QGLFDWLRQV GH VpFXULWp



fr

Þ

1RWLFHGHPRQWDJH

,QGLFDWLRQVGHVpFXULWp

/LVH]OHVLQVWUXFWLRQVGHO DSSDUHLODYDQWGHSURFpGHUjVRQ

LQVWDOODWLRQHWjVRQXWLOLVDWLRQ
/HVLPDJHVGHFHWWHQRWLFHVRQWSURSRVpHVjWLWUHLQGLFDWLI
/HIDEULFDQWHVWH[HPSWGHWRXWHUHVSRQVDELOLWpVLOHV

LQVWUXFWLRQVGHFHWWHQRWLFHQHVRQWSDVUHVSHFWpHV
&HWDSSDUHLOGRLWrWUHXWLOLVpXQLTXHPHQWGDQVGHVHQGURLWV

VXIILVDPPHQWYHQWLOpV/ DSSDUHLOQHGRLWSDVrWUHFRQQHFWpjXQ

GLVSRVLWLIG pYDFXDWLRQGHVSURGXLWVGHFRPEXVWLRQ
7RXVOHVWUDYDX[G LQVWDOODWLRQGHFRQQH[LRQGHUpJODJHHW

G DGDSWDWLRQjXQDXWUHW\SHGHJD]GRLYHQWrWUHUpDOLVpVSDU

XQWHFKQLFLHQDJUppTXLGRLWUHVSHFWHUOHVQRUPHVHWOD

OpJLVODWLRQDSSOLFDEOHVDLQVLTXHOHVSUHVFULSWLRQVGHV

VRFLpWpVORFDOHVIRXUQLVVHXVHVG pOHFWULFLWpHWGHJD]/HV

GLVSRVLWLRQVDSSOLFDEOHVTXDQWjODYHQWLODWLRQVHURQW

DWWHQWLYHPHQWUHVSHFWpHV
,OHVWUHFRPPDQGpGHIDLUHDSSHODX6HUYLFH7HFKQLTXHSRXU

O DGDSWDWLRQjXQDXWUHW\SHGHJD]
&HWDSSDUHLOQ DpWpFRQoXTXHSRXUXQXVDJHGRPHVWLTXHVRQ

XVDJHFRPPHUFLDORXSURIHVVLRQQHOQ HVWHQDXFXQFDVSHUPLV

&HWDSSDUHLOQHSHXWSDVrWUHLQVWDOOpGDQVGHV\DFKWVRXGHV

FDUDYDQHV /D JDUDQWLH QH VHUD YDODEOH TXH VL O XVDJH SRXU OHTXHO LO

DpWpFRQoXDpWpUHVSHFWp
$YDQW O LQVWDOODWLRQ YpULILH] TXH OHV FRQGLWLRQV GH GLVWULEXWLRQ ORFDOH

VRQWFRPSDWLEOHVDYHFOHUpJODJHGHO DSSDUHLOTXLILJXUHVXUOD

SODTXHVLJQDOpWLTXH QDWXUHHWSUHVVLRQGXJD]SXLVVDQFH

WHQVLRQ 
$YDQWWRXWHLQWHUYHQWLRQFRXSH]O DOLPHQWDWLRQpOHFWULTXHHW

GHJD]GHO DSSDUHLO
/HFkEOHG DOLPHQWDWLRQGRLWrWUHIL[pDXPHXEOHSRXUTX LOQH

WRXFKHSDVGHVSDUWLHVFKDXGHVGXIRXURXGHODSODTXHGH

FXLVVRQ
/HVDSSDUHLOVDOLPHQWpVpOHFWULTXHPHQWGRLYHQWrWUH

REOLJDWRLUHPHQWFRQQHFWpVjODWHUUH
1H PDQLSXOH] SDV O LQWpULHXU GH O DSSDUHLO /H FDV pFKpDQW DSSHOH]

