)UDQoDLV
&KDvQHV
9RXVSRXYH]DFFpGHUDXPHQX
&KDvQHV
HQXWLOLVDQW
FHWWH RSWLRQ 5HSRUWH]YRXV j OD VHFWLRQ
8WLOLVDWLRQ
GHOD/LVWHGHV&KDvQHV
SRXUSOXVGLQIRUPDWLRQV
0LQXWHULHV
9RXV SRXYH] GpILQLU GHV PLQXWHULHV SRXU GHV
pYpQHPHQWVIXWXUVHQXWLOLVDQWOHVRSWLRQVGHFHPHQX
9RXV SRXYH] pJDOHPHQW FRQVXOWHU OHV PLQXWHULHV
FUppHVSUpFpGHPPHQWGDQVFHPHQX
3RXU DMRXWHU XQH QRXYHOOH PLQXWHULH VpOHFWLRQQH]
ORQJOHW
$MRXWHUXQHPLQXWHULH
jODLGHGHVERXWRQV
*DXFKH'URLWHHWDSSX\H]VXU
2.
5pJOH]OHVRSWLRQV
GX VRXVPHQX FRPPH YRXV OH VRXKDLWH] HW ORUVTXH
YRXV DYH] WHUPLQp DSSX\H] VXU
2.
8QH QRXYHOOH
PLQXWHULHVHUDFUppH
3RXU PRGLILHU XQH PLQXWHULH FUppH SUpFpGHPPHQW
VpOHFWLRQQH] FHWWH PLQXWHULH VpOHFWLRQQH] ORQJOHW
0RGLILHUOD0LQXWHULH6pOHFWLRQQpH
HWDSSX\H]VXU
2.
0RGLILH]OHVRSWLRQVGXVRXVPHQXFRPPHYRXV
OHVRXKDLWH]HWDSSX\H]VXU
2.
SRXUHQUHJLVWUHUYRV
SDUDPqWUHV
3RXUDQQXOHUXQHPLQXWHULHGpMjUpJOpHVpOHFWLRQQH]
FHWWH PLQXWHULH VpOHFWLRQQH] ORQJOHW
6XSSULPHU
OD 0LQXWHULH 6pOHFWLRQQpH
HW DSSX\H] VXU
2.
8Q
PHVVDJHGHFRQILUPDWLRQVDIILFKHjOpFUDQ0HWWH]HQ
VXUEULOODQFH
2XL
HWDSSX\H]VXU
2.
SRXUFRQWLQXHU/D
PLQXWHULHVHUDDQQXOpH
,O QHVW SDV SRVVLEOH GH UpJOHU GHV PLQXWHULHV SRXU
GHX[RXSOXVLHXUVpYpQHPHQWVTXLVHURQWGLIIXVpVVXU
GHVFKDvQHVGLIIpUHQWHVDXPrPHLQWHUYDOOHGHWHPSV
'DQV FH FDV LO YRXV VHUD GHPDQGp GH FKRLVLU OXQ
GHFHVPLQXWHULHVHWGDQQXOHUOHVDXWUHV0HWWH]HQ
VXUEULOODQFHODPLQXWHULHTXHYRXVVRXKDLWH]DQQXOHU
HWDSSX\H]VXU
2.
OHPHQX
2SWLRQV
VDIILFKH3XLV
PHWWH]HQVXUEULOODQFH
5pJOHU$QQXOHU
HWDSSX\H]
VXU
2.
SRXU DQQXOHU FHWWH PLQXWHULH 9RXV GHYUH]
HQUHJLVWUHU OHV PRGLILFDWLRQV DSUqV FHOD 3RXU FH
IDLUHDSSX\H]VXU
2.
VpOHFWLRQQH]
(QUHJLVWUHUOHV
0RGLILFDWLRQV
HWDSSX\H]jQRXYHDXVXU
2.
