0% found this document useful (0 votes)
10 views19 pages

Berlin Plan

The document outlines the evaluation and management of environmental impacts related to a project. It emphasizes the importance of assessing various environmental aspects and ensuring compliance with regulations. The document also discusses the roles of different stakeholders in the environmental management process.

Uploaded by

samiezzerouqi
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
0% found this document useful (0 votes)
10 views19 pages

Berlin Plan

The document outlines the evaluation and management of environmental impacts related to a project. It emphasizes the importance of assessing various environmental aspects and ensuring compliance with regulations. The document also discusses the roles of different stakeholders in the environmental management process.

Uploaded by

samiezzerouqi
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
You are on page 1/ 19

7K{QH[&RPPXQDX[G¶$PELOO\

9ROHWHQYLURQQHPHQWDOGXSURMHW
(YDOXDWLRQHQYLURQQHPHQWDOHVWUDWpJLTXH


3ODQGLUHFWHXUGHTXDUWLHUQƒ

 ,1752'8&7,21
'DQVXQHRSWLTXHGHPLVHHQ°XYUHGXFRQFHSWGH GpYHORSSHPHQWWHUULWRULDOGXUDEOHOH3ODQGLUHFWHXUGH
TXDUWLHU0,&$IDLWHQWUHDXWUHVO¶REMHWG¶XQHeYDOXDWLRQHQYLURQQHPHQWDOHVWUDWpJLTXH ((6 FRRUGRQQpHSDU
OH6HUYLFHFDQWRQDOG¶pWXGHGHO¶LPSDFWVXUO¶HQYLURQQHPHQW 6(,('pSDUWHPHQWGHO¶LQWpULHXUGHO¶DJULFXOWXUH
HWGHO¶HQYLURQQHPHQWă',$( HWUpDOLVpHSDUOHEXUHDX&6',QJpQLHXUV&RQVHLOV6$

'¶XQ SRLQW GH YXH JpQpUDO O ((6 SHXW rWUH FRQVLGpUpH FRPPH XQ SURFHVVXV G DFFRPSDJQHPHQW
HQYLURQQHPHQWDO WRXW DX ORQJ G¶XQ SURMHW GX 6FUHHQLQJ DX 0RQLWRULQJ HQ SDVVDQW SDU OH 5HSRUWLQJ TXL
SHUPHW GH SRUWHU XQ MXJHPHQW GH YDOHXU VXU O¶HQVHPEOH GX SURFHVVXV GpFLVLRQQHO DFKHYp HW pJDOHPHQW GH
GpILQLUOHVPHVXUHVG¶DFFRPSDJQHPHQWSRXUO¶pWDSHGHPLVHHQ°XYUH

'H SDU VD GLPHQVLRQ pYDOXDWLYH HOOH SHUPHW XQH SULVH HQ FRPSWH RSWLPDOH GHV SUpRFFXSDWLRQV
HQYLURQQHPHQWDOHV UHODWLYHV DX[ GLIIpUHQWHV SKDVHV G DYDQFHPHQW GX SURMHW GH OD GpILQLWLRQ GHV REMHFWLIV
MXVTX DXVXLYLGHVPHVXUHVG DFFRPSDJQHPHQWVHQYLURQQHPHQWDOHVGpILQLHVORUVGHO pODERUDWLRQGXSURMHW 

/¶((6DDFFRPSDJQpO¶DSSURFKHVWUDWpJLTXHHWODSKDVHG¶DYDQWSURMHWGXSODQGLUHFWHXUGHTXDUWLHUUpDOLVpHV
HQ  ă  VXU OD EDVH G¶XQ SURJUDPPH G¶XUEDQLVDWLRQ JOREDO GHV SpULPqWUHV GH &RPPXQDX[
G¶$PELOO\*UDQG3UpVHW0RQ,GpH

&HWWHDSSURFKHDQRWDPPHQWpWpV\QWKpWLVpHGDQVOHUDSSRUWLQWHUPpGLDLUHG¶pYDOXDWLRQHQYLURQQHPHQWDOHGH
O¶DYDQWSURMHW 0,&$ GH SODQ GLUHFWHXU GH TXDUWLHU pGLWp HQ VHSWHPEUH  TXL SUpVHQWH pJDOHPHQW O¶pWDW
DFWXHOGXVLWHSRXUOHVGLIIpUHQWVGRPDLQHVGHO¶HQYLURQQHPHQW YRLUDQQH[H 

/HSUpVHQWGRFXPHQWFRQVWLWXHXQHV\QWKqVHDFWXDOLVpHGHO¶pYDOXDWLRQHQYLURQQHPHQWDOHGXSURMHW0,&$TXL
WLHQW FRPSWH GX UHFDGUDJH GX 3ODQ 'LUHFWHXU GH 4XDUWLHU VXU OH VHXO SpULPqWUH GHV &RPPXQDX[ G¶$PELOO\
DYHFXQHSHUVSHFWLYHGHGpYHORSSHPHQWjDQV 3'40,&$DQV 8QHSUHPLqUHYHUVLRQGHFHUDSSRUW
DYDLWpWppGLWpHHQRFWREUHFHWWHYHUVLRQG¶DYULODpWpDFWXDOLVpHHQLQWpJUDQWOHVUHPDUTXHVGHV
SUpDYLVGX6&3$HWGX'20($8

 &$5$&7(5,67,48(6'8352-(7
/¶DSSURFKHUHODWLYHDXSpULPqWUHJOREDOGX3$&0,&$TXLUHFRXYUHOHVHQWLWpVGHV&RPPXQDX[G¶$PELOO\
*UDQGV3UpVHW0RQ,GpHFRQVWLWXHO¶LPDJHGLUHFWULFHGHO¶XUEDQLVDWLRQSRWHQWLHOOHjORQJWHUPH

6XLWHjGLYHUVHVFRQFHUWDWLRQVDYHFOHVFRPPXQHVHWOHVDXWUHVDFWHXUVFRQFHUQpVLODpWpGpFLGpGHUHFDGUHU
OH 3ODQ 'LUHFWHXU GH 4XDUWLHU VXU OH VHXO SpULPqWUH GHV &RPPXQDX[ G¶$PELOO\ DYHF XQH SHUVSHFWLYH GH
GpYHORSSHPHQWjDQV

/HV FDUDFWpULVWLTXHV HW GRQQpHV TXDQWLWDWLYHV GX 3'4 0,&$ ă  DQV DLQVL TXH O¶LPDJH GH O¶XUEDQLVDWLRQ
SURMHWpHVRQWSUpVHQWpHVFLDSUqV


7K{QH[&RPPXQDX[G¶$PELOO\

 (9$/8$7,21(19,5211(0(17$/(

 ,GHQWLILFDWLRQHWIRUPDOLVDWLRQGHVHQMHX[HWREMHFWLIV
/¶pYDOXDWLRQ HQYLURQQHPHQWDOH TXL DFFRPSDJQH O¶pODERUDWLRQ GX SURMHW GHSXLV OD SKDVH SUpFpGHQWH
G¶DSSURFKHVWUDWpJLTXHDSHUPLVGHFODVVHUOHVGLIIpUHQWVDVSHFWVHQYLURQQHPHQWDX[HQWURLVFDWpJRULHV

D $VSHFWVIRQGDPHQWDX[SRXUOHFDGUDJHGXSURMHW

ƒ ,PSDFWV OLpV DX[ EHVRLQV HQ GpSODFHPHQWV LQGXLWV SDU OH SURMHW EUXLW SROOXWLRQ DWPRVSKpULTXH
pPLVVLRQVGH&2 

ƒ *HVWLRQGHVHDX[GHVXUIDFHHWGHVFUXHVGX)RURQ

ƒ &RQFHSW©3D\VDJH 1DWXUHªFRPPHpOpPHQWVWUXFWXUDQWGXSURMHW

E $VSHFWVLPSRUWDQWVSRXUODFRQFHSWLRQGXSURMHW

ƒ $VSHFWVpQHUJpWLTXHV OLPLWDWLRQGHVpPLVVLRQVGH&2pQHUJLHVUHQRXYHODEOHVXWLOLVDWLRQUDWLRQQHOOH 

ƒ $JULFXOWXUH LPSDFWVGXSURMHWPHVXUHVGHFRPSHQVDWLRQ 

F $VSHFWVQRQGpWHUPLQDQWVDXVWDGHGHODSODQLILFDWLRQGLUHFWULFH

/HV DXWUHV DVSHFWV HQYLURQQHPHQWDX[ VRLW QRWDPPHQW HDX[ VRXWHUUDLQHV  DFFLGHQWV PDMHXUV  JHVWLRQ GHV
GpFKHWVVLWHVSROOXpVUD\RQQHPHQWVQRQLRQLVDQWV QHSUpVHQWHQWSDVG¶HQMHX[SDUWLFXOLHUVDXSUpVHQWVWDGH
GHODSODQLILFDWLRQGLUHFWULFH

3RXU O¶HQVHPEOH GHV GRPDLQHV FRQFHUQpV OD YXH G¶HQVHPEOH GHV HQMHX[ HW REMHFWLIV GHV FRQWULEXWLRQV
VSpFLILTXHV GH O¶((6 HW GHV SUHPLHUV pOpPHQWV G¶pYDOXDWLRQ IDLW O¶REMHW GX WDEOHDX GH V\QWKqVH SUpVHQWp HQ
DQQH[H

'HVSRLQWVSDUWLFXOLHUVUHODWLIVDX[WURLVDVSHFWVIRQGDPHQWDX[HWDX[GHX[DVSHFWVLPSRUWDQWVSRXUOHFDGUDJH
GXSURMHWVRQWSUpVHQWpVDX[SDUDJUDSKHVFLDSUqV

 ,PSDFWVOLpVDX[EHVRLQVHQGpSODFHPHQWVLQGXLWVSDUOHSURMHW
,OV¶DJLWGHFRQFUpWLVHUOHSULQFLSHGHGpYHORSSHPHQWGXUDEOHVXUOHTXHOHVWIRQGpOH3ODQ'LUHFWHXU&DQWRQDO
HQ FRQFLOLDQW OHV EHVRLQV GH GpYHORSSHPHQW GH O¶DJJORPpUDWLRQ JHQHYRLVH DYHF OHVH[LJHQFHV HQ PDWLqUH GH
SURWHFWLRQFRQWUHOHEUXLWSURWHFWLRQGHO¶DLUHWGHPDvWULVHGHVpPLVVLRQVGHJD]jHIIHWGHVHUUH

/HV REMHFWLIV HQ PDWLqUH GH WUDQVSRUWV HW GH UpVHDX[ GH FRPPXQLFDWLRQ IL[pV SDU OH &RQFHSW GH
O¶DPpQDJHPHQW  VRQW UDSSHOpVFLDSUqV O¶REMHFWLIJpQpUDO pWDQW GH UHQIRUFHU OH OLHQ HQWUH OHV HIIHWV GX
PRGHG¶RFFXSDWLRQGXVROHWODPRELOLWp

2EMHFWLI $VVXUHU O¶DFFHVVLELOLWp GX WHUULWRLUH HQ UHVSHFWDQW OH FRQFHSW GH GpYHORSSHPHQW
GXUDEOH

2EMHFWLI 2ULHQWHUODSROLWLTXHGHVWUDQVSRUWVGDQVO¶REMHFWLIGHODSURWHFWLRQGH
O¶HQYLURQQHPHQW 5HVSHFWHUOHSODQGHPHVXUHV23DLUHW23% 

2EMHFWLIV &RRUGRQQHUODPLVHHQSODFHGHVLQIUDVWUXFWXUHVHWOHVSURMHWVG¶XUEDQLVDWLRQGDQV
O¶HVSULWG¶XQHYDORULVDWLRQUpFLSURTXH DPpOLRUHUO¶DFFHVVLELOLWpSDUOHVWUDQVSRUWVFROOHFWLIV


3ODQGLUHFWHXUGHTXDUWLHUQƒ

TXHGRLWSRUWHUO¶HIIRUWGDQVOHVHQVGXUHVSHFWGHO¶HQYLURQQHPHQW TXDOLWpGHO¶DLU
SURWHFWLRQFRQWUHOHEUXLWFRQVRPPDWLRQG¶HVSDFH 

2EMHFWLI 5pGXLUHOHVGpSODFHPHQWVLQXWLOHVSDUXQHORFDOLVDWLRQMXGLFLHXVHGHVDFWLYLWpVGH
O¶KDELWDWHWGHVVHUYLFHV DIIHFWDWLRQMXGLFLHXVHGXVROpYLWHUODVpJUpJDWLRQjJUDQGH
pFKHOOHHQWUHOHVVHFWHXUVYRXpVjO¶KDELWDWHWFHX[GHVWLQpVDX[DFWLYLWpV 

6XUXQSODQJpQpUDOOHSURMHW0,&$SUpVHQWHGHVFDUDFWpULVWLTXHVIDYRUDEOHVjO¶DWWHLQWHGHFHVREMHFWLIVVRLW
XQH XUEDQLVDWLRQ j GHQVLWp pOHYpH LQVpUpH GDQV O¶DJJORPpUDWLRQ JHQHYRLVH j SUR[LPLWp GH O¶DJJORPpUDWLRQ
G¶$QQHPDVVH V\QHUJLHDYHFOHS{OHG¶DFWLYLWp3$&(WRLOHă$QQHPDVVH TXLFRQVWLWXHQWXQHFRQILJXUDWLRQGH
EDVH SHUPHWWDQW G¶HQYLVDJHU XQH GHVVHUWH HIILFDFH SDU OHV WUDQVSRUWV FROOHFWLIV HW XQ UHFRXUV DFFUX DX[
PRELOLWpVGRXFHV

&RPSWH WHQX GH O¶DPSOHXU GX SURJUDPPH G¶XUEDQLVDWLRQ SUpYX VD FRPSDWLELOLWp DYHF OHV GLVSRVLWLRQV GH
O¶RUGRQQDQFHVXUODSURWHFWLRQFRQWUHOHEUXLWGHO¶RUGRQQDQFHVXUODSURWHFWLRQGHO¶DLUHWDYHFOHVREMHFWLIV
GHUpGXFWLRQGHVpPLVVLRQVGHJD]DHIIHWGHVHUUHLPSOLTXHODPLVHHQ°XYUHG¶XQHGpPDUFKHH[HPSODLUHHW
YRORQWDULVWHjPrPHGHPDvWULVHUOHVEHVRLQVHQGpSODFHPHQWVHWOHUHFRXUVjODYRLWXUH

&HWWHGpPDUFKHGHYUDQRWDPPHQWV¶DSSX\HUVXUOHVWURLVD[HVVXLYDQWV

ƒ 0LVHHQ°XYUHG¶XQHGHVVHUWHSHUIRUPDQWHHWHIILFDFHHQWUDQVSRUWVFROOHFWLIVFRPPHpOpPHQWVWUXFWXUDQW
GX SURMHW G¶XUEDQLVDWLRQ GHVVHUWHPXOWLGLUHFWLRQQHOOH DVVXUDQW OHV OLDLVRQV YHUV *HQqYH HW OHV FHQWUDOLWpV
SURFKHVHQV\QHUJLHDYHFOHVLWHGH%HOOH,GpH

ƒ ,WLQpUDLUHV HW DPpQDJHPHQWV IDYRUDEOHV DX[ PRELOLWpV GRXFHV j UHQIRUFHU FRPPH D[HV VWUXFWXUDQWV j
O¶LQWpULHXUGHVSpULPqWUHVjXUEDQLVHUHWGDQVOHXUOLDLVRQDYHFOHV&KrQHVHW$QQHPDVVH

