Q)25800,1,67e5,(/6,12$5$%(
$GRSWLRQGHOD
'pFODUDWLRQ
GH'RKD
3
Q 23e5$7,211(/'(38,6/(0$,'(51,(5
/HFRQVXODWG
$OJpULHGH9LWU\VXU6HLQH
VHGRWHG
XQQRXYHDXVLqJH
3
Ï*
b)Á¼YbŒYb†®OŒ‰b
$$'/
/HVSUL[DXJPHQWHURQW
GHWRXWDXSOXV
(QPDUJHG
XQH
VpDQFHGX&RQVHLO
GHODQDWLRQ
GpGLpHDX[
TXHVWLRQVRUDOHVOH
PLQLVWUHGH
O
+DELWDWGH
O
8UEDQLVPHHWGH
OD9LOOH
$EGHOPDGMLG
7HEERXQHD
DQQRQFpTX
XQH
DXJPHQWDWLRQGHV
SUL[VRLWVHUD
LPSRVpHVXUOHV
YHQWHVGH
ORJHPHQWVGHVWLQpV
DX[VRXVFULSWHXUV
GXSURJUDPPH
$$'/j
FHWHIIHWOH
PLQLVWUHDVRXOLJQp
TXHO
DXJPHQWDWLRQ
DWWHLQGUDWRXW
DXSOXVGXFR€W
LQLWLDO
/LUHHQ3DJH
Q(0358172%/,*$7$,5(
Q3(50,6'(&21'8,5(%,20e75,48(
%HQNKDOIDDSSHOOHj
XQHDGKpVLRQPDVVLYH
0LVHHQ±XYUH
ILQ
3
3
(',7,211ƒ6$0(',0$,35,; '$(75$1*(5 (8526,7(,17(51(7 :::/(0$*+5(%'=&20
,*Ï
/(0$*+5(% GX0DL
81,9(56,7e'
2;)25'
$6752120,(
/D1$6$SXEOLHXQHYLGpR
GHODWURLVLqPHSOXVJUDQGHSODQqWHQDLQH
'HVFKHUFKHXUVSUpYLHQQHQWGHVULVTXHV
G
XQHFDWDVWURSKHSODQpWDLUH
HWpOHVFRSHVSD
WLDO .HSOHU D
REVHUYp
FH
FRUSV FpOHVWH QRPPp
25 SHQGDQW MRXUVILQHWDDLQVL
SXHQUHJLVWUHUVRQPRX
YHPHQWHQYLGpR
6XU OD YLGpR OD SODQqWH
HVWLQGLTXpHSDUXQHIOq
FKH RUDQJH /H PRXYH
PHQWDSSDUHQWGHODSOD
QqWH HVW G€ DX FKDQJH
PHQW GH OD SRVLWLRQ GX
WpOHVFRSH TXL JUDYLWH
DXWRXU GX 6ROHLO /D
OXPLqUH DPELDQWH VXU OD
YLGpRHVWJpQpUpHSDUOD
UpIOH[LRQGHVUD\RQVGHODVXUIDFHGH0DUVH[SOLTXHOD1$6$/DGpFRXYHUWH
GHFHWREMHWVSDWLDODYDLWpWpRIILFLHOOHPHQWDQQRQFpHHQ/HGLDPqWUHGH
ODSODQqWHHVWGHSUqVGHNLORPqWUHVFHTXLSHUPHWGHODSODFHUDXWURL
VLqPH UDQJ SDU VHV GLPHQVLRQV SDUPL WRXWHV OHV SODQqWHV QDLQHV FRQQXHV GX
6\VWqPHVRODLUHDSUqV3OXWRQHW(ULV/HVSDUDPqWUHVGH25RQWpWp
SUpFLVpV SDU OHV VFLHQWLILTXHV JUkFH j O
XWLOLVDWLRQ GX WpOHVFRSH +HUVKHO GH
O
$JHQFH VSDWLDOH HXURSpHQQH DLQVL TXH SDU OD PLVVLRQ . GH O
REVHUYDWRLUH
RUELWDO.HSOHUGHOD1$6$$\DQWFRPELQpOHVLQIRUPDWLRQVUHoXHVGHSXLVFHV
GHX[REVHUYDWRLUHVOHVFKHUFKHXUVRQWSXREWHQLUGHVUpVXOWDWV/
pWXGHHIIHF
WXpHFRQWULEXHODUJHPHQWjO
DPpOLRUDWLRQGHVFRQQDLVVDQFHVVXUOHVREMHWVVSD
WLDX[GDQVOH6\VWqPHVRODLUH
HV FKHUFKHXUV GH
O
8QLYHUVLWp G
2[IRUG
RQW GUHVVp GHV VFpQD
ULRVK\SRWKpWLTXHVGHFDWDVWUR
SKHV TXL SRXUUDLHQW VXUYHQLU
GDQV OHV FLQT SURFKDLQHV
DQQpHV HW TXL PHQDFHUDLHQW DX
PRLQVPLOOLRQVG
KDELWDQWV
GXJOREH/HGLUHFWHXUGXSUR
MHW 6HEDVWLDQ )DUTXKDU D FRP
PXQLTXp DX7HOHJUDSK TXH OHV
FDWDVWURSKHV QDWXUHOOHV UHSUp
VHQWDLHQW OH SOXV JUDQG GDQJHU
SRXU O
KXPDQLWp ,O V
DJLW DX
SUHPLHU FKHI GH OD FKXWH G
XQ
JUDQG DVWpURwGH RX GH O
pUXS
WLRQG
XQVXSHUYROFDQ8QHVLPXODWLRQLQIRUPDWLTXHDSHUPLVGHFRQFOXUHTX
jOXLVHXOXQ
DVWpURwGHGHNPGHGLDPqWUHSRXUUDLWDQpDQWLUODSRSXODWLRQG
XQSD\VHXURSpHQPR\HQ
8Q DXWUH GDQJHU GH WDLOOH SURYLHQW GHV YLUXV PRUWHOV 6HORQ OHV DQDO\VWHV G
2[IRUG OD
PHQDFHSULQFLSDOHpPDQHDXMRXUG
KXLGHVYLUXVG
RULJLQHV\QWKpWLTXHHWQRQSDVG
DJHQWV
QDWXUHOV(QFHTXLFRQFHUQHOHVGDQJHUVPHQDoDQWO
KXPDQLWpVXUXQSOXVORQJWHUPHOHV
FKHUFKHXUVVLJQDOHQWODJXHUUHQXFOpDLUHHWODFUpDWLRQGHO
LQWHOOLJHQFHDUWLILFLHOOH6HORQ
HX[GHVUpYROWHVGHURERWVpYRTXpHVGDQVOHVJURVVHVSURGXFWLRQVKROO\ZRRGLHQQHVVRQW
SOXVTXHUpHOOHVVXLWHDXSHUIHFWLRQQHPHQWLQLQWHUURPSXGHVPDFKLQHV
/
,1'21e6,(
8
8QHYpWpULQDLUHPHXUWSLpWLQpH
SDUO
pOpSKDQWTX
HOOHVRLJQDLW
QH MHXQH YpWpULQDLUH
LQGRQpVLHQQH GH DQV HVW PRUWH DSUqV
DYRLUpWpSLpWLQpHSDUXQpOp
SKDQW GH 6XPDWUD GRQW HOOH
V
RFFXSDLW (VWKL 2FWRYLD
+DSVDULTXLWUDYDLOOHGDQVXQ
FHQWUHGHWRXULVPHGHO
vOHGH
-DYD V
RFFXSDLW GH GHX[ pOp
SKDQWVTXDQGO
XQO
DVRXGDL
QHPHQWFKDUJpH,OHVWVXEL
WHPHQW GHYHQX IpURFH ,O D
IDLWFKXWHUOHFRUQDFTXLpWDLW
VXUVRQGRVHWDHQVXLWHDWWD
TXp (VWKL TXL pWDLW GHERXW j F{Wp D GpFULW OH FKHI GX VLWH WRXULVWLTXH GH *DMDK
0XQJNXU 'DP R O
LQFLGHQW V
HVW SURGXLW 8QH HQTXrWH D pWp RXYHUWH /D SROLFH
FKHUFKHjVDYRLUSRXUTXRLFHWpOpSKDQWGHWRQQHVHVWVRXGDLQHPHQWGHYHQXYLR
OHQW/HEXUHDXORFDOSRXUODFRQVHUYDWLRQGHODQDWXUHDREVHUYpTXHOHSDFK\GHUPH
DYDLWGpMjIDLWFKXWHUGHVFRUQDFVSDUOHSDVVp&HWpOpSKDQWDYDLWpWpWUDQVIpUpLO\
DTXHOTXHVVHPDLQHVG
XQ]RRDXFHQWUHGHWRXULVPH/HVpOpSKDQWVGH6XPDWUDVRQW
XQHHVSqFHHQYRLHGHGLVSDULWLRQVHORQO
8QLRQLQWHUQDWLRQDOHGHSURWHFWLRQGHOD
QDWXUH/H)RQGVPRQGLDOSRXUODQDWXUH::)HVWLPHTX
LOUHVWHGHj
pOpSKDQWVGH6XPDWUDGDQVODQDWXUHVRLWGHPRLQVSDUUDSSRUWj/HXU
SRSXODWLRQDFRQVLGpUDEOHPHQWGLPLQXpHQUDLVRQGXEUDFRQQDJHHWGHODGHVWUXF
WLRQGHODMXQJOHOHXUKDELWDWQDWXUHODXSURILWGHSODQWDWLRQVHWGHV]RQHVUpVLGHQ
WLHOOHV/HVpOpSKDQWVGH6XPDWUDGLVSDUDvWURQWGDQVPRLQVGHDQVVLULHQQ
HVW
IDLWSRXUVWRSSHUODGHVWUXFWLRQGHOHXUKDELWDWQDWXUHOVHORQOH::)
/
%(/*,48(
'HVDUEUHVEUDQFKpVTXLVHPHWWHQWjWZLWWHU
9
RXV DERQQHULH]
YRXV DX FRPSWH
7ZLWWHUG
XQDUEUH
TXLYRXVLQIRUPHUDLWUpJX
OLqUHPHQW VXU VRQ pWDW HW
TXL VDLW VXU VHV SHQVpHV
YpJpWDOHV"
'HV FKHUFKHXUV GH O
LQVWL
WXW GH UHFKHUFKH VXU OHV
SODQWHV GH O
8QLYHUVLWp GH
*DQG GDQV OH QRUGRXHVW
GHOD%HOJLTXHRQWGpFLGp
GHFRQQHFWHUGHVDUEUHVGH
VRUWH j FH TX
LOV SXLVVHQW
FRPPXQLTXHU DYHF OHV
JHQV SDU OH ELDLV GH
7ZLWWHU
$LQVLLOV
HVWDYpUpTXHOHV
DUEUHV SRXYDLHQW WZLWWHU
HWFHJUkFHjGHVFDSWHXUVVSpFLDX[LQVWDOOpVVXUOHXUWURQF,OVpPHWWHQWDLQVLGHVVLJQDX[
VSpFLDX[TXLVRQWHQVXLWHFRQYHUWLVHQPHVVDJHVHWILQDOHPHQWHQYR\pVVRXVIRUPHGHWZHHWV
D H[SOLTXp GDQV XQH LQWHUYLHZ DFFRUGpH j 6SXWQLN OD SURIHVVHXUH G
pFRORJLH YpJpWDOH j
O
8QLYHUVLWpGH*DQG.DWK\6WHSSH&HSHQGDQWLOQHV
DJLWSDVGHFRPPXQLFDWLRQDXVHQV
RRQO
HQWHQGKDELWXHOOHPHQWPDLVG
LQWHUSUpWDWLRQGHVVLJQDX[GXFDSWHXU/HVVFLHQWLILTXHV
SHXYHQWDLQVLPHVXUHUO
pFRXOHPHQWGHODVqYHFDOFXOHUODTXDQWLWpG
HDXFRQVRPPpHSDUOD
SODQWHFDUHQILQGHMRXUQpHO
DUEUHWZLWWHUDFHTX
LODEXHWGHFRPELHQLODFUXSHQGDQWFHV
KHXUHV8QWHOSURMHWSHUPHWWUDLWQRQVHXOHPHQWG
DSSUHQGUHVLODSODQWHHVWPDODGHRX
QRQPDLVOHVDUEUHVSRXUURQWpJDOHPHQWOLYUHUGHVLQIRUPDWLRQVSDUH[HPSOHVXUO
pWDWGHV
FKDQJHPHQWVFOLPDWLTXHV3RXUO
KHXUHRQSHXWWURXYHUGHVDUEUHVFRQQHFWpVHQ%HOJLTXH
HWj%UDQGHERXUJODQGGHO
HVWDOOHPDQG/HVIRQGDWHXUVGXSURMHWHQYLVDJHQWG
HQFUpHUXQ
JUDQGUpVHDXSDUWRXWHQ(XURSH
48$1'/$6&,(1&(),&7,21'(9,(175e$/,7e
81(6257('(5e&203(16(
,OHPPqQHVRQFKHYDODXVXSHUPDUFKp
SRXUPDQJHUGHVSRPPHV
2
Q YRLW GH WRXW GDQV XQ
VXSHUPDUFKp 8Q GUHV
VHXU HQ WRXUQpH D IDLW
HQWUHU VRQ FKHYDO GDQV XQ PDJD
VLQ DOVDFLHQ DILQ GH OXL IDLUH
SUHQGUH OH JR€WHU UHSUHQG
0HWURQHZV$SUqV TXDWUH VHPDL
QHV GH WUDYDLO +DVVHQ
%RXFKDNRXUFDYDOLHUIDXFRQQLHU
D GpFLGp GH UpFRPSHQVHU VRQ
ILGqOHGHVWULHU3H\RHQOXLRIIUDQW
TXHOTXHVSURGXLWVORFDX[/RUVGH
OHXU DUULYpH GDQV OH PDJDVLQ OH
PDvWUHHWVRQFKHYDOIRQWOHWRXUGHVUD\RQVDYDQWG
DWWHLQGUHOHVpWDOVGHIUXLWV
HWOpJXPHVGHYDQWGHVFOLHQWVYLVLEOHPHQWSHXpWRQQpVSDUODVFqQH$UULYpVDX
UD\RQIUDLVOHVGHX[FRPSqUHVUHQFRQWUHQW6DELQHODUHVSRQVDEOHGXPDJDVLQ
TXLSURSRVHDYHFDPXVHPHQWGHIDLUHJR€WHUDXFKHYDOXQHSRPPHG
$OVDFH
2QVHIDLWLQYLWHUSDUODSDWURQQHV
DPXVH+DVVHQ%RXFKDNRXUDORUVTXHSOX
VLHXUVEDGDXGVFRPPHQFHQWjVHUHJURXSHUDXWRXUGH3H\R/HFKHYDOVHPHW
DORUV j HQJORXWLU SOXVLHXUV SRPPHV SHQGDQW TXH FHUWDLQV HQIDQWV V
DYDQFHQW
SRXUOHFDUHVVHU$SUqVTXHOTXHVPLQXWHVGHVSHFWDFOHOHFKHYDOHWVRQSURSULp
WDLUHILQLVVHQWSDUTXLWWHUOHPDJDVLQFRPPHVLGHULHQQ
pWDLW
/
7UDQVSODQWHUXQHWrWHKXPDLQH
HSURMHWLQFUR\DEOHG
XQFKLUXUJLHQLWDOLHQGHWUDQVSODQWHUODWrWHG
XQKRPPHVXU
OHFRUSVG
XQDXWUHHVWPDLQWHQDQWVRXWHQXSDUGHVVDYDQWV/
LQIRUPDWLFLHQUXVVH
9DOHUL 6SLULGRQRY XQ KRPPH GH DQV VRXIIUDQW GH OD PDODGLH GH :HUGQLJ
+RIIPDQQTXLDWURSKLHWRXVOHVPXVFOHVHVWOHSUHPLHUSDWLHQWTXLSRXUUDLWVXELUXQH
WUDQVSODQWDWLRQGHWrWH6HUJLR&DQDYHURXQQHXURFKLUXUJLHQLWDOLHQGHO
8QLYHUVLWpGH
7XULQ VSpFLDOLVWH GH OD VWLPXODWLRQ FpUpEUDOH HW VHV FROOqJXHV FRQWLQXHQW OHXUV UHFKHU
FKHV5pFHPPHQWHQ&RUpHGX6XGLOVRQWIUDQFKLDYHFVXFFqVO
pWDSHODSOXVGLIILFLOH
GH O
RSpUDWLRQ HQ FRQQHFWDQW OD WrWH G
XQ UDW j VD PRHOOH pSLQLqUH HW OHV pWXGHV GHV
VDYDQWVUXVVHVRQWMRXpXQU{OHFOp,OV
DJLWQRWDPPHQWGHSURWpJHUOHFHUYHDX
/HSUREOqPHUpVLGHGDQVOHIDLWTXHODWrWHVpSDUpHGXFRUSVQHSHXWSDVrWUHDWWDFKpHj
XQQRXYHDXFRUSVLQVWDQWDQpPHQWOHVFKLUXUJLHQVRQWEHVRLQG
DXPRLQVPLQXWHVDILQ
GHODWUDQVSODQWHUWDQGLVTXHOHFHUYHDXKXPDLQQHSHXWUHVWHUVDQVR[\JqQHTXHSHQGDQW
VHSWPLQXWHV6LOHVH[SpULHQFHVUpDOLVpHVHQ&KLQHHWHQ&RUpHGX6XGRQWWUDFpOHVJUDQ
GHVOLJQHVSRXUUpVRXGUHFHSUREOqPHOHVpWXGHVGHVVDYDQWVUXVVHVRQWMRXpXQU{OHFOp
SURSRVDQW G
XWLOLVHU 3HUIWRUDQ OH VDQJ DUWLILFLHO PDGH LQ 5XVVLD DYHF OD IRQFWLRQ GH
WUDQVSRUWGHO
R[\JqQHDXFHUYHDXDXFRXUVGHO
RSpUDWLRQFKLUXUJLFDOH6HORQOHVVFLHQWL
ILTXHVO
XWLOLVDWLRQGHFHVXEVWLWXWVDQJXLQSRXUUDLWSURORQJHUODYLHGHVRUJDQHVGXFRUSV
GHjIRLV6HORQ6HUJLR&DQDYHURVHVFROOqJXHVFKLQRLVVRQWGpMjHQWUDLQG
HIIHFWXHU
OHVSUHPLqUHVH[SpULHQFHVVXUGHVFDGDYUHVDLQVLTXHVXUGHVVLQJHVHWGHVUDWVYLVDQWOD
WUDQVSODQWDWLRQ GH WrWH HW OH UpWDEOLVVHPHQW GH OD FLUFXODWLRQ GX VDQJ6HUJLR &DQDYHUR
DIILUPHTXHODSUHPLqUHWUDQVSODQWDWLRQGHWrWHKXPDLQHHVWSUpYXHSRXUGpFHPEUH
jFRQGLWLRQGHWURXYHUXQOLHXHWXQILQDQFHPHQWVXIILVDQWSRXUO
RSpUDWLRQ'HVVSpFLD
OLVWHVYHQXVGHGLIIpUHQWVSD\VQRWDPPHQWGH5XVVLHG
,WDOLHHWGH&KLQHYRQWDVVLVWHU
0&DQDYHURGDQVFHWWHRSpUDWLRQ
Ï,
/(0$*+5(%GX0DL
$$'/
/HVSUL[DXJPHQWHURQWGHWRXWDXSOXV
(QPDUJHG
XQH
VpDQFHGX&RQVHLO
GHODQDWLRQGpGLpH
DX[TXHVWLRQVRUD
OHVOHPLQLVWUHGH
O
+DELWDWGH
O
8UEDQLVPHHWGHOD
YLOOH$EGHOPDGMLG
7HEERXQHD
DQQRQFpTX·XQH
DXJPHQWDWLRQGHV
SUL[VRLWVHUD
LPSRVpHVXUOHV
YHQWHVGHORJH
PHQWVGHVWLQpVDX[
VRXVFULSWHXUVGX
SURJUDPPH$$'/
jFHWHIIHW
OHPLQLVWUHDVRXOL
JQpTXHO
DXJPHQ
WDWLRQDWWHLQGUD
WRXWDXSOXV
GXFR€WLQLWLDO
/
HV SUL[ GHV ORJH
PHQWV
$$'/
FRQQDLWURQW XQH
DXJPHQWDWLRQUDLVRQQDEOHDVRX
WHQXOHPLQLVWUHGDQVGHVGpFODUD
WLRQVjODSUHVVHHQPDUJHG
XQH
VpDQFH GX &RQVHLO GH OD QDWLRQ
GpGLpHDX[TXHVWLRQVRUDOHVSUp
FLVDQW TXH OH WDX[ G
DXJPHQWD
WLRQ HQFRUH j O
pWXGH DYHF OH
PLQLVWqUHGHV)LQDQFHVQHGpSDV
VHUDSDVOHVGXFR€WLQLWLDO
&HWWH DXJPHQWDWLRQ VHUD DSSOL
TXpHSDUXQHKDXVVHGXPRQWDQW
GHV YHUVHPHQW PHQVXHOV DSUqV
UpFHSWLRQGXORJHPHQWODYDOHXU
GHVWUDQFKHVjSD\HUDYDQWOD
UHPLVHGHVFOHIVUHVWHLQFKDQJpH
DWLO DVVXUp /H SUL[ GHV ORJH
PHQWV$$'/ HVWHVWLPpDFWXHOOH
PHQW j PLOOLRQV GH GLQDUV
SRXU OHV DSSDUWHPHQWV GH W\SHV
)HWjPLOOLRQVGH'$ SRXU
OHV)5LHQQHMXVWLILHOHPDLQ
WLHQGHVSUL[DFWXHOVDORUVTXHOH
FR€W GH UpDOLVDWLRQ D IRUWHPHQW
DXJPHQWpDWLOHVWLPpDVVXUDQW
TXH OHV VRXVFULSWHXUV GHV SUR
JUDPPHV HW Q
pWDLHQW
QXOOHPHQW FRQFHUQpV SDU FHWWH
DXJPHQWDWLRQ 1RWUH HQJDJH
PHQW j DSSOLTXHU OH SURJUDPPH
GXSUpVLGHQWGHOD5pSXEOLTXHQH
QRXVSHUPHWSDVGHQRXVDUUrWHU
GHYDQWGHVHQWUDYHVILQDQFLqUHV
DWLO HQFRUH DUJXp &RQFHUQDQW
OHV YHUVHPHQWV PHQVXHOV OH
PLQLVWUH D H[SOLTXp TX
LOV VHURQW
FRPSWDELOLVpV VXU OD EDVH GX
QRPEUH G
DQQpHV GH SDLHPHQW
UHWHQXHV SDU OH SRVWXODQW IDLVDQW
pWDWGHODSRVVLELOLWpSRXUFHGHU
QLHUGHSD\HUO
LQWpJUDOLWpGXSUL[
GX ORJHPHQW HW G
REWHQLU O
DFWH
GLUHFWHPHQW 5pSRQGDQW j OD
TXHVWLRQ G
XQ PHPEUH GX
&RQVHLO GH OD QDWLRQ VXU OD FHV
VLRQ GHV ORJHPHQWV VRFLDX[ OH
PLQLVWUH D IDLW VDYRLU TX
LO D pWp
GpFLGpGHUpJXODULVHUODVLWXDWLRQ
GHV RFFXSDQWV GH ORJHPHQWV TXL
RQW EpQpILFLp GX GpVLVWHPHQW
G
XQSURFKHELHQTXHODORLQ
DX
WRULVHSDVXQHWHOOHGpPDUFKH
/$ &(66,21/$1&e((1
&211$,7 '(6
/(17(856
6HORQOHVFKLIIUHVDYDQFpVSDUOH
PLQLVWUH VHXOHV XQLWpV
VXU XQ HQVHPEOH GH ORJHPHQWV VRFLDX[ GLVWULEXp
DYDQW MDQYLHU RQW pWp
FpGpHV (Q GpSLW GH PHVXUHV
DGRSWpHVSRXUpOLPLQHUOHVHQWUD
YHV DGPLQLVWUDWLYHV O
RSpUDWLRQ
DYDQFH j XQ U\WKPH OHQW UDLVRQ
SRXUODTXHOOHOHJRXYHUQHPHQWD
HQWUHSULV GH UpJXODULVHU OD VLWXD
WLRQGHVORJHPHQWVVRFLDX[YHQ
GXV RX ORXpV FRQWUDLUHPHQW j OD
ORL /HV UpVXOWDWV GH O
HQTXrWH
SUpOLPLQDLUHIRQWpWDWGHSUqVGH
ORJHPHQWV j WUDYHUV OH
WHUULWRLUH QDWLRQDO RFFXSpV SDU
GHV SHUVRQQHV DXWUHV TXH OHV
EpQpILFLDLUHV LQLWLDX[ D SRXU
VXLYLOHPLQLVWUHSRXUTXLFHFKLI
IUH SHXW DWWHLQGUH OHV XQLWpV
/H
3UHPLHU
PLQLVWUH
$EGHOPDOHN6HOODODPLVHQSODFH
XQHFHOOXOHFRPSRVpHGHVUHSUp
VHQWDQWV GHV PLQLVWqUHV GH
O
+DELWDW GH O
,QWpULHXU HW GHV
)LQDQFHV
&HWWHFHOOXOHDDXWRULVpODUpJXOD
ULVDWLRQ GHV FDV GH GpVLVWHPHQW
SDU OHV EpQpILFLDLUHV LQLWLDX[ DX
SURILW G
XQ GHV PHPEUHV GH OD
JUDQGH IDPLOOH VHORQ OHV SURSRV
GX PLQLVWUH TXL D DMRXWp TXH OHV
DXWUHV FDV Q
RQW SDV HQFRUH pWp
WUDQFKpV
$ SURSRVGXUHWDUGGDQVOHSDLH
PHQW GHV UHGHYDQFHV GHV HQWUH
SULVHV GH UpDOLVDWLRQ 0
7HEERXQH D IDLW VDYRLU TXH OH
SUREOqPH G€ DX[ SURFpGXUHV
UHODWLYHVDX[FUpGLWVjO
LVVXHGH
GHX[ UHQFRQWUHV GH FRRUGLQDWLRQ
DYHFOHPLQLVWqUHGHV)LQDQFHVHW
OH PLQLVWUH GLUHFWHXU GH FDELQHW
GX 3UHPLHU PLQLVWUH O
HQWUDYH
*5Ë9('(6&21'8&7(856'(75$,1
,
'HVSHUWHVGHGXFKLIIUH
G
DIIDLUHVTXRWLGLHQGHOD617)
O VHPEOH TXH OHV JUpYLVWHV
VRQWWRXMRXUVDWWDFKpVjOHXUV
UHYHQGLFDWLRQV SRUWDQW VXU
GHVJDUDQWLHVLPPpGLDWHVSRXUOD
UpYLVLRQGHOHXUVLWXDWLRQSURIHV
VLRQQHOOHSXLVTXHOHWUDILFIHUUR
YLDLUH UHVWH TXDVLPHQW SDUDO\Vp
VXVFLWDQW XQ PpFRQWHQWHPHQW
JpQpUDO FKH] OHV FOLHQWV GH OD
617) TXL RQW pWp REOLJpV GH
UHFRXULU DX[ DXWUHV PR\HQV GH
WUDQVSRUW &HV UHYHQGLFDWLRQV
DX[TXHOOHV OD GLUHFWLRQ QH SHXW
SDVUpSRQGUHG
DXWDQWSOXVTX
LO\
D VHFWLRQV SURIHVVLRQQHOOHV
SRXU O
HQVHPEOH GHV WUDYDLOOHXUV
GH OD VRFLpWp /H GLUHFWHXU GH
O
LQVSHFWLRQ WHFKQLTXH GH OD
617)$EGHOPDOHN +DP]DRXL D
HVWLPp TXH FHWWH UpYLVLRQ QH
SRXUUDLWSDVWRXFKHUXQHFDWpJR
ULH HW H[FOXUH XQH DXWUH OHV
FRQGXFWHXUV DMRXWDQW TXH OD
VRFLpWp D FKDUJp XQ EXUHDX
G
pWXGHGHODTXHVWLRQ
3DUDLOOHXUVODJUqYHGHVFRQGXF
WHXUV GH WUDLQ REVHUYpH GHSXLV
FLQTMRXUVDFDXVpGHVSHUWHVGH
GX FKLIIUH G
DIIDLUHV TXRWL
GLHQ GH OD 6RFLpWp QDWLRQDOH GH
WUDQVSRUW IHUURYLDLUH 617) D
WRQ DSSULV DXSUqV GH FHWWH
VRFLpWp /H GpEUD\DJH GHV
FRQGXFWHXUV GH WUDLQ HQWDPp
GHSXLV MHXGL GHUQLHU j $OJHU
2UDQHW&RQVWDQWLQHDFDXVpGHV
SHUWHVjOD617)HVWLPpHVj
GXFKLIIUHG
DIIDLUHVTXRWLGLHQGH
ODVRFLpWpDLQGLTXpOHGLUHFWHXU
GH O
LQVSHFWLRQ WHFKQLTXH GH OD
617)$EGHOPDOHN+DP]DRXL
0DOJUp XQH UHSULVH SDUWLHOOH GX
WUDILF VXU OHV OLJQHV GH OD EDQ
OLHXH G
$OJHU GDQV OH FDGUH GX
VHUYLFH PLQLPXP DVVXUp OH WUD
ILF IHUURYLDLUH UHVWH TXDVLPHQW
SDUDO\Vp VXVFLWDQW XQ PpFRQWHQ
WHPHQW JpQpUDO FKH] OHV FOLHQWV
GH OD 617) TXL RQW pWp REOLJpV
GHUHFRXULUDX[DXWUHVPR\HQVGH
WUDQVSRUW
&HWWH VLWXDWLRQ D SHUPLV DX[
FODQGHVWLQV GH IDLUH OHXUV FKRX[
JUDV HQ DXJPHQWDQW OHV WDULILFD
WLRQV GH OHXUV VHUYLFHV 8Q
FLWR\HQ D G€ SD\HU '$ DX
FODQGHVWLQSRXUXQHFRXUVHGHOD
JDUH$JKD$OJHUj%RXPHUGqV
DXSUHPLHUMRXUGXGpEUD\DJH
/H WUDILF IHUURYLDLUH DYDLW UHSULV
PDUGL VXU OHV OLJQHV GH OD EDQ
OLHXHHVW$OJHU7KHQLDHWRXHVW
$OJHU(O$IURXQDSUqVXQDUUrW
WRWDO GXUDQW OHV MRXUQpHV GH
GLPDQFKHHWOXQGL
6HORQ0+DP]DRXLOHWUDILFHVW
DVVXUpjKDXWHXUGHSRXUOD
OLJQH $OJHU7KHQLD YR\DJHV
VXUHWjKDXWHXUGHSRXU
OD OLJQH $OJHU(O$IURXQ YR\DJHVVXU
7RXWHIRLV OH GLDORJXH UHVWH
RXYHUWHQYXHGHSDUYHQLUjXQH
VROXWLRQ DFFHSWpH SDU WRXWHV OHV
SDUWLHV HW DVVXUHU OD UHSULVH GX
WUDILFGDQVOHVSOXVEUHIVGpODLVHW
pYLWHUDLQVLG
DXWUHVSHUWHV
6HORQOD)pGpUDWLRQQDWLRQDOHGHV
FKHPLQRWV )1& OHV JUpYLVWHV
UpFODPHQW XQH DXJPHQWDWLRQ GH
OD SULPH GH WUDYDLO SRVWp O
LQ
GHPQLVDWLRQ GHV KHXUHV WUDYDLO
OpHV GXUDQW OHV ZHHNHQGV HW OHV
MRXUV GH IrWH O
DXJPHQWDWLRQ GH
OD SULPH GH WUDYDLO GH QXLW HW OH
UHFODVVHPHQW
6DOLP+
ILQDQFLqUH D pWp OHYpH HW QRXV
DYRQVUHoXLO\DTXDWUHMRXUVOD
SUHPLqUH SDUWLH GHV ILQDQFH
PHQWV OD GHX[LqPH VXLYUD WUqV
SURFKDLQHPHQWDWLOGLW
+DP]D%
/$&
&21-21&785(
GH1DELO%HQEDFKLU
0LQLPLVDWLRQGHVpFDUWVLGpRORJLTXHV"
'
DQVXQFRQWH[WHRLO\DHXTXDQGPrPHXQH
DOOLDQFHPrPHQRQHQFRUHUHFRQGXLWHDORUV
TX
LOV
pWDLWDYpUpLPSRVVLEOHSRXUO
RSSRVL
WLRQG
HQIDLUHDXWDQWLOSRXUUDLWrWUHVRXWHQXTXHOHV
GLYHUJHQFHV LGpRORJLTXHV VRQW SOXV SURIRQGHV HQWUH
OHV SDUWLV GH O
RSSRVLWLRQ TX
HOOHV QH OH VRQW GDQV OH
FDPSGXSRXYRLUF
HVWjGLUHGDQVO
DOOLDQFH,OQ
DSDV
SDUXG
DERUGTX
LO\DLWHXGHVFRQIURQWDWLRQVTXLDLHQW
SULV XQ FRQWRXU LGpRORJLTXH HW ,O Q
D SDV SDUX QRQ
SOXVTXHOHVUDUHVLGpHVGpYHORSSpHVDLHQWSXrWUHpUD
GLFDWULFHV HW FRQVWLWXHU XQH VRXUFH G
LQVpFXULWp
0LQLPLVDWLRQDORUVGHVpFDUWVLGpRORJLTXHV"
3HXWLO \ DYRLU O
H[SUHVVLRQ G
XQH ORJLTXH GH EORFV
SROLWLTXHVTXDQGG
XQF{WpLOYDVHFRQVWLWXHUXQIURQW
GLW GH VRXWLHQ DX SUpVLGHQW HW TX
HQ IDFH LO VHPEOH
TX
H[LVWHOHSURMHWGHIDLUHXQERXWGHFKHPLQHQVHP
EOH"
6RPPHVQRXV VRUWLV GHV LQFRPSDWLELOLWpV LGpRORJL
TXHV TXL UHQGUDLHQW WUqV LQVWDEOHV OHV DOWHUQDQFHV"
3HXWrWUHTXHQRXVQ
HQVRPPHVSDVHQFRUHDX[FHUWL
WXGHVFRPSWHWHQXTXHOHFKDPSSROLWLTXHHVWEDOLVp
GHIDoRQjFHTXHQ
HQVRUWHQWSDVGHVVXUSULVHV
,O QH IDXGUDLW SDV WURS FKHUFKHU j LGHQWLILHU GHV pOp
PHQWV TXL QRXV GpPRQWUHUDLHQW TXH OH FKDPS SROLWL
TXH pYROXH GDQV XQH ORJLTXH GH ELSRODULVDWLRQ RX
PrPH GH WULSRODULVDWLRQ HW SOXV SDUWLFXOLqUHPHQW
ORUVTX
RQWHQWHUDLWGHSODTXHUVXUQRWUHFKDPSSROLWL
TXHODPrPHJULOOHGHOHFWXUHTXLFDUDFWpULVHODYLVLRQ
RFFLGHQWDOH
'HWRXWHIDoRQWRXVOHVMRXUVTXHOHERQ'LHXIDLWHW
IHUD OHV LQWHUURJDWLRQV UHODWLYHV DX SURFHVVXV GH
GpPRFUDWLVDWLRQQHFHVVHURQWSDV< DWLOGHVSHXSOHV
FRQWUH OD GpPRFUDWLH " ,O \ D GHV pOLWHV TXL VRQW
FRQWUH OD GpPRFUDWLH QRQ SDV SDU FRQYLFWLRQ PDLV
SDU LQWpUrWV SROLWLTXHV j VDYRLU G\QDPLWHU OD SDVVH
UHOOHTXLPqQHYHUVOHVDOWHUQDQFHVTXDQGHOOHVVRQWDX
SRXYRLU 8Q ELODQ WRWDO FRPPH OH GLVHQW OHV PpGH
FLQVGHPHXUHjIDLUHSDUOHGLDJQRVWLFGHODVLWXDWLRQ
SROLWLTXH HW VDQV FRPSODLVDQFH SRXU VDYRLU TXHOV
VRQWOHVIDFWHXUVTXLFRQWULEXHQWjGpYLHUODFRQGXLWH
GXSURFHVVXVGHGpPRFUDWLVDWLRQYHUVOHVLQWROpUDQFHV
HWOHVLQVpFXULWpV"&RPPHQWFHVGLWHVpOLWHVDYDLHQW
FRQGXLW SHXWrWUH LQFRQVFLHPPHQW OH SURFHVVXV GH
GpYLDWLRQYHUVFHTX
RQDSSHOOHODWUDJpGLHQDWLRQDOH"
2QSDUOHVRXYHQWGHVGpILVjUHOHYHUPDLVTXLGRLYHQW
V
HQFKDUJHUHQWDQWTX
DFWHXUV"
1%
Ï,
/(0$*+5(% GX0DL
3(50,6'(&21'8,5(%,20e75,48(
0LVHHQ±XYUHILQ
$GRSWpPHUFUHGL
