpV ,&6 ,PSRUW FRQWURO V\VWHP 6\VWqPH G·DQDO\VH GH ULVTXH
HXURSpHQGHVPDUFKDQGLVHVLPSRUWpHV
/,%( &RPPLVVLRQ GHV OLEHUWpV FLYLOHV GH OD MXVWLFH HW GHV DIIDLUHVLQWpULHXUHVGX3DUOHPHQWHXURSpHQ
0&9 0pFDQLVPHGHFRRSpUDWLRQHWGHYpULILFDWLRQ
16,6 3DUWLHQDWLRQDOHGXV\VWqPHG·LQIRUPDWLRQ6FKHQJHQ 19,6 1DWLRQDO YLVD LQIRUPDWLRQ V\VWHP 6\VWqPH QDWLRQDO
G·LQIRUPDWLRQVXUOHVYLVDV
2&'( 2UJDQLVDWLRQ GH FRRSpUDWLRQ HW GH GpYHORSSHPHQW pFRQRPLTXHV
2)35$ 2IILFHIUDQoDLVGHSURWHFWLRQGHVUpIXJLpVHWDSDWULGHV 2,0 2UJDQLVDWLRQLQWHUQDWLRQDOHSRXUOHVPLJUDWLRQV 23- 2IILFLHUGHSROLFHMXGLFLDLUH
3$) 3ROLFHDX[IURQWLqUHV
3$5$)( 3DVVDJHDXWRPDWLVpUDSLGHDX[IURQWLqUHVH[WpULHXUHV 33$ 3RLQWVGHSDVVDJHDXWRULVpV
33) 3RLQWVGHSDVVDJHIURQWDOLHUV
315 3DVVHQJHU 1DPH 5HFRUG 'RQQpHV GH UpVHUYDWLRQ GHV SDVVDJHUVDpULHQV
36'& 3ROLWLTXHGHVpFXULWpHWGHGpIHQVHFRPPXQH 5$%,7 )RUFHGHUpDFWLRQUDSLGHGH)URQWH[
573 5HJLVWHUHG 7UDYHOOHU 3URJUDPPH 3URJUDPPH
G·HQUHJLVWUHPHQWGHVYR\DJHXUV
6&&232/ 6HFWLRQFHQWUDOHGHFRRSpUDWLRQRSpUDWLRQQHOOHGHSROLFH 6*$( 6HFUpWDULDWJpQpUDOGHVDIIDLUHVHXURSpHQQHV
6,( 6\VWqPHG·LQIRUPDWLRQ(XURSRO
6,(1$ 6\VWqPHGHPHVVDJHULHRSpUDWLRQQHOOHVpFXULVp
6,/&) 6\VWqPH LQIRUPDWLVp FRQFRXUDQW DX GLVSRVLWLI GH OXWWH FRQWUHOHVIUDXGHV
6,5(1(
6XSSOHPHQWDU\ ,QIRUPDWLRQ 5(TXHVW DW WKH 1DWLRQDO (QWULHV 6XSSOpPHQW G·,QIRUPDWLRQ 5HTXLV SRXU O·(QWUpH 1DWLRQDO(
6,66,6,, 6\VWqPHG·LQIRUPDWLRQ6FKHQJHQ
6/7' 6WROHQ RU /RVW 7UDYHO 'RFXPHQWV %DVH GH GRQQpHV VXU OHV GRFXPHQWVYROpVGpWRXUQpVpJDUpVHWLQYDOLGpV
632& VLQJOH SRLQW RI FRQWDFW 3URJUDPPH G·pFKDQJH SRLQW GH FRQWDFWXQLTXH
8,3 8QLWp,QIRUPDWLRQ3DVVDJHUV 7(6 7LWUHVpOHFWURQLTXHVVpFXULVpV
7)8( 7UDLWpVXUOHIRQFWLRQQHPHQWGHO·8QLRQHXURSpHQQH 81( 8QLWpQDWLRQDOH(XURSRO
9,6 9LVD LQIRUPDWLRQ V\VWHP 6\VWqPH G·LQIRUPDWLRQ VXU OHV YLVDV
9,6$%,2 %DVHGHGRQQpHVSRXUOHVYLVDVIUDQoDLVKRUV6FKHQJHQ
48,2175e9e/e6(6)$,//(6
35(0,Ë5(3$57,(²
6&+(1*(181352-(7(8523e(1/$)2,6
$0%,7,(8;(735$*0$7,48(5e&(00(17
&21)5217e'(6'e),60$-(856 48,2175e9e/e6(6)$,//(6
/·HVSDFH6FKHQJHQSRXUVXLWXQREMHFWLIDPELWLHX[UpDOLVHUODOLEUH FLUFXODWLRQGHVSHUVRQQHVHWDXVVLGHVPDUFKDQGLVHVHQ(XURSHPrPHVL O·(XURSH GHV PDUFKDQGLVHV HVW SOXV DQFLHQQH TXH FHOOH GHV SHUVRQQHV ² OD FRRSpUDWLRQGRXDQLqUHGDWHGHXQDQDYDQWOHWDULIH[WpULHXUFRPPXQ
3RXU DXWDQW OD OLEUH FLUFXODWLRQ QH VH UpGXLW SDV j O·HVSDFH 6FKHQJHQ(QHIIHWHOOHILJXUHSDUPLOHVREMHFWLIVGHO·8QLRQHXURSpHQQHHW FRQVWLWXH O·XQH GHV TXDWUH OLEHUWpV TXL IRQGHQW OH PDUFKp LQWpULHXU 'qV ORUV OD OLEUH FLUFXODWLRQ V·DSSOLTXH DXGHOj GH O·HVSDFH 6FKHQJHQ j WRXV OHV eWDWVPHPEUHVTX·LOVDSSDUWLHQQHQWRXQRQjO·HVSDFH6FKHQJHQ
0DLV 6FKHQJHQ HVW DXVVL XQHFRQVWUXFWLRQ SUDJPDWLTXH TXL V·HVW SURJUHVVLYHPHQW PLVH HQ SODFH GHSXLV SOXV GH WUHQWH DQV GDQV XQ FDGUH G·DERUGLQWHUJRXYHUQHPHQWDODYDQWGHFRQQDvWUHGHSURIRQGHVpYROXWLRQVj OD IRLV JpRJUDSKLTXHV HW LQVWLWXWLRQQHOOHV HW TXL FRQVHUYH FHUWDLQV pOpPHQWV G·DV\PpWULH6FKHQJHQHVWDLQVLO·XQHGHVPHLOOHXUHVLOOXVWUDWLRQVDYHFO·HXUR GHFRRSpUDWLRQ UHQIRUFpH &·HVW SUpFLVpPHQW OD TXHVWLRQ GH OD VXSSUHVVLRQ GHV FRQWU{OHV DX[ IURQWLqUHV TXL GHYDQW OH UHIXV EULWDQQLTXHILW HQWUHU OD GLIIpUHQFLDWLRQGDQVOHSD\VDJHFRPPXQDXWDLUH
6FKHQJHQ QDWXUHOOHPHQW Q·D SDV IDLW GLVSDUDvWUH OHV IURQWLqUHV HOOHVPrPHV3RXUDXWDQWODQRWLRQGHIURQWLqUHHVWGpVRUPDLVUHODWLYLVpHDX EpQpILFHGHFHOOHVG·HVSDFHHWGHWHUULWRLUHFRPPXQ
'DQVO·HVSDFH6FKHQJHQODPLVHHQ±XYUHGHODOLEUHFLUFXODWLRQVH WUDGXLWjODIRLVSDUODVXSSUHVVLRQGHVFRQWU{OHVDX[IURQWLqUHVLQWpULHXUHV
²DYHFODSRVVLELOLWpGHOHVUpWDEOLUGDQVFHUWDLQVFDVSUpGpILQLV²HWSDUGHV PHVXUHV GLWHV ©FRPSHQVDWRLUHVª YLVDQW SUpFLVpPHQW j OLPLWHU OHV FRQVpTXHQFHVGHFHWWHVXSSUHVVLRQ
$UWLFOH SDUDJUDSKH GX WUDLWp VXU O·8QLRQ HXURSpHQQH ©/·8QLRQ RIIUH j VHV FLWR\HQV XQ HVSDFHGHOLEHUWpGHVpFXULWpHWGHMXVWLFHVDQVIURQWLqUHVLQWpULHXUHVDXVHLQGXTXHOHVW DVVXUpH OD OLEUH FLUFXODWLRQ GHV SHUVRQQHV HQ OLDLVRQ DYHF GHV PHVXUHV DSSURSULpHV HQ PDWLqUH GH FRQWU{OH GHV IURQWLqUHV H[WpULHXUHV G·DVLOH G·LPPLJUDWLRQ DLQVL TXH GH SUpYHQWLRQGHODFULPLQDOLWpHWGHOXWWHFRQWUHFHSKpQRPqQHª
$UWLFOH SDUDJUDSKH GX WUDLWp VXU OH IRQFWLRQQHPHQW GH O·8QLRQ HXURSpHQQH ©/H PDUFKp LQWpULHXU FRPSRUWH XQ HVSDFH VDQV IURQWLqUHV LQWpULHXUHV GDQV OHTXHO OD OLEUH FLUFXODWLRQ GHV PDUFKDQGLVHV GHV SHUVRQQHV GHV VHUYLFHV HW GHV FDSLWDX[ HVW DVVXUpH VHORQ OHV GLVSRVLWLRQVGHVWUDLWpVª