QRWUH6HUYLFH7HFKQLTXH

$YDQWO LQVWDOODWLRQ

&HWDSSDUHLOFRUUHVSRQGjODFODVVHVHORQODQRUPH(1

SRXUOHVDSSDUHLOVjJD]DSSDUHLOHQFDVWUpGDQVXQPHXEOH
&HVDSSDUHLOVSHXYHQWrWUHFRPELQpVHQWUHHX[HWRXDYHFGHV

SODTXHVGHFXLVVRQFRQYHQWLRQQHOOHVGHODPrPHPDUTXHjO DLGH

GHO DFFHVVRLUHG XQLRQ&RQVXOWH]OHFDWDORJXH
/HPHXEOHRO DSSDUHLOVHUDLQVWDOOpGRLWrWUHIL[pFRUUHFWHPHQWHW

rWUHVWDEOH
/HVPHXEOHVSURFKHVGHO DSSDUHLOOHVUHYrWHPHQWVVWUDWLILpVHWOD

FROOHTXLOHVIL[HGRLYHQWrWUHQRQLQIODPPDEOHVHWUpVLVWDQWVjOD

FKDOHXU
&HWDSSDUHLOQHSHXWSDVrWUHLQVWDOOpVXUGHVUpIULJpUDWHXUVGHV

PDFKLQHVjODYHUOHOLQJHGHVODYHYDLVVHOOHRXG DXWUHVDSSDUHLOV

VHPEODEOHV
3RXULQVWDOOHUODSODTXHGHFXLVVRQVXUXQIRXUFHOXLFLGRLW

GLVSRVHUG XQHYHQWLODWLRQIRUFpH9pULILH]OHVGLPHQVLRQVGXIRXU

GDQVOHPDQXHOG LQVWDOODWLRQ
6LXQHKRWWHDVSLUDQWHHVWLQVWDOOpHLOIDXWSUHQGUHHQFRPSWHOHV

REVHUYDWLRQVGHVRQPDQXHOG LQVWDOODWLRQHWUHVSHFWHUWRXMRXUV

XQH GLVWDQFH YHUWLFDOH PLQLPXP SDU UDSSRUW j OD SODTXH GH FXLVVRQ

ILJ  

3UpSDUDWLRQGXPHXEOH ILJ

(IIHFWXH]XQHGpFRXSHVXUODVXUIDFHGHWUDYDLOVHORQOHV

GLPHQVLRQVQpFHVVDLUHV
6LODSODTXHGHFXLVVRQHVWpOHFWULTXHRXPL[WH JD]HWpOHFWULFLWp

HW V LO Q \ D SDV GH IRXU GHVVRXV SODFH] XQ VpSDUDWHXU GH PDWpULDX

QRQ LQIODPPDEOH  S H[ PpWDO RX ERLV FRQWUHSODTXp  j  PP GH OD

EDVH GH OD SODTXH GH FXLVVRQ $LQVL HVW HPSrFKp O DFFqV j OD SDUWLH

LQIpULHXUHGHFHOOHFL6LODSODTXHGHFXLVVRQHVWjJD]LOHVW

UHFRPPDQGpGHSODFHUOHVpSDUDWHXUjODPrPHGLVWDQFH
3RXUGHVVXUIDFHVGHWUDYDLOHQERLVYHUQLVVH]OHVVXUIDFHVGH

GpFRXSHDYHFXQHFROOHVSpFLDOHSRXUOHVSURWpJHUGHO KXPLGLWp

,QVWDOODWLRQGHO DSSDUHLO ILJ 

5HPDUTXH  3RXUO HQFDVWUHPHQWGHO DSSDUHLOXWLOLVHUGHVJDQWV

GHSURWHFWLRQ
/HVDJUDIHVHWOHMRLQWDGKpVLI ERUGLQIpULHXUGHODSODTXHGH

FXLVVRQ VRQWLQVWDOOpVHQXVLQH,OQHIDXWMDPDLVOHVHQOHYHU/H

MRLQWDGKpVLIpYLWHOHVILOWUDWLRQV