PDLHQ&RQVHLO
GXJRXYHUQHPHQW
OHSHUPLVjSRLQWV
VHUDPLVHQ±XYUH
YHUVODILQGHO
DQ
QpHGDQVOD
SHUVSHFWLYHHQWUH
DXWUHVG·LQFLWHUOHV
DXWRPRELOLVWHVj
DYRLUXQFRPSRUWH
PHQWUHVSRQVDEOH
GHVWLQpjSUpVHUYHU
OHXUFDSLWDOGH
SRLQWVHWpORLJQHU
DLQVLOHULVTXHGHOH
YRLUGpFODUpLQYD
OLGHDGpFODUp
MHXGLGHUQLHUO
,QYLWp
GHODUpGDFWLRQGH
ODFKDvQHGHOD
5DGLR$OJpULHQQH
6DOHP6DOKL
GLUHFWHXUGHV
WUDQVSRUWVWHUUHVWUHV
DXPLQLVWqUHGHV
7UDQVSRUWV
'
XSHUPLVjSRLQWDX
WRWDO OH PrPH UHVSRQ
VDEOH H[SOLTXH TXH
FHOXLFLDXUDXQFRQWHQXSpGDJR
JLTXH SUpYHQWLI HW UpSUHVVLI j OD
IRLV&HSHUPLVGHFRQGXLUHELR
PpWULTXHYDSHUPHWWUHGHUpGXLUH
GRQF FRQVLGpUDEOHPHQW OH QRP
EUHG
DFFLGHQWVGHODURXWHGHSDU
VD YRFDWLRQ SUpYHQWLYH UpSUHV
VLYHHWSpGDJRJLTXH
'H SOXV OH GLUHFWHXU GHV WUDQV
SRUWV WHUUHVWUHV DX PLQLVWqUH GHV
7UDQVSRUWV 0 6DOHP 6DOKL TXL
D SUpFLVp TXH OH IDFWHXU KXPDLQ
HVW j O
RULJLQH GH GHV DFFL
GHQWV URXWLHUV D IDLW VDYRLU
TX
DYHF FH IXWXU SHUPLV GH
FRQGXLUHELRPpWULTXHF¶HVWDXVVL
XQ SHUPLV j SRLQWV (W Oj LO HVW
SUpYX OH UHWUDLW GHV SRLQWV HQ
IRQFWLRQ GH OD JUDYLWp GH O
LQIUD
FWLRQFRPPLVHSDUOHFRQGXFWHXU
VDFKDQWTXHFHSHUPLVHVWGRWpGH
SRLQWV
&HV LQIUDFWLRQV RQW pWp FODVVpHV
VXLYDQW TXDWUH FDWpJRULHV GRQ
QDQW OLHX DX UHWUDLW GH j SRLQWV
4XDQW DX[ DFWHV FODVVpV GDQV OD
FDWpJRULH GHV GpOLWV LO HVW SUpYX
OHUHWUDLWGHSRLQWVjODIRLVD
WLODYLVp
(Q FDV GH QRQSDLHPHQW GH
O
DPHQGH IRUIDLWDLUH OLpH DX[
FRQWUDYHQWLRQV DX ERXW GH MRXUV GHX[ SRLQWV VXSSOp
PHQWDLUHV VHURQW DXWRPDWLTXH
PHQWUHWLUpVGXSHUPLV
3DU FRQWUH O
DXWRPRELOLVWH D OD
SRVVLELOLWp GH UpFXSpUHU VHV
SRLQWV GDQV OH FDV R LO Q
DXUD
FRPPLV DXFXQH LQIUDFWLRQ DX
FRXUVG
XQHSpULRGHV
pWDODQWGH
jDQVGHSXLVODGHUQLqUHLQIUD
FWLRQ UHOHYpH RX V
LO VXLYUD XQH
IRUPDWLRQHQFRQGXLWHjVHVIUDLV
0DLV ORUVTXH OH VROGH GH SRLQWV
HVWj]pUROHSHUPLVGHFRQGXLUH
HVW DORUV UHWLUp j O
DXWRPRELOLVWH
D DYHUWL 0 6DOKL HQ SUpFLVDQW
TXH GDQV FH FDV OH FRQGXFWHXU
VHUD VRXPLV j O
REOLJDWLRQ GH
UHIDLUH VD IRUPDWLRQ GH$ j = HW
TX
DX ERXW G
XQH SpULRGH GH VL[
PRLVLOSRXUUDSRVWXOHUSRXU
XQQRXYHDXSHUPLVGHFRQGXLUH
06DOKLDpJDOHPHQWWHQXjVRX
OLJQHU GXUDQW O
pPLVVLRQ TXH OHV
DFFLGHQWV GH OD URXWH SURYR
TXHQW FKDTXH DQQpH SOXV GH
WXpVHWXQQRPEUHSDUWLFX
OLqUHPHQWpOHYpGHEOHVVpVSDUPL
OHVTXHOVFHUWDLQVUHVWHURQWKDQGL
FDSpVjYLH
'XUDQW O
DQQpH UDSSHOOHW
RQ SDV PRLQV GH DFFL
GHQWVGHODURXWHRQWpWpUHFHQVpV
DYHF XQ WRWDO GH PRUWV HW
EOHVVpVGHVFKLIIUHVSOXV
RX PRLQV VLPLODLUHV j FHX[ GHV
DQQpHVSUpFpGHQWHV
&HV DFFLGHQWV FR€WHQW FKDTXH
DQQpH DX SD\V XQ WRWDO GH PLOOLDUGV GH GLQDUV VHORQ XQH
pWXGH UpDOLVpH UpFHPPHQW SDU
O
XQLYHUVLWp GH %DWQD 0 6DOKL
VLJQDOH SDU DLOOHXUV TX
j O
DYH
QLULOVHUDSOXVFRQWUDLJQDQWSRXU
OHV SHUVRQQHV TXL HQ IHURQW OD
GHPDQGH GH VH YRLU DXWRULVHU j
RXYULU XQH DXWRpFROH VDXW VL
HOOHVVRQWWLWXODLUHVG
XQGLSO{PH
GH&$33 HWG
XQHH[SpULHQFHGH
WURLVDQQpHVGDQVOHGRPDLQH
,O DMRXWH TXH OHV IRUPDWHXUV GH
FDQGLGDWVDXSHUPLVGHFRQGXLUH
GLVSHQVHURQW GpVRUPDLV OHXUV
FRXUV VXU OD EDVH GH QRXYHDX[
PDQXHOVVSpFLDOHPHQWpODERUpVj
OHXULQWHQWLRQ
,O LQGLTXH G
DXWUH SDUW TX
XQ
ILFKLHU QDWLRQDO GHV FRQWUHYH
QDQWVDX&RGHGHODURXWHDFWXHO
OHPHQWHQFRXUVG
pODERUDWLRQYD
DLGHU j FHUQHU SOXV SUpFLVpPHQW
OHVDXWRPRELOLVWHVUpFLGLYLVWHV
,O V
DJLW GHV ILFKLHUV QDWLRQDX[
GHVSHUPLVGHFRQGXLUHGHVFDU
WHV JULVHV HW GHV LQIUDFWLRQV DX
FRGH GH OD URXWH DLQVL TXH OD
PLVHVXUSLHGG
XQVHUYLFHFKDUJp
GXVXLYLGHODPLVHHQ°XYUHGHV
SURFpGXUHV OLpHV j FH QRXYHDX
SHUPLVHWDXUHWUDLWGHVSRLQWV
(QRXWUHDWLOSRXUVXLYLLOVHUD
FUpp XQ &RQVHLO QDWLRQDO FKDUJp
GHODPLVHHQSODFHG
XQHSROLWL
TXH GH SUpYHQWLRQ URXWLqUH
DSSX\p SDU XQH VWUXFWXUH TXL
SUHQGUD HQ FKDUJH OHV DVSHFWV
SUDWLTXHVGHOXWWHFRQWUHOHVDFFL
GHQWVGHODFLUFXODWLRQ
(W MXVWHPHQW FRQFHUQDQW FHV
PRQLWHXUV FHX[ GpWHQDQW XQL
TXHPHQW XQ &HUWLILFDW G
DSWLWXGH
SURIHVVLRQQHOOH HW SpGDJRJLTXH
&$33GRLYHQWDYRLUXQHH[Sp
ULHQFH GH VHSW DQV GDQV OH
GRPDLQHSRXUSRXYRLUFRQWLQXHU
jH[HUFHUWDQGLVTXHFHX[D\DQW
XQGLSO{PHXQLYHUVLWDLUHHQSOXV
GX &$33 O
H[SpULHQFH UHTXLVH
HVWGHWURLVDQV
'
XQ DXWUH F{Wp 0 6DOKL D
DQQRQFpTX
XQDUUrWpPLQLVWpULHO
UHODWLIDXEUHYHWSURIHVVLRQQHOGH
FRQGXFWHXU GH YpKLFXOHV GH
WUDQVSRUWGHSHUVRQQHVHWGHPDU
FKDQGLVHV D pWp ILQDOLVp HW VHUD
VLJQp DX SOXV WDUG OXQGL SUR
FKDLQ SDU OH PLQLVWUH GHV
7UDQVSRUWV
&H WH[WH SUpYRLW O
DPpOLRUDWLRQ
GHODTXDOLWpGHODIRUPDWLRQGHV
FRQGXFWHXUVTXLEpQpILFLHURQWGH
IRUPDWLRQVOLpHVjODUpJOHPHQWD
WLRQ GX WUDYDLO OD VpFXULWp HW OD
SUpYHQWLRQGHVULVTXHVDLQVLTX
j
OD UpJOHPHQWDWLRQ GHV WUDQVSRUWV
GHSHUVRQQHVHWGHPDUFKDQGLVHV
$ UDSSHOHU TXH OH &RQVHLO GX
JRXYHUQHPHQW D DSSURXYp PHU
FUHGL GHUQLHU O
H[SRVp SUpVHQWp
SDU OH PLQLVWUH GH O
,QWpULHXU HW
GHV &ROOHFWLYLWpV ORFDOHV
1RXUHGGLQH%HGRXLVXUOHVSUR
MHWVGXSHUPLVGHFRQGXLUHHWGH
OD FDUWH JULVH ELRPpWULTXHV TXL
HQWUHURQW HQ YLJXHXU j OD ILQ GH
O
DQQpH
6DwG%
(0358172%/,*$7$,5(
/
%HQNKDOIDDSSHOOHjXQHDGKpVLRQPDVVLYH
RUV G
XQH UHQFRQWUH UHJURXSDQW
OHVUHVSRQVDEOHVGHVEDQTXHVGH
OD GLUHFWLRQ GHV LPS{WV HW GHV
RSpUDWHXUV pFRQRPLTXHV ORFDX[ /H
PLQLVWUH GHV )LQDQFHV $EGHUUDKPDQH
%HQNKDOID D DSSHOp DYDQWKLHU j
7OHPFHQOHVRSpUDWHXUVpFRQRPLTXHVOHV
FRPPHUoDQWV HW OHV pSDUJQDQWV ORFDX[ j
DGKpUHU j O
HPSUXQW REOLJDWDLUH OHYp
UpFHPPHQWHQ$OJpULH
/
HPSUXQW REOLJDWDLUH Q
HVW SDV XQH
ILQPDLVXQPR\HQSRXUDWWLUHUGHVPLO
OLDUGV GH GLQDUV TXL VRQW KRUV GHV EDQ
TXHVSRXUOHVHPSOR\HUGDQVO
pGLILFDWLRQ
GHO
pFRQRPLHQDWLRQDOHDXOLHXGHUHFRX
ULUjO
HQGHWWHPHQWH[WpULHXUDWLOH[SOL
TXp/HPLQLVWUHDDIILUPpTXHFHPpFD
QLVPH HVW XQH ERQ FKRVH FDU OHV JDLQV
VHURQW UpSDUWLV HQWUH O
(WDW TXL SHXW pGL
ILHUXQQRXYHDXPRGHGHILQDQFHPHQWGH
ODFURLVVDQFHpFRQRPLTXHHWOHVFLWR\HQV
&HWWHRSpUDWLRQYLVDQWjPRELOLVHUWRX
WHV OHV UHVVRXUFHV ILQDQFLqUHV QDWLRQDOHV
SHUPHWWUD DXVVL GH UpWDEOLU OD FRQILDQFH
HQWUH OH FLWR\HQ HW OHV LQVWLWXWLRQV ILQDQ
FLqUHVQDWLRQDOHVHWGHUpGXLUHOHVSURFp
GXUHVDGPLQLVWUDWLYHVDWLODMRXWp$SUqV
DYRLUUDSSHOpOHVUpVXOWDWVGXSURJUDPPH
GHWUDQVIHUWGHVIRQGVGXPDUFKpSDUDOOqOH
DX[EDQTXHVFRQQXVRXVOHQRPGXSUR
JUDPPHGHFRQIRUPLWpILVFDOHYRORQWDLUH
0%HQNKDOIDDH[SOLTXpTXHODSROLWLTXH
ILQDQFLqUHGHO
$OJpULHUHSRVHHQPDWLqUH
ILVFDOH VXU OH UHFRXYUHPHQW FRPPH IDF
WHXU SULQFLSDO GH OD GLUHFWLRQ GHV LPS{WV
HWQRQSDVVXUOHFRQWU{OHODUpSUHVVLRQHW
OHVUDSSRUWVFRQIOLFWXHOV
,O D DIILUPp TXH OD VLWXDWLRQ ILQDQFLqUH
GXSD\VDIIHFWpHSDUODFKXWHGHVSUL[GX
SpWUROH Q
D SDV DWWHLQW OD ]RQH URXJH
JUkFH j OD SROLWLTXH SURVSHFWLYH DGRSWpH
SDUO
(WDWVRXVODGLUHFWLRQGXSUpVLGHQWGH
OD 5pSXEOLTXH 0$EGHOD]L] %RXWHIOLND
TXLDSHUPLVGHVHGpEDUUDVVHUGHODGHWWH
H[WpULHXUHHWG
DOOHUYHUVO
H[SORLWDWLRQGH
O
pSDUJQH QDWLRQDOH D\DQW GpSDVVp PLOOLDUGV GH '$$ SURSRV GH 7OHPFHQ
TX
LO D TXDOLILpH GH ZLOD\D OHDGHU HQ
PDWLqUH GH UHVVRXUFHV KXPDLQHV HW
G
DWRXWVQDWXUHOVHWLQGXVWULHOVOHPLQLVWUH
D VRXOLJQp TX
HOOH Q
D WRXWHIRLV SDV
DWWHLQW OH QLYHDX UHTXLV HQ WDQW TXH S{OH
pFRQRPLTXHjFDXVHGXIDLEOHYROXPHGHV
LPS{WVVXUEpQpILFHVGHVVRFLpWpV,%6
HVWLPDQWTX
HOOHQ
DSDVUpXVVLjFRPPHU
FLDOLVHU VHV DWRXWV WRXULVWLTXHV 0
%HQNKDOID D YLVLWp GDQV OD ZLOD\D XQ
QRPEUH G
DJHQFHV EDQFDLUHV HW G
LQVWLWX
WLRQV ILQDQFLqUHV DLQVL TXH OD GLUHFWLRQ
GHVLPS{WVGH7OHPFHQRLOV
HVWHQTXLV
GHVFRQGLWLRQVGHWUDYDLO
0HKGL2
$/*e5,(8(318'
(
6LJQDWXUHGHGHX[FRQYHQWLRQVGHFRRSpUDWLRQ
QYLVLWHGHGHX[MRXUVHQ$OJpULH
0
-RKDQQHV
+DKQ
&RPPLVVDLUH HXURSpHQ FKDUJp
GHOD3ROLWLTXHHXURSpHQQHGHYRLVLQDJH
HWGHVQpJRFLDWLRQVG
pODUJLVVHPHQWHWOH
PLQLVWUH G
(WDW HW PLQLVWUH GHV $IIDLUHV
pWUDQJqUHVHWGHOD&RRSpUDWLRQLQWHUQD
WLRQDOH 5DPWDQH /DPDPUD RQW VLJQp
GHX[FRQYHQWLRQVGHFRRSpUDWLRQMHXGLj
$OJHU HQWUH O
$OJpULH O
8QLRQ HXUR
SpHQQH 8( HW OH 318' 3URJUDPPH
GHV 1DWLRQV XQLHV SRXU OH GpYHORSSH
PHQWORUVG
XQHFpUpPRQLH
&HV FRQYHQWLRQV SRUWHQW VXU OH ILQDQ
FHPHQW GH GHX[ QRXYHDX[ SURJUDPPHV
G
DSSXLGHO
8(O
XQGHVWLQpjODGLYHUVL
ILFDWLRQGHO
LQGXVWULHHWjO
DPpOLRUDWLRQ
GX FOLPDW GHV DIIDLUHV 3$',&$ HQWUH
O
$OJpULHHWO
8(HWO
DXWUHDXGpYHORSSH
PHQW ORFDO &$3'(/ UHJURXSDQW
O
$OJpULH OH 318' HW O
8( /D
&RQYHQWLRQ VXU O
DSSXL j O
HQYLURQQH
PHQW GH O
HQWUHSULVH HW OH FOLPDW GHV
DIIDLUHVHVWHVWLPpHjPLOOLRQVG
HX
URV DWRQ LQGLTXp VXU SODFH SUpFLVDQW
TX
LOV
DJLWG
XQSURJUDPPHGHFRRSpUD
WLRQ VXU WURLV DQV HW G
DFFRPSDJQHPHQW
GHODPLVHjQLYHDXGHVHIIRUWVGXPLQLV
WqUHGHO
,QGXVWULHHWGHV0LQHV
&HWWH FRQYHQWLRQ YLVH pJDOHPHQW j
SUpSDUHU O
DIIOX[ GHV LQYHVWLVVHPHQWV
HXURSpHQV HQ $OJpULH /D GHX[LqPH
FRQYHQWLRQFRQVLGpUpHFRPPHpWDQWOD
SUHPLqUHGXJHQUHGDQVODUpJLRQSRUWH
VXU XQH FRRSpUDWLRQ WULDQJXODLUH
$OJpULH8(318' HW FRQFHUQH XQ
SURJUDPPH G
DSSXL DX GpYHORSSHPHQW
ORFDO (OOH HVW G
XQH YDOHXU GH KXLW PLO
OLRQV G
HXURV /
$OJpULH DSSRUWH GDQV
OHVGHX[FRQYHQWLRQVXQFRQFRXUVGH
VRXV IRUPH GH PLVH j GLVSRVLWLRQ GH
WRXWHV OHV FRQGLWLRQV QpFHVVDLUHV j OD
PLVHHQ°XYUHGHFHVSURJUDPPHVVHORQ
OHVSURFpGXUHVHQYLJXHXUDYHFO
8(D
WRQ H[SOLTXp ORUV GH OD VLJQDWXUH GHV
FRQYHQWLRQV ,QWHUYHQDQW j O
LVVXH GH OD
VLJQDWXUH GHV GHX[ FRQYHQWLRQV 0
/DPDPUDDLQGLTXpTXHOHVGHX[DFFRUGV
FRQFUpWLVHQW OD FRRSpUDWLRQ HQWUH
O
$OJpULH HW O
8( G
XQH SDUW HW O
218
G
DXWUHSDUW,OV
DJLWG
XQHFRRSpUDWLRQ
VHFWRULHOOHTXLSURILWHDXGpYHORSSHPHQW
ORFDO HW OD IRUPDWLRQ GHV UHVVRXUFHV
KXPDLQHVDWLODMRXWpVRXOLJQDQWTX
j
WUDYHUV FHWWH VLJQDWXUH OHV SDUWHQDLUHV
pWUDQJHUVDGKqUHQWDX[SURJUDPPHVG
LQ
YHVWLVVHPHQWHWGHGpYHORSSHPHQWLQLWLpV
SDU O
$OJpULH 3RXU VD SDUW -RKDQQHV
+DKQDUHOHYpTXHO
$OJpULHHVWXQSDU
WHQDLUH LPSRUWDQW GDQV OD UpJLRQ HVWL
PDQWTXHODVLJQDWXUHGHFHVFRQYHQWLRQV
HVW GH QDWXUH j FRQVROLGHU OHV UHODWLRQV
HQWUHOHVGHX[SDUWLHV
0DOLND5
Ï,
/(0$*+5(%'80$,
'e&Ë6'8&+(,.+%28$05$1(
8QHJUDQGHSHUWHSRXUOHPRQGHGX
VDYRLUHWGHODFXOWXUHGDQVQRWUHSD\V
'DQVXQPHVVDJHGH
FRQGROpDQFHDGUHVVpj
ODIDPLOOHGX&KHLNK
%RXDPUDQHSUpVLGHQW
GX+DXW&RQVHLOLVODPL
TXHGpFpGpMHXGLOH
SUpVLGHQWGHOD
5pSXEOLTXH$EGHOD]L]
%RXWHIOLNDDVRXOLJQp
TXHOHGpIXQWIXWXQH
VRPPLWpLQWHOOHFWXHOOHHW
FXOWXUHOOHGDQVQRWUH
SD\V
1
RXV DYRQV DSSULV DYHF XQH
SURIRQGHDIIOLFWLRQOHGpFqV
GH O
LQWHOOHFWXHO pPLQHQW
SUpVLGHQW GX +DXW &RQVHLO LVODPLTXH
+&,&KHLNK%RXDPUDQHXQHVRPPLWp
LQWHOOHFWXHOOH HW FXOWXUHOOH TXL D YRXp VD
YLH j O
pGXFDWLRQ HW j O
RULHQWDWLRQ GH
JpQpUDWLRQV VXFFHVVLYHV GH QRV pWXGLDQWV
HW FKHUFKHXUV pFULW OH SUpVLGHQW
%RXWHIOLNDGDQVVRQPHVVDJH/DSHQVpH
GXGpIXQWGDQVOHGRPDLQHGXSDWULPRLQH
HWGHODSKLORVRSKLHDpWpPDUTXpHSDUOD
PLQXWLH HW OD PRGpUDWLRQ ,O FRPSWDLW
SDUPLOHVVDYDQWVTXLFRQFLOLDLHQWHQWUHOD
WUDGLWLRQ SURSUHPHQW SKLORVRSKLTXH
1DTOHWFHOOHGHODWKpRORJLHUDWLRQQHOOH
$TOHWTXLIDLVDLHQWSUpYDORLUODORJLTXH
FDUDFWpULVDQWOHV\VWqPHGHVYDOHXUVVSLUL
WXHOOHV GDQV QRWUH SDWULPRLQH DUDERLVOD
PLTXH 6D PpWKRGRORJLH HQ PDWLqUH GH
UHFKHUFKH HW G
RULHQWDWLRQ V
HVW WUDGXLWH
GDQV VHV FRQWULEXWLRQV GDQV OD UHYXH GX
+&, TX
LO D SUpVLGp SHQGDQW SOXVLHXUV
DQQpHVHWjWUDYHUVVRQORQJFRPEDWGDQV
OHPRXYHPHQWGHVVFRXWVPXVXOPDQVD
SUpFLVp OH FKHI GH O
(WDW DMRXWDQW TXH VD
GLVSDULWLRQHVWXQHJUDQGHSHUWHSRXUOH
PRQGH GX VDYRLU HW GH OD FXOWXUH GDQV
QRWUHSD\V7RXWHQSUpVHQWDQWPHVVLQ
FqUHVFRQGROpDQFHVjYRXVWRXVjVHVFRO
OqJXHVVHVpWXGLDQWVHWVHVDGPLUDWHXUVMH
SULH 'LHX 7RXW 3XLVVDQW G
DFFRUGHU DX
GpIXQW6DVDLQWHPLVpULFRUGHGHO
DFFXHLO
OLU HQ 6RQ YDVWH SDUDGLV HW G
DVVLVWHU OHV
VLHQVFRQFOXWOHFKHIGHO
(WDW
/
$/*e5,(3(5'813,/,(5'(
/$ 3(16e(e&/$,5e((7 '(/$
&8/785(1$7,21$/(
3RXUVDSDUWOHSUpVLGHQWGX&RQVHLOGH
ODQDWLRQ$EGHONDGHU%HQVDODKDDGUHVVp
XQPHVVDJHGHFRQGROpDQFHVjODIDPLOOH
GX &KHLNK %RXDPUDQH GDQV OHTXHO LO D
DIILUPpTXHO
$OJpULHSHUGXQSLOLHUGHOD
SHQVpH pFODLUpH HW GH OD FXOWXUH QDWLR
QDOH
/
$OJpULH SHUG XQ SLOLHU GH OD SHQVpH
pFODLUpH HW GH OD FXOWXUH QDWLRQDOH PDLV
DXVVL XQ PRXGMDKLG DX ULFKH SDUFRXUV
QDWLRQDOTXLDXUDIDLWSUHXYHG
DEQpJDWLRQ
HWGHGpYRXHPHQWWRXWDXORQJGHVDYLH
DpFULW0%HQVDODKGDQVVRQPHVVDJHGH
FRQGROpDQFHV
&KHLNK%RXDPUDQHpWDLWXQPRGqOHGH
OD SHQVpH PRGpUpH j WUDYHUV OHV KDXWHV
UHVSRQVDELOLWpV TX
LO DVVXPD HW GDQV VHV
DSSRUWVFXOWXUHOVHWLQWHOOHFWXHOVDVRXOL
JQpOHSUpVLGHQWGX&RQVHLOGHODQDWLRQ
DMRXWDQW TXH OH GpIXQW pWDLW XQ pFULYDLQ
FODLUYR\DQW HW XQ pPLQHQW FRQIpUHQFLHU
WDQWjO
LQWpULHXUTX
jO
H[WpULHXUGXSD\V
&KHLNK %RXDPUDQH pWDLW XQ VDYDQW HW
XQLQWHOOHFWXHOSDUPLOHVJUDQGVKRPPHV
GHODQDWLRQHWXQHVRPPLWpQDWLRQDOH
DHQFRUHpFULW0%HQVDODKDMRXWDQWTXH
OHGpIXQWUHVWHUDSUpVHQWSDUOHVDSSRUWV
TXLRQWMDORQQpVRQULFKHSDUFRXUVFXOWX
UHOHWLQWHOOHFWXHO
5DSSHORQV TXH OH GpIXQW HVW GpFpGp j
O
kJH GH DQV GHV VXLWHV G
XQH ORQJXH
PDODGLHDWRQDSSULVDXSUqVGHPHPEUHV
GHVDIDPLOOH,ODpWpLQKXPpKLHUDSUqVOD
SULqUH GX YHQGUHGL DX FLPHWLqUH GH 6LGL
)UHGM 1p j (O %D\DGK LO DYDLW UHMRLQW
O
pFROHFRUDQLTXHGqVVRQMHXQHkJHDYDQW
GH SRXUVXLYUH VHV pWXGHV HW REWHQLU XQ
FHUWLILFDWG
pWXGHVSULPDLUHVHQ
,OV
HVWUHQGXSDUODVXLWHHQ)UDQFHR
LODREWHQXOHGRFWRUDWGHSKLORVRSKLHjOD
6RUERQQHHQ
$SUqV
O
LQGpSHQGDQFH
&KHLNK
%RXDPUDQHDH[HUFpFRPPHSURIHVVHXUj
O
LQVWLWXW GH SKLORVRSKLH j O
XQLYHUVLWp
G
$OJHUGRQWLOGHYLHQWSDUODVXLWHGLUHF
WHXU
,ODpJDOHPHQWRFFXSpSOXVLHXUVSRVWHV
GHUHVSRQVDELOLWpGRQWFHOXLGHFRQVHLOOHU
DXPLQLVWqUHGHOD&XOWXUHHQSXLV
PLQLVWUH GH OD &RPPXQLFDWLRQ HW GH OD
&XOWXUHHQ
,ODDXVVLSUpVLGpO
8QLRQGHVpFULYDLQV
DOJpULHQV GH j DYDQW G
rWUH
GpVLJQpjODWrWHGX+&,GHSXLV
$XWHXU G
XQ ULFKH SDUFRXUV FXOWXUHO HW
LQWHOOHFWXHO OH GpIXQW D ODLVVp GH QRP
EUHX[ RXYUDJHV FRQVDFUpV j OD OLEHUWp
KXPDLQH j OD SHQVpH LVODPLTXH j O
KLV
WRLUHGHO
$OJpULHHWjO
(PLU$EGHONDGHU
,ODpJDOHPHQWpWpO
DXWHXUGHSOXVLHXUV
FRQWULEXWLRQVGDQVGHVUHYXHVHWSXEOLFD
WLRQV
.KDGLGMD0
23e5$7,211(/'(38,6/(0$,'(51,(5
%
/HFRQVXODWG
$OJpULHGH9LWU\VXU6HLQH
VHGRWHG
XQQRXYHDXVLqJH
HDXFRXS SOXV PRGHUQH HW VSD
FLHX[ OH FRQVXODW G
$OJpULH GH
9LWU\VXU6HLQH ,OH GH )UDQFH
V
HVWGRWpG
XQQRXYHDXVLqJHj&UpWHLOUXH
2ORI3DOPHXQVLqJHWUqVIRQFWLRQQHOTXL
GRLWIDLUHRXEOLHUOHVPHPEUHVGHODFRP
PXQDXWp DOJpULHQQH GX FDOYDLUH GH O
DQ
FLHQ VLqJH 7URS H[LJXs O
DQFLHQ VLqJH
Q
RIIUDLW QL OHV FRQGLWLRQV G
DFFXHLO GHV
$OJpULHQVGDQVOHVGpSDUWHPHQWVIUDQoDLV
GH 1LqYUH 6HLQH HW 0DUQH <RQQH (VVRQQH 9DO GH 0DUQH
QL OHV FRQGLWLRQV GH WUDYDLO SRXU OH
SHUVRQQHO&HTXLDHQJHQGUpLO\DTXHO
TXHV WHPSV EHDXFRXS GH UHWDUG GDQV OH
WUDLWHPHQW GHV SDVVHSRUWV ELRPpWULTXHV
GHVFLWR\HQVDOJpULHQV
$YHF VHV SOXV GH P OH QRXYHDX
VLqJH RSpUDWLRQQHO GHSXLV OH PDL GHU
QLHUDpWppTXLSpGHV\VWqPHVPRGHUQHVHW
DPpQDJp SRXU RIIULU DX[ FLWR\HQV DOJp
ULHQVXQPHLOOHXUDFFXHLOHWGHPHLOOHXUHV
FRQGLWLRQVGHWUDYDLOSRXUOHSHUVRQQHOGX
FRQVXODWDWRQFRQVWDWpMHXGLVXUSODFH
&RQWHQWG
DYRLUREWHQXVRQSDVVHSRUWSRXU
SDVVHUOHUDPDGDQHQ$OJpULHXQVHSWXD
JpQDLUH D GpFODUp TX
LO HVW YHQX W{W OH
PDWLQ M
DL UHWLUp PRQ SDVVHSRUW HW MH QH
VXLVSOXVVWUHVVpTX
DXSDUDYDQW
8Q DXWUH FLWR\HQ DQV D UHOHYp XQH
PHLOOHXUH RUJDQLVDWLRQ DMRXWDQW TXH
F
HVW EHDXFRXS SOXV IOXLGH HW QRV FRQFL
WR\HQV RQW O
DLU G
rWUH pSDQRXLV -H VXLV
JOREDOHPHQW VDWLVIDLW DWLO DIILUPp DX
PRPHQWRLODYDLWWHUPLQpOHVSURFpGXUHV
GHGpS{WGHVRQGRVVLHUGHSDVVHSRUW
8QHGDPHODWUHQWDLQHQHFDFKDLWSDVVD
VDWLVIDFWLRQ TXDQW DX[ FRPPRGLWpV GX
QRXYHDX VLqJH VDXI TX
HOOH VHPEODLW XQ
SHXGpoXHRXSHUGXHTX
DXQLYHDXGHO
DF
FXHLO HOOH Q
D SDV HX OH UHQVHLJQHPHQW
TX
HOOH VRXKDLWDLW -H YRXODLV FKDQJHU OH
UHQGH]YRXVGHPDPqUHTXLHVWDFWXHOOH
PHQW KRVSLWDOLVpH PDLV SHUVRQQH QH P
D
LQIRUPpH TXHOOH HVW OD SURFpGXUH" DW
HOOH GLW DORUV TX
XQ IRQFWLRQQDLUH GX
FRQVXODWDSUpFLVpTX
HOOHHVWSULRULWDLUHHW
VHUDDFFXHLOOLHVDQVSRXUDXWDQWREWHQLUXQ
QRXYHDXUHQGH]YRXV
3DVPRLQVGHSHUVRQQHVRQWGpMjpWp
DFFXHLOOLHV RULHQWpHV HW OHXUV GRVVLHUV
SDVVHSRUW FDUWH G
LGHQWLWp QDWLRQDOH pWDW
FLYLORXLPPDWULFXODWLRQWUDLWpVDORUVTXH
OHVVDOOHVG
DWWHQWHVpWDLHQWSUHVTXHSOHLQHV
HWODTXHXHGHYDQWOHVLqJHQHVHPEODLWSDV
VHUpWUpFLU/HVSRUWHVGXFRQVXODWpWDLHQW
RXYHUWHVjKjK
*pQpUDOHPHQW QRXV DFFXHLOORQV DXWRXU
GH SHUVRQQHV SDU MRXU QRWDPPHQW
GXUDQW OD KDXWH VDLVRQ F
HVWjGLUH DYDQW
OHV JUDQGHV SDUWDQFHV SRXU OH SD\V D
FRQILp XQ UHVSRQVDEOH DX QLYHDX GH O
DF
FXHLOTXLDLQGLTXpTXHOHFRQVXODWDPLVj
OD GLVSRVLWLRQ GHV FLWR\HQV TXDWUH SKRWR
FRSLHXUV HW GHX[ PDFKLQHV DXWRPDWLTXHV
SRXUOHVSKRWRV
'DQV XQH GpFODUDWLRQ j O
$36 OH FRQVXO
+DPLG +DUDwJXH V
HVW UpMRXL G
LQGLTXHU
TXH OH WDX[ G
HQU{OHPHQW GHV GRVVLHUV GH
SDVVHSRUWV ELRPpWULTXHV D DWWHLQW DORUV TXH VRQ FRQVXODW VH FODVVDLW SDUPL
OHVGHUQLHUVHQ)UDQFH
1RXVVRPPHVUHPRQWpVjKXLWSODFHVHW
QRXVDYRQVSXUDWWUDSHUHQTXHOTXHVRUWH
OH UHWDUG DFFXPXOp DWLO SUpFLVp LQGL
TXDQWTXHOHQRPEUHGHUHQGH]YRXVSUR
JUDPPpVSDUMRXUWRXUQHDXWRXUGHHW
ORUVTXHOHVFRQGLWLRQVVHURQWGpILQLWLYHV
DYHF OHV ILQLWLRQV GDQV O
DPpQDJHPHQW
QRXV HQYLVDJHRQV GH O
DXJPHQWHU SRXU
DUULYHU j M ,O D IDLW UHPDUTXHU TXH
O
DFFXHLO VH GpURXOH GDQV XQH DWPRVSKqUH
SOXVFDOPHTXHFHOOHTXLH[LVWDLWj9LWU\
DMRXWDQWTX
LOQ
\DSDVG
LQFLGHQWVHWOHV
UHVVRUWLVVDQWV DOJpULHQV VRQW SOXV j
O
DLVH&RQFHUQDQWODJHVWLRQGHVGRVVLHUV
OLpVDXSDVVHSRUWELRPpWULTXHOHFRQVXOD
UHOHYp TX
LO \ DYDLW XQ UHWDUG DVVH]
FRQVLVWDQWDQQRQoDQWTXHOHFRQVXODWYD
GHYRLU RXYULU VHV SRUWHV OHV GLPDQFKHV
SRXU DFFXHLOOLU QRWDPPHQW OHV FLWR\HQV
TXL YLHQQHQW GH ORLQ j O
H[HPSOH GH
1LqYUH 'HV HIIRUWV RQW pWp GpSOR\pV
PrPHVLGHVLQVXIILVDQFHVSHUVLVWHQWPDLV
LO \ D XQH FDGHQFH GH WUDYDLO WUqV LPSRU
WDQWHDWLOVRXOLJQp
/
DPEDVVDGHXUG
$OJpULHHQ)UDQFH$PDU
%HQGMDPDk TXL V
HVW GpSODFp SRXU V
HQ
TXpULU GX ERQ IRQFWLRQQHPHQW GHV VHUYL
FHVGXFRQVXODWDSDVVpDXSHLJQHILQWRXW
OHFLUFXLWGXWUDLWHPHQWGHVGHPDQGHVGHV
FLWR\HQV HQ UHOHYDQW OD PRLQGUH GpIDLO
ODQFH
0RUDG1