(QILQOHERQIRQFWLRQQHPHQWGHO·HVSDFH6FKHQJHQUHTXLHUWjODIRLV UHVSRQVDELOLWpHWVROLGDULWpUHVSRQVDELOLWpGHO·eWDWPHPEUHTXLFRQWU{OHOH VHJPHQW GHV IURQWLqUHV H[WpULHXUHV DX EpQpILFH GH O·HQVHPEOH GHV eWDWV PHPEUHVHWVROLGDULWpGHFHVGHUQLHUVORUVTXHOHSUHPLHUHVWFRQIURQWpjGHV GLIILFXOWpV
1pDQPRLQVOHGLVSRVLWLIFRQoXSUpVHQWDLWGHVIDLOOHV²LOFRPSRUWH
©EHDXFRXSGHWURXVªVHORQO·H[SUHVVLRQLPDJpHTX·DHPSOR\pH05DPRQGH 0LJXHO DPEDVVDGHXU G·(VSDJQH HQ )UDQFH DX FRXUV GH VRQ DXGLWLRQ &HV IDLOOHV RQWpWpEUXWDOHPHQWPLVHV HQ pYLGHQFH SDU GHX[ FULVHVPDMHXUHVOD FULVH PLJUDWRLUH HW GHV DWWDTXHV WHUURULVWHV PHXUWULqUHV TXL RQW UpFHPPHQW DIIHFWpO·8QLRQHXURSpHQQHHWQRPEUHGHVHVeWDWVPHPEUHVWHOSRLQWTXH O·HVSDFH6FKHQJHQH[WUrPHPHQWIUDJLOLVpDpWpFRQWHVWpHWTXHVDGLVSDULWLRQ DPrPHXQWHPSVpWpDQQRQFpH
, /$ &216758&7,21 352*5(66,9( '·81 (63$&( '( /,%5(
&,5&8/$7,21
/DFRQVWUXFWLRQGHO·HVSDFH6FKHQJHQDpWpSURJUHVVLYH(QJDJpHHQ HOOHQ·DFRQQXVDSUHPLqUHYpULWDEOHPLVHHQ±XYUHHWUpDOLVpVRQSURMHW FHQWUDO OD VXSSUHVVLRQ GHV FRQWU{OHV DX[ IURQWLqUHV LQWpULHXUHV TXH GL[ DQV SOXVWDUG
,O H[LVWDLW FHUWHV GHV H[SpULHQFHV SDVVpHV SRVLWLYHV PDLV VXU GHV FKDPSV JpRJUDSKLTXHV SOXV UHVWUHLQWV SDU H[HPSOH OD ]RQH FRPPXQH GH YR\DJH LQVWLWXpH HQWUH OH 5R\DXPH8QL HW O·,UODQGH HQ OH %HQHOX[ RX HQFRUHO·8QLRQQRUGLTXHGHVSDVVHSRUWVHQ
$ /·$&&25''(6&+(1*(1'(
/·DFFRUG GH 6FKHQJHQ UHODWLI j OD VXSSUHVVLRQ JUDGXHOOH GHV FRQWU{OHV DX[ IURQWLqUHV FRPPXQHV D pWp VLJQp GDQV XQ FDGUH LQWHUJRXYHUQHPHQWDO OH MXLQ SDUFLQT eWDWV PHPEUHV OD )UDQFH O·$OOHPDJQHHWOHVWURLVSD\VGX%HQHOX[%HOJLTXH3D\V%DVHW/X[HPERXUJ
/H FRQWH[WH GH O·pSRTXH pWDLW PDUTXp SDU XQH VXFFHVVLRQ GH JUqYHV GX ]qOH GH GRXDQLHUV G·DERUG LWDOLHQV SXLV IUDQoDLV HQ MDQYLHU FRQIURQWpV j O·LQWHQVLILFDWLRQ GH OHXUV FRQGLWLRQV GH WUDYDLO FRQVpFXWLYH j O·DXJPHQWDWLRQGHVSDVVDJHVGHIURQWLqUHV3HXDSUqVDXSULQWHPSVVXLYDQW GHV WUDQVSRUWHXUV URXWLHUV PpFRQWHQWV GH OD PLVH HQ ±XYUH GX SULQFLSH GH
,O FRQYLHQW GH UDSSHOHU TXH O·DUWLFOH GX WUDLWp VXU OH IRQFWLRQQHPHQW GH O·8QLRQ HXURSpHQQH GLVSRVH TXH ©OHV SROLWLTXHV GH O·8QLRQ YLVpHV DX SUpVHQW FKDSLWUH>IURQWLqUHV DVLOH HW LPPLJUDWLRQ@HWOHXUPLVHHQ±XYUHVRQWUpJLHVSDUOHSULQFLSHGHVROLGDULWpHWGHSDUWDJH pTXLWDEOHGHUHVSRQVDELOLWpVHQWUHOHVeWDWVPHPEUHV\FRPSULVVXUOHSODQILQDQFLHUª
48,2175e9e/e6(6)$,//(6
OLEUH FLUFXODWLRQ GHV SHUVRQQHV RQW DVVH] ORQJXHPHQW EORTXp SOXVLHXUV SRVWHVIURQWLqUHVIUDQFRDOOHPDQGV
6LJQp OH MXLOOHW O·DFFRUG GH 6DUUHEUXFN XQ DFFRUG ELODWpUDO HQWUHOD)UDQFHHWO·$OOHPDJQHSUpYR\DLWOHUHPSODFHPHQWGHVFRQWU{OHVjOD IURQWLqUH IUDQFRDOOHPDQGH SDU GHV FRQWU{OHV YLVXHOV FRPELQpV DYHF OH UHQIRUFHPHQW GHV FRQWU{OHV DX[ IURQWLqUHV H[WpULHXUHV GHV GHX[ SD\V XQH KDUPRQLVDWLRQGHVUqJOHVGDQVOHGRPDLQHGHVYLVDVHWXQUHQIRUFHPHQWGHOD FRRSpUDWLRQGRXDQLqUHHWSROLFLqUHSRXUOXWWHUFRQWUHOHVHQWUpHVLUUpJXOLqUHV
3HXDSUqVOHVSD\VGX%HQHOX[GRQWOHWHUULWRLUHHVWFRQWLJX HWTXL GLVSRVDLHQW GpMj G·XQH XQLRQ GHV SDVVHSRUWV RQW UHMRLQW O·DFFRUG TXL HVW DLQVL GHYHQX O·DFFRUG GH 6FKHQJHQ GX QRP GH OD FRPPXQH OX[HPERXUJHRLVHSURFKHGXSRLQWROHVIURQWLqUHVDOOHPDQGHIUDQoDLVHHW OX[HPERXUJHRLVHVHUHMRLJQHQWHWRO·DFFRUGDpWpVLJQp
/·DFFRUG GH 6FKHQJHQ FRPSUHQG DUWLFOHV UpSDUWLV HQ PHVXUHV DSSOLFDEOHV j FRXUW WHUPH WLWUH , HW HQ PHVXUHV DSSOLFDEOHV j ORQJ WHUPH WLWUH,,
6RQSUpDPEXOHHQSDUWLFXOLHU
pYRTXH O·REMHFWLI G·XQ ©OLEUH IUDQFKLVVHPHQW GHV IURQWLqUHV LQWpULHXUHV SDU WRXV OHV UHVVRUWLVVDQWV GHV eWDWV PHPEUHVª HW G·XQH ©OLEUH FLUFXODWLRQ GHV PDUFKDQGLVHVHWGHVVHUYLFHVª
VH UpIqUH DX[ ©SURJUqV GpMj UpDOLVpV DX VHLQ GHV &RPPXQDXWpV HXURSpHQQHVHQYXHG·DVVXUHUODOLEUHFLUFXODWLRQGHVSHUVRQQHVGHVPDUFKDQGLVHVHW GHVVHUYLFHVª
DIILFKH ©OD YRORQWp GH SDUYHQLU j OD VXSSUHVVLRQ GHV FRQWU{OHV DX[
IURQWLqUHV FRPPXQHV GDQV OD FLUFXODWLRQ GHV UHVVRUWLVVDQWV GHV eWDWV PHPEUHV GHV
&RPPXQDXWpV HXURSpHQQHV HW G·\ IDFLOLWHU OD FLUFXODWLRQ GHV PDUFKDQGLVHV HW GHV VHUYLFHVª
O·RULJLQHWRXWHIRLVFHWWHOLEUHFLUFXODWLRQpWDLWVHXOHPHQWGHGURLW
% /$ &219(17,21 '·$33/,&$7,21 '( /·$&&25' '( 6&+(1*(1 '(
