)5
*63(92
B
)UDQoDLV
3UpVHQWDWLRQ
&ODXVHGHQRQUHVSRQVDELOLWp
7RXVGURLWVUpVHUYpV9RXVQ¶DYH]HQDXFXQFDVOHGURLWGHGLYXOJXHUGHUHSURGXLUHRXGHPRGLILHUGH
TXHOTXHIDoRQTXHFHVRLWOHVSDUWLHVGHFHWWHSXEOLFDWLRQVDQVHQDYRLUREWHQXO¶DFFRUGSUpDODEOHGHOD
ROPDWURVHUpVHUYHOHGURLWGHPRGLILHURXGHFRUULJHUGHVpOpPHQWVGHVHVRXWLOV
VDQVSUpDYLV/HFRQWHQXGHFHPDQXHOGHO¶XWLOLVDWHXUSHXWpJDOHPHQWIDLUHjWRXWPRPHQWO¶REMHWGH
PRGLILFDWLRQV&HPDQXHOGHO¶XWLOLVDWHXUFRQFHUQHOHVPRGqOHVIDEULTXpVDFWXHOOHPHQWHWVHORQOD
OpJLVODWLRQHQROPDWURGpFOLQHWRXWHUHVSRQVDELOLWpSRXUOHVGRPPDJHVDIIHFWDQWWRXW
pTXLSHPHQWOLYUpRXjOLYUHUSRXYDQWUpVXOWHUGHO¶XWLOLVDWLRQGHFHPDQXHOVRXVUpVHUYHGHIDXWHJUDYH
RXG¶DFWHGpOLEpUpGHOROPDWUR9HXLOOH]FRROPDWURRXOHGLVWULEXWHXURIILFLHOFRQFHUQp
VLYRXVVRXKDLWH]GHSOXVDPSOHVUHQVHLJQHPHQWVFRQFHUQDQWO¶XWLOLVDWLRQGXPDQXHOGHO¶XWLOLVDWHXU
O¶HQWUHWLHQHWRXODUpSDUDWLRQGHVpTXLROPDWUR7RXWHO¶DWWHQWLRQSRVVLEOHDpWpSRUWpHjOD
UpGDFWLRQHWjODSUpFLVLRQGHFHPDQXHOGHO¶XWLOLVDWHXU7RXWHIRLVODROPDWURGpFOLQHWRXWH
UHVSRQVDELOLWpSRXUOHVHUUHXUVHWOHVRPLVVLRQVRXOHVREOLJDWLRQVVXUYHQXHVORUVGHOXWLOLVDWLRQGX
PDQXHO1RXVYRXVSULRQVGHFRQWDFWHUODROPDWURHQFDVG¶HUUHXURXGRPLVVLRQGDQVFH
PDQXHO
¬SURSRVGHFHPDQXHO
/HVLQVWUXFWLRQVG¶RULJLQHGHFHPDQXHOVRQWUpGLJpHVHQDQJODLV/HVYHUVLRQVGHFHPDQXHOGDQV
G¶DXWUHVODQJXHVVRQWGHVWUDGXFWLRQVGHVLQVWUXFWLRQVG¶RULJLQH
'pILQLWLRQV
L
*pQpUDOLWpV
1RXVYRXVIpOLFLWRQVSRXUO¶DFKDWGHFHROPDWUR&HPDQXHOGHO¶XWLOLVDWHXUFRQWLHQWGHV
LQVWUXFWLRQVFRQFHUQDQWOHIRQFWLRQQHPHQWODPDLQWHQDQFHOHG\VIRQFWLRQQHPHQWHWODVpFXULWpGH
OpTXLSHPHQW/HVUqJOHVGHVpFXULWpSRXUO¶XWLOLVDWLRQGXV\VWqPH+ROPDWURVRQWpJDOHPHQWGpFULWHV
GDQVOHSUpVHQWPDQXHO&HUWDLQHVLOOXVWUDWLRQVSHXYHQWGLIIpUHUOpJqUHPHQWVXLYDQWOHPRGqOH
7RXWHSHUVRQQHUHVSRQVDEOHGHODPLVHHQURXWHGHO¶XWLOLVDWLRQGHODPDLQWHQDQFHHWGHODUpSDUDWLRQ
GHO¶pTXLSHPHQWGRLWLPSpUDWLYHPHQWDYRLUOXHWFRPSULVOHPDQXHOGHO¶XWLOLVDWHXUHWWRXW
SDUWLFXOLqUHPHQWOHFKDSLWUHFRQFHUQDQWOHVUqJOHVGHVpFXULWp
$ILQGHSDUHUjGLYHUVHVHUUHXUVHWG¶DVVXUHUXQERQIRQFWLRQQHPHQWGHO¶pTXLSHPHQWOHVPDQXHOVGH
O¶XWLOLVDWHXUGRLYHQWWRXMRXUVrWUHjODGLVSRVLWLRQGHORSpUDWHXU
6\VWqPH
DVVHPEODJHGHODVRXUFHGDOLPHQWDWLRQGXRXGHVFkEOHVGDOLPHQWDWLRQHW
GXRXGHVRXWLOV
3DFNEDWWHULH
GLVSRVLWLIGDOLPHQWDWLRQHQWHQVLRQHWFRXUDQWpOHFWULTXHV
2XWLO
V\VWqPHK\GUDXOLTXHWHOTX¶XQHFLVDLOOHXQpFDUWHXUXQRXWLOPXOWLIRQFWLRQ
XQYpULQRXXQF\OLQGUH
eTXLSHPHQW
RXWLOVFkEOHVSDFNEDWWHULHRXDFFHVVRLUHV
&RQQHFWHXUVHFWHXU
GLVSRVLWLIGHWUDQVIRUPDWLRQHWGDOLPHQWDWLRQHQWHQVLRQHWFRXUDQW
pOHFWULTXHV
&KDUJHXUFKDUJHXUGH
EDWWHULH
GLVSRVLWLIpOHFWURQLTXHGHFKDUJHGXQSDFNEDWWHULHUHFKDUJHDEOH