)25800,1,67e5,(/6,12$5$%(
-
$GRSWLRQGHODGpFODUDWLRQGH'RKD
HXGLj'RKDOHVWUDYDX[GX)RUXP
PLQLVWpULHO VLQRDUDEH RQW SULV OHXU
ILQSDUO
DGRSWLRQGHODGpFODUDWLRQ
GH'RKDTXLDVDOXpODSROLWLTXHJOREDOH
GX SUpVLGHQW GH OD 5pSXEOLTXH 0
$EGHOD]L] %RXWHIOLND YLVDQW j DVVHRLU OD
SDL[ HW OD UpFRQFLOLDWLRQ QDWLRQDOH HQ
$OJpULH
/HVSDUWLFLSDQWVDX)RUXPDXTXHODSULV
SDUWOHPLQLVWUHGHV$IIDLUHVPDJKUpELQHV
GH O
8QLRQ DIULFDLQH HW GH OD /LJXH GHV
(WDWV DUDEHV $EGHONDGHU 0HVVDKHO RQW
VRXOLJQp DX VXMHW GH OD FULVH OLE\HQQH
O
HQJDJHPHQW SRXU O
XQLWp OD VRXYHUDL
QHWp HW O
LQWpJULWp WHUULWRULDOH GH OD /LE\H
HWSRXUODQRQLQJpUHQFHGDQVVHVDIIDLUHV
LQWHUQHV
,OV RQW pJDOHPHQW VDOXp OH WUDQVIHUW j
7ULSROLGXFRQVHLOSUpVLGHQWLHOGXJRXYHU
QHPHQWG
XQLRQQDWLRQDOHHWO
DSSHOjWRX
WHVOHVSDUWLHVSROLWLTXHVOLE\HQQHVjFRR
SpUHU SRXU IDFLOLWHU OD WUDQVLWLRQ SROLWL
TXH
3DU DLOOHXUV OHV SDUWLFLSDQWV RQW VDOXp
OHV HIIRUWV GpSOR\pV SDU O
$OJpULH HW OHV
SD\V YRLVLQV SRXU IDFLOLWHU OH GLDORJXH
HQWUHOHVSDUWLHVOLE\HQQHV
&RQFHUQDQWODFULVHV\ULHQQHOHIRUXPD
VRXOLJQp OD QpFHVVLWp GH SUpVHUYHU O
XQLWp
HWODVRXYHUDLQHWpGHOD6\ULHLQVLVWDQWVXU
ODQRQLQJpUHQFHGDQVOHVDIIDLUHVLQWHUQHV
GHFHSD\VHWVXUO
LPSRUWDQFHGHSDUYHQLU
jXQUqJOHPHQWSROLWLTXHGHODFULVHVXUOD
EDVHGHODGpFODUDWLRQGH*HQqYH
/HV SDUWLFLSDQWV RQW DXVVL VDOXp OH U{OH
SRVLWLI HW HIILFDFH GH O
$OJpULH HQ YXH
G
DERXWLUjODVLJQDWXUHGHO
DFFRUGGHSDL[
HWGHUpFRQFLOLDWLRQSDUOHVSDUWLHVPDOLHQ
QHV
/H IRUXP D FRQGDPQp OH WHUURULVPH
VRXV WRXWHV VHV IRUPHV VRXOLJQDQW OD
QpFHVVLWpGHFRQMXJXHUOHVHIIRUWVGHOXWWH
FRQWUH FH SKpQRPqQH VRXV O
pJLGH GHV
1DWLRQVXQLHV
/HV SDUWLFLSDQWV DX IRUXP RQW HQILQ
VDOXpOHVUpVXOWDWVGHODFRQIpUHQFHLQWHU
QDWLRQDOH VXU OD OXWWH FRQWUH O
H[WUpPLVPH
DEULWpHSDUO
$OJpULHHQMXLOOHW
/HVWUDYDX[GXIRUXPRQWpWpVDQFWLRQ
QpVSDUODVLJQDWXUHG
XQSURJUDPPHH[p
FXWLI SRXU UHQIRUFHU OD FRRSpUDWLRQ VLQR
DUDEHQRWDPPHQWGDQVOHVGRPDLQHVpFR
QRPLTXHGHODSURWHFWLRQGHO
HQYLURQQH
PHQW GH OD UHFKHUFKH VFLHQWLILTXH HW GH
O
LQIRUPDWLRQ
$VPD+
*
/(0$*+5(% GX0DL +
%/,'$
25$1
3OXVGHIDPLOOHVVHURQWUHORJpHV
DYDQWOHPRLVGH5DPDGKDQ
3OXVGHIDPLO
OHVGHVGDwUDVGH
0RX]DLDHW/DUEkD
GDQVODZLOD\DGH
%OLGDVHURQWUHOR
JpHVDYDQWOHPRLV
VDFUpGH
5DPDGKDQD
DQQRQFpPHUFUHGL
OHGLUHFWHXUGXORJH
PHQWGHODZLOD\D
3
OXV GH IDPLOOHV
UpVLGDQW DFWXHOOHPHQW
GDQV GHV KDELWDWLRQV SUp
FDLUHV GDQV OHV GDwUDV GH
0RX]DLDHVWGH%OLGDHW/DUEkD
RXHVWVRQWFRQFHUQpHVSDUFHWWH
RSpUDWLRQGHUHORJHPHQWSUpYXH
DYDQW OH PRLV VDFUp GH
5DPDGKDQ DX WLWUH GX SUR
JUDPPHGHUpVRUSWLRQGHO
KDEL
WDW SUpFDLUH GDQV OD ZLOD\D D
LQGLTXp j O
$36$EGHOD]L] %HQ
0HULGMD
/HV ORJHPHQWV GH W\SH
SXEOLFV ORFDWLIV /3/ VH UpSDU
WLVVHQWjUDLVRQGHUpDOLVpVj
%RUGM (PLU $EGHONDGHU HW $LQ
5RPDQD 0RX]DLD HW j
/DUEkD DWLO SUpFLVp DYDQW
G
DMRXWHU TXH FH SURJUDPPH HVW
FRPSOpPHQWDLUH j O
RSpUDWLRQ GH
UHORJHPHQW D\DQW SURILWp HQ
jSUqVGHIDPLOOHVGH
%OLGDHWG
$OJHU
/H UHVSRQVDEOH GX ORJHPHQW
GHODZLOD\DDIDLWSDUWpJDOHPHQW
G
XQHDFWLRQGHUHORJHPHQWVLPL
ODLUH SURJUDPPpH DYDQW ILQ
DX SURILW GH DXWUHV
IDPLOOHV UpVLGHQWHV GDQV GHV
KDELWDWLRQV SUpFDLUHV GHV ORFDOL
WpV GH 0HIWDK 0RX]DLD 2XHG
'MHU2XOHG$LFKHW%RXDUID
3UqV GH /3/ VRQW
DFWXHOOHPHQW HQ FKDQWLHU j
%OLGD GRQW XQLWpV D\DQW
DWWHLQW XQ WDX[ G
DYDQFHPHQW
HVWLPpjSOXVGHHWSUpYXHV
jODUpFHSWLRQHQDWLOVRX
OLJQp
$YDQW ILQ OD ZLOD\D
HQWHQG HQ RXWUH DWWULEXHU ORJHPHQWV GH W\SH SDUWLFLSDWLI j
&KLIIDDLQVLTX
j&KHEOLHW
%RXJXHUD DX PRPHQW R
DXWUHVXQLWpV$$'/ VHURQW
UpFHSWLRQQpHV DX QLYHDX GH OD
YLOOH QRXYHOOH GH %RXLQDQH DX
WLWUHG
XQSURJUDPPHQDWLRQDOGH
ORJHPHQWV$$'/ GHYDQW
rWUH DWWULEXpV j OHXUV EpQpILFLDL
UHVDYDQWILQDWRQLQGLTXp
GHUQLqUHPHQW DX PLQLVWqUH GH
O
+DELWDWGHO
8UEDQLVPHHWGHOD
9LOOH '
DXWUH SDUW 0 %HQ
0HULGMD D ODQFp XQ DSSHO DX[
EpQpILFLDLUHV GH O
DLGH j OD
FRQVWUXFWLRQ UXUDOH DX QRPEUH
GHOHVLQYLWDQWjVHFRQIRU
PHUjOHXUHQJDJHPHQWUHODWLIj
OD FRQFUpWLVDWLRQ GDQV OHV GpODLV
LPSDUWLV GHV WUDYDX[ GH OD SUH
PLqUHWUDQFKHHWGHVHSUpVHQWHUj
VDGLUHFWLRQHQYXHGHUpFHSWLRQ
QHU OD GHX[LqPH WUDQFKH GHV
DLGHV DX[TXHOOHV LOV RXYUHQW
GURLW'HVFRQYRFDWLRQVRQWpWp
HQYR\pHVDX[EpQpILFLDLUHVjFH
VXMHWDWLOGLW
'HSXLV %OLGD D EpQpIL
FLp G
XQ SURJUDPPH JOREDO GH
SOXV GH ORJHPHQWV GRQW
XQLWpV GpMj UpFHSWLRQ
QpHV DX PRPHQW R DXWUHV VRQW HQ FKDQWLHU j
O
DUUrWHWQ
RQWSDVHQFRUH
pWpODQFpHVHQWUDYDX[
:DVVLOD%
/$*+28$7
/
3URPRXYRLUOHWRXULVPHVSLULWXHO
DZLOD\DGH/DJKRXDWV
HVWYXHDFFRU
GHUFHVGHUQLqUHVDQQpHVXQHVpULHGH
SURMHWV YLVDQW j SURPRXYRLU OH WRX
ULVPHGHIDoRQJpQpUDOHHWOHWRXULVPHVSLUL
WXHOHQSDUWLFXOLHUDXUHJDUGGHVDWRXWVTX
HOOH
UHFqOHGDQVOHGRPDLQH
(QSOXVGHVHVVLWHVQDWXUHOVKLVWRULTXHVHW
DUFKpRORJLTXHVO
H[LVWHQFHVXUVRQWHUULWRLUH
SOXV SUpFLVpPHQW j$LQ0DGKL GX VLqJH GX
&DOLIDW JpQpUDO GH OD 7DULTD FRQIUpULH
7LGMDQLDTXLFRPSWHGHVPLOOLRQVG
DGHSWHVj
WUDYHUVOHPRQGHOXLDGRQQpOHVPR\HQVGH
V
RULHQWHU YHUV O
LQYHVWLVVHPHQW GDQV OH WRX
ULVPH VSLULWXHO 'DQV FHWWH SHUVSHFWLYH OD
]DRXwD 7LGMDQLD YLHQW G
HQUHJLVWUHU O
DFKqYH
PHQWGHVWUDYDX[GHUpDOLVDWLRQGHVRQK{WHO
G
XQHFDSDFLWpG
DFFXHLOGHOLWVGRWpG
XQH
VDOOHGHFRQIpUHQFHVGHSODFHVDWRQ
LQGLTXp j OD GLUHFWLRQ GH O
DPpQDJHPHQW GX
WHUULWRLUH GX WRXULVPH HW GH O
DUWLVDQDW GH OD
ZLOD\DGH/DJKRXDW
/HVUHVSRQVDEOHVORFDX[GXWRXULVPHIRQ
GHQWDXVVLOHXUVHVSRLUVVXUOD]RQHG
H[SDQ
VLRQWRXULVWLTXH=(7SURMHWpHGDQVODFRP
PXQHG
$LQ0DGKLDILQG
DFFXHLOOLUG
DXWUHV
SURMHWVSRXUDFFURvWUHOHVFDSDFLWpVG
DFFXHLO
GHV QRPEUHX[ DGHSWHV HW YLVLWHXUV YHQDQW
FKDTXH DQQpH GDQV GHV ]LDUDV SqOHULQDJHV
GDQVODUpJLRQ
6
pWHQGDQW VXU XQH VXSHUILFLH GH KD
FHWWH=(7GRQWOHVpWXGHVWHFKQLTXHVRQWpWp
ILQDOLVpHV ILJXUH SDUPL WURLV HVSDFHV GX
JHQUH SURMHWpV j WUDYHUV OD ZLOD\D DWRQ
VLJQDOp/DYLOOHG
$LQ0DGKLYLOOHQDWDOHGH
&KHLNK6LGL$KPHG7LGMDQLTXL
FRQVWLWXHXQOLHXHPEOpPDWLTXHGHODFRQIUp
ULH UHJURXSH GHV PDXVROpHV HW NVRXU
FRQVWUXLWV JpQpUDOHPHQW HQ SLHUUH HW 7RXE
SLVp VHORQ GHV PRGqOHV DUFKLWHFWXUDX[
DQFLHQVjO
LQVWDUGXYLHX[NVDUHWGXSDODLV
GH.RXUGDQH&HWWHYLOOHFRQVWLWXHXQHGHVWL
QDWLRQGHSqOHULQDJHSRXUGHQRPEUHX[DGHS
WHV GH GLIIpUHQWV SD\V QRWDPPHQW DIULFDLQV
DXUHJDUGGXSURIRQGDQFUDJHGHODFRQIUpULH
VXUOH&RQWLQHQWDIULFDLQ
8QJURXSHFRPSRVpGHTXHOTXHDGHS
WHVGHOD7LGMDQLDGX6pQpJDOGH*DPELHGH
*XLQpH HW GH 0DXULWDQLH HIIHFWXH DFWXHOOH
PHQW XQH YLVLWH j$LQ0DGKL /DJKRXDW HW
%RXVVHPJKRXQH(O%D\DGK
/HV&KHLNKVHWUHVSRQVDEOHVGHODFRQIUp
ULH7LGMDQLDRQWGDQVOHPrPHFDGUHVDOXpOD
UpRXYHUWXUH HQ GH O
DpURSRUW $KPHG
0HGHJKUL GH /DJKRXDW HW OD UHSULVH GH VHV
DFWLYLWpV SRXU FRQWULEXHU j O
LPSXOVLRQ GH
O
DFWLYLWp WRXULVWLTXH YHUV OH VLqJH GH OD
7LGMDQLD /D ZLOD\D GH /DJKRXDW DFFXHLOOH
HQ RXWUH OH FROORTXH DQQXHO GX FKDQW UHOL
JLHX[ 6DPDk
TXL FRQQDvW XQ IUDQF VXFFqV
G
XQHpGLWLRQjO
DXWUHDXUHJDUGGHO
LPSRU
WDQWHSDUWLFLSDWLRQTX
LOHQUHJLVWUHHWGHO
DWWD
FKHPHQWGHODSRSXODWLRQORFDOHDX[DFWLYLWpV
UHOLJLHXVHVHWVSLULWXHOOHV
/D ZLOD\D GH /DJKRXDW UHQIHUPH pJDOH
PHQWGHVUHSUpVHQWDWLRQVGH]DRXwDVVRXILHV
jO
LQVWDUGHOD.DGLULD7DwEL\D&KDGKOL\DHW
5DKPDQLDTXLFRQVWLWXHQWXQDSSXLjODSUR
PRWLRQ GX WRXULVPH VSLULWXHO GDQV OD ZLOD\D
GH/DJKRXDW
55
3UpSDUDWLIVDX
SRUWSRXUO
DFFXHLO
GHODFRPPXQDXWp
DOJpULHQQHj
O
pWUDQJHU
'HV PHPEUHV GH OD
&RPPLVVLRQ GHV DIIDLUHV pWUDQ
JqUHVGHODFRRSpUDWLRQHWGHOD
FRPPXQDXWp j O
$VVHPEOpH
SRSXODLUH QDWLRQDOH $31 VH
VRQW HQTXLV PHUFUHGL VRLU j OD
JDUH PDULWLPH GX SRUW G
2UDQ
GHVSUpSDUDWLIVSRXUO
DFFXHLOGH
OD FRPPXQDXWp DOJpULHQQH pWD
EOLH j O
pWUDQJHU ,OV RQW SULV
FRQQDLVVDQFHGHVGLVSRVLWLIVSULV
GDQVFHVHQVQRWDPPHQWHQLQV
SHFWDQWO
HVSDFHSURYLVRLUHG
HP
EDUTXHPHQWHWG
DUULYpHHQDWWHQ
GDQW O
DFKqYHPHQW GX SURMHW GH
PRGHUQLVDWLRQ GH OD JDUH PDUL
WLPH /RUV G
XQH UpXQLRQ G
pYD
OXDWLRQHQSUpVHQFHGHUHSUpVHQ
WDQWV GHV VHUYLFHV FRQFHUQpV DX
QLYHDX GX SRUW GRQW FHX[ GHV
GRXDQHVGHODSROLFHGHIURQWLq
UHV GH O
(QWUHSULVH SRUWXDLUH
G
2UDQ(32GHO
(QWUHSULVHGH
WUDQVSRUW PDULWLPH GHV YR\D
JHXUV(1709LOVRQWGpSORUp
OHIDLWTXHOHSURMHWGHPRGHUQL
VDWLRQ GH OD JDUH PDULWLPH Q
HVW
SDV HQFRUH DFKHYp FH TXL VH
UpSHUFXWH VXU OH ERQ WUDLWHPHQW
GHVYR\DJHXUV/DVLWXDWLRQGHOD
JDUH PDULWLPH GX SRUW G
2UDQ
QpFHVVLWH XQ LQWpUrW GHV SRX
YRLUVSXEOLFVDVRXOLJQpOHSUp
VLGHQW GH OD FRPPLVVLRQ SDUOH
PHQWDLUH1RXUHGLQH%HOPHGGDK
IDLVDQWVDYRLUTXHFHWWHFRPPLV
VLRQ GHPDQGHUD DX PLQLVWqUH
GHV 7UDQVSRUWV G
HQTXrWHU VXU
FHWWH VLWXDWLRQ 'H VRQ F{Wp OH
UHVSRQVDEOH GH O
(QWUHSULVH SRU
WXDLUHG
2UDQDH[SOLTXpTXHOHV
WUDYDX[QHSHXYHQWrWUHDFKHYpV
FHWWH DQQpH j FDXVH GX UHWDUG
GDQV OHV SURFpGXUHV GX PDUFKp
SXEOLFHWSRXUGHVUDLVRQVILQDQ
FLqUHV DMRXWDQW TXH FH SURMHW
GHYUD rWUH UpFHSWLRQQpH HQ pWp
3RXU VD SDUW OH GLUHFWHXU
UpJLRQDO GH O
(QWUHSULVH QDWLR
QDOH GX WUDQVSRUW PDULWLPH GHV
YR\DJHXUVDLQGLTXpTXHOHWUDL
WHPHQW GX WUDILF GH YR\DJHXUV
VHUD GLIILFLOH GDQV GH WHOOHV
FRQGLWLRQV VRXOLJQDQW TXH OH
ODQFHPHQW GH GHX[ QRXYHOOHV
OLJQHV PDULWLPHV GH WUDQVSRUW
UHOLDQW0RVWDJDQHPj9DOHQFHHW
$OLFDQWH (VSDJQH GHYUD DOOp
JHU OD WHQVLRQ VXU OH SRUW
G
2UDQ/HVUHSUpVHQWDQWVGHOD
SROLFH GHV IURQWLqUHV 3$) HW
GHV GRXDQHV RQW DERUGp WRXU j
WRXU OHV DFWLRQV PHQpHV SRXU
DPpOLRUHU OHV FRQGLWLRQV G
DF
FXHLOGHVYR\DJHXUVHWOHXUSHU
PHWWUH G
DFFRPSOLU OHV IRUPDOL
WpVHQXQWHPSVFRXUW
+RXDUL%
$/*(5
&ODVVHPHQWGHSOXVGHKHFWDUHVG
DVVLHWWHVIRQFLqUHV
3
OXV GH KHFWDUHV G
DVVLHWWHV
IRQFLqUHV GDQV OD FDSLWDOH VHURQW
FODVVpV HQ ]RQHV XUEDLQHV j OD
IDYHXUGHODPLVHHQ°XYUHGX3ODQGLUHF
WHXU G
DPpQDJHPHQW HW G
XUEDQLVPH
3'$8 GH OD ZLOD\D G
$OJHU VHORQ OH
UDSSRUWG
RULHQWDWLRQ\DIIpUHQW
KHFWDUHV G
DVVLHWWHV IRQFLqUHV
GDQV OD FDSLWDOH VHURQW FODVVpV HQ ]RQHV
XUEDLQHVjODIDYHXUGHODPLVHHQ°XYUH
GX3ODQGLUHFWHXUG
DPpQDJHPHQWHWG
XU
EDQLVPH GH OD ZLOD\D G
$OJHU DGRSWp
PHUFUHGLjODPDMRULWpORUVG
XQHVHVVLRQ
RUGLQDLUH GH O
$VVHPEOpH SRSXODLUH GH
ZLOD\DG
$OJHU,OV
DJLWGHGXWRWDO
2UDQ&RXYHUWXUHQXDJHXVHSDUWLHOOHƒ0LQƒ+XP
GHV KHFWDUHV FRQFHUQpV SDU OH
SODQ FH TXL FUpH XQ pTXLOLEUH DYHF OHV
HVSDFHVQRQXUEDQLVDEOHVGDQVODFDSLWDOH
TXLV
pWHQGHQWVXUKHFWDUHV
/H GRVVLHU UHODWLI DX 3'$8 GRQW OHV
pWXGHVpWDOpHVVXUKXLWDQVRQWpWpVXSHU
YLVpHV SDU XQ EXUHDX G
pWXGH SRUWXJDLV
IDLW pWDW DX VHLQ GHV ]RQHV XUEDLQHV GH
KHFWDUHVG
HVSDFHVKLVWRULTXHVHWFXO
WXUHOVGRQWLOIDXWSUpVHUYHUOHFDUDFWqUH
/HVHFWHXUSURWpJpGHOD&DVEDKG
$OJHU
HQIDLWSDUWLH
/D FDSLWDOH FRPSWH HQ RXWUH KHFWDUHV G
HVSDFHV XUEDLQV GHVWLQpV DX[
DFWLYLWpVpFRQRPLTXHVFRQWUHKHFWD
$OJHU &RXYHUWXUHQXDJHXVHSDUWLHOOH0D[ƒ0LQƒ+XP
&RXYHUWXUHQXDJHXVHSDUWLHOOH0D[ƒ0LQƒ+XP
UHVG
HVSDFHVYHUWVHWGHORLVLUV
4XDQWDX[]RQHVQRQXUEDQLVDEOHVTXL
V
pWHQGHQW VXU SOXV GH KHFWDUHV
HOOHV FRPSWHQW SUqV GH KHFWDUHV
G
HVSDFHVQDWXUHOVSOXVGHKHFWDUHV
G
HVSDFHV IRUHVWLHUV HW SUqV GH KHFWDUHVGHWHUUDLQVDJULFROHV
3DU DLOOHXUV OD VHVVLRQ RUGLQDLUH GH
O
$VVHPEOpHSRSXODLUHGHZLOD\DG
$OJHU
pWDLWpJDOHPHQWFRQVDFUpHjO
H[DPHQGX
SODQG
DPpQDJHPHQWGHODQRXYHOOHYLOOH
GH 6LGL$EGDOODK HW j OD SUpVHQWDWLRQ GX
UDSSRUW G
DFWLYLWp GH OD ZLOD\D SRXU
O
H[HUFLFH
2XDKDE'
$QQDED&RXYHUWXUHQXDJHXVHSDUWLHOOH
$QQDED&RXYHUWXUHQXDJHXVHSDUWLHOOH 0D[ƒ0LQƒ+XP
0D[ƒ0LQƒ+XP
*
/(0$*+5(%GX0DL $,'e3$5/
$,(
/HSpWUROHILQLWDXSOXVKDXWGHO
DQQpH
j1HZ<RUN
/HVFRXUVSpWUROLHUVVRQW
XQSHXPRQWpVMHXGLHW
RQWILQLSRXUODGHX[LqPH
VpDQFHGHVXLWHDXSOXV
KDXWGHO
DQQpHj1HZ
<RUNDSUqVTXHO
$JHQFH
LQWHUQDWLRQDOHGHO
(QHUJLH
$,(DDOLPHQWpO
RSWL
PLVPHGHVLQYHVWLVVHXUV
SDUXQUDSSRUWHQFRXUD
JHDQW
/
H FRXUV GX EDULO GH UpIpUHQFH
:7, SRXU OLYUDLVRQ HQ MXLQ TXL
DYDLWGpMjILQLODYHLOOHjXQQLYHDX
VDQVSUpFpGHQWGHSXLVQRYHPEUHDSULV
FHQWV j GROODUV VXU OH 1HZ <RUN
0HUFDQWLOH([FKDQJH1\PH[
$ /RQGUHVOHEDULOGH%UHQWGHODPHU
GX1RUGSRXUOLYUDLVRQHQMXLOOHWDJDJQp
FHQWV j GROODUV VXU
O
,QWHUFRQWLQHQWDO([FKDQJH,&(
/HPDUFKpHVWDQLPpSDUSOXVLHXUVpOp
PHQWV D UpVXPp$QG\ /LSRZ GH /LSRZ
2LO $VVRFLDWHV FLWDQW QRWDPPHQW OH IDLW
TXH/
$,(FRPPHOHGpSDUWHPHQWDPpUL
FDLQ GH O
(QHUJLH 'R( RQW UHYX HQ
KDXVVHOHXUVSUpYLVLRQVGHGHPDQGH
%UDV pQHUJpWLTXH GH O
2&'( O
$,( D
QRQ VHXOHPHQW ODLVVp OD SRUWH RXYHUWH j
XQHDFFpOpUDWLRQGHODGHPDQGHHQ
PDLV DXVVL SUpYX XQH IRUWH EDLVVH GH OD
SURGXFWLRQ HQ GHKRUV GH O
2UJDQLVDWLRQ
GHVSD\VH[SRUWDWHXUVGHSpWUROH2SHS
5280$1,(
8QHUDIILQHULHGH
.D]0XQDL*D]VRXV
VpTXHVWUH
/
HV SURFXUHXUV URXPDLQV RQW
SODFpVRXVVpTXHVWUHODUDIILQH
ULHGH3HWURPLGLDHVWGpWHQXH
SDU OH JURXSH ND]DNK .D]0XQDL*D]
GDQVOHFDGUHG
XQHHQTXrWHSRXUpYD
VLRQILVFDOHEODQFKLPHQWHWIUDXGH
/
DFWLRQ GHV SURFXUHXUV HVW HQ
FRXUVDGpFODUpODSRUWHSDUROHGXSDU
TXHWGHOXWWHFRQWUHODFULPLQDOLWpRUJD
QLVpH',,&270LKDHOD3RULPH
6HORQ HOOH OH VpTXHVWUH YLVH GHV
ELHQV G
XQ PRQWDQW WRWDO GH WURLV PLO
OLDUGVGHOHLPLOOLRQVG
HXURV
&HWWH RSpUDWLRQ LQWHUYLHQW GHX[
VHPDLQHV DSUqV O
DQQRQFH GX UDFKDW
G
XQ SDTXHW GH GHV DFWLRQV GH
.D]0XQDL*D]SDUXQHFRPSDJQLHFKL
QRLVH &KLQD (QHUJ\ &RPSDQ\ /WG
6HORQ 0PH 3RULPH WRXWHIRLV OH ',,
&27 QH GpWLHQW SDV G
LQIRUPDWLRQV
TXDQW DX FKDQJHPHQW GH SURSULpWDLUH
GH3HWURPLGLD
/HVUHVSRQVDEOHVGH.D]0XQDL*D]
RQWpWpFRQYRTXpVj%XFDUHVWSRXUrWUH
HQWHQGXVGDQVFHWWHDIIDLUHPDUGLDW
HOOHSUpFLVp
8QOLWLJHRSSRVHGHSXLVGHVDQQpHV
FHWWHVRFLpWpHWO
(WDWURXPDLQDXVXMHW
G
XQH GHWWH G
XQ PRQWDQW WRWDO GH PLOOLRQV GH GROODUV SULQFLSDO HW LQWp
UrWV FDOFXOpV HQ UHPRQWDQW j
O
DQQpH ORUVTXH OD UDIILQHULH GH
3HWURPLGLD DYDLW pWp UDFKHWpH SDU OH
JURXSHURXPDLQ5RPSHWURO
$ O
LVVXH GH SOXVLHXUV SURFqV
.D]0XQDL*D] TXL DYDLW UHSULV
5RPSHWURO HQ V
pWDLW HQJDJp j
YHUVHU PLOOLRQV GH GROODUV j O
(WDW
URXPDLQSRXUWHQWHUGHPHWWUHXQWHUPH
DX GLIIpUHQG 0DLV OH JRXYHUQHPHQW
DIILUPH TXH OD VRPPH SURPLVH Q
D
MDPDLVpWpYHUVpH
6LKDP6
&HOD IDLW HVSpUHU TXH OH PDUFKp VH
UppTXLOLEUHG
LFLODILQGHO
DQQpHDORUVTX
LO
HVW SORPEp GHSXLV SOXV GH GHX[ DQV SDU
XQH VXUDERQGDQFH JpQpUDOH D FRPPHQWp
0/LSRZ
/H 'R( DYDLW GpMj SXEOLp GHV FRQFOX
VLRQV SOXW{W HQFRXUDJHDQWHV HQ GpEXW GH
VHPDLQHGDQVVRQSURSUHUDSSRUWPHQVXHO
HWOHVLQYHVWLVVHXUVDWWHQGHQWHQFRUHSRXU
YHQGUHGL XQH SXEOLFDWLRQ VHPEODEOH GH
O
2SHS
&HUWDLQV REVHUYDWHXUV UHODWLYLVDLHQW
WRXWGHPrPHO
RSWLPLVPHHQUHPDUTXDQW
TXH OH QLYHDX pOHYp GH O
RIIUH GH O
2SHS
GRPLQpH SDU O
$UDELH VDRXGLWH UHVWDLW XQ
SRLQWQRLUSDUPLFHVERQQHVQRXYHOOHV
0rPHVLO
$,(DUHOHYpVHVHVWLPDWLRQV
VXU OD GHPDQGH PRQGLDOH HW DEDLVVp j OD
PDUJHVHVSUpYLVLRQVVXUO
RIIUHH[WpULHXUH
jO
2SHSHOOHV
DWWHQGjFHTXHODSURGXF
WLRQ GX FDUWHO DWWHLJQH PLOOLRQV GH
EDULOVSDUMRXUEMDXGHX[LqPHWULPHVWUH
FH TXL WHQGUDLW j FRQIRUWHU O
DFWXHOOH VXU
DERQGDQFH D FRPPHQWp GDQV XQH QRWH
7LP(YDQVGH&LWL
)5(,1'8'2//$5
(Q GHKRUV GH FHV UDSSRUWV OH PDUFKp
FRQWLQXHjSURILWHUGHO
DQQRQFHKLHUG
XQH
EDLVVH LQDWWHQGXH GHV VWRFNV GH EUXW DX[
(WDWV8QLV D QRWp *HQH 0F*LOOLDQ GH
7UDGLWLRQ (QHUJ\ pYRTXDQW DXVVL OHV
LQFHUWLWXGHVSHUVLVWDQWHVDXWRXUGHVLQFHQ
GLHV DX &DQDGD HW GHV VDERWDJHV DX
1LJHULD
$ORUV TXH OHV UpVHUYHV DPpULFDLQHV GH
EUXWV
DSSURFKDLHQWGHQLYHDX[MDPDLVYXV
HW TXH OHV DQDO\VWHV V
DWWHQGDLHQW j XQH
QRXYHOOH KDXVVH KHEGRPDGDLUH OH GpSDU
WHPHQWGHO
(QHUJLH'R(DIDLWpWDWPHU
FUHGLG
XQHEDLVVHGHSOXVGHWURLVPLOOLRQV
GHEDULOVTXDQGELHQPrPHOHVLQFHQGLHV
FDQDGLHQV Q
RQW JXqUH DIIHFWp OH QLYHDX
GHVLPSRUWDWLRQV
(WHQPrPHWHPSVODSURGXFWLRQDPp
ULFDLQH FRQWLQXH j EDLVVHU GpVRUPDLV DX
SOXV EDV GHSXLV O
DXWRPQH D VRXOL
JQp0/LSRZ
/H GpFOLQ SHUVLVWDQW GH OD SURGXFWLRQ
DPpULFDLQHHVWO
XQHGHVSULQFLSDOHVOXHXUV
G
HVSRLUGHVLQYHVWLVVHXUVDSUqVO
pFKHFj
ODPLDYULOGHQpJRFLDWLRQVHQWUHSD\VSUR
GXFWHXUV DX[TXHOOHV QH SDUWLFLSDLHQW SDV
OHV(WDWV8QLV
(QILQSDUPLOHVpOpPHQWVPRLQVIDYR
UDEOHVDX[FRXUVTXLRQWFRQQXXQDFFqV
GH IDLEOHVVH HQ PLOLHX GH VpDQFH OH UHQ
IRUFHPHQW GX GROODU D DJL FRPPH XQ
UDOHQWLVVHXUVXUOHPDUFKpSpWUROLHUDpFULW
0DWW6PLWKGH&OLSSHU'DWD
/D IRUFH GX ELOOHW YHUW TXL VH UHPHW
GHSXLVTXHOTXHVVpDQFHVG
XQHSpULRGHGH
GpSULPH HVW GpIDYRUDEOHV DX PDUFKp
SpWUROLHU FDU OHV pFKDQJHV \ VRQW OLEHOOpV
HQ PRQQDLH DPpULFDLQH HW GHYLHQQHQW
GRQFSOXVFR€WHX[
%$,66((1$6,(
/HV FRXUV GX SpWUROH pWDLHQW HQ EDLVVH
GDQVOHVpFKDQJHVPDWLQDX[HQ$VLHVRXV
O
HIIHWGHSULVHVGHEpQpILFHVDSUqVDYRLU
WHUPLQpODYHLOOHjXQSOXVKDXWGHO
DQQpH
jODIDYHXUG
XQUHFXOVXUSULVHGHVVWRFNV
GHEUXWDPpULFDLQ
9HUV+*07OHFRXUVGXEDULOGH
OLJKWVZHHWFUXGH:7,SRXUOLYUDLVRQHQ
MXLQSHUGDLWFHQWVjGROODUVGDQV
OHVpFKDQJHVpOHFWURQLTXHVHQ$VLH
/H EDULO GH %UHQW UpIpUHQFH HXUR
SpHQQH GX EUXW SRXU OLYUDLVRQ HQ MXLOOHW
FpGDLWFHQWVjGROODUV
/H GpSDUWHPHQW GH O
(QHUJLH 'R( D
IDLWpWDWG
XQHEDLVVHLQDWWHQGXHPHUFUHGL
GHV UpVHUYHV KHEGRPDGDLUHV GH EUXW FH
TXLDIDLWERQGLUOHVFRXUV7RXWHFKXWHGHV
VWRFNV WpPRLJQH G
XQH KDXVVH GH OD
GHPDQGH FKH] OH SUHPLHU FRQVRPPDWHXU
GHEUXWPRQGLDO
/
RUQRLUDFRQQXG
LPSRUWDQWHVYDULD
WLRQVFHWWHVHPDLQHOHVLQYHVWLVVHXUVWHQ
WDQW G
pYDOXHU OHV HIIHWV GHV JLJDQWHVTXHV
LQFHQGLHV TXL VH VRQW SURSDJpV GDQV OD
SURYLQFHGHO
$OEHUWDKDXWOLHXGHODSUR
GXFWLRQFDQDGLHQQHGHVDEOHVELWXPLQHX[
/HV LQYHVWLVVHXUV RQW SHXWrWUH O
LP
SUHVVLRQTXHOHVFRXUVVRQWDOOpVWURSKDXW
3DUIRLV LOV FKHUFKHQW j DWWHLQGUH XQ FHU
WDLQ QLYHDX SRXU YHQGUH HW UpDOLVHU GHV
EpQpILFHV D GpFODUp %HUQDUG $Z DQD
O\VWHFKH],*0DUNHWVj6LQJDSRXU
0DOJUp GHV IDFWHXUV KDXVVLHUV FRPPH
OHV LQFHQGLHV GX &DQDGD HW OD IHUPHWXUH
G
XQ ROpRGXF DX 1LJHULD OHV IRQGDPHQ
WDX[GXPDUFKpUHVWHQWOHVPrPHVDpJD
OHPHQWVRXOLJQp0$Z
/HVFRXUVGXSpWUROHRQWSORQJpGHSXLV
MXLQTXDQGOHEDULOVHQpJRFLDLW
GROODUVHQUDLVRQG
XQHRIIUHH[FpGHQWDLUH
TXH QH SDUYLHQQHQW SOXV j DEVRUEHU GHV
pFRQRPLHVHQSOHLQUDOHQWLVVHPHQW
/
$,(237,0,67(
0RLQV GH EDULOV HQ SURYHQDQFH GHV
SD\VQRQ2SHSGRQWOH&DQDGDRGHYDV
WHVIHX[GHIRUrWVRQWVWRSSpO