ƒ 'pILQLWLRQGHVSULQFLSHVG¶XUEDQLVDWLRQHWGHPLVHHQ°XYUHSHUPHWWDQWG¶DWWHLQGUHO¶REMHFWLIG¶XQHPL[LWp
RSWLPDOH HQWUH KDELWDW HW DFWLYLWpV DLQVL TXH OD PLVH j GLVSRVLWLRQ G¶XQH RIIUH FRPSOqWH HQ FRPPHUFHV
VHUYLFHVHWpTXLSHPHQWVGHSUR[LPLWp

3pULXUEDLQ 7K{QH[
&HV GLIIpUHQWHV GpPDUFKHV LQGLVSHQVDEOHV j OD
FRQFUpWLVDWLRQ GX SURMHW 0,&$ GRLYHQW SHUPHWWUH  

G¶DWWHLQGUH HIIHFWLYHPHQW OHV REMHFWLIV IL[pV VRLW XQH SDUW



PRGDOHGpYROXHDX[WUDQVSRUWVLQGLYLGXHOVjUDPHQHUjXQ
QLYHDX GH O¶RUGUH GH  GpSODFHPHQW LQWHUQHV HW 

H[WHUQHV DX SpULPqWUH 0,&$  VHORQ OH VFpQDULR 


©RSWLPLVpªGpYHORSSpSDUOHPDQGDWDLUHWUDQVSRUWV 

&HSHQGDQW PrPH DYHF O¶DWWHLQWH GH FHW REMHFWLI TXL 7,


73
SHUPHWWUD G¶DVVXUHU OD FRQIRUPLWp GX SURMHW GX SRLQW GH 0'
YXH GH OD TXDOLWp GH O¶DLU HW GX FOLPDW PDvWULVH GHV 0,&$5pIpUHQFH 0,&$2SWLPLVp
pPLVVLRQVGH&2 GHVD[HVGpMjSUREOpPDWLTXHVGXSRLQW
GH YXH GX EUXLW VRQW VXVFHSWLEOHV GH VXELU XQH  
DXJPHQWDWLRQGHWUDILFQRQQpJOLJHDEOH

/HV D[HV SRWHQWLHOOHPHQW SUREOpPDWLTXHV GX SRLQW GH YXH 




GXEUXLWURXWLHUSRXUOHVTXHOVODUpDOLVDWLRQGXSURMHW0,&$ 
 DQV GHYUDLW JpQpUHU XQH DXJPHQWDWLRQ GHV IOX[ GH 

WUDILF pJDOH RX VXSpULHXUH j  VXU OD EDVH G¶XQH


JpQpUDWLRQ GH WUDILF WRWDOH G¶HQYLURQ   YKFM VRQW
UHSUpVHQWpVVXUODFDUWHFLDSUqV


7K{QH[&RPPXQDX[G¶$PELOO\

/HV FKDUJHV GH WUDILF FRQVLGpUpHV UpVXOWHQW GH O¶DFWXDOLVDWLRQ GH O¶pWXGH ©0,&$  (WXGH WUDQVSRUWV HW
GpSODFHPHQWV  &KDUJHV GH WUDILF  %DVHV SRXU O¶pYDOXDWLRQ HQYLURQQHPHQWDOHª EXUHDX 5RODQG 5LEL 
$VVRFLpV6$55 $DR€W VHORQOHVPRGDOLWpVVXLYDQWHV

 5HFDODJH GHV FKDUJHV GH WUDILF VXU OD EDVH GX SODQ  GH O 2&0 pGLWp SDU O¶2&0 HQ  GDQV OH
FDGUHGHO¶pWXGHG¶LPSDFWpWDSHăUHODWLYHDXPDLOORQURXWLHU0,&$ 7UDILWHF 

 $GDSWDWLRQGHVFKDUJHVGHWUDILFJOREDOHVGH0,&$DXSURJUDPPHG¶XUEDQLVDWLRQGX3'4DQV

/DVLWXDWLRQHQWHUPHGHPDvWULVHGHVQXLVDQFHVVRQRUHVLQGXLWHVSDUOHSURMHW3'4DQVă0,&$SHXWrWUH
UpVXPpHFRPPHVXLWSRXUOHVGLIIpUHQWVD[HVFRQFHUQpV

x $[H DYHQXH 0LUDQ\ HW URXWH -- 5LJDXG FHW D[H D GpMj IDLW O¶REMHW G¶XQ SURMHW GH UpDPpQDJHPHQW
LQWpJUDQW OHV DVSHFWV G¶LQVHUWLRQ XUEDLQH HW G¶DVVDLQLVVHPHQW GX EUXLW URXWLHU TXL WLHQW FRPSWH GHV
DFFURLVVHPHQWV GH WUDILF LQGXLWV SDU O¶XUEDQLVDWLRQ SpULPqWUH 0,&$ 5DSSRUWV ©,QVHUWLRQ XUEDQLVWLTXH HW
DVVDLQLVVHPHQWGHODYRLULHHQWUHOHGRXDQHGH3LHUUHj%RFKHWHWOHFHQWUHGH*HQqYHª3RRO6WUHHWSRXU
OH'pSDUWHPHQWGX7HUULWRLUH6HUYLFHGHVHVSDFHVSXEOLFVHWGHVLQIUDVWUXFWXUHVIpYULHU 6XUFHWWH
EDVH O¶23% SRXUUD DLQVL UHVSHFWpH DX GURLW GHV UpFHSWHXUV ERUGDQW FHV D[HV PR\HQQDQW TXHOTXHV
GHPDQGHVG¶DOOqJHPHQWSRQFWXHOOHVjO¶KRUL]RQGHPLVHHQVHUYLFHGXSURMHW

x 1RXYHDX PDLOORQ URXWLHU 0,&$ OH UHVSHFW GHV GLVSRVLWLRQV GH O¶23% FRQVWLWXH XQH FRQGLWLRQ j OD
GpOLYUDQFH GH O¶DXWRULVDWLRQ GH UpDOLVHU FH QRXYHDX WURQoRQ GH URXWH FDQWRQDOH GHV PHVXUHV GH
SURWHFWLRQFRQWUHOHEUXLWVRQWLQWpJUpHVDXSURMHWGHURXWHHQFRXUVG¶pODERUDWLRQ

x $YHQXHGH%HO$LUHWFKHPLQGHOD0RQWDJQHFHVGHX[D[HVGRQWOHWUDILFIXWXU KRUL]RQ HVW


HVWLPp UHVSHFWLYHPHQW j HQYLURQ   HW   YKFM YHUURQW OHXU WUDILF DXJPHQWHU G¶XQ RUGUH GH
JUDQGHXU GH  DYHF UpDOLVDWLRQ GX SURMHW 3'4  DQV ă 0,&$ /¶LPSDFW GH FHWWHDXJPHQWDWLRQ GH
WUDILFVXUOHVUpFHSWHXUVVHQVLEOHVFRQFHUQpVHWOHVPHVXUHVG¶DFFRPSDJQHPHQWjLQWpJUHUDXSURMHWDILQ
GHUHVSHFWHUOHVH[LJHQFHVGHO¶23%GHYURQWrWUHGpILQLHVGDQVOHFDGUHGHO¶pODERUDWLRQGX3/4


3ODQGLUHFWHXUGHTXDUWLHUQƒ

x 5RXWHGH-XVV\ODURXWHGH-XVV\FRQVWLWXHXQD[HWUDLWpGDQVFDGUHGXSURJUDPPHG¶DVVDLQLVVHPHQWGX
EUXLW GHV URXWHV FDQWRQDOHV OHV PHVXUHV G¶DVVDLQLVVHPHQW j PHWWUH HQ °XYUH GHYURQW LQWpJUHU OD
UpDOLVDWLRQ GX SURMHW 0,&$ TXL FRQWULEXHUD j KDXWHXU G¶HQYLURQ  DX[ FKDUJHV GH WUDILF IXWXUHV
HPSUXQWDQWFHWD[HHQGLUHFWLRQGXFHQWUHGH7K{QH[ KRUL]RQ 

x 5RXWH GH 0RQ,GpH OH WURQoRQ GH FHWWH URXWH VLWXp HQWUH OD GRXDQH GH 0RQ ,GpH HW OD URXWH GH OD
6H\PD]VHUDPLVjFRQWULEXWLRQSDUOHWUDILFLQGXLWSDUOHSURMHW0,&$DYHFXQHDXJPHQWDWLRQVXSpULHXUH
jSDUUDSSRUWDXWUDILFIXWXUVDQVSURMHW0rPHDSUqVUpDOLVDWLRQGXSURMHW0,&$OHWUDILFFLUFXODQW
VXUFHWURQoRQGHYUDLWVHPDLQWHQLUHQGHVVRXVGH YKFM/HUHVSHFWGHVGLVSRVLWLRQVGHO¶23%DYHF
GpILQLWLRQ GHV PHVXUHV DGpTXDWHV j SUpYRLU OH FDV pFKpDQW SRXU OHV UpFHSWHXUV VHQVLEOHV H[SRVpV j XQH
DXJPHQWDWLRQGHVQXLVDQFHVGHYUDrWUHpWXGLpHQGpWDLOGDQVOHFDGUHGHO¶pWDEOLVVHPHQWGX3/4

x 0DLO FHQWUDO OD FRQILJXUDWLRQ GX PDLO FHQWUDO WHOOH TX¶DFWXHOOHPHQW SODQLILpH SUpVHQWH GHV
FDUDFWpULVWLTXHV IDYRUDEOHV j OD PDvWULVH GHV QXLVDQFHV VRQRUHV LQGXLWHV ODUJHXU LPSRUWDQWH   P GH
IDoDGHjIDoDGHDYHFLPSODQWDWLRQFHQWUDOHGHVYRLHVGHFLUFXODWLRQHWHVSDFHVWDPSRQVODWpUDX[DIIHFWpV
DXVWDWLRQQHPHQWHWDX[PRELOLWpVGRXFHV 'HVPHVXUHVHIILFDFHVSHUPHWWDQWGHVXSSULPHUWRXWWUDILFGH
WUDQVLWHWOLPLWHUODYLWHVVH NPK GHYURQWrWUHPLVHHQ°XYUH

&RPSWHWHQXGHO¶DPSOHXUGXTXDUWLHU OHWUDILFGHGHVVHUWHHPSUXQWDQWOHPDLOFHQWUDOVHUDUHODWLYHPHQW
LPSRUWDQW HVWLPp j FH VWDGH j HQY   YKFM  /H UHVSHFW GHV H[LJHQFHV GH O¶23% V¶DJLVVDQW G¶XQH
QRXYHOOHURXWHOHVYDOHXUVGHSODQLILFDWLRQTXLFRQVWLWXHQWOHVYDOHXUVOLPLWHVOHVSOXVFRQWUDLJQDQWHVVRQW
j FRQVLGpUHU  GHYUD rWUH FRQILUPp GDQV OH FDGUH GH O¶pODERUDWLRQ GHV 3/4 HQ IRQFWLRQ GX GHJUp GH
VHQVLELOLWp DWWULEXp HQ SUpFLVDQW OHV PHVXUHV GH PLQLPLVDWLRQ GX EUXLW j OD VRXUFH PDvWULVH GHV IOX[ GH
FLUFXODWLRQ HW GHV YLWHVVHV FRQILJXUDWLRQ HW DPpQDJHPHQW GH O¶D[H URXWLHU  HW HQ WHQDQW FRPSWH GH OD
FRQILJXUDWLRQ HW GH O¶DIIHFWDWLRQ GHV EkWLPHQWV FRQFHUQpV SULYLOpJLHU O¶LPSODQWDWLRQ G¶DFWLYLWpV SHX
VHQVLEOHVDXEUXLWSRXUOHVORFDX[OHVSOXVH[SRVpVFRQILJXUDWLRQVFRQVWUXFWLYHVSHUPHWWDQWGHUpGXLUHOH
EUXLWSHUoXHQIDoDGH 

'DQV XQ FRQWH[WH SOXV JpQpUDO OHV DVSHFWV VXLYDQWV GHYURQW rWUH DSSURIRQGLV DX[ pWDSHV VXLYDQWHV
G¶pODERUDWLRQGXSURMHWHQFHTXLFRQFHUQHOHVLPSDFWVOLpVDXWUDILFLQGXLWSDUOHSURMHW0,&$ă3'4DQV

ƒ 3RXUVXLWHGHO¶RSWLPLVDWLRQGXSURMHWGXSRLQWGHYXHGHODPDvWULVHGHVEHVRLQVHQWUDQVSRUWVLQGLYLGXHOV
PRWRULVpV SURJUDPPDWLRQ DFWLYLWpV FRPPHUFHV pTXLSHPHQWV GHVVHUWH 7& HW UpVHDX[ PRELOLWpV
GRXFHV HQpWD\DQWOHVPHVXUHVSHUPHWWDQWGHFRQFUpWLVHUO¶DWWHLQWHGHVREMHFWLIVIL[pV

ƒ ,QWpJUDWLRQ GX SURMHW DX[ GpPDUFKHV HQ FRXUV UHODWLYHV j O¶pWDEOLVVHPHQW GHV SODQV G¶DVVDLQLVVHPHQW GX
EUXLWURXWLHUVHORQ23%pYDOXDWLRQGHODFRQIRUPLWpGXSURMHWSDUUDSSRUWDX[SODQG¶DVVDLQLVVHPHQWGHV
URXWHVFDQWRQDOHVpYDOXDWLRQGHVLQFLGHQFHVVXUOHVURXWHVFRPPXQDOHVFRQFHUQpHVSDUXQGpSDVVHPHQW
GHVYDOHXUVOLPLWHVDYHFSURSRVLWLRQGHPHVXUHVHWGHPRGDOLWpVGHILQDQFHPHQW

ƒ 'pILQLWLRQ FRQFUqWH GHV PHVXUHV G¶DFFRPSDJQHPHQW HQYLVDJHDEOHV DILQ GH IDYRULVHU OH WUDQVIHUW PRGDO
GDQV XQ SpULPqWUH pODUJL HQJOREDQW O¶HVW GH O¶DJJORPpUDWLRQ JHQHYRLVH $UYH/DF 7URLV&KrQH
DJJORPpUDWLRQDQQHPDVVLHQQH HWGpILQLWLRQGHVPRGDOLWpVGHPLVHHQ°XYUH

 *HVWLRQGHVHDX[GHVXUIDFHHWGHVFUXHVGX)RURQ

3DUUDSSRUWDX[FUXHVGX)RURQOHSURMHW0,&$ă3'4DQVVHVLWXHLQWpJUDOHPHQWjO¶H[WpULHXUGHV]RQHV
GHGDQJHUVHWG¶H[SDQVLRQGHVFUXHVGX)RURQHWGHOD6H\PD]

(Q UHODWLRQ DYHF OHV IRUWHV FRQWUDLQWHV OLpHV j OD JHVWLRQ GHV HDX[ GHV VHFWHXUV DYDO GHV EDVVLQV YHUVDQWV GX
)RURQ HW GH OD 6H\PD] GpMjIRUWHPHQW XUEDQLVpV WRXWH XUEDQLVDWLRQ VXSSOpPHQWDLUH GH FH VHFWHXU QH SHXW
rWUH HQYLVDJpH TXH PR\HQQDQW GHV PHVXUHV WUqV VWULFWHV GH JHVWLRQ GHV HDX[ SOXYLDOHV j PrPH GH
PLQLPLVHUHIILFDFHPHQWOHVSHUWXUEDWLRQVLQGXLWHVVXUOHF\FOHK\GURORJLTXHQDWXUHOHWGHOLPLWHUOHVGpELWVGH
SRLQWHUHMHWpVjGHVYDOHXUVSURFKHVGHO¶pWDWDFWXHO