&HQ·HVWTXHFLQTDQVSOXVWDUGOHMXLQTXHOHVPrPHVeWDWV VLJQHQW OD FRQYHQWLRQ G·DSSOLFDWLRQ GH O·DFFRUG GH 6FKHQJHQ TXL D WUDQVIRUPp OD OLEUH FLUFXODWLRQ GH GURLW SURFODPpH j 6FKHQJHQ HQ OLEUH FLUFXODWLRQGHIDLW
O·RULJLQH6FKHQJHQHVWXQKDPHDXGXYLOODJHOX[HPERXUJHRLVGH5HPHUVKHQ²RVHWURXYHXQ FKkWHDX GDQV OHTXHO 9LFWRU +XJR DXUDLW UpVLGp XQ WHPSV ² TXL D FKDQJp GH QRP HQ SRXU DGRSWHUFHOXLGHVRQFpOqEUHKDPHDX
&HWWHFRQYHQWLRQGHDUWLFOHVHVWSDUWLFXOLqUHPHQWLPSRUWDQWHFDU HOOH FRPSRUWH GHV GLVSRVLWLRQV PHWWDQW FRQFUqWHPHQW HQ ±XYUH O·DFFRUG GH 6FKHQJHQGHUHODWLYHVj
OD VXSSUHVVLRQ GHV FRQWU{OHV DX[ IURQWLqUHV LQWpULHXUHV HW OD FLUFXODWLRQ GHV SHUVRQQHV IUDQFKLVVHPHQW GHV IURQWLqUHV LQWpULHXUHV IUDQFKLVVHPHQWGHVIURQWLqUHVH[WpULHXUHVYLVDVGHFRXUWHGXUpHHWGHORQJXH GXUpHFRQGLWLRQVGHFLUFXODWLRQGHVpWUDQJHUVWLWUHVGHVpMRXUHWVLJQDOHPHQW DX[ILQVGHQRQDGPLVVLRQPHVXUHVG·DFFRPSDJQHPHQWUHVSRQVDELOLWpSRXU OHWUDLWHPHQWGHVGHPDQGHVG·DVLOH
ODSROLFHHWODVpFXULWpFRRSpUDWLRQSROLFLqUHHQWUDLGHMXGLFLDLUHHQ PDWLqUHSpQDOHH[WUDGLWLRQDUPHVjIHXHWPXQLWLRQV
O·LQVWLWXWLRQO·H[SORLWDWLRQHWO·XWLOLVDWLRQGXV\VWqPHG·LQIRUPDWLRQ 6FKHQJHQ6,6DLQVLTXHODSURWHFWLRQGHVGRQQpHVjFDUDFWqUHSHUVRQQHO
DXWUDQVSRUWHWjODFLUFXODWLRQGHVPDUFKDQGLVHV
/HVDSSRUWVGHFHWWHFRQYHQWLRQVRQWQRPEUHX[&HWH[WHDGpILQLGH PDQLqUH SUpFLVH OHV PRGDOLWpV GH OD OHYpH GHV FRQWU{OHV DX[ IURQWLqUHV LQWpULHXUHV DYHF GHV FRQWUHSDUWLHV DSSHOpHV©PHVXUHV FRPSHQVDWRLUHVª 3DUPLFHVGHUQLqUHVILJXUHQWOHVSURFpGXUHVUpJLVVDQWODGpOLYUDQFHGHYLVDV XQLIRUPHV OD OXWWH FRQWUH OH WUDILF GH GURJXHV HW OD PLVH HQ SODFH G·XQ V\VWqPH FRPPXQ GH SDUWDJH GH O·LQIRUPDWLRQ OH V\VWqPH G·LQIRUPDWLRQ 6FKHQJHQ RX 6,6 LQIRUPDWLVp TXL D SHUPLV OD PXWXDOLVDWLRQ GHV LQIRUPDWLRQVUHODWLYHVDX[SHUVRQQHVHWDX[REMHWVUHFKHUFKpVHWGHYDQWGRQF IDLUHO·REMHWG·XQFRQWU{OH/DFRQYHQWLRQVRXOLJQDLWODQpFHVVLWpGHPHWWUHHQ SODFHXQFRQWU{OHHIILFDFHDX[IURQWLqUHVH[WpULHXUHV(OOHDpJDOHPHQWSURPX O·DSSOLFDWLRQ GH VDQFWLRQV FRQWUH OHV WUDQVSRUWHXUV HW OHV SHUVRQQHV D\DQW VRXWHQXO·LPPLJUDWLRQLUUpJXOLqUH(OOHDUHQIRUFpODFRRSpUDWLRQSROLFLqUHHW GRXDQLqUH
8Q FRPLWp H[pFXWLI VWDWXDQW j O·XQDQLPLWp pWDLW FKDUJp GH YHLOOHU j O·DSSOLFDWLRQGHODFRQYHQWLRQ
/D FRQYHQWLRQ G·DSSOLFDWLRQ GH O·DFFRUG GH 6FKHQJHQ HVWHQWUpH HQ YLJXHXUSUqVGHFLQTDQVDSUqVVDVLJQDWXUHVRLWOHPDUVGDWHGHOD OHYpH HIIHFWLYH GHV FRQWU{OHV DX[ IURQWLqUHV LQWpULHXUHV ,O DXUD GRQF IDOOX SUqVGHGL[HQWUHODVLJQDWXUHGHO·DFFRUGGH6FKHQJHQHWO·HQWUpHHQYLJXHXU GHVDFRQYHQWLRQG·DSSOLFDWLRQSRXUDERXWLU
48,2175e9e/e6(6)$,//(6
& /(&2'()5217,Ë5(66&+(1*(1
/H FRGH IURQWLqUHV 6FKHQJHQ D pWp LQVWLWXp SDU XQ UqJOHPHQW GX
PDUV
'HSXLV ORUV LO D pWp PRGLILp j SOXVLHXUV UHSULVHV ² OH WH[WH HVW DXMRXUG·KXLFRGLILpSDUXQUqJOHPHQWGXPDUV²HQSDUWLFXOLHU
HQ DILQ G·pWDEOLU GHV UqJOHV FRPPXQHV UHODWLYHV j OD UpLQWURGXFWLRQ WHPSRUDLUH GX FRQWU{OH DX[ IURQWLqUHV LQWpULHXUHV GDQV GHV FLUFRQVWDQFHV H[FHSWLRQQHOOHV HW WLUHU OHV FRQVpTXHQFHV GH OD UpIRUPH GX PpFDQLVPHG·pYDOXDWLRQ6FKHQJHQ
HQSRXUPRGLILHUO·DUWLFOHGXFRGHGHPDQLqUHjpWDEOLUXQH SURFpGXUHVSpFLILTXHGHUpLQWURGXFWLRQWHPSRUDLUHGXFRQWU{OHDX[IURQWLqUHV LQWpULHXUHV ©GDQV GHV FLUFRQVWDQFHV H[FHSWLRQQHOOHV PHWWDQW HQ SpULO OH IRQFWLRQQHPHQWJOREDOGHO·HVSDFHVDQVFRQWU{OHDX[IURQWLqUHVLQWpULHXUHVGXIDLWGH PDQTXHPHQWV JUDYHV SHUVLVWDQWV OLpV DX FRQWU{OH DX[ IURQWLqUHV H[WpULHXUHV(Q RXWUH OD PRGLILFDWLRQ GH O·DUWLFOH GX FRGH IURQWLqUHV 6FKHQJHQ YLVDQW j PHWWUH HQ SODFH GHV FRQWU{OHV V\VWpPDWLTXHV DX[ IURQWLqUHV H[WpULHXUHV GH WRXV OHV YR\DJHXUV DXVVL ELHQ HQ HQWUpH TXH ² GpVRUPDLV ² HQ VRUWLH GH O·HVSDFH 6FKHQJHQ WDQW DX UHJDUG GHV EDVHV GH GRFXPHQWV YROpV RX SHUGXV TX·DXUHJDUGGHVEDVHVGHSHUVRQQHVUHFKHUFKpHVQRWDPPHQWODFRQVXOWDWLRQ GX6,6HVWHQFRUHHQFRXUVG·DGRSWLRQ
&H FRGH GqV VRQ DUWLFOH HUDIILUPH OD OLEUH FLUFXODWLRQ FRPPH XQ SULQFLSH ©/H SUpVHQW UqJOHPHQW SUpYRLW O·DEVHQFH GH FRQWU{OH DX[ IURQWLqUHV GHV SHUVRQQHVIUDQFKLVVDQWOHVIURQWLqUHVLQWpULHXUHVHQWUHOHVeWDWVPHPEUHVGHO·8QLRQ HXURSpHQQHª 3DU DLOOHXUV O·DUWLFOHHU SUpYRLWpJDOHPHQWTXH OH FRGH ©pWDEOLW OHV UqJOHV DSSOLFDEOHV DX FRQWU{OH DX[ IURQWLqUHV GHV SHUVRQQHV IUDQFKLVVDQW OHV IURQWLqUHVH[WpULHXUHVGHVeWDWVPHPEUHVGHO·8QLRQHXURSpHQQHª
48·(67&(48·81()5217,Ë5("
/·DUWLFOHGXFRGHIURQWLqUHV6FKHQJHQGpILQLWFHTXHVRQWOHV©IURQWLqUHVª OHV IURQWLqUHV LQWpULHXUHV OHV IURQWLqUHV WHUUHVWUHV FRPPXQHV \ FRPSULV