H[SORLWDWLRQ
GHV VWRFNV UpGXLWV HW XQH GHPDQGH TXL
SRXUUDLWrWUHSOXVYLJRXUHXVHTXHSUpYXOH
PDUFKp SpWUROLHU HVW UpVROXPHQW HQ YRLH
GH UppTXLOLEUDJH VHORQ O
$JHQFH LQWHUQD
WLRQDOHGHO
pQHUJLH
/HV IHX[ GH IRUrW DX &DQDGD RQW
HQWUDvQpODIHUPHWXUHGHPEMGHFDSD
FLWpVGHSURGXFWLRQDVRXOLJQpO
$,(GDQV
VRQ UDSSRUW PHQVXHO SXEOLp MHXGL HVWL
PDQW WRXWHIRLV SUpPDWXUp G
HQ pYDOXHU
O
LPSDFWWRWDOVXUODSURGXFWLRQ
&HV LQFHQGLHV TXL IRQW UDJH GDQV OD
UpJLRQ GH )RUW 0F0XUUD\ HQ $OEHUWD
RXHVWRQWSRXVVpOHVDXWRULWpVjLPSRVHU
GHV FRQGLWLRQV DX[ FRPSDJQLHV SpWUROLq
UHVOLpHVjODV€UHWpGXSHUVRQQHOQRWDP
PHQWDYDQWXQUHGpPDUUDJHGHOHXUVDFWL
YLWpV TXL SRXUUDLW DX PLHX[ SUHQGUH SOX
VLHXUVMRXUVYRLUHVHPDLQHV
0rPHDYDQWFHVLQFHQGLHVODSURGXF
WLRQ FDQDGLHQQH GH SpWUROH pWDLW DWWHQGXH
HQEDLVVHHQDYULOHWHQPDLHQUDLVRQGHOD
PDLQWHQDQFH SURJUDPPpH G
XQ FHUWDLQ
QRPEUH G
LQVWDOODWLRQV D DMRXWp OH EUDV
pQHUJpWLTXH GHV SD\V GpYHORSSpV GH
O
2&'( 2UJDQLVDWLRQ GH GpYHORSSHPHQW
HWGHFRRSpUDWLRQpFRQRPLTXHV
'DQVOHPrPHWHPSVO
RIIUHSURYHQDQW
GHV(WDWV8QLVDDXVVLFRQWLQXpjGpFOLQHU
SpQDOLVpHSDUODIDLEOHVVHGHVSUL[GXEUXW
PDOJUp XQH UHPRQWpH DXGHVVXV GH OD
EDUUH GHV GROODUV OH EDULO DSUqV OHV
SRLQWVEDVREVHUYpVHQMDQYLHU
(Q DYULO O
RIIUH G
RU QRLU D pJDOHPHQW
pWp DIIHFWpH SDU GHV LQWHUUXSWLRQV LPSUp
YXHVDX*KDQDHWHQ,WDOLHROHJpDQW(QL
D VXVSHQGX OD SURGXFWLRQ GH VRQ VLWH GX
9DO G
$JUL EM FLEOp SDU XQH
HQTXrWHSRXUWUDILFGHGpFKHWV
5pVXOWDW OD SURGXFWLRQ GHV SD\V Q
DS
SDUWHQDQW SDV j O
2SHS 2UJDQLVDWLRQ GHV
SD\VH[SRUWDWHXUVGHSpWUROHGHYUDLWEDLV
VHUGHEDULOVSDUMRXUFRQWUHXQH
HVWLPDWLRQSUpFpGHQWHGHEMSRXU
DWWHLQGUHPEMDHVWLPpO
$,(
&+87(9(57,*,1(86(
/
LPSDFW KDXVVLHU GH FHV DOpDV VXU OHV
FRXUVGHYUDLWWRXWHIRLVUHVWHUOLPLWpHQUDL
VRQ GH VWRFNV TXL UHVWHQW WUqV DERQGDQWV
PrPH V
LOV RQW FRPPHQFp j GpFOLQHU XQ
PRXYHPHQW TXL GHYUDLW V
DFFpOpUHU HQ
FRXUVG
DQQpHVHORQO
$,(
$LQVL OHV VWRFNV PRQGLDX[ G
RU QRLU
GHYUDLHQW HQFRUH FURvWUH GH PEM DX
SUHPLHU VHPHVWUH DYDQW GH VXELU XQH
FKXWH YHUWLJLQHXVH j EDULOV SDU
MRXU $X VHLQ GH O
2&'( LOV RQW PrPH
GpFOLQpHQIpYULHUSRXUODSUHPLqUHIRLVHQ
XQDQ
&HOD DSSXLH QRWUH RSLQLRQ VHORQ
ODTXHOOH O
RIIUH H[FpGHQWDLUH PRQGLDOH YD
VH UpGXLUH FRQVLGpUDEOHPHQW SOXV WDUG
FHWWHDQQpHDH[SOLTXpO
$,(
'HVRQF{WpO
2SHSDFRQWLQXpjSRP
SHU YLJRXUHXVHPHQW HQ DYULO 6D SURGXF
WLRQDDXJPHQWpGHEMSRXUDWWHLQ
GUH PEM VRXWHQXH SDU XQ ERQG GH
O
,UDQ TXL D FRQWUHEDODQFp GHV DUUrWV DX
1LJHULD HW OHV LQTXLpWXGHV VXU OH
9HQH]XHOD/HVFKDPSVSpWUROLHUVLUDQLHQV
RQW SRPSp PEM HQ DYULO XQ QLYHDX
TXL Q
DYDLW SDV pWp DWWHLQW GHSXLV QRYHP
EUHDYDQWOHUHQIRUFHPHQWGHVVDQF
WLRQVDGpWDLOOpO
$,((WOHVH[SRUWDWLRQV
VH VRQW pOHYpHV j PEM HQ IRUWH KDXVVH
SDUUDSSRUWjPDUVPEMIOLUWDQWDYHF
OHQLYHDXG
DYDQWOHVVDQFWLRQVOHYpHVHQ
GpEXWG
DQQpH
/
2SHS GRLW pWXGLHU OD VLWXDWLRQ VXU OH
PDUFKpORUVGHVDUpXQLRQPLQLVWpULHOOHOH
MXLQj9LHQQH
$XWRWDOODSURGXFWLRQSpWUROLqUHPRQ
GLDOH D DXJPHQWp GH EM OH PRLV
GHUQLHU j PEM IDFH j XQH GHPDQGH
SOXVYLJRXUHXVHTXHSUpYXDXSUHPLHUWUL
PHVWUH PEM j PEM WLUpH SDU
O
,QGHSULQFLSDOHPHQWGRQWO
DSSpWLWDFU€
SOXVYLWHTXHFHOXLGHOD&KLQH
/D SUpYLVLRQ GH GHPDQGH PRQGLDOH D
pWpPDLQWHQXHjPLOOLRQVGHEDULOVSDU
MRXU PEM SRXU O
HQVHPEOH GH HQ
KDXVVHGHPEMPDLVO
$,(DSUpYHQX
TX
XQpYHQWXHOFKDQJHPHQWGDQVVHVHVWL
PDWLRQVLQWHUYLHQGUDLWSOXVSUREDEOHPHQW
jODKDXVVHTX
jODEDLVVH
)DULGD%
Ï
+
/(0$*+5(% GX0DL $77(17,9(6$83e752/(
/HV%RXUVHVHXURSpHQQHVHQEDLVVH
/HV%RXUVHHXURSpHQQHV
RQWWHUPLQpMHXGLPDMRUL
WDLUHPHQWHQEDLVVH
KpVLWDQWHVHWDWWHQWLYHV
DX[IOXFWXDWLRQVGXPDU
FKpSpWUROLHU
&
HVW XQ PDUFKp WUqV
KpVLWDQW GRQW OHV
HIIRUWVSRXUUHSDUWLU
GHO
DYDQWUHVWHQWYDLQVREVHUYH
'DQLHO /DUURXWXURX GLUHFWHXU
JpQpUDO GpOpJXp FKH] 'LDPDQW
%OHX*HVWLRQ
/HV PDUFKpV RQW pWp HQFRXUD
JpVGDQVODPDWLQpHSDUODKDXVVH
GHVSUL[GXSpWUROHDSUqVXQUDS
SRUWGHO
$JHQFHLQWHUQDWLRQDOHGH
O
eQHUJLH $,( VHORQ OHTXHO OH
PDUFKpSpWUROLHUVHGLULJHUpVROX
PHQW YHUV XQ UppTXLOLEUDJH GX
IDLWG
XQUHSOLSOXVPDUTXpTX
DQ
WLFLSp GH OD SURGXFWLRQ GHV SD\V
KRUV2SHSHQ/HVLQYHVWLV
VHXUV RQW SURILWp GH OD KDXVVH GX
SpWUROHGDQVODIRXOpHG
XQUDSSRUW
IDYRUDEOH GH O
$,( PDLV OH IDLW
TXHOHEUXWVHVRLWSDUODVXLWHpORL
JQpGHVHVSOXVKDXWVGHO
DQQpHD
ODLVVp OHV DFWLRQV HXURSpHQQHV
VDQV GLUHFWLRQ H[SOLTXH -DVSHU
/DZOHU DQDO\VWH FKH] &0&
0DUNHWV 3DU DLOOHXUV OHV LQGLFD
WHXUVGXMRXUDX[(WDWV8QLVHWHQ
(XURSHRQWHXSHXG
LPSDFWVXUOD
WHQGDQFHHWGHPDQLqUHJpQpUDOH
OH PDUFKp D GX PDO j UHWURXYHU
GH O
pODQ HQ UDLVRQ G
XQ HQYLURQ
QHPHQWSHXSRUWHXUQRWH'DQLHO
/DUURXWXURX
/
(852672;;$ /Æ&+e
/D %RXUVH GH 3DULV D WHUPLQp
HQEDLVVH
/
LQGLFH &$& D SHUGX
SRLQWV j SRLQWV
GDQVXQYROXPHG
pFKDQJHVIDLEOH
GHPLOOLDUGVG
HXURV/DYHLOOH
LODYDLWOkFKp
&UpGLW $JULFROH D UHFXOp GH
j HXURV DSUqV GHV
UpVXOWDWV WULPHVWULHOV HQ EDLVVH
SORPEpVSDUODUHVWUXFWXUDWLRQGH
VRQ FDSLWDO /DJDUGqUH D ERQGL
j HXURV JUkFH j
XQHDFWLYLWpMXJpHUDVVXUDQWHSRXU
OH SUHPLHU WULPHVWUH WLUpH SDU OD
GLVWULEXWLRQ GDQV OHV OLHX[ GH
WUDQVSRUWV
9LYHQGL D SULV j HXURV
8ELVRIWDJDJQpj
HXURV
&DVLQR D WHUPLQp HQ IRUWH
KDXVVHGHjHXURV
/D %RXUVH GH /RQGUHV D WHU
PLQp HQ QHWWH EDLVVH GH LQTXLpWpH SDU O
DEDLVVHPHQW GHV
SUpYLVLRQV GH FURLVVDQFH GH OD
%DQTXHG
$QJOHWHUUH%R(TXLD
DOHUWp GHV ULVTXHV G
XQ SRVVLEOH
%UH[LW
$ OD FO{WXUH O
LQGLFH )76(
GHVSULQFLSDOHVYDOHXUVDFpGp
SRLQWV SRXU WHUPLQHU j
SRLQWV
/D%R(DDEDLVVpMHXGLVDSUp
YLVLRQ GH FURLVVDQFH GX SURGXLW
LQWpULHXU EUXW 3,% EULWDQQLTXH
SRXUGHjHWVRQ
JRXYHUQHXU 0DUN &DUQH\ D SUp
YHQX TX
XQH VRUWLH GX SD\V GH
O
8(%UH[LWDSUqVOHUpIpUHQGXP
GX MXLQ DXUDLW SRXU HIIHW
G
DEDLVVHU FRQVLGpUDEOHPHQW OD
FURLVVDQFH
3UXGHQWLDO D SHUGX j
SHQFH
$YLYD D EDLVVp GH j
SHQFH
5%6 D FpGp j SHQFH
+6%& D UHFXOp GH j
SHQFH
,79 DGLPLQXpGHj
SHQFH
$QJOR $PHULFDQ D FKXWp GH
jSHQFH
%+3 %LOOLWRQ D FpGp j
SHQFH
/D%RXUVHGH)UDQFIRUWDQHW
&RWDWLRQKHEGRPDGDLUHGHVELOOHWVGHEDQTXH
GX0DL
%,//(76 '( %$148(
86'2//$5
(852
3281'67(5/,1*
-$3$1<(1
<8$1+21*.21*
6:,66)5$1&
&$1$',$1'2//$5
'$1,6+.521(
6:(',6+.521$
125:(*,$1.521(
$5$%(0,5$7 ',5+$0
6$8',5,<$/
.8:$,7 ',1$5
781,6,$1',1$5
0$52&&$1',5+$0
86'
(85
*%3
-3<
&1+
&+)
&$'
'..
6(.
12.
$('
6$5
.:'
71'
0$'
$ & + $7
9(17(
WHPHQW UHFXOp PDOJUp OH ERQ
DFFXHLO UpVHUYp DX[ UpVXOWDWV GH
O
pQHUJpWLFLHQ 5:( j
HXURV
/
LQGLFHYHGHWWH'D[DFO{WXUp
HQ EDLVVH GH j SRLQWV /H 0'D[ GHV YDOHXUV
PR\HQQHV D SHUGX j
SRLQWV
(21 D JDJQp j HXURV
/
RSpUDWHXUERXUVLHU'HXWVFKH
%|UVHDSULVjHXURV
6$3 D JDJQp j HXURV
9RONVZDJHQ D SHUGX j
HXURV
%D\HU D SHUGX j HXURV TXL VHUDLW VHORQ O
DJHQFH
%ORRPEHUJ1HZVjODPDQ°XYUH
SRXU
UDFKHWHU
O
DPpULFDLQ
0RQVDQWR %$6) D UHFXOp GH
jHXURV
/D %RXUVH GH %UX[HOOHV D
DYDQFpGHO
LQGLFH%(/ GHV YDOHXUV YHGHWWHV WHUPLQDQW OD
VpDQFHjSRLQWV
.%&DSRXVVpO
LQGLFHGDQVOH
YHUW HQ ERQGLVVDQW GH j
HXURV .%& D DQQRQFp
MHXGL XQH EDLVVH GH GH VRQ
EpQpILFH QHW WULPHVWULHO PDLV OH
JURXSH V
HVW QpDQPRLQV PRQWUp
RSWLPLVWH HQ VRXOLJQDQW TX
LO
UpVLVWDLW ELHQ DX GpIL GH OD IDL
EOHVVHGHVWDX[G
LQWpUrW
8&% D UHFXOp GH j
HXURV
8PLFRUH D SHUGX j
HXURV
/
LQGLFH $(; GHV SULQFLSDOHV
YDOHXUV
GH
OD
%RXUVH
G
$PVWHUGDP D FO{WXUp HQ EDLVVH
GHjSRLQWV
/
DVVXUHXU $HJRQ D SHUGX
jHXURV
$OWLFHDJDJQpj
HXURV
/DERXUVHGH0LODQDWHUPLQp
HQEDLVVHO
LQGLFH)76(0LESHU
GDQWjSRLQWV
6DLSHP D UpDOLVp OD SOXV IRUWH
KDXVVHDYHFjHXUR
VXLYL GH OD EDQTXH 8QLFUHGLW
j HXURV HW GH
%DQFR3RSRODUHj
HXURV
7RG
V D GpYLVVp GH j
HXURV /
DVVXUHXU *HQHUDOL
TXLDDQQRQFpXQEpQpILFHQHWHQ
UHFXO DX HU WULPHVWUH D SHUGX
jHXURV
&DULJH D UHFXOp GH j
HXUR
/D%RXUVHGH0DGULGDFRQQX
XQHEDLVVHGHO
LQGLFH,EH[GH
jjSRLQWV
'LDJpDQWGXKDUGGLVFRXQWD
FHSHQGDQWERQGLGHj
HXURV
$FFLRQD %73 VHUYLFHV pQHU
JLH D SULV j HXURV
6RQ EpQpILFH QHW D SURJUHVVp GH
j PLOOLRQV G
HXURV DX
SUHPLHU WULPHVWUH JUkFH j O
LQWp
JUDWLRQGHO
HQWUHSULVHFDWDODQHGH
GLVWULEXWLRQG
HDX$7//
7HOHIRQLFD D JDJQp j
HXURV DSUqV DYRLU SHUGX
OD YHLOOH DORUV TXH OD
&RPPLVVLRQ HXURSpHQQH D SRVp
VRQ YHWR j OD YHQWH GH VD ILOLDOH
EULWDQQLTXH 2 DX FRQJORPpUDW
KRQJNRQJDLV
+XWFKLVRQ
:KDPSRD /D %RXUVH GH
/LVERQQH D FO{WXUp HQ KDXVVH GH
j SRLQWV SRUWpH
QRWDPPHQWSDUODKROGLQJGLYHUVL
ILpH 6RQDH &DSLWDO TXL D JDJQp
jHXUR
126 D JDJQp j HXURV /D EDQTXH %&3 D SULV
jHXUR
*DOS (QHUJLD D SURJUHVVp GH
j HXURV 3KDURO D
SHUGXjHXUR
:$// 675((7 67$*1((1
&/Ð785(
:DOO6WUHHWDILQLSUDWLTXHPHQW
VWDEOH MHXGL OHVWpH SDU XQH QRX
YHOOHFRQWUHSHUIRUPDQFHG
$SSOH
PDLVHQFRXUDJpHHQILQGHVpDQFH
SDU O
RSWLPLVPH GX PDUFKp GX
SpWUROH OH 'RZ -RQHV D JDJQp
DORUV TXH OH 1DVGDT D
SHUGX6HORQGHVUpVXOWDWV
GpILQLWLIV O
LQGLFH YHGHWWH 'RZ
-RQHV ,QGXVWULDO $YHUDJH D SUR
JUHVVpGHSRLQWVj
SRLQWVHWOH1DVGDTjGRPLQDQWH
WHFKQRORJLTXH D UHFXOp GH SRLQWVjSRLQWV/
LQGLFH
pODUJL63 DFpGpSRLQW
VRLWjSRLQWV
8QPDUFKpQHUYHX[LQTXLHWGH
ODVXFFHVVLRQGHUpVXOWDWVG
HQWUH
SULVHPLWLJpVjODYHLOOHG
XQLQGL
FDWHXUWUqVDWWHQGXVXUOHVYHQWHV
GH GpWDLO D WURXYp XQ SHX GH
UpFRQIRUW GDQV O
DSUqVPLGL GDQV
OD UHPRQWpH GHV SUL[ GX SpWUROH
WLUpH SDU OHV DWWHQWHV UHYXHV HQ
KDXVVH GX F{Wp GH OD GHPDQGH
pQHUJpWLTXHPRQGLDOH
0DLV JOREDOHPHQW LO \ D
EHDXFRXS G
LQFHUWLWXGHV VXU OD
GLUHFWLRQ GH O
pFRQRPLH D
GpFODUp%LOO/\QFKFKH]+LQVGDOH
$VVRFLDWHVHQJXLVHG
H[SOLFDWLRQ
DX[KpVLWDWLRQVGXPDUFKp
6HORQOXLOHERQGLQDWWHQGXGH
GHPDQGHV KHEGRPDGDLUHV G
DOOR
FDWLRQV FK{PDJH DQQRQFp HQ
PDWLQpH SRXUUDLW FRQILUPHU OH
UDOHQWLVVHPHQW GX PDUFKp GH
O
HPSORL DSSDUX OD VHPDLQH GHU
QLqUH GDQV OHV FKLIIUHV PHQVXHOV
F
HVW SHXWrWUH FH TXL IDLW UpIOp
FKLUOHVLQYHVWLVVHXUVVXUOHVSHUV
SHFWLYHVGHO
pFRQRPLH
9HQGUHGLRQHVSqUHG
DXJ
PHQWDWLRQGHVYHQWHVGHGpWDLOoD
VHPEOHXQSHXEHDXFRXSHWMHQH
VXLVSDVV€UTXHoDVHYpULILHUDD
DMRXWp 0 /\QFK $ F{Wp GH FHV
LQTXLpWXGHV GLIIXVHV GHX[ IDF
WHXUV FRQFUHWV RQW VHPEOp SHVHU
ORXUGHPHQWMHXGLG
XQHSDUWO
DF
WLRQGXJpDQWLQIRUPDWLTXH$SSOH
HVWSDVVpHSURYLVRLUHPHQWVRXVOH
VHXLO GH GROODUV SRXU OD SUH
PLqUH IRLV GHSXLV SUHVTXH GHX[
DQVDYDQWGHILQLUjGROODUV
/H JpDQW LQIRUPDWLTXH
DUHSHUGXVDSRVLWLRQGHSUHPLqUH
FDSLWDOLVDWLRQDXSURILWG
$OSKDEHW
*RRJOH j GRO
ODUV '
DXWUH SDUW OHV FRXUV GX
SpWUROHDSUqVXQDIIDLVVHPHQWHQ
FRXUV GH MRXUQpH RQW DWWHLQW XQ
QRXYHDXVRPPHWGHSXLVOHGpEXW
GH O
DQQpH FH TXL D VRXWHQX OHV
VHFWHXUVGHO
pQHUJLHHWGHVPDWp
ULDX[ SHUPHWWDQW DX 'RZ -RQHV
GH VH KLVVHU GDQV OH YHUW
*OREDOHPHQWOHVpYROXWLRQVGHOD
MRXUQpH RQW VXUWRXW FRQILUPp OD
SKDVH GH VWDELOLVDWLRQ GH OD
%RXUVHDPpULFDLQH
&HODIDLWWURLVVHPDLQHVTX
RQ
VHVLWXHGDQVGHVPDUJHVG
pYROX
WLRQpWURLWHVTXDQGO
DFWXDOLWpHVW
IDLEOH FH Q
HVW SDV pWRQQDQW GH
FpGHUXQSHXGHWHUUDLQDGpFODUp
&KDUOLH %LOHOOR FKH] 3HQVLRQ
3DUWQHUV
',675,%87,21(1',)),
&8/7e
/H PDUDVPH GX VHFWHXU GH OD
GLVWULEXWLRQ V
HVW FRQILUPp MHXGL
DYHF OD FKXWH GH j GROODUV O
DFWLRQ GH OD FKDvQH GH
JUDQGV PDJDVLQV .RKO
V VXLWH j
GHV UpVXOWDWV GpFHYDQWV OLpV j OD
PXOWLSOLFDWLRQ GHV RSpUDWLRQV GH
VROGHVSRXUpFRXOHUOHVVWRFNVDX
SUHPLHU WULPHVWUH /D YDOHXU GH
O
HQWUHSULVHHVWDXSOXVEDVGHSXLV
VHSW DQV (Q UHYDQFKH 5DOSK
/DXUHQHWVRQSUrWjSRUWHUKDXWGH
JDPPHRQWJDJQpj
GROODUVDSUqVGHVEpQpILFHVVXSp
ULHXUVDX[DWWHQWHVHWXQUHFXOGX
FKLIIUH G
DIIDLUHV PRLQV DFFXVp
TXH FHUWDLQV QH OH FUDLJQDLHQW
/
HQWUHSULVHDpJDOHPHQWDQQRQFp
XQSURJUDPPHGHUDFKDWG
DFWLRQV
jKDXWHXUGHPLOOLRQVGHGRO
ODUV$SSOH j GRO
ODUV D VRXIIHUW G
LQIRUPDWLRQV GH
O
DJHQFH 1LNNHL O
XQ GH VHV
JUDQGV VRXVWUDLWDQWV 7DLZDQ
6HPLFRQGXFWRU 0DQXIDFWXULQJ
&RPSDQ\DXUDLWDYDQFpGHVSUp
YLVLRQV WUqV SHVVLPLVWHV SRXU OH
GHX[LqPHVHPHVWUHVDQVTXHO
RQ
VDFKHVLF
pWDLWG€jXQHIIRQGUH
PHQW GHV YHQWHV G
L3KRQHV GpMj
HQUHSOLDXSUHPLHUWULPHVWUHRXj
OD SUpIpUHQFH G
$SSOH SRXU G
DX
WUHVIDEULFDQWV/HJURXSHGHFKL
PLH HW GH VHPHQFHV 0RQVDQWR
V
HVWHQYROpGHjGRO
ODUV VXU GHV UXPHXUV G
RIIUHV GH
UDFKDW TX
DXUDLHQW DYDQFpHV VHV
FRQFXUUHQWV DOOHPDQGV %$6) HW
%D\HU /D EDQTXH G
DIIDLUHV
*ROGPDQ 6DFKV D FpGp j
GROODUVIDLVDQWSDUWLHG
XQ
JURXSH G
pWDEOLVVHPHQWV VRPPpV
GH V
H[SOLTXHU VXU OHXU PHQWLRQ
GDQVOHVFDQGDOHG
pYDVLRQILVFDOH
GHV3DQDPD3DSHUV/HFRQJOR
PpUDW+RQH\ZHOODJDJQp
j GROODUV DSUqV DYRLU
DQQRQFp TX
LO VRXKDLWDLW IDLUH
HQWUHU HQ %RXUVH XQH DFWLYLWp GH
FKLPLHHWGHUpVLQHVLQGXVWULHOOHV
,O\DV$
6pDQFHGHFRWDWLRQGHVYDOHXUVPRELOLqUHVGX0DL
$OOLDQFH$VVXUDQFH
&DSLWDOLVDWLRQERXUVLqUH
(*+(O$XUDVVL
6pDQFHGHFRWDWLRQGHVYDOHXUVGX7UpVRU 6DLGDO ,QGLFHERXUVLHUWKpRULTXH
5HQGHPHQWPD[LPXP
5HQGHPHQWPLQLPXP 1&$5RXLED
Ï*
-,-*
/(0$*+5(% GX0DL (/(9$*((;7(16,)(10(5
0DURF
/DQFHPHQWG
XQ
SURJUDPPHGHVRXWLHQ
DX[pOHYHXUV
+DOLE%OHGL
/
H &HQWUDOH 'DQRQH D ODQFp VHV
SURSUHV SURJUDPPHV GH VRXWLHQ
DX[pOHYHXUV+DOLE%OHGLDpWp
ODQFpHQGDQVXQH]RQHSLORWHSUqV
GH%HUUHFKLG/
REMHFWLIHVWGHO
pWHQGUH
G
LFL j SHWLWV pOHYHXUV
LQGLTXH 0HULHP$ODRXL UHVSRQVDEOH GH
GLUHFWLRQ /H JURXSH YHXW PHWWUH j
QLYHDXGHVFHQWUHVGHFROOHFWHUHQIRUFHU
OHV FRQQDLVVDQFHV GHV pOHYHXUV HQ
PDWLqUHG
DOLPHQWDWLRQGHUHSURGXFWLRQ
GHVDQWp«2EMHFWLIDPpOLRUHUODSUR
GXFWLYLWpGHFHVpOHYDJHVHWODTXDOLWpGX
ODLW
&LQT FHQW IHUPHV GH SOXV JUDQGH
WDLOOHGHjYDFKHVSDUWLFLSHQWj
XQDXWUHSURJUDPPHGH'DQRQHLQWLWXOp
,PWL\D]HWGHVWLQpDX[H[SORLWDWLRQVOHV
SOXVPRGHUQHV1RXVOHXUYHQGRQVGHV
JpQLVVHV GH UDFH +ROVWHLQ RX
0RQWEpOLDUGHVTXLSURGXLVHQWQRQSDV
jOLWUHVGHODLWSDUMRXUFRPPHODUDFH
PDURFDLQH ORFDOH PDLV j OLWUHV
/HV pOHYHXUV QRXV UHPERXUVHQW VDQV
LQWpUrW OHV GLUKDPV GLU
KDPV HXURVSDUPHQVXDOLWpGH
GLUKDPV GLUHFWHPHQW SUpOHYpV VXU OHXU
SURGXFWLRQ1RXVOHXURIIURQVXQFLUFXLW
G
LQVpPLQDWLRQ DUWLILFLHO JUDWXLW SRXU
pYLWHU OHV FURLVHPHQWV HW OD SHUWH GHV
TXDOLWpV GH FHV UDFHV SURGXFWLYHV
GpWDLOOH0HULHP$ODRXL
(Q WHUPH GH UDFHV RQ HVW SDVVp
GDQV OHV DQQpHV GH GH UDFHV
ORFDOHV PDURFDLQHV j DXMRXUG
KXL OH UHVWH HVW LVVX GH FURLVH
PHQWDYHFGHVJpQLVVHVLPSRUWpHVLQGL
TXH1RXUHGGLQH%HONDGLPDLVVHORQOXL
OH VHFWHXU D HQFRUH XQ JUDQG HIIRUW j
IDLUH/HSRWHQWLHOJpQpWLTXHGHVJpQLV
VHVHVWGRQQpSDUOHXUUDFHPDLVOHUHQ
GHPHQW V
DPpOLRUH DXVVL JUkFH j O
DOL
PHQWDWLRQ(WOjEHDXFRSUHVWHjIDLUH
1RXV VRPPHV FRQYDLQFXV TXH OH
IOpFKLVVHPHQW GH OD FRQVRPPDWLRQ HVW
HQWLqUHPHQWG€jXQHFDPSDJQHGHGpQL
JUHPHQWGXODLWTXDQWjVHVHIIHWVVXUOD
VDQWpGRQWGHX[pPLVVLRQVGHWpOpYLVLRQ
VH VRQW IDLWHV O
pFKR DX 0DURF LQVLVWH
0HULHP $ODRXL &HQWUDOH /DLWLqUH D
PrPHLQLWLpHQPDLXQHYDVWHFDP
SDJQH GH FRPPXQLFDWLRQ FRQWUH FHWWH
SUpWHQGXH FDPSDJQH GH GpQLJUHPHQW
3RXUOHJURXSHOHVDFFXVDWLRQVSRUWpHV
FRQWUH OHV EpQpILFHV GH OD FRQVRPPD
WLRQ GH ODLW QH VRQW DEVROXPHQW SDV
UpDOLVWHV GDQV OH FRQWH[WH DOLPHQWDLUH
PDURFDLQ DX FRQWUDLUH WUqV FDUHQFp
DVVXUH0HULHP$ODRXL
1RXUHGGLQH %HONDGL DYDQFH GH VRQ
F{WpXQHDXWUHH[SOLFDWLRQDXUDOHQWLVVH
PHQWGHODSURGXFWLRQODUHQWDELOLWpGH
O
DFWLYLWpSRXUOHVSOXVSHWLWVpOHYHXUVQH
VHUDLWSOXVDVVXUpH$XQLYHDXQDWLRQDO
FHVGHUQLqUHVDQQpHVOHSUL[GHVLQWUDQWV
DHXWHQGDQFHjDXJPHQWHUWDQGLVTXHOH
SUL[GHYHQWHGXODLWHVWUHVWpOHPrPH
'DQVFHFRQWH[WHOHVJUDQGHVH[SORLWD
WLRQVVRQWSDUYHQXHVjUHQWUHUGDQVOHXU
IUDLVPDLVOHVSHWLWVpOHYDJHVRQWSURGXLW
j SHUWH 1pFHVVDLUHPHQW FHV GHUQLHUV
RQWFRPPHQFpjGLVSDUDvWUH2QDVVLVWH
j XQH UpGXFWLRQ GX QRPEUH GH WrWH GH
EpWDLO DVVXUHWLO DORUV TX
DX FRQWUDLUH
QRXVHVVD\RQVGHIDLUHSDVVHUOHVpOHYD
JHV G
XQH WDLOOH PR\HQQH GH j YDFKHV /H 0DURF FRPSWH DXMRXUG
KXL
PLOOLRQGHYDFKHVODLWLqUHV
/D FKDUWH GH TXDOLWp VLJQpH OH DYULO SDU OHV VRFLpWpV DGKpUHQWHV GH OD
)LPDODLW SRXUUDLW DLGHU FHV SHWLWV SUR
GXFWHXUVODLWLHUVjUHKDXVVHUOHXUUHYHQX
FDU OH V\VWqPH G
DJUpJDWLRQ GHV SHWLWV
pOHYHXUVDXWRXUG
XQJUDQGLQGXVWULHOGH
OD WUDQVIRUPDWLRQ GX ODLW OHV LQFLWH j
DPpOLRUHUODTXDOLWpGHOHXUODLWHQOLDQW
VRQ SUL[ j OD TXDOLWp /H ODLW GH ERQQH
TXDOLWp QXWULWLYH HVW SOXV UpPXQpUDWHXU
SRXUO
pOHYHXUH[SOLTXHOHGLUHFWHXUGH
O
$1(%
-&
8QHSURGXFWLRQGHWRQQHV
GHPRXOHVj$U]HZ
3DVPRLQVGHWRQ
QHVGHPRXOHVRQW
pWpSURGXLWHVHQ
SDUXQHIHUPH
FRQFK\OLFROHj$U]HZ
2UDQDWRQDSSULV
DYDQWKLHUGHO
H[SORL
WDQWGHFHWWHFRQFHV
VLRQUHOHYDQWGX
GRPDLQHSXEOLFPDUL
WLPH
&
HWWHSURGXFWLRQD
pWpUpDOLVpHVHORQ
XQ
V\VWqPH
G
pOHYDJH H[WHQVLI 1RXV QRXV
DWWHQGRQVHQjXQHSUR
GXFWLRQLPSRUWDQWHGHVPRXOHV
GH WDLOOH PDUFKDQGH HW DOORQV
pJDOHPHQW SURFpGHU j XQH
H[WHQVLRQ SRXU OHV KXLWUHV j
WLWUHH[SpULPHQWDODLQGLTXpj
O
$36 O
H[SORLWDQW GH FHWWH
IHUPH FRQFK\OLFROH +DELE
%HQDwVVD TXL GLVSRVH GH ILOLqUHV VXEPHUVLEOHV SRXU
O
pOHYDJH GHV PRXOHV 1RXV
Q
DYRQV DXFXQ SUREOqPH
G
pFRXOHPHQW 1RWUH SURGXLW
HVWELHQSULVpHWFRPPHUFLDOLVp
DXVVL ELHQ GDQV OHV JUDQGHV
VXUIDFHV OHV pWDEOLVVHPHQWV
K{WHOLHUV TXH FKH] OHV GpWDLO
ODQWVDDVVXUpFHMHXQHDTXD
FXOWHXU TXL D LQYHVWL FH FUp
QHDXJUkFHDXGLVSRVLWLIG
DLGH
HW GH VRXWLHQ GHV MHXQHV
$16(- ,O HVW SUpYX j OD
IDYHXUG
XQHMRXUQpHGHYXOJD
ULVDWLRQGHODILOLqUHP\WLOLFROH
pOHYDJH GHV KXLWUHV IL[pH
SRXUKLHUO
LQVWDOODWLRQGHFHWWH
ILOLqUHP\WLOLFROHDXQLYHDXGH
FHWWH IHUPH FRQFK\OLFROH D
DQQRQFpSRXUVDSDUWOHGLUHF
WHXU FKDUJp GH OD JHVWLRQ GH
O
,QVWLWXW WHFKQRORJLTXH GH
SrFKH HW GH O
DTXDFXOWXUH
,73$ G
2UDQ +RXDUL
.RXLFHP 8QH YLQJWDLQH GH
SDUWLFLSDQWVHQWUHFDGUHVGHOD
GLUHFWLRQ GH OD SrFKH HW GHV
UHVVRXUFHV KDOLHXWLTXHV VWD
JLDLUHVHWLQYHVWLVVHXUVHWSUR
IHVVLRQQHOV GH OD VSpFLDOLWp
DTXDFXOWXUHGHODUpJLRQ2XHVW
SUHQGURQW SDUW j FHWWH UHQFRQ
WUHDLQGLTXpXQHHQVHLJQDQWH
j O
,73$ )DUDK 6OLPDQH
7DPDFKD4XHOTXHWRQQHVGH
PRXOHVRQWpWppJDOHPHQWSUR
GXLWHVDXWLWUHGHO
DQQpH
SDU XQH IHUPH FRQFK\OLFROH
EDVpHj.ULVWHO*G\HODWRQ
UDSSHOpjO
DGPLQLVWUDWLRQGHOD
SrFKHHWGHVUHVVRXUFHVKDOLHX
WLTXHV
/DNKGDU%
3Ñ/(6$*5,&2/(6,17e*5e6
&
&UpDWLRQGHJUDQGVS{OHVSRXU
SURPRXYRLUO
LQYHVWLVVHPHQW
