xx
9HLOOHUjFRXSHUO¶DOLPHQWDWLRQpOHFWULTXHHWYpUL¿HUTXHODPDFKLQHHVWFRPSOqWHPHQWDUUrWpHDYDQWG¶HQ
-
OHYHUOHFRXYUHFRXUURLHHWODFRXUURLHHQ9D¿QG¶pYLWHUWRXWDFFLGHQWFDXVpSDUOHGpPDUUDJHVRXGDLQGH
ODPDFKLQHRXGXPRWHXU
6LXQVHUYRPRWHXUHVWXWLOLVpDYHFODPDFKLQHOHPRWHXUQHIDLWSDVGHEUXLWORUVTXHODPDFKLQHHVWDU
-
UrWpH9HLOOHUjQHSDVRXEOLHUGHFRXSHUO¶DOLPHQWDWLRQpOHFWULTXHD¿QG¶pYLWHUWRXWDFFLGHQWFDXVpSDUOH
GpPDUUDJHVRXGDLQGXPRWHXU
1HMDPDLVXWLOLVHUODPDFKLQHVLO¶RUL¿FHGHUHIURLGLVVHPHQWGXJpQpUDWHXUGXPRWHXUHVWREVWUXpD¿Q
G¶pYLWHUWRXWLQFHQGLHFDXVpSDUXQHVXUFKDXIIH
/XEUL¿FDWLRQ
9HLOOHUjXWLOLVHUXQHKXLOHRXXQHJUDLVVHGHPDUTXH-8.,VXUOHVSDUWLHVjOXEUL¿HU
6LGHO¶KXLOHVHFROOHVXUOHV\HX[RXOHFRUSVYHLOOHUjODQHWWR\HULPPpGLDWHPHQWSRXUpYLWHUWRXWHLQ
-
ÀDPPDWLRQRXLUULWDWLRQ
6LGHO¶KXLOHHVWDYDOpHSDULQDGYHUWDQFHYHLOOHUjFRQVXOWHULPPpGLDWHPHQWXQPpGHFLQD¿QG¶pYLWHUXQH
GLDUUKpHRXGHVYRPLVVHPHQWV
0DLQWHQDQFH
$¿QG¶pYLWHUWRXWDFFLGHQWFDXVpSDUXQHFRQQDLVVDQFHLQVXI¿VDQWHGHODPDFKLQHOHVUpSDUDWLRQVHW
UpJODJHVGRLYHQWrWUHH[pFXWpVSDUXQWHFKQLFLHQGHVHUYLFHDSUqVYHQWHTXLFRQQDvWSDUIDLWHPHQWOD
PDFKLQHVXLYDQWO¶pWHQGXHGp¿QLHGDQVOHPRGHG¶HPSORL9HLOOHUjXWLOLVHUGHVSLqFHVGHPDUTXH-8.,
SRXUUHPSODFHUWRXWHSLqFHGHODPDFKLQH-8.,GpFOLQHWRXWHUHVSRQVDELOLWpHQFDVG¶DFFLGHQWGjXQH
UpSDUDWLRQRXXQUpJODJHLQDSSURSULpVRXO¶XWLOLVDWLRQGHWRXWHSLqFHDXWUHTX¶XQHSLqFHGHPDUTXH-8.,
$¿QG¶pYLWHUWRXWDFFLGHQWFDXVpSDUXQHFRQQDLVVDQFHLQVXI¿VDQWHGHODPDFKLQHRXGHVGpFKDUJHV
pOHFWULTXHVYHLOOHUjIDLUHDSSHOjXQpOHFWULFLHQGHYRWUHVRFLpWpGH-8.,RXGHVRQFRQFHVVLRQQDLUH
ORFDOSRXUOHVUpSDUDWLRQVHWODPDLQWHQDQFH\FRPSULVOHFkEODJHGHVFRPSRVDQWVpOHFWULTXHV
/RUVGHWUDYDX[GHUpSDUDWLRQRXGHPDLQWHQDQFHVXUODPDFKLQHDXPR\HQGHSLqFHVSQHXPDWLTXHVWHOTXH