/¶pODERUDWLRQGXVFKpPDGLUHFWHXUGHJHVWLRQGHVHDX[SOXYLDOHVHWXVpHVGXSURMHW0,&$DIDLWO¶REMHWG¶XQH
pWXGHVSpFLILTXHpWDEOLHHQSDUDOOqOHDX35((6H\PD]VXUPDQGDWGX'RPDLQHGHO¶(DXTXLDGRQQpOLHXjXQ


7K{QH[&RPPXQDX[G¶$PELOO\

UDSSRUWGHV\QWKqVHpWDEOLHQGpFHPEUH 3$&0,&$ă6FKpPDGLUHFWHXUGHJHVWLRQGHVHDX[ă*(DX[
YHUVLRQ DLQVLTX¶DXQDGGHQGDGHPDUVGRQWOHVSRLQWVSULQFLSDX[VRQWUpVXPpVFLDSUqV

&HFRQFHSWGHJHVWLRQGHVHDX[DpWppODERUpDILQGHUpSRQGUHDX[REMHFWLIVVXLYDQWV
x GpILQLUOHVPHVXUHVGHJHVWLRQGHVHDX[SOXYLDOHVHWXVpHVjSUpYRLUjO¶LQWpULHXUGHVHPSULVHVjXUEDQLVHU
HWGHVDGDSWDWLRQVLPSRUWDQWHVjSUpYRLUDXQLYHDXGXV\VWqPHG¶DVVDLQLVVHPHQWH[LVWDQW
x PHWWUH HQ RHXYUH XQH JHVWLRQ GHV HDX[ SOXYLDOHV SHUPHWWDQW GH OLPLWHU OHV GpELWV GH SRLQWH VHORQ OHV
REMHFWLIV GpILQLV HW pJDOHPHQW G¶DVVXUHU XQH UpSRQVH JUDGXHOOH V¶DSSURFKDQW G¶XQ UpJLPH K\GURORJLTXH
QRQSHUWXUEpSRXUO¶HQVHPEOHGHVpYqQHPHQWVSOXYLHX[GHWHPSVGHUHWRXUGLIIpUHQWV
x SUHQGUHHQFRPSWHOHSURJUDPPHJOREDOG¶XUEDQLVDWLRQGXSURMHW0,&$HQWHQDQWFRPSWHpJDOHPHQWOH
FDVpFKpDQWGHO¶LQIOXHQFHGHSURMHWVFRQQH[HVVHORQOHVGRQQpHVGLVSRQLEOHV
x GpILQLU XQH VWUDWpJLH GH SODQLILFDWLRQ HW OHV SULQFLSHV GH PLVH HQ °XYUH GHV PHVXUHV HW DPpQDJHPHQWV
QpFHVVDLUHVHQFRQVLGpUDQWOHVpWDSHVGHUpDOLVDWLRQGXSURMHW
x GpILQLU FODLUHPHQW OHV pOpPHQWV GH JHVWLRQ GHV HDX[ j SUpYRLU SRXU OHV GLIIpUHQWHV pWDSHV GH PLVH HQ
°XYUH HQYLVDJHDEOHV DILQ G¶pQRQFHU OHV FRQWUDLQWHV HW PHVXUHV SUpFLVHV j LQWpJUHU DX VWDGH GHV 3/4
VXFFHVVLIV

/HVFRQWUDLQWHVGHGpYHUVHPHQWGDQVOHVFRXUVG¶HDXUpFHSWHXUVVRQWGpILQLHVFRPPHVXLW
x 3RXU OH )RURQ GpELW GH UHMHW GH  OVKD j FRQVLGpUHU SRXU GHV SOXLHV FULWLTXHV GH WHPSV GH UHWRXU
7DQV 6XU OD EDVH GHV GHUQLqUHV pWXGHV K\GURORJLTXHV HW GH GDQJHUV OLpV DX[ FUXHV UHODWLYHV DX
)RURQOHVpYqQHPHQWVFULWLTXHVSRXUODSDUWLHXUEDQLVpHDYDOGXEDVVLQYHUVDQWjODTXHOOHDSSDUWLHQWOH
SpULPqWUH0,&$VRQWFRQVWLWXpVSDUGHVSOXLHVG¶RUDJHGHGXUpHUHODWLYHPHQWFRXUWHV3RXUFHWWHUDLVRQ
DXFXQH FRQWUDLQWH VXSSOpPHQWDLUH Q¶HVW IL[pH SRXU GHV pYqQHPHQWV SOXYLHX[ GH WHPSV GH UHWRXU
VXSpULHXUj7DQV
x 3RXUOD6H\PD]GpELWGHUHMHWGHOVKDjFRQVLGpUHUSRXUGHVSOXLHVFULWLTXHVGHWHPSVGHUHWRXU
7DQV&HWWHFRQWUDLQWHHVWVXVFHSWLEOHG¶rWUHDFWXDOLVpHRXSUpFLVpHGDQVOHFDGUHGHODGpILQLWLRQ
GHVREMHFWLIVTXLVHURQWIL[pVjO¶LVVXHGHODSKDVHGLDJQRVWLFGX35((6H\PD]GDQVODSUHPLqUHPRLWLpGH

(QRXWUHSRXUOHVGHX[FRXUVG¶HDXFRQFHUQpVDXGHOjGXGpELWPD[LPDOGpILQLOHGLVSRVLWLIGHJHVWLRQGHV
HDX[SOXYLDOHVjPHWWUHHQ°XYUHGRLWpYLWHUWRXWHDXJPHQWDWLRQEUXWDOHGXGpELWpYDFXpGHSXLVOHSpULPqWUH
j XUEDQLVHU ,O V¶DJLW GH PDLQWHQLU XQH UpSRQVH JUDGXHOOH V¶DSSURFKDQW OH SOXV SRVVLEOH GX UpJLPH
G¶pFRXOHPHQWQRQSHUWXUEpOLpjO¶pWDWDFWXHOQRQXUEDQLVpGXSpULPqWUH
(QFHTXLFRQFHUQHOHVSRVVLELOLWpVG¶LQILOWUDWLRQGHVHDX[QRQSROOXpHVO¶HPSULVHGX3'40,&$ăDQV
HVW LQWpJUDOHPHQW VLWXpH VXU GHV WHUUDLQV GH FRXYHUWXUH FROOXYLRQV  HW OD PRUDLQH ZUPLHQQH DUJLOHXVH WUqV
SHXSHUPpDEOH&HVHFWHXUHVWGRQFFDUDFWpULVpFRPPHXQVHFWHXUGDQVOHTXHOO¶LQILOWUDWLRQPDVVLYHGHVHDX[
HVWLPSRVVLEOHGDQVOHUDSSRUWG¶pWDWFRUUHVSRQGDQWGHODSKDVHGLDJQRVWLFGX3*((

/DJHVWLRQGHVHDX[SOXYLDOHVGRLWWHQLUFRPSWHGHODFODVVHGHSROOXWLRQTXLGpSHQGGXW\SHGHVXUIDFHR
FHOOHVFLVRQWJpQpUpHV

$SDUWLUGHVWURLVFODVVHVGHSROOXWLRQGpILQLHVSDUOD'LUHFWLYHVXUO¶LQILOWUDWLRQODUpWHQWLRQHWO¶pYDFXDWLRQGHV
HDX[SOXYLDOHVGDQVOHVDJJORPpUDWLRQV 96$ăQRYHPEUH HWGHV,QVWUXFWLRQVUHODWLYHVjOD3URWHFWLRQGHV
HDX[ORUVGHO¶pYDFXDWLRQGHVHDX[GHVYRLHVGHFRPPXQLFDWLRQ 2)()3ă OHVHDX[SOXYLDOHVTXLVHURQW
JpQpUpHVSDUOHSURMHWG¶XUEDQLVDWLRQ0,&$SHXYHQWrWUHUpSDUWLHVFRPPHVXLW

x 3LqFHV XUEDLQHV HW SDUFV G¶pTXLSHPHQW FODVVH GH SROOXWLRQ IDLEOH pYDFXDWLRQ VDQV WUDLWHPHQW
SUpDODEOHOHVFRQFHSWVDUFKLWHFWXUDX[HWOHFKRL[GHPDWpULDX[GHYURQWrWUHHIIHFWXpVDILQGHUpSRQGUHj
FHWWHH[LJHQFHHQSDUWLFXOLHUHQFHTXLFRQFHUQHO¶DPpQDJHPHQWGHVWRLWXUHV&HSHQGDQWDXFDVRXQH
VXUIDFHVSpFLILTXHQpFHVVLWHUDLWXQWUDLWHPHQWOHFRQFHSWSURSRVpHVWFRPSDWLEOHDYHFXQWUDLWHPHQWSDU
LQILOWUDWLRQGDQVOHVRODXQLYHDXGHVSDUFVDGMDFHQWVDX[SLqFHVXUEDLQHVFRQFHUQpHV

x 0DLOFHQWUDOHWSODFHVGHSDUNLQJDGMDFHQWHVOHVHDX[SOXYLDOHVGHFHWWHHPSULVHVHURQWFROOHFWpHVGH
PDQLqUH VSpFLILTXH HQ IRQFWLRQ GH O¶pYDOXDWLRQ GH OD FODVVH GH SROOXWLRQ O¶DSSUpFLDWLRQ GH OD QpFHVVLWp


3ODQGLUHFWHXUGHTXDUWLHUQƒ

G¶XQ WUDLWHPHQW SUpDODEOH GHYUD rWUH pYDOXpH SDU O¶DXWRULWp FRPSpWHQWH HQ FRQVLGpUDQW pJDOHPHQW
O¶pYROXWLRQ IXWXUH GH OD UpJOHPHQWDWLRQ HW GH O¶pWDW GH OD WHFKQLTXH HQ IRQFWLRQ GH O¶KRUL]RQ HIIHFWLI GH
UpDOLVDWLRQGXSURMHW/HFRQFHSWpWDEOLHVWFRPSDWLEOHGXSRLQWGHYXHDOWLPpWULTXHDYHFODPLVHHQ°XYUH
G¶XQ WUDLWHPHQW SDU LQILOWUDWLRQ GDQV OH VRO UpDOLVp GLUHFWHPHQW DX QLYHDX GH O¶HPSULVH GX PDLO FHQWUDO
3RXU GHV TXHVWLRQV GH SHUWHV GH FKDUJH VXSSOpPHQWDLUHV HW GH PpODQJH GHV HDX[ GH GLIIpUHQWHV
FDWpJRULHV OD PLVH HQ °XYUH G¶XQ WUDLWHPHQW j O¶DYDO GH O¶DVVLHWWH GX PDLO FHQWUDO QHFRQVWLWXH SDV XQH
RSWLRQjUHWHQLU

x 0DLOORQURXWLHUJHVWLRQVSpFLILTXHGHVHDX[GHFKDXVVpHDYHFLQWpJUDWLRQG¶XQWUDLWHPHQWSUpDODEOH

/H FRQFHSW JpQpUDO G¶pYDFXDWLRQ GHV HDX[ SOXYLDOHV GX SURMHW 0,&$ D pWp pWDEOL j SDUWLU GHV EDVHV GH
FRQFHSWLRQVXLYDQWHV

Î 5HVSHFW GHV EDVVLQV YHUVDQWV QDWXUHOV GX )RURQ HW GH OD 6H\PD] DYHF LQWpJUDWLRQ RSWLPDOH j OD
WRSRJUDSKLHDFWXHOOH

Î (FRXOHPHQWLQWpJUDOHPHQWJUDYLWDLUHGHVHDX[SOXYLDOHV

Î 3UpVHUYDWLRQ G¶XQH G\QDPLTXH G¶pFRXOHPHQW QRQ SHUWXUEpH VH UDSSURFKDQW OH SOXV SRVVLEOH GH OD
VLWXDWLRQ QRQ XUEDQLVpH DFWXHOOH HQ WHUPH GH UpSRQVH JUDGXHOOH DYHF UHVSHFW GHV GpELWV GH UHMHW
PD[LPDX[GpILQLV

Î 6pFXULWpGHIRQFWLRQQHPHQWFRQILJXUDWLRQJpQpUDOHSHUPHWWDQWG¶pYLWHUWRXWGDQJHURXGpJkWVLJQLILFDWLI
GDQV OH FDV G¶pYpQHPHQWV ©H[WUrPHVª VXSpULHXUV DX[ WHPSV GH UHWRXU FRQVLGpUpV SRXU OH
GLPHQVLRQQHPHQW

Î &RQIRUPLWp HW PDvWULVH GH OD TXDOLWp GHV HDX[ SOXYLDOHV JpQpUpHV SDU OHV GLIIpUHQWV W\SHV GH VXUIDFH GX
SURMHWG¶DPpQDJHPHQWjSDUWLUGHVFODVVHVGHSROOXWLRQGpILQLHV

Î ,QWpJUDWLRQRSWLPDOHDXSURMHWG¶DPpQDJHPHQWXUEDLQHWSD\VDJHUHQIRQFWLRQGHVGLIIpUHQWHVW\SRORJLHV
GHVD[HVURXWLHUVSLqFHVXUEDLQHVSDUFVG¶pTXLSHPHQWVSDUFVSD\VDJHUVHWVHFWHXUVWDPSRQV

Î 5HFKHUFKHGHV\QHUJLHVDYHFOHVREMHFWLIVSD\VDJHUVHWpFRORJLTXHV ELRGLYHUVLWp 

Î 5DFFRUGHPHQWRSWLPDODXV\VWqPHG¶DVVDLQLVVHPHQWH[LVWDQW

Î 2SWLPLVDWLRQpFRQRPLTXHPLQLPLVDWLRQGHVFR€WVGHUpDOLVDWLRQG¶H[SORLWDWLRQHWGHPDLQWHQDQFH

Î 6RXSOHVVH GDQV OH SKDVDJH GpILQLWLRQ G¶pWDSHV UDWLRQQHOOHV HQ FRKpUHQFH DYHF OD FRQFUpWLVDWLRQ SDU
pWDSHVGXQRXYHDXTXDUWLHU

(Q SDUDOOqOH GHV UHFRPPDQGDWLRQV RQW pWp pPLVHV j O¶DWWHQWLRQ GHV XUEDQLVWHV DILQ GH OLPLWHU
O¶LPSHUPpDELOLVDWLRQGHVVXUIDFHVXUEDQLVpHVHQSULYLOpJLDQWSDUWRXWRFHODHVWFRPSDWLEOHDYHFO¶DIIHFWDWLRQ
ODPLVHHQ°XYUHGHVXUIDFHVSHUPpDEOHVRXVHPLSHUPpDEOHVQRWDPPHQWSRXUFHTXLHVWGHVVXUIDFHVGH
WRLWV WRLWVSODWVYpJpWDOLVpV GHVSODFHVHWGHVDLUHVGHVWDWLRQQHPHQW

&HVUHFRPPDQGDWLRQVGHYURQWrWUHFRQFUpWLVpHVGDQVOHFDGUHGHO¶pODERUDWLRQGHVGLIIpUHQWVSODQV ORFDOLVpV
GHTXDUWLHUSXLVDXQLYHDXGHVSURMHWVGpILQLWLIVGHVGLIIpUHQWVDPpQDJHPHQWV