HQW JUDQGV S{OHV DJULFROHV
LQWpJUpV DGDSWpV DX[ VSpFLILFLWpV
GH FKDTXH UpJLRQ RQW pWp FUppV j
WUDYHUVOHSD\VHQYXHGHSURPRXYRLUO
LQ
YHVWLVVHPHQW DJULFROH D DIILUPp OXQGL j
6pWLIOHVHFUpWDLUHJpQpUDOGXPLQLVWqUHGH
O
$JULFXOWXUH GX 'pYHORSSHPHQW UXUDO HW
GHOD3rFKH.DPHO&KDGL
&HVS{OHVLQVFULWVGDQVOHFDGUHGHOD
VWUDWpJLH QDWLRQDOH GH GpYHORSSHPHQW GX
VHFWHXU DJULFROH j O
KRUL]RQ YDORUL
VHQWO
HQVHPEOHGHVpOpPHQWVGHODFKDvQH
GH SURGXFWLRQ DJULFROH SRXU XQ WHUULWRLUH
GRQQpDDVVXUpFHUHVSRQVDEOHORUVG
XQH
MRXUQpHGHVHQVLELOLVDWLRQVXUO
LQYHVWLVVH
PHQWDJULFROHRUJDQLVpHDXS{OHXQLYHUVL
WDLUH(O%H]
/D ZLOD\D GH 6pWLI DFFXHLOOHUD OH SUH
PLHUS{OHVSpFLDOLVpGHODILOLqUHODLWDLQVL
TXH GH OD ILOLqUH GH FpUpDOLFXOWXUH D
DIILUPp0&KDGLTXLDLQGLTXpTXHO
RE
MHFWLISRXUFHVGHX[ILOLqUHVHVWGHSDUYH
QLU G
LFL j DVVXUHU O
DXWRVXIILVDQFH
QDWLRQDOH HQ PDWLqUH GH SRXGUH GH ODLW HW
GH EOp GXU /D VXUIDFH DJULFROH LUULJXpH
HVWLPpHDFWXHOOHPHQWjPLOOLRQKHFWD
UHVVHUDSRUWpHjGHX[PLOOLRQVG
KHF
WDUHVGRQWKHFWDUHVSRXUODFpUpD
OLFXOWXUHDDMRXWpOH6HFUpWDLUHJpQpUDOGX
PLQLVWqUH GH O
$JULFXOWXUH TXL D VRXOLJQp
TXHOHVSULRULWpVGXVHFWHXUVRQW
OHUHQIRU
FHPHQWGHODVpFXULWpDOLPHQWDLUHODYDOR
ULVDWLRQ GHV HIIRUWV GHV SURGXFWHXUV HW
LQYHVWLVVHXUV OH GpYHORSSHPHQW GHV
H[SRUWDWLRQV GHV SURGXLWV DJULFROHV HW OD
YDORULVDWLRQ GHV UHVVRXUFHV IRUHVWLqUHV
KDOLHXWLTXHV HW DTXDFROHV
'DQV FHWWH
SHUVSHFWLYHXQHFRPPLVVLRQDpWpLQVWDO
OpHDXPLQLVWqUHSRXUpWXGLHUGDQVXQGpODL
GHGL[MRXUVOHVGRVVLHUVG
LQYHVWLVVH
PHQWHW°XYUHUjDPpOLRUHUOHFOLPDWG
LQ
YHVWLVVHPHQW GDQV FH VHFWHXU VWUDWpJLTXH
D HQFRUH DVVXUp 0 &KDGL SURMHWV
G
LQYHVWLVVHPHQW HQ DJURDOLPHQWDLUH HW
GHX[DXWUHVSURMHWVHQDTXDFXOWXUHRQW
pWp DJUppV j 6pWLI HW GHYURQW JpQpUHU
HPSORLVDLQGLTXpjO
RFFDVLRQOH
ZDOL0RKDPHG%RXGHUEDOL
(PSOR\DQW GH OD SRSXODWLRQ
DFWLYHGXSD\VHWJpQpUDQWXQFKLIIUHG
DI
IDLUHV DQQXHO GH PLOOLDUGV GROODUV OH
VHFWHXUDJULFROHHVWDSSHOpDXWLWUHGXSODQ
jSRUWHUODSURGXFWLRQDQQXHOOH
GH FpUpDOHV j PLOOLRQV TXLQWDX[DQ
FHOOHGXODLWjPLOOLDUGVOLWUHVHWFHOOH
GHVOpJXPHVVHFVjPLOOLRQVTXLQWDX[
D VRXWHQX GH VRQ F{Wp &KpULI $PDUL
FRQVHLOOHUGXPLQLVWUHGHO
$JULFXOWXUHGX
'pYHORSSHPHQW5XUDOHWGHOD3rFKH
/DUHQFRQWUHDGRQQpOLHXjODSUpVHQ
WDWLRQ GH SOXVLHXUV FRPPXQLFDWLRQV VXU
OHVSURJUDPPHVG
DSSXLDX[SURGXFWHXUV
OHFDGUHMXULGLTXHGHVS{OHVDJULFROHVLQWp
JUpVHWOHVDYDQWDJHVGHFHVS{OHVSRXUOHV
LQYHVWLVVHXUV8QHH[SRVLWLRQGHVSURGXLWV
DJULFROHVHWKDOLHXWLTXHVDpWpRUJDQLVpHj
O
RFFDVLRQSDUODGLUHFWLRQORFDOHGHVVHU
YLFHVDJULFROHV'6$TXLDHVWLPpj
PLOOLDUGV '$ OD YDOHXU GH OD SURGXFWLRQ
DJULFROHGHODZLOD\DGH6pWLIVRLW
GHODSURGXFWLRQQDWLRQDOHDQQXHOOH
+DPDG/
&+,1(
/HVEXIIOHVUR\DX[SURPHWWHQWXQHEHOOHVDLVRQ
GHVSOXLHVj%DQJNRN
6
pFKHUHVVH HW FKDOHXU DFFDEODQWHV
DIIHFWHQW OD 7KDwODQGH GHSXLV GHV
VHPDLQHV PDLV OXQGL GHV ERHXIV
VDFUpVRQWDSSRUWpXQHERQQHQRXYHOOH,OV
RQWSUpGLWXQHVDLVRQGHVSOXLHVDERQGDQWH
HWGRQFGHERQQHVUpFROWHV/DSUpGLFWLRQ
D pWp IDLWH ORUV G
XQH FpUpPRQLH UR\DOH
3UpVLGpH SDU OH SULQFH KpULWLHU 0DKD
9DMLUDORQJNRUQHOOHPDUTXHOHGpEXWGHOD
VDLVRQ GH OD FXOWXUH GX UL] &KRLVLV DYHF
VRLQ SRXU OHXU WHPSpUDPHQW PDLV DXVVL
OHXUVDWWULEXWVSK\VLTXHVOHVGHX[EXIIOHV
UR\DX[RQWRSWpSRXUGXUL]GXVpVDPHGX
IRLQ GH O
HDX HW GH O
DOFRRO 8Q WHO
PpODQJHHVWV\QRQ\PHGHSUpFLSLWDWLRQV
VXIILVDQWHV GH FXOWXUHV DERQGDQWHV HW GH
PHLOOHXUHVH[SRUWDWLRQVG
DSUqVOHPLQLV
WqUH GH O
$JULFXOWXUH /
DQ GHUQLHU OHV
ERHXIVDYDLHQWGpMjSUpGLWXQHERQQHVDL
VRQGHVSOXLHVHWGHVUpFROWHVFRQYHQDEOHV
&HODQ
DSDVHPSrFKpXQHDQQpHGpSORUD
EOHHQWHUPHVGHSUpFLSLWDWLRQV
6e&+(5(66(,148,e7$17(
&RPPHODSOXSDUWGHVSD\VGHOD]RQH
GXJUDQG0pNRQJOD7KDwODQGHHVWGHSXLV
SOXVLHXUVVHPDLQHVIRUWHPHQWDIIHFWpHSDU
OD VpFKHUHVVH /D SOXSDUW GHV UpVHUYRLUV
VRQWDFWXHOOHPHQWjXQQLYHDXKLVWRULTXH
PHQWEDV/
DQQpHDYDLWpWpSDUWLFX
OLqUHPHQW SDXYUH HQ SUpFLSLWDWLRQV 'HV
PLOOLHUVGHYLOODJHVGDQVOHQRUGHVWHWOH
FHQWUH Q
RQW SOXV G
HDX DX URELQHW ,OV
DWWHQGHQW DYHF LPSDWLHQFH OD VDLVRQ GHV
SOXLHV TXL FRPPHQFH HQ MXLQ HW GXUH GH
TXDWUH j FLQT PRLV 'DQV FH FRQWH[WH OD
MXQWHDXSRXYRLUGHSXLVSUqVGHGHX[DQV
HQ7KDwODQGHDLQWHUGLWDX[DJULFXOWHXUVGH
SODQWHUGXUL]HQVDLVRQVqFKH/DSURGXF
WLRQGHUL]GXSD\VO
XQGHVSUHPLHUVSUR
GXFWHXUV DX PRQGH HQ D pWp DPSXWpH GH
SUqV GH &RPPHQFp O
DQ GHUQLHU OH
SKpQRPqQH(O1LQRHVWO
XQGHVSOXVIRUWV
MDPDLVREVHUYpV,ODGHVpYqUHVUpSHUFXV
VLRQVHQ$VLHGX6XG(VWXQHJUDQGHSDU
WLHGHODUpJLRQHVWDFFDEOpHSDUGHVFKD
OHXUVGHSOXVGHƒ&OHIOHXYH0pNRQJ
HVW j VRQ SOXV EDV QLYHDX GHSXLV GHV
GpFHQQLHV HW GHV pPHXWHV VDQJODQWHV
G
DJULFXOWHXUVRQWpFODWpDX[3KLOLSSLQHV
.5
,*(*++
&203$*1,($e5,(11(
0,768%,6+,&253
5pVXOWDWVGDQVOH
URXJHHQ
UHERQGDWWHQGX
/D SUHPLqUH PDLVRQ GH FRP
PHUFH MDSRQDLVH 0LWVXELVKL
&RUSRUDWLRQ D DQQRQFp XQH SHUWH
QHWWH HQ FH TXL Q
pWDLW
MDPDLV DUULYp GHSXLV OD SXEOLFDWLRQ
GHVHVFRPSWHVFRQVROLGpVGpEXWpH
HQ PDLV XQ UHJDLQ HVW
HVSpUpFHWWHDQQpH
&HJpDQWGXQpJRFHDDIILFKpXQ
VROGHQHWQpJDWLIGHPLOOLDUGV
GH \HQV PLOOLDUG G
HXURV
FRQWUHXQJDLQQHWGHPLOOLDUGV
O
DQQpHSUpFpGHQWHHQUDLVRQG
XQH
FKXWH GH VHV UHYHQXV HW G
XQH
LPSRUWDQWH FKDUJH H[FHSWLRQQHOOH
SULQFLSDOHPHQW OLpH j GHV DFWLYLWpV
GXFXLYUHDX&KLOL
/HFKLIIUHG
DIIDLUHVDSORQJpGH
j PLOOLDUGV GH \HQV
HQ SDUWLH GX IDLW GH OD EDLVVH GHV
FRXUV GX SpWUROH HW OH JURXSH D
GpSORUpXQHSHUWHG
H[SORLWDWLRQGH
PLOOLDUGV GH \HQV FRQWUH XQ
EpQpILFH GH PLOOLDUGV XQ DQ
DXSDUDYDQW
0LWVXELVKL&RUSRUDWLRQDVXUWRXW
VRXIIHUW GH PDXYDLVHV FRQGLWLRQV
GXPDUFKpGHO
pQHUJLHHWGHVPDWLq
UHV SUHPLqUHV FH TXL O
D REOLJp j
HQUHJLVWUHU G
LPSRUWDQWHV GpSUpFLD
WLRQV,ODDXVVLGpSORUpXQUDOHQWLV
VHPHQW GX VHFWHXU DXWRPRELOH HQ
$VLHHWXQHGpWpULRUDWLRQGXPDUFKp
GXWUDQVSRUWPDULWLPHDLQVLTX
XQ
FRQWUHFRXSG€jXQIDFWHXUFRPSWD
EOHGDQVOHGRPDLQHGHVSURGXLWVGX
TXRWLGLHQ DOLPHQWV VDQWp WH[
WLOH7RXWHIRLV PrPH V
LO HVWLPH
TXH OHV FRQGLWLRQV GDQV OH QpJRFH
GHV UHVVRXUFHV UHVWHURQW GLIILFLOHV
GXUDQWO
H[HUFLFHGpEXWpOHHUDYULO
GHV EpQpILFHV UpJXOLHUV GHYUDLHQW
rWUHGpJDJpVGDQVOHVDXWUHVGRPDL
QHV LQIUDVWUXFWXUHV pTXLSHPHQWV
LQGXVWULHOV /H JURXSH TXL SXEOLH
VHVFRPSWHVVHORQOHVQRUPHV,)56
HVFRPSWHSRXUXQEpQpILFH
QHWGHPLOOLDUGVGH\HQVHVVHQ
WLHOOHPHQWFRQVWLWXpGHVSURILWVGHV
DFWLYLWpV KRUV UHVVRXUFHV QDWXUHO
OHVPDWLqUHVSUHPLqUHV
,OQ
DHQUHYDQFKHSDVGRQQpGH
SUpYLVLRQVGHFKLIIUHG
DIIDLUHVQLGH
JDLQG
H[SORLWDWLRQ
/HWLWUH0LWVXELVKL&RUSJDJQDLW
HQYLURQ j OD %RXUVH GH 7RN\R
DSUqVODSXEOLFDWLRQGHVFRPSWHV
.+
3285/$1&(5/$
02175('(3$,(0(17
%(//$0<
6ZDWFKV
DVVRFLHj
&RUQqU%DQTXH
6ZDWFK V
DVVRFLH j &RUQqU
%DQTXH SRXU OH ODQFHPHQW HQ
6XLVVH GH OD PRQWUH GH SDLHPHQW
%HOODP\ TXL SHUPHWWUD GH UpJOHU
VHV DFKDWV YLD OD WHFKQRORJLH GH
FRPPXQLFDWLRQ HQ FKDPS SURFKH
/D PRQWUH VHUD ODQFpH GqV OD PL
MXLQ VXU WHUULWRLUH KHOYpWLTXH LQGL
TXHOHJpDQWKRUORJHU
(Q QRYHPEUH GHUQLHU 6ZDWFK
DYDLW GpMj DQQRQFp VRQ DFFRUG GH
SDUWHQDULDW DYHF 9LVD GpVRUPDLV
FRPSOpWpSDU&RUQqU%DQTXH
%HOODP\IRQFWLRQQHGHODPrPH
PDQLqUHTX
XQHFDUWHSUpSD\pH8QH
IRLVODPRQWUHGHSDLHPHQWDFKHWpH
OHVFOLHQWVSHXYHQWV
LQVFULUHDXSUqV
GHODEDQTXHHWFKDUJHUXQHVRPPH
G
DUJHQWGRQQpH,OVSHXYHQWHQVXLWH
UpJOHU OHXUV DFKDWV GDQV WRXV OHV
SRLQWV GH YHQWH R OHV SDLHPHQWV
VDQVFRQWDFW9LVDVRQWDFFHSWpVHQ
6XLVVHHWjO
pWUDQJHU
$SUqVXQHLQWURGXFWLRQHQ&KLQH
XQ SHX SOXV W{W FHWWH DQQpH OD
6XLVVHHVWOHSUHPLHUSD\VG
(XURSH
RHVWODQFpHODPRQWUH%HOODP\
5(
/(0$*+5(% GX0DL (DV\-HWUHSDVVHGDQVOHURXJH
DXHUVHPHVWUH
(DV\-HWDDQQRQFprWUH
UHSDVVpHGDQVOHURXJH
DXSUHPLHUWULPHVWUHGH
VRQH[HUFLFH
GDQVXQFRQWH[WHPDU
TXpSDUOHVDWWDTXHV
WHUURULVWHVGH3DULVHW
%UX[HOOHV
/
DFRPSDJQLHEULWDQQLTXH
jEDVFR€WVDUpDOLVpXQH
SHUWHDSUqVLPS{WVGH
PLOOLRQV GH OLYUHV PLOOLRQV
G
HXURVVXUOHVVL[PRLVDFKHYpV
ILQPDUVFRQWUHXQEpQpILFHGH
PLOOLRQVXQDQDXSDUDYDQW
/HVUpVXOWDWVV
H[SOLTXHQWSDU
OHV pYpQHPHQWV HQ (J\SWH j
3DULV HW %UX[HOOHV LQGLTXHW
HOOH GDQV XQ UDSSRUW G
DFWLYLWp
/H WUDQVSRUWHXU H[SOLTXH DXVVL
DYRLUpWpDIIHFWpSDUGHVHIIHWVGH
FKDQJHV QpJDWLIV 3RXU OH WURL
VLqPHWULPHVWUH(DV\-HWV
DWWHQG
jXQGpFOLQG
HQYLURQVHSWSRLQWV
GH SRXUFHQWDJH GH VRQ UHYHQX
SDUVLqJHFRPSWHWHQXGHVGDWHV
GH3kTXHVHWGHVHIIHWVGXWHUUR
ULVPH j %UX[HOOHV (DV\-HW D
UpDOLVp XQH SHUIRUPDQFH ILQDQ
FLqUH UREXVWH DX FRXUV GX SUH
PLHUVHPHVWUHPDOJUpGHVpYpQH
PHQWV H[WpULHXUV PpGLDWLVpV D
DVVXUp OD GLUHFWULFH JpQpUDOH GH
OD FRPSDJQLH &DURO\Q 0F&DOO
(OOH V
HVW GLWH FRQILDQWH GDQV OD
FDSDFLWpG
(DV\-HWjIDLUHFURvWUH
VRQ QRPEUH GH SDVVDJHUV VHV
UHYHQXVHWVHVEpQpILFHVVXUO
HQ
VHPEOH GH O
H[HUFLFH /D GLUHF
WLRQ YD DXVVL SURSRVHU DX[
DFWLRQQDLUHV XQH DXJPHQWDWLRQ
G
XQTXDUWGHVRQUDWLRGHGLVWUL
EXWLRQ GHV GLYLGHQGHV j GHV EpQpILFHV DSUqV LPS{WV
FRQWUHDXMRXUG
KXL/HIRQ
GDWHXU HW SUHPLHU DFWLRQQDLUH
G
(DV\-HW6WHOLRV+DML,RDQQRX
TXL Q
RFFXSH SOXV GH SRVWH GH
GLUHFWLRQDXVHLQGHO
HQWUHSULVH
D UpFHPPHQW GH QRXYHDX
UpFODPp XQH KDXVVH GX YHUVH
PHQWGHVGLYLGHQGHV $UDE)=
*5283((,))$*(
/
eURVLRQGXFKLIIUHG
DIIDLUHVDXHUWULPHVWUH
H JURXSH IUDQoDLV GH %73 HW GH
FRQFHVVLRQV(LIIDJHDIDLWpWDWG
XQH
pURVLRQ GH VRQ FKLIIUH G
DIIDLUHV
SpQDOLVpSDUO
DFWLYLWpWUDYDX[DXSUHPLHUWUL
PHVWUHHWPDLQWHQXVDSUpYLVLRQG
XQFKLIIUH
G
DIIDLUHVHQOpJHUUHSOLVXU
'H MDQYLHU j PDUV OH FKLIIUH G
DIIDLUHV
V
HVWpOHYpjPLOOLDUGVG
HXURVHQUHFXO
GH VXU XQ DQ j SpULPqWUH HW
FKDQJHFRQVWDQWVSUpFLVHOHJURXSHGDQVXQ
FRPPXQLTXp
$XYXGHFHWWHDFWLYLWpLODFRQILUPpDQWL
FLSHUXQHOpJqUHEDLVVHGHVRQFKLIIUHG
DI
IDLUHVFHWWHDQQpH
/
DFWLYLWpGXSULQFLSDOS{OHOHVWUDYDX[
TXLUpXQLVVHQWODFRQVWUXFWLRQOHVLQIUDVWUXF
WXUHV HW O
pQHUJLH D IOpFKL GH SRXU
V
pWDEOLU j PLOOLDUGV G
HXURV DX SUHPLHU
WULPHVWUH
/D FRQVWUXFWLRQ DIILFKH XQH DFWLYLWp HQ
KDXVVHGHjPLOOLRQVG
HXURV(OOH
DSURJUHVVpGHjPLOOLRQVG
HXURV
HQ)UDQFHHWGHjPLOOLRQVG
HX
URV HQ (XURSH KRUV )UDQFH HW DIILFKH XQH
SULVHGHFRPPDQGHVWUqVVRXWHQXHHQSUR
YLQFH
$XVHLQGHODFRQVWUXFWLRQO
LPPRELOLHUD
YX VRQ FKLIIUH G
DIIDLUHV UHFXOHU GH PDLV OD FRPPHUFLDOLVDWLRQ GH ORJHPHQWV
GHPHXUHG\QDPLTXHHQ)UDQFH
'DQV OHV LQIUDVWUXFWXUHV HQ UHYDQFKH OH
FKLIIUHG
DIIDLUHVTXDVLpTXLYDOHQWjFHOXLGH
OD FRQVWUXFWLRQ PLOOLRQV G
HXURV D
EDLVVp GH (Q )UDQFH LO V
HVW PrPH
FRQWUDFWp GH j PLOOLRQV G
HXURV
GXIDLWQRWDPPHQWGHODPRLQGUHDFWLYLWp
VXUOD/*9 %UHWDJQH3D\VGHOD/RLUH%3/
HW GDQV OD URXWH ,O D FU€ HQ UHYDQFKH HQ
(XURSHKRUV)UDQFHGHjPLOOLRQV
G
HXURV'DQVO
pQHUJLHOHFKLIIUHG
DIIDLUHVD
UHFXOpGHjPLOOLRQVG
HXURVSkWLV
VDQW G
XQ HIIHW GH EDVH GpIDYRUDEOH O
DFWL
YLWp DYDLW SURILWp O
DQQpH SUpFpGHQWH GH OD
FRQVWUXFWLRQGHODFHQWUDOHVRODLUHGH&HVWDV
HQ*LURQGH
(Q UHYDQFKH OH FKLIIUH G
DIIDLUHV GX
GHX[LqPH S{OH G
(LIIDJH FHOXL GHV FRQFHV
VLRQVDSURJUHVVpGHVXUODSpULRGHj
PLOOLRQVG
HXURV
/HWUDILFJOREDOVXUOHUpVHDXGHODILOLDOH
$355 PHVXUp HQ QRPEUH GH NLORPqWUHV
SDUFRXUXV D SURJUHVVp GH DX SUHPLHU
WULPHVWUH /H WUDILF GHV YpKLFXOHV OpJHUV D
DXJPHQWpGHHWFHOXLGHVSRLGVORXUGV
GH
/H FDUQHW GH FRPPDQGHV GX JURXSH HVW
TXDVL VWDEOH j PLOOLDUGV G
HXURV
DVVXUDQW PRLV G
DFWLYLWp DX[
EUDQFKHVWUDYDX[
.DULP+
(1(/
/
HJpDQWLWDOLHQGHO
pQHU
JLH(QHODDQQRQFpDYRLU
HQUHJLVWUpDXSUHPLHUWUL
PHVWUHXQHKDXVVHGHGH
VRQEpQpILFHQHWjPLOOLRQV
G
HXURV PDLV GHV YHQWHV HQ
EHUQH HW FRQILUPp VHV REMHFWLIV
SRXU
/HEpQpILFHQHWHVWVXSpULHXU
DX[ DWWHQWHV GHV DQDO\VWHV TXL
VHORQ OH FRQVHQVXV GH )DFWVHW
(VWLPDWHVWDEODLHQWVXUPLO
OLRQVG
HXURV0rPHFKRVHSRXU
O
(ELWGD TXL D DWWHLQW PLO
OLDUGV G
HXURV HQ SHWLW UHFXO GH
VXU XQ DQ FRQWUH PLO
OLDUGV SUpYXV SDU OHV REVHUYD
WHXUV /H FKLIIUH G
DIIDLUHV D
UHFXOp GH VRQ F{Wp GH j
PLOOLDUGV G
HXURV HW HVW
PRLQV ERQ TX
DWWHQGX PLO
OLDUGV/DGHWWHQHWWHDXPDUV
V
pOqYH j PLOOLDUGV HQ
2EMHFWLIVFRQILUPpV
EDLVVH GH SDU UDSSRUW j
GpFHPEUH/HJURXSHDFRQILUPp
VHVREMHFWLIVSRXUjVDYRLU
QRWDPPHQWXQ(ELWGDFRXUDQWGH
PLOOLDUGV G
HXURV HW XQ
EpQpILFH QHW RUGLQDLUH GH PLOOLDUGV
/HV UpVXOWDWV DX SUHPLHU WUL
PHVWUH UHIOqWHQW OHV WUqV
ERQVSURJUqVUpDOLVpVSDUUDSSRUW
j QRWUH SODQ VWUDWpJLTXH 1RWUH
IOH[LELOLWp HW XQH SOXV JUDQGH
HIILFDFLWp RSpUDWLRQQHOOH QRXV
RQW SHUPLV G
DPpOLRUHU QRWUH
FRPSpWLWLYLWpHQGpSLWG
XQHQYL
URQQHPHQW PDFURpFRQRPLTXH
GLIILFLOH D GpFODUp VRQ 3'*
)UDQFHVFR6WDUDFHGDQVXQFRP
PXQLTXp
'HSXLV O
DUULYpH HQ GH
0 6WDUDFH j VD WrWH OH JURXSH
V
HVW HQJDJp GDQV XQH QRXYHOOH
VWUDWpJLH D[pH QRWDPPHQW VXU
OHVpQHUJLHVUHQRXYHODEOHV(QHO
D DLQVL DFKHYp DX SUHPLHU WUL
PHVWUH O
LQWpJUDWLRQ HQ VRQ VHLQ
G
(QHO *UHHQ 3RZHU (*3 VD
ILOLDOHDFWLYHGDQVOHGRPDLQHGH
O
pQHUJLH pROLHQQH VRODLUH
K\GURpOHFWULTXH
06WDUDFHDVRXOLJQpTXHOH
JURXSHFRQWLQXDLWSDUDLOOHXUVGH
IDLUHGHVSURJUqVGDQVOHSURFHV
VXVGHVLPSOLILFDWLRQGHVHVDFWL
YLWpV HQ $PpULTXH ODWLQH TXL
GRLW rWUH DFKHYp GDQV OD
GHX[LqPH SDUWLH GH O
DQQpH ,O D
SUpFLVpTXHOHVDFWLYLWpVFKLOLHQ
QHVDYDLHQWGpMjpWpVpSDUpHVGX
UHVWHGHO
$PpULTXHODWLQHDYHF
XQ GpEXW GH FRWDWLRQ HQ DYULO j
6DQWLDJRHW1HZ<RUN
,ODVLQRQDQQRQFpOHPDUV
OH ODQFHPHQW G
XQ SODQ G
LQYHV
WLVVHPHQWVGHPLOOLDUGVG
HX
URV SRXU DSSRUWHU OD ILEUH RSWL
TXHGLUHFWHPHQWFKH]VHVFOLHQWV
GDQVYLOOHVHQ,WDOLHHQFRO
ODERUDWLRQ DYHF GHV RSpUDWHXUV
WpOpFRPVTXLORXHURQWVHVLQIUD
VWUXFWXUHV
3RXU FH SURMHW TXL V
LQVFULW
GDQV OH FDGUH GX SODQ ODQFp SDU
OH JRXYHUQHPHQW GH 0DWWHR
5HQ]L SRXU O
LQWHUQHW j KDXW
GpELW (QHO D FUpp XQH VRFLpWp
(QHO2SHQ)LEHU
6HORQODSUHVVH(QHOVRXKDL
WHUDLWGDQVFHFDGUHSUHQGUHXQH
SDUWLFLSDWLRQPDMRULWDLUHGDQVOH
VSpFLDOLVWH GH OD ILEUH RSWLTXH
0HWURZHE ,O VHUDLW HQ FRQFXU
UHQFH DYHF 7HOHFRP ,WDOLD SRXU
FHWWHSRVVLEOHDFTXLVLWLRQ
0HWURZHEHVWGpWHQXHjTXHO
TXH SDU OH IRQGV G
LQIUD
VWUXFWXUHV )L HW OH UHVWH SDU OD
&DLVVHGHVGpS{WVLWDOLHQQH
$)=
Ï*
/(0$*+5(%GX PDL 0$52&
/,%<(
5HQIRUFHPHQWGHODFRRSpUDWLRQ
DYHFOD&KLQH
/H3UHPLHUPLQLVWUHFKLQRLV/L
.HTLDQJDDSSHOpjUHQIRUFHU
ODFRRSpUDWLRQVXUODFDSDFLWp
LQGXVWULHOOHDYHFOH0DURFORUV
GHVDUHQFRQWUHMHXGLj%HLMLQJ
DYHFOHURLGX0DURF
0RKDPPHG9,
/
HJRXYHUQHPHQWFKLQRLVVRX
WLHQW OD SDUWLFLSDWLRQ GHV
HQWUHSULVHV FKLQRLVHV j OD
FRQVWUXFWLRQG
LQIUDVWUXFWXUHVHWjO
LQGXV
WULDOLVDWLRQGX0DURFDQRWpOH3UHPLHU
PLQLVWUHSURSRVDQWXQHFRRSpUDWLRQGDQV
OHVGRPDLQHVWHOVTXHOHVSDUFVLQGXVWULHOV
OHVFKHPLQVGHIHUjJUDQGHYLWHVVHHWOHV
pQHUJLHVUHQRXYHODEOHV/D&KLQHLQWHQVL
ILHUDVHVHIIRUWVSRXUWUDQVIpUHUGHVWHFK
QRORJLHVDSSOLFDEOHVHWIRUPHUGXSHUVRQ
QHOWHFKQLTXHHWGHJHVWLRQSRXUOH0DURF
DILQ TXH FH SD\V UHQIRUFH VD FDSDFLWp GH
GpYHORSSHPHQWVHORQ0/L
,O D H[SULPp O
HVSRLU GH YRLU OHV GHX[
SDUWLHVVHFRQFHQWUHUVXUSOXVLHXUVSURMHWV
GpPRQVWUDWLIVGHFRRSpUDWLRQDILQGHSUR
PRXYRLUODSURVSpULWpHWOHGpYHORSSHPHQW
FRPPXQV /H 3UHPLHU PLQLVWUH FKLQRLV D
VDOXp OD GpFLVLRQ GX URL 0RKDPPHG 9,
G
H[HPSWHUOHVFLWR\HQVFKLQRLVGHYLVDVj
SDUWLU GX HU MXLQ GH FHWWH DQQpH VRXOL
JQDQWTXHOD&KLQHpWDLWSUrWHjWUDYDLOOHU
DYHFOH0DURFSRXUIDFLOLWHUOHVpFKDQJHV
HQWUHOHVSHXSOHVGHVGHX[SD\V
3RXU VD SDUW OH URL D LQGLTXp TXH VRQ
SD\V VDOXDLW OHV UpDOLVDWLRQV GH OD &KLQH
GDQV OH GpYHORSSHPHQW HW VHV PHVXUHV
YLJRXUHXVHV SRXU UpSRQGUH j OD TXHVWLRQ
GXFKDQJHPHQWFOLPDWLTXH,ODIDLWO
pORJH
GH OD SROLWLTXH GH OD &KLQH HQYHUV
O
$IULTXH DLQVL TXH GH VD SURSRVLWLRQ GH
QRQLQJpUHQFH GDQV OHV DIIDLUHV LQWHUQHV
GHVDXWUHVSD\VHWGHUpVROXWLRQSDFLILTXH
GHVGLIIpUHQGV/H0DURFHVSqUHUHQIRUFHU
OD FRRSpUDWLRQ DYHF OD &KLQH GDQV OD
FRQVWUXFWLRQG
LQIUDVWUXFWXUHVOHVFKHPLQV
GH IHU j JUDQGH YLWHVVH HW OHV LQGXVWULHV
pFRORJLTXHV HW pODUJLU OHV pFKDQJHV HQWUH
OHVSHXSOHVDGpFODUpOHURL
/HSOXVKDXWOpJLVODWHXUFKLQRLV=KDQJ
'HMLDQJ D pJDOHPHQW UHQFRQWUp OH URL
MHXGL0=KDQJSUpVLGHQWGX&RPLWpSHU
PDQHQW GH O
$VVHPEOpH SRSXODLUH QDWLR
QDOH$31SDUOHPHQWFKLQRLVDSURSRVp
DX[GHX[SDUWLHVGHSURPRXYRLUODFRRSp
UDWLRQ HQ PHWWDQW HQ °XYUH OHV GL[ SODQV
GH FRRSpUDWLRQ DYHF O
$IULTXH ODQFpV SDU
OD &KLQH HW HQ IDLVDQW DYDQFHU FRQMRLQWH
PHQWO
LQLWLDWLYHOD&HLQWXUHHWOD5RXWH
/
$31HVWSUrWjpODUJLUVHVpFKDQJHVDPL
FDX[HWODFRRSpUDWLRQOpJLVODWLYHDYHFOH
SDUOHPHQW PDURFDLQ DILQ G
RIIULU GHV
JDUDQWLHV MXULGLTXHV DX[ pFKDQJHV SROLWL
TXHVpFRQRPLTXHVHWFXOWXUHOVELODWpUDX[
DSRXUVXLYL0=KDQJ/HURL0RKDPPHG
9,DHQWDPpVDYLVLWHG
(WDWHQ&KLQHPHU
FUHGL
/H5RL0RKDPPHG9,DSUpVLGpMHXGL
j3pNLQODFpUpPRQLHGHVLJQDWXUHGHSOX
VLHXUV FRQYHQWLRQV GH SDUWHQDULDW
SXEOLFSULYp LQVFULWHV GDQV OH FDGUH GX
SDUWHQDULDW VWUDWpJLTXH OLDQW OH 5R\DXPH
GX 0DURF j OD 5pSXEOLTXH 3RSXODLUH GH
&KLQH
«%$,66('(/
,1',&('(
&21),$1&('(60e1$*(6$8
(575,0(675(
/
,QGLFH GH &RQILDQFH GHV 0pQDJHV
,&0HQUHJLVWUDQWVRQQLYHDXOHSOXVEDV
GHSXLV D HQUHJLVWUp XQH EDLVVH GH
SRLQWV DX SUHPLHU WULPHVWUH SDU
UDSSRUWDXTXDWULqPHWULPHVWUHGHHW
GHSRLQWVSDUUDSSRUWDXPrPHWULPHV
WUH GH O
DQQpH VHORQ OH +DXWFRP
PLVVDULDWDXSODQ+&3
/HV SHUFHSWLRQV SDU OHV PpQDJHV GH
O
pYROXWLRQSDVVpHGXQLYHDXGHYLHVHVRQW
GpWpULRUpHV GH SRLQWV SDU UDSSRUW DX
WULPHVWUHSUpFpGHQW
«+$866('(65(&(77(6
7285,67,48(6$8(5
75,0(675(
/
DFWLYLWp WRXULVWLTXH FXPXOpH DX
0DURFDHQUHJLVWUpXQHSURJUHVVLRQGH
SFHQWHUPHVGHUHFHWWHVPDOJUpXQHVWDJ
QDWLRQGHVDUULYpHVSFHWGHVQXLWpHV
SF DX SUHPLHU WULPHVWUH SDU
UDSSRUWjODPrPHSpULRGHO
DQQpHSUpFp
GHQWH WRWDOLVDQW DLQVL PLOOLDUGV GH
GLUKDPV00'+
/HVPDUFKpVD\DQWHQUHJLVWUpGHVSUR
JUHVVLRQVVRQWOD+ROODQGHOD%HOJLTXHHW
O
(VSDJQHDYHFUHVSHFWLYHPHQWGHVKDXV
VHVGHSFSFHWSF
«6,*1$785('(3/86,(856
&219(17,216'$16/(
'20$,1('(/
+$%,7$7 $9(&
'(63$<6$)5,&$,16(7 $5$%(6
3OXVLHXUVFRQYHQWLRQVRQWpWpVLJQpHV
MHXGLj5DEDWHQWUHOH0DURFHWGHVSD\V
DIULFDLQV HW DUDEHV YLVDQW j GpYHORSSHU
O
pFKDQJH G
H[SpULHQFHV HW G
H[SHUWLVH
GDQVOHGRPDLQHGHO
KDELWDWHWGHO
XUED
QLVPH
&HV FRQYHQWLRQV DX QRPEUH GH VHSW
YLVHQWO
pFKDQJHG
H[SpULHQFHVHWG
H[SHU
WLVHHQWUHOH0DURFHWOHVSD\VDIULFDLQVHW
