,QVWDOODWLRQ
,167$//(=/(6833257$17,%$6&8/(0(17
$ILQG¶pYLWHUTXHODFXLVLQLqUHQHEDVFXOHLOHVWQpFHVVDLUHGH
ODIL[HUjO¶DLGHG¶XQVXSSRUWDQWLEDVFXOHPHQW5HSRUWH]YRXV
DX[FRQVLJQHVG¶LQVWDOODWLRQIRXUQLHVDYHFOHVXSSRUWSRXUHQ
VDYRLUSOXVDYDQWGHSURFpGHUjO¶LQVWDOODWLRQ
$ILQGHYpULILHUODERQQHLQVWDOODWLRQGXVXSSRUWUHJDUGH]
DXGHVVRXVGHODFXLVLQLqUH/HVXSSRUWDQWLEDVFXOHPHQWGHYUDLW
rWUHLQVpUpGDQVO¶RXYHUWXUHGHO¶pTXHUUHDQWLEDVFXOHPHQWVXU
ODFXLVLQLqUH6LOHEUDVGXVXSSRUWPDQTXHO¶pTXHUUHVXUOHF{Wp
GURLWDXJDXFKHRXOHEUDVGXVXSSRUWQHGpSDVVHSDVjWUDYHUV
O¶RXYHUWXUHGHO¶pTXHUUHUpLQVWDOOH]OHVXSSRUW
6LODFXLVLQLqUHHVWWLUpHGXPXUUpSpWH]FHWWHSURFpGXUHDILQ
GHYpULILHUVLODFXLVLQLqUHHVWFRUUHFWHPHQWIL[pHSDUOHVXSSRUW
DQWLEDVFXOHPHQW
6LYRWUHFXLVLQLqUHQHGLVSRVHSDVVXSSRUWDQWLEDVFXOHPHQW
DSSHOH]OHSRXUHQUHFHYRLUXQJUDWXLWHPHQW
6LOHVXSSRUWDQWLEDVFXOHPHQWIRXUQLDYHFODFXLVLQLqUH
Q¶DGDSWHSDVGDQVFHWWHDSSOLFDWLRQXWLOLVH]OHVXSSRUWDQWL
EDVFXOHPHQWXQLYHUVHO:%;
9HXLOOH]OLUHODEURFKXUHGHVpFXULWpFRQWUHOHVEDVFXOHPHQWV
$+$0OLYUpHDYHFOHVXSSRUW
3LqFHVGXVXSSRUWDQWLEDVFXOHPHQWIRXUQLHV
Ŷ )L[H]O¶pTXHUUHDQWLEDVFXOHPHQWDXEDVGHODFXLVLQLqUH
GDQVO¶HVSDFHHQUHWUDLW,QVWDOOH]YLVKH[DJRQDOHV
IRXUQLHVVXUO¶pTXHUUHHWODFXLVLQLqUH
5(0$548(
&HGLVSRVLWLIDQWLEDVFXOHPHQWSHXWrWUHLQVWDOOp
VXUOHF{WpRSSRVpGHODFXLVLQLqUH
Ŷ 0HVXUH]HWPDUTXH]'LPHQVLRQQH]$YRLUOHWDEOHDX
FLGHVVRQVGXF{WpJDXFKHRXGURLWGHO¶HPSODFHPHQW
G¶LQVWDOODWLRQ6LOHSODQGHWUDYDLOHVWGRWpG¶XQVXUSORPE
DMRXWH]FHWWHGLPHQVLRQj'LPHQVLRQQH]$
Ŷ 3ODFH]OHVXSSRUWDQWLEDVFXOHPHQWVXUOHVROHWOHPXU
DUULqUHVHORQO¶HPSODFHPHQWPDUTXp0DUTXH]GHVUHSqUHV
SRXUOHVWURXVjYLVSRXUODIL[DWLRQGXVXSSRUWVXUODVHPHOOH
GXPXUHWOHVRO
Ŷ 3HUFH]GHVWURXVUHSqUHGHPP´jXQDQJOHGH
Ŷ )L[H]OHVXSSRUWVXUOHVROHWRXOHPXUjO¶DLGHOHVYLVj
ERLVIRXUQLHV
3RXUOHVFRQVWUXFWLRQVHQFLPHQWRXEpWRQ
9RXVGHYH]
XWLOLVHUOHVpOpPHQWVIL[DWLRQDSSURSULpVQRQIRXUQLV
6XSSRUWDQWLEDVFXOHPHQW
eTXHUUHDQWL
EDVFXOHPHQW
YLVjERLV
%URFKXUHGHVpFXULWp
DQWLEDVFX$0
YLVjWrWHKH[DJRQDOH
QpFHVVDLUHV
GHUHFKDQJH
3RVLWLRQG¶pTXHUUH
DOWHUQDWLYH
9LVKH[DJRQDOHV
eTXHUUHDQWL
EDVFXOHPHQW
6XSSRUW
DQWLEDVFXOHPHQW
$
6HPHOOHGHPXU
/D&XLVLQLqUH
$
´FP
´
FP
´FP
´
FP
´FP
´
FP
8QHQIDQWRXXQDGXOWHSHXWIDLUHEDVFXOHUODFXLVLQLqUH
HWDLQVLSHUGUHODYLH
3RVH]ODIHUUXUHDQWLEDVFXOHPHQWVXUOHPXURXOHSODQFKHU
5HPHWWH]ODFXLVLQLqUHHQSODFHHQODJOLVVDQWGHIDoRQTXH
VRQSLHGV¶LQVqUHGDQVODIHUUXUHDQWLEDVFXOHPHQW
,QVpUH]OHSLHGGHQRXYHDXVLYRXVGpSODFH]ODFXLVLQLqUH
/¶RPLVVLRQG¶REVHUYHUFHVFRQVLJQHVSHXWRFFDVLRQQHU
ODPRUWRXGHVEUOXUHVJUDYHVDX[HQIDQWVRXDX[DGXOWHV
5LVTXHGHEDVFXOHPHQW
$9(57,66(0(17