/HVGLIIpUHQWVFULWqUHVGHFRQFHSWLRQPHQWLRQQpVSOXVKDXWQRXVRQWDPHQpVjUHFKHUFKHUGHVVROXWLRQVGH
JHVWLRQGHVHDX[SOXYLDOHVjFLHORXYHUW
/HVDOWLWXGHVGHVSODWHDX[FRQVWUXFWLEOHVGHVSLqFHVXUEDLQHVHWGHVpTXLSHPHQWVSUpYXVGDQVOHVSDUFVRQWpWp
IL[pHVHQIRQFWLRQGHFULWqUHVG¶XUEDQLVPHHWG¶RSWLPLVDWLRQpFRQRPLTXHHQWHQDQWFRPSWHGHODSUpVHQFHVXU
ODPDMHXUHSDUWLHGHVSLqFHVXUEDLQHVG¶XQQLYHDXGHVRXVVRO
/HSURMHWXUEDLQSUpYRLWG¶LPSODQWHUHQJpQpUDOOHVSODWHDX[FRQVWUXFWLEOHVGHVSLqFHVXUEDLQHVHQYLURQP
DXGHVVXVGHVD[HVGHGHVVHUWHURXWLqUH VRLWOHPDLOFHQWUDOSRXUOHSpULPqWUHGHV&RPPXQDX[G¶$PELOO\ 


7K{QH[&RPPXQDX[G¶$PELOO\

$ SDUWLU GH FHV FULWqUHV HW HQ IRQFWLRQ GH OD FRQWUDLQWH G¶pYDFXDWLRQ JUDYLWDLUH GHV HDX[ MXVTX¶DX V\VWqPH
G¶DVVDLQLVVHPHQW RX DX[ FRXUV G¶HDX UpFHSWHXUV OHV DOWLWXGHV PLQLPDOHV j UHVSHFWHU SRXU OHV SODWHDX[
FRQVWUXFWLEOHVGHVSLqFHVXUEDLQHVRQWpWpGpILQLHV
&HV FRWHV FRUUHVSRQGHQW HQ JpQpUDO j   P j O¶DOWLWXGH GX WHUUDLQ DFWXHO KRUPLV HQ FH TXL FRQFHUQH OD
SDUWLH FHQWUDOH GHV &RPPXQDX[ G¶$PELOO\ FDUDFWpULVpHSDU OD SUpVHQFH G¶XQH GpSUHVVLRQ G¶XQH SURIRQGHXU
VXSpULHXUHjP'DQVFHVHFWHXUFRUUHVSRQGDQWjO¶LPSODQWDWLRQGHVSLqFHVXUEDLQHV©$ªHW©%ªOHV
SODWHDX[FRQVWUXFWLEOHVGHYURQWrWUHLPSODQWpVHQWUHjPDXGHVVXVGXQLYHDXGXWHUUDLQDFWXHO
$XGHOjGHO¶H[LJHQFHOLpHjO¶pYDFXDWLRQJUDYLWDLUHGHVHDX[FHUHKDXVVHPHQWHVWpJDOHPHQWPRWLYpSDUGHV
TXHVWLRQVXUEDQLVWLTXHVHWHVWUDWLRQQHOGXSRLQWGHYXHpFRQRPLTXHHWHQYLURQQHPHQWDOSXLVTX¶LOFRQWULEXH
jUppTXLOLEUHUOHVYROXPHVGHGpEODLVăUHPEODLVOLpVDXSURMHWHQPLQLPLVDQWOHVYROXPHVGHGpEODLVjpYDFXHU
HWjPHWWUHHQGpFKDUJHjO¶H[WpULHXUGXSpULPqWUH
/¶DOWLWXGH GHV SDUFV FRUUHVSRQG JOREDOHPHQW j FHOOH GX WHUUDLQ QDWXUHO HW FHV GHUQLHUV VHURQW VLWXpV HQ
PR\HQQHHQYLURQPHQGHVVRXVGXQLYHDXGXSODWHDXFRQVWUXFWLEOHGHVSLqFHVXUEDLQHV
/H PDLOORQ URXWLHU SUpVHQWH XQ SRLQW KDXW XQLTXH  P  TXL PDUTXH OD VpSDUDWLRQ HQWUH OHV HDX[ j
pYDFXHUYHUVOH)RURQDXVXGHWYHUVOD6H\PD]DXQRUG8QHRSWLRQDYHFXQHSHQWHXQLTXHHWO¶DVVLHWWHGHOD
URXWHSURMHWpHLQWpJUDOHPHQWUDFFRUGpHDXEDVVLQYHUVDQWGX)RURQHVWpJDOHPHQWHQYLVDJHDEOH
/H PDLO FHQWUDO SUpVHQWH XQ SURILO HQ ORQJ RSWLPLVp HQ IRQFWLRQ GHV H[LJHQFHV GH FRQVWUXFWLRQ URXWLqUH
G¶pYDFXDWLRQGHVHDX[HWG¶XUEDQLVPH(QIRQFWLRQGHVGLIIpUHQWHVFRQWUDLQWHVO¶LPSODQWDWLRQSRLQWVKDXWVHW
SRLQWVEDVHVWQpFHVVDLUH
/HV SULQFLSHV G¶pYDFXDWLRQ GHV HDX[ HQWUH OHV SLqFHV XUEDLQHV OHV SDUFV HW OHV DPpQDJHPHQWV SHXYHQW rWUH
UpVXPpVFRPPHVXLW
x /HVHDX[SOXYLDOHVVRQWpYDFXpHVGHVSLqFHVXUEDLQHVjXQHDOWLWXGHGHPSDUUDSSRUWjO¶DOWLWXGHGHV
SODWHDX[FRQVWUXFWLEOHV
x (Q IRQFWLRQ GH OD QpFHVVLWp G¶XQ WUDLWHPHQW SUpDODEOH OHV HDX[ SOXYLDOHV GX PDLOORQ URXWLHU GRLYHQW
SRXYRLUrWUHUHSULVHVjXQHFRWHGHPSDUUDSSRUWjO¶DOWLWXGHGHODFKDXVVpH
x $ILQ GH PDLQWHQLU OD SRVVLELOLWp G¶XQ WUDLWHPHQW SUpDODEOH SDU IRVVp G¶LQILOWUDWLRQ OHV HDX[ SOXYLDOHV GX
PDLOFHQWUDOGRLYHQWSRXYRLUrWUHUHSULVHjXQHFRWHGHPSDUUDSSRUWjO¶DOWLWXGHGHODFKDXVVpH(Q
FDV GH FRQWUDLQWH LPSRUWDQWHFHWWH SURIRQGHXU SHXW rWUH UDPHQpHj XQH YDOHXU PLQLPDOH GH  P HQ
WHQDQWFRPSWHGHVSRVVLELOLWpVGHGpFDODJHORQJLWXGLQDOHQWUHOHSRLQWEDVGXIRVVpHWOHSRLQWEDVGHOD
FKDXVVpH
x +RUPLVGHVWURQoRQVVSpFLILTXHVSUpVHQWDQWGHVFRQWUDLQWHVSDUWLFXOLqUHVOHVIRVVpVVRQWLPSODQWpVjXQH
SURIRQGHXU GH  P SDU UDSSRUW j ODWRSRJUDSKLH DFWXHOOH ,OV SUpVHQWHQW XQH SHQWH PLQLPDOH GH 
VDXI HQ FH TXL FRQFHUQH OH IRVVp G¶pYDFXDWLRQ HQ GLUHFWLRQ GH OD 6H\PD] TXL SUpVHQWH VXU FHUWDLQV
WURQoRQVXQHSHQWHGH
(QIRQFWLRQGHVFRQWUDLQWHVIL[pHVDX[GpELWVjUHMHWHUYHUVOH)RURQHWOD6H\PD]GHVYROXPHVGHUpWHQWLRQ
WUqVLPSRUWDQWVGHYURQWrWUHLQWpJUpVjO¶DPpQDJHPHQWXUEDLQSURMHWp
$ILQG¶RSWLPLVHUO¶HIIHWGHODUpWHQWLRQVXUODPDvWULVHGXUpJLPHG¶pFRXOHPHQWGHVHDX[jpYDFXHUHWGHOLPLWHU
O¶DPSOHXUGHVRXYUDJHVG¶pYDFXDWLRQHWGHVWRFNDJHjSUpYRLUOHVYROXPHVGHUpWHQWLRQVHURQWPLVHQ°XYUH
GH PDQLqUH GpFHQWUDOLVpH DYHF XQH LPSODQWDWLRQ DXVVL SURFKH TXH SRVVLEOH GH OD VXUIDFH G¶pFRXOHPHQW j
O¶RULJLQHGXEHVRLQGHODPLQDJHGHVGpELWV
/DFRQFUpWLVDWLRQGHFHSULQFLSHHVWSUpYXHVHORQOHVPRGDOLWpVVXLYDQWHV
x (Q SUHPLHU OLHX OD UpWHQWLRQ HVW DVVXUpH j O¶LQWpULHXU GHV SLqFHV XUEDLQHV DYHF PLVH j
FRQWULEXWLRQGHVVXUIDFHVGHWRLWVSODWV(QDGPHWWDQWXQHKDXWHXUGHVWRFNDJHGHFPOHYROXPH
GHUpWHQWLRQDLQVLDPpQDJHDEOHV¶pWDEOLWHQWUHHWPSRXUOHVGLIIpUHQWHVSLqFHVXUEDLQHVFHTXL
UHSUpVHQWHHQWUHHWGHVEHVRLQVGHUpWHQWLRQWRWDX[OLpVDX[SLqFHVXUEDLQHV

'¶DXWUHV SRVVLELOLWpV GH UpWHQWLRQ j O¶LQWpULHXU GHV SLqFHV XUEDLQHV SDU H[HPSOH VRXV OD IRUPH GH
FKDXVVpHVRXGHSODFHVjVWUXFWXUHUpVHUYRLUUHVWHQWHQYLVDJHDEOHVPDLVQ¶RQWSDVpWpUHWHQXHVjFHVWDGH
SRXUGHVTXHVWLRQVWHFKQLTXHVHWG¶RSWLPLVDWLRQpFRQRPLTXH XQQLYHDXGHVRXVVRO VHUDSUpVHQWVXU OD
PDMHXUHSDUWLHGHO¶HPSULVHGHVSLqFHVXUEDLQHV 


3ODQGLUHFWHXUGHTXDUWLHUQƒ

(Q RXWUH LO FRQYLHQW GH SUpFLVHU TXH O¶RSWLRQ GH PLVH j FRQWULEXWLRQ GHV VXUIDFHV GH WRLWXUH SRXU OD
UpWHQWLRQHQFDVGHIRUWHVSOXLHVHVWWRXWjIDLWFRPSDWLEOHDYHFXQHVROXWLRQGHUpFXSpUDWLRQGHO¶HDXGH
SOXLH j GHV ILQV G¶XWLOLVDWLRQ DUURVDJH :&  'HV YROXPHV GH VWRFNDJHV GLVWLQFWV GDQV OHXU
GLPHQVLRQQHPHQWHWOHXUFRQFHSWLRQVRQWjSUpYRLU

