))5$1d$,6
&$648(3285/$628'85(
/LUHHWFRPSUHQGUH
OHVLQVWUXFWLRQVDYDQW
O¶XWLOLVDWLRQ
/HV FDVTXHV SRXU OD VRXGXUH DYHF ILOWUHV DFWLYHV VRQW
FRQoXV SRXU SURWpJHU OHV \HX[ HW OH YLVDJH GHV
pFODERXVVXUHV pWLQFHOOHV HW UDGLDWLRQ GDQJHUHXVHV GDQV
OHVFRQGLWLRQVQRUPDOHVGHVRXGDJH
&H SURGXLW HVW IRXUQL SUrW j O¶XVDJH PDLV DYDQW GH
FRPPHQFHUjVRXGHULOIDXWFRQWU{OHUOHILOWUHGHSURWHFWLRQ
IURQWDO HQ V¶DVVXUDQW TXH VRLW ELHQ QHWWR\p TXH ULHQ
FRXYUHOHVGHX[VHQVHXUVSODFpVVXUOHFRWpDQWpULHXUGX
ILOWUH9pULILHUDXVVLOHILOWUHGXFRWpLQWHUQHHWTXHOHFDGUH
GHVXSSRUWVRLWELHQIL[p9pULILHUHQFRUHWRXWHVOHSDUWLHV
GXFDVTXHTXHVRLHQWHQERQpWDWHWSDVHQGRPPDJpV
/HV SDUWLHV pJUDWLJQpV RX HQGRPPDJpV GRLYHQW rWUH
UHPSODFpHVDYDQWG¶XWLOLVHUOHFDVTXHSRXUpYLWHUSRVVLEOHV
ULVTXHV
GH
EOHVVXUHV
6pOHFWLRQQHU
OH
WRQ
G¶REVFXUFLVVHPHQWHQWRXUQDQWOHERXWRQGHUpJODJHYRLU
ODWDEOHG¶REVFXUFLVVHPHQW
5pJOHUO¶DSSXLWrWHGHIDoRQTXHVRLWELHQSODFpVXUODWrWH
HQ XWLOLVDQW OH ERXWRQ GH UpJODJH /H FDVTXH GRLW rWUH OH
SOXV SURFKH DX YLVDJH 5pJOHU DXVVL O¶LQFOLQDWLRQ GX
FDVTXHSDUO¶DLGHGHODIUHWWHGHO¶DSSXLWrWH
$9(57,66(0(17
6¶DVVXUHU G¶pOLPLQHU OHV ILOPV GH SURWHFWLRQ GX ILOWUH
H[WpULHXUHWLQWpULHXU
&H FDVTXH DYHF ILOWUH DFWLI Q¶HVW SDV XWLOLVDEOH SRXU OD
VRXGXUHODVHUHWR[\DFpW\OqQH
1HSODFHUMDPDLVOHFDVTXHRXOHILOWUHVXUXQHVXUIDFH
FKDXGH1¶RXYULUSDVRXPDQLSXOHUOHILOWUH
&H FDVTXH QH SURWqJH SDV GHV OLTXLGHV FRUURVLIV RX
GLVSRVLWLIVH[SORVLIV
1¶DSSRUWHUDXFXQHPRGLILFDWLRQDXFDVTXHVLQ¶HVWSDV
SUpYX GDQV FH PDQXHO 1¶XWLOLVHU SDV GHV SLqFHV GH
UHFKDQJHVLQHVRQWSDVLQGLTXpGDQVFHPDQXHO
6L OH FDVTXH QH GHYLHQW SDV QRLU TXDQG YRXV
FRPPHQFH] OD VRXGXUH LO IDXW VWRSSHU OD VRXGXUH HW
FRQWDFWHUOHUHYHQGHXU
1HSORQJHUSDVOHILOWUHGDQVO¶HDX
1¶XWLOLVHU SDV VROYDQWV SRXU QHWWR\HU OH ILOWUH HW OHV
SDUWLHV HQ SODVWLTXH ,O SHXW WUDYDLOOHU HQWUH & HW
&
7HPSpUDWXUH GH VWRFNDJH HQWUH & DQG &
3URWpJHUOHILOWUHGHVOLTXLGHVHWGXVDOH
1HWWR\HU UpJXOLqUHPHQW OH ILOWUH VDQV XWLOLVHU GHV
GpWHUJHQWVDJUHVVLIV
1HWWR\pVOHVVHQVHXUVHOHILOWUHDYHFXQWLVVXHVRXSOH
&KDQJHU UpJXOLqUHPHQW OHV YHUUHV GH SURWHFWLRQ LOV
GRLYHQWrWUHWRXMRXUVHQERQpWDW
/HSURGXLWHFRQIRUPHDX[QRUPHV',1(1&(HWQRUPH
$16,=
/H ILOWUH HVW PDUTXp DYHF OH QLYHDX REVFXUFLVVHPHQW HW