OHF\OLQGUHSQHXPDWLTXHYHLOOHUDXSUpDODEOHjHQOHYHUOHWX\DXG¶DOLPHQWDWLRQG¶DLUSRXUH[SXOVHUO¶DLUUHV
-
WDQWGDQVODPDFKLQHD¿QG¶pYLWHUWRXWDFFLGHQWFDXVpSDUOHGpPDUUDJHVRXGDLQG¶XQHSLqFHSQHXPDWLTXH
9HLOOHUjYpUL¿HUTXHOHVYLVHWpFURXVVRQWELHQUHVVHUUpVDSUqVXQHUpSDUDWLRQXQUpJODJHRXOHUHPSOD
-
FHPHQWG¶XQHSLqFH
9HLOOHUjQHWWR\HUODPDFKLQHUpJXOLqUHPHQWSHQGDQWVDGXUpHG¶XWLOLVDWLRQ9HLOOHUjFRXSHUO¶DOLPHQWDWLRQ
pOHFWULTXHHWjYpUL¿HUTXHODPDFKLQHHWOHPRWHXUVRQWFRPSOqWHPHQWDUUrWpVDYDQWGHQHWWR\HUODPD
-
FKLQHD¿QG¶pYLWHUWRXWDFFLGHQWFDXVpSDUOHGpPDUUDJHVRXGDLQGHODPDFKLQHRXGXPRWHXU
9HLOOHUjFRXSHUO¶DOLPHQWDWLRQHWjYpUL¿HUTXHODPDFKLQHHWOHPRWHXUVRQWFRPSOqWHPHQWDUUrWpVDYDQW
G¶H[pFXWHUGHVWUDYDX[GHPDLQWHQDQFHXQHLQVSHFWLRQRXXQHUpSDUDWLRQGHODPDFKLQH'DQVOHFDVG¶XQ
PRWHXUjHPEUD\DJHOHPRWHXUFRQWLQXHGHWRXUQHUSHQGDQWXQPRPHQWSDULQHUWLHPrPHDSUqVTXH
O¶DOLPHQWDWLRQDpWpFRXSpH,OIDXWGRQFrWUHSUXGHQW
6LODPDFKLQHQHIRQFWLRQQHSDVQRUPDOHPHQWDSUqVXQHUpSDUDWLRQRXXQUpJODJHDUUrWHULPPpGLDWH
-
PHQWGHO¶XWLOLVHUHWFRQWDFWHU-8.,RXVRQFRQFHVVLRQQDLUHORFDOSRXUXQHUpSDUDWLRQD¿QG¶pYLWHUWRXW
DFFLGHQWVXVFHSWLEOHGHFDXVHUGHVEOHVVXUHVFRUSRUHOOHVRXODPRUW
6LXQIXVLEOHHVWJULOOpYHLOOHUjFRXSHUO¶DOLPHQWDWLRQpOHFWULTXHHWjUHPpGLHUjVDFDXVHSXLVOHUHPSOD
-
FHUSDUXQQHXID¿QG¶pYLWHUWRXWDFFLGHQWVXVFHSWLEOHGHFDXVHUGHVEOHVVXUHVFRUSRUHOOHVRXODPRUW
9HLOOHUjQHWWR\HUSpULRGLTXHPHQWODERXFKHG¶DLUGXYHQWLODWHXUHWjLQVSHFWHUODSpULSKpULHGXFkEODJH
D¿QG¶pYLWHUWRXWDFFLGHQWGDXPRWHXU
(QYLURQQHPHQWG¶RSpUDWLRQ
9HLOOHUjXWLOLVHUODPDFKLQHGDQVXQHQYLURQQHPHQWTXLQHVRLWSDVH[SRVpjXQHVRXUFHLPSRUWDQWHGH
EUXLWRQGHVpOHFWURPDJQpWLTXHVWHOOHVTX¶XQHVRXGHXVHKDXWHIUpTXHQFHD¿QG¶pYLWHUWRXWDFFLGHQW
FDXVpSDUXQG\VIRQFWLRQQHPHQWGHODPDFKLQH
