,QVWUXFWLRQVG·,QVWDOODWLRQ
,1)250$7,21'·(&+$33(0(17
&217
/,67('(&21752/('86<67(0('·(&+$33(0(17
&$38&+2128*5,//('8085
3URWpJH]ODVRUWLHGHYRWUHFDQDOLVDWLRQGDQVOHEXW
G·pYLWHUOHVDSSHOVG·DLURXO·HQWUpHG·XQRLVHDXHWDXWUHV
DQLPDX[VDXYDJHV
&HWWHSURWHFWLRQGHYUDLWSUpVHQWHUXQHUpVLVWDQFH
PLQLPXPDXÀX[G·DLUpFKDSSHPHQWHWGHYUDLW
H[LJHUSHXRXSDVGHPDLQWHQDQFHSRXUpYLWHU
O·HQFUDVVHPHQW
1H-DPDLVLQVWDOOH]G·pFUDQGDQVRXVXUOHWX\DX
G·pFKDSSHPHQW&HFLSRXUUDLWFRQGXLUHjODFUpDWLRQ
GHSHOXFKHV/HVJULOOHVGXPXUGRLYHQWrWUHLQVWDOOpHV
DXPRLQVjLQ$XGHVVXVGXQLYHDXGXVRORXj
FHWWHGLVWDQFHDXGHVVXVGHQ·LPSRUWHTXHODXWUHREMHW
SRXYDQWIDLUHREVWUXFWLRQjFHWWHVRUWLH
6(3$5$7,21'(6&28'(6
3RXUXQHPHLOOHXUHSHUIRUPDQFHVpSDUH]WRXVOHVFRXGHVG·DX
PRLQVIW'HWX\DXWHULHGURLWHLQFOXDQWODGLVWDQFHHQWUHOH
GHUQLHUFRXGHHWOHFDSXFKRQGXV\VWqPHG·pFKDSSHPHQW
&28'(6$875(648(
8QFRXGHGHRXPRLQVSHXWrWUHLJQRUp
'HX[FRXGHVGHGHYUDLHQWrWUHWUDLWpVFRPPHXQFRXGH
GH
&KDTXHFRXGHGHSOXVGHGHYUDLWrWUHWUDLWpFRPPHXQ
FRXGHGH
6&(//$*('(6-2,176
7RXVOHVMRLQWVGHYUDLHQWrWUHVHUUpVSRXUpYLWHUOHVIXLWHV
/·H[WUpPLWpPDOHGHFKDTXHVHFWLRQGHWX\DXGRLWrWUHGLULJpH
YHUVO·H[WpULHXUGHODVpFKHXVH
1·DVVHPEOH]SDVODFDQDOLVDWLRQDYHFGHVDJUDIHVTXLHQWUHQW
GDQVOHWX\DX(OOHVVHUYLURQWjODFUpDWLRQGHSHOXFKHV
/HVMRLQWVGHWX\DX[SHXYHQWrWUHIDLWVG·DLUHWGHPRLVLVVXUHV
HQHPEDOODQWOHFKHYDXFKHPHQWGHMRLQWVDYHFOHURXOHDX
DGKpVLIGHWX\DX
/HVWUDMHWVKRUL]RQWDX[GHYUDLHQWGHVFHQGUHYHUVO·H[WpULHXU
GHòSRXFHSDUSLHG
,62/$7,21
/DFDQDOLVDWLRQTXLFRXUWjWUDYHUVXQH]RQHQRQFKDXȺpHRX
TXLHVWSUqVGHO·DLUFRQGLWLRQQpGHYUDLWrWUHLVROpHSRXUUpGXLUH
ODFRQGHQVDWLRQHWODFUpDWLRQGHSHOXFKHV
0
1
2
3
µ/21*8(85'·(&+$33(0(17
/21*8(850$;,0805(&200$1'((
5(&200$1'((
8WLOLVHVHXOHPHQWSRXUOHV
,QVWDOODWLRQVGHSHWLWHVGLVWDQFHV
µ
µ
0pWDOULJLGH
1GHFRXGHV
j
0pWDOULJLGH
)HHW
)HHW
)HHW
)HHW
)HHW
)HHW
)HHW
)HHW
µ',$
µ',$
µ',$
0
1
2
µ/21*8(85'·(&+$33(0(17
/21*8(850$;,0805(&200$1'((
5(&200$1'((
8WLOLVHVHXOHPHQWSRXUOHV
,QVWDOODWLRQVGHSHWLWHVGLVWDQFHV
µ
µ
0pWDOULJLGH
1GHFRXGHV
j
0pWDOULJLGH
)HHW
)HHW
)HHW
)HHW
)HHW
)HHW
µ',$
µ',$
µ',$
%5$1&+(0(17'(/·(&+$33(0(17