FODVVRSWLTXH,FLYRXVDYH]XQH[HPSOH
0$548(6
/HILOWUHGHVRXGDJHHVWPDUTXpHSDUODJDPPHGHWHLQWHV
HW GH FODVVLILFDWLRQ RSWLTXH &H TXL VXLW HVW XQ H[HPSOH
(1
$:(1&(
RPEUHOpJqUH
QLYHDXGHREVFXUFLVVHQW',1
QLYHDXGHREVFXUFLVVHQW
,GHQWLILFDWLRQGH)DEULFDWLRQ
FODVVHRSWLTXH
'LIIXVLRQGHFODVVHOXPLqUH
/HV YDULDWLRQV GH OD WUDQVPLWWDQFH
OXPLQHXVH
$QJOH
PDUTXHGHFHUWLILFDWLRQRXOHQXPpURGHOD
QRUPH
02'('¶(03/2,
5pJODJHGHO¶DSSXLWrWH
OD FLUFRQIpUHQFH GH O¶DSSXLWrWH SHXW rWUH UpJOpH HQ
WRXUQDQW OH ERXWRQ SODFp j O¶DUULqUH YRLU OD ILJ OH
UpJODJHLOIDXWOHIDLUHTXDQGOHFDVTXHHVWSODFpVXUOD
WrWHHWGRQFRQDXUDODERQQHSRVLWLRQ
6LO¶DSSXLWrWHHVWWURSKDXWRXWURSEDVRQSHXWDYRLUXQ
DXWUHUpJODJHDYHFODFRXUURLHVXSpULHXU3RXUUpJOHUOD
FRXUURLHLOIDXWOLEpUHUO¶H[WUpPLWpHQWLUDQWODFKHYLOOHGH
EORFDJH GX WURX )DLUH JOLVVHU OHV GHX[ SDUWLHV GH OD
FRXUURLHSRXUHQDXJPHQWHURGLPLQXHUODORQJXHXUHW
SRXVVHU OD FKHYLOOH GDQV OH WURX SRXU OD EORTXHU YRLU
SRVLWLRQ:GDQVODILJ
&RQWUROOHUODSRVLWLRQGHO¶DSSXLWrWHOHYHUHWEDLVVHUOH
FDVTXHIRLVSHQGDQWO¶XVDJH6LO¶DSSXLWrWHERXJHLO
IDXWDPpOLRUHUOHUpJODJHMXVTX¶jTXDQGO¶DSSXLWrWHHVW
VWDEOH
5pJOHUODGLVWDQFHHQWUHFDVTXHHWYLVDJH
3KDVHUHOkFKHUO¶pFURXGHEORFDJHYRLU7ILJSRXU
UpJOHU OD GLVWDQFH HQWUH OH YLVDJH HW OH FDVTXH HQ
SRVLWLRQEDLVVpH
3KDVHUHOkFKHUO¶pFURXGHEORFDJHGHV GHX[FRWpV
HWERXJHUOHFDVTXHSOXVSURFKHHWSOXVORLQGXYLVDJH
YRLUILJ=ILJ,OHVWLPSRUWDQWTXHOHV\HX[VRLHQWj
OD PrPH GLVWDQFH GX YHUUH $XWUHPHQW O¶HIIHW GH
REVFXUFLVVHQWSHXWVHPEOHULUUpJXOLHU
3KDVH 6HUUHU j QRXYHDX O¶pFURX GH EORFDJH TXDQG
OHUpJODJHHVWFRPSOqWH
)21&7,211(0(17'8),/75('(
2%6&85&,66(17
6pOHFWLRQGXPRGHG¶HPSORL
8WLOLVHU O¶LQWHUUXSWHXU SODFp j O¶LQWpULHXU GX ILOWUH SRXU
VpOHFWLRQQHU OD PRGDOLWp DGDSWH SRXU OH WUDYDLO j IDLUH
FRQVXOWHUWDEOHSRXUFKRLVLUOHWRQGHREVFXUFLVVHPHQW
/DPRGDOLWp*5,1'
SHXWrWUHVpOHFWLRQQpHHQWRXUQDQW
HQ VHQV KRUDLUH /H ERXWRQ GH FRQWU{OH HVW SODFp j
O¶H[WpULHXUGXFDVTXH/DPRGDOLWp*5,1'HVWXWLOLVpHSRXU
RSpUDWLRQ GH SROLVVDJH j O¶pPHUL 'DQV FHWWH SRVLWLRQ OD
PRGDOLWp VRXGXUH HVW pWHLQWH /¶REVFXUFLVVHPHQW HVW HQ
SRVLWLRQ ',1 TXL SHUPHW XQH FODLUH YLVLRQ SRXU OH
SROLVVDJHHWODPDVTXHIRXUQLODSURWHFWLRQSRXUOHYLVDJH
©$YHF PRGDOLWp µ¶*ULQG PRGH¶¶ RQ SHXW IDLUH XQLTXHPHQW