IOXYLDOHV HW ODFXVWUHV GHV eWDWV PHPEUHV OHV DpURSRUWV GHV eWDWV PHPEUHV SRXU OHV YROV LQWpULHXUV OHV SRUWV PDULWLPHV IOXYLDX[ HW ODFXVWUHV GHV eWDWV PHPEUHVSRXUOHVOLDLVRQVUpJXOLqUHVLQWpULHXUHVSDUWUDQVERUGHXU
5qJOHPHQW &( QGX3DUOHPHQW HXURSpHQ HW GX &RQVHLOGXPDUV pWDEOLVVDQW XQFRGHFRPPXQDXWDLUHUHODWLIDXUpJLPHGHIUDQFKLVVHPHQWGHVIURQWLqUHVSDUOHVSHUVRQQHVFRGH IURQWLqUHV6FKHQJHQ
5qJOHPHQW 8(GX 3DUOHPHQW HXURSpHQ HWGX &RQVHLOGXPDUV FRQFHUQDQW XQ FRGH GH O·8QLRQ UHODWLI DX UpJLPH GH IUDQFKLVVHPHQW GHV IURQWLqUHV SDU OHV SHUVRQQHV FRGH IURQWLqUHV6FKHQJHQ
OHV IURQWLqUHV H[WpULHXUHV OHV IURQWLqUHV WHUUHVWUHV GHV eWDWV PHPEUHV \ FRPSULVOHVIURQWLqUHVIOXYLDOHVHWODFXVWUHVOHVIURQWLqUHVPDULWLPHVDLQVLTXH OHXUVDpURSRUWVSRUWVIOXYLDX[SRUWVPDULWLPHVHWSRUWVODFXVWUHVSRXUDXWDQW TX·LOVQHVRLHQWSDVGHVIURQWLqUHVLQWpULHXUHV
3DU DLOOHXUV SDU ©FRQWU{OH DX[ IURQWLqUHVª LO FRQYLHQW G·HQWHQGUH OHV DFWLYLWpV HIIHFWXpHVDX[IURQWLqUHVFRQIRUPpPHQWDXSUpVHQWUqJOHPHQWHWDX[ILQVGHFHOXL FL HQ UpSRQVH H[FOXVLYHPHQW j O·LQWHQWLRQ GH IUDQFKLU XQH IURQWLqUH RX j VRQ IUDQFKLVVHPHQWLQGpSHQGDPPHQWGHWRXWHDXWUHFRQVLGpUDWLRQFRQVLVWDQWHQGHV YpULILFDWLRQVDX[IURQWLqUHVHWHQXQHVXUYHLOODQFHGHVIURQWLqUHV
/HFRQWU{OHDX[IURQWLqUHVVHGLVWLQJXHHQHIIHWGHV©YpULILFDWLRQVDX[IURQWLqUHVª GpILQLHVFRPPHOHVYpULILFDWLRQVHIIHFWXpHVDX[SRLQWVGHSDVVDJHIURQWDOLHUVDILQ GHV·DVVXUHUTXHOHVSHUVRQQHV\FRPSULVOHXUVPR\HQVGHWUDQVSRUWHWOHVREMHWV HQ OHXU SRVVHVVLRQ SHXYHQW rWUH DXWRULVpV j HQWUHU VXU OH WHUULWRLUH GHV eWDWV PHPEUHVRXjOHTXLWWHUHWGHOD©VXUYHLOODQFHGHVIURQWLqUHVªGpILQLHFRPPHOD VXUYHLOODQFHGHVIURQWLqUHVHQWUHOHVSRLQWVGHSDVVDJHIURQWDOLHUVHWODVXUYHLOODQFH GHVSRLQWVGHSDVVDJHIURQWDOLHUVHQGHKRUVGHVKHXUHVG·RXYHUWXUHIL[pHVHQYXH G·HPSrFKHUOHVSHUVRQQHVGHVHVRXVWUDLUHDX[YpULILFDWLRQVDX[IURQWLqUHV
/HVUqJOHVGHIRQFWLRQQHPHQWGHO·HVSDFH6FKHQJHQGpWHUPLQpHVSDU OHFRGHIURQWLqUHVVRQWOHVVXLYDQWHV
DX[IURQWLqUHVH[WpULHXUHVGHO·HVSDFH6FKHQJHQOHVFRQWU{OHVVRQW UpJLVSDUO·DUWLFOHGXFRGH
• SRXU OHV SHUVRQQHV MRXLVVDQW GX GURLW FRPPXQDXWDLUH j OD OLEUHFLUFXODWLRQODYpULILFDWLRQPLQLPDOHFRQVWLWXHODUqJOHHOOHFRQVLVWHHQ XQ H[DPHQ VLPSOH HW UDSLGH GH OD YDOLGLWp GX GRFXPHQW GH YR\DJH OH SDVVHSRUWGDQVODSOXSDUWGHVFDV(QFDVGHGRXWHVXUXQGRFXPHQWSURGXLW OD EDVH GH GRQQpHV VXU OHV GRFXPHQWV YROpV GpWRXUQpV pJDUpV HW LQYDOLGpV 6/7'G·,QWHUSROSHXWrWUHFRQVXOWpH
• SRXUOHVUHVVRUWLVVDQWVGHSD\VWLHUVDXFRQWUDLUHODUqJOHHVW FHOOH G·XQH YpULILFDWLRQ DSSURIRQGLH j O·HQWUpH FRPPH j OD VRUWLH &HOOHFL SRUWH VXU OHV FRQGLWLRQV G·HQWUpH SDVVHSRUW YLVD PR\HQV GH VXEVLVWDQFH QRQLQVFULSWLRQGDQVOH6,6DEVHQFHGHPHQDFHjO·RUGUHSXEOLFDLQVLTXHOHV GRFXPHQWVDXWRULVDQWOHVpMRXUHWO·H[HUFLFHG·XQHDFWLYLWpSURIHVVLRQQHOOH&H FRQWU{OH HVW RSpUp ORUV GX SDVVDJH j O·DXEHWWH SDU OD FRQVXOWDWLRQ GH GLIIpUHQWHVEDVHVGHGRQQpHV(QFDVGHGRXWHVXUXQGRFXPHQWOHYR\DJHXU SHXW VH YRLU UHWHQX OH WHPSV G·XQ FRQWU{OH GLW ©GH VHFRQGH OLJQHª SOXV DSSURIRQGLFIVFKpPDFLGHVVRXV
DX[IURQWLqUHVLQWpULHXUHVGHO·HVSDFH6FKHQJHQHQSULQFLSHWRXWH SHUVRQQH TXHOOH TXH VRLW VD QDWLRQDOLWp UHVVRUWLVVDQW HXURSpHQ RX UHVVRUWLVVDQW GH SD\V WLHUV SHXW IUDQFKLU OHV IURQWLqUHV LQWpULHXUHV HQ WRXW SRLQW VDQV DYRLU j VXELU GH YpULILFDWLRQV HQ DSSOLFDWLRQ GH O·DUWLFOH /D SROLFH SHXW H[HUFHU GHV FRQWU{OHV GDQV OD ]RQH IURQWDOLqUH QRWDPPHQW SRXU
48,2175e9e/e6(6)$,//(6
OXWWHUFRQWUHODFULPLQDOLWpWUDQVIURQWDOLqUHjFRQGLWLRQTXHGHWHOVFRQWU{OHV Q·DLHQW SDV XQ HIIHW pTXLYDOHQW j FHOXL GHV YpULILFDWLRQV IURQWDOLqUHV FRQIRUPpPHQWjO·DUWLFOH
48,2175e9e/e6(6)$,//(6
/D UpLQWURGXFWLRQ WHPSRUDLUH GH FRQWU{OHV DX[ IURQWLqUHV LQWpULHXUHV HVW FHSHQGDQW SRVVLEOH GDQV FHUWDLQV FDV ² HQ GpSLW GHV WHQWDWLYHV GH OD &RPPLVVLRQ HXURSpHQQH j O·pSRTXH G·REWHQLU OD VXSSUHVVLRQWRWDOHGHFHVFRQWU{OHV
HQ FDV GH PHQDFH JUDYH SRXU O·RUGUH SXEOLF RX SRXU OD VpFXULWp LQWpULHXUHUpVXOWDQWG·XQpYpQHPHQWSUpYLVLEOHWHOTX·XQpYpQHPHQWVSRUWLI RX SROLWLTXH GH JUDQGH DPSOHXU YLVpH j O·DUWLFOH RX LPSUpYLVLEOH WHO TX·XQDWWHQWDWYLVpHjO·DUWLFOHXQeWDWPHPEUHSHXWH[FHSWLRQQHOOHPHQW UpLQWURGXLUH GHV FRQWU{OHV SURSRUWLRQQpV j VHV IURQWLqUHV LQWpULHXUHV /D GXUpHGHUpLQWURGXFWLRQGHVFRQWU{OHVDX[IURQWLqUHVLQWpULHXUHVHVWYDULDEOH GDQVOHFDVG·XQHPHQDFHSUpYLVLEOHHOOHHVWHQSULQFLSHOLPLWpHjMRXUVHW QHSHXWH[FpGHUPRLVHQFDVGHPHQDFHLPSUpYLVLEOHODGXUpHSHXWrWUHGH MRXUVHWQHGRLWSDVGpSDVVHUPRLV
