&HTXLQ·HVWSDVFRPSULV

/HVGpSODFHPHQWVjYRWUH GRPLFLOHSRXUYRXVH[SOLTXHU
O·XWLOLVDWLRQGHFHSURGXLW
8QHLQVWDOODWLRQOLYUDLVRQRX PDLQWHQDQFHGpIHFWXHXVH
8QHSDQQHGXSURGXLW SDUDEXVG·XWLOLVDWLRQSDUPDXYDLVH
XWLOLVDWLRQSDUPRGL¿FDWLRQSDUXWLOLVDWLRQFRPPHUFLDOHRX
V·LODpWpXWLOLVpGDQVXQEXWDXWUHTXHFHOXLSRXU OHTXHOLODpWp
IDEULTXp
/·XWLOLVDWLRQGHFHSURGXLW DYHFXQHHDXPLFURELRORJLTXHPHQW
LQVDOXEUHRXGHTXDOLWpLQFRQQXHVDQVGpVLQIHFWLRQDGpTXDWH
HQDPRQWRXHQDYDOGXV\VWqPH
/HUHPSODFHPHQWGHVIXVLEOHV RXOHUpHQFOHQFKHPHQWGX
GLVMRQFWHXUGXGRPLFLOH
7RXWGRPPDJHFDXVpSDU DFFLGHQWSDUODIRXGUHSDUXQ
LQFHQGLHSDULQRQGDWLRQRXSDUXQHFDWDVWURSKHQDWXUHOOH
/HVGRPPDJHVGLUHFWVHW LQGLUHFWVFDXVpVSDUGHVGpIDLOODQFHV
SRVVLEOHVGHO·DSSDUHLOGHVRQLQVWDOODWLRQRXGHVDUpSDUDWLRQ
37RXWSURGXLWDXTXHOLO Q·HVWSDVSRVVLEOHG·DFFpGHUSRXU
HIIHFWXHUOHVUpSDUDWLRQVQpFHVVDLUHV/HVLQVWDOODWLRQVGDQVXQ
JUHQLHUQpFHVVLWHQWXQSODQFKHUDSSURSULpHWXQDFFqVSDUGHV
HVFDOLHUV
6LOHSURGXLWHVW UHWLUpGHVRQHPSODFHPHQWRULJLQDO
/HVGRPPDJHVOHVG\VIRQFWLRQQHPHQWV RXOHVSDQQHVFDXVpV
SDUO·XWLOLVDWLRQG·XQVHUYLFHGHUpSDUDWLRQQRQDSSURXYpSDU*(
/HVGRPPDJHVOHVG\VIRQFWLRQQHPHQWV RXOHVSDQQHVFDXVpV
SDUO·XWLOLVDWLRQGHSLqFHVRXGHFRPSRVDQWVQRQDXWRULVpV
/HVGRPPDJHVOHVG\VIRQFWLRQQHPHQWV RXOHVSDQQHV���FDXVpV
SDUO·XWLOLVDWLRQGXFKDXȹHHDXjWKHUPRSRPSHVDQVWLJH
G·DQRGH
/HVGRPPDJHVOHVG\VIRQFWLRQQHPHQWV RXOHVSDQQHVFDXVpV
SDUO·XWLOLVDWLRQGHODWKHUPRSRPSHDYHFXQUpVHUYRLUYLGHRX
SDUWLHOOHPHQWYLGH
/HVGRPPDJHVOHVG\VIRQFWLRQQHPHQWV RXOHVSDQQHVFDXVpV
SDUGHVSUHVVLRQVGDQVOHUpVHUYRLUVXSpULHXUHVjFHOOHV
LQGLTXpHVVXUODSODTXHVLJQDOpWLTXH
/HVGRPPDJHVOHVG\VIRQFWLRQQHPHQWV RXOHVSDQQHV
FDXVpVSDUO·XWLOLVDWLRQGXFKDXȹHHDXjWKHUPRSRPSHDYHF
GHVWHQVLRQVGpSDVVDQWOHVWHQVLRQVLQVFULWHVVXUODSODTXH
VLJQDOpWLTXH
8QHGpIDLOODQFHGXFKDXȹHHDX HQUDLVRQGHO·XWLOLVDWLRQGH
O·DSSDUHLOGDQVXQHDWPRVSKqUHFRUURVLYH