1HMDPDLVXWLOLVHUODPDFKLQHGDQVXQOLHXRODWHQVLRQYDULHGDQVXQHSODJHVXSpULHXUHjGHOD
WHQVLRQSUHVFULWHD¿QG¶pYLWHUWRXWDFFLGHQWFDXVpSDUXQG\VIRQFWLRQQHPHQWGHODPDFKLQH
9HLOOHUjYpUL¿HUTX¶XQGLVSRVLWLISQHXPDWLTXHWHOTX¶XQF\OLQGUHSQHXPDWLTXHIRQFWLRQQHjODSUHVVLRQG¶DLU
SUHVFULWHDYDQWGHO¶XWLOLVHUD¿QG¶pYLWHUWRXWDFFLGHQWFDXVpSDUXQG\VIRQFWLRQQHPHQWGHODPDFKLQH
3RXUXWLOLVHUODPDFKLQHHQWRXWHVpFXULWpYHLOOHUjFHTXHO¶HQYLURQQHPHQWG¶XWLOLVDWLRQUpSRQGHDX[
FRQGLWLRQVVXLYDQWHV
7HPSpUDWXUHDPELDQWHHQIRQFWLRQQHPHQW j&
+XPLGLWpUHODWLYHHQIRQFWLRQQHPHQW
j
'HODFRQGHQVDWLRQSHXWVHIRUPHUVLODPDFKLQHSDVVHVRXGDLQHPHQWG¶XQHQYLURQQHPHQWIURLGjXQ
HQYLURQQHPHQWFKDXG$WWHQGUHGRQFXQFHUWDLQWHPSVMXVTX¶jFHTX¶LOQ¶\DLWSOXVGHJRXWWHOHWWHVG¶HDX
DYDQWGHPHWWUHODPDFKLQHVRXVWHQVLRQD¿QG¶pYLWHUWRXWDFFLGHQWFDXVpSDUXQHSDQQHRXXQG\VIRQF
-
WLRQQHPHQWG¶XQFRPSRVDQWpOHFWULTXH
3DUVRXFLGHVpFXULWpYHLOOHUjDUUrWHUG¶XWLOLVHUODPDFKLQHHQFDVG¶RUDJHHWjODGpEUDQFKHUGHODSULVHVHF
-
WHXUD¿QG¶pYLWHUWRXWDFFLGHQWFDXVpSDUXQHSDQQHRXXQG\VIRQFWLRQQHPHQWG¶XQFRPSRVDQWpOHFWULTXH
6HORQOHVFRQGLWLRQVGXVLJQDOGHIUpTXHQFHUDGLRODPDFKLQHSHXWJpQpUHUGXEUXLWGDQVOHWpOpYLVHXU
RXOHSRVWHGHUDGLR'DQVFHFDVXWLOLVHUOHWpOpYLVHXURXOHSRVWHGHUDGLRjXQHGLVWDQFHpORLJQpHGHOD
PDFKLQH
,OHVWYLYHPHQWUHFRPPDQGpGHVXLYUHOHVORLVHWUpJOHPHQWDWLRQVORFDOHVGXSD\VRODPDFKLQHj
FRXGUHHVWLQVWDOOpHSRXUJDUDQWLUXQHQYLURQQHPHQWGHWUDYDLOVU
3RXUOXWWHUFRQWUHOHEUXLWXQVHUUHWrWHDQWLEUXLWRXG¶DXWUHVpTXLSHPHQWVGHSURWHFWLRQGRLYHQWrWUH
XWLOLVpVFRQIRUPpPHQWDX[ORLVHWUpJOHPHQWDWLRQVHQYLJXHXU
/DPLVHDXUHEXWGHVSURGXLWVHWHPEDOODJHVDLQVLTXHOHWUDLWHPHQWGHO¶KXLOHOXEUL¿DQWHXVDJpHGRLYHQW
rWUHUpDOLVpVFRUUHFWHPHQWFRQIRUPpPHQWDX[ORLVHQYLJXHXUGDQVOHSD\VGDQVOHTXHOODPDFKLQHj
FRXGUHHVWXWLOLVpH