x (QVHFRQGOLHXOHVEHVRLQVGHUpWHQWLRQQRQFRXYHUWVGDQVOHVSLqFHVXUEDLQHV VRLWHQWUHHWGX
YROXPH WRWDO QpFHVVDLUH  VHURQW PLV HQ °XYUH VXU OHV HPSULVHV GH SDUFV HW GH ]RQHV WDPSRQ VRXV OD
IRUPH GH IRVVpV GH UpWHQWLRQ RX G¶HVSDFHV YHUWV LQRQGDEOHV WHPSRUDLUHPHQW /D FRQILJXUDWLRQ
SUpYXHHVWGHVWLQpHjV¶LQVpUHUGHPDQLqUHRSWLPDOHGDQVOHFDGUHGHVDPpQDJHPHQWVSD\VDJHUVSUpYXV
$ FH WLWUH OD SURIRQGHXU GHV IRVVpV GH UpWHQWLRQ SUpYXV HVW JpQpUDOHPHQW OLPLWpH j P HW FHOOH GHV
HPSULVHVLQRQGDEOHVWHPSRUDLUHPHQWjP
(Q IRQFWLRQ GHV FRQWUDLQWHV WRSRJUDSKLTXHV GHV IRVVpV SOXV SURIRQGV ă HQWUH  HW  P  VRQW
QpDQPRLQVQpFHVVDLUHVGDQVFHUWDLQVVHFWHXUVGHVFRPPXQDX[G¶$PELOO\VLWXpVDXVXGGXPDLOFHQWUDO
x /HV YROXPHV GH UpWHQWLRQ OLpV DX PDLOORQ URXWLHU TXL QpFHVVLWH OD PLVH HQ °XYUH G¶XQ WUDLWHPHQW
SUpDODEOHVRQWJpUpVGHPDQLqUHDXWRQRPHDYHFO¶REMHFWLIGHYDORULVHUOHVV\QHUJLHVHQWUHOHVEHVRLQVGH
UpWHQWLRQ HW OHV YROXPHV j SUpYRLU j O¶DPRQW GH O¶LQILOWUDWLRQ 6HXO OH SDUF G¶pTXLSHPHQW '
SRWHQWLHOOHPHQW SUpYX j ORQJ WHUPH j O¶RXHVW GX PDLOORQ URXWLHU SRXUUDLW rWUH UDFFRUGp DX UpVHDX
G¶pYDFXDWLRQGHODURXWHjO¶DYDOGXGLVSRVLWLIGHWUDLWHPHQWGHVHDX[GHFKDXVVpH
x (Q FH TXL FRQFHUQH OH PDLO FHQWUDO OHFRQFHSW GpILQL HVW FRPSDWLEOH DYHF O¶RSWLRQ G¶XQ WUDLWHPHQW GHV
HDX[GHFKDXVVpHELHQTXHFHWWHRSpUDWLRQQHVRLWSDVH[LJpHVHORQODFODVVLILFDWLRQGHO¶RXYUDJH/HFDV
pFKpDQWOHYROXPHGHVQRXHVG¶LQILOWUDWLRQSRXUUDLWpJDOHPHQWrWUHYDORULVpSRXUOHVEHVRLQVHQUpWHQWLRQ
&RPSWH WHQX GH FH WUDLWHPHQW SRWHQWLHO OH FRQFHSW GpILQL SUpYRLW XQH pYDFXDWLRQ GHV HDX[ GX PDLO
FHQWUDO  P HQ GHVVRXV GX QLYHDX GH OD FKDXVVpH HW WLHQW FRPSWH GH OD PLVH HQ °XYUH LQWpJUDOH GHV
YROXPHVGHUpWHQWLRQOLpVDXPDLOFHQWUDODXQLYHDXGHVIRVVpVGHUpWHQWLRQDPpQDJpVOHORQJGHVSDUFVj
O¶DYDOGHODFKDXVVpH
/¶H[LJHQFH G¶XQH UpSRQVH JUDGXHOOH ORUV GH OD PLVH j FRQWULEXWLRQ GHV YROXPHV GH UpWHQWLRQ SRXUUD rWUH
UHPSOLH HQ WHQDQW FRPSWH GH OD IDLEOH KDXWHXU GH PLVH HQ FKDUJH GHV YROXPHV GH UpWHQWLRQ HW GH OD IDLEOH
YLWHVVH G¶pFRXOHPHQW GDQV OHV IRVVpV DX PD[LPXP  PV  DLQVL TXH SDU XQH UpJXODWLRQ DVVXUpH SDU GHV
VHFWLRQVGHFRQWU{OHRXGHVRULILFHVFDOLEUpV
/H FRQFHSW GpILQL V¶HVW HQ RXWUH HIIRUFp j UpGXLUH DX PLQLPXP OH QRPEUH G¶RXYUDJHV GH UpJXODWLRQ DILQ GH
IDFLOLWHUO¶H[SORLWDWLRQHWO¶HQWUHWLHQGXV\VWqPH
/HFRQFHSWGHJHVWLRQGHVHDX[SURSRVpGDQVOHFDGUHGX3'40,&$DQVIDLWO¶REMHWGXVFKpPDSUpVHQWp
HQSDJHVXLYDQWH
'H SDU OH SULQFLSH GH JHVWLRQ GHV HDX[ j FLHO RXYHUW HW GH OD FRQILJXUDWLRQ DOWLPpWULTXH SURSRVpH  VRLW HQ
SDUWLFXOLHU OD VXUpOpYDWLRQ GHV SODWHDX[ FRQVWUXFWLEOHV GHV SLqFHV XUEDLQHV HW GHV pTXLSHPHQWV SUpYXV SDU
UDSSRUWDX[QLYHDXGHVSDUFVOHFRQFHSWSURSRVpSUpVHQWHXQHVpFXULWpSDVVLYHRSWLPDOHSHUPHWWDQWGH
IDLUH IDFH j GHV pYqQHPHQWV ©H[WUrPHVª GH WHPSV GH UHWRXU VXSpULHXU DX[ KRUL]RQV GH
GLPHQVLRQQHPHQWVDQVULVTXHGHGDQJHURXGHGpJkWPDMHXU
/HVSDUFVDPpQDJpVjO¶LQWpULHXUGXSpULPqWUHGHV&RPPXQDX[G¶$PELOO\SUpVHQWHQWHQHIIHWXQHFDSDFLWpGH
UpWHQWLRQVXSpULHXUHDX[YROXPHVVSpFLILTXHPHQWFRQVLGpUpVGDQVOHFRQFHSWGHUpWHQWLRQ
$YHF OH FRQFHSW GH JHVWLRQ GHV HDX[ SURSRVp OH SURMHW 0,&$ QH QpFHVVLWH DXFXQH DGDSWDWLRQ RX
UHGLPHQVLRQQHPHQWPDMHXUGXUpVHDXHDX[SOXYLDOHVH[LVWDQW
(QHIIHWSRXUOHVGHX[EUDQFKHVGXUpVHDXVHFRQGDLUHVROOLFLWpHVSDUO¶pYDFXDWLRQGHVHDX[GXSpULPqWUHGHV
&RPPXQDX[G¶$PELOO\VRLWFROOHFWHXU(3GXFKHPLQGX)RURQYHUVOHVXGHWFROOHFWHXU(3DXQRUGGHO¶DYHQXH
GH %HO$LU OHV GpELWV VXSSOpPHQWDLUHV j pYDFXHU HQ UHODWLRQ DYHF OH SURMHW 0,&$ VH VLWXHQW HQ GHoj GHV
UpVHUYHV GH FDSDFLWp FDOFXOpV GDQV OH FDGUH GH OD PRGpOLVDWLRQ UpDOLVpH SRXU OH 3*(( 7URLV&KrQHV ă
9DQGRHXYUHV KRUPLV SRXU XQ FRXUW WURQoRQ VLWXp DX QLYHDX GX FDUUHIRXU GH 3LHUUHj%RFKHW j O¶DPRQW GX
FKHPLQ GX )RURQ  (Q RXWUH DSUqV JHVWLRQ GHV GpELWV XQH SDUWLH GHV HDX[ SOXYLDOHV GX SpULPqWUH VHUD
GLUHFWHPHQWpYDFXpHjOD6H\PD]YLDXQIRVVpjFLHORXYHUWjFUpHU
/HV HDX[ XVpHV GX SpULPqWUH 0,&$  DQV GHYUDLHQW SRXYRLU rWUH pYDFXpHV LQWpJUDOHPHQW HQ PRGH
JUDYLWDLUH VRLW YHUV OH QRUG HQ GLUHFWLRQ GX FROOHFWHXU SULPDLUH VRLW YHUV OH VXG HQ GLUHFWLRQ GX UpVHDX
VHFRQGDLUHGHOD&RPPXQHGH7K{QH[








I
05 

4  OV

9   P

9  P &$ 


I

 4  OV


 2
 


3DUF ( $


$ 9  P  2


  $ 9   P 2
 9   P


2 9   P 

2

9  P 9  P


9  P
 9  P
&$ 


2 (
 9  P 4  OV
&$ 
&$ 
(
4  OV 9  P
9  P

I
4  OV

I


  
   
I

 0  0  


0
 0
 

0 

  
%


&


9  P  9  P 
9  P 2


2
 2 9  P



&$  
2


I
4  OV






 P


 9 2
 


2

I
2 

 


&$ 
2 4  OV



2
9   P



I
9  P 
9  P

&$ 

4  OV

I

05 

4  OV



 /pJHQGH
 352-(7 '¶$0(1$*(0(17

 $ ,GHQWLILFDWLRQ GHV HQWLWpV G DPpQDJHPHQW
9  P DYHF YROXPH GH UpWHQWLRQ QpFHVVDLUH



2 1LYHDX SODWHDX GHV SLqFHV XUEDLQHVSDUFV DPpQDJpV
 1LYHDX SURMHWp GHV URXWHV
 1LYHDX GHV SDUFV

&21&(37 '( *(67,21 '(6 ($8;


&KDPEUH H[LVWDQWH
 &ROOHFWHXU H[LVWDQW
5(38%/,48( (7 &$1721 '( *(1(9(
'(3$57(0(17 '8 7(55,72,5( &ROOHFWHXU G pYDFDXWLRQ GHV SLqFHV XUEDLQHV
6(59,&( &$1721$/ '( /$ 3/$1,),&$7,21 '( / ($8 63'( &ROOHFWHXU GH GpFKDUJH
)RVVp G pYDFXDWLRQ GHV HDX[
q
3pULPqWUH G¶DPpQDJHPHQW FRRUGRQQp 3$&  0RQ ,GpH&RPPXQDX[ G¶$PELOO\
&ROOHFWHXU)RVVp G pYDFXDWLRQLQILOWUDWLRQ  PDLO FHQWUDO
)RVVp G pYDFXDWLRQLQILOWUDWLRQ  PDLOORQ URXWLHU
*HVWLRQ GHV HDX[ 9  P  5pWHQWLRQ HQ WRLWXUH

&RQFHSW GH JHVWLRQ GHV HDX[ SOXYLDOHV  $OWLWXGH GHV IRVVpV


3'4 0,&$  DQV G 2XYUDJHV GH UpJXODWLRQ



1LYHDX PD[LPDO GH PLVH HQ FKDUJH GHV ]RQHV GH UpWHQWLRQ
SD &6' ,QJpQLHXUV &RQVHLOV 6$ 2
*(DX[ $QQH[H 
 DY LQGXVWULHOOH )RVVp G pYDFXDWLRQ GHV HDX[ DYHF UpWHQWLRQ  PP
&6'  7LIRUP  &DURXJH
7pO      (VSDFH YHUW LQRQGDEOH 9UpW  PP
*(  HVDRUH 0DUV 
9  P 
9ROXPH GH UpWHQWLRQ IRVVp HW ]RQH LQRQGDEOH

%DVVLQ GH UpWHQWLRQ  0DLOORQ URXWLHU


     
0qWUHV
7K{QH[&RPPXQDX[G¶$PELOO\


3ODQGLUHFWHXUGHTXDUWLHUQƒ

/HUpVHDXHDX[XVpHVPLVjFRQWULEXWLRQSDUOHSURMHW0,&$SUpVHQWHXQHUpVHUYHGHFDSDFLWpVXIILVDQWHSDU
WHPSV VHF /D SUREOpPDWLTXH GHV GpELWV pOHYpV SDU WHPSV GH SOXLH TXL RFFDVLRQQHQW GHV GpYHUVHPHQWV
VLJQLILFDWLIV DX QLYHDX GH  GpYHUVRLUV G¶RUDJH SRXUUD rWUH UpVROXH SDU OHV PHVXUHV G¶DPpOLRUDWLRQ PLVH HQ
VpSDUDWLI SODQLILpHVGDQVOHFDGUHGX3*((/HVGLPLQXWLRQVGHGpELWVSDUWHPSVGHSOXLHHQJHQGUpVSDUFHV
PHVXUHVUHSUpVHQWHQWGHVRUGUHVGHJUDQGHXUQHWWHPHQWVXSpULHXUVDXGpELWGHVHDX[XVpHVJpQpUpHVSDUOH
SURMHW0,&$
$ SDUWLU GH FH FRQWH[WH JOREDO OHV GpELWV G¶HDX[ XVpHV JpQpUpV SDU OH SURMHW 0,&$ SRXUURQW rWUH SULV HQ
FKDUJHSDUOHUpVHDXH[LVWDQWGDQVVDFRQILJXUDWLRQDFWXHOOH
(Q FH TXL FRQFHUQH OD 67(3 GH 9LOOHWWH FHWWH LQVWDOODWLRQ SUpVHQWH GpMj j O¶pWDW DFWXHO GHV SUREOqPHV GH
IRQFWLRQQHPHQWHWGHGLPHQVLRQQHPHQW0rPHDYHFODSULVHHQFRPSWHGHPHVXUHVHIILFDFHVGHUpGXFWLRQ
GHVHDX[FODLUHVSDUDVLWHVOHWUDLWHPHQWELRORJLTXHH[LVWDQWSUpVHQWHXQHFDSDFLWpLQVXIILVDQWHSDUUDSSRUWDX
QRPEUHG¶pTXLYDOHQWVKDELWDQWVUDFFRUGpVDFWXHOOHPHQW
/D UpDOLVDWLRQ GX SURMHW 0,&$  DQV UHSUpVHQWH XQH DXJPHQWDWLRQ OpJqUHPHQW LQIpULHXUH j  GHV
pTXLYDOHQWVKDELWDQWVUDFFRUGpVDFWXHOOHPHQWHWFRQVWLWXHGRQFXQpOpPHQWGpWHUPLQDQWGDQVOHVUpIOH[LRQVj
HQJDJHU SDU UDSSRUW j O¶RSWLPLVDWLRQ HW j O¶DGDSWDWLRQ IXWXUH GH OD 67(3 H[LVWDQWH /D UpDOLVDWLRQ GX SURMHW
0,&$QHSHXWGRQFrWUHHQYLVDJpHTXHPR\HQQDQWXQHDGDSWDWLRQGHOD67(3GH9LOOHWWH

 &RQFHSW©3D\VDJH 1DWXUHªFRPPHpOpPHQWVWUXFWXUDQWGXSURMHW


6XU OD EDVH GH O¶DQDO\VH GH O¶pWDW DFWXHO GHV PLOLHX[ QDWXUHOV GX VLWH j GLYHUVHV pFKHOOHV ORUV GHV pWDSHV
SUpFpGHQWHV GH O¶((6 XQH VpULH G¶REMHFWLIV HW G¶HQMHX[ RQW pWp LGHQWLILpV /HV SRLQWV SULQFLSDX[ UHODWLIV DX[
DVSHFWVPLOLHX[QDWXUHOVHWSD\VDJHUVLGHQWLILpVGDQVOHFDGUHGHODGpILQLWLRQGHO¶LPDJHGLUHFWULFHJOREDOHGX
SpULPqWUH0,&$IRQWO¶REMHWGHODILJXUHFLGHVVRXVHWSHXYHQWrWUHEULqYHPHQWUpVXPpVFRPPHVXLW

*HVWLRQGHO¶LQWHUIDFHDYHFOD]RQHDJULFROHjO¶HVW

ƒ &RQVWLWXHXQHSpQpWUDQWHGHYHUGXUHVHORQOH3'&DQW

ƒ &RQVWLWXHUDDXQLYHDXGHO¶LPDJHGLUHFWULFHJOREDOHODQRXYHOOHOLPLWHHQWUHO¶DJJORPpUDWLRQHWOHWHUULWRLUH
UXUDOTXLGHYUDIDLUHO¶REMHWG¶XQWUDLWHPHQWDGpTXDWHQWDQWTXH©FRXWXUHSD\VDJqUHª


7K{QH[&RPPXQDX[G¶$PELOO\

ƒ &RQVWLWXHXQHpEDXFKHGHFRXORLUELRORJLTXHHQWUHOD6H\PD]HWOH)RURQ

)RUrWGH%HOOH,GpH

ƒ 3UpVHQWHXQLQWpUrWSD\VDJHUHQUHODWLRQDYHFO¶HIIHWGHFRXSXUHDYHFOHGRPDLQHGH%HOOH,GpH

ƒ ,QWpUrWpFRORJLTXHOLPLWpHQUHODWLRQDYHFODIRUWHIUpTXHQWDWLRQGXSXEOLFDSSHOpHjDXJPHQWHU

(VSDFHVYHUWVjO¶LQWpULHXUGXSpULPqWUH

ƒ ,QWpJUDWLRQ GHV pOpPHQWV QDWXUHOV DFWXHOV FRUGRQV ERLVpV YHUJHUV  TXL QH SUpVHQWHQW WRXWHIRLV SDV XQ
HQMHXpFRORJLTXHPDMHXU

ƒ 9DORULVHUODIRQFWLRQGHGpODVVHPHQWDILQGHOLPLWHUODSUHVVLRQXUEDLQHVXUOHVPLOLHX[HQYLURQQDQWV

$ILQG¶DWWHLQGUHOHVREMHFWLIVSD\VDJHUHWHQYLURQQHPHQWDX[GpILQLVORUVGHODSKDVHGHGLDJQRVWLFOH3'4
DQV D IDLW O¶REMHW G¶XQ FRQFHSW G¶DPpQDJHPHQW ©YHUW ă EOHXª pODERUp HQ MXLQ  TXL FRQVWLWXH XQ
GRFXPHQWJXLGHTXLIL[HOHVFRQGLWLRQVGHSODQLILFDWLRQGHVHVSDFHVYHUWVHWSD\VDJHUV

/HVGLIIpUHQWVW\SHVGHVXUIDFHVVXLYDQWHVRQWpWpGpILQLV

ƒ (VSDFHV GH SDUF 6¶DJLVVDQW GH SDUFV VLWXpV HQWUH OHV SLqFHV XUEDLQHV FHV VXUIDFHV VRQW GHVWLQpHV HQ
SUHPLHU OLHX j O¶XVDJH GHV KDELWDQWV GHV TXDUWLHUV DYRLVLQDQWV &HV HVSDFHV UHPSOLVVHQW pJDOHPHQW OD
IRQFWLRQFRPSOpPHQWDLUHG¶HVSDFHOLEUHXUEDLQHQUpSRQVHjODJUDQGHGHQVLWpEkWLHGHVSLqFHVXUEDLQHV
DYRLVLQDQWHV (Q RXWUH LOV VHUYLURQW DXVVL G¶HVSDFHV GH GLVWULEXWLRQ GH ]RQH GH MHX HW UpFUpDWLYHV
G¶pOpPHQWVGXPDLOODJHGHPLOLHX[QDWXUHOVHWGHVXUIDFHGHUpWHQWLRQSRXUOHVHDX[GHSOXLH