/·(&+$33(0(17$55,(5()$,73$57,('(&(77(6(&+(86(
6,9275((63$&((67/,0,7(87,/,6(=/(6,16758&7,216
'(/$6(&7,213285$92,5816<67(0('·(&+$33(0(17
/$7(5$/283$5/(%$6'8&2))5$*('(/$0$&+,1(
$9(57,66(0(17
32855('8,5(
/(65,648(6'·,1&(1',(28'(%/(6685(6
3(56211(//(6
&HWDSSDUHLOGRLWDYRLUXQV\VWqPHG·pFKDSSHPHQW
YHUVO·H[WpULHXU
8WLOLVH]VHXOHPHQWGHODWX\DXWHULHULJLGHHQPpWDOGH
µSRXUOHWX\DXG·pFKDSSHPHQWGHODPDLVRQ
8WLOLVH]VHXOHPHQWXQWX\DXULJLGHHQPpWDORXXQWX\DX
ÀH[LEOH8/VHPLULJLGHRXHQDOXPLQLXPSRXUEUDQFKHU
ODVpFKHXVHDXWX\DXG·pFKDSSHPHQWGHODPDLVRQ,O
GRLWrWUHLQVWDOOpFRQIRUPpPHQWDX[LQVWUXFWLRQVWURXYp
HQSDJHGHFHPDQXHOVRXV´%UDQFKHU/D6pFKHXVH
DX&RQGXLWG·$pUDWLRQGHOD0DLVRQµ
1HPHWWH]SDV¿QjO·pFKDSSHPHQWSDUXQHFKHPLQpH
XQPXUXQWRLWXQFRQGXLWGHJD]XQSHWLWHVSDFHXQ
JUHQLHUVRXVXQSODQFKHUQRQIHUPpRXGDQVQ·LPSRUWH
TXHODXWUHHVSDFHGLVVLPXOpGHYRWUHEkWLPHQW/DFKDUSLH
DFFXPXOpHSRXUUDLWFUpHUXQULVTXHSRWHQWLHOG·LQFHQGLH
1HMDPDLVPHWWUH¿QjO·pFKDSSHPHQWSDUXQWX\DX
FRPPXQDYHFOHV\VWqPHG·pFKDSSHPHQWGHOD
FXLVLQH8QHFRPELQDLVRQGHJUDLVVHVHWGHSHOXFKHV
FUpHUXQULVTXHSRWHQWLHOG·LQFHQGLH
1·XWLOLVH]SDVGHWX\DXSOXVJUDQGTXHFHTXLHVW
VSpFL¿pGDQVOHWDEOHDXGHJUDQGHXUG·pFKDSSHPHQW
'HVWX\DX[SOXVJUDQGVSHXYHQWSHUPHWWUH
O·DFFXPXODWLRQGHSHOXFKHVHWFUpHUXQULVTXH
G·LQFHQGLHSRWHQWLHO
1HMDPDLVLQVWDOOHUXQpFUDQGDQVRXVXUOHWX\DX
G·pFKDSSHPHQW&HFLFDXVHUDO·DFFXPXODWLRQGH
SHOXFKHVFUpDQWXQULVTXHSRWHQWLHOG·LQFHQGLH
1·DVVHPEOH]SDVODFDQDOLVDWLRQDYHFGHVDJUDIHV
TXLHQWUHQWGDQVOHWX\DX&HVDJUDIHVSHXYHQWFUppV
O·DFFXPXODWLRQGHSHOXFKHVFUpDQWXQULVTXHG·LQFHQGLH
1·REVWUXH]SDVO·DLUHQWUDQWHWVRUWDQW
0HWWH]jGLVSRVLWLRQXQDFFqVSRXULQVSHFWHUHWQHWWR\HU
OHV\VWqPHG·pFKDSSHPHQWVSpFLDOHPHQWDX[FRXGHV
HWDX[MRLQWV/HV\VWqPHG·pFKDSSHPHQWGHYUDLWrWUH
LQVSHFWpHWQHWWR\pDXPRLQVXQHIRLVSDUDQ
6&27&+'(78<$8
283,1&(
289(5785(
(;7(51('8
&21'8,7
78<$8(10(7$/
µ&283($/$
/21*8(85
$335235,((
6&27&+
'(78<$828
3,1&(
%5$1&+(0(171(8)
)/(;,%/($*$=(10(7$/
$335289(&6$$*$
78<$8'·(175((
$*$=
3RXUXQHLQVWDOODWLRQHQOLJQHGURLWH
EUDQFKH]OHV\VWqPHG·pFKDSSHPHQWGHOD
VpFKHXVHDXFRQGXLWH[WHUQHG·pFKDSSHPHQW
HQXWLOLVDQWGXVFRWFKRXXQHSLQFH