OD UpLQWURGXFWLRQ GH FRQWU{OHV DX[ IURQWLqUHV LQWpULHXUHV HVW DXVVL SRVVLEOHGDQV OH FDV GH ©FLUFRQVWDQFHV H[FHSWLRQQHOOHV PHWWDQW HQ SpULO OH IRQFWLRQQHPHQWJOREDOGHO·HVSDFHVDQVFRQWU{OHDX[IURQWLqUHVLQWpULHXUHVGX IDLW GH PDQTXHPHQWV JUDYHV HW SHUVLVWDQWV OLpV DX FRQWU{OH DX[ IURQWLqUHV H[WpULHXUHVª YLVpHV j O·DUWLFOH 'DQV FH FDV HQ SULQFLSH OD GXUpH GH FHV FRQWU{OHV QH GRLW SDV H[FpGHU PRLV PDLV HOOH SHXW rWUH SURORQJpH MXVTX·j GHX[DQV
/HV DXWUHV eWDWV PHPEUHV HW OD &RPPLVVLRQ GRLYHQW rWUH DYLVpV GX UpWDEOLVVHPHQWWHPSRUDLUHGHVFRQWU{OHVDX[IURQWLqUHVLQWpULHXUHV
,O FRQYLHQW GH QRWHU TXH OD PLVH HQ ±XYUH GX FRGH IURQWLqUHV 6FKHQJHQ D FRQGXLW OD )UDQFH j PRGLILHU VD SUDWLTXH GH FHUWDLQV FRQWU{OHV IURQWDOLHUV(QHIIHWDYHFVRQDUUrW0HONLGXMXLQOD&RXUGHMXVWLFH GH O·8QLRQ HXURSpHQQH VXU UHQYRL SUpMXGLFLHO GH OD &RXU GH FDVVDWLRQ IUDQoDLVHDWUDQFKpXQHTXHVWLRQUHODWLYHjODFRPSDWLELOLWpGHVFRQWU{OHVGH SROLFH IUDQoDLV DYHF OH SULQFLSH GH VXSSUHVVLRQ GH FRQWU{OH DX[ IURQWLqUHV LQWpULHXUHV &HW DUUrW D FRQVWDWp O·LQFRPSDWLELOLWp GX GLVSRVLWLI IUDQoDLV GH FRQWU{OHVGDQVOD]RQHIURQWDOLqUHGHVNLORPqWUHVDYHFFHSULQFLSHHWGRQF DYHFOHGURLWGHO·8QLRQHXURSpHQQHOD&RXUDMXJpTXHODV\VWpPDWLFLWpGH FRQWU{OHV RSpUpV LQGpSHQGDPPHQW GX FRPSRUWHPHQW GHV SHUVRQQHV FRQWU{OpHV GDQV XQH ]RQH IURQWDOLqUH V·DQDO\VDLW FRPPH LPSOLTXDQW GHV FRQWU{OHV j HIIHW pTXLYDOHQW j FHX[ TX·HQJHQGUDLW OH IUDQFKLVVHPHQW GH OD
&RQIRUPpPHQW j O·DUWLFOH GX WUDLWp VXU OH IRQFWLRQQHPHQW GH O·8QLRQ HXURSpHQQH ©/H SUpVHQWWLWUHQHSRUWHSDVDWWHLQWHjO·H[HUFLFHGHVUHVSRQVDELOLWpVTXLLQFRPEHQWDX[eWDWV PHPEUHVSRXUOHPDLQWLHQGHO·RUGUHSXEOLFHWODVDXYHJDUGHGHODVpFXULWpLQWpULHXUHª
&RQFUqWHPHQWODUpLQWURGXFWLRQWHPSRUDLUHGHVFRQWU{OHVDX[IURQWLqUHVLQWpULHXUHVpWDLWPRWLYpH WUDGLWLRQQHOOHPHQWSDUODVpFXULWpGHUpXQLRQVGHFKHIVG·eWDWHWGHJRXYHUQHPHQWO·RUJDQLVDWLRQ G·XQHFRPSpWLWLRQVSRUWLYHRXGHVWHQVLRQVjODIURQWLqUHIUDQFRHVSDJQROHOLpHVjODVLWXDWLRQDX 3D\VEDVTXH
IURQWLqUH,ODFRQGXLWjPRGLILHUO·DUWLFOHGXFRGHGHSURFpGXUHSpQDOH IUDQoDLVDILQGHSUpFLVHUTXHOHVFRQWU{OHVGDQVODEDQGHGHVNLORPqWUHVQH GRLYHQW SDV H[FpGHU XQH GXUpH GH VL[ KHXUHV FRQVpFXWLYHV GDQV XQ PrPH OLHX
'HX[UHVVRUWLVVDQWVDOJpULHQVGpPXQLVGHWLWUHVGHVpMRXUUpJXOLHUV000HONLHW$EGHOLDYDLHQW pWpFRQWU{OpVSDUODSROLFHIUDQoDLVHGDQVODEDQGHGHNLORPqWUHVDXGHOjGHODIURQWLqUHDYHFOD
%HOJLTXHVXUOHIRQGHPHQWGHO·DUWLFOHDOLQpDGXFRGHGHSURFpGXUHSpQDOH&KDFXQG·HQWUH HX[DIDLWO·REMHWG·XQDUUrWpSUpIHFWRUDOGHUHFRQGXLWHjODIURQWLqUHHWG·XQHGpFLVLRQGHPDLQWLHQ HQ UpWHQWLRQ DGPLQLVWUDWLYH ,OV RQW FRQWHVWp OD UpJXODULWp GH OHXU LQWHUSHOODWLRQ HW VRXOHYp O·LQFRQVWLWXWLRQQDOLWp GH O·DUWLFOH HQ FH TX·LO SRUWDLW DWWHLQWH DX[ GURLWV HW OLEHUWpV JDUDQWLV SDUOD&RQVWLWXWLRQIUDQoDLVHHQpWDQWFRQWUDLUHDXSULQFLSHGHODOLEUHFLUFXODWLRQGHVSHUVRQQHV
48,2175e9e/e6(6)$,//(6
&$'5(-85,',48('85e7$%/,66(0(177(0325$,5('8&2175Ñ/(
$8;)5217,Ë5(6,17e5,(85(6'(/·(63$&(6&+(1*(1
$UWLFOHGX&)6 DQFLHQQH QXPpURWDWLRQ
3URFpGXUHVHWW\SHVGHPHVXUHV 'XUpHGH UpWDEOLVVHPHQWGHV
FRQWU{OHV
$UWLFOH
H[DUWLFOH &DGUH JpQpUDO GH UpLQWURGXFWLRQ WHPSRUDLUH GX FRQWU{OH DX[ IURQWLqUHV LQWpULHXUHV HQ FDV GHPHQDFH JUDYH SRXU O·RUGUHSXEOLFRXODVpFXULWpLQWpULHXUH
3pULRGHGHMRXUV UHQRXYHODEOHRXSRXU ODGXUpHSUpYLVLEOHGH ODPHQDFHJUDYHVLHOOH HVWVXSpULHXUHj MRXUVGDQVODOLPLWH G·XQHGXUpHPD[LPDOH GHVL[PRLVFRQVpFXWLIV
$UWLFOH H[DUWLFOHD
&ULWqUHV SRXU OD UpLQWURGXFWLRQ WHPSRUDLUH GX FRQWU{OH DX[ IURQWLqUHV LQWpULHXUHV pYDOXDWLRQ GH OD SURSRUWLRQQDOLWp GH OD PHVXUH WHQDQW FRPSWH GH VRQ LQFLGHQFH VXU OD OLEUH FLUFXODWLRQGHVSHUVRQQHV
$UWLFOH H[DUWLFOH
3URFpGXUH GH UpLQWURGXFWLRQ WHPSRUDLUH GXFRQWU{OHDX[IURQWLqUHVLQWpULHXUHVDX WLWUHGHO·DUWLFOHQRWLILFDWLRQGHVeWDWV PHPEUHV HW GH OD &RPPLVVLRQ DX SOXV WDUGVHPDLQHVDYDQWLQIRUPDWLRQTXDQW DX PRWLI j OD SRUWpH OD GDWH HW OD GXUpH GH OD UpLQWURGXFWLRQ SUpYXH HW QRP GHV 33$
3pULRGHGHMRXUV UHQRXYHODEOHRXSRXU ODGXUpHSUpYLVLEOHGH ODPHQDFHJUDYHVLHOOH HVWVXSpULHXUHj MRXUVGDQVODOLPLWH G·XQHGXUpHPD[LPDOH GHVL[PRLVFRQVpFXWLIV
$UWLFOH H[DUWLFOH
