6HUYLFH
)UDQoDLV
*DUDQWLH
&RXYHUWXUHGHODJDUDQWLHHWjTXL
HOOHVDSSOLTXH
/DJDUDQWLHOLPLWpHIRXUQLHSDU%6++RPH$SSOLDQFHVGDQVFHWpQRQFpGHJDUDQWLH
OLPLWpHV¶DSSOLTXHVHXOHPHQWDX[%RVFK©SURGXLWªYHQGXDXSUHPLHUDFKHWHXUHQ
DXWDQWTXHOHSURGXLWDLWpWpDFKHWp SRXUXQHXWLOLVDWLRQQRUPDOHUpVLGHQWLHOOHQRQ
FRPPHUFLDOHHWTX¶HQIDLWHQWRXWWHPSVDpWpXWLOLVpSRXUXQXVDJHGRPHVWLTXHQRU
PDOQRXYHDXDXGpWDLOQRQHQPRQWUHWHOTXHORXXQUHWRXUTX¶LOQ¶HVWSDVGHVWL
QpjODUHYHQWHQLjXQXVDJHFRPPHUFLDOHWDX[eWDWV8QLVRXDX&DQDGDHWTX¶LO
HVWGHPHXUpHQWRXWWHPSVGDQVOHSD\VRO¶DSSDUHLODpWpDFKHWp/HVJDUDQWLHVGRQ
QpHVLFLV¶DSSOLTXHQWVHXOHPHQWDXSUHPLHUDFKHWHXUGXSURGXLWHWQHVRQWSDVWUDQV
IpUDEOHV%RVFK
VHUpVHUYHOHGURLWGHGHPDQGHUXQHSUHXYHG¶DFKDWDXPRPHQWGHOD
UpFODPDWLRQVRXVJDUDQWLHDILQGHFRQILUPHUTXHOHSURGXLWHVWDGPLVVLEOHjO¶pWHQGXH
GHFHWWHJDUDQWLHGHSURGXLWOLPLWpH
6¶DVVXUHUGHUHWRXUQHUODFDUWHG¶HQUHJLVWUHPHQWTXRLTX¶HOOHQ¶HVWSDVQpFHVVDLUH
SRXUODFRXYHUWXUHGHJDUDQWLHFHODSHUPHWj%RVFK
GHFRPPXQLTXHUDYHFO¶XWLOLVDWHXU
GDQVO¶pYHQWXDOLWpRLO\DXUDLWXQSUREOqPHGHVpFXULWpRXXQUDSSHOGHSURGXLW
&RXYHUFOHGHOHQWLOOHGDPSRXOHQHSRX
YDQWrWUHHQOHYpH
,OSHXW\DYRLUXQHDFFXPXODWLRQGHVDOHWpDXWRXUGXFRXYHUFOH(VVX\HUOD
]RQHDYHFXQHVHUYLHWWHSURSUHHWVqFKHDYDQWGHQOHYHUOHFRXYHUFOH
/HIRXUQHVDXWRQHWWRLHSDVDGpTXDWH
PHQW
/DLVVHUOHIRXUUHIURLGLUDYDQWODXWRQHWWR\DJH7RXMRXUVHVVX\HUOHVVDOHWpVHW
OHVGpYHUVHPHQWVDYDQWODXWRQHWWR\DJH6LOHIRXUHVWWUqVVDOHUpJOHU
ODXWRQHWWR\DJHjKHXUHV9RLU³3UpSDUDWLRQSRXUODXWRQHWWR\DJH´jOD
SDJH
3HQGXOHHWPLQXWHULHQHIRQFWLRQQDQWSDV
DGpTXDWHPHQW
6DVVXUHUTXHODOLPHQWDWLRQpOHFWULTXHHVWIRXUQLHDXIRXU9RLUOHVUXEULTXHV
3HQGXOHHW0LQXWHULH
3RUFHODLQHpFDLOOpH
/RUVTXHOHVJULOOHVVRQWHQOHYpHVRXLQVpUpHVOHVLQFOLQHUYHUVOHKDXWHWQHSDV
OHVIRUFHUSRXUpYLWHUGpFDLOOHUODSRUFHODLQH
)HWXQQXPpURILJXUHQWjODIILFKDJHHW
LO\DXQELS
&HFLHVWXQFRGHGHUUHXU3UHVVHU2))SRXUHIIDFHUODIILFKDJHHWDUUrWHUOHELS
5pLQLWLDOLVHUDXEHVRLQ6LOHFRGHGHPHXUHHWOHELSFRQWLQXHQRWHUOHFRGH
GHUUHXUIHUPHUOHIRXUHWWpOpSKRQHUjXQWHFKQLFLHQTXDOLILp
$YHFXQHQRXYHOOHFXLVLQLqUHLO\DXQH
IRUWHRGHXUjODPLVHHQFLUFXLW
&HFLHVWQRUPDOHWGLVSDUDvWUDDSUqVTXHOTXHVXWLOLVDWLRQV$FWLRQQHUOHF\FOH
DXWRQHWWR\DJHpOLPLQHUDORGHXUSOXVUDSLGHPHQW
/HFRQWU{OHQHUpDJLWSDVORUVTXHODWRX
FKHHVWSUHVVpH
6DVVXUHUTXHODWRXFKHHVWSURSUH3UHVVHUOHFHQWUHDYHFOHSODWGXGRLJW
/HYHQWLODWHXUIRQFWLRQQHSHQGDQWOHV
PRGHVTXLQXWLOLVHQWSDVODFRQYHFWLRQ
6XUFHUWDLQVPRGqOHVOHYHQWLODWHXUjFRQYHFWLRQIRQFWLRQQHORUVTXHOHIRXU
SUpFKDXIIHSRXUOHPRGHFXLVVRQ&HFLHVWQRUPDO
/HVPRGqOHVjHQFDVWUHUVRQWDXVVLGRWpVGXQYHQWLODWHXUGHUHIURLGLVVHPHQW
TXLIRQFWLRQQHSHQGDQWOHPRGHFXLVVRQ
'HODLUFKDXGVpFKDSSHGHOpYHQWGX
IRXU
,OHVWQRUPDOGHYRLURXVHQWLUODYDSHXURXODLUFKDXGVpFKDSSHUGHOpYHQW1H
SDVREVWUXHUOpYHQW
/HYHQWLODWHXUGHUHIURLGLVVHPHQWIRQF
WLRQQHXQHIRLVOHIRXUKRUVFLUFXLWFXL
VLQLqUHVLQWpJUpHVVHXOHPHQW
&HFLHVWQRUPDO/RUVTXHOHIRXUDUHIURLGLMXVTX¶jXQHWHPSpUDWXUHSUp
GpWHUPLQpHOHYHQWLODWHXUGHUHIURLGLVVHPHQWV¶DUUrWH
/DVXUIDFHGHFXLVVRQQHIRQFWLRQQHSDV
SHQGDQWO¶DXWRQHWWR\DJH
&HFLHVWQRUPDOSRXUFHUWDLQVPRGqOHV/HIRQFWLRQQHPHQWUHSUHQG
XQHIRLVO¶DXWRQHWWR\DJHWHUPLQp
7DEOHDX*XLGHGHGpSDQQDJHGXIRXU
3UREOqPHGXIRXU
&DXVHVSRVVLEOHVHWVROXWLRQVVXJJpUpHV