3RXUODSpULRGHG· 1RXVUHPSODFHURQV

8Q$Q 7
RXWHSLqFHGX&KDXȺH(DX+\EULGHTXLQHIRQFWLRQQHSDVjFDXVH G·XQYLFHGHPDWpULDXRXGHPDLQ

SDUWLUGHODGDWH
G·±XYUH3HQGDQWODYDOLGLWpGHODSUpVHQWHJDUDQWLHOLPLWpHG·XQDQ*( IRXUQLUDpJDOHPHQWJUDWXLWHPHQW
G·DFKDWLQLWLDOH
ODPDLQG·±XYUHHWOHVHUYLFHVXUSODFHSRXUUpSDUHUODSLqFH GpIHFWXHXVH
'HOD'HX[LqPHj
7RXWHSLqFHGX&KDXȺH(DX+\EULGHTXLQHIRQFWLRQQHSDVjFDXVH G·XQYLFHGHPDWpULDXRXGHPDLQ
OD'L[LqPHDQQpH 3HQGDQWFHWWHJDUDQWLHOLPLWpHGHGL[DQVVXU OHVSLqFHVODPDLQG·±XYUHHWOHVHUYLFHOLpVDX
SDUWLUGHODGDWH UHPSODFHPHQWGHODSLqFHGpIHFWXHXVHQHVRQWSDV LQFOXV
G·DFKDWLQLWLDOH
*DUDQWLHGXFKDXȺHHDXK\EULGH*(



7RXWHVOHVUpSDUDWLRQVVXUJDUDQWLHVRQWIRXUQLHVSDUQRWUH
5pVHDXGHVHUYLFHDXWRULVp3RXUSODQL¿HUXQHYLVLWHGHVHUYLFH
DSSHOH]OH*(+(:+9HXLOOH]DYRLUOHQXPpUR
GHVpULHHWOHQXPpURGHPRGqOHVRXVODPDLQ ORUVTXHYRXV
DSSHOH]OHVHUYLFHGHUpSDUDWLRQ
$JUDIH]OHUHoXG·DFKDWLFL
3RXUREWHQLUOHVHUYLFHVRXV
JDUDQWLHYRXVGHYUH]IRXUQLU
ODSUHXYHGHO·DFKDWRULJLQDO
&HWWHJDUDQWLHV·pWHQGjO·DFKHWHXULQLWLDOHWjWRXWSURSULpWDLUHXOWpULHXU SRXUOHVDSSDUHLOVDFKHWpVSRXUXQXVDJHDX&DQDGD
RXDX[(WDWV8QLV6LOHSURGXLWHVWLQVWDOOpGDQVXQH UpJLRQRQHVHWURXYHDXFXQUpSDUDWHXUDXWRULVp*(YRXV GHYUH]SHXWrWUH
DVVXPHUOHVIUDLVGHWUDQVSRUWRXDSSRUWHUH[SpGLHUOHSURGXLWj XQFHQWUHGHVHUYLFHDXWRULVp*((Q$ODVNDFHWWHJDUDQWLH H[FOXW
OHFRWG·H[SpGLWLRQRXOHVDSSHOVGHVHUYLFHjYRWUH VLWH
&HUWDLQVeWDWVRXSURYLQFHVQ·DXWRULVHQWSDVO·H[FOXVLRQRXODUHVWULFWLRQ GHVGRPPDJHVGLUHFWVRXLQGLUHFWV/DSUpVHQWHJDUDQWLH
YRXVGRQQHGHVGURLWVMXULGLTXHVSDUWLFXOLHUVPDLVYRXVSRXYH]DYRLU G·DXWUHVGURLWVTXLYDULHQWG·XQeWDWRXG·XQHSURYLQFHj
O·DXWUH3RXUFRQQDvWUHYRVGURLWVDSSHOH]OHEXUHDXGHOD SURWHFWLRQGXFRQVRPPDWHXUGHYRWUHORFDOLWpGHYRWUHeWDWRX GHYRWUH
SURYLQFHRXOHSURFXUHXUJpQpUDOGHYRWUHeWDW
(QFDVGHSURGXLWDFKHWpHQGHKRUVGHVeWDWV8QLVFRQWDFWHU OHOLHXG·DFKDWSRXUGHVUHQVHLJQHPHQWVGHUpSDUDWLRQHWGH
JDUDQWLH
*DUDQWSRXUOHVSURGXLWVDFKHWpVDX[eWDWV8QLV*HQHUDO(OHFWULF &RPSDQ\/RXLVYLOOH.<
(;&/86,21'(*$5$17,(6,03/,&,7(6²9RWUHVHXOHWXQLTXHUHFRXUVHVW ODUpSDUDWLRQGXSURGXLWVHORQ
OHVGLVSRVLWLRQVGHFHWWH*DUDQWLHOLPLWpH7RXWHVOHVJDUDQWLHVLPSOLFLWHVLQFOXDQW OHVJDUDQWLHVGH
FRPPHUFLDOLWpHWG·DGpTXDWLRQjXQXVDJHVSpFL¿TXHVRQWOLPLWpHVjXQH DQQpHRXjODSpULRGHODSOXV
FRXUWHDXWRULVpHSDUODOpJLVODWLRQ