3URFpGXUH VSpFLILTXH GDQV OHV FDV
QpFHVVLWDQWXQHDFWLRQLPPpGLDWH 3pULRGHQ·H[FpGDQWSDV MRXUVUHQRXYHODEOH SRXUGHVSpULRGHV Q·H[FpGDQWSDV MRXUVGDQVODOLPLWH PD[LPDOHGHPRLV
$UWLFOH H[DUWLFOH
3URFpGXUH VSpFLILTXH HQ FDV GH FLUFRQVWDQFHV H[FHSWLRQQHOOHV PHWWDQW HQ SpULO OH IRQFWLRQQHPHQW JOREDOGH O·HVSDFH VDQV FRQWU{OH DX[ IURQWLqUHV LQWpULHXUHV
3pULRGHQ·H[FpGDQWSDV PRLVUHQRXYHODEOH IRLVPD[LPXPGDQV ODOLPLWHGHDQV
$UWLFOH &ULWqUHV SRXU OD UpLQWURGXFWLRQ WHPSRUDLUH GX FRQWU{OH DX[ IURQWLqUHV LQWpULHXUHV HQ FDV GH FLUFRQVWDQFHV H[FHSWLRQQHOOHV PHWWDQW HQ SpULO OH IRQFWLRQQHPHQWJOREDOpYDOXDWLRQWHQDQW FRPSWH GH O·LQFLGHQFH VXU OD OLEUH FLUFXODWLRQ GH WRXW PDQTXHPHQW OLp DX[
IURQWLqUHV H[WpULHXUHV HW GH OD GLVSRQLELOLWp GH VRXWLHQ WHFKQLTXH RX ILQDQFLHU
&)6FRGHIURQWLqUHV6FKHQJHQ 33$SRLQWVGHSDVVDJHDXWRULVpV
6RXUFH&RPPLVVLRQG·HQTXrWHjSDUWLUGXFRGHIURQWLqUHV6FKHQJHQ
,, 81(63$&(48,$&2118'(352)21'(6e92/87,216'(38,6 75(17($16
/·HVSDFH 6FKHQJHQ D SURIRQGpPHQW pYROXp GHSXLV VD FUpDWLRQ FHWpJDUGLOLOOXVWUHODFDSDFLWpGHPXWDWLRQGXSURMHWHXURSpHQ
(Q SOXV GH WUHQWH DQV LO D HQ HIIHW FRQQX GHX[ SULQFLSDOHV pYROXWLRQVG·XQHSDUWGHVDGKpVLRQVVXFFHVVLYHVGHQRXYHDX[PHPEUHVTXL RQW pWHQGX VRQ FKDPS G·DSSOLFDWLRQ WHUULWRULDO HW G·DXWUH SDUW XQH pYROXWLRQ LQVWLWXWLRQQHOOH TXL D FRQGXLW j VD FRPPXQDXWDULVDWLRQ HW V·HVW DFFRPSDJQpHG·XQpODUJLVVHPHQWGHVRQFRQWHQX
$ /·e/$5*,66(0(17 *e2*5$3+,48( '( /·(63$&( 6&+(1*(1 '(
&,149,1*76,;0(0%5(6
(Q GpSLW GHV QRPEUHX[ pODUJLVVHPHQWV JpRJUDSKLTXHV TX·D FRQQXV O·HVSDFH 6FKHQJHQ XQ GpFDODJH VXEVLVWH HQWUH OD FDUWH GH O·8QLRQ HXURSpHQQH HW FHOOH GH FHW HVSDFH &H GpFDODJH D QRWDPPHQW SRXU FRQVpTXHQFH TXH OHV IURQWLqUHV H[WpULHXUHV GH O·8QLRQ HXURSpHQQH QH VRQW SDVQpFHVVDLUHPHQWFHOOHVGHO·HVSDFH6FKHQJHQ
$FWXHOOHPHQW O·HVSDFH 6FKHQJHQ FRPSUHQG YLQJWVL[ eWDWV PHPEUHVVRLW
YLQJWGHX[ eWDWV PHPEUHV GH O·8QLRQ HXURSpHQQH OHV FLQT eWDWV IRQGDWHXUV $OOHPDJQH %HOJLTXH )UDQFH /X[HPERXUJ HW 3D\V%DV ,WDOLH (VSDJQH HW 3RUWXJDO *UqFH $XWULFKH 'DQHPDUN )LQODQGH HW 6XqGH (VWRQLH +RQJULH /HWWRQLH /LWXDQLH 0DOWH 3RORJQH 6ORYDTXLH 6ORYpQLHHW5pSXEOLTXHWFKqTXH
TXDWUHeWDWVDVVRFLpV,VODQGHHW1RUYqJH6XLVVH/LHFKWHQVWHLQ /·DVVRFLDWLRQGHSD\VKRUV8QLRQHXURSpHQQHjO·HVSDFH6FKHQJHQD SRXU SUpDODEOH OD FRQFOXVLRQ G·XQ DFFRUG VXU OD OLEUH FLUFXODWLRQ GHV SHUVRQQHVHQWUHOHVeWDWVHWO·8QLRQSOXVSUpFLVpPHQWXQDFFRUGVXUO·(VSDFH pFRQRPLTXHHXURSpHQ(((SRXUO·,VODQGHOD1RUYqJHHWOH/LHFKWHQVWHLQHW XQDFFRUGVXUODOLEUHFLUFXODWLRQGHVSHUVRQQHVSRXUOD6XLVVHTXLQHIDLWSDV SDUWLH GH O·((( /D SDUWLFLSDWLRQ GHV eWDWV DVVRFLpV j O·HVSDFH 6FKHQJHQ VH
/HVGpSDUWHPHQWVHWFROOHFWLYLWpVG·RXWUHPHUQHIRQWSDVSDUWLHGHO·HVSDFH6FKHQJHQ,OHQYDGH PrPHGHVWHUULWRLUHVQpHUODQGDLVG·RXWUHPHU
%LHQ TXH VLJQDWDLUH GH O·DFFRUG GH 6FKHQJHQ OH 'DQHPDUN EpQpILFLH G·XQ VWDWXW SDUWLFXOLHU UpWLFHQWjODFRPPXQDXWDULVDWLRQGHODSROLWLTXHPLJUDWRLUHLOQHSDUWLFLSHSDVjO·DGRSWLRQSDUOH
&RQVHLO GHV PHVXUHV UHOHYDQW GH FH GRPDLQH HQ DSSOLFDWLRQ GH O·DUWLFOH HU GX SURWRFROH Q
DQQH[p DX WUDLWp VXU O·8QLRQ HXURSpHQQH HW DX WUDLWp VXU OH IRQFWLRQQHPHQW GH O·8QLRQ HXURSpHQQH PDLV SUHQG SDUW DX[ GpFLVLRQV GX &RQVHLO HQ PDWLqUH GH YLVD HQ DSSOLFDWLRQ GH O·DUWLFOH GX PrPH SURWRFROH HW SHXW GpFLGHU GH WUDQVSRVHU XQH PHVXUH DUUrWpH SDU OH &RQVHLO YLVDQW j GpYHORSSHU O·DFTXLV GH 6FKHQJHQ FHWWH WUDQVSRVLWLRQ FUpDQW FHSHQGDQW SRXU OXL XQH REOLJDWLRQ GH GURLW LQWHUQDWLRQDO HW QRQ GH GURLW FRPPXQDXWDLUH YLVjYLV GHV DXWUHV eWDWV PHPEUHVHQDSSOLFDWLRQGHO·DUWLFOHGXPrPHSURWRFROH
48,2175e9e/e6(6)$,//(6
WUDGXLWSRXUHX[SDUO·DSSOLFDWLRQGHO·DFTXLVGH6FKHQJHQHWO·DVVRFLDWLRQj OD SULVH GH GpFLVLRQV &HOOHFL D OLHX DX VHLQ GH FRPLWpV PL[WHV TXL VH UpXQLVVHQW HQ PDUJH GHV JURXSHV GH WUDYDLO GX &RQVHLO HW UDVVHPEOHQW GHV UHSUpVHQWDQWVGHVJRXYHUQHPHQWVGHVeWDWVPHPEUHVGHO·8QLRQHXURSpHQQH GH OD &RPPLVVLRQ HW GHV JRXYHUQHPHQWV GHV eWDWV DVVRFLpV &HX[FL SDUWLFLSHQW DX[ GLVFXVVLRQV VXU OH GpYHORSSHPHQW GH O·DFTXLV GH 6FKHQJHQ PDLV Q·RQW SDV OH GURLW GH YRWH DX VHLQ GX &RQVHLO -XVWLFH HW DIIDLUHV LQWpULHXUHV-$,,OVFKRLVLVVHQWOHVPHVXUHVTX·LOVVRXKDLWHQWUHSUHQGUH&HV TXDWUHeWDWVVRQWFRQQHFWpVDX6,6
$LQVL O·DSSOLFDWLRQ GH O·DFTXLV GH 6FKHQJHQ HW OHV UqJOHV GH YRWH DX