DUDEHVHWOHGpYHORSSHPHQWG
XQSDUWHQD
ULDWVWUDWpJLTXHPXWXHOOHPHQWEpQpILTXH
0$85,7$1,(
6HORQO
218 OHSD\VGLVSRVHG
XQV\VWqPHMXULGL
TXHTXLQ
DFFHSWHSDVO
HVFODYDJH
/
H UDSSRUWHXU VSpFLDO GHV
1DWLRQV8QLHVSRXUO
H[
WUrPH SDXYUHWp HW OHV
GURLWV GH O
+RPPH 0 3KOLS
$OVWRQ D LQGLTXp TXH OD
0DXULWDQLH GLVSRVH G
XQ V\V
WqPH MXULGLTXH TXL Q
DFFHSWH
SDV OD SUDWLTXH GH O
HVFOD
YDJH0 $OVWRQ V
H[SULPDLW DX
FRXUV G
XQH FRQIpUHQFH GH
SUHVVH TX
LO D WHQXH PHUFUHGL
VRLUjO
LVVXHGHODYLVLWHGHSOX
VLHXUV MRXUV TX
LO HIIHFWXH GDQV
OHSD\V
/H UDSSRUWHXU RQXVLHQ D
UHPHUFLp OH JRXYHUQHPHQW
PDXULWDQLHQ SRXU VD FRRSpUD
WLRQ HW VRQ DSSXL GXUDQW VRQ
VpMRXU HQ 0DXULWDQLH TX
LO
FRQVLGqUHFRPPHpWDQWXQEHDX
SD\V TXL VXVFLWH O
LQWpUrW HW
MRXLWGHVWDELOLWpHWGHULFKHVVHV
QDWXUHOOHV GLYHUVHV ,O D VRXOL
JQpDXVVLODQpFHVVLWpGHFRQVR
OLGHU OHV HIIRUWV FRQVHQWLV GDQV
OH FDGUH GH OD OXWWH FRQWUH OD
SDXYUHWp HW OH EHVRLQ XUJHQW
G
XQ UHQIRUFHPHQW GH O
DSSXL
GHV EDLOOHXUV GH IRQGV j FHV
HIIRUWV /D FRQIpUHQFH V
HVW
GpURXOpH HQ SUpVHQFH GX
5HSUpVHQWDQWGXEXUHDXGXKDXW
FRPPLVVDULDWGHV1DWLRQVXQLHV
SRXU OHV GURLWV GH O
KRPPH HQ
0DXULWDQLH HW GH OD GpOpJDWLRQ
DFFRPSDJQDQW OH 5DSSRUWHXU
VSpFLDORQXVLHQ
«6,*1$785('
81
$&&25'&$'5('(
&223e5$7,21$9(&/$
781,6,(
8Q DFFRUGFDGUH GH FRRSp
UDWLRQVDQLWDLUHWXQLVRPDXULWD
QLHQQH D pWp VLJQp PHUFUHGL
HQWUHOHPLQLVWqUHGHVDQWpWXQL
VLHQHWVRQKRPRORJXHPDXULWD
QLHQ/
DFFRUGFRQFHUQHVSp
FLDOLWpV /D VDQWp GH EDVH OH
VXLYLpSLGpPLRORJLTXHOHGpYH
ORSSHPHQW GHV FRPSpWHQFHV
RSpUDQWGDQVOHGRPDLQHPpGL
FDOODJHVWLRQKRVSLWDOLqUHO
LQ
GXVWULH SKDUPDFHXWLTXH HW
O
pFKDQJHFRPPHUFLDOHQWUHOHV
GHX[ SD\V GDQV OH VHFWHXU GH
O
LQGXVWULH SKDUPDFHXWLTXH HW
GHVpTXLSHPHQWVPpGLFDX[
/HV(WDWV8QLVSUrWVj
DVVRXSOLUO
HPEDUJRVXU
OHVDUPHVSRXUOXWWHU
FRQWUH(,
/H JRXYHUQHPHQW DPpULFDLQ HVW SUrW j
DVVRXSOLUO
HPEDUJRGHV1DWLRQVXQLHVVXU
OHVDUPHVHQ/LE\HSRXUDLGHUOHJRXYHU
QHPHQWG
XQLRQGXSD\VjOXWWHUFRQWUHOH
JURXSH (WDW LVODPLTXH (, RQW DVVXUp
MHXGL j O
$)3 GHV UHVSRQVDEOHV HW GHV
GLSORPDWHV 6L OH JRXYHUQHPHQW OLE\HQ
SUpSDUHXQHOLVWHGpWDLOOpHHWFRKpUHQWHGHV
FKRVHV TX
LO YHXW XWLOLVHU SRXU FRPEDWWUH
,6,/ DFURQ\PHDQJODLVGHO
(,HWUpSRQG
j WRXWHV OHV H[LJHQFHV GH O
H[HPSWLRQ MH
SHQVH TXH OHV PHPEUHV GX &RQVHLO GH
VpFXULWp GH O
218 YRQW H[DPLQHU WUqV
VpULHXVHPHQW FHWWH GHPDQGH D GpFODUp j
O
$)3 XQKDXWUHVSRQVDEOHGHO
DGPLQLVWUD
WLRQ/HVVRXUFHVGLSORPDWLTXHVQ
RQWSDV
SUpFLVp TXHO W\SH G
DUPHV OD /LE\H SRXU
UDLW VROOLFLWHU /H JRXYHUQHPHQW G
XQLRQ
EDVp GDQV OD FDSLWDOH 7ULSROL HVW DSSX\p
SDUODFRPPXQDXWpLQWHUQDWLRQDOH
8Q HPEDUJR VXU OHV DUPHV DYDLW pWp
GpFLGpSDUOHV1DWLRQV8QLHVHQPDLV
YLROpjPDLQWHVUHSULVHVHQIDYHXUGHVGLI
IpUHQWHV PLOLFHV DJLVVDQW HQ /LE\H ,O \ D
GpVLUWUqVVDLQGHOD/LE\HGHVHGpEDUUDV
VHU HX[PrPHV G
,6,/ HW MH SHQVH TXH
F
HVW TXHOTXH FKRVH TXH QRXV GHYULRQV
VRXWHQLU HW \ UpSRQGUH DWLO DMRXWp 8Q
UHVSRQVDEOHOLE\HQDLQGLTXpMHXGLTXHO
(,
HQ/LE\HDYDLWUpXVVLjSUHQGUHOHFRQWU{OH
G
$ERX *UHLQ XQH ORFDOLWp VWUDWpJLTXH
GDQV O
RXHVW GX SD\V /
RUJDQLVDWLRQ (WDW
LVODPLTXH (, D SURILWp GX FKDRV GDQV
OHTXHO HVW SORQJpH OD /LE\H GHSXLV OD
UpYROWHTXLPLWILQDXUpJLPHGXGLFWDWHXU
0RXDPPDU.DGKDILHQDILQGHV
LP
SODQWHUGDQVFHSD\VSpWUROLHU
781,6,(
(VVHEVLUpDIILUPHOD
GLVSRVLWLRQGXSD\Vj
VRXWHQLUOD/LE\H
5HFHYDQW PHUFUHGL OH SUpVLGHQW GX
&RQVHLOGHODSUpVLGHQFHGXJRXYHUQHPHQW
G
DFFRUG QDWLRQDO OLE\HQ )DLH] (O6DUUDM
OH SUpVLGHQW GH OD 5pSXEOLTXH %pML &DwG
(VVHEVL D UpDIILUPp OD GLVSRVLWLRQ GH OD
7XQLVLHjVRXWHQLUOD/LE\HHQIRQFWLRQGHV
EHVRLQVH[SULPpVSDUOH&RQVHLO
/D 7XQLVLH HVW SUrWH j VRXWHQLU OD
/LE\HHQIRQFWLRQGHVEHVRLQVGX&RQVHLO
GH OD SUpVLGHQFH GX JRXYHUQHPHQW G
DF
FRUGQDWLRQDOOLE\HQDWLOLQGLTXpVHORQ
XQ FRPPXQLTXp GH OD SUpVLGHQFH GH OD
5pSXEOLTXH
$ O
LVVXH GH O
HQWUHWLHQ (O6DUUDM D GLW
DYRLU H[DPLQp DYHF OH FKHI GH O
(WDW OHV
PR\HQVGHUHQIRUFHUOHSDUWHQDULDWVWUDWp
JLTXH HQWUH OD 7XQLVLH HW OD /LE\H HW GH
IDYRULVHU OD FRRUGLQDWLRQ ELODWpUDOH HQ
PDWLqUHGHOXWWHFRQWUHOHWHUURULVPH
6HORQ OH FRPPXQLTXp O
HQWUHWLHQ D
pJDOHPHQWSRUWpVXUOHSURFHVVXVG
LQVWDO
ODWLRQGHVLQVWLWXWLRQVOLE\HQQHVDLQVLTXH
VXUOHVSULQFLSDX[GpILVDX[TXHOVIDLWIDFH
OH&RQVHLOGHODSUpVLGHQFHGXJRXYHUQH
PHQWG
DFFRUGQDWLRQDODXWULSOHSODQSROL
WLTXHpFRQRPLTXHHWVpFXULWDLUH
«/H SHUVRQQHO GX TXRWLGLHQ (WWRXQVLDLQWHUGLWG
DFFpGHUDXMRXUQDO
/HGLUHFWHXUGXTXRWLGLHQG
H[SUHVVLRQ
DUDEH(WWRXQVLD1DVUHGGLQH%HQ6DwG
DGpFLGpMHXGLG
LQWHUGLUHO
DFFqVGXMRXU
QDODXSHUVRQQHOTXLDHQWDPpPHUFUHGL
XQVLWLQRXYHUW
'DQVXQHGpFODUDWLRQMHXGLjO
$JHQFH
7$3 -LKqQH /DJKPDUL MRXUQDOLVWH j (WWRXQVLD D PLV HQ JDUGH FRQWUH OHV
FRQVpTXHQFHVG
XQWHODJLVVHPHQWQRWDP
PHQW DSUqV OH UHIXV GX GLUHFWHXU GH VH
FRQIRUPHU DX[ DFFRUGV FRQYHQXV DYHF OH
6\QGLFDW QDWLRQDO GHV MRXUQDOLVWHV WXQL
VLHQV61-7HWOH6\QGLFDWGHO
LQIRUPD
WLRQ UHOHYDQW GH O
8QLRQ JpQpUDOH WXQL
VLHQQHGX7UDYDLO8*77
/(0$*+5(% GX0DL ,*Ï,
Ï
$//(0$*1(
/HVFRPPDQGHVLQGXVWULHOOHV
UHERQGLVVHQWSOXVTXHSUpYXHQPDUV
DFKDWVGHVSD\VSURGXFWHXUV0DLVMXVTX
j
SUpVHQW OHV UpFHQWV LQGLFDWHXUV pFRQRPL
TXHVDOOHPDQGVHWEDURPqWUHVGHFRQILDQFH
Q
RQWSDVHQYR\pGHVLJQDX[WUqVFODLUV/D
IRUWHDXJPHQWDWLRQGHVH[SRUWDWLRQVPRQ
WUH TXH OH UDOHQWLVVHPHQW GH O
pFRQRPLH
PRQGLDOHQHSHXWDYRLUpWpDXVVLVpYqUHTXH
FHUWDLQVOHFUDLJQDLHQWDXGpEXWGHO
DQQpH
FRPPHQWDLWHQFRUH0%U]HVNL
/HVFRPPDQGHVSDVVpHVj
O
LQGXVWULHDOOHPDQGHRQW
JULPSpGHHQPDUVVXU
XQPRLVXQUHERQGSOXV
LPSRUWDQWTXHSUpYXJUkFHj
XQHIRUWHGHPDQGHGHO
pWUDQ
JHUYXSDUOHVDQDO\VWHV
FRPPHXQVLJQHHQFRXUD
JHDQWSRXUODSUHPLqUHpFR
QRPLHHXURSpHQQH
&
HUHERQGHQPDUVEDVpVXUXQFKLI
IUH SURYLVRLUH HVW QHWWHPHQW SOXV
SURQRQFp TXH FH j TXRL V
DWWHQ
GDLHQWOHVDQDO\VWHVLQWHUURJpVSDUOHIRXU
QLVVHXU GH VHUYLFHV ILQDQFLHUV )DFWVHW TXL
PLVDLHQW VXU GHV FRPPDQGHV LQGXVWULHOOHV
HQKDXVVHGH
&HOOHV GX PRLV GH IpYULHU RQW pWp UpYL
VpHV SDU O
2IILFH IpGpUDO GHV VWDWLVWLTXHV
'HVWDWLV HOOHV RQW ILQDOHPHQW UHFXOp GH
XQSHXPRLQVTXHODEDLVVHGH
LQLWLDOHPHQWDQQRQFpH/DSURJUHVVLRQGHV
FRPPDQGHV HQ PDUV HVW OD SOXV LPSRU
WDQWHKDXVVHPHQVXHOOHGHSXLVQHXIPRLVHW
HVW ODUJHPHQW DXGHVVXV DWWHQWHV GX PDU
FKp D UHPDUTXp -RKDQQHV *DUHLV DQD
O\VWHFKH]ODEDQTXH1DWL[LV
8QH ERQQH QRXYHOOH SRXU OH VHFWHXU
LQGXVWULHO DOOHPDQG DSUqV VD SHUIRUPDQFH
SHX UHOXLVDQWH GHV GHUQLHUV PRLV DWLO
FRPPHQWp 0rPH VL FHW LQGLFDWHXU HVW
WURSYRODWLOSRXUUHIOpWHUGHPDQLqUHILDEOH
FHTXLVHSDVVHGDQVO
LQGXVWULHOHVFKLIIUHV
G
DXMRXUG
KXL HVTXLVVHQW O
HVSRLU TXH OD
VWDJQDWLRQREVHUYpHGHSXLVO
pWpGHUQLHUHVW
HQ WUDLQ GH VH WHUPLQHU D HVWLPp GH VRQ
F{Wp&DUVWHQ%U]HVNLDQDO\VWHFKH]OHEDQ
FDVVXUHXU,1*
(Q H[FOXDQW OHV JURVVHV FRPPDQGHV
32578*$/
([SRUWDWLRQVHQEDLVVH
HWGpILFLWFRPPHUFLDO
HQKDXVVHHQPDUV
/
HV H[SRUWDWLRQV GH ELHQV GX
3RUWXJDO VRQW UHSDUWLHV j OD
EDLVVH HQ PDUV UHFXODQW GH
VXU XQ DQ DSUqV DYRLU SURJUHVVp
GHHQIpYULHUDDQQRQFpO
,QVWLWXW
QDWLRQDOGHVWDWLVWLTXHV,QH
/HV LPSRUWDWLRQV RQW pJDOHPHQW
EDLVVp PDLV j XQ U\WKPH LQIpULHXU GH
jPLOOLDUGVG
HXURV/HGpILFLW
FRPPHUFLDOV
HVWDLQVLjQRXYHDXFUHXVp
HQPDUVGHjPLOOLDUGG
HX
URV (Q YDULDWLRQ PHQVXHOOH OHV H[SRU
WDWLRQV TXL RQW DWWHLQW PLOOLDUGV
G
HXURV VH VRQW FHSHQGDQW DFFUXHV GH
HW OHV LPSRUWDWLRQV VH VRQW HQYR
OpHVGHDSUpFLVpO
,QHGDQVVRQ
FRPPXQLTXp
/DEDLVVHGHVH[SRUWDWLRQVHQJOLVVH
PHQW DQQXHO HVW VXUWRXW GXH j OD FKXWH
GX FRPPHUFH DYHF OHV SD\V KRUV GH
O
8QLRQHXURSpHQQHDORUVTXH
FHOOHVYHUVOHVSD\VDXVHLQGHO
8(RQW
OpJqUHPHQWDXJPHQWp
/HVLPSRUWDWLRQVRQWHOOHVUHFXOpGH
VXUXQDQSRXUOHVSURGXLWVHQSUR
YHQDQFH GH O
8QLRQ HXURSpHQQH PDLV
DXJPHQWpGHTXDQWDX[pFKDQJHV
DYHFOHVSD\VKRUVO
8(
/D EDLVVH GHV H[SRUWDWLRQV HVW VXU
WRXW GXH DX[ FRPEXVWLEOHV TXL RQW
FKXWp GH HQ PDUV /HV LPSRUWD
WLRQV GH FRPEXVWLEOHV RQW pJDOHPHQW
EDLVVpGH
/HV H[SRUWDWLRQV GHYUDLHQW YRLU OHXU
KDXVVH UDOHQWLU FHWWH DQQpH j FRQWUH HQ VHORQ OD %DQTXH
GX 3RUWXJDO TXL DYDLW DEDLVVp ILQ PDUV
VDSUpYLVLRQGHFURLVVDQFHpFRQRPLTXH
SRXUj
06
TXLSqVHQWORXUGHPHQWVXUODWHQGDQFHO
LQ
GXVWULH DOOHPDQGH FRQQXH HQWUH DXWUHV
SRXUVHVPDFKLQHVRXWLOVHWVHVYRLWXUHVD
YXVHVFRPPDQGHVSURJUHVVHUGHHQ
PDUVVXUXQPRLV&HUHERQGHQPDUVV
H[
SOLTXHDYDQWWRXWSDUXQHIRUWHSURJUHVVLRQ
GHV FRPPDQGHV SDVVpHV GHSXLV O
pWUDQJHU
TXLERQGLVVHQWGHJUkFHQRWDPPHQW
j XQH GHPDQGH WUqV IRUWH YHQXH GHV SD\V
KRUV]RQHHXUR(QUHYDQFKHOHV
FRPPDQGHV SDVVpHV GHSXLV O
$OOHPDJQH
RQW UHFXOp GH VXU XQ PRLV 6XU O
HQ
VHPEOH GX SUHPLHU WULPHVWUH GH MDQYLHU j
PDUVOHVFRPPDQGHVLQGXVWULHOOHVRQWSUR
JUHVVp GH SDU UDSSRUW DX WULPHVWUH
SUpFpGHQW
8QGpEXWG
DQQpHVROLGHSDUWLFXOLqUH
PHQW DX YX GHV UpFHQWHV FUDLQWHV G
XQ
UDOHQWLVVHPHQW JpQpUDOLVp GH O
pFRQRPLH
PRQGLDOHHWGHVGLIILFXOWpVGHFHUWDLQVSD\V
pPHUJHQWVDHVWLPpOHPLQLVWqUHDOOHPDQG
GH O
(FRQRPLH GDQV XQ FRPPXQLTXp GLV
WLQFW 0DOJUp O
HQYLURQQHPHQW pFRQRPL
TXH LQWHUQDWLRQDO WURXEOH O
LQGXVWULH DOOH
PDQGHDSXHQUHJLVWUHUXQHKDXVVHVHQVLEOH
GHV FRPPDQGHV YHQXHV GH O
pWUDQJHU
V
HVWLO UpMRXL /HV DWWHQWHV pFRQRPLTXHV
GDQV OH VHFWHXU LQGXVWULHO VH VRQW UpFHP
PHQWpFODLUFLHVVLELHQTXHO
HVVRUPRGpUp
GHYUDLWVHSRXUVXLYUHDWLOSURQRVWLTXp
1289($8%21''(6
(;3257$7,216(10$56
/
H[FpGHQWFRPPHUFLDOGHO
$OOHPDJQH
DFRQWLQXpjJRQIOHUHQPDUVSRUWpSDUXQH
QHWWH SURJUHVVLRQ GHV H[SRUWDWLRQV HW XQ
UHFXO GHV LPSRUWDWLRQV VHORQ OHV FKLIIUHV
FRUULJpV GHV YDULDWLRQV VDLVRQQLqUHV
SXEOLpVSDUO
2IILFHIpGpUDOGHVVWDWLVWLTXHV
'HVWDWLV
3DU UDSSRUW DX PRLV SUpFpGHQW OHV
H[SRUWDWLRQVRQWERQGLHQPDUVGHj
PLOOLDUGVG
HXURVDSUqVXQHSURJUHV
VLRQ GH HQ IpYULHU /HV LPSRUWDWLRQV
RQW HOOHV UHFXOp GH HQ PDUV j PLOOLDUGV G
HXURV DSUqV XQH SHWLWH KDXVVH
GH HQ IpYULHU WRXMRXUV HQ GRQQpHV
FRUULJpHV GHV YDULDWLRQV VDLVRQQLqUHV HW
FDOHQGDLUHV /
H[FpGHQW FRPPHUFLDO D HQ
FRQVpTXHQFH DXJPHQWp j PLOOLDUGV
G
HXURV FRQWUH PLOOLDUGV HQ IpYULHU
DUURQGLW 'HVWDWLV &HW H[FpGHQW FRQVWLWXH
XQ QRXYHDX VRPPHW KLVWRULTXH SRLQWDLW
GDQV XQH QRWH O
pFRQRPLVWH GH ,1*'LED
&DUVWHQ %U]HVNL (Q GRQQpHV EUXWHV
GDYDQWDJHPLVHVHQDYDQWSDU'HVWDWLVPDLV
PRLQV UHSUpVHQWDWLYHV G
XQH WHQGDQFH GH
IRQGOHVROGHGHODEDODQFHFRPPHUFLDOHD
DXJPHQWp GH PLOOLDUGV G
HXURV HQ
IpYULHUjPLOOLDUGVG
HXURVHQPDUV
/HVDQDO\VWHVLQWHUURJpVSDUOHIRXUQLV
VHXUGHVHUYLFHVILQDQFLHUV)DFWVHWV
DWWHQ
GDLHQW pJDOHPHQW j XQH SURJUHVVLRQ PDLV
GH PRLQGUH DPSOHXU GH OD EDODQFH FRP
PHUFLDOH GH OD SUHPLqUH pFRQRPLH HXUR
SpHQQH&HVGHUQLHUVPRLVOHVLQTXLpWXGHV
RQW FRPPHQFp j PRQWHU HQ $OOHPDJQH
O
XQ GHV SD\V OHV SOXV H[SRUWDWHXUV GX
PRQGHVXUOHVUpSHUFXVVLRQVVXUVDSURSUH
pFRQRPLH GX UDOHQWLVVHPHQW GH OD FURLV
VDQFH GDQV SOXVLHXUV ]RQHV GX PRQGH
QRWDPPHQW VXU GH JUDQGV PDUFKpV pPHU
JHQWVFRPPHOH%UpVLORXOD&KLQHHWGHOD
FKXWH GHV SUL[ GX SpWUROH TXL UpGXLW OHV
/$ 352'8&7,21,1'8675,(//(
5(&8/(
/D SURGXFWLRQ LQGXVWULHOOH GH
O
$OOHPDJQH V
HVW HQFRUH UHSOLpH HQ PDUV
GHVXUXQPRLVVHORQXQFKLIIUHSUR
YLVRLUHHWWUqVLQIpULHXUDX[DWWHQWHVSXEOLp
SDUO
2IILFHIpGpUDOGHVWDWLVWLTXHV'HVWDWLV
/HVDQDO\VWHVLQWHUURJpVSDUOHIRXUQLVVHXU
GH VHUYLFHV ILQDQFLHUV )DFWVHW QH WDEODLHQW
TXH VXU XQ UHSOL GH VXU XQ PRLV HQ
PDUV HQ GRQQpHV FRUULJpHV GHV YDULDWLRQV
VDLVRQQLqUHV FDOHQGDLUHV HW GH SUL[ 'DQV
OHGpWDLOOHUHFXOGHODSURGXFWLRQHQPDUV
DpWpWLUpjODIRLVSDUO
LQGXVWULHPDQXIDF
WXULqUHHWSOXVHQFRUHSDUOH%73 (QIpYULHUODSURGXFWLRQGHO
LQGXV
WULH DOOHPDQGH V
pWDLW GpMj WDVVpH GH VXUXQPRLVDSUpFLVp'HVWDWLVFRUULJHDQW
DLQVL VD SUHPLqUH HVWLPDWLRQ G
XQ UHSOL GH
0DLV JUkFH j XQ ERQG LQDWWHQGX GH
SOXVGHHQMDQYLHUODSURGXFWLRQLQGXV
WULHOOH GH O
$OOHPDJQH UHVVRUW WRXWHIRLV HQ
KDXVVHGHVXUO
HQVHPEOHGXSUHPLHU
WULPHVWUH SDU UDSSRUW DX WULPHVWUH SUpFp
GHQW D SUpFLVp GDQV XQ FRPPXQLTXp
VpSDUp OH PLQLVWqUH DOOHPDQG GH
O
(FRQRPLH /
LQGXVWULH SLOLHU GH O
pFRQR
PLH DOOHPDQGH ODLVVH GpVRUPDLV GHUULqUH
HOOHODSKDVHGHOpJqUHIDLEOHVVHOLpHjGHV
FRQWUDLQWHV H[WpULHXUHV GX GHX[LqPH
VHPHVWUH/HVHQWUpHVGHFRPPDQGHV
HWOHFOLPDWGHVDIIDLUHVVHVRQWjQRXYHDX
GpYHORSSpV GH PDQLqUH VDWLVIDLVDQWH FHV
GHUQLHUV PRLV D FRPPHQWp OH PLQLVWqUH
GDQVFHFRPPXQLTXp
/RQJWHPSVLPPXQLVpHFRQWUHOHVWXUEX
OHQFHV PRQGLDOHV O
LQGXVWULH DOOHPDQGH
IRUWHPHQW H[SRUWDWULFH D pWp UDWWUDSpH FHV
GHUQLHUVPRLVSDUOHVLQFHUWLWXGHVHQWRXUDQW
QRWDPPHQW OHV SHUVSHFWLYHV GH FURLVVDQFH
GHV PDUFKpV pPHUJHQWV JURV GpERXFKpV
SRXUODSUHPLqUHpFRQRPLHHXURSpHQQH
0XVWDSKD6
*5$1'(%5(7$*1(
/
'pILFLWFRPPHUFLDOTXDVLLQFKDQJpHQPDUV
PDXYDLVVLJQHSRXUODFURLVVDQFH
H GpILFLW FRPPHUFLDO GX
5R\DXPH8QL V
HVW SHX RX SURX
PDLQWHQX HQ PDUV SDU UDSSRUW j
FHOXL GH IpYULHU D DQQRQFp O
2IILFH GHV
VWDWLVWLTXHV QDWLRQDOHV 216 FH TXL
GHYUDLWDYRLUIUHLQpODFURLVVDQFHDXSUH
PLHUWULPHVWUH&HGpILFLWGHVpFKDQJHVGH
ELHQV D WUqV OpJqUHPHQW GLPLQXp j PLOOLDUGVGHOLYUHVPLOOLDUGVG
HXURV
HQPDUVFRQWUHPLOOLDUGVGHOLYUHVHQ
IpYULHUGRQQpHUpYLVpH
&HWWH IDLEOH DPpOLRUDWLRQ D pWp DWWUL
EXpH j XQH FHUWDLQH KDXVVH GHV H[SRUWD
WLRQV QRWDPPHQW GDQV OHV VHFWHXUV GHV
PDFKLQHULHV HW GHV pTXLSHPHQWV SRXU OHV
WUDQVSRUWV 'DQV OH GpWDLO FH GpILFLW V
HVW
PDLQWHQXDYHFOHVDXWUHVSD\VGHO
8QLRQ
HXURSpHQQH 8( DX PRPHQW R OH
5R\DXPH8QLVHSUpSDUHjVHSURQRQFHU
SDUUpIpUHQGXPOHMXLQVXUOHPDLQWLHQ
RXQRQGXSD\VGDQVO
8(/HGpILFLWV
HVW
UpGXLW HQ UHYDQFKH DYHF OHV SD\V QRQ
PHPEUHV GH O
8( $SSX\pV HQWUH DXWUHV
SDUOHSXLVVDQWVHFWHXUILQDQFLHUEULWDQQL
TXHOHVpFKDQJHVGHVHUYLFHVRQWGpJDJp
SRXUOHXUSDUWXQH[FpGHQWHQKDXVVHGH
PLOOLDUGVGHOLYUHV(QFXPXODQWO
HQ
VHPEOHOHGpILFLWGHODEDODQFHGHVELHQV
HW VHUYLFHV D EDLVVp GH PLOOLDUG GH
OLYUHVjPLOOLDUGVGHOLYUHV/HFRP
PHUFH H[WpULHXU SRXUUDLW DYRLU VRXVWUDLW
SRLQW GH SRXUFHQWDJH j OD FURLVVDQFH
GX 3,% DX SUHPLHU WULPHVWUH FRPPH DX
TXDWULqPH WULPHVWUH D SUpYHQX 6FRWW
%RZPDQ GH &DSLWDO (FRQRPLFV /D
GHPDQGHH[WpULHXUHQHVHPEOHSDVVRXWH
QLUODUHSULVHEULWDQQLTXHHWDJJUDYHOHV
HIIHWV GH O
LQFHUWLWXGH JpQpUpH j GRPLFLOH
SDU OH UpIpUHQGXP j YHQLU VXU O
8( D
DMRXWp O
DQDO\VWH '
DSUqV XQH SUHPLqUH
HVWLPDWLRQSXEOLpHILQDYULOODFURLVVDQFH
GX 3,% EULWDQQLTXH D HIIHFWLYHPHQW
UDOHQWL j DX SUHPLHU WULPHVWUH SDU
UDSSRUW DX TXDWULqPH WULPHVWUH DX
FRXUV GXTXHO HOOH DYDLW DWWHLQW SDU
UDSSRUWDXWULPHVWUHSUpFpGHQW
/HVpFRQRPLVWHVVRQWWRXWHIRLVGLYLVpV
VXUO
LPSDFWGHVLQFHUWLWXGHVJpQpUpHVSDU
OHUpIpUHQGXPjYHQLUVXUO
DFWLYLWppFRQR
PLTXHGXGpEXWG
DQQpH
/(6,00$75,&8/$7,216
$87202%,/(6352*5(66(17
/HVLPPDWULFXODWLRQVGHYRLWXUHVQHX
YHVDX5R\DXPH8QLRQWSURJUHVVpGH
DX PRLV G
DYULO VXU XQ DQ JUkFH j OD
GHPDQGHGHVHQWUHSULVHVRQWDQQRQFpOHV
SURIHVVLRQQHOVGXVHFWHXU
&H VRQW QRXYHDX[ YpKLFXOHV
TXLRQWpWpLPPDWULFXOpVOHPRLVGHUQLHUD
LQGLTXpO
$VVRFLDWLRQGHVFRQVWUXFWHXUVHW
GHVYHQGHXUVG
DXWRPRELOHV6007
/HVYHQWHVDYDLHQWJULPSpGHHQ
PDUV $SUqV XQ PRLV GH PDUV DXVVL
VROLGH OD SHUIRUPDQFH SOXV PRGpUpH
G
DYULOpWDLWjSUpYRLUHWUHVWHFRQIRUPHj
QRV DWWHQWHV SRXU O
DQQpH D FRPPHQWp
0LNH +DZHV OH GLUHFWHXU JpQpUDO GX
6007 /D FRQILDQFH GHV FRQVRPPD
WHXUV UHVWH pOHYpH DORUV TXH OHV FOLHQWV
FDSLWDOLVHQW VXU GHV RIIUHV ILQDQFLqUHV
DWWUD\DQWHV ELHQ TXH FHOD SXLVVH rWUH
DIIHFWp SDU O
LQFHUWLWXGH SROLWLTXH HW pFR
QRPLTXH FHV SURFKDLQV PRLV DWLO
DMRXWp GDQV XQH DSSDUHQWH UpIpUHQFH DX
UpIpUHQGXP VXU OH PDLQWLHQ RX QRQ GX
5R\DXPH8QLGDQVO
8QLRQHXURSpHQQHOH
MXLQ /HV LPPDWULFXODWLRQV G
DYULO RQW
pWpWLUpHVSDUOHVIORWWHVG
HQWUHSULVHVHWOHV
YpKLFXOHV SURIHVVLRQQHOV FH TXL D SOXV
TXHFRPSHQVpXQGpFOLQGHVYpKL
FXOHV GH SDUWLFXOLHUV 3DUPL OHV PDUTXHV
O
DOOHPDQGH9RONVZDJHQGRQWOHQRPHVW
DVVRFLp GHSXLV GHV PRLV DX VFDQGDOH GHV
PRWHXUV GLHVHO WUXTXpV D FRQQX XQH
UpJUHVVLRQGHHQDYULO
.DPHO$
,*Ï,
Ï
/(0$*+5(% GX0DL
78548,(
1$*251<.$5$%$.+
5HQFRQWUH
6DUNLVVLDQ$OLHY
OXQGLj9LHQQH
+XLWVROGDWVWXpVGDQVGHVRSpUDWLRQV
FRQWUHOH3..GDQVOHVXGHVW
8
+XLWVROGDWVRQWpWp
WXpVHWKXLWDXWUHV
EOHVVpVKLHUGDQV
GHVRSpUDWLRQV
FRQWUHOH3DUWLGHV
WUDYDLOOHXUVGX
.XUGLVWDQ3..GDQV
ODSURYLQFHGH
+DNNDULGDQVOHVXG
HVWjPDMRULWpNXUGH
GHOD7XUTXLHD
DQQRQFpO
pWDW
PDMRUWXUF
6
L[VROGDWVRQWpWpWXpVORUV
G
DIIURQWHPHQWV DYHF GHV
UHEHOOHVNXUGHVSUqVG
XQH
EDVH PLOLWDLUH GX GLVWULFW GH
&XNXUFD HW GHX[ DXWUHV RQW SpUL
GDQV OH FUDVK G
XQ KpOLFRSWqUH
PLOLWDLUH TXL VH UHQGDLW VXU OHV
OLHX[ HQ UHQIRUW D GpWDLOOp O
DU
PpHGDQVXQFRPPXQLTXp
6L[ PHPEUHV GX 3.. RUJD
QLVDWLRQ FODVVpH WHUURULVWH SDU
$QNDUD
:DVKLQJWRQ
HW
%UX[HOOHV RQW pWp WXpV GDQV OHV
FRPEDWV TXL RQW pFODWp j +
*07 VHORQ O
pWDWPDMRU 8QH
YDVWH RSpUDWLRQ PLOLWDLUH D pWp
ODQFpHGDQVOD]RQHRGHVERP
EDUGLHUVHWGHVKpOLFRSWqUHVG
DW
WDTXH RQW pWp GpSOR\pV VHORQ OH
FRPPXQLTXp
/
DUPpH D DQQRQFp TXH PHPEUHV GX 3.. DYDLHQW pWp
WXpVYHQGUHGLPDWLQGDQVODSUR
YLQFHYRLVLQHGH6LUQDN
/HVXGHVWjPDMRULWpNXUGHGH
OD 7XUTXLH YLW DX U\WKPH GHV
DWWHQWDWV HW GHV FRPEDWV TXRWL
GLHQVHQWUHIRUFHVGHVpFXULWpWXU
TXHVHWUHEHOOHVGHSXLVODUHSULVH
GHV KRVWLOLWpV O
pWp GHUQLHU TXL D
VRQQpOHJODVGHVSRXUSDUOHUVGH
SDL[HQWUH$QNDUDHWOH3..SRXU
PHWWUH XQ WHUPH j XQH UpEHOOLRQ
TXL D IDLW PRUWV GHSXLV
7URLVSHUVRQQHVRQWpWpWXpHV
HW EOHVVpHV PDUGL GDQV O
H[
SORVLRQ G
XQH YRLWXUH SLpJpH DX
SDVVDJH G
XQ FDU GH SROLFH j
'L\DUEDNLU SULQFLSDOH YLOOH GX
VXGHVW j PDMRULWp NXUGH GH OD
7XUTXLH VHORQ OH JRXYHUQRUDW
ORFDO/HVRSpUDWLRQVODQFpHVSDU
O
DUPpHSRXUQHXWUDOLVHUOHVPLOL
WDQWVGX3..TXLRQWGUHVVpGHV
EDUULFDGHV GDQV SOXVLHXUV YLOOHV
GXVXGHVWHWSURFODPpXQVRXOq
YHPHQWXUEDLQRQWWXpGHVGL]DL
QHVGHFLYLOVHWSURYRTXpO
H[RGH
GHGL]DLQHVGHPLOOLHUVG
DXWUHV
'HVFHQWDLQHVGHUHEHOOHVRQW
pWp WXpV GDQV OHV KHXUWV SDU OHV
IRUFHVGHVpFXULWpTXLRQWHVVX\p
DXVVLGHQRPEUHXVHVSHUWHV
$77$48(¬/$ 92,785(
3,e*e(
$X PRLQV KXLW SHUVRQQHV RQW
pWpEOHVVpHVMHXGLSDUO