3RXUIL[HUO DSSDUHLOVXUOHPHXEOHG HQFDVWUHPHQW 



7RXUQH]ODWDEOHGHFXLVVRQGDQVODSRVLWLRQFRUUHFWH



'HVVHUUH]OHVYLVGHVDJUDIHVMXVTX jFHTX HOOHVWRXUQHQW

OLEUHPHQW&HQ HVWSDVQpFHVVDLUHGHGHVVHUUHUFRPSOqWHPHQW

OHVYLVGHVDJUDIHV



3ODFH] OD WDEOH GH FXLVVRQ GDQV OD GpFRXSH GX SODQ GH WUDYDLO HW

FHQWUH]OD$SSX\H]VXUOHVF{WpVGHODWDEOHGHFXLVVRQjJD]

SRXUO HQIRQFHUMXVTX jFHTX HOOHUHSRVHVROLGHPHQWDXQLYHDX

GHVERUGV



7RXUQH]OHVDJUDIHVHWYLVVH]OHVIHUPHPHQW/HVYLVGHV

DJUDIHVGRLYHQWrWUHSRVLWLRQQpHVYHUWLFDOHPHQWSDUUDSSRUWDX

IRQGGXERvWLHU
/DSRVLWLRQGHVSLQFHVGpSHQGGHO pSDLVVHXUGXSODQGHWUDYDLO

,O QH IDXW SDV FROOHU O DSSDUHLO VXU OH SODQ GH WUDYDLO DYHF GX VLOLFRQH

'pPRQWDJHGHODSODTXHGHFXLVVRQ

'pEUDQFKH]O DSSDUHLOGHVSULVHVGHFRXUDQWpOHFWULTXHHWGXJD]
'pYLVVH]OHVDJUDIHVHWVXLYH]ODSURFpGXUHLQYHUVHDXPRQWDJH

%UDQFKHPHQWGHJD] ILJ 

/HUDFFRUGGHJD]GRLWrWUHGLVSRVpGHWHOOHVRUWHTXHOHURELQHW

G DUUrWVRLWDFFHVVLEOH
/ H[WUpPLWpGXEUDQFKHPHQWG HQWUpHGHODSODTXHGHFXLVVRQj

JD] HVW PXQLH G XQ ILOHW G XQ GHPLSRXFH   PP  TXL SHUPHW 

8QHFRQQH[LRQULJLGH

8QH FRQQH[LRQ j O DLGH G XQ WX\DX IOH[LEOH PpWDOOLTXH  / PLQ  P

PD[  P 

3RXUFUpHUXQHOLDLVRQFRQLTXHLQVWDOOH]O DFFHVVRLUH UpIpUHQFH

 HWOHMRLQW UpIpUHQFH  FRQWHQXVGDQVODOLYUDLVRQ

RXGLVSRQLEOHVDXSUqVGXVHUYLFHDSUqVYHQWH HQWUHOHWX\DX

G HQWUpHGHODSODTXHGHFXLVVRQjJD]HWODFRQGXLWHG DUULYpHGH

JD])LJXUH 
,OIDXWpYLWHUTXHFHWX\DXWRXFKHGHVSDUWLHVPRELOHVGHO XQLWp

G HQFDVWUHPHQW SDUH[HPSOHXQWLURLU HWTX LOSDVVHjWUDYHUVGHV

HVSDFHVSRXYDQWrWUHREVWUXpV
6L YRXV DYH] EHVRLQ G·HIIHFWXHU XQ EUDQFKHPHQW GH JD] KRUL]RQWDO

QRWUH6HUYLFH7HFKQLTXHGLVSRVHG·XQFRXGHUpIpUHQFH

SOXVXQMRLQWUpIpUHQFH)LJ D
: 5LVTXHGHIXLWHV 
6LYRXVPDQLSXOH]XQEUDQFKHPHQWYpULILH]VRQpWDQFKpLWp
/HIDEULFDQWQHSRXUUDrWUHWHQXUHVSRQVDEOHVLXQEUDQFKHPHQW