5pJODJHV
9RXVSRXYH]JpUHUOHVSDUDPqWUHVGHYRWUHWpOpYLVHXU
jODLGHGHVRSWLRQVGHFHPHQX5HSRUWH]YRXVjOD
VHFWLRQ
&RQWHQX GX PHQX 3DUDPqWUHV
SRXU SOXV
GLQIRUPDWLRQV
$SSOLFDWLRQV
/RUVTXH YRWUH WpOpYLVHXU HVW FRQQHFWp j ,QWHUQHW OH
FRQWHQXFRQQH[HVHUDpJDOHPHQWGLVSRQLEOH\FRPSULV
OH FRQWHQX UHODWLI DX[
$SSOLFDWLRQV
(Q XWLOLVDQW OH
PHQXGHV
$SSOLFDWLRQV
YRXVSRXYH]DFFpGHUHWJpUHU
YRV DSSOLFDWLRQV 9RXV SRXYH] DMRXWHU GH QRXYHOOHV
DSSOLFDWLRQV VXU OH PDUFKp RX VXSSULPHU FHOOHV TXL
H[LVWHQWGpMj5HSRUWH]YRXVjODVHFWLRQ
$SSOLFDWLRQV
SRXUSOXVGLQIRUPDWLRQV
6RXUFHV
9RXVSRXYH]JpUHUYRVUpIpUHQFHVGHVRXUFHGHQWUpH
HQ XWLOLVDQW OHV RSWLRQV GH FH PHQX 3RXU FKDQJHU
OD VRXUFH DFWXHOOH PHWWH] HQ VXUEULOODQFH OXQH GHV
RSWLRQVHWDSSX\H]VXU
2.
&RQ¿JXUDWLRQGHV6RXUFHV
0RGඈIඈH]OHVQRPVDFWඈYH]RXGpVDFWඈYH]OHVRSWඈRQV
GHVRXUFHVpOHFWඈRQQpHV
,QVHUWLRQGHVSLOHVGDQVODWpOpFRPPDQGH
2XYUH] OH FRPSDUWLPHQW GHV SLOHV HQ UHWLUDQW OH
FRXYHUFOH j ODUULqUH ,QVpUH] GHX[ SLOHV
$$$
$V
VXUH]YRXV TXH OHV VLJQHV HW FRUUHVSRQGHQW
UHVSHFWH]ODSRODULWp1HFRQIRQGH]SDVOHVQRXYHOOHV
SLOHV DX[ SLOHV XVpHV 5HPSODFH] XQLTXHPHQW SDU
XQH SLOH LGHQWLTXH RX GH W\SH pTXLYDOHQW 5HSODFH]
OHFRXYHUFOH
8QPHVVDJHV¶DIILFKHjO¶pFUDQORUVTXHOHVSLOHVVRQW
IDLEOHVHWGRLYHQWrWUHUHPSODFpHV1RWH]TXHORUVTXH
OHV EDWWHULHV VRQW IDLEOHV OHV SHUIRUPDQFHV GH OD
WpOpFRPPDQGHSHXYHQWrWUHDOWpUpHV
/HVSLOHVQHGRLYHQWSDVrWUHH[SRVpHVjXQHFKDOHXU
H[FHVVLYH FRPPH OH UD\RQQHPHQW VRODLUH RX DXWUH
SKpQRPqQHVLPLODLUH
$OLPHQWDWLRQpOHFWULTXH
,03257$17
/H WpOpYLVHXU D pWp FRQoX SRXU
IRQFWLRQQHUVXU
9&&
G¶DOLPHQWDWLRQ3RXUFHODXQ
DGDSWDWHXUGH
9
GHWHQVLRQHVWXWLOLVp%UDQFKH]
FHWDGDSWDWHXUjXQV\VWqPHIRXUQLVVDQW
9&$
+]
$SUqVOHGpEDOODJHODLVVH]OHWpOpYLVHXUDWWHLQGUHOD
WHPSpUDWXUHDPELDQWHGHODSLqFHDYDQWGHOHEUDQFKHU
VXUODSULVHVHFWHXU
$GDSWDWHXU&$
¬ODERUQHG¶HQWUpHG¶DOLPHQWDWLRQGH9&&
&RQVLJQpVGH6pFXULWp,PSRUWDQWHV
)UDQoDLV
9pULILH]VLOHEUDQFKHPHQWGHPLVH
jWHUUHHVWFRUUHFW
%UDQFKH]OHWHUPLQDOWHUUHjO¶DGDSWDWHXU&$
DYHF OH WHUPLQDO WHUUH IRXUQL GDQV OD SULVH
pOHFWULTXHHQXWLOLVDQWOHILOpOHFWULTXHIRXUQL
6LODILFKHIRXUQLHQHFRUUHVSRQGSDVjYRWUH
SULVH GH FRXUDQW FRQVXOWH] XQ pOHFWULFLHQ
SRXUFKDQJHUODSULVH
%UDQFKH]FRUUHFWHPHQWOHILOWHUUH
%UDQFKHPHQWGHO¶DQWHQQH