H[SORVLRQ
G
XQH YRLWXUH SLpJpH SUqV G
XQH
FDVHUQHPLOLWDLUHVXUODULYHDVLD
WLTXHG
,VWDQEXOYLOOHIUDSSpHSDU
SOXVLHXUV DWWHQWDWV FHWWH DQQpH
RQWUDSSRUWpOHVPpGLDVWXUFV
8QHYRLWXUHJDUpHjSUR[LPLWp
G
XQH FDVHUQH GDQV OH GLVWULFW GH
6DQFDNWHSHDH[SORVpDXPRPHQW
R SDVVDLW XQ YpKLFXOH GH WUDQV
SRUW GH O
DUPpH RQW LQGLTXp OHV
FKDvQHV G
LQIRUPDWLRQ 179 HW
&117UN
$X PRLQV KXLW SHUVRQQHV
GRQW FLQT VROGDWV RQW pWp EOHV
VpHV VHORQ OH JRXYHUQHXU
G
,VWDQEXO 9DVLS 6DKLQ FLWp SDU
OHVFKDvQHVGHWpOpYLVLRQTXLGLI
IXVDLHQW OHV LPDJHV G
XQH FDU
FDVVH GH YRLWXUH HQ IODPPHV DX
PLOLHXG
XQHURXWH
'HV LPDJHV GH YLGpRVXUYHLO
ODQFH GLIIXVpHV SDU OHV PpGLDV
WXUFVPRQWUHQWODIRUWHH[SORVLRQ
VHFRXHU OHV YRLWXUHV JDUpHV j
SUR[LPLWp HW DUUDFKHU GHV EUDQ
FKHV DX[ DUEUHV DOHQWRXU /H
YpKLFXOHGHWUDQVSRUWGHWURXSHV
VH VLWXDLW j XQH WUHQWDLQH GH
PqWUHV VHORQ OHV PpGLDV FH TXL
SRXUUDLW H[SOLTXHU OH ELODQ
KXPDLQUHODWLYHPHQWIDLEOH
(Q pWDW G
DOHUWH PD[LPDOH OD
7XUTXLH D pWp VHFRXpH FHWWH
DQQpHSDUGHX[DWWHQWDWVVXLFLGHV
GDQV GHV ]RQHV WRXULVWLTXHV
G
,VWDQEXODWWULEXpVjO
(,HWGHX[
DWWDTXHV j OD YRLWXUH SLpJpH
UHYHQGLTXpHV SDU GHV PLOLWDQWV
NXUGHVTXLRQWIUDSSpQRWDPPHQW
$QNDUD IDLVDQW GHV GL]DLQHV GH
YLFWLPHV 0DUGL WURLV SHUVRQQHV
RQWpWpWXpHVHWEOHVVpHVGDQV
O
H[SORVLRQ G
XQH YRLWXUH SLpJpH
DX SDVVDJH G
XQ FDU GH SROLFH j
'L\DUEDNLU SULQFLSDOH YLOOH GX
VXGHVW j PDMRULWp NXUGH GH OD
7XUTXLH XQH DWWDTXH UHYHQGL
TXpHSDUOH3DUWLGHVWUDYDLOOHXUV
GX.XUGLVWDQ3..TXLDUHSULV
OD OXWWH DUPpH FRQWUH OHV IRUFHV
GHVpFXULWpWXUTXHVO
pWpGHUQLHU
(W WURLV SROLFLHUV DYDLHQW pWp
WXpV HW SHUVRQQHV EOHVVpHV
GDQVXQHDWWDTXHjODYRLWXUHSLp
JpH OD VHPDLQH SUpFpGHQWH j
*D]LDQWHS SUqV GH OD IURQWLqUH
V\ULHQQH SHUSpWUpH VHORQ OH
PLQLVWUH GH O
,QWpULHXU WXUF SDU
O
RUJDQLVDWLRQ (WDW ,VODPLTXH
(, 0HPEUH GH O
2WDQ HW GH OD
FRDOLWLRQ DQWLGMLKDGLVWHV PHQpH
SDU OHV (WDWV8QLV OD 7XUTXLH
VHPEOH DYRLU UHQIRUFp VHV ERP
EDUGHPHQWV GDQV OH QRUG GH OD
6\ULHDSUqVODUHFUXGHVFHQFHGHV
DWWHQWDWV VXU VRQ VRO HW OD PXOWL
SOLFDWLRQ GHV WLUV GH URTXHWWHV
DWWULEXpV j O
(, FRQWUH OD YLOOH
IURQWDOLqUHGH.LOLVVXGHVW
/H SUpVLGHQW WXUF 5HFHS
7D\\LS (UGRJDQ D G
DLOOHXUV
GpFODUp MHXGL TXH VRQ SD\V
PHQDLW OHV SUpSDUDWLIV QpFHVVDL
UHV SRXU QHWWR\HU O
DXWUH F{Wp GH
OD IURQWLqUH V\ULHQQH HQ UDLVRQ
GHV GLIILFXOWpV UHQFRQWUpHV j
.LOLV
1DZDO=
86$
/
3UHPLHUSDVGH7UXPSHWGHVUpSXEOLFDLQV
YHUVODUpXQLILFDWLRQ
H FDQGLGDW UpSXEOLFDLQ j OD 0DLVRQ
%ODQFKH'RQDOG7UXPSDFRPPHQFp
j UHQFRQWUHU MHXGL j :DVKLQJWRQ OHV
FKHIVGHVRQSDUWL&HUWDLQVG
HQWUHHX[WUDv
QHQWGHVSLHGVSRXUOHVRXWHQLUjODSUpVLGHQ
WLHOOH DX WHUPH GH SULPDLUHV GRQW OHV SODLHV
UHVWHQWEpDQWHV
/DUHQFRQWUHDpWpH[FHOOHQWHV
HVWIpOL
FLWpOHSUpVLGHQWGXSDUWLUpSXEOLFDLQ5HLQFH
3ULHEXVTXLVRXWLHQW07UXPSDSUqVDYRLU
GLVFXWpDYHFOXL&HIXWXQSDVHQDYDQWWUqV
SRVLWLI YHUV O
XQLWp GX SDUWL D WZHHWp 0
3ULHEXV j OD WrWH G
XQH IRUPDWLRQ SROLWLTXH
WUqVGLYLVpHVXUVRQGpVRUPDLVXQLTXHSUpWHQ
GDQWjODSUpVLGHQWLHOOH
/H FRUWqJH GX PLOOLDUGDLUH HVW DUULYp HQ
DYDQFH SHX DYDQW K K *07 DX
VLqJHGXSDUWLUpSXEOLFDLQLPPHXEOHjGHX[
SDVGX&DSLWROHTXLpWDLWFHUQpGHGL]DLQHVGH
FDPpUDV HW GH MRXUQDOLVWHV ,O \ D UHQFRQWUp
3DXO 5\DQ OH SUpVLGHQW GH OD &KDPEUH GHV
UHSUpVHQWDQWV
07UXPSDVDOXpODSUHVVHVDQVIDLUHGH
GpFODUDWLRQ3URILWDQWGHFHWpYpQHPHQWSROL
WLFRPpGLDWLTXH XQH GRX]DLQH GH PDQLIHV
WDQWVRQWDUSHQWpOHVDOHQWRXUVGHO
LPPHXEOH
DJLWDQW GHV SDQFDUWHV WHOOHV TXH 7UXPS HVW
UDFLVWH
',9(5*(1&(6352)21'(6
0 7UXPS QH FKHUFKH SDV VLPSOHPHQW j
REWHQLUXQHMROLHSKRWRGHIDPLOOH/HVGLYHU
JHQFHVVRQWSURIRQGHVHWOHVHQMHX[LPPHQ
VHVjODIRLVILQDQFLHUVOHSDUWLGHYDQWOHYHU
GHVFHQWDLQHVGHPLOOLRQVGHGROODUVHWSROL
WLTXHV OHV UpSXEOLFDLQV FUDLJQDQW GH SHUGUH
OHXUPDMRULWpDX&RQJUqVHQQRYHPEUH
0 5\DQ XQ TXDGUDJpQDLUH FRQVHUYDWHXU
TXL D HQWUHSULV HQ RFWREUH GH PRGHUQLVHU
O
LPDJH GX SDUWL UpSXEOLFDLQ D VXUSULV OH
PRQGHSROLWLTXHHQGpFODUDQWODVHPDLQHGHU
QLqUHTX
LOQ
pWDLWSDVSUrWHQO
pWDWjVRXWHQLU
0 7UXPS &HWWH DQQRQFH HVW G
DXWDQW SOXV
IUDFDVVDQWHTX
LOSUpVLGHUDODFRQYHQWLRQG
LQ
YHVWLWXUHGH&OHYHODQGGXDXMXLOOHW
*$*1(5¬/
$1&,(11(
$ FH VWDGH OD SHUVSHFWLYH G
XQ FDQGLGDW
GLVVLGHQW j OD SUpVLGHQWLHOOH SRXU VDXYHU
O
KRQQHXU FRQVHUYDWHXU V
HVWRPSH /HV FKHIV
UpSXEOLFDLQV HVWLPHQW TX
LO \ DXUDLW SOXV j
SHUGUHHQFRQWLQXDQWjGLYLVHUOHSDUWLTX
HQ
V
DFFRPPRGDQWGH07UXPSTXLWWHjOHIDLUH
VHXOHPHQWSRXUODIRUPH
/H SUREOqPH GH UHVSRQVDEOHV FRPPH
0LWFK 0F&RQQHOO HVW XUJHQW FRPPHQW VDX
YHUOHVPHXEOHVHWFRQVHUYHUODFRXUWHPDMR
ULWpUpSXEOLFDLQHDX6pQDW
'HSXLVGHVPRLV
O
KRPPH IRUW GX 6pQDW GLVDLW HVSpUHU TXH OH
FDQGLGDW SUpVLGHQWLHO VHUDLW FRQVHQVXHO DILQ
GH SURGXLUH XQ HIIHW G
HQWUDvQHPHQW VXU OHV
FDQGLGDWV VpQDWRULDX[ TXL DSSDUDvWURQW VXU
OHVPrPHVEXOOHWLQVGHYRWHOHQRYHPEUH
&ODLUHPHQWGpoXSDUODYLFWRLUHGH'RQDOG
7UXPS 0 0F&RQQHOO IDLW FRQWUH PDXYDLVH
IRUWXQHERQF°XU/DSOXSDUWGHPHVFROOq
JXHV HVWLPHQW TX
LO D JDJQp j O
DQFLHQQH D
GLW OH FDFLTXH PDUGL 1RXV VDYRQV TXH
+LOODU\ &OLQWRQ UHSUpVHQWHUDLW TXDWUH DQQpHV
VXSSOpPHQWDLUHVGH%DUDFN2EDPD&HODVXI
ILUDjXQLILHUOHVUpSXEOLFDLQV
,NUDP$
QH UHQFRQWUH HQWUH OHV
SUpVLGHQWV DUPpQLHQ HW
D]HUEDwGMDQDLVTXLV
RS
SRVHQWVXUOHVWDWXWGHODUpJLRQ
GX1DJRUQ\.DUDEDNKDXUDOLHX
OXQGL j 9LHQQH VRXV O
pJLGH GH
O
26&( GH OD 5XVVLH GH OD
)UDQFH HW GHV (WDWV8QLV RQW
DQQRQFpSOXVLHXUVVRXUFHVGLSOR
PDWLTXHV
$ (UHYDQ XQH VRXUFH GLSOR
PDWLTXH D G
DERUG GLW TX
LO pWDLW
SUREDEOH TX
XQH UHQFRQWUH DLW
OLHXOHPDLj9LHQQHHQWUHOHV
SUpVLGHQWV DUPpQLHQ 6HUJH
6DUNLVVLDQ HW D]HUEDwGMDQDLV
,OKDP$OLHY
'DQV OD VRLUpH FH UHQGH]
YRXV D pWp FRQILUPp GDQV
O
DJHQGDKHEGRPDGDLUHGXVHFUp
WDLUHG
(WDWIUDQoDLVDX[$IIDLUHV
HXURSpHQQHV +DUOHP 'pVLU TXL
\UHSUpVHQWHUDGRQFOD)UDQFH
6HUJXHw /DYURY OH PLQLVWUH
UXVVHGHV$IIDLUHVpWUDQJqUHVHW
-RKQ .HUU\ OH VHFUpWDLUH G
(WDW
DPpULFDLQDVVLVWHURQWpJDOHPHQW
j OD UHQFRQWUH G
DSUqV FHW
DJHQGD
/
2UJDQLVDWLRQ SRXU OD VpFX
ULWpHWODFRRSpUDWLRQHQ(XURSH
26&( D DSSHOp OHV GLULJHDQWV
GHO
$UPpQLHHWGHO
$]HUEDwGMDQ
j VH UHQFRQWUHU SRXU FRQVROLGHU
OH FHVVH]OHIHX GDQV OD UpJLRQ
VpSDUDWLVWH
GX
1DJRUQ\
.DUDEDNK WKpkWUH OH PRLV GHU
QLHU GH QRXYHDX[ DIIURQWHPHQWV
PHXUWULHUV
$ OD OXPLqUH GH OD UpFHQWH
IODPEpH GH YLROHQFHV HW GH O
XU
JHQFH GH UpGXLUH OHV WHQVLRQV OH
ORQJGHODOLJQHGHGpPDUFDWLRQ
QRXV SHQVRQV TX
LO HVW WHPSV
SRXUOHVSUpVLGHQWVGHO
$UPpQLH
HWGHO
$]HUEDwGMDQGHVHUHQFRQ
WUHU D GpFODUp O
26&( GDQV XQ
FRPPXQLTXp
/HV PLQLVWqUHV UXVVH DPpUL
FDLQ HW IUDQoDLV GHV $IIDLUHV
pWUDQJqUHV TXL SUpVLGHQW OH
JURXSH GH 0LQVN VXU OH
1DJRUQ\.DUDEDNKVRQWSUrWVj
IDFLOLWHU FHWWH UHQFRQWUH OD
VHPDLQH SURFKDLQH j 9LHQQH
DYDLW DMRXWp O
RUJDQLVDWLRQ GRQW
IDLW SDUWLH OH JURXSH FKDUJp GH
SURPRXYRLU XQ UqJOHPHQW GX
FRQIOLW
$ 0RVFRXODSRUWHSDUROHGX
PLQLVWqUH UXVVH GHV $IIDLUHV
pWUDQJqUHV 0DULD =DNKDURYD D
FRQILUPp TX
XQH UHQFRQWUH pWDLW
HQ SUpSDUDWLRQ OD VHPDLQH SUR
FKDLQH j9LHQQH HQWUH OHV SUpVL
GHQWV GH O
$UPpQLH HW
O
$]HUEDwGMDQ
1RXV FRQVLGpURQV TXH FHWWH
UHQFRQWUHSRXUUDLWDLGHUjVWDELOL
VHU OD VLWXDWLRQ GDQV OD ]RQH GH
FRQIOLWHWGHYUDLWFUpHUOHVFRQGL
WLRQV QpFHVVDLUHV j XQH UHSULVH
GXSURFHVVXVGHQpJRFLDWLRQDW
HOOHSUpFLVp
$ %DNRXQLOHPLQLVWqUHGHV
$IIDLUHV pWUDQJqUHV QL OD SUpVL
GHQFH Q
RQW VRXKDLWp IDLUH GH
FRPPHQWDLUHVVXUXQHSURFKDLQH
UHQFRQWUH
/H FRQIOLW DX .DUDEDNK
YLHX[G
XQTXDUWGHVLqFOHDpWp
PDUTXp SDU XQH QRXYHOOH VpULH
GHYLROHQFHVHQDYULO$XPRLQV
SHUVRQQHVGHVFLYLOVHWGHV
PLOLWDLUHV GHV GHX[ FDPSV RQW
pWp WXpHV GDQV GHV DIIURQWH
PHQWV
,O V
DJLVVDLW GHV SLUHV YLROHQ
FHVGHSXLVXQSUHPLHUFHVVH]OH
IHX FRQFOX HQ DSUqV XQH
JXHUUHD\DQWIDLWPRUWVHW
GHVFHQWDLQHVGHPLOOLHUVGHUpIX
JLpV SULQFLSDOHPHQW GHV
$]HUEDwGMDQDLV
,$
Ï*)-
/(0$*+5(% GX 0DL
$1*2/$
/
LQGXVWULHGHUDWLRQDOL
PHQWDLUHSRXUOHVDQLPDX[
HQGHojGHOD
SURGXFWLRQ
/
LQGXVWULHGHUDWLRQDOLPHQWDLUHGpQRPPpH"
G
XQHFDSDFLWpGHSURGXFWLRQGHWRQQHVSDU
KHXUHQHSURGXLWTXHWRQQHVGHUDWLRQSDU
PRLVDLQIRUPpFHMHXGLj/XDQGDOHGLUHFWHXUGH
FHWWHLQGXVWULH$QWyQLR6i
6HORQOHUHVSRQVDEOHGH1XWULPL[TXLSDUODLWj
O
$1*23FHWWHXQLWpFRPPHUFLDOHTXLIDLWSDUWLH
GHODIHUPH3HURODGH.LNX[LSURGXLWGHV
UDWLRQVGHVWLQpHVDX[SRUFLQVERYLQVHWSULQFLSDOH
PHQWSRXUOHVSRXOHVSRQGHXVHVGHFHWWHIHUPHHW
SRXUO
H[SRUWDWLRQ
&HWWHLQIUDVWUXFWXUHDGLWODVRXUFHDFR€WpSOXVGH
WURLVPLOOLRQVGHGROODUVQRUGDPpULFDLQVHWFRPSWH
SOXVLHXUVFOLHQWVSOXVSUpFLVpPHQWGHVSURGXFWHXUV
GHSHWLWHVHWJUDQGHVH[SORLWDWLRQV
2XWUHODSURYLQFHGH/XDQGDDWLOLQGLTXpOD
IHUPH3HURODGH.LNX[LIRXUQLWDXVVLVHVSUR
GXLWVYHUVOHVSURYLQFHVGH%HQJXHOD&XDQ]D6XO
&XDQ]D1RUWH0DODQJHHWG
DXWUHVSURYLQFHV
$)5,48('868'
/DMXVWLFHYDWHOOHSRXU
VXLYUH-DFRE=XPD"
(Q$IULTXH GXVXGODMXVWLFHYDWHOOHSRXUVXLYUH
OHSUpVLGHQWMDFRE=XPDSRXUFRUUXSWLRQ"/HSUR
FXUHXUJpQpUDODIDLWVDYRLUPHUFUHGLPDLTXH
VRQEXUHDXpWXGLDLWWRXMRXUVOHGRVVLHUHWTX
LODYDLW
HQFRUHKXLWMRXUVSRXUUHQGUHVDGpFLVLRQ/D+DXWH
FRXUGH3UHWRULDDRUGRQQpLO\DGHX[VHPDLQHVOH
UpWDEOLVVHPHQWGHSOXVGHFKHIVG
DFFXVDWLRQ
FRQWUHOHSUpVLGHQWVXGDIULFDLQ/HVFKDUJHVDYDLHQW
pWpDEDQGRQQpHVSRXUYLFHGHSURFpGXUHMXVWHDYDQW
VRQpOHFWLRQHQ
&
HVWSUREDEOHPHQWODGpFLVLRQODSOXVGLIILFLOHTXH
OHSURFXUHXUJpQpUDOGRLWUHQGUH6KDXQ$EUDKDPV
GRLWGpFLGHUGHUpWDEOLURXQRQOHVFKHIVG
DFFX
VDWLRQVSRXUFRUUXSWLRQIUDXGHHWUDFNHWFRQWUH
-DFRE=XPD
6
LOGpFLGHGHUpLQVWDXUHUFHVFKDUJHVFHVHUDOD
SUHPLqUHIRLVTX
XQSUpVLGHQWVXGDIULFDLQIHUDIDFH
jGHVSRXUVXLWHVSpQDOHVGHSXLVTXHOHSD\VHVW
GpPRFUDWLTXH
/
$1&OHSDUWLDXSRXYRLUQ
DXUDDORUVG
DXWUH
FKRL[TXHGHUDSSHOHUVRQSUpVLGHQW8QHGpFLVLRQ
GDQJHUHXVHjWURLVPRLVGHVpOHFWLRQVPXQLFLSDOHV
(QUHYDQFKHVLOHSURFXUHXUJpQpUDOGpFLGHGHQH
SDVUpWDEOLUOHVFKDUJHVHWGHIDLUHDSSHOGXYHUGLFW
GHOD+DXWHFRXUGH3UHWRULD6KDXQ$EUDKDPVVHUD
DFFXVpGHFRPSURPHWWUHO
LQWpJULWpGHODMXVWLFHHW
G
rWUHXQODTXDLVGXSUpVLGHQW&HOXLFLDMXVTX
j
YHQGUHGLSURFKDLQSRXUSUHQGUHVDGpFLVLRQ
'-,%287,
1RXYHOOHpTXLSH
JRXYHUQHPHQWDOH
DQQRQFp
/D OLVWH GX JRXYHUQHPHQW GX SUpVLGHQW GMLERXWLHQ
,VPDLO2PDU*XHOOHKTXLDpWpRIILFLHOOHPHQWLQYHVWL
OXQGLGHUQLHUSRXUXQQRXYHDXPDQGDWGHFLQTDQVD
pWpDQQRQFpHMHXGLSDUOHVHFUpWDLUHJpQpUDOGXJRX
YHUQHPHQW0RKDPHG+DVVDQ
&H QRXYHDX JRXYHUQHPHQW IRUPp VXU SURSRVLWLRQ
GX3UHPLHUPLQLVWUHTXLDpWpUHFRQGXLWOXLPHUFUHGL
FRPSWHPLQLVWUHVDXOLHXGHFRPPHOHSUpFp
GHQW3OXVGHODPRLWLpGHVPHPEUHVGXQRXYHDXJRX
YHUQHPHQWVRQWGHVPLQLVWUHVHQWUDQWV
4XHOTXHV SRLGV ORXUGV GH O
DQFLHQ JRXYHUQHPHQW
GRQW $OL )DUDK $VVRZHK PLQLVWUH GH OD -XVWLFH
QXPpUR WURLV GX JRXYHUQHPHQW HW +DVVDQ 'DUDU
+RXIIDQHKPLQLVWUHGHOD'pIHQVHRQWpWpUHPHUFLpV
DORUV TXH GL[ PHPEUHV GH O
DQFLHQQH pTXLSH RQW pWp
UHWHQXVjO
LQVWDUG
$OL+DVVDQ%DKGRQHWGH'MDPD
(OPL2NLHKTXLRQWpWpQRPPpVUHVSHFWLYHPHQWjOD
'pIHQVHQDWLRQDOHHWjOD6DQWp
3DUPLOHVPLQLVWUHVD\DQWJDUGpOHXUVSRVWHVILJX
UHQWFHOXLGHV$IIDLUHVpWUDQJqUHVHWGHODFRRSpUDWLRQ
LQWHUQDWLRQDOH 0DKPRXG $OL <RXVVRXI OH PLQLVWUH
GH O
(FRQRPLH HW GHV )LQDQFHV ,O\DV 0RXVVD
'DZDOHK OH PLQLVWUH GX %XGJHW %RGHK $KPHG
5REOHK RX HQFRUH OH PLQLVWUH GH O
,QWpULHXU +DVVDQ
2PDU0RKDPHG
8Q QRXYHDX GpSDUWHPHQW PLQLVWpULHO DXSUqV GH OD
3UpVLGHQFH FKDUJp GHV ,QYHVWLVVHPHQWV D pWp PLV HQ
SODFH,ODpWpFRQILpj$OL*XHOOHK$ERXEDNHUDQFLHQ
FKHIGHFDELQHWGXSUpVLGHQW*XHOOHKHWGLUHFWHXUGH
VDFDPSDJQHjO
pOHFWLRQSUpVLGHQWLHOOHG
DYULOGHUQLHU
628'$1
/
218HWO
8$FRQGDPQHQWGHVDWWDTXHV
FRQWUHXQFDPSGHGpSODFpVDX'DUIRXU
/HVHFUpWDLUH
JpQpUDOGHO
218
%DQ.LPRRQHW
ODSUpVLGHQWHGH
OD&RPPLVVLRQ
GHO
8QLRQ
DIULFDLQH
1NRVD]DQD
'ODPLQL=XPD
RQWFRQGDPQp
MHXGLGHV
DWWDTXHVFRQWUH
XQFDPSGH
GpSODFpVSDU
GHVJURXSHV
DUPpVHWXQH
IXVLOODGHGDQVXQ
PDUFKpj
SUR[LPLWp
VXUYHQXHVOXQGLj
6RUWRQLDX
'DUIRXU1RUG
&
HV DWWDTXHV
RQW FDXVp OD
PRUW GH FLQT
SHUVRQQHV GRQW GHX[
HQIDQWVHWEOHVVpSOXVLHXUV
DXWUHV SHUVRQQHV \ FRP
SULVXQ&DVTXHEOHXpWKLR
SLHQ GH OD 0LVVLRQ GH
O
8QLRQ DIULFDLQH HW GHV
1DWLRQV 8QLHV DX 'DUIRXU
0,18$'RQWVRXOLJQp
OHV SRUWHSDUROHV GH 0
%DQ HW GH 0PH 'ODPLQL
=XPDGDQVXQHGpFODUDWLRQ
FRQMRLQWH
/D SUpVLGHQWH HW OH
VHFUpWDLUH JpQpUDO H[SUL
PHQW OHXU JUDYH SUpRFFX
SDWLRQ IDFH j OD UpFHQWH
HVFDODGHGHVWHQVLRQVHQWUH
OHVFRPPXQDXWpVQRPDGHV
HWOHVSHUVRQQHVGpSODFpHV
GDQV OD UpJLRQ ,OV OHV
DSSHOOHQWjpYLWHUOHVDFWHV
GH YLROHQFH HW j UpVRXGUH
OHXUVGLIIpUHQGVSDUOHGLD
ORJXH ,OV H[KRUWHQW OHV
DXWRULWpV VRXGDQDLVHV j
HQTXrWHUHWjWUDGXLUHUDSL
GHPHQW OHV DXWHXUV GH FHV
DWWDTXHVHQMXVWLFHRQWLOV
DMRXWp
/HV GHX[ UHVSRQVDEOHV
RQW VRXOLJQp TX
LO pWDLW
LPSpUDWLI GH SRXUVXLYUH OD
PLVH HQ °XYUH GX PDQGDW
GH OD 0,18$' DILQ GH
PDLQWHQLU OD VpFXULWp HW
SURWpJHU OHV FLYLOV DX
'DUIRXU QRWDPPHQW OHV
SHUVRQQHV TXL RQW pWp
GpSODFpHV SDU OHV UpFHQWV
FRPEDWV GDQV OH 'MHEHO
0DUUD HQWUH OH JRXYHUQH
PHQW GX 6RXGDQ HW
O
$UPpH GH OLEpUDWLRQ GX
6RXGDQ$EGXO:DKLG
,OV RQW H[KRUWp WRXWHV
OHV SDUWLHV DX FRQIOLW DX
'DUIRXU j UHSUHQGUH OHV
QpJRFLDWLRQV VDQV GpODL
VRXV OHV DXVSLFHV GX
*URXSH GH KDXW QLYHDX GH
PLVH HQ °XYUH GH O
8QLRQ
DIULFDLQHSRXUOH6RXGDQHW
OH 6RXGDQ GX 6XG HQ YXH
GHSDUYHQLUjXQHVROXWLRQ
SROLWLTXH JOREDOH TXL
UpSRQGH DX[ FDXVHV SUR
IRQGHVGXFRQIOLWDMRXWHOD
GpFODUDWLRQ
/
218 SU{QH XQ UHQ
IRUFHPHQW GHV OLHQV DYHF
O
8$ SRXU SURPRXYRLU OD
SDL[HQ$IULTXH
$ O
RFFDVLRQ G
XQH UpX
QLRQGHKDXWQLYHDXVXUOD
FRQVROLGDWLRQGHODSDL[HQ
$IULTXHMHXGLOHVHFUpWDLUH
JpQpUDO DGMRLQW GHV
1DWLRQV
8QLHV
-DQ
(OLDVVRQDDSSHOpO
218HW
O
8QLRQ DIULFDLQH 8$ j
LQVWLWXWLRQQDOLVHU GDYDQ
WDJH OHXUV LQLWLDWLYHV FRP
PXQHVHWOHXUFRPPXQLFD
WLRQ
/D QDWXUH FKDQJHDQWH
GHV FRQIOLWV O
DJJUDYDWLRQ
GH OD FULVH PRQGLDOH GHV
UpIXJLpV HW OD PRQWpH GH
O
H[WUpPLVPH YLROHQW UHQ
GHQW QpFHVVDLUH GH PHWWUH
O
DFFHQW VXU OD SUpYHQWLRQ
GHV FULVHV HW GH OHXUV FDX
VHV SURIRQGHV D LQGLTXp
0 (OLDVVRQ GXUDQW FHWWH
UpXQLRQ TXL pWDLW RUJDQL
VpHDXVLqJHGHO
218SDU
O
$VVHPEOpH JpQpUDOH GHV
1DWLRQV 8QLHV HQ FROODER
UDWLRQDYHFOD&RPPLVVLRQ
GHO
8$
,O D VRXOLJQp TXH OH
PDLQWLHQ GH OD SDL[ HQ
$IULTXH pWDLW XQH SULRULWp
SRXU O
218 HW TXH O
8$
pWDLWGHYHQXHXQSDUWHQDLUH
HVVHQWLHO GHV 1DWLRQV
8QLHVGDQVODSRXUVXLWHGH
FHWREMHFWLIDXFRXUVGHOD
GHUQLqUHGpFHQQLH
&LWDQW OD *XLQpH
%LVVDX OH %XUXQGL HW OD
6RPDOLHFRPPHGHVH[HP
SOHVGHFROODERUDWLRQHQWUH
O
218 HW O
8$ OH VHFUp
WDLUH JpQpUDO DGMRLQW D
DSSHOp j LQVWLWXWLRQQDOLVHU
GDYDQWDJH OHV LQLWLDWLYHV
FRPPXQHVHWOHVIUpTXHQWV
pFKDQJHV GH YXHV HW G
LQ
IRUPDWLRQ HQWUH OHV GHX[
RUJDQLVDWLRQV
&RPSWH WHQX GX PDQ
TXH FKURQLTXH GH IRQGV
SRXUODFRQVROLGDWLRQGHOD
SDL[0(OLDVVRQDpJDOH
PHQW DSSHOp FKDTXH (WDW
PHPEUH j DSSRUWHU XQ
ILQDQFHPHQW SUpYLVLEOH HW
GXUDEOH
,O D DXVVL LQVLVWp VXU OD
QpFHVVLWp GH UHQIRUFHU OHV
OLHQVHQWUHODFRQVROLGDWLRQ
GHODSDL[HWODUpDOLVDWLRQ
GHV REMHFWLIV GH GpYHORS
SHPHQW
GXUDEOH
GX
3URJUDPPH j O
KRUL]RQ
/H 3URJUDPPH j O
KR
UL]RQ SHXW SRWHQWLHO
OHPHQW DJLU VXU OHV GLIIp
UHQWV IDFWHXUV TXL HQWUDv
QHQW GHV FRQIOLWV YLROHQWV
\ FRPSULV OHV LQpJDOLWpV
VRFLRpFRQRPLTXHV HW GH
JHQUH OH PDQTXH G
HP
SORLV OD PDXYDLVH JHVWLRQ
GHV UHVVRXUFHV QDWXUHOOHV
OH FKDQJHPHQW FOLPDWLTXH
OD FRUUXSWLRQ HW O
DEVHQFH
G
pWDW GH GURLW HW G
LQVWLWX
WLRQVTXLIRQFWLRQQHQWD
WLOGLW
1,*(5,$
8QHVRFLpWpFKLQRLVHIRUPH
GHVFKHPLQRWV
8
Q FRQGXFWHXU GH
WUDLQ FKLQRLV IRUPH
XQ HPSOR\p ORFDO
GHVFKHPLQVGHIHUjODJDUH
G
$EXMD DX 1LJHULD OH PDL
/D &KLQD 5DLOZD\
&RQVWUXFWLRQ &RUSRUDWLRQ
&5&& FKDUJpH GH OD
FRQVWUXFWLRQ GX SUHPLHU
FKHPLQGHILQjpFDUWHPHQW
QRUPDO GX 1LJHULD D
HQWDPpOHUHQIRUFHPHQWGHV
FDSDFLWpV GX SHUVRQQHO
ORFDO DYDQW OD PLVH HQ VHU
YLFHGXFKHPLQGHIHU
;LD /LMXQ GLUHFWHXU GH
SURMHW GH OD VRFLpWp FKL
QRLVH D LQGLTXp MHXGL TXH
FHWWH IRUPDWLRQ GHVWLQpH j
SOXVGHSHUVRQQHVGHOD
6RFLpWpGHVFKHPLQVGHIHU
QLJpULDQV 6&)1 pWDLW
GHYHQXH LQGLVSHQVDEOH FDU
LO V
DJLVVDLW GH OD SUHPLqUH
IRLV TXH OH 1LJHULD RSpUDLW
XQ FKHPLQ GH IHU j pFDUWH
PHQWQRUPDO
6HORQ 0 ;LD OD
FRQVWUXFWLRQ GX FKHPLQ GH
IHU GH NP UHOLDQW
$EXMD j .DGXQD HVW VXU OH
SRLQW GH V
DFKHYHU HW OHV
1LJpULDQV IRUPpV j O
LQVWL
WXW GH OD &5&& RQW OH
PRUDO KDXW SRXU PHWWUH HQ
YDOHXU OHXUV FRQQDLVVDQFHV
DFTXLVHVGDQVO
H[SORLWDWLRQ
IHUURYLDLUH
$\HQL $GHNXQOH GLUHF
WHXUGHOD6&)1TXLUHoRLW
DFWXHOOHPHQWXQHIRUPDWLRQ
j O
LQVWLWXW GH OD &5&& D
QRWp TXH OXL HW VHV FROOq
JXHV DYDLHQW pWp LQWURGXLWV
jODGHUQLqUHWHFKQRORJLHGH
O
H[SORLWDWLRQ IHUURYLDLUH
FRPPHUFLDOH
1RXVVRPPHVH[SRVpVj
EHDXFRXS GH PDFKLQHV TXL
VHURQWXWLOLVpHVSRXUOHFKH
PLQ GH IHU j pFDUWHPHQW
QRUPDO -H YRXGUDLV GLUH
TXH F
HVW QREOH HW LQQRYD
WHXUDWLOH[SULPp
/H FKHPLQ GH IHU$EXMD
.DGXQD HVW O
XQ GHV SUH
PLHUV SURMHWV GH PRGHUQL
VDWLRQGHVFKHPLQVGHIHUj
pFDUWHPHQW QRUPDO DX
1LJHULD
$YHF XQH YLWHVVH FRQoXH
GHNPKOHFKHPLQGH
IHU UpGXLUD XQH IRLV
DFKHYp OH WUDMHW HQWUH OD
FDSLWDOH QLJpULDQH HW O
(WDW
GH .DGXQD QRUGRXHVW j
XQH KHXUH HW FKDTXH WUDLQ
SHXW WUDQVSRUWHU MXVTX
j
SDVVDJHUV
+(
*,+
/(0$*+5(% GX0DL /,*8(02%,/,6
&$)5()250(6
5DRXUDRXDjODWrWHG
XQJURXSH
GHWUDYDLO
/HSUpVLGHQWGHOD)pGpUDWLRQ
DOJpULHQQHGHIRRWEDOO)$)
0RKDPHG5DRXUDRXDDpWp
GpVLJQpPDUGLVRLUj0H[LFRj
ODWrWHG
XQJURXSHGHWUDYDLO
VXUOHVUHIRUPHVjOD
&RQIpGpUDWLRQDIULFDLQHGH
IRRWEDOO&$)DLQGLTXpO
LQV
WDQFHGLULJHDQWHDIULFDLQH
&
HWWHDQQRQFHDpWpIDLWHSDUOHSUp
VLGHQW GH OD &$) ORUV GH OD H
$VVHPEOpH JpQpUDOH RUGLQDLUH GH
OD &RQIpGpUDWLRQ DIULFDLQH GH IRRWEDOO
WHQXHPDUGLj0H[LFR&LW\DX0H[LTXH
/DPLVHVXUSLHGODFRPSRVLWLRQHWOD
IHXLOOHGHURXWHG
XQJURXSHGHWUDYDLOVXU
OHVUpIRUPHVjOD&$)RQWpWpUpYpOpHVDX[
GpOpJXpV UHSUpVHQWDQW OHV DVVRFLDWLRQV
PHPEUHV
&H JURXSH GH WUDYDLO TXL FRPSUHQG HW
TXH SUpVLGH 0RKDPHG 5DRXUDRXD PHP
EUHGX&RPLWp([pFXWLIGHOD&$)GHYUD