TXHOFRQTXHSUpVHQWHGHVIXLWHVDSUqVDYRLUpWpPDQLSXOp

%UDQFKHPHQWpOHFWULTXH ILJ 

&HWDSSDUHLOHVWGXW\SH´<µOHFkEOHG HQWUpHQHSHXWSDVrWUH

UHPSODFpSDUO XWLOLVDWHXUPDLVSDUOH6HUYLFH7HFKQLTXH/HW\SH

GHFkEOHHWODVHFWLRQPLQLPXPGRLYHQWrWUHUHVSHFWpV
/HV SODTXHV GH FXLVVRQ VRQW IRXUQLHV DYHF XQ FkEOH G DOLPHQWDWLRQ

DYHFRXVDQVEURFKHGHILFKHPkOH
/HVDSSDUHLOVPXQLVG XQHEURFKHQHSHXYHQWrWUHUDFFRUGpVTX j

GHVERvWLHUVGHILFKHPkOHDYHFXQHSULVHGHWHUUHG€PHQW

LQVWDOOpH
,OIDXWLQVWDOOHUXQLQWHUUXSWHXUGHFRXSXUHRPQLSRODLUHDYHF

RXYHUWXUHGHFRQWDFWG DXPRLQV PP VDXISRXUGHV

EUDQFKHPHQWVjILFKHPkOHVLFHWWHGHUQLqUHHVWDFFHVVLEOHSDU

O XWLOLVDWHXU 

&KDQJHPHQWGXW\SHGHJD]

6LODUpJOHPHQWDWLRQGXSD\VOHSHUPHWFHWDSSDUHLOSHXWrWUH

DGDSWpjG DXWUHVJD] YRLUSODTXHVLJQDOpWLTXH /HVSLqFHV

QpFHVVDLUHVSRXUFHODVHWURXYHQWGDQVODSRFKHWWHGH

WUDQVIRUPDWLRQIRXUQLH VHORQOHPRGqOH RXGLVSRQLEOHDXSUqVGH

QRWUH6HUYLFH7HFKQLTXH
,PSRUWDQW ­ODILQSODFH]O pWLTXHWWHDXWRFROODQWHHQLQGLTXDQWOH

QRXYHDXW\SHGHJD]SUqVGHODSODTXHVLJQDOpWLTXH
/HVSDVjVXLYUHVRQWOHVVXLYDQWV
eFKDQJHGHVLQMHFWHXUVGHVEU€OHXUVSXLVVDQWVWDQGDUGHW

pFRGHODWDEOHGHFXLVVRQ ILJ   



5HWLUH]OHVJULOOHVOHVFRXYHUFOHVGHEU€OHXUHWOHVGLIIXVHXUV



&KDQJH]OHVLQMHFWHXUVHQXWLOLVDQWODFOpGLVSRQLEOH UpI

 YRLUILJ HQIDLVDQWSDUWLFXOLqUHPHQWDWWHQWLRQjQH

SDVGpORJHUO LQMHFWHXUHQOHUHWLUDQWRXHQOHIL[DQWDXEU€OHXU
3UHQH]VRLQGHOHVIL[HUjIRQGSRXUJDUDQWLUO·pWDQFKpLWp
&HVEU€OHXUVQHUHTXLqUHQWDXFXQUpJODJHGHO DLUSULPDLUH



3ODFH] OHV GLIIXVHXUV HW OHV FRXYHUFOHV GHV EU€OHXUV VXU OHXUV IHX[

FRUUHVSRQGDQWV,OIDXGUDpJDOHPHQWSODFHUDGpTXDWHPHQWOHV

JULOOHV