&RQVHLO UpSRQGHQWHOOHV DXMRXUG·KXL j GHV ORJLTXHV GLIIpUHQWHV VHORQ OHV eWDWV
/HWDEOHDXFLDSUqVSUpVHQWHSRXUOHVeWDWVPHPEUHVG·DERUGSRXU OHVeWDWVDVVRFLpVHQVXLWHOHVGDWHVGHVLJQDWXUHGHO·DFFRUGGH6FKHQJHQRX GHVDFRQYHQWLRQG·DSSOLFDWLRQHWG·DGKpVLRQjO·HVSDFH6FKHQJHQ
eWDWPHPEUH HWeWDWDVVRFLp
'DWHGHVLJQDWXUHGH O·DFFRUGRXGHOD FRQYHQWLRQG·DSSOLFDWLRQ
GHO·DFFRUG
'DWHG·DGKpVLRQ jO·HVSDFH6FKHQJHQ
$OOHPDJQH MXLQ PDUV
%HOJLTXH MXLQ PDUV
)UDQFH MXLQ PDUV
/X[HPERXUJ MXLQ PDUV
3D\V%DV MXLQ PDUV
,WDOLH QRYHPEUH RFWREUH
(VSDJQH MXLQ PDUV
3RUWXJDO MXLQ PDUV
*UqFH QRYHPEUH PDUV
$XWULFKH DYULO HUGpFHPEUH
'DQHPDUN GpFHPEUH PDUV
)LQODQGH GpFHPEUH PDUV
6XqGH GpFHPEUH PDUV
(VWRQLH HUPDL GpFHPEUH
+RQJULH HUPDL GpFHPEUH
/HWWRQLH HUPDL GpFHPEUH
/LWXDQLH HUPDL GpFHPEUH
eWDWPHPEUH HWeWDWDVVRFLp
'DWHGHVLJQDWXUHGH O·DFFRUGRXGHOD FRQYHQWLRQG·DSSOLFDWLRQ
GHO·DFFRUG
'DWHG·DGKpVLRQ jO·HVSDFH6FKHQJHQ
0DOWH HUPDL GpFHPEUH
3RORJQH HUPDL GpFHPEUH
6ORYDTXLH HUPDL GpFHPEUH
6ORYpQLH HUPDL GpFHPEUH
5pSXEOLTXHWFKqTXH HUPDL GpFHPEUH
,VODQGH GpFHPEUH PDUV
1RUYqJH GpFHPEUH PDUV
6XLVVH RFWREUH GpFHPEUH
/LHFKWHQVWHLQ IpYULHU GpFHPEUH
/DFDUWHFLDSUqVSUpVHQWHOHVpWDSHVGHO·H[WHQVLRQJpRJUDSKLTXHGH O·HVSDFH6FKHQJHQ
48,2175e9e/e6(6)$,//(6
&HVYLQJWVL[SD\VDSSOLTXHQWODWRWDOLWpGHO·DFTXLVGH6FKHQJHQ (Q SULQFLSH WRXV OHV eWDWV PHPEUHV GH O·8QLRQ HXURSpHQQH RQW YRFDWLRQ j LQWpJUHU O·HVSDFH 6FKHQJHQ 6L[ G·HQWUH HX[ Q·HQ IRQW WRXWHIRLV SDVSDUWLHSRXUGHVUDLVRQVGLIIpUHQWHV
OH5R\DXPH8QL²MXVTX·jVRQUHWUDLWGHO·8QLRQHXURSpHQQH²HW O·,UODQGHGLVSRVHQW G·XQ VWDWXW SDUWLFXOLHU 'H PDQLqUH JpQpUDOH FHV GHX[
SD\VEpQpILFLHQWG·XQHFODXVHG·RSWLQJRXWHQPDWLqUHG·HVSDFHGHOLEHUWpGH VpFXULWp HW GH MXVWLFH &HSHQGDQW HQ DSSOLFDWLRQ GH FODXVHV G·RSWLQJ LQ LOV SHXYHQWSUHQGUHSDUWjO·DGRSWLRQHWjO·DSSOLFDWLRQGHPHVXUHVUHOHYDQWGH OD SROLWLTXH PLJUDWRLUH ,OV SHXYHQW DXVVL GHPDQGHU j WRXW PRPHQW GH SDUWLFLSHUjWRXWRXSDUWLHGHVGLVSRVLWLRQVGHO·DFTXLVGH6FKHQJHQ$LQVLOH 5R\DXPH8QLSDUWLFLSHQRWDPPHQWjODFRRSpUDWLRQSROLFLqUHHWMXGLFLDLUHHQ PDWLqUHSpQDOHjODOXWWHFRQWUHOHVVWXSpILDQWVHWDX6,6DORUVTXHO·,UODQGH SDUWLFLSH HVVHQWLHOOHPHQW DX 6,6 &HV GHX[ SD\V QpDQPRLQV QH VRQWSDV FDQGLGDWVjO·DGKpVLRQ
OD %XOJDULH HW OD 5RXPDQLH VRQW FDQGLGDWHV j O·DGKpVLRQ j O·HVSDFH 6FKHQJHQ PDLV Q·HQ IRQW SDV HQFRUH SDUWLH1pDQPRLQV HOOHV DSSOLTXHQW SDUWLHOOHPHQW O·DFTXLV GH 6FKHQJHQ HW VRQW VRXPLVHV DX[
pYDOXDWLRQV6FKHQJHQ'qVORUVOHVFRQWU{OHVIURQWDOLHUVHQWUHFHVGHX[SD\V HWOHVDXWUHVeWDWVPHPEUHVGHO·HVSDFH6FKHQJHQVRQWDOOpJpV
/$6,78$7,21'(/$5280$1,((7'(/$%8/*$5,('$16/·(63$&(6&+(1*(1 /D 5RXPDQLH HW OD %XOJDULH VRQW FDQGLGDWHV j O·HQWUpH GDQV O·HVSDFH 6FKHQJHQ DSUqVOHXUDGKpVLRQjO·8QLRQHXURSpHQQHHQMDQYLHU6HORQOHVFRQFOXVLRQV GX &RQVHLO GX MXLQ pWDEOLHV VXU OD EDVH G·XQ UDSSRUW G·pYDOXDWLRQ GH OD
&RPPLVVLRQHOOHVRQWDWWHLQWXQQLYHDXVXIILVDQWGHSUpSDUDWLRQWHFKQLTXH(OOHV VRQWQRWDPPHQWFRQQHFWpHVDX6,6GHSXLVOHGpFHPEUH7RXWHIRLVGHSXLV ORUVO·LQVFULSWLRQjO·RUGUHGXMRXUGHVUpXQLRQVGHV&RQVHLOV-$,G·XQHGpFLVLRQ GHVXSSUHVVLRQGHVFRQWU{OHVDX[IURQWLqUHVLQWpULHXUHVDYHFFHVGHX[SD\VDpWp UpJXOLqUHPHQWGLIIpUpHHQUDLVRQGHODVHQVLELOLWpSDUWLFXOLqUHGHVIURQWLqUHVDYHFOD 7XUTXLHOD0ROGDYLHHWO·8NUDLQHHQWHUPHVGHPLJUDWLRQLOOpJDOHHWGHFULPLQDOLWp RUJDQLVpH
O·pSRTXH OD )UDQFH HW O·$OOHPDJQH DYDLHQW SURSRVp XQH DSSURFKH HQ GHX[
SKDVHVUHSULVHSDUOHVFRQFOXVLRQVGX&RQVHLO-$,GHGpFHPEUHjVDYRLUXQH DSSURFKHJUDGXHOOHGHOHYpHGHVFRQWU{OHVDX[IURQWLqUHVHQFRPPHQoDQWSDUOHV IURQWLqUHVDpULHQQHVHWILQLVVDQWSDU OHVIURQWLqUHVWHUUHVWUHV ² OHVRUW UpVHUYpDX[
(QDSSOLFDWLRQGHVDUWLFOHVHUHWGXSURWRFROHQ
(QDSSOLFDWLRQGHVDUWLFOHVHWGXSURWRFROHQ
(QDSSOLFDWLRQGHO·DUWLFOHGXSURWRFROHQ
/H QRPEUH GH UHFKHUFKHV HIIHFWXpHV VXU OH 6,6 SDU GHV XWLOLVDWHXUV EXOJDUHV HVW SDVVp GH PLOOLRQVHQjPLOOLRQVHQ
48,2175e9e/e6(6)$,//(6
IURQWLqUHVPDULWLPHVQ·pWDLWSDVWUDQFKp7RXWHIRLVGHSXLVFHWWHGDWHLOQ·\DSDV HX G·XQDQLPLWp DX &RQVHLO /D )UDQFH O·$OOHPDJQH HW OHV 3D\V%DV SOXV SDUWLFXOLqUHPHQWPDLVDXVVLOD)LQODQGHRQWVRXOLJQpOHVGLIILFXOWpVTXHSRXUUDLW SRVHU XQH DGKpVLRQ GH OD 5RXPDQLH HW GH OD %XOJDULH (Q UHYDQFKH O·,WDOLH O·(VSDJQHHWOHVSD\VG·(XURSHFHQWUDOHRQWVRXWHQXO·HQWUpHGHOD5RXPDQLHHWGH OD%XOJDULHGDQVO·HVSDFH6FKHQJHQ'HPrPHOH3DUOHPHQWHXURSpHQDWRXMRXUV VRXWHQX O·HQWUpH LPPpGLDWH HW FRPSOqWH GH FHV GHX[ SD\V OD &RPPLVVLRQ HVWLPDQW TXH OD TXHVWLRQ UHOHYDLW DYDQW WRXW GH OD UHVSRQVDELOLWp GHV eWDWV PHPEUHV