ƒ 6XUIDFHVGHFRXUV ,OV¶DJLWGHFRXUVLQWpULHXUHVVHPLSULYpHVHWG¶HVSDFHVOLEUHVGHSOXVSHWLWHGLPHQVLRQ
DX VHLQ GHV FDUUpV EkWLV ([FOXVLYHPHQW GHVWLQpV j O¶XVDJH GHV KDELWDQWV GHV LPPHXEOHV GLUHFWHPHQW
DWWHQDQWVFHV]RQHVUpFUpDWLYHVFDOPHVHWSURWpJpHVSHXYHQWrWUHpJDOHPHQWSDUWLHOOHPHQWIHUPpHVHOOHV
VRQWVLWXpHVKRUVGXPDLOODJHG¶pOpPHQWVQDWXUHOVHWSUpVHQWHQWXQLQWpUrWPRLQGUHHQWHUPHVGHPLOLHX[
QDWXUHOV

ƒ 3DUFG¶pTXLSHPHQW(VSDFHV FHVSDUFVSXEOLFVRQWXQHVLJQLILFDWLRQjSOXVJUDQGHpFKHOOHFDUFHVRQWGHV
VXUIDFHVGHVWLQpHVjO¶XVDJHGHWRXVOHVKDELWDQWVGXTXDUWLHU2XWUHOHVWHUUDLQVGHVSRUWDPpQDJpVVHORQ
OHVQRUPHVRQ\WURXYHOHVpTXLSHPHQWVSRXUODJHVWLRQGHVGpFKHWVGHVSODFHVGHTXDUWLHUFROOHFWLYHVHW
GHVHVSDFHVGHGpWHQWHDX[DPpQDJHPHQWVGLIIpUHQFLpVHWDXFDUDFWqUHPDUTXp&HUWDLQVGHFHVHVSDFHV
VRQW GHVWLQpV j O¶LPSODQWDWLRQ GH EkWLPHQWV SXEOLFV pFROHV  &HV SDUF VHURQW pJDOHPHQW LQFOXV DX UpVHDX
JOREDOG¶pOpPHQWVQDWXUHOVHWFRPSUHQGURQWGRQFGLIIpUHQWVW\SHVGHVWUXFWXUHVIDYRUDEOHVjODIDXQHHWj
ODIORUH

ƒ ,QIUDVWUXFWXUHVSODFHV &HV LQIUDVWUXFWXUHV UHSUpVHQWHQW OHV D[HV GH OLDLVRQ SULQFLSDX[ GDQV OH SpULPqWUH
FRQVLGpUp\FRPSULVOHXUVDFFRWHPHQWVHWOHVSHWLWVVTXDUHVDWWHQDQWV,OV¶DJLWG¶HVSDFHVRXYHUWVHWSXEOLFV
pTXLSpVG¶LQIUDVWUXFWXUHVGHWUDQVSRUWVSXEOLFVHWGHGLIIpUHQWVpTXLSHPHQWVGHVHUYLFHV/DFRQFHSWLRQHW
ODYpJpWDOLVDWLRQGHFHVVHFWHXUVDXUDHQSUHPLHUOLHXXQHIRQFWLRQSD\VDJqUH

ƒ (OpPHQWVSD\VDJHUV/DIRUrWGH%HOOH,GpHYRLVLQHHWOHV]RQHVYHUWHVVLWXpHVHQDPRQW ]RQHVWDPSRQV 
HQWUHOHTXDUWLHUHWOHGRPDLQHIRUHVWLHUFRQVWLWXHQWFHV pOpPHQWV'HODSpULSKpULHDX[]RQHVKDELWpHV j
IRUWHGHQVLWpFHVVXUIDFHVRQWVXUWRXWXQU{OHGHOLDLVRQSRXUODIDXQHHWGH©ILOWUHªSHUPHWWDQWGHJpUHU
OD SUHVVLRQ KXPDLQH VXU OHV PLOLHX[ HQYLURQQDQWV &HV HVSDFHV DVVXUHQW HQ RXWUH OD FRKpVLRQ DYHF OH
SD\VDJH H[WpULHXU /¶HVWKpWLTXH GH FHV ]RQHV GH WUDQVLWLRQ HVW SULQFLSDOHPHQW WUDLWpH GH PDQLqUH
SD\VDJqUH (OOHV FRPSUHQGURQW QRWDPPHQW GHV pOpPHQWV SURFKHV GH O¶pWDW QDWXUHO WHOV TXH SUDLULHV RX
KDLHVTXLDXURQWSRXUEXWG¶DVVXUHUOHPDLQWLHQGHODGLYHUVLWpELRORJLTXHGDQVFHVVHFWHXUV

3RXUO¶HQVHPEOHGHFHVpOpPHQWVSD\VDJHUVOHSURMHWSUpYRLWODFRQVWLWXWLRQG¶XQUpVHDXG¶pOpPHQWVIDYRUDEOHV
jODELRGLYHUVLWp KDLHVSUDLULHVDOLJQHPHQWG¶DUEUHVELRWRSHIRVVpVPXUVGHSLHUUHVVqFKHV« 7RXWHVFHV
VWUXFWXUHV VHURQW GLVSRVpHV GH PDQLqUH j IDYRULVHU OHV SRVVLELOLWpV GH FRORQLVDWLRQ GHV HVSDFHV YHUWV SDU OD
SHWLWHIDXQH LQVHFWHVSHWLWVPDPPLIqUHVRLVHDX[« &HVUpVHDX[SHUPHWWHQWpJDOHPHQWGHFRQVHUYHUXQH
FHUWDLQHSHUPpDELOLWpGXTXDUWLHUSRXUODIDXQHHWFUpHQWGHVOLHQVDYHFOHVpOpPHQWVDYRLVLQDQWV IRUrW]RQH


3ODQGLUHFWHXUGHTXDUWLHUQƒ

YLOODV ]RQH DJULFROH  /H FRQFHSW SURSRVp SHUPHW pJDOHPHQW XQH PLVH HQ YDOHXU GHV pOpPHQWV QDWXUHOV GH
YDOHXUGpMjSUpVHQWVVXURXjSUR[LPLWpGXVLWH FRUGRQVERLVpVKDLHVIRUrWV 

(QYXHGHODFRQFUpWLVDWLRQGXSURMHWOHVpOpPHQWVVXLYDQWGRLYHQWHQFRUHrWUHSUpFLVpV

x 'pILQLWLRQ GHV pOpPHQWV j UpDOLVHU GH PDQLqUH DQWLFLSpH SDU UDSSRUW j OD UpDOLVDWLRQ GX TXDUWLHU SUp
YHUGLVVHPHQW DILQG¶DVVXUHUXQHLQWpJUDWLRQSD\VDJqUH HWHQYLURQQHPHQWDOHODSOXVHIILFDFHSRVVLEOHGH
O¶XUEDQLVDWLRQSURMHWpHV

x 'pILQLWLRQ HW pYDOXDWLRQ GHV GLIIpUHQWHV RSWLRQV HQYLVDJHDEOHV HQ PDWLqUH GH PLVH HQ °XYUH PDvWULVH
IRQFLqUHJHVWLRQHWHQWUHWLHQGHVGLIIpUHQWHVHQWLWpVQRQFRQVWUXLWHVSUpYXHVHQIRQFWLRQGHVGLIIpUHQWHV
IRQFWLRQV UHPSOLHV HW HQ FROODERUDWLRQ DYHF OHV GLIIpUHQWV DFWHXUV FRQFHUQpV &DQWRQ &RPPXQHV
DJULFXOWHXUVSURPRWHXUV« 

 $VSHFWVpQHUJpWLTXHV
/¶REMHFWLIFRQVLVWHjPHWWUHHQ°XYUHXQFRQFHSWpQHUJpWLTXHSUpVHQWDQWGHVREMHFWLIVDPELWLHX[HQPDWLqUH
G¶XWLOLVDWLRQUDWLRQQHOOHGHO¶pQHUJLHGHUHFRXUVjGHVpQHUJLHVUHQRXYHODEOHVHWGHOLPLWDWLRQGHVpPLVVLRQVGH
&2

8QHGpPDUFKHYLVDQWjpWXGLHUODIDLVDELOLWpG¶XQFRQFHSWpQHUJpWLTXHFRPPXQUHJURXSDQWOHSURMHW0,&$HW
OHSURMHW(WRLOH$QQHPDVVHDpWpHQJDJpHVRXVO¶pJLGHGX6HUYLFHFDQWRQDOGHO¶(QHUJLH(OOHHVWUpVXPpHGDQV
OHUDSSRUW©(WXGHpQHUJpWLTXHSUpOLPLQDLUHGHVSURMHWV3$&0,&$HW(WRLOH$QQHPDVVHªpGLWpHQVHSWHPEUH


$O¶pFKHOOHGXSURMHW3'40,&$DQVOHVREMHFWLIVGpILQLVSRXUURQWrWUHDWWHLQWVSDUODPLVHHQ°XYUHG¶XQH
VWUDWpJLHUHSRVDQWVXUOHVSLOLHUVVXLYDQWV

 3ULVH HQ FRPSWH GH VWDQGDUGV GH SHUIRUPDQFH pQHUJpWLTXH WUqV SHUIRUPDQWV 0LQHUJLH 0LQHUJLH ă 3 
SRXUO¶HQVHPEOHGHO¶XUEDQLVDWLRQSURMHWpHDILQGHPLQLPLVHUODFRQVRPPDWLRQG¶pQHUJLHSULPDLUH

 0LVH HQ °XYUH G¶XQ FRQFHSW G¶DSSURYLVLRQQHPHQW SULYLOpJLDQW OH UHFRXUV j GHV pQHUJLHV UHQRXYHODEOHV
&RPSWH WHQX GHV FDUDFWpULVWLTXHV GX SURMHW HW GX VLWH G¶LPSODQWDWLRQ GX SURMHW 0,&$ OHV RSWLRQV
VXLYDQWHVVRQWjFRQVLGpUHUGHPDQLqUHSULYLOpJLpH

Ÿ 6RODULVDWLRQ GHV EkWLPHQWV LQWpJUDWLRQ GH SDQQHDX[ VRODLUHV WKHUPLTXHV SRXU DVVXUHU HQYLURQ OD
PRLWLp GHV EHVRLQV G¶HDX FKDXGH VDQLWDLUH YDORULVDWLRQ SDVVLYH SDU XQH FRQFHSWLRQ DGpTXDWH GHV
EkWLPHQWV 

Ÿ ,PSODQWDWLRQ G¶XQ FKDPS GH VRQGHV JpRWKHUPLTXHV PR\HQQHV SURIRQGHXU P PD[ 
pYHQWXHOOHPHQW FRXSOp DYHF O¶LPSODQWDWLRQ GH JpRVWUXFWXUHV DX QLYHDX GHV IRQGDWLRQV HW SDUWLHV
HQWHUUpHVGHVFRQVWUXFWLRQVSURMHWpHVjPrPHGHIRXUQLUXQUDIUDvFKLVVHPHQWGHVORFDX[HQpWpVDQV
DSSRUWG¶pQHUJLHH[WHUQH

/DPLVHHQ°XYUHG¶XQHFHQWUDOHWKHUPLTXHDOLPHQWpHSDUGHODELRPDVVHSURGXLWHjO¶pFKHOOHORFDOHRX
UpJLRQDOH UpVLGXVDJULFROHVERLV FRQVWLWXHpJDOHPHQWXQHRSWLRQHQYLVDJHDEOH

/HFRQFHSWGpILQLWLIjPHWWUHHQ°XYUHGHYUDrWUHSUpFLVpGDQVOHFDGUHGHODSKDVHVXLYDQWHGHFRQFUpWLVDWLRQ
GX SURMHW HQ FRQVHUYDQW XQH YLVLRQ JOREDOH LQWpJUDQW OHV GpYHORSSHPHQWV IXWXUV GX SURMHW 0,&$ HW OHV
V\QHUJLHVSRWHQWLHOOHVDYHFG¶DXWUHVRSpUDWLRQVUpDOLVpHVHQSDUDOOqOH SH[(WRLOH$QQHPDVVH 

$ILQ G¶DVVXUHU ODFRKpUHQFH JOREDOH GX V\VWqPHPLV HQ°XYUH OHVPHVXUHV FRQVHUYDWRLUHV SH[ UpVHUYDWLRQ
GHV HPSULVHV OLpHV DX[ LQIUDVWUXFWXUHV HW UpVHDX[  HW SULQFLSHV G¶H[SORLWDWLRQ SH[ QLYHDX[ GH WHPSpUDWXUH 
GHYURQW rWUH GpILQLV GqV OD SUHPLqUH pWDSH GH UpDOLVDWLRQ HQ WHQDQW FRPSWH GHV SRVVLELOLWpV G¶H[WHQVLRQ HW
G¶LQWHUFRQQH[LRQVIXWXUHV


7K{QH[&RPPXQDX[G¶$PELOO\

 ,PSDFWVXUO¶DJULFXOWXUH
/HVpOpPHQWVLVVXVGXGLDJQRVWLFDJULFROHpWDEOLSDU$JUL*HQqYHHQDR€WSHXYHQWrWUHUpVXPpVFRPPH
VXLWHQFHTXLFRQFHUQHOHSpULPqWUHGHV&RPPXQDX[G¶$PELOO\

ƒ /HVSDUFHOOHVDJULFROHVGXSpULPqWUHWRWDOLVHQWHQYLURQKHFWDUHVHWVRQWH[SORLWpHVSDUH[SORLWDQWVDX
EpQpILFH G¶XQ EDLO DQQXHO GRQW OH VLqJH G¶H[SORLWDWLRQ HVW VLWXp j 3XSOLQJH 3UHVLQJH HW (VVHUWVVRXV
6DOqYH

ƒ /HV SHUWHV GH VXUIDFH SUpVHQWHQW XQ LPSDFW YDULDEOH FRPSULV HQWUH  HW  GHV VXUIDFHV WRWDOHV
FXOWLYpHVSDUOHVGLIIpUHQWVH[SORLWDQWV

ƒ 'H PDQLqUH SUDWLTXHPHQW XQDQLPH OHV H[SORLWDQWV VRXKDLWHQW XQH FRPSHQVDWLRQ HQ WHUUDLQ 6L FHWWH
FRPSHQVDWLRQ Q¶HVW SDV SRVVLEOH GHV FRPSHQVDWLRQV ILQDQFLqUHV SRXU SHUWH G¶RXWLOV GH WUDYDLO VRQW
GHPDQGpHV

/HV FRQVpTXHQFHV VXU O¶DJULFXOWXUH HQ JpQpUDO VRQW UpJLHV SDU OD /RL FDQWRQDOH VXU OD SURPRWLRQ GH
O¶DJULFXOWXUH


3ODQGLUHFWHXUGHTXDUWLHUQƒ

 &21&/86,216,17(50e',$,5(6
$FHVWDGHGHO¶pWXGHOHVFRQFOXVLRQVLQWHUPpGLDLUHVVXLYDQWHVSHXYHQWrWUHIRUPXOpHV

ƒ '¶XQ SRLQW GH YXH JpQpUDO OD SULVH HQ FRPSWH GHV SUpRFFXSDWLRQV HQYLURQQHPHQWDOHV HQ DPRQW GX
SURFHVVXVGpFLVLRQQHOSHUPHWGHPHWWUHUDSLGHPHQWHQH[HUJXHOHVGLIIpUHQWVHQMHX[HQYLURQQHPHQWDX[HW
GHSURPRWLRQGHODVDQWpSHUWLQHQWVDXVWDGHGHODSODQLILFDWLRQGLUHFWULFH