UHQGUH VHV FRQFOXVLRQV DX PRLV GH VHS
WHPEUHSURFKDLQSUpFLVHODPrPHVRXUFH
&HV FRQFOXVLRQV VHURQW VRXPLVHV j OD
VDQFWLRQ GX &RPLWp ([pFXWLI HW GH
O
$VVHPEOpH JpQpUDOH $ FHW HIIHW XQH
$VVHPEOpH JpQpUDOH H[WUDRUGLQDLUH HVW
SUpYXHDX&DLUHHQ(J\SWHOHVHSWHP
EUHDILQGHSURFpGHUjO
DGRSWLRQGHV
GLWHVUpIRUPHV
/HVWUDYDX[GHODH$VVHPEOpHJpQp
UDOHRUGLQDLUHGHOD&$)VHVRQWGpURXOpV
&$1
/HVSRXU
OHV6H\FKHOOHV
&
KULVWLDQ*RXUFXIISDUWLF
HVW
VRQ DGMRLQW 1DELO 1HJKL]
TXLDVVXUHO
LQWpULP/
DQFLHQ
HQWUDvQHXUGHO
2O\PSLTXH0pGpDD
OLYUpVDSUHPLqUHVpOHFWLRQDSSHOpHj
DIIURQWHUOHV6H\FKHOOHVOHPRLVSUR
FKDLQ
/H VWDII WHFKQLTXH QDWLRQDO D
FRPPXQLTXp OD OLVWH GHV MRXHXUV
FRQYRTXpV SRXU OH PDWFK IDFH DX[
6H\FKHOOHV OH MXLQ SURFKDLQ j
K KHXUH ORFDOH DX VWDGH GH
0DKpSXUOHFRPSWHGHODFLQTXLqPH
MRXUQpH GHV TXDOLILFDWLRQV GH OD
&$18QJURXSHDQQRQFpVXU
OHVLWHGHOD)pGpUDWLRQDOJpULHQQHGH
IRRWEDOO )$) TXL FRPSRUWH GHV
QRXYHDXWpV DYHF OHV DUULYpHV GH
QRXYHDX[MRXHXUVpYROXDQWHQ/LJXH
$EGHOJKDQL'HPPRX0&$OJHU
HW 6RILDQH %HQGHEND 1$ +XVVHLQ
'H\ OHV DXWUHV MRXHXUV pWDQW GHV
FDGUHV RX GHV MRXHXUV GpMj DSSHOpV
RXSOXVUpJXOLqUHPHQWVpOHFWLRQQpV
/LVWHGHVMRXHXUVFRQYRTXpV
0DOLN$VVHODK
,]]HGGLQH'RXNKD
5DLV0EROKL
0HKGL=HIIDQH
0RKDPHG.KRXWLU=LWL
)DRX]L*KRXODP
%UDKLP%HGERXGD
&DUO0HGMDQL
1DFUHGGLQH.KRXDOHG
$LVVD0DQGL
$EGHOJKDQL'HPPRX
+LFKHP%HONDURXL
:DOLG0HVORXE
6DILU7DLGHU
6RILDQH%HQGHEND
5\DG%RXGHERX]
6RILDQH)HJKRXOL
<DVVLQH%UDKLPL
5L\DG0DKUH]
5DFKLG*KH]]DO
+LOODO$O$UDEL6RXGDQL
6RILDQH+DQQL
<DVVLQH%HQ]LD
HQ SUpVHQFH GX SUpVLGHQW GH OD ),)$
*LDQQL ,QIDQWLQR TXL DVVLVWDLW HQ FHWWH
TXDOLWpSRXUODSUHPLqUHIRLVDX[DVVLVHV
&H GHUQLHU pWDLW DFFRPSDJQp GH 6DPXHO
(WR
R )LOV /XLV )LJR =YRQLPLU %REDQ
GHV OpJHQGHV GX IRRWEDOO LQYLWpHV SDU OD
),)$ SRXU XQ PDWFK GH JDOD DX VWDGH
$]WqTXHGH0H[LFR
(63$*1(
3DVGHGHUQLHUPDWFKj0HVWDOOD
SRXU)HJKRXOL
6
RILDQH )HJKRXOL Q
D
GRQF SDV pWp UHWHQX
SRXU OH GHUQLHU PDWFK
GH OD VDLVRQ GH 9DOHQFH j
0HVWDOOD
3DV G
DGLHX GRQF j VRQ
MDUGLQRLODpYROXpGXUDQW
DQVPDLVF
HVWSHXWrWUHXQH
ERQQH FKRVH WDQW O
LQWHUQD
WLRQDODYDLWpWpSULVHQJULSSH
SDUOHVVXSSRUWHUVYDOHQFLHQV
FHV GHUQLqUHV VHPDLQHV /D
IDXWH j XQH SURORQJDWLRQ
TX
LOVRQWDWWHQGXHWRXWHO
DQ
QpH PDLV TXL Q
D MDPDLV pWp
FRQFUpWLVpH
/
LQWHUQDWLRQDOGHPDQGDLW
XQH UHYDORULVDWLRQ WRWDOH
PHQW OpJLWLPH DSUqV DYRLU
WDQWGRQQpDXFOXEPDLVOHV
GLULJHDQWVGH9DOHQFHRQWWHU
JLYHUVp SRXU ILQDOHPHQW
DEDQGRQQHU OHV GLVFXVVLRQV
HQILQGHVDLVRQ
6RILDQH j DQV VH
UHWURXYHOLEUHHWDXUDSURED
EOHPHQWO
HPEDUUDVGXFKRL[
SRXUGpILQLUVDQRXYHOOHGHV
WLQDWLRQ ,O HVW G
DLOOHXUV
FRQVLGpUp FRPPH O
XQH GHV
PHLOOHXUHV DIIDLUHV GX SUR
FKDLQPDUFKpGHVWUDQVIHUWV
/
2O\PSLTXHGH0pGpD
DSUqVO
HXSKRULH
O
KHXUHHVWDX[ELODQV
/
H FOXE SKDUH GX 7LWWHUL O
2O\PSLTXH
GH 0pGpD TXL YLHQW G
DFFpGHU HQ
/LJXH0RELOLVGHIRRWEDOOULVTXHGHIDLUH
IDFH j GH VpULHX[ SUREOqPHV GH ILQDQFH
PHQWGDQVOHFDVRXGHQRXYHOOHVUHVVRXU
FHVQHYLHQGUDLHQWSDVUHQIORXHUGHVFDLV
VHV TXL V
DSSURFKHQW GX URXJH RQW
GpFODUp MHXGL j O
$36 GHV PHPEUHV GX
FRQVHLOG
DGPLQLVWUDWLRQGXFOXE
6HORQ .DPHO 'DPHUGML YLFHSUpVLGHQW
GX FOXE O
pWDW DFWXHO GH OD WUpVRUHULH GH
O
pTXLSH HVW ORLQ G
rWUH UDVVXUDQWH HW OD
VLWXDWLRQSRXUUDLWV
DJJUDYHUHQFRUHGDYDQ
WDJHVLULHQQ
HVWIDLWSRXULQMHFWHUGHO
DU
JHQWGDQVOHVFDLVVHVGXFOXE
/HVDSSHOVODQFpVELHQVDYDQWODILQGH
ODVDLVRQVSRUWLYHHQGLUHFWLRQQRWDPPHQW
GHV DXWRULWpV ORFDOHV SRXU DFFRPSDJQHU
ILQDQFLqUHPHQWOHSDUFRXUVGHO
pTXLSHVRQW
UHVWpVjFHMRXUVDQVVXLWHDWLOVRXWHQX
/
20DUpXVVLXQHDFFHVVLRQKLVWRULTXH
HQ /LJXH 0RELOLV DSUqV SOXV GH DQV
G
DWWHQWH/HVKRPPHVGH6OLPDQLRQWWHU
PLQp FKDPSLRQ GH OD /LJXH GHYDQW OH
&$ %DWQD HW O
860 %HO$EEHV OHV GHX[
DXWUHVFOXEVD\DQWDFFpGp
1RXV HVSpURQV TXH QRV VROOLFLWDWLRQV
WURXYHURQW XQ pFKR IDYRUDEOH DXSUqV GHV
FRQFHUQpVPDLVQRXVQ
DOORQVSDVVHFRQIL
QHU GDQV XQH SRVLWLRQ DWWHQWLVWH IDLW
REVHUYHU.DPHO'DPHUGMLDVVXUDQWTXHOH
VWDIIGLULJHDQWYDPXOWLSOLHUOHVFRQWDFWVHW
OHV GpPDUFKHV DX SODQ ORFDO HW KRUV
ZLOD\D SRXU WURXYHU OHV UHVVRXUFHV TXL
SHUPHWWURQWDXFOXEGHSDVVHUFHFDSGLI
ILFLOH
/
2O\PSLTXHGH0pGpDDpWpFRQWUDLQW
G
DSUqV 0RKDPHG 1DEL PHPEUH GX
FRQVHLO G
DGPLQLVWUDWLRQ HQ FKDUJH GHV
ILQDQFHV GH UpGXLUH DX PD[LPXP VHV
GpSHQVHV HW pYLWHU XQ GpVpTXLOLEUH GH OD
WUpVRUHULH UpYpODQW TXH OHV GpSHQVHV GX
FOXE TXL V
pWDLW HQJDJp GDQV XQH FRXUVHV
HIIUpQpHSRXUO
RFFDVLRQHQSUHPLqUHOLJXH
Q
RQWSDVH[FpGpOHVPLOOLDUGVGHFHQWL
PHV8QPRQWDQWMXJpWUqVIDLEOHHWLQVL
JQLILDQW SDU FH UHVSRQVDEOH FRPSDUp j
G
DXWUHVpTXLSHVTXLRQWGpERXUVpGHVVRP
PHVSOXVLPSRUWDQWHVDORUVTX
LOVMRXDLHQW
XQLTXHPHQW SRXU OH PDLQWLHQ DWLO VRXOL
JQp3RXUFHUHVSRQVDEOHOHFOXEGX7LWWHUL
DEHVRLQG
DUJHQWIUDLVSRXUSRXYRLUUpJX
ODULVHU OHV VDODLUHV LPSD\pV GHSXLV GHX[
PRLV GH FHUWDLQV MRXHXUV HW SD\HU pJDOH
PHQWOHVGHWWHVFXPXOpVSDUOHFOXEVDIILU
PDQW DWWHQGUH XQ JHVWH GHV UHVSRQVD
EOHVORFDX[TXLDYDLHQWDXOHQGHPDLQGH
O
DFFHVVLRQGXFOXEHQSUHPLqUHOLJXHSUR
PLVG
DSSRUWHUOHXUVDLGHVjO
pTXLSH
/
DLGHGHVPpFqQHVTXLRQWSDUWLFLSpVj
KDXWHXU GH GHV ILQDQFHV GX FOXE
GXUDQW OD VDLVRQ pFRXOpH FRQVWLWXH O
XQH
GHVDOWHUQDWLYHVTXLV
RIIUHDXFOXEPDLVOH
UHFRXUV j GHV VSRQVRUV UHVWH OH SULQFLSDO
REMHFWLI GX SODQ G
DFWLRQ GX FRQVHLO G
DG
PLQLVWUDWLRQ D HQFRUH FRQILp j O
$36
0RKDPHG 1DEL /HV GLULJHDQWV GX FOXE
VHPEOHQWGpFLGpVjVXUPRQWHUFHWpFXHLOHW
FRPPHQFHU j PHWWUH j H[pFXWLRQ OH SODQ
G
DFWLRQ IXWXU GH O
pTXLSH DYHF FRPPH
REMHFWLIXQHSODFHGDQVOHKDXWGXWDEOHDX
/(,&(67(5
1
0DKUH]MRXHXUGHO
DQQpHSRXUOHVVXSSRUWHUV
RXYHOOH UpFRPSHQVH LQGLYLGXHOOH
SRXU5L\DG0DKUH]TXLHQHVWjVRQ
WURLVLqPH WURSKpH SHUVRQQHO$SUqV
DYRLUGpFURFKpOHWLWUHGHMRXHXUGHO
DQQpH
GpFHUQp SDU VHV SDLUV 3)$ 3OD\HU RI WKH
\HDUHWDYRLUREWHQXOHWLWUHGHV)DFHERRN
)RRWEDOO$ZDUGVO
LQWHUQDWLRQDODOJpULHQHVW
GHQRXYHDXGLVWLQJXp
5L\DG 0DKUH] HVW OH MRXHXU GH O
DQQpH
SRXU OHV VXSSRUWHUV GH /HLFHVWHU &LW\ /HV
IDQVGHV)R[HVRQWGpVLJQpO
DWWDTXDQWDOJp
ULHQ FRPPH PHLOOHXU MRXHXU GH O
H[HUFLFH
TXLDYXOHFOXEGpFURFKHUO
KLV
WRULTXHWLWUHGHFKDPSLRQG
$QJOHWHUUH
/
$OJpULHQ GH DQV \ D ODUJHPHQW
FRQWULEXpDYHFEXWVHWSDVVHVGpFLVL
YHVHQ3UHPLHU/HDJXH
5pDJLVVDQW j FH QRXYHDX VDFUH LQGLYL
GXHOLODGpFODUpDXPLFURGH)R[HV3OD\HU
ODFKDvQHGXFOXEdDIDLWGXELHQ-HWLHQV
jWRXVOHVUHPHUFLHU-
DLPHWRXVOHVIDQVGH
/HLFHVWHUSDUFHTX
LOVVRQWGHJUDQGVVXSSRU
WHUV-HVXLVWUqVKHXUHX[1RXVVDYRQVTXH
QRXVDYRQVIDLWTXHOTXHFKRVHGHIRXTXHO
TXHFKRVHG
LQFUR\DEOH
/H 5HDO 0DGULG HVW WRXMRXUV OH FOXE GH
IRRWOHSOXVFKHUGXPRQGHOH36*H
/H5HDO0DGULGYLHQWGHJDJQHUVRQSUH
PLHUWLWUHHQFHOXLGHFOXEOHSOXVFKHU
GXPRQGH(QPR\HQQHOHVpTXLSHVOHV
SOXVYDORULVpHVGHODSODQqWHYDOHQWPLO
OLDUGG
HXURV
/HV GHX[ JpDQWV G
(VSDJQH VXUYROHQW
WRXMRXUV OH PRQGH GX IRRWEDOO VXU OH SODQ
ILQDQFLHU6HORQ)RUEHVOH5HDO0DGULGHWOH
)&%DUFHORQHVRQWHQFRUHOHVGHX[FOXEVOHV
SOXVFKHUVGXPRQGHHQ&
HVWODTXD
WULqPHDQQpHGHVXLWHTXHOH5HDORFFXSHOD
WrWH GH FH FODVVHPHQW /HV GURLWV 79
0¼ H HW OH VSRQVRULQJ 0¼
HURQWHQFRUHIDLWODIRUWXQHGHV0HUHQJXH
FHVGHUQLHUVPRLV
/H FDOFXO GH QRV FRQIUqUHV HVW EDVp VXU
OHVUHYHQXVGHELOOHWWHULHOHVGURLWV79OHV
UHYHQXV FRPPHUFLDX[ HW OD YDOHXU GX FOXE
HQWDQWTXHPDUTXH
¬FHSHWLWMHXJUkFHQRWDPPHQWjODWpOp
YLVLRQ KXLW FOXEV GH 3UHPLHU /HDJXH VRQW
SUpVHQWVGDQVOH7RS/H36*VHJOLVVHj
ODHSODFHDYHFXQHYDOHXUTXLDSURJUHVVp
GHVXUXQHDQQpH
'DQV OH PRQGH GX VSRUW HQ JpQpUDO OH
5HDO 0DGULG UHVWH GHUULqUH OHV 'DOODV
&RZER\V1)/
/( &+,))5(
'8 -285
/(0$*$=,1($SS%UDLQVSpFLDOLVpGDQVOHPRQLWRULQJG
DSSOLFDWLRQV
DQQRQFHTXH7ZLWWHUHW9LEHUYLHQQHQWDXPRLVG
DYULOGHIUDQFKLUOHFDSGHV
PLOOLRQVGHWpOpFKDUJHPHQWVGDQVOH3OD\6WRUH
Ï*
b)Á¼YbŒYb†®OŒ‰b
2QUV
UETKRVWO
%5e6,/
'LOPD5RXVVHII pFDUWpHGXSRXYRLU
/H6pQDW
EUpVLOLHQD
DSSURXYpMHXGL
SDUYRL[
FRQWUHO
RX
YHUWXUHG
XQ
SURFqVHQ
GHVWLWXWLRQGHOD
SUpVLGHQWH
'LOPD5RXVVHII
(OOHGRLWFpGHU
VDSODFHGDQV
ODMRXUQpHDX
YLFHSUpVLGHQW
0LFKHO7HPHUj
ODWrWHGX%UpVLO
/
DFKHIGHO
(WDWVHUD
UHPSODFpH SDU VRQ
YLFHSUpVLGHQW
0LFKHO 7HPHU OH
WHPSV TXH GXUHUD OH SURFqV
G
XQH GXUpH PD[LPDOH GH MRXUV /
RUJDQLVDWLRQ GH FH
SURFqVDpWpDSSURXYpHSDU
VpQDWHXUV VXU j O
LVVXH
G
XQH VpDQFH KLVWRULTXH HQWD
PpH PHUFUHGL PDWLQ HW TXL D
GXUp XQH YLQJWDLQH G
KHXUHV
8QH PDMRULWp VLPSOH GH VpQDWHXUVVXIILVDLW
/D&KDPEUHGHVGpSXWpVDYDLW
GpMj DYDOLVp OD SURFpGXUH GH
GHVWLWXWLRQOHDYULOSDUXQH
pFUDVDQWHPDMRULWp
$XWHUPHGXSURFqVHQGHVWLWX
WLRQ GH 0PH 5RXVVHII XQH
PDMRULWpGHVGHX[WLHUVVRLW
YRL[ VXU VHUD QpFHVVDLUH
SRXU DFWHU VD PLVH j O
pFDUW
GpILQLWLYH 'DQV FHWWH K\SR
WKqVH0LFKHO7HPHUDVVXUHUDLW
ODSUpVLGHQFHMXVTX
jODILQGH
VRQ PDQGDW OH GpFHPEUH
,OGHYUDLWDQQRQFHUGqVMHXGLOD
FRPSRVLWLRQGHVRQJRXYHUQH
PHQW +HQULTXH 0HLUHOOHV
DQFLHQSUpVLGHQWGHODEDQTXH
FHQWUDOH GHYUDLW rWUH QRPPp
DX[)LQDQFHVVHORQODSUHVVH
52866()) 9(87
&217,18(5¬6(%$775(
'LOPD 5RXVVHII D pWp VXVSHQ
GXH GH VHV IRQFWLRQV MHXGL
DSUqVOHIHXYHUWGRQQpSDUOHV
VpQDWHXUV j O
RXYHUWXUH G
XQ
SURFqVHQGHVWLWXWLRQODYLVDQW
(OOH HVW DFFXVpH G
DYRLU
PDTXLOOp OHV FRPSWHV SXEOLFV
SRXU IDFLOLWHU VD UppOHFWLRQ HQ
/D SUpVLGHQWH EUpVLOLHQQH D
DSSHOp OHV %UpVLOLHQV j VH
PRELOLVHU FRQWUH OH FRXS
G
(WDWGRQWHOOHVHGLWYLFWLPH
-
DL SHXWrWUH FRPPLV GHV
HUUHXUV PDLV MH Q
DL FRPPLV
DXFXQ FULPH DWHOOH DIILUPp
GDQV VD SUHPLqUH GpFODUDWLRQ
DSUqV OH YRWH GX 6pQDW -H
Q
DXUDLVMDPDLVLPDJLQpGHYRLU
OXWWHUXQHQRXYHOOHIRLVFRQWUH
XQFRXSG
(WDWDDMRXWp0PH
5RXVVHII&HWWHGHUQLqUHTXLD
VXUYpFX j OD WRUWXUH VRXV OD
GLFWDWXUHDpWpOD
SUHPLqUHIHPPHpOXHjODWrWH
3DU % &KHOODOL
5HVWLWXHUjO
pFRQRPLH
QDWLRQDOHVDJOREDOLWp
0
GX%UpVLOHQ
'LOPD JXHUULqUH GH OD SDWULH
EUpVLOLHQQH RQW VFDQGp VHV
PLQLVWUHVHWVHVSDUOHPHQWDLUHV
SURFKHV TXDQG HOOH HVW DSSD
UXH 4XHOTXH SDUWLVDQV
PDVVpV GHKRUV OXL RQW UpVHUYp
XQ
DFFXHLO
VHPEODEOH
ORUVTX
HOOHDIDLWXQGHX[LqPH
GLVFRXUV GHYDQW OH SDODLV SUp
VLGHQWLHO
5(63(&7 '(6851(6
&HTXLHVWHQMHXFHQ
HVWSDV
VHXOHPHQW PRQ PDQGDW F
HVW
OHUHVSHFWGHVXUQHVGHODVRX
YHUDLQHWp GX SHXSOH EUpVLOLHQ
HW GH OD &RQVWLWXWLRQ D
GpFODUpODFKHIGHO
(WDW
(OOHDDXVVLUpSpWpTX
HOOHpWDLW
YLFWLPHG
XQHIDUFHMXULGLTXH
HW SROLWLTXH HW TXH VRQ JRX
YHUQHPHQW DYDLW VXEL XQ
LQWHQVH VDERWDJH PHQp SDU
VRQ SURSUH YLFHSUpVLGHQW
/HV DFWHV GRQW RQ P
DFFXVH
RQWpWpSUDWLTXpVSDUWRXVPHV
SUpGpFHVVHXUVDWHOOHUHOHYp
/DFKHIGHO
(WDWVHUDUHPSOD
FpH SDU VRQ YLFHSUpVLGHQW OH
WHPSV GX SURFqV G
XQH GXUpH
PD[LPDOH GH MRXUV GRQW
O
RUJDQLVDWLRQDpWpDSSURXYpH
SDU VpQDWHXUV VXU 8QH
PDMRULWp VLPSOH GH VpQD
WHXUVVXIILVDLW
$XWHUPHGHFHSURFqVHQGHV
WLWXWLRQXQHPDMRULWpGHVGHX[
WLHUVVRLWYRL[VXUVHUD
QpFHVVDLUHSRXUDFWHUODPLVHj
O
pFDUW GpILQLWLYH GH 0PH
5RXVVHII 'DQV FHWWH K\SR
WKqVH0LFKHO7HPHUPHPEUH
GX3DUWLGXPRXYHPHQWGpPR
FUDWLTXH EUpVLOLHQ 30'%
DVVXUHUDLW OD SUpVLGHQFH
MXVTX
jODILQGHVRQPDQGDWOH
GpFHPEUH
1289($835e6,'(17
0Ç0(67(03Ç7(6¬
$))5217(5
/H YLFHSUpVLGHQW EUpVLOLHQ
0LFKHO7HPHUKpULWHHQDVVX
PDQWODSUpVLGHQFHSDULQWpULP
G
XQSD\VpEUDQOpSDUGHPXO
WLSOHV FULVHV GHV PrPHV SUR
EOqPHV TXH FHX[ TXL RQW
FRQGXLWjODFKXWHGHODSUpVL
GHQWH GH JDXFKH 'LOPD
5RXVVHII
'DQV FHWWH GpEkFOH JpQpUDOH
DPSOLILpH SDU OH VFDQGDOH GH
FRUUXSWLRQ3HWUREUDVLOSRXUUD
FRPSWHU GDQV XQ SUHPLHU
WHPSV VXU OH VRXWLHQ GHV
PLOLHX[ G
DIIDLUHV HW G
XQH
PDMRULWp SDUOHPHQWDLUH SDV
IRUFpPHQWGXUDEOH
'
DXWDQWTX
LOYDGHYRLUDGRS
WHU GHV PHVXUHV GH UHGUHVVH
PHQW pFRQRPLTXHV DXVVL
LPSRSXODLUHVTXHOXL
0LFKHO7HPHUDQVYDKpUL
WHU HQ JUDQGH SDUWLH GH O
LQVD
WLVIDFWLRQ GHV %UpVLOLHQV
FRQWUH OD SROLWLTXH WUDGLWLRQ
QHOOH TX
LO LQFDUQH VRXOLJQH
7KLDJR%RWWLQRDQDO\VWHSROL
WLTXH j OD )RQGDWLRQ *HWXOLR
9DUJDV
+RPPH G
DSSDUHLO SDU H[FHO
OHQFHVDQVFKDULVPHLOHVWSHX
DLPp 6HXOV j GHV
%UpVLOLHQV YRWHUDLHQW SRXU OXL
jXQHpOHFWLRQSUpVLGHQWLHOOH
(WLOVVRQWSUHVTXHDXVVLQRP
EUHX[jVRXKDLWHUVRQGpSDUWHW
GH QRXYHOOHV pOHFWLRQV TX
j
YRXORLU VH GpEDUUDVVHU GH
'LOPD5RXVVHIIHWGX3DUWLGHV
WUDYDLOOHXUV 37 JDXFKH DX
SRXYRLUGHSXLV
,OSRXUUDQpDQPRLQVV
DSSX\HU
GDQVO
LPPpGLDWVXUODFDSDFLWp
IpGpUDWULFHGHVDIRUPDWLRQOH
JUDQG SDUWL FHQWULVWH 30'%
DUELWUHGHWRXWHVOHVPDMRULWpV
SDUOHPHQWDLUHVGHSXLV
&RQWUDLUHPHQW
j
0PH
5RXVVHIIF
HVWXQKDELOHQpJR
FLDWHXU6HVFRQVHLOOHUVDQWLFL
SHQWXQJRXYHUQHPHQWDXSUR
ILOWHFKQRFUDWLTXH
0DLV LO DXUD GX PDO j IDLUH
RXEOLHU TXH VRQ SDUWL D pWp
PDULp DYHF OH 37 SHQGDQW DQVSRXUOHPHLOOHXUHWSRXUOH
SLUH
,/ )$87 5e7$%/,5/$
&5e',%,/,7e
/HSUpVLGHQWEUpVLOLHQSDULQWp
ULP 0LFKHO 7HPHU D VRXOLJQp
MHXGL O
XUJHQFH GH UpWDEOLU OD
FUpGLELOLWpGX%UpVLOGDQVVRQ
SUHPLHU GLVFRXUV SXEOLF DSUqV
ODVXVSHQVLRQGHODSUpVLGHQWH
'LOPD5RXVVHII
,O HVW pJDOHPHQW XUJHQW GH
SDFLILHUODQDWLRQHWG
XQLILHUOH
%UpVLO D GpFODUp 0 7HPHU
TXL SUHQG OD WrWH G
XQ SD\V
pEUDQOpSDUXQHFULVHSROLWLTXH
KLVWRULTXH HW OD SLUH UpFHVVLRQ
pFRQRPLTXHGHSXLVOHVDQQpHV
0RQ SUHPLHU PRW DX SHXSOH
EUpVLOLHQ VHUD OH PRW
FRQILDQFH FRQILDQFH GDQV
QRWUHFDUDFWqUHGDQVODYLWDOLWp
GH QRWUH GpPRFUDWLH GDQV OD
UpFXSpUDWLRQ GH QRWUH pFRQR
PLHDGpFODUp07HPHUDSUqV
ODFpUpPRQLHGHSULVHGHIRQF
WLRQVGHVRQJRXYHUQHPHQW
,O HVW FRPSRVp GH PLQLV
WUHVWRXVGHVKRPPHVFRQWUH
GDQV OH GHUQLHU JRXYHUQH
PHQW5RXVVHIITXLFRPSUHQDLW
VL[IHPPHV
8QLV QRXV SRXUURQV UHOHYHU
OHV GpILV GH FH PRPHQW GH
JUDQGHV GLIILFXOWpV ,O HVW
XUJHQWGHSDFLILHUODQDWLRQHW
G
XQLILHU OH %UpVLO XUJHQW GH
IRUPHU XQ JRXYHUQHPHQW GH
VDXYHWDJHQDWLRQDODWLOSRXU
VXLYL
0 7HPHU D LQVLVWp VXU OD
QpFHVVLWp GH SUHQGUH GHV
PHVXUHV SRXU UppTXLOLEUHU OHV
FRPSWHVSXEOLFVHWUHPHWWUHOD
VHSWLqPH pFRQRPLH PRQGLDOH
VXUODYRLHGHODFURLVVDQFH
-
DL O
DEVROXH FRQYLFWLRQ TX
LO
HVW QpFHVVDLUH GH UHJDJQHU OD
FRQILDQFH GHV LQYHVWLVVHXUV HW
GHV WUDYDLOOHXUV D DMRXWp 0
7HPHU GDQV FH GLVFRXUV j
IRUWHWRQDOLWppFRQRPLTXH
/
HPSORLHVWIRQGDPHQWDODW
LOVRXOLJQpPLOOLRQVGHVHV
FRPSDWULRWHV pWDQW DX FK{
PDJH 0DLV LO Q
\ DXUD GHV
FUpDWLRQV G
HPSORL TXH VL
O
pFRQRPLHIRQFWLRQQHELHQ
0 7HPHU D GRQQp GHV JDJHV
DX[ SRSXODWLRQV OHV SOXV
GpPXQLHV GX %UpVLO SURPHW
WDQWGHQHSDVWRXFKHUDX[SUR
JUDPPHVVRFLDX[PLVHQSODFH
SDU OD JDXFKH HQ DQV GH
JRXYHUQHPHQWV GX 3DUWL GHV
WUDYDLOOHXUV37
/H %UpVLO HVW HQFRUH PDOKHX
UHXVHPHQW XQ SD\V SDXYUH -H
OHUpDIILUPHHWHQOHWWUHVFDSL
WDOHVQRXVDOORQVSUpVHUYHUOHV
SURJUDPPHV VRFLDX[ &H VRQW
GHVSURMHWVTXLRQWELHQIRQF
WLRQQp 1RXV GHYRQV HQ ILQLU
DYHF FHWWH KDELWXGH DX %UpVLO
ORUVTX
RQ DVVXPH OH SRXYRLU
GH GpWUXLUH FH TX
RQW IDLW OHV
JRXYHUQHPHQWV SUpFpGHQWV D
WLOGLW07HPHUV
HVWHQRXWUH
HQJDJpjQHSDVHQWUDYHUO
HQ
TXrWHVXUOHJLJDQWHVTXHVFDQ
GDOH GH FRUUXSWLRQ 3HWUREUDV
TXL pFODERXVVH OH 37 PDLV
DXVVL DX SOXV KDXW QLYHDX VD
SURSUH IRUPDWLRQ OH JUDQG
SDUWLFHQWULVWH30'%
6DOLP+
DOJUp O
HPSULVH GH OD FULVH
pFRQRPLTXH HW ILQDQFLqUH
TXH WUDYHUVH OH SD\V WRXW OH
SRWHQWLHOQDWLRQDOHVWDPHQpjV
DQLPHU
GH OD QpFHVVDLUH PRELOLVDWLRQ G
XQH
OpJLWLPH DPELWLRQ GH GpYHORSSHPHQW
VRFLRpFRQRPLTXHGHVHVSURSUHVSRV
VLELOLWpV F
HVWjGLUH G\QDPLVPH HW
LPSpWXRVLWpHWGHVpODQVSOXVFHUWDLQVHW
SOXVV€UVDILQTXHWRXVFHVDWRXWVVRLHQW
PLVDXVHUYLFHGXUHQRXYHDXpFRQRPL
TXH PRELOH HW SURGXFWLI 0DLV FHOD QH
SHXWGpYHORSSHUOHVUDFLQHVH[WHQVLEOHV
TX
j OD VHXOH FRQGLWLRQ TXH O
HQVHPEOH
pFRQRPLTXH V
RUJDQLVH HQ FRQVp
TXHQFH6
RUJDQLVHUHQFHWWHSKDVHGLI
ILFLOH TXH WUDYHUVH O
pFRQRPLH QDWLR
QDOH F
HVW SUHQGUH FRQVFLHQFH GH VD
UpDOLWp HW GH VHV FRQVpTXHQFHV GH OD
IRUFHGHVLPPHQVHVSRWHQWLDOLWpVQDWLR
QDOHVV
RUJDQLVHUF
HVWHQFH;;,HVLq
FOHGHO
LQIRUPDWLTXHHWGHODPRQGLDOL
VDWLRQ GpILQLU DYHF OXFLGLWp HW SUpFL
VLRQ OHV DQDO\VHV OHV WkFKHV HW SUR
JUDPPHVpWDSHSDUpWDSHSRXUDWWHLQGUH
OHVREMHFWLIVTXHO
RQV
HVWIL[pVGDQVOH
FDGUH GX GpYHORSSHPHQW JOREDO GX
SD\V 2EMHFWLI HVVHQWLHO SULPRUGLDO
GRQW GpFRXOHQW WRXWHV OHV PLVVLRQV HW
OHVDFWLRQVTX
HQV
HVWDVVLJQpHVOHSODQ
G
DFWLRQGXJRXYHUQHPHQW
8QH GpWHUPLQDWLRQ DJLVVDQWH TXL SHU
PHWWUD VDQV QXO GRXWH GH UHVWLWXHU j
O
pFRQRPLHQDWLRQDOHVDJOREDOLWpF
HVW
jGLUH OLEpUHU OHV LQLWLDWLYHV XQH
YRORQWp TXL SHUPHWWUD DXVVL GH SHVHU
G
XQJUDQGSRLGVVXUOHVTXHVWLRQVSROL
WLTXHV pFRQRPLTXHV HW VRFLDOHV GX
SD\V&
HVWHQILQOHFKDPSpFRQRPLTXH
R GHYUDLW FURvWUH OD FURLVVDQFH FRQWL
QXH(WVLOHVDSSURFKHVSRXUODFRQFUp
WLVDWLRQ GH FHWWH FURLVVDQFH FRQWLQXH
VRQWYDODEOHVHWTXHOHVRSpUDWHXUVpFR
QRPLTXHV HW KRPPHV G
DIIDLUHV QDWLR
QDX[ UHMRLJQHQW GDQV OHXU ILQDOLWp FH
VRXIIOHP\VWLTXHGHODQRXYHOOHVWUDWp
JLHpFRQRPLTXHLOVHUDLWDLVpGHSDUYH
QLUjGHVDFWLRQVIDFLOLWDQWFHWWHILQDOLWp
QDWLRQDOH
&HW HQJDJHPHQW SHXW DYRLU SRXU HIIHW
LPPpGLDW G
DFFURvWUH OHV LQGLFDWHXUV
pFRQRPLTXHVHWVRFLDX[GXSD\V&
HVW
TXHFHIDLVDQWV
HVWLPSRVpO
LPSpUDWLI
HVVHQWLHOGHODGLYHUVLILFDWLRQGHODSUR
GXFWLYLWp HW GH OD SURGXFWLRQ F
HVWj
GLUH OD FRQFUpWLVDWLRQ G
XQH GLYHUVLWp
pFRQRPLTXH FRQFUqWH HW TXL V
DIILUPH
G
HOOHPrPHHWSDUVHVSURSUHVUHVVRXU
FHV HW VRXUFHV SRXU SRXYRLU rWUH OH
SRLQW GH FRQYHUJHQFH GHV HIIHWV TXL
YLVHQWjIDYRULVHUO
DFWLYLWpFUpDWULFHGH
ULFKHVVHHWG
HPSORLVHWGHWHQGUHSUR
JUHVVLYHPHQWjDWWHLQGUHOHVWDGHGHOD
SHUIRUPDQFHRXYUDQWVXUODVDWLVIDFWLRQ
GHV EHVRLQV GX SD\V 'DQV FH FDGUH
SUHQGUHHQFRPSWHODYRORQWpSROLWLTXH
GX PRPHQW F
HVW XQH GpWHUPLQDWLRQ
PRWLYpH F
HVWjGLUH TX
HOOH D GHV
REMHFWLIV SXLVVDPPHQW PRELOLVDWHXUV
SRXUVRUWLUOHSD\VVDQVJURVGRPPDJHV
GHFHWWHFULVHpFRQRPLTXHHWILQDQFLqUH
LPSRVpHSDUODFKXWHGUDVWLTXHGHVSUL[
GXEDULOGHSpWUROHVXUOHPDUFKpPRQ
GLDO GHSXLV OH PRLV GH MXLQ 3UHQDQWFRQVFLHQFHGHFHWWHFULVHSDU
IDLWHPHQW WHQGXH OH JRXYHUQHPHQW
GpSORLHHIIRUWVHWPR\HQVSRXUWURXYHU
OHV VRXUFHV GH ILQDQFHPHQW j GHV ILQV
VXSUrPHV TXH VRQW OHV SURJUqV pFRQR
PLTXHVHWO
DLVDQFHVRFLDOHGHODSRSX
ODWLRQ HQ SDVVDQW SDU O
pSDQRXLVVHPHQW
FXOWXUHO
%&

Edition en PDF