2UGHQRXYHDX[GpYHORSSHPHQWVRQWFRPSOLTXpO·DGKpVLRQGHOD5RXPDQLHHWGH OD %XOJDULH j O·HVSDFH 6FKHQJHQ GDQV XQ FRQWH[WH GpMj GLIILFLOH HQ UDLVRQ GH OD FULVHPLJUDWRLUHHWGXULVTXHWHUURULVWH
/HMDQYLHUOD&RPPLVVLRQDSXEOLpOHVUDSSRUWVGHSURJUqVUpDOLVpVSDUOD 5RXPDQLHHWOD%XOJDULHDXWLWUHGXPpFDQLVPHGHFRRSpUDWLRQHWGHYpULILFDWLRQ 0&9 DXTXHO FHV GHX[ SD\V VRQW VRXPLV GHSXLV OHXU DGKpVLRQ HW TXL IL[H GHV
©REMHFWLIV GH UpIpUHQFHª HQ PDWLqUH GH UpIRUPHV GX V\VWqPH MXGLFLDLUH GH OXWWH FRQWUH OD FRUUXSWLRQ HW OD FULPLQDOLWp RUJDQLVpH HWF &HV UDSSRUWV IRQW pWDW G·pYROXWLRQVGLYHUJHQWHVVHORQOHVGHX[SD\V
SRXU OD 5RXPDQLH TXL Q·HVW FRQFHUQpH TXH SDU OHV GHX[ SUHPLHUV pOpPHQWV UpIRUPHVGXV\VWqPHMXGLFLDLUHHWOXWWHFRQWUHODFRUUXSWLRQOHUDSSRUW0&9 FRQILUPH OD FRQVROLGDWLRQ GHV SURJUqV HQJDJpV GHSXLV HQ PDWLqUH G·LQWpJULWpGHOXWWHFRQWUHODFRUUXSWLRQjKDXWQLYHDXHWOHVDPpOLRUDWLRQVGX IRQFWLRQQHPHQW GX V\VWqPH MXGLFLDLUH 7RXWHIRLV GHV SURJUqV VRQW HQFRUH DWWHQGXV SRXU O·LQGpSHQGDQFH GX V\VWqPH MXGLFLDLUH OH UHVSHFW GHV GpFLVLRQV GHMXVWLFHODUHPLVHHQFDXVHGHODUpIRUPHGHVFRGHVSpQDX[SDUOH3DUOHPHQW RXODOXWWHFRQWUHODFRUUXSWLRQJpQpUDOLVpHQRWDPPHQWHQUDLVRQG·XQPDQTXH GHVRXWLHQSROLWLTXH
HQUHYDQFKHSRXUOD%XOJDULHOHUDSSRUW0&9UHOqYHODOHQWHXUHWODIDLEOHVVH GHVSURJUqVUpDOLVpVHWO·DEVHQFHGHPLVHHQ±XYUHGHVUHFRPPDQGDWLRQVVXUOD FULPLQDOLWp RUJDQLVpH OD OXWWH FRQWUH OD FRUUXSWLRQ j KDXW QLYHDX HW OD JRXYHUQDQFH MXGLFLDLUH HQ GpSLW GH O·DVVLVWDQFH DSSRUWpH SDU O·8QLRQ HXURSpHQQHjWUDYHUVOHVIRQGVVWUXFWXUHOV
/H&RQVHLOGDQVVHVFRQFOXVLRQVGXPDUVDG·DLOOHXUVUHOHYpXQHYpULWDEOH GLIIpUHQFH HQWUH OHV UpHOV SURJUqV UpDOLVpV SDU OD 5RXPDQLH HW OH SHX G·DYDQFpHV FRQVWDWpHVHQ%XOJDULH
,O Q·H[LVWH FHUWHV DXFXQ OLHQ VXU OH SODQ MXULGLTXH HQWUH OH 0&9 HW OH SURFHVVXV G·DGKpVLRQ j 6FKHQJHQ PDLV OHV FRQVWDWV pWDEOLV DX WLWUH GX 0&9 RQW GH IDLW QpFHVVDLUHPHQW LQIOXHQFp OH FRQWH[WH GDQV OHTXHO HVW DSSUpFLpH OD TXHVWLRQ GH O·pODUJLVVHPHQWGHO·HVSDFH6FKHQJHQjOD5RXPDQLHHWjOD%XOJDULH&HVFRQVWDWV H[SOLTXHQW HQ SDUWLH OH UHSRUW GH OD GpFLVLRQ G·DGKpVLRQ SDU OH &RQVHLO &HWWH TXHVWLRQHVWDXMRXUG·KXLJHOpH
6RXUFH0LQLVWqUHGHVDIIDLUHVpWUDQJqUHVHWGXGpYHORSSHPHQWLQWHUQDWLRQDOHW6*$(
,OFRQYLHQWGHQRWHUTX·DXFRXUVGXGpSODFHPHQWHQ%XOJDULHG·XQH GpOpJDWLRQGHYRWUHFRPPLVVLRQG·HQTXrWHOHVDXWRULWpVEXOJDUHVRQWLQVLVWp VXUOHXUVHIIRUWVSRXUPHWWUHHQ±XYUHO·DFTXLVGH6FKHQJHQHWSRXUVpFXULVHU OHXU IURQWLqUH DYHF OD 7XUTXLHSUpVHQWpH FRPPH OD SOXV VHQVLEOH GDQV OH FRQWH[WHDFWXHOHWREHDXFRXSGHWHQWDWLYHVGHSDVVDJHVLUUpJXOLHUVDYDLHQW pWpREVHUYpHV&HWWHIURQWLqUHORQJXHGHNLORPqWUHVHVWSURWpJpHGHSXLV SDU XQH FO{WXUH GH NLORPqWUHV j ODTXHOOH OHV DXWRULWpV EXOJDUHV DOORXHQW G·LPSRUWDQWV PR\HQV SROLFLHUV DX[ IURQWLqUHV FDPpUDV FDSWHXUV VLVPLTXHV KpOLFRSWqUHV HWF 3DU DLOOHXUV OD %XOJDULH FRRSqUH pWURLWHPHQW DYHF )URQWH[ (QILQGHSXLV QRYHPEUH HOOHDFFXHLOOH VXU VRQWHUULWRLUH DXSRVWHIURQWLqUHGH.DSLWDQ$QGUHHYRXQFHQWUHGHFRRSpUDWLRQSROLFLqUH HW GRXDQLqUH WULSDUWLWH %XOJDULH*UqFH7XUTXLH /D %XOJDULH TXL UHoRLW GHV IRQGV HXURSpHQV DXVVL SRXU SURWpJHU VHV IURQWLqUHV DWWHQG LQGpQLDEOHPHQW VRQDGKpVLRQjO·HVSDFH6FKHQJHQDYHFLPSDWLHQFH
&K\SUH
/$6,78$7,21'(&+<35('$16/·(63$&(6&+(1*(1
/HFRQWH[WHSROLWLTXHSDUWLFXOLHUGH&K\SUHGRQWODIURQWLqUHQ·HVWSDVVWDELOLVpH DYHFODSDUWLHQRUGGHO·vOHjODVXLWHGHVRQLQYDVLRQSDUOD7XUTXLHHQQH SHUPHWSDVjFHVWDGHG·HQYLVDJHUVRQHQWUpHGDQVO·HVSDFH6FKHQJHQ7RXWHIRLV VL&K\SUHQHGpOLYUHSDVHQFRUHGHYLVDV6FKHQJHQXQLIRUPHVOHSD\VHVWDXWRULVp j O·LQVWDU GH OD %XOJDULH HW GH OD 5RXPDQLH j pWDEOLU XQ UpJLPH VLPSOLILp GH FRQWU{OH j VHV IURQWLqUHV H[WpULHXUHV SRXU OHV SHUVRQQHV GpWHQWULFHV G·XQ YLVD 6FKHQJHQXQLIRUPHGpOLYUpSDUXQeWDWPHPEUHDSSOLTXDQWODWRWDOLWpGHO·DFTXLV GH6FKHQJHQ
6RXUFH0LQLVWqUHGHVDIIDLUHVpWUDQJqUHVHWGXGpYHORSSHPHQWLQWHUQDWLRQDOHW6*$(
6XU FH SRLQW RQSRXUUD VH UHSRUWHU XWLOHPHQW DX UDSSRUW G·LQIRUPDWLRQ Q GH 0'LGLHU 0DULH LQWLWXOp/·8QLRQ HXURSpHQQH HW OHV QpJRFLDWLRQV LQWHUFK\SULRWHV IDLW DX QRPGHODFRPPLVVLRQGHVDIIDLUHVHXURSpHQQHV
(QDSSOLFDWLRQGHODGpFLVLRQ8(GXPDL