ƒ /¶DSSURFKH SUpFRQLVpH FHOOH G¶XQH UpIOH[LRQ H[ DQWH DYDQW ODSULVH GH GpFLVLRQ HW QRWDPPHQW LFL GqV OD
IRUPXODWLRQ GX SURMHW  HW G¶XQH DFWLRQ ORUV GX GpYHORSSHPHQW G¶XQH SROLWLTXH SXEOLTXH D SHUPLV
O¶LQWpJUDWLRQGDQVODFRQFHSWLRQGXSURMHWGHGLIIpUHQWVpOpPHQWVLGHQWLILpVSDUO¶((6

ƒ (QFHTXLFRQFHUQHOHVDVSHFWVHQYLURQQHPHQWDX[ODIRUPDOLVDWLRQGHVHQMHX[jSDUWLUGHVLQGLFDWLRQVPLVHV
j GLVSRVLWLRQ SDU OHV VHUYLFHV FRQFHUQpV DLQVL TXH OD FROODERUDWLRQ DYHF OH JURXSHPHQW G¶XUEDQLVWHV RQW
SHUPLV G¶LQWpJUHU GH PDQLqUH DSSURSULpH OHV DVSHFWV ©QDWXUH HW SD\VDJHª  HW ©JHVWLRQ GHV HDX[ GH
VXUIDFHªDXVWDGHGHO¶DYDQWSURMHWXUEDLQ/HVGpPDUFKHVHQJDJpHVHQPDWLqUHGHFRQFHSWpQHUJpWLTXH
SUpOLPLQDLUHHWGHGLDJQRVWLFDJULFROHVRQWpJDOHPHQWjPrPHGHJDUDQWLUXQHSULVHHQFRPSWHDGpTXDWH
GHFHVGHX[DVSHFWVLPSRUWDQWVDXVWDGHGHODSODQLILFDWLRQGLUHFWULFH

ƒ /DPDvWULVHGHVLPSDFWVLQGXLWVSDUOHVEHVRLQVHQGpSODFHPHQWVJpQpUpVSDUOHSURMHW0,&$FRQVWLWXHXQ
DVSHFWSDUWLFXOLqUHPHQWVHQVLEOHVXUOHSODQHQYLURQQHPHQWDO/¶pWDWDFWXHOGHFRQFHSWLRQGXSURMHWLQFOXW
GLIIpUHQWV pOpPHQWV GH PL[LWp SURJUDPPDWLTXH HW UHODWLIV j OD GHVVHUWH HQ WUDQVSRUWV FROOHFWLIV HW DX[
UpVHDX[GHPRELOLWpVGRXFHVGHQDWXUHjPDvWULVHUOHVEHVRLQVHQGpSODFHPHQWVH[WHUQHVHWODSDUWGpYROXH
DX[WUDQVSRUWVLQGLYLGXHOVPRWRULVpV&HVDVSHFWVGHYURQWrWUHSUpFLVpVGDQVOHFDGUHGHVpWDSHVIXWXUHVGH
SODQLILFDWLRQHQpWD\DQWOHVPHVXUHVSHUPHWWDQWGHFRQFUpWLVHUO¶DWWHLQWHGHVREMHFWLIVIL[pV


85%$1,6$7,210,&$3ODQGLUHFWHXUGHTXDUWLHU3'4±DQV(YDOXDWLRQHQYLURQQHPHQWDOHVWUDWpJLTXH
$QQH[H  SDJH

7DEOHDXGHV\QWKqVHă(YDOXDWLRQHQYLURQQHPHQWDOHVWUDWpJLTXH

&RQWULEXWLRQGHO¶((6 (YDOXDWLRQGHO¶DYDQWSURMHWHW
$VSHFWVjSUpFLVHUXOWpULHXUHPHQW
$VSHFWV (QMHX[REMHFWLIV 2SSRUWXQLWpVHWFRQWUDLQWHV DSSURFKHVWUDWpJLTXHHWDYDQWSURMHW DVSHFWVjSUpFLVHUSRXUO¶pODERUDWLRQ
SODQLILFDWLRQGpWDLOOpHHWSURMHW 
XUEDLQ  GX3'4

GHO¶HQMHX
,PSRUWDQFH
(IIHWVOLpVDX[EHVRLQVHQGpSODFHPHQWLQGXLWVSDUOHSURMHW

4XDOLWpGH &RQFLOLHUOHVEHVRLQVHQGpSODFHPHQWVGH /¶DYDQWSURMHWXUEDLQLQFOXWGLIIpUHQWV


O¶DLU  $ O¶XUEDQLVDWLRQSURMHWpHDYHFOHVH[LJHQFHVHQ pOpPHQWVIDYRUDEOHVjO¶DWWHLQWHGHV
&OLPDW PDWLqUHGHSURWHFWLRQFRQWUHOHEUXLWGH x /HVPR\HQVYLVDQWjDWWHLQGUHOHV x 9pULILFDWLRQ GH O¶DGpTXDWLRQ GH O¶LPSODQWDWLRQ REMHFWLIVGpILQLVTXLGHYURQWrWUH
SURWHFWLRQGHO¶DLUHWGHPDvWULVHGHVpPLVVLRQVGH REMHFWLIVIL[pVHQWHUPHVGH GX SURMHW 0,&$ SDU UDSSRUW j O¶DWWHLQWH GHV SUpFLVpV
JD]jHIIHWGHVHUUHVHORQOHSULQFLSHGH PDvWULVHGHV7,GHYURQWrWUH REMHFWLIV IL[pV FRPSDUDWLYHPHQW j XQH $VSHFWVjDSSURIRQGLU
GpYHORSSHPHQWGXUDEOHVXUOHTXHOHVWIRQGpOH pWD\pV/DSDUWGpYROXHDX7,QH XUEDQLVDWLRQGLIIXVHjSOXVJUDQGpORLJQHPHQW
GHO¶DJJORPpUDWLRQJHQHYRLVH x 3RXUVXLYUHO¶RSWLPLVDWLRQGHOD
3ODQ'LUHFWHXU&DQWRQDO SRXUUDFHSHQGDQWSDVrWUH PDvWULVHGHVEHVRLQVHQ
0DvWULVHGHVGpSODFHPHQWVLQGXLWVHQWUDQVSRUWV DPHQpHHQGHVVRXVG¶XQVHXLO x 0LVH HQ pYLGHQFH HW IRUPDOLVDWLRQ GHV GpSODFHPHQWVăpWD\HUOHVPHVXUHV
LQGLYLGXHOVPRWRULVpV LQFRPSUHVVLEOHHVWLPp SUREOpPDWLTXHVjUpVRXGUH SHUPHWWDQWGHFRQFUpWLVHUO¶DWWHLQWH
DFWXHOOHPHQWjGHV &RQFUpWLVDWLRQPLVHHQ°XYUHHWVXLYLGHO¶HIILFDFLWpGHV
x 'HVVHUWHSHUIRUPDQWHHQWUDQVSRUWV O DGpTXDWLRQ GX SURMHW HX[ H[LJHQFHV GH GHVREMHFWLIVIL[pV PHVXUHVSUpFRQLVpHVHQWHQDQWFRPSWHGHODUpDOLVDWLRQ
GpSODFHPHQWVLQGXLWV O¶23% URXWHV FDQWRQDOHV VRXPLVHV DX
FROOHFWLIV x ,QWpJUDWLRQGXSURMHWDX[ SDUpWDSHVGXSURMHW
%UXLW $ x (QYLVDJHUGHVPHVXUHV SODQ G¶DVVDLQLVVHPHQW GX EUXLW URXWLHU
x 2SWLPLVDWLRQGHODUpSDUWLWLRQ SURJUDPPHVG¶DVVDLQLVVHPHQW23%
G¶DFFRPSDJQHPHQWGHVWLQpHVj D[HV FRPPXQDX[ DYHF GpSDVVHPHQW GHV
KDELWDWVDFWLYLWpVHWPLVHjGLVSRVLWLRQG¶XQH x 7UDLWHUODSUREOpPDWLTXHGHVURXWHV
IDYRULVHUOHWUDQVIHUWPRGDOGDQV YDOHXUVOLPLWHV 
RIIUHFRPSOqWHHQ FRPPXQDOHVFRQFHUQpHV
XQSpULPqWUHpODUJL 7URLV O DGpTXDWLRQ GX SURMHW DX[ REMHFWLIV GX
FRPPHUFHVVHUYLFHVpTXLSHPHQWVGH
&KrQHVUpJLRQDQQHPDVVLHQQH  SODQGHPHVXUH23DLUHWGHUpGXFWLRQGHV x (QYLVDJHUGHVPHVXUHV
SUR[LPLWpGDQV0,&$
FRPSWHWHQXGXFDUDFWqUHJpQpUDO pPLVVLRQVGHJD]jHIIHWGHVHUUH G¶DFFRPSDJQHPHQWIDYRUDEOHVDX
x ,WLQpUDLUHVHWDPpQDJHPHQWVIDYRUDEOHVDX[ GHODSUREOpPDWLTXH WUDQVIHUWPRGDOGDQVXQSpULPqWUH
PRELOLWpVGRXFHVDYHFOHVFHQWUDOLWpVSURFKHV SOXVODUJH

$(OpPHQWIRQGDPHQWDOSRXUDVVXUHUODIDLVDELOLWpHQYLURQQHPHQWDOHGHVSURMHWV
,PSRUWDQFHVGHV
%(OpPHQWGHFRQFHSWLRQDXVWDGHGHO¶pODERUDWLRQGX3'4
HQMHX[
&(OpPHQWDSULRULQRQGpWHUPLQDQWDXVWDGHGHO¶pODERUDWLRQGX3'4
7K{QH[&RPPXQDX[G¶$PELOO\



85%$1,6$7,210,&$3ODQGLUHFWHXUGHTXDUWLHU3'4±DQV(YDOXDWLRQHQYLURQQHPHQWDOHVWUDWpJLTXH
$QQH[H  SDJH

&RQWULEXWLRQGHO¶((6 (YDOXDWLRQGHO¶DYDQWSURMHWHW
$VSHFWVjSUpFLVHUXOWpULHXUHPHQW
$VSHFWV (QMHX[REMHFWLIV 2SSRUWXQLWpVHWFRQWUDLQWHV DSSURFKHVWUDWpJLTXHHWDYDQWSURMHW DVSHFWVjSUpFLVHUSRXUO¶pODERUDWLRQ
SODQLILFDWLRQGpWDLOOpHHWSURMHW 
XUEDLQ  GX3'4

GHO¶HQMHX
,PSRUWDQFH
(IIHWVOLpVDXSURJUDPPHG¶XUEDQLVDWLRQSURSUHPHQWGLW
3ODQGLUHFWHXUGHTXDUWLHUQƒ

'DQVOHFDGUHG¶XQHGpPDUFKHVSpFLILTXH
HQJDJpHFRQMRLQWHPHQWDYHFOHSURMHW(WRLOHă
$QQHPDVVHVRXVOHSLORWDJHGX6HUYLFHFDQWRQDO &RQILJXUDWLRQGXSURMHWFRPSDWLEOHDYHF
'pILQLWLRQ G¶XQ FRQFHSW pQHUJpWLTXH FRQIRUPH
GHO¶(QHUJLH ODPLVHHQ°XYUHG¶XQFRQFHSW
DX[REMHFWLIVFDQWRQDX[HWIpGpUDX[HWDPELWLHX[
HQPDWLqUH x HVWLPDWLRQGHVEHVRLQVpQHUJpWLTXHVGX pQHUJpWLTXHDPELWLHX[
'pILQLWLRQGXFRQFHSWpQHUJpWLTXHGpILQLWLI
SURMHWHQIRQFWLRQGHGLIIpUHQWVVWDQGDUGV /HVUpVXOWDWVGXFRQFHSWpQHUJpWLTXH
(QHUJLH $ x GHOLPLWDWLRQGHVpPLVVLRQVSROOXDQWHVHWGH 9DORULVDWLRQGHVV\QHUJLHVDYHFOH 'pILQLWLRQGHVPRGDOLWpVGHSODQLILFDWLRQHWGHPLVHHQ
SURMHW(WRLOH$QQHPDVVH DSSOLFDEOHV SUpOLPLQDLUHGHYURQWrWUHLQWpJUpVGDQV
JD]jHIIHWGHVHUUH &2 °XYUHOHFDVpFKpDQWDYHFOHSURMHW(WRLOHă$QQHPDVVH
x LQYHQWDLUHHWSUHPLqUHFDUDFWpULVDWLRQGHV OHFDGUHGHO¶pODERUDWLRQILQDOHGX3'4
x GHUHFRXUVjGHVpQHUJLHVUHQRXYHODEOHV
RSWLRQVG¶DSSURYLVLRQQHPHQWHQYLVDJHDEOHV HWGHODGpILQLWLRQGHVpWDSHVGH
x G¶XWLOLVDWLRQUDWLRQQHOOHGHO¶pQHUJLH UpDOLVDWLRQGXSURMHW
x (WDEOLVVHPHQWG¶XQFRQFHSWpQHUJpWLTXH
SUpOLPLQDLUHHQFRRUGLQDWLRQDYHF(WRLOH
$QQHPDVVH
3UpFLVLRQGHVFRQGLWLRQVGHTXDOLWpGHO¶DLUDFWXHOOH
4XDOLWpGH
/DSUREOpPDWLTXHGHPDvWULVHGHVpPLVVLRQVGHSROOXDQWVHWGHJD]jHIIHWGHVHUUHJpQpUpHVSDUOH 12 UEJP 9/,23DLUEJP 30
O¶DLU  (YDOXDWLRQGXSURMHWVXUODEDVHGXFRQFHSWpQHUJpWLTXHUHWHQX
SURJUDPPHG¶XUEDQLVDWLRQHVWWUDLWpHGDQVOHYROHW©(QHUJLHª EJP HQ 9/,23DLUEJP HWIXWXUH
&OLPDW
GDQVOHSpULPqWUHG¶LPSODQWDWLRQGXSURMHW

