&RQVLJQHVGHV¬FXULW¬HWGXWLOLVDWLRQLPSRUWDQWHVGHODSSDUHLO
&RQVLJQHVGHV¬FXULW¬HWGXWLOLVDWLRQLPSRUWDQWHVGHODSSDUHLO&RQVLJQHVGHV¬FXULW¬HWGXWLOLVDWLRQLPSRUWDQWHVGHODSSDUHLO
&RQVLJQHVGHV¬FXULW¬HWGXWLOLVDWLRQLPSRUWDQWHVGHODSSDUHLO
9HXLOOH]OLUHDWWHQWLYHPHQWOHVFRQVLJQHVGHV¬FXULW¬HWGXWLOLVDWLRQVXLYDQWHVDYDQWGXWLOLVHUYRWUHSURGXLWSRXUOD
9HXLOOH]OLUHDWWHQWLYHPHQWOHVFRQVLJQHVGHV¬FXULW¬HWGXWLOLVDWLRQVXLYDQWHVDYDQWGXWLOLVHUYRWUHSURGXLWSRXUOD9HXLOOH]OLUHDWWHQWLYHPHQWOHVFRQVLJQHVGHV¬FXULW¬HWGXWLOLVDWLRQVXLYDQWHVDYDQWGXWLOLVHUYRWUHSURGXLWSRXUOD
9HXLOOH]OLUHDWWHQWLYHPHQWOHVFRQVLJQHVGHV¬FXULW¬HWGXWLOLVDWLRQVXLYDQWHVDYDQWGXWLOLVHUYRWUHSURGXLWSRXUOD
SUHPL«UHIRLV
SUHPL«UHIRLVSUHPL«UHIRLV
SUHPL«UHIRLV
8WLOLVDWLRQFRUUHFWH
8WLOLVDWLRQFRUUHFWH8WLOLVDWLRQFRUUHFWH
8WLOLVDWLRQFRUUHFWH
FHWDSSDUHLOD¬W¬FRQªXSRXUODU¬FHSWLRQHWO¬PLVVLRQGHVWDWLRQVGHUDGLRHWSRXUOHFWXUHGHV
GLVTXHV&'6LOHSURGXLWQHVWSDVXWLOLV¬FRQIRUP¬PHQWDX[LQVWUXFWLRQVIRXUQLHVODJDUDQWLHVHUDDXWRPDWLTXHPHQW
DQQXO¬HODV¬FXULW¬GHOXWLOLVDWHXUHWDXWUHVSHUVRQQHVHQYLURQQDQWHVSHXW¬JDOHPHQWWUHFRPSURPLVH
0DQXHOGXWLOLVDWLRQ
0DQXHOGXWLOLVDWLRQ0DQXHOGXWLOLVDWLRQ
0DQXHOGXWLOLVDWLRQYHXLOOH]OLUHDWWHQWLYHPHQWOHSU¬VHQWPDQXHOGXWLOLVDWLRQHWOHFRQVHUYHUHQOLHXV¾UDILQGH
SRXYRLUYRXV\UHSRUWHU£WRXWPRPHQW3RXUYRWUHSURSUHV¬FXULW¬HWDILQGHYRXVIDPLOLDULVHUDYHFOHVGLII¬UHQWHV
IRQFWLRQVGHFHSURGXLWQRXVYRXVFRQVHLOORQVGHOLUHDWWHQWLYHPHQWWRXWHVOHVLQVWUXFWLRQVGXSU¬VHQWPDQXHO
6LYRXVF¬GH]FHWDSSDUHLO£XQHWLHUFHSHUVRQQHYHLOOH]£OXLUHPHWWUHFHPDQXHOGXWLOLVDWLRQ
9HXLOOH]¬JDOHPHQWOLUHOHVPDQXHOVGXWLOLVDWLRQGHWRXVOHVDSSDUHLOVTXHYRXVVRXKDLWH]FRQQHFWHU£ODSSDUHLO
%UDQFKHPHQWVXUODOLPHQWDWLRQVHFWHXU
%UDQFKHPHQWVXUODOLPHQWDWLRQVHFWHXU%UDQFKHPHQWVXUODOLPHQWDWLRQVHFWHXU
%UDQFKHPHQWVXUODOLPHQWDWLRQVHFWHXU
QXWLOLVH]SDVODSSDUHLOVLFHGHUQLHURXOXQGHVHVF¥EOHVVHPEOH
HQGRPPDJ¬
5HVSHFWH]VWULFWHPHQWODWHQVLRQLQGLTX¬HVXUO¬WLTXHWWHGXSURGXLW1XWLOLVH]MDPDLVGHWHQVLRQDXWUHTXHFHOOH
LQGLTX¬H%UDQFKH]XQLTXHPHQWODSSDUHLOVXUXQHSULVHGHFRXUDQWDYHFPLVHODWHUUHHWFRQIRUPHDX[QRUPHVGH
V¬FXULW¬FRUUHVSRQGDQWHV1HSOLH]MDPDLVOHVF¥EOHVHWQH[HUFH]MDPDLVGHSUHVVLRQGHVVXV