%UDQFKH] O¶DQWHQQH RX OH FkEOH GH 79 j OD SULVH
G¶HQWUpHG¶DQWHQQH$1779RXODILFKHGHVDWHOOLWH
j OD SULVH G¶HQWUpH 6$7(//,7( $17 6$7 VLWXpH j
ODUULqUHGHOD79
'26'87e/e9,6(85
$17
6$7
$1779
6DWHOOLWH
$QWHQQHRXFkEOH
6L YRXV VRXKDLWH] FRQQHFWHU XQ DSSDUHLO DX
WpOpYLVHXU DVVXUH]YRXV TXH OH WpOpYLVHXU HW
O¶DSSDUHLOVRQWKRUVWHQVLRQDYDQWGHOHVUHOLHU8QH
IRLVOHVFRQQH[LRQVWHUPLQpHVYRXVSRXYH]DOOXPHU
OHVGLIIpUHQWVGLVSRVLWLIVHWOHVXWLOLVHU
1RWLILFDWLRQGHOLFHQFH
/HV '0, +LJK'HILQLWLRQ 0XOWLPHGLD
,QWHUIDFH DLQVL TXH OH ORJR +'0, VRQW GHV PDUTXHV
FRPPHUFLDOHV RX GHV PDUTXHV GpSRVpHV GH +'0,
/LFHQVLQJ$GPLQLVWUDWRU,QF
)DEULTXpVRXVOLFHQFHGH'ROE\/DERUDWRULHV'ROE\
'ROE\$XGLRHWOHV\PEROHGRXEOH'VRQWGHVPDUTXHV
GH'ROE\/DERUDWRULHV7UDYDX[FRQILGHQWLHOVHWQRQ
SXEOLpV &RS\ULJKW 'ROE\ /DERUDWRULHV
7RXVGURLWVUpVHUYpV
<RX7XEH HW OH ORJR GH <RX7XEH VRQW GHV PDUTXHV
GpSRVpHVGH*RRJOH,QF
&HWDSSDUHLOHVWGRWpG¶XQHWHFKQRORJLHGRQWOHVGURLWV
GH SURSULpWp LQWHOOHFWXHOOH UHYLHQQHQW j 0LFURVRIW
7RXWHXWLOLVDWLRQRXGLIIXVLRQGHFHWWHWHFKQRORJLHVDQV
DXWRULVDWLRQH[SUHVVHGH0LFURVRIWHVWLQWHUGLWH
/HVSURSULpWDLUHVGHFRQWHQXVXWLOLVHQWODWHFKQRORJLH
G¶DFFqV DX FRQWHQX 0LFURVRIW 3OD\5HDG\ SRXU
SURWpJHU OHXU SURSULpWp LQWHOOHFWXHOOH DLQVL TXH OHV
FRQWHQXVSURWpJpVSDUGHVGURLWVG¶DXWHXU&HGLVSRVLWLI
XWLOLVH OD WHFKQRORJLH 3OD\5HDG\ SRXU DFFpGHU j
VRQFRQWHQXSURWpJpHWRXjFHOXLGHODWHFKQRORJLH
GH JHVWLRQ GH GURLWV QXPpULTXHV :LQGRZV 0HGLD
:0'506LOHGLVSRVLWLIpFKRXHGDQVO¶DSSOLFDWLRQ
GHVUHVWULFWLRQVUHODWLYHVjO¶XWLOLVDWLRQGHFRQWHQXOHV
SURSULpWDLUHVGHFRQWHQXVSHXYHQWH[LJHUGH0LFURVRIW
O¶DQQXODWLRQGHO¶XWLOLVDWLRQSDUOHGLVSRVLWLIGXFRQWHQX
SURWpJp3OD\5HDG\&HWWHDQQXODWLRQQ¶DIIHFWHSDVOHV
FRQWHQXVQRQSURWpJpVRXFHX[SURWpJpVSDUG¶DXWUHV
WHFKQRORJLHV G¶DFFqV DX FRQWHQX /HV SURSULpWDLUHV
GHFRQWHQXVSRXUUDLHQWYRXVGHPDQGHUGHPHWWUHj
QLYHDX3OD\5HDG\SRXUDFFpGHUjOHXUVFRQWHQXV6L
YRXVLJQRUH]ODPLVHjQLYHDXYRXVQHSRXUUH]SDV
DFFpGHUDXFRQWHQXTXLUHTXLHUWXQHPLVHjQLYHDX
/H/RJR©&,3OXVªHVWXQHPDUTXHGHFRPPHUFHGH
&,3OXV//3
&HSURGXLWHVWSURWpJpSDUFHUWDLQVGURLWVGHSURSULpWp
LQWHOOHFWXHOOHGH0LFURVRIW&RUSRUDWLRQ/¶XWLOLVDWLRQRX
ODGLVWULEXWLRQG¶XQHWHOOHWHFKQRORJLHHQGHKRUVGHFH
SURGXLWHVWLQWHUGLWHVDQVXQHOLFHQFHGH0LFURVRIWRX
G¶XQHILOLDOH0LFURVRIWDJUppH