x &RQFHSWGHGHVVHUWHGHVSLqFHV
/HVVRXUFHVGHEUXLWFUppHVSDUOHSURMHW YRLHVGH XUEDLQHVIDYRUDEOH DEVHQFHGH
GHVVHUWHUDPSHVGHSDUNLQJDXWUHVVRXUFHVGH FLUFXODWLRQFRXUDQWHHQVXUIDFH 
EUXLWVWDWLRQQDLUHV GHYURQWUHVSHFWHUOHSULQFLSH x 3UREOpPDWLTXHGHO¶H[SRVLWLRQDX
$VSHFWOLpjODGpILQLWLRQGXFRQFHSW 'pILQLWLRQGHVFRQWUDLQWHVOLpHVDX[SUpYLVLRQVGH 2SWLPLVDWLRQGpWDLOOpHHWpYDOXDWLRQGpILQLWLYHGHOD
%UXLW % JpQpUDOGHOLPLWDWLRQGHVQXLVDQFHVOHVYDOHXUV
GHGHVVHUWHGHVIXWXUVTXDUWLHUV WUDILFSRXUOHVQRXYHDX[D[HV EUXLWGHO¶XUEDQLVDWLRQVLWXpHOHORQJ FRQIRUPLWpGXSURMHWYLVjYLVGHVH[LJHQFHVGHO¶23%
G¶H[SRVLWLRQDXEUXLWGHYURQWUHVSHFWHUOHV GX0DLO&HQWUDOjSUpFLVHDYHF
YDOHXUVGHSODQLILFDWLRQGHO¶23%DXVVLELHQSRXU FRQFUpWLVDWLRQGHPHVXUHVjPrPH
OHVUpFHSWHXUVVHQVLEOHVH[LVWDQWVTXHIXWXUV GHJDUDQWLUOHUHVSHFWGHVH[LJHQFHV
GHO¶23%
x /HSURMHWODLVVHXQHODUJHSODFHDX[
0LVHHQ°XYUHG¶XQFRQFHSW©3D\VDJHHW ]RQHVGHYHUGXUH &DPSXV
1DWXUHªFRPPHpOpPHQWVWUXFWXUDQWGXSURMHW SDUFV« HWSUpYRLWO¶LQWpJUDWLRQGHV
DYHFOHVREMHFWLIVSULQFLSDX[VXLYDQWV PHVXUHVSD\VDJqUHVHWGHVpOpPHQWV
x $VVXUHUO¶LQWpJUDWLRQGHODQRXYHOOHOLPLWHGH H[LVWDQWV FRXWXUHYLOOHFDPSDJQH
O¶DJJORPpUDWLRQGDQVOHFRQWH[WHDJULFROH x &RQWULEXHUjODYDORULVDWLRQ IRUrWGH%HOOH,GpHPDLOODJH
©FRXWXUHSD\VDJqUHªHWIRQFWLRQ SD\VDJqUHHWpFRORJLTXHGX x $QDO\VHGHO¶pWDWDFWXHOHWV\QWKqVHGHV YHUW« 
pFRORJLTXH  VHFWHXUHQV\QHUJLHDYHF HQMHX[ x /HVGLIIpUHQWVW\SHVG¶HVSDFHVYHUWV
G¶DXWUHVSURMHWV SH[6H\PD]
x ,QWpJUHUHWYDORULVHUOHVpOpPHQWVQDWXUHOV x &RRUGLQDWLRQDYHFOHVVHUYLFHVGHO¶(WDW HWOHXUVGHVWLQDWLRQVGHYURQWrWUH /HVHVSDFHVYHUWVHWOHVVHFWHXUVSOXVQDWXUHOVGHYURQWIDLUH
0LOLHX[ )RURQ 
DFWXHOV FRUGRQVERLVpVIRUrWULYHVGX FRQFHUQpV SUpFLVpV O¶REMHWG¶XQHSODQLILFDWLRQGpWDLOOpHDXPrPHWLWUHTXHOHV
QDWXUHOV  $ x *HVWLRQGHODSUHVVLRQVXUOHV
)RURQ«  x )RUPXODWLRQGHVREMHFWLIVHWSURSRVLWLRQ x /HVSRVVLELOLWpVG¶RSWLPLVHUOHWUDFp DXWUHVpOpPHQWVGXSURJUDPPH FRQFHSWGH
3D\VDJH PLOLHX[HQYLURQQDQWVLQGXLWH
x 7UDLWHPHQWGLIIpUHQFLpGHVHVSDFHVYHUWVGX G¶XQFRQFHSWG¶DPpQDJHPHQW GHOD©YRLHSD\VDJqUHªGHYURQW SUpYHUGLVVHPHQW 
SDUODSRSXODWLRQGHVIXWXUV
SURMHWLQWpJUDQWXQPDLOODJHYHUWSURFKHGH x (YDOXDWLRQGHVYDULDQWHVGpYHORSSpHVSDUOHV rWUHH[DPLQpHVDILQGHOLPLWpOHV
TXDUWLHUVQRWDPPHQWHQFHTXL
O¶pWDWQDWXUHOHWYDORULVDQWODIRQFWLRQGH XUEDQLVWHVHWSURSRVLWLRQG¶DGDSWDWLRQV DWWHLQWHVDXFRUGRQERLVpHWDXSDUF
FRQFHUQHOHVpFKDQJHVDYHFOH
GpODVVHPHQWDILQGHUpGXLUHODSUHVVLRQVXU GH%HOOH,GpH
SpULPqWUHGH%HOOH,GpH
OHVpOpPHQWVHQYLURQQDQWV x /DFRPSRVLWLRQGHODFRXWXUHYHUWH
x 0DLQWLHQHWDPpOLRUDWLRQGHVFRXORLUV UHVWHjSUpFLVHUDLQVLTXHOHVWDWXW
ELRORJLTXHVHQWUHOHVGLIIpUHQWVpOpPHQWV GHODIRUrWGH%HOOH,GpHHQUHODWLRQ
QDWXUHOV )RURQ6H\PD]IRUrW«  DYHFODJHVWLRQGHVpFKDQJHV0,&$
ăGRPDLQHGH%HOOH,GpH

$(OpPHQWIRQGDPHQWDOSRXUDVVXUHUODIDLVDELOLWpHQYLURQQHPHQWDOHGHVSURMHWV
,PSRUWDQFHVGHV
%(OpPHQWGHFRQFHSWLRQDXVWDGHGHO¶pODERUDWLRQGX3'4
HQMHX[
&(OpPHQWDSULRULQRQGpWHUPLQDQWDXVWDGHGHO¶pODERUDWLRQGX3'4
85%$1,6$7,210,&$3ODQGLUHFWHXUGHTXDUWLHU3'4±DQV(YDOXDWLRQHQYLURQQHPHQWDOHVWUDWpJLTXH

$QQH[H  SDJH

(YDOXDWLRQGHO¶DYDQWSURMHWHW
&RQWULEXWLRQGHO¶((6 $VSHFWVjSUpFLVHUXOWpULHXUHPHQW
$VSHFWV (QMHX[REMHFWLIV 2SSRUWXQLWpVHWFRQWUDLQWHV DVSHFWVjSUpFLVHUSRXU
DSSURFKHVWUDWpJLTXHHWDYDQWSURMHWXUEDLQ  SODQLILFDWLRQGpWDLOOpHHWSURMHW 
O¶pODERUDWLRQGX3'4

GHO¶HQMHX
,PSRUWDQFH
&UXHVGX)RURQ
x 6\QWKqVH GHV GRQQpHV WHFKQLTXHV GLVSRQLEOHV
x 0DLQWLHQ GHV SRVVLELOLWpV G¶H[SDQVLRQ GHV 9LVLRQJOREDOHSHUPHWWDQWOHFDV x /¶DYDQWSURMHWSUpVHQWpUpSRQGDX[
DXSUqV GX 'RP(DX HW pODERUpHV GDQV OH FDGUH GX
LQRQGDWLRQV j O¶DPRQW GH OD GRXDQH GH pFKpDQWG¶DPpOLRUHUODVLWXDWLRQGH REMHFWLIVGpILQLV
&RQWUDWGHULYLqUHVGX)RURQGpILQLWLRQGHVHQMHX[
0RQ,GpH LPSRUWDQFH VWUDWpJLTXH SRXU OD GDQJHUVSDUUDSSRUWjO¶pWDWDFWXHO x 3RXUOHVHFWHXUGH0RQ,GpHOHV
REMHFWLIVHWLPSOLFDWLRQVSRXUOHSURMHW
SURWHFWLRQGXWURQoRQXUEDQLVpDYDO  3XSOLQJHTXDUWLHUVGHYLOODVGH HPSULVHVFRQVWUXFWLEOHVGHYURQW &RQFHSWGpWDLOOpDYHFGpILQLWLRQSUpFLVHGHV
$ 7K{QH[  x (ODERUDWLRQ G¶XQ FRQFHSW JOREDO SHUPHWWDQW
x 3URWHFWLRQ GHV SHUVRQQHV HW GHV ELHQV DX rWUHFRQILUPpHOHFDVpFKpDQWGDQV DPpQDJHPHQWVjPHWWUHHQ°XYUH
0LQLPLVHUOHVLQWHUYHQWLRQVVXUOD O¶XUEDQLVDWLRQ GHV VHFWHXUV GH *UDQGV3UpV HW GH
PLQLPXP DXFXQH DJJUDYDWLRQ GH OD OHFDGUHGX3'4FRUUHVSRQGDQW
]RQHDJULFROHDILQGHPDLQWHQLUOH 0RQ,GpH WRXW HQ SUpVHUYDQW OHV SRVVLELOLWpV
VLWXDWLRQ GH GDQJHUV DFWXHOOH QH GRLW rWUH QRWDPPHQWO¶H[WHQVLRQGXIURQW
ODPLQDJHGLIIXV DFWXHOOHV G¶H[SDQVLRQ GHV FUXHV HW HQ JDUDQWLVVDQW
LQGXLWHSDUOHSURMHW EkWLOHORQJGHODURXWHGH-XVV\
ODSURWHFWLRQGHVSHUVRQQHVHWGHVELHQV

*HVWLRQGHVHDX[GHVXUIDFH&RPSDWLELOLWpDYHFOHVFRQWUDLQWHVGXEDVVLQYHUVDQWHWGHVFRXUVG¶HDXUpFHSWHXUV

(DX[GH x 0DvWULVHU OHV GpELWV UHMHWpV GHSXLV OHV IXWXUV x 6\QWKqVH GHV REMHFWLIV HW FRQWUDLQWHV j FRQVLGpUHU
VXUIDFH TXDUWLHUVYHUVOHV\VWqPHG¶DVVDLQLVVHPHQWHW VXUODEDVHGHO¶HQVHPEOHGHVGRQQpHGLVSRQLEOHV
OHVFRXUVG¶HDX x (VWLPDWLRQGHVYROXPHVGHUpWHQWLRQQpFHVVDLUH
x 0DvWULVHUO¶LPSHUPpDELOLVDWLRQ 6\QHUJLHVDYHFOHVREMHFWLIVSD\VDJH x 9pULILFDWLRQ GH OD FRPSDWLELOLWp GX SURJUDPPH /¶DYDQWSURMHWSUpVHQWpUpSRQGDX[ &RQFHSWGpWDLOOpDYHFGpILQLWLRQSUpFLVHGHV
$
x 3ULYLOpJLHU OD JHVWLRQ GHV HDX[ j FLHO RXYHUW HWQDWXUH G¶XUEDQLVDWLRQ SURSRVp SDU UDSSRUW DX[ REMHFWLIV REMHFWLIVGpILQLV DPpQDJHPHQWVjPHWWUHHQ°XYUH
DYHF XQH UpSDUWLWLRQ GLIIXVH GX YROXPH GH IL[pV
UpWHQWLRQ x $SSXLSRXUµpODERUDWLRQGXFRQFHSWGHJHVWLRQGHV
x (YDFXDWLRQJUDYLWDLUH HDX[GHVXUIDFH

,QIUDVWUXFWXUHVGHJHVWLRQGHVHDX[XVpHVHWGHVXUIDFH(YDOXDWLRQGHVLPSOLFDWLRQVGXSURMHW

'DQVOHFDGUHGX&RQFHSWGHJHVWLRQGHVHDX[pWDEOL
(YDOXDWLRQGHVLPSOLFDWLRQVOLpHVDXSURMHWVXUOHV &DSDFLWpOLPLWpHGHOD67(3GH9LOOHWWH VRXVSLORWDJHGX'RP(DXFRQILUPDWLRQGH
$GDSWDWLRQVjDSSRUWHUjOD67(3GH9LOOHWWH GpPDUFKH
% LQIUDVWUXFWXUHVG¶pYDFXDWLRQHWGHWUDLWHPHQWGHV HWGHODVWDWLRQGHSRPSDJHGH3RQW O¶DGpTXDWLRQGXUpVHDX(3HW(8DFWXHOjDEVRUEHUOHV $GpTXDWLRQGXSURMHWYpULILpH
QpFHVVDLUHPrPHLQGpSHQGDPPHQWGXSURMHW0,&$ 
HDX[XVpHV %RFKHW GpELWVJpQpUpVSDUOHSURMHW0,&$OHVDGDSWDWLRQVj
DSSRUWHUjOD67(3GH9LOOHWWHGRLYHQWrWUHSUpFLVpHV

&RQWH[WH K\GURJpRORJLTXH SHX VHQVLEOH ă SDV


G¶HQMHX[ PDMHXUV HQ WHUPHV GH SURWHFWLRQ GHV
(DX[ HDX[VRXWHUUDLQHV 6\QWKqVHGHVGRQQpHVH[LVWDQWHVHWGpILQLWLRQGHV
&
VRXWHUUDLQHV 3ULVH HQ FRPSWH GH OD SUpVHQFH GH OD QDSSH HQMHX[
VXSHUILFLHOOH GH 3XSOLQJH SRXU O¶LPSODQWDWLRQ GH
QLYHDX[GHFRQVWUXFWLRQVRXWHUUDLQV

x (QUpSRQGDQWDXSURJUDPPHGH
VXUIDFHjEkWLUGpILQLSDUOH3'&DQW
x 9pULILFDWLRQ GX SULQFLSH G¶XWLOLVDWLRQ
'LDJQRVWLFDJULFROHFRPSUHQDQWO¶LGHQWLILFDWLRQHW OHSURMHWVDWLVIDLWjO¶H[LJHQFH
UDWLRQQHOOHGXVRO 'pOLPLWDWLRQFODLUHHQWUHSpULPqWUHV
O¶DQDO\VHGHVH[SORLWDWLRQVFRQFHUQpHVO¶pYDOXDWLRQGHV G¶XWLOLVDWLRQUDWLRQQHOOHGXVRO &RQFUpWLVDWLRQHWPLVHHQ°XYUHGHVPHVXUHV
$JULFXOWXUH % x /LPLWDWLRQ GHV LPSDFWV VXU OHV H[SORLWDQWV XUEDQLVpV \FHVSDFHVGH LPSDFWVHWGHVSURSRVLWLRQVGHPHVXUHVGH x 3ULVHHQFRPSWHGHVpOpPHQWVFOpV SUpFRQLVpHV
DJULFROHV HW PLVH HQ °XYUH GH PHVXUHV GH GpODVVHPHQW HW]RQHDJULFROH PLQLPLVDWLRQRXGHFRPSHQVDWLRQ HWGHVPHVXUHVGHPLQLPLVDWLRQHW
FRPSHQVDWLRQ
GHFRPSHQVDWLRQGHVLPSDFWVSRXU
O¶pODERUDWLRQGX3'4

*HVWLRQGHVGpFKHWVDFFLGHQWVPDMHXUVYLEUDWLRQVVLWHVSROOXpVUD\RQQHPHQWVQRQLRQLVDQWVDUFKpRORJLH

$XWUHV
&
GRPDLQHV 'pFKHWV,QWpJUDWLRQGHVH[LJHQFHVUHODWLYHVjODPLVH
3DVG¶HQMHX[SDUWLFXOLHUVDXVWDGHGHODSODQLILFDWLRQGLUHFWULFH HQ°XYUHGHVFROOHFWHVVpOHFWLYHVSODQLILFDWLRQGHV
LQIUDVWUXFWXUHV

$(OpPHQWIRQGDPHQWDOSRXUDVVXUHUODIDLVDELOLWpHQYLURQQHPHQWDOHGHVSURMHWV
,PSRUWDQFHVGHV
%(OpPHQWGHFRQFHSWLRQDXVWDGHGHO¶pODERUDWLRQGX3'4
HQMHX[
&(OpPHQWDSULRULQRQGpWHUPLQDQWDXVWDGHGHO¶pODERUDWLRQGX3'4
7K{QH[&RPPXQDX[G¶$PELOO\



You might also like