$77(17,21ODSSDUHLOUHQIHUPHXQHWHQVLRQGDQJHUHXVH1RXYUH]MDPDLVODFDUFDVVHGHODSSDUHLODILQG¬YLWHUWRXW
ULVTXHG¬OHFWURFXWLRQHWGHEOHVVXUHVJUDYHV
3RXUG¬FRQQHFWHUHQWL«UHPHQWODSSDUHLOGHODOLPHQWDWLRQVHFWHXUG¬EUDQFKH]OHF¥EOHGDOLPHQWDWLRQGHODSULVHGH
FRXUDQW7LUH]WRXMRXUVVXUODILFKHGXF¥EOHHWMDPDLVVXUOHF¥EOHOXLPPH/HVRUDJHV¬OHFWULTXHVSHXYHQW
V¬ULHXVHPHQWHQGRPPDJHUOHVDSSDUHLOV¬OHFWULTXHV9HLOOH]SDUFRQV¬TXHQW£G¬EUDQFKHUOHF¥EOHGDOLPHQWDWLRQGH
ODSULVHGHFRXUDQWHQFDVGRUDJH,OHVW¬JDOHPHQWUHFRPPDQG¬GHG¬EUDQFKHUODSSDUHLOGXVHFWHXUHWGHQUHWLUHU
OHVSLOHVVLYRXVQHSHQVH]SDVOXWLOLVHUSHQGDQWXQHS¬ULRGHSURORQJ¬H
3¬Q¬WUDWLRQGREMHWVGDQVODSSDUHLO
3¬Q¬WUDWLRQGREMHWVGDQVODSSDUHLO3¬Q¬WUDWLRQGREMHWVGDQVODSSDUHLO
3¬Q¬WUDWLRQGREMHWVGDQVODSSDUHLOYHLOOH]£FHTXDXFXQREMHWRXOLTXLGHQHS¬Q«WUH£OLQW¬ULHXUGHODSSDUHLO£
WUDYHUVVHVRULILFHVGHYHQWLODWLRQRXDXWUHVRXYHUWXUHVDILQG¬YLWHUWRXWULVTXHGHFRXUWFLUFXLWG¬OHFWURFXWLRQRX
GHQGRPPDJHPHQWGHODSSDUHLO(QFDVGLQFLGHQWG¬EUDQFKH]LPP¬GLDWHPHQWOHF¥EOHGDOLPHQWDWLRQHWIDLWHV
DSSHO£XQSHUVRQQHOWHFKQLTXHTXDOLIL¬
,QVWDOODWLRQ
,QVWDOODWLRQ,QVWDOODWLRQ
,QVWDOODWLRQSODFH]ODSSDUHLOVXUXQHVXUIDFHSODQHHWU¬JXOL«UH1HUHFRXYUH]MDPDLVVHVRULILFHVGHYHQWLODWLRQHW
ODLVVH]VXIILVDPPHQWGHVSDFHDXWRXUDXPRLQVFP£ODUUL«UHHWGHFKDTXHF·W¬GHODSSDUHLOSRXUDVVXUHUVD
ERQQHYHQWLODWLRQ
/DSSDUHLOGLVSRVHGHSLHGVHQFDRXWFKRXFDQWLG¬UDSDQWV/DSU¬VHQFHGHVXEVWDQFHVFKLPLTXHVFRQWULEXHQ¬DQPRLQV
£OHXUXVXUHSURJUHVVLYH,OHVWSDUFRQV¬TXHQWUHFRPPDQG¬GHSODFHUODSSDUHLOVXUXQHVXUIDFHDQWLG¬UDSDQWH
$77(17,21QXWLOLVH]SDVFHWDSSDUHLOHQH[W¬ULHXU
&RQGHQVDWLRQ
&RQGHQVDWLRQ&RQGHQVDWLRQ
&RQGHQVDWLRQGHODFRQGHQVDWLRQSHXWVHIRUPHU£OLQW¬ULHXUGHODSSDUHLOVLYRXVOHG¬SODFH]GXQOLHXFKDXG£XQ
OLHXIURLGDSU«VVRQWUDQVSRUWSDUH[HPSOH$ILQGHOHSURW¬JHUGHWRXWGRPPDJHHWGHWRXWHSRVVLEOHG¬IDLOODQFH
ODLVVH]OH£WHPS¬UDWXUHDPELDQWHSHQGDQWDXPRLQVKHXUHVDYDQWGHOHPHWWUHHQPDUFKH
6DQW¬
6DQW¬6DQW¬
6DQW¬OXWLOLVDWLRQGHODSSDUHLO£XQYROXPHWURS¬OHY¬ULVTXHGHQGRPPDJHUYRWUHDXGLWLRQGHIDªRQLUU¬YHUVLEOH
9HLOOH]SDUFRQV¬TXHQW£U¬JOHUOHYROXPHVXUXQQLYHDXG¬FRXWHUDLVRQQDEOH
3HQVH]£EUDQFKHUOHFDVTXHRXOHV¬FRXWHXUVVXUODSSDUHLODYDQWGDOOXPHUFHGHUQLHUDILQG¬YLWHUTXHOHYROXPH
LQLWLDOQHVRLWWURSIRUWHWQHQGRPPDJHYRWUHDXGLWLRQ
(QIDQWV
(QIDQWV(QIDQWV
(QIDQWV
QHODLVVH]SDVOHVHQIDQWVMRXHUDYHFGHVDSSDUHLOV¬OHFWULTXHV,OVQHVRQWJ¬Q¬UDOHPHQWSDVFRQVFLHQWVGHV
ULVTXHVHQFRXUXV
3LOHVFODVVLTXHV
3LOHVFODVVLTXHV3LOHVFODVVLTXHV
3LOHVFODVVLTXHVFRQVHUYH]OHVSLOHVKRUVGHSRUW¬HGHVHQIDQWV
5HPSODFH]WRXMRXUVOHQVHPEOHGHVSLOHVHQPPHWHPSVQHP¬ODQJH]SDVGHSLOHVQHXYHVDYHFGHVSLOHVXV¬HV1H
FRXUWFLUFXLWH]MDPDLVGHSLOHV/XWLOLVDWLRQLQFRUUHFWHGHVSLOHVFRPSRUWHXQULVTXHGH[SORVLRQ
1HSODFH]DXFXQREMHWVXUODSSDUHLOHWQH[HUFH]MDPDLVGHSUHVVLRQVXUODFDUFDVVHRXO¬FUDQGHODSSDUHLO1H
SODFH]DXFXQREMHWFRQWHQDQWGXOLTXLGHYHUUHVYDVHVHWFVXUODSSDUHLORX£SUR[LPLW¬1HSODFH]SDVGHVRXUFHV
LQFDQGHVFHQWHVERXJLHVHWFVXUODSSDUHLOYRXVULVTXHULH]GHOHQGRPPDJHU
3URWHFWLRQGHODSSDUHLO
3URWHFWLRQGHODSSDUHLO3URWHFWLRQGHODSSDUHLO
3URWHFWLRQGHODSSDUHLOSURW¬JH]ODSSDUHLOGHWRXWHVRXUFHGHFKDOHXUUDGLDWHXUVIRXUVERXJLHVHWFGHOD
OXPL«UHGLUHFWHGXVROHLOGHODVDOHW¬GHODSRXVVL«UHGHVYLEUDWLRQVGHVFKDPSVPDJQ¬WLTXHVSXLVVDQWVGH
OKXPLGLW¬HWGHODSOXLH
1HWWR\DJH
1HWWR\DJH1HWWR\DJH
1HWWR\DJHQHWWR\H]ODSSDUHLO£ODLGHGXQFKLIIRQGRX[O¬J«UHPHQWKXPLGH1XWLOLVH]MDPDLVGHSURGXLWVFKLPLTXHV
GDOFRRORXGHGLVVROYDQWVYRXVULVTXHULH]GHQGRPPDJHUOHVILQLWLRQVGHODSSDUHLO
9HLOOH]WRXMRXUV£FHTXLOQHVHIRUPHSDVGKXPLGLW¬£OLQW¬ULHXUGHODSSDUHLO
(QWUHWLHQHWPDLQWHQDQFH
(QWUHWLHQHWPDLQWHQDQFH(QWUHWLHQHWPDLQWHQDQFH
(QWUHWLHQHWPDLQWHQDQFHVLYRXVXWLOLVH]ODSSDUHLOHQUHVSHFWDQWVWULFWHPHQWOHVFRQVLJQHVGXWLOLVDWLRQIRXUQLHVFH
GHUQLHUQHUHTXLHUWDXFXQHQWUHWLHQSDUWLFXOLHUPLV£SDUWVRQQHWWR\DJH6LODSSDUHLOQHIRQFWLRQQHSDVFRUUHFWHPHQW
RXVLVHVSHUIRUPDQFHVGLPLQXHQWFRQVLG¬UDEOHPHQWIDLWHVDSSHO£XQSHUVRQQHOWHFKQLTXHTXDOLIL¬
5¬SDUDWLRQV
5¬SDUDWLRQV5¬SDUDWLRQV
5¬SDUDWLRQVQRXYUH]MDPDLVODSSDUHLO7RXWHU¬SDUDWLRQGRLWWUHU¬DOLV¬HSDUXQVHUYLFHRXXQSHUVRQQHOWHFKQLTXH
DJU¬¬7RXWHRXYHUWXUHRXPRGLILFDWLRQQRQDXWRULV¬HGHODSSDUHLODQQXOHDXWRPDWLTXHPHQWODJDUDQWLHHWULVTXHGH
FRPSURPHWWUHYRWUHV¬FXULW¬HWFHOOHGXSURGXLW
$77(17,21ODSSDUHLOUHQIHUPHXQHWHQVLRQGDQJHUHXVH1RXYUH]MDPDLVODFDUFDVVHGHODSSDUHLODILQG¬YLWHUWRXW
ULVTXHG¬OHFWURFXWLRQHWGHEOHVVXUHVJUDYHV